Allianz to Become Worldwide Olympic Insurance Partner

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19/09/2018

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’

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17/09/2018

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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.

“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

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17/09/2018

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“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.

BPE to Privatise Nigeria Re via Public Offer

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17/09/2018

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Mr. Alex Okoh DG, BPE — Mr. Alex Okoh, DG, BPE

The insurance sector in Nigeria has continued to enjoy steady growth with Premiums increased from N75 billion to over N300 billion between 2005 and 2015, Director General of the Bureau of Public Enterprises (BPE), Mr. Alex A. Okoh has disclosed.

Speaking as a special guest at the investiture ceremony of the 23^rd Chairman of the Nigerian Insurers Association (NIA), Mr. Tope Smart in Lagos, the BPE boss said spurred by the potential growth in the sector, foreign investors have acquired substantial equity in local insurance companies.

He listed the foreign investors as Old Mutual of South Africa which has substantial investments in Oceanic Insurance, Sanlam Insurance in FBN Life Assurance, Greenoaks Global Holdings of the United Kingdom in Ensure Insurance Plc(former Union Assurance),NSIA Participation of South Africa in ADIC Insurance and AXA of France with substantial investments in Mansard Insurance.

Okoh maintained that despite this, there is still much room for improvement in growth in the sector in Nigeria as the country by the 2016 statistics, is 10^th in Africa with 0.27 percent insurance penetration premiums as a percentage of Gross Domestic Product (GDP) compared to South Africa, Namibia and Mauritius with 14.27 percent,6.87 percent and 6.4 percent respectively.

The Director General gave the reasons for this to include; lack of consumer trust, low implementation of compulsory insurance and lack of adequately skilled professionals.

“Whilst the foregoing may make for bleak reading, a number of factors, including: The emergence of a middle class with increased spending power, a large youth population who are technology savvy, and increasing female empowerment thus enabling women to make spending decisions, all make the sector ripe for growth.

“And the possibility of achieving this growth can become a reality with the right policy formulation, a sustained sensatisation program to educate the population on the benefits of insurance, engaging the support of other sectors including the telecoms sector to increase market penetration for insurance”, he said.

He announced that the Federal Government’s privatisation program in the insurance sector is set to continue with the Public Offer of Nigeria Reinsurance Corporation which would open soon and solicited the support of the Association to make the offer a success.

Okoh informed the gathering that the Bureau had privatised some insurance enterprises which include:

Niger Insurance Corporation, through Initial Public Offer (IPO);

 Nigeria Reinsurance Corporation, through core investor sale; and

 National Insurance Corporation of Nigeria also through core investor sale

The Director General while commending the Chairman on his election as the 23^rdChairman of the Association, described him as a man who throughout his career has demonstrated a high degree of integrity, professionalism, capability and deep commitment to the insurance industry.

He expressed the hope that the new chairman would bring the same level of commitment and diligence to his new position and “will achieve even greater success.”

ITU Telecom World 2018 Spotlights Innovation for Smarter Digital Dev

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17/09/2018

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The ITU Telecom World 2018 concluded recently in Durban, South Africa following an action-packed week of debates, networking, showcasing and Awards.

The event, which welcomed more than 3100 participants from 94 countries brought together an impressive line-up of top-level government representatives, influential industry leaders – from established players to small- and medium-sized enterprises (SMEs), and from emerging and developed markets alike.

Among these were over 200 information and communication technology (ICT) leaders from 74 countries, including 33 ministers, and 125 SME exhibitors from across the globe.

“This week we have seen some awe-inspiring showcases, featuring the types of cutting-edge innovations that are truly at the forefront of ICT development,” said ITU Secretary-General Houlin Zhao. “It is innovations such as these, plus the shared visions and knowledge of technology experts such as those present this week that have the potential to truly reach and connect the unconnected and help achieve the UN Sustainable Development Goals.”

In recognising the importance of the event being held in South Africa, Siyabonga Cyprian Cwele, Minister of Telecommunications and Postal Services for South Africa, said, “South Africa has been humbled by the honour of hosting this magnificent event and is grateful for the support it has received from the African countries and the rest of the world. We hosted this event in partnership with the private sector.

The conference has provided an opportunity for Africa’s voice to be heard in important global ICT debates and discussions.

