Unitrust Insurance: Adedayo is New CEO, Olatunji Becomes ED, Technical

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Business Journal

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11/02/2023

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Adedayo Arowojolu

Managing Director/CEO

Unitrust Insurance Company Limited

Unitrust Insurance Company Limited has appointed Mr. Adedayo Arowojolu as the new Managing Director/CEO and Mr. Olatunji Anibaba as the Executive Director (Technical) of the Company. Both appointments have been approved by the National Insurance Commission (NAICOM).

Mr. Arowojolu is a graduate of the University of Ibadan, Ibadan, Oyo State, Nigeria where he obtained his first and second degrees. He started his professional career in 1998 and has over 24 years of work experience in the insurance industry. Prior to his appointment, Mr. Arowojolu was the Managing Director/CEO of Coronation Insurance Ghana LTD. He is a Fellow of the Chartered Insurance Institute of Ghana and an Associate of the Chartered Insurance Institute of Nigeria. He is versatile in Oil & Gas insurance, sales, underwriting, and claims administration.

Anibaba is a graduate of Lagos State Polytechnic, Lagos, and has a Master’s in Business Administration from Obafemi Awolowo University, Ife, Osun State. He has over 25 years of work experience in the insurance industry.

He started his career with Glanvill Enthoven & Co. Insurance Brokers and prior to his appointment, he worked in various Units of Custodian and Allied Insurance Limited where he left as the Head of, the Oil and Gas/Special Risks Unit. He has wealth of experience in Insurance Underwriting, Claims administration, and Oil and Gas Insurance.

Anibaba is an Associate of the Chartered Insurance Institute of Nigeria and an Alumnus of the Lagos Business School (SMP27).

Mr. Arowojolu succeeds the erstwhile Managing Director, Mr. John Ijerheime who is retiring after over 40 years of an illustrious career in insurance while Mr. Anibaba replaces Mrs. Yetunde Adenuga who previously served in the position but retired to pursue other opportunities.

In line with the Company’s vision, Messrs Arowojolu and Anibaba are bringing on board a wealth of experience to continuously improve service delivery through differentiated products and proactively managing the risks of our numerous customers and thus, delivering a unique customer experience.

About Unitrust Insurance Company Limited

Unitrust Insurance was established in 1981 and licensed in 1986 in Nigeria to operate as a General/Non-Life insurance company.

The Company’s range of insurance products includes but is not limited to Oil & Gas, Motor, Marine and Aviation, Engineering, Agriculture, and Travel. The Company has shareholders’ funds in excess of N15 billion and an Asset Base of over N19.6 billion as of December 2021.

Consolidated Hallmark Insurance Unveils IfYouLoveItInsureIt Media Campaign

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Business Journal

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09/02/2023

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Mr. Eddie Efekoha

Group Managing Director/CEO

CHI Plc

Consolidated Hallmark Insurance (CHI) Plc, one of the leading general business insurance providers in Nigeria, has kicked off its annual media campaign to sensitize Nigerians on the need to always insure their cherished assets, especially as the season of Love, Valentine sets in this February.

The campaign is hinged on the hashtag #IfYouLoveItInsureIt, and harps on the need to ensure that individuals and organizations who have spent enormous amounts of money to acquire valuable assets including automobiles, homes and even people, to ensure that they do not leave such acquisitions they love unprotected.

The Company thus encourages Nigerians to extend the love they have for their assets by protecting them through insurance against damages to them and or liabilities that could arise from their use.

The Group Managing Director/CEO of the firm, Mr. Eddie Efekoha, said the Company has been embarking on awareness drive for insurance of loved, valuable assets and emphasised that with their rising costs of replacement, the need for adequate protection through insurance has becomes even more compelling. Insurance, he said, remains a reliable fall-back option for repair or replacement of such assets when the unexpected occurs.

As we celebrate love, he said the gift of insurance should be considered as one of the best gifts to be purchased for our loved ones this season as it helps to lessen financial burden when losses occur.

The #IfYouLoveItInsureIt campaign is being rolled out across the Digital Platforms of the Company accessible through @myCHIplc on Instagram, Twitter, Facebook, LinkedIn and radio stations in the commercial capital of Lagos, national capital of Abuja and regional capital of Port Harcourt.

The Company offers competitive premium rates for all classes of insurance including Motor, Travel, Home, Marine, Group Personal Accident, with service offerings by associated companies in Health Maintenance, Micro Life Assurance and Finance.

Wema Bank, Standard Chartered Explore Partnership Opportunities

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Business Journal

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09/02/2023

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L-R: MD/CEO, Wema Bank Plc, Mr. Moruf Oseni; Executive Director, Standard Chartered Bank Nigeria, Mr. Olukorede Adenowo and Deputy Managing Director, Wema Bank Plc, Mr. Wole Akinleye, during a courtesy visit to discuss business opportunities between both financial institutions at Wema Bank Towers in Lagos.

Supreme Court Stops February 10 Deadline on Old Naira Notes

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Business Journal

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08/02/2023

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The Supreme Court of Nigeria has ruled that the February 10, 2023 deadline on the use of old Naira notes of N200, N500 and N1000 by the Central Bank of Nigeria (CBN) will no longer hold.

