Maximizing Airline Efficiency with the Most Accurate Data and Analytics; Kenya Airways adds to the 15,468 aircraft with GE Aviation’s digital solutions.
Kenya Airways has selected GE Aviation for the Flight Operations suite of digital products across the airline’s fleet of Boeing 737, 787 and Embraer E190 airplanes. Kenya Airway’s fleet adds to the 15,468 unique aircraft assets that are connected to GE Aviation’s digital solutions. Implementation is currently underway with completion this year.
“Kenya Airways was looking for a way to monitor fleet performance, implement and track fuel saving initiatives across their network and empower their pilots to help drive efficiency,” said John Mansfield, chief digital officer for GE Aviation at the signing ceremony held on June 18th at the Paris Air Show. “The Flight Operations suite provides these insights and is scalable to provide additional functionality.”
The Flight Operations suite integrates GE’s Event Measurement System (EMS), flight analytics, FlightPulse™ and fuel efficiency services. GE’s EMS and FOQA systems are being used on 8,932 aircraft including flight analytics service integrating data sources like flight information, weather, navigation, flight plans, and other operational data to provide valuable insights for airline customers around fuel use and operations. Kenya Airway’s 425 pilots add to the 57,702-airline crew relying on GE Aviation’s Network Crew Optimization.
Paul Njoroge, director of operations, Kenya Airways said, “The partnership with GE Aviation will empower Kenya Airways to optimise its fuel costs and excel in flight operations. GE brings a wealth of knowledge to help the airline fast track efficiencies enabling improvements in operations and customer experience.”
Clare Ward, chief information officer, Kenya Airways, noted that the airline chose GE Aviation because of its leadership and innovation in flight analytics and deep aviation experience. “By partnering with GE, Kenya Airways is accelerating the move to leading edge technologies in analytics and machine learning,” she said.
“Our aim is to help Kenya Airways reduce their multi-million-dollar fuel bill and increase their overall efficiency, said Mansfield. “The fidelity in our flight analytics, together with the team’s experience from analyzing more than 175 million flights, will enable Kenya Airways to better manage operations with data-driven solutions. We are bringing together analytics with physical assets to help significantly reduce cost.”
Kenya Airways Selects GE Aviation for Digital Flight Operations
MTN Nigeria Appoints Srinivas Rao as Chief Digital Officer
MTN Nigeria has announced the appointment of its first Chief Digital Officer (CDO), Srinivas Rao to lead the company’s recently created Digital Services Division.
The Digital Services division will play a pivotal role in driving MTN’s digital business growth; its creation marks the company’s commitment to its vision of leading the delivery of a bold, new digital world to its customers.
In his new role, Rao is responsible for MTN’s digital strategy and will lead the next level of design, planning and deployment of digital services & channels for customers and partners.
An industry veteran, Rao has two decades of management experience in IT and telecoms. He brings significant knowledge and expertise from working with MTN operations in the Middle East and Africa. He spent the last 8 years leading one of MTN’s largest operations in their technology development, product innovation &digital transformation program.
Chief Digital Officer
MTN Nigeria
Commenting on the appointment, CEO, MTN Nigeria, Ferdi Moolman said, “I am thrilled that Srinivas is joining our team. He is a proven leader, with a solid track record whose knowledge and experience, will serve us well, accelerating our digital agenda.”
Meanwhile, the MTN Group has announced that GlobalConnect, the company’s wholesale infrastructure company, is now an operating company (Opco) of the group.
The Opco, headquartered in Dubai, will continue to be led by current CEO Frédéric Schepens.
MTN GlobalConnect was established in 2017 as the main driver and commercial vehicle for the consolidation of MTN’s international and national major wholesale activities.
To further enable its growth, and in line with the group’s strategic focus on wholesale, the operational structure of GlobalConnect was revised, resulting in its establishment as an Opco.
Commenting on the development, MTN Group COO, Jens Schulte-Bockum said, “I am pleased that after less than two years of operation, MTN GlobalConnect has exceeded expectations, growing its customer base and revenue ahead of targets. I have no doubt that the team, led by Frédéric will continue to build on their gains to drive value to our operations, and lead MTN’s ambition to build Africa’s leading wholesale company.”
