Tuesday, January 20, 2026
26.7 C
Lagos
Home Blog Page 199

How COVID-19 Pandemic Contributes to Protein Deficiency, Malnutrition

0

The COVID-19 pandemic has effectively worsened the problem of protein deficiency and malnutrition in Nigeria, Africa and the global community.

Dr. Adepeju Adeniran, a clinical and public health physician, who delivered a paper on ‘Protein Deficiency in a Pandemic: Guide for Protein Nutrition Policy’ at the Protein Deficiency Webinar Series 4 said COVID-19 disruptions occurred across the major sectors such as agriculture, politics and policy, economic and financial sector- no movement, no trade, no production; education and the judiciary etc.

He said the pandemic reversed gains made in the case of chronic diseases such as diabetes, hypertension, cancer and others resulting in needless deaths while serious concerns were raised that a still developing health systems in many places in Africa might not be able to control and contain the overwhelming strain, mortality and costs associated with the disease.

Linking COVID-19’s impact to Malnutrition Index, Adeniran was emphatic that anything that affects food production, transport and logistics in terms of agricultural output will eventually affect malnutrition. This would be in addition to domestic food security, domestic spending/household finances.

“Malnutrition will have ‘short-term’ or acute effects and ‘long-term’ or chronic effects. In the short term; energy foods like carbohydrates will be focused on. The hidden truth is that protein sources will show their effects slightly later, but just as impactful.”

He listed some of the negative impact of the pandemic on nutrition to include:

  • House-hold vulnerability: children, female adults of reproductive age, pregnant and lactating women, elderly and convalescent are especially vulnerable in a pandemic
  • Food supply chain was severely threatened: farmers, transporters and food sellers were restricted in movements
  • Availability of food groups dropped
  • Prices of food went up, household earning went down.
  • Scarcity of food by displacement occurred from the rural (producers) to the urban (consumers)
  • No ability of the urban areas to produce their own food, leading to a displacement scarcity
  • Harvests were lost as food rotted at production sites
  • Food supply is not perfectly elastic. Month-long disruptions in terms of the lockdown created effects that were not easy to reverse except by well-developed processing and storage systems uniquely designed for such purpose

Adeniran said the short-term effect on malnutrition will manifest in scarcity of energy-giving food being out of reach of the whole household while in the long-term, growth and development foods will also elude vulnerable households resulting in increased infections and  if prolonged, will show effects in stunting and body development.

In terms of protein deficiency, the physician said that both animal and plant sources of protein are important dietary components of food to checkmate malnutrition.

Adeniran queried the country’s Proteins Policy in the pre, during and coming post-COVID-19 era thus:

  • What was the state of Nigeria’s Protein Deficiency problem before the COVID pandemic? (Source: The Protein Deficiency Report, Nigeria DHS 2018)
  • What was the ability of the government to safeguard protein nutrition during the pandemic: prioritise protein food supply; include protein foods in household palliatives?

Gazing into the post-COVID-19 future, he posed two fundamental questions to the government and policymakers:

  • What are the essential lessons we have learnt about how to prioritise proteins: evaluation studies of the malnutrition index post-pandemic, house-hold education, subsistence farming, urban farming?
  • Are we better equipped to respond to such a pandemic in the future: plant protein storage and processing, subsidising production and transport etc?

AIICO Insurance to Deepen Insurance Penetration in Nigeria

0

Mr. Babatunde Fajemirokun

Managing Director/CEO

AIICO Insurance Plc

AIICO Insurance Plc has promised to continue to pursue its commitment to deepen insurance penetration, education and awareness in the country.
Making the pledge during a breakfast meeting with the new executives of the National Association of Insurance and Pension Correspondents (NAIPCO) in Ikeja, Lagos, at the weekend, the Divisional Head, Shared Services, Mr. Olusanjo Shodimu, said the Insurance company is poised has always been at the fore-front of insurance awareness to ensure rapid growth in the sale of insurance policies, promising to continue to work with NAIPCO to propagate the message of insurance.
Shodimu, who represented the Managing Director/CEO, Mr. Babatunde Fajemirokun, said operators in the insurance industry have stepped up their claims paying ability, adding that, hundreds of billions of naira were paid as claims on an annual basis in the last few years, with AIICO being one of the leading underwriters in the area of prompt claims payment.
Speaking on recapitalisation plan of AIICO Insurance Plc, he said, the company, known for its integrity, had previously had International Finance Corporation (IFC) as its investors and now, Leapfrog Investment as its major investor, stating that, the insurer is in the right financial situation to recapitalise before the staggered recapitalisation deadlines of December, 2020 and September, 2021 respectively.
LeapFrog Nigeria Insurance Holdings Limited, he said, had previously  acquired 28.24 per cent stake in the company, while AIICO Bahamas Nigeria Limited now holds 10.59 per cent stake in the insurer, a development that see its capital rose from N6.1 billion to N11.3 billion currently.
Similarly, he said, the insurer has launched its N3.5 billion rights issue, which opened on Wednesday, September 2, 2020 and will run through to Wednesday, October 7, 2020, urging shareholders to subscribe to the offers.
He equally promised that AIICO, known for its efficient service delivery, will continue to improve through adoption of the right Information Technology (IT) to give customers the best insurance experience.
Similarly, the Head, Strategic Marketing & Communications Department, AIICO, Mr. Segun Olalandu, promised that the company will sustain its drives in the area of information dissemination to its investing public, through publicising its claims, improves publicity on its products and services as well as its Corporate Social Responsibility ( CSR), to continue to give back to the society.
AIICO, he said, cannot do this alone, without the support of insurance correspondents as a worthy partner, pledging to always support NAIPCO whenever its service is needed.
Earlier, the new president, NAIPCO, Mr. Chuks Udo Okonta, applauded the insurer for the support they extended to the association in the past, urging the company not to relent, but build on what they have done for NAIPCO by supporting the projects of the current administration.

