RedStar Express Commences Express Grocery Service

30/08/2020

Red Star Express Plc, one of Nigeria’s foremost logistics solutions providers, has commenced delivery of fresh groceries for its customers in major cities across Nigeria.

In a recent statement from the company, it was mentioned that customers will now be able to send and receive fresh organic products ranging from fresh vegetables/crops to frozen foods (chicken, beef).

According to the company’s Group Managing Director, Dr. Sola Obabori, the service was created in response to changing consumer behavior following the impact of the COVID-19 pandemic. “We are mindful of how customers’ shopping habits have changed since the pandemic became widespread. Nowadays, most customers are purchasing products online and having these products delivered to them in their homes. To avoid the risks involved in staying in crowded places, less people will be going to the markets to buy food stuffs for their homes. The need to have these items brought to their homes has become vital; making it a challenge that we are looking to provide a solution for with this new service,” he stated.

With the Express Groceries service, deliveries are made using vehicles that are equipped with temperature-controlled storage units that ensure that groceries are preserved until they are delivered.

About Red Star Express

Red Star Express Plc is a Licensee of Federal Express (FedEx) Corporation, the world’s largest delivery solutions provider. It has over 150 offices in Nigeria; with international offices in Niger Republic, Burkina Faso and Benin Republic. Its network spans over 1,500 communities in Nigeria and 214 countries worldwide.

Red Star Express Plc is made up of 4 divisions and business units specializing in areas such as Express Delivery, Logistics, Freight, Outsourcing services, Supply Chain Management, E-Commerce Facilitation, Printing and Packaging, E-Archiving, as well as Agro Trade Logistics.

Pan-african MSME Academy Webinar in Nigeria Set for Sept 3

Business Journal

26/08/2020

All is set the first Pan-african MSME Academy informational webinar in Nigeria slated for 3^rd of September, 2020 at 10am and open to Medium, Small and Micro Enterprises across the 36 states and Federal Capital Territory.

The MSMEs are invited to join this webinar tailored specifically for MSME operating in Nigeria. The webinar provides tips on access to finance and building a digital presence.

Spearheaded under the AUDA-NEPAD “100,000 MSMEs by 2021” (100K MSMEs) programme launched by the African Union Development Agency – AUDA-NEPAD in partnership with the Ecobank Group, the MSME Academy provides easy access to practical training and resources on financing opportunities in various countries, how to build a digital presence for businesses and how to adapt business operations in the era of the COVID-19 pandemic.

The Pan-african MSME Academy offers free access to market intelligence, a host of mentors with a diverse experience while assisting with access to funding opportunities. The programme provides support to African MSMEs and is structured in three pillars, namely: the MSME Academy, MSME Marketplace, and MSME Financing Support Programme to be delivered through an MSME Digital Platform.

The MSME Academy aims to build the capacities of MSMEs across Africa through a combination of relevant content library, a network of institutions specialized in MSME support such as incubators and accelerators, and a community of peers, mentors, and advisors; the MSME Marketplace is a consolidated marketplace of marketplaces, enabling MSMEs to access e-commerce, procurement and alternative financing opportunities across the continent; while the MSME Financing Support Program is a scheme that will bring together financial institutions, guarantee funds, and other institutions to reduce the cost of risk for lenders to deliver capital to MSMEs at scale.

The objective is to radically expand access to finance by aggregating smaller financial institutions such as micro-credit institutions and credit unions that have access to micro-enterprises, standardising their processes, and building trust in their capabilities. The MSME Digital Platform is a one-stop-shop for all MSMEs across Africa to access all these three programmes which jointly address MSMEs’ challenges with access to capacity building, markets, and capital.

Anchor Insurance CEO, Ebose, Tasks Media Practitioners on Insurance Growth

Business Journal

26/08/2020

R-L: Mr. Chuks Okonta, New Chairman of NAIPCO; Mr. Adebisi Ikuomola, Executive Director, Anchor Insurance Company Limited and Mr. Nelson Egboboh, Head, Corporate Communications, Anchor Insurance, at the official inauguration of the new NAIPCO EXCO at Sheraton Hotel, Ikeja today.

Mr. Ebose Augustine, Managing Director/Chief Executive Officer, CEO, Anchor Insurance Limited, has appealed to media practitioners to assist the insurance sector in its ongoing efforts to deepen insurance penetration in the country.

Ebose said that the media can render assistance through adequate sensitization and education of the public on the inherent benefits in insurance products and services.

Speaking at the inauguration ceremony of the new executives of the National Association of Insurance and Pension Correspondents (NAIPCO) in Lagos today, Ebose noted that the media has got a pivotal role of constantly educating the public on the new ways of doing things and business.

