SITA is providing its world-class passenger and baggage processing technology as well as its airport management solutions to Ghana’s new Terminal 3 at Kotoka International Airport in Accra, helping cement the airport’s position as a vital regional hub.
Ghana’s largest airport is expanding its capacity to meet significant growth in international passenger traffic, increasing the airport’s capacity to five-million passengers a year. The country’s aviation industry has witnessed significant growth over the past decade due to the discovery of petroleum and gas reserves, sustained domestic demand and the growth of the tourism sector.
SITA, the global air transport IT provider, has worked closely with both MAPA, the construction company building the new terminal, and Ghana Airports Company Limited (GACL), the airport operator, to ensure that the new terminal has the most up-to-date technology to support the country’s modern airport infrastructure.
SITA already provides technology for Terminals 1 and 2 at Kotoka International Airport and will ensure that its world-class technology is fully integrated with the existing terminals from day one. This will deliver smooth passenger and baggage processing, and efficient operations across the entire airport.
SITA is deploying its latest passenger processing technology including common use Check-In Desks and Self-Service Check-In Kiosks allowing the airport to maximize its capacity by enabling airlines to cost-effectively share the same infrastructure. The airport will also make use of SITA’s state of the art Baggage Management technology that will assist airlines in tracking bags every step of the way, helping them meet IATA’s Resolution 753 requirements from day one.
On the operational side, SITA’s Airport Management Solution will simplify planning and operational control, and facilitate collaborative decision-making, data management and analysis in Terminal 3 and across the entire airport. It will also support revenue management with its billing and reporting functionality.
Levent Uzunokur, General Manager of MNG Technical, MAPA’s parent company, said: “SITA was the obvious choice both because of its wide experience of airport technology across the world and the team’s specific knowledge of Kotoka International Airport. SITA’s ability to seamlessly integrate the new terminal into the existing airport operations is particularly important and will have a very positive impact on the success of the whole project.”
Dr. Gershon Adzadi, Head of ICT at Ghana Airports Company Limited, said: “SITA has long provided its technology and know-how at Kotoka International Airport. Their understanding of our business and their leading technology solutions at airports make them an ideal partner to support us in the next chapter of our airport’s growth.”
SITA is initially contracted to MAPA during the deployment and implementation phase before handing over to GACL who will then take over the day-to-day running of the terminal.
Hani El-Assaad, SITA President, Middle East, India & Africa, said: “We are working with MAPA to transform the new facility into a working airport terminal that can process 1,250 passengers an hour. Kotoka International Airport’s new terminal will have the world-class technology it needs to support the airport’s role as a leading hub in the region.”
Kotoka International Airport supports both international and national routes for passenger and cargo aircraft. When Terminal 3 opens at the end of 2017, it will have six contact stands and two remote stands for long-range aircraft, including Airbus A380s, A330s and Boeing 777s and 787s.
SITA Tech Drives Ghana’s new International Terminal
‘Poor Education Funding Stalling Growth in Nigeria’-IntelServe CEO
Mr. Roman Oseghale, Head Consultant and CEO of IntelServe Inc., a Canadian Business Analytical Services Company has reiterated the importance of Human Capital Development using data to back up his research.
He stated that no nation among over 100 countries that has been surveyed in the research relegated education and prospered, everything Nigeria is facing today is as a result of poor education funding, he stated that the blue print for national development was Human Capital Development and that the answer was right in front of everyone but no one is looking in the right direction.
His research and presentation at The Platform on October 2 revealed how the socioeconomic activities of the country is falling apart because of governments inadequate investment in Human Capital Development (Education and Skills) in the youths of the country.
In 2017 with a projected GDP of USD$408.3 bn, a population of 182 million, Nigeria’s education budget is USD$1.77 bn representing 7.4% of the budget and 0.43% of expected GDP at the end of the year compared to USD$3.038 bn in 1981 with a GDP of USD$61.1 bn with a population of 75.7 million which represented about 30% of the budget and 4.97% of the GDP.
Compared to other countries that were surveyed, Nigeria has only spent USD$52.79 bn from the federal level in 46 years despite being one of the most populated countries. Brazil has spent USD$1.6 tn, Chile has spent 131.2 bn, Mexico 939.8 bn, Canada 1.68 tn, United Kingdom 2.88 tn, Germany 3.74 tn, USA 18.01 tn, Egypt 161.3 bn, South Africa 372.6 bn, Thailand 234 bn, Indonesia 282.6 bn, and Malaysia 214.4 bn to mention a few.
