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Zimvest Economy Conversations: Financial Experts Call for Reorganization of Nigeria’s Market Architecture

Peter Okunoren

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Stakeholders in the Nigerian Capital market, Asset Management, and Banking Industries have called for a rethink of the nation’s economic philosophy and a reset of the financial market architecture. This was part of the major takeaways from the “Zimvest Economy Conversations”, a thought-leadership series of Digital Private Wealth and Investment Management Firm, Zimvest (Zedcrest Investment Managers) held on Saturday, June 20, 2020.

Giving the opening remark during the virtual event, Business Head of Zimvest, Gbenga Adigun, noted that investors are gravely concerned with investment returns in light of the current low yield environment while financial institutions are thinking of how their product development and service delivery should evolve with the changing needs of investors.

Bola Onadele Koko, CEO of FMDQ Group while delivering the keynote speech on the event theme “The Economic Landscape and Investor Preferences in Post-pandemic Africa”, talked about the toll the growing pandemic has had on African markets. He laid emphasis on the slow down in key segments of the economy including the financial markets, tourism, remittances, and foreign direct investments. He called for a rethink of Nigeria’s economic philosophy with clarity from the fiscal policymakers which will be critical for gaining investors’ confidence.

According to him, “Now is the time to develop new and ingenious ways to develop and drive the Nigerian financial market and in the continent at large. Private capital will especially be more essential as recent shocks have shown the limits of Governments’ abilities particularly in developing countries”, he said.

The capital market leader also stated that FX reforms will be critical for the Nigerian economy at this point; noting that trading activity in the Nigerian Fixed-Income and Interbank Currencies market is down by 55% due to economic slowdown linked to the Covid-19 pandemic.

All panelists in this first episode of the thought-leadership series pointed out that most investors were affected by the pandemic and are looking for further ways to diversify their portfolios that may end the year on a negative real return.

Speaking during the panel session, Abiola Adekoya, Wealth Expert and Ex-CEO at RMB Securities, stated that one of the key things that investors are concerned about in this era is the need for diversification, more liquidity, and higher investment returns.

In her words: “A lot of investors have been focused on one product and this pandemic has shown that that is not enough. The nascent interest in alternative assets has shown that there is strong liquidity in the overlooked retail space and Investment managers should pay keen attention and develop alternative assets products, and reduce the reliance on the traditional Fixed income, Money markets, and Equity offerings.

Buttressing Abiola’s position on alternative assets, Esiri Agbeyi, Partner and Head Private Wealth Services, PwC Nigeria, emphasized the need for investors to take keen interest in private equity and other alternative assets investments. She shared a PWC survey on Family Offices. The survey revealed that 63% of family businesses leaned towards private equity as an investment portfolio. Local pools of private capital are important to drive economic development

Onome Komolafe, Divisional Head of Central Securities Clearing System (CSCS), stated the need for improved product development and differentiation, clear market segmentation, and smart communication as tools that financial services firms can deploy in evolving with the changing consumer behavior. She also pointed to premium service delivery and technological innovation as crucial to the democratization of investment opportunities in Africa.

The Group Executive, Treasury & Financial Institutions at First Bank, Ini Ebong, pointed out the present opportunity available for investors, regulators, institutions, market practitioners to reset Nigerian financial market architecture. He noted that this opportunity presents itself mostly around periods of crisis.

According to him, as markets develop, the investing public becomes more able to embrace risk and go for higher return instruments outside traditional bank-based deposits.

“If you want high returns on investment, you must be willing to take on more risky investment products”, said Adetoun Dosunmu, Treasurer at FBN Merchant Bank. “Giving the highly specialized nature of investing, working with a regulated fund manager will be most beneficial to the investor in the long run and would protect against fraud and sharp practices from the teeming number of platforms offering untested investment opportunities”.

During his closing remark, the Founder of the Zedcrest Group and the Chief Host of the event, Saheed Adedayo Amzat, CFA, called on the Nigerian capital market stakeholders to unite to further capital formation in the country. He sounded a note of warning to Nigerians on suspicious wealth generation platforms.

“Many unsuspecting investors over the last three decades have lost their funds to unregulated institutions that promised unbelievable returns. All stakeholders in the sector need to speak up and inform the unsuspecting public about investment platforms. Our regulators need to do more with the support of all players in the Investment management space”, he opined.

