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Zenith Leads with 41% in Banks’ N217m Print Advert Spend in Feb 2022

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P+ Measurement Services, a PR Measurement and Evaluation Agency has analyzed and identified the Top 5 #NigerianBanks and their advert spend in the print media in February 2022.

The analysis revealed that a total of 22 Nigerian banks spent an estimated sum of N217, 065, 699 on print advertisement covering various traditional and soft-sell publications across the country.
The media audit report further indicated that Zenith Bank Plc emerged as the top spender with 41% share with First Bank of Nigeria Limited sitting in 2nd with 20% share.

Completing the top 5 are Access Bank PlcGuaranty Trust, and Polaris Bank Limited with 18%, 11%, and 10% share respectively.

Sterling Unveils Omni X Platform, Breaks New Ground in Liquidity Mgt

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Abubakar Suleiman

CEO

Sterling Bank Plc

In a bid to improve banking experience for non-bank and other financial institutions, corporate clients, UHNIs and HNIs, Sterling Bank Plc has launched a revolutionary digital platform, named Omni X.

Omni X, an integrated investment and liquidity management platform, presents the Bank’s wide range of digital products and service offerings to users.

The novel solutions which are configured to enable businesses invest and raise seamlessly also complements Sterling’s existing corporate Internet banking platform.

Mr. Yemi Odubiyi, Executive Director, Corporate and Investment Banking, Sterling Bank, who disclosed this in a statement issued by the Bank said, “Omni X is deliberately designed to offer a simple, easy and effective platform to manage the daily liquidity needs of corporates.”

At a recently held focus group event for captains of industry, the Group Head, Client Coverage and Financial Institutions, Kashetolulope Lawal, highlighted that Omni X would provide convenience to corporate clients by expediting financing decisions, speeding up transaction processing times, automating investment processes, while minimizing the incidence of human errors associated with manual processing to improve customers’ experience and drive business productivity; dovetailing into profitability for users.

“Omni X becomes an imperative solution for corporates across various sectors to invest and raise financing simultaneously where possible due to; the nature of their businesses, the time sensitivity attached to these activities and the culminating desire for an improved solution that does the most in the shortest time possible.”

Omni X also incorporates corporate account opening and other services for seamless on-boarding and transaction processing as well as solutions for investments, liquidity management and access to advisory services.

He also hinted that the platform is designed to simplify the major banking needs of businesses, investments and financing in the financial and other allied services sectors, adding that the innovation is by far more than what any financial institution has done in Nigeria.

Lawal further added that “beyond the vanilla financial services that can be accessed, Omni X will allow organisations achieve corporate account opening, manage investment and collection services, and access financing solutions including but not limited to cash backed and trade settlement loans.”

” Omni X as we have designed it, will solve corporates’ concerns on how to invest, finance and make the most of available capital, in as close to real time as possible. It is yet another statement of commitment by Sterling Bank not just to innovative banking, but also to the Nigerian economy. Omni X will improve their productivity and offer services from the viewpoint of an industry leader,” Lawal said.

 

IWD: Unity Bank, NASME Partner to Empower Women-Owned MSMEs

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From Right: Dr. Opeyemi Ojesina, Head, Retail & & SME Banking, Unity Bank Plc; National Deputy President, National Associate of Small and Medium Enterprises, NASME, Otunba Gbemisola Oduntan; Engr. Abdulrashid Yerima, President & Chairman in Council, NASME; Yeye Dupe Dada, women leader, Lagos Chapter and Ada Obire, Head, Youth Banking and Mass Market, Unity Plc at the NASME, IWD 2022 programme in Lagos.

Unity Bank has received commendations for its commitment to women empowerment at the National Association of Small and Medium Enterprises, NASME’s International Women’s Day, IWD celebrations held in Alausa, Lagos recently to push the frontiers of sustainable and inclusive development in Nigeria.

The National Deputy President of NASME, Otunba Gbemisola Oduntan gave the commendation while addressing participants at the event. She said the partnership with Unity Bank enabled NASME to roll out an engagement programme for women entrepreneurs in commemoration of the IWD, adding that the programme specifically targeted those in MSME sectors and provided a platform for corporate partners to join collaborative initiatives that will impact positively on the businesses of individual members of NASME in Lagos.

Delivering a keynote, the Managing Director/Chief Executive Officer of Unity Bank, Mrs. Oluwatomi Somefun, who was the Chairman of the occasion said Unity Bank Plc would continue to support pioneering efforts with genuine intent on inclusivity, removing biases and unlearning stereotypes, even as the Bank continues to introduce innovative banking solutions that support and empower Micro, Small and Medium Enterprises, MSMEs operated by women in Nigeria.

According to Somefun, Nigerian women continue to play a pivotal role in driving the growth of the Nigerian economy through their overwhelming involvement in economic activities as major operators of MSMEs in Nigeria as they account for 41 per cent of MSMEs in the country.

Referencing the Bank’s latest retail solution, Yanga Account, which is targeted at women-owned MSMEs, Somefun reiterated the Bank’s commitment to introducing innovative products and services that support and unlock the true potentials of Nigerian women entrepreneurs.

Represented by Head, Personal and SME Banking, Dr. Opeyemi Ojesina, Somefun said the bank’s quest to grow retail segment “has enabled us to pay extra attention to women-led businesses more than any other financial services provider in Nigeria”.

