Access Bank to Target Retail Business Post-Merger

16/01/2019

Herbert Wigwe Group MD/CEO Access Bank Plc — Herbert Wigwe, Group MD/CEO, Access Bank Plc

The Access Bank Plc that will emerge after its proposed merger with Diamond Bank Plc will play strongly in the area of retail business in the financial services sector of the economy.

Mr. Victor Etuokwu, Executive Director at Access Bank Plc said: “We need to invest in retail market to drive economic growth, this is what the new bank will do, a strong corporate and strong retail bank.”

Meanwhile, the Central Bank of Nigeria (CBN) has granted Approval-in-Princip0le (AIP) to the proposed merger between Access Bank Plc and Diamond Bank Plc. The banks equally have received obtained similar approval from the Securities and Exchange Commission (SEC).

Etuokwu said the banks are waiting for final approval before convening a meeting of shareholders to formally ratify the merger.

He said: “So far, we have gotten approvals up to Approval-in-Principle. There are three approvals that we need for this process. The first one is the pre-order approval which is like the first approval, the next is the approval-in-principle. The final approval comes after approval-in-principle and it will come after you have convened your shareholders’ meeting.”

He added that both banks would convene such meeting of shareholders in February for approval before being taken to court. He was upbeat that all the merger processes would be completed in the next 60 days.

PenCom Targets N3tr, 20m Workers from Micro Pension

Business Journal

16/01/2019

Aisha Dahir-Umar Director-General PenCom — Aisha Dahir-Umar, Director-General, PenCom

The National Pension Commission (PenCom) is set to launch the Micro Pension Scheme this month with a target of N3trillion into the pension assets from over 20 million workers across the country. The initiative is expected to dramatically increase the level of total pension assets in the country from N8.45 trillion as at October 2018 to a higher figure.

To ensure seamless operations after launch, PenCom and pension operators have developed a robust Information Technology (IT) infrastructure that will support the Plan.

The commission has also had engagements with informal sector groups, such as, the Nigerian Union of Textile, Garment and Tailoring Workers of Nigerian (NUTGTWN), a body consisting Self Employed Tailors and Garment Workers; partner trade associations, Non Governmental Organisation (NGOs) and religious bodies in a bid to persuade them to subscribe to the micro pension plan.

The Acting Director-General of PenCom, Mrs. Aisha Dahir-Umar said the implementation of the Micro Pension Plan will improve the standard of living of the informal sector participants at retirement and reduce dependence on extended family for support at retirement.

She added that it would give self-employed people in the country the opportunity to participate in the pension scheme, especially those with irregular income, usually in the informal sector and are largely financially uninformed with limited or no access to financial services, especially, pension plan.

Indeed, Section 2(3) of the Pension Reform Act, 2014 legal framework extends the coverage of the Contributory Pension Scheme (CPS) to self-employed persons through micro pension scheme.

Dr. Farouk Aminu, the Head, Research & Corporate Strategy at PenCom said at a recent forum in Lagos that the commission is working on ensuring that the plan commenced as planned, noting that, this is a development that could enhance the growth of pension assets in the country.

In addition, Mr. Peter Aghahowa, Head, Corporate Communications at PenCom said the micro pension initiative is made flexible for people to easily join, while the method of contribution is decided by the contributors, who are to choose whether to contribute daily, weekly, monthly and quarterly.

Linkage Assurance Strengthens Mgt as NAICOM Confirms Braie as CEO

Business Journal

16/01/2019

Daniel Braie MD/CEO Linkage Assurance Plc — Daniel Braie, MD/CEO, Linkage Assurance Plc

Linkage Assurance Plc has strengthened its top management following the confirmation of Mr. Daniel Braie as substantive Managing Director/CEO of the company by the National Insurance Commission (NAICOM). The confirmation came via a letter dated December 28, 2018 to the Chairman, Board of Directors of Linkage Assurance Plc.

