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Fidelity Bank Partners with Mastercard to Revolutionize Cross-Border Payments with ‘Fidelity Send’.√√√Newzspy.

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L– R: Kari Tukur, Vice President, Customer and Solutions Center, West & East Africa, Mastercard; Kevin Ugwuoke, Executive Director/Chief Risk Officer, Fidelity Bank Plc; Folasade Femi Lawal, Country Manager, Mastercard; and Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc; at the launch of Fidelity Send powered by Mastercard at the Fidelity Bank headquarters. Picture Credit SHEU FATAI IGWENONI IMV.

Fidelity Bank Partners with Mastercard to Revolutionize Cross-Border Payments with ‘Fidelity Send’.√√√Newzspy.

 

 

Fidelity Bank Plc, a leading commercial bank in Nigeria, has teamed up with global payments giant Mastercard to unveil a groundbreaking service called “Fidelity Send.” This innovative initiative is set to revolutionize cross-border payments and remittances, offering Fidelity Bank customers an efficient and cost-effective way to transfer funds internationally.

The official launch took place on Friday in Lagos, with Dr. Nneka Onyeali-Ikpe, Managing Director and Chief Executive Officer of Fidelity Bank Plc, spearheading the event. Represented by Mr. Kevin Ugwuoke, Executive Director and Chief Risk Officer of Fidelity Bank Plc, Onyeali-Ikpe emphasized the transformative potential of Fidelity Send. She noted that the service is designed to provide customers with near-instant payment solutions, facilitating seamless international transactions.

“Fidelity Send will empower our customers, both individuals and businesses, to enjoy real-time funds delivery to over 60 countries worldwide,” Onyeali-Ikpe explained. “This innovative solution is a testament to our commitment to enhancing the banking experience for our customers, offering them not only speed and convenience but also significant cost savings on their international transfers.”

Through Fidelity Send, customers of Fidelity Bank can save up to 20% on transaction fees, making it an attractive option for those regularly engaged in cross-border transactions. The service is accessible through Fidelity Bank branches and digital platforms, providing flexibility and convenience for users. Customers can send money directly to e-wallets, bank accounts, payment cards, and even for cash pick-up at designated locations, ensuring a wide range of options for recipients across the globe.

Onyeali-Ikpe highlighted that Fidelity Bank is among the few Nigerian banks offering a comprehensive suite of diaspora banking services, tailored specifically to meet the unique financial needs of Nigerians living abroad. “Our customers trust us for seamless international payments and remittances to their loved ones. Fidelity Send is a further extension of this trust, developed in partnership with Mastercard, a global leader in the payments industry,” she said.

As a dominant player in Nigeria’s Retail, SME, and export finance sectors, Fidelity Bank has consistently introduced innovative financial and non-financial services aimed at streamlining cross-border payments. The bank’s leadership in this domain has earned it numerous accolades, reflecting its dedication to advancing global trade and financial inclusion.

Mr. Osita Ede, Divisional Head of Product Development at Fidelity Bank, also spoke at the launch, underscoring the significance of the collaboration with Mastercard. “This partnership leverages Mastercard’s extensive global network to facilitate near-real-time and cost-effective outbound transactions,” Ede said. “Our goal is to drive financial inclusion in Nigeria by providing a faster, more reliable, and transparent solution that aligns with the evolving needs of our customers.”

Ede further explained that Fidelity Send is designed to address common challenges associated with cross-border payments, such as high transaction fees and foreign currency fluctuations. The solution ensures guaranteed funds delivery, lower fees, and no landing fees, providing customers with a smooth and predictable transaction experience.

Representing Mastercard, Ms. Folasade Femi-Lawal, Country Manager for West Africa, expressed enthusiasm about the partnership with Fidelity Bank. “We are excited to collaborate with Fidelity Bank in introducing this innovative solution that offers greater choice, security, and flexibility to individuals and businesses in Nigeria,” Femi-Lawal said. “Through advancements in payment technology, we aim to empower people and enhance financial inclusion, particularly in underserved communities.”

