NCC: Inside the N345bn Revenue Haul in 5 Years

07/11/2020

L-R: Hon. Unyime Josiah Idem, Deputy Chairman, House Committee on Telecommunications; Hon. (Prince) Akeem Adeyemi, Chairman, House Committee on Telecommunications; Prof. Umar Garba Danbatta, Executive Vice Chairman/CEO, Nigerian Communications Commission (NCC), during the Committee’s oversight visit to the Commission Headquarters recently in Abuja

The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, has told the House Committee on Telecommunications how the telecoms agency contributed to the revenue drive of the Federal Government by generating and remitting N344.71 billion to the Consolidated Revenue Fund (CRF) in the last five years.

Danbatta stated this while briefing the Committee members, led by their Chairman, Hon. (Prince) Akeem Adeyemi, during a legislative oversight function on the Commission in Abuja recently.

The EVC, who attributed the successes of the Commission in the last five years to the harmonious relationship between the Commission and the National Assembly, said such relationship, the diligent oversight by the lawmakers and necessary legislative support have brought forth a lot of dividends for the industry.

“Through the support of the lawmakers, especially the House of Representatives Committee on Telecommunications, which the NCC leadership has worked with in the last five years, the Commission has been able to generate and remit N344.71 billion to Federal Government Consolidated Revenue Fund (CRF) from spectrum fees and operating surplus,” he said.

Danbatta stated that telecoms sector’s contribution to Gross Domestic Product (GDP) increased from 8.5 percent in 2015 to 14.30 percent as of the second quarter of 2020. In financial value, the 14.30 per cent translates to N2.272 trillion in Q2. He also said that telecoms investment grew from around $38 billion in 2015 to over $70 billion currently.

Speaking further, Danbatta said the NCC is promoting financial inclusion by encouraging the Mobile Network Operators (MNOs) to actively participate in providing financial services towards actualising FG’s 80 per cent financial inclusion target by 2020.

According to him, through the collaboration of critical stakeholders as the National Assembly, the NCC has been able to increase broadband penetration from 6 percent in 2015 to 45.43 per cent as of September, 2020 while basic active internet subscription grew from 90 million to 143.7 million.

“Between 2015 and September, 2020, active voice subscription has increased from 151 million to 205.25 million with a teledensity standing at 107.53 percent as at end of September, 2020. We are also empowering and protecting the consumers and ensuring we are able to sanitise the industry of improperly-registered Subscriber identification Module (SIM) cards through our impartial regulatory approach,” Danbatta said.

To continue to collaboratively advance the development of the industry, Danbatta listed key areas of collaboration with the House Committee, going forward. These, according to the EVC, include speedy passage of the Commission’s budget, enhancing mutual working relationship and knowledge transfer sessions/capacity building for Committee members for better understanding of the workings of the Commission and the industry.

Meanwhile, Hon. Adeyemi, in his address, said the over sight function was in line with relevant sections of the Nigerian 1999 Constitution, as amended, which empowers the House to carry out its role of checks and balances on the executive arm of government under which the NCC, as a Federal agency, falls.

The committee commended the leadership of the Commission for its transparency in ensuring remittances to CRF of the Federal Government, considering the current revenue drive of the government.

The committee urged the NCC to sustain its current template of ensuring effective regulation of the telecoms sector in a manner that would be more mutually beneficial to the industry players, the consumers of the telecoms services and to the Nigerian government.

Ecobank Named ‘Best Retail Bank in Nigeria 2020’ – Asian Banker Awards

Business Journal

07/11/2020

Ecobank Nigeria has been named the Best Retail Bank in Nigeria by Asian Banker.

This was announced at its Middle East and Africa Regional 2020 Awards virtual ceremony on Thursday. The event attracted thought leaders and decision makers across continents of the world.

Emmanuel Daniel, Chairman, The Asian Banker, said the annual awards are designed to identify emerging best practices in retail financial services, technology implementation and innovation. The annual awards also identifies implementation goals and challenges from which other financial institutions and technology companies could learn.

While congratulating the winners of the prestigious awards in the various categories, he stated that the process for selection was rigorous, transparent and conducted with the highest level of integrity.

Specifically, the organisers said Ecobank was selected as the Best Retail Bank in Nigeria for its deployment of digital solutions to meet the needs of its customers even during the covid-19 pandemic lockdown, adding that the bank also enhanced its customer experience through culture transformation across the various touch points.

“Ecobank encouraged its customers to avoid non-essential contact in achieving their banking needs by utilising digital solutions to access their account, make contactless payments, transfer funds and carryout other banking transactions from the comfort of their home and offices without visiting the bank. The winning bank enhanced its customer experience through culture transformation across all Ecobank Affiliates”.

Patrick Akinwuntan, Managing Director, Ecobank Nigeria described the award as a worthy recognition of Ecobank’s digital transformation landmark initiatives targeted at providing tailored solutions to payments and collections. “We are pleased to be recognised as ‘Best Retail Bank of The Year’ in Nigeria. This confirms the strength of our brand in innovative banking products and digital solutions to deliver services to our teeming customers across the various segments.”