He pointed out that investment in the knowledge economy was the main driver of economic growth, he made it known that because of lack of education investment, Nigeria has continued to slip down the Global Competitiveness Index, from 83rd position in 2005, to 127th position in 2010 and has remained at 127th since…he stated that countries that invest heavily in education were moving up the ranks, examples were Indonesia from 69 to 41, China from 48 to 28, Malaysia which stayed at 25, Singapore from 5 to 2, and Philippines from 73 to 57.
He stated that Nigeria was relatively stable in the 60’s, 70’s and early 80’s and had a balance in its socioeconomic activities because the country was investing in Human Capital Development which reached its peak of 4.97% of GDP approximately 5% of GDP as stipulated by the United Nations.
He stated that the country may not understand the concept of education beyond the institution, a place where knowledge is obtained, certificate and degrees are given, and a tool that moves a child out of poverty, he argued that education was the weapon used in balancing all facets of the socioeconomic activities and as education funding continued to drop all facets of the society started falling apart creating a threat to both social and economic stability of the country.
He pointed out that education is an investment and not an expense, a tool used for economic growth and sustainability and that education is the weapon used to balance the socioeconomic activities of any country, and that if you destroy education you destroy everything. He stated that once public education is underfunded and destroyed, the country invariably destroys the socioeconomic activities and every facet of the socioeconomic factors starts to fall apart. He stated that education is the glue that holds the socioeconomic activities of a country together.
The research showed that from 1982 education expenditure started dropping and dropped below USD$1 bn in 1986 and stayed below USD$1 bn, it wasn’t until 2006 that education expenditure climbed above USD1 bn again in 20 years. He pointed out that education expenditure did not reach USD$3 bn again until 2011, the amount the government spent in 1981…..it took government 30 years to spend the same amount they spent in 1981 on education. And all the while education expenditure was reducing, population was increasing.
Through his research he was able to point out how Nigeria was ahead of many Asian countries in per capita income in the 60’s, 70’s, and early 80’s because of Nigeria’s investment in Education, but as soon as Nigeria stopped investing in education and the Asian countries picked up, their per capita income surpassed that of Nigeria.
He said that “underfunding education leads to fall in Per Capita Income, which leads to population explosion, increase in poverty, with poverty leading to crime, at the same time poverty also leads to social unrest, with social unrest leading to state/regional instability which leads to economic loss for the country. On the other hand population explosion also leads to environmental degradation which leads to health issues and leads to economic loss for the country.
The research highlighted the worrisome part; extreme poverty has continued to drop in the world and by region, total living in extreme poverty as a percentage of population in the world dropped from 52.7% in 1981 to 10.7% in 2013.
While the largest regions with extreme poverty has also continued to drop…Sub-Saharan Africa has dropped from 52.8% in 1981 to 41% in 2013, South Asia from 61.4% to 15.1%, East Asia/Pacific has dropped from 78% to 3.5% in the same period.
Nigeria’s share of extreme poverty as a percentage of people living in extreme poverty in Sub-Saharan Africa has continued to increase….from 17.6% in 1981 to 28.4% in 2011, and to 32.2% in 2013….while Nigeria is 18.8% the population of Sub-Saharan Africa, Nigeria share of extreme poverty is 32.2%…..which means that as at 2013, one in every three persons living in extreme poverty in Sub-Saharan Africa is a Nigerian while in 1981 it was one in every 5.6 persons….while extreme poverty is reducing in Sub-Saharan Africa, that of Nigeria is increasing. Nigeria share of extreme poverty increased by 83% between 1981 and 2013.
He stated that as poverty increases, crime increases…..data showed that Nigeria’s prison population increased by 26% between 2011 to 2015 while population increased by 10% during the same period, with offence against properties and offence against persons being the highest.
IMF: Nigeria’s Economy Rebounds, Per Capita Income Remains Flat
The International Monetary Fund (IMF) has affirmed slight growth of the Nigerian economy in the short-term but insists that more is needed to generate sustainable recovery.
