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World Bank Selects Davis Malpass as 13th President

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Davis Malpass World Bank President
Davis Malpass World Bank President

The World Bank has announced the unanimous selection of David R. Malpass as President of the World Bank Group for a five-year term beginning on Tuesday, April 9, 2019.

The Board expressed its deep gratitude to Interim President Kristalina Georgieva for her dedication and leadership in recent months.

The Board looks forward to working with Mr. Malpass on the implementation of the Forward Look  and the capital package agreement as articulated in the Sustainable Financing for Sustainable Development Paper.

Malpass previously served as Under Secretary of the Treasury for International Affairs for the United States.

As Under Secretary, he represented the United States in international settings, including the G-7 and G-20 Deputy Finance Ministerial, World Bank-IMF Spring and Annual Meetings, and meetings of the Financial Stability Board, the Organisation for Economic Cooperation and Development, and the Overseas Private Investment Corporation.

In his role as Under Secretary, Malpass played a crucial role in several major World Bank Group reforms and initiatives, including the recent capital increase for IBRD and IFC.

He was also instrumental in advancing the Debt Transparency Initiative, adopted by the World Bank and IMF, to increase public disclosure of debt and thereby reduce the frequency and severity of debt crises.

Prior to becoming Under Secretary, Malpass was an international economist and founder of a macroeconomics research firm based in New York City. Earlier in his career, Mr. Malpass served as the U.S. Deputy Assistant Secretary of the Treasury for Developing Nations and Deputy Assistant Secretary of State for Latin American Economic Affairs.

In these roles, he focused on an array of economic, budget, and foreign policy issues, such as the United States’ involvement in multilateral institutions, including the World Bank.

Malpass has served on the boards of the Council of the Americas, Economic Club of New York, and the National Committee on US–China Relations. He earned his bachelor’s degree from Colorado College and his MBA from the University of Denver.

He undertook advanced graduate work in international economics at the School of Foreign Service at Georgetown University.

Siemens Launches FABRIC – Model for Future African Smart Cities

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Siemens launched an extraordinary data visualisation project called FABRIC at the German Africa Business Summit in Accra, demonstrating how crucial data is in transforming Africa’s urban centers into smart cities of the future.
This interactive initiative previously launched in South Africa, Nigeria and Kenya showcases African ecosystems and how by understanding data patterns, we can make smart decisions on connecting people and technology, ultimately building solutions with purpose.

The project used Jamestown and immedaite surrounding areas as a case study due to the town’s strong culture and powerful history. The data visualisation of Jamestown revealed how among all the challenges the area may be facing, the water crisis is a major one.
Edmund Acheampong, Country Manager of Siemens Ghana stated that “understanding data can help town planners identify a community’s challenges to better deliver services and identify ways to improve the community.

For him, “Jamestown was the perfect place for a project like FABRIC. The area, which has its challenges, still shows great infrastructural potential.” He also added that “Siemens is committed to unlocking the potential of communities through its digital expertise”.
Jamestown, which also houses the Central Business District (CBD), is the hub of major commercial activities within the city of Accra. The town is believed to attract an estimated daily influx of about 2 million people from various walks of life who come for Administrative, Educational, Industrial and Commercial reasons. This situation does not only boost economic activity within the Metropolis but also puts a lot of pressure on already heavily burdened energy infrastructure, coupled with water, energy and sanitation challenges.
Acheampong believes companies with the right technologies need to step in to make a difference. He explained that Siemens’ Water portfolio covered the entire water value chain from, Water Transport, Treatment, Desalination and pumping stations.

Siemens in collaboration with the government and other local companies can help work towards building a resilient Accra through intelligent water infrastructure and sustainable energy solutions would contribute to Ghana’s industrialisation ambitions.
Digitalisation especially in Africa creates the opportunity to drive economic growth. It creates an opportunity to leapfrog old technologies and employ modern solutions that can help industrialize economies.
Country Manager, Mr. Acheampong explained that “we chose to activate the story of Siemens in Ghana through this initiative because we know how important telling a story through fabric is across cultures and languages in Africa”.

NSE Launches Multi-Asset Brand Campaign to Boost Market

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Oscar Onyema CEO The Nigerian Stock Exchange
Oscar Onyema CEO The Nigerian Stock Exchange

As part of efforts to boost investor education and increase investor participation in the Nigerian capital market, The Nigerian Stock Exchange (NSE) has flagged off an above the line marketing campaign that amplifies the Exchange’s credential as a leading securities exchange that provides investors with varied investment options such as Stock, Fixed Income, Exchanged Traded Products (ETPs) and more.

Themed “The Multi-Asset Sustainable Exchange”, the campaign will be featured across print, broadcast, outdoor and digital media.

Commenting on the campaign, Mr. Olumide Orojimi, Head, Corporate Communications stated that “The campaign is coming against the backdrop of the innovative offerings NSE has birthed since its intentional transformation that commenced in 2011. During this period, the Exchange has achieved phenomenal milestones, deployed cutting edge technology for trading and the use of artificial intelligence to monitor its market; upscale securities in its market with the flagship listing of the first Sovereign Green Bond in an emerging market; establishment of an investors protection fund; launch of a corporate governance rating system and more recently the unveiling of the NSE Sustainability Disclosure Guidelines for quoted companies..