Femi-Lawal noted that Mastercard has been actively working to improve access to cross-border payments in Nigeria and across Africa. This initiative is part of Mastercard’s broader commitment to bringing one billion individuals into the digital economy by 2025. “This collaboration with Fidelity Bank strengthens our efforts to build an inclusive digital economy that benefits everyone, everywhere,” she added.

Cross-border remittances play a crucial role in Africa’s economy, and Nigeria is a significant player in this space. Research by Mastercard revealed that cross-border transaction flows to Sub-Saharan Africa increased by approximately 1.9% in 2023, reaching $54 billion, with Nigeria accounting for 38% of these flows. In 2024, remittance flows to the region are projected to grow by 2.5%, presenting substantial opportunities for businesses to expand their services and tap into the burgeoning market of international financial transactions.

Fidelity Bank Plc serves over 8.3 million customers across its 251 business offices in Nigeria and the United Kingdom, as well as through its digital banking channels. Meanwhile, Mastercard continues to connect and power a digital economy that makes transactions safe, simple, smart, and accessible for everyone, further solidifying its position as a global technology leader in the payments industry.

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NEWZSPY-3 Fidelity Bank Partners with Mastercard to Revolutionize Cross-Border Payments with 'Fidelity Send'.√√√Newzspy.Send your press invite, news, press releases/articles to newzspy25@gmail.com Also, follow us on Twitter @newzspy and on Facebook on facebook.com/newzspy or call the Publisher/Photojournalist on 08068030592.

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Categories: Arts And Culture, Breaking News, Business, CrimeControl, CSR, EMPOWERMENT, ENLIGHTENMENT, Environment, General News, Headlines, Health, Humanitarian, INTERVIEWS, Judiciary, LEADERSHIP, PERSONALITY, Property, Safety, Security, Technology, TRANSFORMATION Tags: #Abia, #Adamawa, #AkwaIbom, #Algeria, #allLGAallocationspaidToFGaccounts, #Anambra, #Angola, #Argentina, #Australia, #Bangkok, #Bauchi, #Bayelsa, #Belgium, #Benue, #Bharian, #Bolivia, #Borno, #Brazil, #Bulgaria, #Canada, #Chile, #China, #Congo, #Croatia, #CrossRiver, #Cuba, #Delta, #Dubai, #Ebonyi, #Edo#Ekiti, #Enugu, #Europe, #Finland, #Georgia, #Ghana, #Gombe, #Greece, #Guinea-Bissau, #Hungary, #Imo, #India, #Indonesia, #Israel, #Italy, #Jamaica, #Japan, #Jigawa, #JusticeEmmanuelAgim, #Kaduna, #Kano, #Katsina, #Kebbi, #Kogi, #Kuwait, #Kwara, #Lagos, #Laos, #Lesotho, #Liberia, #Libya, #Malaysia, #Mauritania, #Namibia, #Nasarawa, #NewZealand, #Niger, #Norway, #Ogun, #Oman, #Ondo, #Osun, #Oyo, #Pakistan, #Plateau, #Portugal, #Qatar, #Rivers, #Russia, #SaudiArabi, #Sokoto, #SouthAfrica, #StateOfPalestine, #Supremecourt, #Switzerland, #Taraba, #Thailand, #Togo, #Turkey, #U.S, #Yobe, #Zamfara @jidesanwoolu @drobafemihamzat @Lamataonline @gbenga_omo @gboyegaakosile @BSaluHundeyin @Mr_JAGs #LASG #AGreaterLagosRising @NigeriaGov @NGRSenate @HouseNGR @TradeInvestNG. #Flip #Filminthepark

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Landmark Dollar Bond Secures $900M for Nigeria’s Infrastructure and Economic Growth.√√√Newzspy.

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Landmark Dollar Bond Secures $900M for Nigeria’s Infrastructure and Economic Growth.√√√Newzspy.

Screenshot_20240911-212337 Landmark Dollar Bond Secures $900M for Nigeria’s Infrastructure and Economic Growth.√√√Newzspy. 20240911_210542 Landmark Dollar Bond Secures $900M for Nigeria’s Infrastructure and Economic Growth.√√√Newzspy.

