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WEF, City of Helsinki: Human-centric Approach Data for Global Progress
Global Reinsurers Adjust as Traditional Risks Take Unpredictable Patterns
| Although the global reinsurance industry has been able to absorb the exceptional shock from the COVID-19 pandemic, perils that are becoming more complex and interrelated highlight the need for innovation to cover unmodeled risks as they emerge, and traditional risks as they evolve, according to a new AM Best special report. In its latest annual look at the global reinsurance industry, “Global Reinsurance Outlook Remains Stable in a More Uncertain World,” AM Best states that a main challenge for the reinsurance industry is to remain relevant within the broader economy. After several years of struggling to meet their cost of capital, key players have started to turn the corner. However, considerable uncertainty remains over sizable COVID-19-related claims reserves, which will take years to develop. Risk in general has become more difficult to model and price, and therefore, reinsure. A higher share of uninsurable risks, considered either non-measurable, non-manageable or systemic, in a more connected world increasingly dominated by intangible assets, could translate into a smaller role for the reinsurance industry. |
Sovereign Trust Insurance, Junior Chambers Partner on Back-to-School Project
L-R: Segun Bankole, DGM/Head, Sales & Corporate Communications, Sovereign Trust Insurance Plc, Yetunde Stella Akinsetire, JCI Member/Project Chairperson, “Back to School Project” (JCI Lagos Metropolitan) and Abiodun Awosanya, Convention Chairman, 2021 Junior Chambers International, Local Convention for Lagos Metropolitan. Sovereign Trust Insurance Plc supported the project with educational materials.
About JCI
Junior Chambers International, (JCI), is an organisation of young active citizens all over the world, living, communicating, taking action and creating impact in their communities. It is a non-profit organization.
The “Back To School Project” is an initiative of JCI, (Lagos Metropolitan) which is organized to change lives of indigent children living in less-privileged environments.
The project was supported by Sovereign Trust Insurance Plc.
EU, British Council to Train Online Publishers on FOI Act
No fewer than 50 publishers of online newspapers are expected in Abuja, Thursday for capacity building on the provisions and application of Nigeria’s Freedom of Information Act.
The training is supported by the Rule of Law and Anti-Corruption (ROLAC) programme funded by the European Union, but managed by the British Council.
ROLAC’s lead Consultant on the Freedom of Information Act, Dr. Walter Duru, who disclosed this to newsmen in Abuja on Wednesday said the target participants are members of the Guild of Corporate Online Publishers-GOCOP and other select online publishers in Nigeria.
Duru, who also chairs the Board of the Freedom of Information Coalition in Nigeria explained that the training is put together to deepen the understanding of publishers on the use and application of the Freedom of Information Act, 2011.
While commending ROLAC for what he described as the programme’s huge investments in transparency initiatives in Nigeria, he lamented the poor use of the act by the citizens, adding that the training is one of the ways of enhancing the capacity of non-state actors, while further spreading the message of the FOI Act.
According to him, “the FOI Act aims to make public records and information more freely available and enables citizens to hold the government accountable in the event of the misappropriation of public funds or failure to deliver public services. Unfortunately, there is an embarrassingly low compliance level with the provisions of the Act in Nigeria among public institutions.”
“On the part of the citizens, there is an abysmally low use of the FOI Act. A recent FOI Implementation Assessment by the Media Initiative against Injustice, Violence and Corruption- MIIVOC, with support from ROLAC showed that the capacity level of non-state actors on the provisions and use of the FOI Act is still very low.”
“Media practitioners are also not taking advantage of the Act to access information that could enhance their profession. This is one of the reasons for this engagement.”
Thursday’s event is supported by the European Union (funded) Rule of Law and Anti-Corruption (ROLAC) programme (managed by the British Council), in collaboration with the Media Initiative against Injustice, Violence and Corruption (MIIVOC); Freedom of Information Coalition in Nigeria (FOIC-N) and the FOI Unit of the Federal Ministry of Justice (FMOJ).
