Unity Bank Partners RIFAN on Mega Rice Pyramid, Pledges More Support for Farmers

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Business Journal

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20/01/2022

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Tomi Somefun

Managing Director/CEO

Unity Bank Plc

Unity Bank Plc has partnered Nigerian rice farmers under the aegis of Rice Farmers Association of Nigeria, RIFAN to unveil a mega rice pyramid on the occasion of the National Rice Festival held in the Federal Capital Territory, Abuja.

The event, which coincided with the flag-off of the dry season farming, was used to showcase the gains produced by rice farmers in driving self-sufficiency in rice production through the Central Bank of Nigeria’s Anchor Borrowers Programme, ABP.

Speaking to newsmen at the event, the Managing Director/Chief Executive Officer of Unity Bank, Mrs. Tomi Somefun, while going down memory lane on the support of the rice farmers by the Bank since the inception of the Anchor Borrowers Programme, ABP commended the rice farmers for their unwavering belief and collaboration in the implementation of the intervention programme, adding that as the PFI (Preferred Financial Institution) for the ABP transactions, the Bank will continue to support the farmers and ensure that more smallholder farmers get the requisite financial support to boost rice production.

She said: “Our strategic partnership with RIFAN started in 2018 when we financed about 273,000 smallholder farmers. This was the largest single-ticket transaction in that year. This financing cut across 33 states of the Federation including the FCT.

“In 2019, the Bank increased the tally by financing another 146,810 smallholder farmers for the wet and dry season farming. This funding cut across 35 States of the Federation including the Federal Capital Territory (FCT).

“Additional funding was granted to finance additional 221,450 smallholder farmers of the Association across the 32 states of the Federation including FCT for the wet season and additional 300,000 hectares was financed in sixteen states for the 2020 dry season cropping season.

“As of March 2021, the Bank has financed no fewer than 190,000 smallholder rice farmers across 35 states including the FCT, Abuja.”

Speaking further, she said: “The rice pyramids we see here today is an example of the resilience of the farmers and should be replicated in all states with a focus on the crop they have a competitive advantage.

“As we gear the programme towards deepening its penetration to reach more farmers, we encourage all beneficiaries of the Intervention Programme to always utilize the inputs judiciously in order to key into Federal Government’s goal of attaining food sufficiency, diversification of the economy from oil, job creation for the teeming youth and poverty reduction”.

“We remain optimistic that RIFAN under the able leadership of the National President, Aminu Goronyo, will continue to engage its members to drive higher performance under the ABP.”

Through the strategic initiative of the ABP, Nigeria has made incredible gains in rice production over the past six years raising production to significant levels.

Official reports show that from an average yield of 1.8 metric tonnes per hectare in the pre-ABP era, the initiative has increased the country’s average yield per hectare for rice paddy and maize to about five metric tonnes per hectare.

Similarly, the average capacity utilisation per annum of domestic integrated rice mills has jumped to 90 per cent, from the 30 per cent that was the case in the era preceding the advent of the ABP.

Statistics show that there has been a significant reduction in the country’s rice import bill, from a monstrous $1.05 billion prior to November 2015, to the current figure of $18.50 million, annually. The programme has also created an estimated 12.3 million direct and indirect jobs across the different value chains and food belts of the country.

‘Insurers Must Increase Capacity to Enhance Local Risk Retention’

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Business Journal

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20/01/2022

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L-R: Chief Babajide Olatunde-Agbeja, Chairman/CEO, Boff and Company Insurance Brokers Limited; Omowale Olatunde-Agbeja, Head of Operations, Boff and Company Insurance Brokers, lagos; Dr. Biodun Adedipe, Chief Consultant, B. Adedipe Associates Limited and Mr. Ajao Adebayo, Research Economist, B. Adedipe Associates Limited during the media parley with Boff & Company Insurance Brokers and B. Adedipe Associates Limited in Lagos.

Experts have charged operators in the Nigerian insurance sector to increase their financial and technical capacity to retain more risks locally and ensure greater profitability.

Speaking at a media parley jointly organised by Boff & Co Insurance Brokers Limited and B. Adedipe Associates Limited for insurance journalists in Lagos, they agreed that the industry has improved its capacity over time, but insisted that a lot of insurance businesses in the country are still insured offshore.

They equally identified operators and regulators’ co-operation, sustained and constant stakeholders’ engagement, among others, as critical to the growth and development of the Nigerian insurance industry.

Chairman/Chief Executive Officer of Boff & Co Insurance Brokers Limited, Chief Babajide Olatunde- Agbeja called for increased capacity, regular staff training, investment in information and technology and regular engagement with stakeholders to grow the sector.

According to him, “there is the need for increased capacity in the Nigerian insurance industry. When Boff an Co started special risk 25 years ago, we were doing about 70 per cent of our portfolio abroad, overtime, it reduced from 70 per cent to about 20 per cent and in the last six months, we had problems of finding excess capacity to insure abroad. I am proud to tell you that, as of today, the businesses we did in the last three months were 100 percent placed in Nigeria.

“The capacity is growing but we need to back it up with technical know-how, training and retraining of staff. Insurance industry should keep pace with the trend of events globally because insurance business is an international business.”

On the need for recapitalisation of the industry, he said:

“Although the industry is doing well, we only need to be better. We need to be sincere, be professional, and ensure that capacity increases continuously. The economy is open, investors are coming in to invest in life and general businesses and special risks, because they have seen things we are not seeing and we need to work more on our technical know-how because that’s still lacking,” Chief Agbeja added.

Earlier in his presentation titled “2021 Review and 2022 Economic Outlook,” the Chief Consultant of B. Adedipe Associates Limited, Dr. Biodun Adedipe applauded insurance industry but felt there are areas of improvement.

“Nigeria is still experiencing low penetration of insurance. So, what next can the government do? Government also needs to be responsible to its insurance obligations. It needs to promptly pay premium; there is also a need for flexibility and enforcement of necessary laws. If the government and its agencies are responsive, put more firmness into enforcement, then what we have today will change and the industry will create more value. And of course, when the insurance sector is vibrant, it enables businesses and entrepreneurs to take risks which is part of economic growth,” he pointed out.

On low insurance penetration in Nigeria, the economist said there is need for operators to provide adequate information to policyholders and prospective insurance customers and clients.

“If someone says it is because of religion, can we point them to the direction of takaful? People need to see that insurance is fundamental and important for growth. Globally, insurance is becoming more important and Nigeria cannot be left out from this trend,” Dr. Adedipe stated.

Emirates Flies the World’s Tallest Height to put Dubai 2020 Expo on Top

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Business Journal

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18/01/2022

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Keeping with Dubai’s ‘nothing is impossible’ spirit, Emirates is soaring up and around the Burj Khalifa, the world’s tallest building for another edition of its viral ad campaign, the first of its kind on the planet.

Emirates hit the global headlines and social media feeds of millions in August 2021 when it took its brand message to new heights atop the Burj Khalifa.

