Rhapsody of Realities Hits 7,000 Languages, Hosts #ReachOutWorldLive

26/08/2022

At a global programme tagged REACHOUT WORLD LIVE WITH PASTOR CHRIS, Christ Embassy will celebrate a historic milestone as the Rhapsody of Realities devotional is now in 7,000 languages of the world.
No platform or publication in the world has ever been translated into 7,000 distinct languages.
LoveWorld Incorporated, also known as Christ Embassy, has therefore set aside September 2 and 3, 2022, as key dates to mark the huge influence and growth of the devotional Rhapsody of Realities in a global gathering themed REACHOUT WORLD LIVE WITH PASTOR CHRIS.
The event, according to a statement from the media department, will be streamed live over all LoveWorld satellite networks, major terrestrial television and radio stations, websites, and social media platforms.
“On those two days – September 2 and 3—billions of participants will be led by Pastor Chris Oyakhilome, author of the devotional Rhapsody of Realities, President of the LoveWorld Nation, and a global icon of the Christian faith, to list, explain, and laud the incredible impact that this one book has had on the lives of billions of people from every country in the world,” the statement read.
Rhapsody of Realities, popularly known as “The Messenger Angel,” has shown itself to be more than a book.
The devotional has had tangible results and supernatural transformations in the lives of billions of people who live under its daily influence. It provides daily spiritual guidance with its fresh interpretations of God’s Word.
Impact reports abound, all attesting to the fact that, ever since the book’s publication, a vast number of testimonies from readers all over the world and from everyone who has encountered the Rhapsody of Realities has poured in. These testimonies cover many facets of life, including spirituality, finances, and physical health.
For instance, Mr. Raj Mallick from India was destitute and suicidal before receiving the devotional. But shortly after receiving and consuming Rhapsody of Realities on a daily basis, he declared he converted to Christianity, that he is no longer suicidal, and that as a result of the devotional’s application of God’s Word.
Mallick is now a prosperous businessman with outlets spread throughout the city in which he resides.
Another eyewitness described how intruders broke into his family’s home, and with the aid of as many copies of the devotionals covering him, the bullets the robbers discharged could not harm him.
One of the countless and various remarkable testimonies of healing brought about by this devotional is Mariam’s story.
According to her, her brother was pronounced dead at the hospital, but she laid the Rhapsody of Realities on his lifeless body. He started coughing again all of a sudden!
For adults, youth, kids, and in Braille, Rhapsody of Realities’ “Messenger Angel” is offered in print and electronic formats.
It has now been published for 22 years, and with 7,000 translations so far, Rhapsody of Realities has attained and become the most widely read and translated daily devotional in the entire world!
The LoveWorld Nation has shown great faith and audacity in their unwavering consistency and excellence in supporting such a feat from the heart of Africa to the rest of the world.

Universal Insurance: N4.1bn Income, N796m Profit, N348m Claims in H1 2022

Business Journal

26/08/2022

Universal Insurance Plc, Nigeria’s foremost insurance company, has achieved a total premium income of N 4.1 billion during the first half of 2022 ended June 30, 2022.

The figure, according to the company, is far above what was achieved in the whole of year 2021.

The company’s premium income at the end of 2021 stood at N3.4 billion; while a total sum of N459 million was paid as claims.

The Company’s report for second half of 2022 showed a profit after tax of N796 million and a total claims paid of N348 million.

The Managing Director/Chief Executive Officer, Universal Insurance Plc, Dr. Benedict Ujoatuonu, made these disclosures in his speech on the occasion of the formal inauguration of the newly elected executives of the National Association of Insurance and Pension Correspondents (NAIPCO) which took place in Lagos today, and was sponsored by Universal Insurance Plc.

Dr. Ujaotuonu who was ably represented at the occasion by the Company’s Secretary and Head of Corporate Communications Department, Chinedu Onyilimba, said the performance was made possible as a result of aggressive moves in driving its business development especially by providing special tailor-made products in their retail operations.

“Our aggressive deployment of technology, especially in driving our retail operations as well as our business expansion which led to opening of new branches, enlargement of our marketing units which also led to the engagement of new staff made this possible,” the MD/CEO stated.

He said the company is poised to drive, achieve and surpass its N6.5 billion target set for 2022 despite harsh economic environment.

Dr. Ujaotuonu said the company, as part of its strategy, will continue in its business expansion to meet its target of making its products and services available to its prospective customers across the nation, noting that the firm is expanding its investment and leveraging technology to drive its retail operations.

“We are also expanding our investment in and deploying technology especially in our retain operations, this will help us make our numerous tailor-made products accessible to the populace,” he said.

Dr. Ujaotuonu pledged his company’s commitment to continue to collaborate with NAIPCO to advance the course of insurance and pension industry in Nigeria.

The inauguration was jointly sponsored by Universal Insurance Plc, Anchor Insurance Limited, and Sovereign Trust Insurance Plc.

Sovereign Trust Insurance: ‘We’re Committed to Excellent Service for Customers’

Business Journal

25/08/2022

The Management of Sovereign Trust Insurance Plc has reiterated that the mission of the company is to enhance the everyday life of customers while creating exceptional value for shareholders.

Managing Director/Chief Executive Officer of the Company, Mr. Olaotan Soyinka disclosed this at the inauguration of the new executive members of the National Association of Insurance and Pension Correspondents (NAIPCO) in Lagos, sponsored by Sovereign Trust Insurance Plc.

