KSrelief Launches Comprehensive Project to Deliver ‘Life Without Landmines’ for Yemenis

03/07/2018

The King Salman Humanitarian Aid and Relief Centre (KSrelief) this week launched the Saudi Project for Landmine Clearance (MASAM), a program committed to making Yemen landmine-free in order to protect civilians and to safeguard the delivery of urgent humanitarian supplies.

Dr Abdullah Al Rabeeah KSrelief Supervisor General — Dr Abdullah Al Rabeeah
KSrelief Supervisor General

More than 600,000 mines are planted in the liberated areas by militias,130,000 internationally-banned sea mines, 40,000 mines inMarib and 16,000 in the island of Mayon.

The conflict has resulted in the manufacture and deployment of landmines by militias causing over 1,539 recorded deaths, injury for over 3,000 and permanent disability to over 900 Yemenis, mostly women, children and the elderly. Unfortunately, these figures are far less than the actual numbers as the national demining program has not been able to identify and register them. At a KSrelief-funded prosthetics center in Marib, more than 195 landmine victims were fitted with 305 prosthetic last year.

This KSrelief-funded project was launched Monday following the Yemeni Government’s signing of an Agreement for Clearance of Landmines and Explosive Remnants of War with Dynashield, in solidarity with UK companyDynasafe. Clearance will be in five phases:

Phase one: Consultation, surveying and coordination with local authorities.
Phase two: Deployment and the initial execution on safe clearing of landmines.
Phase three: Comprehensive clearing operations for landmine removals across at least six governorates of Yemen, including Sanaa, Marib, Aden and Taiz.
Phase four: Implementation of rapid-intervention teams to clear critical aid delivery infrastructure and emergency response situations.
Phase five: Comprehensive operations management and ongoing delivery of phases three and four.

Dr Abdullah Al Rabeeah, KSrelief Supervisor General, said: “The use of landmines against the innocent people of Yemen has been a despicable blight on the lives of civilians and aid workers across the country. KSrelief and our partners at Dynashield, with the support of the Yemeni government, are committed to the safe and comprehensive removal of these devastating devices. Critically, this project will also clear aid delivery routes to ensure an unimpeded flow of humanitarian supplies. Our promise is a life without landmines for the people of Yemen.”

Registration Opens for 2018 ASEA Annual Conference

Business Journal

03/07/2018

Registration Opens for 2018 ASEA Annual Conference

The Nigerian Stock Exchange (NSE) announced yesterday that registration has now opened for the 22^nd Annual African Securities Exchange Association (ASEA) Conference to be held on November 26 and 27, 2018 at Oriental Hotel, Lagos, Nigeria.

Attendees can register via the dedicated conference website, at www.asea-ngx2018.com. A discount of $150 is available for conference attendees who register before July 31, 2018.

The two-day conference will feature over 60 distinguished speakers and panelists, from around the globe including senior policy makers, business leaders, investors, thought leaders, and keynote speakers such as Dr Akinwunmi Adesina, President, African Development Bank, Ms. Aruma Oteh, Vice President and Treasurer, World Bank, Ms. Kemi Adeosun, Hon. Minister of Finance, Federal Republic of Nigeria, Mr. Aigboje Aig-Imoukhuede, Chairman, Coronation Capital, Mr. Abimbola Ogunbanjo, President, The Nigerian Stock Exchange to mention a few.

Commenting on the development, the President of ASEA and Chief Executive Officer of NSE, Mr. Oscar N. Onyema, said: “The level of enthusiasm received so far is encouraging to us as the host of this flagship African capital market conference. We look forward to bringing together global subject matter experts, exchange leaders, business and thought leaders, investors and other stakeholders within the capital market ecosystem, for a robust discussion of real-world solutions to key issues facing the African continent. The speakers at the conference reflect the multi-faceted nature of the industry, emerging technologies, sustainability and more.”

Expected to be discussed at the conference are 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 4^thIndustrial Revolution
Galvanizing 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 Democratization of Wealth
African Capital Markets – A Facilitator of Affordable Housing in SSA?
RegTech and the Future of Regulation in Africa

Companies interested in sponsoring the event can also learn more about the conference on the website, as we have different sponsorship levels that are targeted to your needs. All levels come with varying company exposure throughout the two-day event.

