‘New Mortgage Policy Will Catalyze Pension Industry, Boost Economy’- PENOP

04/10/2022

The Pension Operators would like to commend the National Pension Commission (PENCOM) for the recent release of the guidelines that brings into effect the use of a portion of one’s Retirement Savings Account (RSA) as equity contribution for obtaining residential mortgages.

The provision for this had been part of the amendments that occurred when the Pension Reform act was amended in 2014. We are aware that the process of actualising this portion of the act has gone through a number of iterations and stakeholder engagement and we are happy that it has finally been released.

Whilst we realise that there might be some initial teething problems, we the pension operators are excited and are primmed to partner with the commission, RSA holders and other stakeholders to ensure that this policy actualises the reason for why it was set up.

The homeownership ratio and first-time home buyer statistics in Nigeria is very low and we believe that this policy will help to improve this and also provide increased benefits to RSA holders in the immediate.

This policy is very catalytic in nature and has the potential to spur growth in other sectors of the economy. It should boost the mortgage finance and home loan sector, in addition to having a positive effect on the construction value chain and building materials sector.

We believe it will create massive jobs for artisans and blue color workers involved in the construction value chain and also further open up wealth management and financial planning industry.

RSA holders will now begin to plan towards a target RSA balance because they have a goal of owning a home.

We also believe that voluntary contributions will increase because people can use the contingent portion of their voluntary contributions as part of the equity contribution for residential mortgages. In addition, more companies will now take their contributions more seriously as will staffs of these companies.

For those who do not have an RSA account and are working in the formal sector, we urge them to commence the process in conjunction with their employers. For those in self-employment, we also encourage them to take advantage of the Micro Pension Plan (MPP).

Regarding the MPP, we are also happy that the policy extends to this is extended to self-employed individuals and those in the informal sector. We believe this will help to grow the Micro Pension business and ensure that millions of Nigerians in the informal sector will have the opportunity to enjoy structured pensions when they retire and also benefit from the gains of the pension reform.

Overall, we believe this policy is net positive for the pension industry and the economy as a whole. The effects are catalytic and will help to galvanize various sector of the economy. The pension industry over the years has played a significant role in the local debt and equity market, financing National and Sub National projects and debt programs and financed transformational companies and projects.

The industry is primmed to do more and we believe that this new policy is another milestone in the positive effect of the pension industry on the economy and also another example of the collaborative nature of the pension regulator that leads to gains for the wider economy.

About PenOp

Pension Fund Operators Association of Nigeria (PenOp) is an independent, non-governmental, non-political and non-profit making body.

PenOp was established to promote the operations of the pension industry, provide for self-regulation and ensure that international best practices relating to the industry are observed by the operators registered in Nigeria. It is the umbrella association for all the Licensed Pension Fund Custodians, Pension Fund Administrators and Closed Pension Fund Administrators (PFCs, PFAs and CPFAs) operating in Nigeria.

Its role internally, is to add value to its members across all levels; information, education, visibility, networking, strategy, product development, etc. Externally its role is to increase the awareness and visibility of the pension industry and enable external stakeholders understand and participate in the development of this financial sub-sector wherever and whenever possible.

Stanbic IBTC PMI: Output Growth Quickens to 5-Month High

Business Journal

04/10/2022

The end of the third quarter of 2022 saw growth gather momentum in the Nigerian private sector. Sharper rises in output and new orders were recorded, while there were emerging signs of capacity pressures. Cost inflation remained elevated, in large part due to currency weakness, while business confidence waned.

The headline figure derived from the survey is the Purchasing Managers’ Index. 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 rose to 53.7 in September, up from 52.3 in August and signaling a solid strengthening in the health of the private sector at the end of the third quarter. The improvement in business conditions was the most marked since May.

In line with the headline figure, both output and new orders increased at sharper rates during the month. Firms often linked higher new business to rising demand, with some reporting that customer referrals had supported growth. In turn, output rose for the third month running, and at the fastest pace since April.

Rising new orders, and some reports of difficulties securing necessary funding, resulted in a renewed increase in backlogs of work during September, the first in 28 months.

Companies also increased their staffing levels and purchasing activity, largely in response to greater new business volumes. In both cases, however, rates of expansion eased from the previous survey period. Higher purchasing activity fed through to a further accumulation of inventories.

Purchase costs rose sharply, with anecdotal evidence often linking higher prices to currency depreciation. Meanwhile, staff costs increased at the fastest pace in three months. Panelists reported that efforts to motivate staff and help them with higher living costs had been behind salary increases.

With overall input costs again rising at one of the sharpest rates since the survey began, Nigerian companies increased their selling prices accordingly. Although marked, the rate of charge inflation slowed sharply and was the joint-weakest in 21 months. Suppliers’ delivery times continued to shorten, often as a result of strong competition among vendors. The latest shortening of lead times was marked, and the most pronounced in four months.

