– R: Mr. Tony Ibeziako, Ag. Head, Listing Business Division, The Nigerian Stock Exchange (NSE); Ms. Tinuade Awe, Executive Director, Regulation, The Nigerian Stock Exchange (NSE); Mr. Abi Ayida, Chairman, Berger Paints Nigeria Plc and ; Mr. Peter Folikwe, Managing Director/CEO, Berger Paints Nigeria Plc during a Facts Behind the Figures presentation at the Exchange yesterday.
Profit Taking Reverses Bullish Run… ASI Down 27bps
Yesterday, profit taking in NIGERIAN BREWERIES (-3.2%), UBN (-9.5%) and OKOMUOIL (-9.0%) dragged the benchmark index 0.3% lower to close at 32,451.27 points.
As a result, market capitalisation declined by N32.5bn to N11.8tn while YTD loss worsened to -15.1%. Similarly, activity level weakened as volume and value traded fell 42.4% and 24.9% to 190.5m units and N3.3bn respectively.
The top traded stocks by volume were GUARANTY (67.0m units), TRANSCORP (15.8m units) and UBA (10.6m units) while GUARANTY (N2.3bn), NIGERIAN BREWERIES (N139.1m) and ZENITH (N123.9m) were the top traded stocks by value.
Banking Index Advances the Most
Performance across sectors was largely bearish today as 3 of 5 indices under our coverage declined. The Banking and Insurance indices led gainers, up 0.2% and 0.1% respectively following investors continuous buy interest in GUARANTY (+1.6%), ZENITH (+1.0%), UBA(+1.3%), NIGERINS (+9.7%), AIICO (+3.7%) and LASACO (+6.5%). On the flip side, the Oil & Gas index declined 0.8%, following sell-offs in FORTE (-6.7%) while the Industrial and Consumer Goods indices lost 0.7% and 0.6% respectively on the back of price depreciation in WAPCO (-2.1%), CAP (-4.1%), NIGERIAN BREWERIES (-3.2%) and GUINNESS (-2.1%).
Investor Sentiment Weakens
Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 0.6x from 1.5x recorded last Friday as 13 stocks appreciated compared to 23 stocks that depreciated. The best performers were NIGERINS (+9.7%), LASACO (+6.5%) and UNILEVER (+4.7%) while LIVESTOCK (-9.5%), UBN (-9.5%) and LAWUNION (-9.1%) declined the most. We expect the bearish run to persist in the near term as sell-offs persists.
Skye Bank to Polaris Bank: Another Fake Promise?
When the Central Bank of Nigeria (CBN) sacked the management of Skye Bank Plc in 2016 and named a new management to run the bank, the apex bank and the new managers promised that all was well with Skye Bank.
That promise however unraveled last Friday when the CBN once again intervened in the affairs of Skye Bank, this time revoking its operating license along with change of name to Polaris Bank Limited and new logo.
The next day, the retained management of the ‘NEW’ Polaris Bank issued this promise:
“Polaris Bank Limited shall continue to pay interest on all deposits in accordance with any deposit agreement formerly existing between each depositor and Skye Bank Plc. as at the date of assumption of such deposit by Polaris Bank Limited. In the event that Polaris Bank Limited seeks to make any changes to interest payable on any deposits, any such changes shall be notified in writing to each depositor and shall only take effect after a reasonable time following the giving of such notice.”
The statement was signed by Mr. Adetokunbo M. Abiru and Muhammad K. Ahmad, Group Managing Director/ CEO and Chairman, Polaris Bank Limited respectively.
However, worried customers of Skye Bank are asking one crucial question: Is the present promise by the CBN and Polaris Bank Limited genuine or fake? Or is it another ploy to keep worried customers from fleeing the bank for good before the roof finally crashes to the ground given past experiences?
