ETAP Secures $1.5m Funding to Drive Car Insurance Penetration in Africa

20/04/2022

ETAP, an insurtech startup that makes it easier to buy and claim insurance, has secured $1.5 million in pre-seed funding to grow its team and drive the adoption of much-needed car insurance across Africa. Starting in Nigeria, the new funding will support the roll-out of ETAP’s game-changing app which allows drivers to buy insurance in 90 seconds, complete claims in 3 minutes or less and get rewarded for good driving and avoiding accidents.

The pre-seed funding round was led by Mobility 54 (the Venture Capital arm of Toyota Tsusho and CFAO Group), with participation from Tangerine Insurance, Graph Ventures (invested in Clubhouse), Newmont and other angel investors.

Working with a wide range of automotive value chain players, ETAP will also explore other opportunities to deliver much-needed insurance services for car owners in other countries across the continent.

Despite longstanding regulation making car insurance compulsory and more than 100,000 car accidents reported between January 2019 and December 2021, only one in five cars in Nigeria are currently insured. The complexities of buying and claiming insurance has led to widespread apathy for traditional insurance companies and products, with many car owners opting to go without insurance. With ETAP, the entire process of buying and claiming insurance happens exclusively on a smartphone, enabling a seamless and enjoyable insurance experience for users.

ETAP uses machine learning to build intelligent risk profiles that determine appropriate premiums for each driver, allowing them to achieve lower premiums by driving safely.

Using advanced telematics, the driving experience is gamified to improve driving behaviour and drivers can earn Safe Driving Points that can be exchanged for shopping vouchers for the most in-demand retail outlets, fuel, cinema and concert tickets, and other exciting experiences.

Drivers also have flexible coverage options, including daily, weekly, monthly, quarterly and annual plans depending on their needs. In the unfortunate event of an accident, they simply need to take a picture of the affected part of the car via the app and the artificial intelligence processes the claim based on previously uploaded images. The app comes with geolocation tags, timestamps and other features to prevent fraudulent claims, as well as crash notification, emergency support and more.

Since launching in beta in November 2021, ETAP has insured more than 130,000 individual trips and over 500,000 kilometres in car journeys, which represents more than eight times the total distance of paved roads in Nigeria.

According to Ibraheem Babalola, CEO and founder of ETAP, “Just like any other digital service, we believe Nigerians should be able to buy and claim car insurance without having to ‘call a guy’. We also believe that rewarding good drivers can be a catalyst for better driving and making our roads safer. This is why we have created Africa’s most powerful car insurance app and we are excited to have raised these funds to bring more users on board. Too often, the process of buying and claiming insurance in Africa is so out of touch with the everyday reality of most people but we are changing the game and making the process just as enjoyable as any other experience that consumers access on the mobile phone.”

Yumi Takagi, Project Manager at Mobility 54 said, “ETAP is addressing many challenges that impact the automotive experience in Africa and we are excited to support and work with them to bring their innovation to more drivers across the continent. We believe that ETAP will engage with this important role and revolutionize the automotive insurance industry with their powerful technology.”

Interswitch, Cisco Networking Academy to Equip 10 Tertiary Institutions in Nigeria

Business Journal

20/04/2022

In line with its efforts to support Science, Technology Engineering and Mathematics (STEM) education in Nigeria, Africa’s leading integrated payments and digital commerce company, Interswitch, has announced plans to donate IT equipment to students in 10 tertiary institutions across Nigeria.

The initiative, which is being implemented in collaboration with multinational technology company, Cisco, will see Interswitch donate IT equipment including routers and switches to the Cisco Networking Academies in these institutions.

The donations are expected to support the students of the Cisco Networking Academies as they explore their passion in the field of STEM and learn to develop solutions to everyday problems faced by Africans.

Beneficiary institutions include Igbinedion University, Okada; Lagos State Polytechnic, Ikorodu; Covenant University, Ota; Federal University of Technology Akure; Obafemi Awolowo University, Ile-Ife; University of Maiduguri; Ahmadu Bello University, Zaria.

Others are Lagos State University; University of Port-Harcourt and University of Nigeria, Nsukka. Each of the listed institutions currently run the Cisco Networking Academies, an all-embracing platform where individuals and communities use tech tools to create impact.

Interswitch’s donation aligns with its long-standing efforts to encourage more African students to take up STEM courses in school. The company has actively encouraged the uptake of STEM courses by students through its various initiatives such as the Interswitch SPAK National Science Competition which is held annually in Nigeria and East Africa.