ITU Digital World 2021: Digital Transformation in a Changing World
The International Telecommunication Union (ITU) is set to open the latest edition of its flagship ITU Telecom World conference and exhibition series with a new series of online discussions and events starting on Wednesday, 1 September.
ITU Digital World 2021 spans an insightful three-month programme of high-level debates, networking, and a virtual exhibition, culminating in the event’s annual ITU Digital World 2021 SME Awards.
It also marks the 50th anniversary of the first ITU Telecom event in 1971.
Co-hosted with the Government of Viet Nam, this latest edition brings together leaders of government and industry under a timely theme: “Building the digital world. Together.”
Highlights include:
Forum Sessions
The ITU Digital World Forum will convene experts from industry, governments and organizations from around the world, all focused on digital technologies, for online sessions between 01 September and 01 December.
September webinars focus on
- Infrastructure, the building block of connectivity
- What the next generation of networks looks like
- What 5G enables and how its ecosystem can be equitably developed
- The unique vision and value proposition of the satellite industry
- Best practices to promote greater spectrum harmonization.
- Partner sessions will explore the expectations and challenges of future networks and standardization beyond the 5G era.
Subsequent webinars consider the emerging technologies and new skills driving the transformation; key challenges of the digital world; addressing our sector’s environmental footprint; and protecting privacy.
Expert Insights
- Speakers from across government and industry include:
- Christopher Calabrese, Senior Director, Privacy and Data Policy, Microsoft Corporation
- Erik Ekudden, Chief Technology Officer, Ericsson
- Fábio Faría, Minister of Communication, Brazil
- Dorothy Gordon, Chair, Information for All Programme, United Nations Educational, Scientific and Cultural Organization (UNESCO)
- Jocelyn Karakula, Chief Technology Innovation Officer, Orange Middle East and Africa
- Christopher Patnoe, Head of Accessibility and Disability Inclusion, Google
- Ruy Pinto, Chief Technology Officer, SES
- Jessica Rosenworcel, Acting Chairwoman, U.S. Federal Communications Commission
- Mikael Rylander, Technology Leadership Officer, Nokia Networks
- Irene Kaggwa Sewankambo, Acting Executive Director, Uganda Communications Commission
- Victor D. Sparrow, Director, Spectrum Policy and Planning, U.S. National Aeronautics and Space Administration (NASA)
- Ministerial Roundtables
Ministers from around the world, regulators, and top-level industry representatives between 12 and 15 October will explore how digital transformation can be facilitated and funded, the services and content that will drive it, and what roles governments themselves can play.
Virtual Exhibition
Organised by event co-host the Government of Viet Nam and due to open from 12 October, the exhibition will showcase companies, countries, projects and products through a virtual exhibition hall, business booths and a conference space, all accessible online.
SME Awards
The ITU Digital World Awards recognize the best and most innovative tech solutions changing the world for the better. See shortlisted small and medium-sized enterprises (SMEs) pitching throughout November, with the Awards Ceremony marking the close of this year’s conference and exhibition on 01 December.
When it happens: 01 September – 01 December 2021.
Where: Virtually. After registering on the event web page, participants receive links to sessions by e-mail.
Why: ITU Digital World 2021 offers a unique opportunity to connect with industry and government leaders, explore the latest trends in technology and policy, understand what’s driving digital transformation, network, share knowledge, best practice and ideas.
Expert speakers include information and communication technology (ICT) industry leaders and influencers, ICT ministers, regulators and tech experts. The virtual exhibition showcases innovations from key players and world regions, as well as high-growth Vietnamese SMEs.
NGX Highlights Opportunities in Green, Sukuk Bonds
Nigerian Exchange Limited (NGX) continues to drive the development and promotion of retail participation in the Nigerian capital market with its Retail Investor Workshop.
On Tuesday, 31 August 2021, NGX hosted a webinar under the series in collaboration with APT Securities and Funds Limited themed, Sukuk and Green Bonds: More Than Just Investing.