Equities Market Opens H2:2018 in the Red… NSE ASI down 0.9%

Business Journal

03/07/2018

Profit taking in market bellwethers dragged the performance of the local bourse yesterday as the NSE All Share Index (ASI) fell 0.9% to close at 37,946.92 points while YTD return was dragged into the negative region at -0.8%.

Specifically, sell-offs in DANGCEM (-2.1%), GUARANTY (-1.2%) and ZENITH (-1.6%) pulled the benchmark index lower. Similarly, investors lost N120.1bn as market capitalisation declined to N13.7tn. Activity level weakened as volume and value traded dipped 47.9% and 68.2% to 244.5m units and N1.9bn respectively.

The most traded stocks by volume were STERLING (100.4m), FBNH (23.7m) and WEMA (16.9m) while DANGCEM (N384.3m), FBNH (N251.1m) and GUARANTY (N236.9m) were the top traded stocks by value.

Bearish Sector Performance
Sector performance was largely bearish as 4 of the 5 indices under our coverage closed southwards. The Oil & Gas index emerged lone gainer, up 0.8% following buy interest in MOBIL (+9.2%).

On the other hand, the Industrial Goods index shed the most, down 1.0%, due to losses in DANGCEM (-2.1%) while the Banking index trailed, shedding 1.0% as profit taking in GUARANTY (-1.2%) and ZENITH (-1.6%) dragged the index lower.

Similarly, the Consumer Goods index shed 0.1% as a result of sell-offs in NIGERIAN BREWERIES (-1.0%) and HONYFLOUR(-9.6%) which was dragged by underwhelming FY:2017 results while losses in CORNERST (-8.6%) and MBENEFIT (-8.1%) pulled the Insurance index 0.1% southwards.

Investor Sentiment Weakens
Investor sentiment as indicated by market breadth (advance/decline ratio) weakened to 0.8x from 1.7x recorded in the prior session as 16 stocks advanced relative to 21 decliners.

Yesterday’s top gainers were AIICO (+9.8%), CILEASING (+9.7%) and UNITY (+9.3%) while FORTE (-9.7%), HONYFLOUR (-9.6%) and CORNERST (-8.6%) were the worst performers. While small to mid cap stocks have enjoyed bargain hunting from short-term investors, we continue to observe bearish sentiments on bellwethers.

Hence, we expect overall market performance to be bearish in subsequent sessions while emphasizing that valuations remain attractive for entry by long-term investors.

CBN: Banks Must Resolve USSD Disputes in 3 Days

Business Journal

01/07/2018

The Central Bank of Nigeria (CBN) has directed all commercial banks to resolve disputes arising from use of Unstructured Supplementary Service Data (USSD) channel within three days.

Speaking at the ‘Meet The Executive’ forum organised by the Finance Correspondents Association of Nigeria (FICAN) in Lagos, CBN Director, Banking & Payment Systems Department, ‘Dipo Fatokun, said such resolution will help build more confidence in the payment system and bring more people into the financial services net.

He said some provisions of the regulatory framework for USSD such as the authentication measures for transactions, International Mobile Subscriber Identity (IMSI), Date of SIM Swap, Date of Device change, International Mobile Equipment Identity (IMEI) among others were meant to make the channel more effective.

Fatokun, who was represented by Assistant Director, Banking & Payments System Department, Taiwo Oladimeji, said maximum USSD transaction limit remains N100, 000 per customer per day adding that any amount above that requires a customer to execute indemnity at the bank.

Mr. Godwin Emefiele Governor Central Bank of Nigeria — Godwin Emefiele
Governor
Central Bank of Nigeria

Speaking on the theme: Half-Year Review of Developments in the E-Payment Industry and Customer Protection, Fatokun said: “USSD transactions above N20, 000 require two-factor authentication (2FA). No USSD financial service should be activated for customer unless the deactivation mechanism is put in place with effect from October, 2018. In addition, the CBN is currently working to properly structure and formalize the sandbox arrangement in Nigeria by collaborating with some infrastructure providers like the Nigeria Interbank Settlement System (NIBSS) to interact with FinTechs.”

Fatokun added that the financial system is undergoing transformation through technology, adding that it is not only peculiar to the financial services sector, but all sectors of human endeavours.

“We are seeing new operators with technology savvy, more efficient models, and collaborations among new entrants as well as established participants in payments systems in ways that exhibit regulatory challenges. To meet up with the challenges, some countries have adopted regulatory sandbox approach which is not totally novel to the CBN. We are however working to properly structure and formalize the sandbox arrangement in Nigeria by collaborating with some infrastructure providers to interact with FinTechs,” he said.