Oscar Onyema CEO The Nigerian Stock Exchange
Oscar Onyema
CEO
The Nigerian Stock Exchange

“As the Exchange transits to a demutualized Exchange, its credential as multi-asset securities Exchange will be adequately communicated through series of creative messaging in this campaign. While investors’ appetite for capital market products continues to evolve, this campaign highlights NSE’s offering which transcends stocks. We are committed to driving sustainable products, responsible investment in a market that is orderly and transparent whilst leveraging cutting edge technology.  This commitment is shared by all of our employees who continue to champion the development of new and improved experience for investors in our market”, said Mr. Orojimi.

GE Reinforces Commitment to Energy Access in West Africa

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GE

GE to provide energy solutions to help foster economic development and growth in Benin and Cote d’Ivoire.

In Benin, GE will supply the nation’s first Advanced Distribution Management System (ADMS), this grid solution is expected to increase energy reliability and efficiency. In Cote d’Ivoire, GE will rehabilitate and improve the power capacity of the Ferke, Man and Taabo substations while reducing the losses in energy transmission.
GE Renewable Energy’s Grid Solutions business announced that it has signed two deals to build energy systems in Benin and upgrade three substations in Cote d’Ivoire.

These agreements align with GE’s commitment to providing scalable power solutions in partnership with governments and utilities to meet West Africa’s growing energy needs while developing self-sustaining electricity systems for businesses and households in the region.

Benin
In Benin, 85 percent of electricity utilised is currently imported from neighboring countries.

To strengthen the country’s grid and manage electricity losses that result during energy transmission, GE will design and supply the first Advanced Distribution Management System (ADMS) in Benin for the Société Béninoise d’Energie Electrique (SBEE) and undertake the rehabilitation of substations and telecommunication infrastructure at the National Distribution Control Center in Cotonou.
Part of GE’s Digital Energy portfolio, ADMS is engineered with adaptive algorithms and predictive analytics to help utilities operate the grid more efficiently and enable automation. The system will be able to predict issues, identify the faults on the grid and propose a restoration plan.
“The Distribution Management System (ADMS) will help optimize energy distribution, reduce electricity losses and minimize shortages,” said the National Coordinator for MCA-Benin II.

“This project is aligned with the government’s ambition to efficiently manage the generation from power plants, microgrids and other grid infrastructure to improve the quality, efficiency and availability of power to our customers. “This system will also help manage the security and maintain control of the grid.”

Cote d’Ivoire
Under this contract, GE will rehabilitate and expand three 225kV substations in Ferke, Man and Taabo. This project will help improve the electricity supply in the northern, western and central part of Côte d’Ivoire.
“With about 90% of the country’s population having access to electricity and the growing demand for energy, limited distribution systems cause a total energy loss of approximately 20% annually. There is a need to rehabilitate and strengthen the country’s grid infrastructure,” said Bile Gerard TANOE – Secretary General of CI-ENERGIES.

“This project will improve the power capacities of Ferke, Man and Taabo substations to help mitigate total energy losses and provide the reliability needed to limit the total unavailability of these critical substations,” he added.
“Energy is a key component for on-going development in Sub-Saharan Africa. With only 45 percent of electrification rates in many countries in the region, it is critical to develop an end-to-end solution to increase energy access and foster economic development,” said Lazarus Angbazo, President & CEO of GE Renewable Energy’s Grid Solutions business in Sub-Saharan Africa.

“These projects reinforce GE’s involvement in implementing key infrastructure for energy transmission and interconnection development in Africa through smart solutions and turnkey project expertise.”
GE’s Grid Solutions business provides complete, engineered solutions for high voltage (HV) substations to power generation companies, utilities, and industries, bringing together the right mix of high-voltage products through expert engineering and full project management. Grid Solutions has designed and implemented over 1,700 substation projects globally in the last 10 years.

About GE Renewable Energy
GE Renewable Energy is a $15 billion business which combines one of the broadest portfolios in the renewable energy industry to provide end-to-end solutions for our customers demanding reliable and affordable green power. Combining onshore and offshore wind, blades, hydro, storage, utility-scale solar, and grid solutions as well as hybrid renewables and digital services offerings, GE Renewable Energy has installed more than 400+ gigawatts of clean renewable energy and equipped more than 90 percent of utilities worldwide with its grid solutions.

With nearly 40,000 employees present in more than 80 countries, GE Renewable Energy creates value for customers seeking to power the world with affordable, reliable and sustainable green electrons.

Stock Market Extends Bearish Performance… ASI Down 0.4%

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Yesterday, the bearish performance of the local bourse continued into the fourth consecutive trading session on the back of losses in DANGCEM (-0.5%), ETI (-3.3%) and ACCESS (-4.3%).

As a result, the Benchmark Index fell by 39bps to 29,553.12 points as YTD loss worsened to -6.0% while market capitalisation fell by N43.4bn to N11.1tn. In line with yesterday’s performance, activity level worsened as volume and value traded dipped by 8.1% and 48.9% to 498.8m units and N2.9bn respectively.

The most actively traded stocks for the day by volume were STERLING (124.8m units), CHAMS (114.7m units) and FBNH (55.4m units) while ZENITH (N653.8m), GUARANTY (N503.8m) and FBNH (N407.1m) led top traded stocks by value.

