Dr. Ibrahim Alghofaily, MD, Arriyada Centre, Jeddah (Left) in a chat with Bello Hassan, MD/CE NDIC (right); Hassan Usman, MD, Jaiz Bank; (2nd right) and Dr Bashir Aliyu Umar, Special Adviser to the CBN on Islamic Finance BN at the 15th Islamic Financial Service Board Summit in Saudi Arabia
NDIC Chairperson, Ronke Sokefun Bags Legal Excellence Award
Chairman, NDIC Board of Directors, Ronke Sokefun (2nd left) displaying her ESQ Nigerian Legal Award of Excellence 2021 in a group photograph with NDIC’s Director, Communication & Public Affairs, Bashir Nuhu (1st left); Board Member, Adewale Adeleke (3rd left) and Board Secretary, Nkese Cookey-Gam at the ceremony recently in Lagos.
Ecobank Nigeria Creates Awareness for Customers on e-Naira
Ecobank Nigeria has commenced an intensive sensitization of its customers on the inherent benefits of the e-Naira, which was recently introduced by the Central Bank of Nigeria (CBN).
e-Naira is a Central Bank Digital Currency (CBDC) issued by the apex bank as a legal tender. It is the digital form of the Naira and will be used just like cash while the e-Naira wallet is a digital storage that holds the e-Naira. The e-Naira wallet is required to access, hold, and use the e-Naira.
The Head, Consumer Banking, Olukorede Demola-Adeniyi, said the bank decided to create massive awareness among its customers because of the benefits to both individuals and businesses, disclosing that the bank has also created a dedicated information page for customers to access vital information regarding the policy and how they can easily sign up for the wallet at https://www.ecobank.com/ng/enaira
“e-Naira is the Nigerian digital currency issued and regulated by the Central Bank of Nigeria (CBN). It has the same value as the physical Naira and guarantees simple, safe, and fast transfers and payments anytime and anywhere. Think of it as the same Naira but digital, borderless, and with more possibilities,” she stated.
Further, she listed other benefits of e-Naira to include support to the digital economy thereby leading to improved economic activities. She noted that it will also simplify and facilitate easy cross-border payments and trade. Mrs. Demola-Adeniyi stated that the e-Naira will bring about financial inclusion and improve effectiveness of monetary policies, reiterating that the e-Naira will circulate alongside cash, as it will complement cash as a less costly, more efficient, generally accepted, safe, and trusted means of payment.
To sign up, she urged customers of the bank to “visit the Google Play Store or Apple AppStore to download the e-Naira Speed Wallet or Merchant Speed Wallet App; click on sign up, select Ecobank and enter the required information.”
She stated that Ecobank has carried out various sensitization activities both internally and externally. She also confirmed that the Ecobank Mobile app has the eNaira menu under the Transfers section to facilitate easier digital payments. In addition, customers can fund their wallets directly from the Ecobank Mobile app. She enjoined merchants, especially, to sign up the e-Naira Merchant Speed Wallet App to enable them receive payments seamlessly and position their business for better profitability.
GSM@20: NCC Lists Next Frontiers for Industry Growth, NCC Reaps Award
As stakeholders in Nigeria commemorate 20 years of telecoms revolution in Nigeria, the Nigerian Communications Commission (NCC) has clearly identified key initiatives being implemented to consolidate the growth and gains of the telecom sector.
Executive Vice Chairman of the Commission, Prof. Umar Garba Danbatta, listed the digital frontiers while delivering a paper titled: ‘Telecommunications in Nigeria: The Next Frontier’ at the 20th anniversary of the telecommunications revolution in Nigeria organised recently by Compact Communications Limited, at the Muson Centre, Lagos.
At the event, the Commission received a recognition award “in appreciation of its institutional support to the growth and development of telecoms in Nigeria”. The EVC of NCC also received a separate award “in appreciation of his immense contribution to the growth and sustenance of telecoms development in Nigeria.”
Represented at the forum by NCC’s Director, Public Affairs, Dr. Ikechukwu Adinde, Danbatta said in the last 20 years, the sector has witnessed significant growth in subscribers, internet usage, investment, innovation, contribution to Gross Domestic Product (GDP) and multiplier effects of the growth in other sectors of the economy.
Danbatta stated that in collaboration with relevant stakeholders, NCC is driving new frontiers aimed at ensuring consistent growth of the nation’s digital economy sphere.
