UN HeforShe: Accelerating Women in Leadership Through Conscious Efforts

By

-

02/06/2021

As part of a smorgasbord of events at the ChangeNow 2021 programme, the UN HeforShe initiative which advocates for the creation of a more diverse and less gender-bias world, especially in workplaces, had a host of speakers including the Chief Executive (CE) of the Standard Bank Group, Sim Tshabalala, discussing ways to solve today’s gender issues.

Tshabalala, in his remarks, noted that to advance its goal toward the creation of a gender-balanced work environment, the Standard Bank Group made a conscious decision to ensure that women in its organisation were adequately represented, not only in lower positions but also in executive levels.

He said: “It became clearly obvious over time that we could not continue with an organisation that is very well represented in terms of women at the bottom end of the organisation, whereas the top of the organisation does not have adequate representation of women.”

When asked about the ‘Last Mile’ programme sponsored by the bank, the bank’s CE said that the programme aided the articulation of the company’s goal which was to “identify more women who could become senior chief executives in our business, and we set targets for those.”

The Last Mile programme has successfully promoted competent individuals into positions such as regional chief executives and country chief executives, with two women appointed as chief executives in Standard Bank’s Africa Region Business.

“It’s early days yet, but we’re very proud of what we have achieved in it,” Tshabalala added.

Speaking further, Shabalala spoke on the mode of language used in work environments, especially in relation to women, noting that a cautioned approach creates a friendlier workplace.

The HeforShe initiative was launched in 2014 under the leadership of the former United Nations Secretary-General, Ban Ki-moon, with support pouring in from various quarters including presidents, universities, police forces and representatives of other private sector organisations like the Standard Bank Group.

Standard Bank Tackles Gender Inequality

In line with the 5th Sustainable Development Goal (SDG); Gender Equality which seeks to ‘achieve gender equality and empower all women and girls’, Stanbic IBTC a subsidiary of Standard Bank Group has called for gender equality across all nations.

Standard Bank actively seeks gender equality by implementing policies that promote the welfare of women and girls, creating a friendly working environment for women, encouraging women to rise to the top of their profession and fighting for a balanced environment for women and girls.

Standard Bank while promoting gender equality said “We can only drive Africa’s growth if we play our part in ensuring that women and girls enjoy the same rights as men and boys. In the corporate world, that also means that we must create an enabling environment, free from bias, in which women are able to advance and succeed on the basis of merit and ability. We recognise that it is unnatural and unsustainable to have a gender imbalance in our leadership.”

Heforshe Summit

Over the last five years, a unique group of world leaders from government, business and academia has worked tirelessly to address some of today’s most pressing social issues. Known as HeForShe Champions, these Presidents, Prime Ministers, CEOs, Standard Bank Group and Academic Leaders are coming together at the HeForShe Summit to share their collection of solutions for gender equality.

The HeForShe Summit is the leading platform of the United Nations for policy, corporate and academic leaders who are working for a more diverse, inclusive and gender-equal world.

Sim Tshabalala said, “Achieving gender equity is a moral duty, a business imperative, and just plain common sense. Women embody half the world’s talent, skill and energy – and more than half of its purchasing power. So every sensible business leader must be committed to achieving gender equity in their company and to contributing to gender equity in the societies in which we operate. Standard Bank is therefore committed to reaching parity in executive positions across our operations.”

Global Travel Industry Sees Optimism in Post-Covid 19 Recovery

By

Business Journal

-

28/05/2021

0

The International Air Transport Association (IATA) and Tourism Economics released a long-term view for post-COVID-19 passenger demand recovery which demonstrates that people remain eager to travel in the short and long-term.

To ensure that aviation can sustainably deliver its social and economic benefits as it meets this long-term demand, it is critical that governments step-up their support for more efficient operations and foster an effective energy transition.

Forecast highlights include:

In 2021 global passenger numbers are expected to recover to 52% of pre-COVID-19 levels (2019).
In 2022 global passenger numbers are expected to recover to 88% of pre-COVID-19 levels.
In 2023 global passenger numbers are expected to surpass pre-COVID-19 levels (105%).
By 2030 global passenger numbers are expected to have grown to 5.6 billion. That would be 7% below the pre-COVID-19 forecast and an estimated loss of 2-3 years of growth due to COVID-19.
Beyond 2030 air travel is expected to slow, due to weaker demographics and a baseline assumption of limited market liberalisation, giving average annual growth between 2019 and 2039 of 3.2%. IATA’s pre-COVID-19 growth forecast for this period was 3.8%.

The recovery in passenger numbers is slightly stronger than the recovery in demand measured in revenue passenger kilometres (RPKs), which is expected to grow by an annual average of 3% between 2019 and 2039. This is owing to the expected strength of domestic markets like China with large passenger numbers and shorter distances.
“I am always optimistic about aviation. We are in the deepest and gravest crisis in our history. But the rapidly growing vaccinated population and advancements in testing will return the freedom to fly in the months ahead. And when that happens, people are going to want to travel. The immediate challenge is to reopen borders, eliminate quarantine measures and digitally manage vaccination/testing certificates. At the same time, we must assure the world that aviation’s long-term growth prospects are supported with an unwavering commitment to sustainability. Both challenges require governments and industry to work in partnership. Aviation is ready. But I don’t see governments moving fast enough,” said Willie Walsh, IATA’s Director General.

