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SUNU Assurances Nigeria Rewards Shareholders with 3kobo Dividend, Pays N1.47bn Claims

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From Left: Executive Director, SUNU Assurances Plc, Mr. Adeleke Hassan; Independent Non-Executive Director, Mrs. Olajumoke Bakare; Managing Director/CEO, Mr. Samuel Ogbodu; Chairman, Mr. Kyari Bukar; Company Secretary, Taiwo Kuku; Independent Non-Executive Director, Hajia Taizir Ajala; and Independent Non-Executive Director, Hajia Aisha Abubakar during the firm’s Annual General Meeting (AGM) held in Lagos.

SUNU Assurances Nigeria Plc has delighted its shareholders with a 3Kobo dividend per share of 50k ordinary share of the company.

The Chairman of the underwriting firm, Kyari Bukar, who announced the dividend payment at the firm’s Annual General Meeting (AGM) held in Lagos, stated that the dividend was paid in view of the impressive results recorded by the company.

He noted that the firm’s Gross Written Premium (GWP) increased to N5.77 billion in 2022 from N4.87 billion in 2021, adding that this represents a growth of N903 million in value and 18.5 per cent in percentage terms while 94.5 per cent of the full year budget of N6.11 billion was achieved due to adverse impact of macro-economic pressures in the country.

He said the claims paid reduced from N2.07 billion in 2021 to N1.47 billion in 2022 by 28.8 per cent, which represented 93.1 percent of the paid claims budget for the year, stating that this was due to favorable claims experience during the year considering the non-occurring nature of the End-SARS violence.

Bukar noted that the net claims expenses increased by 41.4 per cent to N1.21 billion in 2022 from N859 million in 2021, which was an overshoot of N261 million above N953 million budgeted for the year.

He submitted that environmental risks (Flood), fidelity guarantee, goods in transit and motor claims affected the performance adversely.

The underwriting profit, he said was N1.49 billion which represents 77.2 per cent of N1.93 billion budget for the year and that the profit increased by 0.6 per cent from N1.48 billion in 2021.

According to him, the company’s profit after tax for the year was N330 million which reflects an underperformance of the year’s budget of N399 million, but outperformed the N127 million profit made in 2021.

The Chairman maintained that the Board would continually articulate, implement and review the adequacy and effectiveness of the risk management and internal control system in line with Nigerian Code on Corporate Governance (NCCG) to manage its risks and opportunities and promote meaningful engagement with its stakeholders.

The Managing Director, SUNU Assurances, Samuel Ogbodu on his part appreciated the company’s valued shareholders for their continuous support.

He added that the company has put in place strategic plans to ensure sustainable growth while it promises more dividend in the next financial year.

NAICOM, Abuja Metropolitan Council to Partner on Compulsory Insurances

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The Management of Abuja Metropolitan Management Council (AMMC) led by the Director, Development Control at the Federal Capital Territory Administration, Mukhtar Galadima, paid a courtesy visit to the National Insurance Commission (NAICOM) in Abuja.

The team was received by the Commissioner for Insurance/CEO, Olorundare Sunday Thomas and his Management team.

The purpose of the visit was to explore areas of collaborations in order to enforce compliance by building developers and Occupiers of Public Buildings with sections 64 & 65 of the Insurance Act 2003.

The two Agencies have setup a Joint Committee to work out the modalities for the enforcement of these compulsory insurances within the FCT.

Danbatta Woos Investors at GITEX Africa on Nigeria’s Broadband Future

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The Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, has invited international telecom companies and potential investors to take advantage of the opportunities presented by Nigeria’s population of over 200 million people to invest in its telecom sector, especially in infrastructure provisioning for broadband.

Danbatta, who spoke at the inaugural edition of the Gulf Information Technology Exhibition (GITEX) 2023, which ended in Marrakesh, Morocco recently, said Nigeria presents a stable political and economic conditions.

Governor of Lagos State, Babajide Sanwo-Olu and Nigeria’s Ambassador to Morocco, Mansur Bamalli, also spoke in the same direction and commended the Commission for its regulatory prowess which has made Nigeria the next investment destination in Africa.

Danbatta, who was represented at the conference by the Team Lead, Nigeria Office for Developing the Indigenous Telecom Sector (NODITS), Babagana Digima, said the Commission has a mandate to facilitate the development of the telecom industry in Nigeria, adding that one way through which this can be done is by attracting foreign investors that will further enhance the growth of the economy.

He informed the global stakeholders at the event that Nigerian government has been very supportive of the telecom industry which has achieved an upward growth with over 220 million active mobile voice subscriptions in Nigeria, over 150 million Internet subscriptions and broadband penetration of 48 per cent, the country is yet to be fully connected.

“Our national plan is to achieve 70 per cent broadband penetration by 2025. We still have less than 50 per cent penetration. This means there is huge investment potential for investors. Nigeria’s telecom sector needs more investment in the area of infrastructure deployment,” the EVC stated.

He stated that the telecom sector in Nigeria has become a major contributor to the country’s Gross Domestic Product (GDP), quarter-on-quarter, driving the growth of digital economy in the country.

“The importance of this event for us as a Commission is to showcase the NCC as a Nigerian brand, a foremost telecom regulator in Africa and beyond and to bring about the much-needed investment that will enhance development of the Nigerian telecom industry,” Danbatta said.