According to him, as a foremost telecommunications regulatory agency and consistent with NCC mandate as stipulated in the Nigerian Communications Act (NCA) 2003, and other guiding legislations, the NCC has been at the forefront of leveraging latest technologies and accelerating broadband infrastructure deployment to put Nigeria on the global map of the digital economy experience.
In this regard, he said NCC was working to ensure increased broadband penetration in line with Federal Government’s targets as contained in the Nigerian National Broadband Pan (NNBP), 2020-2025. The NNBP was launched by President Muhammadu Buhari in March 2020.
Danbatta explained that the NNBP has a target to achieve 70 per cent broadband penetration among 90 per cent of the country’s population. The Plan also seeks to achieve broadband speeds of 15Mbp and 25Mbps in rural and urban areas respectively over the next five years.
“The Commission is also driving various initiatives aimed at facilitating the deployment of Fifth Generation (5G) Mobile Technology in Nigeria.
Prof. Danbatta emphasized that a robust broadband infrastructure will play a key role in fast-tracking the effective deployment of 5G technology and facilitate availability of services associated with 5G technology.
“Already, the Commission is set to auction some spectrum slots in 3.5GHz band and we have confirmed 97 per cent readiness for 5G deployment in this regard. This is in line with the marching order given to us by Honourable Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim (Pantami), following approval by the Federal Executive Council to proceed on our 5G Deployment Plan.
The Information Memorandum (IM) for the auction had earlier been shared with stakeholders and we are set to auction the 5G spectrum before the end of the year,” he said.
The NCC Chief Executive also said one of the initiatives being emplaced by the Commission to enhance the attainment of the next frontier for telecom development in Nigeria and the nation’s economic growth, is the ongoing review of licensing structure in the sector. This is to align telecoms licensing process with the wide range of technological advances, convergence of technologies and services shaping global telecoms space.
Danbatta said the Commission has also finalized review of its Spectrum Trading Guidelines (STG). The STG, according to the EVC, allows spectrum resource in-country to be traded on the Secondary Market through Transfer, Sharing or Leasing (TSL) once the stipulated regulatory conditions have been complied with.
Danbatta declared that NNBP 2020-2025 requires that these Guidelines be reviewed to ensure that un-utilised spectrum is fairly traded to facilitate rollout by other operators among others. The Guidelines will, therefore, facilitate the country’s yearning for ubiquitous broadband access in line with the economic agenda of the Federal Government.
As vehicles for implementation of the NNBP, the National Digital Economy Policy and Strategy (2020-2030) and other similar digital economy policies, Danbatta said the NCC has unveiled its Strategic Management Plan (SMP) 2020-2024 and the Strategic Vision Plan (SVP), 2021-2025, which will ultimately drive the next frontier of growth in the telecoms sector. He said the two strategic plans embody critical areas on which the Commission intend to focus toward driving the implementation of the digital economy agenda of the government.
He stated that the two regulatory documents (the SMP and SVP) encapsulate the totality of regulatory and policy initiatives, designed to re-invent and transform the telecom ecosystem, within the context of regulation, to a greater height. He added that this, to the Commission, is the next frontier for the sector. “While emerging technologies are disruptive by nature, Nigeria cannot afford to lag behind digitally and this explains Commission’s engagement with developmental regulations for the industry and we are irrevocably committed to this,” he said.
Other individuals bestowed with recognition awards at the event include Former President Olusegun Obasanjo; and the former EVC/CEO of NCC, Dr. Ernest Ndukwe, both for pioneering the Global System for Mobile Communications (GSM) revolution of 2001. The Zenith Bank also received an award for being at the forefront of leveraging technology for powering financial services delivery. Among the journalists who received awards is a veteran ICT journalist/Publisher, E-World News, Aaron Ukodie.
CBN: How PTA to MDAs, Estacodes Gulped $4bn in 2019
The Central Bank of Nigeria (CBN) says government officials in Ministries, Departments and Agencies (MDAs) spent $3.9 billion as Personal Travel Allowance (PTA) and other forms of estacodes in the 2019 financial year.
The apex bank made the disclosure in its 2020 Annual Report of Currency Operations.
