How Mobile Internet is Transforming Businesses in Nigeria

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19/02/2016

With sub-US$50 smartphones on the way, rapid improvements to telecom infrastructure, and the availability of affordable cloud applications, the mobile Internet is rapidly transforming the way that Nigeria does business.

It is empowering enterprises to be more flexible, responsive and efficient than ever before. That’s according to Magnus Nmonwu, Regional Director for Sage West Africa who says that Nigeria is adopting the mobile Internet as quickly and enthusiastically as it did mobile voice services some years ago. “Mobility is the growth engine of the Nigerian economy,” he adds.

“It is helping people to enhance their lives and to improve their standard of living, while enabling enterprises to transform how they operate.”

According to statistics from the Ericsson Mobility Report total mobile subscription penetration in Sub-Saharan Africa is about 80% but will grow to 100% and 1 billion mobile subscriptions by 2021.

Nigeria, as one of the largest mobile markets in Africa, is leading the trend based on these results. As one example of mobile’s impact on Nigeria’s economy, consider the fact that the Ministry of Science and Technology forecasts that the mobile market will be worth US$166 billion dollars in 2020 and directly employ about 2.7 million people.

New Mobile Behaviours
“Many of our customers and employees today walk around with smart devices that give them access to apps and information wherever they are,” says Nmonwu.

“For example, Facebook’s statistics show that 7.1 million Nigerians access its platform every day. And 100% of its monthly users access Facebook on a mobile smart phone.”

Tapping into this behaviour gives organisations new ways to interact with employees, suppliers, customers and other stakeholders, he adds. This ranges from mobile marketing, advertising and e-commerce for consumers to mobilising business applications such as the enterprise resource planning (ERP) solutions.

On the Road Again
Employees and managers are increasingly able to access information on the road to serve customers, speed up decision-making, and save time. A salesperson can now easily check from a tablet or smartphone whether a product is in stock while on-site with a customer, and place the order without going to the office. And managers can now use their time between meetings and at airports more productively.

Mobile technology is also helping HR departments to become more efficient and to build better relationships with employees. For example, companies can offer employee self-service (ESS) across mobile devices to streamline HR processes and engage with employees more effectively.

With mobile ESS, companies can enable employees to file leave applications, submit doctor’s notes when they’re ill, and make expense claims – all from their mobile devices. They can look up their payslips, change their personal details, and more, all without needing to do paperwork, visit or call the HR department.

The future is mobile and we are giving our customers the power to control their businesses from the palm of their hand,” says Nmonwu. “We connect our customers to accountants and partners with real time and intuitive information about their business.”

Productivity boom
Says Nmonwu: “In addition to the productivity boom, organisations need to adopt mobile business processes and apps to meet the expectations of employees and customers. Today’s consumer and employee wants to interact with companies using accessible, easy to use mobile services and apps.

“Enterprises thus need to start mobile security and device management, so that they can support mobile employees. Today’s consumer wants service on demand from a handset and today’s employee wants to be productive wherever he or she is, at anytime or in any location. With this, we expect to see a great deal of investment into mobile technology in West Africa over the next year or two.”

Image credit: Telecominfo

BMCE Bank of Africa Unveils 2nd African Entrepreneurship Award

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19/02/2016

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The BMCE Group Bank of Africa announces the second edition of the African Entrepreneurship Award set to kick off on Monday, February 15.

The African Entrepreneurship Award, initiated by its President Othman Benjelloun, shows BMCE Bank of Africa’s ambition to foster entrepreneurship in Africa by rewarding talents and technology beyond borders.

The initiative aims to support entrepreneurs from Africa or of African origin and spur them to surpass themselves because they have talents and their ideas hold the promise of a better world. The African Entrepreneurship Award receives funding allocation amounting to $1 million every year to reward the best African entrepreneurs in three categories: Education, environment and untapped domains in Africa.

Building on the success of the first edition, which gathered more than 5,000 applications from 54 countries, the African Entrepreneurship Award launches the second edition and announces the opening of the application process which spans until Saturday, May 7.

This first step, which will allow gathering the most useful ideas for the region, will be followed by two more steps: Successful applicants will be asked to sell their projects with convincing presentations prior to the final selection which praises the most innovative and sustainable projects.

Project nomination is carried out with the assistance of the partners of African Entrepreneurship, including entrepreneurs, academics, leaders and mentors from across the globe; they will assist the candidates throughout the contest.

Through the second edition of AEA, BMCE Bank of Africa, with foothold in twenty countries in the continent, reasserts its social and responsible commitment to support young entrepreneurs in their pursuit to create jobs and make Africans’ lives better.

India Threatens to Seize Vodafone Assets Over $2.1bn Tax Dispute

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19/02/2016

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The Indian government is threatening to seize Vodafone’s assets in the country if it doesn’t pay a disputed USD2.1 billion tax demand.

Both sides have been in dispute over the tax demand ever since Vodafone made its initial investment in the country in 2007.