Delivering the opening remarks, the Chief Executive Officer, NGX Limited, Mr Temi Popoola, CFA, highlighted the successes achieved with the growth of Sukuk and Green Bond Investment in Nigeria. He also noted that, “The potential for Sukuk and Green Bonds remains immense and is likely to expand over the years underpinned by new markets, products and issuers and healthy investor investors’ appetite. The Exchange will continue to provide an efficient and liquid market for investors and businesses in Africa, to save and access ethical and SDG complaint capital and investments. We promise to continue our collaboration with all market stakeholders, to collectively contribute towards the enhancement of this exciting asset class, and ultimately towards the growth of Green and Sukuk Bonds in Nigeria and Africa at large.”
On his part, the Director General, Securities and Exchange Commission (SEC), Lamido Yuguda, represented by Mr. Abdulkabir Abass stated, “I congratulate the conveners of this webinar, NGX for its consistency in holding educational programmes such as this which are focused on building capacity and growth the depth and breadth of the market. This is particularly noteworthy in the emerging segments of non-interest and socially responsible investment. As the apex regulator, the SEC has the dual responsibility of regulation and market development. Forums like this, therefore, afford us the opportunity to educate retail investors on the gain of investing in the nigerial capital market through Green and Sukuk Bonds. These segments of the market are quite unique and boast full potential that can facilitate the deepening of financial systems while spurring the growth of the economy, making this deliberation indeed timely.”
The webinar featured a presentation on Harnessing Green Bond as a Tool for Personal Growth, by the Assistant Director, Securities Issuance Unit, Debt Management Office, Mr Adamu Mohammed. He pointed out that investors are increasingly demanding socially responsible investment and have expressed a strong appetite for Green Bonds evidenced by subscription rates in Nigeria’s Sovereign Green Bonds increasing to 220% in 2019 over the 110% at the debut Issuance.
The Managing Director/CEO APT Securities and Funds Limited, Mr Kasimu Garba Kurfi also provided insights on bridging the gap between ethical investing and socio economic development, before going on to feature in a panel session alongside Ms. Ummahani Ahmad Amin, Board Member, NGX; and Dr. Afolabi Olowookere, Head, Economic Research and Policy Management Division, SEC.
It is a well-known fact NGX collaborated with the Ministry of Finance and other stakeholders to launch the first Climate Bond Initiative certified Sovereign Bond.
Owing to the leadership of NGX, the Nigerian green bond market grew from zero value into a N0 to N49.19Bn ($136Mn) within a 3 year period, recording 4 issuances and listings – the N10.69Bn, 13.48% 5-year Sovereign green bond issued in 2017 by the Federal Government of Nigeria (FGN); the N15Bn 15.5% 5-year Fixed Rate Senior Unsecured Green Bond issued by Access Bank of Nigeria Plc; the N8.5Bn 15.6% 15-year Guaranteed Fixed Rate Senior Green Infrastructure Bond by North South Power Company (“NSP”); and the Series II N15Bn 14.5% FGN 7-year sovereign green bond in 2019 which recorded a 220% subscription rate (oversubscribed by N17.93bn).
The Most Important Things to Look at During House Inspection
By Dennis Isong
One of the most important jobs you’ll likely face while looking for a good apartment is home inspection. This process could take a day or more, depending on how far you’re prepared to go to find what you’re looking for.
So, if you’re house hunting with an agent, it’s helpful to have a mental picture of the house quality you’re looking for. The reason for this is that most property agents show prospective lessees around buildings they have already booked with the client, in an attempt to persuade them to choose the same.
Most people will probably agree with their agents, but others will go with their particular choices.
The scope of a house inspection is broad while being technical yet simple. As a professional real estate expert who have helped a lot of Nigerians home and abroad to own properties of their choice, I will advice you to embark on this mission when you are physically and emotionally prepared since you may unfortunately make emotional decisions that you will likely regret in the future.
As a result of the ambiguity of home evaluation, there are several considerations to consider when scheduling an inspection. This includes everything from security to appliance quality. These are explained in different subheadings below.