Okonta, who is also the Publisher, Inspenonline Media, an online platform, said, the theme of his administration is developmental journalism, stating that, this was the reason the new executives had earlier organised a training where the new Excos were trained on the task ahead.
He stressed that such training would be extended to the members too, disclosing that  Thursday, 22nd of October, 2020 has been chosen for the 2020 NAIPCO Training, hence, soliciting the support of AIICO to sponsor the training.
To him, “we want to train ourselves on data analysis and interpretation, such that, insurance journalists can pick up an annual report, analyse the figure therein to better inform the insuring public and shareholders.

“We will also be having trainings on developmental feature writing; research based reporting and human angle reporting.

 

“Though, insurance Correspondents are currently doing well, but there is always the need to train and retrain to better equip ourselves for the task ahead. So, I can tell you that you will get returns on investment if AIICO can sponsor the training.”
Other projects of the current administration, he mentioned are; 2020 NAIPCO Annual Conference scheduled to hold on the 4th of November 2020, the 6th edition of NAIPCO Journal-The Trumpet, Product, Management and Claims Profiling, amongst others.

 

 

Verve Rewards 600 Customers in Good Life Promo

0

Africa’s leading payment technology and card brand, Verve International, has rewarded 600 customers so far after the third weekly draws in the ongoing Verve ‘Good Life’ Promo.

Verve rewarded the lucky cardholders at prize presentation ceremonies held in various locations across the country recently. Amongst the 300 lucky cardholders that emerged winners of the N10,000 cash prize in the weekly raffle draws that have held three times were: Adeleke Moshood, a student from Oyo State; Adeogun Shakiru, an automobile specialist and Rashidat Abolaji, a businesswoman, both from Lagos State.

Another set of 300 Verve cardholders emerged winners of airtime worth N5,000, bringing the total amount won so far to N4.5 million Naira.

Speaking during the draws, Cherry Eromosele, Group Chief Marketing and Communications Officer, Interswitch Group, expressed her delight about the number of cardholders that have been rewarded lately.

Eromosele reiterated Verve’s resolve to continue to provide secure, convenient and reliable payment solutions for its cardholders. She said: “Because our cardholders are of priority to us at Verve, beyond providing them brilliant payment solutions, we are rewarding them for their loyalty with the expectation that the reward helps them achieve the good life, whatever the good life means to them”.

Verve recently launched a nationwide promo tagged The Verve ‘Good Life’ Promo which kicked off on September 1, 2020 and will run till November 29, 2020. The promo seeks to enable Verve’s loyal cardholders to live the good life, whatever the ‘good life’ means to them.

The promo is targeted at rewarding over 2,500 Verve cardholders nationwide, with over N27 million Naira in cash and airtime, during the course of 12 weeks duration of the promo.

With three weeks concluded out of the twelve weeks of the promo, Verve cardholders have eight more weeks to keep transacting with their cards and standing the chance to win. Other Nigerians presently without Verve cards buthave the desire to enjoy the good life, can take advantage of this eight-week window to ask their respective banks for a Verve card in order to start transacting, to qualify to win from an array of exciting prizes.

The prizes have ben categorized into four segments, with their respective qualification requirements as follows:

Weekly Prize category 1 – N10,000 cash for 100 winners weekly, requires at least 3 transactions weekly

Weekly Prize category 2 – N5,000 for 100 airtime every week, requires at least 3 transactions weekly

Monthly Prize category – N50,000 cash for 50 winners every month, requires at least 12 times monthly

Grand Prize category – N1,000,000 cash for 2 winners, requires at least 36 transactions from now till the end of the promo.

Prospective winners of the Verve ‘Good Life’ promo should consistently use their Verve cards within the next eight weeks, across payment channels such as: Point of Sale (POS) terminals, Automated Teller Machines (ATMs), Web and agent banking centers.

 

‘50% of Insurance Businesses Now Transacted Digitally’—Anchor Insurance CEO

0

Augustine Ebose

MD/CEO

Anchor Insurance Company Limited

Following the effects of coronavirus pandemic on business landscape and the economy, 50 per cent of insurance businesses are now transacted through digital platforms.

The Managing Director/CEO, Anchor Insurance Company Limited, Mr. Ebose Augustine, who stated this at the recent inauguration of the new executives of the National Association of Insurance and Pension Correspondents (NAIPCO) sponsored by the insurer, in Lagos recently, expected that more businesses will be generated by the insurance industry through digital platforms within the next three years.

Augustine, who was represented by the Executive Director, Technical, Mr Ademola Ikuomola, added that, “Nigerian youths prefer to do insurance businesses through the social media platforms than in person. The youths don’t come out to buy insurance physicall, they prefer buying through social media platform. The insurance industry is also leveraging on these platforms to drive sales. The impact of the pandemic has made us to regain our human capital, ICT and our processes.”

The pandemic, he stressed, has forced operators to reinvent its processes and customer experience as well as how to meet the expectations of the public.

On reasons for the fall in insurance contribution to the nation’s Gross Domestic Product(GDP) by 29 per cent, he said: “Before the pandemic, insurance awareness in Nigeria has been very low compared to other advanced economy and that is why the Nigerian Insurers Association(NIA) is sensitising the public, creates awareness to deepen insurance penetration. The pandemic affected every business, so, we expect that insurance will also be affected.”

He assured that stakeholders are putting measures in place to deepen insurance penetration,  sensitise the public and create awareness, adding that,  “part of that initiative is what our regulator is doing, to upscale the compulsory insurances so that the members of the public that are not buying insurance will buy at all levels, this will impact positively on the GDP.”

Speaking on surviving the post Covid-19 era, he noted that sound work ethics is imperative in staying relevant, saying,  ” as a professional the CIIN has a mode of ethics for all professionals, so it is expected as a professional to show due diligence and professional skills  in dispensing your service to the public.”