Short Term: Restart
The damage of the COVID-19 crisis will be felt for years to come, but all indications are that people have retained their need and desire to travel:

Any possibility for borders to re-open is met with an instant surge in bookings. The most recent example is the 100-percentage point spike in bookings from the UK to Portugal when the UK’s “Green List” was announced in early May.
The economy is strong and can fuel growth in travel. February 2021 industrial production levels stood at 2% above February 2019 levels.
Consumers have accumulated savings in the lockdowns, in some cases exceeding 10% of GDP.
Vaccination rates in developed countries (with the notable exception of Japan) should exceed 50% of the population by the third quarter of 2021.

“This should be a clarion call to governments to get ready. The travel and tourism sector is a major contributor to GDP. People’s livelihoods are at stake. To avoid greater long-term economic and social damage, restart must not be delayed. Governments can facilitate a safe restart with policies that enable restriction-free travel for vaccinated people, and testing alternatives for those unable to be vaccinated. Governments must also be ready with processes to digitally manage the vaccine or test certificates—ensuring that a safe restart is also efficient,” said Walsh.

Sustainability
“Aviation will grow because people want and need to travel. But we must be able to fulfil that consumer demand sustainably. Those are the ground rules for any business. It is no secret that this is more challenging for aviation than sectors with broader energy alternatives. But with the support of governments we will get there through a combination of means,” said Walsh.
Aviation is committed to cutting its net carbon emissions to half of 2005 levels by 2050. It already has a good track record of decoupling emissions and demand growth per passenger journey in half since 1990 through efficiency gains, but governments need to step up as well.
In addition to efficiency and technology gains, CORSIA (the first global carbon offsetting scheme for an industrial sector) is stabilizing emissions from international flights at 2019 levels. A low-carbon energy transition for aviation has commenced with sustainable aviation fuels that are powering flight today, to be followed by electric and hydrogen powered aircraft. And there is much more that can be done with infrastructure—airports and air traffic management—to operate with maximum efficiency and minimum emissions.
“If we work in partnership with governments there is great potential in all these areas. But easy sustainability wins are being left on the table. In Europe, which has led on many sustainability initiatives, why are we still waiting for the Single European Sky? This could immediately reduce emissions by up to 10%. There is no excuse as the technology has been here for two decades or more. The partnership with governments on sustainability must exist in deeds as well as words,” said Walsh.

Lessons from the NCC IMEI Submission Controversy

By

Business Journal

-

28/05/2021

0

By Elvis Eromosele

Nigerians are in a peculiar mode right now. Too many of us are poised for the first hint of trouble. No one wants to give an inch. “One day, one trouble” would aptly describe how a lot of Nigerians now view government policies.

It was therefore not surprising when news broke last week that the Nigerian Communications Commission (NCC) wanted to mandate Nigerians to submit the International Mobile Equipment Identity (IMEI) of their phones to the commission from July, people went berserk on the digital streets. The response was immediate, the backlash was furious and the rebuttal, thankfully, was equally prompt.

The NCC in a statement noted that the news reports “emanated from a section of the Revised National Identity Policy for SIM Card Registration recently launched by President Muhammadu Buhari and which has been uploaded on the Commission’s website.”

This statement is in itself cause for worry. Was the language used in the said documents so obtuse that several media platforms went to press based on poor understanding of the text? Or is there perhaps more to the issue?

The commission then revealed that “it is in the process of deploying a Device Management System (DMS). The DMS will essentially protect subscribers against phone theft and will identify and enable the elimination of fake devices from the networks.”

“The system will capture IMEI automatically without any requirement for subscribers to submit same,” it added.

Dr. Ikechukwu Adinde, Director, Public Affairs, NCC, who signed the statement, advised Nigerians to disregard the publications which created the erroneous impression that telephone subscribers would be required to register their IMEI with their service providers.

Why is IMEI important? The IMEI number is the mobile phone’s fingerprint. It is a 15-digit number unique to each phone. With the IMEI number, a phone can be tracked and located irrespective of the cellular number in it.

Good came from the controversy. The commission revealed that it is set to establish a DMS. So, Nigerians can look forward to a safer phone ownership regime. This is good news.

In the meantime, any cursory observer would agree that there are lessons to glean from this episode.

Foremost, Nigerians are tired of registrations of any and every sorts. This much is obvious. The hassle around the SIM registration, NIN and BVN sapped Nigerians.

The vehemence with which people kicked against the very idea of submitting anything to any operator showed the depth of frustration with registrations of any sort. The feeling in many quarters was that the IMEI submission was another wild goose chase, a beating after the winds and a vexation of the spirit.

Another thing this incidence brought to the fore is the glaring lack of trust. The news reported that the NCC wants Nigerians to submit IMEI but telecom consumers quickly perceived it as a project for one of the boys. There were already talks online about how the usual billions of naira would be earmarked to achieve the project along with unnecessary suffering for the poor citizens.

Some swore that these grandiose projects are usually draped to appear altruistic and, in this case, made to look like contributing to efforts to improve safety. One thing, many argued online that there would be a way to make revenue for the government from the process.