He disclosed that the bank provided uninterrupted services to its customers during the covid-19 pandemic lockdown through its 24/7 digital self-service solutions via Ecobank Mobile App, Ecobank Online, EcobankPay, Ecobank OmniPlus, Omni Lite and the RapidTransfer App. He thanked the Asian Banker Award Team for creating an opportunity to celebrate innovative ideas by members of the banking community, assuring that Ecobank will continue to deploy its robust digital platforms and enhance customer experience at every touch point.

Korede Demola-Adeniyi, Head, Consumer Banking, Ecobank Nigeria; while receiving the award said, “I feel honored to receive this prestigious award for the Best Retail Bank in Nigeria for Ecobank. My appreciation goes to the organisers, the Asian Banker, for their support of the financial service industry in Africa. This award further underscores our commitment to providing practical financial solutions to the retail segment by making banking available and affordable to every Nigerian and generally across Africa.”

She added that “We believe in Ecobank, that Africans should have access to basic financial services irrespective of their social or economic status and it is indeed encouraging that our efforts are recognized and acknowledged. Our digital platforms enable you to bank 24/7 without visiting the bank and our award-winning mobile app is available round the clock for your needs. Thanks once again for the award, I also thank my colleagues across the bank for their commitment in making us serve our customers seamlessly. “

Why Protein Deficiency Persists in Nigeria

Business Journal

07/11/2020

Professor Henrietta Ene-Obong of the University of Calabar says protein deficiency persists in Nigeria due to entrenched behavioural, socio-economic, political and environmental decay which failed to address the many multi-factorial causes of malnutrition in the country.

Delivering a paper on: Protein Deficiency: Bridging the Knowledge Gap at The Protein Challenge Webinar Series 5, Ene-Obong listed some of the factors for persistent protein deficiency in Nigeria to include poor infant and young child feeding in terms of exclusive breastfeeding, inadequate complementary foods; poor utilisation of available food resources, poor uptake/adoption of technology and low dietary diversity (monotonous diets, mono-staples).

Others are:

Poverty and low level of education, including nutrition education
Household food insecurity
Failure to pay attention to ethnic differences in food habits and choices as well as lack of access to culturally acceptable food
Lack of safe water and proper hygiene
Political instability and insecurity

She lamented the lack of nation-wide quantitative studies on the nutrient intake of Nigerians just as available data are qualitative, limited in scope/sample size or outdated.

“The adequacy of protein intake among Nigerian infants, children, adolescents and women was reviewed by de Vries-ten Have et al. [2020] and it showed that apart from adolescent girls, pregnant and lactating women, the Nigerian population had mostly adequate protein intake when compared with the most recent protein recommendation by FAO (2003) and WHO/FAO/UNU (2007). This is contrary to a recent study by the Japan International Cooperation Agency (JICA, 2017) which showed that about 76 percent of children in the Study sites (Federal Capital Territory) did not meet their requirement for protein and most key nutrients, even though the sample size was small. From available data, we still record high prevalence of acute malnutrition and stunting among infants and young children. Is this a matter of quality? “

Ene-Obong stated that protein deficiency could manifest in Protein-Energy Malnutrition (PEM), which is very common in children of less than five years old just as it is the 10^th leading cause of cause of death in the Nigerian population, accounting for 2.5 percent of total deaths.

“According to the most recent 2018 NDHS report, 37 percent and seven percent of children less than five years are stunted and wasted, respectively. Although wasting seems to have decreased from 18 percent in 2013 to seven percent in 2018, stunting has not really changed.”

To effectively curtail the problem of protein deficiency in the country, the don called for adequate nutrition in the first 1000 days of life, adequate adolescent and maternal nutrition, promotion and support of exclusive breastfeeding and continued breastfeeding for two years, and promotion of adequate complementary food: Plant protein alone cannot be adequate to support maximum growth and development in infants and children. Plant proteins should be supplemented with ASFs (fish, eggs, milk, etc.).

Other critical measures she suggested include:

Dietary diversification: ensuring that infants and young children consume foods from at least four food groups. These groups include) Grains, roots & tubers) Legumes & nuts;) Dairy products) Flesh foods; Eggs) Vitamin A-rich fruits and vegetables; 6) Other fruits & vegetables. This will ensure that some ASF will be included in the diet.
Aggressive promotion of high-quality protein sources (Soybean and other indigenous legumes like the African yam bean, cowpea, etc.)
Production of low-cost, affordable soybean-based products
Protein complementation (called mutual supplementation), e.g., “rice and beans” dish. One exception is combination of milk with legume.
Increased food production even at household level
Nutrition education; nutritional benefit of soybean, usage pattern, preparation and storage
Empowering women
Good governance
Treatment strategies

In conclusion, Ene-Obong affirmed that the prevention of malnutrition using the food-based approach is and has been recognised as the most cost-effective development strategy.

