Category: Economy

  • Unity Bank Partners Association of Nigerian Women In Business Network To Empower Women Entrepreneurs With AI, Digital Marketing Skills

    Unity Bank Partners Association of Nigerian Women In Business Network To Empower Women Entrepreneurs With AI, Digital Marketing Skills

    Unity Bank Plc, in collaboration with the Association of Nigerian Women in Business Network (ANWBN), hosted a capacity-building workshop to empower women entrepreneurs with essential skills in artificial intelligence (AI) and digital marketing. The initiative, themed “Empowering Women Entrepreneurs: AI and Digital Marketing Strategies,” aimed to equip participants with tools to thrive in the digital economy.

    The workshop highlighted the growing influence of technology on business operations, providing attendees with strategies to leverage digital platforms for market expansion, improved operational efficiency, customer engagement, and enhanced brand visibility.

    Industry leaders such as Dr. Opeyemi Ojesina, CEO of Jesshill Consulting, Nkechinyere Ojiego, General Manager of Simba Group, and Mrs. Adenike Abimbola, Divisional Head of Retail and SME Banking at Unity Bank Plc, led sessions focused on using advanced technologies and customer-driven marketing approaches to grow businesses.

    Mrs. Adenike Abimbola, speaking after the event, emphasized Unity Bank’s commitment to empowering women entrepreneurs. “The digital landscape offers unique opportunities for women to scale their businesses. Over 70% of women entrepreneurs in Nigeria are looking for such capacity-building initiatives to transition from traditional to technology-driven business methods,” she stated.

    She further praised the partnership with ANWBN, reaffirming Unity Bank’s dedication to supporting female-led businesses, particularly through products like the Yanga Account, designed to meet the financial needs of women entrepreneurs.

    One participant, Mrs. Yetunde Adeniran, a fashion designer, shared how the workshop provided her with valuable insights on integrating digital technology into her business operations. She also highlighted Unity Bank’s Yanga Account as a vital financial tool for small business owners.

    Unity Bank launched the Yanga Account in 2022 to promote financial inclusion for women, and this workshop reinforces the bank’s continued efforts to empower female entrepreneurs in Nigeria, providing them with resources, financial tools, and educational support to succeed in today’s competitive market.

  • CRUDE OIL THEFT: Navy Dismantles Camp, Arrests 2 In Rivers State

    CRUDE OIL THEFT: Navy Dismantles Camp, Arrests 2 In Rivers State

    The Nigerian Navy’s Quick Response Team from the Forward Operating Base Bonny, operating under Operation DELTA SANITY, engaged suspected crude oil thieves in a dramatic fire-fight in the Elem-Akrakama and Elem-Tombia areas of Rivers State.

    Upon sighting the Navy team, the suspects, who were armed and operating from two speedboats, attempted to evade capture by retreating to their camp. The Nigerian Navy responded by deploying drone surveillance to monitor the situation and guide their actions effectively. The operation led to a successful dismantling of the suspects’ camp and the destruction of their boats.

    The confrontation resulted in the neutralization of one suspect and the arrest of two individuals who are currently undergoing investigation. Recovered items from the suspects include two outboard engines (200 and 140 horsepower) and two Motorola walkie-talkie radios, among other equipment.

    Operation DELTA SANITY, launched by Chief of Naval Staff Vice Admiral Emmanuel Ikechukwu Ogalla in January 2024, aims to combat crude oil theft in the Niger Delta. The operation, which has been extended twice, involves deploying additional personnel, platforms, helicopters, and unmanned aerial vehicles for aggressive surveillance and interdiction.

    From April to July 2024, the operation has led to the arrest of 24 suspects, the seizure of 6 vessels, the deactivation of 122 illegal refinery sites, and the destruction of 57 wooden boats. The recent success in Bonny is part of the broader effort to curb illegal activities in Nigeria’s maritime space.

    The Nigerian Navy continues to warn against engaging in crude oil theft and other illegal activities, emphasizing their commitment to restoring order and security in the Niger Delta region.