An important lesson is that Nigerians need reassurance. The economic challenges and security concerns are real. Getting Nigerians to register anything now should not be a priority. Some argued that if you have mobile apps installed on your smartphone then your IMEI is already essentially in the public domain. Nigerians need to be educated.

The truth is that the Nigerian phone market is largely unregulated and awash with duplicate IMEIs. Besides, the IMEI can be masked, so how effective was the policy supposed to be?

As it is, the NCC urgently has to step up its game. It should look to improving collaboration with the operators to boost its operations.

In Nigeria today, the phone is about the only thing that is working for the majority of the people. No one wants to lose it for any reason, especially for something as mundane as the fear of having personal data out on the streets. The lessons must be taken. Importantly, it is time to let the everyday Nigerian live.

Elvis Eromosele, a Corporate Communication professional and public affairs analyst lives in Lagos.

Linkage Assurance Reports N8.3bn Premium in 2020

By

Business Journal

-

21/05/2021

0

L-R: Okanlawon Adelagun, Executive Director, Technical; Daniel Braie, Managing Director; Joshua Fumudoh, Chairman, and Moses Omorogbe, Company Secretary, all of Linkage Assurance Plc at the Company’s 27^th Annual General Meeting held in Lagos.

Shareholders of Linkage Assurance Plc has commended the Board and Management for the company’s performance in 2020 despite challenges posed by Covid-19 pandemic.

The shareholders, who spoke glowingly with excitement during the company’s 27^th Annual General Meeting held in Lagos, applauded company leadership for the dividend and bonus in a year that capacity and strength of businesses managers were tested.

Sir Sunny Nwosu, National Leader Emeritus, Independent Shareholders Association of Nigeria; Boniface Okezie, Chairman, Progressive Shareholders Association of Nigeria; Nona Awoh, Shareholder Mathew Akinlade, President, Noble Shareholders Association among others noted that the decision of Linkage Assurance to pay dividend and bonus issue at this critical time underscores the value it attaches to her investors.

They also noted that this is despite the fact that the industry is going through a recapitalization exercise, and requiring more money to meet the regulatory requirement.

The meeting which was hybrid, in compliance with government Covid-19 restrictions, gave approval to capitalization of N2 billion retained earnings for bonus issue of two shares for five shares held by members of the company; as well as dividend payout of N500 million, translating to 5kobo per share.

Chairman of the Board, Chief Joshua Fumudoh, responding to the shareholders on recapitalization plans of the Company, assured that Linkage Assurance has put in place strategies to recapitalize the company.

According to him, given the performance in 2020, and the capitalization of N2 billion at this meeting today, we are sure we will deliver the Company when the recapitalization exercise is called up again.

Going into the future, he said “As we gradually commence recovery from the effects of the global Covid-19 pandemic, we will tread cautiously into the year 2021 in our risk acceptance and operations, in line with our strategic roadmap. We shall continue the repositioning strategy aimed at transforming your company to that desired position in the Nigerian insurance market.

Mr Daniel Braie, Managing Director/CEO of the Company responding to shareholders questions, explained that the Company will continue to redefine its strategies to ensure better performance and increased value for the shareholders.

Going into the future, Braie said “We will continue to refine our strategy in line with the political, economic, sociological, and technology changes in the industry, particularly with impact of the Covid-19 pandemic on the business landscape.

He said the company will continue to develop innovative products, alternative channels of distribution, and strategic initiatives that will enable us to achieve our corporate goal and objectives. With a medium-to-long term perceptive, we believe that we will benefit from growth with these initiatives.

According to him the on-going rebranding embarked upon by the company is part of the strategic initiatives to re-position the company.

Linkage Assurance in its FY’2020 result impressed the market, recording gross written premium N8.3 billion, an increase of 28 percent YoY from N6.5 billion in 2019, while total assets also rose by 18 percent YoY in 2020 to N33.9 billion, compared to N28.7 billion in 2019.

The company also witnessed significant improvement in other indices, with underwriting profit growing by 102 percent, from N0.4 billion in 2019 to N0.8 billion at the end of 2020.

Its Profit Before Tax during the period under review was N2.5 billion, compared to N1.3 billion in 2019 representing 89 percent YoY growth, while Profit After Tax was N2.4 billion, increasing by 65 percent from N1.5 billion in 2019.

Great Nigeria Insurance Reports N5bn Annuity Growth in Qtr 1, 2021

By

Business Journal

-

21/05/2021

0

Mrs. Cecilia O. Osipitan

Managing Director/CEO,

Great Nigeria Insurance Plc

Great Nigeria Insurance Plc (GNI) has reported impressive growth of its annuity portfolio to over N4.7 billion in first quarter of 2021 indicating a percentage increase of 8,876.05% over the sum of N52.5 million recorded during the same period in 2020.

The company says the drive to continue to uphold comprehensive growth strategy still forms the bedrock upon which it is built and this is evident in the first quarter performance of the company.

While addressing the media team at the company’s head office in Lagos; the Corporate Communications and Brand Manager, Oyinkansola Sobande mentioned that retirement should be the time to live that stress-free life after years of active engagement and not a time of financial difficulties. Annuity sets out to protect the future of retiree through guaranteed income for as long as they live.

