The Nigerian Communications Commission (NCC) has reminded and urged telecoms consumers to link their National Identity Numbers (NINs) with their Subscriber Identity Modules (SIMs) before the expiration of the deadline of October 31, 2021 set by the Federal Government.
The Commission gave the admonition during the NCC Digital Signature (NDS) radio programme, which hosted the 2nd episode of Telecoms Consumer Town Hall on Radio (TCTHR) live on a radio station in Lagos at the weekend to discuss benefits of NIN-SIM integration.
In the studio during the TCTHR programme were representatives of the NCC, the National Identity Management Commission (NIMC) and officials of telecoms operators. The live, phone-in programme provided opportunity for listeners to call and get clarifications on concerns and issues around NIN-SIM integration exercise.
Speaking during the live programme, Director, Public Affairs, NCC, Dr. Ikechukwu Adinde, advised Nigerians to make use of the extension of the NIN-SIM integration exercise to October 31, 2021, to enrol with NIMC, get their NIN and link it to their SIMs. “Soon, people without NIN will be denied of necessary services that play vital roles in their lives including acquisition of driver’s license, international passport,” he said.
On the benefits of the NIN-SIM integration, Adinde said the exercise will significantly enhance national security as NIN is the primary identity for Nigerians, stressing that in line with Federal Government’s commitment to ensure that Nigeria deploys technology to improve service delivery, the NIN-SIM database will enhance citizens’ access to government services.
In the same vein, the Director, Consumer Affairs Bureau of NCC, Efosa Idehen, noted that most Nigerians are still using SIMs without unique identification, as they were yet to link their NINs to their SIMs, pointing out that “those SIMs without unique identification could be used to commit crimes that remain untraceable.”
While explaining that security should be the responsibility of all citizens and not be left in the hands of government alone, Idehen urged telecoms consumers to take advantage of the October 31, 2021 deadline to enrol with NIMC, get their NIN and link same with their SIM to avoid denial of essential services in future.
Also speaking on the programme, Regional Director, NIMC in Lagos, Funmi Opesanwo, noted that submission of NIN to a mobile network provider helps in providing a means of verifying an individual’s identity and safeguarding both identity and mobile line.
She explained that NIN will become the first layer of verifying everything about a citizen, stating that other relevant database in other sectors of the economy are being integrated into the NIMC database for proper harmonisation .
“For instance, Bank Verification Number (BVN) is being harmonised with NIMC database. Therefore, BVN holders have automatically been allocated NIN and we advise BVN holders to dial *346# with the mobile number linked to BVN to confirm their integration. However, NINs generated via BVN must be verified and validated by NIMC through proper registration and biometrics capture at an enrollment center,” she said.
Representatives of telecoms companies including Globacom, MTN, Airtel and 9mobile, who attended the programme also answered series of questions from the consumers on the phone-in programme.
TCTHR is a consumer outreach programme of the NCC previously held in semi-urban areas but now modified to be radio-based, in order to reach every telecom consumer and as part of the Commission’s response to the efforts of the Federal Government to contain the spread of COVID-19 pandemic.
The first episode of the programme, aimed at empowering consumers through information sharing, education and protection initiatives, held in Kano in August, 2021 on NCC Digital Signature.
NCC: Telecom Subscribers Should Link NIN-SIM by Oct 31
Shycocan, World’s First Virus Attenuation Device Now in Nigeria, Partners Nestar
Shycocan Corporation, in partnership with Nestar Corporate Services Limited, has officially launched the Shycocan Virus Attenuation Device in Nigeria. The one-of-its-kind device has been developed by well-known Indian scientist and inventor Dr Rajah Vijay Kumar.
Nestar Corporate Services Limited is the official distributor of the device in Nigeria.
The cylindrical device, Shycocan is scientifically evidenced to disable and help curb the spread
of the Coronavirus in indoor spaces with up to 99.9% efficacy, enabling schools, colleges,
homes and businesses like hospitals, hotels, offices, restaurants, auditoriums, transportation,
retail, and airports get back to normal and serve customers in a safe environment. Remarkably,
Shycocan also works on all current and future variants and mutations of these viruses,
protecting people’s health and saving millions of hours of lost productivity.