Mr. Braie was the Executive Director, Technical of the Company before he was elevated to the position of the Acting Managing Director earlier in 2018.

Okanlawon Adelagun Executive Director, Technical — Okanlawon Adelagun, Executive Director, Technical

A seasoned insurance professional, he has to his credit over 35years work experience including at senior management levels across different companies in the industry.

He is expected to bring to bear his wealth of knowledge and experience to transform the operations of the company for greater growth.

Meanwhile, the company in line with its vision to enhance quality of operations has also announced the appointment of Mr. Okanlawon Adelagun as Executive Director, Technical.

Adelagun whose appointment became effective 7^th January, 2019 is subject to the approval of NAICOM.

He is expected to bring his wealth of experience to rejuvenate the technical operations of the company for efficiency and productivity.

Mr. Daniel Braie, the Managing Director/CEO has four decades of professional experience in the insurance industry garnered from UNIC Insurance Plc, Trust & Guarantee Insurance Company Limited, Crusader Nigeria Plc and Topflight Insurance Brokers Limited, where he held various managerial positions including: Deputy General Manager, General Manager, Company Secretary, Group Head and Chief Executive Officer.

Braie is an alumnus of Enugu State University of Science and Technology (ESUT) and the West African Insurance Institute (WAII). He is also an Associate of both the Chartered Insurance Institute of London (CII) and the Chartered Insurance Institute of Nigeria (CIIN).

Wapic Insurance Unveils Ombudsman Desk for Better Customer Experience

Business Journal

13/01/2019

Wapic Insurance Plc has unveiled an Ombudsman Desk to ensure better customer experience in line with its transformational leadership objectives in the insurance sector.

Mrs. Yinka Adekoya, Managing Director/CEO of Wapic Insurance Plc said at the launch of the initiative that the Ombudsman Desk is to ensure seamless and smooth service for customers of the company as well as to improve their experience by remaining a top service provider in the industry. This implies having enjoyable experience with the company from the point of purchasing an insurance product to the point where the risk crystalises.

Reflecting on the development, Adekoya said: “We at Wapic Insurance Plc are very excited to be launching this initiative. Whilst the notion of having an Ombudsman Desk is not new in the western-developed society and some parts of Africa, including Nigeria, this is the time an insurance company will launch its own Ombudsman Desk. It is a feat for us as an organisation and this also buttresses our vision which is to transform and illuminate the insurance industry for the benefit of our customers and stakeholders as well as our mission which is leading in all that is worthy.”

The Wapic Insurance CEO added that the initiative is the best medium for customers of the company to channel their disputes and also build confidence in both current and prospective customers on the unique services of the company and its ability to handle their expectations.

“Our customers should know that we are continously transparent in our business operations while our corporate goal is to continue to strengthen business relationships. Wapic Insurance Plc is happy to launch its Ombudsman Desk as we strive towards a future of mutual success.”

She was upbeat that the measure will empower the company to enjoy sustainable trust from the insuring public in terms of claims settlement and lead to retention and satisfaction of the needs of customers.

The company has already resolved 57 disputes amicably through the Ombudsman initiative in the past year.

In the insurance sector, the Ombudsman would be responsible for settling disputes that arise between the company and its customers in terms of claims settlement. When issues arise in the process of claims settlement, the Ombudsman will step in to investigate the concern(s) of the customer and mediate fair settlement to ensure both parties (underwriter and the customer) are satisfied with the outcome.

Wapic Insurance Plc achieved total income of N14 billion in the 2018 business year while total assets stood at N28 billion in the same period.

Linkage Assurance Assures Clients of Value, Efficient Service in 2019

Business Journal

10/01/2019

Capture — L-R: Mr. Humphrey Ozegbe, Head, Human Resources; Mr. Tony Saiki, Head, Oil and Gas; Mr. Daniel Braie, Managing Director/CEO; Mrs. Joyce Ojemudia, General Manager, Marketing; and Mr. Moses Omoregbe, Company Secretary, all of Linkage Assurance Plc at the Company’s 2018 End of the Year Dinner and Awards Ceremony held in Lagos.

