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Great Nigeria Insurance Targets Top 5 Ranking via Optimal Performance

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Cecilia Osipitan

Managing Director/CEO

Great Nigeria Insurance Plc

To position it for better performance and for the attainment of world-class status in all areas of its operation, the management of Great Nigeria Insurance Plc recently reiterated its commitment to exceptional service delivery to ensure that the organisation achieves its goal of attaining the top five position in the insurance industry.

While addressing the media at the Head Office of the organisation in Lagos, Cecilia O. Osipitan (Mrs.), the Managing Director/CEO of the foremost underwriting firm explained that the “organisation shall remain committed to its vision, mission and shared values, it will also come up with innovative ideas on how to move GNI Plc forward while also ensuring the implementation of all measures and strategies to engender the achievement of the company’s various goals and strategies” Osipitan posited.

Osipitan further commented that the company will pay particular attention to Excellent Service delivery and adoption of global best practices by the organisation in all areas of its operation.

In her words: “We are out to reshape the industry, we are also aware that we cannot attain the top five position in the industry if our service delivery is questionable, we will at the same time strive to imbibe global best practice in all facets of our operation to ensure we remain front-liners in the industry.”

According to her, the company has put in place modalities that will ensure effective co-ordination of the organisation’s re-positioning and re-structuring strategies as well as the formulation of strategies to deepen direct market penetration while also monitoring the production and collection performance for the company and provision of advisory support when needed in correcting shortfalls.

Also, the regular review of the company’s internal processes and procedures will be done for continued performance improvement.

Osipitan asserts that the company has clearly set out to chart a professional course in the practice of insurance business in Nigeria and that Great Nigeria Insurance Plc will not leave any stone unturned in the quest of attaining the status of a world-class insurance company.

In her words, “We are poised to meet up with our obligations as and when due. “We will continually strive not to disappoint our teeming customers and uphold the confidence of our stakeholders”, she concluded.

Great Nigeria Insurance Plc is fast emerging a giant in the Nigerian insurance industry with an extensive network of branches spread across the country. The company has over the years demonstrated commitment to improving on its existing infrastructure in order to attract and retain the best hands in the industry.

With an avowed commitment to Best Practice, Professionalism and Excellent Service Delivery, Great Nigeria Insurance Plc aims at becoming one of the top five players in the Insurance sector in the very near future.

 

North, South East Ranks Low in Protein Consumption by 45%

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The North and South East regions of the country are relatively behind in daily consumption of protein products in Nigeria by as much as 45 percent according to The Nigeria Protein Challenge Deficiency Awareness Report 2020 launched in Lagos.

The report also stated that Nigeria ranks 91 out of 109 countries on the Global Food Security Index.

Mr. Obaro Oghroro of Ipsos which produced the report described beans as the most commonly consumed protein food in Nigeria by 81 percent followed by fish (62 percent) and meat (59 percent).

Oghroro who lamented low consumption of protein foods in the country listed four major reasons for the trend:

  • High cost of protein foods: 45%
  • Low income by Nigerians: 39%
  • Little or no knowledge of protein: 10%
  • Scarcity of protein-rich foods: 4%

The report stated further:

“Malnutrition refers to deficiency of nutrition and is one of the major health problems faced by children in Nigeria. There’s still a high prevalence of deficiencies in Nigeria when compared to the rest of the world. According to UNICEF, Nigeria has the second highest burden of stunted children in the world

Historical data show that Nigeria has a gap in its protein consumption when compared to other global economies. It is ranked below the bar in global food security index with a protein per capita – daily intake lower than the global standard. This is a major burden that requires continuous interventions to combat and reduce a nutrition crisis in Nigeria.”

According to the report, the main challenge faced by Soya Beans Farmers is Insufficient Financial Support. This is evident in the fact that less than 10 percent of the farmers have received any kind of incentive. It is important that these farmers are supported to boost Soya bean trade in Nigeria, as almost half of those who received these incentives witnessed increase in their output

‘Nigeria has a gap in its protein consumption when compared with other global economies. It is ranked below the bar in global food security index, 2nd largest prevalence of stunting with a protein per capita – daily intake lower than the global standard.