The ruling follows an ex-parte motion filed by the Governors of Zamfara, Kogi and Kaduna States on February 3, 2023 praying the apex court to compel the Federal Government and CBN not to implement the February 10 deadline pending the determination of their motion on notice.

Accordingly, their prayer was granted by a seven-man panel of the Supreme Court headed by Justice Okoro which set February 15, 2023 for hearing on the motion by the three States.

‘Enhanced Pension for Programmed Withdrawal Retirees Leaves Life Annuity Retirees in Limbo’

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Business Journal

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07/02/2023

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By

Dr. Pius Apere (PhD/FCII)

(Actuarial Scientist and Chartered Insurer)

Chairman/CEO

Achor Actuarial Services Limited

Introduction

There had been a delay in the implementation of the guaranteed minimum pension (GMP) leading to retirees’ inability to have sustainable standard of living in retirement. This could be considered as the main reason for PENCOM’s attention being drawn to the “clamouring for periodic enhancement of the pension for retirees on Programmed Withdrawal (PW) under the CPS” using the surpluses generated from the return on investment in their Retirement Savings Account (RSA). PENCOM’s framework on Enhanced Pension (EP) and the Addendum dated 3^rd October 2018 state that “PFAs shall continue paying current pensions to PW retirees that have insufficient growth [in their RSAs] to be considered for enhancement [and also those] that have fully exhausted their RSAs from the provisions made for Pension Protection Levy pending implementation of Minimum Guaranteed Pension (MGP)”, in pursuant to sections 82 (2) and 3(c).

PENCOM had approved the first and second tranches of enhancement of Pension for 2,916 and 52,186 PW retirees which amounted to monthly enhanced pension of N13.16 million and N1.71 billion with effect from December 2017 and 2018 respectively, as revealed in PENCOM’s Annual Reports. The third tranche of enhancement of Pension has been approved to take effect from February 2023.

The approval of regular enhancement of Pension for PW retirees only has left Life Annuity (LA) retirees in a state of limbo. This is because the regulation of LA product and insurers has not resulted in enhancement of pension for LA retirees probably due to the current LA product design being approved for the Nigerian Pension Industry. The implications of the foregoing are highlighted below.

Guaranteed Minimum Pension (GMP) Vs Enhanced Pension (EP)

The enhancement of pension (EP) for PW retirees only could be seen as cushioning the effect of the non-implementation of GMP but this is not a substitute for GMP for the following reasons:

In practice, the concept of GMP is a form of underpin applicable in the design of a defined contribution scheme, such as CPS, which has a main benefit that is defined contribution in nature, with a promise that the benefit will be at least a defined benefit (DB) amount (i.e. the GMP), usually a percentage of final salary at retirement date.
The GMP acts as a safety net (akin to an income support) usually to protect the retirees against the risks of low investment returns, with the aim to reduce the risk of volatility in standard of living in retirement for all retirees and not only for PW retirees. Whilst EP is based on appreciable increase in investment returns in RSAs.
EP and GMP would have different basis and methods of computations. For instance, PENCOM had engaged the services of Actuaries since 2018 to work on “a preparatory process to concluding the requisite framework and guidelines for the implementation of the GMP” as revealed in PENCOM’s Annual Reports to date. For EP, there is little or no actuarial techniques involved in the calculations.

Regulation of Pension Products in De-accumulation Phase

Basically, there are two types of pension products being used in the de-accumulation phase in CPS to provide retirement benefits for the RSA holders at retirement (as stated in section 7(1) of PRA 2014), namely Programmed Withdrawal (PW) and Life Annuity (LA) products. The PW and LA products are being offered and administered separately by PFAs and Life Insurance Companies (Life Annuity Insurers) respectively. On the other hand, the PFAs and Life Annuity (LA) Insurers are regulated by PENCOM and NAICOM respectively. However, the regulations on LA product are jointly issued by the two regulatory bodies, as specified in section 7(1) (c) of PRA 2014.

Briefly, LA product provides “a guaranteed periodic income (pension) to a retiree throughout his/her life after retirement with a minimum guaranteed period of ten years. If the retiree dies within the first ten years of retirement, the monthly annuity will be paid to his beneficiaries for the remaining years up to ten years at a present value”. On the other hand, PW retiree receives a regular income from his/her RSA (with the balance being invested continuously) over an expected lifespan until the RSA balance runs out. Thus, there is a risk that, if a fixed income is taken, the PW retiree’s RSA balance could potentially reduce to zero before the retiree dies and be dependent on the Government.

The Retiree Pack (A Guide for Retirees under CPS), jointed signed by both regulators on 1^st September 2020, stated that “PW retirees may benefit from periodic pension enhancement resulting from returns on investment of the pension funds in their RSAs. [Whilst] the periodic pension enhancement [for LA retirees] may be applicable depending on the type of [LA product] purchased” which is dependent on the LA product design approved by NAICOM. Furthermore, section 4.3 of Revised Regulation on Retiree Life Annuity states that “a retiree shall be at liberty to have increasing annuity features as an option subject to the [LA product] being approved by NAICOM”. Thus, the approval of EP for PW and LA retires is strictly under the control of the different regulators.