The EVC stated that there is abundant talent in Nigeria that can be tapped by investors to support their business operations. “There is abundant human resources waiting to be harnessed by potential investors for ground-breaking global technological innovations and advancement in providing digital solutions.

“This event provides us with the platform to showcase some of the talents that we have discovered in Nigeria. The Commission has sponsored three indigenous start-ups that are at this event to display their solutions for prospective investors and partnerships,” he said.

The GITEX Africa 2023 was the maiden edition of GITEX Global Summit held in Africa. It is poised to be Africa’s most influential forum to accentuate the vast potential of tech-driven digital economy.

It aims to be an international platform for cutting-edge technology for all players from both public and private sectors.

Impact Investors Annual Awards to Celebrate Social Impact Heroes

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The Impact Investors Foundation, Nigeria’s leading platform for unlocking impact capital, is calling on nominations of social enterprises and impact investors in Nigeria and non-profit organisations in West Africa for its annual awards, which will close in the next three weeks.
This year, the award recipients would be celebrated at the 5th edition of the prestigious IIF Annual Dinner and Awards, which is part of the 2023 Annual Convening on Impact Investing, in Lagos at the Oriental Hotel on the 31st October and 1st of November 2023.
The IIF Award for Impact Investing is a platform that recognises a leading institution and/or an individual who has made significant environmental and social contributions through their investments, products, services, or innovations. Impact in this context is measurable by contributions that are making the lives of many Nigerians better and improving the environment.

The award is intended to inspire others to deliberately build impact into their business and investment strategies and measure their contributions, thereby, growing and strengthening the impact investing ecosystem in Nigeria.

Eligible individuals or organisations are advised to visit the IIF award website to read more about the selection criteria and submit nominations before July 7, 2023.

In 2022, Acumen, a philanthropic investor that focuses on earl- stage companies, won the Impact Investor of the Year award; Healthtracka, a digital health platform that provides home lab testing available, won the Social Enterprise of the Year award while Mamamoni Empowerment Foundation, a non-profit that supports, equips and mobilises local African women, clinched the Innocent C. Chukwuma Award for Social Impact.

The IIF Annual Award for Impact Investing is in three categories. They are:

  • Impact Investor of The Year
  • Social Enterprise of The Year
  • Innocent C. Chukwuma Award for Social Impact

The Chief Executive Officer, IIF, Ms Etemore Glover, said: “We are excited to be bringing back the 5th edition of our annual dinner and awards, one of the most exciting sessions of the 2023 IIF Annual Convening on Impact Investing that celebrates impact heroes in Nigeria and West Africa.

“We look forward to honouring investors who are advancing our efforts in the ecosystem by creating equitable access to impact funds; innovators who are significantly influencing social and environmental issues and non-profits that are delivering measurable impact in the areas of social justice, community organising and sustainable development.”

The IIF is committed to eliminating the barriers to impact investing by building an effective ecosystem that supports the growth of investment pipelines and sustainable impact.

About IIF

The Impact Investors Foundation (IIF) is a nonprofit organisation founded by a partnership comprising the Ford Foundation, Bank of Industry (BOI), African Capital Alliance (ACA), BusinessDay Media Ltd and Dalberg Advisors.

The mission of the alliance is to work with their stakeholders to reduce the barriers to impact investing in Nigeria to enable more investors’ participation in finding solutions to the country’s major socio-economic and development problems.

The IIF approaches include convening critical actors in government, private and social sectors; promoting innovative investment approaches and tools; building evidence on what works and doesn’t work; and leadership and collective actions.

 

NCC Tasks Telcos on Network Security, Consumer Safety

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The Nigerian Communications Commission (NCC) has directed Mobile Network Operators (MNOs) and Internet Service Providers (ISP) in the country to comply with regulatory frameworks emplaced by the Commission towards ensuring security and safety of their networks for telecom consumers.

The Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Commission, Prof. Umar Danbatta, gave the charge at the 2023 annual Nigeria DigitalSense Forum, focused on Internet Governance for Development, which took place in Lagos recently.

Addressing stakeholders at the event, Danbatta said one of the regulatory frameworks put in place by the Commission is the Internet Code of Practice (ICP for telecom industry, which is essentially to protect the right of Internet users to an open Internet and provide clear guidelines to Internet Access Service Providers on the use of traffic management practices.

He said the Internet Code also outlines the obligations of Internet Access Service Providers in relation to the protection of consumers’ personal data as well as lists the obligations of Internet Access Service Providers in the handling of offensive and potentially-harmful content, and the protection of minors and vulnerable audiences online; among others.

Through upholding the tenets of Internet Governance Code, Danbatta said the Commission, in collaboration with other stakeholders can make networks safe and get telecom consumers protected online.

Speaking to the theme of the event: “5G: Data Governance, Safety and Security in Nigeria”, Danbatta said building robust legal and regulatory frameworks is a crucial requirement for effective data governance in Nigeria and that the ICP provides the framework in this regard.

The EVC, however, underscored the need for telecom licensees, especially the MNOs and ISPs, to adhere strictly to industry frameworks that seek to enthrone effective governance in Internet delivery services.

Represented by the NCC’s Head, New Media and Information Security, Dr. Chidi Diugwu, the EVC said with the emergence of new technologies such as the Fifth Generation (5G), currently being deployed in Nigeria, the need has come to pay greater attention to the issue privacy, data integrity and online trust across telecom networks.