Nneoma Oji (Mrs.), Chief Executive Officer and Managing Director of Nestar Corporate
Services Limited, said:
“The world is facing one of the most challenging and uncertain times
ever experienced in decades. The impact has been felt on daily lives, livelihoods and businesses
across the globe. A balance of the best of science as well as technology along with social
responsibility and the determination to fight is needed at all fronts. In keeping with our versatile
service and rich product portfolio we continue to bring immense value to myriads of industries, companies and ultimately families in Nigeria. Nestarcorp is proud to launch Shycocan in the country as part of the Nation’s fight to bring businesses and lives back to normal.”
On his part, Alok Sharma, Chief Executive Officer at Shycocan Corporation, said: “The world faced one of its’ biggest challenges with the pandemic bringing us to a standstill. More livelihoods than
lives have been lost, in fact, close to a billion at last count. And Science, Technology and
Innovation are going to play a big role in helping us reclaim our lives and work safely. We are
delighted to launch the pathbreaking one of a kind virus attenuation device, the Shycocan, in
the hope of doing just that. Helping people bring lives and businesses back to normal. And we
couldn’t have found a more credible and relevant platform than the prestigious ICPM to
showcase our cutting-edge technology.”
Shycocan is one of the most thoroughly tested devices for both safety and efficacy. It neither
uses nor emits radiation, chemicals, ozone, any toxic material. It is 100% safe for humans,
animals, and the environment. Additionally, it does not harm the bacterial ecosystem and
microbes that thrive in the environment and are essential for our immunity.
Shycocan has widespread usage across market segments, including hospitals, clinics, schools,
higher education institutions, banking sector, manufacturing and retail outlets, hospitality
sector, government offices, real estate corporations and businesses.
In addition to the solution,
the company offers customized consultations and installation, a one-year replacement
warranty, strong support and service network across Nigeria, and a post-installation audit.
A single device when mounted has an effective coverage area of 1,000 square feet (10,000
cubic feet). Multiple devices can be installed to cover a larger indoor space. The device has
seen a robust demand from institutional buyers across the globe and is already in use in
countries such as India, the US, across Europe, Malaysia, Singapore, Australia, New Zealand,
South Africa, Qatar, Ghana and Nigeria among others.
Shycocan Corporation is the global licensee of the Shycocan device for manufacturing, sales,
marketing, distribution and services. The Shycocan is the world’s first Virus Attenuation
Device, that can disable the entire Coronavirus family in indoor spaces with up to 99.9%
efficacy while being completely safe for humans, animals and the environment as proven in
multiple virology lab test reports.
It is certified as a CE Class I Device and conforms to the regulatory
requirements of many countries including the US, Canada, Mexico, Europe [UK, France, Germany, Spain, Italy, Netherlands, Belgium], Australia, New Zealand, Singapore, Malaysia, UAE, Qatar, Botswana, South Africa, India and more.
Shycocan Corporation is founded by a team of blue-chip technology and industry professionals led by Mr. Alok Sharma, the former MD of Apple India. The company’s immediate goal is to ensure
indoor environments free of transmission risks from Coronavirus for organisations to restart
their business and help bring life back to normal.
The company backs up its offering with
customised consultations, a one-year replacement warranty, a global support and service
network and a post-installation audit. The target customer segments of the company include
hospitals, clinics, K-12, higher education, banking, manufacturing, retail, hospitality,
government offices, real estate, other businesses and homes.
Nestar Corporate Services Limited, is a wholly indigenous Nigerian Company
established since 2004, providing full and unparalleled value chain services to the Oil & Gas,
Renewable Energy, Power, Rail, and Maritime industries offering a rich service and product
portfolio.
With offices in Rivers, Lagos and Ogun States, our services are backed by the needed approvals,
registrations, Permits, in-country technical partnership and foreign Original Equipment
Manufacturers (OEM) representations including Shycocan Corporation (Makers of Shycocan
Virus Attenuation device), Ultraspin (Produced Water/Oily Water Treatment
Systems/Facilities), Frenzelit (gaskets, insulation materials, expansion joints and heating
systems), Bliss Anand (Farris Safety Relief Valves), Straatman BV (world-class mooring and
dredging equipment), Hertecant Flange (best in class stainless steel flanges), Samil Industry
(field instruments), Bartec (explosion-proof enclosures and distribution, control and
connection equipment, analyzers and systems), Mangiarotti (heavy and big size equipment;
reactors, coke drums, separators, heat exchangers, boilers), ProMinent (metering, measuring,
control and water treatment solutions and technology), MCT BRATTBERG (complete cable
transit solutions; on land and sea), and Vantrunk (extreme cable management).