‘INSURANCE FIRST Model Will Deliver 5-Point Agenda’
Mr. Tope Smart, the new chairman, Nigerian Insurers Association (NIA) has promised to deliver sustainable growth for the insurance industry in Nigeria through his 5-Point Agenda driven by INSURANCE FIRST model.
Smart said the 5-Point Agenda will drive the direction of his service to the Association for the next two years thus:
- Protection of Interest of Member Companies
More than ever before, I will ensure the protection of the interest of member companies. In order to achieve this, I seek the cooperation of everyone and appeal to all of us to be united and stand together. This way, we can take the Industry to greater heights.
- Proper Positioning of the Insurance Industry
As I mentioned before, there is a huge gap between where we are supposed to be and where we are today. The question is who are the agents to fill the gap? The answer to this question is not difficult. We are the one. We must begin to do what is right. How can we do this?
There are various ways. Deployment of good technology to drive our operations, development of human capital, reaching the unreached – setting and working towards a financial inclusion target for the industry, putting in place, an excellent customer satisfaction mechanism, increase insurance awareness through many channels, build capacity for the industry are some of the ways by which we can properly position the industry.
- Improve the Standard of Professionalism
Many of you will agree with me that the level of professionalism in the industry is very low compared with global best practice. The rates charged more often than not for risks presented for insurance do not correlate with such risks. There is need to have a total departure from this practice.
- To Put in Place a Befitting Edifice for NIA
As many of you are already aware, plans are on to build a befitting edifice for NIA. The building when completed shall be called NIA Towers. I must commend the effort of the Past Chairmen, particularly, the immediate Past Chairman of the Association for the good job he has done in this area. The flag off of the project has already been done. We are awaiting approval from the relevant authorities for us to commence work in earnest.
- Deepen Insurance Penetration
In my opening remarks, I talked about the low level of insurance penetration, particularly when compared with other markets in Africa. Presently, for a population size of about 200 million, industry penetration is less than .5%. You will all agree with me that this is not good enough. We must collectively work together to increase the penetration level. In this regard, NIA will work with all arms of the industry such as Brokers, CIIN and NAICOM to achieve this.
BPE Pays N1bn to 408 PHCN Staff, Retirees
The 408 active staff and retirees/ Next-of Kins (NOKs) of the defunct Power Holding Company of Nigeria (PHCN) who have been computed and audited by the Office of the Accountant General of the Federation (OAGF) have started receiving payment for their entitlements amounting to N1, 053,402,476.03, the Bureau of Public Enterprises (BPE) has revealed.
The privatisation agency in a statement on Thursday, September 20, 2018 by its Director General, Mr. Alex A. Okoh expressed delight that following the approval of the National Council on Privatisation (NCP), chaired by His Excellency, Professor Yemi Osibanjo, the implementation is leading to the resolution of “this outstanding labour issue in the power sector privatisation”.
He said the current milestone in the resolution and settlement of the outstanding labour liabilities became possible after the Bureau on March 27, 2018, constituted a Technical Working Group (TWG) comprising the OAGF, PENCOM, NELMCO, NUEE, and SSAEAC & NUP which worked assiduously culminating in a meeting between the DG of BPE and the OAGF on August 1, 2018 to finalize the payment process.
It would be recalled that prior to now, the Bureau of Public Enterprises (BPE) through the OAGF had paid 47,041 out of the 47,913 active staff of the defunct PHCN in 35 batches and 2,962 out of the 4,423 retirement and death benefits to the beneficiaries in 14 batches.
This is in line with the mandate of the BPE to ensure that labour issues in privatisation are adequately addressed and resolved.
However, given the fact that not all the active staff and retirees/NOKs of the defunct PHCN were verified, the National Council on Privatisation (NCP) at its meeting of April 16, 2015, directed the Bureau to continue with the process of verification and payment of outstanding cases until a final resolution was achieved.
Following the NCP directive and approval, the Bureau conducted the final verification for staff and retirees/NOKs of the defunct PHCN in six geo-political centers from October 3rd-14th, 2016, resulting in the 408 beneficiaries who are now being paid.
