Covid-19: Ecobank Nigeria Restates Commitment to SMEs, Agric Sector

03/07/2020

Ecobank Nigeria has restated its unwavering commitment to support and sustain the development of Small and Medium Enterprises (SMEs) in all sectors including the Agriculture sector of the nation’s economy, following the emerging economic climate. This was the submission of speakers at the Ecobank Webinar held recently in Lagos.

In his presentation tagged: Harnessing CBN and other funding opportunities for small and medium enterprises in the emerging economic climate, Emeka Agada (Head, SME, Ecobank Nigeria), stated that the bank will continue to harness and explore the various CBN intervention schemes and other funding and trade opportunities provided by Ecobank Nigeria for small businesses.

He further added that Ecobank has also made available solutions that enhance trade through provision of working capital and digital platforms for payments and collections.

According to him, Ecobank recognises that one of the ways of creating jobs, reducing poverty and achieving economic growth and development is by the timely extension of credit to businesses, stressing that the bank is a big player in financial intermediation in that sub sector.

“Ecobank is a major player in the SME space. We have won several awards in this regard. That is why Ecobank is commonly referred to as the SME friendly bank. We will continue to partner with CBN and other funding partners to play the important role of promoting economic growth and development through the process of financial intermediation in the sub sector under any circumstance” he said.

Agada listed business loans offered by Ecobank to SMEs as merchant advance for businesses using digital collection channels, inventory finance for key distributors, shop owners facility for traders, purchase order and invoice discounting, asset finance, agriculture finance amongst others. He further stated that the bank also supports trade by providing solutions for facilitating onshore and off-shore activities such as export finance, import finance, bonds, guarantees, small-scale import forex via form Q etc.

He further stated that Ecobank is also a major participant in the CBN Interventions such as Creative Industry Initiative (CIFI), Healthcare Intervention Fund, Real Sector Support Facility (RSSF) and all Agric related intervention funds amongst others.

Moji Oguntoyinbo (Head, AgriBusiness, Ecobank Nigeria), in her presentation titled- Harnessing CBN and other Ecobank funding opportunities for Agric business in the emerging economic climate, said Ecobank, is sustaining its commitment to the agriculture sector in partnership with NIRSAL and some other developmental institutions in the next two to three years.

According to her, Ecobank is a partner with the CBN in all its intervention schemes and programs which are focused on the development of the agricultural sector. ‘’This relationship is generating activities across the entire value chain of the sector’’, she stated.

She listed the various schemes and programs as Anchor Borrowers Programme (ABP), Nigeria Incentive-Based Risk-Sharing System for Agricultural Lending (NIRSAL), Commercial Agriculture Credit Scheme (CACS), Micro, Small and Medium Enterprises Development Fund (MSMEDF), Real Sector Support Facility (RSSF), Paddy Aggregation Scheme (PAS), Maize Aggregation Scheme (MAS) and Rice Distributors’ Facility (RDF).

This edition of the Ecobank Webinar series is an initiative of Ecobank Commercial Banking business, aimed at deepening conversation on the new normal for businesses and how individuals can harness new opportunities in the face of COVID-19.

The virtual engagement attracted participation from amongst various Ecobank customers comprising, individuals and business owners from different sectors of the economy and financial experts who joined across virtual platforms and social media handles.

Ecobank’s unique and largest pan-African platform is designed to help unlock the opportunities of the continent and for the continent, through standardisation, fueling regional integration, trade and investment across borders.

Due to its sterling performance, the bank has been recognised multiple times; as ‘Best Retail Bank in Africa 2019’ by the African Banker Awards and also as ‘Most Admired Financial Services Brand in Africa 2019’ by Brand Africa 100.”

AMCON Takes Over Assets of Pan Ocean Group over N240bn Debt

Business Journal

02/07/2020

Hon. Justice A.M. Liman of the Federal High Court, presiding over the suit between the Asset Management Corporation of Nigeria (AMCON) vs Everest Nominees Limited and Dr. Bolaji Ogundare a subsidiary of Pan Ocean Group has ordered AMCON and its assignee to take over all the assets of the companies.

Pan Ocean Group is promoted by Dr. Festus Fadeyi, a flamboyant Lagos oil and gas businessman whose total indebtedness to AMCON is over N240billion.

The court had also granted an order appointing AMCON as a Receiver Manager (in accordance with its 2019 Act as amended) and its designated human nominees (Mr. Kunle Ogunba Esq. SAN) its privies and assigns over the assets of Pan Ocean, their corporate guarantors, cronies and cohorts to take over a number of prime assets of Pan Ocean over some irreconcilable huge debt owed AMCON by both Everest Nominees Limited, Pan Ocean Group and their promoters as well as directors.

The court in suit No. FHC/L/CS/722/20 ordered AMCON and its assigned designate to take over several oil mining and oil prospecting licenses that are exemplified by OML 147 (formerly OPL 275), OML 152 and OML 98 respectively. The order also mandated AMCON to took over the property lying and situate at No. 33b, Adebayo Doherty Street, off Admiralty Way Lekki Phase One in Lagos State as well as the property lying and being specifically known as FF Towers, Plot 13/14 Ligali Ayorinde Avenue, Victoria Island, Lagos.

Others include another property lying and specifically known as No. 8, Modupe Alakija Crescent, Ikoyi, Lagos; the properly lying and specifically known as No. 10/12, Modupe Alakija Crescent, Ikoyi, Lagos christened and identified as Grand Villa; No. 14, Modupe Alakija Crescent, Ikoyi, Lagos; another property lying and known as Ark Towers situate at No. 17, Ligalli Ayorinde Avenue, Victoria Island, Lagos as well as Plot 5 and Plot 822, Samuel Manuwa Street, Victoria Island, Lagos.