Despite the improving growth picture in September, firms reported waning confidence in the year-ahead outlook. Sentiment remained positive overall but was the lowest since August 2021 and among the weakest on record. Those firms that expressed optimism often mentioned business expansion plans.

Nigeria Re-Elected as ITU Council Member

Business Journal

04/10/2022

Professor Umar Garba Danbatta, Executive Vice-Chairman and Chief Executive Officer of the Nigerian Communications Commission (NCC) casting his vote at the on-going ITU Plenipotentiary Conference 2022 in Bucharest, Romania on Monday.

In clear recognition of the critical role Nigeria is playing on the global telecom stage, the country was re-elected earlier today as a Council member of the International Telecommunication Union (ITU), the United Nations specialised agency that oversees global telecommunication operations. Nigeria will serve on the Council again from 2023-2026.

The election of Nigeria and other countries, on Monday, October 3, 2022, into different regional groups that constitute ITU Council, was the highpoint of the Plenipotentiary Conference 2022 (PP-22) on-going in Bucharest, the capital city of the Republic of Romania.

The Nigerian delegation was successfully led to the global event by the Honourable Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami. Other members of the delegation include the Chairman, Board of Commissioners of the Nigerian Communications Commission (NCC), Prof. Adeolu Akande, and the Executive Vice Chairman/Chief Executive Officer of NCC, Prof. Umar Danbatta.

At the conference, which started on September 26, 2022 and scheduled to end on October 14, 2022, member states at the event voted on the composition of the next ITU Council and the 12 representatives to serve on the Radio Regulations Board (RRB) for the next four years.

The 21st Plenipotentiary Conference of the Council, also saw the election by member states, of Doreen Bogdan-Martin of the United States of America as the organisation’s next Secretary-General.

Like Nigeria and the countries elected into the Council, Bogdan-Martin, as the first woman to lead ITU in its 157-year history, will begin her four-year term from January 2023, when Houlin Zhao would have completed his second final term of four years in office as ITU Secretary General.

The seats in ITU Council are divided into five regions, A to E. Nigeria was elected into the ITU Council, Region D for Africa, which has 13 seats. Other 12 countries elected alongside Nigeria are Algeria; Egypt; Ghana; Kenya; Mauritius; Morocco; Rwanda; Senegal; South Africa; Tanzania; Tunisia; Uganda.

Elections of member states also took place into the Region A for The Americas (nine seats); Region B for Western Europe (eight seats); Region C for Eastern Europe & Northern Asia (five seats); and Region E, for Asia and Australasia with 13 seats as Africa.

Commenting on Nigeria’s re-election as ITU Council member, the Executive Vice Chairman and Chief Executive Officer, Prof. Umar Danbatta, thanked the ITU member states for the confidence it has in Nigeria expressed by the re-elected into the ITU Council, in which the country has been playing critical role over the years.

“The re-election of Nigeria as a member of ITU Council for the next four years, again, points to the globally-recognised leadership role Nigeria is playing in Africa and at the level of ITU Council in the area of telecommunications policy formulation and technical regulations development to drive ITU’s mission and vision,” the EVC said.

The ITU, originally established in 1865 as the International Telegraph Union and became a United Nations specialised agency in 1947, was set up to co-ordinate telecommunications operations and services throughout the world. It is headquartered in Geneva, Switzerland.

Nigeria became a member of ITU on November 4, 1961. The USA joined on July 1, 1908; United Kingdom, February 24, 1871, and UAE on June 27, 1972.

The ITU is governed by the Plenipotentiary Conference and the Administrative Council. The Plenipotentiary Conference is the supreme organ of the Union. It is the decision-making body which determines the direction of the Union and its activities.

The Council, on the other hand, acts as the Union’s governing body in the interval between Plenipotentiary Conferences. Its role is to consider broad telecommunication policy issues to ensure that the Union’s activities, policies, and strategies fully respond to today’s dynamic, rapidly changing telecommunications environment.

ITU Council also prepares a report on the policy and strategic planning of the ITU, and it is responsible for ensuring the smooth day-to-day running of the Union, coordinating work programmes, approving budgets, and controlling finances and expenditure.

The Council also takes all steps to facilitate the implementation of the provisions of the ITU Constitution, the ITU Convention, the Administrative Regulations (International Telecommunications Regulations and Radio Regulations), the decisions of Plenipotentiary Conferences, and where appropriate, the decisions of other conferences and meetings of the Union.

Arase, Adegboruwa, Aniagolu-Okoye, Ardo Lineup for GOCOP Confab’22

Business Journal

04/10/2022

The 2022 conference of the Guild of Corporate Online Publishers (GOCOP) slated for Thursday, October 6 at Sheraton Hotel, Ikeja, Lagos will be headlined by experts and moral authorities from different fields of human endeavour listed to serve as panellists at the conference.