Global Airlines Financial Monitor: August 2018

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17/09/2018

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Key Points:

The latest Q2 2018 data reaffirm a decline in airline profitability compared to the same quarter a year ago. Industry-wide cash flow generation is broadly unchanged vs. Q2 2017.
Global airline share prices edged higher in August, matching the wider global equity index, and consolidating the strong gain recorded in July. This month’s improvement in the airline share price index was driven solely by the North American carriers. Airline shares are still 10% lower than at the beginning of this year.
Oil prices eased slightly again in August, but the upward trend remains in place. Jet fuel prices were steady, at just under US$90/bbl.
Passenger yields (base fare only) continue to trend lower overall, however, premium cabin yields continue to show more resilience than that of the economy cabin, helping to offset some of the impact of higher input prices.

Passenger demand remained robust at the start of the peak northern hemisphere summer period, growing at an above-trend rate. Freight demand has slowed over the recent period, slipping below the pace of capacity growth.

PenCom, Operators Ready for Micro Pension Launch in Jan 2019

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14/09/2018

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Capture — L-R: Mr. Wale Odutola, Managing Director, ARM Pension Managers (PFA) Limited; Mr. Peter Aghahowa, Head, Corporate Communications, National Pension Commission (PenCom) and Susan Oranye, Executive Secretary, Pension Fund Operators Association of Nigeria (PenOp) at the 2018 PenOp Media Retreat in Lagos.

The National Pension Commission (PenCom) and operators in the pension industry say they are ready to implement the micro pension scheme scheduled to take off in January 2019. The micro pension scheme is designed for persons in the informal sector of the economy.

The declaration by Dr. Farouk Aminu, Head of Research & Corporate Strategy at PenCom; Mr. Wale Odutola, Managing Director, ARM Pension Managers (PFA) Limited and Mr. Chinedu Ekeocha, Managing Director/CEO, Diamond Pension Fund Custodian Limited follows the recent approval of the guidelines for micro pension in the country.

Speaking at the 2018 Pension Fund Operators Association of Nigeria (PenOp) Annual Media Retreat in Lagos, the pension regulator and operators expressed utmost readiness for the rollout of the scheme in January next year.

L-R: Mr. Wale Odutola, Managing Director, ARM Pension Managers (PFA) Limited; Mr. Peter Aghahowa, Head, Corporate Communications, National Pension Commission (PenCom) and Susan Oranye, Executive Secretary, Pension Fund Operators Association of Nigeria (PenOp) at the 2018 PenOp Media Retreat in Lagos.

In the same vein, PenCom says there is no need for capital adequacy requirement for Pension Fund Administrators (PFAs) as happens in the banking and insurance sectors given that PFAs offer mainly administrative and investment services to contributors. The Commission insisted that the current capital status of PFAs is adequate for the micro pension scheme.

As at June 30, 2018, pension assets in the country stood at N8.23 trillion from a total of 8.14 million contributors made up of 43.67 percent in the public sector and 56.33 percent in the private sector.

AfDB Approves Policy on Non-Sovereign Operations

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14/09/2018

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The Board of Directors of the African Development Bank Group has approved the Bank’s Policy on Non-sovereign Operations (NSO).

The document provides the framework within which the Bank through its private sector lending window may provide financing or investment without sovereign guarantees to private and public entities that meet specific eligibility requirements on non-concessional terms.

Non-sovereign Operations (NSOs) refers to financing and investment operations that are not guaranteed by a State, covering mostly private sector transactions. They also cover non-sovereign guaranteed financing of eligible public sector enterprises, as well as financing of regional development finance institutions.

The approval of the Policy comes at a critical moment when the Bank is seeking to accelerate inclusive and sustainable economic growth, and crowd in more private sector funding for strong and inclusive growth to drive economic transformation and sustainable development in its Regional Member Countries (RMCs).

The NSO Policy will complement the Bank’s overarching 2013 Private Sector Development policy framework, notably, by defining what the Bank will do in the area of non-sovereign lending.

Within this context, the objective of the Bank’s non-sovereign operations is to help accelerate the continent’s transformation through various financial support mechanisms and products including loans, lines of credit, guarantees, blended finance, equity investments and trade finance.

This would enable the Bank to contribute to the sustainable economic growth and inclusive social development of its RMCs individually and jointly, in fulfilment of the Bank’s mandate.

