The Honourable Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim (Pantami) has conveyed the approval of the Federal Government to extend of the deadline for the National Identity Number (NIN)-Subscriber Identity Module (SIM) data verification. Citizens and legal residents are urged to complete the process before the end of the year 2021.
The decision to extend the deadline was made further to appeals by the Mobile Network Operators and other industry stakeholders, soliciting for a further extension to ensure better compliance with government’s directive and to avoid widening the digital divide.
The extension would also provide the enabling environment for the registration of Nigerians in remote areas, diaspora, schools, hospitals, worship centres, as well as foreigners, diplomatic missions, those in other areas that were hitherto unreachable, and increase enrolments in countries with a significant number of Nigerians.
The review of the progress of the exercise indicated that over 66 million unique National Identity Numbers (NIN) have been issued- an indication of progress achieved in the ongoing NIN-SIM linkage. However, a significant part of the populace is yet to be registered into the National Identity Database (NIDB), which may be due to some challenges which the Federal Government has looked into and has made efforts to alleviate, hence the need to extend the deadline.
As of October 30, 2021, there were over 9,500 enrolment systems and over 8,000 NIN enrolment centres within and outside the country- this has significantly eased the NIN enrolment process and subsequent linkage of NIN to SIM. The NIN-SIM verification process is supporting the Government’s drive to develop Nigeria’s digital economy, strengthen our ability to protect our cyberspace and support the security agencies.
The administration of His Excellency, President Muhammadu Buhari, GCFR, has graciously approved the extension to accommodate the yearnings of the populace and make it easier for its citizens within and outside the country, and legal residents to obtain the NIN and link it with their SIM. The Federal Government will ensure that all innocent, law abiding citizens and residents will not lose access to their phone lines as long as they obtain and link their NIN.
Government will also continue to provide an enabling environment for investors in the telecommunications sector.
The unique 66 million NIN enrolments, with an average of 3 to 4 SIMs linked to the NIN, is a testament to the commitment and dedication of the Federal Government, through the Nigerian Communications Commission (NCC) and the National Identity Management Commission (NIMC), to ensure the success of the project.
With the creation of additional NIN enrolment centres within and outside the country, and many more coming up, the remaining citizens and legal residents living in the country and the diaspora should be able to obtain their NINs and link them with their SIMs before the end of the year.
Consequently, the Honourable Minister enjoins Nigerians and legal residents to make use of the opportunity of the extension to enrol for their NINs and link with their SIMs.
On behalf of the Honourable Minister, the Executive Vice Chairman of NCC, Prof. Umar Garba Danbatta, and the Director-General/CEO of NIMC, Engr. Aliyu Aziz, urge citizens and legal residents to take advantage of the window to complete the process of enrolment and verification before the end of the year 2021.
Industry Chiefs Applaud NIN-SIM Verification, Extension to Dec 31
Industry Chiefs Applaud NIN-SIM Verification, Extension to Dec 31
The Honourable Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim (Pantami) has conveyed the approval of the Federal Government to extend of the deadline for the National Identity Number (NIN)-Subscriber Identity Module (SIM) data verification. Citizens and legal residents are urged to complete the process before the end of the year 2021.
The decision to extend the deadline was made further to appeals by the Mobile Network Operators and other industry stakeholders, soliciting for a further extension to ensure better compliance with government’s directive and to avoid widening the digital divide.
The extension would also provide the enabling environment for the registration of Nigerians in remote areas, diaspora, schools, hospitals, worship centres, as well as foreigners, diplomatic missions, those in other areas that were hitherto unreachable, and increase enrolments in countries with a significant number of Nigerians.
The review of the progress of the exercise indicated that over 66 million unique National Identity Numbers (NIN) have been issued- an indication of progress achieved in the ongoing NIN-SIM linkage. However, a significant part of the populace is yet to be registered into the National Identity Database (NIDB), which may be due to some challenges which the Federal Government has looked into and has made efforts to alleviate, hence the need to extend the deadline.
As of October 30, 2021, there were over 9,500 enrolment systems and over 8,000 NIN enrolment centres within and outside the country- this has significantly eased the NIN enrolment process and subsequent linkage of NIN to SIM. The NIN-SIM verification process is supporting the Government’s drive to develop Nigeria’s digital economy, strengthen our ability to protect our cyberspace and support the security agencies.
The administration of His Excellency, President Muhammadu Buhari, GCFR, has graciously approved the extension to accommodate the yearnings of the populace and make it easier for its citizens within and outside the country, and legal residents to obtain the NIN and link it with their SIM. The Federal Government will ensure that all innocent, law abiding citizens and residents will not lose access to their phone lines as long as they obtain and link their NIN.
Government will also continue to provide an enabling environment for investors in the telecommunications sector.
The unique 66 million NIN enrolments, with an average of 3 to 4 SIMs linked to the NIN, is a testament to the commitment and dedication of the Federal Government, through the Nigerian Communications Commission (NCC) and the National Identity Management Commission (NIMC), to ensure the success of the project.