  • Unity Bank Rewards Customers With Over N4 Million In Cashtoken Promo

    Unity Bank Rewards Customers With Over N4 Million In Cashtoken Promo

    Unity Bank customers have collectively won over N4 million in cash rewards through the bank’s ongoing loyalty program, recently launched in partnership with Cashtoken, a Cash Reward-as-a-Service company.

    The winners, including more than 40 customers, were rewarded for using the bank’s digital banking platforms such as the UniFi mobile banking application, the *7799# USSD platform, and for making transactions with their Unity Bank Verve Card on e-payment terminals across Nigeria.

    The Unity Bank Cashtoken Partnership began as a loyalty and reward scheme to promote the benefits of e-banking platforms. Customers earn cash tokens through transactions, which are then redeemed for entries into the monthly Cashtoken Rewards draw. Winners from these draws claim cash prizes.

    The retail lender announced the ongoing Cashtoken Rewards loyalty program in December 2023, in collaboration with Cashtoken Rewards Africa, aiming to empower customers and enhance satisfaction. This partnership also facilitates the migration of both new and existing customers to a platform that consistently offers exciting rewards and recognition for their loyalty.

    Eghomware Iyamu, Unity Bank’s Head of E-Business, commented on the success of the program: “We are excited to see our customers win over N4 million in cash rewards through our partnership with Cashtoken. This initiative demonstrates our commitment to recognizing and rewarding the loyalty of our customers.

    “By leveraging our digital banking platforms, including the Unifi mobile banking application and the *7799# USSD platform, we are not only enhancing customer experience but also providing life-changing opportunities. The Cashtoken Rewards program is a testament to our dedication to improving customer satisfaction and creating meaningful rewards along our customer lifecycle journey. We look forward to seeing more of our customers benefit from this exciting program as we continue to innovate and deliver exceptional value to them.”

    Unity Bank offers a robust suite of electronic banking products, including mobile and digital banking channels, ATM, PoS, and other digital payment channels that support retail product transactions nationwide. New customers are encouraged to open a Unity Bank account and start using the digital platforms to earn cash token rewards and cash prizes. Existing customers are also encouraged to onboard and transact to win even more rewards and cash prizes.

  • Unity Bank Empowers 400 Graduates With Over N100 Million Investment In Corpreneurship Challenge

    Unity Bank Empowers 400 Graduates With Over N100 Million Investment In Corpreneurship Challenge

    Unity Bank has empowered over 400 fresh graduates through its Corpreneurship Challenge initiative, reflecting its commitment to driving economic growth by supporting emerging Nigerian entrepreneurs. Over the past five years, the Bank has invested more than N100 million in this program.

    Launched in 2019 with pilot programs in Lagos, Edo, Ogun, and Abuja, the Corpreneurship Challenge expanded to 10 states in 2020. This initiative, promoted in partnership with the NYSC Skills Acquisition and Entrepreneurship Development (SAED), features a business pitch competition where participants—mostly fresh graduates in their NYSC year—present their business plans for a chance to win grants.

    The Bank recently increased the prize money to N16 million per stream, allowing participants to win N800,000, N500,000, and N300,000 for the 1st, 2nd, and 3rd positions respectively. This is an increase from the previous prizes of N500,000, N300,000, and N200,000.

    Reflecting on the initiative’s impact, Mr. Olufunwa Akinmade, the Divisional Head of Digital Banking and Fintech Partnerships at Unity Bank, stated: “The Corpreneurship Challenge has proved to be a viable enterprise development and empowerment initiative due to its high level of success in supporting budding entrepreneurs. The size of the problem it aims to solve for the Nigerian economy is significant.”

    Mr. Akinmade expressed satisfaction with the program’s success and affirmed the Bank’s commitment to sustaining it to further boost job creation, with young entrepreneurs leading the charge.

    Mrs. Adenike Ambimbola, the Divisional Head of Retail and SME Banking, added: “We have seen the positive impact of the Corpreneurship Challenge over the past five years due to its innovative approach to youth empowerment and job creation. The program supports budding entrepreneurs with mentorship, skills development, and financial backing.”

    Since its inception, the Corpreneurship Challenge has reached across Nigeria, making stops in 10 states per stream to turn the dreams of fresh graduates and aspiring entrepreneurs into reality. The latest edition was held in Taraba, Kogi, FCT, Lagos, Yobe, Ogun, Ebonyi, Enugu, Adamawa, and Imo States, with three winners emerging from each state, making up 30 winners for the edition.

