L-R: Segun Bankole, Deputy General Manager, Sales and Corporate Communications, Sovereign Trust Insurance Plc, receiving the “Insurance Company of the Decade” Award from Mrs. Modupe Ajayi, (Wife of the Publisher of Marketing Edge Magazine) at D’Podium Event Centre over the weekend.
NCC/NESG: Partnership for Telecom Impact in National Development
L-R: Dr. Ikechukwu Adinde, Director, Public Affairs, Nigerian Communication Commission (NCC) and Nnanna Ude, Leader, National Assembly Business Environment RoundTable (NASSBER), Nigeria Economic Summit Group (NESG), during the courtesy visit
The Nigerian Communications Commission (NCC) and the Nigeria Economic Summit Group (NESG) are considering possible areas of increasing collaboration to enhance the impact and contribution of telecommunications sector on Nigeria’s socio-economic development.
This was the crux of deliberations during a courtesy visit by a delegation of the National Assembly Business Environment Round Table (NASSBER), a policy unit at NESG led by Nnanna Ude and a member of the Technical Committee of NASSBER, Yemi Keri.
The need for stakeholder collaboration and engagement between the Commission and other stakeholders in order to conduct an impact assessment and gap analysis of the Nigerian Communications Act (NCA) 2003, which will lead to improvement of the legal instrument and reflect new trends, especially in a post-pandemic world, was the primary focus of the visit.
The two entities also considered synergy in the area of Research and Development (R&D); while NESG has expressed its desire to have the Commission feature prominently in the forthcoming Nigeria Economic Summit (NES), an annual summit organised by the NESG, scheduled to hold in October this year.
While receiving the delegation on behalf the Executive Vice Chairman of NCC, Prof. Umar Garba Danbatta, the Director, Public Affairs, NCC, Dr. Ikechukwu Adinde, stated that the meeting was a welcome development, as it aligns with the telecom regulator’s strategic partnership and collaboration objectives.
Adinde stated that the NCA 2003 is a robust regulatory instrument, which has given the NCC the mandate to regulate the telecom sector effectively, as seen in the contribution to the overall economic development of the country.
He stated further that, by virtue of Section 70 of the NCA 2003, the Commission has developed various regulations and issued guidelines that have helped in addressing critical issues pertaining to its regulatory activities.
Other senior management staff of the Commission, including the Director, Licensing & Authorisation, Muhammed Babajika; Director, Technical Standards & Network Integrity, Bako Wakil and representatives of the departments of Legal & Regulatory Services; Policy Competition & Economic Analysis; and Financial Services of the Commission, took turns to talk about the activities of the Commission in implementing its regulatory mandate for the benefit of the country.
Mr Babajika spoke on the licensing regime of the Commission and its impact on innovation in the economy, while Engr Wakil spoke about NCC’s regulatory efforts and collaborations with various stakeholders, such as the Nigeria Governors’ Forum (NGF) towards addressing challenges to quality of service (QoS) in telecom industry.
The impact of these challenges such as multiple taxation and regulations, fibre cuts, vandalism, high cost of Right of Way (RoW), theft of telecoms facilities and the need for the passage of the Critical National Infrastructure (CNI) Bill into law.
Speaking earlier on behalf of the Chief Executive Officer of NESG, Laoye Jaiyeola; Ude acknowledged the critical role NCC is playing in the provision of essential digital support for the Nigerian economy.
He noted that, in 20 years of telecoms liberalisation, the Commission has been contributing significantly to the country’s Gross Domestic Product (GDP).
Ude explained that the visit was part of the efforts of the NESG to strengthen collaboration with key institutions of government such as the NCC. He extolled the role of the Commission in driving telecommunications sector growth through efficient and result-oriented regulations, noting that the impact of the regulations are evident in industry performance indicators which have shown upward trajectory over the recent years.
“The NCC is key to the digital transformation agenda of the government and we can see the footprints of the readiness of the country on that journey, in terms of the level of broadband penetration, internet subscription, teledensity and other critical indicators,” he said.
Meanwhile, Adinde, stated that the Commission was excited by the prospects of partnering with NESG and NASSBER, noting that such partnership will further enhance telecoms contribution to Nigeria’s socio-economic growth. He added that “all the issues discussed will be articulated in a memorandum, which will be submitted to Management for consideration.”
Danbatta: Digital Literacy Will Drive Sustainable Socio-Economic Growth
R-L: Danbatta and Mele Kyari, GMD of NNPC at the event
The Executive Vice-Chairman and Chief Executive Officer of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, has identified major benefits in promoting digital literacy in the country.
Delivering the first Annual Lecture of the Bichi Emirate titled, “Digital Literacy as a Veritable Tool for Social and Economic Transformation” in Bichi, Kano State, over the weekend, Danbatta challenged actors in both public and private sectors to key into the programme.
