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Absa Highlights Fresh Opportunities, Growth Potential in Telecoms Sector 

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Sadiq Abu

Absa CEO  

Absa, a leading pan-African bank with a strong footprint across the African continent, has highlighted the opportunities for new businesses in the Nigerian telecommunications sector as well as the sector’s limitless growth potential.

The Bank said the opportunities and the growth potential remain strong, in spite of the challenges in the sector, and therefore called on smart investors and entrepreneurs to tap into the opportunities and expected growth.

The banking group, which operates two licensed subsidiaries in the country, Absa Capital Markets Nigeria Limited and Absa Securities Nigeria Limited, and has deep expertise in advising and financing telecommunications, media and technology transactions across the continent, provided an interesting perspective on the sector during a media roundtable session held recently in Lagos, themed The Nigeria Telecoms Sector: Exploring the Opportunities.

According to Sadiq Abu, the Chief Executive Officer, Absa Nigeria, the issues plaguing the smooth operations of telcos in the country include power deficit, vandalism of transmission infrastructure assets, theft, and multiple taxation.

He said these despite the operating challenges, the sector continues to present enormous opportunities for growth, especially in relation to broadband internet, last mile connectivity and telco infrastructure (data centres, fibre optic networks, etc).  There remains a vast and growing demand for data, despite the apparent maturity of voice revenue streams.

“The telecommunications industry is generating interest from local and foreign investors. This is because the capacity for growth in the industry is limitless. And telcos are already strategically developing useful business vehicles to take advantage of emerging opportunities in the industry,” Sadiq said.

“Meanwhile, the various challenges that are bedeviling the smooth operations of telcos provide expansive opportunities for smart entrepreneurs who possess an innovative and unerring vision of what can be done to help the players maintain cost advantage or protect critical transmission infrastructure assets through the provision of services that hedge against disruption in the supply chains.”

Also speaking during the event, Hasnen Varawalla, the co-head of Investment Banking Origination for Absa said Nigeria’s telecommunications sector is one of the largest sectors on the African continent and can serve as a strong driver for wider employment generation, financial inclusion and robust foreign direct investment (FDI).

“Two of the telcos that have listed on the Nigeria Stock Exchange (NGX) currently form 54% of the overall capital base of the NGX and as of 2021, the sector reportedly contributed around 17% of the GDP,” Varawalla said.

He explained that the sector drives financial inclusion, supports fintech activities, aids the ongoing explosion in e-Commerce services and integrates cities.  He said some of the attractive propositions in the industry include telecommunications infrastructure (data centres, fibre networks, etc), the gradual rollout of 5G technology combined with the new interest in digital work tools to meet the demands for distant work arrangements, as well as the emerging trends in fintech.

“Absa is a significant capital provider to the entire telecoms sector in Africa. Our role is not limited to providing capital though; we are amongst the most active advisers to telco/telco infrastructure companies having led and/or participated in many landmark transactions across the continent, including the GBP 595m Airtel IPO on the NGX, the sale of 9mobile to Teleology, Vodacom IPO on the Tanzania Stock Exchange, the US$ 378 IHS IPO on the NYSE, the acquisition by IHS of MTN’s tower portfolio in South Africa, amongst others.  We continue to make available our deep telecoms sector expertise to help telcos take advantage of emerging opportunities that will fast track the timely achievement of their growth aspiration,” Varawalla said.

Adedotun Sulaiman, the Chairman of Absa Nigeria, enthused about the potential trapped in the Nigerian telecommunications sector and the implication for the economy. He promised that Absa will always be available to provide a useful perspective on key sectors of the economy.

 

Gombe State, Simba TVS to Empower Residents with 1000 Tricycles

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The Gombe State Government has commenced moves to improve last-mile transportation in the state, with the introduction of 1000 TVS tricycles which would ease local passenger commute and thus improve the lives of the people of Gombe State.

The state government had selected Simba TVS, foremost motorcycle and tricycle company, to supply 1000 units of the TVS King deluxe tricycles (Keke), based on the company’s high-quality products, spares availability across the country and their reputation for best-in-class service.

Mr. Mahendra Pratap, the Business Head of Simba TVS, who was at the Vehicle handover ceremony at the Pantami stadium in Gombe, commended the State Governor, Alhaji Mohammed Inuwa Yahaya, for his visionary foresight and astute commitment to resolving the challenges of last-mile transportation and impacting positively on the fortunes of the people in the State.

He revealed that Simba TVS was selected due to the brand’s reliability, trustworthiness and commitment to quality service adding that TVS brands were widely accepted across the country.

According to him, “Gombe State Government trusted Simba TVS to provide 1000 units of the TVS King Deluxe to enhance last-mile transportation in the state and we have done just that to demonstrate our commitment and vision.

The TVS King Deluxe is the most powerful 3-wheeler vehicle with the most durable engine in a Keke, stronger chassis and body, imbibing the best considerations for safety, comfort and convenience, and of course, our Keke comes with 12 months warranty.”

He noted that the impact of the addition of 1000 units of TVS 3-wheelers into the transportation infrastructure of Gombe State is very significant as this is expected to empower residents, boost productivity and generate massive socio-economic ripple-effect.

“We are convinced that the distribution of the TVS King Deluxe, as part of the Alhaji Yahaya administration’s projects in the transportation sector, will alleviate the challenges of last-mile transportation, provide employment and technical skill development opportunities for the youths, while also accelerating the pace of economic growth in the state,” he said.

