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FirstBank Convenes SMECONNECT Webinar, Promotes Growth of Education Sector

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First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, has announced the convening of a Business Clinic to promote the growth and sustainability of the educational sector, especially in the light of the coronavirus which is having an adverse effect on the operations of schools across the world. The event is scheduled to hold via Zoom platform by 11:00am on Thursday, 23 July 2020.

“Managing Your School through the Pandemic: Engagement and Retention Strategies,” is the topic of the event and will be discussed by experts, leading players, policy influencers and proprietors in business and education management that have carved a niche for themselves at promoting the growth of education and business, towards impacting the national economy. To participate in the event, follow the link https://smeconnect.firstbanknigeria.com/webinar  to register.

The panellists at the event include; Mrs Folasade Adefisayo, Honourable Commissioner of Education, Lagos State; Otunba Yomi Otubela, President, National Association of Proprietors of Private Schools (NAPPS); Wale Abioye, Team Lead, Customer Practice in Management Consulting (KPMG); Babatunde Vaughan, Education Lead, Modern Classroom Microsoft Nigeria; Tinu Aluko, Proprietor, Busy Bee & West Mills and Bankole Adediran, Head Transaction Banking Products, First Bank of Nigeria Limited.

Speaking on the event, Mr. Gbenga Shobo, Deputy Managing Director, FirstBank said “the education sector remains the bedrock of the growth and development of any nation – without a viable educational system, the human capital would be incapable of driving national growth and development. FirstBank is delighted to convene this event as it reinforces our leading role at enabling the growth of the educational sector in the country, over the years.

A recent example is the current pandemic in which the Bank has spearheaded the continued learning of school children, with a view to moving over 1 million Nigerians to e-learning, an exciting journey that has had over 45,000 active participants on the respective platforms, notably Roducate and IBM.

We appreciate the panellists invited to speak and we look forward to the knowledge and ideas that would be deliberated towards having participants enlightened on essential activities to not just sustain their schools but reinforce its growth against the odds of COVID-19. We implore players, policy influencers, school and business owners as a whole to register and participate in the event because indeed there is knowledge for everyone,” he concluded.

FirstBank has held various SME clinics in the course of the year, including a virtual event to ensure Social Distance is adhered to in this sensitive period of the COVID-19.

These events include the SME Clinics in Lagos, Port Harcourt, Abuja as well as the Virtual SME Clinic, recently held in May.

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IMF Outlines Three Reforms Needed to Boost Nigeria’s Economic Growth

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The International Monetary Fund (IMF) has asked the Nigerian government to implement a minimum of three reforms to boost the country’s economy.

Abebe Selassie, IMF director of African department, spoke on Thursday at a virtual briefing on economic outlook for Sub-Saharan Africa.

Nigeria exited recession with a 0.11 percent growth in the fourth of 2020.

IMF had projected growth of 2.5 percent for Nigeria in 2021 from 1.5 percent announced in January.

The Washington-based institution also forecast a growth of 3.4 percent for the Sub-Saharan Africa region in 2021, up 0.2 percent from the previous forecast.

Selassie said reforms are needed in the area of fiscal space and energy sector to boost growth in the economy.

“In the case of Nigeria, ensuring that the country enjoys its tremendous potential requires reforms in three areas in our view,” he said.

“First and foremost, more fiscal space needs to be created through domestic revenue mobilisation, investments in health, education, and infrastructure which Nigeria expressly needs.

“Second, good reform in the energy sector is going to be paramount. Cost of doing business is very high on account of the inefficiencies of the energy sector, power supply, cost of highly inefficient and hurtful use of generators in the country can hinder power supply. Getting policies to make sure that Nigeria resolves this case once and for all is also paramount.

“Third, macroeconomic policy calibration, involving the foreign exchange market will be really important.”

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FirstBank Hosts Webinar to Sensitise Individuals, Businesses on Staying Protected in Information Age

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First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider has announced a webinar to sensitise individuals and businesses with useful information on being protected in today’s digital age. 

The virtual event is scheduled to hold by noon on Friday, 16 April 2021 with “Staying Protected Amidst the Pandemic Chaos” being the topic to be discussed at the event. Registration is ongoing for the event via the link https://firstbanknigeria.zoom.us/webinar/register/WN_PUnqA7enTMG8o0OfOaWxlg 

Today’s world, largely referred to as the digital age has been influenced by information technology which has optimised the way we carry out our individual and business activities. 

