Environment Day 2021: Sterling One Foundation Cleans Alpha, Eleko Beaches

07/06/2021

By Fabian Ekeruche

Sterling One Foundation says it remains unwavering to its commitment to clean the Alpha and Eleko Beaches in Lagos State.

Mrs. Olapeju Ibekwe, CEO, Sterling One Foundation, made the disclosure at an event to clean the Eleko Beach last Saturday.

The News Agency of Nigeria (NAN) in Lagos reports that the event, which was an activity to mark the 2021 World Environment Day, was in partnership with the African Clean Up Initiatives (ACI).

Speaking to NAN on the sidelines of the exercise, Ibekwe said that the organisation was excited because it made a promise and was fulfilling that promise.

“We made a commitment that we were going to do a multicity beach adoption with a view to meeting about seven of the Sustainable Development Goals of the United Nations.

“Goals of poverty eradication, life above water, live below water, decent work and economic growth, and partnerships for the SDGs.

“It is exciting and really fulfilling that we have done that for Alpha Beach.

“As at today, the beach is cleaned on a weekly basis. The youths and women are been empowered, they are paid to clean up the beach on a sustainable basis.

“This is exactly what we have brought to Eleko beach,’’ she said.

“It is exciting to be at Eleko Clean Up because the team of the World Environment Day is `Ecosystem Restoration’.

“So, what we are doing is to ensure that we are creating very positive impact in conjunction with other cooperates in prioritizing the environment for the betterment of all.’’

The Sterling One Foundation CEO noted that micro-plastics had negative health implications on humans if they find their way into fishes which are consumed by humans.

She said that the project had enormous health, economic and developmental benefits for the youths, women and the host community.

She said that the youths would be paid on monthly basis to ensure that the beach was consistently cleaned all year round.

According to her, the foundation partners with the Lagos Waste Management Agency (LAWMA) to clear the solid waste from the beach.

Also speaking, the traditional ruler of Eleko, Baale of Eleko, Chief Gbadebo Labia, expressed delight in the flag off of the beach cleanup.

He noted that the beach was very peaceful, safe and secure for tourists.

He appealed to the Lagos State Government to develop and deepen the tourism potential of the beach to earn more revenue.

Mr. Dele Faseemo of the Energy Division of Sterling Bank emphasised on the need to make the environment more sustainable and more habitable.

He appealed to Nigerians to work hard to live behind a sustainable ecosystem for the generations yet unborn.

According to him, sustaining the project will involve community ownership of the project.

He said that it would also involve creating adequate awareness on the need to maintain a clean and healthy environment such that the youths would look beyond the stipend received at the end of the month to taking real ownership of the process.

Also, Kaseetolu Lawal, Corporate Banking Division, Sterling Bank said that the bank was passionate about caring for the environment where its customers and general public live.

He noted that the bank, in reaching out to the environment and other critical sectors, encouraged like minds to play their roles for a sustainable environment without seeking profit.

The CEO of African Clean Up Initiatives (ACI), Mr. Alex Akhigbe said that the Beach Clean Up was a project of the “giving” platform that was powered by the Sterling One Foundation.

He noted that the exercise was more of engaging all stakeholders to change the face of the beaches in Lagos State and even in the nation. (NAN)

AfICTF President, Tony Ojobo to Speak at UN Seminar

Business Journal

07/06/2021

The President of the African ICT Foundation, Mr. Tony Ojobo is to speak at the 21st Infopoverty World Conference focusing on “How to build a fairer and more inclusive Digital Society?” will be held on December 3, 2021 at the UN Headquarters in New York and live streamed on the UN WebTV.

The United Nation Conference is an annual rendez-vous to register and validate the best digital practices for the achievement of the UN 2030 Agenda at the UN Headquarters.

In a letter inviting Ojobo to the Conference, the UN while appreciating the commitment of African ICT Foundation to create job opportunities, accelerate innovation, and boost productivity and progress in the African economy.

He said that this year the Conference will discuss the developments imposed by Covid-19 towards an acceleration of digitalization while, on the other hand, widening the gap between the élites and disadvantaged people and communities.