  • Maritime Industry Leaders Inspire Optimism With Progressive Reforms, Says Comptroller Dera Nnadi mni

    Maritime Industry Leaders Inspire Optimism With Progressive Reforms, Says Comptroller Dera Nnadi mni


    The Tin Can Island Port (TCIP) Customs Area Controller (CAC), Comptroller Dera Nnadi mni, has expressed his excitement over the significant strides achieved in the maritime industry under the leadership of key figures such as the Honourable Minister of the Blue and Marine Economy, Prince Adegboyega Oyetola CON, Managing Director of the Nigeria Ports Authority (NPA) Alhaji Bello Koko, and Comptroller General of Customs (CGC) Bashir Adewale Adeniyi MFR.

    According to an official statement made available to Hybrid News noted that the collaborative efforts among these leaders have resulted in tangible developments, notably the initiation of the 24-hour cargo clearance at Tin Can Island port.

    Additionally, CAC Nnadi said the improvements in port infrastructure and traffic management along port access roads have been notable achievements.

    Nnadi stressed that the Tin Can Port Command of Nigeria Customs Service has pledged full support for these initiatives aimed at positioning the Lagos ports as a competitive hub within the subregion. Consequently, he said the Command has undertaken reforms in its operational processes, including the implementation of the CGC approved WCO-Nigeria Time Release Study and automation of the Command bond system. “Moreover, training programs for officers and stakeholders are underway, with an innovative approach of inviting freight forwarder associations to facilitate sessions, enabling them to guide improvements tailored to their needs” he noted.

    While acknowledging some stakeholders’ hesitancy towards reforms, Nnadi emphasized the Command’s commitment to supporting and rewarding those willing to adapt. Efforts to encourage voluntary compliance are being instituted, aiming to establish Standard Operational Procedures for equitable operations.

    Nnadi expressed optimism that ongoing automation efforts will further enhance efficiency and address challenges like server downtime, while also urging stakeholders, including the media, to sustain and amplify positive developments in the industry.

    With these strides, the maritime industry under the visionary leadership of key figures is poised for transformative growth, setting the stage for enhanced operational efficiency and stakeholder collaboration.

  • NCS, DG TAXUD EU Forge Alliance For Streamlined Export Processes, Trade Growth

    NCS, DG TAXUD EU Forge Alliance For Streamlined Export Processes, Trade Growth


    In a bid to enhance export monitoring and trade facilitation, the Nigeria Customs Service (NCS) has forged a collaboration with the Directorate General Taxation and Customs Union (DG TAXUD) of the European Union (EU). The announcement was made during a meeting at the NCS Corporate Headquarters on February 27, 2024, by Comptroller General of Customs, Bashir Adewale Adeniyi.

    The collaboration aims at streamlining export documentation processes, with the NCS serving as the competent authority for rules of origin. Comptroller General Adeniyi assured that the NCS is committed to facilitating the export process, highlighting the importance of fostering peace through flourishing trade.

    Acknowledging the initiative as a step towards economic union, the CG welcomed the Registered Exporters program. He called for a framework between Customs and DG TAXUD, emphasizing the need for a digital platform to enhance document validation for export commodities.

    “As part of our outreach program, we are working with other Nigerian government agencies to maximize opportunities and reduce export processing time,” stated the CG. He highlighted the establishment of a ‘one-stop-shop’ export seat for documentation, aiming to expedite the release of goods from Nigerian ports.

    The CG also announced plans to conduct a Time Release Study for exports, focusing on identifying bureaucratic obstacles causing delays. The goal is to create a faster and more efficient system for exporters.

    Gary Wilkinson from DG TAXUD discussed the tariff discount of 4 percent for Nigerian products exported to the EU under the Generalized System of Preference (GSP) scheme. He emphasized periodic visits to developing countries to ensure the authenticity of exported products and highlighted the importance of cooperation between Customs departments in trade agreements.

    The collaboration signifies a proactive effort to strengthen ties between Nigeria and the EU, promoting smoother trade processes and economic growth for both regions.