He said: “The new normal makes it very imperative for the employees of different companies to work from home and still make the same threshold of services to customers.  In the insurance industry, the new normal has made it mandatory by the government stipulated protocols that 60 per cent capacity must be at work at every given time, so the remaining 40per cent should be at home with their device. So, whether you are working at home or in the office, it is the same employees. The reason why they are at home is because we want to comply with the government’s Covid-19 stipulated  protocols and social distancing,” he pointed out.

To him, “Customer’s expectations has been met, businesses are been generated, despite the pandemic. Before now, we used to have physical marketing but now, we don’t have that. Now,  we have to do zoom meetings and use other digital means. That is the change we have no other option than to embrace.”

 

Royal Exchange Reports N14.2bn Gross Premium in 2019

0

From L-R: Adeyinka Ojora, Director; Alhaji Rufai Mohammed, Director; Sheila Ezeuko, Company Secretary; Hewett Benson, Independent Director and Wale Banmore, Group Managing Director at the 51st AGM of Royal Exchange Plc.

Royal Exchange Plc, Nigeria’s premier insurance and financial services group, has announced its results for the 2019 financial year. The company generated a Gross Written Premium of N14.21 billion from its business activities as at ended December 31, 2019.

Making this announcement was the Chairman, Board of Directors, Mr. Kenny E. Odogwu to shareholders in his address at the company’s 51st Annual General Meeting (AGM), which held virtually, in Lagos on Thursday, 24th September, 2020.

Net Premium Income for the period amounted to N8.72Billion, while Net Underwriting Income was N9.19Billion, after the addition of Fees and Commission Income, which was N479.6Million.

A further analysis of the operating results showed that the Total Assets of the group witnessed stood at N32.10billion as at December 31, 2019, with Net Claims Paid to Policyholders for the period under review amounted to N3.17Billion,

The company with interest in general insurance, life insurance, finance, healthcare as well as micro finance banking is seeking to take advantage of synergies, as a financial conglomerate in its new drive for growth.

AlhajiRufai Mohammed, Director, Royal Exchange Plc, who stood in for the Chairman, told shareholders that the future of the company is bright, stating that the present management has done very well in growing the business and bring stability in her operations.

“As always, Royal Exchange will continue to stay abreast with many of the initiatives it has put in place to grow its market share and attain market leadership position.”

According to him, the Group is currently streamlining major components of her business, service delivery, processes and operations to deliver superior returns in the short-term to the shareholders.

“This we believe will reposition our great company as not only a major industry player, but as potential game changer”. Speaking further, he added that “the Group was able to grow its top-line figures by participating in large-ticket financial transactions, as well as playing in the retail insurance market-a key growth driver of the future and we envision a portfolio rebalancing, whereby retail insurance market contributes40-50 percent of our revenues seeing that we have a largely untapped market”.

“For the future that we behold, our goal is to continuously redefine, reinvent and differentiate ourselves in the market place. The focus would be on achieving sustainable growth for our company through deepening of our revenue base, improving service delivery support system and at the same time keeping a lid on our group-wide costs”.

Some of the initiatives recently undertaken to show our customer-centric approach to doing business include the deployment of world-class core-insurance software for our two insurance subsidiaries – Royal Exchange General Insurance Company and Royal Exchange Prudential Life, which have started yielding positive results by enhancing workflow and ability to respond quicker to our clientele.

Apart from the insurance software, we also created new websites for the Group and all the subsidiary companies, with the websites dedicated to their operations alone, as part of our strategic digitalization plan. The new websites have call-to-action/sales capabilities where customers can make purchases online as well.

Speaking on the recapitalization efforts for the two insurance subsidiaries, the Director noted that the efforts for the general company, REGIC are almost concluded, with another strategic investor and plans are afoot to ensure the recap exercise is completed before the end of Q4, 2020.

“For the Life Company, we are on course to also secure the requisite financing required to make the company meet the required deadline as stated by the National Insurance Commission (NAICOM).”

Ecobank is the “Go to” Bank for Regional Trade in Africa – Akinwuntan

0

The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has reiterated that Ecobank remains the gateway financial institution for African regional trade.

Akinwuntan who was speaking at the Ecobank Digital Series virtual Africa Trade Conference 2020 titled: ‘Facilitating Regional Trade in the emerging AfCFTA Era’ maintained that Ecobank, the pan – African bank was set up to be the leader in intra-Africa trade, adding that leveraging on its knowledge, footprint and digital payment platforms, the bank is set to lead the financial services support for the new Africa Continental Free Trade Area.

According to him, “while intra Africa trade provides opportunity for the growth of our economy in Africa, Ecobank is ‘the go to bank’ for Africa regional trade”. He stressed that the Ecobank Regional Trade conference was designed to “primarily explore the massive trade opportunity before us in Africa, particularly after the pandemic. Ecobank decided to set the agenda for Africa to take its place in global trade. The opportunity is massive: with market size of 1.2 billion, estimated GDP of $2.5 billion, Africa free trade area is the largest since the formation of the World Trade Organization (WTO); more than 65 member states across the African union, population to reach 2.5 billion by 2050.”

Also speaking, Segun Awolowo, Executive Director/ Chief Executive, Nigeria Export Promotion Council (NEPC), said with a market of 1.2 billion people and combined GDP of $3 trillion, there is huge potential for Nigeria to increase its export to Africa.

According to him, most exports had been informal exports but with platforms, like Ecobank, it is going to be official and add real value to the economy.  He said in 2018, the export value of Nigeria to Africa totaled around $6.99 billion but its export to the rest of the world totaled $45.92 billion. However, Nigeria export is majorly crude oil and natural gas which constitute 91%.

Speaking on “International trade, the pan African perspective”, Tei Konzi, Commissioner, Trade, customs and free movement, ECOWAS, represented by Kolawale Sofola, Acting Director, Trade ECOWAS said 85 % of our products go outside the continent and this must be changed. “We can bring such trade back to Africa and increase activity in the continent in agriculture, mining amongst others.  We are yet to conclude our tariffs, but at the moment, ECOWAS trade more with outside countries than it does with African countries and this is why we are bent on making sure the AfCFTA succeeds.”