Speaking about the donation, Cherry Eromosele, Group Chief Marketing and Communications Officer, Interswitch Group, said that Interswitch is committed to improving learning, especially in STEM courses.

“We understand that the study of Science, Technology, Engineering and Mathematics courses is not a walk in the park, however, going through the rigors of studying STEM subjects without basic tools such as a computer can be unnerving. This is why we are donating the IT equipment to the networking academies with the belief that more students will be equipped to hone their skills in STEM and consequently pursue careers in STEM.”

Commenting on the collaboration with Interswitch, to further equip the networking academies, Sebastine Nzeabine, Country Lead of Cisco, Nigeria said: Cisco Networking Academy transforms the lives of learners, educators and communities through the power of technology, education and career opportunities. Critical to this is creating connections through access to infrastructure, forging opportunities by investing in people to help create a skilled economy and inclusion of all citizens to give them efficient technology solutions to address their unique local needs.

Also commenting on the collaboration with Cisco, Eromosele said: “We are delighted to be partnering with Cisco on this initiative, which is borne out of our shared belief in the revolution that lies ahead of Nigeria and Africa through technology, a revolution we do not only want to be part of, but lead. With synergies such as this between Cisco and Interswitch, we are confident we are building an army of competent scientists, engineers and problem solvers to whom we can entrust the future of the continent.”

The partnership sees Interswitch leveraging Cisco Networking Academies as existing communities in tertiary institutions across the country and donating the computers to the academies, while Cisco prepares the students for industry-recognized certifications and entry-level information and communication technology careers through the equipment donated.

There are over 200 Cisco Networking Academies in Nigeria, the highest number in Africa, creating a hub for future innovators who desire to change the African narrative through technological solutions.

Abbey Mortgage Bank Names Mobolaji Adewumi as Acting MD

Business Journal

17/04/2022

In the wake of her 30th Anniversary, Abbey Mortgage Bank Plc announces the appointment of her MD/CEO Mr. Madu Hamman by President Muhammed Buhari, as the new MD of Federal Mortgage Bank, the apex Mortgage Bank in Nigeria.

Mr. Madu Hamman has over 34 years of banking experience in Mortgage and Credit Analysis, Banking Operations, Business Development, Business Support Services, and Human Resource Management. He has anchored and directed the planning, integration, and implementation of critical projects for the Bank. In the past 2 years under his leadership, the Bank has moved into profitability with a balance sheet size of N34.46bn.

In addition, the CBN recently approved the Bank’s Rights Issue of 3.692bn ordinary shares of 50keach at N0.82 per share. This appointment is indeed an endorsement of the Abbey brand.

Consequently, at an emergency meeting held on the 14th of April 2022, the Board named Mr. Mobolaji Adewumi, the current ED Finance & Admin as the Acting Managing Director of the Bank. Mobolaji Adewumi is an experienced professional with a deep knowledge of the financial services industry. He possesses an extensive working knowledge of sub-Saharan Africa.

He obtained his MBA (specializing in Finance) from Judge Business School, University of Cambridge, UK, and his BSc in Management and Accounting from the Obafemi Awolowo University, Ile-Ife. Bolaji became a Chartered Accountant (ACCA) in 2007. He worked for KPMG as Audit Senior between 2006 to 2009 before joining UBA from 2009 to 2011 where he worked in various capacities.

Mr. Adewumi also worked for Africa Finance Corporation, Egon Zehnder International London Office, and Fairtrade International before joining Aso Savings and Loan Plc as Special Adviser to the MD/CEO & Head, Strategy between 2012 to 2015. Bolaji Adewumi later moved to First Bank of Nigeria Limited, where he was Special Assistant to the MD/CEO between 2016 to 2019 and later joined VFD as the Group Executive Director, Finance from April 2019 to March 2020.

UNESCO, African ICT Foundation to Host West-Africa Internet Governance Forum May 26

Business Journal

17/04/2022

Tony Ojobo

President

African ICT Foundation

UNESCO and the African ICT Foundation are set to host the West-Africa Internet Governance Forum 2022 with a title built around the UNESCO ROAM-X framework for understanding and improving digital governance.

The Internet Universality ROAM-X Indicators framework consists of a set of 303 indicators including 109 core ones that designed to assess how well national stakeholders, including governments, companies and civil society perform in adhering to the ROAM principles of Rights, Openness, Accessibility and Multi-stakeholder participation, as well as 79 cross-cutting indicators concerning gender equality, youth, ethical dimensions, and sustainable development.

