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  • Unity Bank posts N2.2b profit in Q3

    Unity Bank posts N2.2b profit in Q3

    bank

    Unity Bank Plc has declared a N2.2 billion profit for the nine-month period ended September 30, 2022.

    The bank also posted N42.2 billion gross earnings, a 17 per cent rise from N36.2 billion in the same period of 2021. The increase can be attributed to new products that focused on deep penetration and driving volume in the retail market space.

    A review of the Agric-focused lender’s unaudited nine-month results released to the Nigerian Exchange Group Limited on Friday showed that the bank’s Profit Before Tax rose by five per cent to close at N2.206 billion. The bank also recorded an equal marginal growth in its Profit After Tax which increased to N2.029 billion, representing a  five per cent rise from N1.9 billion recorded in the same period of 2021.

    Other key highlights of the nine-month financials include customer deposits of N334.7 billion which represents a four per cent increase from N322.3 billion in the corresponding period. The position underscores the increasing uptake of the market for the Bank’s products innovation, and mass-market-oriented retail focus that continues to boil wide acceptance across various segments of the mass market.

    The lender’s performance comes on the heels of a fragile recovery from the global pandemic buffeted by economic headwinds including rising inflationary trends, interest rate hikes, foreign exchange volatilities, etc. which have impacted severely on the overall economic outlook in the country and the rest of the world.

    Commenting on the result, the Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun said that the outlook for the full year 2022 remains positive, reflecting optimism, stability, and growth in key performance indicators. She noted that the growth trajectory recorded in the Bank’s revenue (17 per cent), Profit (five per cent), and deposit ( four per cent), etc., is a testament to the positive sentiment in the market, especially at a time the market is experiencing a downturn with high inflationary trend and volatility which impacts negatively on the operating environment.

  • CBN asks students to pay school fees with eNaira

    CBN asks students to pay school fees with eNaira

    eNaira (Nigeria Digital Currency)

    The Central Bank of Nigeria (CBN) has advised students to use the eNaira platform to pay school fees and other payments.

    The advice came during a sensitisation on eNaira at the University of Lagos, Akoka, Lagos.

    Director, Information Technology Department at the CBN and Coordinator, Technical Working Committee, eNaira Secretariat, Rakiya Muhammed, said the campaign was part of efforts by the apex bank to ensure that no group of Nigerians is denied the opportunity of accessing the digital currency.

    Muhamed, who was represented at the event by an official in the Information Technology Department of the apex bank,  Khalipha Nuhu, said: “We have been engaging a number of organisations, number of groups, institutions and students as part of the objective is to bring everyone on board; that is every Nigerian. So, we are not leaving anybody behind.

    “Students are also targets of our engagement and where best to engage students than in a university. So that is why we are here today to engage with the students and community of the University of Lagos to sensitise them on what eNaira is and also to get them onboard the platform.” Responding to a question  on what were the digital currency’s specific benefits for students, the CBN Director said: “You can use eNaira for a number of things. Payment of school fees is among things you can use the eNaira for.

    “Payments with eNaira are seamless; the settlement is instant so you won’t have issues of network problems and like we have mentioned to the students, the beauty of the eNaira is that you can onboard using different types of platforms. You can do that using our USSD channels; using our mobile app, online and also through partner agents. “And the advantage is that you don’t even need to have a formal bank account to onboard on eNaira platform. You can also use your NIMC number which is part of our target to improve financial inclusion. So, people who are not in the formal banking sector can use eNaira for transactions.”

    She said given that students were innovative, leaders of tomorrow and more in tune with technology, the CBN expects them to become ambassadors of the digital currency.

  • PMI report shows pickup in private sector operations in Q4

    PMI report shows pickup in private sector operations in Q4

    PMI

    The start of the fourth quarter has revealed a solid improvement in the health of Nigeria’s private sector as output and new orders rose sharply, Purchasing Managers’ Index (PMI) report for October has shown.

    The report also said purchasing activity increased at an accelerated pace within the coverage period.

    On the price front, price pressures showed further signs of abating with the overall rate of input cost inflation the weakest for three months, but still marked by historical standards. Selling prices were also raised, albeit at a softer rate than that seen in September.

    At the same time, backlogs increased for the second month in a row, with sustained accumulation of outstanding business suggesting that hiring activity could continue in the months ahead.

