Author: Grace Alegba

ARCON

By Grace Alegba

Lagos, June 27, 2024 (NAN)

ARCON

By Grace Alegba

Lagos, June 27, 2024 (NAN) The Minister of Information and National Orientation, Mohammed Idris, has called for the collaboration of advertising stakeholders toward achieving the Renewed Hope Agenda’s vision of a thriving, innovative and inclusive Nigeria.

Idris, represented by Dr Sunday Baba, his Special Assistant on Information and National Orientation, made the call on Thursday while declaring open the second annual Advertising Industry Colloquium in Lagos.

The event, organised by the Advertising Regulatory Council of Nigeria (ARCON), has the theme: “Harnessing Emerging Technologies for Sustainable Advertising Education and Professional Excellence in Nigeria”.

It aimed to enhance advertising knowledge and collaboration between academia and the industry.

The minister said the theme of the event aligned perfectly with President Bola Tinubu’s Renewed Hope Agenda, which emphasises innovation, growth and sustainable development in every sector of the nation’s economy.

Idris, a Fellow of the Nigerian Institute of Public Relations (fnipr), said that the gathering was to explore how the latest technological advancements could be integrated into marketing communications, education and practice.

“This colloquium is not just a meeting of minds but a convergence of innovation, creativity and foresight aimed at propelling our industry into the future, in line with our nation’s vision for a prosperous and technologically advanced Nigeria.

“The objectives of this colloquium are crucial. They aim to foster robust interaction between academia and industry, examine current issues in marketing communications.

It also sensitise students and academics to the demands of a digitised era and discuss trends in creative advertising, media campaigns, digital marketing and regulations.

“These efforts are fundamental to driving the Renewed Hope Agenda, which seeks to empower our youth, create jobs, and ensure sustainable economic growth,” he said.

He urged participants to brainstorm and collaborate toward building a more dynamic and sustainable advertising industry in Nigeria.

“Let us, therefore, work together to realise the Renewed Hope Agenda’s vision of a thriving, innovative, and inclusive Nigeria,” he said.

Director-General of ARCON, Dr Olalekan Fadolapo, said the event was aimed at bringing together academia and practitioners in the advertising and marketing communications industry to brainstorm on how to improve the nation’s advertising ecosystem.

Fadolapo said most times when research was done, the industry, which was supposed to implement the findings, was usually too far removed, hence the need to bridge the gap between the town and gown through the colloquium.

He stressed the need for town and gown to collaborate toward embracing and adopting new advancements in technology.

He said, “Technology will continue to disrupt the way we do our jobs.”

The Chairman of the Journal and Planning Committee, Prof. Rotimi Olatunji, said that the colloquium would enlighten academics and students on career success requirements in various marketing communication areas amidst evolving global technologies.

He said technology was the driver of development and the synergy was important to ensure that professionals and tertiary institutions were on the same page.

“The goal is that we want to produce graduates who will hit the ground running,” he said.

NAN reports that ARCON also officially launched its new advertising journal at the event, which had six universities in attendance.

Prof. Umaru Pate, Vice Chancellor of the Federal University of Kashere, Gombe State, explained the need to invest in youth education.

Pate, who was chairman of the occasion, said the classroom was supposed to be ahead of the newsroom, but the situation had not been so.

He said the tertiary institutions’ curriculum had not been up to date because of the impact of the internet and emerging technology.

He called for deliberate efforts to boost knowledge in the advertising industry while commending ARCON for taking bold steps.

“We cannot afford to have a digital environment with analog students,” he said.

Other speakers discussed how to move with the digital age revolution, bridge the gap between town and gown, and how students could get internships and sponsorships.

The event also featured advertising pitch competitions with six institutions.

They include University of Ilorin, Covenant University, Federal University of Kashere, Ebonyi State University, Rivers State University, and Lagos State University. (NAN)(www.nannews.ng)

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Edited by Olawunmi Ashafa

Charge

By Grace Alegba

Lagos, June 24, 2024 (NAN) The Lagos State Government has unveiled a sensitisation campaign to promote the payment of the Land Use Charge (LUC) in the state.

It also engaged 500 adhoc staff for awareness advocacy.

