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Danbatta: NIPR Fellowship to Muoka, Ibietan Meritorious

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The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Professor Umar Garba Danbatta, has hailed the conferment of the Fellowship of the Nigerian Institute of Public Relations, (fnipr) on two management staff of the Commission, as meritorious and a testimony to the Commission’s promotion of professionalism and excellence in its scheme of management.

The NCC EVC’s assertion followed the recent investiture and induction of Mr. Reuben Muoka, Director of Public Affairs, and Dr. Omoniyi Ibietan, Head, Media Relations in the Public Affairs Department of the Commission, as Fellows of the Chartered Institute during its AGM and Conference at the International Conference Centre in Abuja.

Danbatta, in congratulating the duo, said the Commission is proud to have produced these two individuals who have been considered worthy of elevation to the fellowship cadre of the prestigious institution like the NIPR, and that their emergence resonates with two of the Commission’s core values; Excellence and Professionalism; which the Commission coincidentally shares with the NIPR.

The NCC boss, a Professor of Electrical and Electronics Engineering, with many Fellowships like: Nigerian Society of Engineers, Nigerian Academy of Engineering, Institute of Electrical and Electronic Engineering, and Renewable and Alternative Energy Society of Nigeria, expressed delight at the level of performance of the Commission’s staff in their different areas of professional calling.

He commended the NIPR as a body for its commitment in the regulation of the practice of public relations in Nigeria for which it has found an ally in NCC. “This can only rekindle the healthy collaboration and partnership existing between the NCC and NIPR, especially in the area of capacity-building and commitment to appropriate national social orientation”, Danbatta stated.

Muoka, the Director of Public Affairs Department of the NCC, holds M.Sc. in Mass Communication from the University of Lagos with specialisation in Public Relations and Advertising, after a Postgraduate Diploma in the same field from the same University; and he had earlier obtained a Bachelor’s degree in Performing Arts from the University of Ilorin.

Besides being a fellow of NIPR, he is also an associate of the Registered Practitioners of Advertising, (arpa).

He had worked for many years as Communications Editor in Vanguard Newspapers during which he also chaired the League of Communications Correspondents, one of the platforms that championed the deregulation of the telecom industry in Nigeria.

He also worked for MTS First Wireless, Nigeria’s first mobile network operator, where he rose to the position of Deputy General Manager. In 1999, Muoka received a fellowship involving a Pan-African training and tour, leading to the award of a Diploma in Journalism, at the instance of the Egyptian Ministry of Information, and the African Journalists Union (AJU), in Cairo, Egypt.

Ibietan earned a PhD in Communication from North-West University in South Africa. He had earlier obtained MA in Communication and Language Arts from the University of Ibadan, a BA in Communication Arts from the University of Uyo, and a Journalism Diploma from the Moscow-based International Institute of Journalism, Abuja Campus.

A noted advocate of freedom and democracy, he was Freedom House Nigeria Project’s Regional Media Researcher in the Niger Delta until his appointment in 2006 as Special Media Assistant to the Federal Minister of Information and Communication, during which he popularised the use of new media for public communication in Nigeria.

He is a member of the African Council for Communication Education (ACCE) and the International Institute of Communications (IIC).

 

Ibietan joined the NCC in 2008 and was deployed to Legislative and Government Relations (LGR) Department where he was frontline liaison staff of the Commission with the National Assembly. Much later after the merging of the LGR Department with the Public Affairs Department in 2010, he served as Manager Media and Public Relations under Muoka’s supervision and became Senior Manager Media Management until January 2017 when he was redeployed to PAD’s emergent Online Media and Special Publication Unit, and subsequently designated as the head of the Unit. He also worked at the Consumer Information and Education Unit of the Commission’s Consumer Affairs Bureau (CAB) until his redeployment to PAD. He became an Assistant Director in January 2021 and was appointed Head Media Relations in July 2022.

