The Director-General of Bureau of Public Enterprises (BPE), Mr. Alex A. Okoh (2nd right), rings the closing bell for the day’s business at the Nigerian Stock Exchange (NSE ), Lagos. With him are Pai Gamde, Acting Head of Corporate Services at NSE; Mr. Oscar N. Onyema, Chief Executive Officer of NSE; and Alhaji Baba Mohammed, Head of Capital Market at BPE.
Jumia Launches Jumia Bot, Nigeria’s First E-commerce Bot
True to its mission of expanding horizons, Jumia introduced on 2nd October Jumia Bot, Nigeria’s first e-commerce Bot. Using Jumia Bot, shoppers can order food, find fashion or electronic items and book hotels and flights by simply having an online conversation with the bot.
This innovation, powered and hosted by Facebook Messenger, was officially launched on 2nd October in Nigeria and will offer Nigeria’s 18 Million Facebook users the ability to get their own personal Jumia shopping assistant directly on Facebook Messenger.
The Jumia Bot works by asking customers what they’re looking for, and then using their answers to uncover the best offers. For example, to get access to the best hotel and airfare deals on Facebook Messenger, a user can simply provide his or her preferred date and destination to the bot in order to see the top recommendations.
Once a user’s criteria is selected, Jumia Bot will remember and use the research for his or her next order. The bot, developed by Jumia with support from Facebook, uses Artificial Intelligence (AI) and natural learning process to hone in and learn users’ preferences over time in order to make recommendations that are personalized, timeline and useful to the shopper. The shopper’s post-order experience is also integrated into Jumia Bot. As a result, shoppers can track their orders and contact the Customer Service team for follow-up questions.
“When we launched Bot for Businesses on Messenger, our goal was to help companies make meaningful connections with their customers in order to meet their business goals.” said Emeka Afigbo, Head, Platform Partnerships, Middle East and Africa at Facebook. “We are excited to be part of the story in providing technology solutions to one of Africa’s leading e-commerce websites.”
In a statement on the significance of this new service, Juliet Anammah, CEO Jumia Nigeria said, “Jumia Bot has a very simple yet important objective: to help our customers get to personalized deals on Jumia Nigeria. We are pleased to unveil this new dimension of e-shopping for the Nigerian customer, and excited about helping to pioneer the next wave of local content and tech tools within our ecosystem.”
Emirates, flydubai Partnership Announce First Codeshare Routes
Following the commencement of their partnership, Emirates and flydubai yesterday announced that Emirates will expand its network to 29 flydubai destinations across three continents.
The new partner network, through its codeshare, will offer greater frequency and easier access to more global destinations with the advantage of connecting baggage to the final destination. Passengers can book from 03 October on Emirates.com, through the Emirates Contact Centres or the travel agents network with travel commencing from 29 October, 2017.
HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Group and Chairman of flydubai, said, “This is an exciting first step in unlocking the benefits of the partnership for passengers who will have the opportunity to enjoy the unique advantages each airline offers as well as greater choice and flexibility when connecting via Dubai. This is just the start and as we expand the partner network in the coming months we will open up more opportunities for our passengers to explore the world.”
Throughout the customer journey Emirates and flydubai will deliver a product experience reflective of their unique brand characteristics. When booked together, as part of the codeshare, Emirates passengers will receive complimentary meals and the Emirates checked baggage allowance on flights operated by flydubai in both Business and Economy Classes.
Connecting in Dubai’s aviation hub offers a smooth transfer experience and under the new partnership passengers will benefit from a reduced minimum connection time (MCT) between Emirates’ home in Terminal 3 and flydubai’s in Terminal 2 of 120 minutes.
Today’s announcement is an initial phase of the extensive agreement that will, in future phases, see the creation of additional city pair connections as the codeshare agreement is expanded and both airlines’ networks are optimized.
In this first phase of the partnership, Emirates Skywards members can earn Skywards miles and Skywards Tier Miles on codeshare flights as per the existing Skywards mileage programme.
In addition to the Emirates free checked baggage allowance, Skywards Premium members can also enjoy their extra checked baggage allowances of 20kg (Platinum members), 16kg (Gold members) and 12kg (Silver members) on codeshare flights operated by flydubai.