“There are many therapeutic means to solve the malnutrition challenges, and a lot of resources have been devoted to them. It is my humble opinion that we need knowledge and the capacity to apply what we know in order to face challenges and overcome them. Bridging this knowledge gap and providing the capacity to bridge it, puts the knowledge into action, which should be focused on the right decisions. More focus should also be given to prevention strategies by appropriately utilising indigenous food resources, which Nigeria is naturally endowed with.”

‘Insurance Sector Needs Govt Support–Mutual Benefits Chairman

Business Journal

05/11/2020

Dr. Akin Ogunbiyi

Chairman

Mutual Benefits Assurance Plc

Dr. Akin Ogunbiyi, Chairman, Mutual Benefits Assurance Plc has called on government at all levels in Nigeria to support and patronize the Nigerian insurance industry to achieve its objective, support the nation’s economy, ensure returns on investments as well as achieve capital adequacy.

Ogunbiyi made the call at the 2020 National Conference of the National Association of Insurance and Pension Correspondents (NAIPCO), with the theme ‘Promoting Bankable Investments Portfolio for Insurance and Pension Sectors’ in Lagos.

He said the insurance industry can achieve adequate return on investment and capital adequacy ratio through support and patronage of the Nigerian Insurance industry by government at all levels and also by ensuring reduction of sharp practices to its barest minimum.

While noting that the industry can accumulate retain earnings and shareholders’ funds on a sustainable basis through good corporate governance and adaptive leaders that recognize and respond to insurance needs and relevant adjacencies, he said the industry also requires commitment and dedication from all of us to achieve survival, growth and profitability.

Ogunbiyi who was the NAIPCO website Chief Launder, said the financial assets such as debt and equity instruments as well as money market and equity funds are returning low yield, adding that as a result of the prevailing not too favourable investment climate, capital preservation yields are not as profitable as before.

He noted that though inflation at 13.9 percent, one loses money in real terms as fixed income may guarantee cash flows, but with negative profitability.

“I want to submit that we can achieve adequate return on investment and capital adequacy ratio through support and patronage of the Nigerian insurance industry by government at all levels and reduction of sharp practices to its barest minimum. We can accumulate retain earnings and shareholders’ funds on a sustainable basis through good corporate governance and adaptive leaders that recognise and respond to insurance needs and relevant adjacencies. We require commitment and dedication from all of us to achieve survival, growth and profitability,” he pointed out.

Stanbic IBTC: Business Conditions Improve as Demand Strengthens

Business Journal

05/11/2020

The Nigerian private sector experienced a positive start to the final quarter of 2020 with output and new orders both rising at a robust and accelerated pace. Firms continued to expand purchasing activity and employment in line with higher levels of new work. Sufficient capacity and higher staffing numbers led to another decline in the level of incomplete work. Companies remained optimistic about output in the year ahead, with many firms hoping to expand operations.

On the price front, input costs rose, with higher wage and material costs linked to the latest uptick. Cost burdens were passed on to customers which led to a robust rise in selling prices.

The headline figure derived from the survey is the Purchasing Managers’ Index™ (PMI^®), a property of Stanbic IBTC Bank PLC. Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

The headline PMI registered at 53.5 in October, up from 52.5 in September, signalling a solid expansion in business activity at Nigerian private sector firms.

Higher customer numbers and easing restrictions associated with the coronavirus disease 2019 (COVID- 19) were widely reported by panelists helping lead to stronger growth of both output and new orders. In both cases, continuous expansion has been recorded for four consecutive months.

Employment continued to rise modestly, with the rate of job creation in line with that seen in the previous survey period. Efforts to keep on top of workloads were largely successful as outstanding business decreased at one of the fastest rates since the start of the survey almost seven years ago.

Purchasing activity also rose sharply in line with higher output levels, contributing to a substantial accumulation of inventories. Despite rising demand for inputs and political unrest, competition among suppliers and prompt payments meant delivery times shortened to the greatest extent in 30 months.

The rate of purchase cost inflation slowed slightly from the previous survey period but remained solid overall. Respondents often linked the latest rise to unfavourable exchange rate conditions and rising raw material prices. Meanwhile, staff costs increased modestly. Firms reportedly passed on higher costs to customers resulting in an accelerated rise in selling prices.

Looking ahead, businesses continue to foresee a rise in output levels over the year ahead with plans to expand operations and implement marketing strategies. That said, sentiment was below the series average as a number of firms mentioned uncertainty surrounding COVID-19developments.

Ecobank CEO: ‘Fintech, Banks, Telcos Should Partner for Economic Growth’

Business Journal

05/11/2020

Patrick Akinwuntan

Managing Director

Ecobank Nigeria

Patrick Akinwuntan, the Managing Director, Ecobank Nigeria, says more collaboration is needed between Fintech, banks, and telecommunications companies to spur markets in health, agriculture, education, transportation, fashion and creative industry, commodities, and capital markets.

Akinwuntan, who stated this in his keynote address at the on-going Nigeria Fintech Week maintained that for Nigeria Fintechs to accelerate positive disruption for value, there is a strong need to develop talents, solve problem beyond payments, monetise data and challenge the status quo.

