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‘AfCFTA Represents a Tremendous Opportunity for African Insurers’

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Jean Baptiste Ntukamazina

Secretary General

African Insurance Organisation (AIO)

According to the Africa Insurance Pulse 1/2021, on the “African Continental Free Trade Area” (AfCFTA), launched by the Africa Insurance Organisation (AIO), AfCFTA will create a single market covering more than 1.2 billion people, with a current gross domestic product of more than US$ 2.5 trillion.

The free flow of goods, services, people and capital under the AfCFTA is expected to boost intra-African trade and strengthen the competitiveness of African companies. The African insurance sector is optimistic about the AfCFTA but wishes to see regulatory integration.

As in the past, this year’s 6th annual edition of the African Insurance Pulse, conducted by Faber Consulting on behalf of the AIO, is based on careful market research and in-depth interviews with nearly 30 insurers, reinsurers, intermediaries, regulators and policymakers operating in Africa.

Jean Baptiste Ntukamazina, Secretary General of AIO, said: “The AfCFTA has significant potential to serve as a catalyst for transforming the African economy. For the AfCFTA to succeed, dynamic pan-African trade is required, which can only take root in a stable socio-political environment. The African insurance sector is ideally positioned to provide security, economic and financial stability and enable the development of societies and economies in Africa through its risk knowledge and risk transfer solutions. However, to play this important role, African insurers need integration or even harmonisation of insurance regulations.”

 

The service sector is by far the largest contributor to the continent’s GDP growth

In Africa, the service sector (including the insurance sector) made the largest contribution to GDP, with
53 % in 2020. The relevance of the services sector is even more significant, as the widespread informal sector is not included in most statistics. The African Union expects an increase in exported services and further growth in industries that are heavily dependent on services, such as manufacturing and agriculture. Liberalisation of the service sector is likely to be driven by the private sector, especially financial institutions, which will play an essential role in shaping policy.

 

Insurance growth in Africa has been driven by economic growth

The maturity of the insurance market is low in most African countries. Insurance penetration is expected to increase in African markets where insurance growth has been accompanied by structural reforms, such as market liberalisation, compulsory insurance enforcement, wider distribution, public-private partnerships, and a regulatory system promoting innovation and market access. The trend towards tighter capital requirements for insurance companies to ensure their solvency will establish stronger companies and promote job creation and build capacity in the industry. These reforms are crucial to increase the security and performance of the continent’s insurers.

 

Regional expansion of re/insurance business lags behind its potential due to trade barriers

While intra-African trade agreements have gradually seen a substantial reduction in tariffs on goods, non-tariff barriers, such as infrastructure gaps, the low quality of trade logistics, access to credit, and human capital, remain high for most African countries. Despite these efforts, the intra-African trade remains below its potential. This is also true for the insurance sector, according to the executives interviewed. Most insurers operate in just one or two markets. Even Africa’s reinsurers, acting as a shock absorber for cedants and economies, are challenged to diversify their portfolio because of many barriers and constraints in African insurance markets. Ahead of the implementation of the AfCFTA, a geographic expansion to build scale is the top priority for insurers and reinsurers alike.

Dr. Corneille Karekezi, Group Managing Director and CEO, Africa Re, commented: “Today’s trade restrictions within Africa are higher than those with the rest of the world. While intra-regional exports amount to roughly 50 % of trade in Asia and 69 % in Europe, in Africa only 17 % of exports remain within the continent. Therefore, it comes as no surprise that large hopes rest on the AfCFTA. According to the UN Economic Commission for Africa (ECA), intra-African trade is expected to experience a boost of 52 %, encouraging manufacturers and service providers, including re/insurers, to leverage economies of scale.”

 

Survey respondents are optimistic about the AfCFTA but hope for an integration of insurance regulation

Re/insurance players have much to gain from a continent-wide single market. Once fully implemented,

the eight strategic objectives of the AfCFTA will benefit re/insurance companies in Africa directly or indirectly. As a result, the expectations of the various insurance stakeholders for the AfCFTA are high. Many believe that the insurance pie will grow with the liberalised market access, facilitating an expansion beyond their current market range. In particular, re/insurers operating in one or a few markets see this as a unique opportunity to grow and diversify their risk portfolio.

When asked about the top three challenges to a successful implementation of the AfCFTA, respondents most frequently cited increased competitiveness, indicating that not all countries, sectors and economic actors are equally prepared to benefit from the implementation of a common market. Another top concern of the interviewed market participants is that insurance regulation differs widely across the continent and often poses hurdles to market access. Therefore, almost all respondents, including regulators and policymakers, agree that the current regulatory differences present a major obstacle to integrating African re/insurance markets.

 

About the African Insurance Organisation (AIO)

Established in 1972 in Mauritius, the African Insurance Organisation (AIO) is a non-governmental organisation recognised by many African governments. Following the headquarters’ agreement with the Government of Cameroon, the Permanent Secretariat of the AIO was set up in Douala.

