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Interswitch: Leveraging Novel Solutions Will Drive Growth

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As the adoption of digital payment continue to rise in the country and customers continue to yearn for more sophisticated digital payment offerings, Africa’s leading Integrated payments and digital e-commerce company, Interswitch has said it is pertinent for businesses to integrate novel solutions that speak to the unique needs of their customers in order to have a more robust and financially inclusive country.

The firm made this known during the second Regional Breakfast Session held at the Presidential Hotel, Port Harcourt, Rivers State where stakeholders, financial institutions, micro-finance banks, fintechs among others were introduced to innovative solutions designed by Interswitch and get them acquainted with the benefits in different use cases.

The Regional Breakfast Session which is tagged “Accelerating Growth and Profitability – Leveraging Technology to Win” is geared at providing insights and discussing robust opportunities for businesses to continue to evolve.

Speaking at the event, Akeem Lawal, Managing Director, Payment Processing and Switching, Interswitch Purepay, said that Interswitch is committed to the advancement of digital payment in the country and beyond, hence the firm has continued to demonstrate its resolve and capacity in pushing the course to spur economic growth.

He said “The objective of the Regional Breakfast Session is to have robust discussions with stakeholders on latest digital payment trends and proffer solutions to industry’s challenges. It is also an opportunity for us to meet with our customers and introduce them to novel solutions and technologies that will build sustainable businesses and transform the payment landscape.”

According to Lawal, “In the last 20 years, Interswitch has continued to facilitate the growth of the payment ecosystem. The Regional Breakfast Session is a testament to this, and we will never stop bringing our customers up to speed with the latest technologies and capabilities in the payment space to help enhance their businesses.”

The attendees had first-hand information about Interswitch’s recently launched products which include; Tokenization; Fintech-in-a-box; Fraud Solution-as-a-Services; Banking-as-a-Service; Payment-as-a- Service; Interswitch Security-as-a-Service; Mobile Banking-as -a-Service and Biometrics on POS and Value financing.

The products are tailored to provide seamless payment solutions to banks, fintechs, micro-finance banks and other financial institutions. Essentially, the products will provide seamless integration to newer payment channels, protect customers against digital payment fraud, avail effective value financing tools to lenders and enhance customer experience among others.

The Port Harcourt event is the second location in the country where the Regional Breakfast Session has held after it kicked off in Ibadan, Oyo state. The event is expected to touch base in Enugu, Abuja and Lagos.

Unity Bank, Kitian Training Hub Partner to Empower Over 300 Youths with Digital Skills

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From left: Mr Adekunle Rafiu, General Manager, Kitian Training Hub; Hon. Victor Olojede, Special Assistant to the Executive Governor of Oyo State on Students’ Affairs; Mrs Taiwo Oshunniyi, CEO, Kitian Training Hub and Dr. Opeyemi Ojesina, Head, Retail & SME Banking, Unity Bank Plc at the opening ceremony to kick off the Skill Up training programme in Ibadan recently.

In a bid to promote SDG 8 for decent work and economic growth, Nigerian lender, Unity Bank Plc is collaborating with Kitian Training Hub, an Ibadan-based career advice and skills acquisition training centre to empower no fewer than 300 youths from Oyo State with different knowledge and skills designed to better equip beneficiaries to make career advancement.

With the intervention, the Bank is providing support for sponsoring the youth training programme at the Kitian Training Hub set up to facilitate technical and vocational courses and thus drive digital skills acquisition among Nigerian youths and prepare them for job opportunities in the bourgeoning technology sector.

The fully-funded, “Skill Up” training programme focused on both digital and non-digital skills training, including graphics design, web design, UI/UX design, fashion design, domestic electrical installations, MS Word suite and data analytics.

This partnership further underscores the Bank’s ongoing commitment to boosting capacity for the digital economy through strategic digital skills training programmes and empowering the youths to acquire critical skills required to play an active part in the thriving digital economy.

Recall that the Bank earlier this year collaborated with Alternate School Africa, a software training school in Lagos, as part of activities to celebrate International Women’s Day and empower young female engineers looking to acquire core software development skills and pursue a career in the information technology sector.

To enrich the content of the Kitian Training Hub “Skill Up” programme, the Bank anchored training on financial intelligence and business development for the beneficiaries, thereby preparing them for a life of entrepreneurship through the training.

Unity Bank’s Head of Retail & SME Banking, Dr. Opeyemi Ojesina who anchored the session exposed the students to the rudiments of managing and growing Small and Medium Enterprises (SMEs).

In his further assessment of the collaborative initiative, Dr. Ojesina was satisfied with the content of the programme which according to him is not only scenario-based learning but also a well-packaged delivery style effective to close the gap between theory and practical; adding: “it will change the mindset of participants to easily take on the next big thing in their lives”.