They include the former Inspector General of Police (IGP) Dr. Solomon E. Arase, human rights activist and Senior Advocate of Nigeria (SAN), Mr. Ebun-Olu Adegboruwa, and Dr. Chichi Aniagolu-Okoye, Regional Director, Ford Foundation (West Africa).

The chairman, 2022 Conference Committee, Mr. Ken Ugbechie was quoted in a press statement by the Publicity Secretary of GOCOP, Remmy Nweke, as saying that the event would be chaired by the founder, Centre for Alternative Policy Perspectives and Strategy (CAPPS) Dr. Umar Ardo.

The theme for this year’s conference is “2023 Elections: Managing the Process for Credible Outcome,” while the keynote speaker is the Chairman, Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu.

The statement recalled that latest partners for the event comprised Delta State and Lagos State, National Insurance Commission (NAICOM), Nigerian Maritime Administration and Safety Agency (NIMASA), Chevron Nigeria Limited, and Niger Delta Development Commission (NDDC).

Other partners are Central Bank of Nigeria (CBN), Access Bank Plc, Unity Bank plc and Globacom.

The statement said GOCOP 2022 conference committee had earlier announced partnerships with the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc.), Nigerian Communications Commission (NCC), Nigerian Content Development & Monitoring Board (NCDMB), Nigerian National Petroleum Corporation (NNPC), First Bank Plc, Nigeria Liquefied National Gas (NLNG) Limited, The Presidency, Wema Bank, Nigeria Ports Authority (NPA) among others.

Ugbechie urged both the electorate and politicians to play by the rules and conform to acceptable electoral behaviour, especially now that the peace accord has been signed by key political actors.

He said that the conference shall be preceded with a strategic business luncheon with GOCOP partners on Wednesday, October 5, at the same venue.

Former speakers at GOCOP conferences include Rev. Matthew Hassan Kukah, the Bishop of the Catholic Diocese of Sokoto who delivered the 2019 lecture on “Economy, Security and National Development: The Way Forward”. In 2021, Mr. Boss Mustapha, Secretary to the Government of the Federation keynoted the Conference in his capacity as Chairman of the Presidential Task Force on Covid-19. He spoke on: “Post Covid-19 Pandemic: Recovery and Reconstruction in Nigeria.”

“The Guild was established to ensure that online publishers uphold the tenets of journalism in doing their jobs and our membership is a constellation of Editors and senior journalists who, having distinguished themselves in their various stations, ventured into online publishing which is both the present and future of journalism globally,” Ugbechie said.

NDIC to Host African Deposit Insurance Leaders to Strengthen Operational Resilience

Business Journal

02/10/2022

The Nigeria Deposit Insurance Corporation (NDIC) is scheduled to host a regional workshop in Abuja, Nigeria bringing together leaders of African Deposit Insurance Agencies to share knowledge and expertise to strengthen the implementation of deposit insurance systems on the African Continent.

The event which is scheduled to take place between the 4^th and 7^th of October 2022, is a Technical Assistance Workshop (TAW) under the auspices of the African Regional Committee (ARC) of the International Association of Deposit Insurers (IADI).

The weeklong workshop with the theme “Normality in Turbulent Periods: The Stabilising Role of Deposit Insurance”, will explore issues such as the role of deposit insurance in early detection and timely intervention in resolving bank failures as well as crisis management and strengthening operational resilience of deposit insurance agencies.

Deposit Insurance organisations from more than 15 African countries including Angola, Botswana, Burundi, Ghana, Kenya, Senegal, Somaliland, Sudan, Tanzania, Uganda and Zimbabwe are expected to attend. Representatives of Deposit Insurance Agencies from Chinese Taipei, Kenya, Indonesia, United States of America as well as the Financial Stability Institute (FSI) and the IADI Secretariat both in Basel, Switzerland are expected to form part of the resource persons and panellists at the Workshop.

The workshop is taking place against the backdrop of the 20^th Anniversary of IADI which was established in May 2002 with a mission to share deposit insurance expertise with the world. As a deposit insurer and member of the financial safety net in Nigeria, the NDIC is a founding member of IADI, pioneer member of its executive council and founding Chairperson of the Africa Regional Committee (ARC).

The NDIC joined IADI as a founding member in 2002 and was a pioneer member of the IADI Executive Council and Chairperson of the IADI-Africa Regional Committee (ARC) respectively.

In addition, the NDIC had also served on various IADI Council and Technical Committees such as Audit and Risk Council Committee (ARCC), Core Principles and Research Council Committee (CPRC), the IADI Strategic Planning Working Group (SPWG), the Islamic Deposit Insurance Technical Committee (IDITC) and the Training & Technical Assistance Council Committee (TTAC), to mention but a few.

The hosting of the IADI – ARC Technical Assistance Workshop by the NDIC is a recognition of the Corporation’s international standing and significant achievements and expertise in the implementation of the Deposit Insurance System in Africa.

