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Equities Extend Losses to Third Consecutive Session… NSE ASI down 1.5%

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At the close of trade today, the equities market extended losses to the third consecutive session as the benchmark index fell 1.5% to close at 35,629.13 points while YTD gain retreated to 32.6%. Consequently, investors lost N185.0bn as market capitalisation settled at N12.3tn.

Performance was dragged by losses in large cap stocks such as DANGCEM(-3.8%), GUARANTY (-0.5%), ACCESS (-3.9%) and DANGSUGAR (-4.9%). However, activity level improved as volume and value traded surged 66.1% and 93.8% to 239.9m units and N2.9bn respectively.

  • All Sector Indices Save For Insurance Close in the Red

Sector performance was largely bearish as all indices closed lower save for the Insurance index which 0.3% due to upticks in CONTINSURE (+4.5%) and NEM (+1.0%). The Industrial Goods index led losers, down 1.8% on account price depreciation in DANGCEM(-3.8%) while the Banking index followed, shedding 0.8% as a result of declines in GUARANTY (-0.5%) and ACCESS (-3.9%).

FIDELITY released its H1:2017 report today which showed Gross Earnings and PAT expanded by 22.1% and 65.6% Y-o-Y to N85.8bn and N9.0bn respectively. Similarly, the Oil & Gas index slid 0.5% owing to negative sentiment towards MOBIL (-5.0%). Losses in GUINNESS (-3.6%) dragged the Consumer Goods index 0.1% lower.

  • Investor Sentiment Weakens

Investor sentiment remained weak as market breadth (advancers/decliners’ ratio) dropped to 0.2x (from 0.5x recorded yesterday) – 7 stocks advanced against 30 that declined. The best performing stocks today were CUTIX (+10.0%), MAYBAKER (+4.5%) and CONTINSURE (+4.5%) while NAHCO (-5.0%), FIRSTALUM (-5.0%) and MOBIL (-5.0%) were the worst performers.

The continuous decline in market performance as seen in previous sessions presents an opportunity for bargain hunters to take advantage of stocks that had declined. Hence, we anticipate a rebound in the equities market in subsequent trading sessions this week.

Market Statistics: Wednesday, 30th August 2017

Market Cap (N’bn)              12,280.4
Market Cap (US$’bn)                    40.2
NSE All-Share Index            35,629.13
Daily Performance %     (1.5)
Week Performance %         (3.9)
YTD Performance %                  32.6
Daily Volume (Million)                 239.9
Daily Value (N’bn)                      2.9
Daily Value (US$’m)         9.6

Law Union & Rock Targets N1bn Profit by End 2017

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The executive management of Law Union & Rock Insurance Plc at a recent event in Lagos.

Law Union & Rock Insurance Plc says it is projecting profit after tax of N1 billion by the end of 2017 jus as its profit rose by four percent in the second quarter from N307.3 million in 2016 to N318.7 million in the same period of 2017.

Mr. Jide Orimolade, Managing Director/CEO, Law Union & Rock Insurance Plc, said the company achieved gross premium income of N2.7 billion in the first half of the year as against N2.3 billion in 2016. The underwriter also paid claims of N622.5 million in the half year ended June 30, 2017 to underline its commitment to prompt settlement of claims to its policyholders.

Orimolade said:

“Law Union is a well-known underwriting firm with a stable outlook and result-oriented management. We have numerous strategic initiatives which have contributed immensely to the growth of our financials. The company is not only determined to meet all her obligations to policyholders, it is also committed in adding value to customers through disruptive innovation that delivers seamless, convenient and stress-free business ecosystem.”

The executive management of Law Union & Rock Insurance Plc at a recent event in Lagos.

The company listed its 2017 corporate goals as:

  • Grow gross premium income by 50 percent
  • Retain 90 percent of existing customers
  • Grow direct & retail businesses
  • Improve relationship with brokers and other channels
  • Achieve improved credit rating from A- to A+ by GCR
  • Become the preferred first choice underwriter amongst general insurance business providers in Nigeria

NPA Approves New Structure to Drive Efficiency

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Hadiza Usman MD, NPA
Hadiza Usman - MD, NPA

The Board of the Nigerian Ports Authority (NPA) has approved a new organisational structure and the commencement of a Business Process Re-engineering initiative that will create synergies to improve efficiency. It has also approved the redistribution of all General Managers in its employ.

The far reaching initiatives which are aimed at making the NPA a truly professional and performance driven organisation, were approved at a board meeting which on July 27, 2017 in Lagos.