Skywards Silver, Gold and Platinum members travelling on codeshare flights can access flydubai’s Business Check-in counters and receive priority tags.
Further benefits for members of each airlines’ frequent flyer and loyalty programmes will be announced in due course.
Emirates and flydubai partnership codeshare destinations:
Asmara (Eritrea), Belgrade (Serbia), Kiev Zhulyany (Ukraine), Juba (South Sudan), Krasnodar (Russia), Samara (Russia), Kazan (Russia), Mineralnye Vody (Russia), Odessa (Ukraine), Prague (Czech Republic), Rostov-on-Don (Russia), Sarajevo (Bosnia & Herzegovina), Skopje (Macedonia), Sofia (Bulgaria), Tbilisi (Georgia), Kuwait (Kuwait), Baku (Azerbaijan), Lucknow (India), Ahwaz (Iran), Bandar Abbas (Iran), Esfahan (Iran), Lar (Iran), Shiraz (Iran), Najaf (Iraq), Bishkek (Kyrgyzstan), Muscat (Oman), Salalah (Oman), Yekaterinburg (Russia),Bucharest (Romania)
SSP Celebrates 30 Years in African Insurance Market
SSP is delighted to be celebrating the 30-year anniversary of providing general insurance (short-term) software solutions to African customers. This makes SSP one of the longest-serving providers of general insurance technology solutions in the African market.
SSP’s head office in Johannesburg is complemented by a regional account management office in Kenya. Together the two offices employ 35 specialists, who are supported by over 850 staff across SSP globally.
Over the last three decades, there have been significant changes in the African technology landscape. SSP’s continued commitment to innovation and delivery has enabled it to keep pace with these changes to meet the evolving demands of its customers.
Indeed, SSP has been a life-long partner for a number of insurers. Over 20% of its African customers have been with SSP for more than 25 years, trusting the company to keep their software current throughout the technology changes.
While many customers are on their second generation of SSP software, Botswana Insurance Company (BIC) has adopted its third generation SSP solution. Having migrated from Insure/90 to S4i, BIC is now benefitting from SSP Pure Insurance, a flexible end-to-end core insurance system for all lines of business.
In addition to retaining existing customers, SSP is continuing to expand its African insurer customer base. New customers are attracted by the company’s extensive local knowledge and experience, as well as its proven ability to deliver technology on the continent. This year SSP will introduce more of its award-winning digital insurance components to the African market.
SSP’s customers play an important part in driving product and direction through running its African user group, which operates for the benefit of the users.
Leslie Muthen, Head of Business Operations and Finance, Africa at SSP says, “This is a significant milestone for SSP, and one I am delighted to have been part of for the last ten years. It means we truly have the required knowledge and experience of the African general insurance market to enable our customers to deliver on their growth and efficiency plans.”
Adrian Coupland, Customer and Marketing Managing Director at SSP adds, “SSP’s enduring commitment to both the African market and investment in our solutions means we can continue to offer insurers in the region the rich, broad functionality they need to remain competitive.”
“We have been a safe and trusted partner for the last 30 years, and will be for the next 30 years too.”
NAIPCO Set for Insurance, Pension Confab Oct 25
The National Association of Insurance and Pension Correspondents (NAIPCO) is set to hold the second edition of its national conference to discuss critical issues in insurance and pension sectors, while proffering solutions to challenges facing the two.
The conference, billed to hold on 25th of October, 2017, at Lagos Oriental Hotels, 3, Lekki Road, Victoria Island in Lagos, will be a forum for insurance and pension stakeholders to discuss on legislation of the two sectors and its impacts on the people.
A statement from the Conference Organising Committee said: “The 3-in-1 event designed to discuss burning issues bothering on the two industries will also accommodate the launch of the association’s quarterly journal, NAIPCO Trumpet and Awards for deserving insurance and pension firms.”
One of the papers for the conference, ‘Legislation of Pensions, Intrigues, Interest, Governance and The People’ seeks to establish the relationship between lawmaking for the people and the impact of legislation on a common man, while creating understanding of the current pension system as it affects the people.
