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Three Changes Nigeria Needs – President Muhammadu Buhari

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The Nigerian President, President Mohammed Buhari, currently on his 10-day vacation in the UK for health purposes, put pen to paper as he wrote this article on the American Wall Street Journal concerning Nigeria and three key changes that must take place.

President Muhammadu Buhari

President Muhammadu Buhari

Nigeria is at a crossroads. Just over a year ago, people voted in a historic democratic election to end corruption and business as usual, opting instead to build an economy that delivers for all Nigerians. The old order was based on an unsustainable commodities supercycle. While the boom had many positives and contributed to Nigeria becoming Africa’s largest economy, it fostered an epidemic of corruption and inefficiency. Foreign businesses and financial institutions also benefited as some people spent and sometimes hid huge sums abroad, lifted by the rising tide of oil exports and dollar revenues.
Now we are living in a new world of low energy prices. The economy has slowed while unemployment and inflation have jumped. Longstanding structural imbalances and overdependence on imports have been cruelly exposed. We are an oil-rich nation that imports most of our gasoline. We are a farming nation that imports most of our basic food staples. This is simply not acceptable or sustainable.
Our solutions must be in proportion to the challenges. Fundamental change takes time and we are driving not one but three changes to reposition Nigeria for inclusive growth.

• Restore trust: We have begun to tackle the endemic corruption and mismanagement that is crippling our economy and corroding trust in our institutions. The anticorruption fight is at the heart of combating poverty and improving security. We have stepped up enforcement and new prosecutions to get our house in order, and I have called for foreign governments to work with us to identify where funds stolen during previous administrations are lodged and for multistate cooperation to combat oil theft.
Fighting corruption is not enough. We need accountable government and a public sector that can do more with less. We have already taken initial steps by bringing all government finances into a single treasury account where we can monitor spending and impose discipline, implementing zero-based budgets and benchmarks targeted at waste and fraud, and establishing electronic platforms for government agency interface.

• Rebalance our economy: In a world of lower oil prices and dollar revenues, the only sustainable path is to reduce Nigerians’ overreliance on imports. We must rebalance our economy by empowering entrepreneurs and producers, big and small, to create more of what their fellow Nigerians demand. The supply of foreign exchange to the economy must be increased. This requires radically increasing exports and productivity and improving the investment climate and ease of doing business.
Nigeria’s growth and job creation will be led by the private sector. We are a young, entrepreneurial society with vibrant success stories in new industries such as telecommunications, technology and entertainment. Government is doing its part to lower taxes on small businesses, eliminate bureaucracy to bring the informal economy out of the shadows and provide development funding for priority sectors such as agriculture. The central bank has moved to introduce greater flexibility in our exchange-rate policy. These actions are a downpayment on our people’s ability to succeed.

Government

Regenerate growth: We must reposition our economy by attracting investment in domestic industries and infrastructure. Nigeria has huge untapped gas reserves and also a critical shortage of electricity. Our private sector loses too much of its revenue due to brownouts and power outages. Half of my fellow Nigerians have no access to the power grid. Investment in our power infrastructure, restructuring of the state-run oil-and-gas sector and development of other industries such as solid minerals, metals and petrochemicals will help to create a virtuous circle of growth and exports while creating jobs and reducing poverty.
I am optimistic that our actions are providing the breathing room Nigeria needs during this period of fundamental change. But we cannot improve living conditions and restore fiscal health without making people feel safe and secure—just as we cannot defeat militancy without reducing poverty and dislocation.
One of our main achievements this past year has been to unite regional and global allies to push back Boko Haram. What we do in the next three years to build an economic bridge to Nigeria’s future will be just as important for bringing lasting peace and prosperity.

EVENTS

10 Iconic Stages Davido Has Headlined

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10 Iconic Stages Davido Has Headlined | Fab.ng

Famous singer Davido is one of the musicians who helped make Afrobeats popular around the world. Davido talked about his early career on The Bridge interview. He became famous when he was still a teenager. Davido has headlined so many stages and events.

Davido said he performed for a huge crowd that filled a stadium in Mali and another big venue in France. These big shows early in his career show how he became one of the most important African musicians.