More specifically, the Bank’s engagement in its selected non-sovereign operations will aim to maximise the catalytic impact of its limited resources, while seeking to promote inclusive growth and the gradual transition to ‘green growth’ in its RMCs. It will also help scale up financing in the Bank’s High 5 priority areas of intervention.

Under this NSO Policy, the Bank would provide financing to non-sovereign operations subject to four conditions: (i) the borrower is a private enterprise or an eligible public sector enterprise; (ii) the operations are financially sound; (iii) the operations should result in satisfactory development outcomes, including supporting or creating opportunities for private sector development; and (iv) the Bank brings additionally, which could be either financial or non-financial.

The Policy would ensure that NSOs: (i) are well-prepared with clear value added/additionally brought by the Bank; (ii) are technically, economically and financially sound, and diligently managed, adhering to high ethical norms; (iii) are environmentally and socially sustainable; and (iv) have solid prospects of generating significant development results in the RMCs in which they are implemented.

The NSO Policy does not apply to the Bank’s sovereign loans and sovereign-guaranteed loans. Such operations will continue to be governed by the relevant policies that guide the Bank Group’s public sector operations.

Mauritius: A Blueprint for Africa’s Future Cities

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14/09/2018

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Firmly established as Africa’s most progressive business orientated jurisdiction, Mauritius’ forward-thinking and nimble policies have resulted in the island nation riding the wave to the centre of investment and development in Africa.
While its business-friendly framework and investment orientated tax policies are firmly established, the growing multi-sector opportunities for developers on the island are increasingly attractive for investors, developers and property professionals.
Chief among these primary opportunities is the country’s Smart City Scheme which has caught the eye of developers, policy experts, investors and city planners across the world says Kfir Rusin, the host of the Africa Property Investment (API) Summit, the continent’s largest property investment and development conference taking place on the 20 and 21 September 2018 in Johannesburg, South Africa.
“We have more than 600 delegates from 35 countries attending this year, and more than 50 delegates from Mauritius alone, which is proof that it has become a prime hub for investment in Africa and also provides unique opportunities.”
While the definition of what is a smart city varies depending on geography and policy, in Mauritius’ case – a Smart City can be described as: A concept of urban development focused on improving the quality of life of city dwellers by making the city more attractive, adaptable, efficient and resilient to change, using new technologies that rely on an ecosystem of objects and services.

In comparison to other smart city projects – a Mauritian Smart City is a privately funded new project and not a redevelopment of an existing city or neighbourhood says Olivier Desvaux de Marigny of Medine, whose Uniciti Smart City sits on 350 hectares, and is particularly geared towards higher education.
Officially launched in 2015, the scheme currently consists of ten focused cities, which have attracted an estimated $3.5 billion in investment. The rapid advancement of the cities from concept to investment are of significant interest to international and regional investors and developers seeking to use the Mauritius smart city concept as a blueprint for Africa future developments, comments Rusin.

Access Bank Poised for Greater Performance Beyond H1-18 Result

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13/09/2018

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Access Bank Plc in its latest result for H1-2018, grew EPS by a marginal 0.42% vs. H1-17 to NGN1.37. Interest income increased by 15.31%, driven by growth in interest earned on customer loans. However, a faster growth in interest expense by 29%, led to a meagre 3% increase in net interest income.

Most non-interest income (NIR) lines – net fee & commission, net trading income and other income – grew, but offset by forex income which dropped by 157%. As a result, NIR in H1-18 was lower by 22% y/y – weighing significantly on the bank’s performance.

In its analysis, Cordros Capital said the bottom line, however, was supported by decline in impairment charge provision (-29%), lower opex (-6.5%), and significantly low ETR of 13.6%.

Improved Yield on Assets: ACCESS recorded impressive growth in asset yield in H1-18 (+86 bps to 12.97% in H1 vs. FY-17), despite the drop in interest rates on fixed income securities – which was largely accountable for the decline in interest income for some of its peers: ZENITHBANK (-12.81%), GUARANTY (-2.41%), and FBNH (-3.00%).

The growth emanated from improved yields on customer loans, which, by our estimate, surged 297 bps to 14.54% (vs. 11.56% in FY-17) in the half year, following fx translation impact (H1-18: NGN350/USD, vs. FY-17: NGN331/USD) on FCY loans, which constitutes 39% of total loan book.