He noted that the AfCFTA is a comprehensive trade agreement that seeks to create a single market for goods and services and free movement of persons through the progressive liberation of the market  for goods and services and also contribute to the movement of capital to facilitate investment. He said it is meant to be the foundation of continental customs union at a later stage.

The Ecobank Nigeria ‘Africa Trade Conference 2020’  which is part of the Ecobank Digital Series is to showcase Ecobank’s unique intra-Africa trade solutions that enable settlements of international transactions and mitigation of payment risk while providing regional solutions to exporters.

Ecobank trade products and solutions are designed around two broad areas; trade finance and trade services. Trade Finance enables customers benefit from adequate and well mitigated credit facilitation in the area of Import finance, export finance, bill discounting, trade loans, distributor finance, payables and receivables finance, structured trade and commodity finance amongst others while trade services, offer our customers the advantage of speedy turn around and error free processing of their import letter of credits, import collections, avalised bills, Customs bonds, export collections as well as their local purchase orders and payment invoices, via our electronic trade platforms OMNI e-Trade and OMNI eFSC (electronic financial supply chain.

Stanbic IBTC, Standard Bank Listed Among Top African Corporate Brands on LinkedIn

0

 

Stanbic IBTC Holdings PLC and its parent company, Standard Bank, have emerged amongst the top winners of the 2020 Tech Times’ Africa LinkedIn Corporate Brand Awards.

The Stanbic IBTC Group emerged second position in the category, with total votes of 3,515, out of 24 firms nominated for the award. Standard Bank placed fourth 2,494 votes.

Nominations for this award opened to the public on July 1, 2020 and closed on July 14. Shortlisted nominees were announced on August 24 while voting commenced immediately. Voting ended on September 8, 2020.

The Corporate Brand Awards was instituted by Tech Times’ Africa, an online platform for leading technology, innovation and startup stories.

Expressing his delight on the awards, Chief Executive, Stanbic IBTC Holdings PLC, Dr Demola Sogunle said that both Stanbic IBTC Holdings PLC and Standard Bank had been deliberate and consistent in making a remarkable impact in Africa’s financial sector.

“Our sincere appreciation goes to the organisers of the Africa Corporate Brands Awards and to every member of the public who voted. This is a reflection of the high level of trust andconfidence that the public has reposed on us,” he added.

Dr Sogunle further said that Stanbic IBTC Holdings PLC would remain relentless in portraying the organisation as one of the most influential corporate brands in Africa.

He stated: “Stanbic IBTC Holdings PLC and Standard Bank have relentlessly contributed to driving the growth and development of the African financial ecosystem. These awards affirm our efforts, and we are encouraged to raise the bar continually.”

The Africa Corporate Brand Award is designed to identify and recognise outstanding companies. It also projects their achievements and impacts on African society and the world at large.

Women as Key Pillars for Nutritional Progress

0

By Reginald Onabu

Life is about balance. There is no area where balance is not required. In politics, business and relationship, balance makes for stability and sustainability.

Balance is equally an important ingredient for nutrition. Nutrition is defined as the process of taking in food and using it for growth, metabolism, and repair. Food is the fuel the body needs, not just to satisfy hunger, but to function properly and live healthy, productive lives.

Good nutrition is an important part of leading a healthy lifestyle. In many homes, women play a significant part in choosing what the household eats, on a daily basis.

Women largely control meal choices. They have a crucial role to play in nurturing and caring for children, including their nutrition and general well-being. They are the vanguard against the menace of malnutrition.

Malnutrition is a condition that results from eating a diet in which one or more nutrients are either not enough, or are too much in a diet.

Malnutrition casts a long shadow. Its consequences flow throughout the cycle of life and cascade down generations, affecting all and sundry in communities and households— especially children, adolescent girls and women.

To remedy this issue, women, who are key influencers in nutrition, must be empowered and educated to tackle malnutrition at its root.

The recent Protein Challenge Webinar Series 3 themed: “Empowering women to break the cycle of malnutrition in Nigeria” supported this position. The session highlighted different solutions to the scourge of malnutrition and how women are the central pillars of nutritional progress.

Delivering the keynote address at the webinar, Ibiyemi Olayiwola, Professor of Human Nutrition in the Nutrition and Dietetics Department, Federal University of Agriculture, Abeokuta, stated that women are the key to breaking the intergenerational cycle of growth failures, by providing adequate nutrition for themselves, their families and their communities.

According to her, “Women are the keys to nutritional progress. Think of it this way: if a mother engages in exclusive breastfeeding for the first 1000 days, that woman has already set her child on a path to a healthy lifestyle.”

Prof Olayiwola explained that “Women also feed babies throughout childhood, and the choice of meals is up to the mothers, not the child. If a certain population of children are fed a balanced diet, they will grow into healthy, active youths, and soon, into healthy productive adults.”

Dr. Adepeju Adeniran, a clinical physician and public health expert, argued that “factors like maternal literacy, access to health information services and the level of income all contribute to the total health of individuals. Women influence their homes by dictating the food items that are purchased, acquired and consumed.”

Undoubtedly, women play a pivotal role in improving nutrition. Good nutrition is the bedrock of human health because before birth and throughout infancy, good nutrition allows the brain to grow and function optimally, without impairment.

The role of the woman is diverse; women cater to children and other members of society.

Children are the leaders of tomorrow and for young children, good nutritional status prevents infant deaths and equips the body to grow and develop to its full potential.

The task of empowering women should not be left to women alone. The government must be involved, and actively so. Of course, non-governmental organisations and the civil society bodies must also pitch in.

If the goal is to win the fight against malnutrition, empowering women must be on the front burner. And it should cover a broad range of things-for instance, providing nutrition education, subsidizing the cost of nutrient-rich food sources, particularly across rural areas, so as ensure access to healthy food crops at affordable rates, thus reducing the level malnutrition.

