Main One Cable Company has upgraded the lit capacity on its undersea fiber optic cable system with an additional 20 Gbps between Lagos, Nigeria and Seixal Portugal, and the deployment of an additional bank of multiple 10 Gbps wavelengths ready for implementation on demand.
Zinox Group and Imo State: A Partnership for Development
The Imo State Government has named its IT Centre,ImoCenterfor Advanced Professional (ICAP) after Zinox Computers in recognition of the company’s contribution to the development of information technology inNigeria. The announcement was made by Owelle Rochas Okorocha, Executive Governor ofImoStatewhile receiving the donation of four fully fitted security vans and equipment valued at over N50 million donated to the state government by the Zinox Group.
MTN: $1.3bn Network Modernisation for Efficient Subscriber Experience
MTN Nigeria has commenced comprehensive network modernisation and swap-out exercise that is expected to cover its extensive network across the country over a span of nine months. The exercise will entail upgrading and replacing key network components with newer versions for enhanced capacity and much improved quality of service.
MTN Nigeria Corporate Services Executive, Mr. Wale Goodluck, said the project, which had been
in the pipeline for several months commenced over a month ago after intensive planning.
“Our local team working closely with our technical partners and experts began work in April,” said Goodluck. “They have done much of the backend work preparatory to the actual swapping of network components in the days ahead.”
FMBN Clears Pension Arrears of N364m
Federal Mortgage Bank of Nigeria (FMBN) is set to pay up the pension arrears of its pensioners totaling N363,585,854.28. This amount was arrived at after a pensioners’ verification exercise conducted in April by the FMBN Management and series of consultations between the Bank and its pensioners as well as with National Pension Commission (PENCOM) officials and independent pension consultants.
FMBN Managing Director, Mr. Gimba Ya’u Kumo, who disclosed this, said the Bank had paid N145,434,341.71 in April, 2011 while the balance of N218,151,512.57 would be paid in two installments of N109,075,756.28 in May 2012 and N109,075,756.28 in August this year.
UnityKapital Assurance Acquires FUG Pensions, Injects N1bn Capital
UnityKapital Assurance Plc has opened another chapter in its quest for market leadership and stakeholder value with another addition to its fold of strategic investments by acquiring FUG Pensions Limited, a licensed Pension Fund Administrator.
With this investment, UnityKapital has extended its field of operations to Pensions Administration; a field that already includes ownership of a Health Management Organization as well as substantial interests in a major player in the hospitality business
The Leading Insurance Companies in Nigeria
Niger Insurance Plc
Our Mission Statement
To be a CUSTOMER ORIENTED provider of superior insurance services, using WELL MOTIVATED EMPLOYEES AND TECHNOLOGY, in a conducive working Environment, thereby creating long term VALUE FOR SHAREHOLDERS through sustained return on investment.
Brief History of the Company
Niger Insurance Plc was established in August, 1962 as a specialist life company under the name Yorkshire Insurance Company Ltd. Now a public quoted composite Insurance Company, it operates with an asset in excess of N22 billion and a capital base of over N5 billion with subsidiaries and associated companies.
NAICOM: Regulating & Ensuring Healthy Insurance Industry in Nigeria
The insurance industry, like other sectors within the financial system in Nigeria, has undergone dramatic changes in structure and operations, brought about by the dynamics of the operating environment. The positive changes came through the exemplary regulatory role of the National Insurance Commission (NAICOM) under the dynamic leadership of Mr. Fola Daniel, Commissioner for Insurance.
History
The National Insurance Commission was established in 1997 with the responsibility of regulating and supervising insurance business in Nigeria. It replaced the previous regulatory organ – the Nigerian Insurance Supervisory Board. Prior to 1992, the Federal Ministry of Finance licensed and supervised insurance companies.
‘Sudan 2012 is First AIO Conference to Discuss Takaful’
As the 39th Annual Conference/General Assembly of AIO kicks off in Khartoum, Sudan in a matter of days, Ms. Prisca Soares, Secretary General of AIO, xrays the uniqueness of the summit and her expectations.
Much attention deserves to be focused on insuring the average African with modest means. This could be achieved through Micro-insurance and Micro-takaful.
Sudan is the most developed Takaful market which makes it the ideal place to learn about that aspect of insurance. It would also be the first time the conference would be holding in Sudan.