“As we embrace the transformative potential of newer technologies such as 5G, we must prioritise safety concerns because the amount and speed of data generated using 5G technology is unprecedented. As such, we need to always prioritise consumer privacy, transparency, and ethical data use; and this can be achieved by cultivating trust and handling data responsibly, and by doing so, we can unlock the full potential of 5G technology and promote innovation in Nigeria,” he said.

While emphasising that the Nigerian Communications Act (NCA) 2003 requests NCC’s licensees to prevent their network facilities or services from being used in for the commission of any offence under any law in operation in Nigeria, Danbatta said “In this regard, licensees are required to collaborate with the Commission by complying with their legal and regulatory obligations towards ensuring effective Internet governance in Nigeria.”

Polaris Bank: Positioning for Digital Leadership, Market Dominance-CEO

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Leading digital financial institution, Polaris Bank Limited has assured its customers, financial sector stakeholders and regulators that the Bank passed its road to recovery years back.

Mr. Adekunle Sonola, Chief Executive Officer (CEO) of the financial institution, stated this in a recent interview with PROSHARE’s team of analysts, noting that the Bank is currently on the growth path leading to market dominance.

According to him, careful rethinking and re-strategising corporate plans creates the bedrock of competitive burst and business sustainability, both attributes that Polaris Bank has focused on in the last few years, working with professional bodies such as PwC, Ernst & Young (E&Y), and KPMG across several corporate verticals.

“The bank has travelled past the recovery road years back; it is currently on the growth road leading to market dominance.

“Adequate capitalisation is a key measure of financial health, providing comfort to depositors and affording balance sheet and business growth. The bank is presently adequately capitalised, operating well above the 10 percent minimum requirement for National Banks. Nonetheless, we are concluding arrangements to inject Tier II capital into the Balance Sheet to support our growth aspirations. Our shareholders are ready and willing to inject Tier I capital into the books. Having instituted best-in-class risk management practices, and maintaining adequate capitalization to support our growth objectives is not one of the bank’s immediate challenges and will not be in the foreseeable future. The new owners are committed to providing necessary support towards building a strong and resilient financial position to underwrite transactional activities of the Bank for sustainable value creation,” Sonola assured.

Confirming that the Bank now operates a two-prong ideology of controlling the funding cost and growing earning assets at economic pricing, the Polaris Bank boss noted that earning asset growth is something the Bank is driving at from both the investment and risk asset sides of the business.

“The Bank has consistently been growing its asset base year-on-year (Y-o-Y). The Bank’s recently developed strategic plan will guide the Bank to a position of being a major challenger of Tier 1 banks and be the leader among Tier II banks along all the key performance parameters. Furthermore, the bank’s focus is to be one of the most efficient deposit money institutions in the industry, delivering superior value to its stakeholders, our competition is not of size, but value creation.

“We have revamped our go-to-market structure, broadening our customer base, fine-tuning our product, and supporting service offerings, strengthening personnel sales capacities, and improving our loan onboarding processes. We are very confident our Net interest income and margin will witness considerable growth as our strategies mature.”

Clarifying that cost control is a critical part of the Bank’s tactical and strategic roadmap, Polaris Bank Managing Director said its short-term tactics come from its longer-term strategies, adding that at the tactical level, the Bank is strengthening digital deliveries, and upgrading the capabilities and offerings on Digital Bank, Vulte, for an even more intensive and intuitive experience across customer journeys.

Polaris Bank has also improved its digital play, as reflected in the improvement of technological interfaces that feed into the customer’s journey expectations and experiences.

“We intend to build a dominant digitally led retail franchise and continue to reshape the bank’s business processes and support technology to continuously improve enterprise agility. The key thing is to drive top-notch processes and build agility in customer responsiveness.

“The VULTE product is just one of our service offerings. Indeed, we are creating a digital service reality that is customer service-focused. The technology driving this will scale digital service delivery to enhance our customers’ product or service experiences as we front-load features that fit into their expectations and future possible journey outcomes. As financial service platforms get better and continue to be an enabler, a part of the fabric of our modern economy, we will be an integral part of the way people carry out their businesses and we will make their digital journeys an integrated friendly experience. One cannot talk too much about this, but the tea leaves are pointing to a fresh pathway to consumer banking satisfaction.”

Other areas of positive growth in the Bank include the creation of a more powerful customer service experience via improved staff productivity with the best of Polaris Bank staffers driving the process having gone through upskilling and retraining programmes. This ensures we are driving a productivity-sensitive framework that marries staff effort with measurable business contributions.

“We have zeroed in on offering superior customer experience as a competitive tool. The new world of competitiveness requires that corporations are agile and flexible, we are building this into the bank’s operational DNA. Our customer journey experiences have been deconstructed across demographics and the service propositions will soon grace banking halls in the next eighteen months at the latest.

“We plan for a stronger balance sheet, with higher loan quality, greater liquidity, larger capital, and resilience to absorb economic shocks. Our loan asset quality has improved significantly, thereby improving liquidity, earnings, and the bank’s capital. We are primed to improve our cost-to-income ratio (CIR), Capital Adequacy Ratio (CAR), and Cost-of-Risk ratio (CoR). In the recent past, we saw bumps in the risk area with CoR higher than we would like, but more recently risk quality has improved leading to lower CoR.”