He said a well-functioning National Payments System (NPS) is crucial to the financial sector development as it increases confidence in the financial sector by ensuring a credible, reliable and efficient payment system. He added that in recent years, the Nigerian payment landscape has experienced a lot of innovation, bursting with enterprise and reaching the unbanked and undeserved.

Speaking further, he said consumer protection, involves a whole range of laws, policies, structures, actions and behaviours designed to protect consumers from the abuse and exploitation of service providers.

“Consumer protection is critical in improving access and usage of financial products and services. Ensures that increase access and usage of financial services, translate into benefits for the economy and individuals. Helps protect consumers from probable market abuse and exploitation. Helps consumers benefit from well informed decisions. Helps consumers appreciate how best to use and manage financial products and services,” he said.

Nwankwo Kanu Surprises Winners of Budweiser ‘Don’t Light It Up’ Campaign

Business Journal

01/07/2018

As the official beer of the 2018 FIFA World Cup Russia, Budweiser is focused on amplifying fan energy and delivering unique experiences.

It would be recalled that Budweiser recently unleashed its Red Light Cups that lights up in response to shouting, cheering, or any other form of excitement by fans watching by fans watching games.

In a very interesting and exciting twist to the global campaign tagged, “Light Up the FIFA World Cup”, Budweiser challenged football fans across the globe, including Nigerian football fans to do the impossible to suppress their excitement and not shout and scream in support of their team while watching their first group match during this year’s World Cup, with the “Don’t Light It Up” campaign.

Featuring fans of five national teams at the FIFA 2018 World Cup: Argentina, Nigeria, Brazil, South Korea, and England, “Don’t Light It Up” gave participants once in a life time opportunity of experiencing the FIFA 2018 World Cup live in Russia by NOT lighting up Budweiser’s noise activated Red Light Cup. To make things even more difficult, participating fans were placed in a sound proof booth in the middle of a crowded sports bar. Unfortunately, fans from Argentina and Korea could not make it.

For Nigerian fans, who were lucky enough not to shout or scream during the matches, they had a special surprise visit from football legend, Kanu Nwakwo, who handed over to them free tickets to go watch the remaining FIFA 2018 World Cup matches in Russia.

In his remarks, Nwankwo Kanu stated that Nigerian football fans are some of the most passionate and spirited fans in the world. “When they watch a match there is singing, jumping up, praying and doing everything possible to cheer their team on. So, it was crazy to see them watch our team compete in the World Cup without making any noise or lighting up Budweiser’s Red Light Cup.”

He added: “I had such a great time partnering with Budweiser, a brand I enjoy, for ‘Don’t Light It Up.’ Getting to go to the World Cup is special and it means so much to these lucky fans to win a trip from Budweiser. I could see it on their faces. I could see how happy they are, and to be able to see the World Cup live, that’s awesome!”

‘INSURANCE FIRST’ Policy Adopted by New NIA Chairman, Tope Smart

Business Journal

28/06/2018

Mr. Tope Smart Chairman Nigerian Insurers Association (NIA)

Mr. Tope Smart, Group Managing Director/CEO of NEM Insurance Plc was yesterday elected the 23^rd Chairman of the Nigerian Insurers Association (NIA) at its 47^th Annual General Meeting (AGM) in Lagos.

L-R: Past Chairman, Nigerian Insurers Association (NIA), Ven Ladipo Ajayi; past Chairman, NIA, Mr Godwin Wiggle; Commissioner for Insurance, National Insurance Commission, Alhaji Mohammed Kari; New NIA Chairman, Mr. Tope Smart; his predecessor, Mr. Eddie Efekoha; a past Chairman, Mr. Wole Oshin, and a past Chairman, NIA, Oye Hassan-Odukale.

In his acceptance speech, Smart said he would adopt a policy of ‘Insurance First’ to lift the business and image of insurance in Nigeria, as well as protect the corporate interest of member companies of the NIA.

“My agenda would be anchored on the basis of Insurance First and NIA First. I promise to lift the image and business of insurance in Nigeria to the next level. We need to leverage on the experience of the industry to achieve the necessary result as well as collaborate with other arms of the insurance industry and relevant stakeholders outside the industry to move our market forward.”

He thanked the Council members of the NIA and the entire insurance industry for giving him the opportunity to lead the Association and the insurance sector in Nigeria. He solicited the support of the industry and other bodies outside the sector to ensure sustainable growth of insurance business in the country.

