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Interswitch: Value Financing Will Spur Growth of Payment Ecosystem

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Africa’s leading integrated payments and digital commerce company, Interswitch, has restated its commitment to continue supporting customers to meet urgent needs through its technology-driven lending solution called Value Financing.

The Value Financing solution is designed to provide customers with credit facilities as an alternative  option for the payment for goods and services on e-commerce platforms and other digital platforms; consequently, allowing customers to meet their pressing needs with loans.

In the wake of the rising inflation across the globe, the firm said it has become necessary for customers to explore the use of credit facilities to meet their urgent needs.

Innocent Itobore, Head, Interswitch Lending and Data Services at Interswitch made these assertions at the third edition in the series of Regional Breakfast Sessions which held at the Carlton Swiss Grand Hotel, Enugu state. He said that Interswitch will continue to support customers and businesses to scale and thrive through the provision of innovative products and solutions.

He said “At Interswitch, we understand the peculiar needs of our customers, hence we continue to design products that will allow financial institutions and merchants meet the urgent needs of customers with loans, leveraging our cutting-edge technology systems. These solutions will, in turn, expand the lending offerings for financial institutions and give merchants the ability to grow their businesses as they get more purchases from customers, who can buy now and pay later.”

He said Interswitch organised the Regional Breakfast Session to provide insights and discuss robust opportunities for businesses to enable them to get first-hand information about Interswitch products and solutions.

Itobore further explained “The Regional Breakfast Session is an opportunity for us to introduce our customers to new, game-changing products that promise a range of digital competencies that will drive growth and profitability for their organisations. Essentially, these solutions will help remove costs that businesses would have incurred to develop enabling systems that foster seamless collection and disbursement of funds.”

During the course of the event, participants were onboarded on to other new Interswitch products which include; Tokenisation, Fintech-in-a-box, Interswitch-Security-as-a-Solution, Banking-as-a-Service, Payment-as-a- Service, Mobile Banking-as -a-Service and Biometrics on POS.

The Regional Breakfast Session series has been organised to gather financial industry players to discuss critical issues within payment ecosystem with the goal of deepening digital payments in the country and beyond.

After successfully hosting the events in Ibadan, Port Harcourt and Enugu, the event train is expected to move to Abuja and Lagos.

 

 

Allianz Nigeria: Adewumi-Zer Out, Jaideep Goel in as Interim CEO

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Mr. Jaideep Goel as been announced as interim CEO of Allianz Nigeria effective December 1, 2022, subject to regulatory approval and pending the appointment of a new CEO in due course.

He will succeed Adeolu Adewumi-Zer, who has resigned as CEO of Allianz Nigeria.

Allianz reaffirms its commitment to its investments in the Nigerian market.

Brought on board in 2020, Jaideep joined Allianz Nigeria with over three decades of experience spanning general insurance operations, underwriting, claims management, sales and business development.

As Executive Director, Technical, Jaideep was responsible for enforcing underwriting discipline and loss control that helped to sanitize the books of the company. In his new role, he will also be responsible for leading the sales functions and the business at large, in the interim.

“With his exceptional technical qualities and sense of commercial relations, Jaideep has the necessary assets to lead the transformation necessary to stimulate even stronger growth of our operational entity in Nigeria” stated Delphine Traore, Regional CEO of Allianz Africa. We would like to use the opportunity to thank Adeolu and wish her the best in all future endeavours.”

 

Obi: Competence is Key in 2023, Not Tribe

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Mr. Peter Obi, Presidential Candidate of the Labour Party (LP) in the February 25, 2023 presidential election says that competence and energy to perform in office is more important than tribe in 2023. He added that nepotism is a higher level of corruption in Nigeria than stealing public money.

Obi said at a Forum organised by the Nigerian Guild of Editors (NGE) in Lagos that character, competence, ability and commitment to deliver should be the guiding principles for the presidential election next year.

He declared himself ready to provide good governance from day one if given the opportunity to serve the country as president.

“We must get the country to work. Nigeria is not a productive country. That is the result of leadership failure. What we do in this country is sharing. We have revenue sharing formula. We must replace it with production formula. I want to put Nigeria into production which is the foundation for the country to be able to feed herself.”

On the rising debt profile of the country, the LP Presidential Flagbearer said there was really nothing wrong with borrowing but the purpose and management of such borrowing.

“There is nothing wrong with borrowing. Every nation borrows. Every business also borrows. The problem is what you do with the borrowing. We shall borrow for production and we must tell our people the need for the borrowing. A leader must talk to the people. Communication is key. We shall renegotiate the debt if we win the election.”

Obi said the way forward is for the country to maximise generation of revenue by rethinking the annual N6 trillion subsidy regime, which he described as organised crime and then stop the stealing of oil in the creeks.

He promised to actively involve women and youths in his administration if elected.

Kwankwaso: ‘I Won’t Step Down for Atiku’

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Alhaji Rabiu Kwankwaso, Presidential Candidate of the New Nigeria Peoples Party (NNPP) has debunked the lingering rumour in political circles that he is under pressure by Northern groups to step down for Alhaji Atiku Abubakar, Presidential Candidate of the Peoples Democratic Party (PDP in the February 25, 2023 presidential election.

Kwankwaso said at a Forum organised by the Nigerian Guild of Editors (NGE) in Lagos that the idea of him stepping down from the presidential race for Atiku was the handiwork of detractors, insisting that he would win the election on the first ballot.

“The issue of stepping down is coming from our detractors. We’ve built a lot of goodwill across the country-a huge achievement by any standard. We are gaining momentum by the day and we are out to win the 2023 presidential election. We left the PDP and APC for good because they have nothing else to tell Nigerians in terms of performance. The two parties have nothing else to do for the country. We (NNPP) are poised to give Nigeria good governance.”

The NNPP presidential flagbearer also promised that he would be open to ideas and suggestions on the issue of restructuring.