With a focus on customer-centricity, risk management, cost optimization, and technological advancements, Polaris Bank is seen as positioning itself as a major player in the industry, offering superior customer experiences and driving financial performance.

The Bank has been decorated as Nigeria’s Digital Bank of the Year in two successive years; it aims to position itself as a dominant digitally-led retail franchise, delivering superior value to stakeholders.

Old Mutual Nigeria Celebrates Parent Company’s 178 Years of Financial Service Heritage

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Samuel Ogbu

West Africa Chief Executive Officer

Old Mutual

Old Mutual Nigeria Life Assurance Company Limited and Old Mutual General Insurance Company Nigeria Limited, subsidiaries of Old Mutual Limited (OML), Africa’s foremost provider of innovative financial, investment and insurance solutions, joined other African subsidiaries and affiliates to celebrate the parent company’s 178 years remarkable journey of shaping the financial landscape across the continent.

Since its inception in 1845, Old Mutual has been committed to providing cutting-edge wealth creation, management, and protection solutions to its customers and value creation for its partners and shareholders while serving and supporting the communities wherever it operates on the continent.

Commenting on the milestone, Samuel Ogbu, West Africa Chief Executive Officer at Old Mutual, said: “Today, we celebrate a landmark attainment of enterprise longevity. We celebrate a heritage of nearly two centuries of astute financial, investment, and risk management solutions for Africa and Africans. Our longevity is built on the pillars of wisdom, resilience, and understanding. We have leveraged these to serve the aspirations and dreams of African families, supporting them to achieve their life and financial goals.

“Over these years, Old Mutual has worked tirelessly to provide excellence in service and reliability to bring peace of mind and financial freedom to our customers.  We have provided quality products and solutions that have safeguarded the financial well-being of our valued customers through turbulent times of strife, wars, economic recession, and even depression”, he added.

“Old Mutual has been a certain friend in uncertain times for 178 years. We have been making a positive difference in many lives for a long time, and that does not happen accidentally. We take immense pride in our legacy of providing solutions that help to build positive futures for our customers, employees, and the wider society.”

Ogbu added that Old Mutual has always sought to remain true to the customer-centric ethos on which it was founded, seeking to make a positive difference in the lives of its stakeholders and the broader society.

” Old Mutual has created an environment that fosters growth, development, and personal fulfillment for its employees.”

As Old Mutual looks to the future, it remains committed to furthering its mission of delivering innovative and reliable solutions for customers.

The company strives to stay at the forefront of industry advancements through continuous research and development, ensuring its customers always benefit from cutting-edge offerings.

Furthermore, Old Mutual will continue to focus on empowering communities and supporting initiatives that foster economic growth and social progress.

 

 

Stanbic IBTC Pension Managers Organises Pre-Retirement Seminars Nationwide

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L-R: Nike Bajomo, Executive Director, Business Development, Stanbic IBTC Pension Managers; Emeka Ephraim, Head, Pension Department, Rubber Research Institute, Benin; Flora Egbadon, Director, Supply and Administration/Secretary, Edo State Pension Bureau and Yinka Johnson, Head, Business Development, Stanbic IBTC Pension Managers during the 2023 pre-retirement seminar for retirees organised by Stanbic IBTC Pension Managers in Benin, Edo State.

Stanbic IBTC Pension Managers Limited, a subsidiary of Stanbic IBTC Holdings Plc, recently organised a series of pre-retirement seminars in three states across the federation – namely Edo, Plateau, and Oyo States, from 11 May to 25 May 2023.

At these seminars, the esteemed customers of the organisation received valuable knowledge on effective early retirement planning and investment strategies.

Themed “Making Extraordinary Happen in Your Post-Work Life,” the seminars served as a platform to empower individuals with essential tools and information necessary for a comfortable and worry-free retirement. The event attracted a diverse audience eager to learn about securing their financial future post-work life.

Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers, highlighted the objectives of the seminars which include preparing retirees for retirement and educating of pension fund contributors on various topics such as application procedures, retirement documentation, and other pension-related matters.

This initiative reflects Stanbic IBTC’s ongoing commitment to providing clients with exceptional value.

According to Olumide, “the pre-retirement seminar series is a step in the right direction towards empowering pension contributors to make informed decisions, prepare for life after work, and retire well. The engagement and interaction from highly engaged attendees testify to the value we deliver to our clients.”

During the seminar, Dr. Sylvanus Jatto, Medical Consultant, Stanbic IBTC Pension Managers, gave a health talk on nutrition and lifestyle changes to be adopted to prepare attendees for a healthy and wealthy retirement. He charged the soon-to-be retirees on prioritising their health at retirement.

Nike Bajomo, Executive Director, Business Development, Stanbic IBTC Pension Managers, emphasised the importance of making prudent financial choices in retirement.

Bajomo highlighted that individuals who start saving for retirement early are more likely to accumulate a substantial amount in their Retirement Savings Accounts (RSA) over time, providing a solid basis for their retirement.

However, individuals who delay retirement planning can still achieve financial security with careful preparation and voluntary contributions.

“As an organisation, we have established this pre-retirement workshop to support the goals of pension contributors who are working hard to retire safely,” Nike said.

Nike reiterated Stanbic IBTC Pension Managers’ commitment to helping customers retire well and encouraged them to take full advantage of the available resources and information during and after the seminar.

