Flowerbud News

Author: Lara Olaniyi

  • First Bank CEO urges financial institutions to partner Fintech on service delivery

    Dr Adesola Adeduntan, Chief Executive Officer, First Bank of Nigeria Limited, on Wednesday urged banks to make strategic partnerships with the financial technology sector to make banking easier for customers.

    Adeduntan said this in Lagos during the bank’s Fintech Summit 3.0 with the theme, “Integrate: Banking +Tech = Solving Real Problems.”

    He noted that the bank would continue to leverage on technology to enhance financial inclusion in the country.

    “As a bank, we need to start thinking on how we can use Fintech to satisfy and deliver good standard of customer experience.

    “We also need to brainstorm on how to harness the various opportunities the digital channels bring to us, hence the need for strategic partnerships with the Fintech sector.

    “Our ability to leverage and disrupt innovation is what has kept us going,” he said.

    Adeduntan noted that as part of their effort to strengthen financial technology, the bank had about 35,000 Firstmonie mobile agents to make banking easier for customers.

    He said that technology had given the opportunity to leapfrog in Nigeria, urging banks and citizens to put it to good use.

    Also speaking, Mr Victor Asemota, Founder, Swifta Systems and Services, urged banks to use technology to provide secure and intelligent solutions to solve real problems for customers.

    Asemota said that until banks began to understand what their customers want, they would not move forward in terms of innovation.

    “Banks should be doing more of lending money to its customers rather than payment.

    “Banks need to look at what their customers do and need in order to provide services that would solve their problems,” Asemota said.

    He said that institutions would grow with the right people who are committed to efficient service delivery.

  • JUST IN: Finally Labour, FG agree on new minimum wage adjustment

    The Federal Government and organised labour have finally reached an agreement on the percentage increase on the consequential adjustment in workers’ salaries for the payment of the N30,000 minimum wage.

    The agreement was reached in the early hours of Friday after a meeting that commenced on Thursday.

    Minister of Labour and Employment Dr Chris Ngige announced the agreement in Abuja in the early hours of Friday, after a government team he led concluded its meeting with officials of the Organised Labour.

    According to Ngige, the consequential adjustment agreed upon are as follows:

    “For COMESS wage structure Grade level 7 gets 23 per cent, salary grade level 8 gets 20 per cent, salary grade level 9 gets 19 per cent, salary grade level 10 -14 gets 16 per cent, while salary grade level 15 -17 gets 14 per cent.

    ”For those on the second category of wages structure, CONHES, CONRRISE, CONTISS etc, Level 7 gets 22.2 percent, Level 8 -14 gets 16 per cent , Level 15 -17 gets 10.5 percent.”

    The Minister noted that the third category of the country’s wage structure which are military and paramilitary officers were also factored into the agreement.

    “Since they are not in the civil service , theirs will be communicated through the appropriate channels. Their percentages of increase is confidential,” he said.

    Festus Keyamo, the Minister of State for Labour and Employment, had earlier tweeted from the venue that both parties had reached an agreement, but he did not give details.

    The tweet read, “After some delicate negotiations (with both ministers as conciliators), the government and labour have finally reached an agreement on the consequential adjustment of other wages following the implementation of the enhanced minimum wage of N30,000.

  • Troops rescue 3 farmers in Kaduna, kill bandit

     

    Troops of Operation Thunder Strike have rescued three villagers abducted from their farms on Wednesday in Maro village along Kaduna-Abuja highway.
    The Deputy Director Army Public Relations, 1 Division Nigerian Army Kaduna, Col. Ezindu Idimah told Fowerbudnews on Friday in Kaduna that one of the kidnappers was killed in the operation.
    “Acting on a credible information, troops raided the hideout of the bandits where they held the farmers and engaged them in a firefight.
    “Following, the firefight, one bandit was neutralized and others escaped with gun shot wounds leaving behind the victims.
    “The rescued farmers had since been handed over to their families.” he said.
    Idimah said an AK 47 rifle with two 7.62 special ammunition were recovered at the scene.
    “The General Officer Commanding, 1 Division , Nigerian Army, Maj.-Gen. Faruk Yahaya has again called on the general public to report any person with gun shot wounds to the nearest security post for prompt action.”