Also contributing to the improvement in yield is the traction gained by the bank’s PayDay Loan product, which involves granting short-term (30-days) loans to retail customers (particularly salary earners). Total turnover on the platform has grown significantly by 2,737% to NGN10.9 billion in H1, and currently attracts up to NGN3 billion worth of transactions monthly.

We think this is sustainable and is expected to contribute more significantly to yields going forward. As a result, we estimate yield on customer loans of 15% in 2018E.

Furthermore, with an effective CRR of 40%, we see room for the bank to explore the opportunities inherent in the CBN’s new Differentiated CRR guideline, which permits DMBs to take out of their excess CRR, and give out as loans to the specified sectors.

Lastly, yields on fixed income instruments have resumed upward trajectory — as seen in the recent bond, NTB, and OMO auctions — further supporting our projection of improvement in asset yield in the second half. As a result, we estimate 64 bps y/y increase in asset yield to 12.75% in 2018E. Together, with expected growth in interest-earning assets by 7.80%, we estimate growth in interest income by 20% y/y in 2018E.

Elevated Cost of Funds: An expensive debt mix, as well as high cost of deposits, were major drivers of the elevated cost of funds (5.49%) recorded in H1-18. Cost of deposits was higher by 133 bps in H1 (vs. FY-17), amidst growth in total deposits by 7.31% in H1, vs. FY-17.

The cost of debt securities issued by the bank was also higher by 21 bps in H1, at 12.11% (vs. FY-17), as the bank continued to run its NGN100 billion CP programme, of which three tranches matured in H1, and three others are due for maturity in H2 (valued at NGN56 billion).

Also, the bank continues the servicing of its two outstanding Eurobonds, with one of the bonds callable in 2019, and the other due for maturity in 2021. However, there are efforts by management to reduce CoF, by repricing some outstanding CPs in the second half, and this reflected in the most recent tranche issued this month, wherein its implied yield reduced to 13.79%, as against 16.05% in its previous issue in February.

However, the recent rise in yields may limit how much room the bank has to reduce its cost of debt. As a result, we expect CoF will be lower by 23 bps (vs. H1-18) in FY-18 at 5.26%, but still higher than our computed CoF of 4.73% recorded in FY-17.

Asset Quality: Improvements in macro-economic fundamentals, following the rise in oil prices, has led to improved servicing of loans by debtors, particularly by in the upstream oil & gas sector.

Furthermore, the recent resolution of the sale of 9 mobile assets to Teleology has increased optimism around the repayment of the telco’s outstanding loan to the consortium of banks, standing at USD1.2 billion, and of which USD200 million is to be written off by the affected banks.

The proceeds from the sale (USD301 million) is to be shared among the banks on pro-rata basis, and c. NGN20 billion (according to management’s rough estimate) is expected to be paid to ACCESS in a few weeks and the balance restructured over 7 years.

With 9mobile constituting a bulk of the bank’s NPL (59.0%, as at H1-18), the resolution of the telco’s sale is likely to improve asset quality significantly. It is also worth stating that 37% of the 9 mobile exposure has been provided for.

Hence, we project a 86 bps y/y dip in cost of risk to 0.91% in 2018E, but remain conservatively above the 0.73% recorded in H1.

Improved Cost Efficiency: As we highlighted earlier, the 6% decline in opex in H1 contributed to the marginal uptick in the bottom line. However, owing to the drop in operating income (-9.58% y/y), cost-to-income ratio increased to 64.9% in H1, vs 62.15% in FY-17. In 2018E, we expect opex to inch up by 2% over 2017fy. However, with operating income expected to rise by 6% y/y in 2018E, we estimate cost-to-income ratio of 59.8% for the full year.

Estimate and Valuation: Overall, we forecast EPS of NGN3.00 and NGN3.05 in 2018E and 2019E respectively. Our TP of NGN13.34/s translates to 66.69% upside potential from today’s closing price of NGN8.75, with BUY rating.

On our estimates, ACCESS trades at forward P/E and P/BV multiples of 4.4x and 0.79x, below Bloomberg’s Middle East Africa peer average multiple of 10.2x and 1.0x, respectively.