At the on-going 2017 Annual Meetings of the World Bank Group/IMF in Washington D.C., USA, two IMF officials discussed the Nigerian and African economic situation:
Mr. Vitor Gaspar, Director, Fiscal Affairs Department:
Let me tackle the general question and then pass it on to Cathy for the specific comment on Nigeria. One question that is perfectly legitimate is: Why is it the case that, given that we have this recovery around the world, we are calling to countries to do more, to do more to promote inclusive growth, to do more to fight inequality, to do more to increase the growth rate of potential GDP? Why is it?
Well, because when you look at the details, there are many things that need mending. One, which is particularly relevant for Africa, is that not all countries share in this upswing. Too many countries in Africa had GDP per capita falling in 2016. And even for the medium term, there are quite a few that will be growing less than advanced economies. There are many countries in Africa that will not be catching up. So, not all countries are sharing in the growth of the global economy.
And then there is the point that you referred to, which is distribution of income, access to basic services like public infrastructure, health, and education. Poverty is still an issue in Africa.
In Africa, we very much emphasize tax capacity. In many African countries, it is necessary to increase the capacity of countries to mobilize tax revenue so that they can fulfill their role in promoting inclusive growth and that for Africa, for Sub‑Saharan Africa, is the main challenge.
Ms. Catherine Pattillo, Assistant Director, Fiscal Affairs Department:
For Sub‑Saharan Africa, since the mid 1990s, there was a lot of growth acceleration, and that allowed average inequality to fall and poverty to be significantly reduced in many countries. Nigeria is one of the countries where initially from the mid‑nineties inequality fell, but then there was some resurgence more recently.
The factors explaining the different drivers of inequality across countries are very complex. Mr. Gaspar has touched on some of the factors. For Nigeria, as you heard in the WEO press conference, in the short term, there is some resumption of economic growth, but real per capita income with current policies will remain flat. So, you are not going to be able to address inequality and poverty without resuming growth and per capita growth. The priorities are fiscal consolidation that will mainly be driven by revenue mobilisation, nonoil revenue. And that building of capacity will allow the funding of expenditures: education, health, infrastructure, and the servicing of debt.
Market Statistics: Thursday, 12th October 2017
| Market Cap (N’bn) | 12,643.9 |
| Market Cap (US$’bn) | 41.3 |
| NSE All-Share Index | 36,732.24 |
| Daily Performance % | 0.2 |
| Week Performance % | 2.7 |
| YTD Performance % | 36.7 |
| Daily Volume (Million) | 443.7 |
| Daily Value (N’bn) | 3.2 |
| Daily Value (US$’m) | 10.4 |
Nigerian Bourse Rebounds from 2-day Losing Streak… NSE ASI up 0.2%
The Nigerian equities market reversed a 2-day downtrend today as the All Share Index (ASI) advanced 0.2% to 36,732.24 points while YTD return increased to 36.7%.
Consequently, market capitalization added N27.3bn to settle at N12.6tn. Today’s positive performance was majorly due to buy interest in NIGERIAN BREWERIES (+0.6%), NESTLE (+0.7%) and STANBIC (+2.9%). In the same vein, activity level improved as volume and value traded spiked 31.9% and 73.1% to 443.7m units and N3.2bn respectively.
Banking Index Emerges Lone Sector Loser
Performance across sectors was bullish as all indices, save for the Banking index which was dragged 0.3% lower due to depreciation in GUARANTY (-0.7%) and UBN (-4.2%), closed in the green.
The Insurance index appreciated the most, up 2.1% against the backdrop of sustained interest in MANSARD (+6.5%) and LINKASSURE (+5.0%). Similarly, the Consumer Goods index trailed, rising 0.6% following a rally in NIGERIAN BREWERIES (+0.6%) and NESTLE (+0.7%).
Likewise, the Oil & Gas index was nudged 0.2% higher owing to renewed appetite in FORTE (+2.0%) while the Industrial Goods index closed flat.
Investor Sentiment Strengthens
Investor sentiment strengthened today as the market breadth improved to 2.5x (from 1.1x recorded yesterday) after 30 stocks advanced against 12 decliners. At the top of the gainers’ chart were MANSARD (+6.5%), DIAMOND (+5.0%) and LINKASSURE (+5.0%) while UPL (-4.9%), FIDSON (-4.6%) and NEIMETH (-4.2%) topped the losers’ chart.