Speaking on the topic: “The Role of Insurance Journalists in Emerging Realities” Ebose who was represented by the Executive Director, Technical, Anchor Insurance, Mr. Adebisi Ikuomola, appealed to media practitioners to help insurers in achieving their target objective of deepening insurance penetration in the country through their pivotal role in communicating the message of insurance to the public.

He opined that with the new normal brought about by the covid-19 pandemic, the media has got the pivotal role of constantly educating the public on the new ways of doing things.

He said: “It is the social responsibility of the Journalists to ensure that as the light of the public, no one is left in the dark about new realities.

“The new global realities have more than ever before imposed an onerous responsibility on journalists to continue to update their skills by developing new capacities, a paradigm shift in the way we see things, report issues objectively to achieve balanced perspective and stand point.”

On the recapitalization exercise, he said “It is the duty of the insurance Journalist to offer regular well researched analyses on how companies can go through the processes with ease, the advantages of the process to insurers, shareholders, the insured and the workers. It is not a time for the insurance Journalists to begin to watch to know who will sail through or not.

“The new reality poses new levels of risks globally, overwhelming health infrastructures and developing economies are harder hit. Most advanced countries entered into the pandemic with historic loan and public debts on average higher than they have been over the years.”

The Anchor Boss who highlighted the various challenges posed by the pandemic stated that the impact of the pandemic on the insurance services could be felt in areas like high claims demand, credit risk exposures from businesses facing possible default, lack of sales from travel insurance, less use of face to face marketing channel, surge in demand for health and business interruption insurances.

“The Nigerian insurers are a set of geniuses as we already have developed and perfected quick ways to pre-empting any challenges the pandemic throws at our businesses any time,” he said.

Sanofi Reinforces Commitment as Africa Becomes Free of Wild Poliovirus

Business Journal

26/08/2020

The independent Africa Regional Certification Commission (ARCC), the body responsible for certifying the eradication of wild poliovirus in the WHO Africa Region (WHO-Afro), has granted the region ‘wild poliovirus free’ status.

This follows after Nigeria, the last wild poliovirus endemic country in the region, recorded no new cases in three years–the requisite period–since it last reported cases of wild poliovirus.

Sanofi Pasteur, the world’s single largest producers of vaccines, is proud to be associated with this major milestone for Nigeria, WHO Africa Region and the overall global efforts to free the world of polio.

In Nigeria, Sanofi Pasteur has been working in collaboration with stakeholders such as the National Primary Healthcare Development Agency (NPHCDA), WHO, UNICEF and several multi-lateral and non-governmental organizations in the national immunization programmes for children under 5 years ofage.

Charles Wolf, Vaccines Head for Africa, said:“The ambition to eradicate polio from the world has been a long journey. The recent declaration by ARCC certifying the WHO Africa region as free of wild poliovirus is a watershed for the WHO and all partners in the Global Polio Eradication Initiative (GPEI).For over three decades, we at Sanofi Pasteur have been supporting the global public health coalition on polio through our expertise and the provision of innovative vaccines to support national, regional and global immunization programs for children under 5 years of age”.

Polio is a highly infectious viral disease that is transmitted from person to person, mainly through a fecal- oral route or, less frequently, through contaminated water or food and multiplies inside the intestines. Onein200infectionsleadstoirreversibleparalysis,usually in the legs.

Amongthoseparalyzed,5 to 10 per cent diewhentheirbreathingmusclesbecomeimmobilized.Poliomainlyaffectschildrenunder5yearsofage.

There is no cure for polio but the disease can be prevented through administration of a simple and effective vaccine, given multiple times. This is why efforts are underway across every country to rapidly boost immunity levels in children and protect them from polio paralysis.

Wild poliovirus cases have decreased by over 99 per cent since 1988, from an estimated 350,000 cases in more than125 endemic countries then to 33 reported cases in2018. Of the three strains of wild poliovirus (type1, type2andtype3), wild polio virus type2 was eradicated in 1999 and no case of wild polio virus type3 has been found since the last reported case in Nigeria in November2012.

In 1988, the Global Polio Eradication Initiative (GPEI) was launched by several stakeholders involved in global public health and led by the World Health Organization. At that time, polio was endemic in 125 countries with more than 350,000 children paralyzed each year. Since then, thanks to the strong collaborations across the GPEI, there has been a 99.9% decrease in paralytic cases.

The fight against polio worldwide is not yet over. Sanofi Pasteur remains committed to supporting the GPEI until the disease is eradicated worldwide. Once polio is eradicated, the world can celebrate the delivery of a major global public good that will benefit all people equally, no matter where they live. By then, no child will ever again suffer the terrible effects of lifelong polio-paralysis.

The 5 Outcomes of the Work Culture Shift

Business Journal

26/08/2020

By Elvis Eromosele

Anxiety about the future of work had hunted humans for aeons.