The management notes that this review has become important because NPA’s structure has remained the same in spite of the 2006 concession which changed the Authority status from owner/operator to landlord.

This change in status brought about the concession of cargo handling operations to the private sector; outsourcing of dredging, towage services and vessel maintenance, use of contractors to build infrastructure.

Changes approved by the Board include:

the reduction in the number of General Managers from 25 to 22; the upgrade of the Hydrography and Dredging Department into a Division status to be headed by a General Manager in recognition of its strategic importance to the Authority;  the upgrade of the Information and Communications Technology Department  into a Division to take more responsibilities from Departments like Utilities; the creation of a new Monitoring and Regulations  Division; the merger of the Capital Projects and Maintenance Divisions into a single Engineering Division to eliminate redundancies; the scrapping of the Special Duties Division; scrapping of the zonal office structure such that departments in the ports will now report directly to the head office.

Hadiza Usman MD, NPA
Hadiza Usman – MD, NPA

Other decisions taken include: a change in the nomenclature of nine departments and divisions including Public Affairs, which will now be known as Corporate Communications; Overseas Office (London Office) into International Liaison Office; Capital Projects and Maintenance Divisions now to be known as Engineering Division; Hydrography& Dredging Department now Hydrography  Services Division; Monitoring and Compliance Division now Monitoring and Regulation Division; Commercial and Port Promotion Services Department now Tariff& Billing Department; Secretary/Legal Services now  Legal Services; Insurance & Risk Management Department now Enterprise Risk Management Department andthe Business Development and Joint Venture Department into Public Private Partnership Division.

The Authority is convinced that this new structure will enhance its capacity to:

  • To meet its new mandate and strategic direction,
  • Improve allocation and optimisation of resources;
  • Eliminate the duplication of resource and work duplication and
  • Reduce cost to income ratio to the advantage of all stakeholders and Nigerians as a whole.

In addition to the above, the initiative will specifically forestall:

  • The duplication of responsibilities across divisions
  • The unnecessary bottleneck currently created by the zonal office structure
  • Redundancies created by the transfer for certain core function of the Authority to third party contractors and
  • The multiple reporting relationships and attendant red tape.

The business process re-engineering process is the next phase of the re-organisation and it will detail work procedures that will enable the Authority take full advantage of the technology that has already been deployed and terminate the low capacity utilisation engendered by manual processes.

The Authority assures that the ultimate goal of this initiative is to institute a transparent and efficient system which will deliver the best dividend to Nigeria and its citizens. We solicit the support of all Nigerians to the achievement of these goals.

Insurance Customers Meet at Insurance September

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“The transformational changes we expect in the insurance industry in Nigeria will occur when policyholders (insurance customers) understand the value of insurance and positively engage insurance operators to deliver on their promises and commitments.”

This was the assertion of Ekerete Ola Gam-Ikon while speaking on the upcoming policyholders’ event, ‘Insurance September’ put together by select professionals.

Ekerete, a respected Consultant on Insurance, Management and Strategy, stated that the time has come to discuss the insurance industry in Nigeria from the point of the positive experiences of policyholders and, to some extent, investors.

According to him, Insurance September is a developing idea that evolved from several interactions with other professionals, business owners, policymakers, entrepreneurs and consultants concerned about the challenges the insurance industry faces in trying to respond to the increasing expectations of customers in our clime.

He said Insurance September was therefore the opportunity for policyholders to share practical ideas that will improve their experiences with the insurance operators.

“Policyholders are no longer impressed with being told that insurance is highly technical and left confused when they have claims” he said.

Themed “Breaking the Code”, the event scheduled to hold on September 29, 2017 is expected to feature well respected speakers including Mr. Olufemi Awoyemi of Proshare, Mrs. Ini Abimbola of ThistlePraxis, Mr. Dienye Peterside of Pilot Finance, Mr. Charles O’Tudor of Adstrat, Mrs. Edobong Akpabio of Organic Green Animal Farms, Mr. Abiodun Atobatele of ATB Techsoft, Mr. Emmanuel Essien of Alpha Mead Capital, Mr. Olugbolahan Mark George of Mark George Consultants and Mr. Emmanuel Udowoima of BrandHealth. They will share insurance experiences from their professional perspectives.

According to Ekerete Ola Gam-Ikon, who had also worked with leading insurance brands in Nigeria, the event is holding in Lagos, the commercial capital of Nigeria and home of insurance business; to ensure quality participation from all stakeholders.