“The country is not on the right path. It needs positive change and we are ready to provide that leadership for the country.”

 

 

$1.5trn Niger Delta Blue Economy Excites UN, Expert Raises Environmental Concern

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L-R: Mr Hilary Efanga, Researcher/Senior Lecturer, Maritime Academy of Nigeria, Oron and Mr Soji Adeleye, CEO, Alfe City Institution at the Niger Delta Blue Economy Investment Forum (15-17 Nov, 2022) at Monty Suites and Golf Resort, Uyo, Akwa Ibom State.

As Nigeria Blue Economy Stakeholders step up engagements through the Niger Delta Blue Economy Investment Forum to change the dynamics of the crude oil dependent region to a new future that is green and sustainable with practical projects, the United Nations Global Compact has drawn an attention to some blue investment opportunities that can be harnessed at a time when global sustainable bond issuance is sets to surpass $1.5 trillion in 2022.

In his presentation at the  Niger Delta Blue Economy Investment Forum holding at Monty Suites and Golf Resort, Uyo, Akwa Ibom State capital from November 15-17, 2022, Mr. Erik Giercksky of the UN Global Compact Sustainable Ocean Business Action Platform  said, while green bonds clearly address climate and environmental issues, the blue bond can relate to all Sustainable Development Goals (SDGs), reflecting the diversity of factors relevant for sustainable ocean business including fair labor conditions, climate change, waste reduction, and gender equity.

“Using a blue label can show stewardship, in terms of emission reduction in the ocean, but also in ways that may not be fully expressed in a green instrument,” he said.

At the three-day forum organised by Alfe City Institution in collaboration with Ministry of Niger Delta Affairs, Giercksky who addressed the forum virtually from New York listed benefits for blue bond which can be issued by sovereign countries, multilateral development banks, banks, large and medium-size companies to include enhance credibility of sustainability strategy; improve diversity of investor base; create opportunities for larger and longer-term financing; potential improved financing costs; reputation benefits; and internal benefits.

The theme of the forum hosted by the Akwa Ibom State government and supported by Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Ports Authority (NPA) and National Inland Waterways Authority (NIWA) is ‘Preparing for a Future Less Reliant on Crude Oil’.

Giercksky said the United Nations Global Compact Ocean CFO Task Force in collaboration with ADB Blue Bond Incubator is available to support the private sector to issue blue bonds through provision of thought leadership; share corporate learning to teach and inspire potential issuers; showcase corporate commitment to blue economy on global stage; technical assistance; understand blue bond options, challenges, and benefits; define company’s blue bond framework and secure external verification; Identify assets, projects & KPIs eligible for blue bond proceeds; and Assistance in de-risking, structuring, and issuing blue bond.

In a presentation titled ‘The Niger Delta Endemic Environment: Challenges and the way forward’, Mr Hilary Efanga, a researcher and Senior Lecturer with the Maritime Academy of Nigeria, Oron identified oil spillage/gas flaring and other form of pollution as some of the major negative impacts on Niger Delta citizens, the environment and its economy, particularly the blue economy that must be urgently addressed for the blue economy to thrive.

“Central to the poor state of affairs is the largely obsolete laws and regulations in the Nigerian oil industry which have been outpaced by the prevailing technology for crude oil development and use,” he said.

“There is therefore an urgent need to review the existing oil industry laws and create new ones.

“The new laws to be promulgated must be relevant to the current state of affairs and strictly enforced to deal with every aspect of the industry, and very importantly, oil spillage and gas flaring.

“The communities in the Niger Delta region have become the recipient of environmental degradation. Government failure to implement appropriate policies to ameliorate the devastated region has exacerbated the phenomenon. Therefore, a comprehensive or holistic approach is necessary to address the, social and economic predicaments of the people living in the Niger Delta region.”

Calling on the Nigerian government to learn a lesson from how other countries effectively managed spill cases and adopt same as in the case of the Exxon Valdez Oil Spill and Prestige oil spill disasters, the researcher said, “The cause of oil spill can lead to very disastrous situation as such should be treated as national emergency by the Nigerian government whenever it occurs. Not just because this is the case in other region, but because it is the responsibility of the government to protect its environment.

“The government needs to provide effective capacity building at all levels by training of personnel, acquiring basic oil spill response assets and equipment so as to be able to manage and control oil spills.

“Nigeria seems to depend largely on foreign experts for spill management; this approach may not add local content value. Therefore, the country should embark on expansion of local knowledge of spill management through technology knowledge transfer.

“The government should develop a comprehensive spill management programme with the integration a modern national spill contingency plan and provision of the modern response equipment in readiness to combat any spill.

“Effective public and private sector partnership is crucial to deal with the occurrence of oil spills in Nigeria with the government playing a major role.”

As for the private companies, he said they are not blameless, as they had not demonstrated commendable corporate social responsibilities in either their operations or their relationship with host communities regarding the effects of their activities on the environment.

“For decades of operations in Niger Delta, the oil companies have not significantly involved in the development of the host communities which is the reason of the grievances between parties. Therefore, with the provision of the new PIA, government should establish an effective monitoring mechanism to ensure that the host communities receive optimal benefits this time,” he said.

“The oil organization should have free emergency national numbers in place this way the habitants in the region can call when there is an event of an oil spill and also when any individual is seen digging near a pipeline route.

“The Nigerian government must be proactive in both regards to control of oil pollution, management and biodiversity conservation by enforcing existing regulation, laws and policies in place, this can be achieved by enormous political support – the determination to enforce the regulations and strengthening the judiciary system especially in oil spill related cases.”