Aside these prime assets of the obligors, Justice Liman also ordered AMCON to take over any other assets, businesses, affairs, undertakings, interests etc belonging to the defendants wherever same may be found. He also directed the Inspector-General of Police and his commissioners to assist AMCON and its designates as well as the Court Bailiffs in taking over the assets on behalf of the Corporation.

Only recently, the media was awash with news that the debt of Dr. Festus Fadeyi of Pan Ocean Group and his firms to Skye Bank Plc accounted for why the bank eventually collapsed.

Skye Bank Plc officially collapsed in 2018 leading to its takeover by the Federal Government of Nigeria through AMCON, which injected a fresh cash of about N786billion. AMCON had to step in because the bank required urgent recapitalisation, which at the time save thousands of jobs and depositors’ money.

Olam to Speed Innovation to Address Global Food Security

Business Journal

02/07/2020

Olam International, in partnership with Agropolis Fondation, is on the hunt for ground- breaking scientific research that can deliver transformational impacts within global agriculture and win a $75,000 grant to support development and implementation.

Unlike other research awards, the Olam Prize for Innovation in Food Security requires clear evidence of potential short-term impact on food availability, affordability, adequacy, and accessibility. The fourth edition of the biennial Prize follows the recent warning from the UN World Food Programme that the COVID-19 pandemic will double the number of people suffering acute hunger by the end of 2020i, bringing food security firmly into the world’s spotlight.

Sunny Verghese, Co-Founder and Group CEO at Olam said: “At a time when the world faces a potential rise in food insecurity from the coronavirus crisis, with vulnerable parts of the developing world, particularly in Africa, most at risk, the new scientific insights and techniques being developed by research teams around the world are more significant than ever. The Olam Prize aims to support breakthrough innovations so that together we can re- imagine agriculture for greater food security.”

The winner of the previous Prize was a pioneering mapping approach that is reimagining subsistence farming in Ethiopia, co-ordinated by Dr Tomaso Ceccarelli of Wageningen Environmental Research and Dr Elias Eyasu Fantahun of Addis Ababa University.

Commenting on what the funding has meant to the implementation of their research, Dr Ceccarelli said: “The funding from the Olam Prize has allowed us to start scaling up our approach and shift our focus from areas of high potential agriculture, to the food insecure and drought prone regions of Ethiopia. Specifically, the funding is being applied to 4 key areas: engaging local and regional planners, in-situ data collection on bio-physical and socio-economic conditions, developing the GIS-based tool behind IM4FS, and application of site-specific crop recommendations based on the research fed into and information generated by the tool.

“With the unexpected outbreak of COVID-19, we’re also reviewing with our partners how IM4FS can support more immediate and urgent food security needs for farmers amid the pandemic. This would include planning efficient seed, fertiliser and other input distribution to farmers based on needs assessments.”

Meanwhile, since receipt of the 2017 Prize funding, the heat-tolerant wheat varieties developed by Dr.

Filippo Bassi of ICARDA, are now well-established in Senegal and Mauritania and have been

successfully cultivated for the first time by farmers in Benin, Togo, Ivory Coast, Ghana, and the

Republic of The Gambia.

“Despite extreme weather events Africa, and the disruption caused by the Covid-19 pandemic in Africa, I am happy to say that the activities enabled by the Olam Prize are advancing at full steam. Olam’s mill is Dakar is leading a partnership with other local millers to provide an ideal market for farmers to sell their new grain and with the expansion of heat tolerant wheat now included as a strategic approach in the Adaptation of African Agriculture (a joint initiative by African Ministries of Agriculture), we can reach many more farmers.

“Indeed, the Olam Prize, and the communication campaign that followed, has truly helped promote the use of this technology and get farmers interested. Since the initial press release, ICARDA has been contacted almost weekly to provide seeds to different farmers and scientific organisations around the globe. The true power of the Olam Prize goes well beyond personal recognition to really helping people learn and deploy new progressive ideas for sustainable agriculture.”

Applications are welcomed from academic or research institutions, civil societies and the private sector, and can focus on any region, environment, crop or part of the agricultural supply chain.

Submissions must be made via the Agropolis website. The deadline for application submissions is 23:59 CET (France) 11 January, 2021.

Applications received before 30 November 2020 will be considered for publicity opportunities on Olam’s corporate channels.

The 2021 Prize will be judged by an independent jury of experts and awarded in conjunction with the Agropolis Louis Malassis International Scientific Prizes for Agriculture and Food and SHIFT Prize by Biovision Foundation.

Stanbic IBTC Donates COVID-19 Test Kits to Lagos State Govt

Business Journal

01/07/2020

L-R: Bridget Oyefeso-Odusami, Head, Marketing and Communications, Stanbic IBTC Holdings PLC; Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC; Dr. Ismail Abdus-Salam, Director of Epidemiology, Biosecurity and Global Health and Incident Manager, PHEDC, COVID-19 Response, Lagos State; Dr. Babatunde Saka, Technical Consultant, Biosecurity, Lagos State and Global Executive Secretary, GET Consortium and Dr. Bamidele Mutiu, Director, Lagos State Biobank of Consultant Clinical Microbiology during the Donation of COVID-19 Test Kits to Lagos State at the Infectious Disease Hospital, Yaba, Lagos State.

Stanbic IBTC Holdings PLC, Nigeria’s leading end to end financial services provider, has further strengthened its support for the government’s fight against the COVID-19 pandemic through the donation of test kits to the Lagos State Government.

As the novel coronavirus enters community transmission stage, it becomes expedient to increase tests, hence the timeliness of the donation of test kits by the Stanbic IBTC group. The kits were officially presented to Lagos State Government at the Lagos State Biobank, Mainland Hospital, Yaba on Tuesday,June 30,2020

Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, reiterated the importance of supporting the Lagos State government’s testing capacity, considering the upsurge in the number of confirmed cases in the state.