This is a major burden that requires continuous interventions to combat and reduce this nutrition crisis in Nigeria. Though 7 in 10 households believe they are having enough protein intake, their daily intake of proteins suggests otherwise and remains very low accounting for less than a third of daily food consumption.’

The report made three fundamental recommendations to effectively address the problem of protein intake and deficiency in Nigeria:

  • Need to channel communication to the essence of protein consumption and to push out clear information regarding required intake of protein for optimum wellbeing especially in North and East where there are lower intakes.
  • Consider driving deliberate efforts that are targeted towards affordable protein sources for household especially the lower income groups to boost daily intake.
  • Partnering with government agencies, donor organisations and private investors (local and international) will significantly drive awareness and increased production.

 

 

 

Stanbic IBTC: Nigeria PMI Reveals Improving Business conditions, Stronger Client Demand

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February data signalled another modest expansion in the Nigerian private sector, underpinned by solid growth in new orders and output. Companies continued to expand their purchasing activity and resumed hiring efforts during the month. Signs of spare capacity were again evident, with a fresh record reduction in backlogs registered.

Meanwhile, unfavourable exchange rate movements, higher material costs and a rise in wages added to strong inflationary pressures with overall input prices increasing at a record pace.

The headline figure derived from the survey is the Purchasing Managers’ Index (PMI). 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 52.0 in February, up from 50.7 in January, indicative of a stronger improvement in overall business conditions. New order inflows rose sharply, with the pace of growth accelerating during the month.

The improving demand environment supported growth in output which was solid and extended the period of expansion to three months. Despite the continuation of coronavirus disease 2019 (COVID-19) restrictions in foreign markets, exports rose during the month, with foreign demand for Nigerian goods and services showing signs of improvement.

To support higher output volumes, companies added to their purchasing activity for the eighth month in succession. Consequently, firms raised their inventory holdings in anticipation of greater output in the months ahead. Vendor performance also improved, although the degree at which lead times shortened eased to the softest in nine months.

Elsewhere, further signs of spare capacity were signalled, with backlogs falling at the most marked rate in the series. Nonetheless, firms added to their workforces, with employment rising marginally. The rate of overall input price inflation quickened to the strongest in the series, largely reflecting higher purchase costs. According to panellists, higher material costs and unfavourable exchange rate movements contributed to a sharp uptick.

However, the stronger demand environment allowed firms to pass on higher prices, with charges rising substantially. Looking ahead, sentiment regarding output over the next 12 months reached a ten-month high as business expansion plans fuelled positive expectations. That said, the degree of optimism remained below the long-run series average suggesting pandemic uncertainty weighed slightly on hopes for the future.

 

Stanbic IBTC: Celebrating Impressive Gender Equity Scorecard

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Recently, Stanbic IBTC Holdings PLC announced the promotions of several of its women to top executive roles across the Stanbic IBTC Group.

These included the promotions of Wunmi Ehis-Uzenabor as Executive Director, Operations, Stanbic IBTC Asset Management; Busola Jejelowo as Executive Director, Investments, Stanbic IBTC Asset Management; Emi Agaba-Oloja, Executive Director, Stanbic IBTC Trustees; and Sakeenat Bakare, Executive Director, Business Development, Stanbic IBTC Insurance.

These promotions which were in line with Stanbic IBTC’s corporate governance structure and succession policy further showcased the financial institution’s posture as an equal opportunity organisation. Both male and female employees are privileged to rise as far as their skills, talents, and dedication  can permit them”.

Stanbic IBTC has always been forward-looking in terms of its recruitment and succession policies having held the belief that females are as talented as their male counterparts and can contribute immensely to businesses and the society’s growth if given equal opportunity. The belief was underscored at the commencement of operations by Stanbic IBTC many decades ago.

Over 30 years ago, when Atedo Peterside conceived the idea to establish an investment bank, one that would be matched as the best in the industry, and transform the investment and corporate banking landscape in years to come, he realised the importance of engaging the best hands and minds.