    The headline figure derived from the survey is the Purchasing Managers’ Index (PMI). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

    According to Stanbic IBTC, the headline PMI posted at 53.6 in October, little-changed from 53.7 in September, indicating a solid improvement in the health of the private sector.

    A key driver of growth was a sharp rise in new orders following reports of favourable and improving market conditions.

    In turn, firms raised their output levels and for the fourth month in a row. Moreover, the rate of increase was quicker than the long-run series average. Manufacturing firms registered the strongest increase in output, followed by services, wholesale & retail and finally agriculture.

    Backlogs increased for the second month in a row during October, but the rate of increase eased from that in September. Firms subsequently continued hiring activity, but the rate of growth was mild, and the joint-weakest in the current 21-month sequence of job creation.

    Sustained expansions in new orders led Nigerian private sector firms to raise their purchasing activity, with the rate of growth quickening on the month.

    Pre-production inventories also rose robustly, with the rate of growth quickening to a three-month high amid firms’ efforts to boost their stockpiles.

    Supply-chain performance improved, with lead times now shortening in each month for the last five years. Meanwhile, prices data revealed another month of overall input price inflation.

    It said that higher purchase and staff costs underpinned the latest rise which eased from September, but was sharp and historically elevated, nevertheless.

    Selling prices also rose, but at the weakest pace for almost two years.

    Whilst firms maintained an optimistic view towards output in the next 12 months, the degree of positivity was the second lowest in the series history, with that only recorded in September 2020 weaker.

  • Nigeria’s N14.42tr pension assets secured with PFCs, says PenCom

    Nigeria’s N14.42tr pension assets secured with PFCs, says PenCom

    Five alive

    Nigeria’s pension assets of N14.42tr is infallible due to structures put in place to ensure its safety through the Pension Fund Custodians (PFCs), the Director-General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, has said.

    The PenCom boss in a document obtained by The Nation stated that this structure had re-defined the  pension landscape.

    She disclosed that registered contributors have grown to 9.7 million as of August 31, 2022.

    She said the birth of the Pension Reform Act (PRA), 2004, which introduced the Contributory Pension Scheme (CPS) for both public and private sector employees, was a direct outcome of the efforts to address the challenges that bedevilled the various pension schemes in Nigeria before 2004.

    These challenges, she said, included unsustainable outstanding pension liabilities, weak and inefficient pension administration, and low coverage of workers in the private sector.

    She maintained that establishing a supervisory and regulatory framework superintended by PenCom and licensing Pension Fund Administrators (PFAs) and PFCs were essential steps in implementing the CPS.

    She explained that the main functions of the PFA are to open Retirement Savings Accounts (RSA) for employees, invest and manage pension fund assets, payment of retirement benefits and accounting for all transactions relating to the pension funds under their management.

    The PFCs, on the other hand, are responsible for keeping safe custody of pension assets on trust on behalf of contributors, she added.

    She stressed that it follows therefore, that PFCs are essential to the safety of pension funds’ assets.

    PFCs Safety Roles

    Custodian of Pension Funds and Assets (PFCS) are solely responsible for keeping the pension funds and assets in safe custody on behalf of the PFAs and the trust of Retirement Account Savings (RSA) holders. It is essential to state that PFCs undergo rigorous licencing requirements issued by PenCom before they are licensed as custodians.

    Receive Pension Contributions on behalf of PFAs- PFCs receive the total monthly contributions that are deducted and remitted by employers for the credit of the RSA of the employee. PFCs are mandated to inform the PFA of the receipt of such contributions within 24 hours.

    Settlement and clearing on behalf of the PFAs- PFCs are responsible for executing investment decisions on behalf of the PFAs. When a PFA decides to invest in a particular asset, it advises the PFC to make payment to the counterparty. In addition, where a PFA chooses to sell investments to realise a profit, the PFC will receive the consideration on behalf of the PFA. Furthermore, the PFC is also responsible for benefit payments to beneficiaries as advised by the PFA, accompanied by the requisite approval of PenCom.

    Corporate Action Administration and Proxy Voting: The PFC is responsible for protecting the interests of the PFA in corporate actions declared by companies in which pension funds are invested. PFCs advise PFAs on Annual General meetings of such companies, represent the PFA at such Annual General Meetings (AGMs), and ensure that PFAs’ voting instructions are carried out.