Soyinka noted that Sovereign Trust is committed to innovative products and services that will improve the life of customers even as it has created an enhanced Third-Party Motor insurance policy for the insuring public.

Soyinka who was represented by Deputy General Manager, Sales & Corporate Communications, Mr. Segun Bankole said: “Our mission is to enhance the everyday life of our customers through innovative insurance and financial services while creating exceptional value for our shareholders.

“As an organisation, we have been driven by our vision and mission and that attest to the fact that some of the profitable oil and gas businesses in the country, we can beat our chest that we are one of the proud underwriters in that regard.”

On the enhanced Third-Party Motor insurance, Soyinka said: In terms of innovation, we have the product called the Enhanced Third-Party Motor Insurance. We taught of the usual third party whereby when a claim occurs; it is only the third party that gets the benefit of having his or her vehicle repaired. But with our enhanced third party, which is just N7,500 per annum, you have the third party being insured in case of any damage to the tune of N1 million and the insured himself or herself has that limit of liability up to the tune of N500 thousand.”

According to Soyinka, the reason for the enhanced third-party motor cover is to protect their customers.

“What was the reason behind the enhanced third-party motor cover? You will agree with me that economic wise, the country is not smiling. So, we lost people who would rather not continue with their insurance due to the economic situation of the country. So, we deemed it fit that instead of losing a particular client, we should still be able to keep them in our dragnet. So, customers will still have the feel that they have insurance. Although it is not comprehensive but at least the customer is still covered.”

Soyinka stressed that Sovereign Trust will continue to support NAIPCO, adding “You will recall that one of our journalists recently had an accident. Incidentally, he has a third-party policy with us, but the person that bashed his car has a third party with another company. We have been trying to see how we can help him get his claims sorted out as fast as possible. Extending that hand of fellowship is so critical to the success of our organisation. We do not in any way underestimate what you represent in the Nigerian society as journalists. So, we are solidly behind you and will continue to support you as an Association.”

Meanwhile, the following officers were inaugurated to pilot the affairs of the Association for the next two years: Nkechi Naeche-Esezobor, Publisher/Editor-in-Chief, Business Today (Chairman); Ngozi Onyeakusi, Publisher/Editor-in-Chief, Super News Online (Vice Chairman); Rosemary Iwunze, Insurance/Pension Editor, Vanguard Newspaper (General Secretary).

Others are Edet Udoh, Publisher/Editor-in-Chief, the Revealer Online (Assistant General Secretary); Adejoke Adeyemi, Insurance and Pension Editor, News Agency of Nigeria (NAN) (Treasurer); Matthew Otoijagha, Publisher/Editor-in-Chief, Business Wrap Online (Financial Secretary); and Amaka Obiefuna, Publisher/Editor-in-Chief, News Corner Online (Public Relations Officer).

MFM Orders Pastor to Shut Illegal Deliverance Facility, Report in Lagos

Business Journal

25/08/2022

Mountain of Fire and Miracles Ministry Wednesday ordered one of its pastors at Okija, Anambra State, to shut down what it called illegal facility being operated by the pastor as a deliverance outfit.

The church, in a statement by its Director of Administration, Temitope Akintayo Olawale, said: “Although the alleged pastor is one of our pastors, the said facility is a private property of the pastor and his activities of conducting such kind of deliverance is not with the knowledge nor approval of the church leadership.”

Full text of the statement…

It came to the notice of the Leadership of the Mountain of Fire and Miracles Ministries (MFM) on Tuesday (23rd August, 2022) that a place in Okija in Ihiala Local Government Area of Anambra State was allegedly being used to detain, chain and hold people hostage against their will in the guise of conducting deliverance.
We (MFM) got the information with a rude shock as that is completely alien to our practice all over the world.
Although the alleged pastor is one of our pastors, the said facility is a private property of the pastor and his activities of conducting such kind of deliverance is not with the knowledge nor approval of the church leadership.
In his response to our preliminary investigation, the pastor claims the respective candidates who were being brought to him for prayer against mental ailment and drug addiction usually have their guardians to sign an undertaking for them.
The above notwithstanding, we have immediately directed the said pastor to shut down the illegal facility being used in the name of the ministry and to report to the HQ for further actions.
We are currently in touch with the relevant law enforcement agencies and the family members to ensure that issues are properly addressed and justice served accordingly, he added.

PPC Names Ayodeji Grillo as New CEO

Business Journal

24/08/2022

PPC Limited announces the appointment of Mr. Ayodeji Grillo as the new Managing Director effective Monday, August 22, 2022.

Mr. Grillo served as the Executive Director for the last eight (8) years, and his tenure has seen growth in the various business verticals, especially in the Medical Healthcare division, where he led the Public-Private Partnership with Lagos state, currently the largest in Nigeria, as well as other expansions in the business. The decision was unanimously taken by the Board based on his track record.

Making the announcement, the outgoing Managing Director, Engr. Biodun Disu stated, “Ayo has made innovative, strategic and key contributions in ensuring PPC’s viability and success.”

Mr. Grillo has held various senior Finance positions within Cadbury Nigeria where he was responsible for driving performance and capacity expansion to secure a profitable portfolio of products.

Prior to joining Cadbury, he was based in the UK where he held a number of executive roles.

As the pioneer Finance & Contracts Director of London East Connexions Partnership, he set up and developed the Finance & Contracts functions.

While at Family Action (formerly FWA), one of the oldest and established UK charities, as the Finance & Administration Director, Ayo was responsible for transforming the charity’s finances and drove the improved performance of the charity, enabling it broaden its activities and extend its impact within its operating communities.