She said: “Just recently, we launched the Yanga account, which is a new retail product designed to deepen beneficial impact on Micro, Small and Medium Enterprises, MSMEs operated by women in the mass market retail space. The Yanga account targets businesses of women mainly in farmers’ cooperatives, fashion design, tailoring, frozen food, pastry and baking, cosmetics, jewellery designs and making, skincare, eateries and restaurants, etc. living in the communities or cities.”

She explained, “The Yanga Account is conceived and designed for the financial literacy and empowerment of Nigerian women. It is about making sure that our women who make up 55% of the financially excluded Nigerians have access to basic and life-changing financial services.”

She added, “The Yanga account will also be incorporating an affordable Health insurance scheme not only as a part of the product bouquet underpinning the Bank’s belief in health and wellness which translate to wealth creation but also to drive insurance penetration which is presently at 2% in Nigeria. We, therefore, believe that this will provide essential ingredients to growing a business as well as adding greater value for Yanga account holders.”

Over 200 women and members of NASME participated in the NASME IWD engagement programme featuring exhibitions of various businesses and it was, therefore, a platform for the Bank to on-board participants onto the Yanga Account Experience.

Osoba, Others for Azuh Arinze’s 50th Birthday, Books’ Presentation

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The Publisher/Editor-in-Chief of YES INTERNATIONAL! Magazine, Azuh Arinze, will be 50 on Thursday, March 24, 2022 – and to commemorate it, he will be unveiling two new books, A TASTE OF SUCCESS and CONVERSATIONS WITH SHOWBIZ STARS, on that day.

The memorable and milestone event is slated for the Nigerian Institute of International Affairs (NIIA), on Kofo Abayomi Street, Victoria Island, Lagos, under the distinguished chairmanship of Chief Olusegun Osoba, former Governor of Ogun State.

Minister of Works and Housing as well as the former Governor of Lagos State, Mr. Babatunde Fashola, SAN, will be the keynote speaker.

Other special guests being expected at the event which begins at 11AM prompt are journalist and activist, Mr. Richard Akinnola (Books’ Reviewer); Oyo State governorship aspirant and GMD of Sodium Group, Mr. Abisoye Fagade (Books’ Presenter); Orangun of Oke-Ila, Oba Adedokun Abolarin (Royal Father of the Day); former DG of NIMASA, Dr. Dakuku Peterside; presidential spokesman, Mr. Femi Adesina; superstar musician and actress, Lady Onyeka Onwenu;  PDP presidential aspirant and Ovation magazine publisher, Aare Dele Momodu; General Overseer of Revival Assembly church, Apostle Anselm Madubuko; Executive Vice Chairman of Verdant Zeal, Dr. Tunji Olugbodi; President, Association of Advertising Agencies of Nigeria and CEO of X3M Ideas, Mr. Steve Babaeko and erstwhile MD, Guinness Nigeria Plc, Otunba Seni Adetu.

Equally being expected are Rotarian Remi Bello, District Governor, Rotary International, District 9110 Nigeria; Incoming District Governor and the first woman ever to attain that position in District 9110, Rotarian Omotunde Lawson and the District Governor Nominee, Rotarian Ify Ejezie.

Shedding light on the books, the author, Azuh Arinze, described them “as distinct.” Adding: “The first one, A TASTE OF SUCCESS, is a compendium on what anyone desirous of tasting success in any field of human endeavour must do. It has almost 300 pages and among the successful Nigerians who took out time to share their success stories and which we diligently documented in the book are Chief Segun Osoba, a former governor, renowned journalist and politician;  Mazi Sam Ohuabunwa, a top pharmacist and one time chairman of Neimeth Pharmaceuticals; Otunba Seni Adetu, former MD of Guinness Nigeria Plc and currently, MD of Algorithm Media; Prof. Bruce Onobrakpeya, one of Africa’s greatest artists; Aare Dele Momodu, the highly connected  publisher of Ovation International magazine and presidential aspirant; Mr. Kunle Afolayan, celebrated filmmaker;  Professors Okey Ndibe and Akachi Adimora-Ezeigbo, two well-known scholars and academics, among many others. Foremost journalist and Editor-in-Chief, Leadership Newspaper, Mr. Azu Ishiekwene, who wrote the foreword, had this to say about the book: “It’s not the run-of-the-mill motivational variety, often quickly assembled by authors who claim that if you have not read their collections, you won’t get far in life… In my opinion, the writer has assembled a miniature compendium of the life stories and careers of eminent and successful people across different spectrums. It’s a worthy and interesting compilation and will make a good collectors’ item.”

“The second book, CONVERSATIONS WITH SHOWBIZ STARS, as the title suggests, has to do with what anyone interested in making it in the glittering and glamorous world of music, movies and comedy must do. I actually sat down with some of the biggest and most respected in those fields to extract from them how they did it, and are still doing it. From King Sunny Ade to Femi Kuti, Onyeka Onwenu, 2Face Idibia, Wasiu Ayinde, Tiwa Savage, Ali Baba, Gbenga Adeyinka, Okey Bakassi, Basketmouth, Genevieve Nnaji, Richard Mofe Damijo, Julius Agwu, Ali Nuhu, Kanayo O. Kanayo, to mention but a few.

As a matter of fact, both books contain 60 of such super exclusive interviews, and they cut across sectors and professions.”