He set to work to achieve that and opted for a gender-balanced workforce as he employed as many females as males in senior management roles.

Sola David-Borha was appointed Head, Credit and Marketing Department; Oluwande Muoyo was appointed head of the Treasury and Financial Services Department; and Angela Omo-Dare became the Company Secretary and Head, Legal Services of legacy IBTC.

These appointments were against the grain. At that time, the financial services industry, particularly the investment and corporate banking sector was male-dominated, with C-suite and D-level executives being mostly men.

Atedo was however determined to redefine the industry, and he knew that only the best would help him achieve his objectives, irrespective of gender. Thus, he built a reliable team consisting of both male and female players. The tradition was established at the commencement of the business to give both genders equal opportunity in recruitment, on-the-job training, human capital development, promotions, and remuneration.

His foresight was handsomely rewarded. In five short years, legacy IBTC had become the leading investment and corporate banking company in the country and successfully displaced industry giants in merchant banking of that era.

More than 30 years later, and having gone through a series of transformations, including mergers and becoming a holding company, Stanbic IBTC still maintained that equal opportunity legacy.

Employees of the organisation are exposed to quality and regular training to update their knowledge and skills, starting from its graduate training academy. New intakes are exposed to the institution’s work ethics, core values and executive training programmes here in Nigeria and overseas.

Sola David-Borha rose through the ranks to become the Chief Executive of the Bank and later of the Holding Company before moving on to a higher role with the mother brand, Standard Bank Group. Yewande Sadiku rose to become Chief Executive of Stanbic IBTC Capital, the Group’s investment banking arm and later Executive Director, overseeing Corporate and Investment Banking at Stanbic IBTC Bank PLC before she took up a government appointment.

Bunmi Dayo-Olagunju was also Chief Executive of Stanbic IBTC Asset Management before becoming the Executive Director, Operations of the Bank.

Other top females in the Group included the Chief Executive of Stanbic IBTC Stockbrokers, Titi Ogungbesan; an Executive Director with the pension subsidiary, Nike Bajomo;  Oyinda Akinyemi and Olusola Carrena as Executive Directors in Stanbic IBTC Capital, among others. Today, the Stanbic IBTC workforce is highly symbolic, with 57% men and 43% women.

This legacy has continued to help the business attract and retain the very best. The benefits have been immense in terms of growth as staff show a rare dedication to duty and a hunger to help transform the Stanbic IBTC brand into the leading end-to-end financial services institution in the country.

The commitment has consistently been reflected in the Group’s market share across the gamut of the financial services industry and the institutions’ bottom line.

Over 30 years later, Stanbic IBTC had remained at the forefront of gender equality and inclusion, as shown by its employment and succession legacy.

But more importantly, it continued to demonstrate its belief in a gender-balanced representation in all areas of society through women-focused initiatives. In 2020, for instance, it temporarily changed its logo colour from blue to magenta to celebrate the UN Women HeForShe brand.

Stanbic IBTC has created an environment where women feel appreciated and are rewarded accordingly. “For us, achieving gender inclusiveness is not only a fundamental human right but also a business imperative,” said Sogunle.

Stakeholders Endorse Ecobank Stewardship Pack, School Bundle

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Stakeholders in faith-based organisations and education sector have endorsed the two new products recently introduced into the financial market by Ecobank Nigeria, saying they can provide solutions to their needs.

The products Ecobank Stewardship Pack and the Ecobank School Bundle are targeted at religious and educational institutions at all levels respectively.  The Ecobank School bundle is designed to help educational institutions manage their banking needs more effectively so they can concentrate on providing world-class education.

It comprised a bouquet of digital offerings that includes Omniplus/Omnilite, Collegepay, Ecobankpay, Web collections Paydirect, Point of Sale Terminals (POS), NIBBS platforms, EBILLS PAY, Asset Finance and Ecobank School Loan.

The Ecobank Stewardship Account on the other hand is designed to help religious organisations run their daily operations smoothly and earn interest at the same time. Also referred to as The Good Steward Pack, its features include: zero monthly maintenance charge and interest rate payable on average monthly balance amongst others.