NSE Downgrades E-Tranzact from Medium to Low Stock

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13/09/2018

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The Nigerian Stock Exchange (The NSE ), hereby announces the reclassification of E-Tranzact International Plc (ETranzact) from Medium Priced Stock to Low Priced Stock further to Rule 15.29: Pricing Methodology, Rulebook of The Exchange, 2015 (Dealing Members’ Rules).

For upward or downward movements in price to occur on any Low Priced Stock that is priced at below N5 and listed on The NSE, stockbrokers are required to trade a minimum volume of 100,000 units of shares or above. These Low Priced Stocks are securities that have traded below N5 per share in four out of the last six months period.

ETranzact dropped below the N5 mark on 15 February 2018 and traded below N5 up till close of business on 31 August 2018.

Thus ETranzact has traded below N5 over the last 6 months and therefore will be reclassified from Medium Priced Stock to low priced stock effective September 12, 2018.

MTN Sues CBN, AG over $10.1bn Forex, Tax Sanctions

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10/09/2018

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The MTN Group says it has sought court injunction to protect its business assets in Nigeria over its $8.1 billion dispute with the Central Bank of Nigeria (CBN) and the $2 billion tax bill slammed on the company by the Nigerian Attorney-General.

“Nigeria is our largest market. We’ve been operating there since 2001,” MTN Chief Executive Rob Shuter said at the on-going ITU Telecom World conference in Durban, South Africa. “We do have some challenges these past few weeks, but we believe we will be able to make our case and I’m sure we will move past that as soon as we can.”

MTN said in a statement that it had approached Federal High Court in Nigeria for an injunction to restrain the CBN and Attorney General from taking further actions against it in respect of the issues.

“We remain resolute that MTN Nigeria has not committed any offences and will continue to vigorously defend its position,” the statement read.

CBN, NDIC, FinTechs Set for 2018 FICAN Conference

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10/09/2018

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The 2018 annual conference of the Finance Correspondents Association of Nigeria (FICAN) will hold in Lagos on 15th and 16th of September, 2018
The conference, with the theme: “Banks, Fintech and Nigeria’s Financial Inclusion Journey,” has the Central Bank of Nigeria (CBN) Governor as the keynote speaker. There will also be representatives from the Nigeria Deposit Insurance Corporation (NDIC).
The guest speaker will be Dr. Yinka David-West, who is the Digital Financial Inclusion Specialist at the Lagos Business School.
The event will also feature a panel session with some bank chief executives, Financial Technology (FinTech) operators, as well as regulators to discuss the sub-theme: “Financial Inclusion: the Journey So Far.”
In a statement, FICAN said that FinTech companies and financial innovation are changing the competitive landscape of financial intermediation.
“Every commercial bank today knows what services to upgrade; because customers are already carrying out such transactions with FinTech startups.
In the same manner, financial inclusion has continued to assume increasing recognition across the globe among policy makers, researchers and development oriented agencies.”
Continuing, it said the conference will be a step forward to finding the nexus, and its implications for meeting the financial inclusion target. It will also help to define roles that traditional banking and FinTechs occupy in this journey.
The Central Bank of Nigeria in collaboration with stakeholders had launched the National Financial Inclusion Strategy aimed at further reducing the exclusion rate to 20per cent by 2020.
Among other things, the conference will bring together experts from global multilateral financial institutions, public and private sector players, to highlight and examine the various options available for bringing the unbanked into the financial system using technology. It is also a learning conference designed to enhance awareness, deepen understanding of financial journalists on the role of financial technology in rendering banking services cheaper, faster and conveniently.
The conference will be attended by journalists covering money market, capital market and the insurance industry, from the print and electronic media.

AfDB President, Adesina, Adeosun for 2018 ASEA Conference

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09/09/2018

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The Nigerian Stock Exchange (NSE) is pleased to announce that over 44 keynote speakers and thought leaders have confirmed to speak at the 22nd Annual African Securities Exchange Association (ASEA) Conference scheduled to hold on November 26 and 27, 2018 at the Oriental Hotel, Lagos, Nigeria.

Among the growing list of influential speakers are Mrs. Kemi Adeosun, Honourable Minister of Finance, Nigeria; Dr Akinwunmi Adesina, President, African Development Bank; Ms Arumah Oteh, Vice President and Treasurer, World Bank; Mr. Oscar Silva, Chairman, Davos International Advisory, Mr. Benedict Okey Oramah, CEO, Afrexim Bank; Mrs. Patience Oniha. Director General, Debt Management Office; Ms Nandini Sukumar, CEO, World Federation of Exchanges; Mr. Abimbola Ogunbanjo, President, Nigerian Stock Exchange, Mr. Aigboje Aig-Imoukhuede, Chairman, Coronation Capital and Ex-Officio, The Nigerian Stock Exchange to mention a few.