    Income Collection: The PFC is responsible for collecting all incomes from pension fund investments made by the PFA. The PFC is expected to calculate, collect and track all outstanding income on behalf of the PFA. Regarding fixed-income investments such as time deposits with banks, FGN and Corporate bonds, the PFC ensures that interest and coupon incomes are accrued daily and redeemed as and when due. It also collects dividends when declared.

    Reporting to PenCom and the PFAs: The PFCs maintain proper books of account and render periodic returns to PenCom, which ensures adequate supervision. In addition, the PFC also renders reports to the PFA on the custodial services it provides. These reports enable a reconciliation to be carried out between the records of both operators. According to the PenCom DG, it is important to note that the PFCs are the only licensed bodies that can perform the functions stated above under the strict supervision and monitoring of PenCom.

    Currently, there are three licenced Pension Fund Custodians in the pension industry: First Pension Custodian, United Bank for Africa Pension Custodian and Zenith Pension Custodian, she disclosed.

  • Pension complaints and solutions

    Pension complaints and solutions

    Five alive

    ANONYMOUS: I have a problem with my pension. I am a police officer. My pension has not been paid into my pension account since 2017. I have been on this for the past three years now by moving from one office to another but all my effort proved futile. Kindly help me.

    PENCOM: Kindly provide your name and PIN.

    ODUNAYO: Dear Omobola, I lodged a complaint against the issue of non-payment of my late brother, Police Corporal Odunayo’s pension and you asked me to purchase last Wednesday’s The Nation Newspaper which I did but nothing about my case was mentioned. I even bought the one of yesterday nothing again. Kindly help us out as he left little children behind. It is almost five years now that his pension has not been paid. His PFA is Premium Pension. He died in 2015 and all necessary documents and verification was carried out at the ppolce headquarters Eleweran and even bank statement has been submitted. Yet we have not gotten any message from the PFA. kindly assist us.

    PENCOM: PFA says you are yet to provide complete documentation to begin processing, please visit PFA and provide all the required documentation.

    ANONYMOUS: Good day, can you help us intervene in retirees’ affairs with Premium Pension. Their desk officers seem not to be updated with the new regulations on retirement benefits. I was told the regulations haven’t been sent to them from PENCOM. They said they are yet to be given the go-ahead to verify 2022 retirees. They are also not advising the retirees on current documents to present as specified in the new regulation. Does it mean 2022 retirees cannot do verification?

    PENCOM: Please visit your PFA to carry out verification. The exercise commenced in June 2022. The revised regulation on retirement and terminal benefits is available on www.pencom.gov.ng

    ANATE: Good day, my name is Anate, I requested for 25 per cent of my pension benefit from IEI-Anchor Pension. I and my employer have submitted all needed document and information to them since May 2022. Their reason for the delay is that they needed approval from PENCOM to deduct the excess payment from my account before I can be paid. Please I need your kind support to facilitate the process because it is taking too long. Thank you

    PENCOM: Your application is currently being processed

    LADIPO: Dear Omobola, thank you for not allowing the voiceless Nigerian pensioners to die in penury while those who wickedly trampled upon their rights are enjoying between Dubai and Niger Republic. Please, with the deplorable state of the naira; remind PENCOM of the pension enhancement promised.

    PENCOM: The next pension enhancement is due in 2023

  • Naira redesign: Demand for digital banking to rise

    Naira redesign: Demand for digital banking to rise

    Governor-Godwin-Emefiele

    For years, Nigeria’s march towards cash-less economy was greeted with mixed feelings of approval and outright rejection. However, with a benefit of hindsight, many people have realised that the gains outweigh the pains. The plan by the Central Bank of Nigeria (CBN) to redesign N100, N200, N500, N1,000 banknotes and issue new ones in a major push to tackle counterfeiting is expected to further deepen the crave for digital payment. More Nigerians are expected to abandon cash-based transactions in the next few months as the policy unfolds. Assistant Business Editor COLLINS NWEZE writes.

    Those thinking that cash will continue to dominate payment in the globalised world should have a rethink. But while the use of cash for transactions continues, more bank customers are now thinking of the efficiency and safety that e-payment brings to their lives and businesses.

    The plan by the Central Bank of Nigeria (CBN) to redesign the naira and improve payment infrastructure is expected to boost e-payment.

    CBN Governor Godwin Emefiele said  currency management is a key function of the Central Bank of Nigeria, as enshrined in Section 2 (b) of the CBN Act 2007, hence, the CBN’s decision to redesign N100, N200, N500, N1,000 banknotes to have better control of currency in circulation.