The Retiree Pack also stated that “LA premium [i.e. available retiree’s RSA balance at retirement after allowing for lump sum (if without a waiver) received from the PFA] is transferred to a Life Annuity Pool/portfolio of the LA Insurer [which is normally ring-fenced] and invested to generate income to the LA pool”. The profits of the LA pool (i.e. surplus being declared after an actuarial valuation of the portfolio) are currently not distributed between the LA Insurers and retirees, but for the benefit of LA Insurer alone, probably due to the LA product design approved by NAICOM.

However, it has become expedient and imperative for the LA regulator, operating under the current EP regime in the Pension Industry, to also consider ways of redesigning the LA product to allow for distribution of profits from the LA pools of a particular LA Insurer. This will help the LA insurers to remain competitive in the pension business over the long term, which is currently being controlled by the PFAs and at the same time, to an extent, cushioning the effect of inflation on LA Retirees’ pensions. In other words, the LA product may not be appealing to many new retirees in the future if no action is taken.

Furthermore, Retiree Pack prescribed the criteria in which PW retiree will be eligible to receive GMP when implemented as follows: “A PW retiree whose RSA balance is exhausted may be eligible for the payment of Guaranteed Minimum Pension (GMP) through the implementation of the Minimum Pension Guarantee (MPG)”. However, the guidelines are not explicit on the criteria in which LA retirees will be eligible for GMP. It is no gainsaying the fact that some LA retirees are living in poverty with their current pensions at subsistence level (even without taking into account the effect of inflation) and their pensions will surely fall below GMP when implemented.

Implications of Enhanced Pension (EP) for PW Retirees Only

The enhancement of pension for PW retirees only have raised some concerns by stakeholders despite the good intentions of the initiative/regulation.

Possibility of LA Insurers Losing Business to PFAs

The regular enhancement of Pension for only PW retirees would no doubt cushion the effect of inflation on their pensions over time, thereby creating unique selling proposition (USP) for PFAs that could be used to de-market the LA Insurers. Thus, there would be a natural tendency for more new retirees to choose PW product in the future rather than the LA product with no provision for EP. For instance, out of 45,107 new retirees in 2017, 70% (32, 444 new retirees) chose PW product while 30% (13,663 new retirees) opted for LA product. Similarly, out of 37,063 new retirees in 2021, 75% (27,843 new retirees) chose PW product while 25% (9,220 new retirees) opted for LA product.

LA Retirees’ Disenchantment for Lack of EP or GMP

The fact that the “[regular income from LA product] is not exhaustible, provided the retiree is still alive” does not mean that GMP will not be applicable to LA retirees and/or their regular pensions have not been eroded significantly by inflation over the time. Therefore, the LA retirees are also clamouring for enhancement of their pensions or implementation of GM, having considered the economic hardship facing Nigeria pensioners. The inability of the LA Insurers, being regulated by NAICOM, to provide enhance pension would result in de-marketing themselves. Thus, if the current trend in the provision of regular EP for only PW continues, the LA retirees’ disenchantment over inadequate pension for decent living would also continue to grow.

The Risk of PW Retiree’s RSA Balance Running Out Being Eliminated

PENCOM’s directive, as stated in circular dated 3^rd October 2018, that “PFAs to continue paying pension to PW retirees that have fully exhausted their RSAs from the provision made for Pension Protection Levy pending the implementation of GMP”, has technically eliminated the risk of their RSAs running out of funds over time which has always been a unique disadvantage of PW (drawdown pension) product relative to LA product. The directive has not only protected PW retirees’ RSAs from being fully exhausted due to risk of low return on investments in their RSA balances but also from when they have deliberately received a high fixed income over time.

Depletion of Pension Protection Fund (PPF) for Financing GMP

The use of PFA’s Pension Protection Levy for paying enhanced pension to PW retirees with fully exhausted RSAs could create shortage of funds in PPF leading to delay in implementation of the GMP for the benefit of all retirees, particularly if the Federal Government has not fully complied with the payment of its annual subvention into PPF, as required in section 82(2)(a) of PRA 2014.

Conclusion

The current pensioners in Nigeria are in dare need to have a sustainable standard of living in retirement in this period of serious economic hardship facing the country. Therefore, the provision of regular EP by PENCOM for the WP retirees is a step in the right direction pending the implementation of GMP. However, the provision of EP for LA retirees which is under the control of NAICOM would not be achieved without revisiting the current LA product design.

Stanbic IBTC Unveil Special Valentine Package for SMEs

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Business Journal

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07/02/2023

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Stanbic IBTC Bank, a member of Stanbic IBTC Holdings, has provided juicy options for its customers to enjoy access to cash flow to scale their business in preparation for the upcoming season of love celebrations.

The organisation has said that its digital loan solutions will make funds available for customers to stock up, purchase necessary gift items for their loved ones, pay salaries and meet other financial obligations before, during and after the Valentine’s Day celebration.

Olajumoke Bello, Head, Enterprise Direct, Business and Commercial Client, Stanbic IBTC Bank, said, “Individuals need to show love and be loved in return. Gifting remains one of the best ways to express love, and limited cash should not hinder achieving this. As for businesses, none deserves to be cash trapped. They must seek easy and seamless opportunities to cash flow to keep the business running at all times.”