Nigeria has successfully launched its first domestic dollar-denominated bond, raising an impressive sum exceeding $900 million. This historic financial move marks a significant turning point in the country’s approach to economic development, signaling a shift towards greater resilience and sustained long-term growth.

 

The bond, spearheaded by the Africa Finance Corporation (@africa_finance), received overwhelming interest from both local and international investors. This high level of engagement underscores global confidence in the administration of President Bola Ahmed Tinubu and his administration’s economic policies, which aim to rejuvenate the nation’s financial standing while accelerating development.

 

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, praised the successful bond issuance. As Chair of the African Caucus, he noted that this initiative goes beyond bolstering Nigeria’s economic position, setting a benchmark for other African countries seeking to expand their financial footprints. “I am particularly pleased that as Chair of the African Caucus, we have launched an initiative that not only strengthens Nigeria’s economic resilience but also expands the horizon for capital markets of African economies,” said Mr. Edun in a statement.

 

A Landmark Achievement for Nigeria

This dollar-denominated bond issuance is a remarkable achievement for Nigeria, positioning the country as a financial leader in Africa. It not only deepens Nigeria’s access to international capital markets but also highlights the vast potential that African economies offer to the world. The interest from investors reflects increasing confidence in Africa’s emerging markets, with Nigeria leading the charge in financial innovation.

 

The bond’s success also comes at a crucial time, as the country seeks to diversify its economy and reduce dependence on oil revenues. The funds raised through this initiative will be allocated to critical infrastructure projects and essential development programs across key sectors of the Nigerian economy. These sectors include transportation, energy, agriculture, and digital technology, all of which are critical for ensuring sustainable economic growth and improving the livelihoods of millions of Nigerians.

 

A Beacon for African Economies

This monumental bond issuance sets a new precedent for other African nations, showcasing the untapped potential of Africa’s financial markets. Nigeria’s success demonstrates that African economies, when properly managed and strategically aligned with global financial standards, can attract substantial foreign and local investment.

 

Many economists and financial analysts have lauded this bond as a step in the right direction for Nigeria, as it highlights the country’s commitment to deepening its financial markets and providing opportunities for investors. Additionally, this development may prompt other African countries to explore similar strategies for raising capital, which could further integrate Africa into the global financial ecosystem.

 

Driving National and Regional Growth

In addition to strengthening Nigeria’s national economy, the success of this bond issuance is likely to have far-reaching effects across the region. As a trailblazer in financial innovation, Nigeria is expected to continue driving regional growth through strategic economic measures. By investing in critical infrastructure and development programs, the country aims to stimulate job creation, enhance industrial productivity, and improve the overall economic outlook for its citizens.

 

As Africa’s largest economy, Nigeria’s ability to raise such significant capital domestically sends a powerful message to the international community about the maturity and potential of African financial markets. This bold move underscores the country’s determination to build a robust and diversified economy, capable of withstanding global economic shocks while maintaining strong growth trajectories.

 

In the months ahead, stakeholders will be keenly observing how the raised funds are deployed and the subsequent impact on Nigeria’s infrastructure, business environment, and overall economic health. Investors, both foreign and domestic, are expected to keep a close watch on the opportunities presented by this new chapter in Nigeria’s financial journey, which could serve as a catalyst for further financial innovation across the continent.

 

This milestone not only reflects Nigeria’s growing financial sophistication but also affirms Africa’s potential as a key player in the global economy.

 

Credit X Federal Ministry of Finance; Newzspy; 

 

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NEWZSPY-3 Landmark Dollar Bond Secures $900M for Nigeria’s Infrastructure and Economic Growth.√√√Newzspy.Send your press invite, news, press releases/articles to newzspy25@gmail.com Also, follow us on Twitter @newzspy and on Facebook on facebook.com/newzspy or call the Publisher/Photojournalist on 08068030592.