•
AfCFTA, UNDP Task Africa on Regulation to Drive MSMEs
African governments can turn trade barriers into accelerators that build back stronger economies and accelerate intra-continental trade.
At a high-level side event on the margins of the 76th United Nations General Assembly, the African Continental Free Trade Area (AfCFTA) Secretariat, Africa Investor and the United Nations Development Programme (UNDP) presented the new and innovative Regulation as a Stimulus economic model and urged African governments to support Micro, Small and Medium Enterprises (MSMEs) through intentional regulatory reforms that remove trade bottlenecks so as to enhance the continent’s socioeconomic recovery from the COVID-19 pandemic.
Through interviews with industry stakeholders, documentary research, econometric analysis, policy mapping and surveys, Regulations as a Stimulus (RaaS), developed by UNDP and Africa Investor, with support from the AfCFTA Secretariat and a research partnership with Cariolis Technologies, identifies regulatory levers that can be utilised by African Heads of State to quickly create change, offsetting some of the short-term adjustment costs and relieving firms from higher export costs.
Danbatta: Telecom Sector is Key to Digital Economy
Professor Umar Danbatta, Executive Vice-Chairman/CEO, Nigerian Communications Commission (NCC) says the telecom industry is the most critical stakeholder in the development of a credible national database in the digital economy ecosystem.
Danbatta said at the ALTON 2021 Webinar that 37 percent of the NIN enrolment achieved in eight years was accompanied by leveraging the telecommunications sector in Nigeria.
“It is our target to achieve 65percent NIN penetration in coming months to unlock the economic potential of the digital economy. NIN penetration now is 29.7 percent of the population with the deployment of the Android Enrolment Solution by the National Identity Management Commission (NIMC).”
The NCC Chief said the NIN-SIM database has grown to 63 million as at August 2021 while the subscriber base has equally climbed to 187 million.
“The NIN Policy for SIM Registration is perhaps the most effective driver of NIN enrolment and the development of a credible digital identity database. The Commission as the telecommunications regulator will continue to guide and support the industry by providing the necessary regulatory framework to ensure growth of the digital identity and digital economy ecosystem.”
The theme of the webinar was: Citizens Identity Management in a Digital Economy: The Role Telecommunication Service Providers.
Guinea Insurance: N1bn Premium, Digital Roadmap in 2020
Guinea Insurance Plc held its 63rd Annual General Meeting (AGM) recently to transact its ordinary and special businesses and receive relevant approvals from its stakeholders.
In accordance with set COVID-19 guidelines the AGM was held virtually to afford all stakeholders the same participatory rights as with a physical meeting.
Mr. Ugochukwu Godson, Chairman of the Board of Directors, Guinea Insurance Plc, ably represented by Mr. Samuel Onukwue, a Board Director, presided over the AGM, and as part of the ordinary business, presented the Audited Financial Statements for the year ended December 31, 2020, to shareholders, together with the Reports of the Directors and Auditors.
While giving a rearview mirror account of the Company’s journey in 2020, he acknowledged that “the year under review, will unfortunately be remembered for the impact that COVID-19 had on all aspect of lives, and the attendant turbulence in the global and domestic economic landscapes.”
While presenting its 2020 Financial Year results to its shareholders at the meeting, he further stated that despite the challenges faced in the year under review, “the Company recorded modest earnings, as Gross Premium Written stood at N1.08 billion in 2020, as against N1.29 billion in 2019, representing a decrease of 16.3%. Gross Premium Income also decreased by 10.3%, from N1.17 billion in 2019 to N1.05 billion in 2020. Net Premium Income decreased by 18.67%, from N902.4 million in 2019 to N733.9 million in 2020.
Owing to low single-digits interest rates in the fixed income market, Investment Income for the period under review decreased considerably by 50.1%, from N210.06 million in 2019 to N104.8 million in 2020.
The year resulted in a loss of N227.6 million as against N795 million recorded in 2019. We must note, however, that the accelerated digitisation of the Company’s customers engagement platforms, supply-chain interactions, and internal operations paid off, as the Loss for the Year dropped significantly by 71.3%.