Olajumoke explained that the Bank has an SME EZ Cash short-term loan offering to business owners that fulfil specific qualifying requirements. It gives access to up to N5 million at a monthly interest rate of 3% and up to twelve months repayment period. Eligibility for EZ cash includes having an account for at least six months with no illegal overdrafts or returned cheques.

Women in business can gain better and simpler access to business funding through Stanbic IBTC’s Blue Blossom. A product for women to bridge the financial gap in their careers and enterprises and boost their economic empowerment.

A Blue Blossom account holder enjoys benefits including a zero current account maintenance (CAM) cost, access to business clinic sessions, a 0.50% reduction on loan management costs, and access to lending facilities at exceptionally competitive rates with a minimum account initial balance of N20,000.

Merchants can receive payments over USSD using the C’Gate Payment. The system can accept payments through POS terminals and the online web payment platform.

Stanbic IBTC Point of Sale (POS) is accessible for quick payment receipts from debits, payment of bills, and airtime purchases.

PrimePay, a payment solution that enables retailers accept payments from their consumers with one link, using various payment methods, is also available. It connects to a merchant’s current website, and clients may complete purchases using any supported online payment methods. We also offer Payment Gateway Service for businesses to receive card payments directly from their websites and NQR Payment Solution to allow merchants receive payments via a secure QR code-based platform.

“With Stanbic IBTC digital products, customers can do more from the comfort of their homes. We offer ease and convenience while they carry out transactions of any kind. I urge existing and prospective customers to take advantage of our propositions and I wish you all a Happy Valentine’s celebration,” Olajumoke said.

‘Banks Not Hoarding New Naira Notes’

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Business Journal

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07/02/2023

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Full text of official statement from the Association of Corporate Affairs Managers of Banks (ACAMB).

ACAMB empathizes with the Nigerian public on the unintended hardships being faced in the process of the ongoing rollout of re-designed naira notes and enhanced cashless policy.

There is no doubt that the unintended constraints in the withdrawal of old naira notes and circulation of new naira notes, alongside the national policy to enhance cashless transactions, have had UNINTENDED effects on the generality of the Nigerian populace.

Nigerian Banks have invested an estimated total sum in excess of N100 billion in setting up and maintaining cutting-edge electronic channels over the past few years as part of ongoing commitment to seamless customer experience and real time digital financial transactions.

From internet banking to mobile apps, Automated Teller Machines (ATMs), Point of Sales (PoS) merchants, mobile wallets, Unstructured Supplementary Service Data (USSD) codes, agents and digital franchises among others; not less than 80 per cent of Nigerians now enjoy one form of digital or cashless transaction or another, powered by investments by Nigerian Banks.

These commitments by Deposit Money Banks (DMBs) have seen Nigeria rising steadily and recognised as having arguably Africa’s most advanced digital financial services industry and one of the world’s top 10 real-time payment markets. It is a national pride and a proof of Nigerian Banks’ commitment to customer service that Nigeria is regarded as having Africa’s most digitized banking industry.

Nigerian Banks remain committed to continuing investments in seamless and secured digital banking that EXCITE customers to voluntarily use and rely on the various digital and alternate PAYMENT SYSTEMS available.

In view of its numerous benefits and the cutting-edge capability of the Nigerian banking sector, ACAMB fully supports the enhanced cashless policy championed by the Central Bank of Nigeria (CBN). The entire banking sector is working with the apex Bank and other stakeholders to urgently address constraints in the implementation and ensure that Nigerians suffer no untoward pains in the transition process.

Nigerian Banks are currently working with the CBN to ensure that customers have access to cash through ATMs and other channels as well as Over-The-Counter (OTC) in the banking halls. ACAMB AFFIRMS without any equivocation that Banks are not in any way hoarding or holding back naira notes or engaging in any act inimical to our avowed commitment to exciting customer experience.

ATMs are being loaded every day and cash is being paid as provided by the CBN, as regularly being checked by CBN Inspectors and other regulators including anti-graft agencies.

In the past few hours, Banks have taken additional measures to quicken the flow of naira notes. These measures, among others, include deployment of extra technical supports for online payments, additional security at ATMs to ensure all-clock usage, technological back-up to reduce online downtime to the barest minimum, additional staff deployment to counters to attend to cash transactions and timely interbank and inter-branch networking to bridge any gap.

We are confident that these measures, in addition to efforts by the regulatory CBN, will result in greater ease of access and cash liquidity. The Federal Government and the CBN have reiterated similar readiness to address any constraint in the cyclical flow, including making adjustments, where necessary.

ACAMB urges Nigerian banking public to exercise patience and not to resort to any untoward behavior against Bank staff or banking facilities. Nigerian Banks, majority of which are publicly quoted, are owned by millions of Nigerians and provide employment to several millions of staff, who work 24/7 to ensure that the generality of Nigerians have reliable and secured, globally competitive banking services.

The cashless policy is generally in line with the yearnings of the most Nigerians for the elimination of corrupt practices in financial transactions, adequate security and improvements in law enforcements and general integrity of the wealth creation process.