The Pre-House Inspection Period
The pre-inspection phase is a moment of reflection for prospective property purchasers. You should utilize this time to compile a list of expected dwelling requirements. This can be done in collaboration with a real estate specialist whose advice may be useful. You will save money, reduce stress, and successfully manage your time if you do this. If you’re unsure what areas to include in your checklist, consider the following:
- Security
- Building Exterior
- Condition of home appliances
- Leaking spots
- Electrical shortcomings
- Quality of Building materials
- HVAC system
It should be noted that the purpose of a checklist is to assist you in categorizing house components into distinct categories for easier house examination.
Things to Look Out For During a Home Inspection
A home inspection allows home purchasers to examine a structure and identify visible flaws. This is the point at which a prospective buyer and his inspector will reach an agreement with the property owner regarding the condition of the apartment. The process is always difficult and is rarely completed in a single day.
There are a few things to keep in mind during a house inspection, and some of them are listed below.
Building Exterior
The façade of a building is always the first point of contact for prospective purchasers, and the better the impression the building environment makes on them, the more likely it is to be picked.
Who wouldn’t want to live in a nice, well-designed compound with a garden, flowers, ornamental plants, carpet grasses, and other environment-decorating features? Besides, the quality of what you see on the outside is likely to be replicated on the inside.
HVAC Systems
HVAC, or Heating, Ventilating, and Air-conditioning systems, are critical mechanical components of a home that control the quality of air and the movement of heat. It is a criterion for determining the level of bodily comfort that is reliant on ventilation.
HVAC systems govern the climate of an apartment, which may be of interest to you. The reason for this is that they are in charge of controlling the temperature of the environment and making necessary adjustments as needed.
Furthermore, housing units with automatic HVAC systems are a preferable alternative because they eliminate the stress of manual changes. So, if you’re going on a home inspection, it’s important to keep an eye on these systems.
Electrical System
True, electricity makes life more joyful and meaningful, but it is also true that electrical risks can be fatal to humans if not properly constructed and maintained.
Examining a building’s electrical system is a key safety ethic that prospective home purchasers should follow.
Incorrect electrical practices also produce light concerns caused by faulty and antiquated wiring, overloaded power boards, unshielded electrical wall plugs, improper light bulb usage, unsafe home appliances, irresponsible disregard of plugged-in electrical appliances, and inappropriate earthing.
Unfortunately, the final result of electrical risks is fire outbreak; hence, to prevent becoming a victim of such fatality, carefully inspect the electrical system of the home you wish to purchase.
Structural Integrity
The quality of the building materials used in the construction of a house, as well as the structural components involved, are important factors of its durability. Because you were not present when the apartment’s foundation was laid, evaluating the building’s foundation stability would be challenging. Fortunately, you can find some black patches by walking around the house. If you find a flaw, notify the lessor and discuss the next steps. If you don’t like the structural flaw, consider looking for a home elsewhere. This is due to the fact that purchasing homes with structural flaws is not recommended.
Outdated Home Appliances
Home appliances are an example of a building’s value-added services. It’s natural for some of them to become obsolete, but it shouldn’t go beyond the bounds of normalcy. Replacing more than the necessary home appliances may have a significant financial impact on your income.
In addition, there are three major types of home appliances: Major Appliance (Large Electric Appliance), Consumer Electronics Device, and Small Appliance. Refrigerators, gas cooktops, microwave ovens, washing machines, dish washers, and water heaters are common examples of main appliances.
Consumer electronics devices include ROM Cartridges, TVs, MP3 players, Paper Shredders, and Robot Kits, whilst Small Appliances include Electric Kettles, Vacuum Cleaners, Coffee Makers, Blenders, and other similar items.
Other Noteworthy Factors
- Leaky faucets
- Weathered roofs
- Floor Condition
- Broken windows
- Kitchen Cabinet
- Basement
- Interior plumbing
- Leaky Ceiling
- Drainage system
- Termite infestations
- Condition of Toilet and Bathroom
- Interior plumbing
- Walls
- Septic Tank
Conclusion
The truth is that if you go on house inspections, you will not find blemish-free homes. The goal of this survey is to provide a path for potential home buyers to examine apartment conditions before entering into a buying arrangement with the seller.Because of their abundance of knowledge, it’s best to do this with a professional property agent like me.
