Nigeria Targets Top 50 on Ease of Paying Tax Index

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02/11/2017

Comments from the International Monetary Fund (IMF) around Nigeria’s low tax-to-GDP ratio highlight the importance of driving higher levels of payroll and accounting automation among the country’s businesses, especially small, micro and medium-sized enterprises, says Magnus Nmonwu, Regional Director for Sage West Africa.
The IMF has warned that Nigerian governments’ ability to effectively finance infrastructure and services is constrained by low tax collection. Despite recent tax reforms by the Federal Government, Nigeria needs to grow tax revenue by registering more tax payers and enhancing collections and compliance, says Nmonwu.
Initiatives such as the government’s Voluntary Assets and Income Declaration Scheme (VAIDS) – which gives taxpayers an opportunity to voluntarily declare all previously undisclosed assets and income are steps in the right direction, he adds.

Higher levels of automation and modernisation among tax authorities as well as increased use of digital filing and payment are also positive developments.
Says Nmonwu: “Another way Nigeria’s Federal and State Governments could enhance compliance is by encouraging businesses of all sizes to use technology to streamline capturing of transactions and automate payroll calculations. These solutions can help minimize the risk of non-payment of tax or incorrect remittances of taxes to the relevant government agencies.
“What’s more, the ability to generate financial statements, tax certificates, reports and electronic payslips with the click of a button is a major timesaver. An automated, cloud-based solution also means that businesses have an audit trail and reliable backups for all of their financial transactions, so that they can demonstrate their compliance with tax laws.”
Such software can help address some of the complexity Nigerian businesses face in paying tax. Nigeria aims to move from its current position of 181 out of 189 countries to top 50 on the Ease of Paying Taxes World Report which means that we will see a lot of reform of the tax system in the years to come, says Nmonwu.
“Spreadsheets and other manual methods are no longer sufficient to keep up with the growing complexity of today’s tax environment,” Nmonwu says. “As the tax authorities digitise and automate processes, they should be supporting small and medium businesses in doing the same in an effort to accelerate Nigeria’s integration with the global economy. They could, for example, run seminars or workshops together with vendors to showcase how cloud technology eases the compliance burden for small businesses.”

PwC: Africa Needs Innovation, Tech to Grow Oil Sector

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02/11/2017

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The oil & gas industry in Africa continues to face market challenges arising from the low oil price, competition for revenue growth and local talent together with new expectations from investors and regulators.
“Africa’s oil & gas industry is experiencing significant change and upheaval. There are fundamental shifts in companies’ strategies, business models and ways of working,” says Chris Bredenhann, PwC Africa Oil & Gas Advisory Leader.
The sustained lower price of oil has been accepted as the new normal in the oil & gas industry with companies putting plans in place to enable a more agile response to commodity price fluctuations in the future. For some, this means a diversification of portfolio, with many considering moves to an energy mix that includes some form of renewables. Despite the challenges, there are a number of opportunities on the African continent.
“The time is opportune for oil & gas companies to take up and utilise advances in technology as an enabler in meeting some of the challenges faced. Instead of playing catch up the rest of the world, we believe that the industry should be ‘learning to leapfrog’ so that they are not only ahead of disruption – they actually cause it,” Bredenhann says.
PwC’s Africa oil and gas review, 2017 analyses what has happened in the last 12 months in the oil & gas industry within the major and emerging markets.
As at the end of 2016, Africa is reported to have had proven natural gas reserves of 503.3 trillion cubic feet (TcF), up 1% in total gas reserves on the continent. About 90% of African gas production continues to come from Algeria, Nigeria, Egypt and Libya though the overall quantity produced in 2016 reduced by 1.1% down to 208.3bcm.
Africa’ share of global oil production has continued its downward trend from the past four years, dropping sharply, moving it down from 9.1% of global output last year to 8.6%.