Nigeria Records 2.7m Smartphone Shipments in Qtr 2
A total of 22.4 million smartphones were shipped in Africa during the second quarter of this year (Q2 2018), according to the latest insights from International Data Corporation (IDC).
The global technology research and consulting firm’s Quarterly Mobile Phone Tracker shows that Africa’s smartphone shipments increased 9.8% quarter on quarter (QoQ) and 6.0% year on year (YoY) in Q2 2018.
The market’s buoyant performance was spurred by the growing popularity of low-end to mid-range devices. Transsion brands continued to lead the continent’s smartphone space in Q2 2018, accounting 35.4% of shipments. Samsung followed in second place with 23.2% share.
By contrast, the feature phone market was down 1.1% QoQ and 5.8% YoY in Q2 2018, but – with shipments totaling 31.4 million units – these devices still constitute a 58.3% share of Africa’s overall mobile phone market as they cater to the needs of the continent’s huge low-income population (mainly in rural areas) by providing basic mobile communications that are priced very competitively.
Telco and Itel continued to lead feature phone category in Q2 2018 with a combined unit share of 59.9%, followed in third place by HMD on 9.0%.
Looking at the overall picture, the region’s combined mobile phone market totaled 53.8 million units in Q2 2018, with shipments up 3.2% QoQ but down 1.2% YoY. The continent’s two biggest markets – Nigeria and South Africa – saw a marked improvement in the performance of their overall mobile phone markets, posting YoY growth of 13.0% and 25.0%, respectively.
“The Nigerian economy remains stable and has begun to show signs of steady improvement in terms of consumer demand for mobile phones,” says Arnold Ponela, a research analyst at IDC. “The country saw smartphone shipments of 2.7 million units in Q2 2018, up 15.8% YoY, with strong marketing support from telecom operators for most brands proving instrumental. However, on-going currency issues and falling consumer purchasing power suggest Nigeria is not set for a sustained surge in smartphone shipments.”
South Africa remains the continent’s most developed telecommunications market, with smartphone shipments up 17.4% YoY in Q2 2018 to total 3.4 million units. “Numerous new entrants to the South African market are now offering affordable smartphones that boast very similar features to the leading brands,” says Ponela.
“As such, we expect the country’s migration away from feature phones to continue at a progressive pace. This transition from feature phones to smartphones is reflected by the fact that the market continues to be dominated by low-end to mid-range devices priced below $150.”
IDC’s research shows that 4G LTE networks are spreading their reach in Africa, with shipments of 4G LTE devices increasing 11.8% QoQ in Q2 2018 to constitute 62.6% of the smartphone market.
“Despite a drop in the prices of entry-level 4G phones, 2G and 3G mobile devices remain far more economical, making it difficult for operators to migrate clients over to newer technologies,” says Ramazan Yavuz, a research manager at IDC. “Price sensitivity means that many African consumers prefer to stick with 3G phones, and this is likely to continue until 4G devices fall to a price point where they are affordable to a much larger segment of the continent’s consumer base.”
Looking ahead, IDC expects Africa’s overall mobile phone market to grow 2.6% QoQ in Q3 2018, with overall shipments to increase slightly through 2018, leading to YoY growth of 0.4% for the year as a whole.
“IDC predicts that 5G phones will reach the market in 2020, when rollouts of 5G networks will start in select African countries,” says Yavuz. “However, demand for feature phones is unlikely to be impacted significantly as these devices will continue to serve a purpose in areas with no LTE coverage.”
Vodacom Seeks Operators’ Collaboration to Improve Quality of Service
L-R: Managing Director Telecom Advisory Services, Ambrose Nwadike; Chairman NCC, Senator Olabiyi Durojaiye and Commercial Director Vodacom Business Nigeria, Solomon Ogufere at the NigeriaCom event in Lagos.