The new NIA chairman promised to unveil his comprehensive agenda during his formal investiture in the coming weeks.

The NIA is the umbrella body of insurance companies operating in Nigeria.

ADB Ranked 4th Best Company to Work for in Africa

Business Journal

28/06/2018

The 2018 Careers in Africa Employer of Choice Survey has ranked the African Development Bank the fourth best company to work with in Africa. Of 100 companies listed, the top four include the World Bank Group, Chevron, Exxon Mobil and the African Development Bank.
Over 20,000 African professionals answered questions about employee engagement and employment conditions. Opportunities to learn new skills, quality of healthcare provisions, leadership and opportunities for advancement emerged as key indicators of great employers.
Commenting on the African Development Bank ranking, Alex Mugan, Managing Director of the Global Career Company and co-author of the survey with UK-based firm Willis Towers Watson said: “The importance of making a positive impact came through strongly in responses to the Study. This, together with the on-going organisational transformation at the African Development Bank, explains the continued high esteem in which the Bank (as an employer) is viewed by many African professionals worldwide.”
Trust in senior leadership, especially leaders that listen, those who set a good ethical example, and who deliver the values of the business, emerged as the top three most important factors in choosing an employer in Africa. “Employees are interested in leaders that push a good mission. Brands whose leaders are very visible doing those things have tended to do well,” Mugan further indicated.
According to Akinwunmi Adesina, President of the Bank, “the ranking is further validation of the work of the Board and Management to accelerate critically needed institutional changes and efforts to attract the best and the brightest to help implement the Bank’s High-5 agenda to Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the quality of life of Africans.”
The Bank scored high in attracting top talents from across all Africa. It also retained its position in the top 5 of established corporate and multilateral organizations.
The report highlights a shift in the talent landscape with an increased interest in investment finance from job seekers and a quest for digital savvy experts from employers.
Overall, the survey revealed that job security is considered one of the main reasons to remain in an organization. In addition to attraction drivers for men, including skills development, the Report suggests that female professionals have a greater interest in healthcare opportunities, flexible working conditions, work-life balance, and ethics.
More than just a listing, the report seeks to shape the conversation around what makes a great employer in Africa, and through that positively change employee experience across the continent.
The 100-list includes banks, oil companies, FMCG brands and mobile phone operators.

Global, African Lenders Decry Country Risk Challenges in Africa

Business Journal

28/06/2018

Global and African financial heads identified country risk as the biggest challenge to their ability to lend more to African countries. Speaking in Abidjan during a one-day forum on investment risks in Africa hosted by the African Trade Insurance Agency (ATI), experts acknowledged that the abundance of current liquidity in the market did nothing to alleviate the capacity constraints faced by most banks when doing business in Africa.
Lenders are bound by regulations that prevent them from lending significant amounts to sub-investment grade sovereigns, which is the case for most African countries. Institutions such as ATI that can offer investment insurance can help to mitigate the risks and thereby bring added lending and investment capacity to African markets. Without an increased ceiling in limits, international lenders will continue to be constrained on the amounts they are able to lend both at the sovereign and corporate levels.
Experts attending the forum also noted positive movements in countries such as Ghana and Senegal for instance, which were recently put on positive watch by the rating agency S&P. This was largely based on the dividends anticipated from key infrastructure developments and investor-friendly policies. In Senegal, for example, the country has restructured its commercial laws, implemented a Public Private Partnership law that ensures all signed public contracts in the oil and gas sector are published and created a department of competition tasked with working hand in hand with investors.
Risk analysis experts at the conference cited Botswana, Côte d’Ivoire, Ethiopia, Rwanda and Zimbabwe as countries to watch in the coming months based on strong reserves in Botswana, political transitions in the case of Ethiopia and Zimbabwe, a strategy to transform its economy into a services hub in the case of Rwanda, and creating an enabling environment to attract investors in the case of Côte d’Ivoire.
Most government representatives at the meeting also noted their countries efforts to ramp up value addition in the agriculture sector along with an emphasis on removing barriers to trade within the continent. Jean-Louis Ekra, the former President of Afreximbank observed that Africa is in fact moving in a different direction than the current protectionist tendencies of Western countries. In contrast, Africa is uniting under the banner of the African Continental Free Trade Area, which will become the world’s largest trade area.
While participants agreed that the risk perception in Africa is typically greater than the on-the-ground reality, they also recognized that making Africa less risky would require a concerted focus aimed at improving the overall business environment in order to address the risks that do exist. According to a recent Moody’s report, 40 to 50% of defaults in developing markets are directly linked to country risks. During the forum, panellists discussed low-cost solutions that could help countries reduce their risk including ensuring fair adherence to existing regulations.
“One of our roles at ATI is to educate governments to make them aware of the elements that international investors consider in their assessment of country risks. If countries are made aware that any drastic changes they make to legislation, for instance, could be a key political risk factor, they may make better choices and create more fertile environments for the private sector,” commented John Lentaigne, ATI’s Chief Underwriting Officer. He added that “a stable investment climate can be demonstrably and directly linked to growth.”
Despite Africa’s perceived risks, ECGC, India’s export credit agency and international broker, BPL Global, who have a combined USD142 billion worth of exposures, noted a relatively low claims and reasonable recovery experience in Africa. Out of BPL’s USD42 billion in current exposures which is insured with international investment risk providers 8 billion of this exposure is in Africa, where the company has historically recorded USD230 million in claims of which USD123 million has subsequently been recovered.
International lenders and insurers commented on the importance of ATI’s participation to make projects bankable through its preferred creditor status and relationships with African governments. This was seen as ATI’s core value proposition.
In his address to participants, Pierre Guislain the Vice-President responsible for Private Sector, Infrastructure and Industrialization of the African Development Bank noted the Bank’s commitment to transform the relationship with ATI into a strategic partnership that can leverage its reach and help countries accelerate regional integration.
ATI, a multilateral investment and trade credit insurer posted record results in 2017 for the sixth consecutive year with USD10 million in profits representing a 55% increase over 2016 and USD2.4 billion in gross exposures.