The Company also recorded a 15.2% savings in its Operational Expenses, from N868.6 million in 2019 to N736.3 million reported in 2020, owing to Executive Management’s yearnings to achieve operational excellence while also embracing essential principles and methods to create significant improvement within the work environment.
The Chairman, Progressive Shareholders Association of Nigeria, Boniface Okezie, acknowledged that “the year 2020 was understandably challenging, with the outbreak of a great disruption unleashed by a viral pandemic. The growth in the Nigerian economy has been crawling due to its infrastructure deficit, high interest rates, and security challenges, kidnapping, conflict between cattle herdsmen and farmers have all taken their toll on the Nigerian economy but, there was still a lot of scope for improvement. He commended the board and management of the Company for going over and above in ensuring a significant reduction in its loss profile by a whopping 71.3% in the year under review.
He further applauded the Company for the institution of a strategic alliance with the Lagos State Government, through its Agency – Lagos State Parks and Gardens (LASPARK), as the Company’s sustainable development agenda has provided a powerful framework for the Company to engage in corporate social responsibility thereby, putting its social license to work along the Jibowu axis of Lagos.
In a closing remark, Managing Director/Chief Executive Officer, Guinea Insurance, Ademola Abidogun charged stakeholders of the company to look on the bright side of new things to come as the Board was raring to go with its continuous growth and development initiatives. In his words:
“Today, business is no longer, as usual, I make bold to say that we are alive to the current economic realities and our single-minded pursuit is to pull out all the stops on our path to success and return the Company on the path of sustainable profitability”.
Linkage Assurance: N36bn Total Assets, N2.4bn Claims in 8 Months
Daniel Braie
Managing Director/CEO
Linkage Assurance Plc
Linkage Assurance Plc has paid out N2.450 billion claims in the last eight months of 2021 to its numerous customers that suffered losses during the period under review.
According to the figures made available by the Company, between January 2021 to August 2021, fire claims accounted N869 million of the total claims.
Daniel Braie, Managing Director/CEO, Linkage Assurance Plc said the amount of claims paid in the period under review is a reflection of the Company’s commitment to meet customer’s expectation despite challenge in the business environment.
“We have met the promise to meet our claims obligations because that is the reason we are in business, to ensure that our esteemed customers who suffer losses are enabled to return to their business without delays.”
Braie said Linkage paid out N369 million on oil and gas risks, while another N247 million was paid on engineering risks. For Motor claims, the company paid N493 million for the same period.
Further breakdown of the claims shows that general accident took N222 million; Aviation N135 million; MarineN67 million, and Bond N49 million.
Daniel Braie further stated that Linkage Assurance has built capacity to meet her obligation, provide cover in high risks areas of oil and gas, aviation, engineering among others, with strong reinsurance backing to respond to risks maturity at any given time.
“We have put in place claims management processes with strong technology framework that ensures our customers are able to report their claims speedily from anywhere they are without having to come to our office”
He said this is supported by online real-time customer service unit that are on 24-hours to respond to enquiries and complaints of customers from any location across Nigeria.
Meanwhile, the unaudited financial report of Linkage Assurance Plc submitted to the Nigerian Exchange Group for the period ended 30th June 2021 shows total assets of N35.71 billion, as against N33,877 billion in December 2020.
Linkage Assurance Plc earlier in the year unveiled its new brand identity, a reflect the new core values of the company, and to restate the qualities of trust, innovation, excellence, sincerity, and reliability that the company is recognised for.
Braie, had stated that even though its logo is changing, what is not changing is the Company’s purpose and dedication to delivering on her promises to stakeholders.
“To us here at Linkage Assurance Plc, this goes beyond a logo change, but a reflection of where we are heading, through our commitment to protect our policyholders, reinforce our legacy of trust while also capturing the spirit of the dynamic future we see ahead of us.”
Linkage Assurance Plc is an insurance company which offers insurance protection for automobiles, homes, retail, commercial businesses in oil and gas, marine, aviation, and agriculture in Nigeria.
Insurance September 2021: Remaking Insurance to Serve Stakeholders Effectively
The fifth edition of Insurance September, an annual interactive event for insurance policyholders is scheduled for Thursday, September 30, 2021.
The conversations at the conference with the theme “The Emerging Pace of Insurance” will be focused on shifting the work being done in the insurance sector in Nigeria from trying to correct the wrongs to remaking insurance into an effective system that works for its stakeholders.