He noted that digital literacy provides the confidence required by individual citizens to utilise digital contents and tools, adding that it also helps citizens to effectively collaborate in creating digital content and becoming innovative problem-solvers within their socio-economic ecosystem.
The EVC pointed out that technological changes have now assumed an unprecedented dimension in pace, scope and depth of impact, emphasizing that harnessing the progress is the surest path for Nigeria in her quest for economic diversification, especially the elevation of 100 million Nigerians out of poverty.
“The policy thrust of President Muhammadu Buhari’s administration in this direction is encapsulated in three key policy documents, namely: Nigeria National Broadband Plan (NNBP) 2020-2025; the National Digital Economy Policy and Strategy (NDEPS) 2010-2030; and, the National Policy on Promotion of Indigenous Content in the Nigerian telecommunications sector,” Danbatta pointed out.
He said one of the underlying goals of the three policies was the development of the Nigerian economy through digital technology enhancement and increased contribution of the telecom sector to the nation’s Gross Domestic Product (GDP).
In demonstration of its recognition of the importance of digital literacy, Danbatta said that the NCC has, over the years, implemented various programmes to support adoption and application of digital skills in Nigeria.
The programmes, according to him, not only provide the necessary digital tools but also support the provision of digital infrastructure, training, connectivity and other incentives to facilitate the development of digital literacy skills.
Through its Projects Department and the Universal Services Provision Fund (USPF), Danbatta observed that the NCC has been providing interventions such as the School Knowledge Centres (SKC), Wireless Cloud and Base Transceiver Stations (BTS), among others, across the six geo-political zones of the country.
Speaking specifically on NCC’s interventions in Bichi Emirate, Danbatta said that, of the eight local government areas that constitute the Emirate, the Commission has, through the USPF, identified about 1,900 square kilometers of land, populated by 462,222 individuals as unserved.
“In order to cover that gap, the Mobile Network Operators (MNOs) have installed 212 BTS of which 112 are Second Generation (2G)-compliant, 73 are Third Generation (3G) networks and 27 are Fourth Generation/Long Term Evolution (4G/LTE) technology, with all providing broadband connectivity which is the bedrock of digital literacy.
“The USPF has also provided interventions to secondary schools, tertiary institutions and hospitals in the emirate via its SKC, Tertiary Institutions Knowledge Centre as well as E-health initiatives; a total of seven of such projects have, so far, been executed since 2015 on my assumption as the EVC,” he explained.
Speaking further the NCC boss also harped on the Commission’s seven interventions under the Advanced Digital Awareness Programme among others, stressing that all the interventions are in line with NCC’s equitable distribution of projects across all geo-political zones in the country.
In recognition of the need to continue to foster the rapid development and growth of the Nigerian telecommunications marketplace and digital economy, the Commission established the Digital Bridge Institute (DBI) in May 2004.
He noted, however, that since its creation, the Institute has grown to have six campuses, one in each geo-political zone.
These campuses, which are in Abuja, Kano, Lagos, Asaba and Yola have some of the best training facilities and faculties in the country and have provided various training to individuals and corporate organisations, thereby making the Institute an invaluable institution to digital literacy in Nigeria.
Africa, ME Personal Devices Market Grows 5% in 2nd Qtr
The Middle East and Africa (MEA) personal computing devices (PCD) market, which is made up of desktops, notebooks, workstations, and tablets, experienced year-on-year growth of 5.0% in the second quarter of 2021, according to the latest industry analysis conducted by International Data Corporation (IDC).
The global technology research and consulting firm’s newly updated Worldwide Quarterly PCD Tracker shows that shipments across the region reached 6 million units in Q2 2021.
“The biggest contributor towards this growth was the Turkish PCD market, which experienced year-on-year growth of over 30.0% owing to surge in demand from both the commercial and consumer segments,” says Fouad Charakla, IDC’s Senior Research Manager for client devices in the Middle East, Turkey, and Africa.
“The biggest growth in Turkey was seen in consumer demand for tablets. South Africa also experienced strong year-on-year growth, especially owing to a massive delivery of notebooks into the country’s education sector. Q2 2021 also saw a massive delivery of tablets into Egypt’s education sector; however, the volume of devices delivered was much smaller than the volume delivered during the same quarter last year, resulting in a year-on-year decline for the Egyptian market.”
Other key markets in the region, namely the UAE and Saudi Arabia, experienced declines year on year, while the Rest of Middle East sub-region (which comprises Iran, Iraq, Syria, Yemen, Palestine, and Afghanistan) experienced growth.
