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.
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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.
NPA, FRSC Partner on Port Safety Model
The Managing Director of Nigerian Ports Authority (NPA), Hadiza Bala Usman has reiterated the commitment of the organisation to Safety Standards for all aspects of operations at the nation’s Seaports.
She expressed this commitment in her remarks at the opening ceremony of a Capacity Building Workshop on Minimum Safety Standards for trucks doing business in the Ports jointly organized by the Authority and the Federal Roads Safety Corps in Lagos yesterday.
Represented by the General Manager, Health, Safety and Environment(HSE), Mr. Ahmed Yusuf, the Managing Director said that NPA will continue to collaborate with all Agencies in the Ports so as to build effective synergy that will ensure all trucks doing business in the Ports comply with the Safety Standards.
The Managing Director commended the organisers of the Workshop while urging Participants to put into practice their knowledge from the Workshop.
In a welcome address, the Lagos State Sector Commander of the FRSC, Mr. Hyginus Omeje told the Participants that the issue of Minimum Safety Standards was first introduced in the Oil and Gas Sector when the FRSC commenced the implementation of the Road Transport Safety Standards Scheme (RTSSS) which stipulates Minimum Safety Standard for Truck Operators.
Mr. Omeje who was represented by the Legal Officer of the Command, Barrister Bonaventure Nnamani lauded the Authority for the partnership and also enjoined Participants to open their minds to Safety Standards.
The Federal Roads Safety Corps delivered lectures on Traffic Laws relating to Articulated Vehicles. The Workshop also featured Safe to Load Procedures whilst highlighting the importance of Number Plates and other important accessories concerning Minimum Safety Standards in the Ports.
Management of the Authority recently signed a Memorandum of Understanding (MoU) with the Federal Road Safety Commission (FRSC) on the implementation of Minimum Safety Standards for Trucks operating in the Ports.
The MoU empowers both NPA and FRSC to raise Joint Inspection and Certification teams to oversee its full implementation.
Ecobank Unveils mVisa in 33 African Countries
Ecobank has partnered with Visa to launch Ecobank Scan+Pay with mVisa solutions to their consumers.
The strategic tie-up signals interoperability on a cross border level – and potentially huge gains – as it affords consumers with the ability to use their mobile phone to directly access the funds in their bank accounts to pay person-to-merchant (P2M) or person-to-person (P2P).
Ecobank Scan+Pay with mVisa delivers instant, secure cashless payment for goods and services by allowing customers to scan a QR code on a smartphone or enter a unique merchant identifying code into either a feature phone or smartphone.
The payment goes straight from the consumer’s bank account into the merchant’s account and provides real-time notification to both parties. This serves to accelerate digital commerce and combat some of the challenges merchants have faced using traditional point of sale systems, including the cost of installation coupled with the requirement of electricity and internet connectivity.
Ecobank mVisa solutions also enable customers to send money instantly to any Visa cardholder worldwide. This is a major innovation that serves the need of Africans in the diaspora by enabling them to simply link their Visa card to the Ecobank unified mobile app to send money home to another Visa cardholder quickly and securely.
“We are fulfilling our commitment to give every African the right to participate effectively in the global economy at an affordable price and in a convenient manner. Ecobank Scan+Pay with mVisa helps merchants – particularly small and micro merchants – to grow their sales without the risks of carrying cash whilst also giving consumers the ability to pay for goods and services in a cashless manner from their phones. Consumers can also conduct person-to-person payments and instantly transfer money to their friends and family via their phones at very low cost,” said Ecobank Chief Executive Officer Ade Ayeyemi.
The partnership demonstrates both Ecobank and Visa’s continued commitment to provide financial services to the banked and unbanked in Africa by leveraging digital platforms to offer convenient and affordable payment mechanisms.
Andrew Torre, President for Visa Sub-Saharan Africa said, “We are glad to partner with Ecobank to bring mVisa into the market, a mobile payment solution with real benefits to drive digital transformation backed by advantages of Visa’s global network – security, reliability and global acceptance, allowing consumers to make payments both domestically and internationally.”
Patrick Akinwuntan, Ecobank Group Executive Consumer Banking, pointed out that the Ecobank mVisa solutions rollout significantly strengthens the banks person-to person payments capabilities. “Bringing this added functionality on our Ecobank mobile app connects families in Africa by delivering needed funds instantly anywhere, anytime. That’s real value to our customers,” he said.
BPE DG, Alex Okoh at Nigerian Stock Exchange
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.”