Also, the Bank recorded a significant reduction in the volume and cost of foreign exchange procurement. A total of USD1,830.00 million was procured over the course of 2020. This value represents a decrease of USD2,120.00 million or 53.67 per cent relative to the USD3,950.00 million procured in 2019. This was used to fund Bureaux De Change (BDC) operations, payment of estacode and Personal Travel Allowances (PTA) to Ministries, Departments and Agencies (MDAs).
Royal Exchange: N11bn Premium Drop in 9 Months, N356m Loss in Qtr 3
Royal Exchange Plc has reported N11 billion drop in Gross Premium Written (GPW) in the first nine months of 2021 from N13. 725 billion in 2020 to N2.211 billion as at September 30, 2021.
The company also reported Group loss after taxation of N536.025 million in nine months from a profit level of N565.662 million recorded in the same period of 2020.
And for the three months ended 30 September 2021, the Group loss came to N355.938 million from a profit of N145.587 million in third quarter of 2020.
Is It Wise to Build Your First House in The Village?
Everyone wishes to live in their ideal home. Even if you’re ready to construct your own, you may be unsure where to begin. That’s because there are several elements and options to consider before beginning the process of building one.
Each aspect of your new home, including privacy, placement, style, and most importantly location must be meticulously planned. If you’re thinking of building your dream house anytime soon, there are a few things to keep in mind right now.
Let’s start with the definition of a house according to google, “a building for human habitation, especially one that consists of a ground floor and one or more upper storeys.” And that’ll lead us to our discussion. Should I build my first house in the village? In this article, we’ll be revealing some details on where you should build your first house even though it’ll be an open space to be filled by you.
YOUR FINANCIAL CAPACITY
Once you’re financially capable to an extent, it’s uttermost best to get your ideal house of your own. This brings more financial freedom to the occupant over years, reduces stress/tension and other unnecessary condition on yourself. No more disturbance of monthly/yearly rent of an apartment from the landlord/lady.
WHY YOU SHOULD BUILD YOUR HOUSE
There are many important reasons why you should build your house, who knows – hopefully this article could provide you with the necessary aim to build a dream home for your family. Let’s take a look at some of our reasons:
• Comfortability: The comfort that comes with having your own house is second to none. It saves one from so much trouble from Landlord, like getting quit notice from your landlord, not allowing your pet in the compound, closing and opening of the entrance gate at a particular time. It’ll surely save you from what we call “Landlord or Landlady Wahala.”
• Investment Aim: For a better investment purpose, it’s very advisable to set up your own house, if possible, build for renting as well because when it comes to housing, Nigeria is severely undersupplied. As a result, there is more demand than supply, and it does not appear that this situation will change anytime soon. Only 100,000 of the 700,000 homes that need to be built each year are being built. Building a house now is one of the safest investments you can make because of scarcity.
In most cases, the value of a house doubles practically immediately after it is built. Only a few investments can guarantee such a high rate of return. Unlike cars, a house is a valuable asset that appreciates year after year and may be used as collateral for loans.
• Saving Cost: Building your own house can save you a lot of funds.
For instance-consider the following scenario: A three-bedroom flat in Lagos’ Ogba-Ikeja-Ojodu neighborhood costs around 1.2 – 1.5 million naira now, and in ten years, you’ll have paid 12/15 million naira (assuming there is no increase in rent). If you are still living in the same property after 10 to 15 years, you will most likely have to assume the post of caretaker and will be providing new renters orientation on how to live in the new place.
Alternatively, for 15 million Naira, you can construct a three-bedroom bungalow (plus land) in Mowe/Magboro/Akute/Epe area, or even Ibeju-Lekki axis. In ten years, your neighborhood will be more inhabited, and your home might be worth up to 20 – 25 million Naira.
WHERE YOU SHOULD BUILD YOUR FIRST HOUSE
There are necessary things to consider before setting up your first house. These options can make or mar your financial plan. They include:
• Location: It’s one of the most important considerations to make when building your ideal home. After all, you’ll need a plot of land to build your new home on. Before you buy a house, check sure the location is good for you. Take into account the location’s security as well as its proximity to amenities such as hospitals, schools, shops, and churches. As a result, your life in that location will be more comfortable and secure.
• Return on Investment (ROI): But if you build a home in an unsecure, secluded and undeveloped area, for example, you may not be able to regain your investment if you try to sell the property. As a result, think about the security, accessibility and ROI of the neighborhood when purchasing the land and building a house.
• Your Plan for future: This part includes your plan on where to reside, where you plan to reside is the best place to build your first house. At least it’ll take off the burden of monthly or yearly rent and save cost.
