Covid-19 Shutdown: 6 Tools to Aid Remote Working

01/04/2020

By Elvis Eromosele

Remote work was viewed as a fad. While technology enthusiasts have long spoken about the potential of remote working, few individuals listened and fewer firms cared.

During this period, technology firms developed tons of tools and applications to aid remote working. These tools were largely ignored and or considered only useful for staff working on the field.

Today, the coronavirus (Covid-19) pandemic is changing this situation. Covid-19 has led to travel bans, school closures, and directives to curb people gathering in large groups. This is in addition to maintaining appropriate social distancing. It is now precipitating remote working in almost every corner of the globe.

Remote work has now effectively moved from the realm of a fad to must-have. It would not be out of place therefore to say, ‘welcome to the age of remote work’.

But for remote work to work, staff must have connectable devices such as laptops and tablets, access to broadband internet connection and tools to automatically sync and backup files (think Google Drive, Dropbox and OneDrive).

As Covid-19 rages on and employees are forced to work remotely, here are tools you can use to make the transition:

WhatsApp – WhatsApp is a mobile app most people are familiar with as a group messaging tool. It’s connected to a phone number and has no storage limits. WhatsApp offers a desktop app that you can have running on your computer and sync with your mobile device.

It can also be used as a way to send encrypted mass texts to everyone in a group (up to 250 people). The group feature can be disabled so that only notifications from the admins are allowed. WhatsApp is a simple way to send important messages to staff who want to be also alerted by text beyond email.

Slack – Slack is the collaboration hub that brings the people, information, and tools together to get work done. To optimise your storage space is to connect Slack with file storage services such as Google Drive, Dropbox and One Drive. That way, you simply have to share a link to the file.

To ensure seamless integration with these tools, everyone in the organisation must use the same services as much as possible. Slack has app integration with all three.

Workplace – Workplace by Facebook is a collaboration and communication tool that connects employees via an internal social network. Companies pay by the user to set up a private version of Facebook for their employees.

Organisations can sign up for the Workplace for Good to get free access to all the premium services offered by Workplace. Workplace also offers integration with 3rd party tools similar to Slack. If you’re using Workplace for group chats, you can also use the one-on-one or larger group video meeting feature.

Hangouts – Google Hangouts is a unified communications service that allows members to initiate and participate in text, voice or video chats, either one-on-one or in a group. Hangouts are built into Google+ and Gmail, and mobile Hangouts apps are available for iOS and Android devices.

The good news is that because of the impact of COVID-19, Google is offering free access (until July 1st, 2020) to the advanced features of Hangouts Meet, such as hosting video meetings with up to 250 participants, live streaming with up to 100,000 viewers, as well as recording and saving meetings to Google Drive.

Microsoft Teams – Microsoft Teams is a unified communication and collaboration platform that combines persistent workplace chat, video meetings, file storage (including collaboration on files), and application integration. There is a free and premium service.

Microsoft is currently offering free access to Microsoft Teams with up to 250 video meeting participants and live streams of up to 10,000 viewers, because of the Covid-19 pandemic.

Zoom – Zoom is a web-based video conferencing tool with a local, desktop client and a mobile app that allows users to meet online, with or without video. Zoom users can choose to record sessions, collaborate on projects, and share or annotate on one another’s screens, all with one easy-to-use platform. Zoom offers a full-featured Basic Plan for free with unlimited meetings.

You can try Zoom for as long as you like – there is no trial period. The basic plan has a 40-minute time limit on meetings with three or more total participants.

Bonus: Of course, if you need to scan something and send as a PDF, you can do it using apps such as Adobe Scan, CamScanner and Scanbot among others.

The truth is that Covid-19 will end and workers will return to work. But employers and employees alike will then begin to question the wisdom of the daily commute to work. Interesting times are ahead.

For now, since you know the tools and applications you can use. Get to work – Remote Working.

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

Ecobank Digital Leads in Seamless Banking Experience

Business Journal

01/04/2020

Ecobank Nigeria Plc has effectively activated a broad-range of digital platforms to ensure seamless banking experience for its customers during and after the coronavirus crisis.

The coronavirus crisis has led to stay-at-home orders across the country, thereby limiting the movement of persons, making it difficult for the banking public to access banking services easily as before.