Conversation around working from home, creating work-life balance and using technology to promote remote work has festered for decades. The COVID-19 pandemic has now brought everything home.

The pandemic not only disrupted human existence but has nudged work onto a new direction; the direction many had been wary of exploring. Today, virtual and remote has suddenly become the norm. The feared digital transformation of work has finally arrived faster than ever anticipated, thanks to COVID-19.

Remote working is way passed the buzz word stage. Experts are now calling it the future of work. The vast majority of leaders predict that remote working will remain the new normal post COVID-19.

Remote work is described as the growing trend of employees who don’t walk into a traditional office each weekday morning, instead opting to work remotely part- or full-time from home, abroad, or a well-designed co-working space in the name of flexibility, technological progress, and productivity.

Essentially, remote work is work done outside the boundaries of the traditional office environment. It is about employees successfully executing daily tasks, projects and collaborating with co-workers without commuting to an office each day.

The growth and adoption of remote work have incredible, numerous and far-reaching implications. It is the beginning of a new era of work.

Here are five possible outcomes of this shift in work culture:

Growth of Workspaces: The prevalent thinking is that as the world shifts towards more remote working, companies would question the wisdom of huge and expensive office spaces. It is likely that small and functional would become the norm. Reports indicate that not everyone would work from home. It might just be a case of locating a co-working space that reduces the commute time.

Co-working spaces are essentially shared workspaces. They offer affordable office space for those looking to escape the isolation of a home office or coffee shop. A major advantage of co-working spaces is the ability to rent out only what is required and for the desired work-hours.

The news report indicates that Mastercard is considering consolidating some of its offices while Facebook is also looking at setting up working “hubs” across the US.

Workspaces will continue to grow like muscles on steroid. More investment, guaranteed power and internet service will make them thrive

Increased Use of Technology: As more firms explore the work from home function, investment in aided technology and broadband internet to drive connectivity is expected to rise. Video conferencing platforms such as Zoom, Cisco’s Webex, Microsoft Team and Google Meet among others are already scaling up rapidly and gaining traction.

Firms would also need to invest in technology to monitor and ensure that employees work the required number of hours.

Work-life Balance: This was like the proverbial pie in the sky before COVID-19 struck. Now, with some many people working from home, it is looking more than a likely possibility.

In the light of the COVID-19 lockdowns across the world, employees are setting up workspaces at home and showing improved productivity contrary to fears. It is almost as if employees can now manage their work and stay in touch with family.

Remote work means employees can finally strive to get that balance – work-life-balance. With the elimination of commute time, this is finally looking a real possibility.

The concern, however, is that for many, remote work may gradually move from working at home to living at work.

New Businesses: New opportunities, new businesses and start-ups dedicated to serving the work from the home clan are beginning to emerge. This is a good thing.

Mobile applications and tools to make working from home more productive will spring up and grow rapidly. It would be a whole new world indeed.

Psychological Impact: Today, many are still afraid of resuming at work. The pandemic scare will take a while to fade. Besides, lots of firms have had to downsize and let employees go. So, anxiety about job security remains.

Counselling would be required here to help people cope with job losses, family time.

One thing is clear; it is never going to be business as usual, ever again. The firms that would thrive in this world are those that understand that employee welfare and well-being are the ingredients for sustainable success.

Welcome to the future of work!

Elvis Eromosele, a Corporate Communication professional and public affairs analyst lives in Lagos.

Guinea Insurance Grows Investment Income by 50.5% in 2019

Business Journal

25/08/2020

R-L: Ranti Oke, DCSL Company Secretaries Limited; Samuel Onukwe, Non Executive Director; Ademola Abidogun, Managing Director/CEO; Pius Edobor, Executive Director, Finance & Administration.

Guinea Insurance PLC recently held its 62nd Annual General Meeting virtually in strict compliance with guidelines and directives issued by the Federal Government of Nigeria, State Government, Health Authorities and Regulatory Agencies, as part of efforts aimed at stemming the spread of COVID-19.

While presenting its 2019 Financial Year results to its shareholders at the meeting, the Company as a consequence, posited the dip experienced in the general economy to be the root cause of the declining revenue pool of Nigerian insurance companies.

It stated that premium payments for the year decreased significantly as in most cases, policies were not renewed for want of disposable income, amongst other economic challenges. Nonetheless, it recorded modest earnings as Gross Premium Written stood at N1.29 billion in 2019, as against N1.24 billion in 2018, representing an increase of 4.02%.

Gross Premium Income decreased by 2.05% from N1.20 billion in 2018 to N1.17 billion in 2019. Net Premium Income also decreased slightly by 0.27% from N904.9 million in 2018 to N902.4 million in 2019. Due to operational efficiency in terms of people, processes and technology, investment income for the period under review increased considerably by 50.5%, from N139 million in 2018 to N210 million in 2019.