This time, the brave stuntwoman is standing at the pinnacle of the Burj Khalifa by Emaar once again, holding up message boards with an invitation to visit the world’s greatest show, Dubai 2020 Expo on the iconic Emirates A380.

She then gestures to her ‘friend’, the eye- catching Emirates A380 wearing the Dubai 2020 Expo livery, which gracefully soars in the background as she stands firmly on the spire of the world’s tallest building. The ad also features dynamic aerial views of Dubai and its iconic skyline, and culminates in a flypast over the impressive Al Wasl dome at the Dubai 2020 Expo site.

Sir Tim Clark, President Emirates Airline said: “Now at the halfway mark of its six-month run, the excitement and momentum around Dubai 2020 Expo remain strong. Our latest campaign boldly carries the Expo message and invites people to come and experience what is truly the world’s greatest show.

“There is nowhere else right now that offers the raft of attractions, top-class entertainment and music, riveting sports, vibrant country and themed pavilions, a thriving culinary scene and much more – all in one place. Dubai and the Expo are already top attractions and our aim is to give global travellers even more reasons to choose Emirates and Dubai for their upcoming winter and spring holidays.”

While the ad looked like it was shot effortlessly, the whole project involved in-depth planning and meticulous execution involving stakeholders across Dubai’s aviation eco-system, with a strong focus on safety at every juncture when conducting the low flying manoeuvres.

The carefully choreographed flypast involved the A380 flying at a low altitude of only 2,700 feet, the exact height of Burj Khalifa by Emaar. The aircraft also flew at a very low speed of 145 knots. To put that into perspective, the average cruising speed of an A380 is around 480 knots.

The low speed ensured the aircraft could efficiently and continuously circle around the Burj Khalifa and achieve a tight radius without drifting away. In total, the Emirates A380 circled the Burj Khalifa 11 times to get a right selection of shots for the ad.

The aircraft also appeared as if it was flying very close to the stuntwoman as she was standing on the Burj, when in fact it was over a half a mile away.

During the planning stages, Emirates pilots, Flight Operation teams, Air Traffic Controllers, helicopter pilots, drone operators and the filming teams, the Emirates marketing team, the Emaar team, regulatory teams as well as the UAE GCAA and DCAA worked closely to discuss and deliberate every detail and aspect of the mission, choreographing the flight plan, running risk assessments, accounting for air traffic, areas over flown, as well as gauging potential wind and weather conditions in order to secure the necessary approvals.

Pilots also trained multiple times in the a380 flight simulator to ensure every visual reference point was covered and tested and every manoeuvre checked prior to the mission. The simulator visits also helped establish the way all stakeholders would communicate during the flypasts and filming to ensure everyone was operating in a safe environment.

In addition, the team closely liaised with Dubai ATC to ensure that all activity was protected by blocking the airspace through a Temporary Restricted Area during all of its holding patterns.

The filming and low flypasts were conducted on 13 and 14 October 2021, and the timings of the flights were scheduled outside of the peak departures window at Dubai International as a further measure to mitigate any risk.

The new global multi-channel campaign will run in 12 languages, debuting across 19 countries covering TV, cinema, digital and social media platforms. The ad is part of a wider USD $20 million commitment Emirates has made to help create awareness, generate excitement and ultimately drive more visits to Dubai and Expo 2020 Dubai.

Since Dubai reopened for business and tourism in July 2020, the airline has run close to 15 major global and regional brand and tactical campaigns across 25 countries, starting with its ‘Dubai is Open’ campaign; its partnership with celebrity powerhouse Chris Hemsworth promoting Expo 2020 Dubai’s endless possibilities ahead of the event’s opening date; both its “Emirates crew on Burj Khalifa” ads and its latest winter campaign highlighting the plethora of activities Dubai has to offer for travellers seeking to escape the cold.

The airline has also promoted Expo 2020 Dubai through a number of global tactical campaigns, including complimentary day passes for every ticket booked, earning Skywards Miles for time spent in Dubai during the Expo period, early bird discounts, family and SME offers, amongst other special promotions.

Running until 31 March 2022, Expo 2020 Dubai brings the world together, hosting spectacular events that have encouraged repeat visitation, as it provides a platform for collaboration, showcasing human advances and the latest in technology, culture, art music, gastronomy, sports and much more, in addition to over 190 country pavilions to see and experience.

Is EPE a Good Location to Buy Land?

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Business Journal

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18/01/2022

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By Dennis Isong

For a long time, buying and selling property has been a very profitable investment because the value of land never depreciates and continues to appreciate dependent on the quality of infrastructure in the surrounding area.

Have you recently driven through Lagos’ Epe neighborhood? Have you seen the swarm of commercial activity that runs parallel to that axis? Have you observed that there are a lot of new housing developments in that area? Have you ever wondered what’s behind the frantic expansion of these estates over the length and breadth of the New Lagos area?

Epe holds The Future of Lagos in terms of investment, which is no longer a secret. Let’s get to know more about the town, Epe and reasons you should invest in Epe.

Where Is Epe Located?

Epe is a town and Local Government Area (LGA) in Lagos State, Nigeria. It’s located on the north bank of the Lekki Lagoon. It is a Yoruba town of 294 rural and 24 semi-urban settlements located near the Lagos lagoon. Epe is famed for its fish market, which thrives on the labor of those whose livelihoods are dependent on the lagoon – and the fish that reside there.

There is no supreme ruler in the area because there are two primary groups, each with its own monarch. Within the same town, these are the Eko Epe and Ijebu Epe communities.

The Epe district of Lagos, Nigeria is home to notable higher education institutions such as Lagos State University, Yaba College of Technology, Michael Otedola College of Primary Education, and Pan-Atlantic University. The Lagos State Government constructed a sculpture of two huge fish at a traffic junction at the entrance to Epe from the Lekki-Epe Expressway.

Why You Should Invest in Epe
DEVELOPMENT

Why do you think there are so many new estates being sold in almost every area of Epe? This is because of the new development going on in the area. Epe is the future of Lagos, after all and it’s seen by the activities in the area. It is for this same reason that it has been dubbed “The New Smart City.”

Epe has also been dubbed the “Dubai of Africa. “Due to the surge of industrial growth. Just like Dubai many years ago was formerly considered a wasteland, a land of no economic value, but 15 years later it has become a land with the highest return on property investment.

In few years to come, Epe Town will see a massive influx of numerous big-time investors from all over the world. This is also the same reason, it is being projected to become the next great investment haven, similar to Dubai. For instance, in the year 2012, the price of a full plot of land in Epe was 270,000. Today 10 years later, in 2022, the price has increased drastically to well over 1,650,000 per plot.

LAND APPRECIATION

Due to the various projects being put in place by both the government of Lagos state and individuals, these make Epe a better place to invest now because once the projects finally start, there will be a massive increase in the price of land in Epe.

HUB OF INDUSTRIALISATION

There are ongoing major industries being set-up in the area of Epe. Just like it states, industrialization brings about development of an area, thus leading to land appreciation in that area.