Mr Soji Adeleye, the Chief Executive of Alfe City Institution in his opening remarks listed the objectives of the Niger Delta Blue Economy Investment Forum to include Advance the national discuss on the imperative of a Blue Economy in Nigeria through practical demonstration of actual projects at the state level; Provide the platform for individual state to exhibit their Blue Economy projects for both local and international investors; Create a mechanism for peer review amongst the state to encourage open competition; Create a database for the states to serve as a repository of information about development in the blue economy sphere; Establish a thriving open source information for investment information on the Blue Economy in the region; Above all, construct a demonstrable tapestry for the youth of the Niger Delta Region of a world of opportunities that would challenge their creativity, entrepreneurial skill in contrast to a culture of entitlement and deprivation.

Adeleye, a member of the Expanded Partnership Committee on Sustainable Blue Economy chaired by Vice President Yemi Osinbajo (SAN) said, “The Blue Economy solution calls for decongestion of Lagos; to reduce the pressure on the Apapa port by encouraging the construction of new sea ports along the coast that can serve the other parts of the country.

“There should be at least 27 functional ports of varying sizes serving a growing population that is rapidly approaching a quarter of a billion people. The case for construction of new sets of sea ports along the Nigeria Atlantic Coast which these littoral states are ready to undertake is overwhelming.”

The expectations of the investment forum include that the Niger Delta region should have a clearer understanding of its role in the success of a Nigerian Blue Economy; Each state should have a broader knowledge of its potential and comparative advantage in facilitation of the Blue Economy; The youth and people of the Niger Delta Region, should after this forum be more optimistic about the future; Local and international investors should have a clear sight of the enormous investment opportunities available to them at the region; The development and outcome of the Niger Delta Investment Forum should accelerate the national discuss on this concept and help a quick articulation of the required policy formulation and legislation passage.

It will be recalled that major stakeholders in Nigeria’s blue economy had at a three-day ‘The Nigeria Blue Economy Stakeholders Conference’ in Lagos between February 15-17, 2022 made a case for urgent formulation of National Policy on Blue Economy to harness the immense potential in the ocean ecosystem.

 

 

Great Nigeria Insurance: N21bn Total Assets, N8.3bn Premium, N1bn Profit in 2021

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Great Nigeria Insurance Plc recently hosted its 51st Annual General Meeting in Lagos.

Due to COVID-19 protocols, the Company convened a hybrid meeting of virtual and physical participants.

Shareholders gathered to be part of what they described as the success story of a Company that has exceeded their expectations despite the numerous challenges associated with the Nigerian insurance sector both at the micro and macro-economic levels.

Some of the shareholders attested to the fact that the Company has shown a lot of tenacity and resilience by preserving its legacy and remaining relevant in the Nigerian insurance industry.

The Company’s Spokesperson and Manager, Corporate Communications, Brand Management and Customer Service, Ms. Oyinkansola Sobande shared this information during a press parley shortly after the event. She stated that the Company, no doubt has every reason to appreciate all its shareholders for their unwavering faith in the Board and Management of the underwriting company and that the state of affairs will continually improve despite the challenges posed by the economic terrain.

Certainly, Great Nigeria Insurance Plc must have defied all odds as the Company continues to post an impressive performance year in, year out. The drive to continue to uphold a strategic and comprehensive growth strategy still forms the bedrock upon which the company is built.

Amidst the various challenges that characterised the industry within the year, Great Nigeria Insurance Plc was able to record a Gross Premium Written of N8.3 billion representing a 16.9% increase over the N7.1 billion recorded in 2020. The Claims Expenses increased from N1.4 billion in 2020 to N2.1 billion in 2021. Underwriting expenses declined drastically during the period under review.

In the same vein, the company recorded a Profit Before Tax of N1 billion as against a loss of N718 million in the previous year. In addition, the company’s total assets rose from N15.5 billion to N20.6 billion representing 32.9% increase. The composition of the assets was well structured to position the company for better future performance.

The Managing Director/CEO of Great Nigeria Insurance Plc, Mrs. Cecilia O. Osipitan has attributed the positive performance to the commitment shown by every member of staff who she described as the drivers of the turnaround initiative coupled with the fact, that the Management team of the Company is also dedicated to ensuring that the shareholders of the company get a good return on their investment. She further reiterated the company’s unwavering commitment to creating value for both shareholders and stakeholders alike.

In her words, “the path to achieving growth and sustaining same is not without its challenges, but with the perseverance and doggedness of every member of staff, we were able to overcome and succeed as a team.”

It is without doubt that Great Nigeria Insurance Plc is unrelenting in its efforts to become one of the country’s most reliable underwriting firms as it continues to seek for ways to optimally cater to its customers through a strengthened capital base, an extensive network of branches and an undaunting passion to continually tap into InsurTech to revolutionize its operations.

NLNG Begins Commissioning of Completed University Teaching Hospital Projects in 12 States to Boost Healthcare Delivery

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Chairperson, Senate Committee on Women Affairs, Senator Betty Apiafi; Chairman, House of Representative Committee on Health, Honourable Yusuf Tanko Sununu; UniAbuja Teaching Hospital (UATH) Chief Medical Director, Professor Bissallah Ekele; NLNG’s MD/CEO, Dr. Philip Mshelbila; the Aguma of Gwagwalada, HRM Alhaji Mahammadu Magaji; and NLNG’s Deputy MD, Olalekan Ogunleye at the commissioning of a modern maternity centre as part of the NLNG Hospital Support Programme in Abuja…on Friday.

 Nigeria LNG (NLNG) Limited today began the commissioning of Phase 1 projects in its multi-billion-naira Hospital Support Programme (NLNG HSP) with the opening of a maternity centre at the University of Abuja Teaching Hospital (UATH), Gwagwalada.

The Company will also commission new Intensive Care Units (ICUs) at the University of Benin Teaching Hospital (UBTH) and the Niger Delta University Teaching Hospital (NDUTH) in 2022 as part of the first phase of its HSP program. Six hospitals were selected in the first phase. The NLNG HSP targets 12 hospitals from the six geographical zones in the country.