In the PC segment, Lenovo regained top position, while HP placed second and Dell finished third.
| Middle East & Africa PC Market Vendor Shares – Q2 2020 vs. Q2 2021 | ||
| Company | Q2 2020 | Q2 2021 |
| Lenovo | 24.0% | 23.8% |
| HP Inc | 27.3% | 23.2% |
| Dell Technologies | 16.2% | 16.7% |
| Others | 32.5% | 36.3% |
In the tablet space, Huawei experienced a significant decline in shipments and dropped out of the top three vendor rankings. Consequently, all three top vendors posted considerable market share gains.
| Middle East & Africa Tablet Market Vendor Shares – Q2 2020 vs. Q2 2021 | ||
| Company | Q2 2020 | Q2 2021 |
| Samsung | 37.5% | 40.0% |
| Lenovo | 9.4% | 13.5% |
| Apple | 7.7% | 9.9% |
| Others | 45.4% | 36.6% |
Peace Akhibi Wins 2021 NYSC Essay Competition
By Fabian Ekeruche
Miss Peace Akhibi, a Corps member serving with the National Open University of Nigeria (NOUN) on Thursday emerged winner of the 2021 NYSC Essay Competition organised by the Bible Society of Nigeria (BSN) in Lagos.
The News Agency of Nigeria (NAN) reports that Akhibi, a first-class graduate of Psychology came tops out of six Corps members that made it to the final of the competition.
The 10th edition of the NYSC Essay Competition/National Symposium is titled: Social Justice: A Pathway to Sustainable Peace and Progress in Nigeria.
Earlier, Pastor Samuel Sanusi, General Secretary, BSN, said in his remarks, that every Nigerian has what it takes to make the country great again.
He enjoined corps members to give a very good account of themselves and do all in their power to be patriotic.
Chief Kaoli Olusanya, Chairman of the occasion said that Nigeria has not been consumed inspite of its challenges because of the love and worship of God by Nigerians.
He urged the corps members not to remain in their comfort zones, but rather challenge themselves to be the best in their chosen career.
“Time is the greatest resource you can have. Let us make our contribution to make Nigeria great again,” Olusanya said.
Also, Dr. Oke Banwo, President, Board of Trustees, BSN, encouraged Corps members to continue to speak against societal ills, adding that someday their voice would be held.
In a good will message, the National Co-ordinator of the NYSC, Lagos office, Mr. Edwin Megwa thanked the BSN for keeping faith in organising the competition for the past 10 years.
Represented by Mrs. Beatrice Feyinto, Megwa urged corps members to be change agents in wherever they found themselves.
Dr. Fred Odutola, a past General Secretary of BSN, whose tenure ushered in the first edition of the competition, urged corps members to focus on developing themselves to become the best in their chosen career.
Meanwhile, the winner of the competition, Akhibi expressed surprise that she could win the competition.
She dedicated the award to God who has been the source of her inspiration.
Editors Congratulate Garba Mohammed on Appointment as NNPC’s Spokesman
The Nigerian Guild of Editors (NGE) has congratulated one of its former Presidents, Garba Deen Mohammed (FNGE) on his appointment as the Group General Manager (Public Affairs) of the Nigerian National Petroleum Corporation (NNPC).
In a press statement signed on Thursday by its President, Mustapha Isah and the General Secretary, Iyobosa Uwugiaren, the umbrella body of all the editors in Nigeria, said that Garba Deen is eminently qualified for the position, considering his experience both in the media and the oil/gas sector.
”We commend the Minister of State for Petroleum Resources, Chief Timipre Sylva and the Group Managing Director of NNPC, Mele Kyari, for making the right choice. Garba Deen’s appointment comes at a time the NNPC is undergoing a transition following the signing into law of the Petroleum Industry Bill by President Muhammadu Buhari”, the NGE stated.
While thanking the outgoing NNPC’s spokesperson, Dr. Kennie Obateru, for his excellent relationship with the Guild during his tenure, the editors said they look forward to working with Garba Deen to deliver on his onerous assignment.
Tourism & Technology Summit Africa Set for 3rd Edition
After a relapse of the Tourism and Technology Summit Africa following the COVID-19 impact of 2020, the first of its kind two industry event is returning with a virtual edition as its third edition.
The virtual summit, which is being organised by Brandworld Media in partnership with TechnologyMirror, and with the theme: Africa As a Smart Tourism Destination, will focus on the role Smart Tourism can play in achieving transformation.
Holding on the HOPIN Event App on September 3th, the summit is in furtherance of the initiative of the organisers to drive the digital transformation of the tourism and hospitality industry in Africa.
According to a statement from the Convener, Clara Okoro and the Communications Consultant for the Summit, Isaiah Erhiawarien, participants are invited to register at https://hopin.com/events/tourism-and-technology-summit-africa and https://www.tourismandtechnologysummit.com.
The statement said that the virtual summit will offer participants insights into how to collect and use data derived from physical infrastructure, social connectedness and organizational sources (both government and non-government), and users in combination with advanced technologies to increase efficiency, sustainability and experiences.