BENEFIT OF BUILDING YOUR FIRST HOUSE IN THE RIGHT LOCATION
Financial Freedom: Building your house in the right location will save you a lot of cost. It serves as a great investment to bring your other dreams to reality because it can serve as a rental property for as long as you want.
Thus, bringing a financial freedom to the investor/owner of the property. For example, building your first house in a develop state like Lagos and using the proceeds to start up your next housing project in the less important area but you think it’s necessary to build a house in the area like your village.
In conclusion, because of the amount of work required, constructing a house or residence in Nigeria is a massive project. It is one of the most significant accomplishments in one’s life. But building your first house depends on your financial goal.
Many people have no financial objectives. It’s tough to know what your priorities are if you don’t have clear and compelling financial goals. Someone else will impose their priorities on you if you don’t know what they are. You will major in minors and be locked in the rat race if you don’t know what matters most to you.
Some people have the financial means to construct anything they want, wherever they want. They are not in any financial difficulty. They may have gotten their finances to get to this point and are not digging themselves a financial hole. So-setting up their first house in the village may not be a problem but if you’re unlike them, make your choice wisely.
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
NCC Pegs 5G Reserve Price at N75bn as Stakeholders Applaud Process
The Nigerian Communications Commission (NCC) has fixed the sum of N75 billion as the reserve price for existing and potential network operators seeking entry into the emerging 5G business in Nigeria.
At the stakeholders’ engagement forum on the spectrum in Lagos, Professor Umar Danbatta, Executive Vice-Chairman/CEO of NCC said the coming deployment of the 5G network will complement the nation’s march towards digital economy.
Meanwhile, various stakeholders in the telecom have applauded the NCC for the transparent process.
Engineer Gbenga Adebayo of ALTON said the Association has already keyed into the vision of the NCC in terms of the deployment. He also appealed to the Commission to show concern on the issue of cost to subscribers.
Adebayo assured the public that the 5G network is safe as the science behind it does not pose any kind of danger to members of the public.
In the same vein, Mrs. Abimbola Alale of NigComSat commended the Commission for providing an enabling environment for the telecom sector to thrive in Nigeria.
She added that the transparency of the regulatory policies of the NCC has attracted billions of dollars in terms of Foreign Direct Investment (FDI) into the country as well created millions of direct and indirect jobs.
The NigComSat chief executive said her organisation is firmly in support of 5G deployment in Nigeria.
INEC to Deploy Biometric Voter Accreditation System for Anambra Election, First in Nigeria
REMARKS BY THE HONOURABLE CHAIRMAN, INDEPENDENT NATIONAL ELECTORAL COMMISSION (INEC), PROF. MAHMOOD YAKUBU, AT THE STAKEHOLDERS’ MEETING ON THE ANAMBRA STATE GOVERNORSHIP ELECTION, HELD AT THE PROFESSOR DORA AKUNYILI WOMEN DEVELOPMENT CENTRE, AWKA, ON WEDNESDAY 3RD NOVEMBER 2021
1. On behalf of the Independent National Electoral Commission (INEC), it is my great pleasure to welcome you all to this interactive meeting just a few days to the Anambra State Governorship election. I am glad to note that the Inspector General of Police, as the head of the lead agency for internal security, including the conduct of elections, in Nigeria is here personally. This further underscores the importance of this consultative meeting. Issues relating to election security will be addressed by the Inspector General of Police himself. I am also glad to note the presence of the candidates for the election as well as other distinguished invited guests.
2. The Anambra State Governorship election holds in the next 3 days. As far as INEC is concerned, there are two activities left in our Timetable and Schedule of Activities. The first one is the end of campaign by political parties which is at midnight tomorrow Thursday 4th November 2021. The second is the Election Day which is Saturday 6th November 2021. These two activities will conclude the 14 items listed in the Timetable for the election released by the Commission about 11 months ago on 19th January 2021. INEC has diligently implemented every activity on schedule.