L-R: Mr. Humphrey Ozegbe, Head, Human Resources; Mr. Tony Saiki, Head, Oil and Gas; Mr. Daniel Braie, Managing Director/CEO; Mrs. Joyce Ojemudia, General Manager, Marketing; and Mr. Moses Omoregbe, Company Secretary, all of Linkage Assurance Plc at the Company’s 2018 End of the Year Dinner and Awards Ceremony held in Lagos.

Linkage Assurance Plc is positive that its business in the New Year 2019 will witness efficiency in operation, quality service delivery to customers and increased value for its shareholders.

The underwriter believes that with increased investment in technological infrastructure and as well as quality manpower, which the company has attracted in the outgoing year the future is bright for the company.

Daniel Braie, Managing Director/CEO, Linkage Assurance Plc made the remark at the Company’s 2018 End of the Year Dinner and Awards held at Lekki Coliseum, Victoria Island, Lagos.

Braie who commended the staff for their contributions in 2018, said the Company was able to overcome the challenges in the business environment because of the commitment of the staff.

“The business environment was very challenging in 2018 to the extent that companies were having difficulties but with God on our side we did not perform badly”.

“We have been able to attract quality staff, better infrastructure to enable us deliver quality service in the coming year and I am hopeful that we will do better in 2019, he said.

Braie however charged the staff to redouble their efforts to sustain the growth achieved so far and the targets it has set for itself as a company.

The event was an opportunity for the company to reward its staff who showed outstanding performance in their different departments during the out-going year.

ZETA-WEB Nigeria Becomes Microsoft Authorized Education Partner

Business Journal

10/01/2019

Zeta-Web Nigeria yesterday announced it has become a Microsoft Authorized Education Partner (AEP), demonstrating its ability to meet Microsoft academic customers’ evolving needs in today’s dynamic business environment. To earn a Microsoft AEP authorization, partners must complete a test to prove their level of academic licensing and market expertise.

The AEP program is designed to train participating resellers on Microsoft’s Academic licensing, authorize them to purchase and resell Microsoft Academic licenses, and demonstrate to potential customers that they are approved and knowledgeable academic partners.

Zeta-Web Nigeria Limited is a leading technology company, set-up to fill the gap of quality ICT service integration and IT Solutions.

“By becoming AEPs, partners show themselves to be committed and trained in providing discounted Microsoft academic products to the education market,” said Anthony Salcito, vice president of Education for Microsoft Corp.’s Worldwide Public Sector.

“This authorization, along with our other education partner initiatives, gives our partners recognition of their areas of expertise and our academic customers the confidence that they are buying from academic IT specialists.”

The Microsoft AEP Program is designed to authorize and equip organizations that deliver academic products and services through the Microsoft platform with the training, resources and support they need to provide their customers with superior experiences and outcomes.

Kunle Oyetola, Head of Technology Solutions, Zeta-Web in response said: “We are extremely pleased and honored to be recognized as a Microsoft AEP. Our aim is to help Schools and various Educational Institutions enhance and add value to their daily operations at an affordable rate. We adopt the right mix of proactive planning and business administrative best practices to deploy and achieve the preferred state for their IT Solutions and Resources.”

Zeta-Web Nigeria designs, implements and operates high-end Business Solutions, Hybrid Internet Solutions, MPLS/VPN, Networking, TV Content Aggregation and Distribution, Security/Anti-Virus etc. for customer-specific needs by providing cutting-edge ICT solutions and services that help increase employee productivity, improve IT Efficiency, enhance service delivery, add value and reduce cost of doing business.