The AIO aims to develop a healthy insurance and reinsurance industry in Africa and promote inter-African
co-operation in insurance. The AIO has currently 356 members from 48 countries in Africa and 16 international associate members from overseas.

AIO: AfCFTA Represents a Trremendous Opportunity for African Insurers

By
Business Journal
-
0

Jean Baptiste Ntukamazina

Secretary General of AIO

According to the Africa Insurance Pulse 1/2021, on the “African Continental Free Trade Area” (AfCFTA), launched today by the Africa Insurance Organisation (AIO), the AfCFTA will create a single market covering more than 1.2 billion people, with a current gross domestic product of more than US$ 2.5 trillion.

The free flow of goods, services, people and capital under the AfCFTA is expected to boost intra-African trade and strengthen the competitiveness of African companies. The African insurance sector is optimistic about the AfCFTA but wishes to see regulatory integration.

As in the past, this year’s 6th annual edition of the African Insurance Pulse, conducted by Faber Consulting on behalf of the AIO, is based on careful market research and in-depth interviews with nearly 30 insurers, reinsurers, intermediaries, regulators and policymakers operating in Africa.

Jean Baptiste Ntukamazina, Secretary General of AIO, said: “The AfCFTA has significant potential to serve as a catalyst for transforming the African economy. For the AfCFTA to succeed, dynamic pan-African trade is required, which can only take root in a stable socio-political environment. The African insurance sector is ideally positioned to provide security, economic and financial stability and enable the development of societies and economies in Africa through its risk knowledge and risk transfer solutions. However, to play this important role, African insurers need integration or even harmonisation of insurance regulations.”

 

The service sector is by far the largest contributor to the continent’s GDP growth

In Africa, the service sector (including the insurance sector) made the largest contribution to GDP, with
53 % in 2020. The relevance of the services sector is even more significant, as the widespread informal sector is not included in most statistics. The African Union expects an increase in exported services and further growth in industries that are heavily dependent on services, such as manufacturing and agriculture. Liberalisation of the service sector is likely to be driven by the private sector, especially financial institutions, which will play an essential role in shaping policy.

 

Insurance growth in Africa has been driven by economic growth

The maturity of the insurance market is low in most African countries. Insurance penetration is expected to increase in African markets where insurance growth has been accompanied by structural reforms, such as market liberalisation, compulsory insurance enforcement, wider distribution, public-private partnerships, and a regulatory system promoting innovation and market access. The trend towards tighter capital requirements for insurance companies to ensure their solvency will establish stronger companies and promote job creation and build capacity in the industry. These reforms are crucial to increase the security and performance of the continent’s insurers.

 

Regional expansion of re/insurance business lags behind its potential due to trade barriers

While intra-African trade agreements have gradually seen a substantial reduction in tariffs on goods, non-tariff barriers, such as infrastructure gaps, the low quality of trade logistics, access to credit, and human capital, remain high for most African countries. Despite these efforts, the intra-African trade remains below its potential. This is also true for the insurance sector, according to the executives interviewed. Most insurers operate in just one or two markets. Even Africa’s reinsurers, acting as a shock absorber for cedants and economies, are challenged to diversify their portfolio because of many barriers and constraints in African insurance markets. Ahead of the implementation of the AfCFTA, a geographic expansion to build scale is the top priority for insurers and reinsurers alike.

Dr. Corneille Karekezi, Group Managing Director and CEO, Africa Re, commented: “Today’s trade restrictions within Africa are higher than those with the rest of the world. While intra-regional exports amount to roughly 50 % of trade in Asia and 69 % in Europe, in Africa only 17 % of exports remain within the continent. Therefore, it comes as no surprise that large hopes rest on the AfCFTA. According to the UN Economic Commission for Africa (ECA), intra-African trade is expected to experience a boost of 52 %, encouraging manufacturers and service providers, including re/insurers, to leverage economies of scale.”

 

Survey respondents are optimistic about the AfCFTA but hope for an integration of insurance regulation

Re/insurance players have much to gain from a continent-wide single market. Once fully implemented,

the eight strategic objectives of the AfCFTA will benefit re/insurance companies in Africa directly or indirectly. As a result, the expectations of the various insurance stakeholders for the AfCFTA are high. Many believe that the insurance pie will grow with the liberalised market access, facilitating an expansion beyond their current market range. In particular, re/insurers operating in one or a few markets see this as a unique opportunity to grow and diversify their risk portfolio.

When asked about the top three challenges to a successful implementation of the AfCFTA, respondents most frequently cited increased competitiveness, indicating that not all countries, sectors and economic actors are equally prepared to benefit from the implementation of a common market. Another top concern of the interviewed market participants is that insurance regulation differs widely across the continent and often poses hurdles to market access. Therefore, almost all respondents, including regulators and policymakers, agree that the current regulatory differences present a major obstacle to integrating African re/insurance markets.

 

About the African Insurance Organisation (AIO)

Established in 1972 in Mauritius, the African Insurance Organisation (AIO) is a non-governmental organisation recognised by many African governments. Following the headquarters’ agreement with the Government of Cameroon, the Permanent Secretariat of the AIO was set up in Douala.