Speaking at the virtual launch, Prof. Humphrey Adebayo, Vice Chancellor, Covenant University, Ota, commended Ecobank Nigeria for taking the initiative to create the innovative products, stressing that they would add value to the operations of the various target groups.

He lauded Ecobank for rising to the challenges of covid 19 pandemic by providing services to the banking public through its various digital offerings, stating that the new products would further free time for them to focus on core roles.

According to him, “The pandemic has disrupted human activities, and changed the perspective of the world thereby increasing the need for more digital and innovative solutions to the problems it created, which will further facilitate the ease of doing of business. Education and religious institutions were highly affected by the lock down, creating a gap in the system. Digital solutions become extremely important for online learning and services with digital financial solutions being helpful with collection. This has helped in freeing these institutions to focus on their core activities. The digital platform provided by Ecobank is efficient and guarantees a high level of security and allow for real time banking services and with minimal downtime. The new Ecobank products will undoubtedly add value to these institutions.”

Alhaji Mohammed Balarabe, a seasoned Banker and chief launcher at the event said the target group would find them useful as they embark on their conventional activities. According to him, “The new normal presents a lot of challenges in almost all aspects of our life in particular, the faith-based organizations and educational institutions because of their conventional way of carrying out activities. In a bid to address these challenges, Ecobank introduced these targeted products that will help tackle them. I believe more will come our way from the Ecobank platform.”

At the launch which doubled as Ecobank Public Sector Stakeholder Engagement Webinar titled “Digital enablement of education and faith: Winning tools for new normal lifestyle”, the  products also received endorsement from Mrs. Olabimpe Aderiye, Hon. Commissioner of Education, Ekiti State, Chief ‘Yomi Otubela, National President, National Association of Proprietors of Private Schools (NAPPS) and host of others.

Carol Oyedeji, Executive Director, Commercial Banking, Ecobank Nigeria while welcoming guests at the virtual launch was optimistic that the products can effectively assist educational institutions and faith-based organizations through tailor made digital offerings against the backdrop of the new normal lifestyle occasioned by the covid 19 pandemic.

She added that “At Ecobank, we are using digital technology to assist businesses for payments and collections, financially include many millions into formal financial systems, and therefore improve lives across Africa. We are indeed making banking easier, more accessible and more affordable across the continent than ever before.”

Moji Oguntoyinbo, Segment Head, Public Sector and Agribusiness, Ecobank Nigeria, said “Ecobank products are designed to bridge the gap and meet funding and other financial needs quickly and efficiently. Education and religion are interwoven right from the onset. Religion institutions have been huge investors in Education. These products are designed to provide secured savings and collection channels especially in the post covid 19 era where digitization is highly helpful to limit the spread of the virus.”

 

 

Protein Nutrition: Roadmap to a Healthy Future

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By Reginald Onabu

The journey of life runs from childbirth to senescence. One activity that remains constant throughout this journey is daily nutrition. The foods we consume daily constitute our daily diets, which is connected to our health and wellbeing.

We must certainly eat and nourish ourselves regularly for our nutrition, growth and development. Nutrition involves more than simply eating a “good” diet; it is about nourishment on every level. This includes eating balanced, quality food, drinking clean water and eating natural fruits with nutritious value.

An aspect of nutrition that has been neglected, especially in Nigeria, is protein nutrition. Protein nutrition is the formation of a diet that has a larger protein percentage per calorie than carbohydrates, lipids, and fat.

Calories are micro-units of energy that constitute the basic nutrients in all food sources. However, modern Nigerian diets usually emphasize carbohydrates and fats as the main course, while relegating proteins to the background.

The Nigeria Protein Deficiency report shows that proteins are rarely included in regular diets across all states. Highlights of the report indicate that carbohydrates are the most consumed food amongst Nigerians. Rice topped the list with 91 per cent, closely followed by ‘swallows’ (such as eba, pounded yam, etc.) at 83 per cent.

This shows the predominance of carbohydrates over protein rich-foods, which cuts across all regions in the nation.

