General
Nigerian Businesses Must Prepare for Greater Challenges Ahead
Nigerian businesses need to prepare and brace themselves for a highly challenging period ahead as the coronavirus pandemic disrupts day-to-day life and commerce.
This follows the federal and state governments’ recent announcements of a set of bold measures to halt the spread of the coronavirus in Nigeria, including travel bans, school closures and limits to the size of public gatherings.
“While these actions are necessary and commendable, they are steering businesses into uncharted territory,” says Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Bank PLC. “The operating environment, already difficult following years of lacklustre growth, will become even more challenging in the weeks ahead.”
As this health and economic crisis unfold, large organisations will have to contend with the challenge of managing complex operations across multiple entities and geographies – each with its own set of measures in place to tackle the pandemic.
“There is now a pressing need for effective risk mitigation and business continuity measures, and these must include partner firms, suppliers and other stakeholders,” says Dr. Sogunle.
In numerous industries, supply chains and cash flows are being severely disrupted, particularly for those businesses involved in cross-border trade. This makes planning more crucial than ever.
With this in mind, organisations should consider the early loading and planning of payments, as well as intensive cash-flow management and liquidity planning. Those businesses that have lending facilities in place should assess whether these can cope with changed or disrupted cash flows.
Also, businesses involved in cross-border trade can consider measures that reduce the impact on cash flows. Letters of credit, for instance, have a lesser impact on cash flows than upfront deposits. And the disruption of physical trade flows might require an alignment of the associated cash flows.
Meanwhile, the health and safety of employees, clients, and other stakeholders need to be top of mind. Companies should consider separating teams and allowing employees to work remotely, where possible, although the persistence of load-shedding does complicate remote work.
As more employees work from home, connectivity will be key. To enable this, teams could be provided with larger data bundles and afforded remote and secure access to internal systems. And with employees working in new environments, communication will be crucial to ensure that staff are well-informed and reassured, as well as productive.
Comprehensive policies and protocols applicable to both staff and clients are essential. Naturally, hygiene within the workplace and externally is of paramount importance – access to hand sanitizers, for instance, could prevent the spread of the virus.
“It is extremely important that companies remain calm and keep working effectively. Stanbic IBTC recognises that it has a responsibility to do everything it can to help clients keep their businesses and their lives on track.
“As we have come to grips with this new reality that is facing us, we have all made the necessary plans in our different environments and prioritised our requirements so that we can continue to work, interact, and contribute to the society in which we live.
“We do acknowledge that our business customers are facing challenges in dealing with the disruption to their businesses. We also understand that in any business or personal financial cycle there can be challenges in meeting financial obligations.
“These challenges may be heightened especially in times of economic downturns and crises. Customers who are in financial distress should contact the bank as soon as possible. The sooner the bank is informed, the sooner both parties can find a workable solution to address or resolve issues of financial distress.
“It is not in Stanbic IBTC Bank PLC’s interest to see a business fail, or a home lost. It is in both parties’ interest to find a workable solution. We do urge customers to contact the bank should they experience difficulties. We do not doubt that the impact of the Corona-19 virus has been extremely disruptive,” Dr. Sogunle says.
Stanbic IBTC Relationship Managers are in contact with our customers and are there to provide all the support necessary. Our customers all have individual needs and requirements and we will provide all the assistance necessary on a case by case basis.
“We are encouraging clients to make use of digital channels when transacting and engaging with the bank, where possible, and to contact the bank if a financial strain is foreseen. By planning, working together and remaining vigilant, we can limit the strain on Nigeria’s businesses in the weeks and months ahead,” Dr. Sogunle added.
General
Olam Agri to Sustain Significant Investments in Workforce, Food Value Chain
By Aduragbemi Omiyale
The managing director of Olam Agri in Nigeria, Mr Anil Nair, has assured us that more investments in the company’s workforce will be made for economic growth.
He gave this assurance while reacting to the recognition of the organisation as a Top Employer for the fifth consecutive time by the Top Employers Institute.
“As we celebrate this recognition, we also look to the future. Olam Agri is committed to scaling our HR practices to ensure alignment with global standards.
“We will continue to make significant investments in our people and the food value chain, enriching lives and driving economic growth.
“Our goal is to create an environment where our employees can excel and thrive, and we are dedicated to achieving this.
“Olam Agri’s continued success as a Top Employer reflects its unwavering dedication to fostering growth, well-being, and excellence in its operations,” he stated.
Also commenting, the firm’s Regional Head of Human Resources, Jaideep Biswas, said, “Our people-centric strategy aligns with the dynamic demands of the global talent landscape, embedding diversity, equity, and inclusion at the core of our operations.
“This certification validates our approach, but we’re not stopping here. We remain committed to helping our workforce thrive in a rapidly evolving work environment.”
In the annual HR Best Practices Survey of the Top Employers Institute, Olam Agri in Nigeria was named the Top Employer because of its exceptional workplace culture, innovative HR strategies, and growing appeal to talent locally and globally.