Guests, largely insurance customers, are sure to enjoy a day of innovative insurance discourse that will ultimately deepen insurance penetration in Nigeria.

Rivers State to Host 2017 Editors’ Conference

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Chief Nyesom Wike Executive Governor Rivers State
Chief Nyesom Wike Executive Governor Rivers State

Rivers State will host this year’s edition of the All Nigeria Editors’ Conference (ANEC 2017) which holds in Port Harcourt from Wednesday, September 20 to Sunday, September 24.

ANEC is the annual flagship conference of the Nigerian Guild of Editors (NGE). This year’s event themed: Nigerian Media – Balancing Professionalism, Advocacy and Business will also have an extraordinary convention to adopt the reviewed NGE constitution.

The Nigeria Guild of Editors has in recent years dedicated its annual conference to fostering and deepening discourses on national issues. This year, the Conference is focusing on the media as a major stakeholder in the nation’s democratic project.

Now in its 13th year, this is the second time that ANEC will focus solely on the media after its first edition held in 2004 in Ada, Osun State, with the support of the government of the then Governor Olagunsoye Oyinlola. The theme of the 2004 conference was: Ethics, Professionalism and the Nigerian Editor.

According to Egbemode, the choice of this year’s theme was a response to popular demand by members of the Guild on the need for the Guild to discuss the myriad challenges confronting the journalism profession and proffer lasting solution to them.

Chief Nyesom Wike Executive Governor Rivers State
Chief Nyesom Wike
Executive Governor
Rivers State

The prevailing economic downturn has had a negative impact on the media leading to low revenue receipts, job losses with several media houses either extinct or on the brink of collapse.  There is also the issue of safety of journalists.

In recent time, there have been cases of impunity against journalists who were either harassed or killed in the course of discharging their constitutional duty which is to uphold the responsibility and accountability of the government to the people.

All of this has necessitated the theme of this year’s ANEC which will be attended by no fewer than 300 Nigerian editors from the print, electronic and online platforms, media entrepreneurs, sundry public officers and administrators.

Governor Wike said that the conference would afford the state the opportunity to showcase its investment potential as well as consolidate its partnership with the media for sustainable development of the state.

Wike noted that the state is hosting several national and international events as a demonstration of the fact that Rivers State is an investors’ destination, stressing that the state is peaceful and the people hospitable.

“Hosting this year’s conference will also make the editors witness first-hand the development projects and programmes of my administration which has improved the living standard of the people”, the Governor said.

ANEC is the largest gathering of Nigerian editors. It is a watering hole of ideas that has shaped government policies and programmes over the years. The conference also attracts both local and foreign speakers as well as editors from organizations such as the West African Editors Forum (WAEF), the African Editors Forum (TAEF), the World Editors Forum (WEF), the World Association of Newspapers (WAN) and the Global Editors Network (GEN).

New Bills Threaten N6.5trn Pension Assets

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PenOp

The Pension Fund Operators Association of Nigeria (PenOp) has warned that pension assets in the country currently valued at N6.5 trillion could be at risk if multiple bills on the pension system at the National Assembly become law.

PenOP President, Eguarekhide Longe said prominent among the Bills, include one sponsored by Hon. Oluwole Oke on May 16, 2017 seeking to amend the Pension Reform Act 2014 to exclude members of the Nigeria Police, the Nigerian Security and Civil Defence Corps, Nigeria Customs Service, Nigeria Prison Service, Nigeria immigration Service and the Economic and Financial Crimes Commission from the application of the Contributory Pension Scheme (CPS) and other related matters.

He said the Bill passed its second reading and has been referred to the relevant Committee of the House of Representatives for further action.

He stated that an additional cause for concern regarding the legislature arose on May 10, 2017, when yet other private member’s Bill sponsored by Senator Aliyu Wamako (Constituency – Sokoto North) sought to pass a Law for “An Act to Further Amend the PRA 2004 to Provide for Definite Percentage a Retiree Can Withdraw from his RSA and for Other Matters Related Thereto.”

He noted that this permits retirees to withdraw a definite rate of 75 per cent of the value of their RSA upon retirement, leaving only 25 per cent to be spread over their expected years of retirement as periodic pension payments.

He explained that the proposal is based on a misunderstanding of the concept of pension payment under the CPS.

Longe stressed that it is pedestrian to assume that lump sum should be fixed, rather, what should be implemented is a minimum replacement ratio as monthly pensions.