Operational Expense of N868.6 million was efficiently managed as it resulted in a savings of about 3%when compared to N904 million reported in 2018.

Amongst many other successes recorded during its 2019 AGM; the Company was able to secure its shareholders approval to appoint BDO Professional Services as External Auditors; re-elect three directors namely: Alhaji Hassan Dantata, Dr. Mohammed Tahir Attahir and Mr. Anthony Achebe who were to retire by rotation

In his remark, the Chairman, Board of Directors, Godson Ugochukwu gave thanks to God for His abounding grace and for the opportunity to participate physically and congregate virtually this year in the discharge of their shared responsibilities to the Company in the face of the current global health crisis occasioned by – the Novel Coronavirus (COVID-19) and its attendant global economic consequences. He expressed his heartfelt appreciation to the Company’s shareholders as they continued to keep the faith with Guinea Insurance albeit harsh economic realities.

On steps taken by the Company to meet up with the recapitalisation exercise of NAICOM and to beat the 31 December 2020 and 30 September 2021 deadlines respectively, Godson stated “We are sure not to be left behind, discussions are ongoing and our preparedness has reached an advanced stage but could not be discussed prematurely. We are also looking the way of merger and the Company is in discussion with core investors.

In a closing remark, Managing Director/Chief Executive Officer, Guinea Insurance, Ademola Abidogun said “it is the intention of our board and management to identify opportunities amidst the COVID-19 pandemic, we will continually leverage Information Communication Technology to create veritable and easily accessible platforms that will not only deliver services real-time and in a seamless manner but also, will deliver on the numbers. Our longevity as a brand has stood the test of time and the values created over the years are embedded in the loyalty and commitment that we have enjoyed from all stakeholders”.

“We intend to keep Guinea Insurance PLC as a legacy for several generations to come., our strength is made manifest in our passion for high standards and our single-minded determination to emerge a world class enterprise, one with the scope and economies of scale necessary to drive home our unflinching mandate of returning Guinea Insurance on the path of sustainable profitability.”

‘Govt Must Improve Farm Access, Security to Combat Malnutrition’

Business Journal

22/08/2020

Mr. Remmy Nweke, National Co-ordinator, Media Centre Against Child Malnutrition (MeCAM) has called on government at all levels in Nigeria to improve access to farm lands via improved security nationwide (boundary conflicts, herdsmen-farmer clash, terrorism, kidnapping and IDPs) to quickly address the rising tide of malnutrition in the country.

Speaking on the topic: The UN Decade of Action on Nutrition: Connecting the Dots for Nigeria during a webinar on the UN Decade, Nweke also listed other important factors such as increased health budget with emphasis on nutrition budget line, early approval and prompt release, review of School Feeding Programme and boosting small-holder farmers as part of the way forward on nutrition.

Others include:

Encourage nutrition-related dieting at all levels, Adequate data is essential for economic planning Insufficient target data to assess Nigeria’s progress
Further actions to be taken to strengthen effective and significance interventions should include government policies evolving: Both nutrition-specific and nutrition-sensitive investments, health-system and community levels
An inter-sectoral approach for achieving the 2025 target
In addition, there is need to partner non-state actors
Recognize donors and informal institutional networks (national, sub-national and community based) play critical roles in shaping policies
Implementing programmes and engagement of communities
Improve nutritional status of mothers, infants and young children
Reduce malnutrition in all its forms, while nutrition efforts must continue beyond 2025.

He listed the seven major classes of nutrients as carbohydrates, fats, dietary fiber, minerals, proteins, vitamins and water. He added that the underlying causes of malnutrition in Nigeria include poverty, inadequate food production, inadequate food intake, ignorance, uneven food distribution of food, poor food preservation techniques, improper preparation of foods, food restriction, taboos and poor sanitation.

Nweke warned that the United Nations (UN) was deeply concerned about nutrition due to rising negative figures such as:

800 million chronically undernourished persons worldwide
159 million stunted children under the age of 5
50 million wasted children under the age of 5
2 billion+ micronutrient deficiencies
9 billion+ overweight adults
600 million rising obesity

The UN therefore calls upon Member States, regional political and economic communities and the global community to translate the commitments made through the ICN2 Rome Declaration on Nutrition into SMART commitments for action, in the context of national nutrition and nutrition-related policies. The Commitments is managed jointly by the Secretariat of FAO/WHO.