    Emefiele said there has been significant hoarding of banknotes by members of the public, with statistics showing that over 80 percent of currency in circulation are outside the vaults of commercial banks; worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability and increasing ease and risk of counterfeiting evidenced by several security reports.

    He said recent development in photographic technology and advancements in printing devices have made counterfeiting relatively easier.

    “In recent years, the CBN has recorded significantly higher rates of counterfeiting especially at the higher denominations of N500 and N1,000 banknotes. Although global best practice is for central banks to redesign, produce and circulate new local legal tender every five to eight years, the naira has not been redesigned in the last 20 years.

    Therefore, the integrity of a local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy are some of the hallmarks of a great Central Bank.

    “In recent times, however, currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country,” he said.

    Banks are already  advising their  customers to use alternative digital channels for their transactions.

    Ecobank Nigeria, First Bank, Unity Bank, Wema Bank and Access Bank, among others, have reiterated the gains of going cash-less.

    For instance, customers of Ecobank have been encouraged by the bank to utilize its digital self-service solutions, including Ecobank Mobile App, Ecobank Online, EcobankPay, Ecobank OmniPlus, OmniLite and the RapidTransfer App without having to visit branches. This is as part of efforts to ensure social distancing which will help curtail the spread of COVID-19.

    According to the bank, customers can “Bank from anywhere” by  utilizing digital solutions to easily access their bank accounts, make payments, transfer funds, process salaries, and carry out other ancillary banking transactions from the comfort of their homes and offices without visiting branches. The bank advised that its branches remain open and available to customers who choose to visit to carry out their transactions.  The bank emphasised that its branches are equipped with all prescribed preventative measures.

    Also, Wema Bank is taking the lead in technological banking with its ALAT digital platforms. Its new New Quick Response (NQR) Code by ALAT also opens more payment opportunities to e-payment customers.

    Obviously, technology or digital innovation, seen by many as disruptive, also come with challenges to open doors for more future opportunities.

    With technology virtually taking over businesses and social activities in the 21st Century, the banking sector as a critical enabler of socio-economic growth is not an exemption from the innovation orchestrated by this phenomenon.

    Analysts explained that given the impact of disruptive technology, the financial services sector in Nigeria has also undergone and significant transformations with banks moving away from traditional over-the-counter transactions to smart, tech-driven digital services and products.

  • ‘Akwa Ibom, Cross River, Bayelsa are worst pension states in Southsouth

    ‘Akwa Ibom, Cross River, Bayelsa are worst pension states in Southsouth

    Ayade Emmanuel

    •Edo leads

    Civil servants in Akwa Ibom, Cross River and Bayelsa States may not retire well due to the non-implementation and compliance of pension laws by their governors.

    But civil servants of Edo, Delta and Rivers states have a lot to benefit upon retirement as their state governors have complied with the pension laws, with Edo standing out as the best.

    The Nation found this in a document by the National Pension Commission (PenCom) titled, “Status of Implementation of the Contributory (Pension Scheme (CPS) in States of South-South Zone as at June 30, 2022.

    Akwa Ibom

    Although  Akwa Ibom State government drafted a Bill on CPS in 2017, it is  yet to enact a law on the CPS to guide implementation of the scheme.Besides  it is yet to establish a Pension Bureau; or  register the employees with PFAs; and it has not began remittance of pension contributions for the employees.

    The state is also yet to conduct an actuarial valuation to determine the employees’ Accrued Pension Rights. It is yet to open a Retirement Benefits Bond Redemption Fund Account.It  is  yet to commence funding of the Accrued Pension Rights; and institute a Group Life Insurance Policy for the employees.

    Cross River

    In the same vein, Rivers State Government has drafted a Bill on the CPS in 2021 but is yet to enact a Law on the CPS to guide implementation of the scheme.

    The state government is also yet to establish a Pension Bureau or register the employees with PFAs.It is  yet to commence remittance of Pension Contributions for the employees.It has not conducted an Actuarial Valuation to determine the employees’ Accrued Pension Rights or  open a Retirement Benefits Bond Redemption Fund Account.The state is yet to commence funding of the Accrued Pension Rights or institute a Group Life Insurance Policy.

