By Dr Jimoh Olorede

Tomorrow, Thursday, Idris Abdulkadir Auditorium of the National University Commission (NUC) in the Federal Capital City of Abuja, will be agog as the Federal Government of Nigeria led by President Bola Ahmed Tinubu, GCFR, inaugurates the newly constituted Governing Councils of Federal Universities, Polytechnics and Colleges of Education under the Federal Ministry of Education headed by Hon. Minister, Professor Tahir Mamman.

One of the prominent appointees into the Federal Education Boards, not just as a member, but a Pro-Chancellor and Chairman of Governing Council, is a revered and foremost traditional ruler from Osun State, His Royal Majesty Aragbiji of Iragbiji, Oba Abdur-Rasheed Ayotunde Olabomi Odundun IV. However, following a comprehensive review of the initially approved Board members’ list as directed by President Bola Tinubu, Oba Olabomi’s Pro-Chancellorship appointment has now been changed from the Federal University of Education (AFUED) Ondo, to the Federal University of Agriculture Abeokuta (FUNAAB). The profile of this great Monarch, as given below, suffices as it justifies the informed decision of Mr. President.

Oba Abdur-Rasheed Ayotunde Olabomi Odundun IV, was born on Monday, October 29, 1962 into the Ajibode Ruling House, Iragbiji, in Boripe Local Government of Osun State. He ascended to the throne as the 15th Aragbiji of Iragbiji in 2008.

The Monarch’s early life was marked by a strong emphasis on education. He commenced his primary education at the Local Authority Primary School, Poika Luku in Ife South Local Government of Osun State, and completed it at the Local Education Authority (LEA) Primary School, Kawo, Kaduna, in Kaduna State, in 1975. The then young Prince came back home for his Secondary School education which took him to Oke-Iragbiji Grammar School, where he graduated in 1980.

In 1983, he proceeded to Adeyemi College Ondo, where he studied History Education, and graduated in 1987. The Aragbiji later in 1992, sought admission into the prestigious University of Ilorin for a postgraduate academic pursuit, and in 1994, he was awarded Masters in Public Administration (MPA). Oba Ayotunde likes education so much that in 2006, he applied and was admitted by the National Open University of Nigeria (NOUN) to study Law, being his post-secondary preferred course of study. However, his serious commitment, traditional engagement and royal itineraries consequent upon his appointment and installation as the 15th Aragbiji in 2008, when he was already at 300 Level into his Law programme, could not take him further.

Until his royal accession in 2008, Oba Abdur-Rasheed was on the Local Government Service Commission starting from Oyo State in 1989, before the creation of Osun State in 1991, and rose through the promotion cadre to become a Director of Personnel Management, from where he left for the royalty. The Aragbiji’s ascension to the throne marked a new era for the kingdom, as he brought a fresh perspective and innovative ideas to the traditional institution.

Under his leadership, Iragbiji has witnessed significant development and growth. Oba Abdur-Rasheed has prioritised infrastructure development, education, and youth empowerment. He has also promoted cultural heritage and traditional practices, ensuring the preservation of the kingdom’s rich history and customs.

Oba Abdur-Rasheed is a respected figure in Osun State and beyond. He has received numerous awards and honours for his contributions to community development and traditional leadership, including Fellowship of the Chartered Institute of Personnel Management (FCIPM), Fellowship of the Chartered Institute of Management (FCIM), and Fellowship of the Adeyemi Federal University of Education (FAFUED) Ondo in Ondo State, Nigeria. The seasoned administrator Oba is also a Fellow of the Osun State College of Technology (OSCOTECH) Esa-Oke, and Member of the Nigeria Institute of Public Relations (NIPR), among other several awards of recognition too numerous to mention.

As a prominent member of the Osun State Council of Obas, Oba Abdur-Rasheed plays a vital role in promoting unity and cooperation among traditional rulers in the state. His wisdom and counsel are highly valued by his peers and humanity generally.

Despite his royal status, the Aragbiji is known for his humility and accessibility. He is beloved by his subjects, who appreciate his dedication to their welfare and well-being. His palace is always open to those seeking guidance, support, or a directional cause of action.