The Commissioner for Finance, Mr Abayomi Oluyomi, at the flag-off the campaign, urged property owners to pay their LUC to support the government’s development initiatives.

The News Agency of Nigeria (NAN) reports that the campaign began in Lagos Island, Iru Victoria Island, and Eti-Osa Local Government/Local Council Development Areas.

Oluyomi said, “”Operation Payers Activation” campaign is crucial for increasing the state’s Internally Generated Revenue (IGR) to fund substantial infrastructural projects.”

He also said that LUC taxes were a vital source of revenue for providing socio-economic infrastructure and amenities.

“The development of any society relies on its residents adhering to tax payments.

“I appeal to property owners to support this initiative, come forward, and be counted. This is essential for Nigeria’s development.”

Oluyomi noted that the 2024 budget anticipates expenditures of approximately N2.2 trillion, with nearly 70 per cent of the IGR funding the state’s budget.

He stressed that LUC is a significant revenue source, and compliance is necessary for driving development.

While providing a history of the LUC, he noted that even after 23 years, many wealthy individuals were not compliant with payments.

Oluyomi, however,  said that such payment is a civic responsibility.

He noted that it is unfair for some people to consistently refuse to pay while others comply.

The commissioner said that a 15 per cent discount had been attached as incentive to encourage payers.

NAN reports that during the campaign, the commissioner and ad-hoc staff distributed reminder bills to properties in the Eti-Osa Local Government area.

Oluyomi instructed the staff on how to handle their assignments positively.

The campaign will be conducted daily across all councils for one month, with legal action threatened against non-compliant property owners.

The Special Adviser to the Governor on Taxation and Revenue, Abdul-Kabir Ogungbo, appealed to property owners to cooperate with the ad hoc staff.

The Permanent Secretary of the Ministry of Finance, Mr Temitope Hundogan, said that the sensitisation aimed to ensure compliance with LUC payments.

He mentioned that, unlike previous administrations that penalised defaulters, Governor Sanwo-Olu’s administration replaced sanctions with incentives.

He encouraged property owners to take advantage of the approach to pay up. (NAN)(www.nannews.ng)

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Edited by Benson Ezugwu/Olawunmi Ashafa

Cybersecurity

By Grace Alegba

Lagos, June 20, 2024 (NAN) FirstBank has educated businesses and customers on the latest advancements in payment technologies to protect them from loosing their funds to hackers.

Mr Harrison Nnaji, Chief Information Security Officer of the FirstBank, at a cybersecurity webinar, on Thursday, said that it was imperative to keep the bank’s customers knowledgeably equipped with essential strategies to safeguard themselves from cyber threats.

The webinar which has the theme: “Unlocking Secure Convenience: Exploring the Future of Payments Technologies”.

Nnaji  said that customers would be protected from cyber threats if they practiced five to 10 per cent of measures from the quarterly webinar.

Speaking on the topic, “Banking on Safety: Innovative Security Features on FirstBank Digital Products”, he appealed to participants to become ambassadors who would utilise the information and pass the knowledge to their communities.

He highlighted the vulnerabilities of customer data to both internal and external threats and advocated for robust firewalls and enhanced privacy measures.

He said that breakdown of global cybercrime damage costs predicted by Cybersecurity Ventures for 2024 indicated that 302,000 dollars would be lost to hackers per second, 18 million dollars per minute, 26 billion dollars daily and 9.5 trillion dollars a year.

He outlined best practices for secure digital banking and detailed FirstBank’s commitment to cyber threat prevention through multi-factor authentication, end-to-end encryption, and real-time fraud detection.

“Our dedication to maintaining the highest standards of security and privacy extends to every interaction and transaction.

“It underscores FirstBank’s pledge to be the bank customers can always rely on for the utmost protection of their financial safety and personal privacy,” he added.

Nnaji also stressed the shared responsibility between the bank and its customers in preventing financial losses. “Our goal is to ensure your hard-earned money remains secure,” he said.

Mr Mayowa Adewumi, Cyber and Intelligence Regional Manager, Mastercard, discussed the evolution of the payment ecosystem and the associated risk factors due to technological advancements.