Here are 10 iconic stages Davido has headlined

Davido made history in a few ways! First, he was the very first musician from Nigeria to be featured in a World Cup theme song. The song was called “Hayya Hayya,” and it was the official song for the 2022 FIFA World Cup. He sang it with two other artists, AISHA and Trinidad Cardona. But that wasn’t all!

Davido also performed the song live at the closing ceremony of the World Cup. This made him the first Nigerian artist to ever perform at the World Cup final. The ceremony took place at a giant stadium in Qatar called Lusail Stadium, which could hold a whopping 88,000 people!

Davido keeps breaking records. In 2017, he achieved something amazing: he became the very first Nigerian musician to sell out a huge concert all by himself at a place called the Arena.

This venue is massive and can hold 20,000 people! But get this: that wasn’t the only time he sold out the arena. Davido did it again two more times after that first concert, proving how popular he is.

Davido feels a close connection to Atlanta because that’s the city where he was born. Performing there is always special for him and the fans. The venue he plays at is called the State Farm Arena, a giant place that can hold 16,000 people.

During his “Timeless Tour,” Davido had a major concert in France! He was the main performer at the Accor Arena, a huge venue that holds 20,000 people.

The crowd went wild for Davido’s performance; he played his hit songs, and it was an unforgettable night for everyone there.

Afrobeats music is a big hit in Houston, Texas! One of the hottest Afrobeats artists, Davido, performed there as part of his “Timeless Tour.” The concert was a huge success and sold out all 19,000 seats at the Toyota Centre. That’s a lot of fans who came out to see Davido live.

Davido has achieved something that only a few other Nigerian musicians have done. He has performed as the main act at a giant concert venue in Washington, D.C., called the Capital One Arena. This place is massive and can hold a crowd of 20,000 people.

Davido made history in July 2023! He became the first musician ever from Nigeria to sell out a giant concert venue in Canada called the Scotia Bank Arena.

This arena is huge, fitting 16,000 people, and Davido sold every single ticket. That’s an amazing accomplishment!

8. 2017 AFCON Opening Ceremony

In 2017, Davido kicked off the African Cup of Nations (AFCON) tournament in Gabon in style! He wasn’t alone, though; he shared the stage with other famous musicians like Flavour and Akon. It must have been an amazing concert to open up the big soccer competition.

In 2017, Davido’s hit songs “IF,” “Fall,” and “FIA” were super popular all over Africa. He became a superstar across the continent! This was clear when a huge crowd of 60,000 fans came to see him perform in Mali. That’s a lot of fans!

Davido’s concert in Sierra Leone in 2017 was a massive success! The National Stadium was packed with over 50,000 fans there to see him perform.

Get more music updates here.

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BUSINESS

Women Leading Nigerian Banks Climbs An All Time High

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Women Leading Nigerian Banks Climbs An All Time High | Fab.ng

Adaora Umeoji will be taking on the leadership helm at Zenith Bank, a major Nigerian bank. She’ll officially start as the group’s managing director and CEO on June 1, 2024. This is exciting news, as Umeoji joins a growing group of powerful women leading Nigerian banks. There are already seven other female CEOs running major banks in the country.

Adaora Umeoji takes over from Ebenezer Onyeagwu, who’s been the CEO for the past five years. His term ends on May 31st. This isn’t the only recent change at the top of Nigerian banks with female leaders. Just a few months ago, Yetunde Oni became the new managing director of Union Bank of Nigeria. In February, Bolaji Agbede stepped up as the acting group CEO of Access Holdings after the passing of Herbert Wigwe.

A report by Agusto Consulting just revealed that women are making big strides on company boards. In 2022, the number of female board members reached an all-time high. This isn’t a one-time jump, either. Over the past five years, the number of women on boards has steadily increased. In 2018, only 18% of board seats were held by women. But by 2022, that number had risen to an impressive 25%.

While Nigeria is making progress, there’s still room to grow. Countries like South Africa (at 36%), the United Kingdom (at 41%), and the United States (at 35%) all have a higher percentage of women in board positions. This shows there’s an opportunity for Nigeria to continue its upward trend and reach an even greater gender balance.

Profiles of Women Leading MDs and CEOs of Some Other Major Nigerian Banks.