Given the upturn in today’s market performance and the significant improvement in market breadth, we expect sentiment to remain strong in anticipation of positive Q3:2017 earnings. As a result, we expect the benchmark index to close the week positive.
Law Union & Rock Insurance 2017 Customer Week
L-R: Mojisola Oguntusi – Ag. Head, Customer Service, Steve Ajudua – Chief Marketing Officer attending to walk-in Customers at their Head Office in Lagos to celebrate Customer Service Week.
NSE President’s Courtesy Visit to DG, SEC
L:R: Mr. Mounir Gwarzo, Director General (DG), Securities and Exchange Commission (SEC) and Mr. Abimbola Ogunbanjo, President, The Nigerian Stock Exchange (NSE), during a courtesy visit to the DG, SEC in Abuja.
Global Airlines Financial Monitor: September 2017
- The more complete financial data from Q2 show that the year-on-year decline in profit margins was quite small for the industry in aggregate, and actually masked strong increases in the case of European and Latin American carriers. North American airlines again posted the widest profit margins, albeit slightly narrower than a year ago.
- Industry-wide passenger yields posted positive, albeit very modest, year-on-year growth in July for just the second time in almost four years. Passenger yields have continued to trend higher at an annualized rate of around 3.5%.
- Global airline share prices rose by 0.9% in September, driven by a gradual recovery in the North American index following two sharp monthly declines. By contrast, European and Asia Pacific airline shares both fell modestly.
- Oil prices have trended higher in recent months, reflecting supply constraint on the part of OPEC and Russia, as well as a weaker US dollar. The price of Brent crude rose to a 26-month high of US$58.50/bbl during September.
- Passenger and freight volumes both grew robustly in year-on-year terms in August, although the seasonally-adjusted (SA) upward trend in the former has moderated. The SA passenger load factor remains at a historically high level, while the SA freight load factor rose to a three-year high in August.
- Stronger global trade conditions are helping to support demand for premium class travel, particularly to/from Asia. Premium’s share of passenger revenues rose to 26.3% in the first seven months of 2017, from 26.0% a year ago.
FG Cancels NPA, Intels Agreement on Pilotage
The federal government has cancelled the pilotage monitoring and supervision agreement between Nigerian Ports Authority (NPA) and Intels Nigeria Limited for violating the Constitution and the Treasury Single Account (TSA) policy of the government.
Mallam Abubakar Malami, the Minister of Justice and Attorney-General of the Federation said:
“The inherent illegality of the agreement as formed has since been expounded by the TSA policy issued by the Head of Service of the Federation on behalf of the Federal Government of Nigeria directing all ministries, departments and agencies to collect payment of all revenues due to the federal government or any of her agencies through the TSA.
“The objective of the presidential directive (TSA policy) in exercise of the executive powers of the president under Section 5 of the 1999 Constitution (as amended) was in furtherance of the spirit and intent of Sections 80 and 162 of the constitution and to aid transparency in government revenue collection and management.
“NPA being an agency of the federal government is bound by the TSA policy and has not howsoever been exempt therefrom. Due to the constitutional nature of the TSA, where there is a conflict between the TSA and the terms of the agreement, the TSA shall prevail.
“Therefore all monies due to the NPA currently being collected by Intels and any other agents/third parties on behalf of NPA must henceforth be paid into the TSA or any of the sub-accounts linked thereto in the Central Bank of Nigeria (information of the account will be communicated in due course) in accordance with the TSA policy.
“For the avoidance of doubt, the agreement for the monitoring and supervision of pilotage districts in the Exclusive Economic Zone of Nigeria on terms inter alia that permits Intels to receive revenue generated in each pilotage district from service boat operations in consideration for 28% of total revenue as commission to Intels is void, being a contract ex facie illegal as formed for permitting Intels to receive federal government revenue contrary to the express provisions of Sections 80(1) and 162(1) and (10) of the 1999 Constitution of the Federal Republic of Nigeria (as amended), which mandates that such revenue must be paid into the Federation Account/Consolidated Revenue Fund.
“In the premise of the above, the conflict between the agreement and the TSA policy presents a force majeure event under the agreement, and NPA should forthwith commence the process of issuing the relevant notices to Intels exiting the agreement which indeed was void ab initio.”