3. The Resident Electoral Commissioner (REC) for Anambra State has just briefed us on our detailed preparations for the election, including logistics and the recruitment, training and deployment of election duty staff. Non-sensitive materials have been delivered to the 21 Local Government Areas of the State. The sensitive materials are secure in the branch of the Central Bank of Nigeria (CBN) here in Awka. As is always the case on the eve of major elections, INEC will invite political parties, civil society organisations and the media to the CBN tomorrow, Thursday 4th, November 2021 to inspect the sensitive materials and to witness their movement to the various Local Government Areas under security escort. By the same arrangement, the materials will be delivered to the Registration Areas or Wards on Friday 5th November 2021 to facilitate the opening of Polling Units at 8.30am on Election Day i.e. Saturday 6th November 2021.
4. I want to assure all voters in Anambra State that in designing the sensitive materials for the election, the Commission has introduced additional visible and invisible security features, including different colour codes. Materials have also been customized by Local Government Areas and Polling Units. Let me therefore warn those who may attempt to compromise the process that we have put in place sufficient safeguards to detect counterfeits. We are also determined to prosecute perpetrators of electoral malpractice, including any election duty staff found to be complicit. The choice of the next Governor of Anambra State is in the hands of the eligible voters and their will must prevail.
5. On Saturday, 6th November, 2021, Anambra State will make history as the first Governorship election in Nigeria in which the Commission will deploy the Biometric Voter Accreditation System (BVAS) device. This new device replaces the Smart Card Reader (SCR) used in previous elections since 2015. We are satisfied with the pilot deployment of the BVAS in the Isoko South I State Constituency Bye-election in Delta State on 11th September 2021. The BVAS has the dual capacity for fingerprint and facial authentication of voters. This is to guard against voting by identity theft where one person uses another person’s Permanent Voter’s Card (PVC) to vote using the incident form. With this development, the use of the incident form is abolished. No voter without a genuine PVC will vote. No voter who has not been successfully accredited electronically using the BVAS will vote.
6. At the same time, the BVAS is also equipped with a camera. Therefore, it has the capacity to snap Polling Unit level result and upload same to the INEC Result Viewing (IReV) portal so that citizens can view results as election is concluded in each Polling Unit. Therefore, there is no need for the Z-Pad since its functions have been embedded in the BVAS. I am glad to report that all the BVAS required for the election on Saturday have been configured and delivered to Anambra State. Election duty staff have also been trained on the use of the device and we have sufficient technical staff to respond to any glitches that may occur.
7. The Commission is also aware of the concern expressed about the availability of PVCs for new registrants in Anambra State. At the end of the recent Continuous Voter Registration (CVR) exercise, a total of 138,802 citizens completed the registration. After cleaning up the data, the Commission identified and archived 62,698 multiple registrants. Consequently, the number of valid registrants is 76,104. This figure has been added to 5,674 requests for transfer, update of voter information and replacement of lost or damaged PVCs, bringing the total of valid registrations to 81,774. I am glad to report that the PVCs have been printed and delivered to all the Local Government Areas for collection by voters. We have also contacted the voters by text messages and e-mail addresses and informed them of the exact locations to collect their cards. Through the media, we have also been sensitizing them to the availability of the cards for collection. Many of them have done so already. Let me therefore once again appeal to those that have not done so that their cards are available for collection.
8. Another issue that I need to address is the distribution of voters by polling units in Anambra State. About four weeks ago, the Commission published the register of voters for the election on 7th October 2021 i.e. 30 days to the election as required by law. Each of the 18 political parties was given a soft copy of the register here in Awka. In addition to meeting the requirement of the law, the presentation of the register is significant for another reason. The Anambra Governorship election is the first time that voting is taking place in polling units since the recent successful conversion of voting points arising from the expansion of voter access to polling units in Nigeria. An additional 1,112 polling units were established in Anambra State in addition to the existing 4,608 locations. This brings the total number of polling units in the State to 5,720. Voters were encouraged to seize the opportunity of the Continuous Voter Registration (CVR) exercise to transfer to the new polling units most convenient for them. Many did not do so. This can be partly attributed to the security situation in the State which has affected the Commission’s pre-election outdoor activities, including voter education and sensitisation. Understandably, the voters have also been cautious.
9. At the same time, the Commission did not use its powers under Section 42 of the Electoral Act 2010 (as amended) to allot voters to the new polling units to minimise the disruptions that may occur from such a decision in view of the forthcoming Governorship election. Consequently, out of the 5,720 polling units in Anambra State, 86 (1.5%) have no voters. Consequently, the Commission will not be deploying personnel and materials to these polling units. Furthermore, 894 (15.6%) of the polling units have between 1 and 49 voters. Election will hold in these polling units. We will continue to work with all stakeholders to ensure that all Polling Units have voters allotted to them ahead of the 2023 General Election.
