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
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).
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:
Key Trends & Change Management in Procurement Performs
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.”
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.
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 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.”
Sovereign Trust Insurance Plc says it recorded Gross Premium Written of N10.5 billion in the financial year ended December 31, 2018 as against N8.5 billion achieved in the same period of 2017, representing an increase of 23 percent.
Mr. Seun Ajayi, the Chairman of Sovereign Trust Insurance Plc said at the 24th Annual General Meeting (AGM) of the company in Lagos that the underwriter also achieved Profit After Tax of N344 million in 2018 compared to N158 million in 2017, a rise of 118 percent.
“The size and quality of our balance sheet improved by this performance for the year. While our total assets rose from N10.8 billion to N13.3 billion representing an increase of five percent, the shareholders’ funds increased by six percent from N5.5 billion in 2017 to N5.8 billion”
Ajayi said the increased competition in “our industry has consistently re-engineered our strategies and we will not rest on our oars. Our commitment to continuously take leadership in all our product lines remains unperturbed. The effort of the tenacious Sovereign Trust team in achieving aggressive revenue generation is saluted.”
The STI chairman added that the company’s mandate to scale up its operating capital is already at an advanced stage with the on-going rights issue as the first step. He said the company will equally consider other capital raising options as advised by its financial advisers in the course of the year to ensure that Sovereign Trust Insurance Plc is set on a very solid and competitive platform in the industry.
“Our company is well abreast of the happenings in the economy as well as the industry and has proactively followed up on its plan to ensure its target to be amongst the top five by year 2022 is achieved. This program is tagged T522.”
Access Bank and GE Healthcare are to provide sustainable healthcare equipment financing to private healthcare providers; The partnership will help the private healthcare providers to deliver access to affordable healthcare services.
GE Healthcare and Access Bank Nigeria have entered into a partnership to provide Nigeria’s Private Healthcare Providers with equipment financing. Under the partnership, borrowers will be able to secure loans of up to $800,000 negotiable, based on the customer requirement.
Access Bank will provide access to loans for eligible healthcare providers, while GE Healthcare will support the program through provision of GE healthcare equipment and technical support.
The equipment under the partnership scope include Imaging Solutions including Magnetic Resonance Imaging (MRI) and Computed Tomography (CT), Ultrasound Machines and Life Care Solutions. Borrowers which qualify for loans include private healthcare providers such as hospitals, clinics, diagnostic centres and other private practices offering a broad array of services.
Speaking at the signing ceremony, Mr. Eyong Ebai, General Manager for GE Healthcare West, Central & French Sub-Saharan Africa said: “We are committed to invest in Public and Private Partnerships that innovate new delivery models that will improve access to affordable and quality patient outcomes, as we progress towards Universal Healthcare Coverage (UHC) in Nigeria. Our partnership with Access Bank will help lift the financial burden off the healthcare providers.”
Earlier this year, GE Healthcare rolled out a similar initiative in Kenya in partnership with Medical Credit Fund to provide Small and Medium Enterprises (SMES) with financing for healthcare equipment.
“There is a need to provide innovative financing models for healthcare providers especially in the private sector, who currently face challenges accessing financing for purchase of healthcare equipment due to the risk associated with the business. As a financing institution, we are committed to provide financing at both the health-service-provider level and at health-service-consumer levels to ensure that the people of Nigeria have all they need to live healthy lives.” Said Mr. Herbert Wigwe, CEO Access Bank.
Access Bank was earlier this year recognised for the second time as the ‘Outstanding Healthcare SME-Friendly Bank of the Year’ at the Nigerian Healthcare Excellence Award (NHEA) 2019.
The need to provide affordable healthcare in Nigeria is key to the development of the Nigerian Healthcare sector. Even as the World Health Organisation has identified UHC as a unifying concept and goal for the Government as they strengthen their health systems and discharge their obligations under the right to health.
GE Healthcare and Access Bank scheme was therefore born out of the necessity to provide the needed support to the Nigerian Healthcare environs, by providing healthcare finance at affordable rates and longer tenor.
The Germany Africa Business Forum e.V. (GABF), whose goal is to strengthen investment ties between Germany and Africa, announced it has, in collaboration with private partners from the energy industry, launched a multi-million Euro funding commitment to invest in German energy startups that focus on Africa.
The funding commitment, which pledges funds to German startups with exposure to African energy projects, will be the first such intra-regional initiative.