We have some of these developments such as the Lekki Free trade zone, the sea port, airport, the refinery and others being built in the ibeju lekki which is close to Epe. NOTE: Ibeju lekki and Epe share border.

Let’s find out more about what the Free Trade Zone is about. FTZ (free-trade zone) is a unique project being set up in Epe/Ibeju Lekki for a major upliftment in the economy. It is a geographical area in which commodities may be landed, kept, handled, manufactured, or reconfigured, and re-exported under strict customs regulations and are normally duty-free.

The majority of free trade zones are built near major seaports, international airports, and national borders—areas with numerous geographic advantages for trade. And Lekki Free trade zone is just 15 minutes away from Epe, thus setting the town up for a huge turn around in its economy and development.

Therefore, we understand what the free trade zone implies and who it will attract, as well as the influence it will have on land prices in the surrounding areas.

HUB OF DIFFERENT MAJOR ACTIVITIES

Epe is quickly becoming a hub for a variety of activities. The governor of Lagos State, Babajide Sanwo-Olu, recently inaugurated a 100-bed Mother and Child Hospital in Epe, and with the present expansion of the 6-lane roadways in the first phase of the project from Eleko Junction to Epe Junction, land values are expected to rise. This is an excellent moment to invest because demand is increasing and prices are skyrocketing.

This is your chance to take advantage of any Epe Offers while the costs are still reasonable.

POPULAR AREAS IN EPE

Epe has so many popular you’ll love to go for tourism or fun activities, they include;

The popular Awolowo Museum, it was created to remember the historical activity that occurred long time ago.

There’s also the Epe Mangrove, this is a cool and relaxing place to aid reduce stress after a long week. Also, we’ve the famous Epe Fish Market, Eko Tourist Beach Resort, Alaro City, Epe Recreation Center and others.

The popular Pan Atlantic University is also located close to Epe.

In conclusion, Epe town has shown to be a hotspot for large-scale capital investment and rapid property appreciation in the near future.

Therefore, the best time to invest in Epe is now because in years to come, the selling price for that same land will have a 200% return on investment.

Dennis Isong Helps Individuals Invest Right In Real Estate.For Questions On This Article Or Enquiring About Real Estate Email: [email protected] or Whatsapp/Call +2348164741041

Understanding True Financial Inclusion: What Next for Banking in Africa?

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Business Journal

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17/01/2022

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The continued growth of mobile phone usage provides a huge opportunity for banks to embrace a digital-first approach for young populations – if they make the right moves now, writes Roy Zakka.

The appetite for innovation in Africa is huge. Digital adoption is rapid and nowhere is this being seen more than in the banking sector.

Around half of all banks in Africa have stated an ambition to become digital-first banks, so the banking landscape on the continent is set to change irrevocably over the coming years. I believe that Africa’s willingness to embrace new technologies originates from a strong entrepreneurial spirit, particularly in sub-Saharan Africa.

Challenges remain in Africa, not least in terms of paper-based processes that are still highly prevalent, but the ability of mobile banking to liberate customers and allow them to do business on their own terms is seen as very appealing in a continent which features a large young population base (60% of the African population is under the age of 25).

Such a high consumer interest in digital presents the banking industry in Africa with a major challenge – but also opportunity. Banks are quickly waking up to the fact that they cannot afford to ignore the growth of digital or they risk being left behind.

Banking in Africa is at a tipping point and ready for a major leapfrog in terms of digital technology and customer interaction. Technological infrastructure and adoption is now at a level that is accelerating the digital switch in Africa.

This change has been driven by really strong customer demand, with customers looking to bank primarily through the mobile channel. We’re also seeing a real desire by banks to transform their operational structures and processes and at the same time provide a better service, cut costs and increase revenues.

Importantly, African banks are waking up to the fact that partnering with Fintech companies is a logical step in speeding up their move to digital, with the latest research indicating that 80% of African banks now see fintech and challenger banks as partners for growth, with just 8% deciding not to work with them because they regard them as competitors.

What’s Driving Africa’s Digital Transformation?

The root of the digital banking push that’s picking up the pace across Africa is the proliferation of mobile phones.

Around half of the population in Sub-Saharan Africa now have a mobile phone subscription. Currently, just 1 in 6 of these users have access to 4G, but that number is forecast to double to 28% of the population by 2025. Nigeria has roughly 170 million mobile phone users.

However, only 10 to 20 percent of the population uses smartphones while the rest rely on more traditional mobile phones.

The Covid pandemic has ushered in a rising demand for digital services and, as economies recover, mobile technology is set to become integral to the way people live and to how businesses function.

When it comes to banking, digital solutions offer the potential for enthusiastic mobile adopters to bypass off-putting traditional banking processes – such as rigid and onerous account creation requirements and the need to visit a branch – in order to access financial services and make frictionless regional and international payments.

Overcoming Africa’s Banking Challenges

While there is plenty of cause for celebration, there are concerns too that progress is not being shared equally in Africa. Banks are often accused of focusing too heavily on their wealthier customers, with only 41% of Africans considered to be financially included, according to research by Orange Business Services.

Part of the problem is that mobile technology is evolving at two speeds. Sometimes it can be easier for banks to extend services to smartphone users, but there are also a lot of customers who still rely on legacy feature phones. The fear is that digital banking will leave those non-smartphone users behind, once again excluding customers who have long suffered from being unbanked.

I believe that a dual approach is required to negate the threat of a two-tier banking system in Africa.

Banking via USSD sounds very basic, but it’s much more sophisticated than might be expected. Through USSD, users can check their balance, make payments, block cards, and send or receive money from their handset. Dual systems enabled traditional mobile phone users and smartphone users, supporting the transition across Africa to smartphones over the next few years

Services in Action

An example of how these types of services are helping to transform the digital progress of Africa’s banks is our successful partnership with United Bank for Africa in Nigeria – a bank that serves 22 million customers across 20 countries.

By delivering a feature-rich smartphone package and fully functioning USSD solution, we were able to build out an ecosystem that distributed a variety of services through different channels for UBA customers. This gave the bank’s customers the ability to access both traditional and neobank services through a single platform.

With demand for digital banking rising (mobile transactions in Nigeria alone grew by 83% in 2020), banks in Africa find themselves in a race to position themselves as innovative and frictionless and to secure market share.

In October this year, Nigeria became the first African nation to launch a digital currency – the eNaira – a move to expand access to banking, enable more remittances and grow the economy by billions of dollars. In response to this government initiative, Layer quickly deployed the eNaira wallet for Zenith, and because the Layer platform is built on Open architecture, the UBA team was able to add eNaira capability in record time.

Nigeria’s young, tech-savvy population has eagerly adopted digital currencies. Cryptocurrency use has grown quickly despite a Central Bank ban in February on banks and financial institutions dealing in or facilitating transactions in them.

Banks such as UBA are realising that innovation doesn’t always require a complex solution. Instead, what they are finding is a suite of intuitive and easy-to- rollout solutions that can eliminate problems and frustrations for customers and provide them with a modern banking service that is fit-for-purpose in the modern world.

NB: Roy Zakka is CEO and Co-founder of Layer.

