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At UBA Business Series, Experts Say Innovation, Passion Crucial To Build Lasting Businesses

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Building businesses that stand the test of time requires a blend of innovation, unwavering focus, and passion. This was the key takeaway from the latest edition of the United Bank for Africa (UBA) Business Series, hosted on Thursday,

With the theme: “Profit with Purpose, Business Continuity,” the event which was held at the Tony Elumelu Amphitheatre, UBA House, Marina, Lagos, brought together top industry leaders and entrepreneurs who shared actionable insights and strategies for ensuring business resilience and sustainability in today’s dynamic economic environment.

Founder, Terra Kulture, Bolanle Austen-Peters, Chief Executive of Asadtek Group Limited, Ghana; Dr. James Asare-Adjei; Award winning TV Personality & Multi Media Entrepreneur, Frank Edoho, Celebrated multimedia personality, Toke Makinwa and founder of Nigeria’s pioneering indigenous premium coffee brand, Happy Coffee, Princess Adeyinka Tekena, were on ground to share their business journey and give insights on how businesses can stand the test of time and thrive in a competitive environment.

Bolanle Austen-Peters who is also a Prominent Lawyer, Award Winning Film Director, and Producer, was the keynote speaker at the event and she spoke on the need for small and medium scale businesses to define their purpose, build a workable framework and have a team that shares in your vision.

On how she has run a business successfully for over 20 years, she said, “I can never overemphasise the role that purpose plays in your business. There is the need for business owners to set clear goals and achievable targets. From Day one, I started with having an organisational structure like what we have in banks, complete with legal structure, a board of Directors, administrative Officers, and all.

Continuing she said, “The truth is that if you do not have a framework for your business, you may just be another business from the street. Putting together a structure shows that you are in for serious business, and people will treat your business as such,” she explained.

James Asare-Adjei from Ghana, who also shared that key essentials like being innovative and having integrity said that MSMEs need to identify areas that they can excel at and work towards building it. “As business owners, you need to take advantage of the market available to you, and ensure that you add value at every point.

For Frank Edoho, passion remains an essential ingredient that drives business growth. “Passion is very important, as business owners, you should stick to your guns and learn from what others are doing and add it to your experience to make your business better,” he explained.

“One of the things I did to grow my brand was that I was very focused,” said Toke Makinwa, who recalled her humble beginnings as a banker and later a broadcaster. “I kept the right attitude and surrounded myself with people who are team builders. These are winning strategies anytime,” she noted.

Princess Adeyinka Tekena, who is a beneficiary of the Tony Elumelu Foundation (TEF) Grant, said the $5,000 grant she won in 2015, helped to build her business from ground up and the business has been thriving for over 10 years now. She pointed out that tenacity, determination and financial discipline have been some of the factors that have contributed to the growth of her small business.

UBA’s Group Head, Marketing and Corporate Communications, Alero Ladipo, who commended the participants for sharing valuable insights explained that with these regular capacity building programs, UBA focuses on empowering other business owners to build sustainable businesses.

“At UBA, it is not just about Banking, we are also passionate about helping our customers to grow thriving businesses, and that is why we do this on a regular basis,” she noted.

The UBA Business Series is a regular seminar/workshop organised by the bank as one of its capacity-building initiatives, where leading business leaders and professionals share well-researched insights on relevant topics and best practices for running successful businesses, especially in difficult business challenges.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

BIG STORY

Reps Kick As Ibas Allocates N24bn For CCTV, N30bn For Gunboats In Rivers’ 2025 Budget

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The ad hoc committee of the house of representatives overseeing Rivers state has criticised Ibok-Ete Ibas, the state’s sole administrator, over certain allocations in the N1.48 trillion 2025 budget.

The senate had approved the N1.48 trillion appropriation bill for Rivers state on June 25.

A breakdown of the budget shows that N120.8 billion is designated for debt servicing, N287.38 billion for recurrent non-debt spending, and N1.077 trillion for capital projects.

At a budget defence session in Abuja on Monday, Julius Ihonvbere, the house majority leader and chair of the ad hoc committee, highlighted several concerns after reviewing the proposal.

Ihonvbere raised questions about the N24 billion set aside for CCTV, the N30 billion allocated for gunboats, and the N23 billion marked as contingency funds. He called for a full explanation and justification of these figures.

He noted that the budget lacked a medium-term expenditure framework (MTEF), which is a statutory requirement.

Ihonvbere also questioned the state’s decision to finance federal projects without a formal reimbursement agreement from the federal government.

He requested detailed records of local government fund transfers, including how third-tier funds are currently managed.