 

 

Nigeria’s Telecom Access Gaps Drop by 53%

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The number of identified areas of clusters across Nigeria without access to the telecommunications services has been reduced by 53.1 per cent as at the end of 2022.

The Executive Vice Chairman and Chief Executive Officer of the Commission, Prof. Umar Garba Danbatta, disclosed this at a recent telecoms industry stakeholders forum in Yenagoa, Bayelsa State.

Danbatta, who was represented at the Forum by the Head, Pre-Licensing at the Commission, Usman Mamman, said from 207 clusters of access gaps in 2013, the industry has witnessed a reduction to 97 as of end 2022 by bridging 110 clusters of access gaps, representing a 53.1 per cent reduction.

He said by implication, the number of Nigerians who fell within the access gap which were estimated at 37 million in 2013 has been reduced to 27 million, following increased access to telecoms services by those hitherto not digitally included.

Access gaps refer to the cluster of communities or grouped areas in different parts of the country that are bereft of access to telecom services and till date, the NCC has reduced clusters of access gap by more than half.

Danbatta said: “We have worked tirelessly to ensure we bring telecom services to people living in rural, unserved, and underserved areas of this country, totalling 37 million people courtesy of the consultancy that was conducted in 2013. By 2019, we had succeeded in reducing the clusters of access gaps to 114 through the deployment of the necessary infrastructure needed to bring services to people living in rural, unserved and underserved areas of the country. The deployment of infrastructure is in terms of base transceiver stations, which resulted in the reduction of Nigerians in those clusters from 37 million to 31 million in 2019. By 2022, we have reduced the clusters of access gaps to 97 from 207 in 2013. The number of Nigerians again have come down from 37 million in 2013 to 27 million as we speak. We achieved this by deploying, from 2009 to 2011, a total of 79 new base transceiver stations.”

Danbatta stated that in 2013 to 2018, the telecom sector also witnessed the deployment of additional 124 base transceiver stations while from 2019 to 2022, a total of 364 base transceiver stations were deployed.

“So far, the total number of base transceiver stations we have deployed to date between the time the access gaps were identified till the end of 2022 are 567,” he said.

While describing the reduction in access gap so far as a landmark, Danbatta, however, said the Commission will not rest on its oars as it thrives to ensure that the remaining 27 million Nigerians, who currently lack access to telecoms services, are provided with services.

Meanwhile, the EVC said part the regulatory interventions of the Commission to bridge the remaining 97 access across the country to provide ubiquitous connectivity in all the nooks and crannies of Nigeria are the issuance of the Mobile Virtual Network Operator (MVNO) Licences and the deployment of Fifth Generation (5G) networks, among others.

World Bank: Global Growth to Decline to 2.1% in 2023 from 3.1% in 2022

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Global growth is set to slow in 2023 to 2.1 percent.

Tight global financial conditions and subdued external demand will weigh on growth across emerging market and developing economies.

Downside risks include more widespread banking stress and tighter monetary policy.

Global co-operation is needed to bolster financial regulatory reform, mitigate climate change, and provide debt relief.

Central bank credibility remains critical for macro-economic stability.

Fiscal space can be gradually rebuilt through increased spending efficiency and domestic revenue mobilisation.

Reversing slowing potential growth will require reforms to foster physical and human capital, labor supply, productivity of services, and trade.

Online Voting Commences for Nominees of Nigerian Healthcare Excellence Award 2023

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Online voting has commenced for the Nigerian Healthcare Excellence Award 2023 (NHEA) for nominees who were able to scale the first round of assessments by the NHEA Jury.

Duchess, Cedarcrest, AXA Mansard, Total health Trust, GE, JNCI, UBA, Access Bank, Echolab, Pyramid Diagnostics and over 100 other organizations and individuals have been nominated.

Speaking on the nomination and voting, Moses Braimah, NHEA Director of Communication, Marketing & Strategy says, “nomination closed on May 23rd, 2023, with so many surprises and excitements. We are now at the final stage where voting has commenced by the public and some categories of shortlisted nominees are being visited by our team of inspectors to verify claims made by nominators for nominees.”

Vivian Alikali, NHEA Executive Secretary, says “the voting process requires the potential voter to visit the NHEA voting portal, (https://nigeriahealthcareawards.com.ng/online-voting/) to register in order to create an account, which is then authenticated via the email provided by the registrant. After successful registration, the voter can then begin voting after login. “

Voting will end at midnight on June 20, 2023. Winners will be announced at a grand ballroom ceremony on Friday, June 23, 2023, at Eko Hotel & Suites Victoria Island, Lagos.

The NHEA Jury shortlisted nominees from over 30,000 nominations that were received. Other nominees that made it include Anambra State, Kano State, EHA Clinics Kano, Evercare Hospital, Save a life Hospital PH, Clinix Healthcare, Pyramid diagnostics PH,

Clinix Healthcare, Me Cure Healthcare Limited, Hygeia HMO, Advantage Health, Mobi Health’ Nordica Fertility Centre, Dee Medical Centre Jos, Renal Dialysis Centre, St. Nicholas Hospital, Zenith Medical & Kidney Centre Abuja, Eye Foundation Hospital, Tulsi Chanrai Foundation Eye Hospital Abuja, First Mobile Dental, Beaconhill Smile Clinic, Choice Dental, Lakeshore Cancer Center, NSIA Luth Cancer Center. Astella Physiotherapy Clinics, Enugu, Crown Healthcare, PPC Limited, GE Healthcare, Healthplus, Medplus Pharmacy, Ecomed, Emzor, GSK Plc, MyMedicines, Mpharma, etc.