With the creation of additional NIN enrolment centres within and outside the country, and many more coming up, the remaining citizens and legal residents living in the country and the diaspora should be able to obtain their NINs and link them with their SIMs before the end of the year.
Consequently, the Honourable Minister enjoins Nigerians and legal residents to make use of the opportunity of the extension to enrol for their NINs and link with their SIMs.
On behalf of the Honourable Minister, the Executive Vice Chairman of NCC, Prof. Umar Garba Danbatta, and the Director-General/CEO of NIMC, Engr. Aliyu Aziz, urge citizens and legal residents to take advantage of the window to complete the process of enrolment and verification before the end of the year 2021.
NCC: Re-engineering Regulation, Management Tools to Drive Telecoms Sector
L-R: Quassim Odunmbaku, Special Assistant, ECSM’s office, NCC; Abulaziz Adamu, Assistant Director, Commission Secretariat, NCC; Helen Obi, Head, Telecoms Law and Regulations, NCC; Hafsat Lawal, Head, Consumer Policy Development and Monitoring, NCC: Barr. Adeleke Adewolu, Executive Commissioner, Stakeholder Management (ECSM), NCC; Yetunde Akinloye, Director, Policy, Competition and Economic Analysis, NCC; Afure Iloka, Special Assistant (Legal) to the Executive Vice Chairman, NCC; June Nwachukwu, Assistant Director, Legal Services, NCC; and Ibe Ngwoke, Principal Manager, Commission Secretariat, NCC.
The Nigerian Communications Commission (NCC) said it is adjusting regulatory instruments and management tools to ensure regulations are fit for future imperatives of a robust telecoms sector.
The Executive Commissioner, Stakeholder Management (ECSM), NCC, Adeleke Adewolu, stated this when he spoke at a panel session at the 2021 Annual General Conference of the Nigerian Bar Association held in Port Harcourt. The general theme of the Conference is, ‘Taking the Lead.’
Adewolu, who made the declaration in a panel discussion focused on Government Regulation of Innovation and Technology, said, “In specific terms, we are taking action in the following areas: We are adjusting regulatory instruments and management tools to ensure regulations are fit for the future. An example is our ongoing review of the Telephone Subscriber Registration Regulations to strengthen the framework for digital identity; and the review of the Spectrum Trading Guidelines to ensure more efficient use of spectrum.”
Also, the ECSM said NCC is laying institutional foundations to enable co-operation with other regulatory institutions and international organisations such as the International Telecommunications Union (ITU).
The Commission, according to Adewolu, is also developing and adapting governance frameworks to enable the development of agile and future-proof regulation; and equally adapting regulatory enforcement activities to the “new normal.”
He said this is to ensure alignment with the rapid technological changes and innovations that are emerging at a high speed and with sophistication.
On censorship, particularly tackling illegal and harmful content on over-the-top (OTT) platforms, Adeleke said NCC had to opt for “a middle ground that promotes safe use of digital service platforms without necessarily stifling the exercise of the citizen’s right to free expression as guaranteed in the Nigerian Constitution.”
He explained that on technology platforms, censorship manifests in three scenarios, namely, restriction of person-to-person communications; restriction of Internet access generally; or restriction of access to specific content, which governments find objectionable.
This, he said, was pursuant to constitutional provisions such as those in Section 39(3) of the Nigerian 1999 Constitution, as amended, which approves “any law that is reasonably justifiable in a democratic society to prevent the disclosure of information received in confidence, maintaining the authority and independence of courts or regulating telephony, wireless broadcasting, television or the exhibition of cinematograph films.”
In particular, Adewolu declared that the third scenario is globally recognised as the ideal situation because one of the core responsibilities of government (as enshrined in Chapter 2 of the Nigerian Constitution) is to safeguard the lives and property of citizens.
Explicating further, Adewolu said that social media platforms allow instant communications without regard for impact or consequences. He insisted that self-regulation is possible, but “as we have experienced over and over again, an ill-considered post on social media can easily incite unrest and crises.”
He bemoaned the fact that leading social media platforms have demonstrated a rather unfortunate reluctance to moderate the use of their platforms for subversion and harm. “So, we cannot trust them to self-regulate,” he emphasised.
According to him, self-regulation has not been very effective, and interestingly, “the largest platforms are global platforms and many of them are protected by their home governments.”
For instance, “Sc.230 of US Communications Act provides immunity to firms like Facebook and Google from responsibility for content disseminated on their media, although they still apply fair usage and community rules which enables them to self-regulate.
However, as we saw with the case of the former US President Donald Trump – people are often able to disseminate negative content for a while before they are cut off. Mr Trump had over 87 million followers he engaged directly with,” the ECSM stated.
Another example he cited happened just few days ago when CNN reported that Facebook deliberately failed to curb posts inciting violence in Ethiopia despite the fact that its own staff flagged such posts, and that Ethiopia is listed as a high-priority zone, which has been fighting a civil war for the past one year. As Adewolu recalled, the UN Secretary General recently called for the regulation of social media platforms, and even the CEO of Facebook has made similar calls in the past.