The speaker said Nigeria’s progress report against 10 nutrition targets as recorded in 2019 was more or less dismal as follows:

Women of reproductive age: No Progress
Under 5 stunting: Some Progress
Under 5 overweight: On Course
Low birth weight: No Data
Adult male diabetes: No Progress/Worsening
Adult female diabetes: No Progress/Worsening
Adult male obesity: No Progress/Worsening
Adult female obesity: No Progress/Worsening
Exclusive breastfeeding: Some Progress

The Nutrition Decade aims to accelerate implementation of the commitmentsq made at the Second International Conference on Nutrition (ICN2), achieve the global nutrition and diet-related NCDq targets by 2025; and contribute to the realisation of the Sustainableq Development Goals (SDG) by 2030 via Goal 2.

About the United Nations Decade of Action on Nutrition

The United Nations (UN) Decade of Action on Nutrition is a commitment by United Nations Member States to undertake some 10-year of sustained and coherent implementation of policies, programmes and increased investments to eliminate malnutrition in all its forms, everywhere, and leaving no one behind.

This follows the recommendation in the Rome Declaration, the United Nations (UN) Decade of Action on Nutrition (2016–2025) as declared by the UN General Assembly in April 2016. Thus offering a unique opportunity to all countries and stakeholders to unite around a common framework and to increase the visibility, coordination, efficiency and effectiveness of nutrition action at all levels across the world.

In order to manage a coordinated implementation of the United Nations Decade of Action on Nutrition (Nutrition Decade), the UN General Assembly mandated the Food and Agriculture Organisation (FAO) and World Health Organisation (WHO) to co-lead its implementation and to develop a work programme to this effect.

Till date only three countries have filed for commitment out of the 193 UN member states, but none from Africa.

Ecobank Unveils Virtual Card for Online Payment

Business Journal

22/08/2020

Ecobank has launched the virtual card, a digital payment solution for safe online payment, integrated into its digital banking channel, Ecobank Mobile.

The Ecobank Virtual Card was rolled out in the recently released version of the award winning Ecobank Mobile app which is available for downloading at the Google Play and App Stores. All Ecobank current, savings and Xpress account holders who are onboarded on the Ecobank Mobile app can now access a virtual card for their online payment needs.

“The Ecobank Virtual Card is a safe and secure way to make online payments without having to use your plastic debit, prepaid or credit card,” said Korede Demola-Adeniyi, Head, Consumer Bank, Ecobank Nigeria. Further she noted that “customers may use it for their online shopping needs, share or create gift cards for loved ones who can benefit from this innovative form of payment. The Ecobank Virtual Card is stored on the mobile banking profile of each Ecobank customer who requests one. Access to the card is password protected and encrypted for user safety. Deleting or blocking a virtual card is very easy and can be done so at the touch of a button when logged into the Ecobank Mobile App.”

According to Mrs. Demola-Adeniyi s “the Ecobank virtual card supports recurrent payments and can easily be used for Apple Music, Netflix or other online subscriptions. The Ecobank Virtual Card is prepaid and users simply fund each card with the amount they would like to spend online or gift someone else. This gives the cardholder the flexibility and control over spending. Users also receive an SMS and email notification for every transaction done which enables easy tracking of transactions.”

She noted that the bank is “able to offer co-branded virtual gift cards to large e-commerce merchants which can be restricted for use on their websites or apps. We welcome them to contact us to discuss further. Getting an Ecobank Virtual Card is also a very convenient process and does not require a trip to a branch to activate or pick up.”

Ecobank CEO, Akinwuntan, Charges Graduands on Digital, Excellence in New World Order

Business Journal

21/08/2020

Managing Director, Ecobank Nigeria, Patrick Akinwuntan (3^nd right) and Vice Chancellor, Babcock University, Professor Tayo Ademola and other University Dons during the graduation ceremony for 2019/2020 set of the university on Thursday.

The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has reiterated the need for young Nigerian graduates to be digitally savvy, imbibe uncommon integrity, deep insights, accountability and excellence to be able to compete in the new world order.

Akinwuntan who gave this charge while delivering a commencement speech at the historic first virtual graduation ceremony for 2019/2020 Lynx set of Babcock University, Ilishan, Ogun State noted that in this fast-paced and covid-19 impacted world, only those who are responsive to change and able to learn, unlearn and relearn that will survive.

According to him, “Our world faces many opportunities and challenges ranging from spiritual, economic, political, social to technological. Concepts, identities, institutions and their definitions are being challenged daily. You must therefore bring into our unfolding world, uncommon integrity, deep insights, accountability, excellence, servant leadership, creativity and a never-give-up spirit that truly creates a new, better world. Also you must be digitally savvy to compete effectively notwithstanding what you studied here.”

Further, Akinwuntan tasked the graduands that would be establishing business in today’s environment to be digitally savvy and focus on industries that offer services and products that have massive day-to-day use such as agriculture, telecoms, food and beverages, technology, banking and finance, urging them to also pay attention to businesses that will enable them to scale or grow without much additional capital such as Uber, Netflix, Tiktok.