Mr. Steve Ayorinde, a former Editor of The Punch and one time Commissioner for Information and Strategy in Lagos, wrote the foreword.

In his words: “This book blossoms with each page and interviewee. It contains all shades of funny, touching, blunt and sometimes controversial responses which makes it yet another compelling product from an elegant interviewer and conversationalist.”

On his life at 50, Azuh quipped: “All I want to say is thank you, Lord. For life, for good health, my blessed family, my precious mother, my irreplaceable siblings, my supportive friends, my selfless mentors and all those who have supported me and my business in one way or the other. I am indeed very, very grateful on how far the Lord has brought and blessed me. Without meaning to sound like another Oliver Twist, all I ask of the Lord is another 50 years. Of course, in good health, mind, body, soul and with the requisite prosperity.”

Abbey Mortgage Bank Unveils Mobile Banking App

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L-R: Executive Director, Treasury & Operations, Oladipupo Adeoye; General Manager, IT & Platform, Lolita Ejiofor; Managing Director, Madu Hamman and Executive Director, Finance & Admin., Mobolaji Adewumi- all of Abbey Mortgage Bank during the media launch of Abbey Mobile Banking App in Lagos.

Abbey Mortgage Bank once again blazed the trail in the financial services industry with the launch of its data friendly mobile banking application.

The App launch will provide customers with easy access to their account as well as the ability to perform transactions seamlessly without the need for in-person banking. Over the years, the bank has been at the vanguard of pioneering innovative solutions to enable its customers achieve their strategic objectives.

Lolita Ejiofor, GM, Information Technology & Platforms said: “The AbbeyMobile App was developed based on the need to provide a more seamless and convenient banking experience for both existing and new customers, simply by downloading and registering securely on the AbbeyMobile App. The app would ensure a better experience is accessible for day-to-day banking services, including opening an account to save towards their equity for a mortgage (“Save to Own”), without the need to visit a branch. Of course, our friendly Customers Experience Team are readily available to assist.”

In addition, the GH E-business & support Felix Omodayo-Owotuga stated that, “customers will also be rewarded with fabulous prizes as they refer a friend to the AbbeyMobile App, as our goal is to consistently create value for our customers and to provide them with solutions that enable them meet their strategic objectives”. “We remain committed to being there for our customers in their journey to home ownership”, he concluded.

This game changing application will facilitate smooth interaction between customers and stakeholders nationwide.  It also marks a big step in the democratization of mortgage banking in Nigeria and providing unprecedented home ownership access for Nigerians in all geographical locations. The Mortgage Mobile App is attributed to a rise in the number of internet consumers, increased access to web-based and online services, and the rising need to simplifying home ownership.

With over 108 million internet users in Nigeria and an estimated 120 million mobile phone holders, Abbey Mortgage is now able to connect more Nigerians to quick and professional guide towards their journey to home ownership.

Also commenting on the launch, Madu Hamman, Managing Director/CEO of Abbey Mortgage Bank stated that, “We are delighted to be at the forefront of digital banking within the mortgage banking space. We recognize that these are very difficult times and our customers are looking for a partner that can help them navigate the challenges induced by the COVID-19 pandemic. This is why we are constantly raising the bar and pushing the limits in service delivery by pioneering innovative solutions that make banking easier and faster for our customers.”

Madu Hamman enthused that “In keeping with its commitment to simplify home ownership, provide funding to qualified customers and reduce access times, Abbey is utilizing the latest technology to consolidate the compendium of care and expand our vision to our customers’ mobile devices.”

 

 

IWD: Unity Bank, AltSchool Africa Partner to Empower Female Software Engineers

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In commemoration of International Women’s Day, IWD 2022, Nigeria’s retail lender, Unity Bank Plc is partnering AltSchool Africa to sponsor female students towards the acquisition of specialist software skills – an empowerment initiative to boost the capacity of the female gender.

AltSchool Africa is a school for individuals looking to gain technical skills and kick start a career in Software Engineering. The school currently prides itself on the large enrolment of female students. Unity Bank Plc is providing funds to encourage enrolment of young female students into AltSchool who will pursue a career in Informational Technology.

The Bank said in a statement that the gesture has become imperative to #BreakTheBias against women in the emerging information technology industry, where a recent study by ONE Campaign and the Center for Global Development, showed that less than 30 per cent of technology companies in Nigeria are owned by women, even as the female members of the entire tech ecosystem workforce constituted less than 20 per cent.

Speaking on the partnership, Unity Bank’s Managing Director/Chief Executive Officer, Mrs. Tomi Somefun said the initiative to extend the scholarships to the young women looking to start a career in the IT industry not only aligned with the theme of the IWD 2022, “#BreakTheBias,” but is in tandem with the Bank’s Corporate Social Responsibility and sustainability initiative targeting education and empowerment.

She said: “The International Women’s Day is yet another opportunity to reexamine the critical role that women continue to play in building a peaceful and prosperous society. Today, more than ever before, we are confronted by the harsh realities of gender-based exclusivity, especially in the workplace.

“I agree that some progress has been made but we must not be distracted by this momentary success because, over the next decade, the share of jobs requiring medium to digital skills would have risen to more than 50 per cent. Therefore, we must remain committed to empowering women who are courageous to make a difference in careers that have hitherto excluded the women, such as the IT industry.”.

