2022 International Day of Education: looking back and leading forward in post-COVID19 learning recovery

We mark the fourth International Day of Education grappling with the devastating impacts of the COVID-19 pandemic on our current generation of learners , which at the peak of school closures disrupted learning of more than 1.6 billion children and youth across the world. We are living a “crisis within a crisis”.

Back in January 2021, we commemorated the day with a blog by World Bank Managing Director Mari Pangestu: “Harnessing the promise of innovation in education“ in which she sounded the alarm on the impacts of the unfolding crisis and highlighted the opportunities offered by innovative approaches to delivering remote education during the pandemic. A related feature story: Urgent, Effective Action Required to Quell the Impact of COVID-19 on Education Worldwide – already then, was pointing to the huge potential learning loses and calling for urgent action to address these impact and invest in building back more effective, equitable and resilient education systems.

A lot happened in 12 months, but two things are now vividly clear: (i) the learning losses and the ensuing social and economic costs are substantial; (ii) urgent and ambitious action is needed to recover losses and accelerate learning. 

By the end of 2021, the evidence of the unprecedented magnitude of the COVID-19 pandemic-inflicted education crisis was undisputable. In our joint State of the Education Crisis Report, with UNESCO and UNICEF, we updated our estimates of the economic costs of learning losses: this generation stands to lose $17 trillion in lifetime earnings (in present value) or about 14 percent of today’s global GDP, due to COVID-19 pandemic-related school closures and the economic shocks. This new projection far exceeds our $10 trillion estimates released in 2020. Moreover, in low- and middle-income countries, the share of children living in Learning Poverty – already 53 percent before the pandemic – could reach 70 percent given the long school closures and the ineffectiveness of remote learning to ensure learning continuity for young children. The latest data also points to an inequality catastrophe in the making: across generations, socio-economic groups, locations, and across countries.

A chorus of voices internationally is sounding the alarm for policy makers to act now and decisively. At the end of 2021, the outgoing UNICEF Head, Henrietta Fore, and World Bank Group President, David Malpass uttered a powerful message to reverse the pandemic’s education losses, and highlighted that by investing in learning recovery and using technology wisely we can turn the challenges and lessons from the pandemic into a catalyst to achieve the SDG goal of quality education for all children .

We enter the third year of the pandemic armed with new data and lessons on how countries are ensuring learning continuity and recovery in the midst of the spread of the highly contagious Omicron variant, along with updated guidance and tools for: reopening and keeping opened schools safely, making remote learning more effective, measuring learning loss and assessing learning remotely, supporting teachers, and for developing and implementing robust evidence-based and inclusive learning recovery plans. Our education team, in collaboration with several partners, has been actively contributing to the global knowledge base in this area. Below is a very selected compilation of links to these resources.

As our teams and policy makers leverage this knowledge to implement aggressive measures to bring all students back to school and roll out ambitious learning recovery programs, we cannot forget to listen to the advice and lessons learned shared by learners themselves. Last year over 400 high school students from 62 countries across every continent, from various social, cultural and economic backgrounds, told us about their experience learning during COVID-19 and shared their ideas on how to improve the learning experience. Once again, we want to hear from you.

Meanwhile, let me share my own takeaways on what it takes to recover from this crisis and rebuild back better, effective, equitable and resilient education systems:

  1. In order realize the future of learning where learning does not stop at the school walls, we need to be guided by the fact that children learn best when they experience joy, rigor, and purpose in the learning process. Resilience and equity in education are two sides of the same coin. Remote education needs to harness the power of connectedness and meaningful two-way interactions between teachers and learners, and need to engage and support parents as partners to ensure both continuity of learning and children’s socioemotional well-being, especially in the early years.
  2. While not a magic bullet, education technology can be an effective tool to expand access to learning both inside and outside of the classroom, building more resilient systems that personalize learning at and beyond the school. To realize this potential, investments in EdTech need to be embedded in broad, sustainable policies and programs that enable schools and education systems to accelerate learning, with a ruthless focus on equity. Digital learning must serve as the great equalizer, rather than what it has been: a great divider.
  3. All efforts should aim at enhancing the effectiveness of teachers, through constant and effective feedback on how to improve their pedagogy, structured lesson plans, and strategies to nurture socio-emotional skills and to assess learning in the classroom. This support should include expanding their access and capacity to utilize technology, including technical and pedagogical competencies needed for effective remote teaching.
  4. We need to end the learning data crisis. Collecting data and building national capacity to assess that learning is actually happening and monitor progress, understand the drivers of learning and improve management and delivery through feedback mechanisms.
  5. As countries use data and evidence to design more effective policies, they also need to strive to invest and get better in the capacity to implement them and deliver services, while leveraging partnerships. Without good implementation, good policies will remain as good intentions. Local capacities need to be harnessed through cooperation across all levels of government as well as partnerships between the public and private sector.
FG spent ₦208bn on workers, pensions, gratuities in 2021