Internet penetration is on the rise across the world with over 4 billion consistent internet users all over the world and more than a quarter of a billion new users accessing the internet in 2017 alone, according to the 2018 Global Digital report by HootSuite.
Based on this, there is no better time than now for businesses to begin to focus on new collaborative strategies to help deliver more efficient service for users. This was the focus of the keynote presentation made by Commercial Director, Vodacom Business Nigeria, Solomon Ogufere at the NigeriaCom 2018.
The event broadly themed, “Leading Economic Resurgence through ICT Innovation”, provided an excellent opportunity for various stakeholders within the Information Communication and Technology (ICT) space to deliberate on pertinent issues facing the sector today, paramount of which, was the issue of collaboration in order to achieve optimum quality of service for the end user.
While addressing the Mobile Network Operators, Internet Service Providers, Policy Makers, Techpreneurs and others present, Ogufere said: “With the increase in internet penetration around the world, the rise of Internet of Things (IoT) and new enabling technologies permeating every facet of business and life, there is an urgent need for swift development within the ICT industry and this can only be achieved through a paradigm shift.”
He said: “The shift must begin first from our approach towards collaboration, moving from opportunistic pseudo collaboration to symbiotic collaboration that leads to efficiency in service delivery, improved quality and a better all-round experience for the customer.”
As the rest of the world enters into the fourth industrial revolution, Africa as a Continent still lags behind in digitization efforts when compared to Europe, the United States and even Asia, showing that there is yet more ground to cover as it pertains to technological development and this cannot be achieved unilaterally.
Ogufere also noted: “The secret to solving the collaboration conundrum is to create a culture of collaboration which requires constant interaction. Industry leaders must move away from ownership mentality by creating avenues for collaboration at every point within the ecosystem and encouraging new entrants with specific expertise into the market.”
In conclusion, he said: “Collaboration is fundamental for sustained development across industries. As such, collaboration can be said to be the ultimate key ingredient for the development of the economy across all industries. Therefore, being the driving force of all development across the world, this collaboration must begin with technology.”
A.P. Moller – Maersk Targets Deeper Integration by Jan 2019
On January 1st, 2019, Damco’s Supply Chain Services and Maersk Line’s Ocean Product will be integrated and their respective value-added services will be combined and sold as Maersk products and services. This will ensure an improved customer experience with fewer touch points and a more comprehensive service offering.
The integrated commercial organisation will operate with one management team, one sales force, a strong product organisation and one customer experience organisation, headed by Vincent Clerc, Chief Commercial Officer of Maersk. Klaus Rud Sejling, CEO of Damco, will take on a new position as Head of Maersk’s Logistics and Services Products, reporting to CCO, Vincent Clerc.
Søren Skou, CEO of A.P. Moller – Maersk said: “Today we are taking further steps in the transformation of our business on a structural level and how we go to market, enabling us to offer more solutions to our customers in a simpler way. Our employees play a key role in making this happen and therefore we are at the same time empowering our frontline organisation who is closest to our customers.”
The regional organizations will be responsible for solutions engineering and product bundling to ensure that the company can take decisions faster, further enhancing the customer experience.
Damco’s freight forwarding business, which serves customers requiring air freight or multi-carrier options in ocean freight, will continue to be run as a separate and independent business under the Damco brand. By allowing Damco to focus fully on freight forwarding, A.P. Moller – Maersk aims to build a well performing and global freight forwarding business that can grow and prosper. Saskia Groen In’t Woud will be the CEO of Damco Freight Forwarding, she is currently Chief Operating Officer in Damco.
In addition to these changes, three of A.P. Moller – Maersk’s regional carrier brands, including MCC Transport, Sealand and Seago Line will gotomarket as “SeaLand – A Maersk Company” as of October 1, 2018. The simplified naming structure for these brands will help strengthen brand recognition and ensure clarity of choice for customers.