Offering the most complete backbone network in Africa, the company provides reliable solutions for fixed connectivity and international mobile services and is the single-entry point to the largest network infrastructure on the continent.
Furthermore, the company’s robust MTN.net and IP/MPLS network includes:
- 47 multinational points of presence
- 29 countries across the MEA region (Middle East & Africa)
- 14 Submarine cables MTN Group Media release
- More than 100 000km of national and metro fibre network • 31 multinational Network-to-Network interface enabling connectivity to global networks
- A backbone capacity in excess of 3Tbps
- Peering with major content providers Driven by the belief that everyone deserves the benefits of a modern connected life, GlobalConnect strives to enable services that create significant value for other MTN Opcos, partners and third parties looking to gain from the growing opportunities in the Middle East and Africa.
MTN Concludes 21 Days of Y’ello Care, Rewards Hackathon Challenge Winner
MTN Nigeria has concluded the 2019 edition of its annual 21 Days of Y’ello Care.
The colourful closing ceremony recently took place at the company’s head office in Ikoyi, Lagos.
The 2019 edition of the annual event provided an opportunity for MTN employees to participate in community projects that positively influenced the youths and society in general.
With the theme, “Creating a Brighter Future for the youths,” the corporate social responsibility initiative focused on targeted efforts aimed at youth empowerment and developing Nigeria’s burgeoning tech ecosystem for greater impact in national developmental efforts.
With Mental Health Awareness as a major part of this year’s activities, the company’s employees across major cities in Nigeria embarked on an8km walk to create awareness for mental health. The walk in Lagos was in conjunction with the Lagos University Teaching Hospital Suicide Research and Prevention Initiative.
There was a digital media training session for young Nigerians that was aimed at raising suicide prevention media advocates.
Another critical aspect of this year’s edition of the 21 days initiative was the hackathon, which challenged young software developers to create critical solutions to health problems using technology. Presenting the cheque of one hundred thousand naira (N100,000) to the winner of the hackathon challenge, the CEO, MTN Nigeria, Ferdi Moolman urged the winner, Richard Igiriki to make the most of the opportunity that has been presented him.
He encouraged him and his team to ensure that the Bloodshare App that they have developed go mainstream so that blood donors can easily be matched with the right hospitals.
During the 21 days, MTN staff across Nigeria provided technical training for students and teachers, as well as setup e-libraries in over 22 secondary schools across Nigeria. Career experts provided information technology trainings at select secondary schools and skill acquisition centres across the country.
About MTN Nigeria
MTN Nigeria is Africa’s largest provider of communications services, connecting over 60 million people in communities across the country with each other and the world. Guided by a vision to lead the delivery of a bold new digital world, MTN Nigeria’s leadership position in coverage, capacity and innovation has remained constant, since its launch in 2001. MTN Nigeria is part of the MTN Group – a leading emerging market operator, connecting more than 200 million subscribers in 21 countries in Africa and the Middle East.
Ecobank Partners CFA Institute on Training, Research
The Chief Executive and President Chartered Financial Analyst (CFA) Institute, Paul Smith has called for a closer collaboration with Ecobank Nigeria along areas of mutual interest in the nation’s financial industry.
Smith who was speaking during a courtesy visit to Management of Ecobank Nigeria in Lagos last Friday, said its call is predicated on the pedigree and antecedents of the Bank in the financial industry.
According to him, the partnership would further explore research, training and professional development. “We also want to deepen and strengthen our collaboration with Ecobank to expand our reach across the various regional blocs in the Sub-Saharan Africa region.”
While commending Ecobank for its support to its member CFA Society, Nigeria over the years, he emphasized that the CFA Institute stands for creating a financial environment where clients’ interests come first, markets function at their best, and economies grow.
Responding, Managing Director, Ecobank Nigeria, Patrick Akinwuntan, lauded the visit and assured that the Bank is ready to collaborate more with the Institute to further develop the financial sector in Nigeria and across Sub-Saharan Africa. He commended the organisation’s sterling activities in growing the ethical and professional practice of financial services in Nigeria, Africa and across the world.
