Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Lawan Kuru (right) in a congratulatory handshake with Mr. Olufemi Oluwasina Adebanjo, former Head Corporate Audit & Inspection Department of AMCON as well as Ethics Officer of the corporation who retired from active service of AMCON recently. Watching with admiration is Adebanjo’s wife, Mrs. Oluwayemisi Olufemi.
AMCON CEO Congratulates Retired Staff
Ecobank Appoints Abban as Group Consumer Banking Head
Ecobank Transnational Incorporated, the Lomé-based parent company of the Ecobank Group, has announced the appointment of Nana Araba Abban as Group Consumer Banking Head with immediate effect. Nana will be a member of the Group Executive Committee and report directly to the Group Chief Executive Officer.
Commenting on Nana’s appointment, Ade Ayeyemi said- “We are happy to confirm Nana as Group Head, Consumer Banking. She has extensive experience in the consumer banking space in various areas. Nana, who has been a senior member of the Consumer Banking team in the Group for some time will further grow our consumer business in line with our digital transformation agenda building on the successes we have had in the past. I convey hearty congratulations to Nana on this appointment.’
African Polo Extravaganza Takes London By Storm
Europe’s foremost African polo event graced London for the second time yesterday at the prestigious Ham Polo Club, hosting a glamorous crowd of polo aficionados and those celebrating the style and joie de vivre of African culture.
A sea of well heeled guests, mostly head to toe in African inspired finery, proudly strutted one of the oldest polo clubs in the United Kingdom, to the soundtrack of Afrobeats and Fela Kuti, as Lux Afrique firmly marked its territory as the go-to annual African polo day.
The match was opened by Lux Afrique founder, Alexander Amosu alongside the Director of The Sofa and Chair Company.
‘Insurers Always Reject Recapitalisation at Take-off’
Mr. Sunday Thomas, the Deputy Commissioner (Technical), National Insurance Commission (NAICOM) says operators in the Nigerian insurance industry find it difficult to see the benefits of recapitalisation at the take-off point.
He said the essence of the current recapitalisation process is to have strong operators that are liquid in meeting their obligations to their stakeholders, have solid assets, visible in retaining businesses in our local environment and contribute in turning around the image of the market.
“The bottom-line is to turn out solid operators that are able to support government initiatives, create employment through its expansion strategies and add value to the national economy.”
The NAICOM chief also canvassed the support of the media to actualise the benefits of the recapitalisation policy, adding that the media has naturally added value to the various initiatives of the insurance industry in Nigeria.
“We need the co-operation of the media in this particular task for a better and stronger insurance sector in our country.”
AMCON Takes Over 2 Firms in N3.6bn Debt Saga
Following the order of Hon. Justice B.F.M. Nyako of the Federal High Court Asset Management Corporation of Nigeria (AMCON) has taken over Bao Yao Futurlex Iron & Steel Company Limited in Abuja and Bao Yao Huan Jian Iron & Steel, Calabar, Cross River State. The order therefore mandates AMCON to take over all the assets of Bao Yao Huan Jian Iron & Steel Company Limited promoted by Mr Shen Yaozhang and General Idris Garba retired over a staggering indebtedness of over N3billion.
In compliance to the court order AMCON through Mr. Robert Ohuoba, the Receiver who also received protective orders from the court has taken possession of Bao Yao Futurlex Iron & Steel Company Limited, Abuja. The assets, which are now under AMCON include Bao Yao Futurlex Iron & Steel Company Limited, Abuja as well as Bao Yao Huan Jian Iron & Steel Company Limited, Calabar belonging to the obligors.
Linkage Assurance Reports N573m PAT in 1st Half 2019
Linkage Assurance Plc has recorded a 16 percent growth in Profit After Tax (PAT) for the half year unaudited financial statement ended 30th June 2019. The figure rose from N439.77 million in the half year period of 2018 to N572.76 million in the same period in 2019.
According to the financial statement made available to the Nigerian Stock Exchange (NSE), Linkage during the period under review posted a Gross Premium Written (GPW) income of N4.130 billion as against N3.650 billion the previous year.