A statement by the Director of Communications of the African ICT Foundation, Mr Isaiah Erhiawarien said that the West-Africa Internet Governance Forum 2022, which holds in Accra, Ghana, May 26, 2022, was put together by the UNESCO and the African ICT Foundation to highlight how an evidence-based policy making process can trigger critical policy discussions to shape Internet governance and digital transformation for sustainable development in the region.

“This knowledge-sharing session, organised jointly with UNESCO and the African ICT Foundation, aims to showcase key outcomes and share good practice from the methodology and overall process of the Internet Universality ROAM-X Indicators’ implementation from national leading experts in Africa”, the statement said.

According to the statement, the hybrid forum which is open for participation at https://www.waigf.org/registration will help to foster digital collaboration at regional level by pinpointing gaps and making actionable recommendations to improve digital governance policies and offer opportunities to exchange the good practice and lessons learned in the implementation process of the national assessments.

The President of the African ICT Foundation President, Mr Tony Ojobo and the Director for Partnership and Operational Programme Monitoring, UNESCO, Marielza Oliveira will both deliver the keynote address at the forum meant to encourage more countries and stakeholders to conduct voluntary assessment of ROAM-X.

Currently ongoing in 40+ countries across five continents, including Benin, Senegal, Kenya, Ghana, Niger, Ethiopia, Cote d’Ivoire, Cabo Verde, Burkina Faso, Namibia, Tanzania, Gambia, Cameroon, Burundi, Gabon, Congo RC and Congo RDC in Africa, the ROAM-X assessment fills a standard-setting void at the global, national, and regional levels and proves a holistic research tool to unite all Internet stakeholders in all countries.

NAICOM’s Pius Agboola Elected Chair of WAISA College of Insurance Supervisors

Business Journal

15/04/2022

Pius Agboola

Chairman

WAISA College of Insurance Supervisors

The West African Insurance Supervisors Association (WAISA) has established the College of Insurance Supervisors for the West African Monetary Zone (CISWAM Z). This followed the concurrence of the Committee of Governors of the West African Monetary Zone at their 43^rd meeting on August 26, 2021.

At the inaugural meeting of the CISWAMZ held on February, 22, 2022, Mr. Pius Agboola who is the Director, Inspectorate Directorate at the National Insurance Commission (NAICOM) Nigeria was elected as the Chairman of the new body.

The objective of the college is to strengthen cross border insurance supervision through information sharing and investigative assistance, which are in conformity with International Association of Insurance Supervision (IAIS) principles, minimizing fraudulent activities in the insurance sector in accordance with the Financial Action Task force (FATF) principles on Anti-Money laundering.

The College of Insurance Supervisors of the WAMZ emphasizes on the important role of:

Fostering closer relationship by creating an enabling environment for the insurance sector to flourish most especially through collaboration and;
Harmonisation of regulatory standards;
Increasing operation of cross border network by branches and/or offshore subsidiaries in the insurance sector;
Adds a new dynamic dimension to the economies of
Enhance solo supervision of insurance entities by the competent authorities
Fostering a better understanding of supervisory practices and more efficient and effective
Facilitate group – wide supervision, entailing in particular, but not limited to an assessment of the Group’s:
Financial Situation,
Compliance with the rules on solvency,
Risk concentration and intra-group transactions, and
System of governance among

The regulators are active members of African Insurance Organisation (AIO) and the

IAIS thus recognize the importance of these arrangements for cooperation and information sharing amongst the six insurance regulators (Gambia, Ghana, Guinea, Liberia, Nigeria, Sierra-Leone).

The importance of CISWAMZ is further buttressed by the overreaching objective behind the African Continental Free Trade Agreement (AFCFTA) by accelerating intra-African trade and providing a single market for goods and services, facilitated by movement of persons in order to deepen the economic integration and prosperity on the Continent as well as boosting Africa’s trading position in the

global market by strengthening Africa’s common voice and policy space in global trade negotiations.

The CISWAMZ is expected to greatly enhance multilateral cooperation and promotion of international standards in fostering favorable investment environments and orderly markets in the West African sub region and beyond.

The insurance industry, like other components of the financial system, is changing in response to a wide range of social and economic forces. In particular, insurance and insurance-linked financial activities are increasingly crossing national and sectorial boundaries.