The second paper, being ‘Insurance Legislation: Beyond Lawmaking’ is meant to reinforce the need for insurance legislation to be more of developmental in enforcement of compliance as stakeholders are expected to take positions on the proposed amendment of the Insurance Act 2003 at the event.
While the concerns of insurance consumers would be extensively discussed, the conference will also deliberate on the fate of insurance stocks on the Nigerian Stock Exchange (NSE) and why most of them remain penny stocks.
With credible individuals and companies expected to be awarded at the event, NAIPCO Trumpet magazine will equally be launched.
Speaking on the conference, the President of NAIPCO, Mrs. Omobola Tolu-Kusimo, said the motive behind the conference was to find a way of increasing insurance and pension awareness as well as developing the sectors by proffering solutions to challenges faced by the two critical sectors of the economy.
NAIPCO Journal, which would also be launched at the event, she added, is a pet project of the association aimed at increasing insurance and pension awareness, adoption and penetration in the country.
On the Award, she said, all insurance and pension stakeholders would be subjected to critical examination and screening by looking at their contributions to the respective sectors they operate in, while the outstanding ones would be awarded that day.
She urged stakeholders to support this initiative through moral and financial support to make the programme a huge success as this will go a long way to redesign the landscape of the two industries.
World Bank: Education Without Learning Threat to Development
Millions of young students in low and middle-income countries face the prospect of lost opportunity and lower wages in later life because their primary and secondary schools are failing to educate them to succeed in life.
Warning of ‘a learning crisis’ in global education, a new Bank report said schooling without learning was not just a wasted development opportunity, but also a great injustice to children and young people worldwide.
The World Development Report 2018: ‘Learning to Realize Education’s Promise’ argues that without learning, education will fail to deliver on its promise to eliminate extreme poverty and create shared opportunity and prosperity for all. Even after several years in school, millions of children cannot read, write or do basic math. This learning crisis is widening social gaps instead of narrowing them. Young students who are already disadvantaged by poverty, conflict, gender or disability reach young adulthood without even the most basic life skills.
“This learning crisis is a moral and economic crisis,” World Bank Group President Jim Yong Kim said. “When delivered well, education promises young people employment, better earnings, good health, and a life without poverty. For communities, education spurs innovation, strengthens institutions, and fosters social cohesion. But these benefits depend on learning, and schooling without learning is a wasted opportunity. More than that, it’s a great injustice: the children whom societies fail the most are the ones who are most in need of a good education to succeed in life.”
The report recommends concrete policy steps to help developing countries resolve this dire learning crisis in the areas of stronger learning assessments, using evidence of what works and what doesn’t to guide education decision-making; and mobilising a strong social movement to push for education changes that champion ‘learning for all.’
According to the report, when third grade students in Kenya, Tanzania, and Uganda were asked recently to read a sentence such as “The name of the dog is Puppy” in English or Kiswahili, three-quarters did not understand what it said. In rural India, nearly three-quarters of students in grade 3 could not solve a two-digit subtraction such as “46 – 17”—and by grade 5, half still could not do so. Although the skills of Brazilian 15-year-olds have improved, at their current rate of improvement they will not reach the rich-country average score in math for 75 years. In reading, it will take 263 years.
Relying on evidence and advice gathered during extensive consultations in 20 countries, with governments, development and research organisations, CSOs, and the private sector, the report offers three policy recommendations:
- First, assess learning, so it can become a measurable goal.
Only half of all developing countries have metrics to measure learning at the end of primary and lower secondary school. Well-designed student assessments can help teachers guide students, improve system management, and focus society’s attention on learning. These measures can inform national policy choices, track progress, and shine a spotlight on children who are being left behind.
- Second, make schools work for all children.
Level the playing field by reducing stunting and promoting brain development through early nutrition and stimulation so children start school ready to learn. Attract great people into teaching and keep them motivated by tailoring teacher training that is reinforced by mentors. Deploy technologies that help teachers teach to the level of the student, and strengthen school management, including principals.
- Third, mobilise everyone who has a stake in learning.