Bearish Sector Performance
Across sectors, performance was largely bearish as 4 of 5 indices under our coverage closed in the red. The Insurance index declined the most, down 2.5% as losses in REGALINS (-8.0%) and MANSARD (-7.3%) dragged the index while the Industrial Goods index trailed, inching southward by 0.5% following price depreciation in CAP (-9.9%) and DANGCEM (-0.5%).

Similarly, the Consumer Goods and Banking indices fell 0.4% apiece due to sell-offs in DANGSUGAR (-3.2%) and UNILEVER (-2.0%), ETI (-3.3%), ACCESS (-4.3%) and WEMABANK (-4.1%).

On the flip side, the Oil and Gas index extended its gains into another trading session following sustained buying interest in FORTE (+9.9%) and OANDO (+3.1%).

Investor Sentiment Strengthens

Investors sentiment as measured by market breadth (advance/decline ratio) strengthened to 0.6x from yesterday’s 0.3x as 11 stocks advanced relative to 19 stocks that declined.

The top performing stocks were CHAMS (+10.0%), FORTE (+9.8%) and VITAFOAM (+7.8%) while the least performing stocks for the day were CAP (-9.9%), UNITY (-9.3%) and ETERNA (-8.0%).

We do not expect this negative performance to persist in the final trading session of the week as we anticipate that investors will take advantage of the attractively priced.

Old Mutual Insurance Unveils ‘Protect Your Dreams’ 2-in-1 Savings Plan

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Alero Ladipo Executive Head, Marketing & Customer Experience Old Mutual
Alero Ladipo Executive Head, Marketing & Customer Experience Old Mutual

Old Mutual, has launched its 2 in 1 Savings Plan for customers in Nigeria, especially young professionals and families. With a minimum monthly contribution of N5,000, customers can save up funds for a period of five or ten years to fund their future financial goals.

The plan also gives the customer the opportunity to access a part of the savings for immediate needs during the savings period, should the need arise; thereby providing financial security. Another critical component of the plan is the protection on the savings, so that in the event the policyholder passes away in the course of the savings plan, the assigned beneficiaries will receive the originally targeted sum as assured in the plan.

Alero Ladipo Executive Head, Marketing & Customer Experience Old Mutual
Alero Ladipo
Executive Head, Marketing & Customer Experience
Old Mutual

Commenting, the Executive Head, Marketing and Customer Experience, Old Mutual, Alero Ladipo said; “We understand that life is filled with a constant juggling of our priorities. Trying to excel in our career, expand our businesses, get another degree, start a family, raise the children, provide education for them; yet take care of our siblings and parents, all on an income is a stretch for many. At Old Mutual we realise that entrenching a savings culture will help individuals realise dreams that day to day life tries to take away from them. We know as a business with over 170 years of wealth creation and management that smart financial planning is the answer to a future of financial security.

“It is on the back of these insights that we enhanced the 2-in-1 Savings Plans to allows you save towards your life goals over period of at least 5 years and with the added benefit of insurance protection, so that if life’s uncertainty happens in the course of saving for your future dreams, a chosen beneficiary will still receive the targeted sum. In other words, if you have set out to save for your child’s education and death unfortunately occurs, the 2-in-1 Savings Plan protects that dream from falling apart and ensure that the child gets the targeted sum.”

ABOUT OLD MUTUAL

Old Mutual General Insurance Company and Old Mutual Nigeria Life Assurance Company are part of Old Mutual Limited which provides protection, savings, investment and lending services to 11.3 million customers in 17 countries across Africa, Asia and Latin America.

Having acquired the majority stake in Oceanic Life Assurance Company, Old Mutual has been operating in Nigeria since March 2013. In January 2014, Old Mutual also acquired a majority stake in Oceanic General Insurance Limited thereby offering both life and general insurance solutions tailored to meet unique individual and corporate client’s needs.

BudgIT Tasks Buhari on N13tr Fuel Subsidy Corruption in 13 Years

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To the detriment of socio-economic developments, Nigeria has spent nothing less than N10 trillion on petrol import subsidy between 2006 and 2018. Let it be known: Nigeria is dancing on the edge of a razor blade by continuing its subsidy regime.

According to our recent research “Nigeria’s Petrol Subsidy Regime: Dilemma of the World’s Most Populous Black Nation” Nigeria currently imports an average of 91% of its daily petrol needs, thus disproportionately exposing local petrol prices to price shocks from international factors of production and exchange rate volatility.

There is a near perfectly inverse relationship between the fall in the value of Naira and the rise in the cost of imported petrol. That is, when next the Naira is devalued, Nigeria’s subsidy bill can be expected to jump.

Meanwhile, the continuation of petrol price regulation perpetuates safety nests for exceptional forms of corruption within the country’s subsidy regime. Import subsidy creates petrol price arbitrage – the differential between the regulated price in Nigeria and the high petrol prices in neighbouring countries – which is big enough to incentivise smuggling of subsidized products to neighbouring border towns. According to NNPC, there are 2,201 petrol stations in Nigeria’s porous border towns and coastal frontiers, with a combined fuel tank capacity of 144.9 million litres. Analysts argue, ringing corruption alert that the population around that area is far from justifying the size of the petrol market.

BudgIT notes with dismay that “fuel subsidy” deprives Nigeria of funds needed for critical socio-economic development as it discourages investors, who generally prefer a deregulated industry, from investing in the downstream sector especially in the area of refinery construction and operation.