He intimated the CFA team of the various strategic initiatives of the Bank which are aimed at establishing world-class learning and development platforms for its staff, one of which led to the recent accreditation of Ecobank Nigeria Academy by the Chartered Institute of Bankers of Nigeria (CIBN).
In his remarks, the Head of Strategy, Ecobank Nigeria, Unwana Efiong Esang noted that the desire to deepen and expand collaboration between the Institute and the Bank is a welcome development especially at a time the financial services industry is experiencing a profound paradigm shift in its business and operating models.
He further stated that such partnerships between global and Pan African financial industry stakeholders will go a long way in enhancing financial services practice and also help in sustaining the relevance and quality of service of the banking system far into the future. He restated Ecobank’s strong positive disposition towards actualising the several collaborative options and models available to both organisations
Also speaking, President of CFA Society, Nigeria, Banji Fehintola commended Ecobank for its support of its activities over the years and expressed the Society’s willingness to fully take advantage of the several partnership initiatives of the Bank in Nigeria and across Sub-Saharan Africa.
NGE Mourns its Deputy President, Saidu Wada
The Nigerian Guild of Editors (NGE) is devastated at the news of the death of its Deputy President, Malam Umar SaiduTudun Wada. The ace broadcaster died on Sunday 30th June, 2019 following a car crash on his way from Abuja to Kano.
Mallam Umar Saidu was the immediate past Managing Director of Kano State Radio Corporation and was at one time a Principal Editor at the then CTV, now Abubakar Rimi Television (ARTV).
He was a broadcaster with Voice of America, freelance correspondent with Hausa and English services of Deutsche-Welle and also Editor, Concern Magazine.
The deceased served twice as Special Assistant, Media and Publicity to former Governor Rabiu Musa Kwankwaso.
He also served as Secretary, Nigeria Union of Journalists, Kano State Council.
The Guild wishes to condole with the family of Malam Umar SaiduTudun Wada, especially his wife, Aisha, who was a former Deputy President of the NGE and the management and staff of Radio Kano.
Malam Umar Saidu would be greatly missed by his family, professional colleagues and friends around the globe.
A committed family man and broadcast journalist per excellence, he was elected as the Deputy President of the Guild during its last biennial convention in May this year.
We pray that almighty Allah console the family of our departed colleague and grant them the fortitude to bear the irreparable loss.
May the soul of Malam Umar SaiduTudun Wada find Aljannafridaus. Amen
NSE Reveals Results of Biannual Review of Market Indices
The Nigerian Stock Exchange (NSE) has announced the results of the biannual review for the NSE and co-branded indices. The composition of these indices after the review became effective on Monday July 1, 2019.
Below are the incoming and exiting companies in the various indices.
|
Indices Title |
Incoming |
Exiting |
|
NSE 30 index |
· CUSTODIAN INVESTMENT PLC. | · DANGOTE FLOUR MILLS PLC. |
| NSE Consumer Goods Index | · MCNICHOLS PLC | · DANGOTE FLOUR MILLS PLC. |
| NSE Banking Index | · NONE | · NONE |
| NSE Insurance Index | · VERITAS KAPITAL ASSURANCE PLC. | · SUNU ASSURANCES NIGERIA PLC. |
| NSE Industrial Index | · NOTORE CHEMICAL IND. PLC. | · FIRST ALUMINUM PLC. |
| NSE Oil & Gas Index | · NONE | · NONE |
| NSE Pension Index | · NONE | · NONE |
| NSE Lotus Islamic Index
|
· NIGERIAN AVIATION HANDLING COMPANY PLC | · TOTAL NIGERIA PLC |
| Corporate Governance Index | · NONE | · NONE |
| Afrinvest Bank Value Index | · NONE | · NONE |
| Afrinvest Div Yield Index | · AFRICA PRUDENTIAL PLC. | · NONE |
| Meristem Growth Index | · AFRICA PRUDENTIAL PLC. | · STERLING BANK PLC
· ZENITH BANK PLC · NIGERIAN AVIATION HANDLING COMPANY PLC |
| Meristem Value Index | · ACCESS BANK PLC
· PRESCO PLC. · UNITED CAPITAL PLC |
· NONE |
The Nigerian bourse began publishing the NSE 30 Index in February 2009 with index values available from January 1, 2007. On July 1, 2008, the NSE developed four sectoral indices with a base value of 1,000 points, designed to provide investable benchmarks to capture the performance of specific sectors.