An attempt by the Indian government to retrospectively change the law after it lost a court case scared away foreign investors and the government has been seen as keener now to seek an amicable settlement and close the issue.

Now it is reported that the Income Tax dept at the government has sent a letter to Vodafone warning that it may seize Vodafone assets if it doesn’t pay the outstanding tax bill.

In the letter, the tax department said that it may seek to recover any overdue amounts, even from overseas companies, “from any assets of the non-resident which are, or may at any time come, within India.”

Background
The Indian government has argued that although the transaction took place via subsidiaries in Mauritius, as the bulk of the assets were within India, then taxes should be paid to the Indian government. In addition, under Indian law, it is the buyer of assets who pays taxes, not the seller.

Vodafone International Holdings BV, a company registered in the Netherlands, acquired the entire share capital of CGP Investments (Holdings) Ltd, a Cayman Islands based company from Hutchison International (HTIL). CGP, itself, owns 52 per cent stakes in Hutchison India.

Vodafone Essar has argued that Vodafone Holdings , CGP Investments as well as HTIL are foreign companies and as the transaction was structured through Mauritius, capital gains cannot have been accumulated within India. Also India and Mauritius have a double taxation avoidance treaty, so it would not be possible for India to apply capital gains tax on transactions that are already taxed within Mauritius.

A High Court ruling was issued in favour of Vodafone, but the government then changed the law to make similar transactions subject to tax, and also retrospectively applied it to past transactions.

The lack of legal clarity and the risk of doing business in a country where tax laws can be retrospectively changed spooked foreign investors.

The current government had been making conciliatory noises about the situation, until this latest development.

Facebook Kicks Off Global Initiative on Women’s Safety

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19/02/2016

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Facebook hosted a Women’s Safety roundtable in Kenya on February 10 with participants from NGOs, academia, women’s rights groups, and safety organisations from Kenya and across Sub-Saharan Africa to highlight how the community can work together to create a harassment-free online environment where everyone can feel safe to share and interact.

The roundtable coincided with Safer Internet Day (February 9, 2016), a 100-country effort to make the Internet a better place for everyone who uses it.

The Kenyan roundtable was the first to be held around the world, with others to follow in Ireland, the Middle East, India and the US. The focus was on addressing the issues of online harassment of women.

“At Facebook, safety is at the centre of how we build products,” said Antigone Davis, Head of Global Safety for Facebook.

“We have a community of nearly 1.6 billion people, and we work hard to develop our global policies that focus on safety, encouraging online respect, and honouring the cultural diversity of our platform. It is absolutely critical that we spend time with our partners around the world to listen and learn how we can do better as we develop our policies and educate people about how they can stay safe.”

“Facebook is an important way for people in Africa to connect and share, and we’re committed to working with our partners to ensure our community, especially women, feel safe when they use our platform,” said Ebele Okobi, Head of Public Policy Africa for Facebook.

“This roundtable, our first in a global series, has proved invaluable to gaining insight to our approach in Kenya and across Sub-Sarahan Africa. We look forward to continuing the conversation in order to better reflect our community and develop the right policies.”

This year’s Safer Internet Day’s theme is Play Your Part for a Better Internet. Facebook is working with partners such as Watoto Watch in Kenya SHIFT in Nigeria and J Initiative in Ghana to ensure the safety and education of their communities and address the needs of vulnerable people.

Thirty organisations were represented at the roundtable in Nairobi, including participants from NGOs, academia, women’s rights groups, and safety organisations.

African countries represented included Kenya, Malawi, Botswana, Zimbabwe, South Africa, Uganda, Ghana, Nigeria, Cameroon, Tanzania, and Zambia.

Africa CEO Forum Launches Online Campaign

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19/02/2016

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The Africa CEO Forum launched a Q&A Campaign#AskDelphine this week through their Twitter handle @africaceoforum and their LinkedIn pagewherein they are asking their followers to #AskDelphine Maïdou CEO of Allianz Group’s industrial insurer, Allianz Global Corporate & Specialty (AGCS) in Africa aboutAfricaBusinessRisksfor2016andbeyond.

The campaign is run in both English and French, which enables brokers and risk managers across both Francophone and Anglophone Africa to take part.

Africa CEO Forum will then pick relevant questions after a week and post the responses fromMaïdou on @africaceoforum and LinkedIn and also tweet to AGCS and twitter handles@AGCS_Insurance and @Allianz. Brokers, risk managers and stakeholders can participate by replying, retweeting, liking and sharing the content using #AskDelphine.

This campaign is based on the 2016 Allianz Risk Barometer, which was released in January this year. “Risk management is an ever changing discipline and it is important for us to constantly engage brokers, risk managers and other stakeholders beyond our four walls to get a sense of the type of risks they are dealing with and how we as AGCS Africa can work with them,” says Maïdou. “While businesses in Africa are less concerned about the impact of traditional industrial risks such as natural catastrophes or fire, they are increasingly worried about the impact of other disruptive events, fierce competition in their markets and cyber incidents, so this platform enables AGCS Africa to continue our discussion in finding relevant risk management and insurance solutions.”