Specifically, he made a case for the establishment digital school of Fintech to groom talents, deepen skills for businesses and grow knowledge of the financial services industry. He added that the industry is sitting on a trove of data as big data can be leveraged to create values for customers including adopting superior user experience, and Interface for affordable payment and improved credit access.

According to him “we must take the lead to introduce a continent-wide Bank Verification Number (BVN) and Global Standing Instruction (GSI) for Africa under the African Continental Free Trade Area (AfCTA) Agreement, champion blockchain for cross-border payments in agriculture, education, and the government i.e. leveraging technology for better productivity.”

He also emphasized that we must look at ways to improve cyber-security & defense.

Further, the Ecobank Managing Director stated that with a Pan African reach, award-winning capabilities, and a customer base of over 25 million, Ecobank is enabling and partnering with Fintech platforms across the continent.

He noted that Ecobank’s flagship pan African switch connects countries where it operates across Africa. This centralized switch allows easy integration, enabling instant transfers between 33 African countries, while offering real-time settlement across Africa in 18 local currencies.

In his opening remark President of the Nigeria Fintech Association, Dr. Olusegun Aina stated that with the economic vulnerability following the COVID-19, Fintechs are undoubtedly the solution to the current disruptions. He said we must as a country position digitally, as digital readiness will spur our recovery in 2021 and beyond.

According to Dr. Aina, businesses and stakeholders in general must appreciation changes in the customers’ behavior, which is the main thing that determines a company’s success. He reiterated that regulation and funding is the main challenge hindering Fintechs from occupying their space fully, as they are fully adapted to the need of customers in the present generation.

The Nigeria Fintech Week with the theme “Evolving Economic Disruptions; Fintech as a Solution” has participants from all over the world. According to the Nigeria Fintech Association, with the evolving global economic disruption, the Nigeria Fintech Week (NFW) 2020 aims to discover, launch and bring to limelight the new Fintech solutions that can be leveraged in key important but neglected sectors such as health, agriculture, education, ecommerce, logistics amongst others.

The weeklong event would feature 20-product pitches/launches, 10-keynotes, 15-panels/presentations, 70+ speakers, 2000+ attendees, would promote solutions for health, education, agriculture and advance insights around customer experience, digital skills, future of fintech, blockchain amongst others.

Some of the speakers include Patrick Akinwuntan, Managing Director & Regional Executive, Ecobank Nigeria , Dr Chikwe Ihekweazu, DG, NCDC, Oremeyi Akah, Chief Core Officer, Interswitch, Sitoyo Lopokoiyit, Interim, CEO, M-PESA, Ebenezer Onyeagwu, GMD, Zenith Bank, Alan Sinfield, CEO, 9mobile, Jay Alabraba, Co-Founder, Paga, Ade Bajomo, ED, IT & Operations, Access Bank, Dr. Segun Aina, President, FintechNGR and several others.

NSITF Chair, Isire, Seeks New Economic Strategy for Nigeria

Business Journal

05/11/2020

Mr. Austin Enajemo-Isire, Chairman, Nigeria Social Insurance Trust Fund (NSITF) says there is urgent need to consider alternative strategies to retool the economy for survival and growth even as he called for the review of the Pension Reform Act (PRA) to enable those in Real sectors of the economy have access to Insurance and Pension fund to finance their operations.

Enajemo-Isire, made the call while speaking at the 5th National Conference of the National Association of Insurance and Pension Correspondents (NAIPCO), themed “Promoting Bankable Investments Portfolio for Insurance and Pension Sectors, in Lagos as Chairman of the occasion.

NSITF boss who identified the effect of the ravaging COVID-19 pandemic and wanton destruction of life and properties across the country caused by the ‘#EndSARS Mayhem, among many others on the economy, noted that the impact of these crisis have resulted into the Nation GDP declining from a growth of 2.2% in 2019 to about -4% by year end.
He said as a result of this, the Government, Private sector Institutions and individuals have continued to search for economic survival strategies to change the narratives and create new normal.
Mr. Austin Enajemo-Isire advocated for a deliberate policy by the authorities, in addition to what is currently obtainable, directly or through moral suasion to invest Insurance and Pension Fund in sectors such as Manufacturing, Agriculture and Aviation, etc with an inbuilt safety net.

“In furtherance to the foregoing, the current restrictive nature of insurance and Pension Funds investment outlets calls for review of the legislations guiding investment of Insurance and Pension Fund. The yelling and plea from the Organised Private sector of Nigeria (OPSN) to create more access to investible FUNDS deserves attention.
“It is worthy to note and be reminded that Insurance and Pension funds are subject to regulatory guidelines as provided in section 25 of the Insurance Act 2003 as amended and Sect 86 of the PRA 2014, for the purpose of safety and Returns.
“However, a consideration for review of these legislations to enable some special and Real sectors of the economy have access to Insurance and Pension fund to finance their operations, will be most beneficial to the growth and development of the Nation’s Macroeconomic activities. A deliberate policy by the authorities, in addition to what is currently obtainable, directly or through moral suasion to invest Insurance and Pension Fund in sectors such as Manufacturing, Agriculture and Aviation, etc with an inbuilt safety net, will be a welcome development,” he suggested.
NSTIF boss who stressed the important role of insurance as a catalyst to nation building and risk transfer mechanism, commended underwriters for rising to their responsibility, noting that “some operators, in recent times have given assurances to the insuring public that reported claims emanating from the EndSARS protest, among others, will be promptly honored, particularly policies with extension that cover Strike, Riot and Civil Commotions (SRCC). This is cheering news for the Industry and the Nation in general.”