The Insurance and Consumer Goods Indices are composed of the top 15 most capitalised and liquid companies in their specific sector.
The Banking and Industrial Goods Indices are composed of the top ten most capitalised and liquid companies in their respective sectors, while the Oil & Gas Index is made up of the top seven most capitalized and liquid companies in the sector.
In July 2012, the Nigerian bourse launched The NSE Lotus Islamic Index (NSE LII) which consists of companies whose business practices are in conformity with Shari’ah Investment Principles, with the aim of increasing the breadth of the market and creating an important benchmark for investments as the alternative ethical and non-interest investment space widened.
The companies that appear on the Islamic Index have been thoroughly screened by Lotus Capital Halal Investment, in accordance with a methodology approved by an internationally recognized Shari’ah Advisory Board comprising of renowned Islamic scholars.
The NSE in collaboration with Afrinvest Securities Limited launched the NSE-Afrinvest Banking Value Index and NSE-Afrinvest High Dividend Yield Index in January 2019. They were designed in response to requests for applicable benchmarks for measuring value in banking stocks and high dividend stocks listed on the Exchange.
In March 2019, NSE also collaborated with Meristem Securities Limited, to launch the NSE-Meristem Growth Index and NSE-Meristem Value Index. These indices provide a benchmark for the market to gauge the performances of value stocks and growth stocks listed on the Exchange.
‘Reappointment of OPEC Scribe, Barkindo, a Factor of Stability for Global Oil Markets’
The African Energy Chamber (EnergyChamber.org) salutes the re-appointment of H.E. Mohammed Barkindo as Secretary General of OPEC as a factor of stability for African and global oil markets.
Secretary General Barkindo has managed to keep OPEC united as an organisation under very unstable times and a deep crisis in commodity prices. His leadership and diplomacy has restored market stability and successfully sealed landmark agreements like that of the Declaration of Cooperation between OPEC and non-OPEC member countries.
More importantly for our continent, it is under Secretary General Barkindo that OPEC gained its two newest African members, Equatorial Guinea in 2017 and the Republic of Congo in 2018.
Last year, he was awarded the Africa Oil Man of the Year award by Africa Oil & Power for prioritising of co-operation in turbulent times, for stabilising oil markets and for raising the voice of Africa on the global energy stage.
“The extension of H.E. Mohammed Barkindo’s mandate as Secretary General for another term is excellent news. It is well-deserved and a result of the trust he has gained from the entire global energy community,” declared NJ Ayuk, Executive Chairman of the Chamber and CEO of the Centurion Law Group.
“Secretary Barkindo has maintained faith in the future of the oil & gas industry, he picks the right battles and fights them with courage. As the race towards stability continues, his sense of team work will continue building the bridges our industry needs to achieve greater prosperity.”
WEF to Lead G20 Smart Cities Alliance on Tech Governance
The World Economic Forum (WEF), the International Organisation for Public-Private Cooperation, has been selected to act as the secretariat for a new G20 Global Smart Cities Alliance.
The alliance unites municipal, regional and national governments, private-sector partners and cities’ residents around a shared set of core guiding principles for the implementation of smart city technologies.
Currently, there is no global framework or set of rules in place for how sensor data collected in public spaces, such as by traffic cameras, is used. The effort aims to foster greater openness and trust as well as create standards for how this data is collected and used. This marks the first time that smart city technologies and global technology governance have been elevated to the main agenda.
The Forum will coordinate with members from the G20, Urban 20 and Business 20 communities to develop new global governance guidelines for the responsible use of data and digital technologies in urban environments. The Internet of Things, Robotics and Smart Cities team in the Forum’s Centre for the Fourth Industrial Revolution Network will take the lead and ensure accountability throughout the alliance’s members.
“This is a commitment from the largest economies in the world to work together and set the norms and values for smart cities,” said Børge Brende, President of the World Economic Forum. “We will coordinate efforts so that we can all work in alignment to move this important work forward. It is important we maximize the benefit and minimize the risk of smart city technology so all of society can benefit, not the few.”