The challenges in Africa’s oil & gas industry
The top challenges in the oil & gas industry have remained similar to those in previous years with uncertain regulatory frameworks, corruption, and tax requirements remaining in the top six for the past four years. It is notable that financing costs and foreign currency volatility have both become more critical challenges since 2015 when they were ranked 11^th and 10^th respectively.
“It is disheartening that governments are not catching up to demands and calls from oil & gas companies to ensure regulatory certainty to players who are looking to invest in hydrocarbon plays in various African countries,” Bredenhann comments. Upstream regulation in South Africa remains uncertain, with the separation of oil & gas from mining still not achieved in the Mineral and Petroleum Resources Development Act (MPRDA). Other key markets in Africa, such as Nigeria and Tanzania, are also experiencing significant regulatory issues.
Corruption has remained among the top three challenges over the last four years, with numerous instances occurring across the continent. Despite the existence of anti-corruption programmes at government and corporate levels, the effectiveness of such programmes is questionable. In the context of corruption issues, it is not surprising that the costs of finance have risen to third among major challenges for African players. It is likely that the regional issues and uncertainties combined with a constrained wider industry, have led banks and other institutions to be wary of offering favourable financing terms.
The lack of skills development continues to be a problem in Africa, and it is becoming a global challenge in the oil & gas industry overall.

Will lower oil prices continue?
Aside from those challenges highlighted by companies, adjusting to the new normal of lower oil prices remains a concern for companies. The oil price has been relatively ‘stable’ through 2017. Having recovered since the January 2016 low, it has typically been trading in the US$50-60/bbl range. As the Brent oil price reached close to US$60/bbl in September 2017, the market began asking whether ‘lower for longer’ may be over. The demand for oil is picking up, and supply is easing off, suggesting a market rebalancing is underway. However, as we have often seen with global oil prices, nothing is ever certain.

Oil & gas companies cited geopolitics, supply and demand as the three major reasons for the current oil price environment. Looking ahead, respondents expect modest increases in prices over the next two years – with 65% and 52% expecting the price to be in the US$51-60/bbl range for 2018 and 2019 respectively.

The changing competitive landscape
In response to many of these challenges, oil & gas companies are looking to alter their strategies and operating models, which has changed the competitive landscape. Companies reported that major changes anticipated or recently experienced in the competitive environment are driven by the growth in alternative fuels, the impact of technology-driven disruption and the need for cost reduction.

Are oil & gas companies fit for Growth?
Oil & gas companies cited ‘too little investment in developing capabilities’ as the most significant impediment to business growth. This was followed by weak strategy and leadership.
According to PwC research, companies become ‘Fit for Growth’ by doing three things consistently and continuously: they focus on a few differentiating capabilities; they align their cost structure to these capabilities; and they organise their businesses for growth.
According to PwC’s Oil & Gas Review, 75% of companies say that they have reviewed their Africa strategy in the last three years, but they also acknowledge that there are issues with incoherence and a problem with executing it in day-to-day business.
PwC’s Fit for Growth approach emphasises that investment in capabilities that enable the organisation to create unique value for customers is key for sustainable growth.
Survey respondents indicated that they are investing in the development of new or the enhancement of existing capabilities (18%), local content and skills development (14%), infrastructure improvements (13%), and regulatory compliance (12%) over the next three years.
It is notable that cost management as a strategic focus has fallen in importance this year. One-third of respondents indicated that they had no cost-cutting intentions. Just under half of respondents intend to reduce costs by up to 20%.

Achieving sustainability
The need to strategically assess the portfolio of activities oil & gas companies in Africa pursue in order to be sustainable in the drive towards a low-carbon environment is necessary. The review results indicate that M&A and partnerships are key to delivering the intended and repositioned strategies and growth. The minority of respondents were related to an M&A proposition to drive growth, with approximately 30% of respondents being targeted for acquisition and about 40% having targeted an entity themselves. The majority of respondents referred to a partnership proposition with nearly 60% having both been approached or approaching another entity for partnership.
While some oil & gas companies continue to explore opportunities for cost reduction and improved efficiency, consideration is now being given to how they will stay ahead of the competition. Given the perception of slow uptake of digital solutions in the oil & gas industry, it is surprising that nearly a quarter of companies stated that they had implemented some form of digital solution, from production and drilling to mobile solutions.

Leveraging local content
More than 25% of oil & gas companies said that projects had been postponed or delayed by local content policies, and about 15% have relocated or cancelled projects in response to local regulations. About 10% indicated an acceleration of their projects. One-third of respondents think that there are more local companies today that can serve the sector. Just under one-third acknowledge that local skills at the right level are available in their country and 11% said that new players have emerged in upstream as a result of the regulations.
“The oil & gas industry in Africa is riddled with complex challenges and adversity, but with challenge comes opportunity. The opportunity is there for players who are willing to ‘reimagine the possible’ in a future that looks very different to our present.
“It is clear that African oil players must ‘learn to leapfrog’ to remain competitive in the new energy future,” concludes Bredenhann.