Regarding continuous support for customers, he revealed that, Simba TVS provide a range of after-sales and support services, which is not only limited to a 12-month warranty (on the vehicle engine and indicated parts) but also include easy access to genuine spare parts, vehicle coupling training/ service, and Rider safety training.

Other benefits could include basic vehicle maintenance training, advanced training for technical manpower development/ skill enhancement and basic transport business management training.

He stated that in affirmation of the brand’s avowed commitment to nation-building, Simba TVS will continue to seek opportunities to expand partnerships with major stakeholders such as governments and their agencies, corporate organisations, financial institutions across the country.

In Gombe State, Simba TVS is looking to establish fully equipped, company run workshops along with supporting local mechanics and spares dealers in various parts of the state that will be focused on the development and enhancement of the support infrastructure: spares, technical services and engine oil.

Taiwo Damilola, Divisional Head of Marketing, Simba TVS, remarked that Simba TVS has in the past invested in numerous CSR initiatives focused on social/economic empowerment and human capital development. The firm will continue to roll out more initiatives in line with this vision and belief based on its understanding of the evolving challenges within the country.

The State Governor at the launch ceremony on Wednesday, March 30, 2022 took a ceremonial ride in a TVS King Deluxe and expressed excitement at the performance of the vehicle. The State Government have since begun the hand-over of the vehicles to beneficiaries from across the State.

 

NSIA Unveils Radio Campaign to Reach Clients, Grow Market Share

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NSIA Insurance starts off the second quarter of the year 2022 with the launch of its new radio campaign.

The organisation has launched this campaign as a means to reach a diverse range of prospective customers, shed light on NSIA Insurance business operations, and reiterate the brand strategy for the year – ‘Plan i is the new Plan B”.

It also presents an opportunity to communicate effectively the value of their product offerings and tailor-made services.

There are 5 elements of the radio campaign:

  1. Spot Adverts (April 4 – May 11) – 6 weeks
  2. Time Check (May 2 – July 6) – 10 weeks
  3. Hypes (June 14 – July 19) – 6 weeks
  4. Live Appearances (July 5 – July 26) – 4 weeks
  5. Sponsorship (July 18 – October 3) – 12 weeks

The first 2 elements focus on creating increased awareness for the Brand, after which the hypes will dwell more on Plan i as life’s backup plan. Then there will be Live Appearances featuring #NSIApeople which will focus on its business operations and product offerings.

The campaign will run on various radio stations in Lagos, Ibadan, Port Harcourt, Warri, Abuja, Onitsha, Asaba, Enugu, Kaduna, and Kano.

According to the MD/CEO of NSIA Insurance, Ebelechukwu Nwachukwu, “The insurance industry has undoubtedly progressed over the years, but we are not where we should be. Many individuals still need to embrace insurance as a necessity, from health insurance to life insurance, ensuring that all their assets are protected. Getting a Plan i for different stages of life is critical.”

 

About NSIA

NSIA Insurance Limited is a first-class composite insurance company driven by Integrity, Care, Innovation, and Professionalism. The Head Office is in Lagos, with a strong regional presence in Abuja and an extensive network in strategic states across the country.

NSIA Insurance offers a wide range of insurance services at competitive rates to meet the changing financial, investment, and lifestyle needs of its corporate, commercial, and individual customers.

NSIA Insurance Limited (Nigeria) is part of NSIA Participations, which is currently present in 12 African countries; Benin, Cameroon, Congo, Côte d’Ivoire, Gabon, Ghana, Guinea, Guinea Bissau, Mali, Nigeria, Senegal, and Togo.

GNI CEO to Nigerians: Embrace Insurance for a Better Future

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Mrs. Cecilia O. Osipitan

Managing Director/CEO

Great Nigeria Insurance Plc

Great Nigeria Insurance Plc has called on Nigerians to adopt the culture of insurance now more than ever before.

This advice is coming on the heels of the commencement of the rainy season as most of the road accidents happen during this season due to heavy downpour resulting in waterlogging, covered potholes, manholes and ditches.

Not forgetting the rise in the figures of collapsed buildings especially those under construction, fire outrage and other eventualities which have destroyed properties worth millions of Naira in the past.

During a press briefing with insurance correspondents recently held at the Head Office of Great Nigeria Insurance Plc in Lagos, the company’s spokesperson, Ms. Oyinkansola Sobande said this is the time Nigerians need to consciously educate themselves on the benefits they are bound to derive in taking up an insurance policy.

She said there are various insurance products that have been designed to protect lives and properties, noting that the most essential thing is for the insuring public to willingly open their minds in accepting the fact that insurance is a very important aspect of their lives. In her words, “Nigerians have waited too long in recognizing and accepting the reality that without insurance, one is like building a House without a foundation and in no time, it could come crashing; and when that happens, you will have to start from the scratch again with even more funds than you initially expended”. She said that insurance gives you the promise of a safe and comfortable future. The earlier we disabuse our minds of the old notion that insurance does not work, the better it will be for all of us, she concluded.

Also commenting, the Head, Corporate Services of the underwriting firm, Mrs. Kofoworola Oshiga, attributed the low patronage of insurance in the country to the fact that Nigerians lack the basic insurance knowledge to fully appreciate the benefits inherent in it. According to her, “there’s a willing suspension of acquiring basic knowledge about insurance products and how it works by majority of Nigerians which must be dispelled.”

Experience has shown that an individual who took out one policy or the other in the past but with awry experience along the line was largely due to the inability of perusing their insurance contract or policy document as the case may be. Such an individual is capable of giving wrong information or misrepresentation of ideas to would-be customers out there who would have taken one policy or the other.