The drive, which should run for over a week gives AGCS in Africa the ability to interact with brokers and risk managers about leading risks on continent ahead of the actual forum in Abidjan from 21 – 22 March. Maïdou and other colleagues from AGCS Africa will be taking part in it specifically at an AGCS Africa-sponsored knowledge session to discuss the topic – the finish line: becoming an African champion.

The forum, which is attended by leaders from government such as presidents – Alassane Outtara of Ivory Coast and Uhuru Kenyatta of Kenya – and business, will enable AGCS Africa to grow its followership and network on the continent with some of the most influential people in the region.

CBN Targets N500-to-Dollar Exchange Rate

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17/02/2016

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The Central Bank of Nigeria [CBN] is subtly pushing for exchange rate of N500 to a dollar at the parallel market to discourage importation of frivolous items into the country and in the process, conserve the nation’s dwindling foreign currency revenue.
As at yesterday, the Naira exchanged for N345 to a dollar at the parallel market.

A senior official of the CBN told Business Journal in Abuja: “Officially, we are alarmed at the rising exchange rate between the Naira and major international currencies. But unofficially, we are really optimistic that the expensive cost of major foreign currencies will discourage our people from travelling abroad to bring in all manner of goods the country could either produce domestically or do without entirely. For us at the CBN, the development is a double-edged sword.”

In the same vein, a market analyst in Lagos said the CBN could be the biggest beneficiary of the rising dollar value against the Naira.

“Who wants to import at a loss? What the CBN failed to achieve by banning 18 items, could now be achieved through the back door because many importers will simply think twice before travelling to Dubai or China to bring in second-hand clothing that could become very expensive for people to buy. The end result would be less importation. The only challenge would be for genuine operators in the real sector who need foreign exchange to import raw materials and machinery for industrial production.”

Affirming the situation, an importer, Mrs. K. Obioma said: “Normally, l travel to Dubai or London once a month to bring in mostly used consumer goods but the current high cost of dollar has become a real headache for my business. And that explains why l have not made any trip since this year. The issue is: how many people can afford such goods at the new price and how will l recoup the investment and make profit? Of course, l’m now looking inward for a business l can easily transact locally without the problem of dollars.”

Samsung Showcases Innovative Products at 2016 Samsung Africa Forum

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17/02/2016

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Samsung Electronics Company Limited yesterday unveiled its product line-up for 2016 at its annual Samsung Africa Forum event. The company underlined the importance of innovation that makes a meaningful difference in people’s everyday lives, showcasing its new bezel-less curved SUHD TVs with Quantum dot display, the industry-first Front Load Washer with AddWash™, and a range of refrigerators and freezers with Twin Cooling™ technology.

“Samsung has continuously worked to help people live smarter lives, and this year we have taken a huge step forward with our diverse products and services,” said Mr. Yoo Young Kim, CEO and President of Samsung Electronics, Africa Office. “We will continue to enhance consumers’ quality of life by listening to their needs and strengthening our ecosystem.”

The Next Generation of Home Entertainment

Samsung unveiled its spectacular new line-up of SUHD TVs that feature unparalleled picture quality with Quantum dot display; the world’s first bezel-less curved design, which is beautiful from every angle; and the smartest user experience that makes it easy for consumers to access all their entertainment content in one place.

Samsung’s 2016 SUHD TVs feature the world’s only cadmium-free, 10-bit Quantum dot display, offering the most true-to-life picture quality with stunning brightness, exceptional contrast and the most lifelike colours ever offered by Samsung. The future of display technology, Quantum dot display converts light into nearly any colour in the visible spectrum without distortion or compromising the brightness level, delivering the optimum viewing experience for consumers, regardless of the lighting environment.

This year, all of the Samsung SUHD TVs will feature the ability to provide a premium high dynamic range (HDR) experience, with 1,000 nit HDR minimum for a higher level of contrast between light and dark images. New Ultra Black™ technology also significantly reduces light reflection, further enhancing picture quality with minimal glare.

Built on the Tizen operating system (OS), Samsung’s 2016 Smart TVs make it easier for consumers to discover and access all their favourite content and services, from TV shows and movies, to games and programme information, all in one place. The new Samsung Smart TV eliminates the need to juggle multiple remote controls.

The Samsung Smart TV will automatically recognise the type of set-top box, game console, OTT box or home theatre system that is connected to the TV. This allows users to control all of the external devices with the Smart Control remote — with no setup required.

Samsung also unveiled the latest additions to its audio product line-up, including the HW-K950 Soundbar, the company’s first to feature Dolby Atmos®, and the industry’s first soundbar package to include two Dolby Atmos®-enabled wireless rear speakers.The complete HW-K950 package delivers an incredible 5.1.4-channel sound.