“So, we cannot wholly depend on self-regulation. And whilst we cannot prevent citizens from freely expressing themselves on these platforms, it would be irresponsible for any government to allow unbridled use of these mediated communication to cause chaos and imperil lives and property. Government must act to protect social cohesion and national security,” he counselled.
Sovereign Trust Insurance Unveils Mobile App, USSD *1015# Nov 1 to Drive Growth
Olaotan Soyinka
Managing Director/CEO
Sovereign Trust Insurance Plc
In a bid to make insurance products and services available and affordable to a larger number of Nigerians home and abroad, Sovereign Trust Insurance Plc is set to introduce its Mobile App and USSD code to the Nigerian insurance market on November 1, 2021.
This development was made known to journalists at a media parley organised by the underwriting firm over the weekend.
The Head of Sales & Corporate Communications for Sovereign Trust Insurance Plc, Segun Bankole told newsmen that having identified technology as a veritable game changer in the insurance industry, the underwriting firm has taken the bull by the horns to latch unto the opportunities of advancing her retail products and services with the Mobile App and the USSD code.
The Executive Director and Divisional Head, Technical, Jude Modilim enumerated the benefits of the Mobile App and assured the insuring public that they are in for a good time and a memorable insurance experience within the confines of their homes anywhere in the world.
Parts of the benefits of the Mobile App include easy purchase of insurance policies such as the Third- Party Motor Insurance, the personal accident insurance cover with the acronym, SWIS-F, (Sovereign Wellbeing Insurance Scheme for the Family), marine insurance and the All-Risks Insurance Cover.
With the Mobile App, customers can easily access information on-the-go. It is an easy and faster way to submit and track customers’ claims. The Mobile App is also designed to help customers manage their insurance policies.
Customers and agents can also make use of the insurance wallet on the Mobile App while there is also the availability of pins and wallets for agents and brokers in carrying out their transactions on the Mobile App.
Other benefits include, automatic and immediate updating of records on the Nigerian Insurance Industry Database, NIID. Renewal notifications and reminders of insurance policies are also part of the unique benefits of the Mobile App.
On the other hand, the company’s USSD code *1015# needs no Internet connection or data for designated insurance transactions. The code is easy to remember and available at all times of the day. There is an in-built security to protect customers’ details.
The USSD code works with all types of mobile phones globally. It has intuitive menu with real-time interactivity and it is very economical. Its two-way communication is up to seven times faster than SMS.
The Managing Director/CEO of Sovereign Trust Insurance Plc, Olaotan Soyinka added that the two technological additions from the company are geared towards enhancing customers’ experience and ease of insurance transactions under the stable of the underwriting firm.
He further added that the company will constantly look for ways in delighting its customers both at home and in diaspora.
Standard Bank Selects Flutterwave to Drive Digital Transformation in Africa
Standard Bank, Africa’s largest bank by assets, has partnered with Flutterwave, Africa’s leading payments technology company, to enhance digital payments experiences for its customers in Nigeria, Zambia, Tanzania, Uganda, Ghana, Mauritius, Cote D’Ivoire and Malawi. Flutterwave and Standard Bank are collaborating to build e-commerce, card issuing, payments, collections, USSD, lending, and buy-now-pay-later capabilities for millions of Africans.
The integration will help customers including individuals, SMEs, large companies and institutions to fully leverage the power of digital payments and e-commerce to grow their businesses.
The COVID-19 crisis has changed how people buy and sell across Africa – enabling a massive shift to digital payments and e-commerce. According to Statista, digital responses were key to improving services within several sectors such as business, healthcare and education. A shift to digital payments accounted for 33% of all COVID-19 responses by governments and the private sector of Sub-Saharan African countries in 2020.
Institutions, businesses and individuals continue to think of ways to reach their customers using digital channels. With this partnership, Standard Bank will provide agile tech solutions to its customers to help them grow their businesses online and offline. This partnership denotes the unique collaborative relationship that exists between banks and fintechs across Africa where the customers’ needs and satisfaction take utmost priority.
Commenting on the news, Olugbenga GB Agboola, Founder and Chief Executive Officer of Flutterwave said: “We are proud that Flutterwave’s white label services power digital efforts for top banks in Africa. Our partnership with Standard Bank demonstrates that fintechs and banks are not competitors but trusted partners with the key focus being the customer. We plan to grow financial and digital inclusion through this partnership and in the long run, we expect to generate more jobs in the digital economy and enable rapid business growth across the continent”.
Dr. Demola Sogunle, Chief Executive Officer, Stanbic IBTC Holdings, a member of the Standard Bank Group, reinforced the importance of the partnership to Stanbic IBTC’s customers. He said: “In its over three decades of existence, Stanbic IBTC has a rich heritage of serving customers and contributing to the growth of the Nigerian economy. At Stanbic IBTC, we see Nigeria as our home and we drive her growth. The selection of Flutterwave as our digital transformation partner reflects our resolve to deliver real impact and opportunities to our various customers. It is also a reflection of our mission to adopt digital strategies to improve our services and processes, being an innovation-driven financial institution.”
