Stanbic IBTC PMI: Inflationary Pressures Mount over Fuel Subsidy Removal

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09/07/2023

The removal of fuel subsidy in Nigeria caused a sharp strengthening of price pressures in June.

In turn, rates of expansion in output and new orders softened but remained marked nonetheless. Business confidence dipped to a near-record low.

Intensifying inflationary pressures encouraged companies to expand inventories to try and get ahead of further price increases.

Meanwhile, employment was up modestly for the second month running. The headline figure derived from the survey is the Stanbic IBTC 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. The headline PMI remained above the 50.0 no-change mark in June. Although dipping slightly to 53.2 from 54.0 in May, the reading signaled a solid monthly improvement in the health of the private sector.

While overall business conditions remained on a positive trajectory, firms faced a much stronger inflationary environment at the end of the second quarter of the year, linked to the removal of the fuel subsidy. Purchase prices increased at the fastest pace since last August, while the rate of selling price inflation accelerated sharply to the steepest in the year-to-date as firms passed higher costs on to their customers.

Issues around the ending of the fuel subsidy also acted to limit the pace of output growth, according to respondents, although activity was still up markedly in the latest survey period. Output has now risen in each of the past three months amid higher customer numbers and growth of new orders. Wholesale & retail bucked the wider trend and posted a drop-in activity. New business was also up for the third successive month.

The rate of expansion was marked, albeit the softest in the current sequence of growth. Higher new orders encouraged firms to expand employment for the second month running, although the pace of job creation was again only modest. Despite increasing staffing levels, firms recorded a build-up of backlogs of work, due to an expansion in new business and some difficulties securing inputs. Some companies reported having brought forward purchasing and expanded inventories ahead of predicted increases in the costs of materials in the months ahead.

This, allied with increasing workloads, meant that stocks of purchases were accumulated to the largest degree in eight months. Business confidence dropped to the second-lowest on record in June and was only fractionally above last November’s nadir.

Companies remained optimistic that output will increase over the coming year, however, linked to investment, business expansion plans, and proposed marketing drives.

Polaris Bank, Eventful to Showcase Nigeria’s Vibrant Fashion Industry at 2023 Souk

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09/07/2023

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Polaris Bank, a leading Digital Retail Bank, is partnering Eventful Limited to host the 2023 edition of The Fashion Souk scheduled to hold at Harbour Point facility on Victoria Island, Lagos from Saturday, July 8th, and tomorrow Sunday, July 9th, 2023.

The Fashion Souk is set to be an extraordinary enclosed marketplace where Small and Medium-sized Enterprises (SMEs) in Nigeria’s fashion industry gather to showcase their diverse goods and services to a large audience.

With its extensive collection of fashion-related SMEs, The Fashion Souk stands as the largest congregation of such businesses in Nigeria to date. The event will primarily focus on four thriving industries: manufacturers, leather, retailers, and jewelry & accessories.

Over 120 SMEs in Nigeria’s fashion industry, leather, and jewelry/accessories sectors, spanning across manufacturers, retailers, and dealers, will participate in The Fashion Souk. This incredible platform provides these businesses with an unparalleled opportunity to exhibit their creativity, product lines, and unique offerings to discerning audience.

The Fashion Souk promises to be a remarkable event that showcases the rich diversity, talent, and innovation within Nigeria’s fashion industry.

Attendees can expect an immersive experience, with an array of unique products, inspiring fashion shows, insightful panel discussions, and networking opportunities with industry experts.

In line with its SME focus and commitment, Polaris Bank has partnered and supported businesses in critical sectors of the Nigerian economy including health, education, manufacturing, agriculture, export and others. The Bank has advanced credits to these sectors for acquisition of medical equipment, machines, distribution and logistics of medical products; laboratory equipment, stationaries, furniture, classrooms, school bus; working capital for businesses, expansion, etc.

Polaris Bank was adjudged Digital Bank of the Year in 2021 and 2022 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards. It also emerged as the best MSME Bank because of its ability to use technology to enable bottom-up support to the MSME sector.

ALTON Hails NCC Chief, Umar Danbatta, for Quality Regulation of Telecom Sector

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09/07/2023

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The Chairman of the Association of Licensed Telecoms Operators of Nigeria (ALTON), Mr. Gbenga Adebayo, has praised the exceptional leadership of the Executive Vice Chairman/Chief Executive Officer of the Nigerian Communications Commission (NCC), Professor Umar Garba Danbatta.

He also commended the NCC’s commitment to quality regulation, attributing the success of the telecom industry in the country to the regulatory environment it enjoys.

Speaking at a meeting with mobile network operators on the implementation of the Expanded Revenue Assurance Solution (ERAS) in the telecommunications industry, held at the NCC’s office in Lagos, Adebayo expressed his pride in Danbatta’s remarkable administrative skills, challenging the notion that engineers are not good administrators. He described Danbatta as an excellent administrator, highlighting his instrumental role in the growth and development of the industry.