In this regard, the Ecobank digital initiative empowers customers to conduct banking and other financial services from virtually anywhere and anytime without hindrance.

The Ecobank digital initiative represents a new dimension in the deployment of e-channels for banking services and confirms the bank’s leading status in the digital banking space in Nigeria.

Airlines May Burn $61bn Cash Reserves in 2nd Qtr over COVID-19

Business Journal

31/03/2020

The International Air Transport Association (IATA) published new analysis showing that airlines may burn through $61 billion of their cash reserves during the second quarter ending 30 June 2020, while posting a quarterly net loss of $39 billion.
This analysis is based on the impact assessment IATA released last week, under a scenario in which severe travel restrictions last for three months. In this scenario, full-year demand falls by 38% and full-year passenger revenues drop by $252 billion compared to 2019. The fall in demand would be the deepest in the second quarter, with a 71% drop.
The impact will be severe, driven by the following factors:
Revenues are expected to fall by 68%. This is less than the expected 71% fall in demand due to the continuation of cargo operations, albeit at reduced levels of activity

Variable costs are expected to drop sharply—by some 70% in the second quarter—largely in line with the reduction of an expected 65% cut in second quarter capacity. The price of jet fuel has also fallen sharply, although we estimate that fuel hedging will limit the benefit to a 31% decline.

Fixed and semi-fixed costs amount to nearly half an airline’s cost. We expect semi-fixed costs (including crew costs) to be reduced by a third. Airlines are cutting what they can, while trying to preserve their workforce and businesses for the future recovery.

These changes to revenues and costs result in an estimated net loss of $39 billion in the second quarter.
On top of unavoidable costs, airlines are faced with refunding sold but unused tickets as a result of massive cancellations resulting from government-imposed restrictions on travel. The second quarter liability for these is a colossal $35 billion. Cash burn will be severe. We estimate airlines could be burning through $61 billion of their cash balances in the second quarter.
“Airlines cannot cut costs fast enough to stay ahead of the impact of this crisis. We are looking at a devastating net loss of $39 billion in the second quarter. The impact of that on cash burn will be amplified by a $35 billion liability for potential ticket refunds. Without relief, the industry’s cash position could deteriorate by $61 billion in the second quarter,” said Alexandre de Juniac, IATA’s Director General and CEO.
Several governments are responding positively to the industry’s need for relief measures. Among countries providing specific financial or regulatory aid packages to the industry are Colombia, the United States, Singapore, Australia, China, New Zealand and Norway. Most recently, Brazil, Canada, Colombia, and the Netherlands have relaxed regulations to allow airlines to offer passengers travel vouchers in place of refunds.
“Travel and tourism is essentially shut down in an extraordinary and unprecedented situation. Airlines need working capital to sustain their businesses through the extreme volatility. Canada, Colombia, and the Netherlands are giving a major boost to the sector’s stability by enabling airlines to offer vouchers in place of cash refunds. This is a vital time buffer so that the sector can continue to function. In turn, that will help preserve the sector’s ability to deliver the cargo shipments that are vital today and the long-term connectivity that travelers and economies will depend on in the recovery phase,” said de Juniac.

Stanbic IBTC Bank Unveils Relief Measures for Customers

Business Journal

31/03/2020

Yinka Sanni

CEO

Stanbic IBTC Holdings Plc

Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has introduced customer relief initiatives aimed at reducing the unease felt by its customers as a result of the Covid-19 global pandemic. The movement of individuals had to be curtailed to discourage physical contact between people as a way of containing the spread of the virus.

Stanbic IBTC Bank PLC has also announced the closure of some of its branches, to safeguard the lives of its customers and employees. Branches that are operational can be found on the bank’s website. The bank has also encouraged its customers to make use of its digital banking platforms for transactions during this period.

The management of the bank has introduced further relief measures for its customers beginning from April 1, 2020:

Full Waiver of Merchant Settlement Charge (MSC) for two weeks for all merchants who accept payments using Stanbic IBTC Bank Point of Sale (POS) terminal for two weeks
Full waiver of Current Account Maintenance (CAM) fees and inter-bank transfer charges for one month for customer who reactivate their Dormant or inactive accounts
Waiver of transfer charges on the first five Inter-bank transfers they effect within the month of April 2020 for other customers with active accounts.