Intelligent Digital Appliances Transform the Kitchen

Many consumers have dreamed of owning a spacious refrigerator that keeps food fresher longer so their weekly grocery shop goes further. It is a common disappointment to reach into the refrigerator to find that the fruits or vegetables have lost their natural moisture, even when kept in the vegetable drawer.

“The R&D team at Samsung worked hard to overcome this problem. Now consumers can keep food fresher, longer, with Samsung’s innovative Twin Cooling Plus™ technology,” says Sunil Gupta, Africa Regional Product Manager, Digital Appliances.

Samsung’s Twin Cooling Plus™ technology is a truly independent cooling system, preventing unpleasant smells from food moving between the fridge and freezer, ensuring the original flavour of ingredients stored in the freezer is perfectly preserved and odour-less.

No air movement between the compartments also means the freezer stays completely frost-free, prolonging the shelf life and the flavour of its contents. It also prevents the build-up of ice, removing the need to defrost the freezer.

Thanks to the Twin Cooling Plus™ technology, consumers can enjoy flexibility with cooling storage depending on their needs. The true independent cooling system allows for turning the freezer into a fridge when required, or just turn off the fridge compartment when leaving home for a long vacation. The five modes are Freezer-Fridge, Energy Saving, Vacation, Fridge Max, and Mini mode.

Samsung also launches an affordable range of refrigerators and freezers, designed especially for African consumers. These include the vertical freezer, the 180-litre top-mounted freezer, the 1-Door 110-litre fridge, and a chest freezer in the small size capacity of 150 litres.

Making the Washing Machine Work For You

Samsung recognises that in the rush to get laundry done on a frenzied weeknight or during a crazy weekend, a stray sock may simply get overlooked, so Samsung’s simple, practical response to that is to add the industry’s first “AddWash” door to its front load washer.

The Samsung Front Load Washer with AddWash™ has a distinctive access door that makes it convenient to add any item, such as a piece of forgotten laundry or extra detergent, in mid-cycle without needing to drain the washer and open the main washer door.

AddWash utilises a SuperSpeed feature, which finishes a load in less than an hour. It also features our EcoBubble technology, which premixes detergent with air and water, penetrating clothes 40 times faster than a normal mix of water and soap. It comes with an array of smart functions, making it easier for users to monitor and control wash cycles.

From gently caring for delicate fabrics, to advanced technologies that make detergent work harder, to a full load washed in as little as 30 minutes, Samsung’s Front Load Washer with AddWash can easily keep up with your family’s toughest laundry tasks.

Corporate Citizenship at the heart of business strategy

For the first time at Samsung Forum, Samsung will be showcasing its Corporate Citizenship initiatives in Africa.
Samsung will bolster its efforts in Africa in a bid to help the continent achieve its Sustainable Development Goals.

“As a global citizen, we felt it was important to use our technology to give back to society. We do this in four ways: by creating new learning opportunities so that young people can enjoy access to better education; by using our technical expertise to develop and provide access to new healthcare solutions; by supporting youth employment through vocational training and skills development; and by reducing our impact on the environment,” says Abey Tau, Corporate Citizenship and Public Affairs Manager.

Ecobank Appoints Adjei as CEO for CESA Countries

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17/02/2016

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Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group, has announced a leadership change in its most profitable subsidiary, Ecobank Ghana Limited.

Mr. Samuel Ashitey Adjei, the current Managing Director of the Ghana Subsidiary, has been appointed Managing Director for the Group’s recently combined region, Central, Eastern, and Southern African (CESA) Countries, consisting of 18 subsidiaries. Mr. Adjei will step down as MD of Ecobank Ghana on the 30th of March, 2016.

Mr. Sam Adjei, credited with the bank’s outstanding performance in the last several years, assumed the position of Managing Director for Ecobank Ghana in 2006, and has since built the bank from eight to 78 branches, and to an enviable position of the leading bank in Ghana. Today, including the Ghana subsidiary, Sam Adjei runs the Group’s West African Monetary Zone member countries. A renowned banker in the Ghana banking industry, Sam has influenced policies and industry transformation, and is a well-respected banking professional across the market.

Mr. Adjei, who started his banking career over 25 years ago, has spent the significant part of his career with Ecobank. He joined Ecobank in 1990 and held several business leadership positions until his appointment as Managing Director. Prior to the MD role, He was Deputy Managing Director for a year, and following that, was an executive director, and head of Corporate Banking & Treasury.

Ecobank Group CEO Ade Ayeyemi said, “over the last several years, and more so in the last 10 years, as Managing Director, Sam has taken our Ghana Subsidiary to unprecedented leadership heights, and has given us a franchise that is well positioned for continued and sustainable success. The last 10 years have seen this subsidiary grow exponentially. It has become the most successful and profitable subsidiary, both internally within the Ecobank Group, and externally in the Ghana banking industry. We are confident that Sam will exemplify this success in his new role as Regional Executive for our newly created CESA Region”.