“Accordingly, the retiree should keep an amount that can procure an amount of monthly pensions as replacement of salary over an expected life span. Whatever remains over that amount may be taken as lump sum. The current replacement ratio under the CPS is 50 per cent of last pay by virtue of the PRA 2014 and regulations issued by the Commission. One of the objectives of the CPS is to assist improvident individuals by ensuring that they save in order to cater for their livelihood during old age.

“The proposed amendment would mean leaving only 25 per cent to be spread over the lifespan of the retiree, which may be longer than 20 years, thus giving meagre monthly pensions below the current replacement ratio of a minimum of 50 per cent of last pay. It is doubtful if the 25 per cent balance in a retiree’s RSA, after deduction of 75 per cent lump sum, would, if spread through the retiree’s expected life span, be adequate to reasonably cater for his livelihood during old age. Accordingly, the proposed amendment would only result in the depletion of the RSA without regard for the retiree’s continued subsistence, thereby impoverishing retirees.”

Equities Market Extend Losses To Third Consecutive Session… NSE ASI Down 2.7%

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The negative trend in the equities market was extended into the third consecutive trading day as the All Share Index (ASI) fell 2.7% to close at 36,102.38 points whilst YTD gain further moderated to 34.3%. Accordingly, market capitalisation declined by N346.1bn to settle at N12.4tn.

The poor performance was majorly attributable to negative sentiment towards DANGCEM (-4.9%) and GUARANTY (-4.7%) in addition to profit taking in NIGERIAN BREWERIES (-2.6%) and ZENITH (-3.3%). However, activity level on the exchange waned as volume and value traded dipped 42.6% and 6.4% to 224.8m units and N5.1bn respectively.

Industrial Goods Index Tops Sector Losers
Performance across sectors was bearish as all indices trended southwards. The Industrial Goods index led losers, down 3.1% on account of sustained losses in DANGCEM (-4.9%) and WAPCO (-1.7%).

The Banking index followed suit, down 2.8% due to declines recorded in GUARANTY (-4.7%), ZENITH (-3.3%) and ACCESS (-5.0%). GUARANTY released its H1:2017 earnings result today, growing Gross Earnings and PAT by 2.0% and 16.6% to N214.1bn and N83.7bn respectively.

In the same vein, the Consumer Goods and Oil & Gas indices fell 1.0% apiece on account of price depreciation in NIGERIAN BREWERIES(-2.6%), GUINNESS (-2.2%), TOTAL (-4.0%) and FORTE (-2.9%) respectively. Similarly, the Insurance index marginally declined 0.1% owing to a drop in price of LINKASSURE (-1.3%).

Investor Sentiment Remains Weak
In line with benchmark performance, market breadth remained weak, as the ratio of advancers to decliners settled at 0.3x (same as yesterday’s close of 0.3x) after 10 stocks gained against 30 losers.

CILEASING (+5.2%), VITAFOAM (+4.4%) and UPL (+3.7%) led the gainers’ chart while ACCESS (-5.0%), FCMB (-5.0%) and STANBIC (-4.9%) were the worst performers.

As we noted yesterday, market performance remains driven by profit taking after the sustained rally in prior weeks.

Nonetheless, we believe this negative trend will be reversed on account of bargain hunting. Hence we anticipate a rebound in the equities market in subsequent sessions this week.

Market Statistics:  Wednesday, 16th August 2017

Market Cap (N’bn)              12,443.5
Market Cap (US$’bn)                    40.7
NSE All-Share Index            36,102.38
Daily Performance %     (2.7)
Week Performance %         (5.4)
YTD Performance %                  34.3
Daily Volume (Million)                 224.8
Daily Value (N’bn)                      5.1
Daily Value (US$’m)         16.7

 

Global Airlines Financial Monitor: July 2017

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IATA
  • Initial airline financial results from Q2 2017 have been more robust than earlier in the year, and suggest that the squeeze on profit margins from higher costs and weak yields peaked in Q1.
  • Meanwhile, having trended downwards since 2013, the latest monthly data suggest that passenger yields have now started to trend upwards. Exchange rate-adjusted yields were broadly unchanged from their year-ago level in May.
  • Global airline share prices fell in July, driven by a decline in the North America index. Having seen airline shares outperform global equities over the past year, July’s decline appears, in part, to reflect profit taking by investors.
  • Brent crude oil prices rose back above US$50/bbl in July, and ended the month nearly 10% higher than they started it. Nonetheless, the futures market remains consistent with just a modest increase in prices over the medium term.
  • Passenger and freight demand growth posted their strongest first half of the year since 2005 and 2010 respectively. The seasonally-adjusted passenger load factor remained broadly stable close to an all-time high over the same period, while the freight load factor recovered to its highest level in more than two and a half years.
  • The pick-up in global trade is helping to support premium passenger demand, particularly to, from and within Asia Pacific. Premium revenues have risen in year-on-year terms on key routes to and from the region so far in 2017.