The Statement explained that the information and communication technology tools used for smart tourism include IoT, mobile communication, cloud computing, and artificial intelligence. It combines physical, informational, social, and commercial infrastructure of tourism with such tools to provide smart tourism opportunities.
Speaking further on the enhance of the summit, Clara said that the travel, tourism and hospitality space in Africa’s post COVID-19 era has been impacted by technology adding that it is now the centre-point of many organisations operating in the sector.
Clara, also a founder and chief operating officer at My Beautiful Africa a Travel Tech Company based in Lagos Nigeria and organisers of the Tourism and Technology Summit Africa, disclosing further that internationally renowned Digital Strategist, Shirley Nzeh, will delay the keynote address with the topic Digital Technologies as a Driver for The Tourism Industry in Africa.
Shirley is a Ghanaian-born Business Professional and Entrepreneur living in the UK. She helps companies manage, Risk, Change, increase profitability and has delivered global transformation programs for top-tier consulting firms and Fortune 500 companies.
Also speaking at the event: are John Lee Cofounder Work From Anywhere, Arome Ibrahim, 360 vr Developer, Experis Immersive, Paula Carreirao, Asksuite and Stephanie Nelson of Nelson Legacy LLC.
NDIC Budget Sensitisation, Strategic Session in Abuja
L – R Front: Adeola Oluwabiyi, Director, Internal Audit, NDIC; Alfred Okoh, Tech Assistant to DG, Budget Office; Hon. (Mrs) Omolola Abiola Edewor, ED, Corporate Services, NDIC; Bello Hassan, MD/CE; Osung-Etisong Ginika, Forecast Manager, Budget Office and Hashim Ahmad, Director Procurement, NDIC and other participants at NDIC Budget Sensitisation/Strategic Session at Abuja today.
AMCON vs Jimoh Ibrahim: Court Adjourns Case to Sept 8, 2021
Hon. Justice A. R. Mohammed of Federal High Court, Abuja Division on Monday ordered the Asset Management Corporation of Nigeria (AMCON); NICON Insurance Limited, Nigeria Reinsurance (Nigeria Re) and Barrister Jimoh Ibrahim to maintain the status-quo-ante until September 8, 2021, when the court will hear all pending applications in the matter.
Jimoh Ibrahim’s current indebtedness to AMCON stands at nearly N70 billion. The matter between Barrister Jimoh Ibrahim and AMCON has been interminable since the loan was purchased by the government debt recovery agency during the first phase of Eligible Bank Assets (EBA) purchases from Union Bank in the early days of AMCON.
AMCON and BPE, on July 21, received approval from the National Insurance Commission (NAICOM) to constitute a new board and management of NICON Insurance Limited and Nigeria Reinsurance Corporation (Nigeria Re). The change was to enhance the smooth running, efficient and effective management of the two firms previously owned by the recalcitrant debtor and businessman.
The reason for the changes in the Board and management of the two insurance firms was sequel to the takeover of the major investor’s interests in the two organisations, and the Bureau for Public Enterprises (BPE) who worked in partnership with AMCON to bring the much-needed stability in the operation of the organisations.
AMCON also made it clear that the reconstitution of the board and management team of two insurance institutions in Nigeria was to ensure that the firms continue in their quest for transparent and accountable management of insurance in the country and continue to deliver value to its stakeholders. After the constitution of the Boards, Jimoh Ibrahim belatedly approached the court to obtain an order seeking to stop AMCON from constituting the boards of the two insurance firms.
But when the case came up for hearing on Monday the 18th of August, the Judge ruled that all parties maintain the status quo until September 8, which was agreed by both the counsel to Jimoh Ibrahim and co, C.I. Okpoko, SAN and counsel to AMCON A.U. Mustapha, SAN.
This, the Court took note of in its ruling on the application for adjournment and directed that all parties maintain the status quo as at date, pending the determination of the applications on September 8, when arguments will be heard on the motion on notice with a possible ruling.
The implication is that AMCON is still in charge of all assets of Jimoh Ibrahim and his companies including Nicon Insurance Limited and Nigeria Reinsurance Corporation over their heavy indebtedness to AMCON following earlier court rulings, which gave AMCON the power to take over the assets ab-initio. It was also from the courts that AMCON derived the power with which it appointed the Receiver Managers over some of the companies and assets belonging to the recalcitrant debtor.
According to Jude Nwauzor, Head of Corporate Communications at AMCON, “it is unfortunate that Jimoh Ibrahim and his cohorts have continued to show wanton disregard to the court directive. They have been misinforming the general public by mischievously misinterpreting the court resolution. They have used thugs to physically break into the companies’ premises, to misappropriated documents and assets, and have had the audacity to parade themselves as the legitimate management in these companies.