In the same vein, the Managing Director/CEO, Mrs. Cecilia O. Osipitan equally mentioned that low awareness remains one of the major reasons why a very large percentage of the Nigerian populace is not insuring as they ought to considering the population and the level of commercial activities in the country. She also emphasised the need to positively influence the perception of the insuring public to engender greater patronage as the negative notion that most people have against this very noble profession is adversely affecting the performance of the industry.

As part of the sensitisation effort, GNI Plc uses two sponsored radio program titled “GNIONGO” on Traffic Radio 96.1FM every Friday between 12:15 pm and 12:30pm and “Oga Driver” on Star 101.5FM every Monday, Wednesday and Friday between 10:15am and 10:45am to extensively discuss the import of insurance with the different products and services available under the stable of the company.

Great Nigeria Insurance Plc remains resolute in delivering on all promises made.

 

2023: Harvard Economist Projects Emefiele as Next Obasanjo

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Godwin Emefiele

Governor

Central Bank of Nigeria

It’s not very often that a sitting central bank governor is lauded by throngs of singing and dancing supporters, but backers of CBN governor Godwin Emefiele may have just made history at this weekend’s APC national convention.

The political theatre, whether organic or facilitated, is a quirky tribute to a technocrat whose celebrity status usually doesn’t stretch past the Davos city limits. In a crowded field of candidates for the APC’s presidential nominee, however, it’s unsurprisingly necessary to pull out all the stops to get ahead of the pack.
Emefiele, for his part, has so far kept silent on whether he will formally run. While others are quick to throw their hats in the ring, the CBN governor appears to be taking the route of a diligent-but-humble public servant who may be pressured into running.

Although that path above the fray is well-trodden, Emefiele’s powerful, current position has ruffled plenty of feathers. In February, Premium Times ran an editorial calling on Emefiele to either resign and run, or remain in his post and repudiate any electoral ambitions.

Similarly, just days ago the main opposition party, the PDP, offered a 21-tweet salute accusing Emefiele of having “desecrated the sanctity of his office as CBN Governor.” If the governor were to formally enter the arena of partisan politics, there would be intense pressure upon him to resign his tenure as the country’s top banker.
Aside from his powerful post, why does Emefiele draw so much lightning? The APC is expected to select a candidate from the South for the 2023 ticket (some say the south west, specifically, but that remains to be confirmed).

Born in Delta state, Emefiele is described as having “a candidature with South South and Igbo background.” His professional experience is also strong. He came to the apex bank with 20 years of experience in the private sector, most notably as managing director of the household name Zenith Bank. Additionally, appointed under PDP president Goodluck Jonathan in 2014, Emefiele has worked with (and survived in his post under) governments led by both major parties.
This mix of fortuitous zoning happenstance, noteworthy private sector experience, and political longevity at the height of national politics makes Emefiele a serious contender. But no one plays in the big league for that long without controversy.

Over the years, Emefiele has faced accusations of impropriety, lawlessness, and mismanagement. And that’s all before he was considered a potential presidential candidate.
The glaring lacuna in Emefiele’s resume is electoral success. Rotimi Amaechi and Nasir El-Rufai—potential rival candidates within the APC—have both proven that they can win elections at the state-level. Is it necessary? Well, both Umaru Yar’Adua (Katsina) and Goodluck Jonathan (Bayelsa) won gubernatorial elections before winning the presidency.

But both Olusegun Obasanjo and Muhammadu Buhari served in unelected national-level positions, before eventually prevailing in nation-wide polls. If the APC ticket will indeed be led by a candidate from the South, could Emefiele be the next Obasanjo?

NB: Oliver McPherson-Smith, Harvard Economist, writes from the USA.

 

Stanbic IBTC Emerges Winner at 2022 Cosmopolitan The Daily Business Awards

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Stanbic IBTC Bank Plc, a subsidiary of Stanbic IBTC Holdings, has been awarded the Best Cash Management Bank and the Best Trade Finance and Supply Finance Provider in Nigeria at the 2022 edition of the Cosmopolitan The Daily Business Awards, which held recently.

Organised by Cosmopolitan The Daily Business publication, the business award recognises financial organisations globally with exceptional strategy, achievements, dedication, and innovation.

Expressing his delight at the awards, Jesuseun Fatoyinbo, Head, Transactional Products and Services (TPS), Stanbic IBTC Bank PLC, said that the recognition is an attestation to the bank’s dedication to quality service and customer satisfaction.

He said: “Stanbic IBTC Bank has earned its place as one of Nigeria’s leading financial institutions. One of our strategic goals is to help Nigerian organisations grow and scale their businesses while also facilitating the development of an enabling business environment and thriving ecosystem. We also deploy innovative solutions to give our clients and customers the best experience.”

“Emerging as the Best Cash Management Bank and Best Trade Finance and Supply Finance Provider in Nigeria is impressive as this demonstrates the commitment and dedication of our people. This is a testament to the high operating standard at Stanbic IBTC and proof of the confidence that our clients have in our service delivery” he added.

Jesuseun also highlighted innovative solutions that businesses can take advantage of, which include the newly launched Pan-African Payment and Settlement System (PAPSS), Business Online (BOL) which is a fully-digitised platform that facilitates cash management, investor services and trade needs, Africa China Trade Solution (ACTS), and trade finance solutions.