According to the letter, the UN Vision has always inspired the Infopoverty World Conference, born at the UN Headquarters in 2001 with the support of the European Parliament.

For twenty years the Conference has given rise to numerous projects in the wake of the digital revolution and its impact on the society, gathering eminent experts, UN representatives, Ambassadors and Ministers, Universities, private and public institutions as well as the Civil Society.

Last December OCCAM, the Observatory on Digital Communication, received a mandate to prepare a Report on new trends and approaches able to shape a new Digital Society which we wish to be fairer and more inclusive.

The Report will be presented at the UN Headquarters on December 3, 2021 during the 21st Infopoverty World Conference.

“Considering the accelerating cascade of innovations, stakeholders, and projects, where utopia and dystopia are playing the same game without a clear direction, the Observatory launches a large consultation driven by the SDGs, also blending in the efforts of G20, G7, COP-26 and the UN System to steer this process.

“Therefore, we would be very interested in receiving your opinions about this momentum in force of your specific competence, as well as the actions that African ICT Foundation is launching in this context.

“In light of these considerations, we would be honored to have you at our upcoming Seminar, an Open Conversation expected to be held on June 21, 2021 on Zoom, to define the Report and the Agenda of the 21st Infopoverty World Conference at the UN Headquarters next December”, the UN said.

Female Entrepreneurs Get Boost as SME.NG Unveils Ebi Marketplace Aug 1

Business Journal

07/06/2021

SME.NG has unveiled a new e-marketplace platform with the aim to provide access to finance wider market access, technical and business support to local female entrepreneurs.

The new platform was introduced as a solution to the impact of COVID-19 on Nigerian female-owned businesses.

Deemed ‘Ebi Marketplace’, the platform is a one stop shop solution for Nigerian Female Entrepreneurs. It is an all-inclusive platform that will democratize access to finance, financial inclusion and e-commerce for women entrepreneurs.

The Ebi Marketplace will improve access to finance, access to wider markets, access to technical and business support, access to a job portal connecting female entrepreneurs to suitable staff.

The platform will further allow entrepreneurs connect and partner with other female entrepreneurs across the country, thus helping them transform their economies to become more independent, equitable, and sustainable.

Speaking on the purpose of the Ebi Market Platform, the Managing Director, SME.NG, Ms. Thelma Ekiyor, stated.

“With Nigeria’s population increasing exponentially coupled with the global pandemic, economic opportunities are now limited and overstretched especially for the female entrepreneurs. The need to encourage, give access to finance and support these female entrepreneurs cannot be overemphasized. SME.NG, through this platform, aims to provide Nigerian Female Entrepreneurs the opportunity to grow their businesses through financial services, trading opportunities, advisory services, mentorship and networking and so much more.

By providing female entrepreneurs with entrepreneurial opportunities to create wealth and support their livelihood, the Ebi Marketplace platform will help keep people in business, generate jobs and income”, She continued.

The Ebi Marketplace platform will be Nigeria’s first all-women’s e-market platform which is safe and user-friendly. The platform will also feature a Nigerian women’s SME directory with sector and location tags to expand the reach of products and services across Nigeria and beyond. The Ebi Marketplace will be all inclusive and will be a one-stop shop information portal of opportunities for female entrepreneurs. The app will provide female entrepreneurs and their customers with a unique and seamless online trading and shopping experience. It also includes features that will help drive sales and boost revenues for women-owned businesses, as well as provide other resources that will enable female-owned businesses to thrive.

The Ebi marketplace will officially go live on the 1st of August and the App will be available for download on Play Store and Apple Store. Successful sign-ups would officially become vendors on the platform and can access all the benefits on the Ebi Marketplace Platform.

About SME.NG

SME.NG was established to bridge the gaps in women’s access to finance through “gender lens investing”. It is an impact investment platform that invests in Nigerian SMEs to realize measurable environmental, social, and financial returns.

