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Before You Switch From One PFA to Another

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The pension industry in Nigeria has evolved over the years and introduction of the Transfer Window, which allows pension contributors to switch from one pension fund administrator (PFA) to another has been the talk of the town since November 2020 when it was officially declared open by the National Pension Commission (PenCom).

Recently, Stanbic IBTC Pension Managers hosted an Instagram Live Session to educate contributors on what they need to know before switching PFAs and why they are the preferred choice in the pension industry.

Below are highlights from the Instagram Live Session which held on December 23, 2020.

What Should You Know Before You Switch?

  • Switching from one PFA to another is completely FREE and OPTIONAL.
  • Verify the sources of information before you switch. You can visit the National Pension Commission (PenCom) website for details on returns.
  • Confirm that the funds of the PFA you are switching to are audited and that they have adopted the International Financial Reporting Standard (IFRS).
  • Your remittance and account balance are not affected when you switch.
  • Anyone can switch their PFA to Stanbic IBTC Pension Managers.
  • You can only initiate a transfer once a year; transfers are effected at the end of each quarter

Why Should You Choose Stanbic IBTC Pension Managers As Your PFA

  • Highest Number of Subscribers: Over1.8 million people cannot be wrong.
  • Their Heritage:A member of the over 150-year-old Standard Bank Group.
  • Trust and Reliability: They have paid over N800 billion to more than 62,000 retirees since the inception of the Contributory Pension Scheme (CPS)
  • Funds Performance: Their funds have returned over 370% since inception.
  • Transparency:There are periodic statements sent to contributors and they have the chance to check their balance at any time through their website, USSD or the Stanbic IBTC Mobile App.

What Do You Enjoy When You Switch To Stanbic IBTC Pension Managers?

  • Immediate access to end-to-end financial solutions.
  • Peace of mind knowing that your pension is safe, regardless of where you are.
  • Access to relevant information plus ease of performing transactions.
  • Long-term sustainable returns on your assets to ensure that you retire well.
  • Access to their Loyalty programme where you enjoy discounts when you shop with any of their partner vendors.

At Stanbic IBTC Pension Managers, operational excellence drives service delivery as their standards of operation give no room for poor investment decisions. Therefore, you can be assured that your pension is not just in safe hands but in the hands that are keen to help you to “RetireWell”.

Linkage Assurance Hosts NCRIB Lagos Area Committee on Feb. 11

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Daniel Braie

MD/CEO

Linkage Assurance Plc

Underwriting firm, Linkage Assurance Plc will on Thursday, 11th February 2021 host the Nigerian Council of Registered Insurance Brokers (NCRIB) Lagos Area Committee (LAC) general meeting.

The meeting slated to take place at the Insurance Brokers’ House in Lagos & Zoom (Hybrid) at 11am promises to be another exciting, refreshing and interactive session as Linkage Assurance Plc, the major sponsors would be updating members with their robust product offerings tailored specifically to meet dynamic clients’ need.

The February 2021 edition will equally feature Obafemi Oshinowo, an ardent learning and development expert as guest speaker and he will be speaking on ‘ Digital Solutions for Sustainability’.

Linkage Assurance Plc’s Service Proposition is to give her customers peace of mind through need-based insurance solutions and exceeding their expectations.

“We are committed to this by seeking to understand their risks and business objectives and providing insurance services to them, according to the company’s promise.

Ecobank Nigeria Unveils Money Transfer via SMS, WhatsApp

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Ecobank Nigeria says its customers are now able to transfer funds by emailSMS and Whatsapp – new features available on the Bank’s Mobile App.

Speaking, Olukorede Demola-Adenyi, Head, Consumer Banking Ecobank Nigeria said that this is part of the bank’s innovation in digital banking, enabling customers perform their transactions conveniently. She also spoke on the simplified and more appealing interface of the Mobile App, making it easier and convenient for people to transfer funds from their accounts with the App.

“This opportunity couldn’t have come at a better time when many people are self-isolating and keeping social distance due to the COVID-19. We have the responsibility as a bank to continue to innovate for the benefits of our teeming customers. We encourage our customers and others to utilize this new addition to our digital self-service solutions. With this feature, a customer can transfer up to N50,000 without the beneficiary’s account number. The transfer can be initiated without the beneficiary providing an account number or deciding on which account to receive the funds into. For us as a bank, this is super convenient for money transfer.”

Mrs. Demola- Adeniyi further said, the process is simple and beneficiary can redeem the money sent in 3 simple steps; Receive the web link sent to his mobile number as SMS or WhatsApp message, click on the link to select bank and enter the account number, then, submit the request and senders account is immediately debited.

The beneficiary account irrespective of the bank receives the credit instantly. The process is secure, convenient and funds are in local currency and do not leave the senders account until the beneficiary initiates the redemption into the destination account.

She called on those who are yet to download the Ecobank Mobile app to do so without delay because of the attendant benefits.

“The Ecobank Mobile app allows you to enjoy our banking services instantly and conveniently on your mobile device. The app provides you with an easy channel to manage your account and perform financial transactions in a simple and secured manner. The app gives you access to affordable banking services and more, wherever you are, on your mobile 24/7, 365 days a year.”

Resolving Malnutrition Challenges in the Midst of COVID-19 Pandemic

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The year 2020 was an unusual one in every sense of the word.

The coronavirus (COVID-19) pandemic made sure of this. To remove any doubt about the threat that the virus posed to every country in the world, the World Health Organisation (WHO) recognised the COVID-19 as a global pandemic.

Today, the impact of COVID-19 pandemic is global. There is hardly anyone who has not been affected by the pandemic to some degree. In a country like Nigeria, it has precipitated mental, emotional, social, business-related and financial impact.

Nigeria is home to over 230 million people, the bulk of whom are young. While the country has experienced relatively small numbers of COVID-19 deaths, the resurgence of a second wave is a cause for concern. Another cause for concern is the growing incidence of severe poverty and malnutrition. About 40 per cent of the nation’s population continues to live on less than $1.90 US dollars a day.