PenCom Holds Retreat to Review Pension Reform Act 2014

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Business Journal

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17/01/2022

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The National Pension Commission (PenCom) organised a retreat on the review of the Pension Reform Act 2014 (PRA 2014) in Abuja between 12 and 14 January, 2022.

The retreat aimed to identify salient issues to be reviewed in the PRA 2014 as a prelude to advancing legislative action on the Bill. It is expected that the National Assembly would subsequently organise a public hearing in order to provide an avenue for stakeholders to formally make input into the proposed amendments.

The PRA 2014 was enacted following a review of the initial Pension Reform Act of 2004, which introduced legal and institutional frameworks of the Contributory Pension Scheme (CPS) and established PenCom to regulate and supervise all pension matters in Nigeria.

Speaking during the opening ceremony of the retreat held on 12 January, 2022, the Director General of PenCom, Aisha Dahir-Umar, informed the participants that the PRA 2014 codified one of the most important socioeconomic reform initiatives of the Federal Government, leading to a pension industry that has accumulated pension assets in excess of N13 trillion invested in various aspects of the Nigerian economy.

She noted that the review is a corollary to some implementation challenges encountered with certain sections of the Act not long after its enactment in July 2014. This is in addition to persistent calls from stakeholders for the amendment of some sections of the Act, which resulted in several legislative initiatives through the sponsorship of Bills for amendment of the PRA 2014 by the National Assembly. Consequently, the Commission, as the regulator of the pension industry, decided to coordinate and harmonize the various efforts in order to achieve a more comprehensive and constructive exercise for the review of the PRA 2014.

Great Nigeria Insurance Targets Sustainable Performance, Profitability in 2022

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Business Journal

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17/01/2022

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Great Nigeria Insurance Plc is a composite underwriting firm licensed to underwrite both life and non-life insurance businesses with over 60 years’ experience in the Nigerian insurance industry.

In 2022, Great Nigeria Insurance Plc has reiterated its unflinching commitment to sustainable initiatives geared at ensuring greater performance and profitability.

During the annual thanksgiving and praise offering at the first working day meeting of the year held at the organisation’s head office located on 8, Omo-Osagie Street, Off Awolowo Road, Ikoyi, Lagos, commitment to improved performance for profitability was the major focus of the discussion.

The company’s performance and challenges faced in 2021 formed part of the highlights of the session. Also, the critical and holistic analysis of the operating environment was done.

The Managing Director/CEO, Mrs. Cecilia O. Osipitan in her New Year address appreciated all members of staff for their staunchness and performance in the past year. She also urged her colleagues in management to bring to fore an unrelenting commitment and dedication in ensuring that the targets set for 2022 are met and surpassed.

While addressing the workforce she appealed to them not to relent in their quest of making the GNI Plc brand the most preferred and patronised brand in the insurance industry in Nigeria. She urged everyone to prioritise accomplishment as the watchword for the organisation’s operations in 2022.

She also announced the result of the half year appraisal exercise which according to her is in tune with the organisation’s resolve to always recognise and reward outstanding performance.

The details of the appraisal exercise showed that sixteen employees were elevated in different cadres of the organisation to higher positions of responsibility while 13 members of staff received their employment confirmation owing to a satisfactory performance during their probationary period.

In her words, Cecilia said, “our greatest asset is the Human Capital which we have recognised as the key success factor in organisational growth and survival, hence we will keep motivating our employees through a continuous reward process so that they can perform at their optimal level at all times.”

In the statement made available to the media, the organisation’s theme of the year was ‘2022: Our Year of Phenomenal Growth and Profitability’, which espoused on the need to consolidate on the gains of the past years while also re-strategising on how to make the business more profitable, whilst providing customer-focused solutions to the insuring public in the new year.

Great Nigeria Insurance Plc has over the years demonstrated commitment to maintaining a leading position in the insurance industry in Nigeria with its branch network spread strategically across the country.

Mutual Benefits Assurance: 26 Years of Thanksgiving to God!

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Business Journal

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17/01/2022

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L-R: Ambassador Babatunde Ajisomo; his wife, Ronke Ajisomo, Director, Mutual Benefits, Liberia; Dr Akin Ogunbiyi, Chairman, Mutual Benefits Group; his wife, Dotun; Femi Asenuga Managing Director/CEO, Mutual Benefits Assurance; his wife, Adebowale, and Biyi Ashiru-Mobolaji, Executive Director, Operations, cutting the Anniversary Cake during the Mutual Benefits’ 26th annual thanksgiving service in Lagos on Saturday.

Mutual Benefits Assurance Plc over the weekend celebrated its 26^th Annual Thanksgiving with a firm commitment to remain rooted in God to appreciate divine favour on the company since inception 26 years ago.

Dr. Akin Ogunbiyi, Group Chairman of Mutual Benefits Assurance Plc said the insurance entity owes its incredible success story and growth over the years to the Hand of God in its day-to-day operations.

“We have to thank God. To worship God and give glory to God. Despite the challenges, the Lord has stood firmly with Mutual Benefits Assurance for 26 solid years.”

Ogunbiyi said his main objective in creating Mutual Benefits was for the company to add value to the insurance sector in Nigeria, provide quality jobs to Nigerians and to outlive him.

“In that regard, l wish to thank and appreciate the entire management, staff and clients of the company for sustaining the dream for this long.”

Mr. Femi Asenuga, the Managing Director/CEO of Mutual Benefits Assurance Plc added that the insurer which would clock 27 in the Nigerian insurance market in October 2022, owes its achievements and attainments to God.

“God made it possible for Mutual Benefits to attain such age. God is our source and strength. We thank our customers for their role in the success and growth of the company. We appreciate them immensely. Mutual Benefits has created subsidiaries within and outside Nigeria and has provided thousands of jobs to Nigerians.”

During the Annual Thanksgiving, long-service awards were given to deserving members of staff, ranging from five to 25 years of service to the company.

Stanbic IBTC to Empower Customers with Smart Loan Digital Solution

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14/01/2022

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Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings PLC, has introduced a Smart Loan digital solution to enable customers who have an account with their Asset Management arm access a loan to enable them meet their medium-term financial obligations.

According to the bank, the devaluation of the naira due to the global economic downturn has reduced disposable income as more naira is required to maintain the current level of expenditure and consumption. This is more so, given that the economy is largely import driven and there is a need for people to access funds seamlessly from their financial partners.

It stated that the Smart Loan, a digital, paperless loan facility will come in handy for many Nigerians, especially those in dire need. The solution will support Nigerians by giving them access to funds while also contributing to economic growth.

The Smart Loan digital facility is available to customers with a mutual fund investment with Stanbic IBTC Asset Management. This enables them to access the instant and quick paperless loan facility of up to N10 million. The lending solution empowers them to meet their financial needs while also maintaining a healthy cash flow.

Oladele Sotubo, Chief Executive, Stanbic IBTC Asset Management, said, “The Smart Loan product is designed to help provide our customers with the necessary financial support of up to N10 million to meet their medium-term financial responsibility, while also positioning them on a path to long-term financial stability. We understand the need for constant cash flow and its relevance to our livelihoods and households.”

