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Stanbic IBTC Bank Nigeria PMI: Private Sector Activity Growth Eases in August

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Business conditions in Nigeria’s private sector improved modestly midway through the third quarter, but the rate of growth slowed from that seen in July. Softer upticks were recorded in output, new orders and purchasing activity while employment rose at a quicker pace.

At the same time, overall input price inflation rose at the second-fastest rate on record while sentiment moderated to the weakest since last November. The headline figure derived from the survey is the Purchasing Managers’ Index (PMI).

Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration. The headline PMI registered at 52.3 in August, down from 53.2 in July, signalling another improvement in business conditions.

That said, the rate of growth was weaker than the long-run series average. New orders rose for the twenty-sixth month running in August which panellists linked to general improvements in customer demand. The rate of growth did ease from July, however, amid elevated prices. Higher sales underpinned a second successive uptick in output in the Nigerian private sector.

The rate of growth was broadly in line with that seen in July but was softer than the long-run series average. Of the four monitored subsectors, three registered output growth. Agriculture topped the rankings, followed by wholesale & retail and services, respectively.

Manufacturers, meanwhile, recorded a fall in output levels during August. Despite slowdowns in output and new order growth, firms added to their headcounts at a quicker pace in August. The overall rate of job creation was modest and the highest for three months.

Subsequently, firms continued to reduce their backlogs, but the rate of decline was fractional amid difficulties sourcing some key inputs. Advance payments led to quicker supplier delivery times in August.

In fact, vendor performance improved to the greatest extent in three months. Quicker lead times allowed firms to add to their inventory holdings. Stocks of purchases rose at a slower pace to that seen in July, however.

On the price front, higher commodity and transportation expenses exerted upward pressures on purchase costs. At the same time, firms raised their staff wages to motivate their workforces and in light of higher living expenses.

The overall rate of input price inflation was the second-fastest in the survey’s history, surpassed only by that seen in November 2021. Looking ahead, firms remained optimistic of output growth in the year ahead, as has been the case since the survey began in January 2014, but the degree of positivity was the weakest for nine months.

Insurance Sector Plans 10-year Strategic Plan for Sustainable Growth

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The insurance industry in Nigeria says it would soon unveil a 10-year Strategic Plan to ensure sustainable and rapid growth of the market going forward.

After a session of the Insurers Committee meeting in Lagos, leaders of the industry said the Strategic Plan will effectively codify the long-term aspirations of the industry.

Mr. Segun Omosehin, the Vice-Chairman, Publicity Sub-Committee of the Insurers Committee said all the Associations in the industry have been asked to nominate their members who will constitute a committee that will take charge of drafting the document.

According to him, ‘today we deliberated on the need for an industry-wide strategic plan, a strategic document that will codify the long-term aspiration of the industry within a given period of 10 years.’

Omosehin who is also the Managing Director/Chief Executive Officer, Old Mutual Insurance Plc, said the document will be a high-level document that will have in it what the industry intends to achieve, adding that work on the document will commence soon.

“The need for a strategic plan is to enable us as an industry has codified strategic initiatives that will be implemented over a given period of 10 years. This will help the successive leadership that comes in so that there are no vacuum. It helps guide the action of leadership in terms of what we want to achieve as industry. It keeps us in focus. That is what the strategic document is meant to do for the industry and it will cut across the entire gamut of the industry from underwriting to broking to adjusting. It is going to be a 10-year plan,” Omosehin explained.

The industry rebranding project, according to him, becomes an integral element of the document.

He said the industry’s proposed strategic document is to help each successive leader that comes in, for example, Nigerian Insurers Association (NIA), for instance, if am running for two years, there is a need for a broader industry-wide initiative that I am expected to run along with my own plan, this, he said, will help every leader to achieve an industry-wide objective.

Also speaking on the document, a member of the committee, and Head, Corporate Communication and Market Development, National Insurance Commission (NAICOM), Mr. Rasaaq Salami, said NAICOM as a regulator, will be part of the plan which, according to him, will cover the various associations in the industry.

He said different associations in the industry have been asked to nominate members that will be part of the committee that will handle the drafting of the document.

Omosehin said other decision taken at the meeting was the revise guidelines on Bancassurance.

“We received some cheery news that regulator is likely to release some new guidelines on Bancassurance. Some elements in the guidelines are being reviewed and so we are hopeful and looking forward to some revised role on the operations of Bancassurance,” he said.

Emirates Officially Reinstates Flights to Nigeria, Engages CBN

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“Emirates welcomes the Central Bank of Nigeria’s move to release a portion of our blocked funds, and we continue to engage with the Nigerian authorities to ensure the repatriation of our outstanding and future funds may continue without hindrance.

In light of these developments, Emirates will reinstate flights to/from Lagos from 11 September, which is the earliest date for us to co-ordinate the smooth and safe resumption of operations. It will also provide travellers sufficient time to plan and book their journeys.

We constantly review our network operations and will adjust our flying schedules to respond to market demand and other operational factors.