Odimegwu Onwumere Makes Finalist in WA Media Excellence Awards By G.U Chukwu

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02/11/2017

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At the maiden edition of the West Africa Media Excellence Conference and Awards held on Saturday night, October 28 2017, at the Mövenpick Ambassador Hotel, Accra, Ghana, the dogged and multiple award-winning journalist, Odimegwu Onwumere emerged finalist with his article published in The Nigerian Voice, Nigeria.

Onwumere emerged finalist in the Anti-Corruption Reporting Category. According to a statement issued by a three member judges of the awards in the persons of Ms. Sophie Ly who is an experienced Senegalese journalist, media trainer and media development expert; Mr. Lanre Idowu who is an accomplished and highly respected Nigerian journalist, editor, author, publisher, media owner and trainer; and Ms. Elizabeth Ohene who is a veteran Ghanaian journalist, over 400 published stories that were sent in by journalists from 12 countries across West Africa, 15 journalists made the finalists from six categories.

Conversely, in the well competed awards, Jesusegun Alagbe of The Punch, Nigeria, won in the Anti-Corruption Reporting Category. But Onwumere was elated that his name was not among those who entered for the awards but were not finalists, adding that having made a finalist showed that he is doing better in his chosen career than the poor leaders in Nigeria.

He added that objective journalism pays better than an oppressive government anywhere in the world, especially such that Nigerians have come to endure in the recent times in the name of democracy.

Onwumere said that objective journalism is hated by oppressive leaders but journalists inclined in objectivity in their reportages would stop at nothing to expose the highhandedness of the looting leaders and keep in touch with the different communities of their ill behaviours.

He, therefore, called on moneybags and the authorities to help journalism and journalists in this clime by pumping in money to sustain them. He, nonetheless, thanked those who have helped in one way or the other in making him the renowned journalist he has become today.

‘Insurers Must Close Communication Gap to Grow Sector’

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30/10/2017

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Capture — L-R: Mr. Val Ojumah, Managing Director, FBN Insurance; Ms. Faith Ughwode, CEO, Almond productions Limited; Mr. Chike Mokwunye, Chairman and Prof. Festus Epetimehin, Guest Speaker at the 2017 Almond Insurance Consumers’ Forum held in Lagos.

Insurers must bridge the communication gap that exists between them and the insuring public for insurance penetration to increase in Nigeria.

This was the submission of Mr. Tunde Adeoye from the Lagos Mainland CDA. He said this during the Open Forum at the just concluded 2017 Almond Insurance Consumers’ Forum in Lagos.

The annual Insurance Consumers’ Forum, organised by Almond Productions Limited provides a platform for interaction between stakeholders in the insurance industry and the insuring public in a No-Holds-Barred atmosphere.

The forum this year with the theme: Insurance Penetration in Nigeria: Shifting Focus from Policies to Providing Value for the Customers was chaired by the former Group Managing Director, Royal Exchange Plc Mr. Chike Mokwunye while the Guest Speaker was Prof. Festus Epetimehin, first Professor of Insurance and Risk Management in Nigeria.

L-R: Mr. Val Ojumah, Managing Director, FBN Insurance; Ms. Faith Ughwode, CEO, Almond productions Limited; Mr. Chike Mokwunye, Chairman and Prof. Festus Epetimehin, Guest Speaker at the 2017 Almond Insurance Consumers’ Forum held in Lagos.

Speaking during his presentation on the theme of the forum, Prof. Epetimehin said that the practitioners are themselves responsible for the ‘No demand state of insurance by the public because they have not embraced any pragmatic marketing approach. Insurance according to him should be aggressively marketed. The present marketing mix of most insurance companies does not reflect that.’ This he said indicates that there is lack of innovation in product development and risk taking, narrow product lines, unscientific methods of premium determination, policy wordings that is meaningless to the consumers and shoddy survey leading to insufficient information. This entirely sums up the fact that the industry is not responsive to consumers needs.

In his welcome remarks, the chairman of the occasion, Mr. Mokwunye noted that for the insurance industry to take its rightful place in the economy, the regulator (NAICOM) must see themselves as developmental partners against the current practice of policing the industry and operators seen as offenders that must be arrested.