For instance, the 10 trillion consumed by the subsidy regime is sufficient to construct 27,000MW of electricity or build about 2,400 units of 1000-bed standard hospitals across 774 local government areas of Nigeria, found our research.

We equally note that the Nigerian masses worship low oil prices. More so, the political class fears that increases in petrol price (and in the cost of living by extension), occasioned by a deregulated price regime, could become a flashpoint for mass uprisings and political instability. Nonetheless, we can never shy away from the opportunity cost of the corrupt subsidy regime.

Nigeria’s population is expected to balloon to 398 million people by 2050. With no strategic framework to end its subsidy program plus zero political will to reform the entire sector, the Nigerian government risks carrying the financial burden of a program that could drown out the development of its other sectors over the next 15 years.

“It’s high time fuel subsidy is removed. Efficient palliative measures should be provided for those that will be worse hit by the removal. Four sectors – Transportation, Power, Health and Education – should be prioritized to cushion the effects” stated Gabriel Okeowo, BudgIT’s Principal Lead.

While we are calling on President Muhammadu Buhari to do the needful, we also believe that funding for cheaper mass transit and subsidies to public institutions should be targeted for these groups.

Domestic Equities Market Continues Losing Streak… ASI Down 1.0%

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Yesterday, the domestic equities market extended its losses to the second trading session of the week on the back of sustained losses in NIGERIAN BREWERIES (-9.7%), NESTLE (-3.5%) and UNILEVER (-8.5%).

As a result, the Benchmark Index shed 1.0% to 30,226.7 points while YTD loss further dipped to -3.8% and N169bn was wiped off investors’ wealth as market capitalisation fell to N11.4tn. Furthermore, activity level was mixed as value traded advanced by 23.3% to N4.5bn while volume traded declined by 78.2% to 376.5m units.

The top traded stocks by value were NESTLE (N905.2m), NIGERIAN BREWERIES (N776.5m) and GUARANTY (N720.8m) while the top traded stocks by volume were FCMB (53.9m units), STERLING (41.4m units) and UBA (41.3m units).

Mixed Sector Performance
Performance across sectors was mixed, albeit negatively skewed as only 2 out of 5 sectors under our coverage advanced.

The Insurance index advanced the most by 0.9% as investors took position in NEM (+5.0%) and CUSTODIAN (+0.82%) while the Industrial index advanced marginally by 0.1% as gains in DANGCEM (+1.1%) offset sustained losses in BETAGLASS (+10.0%).

On the flip side, the Consumer Goods index further declined by 3.8% following sustained profit taking activities in NIGERIAN BREWERIES (-9.7%), NESTLE (-3.5%) and UNILEVER (-8.5%).

Likewise, the Oil and Gas index and the Banking index shed 1.8% and 1.1% respectively due to sustained losses in OANDO (-7.8%), FORTE (-9.9%), UBA (-2.6%) and ETI (-2.0%).

Investor Sentiment Remains Soft
Investors sentiment as measured by market breadth (advance/decline ratio) weakened to 0.4x from 0.8x recorded in yesterday’s session as 10 stocks advanced against 28 stocks that declined.

The top performing stocks were WEMA (+10.0%), SOVERININ (+10.0%) and IKEJHOTEL (+9.7%) while the most underperforming stocks were BETAGLASS (-10.0%), FORTE (-9.9%) and NIGERIAN BREWERIES (-9.7%).

While we expect this negative performance recorded thus far to persist in subsequent trading sessions, we do not rule out the possibility of an upturn in the performance of the Benchmark index as investors continue to take position in fundamentally attractive stocks.

Japan Supports North-East Rehabilitation with $1.5m

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The Government of Japan has released $1,500,000 to fund community stabilisation activities in Nigeria’s North-East region. These funds will be utilised through an ongoing programme launched in 2016, implemented by the United Nations Development Programme in Nigeria.

The interventions being implemented in the region are aimed at supporting victims of Boko Haram insurgency in the three most affected States of Adamawa, Borno and Yobe.

This builds on on-going activities that the Government of Japan has been supporting which have facilitated the rehabilitation of 20 public infrastructures and provided emergency employment to more than 2,000 Internally Displaced People (IDPs) and returnees.

In addition, more than 4,000 farmers and over 1,000 small businesses were supported with inputs and capital that helped improve and expand their sources of livelihood. The Government of Japan has already invested USD6.5 million in North-East Nigeria stabilization activities.

The funding from the Government of Japan will be utilised within the framework of Integrated Community Stabilisation Programme which UNDP has been implementing in the region intended to directly benefit 125,000 people in the three States.

An additional one million people will indirectly benefit from interventions under the project. Implemented through an integrated approach, the project’s goal is to support over 2,200 farmers, 500 small businesses, 5 community public infrastructures and provide emergency employment to over 850 community members.

“Stabilisation efforts in North-East are helping families and communities begin to rely less on humanitarian aid and more on themselves. This support from the Government of Japan will go a long way in laying a foundation for development to take place again in the region,” said Khardiata Lo Ndiaye, acting UNDP Resident Representative. Ms. Khardiata added that meeting urgent early recovery needs of the crisis affected communities remained a huge challenge requiring more partners and investment.

