‘COVID-19 Reveals Importance of Insurance’-Anchor Insurance CEO

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Business Journal

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14/05/2020

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Mr. Ebose Augustine Osegha

Managing Director/CEO

Anchor Insurance Company Limited

The Managing Director/Chief Executive Officer, Anchor Insurance Company Limited, Mr. Ebose Augustine Osegha, has said insurance all over the world remains risk mitigating mechanism and called on Nigerians to see what COVID-19 pandemic has done to businesses, human lives and economies generally all over the world to embrace insurance.

Ebose explained that the impact of COVID-19 has created deeper awareness for insurance, noting that it has made most people who had before now regarded insurance as a “yahoo yahoo business” to come to terms with the importance of risk coverage.

He expressed optimism that with everyone now knowing the damage which situations like this could cause to businesses, economy and human lives, more people were likely to embrace insurance when the ongoing Coronavirus pandemic was over in Nigeria.

Mr. Osegha said this in a live telephone interview with Plus TV Africa during the station’s ‘News in Pidgin’ programme on the theme “COVID-19: Impact on Insurance Industry,” recently.

The Anchor Insurance boss who expressed displeasure over government’s nonchalant attitude toward insurance and welfare packages for its workers stated that some state governments have no health insurance, public liability, group personal accident or even group life policy for their staff just as he called on them to learn from the experience so far from COVID-19 to provide the necessary insurance covers for their workforce.

According to him, “early this year when an award was given to Anchor Insurance, I called on government at all levels to brace up for challenges in future by providing insurance for their workforce. It was as if I was talking as a prophet then but now, it has happened.”

According to him, “even the business community is not left out. Before now, most business concerns looked away from taking business interruption covers for their operations. Also, most employees would not see the need to pick the loss of employment insurance covers because there will be job losses after the pandemics. Whatever effects they must be feeling now would have been mitigated if they had picked policies of the types I have mentioned here.”

On claims, Mr. Ebose said the insurance sector was experiencing high ratio but added that with the adequate and necessary reinsurance plans already put in place as well as the insurance reserve, the sector has been up to its task.

On measure put in place to cushion the effect of the pandemic on the industry’s operations, he said they have to cut down on some expenditure and channel their resources to those things that are necessary now.

“Now Information Technology (IT) is taking more money because when you are cutting from one side, you use it to support the other side. Before now, face mask and hand sanitizers were not in our budget but now we have to add them. The need for social distancing has, for instance, made us in Anchor Insurance Company Limited to buy more cars for staff use to avoid getting caught up with the issues that attend to using public transport and to ensure they remain healthy and productive.”

‘COVID-19 Will Compromise Transition to Clean Energy’-WEF Report

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Business Journal

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13/05/2020

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The coronavirus pandemic risks cancelling out recent progress in transitioning to clean energy, with unprecedented falls in demand, price volatility and pressure to quickly mitigate socioeconomic costs placing the near-term trajectory of the transition in doubt.
Policies, roadmaps and governance frameworks for energy transition at national, regional, and global levels need to be more robust and resilient against external shocks, according to the latest edition of World Economic Forum’s Fostering Effective Energy Transition 2020 report published yesterday.
COVID-19 has forced companies across industries to adapt to operational disruption, changes in demand and new ways of working, and governments have introduced economic recovery packages to help mitigate these effects. If implemented with long-term strategies in mind, they could also accelerate the transition to clean energy, by helping countries scale their efforts towards sustainable and inclusive energy systems.
“The coronavirus pandemic offers an opportunity to consider unorthodox intervention in the energy markets and global collaboration to support a recovery that accelerates the energy transition once the acute crisis subsides,” said Roberto Bocca, Head of Energy and Materials, World Economic Forum. “This giant reset grants us the option to launch aggressive, forward-thinking and long-term strategies leading to a diversified, secure and reliable energy system that will ultimately support the future growth of the world economy in a sustainable and equitable way.”
The report draws on insights from Energy Transition Index (ETI) 2020, which benchmarks 115 economies on the current performance of their energy systems – across economic development and growth, environmental sustainability, and energy security and access indicators – and their readiness for transition to secure, sustainable, affordable, and inclusive energy systems.
The results for 2020 show that 75% of countries have improved their environmental sustainability, even as the global average score for this dimension remains the lowest of the three categories assessed. This progress is a result of multifaceted, incremental approaches, including pricing carbon, retiring coal plants ahead of schedule and redesigning electricity markets to integrate renewable energy sources.
However, this hard-won progress highlights the limitations of relying only on incremental gains from existing policies and technologies to complete the transition to clean energy. The greatest overall progress is observed among emerging economies, with the average ETI score for countries in the top 10% remaining constant since 2015, signalling an urgent need for breakthrough solutions – one threatened by COVID-19.

The Energy Transition Index 2020

Sweden (1) leads the ETI for the third consecutive year, followed by Switzerland (2) and Finland (3). France (8) and United Kingdom (7) are the only G20 countries in the top 10. They share common attributes, such as limiting energy subsidies, reducing reliance on imports (thereby improving energy security), achieving gains in energy intensity of GDP, and increasing political commitments to pursue ambitious energy transition and climate change targets.
Performance is mixed among the rest of the G20. Emerging centres of demand such as India (74) and China (78) have made consistent efforts to improve the enabling environment, which refers to political commitments, consumer engagement and investment, innovation and infrastructure, among others.