Bunmi Dayo-Olagunju, Head, Client Solutions, also said Stanbic IBTC Holdings will continue developing innovative financial solutions to enable customers to achieve stable financial freedom through simple and quick banking solutions accessible to them at their convenience. We are delighted that we can further serve our customers in positive ways that improve their finances through our arrays of financial products.”

Bunmi also stated that the firm is committed to leveraging technology to help accelerate economic development and improve the standard of living amongst its customers.

ASUS Presents Incredible Unfolds at CES 2022

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12/01/2022

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KEY POINTS

Zenbook 17 Fold OLED, Zenbook 14X OLED Space Edition and Zenbook 14 OLED combine distinctive designs, latest-gen performance and stunning displays
ASUS Chromebook Flip CX5 and ExpertBook B5 series deliver expansive visuals, brilliant performance and modern capabilities to enterprises and SMBs
ProArt Display PA169CDV empowers professional creators with Wacom EMR technology for ASUS ProArt Pen, stunning 4K resolution and top-notch color
ASUS TUF Gaming F15 and TUF Dash F15 laptops bring 12th Gen Intel CPUs, MUX Switch and refined chassis design to a broad range of gamers

ASUS today announced the latest lineup of innovations at the Incredible Unfolds virtual launch event, continuing the brand’s legacy of pushing the PC industry into new territory with the breakthrough foldable design of Zenbook 17 Fold OLED and the commemorative Zenbook 14X OLED Space Edition. In addition, the launch event showcased Zenbook 14 OLED, ASUS Chromebook Flip CX5 and ExpertBook B5 series laptops for empowering consumers and enterprises alike; ProArt Display PA169CDV with Wacom EMR technology for giving interactive experiences to professional creators via ASUS ProArt Pen; and ASUS TUF Gaming F15 and TUF Dash F15 gaming laptops for bringing excellent performance to a broad range of gamers.

“ASUS has always been about the incredible. And we are proud of our ability to offer brilliant solutions to people everywhere, from business users to creators, gamers and more,” noted ASUS co-CEO Samson Hu as he kicked off the launch event.

ASUS is evolving the PC for a hybrid world, where computing is ubiquitous and everyone is always-on, always-mobile, and always moving across devices and contexts. The new Zenbook lineup has been created for increasingly tech-savvy users who need ever-faster and more powerful devices. With the latest 12th Generation Intel Core™ processors, these new solutions empower users with a blend of ultimate performance, innovative features and exquisite designs, all housed in highly portable, thin and light form factors.

“12th Gen Intel Core processors and the Intel Evo platform deliver leadership performance, connectivity and PC innovations, enabling the verified experiences people want across various segments,” said Michelle Johnston Holthaus, Executive Vice President and General Manager of the Sales, Marketing and Communications Group, Intel. “Our joint platform effort with ASUS to partner on this innovation elevates the laptop experience with infinite possibilities.”

During the launch event, ASUS also announced new designs on Zenbook 17 Fold OLED, Zenbook 14X OLED Space Edition and Zenbook 14 OLED. In particular, select new laptops from the Zenbook family, such as Zenbook 17 Fold OLED and Zenbook 14 OLED, will feature a refreshed ASUS Monogram that is based on the visual concept of the ASUS 30th anniversary emblem. The modernized Monogram represents everything that Zenbook espouses: world-class innovation, an ascending spirit, user-centricity and dedication to joyful experiences.

Onstage innovations

Zenbook 17 Fold OLED (UX9702)

Incredible unfolds: ASUS has worked closely with Intel and BOE Technology Group to unleash Zenbook 17 Fold OLED, the world’s first 17.3-inch foldable OLED laptop. The boundary-pushing design offers two sizes of OLED display in one device: a large 4:3 17.3-inch 2.5K touchscreen that folds in the middle to create two seamless 3:2 12.5-inch 1920 x 1280 displays. Combined with the full-size ASUS ErgoSense Bluetooth keyboard and touchpad, the folding design provides the versatility of multiple modes — PC, Laptop, Tablet, On-Screen Keyboard, Book and Extend.

For immersive entertainment, the PANTONE Validated, foldable OLED touchscreen — which is also TÜV Rheinland-certified for eye care and has a 100% DCI-P3 gamut — is accompanied by Dolby Vision HDR for ultravivid picture quality along with Dolby Atmos immersive audio and a powerful quad-speaker Harman Kardon-certified sound system.

For next-generation smart capabilities, an HD IR camera works together with Windows Hello and the new Intel Visual Sensing Controller chip to enable several new AI-powered features, including user-presence detection; an integrated color sensor for automatic adjustment of screen brightness and color temperature; and a 5 MP webcam with ASUS 3D Noise Reduction technology for clearer video calls.

To ensure effortless performance and connectivity, the laptop delivers the latest 12th Generation Intel Core i7 U-Series processors, Intel Iris X^e graphics and two USB-C Thunderbolt 4 ports, which support fast charging of the 75 Wh battery and connections to external displays.

Co-engineered with Intel, the Zenbook 17 Fold OLED design will meet the requirements of an Intel Evo laptop through Intel’s hardware specifications and key experience targets for responsiveness, instant wake, battery life, fast charge and intelligent collaboration. Zenbook 17 Fold OLED will be available for purchase in mid-year 2022.

Zenbook 14X OLED Space Edition (UX5401)

The exclusive Zenbook 14X OLED Space Edition is a prestigious special-edition laptop built to commemorate the 25th anniversary of the ASUS P6300 laptop’s 600-day space mission and to represent the ASUS ‘In Search of Incredible’ brand spirit.

Featuring unique space-themed design details and finished in a special Zero-G Titanium color, Zenbook 14X OLED Space Edition celebrates a key milestone in the history of ASUS laptops and encourages users to start their voyage of discovery and explore beyond the limits.

Exclusive to the Space Edition is its futuristic ZenVision, a 3.5-inch OLED companion display mounted externally on the lid that can show customizable messages and animations.

Built to withstand the rigors of space travel, the Space Edition complies with the ultra-tough US Space Systems Command Standard SMC-S-016A testing protocols, so it is capable of withstanding extreme temperatures (-24 to 61° C) when operational and vibration (20 – 2000 Hz).

This out-of-this-world laptop is built to deliver stellar performance, powered by up to 12th Generation Intel Core i9 H-Series processors, Intel Iris X^e graphics, 32 GB RAM, a PCIe 4.0 x4 SSD and Intel WiFi 6E. The expansive 16:10 2.8K 90 Hz OLED HDR PANTONE Validated touchscreen delivers ultra-realistic DisplayHDR True Black 500-certified visuals, with a 100% DCI-P3 gamut and TÜV Rheinland-certified eye care.

Zenbook 14 OLED (UX3402)

The all-new Zenbook 14 OLED is a powerful, sleek and lightweight 14-inch laptop that sets a new benchmark for portable perfection. This latest generation introduces a modern look and feel to the Zenbook series, with a bold new lid design and two elegant new color options: Aqua Celadon and Ponder Blue.