  • NN Thwarts Illegal Oil Refining Operation, Seizes 750,000 Litres of Stolen Diesel In Rivers State

    NN Thwarts Illegal Oil Refining Operation, Seizes 750,000 Litres of Stolen Diesel In Rivers State


    In a strategic move to curb illegal oil refining activities, the Nigerian Navy has successfully uncovered an illicit refining site in the Abonema Wharf area of Port Harcourt City, Rivers State. Led by the Commander of Nigerian Navy Ship, NNS Pathfinder, Commodore Desmond Igbo, the operation resulted in the confiscation of approximately 750,000 litres of illegally refined Automated Gas Oil (AGO), commonly known as diesel.

    The raid, executed on Tuesday following a tip-off, aligns with the Chief of Naval Staff, Vice Admiral Emmanuel Ogalla’s mandate to eradicate illegal oil bunkering and crude oil theft in the Niger Delta and other parts of the nation.

    Speaking to journalists after the operation, Commodore Desmond Igbo emphasized the economic sabotage and environmental degradation associated with illegal oil bunkering. He stated, “This is another illegal oil bunkering site in Port Harcourt. As you can see, we have lots of drums fully loaded with this illegally refined products. We also have some loaded in the bags too. Here, we have not less than 750,000 litres of AGO stolen by criminals stocked here.”

    Highlighting the danger posed by such operations within the city, Commodore Igbo stated, “Apart from being saboteurs of the nation’s economy by stealing these oil, it is also an act of environmental degradation. They also constitute danger to the citizens and properties of people around here because, if there is any form of fire outbreak, it will burn down the entire community.”

    He reassured the commitment of the naval forces to persist in their efforts, despite challenges and attempts at sabotage. Commodore Igbo affirmed, “The Chief of Naval Staff, Vice Admiral Emmanuel Ikechukwu Ogala has given us this mandate to go to the creeks, the water and the land to make sure that crude oil theft in Niger Delta is put to an end. We will not relent and we won’t be deterred even with all forms of sabotage and blackmails.”

    The Commander urged those involved in illegal activities to seek legal means of livelihood, emphasizing the negative impact on the nation’s economy and the environment.

    The confiscated products will be handed over to the appropriate authorities for further action. The Nigerian Navy remains resolute in its mission to eradicate illegal oil-related activities and ensure the security and prosperity of the nation.

  • NIGERIA’S PATH TO FOOD SECURITY: Collaborative Efforts And Legislative Vision Drive Transformation

    NIGERIA’S PATH TO FOOD SECURITY: Collaborative Efforts And Legislative Vision Drive Transformation

    In a groundbreaking two-day retreat organized by the Civil Society Legislative Advocacy Centre (CISLAC), Nigeria’s food security challenges took center stage. Auwal Ibrahim Musa (Rafsanjani), CISLAC’s Executive Director, set the tone, emphasizing the urgent need to address food insecurity and malnutrition affecting millions in Nigeria.

    Rafsanjani emphasized the significance of the legislative retreat in addressing the challenges plaguing Nigeria’s food system. Highlighting the interconnected and crucial focus areas, Rafsanjani pointed out the alarming levels of food insecurity and malnutrition affecting millions of Nigerians, particularly children and vulnerable populations. The retreat provided a platform for robust policy discussions and decisive actions to combat these issues.

    Rafsanjani stressed the importance of enriching staples with essential vitamins and minerals to combat micronutrient deficiencies, emphasizing the need for a region-specific approach tailored to the unique characteristics of each region in Nigeria. He also underscored the vital link between a well-nourished workforce and economic growth, urging strategies to ensure access to nutritious food for working individuals and families.

    Providing stark statistics from the Global Hunger Index, Rafsanjani outlined the urgent need for a resilient and sustainable food system to address the projected increase in acute hunger in 2024. He highlighted the complexities and challenges within Nigeria’s diverse agro-ecological zones, emphasizing the need for climate-smart adaptation strategies and sustainable agricultural practices.

    Rafsanjani called upon members of the legislature to play a pivotal role in addressing these challenges through oversight, appropriation powers, and support for initiatives such as local premix production facilities. He urged the allocation of adequate resources to regulatory agencies for effective enforcement and monitoring of compliance to fortification standards, along with expanding mandatory fortification to additional nutrients and staples based on current needs and national health priorities.