By Favour Nnabugwu

 

The federal government spent rover N200billion on civil servants, pensioners and on gratuities in seven months in 2021.

The reports showed that between January and July last year, the sum of ₦208.21bn was dispensed to clear gratuities, pay for workers salaries and as well settle aggrieved pensioners.

The sum of ₦30.26bn and ₦30.25bn was spent on pensions and gratuities respectively between January and February.

The record revealed that the government spent ₦29.54bn each month from March to July last year. The Federal Government recorded ₦1.15tn, ₦394.53bn, ₦948.8bn and ₦664.5bn fiscal deficits in January, February, March and April.

Also, the respective sum; ₦596.84bn, ₦615.84bn and ₦637.77bn was spent by the government on fiscal deficits in May, June and July respectively.

The National Pension Commission recently said the Federal Government released ₦31.97bn for the payment of accrued pension rights to 2021 retirees of treasury-funded Ministries, Departments and Agencies.

The commission said this followed a recent release of ₦16.67bn in December.

It said, “The National Pension Commission is pleased to announce an additional release of N31.97bn by the Federal Government for the payment of accrued pension rights to 2021 retirees of Treasury-funded Ministries, Departments and Agencies.

“This follows an earlier release of the sum of ₦16.67bn, thus bringing the total amount released for payment of the 2021 accrued pension rights to ₦48.64bn. The Federal Government had earlier settled all arrears of accrued pension rights payments to the verified and enrolled retirees up to December 2020.”

The accrued pension rights, represent civil servant’s benefits for the past years of service up to June 2004 when the Pension Reform Act that birthed the Contributory Pension Scheme came into effect, according to PenCom.

The pension regulator had during a visit by the Senate Committee on Establishment & Public Services to PenCom in 2021, lamented some of the challenges facing the commission and sought the support of the lawmakers to resolve such.

PenCom decried the large number of Federal Government employees retiring from service under the Contributory Pension Scheme and experiencing delays in getting their pensions due to non-payment of their accrued pension rights.

It said: “This challenge, which started in 2014, was essentially triggered by the appropriation of insufficient amounts for payment of accrued pension rights of FGN retirees and further aggravated by late or non-release of full appropriated amounts.”

PenCom urged the National Assembly to intervene in the matter of payment of outstanding pension liabilities of the Federal Government

 

Okowa appoints Orodje of Okpe as Chairman of Delta State Traditional Rulers Council

By admin

 

Delta State Governor Ifeanyi Okowa has appointed Orodje of Okpe, HRM Major General Felix Mujakperuo (rtd), Orhue I as the Chairman of Delta State Traditional Rulers Council.

TheNewsGuru.com (TNG) reports Governor Okowa appointed the Orodje Okpe as Chairman of the Delta State Traditional Rulers Council following the dissolution of the former council headed by Dr. Emmanuel Efeizomor II.

The defunct council had the Orodje of Okpe, who is now the chairman of the newly reconstituted council, as it’s Vice Chairman.
The newly reconstituted council has HRM Pere Stanley P. Luke, Kalanama VIII, The Pere of Akugbene-Mein as first Vice-Chairman, and HRM Agbogidi, Obi Henry A. Kikachukwu, The Obi of Ubulu-Unor as second Vice Chairman.