The platform’s approach to SME financing is through a “blended financing” model, which leverages private capital, public sector investments and philanthropic giving. SME.NG has two funds for women and operates an all women accelerator, “She Works Here.”

Buhari Vs Twitter: The Inglorious War!

Business Journal

05/06/2021

The deletion of a tweet by President Muhammadu Buhari by twitter and subsequent suspension of the social media platform by the Federal Government of Nigeria has generated intense debate within and outside the shores of the country.

While the resolution of the disagreement might not be coming in the next few days, it invariably signals the commencement of soft conflict between Buhari/Nigeria and twitter-a conflict that could stretch beyond the ordinary.

Despite the stated reasons by both parties in respect of the actions they took over the said deleted tweet, it is now difficult to see who will blink first considering the various socio-economic factors at play, including power and sovereignty.

To put it mildly, this is an inglorious war nobody saw coming and one that nobody needs at this time.

Time for reason to prevail!

Vbank: Nigeria’s Digital Banking App of 2020 Still Going Strong

Business Journal

05/06/2021

When VFD Microfinance Bank entered Nigeria’s budding virtual banking space with its VBank app in March 2020, it joined the ranks of challenger banks giving mainstream banks a run for their money.
It was launched when consumers were groaning under the burden of high account maintenance fees, hidden bank charges and other difficult regulatory demands. It was also at the onset of the Covid-19 pandemic in Nigeria, which necessitated months of lockdown and restricted movement.

Riding on the back of its attractive and easy-to-use interface, the VBank app quickly racked up hundreds of thousands of downloads on Playstore and the App store.

The latest update to the app launched earlier in the year with some sterling features to make virtual banking seamless.

Customisable Features

The new update on the app comes with a customisable interface that allows adding quick links to the homepage by clicking the edit button on the top left corner of the page. With this, you can add features you use frequently to where you can quickly access them.

Receiving/Sending money without an account number

The app comes with Proximity Payment, a Bluetooth-like feature. With this, VBank users can send or receive from other users of the app without using an account number. The app uses your phone’s location, microphone and Bluetooth to carry out the transaction.

There is a catch, however: VBank expressly states that “the data being shared is temporarily uploaded to Google in order to enable sharing.”

The QR code payment and cardless withdrawal options

The QR code feature allows users to initiate and receive payment by scanning another user’s QR code. It also enables the app user to generate a unique QR code anywhere in the world and then share the same with family and friends to receive payments anywhere QR code payment service is available.

The cardless withdrawal feature enables users to withdraw cash at any ATM in Nigeria without using a physical debit card. And with the ATM locator on the app, you can locate ATM points nearest to you.

One transaction, multiple beneficiaries

Sending funds to more than one person can be a bit tedious and time-consuming, especially when the internet connection is unstable. However, the VBank app allows for making payments to multiple beneficiaries at a go with no hassles and for free. The bank charges zero naira for transfers all year round.

Investing

With the Invest menu on the app, users can do more than save money. The menu allows users to create target savings, fixed deposit and shared/joint accounts, and also request a loan.

Only recently, the bank reviewed its Fixed Deposit Rates to return between 11.25 and 15 percent on a 30 to 365 day fixed tenor. This is one of the highest in the country.

Also, it renewed its annual Children’s Day Target Savings in May 2021 promising a 20 percent bonus in the first month and nine percent in subsequent months provided the same amount is fixed monthly.

Other regular features

Like many other bank apps, with the VBank app you can do mobile top-up and pay bills. This would vary from cable bills, electricity bills to betting games.

The Vbank app is a digital product of VFD Microfinance bank which was incorporated in Lagos in 2015. The bank returned 400 percent in investment in 2020, the year of the pandemic.

This is perhaps connected to the timely introduction of its digital app, Vbank, in March 2020, a few weeks before the country shut down.

Last April, Vbank was named banking app of the year 2020 at the Gage Awards.

The NAICOM 5-Point Plan to Drive Insurance Growth in Nigeria

Business Journal

05/06/2021

(4^th Left): Mr. O. S. Thomas, Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) and other Directors of the Commission during the unveiling of the NAICOM Strategic Plan in Lagos.