Oyinkansola further elucidated that Annuity for Life Policy is a retirement instrument option for retiring employee. It is a contract that provides, in return for a Lump sum, a monthly or quarterly payment starting immediately after retirement and continuing for the rest of the retiree’s life.The contract is often purchased by retiring persons who want an income that is guaranteed to last for the rest of their lives, no matter how long that might be.

The Managing Director/CEO, Mrs. Cecilia O. Osipitan explained that life annuity is a stream of periodic payments that commences at a specified date, which is either the normal retirement age or at 50 in the case of early retirement. This payment, she said, could either be monthly or quarterly depending on the retiree’s preference. According to her, the benefits include the continuous flow of regular income for the retiree, insulation from the risks associated with the investment of lump sum benefits, structured management of resources and the transference of the risk of diminution in assets and possible failure of investments of retirees to insurance companies which are better equipped to manage such risks.

In her words, “Insurance remains the most reliable bedrock of our existence and cultivating the culture of insurance can never be over emphasized.”There is a need to call for a paradigm shift through effective sensitisation of the insuring public as it is very important to imbibe the culture of getting appropriate insurance cover to protect our assets and lives in case of any eventuality.

Mrs. Osipitan reiterated the company’s unwavering commitment to creating value to both shareholders and stakeholders alike. In her words, “the path through achieving growth and sustaining same is not without its challenges but with the perseverance and doggedness of every member of staff, success is guaranteed.”

She conclusively stated that excellent service delivery remains the watchword at Great Nigeria Insurance Plc just as the company is committed to operating under very ethical and professional standards as far as the Industry is concerned.

While thanking the numerous Shareholders for their support and understanding over the years, she equally solicited for the continued patronage of its teeming customers across the country and beyond.

Great Nigeria Insurance Plc is a forthright composite entity licensed by the apex regulatory body, the National Insurance Commission (NAICOM), to underwrite both general and life insurance businesses.

NAICOM, Transport Min Partner on Insurance Cover for Road Workers

By

Business Journal

-

21/05/2021

0

L-R: Mr. Sabiu Bello Abubakar, Deputy Commissioner (Technical), NAICOM; Senator Gbemisola Saraki, Minister of State, Transportation and Mr. Olorundare Sunday Thomas, Commissioner for Insurance/CEO, NAICOM during a recent meeting in Abuja.

The National Insurance Commission (NAICOM) has initiated a strategic partnership with the Federal Ministry of Transportation to provide insurance cover for persons operating as road transport personnel in Nigeria and the West African region.

To achieve the objective of the partnership, both bodies have agreed to establish a committee to evaluate and fast-track the implementation of such policy framework to the benefit of both sectors.

That was the high point of the meeting in Abuja when Senator Gbemisola Saraki, the Minister of State for Transportation led a delegation from the Ministry to NAICOM recently. The delegation was received by Mr. O. S. Thomas, the Commissioner for Insurance/CEO, NAICOM.

Regulators Focus on Digital Banking in Developing Countries

By

Business Journal

-

18/05/2021

0

Godwin Emefiele

Governor

Central Bank of Nigeria

Around the world, some 1.7 billion adults have never had a bank account. But 1.1 billion of them have a mobile phone.

Innovation to expand digital financial inclusion in developing countries will be in focus at the 2021 symposium of the Financial Inclusion Global Initiative (FIGI), taking place online from 18 May to 24 June.

The Financial Inclusion Global Initiative (FIGI) supports national policy reforms to stimulate financial inclusion and leads research to build trust in digital financial services.

Symposium topics include financial technology (fintech) for inclusion, gender equity, consumer protection, cybersecurity and trust, digital identity, payment acceptance, and experiences reaching underserved and vulnerable populations during the COVID-19 pandemic.

Participants will also share insights on the achievements and ambitions of the FIGI community, and the symposium would welcome your views on financial inclusion priorities beyond 2021.

The conference is a meeting of the information and communication technology (ICT) and financial services sectors to identify and review the latest innovations in digital financial services and related policy and regulatory reform, sharing knowledge and expertise to expand financial inclusion.

Policymakers, ICT regulators, central banks, mobile network operators, digital financial service providers, payment system organizations, standards bodies, international organizations, and the fintech community are the focus of the event.

The opening ceremony will feature a pre-recorded keynote address from H.M. Queen Máxima of the Netherlands, United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA).

Confirmed speakers include:

Mahesh Uttamchandani, Global Manager Financial Inclusion & Infrastructure, Finance, Competitiveness, and Innovation Global Practice, World Bank Group

Magda Bianco, Managing Director, Bank of Italy

Gregory Chen, Policy Lead, Consultative Group to Assist the Poor

Emran Islam, Senior Financial Sector Expert, Monetary and Capital Markets, International Monetary Fund

Tan Yeow Seng, Executive Director, Monetary Authority of Singapore

May Abulnaga, First Sub-Governor, Technical Office of the Governor, Central Bank of Egypt

Kendrick Lee, Director, National Digital Identity, Government Technology Agency of Singapore

Jonathan Hakim, CEO, Cignifi

Kevin Butler, Associate Professor, University of Florida

Hisham El-Bihbety, Chief Information Security Officer, Bank of Canada

Abbie Barbir, Senior Security Advisor, CVS Health

Rory Macmillan, Partner, Macmillan Keck Attorneys & Solicitors

Alexandra Rizzi, Senior Research Director, Accion

Debora Comparin, Chair, Open Standards Identity APIs Initiative

Simeon Coney, Chief Strategy Officer, Adaptive Mobile Security

Eve Araduha, Senior Manager IT Client Relations & Delivery, MTN

Jami Solli, Commercial Litigation Lawyer, Global Alliance for Legal Aid

FIGI is an open framework for collaboration led by the International Telecommunication Union (ITU), the World Bank Group, and the Committee on Payments and Market Infrastructures (CPMI), with support from the Bill & Melinda Gates Foundation.