  • Update: Typhoon Hagibis: death toll rises 44

    Typhoon Hagibis, which swept across central and eastern Japan on Saturday and Sunday, has claimed at 44 lives in Japan on Monday as search-and-rescue operations continued in flood-and landslide-hit areas of Nagano and other prefectures, Xinhua news agency reported.

    In addition, 14 people are listed as missing, and more than 100 others were injured during the weekend storm. The number of the injured is expected to rise during further search and rescue.

    As of Monday noon, about 38,000 people in 17 prefectures had evacuated their homes, according to the Fire and Disaster Management Agency.

    Japanese Prime Minister Shinzo Abe said at a disaster task force meeting that the government will do its utmost to support those affected by the typhoon and its after-effects, vowing to improve conditions at evacuation centers and shelters without waiting for requests from local governments.

    “There are concerns that the impact on lives and economic activities may persist,” he said. “We will respond as best we can as we continue to think about those who are suffering.”

    Defense Minister Taro Kono told senior officials at a special Ministry of Defense meeting to ensure the Self-Defence Forces (SDF) makes its best efforts in responding to the disaster, adding that the first 72 hours that follow a disaster are crucial when it comes to saving lives.

    Japan’s Self-Defence Forces, police and firefighters are carrying out the operations in the wake of the typhoon. By Monday morning, some 31,000 personnel have been mobilised to carry out rescue operations that had saved 1,518 people, said the defence ministry.

  • U.S. to evacuate 1,000 troops from Syria

    The United States says it is evacuating all its troops from northern Syria amid heavy clashes between Turkish-led forces and Kurdish fighters.

    U.S. Defense Secretary Mark Esper said on October 13 that Turkey “likely intends” to extend its attack further than originally planned.

    The Turkish offensive is aimed at dislodging the Kurdish-led Syrian Democratic Forces (SDF), which Ankara claims is a branch of the banned Kurdistan Workers’ Party (PKK) that has fought for Kurdish autonomy in Turkey for three decades.

    Esper said the SDF was in negotiations with the Syrian and Russian governments to form an alliance against the Turkish force.

    The Kurdish authorities are “looking to cut a deal, if you will, with the Syrians and the Russians to counterattack against the Turks in the north,” Esper said.

    The Kurdish administration later announced on October 13 that it had struck an agreement with the Damascus government.

    “In order to prevent and confront this aggression, an agreement has been reached with the Syrian government… so that the Syrian Army can deploy along the Syrian-Turkish border to assist the Syrian Democratic Forces,” the Kurdish administration said.

    Earlier, Syrian government media said the army was sending troops to the north to “confront the Turkish aggression,” without giving further details.

    The United Nations has said that more than 130,000 people have fled their homes because of the Turkish offensive.

    U.S. President Donald Trump’s announcement last week to pull out all American troops from Syria has been widely criticized, with many observers warning that the president’s move will likely lead to a resurgence of the Islamic State (IS) extremist group.

    Kurdish forces are holding an estimated 10,000 IS prisoners and experts fear they will escape detention as Kurdish and Turkish forces engage in battle.

    On October 13, some 700 IS supporters escaped from a detention facility near the northern town of Ain Issa.

  • Falana urges FG to use recover looted wealth to fund budget

    Human Rights lawyer Femi Falana (SAN) has told the Federal Government to embark on a drive to recover Nigeria’s looted wealth to garner resources to fund the 2020 budget.

    Falana made the assertion in an interview with a correspondent of the News Agency of Nigeria (NAN) at Imota, near Abeokuta on Sunday.

    He said the Nigerian Government must urgently seek other means of generating funds to complement the N10.33 trillion 2020 budget recently unveiled by President Muhammadu Buhari.

    According to him, the N10.33 trillion budget presented by Buhari is not enough to stimulate the rapid development expected by Nigerians.

    “From the budget breakdown, N2.5 trillion has been earmarked to service debt; about 70 per cent of the balance would go for paying salaries and recurrent expenditure while the remaining 30 per cent will hardly be enough for necessary developmental projects.

    “The budget is not sufficient and so the government must look at other areas to generate more wealth for the country and embark on a serious drive to recover looted wealth.”

    According to him, there may also be need to increase tax but it should not be now that Nigerians are facing economic hardships.