Mr. Adjei said: “I have spent the last 25 years of my life, contributing to and helping to build this great institution of ours – Ecobank. But the real credit goes to the many great men and women alongside whom I have worked in Ecobank Ghana, the West African Monetary Zone region, and Ecobank overall. I have had the privilege of working with the best and brightest in the industry. Together, my leadership team and the respective boards of directors, have been the pillar of success at Ecobank Ghana, and the West African Monetary Zone region. I leave my customers and my partners in the industry with a heavy heart, but I continue to believe that it is the overall franchise that has contributed to their respective journeys with Ecobank, and I wish them all well with continued success.”

The Chairman of the Ecobank Ghana Board, Mr. Terence Darko, said: “Sam is a modest and assiduous gentleman. It has been a pleasure to work and learn from him the business of banking. This is a well-earned promotion. On behalf of the Ecobank Ghana Board, its Management team and staff, I would like to thank Sam for his commitment and outstanding leadership over the last ten years. We wish Sam continued success in his new and challenging assignment. There is no doubt that he will replicate this success in his new role.”

Mr. Darko indicated that in partnership with the Group’s head office, the Board will immediately launch the process of selecting a successor to Mr. Adjei, a process that will conclude by the 30th of April.

BlackBerry Announces 2OO Redundancies

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17/02/2016

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BlackBerry has made around 200 staff redundant at its Canadian headquarters, including BBM co-founder, Gary Klassen.

Earlier reports had suggested that as many as 1,000 staff were being made redundant, which would have been around a third of the staff, but this was later clarified to the smaller number of 200 redundancies.

In a statement, the company said
“As BlackBerry continues to execute its turnaround plan, we remain focused on driving efficiencies across our global workforce. This means finding new ways to enable us to capitalize on growth opportunities, while driving toward sustainable profitability across all parts of our business. As a result, a small number of employees have been impacted in Waterloo and Sunrise, FL”

The company added that it is still hiring staff in other areas of its business.

TagPay Wins Kalahari Award for Mobile Financial Services in Africa

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17/02/2016

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Tagattitude, the innovative French FinTech has won a Kalahari Award for its digital banking platform, TagPay at the 6th Remittance and Mobile Money Expo, held in Lagos, Nigeria.
The award recognises TagPay as the best technology enabler platform. With Near Sound Data Transfer Technology at its core, the TagPay platform can turn any mobile device into a payment tool, without changing its hardware or software. Be it a feature phone or a smartphone, the end-client can save, send and spend his money freely, right at his fingertips.
Financial service providers use TagPay to offer financial services directly on their clients’ mobile phones, thanks to a wide variety of channels, including IVR, the web and sound. With this specific channel, there is no need to depend on the USSD channel controlled by mobile network operators to process mobile transactions.
The TagPay digital banking platform manages all of the transactions that a bank needs: P2P money transfer, salary disbursement, bill payment, and transactions at the point of sale. TagPay also manages the entire branchless banking agent network, making it possible to follow and control all operations in real-time from headquarters.

Yves Eonnet, Tagattitude’s CEO, received the award in Lagos, saying that it “was a great honor. The award recognises the impact that TagPay’s technology can have in building new financial service ecosystems in Africa. We have built TagPay, bringing the best technology to the table, in order to help financial institutions reach their financial inclusion goals.”
Yves Eonnet presented the case study of the Trust Merchant Bank, in the Democratic Republic of Congo. The Trust Merchant Bank’s mobile financial service, Pepele Mobile, powered by TagPay, helps the bank reach the last mile and bank the vast unbanked populations of the country.
The Kalahari Awards were presented at the 6th Remittance and MobileMoneyExpo in Lagos, Nigeria.
Emmanuel Okoegwale, Principal Associate of Mobile Money Expo, oversaw the awards.
“We congratulate all of the award winners today and it is our sincere hope that the honor will inspire better innovation in 2016 and beyond,” he said. “MobileMoneyAfrica is proud to be celebrating the 6th Kalahari awards, which celebrates innovative leaders in e-commerce, payments, remittances and mobile financial services.”
The Kalahari awards are dedicated to acknowledging creativity, commitment and excellence in the digital payments and remittance industry across Africa. The awards are given to organizations that have made significant contributions to the remittance and mobile financial services sector by making financial services more affordable and more available, thereby creating impactful developments in Africa.

About Tagattitude
Tagattitude has developed a digital banking platform, called TagPay that powers financial services in 20 countries, with a strong footprint in Africa.
The TagPay platform is the backbone of mobile financial services implemented by banks, microfinance organizations, MNOs and FinServs.
The TagPay platform is omnichannel and ubiquitous. With TagPay, end users can receive their salaries, ask for a loan, pay bills, transfer money and pay at a point of sale.
Tagattitude’s sound payment technology, NSDT™, turns every existing phone into a contactless payment tool and authentication device, regardless of the MNO, be it a feature phone or smartphone.