We remain keen to serve Nigeria, by providing international connectivity for travellers and businesses to access to trade and tourism opportunities in Dubai, and across our broader network of over 130 destinations.”

 

Leadway Pensure Chairman, Olusegun Aganga, Joins Board of Technoserve

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 The Board Chairman, Leadway Pensure PFA, Nigeria’s foremost Pension Funds Administrator Mr. Olusegun Aganga, has joined the Board of Directors of TechnoServe, a US based non-profit organisation with presence in over 30 countries.

Mr. Olusegun Aganga, a global expert in the finance and business community and an astute technocrat, has cut his teeth in blue-chip private sector corporates and the public sector both in the United Kingdom and Nigeria.

He was previously a Managing Director at Goldman Sachs in London before going into the public sector. He currently serves on a number of Boards including the advisory board of the Queens Commonwealth Trust in the United Kingdom and as Chairman of the Board of Directors of Leadway Pensure PFA Limited. He is also an industry advisor to Time Partners UK, and to governments and businesses in the United States, United Kingdom, and Nigeria.

Speaking on the appointment, the Board Co-Chairs TechnoServe, Rachel Hines and Michael Bush said, “We are delighted to welcome someone of Segun’s stature and reputation to our board of directors. Not only does he bring a wealth of experience and expertise in supporting economic development in Africa and beyond, but he also shares TechnoServe’s vision of a sustainable world where all people in low-income communities have the opportunity to prosper.”

Commenting on his appointment, Mr. Olusegun Aganga stated: “I am delighted to join the Board of Technoserve, whose vision of building a world committed to sustainable and progressive prosperity for low-income communities align with my ethos and convictions. Technoserve are rated no. 1 globally in their sector where they deploy business solutions and private sector discipline to break the cycle of poverty.

We must always remember that overcoming poverty is not a gesture of charity. It is an act of justice, the protection of a fundamental human right to dignity and decent life. While poverty persists, there is no true freedom. All hands must be on the deck” he said.

Aganga previously served as Nigeria’s Minister of Finance and Chairman of the Economic Management Team where he established Nigeria’s Sovereign Wealth Fund. He also served as Minister of Industry, Trade and Investments. He chaired the World Bank and International Monetary Fund and the 8th WTO Ministerial Conference, the highest decision-making body of the World Trade Organization. He is the only African that has chaired these two organisations.

In recognition of these contributions, he was awarded the Commander of the Order of the Niger (CON), one of the country’s highest-ranking national honours.

CHI Settles Accident Claims of Journalist

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Consolidated Hallmark Insurance (CHI) Plc has paid accident claims of another member of the National Association of Insurance and Pension Correspondents (NAIPCO), who was involved in an auto accident recently.

This is the third time the insurance company would be compensating affected member of NAIPCO, in keeping faith with its promise to pay all genuine claims promptly.

The company had promptly paid accident claims of a member who had an accident in February this year, while the second one took place in July.

The recent payment was for a member who had an accident when the car he was driving was hit by another vehicle from behind and pushed him under the trailer in front of him.

The whole windscreen of his vehicle was shattered, while the bonnet and the bumper were damaged completely.

However, covered under the group personal accident cover issued to NAIPCO, CHI stepped in to pay the hospital bills of the member while the victim has been discharged from the hospital and he is now in good health.

As a responsible corporate citizen, CHI put in place for Insurance Journalists in the country, Group Personal Accident Insurance cover worth N24 million Sum Assured and the cover is being provided by the insurance company.

This gesture, according to the company, is part of its Corporate Social Responsibility (CSR) project, to ensure that journalists who are exposed to danger and hazard in the discharge of their duties are adequately protected.

Speaking on the development, the group managing director/CEO, CHI, Mr. Eddie Efekoha said that the gesture was to show the kind of values and respect his insurance firm has for journalism.

According to him, journalism is a risky profession, hence, the need to adequately provide insurance for those covering the insurance industry.

On her part, Chairperson, National Association of Insurance and Pension Correspondents (NAIPCO), Mrs. Nkechi Naeche-Esezobor, thanked the insurance firm on the claims paid, stating that, this is a testimony that insurance works and that insurers are actually paying genuine claims.

 

Truecaller Launches Vastly Improved iPhone App

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Truecaller, the world’s leading global communications platform, today launched a brand-new version of their iPhone app for users around the world. iPhone users have been underserved by CallerID and Spam blockers. Consumers have been clamouring for a solution, and Truecaller has built a better mousetrap.

The iOS app has been completely re-written from the ground up to be lighter (smaller app size), more efficient (works faster, even on the older iPhone 6S) but most important of all, it offers 10 times better spam, scam and business call identification compared to previous versions of the app.

This change has been brought about by an all-new architecture that can more effectively take advantage of advanced background features in iOS. All-new Truecaller for iPhone has developed the most current, accurate, and complete first ring CallerID and spam detection for every geography.by automatically updating spam information in the background.