Mr. Shigeru Umetsu, Chargé d’affaires ad interim of Japan to Nigeria, reassured that the Government of Japan will continue to support Nigerian people’s efforts aimed at restoring stability and livelihoods for the communities in in the North-East region.

NCC Lists Reasons for Stringent SIM Card Processes

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Prof. Umar Danbatta Executive Vice-Chairman Nigerian Communications Commission
Prof. Umar Danbatta Executive Vice-Chairman Nigerian Communications Commission

The Nigerian Communications Commission (NCC) has again explained to telecoms consumers on why it reviewed and made the process of replacing lost, stolen or damaged Subscriber Identity Module (SIM) cards more stringent.

The Commission made the clarification while addressing various service-related concerns and issues raised by telecoms consumers during a Consumer Conversation Programme (CCP) hosted by the Commission in Lafia, Nasarawa State at the weekend.

Prof. Umar Danbatta Executive Vice-Chairman Nigerian Communications Commission
Prof. Umar Danbatta
Executive Vice-Chairman
Nigerian Communications Commission

The CCP is designed by the Commission to engage telecoms consumers and educate them on the various consumer-centric initiatives put in place by the Commission to protect their rights and interests while also serving as a feedback mechanism to address consumer concerns.

Speaking at the event, Director, Zonal Operations Department of NCC, Mrs. Amina Shehu, said the Commission has found that, at times, a subscriber may be having issues with his or her phone number, thinking that it is a network issue, but by the time he or she discovers what is happening, money has been fraudulently taken out of his or her bank account.

Shehu, who was represented at the forum by a Principal Manager in the Zonal Operations, Mr. Ekisola Oladisun, said SIM swap or replacement fraud has a lot of issues attached to it because, often times, a lot of people who are not the owners of some numbers go to do SIM swap at various customer centres of the service providers.

“There have been cases of fraudulent activities done on people’s bank accounts, as a result of SIM swap and the victims often complain to the Commission expecting that the NCC would compensate them!

“To stop this SIM swap fraud, the Commission in 2017 developed ‘Guidelines on SIM Replacement’, which sets water-tight rules for telecoms consumers to replace their SIM card when there is a need for it. The Guidelines sets stringent conditions which require that consumers identify themselves properly before replacing lost SIM. This is to ensure that telecoms subscribers are well protected from being victims of SIM swap fraud,” she said.

She stated that the Commission has noted that there is the likelihood by subscribers to think that network providers are putting them through stress to have their SIM replaced, by asking them to bring court affidavit, national identification card (or other valid IDs), SIM pack, amongst other requirements.

“But what telecoms consumers should know is that they must appreciate the fact that all the information being required from them is to establish that anybody coming for SIM swap proves that the number that is being requested to be swapped belongs to him/her,” she said, urging the consumers to immediately report to their respect bank to block their accounts once they lose SIMs that linked with their bank accounts.

At the forum attended by leaders of the communities, trade associations connected to telecoms business, women groups, communications professionals, telecoms service providers as well as representatives of security agencies in Lafia, the Commission also enlightened the consumers on other initiatives of the Commission aimed at protecting the consumers.

These include the activation of the Do-Not-Disturb (DND) 2442 Short Code to curb unsolicited text messages, the NCC toll-free line 622 which consumer can utilise to report complains pertaining to unresolved issues with service providers to the Commission, quality of service issues, billing issues, mobile number portability (MNP) as well as issues revolving around data descriptions and renewals.

Shehu urged the consumers who attended the event “to be ambassadors of the Commission by helping to pass the information and education they have received at the event to other telecoms consumers who may not be aware of such consumer-centric initiatives.”

Nigeria Shines in Latest Emirates Brand Campaign

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The talent, energy, creativity and global appeal of Nigerian and African artistes is being celebrated by Emirates in its new pan-African brand advertising campaign.

The world’s fastest growing airline is taking the message of ‘New Africa’ to the world. The campaign video highlights the achievements of Nigerian-born, Abiola Oke and amplifies the energy and rich potentials of Africa.

The campaign also features an original song with energy-filled music and inspiring lyrics that reflects the beats of contemporary African electronic club music. Produced by Blinky Bill, the song has popular sounds and rhythms that are currently dominating the radio, blasting out of taxicabs and on the dance floors across the continent.

Music is a unifying language not just across Africa, but around the world. The song does away with cultural clichés and instead celebrates the vibrant energy of contemporary Africa.

Abiola Oke left New York and a career on Wall Street at the age of 31 to return to his hometown Lagos, Nigeria, as the CEO and Publisher of OkayAfrica – a digital media platform. His business is dedicated to African music, film, culture and entertainment.

Paying tribute to a new generation of African disrupters who are making their mark globally across music, fashion, literature and the arts, the campaign celebrates the cultural renaissance taking over Africa.

The short films produced by the BBC (British Broadcasting Corporation) for Emirates, tells the stories of unique individuals from different parts of the continent. Poised to become cultural ambassadors for Africa to the world, they share a common passion to bring their global exposure and influences to their own local journeys, as they discover what it means to be ‘home’.

“It is impossible to ignore the energy and talent coming out of Africa today, whether in music, fashion, sport or art. We’re seeing a greater awareness of a strong, proud African identity – while being very connected to a broad, global culture. We wanted to join the conversation and celebrate amazing, inspiring stories of people constantly pushing boundaries and challenging African stereotypes. To us, that is what travel is about, to find a common ground that helps us connect, to question, to be curious, and I believe this campaign does just that in taking Emirates closer to the heart of our audience in a way that is authentic,” said Boutros Boutros, Divisional Senior Vice President – Corporate Communications, Marketing and Brand, Emirates.