Nneka Onyeali-Ikpe, Fidelity Bank

Onyeali-Ikpe, one of the powerful women leading Nigerian banks, is the current managing director/CEO of Fidelity Bank. She holds degrees from the University of Nigeria and Kings College, London, and has attended executive training programs at several institutions. Onyeali-Ikpe was previously the executive director for Lagos and the South West region of the bank. She is also an honorary senior member of the Chartered Institute of Bankers of Nigeria.

Tomi Somefun, Unity Bank

Tomi Somefun is the current MD/CEO of Unity Bank. She graduated from Obafemi Awolowo University with a Bachelor of Education in English Language. She holds an honorary degree of Doctor of Business Administration from Redeemer’s University. Before she was appointed the managing director/CEO of Unity Bank in August 2015, she served as the executive director overseeing the Lagos and South-West Business directorates, the financial institution division, and the treasury department of the bank. She is a fellow of the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Bankers of Nigeria.

Miriam Olusanya, Guaranty Trust Bank Limited

Miriam Olusanya is the managing director of a bank in Nigeria. She holds a Bachelor of Pharmacy degree from the University of Ibadan, Nigeria, and a Master of Business Administration from the University of Liverpool, United Kingdom. Before becoming the bank’s MD, she served as the group treasurer and head of the wholesale banking division. She is also a non-executive director of the Nigerian Interbank Settlement System and the Shared Agent Network Expansion Facilities. Additionally, she is a member of the Financial Markets Sub-Committee of the Bankers’ Committee.

Ireti Samuel-Ogbu, Citi Bank

Ireti Samuel-Ogbu is the CEO and country officer for Nigeria and Ghana at Citi Bank. She holds a BA Hons degree in Accounting and Finance from Middlesex University, UK, and an MBA from the University of Bradford, UK. Before she was appointed CEO, she served as the managing director of Europe, Middle East, and Africa payments and receivables head, treasury, and trade solutions under Citi’s Institutional Clients Group, based in London, UK. Ireti Samuel-Ogbu also co-founded two impactful mentorship initiatives within Citi. These include the Sapphire Leadership Program for the Middle East and Africa, and the Momentum Program in the UK.

Yemisi Edun, FCMB

Yemisi Edun has a bachelor’s degree in chemistry from the University of Ife and a master’s degree in international accounting and finance from the University of Liverpool, UK. She is also a member of several professional organizations, including the Chartered Institute of Stockbrokers and the Institute of Taxation of Nigeria. Edun began her career with Akintola Williams Deloitte in 1987 and joined FCMB in 2000 as divisional head of internal audit and control. She was appointed managing director of the bank on May 1, 2021.

Bolaji Agbede, Access Holdings

Bolaji Agbede was the most senior founding executive director at the company before being appointed as acting group CEO. She had previously worked at Guaranty Trust Bank and JKG Limited before joining Access Bank in 2003 as an assistant general manager. She has been the head of human resources for the Access Bank Group since 2010. Agbede holds a Bachelor’s Degree in Mathematics and Statistics from the University of Lagos and a Master of Business Administration Degree from Cranfield University, UK.

Yetunde Oni, managing director/CEO of Union Bank of Nigeria

Banking powerhouse Yetunde Oni brings 25 years of experience to Union Bank. She excels at leading teams, and crafting client solutions, and she boasts a strong academic background (Economics degree, MBA, Oxford executive training).

Yetunde Oni began her career at Prime Merchant Bank’s Treasury & Money Markets Group. She then spent 11 years at Ecobank Nigeria as a Relationship Manager. In 2005, she joined Standard Chartered Bank Nigeria, rising to Managing Director & Country Head of Commercial Banking for West Africa. Before joining Union Bank, Yetunde Oni made history as the first female Managing Director and CEO at Standard Chartered Bank in Sierra Leone.

Bukola Smith, FSDH Merchant Bank

Bukola Smith has a bachelor’s degree in economics from the University of Lagos and an MBA from Manchester Business School. She has extensive experience in banking, including customer service, treasury, investment, project finance, audits, and sales. She has held various positions at Fidelity Bank and First City Monument Bank Limited, including divisional head of Treasury and institutional banking, group head of Treasury and Financial Institutions, divisional head of Investment Banking and Financial Markets, director of project and Structured Finance, and divisional head of Group Internal Audit.