Consequently, the efficient and timely exchange of information among supervisory bodies, both within the insurance sector and across the financial services sector within the West African sub region is critical to the effective supervision of internationally active insurers, insurance groups and financial conglomerates which is also essential in the context for the effective supervision of the financial system as a whole.

Stanbic IBTC Bank Nigeria PMI: Private Sector Growth Slows in March, Remains Solid

Business Journal

15/04/2022

Business conditions in Nigeria’s private sector continued to improve solidly at the end of the quarter, but the rate of growth slowed from February. Softer uplifts in output, new orders, stocks of purchases and employment were drivers of the latest moderation.

Nonetheless, growth remained elevated by historical standards and firms continued stockpiling efforts in anticipation of greater demand over the coming months. Meanwhile, sharp cost pressures persisted, with cash shortages and price hikes again apparent.

In turn, selling prices rose at one of the quickest rates in the surveys near eight-and-a-half-year history. The headline figure derived from the survey is the Purchasing Managers’ Index (PMI). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

At 54.1 in March, down from 57.3 in February, the latest expansion pointed to a softer, yet solid, improvement in business conditions. Growth has now been seen in each of the last 21 months. While demand conditions were favourable in March, firms reported softer inflows of new orders. Cash shortages and surging prices were commonly associated with the moderation.

That said, the rate of expansion was still sharp. Mirroring the trend for new orders, output levels at Nigerian private sector firms expanded sharply. All four of the monitored sub-sectors recorded marked upticks. Manufacturers led the expansion, followed closely by services. Agriculture and wholesale & retail followed, respectively.

Sustained increases in output and demand led firms to raise headcounts for the fourteenth month in succession. The rate of growth was modest and broadly in line with the long-run series average. Subsequently, backlogs fell sharply. Greater competition amongst vendors led to another shortening of lead times during March.

Meanwhile, firms continued advance ordering strategies amid efforts to protect against input shortages as well as mitigate against paying higher prices. The rate of stockpiling was sharp, but softer than those seen in the previous six months. As for prices, rising wage, fuel and raw material costs continued to exert upward pressures on overall input price inflation.

In fact, the rate of increase was sharp and the fourth-strongest in the series history. Firms opted to pass on higher cost burdens by raising their selling charges at a quicker pace.

Finally, despite concerns over inflationary pressures, firms remained upbeat about their prospects for output growth over the coming year, with sentiment improving from February.

Sustainability of CPS Key to Thriving Pension Sector – Absa

Business Journal

15/04/2022

Absa, a leading pan-African bank with a strong footprint across the African continent, has advised policymakers to prioritise the growth of the contributory pension scheme (CPS) amongst others to ensure the pension sector maintains a healthy growth trajectory.

The banking group, which operates two licensed subsidiaries, Absa Capital Markets Nigeria Limited and Absa Securities Nigeria Limited, in the country, made the critical input in a recent interview session by its Country Head of Equities and Fixed Income Sales, Simi Ojumu. She dissected the pension industries and shared strategies necessary for improving the business of pension in the domestic market.

She said the pension industry has maintained an impressive growth curve since the enactment of the Pension Reform Act (PRA) of 2004, which made it mandatory for every employer with more than five employees to enrol each one and make a consistent contribution to the pension fund.

According to her, “The CPS, through the multiple operators and agencies, the Pension Fund Administrators (PFAs), Pension Fund Custodians (PFCs), Closed Pension Fund Administrators (CPFAs), and the regulator, the National Pension Commission (PenCom), has created an ecosystem of career path, employment, business and investment opportunities for several Nigerians.”

Citing recent reports, she explained that the robust policy intervention in the pension sector has led to a jump in Nigeria’s Net Assets Value of pension assets from a deficit position two decades ago to N13.6 trillion valuations in 2022 while scaling the sector’s overall contribution to the GDP from 0.9% in 2004 to 9% in the current year.

Despite the recent growth, she admitted that the CPS continues to face some challenges. Low coverage, inadequate awareness of the scheme’s benefits and the inability to ensure strict compliance by the parties are some of the issues that are still plaguing the sector.

“The most important thing would be to ensure the sustainability of the contributory pension scheme. Ensuring participant compliance by the federal, state governments and the private sector, creating awareness of the benefits, and creating an investor-friendly environment are some of the ways that policymakers can ensure that the pension sector continues to thrive and improve its contributions to the country’s GDP,” Ojumu said.