NCC, Lottery Commission Inaugurate Consumer Protection Committee

Business Journal

30/09/2022

L-R: Banji Ojo, Head, Consumer Policy Development and Monitoring, Nigerian communications Commission (NCC); Olayemi Ajayi, Director, Legal Services, National Lottery Regulatory Commission (NLRC); Adeleke Adewolu, Executive Commissioner, Stakeholder Management, NCC; Chizua Whyte, Head, Operator Relation and Correspondence, NCC and Obi Iregbu, Deputy Director, Licensing and Regulatory Services, NLRC, at the inauguration of a joint-committee to review existing Memorandum of Understating (MoU) between the two agencies in Abuja recently.

The Nigerian Communications Commission (NCC) and the National Lottery Regulatory Commission (NLRC) in Abuja set up a committee to work towards the protection of the interest of telecom consumers against malpractices that may attend mobile lotteries in the country.

The Committee, which was inaugurated at the NCC Head Office in Abuja, was tasked with the responsibility of articulating measures to address mutual regulatory issues, including the review of revenue-sharing formula between Mobile Network Operators (MNOs) and lottery operators.

The NCC’s Executive Commissioner, Stakeholder Management (ECSM), Barrister Adeleke Adewolu, who presided at the meeting comprising senior staff of the two agencies, recalled fondly previous engagements between the agencies and stated that the committee was important in order to review and update an NCC-NLRC Memorandum of Understanding (MoU), which was signed on the 6th of August 2018 but has now expired.

The ECSM said the Commission is committed to regulatory collaboration and strategic partnerships and has carefully reviewed NLRC’s requests and is convinced that both organisations can conclusively address issues and other concerns that have been identified in the operation of lotteries in the telecom industry.

“We expect that the Joint Committee of senior members of staff in both organisations will work closely to develop a collaborative framework to progressively improve gaming service delivery for telecoms consumers and further accelerate holistic development in Nigeria’s digital economy,” Adewolu stated.

In addition, the ECSM reiterated that the Committee is expected to articulate a new MoU to address issues around revenue sharing between MNOs and lottery operators, the need to review and recommend a workable model for addressing the needs of both organisations, and present informed recommendations to deepen regulatory collaboration between the two regulatory agencies.

“Given the strong professional pedigree of the members of this Joint Committee, I have no doubt that they will meet and even exceed the expectations of the Managements of both the NCC and the NLRC, and I wish you all success in this task,” Adewolu added.

Speaking on behalf of the Director-General, NLRC, Lanre Gbajabiamila, the Director, Legal Services, NLRC, Olayemi Ajayi, expressed her organisation’s commitment to improving revenue generation from the lottery industry while appreciating NCC for being receptive to inter-organisational collaborations.

Ajayi reiterated the need for renewal of the expired MoU with amendments to accommodate new provisions that will be favourable to stakeholders and fast-track the development of Nigeria’s digital economy.

Ajayi assured that, “The NLRC is working tirelessly to ameliorate its functions and service delivery to stakeholders. Therefore, this renewed collaboration with NCC will help for better and efficient service delivery by both agencies.”

NAICOM, Edo State Partner on Compulsory Insurances, Market Dev Initiatives

Business Journal

30/09/2022

L – R: Karachi Anyanwu, NAICOM; Rasaaq Salami, Head of Corporate Communications and Market Development, NAICOM; Bar. Osarodion Ogie, Secretary to Edo State Government; Adeyemi Abubakar, Assistant Director, NAICOM and, John Osagie, Chairman of Edo State Internal Revenue Services at the meeting between NAICOM and the Edo State Government in Benin City.

MY VIEW: It’s Time to Address the Issues!

Business Journal

30/09/2022

By Haniel Ukpaukure

In the next five months or so, Nigerians will have the opportunity to assess the suitability or otherwise of the 18 candidates that have presented themselves as the best to succeed President Muhammadu Buhari as the tenant in Aso Rock, from May 29, 2023.

It will be an opportunity to separate the wheat, from the chaff; the serious, from the unserious. Most importantly, the electioneering period should provide opportunity for us to discuss the issues; to breath some fresh air that is devoid of the suffocating and nauseating stench of mudslinging, hate speech, fake news, character assassination, exchange of brickbats and name calling that have dominated the public space since political parties announced their candidates for the February, 2023 general election.

The past few months have witnessed a complete neglect of the germane issues that confront Nigeria as a country – issues that border on its continued existence as an entity – which constitute an existential threat to its people. And these are issues for which the general election of next year should provide answers through the emergence of someone with the idea of what those answers should be.

This anomaly has been propagated by a social media mob that includes, quite regrettably and shamefully, as well, people who are regarded as experienced journalists who, for political expediency, have thrown overboard their role as shapers of POSITIVE public opinion on issues that affect the country – people who should set agenda for public discourse on the way out of the dire straits in which the country currently finds itself.