Prior to these, he worked in various senior Accounting and Human Resources roles.

Mr. Grillo has a Degree in Business Administration from the University of Ilorin, a PG (Dip.) in Operations Research from the London Metropolitan University, and an MBA with emphasis on Strategy, Finance and Change Management from the University of Greenwich. He is a Fellow of the Chartered Institute of Management Accountants (CIMA, UK), a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a Fellow of the Institute of Management Consultants.

Mr. Grillo takes over from Engr. Biodun Disu, pioneer MD of PPC Ltd., who remains the Executive Chairman.

Verve to Reward Customers in Annual National Consumer Promo

Business Journal

24/08/2022

Verve, Africa’s leading payment technology and card business, has announced the launch of its third National Consumer Promo, aimed at rewarding its cardholders with exciting gifts and cash prizes that will enhance customer satisfaction and loyalty.

During the promo, Verve cardholders with the highest transaction counts will stand a chance to win a whooping sum of N1 million each, monthly. 200 cardholders will also be rewarded with N20,000 monthly when they transact with their Verve cards on Automated Teller Machines (ATMs), Point of Sale (POS) terminals online platforms and when Paycodes are generated for transactions.

In addition, Verve cardholders will also have a chance to get 10% cashback weekly across payment channels. Verve card is one of the most renowned payment methods in Africa and offers extensive and exciting rewards while ensuring safe and seamless payment transactions for all customers.

This promo is in partnership with eight commercial banks: First Bank, Zenith, Access, Ecobank, FCMB, Union, Fidelity and United Bank for Africa (UBA). To qualify for the promo, Verve cardholders with active accounts can start transacting with existing Verve cards or renew their expired Verve cards. Also, non-Verve card holders can ask their banks for a Verve card to participate and increase their chances of winning great rewards.

For three consecutive years, the leading card brand, Verve, has continued to reward thousands of cardholders for their patronage in line with its mandate to provide a life of convenience for existing and prospective customers. This promo is one out of several reward initiatives through which Verve makes this possible.

Speaking on the promo, the Executive Vice President, Marketing & Communications, Interswitch, Cherry Eromosele, noted that the Verve National Consumer Promo was created to expose Verve customers to its rewarding, customer-focused benefits whilst also addressing consumers’ lifestyle needs.

She said, “From the inception of the Verve Consumer National Promo, we have explored new and exciting ways to reward loyal cardholders who seek a convenient and trusted means of payment, but also a fulfillment of their everyday needs.

“With this reward program, we will continue to prioritize our cardholders’ needs as well as acknowledge the immense value of their loyalty to the Verve brand. We implore all Verve cardholders to seize this opportunity to transact and enjoy.”

The promo is billed to run from August 22 until October 30, 2022.

NAICOM, Estate Valuers Seek Collaboration on Insurance of Public Buildings

Business Journal

23/08/2022

The President and Chairman of Council of the Nigerian Institution of Estate Surveyors and Valuers ESV Johnbull Amayaevbo recently paid courtesy visit to the Commissioner for Insurance, Mr. O. S. Thomas in Abuja.

The visit is to strengthen collaboration and working relationship between the two agencies especially in the areas of insurance of public buildings, buildings under construction and professional indemnity for members of the professional body.

The meeting also discussed the need for the insurance industry to always ensure use of registered Estate Surveyors and Valuers in the valuation of their assets.

Linkage Assurance Reaffirms Commitment to Human Capital Development

Business Journal

22/08/2022

L-R: Mr Humphrey Ozegbe, Head, Human Capital, Linkage Assurance Plc; Mr. Emmanuel Otitolaiye, Chief Financial Officer; Linkage Assurance Plc; Mrs Abimbola Tiamiyu, Director-General, Chartered Insurance Institute of Nigeria (CIIN); Mr Okanlawon Adelagun, Executive Director – Technical, Linkage Assurance Plc; Mr Edwin Igbiti, 51^st President and Chairman of Council, CIIN; and Mr Niran Aderinoye, Council Member, CIIN during an official visit of the President of CIIN to Linkage Assurance Plc’s Head Office at Lekki, Lagos.

Linkage Assurance Plc has reassured its commitment to human capital development through support and encouragement of its employees to become the best professionals for growth and development of the industry.

Daniel Braie, Managing Director/CEO, Linkage Assurance Plc gave the assurance when the 51^st President and Chairman of the Council of the Chartered Insurance Institute of Nigeria (CIIN), Mr Edwin Igbiti paid an official visit to the Company headquarters in Lekki, Lagos.

Braie said as a company that cherishes the value creation from CIIN, Linkage Assurance Plc currently has among its staff one senior member of the Institute, forty-five associates which represents 44% of the total work force and Forty-two student members, who are adding value to the company within their various sphere of engagements.

According to him, apart from providing great support to the Institute in terms of donations and other supports,

Linkage Assurance Plc have made examination of the Institute compulsory for all technical staff; pays for all members annual subscription including building levies; reimburses examination fees for all student’s members; sponsors the yearly professional forum jotter in addition to ensuring adequate participation by Chartered Insurers in the organisation. We also sponsor academic award for best student in Principle of Marine and Financial Accounting, Braie told the visiting president.

On some achievements of the company through its employees in the last one year, he said Linkage Assurance produced the latest Insurance Industry Ambassador (IIA) for 2022 in the person of Nurudeen Jamiu; winner of the maiden African Insurance Organisation (AIO) Young Insurance Professionals (YIPs) Africa Nextgen Award 2022, in the person of Oluwaseun Oyelere; while another staff, Tamarasinla Isene graduated with distinction and as the overall third Best Graduating Student winning eight prizes at West African Insurance Institute.