Furthermore, getting a near-perfect apartment is based on your inspection and the requirements that the accessed home meets. Minor blemishes should be left off your checklist because they will only cost a few naira to repair. However, in order to make an informed decision while purchasing a home, you’ll need a guide. The aforementioned issues are critical home inspection items to consider when purchasing a home.
Dennis Isong Helps Individuals Invest Right In Real Estate.For Questions On This Article Or Enquiring About Real Estate Email: [email protected] or Whatsapp/Call +2348164741041
NAICOM Migrates to Online Operations Effective Sept 1
The National Insurance Commission (NAICOM) says its operations will migrate from manual to online via the NAICOM Portal effective today, September 1, 2021.
In a directive to insurance institutions in the country, Mr. Leonard M. Akah, the Director, Policy & Regulations at NAICOM said the move is to enhance efficient and effective service delivery of the Commission’s operations.
The directive said the Commission will transit from manual to online processing and all operational activities or issues concerning insurance institutions that requires the Commission’s attention, comment and approval will be submitted and processed via the NAICOM Licensing System.
‘Consequently, all insurance institutions are required to align their operations to the NAICOM Portal for submission and processing of all requests such as Certificate of Registration/Renewal, Approval-in-Principle (AIP), Product Authorisation, Micro Insurance, Takaful Insurance, Letter of Request, Financial Statement Approval, Enforcement Actions, Governance and Complaint issues etc.’
The Commission made it clear that no manual submission/request would be entertained with effect from Wednesday, September 1, 2021.
NAICOM Migrates to Online Operations Effective Sept 1
The National Insurance Commission (NAICOM) says its operations will migrate from manual to online via the NAICOM Portal effective today, September 1, 2021.
In a directive to insurance institutions in the country, Mr. Leonard M. Akah, the Director, Policy & Regulations at NAICOM said the move is to enhance efficient and effective service delivery of the Commission’s operations.
The directive said the Commission will transit from manual to online processing and all operational activities or issues concerning insurance institutions that requires the Commission’s attention, comment and approval will be submitted and processed via the NAICOM Licensing System.
‘Consequently, all insurance institutions are required to align their operations to the NAICOM Portal for submission and processing of all requests such as Certificate of Registration/Renewal, Approval-in-Principle (AIP), Product Authorisation, Micro Insurance, Takaful Insurance, Letter of Request, Financial Statement Approval, Enforcement Actions, Governance and Complaint issues etc.’
The Commission made it clear that no manual submission/request would be entertained with effect from Wednesday, September 1, 2021.
NCC Chief, Danbatta, to Unveil Compendium, Key Projects Sept 7
Professor Umar Garba Danbatta, Executive Vice-Chairman and Chief Executive Officer (EVC/CEO) of the Nigerian Communications Commission (NCC) will launch a compendium of his landmark speeches, presentations and unveiling of two other strategic initiatives of the Commission on September 7, 2021 in Abuja.
Titled: “Catalysing Nigeria’s Socio-Economic Transformation through Broadband Infrastructure,” the book is a compilation of carefully-selected, seminal speeches and presentations of Prof. Danbatta, touching on all strategic areas of the nation’s telecoms industry development and the entire digital economy ecosystem, since his assumption of office as the EVC/CEO of NCC in August, 2015.
Danbatta, a Professor of telecommunications engineering, accomplished academic, and seasoned administrator has made extensive speeches and presentations on a wide-range of subjects in telecoms and ICT at important national, regional and international events since leaving the ivory tower to become the EVC of NCC in 2015.
His landmark speeches and presentations from 2015 till date have, thus, been codified in a concise collection, as a compendium, providing useful information that will significantly add value to the existing body of knowledge in the telecoms sector, and by extension, the entire Information and Communication Technology (ICT) industry.
The foreword to the book has been painstakingly written by the late former Chairman, Board of Commissioners of NCC, Alhaji Ahmed Joda of blessed memory. The book will serve as a useful reference material not only for existing and prospective investors in the sector but also for researchers in the academia as well as policy analysts and others interested in any aspects of the telecom industry and regulation. The book which also chronicles important milestones attained by the Commission under Danbatta’s leadership is a compelling read.