The 2017 Insurance Consumers Forum which began in 2013 was well attended by both corporate and individual customers from various sectors of the economy.

‘Oil Price to Rise 4% in 2018’- World Bank

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30/10/2017

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Oil prices are forecast to rise to $56 a barrel in 2018 from $53 this year as a result of steadily growing demand, agreed production cuts among oil exporters and stabilising U.S. shale oil production, while the surge in metals prices is expected to level off next year, the World Bank said on Thursday.

Prices for energy commodities – which include oil, natural gas, and coal — are forecast to climb 4 percent in 2018 after a 28 percent leap this year, the World Bank said in its October Commodity Markets Outlook. The metals index is expected to stabilise in the coming year, after a 22 percent jump this year as a correction in iron ore prices is offset by increased prices in other base metals. Prices for agricultural commodities, including food commodities and raw materials, are anticipated to recede modestly in 2017 and edge up next year.

“Energy prices are recovering in response to steady demand and falling stocks, but much depends on whether oil producers seek to extend production cuts,” said John Baffes, Senior Economist and lead author of the Commodity Markets Outlook. “Developments in China will play an important role in the price trajectory for metals.”

The oil price forecast is a small downward revision from the April outlook and is subject to risks. Supplies from producers such as Libya, Nigeria, and Venezuela could be volatile. Members of the Organisation of the Petroleum Exporting Countries (OPEC) and other producers could agree to cut production further, maintaining upward pressure on prices.

Conflicts in South Sudan, Yemen and Nigeria have driven millions of people from their homes and left millions more in need of emergency food.

The World Bank’s Commodity Markets Outlook provides detailed market analysis for major commodity groups, including energy, metals, agriculture, precious metals, and fertilizers. The report includes price forecasts to 2030 for more than 45 commodities. It also provides historical price data and supply, demand, and trade balances for most commodities.

NIA Chairman, Eddie Efekoha, Elected IoD Fellow

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30/10/2017

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Mr. Eddie Efekoha, Chairman, Nigerian Insurers Association (NIA) is now a Fellow of the Institute of Directors (IoD) Nigeria.

The Profile:

Chairman, Nigerian Insurers Association (NIA)
Deputy President, Chartered Insurance Institute of Nigeria CIIN
Chairman, College of Insurance & Financial Management

(a subsidiary of Chartered Insurance Institute of Nigeria)

Fellow, Chartered Insurance Institutes of London and Nigeria
Managing Director/CEO, Consolidated Hallmark Insurance Plc
Former Executive Vice Chairman of Consolidated Risks Insurers Plc
Former Managing Director, Fountain Insurance Brokers
Former Executive Director, Technical – Glanvill Enthoven & Co. (Nig) Ltd.
Bachelor’s degree in Insurance and Masters’ in Business Administration (University of Lagos)
Alumnus, Lagos Business School
Alumnus, Havard Business School
Member, Ikeja Golf Club, Ikoyi Club 1938, IBB Golf & Country Club, Abuja

NSE/LSE Capital Market Conference in London

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30/10/2017

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L – R shows Diane Cote, Chief Risk Officer, London Stock Exchange Group (LSEG); Nikhil Rathi, Chief Executive Officer, London Stock Exchange (LSE) Plc; Oscar N. Onyema, OON, Chief Executive Officer, The Nigerian Stock Exchange (NSE); Patience Oniha, Director General, Debt Management Office (DMO); His Excellency, Godwin Obaseki, Executive Governor, Edo State, Nigeria; Rt. Hon Priti Patel, Secretary of State for International Development, UK Government; Greg Davies, Group CFO Eco Bank and Ike Chioke, Group Managing Director, Afrinvest, during the 4^th edition of the LSE/NSE Capital Market Conference, co-hosted by London Stock Exchange and The Nigerian Stock Exchange in London.

Guinness Nigeria Reports N30bn 1st Qtr Revenue

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30/10/2017

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Guinness Nigeria announced its first quarter results for the period ended 30 September 2017.

The company delivered revenue of N29.9 billion and gross profit of N10.4bn representing a 30% and 24% increase respectively over the same period last year.

The results reflected continued growth within the spirits business as well as benefit of an expanding portfolio, however this was against the backdrop of lapping the inventory reduction last year.