We have been fed with such nonsensical and utterly useless issue of a picture showing a candidate dozing off during a courtesy call, with the conclusion that he is mentally and physically unfit to be president; the hogwash about a candidate not being competent to discuss the economy because he has a degree in Sociology, instead of a PhD in Economics – even though he has attended the best business schools around the world and has been highly successful in the world of business, or the fact that a candidate regularly spends time in a home outside Nigeria, which makes him unaware of what is happening in his own country.

Can a Diaspora Nigerian not come home to contest election to bring his country out of the pit if he has the wherewithal to do so, since he keeps tab on developments in the country, minute by minute?

The time has come for each of the candidates to tell Nigerians why he should be the one, and not others. Let us hear them speak directly to us, not through campaign spokesmen or running mates. Let us hear them speak to the issues that threaten our collective existence. By this, I mean that they should tell us the solutions they have to the problems. We don’t need any more lectures on the problems, because we know them.

We know, for instance, that poor leadership recruitment is the reason a country that was the 40th richest in the world at independence in 1960, with only agriculture as the economic mainstay, is today, 62 years down the road, the poverty capital of the world, despite its position as the ninth biggest oil producing country in the world and sixth biggest in the Organisation of Petroleum Exporting Countries.

It is the same leadership, in succession, that makes Nigeria the only oil producing country in the world that imports petroleum products, while four refineries remain permanently in a coma to act as a conduit through which tax payers’ money enters the pockets of corrupt officials; the same bad leadership that spends money that could build new refineries to create a subsidy racket from which officials of the government and the nation’s oil company reap bountifully, while the thoroughly abused, exploited and helpless citizens struggle to cope with astronomical prices of kerosene, petrol, diesel, aviation fuel and cooking gas.

We need to know how the problem of insecurity, which was confined to the North East in 2015, but which has now been fully democratized to involve all sections of the country, will be tackled and solved once and for all, so Nigerians can move about, freely, in their own country.

The candidates should tell Nigerians how they would correct the misnomer and paradox of being the biggest economy in Africa with probably the highest unemployment rate on the continent, and depending solely on imports. We want to hear what would be done to make the daily exodus of youths out of the country no longer attractive.

Let’s hear the issues, please.

Ukpaukure, a media/publicity consultant and writer, lives in Lagos.

[email protected]

Auditing Brand Media Performance PR Agency or Media Intelligence Specialist?

Business Journal

29/09/2022

The repetition of the same act and expecting different results is said to be a sign of insanity. Expecting a different outcome when the input is the same is ridiculous. Worse still, when we do the same thing over again and don’t know what the outcome will be, we can only hope for the best.

Public relations agencies have cross-channel expertise and their functions are constantly evolving, thus there are some tasks that should be completely outsourced. Media Monitoring and Intelligence is a prime example.

This is because PR agencies have too much control over their client’s media engagement.

They cross the line when they start measuring and evaluating the impact of the work they do for their clients. As the saying goes, “you cannot be the accused, the judge and the jury in your own case”. You can’t create the message, communicate it, and finally, they audit and evaluate.

This is not in the best interest of the clients for so many reasons, being that such analysis would lack independence and objectivity, utilisation of the most basic tools, no in-depth analysis of outtakes, no actionable and human-curated insights or learnings.

This confirms the inappropriateness of PR agencies auditing their own performance. For efficiency, independence, Fairness and objectivity. Companies collaborate with Media Intelligence and audit partners to measure the efficiency and competitive performance of their media engagements for reasons of impartiality, objectivity, independence, and credibility.

To understand the impact that a company or brand is making through its earned media profile, you really do need objectivity and impartiality.

Media analysis is about giving the CEO meaningful intelligence and data-driven insights that he/she can act on, and this should not be undertaken by the very agency charged with generating this critical content.

NCC-CSIRT: The Countermeasures Against Website Scams on Microsoft Edge Browser

Business Journal

28/09/2022

The Nigerian Communications Commission’s Computer Security Incident Response Team (NCC-CSIRT) has issued an advisory for users to install trusted, up-to-date anti-virus software with an Internet security component and to customise News Feed in Microsoft Edge Browser.

This is part of the countermeasures to lessen the chances of falling for a malicious attack that has been discovered in the browser.

The NCC-CSIRT further advised users of the browser to practise safe Internet browsing habits and to refrain from clicking on links they are unsure of in the face of the malicious attack that has been rated as high in probability and potential damage to systems.

The advisory stated that the malicious advertising campaign, unearthed on the Microsoft Edge Browser News Feed, redirects victims to fraudulent tech support websites and that cybercriminals have resorted to posting bizarre, attention-grabbing stories or advertisements on the Edge news feed to entice users to click on them. The malicious advertisements appear legitimate but contain malware and/or other threats.