This is to reassure the general public and all stakeholders that AMCON is a law-abiding institution and shall not be intimidated into surrender of its legal responsibilities. Moreover, that these insurance entities are public assets, striped and destroyed by persons with a known track record of mismanagement, criminality and outright disrespect to all that is prudent, ethical and normal.
All stakeholders are assured that this mischief would be short lived as AMCON has rapprochement of the courts to deal with this rascality.”
7 Major Challenges Facing Real Estate Sector in Nigeria
Nigeria, the acclaimed “Giants of Africa,” has maintained its position as the country with the most Real Estate investment on the African continent for the past two decades and counting. This achievement is largely attributed to the country’s growing population of 200 million people.
However, Nigeria, like most African countries, is plagued by numerous economic and political issues, which have had a negative impact on the country’s real estate market.
Here are the seven most critical concerns confronting the Nigerian property investment sector:
#Problem 1: Expensive Residences
The ongoing rise in the price of most Nigerian homes is posing a significant challenge to the country’s real estate sector. Most Nigerian cities are overpriced, which discourages potential investors. Rivers, Lagos, and Abuja are the most affected cities, all of which are important commercial hubs.
Furthermore, the exorbitant price tag has widened the social divide between different income earners. In short, there are some areas where a middle-income earner, let alone a low-income earner, cannot afford to rent a home.
For example, in Lagos State, certain housing units are occupied by the wealthy and cannot be afforded by low-income earners. When this happens, combined with the country’s rising economic woes, people tend to flock to less expensive areas, putting a damper on hopes of a possible drop in rent costs.
#Problem 2: Capital Market Threat
The risk in the capital market has increased as a result of coronavirus. The volatility of the equity capital market in this post-pandemic period is one of the reasons for Nigeria’s low returns.
As a result, because the real estate sector is a component of this financial system, most protective investors will reconsider investing in real estate. Moreover, the raising capital for lands, fees, and construction costs will make things more difficult for estate agents.
Farther from the real estate clime, this financial problem will eventually have an impact on the Nigerian economy by limiting the flow of cash in the real estate sector, thereby affecting the country’s Gross Domestic Product.
#Problem 3: ESG
ESG is an acronym for Environmental, Social and Governance. It is a set standard that is used to evaluate the environmental and climate effects of housing units.
In Nigeria, most apartments are characterised by pollution, prevalence of waste in public areas, lack of trash bins for proper waste disposal, and more. This is not just mostly prevalent in big cities such as Lagos and Abuja but is also common in some rural communities.
Furthermore, according to the Global Housing Standard, real estate professionals should be concerned about greenhouse gas emissions. Some real estate practitioners in Nigeria disregard this standard, resulting in widespread environmental and climate change in most areas of the country.
Furthermore, statistics show that Nigeria’s ESG indexes grew by an additional 40% in 2020. This increase was primarily influenced by matrices determined by how Nigerians handled waste and how conducive their environment was. Another important factor that contributed to the exponential increase was the high proportion of healthy residents compared to the low rate of medical cases caused by environmental factors.
#Problem 4: Naira Depreciation
The rate at which the Naira is depreciating is a major source of concern for all sectors of the Nigerian economy, including real estate. The Nigerian government’s failure to subsidize the cost of building materials adds insult to injury, forcing contractors and building engineers to purchase this expensive construction equipment at exorbitant prices.
Nonetheless, housing experts have made several recommendations for the country to become self-sufficient in the manufacturing of building materials. These recommendations have yet to bear fruit, but in the meantime, Nigerian Real Estate Investors will most likely be purchasing construction materials at exorbitant prices, aided by rising naira depreciation.
#Problem 5: Increased Rural-to-Urban Migration
One of the issues confronting Nigeria’s real estate sector is the increased rate of rural-to-urban migration. The large influx of renters from rural areas to urban areas has had a significant impact on property regulation in the country. As a result of this unchecked mobility, one of the major causes of high home rent is overpopulation.
Despite the fact that rent prices in rural areas are relatively low, people flock to urban areas in search of greener pastures due to a lack of investment opportunities. As a result, most real estate managers and agents capitalize on this flow by raising house rents.
#Problem 6: Ineffective Property Protection Laws
Estate laws are generally not properly implemented in Nigeria, which has resulted in many cases where investors have been deprived of the land they legally purchased. This is common in developed areas of the country, such as Lagos, and is primarily orchestrated by a group of land thiefs known as omo-onile. These well-known property scammers have a penchant for dubbing investors with the settlement fee tag. They are also commonly found on construction sites where building projects are in progress, where they either violently or deceitfully extort.