The much-anticipated event lived up to its billings as over 1,150 participants engaged the speakers on investment challenges and opportunities they can tap into post-COVID.

Zimvest, the newly launched Investment Management subsidiary of Zedcrest, plans to be at the nexus of a continuing conversation series around Investment management and economic policy landscapes. The second edition of the series is to be announced soon.

A poll conducted during the event also shows that over 60% of participants prioritized “Capital Preservation” when choosing an investment option. Over 72% were concerned about inflation and exchange rate fluctuations and over 81% were concerned about Proven Track Record, Regulatory Compliance, and Transparency when choosing an investment management partner. The session ended at exactly 1 pm on the day.

For more information, please email [email protected]

A replay of this session can be watched via:

https://zoom.us/rec/play/upcscbr–z83GtOSuQSDBqcvW9W0e6KsgCVI__dYy0yyWiNQNlShYbAaMLScQgqeV7fIjyl2RsrXPBOZ

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NEWS

Hymnodia Season 2: Ediomo Akpan Emerges Winner As Show Came To A Hymntacular End

Gbemileke Ajayi

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Hymnodia Season 2, the triple E, entertainment, education and edification, reality TV show built around hymns and worship has come to a spectacular (hymntacular) end with Ediomo Akpan emerging the winner (Hymnodian) of the grand prize of an Asaph (a specially designed award named after David’s chief musician), a brand-new car and N5 million.

The grand finale, known as Hymncert, was held in grandeur on Sunday, 13th September 2020, in Lagos. Due to prevailing circumstances of the coronavirus (COVID-19) pandemic, the Hymncert was not open to the general hymn-loving public like before, but what it lost in the crowd, was more than gained in glamour and entertainment (hymntainment).

Minstrel Sarah Thompson set the tone for the evening with her soulful rendition of worship songs which got the few guests lifted in spirit and soul, after which came to the battlenodia (battle) for the prize. Five contestants (Hymntestants) made it to the Hymncert but only four contended for the prize.

The two Hymntestants with the lowest votes, Johnson “Json” Ikpeama and Yinka Odunayo, engaged in a contest for the judges to decide who would join the trio of Frank Okoye, Duke Asuquo and Ediomo Akpan in the grand finale, a situation that saw Odunayo outwitting her counterpart in a fierce battlenodia of hymns.

Other highlights of the show were the performances made by The [email protected] DemiladeAdepega and the legendary Kunle Batik, who thrilled the audience to melodious tunes with their saxophones.

The Hymncert proper started with Duke’s rendition of “Conqueror through the Blood” and followed by Ediomo’s performance of “Christ Our Mighty Captain”. Part one of the hymncert was Victory hymns all the way then followed by the Pidgination of hymns segment.

Returning Hymntestant, Stephen Nwosu, in his melodious voice also featured, singing and dancing with his performance of “Gukongozigi”, — Count Your Blessings in Igbo.

After the performances, came the moment of truth, as Gbenga Badejo & Company, the collation agency handed the results to the host, the Dean of the Hymnstitute (show’s house), Ben Ogbeiwi, who kept the guests longing to know the Season 2 Hymnodian.

Frank Okoye was declared the 3rd runner-up, Yinka Odunayo the 2nd runner-up, while the moment of truth for the real winner was held in a little suspense, which kept the audience eager to know what would follow.

Duke and Ediomo were invited by the Dean to join him on the diamond platform and there were palpable tension and anxiety in the hall. The two men standing were visibly gripped by tension and the Dean allowed it to build by inviting the dignitaries who would present the prizes onto the stage before announcing the winner.

Pastor Kenny Folarin of Day Star Christain Centre was to present the Asaph, The Very Reverend Olushola Makinde to present the car key while the Producer and Executive Producer, Kufre and Mrs Ezinne Kufre-Ekanem were to present the N5million cheque.

With all the dignitaries on stage, the Dean of he Hymnstitute and Host for the Show, Dean Ben Ogbeiwi, bellowed ‘the winner and true Hymnodian of Season 2 is Ediomo’.
The hall erupted with applause.

Ediomo was momentarily shocked but when he realised what had happened, overcome with emotion and sunk to his knees as other Hymntestants swarmed him.