According to Mrs. Somefun, “The advancement in technology has created a new world order that must be deliberate about inclusivity, removing biases and unlearning stereotypes. If future prosperity shall be defined by technological and requisite skills, we must not repeat the mistakes of the past by ensuring diversity, equity and inclusivity and empower our women to take an active part in creating that future.”

The International Women’s Day, IWD is a day set aside globally to celebrate the social, economic, cultural and political achievements of women and reflect on action to accelerate gender equality. This years’ theme #BreakTheBias “imagines a gender-equal world, a world free of bias, stereotypes and discrimination; a world that’s diverse, equitable, and inclusive; a world where difference is valued and celebrated.

 

2022 Nigeria DigitalSENSE Forum Set for June 9

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The 2022 Nigeria DigitalSENSE Africa Forum (NDSF) on Internet Governance for Development (IG4D) has been scheduled to hold in June this year at the esteemed Welcome Centre Hotel, International Airport Road, Lagos.

The Nigeria DigitalSENSE Africa forum is hosted annually by the international award-winning ITREALMS Media under its DigitalSENSE Africa Forum series, and an At-Large Structure (ALS) at the Internet Corporation for Assigned Names and Numbers (ICANN); as part of efforts for shaping the future of the Internet.

The Group Executive Editor and Editor-in-chief of ITREALMS Media group, Mr. Remmy Nweke, revealed that DigitalSENSE Africa, a social enterprise arm of the media entity, will focusing the 2022 NDSF series on the theme: ‘5G: Enthroning Internet Governance for Digital Economy’ and has been slated for Thursday, June 9 by 9am at the Adams Hall, Welcome Centre Hotels, International Airport Road, Ikeja, Lagos.

This year’s theme, he said, will be examined in depth from the prism of a safer, security and equitable world with a positive future.

He pointed out that the recent auction of the Fifth Generation (5G) in the country, was a step at enthroning Internet Governance for Development (IG4D), even as the nation prepares for the 2023 General Elections anticipated to be driven largely by the Information and Communication Technologies (ICTs).

Nweke noted that all 5G wireless devices are expected to be connected to the Internet and telephone networks; with the main advantage of the new networks offering greater bandwidth and higher download speeds, to name a few.

5G, he equally said, brings about incredible benefits to mitigate many challenges not limited to growing digital divides, cyber threats, and human rights violations moreso online.

“To leverage the burgeoning 5G interests, ITREALMS Media through its digital rights initiative of the annual Nigeria DigitalSENSE Forum (NDSF) series on Internet Governance for Development (IG4D) will be assembling Nigerian stakeholders to explore this digital dividend this year,” he declared.

Stanbic IBTC: The N2bn Financing Boost to Nigeria’s Health Sector 

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Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings has demonstrated its commitment to support the Nigerian health sector by making available special financing solutions for healthcare providers to effectively render services to Nigerians.

As one of its key initiatives, the financial institution announced that it has made available flexible loan facilities to stakeholders in the Nigerian healthcare industry to enable them to purchase equipment and improve healthcare services.

Speaking on the solutions, Remy Osuagwu, Executive Director, Business and Commercial Clients, Stanbic IBTC Bank said the loans were created to make available world-class healthcare and reduce the pressure on the limited health services in the country.

“Healthcare is a basic need that everyone should be able to access easily. The pandemic has increased the pressure on the health sector and there is a need to adequately equip healthcare facilities to enable hospitals and laboratories deliver quality service and boost the confidence of Nigerians in that sector” he said.

Nigeria’s health care system is underfunded and the least robust in Africa. Stanbic IBTC has decided to provide capital that will enhance the health frameworks and bridge the gaps in healthcare.

“From health insurance cover to funding for quality medical equipment, we have product offerings tailor-made to serve our clients in this space” Remy added.

According to the Business and Commercial Clients Executive Director, the scheme will contribute to the overall development of the Nigerian healthcare system while highlighting that the term loan offers a maximum loan amount of N2 billion naira.

Furthermore, the financial organisation also offers loans for asset finance to purchase equipment required to provide optimum healthcare service.

Remy noted that the institution’s team of experts are available to offer expert advice to its customers and the loans are available to key players in the health sector such as pharmaceutical and medical product manufacturers, logistics and healthcare service providers.

Stanbic IBTC remains committed to the expansion and delivery of excellent healthcare services to all Nigerians through various initiatives.

 

Stanbic IBTC to Empower MSMEs via Capacity Building Programs

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Stanbic IBTC Bank Plc, a member of the Stanbic IBTC Holdings Plc, has restated its desire to support the micro, small and medium scale enterprises sector in Nigeria through capacity building and enabling platforms to connect sector players with new markets.

This the Bank hopes to achieve through its various programmes targeted at MSME in the country. To actualize this, the Bank conceptualised and commenced a capacity building programme for small and medium scale businesses a few years back. It also recently established Enterprise Direct, a platform that provides quick turnaround time for businesses as well as point them to new markets.

“The SME sector is pivotal to the economic growth and development of any nation and Nigeria is no exception. The capacity building training was conceived to avail SME operators’ the exposure to modern and innovative marketing, financial and management skills that are useful to their businesses and which will help them to attract the necessary funding for growth,” Executive Director, Business and Commercial Clients, Stanbic IBTC Bank, Remy Osuagwu, said.