10. Meanwhile, in our avowed commitment to transparency, the Commission has compiled a comprehensive list of all the Polling Units without voters as well as those having under 50 registered voters. Last week in Abuja, we had a special consultative meeting with the leadership of all political parties in and shared with them copies of the comprehensive locations of these Polling Units. We appealed to them to quickly inform their branches in Anambra State as well as their candidates for the election. I would like to seize this opportunity to draw the attention of political parties, candidates and other stakeholders to this situation. Copies of the list have been distributed to all stakeholders at this meeting. Already, the same document has been uploaded to our website and social media platforms for public information.
11. On this note, let me reassure all stakeholders of the Commission’s commitment to inclusivity. In line with our policy for equal opportunity for all Nigerians to participate, the Commission introduced assistive devices for Persons With Disability (PWDs) during elections. This includes the Braille Ballot Guide and magnifying glasses at polling units for the visually impaired as well as voter education posters for the hearing-impaired. I am glad to report that the Braille Ballot Guide and magnifying glasses will be deployed in the election this Saturday. I wish to reassure you that INEC will remain an equal opportunity Commission for all Nigerians irrespective of disability. As an affirmation of this commitment, data on disability is being collected in the ongoing CVR to enable us to serve this category of voters better.
12. In our continuing determination to protect the integrity of the electoral process, I wish to remind political parties, candidates and their supporters that vote buying is illegal under our laws. I wish to reiterate that the ban on the use of smart phone or other photographic devices in the voting cubicles is still in force. The anti-graft agencies, who are members of the Inter-Agency Consultative Committee on Election Security (ICCES), will deploy their personnel to arrest and prosecute violators.
13. Before I conclude, let me extend the Commission’s appreciation to you all for your presence. I thank the religious, traditional and community leaders as well as civil society organisations and the media that have worked tirelessly for the peaceful conduct of the forthcoming election. I call on the leaders of political parties and candidates to continue to appeal to your supporters to eschew hate speech or disruptive behaviour before, during and after the election. Doing so will only further compound the current situation and scare voters away from exercising their rights as citizens. Working with the security agencies, we have put so much in place for the successful conduct of this election. Let us by our words and action support the peaceful and credible conclusion of the 2021 Anambra State Governorship Election.
14. I thank you all and may God bless our efforts.
INEC Holds Final Stakeholders’ Meeting for Anambra Gov Election
L-R: Father Matthew Kukah, IGP Baba Alkali, INEC Chairman, Prof. Yakubu, National Commissioner, Festus Okoye and the Resident Electoral Commissioner for Anambra State, Dr. Nkwachukwu Orji at the Stakeholders’ Meeting in Awka, Anambra State
The final Stakeholders’ Meeting before the 2021 Anambra State Governorship Election (scheduled for Saturday 6th November 2021) is about to begin.
Already, the Chairman, Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu, Inspector General of Police, Mr Usman Baba Alkali, Co- convener of the National Peace Committee, Father Matthew Hassan Kukah and other stakeholders are at the venue in Awka.
Moove Partners Lori Systems to Propel African Logistics Financing, Targets Nigeria
Moove, an African mobility fintech, has signed an exclusive partnership with Lori Systems, the leading e-logistics company in Africa.
The partnership marks Moove’s first foray into the logistics industry, building on rapid growth over the last 15 months in car financing, as it leverages its revenue-based financing model to bridge the financing gap across one of the continent’s most highly fragmented sectors.
Moove and Lori Systems’ partnership will focus on delivering access to affordable vehicle financing within Africa’s trucking and logistics industry where penetration for truck financing is lower than one percent.
By combining Moove’s unique revenue-based financing model and credit-scoring technology with Lori Systems’ data-driven logistics marketplace, both companies aim to increase the capacity of transporters to match demand across East and West Africa.
The launch in Kenya will be followed by a rollout in Nigeria using the same revenue-based financing and credit decision model that Moove has developed as Uber’s exclusive vehicle financing and vehicle supply partner in sub-Saharan Africa.
Loans will be allocated to a pool of highly rated and vetted transporters on Lori Systems’ platform, allowing them to expand their fleet, as well as through a drive-to-own program for all truck drivers. With up to 100% of the purchase price underwritten by Moove, customers will be able to pay back the loans over 48 or 60 months using a percentage of their weekly revenue.