In his personal life, Oba Abdur-Rasheed is a devoted husband and father. He enjoys reading, travelling, and community service. His commitment to public service and traditional leadership has made him a shining example for future generations. Another sterling quality of the great Monarch is that he’s an excellent public Speaker. He travels far and wide with a handful of national and international network of social connections.

His Royal Majesty is a visionary leader and a champion of community development. His reign has brought significant progress and growth to Iragbiji, and his wisdom and counsel are highly valued throughout Osun State, Nigeria, and far beyond.

The President’s appointment of this great Monarch, the Aragbiji of Iragbiji, as Pro-Chancellor and Chairman of Council of the Federal University of Agriculture Abeokuta (FUNAAB) has been applauded by his subjects both at home and in the diaspora, and indeed, many Nigerians given the meritorious qualifications of the energetic traditional ruler, and it’s on the credit of his merit that this icon of an enviable royalty is celebrated and congratulated.

Dr. Olorede is Head of Strategic Communication and Media Studies Department in a Nigerian Federal Institution. He writes in via [email protected]

By Mohamed Bouden

According to World Bank estimates, the interest in the Atlantic Ocean is constantly growing, driven by the desire to exploit its opportunities and capitalise on shared benefits to address global challenges.

Oceans play a crucial role in the global economy, contributing $1.5 trillion each year, a figure that is expected to double by 2030 to over $3 trillion. This projected expansion is also expected to create nearly 50 million jobs in the sustainable maritime economy sector in Africa, while contributing approximately $21 billion to Latin America’s gross domestic product.

King Mohammed VI’s vision for the Atlantic:

King Mohammed VI’s vision for the Atlantic, in collaboration with international and regional partners, represents a bold and innovative approach for the Afro-Atlantic region. This vision seeks to harness the human and natural resources of the area through a collective initiative aimed at bolstering development catalysts, enhancing maritime transportation infrastructure, and promoting investment in energy and maritime economy-related value chains.

Morocco’s Contribution to the Atlantic Initiative: Morocco, intrinsically tied to the Atlantic through its geopolitical identity, assumes a pivotal role in advancing an African viewpoint centred on the Atlantic coast, thereby enhancing dialogue and solidifying enduring relationships. As Africa’s foremost trade ally for numerous principal nations within the Euro-Atlantic area and the leading African investor in West Africa, Morocco sustains robust ties with African nations along this strategic front. Demonstrating Morocco’s enduring dedication to these partnerships, King Mohammed VI has undertaken 38 visits to 15 countries across the Afro-Atlantic region since 1999.

The Emergence of the Integration Initiative on the Atlantic Facade of Africa:

The emergence of the integration initiative on the Atlantic facade of Africa reflects the commitment of many regional actors to building a common and open platform for collaboration, dialogue, and exchange. The objective is to strengthen the competitive capacities of the 23 countries involved in order to effectively respond to the challenges of the current international arena. This initiative aims to make the African Atlantic coast a vector of security solutions, economic opportunities, and investment, within the framework of what is known as the ocean economy. The Atlantic offers a favourable environment for establishing significant links with other Atlantic regions, including the United States, Western Europe, Latin America, and the Caribbean. This dynamic is partly explained by the fact that the Atlantic Ocean is today considered one of the most stable and busiest in terms of maritime trade, compared to the Pacific and Indian Oceans.

The Advantages of Policy Integration and Harmonisation:

Efforts aimed at integrating and harmonising policies provide countries with enhanced competitive conditions, thereby bolstering opportunities for diversifying partnerships and expanding economic prospects. Additionally, they play a role in safeguarding shared interests against fluctuations in international markets and geopolitical shifts.

The Added Value of an Afro-Atlantic Cooperation Initiative:

Although some countries on the African Atlantic coast have significant individual resources, an Afro-Atlantic cooperation initiative could add value to the intrinsic strength of each country. This initiative is not limited to a traditional approach to integration, but adopts an enlightened vision of geopolitics that is both African and Atlantic, encompassing countries from four geopolitical regions of the continent: north, west, centre, and south. Its objective is to extend the Atlantic cooperation model by launching projects aimed at bringing about a fundamental transformation throughout this space. It is in this context that the Morocco-Nigeria gas pipeline project fits in, which encompasses 13 African countries bordering the Atlantic and totaling 440 million inhabitants. With an ambitious infrastructure exceeding 5,660 km of gas pipeline towards Western Europe, this project could become a key element of shared prosperity in the Atlantic, while symbolising the meeting between two continents and paving the way for development and energy.