The laptop blends the best visuals and audio to deliver immersive experiences: an expansive 16:10 2.8K 90 Hz OLED NanoEdge 550-nit PANTONE Validated display with a 100% DCI-P3 gamut, Dolby Atmos1 and a Harman Kardon-certified sound system with a smart amplifier for powerful spatial sound. Visuals are further enhanced by DisplayHDR True Black 500 certification for deep blacks and TÜV Rheinland certification for eye care.

Despite its compact size — a mere 16.9 mm thin and 1.39 kg light — the all-aluminum chassis houses the latest 12th Generation Intel Core processors with Intel Iris X^e graphics, up to 16 GB of RAM, ultrafast PCIe 4.0 SSDs, a long-lasting 75 Wh battery and the latest Intel WiFi 6E, delivering excellent performance and connectivity. It also features a full set of I/O ports, including two Thunderbolt 4 USB-C ports.

Co-engineered with Intel, the Zenbook 14 OLED design will meet the requirements of an Intel Evo laptop through Intel’s hardware specifications and key experience targets for responsiveness, instant wake, battery life, fast charge and intelligent collaboration.

ASUS Chromebook Flip CX5 (CX5601)

Blending expansive visuals with powerful performance, ASUS Chromebook Flip CX5 empowers modern work, learning and entertainment. Its 360° ErgoLift hinge can adjust the three-sided 16-inch NanoEdge display to any angle, delivering remarkable versatility. The panel offers a 16:10 aspect ratio for a boost in vertical space compared with 16:9 panels, and an 87% screen-to-body ratio further augments immersive viewing.

For ultimate productivity, ASUS Chromebook Flip CX5 features up to a 12th Generation Intel Core i7 processor, Intel Iris X^e graphics and 16 GB of memory, while dual-band Intel WiFi 6E (802.11ax) — including a new 6 GHz band for strong, stable signals and superfast speeds — and ASUS WiFi Master for Chrome OS deliver excellent connectivity. Cloud-first workflows and lessons can be further optimized and customized with Chrome Enterprise, Chrome Education Upgrade and the Intel vPro platform versions that are available.

For supreme sound to match stunning visuals, an innovative Harman Kardon-certified audio system offers four built-in high-quality speakers that have extra-large resonant chambers, generating high-fidelity audio on par with much larger laptops. To enhance videoconferencing and picture taking, an FHD webcam ensures high-quality visuals and can be easily hidden behind a retractable cover for privacy when not in use. With robust performance, connectivity, visuals and audio, ASUS Chromebook Flip CX5 brings incredible experiences to cloud-based work and entertainment.

ASUS ExpertBook B5 series (B5402C and B5402F)

ASUS ExpertBook B5 is an ultralight laptop series available in both traditional clamshell and 360° convertible forms for the ultimate in portability, flexibility and clarity. The new ExpertBook B5 (B5402C) and ExpertBook B5 Flip (B5402F) models feature expansive 14-inch displays — complementing the existing popular 13-inch B5 models to deliver a comprehensive lineup for business.

The precision-crafted, minimalist chassis is hewn from pure aluminum and magnesium-aluminum alloy to push the limits of lightness. An Intel Core i7 processor with Intel Iris X^e graphics delivers serious computing power, supported by 48 GB of RAM and the latest Intel WiFi 6E.

B5 Flip’s 360°-flippable hinge enables it to be used from Tent to Tablet mode for instant collaboration, sharing content or presentations. An optional garaged stylus is always within reach.

The new B5 series also offers all-day battery life and is engineered with many cutting-edge technologies to improve on-the-go work efficiency. These include AI noise cancelation for clear calls and conferencing, dual-SSD RAID support for versatile high-speed storage and ASUS NumberPad for rapid data entry.

User privacy, business security protection and everyday resilience are also cornerstones of the B5 series, with a built-in fingerprint sensor, optional face-login IR camera, TPM 2.0 chip and durability that adheres to the exacting MIL-STD 810H US military standard.

ASUS ProArt Display PA169CDV

ASUS ProArt Display PA169CDV is a 15.6-inch 4K UHD IPS display that includes Wacom EMR technology for compatibility with the bundled ProArt Pen. Built for professional creatives, it offers stunning 4K resolution and targets the specifications for DisplayHDR 400 certification. Its innovative design includes two kickstands for versatile use — the upper kickstand tilts PA169CDV slightly for drawing and sketching, while the lower kickstand props it up to an ideal angle for use as a secondary display.

PA169CDV is PANTONE Validated and Calman Verified, making it the first portable monitor that is dual certified. It is factory pre-calibrated to Delta E < 2 color difference, and features 10-bit color, 100% sRGB and 100% Rec.709 color gamut.

ProArt Pen uses Wacom EMR technology to provide a natural handwriting feel. The lightweight pen is battery-free and is compatible with ASUS Dial, giving users shortcuts when working with supported Adobe software for a smoother workflow.

ASUS TUF Gaming F15 and F17

TUF Gaming F15 and F17 laptops offer the 12th Generation Intel Core i7-12700H processor and up to an NVIDIA GeForce RTX 3070 Laptop GPU with 140 W max TGP — a potent combination that delivers incredible gaming performance. For added power and control, a hardware MUX Switch gets around a performance drawback of gaming laptops, which tend to route the GPU’s frames via the CPU’s integrated graphics to the display. Gamers can use Armoury Crate to fire up a direct GPU mode that reduces latency and improves performance by 5-10% on average. To match these performance gains, the laptops’ Arc Flow Fans have an updated 84-blade design. Each individual fan blade has varying thickness and a 0.1 mm tip, which reduces turbulence while improving airflow. The overall design is quieter yet offers 13% more airflow than the last generation. For gaming-grade visuals, all 2022 TUF laptops are equipped with high-refresh-rate display options, including up to FHD at 300 Hz for the fastest FPS gameplay or QHD at 165 Hz for more immersive experiences. To top it all off, F15 and F17 feature new mecha anime-inspired designs and meet MIL-STD-810H specification to ensure their durability on the go.

TUF Dash F15

Originally launched in 2021, TUF Dash was created to present a thin and light form factor that was infused with TUF Gaming DNA. Continuing this legacy, TUF Dash F15 — the 2022 model — has been updated and upgraded with the latest hardware, while keeping the thickness of the chassis under 20 mm.

Featuring a 12th Generation Intel Core i7-12650H processor and up to an NVIDIA GeForce RTX 3070 Laptop GPU with MUX Switch, TUF Dash F15 is an exceptionally capable gaming machine in a thin, light chassis. Brand-new DDR5 memory running at 4800 MHz easily breezes through even the most intense multitasking, and dual PCIe 4.0-capable SSD slots enable more than enough high-speed storage while on the go. For stunning visuals, a QHD 165 Hz panel with 100% coverage of the DCI-P3 color space keeps gamers immersed and provides a color-accurate space for content creation. With Thunderbolt 4 support, adding an external dock or a high-speed storage drive is simple and straightforward. Plus, for peace of mind while on the move, TUF Dash F15 also supports USB Type-C Power Delivery up to 100 W, enabling top-ups through a wide variety of compatible chargers and battery packs.