The results, released to the Nigerian Stock Exchange (NSE), also saw the company’s marketing expenses increase by 12% indicating continued investment behind its brands, administrative expenses were reduced by 17% driven by the organisation’s Productivity agenda. The company has put in place these processes and changes as part of its strategy to drive efficiency which will help position it for more sustainable growth.

Commenting on the quarter one results, Peter Ndegwa, Managing Director/CEO, Guinness Nigeria Plc said:

“Although trading conditions continue to be difficult, we delivered a credible performance with a Net Sales growth of 30% for the quarter. This was against the backdrop of changes in commercial footprint in the prior year as well as benefit of an expanding portfolio. We also continue to see value from our focus on Productivity in areas like sales as we empower our teams for success on the frontline as well as driving efficiency in logistics. This has released resources that we are able to re-invest behind our brands.’

Ndegwa added: “A critical part of our strategy is to expand our portfolio and as we continue to innovate with the introduction of new brands and formats, our spending on A&P is critical to driving growth not just for our innovation brands but also for our core brands like Guinness and Malta Guinness.”

L-R: Legal Director/Company Secretary, Mr. Rotimi Odusola; Chairman, Guinness Nigeria Plc, Mr. Babatunde Savage; Managing Director/Chief Executive Officer, Guinness Nigeria Plc, Mr. Peter Ndegwa; and Non-Executive Director, Guinness Nigeria Plc, Mr. Ronald Plumridge, at the 67th Annual General Meeting which held on Wednesday, October 25, 2017 at the Transcorp Hilton Hotel, Abuja.

In January 2017, Guinness Nigeria received approval from its shareholders to raise 40billion naira from existing shareholders via a Rights Issue offering five (5) new shares for every eleven (11) held, at 58 naira each. The exercise which was successfully concluded at the end of August was 116 percent subscribed.

Mr. Ndegwa said: “The funds raised from the Rights Issue will be used to reduce the level of borrowings and consequently our funding cost. In particular we have used the funds to reduce our foreign currency loan by 60% which in turn will reduce the foreign currency volatility on our balance sheet.”

The company also recently held a successful 67th Annual General Meeting (AGM) in Abuja. Commenting on the meeting, Mr. Babatunde Savage, Chairman, Guinness Nigeria

Plc, said:

“On behalf of the Board, Management and staff of Guinness Nigeria Plc, I will like to say thank you to our shareholders for their loyalty and support. We have been part of the fabric of this Nation for over 67years. Our desire is to continue to grow our business for the benefit of all our stakeholders – including our shareholders, our people and our communities.”

Also at the AGM, the Board’s recommendation to pay out a dividend of 64Kobo per 50k share in respect of the year ended 30 June, 2017 was approved.

Oya Media UK Announces Season 2 of #AskFunmi Series

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30/10/2017

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Oya Media UK Announces Season 2 of #AskFunmi Series

Oya Media UK has announced the launch of the Season 2 of #AskFunmi Series by TV Icon, Funmi Iyanda.

The Season 2 will debut on Tuesday, 31st October 2017.

Funmi Iyanda established a precedent of truth and openness in the thoughts and views of her guests in the first season of Ask Funmi. And in season 2 she invites a new set of guests onto her couch, delving deeper into their lives, uncovering their views on work, society, and life, and revealing things that have never been shared, which makes for entertaining and thought-provoking watching. She also offers her unusual perspective on some big issues.

Highlights of season 1 included the viral Yoruba Demons deconstruction video and interviews with economist and writer Feyi Fawehinmi, YouTube star and beauty guru John Maclean as well as comedian and Fitness expert Wale Gates.

Season 2 guests include Game of Throne Star Ellie Kendrick, Nigeria’s fastest man and Olympian Seye Ogunlewe, Satirist, Author and Crime Novelist, Leye Adenle, popular Sex Historian, Kate Lister and many more.

In her words, Funmi promised that “The Second Season will feature “forward thinking” which is part possibly Funmi code for stirring the hornet’s nest.

Irukwu, Mutual, Stanbic Pension, NEM Win NAIPCO Awards

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26/10/2017

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A total of 23 outstanding insurance and pension operators as well as the insurance and Pension regulators won the 2017 National Association of Insurance and Pension Correspondents (NAIPCO) Awards for their outstanding performance in their respective sectors.