Edwin Igbiti responding said the focus of his administration will be on consolidating on the gains made by the Past Presidents of the Institute with emphasis on the three-point agenda including Digital Reinforcement of Institute’s operations; Insurance Awareness through Grassroot, Youths and Insuring Public; as well as Infrastructural Development.

While seeking the cooperation of members companies of the Institute towards achieving the set goals, he said “the above will enable us work in line with the Institute’s core values and ensure that the Institute lives up to its vision and mission statements.”

The N200bn ICT Bank, Strategies to Rescue Nigerian Telecom Sector

Business Journal

21/08/2022

By Elvis Eromosele

The Nigerian telecommunications sector must have nine lives. No, it is not a cat. It is however almost always in a near constant mortal struggle with the forces that be – read, government and its agents. The fact that it’s still here means that it has somehow managed to survive, remained sustainable and even dared to thrive. It is a phenomenon that ought to be studied.

Every indicator shows that the telecom sector remains the bright spot in the nation’s weak economy. It drives socio-economic development, boosts productivity and contributes to improving the lives of citizens like no other sector.

The COVID-19 pandemic impacted negatively on the global economy by precipitating lockdown and economic disruptions with transport, tourism and aviation sectors tumbling. The telecom sector however continued to “buga.”

It saw an increase in voice service and massive growth of digital channels for daily routine activities ranging from telecommuting to entertainment and social engagements. The sector witnessed the growth and saw huge profits as financial reports from major operators show.

The Nigerian Telecom sector is a gift that keeps on giving. It has witnessed strong growth in recent years and is expected to have continued growth over the foreseeable future. The growth in the sector, according to industry watchers, has been driven by the increasing population, growing demand for communication services, and rising adoption of smartphone services.

Some experts have pointed to strong support by the regulatory authorities which in recent times has led to the licensing of the 5G network in the country – a feat some have called the first in Africa.

Investors in telecom operations are smiling at the bank. It is not surprising therefore that everyone wants a piece of the action, even the government.

It must be stated that the government collects the value-added tax, annual operating levies, licensing fees and duties among others. This is in addition to all the other statutory taxes including PAYE and withholding tax.

Now, there are reports that the Finance Minister, Zainab Shamsuna Ahmed, is actively pushing for another tax, a five per cent excise duty on telecoms services. Most right-thinking Nigerians, including, interestingly, the Minister of Communications and Digital Economy, Prof Isa Ali Ibrahim Pantami, have kicked against it.

If a recent news report is to be believed, the finance minister is not backing down.

If the government is keen on milking the telecom sector, it should at least step up on its behalf and help tackle some of the long-standing issues that have held the sector back.

The challenges are not new. Many of them have plagued the sector since the liberalization of the industry. Industry experts are quick to point out the fact that these challenges are also opportunities when viewed through the right lenses.

Here are seven of the most pressing challenges, with what I hope are feasible solutions. The government should give it a look-in if doesn’t want to kill the goose that lays the golden egg.

Difficulty in Accessing Long-term Funds for the Industry – The government must hasten to establish an ICT Bank. While it should be in the mould of the Agricultural Bank, it should operate like a venture capital entity. So, after due diligence, the ICT Bank will invest in tech starting with a clearly stated exit /pull-out date. I propose an initial take-off grant of N200 billion naira only.

Right of Way – The goal of the right of way policies should not be revenue generation but to facilitate the speedy deployment of telecom infrastructure. In the short term, states can take a leaf from Ekiti State which reduced telecom’s right of way charges by 97 per cent. For the long term, states should install road ducts on a build-and-lease basis. The federal government can set an example here by installing ducts on all new federal roads and leasing to operators based on an agreed realistic billing scheduled for usage.

Multiple Taxations – Again, governments at all levels, need to stop seeing telcos as only cash cows. Efforts must be towards proper harmonization of taxes and levies and so make it uniform across every state and locality. This will undoubtedly aid the planning and deployment of services by operators.

Energy Challenge – Yes, the telcos knew that Nigeria had a power problem when they paid for licenses in 2001. But who could have imagined that the issue will persist unresolved, for this long? Currently, the logistics of ensuring round-the-clock availability of power is a nightmare that keeps whole teams awake many a night. A straightforward solution is the establishment of energy parks to serve critical infrastructure. QED!

Local Content – Some progress has been made here, especially through the National Office for Technology Acquisition and Promotion (NOTAP). To move forward the government and other corporations need to host local content locally. As a corollary, Nigeria must urgently adopt the doctrine of data sovereignty.

Multiple Regulations – This is another problem that is almost as old as the industry itself. The NCC has done a lot of work here. Nigeria must explore a converged regulatory regime as the way out.

Capacity Building – Human resources have always been an issue but the recent increase if the rate of migration has made it a mini-crisis. The Nigerian Universities Commission (NUC) and the NCC have their work cut out for them – bridge the gap between academia and industry via curriculum reform involving the industry and internships.

I’ll be the first to admit that these problems and solutions are not exhaustive. The NCC may want to consider calling a stakeholder forum to deliberate on the problems and proffer solutions. The white paper produced can now be the basis of engagement with the government and its relevant agencies.

For the government, the focus should not be only on sharing the existing telecom cake, but also on helping the industry bake a bigger cake.