“The advancement of smart cities and communities is critical to realize Japan’s vision for Society 5.0. It is also essential to address the world’s most pressing challenges, including climate change and inclusive economic growth,” said Koichi Akaishi, Director General for Science, Technology and Innovation for the Cabinet Office of the Government of Japan.
“The Government of Japan is proud to have championed this cause as part of our G20 presidency and was pleased to see the Business 20, Urban 20 and G20 Digital Ministers all pledge their support for the creation of a global smart cities coalition. To advance this work, we are pleased to welcome the World Economic Forum Centre for the Fourth Industrial Revolution as the global secretariat for this important initiative.”
Public-private co-operation is crucial to achieving global change. Efforts to form the Global Smart Cities Alliance have been supported by four partners of the World Economic Forum: Eisai, Hitachi, NEC and Salesforce.
African Energy Chamber’s Investment Push in China Successful
The biggest names in the Chinese energy industry participated in the EG Ronda Licensing Round Roadshow in Beijing, hosted by the African Energy Chamber.
This is the first investment roadshow organized by the Chamber in China, as it pursues its strategy of channeling Africa’s global outreach to energy investors and stakeholders worldwide.
It has confirmed the appetite of Chinese companies for Africa, with the biggest public and private sector companies responding to the Chamber’s call to explore investment opportunities in Equatorial Guinea, including PowerChina, Sinohydro, Sinopec, Sinochem, Zhenhua Oil, CNOOC, CMEC, China Minmetals, Shenergy Group and CPP among others.
“This 2-day roadshow is a demonstration of what the Chamber can accomplish for African governments and private stakeholders. Our resources and reach have grown tremendously over the past few years and enabled us to position ourselves as a pillar of Africa’s global investment outreach. I am looking forward to seeing more deals being signed soon,” declared NJ Ayuk, Executive Chairman at the Chamber and CEO of the Centurion Law Group.
“We thank the government of China, the Chinese energy sector for putting their trust and funding in the Chamber to organize this very successful roadshow, which is the first of many more we will be organizing in the future in China.”
The EG Ronda Licensing Round Roadshow 2019 in Beijing is notably showcasing the 27 oil & gas blocks on offer under the country’s 2019 oil & gas licensing round, and is promoting the high-potential that Equatorial Guinea has in minerals such as gold, diamonds, base metals, bauxite and iron ore. The winners will be announced during the upcoming GECF’s 5th Gas Forum in Malabo on November 27th, 2019.
“The pro-activeness of the Ministry of Mines and Hydrocarbons to reach out to global investors is a winning strategy that should be followed by many others amidst such competitive market conditions. The Chamber will always be ready to support African governments and companies seeking to attract investors and build successful industries at home that promote local content, job creation and prosperity,” said Mickael Vogel, Director of Strategy at the Chamber.
“The Chamber’s future roadshows will be taking us back to Beijing but also to global energy centers such as Singapore, Moscow, Dubai, London and Houston. Africa is the last true global energy frontier and the time to engage with investors is now.”
APO Group African Women in Media Award to Recognise Support of Female Journalists
APO Group, the leading media relations consultancy and press release distribution service in Africa and the Middle East, presents the inaugural APO Group African Women in Media Award set to recognise, celebrate and empower African women journalists who support female entrepreneurship in Africa.
The Award will be bestowed to the winner at the 5th Africa Women Innovation and Entrepreneurship Forum’s (AWIEF) Conference, Exhibition and Awards hosted at the Cape Town International Convention Centre (CTICC), 29-30 October 2019, with the theme ‘Enhancing impact: digitalisation, investment and intra-African trade’.
AWIEF’s prestigious annual event is a platform that sees global thought leaders, industry experts, policymakers, academics, development organisations and investors gather to dialogue, connect, network, share, collaborate and transact in a combined effort to boost Africa’s entrepreneurship ecosystem for women.
Lionel Reina, CEO of APO Group said, “We are extremely excited for the opportunity to highlight the work of female journalists sharing the stories of women entrepreneurs in Africa. The APO Group African Women in Media Award is part of our commitment to supporting the development of journalism on the continent. We are delighted to present this award with AWIEF in Cape Town as we celebrate women in journalism and entrepreneurship.”