Speaking on the customer relief initiative, Mr. Yinka Sanni, Chief Executive, Stanbic IBTC Holdings PLC said the measure was aimed at ameliorating the pains of the customers while also preventing the spread of Covid-19.

He said: “As a responsible financial institution, we are not unaware of the effect of Covid-19, especially on our staff and customers. The decision by the bank to set aside the Merchant Settlement Charge for two weeks for those who use Stanbic IBTC POS terminals, waive current account maintenance fees and free interbank transfers for inactive/ dormant account holders and zero interbank transfer charges for the first five transactions for all other customers within the month of April; is our way of easing the pains and discomfort they are going through during this period.”

Stanbic IBTC Donates N250m in the Fight Against COVID-19

Business Journal

30/03/2020

Yinka Sanni

CEO

Stanbic IBTC Holdings Plc

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has joined other corporate organisations to offer support to the Federal Government of Nigeria in the fight against the outbreak of the Coronavirus (COVID-19) in Nigeria.

The foremost end-to-end financial services institution has donated the sum of N250 million to the Nigerian Private Sector Coalition Against COVID-19, formed recently to combat the virus.

The Central Bank of Nigeria (CBN), in partnership with the Nigerian private sector, had formed this alliance to combat the COVID-19. Other individuals and corporate organizations have shown their support towards assisting the government and the country at large to fight the pandemic.

Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, made the donation to support the government’s effort and boost the Nigerian health sector’s capacity to combat the pandemic.

Stanbic IBTC Bank PLC is also a member of the Operations Committee of the Nigerian Private Sector Coalition Against COVID-19. The Operations Committee is responsible for project management, logistics, communication, and advocacy.

Yinka Sanni, Chief Executive, Stanbic IBTC Holdings PLC, said: “The rate at which the COVID-19 virus is spreading calls for quick action and collective response to avert unprecedented health, social and economic crises. This is not the battle which the government can fight alone. Both public and private sector stakeholders need to muster every available resource to combat the COVID-19 spread.

“Stanbic IBTC remains committed to this cause and will continue to support the government and our compatriots in the fight against the COVID-19 pandemic.”

The Stanbic IBTC Holdings Chief Executive further added that this donation is only one of several interventions being made by the leading end-to-end financial solutions provider as Nigeria battles the COVID-19 pandemic.

8m Vehicles in South Africa Uninsured

Business Journal

30/03/2020

A study conducted by the Automobile Association of South Africa has revealed that between 65% and 70% of the estimated 12million vehicles on South African roads are uninsured, and this percentage is growing annually.

In other words, there are nearly 8m uninsured registered vehicles being driven around South Africa, according to a report in African Exponent.

In addition, the AA estimates that up to 800,000 vehicles in South Africa are either unregistered or classified as un-roadworthy, and thus are uninsured, too.

Statistics from the Road Traffic Management Corporation (RTMC) show that there are more than 800,000 traffic crashes in South Africa annually. Based on the insurance statistics, around 520,000 vehicles that are involved in crashes are uninsured.

In this context, insurers have welcomed the government’s proposal announced in the recent Budget to make third party insurance compulsory for all vehicle owners in South Africa. Compulsory third-party cover is expected to lower the cost of car insurance premiums. Around 30% of motorists cite unaffordable premiums as the reason for not buying motor insurance.

Guild of Editors Condemns Attacks on Newspaper Delivery Personnel

Business Journal

30/03/2020

The Nigerian Guild of Editors strongly condemns the harassment on Sunday of drivers of newspaper distribution vans by overzealous security agents in some states. It should be noted that the media is a strategic partner in national affairs, with the Constitutional mandate of providing information to the populace.