Huawei Unveils Power Sharing Formula in Nigeria, Raises Bar in African Mobile Landscape

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17/02/2016

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For the past couple of weeks, the Nigerian public has been speculating and trying to guess what #ThePowerOfSharing! Nigerians can heave a sigh of relief as Huawei launched the Huawei G-Power #ThePowerOfSharing exclusively on Jumia in Nigeria on Monday, 15th of February, 2016.

Huawei is currently one of the top suppliers of the android smartphones all over the world and their epic antecedents in world Technology leaves much to be anticipated and desired even amongst those who are not tech enthusiasts.

This Huawei G-Power comes as a radical paradigm to bring to fore a power sharing formula which has ravaged the country’s ecosystem. The features of the Huawei G-Power is a tech touché to every Nigerian smartphone user who are in dire need of the phones power sharing formula, long battery life, a large memory and captivating camera quality of this laudable innovation.

It is in line with these expectations Huawei, has made the device exclusive to Africa’s online largest e-retailer, Jumia. The high-end mobile phone will be underpriced at N46,500 along with a FREE Bluetooth swan speaker worth N15,000 in the market.

“Huawei G-Power has raised the bar in the African mobile landscape with unique ability to charge other devices. Huawei G-Power is primed to give Nigerians the satisfaction they have always craved for. If there was anything synonymous to profit on investment it is definitely the Huawei G-Power.’ commented Fatoumata Ba, Managing Director of Jumia.

Airlines Target 3.8bn Passengers, $2.4tr Revenue in 2O16

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17/02/2016

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The International Air Transport Association (IATA) welcomed partnerships among all stakeholders, including governments, to help aviation fulfil its important role as a catalyst for global economic growth and development.

“Airlines will transport 3.8 billion passengers and 53 million tonnes of air cargo this year. In doing so, they will support some $2.4 trillion in economic activity and some 58 million jobs. In Asia-Pacific, the corresponding numbers are over $700 billion in GDP and 33 million jobs. By 2034, global demand will reach 7 billion passengers, but that demand can only be accommodated through a working together approach by all aviation stakeholders including governments,” said Tony Tyler, IATA’s Director General and CEO.

Tyler made his remarks at the Singapore Airshow Aviation Leadership Summit hosted by the Singapore Government, Experia Events and IATA. He cited the collaborative event as an example of the working together approach. “It’s great that we are looking at the challenges of future growth together with all stakeholders.”

Tyler identified three examples where partnerships are vital to meeting forecast demand for connectivity.
· Safety
· Sustainability
· Infrastructure Development

Safety : “Safety is our highest priority and we are seeing steady progress through our partnership approach involving airlines, airports, air navigation services providers, manufacturers, governments and other stakeholders. If we look at jet aircraft, in 2015 we had one major accident for every 3.1 million flights. That’s a significant improvement on the five-year average (2010-2014) of one accident for every 2.2 million flights. Yet the last two years have also seen events that can only be classified as ‘unthinkable’, including the disappearance of an aircraft, the downing of an aircraft by a missile, and the deliberate destruction of an aircraft by a suicidal pilot. We must add to that the loss of an aircraft in what is suspected of being an act of terrorism.

“There are no simple solutions to the issues raised by these terrible tragedies. But we must honor those who lost their lives, and their friends and loved ones, by re-dedicating ourselves to making flying even safer. Working with our partners in government and industry will drive improvements based on global standards and best practices.”

Sustainability: “Environmental sustainability is our license to grow,” said Tyler. The aviation industry has adopted a four-pillar strategy based on technology, operations, infrastructure, and market-based measures to address its CO2 emissions, and has adopted ambitious carbon reduction targets:
· A 1.5% annual average improvement in fuel efficiency to 2020
· Capping net carbon emissions with carbon-neutral growth from 2020
· Cutting net carbon emissions in half by 2050 as compared to 2005 levels

“We are seeing success through our partnership approach. Fuel efficiency is improving around 2% a year. Sustainable fuels for aviation have matured with the knowledge that they are safe and effective. And earlier this month a CO2 standard was agreed that will institutionalize the continuous technical improvements that come with every new generation of aircraft and engines. Now we need governments to step up at the International Civil Aviation Organisation (ICAO) Assembly this autumn to agree a mandatory global carbon offset scheme to be in place in time for 2020. Our membership is doing all it can to provide support to this bold initiative.”

Infrastructure Development: “We will add 3.2 billion new air travelers in less than two decades. Of these, 1.8 billion—56%-will be in Asia-Pacific—the vast majority on routes linked to China. If we can realize that growth potential, then jobs and economic activity will follow. By 2034, aviation in the region could be supporting over 70 million jobs and some $1.3 trillion in economic activity. But that’s dependent on the industry having sufficient infrastructure,” Tyler said.

Tyler said that many governments in the Asia-Pacific region value highly the economic contribution of connectivity enabled by aviation and work to sustain it.