The award is aimed at recognizing and celebrating the achievements of personalities and organizations who have contributed immensely to the growth and development of the Nigerian health sector in the last one year.

In addition, it will recognize the rapid growth of Nigeria’s healthcare sector, the role of technology and the capacity of organizations and individuals to influence and set new performance standards in Nigeria and beyond.

NHEA, the Oscar of Nigeria healthcare is supported by PharmAccess Foundation.

The award is organised by Global Health Project and Resources (GHPR) in collaboration with Anadach Group, USA.

Access Bank Unveils 1st American Express Cards in Nigeria

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In maintaining its leadership status as Nigeria’s most innovative bank, Access Bank has unveiled two new consumer credit cards: the Access Bank American Express Gold Card and the Metal Platinum Card.
These are the first American Express cards to be issued in Nigeria and West Africa.
By launching these cards, Access Bank has improved its overall offering to its retail and private bank customers, who can now enjoy the Membership Rewards loyalty programme and a wide range of travel and lifestyle benefits.
In 2019, Access Bank signed an agreement with American Express to start acquiring merchants, enabling businesses across the country to accept payments from international American Express Cards. The bank is now ready to issue the first American Express credit cards in West Africa.
The Gold and Platinum Cards showcase the international American Express card design, featuring the distinctive ‘Centurion’ icon.
Similar products are also issued outside of Nigeria by American Express or third parties licensed by American Express and provide cardmembers with extensive rewards and benefits.
Through Access Bank, this credit card experience is now available in Nigeria.
Herbert Wigwe, Group Managing Director, Access Holdings, said the cards will be available by request and invitation and customers who have signified interest will begin to enjoy the usage from Tuesday, June 13, 2023.
He said: “We are a bank of many firsts. We do have a wide network and with this partnership, AMEX will have 60 million customers supporting this partnership. It is a massive endorsement for us to work with AMEX in this partnership.
Roosevelt Ogbonna, Managing Director and CEO of Access Bank said: “The launch of American Express Cards in Nigeria is another milestone in the continued development of a vibrant and fast-growing payments industry. Customers want more than transactions – they want real value.
“With American Express, we can provide valuable card benefits, strong loyalty rewards, and a real reason to use electronic payments instead of cash. By diversifying our services to facilitate payments, we can connect more consumers to the SMEs and retail businesses across the country who we know are the engine of economic growth.”
Chizoma Okoli, Deputy Managing Director, Retail South, Access Bank, said the unveiling of the credit cards is a testament to the bank’s leadership role in the country.
Her words: “We are always at the forefront in the banking sector here in Nigeria and this is our newest innovation as we lead others. You can see these AMEX cards anywhere in Nigeria except here at Access. I know our customers who are going to reap the benefits will be proud of us”.
Victor Etiokwu, Deputy Managing Director, Retail North, said the partnership with American Express is not the first and won’t be the last.
He said: “In the payment world, it is important to have varieties and as a financial sector supermarket, we have varieties of lovely items for the benefit of our customers. AMEX is a unique brand and we have always wanted to have them on our portfolio and we are glad this has become a reality. We will continue to collaborate with AMEX.
Mohammed Badi, President, Global Network Services at American Express, said: “By granting Access Bank a license to launch the first-ever American Express Cards in Nigeria, American Express’ presence in Africa is becoming even more vibrant. The Access Bank American Express Gold Card and the metal Platinum Card enhance the credit card experience in Nigeria with special benefits, access, and service – for Cardmembers both in Nigeria and when travelling overseas.”
Alongside dual-currency functionality (NGN/USD) and international acceptance, the American Express cards include airport lounge access, car rental perks, membership rewards, loyalty points, as well as insurance and protections.
On top of these features, the Platinum Card also offers expanded airport lounge benefits, with complimentary access to more than 1,400 lounges through the American Express Global Lounge Collection.
There are also Hotel perks and upgrades through The Hotel Collection and Fine Hotels + Resorts, special status access in the Hilton Honours, Radisson Rewards, and Marriott Bonvoy rewards programmes.
Other benefits include complimentary access to hotel membership programmes, with Tablet Plus membership and Mr & Mrs. Smith Gold status, 24/7 travel and lifestyle concierge services.
At the launch, Briana Wisley, Vice President and General Manager, Network Partnerships EMEA, American Express, while commenting on the partnership between Access Bank and AMEX said it was only Access Bank that ticked all the boxes they were looking for and AMEX is happy to be doing this with Access Bank.
She said: “Across Nigeria and in West Africa, Access Bank has a great record of expertise and innovations in the payment space. And this is why we are excited to have them as the issuing partner for this product in Nigeria and West Africa. So, it is very exciting for both of us.
“We are a globally integrated payments company and one of the world’s largest card issuers. We are happy with Access Bank and we give customers access to products, insights and experiences that make life better and help grow business value. Today, we have more than 135 million cards globally. You can use them in over eight million locations in 198 countries and territories.
“So, you can see that we are a global brand and we are glad that Access Bank customers are now going to enjoy all the benefits of having AMEX cards. One of our key objectives is to continue expanding that scale and relevance globally. And we do this in many ways by investing to modernize the AMEX network by launching innovative products and granting licenses to financial institutions like Access Bank, which can issue cards and grant access to our cards to millions of merchants.
“In fact, since 2017, the number of places you can use your AMEX cards globally has more than tripled. And that is a great part, thanks to our wonderful partners like Access Bank”.