The body of Editors hereby restates that media personnel are rendering essential services and Journalists should be commended for carrying out their Constitutional mandate of sourcing stories and monitoring compliance with government directives in the midst of the COVID-19pandemic ravaging the world, instead of being harassed.
The Guild therefore, implores state governments that have declared one form of lockdown or the other, being measures to contain the spread of COVID-19, to appropriately educate the security agents drafted to enforce the restrictions, on the essential nature of media duties.
The body of Editors recalls that President Muhammad Buhari’s statement in a nationwide broadcast permits ‘’workers of telecommunications companies, broadcasting, print and electronic media, who can prove they are unable to work from home’’ as being exempted from the total lockdown in Lagos, Ogun, and the Federal Capital Territory.
The Guild is worried that some security agents, who may not be sufficiently knowledgeable about the operations of media houses may find it difficult to determine the categories of print and electronic staff who cannot work from home.
In the light of this potential friction, the Guild is calling on the Nigerian Government to exempt all categories of media staff from the COVID-19 Stay-at-home restrictions and hereby enjoins journalists to carry their means of identification as they undertake their duties, to eliminate the chances of being harassed by security operatives.

The Guild commends the Federal and State governments for the measures put in place to contain the deadly Corona Virus and also applauds government’s pledge of palliative measures for the most vulnerable in the society during this period of lockdown, especially those who survive on daily income.
The body of Editors also salutes the tireless efforts of our medical personnel, who have continued to put their lives on the line, as the world battles the monstrous COVID-19 pandemic.
The Guild also notes however, that Nigeria cannot afford a total lockdown at this time. People should be allowed to move within their neighbourhoods to access pharmacies, fuel stations and other basic needs.
We urge all journalists and other personnel on essential services to adhere strictly to the prescribed precautionary measures against COVID-19 and continue to stay safe in the course of their duties.

COVID-19: Linkage Assurance Activates Online Platforms to Serve Customers

Business Journal

30/03/2020

Daniel Braie

MD/CEO

Linkage Assurance Plc

Linkage Assurance Plc has activated its online platforms to serve customers and ensure continuity of operations during the period of lockdown over COVID -19 pandemic.

President Muhammadu Buhari had on Sunday announced a 14-day lockdown in Lagos, Abuja and Ogun State due to the growing spread of Covid-19.

A statement from the Company’s Customer Service Department said:

“We have activated our systems i.e. online platforms to enable us continue to provide insurance services during this period with uninterrupted accesses to our offerings.”

According to the statement, “the company remains accessible through her e-commerce website for self-service and assistance to renew policy, purchase insurance covers and report claims.”

Guinea Insurance Moves to Contain Spread of COVID-19

Business Journal

28/03/2020

Ademola Abidogun

MD/CEO

Guinea Insurance Plc

The spread of COVID-19, commonly referred to as the coronavirus, is an exceptional event that is becoming an increasing public and workplace priority.

As the global community continues to grapple with COVID-19 (coronavirus) and its far-reaching implications, we must not, however, forget to pray for our brothers and sisters in Nigeria and around the world who are with us and are infected; and those who are not here today because they have gone the way of all flesh due to the outbreak of this growing global emergency.

In these extremely challenging times and in the face of the continuous and unabated spread of coronavirus disease (COVID-19); we at Guinea Insurance PLC have put in place strict control and precautionary measures to protect our employees, business partners, tenants, visitors and families.

Our Crisis Response Unit has taken active steps to activate some pertinent control measures which include: promoting good personal and environmental hygiene, performing routine cleaning sprays and wipes to disinfect frequently touched objects and surfaces, adjusting our policies to reduce social contact by promoting social distancing, providing alcohol-based hand sanitizers throughout our workplace and in common areas and trying as much as possible to reduce face-to-face meetings and implementing flexible working arrangement plans

As a responsible corporate citizen of Nigeria, the health and wellbeing of all stakeholders remain the core of our very existence. Our approach to this global tragedy is to stay informed, keep calm, communicate with all stakeholders and create contingency plans while also, focusing on providing first-rate service to our numerous customers far and wide through our digital channels.

African Dev Bank Unveils $3bn COVID-19 Fund for Africa

Business Journal

27/03/2020

Dr. Akinwunmi Adesina

President

African Development Bank

The African Development Bank (AfDB) has raised an exceptional $3 billion in a three-year bond to help alleviate the economic and social impact the Covid-19 pandemic will have on livelihoods and Africa’s economies.
The Fight Covid-19 Social bond, with a three-year maturity, garnered interest from central banks and official institutions, bank treasuries, and asset managers including Socially Responsible Investors, with bids exceeding $4.6 billion.