Bearish Sentiment Persist on Declines in Market Bellwethers… NSE ASI down 0.6%

Business Journal

28/06/2018

The bearish sentiment persisted in the local bourse yesterday as declines in market bellwethers – DANGCEM (-2.2%) and GUARANTY (-1.6%) – pulled the All NSE All Share Index (ASI) 0.6% lower to 37,733.44 points while YTD loss deteriorated to 1.3%. Hence, investors lost N88.5bn as market capitalization fell to N13.7tn.

However, activity level improved as volume and value traded rose 11.5% and 40.0% to 414.9m units and N4.5bn respectively. Top traded stocks by volume was CHAMPION (140.4m), STERLING (47.8m) and ZENITH (26.2m) while GUARANTY (N921.6m), ZENITH (N651.8m) and DANGCEM (N599.5m) were the most traded stocks by value.

Largely Bullish Sector Performance
The performance across sectors was largely bullish as 3 of 5 indices trended northwards.

The Industrial Goods, Consumer Goods and Insurance indices were yesterday’s gainers, up 1.4%, 0.5% and 0.2% respectively, buoyed by bargain hunting in INTBREW (+3.3%),WAPCO (+5.0%), UNILEVER (+2.5%) and NIGERIAN BREWERIES (+0.5%). On the flipside, the Banking index was the sole loser, shedding 0.7% on the back of sell-offs in GUARANTY (-1.6%), ZENITH (-0.4%) and DIAMOND (-3.5%).

The Oil & Gas index closed flat, halting its six days of consecutive losses.

Investor Sentiment Strengthens
Investor sentiment as shown by market breadth (advance/decline ratio) strengthened to 0.8x from 0.3x recorded yesterday as 16 stocks advanced against 20 decliners.

Yesterday’s top advancers were HONYFLOUR (+9.5%), LAWUNION (+9.3%) and AIICO (+5.0%) while EQUITYASSURE (-4.5%), WEMA (-4.1%) and DIAMOND (-3.5%) were the worst performers.

Given the largely bullish sector performance and improved investor sentiment, we see an opportunity for a market rebound in the last trading day of the week.

‘No Transparency in Nigerian State Budgets’

Business Journal

27/06/2018

BudgIT is currently conducting its #StateofStates campaign which examines the level of transparency in the 36 Nigerian States. In its online assessment on the availability of public finance documents in State government domains, we observed that as at June 20, 2018, only 15 States in the country had published their budget documents online.

BudgIT, a civic tech transparency organisation working on holding government accountable and creating an active citizenry to improve governance is following the non-availability of States fiscal plan and urging Nigerians to demand their States budgets collectively.