With efficient risk management, the underwriter during the period returned to profitability in underwriting performance, posting a 176percent increase, as the figure moved from negative N367.11 million in 2018 to positive N296.06 million.
Linkage Assurance total assets also grew by 8 percent, moving from N23.146 billion to N24.869 billion at the end of June 2019.
MTN, FIRS Tango over N330bn Fine Tax
Our attention has been drawn to media reports regarding the status of taxes relating to the 2015 fine imposed on MTN Nigeria Communications Plc (MTN). We acknowledge that there is a technical disagreement between MTN and the Federal Inland Revenue Service (FIRS) as to how the fine should be treated for tax purposes. However, while the monies have been paid to FIRS, we have taken the disagreement to the Tax Tribunal set up by FIRS Chairman and Minister of Finance, and are awaiting a decision.
MTN remains fully compliant with Nigerian tax laws and will abide by the findings of the tribunal. The company is committed to meeting its fiscal responsibilities and contributing to the social and economic development of Nigeria.
Since incorporation in 2001, MTN has invested more than NGN2 trillion into the Nigerian economy and has paid more than NGN 1.7 trillion in taxes, levies and other regulatory fees.
RedStar Expands to Benin Republic
RedStar Express Plc has expanded its operations to Benin Republic effective August 2, 2019 as it bids to provide logistics solutions for businesses across West Africa.
The opening of the company’s office in Cotonou, the capital of Benin Republic, falls in line with an expansion drive that has seen the company open offices in Burkina Faso and Niger Republic.
The company’s Managing Director, Dr. Olusola Obabori, stated that these developments are in line with the company’s vision of increasing its business prospects in West Africa. “We are a company that is focused on growth, and the expansion into Benin is part of that growth. We are delighted to take this step in boosting our business” he added.
“Our business is about connecting different economies; especially as regards trade and commerce. By being in countries such as Benin Republic, Burkina Faso and Niger Republic, we will be at the forefront of economic development; particularly in the West African region.”
Pension Funds Launch $1.2bn Lawsuit Against Banks
Investors including pension funds and asset managers in the United Kingdom have launched a £1 billion ($1.2 billion) lawsuit against five banks for losses related to a foreign exchange cartel, Morningstar reported.
The banks including U.K.-based Barclays P.L.C., U.S.-based Citibank N.A. and Royal Bank of Scotland Group P.L.C. have admitted their participation in the cartel. Regulators across the world have fined the banks $8.5 billion
IoT Spending in Africa, ME Targets $8.4bn in 2019
Spending on Internet of Things (IoT) technologies in the Middle East and Africa (MEA) is set to top $8.47 billion this year, according to the latest forecast from the International Data Corporation (IDC).
A recent update to the firm’s Worldwide Semiannual Internet of Things Spending Guide shows that IoT spending in the MEA region will grow 15.9% year on year in 2019 and reach $17.63 billion by 2023 as governments and businesses ramp up their investments in digital transformation projects.
Totaling $2.99 billion, hardware is forecast to be the market’s largest technology category in 2019, with the majority of this spending going towards modules and sensors. IoT services, forecast to be worth $2.98 billion, will be the second-largest technology category in 2019.
The big four countries in the region, namely South Africa ($1.9 billion), Saudi Arabia ($1.49 billion), Turkey ($1.24 billion), and the UAE ($0.65 billion), are expected to account for 62% of total IoT expenditure in the MEA region in 2019.
The industries that are expected to spend the most on IoT solutions in 2019 are manufacturing ($1.52 billion), government ($1.11 billion), consumer ($1.09billion), transportation ($1.06 billion), and utilities ($0.73 billion).
CBN, AfDB, Dangote Supports Power Nigeria 2019
One of the primary challenges Nigeria is seeking to overcome is the lack of funding and finance of energy projects which are essential to producing a reliable power supply. Nigeria’s power sector requires immediate direct investment to utilise untapped renewable energy potential.
The Power Nigeria Exhibition & Conference runs from the 22-24 September at Landmark Centre, Lagos—to feature industry experts on the steps being taken to finance energy projects.