“The Bank recognises that technology and innovation form the bedrock of the workforce that can take on the future, which is why we keep collaborating with relevant institutions that are moving in this direction” Mr Opeyemi quips.

“If you look at Unity Bank’s strategic initiatives and collaborations over the past few years, from corpreneurship, which is for fresh graduates; to a partnership on building capacity in the blue economy, and then to the most recent partnership with Alternate School Africa for female software engineers, you would realise the pattern of the Bank’s intervention and commitment to the society, especially to the youths: that buttresses what the Bank stands for.”

The Chief Executive Officer of Kitian Training Hub, Mrs Taiwo Oshunniyi, commended the Bank for the partnership, stating that the partnership has helped the Hub to meet its objective of closing the widening skill gap within the economy.

Oshunniyi said, “We appreciate all our partners, especially Unity Bank Plc. The training should fill some unemployment gaps. Some of our students picked courses in which they already have an interest, and with the knowledge, they will gain here, they will enhance their skills and even provide employment for other people.”

 

Unity Bank’s Yanga Account for Women Garners 97, 000 Customers in a Year

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Yanga, a retail account designed exclusively (Only) for women by Unity Bank Plc has garnered more than 97, 000 customers across the country in just one year of launch. The Yanga Account was launched into the Nigerian market in November 2021.

The numbers came from Plateau State (45, 000); Katsina State (30, 000); Sokoto State (9, 000); Lagos (8, 000) and Uyo-Akwa Ibom State (5, 000).

Mr. Funwa Akinmade, Divisional Head, Retail, SME & E-Business at Unity Bank Plc said in an exclusive interview with Business Journal in Lagos that the Yanga Account model is a win-win product for women in Nigeria, the Central Bank of Nigeria (CBN) policy on financial inclusion and Unity Bank Plc.

“The Yanga name for the account is to have a name that relates and resonates with women. We established the account for women only because present market research indicates that 52 percent of unbanked people in Nigeria are women. This implies that millions of women in the country are left hanging (gap) in terms of having access to financial services, especially market women. Accordingly, the Yanga Account is a great opportunity for women without bank account in Nigeria to enjoy the services of banks without much stress or hassle, in addition to a lot of value-added services from Unity Bank Plc.”

Akinmade listed some of the value-added services for Yanga Account holders to include capacity building seminars/workshops, customized debit card, dedicated sales agents and opportunity for savings & investment.

He named health insurance provision for the account holders as yet another major benefit for women who signs up for the account. He said the health insurance scheme is offered through the services of two leading Health Management Organisations (HMOs) namely Ventura HMO and Ultimate Health.

The major features of the Yanga Account model include fast & seamless opening process, zero documentation, zero opening balance, maximum single deposit of N50, 000 and maximum balance of N300, 000.

 

Densiva.ng: Open for Business, Investment in Digital Ecosystem

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Densiva.ng, a frontline online marketplace where buyers and sellers can securely meet and transact business is open and ready for business and investment.

Mr. Julius Osezua, the Managing Director/CEO of Densive.ng described the digital marketplace as the fastest growing classified ads platform in Nigeria where sellers of various kinds of goods and service providers can register and post ads for free (unlimited amount of ads can be posted daily).

Julius said that sellers can also make money on the platform easily without the financial burden of commission payment. To him, it’s a NO COMMISSION platform.

He explained further:

“The platform is highly secure as there are measures that have been put in place to fish out bad actors on the platform and protect both buyers and sellers. More importantly, registration on www.densiva.ng takes less than two minutes to complete.”

When asked if the platform was open to outside investment, the CEO responded:

“Every company that intends to address the needs of millions of people across Africa should be open to outside investments and Densiva.ng is no exception to that.”

He further stated that “Densiva.ng is willing to work with investors who also share in its vision of becoming the biggest and most trusted Classified Ads Marketplace in Africa.“

NCC Convenes Stakeholder Forum on December 5G Auction  

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The proposed auction of two lots in the 3.5GHz Spectrum for the deployment of 5G services, set to take place in December 2022, is gathering steam and the Nigerian Communications Commission (NCC) has concluded arraignment to host an engagement session with stakeholders to discuss and provide more insight into the Draft Information Memorandum that will guide the process.

The Commission had earlier announced the plan to license additional lots in the 3.5 GHz spectrum band for the deployment of 5G (fifth generation) Global System of Mobile communication).

The interactive session with the stakeholders will take place at Marriot Hotel, Ikeja, Lagos, by 9.00am prompt on the 15th of November 2022.

The engagement session will feature comments and submissions made by the different stakeholders on the Draft Information Memorandum. The outcome of the submission will be taken into consideration by the Commission in publishing the Information Memorandum for the auction.

The process for the auction of the proposed lots of frequencies for 5G services, commenced on 21 October 2022 with the publication of the Draft Information Memorandum on the Commission’s website.