As shown by global evidence, cashless policy helps in curbing crimes such as; kidnapping, banditry and official sleaze, among others.

Cashless or digital transaction is also a boost to commerce and industry; as well as public finance. It is noteworthy that digitization of public finances of many states and at national level has led to phenomenal improvement in REVENUE GENERATION, which form the basis of improved infrastructural renewals Nigerians now cherish.

It is also noteworthy that all stakeholders agreed on the importance and advantages of the redesigning of naira notes. The redesigning of naira notes safeguards the Nigerian economy and the country’s sovereignty, by strengthening the nation’s currency flow and control. We believe that ongoing concerted efforts will address the constraints currently being experienced in the cyclical flow of the new naira notes and the legal tenders generally.

Banks and customers are inseparable stakeholders as they exist for one another. It is therefore, detrimental to the interest of the general banking public to disrupt banking operations by untoward actions against Bank staff or vandalisation of banking facilities.

Nigerian banking industry owes its global success as a leader in digital banking to its enthusiastic customers and remains committed to do everything possible to ensure customers continue to have delightful experience; in the banking halls and across the electronic and other alternate channels.

ACAMB implores Nigerians to consider the big picture of the advantages of the redesigning of the naira and enhanced cashless policy, and therefore exercise patience, as stakeholders work to ensure normalcy. Customers must demonstrate ownership of their Banks and eschew any act that could lead to the disruption of banking operations or damage of banking facilities.

ACAMB shall continue to engage all stakeholders and stimulate effective communications to foster greater understanding and forbearance.

God bless Nigerian Banking sector

God bless Nigeria.

Rasheed Bolarinwa, President, ACAMB

NCC Commended as AfricaNXT 2023 Begins in Lagos

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Business Journal

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07/02/2023

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The Nigerian Communications Commission (NCC), at the opening of the AfricaNext show in Lagos attracted industry commendation for its efficient regulatory processes that have given verve to the realisation of full digital economy in the country.

Chief Executive Officer of CashToken Africa, Mr. Lai Labode, said the manner with which the Commission understands and supports the emergence of companies that have critical roles to play in actualising the dreams of the digital economy, promises that Nigeria will make the desired impact in the future of the country’s Information and Communication Technology (ICT) development.

Labode said NCC’s approach to transform the telecom industry and contribute to the Federal Government’s digital economy agenda was reflected in the diligence, speed and smartness in processing recent applications including that of CashToken, which, he said, had led to a major collaboration with Mobile Network Operators.

Other participants also spoke about the demonstration of commitment to efficiency in NCC’s operations and attainment of excellence in regulatory oversight, a key item in the Commission’s extant Five-Point Agenda for transforming the telecom sector.

CashToken Africa, operated by CeLD, is a Nigerian company advocating performance-based customer rewards and nudging firms to reward their customers with life-transforming rewards.

He spoke at CashToken Africa’s forum at the 2023 AfricaNXT conference focused on, “Socially Smart Business Models: Universal Cash Reward, Direct Sales Gamification and Wealth Redistribution.”

NCC is one of the sponsors and key agencies participating at AfricaNXT event and will take to the stands on Thursday, 9th February 2023, from 1.00pm-2.00pm, at the FutureNow Stage, with a theme that will focus on its mandates and efforts towards the realization of the digital economy agenda of the Federal Government.

Access Bank Unveils “Love is More” Campaign for Valentine Season to Celebrate Customers

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Business Journal

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07/02/2023

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Access Bank customers are in for a treat this Valentine season, as the retail giant is offering several discounts and mouth-watering freebies on its retail products and services to celebrate customers in this season of love.

The Valentine season campaign, tagged “Love is More,” will run from February 1 through March 11, 2023.

Robert Giles, Senior Retail Advisor, Retail Banking, Access Bank, told reporters at the campaign’s debut, “Valentine season provides us with another opportunity to demonstrate our love and appreciation for our customers for the years of loyalty and support for the bank. We are using this opportunity to thank our customers for their commitment to Access Bank. We value our customers and non-customers who rely on our services and products to conduct seamless banking activities, and we wish everyone the best of this season.”

Commenting further on the campaign, Njideka Esomeju, Group Head, Consumer Banking, Access Bank, said, “In the spirit of the season of love, we have unveiled several amazing offers to appreciate our customers during this month of love. Our customers who sign up for the XclusivePlus annual plan this month of February will not only receive a 10GB of data to share great moments with loved ones but will also get a 10% discount off their total purchases on Konga. Small business owners (SMEs) who open a Diamond Business Advantage Account (DBA) and grow their balance to N1,000,000 (DBA Trader Lite and DBA Basic) or N5,000,000 (DBA Growing to Prestige) and perform at least 2 transactions on the AccessMore app before February 28 stand a chance to win a free business protection bundle, a gift box, or a one-month fee waiver.

This season, when our women use their “W” branded debit card at Beacon Health Diagnostics, they will receive a 20% discount on cervical cancer screening. Ladies, you can get your “W” debit card today from any Access Bank branch close to you.

Customers who transact five times every week this February on AccessMore or *901# will qualify to win a N500 top-up on *901# and N1000 worth of data on AccessMore. In addition, we will provide our customers with free vehicle registration when they acquire a brand-new or pre-owned vehicle from one of our registered dealers nationwide.