Other projects in the first phase due for commissioning early 2023 include an Occupational Therapy and Neuromodulation Rehabilitation Centre at the Aminu Kano Teaching Hospital (AKTH), an Obstetrics & Gynecology Ward at the Lagos University Teaching Hospital (LUTH), and a Neurosurgical & Stroke Centre at the University of Calabar Teaching Hospital (UCTH).

Dignitaries at the event include the Minister of Health, Dr. Osagie Ehanire, represented by the Director of Hospital Services, Dr. B.O Alonge; NLNG’s Managing Director and Chief Executive Officer, Dr. Philip Mshelbila; NLNG’s Deputy Managing Director, Mr Olalekan Ogunleye; UATH Chief Medical Director, Professor Bissallah Ekele; Chairperson, Senate Committee on Women Affairs, Senator Betty Apiafi; Chairman House of Representative Committee on Health, Honourable Yusuf Tanko Sununu; the General Manager, External Relations and Sustainable Development, NLNG, Mr. Andy Odeh, among others.

Commissioning the maternity centre, Minister of Health, Dr. Osagie Ehanire, commended NLNG for the partnership and commitment to raising the level of healthcare delivery in the country. He said NLNG’s contribution of a Modern Maternity and Child Centre to UATH was in line with the principles of universal health coverage. He also called for more partnerships in the sector to fill gaps in healthcare delivery.

Speaking on NLNG’s commitment to Hospital Support Programme, NLNG’s MD, Dr. Philip Mshelbila, said the programme was conceived following the Company’s COVID-19 intervention and its concern over the increasing pressure on the healthcare facilities in the country.

He stated that the goal of the project was to boost the tertiary healthcare delivery system in 12 University Teaching Hospitals  in  the 6 geo-political zones in the country, with attendant impacts on medical research and retention of in-country medical expertise.

 

“First hand, we have seen how investment in the health sector can change the face of healthcare delivery in Nigeria. We contributed significantly to fighting COVID-19 through the NNPC and other Oil and Gas Industry Partners COVID-19 Intervention Programme by donating numerous intensive care medical equipment to medical facilities across the country. At the Federal Medical Centre Yola, for instance, the equipment came in handy for the successful separation of a set of conjoined twins. This feat brought us at NLNG a lot of satisfaction as we saw the impact that our donation made in the lives of those innocent children and others who would utilise the equipment. We believe we can expand this impact by investing more in facilities across the country,” he said.

He stated further that each facility in the programme was based on the results of needs analyses which were carried out in conjunction with the respective hospitals, to determine NLNG’s intervention area for each of the chosen Teaching Hospitals.

The newly commissioned UATH Maternity Centre consists of a 10-bed delivery suite, a 10-bed post-natal ward, two operating theatres, 10-bed Special Care Baby Unit (SCBU), consulting rooms, doctors and nurses’ rooms, a laboratory, a pharmacy, medical records office, a Close-Circuit Television (CCTV) system, Ultrasound scan room and other administrative offices.

The NLNG HSP is the second part of NLNG’s national Corporate Social Responsibility (CSR) initiative. The first part was the University Support Programme (USP) for the construction/rehabilitation of modern engineering laboratories, equipped with cutting-edge equipment in six universities which have since been completed.

The other six university teaching hospitals to benefit from the HS Programme in Phase Two in 2023 through 2024 are Abubakar Tafawa Balewa University Teaching Hospital (ATBUTH), Bauchi; Jos University Teaching Hospital (JUTH); Nnamdi Azikiwe University Teaching Hospital (NAUTH), Nnewi; Federal Medical Centre, Asaba; University of Uyo Teaching Hospital (UUTH); and University of Port Harcourt Teaching Hospital (UPTH) in Rivers State.

NLNG is an incorporated Joint Venture owned by Federal Government of Nigeria, represented by Nigerian National Petroleum Company (49%), Shell Gas B.V.  (25.6%), TotalEnergies Gaz & Electricite Holdings (15%), and Eni International N.A. N. V. S.àr.l (10.4%).

Atiku Promises Govt of National Unity, Restructuring in 2023

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Alhaji Atiku Abubakar, former Vice-President and Presidential Candidate of the Peoples Democratic Party (PDP) has promised to install a Government of National Unity (GNU) and restructuring of the country if he wins the February 25, 2023 presidential election.

During an interaction with editors under the aegis of the Nigerian Guild of Editors (NGE) in Lagos, he promised to bring members of the opposition on-board his administration as part of efforts to create national unity in Nigeria.

He said his team already has a draft legislation on how to restructure the country while devolution of powers will naturally go hand-in-hand with resource control.

On the economy, the PDP presidential flagbearer again promised to liberalise the economy to empower the private sector to drive business and economic activities, privatisation of public enterprises and tax breaks to the private sector to build necessary infrastructure through concession.

He listed his 5-Point Agenda to include Unity, Security, Economy, Restructuring and Education.

InterswitchSPAK 4.0 Kicks Off N12.5m National Science Competition Nov 6

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Interswitch, Africa’s leading integrated payments and digital commerce company, has commenced the airing of the fourth season of the InterswitchSPAK National Science Competition on cable and terrestrial TV.

On the path to inspire Africa to greatness, InterswitchSPAK serves as Interswitch’s CSR vehicle to encourage and reward interest in Science, Technology, Engineering, and Mathematics (STEM) among secondary school students in Nigeria and Africa between the ages of 14 and 17.

The programme began airing on Sunday, November 6, 2022. Subsequently, its schedule is slated to air on AIT Network on Sundays at 7:30 pm and DSTV Africa Magic Family Main Show on Sundays at 5:30 pm, with repeat broadcasts on Wednesdays at 3pm.

To participate in the thrilling weekly show, viewers are encouraged to tune in and watch as young Nigerians display their brilliance across subjects anchored on STEM, as they compete for the grand prize of N12.5 million in scholarships among other exciting prizes.