A graduate of the ABRSM Advanced Chorale Singing programme, Ediomo has sung in several choirs over the past nine years and was never on probation for the whole period of the Season 2 show, with the favourite hymn, A Mighty Fortress is our God
He is a pseudo-polyglot, speaks English, Spanish and his native language Annang. He is an Akwa Ibom-born, Lagos-bred soloist with proficiency on the classical flute. He is a chorister, a tenor, at the House on the Rock Church, Lekki, Lagos.

In his remarks, Kufre Ekanem, expressed gratitude to God for his awesomeness in making Hymnodia Season 2, a success, and wished to see Season 3, which will take place in 2021.

The reality TV show on hymns and worship was a one-hour programme on Lagos Television (Channel 256 on DSTV, Channel 90 on GoTV and Channel 113 on Startimes) with a magazine show on the same channel on Wednesday evening. It was also streamed live online via the LTV App available on the app store and on the dedicated YouTube channel, Hymnodiahq.

The show was also viewed on GITV, Kaduna; Anambra Broadcasting Service, Onitsha; Ondo State Radio/TV, Akure; ITV, Abuja and Cross River TV, Calabar. Others are Akwa Ibom Broadcasting Corporation (AKBC); Kwara TV, Ilorin and Plateau Radio TV, Jos. All the stations aired Hymnodia on the same days (Sunday and Wednesday) but at different times.

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Nigerian Pornstar, King Tblak Arrested For Shooting Porn Video Using Ifa Worshippers’ Items At Osun Osogbo Shrine

Gbemileke Ajayi

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Popular Nigerian porn star, King Tblak has been apprehended in Osogbo for using Ifa worshippers items in his porn video which was shot at the Osun Osogbo shrine.

It was gathered that the adult movie star whose real name is Tobi Jolaosho used White Beads and Opele in one of his videos and this however prompted a herbalist, Amoo Awosunwon, to order for his arrest.

Awosunwon reported the case to the police after seeing a sex video on social media of Tblak allegedly dressed in Osun Osogbo attire with a naked lady at the Osogbo shrine.

Police spokeswoman Yemisi Opalola confirmed the arrest on Sunday.

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NEWS

Mouka Reaffirms Commitment to Consumers’ Well-being, Quality Product

Gbemileke Ajayi

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Mouka, Nigeria’s foremost manufacturer of mattresses and beddings has restated its commitment to consumers’ Wellbeing by delivering quality products that enhance sleep and ultimately sound health.
This was the submission of the Chief Executive Officer, Mouka, Raymond Murphy, at a virtual stakeholders’ engagement where he unveiled some of the plans of its fiscal year, on Wednesday, September 2, 2020, in Lagos.
Murphy said the frontline company would continue to engage its stakeholders which comprises consumers, employees, business partners, agencies, and the media, to ensure Mouka delivers on its promise to add comfort to life.
According to him, Mouka in its giant stride would keep on innovating and renovating its product portfolio to keep it exciting and appealing to consumers. In addition, the company will continue to give its teeming consumers more value for money by deploying value-added promotions and producing durable products.
This, he affirmed, would be through intensive research and development (R&D). The Mouka boss declared that the company has invested a great deal in equipping its state-of-the-art laboratories to ensure the production of quality mattresses and other bedding products.
“This is why Mouka brand is unique, and the leader in its industry,” Murphy stated.
On other initiatives, Mouka’s Chief Executive Officer pointed out that the company will remain dynamic and responsive to consumers’ needs and preferences.
Giving back to society through corporate social responsibility (CSR) initiatives was also highlighted as one of its cardinal focuses in this fiscal period. Recently, the company donated over 1,000 mattresses to Lagos, Ogun, and Oyo State Governments for the enhancement of their isolation centers for the treatment of infected persons.
The frontline company introduced campaigns such as #StayhomewithMouka to educate, engage, and support its consumers during the lockdown. Also, Mouka partnered with the Nigerian society of physiotherapy on the #SleepBetterStayHealthy campaign to raise awareness for the importance of quality sleep in building a healthy immune system, especially during a pandemic.
On its stables are quality brands such as Wellbeing orthopedic mattresses, Klinic waterproof hospital mattress, Dreamtime water-resistant mattress, and Mondeo Spring mattress as well as a wide range of pillows for a comfortable sleep.
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