Use information and metrics to mobilize citizens, increase accountability, and create political will for education reform. Involve stakeholders, including the business community, in all stages of education reform, from design to implementation.
“Developing countries are far from where they should be on learning. Many do not invest enough financial resources and most need to invest more efficiently. But it is not only a matter of money; countries need to also invest in the capacity of the people and institutions tasked with educating our children,” said Jaime Saavedra, a former Peruvian Education Minister, and now the World Bank’s Senior Director for Education. “Education reform is urgently needed and requires persistence as well as the political alignment of government, media, entrepreneurs, teachers, parents, and students. They all have to value and demand better learning.”
ROYAL EXCHANGE: Facts Behind The Figures Presentation at NSE
NIGERIA AND ENTREPRENEURSHIP: SUMMIT & HONORS (N.E.S.H.) OIL AND GAS ROUNDTABLE 2017
On Friday, October 13th, 2017 at Grand Hotel, Asaba, Delta State, Nigeria and Entrepreneurship: Summit & Honors (N.E.S.H) will be hosting an interactive session on Nigeria’s Oil and Gas Sector with particular emphasis on the provision and maintenance of a conducive and sustainable operating environment for the Sector.
Nigerian Entrepreneurs and other Stakeholders in the Oil and Gas value chain will be joined by Dr. Emmanuel Ibe Kachikwu, Honourable Minister of State for Petroleum Resources as the Lead Discussant. A Dinner Reception will hold in the evening after the Roundtable.
As a Key Stakeholder in Nigeria, your presence and participation will be very much appreciated. A formal invitation will be sent to you shortly. Best regards. Yours Truly, Emeka Ugwu-Oju Founder, NESH
NPA MD Tours Apapa Road Rehabilitation Project
The Managing Director of the Nigerian Ports Authority (NPA) Hadiza Bala Usman embarked upon a facility appreciation tour of the on-going Federal Government’s rehabilitation efforts concerning the ports access roads in Apapa.
IATA: Passenger Airport Charges Double in 10 Years
The International Air Transport Association (IATA) calls on the European Union to significantly strengthen economic regulation of major European airport monopolies by focusing on the interests of passengers.
Enforcing greater cost-efficiency at Europe’s airports will feed through into cheaper air fares, stimulate travel and enhance European competitiveness. In turn, this will support jobs and grow the economy.
The case for stronger airport charges regulation is seen in how European passengers have been denied the full benefits of cheaper air travel, as illustrated over the period 2006-2016 in a just-released IATA study:
- The average cost of an air ticket remained virtually the same (including all ancillary charges such as hold bags)
- The revenue portion of the ticket price for airlines fell from 90% to 79%
- The portion of the ticket price taken by the airport doubled. Passenger taxes also doubled
Had airport charges remained constant over the 2006-2016 period consumers could have benefitted, on average, 17 Euros per one-way trip. That price stimulus of nearly 10% of average tickets costs would have improved Europe’s competitiveness, and potentially generated an additional 50 million passengers. In turn that would have unlocked 50 billion Euros in European GDP and created 238,000 jobs.
“Airlines, like all competitive businesses, are in a constant struggle to improve efficiency. Europe’s airports however are largely insulated from competitive forces. Europe’s light-handed Airport Charges Directive has failed Europe’s travelers and its own competitiveness by letting airport charges rise. Tighter EU regulation is needed to stop airport monopolies from taking money from the pockets of travelers to reward investors. The goal should be economic regulation of airport monopolies that is an effective proxy for competition—promoting efficiency while protecting consumers. In that regard the voice and interests of airlines – airports’ main customers – should be carefully listened to. This will ensure effective regulation that will broadly balance the interests of travelers, investors, citizens and economies,” said Alexandre de Juniac, IATA’s Director General and CEO.
The trend of increasing private ownership of European airports adds urgency to the situation. Since 2010 the number of European airports in private hands has almost doubled. “In many cases privatization has failed to deliver promised benefits to passengers and the local economy often suffers the results of higher costs. The balancing role of effective and strong economic regulation is essential,” said de Juniac.