Standard Bank Returns to 3rd China Int. Import Expo

Business Journal

03/11/2020

Standard Bank is participating in the China International Import Expo (CIIE) this year for the third time, as it proves to be an invaluable platform for exposing African client businesses to opportunities in the world’s largest consumer markets.

The third rendition of CIIE, to be held between November 5 and 10 in Shanghai is one of the few international conferences to physically take place this year following the outbreak of COVID-19.

“This sends a strong signal that China’s recovery is underway and reaffirms its position of open trade, which benefits the African continent, and is critical at a time when geopolitical uncertainty and pandemic disruption are impacting global trade,” said Philip Myburgh, Head of Africa China Banking at Standard Bank

China is Africa’s largest trading partner, and the facilitation of trade between the two in the post-pandemic world is key to bringing investment into African economies, and to help them recover and grow. Also, shift in preference among Chinese consumers is spurring a new demand for products from Africa.

The Standard Bank exhibition stand in the Food and Agriculture Hall will allow clients from African countries showcase and promote their products to Chinese buyers. This year, the stand is heavily focused on exhibiting agricultural products and commodities such as wines, fruits, nuts, seafood, coffee, tea, frozen avocado, timber and cotton.

Standard Bank clients in the wine industry will benefit from this year’s collaboration with the Wines of South Africa (WSA) China office In China. South African wines are becoming increasingly popular among consumers.

Standard Bank is also working closely with the International Trade Centre (ITC) at the 2020 CIIE. The ITC is linked to the United Nations and focuses on helping clients in markets like Kenya and Mozambique with agri-processing and accessing new markets for export.

The bank’s clients will participate in a face-to-face matchmaking event within the CIIE venue facilitated by Standard Bank’s strategic partner, the Industrial and Commercial Bank of China (ICBC) and will get to interact with potential Chinese buyers with an interest in their products.

A wider customer cohort will attend Standard Bank and ICBC’s virtual matchmaking sessions, allowing for the same interaction with potential Chinese importers but without having to travel to China. This year, Standard Bank clients from across the continent are participating in this customized virtual event, partnering with selected ICBC clients via digital introduction and with the assistance of a translator.

“Our efforts at the CIIE are bolstered by our strategic partnership with the Industrial Commercial Bank of China (ICBC), which is aimed at expanding the import and export value chains between Africa and China. Together with the ICBC, we have been building an effective trade corridor between China and Africa over 10 years,” says Mr. Myburgh

He adds that Standard Bank’s participation in the CIIE over the past three years demonstrates the group’s strong commitment to China as a trade partner. “China remains a crucial trade partner for African economies, and its trade ties with the region have increased significantly in recent years. We want to continue to unlock the growth of this economic corridor and that is why we have participated in the CIIE since its inception.

“As Africa’s largest financial services company, we have a responsibility to play a leading role in facilitating trade and capital flows between Africa and the wider world, and in particular with China. The CIIE provides an invaluable platform to strengthen ties, deepen connections and form mutually beneficial agreements that encourage trade flow and economic growth.”

5 WAYS TO KEEP YOUR SANITY IN STORMY TIMES

Business Journal

03/11/2020

Globally speaking, we live in a dispensation where socio-economic crisis has taken sway in several nations of the world. The year 2020 has been quite a tempestuous year. It all started with the outbreak of covid-19 and then followed by a series of demonstrations, protests and civil unrest rocking a number of countries.

The attendant crises have been job losses, high unemployment rates and shrinking consumers’ purchasing power. To avoid being caught up in a web of disillusionment, we have advanced five (5) critical steps that can help you keep your sanity in these perilous times.

BE DISCREET ABOUT YOUR SOURCE OF INFORMATION

There are so many sources of information; some are credible and a lot are not. With the advent of social media, the peddling of fake news has become common place especially since there is absence of censorship. So, to protect your mental sanity, it is advisable to identify and stick to reliable sources of information. And even when you identify them, it is also important that you regulate the amount of time you devote to them. Having a fair idea of goings-on around you might just be enough. Minute details could be mind-boggling and even depressing.

DO NOT BE IMPULSIVE IN EXPENDITURE

Impulsive buying is cash-decimating and in the long run, creates a big hole in your pocket. In difficult times, you put a check on your quests and desires. Remember, there is a difference between your needs and your wants. In hard times, you pay more attention to your needs than your wants and this will help you avoid being impulsive in purchases.