PenCom, Operators Oppose 75% Lump Sum Bill

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L:R- Company Secretary, NPF Pensions Limited Ikechukwu Utazi; Managing Director, FUG Pensions, Usman Sulaiman; Head, Research and Corporate Strategy Department, National Pension Commission (PenCom), Dr. Farouk Aminu; President, Pension Funds Operators Association of Nigeria (PenOp), Longe Eguarekhide; Executive Secretary, PenOP, Susan Oranye; Executive Director, Investment, NPF Pensions Limited, Nicholas Nnaji and Managing Director, AXAMansard Pension, Dapo Akinsanya at the 2017 pension retreat in Abeokuta, Ogun State.

The National Pension Commission (PenCom) and Pension Funds Operators Association of Nigeria (PenOp) have jointly opposed a bill at the National Assembly seeking payment of 75 percent lump sum to a retiree upon retirement as against the current 50 percent enshrined in the Pension Reform Act 2014 and regulations by PenCom.

The bill was sponsored by Senator Aliyu Wamako, former executive governor of Sokoto State.

In a position paper, Mrs. Aisha Dahir-Umar, Acting Director-General of PenCom faulted the bill on the ground that it is based on a misunderstanding of the concept of pension payment under the Contributory Pension Scheme(CPS).

“It is trite that lump sum should not be fixed. Rather, what should be implemented is a minimum replacement ratio as monthly pensions. Accordingly, the retiree should keep an amount that can procure an amount of monthly pensions as replacement of salary over an expected life span.”

She also countered that the proposed amendment would mean leaving only 25 percent to be spread over the life span of a retiree, which may be longer than 20 years whereas one of the objectives of the CPS is for people to save to cater for their livelihood during old age.

L:R- Company Secretary, NPF Pensions Limited Ikechukwu Utazi; Managing Director, FUG Pensions, Usman Sulaiman; Head, Research and Corporate Strategy Department, National Pension Commission (PenCom), Dr. Farouk Aminu; President, Pension Funds Operators Association of Nigeria (PenOp), Longe Eguarekhide; Executive Secretary, PenOP, Susan Oranye; Executive Director, Investment, NPF Pensions Limited, Nicholas Nnaji and Managing Director, AXAMansard Pension, Dapo Akinsanya at the 2017 pension retreat in Abeokuta, Ogun State.

“Retirees will spend the money quickly and return to dependency and insecurity” if the 75percent lump sum bill succeeds while “retirees will return to active life rather than retirement, thereby reducing their life expectancy.”

PenCom also argued that the amendment will impact the national economy negatively by drawing large amounts out of the pool of pension assets.

In the same vein, the Pension Funds Operators Association of Nigeria (PenOp) warned that allowing retirees to draw 75 percent lump sum will leave such retirees with meagre monthly pensions below the current replacement ratio of a minimum of 50 percent of last pay.

“It is doubtful if the 25 percent balance in a retiree’s Retirement Savings Account (RSA) after deduction of 75 percent lump sum, would, if spread through the retiree’s expected life span, be adequate to reasonably cater for his livelihood during old age.”

PenOp, which is the umbrella body of pension fund operators in the country, also warned that with 75 percent lump sum in their kitty, retirees will become targets for unscrupulous business opportunities due to their lack of experience in handling or investing such bulk sums, and will spend the money quickly and return to square one.

“A 75 percent lump sum payment upon retirement is never the case in all jurisdictions operating the Contributory Pension Scheme the world over.”

According to PenOp “it is important that members of the legislature and indeed all arms of government are held accountable for the ill-informed decisions they take that have indelible effects on the lives of the people they govern. Also, urgent attention of the public and government needs to be drawn to convey the positive message of pension reform to all the publics and stakeholders of the pension system in Nigeria.”

NCC Summons GLO, Suspends Promotion

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Prof. Umar Danbatta EVC of NCC
Prof. Umar Danbatta EVC of NCC

The Nigerian Communications Commission (NCC) has summoned he management of Globacom Limited to appear before the Commission in Abuja on Thursday, August 17, 2017 for allegedly violating the terms of its GLO Overload Promotion. The Commission also ordered Globacom to suspend the promo immediately pending the outcome of the summons.