At the 2nd NAIPCO National Conference, which took place in Lagos, the National Insurance Commission (NAICOM), National Pension Commission (PenCom) and Pension Transitional Arrangement Directorate (PTAD) were given recognition Awards for discharging their duties creditably well, while the Recognition Award for the Best Insurance and Pension Consumer of the Year went to Lagos State Government.

Prof. Joe Irukwu, Mr. Fola Daniel and Lady Prisca Soares won Awards for legendary contributions to the growth of insurance industry, even as pioneer Director-General of PenCom, Muhammad Ahmad was awarded for his legendary contributions to the growth of the pension industry.

Recognition Award for the Best Insurance Company of the Year went to Leadway Assurance Company Limited even as Recognition Award for the Most Innovative and Creative Insurance Company went to Mutual Benefits Assurance Plc.

While Stanbic IBTC Pension Managers Limited got the Best Pension Fund Administrator the Year award, its Managing Director, Mr. Eric Fajemisin, won the Pension CEO of the Year award.

Recognition award for the Fastest Growing Pension Fund Administrator went to IEI-Anchor Pension Managers Limited, with Recognition Award for the Insurance CEO of the year going to the Managing Director, Leadway Assurance Company Limited, Mr. Oye Hassan–Odukale, even as the Most Media Friendly Insurance Company award went to Niger Insurance Plc.

Moreover, FBN Insurance Company Limited won the Fastest Growing Insurance Company Award while Boff and Co Insurance Brokers won the Most Media friendly Insurance Broker award, with FBN Insurance Brokers Limited winning the Best Insurance Broker of the Year award.

NEM Insurance Plc got Recognition award for its Iaudable investment in Infrastructural development, while Custodian and Allied Plc won Insurance Consolidation of the Decade Award.

Recognition award for invaluable investment in the Insurance and pension sectors went to Chief Dele Fajemirokun even as recognition award for Insurance Agent of the year went to Asekunowo Sola Helen of Leadway Assurance Company.

Speaking at the event, NAIPCO President, Mrs. Omobola Tolu-Kusimo, said the awardees were chosen after rigorous research and investigation into their financial performance and regulatory compliance of the benefiting companies.

Their performance in terms of balance sheet size, Premium income, Return on Investment, Pension Assets Under Management( for pension fund operators, clientele base and profitability, she said, were taken into consideration when choosing the winners.

The individuals awarded, she added, have contributed to the growth and development of the sectors they play in through investment and advocacy. She equally implored other companies to improve their services to be among the winners next year, urging the awardees not to rest on their oars, but to performance better than what they did in the current year.

The more viable companies we have in both insurance and pension sectors, the better for the economy, as the two sectors will contribute more to the Gross Domestic Product (GDP) of the country, she said.

BPE Financial Bids for Mining Corporation Subsidiaries

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26/10/2017

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L-R: Mr. Yunana Malo, Director, Post-Privatisation Monitoring at the Bureau of Public Enterprises (BPE); Mrs. Imeh Okon, Senior Special Assistant (SSA) to the President on Infrastructure, who represented the Chairman of the Technical Committee of the National Council on Privatisation; and Mr. Alex A. Okoh, Director General, BPE at the financial bids opening for five subsidiaries of Nigerian Mining Corporation and technical consultancy for power sector monitoring.

SECOND ROUND FINANCIAL BIDS RESULTS FOR FIVE SUBSIDIARIES OF NIGERIAN MINING CORPORATION (NMC)

Kujama Quarry, Kaduna State
i) Yusuf Mariri Trading Company – N20, 550,000.00
ii) Duwan Mineral Resources Ltd – N20, 000,000.00

Gano Quarry, Kano State
i) A.Y International Mining Company Ltd – N21, 700,000.00
ii) Nigerian Spanish Engineering – N11, 000,000.00

NIMCO Terrazzo, Jos
i) Alheri (JJ) Nig – N15, 297,000.00
ii) Nensat International Ltd -N9, 100,000.00

Naraguta Bricks & Clay Company, Jos
i) University of Jos, Plateau State – N30, 000,000.00

(Below reserve price)

Maiduguri Bricks & Clay Co Ltd
i) Gargam Inter Services Ltd -N63, 000,000.00

Royal Exchange Targets Agric Insurance to Support Growth

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26/10/2017

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Royal Exchange Plc is set to unlock new growth potentials that will increase consumer value and better returns on investment to its teaming shareholders.