BUY IN BULK

It makes a lot of economic sense to buy in bulk than in singles or units. Bulk-buying saves money. It might be time-consuming and a bit demanding but in the long run it is worth the while. Buying in bulk allows you an opportunity to negotiate for discounts which you may not get if you buy in units or singles. Bulk-buying is a sure way to keep your head above water in times of socio-economic crisis.

USE DIGITAL WALLET FOR YOUR TRANSACTIONS

In times of crisis, especially when there is restriction of movement, your digital wallet comes in handy to enable you make transactions from the comfort of your home or wherever you may be. Apart from being convenient, it also helps you regulate your expenses as opposed to when you have physical cash at your disposal. It also helps you not to be impulsive. Your best digital wallet is the WayaPayChat. It is a safe and secure payment platform that in addition, offers you an opportunity to socialize with family & friends, share personal moments, chat and call for free! You can download the WayaPayChat app for free from Google Play and App Store.

KEEP A POSITIVE MIND-SET

One of your most invaluable and intangible assets in times of distress is positive mindedness. Without this, it becomes difficult to cope. It becomes difficult to endure; patience eludes you and hopelessness creeps in. Keeping a positive disposition means being optimistic that the situation is a passing phase. It means keeping hope alive. Refuse to dwell so much on the prevailing circumstance. Learn to counter every negative thought with a positive one. Surround yourself with positive-minded people.

Remember to take advantage of WayaGram, the Instagram of Nigeria to socialize with friends and families and share positive thoughts and moments. Yes, you can keep your sanity in stormy times.

Contact: www.wayapaychat.com & [email protected].

CTO Appoints 1st Female Secretary-General in 120 Years

Business Journal

02/11/2020

The Executive Committee of the Commonwealth Telecommunications Organisation (CTO) has announced the appointment of Ms. Bernadette Lewis to lead the organisation as its first female Secretary-General in its 120 year history.

Ms. Lewis, a national of the Republic of Trinidad and Tobago, was recruited for the position following a competitive selection process.

Prior to her appointment, Ms. Lewis led the Caribbean Telecommunications Union (CTU) and was also its first female Secretary-General. She is credited with revitalising and re-establishing the CTU as a credible, vibrant and relevant information and communication technologies (ICT) organisation and ensuring its success and growth at a time when rapid technological innovations were disrupting the telecommunications industry.

Ms. Lewis brings to the CTO, expertise in ICT and more than 25 years of experience working in the public and private sectors, as well as national and international ICT organisations. A passionate and strong advocate for ICT-enabled development, Ms. Lewis has received many awards for her pioneering work in the ICT sector.

Speaking about her appointment, Ms. Lewis stated, “The COVID- 19 pandemic has changed the world forever. I believe that the CTO has a very important role to play in supporting its members in making effective use of ICT to transform their nations and to become more resilient in the face of the impact of COVID- 19 and the other challenges that will assail us all in the 21st Century.” Ms. Lewis also stressed the need for every citizen of the Commonwealth and beyond to have affordable access to ICT and to be able to use them effectively to improve the quality of their lives.

NCC Approves e-SIM Trial for MTN, 9mobile

Business Journal

02/11/2020

The Nigerian Communications Commission (NCC) has granted approval for two mobile network operators (MNOs), MTN Nigeria and 9Mobile, to carry out trial on the workability of embedded Subscriber Identification Modules (e-SIM) Service in Nigeria.

The trial, approved to run for a period of one year, will involve testing 5,000 e-SIMs by the two networks, subject to compliance with a number of regulatory conditions.

These conditions include full compliance by the MNOs with the Registration of Telecoms Subscribers Regulations 2011; the Mobile Number Portability Regulations and Business Rules 2015; Guidelines on SIM Replacement 2017; and non-degradation of the Quality of Service (QoS) experience by users of e-SIMs.

According to Executive Vice Chairman of NCC, Prof. Umar Garba Danbatta, the primary objective of the e-SIM trial is to assess the technical performance of the e-SIM on telecoms service providers’ network towards eventual rollout, if satisfactory.

An e-SIM is a small chip that is embedded on a mobile phone or smart devices. It is designed for convenience, flexibility and simplicity. The e-SIM makes it easier for subscribers to choose a pre-paid plan provider and switch between network operators.

The information on the e-SIM is rewritable by operators and the identification information can be updated over time.

According to the EVC, the e-SIMs is a technology that will eliminate the need for physical SIM card slots on mobile devices in the near future, adding that the trial is in line with the Commission’s forward-looking regulatory approach to ensure Nigeria’s telecoms ecosystem is in tandem with global best practices.

2 Nigerians Emerge Winners in ITU 2020 Innovation Challenge

Business Journal

02/11/2020

The 2020 edition of the International Telecommunication Union’s (ITU) Global Innovation Forum, held from 26 to 30 October, highlighted the critical role of entrepreneurship-driven innovation in the context of a global pandemic and it honoured the winners of the 2020 ITU Innovation Challenges.