In China’s case, problems of air pollution have resulted in policies to control emissions, electrify vehicles, and develop the world’s largest capacity for solar PV and onshore wind power plants. For India, gains have come from a government-mandated renewable energy expansion program, now extended to 275 GW by 2027. India has also made significant strides in energy efficiency through bulk procurement of LED bulbs, smart meters, and programs for labelling of appliances. Similar measures are being experimented to drive down the costs of electric vehicles.
Meanwhile, the trend has been moderately positive in Germany (20), Japan (22) and South Korea (48) and Russia (80). Germany has demonstrated strong commitment in coal phase-out and decarbonization of industry through clean hydrogen, however affordability of energy services has been a challenge. Both Japan and Korea face natural disadvantages as net energy importers. However, innovative business environment, infrastructure development, and political commitment remain key enablers in both countries. In Russia, the energy sector remains a strong pillar of the economy and continues to lead globally on energy security, though progress on environmental sustainability has been moderate.
On the other hand, the ETI scores for United States (32), Canada (28), Brazil (47) and Australia (36) were either stagnant or declining. The challenges confirm the complexity of trade-offs inherent in energy transition. In the United States, the headwinds have been mostly related to policy environment, while for Canada and Australia, the challenges lie in balancing energy transition with economic growth given the role of energy sector in their economy.
The fact that only 11 out of 115 countries have made steady improvements in ETI scores since 2015 shows the complexity of energy transition. Argentina (56), China (78), India (74), and Italy (26) are among the major countries with consistent annual improvements. Others, such as Bangladesh (87), Bulgaria (61), Czech Republic (42), Hungary (31), Kenya (79) and Oman (73) have also made significant gains over time.
On the other hand, scores for Canada (28), Chile (29), Malaysia (38), Turkey (67), Nigeria (113), and Lebanon (114) have declined since 2015. The United States ranks outside the top 25% for the first time, primarily due to the uncertain regulatory outlook for energy transition.
More than 80% of countries have improved performance on energy access and security since 2015, but progress in developing countries in Asia and Africa remains a challenge. Energy access programs in these regions need to prioritize community services, such as street lighting, district heating and cooling, cold storages for food and pharmaceuticals preservation, urban sanitation and traffic management.
In advanced economies, “access” is defined by affordability. Utility bills represent growing share of household expenditure, a challenge that could be exacerbated by the economic uncertainties created by COVID-19. Furthermore, energy security is increasingly vulnerable to extreme weather events such as hurricanes, floods and wildfires – which have been rising in frequency and intensity – and cyber-attacks.
While the gaps between what is required, what is committed, and what is likely to be achieved remain large, the compounded disruptions from COVID-19 have destabilized the global energy system with potential short-term setbacks. Ultimately, greater efforts are needed to ensure that recent momentum is not just preserved, but accelerated in order to achieve the ambitious goals required.

Building the COVID-19 Word Register

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Business Journal

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13/05/2020

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By Elvis Eromosele

Since COVID19 burst into our consciousness in December 2019, it has grown in leaps and bounds. Today, COVID19 and news about its impact dominate every segment of the global economy. Everyone is talking about it. Everyone is affected and touched by its tentacles. Everyone wishes it will just fade away just as it appeared.

Doctors and scientists are obsessed with searching for a cure, economists and politicians are worried about the impact on the economy and the general public are either scared silly or ignorantly unbelieving. COVID19 is the most talked-about disease in over a century.

The world has spoken so much about it that there are today a whole series of words built around the COVID19. While many of these words are new and are particularly for COVID19, others are used for infectious diseases in general and have become mainstream during this period.

In almost six months of battling the COVID19 pandemic, certain words have become prevalent. A whole new register is being created. We are witnesses to this dynamic process of creating the COVID19 register. Word register refers to the grouping of words used frequently in a given field or area of study/life.

New words are being invented, new meaning given to existing words and fresh definitions are minted daily. To be regarded as knowledgeable in any field, it helps to use the right register. The secret is to know how and when to throw in the correct words.

If you want to be regarded as COVID19 Pandemic pseudo expert, here are some words to remember:

COVID19 – This is the name of the disease, as given by the WHO. The disease is caused by the novel coronavirus, SARS-CoV-2, and is short for “Coronavirus Disease 2019.”

Covidanoid: It is the extreme fear of the COVID19. It is being paranoid of COVID19

Quarantine – It is to separate and restrict the movement of people exposed to a contagious disease to see if they become sick. These people may have been exposed to a disease and do not know it, or they may have the disease but do not yet show symptoms.

Self-quarantine – To stay home and away from other people as much as possible after exposure.

Quarantigue: This refers to the fatigue/tiredness that result from spending too much time in isolation due to COVID19 scare or lockdown.

Covidcation: Term used for when work or school gets cancelled because of COVID19. Think compulsory stay at home precipitated by COVID19 lockdown

Asymptomatic: This term is used to describe people who are showing no symptom of the COVID19 infection, although they can still transmit the virus to others.

Contact tracing – This refers to the process of identifying, assessing, and managing people who have been exposed to a contagious disease to prevent onward transmission.

Covidiot: A description of persons who deliberately and flagrantly ignore the warnings regarding COVID19 public health and safety. They are to be avoided as they put themselves and others at risk.

Super-spreader: An individual that is highly contagious and thus infect a large number of people. A woman in South Korea gave at least 37 people, at her church, COVID-19. She was a real super-spreader.