Also speaking during the announcement, Eric Fajemisin, Head, Wholesale Clients, Stanbic IBTC Bank said: “One of the mandates on our evolution to a client segment-led organisation is to partner with trusted partners in our ecosystem to meet our clients’ needs. This partnership with Flutterwave is one that gives credence to that and enables us connect with our clients via digital platforms further reiterating our well-earned status as their partner as they also transform within their businesses.”
Commenting on the benefits of the Flutterwave partnership to the financial institution’s customers, Olu Delano, Head, Client Coverage, Stanbic IBTC Bank, stated: “Our collaboration with Flutterwave is a testament to a renewed drive and focus on our future-ready transformation ambition. With our clients as the focus and center of this partnership, we are building a platform and payment system to support our customers and their targeted ecosystem across Africa, ultimately delivering exceptional service and enhancing customer experience.
Sanwa-Olu Unveils Ecobank Pan-African Centre, Laud Bank’s Smart Building Initiative
(front row – L -R) Managing Director, Ecobank Nigeria, Patrick Akinwuntan; the Catholic Archbishop of Lagos, Most Reverend Adewale Martins; Chairman, Ecobank Transnational Incorporated (ETI), Alain Nkontchou; Group Chief Executive Officer, ETI, Ade Ayeyemi; Executive Governor, Lagos State, Babajide Sanwo-Olu; Chairman, Ecobank Nigeria, Bola Adesola; Managing Director, Brittania- U Limited, Uju Ifejika; Former Chairman, Ecobank Nigeria , John Odeyemi at the commissioning of Ecobank Pan African Centre (EPAC) in Lagos.
Lagos State governor, Babajide Sanwo-Olu has said the new ultra-modern Ecobank Nigeria head office, the Ecobank Pan African Centre (EPAC) has a strong connection that will enhance the state’s Smart City Project and modernize infrastructure within the metropolis. The governor who was speaking during the commissioning of the office complex in Lagos lauded the management of the Pan African bank for the vision behind the project as it is redefining building and infrastructure development in the state, stressing that the building meets the various vital parameter such as latest energy-efficient technology, environmental sustainability, sparkling ambience and state-of-the-art amenities that will further enhance staff sustainability and service delivery.
He expressed excitement over the state-of-the-art facilities at the complex, noting that “This Pan African center is indeed an intelligent building designed with energy efficiency and is one of the things we need in Nigeria. I know that this building will speak to a lot of the very best. It is a state-of-the-art building focused on environmental sustainability and I am sure that from what I have seen around, it is a redefining building and infrastructural development.”
Governor Babajide Sanwo-Olu reiterated that Lagos State will continue to create an environment that enhances and improve the efficiency of business and attract foreign direct investment. “The government of Lagos state is happy to let us know that we are building one of the audacious and vibrant infrastructure in the whole of Africa. You know that we are currently deploying over 3000 km of fiber connectivity to support businesses that require low-cost connectivity. We will continue to create enabling environment for you.” While lauding Ecobank management for its sustained attainments of the bank over the years, he urged them to continue to attract the underbanked to the banking space.
Welcoming guests, Chairman, Ecobank Nigeria, Bola Adesola said the Centre is a dream come true, noting that it is a tribute to the vision of the founding fathers in creating a world class Pan-African Banking group and providing excellent financial services across Africa. She said the Centre with sparkling ambience, boasts of state-of-the-art amenities, houses smart offices, a restaurant, multipurpose conference hall, gym, creche, parking lot that can accommodate 130 vehicles at a time, experience and game centre and a rooftop terrace, among others, stating it is targeted to further enhance productivity and service delivery to customers.
Also speaking, Group Chief Executive, Ecobank Transnational Incorporation (ETI), Ade Ayeyemi said EPAC is an important milestone as it consolidates achievements of several years of the company. According to him, “The office complex brings together our staff. It is a testament to the effort of the people that has come before us. It allows us to be able to create a new working environment where our staff can attend to customers and our customers can do business in the smart working environment. We can bring all our staff to one location instead of distributing them across multiple locations.”
Talking about the uniqueness of Ecobank brand, Managing Director, Ecobank Nigeria, Patrick Akinwuntan said the vision of the founding founders was to build a pan African centre, stressing that the bank is presently in 35 countries of Africa.
According to him, “In Nigeria, we are a major player in the financial industry. Recall we launched the first international credit card in the history of banking in Nigeria, the Ecobank Master card and Visa card in 2004. We are also a pioneer in mobile banking, *326# was one of the first mobile banking platform approved.
“In this era of AFCTA where Africa aims at operating as one market. This pan-African centre has opened its doors to every SMEs, individuals seeking to expand their business across Africa. We are the go-to bank for trade, payment, and collection in Africa because we have one pan African switch to make instant payment across Africa. The way you see Nigerian Interbank Settlement System (NIBSS) transfer within Nigeria is the way Ecobank is across Africa. Our mobile app is one bank that has 33 countries on it.”