Entries for APO Group African Women in Media Award must offer valuable insights into African female entrepreneurs while appealing to a global audience.
The award is open to African woman journalists and bloggers, whether directly employed or freelancers, working in the continent of Africa who have produced a story that has been broadcast or published in English, French, Portuguese or Arabic in the form of a printed publication, a television feature, a radio story, a website or a blog whose primary audience is based in Africa.
Stories must have been broadcast or published between 1st January and 15th September 2019.
Stories are judged on content, writing, analysis, creativity, human interest and community impact.
The deadline for entries is 15th September 2019. The finalists will be announced on 1st October 2019 while the winner will be announced on Wednesday, 30 October 2019.
Insurance Industry Consultative Council Media Retreat 2019
L: Mr. Richard Borokini, DG, Chartered Insurance Institute of Nigeria (CIIN); Mr. Eddie Efekoha, President, CIIN (3rd Left) and Mr. Fatai Adegbenro, Executive Secretary, NCRIB (R) at the 2019 IICC Media Retreat held at Ijebu-Ode, Ogun State over the weekend.
CIBN Accredits Ecobank Academy, Lauds State-Of-The-Art Equipment
The Chartered Institute of Bankers of Nigeria (CIBN) has accredited Ecobank Nigeria Academy in recognition of its compliance with regulatory standards and best practices.
This comes after rigorous accreditation processes which included a high powered visit by the Registrar and members of the Institute’s accreditation committee that showed that Ecobank Nigeria has complied with and satisfied the provisions and requirements of the competency framework for the Nigerian banking industry as mandated by the Central Bank of Nigeria (CBN) through CIBN.
The accreditation comes at the wake of Ecobank Nigeria’s launch of the Entry Level Development Programme which is an intensive 8-week medley of learning interventions for fresh graduates. It is intended to improve the financial literacy of participants who may be coming from other disciplines, or who may have non-financial and banking related academic backgrounds.
The programme is an addition to the existing Ecobank Graduate and Management Trainee program which runs for 12 months and 21 months respectively
With this development, participants and graduates of the Academy would now be granted exemptions at the various levels of banking professional examinations.
Commenting, Managing Director, Ecobank Nigeria, Patrick Akinwuntan, described it as a welcome development, stressing that the Bank took deliberate steps to equip the academy to meet with international best standards.
He pointed out that the accreditation further underscores the importance the Bank attaches to staff’s training, skills development and capacity building, adding that the management will continue to upgrade the standard of the Academy to meet with fresh and modern day industry challenges.
According to him, “This great feat is in line with our continuous penchant to improving the employee capability and continuous learning through certification and recertification. It reinforces our people centric strategy further through this achievement. We are equipping our staff with the right skills and competence in line with global practices. Let me use this opportunity to thank members of our internal faculty for their dedicated effort toward achieving this milestone and the academy looks forward to more future partnership.”
Mr. Akinwuntan was optimistic that the Investment of Ecobank and other financial Institutions in education and training programmes, will produce the desired dividends, that would result in improving the quality of the industry’s human capital and, by extension, organizational performance
It would be recalled that the CIBN evaluation team led by Abdulrahmam Yinusa had commended Ecobank for putting in place a state-of-the-art academy targeted at enhancing training of its staff, stressing that the environment was conducive for learning.
Recovering N5tr AMCON Debt, Judiciary Most Critical – Justice Kafarati
The Chief Judge of the Federal High Court, Hon. Justice A.A. Kafarati has again reminded the nation that the success of Asset Management Corporation of Nigeria (AMCON) in the discharge of its recovery mandates would only be enhanced if other safety net players and stakeholders, which includes the judiciary effectively play their respective roles.
AMCON is saddled with the arduous task of recovering over N5trillion owed by recalcitrant obligors. However, the management of AMCON is bent on recovering the debt especially as the sunset date of the corporation draws even closer. The development has led the management of AMCON led by Ahmed Lawan Kuru, Managing Director/CEO to switch its recovery strategy to more of enforcement.