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

PenCom: ‘We are Committed to Safety of N14.2tr Pension Funds’

Business Journal

21/08/2022

The National Pension Commission (PenCom) said it is committed to ensuring the safety of pension funds, stating that adequate structures have been established in this regard.

The Commission also promised to continue to develop and implement innovative polices to foster safety and fair returns on pension fund investment as the pension industry and financial system evolves.

The Commission said it is taking strategic steps to encourage more participation of workers from the informal sector of the economy in the Micro Pension Plan in order to expand the Contributory Pension Scheme (CPS).

These disclosures were made by the Director-General, National Pension Commission, Mrs. Aisha Dahir-Umar, at the 2022 Workshop organised by PenCom for journalists in Lagos.

The DG who was represented at the Workshop by the Head of Corporate Communications Department, Mr. Abdulqadir Dahiru, said the theme of this year’s workshop, “Increasing Informal Sector Participation in the Contributory Pension Scheme (CPS): The case for Micro Pension Plan”, aligns with the Commission’s objective of expanding coverage of the CPS.

She stated that the objective is to bring in to the CPS, Nigerians working in the Informal Sector and those who are Self Employed through the Micro Pension Plan (MPP), noting that “it is of utmost importance to educate the media on the MPP and enlist your support to make the Plan popular amongst informal sector workers and the self-employed.

She said the Commission’s directive to increase the Minimum Regulatory Capital (Shareholders’ Fund) from N1 billion to N5 billion. was to ramp up the capacity of the Pension Fund Administrators to manage the increasing number of registered contributors, and the value of pension fund assets.

The PenCom DG stated that as at June 30, 2022, the number of registered contributors and the pension fund assets stood at 9,795,957million and N14.27 trillion, respectively.

She said it is expected that the recapitalisation exercise will bring about increased effectiveness and efficiency as well as improved service delivery in the industry.

In his presentation at the Workshop entitled “What you Need to Know About the Investment of the Micro Pension Fund (Fund VI)” Mr. Ibrahim Kangiwa, Head, Investment Supervision Department National Pension Commission listed the Benefits of Micro Pension Fund Investments to the economy and to the contributor, stating that the Commission is committed to ensuring the safety of Micro Pension Fund and the investments.

According to him, the Commission is committed to ensuring the safety of pension funds and structures have been established in this regard.

“As the pension industry and financial system evolves, the Commission would also continue to develop and implement innovative policies to foster safety and fair returns on pension fund investment,” he added.

The Head of Micro Pensions Department, Mr. Dauda Ahmed, in his presentation entitled “The Micro Pension Plan: Bringing Financial Security at Old Age to the Doorsteps of the Informal Sector,” he listed the benefits of Micro Pension Plan.

He said Micro Pension Plan will improve the standard of living of the elderly as it provides a regular stream of benefits at old age; provide access to other incentives and secures financial autonomy and independence of retirees amongst other benefits.

Speaking on the topic “The Administration of Retirement Benefits Under Micro Pension Plan,” the Head of Benefits & Insurance Department, Mr. Obiora Ibeziako, gave insights into the benefits administration of MPP which he said is divided into two – Contingent Withdrawal and Retirement Benefits Withdrawal

According to him, Withdrawals/accessing benefits shall be two types reflecting the flexibility incorporated in the treatment of the contributions.

Over 40 journalists attended the workshop.

Stanbic IBTC Enhances Intercontinental Trade, Holds Africa-China Trade Expo

Business Journal

18/08/2022

Stanbic IBTC Holdings, a member of Standard Bank Group, remained relentless in enhancing international trade between Africa and China. The financial institution recently hosted the Africa-China Trade Expo to promote trade relations and boost economic prosperity in the two regions.

The two-day hybrid event, which held on 10 and 11 August 2022, featured industry experts and professionals from Nigeria, South Africa, and China.

The event, themed ‘Synergy for Growth’, focused on export enablement and import policies, bilateral trade relations, product exhibitions by Nigerian and Chinese businesses, and the various means through which Stanbic IBTC had facilitated trade between Nigeria and China.

In his opening remarks, the Chief Executive of Stanbic IBTC Bank, Wole Adeniyi, disclosed that Stanbic IBTC’s Africa China Trade Solutions (ACTS) had connected numerous Nigerians to over 16,000 Chinese suppliers, and thereby promoted valuable trade relationships between the two economies. He said: “Through our relationship with the Industrial and Commercial Bank of China (ICBC), we connect various businesses while we create opportunities to generate foreign exchange for the country.”

The need for business-friendly import and export policies was extensively addressed at the event. Ade Otukomaya, Head, Africa China Banking, Stanbic IBTC Bank, stated that business-friendly import and export policies would facilitate increased intra-regional and international trade.

“Policies, which are a deliberate system of guidelines to achieve rational outcomes, are key to improving trade relations. We want to encourage more trade and pursue open trade policies with other nations such as China, to catalyze the growth of Africa’s economy,” Ade said.

In the same vein, Remy Osuagwu, Executive Director, Business and Commercial Clients, Stanbic IBTC Bank, said: “African businesses can now export agro commodities and other products to China at subsidized rates. Chinese clients can also import and export goods and services from their provinces to Africa at lower costs. This will increase revenue for both nations, encourage market diversification and foster better international economic cooperation between the two nations. Our trade partners, Zhejiang International Trading Supply Chain Limited, have simplified the processes to enable seamless trade transactions between clients in both nations.”

According to Remy, improved trade relations between Africa and China will trigger business growth, which in turn will promote the development of commercial trade services, enhance import and export of commodities, and boost economic development.