The AIO aims to develop a healthy insurance and reinsurance industry in Africa and promote inter-African
co-operation in insurance. The AIO has currently 356 members from 48 countries in Africa and 16 international associate members from overseas.

 

Niteo Partners Green Glass Africa for Bespoke Power Solutions

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The quest to improve access to power and thus boost national productivity has received a positive response with the partnership between Niteo Limited, an indigenous power integration firm and Green Glass Africa, Germany, to provide Building Integrated Photovoltaic (BIPV) across Nigeria.

BIPV is an innovative customised solution that enables the integration of Solar Modules into building facades, rooftops, wall cladding, bus shelters and gatehouses among others facilities producing electrical power in addition to the aesthetic enhancements.

This solution is a welcome development especially in urban areas such as Nigeria State Capitals where there is a current trend of utilizing glass for curtain walls of buildings and reduction in space availability. With BIPV, every available space on building wall claddings, rooftops, bus shelters, factories and warehouses now have the capacity to generate power.

Speaking at the inaugural BIPV seminar in Lagos Nigeria weekend, Eng. Adedayo Afolabi, Managing Partner, Niteo Limited, revealed that solar solutions are all about harnessing the power of the sun to produce electrical energy.

He stated that while challenges are a part of life, the secret of progress is to understand how to spot and take advantage of the opportunity inherent in challenges. Nigeria, he noted, has power challenges which solar solutions can tackle effectively because of the sheer amount of sunlight available everyday.

With climate change as a growing source of concern, the increasing use of solar solutions, particularly BIPV, will help Nigeria positively reduce its carbon footprint and avert environmental disaster.

Kevin Noukam Tiangueu, Co-CEO, Green Glass Africa, in his presentation provided an in-depth exposition of the BIPV technology, its application in real-life projects, with relevant case studies and ROI calculations.

According to Kevin, “With BIPV, the target is to transform every building to a power generating set so that each building or structure essentially powers itself.” He noted that the real advantage of the BIPV is that it can be customized based on the customer’s application, specifications and available space. The bespoke product can be designed based on the size and shape of the available space, or the colour preferences of the customer.

The solar power startup expert explained that BIPV is flexible, so much so that the customer’s goals and ideals can be integrated into the design to improve the outlook. BIPV is a multifunctional product with constructive, architectural, aesthetic and power generation functions and capabilities.

He revealed that another advantage of the BIPV is that it is fire resistant class A, making it a good construction material for buildings.

Igor Mbakom Tchiengang, Co-CEO, Green Glass Africa noted that BIPV is a solution for Africa. He said that BIPV is versatile, with immense potential and suitable for a variety of projects. BIPV can completely or partially replace building material in addition to generating power, improving transparency and efficiency.

On the product lifespan, he noted that BIPV has a lifespan of 25 years before the commencement of degradation. Working with Niteo Limited, customers will get top of the range after-sales support and service, he stated.

The Managing Partner, Niteo Limited remarked that the existing PVs do not have the functionality of BIPV. BIPV, he posited, may well be the future of solar installation and indeed building construction in Nigeria within a short time.

He called on architectural services providers and renewable energy enthusiasts to explore the incredible potential of BIPV.

 

 

 

 

NDDC Audit Report: MIIVOC Invokes FOI Act on Malami

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Following last week’s submission of the Forensic Audit Report on the Niger Delta Development Commission-NDDC, a civil society organisation, Media Initiative against Injustice, Violence and Corruption-MIIVOC has invoked the Freedom of Information Act on the Attorney General of the Federation and Minister for Justice, Mr. Abubakar Malami, asking for a copy of the report.

In a letter dated September 7, 2021, signed by MIIVOC’s Executive Director, Dr. Walter Duru and addressed to the Attorney General and Minister for Justice, the organisation made a single demand of a copy of the forensic audit report, as received by the Attorney General.

The letter reads in part:

“Media Initiative against Injustice, Violence and Corruption (MIIVOC) is a Nigerian Civil Society Organization with interest in the campaign against injustice, violence, immorality and corruption.”

“We felicitate with you on the receipt of the NDDC Forensic Audit Report. In view of the right of Nigerians to know, we most respectfully request a copy of the Forensic Audit Report on the Niger Delta Development Commission (NDDC), as submitted to your office.”

“We expect that the response to this request reaches us within seven (7) days of receipt of this Letter, as required by the FOI Act through our email address: [email protected] and a hard copy sent to our office in Abuja, Nigeria.”

Recall that Dr. Duru, in a live televising programme recently called on the Attorney General of the Federation to proactively disclose the report, in compliance with section Two of the Freedom of Information Act.

It would also be recalled that the long-awaited Forensic Audit Report on the Niger Delta Development Commission was submitted last week to Nigeria’s Attorney General and Minister for Justice by the Minister for Niger Delta Affairs, Chief Godswill Akpabio.