Lockdown: A lockdown is a protocol usually initiated by someone in a position of authority that prevents people, information or cargo from leaving an area. Across the world, several countries are currently in different levels of lockdown, partial or total.

Community transmission/spread – Community transmission is said to occur when there is no clear source of origin of infection in a community. That is an infection case without a history of travel elsewhere and no connection to a known infection case. Nigeria has now entered the community transmission stage with COVID-19.

Droplet transmission/spread – A mode of transmission for a contagious disease that involves relatively large, short-range (less than 6 feet) respiratory droplets produced by sneezing, coughing or talking.

Epidemic – A disease that is “affecting many persons at the same time, and spreading from person to person in a locality where the disease is not permanently prevalent.” COVID19 was initially classified as an epidemic.

Pandemic – An epidemic that has spread over several countries/continents, usually affecting a large number of people. This is sort of like the senior brother of epidemic.

Flattening the curve – This is a public health strategy introduced during the COVID19 pandemic. The curve being flattened is the epidemic curve, a visual representation of the number of infected people needing health care over time.

Home isolation – Persons with COVID19 who have symptoms or laboratory-confirmed COVID19 who have been directed to stay at home until they recover.

Isolation – Separating sick people with a contagious disease from those who are not sick.

Facemask: A face-cloth covering worn in public settings where other social distancing measures are difficult to maintain, especially in areas of significant community-based transmission. It is most effective when used along with other preventive advice.

N95 respirator – This is a respiratory protective device designed to achieve a very close facial fit and very efficient filtration of airborne particles. It is essentially a facemask for medical and healthcare workers as they have to deal and interact closely with infected and possibly infected people.

Social distancing – This is a measure taken to reduce person-to-person contact in a given community, to stop or slow down the spread of COVID19. The measures can include working from home, closing offices and schools, cancelling events, avoiding public transportation and keeping a minimum of six feet from each other.

Ventilator – A device that delivers air into the lungs through a tube that is placed into the mouth or nose and down into the windpipe. It helps manage breathing difficulty.

Drive through testing – Here the individuals remain in their vehicles, and medical staff in protective gear come forward to administer the swab test on them and the swabs are sent to a laboratory for testing.

This is not an exhaustive COVID19 register.

I’m sure you can think of some words not captured in this register. No need to fret, simply add them in the comment section.

Please remember that awareness of the words in the register is not enough. We must ALL continue to follow the relevant guidelines for personal protection and prevention of spread of COVID19.

Together, we would overcome COVID19.

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

Post –COVID-19: Ecobank Nigeria Holds Virtual Graduation Ceremony for Trainees

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Business Journal

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12/05/2020

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57 trainees, who represent batch seven set of graduates being absorbed into Ecobank Nigeria as full time employees were last week hosted to a virtual graduation ceremony by the Ecobank Academy – the first of its kind by the bank in Nigeria as it positions itself as a high quality employer ready for the opportunities of a post-COVID19 lockdown.

In attendance were notable personalities including the Registrar/Chief Executive, Chartered Institute of Bankers of Nigeria (CIBN), Seye Awojobi; Managing Director, Ecobank Nigeria, Patrick Akinwuntan; Group Executive, Human Resources, Ecobank Transnational Incorporated (ETI), Yves Mayilamene; Head, Human Resources, Ecobank Nigeria, Kunle Adewuyi and several others including the 57 graduands who joined the ceremony from various locations within and outside the country.

In his comment, the Managing Director, Patrick Akinwuntan reaffirmed the commitment of Ecobank to continue to invest in young Nigerians to boost its high quality labor force in order to better serve its customers in a convenient and accessible manner particularly as the nation rebounds from the COVID19 lockdown.

He added that Ecobank had invested in a robust technology-based model which positioned it to cope with current and future challenges including provision of convenient digital banking services to customers in a seamless manner across 36 countries on the African continent.

CIBN Registrar/Chief Executive, Seye Awojobi, said the initiative of the bank to host the event digitally is pacesetting for the industry. He commended the bank for the high premium placed on training and building the competencies of its workforce.

“The CIBN is quite impressed with the importance Ecobank attaches to training of new hires and capacity building of its staff. I have lost count of how many graduation events I attended at the state of the art Ecobank Academy last year. This is certainly the way to grow the bank and the industry to meet up with global standards. I advise the graduands to display high level of integrity. One of the truest test of integrity is its blunt refusal to be compromised. You should be ready to give your best to the bank that hired and trained you and thereby contributing your quota to the growth of the industry.”

Speaking further, the Managing Director, Ecobank Nigeria, Patrick Akinwuntan encouraged the graduands to remain ethical and diligent in the delivery of the vision of the bank to become the most preferred financial services payments brand in Nigeria to support the economic development of households and growth of trade, manufacturing and commerce in Nigeria and Africa.

Welcoming the graduands formally to the bank, Acting Head, Human Resources, Ecobank Nigeria, Kunle Adewuyi said the bank offers an enabling and conducive environment for staff to excel to the highest level, adding that its reward system remains a motivating factor for high performance and productivity.

He explained that the Ecobank Graduate Trainee program is an intensive one year of in-depth training for fresh graduates, aimed at equipping the participants who may be coming from non-financial and banking related academic backgrounds with the necessary skill set and knowledge required to work in the banking and finance industry.