PenCom Extends Online Pension Verification & Enrolment to Dec 31, 2021
NOTICE OF EXTENSION OF THE ONLINE VERIFICATION AND ENROLMENT EXERCISE FOR 2021 RETIREES/PROSPECTIVE RETIREES OF FEDERAL GOVERNMENT TREASURY-FUNDED MINISTRIES, DEPARTMENTS AND AGENCIES (MDAs)
• The Online Enrolment Exercise
The National Pension Commission (the Commission) had developed an online application that automated the Annual Pre-Retirement Verification and Enrolment Exercise for retirees/prospective retirees of Treasury-Funded Federal Government MDAs.
The online enrolment application went live on 1st September, 2021 and Retirees and prospective Retirees were given a deadline of 29th October, 2021 to conclude the enrolment process.
This is to inform all Retirees and prospective Retirees that the Commission has extended the timeline for the online enrolment exercise from 29th October, 2021 to 31st December, 2021 in order to ensure that all eligible persons complete the enrolment process.
• Persons Eligible to Participate in the 2021 Online Enrolment
The following categories of Employees of Federal Government Treasury-Funded MDAs are eligible to participate in the 2021 online Verification and Enrolment Exercise:
i) Employees who retired from January to October 2021;
ii) ii) Employees who are due to retire from November to December 2021; and iii) Retirees that missed the previous enrolment exercises from 2007 to 2019.
• Self-Assisted Registration
The affected retirees/prospective retirees are required to visit PenCom’s website www.pencom.gov.ng to initiate the online enrolment process by registering and capturing their employment details as well as uploading scanned copies of the required documents before proceeding to their respective Pension Fund Administrator (PFA) for the physical verification and enrolment.
• Pension Desk Officer (PDO)/PFA-Assisted Registration:
Retirees/prospective retirees who are unable to complete the online registration could approach the PDOs of their respective MDAs or visit their PFAs for assistance.
PILA Set to Commission Secretariat Nov 2, Host Industry Night
Joyce Ojemudia
PILA President
The Professional Insurance Ladies Association (PILA), the elite body of women in Insurance across Africa, is set to officially commission its multi-million-Naira Secretariat, PILA House, on the second of November, 2021.
Located at the heart of Lagos, on the popular Iwaya Road, Yaba, the Secretariat is set to become the hub of all PILA-related activities as well as for other social uses.
“The official opening of our PILA House coming at this point is testament to the grit, passion, drive and focus that is synonymous with our Association,” Joyce Ojemudia, President of PILA, stated in a statement made available to the media.
“Whilst we cannot but acknowledge the contributions of all past presidents, as well as leading industry figures to the completion of this project, special thanks must go to our donors, both corporate and individuals as well as the wonderful in-house committee that brought all these together. PILA House is finally open for activities to the glory of God and the advancement of our industry,” She added.
The Commissioner for Insurance, Oludare Thomas and the Chairman, House Committee on Insurance, Hon Darlington Nwokocha are expected to be the Special Guests of Honour while Dr Rabiu Olowo, Honourable Commissioner for Finance, Lagos State would be the Guest of Honour.
Recall that the acquisition of the land for the PILA House was done in 2005 under the presidency of Yomi Onabanjo. Over the next 16 years, various Presidents have contributed their bits to the project before being finally completed by the administration of Joyce Ojemudia.
Also, in line with its tradition; the Association, in conjunction with the Chartered Insurance Institute of Nigeria, is set to host the annual PILA Night. This year’s event, themed Effizy Night, will hold at Park Inn by Radisson on the third of November 2021, a day after the commissioning of the Secretariat.
Remita Partners MTN’s Yello Digital Financial Services to Deepen Financial Inclusion
Remita, a leading Africa-focused fintech brand, has partnered with Yello Digital Financial Services (YDFS), the Fintech subsidiary of MTN Nigeria and the operator of MoMo Agent Service, to extend payment and other financial services to individuals, groups and businesses at the grassroots across Nigeria. This will further drive the financial inclusion of the unbanked and underbanked population.
With this collaboration, customers will now be able to approach any of the over 150,000 MoMo agents in Nigeria at locations closer to them to initiate and seamlessly conduct transactions such as payment of school fees, water and electricity bills, tax remittances, internet subscription renewals, money transfer, payments to state and federal government MDAs.
In addition, MoMo agents will be able to top up their wallets on-the-go through any of Remita’s multiple payment options including USSD, internet banking, debit/credit card, Mobile Wallet as well as through branches of all commercial banks and about 400 microfinance banks.
Commenting on the partnership, Usoro Usoro, Chief Executive Officer, Y’ello Digital Financial Services said: “We are delighted about YDFS’ partnership with Remita, as it offers yet another opportunity to extend access to financial services to a much broader section of Nigerians, directly strengthening the financial inclusion aspirations of the Central Bank of Nigeria, which we are committed to and in tandem with our brand promise.
“Our customers can access our services across Nigeria, as we continue working closely with the support of our principal partner bank, Access Bank, to close the financial gap among the under-served.”
Also speaking, Abayomi Oniku, Divisional Head of Remita Business Development, said: “It is always gratifying to add value to humanity, irrespective of who it is or their location. This is one of the reasons we are excited about our partnership with Yello Digital Financial Service.