NIA Chiefs at 23rd Nigerian Economic Summit 2017
R-L: Mr. Eddy Efekoha, Chairman, Nigerian Insurers Association (NIA) and Mrs. Yetunde IIori, Director-General at the 23rd Nigerian Economic Summit 2017 in Abuja.
Market Statistics: Wednesday, 11th October 2017
| Market Cap (N’bn) | 12,616.5 |
| Market Cap (US$’bn) | 41.3 |
| NSE All-Share Index | 36,652.82 |
| Daily Performance % | (0.3) |
| Week Performance % | 3.7 |
| YTD Performance % | 36.4 |
| Daily Volume (Million) | 336.4 |
| Daily Value (N’bn) | 1.8 |
| Daily Value (US$’m) | 6.0 |
Profit Taking Drags Benchmark Index Lower… NSE ASI down 34bps
Performance of the Nigerian Equities market was dragged by profit taking as the All Share Index (ASI) slid 34bps to 36,652.82 points while the YTD gain moderated to 36.4%. Likewise, market capitalization trimmed N42.6bn to N12.6tn.
Losses in NIGERIANBREWERIES (-2.9%), UBA (-1.7%) and STANBIC (-2.3%) were the major drags to today’s performance. Similarly, activity level worsened as volume and value traded shrank 4.7% and 43.6% to 336.4m units and N1.8bn respectively.
Insurance Index Leads Gainers
Sector performance was mixed as 3 of 5 indices closed higher. The Insurance index (+2.4%) led gainers on the back of renewed interest in MANSARD (+10.0%) and LINKASSURE (+6.7%) while the Oil & Gas index followed suit, advancing 0.6% on account of price appreciation in SEPLAT (+1.6%).
Similarly, the Industrial Goods index added 0.2% following gains in CCNN (+9.2%). In contrast, price depreciation in NIGERIAN BREWERIES (-2.9%) dragged the Consumer Goods index 1.1% lower while the Banking index lost 0.2% on the back of losses in UBA (-1.7%) and STANBIC (-2.3%).
Market Breadth Unchanged
Investor sentiment stayed positive today as market breadth remained unchanged from 1.1x recorded yesterday, as 19 stocks advanced against 18 decliners.
The best performing stocks were MANSARD (+10.0%), CCNN (+9.2%) and LINKASSURE (+6.7%) while VITAFOAM (-5.0%), LAWUNION (-4.7%) and UPL (-4.7%) were the worst performing stocks.
As indicated by the market breadth, we expect sentiment to stay strong in the interim as investors take position ahead of the release of 9M:2017 corporate earnings which are expected to be largely positive.
NIMASA, Business Journal Partner on Maritime Growth
The Nigerian Maritime Administration & Safety Agency (NIMASA) and Business Journal have jointly agreed a partnership to ensure sustainable growth of the maritime sector in Nigeria and the larger economy.
During a courtesy visit to the management of NIMASA by the management of Business Journal yesterday in Lagos, Engr. Rotimi Fashakin, Executive Director, Operations at NIMASA expressed the desire of the Agency to work with Business Journal to sustain the rebranding and achievements of NIMASA.
Fashakin, who represented Dr. Dakuku Peterside, Director-General/CEO of NIMASA, described the Agency as a responsible agent of the federal government in the maritime environment.
He added that the new logo of NIMASA was designed to effectively identify and project its core values to stakeholders in the maritime industry.
Fashakin said that NIMASA is ready to partner Business Journal to create and achieve greater media mileage for the Agency in the process of discharging its statutory functions in the industry.
The NIMASA Executive Director said:
“I must commend the courage and spirit of entrepreneurship of Prince Cookey, Publisher/CEO of Business Journal in starting and sustaining the publication since 2008 despite the problems of venturing into such business in Nigeria. It is people like him that we need to do business with. NIMASA is ready to do business with Business Journal.”
Earlier in his address, Cookey commended NIMASA for granting the management of Business Journal the opportunity to visit the Agency to explore areas of mutual co-operation.
He said the time has come for the maritime sector to rise to the challenge of diversification of the economy away from oil dependency. He said a sustainable maritime sector under the leadership of NIMASA will lead to sustainable growth of the Nigerian economy.