This is the largest Social Bond ever launched in international capital markets to date, and the largest US Dollar benchmark ever issued by the Bank. It will pay an interest rate of 0.75%.
The African Development Bank Group is moving to provide flexible responses aimed at lessening the severe economic and social impact of this pandemic on its regional member countries and Africa’s private sector.
“These are critical times for Africa as it addresses the challenges resulting from the Coronavirus. The African Development Bank is taking bold measures to support African countries. This $3 billion Covid-19 bond issuance is the first part of our comprehensive response that will soon be announced. This is indeed the largest social bond transaction to date in capital markets. We are here for Africa, and we will provide significant rapid support for countries,” said Dr. Akinwumi Adesina, President of the African Development Bank Group.
The order book for this record-breaking bond highlights the scale of investor support, which the African Development Bank enjoys, said the arrangers.
“As the Covid-19 outbreak is dangerously threatening Africa, the African Development Bank lives up to its huge responsibilities and deploys funds to assist and prepare the African population, through the financing of access to health and to all other essential goods, services and infrastructure,” said Tanguy Claquin, Head of Sustainable Banking, Crédit Agricole CIB.
Coronavirus cases were slow to arrive in Africa, but the virus is spreading quickly and has infected nearly 3,000 people across 45 countries, placing strain on already fragile health systems.
It is estimated that the continent will require many billions of dollars to cushion the impact of the disease as many countries scrambled contingency measures, including commercial lockdowns in desperate efforts to contain it. Globally, factories have been closed and workers sent home, disrupting supply chains, trade, travel, and driving many economies toward recession.
Commenting on the landmark transaction, George Sager, Executive Director, SSA Syndicate, Goldman Sachs said: “In a time of unprecedented market volatility, the African Development Bank has been able to brave the capital markets in order to secure invaluable funding to help the efforts of the African continent’s fight against Covid-19. Not only that, but in the process, delivering their largest ever USD benchmark. A truly remarkable outcome both in terms of its purpose but also in terms of a USD financing.”
The Bank established its Social Bond framework in 2017 and raised the equivalent of $2 billion through issuances denominated in Euro and Norwegian krone. In 2018 the Bank was designated by financial markets, ‘Second most impressive social or sustainability bond issuer” at the Global Capital SRI Awards.
“We are thankful for the exceptional level of interest the Fight Covid-19 Social Bond has raised across the world, as the African Development Bank moves towards lessening the social and economic impact of the pandemic on a continent already severely constrained. Our Social bond program enables us to highlight our strong development mandate to the investor community, allowing them to play a part in improving the lives of the people of Africa. This was an exceptional outcome for an exceptional cause,” said Hassatou Diop N’Sele, Treasurer, African Development Bank.
Fight Covid-19 was allocated to central banks and official institutions (53%), bank treasuries (27%) and asset managers (20%). Final bond distribution statistics were as follows: Europe (37%), Americas (36%), Asia (17%) Africa (8%,) and Middle-East (1%).

Kaspersky Offers Free Security for Medical Firms over COVID-19

Business Journal

27/03/2020

Kaspersky announces free availability of its core endpoint security products for medical organisations, in order to help them stay protected from cyberthreats during the pandemic.

The full list of B2B products available for free for six months includes Kaspersky Endpoint Security Cloud Plus, Kaspersky Security for Microsoft Office 365, Kaspersky Endpoint Security for Business Advanced and Kaspersky Hybrid Cloud Security.
Continuity of operations and data protection is extremely critical for healthcare organisations. Especially in the current situation, when medical organisations are under extreme pressure and have to mobilise all their forces to help people in this very challenging time.

For hospitals and medical institutions it is important to ensure the stability of medical equipment and that data is constantly available for medical personnel, while also protecting the privacy of their patients’ critical information.
To help medical organisations cope with the unprecedented pressure and help relieve cybersecurity risks that may arise during this period, Kaspersky has made its B2B solutions available for free.