    Falana, however, charged the president and other public office holders to cut down their expenditures, travelling and allowances and divert such money to developing the country.

    The legal luminary also advised the government to desist from adopting any policy that could bring suffering to the masses.

    He described the recent increment on value-added tax as ill-timed, saying that the interest levied on cash deposits and withdrawals should be cancelled.

    Falana said the government could use other means to foster a cashless economy, including placing an embargo on the amount of money to be withdrawn from banks daily, rather than imposing charges.

    “The National Assembly by virtue of the constitution would have to look at VAT whether it can be increased or not,” he said.

  • UK employers slam $249bn cost of Labour renationalization plans

    A British employers’ group criticised on Monday what it said would be the “beyond eye-watering” cost of the opposition Labour Party’s plans to return utilities, train companies and the Royal Mail to public ownership.

    The Labour Party has moved sharply to the left under its leader Jeremy Corbyn, and although it lags the ruling Conservatives in opinion polls, Brexit turmoil and the likelihood of an early election could see it take power.

    The Confederation of British Industry said Labour’s plans would have an upfront cost of 196 billion pounds (249 billion dollars), assuming Labour paid the full market value of companies involved – similar to a 176 billion-pound estimate made last year by the pro-privatization Centre for Policy Studies think tank.

    “The price tag for Labour’s renationalization plans is beyond eye-watering,” CBI chief economist Rain Newton-Smith said.

    “Firms want politicians to invest in major infrastructure projects rather than undermine confidence in our economy and waste time, energy and public money in a renationalization project with no clear benefits,” she added.

    Labour described the CBI’s estimate as “incoherent scaremongering” and said it overvalued the assets of utilities owned by privately held companies by applying a 30 per cent premium to their book value.

    “It is disappointing that the CBI seems incapable of having a grown-up conversation about public ownership – which is hugely popular, and common across Europe,” a party spokesperson said.

    John McDonnell, the Labour legislator most likely to become finance minister if the party wins an election, has said nationalization would be cost-neutral as the companies’ profits would cover the cost of borrowing needed to finance it.

    This view is broadly shared by the non-partisan Institute for Fiscal Studies, which said last week that focusing on the upfront cost of Labour’s plans was the wrong approach.

    “Economically what matters is whether these assets would be better managed by the public or the private sector,” it said.

    Opinion polls before the last national election in 2017 showed the public supported the type of nationalization proposed by Labour, despite the poor reputation some of the firms also held when they were last in public ownership.

  • Climate change activists target London’s financial district

    Climate change activists targeted London’s financial district on Monday blocking Bank junction, vowing a day of disruption for major institutions which they said were financing an environmental catastrophe.
    Extinction Rebellion protesters blocked the streets around Bank in the heart of the City of London.
    “The City of London is a preeminent nexus of power in the global system that is killing our world,” said Carolina Rosa, spokesperson for Extinction Rebellion.
    The activists will target major financial institutions which they say are financing fossil fuel exploration and infrastructure.
    A mock trial of the financial sector will take place at shortly after midday.
    The group, which promotes a rebellion against the political, economic and social structure of the modern world to avert the worst devastation outlined by scientists studying climate, is engaged in two weeks of civil disobedience in London.
    Police said there had been more than 1,300 arrests since the protests began.
    “There are currently protesters blocking roads around Bank Junction,” the City of London Police said on Twitter, which has previously warned of disruptive demonstrations on Monday.
    Extinction Rebellion wants non-violent civil disobedience to force governments to cut carbon emissions and avert a climate crisis it says will bring starvation and social collapse.
    Bank of England Governor Mark Carney has said the financial sector must transform its management of climate risk, warning that global warming would prompt reassessments of the value of every single financial asset.
    Carney has been a leading voice among regulators in warning of the risks climate change poses to the stability of the global financial system.
    He has led various international initiatives to improve supervision and disclosure.
    “Climate disclosure must become comprehensive, climate risk management must be transformed, and sustainable investing must go mainstream,” he told a UN climate summit in September.