Following this call, we were able to obtain fifteen (15) State budget documents for 2018. The States are Borno, Delta, Edo, Ekiti, Gombe, Kaduna, Kano, Katsina, Kogi, Kwara, Lagos, Nasarawa, Ondo, Plateau and Yobe.

It is instructive to note that only 13 States (Borno, Delta Edo, Ekiti, Gombe, Kaduna, Kano, Katsina, Kogi, Nasarawa, Ondo, Plateau and Yobe) of the 15 States are sufficiently detailed while Lagos and Kwara States provided a summary of their budgets on the government websites.

The document provided lacks actionable detail with which citizens can hold their elected officials to account. The organisation says it would like to state explicitly that Lagos and Kwara States have a history of opacity over the years and are notorious for resisting attempts by citizens to pry into the affairs of the state.

Shrouding public finance information in secrecy thereby encourages corruption and mediocre performance in the States.

The #StateofStates advocacy continues to critically look at the proactiveness in the disclosure of information in the Nigerian States and their compliance with the Freedom of Information law where applied. Transparency in the States continues the downward swing as governments persist in denying citizens the access to relevant information.

It is commendable that the States released full budget documents to the public, but it must be published within a reasonable timeframe. The proposed budget details presented to the State House of Assembly should be made available to the public to enable them to engage their Legislators during the budget debate. Any State keen on citizen participation in governance should publish full details of the proposal with 48 hours of submission to the legislature.

The fundamental requirement of good governance is transparency, and the least form of transparency is the availability of public finance information.

Abayomi Akinbo, BudgIT Project Manager, observed:”Information on government spending from the public purse should be provided to the people by the government through various communication channels; one of which is the official state website. However, this is not the case with State governments in Nigeria.”

The organisation states: “Beyond the release of pictures and stories of projects executed, it is vital that citizens are informed of project cost to enable them to decide if the project delivered optimum value for money spent. Nigeria battles the current scourge of corruption due to the prevailing practice of opacity at federal, state and local levels. No country achieves transparency and accountability without the active participation of citizens in the management of its resources. Taxpayers must hold government accountable to enable them to enjoy the dividends of democracy.

We call on the people of the States of (Abia, Akwa Ibom, Adamawa, Anambra, Bauchi, Bayelsa, Benue, Cross River, Enugu, Gombe, Imo, Jigawa, Kebbi, Niger, Ogun, Osun, Oyo, Rivers, Sokoto, Taraba, and Zamfara ) to demand their budgets be made open and accessible to ensure the society works in their interest. We equally call on all Nigerian citizens to keep an eye on the funds and follow the money. Across the world, transparency has been noted to foster citizens trust in government and increasing investor confidence. States with partially detailed budgets documents in public domains must provide details of capital projects being executed for the fiscal year.”

Linkage Assurance Names Daniel Braie Acting MD/CEO

Business Journal

27/06/2018

The Board of Directors, Linkage Assurance Plc has named Daniel Braie Acting Managing Director/Chief Executive Officer of the Company. He takes over from Dr. Pius Apere whose appointment with the company ended 21st June 2018.

The decision follows an emergency board meeting held on the 21st June 2018.

In a statement made available to regulatory authorities, the decision was taken in line with the Articles of Association of the Company and the employment contract of the Managing Director.

Braie will be in charge of the management of the Company pending the appointment and confirmation of substantive Managing Director.

Profit Taking in Banking Stocks Drags Market Performance… NSE ASI down 10bps

Business Journal

27/06/2018

The negative performance of the local bourse was sustained in yesterday’s session as the NSE All Share Index (ASI) fell 10bps to 37,963.93 points while YTD loss remained at -0.7%.

Profit taking in ZENITH (-2.0%), GUARANTY (-0.7%) and INTBREW (-0.7%) pulled the benchmark index lower. Conversely, investors gained N9.7bn as market capitalization rose to N13.8tn. Similarly, activity level improved as volume and value traded increased 43.9% and 0.4% to 372.2m units and N3.2bn respectively.

The most traded stocks by volume were STERLING (172.6m), ZENITH (31.5m) and TRANSCORP (22.9m) while ZENITH (N792.7m), PRESCO (N404.4m) and GUINNESS (N277.9m) were the top traded stocks by value.

Negative Sector Performance
Across sectors, performance was largely bearish as 3 of 5 indices trended southwards.

The Insurance and Banking indices led laggards, down 0.8% and 0.6% respectively as a result of losses in NEM (-1.2%), REGALINS (-4.0%), ZENITH (-2.0%) and GUARANTY (-0.7%).