“The basic values of punctuality, respect, humility, diligence, integrity have become rare in the business environment. Do not take these for granted. Keep them and you will be better for it.”

He also gave a word of advice to those of them who would be seeking employment, urging them to have the DNA of an employer. “It may come across as a paradox, but an employer DNA seeks to add value while an employee DNA seeks to collect salaries. Note the huge difference.”

While congratulating the graduands, he told them to ready imbibe integrity and play by the right rules always, to make positive difference in any sphere, adding that “God has granted you a moral compass and a conscience that speaks loudly when you are doing the wrong thing. In other words, remember the child of whom you are. You must therefore always act with integrity if you are to be the positive difference.” “You must draw from your formation, inner-self and live by your values, vision and passion. Your attitude and perspective to changing realities is critical to achieving excellence, success and enduring impact.”

NAICOM: Recapitalisation Progress Report Begins Aug 30

Business Journal

18/08/2020

Mr. O. S. Thomas

Commissioner for Insurance

National Insurance Commission

The National Insurance Commission (NAICOM) has fixed August 30, 2020 for commencement of submission of monthly recapitalisation progress by operators in the Nigerian insurance sector.

In a circular to operators, the Commission reiterates that the Minimum Paid-up Share Capital shall be through any or a combination of the following:

Existing paid-up share capital;
Cash payment for new shares;
Retained earnings – capitalisation of undistributed profits;
Payment in kind (such as properties, T-Bills, Shares, Bonds, etc.) for new shares issued – which must be converted to cash not later than three (3) months to the recapitalisation deadline; and
Share premium.

NAICOM also stated that all mergers for the purpose of meeting the first phase of 30th November, 2020 recapitalisation shall be irreversible except with a written approval of the Commission while commencement of capital verification exercise by NAICOM is slated for September 21.

The Commission also fixed February 26, 2021 for issuance of letters of compliance.

Ecobank, AU MSME Academy for Africa Berths in Nigeria

Business Journal

18/08/2020

Spearheaded under the AUDA-NEPAD “100,000 MSMEs by 2021” (100K MSMEs) programme launched by the African Union Development Agency – AUDA-NEPAD and the Ecobank Group, the MSME Academy provides easy access to practical training and resources on financing opportunities in various countries, how to build a digital presence for businesses and how to adapt business operations in the era of the COVID-19 pandemic.

The Pan-african MSME Academy offers free access to market intelligence, a host of mentors with a diverse experience while assisting with access to funding opportunities.

The MSME Academy will have three components: an informational webinar with invited speakers, a series of virtual instructor-led trainings and mentorship for the MSMEs.

MSMEs are invited to join our first series of informational webinars tailored for MSME operating in Nigeria. The first webinar provides tips on access to finance and building a digital presence.

When: 3^rd September 2020

Where: Register to the MSME Academy at https://msmeacademy.nepad.org/

The programme will provide support to African MSMEs and is structured in three pillars, namely: the MSME Academy, MSME Marketplace, and MSME Financing Support Programme to be delivered through an MSME Digital Platform.

MSME Academy: The MSME Academy aims to build the capacities of MSMEs across Africa through a combination of relevant content library, a network of institutions specialised in MSME support such as incubators and accelerators, and a community of peers, mentors, and advisors.
MSME Marketplace: a consolidated marketplace of marketplaces, enabling MSMEs to access e-commerce, procurement and alternative financing opportunities across the continent
MSME Financing Support Program: a scheme that will bring together financial institutions, guarantee funds, and other institutions to reduce the cost of risk for lenders to deliver capital to MSMEs at scale. The objective is to radically expand access to finance by aggregating smaller financial institutions such as micro-credit institutions and credit unions that have access to micro-enterprises, standardising their processes, and building trust in their capabilities.

The MSME Digital Platform is a one-stop-shop for all MSMEs across Africa to access all these three programmes which jointly address MSMEs’ challenges with access to capacity building, markets, and capital.

About AUDA-NEPAD 100k MSMEs

The AUDA-NEPAD 100K MSMEs programme is focused on the implementation of the Agenda 2063 Aspiration number one (1), which aims at building a Prosperous Africa, based on Inclusive Growth and Sustainable Development.

Japan, UNDP Collaborate on Peace Operations in Nigeria

Business Journal

18/08/2020

The Government of Japan and the United Nations Development Programme (UNDP) in collaboration with the Centre for Strategic Research and Studies, National Defence College (CSRS/NDC) has launched a new phase of their cooperation in support of peace operations in Nigeria.

Speaking at the launch, The Commandant, National Defence College, Rear Admiral MM Kadiri, stated: “The funding support from the Government of Japan for the project will help in consolidating Nigeria’s effort at building peace through peace support operations globally.”