    Bayelsa

    While the Bayelsa State Government enacted a Law on the CPS in 2009 and established two Pension Bureaus for State and Local Governments, it is yet to register the employees with Pension Fund Administrators (PFAs) It is yet to commence remittance of Pension Contributions or conduct an Actuarial Valuation to determine the employees’ Accrued Pension Rights. The state is yet to open a Retirement Benefits Bond Redemption Fund Account or commence funding of the Accrued Pension Rights; and yet to institute a Group Life Insurance Policy.

    Best state Edo

    The best pension state however, is Edo State. The state government enacted a Law on the CPS in 2010 with an amended Law in 2017.

    The state has also established a Pension Bureau; registered the State Employees with PFAs; Remitting 10 per cent employer and 8 eight employee pension contributions; conducted an actuarial valuations to determine the employee’s accrued pension rights; Has a valid Group Life Insurance Policy; opened a Retirement Benefits Bond Redemptions Fund Account with a PFA; and commenced funding of accrued pension rights.

    Delta

    While Delta State has huge arrears of Accrued Pension Rights and is yet to institute a Group Life Insurance Policy, it has enacted a Law on the CPS in 2008 (amended the Law 2011), the state established two Pension Bureaus for State and Local Governments; registered the employees with PFAs; remitting 10 per cent employer and 7.5 per cent employee pension contributions with remitted pension contributions up to January 2022 for employees of the state and up to July 2021 for employees of the local governments.

    The state has also conducted actuarial valuations to determine the employee’s accrued pension rights; opened Retirement Benefits Bond Redemption Fund Accounts with the CBN; and funding the accrued pension rights regularly.

    Rivers

    In the case of Rivers State, the government is yet to conduct an Actuarial Valuation to determine the employees’ Accrued Pension Rights; yet to commence funding of the Retirement Benefits Bond Redemption Fund Account; and yet to institute a Group Life Insurance Policy.

    But the state has enacted a Law on the CPS in 2009 which was repealed and re-enacted the Pension Law in 2019 with the transition period extended to 2022 .It  established a Pension Bureau, registered the Employees with PFAs, remitted 7.5 per cent employer and 7.5 per cent employee pension contributions under the repealed law.

    The government, however, stopped remitting the employer contributions in 2016 but the contributions under the repealed law are now being refunded.

    Although remittance of employee contributions have commenced under the new law, the remittance of employer contributions are yet to commence.

    Besides this, the government opened a Retirement Benefits Bond Redemption Fund Account with a PFA.

    It is, however, yet to conduct an actuarial valuation to determine the employees’ Accrued Pension Rights.

    The goverment has not commenced funding of the Retirement Benefits Bond Redemption Fund Account or  instituted a Group Life Insurance Policy.

  • UACN loses N1.1b on debt finance pressure

    UACN loses N1.1b on debt finance pressure

    UAC Nigeria

    Nigeria’s oldest conglomerate, UAC of Nigeria recorded a pre-tax loss of N1.1 billion in the third quarter as the conglomerate struggled with high loan finance amid sluggish sales.

    The nine-month report of UACN for the period ended September 30, 2022 showed that sales rose by nine per cent to N78 billion in the third quarter. Gross profit was however flat at N12 billion. Operating profit dropped by 66 per cent to N758 million. Loss before tax stood at N1.1 billion in September 2022 as against profit before tax of N1.4 billion recorded in comparable period of 2021..

    The group’s gross margin had declined by 148 basis points to 15.8 per cent, which management attributed to rising raw material costs. Operating profit margin also decreased by 215 basis points to 1.0 per cent, driven majorly by losses in the group’s animal feeds business.

    Group Managing Director, UAC of Nigeria (UACN) Plc, Fola Aiyesimoju said the profitability of the group was impacted by lower operating profit and higher finance costs.

     ”Our performance in the third quarter was negatively affected by losses in our animal feeds segment, which recorded a loss of N1.9 billion on account of margin pressure, high levels of debt and inventory, and rising borrowing costs.

    “We are working to reduce costs and debt levels. We remain committed to our growth and expansion strategy but are cognizant of the heightened levels of risk in light of challenging global and domestic macroeconomic conditions.

    “Rising levels of insecurity continue to disrupt operations with the animal feeds segment most affected; recent flooding in the South East of Nigeria impacted operations; however, we were fortunate to avoid material damage to plant and inventory.” 