The capacity building seminar which is open to all interested entrepreneurs across the country, is a yearly event that helps to equip participants drawn from the small and medium scale enterprises sector with financial, marketing and management skills that they can readily deploy to nurture and grow their businesses.

Remy stated that Stanbic IBTC Bank, backed by the rich heritage and know-how of the Standard Bank Group, is committed to building a strong SME base in Nigeria and one of the ways it hopes to achieve this is by empowering operators with the right business skills and adequate funding.

“Stanbic IBTC Bank has a rich pedigree of building capacity for SMEs and providing much-needed support in terms of funding, skills acquisition, and connection to new markets because we understand the important linkages provided by SMEs to industries and employment generation,” the Executive Director added.

One of such support was Stanbic IBTC’s partnership with the Kaduna State government to establish the Kaduna-Stanbic IBTC Entrepreneurship Centre (KADSEC). The centre, the Bank said, was in response to the needs and requirements of local entrepreneurs in the state, and serves as an incubator to nurture budding entrepreneurs and businesses to sustainable successes.

At the launch of the centre in Kaduna, Stanbic IBTC stated that the centre will provide services such as capacity building programmes for interested business owners, entrepreneurs, mentorship, on-site business management counselling, financial advisory, market development assistance, networking opportunities, provision of patronage linkages, export assistance, and easy access to loans from Stanbic IBTC Bank, among other benefits. Stanbic IBTC Enterprise Direct was another platform established by the Bank to provide quality and timely information for SMEs on new business practices, new business opportunities or new markets.

NAICOM Targets Technology to Drive Access to Insurance

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KEYNOTE ADDRESS BY THE COMMISSIONER FOR INSURANCE, MR. OLORUNDARE SUNDAY THOMAS AT THE RETREAT FOR FINANCIAL JOURNALISTS HELD IN UYO, AKWA IBOM STATE, ON FRIDAY 11TH MARCH 2022.

Protocol

Gentlemen of the press, it is my pleasure and honour to welcome you to this year’s retreat in this beautiful city of Uyo the capital of Akwa Ibom State. The retreat has always been a fora we wine, dine and share information and ideas on the Commission’s approach to insurance regulation, progress and challenges to keep ourselves better educated in how we should report matters.

The theme for this year’s retreat “Improving Insurance Access through Market Development and Innovation in 2022 and beyond” is specially couched to consolidate on my administration cardinal agenda of developing the market and deepening penetration.

I am grateful to you all for taking time off your busy schedule to be here with us. Our collective efforts at ensuring the development and growth of the insurance sector will definitely translate to the growth and development of the Nation’s economy. As you are aware, the Commission has been implementing various market developmental initiatives to lift the insurance sector to a global standard through:

  • Risk Based Supervision Framework.
  • Encourage investment in digital capabilities and automation – e.g. launching of NAICOM Portal, launch of the Bimalab Project on the 9th of February, 2021.
  • Enforcement of the compulsory insurance products in Nigeria – via partnership with agencies and states.
  • Capacity development programmes – Actuarial, competency framework etc.
  • Sensitisation of various stakeholders – MSMEs on benefits of insurance, MDAs Insurance Desk Officers etc.
  • Introduction of regulatory reforms and policies e.g issuance of web aggregators’ guidelines.

We can gladly say that the Nigerian insurance market has undergone substantial structural and regulatory reforms over the years following the market development initiatives being implemented and the evolution of Nigeria’s financial sector in the last decade which has been characterized by digital transformation.

The Commission is trying to open up the market across the geo-political zones by reaching out to the states where insurance penetration is perceived to be very low. We expect the industry to respond to these efforts by bridging the supply gap and ensure they follow up on the Commission’s move to create awareness among high-ranking policy makers in order to prove that the industry is ready for the booming opportunities awaiting them across the country. As I said earlier, the project with the Kano State Government is a litmus test for us as an industry.

The importance of insurance post COVID-19 and the aftermath of endSARS protest cannot be over-emphasize hence, the marginal increase in the uptake of policies boosting the retail market and the annuity component. The recently released industry statistics has shown some growth in the sector.

The Nigerian Bureau of Statistics figures has shown that the sector has recorded positive increase in almost all parameters and have rated the sector as one of the fastest growing sectors in activities. Even though we are climbing the ladder, we all know that there is need for us to do much better as our potentials are huge.

Our efforts in the development of the market is an all-inclusive one from the creation of avenues to deepen insurance penetration to increasing access to insurance products via digital platforms and increasing visibility of insurance across the nooks and crannies of the country.

The Commission recently partnered with Financial Sector Deepening Africa, FSD Africa to launch the Bimalab Nigeria, a program aimed at accelerating the insurtech innovation.

Let me inform you that the Commission will soon be unveiling the Commission’s sandbox to give room for innovative expansion of insurance reach out. The web aggregators’ guideline is also aimed at opening access to insurance and also a means of creating a convenient market for insurance. Presentations are going to be made by subject matter experts on these issues and I believe more light will be thrown and you have the opportunity to ask questions so that you leave here more informed about the Commission’s objectives and priorities.

As you can see so far, the Commission is focusing on using technology to boost access to insurance as that seems the way to go under the prevailing circumstance. We are exploring ways to take insurance to where the other financial sectors are or even surpass that mark. Financial transactions are more of a one-stop shop for everything and is either we key in or we lose the business to more innovative outlets that will seize it from us.