Further analysis revealed that other carbohydrates like bread and pasta are consumed in large quantities, making up over 80 per cent of the daily diets, especially amongst the lower socio-economic classes.

This is a far cry from the Recommended Dietary Allowance (RDA) set by the World Health Organisation (WHO) and the Food and Agriculture Organisation (FAO).

The Recommended Dietary Allowance (RDA) for protein is 0.8 grams of protein per kilogram of body weight. The RDA is the amount of a food nutrient needed to meet the basic nutritional requirements. In a sense, it is the minimum amount the body needs to keep from getting ill — not the specific amount that is supposed to be eaten every day.

The implication of this dietary habit of consuming high carbohydrate, high-calorie foods is protein deficiency. This deficiency is a lack of essential protein nutrients in the daily diet and it is the consequence of primary malnutrition that occurs when there is no protein in our staple food.

Protein deficiency is strongly associated with ill health, as both a cause and consequence. People who are protein deficient are more susceptible to diseases and infections due to a weakened immune system and tend to take longer to recover from incidents of illness.

Protein deficiency invariably leads to a plethora of illnesses, including marasmus, psoriasis, edema, stunting and kwashiorkor. Kwashiorkor is a condition whereby an individual’s bio ketogenic cells are being burnt out in the body to sustain the internal metabolism of the human system.

The resulting symptoms include severe weight loss, swollen abdomen, and hair loss.

No state in Nigeria is free of protein deficiency and many fami­lies in rural and urban communities struggle with all of these forms of protein-energy deficiencies at the same time.

Nigeria can resolve these issues and build a stable, healthy future. The question is, how? The solution is protein nutrition.

Protein nutrition must be given priority. The regular nutrition pattern must gradually change and all dietary intakes should have some form of protein food source. This will go a long way to reduce the levels of protein deficiency in the nation.

The government could enact a protein-centred food policy that would involve adding proteins to staple foods during processing to enhance their nutritional quality.

The government could also develop protein-centred plans, decisions and strategies in food cultivation, production, processing, packaging and consumption; ensuring that proteins are utilized to augment food sources.

An effective approach will be to create public awareness of the benefits of a protein-centred nutrition. People should be encouraged to eat soybeans, legumes, groundnuts, eggs, quinoa daily. The Nigeria Protein Awareness Campaign or Protein Challenge is one of the players operating in this space. Protein Challenge is a protein pull media campaign that seeks to create awareness about the prevalence, status and impact of protein deficiency in Nigeria.

Proteins should be the main course. The narrative should be “more protein, more life”, as every cell in the human body contains protein. We all need protein in our diets to help our bodies repair cells and make new ones. Proteins are also important for growth and development in children, teens, and pregnant women.

Once people begin to grasp the tremendous benefits proteins offer, nutritious habits nationwide will change.

Life, they say, is a process, and a child that is born today cannot become an adult overnight; so is healthy nutrition. It is a gradual process.

Protein nutrition will pave the way for a healthy future.

Don Charges SMEs to Explore Soybeans Packaging Options

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Small and medium enterprises (SMEs) in the country have been urged to produce soybeans in portable packs to ensure that the protein-rich food source is readily available and within the reach of all Nigerians.

Professor Ibiyemi Olayiwola, Professor of Human Nutrition, Department of Nutrition and Dietetics, Bowen University, Iwo, Osun State, who made this call at the Protein Challenge Webinar, noted that in the quest to combat protein deficiency, it is important to improve access to affordable protein-rich food sources such as soyabeans.

She explained that the widespread availability of packaged soya products will lead to an increase in adoption and usage across the country. This also means more derivatives of soy will be produced, packaged and available for distribution.

The professor of Nutrition called on Nigerians to be soy-centred and noted that soy flour should be in every kitchen for use as sauce, thickener and additive. It can be consumed as soy sauce, soy milk, tofu, soy meal, soy flour and soybean oil daily.

According to Professor Olayiwola, “The biological value of soyabean cannot be overlooked; rather it should be integrated into most of our meals. Protein is the reason that soyabeans have historically been called ‘meat of the field’ or ‘meat without bones’. It has 86 per cent net protein utilisation.”