Remy highlighted that market diversification, would yield positive results. “The sole focus on the domestic market exposes clients to an increased risk from downturns in the economy, environmental events, or other risk factors. Less dependence on a single market, helps to mitigate potential risks and can open avenues for new product lines or commodities across nations. The Africa-China Banking Conference and Exhibition will provide a new platform for economic cooperation, coordination of import and export of bulk commodities, trade promotion activities, and the sustained development of our foreign trade relations with China.”

Seun Ogundolapo, Head Trade, Transactional Products and Services, Stanbic IBTC Bank, remarked that the RT200 FX Policy by the Central Bank of Nigeria (CBN) will encourage more businesses to go into export as well as prompt exporters to add value to the commodities they export.

He said “The RT200 policy is designed to increase the nation’s earnings exclusively from non-oil exports to $200 billion in foreign exchange repatriation, within the next three to five years. This is also in line with our mandate to promote exports of agro commodities and semi-finished or finished goods to other countries.”

Access Bank Partners NYSC to Promote Entrepreneurship with N30m Grant

Business Journal

18/08/2022

Access Bank Plc, through the Accesspreneur program in partnership with the National Youth Service Corps [NYSC] has empowered 20 NYSC corps across the country with exceptional ideas with N30 million in grant.

The Access Bank noted that a total of N30 million was given out to corps members with winning entrepreneurial ideas in Abuja, Akwa Ibom, Bayelsa, Edo, Ekiti, Ogun, Ondo, Oyo and Rivers states with the star winners receiving N1million each.

The Group Head, Consumer Banking, Access Bank Plc, Adaeze Umeh stated this during the National Youth Service Corps (NYSC) Access Bank Accessprenuer competition held in Abuja.

“Access Bank has been in a strategic partnership with NYSC since 2016. The relationship further evolved into the launch of Accessprenuer: The NYSC edition in February 2021. So far, we have completed six editions of Accessprenuer competition, impacting over 390 corps members with over N165 million seed capital. We have also created a Facebook community for all Accessprenuer winners to be able to interact freely amongst themselves and inspire other young people with similar aspirations. The Facebook community has about 5,000 members” Adaeze concluded,

Some of the beneficiaries of the Accessprenuer competition expressed their profound gratitude to the bank for the financial support adding that it will go a long way to helping them achieve their dreams.

Abuja star-prize winner, Laura Momodu, a fashion designer thanked the bank for the gesture.

She said, “I thank Access Bank. I didn’t expect to win because fashion designing is something that everybody does. I want to say that I do not take this for granted and you will definitely see my name on TVs and billboards.”

Also, the first runner-up, Vivian Charles who was awarded with N750,000 for her ideas on healthy spices used for meals, was full of appreciation to the bank. She said, “I say a very big thank you to Access Bank; Access Bank has been able to help me achieve my dream in no small way. This is huge; this is massive to my business and will actually help me push forward.

“A very big thank you to Access Bank and I pray that utilizing this cash for what it is actually meant for, my business will not just grow but be heard across the globe.”

The Bank also rewarded other Corp members in the 3^rd, 4^th, 5^th, 6^th-10^th positions with N400,000, N250,000, N150,000, and N100,000 respectively.

PenCom: Media Partnership is Key to Success of CPS Regime

Business Journal

18/08/2022

Group Photograph:

L-R Seated: Mr. Dauda Ahmed (Head, Micro Pensions Department, PenCom), Mr. Chima Nwokoji (Chairman, Finance Correspondents Association of Nigeria FICAN), Mr. Abdulqadir Dahiru (Head, Corporate Communications Department, PenCom), Mrs. Nkechi Naeche-Esezobor (President, National Association of Insurance and Pension Correspondents NAIPCO), Dr. Babatunde Alayande ( Head, South-West Zonal Office, PenCom) and Mr. Ibrahim Kangiwa (Head, Investment Supervision Department, PenCom).

The Welcome Remarks by the Director-General, NATIONAL PENSION COMMISSION (PenCom, Mrs. Aisha Dahir-Umar at the JOURNALISTS’ Workshop Organised by the COMMISSION on August 18, 2022 in Lagos.

Protocols

Distinguished Ladies and Gentlemen

I am highly delighted to welcome you to the 2022 Journalists’ Workshop organised by the National Pension Commission (PenCom) for Pension Correspondents. The Commission is indeed honoured by your presence despite your hectic schedules.

This workshop provides the Commission with a platform to interact with the media to discuss developments in the pension industry. It is also an opportunity to present the achievements of PenCom and the challenges faced in implementing the Contributory Pension Scheme.

To this end, the Commission hopes to sustain the existing cordial relationship with the media, which would translate to the general public being better informed about the pension industry.

The theme of this year’s workshop, “Increasing Informal Sector Participation in the Contributory Pension Scheme (CPS): The case for Micro Pension Plan”, aligns with the Commission’s objective of expanding coverage of the CPS.

The objective is to bring in to the CPS, Nigerians working in the Informal Sector and those who are Self Employed through the Micro Pension Plan (MPP). Therefore, it is of utmost importance to educate the media on the MPP and enlist your support to make the Plan popular amongst informal sector workers and the self-employed. There are three papers slated for presentation by the Commission today;

The first paper is “The Micro Pension Plan: Bringing Financial Security at Old Age to the Doorsteps of the Informal Sector,” to be delivered by the Head Micro Pension Department. The second paper, “What You Need to Know About the Investment of the Micro Pension Fund (Fund V),” will be presented by the Head of the Investment Supervision Department. The third and final paper, “The Administration of Retirement Benefits under the Micro Pension Plan,” will be delivered by the Head of the Benefits & Insurance Department.