The company with interest in general insurance, life insurance, asset management, healthcare as well as micro finance banking is taking advantage of synergies as a financial conglomerate in its new drive for growth.

This is going to be supported with a new in-road into agric insurance, the country’s new expanding goldmine, having secured approval to underwrite agric-business from the National Insurance Commission (NAICOM).

Speaking to shareholders at its 48^th Annual General Meeting in Kano, Mr. Kenny Ezenwani Odogwu, Chairman, Royal Exchange Plc told shareholders that the future of the company is bright, stating that management has done very well in growing the business and bring stability in her operations.

L-R: Sheila Ezeuko, Company Secretary; Mr. Kenneth Odogwu, Chairman and Alhaji Auwalu Muktari, Group MD/CEO, all of Royal Exchange Plc at the company’s 48th Annual General Meeting (AGM) in Kano.

“As always, Royal Exchange stays abreast with many of the initiatives it has put in place to grow its market share and attain market leadership position.”

According to him, the Group is currently streamlining major components of her business, service delivery, processes and operations to deliver superior returns in the short-term to the shareholders.

“This we believe will reposition our great company as not only a major industry player, but as potential game changer, Odogwu assured.

In the financial year ended December 2016, the Group recorded a 16 percent growth in gross written premium from N10.79 billion in 2015 to N12.52 billion in 2016, while total assets of the group witnessed a growth of 19.4 percent, from N26.5 billion in 2015 to N31.67billion as at December 31, 2016.

Alhaji Auwalu Muktari, Group Managing Director, while responding to shareholders questions, stated that Royal Exchange Plc, will strive to pay dividend next year having maximized available growth opportunities, including investment and underwriting during the year.

“For the future that we behold, our goal is to continuously redefine, reinvent and differentiate ourselves in the market place. The focus would be on achieving sustainable growth for our company through deepening of our revenue base, improving service delivery support system and at the same time keeping a lid on our group-wide costs”.

In recognition of the efforts being undertaken to reposition the company, Royal Exchange Plc recently won two awards from BusinessToday Online as the 2016 Insurance Company of the Year while the Group Managing Director, Alhaji Auwalu Muktari was also adjudged the 2016 Insurance Man of the Year.

About Royal Exchange Plc

Royal Exchange Plc started operations in 1918 and continues to be driven by innovation and a determination to offer services that are of exceptional value to its customers.

Following the recapitalisation exercise in 2007, the company was reorganised into a group structure comprising Royal Exchange Plc as the holding company and five strategic subsidiaries namely:

Royal Exchange General Insurance Company Limited (Non-Life Insurance Services)
Royal Exchange Prudential Life Plc (Life Assurance Services)
Royal Exchange Finance and Asset Management Limited (Financial Advisory Services)
Royal Exchange Healthcare Limited (HMO and Health Insurance)
Royal Exchange Microfinance Bank Limited (Banking Services)

Nigerian Digital Market to Feature at BBM Innovation Event

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26/10/2017

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Creative Media Works operating as BBM Messenger invites stakeholders to the first of its Innovation Information sessions.

Highlighting a focus on fintech, the powerful afternoon would be packed with innovation-rich content, sharing and networking, aimed to help participants innovate and extend their mobile business platform.
Interviews with Adam Pattison, BBM Messenger, VP Americas and EMEA, to discuss the exciting future plans of the messaging platform available on request ([email protected]).

Date:Friday 10th November
Time:14:30pm – 18:00pm
Venue:Protea Hotel Ikeja, Isaac John Street

Agenda:

14:30 – 15:00:Arrival, welcome & introduction.
15:00 – 15:15:Opening speech: Feyi Olubodun, Managing Director/CEO, Insights Publicis opening the day sharing perspectives on the next stage in the digital and mobile space in Nigeria.
15:15 – 15:40: Keynote speaker: Charles Ifedi, Divisional CEO of Interswitch, discusses innovation based on the Interswitch integration into BBM and the functionality of Quickteller: Paycode (ATM & POS); Money Transfer & Airtime Top-up within the BBM App. Charles will also share insights about innovation in Nigeria, the trends and flow of technology in the market.
15:40 – 16:05:Adam Pattison, BBM Messenger, VP Americas and EMEA, discusses the BBM Messenger upgrade, latest app and BBM Messenger news.
16:05 – 16:50:Break for refreshments and late lunch.
16:50 – 17:00:Elsie Oluku, Ariiya Tickets discusses the partnership with BBM and their content and service offering.
17:00 – 17:20:Mobi Hunter outlines BBM’s position in the market, the state of the Nigerian digital market, the victories, the failures and the soon-to-come highlights.