She revealed that nutrition experts agreed on RDA (recommended dietary allowance) of at least 0.8g/kg body weight/day that safely and adequately meets the protein needs of most healthy persons. Proteins, she added, are needed at different stages of life for growth, to boost the immune system and for energy.

She equally joined calls by fellow nutrition experts for the addition of soyabeans to wheat flour in the production of staples such as bread, pasta and noodles, as a way to tackle malnutrition in the country.

The Nigeria Protein Deficiency Report 2019 revealed that carbohydrates are the most consumed food among Nigerians, leaving many deficient in protein. Rice tops the list of foods consumed among Nigerians, with 91 per cent, and closely followed by “swallows” such as eba, pounded yam, fufu, and amala at 83 per cent.

The survey, geared towards determining Nigeria’s protein deficiency status, also shows that the most important determining factors for the choice of meal consumed in the country are “availability, at 79 per cent, and affordability, at 68 per cent.”

High cost was also identified as a major disincentive for the consumption of most protein food sources. The report indicated that 51 per cent of respondents do not have adequate protein-rich foods due largely to the relatively high cost. Soybeans are a relatively cheaper source of complete protein.

 

BCG Prescribes Post-COVID Recovery Roadmap for Nigeria 

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The Boston Consulting Group (BCG), a global management consultancy firm, has proposed the promotion of financial inclusion, equitable distribution of resources, infrastructural development and formulation of requisite fiscal policies as initiatives that will drive Nigeria’s post-Covid economic recovery.

The measures were highlighted in a recent BCG report titled “How to Forge an Inclusive Post-Covid Recovery in Nigeria” authored by Tolu Oyekan, a Partner at the firm’s Lagos office.

The report stated that the initiatives, which form part of Nigeria’s sustainability plan, are critical in staving off the Covid-19 induced economic contraction which could further compound the poverty situation in the country.

According to 2021 World Bank projections, Sub-Saharan Africa will experience a severe economic slump. It is predicted that the negative impact on Nigeria, being the continent’s largest economy and most populous country, will be grave, especially amongst the poor.

A steep drop in per capita income could lead to an increase in the number of vulnerable Nigerians. An estimated 83 million Nigerians – about 40 percent of the population – already live below the poverty lines in the country.

Oyekan however posits that a financial inclusion drive through infrastructural intervention projects will reduce Nigeria’s poverty population and also have a positive multiplier effect on the Nigerian economy. He listed the electrification of rural households through a pay-as-you-go solar service and cashless transactions via telco induced mobile money platforms, as examples of such infrastructural intervention projects.

The Nigerian government has a target of installing new home solar power systems and mini-grids for over 5 million low-income households by the end of 2023. Many of these households either have no source of power, or rely on small, inefficient generators for electricity.

These families will need to use PAYGo, an installment financing option offered with mobile money bank accounts, to purchase the installation kits for these systems. Customers who have an existing mobile money account have a higher chance of accessing the facility than others who don’t.

Speaking on the impact of the project, Oyekan said: “Our analysis shows that a PAYGo loan would make solar kits affordable for about half of the 31 million households that do not have reliable electricity and may also considered to be in a low-income bracket. What’s more, we found that 3.2 million out of 17 million households currently using kerosene and candles as their lighting source could afford the monthly PAYGo payments based on their current spending on lighting, plus about 10 per cent of their nonfood budget.”

He highlighted a recent USAID research which estimates that between 15 to 30 percent of PAYGo solar customers will create a credit history for the first time when they purchase a solar home system with a PAYGo plan.

Stressing the importance of having a credit history and financial footprint, he said: “That credit history could, in turn, lead to other loans for large expenses, such as school fees, which can consume up to 40 percent of a family’s annual income. Credit histories are also a critical driver of growth for small-business enterprises and first-time business entrepreneurs.”

 

About BCG

The Boston Consulting Group is a global management consultancy firm. BCG partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963.

Today, the organisation helps clients with total transformation—inspiring complex change, enabling organisations to grow, building competitive advantage, and driving bottom-line impact.