 

 

NDIC Clinches FG Platinum Award for Outstanding Performance in Corporate Governance, Service Delivery

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L-R: Managing Director/ CEO, Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan; Board Chairman, NDIC, Mrs. Ronke Sokefun; Special Adviser to the President on Policy and Coordination, Dr. Habiba Lawal and Director General, Bureau of Public Service Reforms (BPSR), Dr. Dasuki Arabi, during the official presentation of Report and Award on the Deployment of the Self-Assessment Tool to Nigeria Deposit Insurance Corporation (NDIC) at the NDIC Headquarters in Abuja.

The Nigeria Deposit Insurance Corporation (NDIC) has been presented with the Federal Government Level Five (5) Platinum Level award for outstanding performance in corporate governance and accountability by the Bureau of Public Service Reforms (BPSR).

The award is based on the Corporation’s outstanding score of Ninety-Three Percent (93%) in the BPSR Self-Assessment Tool (SAT) that was deployed to Federal Ministries, Departments and Agencies (MDAs) to assess and enhance service delivery.

Presenting the award to the Corporation, the Secretary to the Government of the Federation (SGF), Barr. Boss Mustapha represented by the Special Adviser to the President on Policy and Coordination, Dr. Habiba Lawal congratulated the Board, Management and Staff of the NDIC for the courage and commitment during the exercise. She added that the Corporation’s exceptional achievement serves as an impetus for other government agencies to take the opportunity of the BPSR Self-Assessment Tool to assess their strengths and weaknesses, and employ the outcome of the self-evaluation to achieve the Federal Government’s objectives of effective service delivery to the citizenry.

The Honourable Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, represented by the Director, Home Finance, Mr. Stephen Okon commended the Corporation for the award and expressed the Ministry’s continued commitment and support to the NDIC towards the implementation of the recommendations of the BPSR SAT report.

While presenting the SAT report, the Director-General of the BPSR, Dr Dasuki Arabi, stated that the Corporation is the first and only agency under the supervision of Federal Ministry of Finance, Budget and National Planning to submit itself to the SAT assessment.

He explained that the Corporation’s 93% score which represents the rating of “Far Exceeded Expectations” is a direct result of the Management’s commitment to high standards in corporate governance and staff’s diligence and hard work.

He added that the assessment, which commenced in September 2021, focused on broad areas of strategic governance including financial management, operational and service delivery process, human resource management & planning, procurement process and change management.

The Chairman, NDIC Board of Directors, Mrs. Ronke Sokefun and the MD/CE, NDIC Mr Bello Hassan both congratulated the NDIC Board, Management Team and staff for the feat achieved. The MD/CE, Mr. Hassan said since the assessment from the BPSR, the NDIC has continued to benchmark itself with International Standards and Best Practices through a culture of continuous process improvement and service delivery to its various stakeholders.

Meanwhile, The Board Chairman, Mrs. Sokefun said the NDIC would continue to strive for excellence in delivery of its mandate while implementing recommendations of the BPSR report.

NAICOM, Katsina State Partner on Takaful Insurance

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The National Insurance Commission (NAICOM) has kick-started a sensitisation programme in katsina State for top government functionaries, traditional rulers, Khadis, Ulamas, NLC, NARTO, market trader association, law enforcement agencies and relevant shareholders on Takaful insurance. Also in attendance were CEOs of Takaful companies.

‘Ecobank Will Continually Support, Collaborate With Innovative Fintechs, Start-Ups’ – GCEO

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Chief Executive Officer, Ecobank Group, Ade Ayeyemi, has said the Pan African bank will continue to support and collaborate with innovative Fintechs and start-ups in Africa.

The GCEO who was speaking on the launch of 2022 edition of bank’s Fintech Challenge last week said “Ecobank believes that the only way to transform financial services in Africa is for Pan-African banks like Ecobank to continually support and collaborate with innovative Fintechs and start-ups. We invite and welcome Africa’s best Fintechs to work with us through the 2022 Challenge.”

Also, Operations and Technology Executive, Ecobank Group, Dr. Tomisin Fashina, said, “The uniqueness of the Challenge is that it welcomes both early stage and mature start-up Fintechs alike and seeks to align them with different kinds of partnership opportunities within Ecobank that match their differing levels of maturity.”