“This integration marks a big milestone on Maersk’s current growth journey towards operating as one integrated company. We are in a strong position to deliver solutions that meet our customers end-to-end supply chain management needs, thereby tapping into markets covering the whole journey from producer to consumer by building on our business strengths,” Søren Skou added.
With a wider product offering from one team, a clearer brand structure, and a strong digital foundation, A.P. Moller – Maersk is poised for growth.
‘Only 1% of Nigerians Have Insurance Policy’
Mr. Tope Smart, Chairman, Nigerian Insurers Association (NIA) has lamented that only about one (1) percent of Nigerians have any form of insurance policy despite the country’s huge population of 180 million.
Smart, who is also the Group Managing Director/CEO of NEM Insurance Plc, said at his investiture: “In Nigeria, it is rather sad to note that not all Nigerians have embraced the concept of insurance. This is why the insurance penetration rate still remains about .5% as against some other African countries such as Kenya and South Africa with penetration levels of 2.9% and 14% respectively. Also, only 1% of our population holds any form of insurance policy.”
The NIA chairman, who described insurance as the bedrock of the economy, says the Nigerian insurance industry is a key component and an important member of the Nigerian financial services sector. He added that the reason for lack of interest in insurance may be as a result of lack of knowledge about the benefits of insurance to the economic growth of our nation and indeed the entire world at large.
Chairman
Nigerian Insurers Association (NIA)
“Despite the lingering apathy for insurance by the Nigerian populace, driven largely by ignorance, on one hand and cultural and religious beliefs on the other hand, the industry remains resilient. In 2016, the industry’s Gross Premium Income stood at N316 billion as against N252 billion premium income in 2012, an increase of 25%. The growth is significant in life insurance segment particularly in annuities. Also, to be noted is that Nigerian insurance industry continues to record increased claims payment. In 2016, total claims paid by operators amounted to N113 billion, as against N73 billion paid in 2012, an increase of 55%.”
He listed the benefits of insurance to include:
- Offer protection to firms and organisations. In this way, their financial stability is enhanced through the taking over of any damage or interruption in the production process occurring as a result of the insured events.
- Insurance promotes entrepreneurial attitude, encouraging investment innovation and vitality of the market.
- Insurance offers relieve and by so doing reduce pressure on Government.
- Insurance, through Life Insurance Companies provide funds for long-term investment in the real economy.
- In the absence of a risk transfer mechanism like Insurance, economic activities would be much lower and hence will result in economic loss.
- Also, in the absence of Insurance, human behaviour, particularly risk aversion would either lead towards avoiding these activities or excessive precaution and both of these actions would result in an economic loss.
- Also to be noted is that risk transfer mechanism will reduce fear, anxiety, frustration or demoralisation which can reduce productivity in the environment.
Insurance also encourages creativity, innovation, entrepreneurial activities and trade that are vital for sustainable growth.
GTBank Fashion Weekend 2018 Set for November 10
From Saturday, the 10th to Sunday, the 11th of November, 2018, fashion enthusiasts all over the world will be treated to an unparalleled exposé of Africa’s finest in fashion at the 3rd edition of the GTBank Fashion Weekend.
Holding in Lagos, one of Africa’s largest and most cosmopolitan cities, the two-day event will bring together renowned fashion personalities from around the world and budding small businesses in the local fashion industry to create the biggest fashion experience in Africa.
Now in its third year, the GTBank Fashion Weekend has become the premier consumer-focused event that places African fashion on the global stage and helps small businesses in the local fashion industry thrive. The first and second editions of the event, which held in November 2016 and 2017 respectively, brought together over 250,000 people to interact with some of the best minds in the global fashion space and directly patronize more than 200 indigenous small businesses in the local fashion industry.
The GTBank Fashion Weekend, which is free to attend, will feature fashion and entrepreneurial master-classes facilitated by internationally renowned fashion experts as well as runway shows that will present the latest in fashion styles and design trends.