Claims payment has always been one aspect the industry is battling to balance. We all agree that we cannot claim ignorance of the fact that the industry is paying huge claims out there even though activities of few amongst the operators is jeopardising the efforts of the majority.

We had before now agreed to start ranking companies on the number of claims received and settled on annual basis and we intend to publish such ranking for the insurance consumers. It is always an issue that put the entire industry on the edge. The Commission is doing all it can to see that the non-settlement of claims is brought to its barest minimum in the sector.

I must commend you people for the wonderful job of promoting insurance in every opportunity you have. Indeed, information is key to the success of governance and business and thus you formed an integral part of the industry.

I thank you for this selfless service and believe that you will leave this retreat with better understanding of the Commission’s perspective on insurance development and increasing access to insurance services.

Wishing you a successful retreat and wonderful stay in Uyo.

 

  1. S. Thomas

Commissioner for Insurance

Stanbic IBTC Stockbroking Zero Account Opening Campaign Drives Market Participation

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Stanbic IBTC Stockbrokers Limited, a subsidiary of Stanbic IBTC Holdings PLC, has introduced the Stanbic IBTC Stockbroking Zero Account Opening campaign to help drive local participation in the capital market.

The campaign, the company said, is targeted at removing the limitations to equity investment and providing investment opportunities that would attract the influx of new investors, especially the younger generation, into the Nigerian capital market thereby facilitating market growth.

Stanbic IBTC Stockbrokers removed the minimum account opening balance for investors to open a stock brokerage account, thereby allowing them to enjoy the capital appreciation and income potential of the market and help secure their financial future. It also reduced the brokerage fees previously charged when clients use the online platform, making it easy and affordable for everyone to invest.

Stanbic IBTC’s stockbroking zero programme is designed specifically to meet the needs of investors who have in the past been discouraged from participating in the market. Stanbic IBTC Stockbrokers reiterated that it is committed to driving market participation by bridging the gap in the capital market and giving room for potential investors who are willing to grow their wealth.

As a key player in the capital market, with a market share of over 11% of the value of shares traded on the Nigerian Exchange Limited, the stockbroking firm stated that it is committed to extending the reach of the capital market to accommodate more investors through efficient and effective execution that would attract both the young and the old generations thereby increasing the level of financial inclusion in the country.

As part of the campaign, the stock brokerage firm is also leveraging its digital tools to help simplify and make the trading processes seamless. It also offers investors market opportunities and market trend information to help in their investment decision-making.

Individuals can now open an account via its Stanbic IBTC mobile app or electronic trading (e-Trade) platform on its website without any initial deposit and start enjoying the benefits of the capital market.

The stockbroker is committed to driving the growth of the capital market and helping many Nigerians secure and preserve their wealth. Investors can make stock trading transactions via the Stanbic IBTC self-service options available on the stocks’ module on the Stanbic IBTC Mobile App and the e-Trade portal on the Stanbic IBTC Stockbrokers’ website.

PTAD: We Value Media Partnership to Serve Pensioners Better

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WELCOME ADDRESS BY THE EXECUTIVE SECRETARY OF PTAD, DR. CHIOMA EJIKEME, AT THE TRAINING WORKSHOP FOR PENSION CORRESPONDENTS, ON FEBRUARY 28, 2022 AT LAGOS, LAGOS STATE.

I wish to commence by expressing my appreciation, on behalf of the Management and staff of the Pension Transitional Arrangement Directorate (PTAD) for the robust support and collaboration we have had with the media over the years.

It could not have been possible without the positive reportage of you, our pension correspondents. It gives me great pleasure to welcome you all to this one-day training organised for the pension correspondents in Lagos to get you informed about the mandate, operations and vision of the Pension Transitional Arrangement Directorate (PTAD).

The importance of the media to the operations of PTAD cannot be over-emphasised, which is why we deem it necessary to organise this training. Over the years, PTAD has worked assiduously to change the narrative of pension administration in Nigeria, especially under the Defined Benefits Scheme (DBS), and we are proud to see that the hard work has yielded and has continued to yield positive results.

In the course of the presentations here, we believe you will be adequately informed about the Act establishing PTAD, what our mandate is, the different operational departments we have in the Directorate, as well as how we carry out our responsibilities.

It is very important, as reporters, to understand where we are coming from, where we are, where we are headed, and what exactly we do, so you can report accurately. Pension management in Nigeria is a very sensitive issue, and PTAD has been at the forefront since inception, ensuring that the welfare of pensioners under the Defined Benefit Scheme remains a priority.

As our partner in progress, we rely on the media, especially our reporters to work with us to ensure that this mandate is fulfilled. It is our intention to foster the already-robust relationship between PTAD and the media, correct all misrepresentations and inform them of next steps we intend to take as we work hard to ensure that the welfare of our pensioners is sustained.

Today is not a day for long speeches, but a day for us to learn, unlearn, re-learn and interact with one another for renewed collaboration.

Once again, I welcome you all and wish us a fruitful engagement.