The African insurance industry is quite healthy and vibrant. Practitioners are well aware that the insurance sector is contributing very little to the world’s insurance output and that insurance penetration is very low in most of our countries.
I believe you could say that practitioners have decided to take the bull by its horns going by recent events and activities, ranging from recent regulations from CIMA to various regional conferences and seminars.
The 39th Annual Conference/General Assembly, African Insurance Organisation (AIO)
African insurance professionals and their partners from Europe, Asia, the Middle East and Australia will converge on Khartoum, Sudan from 27th to 30th May, 2012 for the 39th Annual Conference & General Assembly of the African Insurance Organsation (AIO).
Organized by AIO, this year’s conference will be a determinant moment for the African insurance industry, given the issues to be handled.
The theme of this year’s conference which is “Challenges and Opportunities of Micro-takaful and Micro-insurance in Africa” gives the conference a particular touch, being the first time that Takaful will be discussed at any AIO Conference while Sudan will also be hosting the conference for the first time as well.
Emirates – A Flight of Fortune
The story of Emirates is no less fascinating each time it’s told – and it has been, many times around the world. Dubai’s quest to have its own international airline, the cheque for 10 million US dollars from Sheikh Mohammed bin Rashid Al Maktoum, the two leased aircraft and the small team that established an airline of the highest order.
Many still marvel at what Emirates has achieved in 26 years, since the first flight to Karachi took off on October 25th, 1985 from a relatively rudimentary Dubai airport. Under the chairmanship of HH Sheikh Ahmed bin Saeed Al-Maktoum, it is a story of collective wisdom, forensic planning and the boldness to create an airline that would help create an inspiring modern city, snatched from the desert. The growth of Dubai and Emirates went hand in hand and they still do to this day.
Internet Addiction
Time changes rapidly as global levels have taken up a paramount air for Internet accessibility. This appears to be the mind language of every busy lad on the street.
The sudden grasp and emergence of GSM in Nigeria in the last decade can be described as a cycle for speed communication that has enhanced business friendliness, family ties, trade alliances and social networking.
In recent times, Internet accessibility has placed customers ringing finger tips on pings, ranging from soft touch on torch screens, ipads and galaxy devices to a ladder of browsing channels. The global forum for reaching out to the world has yielded a faster co-existence in uniformity for all categories.
The blueprint version of cash has slowly diced out slices of proportional value added services reaching out to the world instantly and at any given time. The household name for chatting, messaging and social networking has paged a standard for all ages; technology has now been immensely drawn to a huge advantage on the world market.
The cross sector of customers that storm various mobile top shops and telecom service centres on daily basis on huge demand for one innovative device or additional value for Internet service has grown on the increase while the climax of these are far more insatiable for customers than the inventors.
Rebirth of the Insurance Agent
With great confidence and applause from other insurance agents across Nigeria, Demola stepped on to the stage loaded with insurance industry leaders to receive the award for the Best Insurance Agency in Nigeria for the second consecutive year!
He simply thanked his company, Mutual Benefits Assurance, his colleagues and, most of all, ARIAN for giving out the Award, thus symbolising the new life of the Insurance Agent in Nigeria.
Since the disappearance of insurance agents with their Vespa motorcycles and the future of many Nigerians, there has not been any strategic and deliberate action to redeem the pride of the Insurance Agent like ARIAN has been doing in the last couple of years.
The Association of Registered Insurance Agents of Nigeria (ARIAN) led by Mr. Kingsley Obuvie of Leadway Assurance has not only revived the professional body of insurance agents but has sought to make its members enjoy the recognition and reward they need to stay on.
Interestingly, insurance business was introduced into Nigeria by 1900 when the Bank of British West Africa (BBWA which later became First Bank of Nigeria) was appointed as an agent of Royal Exchange Assurance of the United Kingdom in Lagos.
Several years later, the agencies had become the responsibilities of frontline Nigerians who were given the power of attorney by foreign insurers to act on their behalf, thus initiating the Nigerianisation of those insurance companies which still thrive today!
Can I get away with posting an impression that the insurance agents have been in the forefront of insurance development and indeed the Nigerian economy? May be! This is because many well established and renowned Nigerian business moguls, who started as traders and merchants, have some insurance agency experience in them. Surprised! It is an amazing story for another day
Today, as ARIAN celebrates its third National Awards, Obuvie has emphasized that his mission is to ensure that Nigerians will no longer be cheated by agents and agents will not be maligned by other people, hinged on the fact that every person interested in insurance agency is required to be a registered and financial member of ARIAN. With its code of professional conduct and continuous training, he believes that the confidence of the public in relating with insurance agents has been awakened.