The Cosmopolitan the Daily Business Award is hosted by Cosmopolitan Daily publications and magazines, with branches in New York, Toronto, London, Dubai, Bangalore, Kuala Lumpur, and Sydney, is a business publication providing coverage of finance, technology, energy, real estate, on key market trends from around the globe.

Sterling One Woman Partners Society for Corp Governance on IWD

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L-R: HEAD, ONE WOMAN, STERLING BANK, IFUNANYA UGBOKO; CHIEF EXECUTIVE OFFICER, FUTURE SOFTWARE RESOURCES LIMITED, NKEMDILIM UWAJE BEGHO; CO-FOUNDER, FALCON CORPORATION, AUDREY JOE-EZIGBO; CHIEF EXECUTIVE OFFICER, SOCIETY FOR CORPORATE GOVERNANCE NIGERIA, CHIOMA MORDI; AND MODERATOR, AND HEAD GOVERNANCE, STANBIC IBTC HOLDINGS, ESE NKADI, AT THHE INTERNATIONAL WOMEN’S DAY 2022 IN LAGOS PHOTO: STERLING BANK

As part of activities to commemorate this year’s International Women’s Day (IWD) themed “Break the Bias,” Sterling Bank partnered with the Society for Corporate Governance, a Non-Governmental Organisation (NGO), to sensitise women professionals and other executives on how they can become active and effective board members as part of activities to commemorate this year’s International Women’s Day (IWD).

Speaking at the one-day event with the theme: “Boardroom Readiness: Enlightening and Equipping Women,” Mrs. Ifunaya Ugboko, Head of One Woman, said, “We supported the program because there is a need for women to be conscious of their potential, equip themselves for boardroom positions and change the mindset perspective that boardroom positions are meant for men alone.
“We also want women to be intentional about their capabilities and aspire to greatness. Helping women into leadership positions, especially at the boardroom level, where they can contribute to the growth of their organizations and live a fulfilling life.”

While urging women to be inspirational, Ugboko disclosed that women can have access to credit solutions such as asset financing loans, distributorship loans, discounted business loans, nanny solutions to support work-life balance, trusteeship solutions, and get the One-Woman card, which enables them to shop at discounted prices in selected stores under the One-Woman proposition.

She drew attention to the need for women to embrace trusteeship solutions as part of Breaking the Bias.

Also speaking, but virtually, the keynote speaker, Dr. (Mrs.) Ajoritsedere Awosika, Chairman of Access Bank Plc, dwelt on the need for gender diversity on boards of companies and commended the Society for Corporate Governance for being at the forefront of enforcing corporate governance and increasing the number of women in boardrooms in Nigeria.

Awosika observed that bias against women in top leadership positions is a global issue as statistics show that only 6.7 per cent of positions on boards of directors are occupied by women globally. She, therefore, urged women to improve their skills by taking advantage of the outcome of the COVID-19 pandemic to register for online courses in that regard.

She listed some examples of women who had broken the glass ceiling in the boardroom, including Mrs. Mosun Belo-Olusoga, the first female Chairman of Access Bank in 2020; Mrs. Ibukun Awosika, former Chairman of First Bank Nigeria Limited; Chioma Mordi; Elohor Aiboni, MD, Shell Nigeria Exploration and Production Company; Mariam Olusanya, MD/CEO of Guaranty Holding Trust Company; Mrs. Bola Adesola, former Managing Director and CEO of Standard Chartered Bank; and Mrs. Nneka Onyeali-Ikpe, current Managing Director and CEO of Fidelity Bank Plc.

Egbert Imomoh, Chairman of Investment One Financial Services Limited, also advised prospective women in the boardroom to be very strong, competitive, work hard at the beginning of their careers, be highly ethical and have the strength of character to express their views on board meetings.

Imomoh, a former MD of Shell Nigeria, advised corporate organizations to expose women to leadership positions and identify viable ones that can bring value to their companies, adding that women should ensure that their voices are heard.

There was also a panel discussion moderated by Ese Nkadi, Head, Governance, Stanbic IBTC Holdings. Discussants include Nkedilim Uwaje-Begho, CEO of Future Software; Audrey Joe-Ezigbo, Co-founder, Falcon Corporation Limited; Bimbo Wright, Executive Director, Wright & Co. Limited; Mrs. Bola Tinubu, Board Chair, the Boardroom Africa; and Zelda Akindele, Partner with Templars.

The panel conversation was centred around women being confident, having a voice, being competent, growing their social network, keeping themselves abreast of local and global trends, and a lot more.

The discussants, nonetheless, agreed that appointments to boardroom positions for women should be based, on merit, accountability, and impact, among others.

 

Nigeria’s 2023 Outlook and the Looming Danger

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By Dr. Michael Owhoko

I am neither a prophet nor a clairvoyant, but from the manifestation in my crystal ball, I see Nigeria in 2023 being shaped by upheaval fueled by miseries and hopelessness.  Agitation reminiscent of the ENDSARS protests will break out.

Primary triggers are the country’s pathetic economic indices, including growing unemployment, cynical gross domestic product (GDP), inflation and the undiversified weak mono-commodity economy, lacking leadership and managerial oxygen.

Secondary triggers are the dampened economic opportunities induced by nonchalance over worsening corruption, mounting debt burden, crude oil and foreign exchange manipulation, macro-economic flux,  insecurity, hunger, poor electricity supply, and lack of constitutionalism and rule of law.

Tertiary trigger is the unresolved national question pertaining to incompatibility of the country’s political system and its diverse ethnicities, which is negatively impacting on the country’s fundamentals.  Put differently, the country’s unitary system is antithetical to a multiethnic society like Nigeria, which undoubtedly, is the root cause of the country’s regression and despairs.