He said “Lagos State has recorded the highest number of confirmed cases in Nigeria since the outbreak of the virus. Being the most susceptible city in the country, we must not relent in our efforts to help in identifying those who have been infected so that proper treatments can be administered to them.”

He further noted: “Proper testing precedes treatment and the requisite treatment and care saves lives. We have made various contributions towards fighting the pandemic and we also deem it necessary to support the government in the area of testing. All hands must continue to be on deck until the virus is finally defeated.”

The representative of the Lagos State government; Dr. Ismail Abdus-Salam, Director Epidemiology, Biosecurity and Global Health & Incident Manager, COVID 19 response, expressed gratitude on the donation of the test kits.

He said: “The fight against the COVID-19 pandemic is a joint responsibility and working together to defeat this common enemy is the most potent way of overcoming this pandemic. We are delighted that a leading financial institution like Stanbic IBTC recognises this and has continuously supported the government in this cause.”

Dr.Abdus-Salam further said that the donated kits would increase the state’s testing capacity, thereby leading to early detection and proper care and treatment for those found to have been infected. He also called on other organisations to emulate the Stanbic IBTC example in supporting the government’s effort in the fight to curb the spread of the virus.

Stanbic IBTC Holdings PLC in line with its Corporate Social Initiatives, with health as one of its pillars, has made financial donations to various governments and institutions since the confirmation of COVID-19 cases in Nigeria.

The other States that will benefit from the donation of test kits include Borno, Cross Rivers, Ebonyi, Kaduna, Ondo, Rivers as well as the FCT.Past efforts include financial donations to the Coalition Against COVID-19, Fate Foundation and AkwaIbom State government.

Ecobank Transnational Inc Holds 32nd AGM as Shareholders Approve Resolutions

Business Journal

01/07/2020

Ecobank Transnational Incorporated (“ETI”), the parent of the Ecobank Group, the leading pan-African bank with banking operations in 33 countries, concluded its 32^nd Annual General Meeting (AGM) & Extraordinary General Meeting in Lagos, Nigeria.

For the first time in the history of ETI and in line with preventive measures to curb the spread of COVID-19, attendance at the General Meetings was mainly by proxies in accordance with the Articles of Association of the Company.

Ecobank Group Chairman Emmanuel Ikazoboh said: “We are in the final lap of our five-year ‘Roadmap to Leadership’, having laid and achieved much improved business and operational foundations, leadership in digital products with scalability, strong corporate governance and continued expense discipline. We continue to focus on making substantial strides towards ensuring a return on equity above the cost of capital across the Group despite the challenging economic conditions especially with the COVID-19, whilst also maintaining our commitment to driving economic development and financial integration across Africa. This was my last AGM, as I have now completed my tenure as director and Chairman. As I retire, it has been a privilege for me to have served this great institution andI am particularly proud of what we have achieved. I am further assured and confident that my able successor as Chairman, Mr. Alain Nkontchou will continue to lead the Board in our journey to leadership. The world has its eyes on Africa, and we are positioning our Bank in a way that continues to ensure its commitment to, and development of the continent. I will remain a strong ambassador of this great institution and its ideals”.

Ade Ayeyemi, Chief Executive Officer of Ecobank Group, said:“I must first and foremost, pay tribute to our outgoing Chairman, Mr. Emmanuel Ikazoboh, who has served the group diligently during his tenure. On behalf of Management, I extend our immense admiration for the invaluable stewardship, counsel, strategic expertise and oversight that he so willingly provided. I also seize the opportunity to congratulate and welcome on board our incoming Chairman Mr. Alain Nkontchou and look forward to working with him as he leads the Board.2019 was a year of substantial progress for the Group on multiple fronts as we broadened our innovative product range with our upgraded core banking application platform, increased customer numbers, established new partnerships and initiated programmes to transform customer experience and embed the desired conduct, culture and ethics throughout the organisation. Each of our three business lines improved their profitability and positioned Ecobank for sustainable long-term success. Post-year end, the effectiveness of our digital ecosystem came into sharp focus amid the current global challenges of the Covid-19 pandemic, enabling us to provide seamless continuity of service to our customers. The virus is having devastating effects and is causing severe disruption to families, businesses and economies across our sub-Saharan footprint and we continue to provide our unwavering support in these unprecedented and extremely challenging circumstances.”

Shareholders were pleased with ETI’s progress in 2019 and approved all the resolutions at the AGM, which included the election of two new directors – Professor Enase Okonedo and Mr. Simon Dornoo. Professor Enase Okonedo will replace Ms Arunma Oteh who has resigned from the Board.

Shareholders also ratified the co-option of Mr. Deepak Malik, a nominee of Arise B.V, Ms. Zanele Monnakgotla, a nominee of Public Investment Corporation and Dr. George Agyekum Donkor, the representative of Ecowas Bank for Investment & Development as directors,

The mandates of the firms – Deloitte &Touche, Nigeria, and Grant Thornton, Côte d’Ivoire as Joint Auditors were renewed.

The AGM was followed by an Extraordinary General Meeting at which Shareholders voted for the cancellation of the resolution on the consolidation of shares earlier approved on June 17, 2016.

Shareholders also voted for the amendment of Articles of ETI including a provision for the option of electronic general meetings going forward.

Tackling the Hazard of Protein Deficiency

Business Journal

28/06/2020

Proteins are macronutrients. They are an indispensable part in the hierarchy of foods. Macro-nutrient refers to foods that the body needs in large amounts. The other two macronutrients are carbohydrates and fat.

Proteins are made up of millions of smaller units called amino acids, which are attached in long chains. Amino acids are the building blocks of proteins. They play very important roles in the body, which includes improving metabolism and enabling detoxification. They are necessary for tissue growth and the absorption of vitamins and minerals that are vital to health.