Real Madrid Lands in Emirates Super Jumbo for Spanish Super Cup

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Business Journal

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12/01/2022

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Although all eyes are on the African Cup of Nations, there’s Spanish Cup action in Europe and Real Madrid is all set for their epic match against rivals, Barcelona.

The Emirates A380 emblazoned with the blue Expo 2020 “mobility” livery lifted one of the most popular clubs in global football all the way from Madrid, Spain, to defend their title at the Spanish Super Cup semi-finals on July 12.

Onboard this special charter flight, guests and players from the Spanish club experienced the airline’s signature inflight services to rest and unwind in complete comfort ahead of their much-anticipated match.

This included exquisite onboard gourmet meals and full flatbeds with premium bedding in First and Business Class, over 4,500 channels of the latest movies, TV shows and music on Emirates’ ice inflight entertainment system, and Emirates’ famous shower spa at 40,000 ft. above ground.

Emirates’ friendly and professional crew ensured the well-being of all onboard, with enhanced health and safety measures and the observance of protocols such as the wearing of masks.

Emirates is the world’s largest operator of the iconic double-decker A380 aircraft which attracts excitement from aviation enthusiasts and plane spotters wherever it flies. Customers also love the Emirates A380 experience for its spacious cabins and award-winning inflight products in all classes.

Since 2011, Emirates has been Real Madrid’s official main sponsor, bringing together two of the world’s most globally recognised brands in aviation and football.

With a global fan base of 500 million, the Spanish Club has established itself as a major force in sports, and has consistently played in the top division since its inception.

As the world’s largest international airline, Emirates continues to connect Real Madrid with fans and spectators from every corner of the globe, through various events that create moments of inspiration and joy.

Absa: ‘We ‘re Focused on Tackling Access to Finance for SMEs Through Digitisation’

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Business Journal

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12/01/2022

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Absa, a pan-Africa financial institution, has reiterated its commitment to driving trade financing across Africa by providing digital solutions that would help remove impediments to accessing financing products, especially by SMEs on the continent.

The top financial institution delivered its digitization projection in a recent article monitored in the media. First, it identified trade financing as critical financial issue as it has the capacity to deliver higher impact in Africa in particular. The bank advocates for increased value proposition around trade financing and likened it to the oil that greases supply chains and ensures that buyers are sellers fulfil their obligations.

However, the bank further opined that digitisation is a key enabler in democratising trade finance and the pandemic has accelerated the need for wider adoption of digital trade finance solutions by SMEs and corporates.

In the article, Oladapo Adeigbe, Head, Trade Finance and Financial Institutions Trade Sales, Absa, expatiated on some of the impediments to accessing financial products by SMEs. He said, while technology-driven solutions are becoming more and more relevant, much of the trade finance sector is still very paper-driven with manual processes slowing down access to finance.

According to him, “Financial inclusion across Africa is yet to peak as most SMEs operate in the informal sector and are largely unbanked. Hence, their viability cannot be ascertained or assessed directly by financial institutions.”

QUESTIONS TO ASK BEFORE BUYING OFF-PLAN PROPERTY

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11/01/2022

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BY DENNIS ISONG

Purchasing a property off-plan is a good method to get a property for less than its true market worth, making it a fantastic investment option.

However, it can be challenging to choose the ideal off-plan property with so many possibilities on the market. How will you know if you are receiving the value for your money?

The following simple questions in this article will assist you in selecting the greatest units, obtaining the best entry pricing, and obtaining guaranteed profits from off-plan investment properties as an investor. Let’s start with knowing the meaning of off plan property.

What Is the Definition of Off-Plan Property?

Buildings that are not yet finished are known as off-plan properties. Purchasing a complex before the actual building is completed is known as an off-plan property investment. It’s deciding on a course of action before seeing the ultimate product. You make your option based on the property’s initial drawings, blueprints, and the artist’s idea of what the finished project would look like. They are purchased with the understanding that they would be finished in the future, usually within one to five years.

Because their worth is expected to improve after they are built, off-plan structures can be purchased for less than market value.

Purchasing an off-the-plan house is a fantastic way to get a great deal on a home while waiting for development to be completed. Regular house buyers may find that purchasing off-plan is the only option to ensure a home in a market where demand exceeds supply. Buy-to-let investors are particularly interested in such properties because they have a great potential for yielding a large return on their initial investment.

What Are the Advantages of Off-Plan Property?

One of the most significant advantages of this form of property investment is the pre-construction or early construction sales price. Buyers who choose to make an early commitment to acquire a unit or home in a “Off Plan” project typically receive a discount on their new home or unit.

Individual purchasers and property investment buyers who purchase a unit in a conversion project or multi-unit project at the start of the development phase are frequently offered these discounted sales prices.

Because a builder or developer in a larger project sometimes needs certain commitments from buyers before the banks can extend any of the financings, the initial few units may be sold at a discounted pricing. This permits them to get enough buyers to secure more construction funds from the bank.

People that buy a new construction unit early in the process can see a significant increase in profits.

While profit is one of the most compelling reasons for people to become early property investors in these types of ventures, it is not the only advantage.

Buyers who invest early in an “Off Plan” project also have the advantage of selecting the most perfect and suitable areas for their home or unit from the planned development. They frequently get the option to choose the greatest prime location inside the complex or neighborhood for their property investment because the project is new and there are few units sold.

How Can I Ensure That the Off-Plan Property Is Completed to A High Standard?

Off-the-plan properties are frequently sold before construction is completed, and it can be difficult to determine whether the developer has a solid reputation unless you deal with an agent who knows the property industry inside and out. Before you buy an off-the-plan property, get a comprehensive assessment and make sure the developer has an excellent track record.

What Is the Procedure for Making a Purchase?

Purchasing an off-the-plan home is a simple process. Buyers should get legal guidance from an independent legal solicitor who specializes in that area’s Real Estate. If the project requires staged payments, be sure you understand how much is due when and when it is due. In terms of payment specifics on your contract, your solicitor should be able to advise you properly. As an investor, you should ensure that the legal contracts between contractors and developers are customized to safeguard the interests of investors.

The legal advice provided by your chosen legal advisor will have a significant impact on the success of your transaction. The solicitor’s job is to safeguard your interests, so ask as many questions as you need to be sure you’re covered. Ensure that your legal representative examines all contracts. This will increase the chances of the project being finished on time and on budget. You should also put in place legal safeguards in case the development is delayed.

How Can I Be Sure the Job Will Be Completed on Time?

Award-winning developers and companies that obtain annual plaudits for delivering on their promises are easy to spot. When purchasing an off-plan property, the developer’s experience and skill are important factors to consider.

Who Will Be in Charge of My Property Management?