Stakeholders have been advised, in an earlier statement and subsequent advertisements, by the Commission to study the Information Memorandum and make their comments and questions available to the Commission.

Sanlam Life Nigeria wins BAFI Life Insurance Company of the Year Award 2022

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L-R: Dr Ogho Okiti, MD/CEO, BusinessDay Media; Mr Tunde Mimiko, MD/CEO and Thomas Meisinger, Chief Operating Officer, Sanlam Life Nigeria during the awards presentation at the Sanlam Head Office in Lagos. 

Sanlam Life Insurance Nigeria Limited, formerly FBNInsurance, has been awarded the BusinessDay Bank and Other Financial Institutions (BAFI) Life Insurance Company of the Year. The announcement was made at a high-profile ceremony held recently in Lagos.

Awarded annually and backed by the highly rated Business Day’s Research and Intelligence Unit, the BAFI Awards seeks to identify and celebrate financial institutions and their leadership that have excelled across a number of areas.

These include financial performance, shareholder value creation, brand value accretion, corporate governance, sustainability, employment of new technologies, compliance to standards, innovations, and contribution to the industry’s overall growth.

During the award presentation at Sanlam Life’s Head Office in Marina, Lagos, the Managing Director/Chief Executive Officer, BusinessDay Media, Dr. Ogho Okiti, congratulated the management of the Life Insurer on the win while also acknowledging the massive impact Sanlam has made on the continent and in the country.

While accepting the award on behalf of the company, the Managing Director/Chief Executive Officer, Sanlam Life Insurance, Mr Tunde Mimiko, thanked the organizers for the recognition. “At Sanlam Nigeria, we remain committed to providing exceptional service and adding value to our customers. Our mandate is to continue to deliver efficient and customer friendly insurance services that help our teeming policyholders live with confidence,” he said.

Speaking further, Mimiko said “we are delighted to be honoured with this award, it further confirms our growing leadership status in the industry. We are not slowing down now, indeed, we will take this as another impetus to continuously add superior value and ensure the very best of our policyholders.”

Sanlam is a pan-African brand with a rich history and heritage. Founded in 1918 as a life insurance company, Sanlam has grown to become the largest non-banking financial services group in Africa.

With a strong presence in 33 countries on the African continent, and a niche presence in India, Malaysia, the United Kingdom and Australia, Sanlam is in 8 out of the 10 largest economies in Africa, with a market capitalisation of over $8 billion, operating profit of $1billion before tax and over 154,000 employees globally, delivering superior value to customers, shareholders and the broader society.

 

Digital Connectivity Enhances Quality of Life – Danbatta

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The Executive Vice-Chairman (EVC) of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, has said in Lagos that the quality of life is now being measured in terms of digital connectivity that promotes businesses, social and economic well-being of the citizens.

Danbatta, who spoke through NCC’s Director of Digital Economy, Dr. Augustine Nwulunne, in a keynote at the 2022 Africa Tech Alliance Forum in Lagos, said digital connectivity has a major role in advancing the gains of development and sustaining the future, as well as attaining the needed quota in attaining a sustainable future and actualizing the objectives of the Sustainable Development Goals (SDGs).

The EVC, who spoke on the theme, “Creating a Sustainable Future through Connectivity”, cited studies to buttress the centrality of digital connectivity to quality of life and stated that the NCC is dedicated to activating regulatory initiatives aimed at deepening connectivity for the overall economic development of Nigeria.

“Connectivity and development in Nigeria have not been fortuitous, rather they have been as a result of measured, painstaking and strategic policies implementation in the telecommunications sector by the NCC and relevant stakeholders, and we are committed to driving robust and vibrant telecoms sector to enhance further growth of Nigerian economy in all its spheres,” the EVC said.

According to him, telecommunications sector has become an enabler of economic growth, providing the necessary digital succours that bring greater efficiency in service deliveries in education, healthcare, transportation, commerce, financial services, and other sectors of the economy with greater impact on the nation’s Gross Domestic Product (GDP) as well as enhancing other sectoral growth correlating to each of the 17 goals on the SDGs.

The highlight of the event was the decoration of Danbatta with an award of “5G Core Leadership Award” while the Commission was named as the corporate organization with “Best Digital Economy Project of the Year 2022” for the regulatory efforts of the Commission in driving commercial deployment of Fifth Generation (5G) network in Nigeria.

Danbatta said the NCC, through various policies and initiatives, has provided an enabling environment for a fair and liberalised telecommunications industry, by emplacing appropriate regulatory tools and providing relevant regulatory services for mobile network operators (MNOs), who are the primary providers of telecommunication services in the country.

“The Commission has provided the enabling environment to stimulate the deployment of necessary infrastructure pertinent to the provision of universal and affordable connectivity. The resultant effect of this is that today, we now have over 210 million active telephone lines, representing 110 per cent teledensity; and over 150 million Internet subscribers as well as 45 percent broadband penetration which has enabled over 80 million broadband subscriptions.