According to the advisory, “The Microsoft Edge News Feed is the default page that appears when a new tab is opened, and it displays information such as news, advertisements, weather, and traffic updates. Also, the following are the steps that result in being redirected to a bogus tech support page: The user clicks on a story or advertisement, the Edge browser setting is analysed for various metrics.”

Based on the aforementioned metrics and prior results, the advisory said “if the user is adjudged to be a BOT or in a location that is not of interest, the user is redirected to a harmless dummy page that is relevant to the story or advertisement initially clicked on; However, if the user is adjudged a potential victim, then the user is redirected to a tech support scam website for further exploitation.”

Victims of the tech support website scam could have their Personally Identifiable Information (PII) and other data harvested or they could be with malware.

The NCC, therefore, urges telecom consumers and other stakeholders in the ecosystem to install up-to-date AntiVirus software and be alert to the wiles of cybercriminals in order not to fall victim to cyber scams.

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

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

Emirates Bag 3 Honours at Skytrax World Airline Awards 2022

Business Journal

28/09/2022

Emirates has taken home three awards at the Skytrax World Airline Awards 2022, including World’s Best Economy Class, World’s Best Economy Class Catering, and for the 17^th consecutive time, World’s Best Inflight Entertainment.

The awards are a testament to the airline’s commitment to offer the very best customer experience in the sky, where travellers in Economy Class can look forward to spacious cabins, carefully crafted menus, an unmatched range of in-flight entertainment choices, thoughtful amenities like kid’s toys, and much more.

At a time when cost-cutting has become the norm, the airline is making long-term investments to further elevate its product and service strategy in every cabin class.

This latest recognition from Skytrax comes on the heels of the airline’s recent announcement that it is investing over US$ 2 billion to enhance its inflight customer experience. This includes one of the largest retrofit projects in aviation history spanning 120 aircraft which will soon sport the airline’s latest interior concepts, a new hospitality-focused service delivery model, and best-in-class product enhancements across all cabins, starting this year.

Emirates will also be investing over US$ 350 million in next-generation inflight entertainment systems with Thales for passengers to experience the airline’s massive library of 5,000 channels on high-definition screens, along with a host of other high-tech features on its incoming fleet of A350 aircraft.

Customers flying Emirates’ Economy Class, no matter where they choose to travel on the airline’s 130 destination strong network, can look forward to a menu infused with regional and seasonal flavours, featuring hearty main dishes and sides, and an indulgent dessert inspired by their destination. Emirates also prides itself in celebrating unique cultures and traditions from around the globe by offering signature dishes for occasions like Diwali, Christmas, Ramadan, Eid Al Adha, Lunar New Year and more recently, Oktoberfest and Onam.

Emirates offers one of the most comprehensive and state-of-the-art entertainment and communications services in the skies. ice, the inflight entertainment system awarded by Skytrax for the 17^th time this year, offers over 5,000 channels of entertainment, with 4,000 hours of movies and TV, and close to 3,500 hours of music and podcasts.

Customers can also choose content in 40 languages. In addition to entertainment, Emirates ice offers a range of other useful features, such as: the ability to check the status of your flight; a real-time view of the sky during take-off and landing from cameras fixed on the aircraft’s nose, tail and underbelly; EmiratesRED; the world’s first inflight TV shopping channel and LIVE TV.

ice is also the only inflight entertainment system that offers exclusive programming from Shahid, with over 135 hours of highly popular Arabic content across 15 shows, with more to be added in the coming months.

Emirates was the first airline in the region partner with HBO Max, offering exclusive hits only offered through the streaming service. Emirates’ on-board product experience is complemented by the airline’s cosmopolitan team of cabin crew who hail from over 130 nationalities.

Crew members, already trained on providing the very best inflight service, are further levelling up their hospitality experience through a rigorous training programme that was designed in partnership with Ecole hôtelière de Lausanne. The latest programme is focused on mastering the four service pillars: Excellence,

Attentiveness, Innovation and Passion

Driving radical changes in the customer experience also includes small touches that make a big difference, not only for customers but the planet as well. Economy Class customers can snuggle up in warm and soft sustainable blankets made of 100% recycled plastic bottles.

The airline also offers sustainably-made amenity kit bags for Economy Class customers on select long haul flights, which have been newly redesigned to represent the four elements – fire, water, earth and air, as a reminder of the careful balance required to preserve for the future of our planet.

The kit’s travel essentials – socks, eyeshades, toothbrush and tooth paste, as well as bookmark, are all made from environmentally-friendly materials and come in natural earth tones.

Little flyers travelling across all classes can also keep busy with special plush toys and blankets as well as a selection of ‘fly with me’ belt bags, duffle bags and backpacks. All children’s items and toys have been consciously made of 100% recycled raw materials including drinking bottles, and swing tags use non-toxic soy-based ink printed on recycled cardboard.