“Supporting entrepreneurship-driven innovation has never been more important,” noted ITU Secretary-General Houlin Zhao. “Simply put, innovation pushes the boundaries of what is possible. It creates jobs, economic growth, and new ways to tackle the world’s most pressing challenges, including the COVID-19 pandemic. ICT innovators need access to the resources to take their ideas to market and access to a well-developed broadband infrastructure.”

While digital technologies have the potential to change lives and significantly accelerate sustainable development, many communities lack access to an enabling environment as key stakeholders often fail to understand, develop and renew the competitive practices that fuel digital transformation. Furthermore, the COVID-19 pandemic has created additional challenges for countries’ transition to a digital economy by negatively affecting socio-economic conditions worldwide.

“Entrepreneurship-driven innovation has been a rising priority for ITU stakeholders since the 2014 World Telecommunication Development Conference in Dubai,” said Doreen Bogdan-Martin, Director of the ITU Telecommunication Development Bureau. “This forum enabled participants to share insights and discover new practices. By bringing diverse stakeholders to connect with change-makers for more action-oriented outcomes, we hope that symbiotic relationships will develop to ensure sustainable and competitive digital ecosystems that unlock communities’ potential.”

During the five-day event, 175 experts in innovation, entrepreneurship and technology discussed how to accelerate digital transformation in their communities, mainstream entrepreneurship and find resources required for digital innovation, and bring resource, problem and solution owners together to achieve digital inclusion.

Winners of the 2020 ITU Innovation Challenges

The forum concluded with an awards ceremony honouring the 20 winners of the 2020 ITU Innovation Challenges and a virtual pitch session of seven winning projects to a global audience of experts.

Twelve women and eight men received awards across three challenge categories: The digital change-maker, ecosystem best practice, and women in tech.

Tafadzwa Ronald Chikwereti (Zimbabwe), Carlos Eduardo Mosquera Reyes (United States), Mojca Karin Rehar (France), Ikechukwu Umezurumba (Nigeria), James Gachara Kiruri (Kenya), and Thomas Müller (South Africa) won the digital change-maker challenge category.

In the category of the ecosystem best practice challenge, the following contenders won: Dominic Chidiebere Nwaogu (Nigeria), Diana Artiom (Moldova), Nahel Muhammad Amirah (Egypt), Ivana Kostic (Serbia), Galina Dremova (Russia), Wilda Romadona (Indonesia), Laila Abdullah Khasib Al Hadhrami (Oman), Zainab Khan (Pakistan), and Franca Vinci (Italy).

Finally, the winners of the women in tech challenge category were: Nindya Miesye Agita Pasaribu (Indonesia), Calister Apollonary Simba (Tanzania), Achia Khaleda Nila (Bangladesh), Rani Mutiarawati (Indonesia), and Nabuyuni Ann Sankan (Kenya).

Explore Protein Complementation to Curb Protein Deficiency – Nutrition Expert

Business Journal

02/11/2020

In furtherance of efforts to stem the tide of protein deficiency in the country, especially in the light of the negative impact of the coronavirus pandemic, Nigerians have been advised to complement their meals with protein food sources.

Beatrice Oganah (PhD), a nutritionist and Chief Lecturer at the Adeniran Ogunsanya College of Education, Lagos, who made this call, noted that the major cause of protein deficiency in humans is inadequate consumption of protein in meals. In Nigeria, this is further worsened by the way the family diet is usually plated.

According to Dr. Oganah, “In Nigeria, carbohydrates and other food nutrients on the plate are usually in the ratio of 5:1. For example, a typical Nigerian plate for lunch of ‘swallow’, or a rice-based dish, is 80 per cent ‘swallow’ (Eba, Amala, Tuwo or Pounded yam) to 20 per cent soup (containing vegetables, beef/fish and spices) for all ages. For younger children, the beef/fish and soup is even less than 20 per cent.”

She revealed that studies, notably the National Nutrition Health Survey 2018 and the Nigerian Protein Deficiency Report 2019, have shown over the years, the prevalence of protein deficiency in Nigeria, especially among the vulnerable.

This deficiency manifests in the form of low-birth-weight, stunting, wasting, under-weight and the burden of infectious diseases, and its complications as a result of low immunity.

The nutritionist stated that protein is present in plants (mainly legumes – cowpea, locally called beans, soybeans, groundnut, lentils, black beans kidney beans, lima beans, jack beans, green peas, almond, cashew nuts, pigeon pea, Bambara (Okpa), melon, sesame seed, oil bean seed, etc.) and animal food sources like meat, seafood, milk, eggs, milk, among others.

She added: “The quality of the proteins from both sources is not the same. Proteins from animal sources are higher in biological value- meaning that animal protein is superior to plant protein. Animal proteins are also more expensive than plant proteins essentially because of the cost and time of breeding and processing before it is ready for sale. Legumes, on the other hand, are grown and sold in the markets all year round in Nigeria. All legumes contain a significant quantity of proteins; however, soybean stands out because its amino acid content is comparable to that of animal protein, both in quality and quantity.”

Oganah suggested that one of the methods of increasing the gap between legumes production and consumption is meal complementation with legumes, particularly soybean.