“Telecommunications has been credited with lifting millions of Nigerians out of poverty; diversifying the economy and providing over $70bn to Nigeria’s GDP; it has also provided thousands of Nigerians with various employment opportunities. A glance at Nigeria’s historical data on its GDP portrays the upward trajectory of the country’s GDP since the liberalisation of the telecommunications sector. In 2001, Nigeria’s GDP was $74.03 billion, in 2005, it grew to $176.13 billion, and it currently stands at $440.78 billion, and telecom has been a key driver of this growth,” he said.

The EVC told the audience that the Commission is also driving implementation of various policies and frameworks including the Nigerian National Broadband Plan (NNBP) 2020-2025, the National Digital Economy Policy and Strategy (NDEPS) 2020-2030; and the ongoing deployment of Fifth Generation (5G) network and other digital interventionist projects aimed at driving universal service availability, accessibility, and availability.

 

 

 

 

NAICOM: Insurance Sector Resilient in Market Growth, Income, Claims Payment

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Mr. O. S. Thomas

Commissioner for Insurance/CEO

National Insurance Commission (NAICOM)

Despite challenges of the post-COVID-19 era, the Nigerian insurance sector has continued to compete fairly with its peers in Africa in terms of Gross Premium Income (GPI), expanding market size, retention capacity and keeping faith with policyholders in claims settlement.

In Nigeria, the sector remains one of the most resilient and fastest growing segments of the national economy, contributing sustainably to Gross Domestic Product (GDP) and job creation.

An industry performance report (2017-2022) by the National Insurance Commission (NAICOM) shows a growth rate of 65.6 percent to the tune of N372.4 billion in 2017 to N616.6 billion in 2021.

Presented by Dr. Umaru Baba, Head of Statistics at NAICOM, the Commission stated:

“During the period, the rate of growth was put at 14.2 percent for 2017, 14.5 percent in 2018 and 19.2 percent, 1.2 percent and 19.7 percent for 2019. 2020 and 2021 respectively. Interestingly, the market recorded expansion in 2020 during the pandemic when the real GDP actually contracted (-1.9%) as was the case with most economies around the world. In 2021 for instance, while the annual rate of premium growth in Nigeria stood at 19.7 percent, it was 12 percent in Tanzania, 18.5 percent for Egypt and about 7.6 percent in the emerging insurance market of Malaysia. It is apparent that the trend maintained a steady rise except in 2020 of which it took a v-shaped recovery thereafter, rebounded to about 20 percent in 2021.”

The report stated that “in 2022, the GPI stood at N223.8 billion in the first quarter, which was 6 percent growth on YoY and, N369.2 billion in the second quarter, indicating a 65 percent Quarter-on-Quarter (QoQ) growth and at about 20 percent Year-on-Year (YoY). Apparently outpacing the real economic growth which grew at just about 3.5 percent during same period, major drivers during the period of 2017 – 2021 were the special risk insurance of Marine & Aviation at about 170 (169.6 percent) per cent, Miscellaneous Insurance at 98.4 percent and Life Insurances at 71.3 percent. In 2022 however, Fire Insurance (32.5 percent) and Life business (24.5 percent) recorded highest rates at the end of H1 period, YoY.”

And in terms of retention capacity, the Nigerian market has proved to be resilient, not only with regards to premium generation but the capacity to retain businesses which signifies sound financial stability and carriage capacity.

In tandem with the GPI growth, it recorded a positive trajectory in business retention from N265.5 billion to N441.2 billion (66.2 percent) over the period of 2017 to 2021, with the retention growth highest in Marine & Aviation, growing at 169.7 percent over the period while General Accident Insurance retention lagged at about 24.6 percent over the same period.

This clearly signifies the growing retention capacity by Nigerian insurers as the aggregate five-year retention ratio of the industry stood at 72.1 percent as the portfolios of Motor (93.1 percent) and Life business (91.8 percent) led the market.

Even in 2020, the industry recorded a retention ratio of about 71.6 percent, higher than the advanced climes of Australia (69.4 percent) and Turkey (70.9 percent) and indeed the developing market of Egypt (58.1 percent) among others

In 2022, retention experience in the first half in Life business retention was 93 percent while non-life recorded a ratio of 55 percent as the industry average stood at about 71 (70.5) percent. All Non-Life classes stood at an above average position except for the Oil & Gas (40.1 percent) even as it declined further compared to its retention capacity in the corresponding period (42.3 percent) of 2021

“Gross claims reported a fluctuation over the period to peak at a growth proportion of 36.2 percent over the years representing N336.8 billion in 2021 from N186.4 billion in 2017, owing to improved market discipline and the approach of customer focused regulation, remained very high around the border of 70 percent. In 2019 however. while the gross claims reported declined by about 11 percent, the ratio of net claims paid stood at 69.3 percent. In all other years except 2017 (67 percent), it was at least around the border of 70 percent with the highest recorded at about 84 percent in the H1 period of 2022.”