However, Tyler cautioned that “it will be a challenge to keep up infrastructure development in line with growing demand—and to ensure that that skies can still operate efficiently as the industry grows. The Gulf hubs already face a similar challenge where much more co-ordination in airspace management is needed. Europe probably faces the greatest risk. Air traffic management is an expensive and disjointed mess as a result of governments’ protection of narrow domestic interests at the expense of Continental success. Moreover, a Euro-control study estimates that European airports could also face a capacity crunch—with a 12% shortfall against demand by 2035.”

Nigeria Abolishes Capital Levels for Insurance Firms

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14/02/2016

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The National Insurance Commission [NAICOM] and operators have jointly agreed to abolish capital levels for insurance companies operating in Nigeria as part of measures towards transmitting to risk-based supervision.

The decision was taken at the 2nd Insurers Committee held in Lagos and attended by the Commissioner for Insurance, NAICOM and chief executive officers of insurance firms.

However, the committee maintained that the existing minimum capital requirement for life, general and composite insurance business will still remain the minimal benchmark in the industry.

Mr. Oye Hassan-Odukale, the Chairman, Publicity & Communications Sub-committee said henceforth, each insurance company will determine the level of capital it needs to operate maximally in the market.

He said the committee also agreed to enforce the Code of Corporate Governance with effect from April 1, 2O16 to enhance market and professional transparency in the industry going.

Odukale, who is also the Managing Director/CEO of Leadway Assurance Company Limited, added that certain contending issues between NAICOM and operators were equally discussed for the purpose of resolving same in the interest of all parties, and sustainable growth of the insurance market.

He promised that a Roadmap on the risk-based supervision model would be unveiled later when the various committees set-up for the purpose must have submitted their reports.

Reprinted below is a treatise on Risk-based Supervision by Tony Randle of the World Bank Group:

· Risk-based Supervision for Insurance Supervisors
The role of supervisory authorities undertaking prudential supervision is to promote the maintenance of efficient, fair, safe and stable insurance markets for the benefit and protection of policyholders.

An effective supervisory authority is able to require an insurer to take timely preventive and corrective measures if the insurer fails to operate in a manner that is consistent with sound business practices or regulatory requirements.

Traditionally, authorities have performed this role by way of compliance based supervision. Under this style of supervision, insurers must comply with a set of prudential rules generally written into the law or the subordinate legislation.

The role of the supervisory authority is to ensure that insurers do, in fact, comply with these rules. In recent years, supervision has been evolving and moving from a style that is compliance based to one that is risk based. This progression has also been a feature of the activities of bank supervision and pension supervision.

· What is Risk-based Supervision?
Risk is the exposure to loss or injury. There is a degree of risk attached to every activity which people undertake. Risk based supervision (RBS) requires supervisors to review the manner in which insurers are identifying and controlling risks.

1: It requires supervisors to assess system and IAIS Insurance core principles (2003)
2: Individual firm risk and to respond with the supervisor’s own processes and interventions in line with the assessment. This, in turn, allows supervisors to allocate resources to the insurers with the greatest risk and areas within individual insurers that are high risk.

RBS involves supervisors assessing four factors: inherent risk, controls, residual risk and additional support. A simple example of a pedestrian crossing the road explains these concepts. Inherent risk is the risk of an adverse event occurring.

The inherent risk may not be the same for identical activities undertaken in different circumstances. In the example, one of the inherent risks for the pedestrian is the risk of being hit by a car. The inherent risk would be different if the pedestrian crossed a major road compared with a minor road, crossed during a rain storm or crossed at peak hour rather than some other time.
Insurers face a large number of risks that are of concern to the supervisor and which will be explored further on. Controls are those actions that are put in place to lessen the probability, the severity or both of inherent risk.

Controls to mitigate the risk of being hit by a car may be to cross only with green lights at intersections where there are traffic lights or to look both ways before crossing the road. The degree to which these controls mitigate the risk is different for each control.

Residual risk is the risk of an adverse event occurring even though the controls are in place and are working or being applied correctly. A very cautious pedestrian who only crosses at green lights may still be hit by a car, because the car itself went through a red light.

Additional support refers to any additional factor that may be in place to deal with the outcome of an event occurring and which would lessen the overall impact of that event. The unfortunate pedestrian in the example may have accident insurance in place which will lessen the financial impact of the event if it occurs.

While the pedestrian’s medical bills will be the same, the economic loss suffered by the pedestrian is lessened if the insurer pays the medical bills and provides income support while the person is recovering. There is one further important concept that has to be considered in relation to risks and controls.

Each risk has both a probability of the event occurring and a severity if it does occur. RBS considers both the probability and the severity in making the assessment.

Looking at both is critical to an assessment of controls—controls can mitigate the probability of an event occurring (for example crossing on green) or the severity of the event occurring (for example wearing protective clothing may lessen the impact of being hit by a car), but generally individual controls do not mitigate both the probability and severity in the same way or to the same extent.

· Summary
In summary, a risk based supervision approach assesses the probability and severity of the material risks to which insurers are subject; it assesses the effectiveness of the controls in reducing the probability of risk events occurring or the severity if they do occur.

It further considers what the insurer has in place to deal with an event occurring even though the controls are in place and are functioning properly.