An operational work stream supports policy innovation in China, Egypt and Mexico, providing valuable case studies for other countries around the world.

A knowledge work stream, enacted by three working groups, advances research in key areas of digital finance:

The relationship between digital identity and financial inclusion;

Electronic payment acceptance by merchants and their customers;

Security and trust in digital financial services.

The RSA Transfer Window: An Assessment

By

Business Journal

-

18/05/2021

0

It was a day long awaited, when the National Pension Commission opened the Retirement Savings Account (RSA) Transfer Window.

The launching of the RSA Transfer System (RTS) on 16 November 2020 heralded the full implementation of one of the cardinal features of the Contributory Pension Scheme (CPS), the portability of RSAs.

By this development, RSA holders have been empowered to move their RSAs from their current Pension Fund Administrators (PFAs) to other PFAs of their choice, whenever they desire to do so.

The opening of the ‘Transfer Window’, as it is popularly referred to, has been embraced by a large number of RSA holders in their quest for better service delivery and returns on investment from PFAs.

The Commission has ensured that the requirements for initiating RSA transfers are minimal and has also made available on its website, necessary information to guide RSA holders through the process. Specifically, its publication of the ‘Frequently Asked Questions’ on RSA transfers, provides RSA holders with all they need to know about RTS.

The RTS is a fully automated, efficient and transparent process that has pre-defined timelines. It ensures hassle free movement of RSAs across PFAs. Asthe transfer of RSAs involves movement of pension assets between PFAs, the entire process attracts the full weight of the Commission’s regulatory surveillance.The fact that the process has been completely free of charge has also givenRSA holders an added advantage.

The overwhelming response by RSA holders to the opening of the RSA Transfer Window is, therefore, not surprising.

In the maiden Transfer Quarter, which ended on 31 December 2020, a total number of 2,799 RSA holders transferred their RSAs to various PFAs. This number more than quadrupled in the next Transfer Quarter, which ended on 31 March 2021, as a total number of 12,681 RSA transfers took place.

A consistently upward trend is anticipated, as RSA holders continue to realise the ease with which they can initiate the transfer of their RSAs. Overall, the opening of the RSA Transfer Window is revolutionary.

Going forward, high standards of service delivery will be a focal point in the Pension Industry.

Sovereign Trust Insurance Reports N5.3bn Premium in Qtr 1, 2021

By

Business Journal

-

18/05/2021

0

Mr. Olaotan Soyinka

Managing Director/CEO

Sovereign Trust Insurance Plc

Sovereign Trust Insurance Plc has continued to show consistent rise in its profitability after it posted another significant first quarter result for 2021.

The first quarter performance shows that the underwriting firm is very much on course with meeting the aspirations of her various stakeholders in the days ahead.

The total Gross Premium Written grew from N3.6 billion in the first quarter of 2020 to N5.3 billion representing an increase of N1.7 billion and a growth rate of 46% in the current financial year. In like manner, the net premium income grew from N1.6 billion in the first quarter of 2020 to N1.9 billion in the same period of 2021 amounting to a growth rate of 18%.

A very significant leap was also recorded in the Profit Before Tax of the Company from N306 million in the first quarter of 2020 to N510 million in the corresponding period of 2021, with a 66% growth rate while Profit After Tax grew by 43% from N274 million in the first quarter of 2020 to N392 million in the first quarter of 2021.

Understandably, as the underwriting firm grew the portfolio of its business, it also recorded a slight increase in the claims payout in the first quarter of 2021 having paid a total sum of N1.2 billion compared to the sum of N1 billion that was paid as claims in the corresponding period of 2020, representing a 17% increase in claims payout. This also underscores the Company’s commitment to settling genuine claims as and when due. Net Claims expense in the first quarter of 2021 grew by 8% to N965 million compared to the net claims expense of N896 million in the first quarter of 2020.

The total equity of the Company in the first quarter of 2021 also grew by 12% from N8 billion in the corresponding period of 2020 to N9 billion in Q1 of 2021 while the Total Assets also increased from N13.4 billion in the first quarter of 2020 to N14 billion in the corresponding period of 2021 with a marginal growth rate of 5%.

Earnings per share rose from 3.29 kobo in the first quarter of 2020 to 3.45 kobo in the first quarter of 2021 while net assets also increased from 71 kobo in Q1 2020 to 79 kobo in the corresponding period of 2021.

World Economic Forum Cancels Singapore Meeting, Proposes 2022

By

Business Journal

-

17/05/2021

0

The much anticipated Special Annual Meeting by the World Economic Forum (WEF) has been cancelled over Covid-19 fears.