The three-day CPD certified conference will also discuss important topics such as:
- Customising existing power plants for the greatest ROI
- Capitalizing on the digitalisation of Nigeria’s power sector
- Deployment of Financing & Funding Effectively
Key Trends & Change Management in Procurement Performs
Bitcoin Excites Africa’s Youth
Seeing a significant growth in digital currency transactions on the African continent in recent years, driven largely by users under the age of 35, leading global peer-to-peer bitcoin marketplace, Paxful, is on a mission to increase access to the bitcoin economy for the people of Africa through education.
Benjamin Onuoha, Africa’s Regional Consultant for Paxful (Paxful.com), addressed delegates at a Johannesburg event recently to share insights on the bitcoin and cryptocurrency economy as well as present use cases observed from Africa’s consumers.
“The people of Africa have been the most ingenious and resourceful of our users – they are redefining our understanding of the uses of bitcoin. The world has much to learn from Africa about the future of the crypto-economy.”
Red Cross Test Runs new Land Rover Defender in Dubai Desert
The new Land Rover Defender has been put through its paces under the watchful eye of all-terrain experts from the International Federation of Red Cross and Red Crescent Societies (IFRC) in the latest stage of its global testing programme.
The prototype vehicle visited the IFRC global fleet base in Dubai, ahead of its public debut later this year. Land Rover engineers demonstrated the vehicle’s breadth of capability to their IFRC counterparts both on and off road, before the IFRC fleet experts took to the wheel to test the vehicle for themselves on the region’s desert sand dunes.
The team also took to the twisty tarmac of Jebel Jais highway, experiencing the assured handling and comfort of the new 4×4 as they wound their way up the tallest mountain in the United Arab Emirates.
Business Journal Lecture 2019 to Examine Impact of Digital Disruption
The second edition of Business Journal Annual Lecture/Awards 2019 will examine the impact (opportunities & challenges) of digital disruption on various sectors of the Nigerian economy.
The event which is scheduled for Friday, September 20, 2019 at Sheraton Hotel, Ikeja has
DIGITAL NIGERIA: The Path to Sustainable Economic Growth as theme.
Commenting on the 2019 Annual Lecture, Prince Cookey, Publisher/CEO of Business Journal said:
“The Business Journal 2nd Annual Lecture 2019 is indeed a rare opportunity for stakeholders and professionals to critically evaluate the opportunities and challenges of digital disruption on the various segments of the Nigerian economy ranging from banking, aviation, insurance and on such professions as marketing, PR and media. It would also offer a roadmap on how Nigeria could reap bountifully from the digital transformation era to achieve sustainable economic growth.”
Cookey said more details on the event would be made public in the coming days.
For participation and sponsorship: +234-8023088874, [email protected] and [email protected].
MTN Secures Fintech Licence from CBN
MTN Nigeria has announced that its subsidiary, Yello Digital Financial Services Limited (YDFS) has been granted a full Super Agent Licence by the Central Bank of Nigeria (CBN).
The Super Agent Licence enables the scale launch of MTN Nigeria’s fintech strategy. The licence will enable MTN to convert their existing airtime agents and recruit other small businesses to distribute financial services.
YDFS received approval in principle for its Super-Agent Licence in December 2018 and has been conducting a pilot project since then to meet the conditions of a full licence. The successful pilot has now led to the granting of a full licence under which YDFS will distribute financial services to all Nigerians.
Commenting on the licence, MTN CEO Ferdi Moolman said: “We are very pleased that YDFS has been granted a Super-Agent Licence, which enables us to extend access to financial services to a much broader group of Nigerians. This forms part of our commitment to contribute towards the achievement of Nigeria’s financial inclusion goals. Through the network established by YDFS MTN is in a position to broaden the availability of financial services for the under-served across the country. This marks a very important first step in leveraging our infrastructure to scale our Fintech initiatives. We have also applied for a Payment Service Bank Licence, which will enable us in time to offer a broader and deeper range of financial services to those communities and we remain hopeful we will receive approval shortly.”