Undoubtedly, a reduction in the incidence of malnutrition will positively impact households, communities, and the nation at large.

Better-nourished mothers will, naturally, give birth to better-nourished children and adults who embrace good nutrition are likelier to be productive and earn higher wages.

Women are clearly indispensable in the fight against malnutrition. It is time to empower them to take their place in this regard.

Olam Wins Impact Award for Digital Platform that Empowers Smallholder Farmers

0

Olam has been recognised for making a difference in farmers’ lives through its Olam Direct platform at Innovation Leader’s 2020 Impact Awards.

Now in its third year, Innovation Leader’s Impact Awards honour companies with corporate innovation initiatives that have run for at least a year and delivered extraordinary outcomes with measurable business results.

Olam’s entry for ‘Olam Direct’ emerged as a winner in the Impact Award category, having earned the recognition of an esteemed judging panel from organisations including Verizon, Philips Healthcare, Vertex Pharmaceuticals, CME Group, Dover Corporation, Duke Energy and Cambia Health Solutions.

Powered by apps, a portal and an analytics dashboard, Olam Direct is a holistic platform connecting farmers with Olam to ensure a fair and transparent sourcing process for all.

The app empowers farmers to get prices and transact directly with the company rather than going through intermediaries, which yields not only higher prices for farmers but cost savings on their expenses, as Olam manages ‘last mile’ collection.

The highlights of Olam Direct include that the initiative registered and benefited over 70,000 farmers across 12 countries, allowing them to transact with or without internet; each transaction is geo-tagged and timestamped allowing for traceability and consistency; unique value proposition provides traceability, allowing customers to get greater transparency on farmer activities and created new employment opportunities for rural communities by appointing former intermediaries as micro-collectors for Olam Direct.

Siddharth Satpute, Group Head of Digital, Olam International, said, “We are honoured by this recognition. Our aim is to bring transparency and traceability to the agriculture supply chain. Many under-estimate how difficult it can be to establish direct buying relationships with farmers in very rural areas; and, equally, for farmers to connect to large exporters.

Through our Indonesia pilot in 2017, we understood that a farmer’s’ greatest needs are: ‘How can I get a better price?’ and ‘Who can collect and pay me on time?’ Olam Direct is the resulting model, although we continue to learn and improve with every new supply chain and country’s specific circumstances. Crucially, the platform’s reach and flexibility has proved invaluable during COVID-19 as we have been able to issue health advisories and raise awareness about the virus through in-app notifications and news in the farmers’ local language.

Scott Kirsner, CEO and editor-in-chief of Innovation Leader said: “2020 has been an incredibly challenging year for innovators in big organizations. So, we’re really excited to be able to shine a spotlight on some of the people and programmes that have been creating positive change. The Impact Awards are all about people who keep moving ahead, no matter what the obstacles — and that’s something really worth celebrating this year!

Sovereign Trust Insurance Reports N11bn Gross Premium, Holds AGM Oct 22

0
Mr. Olaotan Soyinka Managing Director/CEO Sovereign Trust Insurance Plc
Mr. Olaotan Soyinka Managing Director/CEO Sovereign Trust Insurance Plc

Mr. Olaotan Soyinka

Managing Director/CEO

Sovereign Trust Insurance Plc

Sovereign Trust Insurance Plc will hold its 25th Annual General Meeting (AGM) on Thursday, October 22, 2020 having been granted approvals for its 2019 Annual Reports and Accounts by the National Insurance Commission (NAICOM) and the Nigerian Stock Exchange (NSE) respectively.

However, in line with the Federal Government and Lagos State directives on restriction of gatherings of large number in curbing the spread of the COVID-19 pandemic, majority of the Shareholders will be participating at this year’s Annual General Meeting of the Underwriting Firm online via a link on the company’s website on www.stiplc.com with the exception of the approved Proxies of the Shareholders.

The Chief Spokesperson of the Organization, Mr. Segun Bankole shared this information recently in Lagos while briefing newsmen in preparation for the 25th Annual General Meeting of the Underwriting Firm.

The company, no doubt showed great resilience amidst the various challenges that characterized the operating environment in the year 2019. He said, there is every reason to be appreciative to all the Shareholders and customers of the Organization who had shown great level of commitment and patronage to the Company since inception 25 years ago. According to him, this year’s Annual General Meeting is a remarkable one as the Company celebrates her 25th anniversary in the Insurance Industry in Nigeria.

Amidst the vicissitudes of 2019, the company ended the financial year under review with a great sense of optimism that the days ahead will continue to look brighter and better.

The urge to continue to maintain an enduring and comprehensive growth strategy still forms the bedrock upon which the company is built. In the midst of the avalanche of challenges that characterized the industry within the year under review, the company in its consistent manner was able to record Gross Premium Written of N10.8 billion representing a 3% increase over the N10.5 billion recorded in 2018. The net premium Income equally grew by 18% to N5.9 billion over the sum of N5.0 billion recorded in the corresponding year.

In the same vein, the company recorded a Profit Before Tax of N819million as against N541 million recorded in year 2018 representing over 52% increase. Profit after tax also stood at N503 million, a 46% increase when compared with the sum of N344 million recorded in 2018. Consequently, the Return on Capital Employed (ROCE) recorded a positive performance of 9.2% as against 8.0% achieved in the corresponding year of 2018. Similarly, the company’s Investment income rose by 20.8% from N388 million in 2019 to N469 million in 2018.

The size and quality of the balance sheet equally improved as total assets rose from N11.3billion to N13.4 billion representing a 19% increase while earning per share improved by 42% from 4.13kobo to 5.86kobo.

The Managing Director and Chief Executive Officer of the company, Mr. Olaotan Soyinka has attributed the performance to the commitment shown by every member of staff who he described as the Drivers of the organisation coupled with the fact, that the company’s Management is also dedicated to ensuring that the company takes its place of pride in the Industry.