This includes endpoint and cloud infrastructure protection products, such as Kaspersky Endpoint Security for Business Advanced and Kaspersky Hybrid Cloud Security, SaaS endpoint protection – Kaspersky Endpoint Security Cloud Plus – and protection for Microsoft Office 365 – Kaspersky Security for Microsoft Office 365.
“In this critical situation, healthcare institutions are under immense pressure and carry huge responsibility while saving people’s lives and fighting against the infection. Doctors, nurses and all medical staff take on most of the load and therefore need any support possible. We feel that it is our duty to support the medical community,” said Evgeniya Naumova, Vice President of the Global Sales Network at Kaspersky. “In order to help these organisations focus on what matters most, we now offer healthcare institutions free licenses for key Kaspersky corporate products for a six month period.”

Along with this initiative, Kaspersky also suggests that medical institutions follow cybersecurity practices and implement the following measures as soon as possible:

Schedule basic security awareness education for both medical personnel and administration employees – it should cover the most essential practices such as passwords and accounts, email security, use of USB devices, PC security and safe web browsing. Explain to the hospital’s staff that there is an increasing risk of cyberthreats for healthcare IT systems.

It is the right time to check the hospital’s protection solution, make sure it is up to date, configured properly and covers all employees’ devices. Switch on a firewall to enable protection from threats coming from the internet. The security solution should enable protection from ransomware as it is one of the common threats for medical organisations.

Ensure all specific medical devices are properly configured and updated, such as ventilators. If there is a chance that the number of such devices increases rapidly, develop a dedicated procedure to quickly install and configure all new devices.

Some hospitals urgently hire new staff which means growing the number of endpoints, including new employees’ personal devices.

This can damage visibility and control over corporate IT, so IT services should pay special attention to adding protection to these new devices. It’s better to have security profiles, policies and licenses in advance to just add them to new devices when needed.

Make sure your current security solution enables purchasing of enough licenses for the increasing number of devices.

NCC Rolls Out Measures to Support Stakeholders on COVID-19

Business Journal

26/03/2020

Prof. Umar Danbatta

Executive Vice-Chairman

NCC

As the COVID-19, better known as coronavirus continues to ravage the global community, the Nigerian Communications Commission (NCC) as the telecommunications industry regulator has put in place measures to support initiatives by other stakeholders to curtail this scourge.

The Commission in conjunction with industry players and all other government agencies have agreed to reduce the frequency of physical meetings all through the period of the coronavirus outbreak and consider alternative electronic meeting platforms, in order to reduce person to person contact that may arise from travels or meetings.

Departments within the Commission that interface with customers have developed e-platforms where all licensing requests, consumer complaints and BTS investigation requests could be channeled or provide designated e-mail addresses to be used for such requests throughout the pandemic period.

The Commission has also approved resource sharing by operators throughout the period of coronavirus. These include fibre optics cables and other resources in the event of cable cuts and other unforeseen developments during the period of coronavirus outbreak.

The Commission has also directed Mobile Network Operators (MNOs) to ensure that their Corporate Social Responsibility (CSR) programmes are in tandem with government initiatives to curtail the COVID-19 pandemic in order to provide safety and support aid materials that will protect the public against coronavirus.

All social and official visits to the Commission have been cancelled immediately and visitors advised to use relevant online platforms and or telephone services in accessing the Commission’s services.

For those who may be affected, we implore them to take advantage of the Emergency Communications Centres (ECC) by dialing the toll free number 112.

The NCC supports Right of Passage (RoP) for all telecommunications members for easy movement in the event of a total lockdown and or restriction of movement.

The regulator is also in support of RoP for suppliers that are involved in supplies of fuels, foods and other support services to telecom operators, to allow for free movement in the event of partial or total lockdown as a result of the coronavirus.

We are in touch with Law Enforcement Agencies to constantly protect telecom infrastructure nationwide.

We will come out from time to time with enlightenment information on the dangers of the virus so that consumers can be guided accordingly.

Since we are in this together, no effort would be spared to bring this deadly disease to an end.

Afreximbank Unveils $3bn Facility to Cushion Impact of COVID-19

Business Journal

25/03/2020

Prof. Benedict Oramah

President of Afreximbank

The African Export-Import Bank (Afreximbank) has announced a $3-billion facility, named Pandemic Trade Impact Mitigation Facility (PATIMFA), to help African countries deal with the economic and health impacts of the COVID-19 pandemic.