Commenting on the exclusive partnership Ladi Delano, Co-Founder and CEO of Moove said: “We knew from the get-go that our mission to democratise vehicle ownership would take us beyond cars. We’re thrilled to be partnering with Lori Systems to empower truck drivers in Africa, and are excited about the positive impact our revenue-based financing solutions will have on their lives. Lori’s efforts to leverage data-driven and tech-enabled solutions have recorded significant progress in driving further efficiency in the African logistics industry; this has been impressive and very much aligns with our mission.”
Launched in 2017, Lori Systems has been at the forefront of digitizing logistics on the continent and has successfully driven efficiency across the fragmented East and West African markets by digitizing discovery and providing end-to-end visibility for customers and transporters, achieving savings of up to 20%. Lori Systems has built a network of thousands of vetted transporters to move cargo across 12+ countries.
“Lori’s mission is to drive down the cost of goods in frontier markets. We’ve grown a marketplace that brings transparency and data to the forefront of the continent’s critical haulage industry. The partnership with Moove enables us to design innovative and flexible financing options, using data we have captured over the years, to allow transporters fund new trucks and increasingly grow their fleet and businesses,” said Uche Ogboi, CEO of Lori Systems.
“The logistics industry in Africa has for so long been underserved by financial providers. By partnering with Moove to unlock access to financing, we can provide an even more efficient service, match the growing customer demand in the market, whilst lowering the costs for goods. It’s as simple as that.”
Co-founded in 2019 by serial entrepreneurs, Ladi Delano and Jide Odunsi, Moove recently reached the milestone of 1 million Uber trips in Moove-financed vehicles with over 16 million kilometres travelled in Lagos, Accra, Johannesburg and Cape Town.
Backed by leading VCs including Speedinvest and Left Lane Capital as well as global institutions such as the International Finance Corporation, Moove has raised a total of $68.2 million in funding to date. Through this partnership with Lori, Moove is focused on driving efficiency within the industry and empowering truck drivers across the continent through customer-centric products designed to transform African transportation and logistics.
‘Nigeria Must Empower Youths to Drive Inclusive Economic Growth’- Stanbic IBTC
Stanbic IBTC Holdings Chief Executive, Dr. Demola Sogunle, stated in a recent interview that at Stanbic IBTC, we consider infrastructure development as a key driver of economic growth and development. This is one of the reasons behind the launch of the Stanbic IBTC N100 billion Infrastructure Fund. We aim to deploy proceeds of the fund for the development of infrastructure in critical sectors to boost economic activities in those areas. Some of the identified areas are transportation, education, and health. I’d like to quickly chip in that education and health are key CSI pillars for us at Stanbic IBTC. We launched Series One, the first tranche of the Infrastructure Fund, and the result has been positive as it has been widely accepted. Our strategy in using the Series One as a vehicle to attract investments from domestic institutional investors has been successful. We also saw a good turnout from insurance companies and high networth individuals. They bought into the story and vision of trying to invest their funds in the Infrastructure Fund, which can be categorised as an alternative asset plan.
• Steps to secure Nigeria’s future
It is well known that the future of any country lies in the youth. It is therefore very important to prioritise their education because the kinds of decisions and actions they take will be dependent on their level of knowledge. It is also very important to focus on their health. As a country, we also need to deploy resources towards reducing the level of unemployment.
The average Nigerian youth exudes so much energy and we have seen this play out in the occurrences in the last 12 months. We are witnesses to the innovativeness and the creativity of the Nigerian youth. We have developed three unicorns driven primarily by young Nigerians. The Nigerian youth is energetic, creative, innovative. By focusing on them, we will be able to secure our future.
Secondly, we need to look at the enablers of economic development and inclusion, because there is no point having economic growth that is not inclusive. The youths are very important to ensure inclusiveness within the context of our economic growth.
• Expectations from NESG
There is the need to take urgent actions. People are more desi People are desirous of fulfilled promises and a thriving economy. We need to execute the initiatives which are geared towards economic development and improving the lives of the populace. There should be a proper alignment and proper coherence between the public and private sectors. One of the key outcomes of the 2021 NESG summit for me is the resolve by various stakeholders to execute tasks with speed with the aim of achieving positive results. This is fundamental so that when we come back next year, we can itemise the recommendations and implementation and possibly measure results. It is important for the public and private sectors to come to a point where execution is accorded priority in summits such as the NESG.