Addressing the audience, Danbatta shared details about the implementation of the ERAS project. He emphasised the collaboration between the NCC and the Infrastructure Concession and Regulatory Commission (ICRC), saying the ERAS project is being carried out through a Public-Private Partnership (PPP) arrangement, following the DFDDOT model (Design, Finance, Develop, Deploy, Operate, and Transfer), as recommended by the ICRC.

Danbatta acknowledged the efforts of the NCC in transforming the dream of the ERAS Project, conceived in 2007, into a reality. He also underscored the project’s alignment with the Federal Government’s directive to enhance revenue collection and prevent leakages within ministries, departments, and agencies (MDAs).

By deploying the Revenue Assurance Solution, Danbatta said the NCC aims to optimise the revenue payable by licensed telecommunications service providers, thereby bolstering revenue generation for the government.

Initially designed to focus on telecom operators, who have not only become major industry players but have also expanded their services into the digital services ecosystem, the ERAS Project underwent a significant expansion.

In June 2022, following a presidential approval, the NCC was directed to broaden the scope of the project to encompass the activities of Digital Economy stakeholders. Consequently, the project was renamed the Expanded Revenue Assurance Solution (ERAS).

The implementation of the ERAS demonstrates the NCC’s commitment to fostering transparency, accountability, and financial efficiency within the Nigerian telecom and digital services sectors. Through the utilisation of accurate data and information, the ERAS aims to eradicate wrong computations, faulty data, and information leakages.

With the telecom industry playing a critical role in driving economic growth and enabling digital transformation, the ALTON Chairman’s commendation and the on-going efforts of the NCC under Danbatta’s leadership highlight the commitment to creating an enabling regulatory environment that fosters innovation and sustainable development.

As the implementation of the Expanded Revenue Assurance Solution progresses, stakeholders within the telecom and digital services sectors eagerly anticipate its positive impact on revenue generation and the overall growth of the Nigerian economy.

Rosatom, YLB Partner on Lithium Mining and Production in Bolivia

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09/07/2023

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Uranium One Group JSC (an entity of the ROSATOM Atomic Energy Corporation) and YLB (Lithium Deposits of Bolivia, Yacimientos de Litio Bolivianos) Bolivian State Company signed a framework agreement on the construction of lithium carbonate mining and production complex in Potosí Department, Bolivia.

Today, lithium is in the mainstream of the green economy; it is a critical element for the development of energy storage systems which have already been used on a large scale in a number of high-tech industries.

The joint Russian-Bolivian project will make it possible to create in Bolivia, the country with the most abundant lithium reserves in the world, a complete production chain – from mining lithium raw materials to deriving a marketable product.

“The agreement opens up new prospects for a long-term cooperation between Russia and Bolivia. For ROSATOM, this is the first large-scale foreign project in the field of lithium production, with investments of about 600 million dollars. It is planned to build an industrial complex with a capacity of 25 thousand tons of lithium carbonate per year to be expanded based on the results of geological exploration activities. We share the Bolivian Party’s interest in commissioning of the first stage and starting production of finished products in as short a time as possible.

Additionally, for the development of that high-tech industry in Bolivia ROSATOM will provide training of qualified personnel,” said Kirill Komarov, the First Deputy Director General for Development and International Business of ROSATOM.

Uranium One Group was awarded the agreement as a result of its participation in YLB’s International Competition of Direct Lithium Sorption Extraction Technologies. According to the signed document, the company will be involved in the construction of an industrial complex based on the brine spring (salar) of Pastos Grandes in the Potosí Department.

Lithium mining will rely on the Russian direct sorption extraction technology which has already proved to be highly cost efficient and environmentally friendly.

ROSATOM has consistently developed the cooperation with Bolivia. In particular, the project for the construction of the Center for Nuclear Technology Research and Development (CNTRD) in El Alto, which is unique in Latin America, is being successfully implemented, offering Bolivia great opportunities for the application of nuclear technology in health, agriculture, and other sectors.

The first radiopharmaceuticals produced at the cyclotron complex built by ROSATOM have already been delivered to Bolivian clinics. The new joint Russian-Bolivian project will additionally contribute into the social and economic development of the country and improve the quality of life of the Bolivian population.

Participants and speakers: the ceremony is to be attended by the President of Bolivia Luis Arce Catacora, the President of YLB Carlos Ramos, the Minister of Energies Franklin Molina Ortiz, the President of Lithium One Bolivia Jorge Alberto Roca Kauffmann (the Bolivian subsidiary of Uranium One).

As for Africa, this continent accounts for more than 5% of the world’s lithium resources, according to a 2020 US Geological Service summary. More lithium suppliers are therefore needed to accelerate the transition to clean energy and clean technologies.