The statement by WEF on the cancellation read in part:

“The World Economic Forum has been preparing a Special Annual Meeting in Singapore to take place just three months from now.
Regretfully, the tragic circumstances unfolding across geographies, an uncertain travel outlook, differing speeds of vaccination rollout and the uncertainty around new variants combine to make it impossible to realise a global meeting with business, government and civil society leaders from all over the world at the scale which was planned. This is despite the excellent support provided by the Government of Singapore.
The next Annual Meeting will instead take place in the first half of 2022. Final location and date will be determined based on an assessment of the situation later this summer.
“It was a difficult decision, particularly in view of the great interest of our partners to come together not just virtually but in person, and to contribute to a more resilient, more inclusive and more sustainable world,” said Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum. “But ultimately the health and safety of everyone concerned is our highest priority.”
We will continue to engage our increasing number of partners into our numerous work streams addressing the key issues on the global agenda through public private co-operation.”

V Bank Wins Banking App of The Year Award

By

Business Journal

-

17/05/2021

0

V Bank, Nigeria’s foremost digital bank powered by VFD Microfinance Bank has won the Banking App of the Year Award at this year’s GAGE Awards held in Lagos recently.

The second edition of the award tagged: ‘’Year of The Digital Takeover,’’ is a comprehensive celebration of individuals and brands that have leveraged the power of the internet to make life easier and simpler as well as facilitate growth, drive innovation, and attract new talent to the digital space.

V Bank launched in March 2020 was picked ahead of more established brands like GTB, Access Bank and Wema Bank’s ALAT, indicating the V Bank App is now Nigerians most preferred choice and the new normal in banking.

Commenting, Managing Director, VFD Microfinance Bank, Azubuike Emodi, thanked the organizer and Nigerians for their votes and choice of V Bank App ahead of others considered as giants in the banking sector.

Recently, V Bank unveiled the new app, Version 3.0 with better features to promote ease of use for its customers. The new app boasts of exciting features including Cardless Withdrawals, Multiple Funds transfers, Recurring Transactions, Proximity Payments, Advance Budgeting, and Intelligent airtime top-up.

Besides, users can securely access their accounts to automate recurring bills, manage multiple cards from different banks, send and receive funds using a unique QR code, track daily, weekly, and monthly spends, generate virtual cards for online payments and enable/disable and change pins for physical cards, all within a sleek, responsive, easy-to-use interface.

#EndSARS: How Insurers Settled N4bn Claims to 2000 Firms

By

Business Journal

-

07/05/2021

0

The #EndSARS protest that took place last year turned cost as much as N4 billion as claims by insurance companies to 2000 firms that suffered one form of damage or the other as a result of the protest.

Mr. Ganiyu Musa, the Chairman of Nigerian Insurers Association (NIA) noted that operators are still collating claims and promised that every genuine claim would be settled accordingly.

Musa said: “The number of insured businesses that were affected at the last count was about 2000 insured loss and the industry have settled over N4 billion claims in respect of the endsars protest. Once they are documented and completed, we have the commitment of our members that claims will be paid timely.

“The Association is on top of developments on the aftermath of the protests and will continue to encourage members to pay all genuine claims in line with the extant policies.”

On the Consolidated Insurance Bill 2020, Musa said: “NIA welcomes the review as it will align the Act with global best practice and promote the business of insurance in the country.”

According to him, the current insurance legislation is outdated and has made it impossible to do things that need to be done.

On the African Insurance Organisation Conference (AIO 2021), Musa said: “Originally planned for year 2020, COVID-19 was a force majeure due to health protocols and travel restrictions. With availability of vaccines, reduction in infection rate coupled with relaxation of travel restrictions and other protocols around the coronavirus disease, the AIO Executive Committee and the NIA have agreed to hold it from 4 – 8 September 2021. A hybrid conference has been agreed and we solicit your support in hosting the best conference ever.”

Speaking on the Nigerian Insurance Industry Database /Nigerian Insurance Industry Portal (NIID/NIIP), Musa said: “The Nigerian Insurance Industry database was established to reduce soft market practices and eliminate fake insurance policies. The Association has taken a step further by creating the Nigerian Insurance Industry platform to enable vehicle owners purchase their third-party motor vehicle insurance cover from the comfort of their homes and telephones. So far, we are seeing a lot of traction on the platform across the states of the Federation and we are hopeful that other states will key into the project before the end of the year.”

On the Marine Module, he said: “As you are probably aware, the Central Bank of Nigeria has since integrated the NIA Marine Module into the National Trade portal and all insurance certificates required for import and export are generated from the Portal. This, no doubt, signals the end of fake Marine Insurance Certificates at the Ports.”

Musa stated that he became the Chairman of the Council of Bureaux of the Ecowas Brown Card Scheme at its 37th Ordinary Session in January this year. “A major issue for the Bureau is domestication of Compulsory Brown Card in the country. We are hopeful that when all the fine details have been sorted, it will be implemented in Nigeria,” he said.