According to him, “it is a statement of fact that we want to be a leading brand in the Insurance Industry providing top-notch and personalised services to all our teeming customers spread across the company with the support of our technology infrastructure. Our 2019 performance was not fortuitous, we worked towards it and today, we can confidently say that we will continue to better our performance as much as we can while placing serious premium on corporate governance and ethics of the business.”

 

NAICOM, Ekiti State to Collaborate on Compulsory Insurances

0

The National Insurance Commission (NAICOM) has initiated collaboration with the Government of Ekiti State to promote the implementation of compulsory insurances in the State and other States of the federation.

The presentation by Mr. O. S. Thomas, the Commissioner for Insurance/CEO of NAICOM to the Ekiti State Government is presented below:

PRESENTATION BY THE COMMISSIONER FOR INSURANCE, MR. O.S THOMAS ON ‘THE STATE AND ENFORCEMENT OF COMPULSORY INSURANCES’ AT THE OFFICIAL VISIT TO HIS EXCELLENCY, THE EXECUTIVE GOVERNOR OF EKITI STATE

Protocols!

I am delighted and honoured by the acceptance of His Excellency, the Executive Governor of Ekiti State, Dr. John Kayode Fayemi to meet with the representatives of the National Insurance Commission on a courtesy visit that seeks to address areas of mutual benefits for the State, the People of Ekiti State and the Nigeria Insurance Industry.

Your Excellency, I bring to you the good wishes of the Board, Management, Staff of the National Insurance Commission and the Insurance Industry in Nigeria.

The National Insurance Commission (NAICOM) is a statutory agency of the Federal Government established by the National Insurance Commission Act 1997 to regulate and supervise the Nigerian Insurance Sector. The Commission is the adviser to the Government on all insurance related matters

The Commission derives its regulatory and supervisory powers from the NAICOM and Insurance Acts 1997 and 2003 respectively. Consequently, Insurance/Reinsurance Companies, Insurance Brokers, Loss Adjusters, Agents and insurance activities generally fall within the supervisory and regulatory purview of the Commission.

It is however imperative to reiterate that the Financial Services Industry is central to the growth and sustainable development of any nation and state because of its direct impact on access to finance, catalyst to improved income, poverty reduction and stability in the financial system.

As a subset of the Financial Services Industry, Insurance industry is a pivot to guarantee the sustainability of growth and development of the State and its people.

We have therefore noted the necessity to plant “Insurance” and “People” at the center of any equation that tends to create, enhance, sustain and manage growth and development in any economy.

As a people, human activities have associated risks and in spite of every precautionary measure to avoid the occurrence of losses or damages, the unexpected still occur.

In consequence of the losses the victims are prone to sufferings which in many cases may lead to total impoverishment of a large proportion of those affected. To ameliorate the situation of victims, laws have been put in place for an arrangement that will ensure that victims and especially third parties are adequately compensated.

The objectives of protecting third parties and relieving the government of the avoidable burden of compensation from the meager wallet of the government led to the enactment of various laws on compulsory insurance products.

Over the years, the Commission has embarked on series of programs aimed at a nationwide massive public enlightenment with respect to compliance with the laws on compulsory insurances.
Your Excellency, you are please invited to note that relevant Laws of the Federal Republic of Nigeria have made the following Insurances mandatory:

  1. a) All Buildings under construction that are more than two (2) floors (Builders Liability);
  2. b) All Public Buildings including Schools, Offices, Hotels, hospitals, Markets (Occupiers Liability) etc;
  3. c) Group Life Insurance for all Employees of both Public and Private Sectors;
  4. d) Professional Indemnity for all Medical Practitioners and
  5. e) Third Party Motor Vehicle Insurance in respect of death, injury or damage to the property of third parties.

It is on the strength of the above that the Commission is seeking collaboration with the State government in the enforcement of the above mentioned compulsory insurances in the State. As the Chairman of the Nigerian Governors’ Forum there is no better place to start the campaign than Ekiti State.

Your Excellency, permit me to briefly highlight the benefits of this collaboration with State Government as follows:

  1. a) Financial Compensation to the families of insured citizens who may become victims of a disaster through loss of their properties or become disabled in event of occurrence of insured accidents/disasters, etc;
  2. b) A robust group life insurance policy made compulsory by the Pension Reform Act 2014 gives hope to the workforce who will be ready to go extra mile in carrying out assign duties knowing fully well that the employer has made provision for the dependant in event of the unexpected.
  3. c) Creation of employment opportunities for citizens of the State
  4. d) Provision of grants and Fire-Fighting Equipment for the States’ Fire Services by NAICOM from the Fire Fund as stipulated in the Insurance Act 2003;
  5. e) Reduction in the government expenditure in event of disaster that may affect the citizens of the State by shifting the burden to the risk-bearers (Insurance Companies).
  6. f) Free Insurance and Risk Management Education and Enlightenment programme for the citizens of the State; and
  7. f) Creation of additional source of internally generated revenue (IGR) for State Government in collaboration with your relevant Ministries and Agencies.

Conclusion and Prayers

His Excellency is requested to graciously consider the benefits of the proposed collaboration for the enrichment of the State and the sustainability of the Nigeria economy at large.

His Excellency is please requested to domesticate the compulsory insurances in the State and create a structure that can be supported by NAICOM in the enforcement of the compulsory insurances.

We therefore pray and recommend His Excellency’s nomination of Agency of the Government that will serve as liaison office with the Commission in this collaboration.

The nominated agency may be requested to work with the Team of the state who shall be dedicated to this collaboration and recommend appropriate measure to domesticate the enforcement of the compulsory insurances in the State.

Your Excellency, once again I wish to profoundly extend my sincere appreciation to the people of Ekiti State, staff of the Governor’s Office in acknowledgement of the warmth reception and hospitality received since my arrival into the State.

Please accept the assurances of my esteemed regards.