Furthermore, despite the city’s law, which guarantees offenders 21 years in prison, omo-onile (general term for land grabbers in Lagos) continues to thrive in certain areas of Lagos State. There have been numerous cases where people’s land has been forcibly taken and buildings demolished, rendering the property protection law ineffective. This appears to be deterring a significant number of real estate investors from investing in Nigerian property.
#Problem 7: Poor Building Quality
Cases of collapsed buildings in various parts of the country indicate that the construction materials used by some contractors are subpar. In short, some of these building contractors in Nigeria lack the necessary educational credentials and professional experience.
Furthermore, this persistent problem appears to have become a source of concern for the majority of Nigerians, and if allowed to persist, it may succeed in tarnishing the image of the country’s real estate sector. As things stand, some buildings in certain industrial areas of the country do not meet construction standards, which is largely due to the incompetence of the responsible building contractors.
Conclusion
The importance of real estate in Nigeria cannot be overstated. It is a major economic driver and has generated wealth for the country. However, despite being Africa’s largest sector, it has faced a number of critical challenges over the years.
Building collapses, for example, have increased the number of human casualties, instilling fear in the majority of residents. These concerns have made the country’s real estate sector’s prospects less promising and likely to drive away potential property investors if not corrected.
Dennis Isong Helps Individuals Invest Right in Real Estate. For Questions on This Article Or Enquiry About Real Estate Email: [email protected] or Whatsapp/Call +2348164741041
Stanbic IBTC, LBS Partnership Trains 3,500 Entrepreneurs
As part of its commitment to help stimulate and grow a solid and active small and medium scale enterprises sector in Nigeria, Stanbic IBTC established the SME Capacity Building series, which has trained over 3,500 entrepreneurs in the country.
To further strengthen the initiative, the Bank, in 2019, entered a partnership with the Enterprise Development Centre (EDC) of the Lagos Business School. This partnership aims at equipping small and medium enterprises (SMEs) with skills and competencies needed to manage their businesses profitably, develop and pitch viable business proposals, maximise their business funds, trade and prepare them for easy access to finance.
Head, Enterprise Banking, Stanbic IBTC Bank Plc, Emeka Obasi, while speaking on the training, reiterated the Bank’s commitment to providing the proper support and solutions for individuals and businesses to achieve their goals.
“Stanbic IBTC’s commitment to building capacity among enterprises stems from our deep understanding of the important role these enterprises play in providing linkages to industries, employment generation and driving growth of the Nigerian economy,” he stated.
He added that participants are trained in essential topics such as Understanding your Market (Competition Analysis, Marketing Plan, Segmentation); Operation and Business Model; Business Plan (Template review and Development); Taxation; and Marketing, Business Management; among other relevant topics.
He said Stanbic IBTC Bank boasts of highly trained and motivated staff with the requisite expertise in enterprise financing and support.
Executive Director, Business and Commercial Clients at Stanbic IBTC Bank, Remy Osuagwu, reaffirmed the Bank’s commitment to supporting enterprises.
According to Remy, “Our key mandate of financial intermediation ensures that we are mindful of providing the right support and solutions for individuals and businesses to achieve their goals and this workshop series represents another opportunity for Stanbic IBTC Bank; to help develop and sharpen participants’ business skills.”
He explained that as part of its support for small and medium scale enterprises, Stanbic IBTC regularly organises training for enterprise operators. This is among other benefits, and the trainings seek to equip enterprise operators with financial, marketing, and management skills that they can readily apply to transform their businesses to grow their bottom lines and ensure business continuity.
Tope Smart to Assume AIO Presidency at 47th Confab in Lagos
Mr. Tope Smart, Group Managing Director/CEO, NEM Insurance Plc is billed to assume the Presidency of the African Insurance Organisation (AIO) during the 47th AIO Conference & General Assembly holding in Lagos from September 4-8, 2021.
Smart was the immediate past Chairman of the Nigerian Insurers Association (NIA), the umbrella body of insurance operators in Nigeria and current Vice-President of the AIO when Nigeria was slated to host the Conference in 2020 but was then postponed due to the COVID-19 pandemic.
Mrs. Ebelechukwu Nwachukwu, Chairperson of the Local Organising Committee (LOC) for the 47th AIO Conference confirmed the development during a virtual media briefing thus:
“One of the major highlights of the 47th Conference is that the immediate past chairman of the Nigerian Insurers Association and Group managing Director of NEM Insurance Plc, Mr. Tope Smart will assume office as the next president of the pan-African organisation for the next one year and he deserves our support and good wishes.”
Tope Smart, a graduate and an award winner from the University of Lagos also holds a Master’s Degree in Business Administration (MBA) from the University of Nigeria, Nsukka. He is an Associate member of both the Chartered Insurance Institute of London and the Chartered Insurance Institute of Nigeria.