Richard Pattinson, Head of BBC StoryWorks said, “This new series taps into the deep creative strength of the BBC to deliver a campaign that will capture the attention of our extensive and premium audiences in a way that no other publisher can.”

The series gives us a closer look at the inspiring stories of pioneers who represent today’s Africa.

Abiola Oke left New York and a career on Wall Street to return to his hometown Lagos, Nigeria, as the CEO and Publisher of OkayAfrica – a digital media platform – at the age of 31. His business is dedicated to African music, film, culture and entertainment.

Nairobi-based “Blinky” Bill Sellanga – Kenyan musician, producer and DJ is the embodiment of a renaissance in African music. As part of the Kenyan art and music collective ‘Just A Band’; he has been redefining the modern African musical identity and has performed his music all over Africa, Europe and the rest of the world.

Shanelle Nyasiase is a 21-year-old South Sudanese model who was born in Ethiopia and raised in Kenya. She had dreamt of becoming cabin crew but her journey took her to international catwalks in Milan and New York instead, where she has worked with some of the biggest international fashion brands.

Buhari, PenCom Launch Micro Pension Plan for Informal Sector

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National Association of Tricycle & Motorcycle Owners & Riders at the event
National Association of Tricycle & Motorcycle Owners & Riders at the event
National Association of Nigerian Traders, Abuja Branch
National Association of Textile & Garment Workers
National Association of Textile & Garment Workers
National Association of Tricycle & Motorcycle Owners & Riders at the event
National Association of Tricycle & Motorcycle Owners & Riders at the event

President Muhammadu Buhari launched the Micro Pension Plan yesterday in Abuja, ably supported by Mrs. Aisha Dahir-Umar, Acting Director-General, National Pension Commission (PenCom).

The event was witnessed by various relevant associations and trade groups in the country to herald the emergence of a pension plan for Nigerians working in the informal sector of the economy.

Below is the welcome address by Mrs. Aisha Dahir-Umar, Director-General of PenCom at the event:

  • It is my honour and privilege to welcome Mr. President and other distinguished personalities to this historic event for the formal launch of the Micro Pension Plan. This is the first time such window of opportunity is being opened to self-employed Nigerians and those working in the informal sector, to participate and enjoy the benefits inherent in the Contributory Pension Scheme.
  • As you might have observed, the Contributory Pension Scheme has been very impactful in Nigeria since the commencement of its implementation in 2004. The formation of long term domestic capital, represented by the over N8.74 trillion worth of pension assets as at January 2019, belonging to 8.46 million formal sector participants, is slowly but surely changing Nigeria’s financial landscape. This, by extension, is also transforming the course and pace of our socio-economic development. For instance, N6.51 trillion, representing 73% of the total pension assets is invested in Federal Government Securities issued to finance various activities of Government. Thus, in the area of infrastructure alone, the pension funds invested about N95.31 billion in the N200 billion Sukuk issued by the Federal Government. Similarly, out of the N10.67 billion Green Bond issued by the Federal Government, pension funds invested N7.19 billion. Consequently, we believe that the enlistment of the informal sector into the pension savings net would boost the quantum of available long term investible funds that would galvanize national development efforts.

 

  • Today’s event is, therefore, remarkable because it unveils a unique financial product, which democratizes the savings culture in Nigeria in a systematic and efficient manner. The product also perfectly aligns with the current social empowerment prgrammes of the Federal Government as it seeks to ensure, in the long term, the sustainability of the benefits of the empowerment programmes for the participants, who may seize this opportunity to save for their old age.

 

  • Your Excellency, other distinguished guests; Micro Pension Plan targets the significant majority of Nigeria’s working population who, incidentally, operate in the informal sector. Participants are expected from various informal sector workers including market women, members of the National Union of Road Transport Workers (NURTW), members of Textile, Garment and Tailoring Associations, Keke Napep and Okada Riders Associations, Butchers Associations, workers in the Movie and Performing Art industry, mechanics and other workers in the automotive industry and single professionals like lawyers, accountants and many others.

 

  • Micro Pension Plan is designed to fit the peculiarities of these informal sector groups. The National Pension Commission had extensively engaged all relevant stakeholders and obtained their inputs before the product was developed to suit their requirements. The product is flexible with respect to contribution amount and the channel of remittance of contributions to the respective pension accounts. Access to accumulated contributions is also flexible, seamless and facilitated by technology through varied payment system platforms.

 

  • The National Pension Commission has issued a robust Guideline on Micro Pension Plan pursuant to the provision of Section 2(3) of the Pension Reform Act 2014. The Guideline spelt out detailed legal, institutional and operational frameworks for the administration of the product by licensed pension operators from the point of enrolment to the point of accessing benefits from the pension account by participants. Already, the licensed Pension Fund Operators have, pursuant to the Guidelines, put in place appropriate structure, infrastructure and trained manpower to ensure adequate coverage and the provision of excellent customer service to the Micro Pension Plan participants.