She explained that the concept of complementary proteins arose from the need to blend plant protein-rich foods with other foods and consume as a meal in one sitting. This complementation, or blending, can be done at the household and industrial levels.

If properly implemented, it would boost the consumption of soybean, enhance quality protein intake, boost the health of individuals and families and reduce food budget since soybean is cheaper than meat and fish.

Oganah noted that this technique is more important now especially in the midst of the pandemic, when the cost of meat and seafood has increased astronomically,while the purchasing power of the populace has progressively reduced.

She remarked that at the household level, soybean flour can be added during meal preparation to staple foods such as elubo, garri, semo, yam/sweet potatoes/plantain pottage; incorporated into soups, sauces and stews; use as soup thickeners in Banga, Nsala and black soups and as a composite with cowpea (beans) in making moimoi and akara balls.

At the industrial level, she noted that, food processing companies can contribute to the fight against protein deficiency through research, development of composite self-raising flour containing soybean with comparable texture and quality that can be used to produce confectioneries. Noodles, spaghetti and Macaroni can also be simulated from soybean composite flour to suit the nutrition transition trend of the young people and at the same time boost their quality protein intake.

She concluded that nutrition education was also a key ingredient in the quest to reduce protein deficiency in Nigeria.

Emirates Now Operates Daily Flights to Lagos

Business Journal

02/11/2020

Emirates has announced an increase to its four times a week service to Lagos to a daily flight from 1 November. The expanded schedule of daily services offers enhanced connectivity for Nigerian customers to Emirates’ growing destination network via Dubai of close to 100 destinations.

Emirates operates its modern Boeing 777-300ERs between Lagos and Dubai. EK 783 departs Dubai at 10:30, arriving in Lagos at 15:40. The return flight, EK 784, departs Lagos at 18:10, arriving in Dubai at 04:15 the next day.

Customers can stop over or travel to Dubai as the city has re-opened for international business and leisure visitors. Dubai is one of the world’s first cities to obtain Safe Travels stamp from the World Travel and Tourism Council (WTTC) – which endorses Dubai’s comprehensive and effective measures to ensure guest health and safety.

To ensure the safety of travelers, visitors, and the community, COVID-19 PCR tests taken within 96 hours of travel are mandatory for passengers arriving to Dubai (and the UAE).

Nigerian travelers can now travel with confidence thanks to the free cover on COVID-19 related medical expenses should they be diagnosed with COVID-19 during their travel while they are away from home. This cover is immediately effective for customers flying on Emirates until 31 December 2020 and is valid for 31 days from the moment they fly the first sector of their journey. This means Emirates customers can continue to benefit from the added assurance of this cover, even if they travel onwards to another city after arriving at their Emirates destination.

The free, global cover for COVID-19 related costs is further complemented by the comprehensive set of measures that Emirates has put in place at every step of the customer journey to ensure the safety of its customers and employees on the ground and in the air, including the distribution of complimentary hygiene kits containing masks, gloves, hand sanitiser and antibacterial wipes to all customers.

Emirates has also revised its booking policies to offer customers more flexibility and confidence to plan their travel.

Customers whose travel plans are disrupted by COVID-19 related flight or travel restrictions, can simply hold on to their ticket which will be valid for 24 months and rebook to fly at a later time; request travel vouchers to offset against future Emirates purchases, or request refunds via an online form on Emirates’ website or via their travel booking agent.

Ecobank Ready to Explore Opportunities in AfCFTA–CEO

Business Journal

02/11/2020

The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has said the bank is prepared to partner with other organisations to explore the opportunities available in the African Continental Free Trade Area (AfCFTA).

Akinwuntan in his remark at an event in Lagos pointed out that the pan African bank was set up primarily for the economic integration and development of Africa, stressing that the bank was ready to deploy its capacity, platform and network to achieve the AfCFTA objectives.

According to him, “Naturally for us as a pan African bank, we are set up to support the economic integration and development of Africa. We have a commitment, capacity, network to support the realization of AfCFTA objectives. We understand the regulatory environments, cultures and have the technology and innovation platforms. We will support Fintech to push Africa to benefit from the global market.”

Also speaking, AfCFTA, Mene Wamkele expressed satisfaction that Nigeria is ready to deposit the instrument of ratification of the AfCFTA, noting that he is looking forward to Nigeria’s leadership in AfCFTA.

He observed that for a long time the African continent has focused on security and political issues, noting that focus is now being shifted towards trade and investment-related matters.

“Whatever decision we take at the secretariat would be informed by what Africa wants. We will not put up any design that will not support what Africa wants. We would employ digitization, and fintech will drive financial inclusion. We would drive trade inclusion through fintech that would be affordable, accessible, and available,” adding that “Border closure and xenophobic issues have to be addressed according to the rules of the trade agreement, foreigners have to be protected by the agreement. All foreign entities must be treated like domestic players. Discrimination of any kind will not be tolerated. AfCFTA has improved on the WTO requirements on trade facilitation, and we would ensure that countries meet up with their obligation to ensure smooth trade,” Wamkele pointed out.

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