The app also has a complete design refresh and user experience flow that results in far shorter times for initial onboarding and quicker day-to-day navigation through the app.

 

 

 

 

 

We’ve been innovating within Apples platform to bring users more powerful features like Call Alerts, Call Reason, and a convenient search extension,” said Alan Mamedi, Co-founder and CEO of Truecaller. “This update has been a long time coming for many iPhone users, and now we can oer them the best performing identifier of spam and scam to help them separate the noise from the communication they   want to respond to.”

 

Highlights of the new Truecaller for iPhone:

 

10x better Caller ID, 10x better protection against spam and scam   Smoother and faster onboarding for new users

Enhanced detail view when you search for numbers

New Premium purchase flow with easier feature comparisons

Redesigned search extension (from Phone > Recents > Share Contact)

Updates coming soon:

 

Major improvements on SMS filtering, spam detection and community-based services, including a redesigned number look-up widget to search unknown callers even faster

The iPhone app will also get automatic blocking of top spammers, the ability to view detailed statistics on spam marked numbers and the ability to view and contribute comments on spam marked numbers for additional context

 

 

 

About Truecaller:

We enable safe and relevant conversations between people and make it ecient for businesses to connect with consumers. Fraud and unwanted communication are endemic to digital economies, especially in emerging markets.

We are on a mission to build trust in communication. Truecaller is an essential part of everyday communication for over 320 million active users, with half a billion downloads since launch and close to 38 billion unwanted calls identified and blocked in 2021.

Headquartered in Stockholm, since 2009, we are a co-founder-led, entrepreneurial company, with a highly experienced management team. Truecaller has been listed on Nasdaq Stockholm since 8 October 2021.

 

Interswitch Kicks Off 20th Anniversary, Unveils #NeverStop Brand Campaign

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To herald its 20th anniversary commemoration, Interswitch has launched a new brand campaign to project its positioning as a pioneering and integral enabler that has not only actively supported the growth and development of fintech and payments across Africa over the last 20 years, but also to amplify the brand’s progressive outlook as a frontier-driving company which keeps pushing boundaries and facilitating the creation of new ecosystems that help businesses and individuals scale and thrive, in line with its purpose of inspiring Africa to greatness through innovation, value-creation and excellence.

 

In the words of Mitchell Elegbe, Founder & Group CEO at the anniversary kick-off media parley:

“Today, as we flag off our celebrations, there is quite a lot of excitement within Interswitch, but also some deep reflection as we look back on the journey of the last two decades – twenty years of transforming Africa’s digital economy. Interswitch was founded to solve a social problem – to make people’s lives easier when it came to payments, transactions and accessing their funds. We saw a way to do this by developing products and services with the consumer at the heart, leading with technology and innovation. As is the case with many pioneers, while we navigated uncharted waters, there were times when we pushed ahead with absolutely no assurances and buoyed up by just sheer tenacity and grit.  At those times, the big picture kept us going, our dream to deliver a prosperous Africa, driven by a seamless exchange of value and commerce.”

Elegbe goes on to assert that the foregoing was the foundation upon which Interswitch’s two flagship products, Quickteller and Verve, were created – born from the over-arching mission to solve problems and focused on delivering comprehensive solutions for individuals to make everyday payments, to help connect and simplify the lives of our consumers across the continent.

Capturing the essence of Interswitch’s new ‘Never Stop’ campaign, Cherry Eromosele, the company’s Executive Vice-President for Group Marketing and Communications stated that “anniversaries not only give the chance to celebrate how far we’ve come in our journey but also provide the opportunity to stop, reflect and launch out again with fresh passion, a renewed zeal and a clearer vision. This is what underpins the philosophy that has given rise to #NeverStop. As we look ahead, we see enormous potential for future growth and the furthering of our vision. The outlook is rapidly evolving; At Interswitch, we also see the application of digital payments as being sector-agnostic and, with the increasing adoption of technology and digital payments across Nigeria and Africa, opportunities to broaden the fintech/payments landscape continue to present themselves.”

From Elegbe’s perspective, the runway for growth remains significant as well over 50% of Nigeria is still unbanked or underbanked and 85% of transactions in sub-Saharan African still occur in cash. He opines that “today, technology is at the forefront of society and will continue to play a significant role in how we work and live. Nigeria is fast becoming the tech-capital of Africa, with one of the fastest growing tech markets in the world. Interswitch has always been focused on the bigger picture, with the understanding that “going it alone” is not the answer, and that we do better by working together.

Building a profitable, thriving business has been important, but in order to achieve our purpose of Inspiring Africa to Greatness, we had to play our part in providing an enabling environment for the holistic ecosystem to thrive.”

Over the next 6 months, the company intends to progressively unveil a line-up of brand campaigns, commemorative events and thought-leadership initiatives centered around this significant corporate milestone on a Pan-African level.

Interswitch is a leading technology-driven company focused on the digitization of payments in Nigeria and other countries in Africa.