With an overall vision of Promoting Enterprise, the Weekend will provide more than 130 small businesses with free stalls to showcase and sell the finest ensemble of apparels and fashion accessories. There will also be pop-up stands where budding indigenous designers will display their works and interact with some of Africa’s most passionate fashionistas.
Commenting on the 2018 GTBank Fashion Weekend, the Chief Executive Officer and Managing Director of Guaranty Trust Bank plc, Segun Agbaje, said: “We are delighted to put together the largest showcase of the talents, innovation and enterprise that abound in Africa’s fashion space. This year, we are going further than before to transform this event into the critical meeting place for everyone involved in and passionate about African fashion in order to unlock greater growth opportunities for small businesses in the industry and build capacity across the entire fashion value chain.”
He further stated that “Beyond empowering small businesses with the expertise and networks that they need to thrive, the GTBank Fashion Weekend has become a major event in the social calendars of people across the continent and beyond, and as a bank that is passionate about enriching lives, we will continue to drive initiatives that add value to our communities and deliver amazing experiences for our customers.”
GTBank has consistently played a leading role in Africa’s banking industry. The Bank is regarded by industry watchers as one of the best run financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world class corporate governance standards, excellent service quality and innovation.
The Bank is also going beyond the traditional understanding of Corporate Social Responsibility as corporate philanthropy by intervening in key economic sectors through non-profit consumer focused fairs and capacity building initiatives for small businesses operating in these sectors.
The PenOp Media Retreat 2018
R-L: Mr. Chinedu Ekeocha, Managiong Director/CEO, Diamond Pension Fund Custodian Limited; Peter Aghahowa, Head of Corporate Communications, National Pension Commission (PenCom); Susan Oranye, Executive Secretary, PenOp; and extreme left: Mr. Wale Odutola, Managing Director, ARM Pension Managers (PFA) Limited.
Nigeria to Host Bi-annual Africa Fintech Summit in Nov 2018
The summit, organised by Dedalus Global, gathers innovators, investors, policy makers and other key stakeholders in the Fintech sector to discuss technologies transforming finance on the continent, debate regulatory policies, compare best practices, and forge new ventures Africa’s premier fintech event, the Africa Fintech Summit will be held for the first time in Lagos, Nigeria, on November 8-9, 2018.
This event comes on the heels of the earlier edition in Washington D.C. which featured leading policy makers, c-suite business executives, start-ups, and investors.
Speaking on the decision to bring the Summit to Lagos, the Chairman of the Summit, Leland Rice, said, “Lagos is an ideal host city; it’s an epicenter of Africa’s fintech revolution and the driving force behind the continent’s entrepreneurial spirit. The successes of companies such as Paga, Flutterwave, Mines.io, and Paystack have strategically positioned Lagos as the destination of choice for investors.”
“The first edition of the Summit in D.C. was a launch pad for several milestone fintech deals struck among its delegates in the months after the event. We plan to build on these successes in Lagos, with a focus on bringing innovators and policy makers together to move the needle on fintech regulation and bringing founders and investors together to facilitate further capital raises,” added Leland.
The two-day event will feature investor missions from the US, UK, and UAE, an Alpha Expo featuring the most exciting startups and entrepreneurs in Nigeria, a half-day blockchain master-class, and an awards ceremony.
Reacting to the decision to host the Summit in Lagos, the Senior Special Assistant to the President on Technology, Lanre Osibona, stated: “This reflects the progress Nigeria is making in the areas of technology and financial services. The event is very important as it comes at the heels of the Vice President Osinbajo’s trip to Silicon Valley to promote Nigeria’s tech sector. We look forward to collaborating with the organizing committee and to a successful event in Lagos.”
In similar vein, Tayo Oviosu, the founder of Paga—a payment company that recently raised $10 million in Series B2 funding—said that “the Africa Fintech Summit in Washington D.C. provided valuable insights into the fintech space and connected me with key players in the industry. I look forward to the Lagos edition.”