At Newzspy we are dedicated to delivering high-quality news and information to our readers. We are dedicated to providing our readers with high-quality news and information daily. 

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For , Event Coverage, PR, Story/Article Publication & Other Media Services Pls., Send Email To: newzspy25@gmail.com 

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To provide an exceptional news, balance our stories and shine a positive light on our society.

 

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake. If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

 

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Categories: Arts And Culture, Breaking News, Business, CrimeControl, CSR, EMPOWERMENT, ENLIGHTENMENT, Environment, General News, Headlines, Health, Humanitarian, INTERVIEWS, Judiciary, LEADERSHIP, PERSONALITY, Property, Safety, Security, Technology, TRANSFORMATION Tags: #Abia, #Adamawa, #AkwaIbom, #Algeria, #allLGAallocationspaidToFGaccounts, #Anambra, #Angola, #Argentina, #Australia, #Bangkok, #Bauchi, #Bayelsa, #Belgium, #Benue, #Bharian, #Bolivia, #Borno, #Brazil, #Bulgaria, #Canada, #Chile, #China, #Congo, #Croatia, #CrossRiver, #Cuba, #Delta, #Dubai, #Ebonyi, #Edo#Ekiti, #Enugu, #Europe, #Finland, #Georgia, #Ghana, #Gombe, #Greece, #Guinea-Bissau, #Hungary, #Imo, #India, #Indonesia, #Israel, #Italy, #Jamaica, #Japan, #Jigawa, #JusticeEmmanuelAgim, #Kaduna, #Kano, #Katsina, #Kebbi, #Kogi, #Kuwait, #Kwara, #Lagos, #Laos, #Lesotho, #Liberia, #Libya, #Malaysia, #Mauritania, #Namibia, #Nasarawa, #NewZealand, #Niger, #Norway, #Ogun, #Oman, #Ondo, #Osun, #Oyo, #Pakistan, #Plateau, #Portugal, #Qatar, #Rivers, #Russia, #SaudiArabi, #Sokoto, #SouthAfrica, #StateOfPalestine, #Supremecourt, #Switzerland, #Taraba, #Thailand, #Togo, #Turkey, #U.S, #Yobe, #Zamfara @jidesanwoolu @drobafemihamzat @Lamataonline @gbenga_omo @gboyegaakosile @BSaluHundeyin @Mr_JAGs #LASG #AGreaterLagosRising @NigeriaGov @NGRSenate @HouseNGR @TradeInvestNG. #Flip #Filminthepark

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Africa’s Digital Future Rests on Strategic Innovation and Infrastructure Development, Says Remita MD, ‘Deremi Atanda. √√√NewZspy.

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L-R: Temitope Osunrinde, Convener, Hyperscalers Convergence Africa Conference; ‘Deremi Atanda, Managing Director, Remita Payment Services Limited; and Wole Abu, CEO, Liquid Intelligent Technologies Nigeria, during the Hyperscalers Convergence Africa event in Lagos on Thursday, September 5th, 2024. Picture by SHEU FATAI Igwenoni

Africa’s Digital Future Rests on Strategic Innovation and Infrastructure Development, Says Remita MD, ‘Deremi Atanda.

 

DEL_2865 Africa’s Digital Future Rests on Strategic Innovation and Infrastructure Development, Says Remita MD, ‘Deremi Atanda. √√√NewZspy.Africa’s prosperity is inextricably tied to the quality of its digital infrastructure, says Mr ‘Deremi Atanda, Managing Director of Remita Payment Services Limited (RPSL). Speaking at the Hyperscalers Convergence Africa Conference during a panel session themed ‘Innovating Towards Africa’s Digital Future,’ Mr Atanda emphasised that Africa’s development depends on innovative strategies that cater to the continent’s unique challenges and opportunities.

DEL_2867-scaled Africa’s Digital Future Rests on Strategic Innovation and Infrastructure Development, Says Remita MD, ‘Deremi Atanda. √√√NewZspy.