These concerns will transpire immediately after power transition in May 2023 with increased build-up towards the end of the year and beyond.  This unprecedented development will mark a watershed in the history of Nigeria.

Nigerians are fed up.  Suicide cases arising from hunger are on the increase. Over 82 million Nigerians now live on less than a $1 dollar a day.  At a conservative black-market rate of N580 to a dollar, the average Nigerian survives on less than N580 daily.  This amount cannot buy a standard loaf of bread of N600.

You now know why Nigerians are looking malnourished except those that have access to the country’s treasury, and the privileged few who are involved in under-the-table transactions, either in public or private sector.

Nigeria was ranked 103rd out of 116 countries by Global Hunger Index (GHI) as one of the hunger-plagued countries in the world, an indication of government’s failure over provision of welfare.  Even the World Bank recently affirmed in its 2022 Poverty Assessment Report that 4 out of every 10 Nigerians live below the national poverty line.

The report added further that only 17 percent of Nigerian working class earn wages that can lift them out of poverty while the wages of the remaining 83 percent are too meagre to guarantee exit from the poverty domain.

This is a mirror image of the depth of poverty in the country where some Nigerians go to bed hungry while majority are unable to afford two quality meals a day, resulting in discontent and frustration.  Yet, the country’s GDP is said to be growing, even as poverty capital of Africa and the World.

Can a growing band of unemployed and idle youths improve a country’s GDP?   Majority are not employed, implicitly, are not adding value to production of goods and services.  With no income earned, purchasing power is prostrate.  Rather than shrink, GDP is growing.  The Nigeria’s economy is a study in contradiction.

It is near impossible for a country’s GDP to grow in the face of a corresponding rise in unemployment, particularly among youths who constitute majority of the workforce.  Data for youth unemployment rate in Nigeria is in the region of 35 percent, about the highest in the world.  Obviously, this is exacerbated by lack of creative, determined and visible leadership efforts at addressing this precarious anomaly.

It is unhelpful that figures being published by the National Bureau of Statistics (NBS) do not inspire hope as they contradict market realities.

The NBS had said Nigeria’s GDP grew by 3.98 percent (year-on-year) in real terms in the last quarter of 2021.  Though, an optimistic trajectory, it is a paradox when viewed against the background of alarming rate of youth unemployment whose input into GDP is paramount.

Look at the number of graduates coming out of universities and other institutions of higher learning yearly, coupled with the country’s skill-less educational curriculum, the rural-urban drift, and the astronomical rise in population, you will understand why all residential streets are busy with high presence of idle youths during working hours. This was not so in the past where the streets were empty and quiet during the day, indicative of people’s presence at work.  Not anymore!

Again, looking at the suffocating inflationary rate, you begin to wonder whether the data deployed by NBS are tested or are just for political show.

From the consumer price index (CPI), NBS had said inflation dropped to 15.60 percent (year-on-year) in January 2022 when compared to 16.47 percent recorded in January 2021, a reduction of 0.87 percent.  Really?  It is imperative NBS officials go to market or grocery shops for personal purchases as part of feedback mechanism to ascertain firsthand, the real inflation texture in the country.

These economic flaws and current dysfunctional unitary system of government which has held the country down, preventing states or regions from unleashing their optimum potential, remain a major threat to unity and peace in the country.

The powers that be have conceitedly subjugated as inconsequential, the contending questions.  Unfortunately, hitherto strategy of deceit, repression, oppression and domination aimed at diverting attention from the country’s many woes will not work, and will be disrupted in 2023.

Having failed in all fronts of its promises to fix security, economy and corruption, the exit of this administration in 2023, will mark a new era that will usher in renewed agitation for reposition of Nigeria’s polity for enduring peace and progress.

The gaps created by mismanagement of diversities and inability to convert opportunities into capital, including failure to take advantage of existing unifying catalysts to strengthen the country’s unity, will deepen inclination for self-determination in 2023.  This may lead to reshuffling of existing structure aimed at dousing and averting eruption of bottled-up tension next year.

The year 2023 will also mark a new consciousness among frustrated youths of the ineffectuality of internet fraud (yahoo, yahoo), betting, gambling, drugs and other pseudo-revenue generation mechanisms.

There will be a complete emotional shift based on new reality that these vices are not solution to their problems, and may elicit a resolve to take their destinies into their hands.  Indeed, the youths will be more concerned about their dimmed future, which they believe, has been sacrificed on the altar of greed by politicians and those in authorities.

Impaired vision of the country’s leadership and lack of capacity to design programmes and set priorities to lift the country from its current dark clouds are believed to be chiefly responsible for the deteriorating living conditions of Nigerians.

The reality is that no amount of rejigging of the country’s unitary constitution can make Nigeria work, except it is replaced with a federal structure characterised by fiscal autonomy, where every state or region can freely aspire in line with its capacity and resourcefulness.  The current system cannot unite and hold the various nationalities together.

What is fundamental is the real search for “solution to the disillusion”, to borrow from the great reggae artist, Peter Tosh.  It is not about elections and leadership change but about disillusion in the land.  The solution is total restructuring based on the 1963 Constitution.  This constitution had been tested, and it worked.

The current unitary structure breads corruption, ethnicism, nepotism and misery.  That corruption has become a way of life in Nigeria, permeating all strata of government and society, is a proof of the country’s chronic and irredeemable state of decay.