Equity Market Plunges… ASI Down 2.3%

Business Journal

10/01/2019

The domestic equity market closed yesterday on a negative note as the All Share Index (ASI) plunged 2.3% falling below the 30,000-mark for the first time since May 2017 to close at 29,336.80 points. Market YTD return worsened to -6.7% and market capitalisation decreased by N260.8bn to N10.9tn.

Yesterday’s performance was dragged by price depreciation in DANGCEM (-8.6%), GUARANTY (-2.2%), and ACCESS (-5.9%). Similarly, activity level was mixed as volume traded increased 8.6% to 234.9m units while value traded fell to N2.2bn, lower by 15.9%.

The top traded stocks by volume were DIAMOND (54.7m units), GUARANTY (27.7m units) and ZENITH (25.8m units) while GUARANTY (N865.7m), ZENITH (N526.3m) and FBNH (N152.1bn) were the top traded stocks by value.

Mixed Sector Performance
Today’s performance across sectors was mixed as 3 of 5 indices under our coverage closed in the red. The Industrial Goods index experienced a reversal, down 4.4% following sell offs in DANGCEM (-8.6%). The Insurance and Banking indices were also lower by 3.1% and 0.3% respectively, following losses in CUSTODIAN (-5.9%), NEM (-9.9%), GUARANTY (-2.2%) and ACCESS (-5.9%).

Conversely, the Consumer Goods and Oil & Gas indices ticked up 0.7% and 0.2% respectively, buoyed by gains in FLOURMILL (+4.7%), CADBURY (3.6%), OANDO(+1.2%) and MOBIL (+0.2%).

Investor Sentiment Improves
Investor sentiment, measured as market breadth (advance/decline ratio), strengthened to 0.7x from 0.5x recorded yesterday as 14 stocks advanced against 19 that declined. The best performers were JBERGER (+10.0%), UNILEVER (+9.6%) and UCAP (+6.9%) while UPL (-10.0%), NEM (-9.9%) and CHAMPION (-9.9%) posted the worst losses.

We believe that the lingering bearish sentiment in the local bourse will remain unabated as tensions in the political uncertainty remain heightened.

9mobile on the Verge of Collapse

Business Journal

09/01/2019

The decision of Teleology Holdings Limited to exit 9mobile Nigeria and trade off its equity signals a bad omen for 9mobile and could lead to its eventual collapse.

Inside sources reveal that irreconcilable differences within the Board and management of 9mobile prompted the latest action on the part of Teleology to quit the telco even as its $50 million initial deposit remains a source of concern within the operator.

Teleology Limited formally took over the reins of leadership at 9mobile Nigeria on November 12, 2018.

NSE CEO to Review 2018 Market Performance, Project 2019

Business Journal

09/01/2019

The Nigerian Stock Exchange (NSE) is set to hold its 2018 Market Recap & Outlook for 2019 on Monday, January 14, 2019, at the Stock Exchange House, Lagos.

This annual event is a forum for the Chief Executive Officer of NSE, Mr. Oscar N. Onyema to brief the stock-broking community, analysts, media and other stakeholders, on the performance of the market in the preceding year and give prognosis for the market for the New Year, 2019.

With the significant progress made by the exchange in 2018 in areas of thought leadership, product development, regulation, sustainability, protection of investors fund amongst others, attendees will have the opportunity of learning more of the 2019 plans.

The Nigerian Stock Exchange, a company limited by guarantee, services the largest economy in Africa and is championing the development of Africa’s financial markets.

The Exchange offers listing and trading services, licensing services, market data solutions, ancillary technology services, and more. The Nigerian Stock Exchange continues to evolve to meet the needs of its valued customers, and to achieve the highest level of competitiveness.

It is an open, professional and vibrant exchange, and the Entrepreneurial Growth hub of Africa. The Nigerian Stock Exchange aspires to be Africa’s foremost securities exchange, connecting Nigeria, with the rest of Africa and the world.