She reiterated that the recent cases of mergers and acquisitions (M&A) by pension fund administrators to recapitalise is a sign of growth in the industry. The new entities that are emerging from the merger and acquisition framework will have more resources at their disposal.

However, she cautioned that a smooth transition within the M&A framework is necessary to ensure that the recapitalisation efforts do not harm the contributors’ assets.

“Smooth transitions are also largely dependent on the investment bank that facilitates the reorganisation and, in this case, the mergers and acquisition. This is one of the core services of Absa Group in Nigeria. At Absa Nigeria, we have proven expertise to manage mergers and acquisitions to ensure a smooth transition of the new company.”

Simba TVS Storms Enugu Int Trade Fair with Latest Mobility Solutions

Business Journal

15/04/2022

Simba TVS, leading mobility solutions provider, is creating a splash with its exhibition of the latest last mile transportation and logistics solutions at the 33rd Enugu International Trade Fair.

The trade fair opened to the public from Friday, March 25 to Monday, April 4, 2022, at the International Trade Fair Complex, Enugu, Nigeria, had the theme “Advancing the growth of SMEs through corporate governance for rapid economic development.”

Mahendra Pratap, Business Head, Simba TVS, noted that the firm’s participation in the fair is a testament to its belief in and commitment to the Nigerian entrepreneurial spirit. He revealed that Simba will have on display throughout the duration of the trade fair, its top of the range 2-wheeler and 3-wheeler vehicles that provide B2B logistics, commercial last mile and personal transportation solutions.

According to Pratap, “We are also here to tap into the pulse of the economy with regards to our industry, to get the customer’s point of view, interact with government delegate, understand the pressures at the business levels for our current and prospective customers.” He added, “We are at the fair with a range of excellent products to ease the transport and logistics challenges of our customers and will be showcasing these products here.”

The latest products the firm will have on display at its stand include the TVS King deluxe Plus iTouch, Simba TVS’ Next Gen 3 Wheeler vehicle with patented iTouch technology and more features to increase earnings, reduce the cost of maintenance and deliver a superior ride experience; TVS King Kargo, a workhorse cargo/ logistics vehicle with opportunity for multiple applications; Neo NX, a stylish personal motorcycle for all-round mobility; and the XL100, a rugged personal motorcycle for moving loads also called Oga for load.

These products have been carefully selected for the value they bring to the people across the eastern region.

Pratap stated that the firm’s stand will be open to visitors to the event with experienced staff on hand to respond to all enquiries regarding the firm’s unique range of products, spare parts and service plans and locations.

In his words: “Visitors will have the opportunity to interact with the products, book test rides and gain access to exclusive offers. Of course, they get to take selfies with our game-changing Kekes. We will also be sharing information about our numerous service locations where they can access the best service for the vehicles.”

Taiwo Damilola, Divisional Head of Marketing, Simba TVS, explained that the challenging economic circumstances require forward-thinking solutions that will help ameliorate the pressures. He stated, “Our presence here is to aid businesses to make decisions that will help ease these challenges going into the future, both immediate and far.”

The Enugu Chamber of Commerce, Industries, Mines and Agriculture (ECCIMA), organizer of the annual trade fair revealed that the theme for this year’s trade fair was picked to address the imperative of value addition and links that would help to speed up and support investment, inflow, industrial activities, and local content development.

Enugu International trade fair is an event that creates a conducive environment where the latest industrial and technological innovations can be demonstrated.

Anchor Insurance Secures NAICOM’s Approval for Local Passengers’ Flight Welfare Scheme

Business Journal

15/04/2022

Ebose Augustine

Managing Director/CEO

Anchor Insurance Company Limited

The National Insurance Commission (NAICOM) has approved Local Passengers’ Flight Welfare Scheme for Anchor Insurance Company Limited for deployment into the market in 2022.

This is coming on the determination of the firm to expand its retail market that will subsequently increase premium earnings and deepen penetration.

This was contained in a statement signed by the company’s Managing Director, Mr. Ebose Augustine, noting that the scheme will run henceforth with its existing general insurance products.

In its approval letter to the Company, NAICOM stated that “in exercise of the powers conferred on the Commission by Insurance Act 2003, your Company is hereby granted a “no objection” to introduce your product tagged “Local Passengers’ Flight Welfare Scheme” to the Nigerian Insurance market.”

According to the Managing Director, the company sees this approval as another opportunity to make the Nigerian local flight passengers enjoy more peace of mind.