According to the Convener, Ekerete Ola Gam-Ikon, an Insurance Expert and Management Consultant, this year’s hybrid event (in-person at Abuja) is featuring young entrepreneurs keen to share experiences and expectations that will enable insurance relationships and partnerships deliver more value in this post COVID-19 era, especially through the engagement of the huge population of digital-oriented youths in Nigeria.
As in previous editions, Insurance September 2021 has attracted a rich array of Speakers including Mrs. Bolaji Sofoluwe, Co-founder/Managing Director of UK-based ETK Group Limited; Mr. Lawrence Bitrus Atafache, CEO of Creatify Inc; Ms. Eno Essien, CEO of Rheytrak Limited; Dr. Sunday Seno Agbonika, CEO of Collars and Paws Limited; and Ms. Hauwa Bako Mohammed, COO of Bako Kontagora Development Foundation, who will be the Moderator of this landmark
edition.
The Commissioner for Insurance/CEO of National Insurance Commission (NAICOM) is expected to deliver an extraordinary message to this year’s gathering and hopefully participants will receive clarifications on developments in the insurance sector as they did during the 2019 edition.
Insurance September, envisioned “to be the leading dialogue that educates risk bearers and measures risk takers towards improving their mutual experiences”, is becoming the beacon of hope for insurance policyholders and has helped reshape their behavior since 2017 when the inaugural edition was held in Lagos.
Ekerete is optimistic that this 5th edition will emphasise the impact of the affinity between Nigeria’s young population and technology (Insurtech) as the significant advantage for the insurance sector to leapfrog and take its rightful place as the financial instrument that keeps economies resilient even in these post COVID-19 times.
There is no doubt that the insurance sector in Nigeria needs more awareness campaigns and Insurance September is proving to be a distinctive initiative.
Heritage Bank CEO: ‘SMEs Need Digital Identity to Access Credit’
The Nigerian government must resolve the identity management system challenges in the country to empower commercial lenders to extend credit to Small and Medium Enterprises (SMEs) with less worry, the Managing Director/CEO, Heritage Bank Limited, Mr. Ifie Sekibo, has advised.
Speaking at the Finance Correspondents Association of Nigeria’s (FICAN) 30th-anniversary conference and awards with the theme: “Financing infrastructure & SMEs for inclusive growth in the post-COVID-19 economy”, which was held in Lagos, noted that until the country developed an identity management system that delivers value to the citizenry, SMEs will continue to grapple with financing challenges.
Sekibo, who was represented by Olusegun Akanji, Divisional Head, Strategy and Business Solutions explained, “Though the banking industry has financed a lot of SMEs in terms of count, it is the sector that has the largest numbers of bad loans and frauds in terms of count.”
According to him, the government needs to also put in place enabling policies that will support the private sector to complement the government’s efforts at bridging the country’s infrastructure deficit.
He added that the government alone cannot solve the country’s infrastructure challenges, noting that it is the private sector that will deliver the solution.
“We need the global private sector intervention to help us achieve a vision of infrastructural development,” Sekibo also said.
More so, the Managing Director/CEO, Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe, who was represented by Osaigbovo Omorogbe, Divisional Head, SME Banking, said though banks are willing to support SMEs, many of them lack capacity.
He argued that, “Commercial banks are not running away from supporting SMEs but joining hands with the government and other stakeholders to refinance all of what you see around infrastructure which is critical to the economy.
“I think the questions that should be answered for every proposal are, ‘Is it bankable? If you are going into this, what structure should be in place to ensure that the funds we are going to put in will be recovered back because we have stakeholders and investors who are also looking towards a good result’?”
The former Acting Managing Director, Bank of Industry (BOI), Dr. Waheed Olagunju, called on the government and the private sector to boost the capacity of the SMEs sector.
According to him, “We need to build the capacity of our people; the government and the organised private sector have a role to play.”
He added that there must be a way of helping the SMEs as the engine of growth in the economy, pointing out that the demand side and the absorptive capacity of the SME must be looked into.
“I believe that the government and private sector development partnership will help. We need to work on the ecosystem looking at what other countries have done: they invested in industrial parks and technology as a short-term measure”.
He said the world is awash with investable funds of more than $17 trillion, stressing that Nigeria is one of the best investment environments in the world.