The grand prize winner will be awarded the thrilling sum of N7.5 million in scholarships, spread over a period of five years, a brand-new laptop and a monthly stipend throughout the course of the scholarship, plus the enviable title as “Best Science Student in Nigeria” as a bragging right, among other exciting prizes.

Furthermore, the second prize winner will win N 4 million in scholarships spread across three years, with a laptop, and a monthly stipend for the duration of the scholarship. Lastly, the third-place winner will go home with N1 million in scholarships for a one-year period, a laptop, and a monthly stipend for the year.

Interestingly, up to 10 viewers also stand a chance to win N10,000 by participating in the weekly Quickteller Home Quiz from the comfort of their homes, during the 13-episode roll out of the competition.

According to the Founder and Group Managing Director, Interswitch Group, Mitchell Elegbe, InterswitchSPAK drives value and impact for young African students who have chosen a career path in the field of STEM.  He also noted that the competition was designed to support youth development and further encourage the recognition of the role of STEM in today’s world.

Elegbe said, “We are excited to be back with the fourth edition of Interswitch SPAK that has for three years been a huge success. It is a manifestation of our resolve to continue rewarding the interest of young Nigerians and Africans as a whole in STEM subjects which have continued to shape global development.

“Through InterswitchSPAK, we are deliberately providing a platform for young Africans to showcase their talents and develop their desire in STEM, while also grooming them to shape the future of the continent.”

The previous edition saw Jubril Dokun of Brainfield College, Salolo, Lagos take home the grand prize of N7.5 million. In second place was Ayanlade Jesuferanmi of Obafemi Awolowo University International School, Ile-Ife, while the third-place winner was Omoniyi Qudus of Scholars Universal Secondary School, Ota.

InterswitchSPAK remains a channel through which Africa’s technology giant, Interswitch, identifies brilliant young African minds with a passion for STEM subjects, providing the necessary tools of support to enable them to reach their full potential and compete favourably with their peers across the globe.

 

 

Why Brands Should Take Media Monitoring Serious in 2023

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By Queen Nwabueze

Please allow. Let’s start this article by drawing the conclusion: Only Media Monitoring and Intelligence Services were able to foresee the level of uncertainty that 2023 would bring for businesses. Therefore, if you are not involved in the Nigerian Media Monitoring Industry, you must agree that trying to predict what the election year will bring is utterly absurd.

We all love data as business organizations, but it’s time to stop assessing and analyzing the effectiveness of our media and public relations strategy using unhelpful data or we’ll miss the purpose.

What KPIs and metrics are you using for measurement? Equivalence in Advertising Value? Sorry, but AVE is considered to be a vanity metric given its age.

Using a relatable analogy: Using vanity metrics to gauge the success of your marketing campaign is like using an Instagram filter to cover up all of your imperfections. You look fantastic, but that isn’t a true reflection of who you are.

Vanity metrics give the impression that your public relations and media campaign is successful. There isn’t really any value in the numerous newspaper references, the cover pages featuring your CEO, or the hundreds of connections to your website that you have. Why? Since they are also susceptible to manipulation, they won’t provide you with any ACCURATE information about your company or the behavior of your supporters.

But! Today, it’s not about AVE and other meaningless numbers. Let’s discuss the elections in 2023.

What stage of election preparation are you at as a brand? Do you intend to keep tracking and assessing your exposure and reputation quotient in the same manner and hope for a different favorable outcome? No way!

Every new administration in Nigeria takes office with its own set of guidelines and regulations that frequently burn corporate organizations. The truth is that these gods just use their own method of rolling the dice, and someone very low in the corporate ladder loses something important. Numerous companies have had to close their stores as a result of inconsistent policies that the government of the time truly believed to be harmless.

Do we still punish this sleeping dog, though? Lay it off!

Change the baton yourself by going ahead. Start accepting accountability. How? The first step in getting anything in-depth for you is to work with Media Monitoring and Intelligence agencies who have received AMEC certification. AMEC? You ponder, “But why AMEC?”

A comprehensive, genuinely data-driven method of assessing and auditing communications became essential as PR evolved through time and PR professionals began working across all media. The International Association for Measurement and Evaluation of Communication (AMEC) now steps in to help with this. For measuring each PR effort for any significant brand, the Barcelona Principles and AMEC’s integrated evaluation methodology are the de facto gold standard.

As an AMEC member, P+ Measurement Services’ top piece of advice for companies in 2023 is to focus on holding yourself accountable rather than the unstable political landscape and the new administration. Ask your clients if they want to diversify their board, which used to be made up entirely of non-politicians.

Additionally, look within. Are you noticing that you continually use the same spokespeople to target more conventional publications? Shake things up. Give everyone in the C-suite a chance to shine. Accept new publications that appeal to a wide readership! Simply change a few things up and watch how well you do.

These days, the brands who deviate from the usual are the ones that succeed!

What about the incoming administration? Yes, you have developed a solid public affairs and government relations plan. But do they actually function? how did you find out? The Nigerian Institute of Public Relations (NIPR) is another matter. The Lagos section? any further industry regulators? What problems exist? What new regulations are there? How precisely do they impact the existence and activities of the brand? Are you certain?

Did you even realize that there were policy updates and other modifications that you might not have been aware of because you were preoccupied with ensuring the delight of your customers? Have you ever considered that 2023 may establish and bury policies and concerns in the media that you missed because you were only looking out for mentions of your brand and competitions? You are too busy for any REAL Media Monitoring job, regardless of how you try to justify it. So just hire independent experts to handle that crucial aspect of your corporate existence. Your brand needs pro-data, media performance analysis, and public relations evaluation, which Media Intelligence Services provide, to start and at every stage until 2023. QED!

It’s fascinating that P+ Measurement Services is one of, if not the only, Nigerian Media Monitoring and Intelligence Agency to be a part of the esteemed international organization AMEC here in Nigeria. AMEC is the perfect fit!