This is where Southern African countries such as Zimbabwe, Namibia and Botswana are expected to play a big role. So, in 2023 Premier African Minerals (PREM.L) finished building a lithium processing plant at its Zulu mine in Zimbabwe. It is worth saying that Zimbabwe holds some of the world’s biggest hard-rock lithium deposits and has recently attracted about $700 million in investment from several Chinese firms. It is assumed that the newly opened plant will produce spodumene concentrate which is a key component in the production of batteries for electric vehicles.

About Uranium One Group

Uranium One Group, JSC is an international group of companies within TENEX Group of ROSATOM.

Today, it is one of the world’s largest uranium mining companies with a diversified portfolio of international assets in Kazakhstan, Tanzania, and Namibia.  Aiming at developing the mineral resource base abroad, Uranium One also implements promising non-uranium projects, including in the field of non-ferrous and rare metals.

The company has all necessary technologies and expertise for highly efficient extraction of lithium from brines and production of high-quality lithium products.

As a socially responsible company, Uranium One adheres to the highest standards of environmental protection, employee health and safety, and long-term sustainability of communities in the regions where the company operates.

Anchor Insurance 33rd AGM 2023

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09/07/2023

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L-R: Mr. Akinola Taiwo (Independent Director), Mr. Ebose Augustine Osegha (Managing Director/CEO); Dr. Elijah Akpan (Chairman); Mr. Ime Umoh (Company Secretary/Legal Adviser) and Mr. Imo-Abasi Jacob (Non-Executive Director) at the 33^rd Annual General Meeting (AGM) of Anchor Insurance Company Limited in Lagos.

NAICOM Chief, Sunday Thomas, Elected President of OAISA

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07/07/2023

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Mr. O. S. Thomas

Commissioner for Insurance/CEO

NAICOM

The Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Federal Republic of Nigeria, Mr. Olorundare Sunday Thomas has been elected the President of the Organisation of African Insurance Supervisory Authorities (OAISA).

Mr. Thomas’ election alongside his Vice-President, Mr. Issouf Traore of Cote D’ Ivoire was ratified at the General Assembly of the body at Tunis, Tunisia recently.

The OAISA is an intergovernmental organisation eligible for the rights and privileges granted by the 1961 Vienna Convention on Diplomatic Relations.

It’s an organisation saddled with the objects of promoting co-operation among African Insurance Supervisory Authorities to share experience in the effective supervision of the insurance industry in Africa for the development of insurance markets for the benefits and the protection of policyholders; contributing to capacity building and financial stability of the African Continent.

The newly elected officials of the Organisation shall serve the continent for a period of two (2) years in the first instance, renewable once.

It’s imperative to note that Mr. Thomas was the pioneer Chairman of the West Africa Insurance Supervisors Association (WAISA).

SEC Holds Awareness Campaign ‘Investor Safety’ for FRSC Officers on Capital Market

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07/07/2023

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In a bid to ensure that more Nigerians are educated on the activities of the capital market and thereby developing the market and attracting more investors, the Securities and Exchange Commission is set to hold an awareness programme tagged “Investor Safety” for the Officers of the Federal Road Safety Corps across the Formation of the Corps across the Federation.
The event which was the third in the series of sensitising officers of the FRSC held on July 5th, 2023 in Enugu, Lagos, Osun, Port-Harcourt and Benin, respectively.

According to a statement by the SEC, the officers would be exposed to knowledge on investments available in the capital market, identifying and avoiding Ponzi schemes, the roles and functions of the SEC, Non-Interest Finance, and complaints management framework.

“The Commission is organising the event in collaboration with the Fund Managers Association of Nigeria (FMAN) to also expose the Officers to legitimate channels of investments and the Association of Dealing Houses of Nigeria (ASHON) to address issues that relate to investments and unclaimed dividends and other related matters.

“This enlightenment programme is part of our commitment to developing the capital market, appraising investors of the products available in the market as well as our functions and roles in restoring investors’ confidence” SEC stated.

The first tranche of the programme was held on November 30, 2022, at the SEC Head Office Abuja for the Abuja Sector Command of FRSC with over 50 officers in attendance. Participants shared experiences on their investments in the capital market pre-2008 meltdown and on Ponzi schemes.

On May 9, 2023, the second phase of the programme was organised for other officers in six (6) Formations of the Corps which are in Adamawa, Plateau, Kaduna, Sokoto, Kwara and Bauchi States.