TVS King Deluxe Plus iTouch 3Wheeler Unveiled in Enugu, Asaba

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L-R – Taiwo Akinpelu, Divisional Head of Marketing at Simba TVS; Chief Nwaruocha, a TVS distributor; Rana Sandeep, Regional Business Manager South-East at Simba TVS; King Udor, TVS distributor; Amit Seth, Sales Head South-East at Simba TVS and Bonny Philips, Regional Technical Services Manager at Simba TVS at the recent launch of the TVS King Deluxe +iTouch in Enugu.

Simba TVS, the leading tricycle (Keke) distributor in Nigeria, has unveiled the TVS King Deluxe Plus iTouch, the latest version of its innovative three-wheeler vehicles at two impressive launch ceremonies in Enugu and Asaba. These latest launches come on the heels of a very successful national launch held in Lagos in December last year and is in furtherance of the organisation’s efforts to enhance last-mile commute for Nigerians and boost earnings of keke operators.

Speaking at the ceremony in Enugu, Rana Sandeep, Regional Business Manager, South-East at Simba Group, revealed that “PLUS” means more convenience, more comfort, more earnings and more security, stressing that the TVS King Deluxe Plus iTouch will ensure operators maximize their earning with more than 10 additional features added to the keke such as the iTouch start for smooth silent staring of the keke, strengthened chassis, longer and more convenient driver seats, triple filter and so much more.

According to him, “The TVS Deluxe Plus iTouch comes with the patented Integrated Starter Generator (ISG) Technology, the very first time in the 3-wheeler segment. The ISG or iTouch has several benefits such as: the feather-touch start and stop which is noiseless and smooth, fewer parts to worry about with the removal of the starter motor which reduces cost of maintenance, next gen technology for fuel savings especially when starting and stopping multiple times in traffic.”

On how ISG improves battery life, he explained that unlike the conventional starter motor system, the ISG gives power directly to the magneto which then rotates the crankshaft making the start instantaneous and requiring much less battery power, which, according to him, results in about 30 percent increase in the battery life.

Also speaking at the event, the Divisional Head of Marketing for Simba TVS, Mr. Taiwo Akinpelu, in his welcome address, said Simba TVS has remained committed to bridging the gap of last mile transportation for passengers and goods in Nigeria adding that three-wheelers play a tremendous role in the mass transit scheme as they fill the last-mile gap, taking passengers and goods from major bus stops to their final residence.

Speaking during the unveil in Asaba, Taiwo noted that the comfort of the driver is of great concern whether he is driving or resting. The TVS King Deluxe Plus iTouch, he said, offers comfort to the rider’s back, relaxing both arms during each trip along with the thoughtfully designed split seat which is foldable to allow the rider to operates the emergency backup hand starter when required.

He revealed that the TVS King Deluxe Plus iTouch comes with thicker and stronger B & C Pillar tubes making the vehicle look and feel solid and sturdy. The B & C Pillars are now 60 per cent thicker, bend resistant, rugged, and supportive for passengers to get in and alight from the keke.

“As an organisation, we are committed to supporting Nigeria’s socio-economic growth aspirations. This latest effort underscores our resolve to continually contribute to the promotion and attainment of improved transportation system, trade, commerce and commercial activities in the country,” said Taiwo.

Another upgrade the TVS King Deluxe +iTouch offer is bigger side mirrors which improves the rear-view visibility for enhanced safety with aesthetically designed mirrors that can be adjusted in all directions.

Also present at the event, the Sales Head, Simba TVS, Mr Amit Seth, revealed that the TVS King Deluxe Plus iTouch is available at all partner Dealer shops nationwide including Enugu and Asaba. He reminded guests that Simba TVS offers full-service support for all their range of products including the TVS Deluxe plus iTouch along with a 12 months warranty on engine and shock absorbers.

He also confirmed that all of TVS vehicle have genuine spare parts which, he said, is available at all accredited service centres and dealer workshops.

 

NAICOM Boss, PenCom DG, Others for 6th BusinessToday Confab

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The Commissioner for Insurance, National Insurance Commission (NAICOM), Mr. Sunday Thomas and Director-General of National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, will be among dignitaries to attend the 6th BusinessToday annual Conference.

The annual event which is scheduled to hold at Radisson Blu Hotel, Isaac John, Ikeja, on Tuesday, 5th April, 2022, will also feature two former Presidents of the Nigerian Council of Registered Insurance Brokers (NCRIB), Chairman Prestige Insurance Brokers Limited, Dr. Prince Soyewo and Chairman Boff Insurance Brokers Limited, Mr. Babajide Agbeja.

While Chairman, NAICOM, Chief Emmanuel Jideofor Nwosu and Group Managing Director, African Alliance Insurance Plc, Mrs. Joyce Ojemudia, are Special Guests of Honour for the event.

A statement by the Editor-In-Chief/Chief Executive Officer, BusinessToday, Nkechi Naeche-Esezobor, said experts drawn from insurance and pension sectors would be on hand to speak on the theme: “Prioritizing Excellent Customer Services in Insurance and Pension Businesses.”

To make the event live up to expectations, the Chairman, Nigerian Insurers Association (NIA) and Group Managing Director of Cornerstone Insurance Plc, Ganiyu Musa, will chair the event while the Chief Consultant of B. Adedipe Associates Limited, Dr. Biodun Adedipe is expected to be the Keynote Speaker.