 

 

 

Ecobank Digital Series: ‘Nigeria Will Take Full Advantage of the AfCFTA’

0

Chief Executive /Executive Director, Nigeria Export Promotion Council (NEPC), Segun Awolowo has said with a market of 1.2 billion people and combined GDP of $3 trillion, there is huge potential for Nigeria to increase its export to Africa.

According to him, most of exports had been informal exports, but with platforms like Ecobank, it is going to be formal and add real value to the economy.  He said in 2018, the export value of Nigeria to Africa totaled around $6.99 billon but its export to the rest of the world totaled $45.92 billion. However, Nigeria’s export is majorly crude oil and natural gas which constitute 91%.

Mr. Awolowo, who was speaking at the Ecobank Digital Series virtual Africa Trade Conference 2020, revealed that using the international trade center export’s tool, NEPC has identified areas of untapped potential for Nigeria in Africa such as fertilizer, ginger and sesame, as these are what other African countries are buying.

“Nigeria must, and can, live in a world where it no longer sells oil. Nigeria is working on key game changers in infrastructure in order to achieve this, especially in the area of ease of transportation and also in the area of incentives, export expansion grant like pre-shipment incentives and export development fund, which serve to prepare, facilitate and support exporters to the global market.”

Speaking on “International trade, the pan African perspective”, Tei Konzi, Commissioner, Trade, Customs and Free Movement, ECOWAS, represented by Kolawole Sofola, Acting Director, Trade ECOWAS said 85% of our products go outside the continent and this must be changed. “We can bring these trades back to Africa and increase activity in the continent in agriculture, mining amongst others.  We are yet to conclude our tariffs, but at the moment, ECOWAS trade more with outside countries than it does with African countries and this is why we are bent on making sure the AfCFTA succeeds”.

He noted that the AfCFTA is a comprehensive trade agreement that seek to create a single market for goods and services and free movement of persons through the progressive liberation of the market  for goods and services and also contribute to the movement of capital to facilitate investment. He said it is meant to be the foundation of continental customs union at a later stage.

In his presentation, the Chief Executive Officer, Ecobank Transnational Incorporated (ETI), Ade Ayeyemi has reiterated that African countries must adopt a continent wide approach to business and also focus on wealth creation to be relevant in the global value chain.  According to Ayeyemi for the African Continental Free Trade Agreement (AfCFTA) to become a reality there must be commitment and readiness for trade facilitation by the individual nations.

He noted that African governments must unequivocal commit to the agreement and their preparedness as individual nations with their implementation strategies, commitment to free movement-signing and ratification of protocol on free movement of people and country’s Visa openness, readiness for trade facilitation – quality of trade infrastructure and efficiency of ports/Customs, which is still work in progress in nearly all countries.

Ayeyemi noted that Ecobank is fully committed to Africa as the foremost Pan-African Bank to Unequivocal support for the implementation of AfCFTA, readiness to use its unique pan-African platform to facilitate trade, payment and business and deployment of its strong Africa knowledge to support governments and businesses. The Ecobank CEO emphasized that “no country is so poor that it has nothing to give and no country is so rich that it has nothing to receive. All of us must come together to become better.”

The  Ecobank virtual Nigeria ‘Africa Trade Conference 2020’  which is part of the Ecobank Digital Series is to showcase Ecobank’s unique intra-Africa trade solutions that enable settlements of international transactions and mitigation of payment risk while providing regional solutions to exporters.

Ecobank trade products and solutions are designed around two broad areas; Trade Finance and Trade Services. Trade Finance enables customers benefit from adequate and well mitigated credit facilitation in the area of Import finance, export finance, bill discounting, trade loans, distributor finance, payables and receivables finance, structured trade and commodity finance amongst others while trade services, offer our customers the advantage of speedy turn around and error free processing of their import letter of credits, import collections, avalised bills, Customs bonds, export collections as well as their local purchase orders and payment invoices, via our electronic trade platforms OMNI e-Trade and OMNI eFSC (electronic financial supply chain).

Why Women Empowerment is Vital to Ending Malnutrition in Nigeria

0

From the time a woman is born until when she dies, she plays a significant role in life, especially in the household. She brings forth life, nurtures, provides nutrition and ensures the smooth running of the household. Taking all her duties in the family into consideration, it is safe to say that the place of a woman cannot be displaced.

The functions of a woman are not restricted to her immediate family, she is also a force to reckon with in the society as she brings about growth and development.Despite all her efforts, she is faced with challenges such as poverty, malnutrition, lack of education and healthcare.

When we talk about malnutrition, no gender or age is spared, and in Nigeria, there is a prevalence of undernutrition in women aged 15 to 49. These women suffer from undernutrition if their diets donot provide them with adequate quantity and quality of food and if they cannot fully utilize the food they eat, due to illness.

Women empowerment is important to eliminate malnutrition; and since it has been established that women are fundamental to development, it is therefore relevant to bring them up to speed on issues concerning malnutrition and how they can help break the cycle.

It was with this thought in mind that the recent Protein Challenge Webinar,themed:‘Empowering Women to Break the Cycle of Malnutrition in Nigeria’ brought together experts in the medical and nutrition sectors to discuss women empowerment and the role it plays in ending malnutrition in Nigeria.  Here are the reasons why women empowerment is a major strategy to end malnutrition in Nigeria.

  • Women empowerment will reduce poverty, improve national economic performance and nutrition.

Women lead and participate in decision making at all levels of life. In their homes, they are domestic implementers, they make decisions which include food choices for members of their household and this determines the nutrition status of their families.

In Nigeria where men have more power and more access to resources, women are left with poor decision-making powers. Statistics reveal that female-headed households (which constitute about 16 per cent of total households in Nigeria) usually have lower poverty levels, higher education and higher income.

This proves that empowering women will reduce poverty, improve economic performance and help in the fight against malnutrition in Nigeria.

