Linkage Assurance Reaffirms Commitment to Human Capital Development

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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

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21/08/2022

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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’

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21/08/2022

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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

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18/08/2022

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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

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18/08/2022

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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

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18/08/2022

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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

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18/08/2022

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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

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17/08/2022

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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.

Union Bank: First Set of Winners Emerge in Save & Win Palli Promo 2

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17/08/2022

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Union Bank of Nigeria has rewarded the first set of winners in the second edition of its Save & Win Palli promo.

The first live draw of this season, which took place at Union Bank’s Head office in Lagos, saw 50 customers win cash prizes of ₦105,000 each. The winners were selected randomly through a transparent, and electronically generated draw supervised by relevant regulatory bodies.
Save & Win Palli Promo is a nationwide campaign aimed at rewarding customers with cash prices and other exciting gifts worth over N55,000,000. The goal is to encourage and promote a healthy savings culture. The promo is open to new and existing customers who save a minimum amount of N10,000 monthly.

Savers who qualify to participate in the monthly draws stand a chance to win N105,000 each, while 5 winners will go home with N500,000 each in two of the quarterly draws. One lucky customer will snag the star price of N5,000,000 during the grand finale set to hold in December alongside other consolation prices.

Speaking concerning the draw, the Head of Retail Deposits at Union Bank, John Obichie, said: “Union Bank is pleased to reward our customers through initiatives like this that encourage them to save. This promo was introduced to support our customers during these trying times and to reward them for being consistent with their saving habits.

The savings promo which kicked off in July will run until the end of the year and will see more winners emerge during the monthly, quarterly and end-of-year draws so there’s still a chance to participate and win!

If you are an existing Union Bank customer you can continue to top up your savings in multiples of N10,000 monthly to increase your chances of winning.

Prospective customers can download the UnionMobile app on their mobile phones to open an account or they can simply walk into any Union Bank branch. To reactivate existing accounts, returning customers can call the 24-hour Contact Centre on 07007007000 or also visit any of Union Bank’s branches across the country.

The Bank currently offers a variety of banking services to both individual and corporate clients including current, savings and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing and trade finance.

The Bank also offers its customers convenient electronic banking channels and products including Online Banking, Mobile Banking, Debit Cards, ATMs and POS Systems.

Anchor Insurance Pays Courtesy Visit to Muhammadu Sanusi

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Business Journal

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17/08/2022

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L-R: Mr. Ebose Augustine, MD/CEO, Anchor Insurance Company Limited (sponsor of the just concluded Emir Sanusi live stage play held both in Lagos and Abuja), His Highness Khalifa Muhammadu Sanusi II, Mr. Rufai Oseni, Arise TV and Mr. Joseph Edgar, MD, Duke of Shomolu Productions (producer of the play) during a courtesy visit to His Highness in Lagos.

Unity Bank Rolls Out Yanga Market Penetration Campaign, Targets Millions of Underbanked Women

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Business Journal

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16/08/2022

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Retail lender, Unity Bank Plc has deployed a new marketing campaign targeted at reaching millions of women entrepreneurs, especially the underbanked across Nigeria with its new retail product, the Yanga account.

Starting this August, the lender shall deploy strategic marketing campaigns leveraging several channels including the traditional and digital media to drive value proposition and increased adoption of the Yanga product.

The Yanga account, which was launched by the lender in November 2021 in line with Unity bank’s strategic vision of being “Nigeria’s retail bank of choice” debuted in four geographical locations: Mararaba/Nassarawa state, Ibadan/Oyo state, Uyo/Akwa Ibom State and Gombe/Gombe State.

Commenting on the new Yanga Market Penetration Campaign, the Divisional Head, Retail and SME, Mr Olufunwa Akinmade stated that “having launched the Yanga Account, unveiled Veteran Actress, Sola Sobowale as “Mama Yanga’’, the new campaign is intended to further provide the engagement platform to empower core target of the product existing in our communities and found amongst millions of underbanked women”.

The product targets women entrepreneurs in the Micro, small and medium enterprises, MSME space, especially the underbanked, offering savings and investment, capacity building, agency banking, dedicated agents, medical insurance and microloans to the women, thereby deepening financial inclusion.

The marketing drive includes a well-targeted television commercial featuring the Bank’s brand ambassador, the award-winning Nollywood actress, Sola Sobowale who was crowned “Mama Yanga” at the launch of the product in November last year because of her strong appeal to the target market. Across the multiple channels deployed for the campaign, “Mama Yanga” will be sharing the stories of how Yanga is empowering women and changing lives across Nigeria.