Other strategic projects to be unveiled by the Commission alongside the compendium are the NCC’s new five year Strategic Vision Plan (SVP) 2021-2025 and the Commission’s new social media channel, the NCC’s Global Connect Podcast.
The new SVP will enable cross-functional infrastructure, ubiquitous services and deepen consumer engagement to consolidate the growth of the telecoms sector and expand the possibilities of the digital economy.
The need to develop another SVP, as a five-year implementation roadmap for the Commission, followed the expiration, in 2020, of the first SVP unveiled by Danbatta in 2016.
It has been widely acknowledged that the diligent execution of the first SVP initiative, under Danbatta, has helped to consistently lift broadband penetration, increase telephone access, boost the sector’s contribution to the Gross Domestic Product (GDP), enhance healthy competition in the industry, improve quality of service (QoS), as well as put the sector’s overall investment profile on an impressive growth trajectory, among others.
The ‘NCC Global Connect,” podcast is the third initiative enlisted for unveiling during the launch. The latest addition to the NCC social media spectrum will help in enhancing the Commission’s corporate communication activities within the online space. The podcast initiative was conceived in keeping with NCC’s core values of innovation and excellence;. It adds to the existing media channels, providing an inclusive medium to broaden our media platforms to educate external stakeholders on its regulatory activities irrespective of their circumstances, through audio contents.
A statement by Dr. Ikechukwu Adinde, the Director, Public Affairs at NCC stated that the Honourable Minister of Communications and Digital Economy, Dr Isa Ali Ibrahim Pantami, will be the Special Guest of Honour at the occasion.
Senior government officials, industry leaders and stakeholders as well as dignitaries from across the country are billed to attend the landmark event.
AIICO, Coronation Drag Insurance Index 0.3% Lower at NGX
Babatunde Fajemirokun
Managing Director/CEO
AIICO Insurance Plc
The Nigeria Daily Market Report by Afrinvest Research for Tuesday, August 31, 2021 states that profit-taking in AIICO Insurance Plc (-3.9%) and WAPIC (Coronation Insurance Plc) (-3.9%) dragged the Insurance index at the NGX lower by 0.3%.
The Report also mentioned LASACO Assurance Plc (-9.7%) as one of the quoted firms that led the losers for the day’s trading.
‘We expect market performance to tilt in the bearish direction, as investors continue to search for optimum return. Consequently, the All-Share Index fell 27bps to 39,219.61 points, YTD loss worsened to -2.6% while market capitalisation declined ₦55.8 billion to ₦20.4 trillion. Trading activity improved as volume and value traded rose 41.4% and 28.1% to 425.7 million units and ₦2.0 billion.’
Nigeria, Japan Partner on Digital Economy
Mr. Bitrus Bako Nabasu, Permanent Secretary, Ministry of Communications and Digital Economy recently received in audience the Ambassador-designate of Japan, His Excellency, Mr. Sadanabu Kusaote Umer and his entourage in his office in Abuja on a courtesy call.
The Permanent Secretary said it was a pleasure to have the Ambassador to interact with the Ministry of Communications and Digital Economy at a time it is working assiduously towards digitising the country’s economy. He noted that the economy of Japan is being driven by modern technology and that it will be of immense benefit for Nigeria to collaborate with the Government of Japan to develop her digital economy sector which will in turn increase her Gross Domestic Product (GDP).
He said that the Digital Economy added to the Communications Ministry is to enable it to digitise the economy thereby enhance economic growth, create employment especially for its teaming youths and bring about better life for the people generally.
He reiterated that to partner with Japanese Companies on Technology Development particularly in digitalisation of Nigeria’s economy is a very welcome development.
According to Mr. Nabasu, Nigeria is a mono economy of which its main source of revenue is oil and that the price of crude oil is no longer attractive in the global market, therefore Nigeria can no longer depend on oil alone to advance as a nation. He stated that the time has come to “think out of the box” by diversifying our economy in digitalisation of the nation’s economy.