Tope, an astute professional, believes very strongly in the entrenchment of insurance in the mind of every Nigerian. He is a Council member, Chartered Insurance Institute of Nigeria, Council member, West African Insurance Companies Association (Ghana), Council member, Nigeria-Britain Association, current Vice-President, African Insurance Organisation (AIO) and a past Chairman of the Nigeria Insurers Association to mention but a few.
Tope sits on the Board of several companies amongst which are RegencyNem Insurance (Ghana) Limited and NEM Asset Management Limited. In 2014, he was appointed by the Federal Government as Co-Chairman of Insurance Industry Transformation Committee. He was also recently appointed as Chairman, Planning Committee of the University of Lagos Alumni Association’s Golden Jubilee Anniversary.
In recognition of his outstanding achievements, Tope has won several awards amongst which are Distinguished Alumnus by the University of Lagos, University of Lagos Alumni Association Golden Jubilee Special Recognition Award amongst others. He is also a two-time winner of the Businessday Top 25 CEOs award.
Tope is an alumnus of Harvard Business School.
Zenith, Access Lead Banks’ N298m Print Ad Spend in July 2021
P+ Measurement Services, Media Intelligence and Performance Audit reports in the month of July 2021 critically analysed and revealed the Top 5 Nigerian Banks and their advert spend in print media publications.
This analysis revealed that a total of 22 Nigerian banks spent an estimated sum of N298, 048, 272 on print advertisements covering various traditional and soft-sell publications across the country.
The media audit report further showed that Zenith Bank Plc emerged as the top spender with 39% share, with Access Bank Plc ranking 2nd with 24% percentage share.
Completing the top five are Polaris Bank Limited, UBA Group and GTBank with 13%, 12%, and 12% respectively.
Nigeria Expects 600 Delegates at 47th AIO Confab from Sept 4
Mrs. Ebelechukwu Nwachukwu
Chairperson
Local Organising Committee (LOC)
47th AIO Conference & General Assembly
The Nigerian insurance industry says it expects 600 physical delegates at the hybrid 47th African Insurance Organisation (AIO) Conference & General Assembly scheduled to hold in Lagos, Nigeria from September 4-8, 2021. The theme of the Conference is: Rebuilding Africa’s Economy: An Insurance Perspective.
Mrs. Ebelechukwu Nwachukwu, Chairperson of the Local Organising Committee (LOC) for the 47th AIO Conference & General Assembly said in a virtual media briefing that hosting ‘this AIO conference is significant to us in more ways than one. Apart from the opportunity to showcase our rich culture and hospitality, it will also be a great opportunity to correct some of the misconceptions about Nigeria and her people. There is no doubt that Covid-19 pandemic had left in its trail, very debilitating effects on many economies and there are efforts at addressing these challenges. This informed the decision of the LOC to use the opportunity of the 47th AIO conference to contribute to discussions around how insurance can contribute to on-going efforts at rebuilding economies seriously impacted by the pandemic.’
Nwachukwu stated that in planning this conference at this time ‘we have taken full cognizance of all the health protocols and restrictions on public gathering, hence the decision to make it a hybrid event. As you are all aware, Nigeria hosted the conference about 21 years ago and it is to the credit of the past leadership of the Association and the leadership of other arms of the insurance industry that we have the honour of hosting this 47th edition of the conference.’
She expressed gratitude to Mr. Olorundare Sunday Thomas, the Commissioner for Insurance/CEO, National Insurance Commission (NAICOM who has been working assiduously and liaising with various ministries and agencies to ensure full support from the federal government and also the Honourable Minister of Finance, Budget and National Planning who has been very supportive of ‘our efforts, and we owe her a lot of appreciation for the letter of comfort which was the first requirement from AIO as proof that we have the support of the government to host the conference.’
The AIO LOC Chair also sought the support of the media to ensure the success of the event.
“As our partners in the business of insurance, we see this conference as yet another golden opportunity to showcase the insurance industry and we trust that you will give this press conference, the preparations and the entire conference the publicity it deserves.”
Effective Judicial System Will Assist Nigerian Economy – Amb. Rimi
AMCON MD/CEO, Ahmed Kuru (left); Nigerian Ambassador to Egypt, His Excellency, Nura Abba Rimi and Hon. Justice Binta Nyako at the event in Cairo, Egypt
The Nigerian Ambassador to Egypt, His Excellency, Nura Abba Rimi has called for total reforms in the judicial system in Nigeria, which he said will provide the much-needed reassurance to investors that are ready and willing to come to Nigeria.
The ambassador made the call at the opening ceremony of the 2021 Federal High Court foreign training in Cairo Egypt.
The ceremony was also attended by the managements of Asset Management Corporation of Nigeria (AMCON) led by Mr. Ahmed Lawan Kuru; that of the Federal Competition & Consumer Protection Commission (FCCPC) also led by its Vice Chairman/CEO, Mr. Babatunde Irukera as well as the Director General-Legal Academy, Dr. Fatihu A. Abba among others.