African Alliance to Host NCRIB South-South Area Committee

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Business Journal
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Joyce Ojemudia

Managing Director/CEO

African Alliance Insurance Plc

African Alliance Insurance Plc is set to host the South-South Area Committee of the Nigerian Council of Registered Insurance Brokers (NCRIB) as part of its continuous effort to strengthen her relationship with the Nigerian body of Brokers. This comes on the heels of successful hosting of the Lagos and Abuja Area Committees earlier in the year.

Joyce Ojemudia, the Managing Director/Chief Executive Officer, while speaking about the forthcoming meeting reiterated the importance of partnerships and collaborations between the insurer and the registered brokers:

“The Nigerian Council of Registered Insurance Brokers (NCRIB) is an integral part of the Insurance business in Nigeria. Therefore, their place in driving and increasing penetration in the market cannot be over-emphasized. For us as a business, we have made it a priority to continue to improve our business relationship and collaborating with them so as to give our stakeholders at all levels the best value as far as life insurance offerings are concerned. We believe this meeting with the South-South Area Committee will cement what has been a valuable and mutually beneficial relationship.”

A statement by Mr. Bankole Banjo, Brand, Media and Communications Manager at African Alliance Insurance Plc says the meeting will have a veteran insurance practitioner, Dr. Ayodeji Johnson deliver a special lecture titled “Catalyst for High Performance.”

Incorporated in 1960 to transact life businesses in Nigeria, African Alliance Insurance Plc has grown in leaps and bounds providing succour for individuals and aiding businesses across the country for over six decades.

Recently, the firm deepened its retail footprints with the opening of an Abeokuta branch in Ogun State to complement the Lagos offices while bringing insurance closer to the people of the ancient city.

Modernising African Payment Systems Set for Sept 14

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The Modernising African Payment Systems virtual event will take place September 14th at 10:00 AM London time.

The Modernising African Payment Systems will deep-dive into the critical infrastructure and technology-led solutions needed to develop and implement robust payment systems that can spur intra-African trade and contribute to the economic development of the continent.
Our panel will tackle key issues such as:

  • How to eliminate risks from payments, clearing and settlement systems?
  • How to speed up the exchange and settlement of cross-border payments?
  • Which technology-led innovations and solutions can support the modernisation of African payment systems?
  • The pan-African Payment and Settlement System and the future of intra-African trade?

Confirmed Panellists

  • Mike Ogbalu
  • Chief Executive Officer
  • Pan-African Payment Settlement System (PAPSS), Afreximbank
  • David Unsdorfer
  • Senior VP, Technology Services
  • StoneX
  • Beatrice Pechtl
  • Head of Correspondent Banking
  • StoneX
  • Huny Garg
  • Head of Trade Finance EMEA
  • SWIFT

Consolidated Hallmark Insurance: N14.3bn Assets, N10bn Premium, N4bn Claims

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From Left: Mr Eddie Efekoha, Group Managing Director/CEO; Mr Obinna Ekezie, Chairman and Mrs Rukevwe Falana, Company Secretary, all of Consolidated Hallmark Insurance @ the 26th Annual General Meeting of the Company in Lagos.

Consolidated Hallmark Insurance Plc has reported an all-time high Gross Premium Written (GPW) of N9.77 billion which represents a 12 percent percent growth in the financial year ended December 31, 2020 compared with N8.69 billion in the same period of 2019.

Mr. Obinna Ekezie, Chairman, Consolidated Hallmark Insurance Plc told shareholders at the 26th Annual General Meeting (AGM) of the underwriter in Lagos that the Net U n d e r w r i t i n g I n c o m e also g r e w f r o m N5.46 billion in 2019 to N6.5 billion in 2020 while claims expenses jumped by 21 percent from N3.45 billion in 2019 to N 4.17 billion in 2020, an affirmation of the company’s commitment to c o nt i nu a l ly m a i nt a i n its s t e r l i n g reputation of ensuring that customers get value through prompt payment of all valid claims.

Ekezie added that CHI Plc also recorded a modest growth of 8.6 percent in Profit Before Tax which moved from N711 million during the preceding year to N772 million in 2020, while Profit After Tax increased to N677.98 million from N600.31 million in 2019. In the same vein, the total assets increased by 22 percent, from N11.74 billion to N14.31 billion in the year under review.

The CHI Chairman said: “We are quite hopeful that as the environment becomes more conducive for operators, coupled with the injection of additional capital and improved drive towards awareness creation, we will record improve d performance. The years ahead are indeed bright as we leverage on our continued expansion as a one stop insurance and other financial services provider through our subsidiaries in H e a l t h Maintenance , A s s e t s Management and the coming on stream of our Micro Life Assurance arm.”

Mr. Eddie Efekoha, Group Managing Director/CEO of CHI Plc was emphatic that the company is continually committed towards meeting its claims obligations to its numerous customers, hence the increase in claims payment from N3.44 billion in 2019 to N4.17 billion in 2020, a 21 percent jump.