The report also states that in the pandemic year of 2020, despite macro-economic challenges, about 70 percent of all reported claims were settled by insurers within the specified period, just as the industry also remained profitable with loss ratios within the average range numbers, with highest in 2018 at 59.2 percent.

On industry size, the report states: “Sustained Assets growth of the industry even during economic recessions, highest in 2020 (34.6 percent) indicates the immense investment flow and, due to recapitalisation measures taken during that period the industry total assets almost doubled over the five- year period of 2017 to 2021, depicting a positive interest of investors in the market at a time associated with macro-economic volatilities. In 2022, the market recorded an expansion to about N2.3 trillion at the end of H1, growing at 12.0 percent YoY. From the on-going, the insurance sector should be the future redeemer of the Nigerian economy given its growth rate, pattern, resilience and yet untapped potential.”

The challenge of future growth of the sector depends largely on deepening market penetration strategies such as compulsory insurances, digitalisation and micro schemes to tap into the huge rural potential.

 

BAFI Awards: African Alliance Named Claims Excellence Insurance Company of the Year

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Joyce Ojemudia

Managing Director/CEO

African Alliance Insurance Plc

African Alliance Insurance Plc has emerged as the Claims Excellence Insurance Company of the Year at the recently held Business Day’s Banks and Financial Institutions (BAFI) Awards in Lagos.

A statement by the awards Committee expressed that “The Claims Excellence Insurance Company of the Year Award is given to the life or non-life insurance company, or broking firm, that has demonstrated unmatched leadership, as far as claim handling/facilitation, is concerned. African Alliance has matched pay-outs with a carefully executed expansion strategy to serve retail clients in geographies where the opportunity exists.”

In her remarks, Joyce Ojemudia, MD/CEO, African Alliance Insurance Plc, dedicated the award to “Almighty God who has strengthened African Alliance to keep moving forward even after 62 years. I also dedicate this award to my Board of Directors and my amiable team for their continuous support. And finally- to our devoted professionals who have continued to work tirelessly to make this process seamless. They dedicate their competent expertise, time and abilities to the company and ultimately to our customers”.

She further restated the firm’s drive to claims excellence:

“African Alliance Insurance Plc takes pride in paying genuine claims as and when due because our customers are our priority. With this award, we reaffirm our promise to our customers that we will be with them for life, as the Life insurer they can always trust.”

African Alliance has been and continues to be a major player in the Nigerian insurance industry for over 60 years, upholding values of paying genuine claims and excellent customer service. This award is proof of the company’s claims excellence.

Examining Peter Obi’s Debate Boycott Threat

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By Haniel Ukpaukure

Debates involving candidates in an election are usually organised as part of electioneering, to provide them a common platform to speak to the electorate at the same time, beyond the soap box they mount at rallies at different times, at different venues, to sell their programmes.

The event may not have a direct bearing on the choice of voters in an election, and is in fact not known to contribute more than, perhaps, two or three per cent of candidates’ chances of getting voters on their side. But it helps to present, to educated and discerning voters, an opportunity to assess the readiness, seriousness and capacity of candidates for the office for which they campaign.

The first in what is going to be several presidential election debates took place in Abuja on the night of Sunday, November 6, 2022. A brainchild of the Centre for Democracy and Development in collaboration with Arise News, the event was expected to bring together the four leading presidential candidates in the 2023 election, namely, Atiku Abubakar (Peoples Democratic Party); Rabiu Kwankwaso (New Nigeria Peoples Party); Peter Obi (Labour Party) and Bola Tinubu (All Progressives Congress).

The absence of Atiku and Tinubu took the shine off the debate, making it not to live up to its billing. One must, however, give credit to Kwankwaso, Obi, Ifeanyi Okowa, Vice Presidential Candidate of PDP who stood in for Atiku, and Kola Abiola, Presidential Candidate of the Peoples Redemption Party who was drafted in at the eleventh hour due to the unexplainable absence of Tinubu who did not deem it fit to send a representative.

There have been various reactions and reviews of the maiden edition of the event since it was held, regarding the performance of the participants, depending, of course, on who is doing the review, and his choice of candidate or party.

My concern in this article is the threat by the Obi-Datti Presidential Campaign Organisation not to attend subsequent debates if presidential candidates would not attend, but send representatives.

Addressing a press conference in Abuja less than 24 hours after the debate, a visibly angry Doyin Okupe, director general of the organisation, had threatened that Obi would not attend future debates if his counterparts continue to treat the event with levity, and resort to what he considered the arrogance of sending surrogates.

The point must be made that the presidential debate is not organized to allow candidates rub shoulders or compete with one another. It is not a contest involving candidates. They are not expected to sit on the podium and talk to themselves. There should therefore be no question of somebody feeling slighted that he is made to sit down to talk with a junior counterpart.