Pan-African banking group, Ecobank Group, last week launched the cl edition of the Ecobank Fintech Challenge and encourages African Fintech entrepreneurs to enter the i. Fintechs that are aligned with the Bank’s strategic objectives stand a chance to win an overall cash prize of US$50,000 for the top winner and the opportunity to partner and scale their solutions across Ecobank’s 33 African markets.

Fintech companies and developers originating from any of Africa’s 54 countries, as well as global Africa-centered Fintechs, are eligible to enter the Fintech Challenge by visiting: https://Ecobankfintechchallenge.com

Ten finalists will be inducted into the Ecobank Fintech Fellowship after the finals and awards ceremony which will take place in October 2022.

In addition, all Fellows will qualify to explore the following opportunities with the Bank and its partners: multinational products roll out: an opportunity to pursue integration with Ecobank and potentially launch products in all or part of Ecobank’s pan-African 33-country ecosystem; service provider partnerships:  Ecobank may select some Fintechs as pan-African service partners within the Bank’s ecosystem; access to Ecobank’s Pan-African Banking Sandbox: Fellows will be given access to Ecobank’s APIs to test and improve their products for the pan-African market., and priority access to Ecobank’s Venture Capital partners for funding exploration.

The Ecobank Fintech Challenge was designed in partnership with international advisory firm, Konfidants and is supported by partners across Africa and globally. So far 46 Fellows have been admitted into the Ecobank Fintech Fellowship programme since it was launched in 2017.

 

 

 

ProvidusBank, Mastercard, Interswitch, Thales Launch Contactless Tap-to-Pay Transactions in Nigeria

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In a move to further reduce dependency on cash transactions, stimulate innovation and drive the growth of digital payments in Nigeria, ProvidusBank together with Mastercard, Interswitch and Thales Group, today announced the introduction of a new Tap-to-Pay service.

The service allows cardholders to make fast, secure, and convenient in-store payments by tapping their NFC enabled smart device at any contactless-enabled payment terminal.

The solution works by enabling a connected device such as a smartphone or wearable device to act as a safe and secure payment method in the same way as a physical card.

Leveraging Mastercard’s Digital Enablement Service (MDES), and Interswitch’s tokenization capability, ProvidusBank customers can enjoy a new level of convenience, no longer needing a card or a physical wallet during shopping trips.

For each transaction, Mastercard’s tokenization and digitization technology replaces primary account numbers (PANs) with tokens to provide a faster, more secure, and seamless checkout experience while rendering card numbers useless to fraudsters.

“Technology has evolved greatly in Sub-Saharan Africa in the last decade with the mobile phone technology playing a significant role in that space. As a Bank, our collaboration with Mastercard and Interswitch to provide additional value through the mobile device is a strategy to leverage existing infrastructure, while delivering simplified payment through their advanced digital and tokenisation services,” said Walter Akpani, Managing Director/CEO, ProvidusBank.

All Mastercard transactions are made with industry-standard EMV-level security and are protected using standards-based payment tokens.

“The convergence of physical and digital commerce is not in the future, it’s happening now. At Mastercard, we understand that consumers want to make digital payments when, where and how they want, with the same protection and security offered with a physical card,” says Ebehijie Momoh, Country Manager & Area Business Head, West Africa at Mastercard. “As a pioneer of mobile commerce innovation, we are excited to work with ProvidusBank to deliver a new payment experience that is both seamless and secure, in turn speeding the adoption of digital payments in Nigeria.”

Akeem Lawal, Managing Director, Interswitch Purepay also commented on the collaboration. According to him: “With the increasing adoption of digital payments, there has been the corresponding need for players in the payments ecosystem to heighten the safety and security of payment platforms and channels. This notion is the underpinning rationale behind Interswitch’s collaboration with Providus Bank, Thales Group and Mastercard to deliver the tokenization technology, providing an added security layer and ensuring safer and more seamless payment transactions. At Interswitch, we continue to leverage key partnerships that push the boundaries of innovation.”

To use the service, customers need to first digitize their card as a once off set-up by following instructions in their banking app. Once the card credentials are provisioned to a mobile device, a cardholder can tap to pay simply by opening their banking app, selecting NFC payments, tapping their phone at the Point of Sale and entering their PIN to complete the transaction. They can also make safe and seamless in-app and e-commerce payments.

