Mr. Atiku Abubakar, Presidential candidate of the Peoples Democratic Party (PDP) has vowed to sack Mr. Godwin Emefiele, Governor, Central Bank of Nigeria (CBN) if he wins the presidential election slated or February 2019.
Atiku told Bloomberg that Emefiele has failed on the job and there was no need to re-appoint him as CBN governor when his first term expires in June this year.
Atiku said: “I don’t think he’s pursued the right policies. We have to have the right people in there.”
The attention of Asset Management Corporation of Nigeria (AMCON) has been drawn to some inaccurate stories that are sponsored and published in the media meant to mislead the public and whip up sentiments for former Super Eagles player, Mr. Nwankwo Kanu.
A statement signed by Mr. Jude Nwauzor, Head, Corporate Communications, AMCON was quoted to have said, “AMCON is not in the habit of joining issues with obligors on the pages of the newspapers especially when the matter is in court as in this one. It is noteworthy that similar clarification was made by the Corporation in 2017, when the debtor claimed that AMCON had illegally taken over his hotel. However, as a law abiding recovery agency of the Federal Government of Nigeria, we are at all times guided by the law and would continue to act accordingly irrespective of obligor’s social, political or economic status. The public is hereby informed that these stories are meant to instigate sentiments of the media and the public on the true position of the indebtedness of The Hardley Apartments (promoted by Nwankwo Kanu) to the Corporation.
“We also want to put on record that having exhausted all avenues of peaceful resolution as a result of the huge debt; extended so many invitations for discussion, which were turned down, AMCON in 2015 obtained an order from the Federal High Court, which granted the Corporation possession of The Hardley Apartments located at No. 46 Waziri Ibrahim Crescent, Off Elsie Femi – Pearse Crescent, Off Adeola Odeku Street, Victoria Island in Lagos State, being the asset pledged as collateral for the loan. The procedure was done with the Court bailiff and inventory of property was taken, which did not include any medals as claimed. This order still subsists, pending the determination of the substantive matter. The public should therefore please disregard these misrepresentations as we await the pronouncement of the court on the matter.”
Director General of the Bureau of Public Enterprises (BPE), Mr. Alex A. Okoh has charged members of the Management Board of the Yola Electricity Distribution Company (YEDC) to shun personal and sectional interests in the discharge of their duties.
Inaugurating the Board of the company headed by Mr. Gbeleyi Ayodeji yesterday in Abuja, the DG reminded the members that they were trustees of the electric distribution company and as such they should exercise their powers with honesty and diligence.
“As Directors, you are trustees of the company’s finances and properties which you must account for in the exercise of your duties with honesty for the interest of the company and the shareholders and not your own interests”, he warned.
Okoh informed them that their responsibilities as directors of the company include: fiduciary relationship towards the Company and observance of utmost good faith towards the Company in any transaction with it or on its behalf; Act at all times in the best interests of the Company as a whole so as to preserve its assets, further its business and promote the purposes for which it was formed in a faithful, diligent, careful and ordinarily skills; Not fetter the discretion to vote in a particular way; and
Have regard in the performance of their functions including the interests of the company’s employees in general, as well as the interests of its members.
Responding on behalf of other members, the Chairman, Mr. Ayodeji Gbeleyi commended the government for the confidence reposed in them and pledged to discharge their duties diligently.
Ayodeji expressed appreciation for his appointment as the chairman of the Board and commended the Management of Yola Disco for successfully running the affairs the company since the management reverted to the Federal Government on June 1, 2015 from the core investor-Inegrated Energy Distribution & Marketing Limited (IEDM) as a result of the force majeure declared by IEDM due to insurgency activities in the region.
Members of the management board are Mr. Ayo Gbeleyi (Private member), Chairman, Mr. Alex Okoh, Director General, BPE, (representing the BPE), Mr. Mahmud Isa-Dutse (Permanent Secretary, Federal Ministry of Finance,Mr. Louis O.N Edozien (Permanent Secretary, Ministry of Power),Mrs. Grace Papka (Private member), Mr. Baba Umara Mustapha (MD/CEO, Yola DISCO); and Iliya John (Secretary).
It would be recalled that the National Council on Privatisation (NCP) at its 6th meeting for 2018, held on December 16, 2018, charged the Bureau of Public Enterprises (BPE) with the responsibility of inaugurating the Board of the Yola DISCO.
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.
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 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.
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 7th 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 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.
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 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.
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.
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.
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.
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.
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.
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.
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