About Access Bank Plc
Access Bank, a wholly owned subsidiary of Access Holdings Plc (“Access Corporation”), is a leading full-service commercial bank operating through a network of more than 600 branches and service outlets, spanning three continents, 18 markets, and 52 million customers.
The bank employs 28,000 people in its operations in Nigeria and has subsidiaries in sub-Saharan Africa and the United Kingdom, a branch in Dubai, UAE, and representative offices in China, Lebanon, India and now France.

Access Bank’s parent company, Access Corporation, has been listed on the Nigerian Stock Exchange and has over 900,000 shareholders.
As of March 31, 2022, Access Bank had total assets of approximately $28.8 billion.

It has won many awards globally, including the Best Commercial Bank in Nigeria by the International Banker Award for 2021 and the Outstanding Business Sustainability Achievement Award of the Global Sustainable Finance Awards, Karlsruhe 2022 by the European Organisation for Sustainable Development (EOSD).

 ‘We Are Promoting Adire to Support SMEs to Play in AfCFTA, Boost Tourism, Culture in Africa’ – Ecobank

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L-R: Former Managing Director, Ecobank Nigeria, Patrick Akinwuntan; Former Group CEO, Ecobank Transnational Incorporated (ETI), Ade Ayeyemi; Former Managing Director, Bank of Industry (BoI), Evelyn Oputu; Managing Director/Regional Executive, Ecobank Nigeria, Bolaji Lawal and President, Africa Fintech Network, Dr. Segun Aina, during the Ecobank Adire Experience in Lagos.

It was a beehive of activities and funfair at Ecobank Adire Lagos Experience which took place over the weekend at the sprawling Ecobank Pan African Center (EPAC), Lagos.

The 3-days Adire exhibition which is the second edition according to the bank is to promote culture, tourism, Micro, Small and medium Enterprises (MSMEs) to benefits from the African Continental Free Trade Area (AfCFTA).

Originating from Abeokuta in Southwestern Nigeria, Adire textile is an indigenous indigo-dyed cloth made by using different wax resist methods to create dazzling designs.

The exhibitions witnessed the influx of topflight exhibitors, government functionaries, culture enthusiasts, social media influencers, artistes, local and foreign tourists, traditional rulers, diplomats, and members of the National Union Textile Garment Tailoring Workers of Nigeria (adire Sector).

Managing Director/Regional Executive, Ecobank Nigeria, Bolaji Lawal, speaking at the event said the support for Adire textile was a demonstration of the bank’s commitment to supporting MSME growth in Nigeria, stressing that the bank was impressed and motivated by the phenomenal success of the maiden edition held last year.

“We believe that through this event we are showcasing the enormous potentials in adire clothes. If you look at what Ghana has done with kente and America with jeans, we want to promote adire as a Nigerian clothing brand to the world,” he stated.

Speaking in the same light, Kola Adeleke, Executive Director, Commercial Banking, observed that the bank’s support was to connect the SMEs to the world and play in the AfCFTA landscape, stating that with the bank’s footprint in Africa and unified payment system, it was capable of taking adire to the world stage.

According to him, “Ecobank has the largest presence in Africa. We have presence in 33 countries in Africa. That gives us the opportunity and advantage to connect African businesses across the continent. When you look at the impact, we are making in the SME sector in the country, there is a need to deepen the opportunities in the market. Producing quality products will give our Nigerian producers the opportunity to sell their products to other Africans across the continent.”

Adeleke observed that the bank’s support for adire goes beyond exhibition but supporting the producers to play in the international market.

“Ecobank has a single market app which we have built. Our customers can onboard and on the app; they can advertise their products. This app is accessible to other Africans across the continent. So, this is the kind of support that we are looking at beyond providing the normal financial advisory services but connect entrepreneurs across the world.”

Mrs Korede Demola-Adeniyi, Head, Consumer Banking, said the exhibition is part of the bank’s contribution to boost the nation’s tourism, culture and the creative industry using adire as a key driver, adding that the bank was impressed with the turnout of high-profile exhibitors, vendors, dignitaries from different parts of the world.

According to her, “the bank is encouraged with the success of the maiden edition which took place last year.  It is in line with our brand promise as a pan-African institution to promote culture and boost tourism on the continent. We are impressed with the patronage and interest shown by exhibitors and dignitaries from all walks of life.”

“The 3-days event also featured a series of masterclasses as well as networking opportunities with entrepreneurs, shoppers and everyone interested in the making or trading of adire,” she said.

Cross section of exhibitors, shoppers, and vendors were full of praises for Ecobank, urging the Pan African bank to make it an annual event as promised.

 

 

Access Bank Launches the first American Express Cards to be issued in Nigeria

Danbatta Receives APPON Award, Assures of Broadband Support for e-Procurement

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L-R: Prof Umar Garba Danbatta, Executive Vice Chairman/Chief Executive Officer, Nigerian Communications Commission (NCC) and Chief Ahmed Akasoro, The Ashogbon of Lagos, at the presentation of the Procurement Compliance Excellence Service Award to Danbatta during the 3rd Annual National Conference/Induction Award Ceremony by the Association of Public Procurement Practitioners of Nigeria (APPON) held in Lagos recently.