 

 

 

 

 

Business Journal Unveils Official Invite for Public Presentation Event

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Business Journal has unveiled the official invite for the public presentation of Business Journal Newspaper on Friday, September 16, 2022 at Radisson Hotel (former Protea), 42/44, Isaac John Street, GRA, Ikeja.

The event would be Chaired by Mr. O. S. Thomas, the Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) while Professor Umar Danbatta, Executive Vice-Chairman/CEO, Nigerian Communications Commission (NCC) will deliver the keynote address on: The Media in National Development: A Case Study of the Telecom Revolution in Nigeria.

Mr. Tim Akano, Managing Director/CEO, New Horizons Limited will also deliver a paper on: Digital Challenge: Media in the Age of AI, Cloud and Robotics while renowned economist and financial expert, Dr. Biodun Adedipe will review the preview edition of Business Journal newspaper.

Commenting on the development, Prince Cookey, Publisher/Editor-in-Chief of Business Journal said:

“We are already in the spirit of the countdown to the public presentation of Business Journal newspaper and the invite is a worthy testimony to that. We look forward to a great event on Friday, September 16, 2022.”

How Custom Charges, FX Scarcity Aggravate Manufacturers’ Woes, Food Price Inflation

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Overview

As Nigerians grapple with rising food prices amid aggravated level of insecurity in the country, there is growing concern that arbitrary imposition and implementation of import and excise duties by the Nigeria Customs Service (NCS) could indeed be a key factor in the high cost of food and associated items in the country.

For instance, in December 2021, the South-East Amalgamated Markets Traders Association (SEAMATA) raised alarm and flatly rejected what it called unreasonable increase in import duty imposed by the NCS on imported cargoes into the country.

In a statement signed by Chief Gozie Akudolu, President-General and Mr. Alex Okwudiri, Secretary-General of SEAMATA, the traders’ body accused the NCS of bad faith in calculating import duty payment on 40ft containers as against what was earlier agreed to by both parties.

The statement by SEAMATA read in part:

“Between 2020 and now, the amount charged on cargoes as import duties has risen in geometric proportion from N750,000 to N2 million, again to N3 million and presently, to N3.3 million for 40ft containers; while 20ft containers jumped to N1.8 million. The Nigeria Customs, on their own, work out payable import duty now based on ‘estimated’ invoice value of consignment as against the actual invoice value of goods from the country of origin.

This development is not only bringing untold hardships to importers but also compounding the pains of the citizens as it dovetails to astronomical increase in prices of imported goods as the Nigeria Customs Service estimated invoice value is always far above the actual cost of the imports. The indiscriminate estimate of value of goods by Nigeria Customs Service is adversely affecting the price of goods in the markets today. We are appealing to the Honourable Minister of Finance, Budget, and National Planning to prevail on the Nigeria Customs Service to, as a matter of urgency, suspend the exercise. This is to save Nigerian citizens from further economic hardships as further economic pains that follow such situations could lead to social unrest, which our nation doesn’t need now.”

Recently, the National Bureau of Statistics (NBS) put the inflation rate in Nigeria at 19.64% in July 2022, the highest level in 17 years, from 17.7%in May, raising fears that millions of Nigerians could fall deeper into poverty. The NBS report also stated that the composite food index rose to 20.60 percent in June 2022 on a year-on-year basis.

Graphically, the NBS report stated that the average price of 1kg of beans (white, black eye, sold loose) in July 2022 was N547.38, an increase of 23.22% from N444.21 in July 2021. On a month-on-month basis, this increased by 2.09% from N536.17 in June 2022. The average price of 1kg of Tomato in July 2022 was N446.81, an increase of 7.71% from N414.83 in July 2021. On a month-on-month basis, the average price of this item increased by 1.94% from N438.33 in June 2022.

Similarly, the average price of 1kg beef (boneless) in July 2022 was N2,118.84, an increase of 27.58% from N1,660.76 recorded in July 2021. This price rose by 1.87% on a month-on-month basis. In addition, the average price of Groundnut oil: 1 bottle stood at N1,078.17 in July 2022, showing an increase of 40.24% from N768.81 in July 2021. On a month-on-month basis, it rose by 1.44% from N1,062.90 in June 2022.