The Four Strategic Priorities of the Afro-Atlantic Initiative:

1. Create an Afro-Atlantic space that strengthens stability and peace through security solutions.
2. Establish an Afro-Atlantic space with a competitive advantage in value chains.

III. Promote a sustainable Afro-Atlantic space by fostering social, environmental, and economic development, particularly in the areas of the green and digital economy, as well as in addressing the challenges of food, water, and energy security.

1. Develop an Afro-Atlantic space that values its potential as an attractive pole facing the global South.

Thus, it is certain that international actors outside the African continent will be attentive to the opportunities presented by the Atlantic initiative and its contribution to the overall vision for the region’s development. This international cooperation project spans over 11,000 km, from Tangier to Cape Town via Lagos. A notable example of this international interest is the American initiative that has placed the Atlantic at the heart of deliberations, involving 32 coastal countries (which are now 38) from four continents. This initiative was launched in September 2023 during a statement on Atlantic cooperation on the sidelines of the United Nations General Assembly in New York, with the participation of 15 African Atlantic coastal countries at this meeting.

Regarding the expected economic and geopolitical benefits of the Afro-Atlantic initiative, four key benefits can be highlighted:

1. Enhance collaboration across the Atlantic coastline of Africa, positively influencing the domestic economies of the participating nations. Six of Africa’s largest economies are situated along the Atlantic, accounting for 55 percent of the continent’s overall GDP and producing 57 percent of the trade within Africa, in addition to attracting 60 percent of the foreign direct investment. This concentration of economic activity generates heightened global attention towards this area.
2. Increase the bargaining power of the Atlantic coastal countries with international powers, cooperation institutions, and regional forums to secure financial support for regional projects and defend regional interests in a realistic and pragmatic manner.

III. Highlight the strategic importance of the Atlantic in Africa for the development of value chains specific to this area and stimulate increased interest in addressing gaps in infrastructure and investment.

1. Create an open and innovative platform to strengthen South-South cooperation and achieve a fundamental transformation across the Atlantic space, by promoting convergence between four continents (Africa, Europe, North and South America). The goal is to make the Atlantic a space of partnership for progress and peace, to accompany dynamic developments, especially since 46 percent of the African population lives in Atlantic coastal countries, largely young people who constitute a driving force in the labour market and a significant base for consumption.

The Kingdom of Morocco plays a central role in the Afro-Atlantic initiative, acting as a cornerstone and driving force for its proactive approach. This is demonstrated by its leadership in several key areas: hosting the General Secretariat of the initiative in Rabat, serving as the central coordinating body. Spearheading ministerial meetings, including those held during the 78th United Nations General Assembly in New York and the latest meeting in Rabat in July 2023.

Furthermore, Nigeria, Cape Verde, and Gabon have been entrusted with developing comprehensive action plans addressing critical areas such as: security and political cooperation ; combating terrorism and transnational crime ; Mitigating maritime piracy and illegal immigration ; Promoting the blue economy and maritime connectivity ; addressing energy needs, sustainable development, and marine environment protection.

The Afro-Atlantic initiative stands as the most significant and ambitious strategic vision for Africa to date. To ensure its success, three key elements are crucial:  Implementation of concrete cooperation projects that deliver tangible benefits to participating nations ; Strengthening tripartite partnerships by collaborating with interested international actors who can contribute expertise and resources ; Establishing long-term objectives that guide the initiative towards achieving economic integration, political convergence, and enhanced competitiveness for the region.

Ultimately, the Afro-Atlantic initiative emphasises the enduring principle: unity is strength. By working together, the participating nations can harness their collective potential to shape a more prosperous and secure future for Africa.

Bouden is an expert in contemporary international affairs

FirstBank’s 130 years of gripping history is a corporate handbook in many ways. Its fortunes are as great a lesson as its challenges. Its leadership and choice of leaders are fascinating chapters of the book it has become, validating the notion that each era in human history is shaped by the king of the moment. This is true across the corporate environment but uniquely applicable to Nigeria’s premier bank.