    Dr. Michael Ojo, representing the Global Alliance for Improved Nutrition (GAIN), shared his insights at the National Assembly Retreat on Food Fortification, Workforce Nutrition, and Food Systems Transformation in Nigeria.

    Dr. Ojo highlighted the global imperative to transform food systems for better food security, nutrition, health, and environmental sustainability. He emphasized the critical need for coordinated policy actions and stakeholder collaboration to address Nigeria’s unique challenges, including infrastructure and capacity deficits, misalignment with development goals, and a lack of technological innovation.

    Acknowledging the complexities of food systems, Dr. Ojo expressed the Global Alliance for Improved Nutrition’s pleasure in collaborating with CISLAC and the Nigerian Economic Summit Group through The Third-Party Advocacy Campaign. The goal is to provide insight and chart a roadmap for working with the National Assembly to improve nutrition outcomes through the transformation of Nigeria’s food systems.

    Dr. Ojo stressed that Nigeria’s poor diets contribute significantly to early death, morbidity, and economic inequalities. He highlighted the importance of increasing the accessibility, affordability, and desirability of nutrient-dense foods in the country. Engaging with a variety of stakeholders is necessary, and representation plays a fundamental role in this transformative endeavor.

    Representative Regina Akume, Chairman of the House Committee on Food and Drug Administration and Control, delivered a speech at the two-day retreat on Food Fortification, Workforce Nutrition, and Food Systems Transformation held at the Marriott Hotel in Ikeja, Lagos, on February 15th and 16th, 2024.

    Expressing her appreciation to CISLAC for organizing the retreat, Akume emphasized the theme, “Using Evidence to Inspire Action,” and its immense significance in promoting food security for Nigeria’s workforce. As the Chairman of the House Committee on Food and Drug Administration and Control and a representative from the Benue State food basket, Akume underscored the need for nutritional fortification actions to improve overall health and economic well-being.

    Akume highlighted the importance of a robust legislative framework and policy on nutritional fortification to provide legal backing for advocacy, ensuring institutionalized and systemic compliance within the concepts of Food Fortification, Workforce Nutrition, and Sustainable Food Systems in the Nigerian food industry.

    Commending the collaborative efforts of various stakeholders in organizing and participating in the retreat, Akume emphasized the necessity of knowledge sharing and capacity building for sustainable food system transformation in Nigeria. She urged participants to engage in meaningful discussions, share expertise, and explore innovative solutions to overcome challenges related to malnutrition and micronutrient deficiencies.

    The retreat emphasized the interconnected areas of food fortification, workforce nutrition, and sustainable food systems. Speakers called for region-specific approaches, legislative backing for nutritional fortification, and collaboration across government, industries, civil societies, and academia.

    Participants committed to shaping concrete policy recommendations and actionable steps to drive sustainable food system transformation, echoing a shared vision for a brighter and healthier Nigeria. The outcomes of this collaborative effort aim to contribute significantly to improved food security and nutrition outcomes across the nation.

  • Ecobank’s EPAC Studios Collaborates With Top Photo Artists, Unveils Immersive Photo Experience

    Ecobank’s EPAC Studios Collaborates With Top Photo Artists, Unveils Immersive Photo Experience

    Ecobank Nigeria’s renowned media establishment, EPAC Studios, has partnered with esteemed Nigerian photographers for an enthralling exploration of contemporary photography at the Ecobank Pan African Centre (EPAC) situated on Ozumba Mbadiwe Avenue in Victoria Island. This groundbreaking initiative, spanning January through February, will spotlight photography luminaries such as Kelechi Amadi, Emmanuel Oyeleke, Jokotade Shonowo, Yemi Kings, and Okeffect, among other esteemed creatives.

    The immersive photo experience promises a captivating visual journey encompassing professional headshots, family portraits, Valentine-themed sessions, as well as lifestyle and fashion photography.

    Jide Sipe, Head of Marketing and Corporate Communications, unveiled the EPAC Photo Experience, emphasizing its objective to kickstart the year on a visually vibrant note, preserving cherished memories and crafting picture-perfect moments for customers, creatives, and the public. He highlighted the event’s engaging and enriching aspects, catering to photography enthusiasts and the wider public.