Yanga is available to all women entrepreneurs nationwide, even as the Bank continues to drive strategic activations of the product across various locations in the country. So far, the activation train has been to Lagos, Nasarawa, Gombe, Akwa Ibom, Port Harcourt and Ibadan.

Seeking to promote financial inclusion and cater to the unbanked women entrepreneurs, the new retail product is designed to deepen its beneficial impact on Micro Small and Medium Enterprises, MSMEs operated by women in the mass-market retail space.

The product comes on the heels of Nigeria’s growing imperative to boost access to financial services by women as a recent EFInA report, suggests:

“There are 51 million Nigerian women above 18 years of age, with over 41% of them unbanked.”

Stanbic IBTC: 7 Months of Rewarding Customers in Reward4Saving Promo

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Business Journal

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15/08/2022

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In a bid to keep inspiring Nigerians to develop a healthy savings culture, Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, held its seventh Reward4Saving promo draw at its head office on Monday, 08 July 2022.

The July draw is the fourth of the second season of the promo and the seventh since inception.

The promo, which has rewarded 287 customers in the second season is expected to reward customers with cash prizes ranging from ₦100,000 monthly, ₦1 million quarterly prize, and ₦2 million grand prize, from seven zones.

Adenike Nubi, Head, Mobile Financial Services, Stanbic IBTC Bank, stated that the July draws were carried out to encourage Nigerians to save while creating funds for their summer expenditures.

“Saving is a necessity, especially in our economic clime. Having funds can bring about peace of mind, as there is comfort in knowing that there is a pool of funds somewhere to fall back on when there is an urgent financial need. The Reward4Saving promo adds value to Nigerians, as it allows them to earn funds in their savings accounts while promoting a savings culture. Part of our strategic priority at Stanbic IBTC is to transform our customer experience, by aiming to do valuable things for our customers,” Adenike noted.

Olufunke Isichei, Head, Established Markets, Stanbic IBTC Bank said the promo is aimed at engraining a savings culture in the minds and hearts of Nigerians.

He said: “For this month’s draws, we have rewarded 70 winners across different states with N100,000 cash prize each, as a way of appreciating individuals who have saved their funds in their accounts and e-wallets. The act of saving requires dedication, consistency, and discipline. As a financial institution committed to improving the lives of its customers, we will continue to reward the diligence and dedication of savers in Nigeria.”

“I congratulate our customers for emerging as winners in our July summer monthly draw. We understand that every fund received in their accounts will put a smile on the faces of our customers and we urge them to put their winnings to good use. To the public, we urge you to keep saving, to earn larger rewards.”

Linkage Assurance: N1.4bn Profit, N1.4bn Claims Paid in H1, 2022

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Business Journal

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15/08/2022

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Daniel Braie

Managing Director/CEO

Linkage Assurance Plc

Linkage Assurance Plc has beaten all odds to return strong profitability in half year 2022 despite the challenging business environment.

The company in a statement to the Nigerian Stock Exchange and shareholders on the unaudited result for the second quarter ended 30^th June 2022 recorded a profit before tax (PBT) of N1.465 billion from a loss position of N2.111 billion the same period last year.

This is as profit after tax (PAT) also moved in similar direction closing at N1.392 billion at the end of June 2022, as against N2.090 billion loss same period in 2021.

In a statement signed by Chief Joshua B Fumudoh, chairman of the board, Daniel Braie, Managing Director/CEO and Emmanuel Otitolaiye, Chief Financial Officer, Linkage Assurance Plc recorded a gross premium written of N8.303 billion in the review period from N6.952 billion in the previous year.

During the review period, the company also recorded a net underwriting income of N3.515 billion from N2.703 billion in 2021, while the underwriting profit stood strong at N231.28 million from a loss position of N1.027 billion.

Growth in underwriting profit according to the company was attributed to quality risks management and prudence in risks selection, even as it continues to meet its claims obligation promptly to her esteemed customers.

The underwriter during the period paid out N1.422 billion on claims to her numerous customers that suffered one form of loss or the other during the half year period, from N3.989 billion the previous period.

Daniel Braie, Managing Director/CEO of the company told shareholders during its last Annual General Meeting in Lagos that the company was going in a positive direction as shown in its quarter by quarter performance in the current year.

He assured that management was doing all it can to turn the clock, by ensuring that its underwriting and risks management strategies were adequately deployed to ensure a healthy and stronger bottomline at year end.