In a letter (NCC/Glo/F76/vol/13/2017) dated August 10, 2017 and signed by Sunday Dare, Executive Commissioner, Stakeholders Management and Abdullahi Maikano, Director Consumer Affairs of NCC, the Commission stated as follows:

“It has however come to our notice that Globacom Nigeria Limited has been implementing the above regulatory approval in breach, especially given your recent media campaign on the “Glo Free Data Offer, a clear departure from the terms and condition of the approval given for the Glo Overload Promotion.

Consequent upon the above, you are hereby directed to suspend implementation of the Glo Overload Promotion from your network with immediate effect.”

Dettol Nigeria Support Better Hygiene During Breastfeeding

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L-R: Nursing mother, Mrs. Adenekan Taibat; Marketing Director, RB West Africa, Aliza Leferink; Chief of Party, Stop Diarrhea Initiative, Save the Children International, Nigeria Chapter, Mr. David Atamewalen; Community Leader, Save the Children International, Mrs. Bunmi Farayola during the Breastfeeding Week organised by RB Dettol and Save the Children International.

The World’s leading consumer health and hygiene company, Reckitt Benckiser (RB), makers of Dettol, has urged nursing mothers to embrace good hygiene practice during breast-feeding.

This was reiterated upon at a breast-feeding workshop, titled ‘Sustaining Development Together’ which was carried out in partnership with Save Our Children International, Nigeria Branch in Lagos, recently.

This event was organised to mark the World Breast-Feeding Week which is celebrated between August 1st and 7th in more than 170 countries. It had in attendance over 500 nursing mothers from the Shomolu Local Government Area in Lagos, Nigeria, and they were taught proper hygiene for themselves, their babies and the whole family. They were also each given Dettol antiseptic liquid and a book on hygiene to help practice this.

According to the Marketing Director, RB West Africa, Aliza Leferink, “at RB, we reach an average of 700 thousand mothers yearly through our New Mum’s Programme where we educate about proper hygiene for mothers and their babies.”

L-R: Nursing mother, Mrs. Adenekan Taibat; Marketing Director, RB West Africa, Aliza Leferink; Chief of Party, Stop Diarrhea Initiative, Save the Children International, Nigeria Chapter, Mr. David Atamewalen; Community Leader, Save the Children International, Mrs. Bunmi Farayola during the Breastfeeding Week organised by RB Dettol and Save the Children International.

“Breast Feeding is all about giving babies a healthy life, and at RB, we are committed to providing products such as Dettol Antiseptic Liquid and Dettol Soap that can help mothers have healthier lives and happy homes.”

She went on to add: “Hygiene is very important when it comes to eliminating illnesses, and nursing mothers should always wash their hands and clean themselves up before breast feeding their kids. Reckitt Benckiser is proud to partner with the Save The Children in “The Stop Diarrhea Initiative” (SDI), and educating nursing mothers on proper breastfeeding habits is a part of that.”

Also, speaking at the event, the Chief of Party, Stop Diarrhea Initiative, Save the Children International, Nigeria Chapter, Mr. David Atamewalen stated that “it is good to breast feed babies in the first 6 months after delivery. I appeal to all men to encourage and support their wives to breast feed their babies exclusively for the first 6 months of life. When they do this, their babies will not come down with diarrhea, cholera, and other illnesses.”

On the other hand, the Advocacy Advisor, Save The Children International Nigeria chapter, Mrs. Folake Kuti, elucidated more on the breast-feeding campaign.

“Breast Feeding should be encouraged in organisations. Men are implored to give their support to the success of breast feeding in their various capacities. We are celebrating this year’s Breast Feeding Week to remind us that we still have a long way to go in terms of babies dying of diarrhea and cholera.”

At the event, participants were also taught proper hand washing steps to ensure they stay germ free, and how to clean their environments with Dettol Antiseptic Liquid.

RB’s vision is a world where people are healthier and live better. The company purpose is to make a difference by giving people innovative solutions for healthier lives and happier homes.

Over the years, RB Nigeria has been in collaboration with Federal Ministry of Health, Nigerian Medical Association and Save the Children International to actively and consistently promote the message of good health and hygiene in Nigeria.

SMILE, RenMoney Unveil Financing Initiative for Clients

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Godfrey Efeurhobo MD/CEO Smile Communications Limited
Godfrey Efeurhobo MD/CEO Smile Communications Limited

Smile Communications Limited and RenMoney have announced the launch of a flexible financing initiative in partnership to offer existing and prospective clients of Smile Communications the opportunity to own a Smile 4GLTE device that includes a data plan, especially for individuals and families.