“Investors are looking for where to invest and return-on-investment in Nigeria, prior to COVID-19, was one of the highest in the world. According to UN statistics, Nigeria was ranked between 21 and 35 per cent on Return-on-Investment, Nigeria has the highest foreign direct investment in Africa. The world wants to do business with Nigeria,” he said.
In addition, Mr Bola Koko, Managing Director of FMDQ Group, represented by Yomi Osinubi, said, “If you want SMEs to get the best benefits of infrastructure development in the country, the CBN Governor mentioned the largest areas to focus which is energy; the second-largest is the logistics – movements of cargo around the country,” he said.
‘74% of Nigerians Invest in Crypto-currency for Family Upkeep’
Luno, the leading global cryptocurrency company, has revealed in a new online global survey that only 2% of Nigerian cryptocurrency investors surveyed do not have a plan when making investment decisions, delivering a groundbreaking insight into how consumers manage the investment risks attached to the country’s growing wave of crypto adoption.
The findings emerged when respondents were asked which statement best describes their investment approach with 36% saying they react to market changes and invest where they feel comfortable, a further 31% stating they limit speculative investments to a small percentage of their funds and 29% describing their approach as having a plan and sticking to it.
The survey, which included nearly 7,000 respondents from Nigeria, Kenya, South Africa, UK, Australia, Indonesia and Malaysia, not only found cryptocurrency investors in Nigeria to be financially-savvy, but also to be investing for sensible and long-term goals.
Almost three quarters (74%) of Nigeria’s crypto investors say the most important purpose of having money to them is to secure the wellbeing of their family and leading uses for returns on investments amongst Nigerian adults willing to invest their salary in cryptocurrency included paying for children’s education (45%), savings for a home deposit (43%) or to establish a fund to pass onto their grandchildren/children (40%).
The trend of a focus on long-term goals was further supported by the fact that nearly three in ten Nigerian investors held their crypto between one month and a year (27%), refuting the “get-rich-quick” perception which can be associated with the industry.
Speaking on the findings, Owen Odia, Luno’s Country Manager for Nigeria, says: “The massive scale of crypto adoption in Nigeria has been well documented over the last few years, but in recent months, the conversation has shifted to a much more pressing issue – are consumers handling this transition to investing in a cryptocurrency, safely? These findings should provide a major boost of confidence that the average crypto investor in Nigeria has sensible investment habits and reasonable financial goals, which dispels a lot of the myths and stereotypes currently surrounding them.”
“However, this doesn’t mean discussions about protecting crypto consumers in Nigeria should stop here. Our aim is that this research progresses the debate about the current state of crypto regulation in the country so we can work closely with the authorities to establish a robust framework that further minimises the risk exposure for consumers.”
Across the countries surveyed, Nigeria had the highest number of people who conducted thorough research before investing in cryptocurrencies (61%) with Kenya and South Africa ranked at 56% and 48% respectively.
Over the next five years, Nigerians are also the most willing to invest some of their salary in cryptocurrencies (81% compared to 67% in Kenya and 63% in South Africa).
Luno’s research also shows that cryptocurrency holders across the globe aren’t singularly focussed on digital currencies. In fact, they are much more likely than their peers to save and invest in other asset classes. The overwhelming majority (78%) of cryptocurrency investors save regularly, versus approximately two-thirds of the general population (65%).
Not only do crypto investors save regularly, but they are also much more likely to hold diverse portfolios. Adopters of cryptocurrencies globally are also much more likely to hold other types of financial assets including bonds (19% v 10%) and even gold (25% v 14%).
Kenfield Griffith, CEO and Founder of Ajua, Africa’s first integrated customer experience company for businesses, adds:
“As the growth of fintech brings more transactions online in Africa, it’s vital that businesses go the extra mile to understand the habits and reasons behind their customers’ behaviour as there’s a huge growth opportunity to be unlocked. These findings from Luno should not only provide them with greater assurances about the safety of their customers, but should also put them in a much stronger position to optimise the customer experience on their platform and deliver more services that help their users achieve their financial goals.”
Stanbic IBTC: Working Towards Net Zero Emissions
As part of the Stanbic IBTC 2021 Sustainability Week event, Stanbic IBTC Holdings PLC, a member of Standard Bank Group, organised a sustainability webinar tagged “Working Towards Net Zero Emissions”.