“I am pleased to inform shareholders and other stakeholders that we regularly settle all fully documented c l a i m s a h e a d o f t h e d e a d l i n e stipulated by regulators, and do not have a single unsettled claim in our books which is overdue. While increasing claims settlement is not a bad development, it could also r efl e c t t h e n e e d f o r i m p r ove d underwriting measures to isolate bad risks and reward good ones. We have t h e r e f o r e a d o p t e d e n h a n c e d underwriting measures to enhance operational efficiency and customer service.”

On the future outlook, Efekoha said: “Your company has now evolved fully into a One-Stop-Shop for the provision of Insurance and Other Financial Services with our operations in G e n e r a l I n s u r a n c e , M i c r o L i f e Assurance, Health Maintenance and Assets Leasing and other forms of Financing. Our outlook about the future remains very bright and we foresee an increasing positive contribution of the subsidiaries – Grand Treasurers Limited, Hallmark HMO, and recently CHI Micro-Insurance to the overall results of the Group.”

Consolidated Hallmark Insurance (CHI) Plc is a leading general business insurance company positioned to change the public perception of insurance in Nigeria.

‘With the help of our people and technology, we ensure we are there for our customers when they need us most because our primary objective is to deliver exceptional service to you, our customer.’

 

 ACCESS released its audited H1-21 interim financial report earlier today, which showed that the bank recorded significant earnings growth supported by the core income segment. Improvements in the bank’s funded business has continued to outperform its counterparts and deviate from the pattern recorded in the year thus far, even its non-core earnings settled relatively weaker on a year-on-year basis. Despite the aforementioned and the even higher operating expenses, the growth in funded income was enough to drive a substantial expansion in the bank’s bottom-line, resulting in an EPS of NGN2.42 (+40.7% vs H1-20). The board has proposed an interim dividend of NGN0.30/share (+20.0% from the NGN0.25/share in H1-20).  

The bank recorded an interest income growth of 29.6% y/y to NGN319.73 billion in the period, supported by impressive growth in income from investment securities (+78.6% y/y to NGN132.19 billion), loans & advances to banks (+18.3% y/y to NGN7.95 billion) and loans & advances to customers (+8.6% y/y to NGN174.43 billion). The expansions in these lines were enough to offset the decline in income from cash and balances with banks (-4.1% y/y to NGN5.17 billion). This performance was driven by a combination of rising yields on fixed income securities and strong growth in risk assets creation (+11.3% to NGN3.58 trillion).

Interest expense declined marginally by 0.7% y/y to NGN119.67 billion, supported mainly by the moderation in interest expense on deposits from customers (-11.1% y/y to NGN56.77 billion). The reduced expense on deposits from customers neutered the impact of the increases in borrowings (+73.2% y/y to NGN21.61 billion) and debt securities issued (+7.2% y/y to NGN10.14 billion). Consequently, cost of funds moderated to 2.9% vs 3.7% in H1 2020, despite the 6.9% year-to-date increase in interest-bearing liabilities.

Non-interest income declined by 16.5% y/y to NGN115.90 billion as losses on investment securities, particularly non-hedging derivatives (-NGN23.25 billion vs gain of NGN134.85 in H1-20) and decline in other operating income (-44.5% y/y to NGN16.45 billion) offset the growth in income from foreign exchange trading (+200.3% y/y to NGN68.20 billion) and fees and commissions (+44.7% y/y to NGN58.73 billion). Despite the weaker non-funded income growth, funded income growth was substantial enough to lead to a growth in operating income (+15.6% y/y).

Operating expenses increased by 8.9% y/y to NGN189.80 billion during the period, following higher regulatory costs and inflationary pressures. Save for other operating expenses (-3.9% y/y to NGN74.64 billion), all other lines recorded spikes – NDIC premium (+32.2% y/y to NGN9.96 billion), personnel expenses (+20.3% y/y to NGN43.60 billion), AMCON levy (+17.1% y/y to NGN41.51 billion) and non-cash charges (+15.7% y/y to NGN20.08 billion). Nonetheless,  the bank’s cost-to-income ratio (after accounting for LLEs) improved to 66.1% from 70.1% in H1-20, given the higher year-on-year expansion in operating income relative to opex.

Overall, the bank recorded a profit before tax growth of 31.2% y/y to NGN97.50 billion consequent on the strong gross earnings growth. However, profit after tax settled 42.4% higher y/y at NGN86.94 billion, given the lower income tax expense (-20.4% y/y).

 

World Bank: Africa Can’t Meet 10% COVID-19 Vaccination Target by Sept

 

At its third meeting, the Multilateral Leaders Taskforce on COVID-19 (MLT) – the heads of the International Monetary Fund, World Bank Group, World Health Organisation and World Trade Organisation -met with the leaders of the African Vaccine Acquisition Trust (AVAT), Africa CDC, Gavi and UNICEF to tackle obstacles to rapidly scale-up vaccines in low- and lower middle-income countries, particularly in Africa, and issued the following statement:

“The global rollout of COVID-19 vaccines is progressing at two alarmingly different speeds. Less than 2% of adults are fully vaccinated in most low-income countries compared to almost 50% in high‑income countries.