He added that this phase of the collaboration is taking place during a delicate period in global history and despite the scourge of the Corona virus pandemic, conflicts have abated, thus there is the need for greater and more dynamic capacity building of peacekeepers to manage these conflicts.

The project titled “Strengthening National and Regional Capacities for Peace Support Operations (PSOs)” is funded by the of the Government of Japan (GoJ) and will focus on enhancing the capacity of CSRS/NDC to sponsor peace support operations courses on protection of civilians, gender in peace support operations and logistics support in peace support operations as well as, boost its contribution of qualified troops to regional and global peace missions.

Emirates Launches Air Bridge to Lebanon, Global Humanitarian Campaign

Business Journal

14/08/2020

Airline will enable people around the world to donate cash or Skywards Miles to be converted to cargo capacity for transport of critical aid and supplies to Beirut

Humanitarian efforts led by Emirates SkyCargo to work with local and international NGOs on the ground

Emirates has launched an airbridge to Lebanon and rolled out a massive humanitarian initiative in the wake of the Beirut explosions which have devastated many parts of the capital city,

The air bridge is to provide critical emergency relief and aid to the hundreds of thousands of people affected by the blasts. Emirates SkyCargo plans to ramp up its freighter operations to Lebanon by dedicating over 50 flights to deliver much needed airlift to the country.

Emirates is also providing people around the world the opportunity to donate cash or pledge their Skywards Miles, through a dedicated, secure and convenient portal via the Emirates Airline Foundation. For the next three months of donations, the Emirates Airline Foundation will in turn directly coordinate shipments of urgent food, medical supplies and other much needed items with a range of NGO partners to ensure donations directly help those affected on the ground in a swift and transparent manner. Work is underway to mobilise recognised humanitarian partners.

For every donation, cargo capacity will be provided for humanitarian organisations to transport critical medical equipment and supplies, food and other emergency relief goods directly to Beirut through Emirates SkyCargo. Additionally, Emirates SkyCargo will further contribute by providing a 20% reduction on air freight transportation charges for approved shipments, underscoring its commitment to expedite emergency relief efforts to Beirut.

HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline & Group said: “Today, the world is banding together to stand in solidarity with Lebanon, providing urgent relief and immediate recovery support to those affected by this tragic disaster. Emirates supports the UAE’s ongoing humanitarian efforts to support Lebanon and is committed to bolster its global emergency response to ensure that it can support organisations which provide urgent care, shelter, food and medical support to the Lebanese people. People from all corners of the globe have been sending their support to Lebanon and we are proud to facilitate a means for them to tangibly and proactively assist the Lebanese people with relief and recovery efforts on the ground during this difficult time.”

Emirates has already been supporting disaster relief efforts in Lebanon through the dispatch of several charter flights carrying food, clothing and medical supplies donated by various grassroots organisations in the UAE.

Emirates is committed to being a strong partner by making a difference and giving back to the communities it serves. Through the Emirates Airline Foundation, the airline supports over 30 humanitarian and philanthropic projects in 16 countries.

Over the years, Emirates has supported humanitarian flights in partnership with the Airbus Foundation, and since 2013, Emirates A380 ferry flights have transported over 120 tonnes of food and vital emergency equipment to those in need.

Emirates has been serving Lebanese skies and communities since 1991. The airline started its operations between Dubai and Beirut with a three times weekly service utilising a Boeing 727. Today, Emirates operates two daily flights to Beirut utilising the Boeing 777, with plans to add further frequencies.

Nigeria can also be assured of Emirates’ commitment to being a strong partner by giving back to the communities it serves.

PenCom: RSA Transfer Window to Open Before End of 2020

Business Journal

13/08/2020

Section 13 of the Pension Reform Act, 2014 allows Contributors to move their Retirement Savings Account (RSA) through a transfer window from one Pension Fund Administrator (PFA) to another, provided that it is not more than once in a year.

The National Pension Commission has being working assiduously to actualise the provisions of Section 13 of the Pension Reform Act, 2014. Preparatory to the opening of the Transfer Window, the Commission developed and deployed the Enhanced Contributor Registration System (ECRS) in September 2019.

Furthermore, the Commission has developed the RSA Transfer System (RTS), a robust electronic platform that would enable seamless RSA transfers. Pension Fund Administrators (PFAs) would be able to utilize the RTS platform for the submission of RSA transfer requests.

The full deployment of the platform would however entail extensive training of the PFA’s relevant personnel and simulation of the processes, industry-wide. The Commission was unable to carry out these activities as planned due to the nationwide lockdown because of the COVID-19 pandemic.

Subsequent to the easing of the lockdown by the Federal Government and the lifting of the ban on interstate travels between the end of June and July, 2020, the preparations for a comprehensive training plan was concluded.