Adewuyi noted that the graduation involving 57 trainees, which took place digitally due to the Coronavirus pandemic, was the first ever virtual graduation to be held in the history of the academy. He enjoined them to remain focused and apply themselves uniquely in their different roles.

Group Executive, Human Resources, ETI, Yves Mayilamene advised the graduands to be fully committed to their growth, as well as the overall growth of the organisation.

NCC: ‘No 5G Licenses Issued Yet in Nigeria’

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Business Journal

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11/05/2020

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Professor Umar Danbatta

Executive Vice Chairman

Nigerian Communications Commission (NCC)

“The attention of the Nigerian Communications Commission (NCC) has been drawn to a mischievous statement making the rounds on social media like Facebook, WhatsApp, Twitter, LinkedIn and other sites that the Nigerian Telecoms industry is going to switch on 5G in Lagos this Sunday 10th, Monday 11th or Tuesday 12th May 2020.

The statement from the faceless individuals or groups cannot be further from the truth. The Commission has unequivocally stated that there is no deployment of 5G in Nigeria at the moment. The NCC back in November 2019 approved trial test for 5G for a period of three (3) months and that the trial has been concluded and installation decommissioned.

Professor Umar Garba Danbatta, Executive Vice Chairman, NCC said that ‘’the trial among others was to study and observe any health or security challenges the 5G network might present. Relevant stakeholders including members of the security agencies were invited to participate during the trial.’’

The NCC will continue to maintain its policy of technology neutrality and will continue to encourage Service providers to deploy the best technology that will meet the needs of the society in a secured and friendly manner.

The NCC had provided clarifications of Frequently Asked Questions on 5G in view of the recent developments in which misleading materials with no proven evidence are being circulated to link CORONAVIRUS or COVID-19 with 5G Technology and therefore refutes the claim that there will be switching on of 5G in Lagos in its entirety. The Commission also provided clarifications on the laying of fibre optic cables within Lagos and other parts of the country to the effect that the laying of additional fibre optic cables is to strengthen the existing 3G and 4G infrastructure to provide robust and pervasive telecoms infrastructure to improve network performance.

5G is a fifth generation of mobile technology which is an improvement of today’s 4G technology with enhanced capabilities. 5G technology provides the platform for new and emerging technologies such as Internet of Things (IoT), Artificial Intelligence (AI) and Big Data to improve the way we live and work. ‘’NCC has not issued any licence for 5G in Nigeria and therefore the mobile network operators (MNOS) cannot switch on such technology. NCC is technology neutral as such we don’t license technology but assigns spectrum to operators for deployment of any service when allocated by National Frequency Management Council (NFMC), Danbatta said’’.

‘’As the telecoms regulator, we enjoin Nigerians to get accurate information from us rather than relying on information emanating on social media by some individuals out of ignorance to misinform our people, said Danbatta.”

SIGNED

Dr. Henry Nkemadu

Director, Public Affairs

Nigerian Communications Commission (NCC)

May 10, 2020

Guinea Insurance Congratulates Sunday Thomas on Confirmation as NAICOM Boss

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Business Journal

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07/05/2020

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Mr. O. S. Thomas Acting Commissioner for Insurance National Insurance Commission (NAICOM)

Great Minds Indeed Achieve Great Things

The Board of Directors, Management and Staff of Guinea Insurance join the entire insurance business community

and all professionals of repute in celebrating your confirmation as substantive Commissioner of Insurance/Chief Executive Officer of the National Insurance Commission (NAICOM) by His Excellency, President Muhammadu Buhari, GCFR.

This recognition bestowed on your distinguished self is indicative of your strength of character, high probity and capacity to re-invent and attain feats others consider impossible. Many today are beneficiaries of your years of selfless and dedicated service to humanity and the insurance industry.

We seize this momentous occasion to give glory to God for choosing you as the vessel to champion regulatory policies that meet both the insuring and investing public’s expectation and provide an enviable playing field for all Insurance professionals in Nigeria.

Congratulations again, to a distinguished Professional

Ecobank Nigeria Encourages Customers to Obey COVID-19 Rules

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Business Journal

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07/05/2020

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Ecobank Nigeria has encouraged its customers to obey the COVID-19 rules, emphasizing the importance of social distancing to check the spread of the Coronavirus, especially when visiting the branches.

The bank which gave this advice in a mail to customers also thanked them for their dedication and continued patronage while confirming that more branches are being opened to decongest those already opened for business since the easing off of lockdowns across the country.

Responding to media enquiries in Lagos, Head of Branch Network, Ecobank Nigeria, Titiloye Olarinde said Ecobank takes the safety of customers and staff very seriously and has therefore put in place measures to ensure they are safe when they visit the branches.

According to her, temperature checks and wearing of masks are compulsory for both staff & customers before admittance to any bank premises; provision and mandatory use of hand sanitizers before accessing the branch or ATM Gallery while regular deep cleaning of work surfaces and ATM areas is ensured.

She also stated that only 5 customers are allowed into the banking hall at a time and appealed for cooperation with security personnel as their actions are all in a bid to keep everyone safe.