Founded in 2002, Interswitch disrupted the traditional cash-based payments value chain in Nigeria by supporting the introduction of electronic payments processing and switching services.

Today, Interswitch is a leading player with critical mass across Africa’s developing financial ecosystem and is active across the payments value chain, providing a full suite of omni-channel payment solutions. Interswitch’s vision is that of a prosperous Africa, driven by a seamless exchange of value and commerce and its mission is to create technology solutions that connect and empower individuals, businesses, and communities.

Interswitch’s broad network and robust payments platform have been instrumental to the development of the Nigerian payments ecosystem and provide Interswitch with the infrastructure to expand across Africa.

Interswitch continues to create and facilitate technology solutions and platforms that support a variety of industry ecosystems which help commerce evolve, businesses grow, and individuals thrive, with solutions and services that are secure and provide convenience and real value for consumers, whilst also improving operational efficiency and driving sustainable revenue growth for businesses.

 

 

China Waives Debt for 17 African Countries

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FILE PHOTO: The Chinese national flag is seen in Beijing, China April 29, 2020. REUTERS/Thomas Peter/File Photo

 

A report by Quartz Africa says that China has provided some financial relief to 17 African countries this week by waiving debt on 23 interest-free loans that were due in 2021.
China is Africa’s second biggest lender. The debt decision signals the Asian power’s intention to remain Africa’s preferred long-term development partner, especially “in the face of the various forms of hegemonic and bullying practices,” as Wang Yi, China’s foreign minister, said in what may have been a veiled reference to the recent contentious visit by US House of Representatives speaker Nancy Pelosi to Taiwan.
The relief was announced on Aug. 18 in an address to Chinese and African diplomats at a meeting meant to follow up on the Forum on China-Africa Cooperation held last November in Senegal. At the time, China reduced its financial pledge to Africa by 33%, which was interpreted as a sign of concern for Africa’s indebtedness at a time of slowing Chinese economic growth.
While specific details of the debt relief were not disclosed, China’s top diplomat appeared to criticize the US and Europe’s sanctions against Russia in its ongoing war in Ukraine. Yi said Africa wants “a favorable and amicable cooperation environment, not the zero-sum Cold War mentality…mutually beneficial cooperation for the greater well-being of the people, not major-country rivalry for geopolitical gains.”
Some African leaders, especially in those francophone countries demanding an end to France’s influence in the region, will likely have found themselves nodding along Yi’s words. —Alexander Onukwue, west Africa correspondent

 

 

Old Mutual, Axa Mansard, Ecobank, Microsoft for Insurance Tech Confab

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Leading thought leaders and C-Suite Executives from corporate organisations such as Microsoft Nigeria, Ecobank, Old Mutual, and AXA Mansard have confirmed participation in the upcoming Insurance Meets Tech (IMT) Conference 2022, scheduled to hold on Thursday, September 29th, 2022, in Lagos, Nigeria.

Insurance Meets Tech Conference 2022 is a multi-sector discourse platform that converges leaders in the insurance and tech industries to foster strategic partnerships hinged on technological innovations and the deepening of Nigeria’s insurance penetration.

IMT 2022, which holds in Lagos, is designed to evolve a marketplace of not only public and private sector players but also to showcase ideas, innovations, and policies that can be pivotal in advancing the business of insurance in Africa.

It will be a one-of-its-kind summit, highlighting the issues in product development, access improvement, process optimisation, payment and reconciliations, customer services delivery, and engagement whilst showcasing various tech solutions to attract potential stakeholders across the ecosystem.

 

Impressively, IMT 2022 has already been favourably received by leading players in Nigeria’s insurance, finance, and tech ecosystems, with top executives such as the Managing Director, Ecobank, Jubril Mobolaji Ahmed; Group Chief Executive Officer, aYo Holdings Limited (South Africa), Marius Botha; Country Manager, Microsoft Nigeria, Ola Williams; CEO, AXA Mansard, Kunle Ahmed; CEO, ETAP, Ibraheem Babalola; Managing Director Endeavor Nigeria, Tosin Faniro Dada; Founder & CEO, Caladium Consulting, Ayo Bankole Akintujoye, amongst others, confirmed their participation.

Speaking on the significance of this conference, the Convener, Odion Aleobua, Chief Executive Officer, Modion Communications, expressed optimism about the impact of the conference, citing that it enables industry leaders in insurance and tech to much-needed collaborative deliberations aimed at bolstering the Nigerian insurance ecosystem and deepening its penetration.

“Nigeria’s insurance industry is ranked 62nd globally, a figure in extreme contrast with the nation’s population and economic size. As a result, the unfortunate reality of insurance in Nigeria is that its penetration rate is so low that less than 2% of all Nigerian adults, which only amounts to 4 million of its total population, have insurance coverage.

“Having consulted for the insurance industry for over the last decade, we understand that the low uptake of insurance in Nigeria can be disrupted through technological innovation that will bolster access, customer engagement, customer onboarding and convenient adoption of insurance policies in the country.