Speakers lined up for the event include Chief Economist of PwC Nigeria, Dr. Andrew S. Nevin; Managing General Partner of EchoVC, Eghosa Omoigui; CEO of Diamond Bank, Uzoma Dozie; Founder of Flutterwave, Iyinoluwa Aboyeji; and CEO of PayStack, Shola Akinlade, whose company
recently raised $8 million Series A funding.
Allianz to Become Worldwide Olympic Insurance Partner
The International Olympic Committee (IOC) and Allianz has announced that the insurer will join the “Worldwide Olympic Partner” (TOP) Programme in 2021.
Through this sponsorship agreement, Allianz will work with the IOC to provide innovative and integrated insurance solutions to support the Olympic Movement, including the Organising Committees of the Olympic Games, with the ambition of providing those insurance solutions to the National Olympic Committees around the world and their Olympic teams and athletes.
The support will include existing products, such as fleet and property & casualty insurance, but also insurance solutions for future products and services, driven by technological changes. The partnership will run from 2021 through to 2028.
The ambition of both partners is to use the power of sport to connect with new audiences via digital channels, including the Olympic Channel. Engaging with the next generation in their preferred way gives Allianz the opportunity to cover their insurance needs. Having supported the International Paralympic Committee since 2006, most recently as an international partner, Allianz will also become a “Worldwide Paralympic Partner” from 2021 as part of this agreement.
IOC President Thomas Bach said: “This new partnership demonstrates the global appeal and strength of the Olympic Movement, and we are delighted to be working together in the long term with Allianz to support sport around the world. Allianz has built a global business founded on trust. With this partnership, together we are building a foundation based on mutual trust.
Allianz also has a strong sporting heritage and, in line with the Olympic Agenda 2020, we share a digital ambition of connecting with young people around the world to promote the Olympic values and the power of sport.” Allianz CEO Oliver Bäte said:
“I am thrilled that we are joining a global community of athletes and people enthusiastic about sport and team work – in addition to our existing strong partnership with the International Paralympic Committee (IPC). Through the IOC’s digital and social channels, we can connect with more people than ever before and offer them our expertise in insurance. We believe the world is a better place when people have the courage to leave differences behind and stand together to achieve better outcomes for themselves and for the societies they live in.”
Tsunekazu Takeda, the IOC’s Marketing Commission Chair, said: “We are delighted to announce this new partnership with one of the world’s leading companies in its field, and we look forward to beginning a new, exciting journey together.”
Jean-Marc Pailhol, Head of Group Market Management and Distribution at Allianz SE, added: “As a world-leading insurer, Allianz is directly embedded in all the great events which make and transform our global society. That is why becoming the Worldwide TOP Partner in the insurance category of the IOC and the IPC is important for us. We will work together to take both teams to the next level – digitally, commercially and globally. We’re excited about the opportunity to move Allianz into new markets, as well as strengthening our position in existing territories. Together with the IOC and the IPC, this is a perfect way to share our passion for sport and the social, physical and mental benefits it brings to humanity.”
The sponsorship period will cover the Olympic Winter Games Beijing 2022, the Olympic Games Paris 2024, the Olympic Winter Games 2026 and the Olympic Games LA 2028. In China, France and Spain, Allianz will already have marketing rights from 2019 onwards.
In March 2018, the IOC and IPC established a long-term partnership between the two organisations through to 2032. As part of this agreement, from 2021 onwards all Worldwide TOP Partners will also be Partners of the IPC and the Paralympic Games.
NAICOM: ‘Investors, Consumers Happy with Tier-Based Capital Policy’
The National Insurance Commission (NAICOM) says that investors and consumers of insurance products and services in the country are applauding the Tier-based Minimum Solvency Capital (TBMSC) policy introduced recently by the Commission in the insurance industry.
Mr. Mohammed Kari, Commissioner for Insurance, NAICOM, said in Abuja that the new TBMSC policy did not change the capital base of insurance companies operating in Nigeria, even though the regulator did not introduce new capitalisation over the past 13 years due to the economic situation in the country.