“We are operating in line with the health and safety guidelines issued by the Nigeria Centre for Disease Control to mitigate the spread of coronavirus. With the opening of additional branches, we are able to meet customers’ needs in a safe and conducive environment. Key services available at our branches include ATM services, assistance to onboard to our Digital platforms, account opening and over the counter services for essential cash and cheque transactions. For your safety and comfort, we encourage you to continue using our 24/7 digital self-service solutions such as Ecobank Mobile App, Ecobank Online, EcobankPay, Ecobank OmniPlus, Omni Lite and the RapidTransfer App thus supporting initiatives to help curtail the spread of COVID-19. At Ecobank, we take the safety of our staff and customers very seriously and have therefore put in place measures to ensure your safety should you need to visit our branches”. She noted.

Ecobank Nigeria has being in the forefront in supporting the public and government since the commencement of the fight against COVID-19. The bank had initiated various public enlightenment on radio and social media, having launched the #StaySafeNigeria campaign, to educate the public about the virus and ways to curb its spread.

Ecobank has also partnered with many State Governments to provide palliatives and relief packages to indigent people. This is in addition to the bank’s contribution as a Corporate member of the Bankers Committee and the Nigerian Private Sector led Coalition to raise funds against COVID-19, being part of the bank’s Corporate Social Responsibility activities.

Aliko Dangote Foundation Donates N1.5bn to Nigeria UN COVID-19 Fund

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Business Journal

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06/05/2020

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The Aliko Dangote Foundation (ADF) has joined hands with the United Nations in Nigeria with a total sum of N1.5 Billion (equivalent to USD $3.8 million) contribution to the Nigeria UN COVID-19 Basket Fund.

ADF collaboration with the UN will bolster the Nigerian Government’s efforts of strengthening the functional capacity of the healthcare systems and support to those affected by the coronavirus. The contribution from ADF, will go towards the procurement of the much-needed testing and medical supplies and equipment, to aid the healthcare response towards the COVID-19 pandemic.

“The impact of COVID-19 pandemic on Nigeria is enormous and affects us all, and no institution can battle it alone. It is therefore critical that we act in solidarity as a private sector actor and as a foundation, to beat this common enemy. Our goal is to contribute to the Government’s on-going efforts of tackling the spread of the coronavirus and the arising challenges.” said, Aliko Dangote, President and Chief Executive of Dangote group and Chairman of the Aliko Dangote Foundation.

The UN in Nigeria is working closely with the Government to accelerate response to the pandemic; tackle the spread of the virus and ensure optimum care for those affected.The Nigeria UN COVID-19 Basket fund is designed to serve within the One COVID-19 Financing and Investment Platform through which stakeholders,including the private sector,can channel their financial assistance to the multi-sectoral efforts of the Presidential Task Force on COVID-19.

The UN Strategy uses the Basket Fund (pooled fund) arrangement to support the rapid implementation of Nigeria’s National COVID-19 Multi-sectoral Pandemic Response Plan in the ten functional areas, through a bi-lateral Memorandum of Understanding (MoU) or Contribution Agreement between individual donors with the Basket Fund. A dedicated Fund and Project Management structure for the Nigeria UN COVID-19 Basket Fund managed by UNDP acts as the Secretariat to the Project Board and oversees disbursement of funds, procurement of services and goods and accountability.

Receiving the contribution on behalf of the UN in Nigeria, Mr. Edward Kallon, UN Resident and Humanitarian Coordinator for Nigeria noted that,Nigeria’s win against the coronavirus requires a whole-of-society approach that brings all stakeholders on board to support the national response. He further commended the Nigerian private sector for its active role in supporting the Government,to mobilise the critical resources to tackle COVID-19. “We need all hands on-deck to help the Government to keep the healthcare systems working and be able to address the development challenges exacerbated by the pandemic.” He said.

Besides partnering with the UN in Nigeria in support of the Government’s COVID-19 response, ADF is also a founding member of CACOVID, the Nigerian Private Sector Coalition against COVID-19.

PenCom Concludes Regulatory Intervention in First Guarantee Pension

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Business Journal

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04/05/2020

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The National Pension Commission (Commission) wishes to inform stakeholders in the Nigerian pension industry and the general public that its regulatory intervention in First Guarantee Pension Limited (the PFA), which resulted, among other things, in the appointment of an Interim Management Committee (IMC) to superintend over the affairs of the PFA had been concluded. The intervention was undertaken in August 2011 based on the findings of the Routine and Special examinations carried out by the Commission.

The conclusion of the intervention was as a result of the judgement delivered by the Court of Appeal, Abuja Division on Thursday, 30 April, 2020 in the three Appeals filed by the Commission, the Attorney-General of the Federation and the PFA, against the judgment of the Federal High Court that nullified the Commission’s regulatory measures.

The Court of Appeal’s decision upheld the Appeals, thereby setting aside the judgment of the Federal High Court in its entirety.Thus, the judgment of the Court of Appeal validates the regulatory actions taken by the Commission in 2011.

Accordingly, the Commission has handed the PFA over to its reconstituted Board of Directors under the chairmanship of Alhaji Kashim Ibrahim Imam with Hon. TsegbaTerngu, Hon. Ahmed Salik, Dr. Pat Asadu, and Hon. George I. Ozodinobi as members. Concurrently, the Commission has dissolved the Interim Management Committee it appointed on 12 August, 2011.

The Commission would like to use this medium to assure all clients of the PFA that the company has been returned to normality. The Commission further reassures pension contributors and the general public that it is alive to its responsibility of ensuring the safety of the pension industry at all times.