PATIMFA, approved by the Bank’s Board of Directors during its sitting on 20 March, will provide financing to assist Afreximbank member countries to adjust in an orderly manner to the financial, economic and health services shocks caused by the COVID-19 pandemic, according to information released by the Bank.

It will support member country central banks, and other financial institutions to meet trade debt payments that fall due and to avert trade payment defaults, said Afreximbank. It will also be available to support and stabilize the foreign exchange resources of central banks of member countries, enabling them to support critical imports under emergency conditions.

In addition, PATIMFA will assist member countries whose fiscal revenues are tied to specific export revenues, such as mineral royalties, to manage any sudden fiscal revenue declines as a result of reduced export earnings. It will also provide emergency trade finance facilities for import of urgent needs to combat the pandemic, including medicine, medical equipment, hospital refitting, etc.

The facility will be available through direct funding, lines of credit, guarantees, cross-currency swaps and other similar instruments, according to Afreximbank.

Explaining the rationale for the facility, Prof. Benedict Oramah, President of Afreximbank, noted that the COVID-19 pandemic brought with it considerable suffering and major economic disruptions.

“Besides its worrying effect on human life, the pandemic is projected to cost the global economy up to $1 trillion and to result in a significant 0.4 per cent decline in global GDP growth, which is expected to drop from 2.9 per cent in 2019 to 2.5 per cent in 2020,” he said.

“A rapid and impactful financial response is required to avert a major crisis in Africa,” he said, pointing out that “Africa is exposed in many fronts, including significant declines in tourism earnings, migrant remittances, commodity prices and disruption of manufacturing supply chains.”

Afreximbank had already seen sharp pandemic-induced declines in commodity prices, a sudden significant drop in tourism earnings, disruptions in supply chains, and closure of export manufacturing facilities, said the President. The impact on medical supplies and medical systems in many markets had also been unprecedented.

He said that Afreximbank would work with multilateral development banks that had put in place financial assistance programmes in order to secure support to help African countries deal with adverse external shocks and crises arising from the pandemic.

Afreximbank has a history of providing support to African economies in times of economic crisis.

During the 2015 economic crisis, it introduced a Counter-Cyclical Trade Liquidity Facility under which it disbursed more than $10 billion on a revolving basis to enable member countries adjust to the adverse economic shocks. That facility helped key African economies to manage that crisis and recover swiftly.

COVID-19: Nigerian Businesses Need to Reposition for Greater Challenges Ahead – Stanbic IBTC Bank CEO

Business Journal

23/03/2020

Dr. Demola Sogunle

CEO

Stanbic IBTC Bank Plc

Nigerian businesses need to prepare and brace themselves for a highly challenging period ahead as the coronavirus pandemic disrupts day-to-day life and commerce.

This follows the Federal and State Governments’ recent announcements of a set of bold measures to halt the spread of the coronavirus in Nigeria, including travel bans, school closures and limits to the size of public gatherings.

“While these actions are necessary and commendable, they are steering businesses into uncharted territory,” says Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Bank PLC. “The operating environment, already difficult following years of lacklustre growth, will become even more challenging in the weeks ahead.”

As this health and economic crisis unfold, large organisations will have to contend with the challenge of managing complex operations across multiple entities and geographies – each with its own set of measures in place to tackle the pandemic.

“There is now a pressing need for effective risk mitigation and business continuity measures, and these must include partner firms, suppliers and other stakeholders,” says Sogunle.

In numerous industries, supply chains and cash flows are being severely disrupted, particularly for those businesses involved in cross-border trade. This makes planning more crucial than ever.

With this in mind, organisations should consider the early loading and planning of payments, as well as intensive cash-flow management and liquidity planning. Those businesses that have lending facilities in place should assess whether these can cope with changed or disrupted cash flows.

Also, businesses involved in cross-border trade can consider measures that reduce the impact on cash flows. Letters of credit, for instance, have a lesser impact on cash flows than upfront deposits. And the disruption of physical trade flows might require an alignment of the associated cash flows.

Meanwhile, the health and safety of employees, clients, and other stakeholders need to be top of mind. Companies should consider separating teams and allowing employees to work remotely, where possible, although the persistence of load-shedding does complicate remote work.