Meanwhile, Linkage Assurance Plc’s total assets continues on its robust mood, standing at N44.508 billion at the end of half year, from N38.71 billion in 2021, indicating a growth of 14.98 percent.

Management of Linkage says it will continue to refine its strategy in line with the political, economic, sociological and technological changes in the industry particularly the impact of Coronavirus (COVID-19) pandemic on the business landscape.

“We will also continue to develop innovative products, alternative channels of distributions and strategic initiatives that will enable us achieve our corporate goals and objectives. With a medium-to-long term perspective, we believe that we will benefit from growth as a result of these initiatives, Braie said.

Insurance Journalist Escapes Death from Auto Accident

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Business Journal

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15/08/2022

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The Insurance Editor of NewsPage Media, Sola Alabadan, escaped death by whiskers last the weekend while travelling from Lagos to Ekiti State, as a Toyota Sienna vehicle with Registration number GGE970GB, suddenly hit his car from the back 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.

Immediately the accident happened, he said he thought the end has come as he could not see anything for some seconds.

Although he was not injured physically, he said the tiny broken glass splashed on his body, and he expressed fears that some of the broken glasses had not been deposited in his body.

In view of the fact that the driver of the car accepted it was his fault, he said he asked him if the vehicle has the minimum third-party insurance cover required by the law and the driver said yes.

To confirm if the insurance certificate was genuine, Sola said he had to visit the website of the Nigerian

Insurance Industry Database (NIID) and it shows the vehicle was insured by a licensed insurance company.

The insurance certificate was issued on December 17, 2021 and it will expire on December 16, 2022.

Interswitch to Headline One Africa Music Fest, Sponsor 20 Customers

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Business Journal

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13/08/2022

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Africa’s leading integrated payments and digital commerce company, Interswitch is set to, yet again headline the Interswitch One Africa Music scheduled to hold in New York, and Dubai, this year.

This is the company’s third consecutive headline-sponsorship of the music festival that celebrates and showcases Africa’s music and creative talents to the world.

As a company that gives back, Interswitch has announced that it will be rewarding 20 lucky customers with an all-expenses-paid trip to the Dubai concert to experience the electrifying performances by some of Africa’s biggest artistes, alongside other global stars. The lucky winners from the ‘Never Stop Vibing’ campaign will be selected from a monthly raffle draw that will hold at the end of August, September and October 2022.

To qualify for the draw and win a ticket to Africa’s biggest music fest, interested participants are advised to download the Quickteller app and conduct a minimum of three (3) transactions every month, from August 1, 2022, to October 31, 2022.

Interswitch has consistently headlined the show for three consecutive years, enabling the African music industry and elevating African artistry to reach a global audience, rooted in its belief in taking African talent beyond the continent for wider recognition and consumption.

Interswitch’s sponsorship of the music fest is an expression of its desire to strive for value realization, engaging customers’ passion points, providing rewarding brand experiences and connecting music lovers with their favourite artistes.

Speaking on the sponsorship, Olawale Akanbi, Group Head, Growth Marketing – Merchant & Ecosystem, Interswitch Group, said that Interswitch’s consistent support of the music fest mirrors the company’s desire to throw its weight behind the growth of African talents across industries, from tech to music.

He added, “We make conscious efforts to tap into opportunities that showcase African talents to a global audience, sustaining the international momentum which has been gained by Afrobeats music, while fostering collaboration that leads to growth.”

Also remarking on the campaign, Priscilla Iyari, Brand Manager, Quickteller, Interswitch Group noted that Interswitch’s renewal of its sponsorship is a commitment to reaching consumers at their various touchpoints, especially their passion points & lifestyle, beyond just payments.

Iyari said, “We are excited to headline the Interswitch One Africa Music Fest again this year. It serves as another customer-engaging avenue to reward our loyal customers with an experience of a lifetime’’. She further stated that the brand continues to demonstrate its support for the African music industry by curating and sponsoring initiatives such as Quickteller Barz and Notes, DJ Kaywise’s Joor party, as well as other concerts.

The Interswitch One Africa Music Fest brings together artistes from across Africa who will share the stage with other renowned performers from other parts of the globe to thrill fans and music lovers with hit collections.

Artistes such as Wizkid, Davido, Tiwa Savage, Burna Boy, Omawumi, and Flavour, among others have graced the events held in three different cities: New York, London, and Dubai, in the past. The line-up this year promises to be just as star-studded.

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