He therefore expressed surprise at the alleged negative reaction of the industry towards the TBMSC policy.
Commissioner for Insurance, NAICOM
“It is the convention of the insurance industry to resist. That is what has kept the industry the way it is today. Unless we change, we cannot grow like other sectors of the economy. Today, the insurance industry is at a crossroad of failure and survival. Our objective is to help the industry to consolidate strategically and help our industry and economy not to suffer when the next recession comes. The good side is that the insurance sector is now the growth area in the economy.”
Kari emphasised that NAICOM has not asked any insurance company to raise capital.
“We have not asked any insurance company to raise capital. It (TBMSC) is not a capitalisation policy or project. We are also warning insurers not to de-market other operators over the tier-based policy.”
On the court process instituted against the Commission over the policy by a group of shareholders, the NAICOM chief said the regulator has not been served with any court order.
“We have not been served with any court order. We cannot comment on the litigation until we have such documents. We only read about in the papers.”
Most Influential Global CEOs for World Business Forum in New York
“Mr. Emotional Intelligence”- Daniel Coleman
The world’s indisputable authority on emotional intelligence, Daniel Coleman and other global thought leaders will be presenting their latest insights at the prestigious World Business Forum at Lincoln Centre New York from November 14-15.
Coleman will be revealing how to cultivate the internal and interpersonal integration necessary to be a wise leader, the competencies essential for self-management and high performance, how to harness the power of self-awareness as a building block for professional development, and what it takes to develop resonant leadership – the foundation for sustainable 21st century organisations. It will all be wrapped up in his presentation on Brainpower: Mindsight and Emotional Intelligence in Leadership.
Daniel Coleman is among an elite roll call of renowned speakers that also includes among others: Harvard Professor Sarah Lewis, former GE CEO Jeff Immelt, Nobel Prize winner Daniel Kahneman, renowned entrepreneur Arianna Huffington and Seth Godin, author of one of the most popular blogs in the world.
The world’s most recognised authority on emotional intelligence, Coleman’s contributions to the field of psychology have had a transformational impact on the world of business and beyond. He has been named by the Wall Street Journal and the Financial Times as one of their most influential business thinkers and is the author of numerous bestselling books including Emotional Intelligence and Focus.
His 2014 bestseller, Focus: The Hidden Driver of Excellence, argues that leadership that gets results demands a triple focus: on ourselves; on others, for our relationships; and on the outer forces that shape organisations and society.
Coleman noted that “If you can´t have empathy and have efficient relationships, then no matter how smart you are, you are not going to get very far.”
Each year, the World Business Forum offers the opportunity to learn from and be inspired by some the world’s most renowned figures from business and beyond – a blend of content composed of CEOs, entrepreneurs, innovators, thinkers, artists and athletes. In a world of information overload, World Business Forum focuses on the issues most relevant to today’s business people, stimulating new thinking and inspiring action.
In 2018 the World Business Forum NYC is celebrating its 15th anniversary. Since its first edition in 2004, the world has undergone incredible change. In that time we have seen new technologies, new movements, new business models emerge that have radically altered how business is done.
Through these times of profound and disruptive change, the World Business Forum has consistently provided the ideas, learning and inspiration to help leaders navigate their biggest challenges and take their organizations forward.
The 2018 program will be exploring the idea of “exponentialism”. As technological advancement accelerates transformation, we are at an inflection point where the traditional ways of doing business are becoming rapidly obsolete.
For leaders and organisations capable of making the shift from an incremental to an exponential mindset there lies within your grasp the opportunity to drive unprecedented growth; to empower radical innovation; to liberate true potential; to engage at incredible speed and scale; to execute on ever-more ambitious visions.
Special VIP pricing and early bird offer for CEOs and business leaders is available till October 5th.
A number of leading CEOs from Africa are also expected to join other business leaders from America, Europe and Asia.