The event is organized to provide a more convivial setting and atmosphere for candidates to talk to Nigerians in the comfort of their homes, outside the noise and drama of political rallies which the majority of voters do not attend or watch on television.

It is an opportunity for candidates to talk to those who do not vote based on sentiments. A candidate shouldn’t be concerned about who attends in person or sends a representative, or even stays away. It should be the business of viewers and voters to decide what to make of such people.

There are many reasons why Obi should not even contemplate boycotting subsequent debates if his “mates” send surrogates or stay away. Despite his record of performance as governor of Anambra State for eight years, which is his selling point in the current campaign, he is a new comer in national politics. His taste of politics at the federal level was in 2019 when he was running mate to Atiku on the platform of PDP. He does not have the national name recognition of Atiku and Tinubu.

The national phenomenon he has become since crossing over to the Labour Party from PDP, in May, has been propelled primarily by the youth who see in him a breath of fresh air, from what they have been sued to, since 1999.

It would be politically suicidal for him to assume that he needs no further introduction to Nigerians, and for that reason, getting into Aso Rock is going to be a stroll in the park. He cannot afford the arrogance of Atiku and Tinubu in either sending representatives or staying away from debates, if indeed that’s what it is. He needs to do more marketing than the duo.

The Labour Party does not hold any seat in any local government council, state house of assembly, the House of Representatives or the Senate. It is the reason Obi’s opponents scoff at his presidential race, saying he has no structure.

Not many Nigerians knew about the party’s existence until his entry. Today, Nigerians know about Labour Party because of Peter Obi, and not the other way round. In fact, the major task before his campaign managers and thousands of youths who constitute his structure is to enlighten uneducated voters on how to identify the logo of the party on February 25, 2023, since his face will not be on the ballot paper.

Not so for Atiku and Tinubu, whose parties’ logos are known to every Nigerian, young and old, educated and uneducated – in urban centres and in hamlets across the country.

Obi needs every opportunity to market himself and his programmes to Nigerians, wherever and in whatever way such an opportunity may come. He cannot afford the luxury of choosing the events to attend and the ones to boycott, especially for the flimsy reason that others are not attending.

If an invitation comes for him to attend a presidential debate organized by a university student’s union, he mustn’t turn down such an invitation because Atiku and Tinubu are not going to be there.

The Labour Party candidate is in the race to win, just as the other 17 candidates, including those not mentioned in national discourse. One of his key selling points is the fact that he is an embodiment of humility in all its ramifications.

Boycotting an event he desperately needs because he does not want to be belittled by the absence of his co-contestants would be tantamount to embarking on an ego trip for which he is not known, which would certainly not work in his favour.

Ukpaukure, a media consultant, lives in Lagos

[email protected]

NCC Warns Users against ‘Mobile Apps Group’ over Trojan, Malware Concerns

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Following the constant introduction of malicious apps into Google Play Store, the Nigerian Communications Commission’s Computer Security Incident Response Team (NCC-CSIRT) has advised against the installation of apps from the offending publisher, the ‘Mobile Apps Group’, whose products were discovered to contain Trojans and adware that are harmful to users and their privacy.

NCC-CSIRT’s advisory on the incident disclosed that “The Nigeria Computer Emergency Response Team (ngCERT) has continued to observe and monitor the constant introduction of malicious mobile applications into Google Play Store.

“Mobile apps Group has a history of distributing malware-infected apps through the Google Play store, and the current batch of apps has already been downloaded over a million times” it said.

It listed this group’s malicious apps as the Bluetooth Auto Connect; Bluetooth App Sender; Driver: Bluetooth, Wi-Fi, USB; and Mobile transfer: smart switch.

According to the advisory, “The apps will delay the display of ads for up to three days after installation to avoid detection. However, once this period has passed, the user is bombarded with advertisements and is directed to malicious phishing websites in the Chrome browser. While the device is idle, the malicious app can open Chrome tabs in the background. Some of the sites it opens may appear to be harmless, but they are pay-per-click pages that generate revenue for the developers when clicked on.”

Consequences of installing the malicious apps include the user being bombarded with advertisements, which will degrade the user experience; theft of sensitive user data; clicking on the ads resulting in the stealth download or installation of additional malware, as well as the user privacy and data being jeopardized.

These unpleasant consequences are avoidable when users refrain from downloading apps developed by Mobile apps Group and ensure to read app reviews before installing any app. Other proffered solutions are for users that may have installed any of the identified malicious apps to immediately uninstall them and to install up-to-date anti-malware solution to detect and remove malware.

NCC-CSIRT rated the malicious activities of the offending apps as high in probability and potential to do damage.

The CSIRT is the telecom sector’s cyber security incidence centre set up by the NCC to focus on incidents in the telecom sector and as they may affect telecom consumers and citizens at large.