“Consistency in a not-so-consistent world is remarkable. Amidst technological advances, economic shifts, and evolving social landscapes, it’s inspiring to see organisations like Olam Agri rise to the challenge.
“This year’s certification celebrates those who continue to lead with people-first strategies, setting the standard for enriching the world of work,” the chief executive of Top Employers Institute, Mr David Plink, said.
The institute evaluates organisations based on a comprehensive survey covering six key HR domains and 20 topics: People Strategy, Work Environment, Talent Acquisition, Learning, Diversity, Equity and Inclusion, and Wellbeing.
Since 2020, Olam Agri’s operations in Côte d’Ivoire, Ghana, Nigeria, South Africa, and the Africa region have consistently earned top rankings, solidifying its reputation as an employer of choice.
As a leading agribusiness in food, feed, and fibre, Olam Agri is deeply committed to making a positive impact on its workforce, customers, host communities, and stakeholders.
General
Proposed NLC Protest Over Tariff Hike Unnecessary—Subscribers
By Adedapo Adesanya
The National Association of Telecommunication Subscribers (NATCOMS) has distanced itself from the planned industrial action by the Nigeria Labour Congress (NLC) against the recently approved telecommunication tariff hike.
According to NATCOMS President, Mr Deolu Ogunbanjo, in a statement on Thursday, the proposed protest was unnecessary, warning that it could send negative signals to investors.
Earlier this week, the Nigerian Communications Commission (NCC) approved a 50 per cent tariff adjustment in response to rising operational costs following over 11 years of discussion.
The move has raised worries and one of the parties which have been vocal about is NATCOMS.
The subscribers’ group and the labour union criticized the move, describing it as excessive and burdensome for Nigerian consumers.
On the part of the union, Mr Joe Ajaero, the NLC President, called on the industry regulator and the National Assembly to halt the 50 per cent implementation, urging Nigerian workers and the public to reject the hike, suggesting a nationwide boycott of telecommunication services as a possible course of action.
“This is for our dignity, our rights, and our survival as a people. The NLC remains resolute in defending the interests of Nigerian workers and the masses.
“We will resist this injustice and demand that the government prioritizes the interests of its citizens over corporate interests,” Mr Ajaero said.
But NATCOMS has advocated legal action and not the proposed protest.
“We do not support the Nigerian Labour Congress’ call for industrial action. No, we don’t! NATCOMS is not in support,” Mr Ogunbanjo stated.
“To investors and businesses, it is a wrong signal. Negotiation is still ongoing, and the tariff hike is scheduled for February. We still have eight days,” he added.
Business Post had reported that NATCOMS is engaging with the NCC to find a resolution and is prepared to approach the courts if consultations fail.
General
Five Firms Get N16.3bn for 68km Rural Roads in Oyo
By Modupe Gbadeyanka
Five construction companies have sealed a deal worth N16.3 billion to construct about 68 kilometres of rural roads under phase 1 of the Oyo State Rural Access and Agricultural Marketing Project (Oyo RAAMP).
The roads, according to the Commissioner for Agriculture and Rural Development, Mr Olasunkanmi Olaleye, cut across five local government areas of the state.
He said the project was expected to have a positive impact on lives of rural communities, farmers, and traders as well as market hubs to reduce post-harvest loss of agricultural products.
The Commissioner urged the firms to execute quality and satisfactory jobs since they emerged from the highly competitive bidding and procurement processes.
Mr Olaleye explained that the phase 1 intervention roads of backlog maintenance/rehabilitation and cross drainage structures would include the Fashola Farm settlement road networks in Oyo West, the Oloko Oyo Junction-Ikere Junction in Iseyin Local Government, the Alako-Idiya-Batake-Olowa Farm settlement in Ido Local Government, the Adebayo-Alata-Aba Oje in Oluyole local government, the Okudi-Oyada road in ATISBO Local Government, and the Tewure-Ila junction road in Oriire local government.
The contractors awarded the road projects are Dephhanny’s Venture Limited, Messrs CGC Nigeria Limited, Messrs Coastline Engineering Limited, Messrs Lopek Engineering and Construction Limited, and Messrs E.A.A Engineering Limited.
Speaking at the signing ceremony, the Permanent Secretary in the Ministry of Agriculture and Rural Development, Mrs Abosede Owoeye, said that the objectives align with the vision of Governor Seyi Makinde to support farmers with the necessary equipment to enhance food security, adding that this was one step closer to achieving its goals of promoting economic growth, improving livelihoods, and enhancing food security.
She, therefore, thanked the federal government, the World Bank, and the French Development Agency for the support.
In her remarks, the Oyo State Project Coordinator for Rural Access and Agricultural Marketing Project, Ms Adeola Ekundayo, urged the contractors to cooperate with stakeholders who will be monitoring their activities.
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