“Not only will this partnership provide more veritable means for people in various communities across Nigeria to access already existing financial services; it will also catalyse various initiatives at the community level, with benefits spanning the entire value chain and further improving the quality of lives.”
YDFS is a financial service provider in agency banking and super-agent operations under the CBN Super-Agent framework and agent banking guidelines. Working together with Access Bank, it provides, among others, an agent network to serve financial institutions in Nigeria.
Launched in 2005, Remita helps individuals, businesses and governments to make and receive payment, manage their finances across multiple banks seamlessly, and provide infrastructure and services to banking and the fintech ecosystems.
CHI Renews N24m Group Personal Accident Cover for Journalists
Eddie Efekoha
Group Managing Director/CEO
Consolidated Hallmark Insurance Plc
Consolidated Hallmark Insurance (CHI) Plc has renewed the Group Personal Accident Insurance cover worth N24 million for insurance journalists in the country.
This, according to the company, is part of its Corporate Social Responsibility (CSR) project, to ensure that journalists who are exposed to danger and hazard in the discharge of their civic duties are adequately protected. The Group Personal Accident Insurance covers death, permanent disability and medical expenses.
The policy, now in its 10th year, has been running since 2012, and is renewed annually by the company. The cover was renewed on the 1st of October, 2021 and it is due to expire on 30th of September, 2022.
The policy provides cover for all members of the National Association of Insurance and Pension Correspondents (NAIPCO) across the country while the company has promised to continue to renew the coverage for the journalists every year.
Reacting to this development, the Group Managing Director/CEO, CHI, Mr. Eddie Efekoha, said the gesture is to show the kind of values and respect his insurance firm has for journalism, believing that journalists who are the shapers of the society, and by extension, the insurance industry, must be protected.
Journalism, he said, is a risky profession, hence, the need to adequately provide insurance for those covering the insurance industry.
In the case of the death of any of the concerned journalists, he said, the family of the deceased is entitled to N1 million death benefits. “A journalist who suffers permanent disability in the discharge of his duties will also be entitled to N1 million. The cover provides for medical expenses to the tune of N200,000 per journalist in the case of an accident,” he pointed out.
Applauding the initiative, the chairman, National Association of Insurance and Pension Correspondents (NAIPCO), Mr. Chuks Udo Okonta, said, he was elated that an insurance firm is providing free coverage for his members, adding that, the association never takes such gesture for granted.
He, on behalf of all members of the association, thanked the company as well as its GMD, Mr. Eddie Efekoha, for recognising the pivotal roles journalists are playing in the society and indeed insurance industry, promising that, this will serve as moral boosters for his members to continue to discharge their duties ethically and professionally without exhibiting any fear or intimidation.
INEC: Anambra Gov Election on Course as 81, 778 PVCs Ready for Collection
The Independent National Electoral Commission (INEC) met on Tuesday, 26th October 2021 to review preparations for the Anambra State Governorship Election holding on Saturday 6th November 2021.
• Submission of List of Polling Agents
Section 45 of the Electoral Act 2010 (as amended) requires political parties participating in elections to submit the names and addresses of their Polling Agents, accompanied by two passport photographs and sample signatures of each Polling Agent to the Commission at least 14 days before the date fixed for the election. The last date for the submission of such list for the Anambra Governorship election was 21st October 2021.
In line with the Commission’s avowed commitment to deepen the use of technology in elections, a dedicated portal was designed for political parties to upload the names and other details of their Polling Agents for Polling Units and all the three levels of collation (Registration Areas/Wards, Local Government Areas and State collation). A detailed breakdown of the submissions by political parties has been uploaded to the Commission’s website and social media platforms for public information.
• Collection of PVCs by new Registrants
In our previous update, the Commission informed the public that a total of 138,802 Nigerians completed the registration in Anambra State.
After a thorough cleaning up of the data, it was discovered that the number of multiple registrants was 62,698. Consequently, the number of valid registrants dropped to 76,104. During the same period, there were 5,674 requests for transfers, update of voter information and replacement of lost or damaged cards, giving a cumulative total of 81,778 PVCs. These cards have been printed and will be delivered to our office in Anambra State on Thursday, 28th October 2021.
The Resident Electoral Commissioner for Anambra State and his staff shall work out the most efficient means of ensuring that the voters concerned collect their PVCs in earnest. Fortunately, the Commission has the telephone numbers and e-mail addresses of all the new registrants. They will be contacted to make the collection seamless.
The Commission once again assures the people of Anambra State of its determination to proceed with the conduct of the election and appeals to all the critical stakeholders and citizens in the state to co-operate with the Commission for a successful exercise.
INEC: Continuous Voter Registration (CVR) Weekly Update: Quarter 2, Week 3, as at 25th October 2021.