The Association of Public Procurement Practitioners of Nigeria (APPON) has conferred the Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, with the “Excellent Service Delivery and Accountability Award.”

The award was in recognition of Danbatta’s outstanding performance and contribution to the canons of the public procurement profession in Nigeria by ensuring that the NCC complies strictly with the provisions of the Public Procurement Act (PPA) 2007.

He received the award at the 3rd Annual National Conference and Awards Ceremony organized by the APPON in Lagos recently.

Danbatta was adjudged to have led an NCC that is transparent and open and compliant with the provisions of public procurement as enshrined in applicable laws of the land.

In his remark, APPON National President, Akparawa Kanico, congratulated the EVC for his remarkable leadership and ability to inspire everyone around him towards ensuring effective procurement process in the Commission.

He stated that the leadership finesse and administrative prowess of Danbatta have reflected in the impressive growth that the telecoms sector has witnessed in being an enabler of growth in other sectors of the economy and the national economy as a whole.

Responding, the Danbatta appreciated the organisers of the Awards for the recognition while describing it as ‘a great motivation to him and the Commission to be more transparent, open and process-driven in its procurement activities.’

Meanwhile, speaking on the topic: “Implementation of e-procurement in Nigeria: Prospects and Challenges” at the event, Danbatta said broadband connectivity, being driven by the Federal Government, through the Commission, will enhance electronic procurement (e-procurement) that will ensure greater accountability and transparency in governance process in Nigeria.

He stressed that e-procurement was the way to go and that the Commission will continue to create the enabling environment required for e-procurement to thrive through NCC’s dedicated commitment to driving the attainment of ubiquitous broadband connectivity across Nigeria.

Danbatta said Nigeria’s investment in broadband infrastructure is yielding substantial benefits for the country’s e-procurement sector, revolutionising the way businesses engage in procurement processes, especially Government-to-Business (G2B) and other e-government activities.

“With the new administration in the country making broadband connectivity an outstanding pillar in its policy thrust, the Commission would continue to focus on improving broadband infrastructure to change the landscape of procurement governance, and help to unlock new possibilities for businesses and public institutions.

“With improved Internet connectivity, businesses across the country now have faster and more reliable access to e-procurement platforms, enabling them submit proposals, monitor tender opportunities in real time, and participate in online bidding process,” he said.

At the event, two members of staff of the Commission were inducted as APPON Fellows.

They are Adejoke Atte, NCC’s Head of Procurement Department and a Principal Manager in the department, Bernard Kwembeh.

 

 

 

5 Nigerian Insurers Under Investigation over Alleged Under-selling of Motor Insurance

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Mr. O. S. Thomas

Commissioner for Insurance/CEO

National Insurance Commission

Federal Republic of Nigeria

A total of five insurance firms in Nigeria are currently under investigation over alleged under-selling of Third-Party Motor Insurance policies below the N15, 000 official rate approved by the industry regulator, National Insurance Commission (NAICOM) effective January 1, 2023.

Agents at motor licensing offices in Lagos alleged they were selling the policies between N5, 000 and N8, 000 on behalf of the said insurers.

Business Journal initiated the investigation following the May 24, 2023 circular on the issue by the Nigerian Insurers Association (NIA).

The NIA circular (Ref: NIA. MTPC/YI23), which was signed by Mrs. Yetunde IIori, Director-General/CEO, Nigerian Insurers Association (NIA) read in full:

ADHERENCE TO THE APPROVED RATES FOR MOTOR INSURANCE

Following the decision reached at the 2023 CEOs retreat in respect of the need to implement the new premium rates on Motor Insurance, it has become pertinent for the Association to reiterate the need for companies to sell motor insurance policies at the approved rate.

The Secretariat has received reports that some companies are selling below the approved rates, and this does not augur well for the growth of the market even as it brings serious reputational issues to the insurance business.

Also, the Governing Council is displeased with the activities of agents within licensing offices engaged by member companies to sell third-party motor insurance at reduced rates and other such arrangements.

The Association will not hesitate to report defaulting companies to the National Insurance Commission (NAICOM).

Companies are therefore enjoined to ensure compliance to avoid regulatory sanction.

Lamenting the situation, the CEO of a major player in the market, who spoke to Business Journal on the condition of anonymity said:

“It is disheartening that some of us are sabotaging a policy that is designed to increase our revenue base and ensure sustainable growth of our business.

Even before the May 24 circular by NIA, some of us were already aware of such unprofessional misconduct at various licensing offices across Lagos.

Today, petroleum subsidy has been removed, creating escalating operational cost for operators and food inflation, which puts immense pressure on insurance companies to increase the salary of workers in view of the present economic situation in the country. So, why should any right-thinking insurer sell third party motor insurance policy below the N15, 000 rate approved by NAICOM? It’s unfortunate.”

Commenting on the development, the Publisher/Editor-in-Chief of Business Journal, Prince Cookey stated:

“We are working with 12 motor licensing agents to verify and ascertain the credibility of the allegation against the named five insurance companies. We shall follow the facts wherever they lead to.

The exercise is our little contribution towards the enthronement of professionalism and sanity in the Nigerian insurance industry.

Once the investigation is completed, the report would be published across our media spectrum: online, magazine, newspaper and official social media handles.”

Read more: www.businessjournalng.com