 

 

 

Linkage Assurance:  Strong Partnership with Brokers Reason for Market Growth

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L-R:  Mr. Rotimi Olukorede, Chairman, Nigerian Council of Registered Insurance Brokers (NCRIB), Lagos Area Committee (LAC); Fatai Adegbenro. Executive Secretary/CEO, NCRIB; Adelagun Okanlawon, Executive Director-Technical, Linkage Assurance Plc, and Ayo Akande, Past Chairman, LAC during the NCRIB, LAC General Meeting sponsored by Linkage Assurance in Lagos.

Linkage Assurance Plc has attributed its continuous growth and market expansion to her good relationship with the insurance brokers.

Linkage said its focus going into 2021 and beyond will be to strengthen the relationship by continuously providing efficient services and meting claims obligations promptly.

Daniel Braie, Managing Director/CEO, Linkage Assurance Plc made the disclosure during the general meeting of  the Nigerian Council of Registered Insurance Brokers (NCRIB) Lagos Area Council(LAC) hosted by Linkage in Lagos.

Braie said “Linkage Assurance Plc recognises the pivotal role of the broker’s community in the growth of insurance business and that is why we decided that apart from hosting the national body, we would go a step further to host the various Area Councils across the country.”

“So far, we have done this in Abuja, Kaduna, Port Harcourt and now Lagos. If not for the COVID-19 Pandemic that broke last year which affected businesses all over the word including Nigeria, we would have covered more states.”

According to Mr. Braie, Linkage Assurance is still very committed to achieving this objective because of the importance it places on brokers as her strategic partners, as it is committed to delivering on the promises of her vision and mission statements.

He also disclosed that Linkage from its unaudited result for the year 2020 grew its Gross Premium Written by 28 percent from N6.5 billion in 2019 to N8.3 billion. This is as Linkage also achieved profit before tax of N2.5 billion, and paid out claims amounting to N2.4 billion during the same period.

“This would not have been possible without your support for which we are grateful. We had the largest aviation treaty in the market last year, and this year we about the highest in fire treaty. So, we are ready to serve you well, Braie assured.

According to him, Linkage insured 100 percent of the helicopter that crashed last year in Opebi, Ikeja, Lagos and has settled the hull claim of N375 million and about concluding the settlement of the passenger liability claim of $300,000 for the three passengers that died in that unfortunate incident. “These are Indications that we are poised to provide robust and efficient insurance service to the insuring public.”

“We have robust reinsurance in place. For year 2021, our fire treaty is abut the largest in the market and we settle our claims promptly. For businesses placed with Linkage, I say, go to bed and sleep with your two eyes closed because when there is claim, we will settle.”

We could not have done all these without the partnership of the brokers and in line with our strategic focus for the year, we intend to deepen the level of our relationship with the brokers, Daniel Braise noted while appreciating the brokers for their generous partnership with Linkage and also promising to continue to improve on her value propositions.

On the recapitalisation exercise in the industry, Braie said “we achieved the first phase of our recapitalisation of N5 billion even before the deadline of December 2020 set by NAICOM from internal funds. We are all aware that there is a court injunction in force regarding the capitalisation, but we are committed to concluding the second phase on or before this first quarter 2021.”

 

 

Before You Switch From One PFA to Another

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

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

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

What Should You Know Before You Switch?

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

Why Should You Choose Stanbic IBTC Pension Managers As Your PFA

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

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

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

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

Linkage Assurance Hosts NCRIB Lagos Area Committee on Feb. 11

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Daniel Braie

MD/CEO

Linkage Assurance Plc

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

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

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

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

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

Ecobank Nigeria Unveils Money Transfer via SMS, WhatsApp

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

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

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

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

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

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

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

Resolving Malnutrition Challenges in the Midst of COVID-19 Pandemic

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The key is proper planning.

 

 

Emirates Skywards Offers Flexibility, Elite Tier Extension to 2022

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

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

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

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

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

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

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

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

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

 

 

 

Varsity Don Harps on Benefits of Soybeans, Fish Consumption

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