Proteins are present in almost all living things. They are found everywhere, from tiny microscopic cells to the largest trees found in forests. As abundant as protein is on the planet, it is not found in all food sources. Some staple foods in Nigeria like bread, cassava, yam tubers, millet, sorghum, maize (corn), all lack protein.

Being dependent on a diet of staple foodstuffs that lack protein, will undoubtedly result in protein nutrient deficiency. Protein deficiency is the significant absence of protein in the body. It affects all ages and cuts across all demographics.

This has become an issue for Nigeria; a country plagued by malnutrition and poverty. With a population of over 200 million inhabitants, the country has the seventh largest population in the world; and is the most populous in Africa.

The report of recent national survey, the Nigeria Protein Deficiency Report, indicates that 51 per cent of respondents do not consume adequate protein-rich foods, due to high cost.The report is the brainchild of the Nigeria Protein Deficiency Awareness Campaign aka Protein Challenge.

The report also showed that the fundamental factors determining the necessity of meal items consumed across the country are availability (79 percent) and affordability (68 percent).

Highlights of the report indicate that carbohydrates are the most consumed food amongst Nigerians. Rice topped the list with 91 percent, closely followed by ‘swallows’ (such as eba, pounded yam, tuwo, amala, etc.) at 83 percent. 58 percent of sampled institutional providers (dieticians and nutritionists) insisted that the protein intake of Nigerians is generally quite insufficient.

Looking at the statistics, it is no wonder that protein deficiency is prevalent in many communities, and indeed the nation at large. Fortunately, there are ways to resolve this challenge.

First, the federal government, following the identification of the zones where protein deficiency is the most prevalent, must co-ordinate efforts to provide immediate aid to the citizens in dire need of treatment. Of course, this should be done in agreement with the state governments.

Secondly, eating right is one way to curb protein deficiency issues. However, this takes practice. If an individual just attempts to rapidly change what they eat overnight, the truth is, they will fail – terribly! This must be done gradually. Health-conscious dieters, and even experts, advise that changing to a healthy diet is a gradual process. For example, if one eats eba or bread regularly, it won’t be easy to suddenly stop eating these meals and switch to a balanced diet.

People need to understand that it is more valuable to eat protein rich meals like beans, soy, eggs, dairy, etc. — even on a low income. The focus should be on the nutritional value, always.

The government again has a vital role to play. It can start by implementing policies to expand the economy, reduce unemployment, and moderate the overall price of healthy foodstuffs. It should give farmers more access to funding to ensure that their crops are of the highest quality.

Besides, it must promote and support efforts to make nutritious foods more affordable and available for the masses. This will go a long way in catering to the poor citizens who cannot meet the expenses of some food items.

Finally, the media organisations need to be actively involved. They must work with relevant governmental and non-governmental organisations to create awareness of the challenge of protein deficiency in the society. With knowledge comes the incentive to do right by eating right.

This is precisely why the Protein Challenge media campaign is timely and germane. It will serve to draw public attention to the challenge of protein deficiency, and to educate Nigerians on the benefits and imperatives of consuming protein-rich diets

It is important for all to work together so that protein deficiency can be significantly mitigated in Nigeria, if not completely eradicated.

Ecobank Extends Zero Charge for Digital Money Transfers

Business Journal

26/06/2020

Ecobank has extended its zero charge fee for digital money transfers below N5,000 till the end of September this year. In addition to the free USSD session fee currently enjoyed by Ecobank customers, users of Ecobank Mobile, Ecobank Online, USSD – Ecobank *326# can continue to enjoy zero fee charge for digital money transfers below N5,000.

New customers can also benefit from this by opening an Xpress account from the comfort of their homes by simply dialling *326#. The zero charge for mobile money transfers by Ecobank commenced in March as part of the bank’s corporate action to cushion the rising spread of Corona virus.

The decision to extend the zero charge policy is hinged on the bank’s drive to continuously encourage citizens to adopt digital banking particularly with the ongoing social distancing campaign targeted to check the spread of COVID-19.

According to Olukorede Demola-Adeniyi, Head, Consumer Banking, Ecobank Nigeria, ” As a bank, our priority is people’s wellbeing. We place great emphasis on rewarding and identifying with our customers and citizens of Nigeria especially at a time like this. We are determined to ensure that the impact of the pandemic is minimal on citizens. We encourage our customers to utilize our digital self-service solutions including Ecobank mobile app, Ecobank Online, EcobankPay, Ecobank Omniplus, Omnilite and the rapid transfer app; where they can easily access their bank accounts, make payments, transfer funds, process salaries and carry out ancillary banking transactions from the comfort of their home and offices without having to visit the branches.”

She further stated that, ” At Ecobank, we are always finding ways to improve our customer experience digitally, which is why I encourage our customers to upgrade to the new Ecobank mobile app 4.0. Customers can carry out banking transactions and enjoy some of the new features that the app provides, such as the ability to send money via email or SMS and of course, take advantage of the zero charge on money transfers below N5,000.”

She added that the bank was also supporting over 50,000 farmers across the country to grow maize, under the CBN Anchor Borrowers program with the Maize Growers, Processors and Marketers Association of Nigeria (MAGPAMAN).

COVID-19 Learnings – A Bird’s Eye View

Business Journal

24/06/2020

Gradually, the COVID-inspired lockdown has begun easing up. As we return to normalcy, the question is this: When all this is over; when sickness and deaths subside, when ventilators and face masks are back in storerooms, when health workers no longer fear for their lives in the line of duty, and when families and friends gather once again; what lessons would we have learnt as individuals or organisations?

COVID-19 has shaken even the strongest of us, raging beyond ideology and boundaries. However, despite the uncertainties, some individuals and organisations have borne great responsibility for the health and wellbeing of others in the country. They have given support in different ways: through money, resources, medical supplies, and generally lent a helping hand.