These countries, the majority of which are in Africa, simply cannot access sufficient vaccine to meet even the global goals of 10% coverage in all countries by September and 40% by end 2021, let alone the African Union’s goal of 70% in 2022.

This crisis of vaccine inequity is driving a dangerous divergence in COVID-19 survival rates and in the global economy. We appreciate the important work of AVAT and COVAX to try and address this unacceptable situation.

However, effectively tackling this acute vaccine supply shortage in low- and lower middle-income countries, and fully enabling AVAT and COVAX, requires the urgent cooperation of vaccine manufacturers, vaccine-producing countries, and countries that have already achieved high vaccination rates. To ensure all countries achieve the global goals of at least 10% coverage by September and 40% by end-2021:

We call on countries that have contracted high volumes of vaccines to swap near-term delivery schedules with COVAX and AVAT.

We call on vaccine manufacturers to immediately prioritise and fulfill their contracts to COVAX and AVAT, and to provide regular, clear supply forecasts.

We urge G7 and all dose-sharing countries to fulfill their pledges urgently, with enhanced pipeline visibility, product shelf life and support for ancillary supplies, as barely 10% of nearly 900 million committed doses have so far been shipped.

We call on all countries to eliminate export restrictions and any other trade barriers on COVID-19 vaccines and the inputs involved in their production.

We are in parallel intensifying our work with COVAX and AVAT to tackle persistent vaccine delivery, manufacturing and trade issues, notably in Africa, and mobilise grants and concessional financing for these purposes.

We will also explore financing mechanisms to cover future vaccine needs as requested by AVAT. We will advocate for better supply forecasts and investments to increase country preparedness and absorptive capacity. And we will continue to enhance our data, to identify gaps and improve transparency in the supply and use of all COVID-19 tools.

The time for action is now. The course of the pandemic—and the health of the world—are at stake.

 

 

 

Hello Rasheed.

 

Good day sir.

 

Due to incessant complaints by bank customers, we initiated a Special Report/Investigation on ALLEGED Pilfering/Illegal Deductions by Banks 30 days ago to verify the claim/allegation that banks usually remove certain amount from bank accounts without the knowledge of customers and/or justification/transaction.

 

To achieve the objective of the Report, we sent out two staff members to interview customers at various bank branches in the past 30 days.

 

A good number of the customers complained about Polaris Bank.

 

NB:

1: We are liasing/networking with the CBN on the Official List of CBN-Authorised/Approved Deductions on Individual & Corporate Accounts as part of the Report

2: The key objective of the Report is to bridge the yawning communication/awareness gap between banks and customers on the issue of deductions (legal/illegal) and raging complaints/allegations of pilfering/stealing by bank customers

3: We expect the Report to create better understanding between banks and their customers on deductions

We need official response from Polaris Bank for the Special Report.

Expecting.

Thanks.

Prince Cookey

Business Journal

08023088874

[email protected]

 

 

WEF: Will Human-centric Data Policy Accelerate Global Progress?

 

The World Economic Forum and the City of Helsinki will discuss on Wednesday, September 8, 2021 data policy with global leaders and public figures.

They will discuss how a human-centric approach to the world’s 25 quintillion daily data points can shape post-pandemic societies for progress, people, and the planet. The briefing is on the record.
Data leaders from Edelman, Splunk, and the Patrick J. McGovern Foundation will share new frameworks, tools, and best practices for a human-centric approach to data relationships. Senior leaders from the Forum and Helsinki will discuss why this approach is critical for shaping a future where data is used responsibly and innovatively to create progress while respecting, valuing, and empowering people and societies. This event marks the launch of our Empowered Data Societies white paper.
Speakers are

·         Yannis Kotziagkiaouridis, Global Chief Data & Analytics Officer, Edelman Data & Intelligence

·         Claudia Juech, Vice President Data and Society, The Patrick J. McGovern Foundation

·         Jan Vappavuori, Urban Activist, former Mayor of Helsinki, City of Helsinki

·         Juliana Vida, Chief Strategy Advisor, Board Trustee, Board Advisor, Splunk

·         Sheila Warren, Deputy of Centre for the Fourth Industrial Revolution, World Economic Forum

·         Joined by

·         HE Juhana Vartiainen, Mayor Helsinki, City of Helsinki

·         Moderated by

·         Melissa Heikkila, AI Correspondent, Politico EU

The World Economic Forum, committed to improving the state of the world, is the International Organisation for Public-Private Cooperation. The Forum engages the foremost political, business and other leaders of society to shape global, regional and industry agenda.

World Bank: Africa Can’t Meet 10% COVID-19 Vaccination Target by Sept

By
Business Journal
-
0

At its third meeting, the Multilateral Leaders Taskforce on COVID-19 (MLT) – the heads of the International Monetary Fund, World Bank Group, World Health Organisation and World Trade Organisation -met with the leaders of the African Vaccine Acquisition Trust (AVAT), Africa CDC, Gavi and UNICEF to tackle obstacles to rapidly scale-up vaccines in low- and lower middle-income countries, particularly in Africa, and issued the following statement:

“The global rollout of COVID-19 vaccines is progressing at two alarmingly different speeds. Less than 2% of adults are fully vaccinated in most low-income countries compared to almost 50% in high‑income countries.