Telecoms Investment in Nigeria now $75.6bn-Danbatta

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05/07/2023

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L-R: Mustapha Isa, Former President, Nigerian Guild of Editors (NGE); Ochereome Nnanna, Chairman, Editorial Board, Vanguard Newspapers; Prof. Umar Danbatta, Executive Vice Chairman/Chief Executive Officer, Nigerian Communications Commission (NCC); Sam Omatseye, Chairman, Editorial Board, The Nation Newspapers and Usman Malah, Director, Human Capital and Administration, NCC at a Media Roundtable organised by the Commission in Lagos today.

As sector added N10.126 trillion to GDP in 2022

The Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, has officially announced that the investment profile in the nation’s telecommunications sector, comprising foreign direct investment (FDI) and local investment, has reached $75.6 billion as of 2021.

Danbatta disclosed this at an interactive session with stakeholders in the communications media ecosystem, in Lagos on Wednesday where he provided his scorecards and landmark developments that have shaped the trajectory of growth in the telecoms sector since he became the chief telecom regulator in August 2015.

According to Danbatta, in 2018, investment profile in the sector stood at $68 billion. This increased to $70.5 billion in 2019 and $72 billion in 2020. At the end of 2021, the figure rose to $75,560,563,417.79 ($75.6 billion). The latest figure is the current official investment profile computed in the industry up from the initial $70 billion investment in the last few years.

Investment in the telecommunications sector in Nigeria is computed from two sources: the Central Bank of Nigeria (CBN), and the financial data obtained from service providers by the Commission.

While the CBN collects and calculates an element of the telecoms sector to include FDI, portfolio and others, the Commission collects investment figures from telecom licensees described as domestic investment arising from capital expenditure (CAPEX) which form part of the total investment in the industry.

The NCC CEO said through effective regulatory environment put in place by the Commission, the telecom sector has recorded tremendous growth from an initial investment profile of $500 million as at 2001, when the sector was fully liberalised.

Similarly, Danbatta said the telecom sector has continued to be a major contributor to the Nigeria’s economy through an impressive the sectoral contribution to the nation’s Gross Domestic Product (GDP) quarterly, up from about 8.5 per cent in third quarter of 2015, contributing N10.126 trillion to the nation’s GDP in 2022 alone.

Citing data from the National Bureau of Statistics (NBS), Danbatta said the telecoms sector contributed N10.126 trillion as an aggregate quarterly contribution to GDP in 2022.

“In the first quarter, the sector contributed 12.94 per cent equivalent to N2.246 trillion while the second quarter witnessed an all-time high GDP contribution by the telecom sector to the nation’s economy, standing at 15 per cent and valued at N2.593 trillion. The sector’s contribution to GDP in the third was 12.85 per cent and in the fourth quarter, it grew to 13.55 per cent, which are valued at N2.436 trillion and N2.851 trillion respectively.

“The growth trajectory continued this year as telecommunications and Information Services sector in Nigeria delivered a handsome N2. 508 trillion in terms of financial value contribution to the nation’s gross domestic product, GDP, representing 14.13% in the first quarter 2023,” he said.

Telecoms contribution to national GDP has grown significantly since assumption of Prof. Danbatta as the EVC of NCC in August, 2015, according to available data from NBS.

From 8.50 per cent in 2015, it grew to 9.13 per cent in 2016 and to 8.66 per cent in 2017. In the last quarter of 2018, telecoms contributed 9.85 per cent to national GDP while it added 10.60 per cent in the fourth quarter of 2019.

Also in the second quarter of 2010, it added 14.30 per cent to GDP; 14.42 per cent in the second quarter of 2021. The highest quarterly contribution to GDP by the sector to the economy was 15 per cent in the second quarter of 2022.

Overall, Danbatta said the sector has become a major enabler of economic development in Nigeria, as it continues to positively impact all the facets of the Nigerian economy. “As the regulatory authority for the telecom sector in Nigeria, we are happy that the sector has recorded phenomenal growth statistics in the past two decades of the liberalization of the telecoms sector. However, we will not rest on our oars. We will continue to push upward to greater heights by encouraging expansion of frontiers to put Nigeria’s imprint on the global map of digital economy,” he said.

In addition to the growth in investment and GDP contribution, Danbatta said, “As of May, 2023, active voice subscriptions reached 221.3 million, equivalent of 115.91 per cent teledensity, while Internet subscriptions rose to 159.6 million.

According to the CEO of NCC, broadband subscriptions on Third Generation (3G) and Fourth Generation (4G) networks increased to 92.2 million, representing a 48.28 per cent broadband penetration in the country.

Also, following the issuance of 3.5GHz spectrum licences for the deployment of Fifth Generation (5G) networks in Nigeria, marked by ultra-high-speed internet, low latency and high capacity, and the subsequent commercial launch by two of the three licence holders, 5G subscriptions have grown to over 60,000 in many cities in at least 12 states of the Federation.

Danbatta assured of the Commission’s commitment to always give concrete expression to the Federal Government Executive Order 001 focused on Ease of Doing Business and other digital economy-oriented policies, by embarking on various regulatory initiatives that support a friendly investment climate for investors in Nigeria and enhance value for money for telecom consumers.