Justice Kafarati who spoke at the weekend during the opening of the AMCON 2019 annual seminar for Hon. Judges of the Federal High Court, which was organised in collaboration with the National Judicial Institute (NJI) at Rose Ukeje Hall, Federal High Court Complex, Abuja reiterated the fact that AMCON’s success at recovering the outstanding huge debt would to a large extent depend on the corporation AMCON received from sister agencies as well as critical stakeholders especially the judiciary since most of the cases of AMCON and its obligors end up in court.
Kafarati who was represented at the event by Hon. Justice J.T. Tsoho, said, “…AMCON is a paramount feature of the financial system stability in Nigeria. AMCON sets out to accomplish this critical objective of stabilising the macro economy by off-loading toxic assets from the balance sheet of banks.
It must be made clear that AMCON cannot be the only panacea for resolving all banks failures or all other issues in the financial system, as it is only one of the critical partners or components of the financial safety arrangement responsible for the promotion of financial system stability.
“The success of AMCON therefore in the discharge of its mandates would, to a large extent be enhanced if other safety net players and stakeholders, which include the judiciary would effectively play their respective roles. I am particularly pleased that AMCON has recognised the judiciary as an important stakeholder, which has a critical role to play in the sustenance of financial integrity in Nigeria.”
Justice Kafarati concluded by reminding the participants that the federal high court should actually do more to support AMCON recovery drive since the court has the unique constitutional responsibility and exclusive jurisdiction in respect of all AMCON matters. Again he said, “We are therefore integral and certainly indispensable to the holistic implementation, realisation and accomplishment of the AMCON mandates as provided in the AMCON enabling Act.”
Earlier in his remarks, the AMCON boss told the judges that AMCON had always emphasised that the huge portfolio of AMCON debt is not the problem of the corporation as an entity, but a national debt, which if allowed to crystalize will portend serious negative economic and social consequences for the entire nation.
AMCON he said is constantly under the observation of international monetary institutions and have entertained visits and inquiries from the World Bank and the International Monetary Fund (IMF) with respect to our strategies for resolving the over N5trillion or $14billion USD debt held in AMCON portfolio, which of course AMCON would not want to be a drain on the federal budget.
According to Kuru, “In April this year, the IMF released its Country Report No. 19/92 where it recognized the Central Bank of Nigeria (CBN) as AMCON’s main creditor and that the AMCON debt creates additional contingent liabilities for the federal government. This underscores the need for a serious concerted effort by all relevant stakeholders, especially the judiciary towards achieving the most effective loan workout option.
“As part of our renewed strategy for recovery, AMCON is focusing more on enforcement. It has become clear to us that in order to attain the target as we approach sunset of 2024, we must redouble our efforts in the area of recovery. The AMCON Act anticipated a situation where we may need to enforce if negotiations fail. Negotiations have failed us, given our sun set date. It is also clear to us that we cannot go very far without the strong support of the judiciary. My Lords would have noticed that the volume of AMCON cases have grown since June/July 2018.
“At this stage of our recovery efforts, given our experience with the traditional litigation system, it has become imperative to consider other dispute resolution mechanisms, giving the slow pace of litigation, obligors’ propensity to hide under technicalities, and AMCON’s sunset timeline,” Kuru stated.
The theme for this year’s edition of the seminar, which was facilitated by Legal Academy is “The Dynamic and Proactive Deployment of AMCON Special Powers and Alternative Dispute Resolution (ADR) in the Effective and Efficient Resolution of Troubled Assets.
It featured presentations from Justice Nnamdi Dimgba, PhD.; Justice Olayinka Faji and Mr. Chuka Agbu, PhD. There were also Justice I.N. Buba and Justice Ijeoma L. Ojukwu and Justice Binta Nyako who chaired different sessions of the seminar, among others.
NEM Insurance Reports N15bn Premium in 2018, Pays N6bn Claims
NEM Insurance Plc recorded gross premium income of N15.04 billion in the 2018 financial year, an increase of 12.2 percent over the previous year’s turnover of N13.4 billion while net premium rose from N9.8 billion in 2017 to N10.7 billion in the period under review, representing an increase of 9.1 percent.
Dr. Fidelis Ayebae, the Chairman of NEM Insurance Plc said the the company’s Annual General Meeting (AGM) in Lagos that the underwriter also achieved 34.2 percent increase in investment income of N952.8 million compared to N709.9 million in 2017.