One organisation whose intervention effort brings a lot to the fore is the Interswitch Group. The group in many ways changed the narrative on how Nigerian businesses respond to global issues. They redefined partnerships and demonstrated the importance of technology. From their concerted efforts, here are some of the lessons we could glean from them:

Giving: While there have been a lot of acts of giving during these trying times, the lesson on giving from Interswitch stood out. In the face of the prevailing harsh economic situation, employees of Interswitch Group committed to contribute 10% of salaries, for three months, as their quota in fighting the pandemic. The management and board complemented that act and together a total sum of N305 million was raised. These funds have been used for several COVID-19 initiatives across the country, including the sponsorship of the Edo State Molecular Laboratory and donation of a CPAP machine to Ogun state.

With this selfless gesture, they were able to show us that we don’t have to be very rich to give, we can share from the much we have.

Charity Begins at Home: The Interswitch Group and its employees drove home the meaning of this old saying in the recent past. Driven by the vulnerability of the people around its operational environment, the company, through its payment card scheme subsidiary – Verve international – set up the Verve Food Bank Initiative through which raw food items were provided for a critical subset of their community.

While they may not be able to reach out to everyone adversely affected by the economic implications of the pandemic, they identified a uniquely endangered subset within their immediate environment for their relief activities. These critical groups included the vulnerable people and families of men of the armed forces, all around the Eti-Osa Local Government Area.

Working with the Lagos State Feeding Programme (Eti-Osa Local Government Area) and the Young President Organisation (YPO), they set up four Verve Food Bank Centres across the LGA.

Redefining Partnership: Being a forward-thinking organization, Interswitch leveraged existing relationships and even pursued new ones with the aim of fighting the pandemic.

They partnered with PAX Technologies to provide infrared thermometers and facial masks for Nigerians. They also partnered 23 state governments across the country with support efforts such as:set up of isolation centres, procurement of rapid diagnostic testing kits, deployment and management of its COVID-19 pathway platform, payment of health workers allowances, donation of raw foodstuffs to indigent communities and procurement of other medical equipment and consumables.

Leveraging Technology: Another interesting lesson from Interswitch Group was the use of technology to beat the odds.

In the light of the new normal (work from home, stay at home) the adoption of technology has become imperative. Owing to the integral role payment plays in our everyday lives, the Interswitch Group has enhanced all of its technology competencies across its operations and with partners. Across the Interswitch networks, Nigerians can make safe, convenient and fast payments using ATM, PoS, credit/debit cards, mobile apps, online platforms etc. The Quickteller platform has been further enhanced to allow for robust options for payments, collections and funds transfer.

With the support of the Interswitch platform, partner banks can service their customers remotely. Also, by committing to deploying contactless payment options, the company will be using technology to curb the spread of the virus.

Leveraging Core Competence: To further support the fight against the virus, the company is leveraging its core competencies to provide solutions. Through its health tech subsidiary, e-Clat Healthcare Limited, Interswitch built and activated a user-friendly, locally nuanced first-line intervention platform with which Nigerians can perform remote self-assessment to determine their risk and pre-disposition to the coronavirus.

Value of People: From all of Interswitch’s efforts, we cannot but notice the immeasurable value of people. From the people at Interswitch contributing together to amass a huge sum, to Interswitch’s value on the people in their immediate environment and the need to connect with them in the difficult times. The importance of forging alliances with other people to drive solutions and interventions to fight the coronavirus. The uncommon recognition of the contributions of the security personnel helping to maintain peace and order in our society during the lockdown. The deliberate transparency in handling the collective funds’ expenditure; to the staff and general public. The mere commitment to support the fight against COVID-19 shows the value the company places on the lives of the Nigerian people. This regard transcends class, sex, tribe and business affiliations.

The pandemic has been an opportunity to acquire several skills, adopt new habits and learn salient life lessons. These selfless acts by the Interswitch Group team and management show their commitment to the community and country. It should provoke us as individuals or organizations to use our greatest strengths and core competencies to serve greater purposes.

How NCC’s Strategic Management Plan Will Drive Digital Economy

Business Journal

24/06/2020

Professor Umar Danbatta

Executive Vice-Chairman

Nigerian Communications Commission

The Honourable Minister of Communications and Digital Economy, Dr. Isa Ali Ibrahim Pantami, has explained that the new Strategic Management Plan (SMP) 2020-2024 by the Nigerian Communications Commission (NCC) will be a pedestal to drive the implementation of the Federal Government’s digital economy vision.

The Honourable Minister stated this during the virtual launch of the NCC’s five-year strategy plan in Abuja which was attended by few invited officials from the Federal Ministry of Communications and Digital Economy, the Nigerian Communications Commission, other sister parastatals under the Ministry as well as critical Stakeholders in the telecoms sector, who joined the launch virtually in compliance with the Federal Government’s directives on social distancing.

According to the Honourable Minister, the launch of the SMP demonstrated the Commission’s serious improvement in performance matrix and its efforts in accelerating the implementation of the National Digital Economy Policy and Strategy (NDEPS) and the National Broadband Plan (NBP) 2020 – 2025 of the Federal Government.

“I feel very excited for the fact that there is a serious improvement in the performance of the Nigerian Communications Commission (NCC). The launch of this SMP 2020 – 2024 is a clear indication of that. When a parastatal is performing, it will create an innovative idea on how to be more successful. When a parastatal is not performing, you will not hear anything on how to implement policies and come up with different strategies and plans,” he said.

Pantami stated that despite the enhanced performance of NCC, there is a need for the Commission to redouble its efforts. “We need to challenge and ridicule our previous successes by setting new records through the implementation of this SMP 2020 – 2024. The NCC Management must ensure effective implementation of this SMP,” he added.