The panel session brought together key industry leaders, including Wabo Majavu, Executive, Strategy & Business Operations at Africa Data Centres; Ifeanyi Akosionu, Managing Director, INQ Digital; and Frank Eleanya, Senior Writer, Infrastructure, Business and BigTech at TechCabal. The discussions centred on how digital infrastructure could unlock new possibilities for Africa’s economic growth and sustainability.

 

“Africa’s prosperity is fundamentally tied to the quality of its digital infrastructure,” Mr Atanda remarked. “Solving Africa’s problems within its context will yield multidimensional benefits. Improved digital infrastructure will enhance the quality of life across the continent, connecting Africa in unprecedented ways. Moreover, expanding digital infrastructure will significantly enhance skills development in Africa, connecting more people and creating vast opportunities. This capacity building is crucial for our continent’s growth.”

 

“Africa’s digital transformation requires a unified vision and a comprehensive infrastructure agenda, driven by dedicated promoters and community involvement. By integrating diverse skills and fostering collaboration, we can accelerate trade, expand local economies, and enhance the quality of life across the continent. Continuous monitoring and evaluation will ensure sustainable progress, making Africa a significant player in the global digital landscape,” he added.

 

Echoing this sentiment, Wabo Majavu, Executive, Strategy & Business Operations at Africa Data Centres, stated, “We are building for a future we have not yet seen, and this requires constant collaboration and communication. Adopting a DevOps culture is essential for our success. We must focus on interconnected solutions and collaborate with government programmes to execute our plans effectively.” Her call for collaboration underscores the need for a unity of vision in Africa’s digital transformation, highlighting that innovation cannot exist in isolation.

 

In Nigeria, digital adoption has grown significantly, with internet penetration reaching 52% of the population in 2023, according to the Nigerian Communications Commission (NCC). The country also witnessed a rise in mobile broadband subscriptions, which surpassed 92.3 million users in 2022, reflecting the increasing demand for digital services across the nation. Despite these advancements, significant gaps remain, particularly in rural areas where infrastructure development and digital inclusion are still lagging. Expanding digital infrastructure to unserved and underserved regions will be key to addressing these challenges and driving sustainable growth.

 

Olusola Teniola, Director of Strategic Business Initiatives at IPNX, reinforced this perspective by stating that, “With Africa’s population projected to reach 2.4 billion by 2050, the urgency of investing in digital infrastructure has never been more evident. This investment is not just about laying fibre-optic cables or expanding data centres; it is about building a foundation for collaboration, future growth, innovation, and economic prosperity.” This sense of urgency adds a compelling dimension to the need for swift and strategic investment across the continent.

 

Mr Atanda further emphasised the critical role that innovation plays in addressing Africa’s challenges. He noted that while there have been significant advancements in the digital payment space, there is still much work to be done, particularly in creating intra-African payment systems that facilitate trade and economic collaboration without relying on external channels. He affirms that Remita is at the forefront of this innovation, redefining the ease of connected payments digitally. 

 

“Pan-African payments have been a long time coming. It’s time to take ownership of our digital future and ensure that our solutions are designed by Africans, for Africans. We need to build capacity at scale and create opportunities for the continent to thrive,” he quipped.

 

One of the key messages Remita’s Managing Director delivered during the session was the importance of community involvement in shaping Africa’s digital future. He called for a collective effort from various stakeholders, including governments, businesses, and educational institutions, to promote and implement a unified digital infrastructure agenda.

 

“To succeed, we need to engage communities at all levels—whether it’s local communities, governments, or the investment community. This will ensure that Africa’s digital infrastructure meets the unique needs of each region while driving sustainable development,” he explained.

 

Mr Atanda concluded by advocating for the creation of an African digital infrastructure investment bond, which would encourage both local and international stakeholders to invest in the continent’s digital future.

 

“Africans must take responsibility for shaping our digital destiny. If we don’t, others will do it for us. We need to start framing the conversation around digital infrastructure in a way that highlights the immense opportunities available and encourages investment in this critical sector,” he said.