  • Women Empowerment will lead to proper Nutrition Education

Proper nutrition education is important to health and well-being. Empowering women who are the key decision makers in their homes, on proper nutrition, is a step towards eliminating malnutrition. Teaching them that protein foods go beyond beans, fish and meat is very necessary.

They also need to know that a lot of the whole grains and legumes from our local markets are packed with proteins – soybeans, wara (local cheese), egusi (pumpkin seeds),okpa (steamed Bambara nut pudding), ukwa (African breadfruit porridge), fura(millet dough balls) and groundnuts.

Also, women must learn proper cooking methods such as not overcooking vegetables,or washing them before cutting, to avoid loss of valuable nutrients and to maintain good hygienic conditions.

  • Women Empowerment Will Promote Awareness on Nutrition

It is assumed that once a woman is adequately educated on a particular concept, other members of her family will follow suit. The same approach should be taken with regards to nutrition. Nutritional policies need to be targeted at women of all communities.

Maternal literacy encouraging proper nutrition during pregnancy and exclusive breastfeeding of babies for the first 1000 days of life are some of the information women need to know. In addition, awareness programs simplified in local dialects will encourage more woman-to-woman spread of information.

In conclusion, women in every part of the country should be enlightened on the need to eat healthy, protein rich-foods and to implement home gardening to provide nutritious foods for their families. They also need to be encouraged to work, support their families and improve their purchasing power. When we remove malnutrition from our society, we would have removed poverty, violence and under development.

Ecobank Nigeria Academy Earns CIBN Award

0

The Chartered Institute of Bankers of Nigeria (CIBN) has rated Ecobank Nigeria Academy as one of the best banking training institutes in the country.

At its award ceremony as part of its 13th Annual Banking And Finance Conference in Abuja last week, CIBN, the umbrella body of all employees of financial institutions in the country announced Ecobank Nigeria Academy as the third best among all the banks in the country.

Since the accreditation of the state of the art Ecobank Nigeria Academy in August 2019, it has served as a platform to train thousands of professional bankers in different categories, including Entry Level employees, Graduate and Management Trainees and a cross section of staff recertification training.

Commenting, Ayotunde Opeoluwa, Manager, Learning and Development, Ecobank Nigeria, said the award was a welcome development to the bank as the Academy was only accredited a year ago, stating that the bank will continue to churn out excellently trained banking professionals at various levels  Opeoluwa who is also the head of the Academy further said “This is good news for us as a bank. It reinforces our people centric strategy to equipping our staff with the right skills and competence in line with global practices. Let me use this opportunity to thank our Management for the great support and members of our internal faculty for their dedication toward achieving this milestone. We will continue to seek improvement to maintain industry and global standards.”

In presenting certificate of accreditation to the ultra-modern, state of the art Ecobank Nigeria Academy last year, CIBN said the accreditation was based on the report of its Capacity Building and Certification Committee that the training school has met all the parameters of measurement, stressing that it was a manifestation of the importance the Management of the bank place on capacity building of its workforce.

According to the Institute, “As an Institute, we congratulate Ecobank for the accreditation of its Academy. This comes after rigorous accreditation processes by members of our Capacity Building and Certification Committee which showed that Ecobank has complied with and satisfied the provisions and requirements of the Competency framework for the Nigerian Banking Industry as mandated by the Central Bank of Nigeria (CBN) through CIBN.  The Academy was found to have scored above the threshold on all the parameters of measurement. We firmly believe this accreditation would not only enable Ecobank comply with the provisions of the Competency Framework but also strengthen the intellectual resources and capabilities available in the bank.”

The state of the art academy Ecobank Academy is a deliberate policy by Ecobank to train and equip its workforce is in line with its transformation drive to make the bank the most preferred financial institution in the country.

As a response to COVID-19, the Academy has recently organised virtual graduation ceremony for 53 Management Trainees and 57 graduate trainees following an intensive training programme.  The trainees have since been absolved into the bank as full time employees.

 

Digital Identity Will Foster Economic Growth – Interswitch Boss

0

Nigeria can unlock its full economic potentials if majority (if not all) of its citizens have digital identity as proposed by the National Identity programme.

This call was made by Mitchell Elegbe, Founder and Group Managing Director, Interswitch Group, during a webinar organised by TechCabalin partnership with VerifyMe themed:‘ Enabling Nigeria’s economic and social growth with digital identity’that held on Wednesday, September 16, 2020.

He stated that the digital identity database will help Nigerian businesses fasten their growth trajectory where everyone involved across the transacting spectrum can be easily identified. He emphasised the need for financial service providers to ensure due diligence in carrying out Know Your Customer (KYC) protocols. According to him, this will help businesses and their customers complete business transactions faster.

Elegbe also noted that having a single database would aid easy identification of citizens which is vital for development.  “At Interswitch, identity is critical because of the nature of our business and the regulations we adhere to. We believe that provided there is the need to exchange value, irrespective of the form, there is need for some form of identity.

However, a real challenge is verifying the individuals outside the formal sector. Developers, businesses and economies would better achieve their economic potentials if the individuals involved are digitally captured and are easily verifiable. This will in turn reduce fraud and drive growth,”he said.

In order to drive up data acquisition to enable this desired growth, Elegbe advised that there is the need to offer incentives that will encourage people across board to get captured. He also clarified the need for cross referencing of data to ensure that identities are not stolen.

He explained that current data available are disparate and in silos, so cross referencing and electronic capturing will reduce these inconsistencies.

Also speaking at the webinar was Esigie Aguele, Co-Founder and CEO, VerifyMe Nigeria, he corroborated Elegbe’s position, adding that it was imperative for stakeholders in the identity space to provide a central and comprehensive digital identity database which he opined will enhance security, revenue collection, taxes and jobs creation.

The webinar was organized by TechCabal in partnership with VerifyMe to mark the International ID-Day while examining how digital identity unlocks the immense potential in Nigeria’s e-governance and digital economy specifically, as it relates to growth in non-oil revenue streams such as fintech and e-commerce.