“This is where the incorporation of tech and insurance comes to play. We believe that just as there has been a disruptive turnaround in enabling access to banking services, through the exponential growth in digital technology and mobile telephony in Nigeria, with fintech enabling financial inclusion, insurtech can do the same for insurance. It is on this conviction that we built the rationale for convening Insurance Meets Tech 2022 conference”, he added.

IMT 2022 is expected to feature a special presentation from Microsoft Nigeria to the industry, while the Group Chief Executive Officer, aYo Holdings Limited (South Africa), Marius Botha, whose organisation has presence in five African countries, will share learnings on how tech has enabled their growth and adoption across the continent.

 

 

 

Interswitch Sponsors WeTech 2022 Conference

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Interswitch, Africa’s leading integrated payments and digital commerce company, was one of the silver sponsors of Nigeria’s largest tech conference for women, the WeTech Conference.

Tagged ‘WeTech 2022’, the event was held in Lagos.

Over 1,000 women who attended the event networked and discussed ways to bridge the gender gap in the technology sector in Nigeria.  They were also recipients of valuable resources geared towards fostering growth in their individual career pursuits and the scalability of women-run tech startups.

The conference featured panel discussions, keynote addresses and talks from leading women in the Nigerian tech industry, sharing valuable insights into how they can break into the tech scene in Nigeria, and demystifying the future of fintech in Nigeria.

As a leader in Africa’s tech ecosystem, representatives of Interswitch were also on hand to educate women on ways to develop innovative tech solutions during the second half of the program.  To absorb more women into the Nigerian tech ecosystem, there were recruitment opportunities for interested participants who wished to join the tech giant in creating a prosperous Africa.

Championing Diversity, Equity, and Inclusion (DEI), as demonstrated by its hiring of women into technical and non-technical roles, Interswitch continues to identify useful initiatives and platforms that drive home the importance of an inclusive tech ecosystem.

Speaking on the sponsorship, the Executive Vice President, Group Marketing and Communications, Cherry Eromosele, noted that Interswitch maintained a keen focus on empowering players in the tech ecosystem and that its sponsorship of the WeTech Conference is one of the channels it is tapping into to express this.

She said, “We are excited to have collaborated with the WeTech 2022 Conference as it aligns with Interswitch’s vision of a more inclusive space for women in the Nigerian tech ecosystem.

“Through this initiative, women are always furnished with the knowledge needed to boost their careers in tech, it also holds a dually beneficial purpose for women-run startups. The conference serves as an opportunity for these women to receive insights that will enhance scalability.”

Also commenting was the Chief Human Resources Officer, Franklin Ali, who highlighted the tech firm’s dedication to creating a diverse and equitable workplace by espousing a gender-balanced hiring process.

Ali said, “Our resolve to provide our employees with an equitable workplace that fosters teamwork can be gleaned from the recent Hofstede report that ranked Interswitch among the top five leading companies in Diversity, Equity, and Inclusion (DEI) in Nigeria.

“We look forward to bringing more women on board to drive the company’s goal of a more inclusive workplace.”

NCRIB, NIA Intensify Co-operation for Insurance Market Growth

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President, Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Rotimi Edu (centre) presenting the miniature of NCRIB 60th Anniversary Mascot to the out-going Chairman, Nigerian Insurers Association (NIA), Mr. Ganiyu Musa during a courtesy visit of NCRIB delegation to NIA. With them is the Executive Secretary/CEO of NCRIB, Mr. Tope Adaramola.  

The two leading Associations in the Nigerian insurance sector-Nigerian Insurers Association (NIA) and the Nigerian Council of Registered Insurance Brokers (NCRIB) have restated their commitment to more co-operation and collaboration to ensure sustainable growth of the insurance market in Nigeria.

The insurance operators (underwriters and brokers) said the need to forge more synergy is geared towards growing the insurance industry by accelerating its contribution to Gross Domestic Product (GDP).

This intention was expressed when Rotimi Edu, President & Chairman of Council of the Nigerian Council of Registered Insurance Brokers (NCRIB) led the Council’s delegation on a courtesy visit to the Nigerian Insurers Association (NIA) in Lagos recently.

Mr. Rotimi Edu noted that the industry’s crave for cohesion and professionalism for effective services rendition to the public could only be achieved if insurance brokers who are members of the NCRIB accelerate their collaboration with underwriters under the aegis of the NIA

“Revitalisation of the various Joint and Technical Committees of the industry is being put at the front burner to facilitate effective sharing of information between our two unique professional divides in the industry”, Edu noted

The NCRIB President stated that the insurance industry operators should always see themselves as co-operators rather than competitors in order to project an acceptable front before the insuring public.

In his response, the out-going Chairman of the Nigerian Insurers Association, Mr. Ganiyu Musa pledged the readiness of the NIA to co-operate with the Body of Insurance Brokers in Nigeria to re-energise the Joint Technical Committee, noting that no effort should be spared in exchanging information with a view to making the industry vibrant and contribute to the national economy.