 

 

DEL_2926-scaled Africa’s Digital Future Rests on Strategic Innovation and Infrastructure Development, Says Remita MD, ‘Deremi Atanda. √√√NewZspy.About Remita Payment Services Limited (RPSL)

 

Remita is a payment company on a mission to empower everyone everywhere to do more by simplifying payments. Remita plays a pivotal role in Nigeria’s financial ecosystem, offering innovative payment solutions that simplify the way individuals, organizations, and government entities manage their financial transactions.

 

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NEWZSPY-1 Africa’s Digital Future Rests on Strategic Innovation and Infrastructure Development, Says Remita MD, ‘Deremi Atanda. √√√NewZspy.Send your press invite, news, press releases/articles to newzspy25@gmail.com Also, follow us on Twitter @newzspy and on Facebook on facebook.com/newzspy or call the Publisher/Photojournalist on 08068030592.

At Newzspy we are dedicated to delivering high-quality news and information to our readers. We are dedicated to providing our readers with high-quality news and information daily. 

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For , Event Coverage, PR, Story/Article Publication & Other Media Services Pls., Send Email To: newzspy25@gmail.com 

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MISSION STATEMENT 

To provide an exceptional news, balance our stories and shine a positive light on our society.

 

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake. If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

 

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Categories: Arts And Culture, Breaking News, Business, CrimeControl, CSR, EMPOWERMENT, ENLIGHTENMENT, Environment, General News, Headlines, Health, Humanitarian, INTERVIEWS, Judiciary, LEADERSHIP, PERSONALITY, Property, Safety, Security, Technology, TRANSFORMATION Tags: #Abia, #Adamawa, #AkwaIbom, #Algeria, #allLGAallocationspaidToFGaccounts, #Anambra, #Angola, #Argentina, #Australia, #Bangkok, #Bauchi, #Bayelsa, #Belgium, #Benue, #Bharian, #Bolivia, #Borno, #Brazil, #Bulgaria, #Canada, #Chile, #China, #Congo, #Croatia, #CrossRiver, #Cuba, #Delta, #Dubai, #Ebonyi, #Edo#Ekiti, #Enugu, #Europe, #Finland, #Georgia, #Ghana, #Gombe, #Greece, #Guinea-Bissau, #Hungary, #Imo, #India, #Indonesia, #Israel, #Italy, #Jamaica, #Japan, #Jigawa, #JusticeEmmanuelAgim, #Kaduna, #Kano, #Katsina, #Kebbi, #Kogi, #Kuwait, #Kwara, #Lagos, #Laos, #Lesotho, #Liberia, #Libya, #Malaysia, #Mauritania, #Namibia, #Nasarawa, #NewZealand, #Niger, #Norway, #Ogun, #Oman, #Ondo, #Osun, #Oyo, #Pakistan, #Plateau, #Portugal, #Qatar, #Rivers, #Russia, #SaudiArabi, #Sokoto, #SouthAfrica, #StateOfPalestine, #Supremecourt, #Switzerland, #Taraba, #Thailand, #Togo, #Turkey, #U.S, #Yobe, #Zamfara @jidesanwoolu @drobafemihamzat @Lamataonline @gbenga_omo @gboyegaakosile @BSaluHundeyin @Mr_JAGs #LASG #AGreaterLagosRising @NigeriaGov @NGRSenate @HouseNGR @TradeInvestNG. #Flip #Filminthepark

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CSR-in-Action Hosts Industry Leaders at its PIA Webinar.√√√Newzspy.

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CSR-in-Action Hosts Industry Leaders at its PIA Webinar.√√√Newzspy.

Screenshot_20240907-130647 CSR-in-Action Hosts Industry Leaders at its PIA Webinar.√√√Newzspy.

CSR-in-Action Group, a leader in sustainability-driven initiatives globally, successfully convened prominent industry leaders at its recent webinar to discuss the implementation of the Petroleum Industry Act (PIA). Themed “Navigating the Shift – Essential Implementation Insights for Businesses”, the event provided a platform for key stakeholders to examine the PIA’s impact on community stakeholders.