The National Bureau of Statistics (NBS) recently released a poverty and inequality report which highlighted that over 83 million Nigerians are extremely poor. This report, which is a basis for measuring poverty and living standards in the country, is used to estimate a wide range of socio-economic indicators, including bench-marking of the Sustainable Development Goals.

Indeed, many children and families still lack access to affordable nutritious foods. This often results in a lack of essential nutrients in their daily diet, which can lead to severe malnutrition and protein deficiency. Protein deficiency is a negative nutritional condition produced by a deficiency of proteins in the body.

Experts indicate that the COVID-19 pandemic and the resulting economic downturn will probably further aggravate these issues.

In many ways, the pandemic seems to have helped to shed light on what is really important in the world today, and that is good health.

Evidently, an essential ingredient of good health is good and affordable nutrition. As the year 2021 progresses, Nigeria needs to tackle the challenge of malnutrition and protein deficiency, coupled with the pandemic.

To achieve this, some key solutions must be implemented and adapted to suit the needs of the average Nigerian. This requires a significant level of expertise and insight on the poverty and malnutrition problem in the country.

First, the government needs to deal with the malnutrition problem directly. This can be done by reducing the price of healthy food crops nationwide, reducing the cost of seedlings and arable crops being sold to farmers, thereby increasing the affordability and accessibility of agricultural inputs. This will increase food availability to a large extent, which will curb malnutrition.

The government should also implement agricultural development projects (ADPs) across Nigeria. These agricultural development projects will play a facilitating role in the production of crops, livestock, and aquaculture.

For the vast majority of Nigerians, food production and agriculture must be embedded and promoted in every community to increase food availability and accessibility. The government has a responsibility to provide safe, affordable and nutritious food crops to the populace to mitigate the levels of hunger and starvation in the nation.

Secondly, the government needs to make health care affordable by creating more hospitals and health centres in the north eastern states with high malnutrition rates, while sustaining ongoing health programmes such as the National Health Insurance Scheme (NHIS) and the Food and Drug Programme (FDP).

The government can liaise with foreign health organisations like the World Health Organisation and the United Nations International Children’s Emergency Fund (UNICEF) to provide quality healthcare to malnourished children and individuals.

Of course, there must be sensitisation and awareness campaigns in rural communities on dietary changes, eating of fortified foods that contain valuable nutrients, and locally available food sources that are healthy and nutritious. Foods like soybeans, awara, bambara, okpa, groundnuts, and egusi are rich in nutrients that nourish the body.

Finally, non-governmental organisations can visit villages and communities to provide local food options and to educate malnourished locals on eating a healthy, balanced diet.

Nigeria has the potential to surmount all the aforementioned difficulties if these solutions can be properly and effectively implemented.

The key is proper planning.

 

 

Emirates Skywards Offers Flexibility, Elite Tier Extension to 2022

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Emirates Skywards, the award-winning loyalty programme of Emirates and flydubai, has rolled out new measures to offer its members more support, flexibility, and choice – allowing members to retain elite tier status until 2022.

The loyalty programme is one of the first in the world, and first in the region, to offer its members a generous extension on all tier status reviews scheduled for 2021, by an additional 12 months. With travel restrictions still in place due to COVID-19, Emirates Skywards continues to pioneer new ways to offer its members greater reassurance during this time.

Emirates Skywards Silver and Gold members with a tier review date prior to 31 December 2021, will have their current tier status extended by an additional 12 months. Emirates Skywards Platinum members with a tier review date prior to 31 December 2021, will also have their current tier status extended by 12 months, in addition to the Gold status of any nominee.

As an example, if a member has a current tier review date on 31 March 2021, their new tier review date will be extended to 31 March 2022.

The loyalty programme has also further extended the validity of any Skywards Miles due to expire since April 2020 until 30 June 2021. Skywards Miles can be redeemed up to 11 months in advance for an extensive range of rewards, including flight tickets on Emirates, flight upgrades, and many more privileges.

Members can fly Emirates with full confidence as the airline has revised its booking policies to offer customers generous re-booking terms and options. Customers who purchase a ticket for travel on or before 30 June 2021, can change their travel dates or extend the ticket validity for 2 years.

Emirates Skywards will also be rolling out more initiatives throughout the year to help members retain tier status, or fast-track to a higher tier status. Members can look forward to a year of delightful surprises including bonus tier miles, complimentary tier upgrades, paid tier opportunities, and many more exclusive offers.

Emirates Skywards has more than 27 million members worldwide. The loyalty programme offers four tiers of membership: Blue, Silver, Gold and Platinum, with each tier earning exclusive privileges. Members can earn Miles with partners ranging from airlines, hotels and car rentals to financial, leisure and lifestyle brands.

Skywards Miles can be spent on flight tickets on partner airlines, hotel stays, hospitality at sporting and cultural events, and money-can’t-buy experiences.

 

 

 