The Business Journal publisher cited a 2012 report by Oxford Economics stating that shipping contributed as much as €56 billion to the Gross Domestic Product (GDP) of Europe while the African Development Bank (AfDB) also declared that Nigeria accounts for 65 percent of total maritime trade traffic in West/Central Africa as at 2011.
Cookey said:
“A sustainable maritime sector will ensure sustainable economy for Nigeria. The diversification policy should start from the maritime industry given its potential to generate sustainable revenue and jobs for the economy. NIMASA needs more visibility and media engagement to effectively project its values, corporate performance and lead the sector towards greater contribution to the nation’s GDP. We stand ready to support the transformational agenda of NIMASA under the leadership of Dr. Dakuku Peterside.”
He added that Business Journal which has three distinct segments: Online (businessjournalng.com), weekly business newspaper and monthly magazine, has a policy of strategic partnership with major operators in key sectors of the economy.
ABOUT NIMASA
The Nigerian Maritime Administration and Safety Agency (NIMASA) is the apex regulatory and promotional maritime agency.
The Agency was created from the merger of National Maritime Authority and Joint Maritime Labour Industrial Council (former parastatals of the Federal Ministry of Transport) on the 1st August 2006. The obligation of regulating the Maritime industry in Nigeria rests on the Agency through the relevant instruments:
1: Nigerian Maritime Administration and Safety Agency Act. 2007.
2: Merchant Shipping Act. 2007.
3: Coastal and Inland Shipping (Cabotage) Act 2003
The Agency was established primarily for the administration of Maritime Safety Seafarers Standards and Security, Maritime Labour, Shipping Regulation, Promotion of Commercial Shipping and Cobatage activities, Pollution Prevention and Control in the marine environment, the Agency also implements domesticated International Maritime Organisation (IMO) and International Labour Organisation (ILO) Conventions.
Photo Gallery
NAICOM Reviews Capital in Insurance Sector
The National Insurance Commission (NAICOM) says it is currently reviewing the issue of capital in the insurance sector to ascertain the deployment of current capital.
Mr. Mohammed Kari, the Commissioner for Insurance, said in Kaduna that the Commission will also not engage in reckless introduction of capital requirements for insurers.
Kari added that the Commission will conduct a pilot inspection on the insurance industry under its Risk-Based Supervision (RBS) initiative before the end of 2017 to test adaptation to the model to determine gaps and problems before full implementation.
He added that the Commission will also commence the second phase of the MDRI scheme to bring in states for effective implementation.
Kari said the Commission will talk to the Nigerian Governors Forum on the importance of the scheme and how it could enhance their capacity to create jobs in their domain and increase Internally Generated Revenue (IGR).
The NAICOM chief lamented that insurance firms in the country were being short-changed in the mobile insurance partnership with telecom operators as the operators rake in over 80 percent of the premium as commission while the insurers bear the burden of paying claims when liabilities occur.
Mr. Barineka Thompson, Director, Inspectorate of NAICOM, called on insurance firms to wake up to the realities of financial technology as it will negatively impact on their operations and growth potential.
He was emphatic that fintech is already affecting the insurance value-chain in terms of product development, distribution and underwriting.
‘Oando Co-operating with SEC on Investigation’
Oando Plc says it is actively co-operating the Securities & Exchange Commission (SEC) on the current investigation arising from allegations and petitions on its shareholding structure.
The investigation came on the heels of a petition by Alhaji Dahiru Mangal and Ansbury Inc alleging criminal manipulation of the company’s shareholding structure by the executive management of the company.
In a statement by Alero Balogun, Head, Corporate Communications and Ayotola Jagun, Chief Compliance Officer, Oando Plc stated that the issues of shareholding were fully disclosed in its audited accounts in respect of the company’s 40th Annual general Meeting (AGM) held on Thursday, August 31, 2017 in Lagos.
Going forward, Oando stated as follows:
“The company remains committed to act in the best interests of all its shareholders and will continue to fully co-operate with the SEC in the discharge of its duties as the capital markets regulator.”
NAICOM, Kaduna State Partner on Compulsory Insurance
President, National Association of Insurance and Pension Correspondents (NAIPCO), Mrs. Omobola Tolu-Kusimo(5th on the left); Deputy Governor, Kaduna State, Arch. Bala Bantex; Commissioner for Insurance, Alhaji Mohammed Kari; Deputy Commissioner, Technical, National Insurance Commission(NAICOM), Dr. Sunday Thomas; members of staff of NAICOM and some members of NAIPCO, at the courtesy visit of the commission to the Kaduna State government over the weekend.