Buhari Confirms Sunday Thomas as Commissioner for Insurance

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Business Journal

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03/05/2020

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Mr. Sunday Thomas

Commissioner for Insurance/CEO

National Insurance Commission (NAICOM)

President Muhammadu Buhari has officially confirmed the appointment of Mr. Sunday Thomas as Commissioner for Insurance/CEO, National Insurance Commission (NAICOM).

Mr. Thomas had been on acting capacity since 2019.

Stanbic IBTC Tops List of Banks With Gender Balance In Executive Positions

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Business Journal

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03/05/2020

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Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has reaffirmed its exemplary role in promoting the tenets of gender balance in the country. The leading end-to-end financial solutions provider has emerged top of the list of Nigerian banks with the highest female representation on its board of directors.

According to the Q1 2020 unaudited report on the Nigerian Stock Exchange (NSE), Stanbic IBTC Holdings PLC’s board of directors consists of 10 members. Among the 10 members are four female Non-Executive Directors, which represents 40% of the members. This is currently the highest when compared to other banks in Nigeria.

The four female Non-Executive Directors are Ifeoma Esiri, Ngozi Edozien, Nkemdilim Cay Uwaje, and Salamatu Suleiman. The board is led by Basil Omiyi, a Non-Executive Chairman.

Yinka Sanni, Chief Executive, Stanbic IBTC Holdings PLC, described the feat as a confirmation of the organisation’s commitment to continue to lead the advocacy and amplification of gender balance at every level in the banking sector, and indeed the country at large.

He said: “It is underpinned by our core values as an organisation to have gender balance. Apart from our board composition, we currently have about 43% females in our workforce. This is because we recognize that gender balanceis vital to achieving sustainable development. It is our collective responsibility to build a world devoid of a gender gap, if we must make remarkable progress.”

He reiterated that Stanbic IBTC has been consistent in building gender diversity management. “In 2016, three out of the seven members of our board of directors were females. That is about 43%. To us at Stanbic IBTC, gender balance is a human aspiration and our decisions to give opportunities are always devoid of gender-related stereotypes.,” he added.

Sanni noted that the organization will not relent in its efforts to create healthy communities and accessible platforms, where there are no discrepancies in status, opportunities, and attitudes between people of different genders.

Guild of Editors Demands Special Protection for Journalists Covering Covid-19 Pandemic

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03/05/2020

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On the occasion of this year’s World Press Freedom Day, the Nigerian Guild of Editors, NGE, wishes to congratulate all journalists in the country and across the world, especially those in the frontline covering the Covid-19 pandemic. The Guild urges media owners to provide special protective equipment for these journalists, in order for them not to be infected.

World Press Freedom Day was proclaimed by the UN General Assembly in December 1993, following the recommendation of UNESCO’s General Conference. This special day acts as a reminder to governments, of the need to respect their commitment to Press Freedom. Besides, it also provides an opportunity for media professionals to reflect on, and renew their commitment to the best practices that promote professionalism, ethical reporting and public-spirited advocacy.

Journalists across the world have had to face daunting challenges and dangers in the discharge of their duties with some having to pay the supreme price, while others have been harassed and jailed.

For instance, the Press Emblem Campaign (PEC), a non-governmental organisation, says 55 journalists across 23 countries have died from Covid-19 infection between March and April, 2020. This is aside the six journalists killed by state actors this year alone across the globe, and about 250 more languishing in different prisons and detention centres. The body of editors therefore, demands the immediate release of all detained journalists in Nigeria and all over the world.

While we commiserate with the families and friends of our departed colleagues, the Guild urges all journalists to abide by the basic protocol of the World Health Organisation (WHO), namely: maintaining physical distancing, washing of hands regularly, wearing of masks, among others. In addition to observing these protocols, the Guild urges journalists to use their various media platforms to enlighten the publics on the need to observe these protocols and any other precautionary measures.

The Guild aligns with the UN Secretary-General, Antonio Guterres, in calling on journalists to act professionally as “antidote” to the pandemic of misinformation and fake news, bordering on harmful health advice and conspiracy theories surrounding the Covid-19 crisis.

The NGE insists that, as journalists, we must not at any time abuse the right to press freedom to disseminate false and unverified stories on Covid-19 pandemic or any other subject matter.

The Guild commends the Federal and State governments as well as all relevant health institutions and personnel for their spirited efforts at containing the novel viral pandemic. We, however, condemn the harassment of journalists in some states by security personnel during the lockdown. Journalists are in the frontline and are partners in the collective effort at combating the pandemic, hence should be accorded all respect and privileges, including protection from harassment and assault in the hands of security agents. Nigeria and indeed the world, needs a free press to effectively report the pandemic and other issues.

The theme of World Press Freedom Day 2020 is: “Journalism Without Fear or Favour” and the sub-themes are: ”Safety of Women and Men Journalists and Media Workers”; ”Independent and Professional Journalism Free From Political and Commercial Influence;” and ” Gender Equality in All Aspect of the Media”.

The Guild urges all relevant stakeholders, including media professionals, to forge a synergy that would engender the realisation of these lofty themes for the good of society and mankind.

COVID-19: Interswitch Group, Employees Raise N305m Response Fund

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Business Journal

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01/05/2020

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In a unique employee-led effort, Interswitch Group, one of Africa’s leading integrated payment and digital commerce players, has raised a total of N305 million towards the organization’s COVID-19 response effort. Employees of the organisation contributed a total of N75 million and the companyaugmented their effortswith the sum of N230 million.