  • UNESCO donates N53m to establish Smart Classroom in ABU

    Prof. Ibrahim Garba, the Vice-Chancellor, Ahmadu Bello University (ABU), Zaria, says the institution had secured over N53 million from UNESCO-ICHEI for the establishment of Smart Classroom.
    Garba disclosed this at the 2nd International Conference of Institute of Electrical and Electronic Engineering (IEEE) at the main campus of university in Samaru, Zaria, in Kaduna.
    The News Agency of Nigeria (NAN) reports that the two-day conference was organised by IEEE Nigeria, Computer chapter, in collaboration with the Department of Computer Engineering of the institution.
    The theme of the conference is: The Role of Computing in the Evolution and Development of Emergent and Alternative Technologies.
    Garba was represented by the Head, Department (HOD), Computer Engineering, Prof. Mohammed Mu’azu.
    According to him, it is understandable that the emergence of some of the disruptive technologies such as Artificial Intelligence (AI) applications can be developed to facilitate blended or online teaching and learning.
    “We look forward to such outcomes from this conference.
    “The university is committed to this kind of initiative and has recently secured over N53 million intervention fund from UNESCO-ICHEI for the setting-up of Smart Classroom in the university,” he said.
    This, according to him, holds very important infrastructure for the development of online content, adding that the university will also sign partnership with the International Institute of Online Education (IIOE).
    He said it was an initiative of the UNESCO-ICHEL and the Centre for Higher Education Research (CHER) of the Southern University of Science and Technology (SUSTech), Shenzhen, China.
    While appreciating the decision of the institution’s Computer Engineering department to host the conference, the vice chancellor also said it was a welcome development and a boost to the department.
    Garba observed that the theme of the conference was very apt as the university was keen on exploring the full potentials of ICT in enhancing teaching and learning experience.
    Prof. Umar Danbatta, the Executive Vice Chairman and Chief Executive Officer, Nigerian Communication Commission (NCC), said the commission was collaborating with Nigerian universities on funding telecommunication industry-focused research and innovation.
    Danbata, who was represented by Alhaji Abubakar Maina, office of the Executive Commissioner, Technical Services, NCC, said the NCC through its Department of Research and Development, which is a creation of the present CEO, is extensively collaborating with the academia.
    “This collaboration is in the area of development of emergence and alternative technology by promoting and funding telecommunication industry-focused research and innovation.
    “This year alone, the commission received a total of 63 research proposals from the academia all over the nation and these proposals are currently being evaluated by a competent committee for possible funding,” he said.
    Danbatta assured the academic community that the commission would gladly welcome more telecommunication industry-focused innovation and research proposals in the area of emerging and alternative technology.
    Dr Tunde Salihu, the Chairman, Institute of Electrical and Electronic Engineering (IEEE) Nigeria, Computer Chapter, said the choice of the theme was conceived to reflect relevant modern trend and technology in the practice of computer engineering.
    He also said it was also relevant to Computer Science and Information Technology toward national development.
    He debunked the saying that IEEE had not been active in the North, noting that the maiden edition of the institute’s international conference was held in Ilorin, Kwara, in Nov. 2016.
    Salihu lauded members of the Local Organising Committee (LOC) and others who contributed to the success of the occasion.
    The chairman said IEEE is the largest professional body worldwide with about 430,000 members, adding that the institute controlled over one-third of all the information in relation to electrotech in the world.
    “Here I am talking about standard, I am talking about proceedings, I am talking about any information in electrical engineering.
    “And some-how, we have not been collaborating enough with ABU; however, I stand here as one of the two active IEEE heads in Nigeria that we are going to be working with ABU more than what we have done in the past.
    “One of the easiest ways to be working with you is to have more of your members joining IEEE. I invite both students and lecturers to come and join us,” he said.
    Earlier, the HOD, Computer Engineering, Mu’azu commended the IEEE, the ABU management and NCC for the support and confidence reposed on the department to host the conference.
    He pledged the department’s commitment to offer students and the entire community the benefits of its knowledge and skills to ensure that they became competitive in the 21st century workplace.
    “This is reflected in the content of our programmes and the support system in place to encourage students with innovative ideas.
    “We produced two of the three students that were in the team that came 3rd in the Huawei local ICT Skills Competition finals that took place in Shenzhen, China in May.
    “We also produced one of the 10 students that represented Nigeria at the `Seeds for Future’ training tour of China last year orgnised by Huawei,” he said.
    NAN reports that the conference also featured exhibition where recent research findings in computer engineering were displayed.