These countries, the majority of which are in Africa, simply cannot access sufficient vaccine to meet even the global goals of 10% coverage in all countries by September and 40% by end 2021, let alone the African Union’s goal of 70% in 2022.

This crisis of vaccine inequity is driving a dangerous divergence in COVID-19 survival rates and in the global economy. We appreciate the important work of AVAT and COVAX to try and address this unacceptable situation.

However, effectively tackling this acute vaccine supply shortage in low- and lower middle-income countries, and fully enabling AVAT and COVAX, requires the urgent cooperation of vaccine manufacturers, vaccine-producing countries, and countries that have already achieved high vaccination rates. To ensure all countries achieve the global goals of at least 10% coverage by September and 40% by end-2021:

We call on countries that have contracted high volumes of vaccines to swap near-term delivery schedules with COVAX and AVAT.

We call on vaccine manufacturers to immediately prioritise and fulfill their contracts to COVAX and AVAT, and to provide regular, clear supply forecasts.

We urge G7 and all dose-sharing countries to fulfill their pledges urgently, with enhanced pipeline visibility, product shelf life and support for ancillary supplies, as barely 10% of nearly 900 million committed doses have so far been shipped.

We call on all countries to eliminate export restrictions and any other trade barriers on COVID-19 vaccines and the inputs involved in their production.

We are in parallel intensifying our work with COVAX and AVAT to tackle persistent vaccine delivery, manufacturing and trade issues, notably in Africa, and mobilise grants and concessional financing for these purposes.

We will also explore financing mechanisms to cover future vaccine needs as requested by AVAT. We will advocate for better supply forecasts and investments to increase country preparedness and absorptive capacity. And we will continue to enhance our data, to identify gaps and improve transparency in the supply and use of all COVID-19 tools.

The time for action is now. The course of the pandemic—and the health of the world—are at stake.

 

 

NDIC CEO, Bello Hassan, Hosts EFCC Chair, Bawa in Abuja

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L-R Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan explaining a point to the Chairman, Economic and Financial Crime Commission (EFCC), Abdulrashid Bawa during the latter’s courtesy call to the NDIC Senior Management in Abuja yesterday.

WEF: Will Human-centric Data Policy Accelerate Global Progress?

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The World Economic Forum and the City of Helsinki will discuss on Wednesday, September 8, 2021 data policy with global leaders and public figures.

They will discuss how a human-centric approach to the world’s 25 quintillion daily data points can shape post-pandemic societies for progress, people, and the planet. The briefing is on the record.
Data leaders from Edelman, Splunk, and the Patrick J. McGovern Foundation will share new frameworks, tools, and best practices for a human-centric approach to data relationships. Senior leaders from the Forum and Helsinki will discuss why this approach is critical for shaping a future where data is used responsibly and innovatively to create progress while respecting, valuing, and empowering people and societies. This event marks the launch of our Empowered Data Societies white paper.
Speakers are

  • Yannis Kotziagkiaouridis, Global Chief Data & Analytics Officer, Edelman Data & Intelligence
  • Claudia Juech, Vice President Data and Society, The Patrick J. McGovern Foundation
  • Jan Vappavuori, Urban Activist, former Mayor of Helsinki, City of Helsinki
  • Juliana Vida, Chief Strategy Advisor, Board Trustee, Board Advisor, Splunk
  • Sheila Warren, Deputy of Centre for the Fourth Industrial Revolution, World Economic Forum
  • Joined by
  • HE Juhana Vartiainen, Mayor Helsinki, City of Helsinki
  • Moderated by
  • Melissa Heikkila, AI Correspondent, Politico EU
  • The World Economic Forum, committed to improving the state of the world, is the International Organisation for Public-Private Cooperation. The Forum engages the foremost political, business and other leaders of society to shape global, regional and industry agenda.

 

NDIC, EFCC Explore Areas of Partnership During Courtesy Visit

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L-R: Executive Director (Corporate Services) NDIC, Hon. (Mrs.) Omolola Abiola Edewor; Chairman EFCC, Abdulrashid Bawa; MD/CEO NDIC, Bello Hassan and Executive Director (Operation) NDIC, Mustapha Mohammed Ibrahim, during a courtesy call to the NDIC Senior Management in Abuja by the Chairman of EFCC.

WEF, City of Helsinki: Human-centric Approach Data for Global Progress

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The World Economic Forum and the City of Helsinki will discuss on Wednesday, September 8, 2021 data policy with global leaders and public figures. They will discuss how a human-centric approach to the world’s 25 quintillion daily data points can shape post-pandemic societies for progress, people, and the planet. The briefing is on the record.