Earlier, the Executive Vice Chairman (EVC) of NCC, Prof. Umar Danbatta, said the SMP is the fulcrum that will aid the NCC in driving its telecom regulatory mandate in the fast evolving telecoms industry, in the next five years. He said it will serve as a roadmap for the future of the Nigerian telecoms sector, taking into consideration the current and emerging trends in the industry and the numerous expectations of the diverse Stakeholders.

“The Federal Government’s economic diversification plans are focused on a robust digital economy, which will improve employment generation, as well as encourage innovation. This was prime in our minds during the formulation of the SMP. We have invested great time and effort in ensuring that this document is pragmatic, and I am very confident and excited in its completeness to successfully guide the Commission in achieving the set objectives. We are committed to the implementation of this SMP,” the EVC said.

The Chairman Senate Committee on Communications, Distinguished Senator Oluremi Tinubu who was represented by Distinguished Senator Obinna Agbo, praised the Commission for its exemplary performance and averred that the new SMP 2020 – 2024 would ensure the Commission is on course to deliver on the mandate of the Federal Government for a digital economy. Distinguished Senator Tinubu wished the Commission success in implementing the Plan.

Speaking in the same vein, Deputy Director, Corporate Planning, Strategy and Risk Management, Ms Helen Obi, said the development of the new SMP for the next five years was initiated with the lapse of the previous one and it would help the Commission to effectively harness its internal resources to deliver on expectations of its external stakeholders and the industry as whole.

“Our primary goal in organising the launch, therefore, is to present the finished work to our esteemed stakeholders and solicit your buy-in and support in ensuring that our shared vision and mission of providing best-in-class regulatory services towards achieving a digitized economy is sustainably accomplished,” she added.

In their goodwill messages to the Commission, the Chairman, Association of Licensed Telecom Operators of Nigeria (ALTON), Gbenga Adebayo; President, Association of Telecoms Companies of Nigeria (ATCON), Olusola Teniola and President, National Association of Telecoms Subscribers (NATCOMS), who joined the launch virtually, congratulated the Commission and expressed their view that the SMP 2020 – 2024 will add the needed impetus to the implementation of national digital economy policy of the government.

Over 700 estimated guests, including representatives of ministries, departments and agencies (MDAs), Chief Executives of telecoms companies, the media, among others, joined the launch online. At the same time, over 2,400 viewers watched the Facebook live video during the SMP launch.

About NCC’s SMP 2020 – 2024

SMP 2020 – 2024 is the visioning document of the Commission for planning, monitoring, analysing, and assessment of the Commission to meet its goals and set objectives. It has five pillars, which include regulatory excellence, universal broadband, promote development of digital economy, market development; and strategic partnering and 25 intended outcomes. Five critical success factors identified for the implementation of the Strategy include: ownership and commitment, effective communication, human resource capacity, development of and adherence to a strategy development manual; and implementation discipline.

The Face of the new SMP is captured in the acronym: “ASPIRE 2024” (A: Advancement through S: Strategy P: Professionalism I: Innovation and R: Regulatory E: Excellence).

Ecobank Webinar: Rethink Your Business Culture over COVID-19–Experts

Business Journal

24/06/2020

Nigerians have been advised to move from the realm of denial, anger and accept the reality of the ‘new normal’ occasioned by COVID-19 pandemic by properly articulating their goals and developing a financial plan based on available resources.

This was the submission of investment and financial experts at the Ecobank Webinar on the topic: ‘Personal financial stability in a changing environment: achieving balance in the new normal’, held in Lagos last week.

In his presentation, Olufela Popoola, Managing Director, EDC Fund Management Limited, a subsidiary of Ecobank Group, pointed out that though commodity prices are stabilising and stock markets are recovering globally, Nigeria is in recession mode with increasing inflation, pressure on exchange rate and increased government borrowings.

He posited that individuals and businesses should worry less about the current realities, but start to think differently as they positively forge ahead. Specifically for individuals, it was time to carefully review their life’s goal and objectives and thereby; – review/develop a financial plan, align this plan to the current financial realities and their expected future resources and ensure that these plans become a reality by having structured investment programmes to achieve same.

“To adapt and stabilise, rethink your business culture. Focus more on goals, not (necessarily) processes, listen more to customers & respond quicker, change working style –flexibility, Study what competition is doing –be more professional, Improve internal communication & information sharing and Change working conditions to be more employee oriented. This is not the time to procrastinate. Don’t think you have too little or too much funds to start a plan, but rushing to start an investment may not be the best for now. You need to consider risk, returns and time horizons. As a matter of fact, this is the time to speak to experts like us at the EDC Fund management. Investment options and plans include corporate bonds, government securities, private equity, Eurobonds, life insurance, real estate, commercial papers, and managed portfolio, among others.’’

Also speaking, Okey Okere, Country Manager, Hofstede Insights Nigeria, made a case for people to rethink their lifestyle and business culture to adapt and stabilise under the ‘new normal’. According to him, “there are countless speculations about changes to the whole-world as we know it, but we can’t really tell how COVID-19 will change the world forever, what the “new normal” will eventually be, how long it will last and the impact on the world, Nigeria, businesses and our personal finances. But one thing is sure, we need to make changes.”

Okere listed the businesses that that are making gains despite COVID-19 pandemic as ICT services, e-commerce companies, personal care products, agriculture, food retailers and local delivery companies, adding that sectors such as aviation and shipping, consulting and professional services, education, financial services, manufacturing (non-essentials), real estate, automobile, and others are negatively impacted.

He counselled businesses to focus more on goals and not necessarily processes, listen more to customers and respond quicker, change working style, study what competition is doing, improve internal communication and information sharing and change working conditions, stressing that if the effects of the pandemic hurts too badly, there might be need to wind down business entirely.