Counting the Cost on Businesses

Businesses operating in Nigeria remain on the verge of collapse and bankruptcy due to a long list of anti-business policies ranging from multiple taxation, unreliable power supply leading to massive investment in generating sets, high cost of diesel and the prevailing unreasonable import duty charges of the Nigeria Customs Service etc.

When the outcry on multiple taxation became louder, the Federal Inland Revenue Service (FIRS) claimed that amendment to Section 68 of FIRS Establishment Act by the Finance Act 2021 has settled the matter of multiple taxation.

The Executive Chairman of FIRS, Muhammad Nami said: “The amendment to Section 68 of the FIRS Act by the Finance Act 2021 has made it clear that FIRS is the only agency responsible for tax assessment, collection, and enforcement. As such, taxpayers are to expect a streamlined tax administration regime going forward.”

Quite recently, Mr. Ebrima Faal, Director, African Development Bank (AfDB) in Nigeria put the cost of running generating sets in the country (generators + Fuel) at $14 billion, lamenting that the power sector has not improved even marginally despite the process of privatisation.

But the huge power burden on businesses in Nigeria was better explained by the former Director-General, Lagos Chamber of Commerce and Industry (LCCI), Mr. Muda Yusuf:

“The cost incurred to provide alternative sources of power are inevitable if industrialists are to remain in business in Nigeria. This, perhaps, is the biggest single factor impeding the growth of industrialisation.

“The issue has made our industries very uncompetitive in recent times. That is one of the reasons our industries cannot produce for export unlike their counterparts abroad. Also, our industries contribute less than 10 per cent to the country’s Gross Domestic Product (GDP.)”

The International Monetary Fund (IMF) also lamented that Nigeria has suffered economic losses of over $29 billion due to lack of access to regular supply of electricity.

A major consequence of this unfavourable business climate is that businesses, especially manufacturers will shut down because of high cost of production.

Indeed, a report by the Nigerian Chambers of Commerce, Industry, Mines & Agriculture (NACCIMA) stated that 800 companies closed shop in Nigeria in a period of just three (3) years: 2009 to 2011. Secondly, the decision of the Central Bank of Nigeria (CBN) to limit official forex access to importers of prohibited 41 items also led to the collapse of 272 companies, with 50 of them manufacturers according to the Manufacturers Association of Nigeria (MAN). Another 222 small-scale firms also shut down for the same reason, leading to over180, 000 job losses.

The job losses attracted the attention of the NBS which says the country’s unemployment rate rose from 27.1 percent in the second quarter of 2020 to 33 percent in March 2022.

Can Manufacturers Save the Day?

It has been proven in other climes that manufacturing is the productive bedrock of any sustainable economy. In essence, Nigeria cannot record higher level of Gross Domestic Product (GDP) and better living conditions for its people without favourable industrial policies and substantial investment in manufacturing.

And as food prices become unreachable to millions of families, there is a consensus that the right policy framework, especially for the wheat milling and food processing industry in the agricultural value chain for instance, could unlock the productive capacity of that sub-sector, leading to massive food production, supply, and raw materials for industries. This would naturally translate to food security for millions of Nigerians and generate job opportunities in the economy.

The Need for FG Intervention

Given the present state of the economy in terms of food inflation, closure of manufacturing firms due to inputs and unemployment amongst others, it becomes imperative for the Federal Government to intervene through immediate reversal of the existing anti-business policies of its agencies, especially the NCS.

In this regard, manufacturers and importers are therefore seeking the Federal Government’s intervention on import duty valuation of some critical raw materials as they believe that the NCS has already overstretched them by basing duty valuation on spot price in place of the transaction value of critical imported commodities.

They are equally calling for immediate implementation of near zero duty on raw materials meant for manufacturing of food and related inputs to enhance food production in the country, provide needed raw materials for manufacturers and generate jobs.

It also important for the Federal Government to address the serious allegations of arbitrary fixing of duties on importers of food related items given the rising tide of food inflation in the country today.