This unique collaboration provides ease and flexibility of payment for everyone to have access to Smile’s SuperFast, SuperReliable quality and affordable internet and voice services. The offer is available to all customer segments.

Speaking on the initiative, Managing Director of Smile, Mr. Godfrey Efeurhobo, said: “Smile is committed to creating opportunities that will enable our customers to enjoy the best broadband internet experience by providing differentiating solutions that will enrich their lives. Explaining further, he said that the initiative was developed with the aim to reducing the burden of acquisition cost on customers, extend connectivity and access to internet to more Nigerians, make quality internet access affordable and empower them to do more and succeed in their respective endeavours.”

Also speaking on the initiative, the CEO, RenMoney Microfinance Bank Limited said: “Partnering with Smile on this project was an obvious choice as it aligns with RenMoney’s objective of providing inclusive, convenient and simple payment solutions. We have, therefore, developed a convenient customer experience that is open to all.  It is something we have a passion for, and we are excited about this partnership to provide access to SuperFast, SuperReliable and affordable 4GLTE service to all Nigerians.”

Acclaimed as the pioneer of 4G LTE technology in West Africa, Smile Nigeria is noted for continuously enhancing services to expand on the existing market offers in a bid to provide real value adding products and services. This aligns with Smile’s global vision and mission to be the mobile broadband provider of choice in its markets, whilst enabling its customers to do and achieve more.

Emirates FA Cup Sponsorship Extended to 2021

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Emirates and the English Football Association have announced a three year contract extension to their successful existing partnership. The agreement will see the tournament continue to be named The Emirates FA Cup through until 2021.

In 2015, Emirates became the title partner of the FA Cup, the world’s most prestigious domestic cup competition.

The partnership between Emirates and the FA’s flagship competition has helped widen the reach to fans around the globe. Just ahead of the semi-finals in April of last year, the airline unveiled an exclusive Emirates FA Cup branded A380, with the logo of the iconic cup adorning both sides of the double-decked aircraft.

The Emirates FA Cup branded aircraft has made its way to the extensive Emirates A380 network, allowing fans from around the world to connect with the competition in a unique way.

The airline also took the coveted Emirates FA Cup trophy on its first-ever trip to Africa with a stop at the airline’s headquarters in Dubai in October 2016. The four day tour through Ghana and Kenya including visits to schools and training centres allowed thousands of football fans in Africa to get a little closer to the competition and gave them the opportunity to be photographed with the popular trophy. There are plans in place to extend the tour to take the Cup to even more cities on the Emirates network in the coming year.

The 2017/18 Emirates FA Cup tournament began on Friday, August 4 and saw 737 teams entering the competition and 185 extra-preliminary games taking place across the country. Last year’s competition involved more than 11,000 players from over 700 teams, playing in matches attended by over 1.8 million fans.

Sir Tim Clark, President of Emirates Airline said:

“We remain incredibly proud to continue our role as the first ever title sponsor of such a prestigious and historic tournament. The spirit of this competition, bringing together both small clubs and Premier League giants alike to face each other before an audience of passionate fans is what drives us to continue our investment in this tournament. Through our support of the Cup, Emirates remains committed to the sport of football and its continued development. We look forward to the future of our partnership and helping to connect fans across the globe to one of the world’s most celebrated sports.”

Mark Bullingham, FA Group Commercial Director added:

“We are delighted to be continuing our partnership with Emirates through to 2021. Working alongside such a well-established and iconic global brand has helped us to make the competition more accessible to fans across the world. With the support of Emirates, last season’s competition reached over 912 million fans worldwide. The partnership will also allow us to continue our investment into the game at all levels. We look forward to continuing to work together to ensure the Emirates FA Cup remains the best loved and revered domestic cup competition in the world.”

The competition continues with the preliminary round on the weekend of 18/19 August and will culminate in a showpiece Final at Wembley Stadium connected by EE on Saturday, 19 May, 2018.

Taxation of Housing in Africa

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The Centre for Affordable Housing Finance (AUHF) in Africa has commissioned a paper on the impact of tax policy on affordable housing in Africa.

The paper will be deliberated at the 33rd AUHF Conference and Annual General Meeting, to be held in Kampala, Uganda, from 17-19 October 2017, with a view to establishing a position for lobbying by members and the AUHF, in their respective countries and across the continent.

Broadly, the paper will provide an overview of taxation frameworks relevant to residential real estate.