1. Fresh Registrants: 3,733,068
2. Completed Online & Physical Registration: 1,393,502
3. Male (Completed Registration: 710,003
4. Female (Completed Registration: 683,499
5. Persons Living With Disability (Completed Registration): 15,022
6. Type of Registration
* Online – 522,066
* Physical – 871,436
7. Youth (18- 34 years): 996,484
INEC Presents Cheques to Beneficiaries of Late Police Officers
The Independent National Electoral Commission has presented cheques to the next of kin of Police Officers who died in a boat mishap that occurred during the Bayelsa Central and West Senatorial Districts’ bye elections, held on 5th December 2020.
The Resident Electoral Commissioner (REC), Dr Emmanuel Alex-Hart made the presentation to the beneficiaries on behalf of the INEC Chairman today, 26th October 2020, at the INEC Bayelsa State Office, Yenegoa, in line with the Commission’s insurance policy for Staff, adhoc staff and other personnel engaged for the conduct of elections and who, in the discharge of their duties sustained injuries, permanent disability or died.
The beneficiaries include: Anthony Batambari Paul ( Son and next-of-Kin of Florence Nbaane); Ezinwa Divine Amaechi (Husband and next-of-kin of Ezinwa Juliana; and Victoria Edet (wife and next-of-kin of Daniel Edet).
Dr Alex-Hart, who expressed the Commission’s sympathy to the families of the deceased, also appreciated them for honouring the Commission’s invitation and staying strong in spite of the challenges they have faced as a result of their loss.
Those who witnessed the event include the Administrative Secretary, Engr. Okop Umobong, and Heads of Department. The Nigeria Police Force was represented by Assistant Commissioner of Police (Admin), Mr. Emmanuel I. Asufi, and some senior police officers.
After the presentation, ACP Asufi thanked the Commission on behalf of the Inspector General of Police and Commissioner of Police, Bayelsa State for the kind gesture, describing it as a great encouragement “that will greatly strengthen the Commission’s relationship with the Nigeria Police Force.
Mr. Anthony Batambari Paul, one of the beneficiaries who spoke on behalf of the others, also thanked the Commission for giving a “thoughtful condolence package” to their families.
‘Only 3% of Depositors Lack NDIC Cover in Case of Bank Collapse’
KEYNOTE ADDRESS BY THE MANAGING DIRECTOR/CHIEF EXECUTIVE, NIGERIA DEPOSIT INSURANCE CORPORATION (NDIC), MR BELLO HASSAN AT THE OPENING CEREMONY OF THE 18TH EDITION OF THE WORKSHOP FOR BUSINESS EDITORS AND FINANCE CORRESPONDENTS’ ASSOCIATION OF NIGERIA (FICAN) ON TUESDAY 26TH OCTOBER, 2021 AT GOMBE INTERNATIONAL HOTEL, GOMBE, GOMBE STATE
Protocols
I am most delighted to welcome you all to the Gombe Run of the 18th edition of the NDIC Workshop for Business Editors and members of the Finance Correspondents Association of Nigeria (FICAN). I am extremely thrilled that this will be my maiden meeting with members of the group from the Lagos axis along with the opportunity to address all the esteemed members of the organization since my assumption of duty as Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC).
I recall that on Wednesday 30th June 2021, I had the singular honour and privilege of hosting the combined executives of the Lagos and Abuja Chapters of FICAN who paid a courtesy visit to the Management of the Corporation. I reliably gathered that the combined delegation was the first of its kind to visit the Corporation. Prior to that historic visit, I was briefed about the harmonious relationship that exists between the Corporation and the body of Business Editors and Finance Correspondents as well as the invaluable support you have given to the Corporation in the over thirty (30) years of our existence.
It was on the strength of the special relationship that your chapter of FICAN in its wisdom, conferred an Award of Special Recognition on the NDIC for its support and efforts to sustain the growth of Financial Journalism in Nigeria during the 30th Anniversary Conference held in Lagos on the 25th of September, 2021. The award fully underscored how far we have come together, and today, I have the great honour of interfacing with you all at this annual event which we hope will be sustained and strengthened in the years to come.
Last week, I had the privilege to meet and address the gathering of your esteemed colleagues from the Abuja axis at the Ibadan run of the workshop. The experience left a positive impression on me. The high esteem I have for the FICAN membership was further reinforced by the quality and intensity of their engagement along with the report from their syndicate sessions. It is therefore my fervent hope and prayer that the same high standard of the interactive sessions will be sustained here in Gombe.
Distinguished ladies and gentlemen, let me reiterate at this juncture, that this workshop has always been a very important part of our capacity building initiative for the media, towards a well-informed reportage and sensitization of stakeholders on the mandate of the Corporation and the developments within the financial services industry. It is to this end that the Corporation expanded the scope of the workshop, to include representatives of the civil society organizations and Corporate Affairs Managers of Banks in 2014 and 2020, respectively to broaden the scope of engagements with our strategic stakeholders. Against this backdrop, I will like to assure you that the Corporation, under the current leadership, will not only sustain the legacy of this workshop but also seek ways to strengthen it, in the overall interest of financial journalism and the stability of banking system in general.