The EVC particularly commended the media as a strategic partner and enabler of growth in the telecom sector “through accurate, adequate and timely reporting of all regulatory activities of the Commission.”

Sanlam Nigeria Promotes Financial Inclusion with #ProudMoments Campaign

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03/07/2023

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Sanlam Nigeria recently launched the #ProudMoments campaign to herald a fresh approach to deepening financial inclusion and aid the appreciation for Insurance services across businesses and for individuals.

The campaign, with visuals shot in location in Nigeria, centers on the need to protect the things that matter through insurance. It advocates resilience and grit as critical ingredients required to achieve success.

The creative delivery highlights a clear theme around celebrating genuine success whether personal, professional or organizational while emphasising the need to put in place adequate protection for same.

Sanlam Nigeria -made up of Sanlam Life Insurance and its subsidiary, Sanlam General Insurance- is a leading financial service powerhouse dedicated to actively seeking new and advanced mechanisms for safeguarding the hard-work and achievements of its policy holders through innovative insurance solutions, thereby enhancing its customers’ financial security that in turn assures a confident lifestyle.

During the launch in Lagos, the Managing Director/Chief Executive Officer, Sanlam Life Insurance Nigeria, Mr. Tunde Mimiko, restated the company’s unstinting commitment to promoting well-intentioned living that encourages success stories and celebrates individuals who are constantly challenging themselves to promote a healthy, vibrant and secure future.

“Success means different things to different people. For some, it is getting that new car, moving into a new home or even starting a business. With #ProudMoments, we are leading the conversation around putting adequate buffer, nay protection, around your success indicators. What we are promoting is a confident and secured future with diverse resources that covers all aspect of human living ranging from car, properties, health, education and to life itself,” Mimiko said.

He added: “Our #ProudMoments campaign therefore is an exciting creative endeavor that succinctly demonstrates how our most valuable achievements are worth protecting because they are a source of our pride, a testament to our commitment to live a more qualitative life.”

In his remarks, the Managing Director/Chief Executive Officer, Sanlam General Insurance, Mr. Bode Opadokun, reiterated Sanlam Nigeria’s continuous efforts at celebrating individuals’ achievements and successes, connecting its drive to creating an environment that appreciates lasting impact and legacy through insurance.

“Insurance is a promise; a promise to deliver stated support when pre-covered losses occur. So, for every individual who seeks success, our #ProudMoments campaign represents one of the ways by which we remind them to pitch their tent with the one insurance company that can confidently help them protect their successes come what may.”

About Sanlam Nigeria

Sanlam Nigeria, formerly FBN Insurance, comprising Sanlam Life Insurance Nigeria Limited and Sanlam General Limited, is Nigeria’s fastest growing insurance company with multiple awards and recognitions including 4-time World Finance Life Insurance Company of the year among others.

With presence in over 66 locations, the brand is easily one of the most retail-driven insurer in Nigeria boasting a sales force of over 3000 sales champions and a strong user-friendly technological support to ensure on-the-spot policy uptake.

Sanlam Nigeria is a member of the Sanlam Pan Africa (SPA), a truly pan-African brand with a rich history and heritage founded in 1918 as a life insurance company.

Headquartered in South Africa, the brand has grown to become Africa’s largest non-banking financial services group, with a strong presence in 33 countries on the African continent including Nigeria, and a niche presence in India, Malaysia, the United Kingdom and Australia. Indeed, Sanlam operates in 8 out of the 10 largest economies in Africa, with over 154,000 employees globally, delivering superior value to customers, shareholders and the broader society.

Ecobank Nigeria Gets IFC/NGX Award for Promoting Gender Balance

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03/07/2023

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L-R: Lagos State Governor, Babajide Sanwo-Olu presenting Gender Diversity in Supply Chain to Carol Oyedeji, Deputy Managing Director, Ecobank Nigeria at the IFC/NGX event in Lagos recently.

Ecobank Nigeria limited has been recognised as one of Nigeria’s key private sector players promoting gender balance and equality in the workplace at the Nigeria2Equal Gender Leader awards organised by International Finance Corporation (IFC) and Nigerian Exchange Group (NGX Group).

The Gender Leader Awards, which is being implemented under the Nigeria2Equal (N2E) program, is designed to recognise, and celebrate private sector companies leading the way in Gender Equality Performance across a broad range of indices. Ecobank Nigeria was an awardee in the Gender Diversity in Supply Chain category at the high-level event by private sector company chief executives, business leaders and dignitaries including the Lagos State Governor, Babajide Sanwo-Olu.