The two-day conference themed “Champions on the Rise: Africa’s Ascension to a More Sustainable Future”, will feature nine sessions and two special sessions. The conference will discuss burning issues around Africa’s global competitiveness, emerging technologies and inclusive growth, within the broader perspectives of sustainability. Dimensions to cover include:

Green Growth
Redefining Business Models: African Capital Markets in an Era of Customer-Centricity
Cloud Banking
FinTech for Africa – Driving Innovation and Efficiency in the 4th Industrial Revolution
Galvanising Domestic Finance for the SDGs in Africa
Driving Africa’s ‘Real’ Economy: Innovative Solutions for Market-Based SME Financing
Pathways to Inclusive Growth in Africa: Digital Finance, Financial Literacy, Inclusion and the Democratisation of Wealth
African Capital Markets – A Facilitator of Affordable Housing in SSA?
RegTech and the Future of Regulation in Africa

Commenting on the development, the President of ASEA and Chief Executive Officer of NSE, Mr. Oscar N. Onyema said:

“We are pleased that so many influential thought leaders from around the world have already committed to speak at the 2018 ASEA Conference. Their experience will engender critical and insightful discussions at the conference aimed at accelerating sustainable growth in Africa, especially for African securities exchanges. We have launched a dedicated website to enable interested participants register and make payment for the conference at their convenience. Personally, I am looking forward to the conference which will officially mark the end of my tenure as President of the African Securities Exchanges Association.”

Global Retirement Funds Rise to $18.1tr in 2017

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07/09/2018

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Costa Rica: The No. 1 place to retire!

The world’s largest retirement funds recorded double-digit growth in 2017, with the latest survey by Pensions & Investments and the Thinking Ahead Institute showing assets of the 300 largest retirement funds growing 15.1% to hit $18.1 trillion.

By comparison, assets grew 6.1% in 2016.

And as global equity markets produced a 23.97% gain, according to the MSCI All Country World index, the top 20 retirement funds recorded equally impressive growth, with assets increasing 17.4% for the year ended Dec. 31, to $15.7 trillion. That compared with 7.1% growth for the top 20 funds in 2016.

The World 300 now account for about 43.8% of total retirement assets in the Thinking Ahead Institute’s Global Pension Assets Study 2018, up slightly from 43% at year-end 2016.

Willis Towers Watson Investments’ Thinking Ahead Group is the executive team to the firm’s Thinking Ahead Institute — a global, non-profit group that seeks collaboration and change in the investment industry for the benefit of savers.

“When you think of capital markets forging ahead, we’ve had good five-year figures, the (global financial crisis) is dropping out,” said Roger Urwin, global head of investment content in London at Willis Towers Watson PLC and part of the research team for the institute.

“We’ve found (the 300 funds are) keeping pace with that growth, not growing faster than capital markets. That’s because, while we did get a fair amount of contributions, they had to pay out a lot. That’s a factor increasingly keeping their growth in single digits. But a few funds have double-digit growth — in particular one or two of the emerging market funds.”

For the first time, an India-based retirement fund has made its way into the top 20 largest funds, with the Employees’ Provident Fund Organization, New Delhi, placing at number 19 in the ranking, with $134.3 billion in assets. In dollar terms the fund’s assets grew 22% for the year, propelling it from 21st place in the year-earlier ranking.

Four other emerging markets-based funds retained their places in the top 20:

South Korea’s National Pension Service, Seoul moved into third place, up from fourth a year ago, with 26.1% growth in dollar terms to $582.9 billion.
National Council for Social Security Fund, Beijing, saw assets grow 31% in dollar terms to $456.9 billion. It stayed in sixth place in the ranking.
Malaysia’s Employees Provident Fund, Kuala Lumpur, moved up one place to 14th, as assets grew 21% to $200.3 billion.
The Government Employees Pension Fund, Pretoria, South Africa saw asset growth of 12.4% in dollar terms to $133.9 billion. It dropped one place in the ranking to 20th.

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