Similarly, President of Pension Fund Operators Association of Nigeria (PenOp), Wale Odutola; Managing Director/ CEO, Access Pension Fund Custodian Limited, Mrs. Idu Okwuosa- Okeahialami; former Director General, Lagos State Pension Commission (LASPEC), Mrs. Folashade Onanuga; among others, have confirmed their attendance at the conference.

Other groups expected at the programme are National Union of Pensioners (NUP); NURTW Ikeja branch; Keke Drivers Association, Ikeja branch; Trade Union Congress; Nigerian Labour Congress; Drivers under the Indriver App; Students of insurance; Nigerian Port Authority; Association of Senior Staff of Banks Insurance and other Financial Institutions (ASSBIFI) etc.

The Annual Conference comes up annually to deliberate on and proffer solutions to issues that affect the insurance and pension markets in Nigeria.

 

PenCom: Contributory Pension Scheme Can Solve Challenges of Police Pension

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Aisha Dahir-Umar

Director-General

National Pension Commission (PenCom)

The National Pension Commission (PenCom) has said that the Contributory Pension Scheme (CPS) has provisions that can address the challenges being faced by personnel of the Nigeria Police Force (NPF) and other Federal Government agencies on the administration of their retirement benefits.

The Director-General of PenCom, Aisha Dahir-Umar, said this in Abuja during a public hearing on two pension-related Bills by the House Committee on Pension.

They are a Bill for an Act to exempt the Nigeria Police Force from the CPS and a Bill for an Act to further Amend the Pension Reform Act 2014 to, among other things, provide for a retiree to withdraw a lump sum of at least 75 percent from the Retirement Savings Account (RSA) and to criminalise undue delay in the payment of pension and for related matters.

“The solution to the pension challenges of the personnel of the Nigeria Police does not reside in their exemption from Contributory Pension Scheme and reversion to the Defined Benefits Scheme, which is clearly unsustainable,” Dahir-Umar told the Committee.

She said the absence of other social security benefits in Nigeria is partly responsible for the clamour by the retirees for exemption or to access substantial amounts as lump sum from their RSA balance.

The Director-General said the exemption of the NPF from the CPS would result in the dismantling of the institutions, systems and processes that Government had put in place in the last few years towards the implementation of the pension reform programme.

“Exemption of the personnel of the NPF would imply additional financial burden on the Federal Government by way of unsustainable pension obligations. For instance, as at September 2021, there were 304,963 Police personnel based on IPPIS data. An actuarial valuation revealed that the retirement benefits (pension and gratuity) liability of these personnel under the defunct Defined Benefits Scheme would amount to about N1.84 trillion,” she said.

On the other hand, she said that the liability under the CPS for the same NPF personnel is made up of N213.4 billion as accrued pension rights and monthly employer pension contributions of about N2.2 billion.

The Director General said to address the concerns of Police Personnel on pension, the employer can review upwards its current contribution rate of 10 percent.

In addition, she said the PRA 2014 further provides that notwithstanding the pension contributions made by employer and employee into the employee’s RSA, the employer may agree on the payment of additional benefits to the employee upon retirement.

“Accordingly, the Federal Government may wish to provide additional benefits in the form of gratuity to personnel of the NPF upon their retirement,” she said.

Meanwhile, regarding the 75 percent lumpsum payment, she said the amendment, if approved, would be contrary to the provision of Section173 of the 1999 Constitution of the Federal Republic of Nigeria (as amended), which guarantees the right to pensions for all public officers as the payment of “at least 75 percent of the balance of the RSA” as lumpsum at retirement.  She added that this will significantly deplete the pension savings such that the contributions will not be sufficient to provide meaningful pensions during retirement.

“That converts the pensions into a provident fund and leaves such a retiree with no periodic pensions, which is contrary to the requirement of Section 173 of the 1999 Constitution,” she said.

The Director General said the proposal is based on a misunderstanding of the concept of pension payment under the CPS.

Similarly, the Chief Executive Officer of the Pension Fund Operators Association of Nigeria (PENOP), Oguche Agudah, said the exemption of the Nigeria Police Force from the CPS would take Nigeria back to the dark ages before the pension reforms.

“This was a time when retirees had to depend on a defined benefit system; where the federal government paid monthly pensions to retirees directly from its coffers,” he said.

Agudah aid at the time of the reform, it was estimated that the Federal Government had a pension liability of over N2 trillion.

“Past experiences have proven that this system puts a lot of burden on the federal government, making it unsustainable. The sustainability of moving the police back to the pay – as – you – go Defined benefit scheme under their proposal is near impossible, given the Federal government’s struggling finances at the moment.,” he said.

He recommended that from the rank of Assistant Inspector-General of Police (AIG) upwards, their pensions should be treated under the category of political appointees who retire with full benefits as stated in the PRA 2014 as their appointments are political in nature.

On the Bill to allow contributors take at least 75 percent of their RSA balance at retirement, the PENOP’s CEO said the people that have issues with the lump sum that they collect at the moment are those who have not been able to accumulate enough funds in their RSAs prior to retirement.

He said what the 75% essentially is looking to achieve is a gratuity type payment to retirees, adding that the PRA in its current form does not preclude the payment of gratuities by employers as many Departments and Agencies of the Government already pay gratuity to their staff on retirement.

“What we suggest is that employers should be encouraged to pay gratuities at retirement and/or increase their level of monthly contributions in order to boost the balances and subsequent pension payout of their staff,” he said.