The National Insurance Commission (NAICOM) has unveiled a 5-Point Strategic Plan 2021-2023 to drive growth of insurance business and deepen its penetration in the country.

Mr. Olorundare Thomas, the Commissioner for Insurance/CEO of NAICOM said in Lagos that the Plan is anchored on innovation, distribution, effective/efficient and service delivery as its guiding principles.

Thomas listed the 5-Point Plan as:

Entrench effective & efficient service delivery
Ensure safe, sound and stable insurance sector
Adequately protect policyholders and public interest
Improve trust & confidence in the insurance sector
Ensure innovation & promote insurance market development

The first point will entail enhancement of infrastructure, automation of processes, improve efficiency of regulatory activities and equipping the proposed NAICOM Academy which is set for take-off before the end of the year.

According to the insurance regulator, Point 2 involves ensuring that insurance operators in Nigeria are adequately capitalised, implementation of risk-based supervision and ensure that underwriting firms are prudently managed.

Other points and their details include:

Point 3:

Promote improvement in the protection of policyholders
Enhance enforcement of market conduct among operators
Promote insurance education & awareness
Ensure adequate insurance cover for government assets and liabilities

Point 4:

Institute good market conduct and ensure that complaints are properly managed
Implement customer service charter policy
Facilitate the fight against money laundering and funding of terrorism
Ensure effective management of troubled institutions

Point 5:

Facilitate innovation and competitive policy amongst operators
Facilitate attainment of National Financial Inclusion target and access to insurance services
Promote local capacity for emerging risks in Nigeria
Implement principles for sustainable growth of the market

The Commissioner for Insurance promised that the Commission will vigorously monitor and evaluate the process towards the attainment of the goals in the strategic plan.

Stanbic IBTC Excites Shareholders with Dividend, Bonus Shares

Business Journal

02/06/2021

Stanbic IBTC Holdings Plc has declared a dividend of 360 kobo per ordinary share of 50 kobo be paid to shareholders as well as one bonus share for every six ordinary shares held by them.

Mr. Tunde Bamidele, a shareholder, appreciated the Board and Management of Stanbic IBTC for the steadfastness, hard work and dedication, which resulted in the N83 billion profit after tax for the 2020 financial year, and culminated in the 360 kobo dividend and allotment of bonus shares.

He said: “I would like to express my gratitude to the Board of Directors, Management and members of Staff of Stanbic IBTC for a job well done. Despite the COVID-19 pandemic, the company declared a dividend of 360 kobo which is very impressive compared to other players in the financial industry. I would also like to thank you for giving us a bonus share for every six shares held. Indeed, the bonus dividend is robust.”

Mr. Kunle Adedeji, Ms. Ngozi Edozien and Ms. Salamatu Suleiman were re-appointed as Directors, and Mrs. Sola David-Borha, immediate past Chief Executive, Africa Regions, Standard Bank Group, was appointed as a Non-Executive Director.

Mr. Basil Omiyi, Chairman of the Stanbic IBTC Holdings PLC, commended the Group’s management on an impressive result despite operating in a tough environment. He said: “The Board is very happy with what the Management has been doing. We pass most of the commendation to our very efficient and able Management team who have delivered impressive results despite operating under difficult circumstances.”

Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, reiterated the Management’s commitment to sustaining the high standards that have earned the Group several commendations and awards, including the highest level of ratings by globally recognised rating agencies. He said: “We would continue to work very hard to sustain our high level of ratings by globally renowned rating agencies. We also pledge to continue adhering to regulatory guidelines, while also making improvements in the areas of performance, corporate governance, risk management, quality of workforce and succession planning.”

UN HeforShe: Accelerating Women in Leadership Through Conscious Efforts

Business Journal

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

Business Journal

28/05/2021

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

Business Journal

28/05/2021

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

Business Journal

21/05/2021

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

Business Journal

21/05/2021

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

Business Journal

21/05/2021

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

Business Journal

18/05/2021

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

Business Journal

18/05/2021

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.

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