Data leaders from Edelman, Splunk, and the Patrick J. McGovern Foundation will share new frameworks, tools, and best practices for a human-centric approach to data relationships. Senior leaders from the Forum and Helsinki will discuss why this approach is critical for shaping a future where data is used responsibly and innovatively to create progress while respecting, valuing, and empowering people and societies. This event marks the launch of our Empowered Data Societies white paper.
Speakers are

·         Yannis Kotziagkiaouridis, Global Chief Data & Analytics Officer, Edelman Data & Intelligence

·         Claudia Juech, Vice President Data and Society, The Patrick J. McGovern Foundation

·         Jan Vappavuori, Urban Activist, former Mayor of Helsinki, City of Helsinki

·         Juliana Vida, Chief Strategy Advisor, Board Trustee, Board Advisor, Splunk

·         Sheila Warren, Deputy of Centre for the Fourth Industrial Revolution, World Economic Forum

·         Joined by

·         HE Juhana Vartiainen, Mayor Helsinki, City of Helsinki

·         Moderated by

·         Melissa Heikkila, AI Correspondent, Politico EU

The World Economic Forum, committed to improving the state of the world, is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business and other leaders of society to shape global, regional and industry agenda.

Global Reinsurers Adjust as Traditional Risks Take Unpredictable Patterns

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Although the global reinsurance industry has been able to absorb the exceptional shock from the COVID-19 pandemic, perils that are becoming more complex and interrelated highlight the need for innovation to cover unmodeled risks as they emerge, and traditional risks as they evolve, according to a new AM Best special report.
In its latest annual look at the global reinsurance industry, “Global Reinsurance Outlook Remains Stable in a More Uncertain World,” AM Best states that a main challenge for the reinsurance industry is to remain relevant within the broader economy. After several years of struggling to meet their cost of capital, key players have started to turn the corner.

However, considerable uncertainty remains over sizable COVID-19-related claims reserves, which will take years to develop. Risk in general has become more difficult to model and price, and therefore, reinsure.

A higher share of uninsurable risks, considered either non-measurable, non-manageable or systemic, in a more connected world increasingly dominated by intangible assets, could translate into a smaller role for the reinsurance industry.

Sovereign Trust Insurance, Junior Chambers Partner on Back-to-School Project

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L-R: Segun Bankole, DGM/Head, Sales & Corporate Communications, Sovereign Trust Insurance Plc, Yetunde Stella Akinsetire, JCI Member/Project Chairperson, “Back to School Project” (JCI Lagos Metropolitan) and Abiodun Awosanya, Convention Chairman, 2021 Junior Chambers International, Local Convention for Lagos Metropolitan.  Sovereign Trust Insurance Plc supported the project with educational materials.

About JCI

Junior Chambers International, (JCI), is an organisation of young active citizens all over the world, living, communicating, taking action and creating impact in their communities. It is a non-profit organization.

The “Back To School Project” is an initiative of JCI, (Lagos Metropolitan) which is organized to change lives of indigent children living in less-privileged environments.

The project was supported by Sovereign Trust Insurance Plc.

EU, British Council to Train Online Publishers on FOI Act

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No fewer than 50 publishers of online newspapers are expected in Abuja, Thursday for capacity building on the provisions and application of Nigeria’s Freedom of Information Act.

The training is supported by the Rule of Law and Anti-Corruption (ROLAC) programme funded by the European Union, but managed by the British Council.

ROLAC’s lead Consultant on the Freedom of Information Act, Dr. Walter Duru, who disclosed this to newsmen in Abuja on Wednesday said the target participants are members of the Guild of Corporate Online Publishers-GOCOP and other select online publishers in Nigeria.

Duru, who also chairs the Board of the Freedom of Information Coalition in Nigeria explained that the training is put together to deepen the understanding of publishers on the use and application of the Freedom of Information Act, 2011.

While commending ROLAC for what he described as the programme’s huge investments in transparency initiatives in Nigeria, he lamented the poor use of the act by the citizens, adding that the training is one of the ways of enhancing the capacity of non-state actors, while further spreading the message of the FOI Act.

According to him, “the FOI Act aims to make public records and information more freely available and enables citizens to hold the government accountable in the event of the misappropriation of public funds or failure to deliver public services. Unfortunately, there is an embarrassingly low compliance level with the provisions of the Act in Nigeria among public institutions.”

“On the part of the citizens, there is an abysmally low use of the FOI Act. A recent FOI Implementation Assessment by the Media Initiative against Injustice, Violence and Corruption- MIIVOC, with support from ROLAC showed that the capacity level of non-state actors on the provisions and use of the FOI Act is still very low.”

“Media practitioners are also not taking advantage of the Act to access information that could enhance their profession. This is one of the reasons for this engagement.”

Thursday’s event is supported by the European Union (funded) Rule of Law and Anti-Corruption (ROLAC) programme (managed by the British Council), in collaboration with the Media Initiative against Injustice, Violence and Corruption (MIIVOC); Freedom of Information Coalition in Nigeria (FOIC-N) and the FOI Unit of the Federal Ministry of Justice (FMOJ).

 

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