Distinguished Journalists, the Commission is mindful of your critical role in disseminating factual information to its stakeholders. So, it is imperative to constantly interact and inform you of recent developments in the pension industry and some of the Commission’s significant activities.

Strategic efforts to drive the Micro Pension Plan (MPP) remain one of the significant areas of focus of the Commission.

The MPP was conceptualised to expand pension coverage to the informal sector, including small-scale businesses, entertainers, professionals, petty traders, artisans, and entrepreneurs. The MPP was implemented to curb old-age poverty by assisting the workers, as mentioned above, to contribute while working and build long-term savings to fall back on when they become old.

To create awareness of the Micro Pension Plan, the Commission, in collaboration with the Pension Fund Operators Association of Nigeria, is currently championing an Industry Media Campaign in major cities in the country’s six geo-political zones.

As you know, PenCom increased the Minimum Regulatory Capital (Shareholders’ Fund) requirements of Pension Fund Administrators (PFAs) from N1 billion to N5 billion last year. The recapitalisation exercise had a 12-month transition from April 27 2021, to April 27 2022.

As of the deadline, all Pension Fund Administrators (PFAs) have complied with the Commission’s directive to increase the Minimum Regulatory Capital (Shareholders’ Fund) from N1 billion to N5 billion.

The reason for the recapitalisation exercise was to ramp up the capacity of the Pension Fund Administrators to manage the increasing number of registered contributors, and the value of pension fund assets under which I am pleased to inform you stood at 9,795,957million and N14.27 trillion, respectively, as at June 30, 2022. it is expected that the exercise will bring about increased effectiveness and efficiency as well as improved service delivery in the industry.

Let me re-affirm the Commission’s commitment to creating awareness and holding social dialogue on the workings of the Contributory Pension Scheme with relevant stakeholders towards the smooth implementation of the Contributory Pension Scheme in Nigeria.

I encourage you all to make this workshop as interactive as possible by sharing your concerns and seeking clarifications from our Team where necessary. I wish to assure you that your feedback will be given the due attention required, in line with the Commission’s consultative ethos.

On behalf of the Commission and the entire pension industry, I would like to express our profound appreciation for your consistent support.

Let me reiterate that the media is an important stakeholder, and without your support, the modest achievements recorded by the industry would not have been possible.

Thank you, and God bless us all. Ameen.

Guinea Insurance Reports Written Premium of N1.35bn in 2021

Business Journal

18/08/2022

L-R: Ademola Abidogun, MD/CEO; Godson Ugochukwu, Chairman Board of Directors and Chinenye Nwankwo, Company Secretary at the 64^th AGM of Guinea Insurance Plc in Lagos recently.

Guinea Insurance PLC held its 64th Annual General Meeting (AGM) recently in Lagos. The hybrid meeting had a group of in-person participants connecting with remote participants to afford all stakeholders the same participatory rights as with a physical meeting.

Chairman of the Board of Directors, Mr. Ugochukwu Godson, presided over the meeting to conduct both ordinary and special business, obtain necessary shareholder approvals, and, as part of the ordinary business, present the audited financial statements for the year ending December 31, 2021, along with the reports of the directors and auditors, to shareholders.

He addressed the shareholders and reaffirmed the board’s and management’s commitment to strategically and effectively position the company as an investor’s delight while also propelling it to a profitable height for the financial well-being of its shareholders.

Speaking on behalf of the shareholders, Boniface Okezie, Chairman of the Progressive Shareholders Association of Nigeria, noted that insurance relies on trust and the timely payment of claims. He praised the company for its efforts in this area as well as for maintaining its customary attitude of accountability, responsiveness, and commitment to the welfare of policyholders at all times.

He recommended deliberate and purposeful actions toward taking the company to glorious times but expressed concerns over the numerous mitigating factors impeding the projected upward mobility of the company to profitability.

Godson expressed his opinion in this regard, stating that the company was already on the comeback trail to profitability as funds had been injected to strengthen its financial base and increase its capacity for transacting large-scale business deals.

In addition, Guinea Insurance’s Managing Director, and Chief Executive Officer, Ademola Abidogun, in his remark, urged the company’s shareholders to see the positive aspects of the upcoming changes. “With the injection of additional capital,” he asserted, “our company is now well positioned to attract and transact larger portions of new businesses.”

It is undeniable that consumers today are shifting and favoring simplicity more than ever before; as a result, our investment roadmap in technology and digital transformation is motivated by the need to give customers the freedom to purchase reliable insurance products without any geographical restrictions.

He continued by saying that the company had made an effort to keep management costs to a minimum, obtain regulatory approval for the underwriting of agricultural insurance, and reduced operating expenses.

While presenting the operating results for the year under review, the Chairman moved that despite the many difficulties and operational challenges encountered throughout the year, the company was able to weather the storm and continue on the path of growth.

Gross Premium Written was N1.35billion, representing a 24.8% increase over the N1.08billion recorded in 2020. Gross Premium Income rose from N1.05billion to N1.34billion in 2021 representing a 27.4% increase. The Net Claims Expenses in 2021 was N0.48billion which is a 69.1% improvement over the sum of N1.55billion recorded in 2020. This was due to efficient claims management.

The company did record a Loss Before Tax of N60million. This is as against N225million recorded in year 2020 representing over 73.3% decrease. Loss After Tax also stood at N23million, representing a significant drop of 89.9% decrease when compared with the sum of N228million recorded in 2020.