IATA Tests New Payment Platform for Air Tickets

Business Journal

09/01/2019

The International Air Transport Association (IATA) announced the successful completion of the first “IATA Pay” ticket purchase transaction in a live test environment. The transaction was conducted in partnership with ipagoo, a UK-based fintech company.

IATA Pay is an industry-supported initiative to develop a new payment option for consumers when purchasing a ticket directly from an airline website. It is made possible by the European Commission’s second Payment Services Directive (PSD2), and the UK’s Open Banking regulation.

These regulations encourage use of so-called direct debit transactions in which payments are made from the customer’s bank account directly into the bank account of the merchant. This method offers an extremely high level of security to both user and recipient and can be instantaneous.

IATA’s role is to develop an industry solution enabling airlines to make this payment option available on their websites.

The live test conducted with ipagoo was done under the UK’s Open Banking framework with IATA Pay pilot airlines, including Cathay Pacific Airways, Scandinavian Airlines and Emirates.
For airlines, the advantages of IATA Pay are:
1: Cheaper payment option compared to other alternatives

2: Highly secure

3: Faster cash-flow with instant/near instant payment to the merchant

4: Simpler payment process resulting in fewer lost sales.

For consumers the benefits include access to a new, simpler method of payment that is highly secure.
“Today’s consumers, and especially millennials, have expectations of multiple payment options including mobile and peer-to-peer. IATA Pay responds to these expectations. At the same time, airlines are trying to manage significant card payment costs — $8 billion per year and rising. A large part of this cost is incurred in direct purchases from airline websites. One of IATA’s strategic objectives is to support airlines’ financial sustainability including controlling costs,” said Aleksander Popovich, IATA’s Senior Vice President of Financial and Distribution Services.
Carlos Sanchez, CEO, ipagoo said: “We are delighted to have completed the first Open Banking live transaction for the airline industry, helping IATA and its member airlines to achieve their goals of operational and financial efficiency. ipagoo’s technology provides a secure, multi-country banking service for IATA. We are at the forefront of development and innovation within the financial industry and committed to helping businesses and their clients take advantage of the opportunities provided by Open Banking.”
IATA is also working with Deutsche Bank on a prototype for Europe (excluding the UK), starting with the German market, which is expected to undergo testing in early 2019.

$1.2bn or $182m: Lagos Monorail Budget Controversy Deepens

Business Journal

07/01/2019

The trending report by China Railway Construction Corporation, the company in charge of Lagos light rail project otherwise known as Lagos monorail, has yet again piqued the curiosity of BudgIT and its unrelenting demand for openness on the part of the Lagos State Government in terms of its budget.

Just as taxpayers, BudgIT says it is seriously concerned about the discrepancy between the figure contained in the 2010 report delivered by China Railway Construction Corporation to its shareholders (USD$182m), as published on the company’s website, and the officially acclaimed figure by the Lagos State government, which puts the project cost at USD$1.2billion.

“The value of the Group’s new overseas contracts during the reporting period was RMB9.5568 billion, which involved the following significant overseas projects: light rail project in Lagos, Nigeria (the value of the contracts for blue line and red line was RMB1.256 billion),” the report reads.

‘While being conscious of possible underlying factors that could be responsible for this humongous difference, we say with certitude that ambiguities of this like would have ceased to occur had the state government yielded to our demand and that of the people to put an end to its budget secrecy.

Lagosians deserve to know, steadily and accordingly, full details of how state resources are being used without any hesitation on the part of the government. Aside from the monorail, we reiterate our concern about the same opacity that plaques toll gates operation and large constructions in Lagos. Same goes to the abject lack of transparency in the procurement process, an impenetrable system which has ringfenced public funds around private interests.

To put to rest all doubts and concerns, BudgIT demands that the Lagos state government should break the silence and come out clean on this matter. What is the overall cost of the Monorail project? Why the discrepancy between the official figure and the contractor’s report? These are key questions that demand an immediate response from the state authority.’