Halima Buba, Suntrust Bank

Halima Buba, who is also one of the women leading Nigerian banks, is a seasoned banker with over 22 years of experience. She holds a B.Sc. in business management and an MBA from the University of Maiduguri. She is an honorary fellow of the Chartered Institute of Bankers and a fellow of the Institute of Management Consultants. Buba is the MD/CEO of Sun Trust Bank Ltd. and sits on the board of several reputable institutions.

Kafilat Araoye, Lotus Bank

Araoye has a degree in History and an M.Sc. in industrial relations & personnel management. She holds Islamic finance certifications. She started her career in 1988 at National Oil and Chemicals Marketing Company Plc and moved to Guaranty Trust Bank Plc in 1990 as the pioneer head of human resources.

This increase in female board members is a positive sign. It suggests that companies in Nigeria are recognizing the value of diversity in leadership. The future looks bright for women in Nigerian boardrooms! With continued progress, we can expect to see even more women shaping the direction of businesses in the future.

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MOVIES

Surprises, Snubs, And Shades In The 2024 AMCVA Nominations List

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AMCVA: Surprises, Snubs, From 2024 Nominations List | Fab.ng

On Sunday, March 24th, 2024, Africa Magic unveiled the nominees for the highly anticipated 10th annual Africa Magic Viewers’ Choice Awards (AMVCA).

This year’s ceremony marks a significant shift, with the awards for Best Movie, Best Actor, Best Actress, Best Supporting Actor, and Best Supporting Actress being decided by a specialised jury instead of public voting. This change follows criticism of the previous voting method. This move opens the door for films like “Mami Wata” and “Over the Bridge” to have a strong shot at winning Best Movie.

The announcement of the nominees was met with a mix of reactions, including surprise picks, films and performances that were unexpectedly overlooked, and some moments that could be interpreted as subtle digs. Notably, some of the snubs might be due to the films or performances not being submitted for jury consideration.

Regardless, let’s delve into the most notable snubs, surprises, and “shades” that emerged from the 2024 AMVCA nominations.

One of the biggest surprises of the night was “Over the Bridge” leading the pack with a whopping 12 nominations. This film, directed by Tolu Ajayi and starring Ozzy Agu, Deyemi Okanlawon, and Joke Silva, hasn’t even premiered in Nigerian cinemas yet.

While it was screened in the UK last October, its lack of domestic release made its dominance in the nominations all the more unexpected.

Many were surprised to see “Áfàméfùnà” missing from the Best Movie category. The film was one of the biggest releases of last year, pulling in a staggering ₦60 million at the Nigerian box office.

This snub is especially puzzling considering the movie did receive nominations in other important categories, including Best Supporting Actor for Alexx Ekubo, Best Lead Actor for Stan Nze, Best Writing (Movie) for Anyanwu Sandra Adaora, and Best Director for Kayode Kasum.

“Áfàméfùnà” clearly impressed the jury in some aspects, but it wasn’t enough to secure a spot in the most prestigious category.

Another surprising omission from the nominations was Chimezie Imo for his role in “Breath of Life.” The film itself secured ten nominations, including nods for several other leading cast members: Genoveva Umeh, Wale Ojo, and Demola Adedoyin.

Wale Ojo even managed to snag a nomination for Best Lead Actor, which came as a shock to many since Imo arguably played an equally central role in the movie.

Demola Adedoyin rounded out the nominations for “Breath of Life” with a spot in the Best Supporting Actor category. It appears Chimezie Imo’s performance simply didn’t resonate with the jury this time around.

The omission of “Áfàméfùnà” from the Best Movie category was already a surprise, but its complete absence from the Best Indigenous Language Film (West Africa) category left many scratching their heads.

This wasn’t just an unexpected snub; it felt like a deliberate oversight for a film that had been critically acclaimed and arguably surpassed some of the nominees in that specific category.

“Over the Bridge” dominated the AMVCA nominations with a surprising 12 nods, including nearly all the acting categories. The one glaring omission? Best lead actor.

This absence has sparked debate, as many believe the jury wasn’t sold on Ozzy Agu’s performance in the film. Agu’s fans have a history of criticising the Nigerian media for overlooking him, particularly when it comes to “best dressed” lists and “heartthrob” accolades.

It seems this perception of being snubbed extends to the AMVCA as well, and fans believe the industry still hasn’t recognised Agu’s talent.

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