Varsity Don Harps on Benefits of Soybeans, Fish Consumption

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Professor Adewolu Morenike, professor of Fish Nutrition at the Department of Marine Sciences, University of Lagos, has called on Nigerians from all walks of life to regularly consume soybeans and fish to help improve their diet and reduce the incidence of malnutrition in the country. Soybeans and fish are well-known and affordable sources of protein.
Professor Adewolu noted that the benefits of the combination of soybeans and fish consumption are often understated whereas they contain numerous vitamins and minerals which are of tremendous benefits to the human body and mind.
Speaking on the benefits of consuming soy, she said: “The size of the soybean pales in comparison to the numerous gains of its consumption. Soybean is an excellent source of protein, and it contains fundamental nutrients needed by the human body to function optimally. It is one of the few plant-based proteins that is considered to have all the essential amino acids.”
The don added: “Soybeans are low in carbohydrates and have a very low glycemic index (GI), which is a measure of how foods affect the rise in blood sugar after a meal. Soybeans are good sources of several vitamins and minerals, including vitamin K1, vitamins B1-B6, folates, copper, manganese, potassium, phosphorus, and thiamine. They are a rich source of various bioactive plant compounds, including isoflavones, saponins, and lunasin.”
She stated that soybeans have high levels of isoflavones and antioxidants as well as immune-boosting properties. According to her, “The proteins and isoflavones in soy repair worn-out cells and tissues, and replace blood plasma, which is vital for immune resistance. Isoflavones may be protective against breast cancer later in life. The high levels of antioxidants in soybeans may prevent the onset of several cancer cells and remove free radicals from the body.”
The professor described the combination of soybeans with fish as a superfood that can lower the risk of diabetes, heart diseases, stroke and obesity. She explained that regular consumption of fish (whether oily, shellfish or lean fish) will lower the risk of heart attacks and strokes because of the presence of Omega-3fatty acids.
According to the lecturer, fish, which contain Omega-3 fatty acids, will help in the breakdown of triglycerides and fatty acids in the liver, thereby lowering the risk of fatty liver disease. This helps blood flow to the brain and improves its performance during mental tasks. Fish are rich in Vitamin A, which can fight free radicals and reduce oxidative stress.
The professor said: “As long as fishes are included in our diet, be it tilapia, codfish (panla), scumbia, crabs, crayfish, or any type of fish at all, our immune system will be immediately boosted because fishes contain vitamin B12 (cobalamin) and selenium, which are critical in the formation of macrophage cells, which patrol the bloodstreams for harmful bacteria.”
The professor stated that the immune system is spread throughout the body and it involves many types of cells, organs, proteins and tissues. She noted that without an enhanced immune system, the body would be opened to attack from bacteria, viruses and parasites, which is why increasing the dietary intake of soy and fish is important.
She added that the vitamins and minerals contained in soybeans and fish help to maintain the body’s defence against infections, thereby enhancing the human body’s immunologic system.
Professor Adewolu stated: “In Nigeria, the average protein intake is low; it is estimated to be 45.4 grams per day. This is below the WHO’s recommendation of 70 grams per day. A combination of soybeans and fish will definitely meet the recommendation since these two foods are very good sources of dietary protein.”

The Year 2020 and Economic Outlook of 2021

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By Dr. Harrison Eromosele

Everyone agrees that 2020 was a peculiar year. Economies across the globe experienced turbulent economic challenges.
In Nigeria, following two consecutive quarters (Q2, 2020 and Q3, 2020) of negative growth, the National Bureau of Statistics (NBS) officially announced that the country’s economy technically entered a recession.
The recession has been characterized as the worst in four decades and second in five years. But beyond the low employment, low consumption and investment spending, economic agents have had to also grapple with another macroeconomic accomplice – the unduly rise in commodity prices in the face of a recession. Figures from the NBS confirms that between June and October alone inflation rose from 12.56% to 14.2% and there are expectations that it will climb higher.
However, a subset of the headline inflation known as food inflation poses a more severe impact on the masses. Food inflation has maintained double-digit numbers since 2017 and unfortunately, food constitutes the most significant share in disposable income of an average Nigerian. Food inflation was around 15.48% as at June 2020. (NBS 2020). Hence, the real economic scenario brings us to an economic condition call stagflation (inflationary recession).
One hopes that these worrisome statistics reveal to the managers of the economy, decision and policymakers in the government circles the untold hardship imposed upon the Nigerian masses.
Now, the big questions are: How did we get here? Are there hopes of changing the narratives? What are the possible projections for 2021?

How did we get here?
A multiplicity of factors is responsible for our current economic disorder. However, we think the major ones are (i) A structurally designed Dutch diseased economy – a consequence of over-reliance on the naturally rich oil endowed reserves. And (ii) Rent-seeking behaviour of few elites.

A structurally designed deindustrialized (Dutch diseased) economy – a product of over-reliance on the rich oil endowed resource.
Empirical studies have shown that most naturally rich resource economies who bask in the euphoria of their natural wealth often create an economic syndrome, an economic condition where due to over-reliance on the naturally rich resource sector, the manufacturing and the agricultural sectors dwindle while there is the emergence of the service sector which flourishes strongly in the face of the infrastructural deficit.
Another variant of the Dutch diseased syndrome is found in the work of Mohammad Amin (2009) called the Nigerian Disease. This variant portrays how the abundance of natural resources causes poorer governance and conflicts. It is characterised by less accountability by government officials to the people, little incentive for institution-building, failure to growth-enhancing reforms etc. This befits the Nigerian economy.
Since the fourth republic, a conscious effort has been on-going to diversify the economic base away from oil and service to manufacturing and agricultural industries which are much more impactful to economic growth. So far, the progress has been very weak as it is very slow.

Rent-seeking behaviour of few elites
Rent-seeking involves seeking to increase one’s share of existing wealth without creating new wealth. Rent-seeking results in reduced economic efficiency through poor allocation of resources reduced actual wealth creation, lost government revenue, increased income inequality and (potentially) national decline. (The Audiopedia, (2017)).

The rent-seeking spirit of the nation’s powerful elites permeates in the economic life of the country, constituting bottlenecks in the wheel of economic growth and prosperity. It is seen in virtually all spheres of the business space.
For instance, it can be seen in the multiple existences of the national currency exchange rate as orchestrated by major Bureau De Change front-liners; the business of mopping excess liquidity from the system in the face of budgetary deficit financing; keeping the domestic refineries in comatose; the existence of an oligopolistic stock market structure; an infrastructural deficit in the energy sector; congestion of the Nigerian Port Authority (NPA) in Lagos State; Monopolizing key investments and businesses capable of growing the economy much faster if left to compete favourably; restrictions of export licenses to a relatively few; the dark operations in the NNPC; the ill-designed policy that deliberately or otherwise led to the demises of firms in their hundreds; the vague subsidy policy that is continually used as a tool to siphon financial resources from the public purse into private pockets etc. All of these connotes an element of rent-seeking.