The National Insurance Commission (NAICOM) is soliciting partnership with Kaduna State government on implementation of the compulsory insurances.
The Commissioner For Insurance, Alhaji Mohammed Kari, while speaking during a courtesy visit of the officials of the commission to the Kaduna State Government, over the weekend, noted that such partnership will allow the commission to set up its branch in Kaduna, at a time it is considering to open more new branches across the country.
Stating that the commission launched the Market Development and Restructuring Initiative(MDRI) in 2009, he stressed the commission is commencing the second phase of the initiative, which is the enforcement of the compulsory insurances across the federation.
Kari, who applauded the state government for the developmental projects across the state, implored the state to insure all its assets with genuine insurance companies, in a bid to curb the spread of fake insurers.
Saying that the State would benefit immensely from supporting the initiatives of the commission aimed at deepening insurance penetration, he pointed out that, the partnership will allow it set up a branch and aid insurance compliance across the state.
To him, such partnership will not only improve the Internally Generated Revenue (IGR) of the state, it would also generate employment, while transferring the burden of compensating the victims of inferno from the government to the insurance companies. This, he said, will allow the government to focus more on developmental projects, rather than looking for money from the little resources of the state to settle victims of inferno.
Responding, Kaduna State Governor, Mallam Nasir El-Rufai, ably represented by his Deputy, Arch. Bala Bantex, said the state government will continue discussion with NAICOM with a view to ensure insurance implementation and penetration in the state.
Promising that the commission request will receive full attention of the government, he added that the idea of sanctions to enhance insurance compliance is non-avoidable.
He stated that proper adoption of insurance will contribute to the growth of the nation’s GDP, pointing out that the state government has insured some of its facilities with insurance firms, although, he said, the state would now be more careful in order not to deal with quacks.
The state government, he pointed out, is making it mandatory for market men and women to insure their goods and assets through insurance, pleading on the commission to always ensure that insurance companies pay claims on insured risks whenever inferno occurs.
On building insurance, he said, the state government is currently ensuring that quality materials are used for building of structures, but will also be interested in ensuring that buildings and buildings under construction are adequately insured in the state.
IDC Sets Digital Transformation Agenda at 37th GITEX
Global ICT research and consultancy services firm International Data Corporation (IDC) is teaming up with GITEX Technology Week 2017 all this week to provide expert guidance on the strategies that public and private sector organizations should be pursuing as they look to drive a new era of digital transformation. Based at Stand A5-8 in Hall 5 of the Dubai World Trade Centre, IDC’s respected industry analysts will be on hand throughout the event, which runs until October 12.
“IDC is delighted to once again be participating as Supporting Partner at GITEX Technology Week,” says Jyoti Lalchandani, IDC’s group vice president and regional managing director for the Middle East, Turkey, and Africa (META).
“Now in its 37th year, the event has long served as a platform for tech pioneers, business leaders, and IT professionals to gather and share ideas about leveraging the world’s most advanced technology solutions for a more competitive future. To this end, senior IDC analysts will feature prominently throughout the event, presenting their insights as part of the GITEX Vertical Days program.”
Serving up in-depth analysis and real-life success stories, this program is aimed at demystifying the use of emerging digital tech to overcome the unique challenges encountered across different industry sectors. On Monday, October 9th, IDC’s research director for software in the META region, Megha Kumar, will be participating in a special healthcare-focused panel discussion at 2.30pm that will focus on identifying vulnerabilities and keeping patients safe in an industry where cybersecurity breaches can potentially kill.
At 3pm on Tuesday, October 10th, IDC’s director of telecoms and IoT in META, Paul Black, will lead discussions during an executive roundtable session that will address the challenges and opportunities presented by ongoing digital transformation efforts in the finance sector. And at 3.10pm on the same day, IDC’s associate vice president for research in META, Ranjit Rajan, will present his perspectives on the very latest developments within the region’s rapidly emerging Smart City landscape.
IDC’s participation at GITEX Technology Week 2017 extends beyond these sessions, with the firm also exclusively giving away a series of industry-focused reports that examine ongoing developments within the worldwide manufacturing, financial services, smart cities, and connected vehicles markets.