He said the Ministry is looking forward to a stronger partnership with Japan’s technology companies for employment generation for its people who are unemployed, especially its youths. He noted that Nigeria is very passionate about the digitalisation of the Nigerian economy and has been working assiduously to actualise that.
Speaking earlier, the Ambassador-designate said that the purposes of Japan’s co-operation with Nigeria are numerous; first; for the realisation of a digital Society in the country; introducing digital technology for more effective and efficient development cooperation in various areas; through infrastructure development for building a digital society; supporting spontaneous development through the spread of digitalisation; and developing a secure, free and open cyber environment to ensure Nigeria’s ownership of data.
He added that other areas of co-operation include existing projects and plans for the future.
Zenith Bank: N150bn Operating Expenses, -13% Investment Income Decline
| Ebenezer Onyeagwu
Managing Director/CEO Zenith Bank Plc Zenith Bank released its H1-21 interim financial report recently showing that operating expenses grew at a faster pace (+10.3% to NGN149.85 billion), as all major contributory line items, save for personnel expenses (-3.3% y/y to NGN37.58 billion), recorded growth. According to Cordros Capital, interest income declined by 6.0% y/y to NGN203.93 billion, following declines in income from investment securities (-12.6% y/y to NGN62.84 billion) and loans and advances to banks (-66.0% y/y to NGN5.66 billion). “Both declining contributory lines masked the growth in income from loans and advances to customers (+5.5% y/y to NGN135.43 billion) as risk asset creation edged up by 2.1% to NGN2.84 trillion in H1-21. Particularly, the respective 22.5% and 16.8% y/y growth in AMCON levy and NDIC premium drove costs higher. Consequent to the higher opex growth relative to operating income, the bank’s cost-to-income ratio (ex-LLE) settled higher at 56.1% (HY-20: 54.3%). Likewise, interest expense declined significantly by 26.1% y/y to NGN43.99 billion, reflecting the lower cost on deposits from customers (-38.5% y/y to NGN26.16 billion) and despite the higher interest cost on borrowings (+4.9% y/y to NGN17.83 billion). Consequent to the larger decline in interest expense, net interest income settled marginally higher by 1.6% y/y at NGN159.94 billion. After accounting for credit impairment charges (-17.2% y/y to NGN19.80 billion), net interest income (ex-LLE) settled 5.0% higher year-on-year. The impressive NII expansion, alongside the growth in net interest income, led to a 6.8% y/y increase in operating income to NGN266.91 billion.
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PenCom Commences Online Verification/Enrolment for 2021 MDA Retirees
The National Pension Commission (PenCom) has developed an online application which automates the Annual Pre-Retirement Verification and Enrolment Exercise for retirees/ prospective retirees of Treasury-funded Federal Government MDAs.
Accordingly, the online Enrolment Application would go live on 1st September, 2021.
- Who is eligible for the 2021 Verification and Enrolment exercise? The following groups of people are eligible for the Online Verification and Enrolment Exercise from 1st September, 2021.
- Employees of Federal Government treasury-funded MDAs who retired between January and August 2021
- Employees of Federal Government treasury-funded MDAs who are due to retire from September 2021 iii. Employees of Federal Government treasury-funded MDAs who missed the enrolment exercises in previous years
- Options for Enrolment The two enrolment options are as follows:
- Self-Assisted Retirees/prospective retirees for the year 2021 are required to visit PenCom’s website www.pencom.gov.ng to initiate the online enrolment process. This is done by registering and capturing their employment details as well as uploading scanned copies of the required documents before proceeding to their respective Pension Fund Administrator (PFA) for physical verification and enrolment. The step-by-step procedure for the Online Enrolment would be hosted on the PenCom website.
- Pension Desk Officer (PDO)/PFA-Assisted Retirees/prospective retirees who are unable to complete the online registration for any reason could approach the PDO of their respective MDAs or visit their PFA for assistance.
The Verification and Enrolment by all concerned must be completed with their respective PFAs by 29th October 2021.
Africa: Smartphone Shipment Grew 13.2% in Qtr2 2021
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