    “At Ecobank, our dedication to supporting Nigerian creatives aligns with our commitment to curating signature experiences tailored around our customers’ lifestyles,” stated Mr. Sipe. “Through EPAC Studios, we aim to unite everyone to relish the splendor and excitement of visual arts, fostering opportunities for learning and networking with industry-leading minds.”

    Mr. Sipe further revealed, “Our offerings extend beyond photography to include videography and podcasts, recognizing their growing significance in our customers’ lives. Our themed and customized booths cater to various preferences, from cultural and natural motifs to family-centric themes. Additionally, we’ve designed a booth adorned with inspirational quotes, instilling motivation for the new year. Moreover, we’ve provided an optimized recording booth for individuals keen on expressing themselves through audio or video formats.”

    Ecobank Nigeria, a subsidiary of the Ecobank Group, a leading pan-African banking entity operating in 33 African countries and internationally present in London, Paris, Beijing, and Dubai, remains a pivotal contributor to financial service distribution in Nigeria. The institution leverages digital platforms, including Ecobank Mobile App, USSD *326#, Ecobank Online, Ecobank OmniPlus, Ecobank Omnilite, EcobankPay, Ecobank RapidTransfer, ATMs, POSs, and an extensive network of over 250 branches and 50,000+ agency banking locations.

  • Comptroller Dera Nnadi mni Pioneers Transformation In Nigerian Customs Service

    Comptroller Dera Nnadi mni Pioneers Transformation In Nigerian Customs Service

    In the realm of customs administration, Comptroller Dera Nnadi mni stands as a beacon of exemplary leadership, leaving an indelible mark on the landscape of the Nigerian Customs Service.

    Commissioned into the service with an illustrious career spanning decades, Comptroller Nnadi has navigated the complexities of customs operations with finesse and dedication. His journey to the esteemed rank of Comptroller has been marked by a steadfast commitment to upholding the integrity and efficiency of customs processes.

    Comptroller Nnadi who is the current Customs Area Controller (CAC) of Tin-Can Island Port Command brings a wealth of knowledge and experience to his role after wroughing significant giant strides at the Seme Border Customs Command. This prestigious designation reflects his continuous pursuit of excellence and a deep understanding of the intricacies within the Customs domain.

    One of the hallmarks of Comptroller Nnadi’s tenure is his emphasis on modernizing customs operations to align with global best practices. Under his leadership, initiatives have been launched to streamline procedures, enhance transparency, and leverage technology for more efficient trade facilitation.

    Comptroller Nnadi’s strategic vision extends beyond the daily operations of customs. He has been a vocal advocate for capacity building within the service, recognizing the pivotal role of a well-trained and motivated workforce in achieving organizational objectives. Training programs and skill development initiatives have flourished under his stewardship, nurturing a cadre of customs professionals equipped to meet the challenges of a rapidly evolving trade landscape.

    In the face of evolving security concerns and the dynamic nature of international trade, Comptroller Nnadi has been instrumental in fostering collaboration between customs and other relevant agencies. His proactive approach to inter-agency coordination has strengthened the overall security architecture and heightened the service’s responsiveness to emerging threats.

    Beyond his professional achievements, Comptroller Nnadi is known for his unwavering commitment to integrity and ethical conduct. His leadership exemplifies the highest standards of accountability, setting a benchmark for others in the customs fraternity.

    Comptroller Dera Nnadi’s mni impact extends beyond the confines of customs offices. He has become a symbol of inspiration, particularly for individuals aspiring to leadership roles in traditionally challenging sectors. His success story resonates as a testament to competence, perseverance, and breaking barriers.

    In recognizing Comptroller Nnadi’s contributions, stakeholders within the customs community, trade partners, and the public at large applaud his dedication to fostering a customs service that is not only effective in revenue collection but is also a catalyst for economic growth and national development.

    As Comptroller Dera Nnadi mni continues to chart new frontiers in customs administration, his legacy serves as a testament to the transformative power of visionary leadership in shaping the future of one of Nigeria’s critical institutions.

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