On the ground, Emirates has been working hard to create a smart contactless journey for its customers. Travellers can choose to use its integrated biometric path in DXB to check in for their flight, complete immigration formalities, and board their flights. Customers can also use the airline’s touchless self-check-in and bag drop kiosks at Dubai International (DXB).

The smart contactless experience continues on board with digital menus available on the Emirates app, and customers can also use the app to create a preferred playlist for ice.

Quickteller Transport Unveiled to Enrich Travel Booking Experience

Business Journal

28/09/2022

In line with its mission to develop technology solutions that connect and empower individuals, businesses, and communities across Africa, Quickteller, the consumer digital lifestyle and payments platform powered by Interswitch, has added Quickteller Transport to its arrays of innovative services.

Designed to enrich the commuters’ travel experience, Quickteller Transport enables users to easily search and book inter-state trips from multiple travel operators across Nigeria. Users will also be able to filter their search to specific or preferred operators, compare fares based on criteria such as vehicle type, departure point and time, as well as access specialized functions provided by transport operators, including seat selection and preferred pick-up location option, all at their convenience.

Speaking at the launch, Chinyere Don-Okhuofu, MD, Interswitch Industry Ecosystems Division, explained that the Quickteller Transport Service is another step in the company’s continued commitment to provide its customers with convenient access to lifestyle and payment services.

Don-Okhuofu noted that “Transportation is a necessary aspect of human life, enabling both social and economic interactions. In keeping with our culture of driving innovation and positively impacting consumer lifestyle in the society, we developed our Quickteller Transport service to provide added travel booking and payment convenience to our over 5 million customers. Built as a multimodal offering, we will be rolling it out to include other travel and transportation modes such as trains and ferries, working with operators across Nigeria.

“We are ecstatic to be launching this service. And as we launch our suite of new complementary services, Quickteller customers can be assured of our commitment to providing an excellent experience using Quickteller to access all their lifestyle and payment needs. ”

Quickteller Transport is embedded as a service on Quickteller Web and Mobile app and is available for use by both new and existing Quickteller customers.

GOCOP Confab’22: Delta, Lagos, NIMASA, Chevron, NDDC, Access Bank, Unity Bank, Glo Join Partners

Business Journal

28/09/2022

The momentum has continued to rise for the sixth annual conference of the Guild of Corporate Online Publishers (GOCOP) as more corporate partners have lent their support for the event scheduled for Thursday, October 6 at Sheraton Hotel, Ikeja-Lagos.

The chairman, 2022 Conference Committee, Mr. Ken Ugbechie revealed on Monday that the latest partners comprised Delta State and Lagos State, in addition to the Nigerian Maritime Administration and Safety Agency (NIMASA), Chevron Nigeria Limited, and Niger Delta Development Commission (NDDC).

A press statement by GOCOP Publicity Secretary, Remmy Nweke, also quoted Ugbechie as saying that others are the Central Bank of Nigeria (CBN), Access Bank Plc, Unity Bank plc and Globacom.

This year’s theme, Ugbechie noted would focus on “2023 Elections: Managing the Process for Credible Outcome” with the keynote speaker being the Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu, while the chairman of the day would the founder, Centre for Alternative Policy Perspectives and Strategy (CAPPS) Dr. Umar Ardo.

Whereas the Panellists, he said include human rights activist and Senior Advocate of Nigeria (SAN), Mr. Ebun-Olu Adegboruwa, former Inspector General of Police, Dr. Solomon E. Arase, and Dr. Chichi Aniagolu-Okoye, Regional Director, Ford Foundation (West Africa).

Before now, GOCOP 2022 conference has announced earlier partnerships with the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc.), Nigerian Communications Commission (NCC), Nigerian Content Development & Monitoring Board (NCDMB), and Nigerian National Petroleum Corporation (NNPC), as well as the First Bank Plc, Nigeria Liquefied Natural Gas (NLNG) Limited, The Presidency, Wema Bank, Nigeria Ports Authority (NPA) etcetra.

Further, Ugbechie assured that this year’s conference slated to hold barely five months to the 2023 general elections provides a roadmap for political actors and the various publics on the need to play by the rules and conform to acceptable electoral behaviour.

Highlight expected at this year’s conference, he said, is a business luncheon with GOCOP partners on Wednesday, October 5, at the same venue.

Former speakers at GOCOP conferences include Rev. Matthew Hassan Kukah, the Bishop of the Catholic Diocese of Sokoto who took podium in 2019 to lecture on “Economy, Security and National Development: The Way Forward”. In 2021, Mr. Boss Mustapha, Secretary to the Government of the Federation keynoted the Conference in his capacity as Chairman of the Presidential Task Force on Covid-19. He spoke on: “Post Covid-19 Pandemic: Recovery and Reconstruction in Nigeria.”