For its diffused ownership structure, its leadership is particularly dynamic, adding a great deal of variety to the journey. The confirmation of Olusegun Alebiosu as the new Chief Executive officer of the bank is seen as a consolidation of the rich culture of the bank. At a peculiar juncture in its 130 years of incorporation, the market has seen a new FirstBank that is ready to compete with the new entrants to recover the market it was holding in its grip as a monopolist.

The bank is consolidating on its adoption of the new ‘click’ banking through which it has invested heavily in digital infrastructure. The success Alebiosu helped to create at the corporate performance of Q1, the quarter heralding Alebiosu was particularly fascinating across top and bottom-line indicators. First, the bank’s total assets leaped by 28 per cent year-on-year to N20.7 trillion, while gross earnings rose by 178 per cent to N682.5 billion on the back of strong growth in the credit portfolio (which was 33 per cent up from December 2023). Non-interest income, which reflected the robust transactional platforms, doubled year-on-year to N224.6 billion compared with N110 billion it earned in Q1 of 2023.

The Chief Executive Officer also rode on powerful bottom-line indicators with profit before tax seeing exponential growth of almost 300 per cent to N209.8 billion and profit after tax growing in the same margin to N188.5 billion. These are not isolated figures but a reflection of a decade of robust performance of the banking group that feeds into the holding company that has become the toast of the investing public in recent years.

For one, FirstMobile, its digital banking application emerged as a household name in the financial technology ecosystem. In 2015, when the platform was still in its infancy stage, its user base was about 60,000, a figure that has soared to over six million as of last year. That has contributed immensely to changing the market’s perception of the institution as a traditional bank to an innovative digital bank.

Today, over 85 per cent of its transactions are initiated via digital platforms, according to insights provided by the bank. That suggests that while it consolidates on its hedge as a saver’s bank, it has also emerged as a transaction-driven bank. FirstMobile appears to have hit the bull’s eye in the bank’s reinvention drive and efforts to appeal to younger demographics. However, the platform is only one of the many telecommunications-driven initiatives the bank has innovated to get young depositors on board. FirstOnline has also grown in leaps in terms of users – from about 90,000 to over one million in less than a decade.

USSD banking, under the watch of the immediate past handler, is even more successful with users increasing by close to 3,000 per cent in the last eight years, to about 15 million. What USSD banking, which targets feature phone users and rural communities where internet penetration is still very low, has done for the bank is giving a slice of it to the original owners – rural dwellers and non-Internet natives who had never known any other bank than FirstBank.

The success of Firstmonie Agent Banking also validates its agelong popularity in rural areas. Last year alone, its Firstmonie Agent Banking services processed over ₦1.1 trillion in transactions, more than double the amount handled by seven other big banks. Its strategic investments in technology include the development of its interactive transaction banking platform known as FirstDirect2.0 and the introduction of the humanoid robot to the banking ecosystem in the country.

The smart banking initiatives have been complemented by its Digital Xperience Centres (DXC), which are currently located in Lagos, Ibadan, and Abuja with plans to open more across the country. Overall, its digital banking has evolved in both volume and public perception even with artificial intelligence-driven commercials complementing its digital imprints. Ease, convenience and reliability created in recent years have moved the customer base from 0.6 million in 2015 to well over 42 million customer accounts as of 2023. This number, according to the immediate past Chief Executive Officer, Adesola Adeduntan, would double in no distant future as the organisation migrates more aggressively to transaction-led banking.

Last year, its holding company earned N171.8 billion in income from fees and commissions, a 46 per cent year-on-year growth, demonstrating its success as a transaction-led bank. Its fee and commission income growth were not an exception but drew from impressive performances across the board. Its operating profit also jumped by 129 per cent, much higher than the industry average, to N361.8 per cent, leading to an earnings per share of N8.56k.

The total assets also saw a 60 per cent growth to N16.3 trillion. The total assets, like other metrics, had seen over 300 per cent expansion from 2015 when it was N4.2 trillion. FirstBank also experienced aggressive growth in its customer base in the past nine years. The figure has grown from 10.9 million to over 42 million customers, leading to the aggressive growth of fee and commission income of the bank.

Culled from Guardian