This edition of the Ecobank Webinar series is an initiative of Ecobank Consumer Banking Segment, aimed at deepening conversation on the new normal for businesses and how individual can harness new opportunities in the face of COVID-19. The virtual engagement attracted participation from amongst Ecobank Personal Banking customers comprising, individuals and business owners from different sectors of the economy and financial experts who joined across virtual platforms and social media handles. Ecobank’s unique and largest pan-African platform is designed to help unlock the opportunities of the continent and for the continent, through standardization, fueling regional integration, trade and investment across borders.

Due to its sterling performance, the bank has been severally recognised as ‘Best Retail Bank in Africa 2019’ at African Banker Awards and also as Most Admired Financial Services Brand in Africa 2019 by Brand Africa 100.”

Sovereign Trust Insurance Grows PBT by 51.5% in 2019

Business Journal

23/06/2020

Mr. Olaotan Soyinka

Managing Director/CEO

Sovereign Trust Insurance Plc

The National Insurance Commission, NAICOM has granted its approval to the 2019 audited accounts of Sovereign Trust Insurance Plc. This development is coming on the heels of the recent pandemic that has phenomenally affected the business environment globally with no exception to the Insurance Industry in Nigeria.

Despite the challenge, Sovereign Trust Insurance Plc (the Company) has once again put up a brilliant performance in the year under review when compared with the company’s performance in 2018.

The Managing Director and Chief Executive Officer of the Underwriting Firm, Mr. Olaotan Soyinka said the development is an encouraging one as he believes the company will continue to remain on the path of growth in the days ahead.

It is quite interesting to note that the Company recorded a significant growth of 51.5% in its Profit Before Tax totaling N819m as against N540m recorded in year 2018. The Gross Premium Written in 2019 stood at N10.8billion compared to the N10.5billion written in 2018, representing a minimal 3.43% increase.

Another outstanding highlight of the 2019 accounts which could be described as remarkable is the rise in the Company’s Profit After Tax to N503m as against N344m in 2018 representing 46% increase.

As the Company grew its balance sheet in 2019, so did it also increase its claims payout. In 2019, the net claims paid stood at N2.2billion as against N1.7billion that was paid in 2018. This in a way underscores the Company’s claims paying ability resulting in a 23.59% net claims expense.The total assets also grew by 18.5% to N13.4billion in 2019 from N11.3billion in 2018. The Shareholders’ Funds also rose from N5.8billion in 2018 to N7.7billion in 2019, culminating into a 33.7% increase.

The Managing Director while briefing newsmen in Lagos said the Management of the Company is committed to meeting and surpassing the expectations and aspirations of its shareholders and stakeholders alike as the industry gravitates towards another round of recapitalization.

“These performance levels are a confirmation of the management’s determination to effectively and strategically position the Company as one of the leading insurance companies in the country post-recapitalisation.”

Stanbic IBTC Unveils New Tagline “It Can Be”

Business Journal

23/06/2020

Stanbic IBTC Holdings Plc, a member of Standard Bank Group, has announced the change of its tagline from “Moving Forward” to “It Can Be”.

Unveiling the new slogan, Yinka Sanni, out-going Chief Executive, Stanbic IBTC Holdings Plc, said that these special times require a stronger connection with the organisation’s customers. “As we continue to provide innovative banking solutions to give better customer experience, ‘It Can Be’ reflects the gradual and consistent transition from a previous stage of growth to a new stage of possibilities,” he said.

According to Sanni, the new catchphrase represents Stanbic IBTC’s unwavering support to its customers. He said: “Over the years, we have built a reputation of providing quality and topnotch banking experience. This marks a significant milestone in our journey with our customers, as we reflect on everything the “Moving Forward” tagline stood for, we are assured that what we aspire to become ‘can be.’’

He further reiterated that the ‘It Can Be’ mantra is an assurance that with Stanbic IBTC, everyone can achieve greater things with endless possibilities.

“Our new watchword is about hope. It is an attitude and a way of life. It is a statement of reassurance to help our customers get to where they want to be. ‘It can be’ represents transformation, growth, success and a brighter tomorrow for all our esteemed customers. We know they have dreams for the future and we are here to make them happen,” he said.

Virtual Africa Investors Conference to Provide Platform for Corporates, Investors

Business Journal

22/06/2020

Gert Vogel

Chief Executive, International

Standard Bank Group

In line with current world trends, Standard Bank Group, the parent company of Stanbic IBTC Holdings PLC, has adopted a digital approach to enable African corporate clients and leading policymakers to connect virtually with some of the world’s leading institutional investors.

In partnership with ICBC Standard Bank and Microsoft, Standard Bank is hosting its 10^th Africa Investors Conference using a specially enhanced Microsoft Teams platform to host over 2500 meetings over 5 days, doubling the number of meetings hosted in 2019.The virtual platform is enabling many more African corporates and investors to fully participate in the conference, and policymaker sessions will be larger in reach. The number of investors registered for the conference has increased by 78% and African corporate participation increased by 17%.

The conference will run from 22-26 June 2020 and will be hosted against the backdrop of an uncertain environment as the COVID-19 pandemic and national lockdowns remain very much to the fore. With the impact of the current crisis in mind, participants will access significant opportunities to collaborate and exchange fresh ideas, helping to drive growth on the continent.

“While the COVID-19 pandemic is a major setback for the global economy, Standard Bank Group believes Africa’s long-term prospects remain positive and the opportunities for investors and businesses to promote the development of the continent while also generating healthy returns remains,” says Gert Vogel, Chief Executive, International for Standard Bank Group.

The Africa Investors Conference was first held in 2010 and for the past nine years has been hosted at Standard Bank’s offices in the City of London.