He stressed that the conference is therefore a fitting platform for the distillation and sharing of ideas from a carefully chosen array of resource persons cutting across the entire socio-political ecosystem. GOCOP intends to use the opportunity of the conference to moderate the already tense political climate as well as to proffer solutions to current and anticipated challenges arising from the elections.”

Stanbic IBTC Seeks Collaboration & Innovative Financing to Boost Healthcare in Nigeria

Business Journal

26/09/2022

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has advocated effective collaboration among stakeholders and launching of innovative financing solutions as means of boosting the healthcare industry in Nigeria.

Speaking during the panel session at the recently held Medic West Africa Conference, Jane Ike-Okoli, Head, Specialised Sectors, Stanbic IBTC Bank noted that effective collaboration between the financial industry and healthcare organisations is key to advancing Nigeria’s health sector. She also mentioned that the sector is yearning for innovative financing solutions that will address the nuances associated with lending to healthcare businesses.

She said: “Nigeria is Africa’s largest healthcare market and despite this, we have inadequate healthcare infrastructure which gives rise to weakened health systems.”

“It is in response to this that Stanbic IBTC has decided to partner with key players in the healthcare sector to improve access to healthcare finance and provide robust yet flexible funding options for healthcare businesses and providers.”

“Our healthcare solutions are tailor-made for players in the sector who need working capital to expand healthcare operations, acquire medical equipment, facilitate medical research, and grow their healthcare businesses.

“One of such solutions is the recently launched Unsecured short-term loan with a 12-month tenor which is aimed at directly supporting providers with funds to improve their offerings and by extension, grow the healthcare sector in Nigeria,” she added.

Other panelists featured at the event include Dr. Folabi Ogunlesi, Managing Partner Vesta Healthcare; Dr. Idorenyin Oladiran, Medical Consultant, Human Resources, MTN Nigeria; Dr. Leke Oshunniyi, CEO, Health, and Managed Care Association of Nigeria (HMCAN) and Professor Akin Abayomi, Commissioner of Health, Lagos State.

Stanbic IBTC remains committed to the promotion and improvement of the healthcare sector in Nigeria through its various healthcare solutions.

Sovereign Trust Insurance: N1.5bn Claims Paid in 1st Half of 2022

Business Journal

26/09/2022

Sovereign Trust Insurance Plc has continued to demonstrate unwavering commitment and capacity to obligate all genuine claims as and when due.

The company, in the first half of the year paid claims totaling N1, 597,968,624.30 (one billion, five hundred and seventy-nine million, nine hundred and sixty-eight thousand, six hundred- and twenty-four-naira, thirty kobo) to various insured spread across the country.

In a statement issued by the company’s Spokesperson and Head of Corporate Communications and Investor Relations, Mr. Segun Bankole pointed out that the Underwriting Firm is seriously committed to claims settlement as and when due beyond lips service.

He however, stated that the claims experience at half year 2022 demands that more attention to details must be put in place when accepting businesses from any insured as a lot of policyholders these days want to claim at any given opportunity and this development, he attributed to the economic situation in the country where everyone tries to manage the financial burden they have to deal with on a daily basis.

He further said that a very significant number of customers have really come to appreciate the role of insurance in their everyday life and that accounted for the sum paid as claims during the period.

The summary of the claims paid half year 2022 shows that Fire Insurance had the highest figure of N605.4m with Motor Insurance ranking second with total claims settled to the tune of N353.8m. General Accident Insurance claims amounted to N268.3m while Energy/Oil & Gas & claims stood at N176.7m. The total sum of N117.6m was paid as claims on Engineering/CAR with Marine/Aviation closing the figures with N57.9m bringing the total claims paid to N1.579b.

While commenting on the intent of the organization as regards claims settlement, the Executive Director, Technical Operations, Mr. Jude Modilim had this to say, “there is no compromise to genuine claims settlement in Sovereign Trust Insurance Plc because the major focus of the company is to ensure that our teeming customers get to enjoy the benefits of taking out any form of insurance policy with us through prompt settlement of their claims when the need arises. That to us, is the only way to prove that we are well and alive to our responsibilities as an underwriting firm in the country. We intend to uphold this obligation and we will continually strive to make good our promise.”

In the same vein, the Managing Director/CEO of the organisation, Mr. Olaotan Soyinka also stated that the company has put in place a friendly-claim-process with the major aim of putting smiles on the faces of its various customers across the country by ensuring that claims are settled within the shortest period possible on completion of all necessary documentation.

“Our commitment to uphold the tenets of our Vision and Mission has made the company one of the country’s most relevant and responsive insurance companies in the country.”

Sovereign Trust Insurance Plc is no doubt a formidable force to reckon with in the Nigerian insurance landscape with a network of offices in all the major cities of the country buoyed by cutting-edge technology in delivering seamless and convenient insurance service to all teeming customers in the country and beyond.

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