This is part of a coordinated effort to complement ongoing public and private sector initiatives to address the spread and mitigate the negative impact of the novel Coronavirus pandemic in Nigeria.

The fund from Interswitch Group and its employees is being deployed to support the setting up and equiping of isolation centres, purchase of COVID-19 Test kits, provision of personal protective equipment (PPE) and related support to frontline heath workers, as well as the operation of foodbanks to cater to under-privileged communities in Lagos.

Already, Interswitch’s Verve Brand has sealed a partnership with the Lagos State Feeding Programme to provide raw food items for poor & vulnerable communities in Lagos. The Group also supported The Young President’s Association (YPO) and the Lagos State government in setting up the already functional Eti-Osa Isolation centre in Lagos. The fund provided the Delta State Government with tropicalized ultra-low temperature (ULT) laboratory refrigerators that will be used for the storage of reagents and other laboratory consumables and COVID-19 test samples, pending when they will be transported to the designated COVID-19 Testing Laboratory in Irrua, Edo State.

In addition, Interswitch is finalizing discussions with Edo, Enugu, Kaduna, Ogun and Oyo states in the area of providing test kits and personal protective equipment (PPE) for frontline health workers.

Leveraging on its core responsibilities as a technology company and systems integrator, Interswitch will be providing free technology for the use of governments and healthcare authorities. Through its healthcare subsidiary, eClat Healthcare, Interswitch is also building a user-friendly, locally-nuanced software application for members of the public as a first-line intervention for the assessment of risk and pre-disposition to the novel Coronavirus infection. The software platform analyses users’ information provided from answers to a series of questions around risk factors, recent exposure, observed symptoms, health and travel history.

This initiative essentially serves to provide guided and up-to-date information on COVID-19, reduce panic, lower gross footfall to medical facilities, being a first-line checkpoint and ultimately reduce risk of exposure to health workers on the frontlines of fighting the pandemic. Designed with an interactive interface, the solution facilitates further virtual consultation for infected persons, meaning infected persons can stay in their homes and access consultation as to whether their symptoms give cause for alarm or not.

The eClat Health-tech solution supporting State Governments’ response to COVID-19 has already been implemented in 20 states across the country. It is currently in use in Lagos State’s Eti-Osa Isolation centre, and in Edo, Ogun and Oyo States. The solution is set to go live in Delta, Kaduna, Bayelsa, Yobe and Jigawa States where healthcare personnel have also been trained for implementation. Others are Kano, Katsina, Rivers, Abia, Enugu, Anambra, Ebonyi, Akwa Ibom and Imo States.

Interswitch is leveraging its existing partnership with players such as PAX Technology (a leading international provider of Point-of-Sale payment terminals) to provide essential medical consumables and supplies such as N95 facial masks and thermometers as part of the quest to contain the COVID-19 pandemic in Nigeria.

The group has also expressed a commitment to leveraging its creative capabilities, social and digital media assets to roll out awareness and sensitisation campaigns to propagate WHO-approved messaging & information on COVID-19, under the umbrella platform of #FlattenTheCov.

Commenting on the essence of these interventions, Mitchell Elegbe, Founder and Group Chief Executive Officer at Interswitch, said:

“These interventions sit well within the context of our corporate mission; to create transaction solutions that enable individuals and communities prosper across Africa. Our efforts are underpinned by the realisation that this pandemic, if left unchecked is a potent threat to interactions which facilitate entrepreneurship and commerce, without which inclusive prosperity will remain a pipe dream. It is our desire and earnest hope that these initiatives, aggregated with the goodwill and committed efforts of many other like-minded corporate entities and well-meaning individuals who have rallied to this noble cause would significantly contribute to the flattening of the COVID-19 infection curve in Nigeria, which remains one of Africa’s most important economic hubs.”

By virtue of the alliance with technology providers such as PAX, Interswitch has also underscored commitment by the partners to promote the adoption of contactless point-of-sale payment solutions across the West Africa market.

Contactless payment solutions include payments with contactless-enabled credit and debit cards, as well as QR codes, underscored by the realisation that the widespread adoption of contactless payment solutions have greater propensity to better mitigate the spread of COVID-19.

Ecobank Reports PBT of $90m on $393m Revenue, Rise in Digital Channel Adoption

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Business Journal

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30/04/2020

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Business Highlights (Q1(2020)

Recorded significant increases in customer adoption rates on our digital/online channels across our businesses. Adoption rates are expected to accelerate as COVID-19 induced lockdowns changes consumer behavior.
The number and value of transactions grew by 8% and 15% to 4m and $6.1bn, respectively, on Ecobank
Omni+, Corporate and Investment Bank’s corporate clients’ online banking platform in the first quarter of 2020.
OmniLite, Commercial Bank’s online banking platform designed specifically to meet the unique financial needs of SMEs increased number of transactions by 40,000 to 126,000, which amounted to $435m.
Ecobank Pay, our payments platform saw a 61% increase in merchant acquisition numbers to 195,000 merchants.
Transaction numbers and value on Ecobank Mobile increased 72% and 32% to 9m and $613m, respectively.
Registered customers increased by 3,000 to 9,000 year-on-year on our Africa RapidTransfer App, which facilitates low-cost money transfer across 33 African countries.
The number of XpressPoints (our physical agency network) grew by approximately 4,000 agents to 43,700, with the value of transactions reaching $445m.