On the new NIA House Project, Musa said; “Construction of a befitting Secretariat for the Association has reached an advanced stage and we are hopeful that the building will be completed at the end of the second quarter so that we can take full possession of the property and relocate our secretariat staff before the end of the year. Of course, we have had some delay in meeting delivery timelines due mainly to the outbreak of COVID-19 and the regulatory restrictions on number of workers on site at any point in time.”

On the initiatives on compulsory insurance, he said: “We have commenced discussions with Lagos State Building Control Agency as part of engagements on the implementation of Lagos State Building law. We are also working closely with the state vehicle Inspection service on enforcement of Third Party Motor Insurance in the state. We are also engaging Kaduna, Kogi and Ogun States, and remain hopeful that other states will see value in the platform and embrace it. Out of the estimated 13 million vehicles in Nigeria only about 2,939,767 Third Party Motor policies are in force as at (Apr 26, 2021).”

Abbey Mortgage Bank Records N76m Profit in Q1 2021

By

Business Journal

-

05/05/2021

0

L-R: Mobolaji Adewumi, Executive Director, Finance and Admin; Lolita Ejiofor, GM, Group Head, IT & Resources; Madu Hamman, MD/CEO; Oladipupo Adeoye, Executive Director, Treasury, Operations & Construction Finance.

The mortgage industry is recording exciting news as one of the oldest Abbey Mortgage Bank recorded a Profit-Before-Tax of N76 million in Q1 2021, which is a positive deviation from the loss position of N4 billion as at December 2020.

It also grew its deposit from N14.6 billion to N23.5 billion between 31st December 2020 and 31st March 2020, representing a Q-o-Q increase of 60.6%. Within the same period, the bank grew its asset from N18.5 billion to N27.5 billion, representing a 48.49% growth.

The Bank is repositioned for growth with the recently concluded right issue exercise which will increase the capital of the bank by circa N3 billion. The huge success of the right issue which was oversubscribed is also an indication of the confidence that the shareholders have in the management and the strategic intention of the bank.

In the last few months, the bank grew its deposit liability to N14 billion from N6 billion in 2020 through aggressive sales drive and increased brand visibility. To attain the next phase of growth, the management has identified key areas to drive revenue which includes mortgage/construction finance, treasury related activities and aggressive customer acquisition through the launch of its digital channels.

This result reveals the success of some of the strategic initiatives in the year 2020 which included; a change in senior management/executives, hiring of strategic talents and strengthening of the workforce, write-off of non-performing loans, and an enhanced credit risk management system

With the new top management team led by MD/CEO, Mr. Madu Hamman and the new process and frameworks implemented in the bank, there seems to be a pattern of growth emerging.

Achieving Financial Inclusion: Adesola Kazeem Adeduntan

By

Business Journal

-

05/05/2021

0

“My father was a shareholder of some companies, including banks, and he periodically received annual reports from them,” he recalls. “I found myself developing a special interest in reading and reviewing them.”

This unusual reading material planted the seed of a desire to follow his father’s footsteps and enter the financial industry. There was only one obstacle to Adesola’s plan; his course of study in university was veterinary medicine.

To get his foot in the door of his preferred vocation, he joined a graduate trainee program at one of Nigeria’s leading banks. This marked the start of his financial career. After years of honing his knowledge in various sectors of the industry including auditing and consultancy, he returned to banking.

Today, he is at the helm of the First Bank of Nigeria (FirstBank) as CEO. It may have been the numbers in his father’s annual reports that first attracted him to the industry, but it is the people who have compelled him to stay. Adesola considers banking to be a service-oriented sector.

“One of the things I find most enjoyable and meaningful is seeing our customers satisfied with the financial solutions and offerings we provide,” he says. It’s a happy coincidence that his ethos is a perfect match with the bank’s.

This customer-first approach is becoming increasingly relevant in Nigeria’s current economic climate. The country’s central bank has set an ambitious target of attaining a 95% rate of financial inclusion in the population by 2024.

It is currently around 63.2%. The financially excluded is over-represented by people in the informal sector, many doing jobs such as harvesting crops, mining or selling goods at markets.

They are usually paid daily and do not have bank accounts. Despite not wielding much financial power individually, together, they contributed 65% to Nigeria’s GDP in 2018, making them a group that holds a lot of untapped potentials. It’s no wonder that the government has made catering to this sector a priority.

FirstBank is passionate about helping businesses grow on all fronts and we recognise that SMEs stimulate growth and development within an economy.

“The government’s directive is the main impetus behind every Nigerian bank’s push to accelerate the delivery of its financial inclusion initiatives,” Adesola reveals.

Driving this change at FirstBank is an agent banking network the firm has branded FirstMonie. As the largest verified network of its kind in Nigeria, it relies on more than 55,000 active agents on the ground to bring FirstBank’s services and products to customers and potential customers among the excluded.

These agents are authorised to perform basic transactions including opening accounts and bank verification number enrolment. Among the unbanked, solutions that require low financial commitments, such as micro savings, micro pension contributions, micro loans and micro insurance, are a good first step.

According to Adesola, through its agents, FirstMonie “covers 772 of the 774 local governance areas in Nigeria, and has processed more than 300 million successful transactions that added up to more than NGN5 trillion (€11.4 billion) as of the end of May 2020”.

The benefits of FirstMonie go both ways – not only does the initiative give the unbanked easy access to FirstBank’s solutions, it also empowers those delivering the solutions.