“Our initial goal is to support the investment in German companies and to start with funding allocations by the end of this year”, said Sebastian Wagner, co-founder of the GABF. “Through our partners, we will immediately get involved in investing in solutions-driven German startups with pragmatic business models to solve Africa’s energy challenges through the provision of German technology and innovation”, he added.
“The future of Africa’s energy industry will depend on technology and innovation. When German start-ups and Africans work together, we can build something unique for both our peoples. I applaud the GABF for this well-thought-out initiative. I believe it is in line with the goals of the G20 Compact with Africa, driven by Germany”, stated NJ Ayuk, a pan-African energy dealmaker, CEO of Centurion Law Group and Executive Chairman of the African Energy Chamber, a supporter of the initiative.
Anchored in the private sector, the GABF brings together Africa’s foremost executives with German companies, investors and innovators with the aim of driving change. Founded in 2017 as a “private for privates”, the GABF encourages German investors to consider the African continent as a profitable and important investment destination.
Through a series of initiatives, the GABF draws together African business and political leaders with Germany’s preeminent innovators to develop fresh investment concepts that shape German and African business ties, as well as economic thought.
L-R: Mr. Wale Banmore, Director, Royal Exchange General Insurance Company Ltd; Mr. Nnamdi Oragwu, Director; Ms. Sheila Ezeuko, Company Secretary/Group Head, Legal Services; Mr. Benjamin Agili, Managing Director; Mrs. Jane Ekomwereren, Executive Director; and Mr. Chukwuma Kalu, Head, Agric. Business, during a press briefing on the strategic investment in Royal Exchange General Insurance Company Limited in Lagos yesterday.
Royal Exchange Plc, Nigeria’s foremost finance and insurance services group has announced the 39.25 percent acquisition in its general insurance subsidiary, Royal Exchange General Insurance Company (REGIC) by the InsuResilience Investment Fund (IIF), established by the German Development Bank (KfW) and managed by by Swiss based Impact Investment Manager, BlueOrchard Finance Investment Limited (“BlueOrchard”).
The acquisition, which results in a N3.6billion capital injection into the Royal Exchange General Insurance (REGIC) is in line with the National Insurance Commission’s (NAICOM) directive for insurance companies to increase their share capital in line with the new regulatory requirements recently introduced.
As one of the leading non-life insurance companies operating in the insurance market in the country and having a strong presence in the agric-insurance space through its partnerships with The Nigeria Incentive-Based Risk-Sharing System for Agricultural Lending (NIRSAL) and some State governments, this investment by the KfW is expected to have a huge impact on the company’s presence in the agric-insurance space to enable REGIC increase its presence even further.
The proceeds of the investment will help REGIC to spur growth by increasing its risk capital and supporting its underwriting capacity in agriculture, hereby extending its outreach to low income farmers.
Speaking on the importance of this strategic investment, Mr. Benjamin Agili, Managing Director, Royal Exchange General Insurance said “With this investment, REGIC will be able to achieve its key objective of reaching out to over 1million farmers within the next five (5) years, offering the best-of-bred agric-insurance services to enable them increase their productivity, make Nigeria more self-reliant in food production, which impacts the economy with growth of our GDP and the agro-allied economy”.
Agili further added: “Other strategic impacts this investment will bring to the company will be in the areas of Information Technology, Market Expansion, as well as helping the company meet its financial inclusion targets by enabling REGIC develop new products, as well as create alternative channels of distribution to reach our various clientele, especially those who are financially excluded as a result of accessibility, availability and knowledge of insurance and how insurance can improve their well-being.”
“The history, team and commitment of REGIC to agriculture insurance make it a great addition to our portfolio. REGIC is uniquely positioned to capture the opportunity presented by 30 million under insured small scale farmers in Nigeria. We are thrilled to partner with and support REGIC with capital, technical assistance and our international network in the agriculture insurance space, with the objective to increase the resilience of small scale farmers to climate change“, says Ernesto Costa, Senior Vice-President Private Equity at BlueOrchard.
Also speaking on the investment, Mr. Kenny Ezenwani Odogwu, Chairman, Royal Exchange Plc said: “REGIC has entered into strategic alliances with various stakeholders in the agricultural space to drive insurance within that sector of the economy. Agriculture and retail insurance, we believe is the future of insurance and at Royal Exchange, we will continue to develop products and services to ensure that we remain relevant in this space. REGIC is determined to take advantage of growth initiatives available in the industry. Our strategy has always been to ensure we attract the best technical experts globally and capital to meet regulatory requirements and the needs of our stakeholders in the 5 subsidiaries where we currently have 100% shareholding.