 

  • Thus, a prospective Micro Pension contributor is required to open a Retirement Savings Account (RSA) by completing a physical or electronic registration form with a Pension Funds Administrator (PFA) of his/her choice. The contributors may make contributions daily, weekly, monthly or as may be convenient to them. Every contribution shall be split into two, comprising 40% for contingent withdrawal and 60% for retirement benefits. The contributor may, based on his/her needs, periodically withdraw the total or part of the balance of the contingent portion of his/her RSA, including all accrued investment income thereto. The contributor may also choose to convert the contingent portion of the contributions to the retirement benefits portion. The remaining balance in the RSA shall be available to the contributor upon retirement or attaining the age of 50 years.

 

  • Pursuant to its regulatory and supervisory mandate, the Commission had established a separate Department dedicated to the supervision of all matters relating to Micro Pension Plan, including enforcement of compliance with the Guidelines and customer complaint handling and resolution. Our objective is to ensure efficiency and effectiveness in service delivery as well as transparency and accountability in the administration of the product by licensed pension operators.

 

  • With the formal launch today and subsequent successful implementation, the Micro Pension Plan is expected to significantly expand pension coverage to greater number of Nigerians and further generate additional long term funds for Nigeria’s economic development. The Commission would collaborate with relevant stakeholders to sensitize and enlighten the target participants and members of the public on the features and benefits of the Micro Pension Plan.

 

  • Once more, I welcome one and all to this momentous event for the formal launch of the Micro Pension Plan. I would like to specially thank Mr. President for graciously taking out time to perform this function. Indeed, the Commission remains eternally grateful to you for your consistent support to the pension industry and the practical steps taken since coming into office to address the plights of pensioners in Nigeria.

Emirates Celebrates the Spirit of Africa with Latest Brand Campaign

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Emirates has launched a pan-African brand advertising campaign that celebrates the talent and achievements of young Africans, taking the message of ‘New Africa’ to the world.

The campaign also features an original music video produced by Kenyan musician and DJ Blinky Bill, inspired by contemporary African electronic club music.

Paying tribute to a new generation of African disrupters who are making their mark globally across music, fashion, literature and the arts, the campaign celebrates the cultural renaissance taking over Africa.

The short films produced by the BBC (British Broadcasting Corporation) for Emirates, tells the stories of unique individuals from different parts of the continent. Poised to become cultural ambassadors for Africa to the world, they share a common passion to bring their global exposure and influences to their own local journeys, as they discover what it means to be ‘home’.

“It is impossible to ignore the energy and talent coming out of Africa today, whether in music, fashion, sport or art. We’re seeing a greater awareness of a strong, proud African identity – while being very connected to a broad, global culture. We wanted to join the conversation and celebrate amazing, inspiring stories of people constantly pushing boundaries and challenging African stereotypes. To us, that is what travel is about, to find a common ground that helps us connect, to question, to be curious, and I believe this campaign does just that in taking Emirates closer to the heart of our audience in a way that is authentic,” said Boutros Boutros, Divisional Senior Vice President – Corporate Communications, Marketing and Brand, Emirates.

Richard Pattinson, Head of BBC StoryWorks said, “This new series taps into the deep creative strength of the BBC to deliver a campaign that will capture the attention of our extensive and premium audiences in a way that no other publisher can.”

The series gives us a closer look at the inspiring stories of pioneers who represent today’s Africa.

Nairobi-based “Blinky” Bill Sellanga – Kenyan musician, producer and DJ is the embodiment of a renaissance in African music.

As part of the Kenyan art and music collective ‘Just A Band’; he has been redefining the modern African musical identity and has performed his music all over Africa, Europe and the rest of the world.

Shanelle Nyasiase is a 21-year-old South Sudanese model who was born in Ethiopia and raised in Kenya. She had dreamt of becoming cabin crew but her journey took her to international catwalks in Milan and New York instead, where she has worked with some of the biggest international fashion brands.

Abiola Oke left New York and a career on Wall Street to return to his hometown Lagos, Nigeria, as the CEO and Publisher of OkayAfrica – a digital media platform – at the age of 31. His business is dedicated to African music, film, culture and entertainment.

The campaign also features an original song with energy-filled music and inspiring lyrics that reflects the beats of contemporary African electronic club music. Produced by Blinky Bill, the song has popular sounds and rhythms that are currently dominating the radio, blasting out of taxicabs and on the dance floors across the continent.

Music is a unifying language not just across Africa, but around the world, and the song does away with cultural clichés, instead celebrating the vibrant energy of contemporary Africa.

Africa Bancassurance MasterClass 2019 Holds April 16 in Lagos

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The Africa Bancassurance Academy would like to notify the financial media and the business community that the 4th Africa Bancassurance Masterclass, the flagship bancassurance training programme of the Africa Bancassurance Academy Limited a.k.a. School of Bancassurance will hold in Lagos Nigeria on 16 – 18 April 2019.

In the post universal banking era and precisely in 2018, the Central Bank of Nigeria (CBN), in exercise of its power under section 33(1)b of CBN Act 2007 including its provision of part 2 section 3(1) of the CBN scope, condition and minimum standards for commercial banks regulation no. 1, 2010, issued some revised guidelines on the operation of bancassurance between Nigerian money deposit banks and insurance companies.

In confirmation of this scheduled revise guidelines, the National Insurance Commission (NAICOM) which regulate insurance practices in Nigeria, had also in the same year re-issued the CBN‟s guidelines for use by insurance companies.