Meka Olowola, Director of CSR-in-Action, opened the webinar by highlighting the importance of the event.  He said, “We recognise that all stakeholders, particularly businesses, are navigating new territory with the PIA, and their ability to do so effectively is key to the Act’s successful implementation. This is the basis for this event as a part of our constructive engagement process.”

He referenced the research conducted by CSR-in-Action, supported by the Ford Foundation, which underscored critical aspects of the PIA’s implementation. These include a substantial gender imbalance in leadership roles, a lack of comprehensive needs assessments by oil companies, and overall low awareness of the Host Community Development Trust (HCDT) framework within communities.  This crucial research highlights the need to include these groups in the broader narrative of Nigeria’s oil and gas reform.

The event featured esteemed panellists, including Dr. Orji Ogbonnaya Orji, Executive Secretary, NEITI; Mr. Dayo Okusami, Partner, Templars; Akinbambo Ibidapo-Obe, General Manager and Head of Commercial at Oando Energy Resources; Glory Alexander Thomas, Secretary Management of the Ibeno HCDT; and Eugenia Onyiriuka, Chairperson of the Board of Trustees for the Assa North HCDT. These leaders shared valuable insights on how implementing the PIA is reshaping Nigeria’s oil and gas sector, particularly in promoting transparency, inclusivity, and environmental responsibility.

A key highlight of the webinar was the discussion about the governance challenges of the PIA.  Dr Orji Ogbonnaya stated “The PIA is being implemented agency by agency without a coordinated, comprehensive strategy to guide the process. This is a major concern, as a stakeholders-driven, coordinated implementation plan, involving civil society, companies, and government is key to ensuring transparency and accountability. Without such coordination, agencies may avoid pushing the boundaries of transparency and accountability.”

Screenshot_20240907-130618 CSR-in-Action Hosts Industry Leaders at its PIA Webinar.√√√Newzspy.

Q & A Session at the PIA Webinar.


Dayo Okusami also highlighted the critical role of transparency in the governance of the petroleum sector, noting that “Before the PIA of 2021, the last major legislation in the oil and gas sector was almost 60 years old. The PIA represents progress, but we must focus on realistic and sustainable implementation. No law is perfect. The PIA needs time, proper implementation, and patience.” 

The importance of community consultation was also underscored by Glory Alexander Thomas, who stated, “Projects without diligent consultation with the host communities tend to lead to failure.” This sentiment was echoed by Mrs. Eugenia Onyiriuka, who remarked, “The PIA has changed a lot of things, including how women are involved in community affairs”.

According to Akinbambo Ibidapo-Obe, “The PIA presents a unique opportunity for HCDT to empower women and promote women-owned businesses as key service providers to the industry. At Oando, we are intentional about expanding our supply chain to include more women-owned businesses, ensuring they play a significant role in driving the sector forward.” 

Meka Olowola concluded by emphasising CSR-in-Action’s leading role in sustainability reporting, showcasing their pioneering work in developing the first IFRS S1&S2 compliant sustainability report for a leading organisation in the oil and gas sector.

For more information on the PIA Implementation Research Report, visit https://www.sitei.org/pia-research

About CSR-in-Action Group:

CSR-in-Action Group is a sustainability-driven global consortium with a presence in Nigeria, Canada, and internationally. We specialise in consulting, advocacy, and training services, focusing on organisational development, corporate governance, and sustainability management. Our mission is to deliver solutions for sustained business development through ethical professionalism, flexibility, innovation, and global partnerships.

Signed:

CSR-in-Action

Contact:
Chinonso Vincent
CSR-in-Action Group
Email: comms@csr-in-action.com, sitei@sitei.org
Telephone: +234 906 263 4122

 

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SPY CSR-in-Action Hosts Industry Leaders at its PIA Webinar.√√√Newzspy.Send your press invite, news, press releases/articles to newzspy25@gmail.com Also, follow us on Twitter @newzspy and on Facebook on facebook.com/newzspy or call the Publisher/Photojournalist on 08068030592.

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MISSION STATEMENT 

To provide an exceptional news, balance our stories and shine a positive light on our society.

 

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