Odogwu further added: “People need to understand that insurance is an enabler of the economy and is needed to bolster the agriculture industry (20% of GDP) which is a major priority for the Government. Royal Exchange has entered into strategic alliances with various stakeholders in the agricultural space. We will continue to develop products and services to strengthen our leading position in this space while leveraging technology to expand our revenue base and ultimately, our bottom-line. We will soon be expecting major investments in other subsidiaries of the group, namely, our life insurance firm, the HMO, micro-finance bank and the finance company.“
MTN Group has appointed Thato Motlanthe to the position of Executive for Investor Relations, with effect from 1 September 2019. Thato replaces Nik Kershaw who left MTN Group at the end of May 2019, and will report to Ralph Mupita, MTN Group CFO.
Thato brings to the role extensive experience of South African and global capital markets, having worked in both the sell-side and buy-side of equity capital markets. He joins MTN from Absa Asset Management, where he held the role of Portfolio Manager, co-managing the flagship funds within the Equities franchise.
Prior to this, he has held senior positions at STANLIB Asset Management, Citigroup Global Markets and UBS Investment Bank over a career spanning 16 years.
“I am excited to join a company with an incredibly strong pan-African and Middle East footprint, great market positions and attractive assets. MTN Group is well positioned to capture growth from digital and financial inclusion”, said Thato.
Commenting on Thato’s appointment, MTN Group CFO Ralph Mupita said, “We are pleased to have secured someone of Thato’s experience and leadership profile. Thato will play a critical role in the management and building of the investor base for MTN Group, as well as ensuring that the communication of the investment case of our “Digital Operator” strategy remains clear and compelling for stakeholders.”
Hero lager, a leading quality beer brand from the stable of International Breweries Plc, a proud part of the AB InBev family, has kicked off a unique campaign tagged Echefula, “Never Forget Your Identity” in Igbo dialect.
The campaign seeks to connect the brand at an even deeper level with the people that have welcomed and accepted it as part of their culture while also reminding consumers to take pride in their heritage, identity, celebrate their culture and embrace their traditions.
This campaign will explore the uniqueness and beauty of diverse ethnic groups in Nigeria, while encouraging Hero loyalists to be proud about their heritage, way of life, beliefs and tradition.
“This campaign was initiated out of a strong desire to underline our identity as a people and to reawaken the spirit of who we are, our values, our history, the great exploits of our generation past and more importantly as a call to action to Never Forget our identity as HEROes irrespective of wherever in the world we may be,” said Marketing Director, International Breweries, Tolu Adedeji.
Culture is one of the main pillars of development and sustenance of communities and no society can progress in its absence. It is regarded as the identity where common values, attitudes, preferences, knowledge are attributed to the behavior of a people. Identity expressed through culture is a necessity for all human development. It creates the fundamental building blocks in our personality and in the ties that link us to communities and nations.
As a result of western encroachment, ideas and influence, the younger generation are fast forgetting those peculiar traits that define us as Africans, Nigerians and as a people. Urbanization has also increased the possibility of people to forget our way of life, mannerism, culture, food and language. “The Echefula campaign is aimed at the preservation of our cultural heritage and will in its eventuality shed more light on some cultures, highlighting specific aspects of some traditions that make them special and worth honoring. By so doing, Hero will encourage consumers both home and abroad to take pride in their heritage and identity,” Tolu added.
On the idea behind the campaign, she said that the Hero brand is a loyalist brand and does not take the people’s choice to make Hero their preferred drink lightly.
“For several years Hero lager has thrived in the east. We have been part of celebrations, weddings, red capping ceremonies, naming ceremonies, chieftaincy title ceremonies and we have grown with the people. As they have invited us into their homes to celebrate with them all these years, we believe it is well-deserving to likewise honour, celebrate everything about them.”
“Celebrating our various traditions offer an excellent opportunity for intercultural exchange and understanding. We hope that this campaign will spark conversations around identity and pride in one’s heritage, no matter how far away from home you might be, you will be reminded of our rich heritage and roots, we must never forget our identity. This is the central message of the campaign, Echefula (Never Forget Your Identity)” She stated.