Signed: Adeniyi Soleye
Communications Lead
BudgIT

About BudgIT

BudgIT is a civic organization that applies technology to intersect citizen engagement with institutional improvement, to facilitate societal change. A pioneer in the field of social advocacy melded with technology, BudgIT uses an array of tech tools to simplify the budget and matters of public spending for citizens, with the primary aim of raising the standard of transparency and accountability in government.

NIPR, P+ Measurement Partner on Media Monitoring

Business Journal

07/01/2019

Clockwise: General Secretary, Lagos State Chapter, Nigerian Institute of Public Relations, Thelma Okoh; Chairman, Lagos State Chapter, Nigerian Institute of Public Relations, Olusegun McMedal; Lead Consultant, P+ Measurement Services, Philip Odiakose; and Chief Operating Officer, P+ Measurement Services, Olufunke Mohammed during the signing of the Memorandum of Understanding marking P+ Measurement Services as the Official Media Monitoring and Evaluation Partner for the Chapter in Lagos.

The Lagos State Chapter of the Nigerian Institute of Public Relations (NIPR) has announced an exclusive partnership with the P+ Measurement Services to serve as the Official Media Monitoring and Evaluation Partner for the Chapter.

P+ Measurement Services is the leading independent communications/PR measurement and evaluation agency in Nigeria that specializes in delivering bespoke media monitoring, measurement, evaluation services and analysis across the full spread of media channels.

The exclusive partnership which commenced on Monday, December 17, 2018 will see the P+ Measurement Services handling the media monitoring and social listening activities of the Lagos NIPR across print, broadcast and online platforms during specific campaigns or events and provide the Chapter a performance Audit Report upon the completion of such activity, at no cost.

Lagos NIPR will allow P+ Measurement Services to leverage its brand properties to promote the company’s name and logo on all the Chapter’s campaigns and event communication materials, stating it as the Official Media Monitoring and Evaluation Partner.

Speaking during the signing of the Memorandum of Understanding which was held at the Secretariat of the Chapter, the Chairman, Lagos NIPR, Olusegun McMedal, said that, “This exclusive partnership will help the Lagos State Chapter stay abreast of news mentions, helping it to track, analyze and respond to conversations across media platforms real time. The outcome will also serve as a source of strategic data and component of audience engagement going forward. P+ Measurement Services is the perfect partner to help us fully realize these capabilities.”

Also speaking during at the event, the Lead Consultant of P+ Measurement Services, Philip Odiakose, stated that, “P+ Measurement is very happy to partner with the Lagos State Chapter which is the leading branch of the regulatory body of the public relations industry in Nigeria and we are committed to helping the body grow in the region through independent media monitoring and evaluation services as we believe the PR industry is currently driven by data, hence the need for the body to have a data hub they can reach out to for factual figures. Then again, this means more work for the team, but we aim to deliver the best with precision, in line with the current market standard.”

ABOUT NIPR

Established in 1963, the Nigerian Institute of Public Relations (NIPR) is the non-governmental, not-for-profit professional association of Public Relations practitioners chartered (by Decree 16 of June 1990 now an Act of Parliament) to regulate and develop the public relations, public affairs and communication practice in Nigeria with functioning Chapters in the 36 States of the Federation including the Federal Capital Territory, Abuja.

Wapic Insurance Unveils Innovative Travel Insurance Policy

Business Journal

19/12/2018

Wapic Insurance Plc has unveiled an innovative travel insurance product to revolutionise the travel insurance experience of Nigerians travelling outside the country for personal, family and official trips. The product is specifically designed to cover individuals against unforeseen incidents during international travel.

The company says the launch of the product after an extensive period of a detailed review of consumer-detriment issues in travel insurance came as the best possible action to ensure better consumer protection during travel.