ARIAN relies on the direction of the evolution of Nigeria’s insurance industry to drive its membership with strong hope that the future provides greater opportunity for insurance agents. The impact of the Awards given to different categories including the Best Insurance Agent, Best Insurance Agency, Insurer with strongest agency force, Outstanding Insurance CEOs and Lifetime Achievement have already been well received by many insurance companies. Even insurance companies in General Business Only are working with ARIAN to activate their insurance agencies for more business generation.
It is expected that all stakeholders, especially policyholders will be interested in knowing whether an insurance agent is a member of ARIAN before dealing with them to ensure that any issue that may affect the relationship can be addressed.
Of course, with the support ARIAN enjoys from Mr. Fola Daniel, Commissioner for Insurance, National Insurance Commission (NAICOM), the rebirth of the Insurance Agent in Nigeria is only necessary if insurance penetration must deepen.
Let’s congratulate ARIAN as they celebrate their performances three years running!
Acknowledgements: A Century of Insurance in Nigeria by Nigerian Insurers Association
The CEO as No 1 Brand Icon
An organisation’s corporate image is the picture that forms in the mind of the average person any time the name of the organisation is mentioned. The Chief Executive Officer (CEO) is one of the many variables that constitute that image. This explains why the image of the organisation often revolves around the CEO. In other words, the chief helmsman has the capability of either enhancing or ruining the organisation’s corporate image. This is so because the image of the organisation is always seen through him.
The extraordinary importance attached to the office of the CEO must be viewed against the background of the fact that consideration for appointment into that office goes beyond academic and professional qualifications. It is taken for granted that whoever occupies the office of the CEO must be academically and professionally qualified. Of equal importance, if not of more importance, is the character of the person occupying that office.
Perhaps, above every other consideration, the CEO must be an embodiment of integrity. He is constantly under severe scrutiny, especially outside the walls of the organisation. What he does, even within the confines of his house, could rub off positively or negatively on the image of the organisation that he heads. Any act of his that puts a question mark on his integrity automatically affects, in a negative way, the image of the organisation.
There are other considerations. How is he perceived by the organisation’s different publics? How does he relate with superiors and subordinates? How does he speak and laugh? What is his dress sense?
We have seen cases involving CEOs that were hitherto celebrated as success stories, but who ended up dragging their companies’ into the mud on account of their integrity deficiency.
A case in point was the unprecedented crash of the stocks of the former Lever Brothers in the early 2000 following allegations that the company had been doctoring its books under the supervision of the late Rufus Giwa, who had just left office as CEO. A similar allegation occurred at Cadbury under Bunmi Oni, a man who was then touted as one of the most promising managers the country could boast of.
Festus Odimegwu’s problem with Nigerian Breweries had nothing to do with integrity. If anything, Odimegwu, a first class honours graduate of Chemistry, was one of the best managers of his time, with impeccable character and integrity that was beyond doubt. He became a brand eroder for the Star brand when he allegedly got involved in the infamous Third Term project of former president Olusegun Obasanjo, a project that was quite unpopular with Nigerians. Heineken, the parent company of Nigerian Breweries, had to choose between him and the company.
It is not in all cases that the CEO’s problems with the company border on integrity, as in the first two cases cited above, or indiscretion, as in the case involving Odimegwu. A seemingly inconsequential issue like his social life; what he does outside official hours in such places as the club house, church, private party, etc, are of importance to the organisation. A little slip or a brief moment of indiscretion is enough to send him crashing to the floor and taking the company along. Cases abound all over the world of CEOs whose love life damaged their organisation’s image.
In the early 1990s, Jimmy Swaggard, a popular American televangelist, fell from grace to grass because of his romantic involvement with church secretary, Jessica Han. His crash led to the near disintegration of Praise The Lord Ministry. A most recent and perhaps the most celebrated of such cases was the one involving Dominique Straus-Khan, the erstwhile Managing Director of the International Monetary Fund, whose brief sexual encounter with a maid in a New York hotel led to his unceremonious exit from the world financial institution and effectively blocked his chances of becoming the next French president.