If you acquire an off-plan buy-to-let property in a new development, a management firm is usually tasked with overseeing day-to-day maintenance as well as rental returns. A reputable property management company can assist you in reducing the time between rent payments and ensuring that the complex is well maintained throughout each tenancy.

What Are the Disadvantages of Purchasing Off Plan?

Due to different risks, off-plan purchases are not guaranteed to be lucrative. The biggest one is that the property may not be ready when you want to move in, or it may be ready but at a considerably higher cost than you paid for it. It also excludes any additional costs that may develop after the purchase, such as higher building material supply chain costs. There is a chance that the economy or the area where construction is taking place might be permanently damaged. The developers on the other hand, are well aware of these dangers and make every effort to stick to the schedule in order to avoid disappointing the clients

Dennis Isong Helps Individuals Invest Right In Real Estate. For Questions On This Article Or Enquiring About Real Estate. Follow him on Youtube https://www.youtube.com/LandPropertyNG/ or Whatsapp/Call +2348164741041

Microinsurance: Tool for Insurance Penetration in Africa

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Business Journal

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11/01/2022

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The concept of microinsurance to deepen insurance penetration amongst the rural population in Africa was once a novel idea at industry seminars and fora. Today however, microinsurance has become a driving tool for the market to reach a larger segment of the population in terms of retail insurance services in Africa. Prince Cookey reports.

A study by the International Labour Organisation (ILO) in 2009 stated that about 14.7 million people or about 2.6% of the population living under $2 per day in 32 countries are covered by microinsurance products in Africa.

“Of these, South Africa alone, where funeral insurance is pervasive throughout even the poorest areas, represents 8.2 million, or almost 56% of the total. Also, of the total 14.7 million, 10.3 million are covered by products other than credit life. The total microinsurance premiums received in 2008 amount to about $257 million, out of which 88% was collected by regulated insurers.”

The 2018 Landscape of Microinsurance in Africa study conducted by Micro Insurance Network also stated that only 2% of Africa’s low-income population are currently served by micro-insurers.

‘And with more than 700 million low-income citizens, Africa is considered a major market for micro-financial offerings, including microinsurance.’

The study identified low competition and significant insurance gap as the two major factors driving operators and success of the microinsurance market in Africa.

It identified four types of microinsurance products thriving on the continent:

Credit life and life insurance, which respectively represent 26.2% and 15.1% of the total premium collected in 2017, are considered as the original microinsurance products developed in Africa.
Funeral insurance products, accounts for 17.4% of the total premium collected in 2017 in Africa, and are particularly successful in Southern African countries, including Zambia, Namibia, South Africa, Malawi, and Zimbabwe.
Health insurance is another forefront microinsurance product which represents 25.5% of the total premiums collected.
Crop and livestock insurance’s percentage of total premiums collected in 2017 stood at 4.9%.

Intissar Mounaji, a Senior Analyst at Infomineo argued that microinsurance distribution channels in Africa are highly reliant on partnership models with 68% using brokerage and agency channels to distribute their products while 22% partner with microfinance institutions to either directly sell the individual microinsurance policies or bundle them with other micro-financial products.

In Nigeria, the National Insurance Commission (NAICOM) on January 1, 2018 released a comprehensive guideline on the licensing and operation of microinsurance firms in the country.

In the guideline, NAICOM defined microinsurance as “insurance developed for low -income populations, low valued policies, micro and small -scale enterprises provided by licensed institutions, run in accordance with generally accepted insurance principles, and funded by premiums.”

Already, NAICOM has licensed GOXI Microinsurance Company Limited and CHI Microinsurance while 12 applications are still going through the licensing process.

Reflecting on the license granted his firm, Mr. Eddie Efekoha, the Group Managing Director/CEO, Consolidated Hallmark Insurance (CHI)Plc described microinsurance as the future of the insurance industry:

“We are set to take off with a robust network of retail and agency team that have contributed and continue to contribute immensely to the growth of the parent company. The future is in retail business and micro-insurance, if we are to reach the mass of the Nigerian people with quality, reliable and affordable insurance solutions. This low-income segment has remained largely untapped and we are ready to give it our best shot.”

Mr. Olorundare Sunday Thomas, the Commissioner for Insurance/CEO of NAICOM said the Commission is supporting the growth of microinsurance, especially at the rural areas of the country to help reduce the risk of losses by businesses in the Micro, Small and Medium Enterprises (MSMEs) segment of the economy.

The EFInA Access to Financial Services (A2F) in Nigeria 2016 survey highlighted that – of 96.4 million adults, only 0.3 million use microinsurance products.

The findings also suggested that while uptake is currently low, 32.1 million adults will be interested in using microinsurance. This presents a significant opportunity for microinsurance operators to develop products that meet the needs of adult Nigerians.

In essence, the opportunities and barriers identified by the survey include:

Opportunities:

Large Adult Population of 96.4m (2016)
Expanding Distribution Channels
Favourable Regulatory Environment
Mature Financial Services Sector

Barriers:

Sustainability of Microinsurance Schemes
Low Awareness of Microinsurance in Nigeria
Weak Customer Value Proposition and Products Bundling
Insufficient profiling and understanding of the Nigerian Microinsurance market
Inadequate/inefficient Distribution Channels

The microinsurance market in Africa represents a step forward for the insurance industry in terms of penetration if operators are willing to scale the challenges and tap into the opportunities.

NB: First published by same author (Prince Cookey) in Africa Ahead.

Stanbic IBTC Insurance Covers Super Eagles as Nigeria Battles Egypt Today at AFCON

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Business Journal

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11/01/2022

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Stanbic IBTC Holdings Plc, a member of Standard Bank Group, has taken the bold step to ensure the Super Eagles of Nigeria wins the on-going African football tournament, the African Cup of Nations (AFCON), in Cameroun.

Late last year, Stanbic IBTC and the Nigerian Football Federation (NFF) announced a meaningful partnership that would see Stanbic IBTC, through its insurance subsidiary, Stanbic IBTC Insurance Limited, provide Group Life Insurance cover worth N1.73 billion and Total Personal Accident insurance cover for each player of the national team, to the tune of N583 million annually for the next three years.

By this development, Stanbic IBTC becomes the official insurance sponsor of the Super Eagles as the MoU signed between the financial organisation and the NFF came into effect officially this year, 2022. According to Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, the partnership is predicated on youth empowerment, which is one of the pillars of the institution, and football development.

Amaju Pinnick, President of NFF, further explained that the partnership is in huge favour of the players.

The partnership also entails empowering female journalists by sponsoring them to cover matches played by the Super Eagles.

Stanbic IBTC, as a foremost gender-balanced zealot, has sponsored four female sports correspondents: Funmilayo Adeyemo, Justina Aniefiok, Janefrances Nweze, and Faith Meregbunam to AFCON 2021.

The 2022 AFCON tournament has 24 participating teams. Nigeria bringing home the cup is currently the most anticipated expectation.

Unlike previous years, the Super Eagles will go head-to-head with the Pharaohs of Egypt in the anticipated match, knowing that Stanbic IBTC Insurance fully covers them.

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