The objective of the virtual event which was held on Monday, 20 September 2021 via the Group’s #Bluetalks platform, was to promote public awareness on the impact of climate change and provide practical methods towards reducing carbon footprints and achieving net zero emissions.
Delivering his opening remark at the event, Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC said:
“We all cannot continue to ignore our responsibility in the current changes to the climate. Through small adjustments leading to a more conscientious and sustainable lifestyle, each one of us can take part in the global climate protection project. As reflected in one of our strategic value drivers SEE (Social, Environmental and Economic) Impact, Stanbic IBTC is focused on ensuring it does business responsibly whilst positively impacting the society and environment where we operate. As such, the 2021 Stanbic IBTC Sustainability Week is an opportunity for us to advance awareness around practical steps we are taking, and more which we can take, to make our world a better place.”
The webinar featured seasoned experts including Temesoye Jack, Group Head, Sales, Banks, Gas Stations and SMEs, Starsight Energy; Professor Kenneth Amaeshi, Chair in Sustainable Finance and Governance at the European University Institute (EUI) and Oluwasegun Olajuwan, Group Chief Executive Officer, THLD Group.
Temesoye Jack stated that renewable energy sources like solar energy can help countries attain net zero emissions. She said, “Solar energy can help us move towards reducing greenhouse emissions. We need to have more energy efficient offices nationwide. However, this shift will not happen overnight as it is a gradual process.”
She explained that Nigeria has barely scratched the surface when it comes to renewable energy and emphasised that sustainable practices do not have to end in the office but must be observed in all areas of the country
Prof. Kenneth Amaeshi highlighted the importance of harmonising technology upgrades and sustainable growth to reduce carbon emissions. He explained that sustainability at the global level is targeted at mitigating the adverse effects of climate change.
According to Prof. Kenneth, “From recent surveys, it is clear individuals are ready to go green. The affordability of clean energy will determine if we will be able to reduce carbon emissions.”
Speaking on practical steps that can be adopted to help in achieving net zero emissions, Oluwasegun Olajuwan, Group Chief Executive Officer, THLD Group, said “Autogas has been around for 40 years, and Nigeria is not fully embracing it. It is safer, cleaner and more cost effective than fossil fuel and diesel. Vehicle conversion from fuel to Autogas is affordable. CNG (Compressed Natural Gas) is more efficient than fuel. The use of CNG in vehicles mitigates the emission of nitrous oxide and hydrocarbons by 40% and 90% respectively, compared to petrol.”
Omolola Fashesin, Head of Sustainability at Stanbic IBTC, thanked the panellists for the informative session, which helped create awareness of alternative sources that can help reduce carbon emissions. She urged the participants to apply learnings from the webinar to take practical steps to reduce their carbon footprint.
Finally, in his closing remarks, Kunle Adedeji, Executive Director Finance and Value Management stated that “at Stanbic IBTC, we are committed to facilitating a better and more sustainable future for all. We have already commenced various workstreams that will help us on the journey towards Net Zero emissions. Some of these include understanding our energy sources, consumption patterns and possible areas for efficiency; adoption of cleaner energy sources in our office locations (leveraging Autogas and Solar energy solutions); and adoption of Tree Planting programs which will help us with carbon sequestration.”
Insurance September 2021: Remaking Insurance to Serve Stakeholders Effectively
The fifth edition of Insurance September, an annual interactive event for insurance policyholders is scheduled for Thursday, September 30, 2021.
The conversations at the conference with the theme “The Emerging Pace of Insurance” will be focused on shifting the work being done in the insurance sector in Nigeria from trying to correct the wrongs to remaking insurance into an effective system that works for its stakeholders.
According to the Convener, Ekerete Ola Gam-Ikon, an Insurance Expert and Management Consultant, this year’s hybrid event (in-person at Abuja) is featuring young entrepreneurs keen to share experiences and expectations that will enable insurance relationships and partnerships deliver more value in this post COVID-19 era, especially through the engagement of the huge population of digital-oriented youths in Nigeria.