Undeniably, the current political structure cannot even pass the Rotary Four Way Test, if used to measure the sincerity of purpose.  Is it the truth? Is it fair to all concerned? Does it build goodwill and better friendship? Is it beneficial to all concerned?  The answer is a resonant NO.

This is also the reason why elections and national headcount are difficult to conduct in the country due to competing regional interests for national power, and fear of change to current balance of power and status quo by benefited sectional power blocs.

Until the country is restructured from the current unitary system to federalism, a game-changing disruption for the realisation of a new Nigeria in 2023 is inevitable, and the 1999 Constitution will be the first port of call.

 

Dr. Mike Owhoko, Lagos-based journalist and author, can be reached at www.mikeowhoko.com.

Stanbic IBTC Bank Emerges Best Sub-Custodian Bank in Nigeria

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Stanbic IBTC Bank Plc, a subsidiary of Stanbic IBTC Holdings Plc has emerged as the Best Sub-Custodian Bank in Nigeria at the 2021 edition of the International Finance Awards.

The International Finance Awards recognises industry talents, leadership skills, industry net worth and capability on an international platform. After careful consideration of nominations by a qualified research team, winners are declared on the strength of their application and past accomplishments.

Expressing his gratitude to the award organisers, Babatunde Majiyagbe, Chief Executive, Stanbic IBTC Nominees Limited, a subsidiary of Stanbic IBTC Bank PLC, said that Stanbic IBTC emerged winner at the International Finance Awards due to its innovative drive in deploying cutting-edge technology in service delivery as well as its passion for client satisfaction at all times.

Babatunde pointed out that apart from emerging as the Best Sub-Custodian Bank in Nigeria at the International Finance awards, Stanbic IBTC Bank has also won the Global Finance awards “Best Sub-Custodian Bank” for 10 consecutive years up until 2021.

In his words: “We are indeed delighted to have won this award. For us at Stanbic IBTC Nominees, this recognition will further drive our zeal and commitment to continue to seek innovative ways to deliver on our clients’ expectations at all times.”

Wole Adeniyi, Chief Executive, Stanbic IBTC Bank PLC, stressed that the recognition is a testament to the company’s hard work and dedication of its staff to excellent service delivery and bespoke custodian offerings to its numerous customers across the country.

Adeniyi said: “We want to say a big thank you to the organisers of the International Finance Awards. Recognising Stanbic IBTC Bank PLC as the Best Sub-Custodian Bank in Nigeria speaks volumes to the fact that as a Bank, we are not resting on our oars in delivering qualitative custodian services to our clients. We attribute this award and esteemed recognition to the hard work and dedication of our staff and the support of our clients and partners.”

Unity Bank Facilitates Financial Literacy Training During Global Money Week

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Group Head Customer Engagement Group, Unity Bank Plc, Mrs. Titilayo Abraham appreciating Students of the St Columba’s Grammar School, Agbor, Delta State during the Financial Literacy Training facilitated at the school to mark the 2022 Global Money Week.

In commemoration of the 2022 Global Money Week, Nigerian lender, Unity Bank Plc facilitated Financial Literacy Training at St Columba’s Grammar School, Delta State, as well as in 30 other schools across the Federation.

GNI: MotorFlex Insurance Will Generate Premium Customer Experience

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Cecilia O. Osipitan

Managing Director/CEO

Great Nigeria Insurance Plc

One of the foremost underwriting firms in Nigeria, Great Nigeria Insurance Plc is actively promoting one of its in-house generic products, MotorFlex Insurance for better customer experience.

In a press statement made available during stakeholders’ engagement held at Great Nigeria Insurance Plc Head Office in Lagos, the MotorFlex is a specially designed Third-Party Motor Insurance policy with extended cover.

While commenting, the company’s spokesperson, Ms. Oyinkansola Sobande stated that every vehicle owner is mandated by law to have the Third-Party Motor Insurance cover; although many members of the insuring public and third-party road users have not fully realised the importance of Motor (Third Party) Insurance in Nigeria. Motor (third party) Insurance covers the insured’s (policy holder) legal liabilities for death and bodily injuries to third parties and third-party property damage.

While remedies for bodily injuries and death are unlimited since we cannot put value on life, the limit for third party property damage is N1million. Third Party Motor Insurance is very important as far as third-party road users are concerned.

However, many vehicle owners desire to have a cover that provides more benefits than the regular Third-Party Motor Insurance but at an affordable premium not as high as the Comprehensive Insurance.

This discovery intimated the organisation to develop a customised policy that will meet the specific needs of the target public. GNI MotorFlex insurance is an insurance package that takes care or the insured’s car as well as the third party.

In the same vein, the Managing Director/CEO, Mrs. Cecilia O. Osipitan mentioned that the organisation in its efforts to deepen insurance penetration developed unique insurance products at competitive rates aimed at assisting policy holders in risk mitigation.

The products are GNI Motor Flex, Great Savers Delight (GSD), GNI Fire Proof and Personal Accident Insurance (PAI) which are duly approved and certified by the industry principal regulator, the National Insurance Commission (NAICOM).

She said that the GNI MotorFlex offers a wide scope of protection cover in addition to all the benefits of Third-Party Motor Insurance.

She further explained that the scope of cover of GNI MotorFlex Insurance includes: Third-Party Limit up to N1,000,000 which takes care of legal liabilities for third party bodily injuries, death or property damage while the vehicle is on the road; these third parties include pedestrians, other vehicles, occupiers of these vehicles and properties owned by third parties. Own damages of N100,000 with Driver’s medical expenses of N10,000 at an affordable premium of N7,500.