Our salary account holders with Access Bank are not left out, as they can access a bouquet of loan offers and enjoy a 5% interest rate reduction in the first month of the loan repayment.

We are offering these and so much more to show how much we appreciate our customers’ consistent patronage.

To join the reward train, dial *901# or download and log onto the accessmore app to open a new account. You can also visit any Access Bank branch near you to reactivate your account, and then start transacting immediately to enjoy the Valentine season campaign benefits,” Njideka said.

Access Bank is a leading full-service financial institution operating through a network of more than 600 branches and service outlets, spanning three continents, 18 countries and 49+ million customers. The bank is committed to providing innovative and convenient banking solutions to its customers.

Nigeria, Niger Republic Sign Agreement on Border Frequency Co-ordination

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Business Journal

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06/02/2023

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Nigeria and Republic of Niger have signed a bilateral agreement in Abuja for co-ordination of frequency utilisation along their borders to ensure seamless deployment of services around within the two countries.

The agreement signing ceremony was one of the highlights of the two-day Digital Economy Regional Conference, hosted by the Nigerian government and facilitated by the Federal Ministry of Communications and Digital Economy, which ended in Abuja.

Nigeria’s Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami, signed on behalf of Nigeria, while his Nigerien counterpart, the Minister of Post and New Information Technologies, Mr. Moussa Baraze, signed on behalf of his country.

The Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta and Niger Republic’s Chairperson of the National Council for Regulation of Electronic Communications and Post, Mrs. Aichatou Oumani, were witnesses to the agreement, which applies to the co-ordination of frequencies existing in the Nigeria-Niger transboundary areas between 87.5 megahertz (MHz) to 30 gigahertz (GHz).

The agreement indicated it will help in effective coordination and sharing of frequencies and channels in the ‘buffer zone or area’ on borderlines between the two countries and also help to address one of the major issues of signal interference regulation that may arise in telecoms signal transmissions by terrestrial telecoms service providers, as it spells out the procedures for regulating such cases.

The agreement, according to the two parties, provides, in part, that in case of harmful interference affecting one of the parties, the affected party shall inform the other party in writing for necessary action to be carried out.

“Also, the party from whence the interference is originating shall ensure that all necessary means are used to resolve the harmful interference within 30 days of receipt of the notice”, the agreement says.

While the Agreement is without prejudice to the rights and obligations of the parties specified in the Convention, the Constitution of the International Telecommunication Union (ITU) and other inter-governmental arrangements, it states, however, that the land and mobile services whose use is restricted for security, maritime and national defence or for which information is not available, shall not be subjected to the provisions of the agreement.

Anchor Insurance MD, Austin Ebose, Bags Insurance CEO of the Year Award

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Business Journal

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06/02/2023

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Augustine Ebose

Managing Director/CEO

Anchor Insurance Company Limited

The Managing Director, Anchor Insurance Company Limited, Mr. Ebose Augustine Osegha, has bagged the Insurance CEO of the Year award in The Lagos CEO Awards event being organised by Kijani Media Communications.

In a letter signed by the Head Jury/Convener, Ambassador Ayo George and received by Mr. Ebose over the weekend, the body noted that” the jury, eminent people and indeed the good citizens and residents of Lagos have found you worthy of this honour largely for your hardwork, boardroom genius and your impeccable influence in the city and beyond.”

While congratulating the Anchor Insurance’s boss for making the list of awardees, the letter stated: “Indeed, to be amongst the top 20 CEOs in Africa’s commercial nerve centre in the year 2022 in review is a great pointer to the fact that you are worth your mettle,” noting further that “as it were, you are one of the very top bosses oiling the business and commercial engine of Lagos. “

According to the Chief Convener, “the ideas and activities by Anchor Insurance Company Limited in year 2022 were bold and revolutionary which were not common practices in the nation’s insurance sector before now. This in our rating, stood the Company out as one that was thinking out of the box and doing things differently in that sector, hence this well-deserved recognition that is being accorded the organisation’s leadership.”

Ebose who sits at the helms of affairs of the Fastest Growing Insurance Company of the Year award winning company and a Member of the Governing Council of the Nigerian Insurers’ Association (NIA) expressed his appreciation on behalf of the Board, Management and Staff of the organisation, saying that “it was an award which calls for more challenging activities and engagements.”

He thanked the public for believing in the business strength and brand direction of the company and promised not to disappoint the organisers in their judgement for the award.

Vice Chairman, Local Organising Committee on ECOWAS Brown Card Scheme Council; Member, Governmental Relations Committee of the Chartered Insurance Institute of Nigeria (CIIN) and Advisory Board member, Institute of Counselling in Nigeria. He was also a Member of the Organising Committee and Logistics/Publicity Committee respectively of the African Insurance Organisations’ (AIO) Conference hosted by Nigeria in 2021.

He is a Fellow, Chartered Institute of Administration; Member, Chartered Insurance Institute of Nigeria (CIIN); Member, Institute of Directors (M.IoD) and Member, Ikoyi Club 1938, among others.