He urged the local flight operators to see this insurance product as a value-added package that will endear them to their well valued passengers.

Ebose noted that as one of the fastest growing insurance companies in Nigeria, “we thrive in providing our clients with top quality insurance care through our friendly and experienced professionals, timely claim administration, customer-friendly products and super customer experience delivery.”

Pantami, Danbatta to Celebrate Arrival of Google’s Equiano Cable in Lagos

Business Journal

14/04/2022

The Honourable Minister, Federal Ministry of Communications & Digital Economy – Professor Isa Ali Pantami and the Executive Vice Chairman and CEO of NCC – Professor Umar Garba Danbatta are among dignitaries to attend the official reception to celebrate the Equiano cable’s arrival in Nigeria.

The Equiano international subsea cable landing in Lagos is expected to bring 20 times more international bandwidth capacity into Nigeria than any other cable serving the region and become a critical element in Nigeria’s continued journey along the path of increasing the digitisation of its economy and meeting its current and future international connectivity demands – with all the benefits this brings to the country as a whole, to business and to individuals).

The event will be hosted by WIOCC CEO, Chris Wood, in conjunction with Google West Africa Director Juliet Ehimuan, and take place at the Open Access Data Centre in Lekki, Lagos on Thursday 21^st April between 11 am and 1:30 pm.

Special VIP guests in attendance will include:

The Executive Governor, Lagos State – Babajide Sanwo-Olu
Honourable Minister at the Federal Ministry of Communications & Digital Economy- Professor Isa Ali Pantami
Honourable Minister at the Federal Ministry of Information and Culture – Alhaji Lai Mohammed
Honourable Minister at the Federal Ministry of Industry, Trade & Investment – Chief Niyi Adebayo
Executive Vice Chairman and CEO of NCC – Professor Umar Garba Danbatta.

Ukraine’s Economy to Shrink by 50% in 2022-World Bank

Business Journal

14/04/2022

Ukrainian refugees on Lviv railway station waiting for train to escape to Europe. Photo: Ruslan Lytvyn/ Shutterstock

The war in Ukraine has triggered a catastrophic humanitarian crisis and threatened the stability of geopolitical relations.

Economic output in the Europe and Central Asia (ECA) region is forecast to contract by more than 4.1% in 2022—the second major shock and regional recession in two years. Moreover, the war has added to mounting concerns of a sharp global growth slowdown.

Ukraine’s economy was hit hardest and is expected to shrink by an estimated 45.1% this year, although the magnitude of the contraction will depend on the duration and intensity of the war.

Assault on Journalists: IPI Nigeria Opens ‘Black Book’ for Perpetrators

Business Journal

14/04/2022

Minister of Information and Culture, Alhaji Lai Mohammed (Middle); President, IPI Nigeria, Musikilu Mojeed (3rd right); Secretary, IPI Nigeria, Ahmed I. Shekarau (2nd left); Treasurer, IPI Nigeria, Rafatu Salami (3rd left); Head, Media and Publicity, Joint Admissions and Matriculation Board (JAMB), Dr. Fabian Benjamin (1st right); Features Editor, Peoples’ Daily, Ochiaka Ugwu (2nd right) and Managing Director, Triumph, Lawal Sabo Ibrahim (1st left) during the visit by IPI Nigeria to the Minister of Information, on Tuesday, in Abuja.

The International Press Institute (IPI) Nigeria has said that it will open a book of infamy to document every individual whose action or inaction encourages or allows the harassment of journalists and the media in Nigeria.

President of IPI Nigeria, Musikilu Mojeed, stated this during a courtesy visit by the body to the Minister of Information and Culture, Alhaji Lai Mohammed in Abuja.

According to a press statement issued yesterday by the IPI Nigeria’s Secretary, Ahmed I. Shekarau, Mojeed said the move became necessary in view of the country’s worsening press freedom record under the current administration.

He said, “I like to inform you of a decision recently taken by the Nigerian National Committee of IPI. We have decided to open a ‘black book’ to document every individual whose action or inaction encourages or allows the harassment of journalists and the media in Nigeria.

“The records so gathered will be regularly updated and shared periodically with embassies, and all relevant international and human rights groups across the world.

“We will use the records to ensure named individuals are held accountable one way or another.”

He said there were many Nigerians who believe the media was freer and stronger in 2015 than it is now, a perception that tallies with at least two global rankings.

According to him, between 2013 and 2015, Nigeria improved on the annual World Press Freedom Index by Reporters Without Borders.