Consolidated Hallmark Seeks N500m to Acquire Life Insurer
Consolidated Hallmark Insurance Plc (CHI) is seeking N500 million from existing shareholders by way of rights issue to part finance the acquisition of a life insurance firm to fully consolidate its leadership position in the Nigerian insurance sector.
Accordingly, the company is offering 1,000,000,000 ordinary shares of 50 kobo each at 50 kobo per share by way of Rights Issue to existing shareholders of the company.
In a letter to shareholders of the company, Mr. Obinna Ekezie, Chairman, Consolidated Hallmark Insurance Plc said: “Whilst CHI has continued to perform well on several parameters, the essence of this capital raising exercise is to fund the Company’s expansion by strategically taking advantage of emerging opportunities in the insurance industry, especially in the life insurance segment of our market.
This will aid in positioning your Company as a market leader in the industry, continue on the path of profitability, robust balance sheet, creation of value to its shareholders and overall improvement in its perception in the market thereby making it more competitive. By supporting the Rights Issue through accepting your rights, the Company will be well positioned to achieve its strategic objectives and to deliver improved returns to all stakeholders, going forward. I therefore enjoin you to carefully consider this investment opportunity and take up your rights, in full, as the Company continues to harness imminent opportunities and deliver on its promises.”
| N’ millions | 2016 | 2015 | 2014 | 2013 | 2012 |
| Gross Premium Income | 5,708 | 5,876 | 4,679 | 4,151 | 3,836 |
| PBT | 368 | 705 | 206 | (181) | 396 |
| PAT | 195 | 546 | 193 | (200) | 240 |
| Share Capital | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 |
| Total Assets | 7,442 | 7,023 | 6,139 | 6,169 | 6,678 |
| Net Assets | 4,403 | 4,268 | 3,842 | 3,649 | 4,030 |
| EPS (kobo) | 3 | 9 | 3 | -3 | 4 |
The 5-Year Financial Summary
UNCTAD Appoints Moghalu to High Level Expert Group
The Governing Board of the United Nations Conference on Trade and Development (UNCTAD), the Trade and Development Board, has appointed Prof. Kingsley Chiedu Moghalu, former Central Bank of Nigeria Deputy Governor and the President of Sogato Strategies LLC as a member of the Inter-governmental Expert Group on Financing for Development (IGEG FfD).
The first session of the IGEG FfD will take place from 8-10 November 2017 at the Palais des Nations in Geneva, Switzerland. It will discuss two topics and “guiding questions”: What can be done to enhance the mobilisation of domestic public resources for development in developing countries?”and “How can international cooperation maximize its contribution to achieving the Sustainable Development Goals?” The expert group will produce agreed policy recommendations on these issues for consideration by UNCTAD’s Trade and Development Board.
In its letter appointing Prof. Moghalu to membership of the Inter-governmental Expert Group, UNCTAD said:
“In view of your outstanding expertise in the area of financial sector regulation and reform, your views on a wide range of the many pressing issues in regard to improved mechanisms and international frameworks for the effective, stable and inclusive provision of development finance, and your longstanding experience with analytical and policy-making challenges in this area, will make an invaluable contribution to the important work of this expert group, and help maximize its impact and relevance.”
About UNCTAD
UNCTAD is a permanent inter-governmental body established by the United Nations General Assembly in 1964.
With headquarters located in Geneva, Switzerland, UNCTAD’s mission is to help developing countries access the benefits of a more globalised economy more fairly and effectively, including helping such countries deal with the potential drawbacks of greater economic integration.
UNCTAD’s work helps countries diversify economies to make them less dependent on commodities, attract investment and make it more development friendly, promote entrepreneurship and innovation, and help local firms move up value chains.
Stanbic IBTC Attracts N413bn Capital into Nigeria
Stanbic IBTC, a member of Standard Bank Group, in the second quarter of this year, facilitated a staggering $589.84 million capital inflow into the country, ranking it first among financial institutions that imported capital into Nigeria.
The Nigerian Bureau of Statistics (NBS), in its Capital Importation Q2 2017 Report, stated that Stanbic IBTC accounted for 32.91 percent ($589.84 million or N216.47 billion) of the total share during the period, representing an increase of 9.12 percent over the $536.78 million it posted in the first quarter of the year. That brings to $1.127 billion (N413.62 billion) capital importation by Stanbic IBTC in the first six months of the year.