NCDMB Begins 2023 with Level 5 Platinum Ranking from FG Agency

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Business Journal

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03/02/2023

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Higher and higher soars the Nigerian Content Development and Monitoring Board (NCDMB) as it shatters the records again, emerging “a Level 5 Platinum Level organisation” in a summary report of the Bureau of Public Service Reforms (BPSR) Self-assessment Tool (SAT) released in Yenagoa on Wednesday.

According to the Federal Government Bureau, the rating translates as “Exceptional Performance with a performance level of 90.5%.”

In September 2022 the Board was adjudged the best among Ministries, Departments, and Agencies (MDAs) in the Executive Order (EO1) performance ranking for Ease of Doing Business for January to June 2022.

After that ranking by the Presidential Enabling Business Environment Council (PEBEC), NCDMB’s Executive Secretary, Engr. Simbi Kesiye Wabote, was conferred with the “Distinguished Capacity Development Award” by President Muhammadu Buhari in October.

BPSR, at a presentation ceremony at the NCDMB Conference in Yenagoa, Bayelsa State noted that NCDMB is structured to achieve its vision, mission and strategic objectives, which have been effectively communicated to relevant stakeholders and well understood by staff.

Continuing in what it terms “validated assessment and in-depth analysis of processes and practices of the agency,” the Bureau reported that “NCDMB has adopted robust financial and accounting policies that comply with financial regulations and are clearly reviewed to ensure efficient and reliable financial reporting, such as e-payment for all transactions – supplies, contracts, salaries and entitlements of staff.”

On the Board’s ‘Key Areas of Weakness,’ the Bureau said among other things that “The Governing Board has not ensured the establishment of an anti-corruption policy with an entrenched whistle-blower mechanism for NCDMB,” and that “The organisation’s strategic plans did not incorporate generation of additional financial resources with mechanisms to ensure transparent management and reporting on performance such resources.”

To underscore its conviction that NCDMB would strive for higher levels of performance beyond its Level 5 Platinumranking, the Bureau recommends that the Board “Develop formal code of conduct defining standards of behavior to which individual Governing Board members of NCDMB subscribe and adhere.’ Also, that “The procurement staff are encouraged to sign an affidavit regarding their commitment not to engage in practices involving conflict of interests to improve compliance with the provisions of PPA 2007 [Public Procurement Act, 2007.”

Presenting the report, the Director General, BPSR, Dr. Dasuki Arabi, hinted that NCDMB is the first agency under the Ministry of Petroleum Resources that submitted itself willingly to undergo the assessment since the Bureau was mandated to deploy the tool in all federal ministries, departments and agencies.

Represented by the Head, Strategy, Innovation and Research, BPSR, Mrs. Mercy Okon, the Director General confirmed that the assessment was free from any influences and recommended the Board work with the Bureau to deepen reforms.

In his closing remarks on behalf of NCDMB Management, Director of Monitoring and Evaluation, Mr. Akintunde Adelana thanked the BPSR, particularly its Director General for the painstaking assessment exercise and assured that the exceptional grade achieved by NCDMB would spur its staff to even do better. Noting that “Getting a Platinum Level award is no mean feat,” he promised that recommendations made by the BPSR would be carefully studied and implemented for even greater results.

NAICOM’s Sensitisation Program on Compulsory Insurances Lands in PH

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Business Journal

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01/02/2023

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Mr. Rasaaq Salami, Head, Corporate Communications & Market Development at the National Insurance Commission (NAICOM) addressing participants at the sensitisation program on Compulsory Insurances in Port Harcourt, Rivers State.

Stanbic IBTC Trustees: ‘Educating Every Nigerian Child Our Priority’

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Business Journal

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01/02/2023

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Stanbic IBTC Trustees Limited, through the Stanbic IBTC Education Trust (SET), has made assisting Nigerian parents and guardians secure their children and ward’s academic future one of her top priorities.

SET is a flexible and easy investment plan with long-term benefits that support parents and guardians striving to provide quality education for their children and wards.

With SET, parents and guardians can ensure the payment of their children and wards school fees as education-related expenses are directly effected to the institutions of learning, be it elementary to tertiary levels. This action ensures that unforeseeable events do not cause a disruption in their education which may negatively impact their future.

Education trust funds are invested in conservative type instruments and professionally managed and administered by a reputable Corporate Trustee and Fund Manager.

Parents and guardians can also nominate their children and ward’s SET accounts as a beneficiary for their life insurance policies a clear example is the Group Life Insurance Policy. Situations like this would ensure that the portion allocated to each child’s SET account is received and utilised for the child’s education. This has proven to be extremely beneficial if the child is a minor (under 18 years of age) or still in school.

Speaking about the positive impact of SET on the Nigerian child, Mr. Charles Omoera, Chief Executive, Stanbic IBTC Trustees Limited, said that the organisation understands the significant impact of quality education on every child and the positive effect it will have in shaping their future.

Omoera urged parents and guardians to put in place SET for their children and wards to help them address any adverse circumstances likely to halt their education. He stated that parents and guardians must always strive to give their children and wards quality education, to position them for rare opportunities attached to the benefits of having quality education.