P+, a well-known national and international provider of Media Intelligence Services, has never shied away from the lauded Barcelona Principles. Say there is too much jargon. The Barcelona Principles are as follows: Focus on the outcome of your campaigns rather than just the output; abandon metrics that are equivalent to AD value; and acknowledge the PR worth of outcome evaluation and performance audit. Simple!

Indeed, given the transformation of the media landscape, why not think outside the box when it comes to earned media placements. You assumed you knew this, but you’re about to learn that you don’t: your target audience is already focusing on other media and content consumption.

There are many options to spread your content right now, from building your own blog, podcast, or vlog to investing in a breezier social media campaign. But to avoid wasting money, let the data guide your choice.

Please don’t just go into this deep ocean called 2023 without robust media intelligence as the driver, again from P+ Measurement Services.

In truth, the same PPlus had always been in the lead, pushing for the establishment of the Nigerian Media Monitoring and Measurement Association as the industry’s governing organization (NIMMA). Award-winning P+ has been pushing for the establishment of the Nigerian Media Monitoring body for nearly ten years, even going so far as to publish details of how it operates so that everyone may plainly and unambiguously see that NIMMA is OUR VERY OWN!

You see? No need for alarm. As a corporate brand or HNI, you already have a highly qualified Media Monitoring and Intelligence Service in P+ that can handle and give you specific information about what the election year of 2023 has in store for your brand and your particular industry.

Queen Nwabueze is a Media & Content Strategist based in Lagos.

Banks Sack 1, 982 as Profit Margins Decline, E-Payment Transactions Down 2.16%

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Adesola Adeduntan

CEO

First Bank of Nigeria Limited

Money Deposit Banks (MDBs) operating in Nigeria have sacked a total of 1, 982 staff to save cost of day-to-day operations as their profit margin declines.

A report by the National Bureau of Statistics (NBS) indicates that the staff strength of banks in the first quarter of 2021 stood at 94,681, inclusive of executive, senior, junior, and contract staff. The report states by the second quarter of 2021, the number of staff in banks decreased to 92,780 and further decreased to 92,699 in Q3 2021.

However, the NBS stated that Q4 2021 recorded a staff strength of 93,090, indicating an increase of 0.42%.

The NBS also reported that the volume of e-payment transactions in the country decreased by 2.16% to 2.38 billion in Q4 2021.

NDIC’s Achievements on Financial Inclusion Showcased at 2022 International Confab

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The Nigeria Deposit Insurance Corporation (NDIC) plays a critical role in contributing to the objectives of the National Financial Inclusion Strategy (NFIS) through the provision of deposit insurance coverage to depositors of licensed banks.

The NDIC’s activities through the supervision of banks, not only enhances depositors’ confidence in the financial system, but also serves as incentive to the unbanked to access financial services of the licensed banks.

The Corporation has also been at the forefront of the implementation of the NFIS in Nigeria as a member of the National Financial Inclusion Governance Committee headed by the Central Bank of Nigeria (CBN). The Corporation is also part of the efforts to further enhance the attainment of national financial inclusion targets as the National Financial Inclusion Governance Committee sets to host the maiden International Financial Inclusion Conference 2022 scheduled to take place between the 24th and 25th of November 2022 in Abuja, Nigeria.

With the theme “Financial Inclusion for all: Scaling Innovative Digital Models”, the conference is the first to be held since the launch of the NFIS in 2012.The NFIS set the target of reducing the percentage of adult Nigerians that do not have access to financial services from 46.3% in 2010 to 20.0% in 2020.

Since the launch of the NFIS, stakeholders have achieved great strides in achieving financial inclusion objectives which has resulted in the exclusion rate dropping from 46.3% in 2010 to 35.9% in 2020.

The Corporation has contributed significantly to the Nation’s financial Inclusion objectives through provision of deposit protection to all licensed deposit taking institutions via its deposit insurance.

It is important to note that quite a number of the financially excluded individuals failed to join the formal financial system due to fear of possible loss of their savings from bank failure which the deposit insurance of the NDIC addresses.

Other areas through which the Corporation supports financial inclusion include:

  • Supervision and failure resolution of licensed deposit taking institutions thereby engendering public confidence.
  • Enforcement of regulatory policies, entrenching enhanced risk management practices to improve financial stability through differential-premium assessment system (DPAS) and monitoring of fraud in the banking system thereby supporting financial inclusion.
  • Financial Literacy which is critical in accelerating financial inclusion. Apart from being a member of the Financial Literacy Steering Committee (FLSC) and Financial Literacy Implementation Committee (FLIC), NDIC has also undertaken ffinancial literacy education through press briefings, advertorials, jingles on radio and television, participation in trade fairs and exhibitions as well as participation in the World Savings Day, among others, to promote public confidence.

In recognition of the role of electronic and mobile money as a critical tool for financial inclusion, the Corporation extends deposit guarantee to Subscribers of Mobile Money through its Pass-Through Deposit Insurance.

The NDIC also promotes competition among deposit taking institutions. This is important in driving financial inclusion as smaller institutions like MFBs, PSBs, MMOs, with no brand visibility that are closer to the unserved/underserved can compete favourably with the larger banks by virtue of the deposit protection offered by the NDIC which makes the depositors feel safe and protected.

Furthermore, the Corporation has developed a Single Customer View (SCV) platform to eliminate delays in reimbursing depositors of failed deposit taking institutions, upon revocation of their license by the CBN.

Presently, the financial sector has experienced rapid expansion and diversity of financial services and products deployed within the Fintech ecosystem. This presents significant opportunities to further fast track the expansion of financial inclusion to a greater number of Nigerians by enabling them have access to financial services that would address their needs and enhance their quality of life.

The International Financial Inclusion Conference 2022 presents a unique opportunity to showcase advancements in financial inclusion in Nigeria, spotlights other jurisdictional experiences, and will serve as a platform for policymakers, financial institutions, and other stakeholders to engage on contemporary issues such as innovation, digital technology, and the role of collaboration in achieving financial inclusion for all Nigerians.