“Wapic’s solid reputation for delivering top-notch insurance services, coupled with this product’s combination of institutional knowledge, quality and customer service makes it an ideal travel insurance option of choice. The new product is set to be the most innovative solution of vertically integrated travel insurance products and assistance services that protects consumers against risks associated with travel and helps resolve issues that may arise. These services span the entire travel insurance value chain, including underwriting, product design, commercial delivery and claims administration.”

L-R: Patrick Osadebe, Group Head, Retails and Distribution, Wapic Insurance Plc; Bode Ojeniyi, Executive Director; Yinka Adekoya, Managing Director/CEO; Bankole Bernard, National President, National Association of Nigerian Travel Agencies; Aina Akintonde, Group Head, Services and Fulfilment, Wapic Insurance and Ayodeji Bankole-Olusina, Managing Director designate, Wapic Life, during the unveiling of Wapic Travel Insurance product in Lagos yesterday.

The Wapic Travel Insurance package covers:

Compensation for in-flight loss of checked-in luggage
Compensation for delay of flight and delay of luggage
Payment of medical assistance for illness or accident sustained while travelling
Transport or repatriation for medical reasons for the insured and/or family members travelling with the insured
Accidental death cover and provides transport or repatriation of mortal remains of insured
Emergency return home following the death of a close family member

Commenting on the new travel product, Mrs. Yinka Adekoya, Managing Director/CEO of Wapic Insurance Plc said: “Wapic ceaselessly explores opportunities to improve our customer experience offerings to the public and to continually address the needs of our customers. We are pleased to be able to offer our customers greater options through our travel insurance package, which includes pocket-friendly pricing based on duration of trip and destination of the prospective policy holder.”

Adekoya said the product covers a maximum of 92 consecutive days of travel and is for persons between the ages of three months and 80.

Mr. Bankole Bernard, National President, National Association of Nigerian Travel Agencies (NANTA) commended the Wapic Travel Insurance Policy as the right step at the right time. He said the product will increase the number of players in that segment of the market and lead to better services for consumers.

Bernard added the NANTA regards Wapic Insurance Plc as a strategic partner given its rich legacy of delivering value to consumers in the past 60 years.

MainOne: Delivering Digital Transformation in West Africa

Business Journal

19/12/2018

L-R: Asteroid CEO, Remco van Mook and Product Manager, MDXI, Vremudia Oghene-Ruemu at the launch of WAF-IX

This year, MainOne signed strategic partnership deals with Orange and TE Subcom, to extend our submarine cable into Dakar, Senegal and Abidjan – Cote D’Ivoire.

These projects will enable these West African countries with reliable connectivity services at lower costs. Neighbouring countries such as Burkina Faso, Mali and Mauritania will also benefit from this enhanced capacity.
In Ghana, we extend our reach with new points-of-presence (PoPs) in Takoradi’s Business District and Kumasi. These PoPs join the growing number of MainOne PoPs in several locations in Ghana such as the Central Business District; Accra; Tema; Cable Station at Nungua; Spintex Road; and Legon.

The reach is designed to assure our enterprise customers of more robust infrastructure to deliver best-in-class connectivity, enterprise voice, data center services, and value-added services.
In Nigeria, MainOne is partnering with the Ogun and Edo State Governments on their digital transformation plans to build fibre infrastructure across the state capitals. In November, we launched the carrier-neutral, West African Internet Exchange (WAF-IX) with global IXP platform provider, Asteroid out of the MDXi data center.
WAF-IX will facilitate improved interconnection and peering, allow customers connect to multiple networks, cloud and content providers, enable service providers operate more efficiently, deliver enhanced end-to-end network performance, and reduce overall IP Transit costs.

One of the world’s largest, cloud network platform, Cloud Flare is already peered with WAF-IX with major OTTS and content providers getting on-board.