Stanbic IBTC Pension Deepens Access to Pension with New Branch

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Stanbic IBTC Pension Managers, a subsidiary of Stanbic IBTC Holdings recently opened a new branch as part of its commitment to increasing its customers’ access to excellent pension services in Nigeria.

The new branch office is located at 76A Adetokunbo Ademola Street Victoria Island Lagos State.

The Pension Fund Administrator noted that the new branch is an additional avenue for the company to serve the pension needs of its current and prospective clients. Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers, highlighted that the new branch is part of the organisation’s efforts at availing customers’ the opportunity to directly interact with the company as regards their pension contributions, retirement plans, benefits and any other information that they may need.

“The new branch is a fulfilment of our promise to make quality pension fund administration and financial management services available to more Nigerians. This expansion is part of our growth strategy to spread our footprints across Nigeria and enhance accessibility to pension services. As usual, customers can enjoy excellent customer experience at the new branch, while we continue to ensure availability of our digital channels for as many customers who wish to transact from the comfort of their homes or offices,” Olumide said.

“The growing size of pension assets is impacting the financial landscape, and as a forward-looking pension fund administrator, we understand that increasing the accessibility of our pension services will aid the overall quality of experience for pension contributors” he added.

Nike Bajomo, Executive Director, Business Development, Stanbic IBTC Pension Managers, while appreciating clients for the continued trust placed in the organisation to support their financial journeys, she noted that the organisation would continue to provide world-class pension fund solutions to make client experience optimal at all touch points.

“We cannot but appreciate our esteemed clients for their unwavering commitment to us. They are the reason we exist and the reason we will never cease to innovate and deliver quality financial solutions to meet their needs. On behalf of the board, management, and staff of Stanbic IBTC Pension Managers, we say thank you for sharing our dream and for giving us the opportunity to serve you.”

Stanbic IBTC Pension Managers is a leading Pension Fund Administrator with extensive experience in investment management and pension fund administration.

Asankoko Group Plans Malaysia, Nigeria Bilateral Trade, Investment from Epe (Lagos)

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L-R: Prince Olawale Sulaiman Ayinla, CEO of Asankoko Group; Mr. Suwardy Abdul Shukor, the Malaysia Trade Commissioner to Nigeria; and Hon (Princess) Surah Olayemi Animashaun, the Council Mayor of Epe Local Government, during a tour of Alaro City, a mixed-use development area located in the Lekki Free Trade Zone in Epe, Lagos.

As part of their plans to enable economic development through bilateral trade and investment between Nigeria and Malaysia, Asankoko Group paid a courtesy visit to HRM Oba Kamorudeen Ishola Animashaun, the Alaiyeluwa Oloja of Epe and Paramount Ruler of Epe Kingdom, Monday 22 August 2022, while on a tour of Alaro City.

Prince Olawale Sulaiman Ayinla, CEO of Asankoko Group, and Mr. Suwardy Abdul Shukor, the Malaysia Trade Commissioner to Nigeria, both of whom did the tour, joined Hon (Princess) Surah Olayemi Animashaun, the Council Mayor of Epe Local Government, to visit the monarch.

While addressing the monarch, Prince Ayinla said there are immense benefits in the creation of good trade and investment relations between Malaysia and Nigeria. “Asankoko Group is the framework designer of bilateral trade and development between Nigeria and Malaysia while Malaysia External Trade Development Commission (MATRADE) is the facilitator, and the focus is on industrialisation of Nigerian assets, and to flag off these efforts, Lagos State is our entry point into Nigeria while Epe is the entry point into Lagos State via the Free Trade Zone project.

Alaro City, a mixed-use development area located in the Lekki Free Trade Zone in Epe, spans about 2,000 hectares of land and is within a twenty-minute drive distance to Epe Town. With the new Lekki International Airport and the Deep Seaport projects as well as other infrastructural development ongoing in that axis, Epe is moving towards the new face of the future of Lagos.

This underscores Asankoko’s decision to activate bilateral trade and investment between Malaysia and Nigeria to commence with Lagos State and Epe in particular.

“Industrialisation of Nigeria assets through Malaysia-Nigeria bilateral Trade, Industry, Tourism, and Investment (TITI) development remains our mission, Prince Ayinla said.

This initiative also has a strategic connection with Malaysia Traders Market (MTM), a bilateral trade and investment platform in Nigeria that will be a one-stop traders centre for Malaysian products and services in Nigeria under the free trade zones towards the utilisation of Nigerian resources for the economic growth of both nations, Prince Ayinla informed.

Meanwhile, in the preceding month, Asankoko Group was hosted by the Ministry of Plantation Industries and Commodities in Malaysia during the maiden edition of the Malaysia International Agricommodity Expo and Summit (MIACES) in Kuala Lumpur.