In conclusion, the company’s shareholders overwhelmingly agreed to the company’s prayers and approved the re-election of the following directors: Godson Ugochukwu, Alhaji Hassan Dantata, and Simon Bolaji.

In a similar spirit, the shareholders agreed to increase Guinea Insurance’s issued and allocated share capital to 7,942,800,000 ordinary shares of 50 Kobo each, effective as of August 16, 2022.

Sterling Premieres Anthology of Nigerian Literature with Farafina

Business Journal

17/08/2022

L-R: CHIEF MARKETING OFFICER, STERLING BANK PLC, DAPO MARTINS; A NIGERIAN WRITER OF SHORT STORIES AND AUTHOR, AFRICANWRITER.COM, EGHOSA IMASUEN; ASSOCIATE DIRECTOR OF ALUMNI RELATIONS, CONCORDIA UNIVERSITY, TEMILADE AINA; MODERATOR, FANIYI KAYODE; A NIGERIAN WRITER OF SHORT STORIES AND NOVELS, ADRIAN IGONIBO BARRETT; AND PAST, PRESENT & FUTURE BY NAJA, GIFT OSIOMWAN, DURING THE PRESENTATION A POSSIBLE FUTURE IN LAGOS.

Sterling Bank Plc has collaborated with Farafina Books, Nigeria’s leading independent literary publishers, to launch a premier anthology of the best of Nigerian writings spanning 200 years, from 1789 to 2018.

The anthology, titled: “A Possible Future,” was curated to preserve the gems of Nigeria’s literary history, promote a reading culture in the country as well as to support featured authors in the distribution of their timeless books.

The 411-page book features some of the best works of 46 literary authors in the country.

Featured authors include Olaudah Equiano, D.O. Fagunwa, Gabriel Okara, Cyprian Ekwensi, Obotunde Ijimere, Chinua Achebe, Duro Ladipo, Chukwuemeka Ike, Christopher Okigbo, Elechi Amadi, Wole Soyinka, Ola Rotimi, J.P. Clark-Bekederemo, Ken Saro-Wiwa, Isidore Okpewho, Mobolaji Adenubi, Buchi Emecheta, Femi Osofisan, Niyi Osundare, Tanure Ojaide, Odia Ofeimun and Ben Okri.

Others are Uzor Maxim Uzoatu, Dulue Mbachu, Ikeogu Oke, Biyi Bandele, Sarah Ladipo Manyika, Aisha Osori, Omolola Ijeoma Ogunyemi, Yemisi Aribisala, Lola Shoneyin, Teju Cole, Yejide Kilanko, Eghosa Imasuen, Chimamanda Ngozi Adichie, Niran Okewole, A. Igoni Barret, Abubakar Adam Ibrahim, Taiye Selasi, Jowhor Ile, Tope Folarin, Lesley Nneka Arimah, Helen Oyeyemi, Uche Okonkwo, Gbenga Adesina and Wale Lawal.

Addressing lovers of literature, authors, influencers, and other stakeholders at the event, Mr. Abubakar Suleiman, Chief Executive of Sterling Bank said the institution decided to collaborate with Farafina on the project because ensuring continued literacy, being a key component of education, is in line with the education component of the bank’s HEART strategy. The other sectors are health, agriculture, renewable energy, and transportation.

He said besides this, the Bank has for some time now been supporting the literary arts through the Ake Arts and Books Festival, an initiative of the Book Buzz Foundation, which is driven by Lola Shoneyin, an award-winning writer and poet among others.

Also, in the foreword to the book, Mr. Suleiman noted that, “In the long stretch of time between 1947 when Professor Molly Mahood declared that Nigeria, at the time, had no literature and today, the country’s literary tradition has established itself as a force in the world.

“This is not to agree with Mahood that Nigerian literature is only as old as British involvement in the country’s affairs. In fact, by the time British colonialism invaded the geographical space that would later become Nigeria, there was already a deep-rooted literary tradition in the north of the region going as far back as the 15th century. So, we had literature long before we practiced the art in the colonial tongue.”

He said, “Modern Nigerian literature may have been ‘founded’ by the English based on an assumption – a falsehood, in fact – but the lie does not have to hold any longer. When we decided to believe in ‘A Possible Future,’ we did so with the understanding that Nigerian literature was already of age. While its story is still unfolding and the yardage of its potential still vast, nay infinite, the baby Emecheta, Nwapa and Tutuola once nurtured in verse, prose and on stage, no longer crawls.

A possible Future is a primer for anyone – and I cannot imagine who, in this age – just getting introduced to Nigerian literature.”

According to him, “Kachifo Limited and Farafina Trust have created a definitive, yet not conclusive text that summarises our literary journey and gestures to its destination. The details of which we do not know yet except that, in that future, everything is excellent, anything is possible and we are here for it.”

The Sterling Bank CEO also read excerpts from Arrow of God by Chinua Achebe, which featured on pages 41 to 42 of the anthology. Temilade Aina, a lietrature curator, took the second reading from the works of Biyi Bandele’s Burma Boy.

The event also featured a panel session made up of Professor Niyi Osundare, Eghosa Imasuen, A. Igoni Barrett, Wale Lawal and Temilade Aina. The session was moderated by Faniyi Kayode, a writer, book critic and editor.

The panel commended the anthology and described it as a premier national work and expressed the hope that subsequent ones will accommodate the works of other writers which are not covered now.

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