He noted that it was imperative to prioritise over convenience, to prevent unauthorised access to funds.

“As a customer, you play a crucial role in maintaining security by adopting best practices and staying informed and vigilant as payment technologies evolve,” Adewumi advised.

Mr Peter Ehizogie, Regional Manager Product Sales, Cyber and Intelligence Solutions (West Africa) at Mastercard, explained backend security measures that require active customer participation.

He highlighted the importance of choosing the best authentication options tailored to individual needs, such as password authentication with Multi-Factor Authentication instead of biometric options.

Mr Emmanuel Okoroji, Head of Threat Intelligence & Risk Management, FirstBank, moderated the webinar, which provided valuable insights into the future of payment technologies, focusing on achieving secure and convenient transactions for businesses and consumers. (NAN)(www.nannews.ng)

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Edited by Olawunmi Ashafa

Naira

By Grace Alegba

Lagos, June 13, 2024 (NAN) The Naira on Thursday slightly depreciated at the official market trading at N1476.24 to the dollar.

Data from the official trading platform of the FMDQ Exchange, revealed that the Naira lost N2.58.

This represents a 0.17 per cent loss when compared to the previous trading date on Tuesday when it traded at N1,473.66 to the dollar.

Also, the volume of currency traded reduced to $92.68 million on Thursday down from $385.91 million recorded on Tuesday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between 1,500
and N1,400 against the dollar. (NAN)

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Edited by Olawunmi Ashafa

Naira

By Grace Alegba

Lagos, June 10, 2024 (NAN) The Naira on Monday slightly appreciated at the official market trading at N1,483.62 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira gained 37 kobo.

This represents a 0.02 per cent gain when compared to the previous trading date on Friday when it traded at N1,483.99 to the dollar.

However, the volume of currency traded reduced to $161.69 on Monday down from $269.27 million recorded on Friday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,505 and N1,410 against the dollar. (NAN)

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Edited by Olawunmi Ashafa

Naira

By Grace Alegba

Lagos, June 7, 2024 (NAN) The Naira on Friday recorded loss at the official market, trading at N1,483.99 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N2.50.

This represents a 0.16 per cent loss when compared to the previous trading date on Thursday, trading  at N1,481.49 to the dollar.

However, the volume of currency traded increased to $269.27 million on Friday up from $213.31 million recorded on Thursday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,507.00 and N1,399.00 against the dollar. (NAN)

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Edited by Olawunmi Ashafa

Heritage

By Grace Alegba

Lagos, June 5, 2024 (NAN) Customers of the liquidated Heritage Bank Plc gathered at the bank’s headquarters in Lagos on Wednesday, to seek clarification on the beginning of their deposit payments.

A visit by a News Agency of Nigeria (NAN) correspondent on Wednesday revealed that security personnel stationed at the bank’s entrance prevented customers from entering the premises.

Addressing the customers through the gate, an official informed them that payments had begun for savings account holders and would
continue until Friday.

“You don’t need to take any action. NDIC staff are already processing payments. Your money will be transferred to your other account linked with your BVN,” the official assured.

However, corporate account holders were advised to return “next week,” leading to concerns among some who noted that BVN is typically associated with individual accounts, not companies.

The atmosphere remained sombre as customers declined interviews with NAN.

A customer simply stated, “Mine is an entrepreneurship account.”

Efforts by a NAN correspondent to gain entrance were thwarted by security personnel, who referred to the Central Bank of Nigeria’s press release dated June 3, announcing the revocation of the bank’s license, as the response to all inquiries.

CBN revoked Heritage Bank Plc’s license on Monday, citing a breach of Section 12 (1) of BOFIA, 2020, and appointed the Nigeria Deposit Insurance Corporation (NDIC) as the liquidator.

NDIC Managing Director, Mr Bello Hassan, disclosed at a news conference in Abuja that 99 per cent of Heritage Bank depositors had total balances less than N5 million.

He assured that payments would start before the end of the week, with insured benefits capped at N5 million.

According to him, those with deposits exceeding N5 million would be paid after sale of the bank’s assets.

He added that payments would begin before the end of the week. (NAN)

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Edited by Olawunmi Ashafa