“After series of presentations and stakeholder consultations, Asankoko International (Nig) Limited  in collaboration with Asankoko Worldwide Innovative Malaysia Sdn Bdh signed MOUs in areas that have been designed for a progressive impact on trade development between Nigeria and Malaysia while also making Malaysia a hub to Asia industries,” Prince Ayinla disclosed.

Some of the business areas include gloves, livestock supplements, drones, waste to energy, solar powered water pumps, solar power products, educational development products, as well as other high tech and infrastructure projects.

 

 

 

 

BudgIT, EiE, Paradigm Initiative Plan 5th New Media, Citizens, Governance Confab

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BudgIT, Enough is Enough Nigeria (EiE Nigeria) and Paradigm Initiative (PIN) will hold the fifth edition of the bi-annual Pan-African New Media, Citizens, and Governance Conference (NMCG) on November 17, 2022, themed Protecting Digital Rights in Closing Spaces.

Recently, there have been several attacks on digital rights in Africa. Digital rights are human rights in online spaces. These rights include the right to privacy, freedom of opinion and speech, freedom of information and communication, gender rights, and the right to freedom from violence.

Citizens’ digital rights are breached if they are the subject of digital surveillance; if they are covertly targeted with disinformation to manipulate their beliefs and behaviour; if their mobile or internet connection is restricted; or if they are arrested or attacked for expressing a political opinion online.

The violation of digital rights in Africa has become a prevalent issue; if proactive steps are not taken, it may persist. Studies show that Africa has become the most censorship-intensive continent globally, responsible for 10 (nearly 53%) cases in 2021. Within the year under review, Africa led the social media shutdown numbers during election days (3 out of 4 cases were in Congo, Uganda, and Zambia).

For instance, the Chad government blocked the internet following a raid at the property of Yaya Dillo, a representative of the government opposition, and the Nigerian government suspended Twitter – an announcement that came two days after the microblogging site removed a tweet by Nigerian President Muhammadu Buhari.

To this end, it is therefore imperative to have an intellectual conversation on safeguarding the digital rights of African citizens before, during and after elections.

The one-day conference themed, Protecting Digital Rights in Closing Spaces will hold on Thursday, November 17, 2022, at the Shehu Musa Yar’Adua Centre, Abuja.  The conference will have four breakout sessions focused on data privacy, public accountability, the inclusion of People with Disabilities (PWDs) and insecurity and others.

According to BudgIT’s Global Director, Oluseun Onigbinde, there is no better time to emphasise the need to discuss long-standing and emerging issues with digital freedom in Africa. This includes policies and legislations that have either aided digital rights violations or improved freedom of expression, right to privacy, right to digital access, and many more.

‘In 2022 alone, we have seen how several African governments, including the Nigerian government, tried to stifle access to freedom of expression on different digital platforms, against the ideals of democracy everyone should stand for. The NMCG conference will avail stakeholders, state actors and the civil society with the opportunity to co-create means of addressing the current loopholes.” Said Oluseun.

Speaking on the development, the Executive Director of Paradigm Initiative (PIN), Gbenga Sesan, described the conference as timely, following evidence of policy threats, citizen’s advocacy against closing civic spaces and upcoming elections in various African countries.

‘With upcoming elections in Kenya, Nigeria and other African countries, the conference comes at a great time to discuss what various stakeholders must do to maximise digital opportunities during such important events.’ Said Gbenga.

Commenting, the Executive Director of Enough is Enough, Yemi Adamolekun, noted that the prevalence of digital tools in society is often underestimated; thus, the conference presents an excellent opportunity for stakeholders to explore these issues.

‘As citizens, we underestimate how much of our lives are shaped by digital tools. We also underestimate how much governments worldwide are threatened by spaces they can’t control.  We look forward to exploring these issues during the conference!’. Yemi added.

 

The Hosts

BudgIT is a foremost civic-tech organisation leading the advocacy of transparency and accountability within Nigeria’s fiscal space. As a pioneer in the field of social advocacy melded with technology, BudgIT uses an array of tech tools to simplify the budget and matters of public spending for citizens, with the primary aim of raising the standard of transparency and accountability in government.

Enough is Enough Nigeria (EiE) is a movement of knowledgeable citizens that ensures our leaders serve us. EiE launched the concept of the #OfficeOfTheCitizen as part of its 5th-anniversary activities in 2015 to educate Nigerians on their rights and responsibilities. EiE’s #RSVP – Register/Select/Vote/Protect is a key voter education campaign. EiE was an integral part of the #OccupyNigeria movement in 2012 and is very active in the #OpenNASS campaign. 2020 was EiE’s 10th anniversary, and it has continued to drive the #OnePerson campaign to reinforce its belief that one person can make a difference in building a better society.

Paradigm Initiative (PIN) is a social enterprise that builds ICT-enabled support systems and advocates for digital rights to improve the livelihoods of under-served young Africans. The organisation’s digital inclusion programs include a digital readiness school for young people living in under-served communities (LIFE) and a software engineering school targeting high-potential young Nigerians (Dufuna). Both programs deliberately focus on ensuring equal participation for women and girls.