Current Structure and Realities of the Nigerian Economy
The oil sector whose contribution to GDP is only about 8.73% is known to greatly impact on the overall economic activities because it accounts for over 90% of the economy’s foreign earnings and 80% of government revenue which is key in determining budgetary estimation, projection and allocations.
As a major determinant of the country’s foreign earnings, the oil sector remains the most powerful sector that also determines the country’s currency exchange rate.
Now, it also influences the form, the monetary policy design will take in regulating the banking industry given the traditional nature of survival in the industry which is strongly tied to the oil or government revenue deposits and subsequent mopping of same in the form of excess liquidity by the CBN. To this extent, the interest rate in the industry is determined by the oil revenue earnings.
The existing infrastructural deficit remains a huge drag to production activities. The excessive appetite by Nigerians for foreign products which makes Nigeria heavily import-dependent constitutes inlets of doses of imported inflation. Now, due to the government over-reliance on the oil sector, we have so far been able to identify that the oil sector can determine three important leading indicators: exchange rate, inflation rate and interest rate.
Today in Nigeria, the exchange rate is a much more sensitive leading indicator relative to inflation and interest rates.

Economic Forecast for 2021
The monetary authority is much likely to do more of the macroeconomic task in ereas of inflationary recession.
Hence, we forecast that monetary policy will continue to remain accommodative and there are tendencies that MPR will be lower further for up to the Q4 of 2021 if the second wave of the global COVID 19 pandemic terminates at the end of Q1, 2021.
Such policy simply aligns with the theoretical underpinning that provided interest rate remains low, positive growth will ultimately emerge. Other complementary components to the policy such as cash reserve requirement (CRR), liquidity ratio and the asymmetric corridor around the MPR will continue to be maintained at 27.5%, 30% and +200/-500 basis points respectively.
• One of the modular refineries in the country will commence operation in 2021. This will ease the pressure of importation-n of the petroleum products and thus free resources for other government spending that hopefully re-circulates wealth in the economy
• Exchange rate will climb higher to about N420 if oil prices continue to hover in the neighbourhood of $35 to $45 per barrel globally as oil production (mbpd) is below 1.5m, and as domestic economic activities recover more strongly.
• The inflation rate will rise to about 19% in the Q2, 2021 if the second wave does not continue to devastate the global economy. But rise to 22% if it does in the Q1, 2021.
• Food inflation will likely remain high as essential industrial inputs are set as a priority over rice and poultry to access foreign exchange via the CBN widow. In principle, rice and poultry related products remain banned at the moment. However, the headline inflation can partly be curbed from the supply-side of the economy. In the short run, we recommend that the ban on rich and poultry related products be lifted in the interim to disinflation food inflation and by extension headline inflation.
Contextually, in as much as a significant share in government borrowing will continue to be from external sources, the yields from domestic debt instruments (e.g., bills and bonds) will continue to remain low in Nigeria.
This will mean tougher days yet ahead for the banking industry given that it partly survives on the significant investments in these debt instruments. A few banks may not be able to manage the possible frenzy that will befall them resulting from the rush to create credit assets with the real sector thus creating the tension of sticky loans and subsequent downsizing with contagious impact on others.
• Fraudsters are very much likely to seize this moment with rebrand versions of Ponzi schemes.
• Unemployment level in the informal sector will fall moderately with the temporary reopening of the borders in the Q1, 2021 as trade constitute the second largest employer of labour in Nigeria. (SBM Intel’ 2020).
• Oil production (mbpd) will scale up to around 1.65 to 1.8, ceteris paribus.
• GDP will average of 460 billion dollars in 2021.
• Given that yields on money market debt instrument (treasury bills) and capital market instrument (bonds) are below existing inflation, it becomes difficult for the monetary authorities to lure FPI a source of capital inflow into the country. On this premise, more capital outflow will occur in 2021.
• Given the impressive purchasing manager’s index data in the Q3, 2020 and other fiscal stimulus packages, the Nigerian economy will pull out of recession in the Q2, 2021 with oil prices stabilizing around $47 per barrel.
• Positive economic growth in the Q2, 2021 will be non-impactful until 2022.

Dr. Harrison Eromosele, Department of Economics and Development Studies, Federal University, Otuoke, Bayelsa State.