By demonstrating “best-in-class” cloud service capabilities and supporting local businesses in their digital transformation journey, our Data Centre subsidiary MDXi, attained the Gold Data Centre certification from Microsoft and a re-certification from SAP.
This Gold Data Centre certification is the highest partnership level with Microsoft in Data Centre Competencies and is the pinnacle for Cloud Productivity in Microsoft’s Partner Network program. SAP’s re-certification endorses MDXi’s ability to deliver high-quality cloud and infrastructure operations services to its customers running SAP solutions. MDXi also obtained Tier III Constructed Facility Certification (TCCF) from Uptime Institute making it the most certified TIA942, PCI DSS and ISO 27001 Certified Data Center in West Africa.
With the on-going, nationwide network expansion in Nigeria and Ghana, as well as service delivery in 10 West African countries including Togo, Cameroun, Benin, Niger, and Chad, MainOne is making significant investments in infrastructural projects in West Africa as a push to ramp up technology penetration in the region and support the budding business ecosystem.

‘Nigeria Needs $3trn Infrastructural Investment in Next 20 Years’

Business Journal

05/12/2018

Dr. Emeka Okwuosa, the Chairman, Oilserv Group says Nigeria needs to invest over three trillion dollars in infrastructure over the next 20 years for positive impacts in various sectors of the economy,

Okwuosa was quoted to have said while delivering paper titled, “Infrastructural Development: A Key to Economic Growth and Development in Nigeria” at the 48th convocation of the University of Nigeria, Nsukka.

In the statement signed by the media consultant of Oilserve, Dr. Ngozi Anyaegbunam, he said the investment would also help to optimise the collective contributions from operators in various sectors.

According to him, the World Bank ranks Nigeria lowly as viable destinations for doing business pointing to the poor state of its infrastructure.

The 2017 World Economic Forum (WEF) Report ranks Nigeria, out of 137 countries, as follows: Roads Quality: 127th, Airport Quality: 125th, Electricity Supply: 132nd, education system: 120th, Math & Science: 118th, Innovation: 112th.

How do we respond to these negative and retrogressive occurrences? Nigeria needs to invest over $3 trillion in infrastructure over the next 20 years,” he said.

Okuwosa said: Where can we source for this funding? It is evident that government alone cannot provide these resources.

The Oilserv boss said that Federal Government must without delay, leverage the private sector capital in a variety of ways such as creating special purpose vehicles for financing creations and drive.

He urged the government to also develop public-private partnerships, and investment funds with a variety of guaranty plans and arrangements.

He said that government key role could be to create and sustain an enabling environment by deploying instruments like the Nigeria Sovereign Investment Authority with its arm.

Okwuosa said that the National Sovereign Wealth Fund should act as a catalyst for the provision of funding needed for development.

The government and the private sector must, as a matter of urgency respond to these deficiencies in the economy by accelerating infrastructure development.

“By this, I specifically refer to power, roads, rail, ports and telecommunication (especially broadband technologies). Also equally important and in alignment, is the development and implementation of the legal and regulatory frameworks and environment and all other related processes that will enhance the ease of doing business in Nigeria. Today, the total value of Nigeria’s infrastructural stock (road, rail, power, airports, waterways, telecoms, and seaports) represents only 35 per cent of Gross Domestic Products (GDP). In consideration and comparison to other peer emerging markets countries whose average is 70 per cent of GDP, Nigeria is way below expectation for an appreciable development for economic growth and prosperity,’’ Okwuosa added.

He said that the massive underinvestment in infrastructural development had been the result or bane to achieving the nation’s vision of becoming a top 20 economy by the year 2020.

The Oilserv helmsman said that in reality, the present infrastructural deficit in Nigeria would continue to adversely impact on its economic growth.

According to him, the purpose of the lecture is to expose the reasons why this potential has remained relatively unachieved.

This, he said was apart from the widely held opinion that Nigeria had the potential to become a major power and player in the global economy by virtue of its human and natural resources endowments.

“I am an unrepentant entrepreneur and strongly believe in human capacity development. From my experience in working for an international multinational oil and gas service company in twelve different countries to establishment of six companies spanning oil & gas industry, mining and agriculture.”

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