    We continue to monitor the longer-term implications of flooding on agricultural output, food security and logistics in the region,” Aiyesimoju said.

  • Dangote Group sponsors Lagos trade fair

    Dangote Group sponsors Lagos trade fair

    Dangote Group

    Dangote Industries Ltd has said it will continue to partner stakeholders to deepen commerce, industry and economic activities so as to strengthen the nation’s economy.

    It explained that part of the efforts at revitalizing the economy is the sponsorship of the 2022 Lagos International Trade Fair. Themed “Connecting Businesses, Creating Value”, the fair is expected to be declared opened by President Mohammadu Buhari. It holds between November 4 and 13 at the Tafawa Balewa Square (TBS), Onikan, Lagos. 

    The collaboration is coming on the heels of similar sponsorship of the recently concluded Abuja International trade fair for which Dangote Group, was a lead sponsor. 

    Five companies from the Dangote Group-Dangote Cement, Dangote Sugar, NASCON Allied Industries, Dangote-Sinotruk, and Dangote Fertilisers are participating in the Fair as the business units plans to open helpdesks to attend to enquires from perspective customers.

    Dangote Group yesterday stated trade fairs have become a veritable avenue for the subsidiaries to bond with their customers.

    NASCON will be offering its range of products, salt packs, seasonings, and stew mix to customers at the trade fair. The salt pack which is designed to endear the product to its teeming customers still comes in packs of 250g, 500g and 1kg. The design is to make the product more accessible and affordable for consumers and other end users.  NASCON would be giving visitors to its stand at the Dangote pavilion a good treat.

    Dangote Sugar Refinery will be bringing to the fair all its products ranges while its marketing team will fully be on ground to attend customers and prospective new distributors. Customers are encouraged to visit the stand and buy products at Trade Fair prices.

    Dangote Cement, a regular participant at both fairs, will operate an office at the Dangote Group Pavilion. Customers and users of its cement products are encouraged to visit the office during the period of the fair for consultations with the team. 

    The group stated that customers wanting to be distributor of any of the products from Dangote Group subsidiaries would have the opportunity to be well informed by staff of the companies who would be on hand to put the customers through on how to go about it.

    “Besides the products being sold at reasonable prices, lots of gifts have been packaged for potential visitors to Dangote Stand with opportunity from wet sampling of its products,” the group stated.

    Group Chief, Branding Communication Officer, Mr. Anthony Chiejina stated that opportunities abound in this year’s trade fair as Dangote Group’s business units would be expanding its customer base and urged visitors to the fair to take advantage of the development to key into various businesses of the Group

    According to him, the company will be offering information on every aspect of its business especially the refinery and fertilizer and urged members of the public to patronize the company at the fair.

  • I will inspire youths with chieftaincy title – Whitemoney

    I will inspire youths with chieftaincy title – Whitemoney

    Reality TV star, Hazel Onou, aka Whitemoney, has said he intends to use his new chieftaincy title to positively inspire youths in his community in Lagos State.

    The Big Brother Naija Season 6 winner, bagged a chieftaincy title as the “Ùgwù ńdi Igbo,” meaning “The Pride of Igbos,” on Saturday.

    Reacting to the development in an exclusive interview with Midweek Entertainment on Tuesday, Whitemoney said youths saw him as a role model for promoting the ideals of the Igbo culture.

    He said, “I intend to use my title and position as ńwà àfòr Igbo to positively influence the youths in my community. I will actively engage and mentor them as much as possible because I understand that so many of them look up to me.

    “They were inspired to confer me with the chieftaincy title as the Pride of Igbos in Lagos State because of how I generally promote and uphold the values of the Igbo culture.

    “They believe that I am a good fit and a role model to the Igbo youths in my community because of how I faced hardship while growing up and how I was able to persevere positively with hard work, God and determination.

    “Everyone knows how particular I am about my culture, so it was only right to add a title to it in Lagos State by my community. I’ve learnt that all that glitters is not gold and that no one can be there for you and inspire you more than yourself.”

    The reality star, who was elated by the title conferred on him, made the revelation in an Instagram post on Monday.

    The post read, “First of all, our people say when a child washes his hands well, he may sit with elders. Another title added: UGWU NDIGBO’ i.e ‘THE PRIDE OF IGBOS’.

    “It was another humbling moment for me last Saturday as I was conferred as ‘UGWU NDIGBO’ by the Igbo speaking community, Lagos State.”