The risk of failure can be approximated as the combination of all the risks (being the product of the probability of an event happening and the severity if that event happened) less the value of the additional support.

e-Dividend: SEC Assures Investors on N8Obn Unclaimed Dividend

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Business Journal

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14/02/2016

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Determined to eradicate the incidence of unclaimed dividends in the capital market, the Securities and Exchange Commission (SEC) organised a week-long e-dividend enlightenment campaign in Lagos to sensitise community leaders, market women, artisans, traders, workers, students and other category of investors on the need to embrace its recently introduced e-dividend platform.

Welcoming participants to the town hall meeting, the Director-General of SEC, Mounir Gwarzo, said the introduction of e-dividend is one of the several initiatives by the regulator aimed at encouraging better participation in the capital market by retail investors. He said the issue of unclaimed dividend has become a thorny one, which has negatively impacted investor confidence.

“Our approach is to identify what the issues are in the market and address them. If you meet any retail investor, they will tell you that for the last five years, dividend has been paid but that they cannot collect the money,” Gwarzo said. “So, we introduced the e-dividend platform to address the unclaimed dividend challenges.”

According to him, the process of claiming dividend by retail investors has become so cumbersome and expensive such that investors would rather abandon the claims. He said that as of today, the unclaimed dividend figure is in the region of N70-N80 billion, while the e-dividend platform was therefore introduced to help streamline the process of dividend claims and payment and make it seamless and cost effective.

“Most times when companies declare dividends, the warrants are sent to the postal or home addresses of investors, who often times get these warrants late or not at all. Imagine somebody who lives in Iyana Ipaja, for instance, it will probably cost him about N5,000 to claim a N2,000 dividend, when you factor in transportation to and from the post office, to the registrars for revalidation, if he gets his warrant late, and then to the bank to lodge the warrant. This discourages such investors from claiming the dividend,” Gwarzo said.

“The essence of the road shows and town hall meetings is to sensitize investors on the need to embrace the e-dividend platform. The e-dividend platform, we believe, will help restore confidence in and deepen the market through increased local participation.”

The e-dividend sensitisation campaign commenced in Abuja some weeks ago, with Gwarzo promising further campaigns across the geo-political zones of the country.

The SEC had in July 2015, in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) and the Central Bank of Nigeria [CBN] launched the e-payment platform in the capital market and advised investors to obtain the e-dividend mandate form from their banks and registrars for immediate processing and upload to the e-Dividend Mandate Management System (e-DMMS).

By Blessing Ikeme

New UN, UNDP Resident Representative, Samoura, Promises Full Support to Nigeria

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Business Journal

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14/02/2016

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United Nations (UN) Resident Co-ordinator and United Nations Development Programme (UNDP) Resident Representative in Nigeria, Ms. Fatma Samoura, has presented her Letters of Credence to the Federal Republic of Nigeria through Hon. Geoffrey Onyeama, Minister of Foreign Affairs of the Federal Republic of Nigeria.

As outlined in paragraph 34 of the Annex to the General Assembly resolution 32/197 of 20 December 1977, Ms. Samoura, on behalf of the UN system, will have overall responsibility and exercise team leadership for the co-ordination of operational activities for development in Nigeria.

During the presentation ceremony, Ms. Samoura highlighted the challenges faced by the national authorities, especially in addressing poverty and responding to the development and humanitarian needs of the North Eastern parts of the Nigeria.

She pledged full support to the people and government of Africa’s largest economy in efforts aimed at meeting both short and long term development goals, including achieving the Sustainable Development Goals (SDGs).

She promised the commitment of the over 19 UN Agencies, Funds and Programmes in the country to work closely with the Government and other partners in implementing the national development agenda, and to intensify efforts that will sustain development advances the country has so far made.

The UN Ambassador also used the occasion to commend the Government of Nigeria for the ongoing rehabilitation of the UN House and pleaded for its speedy completion, adding that this would enhance operational efficiency and facilitate even more effective support to the government and people of Nigeria.

Onyeama assured the UN Ambassador and the UN system in Nigeria of an unparalleled support of the Ministry and Government to the mission of the UN and committed to helping address all operational bottlenecks to enable the UN system operate even more effectively and efficiently.

Samoura, a Senegalese national, comes to Nigeria with rich experience. Before her appointment (2010-2015), she was UN Resident Coordinator and UNDP Resident Representative for the Republic of Madagascar. She has over 20 years’ experience in the UN system having held leadership positions including; Country Director and Representative, Guinea, (2009-2010);

Representative and Country Director, Cameroon, (2005-2007); Representative and Country Director, Djibouti, (2000-2005) and Senior Logistics Officer, Italy (1995-2000).

During her tenure with WFP, Ms. Samora was seconded to the Office for the Coordination of Humanitarian Affairs in Chad from 2007-2009. Before joining the UN, she worked in the private sector and has travelled extensively in Africa and beyond. She speaks English, French and Spanish.

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