“Nigeria was ranked 115 out of the 180 countries surveyed in 2013, 112/180 in 2014 and 111/180 in 2015. But the reverse has been the case since 2016 when we were ranked 116/180.

“The situation worsened in the succeeding years. The country was ranked 122/180 in 2017, 119/180 in 2018, 120/180 in 2019, 115/180 in 2020 and 120/180 in 2021.

“In fact, the 2021 ranking described Nigeria as ‘one of West Africa’s most dangerous and difficult countries for journalists, who are often spied on, attacked, arbitrarily arrested or even killed’,” he said.

He said the country is not faring any better in the Freedom in the World Report, an annual report by Freedom House.

“We scored a cumulative 43/100 in the global freedom scores and was ranked a partly free country in the 2022 report, a performance worse than our 2021 showing when we scored 45/100,” he said.

Responding, the minister said Nigeria is one of the very few countries in the world where journalists continued to practice their profession without hindrance despite abuse of press freedom.

“I remember saying at the opening of the 2016 IPI World Congress in Qatar that the government of the day in Nigeria is not a threat to the media, and that it is not about to stifle press freedom or deny anyone his or her constitutionally-guaranteed rights,” he said.

“That statement remains true today as it was then. I even told the congress that the Nigerian media have no reason to fear the government, and that — if anything, it is the government that is at the mercy of the media. That, too, remains true today.

He also said some persons misconstrued the government’s efforts to ensure a responsible use of social media as an attempt to tamper with press freedom or threaten independent journalism.

He said, “We do not harbour such intentions, and that is why we invited stakeholders, including the NUJ and the Nigerian Guild of Editors, to sit down with us to fashion a way forward in this regard.”

He, therefore, appealed to IPI Nigeria not to relent in its promise to take a holistic look at the issues of fake news, credibility and ethics, among others.

Other members of the IPI Nigeria in the delegation to the minister were the Treasurer of the body, Rafatu Salami; the Managing Director of Triumph newspapers, Lawal Sabo Ibrahim; the Head of Media and Public Relations of the Joint Admissions and Matriculation Board (JAMB), Dr. Fabian Benjamin, and the Features Editor of Peoples Daily Newspaper, Ochiaka Ugwu.

MTN Unveils Nigeria’s First Nationwide VoLTE Call Service

Business Journal

14/04/2022

Leading technology company MTN Nigeria has launched Voice over Long-Term Evolution (VoLTE) call service, in line with its commitment to providing access to the best communications technology and improving overall customer experience.

The service, also referred to as HD (high definition) calls, provides customers who own compatible devices with superior natural-sounding voice quality, reduced background noise and faster call connectivity.

Excited about the new service, the Chief Marketing Officer of MTN Nigeria, Adia Sowho said, “With VoLTE, MTN Nigeria continues to enhance Nigerian lives with innovative technology. VoLTE is free to access today at your rates, from VoLTE-enabled smartphone so you can call and surf at the same time with no interruptions ever again. We move!”

The MTN VoLTE call service will be charged at regular call rates. It will be available to all customers with VoLTE-enabled devices such as Tecno Phantom X, Infinix Zero X and Infinix Zero X Pro smartphones. Other device models from Samsung, Nokia, Apple, Tecno, etc. will be supported soon.

To enjoy the service, customers only need to do three (3) things: check that they have a 4G USIM; check that they are within a 4G coverage area by texting 4G to 131, and update their VOLTE smartphone to the latest software version and restart the phone.

Stanbic IBTC Charts Course for Real Estate Dev in Nigeria

Business Journal

14/04/2022

Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC Holdings Plc, charted a new course for real estate investment in Nigeria. The financial institution was appointed to manage a real estate investment trust scheme, UPDC REIT, as confirmed by the Security and Exchange Commission (SEC) in May 2021.

The UPDC Real Estate Investment Trust (UPDC REIT) was listed on the Nigerian Exchange Limited (NGX) in year 2008. The fund manager, Stanbic IBTC Asset Management, was bestowed with the responsibility to implement the closed-ended fund’s investment strategy and other related activities.

Since it took up management of the REIT, Stanbic IBTC Asset Management focused efforts on improving the operational and governance structure of the REIT to form the bedrock for improved performance. Likewise, investor relations was prioritised with the presentation of a ‘Fact Behind the Figures’ session on the NGX in December 2021. These measures had been sustained.