As in previous editions, Insurance September 2021 has attracted a rich array of Speakers including Mrs. Bolaji Sofoluwe, Co-founder/Managing Director of UK-based ETK Group Limited; Mr. Lawrence Bitrus Atafache, CEO of Creatify Inc; Ms. Eno Essien, CEO of Rheytrak Limited; Dr. Sunday Seno Agbonika, CEO of Collars and Paws Limited; and Ms. Hauwa Bako Mohammed, COO of Bako Kontagora Development Foundation, who will be the Moderator of this landmark
edition.
The Commissioner for Insurance/CEO of National Insurance Commission (NAICOM) is expected to deliver an extraordinary message to this year’s gathering and hopefully participants will receive clarifications on developments in the insurance sector as they did during the 2019 edition.
Insurance September, envisioned “to be the leading dialogue that educates risk bearers and measures risk takers towards improving their mutual experiences”, is becoming the beacon of hope for insurance policyholders and has helped reshape their behavior since 2017 when the inaugural edition was held in Lagos.
Ekerete is optimistic that this 5th edition will emphasise the impact of the affinity between Nigeria’s young population and technology (Insurtech) as the significant advantage for the insurance sector to leapfrog and take its rightful place as the financial instrument that keeps economies resilient even in these post COVID-19 times.
There is no doubt that the insurance sector in Nigeria needs more awareness campaigns and Insurance September is proving to be a distinctive initiative.
IDC: Cloud Tech is Top Investment Priority in Next 5 Years
The potential for cloud technologies to break down silos and enable more contextualized views of data is having a dramatic impact on enterprise investment priorities for operations.
When asked to identify investment priorities for operations over the next five years, organisations ranked cloud highest, followed by wireless connectivity and artificial intelligence and machine learning (AI/ML), according to a recent Future of Operations survey from International Data Corporation (IDC).
At the same time, however, many enterprises have yet to move their operational data from on-premises to the cloud. IDC survey data reveals that fewer than 20% of organisations have put more than 50% of their operational data in the cloud.
Actual investments and the results from current AI/ML projects tell a more complicated story. While many organisations cite AI and ML as an important future technology investment area, most survey respondents indicated that they have no plans to use AI to analyze operational data in the next several years. Other survey findings provide insights into why this is the case. These findings will be discussed further in an IDC webinar to be held on September 28th.
“A point of resistance just a few years ago, organisations are now prioritizing investments and building strategies for putting operational data into the cloud,” said Leif Eriksen, Research Vice-President, Future of Operations.
“And, while the momentum is irrefutable, organisations will need to develop a specific cloud data management strategy that addresses organisational needs and objectives.”
AMCON Wins Award at FICAN 30th Anniversary Confab
L— R: Mr. Jude Chiedozie Nwauzor, Head, Corporate Communications Department, Asset Management Corporation of Nigeria (AMCON) who represented the Managing Director/CEO, Mr. Ahmed Lawan Kuru, at the 30th Anniversary Conference & Awards organised by Finance Correspondents Association of Nigeria (FICAN), receiving the award won by AMCON from Mr. Osita Nwasinobi, the Director, Corporate Communications, Central Bank of Nigeria (CBN) while Mr. Chima Titus Nwokoji, FICAN National Chairman watches at the event, which held in Lagos…at the weekend.
NDIC Receives Award for Support to FICAN, Financial Journalism
L-R: NDIC’s Director, Communication & Public Affairs, Mr. Bashir Nuhu (Left) receiving Award of Special Recognition for Support to Finance Correspondents Association of Nigeria (FICAN) and Financial Journalism in Nigeria on behalf of NDIC MD/CE from former MD, Bank of Industry, Dr. Waheed Olagunju while FICAN President, Chima Nwokoji watches in admiration in Lagos.
Access, GT, UBA, FCMB, Fidelity Bank Fined N1.4bn by CBN
Herbert Wigwe
Group Managing Director/CEO
Access Bank Plc
Access Bank Plc, UBA Plc, GT Bank Plc, Fidelity Bank Plc and First City Monument Bank (FCMB) Plc were fined over N1.4 billion in the first half of 2021 for various infractions/regulatory violations ranging from forex regulations and late filling of annual accounts amongst others by the Central Bank of Nigeria (CBN), Securities & Exchange Commission (SEC), Financial Reporting Council of Nigeria (FRCN) etc.
The fines are as follows:
- GT Bank: N692 million
- Fidelity Bank: N349.3 million
- Access Bank: N185. 5 million
- UBA: N278 million
- FCMB: N162. 3 million