Speaking during the award ceremony, IFC’s Regional Director, Central Africa, Liberia, Nigeria and Sierra Leone, Ms. Dahlia Khalifa, commended the progress of Nigeria2Equal’s participating companies in advancing the role of women in their organisations.

Khalifa said: “As we celebrate the accomplishments of these organisations who have shown outstanding leadership in closing the gender gaps within their own organisations, we acknowledge the power of collaboration and the transformative impact that specific, measurable, and time-bound commitments can have on achieving gender parity in Nigeria’s private sector. IFC remains resolute in our commitment to sustain the momentum and support the private sector to scale up its efforts for a more gender-balanced, prosperous future.”

Receiving the award, Deputy Managing Director, Ecobank Nigeria, Carol Oyedeji said Ecobank has policies and structures in place that promote gender balance in its employment, stressing that the recognitions are a testament of Ecobank Nigeria’s significant contributions to advancing gender equality within the organization and by extension, in Nigeria’s private sector.

She disclosed that the bank also has many initiatives and innovative products targeted at empowering and sustaining female entrepreneurs in Nigeria such as ‘Ellevate’ and ‘Ecobank Female Entrepreneurs Initiative (EFEI)’, which are designed to empower and support female owned small-scale businesses.

According to her, “across Ecobank, we are intent on ensuring that all women can reach their full potential and always have equal opportunities to men in advancing their careers and achieving promotion. Female staff are holding strategic leadership and management positions in the organisation. We are committed to creating a society and workplace that is free of bias and gender-based discrimination,” she said.

Insurance Meets Tech Confab 2.0 Set for Sept 28

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03/07/2023

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The second edition of the Insurance Meets Tech (IMT) conference is set to take place on September 28 and 29, 2023 in Lagos, to address prevailing concerns in Nigeria’s insurance industry and on the continent.

Riding on the theme “Unlocking Policy and Tech Bottlenecks Hindering Disruptive Insurance Penetration”, IMT 2.0 will converge prominent players in government, finance, health, tech, and telecom sectors, as well as the prime sub-sectors players in insurance and insurtech, to brainstorm, untangle, and evolve viable solutions to the challenges of insurance penetration in Nigeria and across Africa.

The two-day conference will feature policymakers, regulators, keynote speakers, and sector leaders in panel discussions, exhibitions, specialised masterclasses, and product and service demos, providing a platform for stakeholders to share ideas, insights, and experiences on how to leverage technology to drive insurance penetration and improve the insurance industry’s efficiency and effectiveness, such as its use of data analytics to improve underwriting and claims management processes; cyber insurance; and the role of web aggregators in the industry’s value chain.

The conference will culminate in a gala and awards evening to recognise excellence and outstanding contributions to the industry. With the COVID-19 pandemic and enabling government policies accelerating the adoption of digital technologies, IMT 2.0 is expected to be a catalyst for the digital transformation of the insurance industry in Nigeria and across Africa.

According to the convener of the conference, Odion Aleobua, ‘IMT 2.0 will be a game-changer for the insurance industry in Nigeria and across Africa. This second edition will build on the successes of the first and provide stakeholders with more opportunities to network, collaborate, and explore innovative solutions to the challenges facing the industry.

“Since the inaugural edition of the conference in September 2022, the Nigerian insurance and insurtech sectors have made visible strides. The National Insurance Commission (NAICOM) affirmed that Nigeria’s insurance industry recorded a 36.3% quarter-on-quarter growth and a 17.8% year-on-year rise in gross premium income at N726.2 billion in the fourth quarter of 2022, compared to the previous year.

“Data provided by Statista in May 2023 revealed that the value of gross life insurance premiums written in Nigeria exceeded €600 million for the first time. In 2022, life insurance premiums amounted to €677.3 million, up from €545.2 million in the previous year. The growth margins can be attributed to various factors, including increased awareness of insurance products, the expansion of distribution channels, and insurance companies’ gradual adoption of technology.

“Statista also stated that ‘In 2022, the value of gross property and casualty (P&C) insurance premiums written in Nigeria amounted to almost 800 million euros. This figure is believed to be the highest value since 2000 as P&C premiums increased by 100 million euros between 2021 and 2022.’

“These figures are, however, dwarfed in comparison to the country’s South African counterparts, where the value of gross property and casualty insurance premiums written amounted to approximately €5 billion in 2022, and P&C premiums peaked in 2021 when they reached €9.35 billion. The gap is further broadened when considering global insurance industry figures, which, according to McKinsey and Company’s Global Insurance Report 2023: ‘Closing the Personal P&C Protection Gap’, surpassed $6.5 trillion in GWP in 2022, with P&C representing almost one-third of total revenue!

“We have thus carefully selected our speakers and panelists from industry leaders, tech giants, and government regulators to ensure that conference delegates get the best insights and experiences on how technology can unlock policy and tech bottlenecks hindering disruptive insurance penetration. IMT 2.0 promises to be bigger, better, and more impactful”, Odion added.