Recently the company announced the 2021 audited financial result for the UPDC REIT. The result showed that there were significant rooms for improvement in the largest REIT in Nigeria.

The Fund Manager’s analysis highlighted two critical reasons for the decline recorded. One was the impact of the COVID-19 pandemic on commercial properties within the portfolio which contributed over 60% of the portfolio’s rental income, and the other was the effect of portfolio revaluation, in view of market realities, which resulted in a 19% decline.

The REIT’s rental income in 2021 declined to NGN1.26 billion, compared with NGN1.57 billion generated in the previous year. The decline was underpinned by reduced occupancy level, which was due to remote working strategies adopted by many corporates in response to the COVID-19 pandemic.

Additionally, due to delayed recovery of rental income from some tenants who struggled to bounce back from the impact of COVID-19 on their businesses, a NGN141 million impairment charge was booked.

A fair value loss of NGN5.04 billion was taken on the investment properties because the REIT’s properties were revaluated to fulfil regulatory requirements. Thus, the REIT recorded a loss before tax of NGN4.48 billion from the positive of NGN1.93 billion in the prior year.

As the spread of the pandemic waned, the Fund Manager was optimistic that outstanding rental fees would be recovered, and the demand for commercial office spaces would improve as more firms returned to work in office premises.

Stanbic IBTC Asset Management offered copious reassurance to stakeholders. Oladele Sotubo, Chief Executive of the Asset Management Company stated in a commentary that, “as a Fund Manager, we have a responsibility to conduct due diligence in ensuring that the Fund which we now manage is accurately valued in line with regulatory requirements and in alignment with our expert knowledge of Funds management. With the improved liquidity on the stack and a significant discount presented by the current market price, a unique opportunity is presented to investors that seek to buy into the future of the REIT.

“In addition, we are exploring opportunities in alternative sectors which have shown economic resilience and become profitable in the last few years. Some of these sectors include retail purpose-built student accommodation, short lets, industrial properties, and so on. We expect that opportunistic acquisitions in these sectors would give room for short to medium term capital gains.

“I will summarise by saying that we are not too worried. Rather, we are excited at this opportunity to bring our experience and expertise to bear in returning the UPDC REIT to profitability while also contributing tangibly to the provision of sustainable housing and development of Nigeria’s real estate sector.”

The Chief Executive of Stanbic IBTC Holdings, Dr Demola Sogunle, commented on the Financials saying, “as a forward-thinking organisation, we are not oblivious of the critical nature of this sector and the need for growth, hence our commitment to evolve the UPDC REIT such that investors can enjoy substantial returns on their investments. Now more than ever, we encourage Nigerians to invest in UPDC REIT, as those who invest at this time are more likely to benefit from significant medium to long term gains as the Fund performance improves and yield takes on an upward curve.”

UPDC REIT is a close-ended property fund sponsored by UPDC Plc (UPDC) in 2013 via an issue of 3,000,000,000 units at NGN10 each and is listed on the Nigerian Exchange Limited (NGX).

Stanbic IBTC Asset Management is dedicated to developing customer assets and real estate investment trusts in Nigeria.

Anchor Insurance Sponsors Babakekere, Ogiame Erejuwa II Stage Plays

Business Journal

14/04/2022

Anchor Insurance Company Limited, one of the fastest growing insurance companies in Nigeria and the Daily Independent’s Insurance Company of the Year Award winner 2020, following its professed love for culture, has thrown its sponsorship weight behind Babakekere and Ogiame Erejuwa II live stage plays happening 15^th/16^th and 19^th April, 2022 in Lagos and Warri respectively.

This was disclosed by the Managing Director of the Company, Mr. Ebose Augustine, while relating with media correspondents in Lagos on Wednesday.

According to him, whereas Babakekere is a play which reminisces the sterling leadership qualities and selfless personality traits of the former Governor of Lagos State, late Alh. Lateef Jakande, popularly then called “Babakekere,” Ogiame Erejuwa II is meant to showcase the culture, royalty, power, influence and pride of Iwere (Warri) Kingdom as represented by the late Ogiame Erejuwa II of Warri in his time.

He explained that the Company became interested in sponsoring both live plays being produced by The Duke of Shomolu Productions especially because of the personalities being honoured and the good lesson from their exemplary lifestyles to the society.

It could be recalled that Anchor Insurance had, among others, sponsored similar plays namely Emotan in Benin City (2019), Aremu in Abeokuta (2020) as well as Ibiom: When Doves Fly in Uyo (2021).

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