“We need additional details for those allocations. We request details of the state’s Internally Generated Revenue (IGR) in the last three months,” he said.

“That will enable us to know your financial flows so that we can weigh it against the deficit in the budget in terms of financing it and carrying out some of the projects.

“We also need details of transfers to local governments — essentially, how local government funds that came into the state are being managed at the moment.

“Those documents we have requested must reach us within 48 hours; rest assured that we are all on the same side in terms of getting Rivers working again.

“We want to ensure that we promote a lot of accountability and ensure that the interests of the people themselves, no matter how remote they are from the state capital, are protected.”

Responding for Ibas, Andrew Nweke, senior special assistant on strategy and policy, explained that many of the budget items were inherited by the current administration.

He said the allocations align with the priorities identified by the people of Rivers, following assessments conducted by implementing agencies.

Nweke said the CCTV allocation was intended for installing modern surveillance systems at the government house.

He also said the gunboats were designated for supporting security agencies in patrolling the state’s waterways.

He added that the contingency funds would be used to address emergencies such as flooding and insecurity.

He assured the committee that the requested documents would be submitted.

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Tinubu Conferred With Knight Commander Of The Order Of Saint Lucia

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The Saint Lucian government has awarded President Bola Tinubu the title of Knight Commander of the Order of Saint Lucia (KCOSL), the country’s highest distinction.

“The Government of Saint Lucia is pleased to announce that, the Governor General has conferred the title of Knight Commander of the Order of Saint Lucia (KCOSL) upon H. E. Bola Ahmed Tinubu, GCFR, President of the Federal Republic of Nigeria,” the country revealed in a post on X.

Tinubu landed in Saint Lucia on Saturday as part of a diplomatic visit to two nations in the Caribbean and South America.

He had earlier addressed a joint session of the Saint Lucian senate and house of assembly.

During his address, Tinubu emphasized the importance of unity among Africans and those of African descent, stressing their common future.

“My visit to Saint Lucia is in keeping with the ideal of building the bridge between Africa and the Caribbean and creating a pathway to deepen economic ties and foster mutual cooperation. It also reflects our desire as a people to advance prosperity, sustainable development, and strengthen familial bonds,” he said.

“Nigeria and the island of Saint Lucia are bound by history, culture, and common aspirations. Our administration is determined to nurture and expand bilateral relations on trade, investment, tourism, education, and cultural exchange, as well as improve consular services for the citizens of both our nations.”

The Saint Lucian government has also announced plans to formalise diplomatic relations with Nigeria, aiming to build a structured platform to deepen collaboration in various mutually beneficial sectors.

“Saint Lucia and the Federal Republic of Nigeria will establish a visa waiver arrangement for holders of diplomatic and official passports from OECS member states,” the government stated.

“Nigeria will provide scholarships to citizens of OECS member countries and extend the services of the Nigerian Technical Aid Corps (TAC) to OECS countries.”

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Ibadan Poly Students Shut Down School Gates, Block Road Over Renaming to Olunloyo Polytechnic

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Students of The Polytechnic, Ibadan, have launched a large-scale protest following the decision to rename the institution to Omololu Olunloyo Polytechnic, Ibadan.

Gathering in significant numbers, the students closed off the main gate at the South Campus along with other entrances to express their disapproval of the development.

Governor ‘Seyi Makinde had earlier declared during a brief speech at the interdenominational commendation service for the late former governor at Obafemi Awolowo Stadium, Ibadan, that the institution would now be known as “Omololu Olunloyo Polytechnic, Ibadan.”

Previously, the students, through a statement issued by the Student Union Government President, Comrade Oladipupo Olamide, voiced their opposition, calling the renaming “unjustifiable and degrading.”

The protest has caused a major traffic disruption on the busy Sango-Eleyele Road in Ibadan, Oyo State’s capital, leaving many commuters stranded.

In a statement signed by the Executive Chairman, Maj. Adekoya RTd, the Oyo State Road Transport Management Agency advised road users to take alternate routes until the “temporary” road closure is resolved.

According to the release: “The general public are hereby informed of an ongoing student protest at The Polytechnic Ibadan, main Gate, the road in front of the school gate has been temporarily blocked.

“Motorists heading towards Eleyele, Apete, Ijokodo, and nearby areas axis from Sango and vice visa are advised to take alternative routes through Dugbe, Mokola or Ajibode to avoid delays and unnecessary confrontation.

“We appeal to all road users to remain calm, cooperate with traffic officers, and follow all traffic diversion signs.

“Thank you for your understanding.”

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