Accordingly, the Commission is currently holding workshops on the RTS for the Pension Operators, which would run from August 10-28, 2020. It is also expected that in line with the plan, Operators will participate in an industry simulation of transfer processes and simulations in September 2020.

The opening of the transfer window will facilitate full and equitable pension assets portability within the pension industry, enhance ethical competition amongst the PFAs and improve service delivery to RSA holders.

The Commission is optimistic that all necessary preparations will take place to enable opening of the RSA Transfer Window by the end of the year.

Linkage Assurance Grows Profit by 894%, Rewards Shareholders with Bonus Issue

Business Journal

13/08/2020

L-R: Mr. Okanlawon Adelagun, Executive Director, Technical ; Mr. Daniel Braie, Managing Director; Chief Joshua Bernard Fumudoh, Chairman, and Moses Omorogbe, Company Secretary, all of Linkage Assurance Plc at its 26th Annual General Meeting in Lagos.

Underwriting firm, Linkage Assurance Plc has rewarded its shareholders with a bonus issue of one for four shares by the capitalisation of N1 billion from the Company’s general reserve account.

This is coming on the heels of tremendous achievements made by the Company in 2019 financial year when it recorded a Gross Premium Written (GPW) of N6.52 billion from N5.39billion in December 2018, a 21 percent increase, while profit before tax (PBT) also increased from N134.70 million in 2018 to N1.34billion, representing an 894 percent increase.

Chief Joshua B. Fumudoh, Chairman of the Company speaking during its 26th Annual General Meeting held in compliance with Covid-19 directives, said despite the increasingly difficult operating environment Linkage Assurance made appreciable progress in all fronts.

He said the Company achieved an underwriting profit of N409 million in 2019, compared to the N772 million losses in 2018, while net claims paid was N1.7 billion compared to N2.7 billion.

“The significant reduction in net claims Fumudoh said was a result of improved underwriting and effective reinsurance arrangement.”

Shareholders who attended the meeting including Sir Sunny Nwosu, National Coordinator, Independent Shareholders Association of Nigeria and Mr. Boniface Okezie, Chairman, Progressive Shareholders Association of Nigeria; Mrs. Bisi Bakare and Mr. Nona Awoh applauded the Board and Management for such a wonderful result in 2019.

They also appreciated the bonus issue, describing it as palliative to shareholders particularly at this time, expressing optimism that Linkage is positioned to pay better dividends in the coming years.

Chief Joshua B. Fumudoh in his further remarks commended the Management and Staff for the performance of the Company, stating that they demonstrated uncommon commitment and dedication to the growth of the business despite the stiff competition and the harsh operating environment.

Mr. Daniel Braie, Managing Director/CEO of Linkage Assurance speaking at the meeting said the Company during the year under review crafted a Five-Year Strategic Road Map that will guide its operations in achieving both her short and long term goals.

The four strategic pillars in line with its Balanced Scorecard Framework Daniel Braie noted include Business Growth, Financial Excellence, Operational Excellence and Customer Intimacy

“In line with our strategic focus and business growth initiatives, the last quarter of 2019 was our starting point in delivering on our Strategy. Using an agile approach and with strong dedication, we were able to achieve a signiﬁcant milestone in revenue. This achievement acted as a catalyst to our desire to do more for both our shareholders and the customers.”

According to him, the Company has embarked on digital transformation to improve her services especially to the millennials and remote customers.

“In the bid to expand our product oﬀerings and in response to demands from the market, we are also concluding approval processes to underwrite agricultural insurance risks.”

“In the year 2020, we would embark on several initiatives in a bid to eﬃciently achieve our corporate objectives as enshrined in our Five-Year Strategic Plan. Part of what we would do, is to communicate to every unit and department the overall strategic focus for the year and the speciﬁc initiatives, goals and objectives exclusive to their diﬀerent departments, Braie said.

Linkage Assurance, a general business underwriter currently has total assets in assets of N28.7 billion at the end of 2019 financial year.

Meanwhile, Agusto & Co had recently affirmed the Company A- status and this confirms on the Company’s satisfactory financial condition and adequate capacity to meet claims obligation as well as a stable outlook.

.st0{fill:#FFFFFF;} .st1{fill:#E52E2E;} BJ

.st0{fill:#FFFFFF;} .st1{fill:#E52E2E;} BJ

BJ .st0{fill:#FFFFFF;} .st1{fill:#E52E2E;}

Hot topics

Business

ICT

Capital Market

Insurance

.st0{fill:#FFFFFF;} .st1{fill:#E52E2E;} BJ

Hot topics

Business

ICT

Capital Market

Insurance

.st0{fill:#FFFFFF;} .st1{fill:#E52E2E;} BJ

Company

Headlines

Newsletter

BJ

BJ

BJ

BJ

BJ