‘We are thinking about all forms of taxation: property tax, sales tax, income tax, corporate tax, import duty, estate duties, etc.  Specifically, we wish to understand the impact of current taxation arrangements on affordable housing – its delivery, its trade, and financing, the investment it is able to attract, and ultimately, its cost.  We are interested in both housing for sale (new and resale) and rental, etc.’

Cybercrime Growth Highlights Need for Short-Long-term ICT Education in SA

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The Joburg Centre for Software Engineering’s (JCSE) seventh annual ICT skills survey showed that South Africa continues to lag behind other African countries, such as Kenya, Nigeria and Egypt, in information communication technology (ICT) skills training and an emphasis on the contribution that technology plays in contributing to economic growth.

In the current environment of increasing cybercrime attacks globally, this makes the need to upskill our citizens even more crucial, both at corporate level as well as in our schools.
This is according to Anton Jacobsz, Managing Director at value-added reseller, Networks Unlimited, who says:

“Recent reports from Australia showed that a cybersecurity skills shortage in that country is putting public and private sectors at risk, as there are not enough skilled people to fight cybercrime, and that cybercrime is on the rise in that country. An annual survey showed that almost 60 percent of businesses in Australia had experienced at least one disruptive security breach per month during 2016, as compared to just 23.7 per cent the previous year. This survey shows quite definitively that cybercrime is on the rise in Australia, and we can undoubtedly extrapolate from this the need to be on cybercrime security alert in South Africa also. No country is immune, as the global ransomware cyber-attacks – Petya and WannaCry, in late June and mid-May respectively – recently showed. South Africa experienced disruption in just the same way as European countries and the United States.”
Jacobsz says that, given the increasing risks of cybercrime and the technology disruption being experienced by all industries today, the need to educate is of critical importance. “Industries today need to embrace innovation to grow their business and ensure a constant revenue stream, otherwise they will become, quite simply, obsolete.

Around the world, digital transformation is changing the way that organisations transact, from being manual paper-based transactions to fully electronic or fully digital, and this in turn is opening up cybercrime opportunities.  While we arguably have some way to go, South Africa is following this trend towards increasing digitilisation. It is therefore very worrying to note South Africa’s poor performance as measured by the JCSE’s seventh annual ICT skills survey. There is a clear need to upskill the country’s citizens.”
Jacobsz adds that specialised skills addressing new technologies are highly sought after globally.

“We have seen in Australia that the rising threat level in business and government has sparked a recent hiring rush, with employers offering jobs to IT students from around that country, and notably often before they have even graduated. This, clearly, is not ideal. For South Africa, in addition to in-house internships and mentorships, we would propose that school curricula should include exposure to, and training, of ICT skills for every learner. This should start as early as the country’s foundation education curriculum, which is from Grade R to Grade Three.

“On top of that, the ICT curriculum should ensure that matriculants are job-ready when they leave school. The same holds true for universities and colleges – we want students to be more empowered practically and not only theoretically. In other words, we need a two-pronged approach in ICT skills training and education: upskilling adult employees right now, as well as taking a longer-term approach by looking at the schools and even the tertiary institutions.”

Jacobsz says that, at the same time as South Africa ensures a stronger focus on ICT skills training, we also need to ensure proper remuneration within the industry.

He clarifies:

“When we think about growing ICT skills and with them a strong cyber-security focus in South Africa, we need to guard against a situation in which our brightest and best are poached by overseas companies. This has happened in Australia, where there has been an exodus of expertise. Learning from this, in South Africa we need to craft a situation in which the technology world can assist with job creation and, in turn, ongoing economic development within the country. So not only do we need to train our technology employees, we also need to offer them attractive job opportunities and salaries in order to keep them here once they have graduated.”

Jacobsz says online learning is a necessary tool that should be used in ICT training, both within the workplace as well as in schools.

“In our view, online learning should be viewed as a serious socio-economic investment that results in additional life skills as well as expert skills. Sadly, the reality in our country is insufficient, or indeed in many cases, no hardware, software or accessibility to information technology devices in schools, leading to a further future workforce gap. Added to this is that quality education on how to use technology for everyday use is weak – something we are seeing more and more when recruiting.”
He concludes:

“As well as looking to short-term solutions by supporting employees in-house through internships, mentoring and on-line learning opportunities, we also need to look at our school curriculum. Here, we need to think longer-term, by starting to train learners at school level already. If we do not address the need for ICT training in schools, the cyber skills shortage today is only going to get worse into the future.”