Stanbic IBTC Trustees remains committed to ensuring that Nigerian children have access to quality education from elementary to tertiary education to help develop their minds and contribute meaningfully to society.

LIRS Boss, Ayodele Subair, Bags Vanguard’s Public Sector Icon Award

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Business Journal

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01/02/2023

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L-R: Mrs. Enonuya Angela- Assistant Director, Personal Income Tax, LIRS, Asiwaju Solomon Kayode Onafowokan, former President Lagos Chamber of Commerce & Industry and Chairman, Coleman Wire and Cables presenting the 2022 Public Sector Icon of the Year Award to Ayodele Subair, (middle) Executive Chairman, Lagos State Internal Revenue Service, LIRS, Ms Coker Folashade- Director, Informal Sector and Special Duties, LIRS and Mrs. Bolaji Akintola, Director, Tax Audit, LIRS during the 11th edition of the Vanguard Personality of the Year Award held over the weekend in Lagos.

Mr. Ayodele Subair, Executive Chairman, Lagos State Internal Revenue Service (LIRS) has been conferred with the 2022 Public Sector Icon of the Year award at the 11th edition of the Vanguard Personality of the Year Award held in Lagos on Friday, January 27, 2023.

The glamorous ceremony chaired by Mrs. Ajoritsedere Awosika, Chairman of Access Bank, is an annual event where eminent personalities who have distinguished themselves in professional excellence and service to humanity in the private and public sectors are honoured.

According to the organizer of the event, Vanguard Newspaper Limited, the LIRS boss, Subair, was conferred with the special award in recognition of his magic wand in the Lagos state tax revolution during the last seven years of being in office.

Receiving the award, alongside some of the LIRS directors, Subair expressed gratitude to the Vanguard Newspapers’ management for finding him worthy to be selected for the honour.

“I must thank the chairman and management of Vanguard Newspapers. They’ve been there as the vanguard leading the way in developments and new ideas for many years. To be on top is not very easy. They are one of the best newspaper organisations in Nigeria. I say kudos to them.”

Speaking further, Subair noted: “I feel very proud about our achievements at LIRS. It’s not just about me. It is about LIRS, the management, the directors, and staff, including most importantly, His Excellency, Governor Babajide Sanwo-Olu for his immense support and encouragement.

Also, the Lagos State House of Assembly, the Judiciary and all stakeholders that have contributed to our success.”

Commenting on the impact of the award, the LIRS chairman said it had thrown the agency up for more good work.

He said the agency is happy to be contributing to the development of Lagos State and humanity. According to him, “Without mobilisation of funds, there can’t be any meaningful development.”

Born on May 21, 1960, Subair holds a Bachelor of Arts Degree in Economics from the Metropolitan University of Manchester, United Kingdom.

He also holds a Master’s Degree in Business Administration from the University of Lagos. A fellow of the Institute of Chartered Accountants of Nigeria, ICAN, member of both the Chartered Institute of Taxation of Nigeria, CITN, and the Business Recovery and Insolvency Practitioners Association of Nigeria, BRIPAN.

Prior to his appointment in 2016, the internally generated revenue, IGR, by the LIRS, hovered around N240 billion, but with his astute knowledge and experience in accounting and taxation, Subair has increased revenue generation to N427 billion, nearly doubling the initial revenue at the start of his tenure.

Subair has introduced various innovative measures to shove up the tax revolution in Lagos State, which included the introduction of e-Tax, which has resulted in a faster turn-around time for tax processes, improved transparency, and increased taxpayer self-service.

At the prestigious Award night, aside from the LIRS boss, other eminent Nigerians were conferred with different categories of awards, including the President of Dangote Group, Alhaji Aliko Dangote, who won the Personality of the Year Award.

Governors Emmanuel Udom of Akwa Ibom State, Babagana Zulum of Borno State, Ifeanyi Okowa of Delta State, AbdulRahman Abdulrazaq of Kwara State and Seyi Makinde of Oyo State emerged as Vanguard Newspaper 2022 Governors of the Year.

Also honoured were Chairman of NDLEA, General Buba Marwa (rtd), Founder/CEO, Techno Oil, Nkechi Obi, Ray Ekpu and Mohammed Bello Koko, CEO, Nigerian Ports Authority (NPA) among others.

Earlier, speaking at the award ceremony, General Manager/Editor-in-Chief of Vanguard Newspaper, Mr Gbenga Adefaye, said that for a decade, Vanguard Newspaper has continued to recognise Nigeria’s most distinguished individuals for excellence, national pride and service to humanity.

Adefaye noted that these individuals in business, politics and other facets of human endeavour have not only achieved great success but have been responsible corporate citizens, impacting society and the environment.

“They have been innovative and forward thinking and have taken bold steps to shape the future of their industries and served with integrity and dedication to improve the nation “There are numerous ways to make a positive influence, whether by volunteering our time, closing market gaps, spearheading innovation, being a model citizen or simply lending a helping hand to people in need’’ he said.

Hosted by actress and television presenter, Zainab Balogun and her male colleague, Deyemi Okanlawon, the ceremony had in attendance society’s Crème de la crème including captains of industry, members of the diplomatic corps, businessmen, and women businesswomen, media personalities as well as members of the culture and creative industry.

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