There will also be a cultural festival and the festivities will continue with in-bar activations where loads of exciting prizes will be up for grabs.
Trane, a global provider of indoor comfort systems and services and a brand of Ingersoll Rand, has entered into a new distribution agreement with JMG Limited in Nigeria that will significantly expand and strengthen the distribution capacity of Trane in Nigeria.
The launch of Trane in Nigeria was at the MEGA CLIMA exhibition, dedicated to the refrigeration, air conditioning, ventilation and heating sector, which took place in the Landmark Exhibition Center in Lagos from the 11th to the 13th of July 2019. JMG Limited and Trane exhibited the Trane brand and conduct a seminar for the professional in the HVAC market.
Under the agreement, JMG Limited will be the Authorized Distributor of Trane residential and light commercial systems in Nigeria through a dedicated team of experienced sales and services engineers. This Distributorship allows JMG Limited to complete its strategic development in the building infrastructure segment in order to offer a One Stop solution to developers from power, electrical products, mobility equipment and now efficient air-conditioning systems.
Mr. Hazem Bouzaiane, Africa Distributor Management Leader, Trane, said “We believe in selecting a Distributor who reflects Trane’s commitment to environmental sustainability with a strong focus on understanding and delivering value to customers, and the region they operate in. We are pleased to begin this journey with JMG Limited and will be very proactive in working with them to deliver the Trane promise of energy efficiency and reliability to the region”.
Mr. Ramzi Dabaghi, Head of Power Solutions & HVAC Division Manager, JMG Limited, said, “The HVAC industry is a very large industry that covers system design, operation and maintenance. Like most industries within the construction business, the HVAC sector has been gradually growing lately, with the end user spending substantial business expansion plans and supporting new enterprises in the industry. Our interest in the HVAC business arises after we have monitored the increasing market trend and identifying the areas/businesses that will benefit from our service. Add to this our concern to reduce energy consumption and to build a healthier environment.
We are quite aware that the success of any business lies in the foundation on which the business is built on, which is why we are confident enough that the JMG Limited – Trane partnership in the HVAC sector will succeed and develop rapidly.
JMG Limited has a dedicated team of professional engineers (Mechanical and Electrical), trained by Trane and specialized in Total engineering solutions and turnkey projects to deliver reliable and immediate results.
Thanks to the vast expertise and experience of our team, our aim is to provide the optimum solution, irrespective of category and scope of supply. We are always committed to provide high reliability with low maintenance, maximum safety and great flexibility. With the expertise and experience of our team and the name Trane and not to forget the quality and innovation of Trane products, we simply offer the best solutions.
We can confidently say that our partnership will definitely be a success story within the HVAC business in Nigeria.”
TECNO SPARK 3, a smartphone model by TECNO, a global premier mobile phone brand, has been awarded as the smartphone brand of the year at the 2019 edition of the Africa Information Technology & Telecoms Awards (AITTA).
AITTA recognises customer service, innovation and excellence in Africa Telecom and Information Technology industry. The reputable awards now in its third year and has been acclaimed as one of the most prestigious and biggest platform recognising excellence and innovation in the African telecoms and technology industry.
TECNO SPARK 3 was awarded as the phone of the year as a result of its cutting-edge features as well as its market outing positive reception of the TECNO brand loyalists and customers. This is the only smartphone recognized by AITTA this year.
As one of the most remarkable devices to “light up” the photos, SPARK 3 have been upgraded by AI technology to furthermore advanced the camera features to be available in Africa, middle-east and Southeast Asia market.
Starting their business from the Africa market in 2006, TECNO has been Africa’s leading smartphone brand and was the first dual-SIM handset supplier to the African continent, which boosted an astonishing 53% of all Smartphone sales in Africa in the year 2011.
Focusing on providing high performance and cutting edge smartphone that use the latest technology and at sweet price point, TECNO smartphones have become incredibly popular throughout Africa due to the exceptional value-for-money they offer.
TRANSSION, TECNO Mobile’s parent company, its brand portfolio comprises leading mobile phone brands in emerging markets.
In 2018, TRANSSION sold 124 million mobile phones globally. IDC figures for 2018 show that TRANSSION ranks 4th in global mobile phone brands and holds the largest market share in Africa. Their global sales network covers more than 70 countries in emerging markets including Nigeria, Tanzania, Kenya, Ethiopia, Egypt, India, Pakistan, Indonesia, Vietnam and Bangladesh to name a few.
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