Specifically, some manufacturers have variously accused the NCS of deploying uneconomic and arbitrary system of arriving at the duty value of goods in form of relying on the current Spot prices as a benchmark. They allege that such method of value and duty computation via the Consumer Price index (CPI) model drives up the cost of duty payable on such goods and has direct impact on the cost of production and consumer food prices.

Final Analysis

Beyond the complaints and lamentations, there is the need for stakeholders in the economy such as NACCIMA, MAN, LCCI and other relevant industry bodies to seek immediate audience with the leadership of the Nigeria Customs Service to openly discuss the negative impact of the prevailing custom duties and tariff on the manufacturing sector and larger economy.

Such a parley will provide each side the opportunity of one-on-one interaction to critically analyse the issues and find amicable solutions to the problem areas.

It will also create an enabling environment for future engagement between them in the interest of the sector and national economy.

 

Stanbic IBTC Bank Shows Determination to Support Agro-allied Economy

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Stanbic IBTC Bank Plc, a member of Standard Bank Group intensified has its efforts in providing financial products and services for businesses in the agro-allied industry in determination to expand and support the agriculture and agro-allied industrial sector in Nigeria

The agro-allied industries are central to sustainable development. The agricultural sector is critical for generating employment, supporting the economy in farming communities, and providing food and nutritional security.

Wole Oshin, Head, Agribusiness, Stanbic IBTC Bank Plc said that Nigeria’s ambitions for accelerated and inclusive economic growth was contingent on achieving a vibrant agro-allied sector that can support extensive enterprise development and employment.

Wole stressed that Stanbic IBTC offered various credit facilities across the agricultural sector that aid value chain players to thrive.

“The available loan facilities are targeted at agribusinesses to provide short-medium term financing needs of crop and livestock producers, processors, their distribution chain and other value chain players. The loans provide revolving working capital (to meet day-to-day operational needs and purchase inputs like seeds, fertilizers, raw materials) and equipment finance solutions to farmers and agribusinesses,” Wole said.

According to him, some benefits of the Stanbic IBTC agribusiness finance include the availability of gap funding for unforeseen financial needs, maintenance of cash flow and flexibility of repayment terms based on the type of funding. He added that the facility was also versatile and can be utilised for funding resources for small and medium-sized enterprises (SMEs), vehicles and farming equipment.

Furthermore, Wole added that Stanbic IBTC had intensified efforts towards the improvement of the agro-allied sector by offering free capacity-building sessions to SMEs in the industry, noting that most sessions helped in educating SME owners on key business skills.

Wole noted that Stanbic IBTC Bank equally provided financing solutions for agricultural enterprises to suit their requirements concerning the availability of resources to purchase mechanised farming equipment, as well as the enhancement of seasonal cash flow for industrial production.

“For instance, Stanbic IBTC committed ₦50 billion to launch a nationwide agricultural finance scheme. The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) and signed a memorandum of understanding to boost agricultural productivity and modernisation by facilitating increased bank lending to the sector.”

 

Wole said that Stanbic IBTC has committed these funds for the takeoff of the scheme. The first phase of the scheme is projected to impact thousands of lives through job creation and boost the revenue of farmers and businesses in the agro-allied industry, which is a testament to the financial institution’s efforts to drive inclusive economic growth through agriculture.

He explained that Stanbic IBTC envisioned that the programme would increase farmland output, diversify the revenue base, and provide vital resources and raw materials to the manufacturing sector. He said that the idea of providing financial solutions for agriculture and agro-allied industries as a strategy for accelerated economic growth is gradually beginning to take hold.

“Stanbic IBTC understands that funding the agro–allied industries is a sure way to diversify the Nigerian economy, as these industries are primed to spark off rapid enterprise development in Nigeria,” Wole noted.

Enhancing credit access to small farmers and agro-based enterprises at low rates of interest will have a far-reaching impact on the micro and macro economy. The growth of the agricultural sector is pivotal to economic development. Stanbic IBTC recognises this and that is why the organisation is intentionally developing initiatives and fostering partnerships that support players in the industry.

 

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.