The Consumer Goods index also closed in the red, shedding 0.2% on the back of sell-offs in INTBREW (-0.7%). On the other hand, the Industrial Goods and Oil & Gas indices advanced 0.9% and 0.3% respectively following gains in WAPCO (+2.4%) and TOTAL (+3.7%) which offset losses in SEPLAT (-0.2%).

Investor Sentiment Dwindles
Investor sentiment as shown by market breadth (advance/decline ratio) weakened to 0.3x from 1.0x in the prior session as 12 stocks advanced compared to 35 decliners.

Yesterday’s top gainers were CILEASING (+4.7%), UNITY (+4.5%) and TRANSCORP (+4.4%) while JAPAULOIL (-7.3%), ETERNA (-5.0%) and FIRSTALUM (-5.0%) were the worst performers.

Given the softer investor sentiment, we believe the negative performance will be sustained in tomorrow’s trading session.

Nevertheless, we do not rule out the possibility of some bargain hunting in market bellwethers by the end of the week.

UNDP Partners Civic Foundation on Innovation

Business Journal

27/06/2018

“Innovation has potential to significantly contribute to addressing urgent development challenges in Nigeria; from youth unemployment and inequality to enhancing efficiency in the delivery of public services,” stated Samuel Bwalya, UNDP Nigeria Country Director at the signing ceremony of a Memorandum of Understanding (MoU) with the Civic Foundation for Innovation.

The two institutions entered into the agreement as an expression of interest to work together and promote innovation in designing solutions for the country’s development challenges.

The MoU was signed by Mr. Bwalya and Mr. Mosope Olaosebikan, Founder of Civic Foundation for Innovation on June 26, 2018 at UNDP offices in the presence staff of both organisations.

The two organisations intend to work together in promoting innovation activities especially among the youth – within the context of UNDP’s flagship initiative, the Youth Employability, Innovation and Entrepreneurship Programme.

This programme is aimed at promoting innovation and entrepreneurship as key drivers of economic growth, productivity and employment. With over 40% of youths in Nigeria unemployed, the programme also aims at enhancing their skill levels so that they are employable.

As the lead agency is supporting the Government of Nigeria in implementing the Sustainable Development Goals (SDGs), UNDP Nigeria intends to work with the Civic Foundation for Innovation in promoting innovation in the implementation of the SDGs at both Federal and State levels at which different ideas with potential to accelerate and/or contribute to governments efforts aimed at keeping the country’s SDGs promise will be explored.

With numerous challenges faced by startups in turning their ideas into viable businesses, the two institutions will also work together in identifying and promoting access to innovative sources of finance for innovations and commercialization of inventions. Additionally, efforts will be made aimed at strengthening capacities of the startups, innovation hubs and innovators across the country.

Speaking during the signing ceremony, Mr. Bwalya pointed out that he was looking forward to seeing the country’s youth come forward with ideas that will help address the numerous challenges Nigeria continued to face.

“There are millions of creative minds out there; they need support in turning their ideas into solutions and viable businesses,” he emphasized. Mr. Olaosebikan added that since its establishment, his organisation had undertaken several activities that that helped strengthen the startup ecosystem and that a partnership with UNDP will significantly enhance the national momentum aimed at moving the innovation agenda forward.

The two organisations also agreed to hold Annual Innovation Awards to recognise innovative ideas with potential to help address the country’s challenges.

Insurers Reap N1bn Tax Refund over 2007 Recapitalisation

Business Journal

26/06/2018

Capture — L-R: Director General, Nigerian Insurers’ Association (NIA), Mrs. Yetunde Ilori; Chairman, NIA, Mr Eddie Efekoha, and Head, Corporate Affairs, Mr. Davis Iyasere, during a press briefing on the activities of the Association yesterday in Lagos.

Operators in the Nigerian insurance sector have been granted N1 billion tax refund by the authorities over the 2007 recapitalisation exercise in the sector.

Mr. Eddie Efekoha, Chairman, Nigerian Insurers Association (NIA) said in Lagos yesterday that following widespread complaints from operators that they were over-taxed during the consolidation exercise initiated by the National Insurance Commission (NAICOM) in 2007, the industry body made spirited representations to the appropriate authorities in the country for a refund. He said member companies of the industry have duly received a tax refund of almost N1 billion.