The CSIRT also works collaboratively with ngCERT, established by the Federal Government to reduce the volume of future computer risk incidents by preparing, protecting, and securing Nigerian cyberspace to forestall attacks, and problems or related events.

Nigerian Fintech Awards Reward NIBSS, Elegbe, Agboola with Special Recognition Gongs

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In celebration of their contributions to the growth and development of the Nigerian Fintech industry, the organisers of the Nigerian Fintech Awards in Lagos singled out four institutions and nine individuals for special recognition.

Some of these are founders of fincumbents, fintech companies that have been existing for over three decades while others are a few new unicorns, startups valued at $1 billion and above.

The four institutions are the Nigeria Inter-Bank Settlement System Plc (NIBSS), Shared Agent Network Expansion Facilities (SANEF), Ecobank PLC and Digital Encode, a frontline cybersecurity firm in Africa that has endeared itself to the young community in the cybersecurity space in Nigeria.

The ten individuals recognised are Abubakar Suleiman, MD/CEO, Sterling Bank Plc, Austin Okere – the founder and Executive Vice Chairman, Computer Warehouse Group Plc, Dr Yele Okeremi, the co-founder and CEO of Precise Financial Systems, Iyinoluwa Aboyeji, the founder of Future Africa as well as John Obaro, the founder and Group CEO, Systemspecs Holdco.

Others are Mrs. Kofo Akinkungbe, the founder and CEO of SecureID, Mitchell Elegbe, the founder and Group CEO, of Interswitch Group, Musa Jimoh, Director, Payments System Policy and Oversight at the Central Bank of Nigeria (CBN), Olugbenga Agboola, co-founder and CEO, Flutterwave, and Sir Ademola Aladekomo, the founder of Chams Plc.

Speaking on behalf of the recipients, Sir Aladekomo said, “Thank you for this honour. It is appreciated. Best wishes for future outings.”

Sola Fanawopo, the Event Director for the Nigerian Fintech Awards explained that the Special Recognition cut across generations of dreamers, doers, and drivers of the Fintech industry in Nigeria.

“Some of the individuals recognised are founders of fincumbents that have been around for over two to three decades while the rest are founders of the new few unicorns.”

Fanawopo said the Nigerian Fintech Awards was founded in 2012 and are dedicated to honouring excellence in financial technologies and services companies and products.

He added that the awards provide public recognition for the achievements of Fintech companies and products in many categories. These categories include payments, personal finance, wealth management, fraud protection, banking, lending, regtech, insurtech, and more.

“The Nigerian Fintech Awards has no tie with any fintech company. This means that our decisions and actions are independent of any interest or operational restrictions. The ethos of the awards is in line with this freedom,” he said.

According to him, to celebrate the Nigerian Fintech industry was in order as the 2021 Fintech Times report has shown, Nigeria’s fintech landscape comprised 210 to 250 fintech companies, key stakeholders (banks, telecom companies and the government), enablers and funding partners (i.e universities and research institutions, investors, incubators, technology, and consumers).

 

 

Ebi, Marwa, Ipinmisho, Adedeji, Ndionuka for Realnews 10th Anniversary Lecture

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Mrs. Elizabeth Ngozi Ebi,

Group Managing Director of Futureview Financial Services Limited

Prominent Nigerians have confirmed their participation in the Realnews 10th Anniversary Lecture.

They include Elizabeth Ngozi Ebi, Group Managing Director of Futureview Financial Services Limited, 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.

Ebi, 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, and also moderate the discussion session featuring Ipinmisho, Adedeji, and Ndionka as discussants.

Confirming her participation in her acceptance letter dated June 22, 2022, Ebi expressed “the hope to contribute her quota as well as her depth of experience and knowledge in business and economy towards the overall success of the lecture.”

The Management of Realnews Magazine and Publications Limited, publishers of Realnews Magazine Online, had announced that the lecture on “Drug Abuse among Youths in Africa: Implication for Nigerian Economy and 2023 Elections” will hold at the Sheraton Hotel, Lagos, on Thursday, November 17, 2022, by 12noon prompt.

Maureen 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).

Verve Life: Fitness Enthusiasts Enjoy Electrifying Performance at Africa’s Biggest Fitness Party

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In a bid to continue to blaze the trail and inspire Nigerians to a lifestyle of fitness and wellness, Africa’s leading payment technology and card brand – Verve, organised the grand finale of Africa’s biggest fitness event on Saturday, November 5, 2022 to meet the lifestyle aspirations of its customers.

Introduced in 2017, the VerveLife fitness event which is organised annually has grown into a thriving platform, attracting thousands of fitness enthusiasts from Nigeria and beyond.

According to the firm, the event is held to stimulate in Nigerians the need to keep a healthy lifestyle through fun and engaging activities.