The trio of Stanbic IBTC, Citibank Nigeria and Standard Chartered Bank accounted for 70.7 percent or $1,267.8 million of the total $1.792 billion capital importation during the quarter, while the other 22 banks generated the rest.
According to the report, Portfolio Investments was the key mover of capital during the quarter, growing by 145.7 percent, followed by Other Investments, which rose by 95.02 percent, and Foreign Direct Investment (FDI) by 29.8 percent over the first quarter. In figures, Portfolio Investment accounted for $770.5 million, or 43.0 percent of the total. In second place was Other Investments with $747.5 million, or 41.7 percent, and FDI with $274.4 or 15.3 percent.
The accomplishment reflects Stanbic IBTC strength, strong leadership and unyielding support of its parent company, the 154 year-old Standard Bank Group, Africa’s largest financial institution.
Stanbic IBTC has consistently demonstrated its commitment to the Nigerian market and often pledged that it will continue to provide support to all sectors of the economy in moving individuals and businesses forward. This is also in synergy with the drive to build a leading end-to-end financial solutions institution that offers bespoke products and services to its clientele.
The NBS report showed that the bulk of capital imported into Nigeria in Q2 came from the United Kingdom, which accounted for $696.7 million or 38.87 percent of the total. The second largest value of capital importation came from the United States with $287.82 million or 16.06 percent.
About Stanbic IBTC
Stanbic IBTC Holdings PLC is a member of Standard Bank Group, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management.
Stanbic IBTC belongs to the Standard Bank Group, the largest African financial institution by assets and earnings.
It is rooted in Africa with strategic representation in 20 countries on the African continent. Standard Bank has been in operation for 154 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.
Almond Productions Unveils 2017 Insurance Consumers Forum
Almond Productions Limited has announced October 25 as the date for its 2017 Insurance Consumers Forum.
The Insurance Consumers Forum (ICF) which started in 2013 provides a robust platform for interaction between Insurers and the Insuring Public in a No-Holds-Barred atmosphere, on issues that bothers on excellent customer service delivery.
The Forum with the theme: Insurance Penetration in Nigeria: Shifting Focus from Policies to Providing Value for the Customers is scheduled to hold on Wednesday 25th of October at NECA House, Plot A2 Hakeem Balogun Street , Central Business District, Alausa, Ikeja by 10am.
The forum this year will be chaired by Mr. Chike Mokwunye former Group Managing Director, Royal Exchange Plc while the Guest Speaker is Prof. Festus Epetimehin, first Professor of Insurance and Risk Management in Nigeria and Dean, College of Management Sciences, Joseph Ayo Babalola University (JABU) Osun State.
The discussant is Mr. Valentine Ojumah, Managing Director, FBN Insurance Limited.
Other highlights of the forum this year includes:
- Nigerians don’t read: So make me (customer) read your Insurance Policy Document.
- My needs ( customers) are constantly changing so insurers change with me
- If you are not part of my life (customers) changes, you are not relevant in the future.
- Sell me and convince me to see value ( insuring public) I will buy insurance
- See me (customer) as a person not just another Policyholder.
- Claims Payment: Trust me ( Insured) I trust you
The Forum according to Faith Ughwode, CEO, Almond Productions Limited, is bigger and better this year because of the scope of participants who are drawn from trade groups, formal and informal as well as officers of various law enforcement agencies who have dealings with the enforcement of insurance in Nigeria, Mechanic Associations, NURTW, NMA, the maritime sector and a list of other participants too numerous to mention.
“We at Almond Productions believe that the time has come for players in the Nigerian insurance industry to step up their game and move from potential to actually penetrating more citizens with insurance products and services that can change people’s lives. For that to happen however, operators must be and continue to be customer-focused and continue to build trust. Forums like this where members of the public can speak openly with operators in the market in a relaxed atmosphere can only build trust and demystify insurance and that is our drive because we are an independent umpire to the insuring public.”