“COVID-19 will have a fundamental impact on Africa, as for the rest of the world, making it more important than ever for Standard Bank and ICBC Standard Bank to stimulate discussions between Africa’s top companies and institutional investors to help identify opportunities and stimulate growth in and across the African continent,” says Mr. Vogel.

Top calibre corporates from across the continent, representing a broad range of sectors, including financial services, healthcare, power, transport, mining, construction, chemicals, leisure, telecoms, food and retail, are present. This year we expect over 450 delegates to attend, ranging from government ministers, central bankers, investors and corporates from across numerous African countries.

“We are excited to partner with Standard Bank on this event,” says Lillian Barnard, Managing Director, Microsoft South Africa. “While this unprecedented time has driven increased demand for digital engagement platforms, we anticipate that this kind of experience is set to shape conferences of this nature for the future.”

This year’s event comes ahead of the highly anticipated launch of the African Continental Free-Trade Area (AfCFTA), which will boost intra-African trade and local economies. While the trading bloc’s implementation has been delayed due to COVID-19, its launch is expected to have a transformative impact on African economies.

Olam’s Rice Farm Creates Awareness Against Child Labour

Business Journal

22/06/2020

The Management of Olam’s Rice Farm in Rukubi, Nasarawa State, has enjoined Nigerians to rise up against all forms of child labour.

The company flagged-off the awareness campaign across 17 public and private schools within its host communities in the state to commemorate the 2020 World Day Against Child Labour and the International Day of the African Child, themed: “Covid-19: Protect Children from Child Labour, now more than ever”.

The team also donated several hand washing equipment and soaps to the various schools to prevent the spread of the coronavirus (COVID-19) pandemic in the country.

During the course of the event, the children were taught in practical terms, the importance of handwashing which was demonstrated by using the hand washing equipment and soaps, donated by the company for the benefit of the pupils.

Dr. Umaru Ismaila, Chief Agronomist at the farm, highlighted the increasing rate of childabuse and forced child labour globally. He further encouraged Nigerians to enroll their children in schools and provide them education, stressing that it as a major way to lead them into a better future. He reiterated the importance of abstaining from child abuse and child labour practices.

The highlight of the awareness campaign was the handing over of the hand washing equipment and soaps by Dr. Ismaila to the Head Teachers of the various Schools.

The World Day Against Child Labour is a day internationally recognised by the International Labour Organisation (ILO) to raise awareness against every form of child labour. It is celebrated annually on June 12 and it is geared towards ending the exposure of children towards malicious practices such as working in hazardous environments; child slavery; drug trafficking; prostitution and involvement in armed conflicts.

The Day of the African Child is a day dedicated to raise awareness for the need for continuous improvement in the quality of education provided to African children. The celebration is an initiative of the Organisation of African Unity (OAU) which happens on the 16^th of June every year.

Interswitch Group Donates Equipment, Kits to Lagos State Govt

Business Journal

22/06/2020

L-R: Titilola Shogaolu, Divisional Chief Executive Officer, Interswitch Financial Inclusion Services Limited (IFIS); Dr Frederic Oladeinde, Hon. Commissioner for Transport, Lagos State; and Mrs. Yejide Kolawole, Director, Legal, Ministry of Transport during the Interswitch Group’s donation of Personal Protection Equipment (PPE) and Rapid Diagnostic Test Kits (RDTs), as part of its COVID-19 intervention effort to the Lagos State Government held at the Ministry of Transport, Alausa, Ikeja, Lagos State.

In furtherance of its efforts to assist the government in ramping up the testing capacity for the coronavirus (COVID-19) across the country, integrated digital payment and e-commerce company, Interswitch Group, has donated personal protective equipment (PPE) and rapid diagnostic test kits (RDTs) to Lagos State Government.

The donation, which was presented to the State Government by representatives of the Interswitch Group, was received by the Commissioner for Transport, Dr. Frederick Oladeinde, on behalf of the Governor at Alausa, Ikeja, recently.

The Group revealed that the donation is geared towards intensifying the government’s efforts in the fight against the deadly coronavirus pandemic. This is part of Interswitch’s on-going support for the numerous local intervention initiatives between State Governments and the National Centre for Disease Control (NCDC).

Speaking during the donation ceremony, Titilola Shogaolu, Divisional CEO, Interswitch Financial Inclusion Services Limited (IFIS), said that as the coronavirus continues to spread across the country with increasing numbers of reported cases, it is imperative to increase the testing capacity in Nigeria. She reaffirmed Interswitch’s commitment towards supporting governments at all levels in the fight against the deadly pandemic.

Shogaolu disclosed that Interswitch, through its health-tech subsidiary, eClat, has developed a COVID-19 pathway software platform. The platform allows members of the public to perform remote self-assessment exercise to determine their risk status and pre-disposition to the virus. The platform analyses users’ information from a series of questions around risk factors, recent exposure, observed symptoms, health and travel history. Users are thereafter advised whether to self-quarantine, visit a healthcare facility for further testing, or just keep safe.

She added that the self-assessment platform is being deployed across the 23 states in Nigeria. Currently, the platform has been deployed in eight states, with unique USSD codes. They are: Edo *723*19*1#, Ogun *723*19*2#, Delta *723*19*3#, Oyo *723*19*6#, Lagos *723*19*7#, Kaduna *723*19*8#, Yobe *723*19*9# and Jigawa *723*19*10#.

Dr. Frederic Oladeinde, Hon. Commissioner for Transportation, Lagos State, commended Interswitch Group for the donation of the protective equipment and test kits. He acknowledged the Group’s support in boosting the testing capacity in the State. He further called on other stakeholders and well-spirited persons to support the government’s effort in the fight to curb the virus.

Interswitch Group has remained committed to providing support to the Federal and State Governments, as well as other relevant agencies, in combating the spread of the novel coronavirus pandemic in the country, through several intervention efforts.

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