Speaking on the Verve Life fitness event grand finale, Cherry Eromosele, Group Executive Vice President, Marketing and Communications at Interswitch Group, said that the Verve Life initiative is a testament to the brand’s long-term commitment to fitness, wellness, and healthy living.

“We have run the VerveLife Fitness event for the past 5 years with this being the fifth edition. Each edition has been an improvement of the previous one. The events have grown bigger and better each passing year, evolving from one event in Lagos to several events across the country. This year, we had nine satellite events across Nigeria and debuted in Nairobi. Today, we are all here to witness the biggest VerveLife Fitness event yet. Just like we keep innovating on the payment solutions we provide, we will keep improving on the VerveLife events. Sustaining the event this long confirms Verve’s commitment to supporting the healthy lifestyle habits of its cardholders while also providing innovative payment solutions to our cardholders and Nigerians in general.”

This year’s grand finale featured some of Africa’s biggest musical acts, Niniola, Crayon, and the dance queen, Kaffy, alongside other Nigerian celebrity fitness experts such as Kemen, Isoken Uwaifo, Ihuoma Nwigwe, Enoyong and Trebla.

Kenyan fitness coach, Alvin Lee, and South African favourite, Queen Fitness, among others, were also in attendance to thrill fitness enthusiasts to invigorating exercises, alongside the music performances by Alternate Sound.

Apart from invigorating warm-up routines, and exciting workout sessions led by fitness experts, exciting gifts were also handed out.

Fitness apparel, healthy meal options and snacks were also made available at discounted prices for attendees who paid with their Verve cards.

Eromosele said; “Other than meeting the payments needs of our customers, this fitness event is aimed at motivating Nigerians to push themselves, work out regularly, keep fit and refuse all excuses that people often give for keeping sedentary habits.

Partners of this year’s edition include global sportswear brand, PUMA, Amstel Ultra, Techno Gym, Hygeia HMO and Aquafina.

With VerveLife, the goal is to never stop taking fitness to the next level.

Stanbic IBTC Bank Partners WellaHealth, Provides Digitised Health Insurance for Customers

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Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings has reaffirmed its commitment to the growth of Nigeria’s health sector by partnering with WellaHealth, a micro-healthcare solution company, to provide quality and affordable healthcare to Nigerians.

WellaHealth, a smart health solution company, provides affordable and accessible high-quality coverage for healthcare. The organisation partners healthcare providers, businesses, and insurance suppliers to provide financing at low costs for people seeking medical care in Nigeria.

Speaking on the partnership, Olu Delano, Executive Director, Consumer and High Networth Clients, Stanbic IBTC Bank stated that the partnership is in line with a key objective of the bank centered around enabling their clients live better. In this case, the objective is being accomplished through provision of affordable health insurance instantly accessible digitally through the Stanbic IBTC mobile app. He said: “Healthcare is a vital need for everyone and in Nigeria, funding medical bills is a real challenge for many individuals and families. Therefore, Stanbic IBTC has partnered with WellaHealth to help bridge the healthcare accessibility and affordability gap.”

Olu highlighted that one of the measures the Bank has taken to further ease access to quality health services is to make the solution available digitally such that individuals who have the Stanbic IBTC @ease wallet can access the solution seamlessly from the Stanbic IBTC mobile app in the palm of their hands.

“We want to provide accessible health insurance to everyone; therefore, we have added the WellaHealth insurance subscription functionality to our @ease module on the Stanbic IBTC Mobile App. This allows Stanbic IBTC @ease wallet holders, to access health insurance cover with premiums from as low as ₦600 monthly”, he added.

Stanbic IBTC remains laser-focused on delivering value to its numerous customers, and the WellaHealth partnership is just one of the ways the organisation is living up to this commitment. More details on the end-to-end financial solutions accessible to Nigerians from the financial services giant can be accessed on the company’s website at www.stanbicibtc.com.

According to the Founder and CEO of WellaHealth, Dr Neto Ikpeme, “WellaHealth is a patient-first healthcare technology startup, which continues to pursue all avenues to get healthcare to Nigerians across the country.  We believe that by actively working with organisations like Stanbic IBTC, WellaHealth will deliver on its mission to reach millions of Nigerians monthly and reduce out-of-pocket spending on tropical illnesses in Nigeria”.

WellaHealth was recently featured at the Times Square and named one of the most impactful companies of 2022 by the Norrsken Foundation, in recognition of its role in building a digital health space to increase access to affordable healthcare with low-cost health plans. This partnership continues that trajectory to reach even more Nigerians and Stanbic IBTC Bank is a strategic partner to WellaHealth helping to drive these benefits to end users. “Our goal is to work with Stanbic IBTC Bank in its effort to reach Nigerians with quality healthcare and affordable health plans via its @ease wallet offering, which is aligned with our vision for Nigerians”, the Marketing and Communications Lead for WellaHealth, Joseph Okoroafor added.