However, the current age has been marred by illicit activities like identity theft, internet fraud amongst many others which poses a risk to the safety of individuals and businesses. Attending the webinar will have participants knowledgeably equipped with vital information that will ensure they make informed decisions, thereby promoting their safety whilst staying protected against possible risks and malicious attacks.

Tope Aladenusi, Chief Strategy Officer & Cyber Risk Services Leader, Deloitte West Africa; Confidence Staveley, Cyber Security Evangelist/ Founder, Cybersafe Foundation and Harrison Nnaji, Chief Information Security Officer, FirstBank will lead the discussion at the event.

Speaking on the planned Webinar, Dr. Adesola Adeduntan, CEO of FirstBank Group noted that “the world as a global village is associated with not just benefits but also risks of cyberattack and for individuals, businesses and governments to make the best out of the digital and online opportunities, they need to be deliberate in protecting themselves against cybersecurity threats”.

He further noted that, “in today’s digital age, which the pandemic has accelerated the embrace, cyberattacks are occurring at an alarming rate across the world. As such, no individual, business or government entity with digital and online presence is immune to cyberattacks; and the financial, physical and legal implications of an attack can be significantly upsetting.’’

In concluding, he enjoined everyone to participate in the forthcoming webinar as it is a viable opportunity to stay informed whilst being abreast with current trends that are pivotal to promoting safety in today’s world that is driven by information technology”.

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DPR Declares BUA, 31 Other Refinery Licences Invalid

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Thirty-two refinery project licences issued to private investors in the country have become invalid in the past three years, according to the Department of Petroleum Resources.

The DPR said on Monday that the number of valid refinery project licences stood at 23 as of March 2021, down from 44 in April 2018.

An analysis of the agency’s new list of valid refinery project licences and that of April 2018 showed that 32 licences had become invalid while 11 new licences were granted between May 2018 and March 2021.

As of April 2018, there were 38 proposed modular refineries with capacity ranging from 5,000 barrels per stream day to 30,000bpsd, and six conventional plants with a total capacity of 1.35 million bpsd.

The DPR had said then that 20 of the licences were active, adding that 24 of the licence holders were still sourcing funds, although most of the licences had expired as of April 2018.

The agency’s updated list showed that the construction of four modular refineries, with a total capacity of 23,000bpsd, had been completed.

The refineries are Waltersmith Refining & Petrochemical Company Limited in Imo State, OPAC Refineries in Delta, Niger Delta Petroleum Resources (Train 3) in Rivers, and Edo Refinery and Petrochemical Company Limited in Edo.
The biggest refinery project, which is being built by Dangote Oil Refinery Company in Lagos, is more than 80.3 per cent completed, according to the DPR.

The refinery projects whose licences were declared invalid by the agency include BUA Refinery & Petrochemicals (Akwa Ibom); Dee Jones (Cross River); Energia Limited (Delta State); Southfield Petrochemical & Refinery Ltd (Edo); Starex Petroleum Refinery (Onne Oil & Gas Free Trade Zone); RG Shinjin Petrochemicals (Delta); Don Mac (Edo), and Platinum Hydrocarbon Resources (Delta).

Others are Mondonat Nigeria Ltd (Delta); Ikwe-Onna Refinery (Akwa Ibom); Shepha Petroleum & Petrochemicals Company (Delta); JIL-Amber (Port Harcourt Refinery); Gazingstock Petroleum Company (Delta); Petrolex Oil & Gas Limited (Ogun); Eghudu Refinery (Edo); Ibafon Refinery FZE (Calabar FTZ, Cross River); and Kainji Resources (Imo).

Among them are Eko Petrochem & Refining Company (Lagos); Hi Rev Oil (Akwa Ibom); Epic Refinery & Petrochemical Industries (Bayelsa); Masters Energy Oil & Gas (Rivers); Cross Country Oil & Gas (Imo); Grifon Energy (Ondo); Sifax Oil & Gas Company (Lagos); and Capital Oil & Gas Industries (Lagos);

Others are All Grace Energy (Rivers); Green Energy International (Rivers); Fresh Energy Limited (Bayelsa); Chyzob Oil & Gas (Abia); Aiteo Energy Resources Limited (Delta); Associated Worldwide Company (Akwa Ibom); and Amakpe International Refinery (Akwa Ibom).

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