Mrs. Osipitan stated that the need to bridge the gap between the compulsory Third-Party Motor Insurance and Comprehensive Motor insurance owing to the fact that the Comprehensive Motor Insurance is perceived as “insurance for the Elites due to cost” and Third-Party Motor Insurance as “Let my people go policy without claims benefit” became pertinent in order to reduce premium loss due to the failure by some vehicle owners to purchase motor insurance which according to some analysts totals about N530 billion yearly as reported in TechEconomy Publication.

Conclusively, she mentioned Great Nigeria Insurance Plc has put in place a-stress-free underwriting documentation process in all its branch offices nationwide.

 

 

 

MAAN Commends Unity Bank for Supporting Maize Farmers

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From left: Mrs. Patricia Ahunanya, Head, Agribusiness, Unity Bank Plc, Dr Bello Abubakar, President, Maize Association of Nigeria, MAAN and Mr. Usman Abdulkadir, Executive Director, Risk Management & Compliance, Unity Bank Plc at the unveiling of Maize Pyramids by MAAN in Kaduna on Thursday

Nigerian maize farmers under the auspices of Maize Farmers Association of Nigeria, MAAN have commended Nigeria’s agric-focused lender, Unity Bank Plc for their role in facilitating the financing of maize production by smallholder farmers in the country through the Anchor Borrowers’ Programme of the Central Bank of Nigeria, CBN.

The President of MAAN, Dr Bello Abubakar gave the commendation while delivering an address at the official unveiling of 21 maize pyramids in Kaduna on Thursday.

Abubakar said Unity Bank has proved to be a trusted and reliable partner of Nigerian maize farmers in their journey to sustain sufficiency in maize production in the country.

“What we celebrate today would have been impossible without our finance partner, Unity Bank. The Bank has been a reliable partner in the journey and we shall continue to partner to greater heights,” Abubakar said.

Through Unity Bank’s strategic partnership with the maize farmers under the Anchor Borrowers’ Programme of the CBN, which focuses on commodities with significant concerns for foreign exchange, maize production output has risen to 11 million metric tons from 10.1 million metric tonnes in 2014.

As a major financial institution partner of the ABP, the Bank has facilitated the disbursement of billions of naira to no fewer than 4.52 million smallholder farmers across the various commodity value chains supported by the ABP, including to an additional 120,000 maize farmers in 2021 alone.

Speaking at the event, the Managing Director of Unity Bank Plc, Mrs. Oluwatomi Somefun said the Bank remains committed to its strategic partnership with maize farmers to support their capacity to sustain the sufficiency in maize production.

She said, “When we say that we are farmers’ best friends, we walk our talk. And I am glad that the association appreciates the invaluable support that we provide by facilitating the financing of their activities. As a Bank, we are driven by the overarching objectives of the federal government to drive food sufficiency, while creating the much-needed jobs for sustainable development.”

Represented by Mr. Usman Abdulkadir, Executive Director, Risk Management and Compliance, Somefun said the pyramids displayed is a reminder of the inherent possibilities in Nigeria’s agricultural value chains and a proof that with enough commitment, Nigeria could maximise its potential in agriculture through strategic initiatives such as the Anchor Borrowers Programme.

Since its launch in 2015, the central bank has through the ABP programme, disbursed a total of ₦975.61 billion to over 4.52 million smallholder farmers, who have cultivated 21 commodities across the country for the procurement of inputs and cultivation of maize, rice, and wheat.

Maize is one of Nigeria’s most important staple foods, with about 60 per cent of the maize produced in Nigeria used for commercial activities including the production of poultry feeds and as a major ingredient in alcohol production.

 

Red Star Express Confirms Auwalu Babura as New CEO

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The Board of Directors of Red Star Express Plc has announced the appointment of Mr. Auwalu Badamasi Babura, the incumbent Executive Director (Finance and Administration) as the new Managing Director/CEO of the company, effective April 1, 2022.

He replaces the current Group Managing Director/CEO, Dr. Sola Obabori whose tenure comes to an end on March 31, 2022, in line with Red Star’s meticulous succession planning process.

Mr. Charles Ejekam (currently Divisional Managing Director, Red Star Logistics) was also announced by the Board, as the new Executive Director Sales & Marketing. Both appointments are effective April 1, 2022.

The appointment, also a demonstration of astute succession planning, follows the end of the tenure of its current executive management team that included the incumbent Executive Director, Sales & Marketing, Mr. Victor Ukwat whose retirement also takes effect on March 31, 2022.

Babura, the new MD/CEO, a listing member of the Nigerian Stock exchange is an accomplished, innovative, and result-oriented financial expert, with proven track records of managing organizational resources and delivering sustainable financial results.

With unique competencies in finance and strategic customer management, Auwalu joined Red Star Express in 1994 and has served in various capacities, leading teams in Finance, Internal Control and Processes Management, Credit Management, and Administration.

He holds a first Degree in Accounting (B.Sc.) from Bayero University Kano, an MBA in Business Administration (MBA) from the Lagos State University, and a Mini MBA from London School of Business and Finance.

Mr.  Ejekam was the Divisional Managing Director of Red Star Logistics; a subsidiary of Red Star Express Plc. from April 2019 and also served as the Divisional Managing Director of Red Star Express; also a subsidiary of Red Star Express Plc. from April 2016 to March 2019.