 

Making the Circular Economy Work for 210m Nigerians  

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By Elvis Eromosele

Nigeria has a huge population. Current estimates put it in the region of 210 million. This is a huge number.

There is no prize for guessing that this number of people will produce humongous amount of waste. The challenge is how prepared are the managers of the economy to deal with the sheer volume of waste generated and ensure effective disposal.

Now, if you have ever wondered why drains are always blocked, dumpsites are created indiscriminately and pollution is the order of the day in many cities across the country, wonder no more. The answer is simply – People. People. People. This is the heart of the problem – a large number of people generating large volumes of waste without a discernable plan for proper disposal.

One thing is clear, Nigeria lacks a proper waste management system. Experts argue that the real problem is a large amount of ‘single-use’ items and products which effectively creates a linear economic model.

The linear economic model involves “take, make, use and dispose of”. Under this model items once used need to be disposed of and they subsequently end up in landfills and waste sites. Fun fact, the largest open waste site in Africa is situated in Nigeria, in Olusosun, Ojota, Lagos State.

And with the population expected to hit 400 million by 2050, according to the United Nations Population Fund, UNFPA, the quantity of waste generated annually is projected to continue to increase substantially.

Translation: unless we have a system in place, it is only going to get worse.

Describing the Nigerian economy as linear means that when raw materials are used to make products, once the item is used, it automatically becomes a waste product and is quickly thrown away.

The linear model is defined as the traditional model where raw materials are collected and transformed into products that consumers use and discard as waste, with no concern for their ecological footprint and consequences.

Of course, the indiscriminate dumping and burning of waste harm the environment. It pollutes the environment, degrades the quality of air, water and soil and contributes to climate change challenges. It equally affects the health of people, impacting productivity and economic development.

In seeking to effectively control the waste management problem, adopting global best practices in this space makes sense. The current trend is shifting from mere waste management to wealth creation, economic development and an improved environment. This is the emergence of the circular economy.

First off, the circular economy grew out of the urgent desire to curtail waste and drive the reuse of materials and waste to create economic value. A practical instance is where waste paper is used to make new paper and discarded plastic containers are used to make new plastic materials and other useful items for construction. The potential here is humongous. It guarantees that there will be enough raw materials in the immediate future to continue to produce these items. This is precisely what the circular economy is all about.

Under the circular economy, production has as little impact as possible on the environment by leaving less of a footprint. To make it sustainable, it must follow these three principles: reduce, reuse and recycle. The principles are three approaches – reduce (minimize the quantity of resource use); reuse (optimised resource use) and recycle (turnaround and put the resource to use again).

There are several ways to achieve this. Experts insist that with this system, value is created by focusing on value preservation.

The circular economy can almost be viewed as the opposite of a linear economy. It focuses on optimising the use of a product or service, a concept that is relevant to economic sustainability. The circular economic model can help promote and achieve environmental awareness, reduce the indiscriminate dumping of refuse and create wealth-making opportunities for the citizens.

The circular economic model benefits the citizens, the economy and the environment. It ensures that there are enough raw materials, promotes production efficiency and stimulates economic growth.

The real issue is how to ensure that the circular economy works for Nigeria’s 210 million people. When we consider the principles on which it is based – the circular economy can present innovative ways to recycle products and materials for the future. This can help to conserve the environment, combat climate change and generate endless job opportunities. Perhaps the biggest advantage the circular economy offers is the waste-to-wealth path for sustainable economic growth.

While the private sector organizations are already building massive in this direction, the government can help through the implementation of appropriate policies to fast-track the emergence of the circular economy across the country.

Studies indicate that single-use plastic waste makes up a huge portion of waste generated in an economy. So, policies that ban or restrict the importation, production and use of single-use and all variants of non-recyclable plastics will help precipitate the circular economy.

Eliminating single-use plastic waste from the environment will no doubt curb the clogging of public drains, curtail incidents of flooding and limit harm to the environment.

The government equally needs to collaborate more with the private sector to drive the circular economy agenda in much the same way it is pursuing and driving the digital economy agenda. The Minister of Environment can take a cue from Prof Isa Pantami, the Minister of Communications and Digital Economy.

In addition, portions of the ecological fund can be channelled into grants and rewards for firms that actively promote the circular economy through their business practices with widespread impact.

The introduction and enforcement of extended producer responsibility (EPR) can be another option to reduce waste, especially plastic waste. Consider container take-back programs, an example of EPR that has been effective in many places.

Under this initiative, consumers will pay a small deposit when products are sold (usually beverages), which is refunded when the packaging waste is returned to the retailer. Naturally, the containers go back to the manufacturer for recycling and reuse.

There is no reason why a State like Lagos cannot adopt this strategy to reduce the volume of plastic waste in the streets and public drains.

For a country that urgently needs to diversify its economy, the circular economic model provides tremendous value and opportunities for Nigeria.

When a country demonstrates a commitment to the circular economy, the rats don’t need to eat the poisoned holy communion to gain attention. International and multi-lateral agencies will be eager to provide grants to help drive inclusive circular economy projects.

For 210 million people to participate actively in the circular economy, the government must urgently step up and step in with relevant policies, collaborate with the private sector and engage the citizens. This is the way to go!

 

Elvis Eromosele, a Corporate Communication professional and public affairs analyst lives in Lagos.

 

CBN, NCC, NCDMB, LNG, Others Support Realnews 10th Anniversary Lecture

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Bluechip companies and organisations are supporting the hosting of the Realnews 10th Anniversary Lecture holding at the Sheraton Hotel on Thursday, November 17.

The organisations include Nigerian Content Development Monitoring Board, NCDMB, Nigerian National Petroleum Company Limited, NNPCL Nigerian Liquefied Natural Gas, NLNG, FirstBank Nigeria Limited, FBN, and Nigerian Ports Authority, NPA.