Making Sense of a Manual ‘Digital’ Directive

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By Elvis Eromosele

The COVID19 pandemic is not letting up. It continues to race and rage across the globe. With 92 million cases and almost two million deaths, one expects every hand to be on deck to curb the spread.
The World Health Organisation (WHO) advises that if COVID-19 is spreading in your community, stay safe by taking some simple precautions, such as physical distancing, wearing a mask, keeping rooms well ventilated, avoiding crowd, cleaning your hands, and coughing into a bent elbow or tissue.
Yet in Nigeria where the second wave is blossoming crowds have besieged National Identity Management Commission (NIMC) Offices across the country. The very thing that we are supposed to avoid – crowded place.
The Minister of Communications and Digital Economy, Dr. Isa Pantami is directly responsible for this crowd. In December 2020, he issued a directive that made it compulsory for all SIM cards to be linked to the National Identity Number (NIN). So, Nigerians from all walks of life who are yet to get the NIN are forced to visit NIMC offices in an attempt to get it.
The minister initially gave telecoms operators two weeks to link subscribers’ registered SIM cards on their networks to their NIN, which is currently being issued by the NIMC. The directive stated that the submission of NIN by subscribers must take place within two weeks, December 16, 2020, and end by December 30, 2020 – it has since been extended by six weeks following the public outcry. It also stated that after the deadline, all SIMs without NINs are to be blocked from the networks.
Well-meaning Nigerians have questioned the wisdom of the directive. Some have asked, “Must it be done right now in the midst of a global pandemic whose second wave is proving deadlier than the first?”
Clearly, the answer is No! It can wait. Infact, it should wait.
Some people have taken to blaming those who are rushing to obey the directive. There are missing the point. Nigerians are afraid to been cut off, of losing their lines and of being deprived of the link to the world. They have a right to be afraid. Today, connection is the currency of the information society, the lifeblood of the digital economy and the heart of the social age.
Naturally, any threat to cut off that connection would produce the crowd we are experiencing at the NIMC centres. Nobody wants to be cut off.
There is no surprise here. Today, nearly everything rides on the phone. Contacts, financial services, internet connection and even health care apps are all available on the smartphone.
Nobody wants to be cut off.
In over two decades of democracy in Nigeria, the most direct benefit to the masses of the country is access to mobile telephony. The liberalization of the telecommunications industry and the subsequent success of the auction of digital mobile licenses made telephone a thing for everyone.
Think about this, from less than 400, 000 connected lines in the year 2000, we now have over 200 million lines. The progress has been massive. Nearly everyone that wants can get a telephone line. Today, Nigeria has one of the largest telecom markets in Africa. Nobody wants to be cut off.
In addition, the sector continues to generate humongous investments both foreign and domestic. Indeed, telecommunications investment has been identified as one with a strong potential to spur economic growth and create employment.
Within two decades, the telecom sector contribution to GDP grew from less than one per cent to over 10 per cent. The sector is resilient, capital intensive and tightly interwoven with every other sector. This interconnectedness is precisely why nobody wants to be cut off.
The good book says that “the law is made for man and not man for the law.” The Minister of Communications and Digital Economy is insisting otherwise. He appears bent on carrying on with the exercise even though it is now obvious that the timing is wrong. The risk rises every single day the directive is in place. It is time to put it on hold.
Some have made excuses on the minister’s behalf. They say that before issuing the directive, he met with the CEOs of telcos and none raised any objection. This excuse is lame.
Who doesn’t know how Nigeria works? Nigerians are aware that you can’t contradict a ‘Nigerian big man’ unless you are ready for the backlash.
The telcos had little choice in the matter. This is all on the Minister of Communications and Digital Economy. He gave the directive and has refused to reconsider it
The whole idea of the digital economy is not only about nomenclature it is about agility. According to Wikipedia, “Business agility refers to the rapid, continuous, and systematic evolutionary adaptation and entrepreneurial innovation directed at gaining and maintaining competitive advantage.”
Since the change of name of the ministry, it has shown little or no understanding of agility. This must change. The ministry should focus rather on a national database or establish the framework for the harmonization of the existing databases – SIM Registration, Voter Cards, NIN, BVN, Drivers’ License, International Passport.
The NIN and SIM link directive has today become a monster, a coronavirus super spreader. The Chinese say that the best time to plant a tree is 20 years ago and the next best time is today. The whole exercise ought to have been suspended two weeks ago, today is the next best time.
Dr. Pantami, Stop the NIN and SIM link directive now!
It has become a travesty. Is the linking of NIN and SIM important? Yes, by all means!
Must it be done now? No!
It is not a matter of life and death. Verification and harmonisation can wait.
Coronavirus infection doesn’t give notice. It won’t wait. The crowd at NIMC Centres is not helping.
Suspend the directive. Put the process on hold. Let this COVID19 wave blow over. For genuine progress, directives must make sense in this digital economy.

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

Niger Insurance to Realign Business Model to Spur Growth

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Dr. Stephen Dike, Chairman, Niger Insurance Plc told shareholders at the firm’s Annual General Meeting (AGM) in Lagos that the future of the company remains bright, as it will continue to leverage its market positioning, age advantage and brand equity.
Dike said the company still retains its transformational drive to generate sustainable growth and profitability through identified four major areas:
• Strengthening and realigning our business model and practices with the realities of the market, industry and the economy in general and ensuring their consistency with best practices and standards.
• Strengthening our balance sheet through aggressive and strategic recapitalisation; ensuring that assets carrying values represent conservative estimates; and ensuring adequacy of provisioning/ reserve for liabilities as necessary to achieve a formidable balance sheet
• Reorganising and strengthening our workforce to establish a management team that is inspiring and able to effectively lead or support the imperative strategic transformation aspirations and profitable growth performance objectives of the Board and shareholders
• S t r e n g t h e n i n g a n d institutionalising a strict c o r p o r a t e go v e r n a n c e framework that will enhance the overall capacity of the company to create long-term sustainable shareholder value.
He said the aim is to stimulate performance, improve operating efficiency, rebuild and enhance Niger’s good reputation, improving access to capital markets, and assuring strict compliance with regulatory requirements.
Mr. Edwin Igbiti, the Managing Director of Niger Insurance Plc added that the company is investing in data analytics and technology to differentiate its offerings, drive sales, improve service standards and operating efficiency.
“We have upgraded our information systems (including our core insurance application) and deployed digital platforms and technology solutions to all our office locations across the country. Furthermore, we have reviewed our locations strategy to align with target markets/segments as well as optimize costs. Also, we are redesigning and simplifying our offerings to allow flexible pricing and varying customer preferences. I have no illusions that there is still a lot of work ahead and trust that we can count on the continued support of our esteemed shareholders and other stakeholder groups over the long-term.”