These two new policy releases from the insurance and banking sector regulatory institutions, thus marked the formal commencement of the practice of bancassurance in Nigeria and the month of April 2019 makes it full one year of regulated bancassurance operation in the country.

One key pertinent question to be answered at this event is – how has bancassurance business fared in Nigeria after one year? The Africa bancassurance masterclass is a professional meeting place for senior executives and bancassurance practitioners in insurance and banking industry across the region.

It provides a platform for insurers, banks, policy makers, risk managers, and financial services intermediaries to connect and develop their knowledge, build valuable networks, explore emerging trends as they relate to the bancassurance market, and map out actionable initiatives that will drive sustainable development of our bancassurance market.

The masterclass is organised to provide the enabling environment for key stakeholders in the financial services industry to network and brainstorm on the future of Bancassurance in the continent.

Globally, one of the most significant changes in the financial services sector over the past decade has been the appearance and development of bancassurance. Banking institutions and insurance companies have found bancassurance to be an attractive – and often profitable – complement to their existing activities.

The successes demonstrated by various bancassurance operations, although not all of them have been successful, have attracted the attention of the financial services sector, and new operations continue to be set up regularly.

Banks are constantly looking for ways to supplement their core earnings and insurance companies are also driving to increase their premium income. Bancassurance, the distribution of insurance products and services by banks, is one way. Banks see this model as a sure step in the financial market where one institution serves all the financial needs of its customers.

This naturally was a positive development for insurers as they see bancassurance as a strategic distribution channel that will help them increase insurance penetration in the economy and achieve the much-needed financial inclusion agenda.

Addressing financial correspondents at a news conference in Lagos organised by the Africa Bancassurance Academy (ABA), the Founder & President of the Academy, Chief Obasi Ngwuta, said the program, which forms the basis of the Africa Bancassurance Masterclass 2019, has been under continuous development for almost 10 years now.

In that time, hundreds of Banking and Insurance company management and staff from all across the Asia-Pac, Middle East and African regions have participated in the program. Consistent feedback from attendees is that the program exceeded their expectations and has undoubtedly helped them to improve the performance of their Bancassurance channel.

The Africa Bancassurance Masterclass is a rich blend of strategy, practical knowledge, tips and tactics, hands on activity and best practice lessons from across the globe. Since its inception, the program has grown to become what is arguably the best short course of its kind. Chief Obasi Ngwuta, said the 2019 Africa Bancassurance Masterclass is in 2 parts.

The first day is exclusively for CEO’s, their direct reports, Board members and other selected senior staff. The sessions will focus on the ‘big picture’ and key strategic issues. The subsequent 2 days are for the practitioners and those responsible for the success of Bancassurance in your organisation.

The Africa Bancassurance Masterclass 2019 is proudly sponsored by Old Mutual South Africa as an initiative that supports the growth of Bancassurance in Nigeria.

The three-day intensive learning session, will look at product innovation and distribution strategies that will enable banks and insurers reap the maximum benefits from bancassurance partnerships

Stock Market Slightly Upturns After Bearish Run… ASI Up 1bp

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The local bourse slightly upturned at the close of trade yesterday following price appreciation in GUARANTY (+2.5%), PRESCO (+9.7%) and NASCON (+9.9%).

As a result, the All Share Index (“ASI”) rose 1bp to 30,833.5 points, YTD return stagnated at -1.9% while market capitalisation increased by N1.5bn to N11.6tn. In the same vain, activity level improved as volume and value traded advanced 1360.2% and 99.8% to 1.9bn units and N2.8bn respectively.

The most active stocks by volume were WEMABANK (1.7bn units), CHAMS (99.5m units) and UBA (17.3m units) while WEMABANK (N1.3bn), GUARANTY (N349.0m) and NESTLE (N219.3m) led stocks by value.

Banking Index Emerges Lone Gainer
Across sectors, market performance remained bearish as 4 of 5 indices under our coverage trended southward.

The Banking index emerged the lone gainer, up 0.4% due to buying interest in WEMABANK (+9.6%), GUARANTY (+2.5%) and ETI (+1.2%). On the flip side, the Industrial Goods index shed the most, down 1.4% due to sell offs in CCNN (-5.0%) while the Oil & Gas index trailed declining 13bps on the back of losses in OANDO (-0.9%).

Similarly, the Insurance index fell 12bps following price depreciation in CUSTODIAN (-0.8%) and AIICO (-5.3%) while sell pressures in DANGFLOUR (-4.6%), NIGERIAN BREWERIES (-0.4%) and PZ (-5.0%) dragged the Consumer Goods index down by 8bps to close the trading session.

Investor Sentiment Strengthens
Investor sentiment as measured by market breadth (advance/decline ratio) strengthened to 0.8x, a mild improvement from the 0.6x recorded yesterday as 14 stocks advanced against the 17 stocks that declined. The best performers were CILEASING (+9.9%), NASCON (+9.9%) and PRESCO (+9.7%) while SOVREININ (-9.1%), UBN (-7.0%) and AIICO (-5.3%) were the worst performing stocks. Despite yesterday’s mild uptick in performance, we maintain a conservative outlook for tomorrow’s trading session as investor sentiment remains weak.

However, we opine that the lingering bearish sentiment continue to present attractive opportunities for investors to take position.