And to underscore the company’s commitment to its policyholders, NEM Insurance paid claims of N6.01 billion in 2018 representing an increase of 20 percent over the figure of N5.01 billion in 2017.
He said the Group also generated Profit before Tax (PBT) of N2.69 billion and N2.67 billion for the parent company.
Reviewing the performance of the company further, Mr. Tope Smart, the Group managing Director/CEO of NEM Insurance Plc said:
“Despite the difficult operating environment our company has maintained its focus as we continue to increase our market share. From about five percent market share, we now control close to seven percent market share of non-life business. We are determined to improve on this figure.
Our associate in Ghana Regency Nem Insurance is expanding its operations into the major areas in Ghana. This will lead to more income for the company and ultimately impact its bottom line in the nearest future.
Our company is set for new heights. With a strong reputation built over the years, coupled with a very strong brand in the insurance industry and robust financials, the future of the company looks very exciting and we are determined to take advantage of the opportunities we have in order to take our company to the next level.”
Smart added that NEM Insurance has a plan to acquire a life company while proactively raising funds for increase of its issued share capital.
NEM Insurance Plc paid total dividend of N686.4 million to shareholders.
Sovereign Trust Insurance Rights Issue Opens June 24
The Management of Sovereign Trust Insurance Plc has announced the opening of the company’s Rights Issue for existing Shareholders. The Rights Issue commenced on Monday, June 24, 2019, and will run through July 31, 2019.
The company is offering 4,170,411,648 (Four Billion, one hundred and seventy million, four hundred and eleven thousand, six hundred and forty-eight) ordinary shares of 0.50k each at 0.50k per share on the basis of one (1) new ordinary share for every two (2) ordinary shares of 0.50k each held as at the close of register on Tuesday, January 15, 2019.
In the same vein, the Management has enjoined all Shareholders of the company to take advantage of this unique opportunity by maximally taking up their rights in the Rights Issue with a view to increasing their stake in the company and as well grow their wealth in the very near future as the company is poised to moving on to the next phase of its growth stage.
Mr. Olaotan Soyinka, Managing Director/Chief Executive Officer of Sovereign Trust Insurance Plc, said the Management of the company has set a growth agenda which is aimed at positioning the underwriting firm as one of the top five in the insurance industry in Nigeria. The Managing Director’s appeal to Shareholders of the company was unequivocal.
“In achieving this aspiration, we have identified that a very robust capital base is critical to the success of the set agenda; hence the need to call on our Shareholders to fully exercise their rights by subscribing fully to the Rights Issue and ultimately grow their investments in the company.”
Managing Director/CEO
Sovereign Trust Insurance Plc
He said Sovereign Trust Insurance Plc is working assiduously towards being one of the most preferred Insurance companies in the country for people to do business with, invest in as well as be the choice Employer of Labour.
Judging by the results of the performance of the company in the last financial year in 2018, it leaves no one in doubt that the company is set for the path of profitability. It is quite interesting to note that the company recorded a marked positive shift from what was recorded in the financial year of 2017 when compared to the 2018 financial year performance.
The company recorded a Gross Premium Written of N10.5 billion representing a 23% increase over the N8.5 billion recorded in 2017. The Net premium income equally grew by 31% to N5.5 billion over the sum of N3.85 billion recorded in the corresponding year.
In the same vein, the company recorded a Profit Before Tax of N540 million as against N202 million recorded in year 2017 representing over 167% increase. Profit after tax also stood at N344 million, a 118% increase when compared with the sum of N158 million recorded in 2017.
Consequently, the Return on Capital Employed (ROCE) recorded a positive performance of 9.29% as against 1.87% achieved in the corresponding year of 2017. Similarly, the earning per share improved by 118% from 1.89kobo in 2017 to 4.13kobo in 2018.
The company’s Total Assets rose from N10.8 billion to N11.3 billion representing 5% increase while the shareholders’ fund increased by 6% from N5.5 billion in 2017 to N5.8 billion in 2018.
Certainly, there are brighter days ahead and the opportunity for the shareholders to latch on to the bright side of life with Sovereign Trust Insurance Plc is now.