Lion’s Den: Ecobank Partners Ultima Studios to Support Entrepreneurs

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Ecobank Nigeria says it is partnering Ultima Studios on the Lions’ Den TV reality show to further its aspiration to support entrepreneurs who have good business ideas but need to raise funds for advancement.
Managing Director, Ecobank Nigeria, Patrick Akinwuntan who stated this in Lagos reiterated Ecobank’s commitment to be the foremost financial institution in the country providing thought leadership within the Small and Medium Enterprises (SMEs) space and also supporting them with access to financial products and services to succeed. Ecobank is the Lead Sponsor of the TV reality show hitting TV screens in 2021.
Lions’ Den which is being packaged and produced in Nigeria by Ultima Limited, a leading reality television programmes producer in West Africa, is a spin-off of the popular ‘Dragons Den’ and ‘Shark Tank’ in the UK and US respectively. The TV show brings together budding entrepreneurs and innovators with seasoned investors and business leaders to create an avenue where compelling best ideas are supported and funded.
Mr. Akinwuntan said he is optimistic that the show would attract the target group including established SMEs seeking seed or expansion capital, aspiring entrepreneurs and young graduates with bright business ideas. He reiterated that the TV show has a proven track record of appealing to both male and female audiences across the globe.
“SMEs and entrepreneurs in the country are looking for a viable partner that will help them build sustainable businesses. Customers have become more discerning, they are not looking for any partner, but the right partner – one that is not just providing financial support but is investing in their growth; this is what Ecobank represents. We have been actively supporting SMEs because we recognise them as the engine of growth of any economy. This TV show will further create more entrepreneurs. We are pleased to partner with Ultima Limited who have a pedigree of producing world-class programmes such as ‘Who Wants To Be A Millionaire?’ and ‘Project Fame West Africa’. We believe the target group will embrace the programme and at the end of the day, we will achieve our objectives of supporting small businesses and helping aspiring entrepreneurs in the country realize their dreams.”
Recently, the Chief Executive Officer, Ultima Studios, Femi Ayeni said he has reached an agreement with UK-based Sony Pictures Television to produce the Nigerian version of the globally acclaimed business reality television show, ‘Lions’ Den’.
He said the show, the first of its kind in Nigeria, is a variation of the original show that was first aired in Japan and has now been produced in over 30 countries. The show targets entrepreneurs who have good business ideas but need to raise funds to advance their business.
According to him, Ultima’s choice of Lions’ Den is a celebration of the entrepreneurial spirit of Nigerians, adding that the programme will not only provide exciting viewing for viewers at home, but also provide an opportunity for serious entrepreneurs to attract much-needed investments.
Lions’ Den is the world’s number one business reality show – adapted in over 30 countries worldwide. In summary, five investors listen to pitches from budding and innovative entrepreneurs who present their innovative ideas/ business plans in return for capital. Entrepreneurs with successful pitches on the show do not only obtain investments but also acquire mentors and partners for the lifespan of their business. The show, which appeals to adults 18 -54 years, generates consumer engagement opportunities as well as long term business relationships with participants, both on and off the show.
It provides a platform for business education, directly and indirectly expanding on several business concepts such as investments, demand and supply, branding, business accounting and entrepreneurship. Entrepreneurs on the show and those viewing the show will acquire insightful business knowledge, through the questions, comments and suggestions offered by the Lions over the course of the show.

Fish and Soyabean: Great Combination for Improved Human Health

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By Adewolu Morenike A.
• Introduction
One of the serious problems facing developing countries today is how to match food production levels, particularly proteinous foods, with increasing demand by a growing population. The magnitude of this problem is shown in the prevalence of kwashiorkor and other diseases associated with protein deficiencies.
In Nigeria, the average protein intake is low; it is estimated as 45.4g per day. This is below the Food and Agriculture Organisation (FAO)\World Health Organisation (WHO) recommendation of 70g per day with half coming from plant sources and the remaining half from animal protein sources. This article highlights the importance of fish and soyabean protein as crucial diets for Nigerians.

• Fish as the healthiest animal protein source
Fish, when compared to beef, chicken, and milk protein has a higher tendency to support health in terms of digestibility, biological value, protein efficiency ratio and amino acid profile. Fish is the most easily digestible of all the dietary animal proteins because of the presence of lower connective tissue. Human beings can utilize up to 85% (WHO). In addition, the cost of fish production when compared to other livestock is cheaper. Fish is more available and readily affordable than other animal protein sources.

• Nutritional benefits of eating fish
Nutritionally, fish can be classified into three major categories:
Oily Fish – These fish contain significant amount of oil (about 30%) in their body tissues, belly cavities and guts. Examples are mackerel, salmon, sardines and catfish
Lean Fish – These are the white fish with lower amount of fat content. Examples are soles, cod fish (panla) and tilapias
Shell Fish – These are fish that are covered with shell. Examples are crabs, oysters, lobsters and prawns\shrimps
Fish is an important source of high-quality and digestible protein that contains all the essential amino acids.
It contains water soluble vitamins like vitamin B complex, vitamin B12, B6, B2, folic acid, biotin and very little quantity of vitamin C. It is also rich in fat soluble vitamins, A, D, E and K. Fish also contains important micronutrients (minerals) such as calcium, iron, selenium, zinc, lead and copper. These minerals may be beneficial or toxic to man, depending on the level of exposure. Fish, especially marine fish, are a dietary source of iodine.
It is an important source of polyunsaturated fatty acids. Basically, the most important nutrients needed for human body are found in fish. Several factors may affect the nutrient composition of fish, these include the age or size, sex, environment, season of the year, amount of food available and physical activities.
Some fish species stop feeding before spawning and draw on their protein and fats reserves, thus affecting their nutrient content. Also, fish, when overcrowded, may not have enough food intake thereby affecting the nutrient composition. It is important to mention that nutrient content varies within an individual fish. For example, fat may not always be distributed uniformly throughout the flesh of a particular fish. In Pacific salmon, there may be twice as much fat in the muscle around the head as in the muscles of the tail.
In the lean fish of cod family, the fat content of the muscle is generally low, below 1%. Majority of the fat content is in the liver, which is not normally eaten, and may contain greater quantities of oil soluble vitamins A and D. In contrast, these two vitamins may be present in the flesh of other fish, e.g eels. The nutrient content of fish, if carefully processed, are not affected by preservation, provided storage is not very prolonged.
Eating fish may lower the risk of heart attacks and strokes because of the presence of omega-3 fatty acids. The high amount of polyunsaturated fatty acids in oily fish is valuable in decreasing the serum cholesterol. Fish, as a good source of vitamin D and calcium, can improve bone health and growth.