Efekoha said the refund notwithstanding, the NIA is still engaging with the Federal Inland Revenue Service (FIRS) and the Federal Ministry of Finance to effectively redress the tax burden on the insurance industry to ensure sustainable growth of the sector.

L-R: Director General, Nigerian Insurers’ Association (NIA), Mrs. Yetunde Ilori; Chairman, NIA, Mr Eddie Efekoha, and Head, Corporate Affairs, Mr. Davis Iyasere, during a press briefing on the activities of the Association yesterday in Lagos.

Giving account of his two-year chairmanship of the NIA, Efekoha described the commencement of work on the NIA Tower as the high point of his stewardship.

Efekoha said: “I am delighted that the NIA Tower project has moved from discussion to actual construction. That development represents the high point of my chairmanship of the NIA. Tax has been an issue in our industry but we continue to engage the FIRS and the Federal Ministry of Finance to work out an amicable solution to spur robust growth of our industry.”

The NIA chairman, who is also the chief executive of Consolidated Hallmark Insurance Plc, said the industry is currently expecting the harmonised 10-year Transformation Agenda (2017-2027) from NAICOM to spearhead long-term growth of the insurance sector in Nigeria.

He thanked members of the media for supporting his agenda in the two-year period of his chairmanship of the NIA.

Osinbajo to Open 2018 National Insurance Conference July 9

Business Journal

26/06/2018

Professor Yemi Osinbajo, Vice-President, Federal Republic of Nigeria is expected to declare the 2018 National Insurance Conference open on Monday, July 9 at Transcorp Hilton Hotel, Abuja.

The theme of the conference is: Insurance Industry and Financial Inclusion.

Alhaji Femi Hassan, Chairman, Planning Committee of the National Insurance Conference (NIC) said the 2018 Conference is being organised to further underscore the commitment of the Nigerian insurance industry to continually upscale the knowledge of insurance operators, other professionals in the financial services sector as well as other stakeholders about contemporary dynamics in the economic development of the country. He added that the Conference would also highlight the enabling roles of the insurance industry in achieving financial inclusion and by so doing, accelerate its contributions to Nigeria’s Gross Domestic Product (GDP).

L-R: Davis Iyasere of NIA; Uju Ndubuisi Chukwu, Deputy Director General, Chartered Insurance Institute of Nigeria (CIIN); Richard Borokini, Director-General, CIIN/member, 2018 National Insurance Conference Committee; Femi Hassan, Chairman of Committee; Muftau Oyegunle, member; Ekeoma Ezeibe, member, and Mr. Rotimi Edumni, during a press briefing on forth coming National Insurance Conference yesterday in Lagos.

Hassan said: “The fact that access to financial services is concentrated in urban areas has limited the people from the rural areas from contributing maximally to growth and development of the nation’s economy. It is therefore instructive to state that the theme of this year’s Conference: INSURANCE INDUSTRY AND FINANCIAL INCLUSION is quite apt, in view of the policy direction of government towards including all segments of the society within the financial safety net. As at 2012, according to a survey by the Enhancing Financial Innovation and Access (EFInA), about 39.7% or 34.9 million adult Nigerians were excluded from financial services. While various innovative services have disrupted the financial world by including more participants in the money sector, there is still an untapped portion of the world population that remains unbanked or under-banked, uninsured or under-insured.

It is noteworthy that the selection of the Conference theme is fitting into the Insurance Industry Consultative Council’s plans in deepening reforms, completing and implementing pending initiatives, engaging with the public and validating completed reforms that would kick off medium term reforms.”

This edition of the conference is the fourth in the series to be held since its conception by the Insurance Industry Consultative Council (IICC) which is the umbrella organisation for all insurance institutions in Nigeria.

It is made up of the regulatory body for all insurance practice in Nigeria, National Insurance Commission (NAICOM); The professional body for insurance practitioners, Chartered Insurance Institute of Nigeria (CIIN); The three trade associations: for underwriters, Nigerian Insurers Association (NIA); brokers, Nigerian Council of Registered Insurance Brokers (NCRIB); and loss adjusters, Institute of Loss Adjusters of Nigeria (ILAN).

The IICC which was inaugurated on the 13th of August 2013 has been the unifying voice and point of reference for everything insurance in Nigeria.

The National Insurance Conference is one of those established channels aimed at fostering intellectual and professional development of insurance practitioners and further creating a platform for networking and exchange of ideas between industry operators and critical stakeholders in the nation’s economy.

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