Wema Bank Promises N90m Reward for Customers in Season 3 of 5 for 5 Promo

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03/07/2023

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Wema Bank Plc, the leading financial institution in Nigeria and the pioneer of Africa’s first fully digital bank, ALAT, yesterday announced the launch of the highly anticipated 3rd season of the Wema Bank 5 for 5 promo. This reward program, initiated by Wema Bank, aims to recognise and reward customers across Nigeria for their unwavering loyalty to the bank.

Commencing July 1st, 2023, Season 3 of the 5 for 5 promo will distribute a total of N90,000,000 in cash prizes to Wema Bank customers throughout different regions of Nigeria over a span of 10 months.

Each month, customers will be selected in weekly giveaways and monthly draws, with cash prizes ranging from N5,000 to an impressive N1,000,000.

Furthermore, the promo draws will be hosted in various regions across Nigeria, increasing the chances of winning for customers residing in the selected cities.

Segun Adeniyi, Wema Bank’s Chief Digital Officer, emphasised the bank’s unwavering commitment to prioritise customer satisfaction, stating:

“Our customers have always been our priority and serve as the inspiration behind every decision we make. The Wema Bank 5 for 5 promo is our way of going the extra mile to provide value to each and every one of our esteemed customers. We initiated this promo to reward and show appreciation to our active and transacting customers for their loyalty to the bank. As we embark on the 3rd season, we have fine-tuned the requirements to ensure that more customers have the opportunity to win.”

In line with Wema Bank’s dedication to promoting financial inclusion, Ololade Ogungbenro, Wema Bank’s Divisional Head of Brands, People, and Culture, expressed, “For Season 3 of the Wema Bank 5 for 5 promo, we have adopted a diverse communication strategy that includes various languages such as Yoruba, Igbo, Hausa, and Pidgin. We recognize the diverse range of customers who speak different languages, and it is of utmost importance to us that inclusivity remains a top priority, ensuring that no one is left out.”

To qualify and stand a chance to win in this season of Wema Bank 5 for 5 promo, Ayodele Olojede, Wema Bank’s Divisional Head for Retail Banking, explained the simple requirements:

“There is something for everyone in the 5 for 5 promo. All you need to do is fund your Wema Bank account with a minimum of N5,000, maintain an average monthly account balance of N5,000, and conduct a minimum of 5 transactions each month on ALAT using *945# or your Wema or ALAT debit or credit card. The more you fund and transact, the higher your chances of winning and the more you can win.”

Mabel Adeteye, Head of Brands & Marketing Communication at Wema Bank highlighted the accessibility of opening a Wema Bank account, stating, “If you’re not a customer yet, opening an account is effortless. You can visit the nearest Wema Bank branch or search ‘ALAT Hub near me’ on Google to find a Wema Bank Agent near you. Alternatively, you can download the ALAT app from your Play Store or App Store and click ‘Get Started’ to set up your account. Season 3 of the Wema Bank 5 for 5 promo offers abundant opportunities for winning. Reactivate your account if you’ve been inactive and start funding and transacting today.”

The STI Bi-Annual Career Talk, Guidance Counselling at Igbobi College, Lagos

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01/07/2023

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L-R: Moses Oyeyemi, Head, Claims Department, Elizabeth Bodede and Abigail Adeleye, both of the Corporate Communications & Investor Relations Department of Sovereign Trust Insurance Plc flanked by Students of Igbobi College, Lagos, at the half year edition of the Bi-Annual Insurance Career talk and Guidance Counselling hosted by Sovereign Trust Insurance Plc on June 27, 2023 at the premises of Igbobi College, Lagos.

It is an initiative of the company in catching them young as potential Insurance Practitioners in the future.

Leadway Health Emerges HMO of the Year at NHEA 2023

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Business Journal

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30/06/2023

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From left: Head of Operations, Dr. Gideon Anumba; Dr. Tokunbo Alli, CEO; Mrs. Oluwatoyin Ogunmoyele Head, Business Development and Sales and Dr. Temiptope Falaiye, Head, Medical Services, all of Leadway Health during the media launch of Leadway Health in Lagos.

Nigeria’s fast-growing Health Maintenance Organisation (HMO), Leadway Health Limited, a subsidiary of Leadway Holdings and a sister company of Leadway Assurance Company Limited, one of Nigeria’s foremost and largest insurers insurance companies, has emerged as the HMO of the Year at the recently held 2023 edition of Nigerian Healthcare Excellence Awards (NHEA).

Coming on the heels of the organisation’s introduction of an innovative range of superior and robust healthcare service offerings targeted at fostering access to quality health and wellbeing solutions for Nigerians, Leadway Health achieved this feat in just three years of operation, beating other HMOs that have been in operations for far longer.