Experts, Stakeholders Call for Strong National Cyber-Security Infrastructure

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Left: Chairman, Committee of Chief Information Security Officers of Nigerian Financial Institutions (CCISONFI), Mr. Abumere Igboa; Managing Partner, Odili Okechukwu & Co., Ambrose Okechukwu; Chief Executive Officer, Cyber Technologies, Next Generation (Cyber Tech NX), Dr. Austine Ohwobete and President, The Information Security Society of Africa – Nigeria (ISSAN), Dr. David Isiavwe at the presentation of a core capability of CybertechNX in Lagos.

Cyber-security experts and stakeholders in the financial service sector have called on federal government to initiate and implement an efficient cyber-security infrastructure that would provide adequate protection for governments, organisations, and individuals in the country from palpable and ever-present cyber threats and attacks.

Among experts that gave the advice at the event with the theme: “CybertechNX Business launch and Cyber Capability Expose” was a Professor of Information Technology/Security, University of Arizona Global Campus, United States, Professor Austine Ohwobete, who is also a cyber-security expert that provides cyber-security coverage during rocket flight to the moon and back for a rocket manufacturing company in the United States of America.

Meanwhile, the President of the Information Security Society of Africa (ISSAN) and Group Head, Operations and Technology, Ecobank Nigeria, Dr.. David Isiavwe, said that evolving and sustaining premium cyber-security is very important because over $7 trillion is available to be stolen worldwide, including Nigeria, on the cyberspace.

Ohwobete, who is also the managing director of Cyber Technologies Next Generation Company Limited (CybertechNX), spoke after unveiling his cyber-security products and services to the Committee of Chief Information Security Officers of the Nigerian Financial Institutions (CCISONFI) recently in Lagos, acknowledged that Nigeria presently has a semblance of cyber-security plan, but pointed out that the plan is full of holes, gaps, and lacking in implementation timelines and milestones.

He said: “We need a national cyber-security policy and strategy that is functioning and not one that you spend money to just write on paper and let it be. Nobody hears about it. There is no organisation; no implementation environment that has been set up for its actualisation. But that is needed.

“A national cyber-security initiative will go a long way in making sure that there are frameworks and blueprints that people will need to adhere to keep their environment safe.”

He added that “at this point I think that there is a cyber-security strategy at the national level but there are a lot of holes and gaps in it and also there is a problem of implementation. For example: what is the implementation plan and what are the milestones. For now it remains an initiative that is yet to get to the level of implementation. So, we need to do that because it is critical.”

Ohwobete, who is also the chief executive office and cyber-strategist at Crypto Forensics Technologies, California, USA, introduced himself as a cyber-evangelist that would do in the country’s cyber environment what evangelists do best.

“So, starting from this point of stepping my foot into the (Nigerian) cyber security environment, I am going to start evangelising and talking to the government and identifying risk areas that governments and organisations need to look into.

“My responsibility, as a citizen, is to help identify gaps that need to be closed and internationally recognised practices and frameworks that are lacking within the Nigerian environment that are needed to be implemented.”

According to him, this has to start from the top. “The tone set at the top and the infrastructure level will determine to what extent organisations at the lower level of the eco-chain will take to make sure that they follow what is being done. So, organisations are responsible for securing their own neck of the wood. But the federal government needs to come up with cyber policies and cyber initiatives that will set the standard that organisations need to follow. That is what I think that will be done,” he said.

Also, Isiavwe, said that there is an urgent need to evolve a strengthened cyber-security system in Nigeria because of growing digitalisation of the country’s economic and social interactions as people now work from home and anyone with a smart cell phone could hop into the cyberspace from anywhere and attack nation states, organisations, and individuals.

“These meant that the threat landscape has just expanded significantly across the borders of any organisation and country,” he said.

According to him, the first thing the ISSAN is doing is advocacy. “We are engaging all key stakeholders to ensure that there is adequate constant collaboration. Everybody must work together because the entire cyberspace is as secure as its weakest link.

“We are also saying that every individual should be careful. Once a message doesn’t look right and it has a link, please do not touch the link until you have confirmed to know the person that actually sent that message. We want people to know how to protect themselves.

“Secondly, we are also taking steps to ensure that organisations also put in place the rudiments and the basics that are required to ensure that they are protected.

“Thirdly, there must be management buy in right from the board level, which I call ‘the tone at the top.’ If the board and senior management do not support it, it will just be a joke and there will be no security. Then we are building and focusing on human capacity development by engaging with experts to ensure that organisations remain secure and safe.”

On his part, Chairman, CCISONFI, Mr. Abumere Igboa, opined that there was a constant need to address the related challenges of ensuring continuous cybersecurity and data privacy through a strong national cyber-security infrastructure.

He added that lack of proper identity management framework is leading financial institutions to rely on other means for identity information such as BVN, stressing that only through concerted efforts by all industry stakeholders and government that can eliminate or reduce the activities of cyber criminals.