Three months ended 31 March 2020 – Earnings Results

PBT of $90m, down 12% on a reported basis, but up 27% in constant currency, driven by positive operating leverage
Operating income (net revenue) of $393m, up 1% on a reported basis and 14% in constant currency
Operating expenses of $259m, up 1% on a reported basis and 6% in constant currency
Pre-impairment profit of $133m, up 2% on a reported basis and 34% in constant currency, on positive operating leverage
Customer deposits of $16,103m, up 6% on a reported basis and 11% in constant currency
Loans and advances to customers (net) of $8,788m, up 2% on a reported basis and 7% in constant currency

Ade Ayeyemi, Group CEO said: “Quarter 1, 2020 was the beginning of an unprecedented, uncharted and disturbing period for businesses, governments and individuals globally, owing to the rapid spread of the coronavirus pandemic. For us, as a bank, our focus is on making sure that we can meet the needs of our customers despite the pandemic, while also ensuring their wellbeing and safety as well as those of our employees.

All our countries have successfully activated our business continuity plan in line with the needs of each local environment. Through our investment in technology over the years, working from home has been seamless and indeed a pretext to a possible new normal post COVID-19.”

“As the leading pan-African bank, Ecobank embraced the call to duty with a sense of urgency. With our knowledge of Africa and its intricacies in the fight against the spread of COVID-19, we have contributed about $3 million in the form of cash, healthcare equipment and supplies, in addition to mounting sustained and robust awareness campaigns, while we are also using our digital banking platforms to provide money to some of the most vulnerable members in our communities.”

In recognition of the effects of the pandemic on a significant sector of African businesses, MSMEs, we are further co-leading, with the African Union-NEPAD, and are actively committed to an initiative to support MSMEs with technical knowledge, mentoring, knowledge sharing and financial support, thus playing a vital role in helping their businesses survive the pandemic.

“For the safety of our customers, we continue to adhere strictly to guidance from the WHO, governments, and health agencies in operating our physical locations, where they have to remain open. We have made it safer to visit our physical locations by providing temperature checks, crowd control, hand sanitisers and social distancing, among other measures.

Our ATMs and call centres remain open 24/7, and the full range of our banking services are available via our digital platforms. Ecobank Mobile and Ecobank Online are available to our consumer customers, and Ecobank Omni Lite and Ecobank Omni meet the needs of SMEs and large businesses. To further help alleviate the adverse impact of the pandemic on our customers, we have waived some of the fees on our digital channels and we are closely monitoring events to anticipate situations that may require our support to customers as circumstances evolve,” Ayeyemi added.

“That said, our quarterly performance was resilient, again reflecting the strength of our diversified business model. We delivered $90 million in pre-tax profits, an increase of 27% if adjusted for currency translation effects, and a return on tangible shareholders’ equity of 17.1%. We are managing impairment losses prudently, and as a result, our cost-of-risk increased to 1.5%, versus 0.5% in the prior-year quarter.”

Sovereign Trust Insurance Paid N2.7bn Claims in 2019

By

Business Journal

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28/04/2020

0

Mr. Olaotan Soyinka

Managing Director/CEO

Sovereign Trust Insurance Plc

Sovereign Trust Insurance Plc just recently released the figures of claims obligated in 2019 in affirmation of its commitment in settling all genuine claims as and when due.

The company, in the last year settled claims totaling N2,785,105,193.37 (two billion, seven hundred and eighty-five million, one hundred and five thousand, one hundred and ninety-three-naira, thirty-seven kobo) to various insured spread across the country.

In a statement made available by the company’s Spokesperson and Head of Sales and Corporate Communications, Mr. Segun Bankole posited that the Underwriting Firm is not about paying lips service to settlement of genuine claims when they occur.

He however, stated that the claims experience in 2019 was quite commendable when compared to the N4.2b figure of 2018. This, he attributed to the improved claims management process of the Underwriting Firm which has largely been driven by a robust IT infrastructure.

The summary of the claims paid in 2019 shows that Fire had the highest figure of N932m with Oil and Gas Insurance ranking second with total claims settled to the tune of N701m. Motor Insurance claims amounted to N537m while Marine & Aviation claims stood at N305m. The total sum of N248m was paid as claims on General Accident Policy with CAR closing the figures with N56m bringing the total claims paid to N2.7b.

While commenting on the intent of the organization as regards claims settlement, the Executive Director, Technical Operations, Mr. Jude Modilim had this to say, “there is no compromise to genuine claims settlement in Sovereign Trust Insurance Plc because the major focus of the company is to ensure that our teeming customers get to enjoy the benefits of taking out any form of insurance policy with us through prompt settlement of their claims when the need arises. That to us, is the only way to prove that we are well and alive to our responsibilities as an Underwriting Firm in the country. We intend to uphold this obligation and we will always continually strive to make good our promise.

In the same vein, the Managing Director/CEO of the organisation, Mr. Olaotan Soyinka also stated that the company has put in place a friendly-claim-process with the major aim of putting smiles on the faces of its various customers across the country by ensuring that claims are settled within the shortest period possible on completion of all necessary documentation.

Our commitment to uphold the tenets of our Vision and Mission has made the company one of the country’s most relevant and responsive insurance companies in the country.

Sovereign Trust Insurance Plc is no doubt a formidable force to reckon with in the Nigerian insurance landscape with a network of offices spread over (18) locations in the country buoyed by cutting-edge technology in delivering seamless and convenient insurance service to all teeming customers in the country and beyond.

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