Commenting on the win, the Chief Executive Officer of Leadway Health, Dr. Tokunbo Alli, said the organisation’s triumph at NHEA 2023 is a testament to the company’s commitment to providing exceptional healthcare services, embracing innovation, and improving patient access to quality healthcare in Nigeria.

“This honour is an affirmation of the Leadway Health team’s commitment to innovative excellence and demonstrates the power of collaboration to create remarkable results. We are proud to have been recognised as HMO of the Year 2023 and will continue striving for higher healthcare service standards.

“The NHEA, now in its 10th year, has become a beacon of pride and aspiration for healthcare professionals, organisations, and stakeholders across Nigeria. This established platform consistently spotlights remarkable performances, new business models, and other noteworthy milestones, contributing to the industry’s growth and development,” Dr Alli said.

He added that as Leadway Health basks in the glory of its well-deserved triumph, the company remains steadfast in its mission to revolutionise healthcare and create a lasting impact on the lives of patients in Nigeria.

“With a strong foundation built on integrity, compassion, and innovation, we are poised to lead the charge in shaping the future of Nigerian healthcare and setting new benchmarks for excellence, we acknowledge that the win would not have been possible without our shareholders, clients, providers and employees,” he concluded.

Leadway Health’s superior product offerings include advanced telemedicine, a health enrolee app that allows authorisation of care by enrolees, digital health tracking, and access to financial and family counselling.

The Enrolee app comprises innovative features such as geo-location capabilities for hospitals, and a pharmacy benefit programme that assures only genuine drugs from manufacturers are delivered to the home/office of those with chronic ailments. The features also include an employee assistance program to promote mental health, medical concierge services, preventive health programmes that have baby wellness programmes, access to fitness and nutritional stores, customised health tips, talks and newsletters across all age groups with a unique reward system to encourage and promote general wellness amongst others.

About Leadway Health

Leadway Health is proudly affiliated with Leadway Assurance, one of Nigeria’s foremost and largest insurers. Leadway Assurance was founded in 1960 and has over 50 years of experience in the insurance sector with a reputation for service efficiency and customer reliability.

Leadway Health is committed to providing innovation in equipping every Nigerian with the tools needed to mitigate risks to wellbeing whilst adopting insurance as a top choice for sustainable healthcare management and comprehensive access to universal health coverage.

Sanlam Nigeria Unveils USSD *1056# Code of Confidence for Instant Motor Claims Settlement

By

Business Journal

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29/06/2023

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Sanlam General Insurance Nigeria Limited, is thrilled to announce the launch of *1056#; a USSD Code of Confidence that allows customers access speedy resolution of third-party insurance claims in cases of road emergencies. This cutting-edge solution is the first of its kind in Nigeria.

This Code (*1056#) is Sanlam’s way of providing a seamless and customer-centric solutions to a number of challenges customers encounter while seeking report claims in case of any eventuality. With this new feature, Sanlam aims to enhance the claims experience for its valued customers by eliminating needless paperwork and unnecessary delays.

Customers can now use the simple and user-friendly *1056# USSD code on their mobile phones to initiate instant third-party claims. The process is quick and hassle-free, ensuring that customers receive prompt assistance and support during unexpected events and accidents involving third parties.

Speaking on the development, the Managing Director/CEO, Sanlam General Insurance Nigeria Limited, Bode Opadokun expressed excitement and affirmed thus, “We are delighted to introduce this Code of Confidence which revolutionizes the way our customers can access third-party claims. At Sanlam, we understand the importance of convenience and speed in the claims process. With this innovative service, we aim to provide our customers with a seamless and efficient experience at any time of need.”

According to a statement signed by the Marketing & Corporate Communications Manager, Sanlam General Insurance Nigeria Limited, Ajibola Liyide, he stated: “The Code of Confidence service was designed to offer customers a hitch-free claims experience. By dialing *1056# on their mobile phones, customers gain access to a simple prompt that guides them through the claims process. The user-friendly interface allows customers to provide essential details and initiate their claims swiftly and conveniently, ensuring they receive timely assistance. This can be done from any MTN line.”
Sanlam’s Code of Confidence is available to all Sanlam Nigeria motor policyholders, making it accessible to a wide range of customers across the country. The service is part of Sanlam’s ongoing efforts to leverage technology and innovation to enhance the customer experience and provide timely support when it matters most.
Sanlam is a pan-African brand with a rich history and heritage founded in 1918 as a life insurance company.

The brand has grown to become Africa’s largest non-banking financial services group, with a strong presence in 33 countries on the African continent, and a niche presence in India, Malaysia, the United Kingdom and Australia.

Indeed, Sanlam operates in 8 out of the 10 largest economies in Africa, with over 154,000 employees globally, delivering superior value to customers, shareholders and the broader society.

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