The others are Central Bank of Nigeria, CBN, Shell Petroleum Development Company, Nigerian Communications Commission, NCC, and National Maritime Administration and Safety Agency, NIMASA, Federal Road Safety Commission, FRSC, Johnwood Hotel, Abuja, Globacom Limited and the Office of the Secretary to the Government of the Federation.

Expressing Realnews appreciation to the organisations, Maureen Chigbo, its Publisher, prayed God to bless them and give their management the wisdom to lift their organisations to greater heights and prosperity.

Chigbo also expressed her deep appreciation to all the banks, institutions, companies and other organisations that have placed online advertisement on Realnews website in the last 10 years. “Without their support we would not have remained in business all through the years to do what we love best – investigative journalism,” Realnews Publisher said.

She specifically acknowledged the key support NNPC, CBN and Bank of Industry, BOI, gave in the first two years of Realnews through advertisements which helped the organisation to steady its publication and also prayed God to bless them, especially the key officials (some of whom have retired) of the Corporate Communications Department for their support, constructive criticism and advice.

Chigbo also thanked organisations like African Development Bank, AfDB, African Capacity Building Foundation, and Africa Risk Capacity, ARC, which sponsored Realnews coverage of its annual meetings in different countries of the world including Morocco, India, Congo DRC, Ghana, Cameroon, Ethiopia, Ivory Coast, Kenya, among others.

Not to be left out are organisations like Chevron, ECOWAS Commission, IPC, UNICEF, and WAJA, which sponsored the training and capacity building of Realnews reporters with the last decade of its existence.

Realnews reports that Elizabeth Ebi, group chief executive officer of Futureview Financial Services Limited, will chair the lecture, which will be delivered by His Excellency, Brig. Gen. Buba Marwa, chairman and chief executive officer, National Drug Law Enforcement Agency, NDLEA.

The lecture which will hold at the Sheraton Hotel by 12 noon will feature Otunba Lanre Ipinmisho, former director general and member of the Presidential Committee on Eradication of Drug Abuse (PACEDA), Dr. Dokun Adedeji, director general, Christ against Drug Abuse Ministry (CADAM) and Dr. Nkemakolam Ndionuka, consultant psychiatrist and medical director, Tranquil & Quest Behavioural Health as discussants.

The Management of Realnews Magazine and Publications Limited, publishers of Realnews Magazine Online, had announced that the theme of the lecture is “Drug Abuse among Youths in Africa: Implication for Nigerian Economy and 2023 Elections”.

Chigbo, the publisher of Realnews, said there will be an investiture of all the speakers into The Realnews Hall of Fame immediately after the Lecture. Chigbo explained that the Realnews Hall of Fame was established to honour only those who played key roles during the anniversary lectures.

Realnews, a general interest magazine, is an online publication that thrives on investigative journalism. We have expertise in reporting the oil and gas sector with its attendant environmental challenges. We aim to unearth exclusive stories about real people and the challenges they are facing in their day-to-day activities. We do this bearing in mind that government can only act to influence the lives of people positively if they are aware of their true situation. Hence, our objective is to use our investigative skills to ferret out information in the sectors we focus on and produce an unbiased report which will actually influence the government and decision-makers to take actions that will make society better.
Realnews is populated by seasoned journalists who believe strongly in the tenets and ethics of the profession. The online publication believes that journalism as the fourth Estate of the Realm can contribute its quota towards building a fair and just society where fundamental human rights are respected and citizens have the freedom to pursue their interests anywhere in the world without hindrance. Its editors have a combined experience of several decades in active journalism practice and are highly dedicated to serving humanity. Hence its motto: “For God and Humanity.”
Realnews Anniversary Lecture Series was established to commemorate the best minds in our society and to tap from them to enrich the discourse in our national development.
The  9th Anniversary Lecture of Realnews in 2021 was delivered by Engr. Simbi Kesiye Wabote, Executive Secretary of the Nigerian Content Development and Monitoring Board on “Nigeria in the Unfolding Integration of the African Market: The Oil and Gas Perspective”; 2020 Eighth Anniversary Lecture of Realnews was delivered by Boss Mustapha, Secretary to the Government of the Federation and Chairman of the Presidential Taskforce on COVID-19 on Managing COVID-19 Pandemic in Africa: The Nigeria Experience; Former President John Dramani Mahama of Ghana gave the 2019 Lecture on Beyond Politics: An Economic Narrative for West Africa while Prof. Mahmood Yakubu spoke on Political Transitions and Africa’s Economic Development: Preparations for Nigeria’s 2019 General Elections at the 2018 Lecture. The 2017 Fifth Anniversary Lecture on African Leadership in a Turbulent Era was delivered by Dr. Oby Ezekwesili, former minister of Education and former World Bank Vice President. The 2016 Fourth Anniversary Lecture on Security and National Development in Plural Democratic Society was delivered by Dr. Mohamed Ibn Chambas, former United Nations Secretary General’s Special Representative to West Africa and Sahel; the 2015 Realnews Third Anniversary Lecture was delivered by Professor Chukwuma Charles Soludo, former Governor of the Central Bank of Nigeria (CBN) on November 19, 2015, under the theme: It’s The Nigerian Economy, Stupid? The Second Realnews Anniversary Lecture on Nigerian Democracy: Getting it Right in 2014 was delivered by Professor Maurice Iwu, former Chairman of the Independent National Electoral Commission (INEC).

NCC at 18th Nigerian Guild of Editors Conference, Owerri 2022

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L-R: Mrs. Nnenna Ukoha, Head, Corporate Communication, Nigerian Communications Commission (NCC); Mr Mustapha Isa, President, Nigerian Guild of Editors (NGE); Mr. Reuben Muoka, Director, Public Affairs, NCC and Dr. Omoniyi Ibietan, Head, Media Relations Management, NCC at the 18th All-Nigerian Editors’ Conference by NGE in Owerri, Imo State at the weekend.