• How does Stanbic IBTC drive Nigeria’s growth
Between 2015 and now, Stanbic IBTC has facilitated over 35 billion dollars’ worth of capital inflows into the country. Despite the advent of Covid-19 and the negative impact of the economy, we have attracted almost 0.8 billion dollars of foreign portfolio investment this year alone. This is evident of Stanbic IBTC’s ability to facilitate foreign capital inflow despite economic headwinds.
We are funding and making sure that savings of retirees are well managed, and payments made monthly to ensure that they continue to enjoy the fruits of their labour. We achieve this with our pension subsidiary, Stanbic IBTC Pension Managers, which is Nigeria’s biggest pension fund administrator by number of customers and assets under management.
One of our mantras as an organisation is that “Nigeria is our home, we drive our growth”. This is beyond a tagline. You can say that it is in our DNA to give back to the communities where we operate and Nigeria as a whole. The Stanbic IBTC Infrastructure Fund was also launched on the back of that mantra. We have already committed a certain percentage towards the development of critical infrastructure. Besides, it is also a key governance requirement.
We are doing a lot in the health care sector as well. Over the weekend, we commissioned a teaching hospital at the Baze University. This will be the largest private teaching hospital in the South of the Sahara. It measures about 10,000 square meters and we are funding it. We are intervening in public healthcare sectors and education because, as I mentioned earlier, they represent the pillars of our social initiatives as a responsible corporate entity. Our interventionist activities include giving scholarships, donation of learning materials, building educational structures, and even resuscitating dilapidated structures. We are also involved in extra-curricular activities such as sponsoring football competitions among students of tertiary institutions. We aim to develop the knowledge of our youths and even help some of them develop their talents and skill sets, which may hitherto be hidden. We train youths interested in Artificial Intelligence, programming, coding, data analytics, data science and we also pay for them to be certified.
We are doing a lot on economic empowerment. In the last 12 months, we have increased our portfolio for SMEs. The percentage increase is more than 300% and we are just starting. We will continue to do even more.
INEC Ready for Election as Yakubu Arrives Awka, Meets Anambra Police Chief
L-R: Commssioner of Police, Anambra State, Mr. Echeng E. Echeng and the INEC Chairman, Prof. Mahmood Yakubu at a meeting in Awka.
Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu has arrived in Akwa, the capital of Anambra State and immediately went into consultation with the Anambra State Commissioner of Police, Mr. Echeng E. Echeng.
He is currently meeting with members of the Inter-Agency Consultative Committee on Election Security (ICCES), Anambra State chapter, to discuss the security situation with regard to the governorship election taking place on Saturday 6th November, 2021.
Yakubu and his entourage comprising National Commissioners, members of the Technical Team, Directors and other Directing Staff, earlier arrived at Enugu Airport en route Akwa with Bishop Hassan Kukah, one of the conveners of the National Peace Committee on the same flight.
He is in Awka to discuss final aspects of the Anambra State Governorship Election, scheduled for Saturday 6th November 2021.
He will also on Thursday attend the Peace Accord ceremony, where all the contesting candidates of the 18 Political Parties will commit themselves to peace in writing.
NCRIB Commiserates with Victims of Collapsed Building, Seeks Need for Insurance
The Nigerian Council of Registered Insurance Brokers has condoled victims of the 360 Degrees Tower Multi-Storey building collapse in Lagos and rued the huge human and financial loss in the disaster.
In a press release issued by the Council, the President, Barrister Rotimi Edu noted that the increasing cases of building collapse constitute a huge challenge to government and other stakeholders in the built environment to embark on better synergy to ensure compliance with extant building regulations.
Edu was of the opinion that in spite of the strident efforts of Lagos State government through its various dedicated agencies, the incidences of building collapse has not been fully stopped.
He seized the opportunity to underscore the need for compliance with the compulsory insurance of public buildings as stipulated in Section 64 & 65 of Insurance Act of 2003 which makes it mandatory for all contractors and their agents to, among others, undertake insurance against death or injuries to third parties to a public building in the event of a disaster of this nature.
He specifically highlighted the crucial roles of Insurance Brokers who he noted were professional intermediaries in the insurance value and has the duty to advise clients about what to insure, how to insure and how to pursue their claims in the event of occurrence of a loss.