The CEO carries with him, wherever he goes, the image of the organisation that he works for. That is why he has no privacy, and is the subject of media attention. While serious publications are interested in what he does in office, and how his activities impact on the company’s fortunes, soft-sell publications are only interested in what he does outside office. They are interested in the club he belongs; where he hangs out after official hours; who he hangs out with, especially his female companions, etc. They look out for his mistakes, not his triumphs. His public conduct must therefore be such that would impact positively on the image of the organisation.
In a way, both the CEO and the organisation benefit from the conduct of the former, if it is perceived positively by the public. While expectations from the organisation and the public keep him on his toes and make him conscious at all times of the need to be above board, the organisation ‘reaps’ from his good conduct.
Toyota Fortuner: The Art of Power & Comfort
The Toyota Fortuner is Bold yet refined, rugged yet stylish. brimming with power, yet safe as home.
A symbol of strength, yet a vision of beauty, teeming with cutting-edge technology, yet interfaces effortlessly with its master. A luxury SUV unlike any other – the new Toyota Fortuner is the embodiment of Art and Comfort.
STUDY: Global Action Against Tax Evasion Failed
The most concerted global push ever undertaken against international tax evasion has failed to reverse the flow of funds to offshore financial centres, according to banking industry data.
Despite unprecedented action from political leaders, and a blizzard of bilateral co-operation treaties entered into by offshore centres, deposit data from the Bank of International Settlements (BIS) shows bank accounts in tax havens still held $2.7tn (£1.7tn) last year – about the same amount as in 2007.
Niels Johannesen and Gabriel Zucman, academics who were granted access to a rarely seen breakdown of BIS data, concluded: “So far, the G20 tax haven crackdown has … largely failed … Treaties have led to a modest relocation of bank deposits between tax havens but have not triggered significant flows of funds out of tax havens.”
Their findings are in sharp contrast to the official verdict on the G20 initiative inLondon in 2009. Last November Angel Gurria, general-secretary of the Organisation for Economic Co-operation and Development, the body whose job is to oversee the crackdown, told the G20 inCannes: “The era of bank secrecy is over.” Acknowledging work remained to be done in some areas, he nevertheless insisted: “It is now no longer possible to hide assets or income without risking detection.”
Presented with Johannesen and Zucman’s findings last week, Pascal Saint-Amans, the OECD’s head of tax, said: “It’s an interesting survey, but perhaps it is published a bit early. Let’s see what the impact is in a couple of years.”
However, tax campaigners claim the latest study shows getting offshore centres to sign bilateral co-operation treaties is an ineffective means of tackling the problem. Weakly worded treaties, they argue, allow signatories to request financial details only where they can already demonstrate suspect evasion activity. Reformers have called for more robust transparency treaties to weed out tax evaders.
Adding to the challenge facing tax authorities is the widespread use of corporate structures spanning multiple havens. Johannesen and Zucman’s study found that some $550bn – about a quarter of all deposits in tax havens – was owned by individuals or companies in other havens. The British Virgin Islands andPanamaare popular jurisdictions for such holding companies.
Money flowing to opaque offshore financial centres has in recent years been the subject of intense political scrutiny as many of the world’s largest economies – not least the US and Britain – have been straining to raise sufficient taxes to pay for public services and to service rising debts without choking off economic growth.
The G20 crackdown has pressured many offshore financial centres to sign co-operation treaties. Jersey andGuernseyhave signed 18 and 19 such treaties respectively. According to Johannesen and Zucman, BIS data suggests that these bilateral treaties typically lead to a 3.8% fall in the deposits held on behalf of individuals or companies from the treaty partner.
Bank deposits in Jersey have dropped by more than a half, a fall of $110bn over four years; deposits inGuernseyhave declined by 15%. By contrast, Johannesen and Zucman said, Cyprus has signed only two co-operation treaties meeting OECD criteria and saw deposit levels rise by 60%.
“The deposit gains and losses correlate strongly with the number of treaties signed by each haven,” the academics found. “The least compliant havens have attracted new clients, while the most compliant have lost some, leaving roughly unchanged the total amount of wealth managed in tax havens.”
However, they also noted that those withdrawing deposits around the time of co-operation treaties – possible tax evaders – were frequently shifting their wealth to other, similarly secretive, offshore centres where no such equivalent treaty existed.