• Omega-3 fatty acids in fish are beneficial to improving visions and eyes health.
Eating of oily fish may improve quality of sleep due to the high concentration of vitamin D. Fish as a high packed nutrient, when eaten, may boost our immune system, especially during this period of COVID-19 pandemic. Fish oil is supportive in lowering blood pressure due to its high concentration of omega-3 fatty acids. Omega-3 fatty acids help in the breakdown of triglycerides and fatty acids in the liver, thereby lowering the risk of fatty liver disease. It helps blood flow to the brain and improves its performance during mental tasks. The fat and the pituitary gland in the fish head are rich in Vitamin A, which can fight free radicals and reduce oxidative stress. Higher consumption of fish can reduce the inflammation of joint in rheumatoid arthritis, prevent depression and may reduce the risks of autoimmune diseases. Research has shown that children who consume fish regularly have lower risk of asthma, improved memory and reduced risks of contracting diseases. It is recommended to eat two to three servings of fish per week to enjoy all the benefits.
• Soyabean as the healthiest plant protein source
In line with the FAO/WHO recommendations that half of the estimated protein needed by man may come from plant sources, the plant protein source may come from soyabean, which is affordable and contains essential nutrients. Soyabeans are unique from other legumes because they have a concentrated source of isoflavones and have weak estrogenic. They have higher amount of protein and fats than other legumes. They are relatively low in carbohydrate. Nutritionally, soyabean is one of the best sources of high-quality plant protein, containing about 40-56 per cent of the dry weight. The fat content is approximately 18 per cent of the dry weight, mainly polyunsaturated and monounsaturated fatty acids and zero cholesterol.
The predominant type of fat in soyabeans is linoleic acid, which accounts for about 50 per cent of the total fat. Soyabeans are low in carbohydrates, hence very low on the glycemic index (GI), which is a measure of how foods affect the rise in blood sugar after a meal. Soyabeans contain a moderate amount of soluble and insoluble fibre.
It is a good source of several vitamins and minerals, including vitamin K1, the B-vitamins, folate, copper, manganese, potassium, phosphorus, and thiamine. They are a rich source of various bioactive plant compounds, including isoflavones, saponins, and phytic acid. Generally, composition, protein quality and nutritive value of soybeans depend on numerous factors, including seed variety, environmental conditions during growing, harvesting and storage of the beans.

• Health Benefits of Soyabeans
Soyabeans have a number of health benefits. It may reduce the risk of cancer. The isoflavones and lunasin in soyabean may be responsible for the potential prevention of cancer. Exposure to isoflavones early in life may be protective against breast cancer later in life.
The high levels of antioxidants in soyabean may prevent the onset of several cancers; it may help to kill several cancer cells and remove free radicals from the body. Research studies indicate that isoflavones, found in soyabeans, may alleviate menopausal symptoms. A number of studies suggest that consumption of soyabeans can help lower the cholesterol in the body by 4-6 per cent.
The high amount of fiber in soyabeans may help to lower the cholesterol from other foods. It plays a vital role in the digestive system. People suffering from constipation are advised to consume fibre-rich foods to help them excrete regularly. Soyabean also contains oligosaccharides, a carbohydrate that is known to stimulate the growth of healthy gut bacteria, acting as a prebiotic.
Soyabeans help in healthy weight management. Its high protein content allows for the development of leaner muscle it helps in regulating insulin levels thereby curbing obesity. Soyabeans may lower high blood pressure because of its high protein, high potassium and low carbohydrate content, a mixture that helps to bring down blood pressure.

• Fish and Soyabeans combination
The combination of fish and soyabeans makes it a complete protein, containing all the essential amino acids and other important nutrients needed in the human body. Dietary habits of consuming soyabeans and fish have a lot of health benefits, as this combo can lower the risk of diabetes, heart diseases, stroke, cancer and other diseases affecting millions of Nigerians. This combo is cheap and readily available. Nigerians, especially the pregnant women, children and the elderly, can survive and live healthily on it. This superfood is recommended to all.

Adewolu Morenike is a professor at the Lagos State University and specialises in Fish Nutrition.

First Bank Deepens Financial Inclusion via Agent Banking Network, Empowers SMEs

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Adesola Adeduntan
CEO
First Bank

At present, there are over 86,000 banking agents across 772 out of the 774 local government areas in Nigeria, a demonstration of First Bank of Nigeria’s commitment to deepening financial inclusion and ensuring the unbanked are adequately catered for.
Mr. Adesola Adeduntan, First Bank’s CEO, noted that over N9.6 trillion had been processed through the bank’s agent network.
As he explained, FirstMonie agents have supported several government and NGOs’ cash transfers to the poorest of the poor in the rural areas. Additionally, selected FirstMonie agents in the rural communities are equipped with BVN enrolment devices; as such they are able to enrol and open accounts for rural dwellers that hitherto may not have had the opportunity to be included in the formal financial services system.
The bank’s commitment to providing access to finance for Small and Medium Enterprises (SMEs) was also highlighted by the CEO, who hinged this on “their potential to impact the economy.”
He discussed the bank’s value adding solutions that have created a functional ecosystem for SMEs to thrive. The ecosystem includes propositions such as connection of the SMEs to talents and resources/cutting edge tools, access to business finance and market, capacity building opportunities and policy advocacy.
These are all aggregated on its SMEConnect platform as value adding products and services for easy access and at rates (prices) that are competitive and mostly discounted. The SMEConnect is a digital platform that allows the SMEs connect to FBN’s offerings from the comfort of their locations anywhere in the world.
This, according to Adeduntan, has been well received by the SME community as we engage across the country.

Stanbic IBTC Asset Management Assigned ‘AA(IM)’ Rating

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Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC Holdings PLC, has been assigned an AA(IM) investment manager ratingwith a Stable Outlook by Agusto & Co.
Agusto and Co, a leading Pan-African rating agency, stated that this rating is a reflection of the financial institution’s pedigree and provision of exceptional services to its customers.
The criteria for awarding the financial institution the AA(IM) rating with a stable Outlook was stated thus: “Having taken into consideration its board composition which has the potential to elevate investment and business risks, the new AA(IM) rating is areflection of Stanbic IBTC Asset Management’s sound operational track record in the asset management industry, well-composed and experienced decision-making committees,good operational risk management and membership of the Stanbic IBTC Group.”
Speaking on this achievement, Oladele Sotubo, Chief Executive, Stanbic IBTC Asset Management Limited, said the organisation remains focused and well positioned to provide fund management solutions that cut across different markets,asset classes and in line with international standards.
Reiterating the organisation’s commitment to doing more in the asset management sub-sector, Sotuboappreciated all stakeholders for their continued support over the years.
Incorporated in 1992, Stanbic IBTC AssetManagement provides portfolio management and investment advisory services to corporate and individual investors globally.
In a similar vein, another subsidiary of Stanbic IBTC Holdings PLC, Stanbic IBTC Stockbrokers Limited has emerged top on the list of stockbroking firms with the most traded stocks in 2020. This was made known in the recently released Nigerian Stock Exchange (NSE) report titled “2020 Broker Performance Report”.
According to the report, from the total traded stocks valued at N1.17trillion, Stanbic IBTC Stockbrokers emerged top on the list of 10 leading stockbrokers with traded securities worth N218.14 billion. This represents 10.04 per cent of traded stocks’ total value in the NSE between January to December 2020.Stanbic IBTC Stockbrokers also traded an estimated 8.15 billion units of shares within the same period, representing over 4.2 per cent of the total traded stocks.
Titi Ogungbesan, Chief Executive, Stanbic IBTC Stockbrokers Limited, expressed her delight at the performance of the stockbroking subsidiary of Stanbic IBTC Holdings PLC.
She said: “Our industry performance is driven by deep market knowledge and global standard investment management expertise. We hinge our deliveryon integrity, professionalism and efficient execution capabilities. This is another milestone that proves our commitment to lead the investment management services industry in sub-Saharan Africa.”
Assuring clients of continued commitment to best execution in achieving their investment objectives, Ogungbesan stated that Stanbic IBTC Stockbrokers Limited would not relent in contributing towards building a stronger and more vibrant stock market in Nigeria.