“Through agent banking, we want to energise the economy as well as support rapid and sustainable economic growth. The model has helped to tackle unemployment in urban, semi-urban and rural communities by creating more than 160,000 direct and indirect jobs in the country,” Adesola reveals.

Significantly, 23% of the agents are female and the bank intends to further increase this number. In line with its goal of female empowerment, it released FirstGem, a unique product with two variants – a current and a savings account – for all female working professionals or entrepreneurs over 18.

“This is our proposition for the modern woman, and it includes access to business development advisory services, business financing and a vibrant community of female entrepreneurs,” Adesola describes.

The bank’s attention isn’t just focused on a singular demographic. For other business owners, there is SMEConnect. As its name indicates, it is a portal for small- and medium-sized enterprises (SMEs).

Open to both customers and non-customers, it offers resources such as webinars, business clinics and informative articles. Of note is a diagnostic survey, which Adesola describes as “an online tool that assesses the health of businesses and provides practical solutions for areas of improvement”.

In addition, the bank runs FirstBank SME Week, which is typically an annual five-day event held at seven locations across the country to create awareness for its SME-friendly products and services.

“FirstBank is passionate about helping businesses grow on all fronts and we recognise that SMEs stimulate growth and development within an economy,” Adesola says.

“We understand the operating environment and build on the expertise developed in the SME segment to help small businesses develop into big businesses.”

In 2015, member states of the UN pledged to work towards 17 sustainable development goals (SDGs), set out in The 2030 Agenda for Sustainable Development. “Financial inclusion is an enabler for meeting these goals, specifically targeting eight of them,” Adesola points out.

One of the things I find most enjoyable and meaningful is seeing our customers satisfied with the financial solutions and offerings we provide.

The goals FirstBank is targeting are: one, eradicating poverty; two, ending hunger; three, providing health and wellbeing for all; four, quality education; five, achieving gender equality; eight, promoting economic growth and employment; nine, supporting industry, innovation and infrastructure; 10, reducing inequality; and finally, 17, strengthening partnership to attain the goals.

He explains the last of these, saying, “Financial inclusion has an implicit role in this goal because it promotes savings mobilisation for investment and consumption, which spur growth.”

Education is also a central goal for the bank; with schooling interrupted by the pandemic, the bank has worked to provide kids with e-learning options. These are enacted in partnership with organisations like IBM, Curious Learning and Roducate, with the aim to provide one million kids with e-learning access.

The needs of children can be easily forgotten in such times; the bank hopes to meet these. Adesola describes the bank’s approach to the SDGs as twofold. The first involves aligning the firm’s corporate responsibility and sustainability strategies with its business goals, using the Nigeria Sustainable Banking Principles (NSBPs), as well as global best practices as guidelines.

The second revolves around creating awareness among its staff and stakeholders. “I would like to see an industry where financial services and products are made accessible to more of the populace, both in Nigeria and every market where FirstBank has a presence,” he declares.

“Africa as a continent will not make the desired progress without significantly increasing financial inclusion.”

Stanbic IBTC Reports N83bn Profit in 2020, Holds AGM May 27

By

Business Journal

-

04/05/2021

0

In its audited financial statements for the period ended 31 December 2020, Stanbic IBTC achieved a pre-tax profit of N94.7 billion while the profit after tax for the same period was N83 billion.

The bank is also set to hold its Annual General Meeting (AGM) on Thursday, 27 May 2021, at 10.00 am. The AGM would be by proxy, in line with the coronavirus safety protocols.

Announcing the AGM in a notice to its shareholders signed by the company’s secretary, Chidi Okezie, Stanbic IBTC Holdings PLC stated that it would transact ordinary and special businesses in line with regulatory requirements. Some of the considerations at the AGM would include receipt and consideration of the audited financial statements for the 2020 financial year, dividend declaration and re-election of retiring directors, among other businesses.

“In order to ensure the safe conduct of the company’s 9th Annual General Meeting in accordance with the guidelines issued by the Corporate Affairs Commission as well as the Federal Government of Nigeria, shareholders are hereby informed that attendance at this AGM shall only be by proxy and shall be limited to a maximum of 20 people,” Okezie said.

“As a responsible corporate citizen, Stanbic IBTC Holdings PLC is aware of the unique challenges posed by the COVID-19 pandemic and mindful of the need for all to take action to check the spread of the virus. To this end, the Group had earlier activated its internal COVID-19 Business Continuity Management Plan, in addition to implementing the safety measures recommended by federal and state governments, health authorities, and various regulatory agencies.”

.st0{fill:#FFFFFF;} .st1{fill:#E52E2E;} BJ

.st0{fill:#FFFFFF;} .st1{fill:#E52E2E;} BJ

BJ .st0{fill:#FFFFFF;} .st1{fill:#E52E2E;}

Hot topics

Business

ICT

Capital Market

Insurance

.st0{fill:#FFFFFF;} .st1{fill:#E52E2E;} BJ

Hot topics

Business

ICT

Capital Market

Insurance

.st0{fill:#FFFFFF;} .st1{fill:#E52E2E;} BJ

Company

Headlines

Newsletter

BJ

BJ

BJ

BJ

BJ