He began his working career in Red Star Express as a Commercial Executive in year 2000, and has at various points handled responsibilities in Territorial Management, Key Accounts Management, Marketing, Brand & Public Relations, and Regional Management roles in Lagos and Abuja.

He holds a Bachelor of Science Degree in Political Science from the University of Nigeria, Nsukka and a Master’s Degree in Public & International Affairs from the University of Lagos.

The Board of Directors in a media statement, commended the outgoing management staff their many years of meritorious service and leadership.

Red Star Express Plc is a Licensee of Federal Express (FedEx) Corporation, the world’s largest delivery solutions provider. It has over 150 offices in Nigeria; with international offices in Niger Republic, Burkina Faso, and Benin Republic.

Its network spans over 1,500 communities in Nigeria and 220 countries worldwide.

Its services include Express Delivery, Logistics, Freight, Outsourcing services, Supply Chain Management, E-Commerce Facilitation, Printing and Packaging, E-Archiving, as well as Agro Trade Logistics.

 

 

Interswitch Boosts Payment Industry via Innovative TechConnect Solutions

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Pan-African digital payment and commerce solution company, Interswitch Group, today launched an array of innovative product offerings expected to boost the payment industry in Nigeria.

The new products will simplify digital payments and provide more secure payment solutions to financial institutions, Small and Medium Scale Enterprises (SMEs), merchants and their customers. The launch event, Interswitch TechConnect, was held in Lagos.

The services unveiled include an enhanced Biometrics feature for Point of Sale (PoS) terminals & Automated Teller Machines (ATMs); Tokenization, and Card Fusion, with the services addressing digital payment fraud, problems with card issuance and portfolio management.

Interswitch, in collaboration with SterlingPRO, designed the Biometrics on Point of Sale (PoS) and Automated Teller Machines (ATMs) to protect customers against digital payment fraud and to avail them faster and more convenient ways to validate payments.

The solution utilizes physiological features unique to everyone such as fingerprints, voice, and facial features to verify payment transactions.

Tokenization on the other hand replaces sensitive data such as the 16-digit account information with a unique digital identifier known as a token. Tokenization will enable merchants fast-track and collect payment seamlessly, enabling customers check out faster in-store, in-app and online.

In addition, Card Fusion is a web-based instant card issuance platform that enables banks to conclude new card production requests and issue cards within a very short time, thus enhancing their customers’ experience while customers get to personalize their cards instantly.

With the launch of these three offerings, customers can now carry out transactions faster and are assured of more secure payment platforms, while banks, merchants and business owners can fast-track and collect payments seamlessly.

Akeem Lawal, the Managing Director, Payment Processing & Switching (Interswitch Purepay), stated that the company will continue to build cutting-edge solutions to enhance business development and provide seamless payment solutions to customers across the African continent.

He noted that the three services were designed to address prevailing issues within the digital payment value chain.

He said, “Interswitch is redefining the payment landscape in Nigeria, therefore we are committed to enabling the payment ecosystem that will drive the growth of businesses for economic prosperity. We designed the Biometrics on POS & ATM to heighten customers’ protection from digital payment fraud. Although this solution exists in silos where account holders can verify their identity within their financial institution’s ecosystem, the Interswitch Biometrics on POS & ATM service will enable different banks’ customers access their data and carry out payment transactions across various ATMs and PoS terminals.

“Our solutions have the capacity to be interoperable and scalable. With the Interswitch Biometric on PoS and ATM service, the Tokenization solution and Card Fusion services, payment service providers; acquirers, issuers and merchants can assure their customers of an added layer of security while carrying out a payment transaction.”

Lawal added “For the last 20 years, Interswitch has been at the forefront of developing innovative and cutting-edge solutions to accelerate the growth of businesses across the African continent. We are very confident that these new products will further transform the payment landscape.”

The launch event had in attendance tech and finance experts, regulators, and captains of industry amongst others.

 

 

 

 

 

Stanbic IBTC Unveils Flex Border to Ease Cross-Border Transactions

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Stanbic IBTC Bank Plc, a subsidiary of Stanbic IBTC Holdings Plc, has announced the introduction of the Stanbic IBTC Flex Border, a newly added feature on its digital platforms aimed at simplifying customers’ experience with international payments and cross-border transactions.

The Flex Border feature will enable Stanbic IBTC domiciliary account holders make direct international fund transfers to other foreign denominated accounts on the Bank’s Mobile App.

The Bank stated that the initiative was part of efforts aimed at providing world-class innovative banking products and services to help individuals and businesses navigate the post-Covid-19 global economic downturn while satisfying customers’ needs and lifestyles. The new feature also allows customers to enjoy quick, seamless, and flexible foreign transactions on the go on its Mobile App.

Wole Adeniyi, Chief Executive, Stanbic IBTC Bank Plc, while commenting on the new feature, said it would help customers conveniently carry out global transactions irrespective of their location.

Wole said: “We are pleased to introduce the Flex Border feature to make the cross-border banking experience seamless while eliminating the hassle of walking into a physical bank. Our goal remains to provide cutting-edge solutions by leveraging technology to ease the process through which our customers transfer money internationally. With the Flex Border product, customers can now send funds in all major international currencies from the Stanbic IBTC Mobile App.”

Wole noted that with the simplicity and improved functionality of the Stanbic IBTC Mobile App, the bank provides customers with an improved and secure banking platform to transact seamlessly from the comfort of their homes.

He further assured the Bank’s customers of the organisation’s commitment to providing convenient and accessible banking solutions to carry out their transactions from any part of the world.