As more employees work from home, connectivity will be key. To enable this, teams could be provided with larger data bundles and afforded remote and secure access to internal systems. And with employees working in new environments, communication will be crucial to ensure that staff are well-informed and reassured, as well as productive.

Comprehensive policies and protocols applicable to both staff and clients are essential. Naturally, hygiene within the workplace and externally is of paramount importance – access to hand sanitizers, for instance, could prevent the spread of the virus.

“It is extremely important that companies remain calm and keep working effectively. Stanbic IBTCrecognises that it has a responsibility to do everything it can to help clients keep their businesses and their lives on track.

“As we have come to grips with this new reality that is facing us, we have all made the necessary plans in our different environments and prioritised our requirements so that we can continue to work, interact, and contribute to the society in which we live.

We do acknowledge that our business customers are facing challenges in dealing with the disruption to their businesses. We also understand that in any business or personal financial cycle there can be challenges in meeting financial obligations. These challenges may be heightened especially in times of economic downturns and crises.Customers who are in financial distress should contact the bank as soon as possible. The sooner the bank is informed, the sooner both parties can find a workable solution to address or resolve issues of financial distress. It is not in Stanbic IBTC Bank PLC’s interest to see a business fail, or a home lost. It is in both parties’ interest to find a workable solution. We do urge customers to contact the bank should they experience difficulties. We do not doubt that the impact of the Corona-19 virus has been extremely disruptive,” Sogunle says.

Stanbic IBTC Relationship Managers are in contact with our customers and are there to provide all the support necessary. Our customers all have individual needs and requirements and we will provide all the assistance necessary on a case by case basis.

“We are encouraging clients to make use of digital channels when transacting and engaging with the bank, where possible, and to contact the bank if a financial strain is foreseen. By planning, working together and remaining vigilant, we can limit the strain on Nigeria’s businesses in the weeks and months ahead,” Sogunle added.

Linkage Assurance Women Seeks Greater Opportunities for More Relevance

Business Journal

23/03/2020

L-R: Mrs. Temitope Abolaji, Marketer, Linkage Assurance Plc; Ms. Floy Ukadike, Marketer, Linkage Assurance Plc; Mrs. Olubukola Olaniyan, Marketer, Linkage Assurance Plc; Mrs. Joyce Ojemudia, GM, Marketing, Linkage Assurance Plc; Mrs. Chioma Ogugua, Underwriter, Linkage Assurance Plc); Ms. Mercy Osunde, Marketer, Linkage Assurance Plc during the celebration of International Women’s Day organized by Linkage Assurance Plc in Lagos.

As the world marks the International Women’s Day this March, seeking empowerment for the feminine gender, female staff of Linkage Assurance Plc have underscored the importance of harnessing the potential and hidden abilities that rest with the women-fold.

They noted that if the hidden abilities can be explored without being undermined by sentiments that women are the weaker gender, the feminine gender could add so much value to the economy and society at large.

Speaking on the theme ‘Each for Equal’ as part of the activities to mark the women’s day, Mrs. Joyce Ojemudia, GM, Marketing, Linkage Assurance called on the women staff to take advantage of the event and array of expert speakers brought together to redefine their career and launch themselves into higher responsibility in their professions.

Ojemudia also noted that it is important that women set goals, be focused, have clear vision, be committed to their visions, and take action.

“I will advice that we get your certifications and have mentors whom you can look up to for guidance and advice.”

The speakers, while agreeing that women are disadvantaged in a number of ways including managing career and family, they emphasized the importance of women overcoming these to make success in their career by exhibiting superior knowledge, by virtue of what they deposit or invest in their brain.

They also agreed that women should invest in every aspect of their life while also mastering the art of impression management, as that will give them the opportunity to be considered along their male counterparts for any position.

On the theme of the conference, the speakers said it was app and necessary to stimulate women to know that they are not inferior to men, and could achieve so much if the pursue their goals conscientiously.

Among the speakers at the event includes- Modupe Marc-Dawodu who spoke on the topic ‘The Challenges Facing the 21^st Century Women’; Mr. Rajiv Sharma, Management Leadership Skills; Dr. Lekan Adelakun, ‘Dynamics of Women’s Health and Stress Management’; and Mrs. Abi Longe who also spoke on ‘Productivity and Performance to Achieve Corporate Goals’.

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