17:20 – 18:00: Q&A, followed by networking

HR: Mercer South Africa, EZ37 Solutions Nigeria in Strategic Partnership

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26/10/2017

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Mercer South Africa (Consulting) (Pty) Limited announced on 25 October 2017 that it has entered into a strategic partnership agreement with EZ37 Solutions Limited, a Nigeria- based Human Resources firm.
Under the terms of the agreement, global human resources consultancy Mercer, will utilize the deep knowledge of the local Nigerian market and the wide relationships already in place to grow their local relationships even further, based on the deep footprint and contacts of EZ37 Solutions.

It will also provide EZ37 Solutions with the opportunity to further broaden its current offering to other local and Multi National players in the Nigerian market and to expand into new products and solution sets.
Anne-Magriet Schoeman, CEO of Mercer South Africa (Consulting) (Pty) Ltd, said: “We are honoured to be partnering with such a strong and reputable player in the local market, we are excited about the growth opportunities this new partnership will offer both entities.”
EZ37 Solutions Limited is a leading Human Resources and Management Consulting firm which was incorporated in 2009 with the objective of providing the entire value chain of Human Resources and Management Consultancy Services.

They specialise in Search & Selection, Recruitment, Soft Skills Training, Human Capital Consultancy and Background Verification. EZ37 Solutions has contributed value to organisations across all major sectors in Nigeria.
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GE Partners African Leadership Varsity to Empower African Professionals with Digital Skills

By

Business Journal

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26/10/2017

0

· This paradigm shift in industrial thinking will allow African companies to leapfrog competition and establish the continent as an industrial powerhouse

The African Leadership University (ALU) and GE Africa recently announced the launch of the ALU Africa Industrial Internet Program.

Powered by GE, the program combines the best of GE’s technical expertise with ALU’s unique learning model in a 12-month professional training program that merges the essential business and technical skills necessary for African professionals to succeed in a digital industrial environment. The program which begins in January 2018 re-emphasises GE’s position as the world’s premier digital industrial company.

In an increasingly connected industrial ecosystem, a staggering amount of data is being generated every moment. Commonly termed ‘Industrial Internet’, it involves connecting software, industrial applications and intelligent analytics to businesses, enabling unprecedented gains in productivity and innovation from these massive datasets.

Leveraged effectively, this paradigm shift in industrial thinking will allow African companies to leapfrog competition and establish the continent as an industrial powerhouse. However, this requires a new generation of talent with a strong technical foundation in big-data analytics, machine learning and web application development, as well as the business acumen to translate technological improvements into business results.
The AIIP employs a blended learning model to participants with a mix of online learning and periodic 3-5 day in-person intensives to be held at the GE Africa Innovation Centre in Johannesburg. This approach provides flexibility to participants enabling them to learn from industry experts, and at the same time, immediately apply what they learn in the program in their daily jobs. The program includes hands-on training on artificial intelligence and machine learning with ALU’s unique entrepreneurial leadership program to prepare professionals for leadership roles entrepreneurial, technology driven work environments.
Participants will work with best-in-class technology including GE’s pioneer platform for the Industrial Internet – Predix to build applications that can solve complex problems for industrial companies. Participants will be taught by industry practitioners who bring in years of experience in their fields.
Reinstating GE’s commitment to Africa, Roti Balogun, Director, Learning & Development, GE Africa said:

“It’s an exciting period for us to take the lead in building digital industrial capabilities on the continent with this game-changing program. Our focus on the key recommendations from the World Economic Forum on the Future of Work, and this great partnership with the ALU, will no doubt continue to strengthen education systems with closer ties to industry across Africa. We remain committed to developing the next generation of leaders in this transformative digital age.”
Commenting on the launch of the program, ALU Founder and CEO, Fred Swaniker stated “We are delighted to partner with GE to offer a program that holistically prepares current and future professionals to harness the full potential of artificial intelligence in building their businesses, creating jobs and transforming lives. GE’s commitment to innovation and technology transfer in Africa resonates with ALU’s vision to harness technology and innovation to leapfrog Africa’s economic transformation.”

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