The ambassador is surprised that agencies of the federal government of Nigeria have court cases that are dragging for years and posited that lack of a functional judicial system in Nigeria is hurting the economy.
He said while it is almost impossible to avoid dispute in commercial ventures, an investor is concerned about the mechanism in place for resolving any disputes that may arise in the course of his business. According to him, in as much as the popular phrase “time is money” cannot be over-emphasised, no investor is willing to tie down money, capital, or investment for an unascertainable period of time due to commercial disputes.
He said, “The fear is usually that the investment and/or capital would have lost its value at the time the dispute is eventually resolved. Thus, investors would be averse to investing funds in any country where dispute resolution is not reliable, effective and/or efficient. This is the case of the Nigerian judicial system. But this can be remedied or mitigated by judicial reforms through sustained dynamic training of the judiciary as demonstrated by the Hon. Chief Judge of the Federal High Court-Hon. Justice J.T. Tsoho.
“Many investors and investment have been lost over the years as a result of the failure to pursue efficient and/or effective judicial reforms. Indeed, timely disposal of cases in the OECD countries has sustained investor confidence in the economies of these countries. It demonstrates the remarkable efficiency of the judicial system in those countries. Accordingly, investors would be convinced that any dispute relating to their investments would be determined expeditiously by the Courts in these countries.”
Rimi further explained that Court related litigations in Nigeria is majorly characterised by three (sometimes four) stages, commencing from the trial Courts, then the appellate court and then the Supreme Court. The journey to the Supreme Court in a commercial dispute could last for as long as eight to 20 years, which he said is very sad.
Again, he said, “For instance, in Bilante Intl Ltd v. N.D.I.C (2011) LPELR-781 (SC), the suit was commenced in 1992 and it continued till June 2011, when the Supreme Court delivered its judgment. Also, in Edilcon (Nig) Ltd v. UBA PLC (2017) LPELR-42342 (SC), the decision of the trial Court was delivered in December 1997, whilst the decision of the Supreme Court was delivered in May 2017 – about 20 years after.
Accordingly, it is recommended that the heads of Courts in Nigeria should consider prescribing measures geared towards decongesting the dockets of the Courts and restoring investor confidence in the Nigerian judicial system.”
The Judiciary especially the Federal High Court plays an effective role in boosting economic growth. Therefore, it is necessary for My Lord the Hon. Chief Judge of the Federal High Court to immediately embark on the desired, relevant, and critical steps to reform his Court to mirror and address judicial expediencies of the present times, which is needed to expeditiously deal with the thousands of pending cases in courts.
“It is crystal clear that a working and functional judicial system plays a major role in the society in maintaining not just law and order but boosting the economy. The Government must as a matter of great importance take active steps towards reforming the judiciary with a view to ensuring the expeditious and fair administration of justice. No serious nation prioritizes matters relating to the elections over the economy. An efficient judicial system provides the framework for stability and economic development,” Ambassador Rimi noted.
Kuru in his remarks while appreciating the Chief Judge of the Federal High Court for the opportunity at the conference said the Corporation cannot over flog the important role the judiciary play in national development as earlier highlighted by Ambassador Rimi, and as such judges remain vital to the success of the Country.
He added that “Quick, efficient and fair dispensation of justice is not only necessary but Godly.
“With specific reference to AMCON He said, “We have repeatedly made the point at every opportunity that all stakeholders must view the AMCON mandate as one of serious national importance. If at sunset AMCON is unable to recover the huge debt of over N5trillion, it becomes the debt of the Federal Government of Nigeria for which taxpayers’ monies will be used to settle. The implication is that the public will be made to pay for the recklessness of only a few individuals who continue to take advantage of the loopholes in our laws to escape their moral and legal obligations to repay their debts. We should not allow a few individuals to escape with our commonwealth. And we want to do it within the confines of the law. “We must encourage a society where people must be made to honour their obligation and should not find solace under any guise in any institution of government.”
On his part, Hon. Justice J.T. Tsoho, the Chief Judge of the Federal High Court who described the gathering as ‘very historic’ as it constitutes their first outing on an international training since the outbreak of the COVID-19 pandemic in early 2020 stated that the judiciary in Nigeria will continue to seek knowledge on how to better the economy and the country at large through trainings and knowledge sharing with their peers around the globe.
He said it was on that note that, “Today’s digital age and digital economy necessitated the need for our Court to be conversant with the technicalities of these regimes if we are to effectively adjudicate on matters relating to the concepts underpinning this Seminar.
Indeed, it is these underpinnings that educated my decision to theme the programme “The place of the federal high court in the digital age, for economic development and the stability of the financial system.”