Stanbic IBTC Donates Vocational Centre for Young Inmates

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Stanbic IBTC Holdings PLC, a member of Standard Bank Group has donated a vocational centre to one of its host communities.
The Finance Department of the organisation recently built a fully equipped vocational centre atthe Borstal Training Institute (BTI), Abeokuta, Ogun State, as part of its Corporate Social Investment (CSI) initiative.
The BTI is the Nigerian Correctional Service’s juvenile arm, set up to correct, train, reform, rehabilitate, and reintegrate young offenders. The vocational centre built and donated by the Finance Department of Stanbic IBTC at BTI in Abeokuta, is a facility where young male inmates are exposed to various skills acquisition trainings like carpentry, tailoring and ICT.
The BTI facility at Abeokuta is one of the three borstals in Nigeria, and it serves the entire Southern part of the country.The other two are located in Kaduna and Kwara States.
Speaking on the rationale behind this donation, OmololaFashesin, Head, Sustainability, Stanbic IBTC Holdings PLC, said: “At Stanbic IBTC, we pay strong attention to empowerment, being one of the pillars around which our CSI initiative revolves. We delight in seeing people succeed and advance financially, and we empower them to be able to make and act on economic decisions.”
She added: “To achieve societal and economic empowerment, young people need the skills and resources to compete in markets, as well as fair and equal access to economic institutions. This is what we provide at Stanbic IBTC. It is the beginning of a cumulative process that will allow these young men to develop the knowledge, skills and confidence they need to succeed.”
Appreciating the staff of Stanbic IBTC’s Finance Department for the positive contributions to the lives of the inmates, Mojeed Adeniran, Comptroller of Corrections, Ogun State Command, noted that the donation would help the skill development of the trainees, as correctional centres serve to correct and build the capacities of the inmates.
Ahmed Adetola Kazeem, Executive Director, Prisoners’ Rights Advocacy Initiative, urged other corporate organisations to match the commitment to social and economic growth, as displayed by Stanbic IBTC Holdings PLC.
He noted that the donation of a fully functional training centre to the BTI will help transform the lives of young inmates at the facility, empowering them to be better citizens of the country while contributing their quota to the nation’s development.

Don Seeks Establishment of Home Economics, Nutrition Extension Agents

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A leading nutrition expert has called for the establishment of Home Economics and Nutrition Extension agents across the country in furtherance of efforts to curtail the menace of malnutrition, particularly protein malnutrition in Nigeria.
Prof. Henrietta Nkechi Ene-Obong of the Department of Biochemistry, Faculty of Basic Medical Sciences, University of Calabar, Cross River State, who made this call recently at the Protein Challenge Webinar themed ‘Bridging the Knowledge Gap’, noted that the agents would function much like agricultural extension officers, in the nutrition space.
She argued that the message about nutrition must be brought to the level of the people across every stratum of the society and where possible, provided in the local languages to help boost nutrition education.
According to her, “Home economics and nutrition extension agents would be in the best position to simplify the nutrition message and bring it to the people to bring about the desired outcome in behaviour from the citizenry.”
She called for the introduction of nutrition education in schools, nursery, primary and secondary, as students can learn and equally be able to teach their parents at home. The don stated that capacity must be developed to bridge the knowledge gap and put such knowledge into action.
Reports indicate that food consumption habits in Nigeria depend on the availability of food source, affordability of the food and knowledge of the nutrition value along with the personal choice or preference of the buyer.
On the importance of protein, she explained that proteins are made up of amino acids, which are the building blocks of the body tissues; hence they are found throughout the body. Pregnant and lactating women need extra proteins to help in the development of the foetus and milk production, she noted. She said that healthy adults need to consume an average of 0.8g of protein per kilogram of body weight, for individuals with minimal to intense physical activity.
In family meals, it is important that carbohydrates with proteins are mixed, she said for, example, rice and beans, yam and eggs. We must ensure that infants and young children consume foods from at least four food groups: grains, roots and tubers; legumes and nuts; dairy products; flesh foods and eggs; vitamin A-rich fruits and vegetables (like carrots and sweet potatoes) and other fruits and vegetables.”
Prof Ene-Obong revealed that of all measures designed to stop all forms of malnutrition, the food-based approach is the most cost-effective.
She stated that with adequate nutrition in the first 1,000 days of life and adequate maternal and adolescent nutrition, the nation stands a better chance of curbing the menace of malnutrition. The home economics and nutrition agents will be at the forefront of pursuing this agenda.
The nutrition enthusiast stated that mothers need to be encouraged to engage in exclusive breastfeeding for the first six months and to continue breastfeeding for two years. Adequate complementary feeding should also be promoted, the professor of human nutrition said.
Protein Challenge is the tag of The Nigeria Protein Awareness Campaign, a protein pull media campaign that seeks to create awareness about the prevalence, status and impact of protein deficiency in Nigeria.
The campaign aligns with the Sustainable Development Goal (SDG) 2 – Zero Hunger – which seeks to end hunger, achieve food security and improved nutrition and promote sustainable agriculture.