The choice of the theme of this year’s workshop: “Enduring Extreme Disruptions: Resilience & Reinvention for Banking System Stability & Deposit Insurance” was apt. As economies across the globe continue to grapple with the devastating impact of the COVID-19 Pandemic, it has become expedient and highly desirable, for supervisors to come up with appropriate strategies that are required to build resilience into our financial system as we seek to provide the much-needed support to the Federal Government’s economic recovery agenda. The workshop theme, as well as the papers to be deliberated upon along with the quality of the resource persons, were carefully selected to achieve the same objective.
Distinguished participants, in my keynote address at the Ibadan run of the workshop, I highlighted the key policy direction of the current management team of the NDIC under my leadership as we continue to reposition our operations in response to the challenges posed by the COVID-19 pandemic disruptions. This had been widely reported in the media.
However, I will like to seize this opportunity to address the seemingly simple but knotty issue of the NDIC’s deposit insurance coverage limits that has always been misunderstood by stakeholders. The issue is so fundamental and needs to be thoroughly interrogated in the interest of all depositors to in order to sustain the Corporation’s rich legacies and the multiple ingenuous operational landmarks it was able to achieve in its over three decades of existence despite daunting challenges. I was made to understand that the issue also provoked strong reactions during some of the presentations at the workshop held in Ibadan.
Much of the concerns are predicated on the lack of adequate understanding of the principles, rationale and realities that informed the determination of our coverage limits. It is in that respect that we urge the media through this forum to make Nigerian depositors aware that the NDIC’s maximum coverage limits of N500,000.00 per depositor per commercial, merchant and, non-interest bank, primary mortgage bank and mobile money operator, as well as N200,000.00 per depositor per microfinance bank remain the most adequate and robust in the world.
Participants at the Ibadan workshop had been very critical that the coverage limits are not only small but required an urgent upward review in order to engender stronger public confidence in the banking system. Nonetheless, I need to reiterate that, as it is today, these limits are not only adequate, they are also consistent with the extant provisions and recommendations of the International Association of Deposit Insurers (IADI) in its Core Principle for Effective Deposit Insurance System on the determination of coverage limits.
The IADI Core Principle No. 8 on coverage limits specifically requires that the thresholds should be limited, credible with the capacity to fully cover substantial majority of bank depositors while the rest remain exposed to ensure market discipline. Deposit insurance coverage should also be consistent with the deposit insurance system’s public policy objective.
In addition, the coverage limits are not designed to be static but subject periodic reviews to ensure that they are consistent with the public policy objectives of the Deposit Insurance System. The Corporation successfully reviewed upward the coverage limits from N50,000 at inception in 1989 to N200,000 in 2006 and N500,000 in 2010.
In the same vein, the Corporation invites you to note that in 2016, 2017, 2018 and 2019, the total number of accounts in the deposit money banks stood at 83.0 million; 99.1million; 112.0 million and 128.4 million respectively. Out of these numbers, the N500,000 coverage limit fully covered 99.4%; 97.6%; 97.5% and 97.6% of accounts, respectively. What these figures entail is that only less than 3% of accounts/depositors are not fully covered by the prevailing coverage limits. The implication of this is that in the event of failure of a bank, above 97% of depositors would be fully covered by the Corporation.
From the foregoing statistics, it could be observed that the Corporation’s deposit insurance coverage limits are not only adequate but robust enough to engender confidence in our banking system.
Distinguished participants, it has become imperative to take you through this historical and operational perspective to enable you assist the Corporation in sensitizing all our stakeholders with a view to correcting the misconception around the NDIC coverage limits.
In all of this, the media, the civil society groups, along with the insured financial institutions that are represented at this workshop will remain the most strategic and critical stakeholders that we cherish the most. Through the better understanding of our programmes and policies, it is hoped that you will not only be better informed in the coverage of our activities, but also be well-equipped to contribute to our advocacy and mobilization for a better financial system.
I therefore call on you to continue to support the Corporation in its resolve to fully deliver on its core mandates. On our part, we promise to keep our doors open to your suggestions and observations, while partnering with you on capacity building and other areas of mutual benefit.
Finally, Ladies and Gentlemen, I profoundly thank you all for honoring our invitation while wishing fruitful deliberations and warm stay in the ancient city of Gombe, the Jewel in the Savannah. Thank you for your attention and God bless.
Bello Hassan, FCA
Managing Director/Chief Executive
Nigeria Deposit Insurance Corporation
Tuesday 26th October, 2021
NDIC CEO’s Courtesy Visit to Gombe State Governor
MD/CE of NDIC, Bello Hassan (2nd left) presenting NDIC research publications to the Executive Governor of Gombe State, HE, Alhaji Muhammad Inuwa Yahaya (3rd left) while Director, Communication & Public Affairs NDIC, Bashir A. Nuhu (1st left); Chief of Staff to Gombe State Governor, Alhaji Abubakar Inuwa Kari (4th left); Executive Director, Operations, NDIC, Mustapha Mohammed Ibrahim (2nd right) and Deputy Director, MD/CE’s Office NDIC, Iliyasu Sani watch during courtesy call to the Governor before the opening ceremony of the 2021 NDIC FICAN Workshop in Gombe.