The appointment of the Orodje Okpe as Chairman of the Delta State Traditional Rulers Council was communicated by the Secretary to the State Government (SSG), Patrick Ukah.

19-Year-Old Becomes Youngest Woman To Fly Around The World Solo

A teenage pilot has set a record for being the youngest woman to fly solo around the world. Belgian-British Zara Rutherford spent 155 days in her Shark Aero ultralight before touching down in Kortrijk-Wevelgem in Belgium to complete her round-the-world challenge earlier today.

Zara Rutherford is a Belgian-British pilot, holding FAA and UK private pilot licences plus Slovakian and French microlight licences. She says she has been flying for ‘as long as I can remember’, and that one of her biggest dreams has always been to fly around the world. At just 19, having completed her A levels in Math, Economics, Further Math and Physics, the ambitious youngster set off from Belgium, heading West, to begin her challenge.
Today, 155 days later, Zara touched down in Belgium once again, completing her challenge and earning her place in the history books.

Previously, the youngest woman to have flown around the world solo was Shaesta Waiz, who was 30 when she completed her challenge. Zara has beaten this by more than a decade, narrowing the gap between male and female, with the youngest solo man record still held by Travis Ludlow who was 18.

Part of the reason to undertake the challenging journey was to encourage girls and young women to take up careers in aviation and STEM. In a statement on her website, Zara said,

“Only 5% of commercial pilots and 15% of computer scientists are women. In both areas – aviation and STEM – the gender gap is huge. It is in fact a dream gap as our dreams are shaped from early childhood through the fairy tales and role models we are exposed to. Boys learn through toys, street names, history classes and movies that they can be scientists, astronauts, CEO’s or presidents. Girls are often encouraged to be beautiful, kind, helpful and sweet.

The circumnavigation Zara undertook took in 60 stops across five continents. Originally planned to take around three months, the trip was hampered by multiple issues. In fact, when she arrived in Alaska, only three of the 39 flights she had taken had gone to plan.

Delays due to bad weather caused her visa for Russia to expire. She had to wait in Nome for her passport to be shipped over to the Russian consulate in Houston. Even then, she had to wait three more weeks before the weather was good enough in both Nome and Russia to cross the Bering Strait.

There were mechanical issues to contend with too. Instrument malfunctions in New Mexico caused problems, and a flat tire saw her stranded in Singapore for Christmas. She had to cope with flying through wildfire smoke in California, and blinding smog in Delhi.

As well as becoming the first female to fly solo around the world, Zara has also jumped into more records today. She becomes the first woman to fly a microlight around the world, and the first Belgian to fly around the world solo

Man Stows Away On Cargolux Boeing 747 Wheel From South Africa

A stowaway was discovered in the front landing gear compartment of a Boeing 747-400 on January 23rd.

The discovery was made in Amsterdam aboard a Cargolux freighter which had originated in Johannesburg, South Africa.

With an additional stop in Nairobi, Kenya, this perilous journey would have taken nearly 12 hours to complete- assuming the man boarded in South Africa.

Flight details

On January 22nd, a Cargolux Italia Boeing 747-400F took off from Johannesburg for Nairobi at 19:30 local time operating flight CV7156. The stop in the Kenyan capital would be short, as the freighter’s ultimate destination was Amsterdam in the Netherlands.

The aircraft was registered LX-YCV bearing the nickname ‘Monte Rosa.’
The first leg of the flight from Johannesburg to Nairobi would take nearly four hours and touch down at its first stop at 00:17 on January 23rd. The aircraft would spend four hours on the ground here, loading and unloading its payload as necessary.

Then, at 04:16, the jumbo jet would depart for Amsterdam. With a flight duration of just over eight hours, the aircraft would touch down at Schiphol airport at 10:22 local time. It was here in the Dutch capital that authorities discovered the stowaway
Stowaway discovered in the landing gear compartment

According to the BBC, a stowaway was found alive in the nose wheel section of the 747. Royal Dutch Military Police note that the man was taken to hospital in stable condition.

“The man was found alive in the nose wheel section of the plane and was taken to hospital in a stable condition…This is definitely very unusual that someone was able to survive the cold at such a height – very, very unusual.” Royal Dutch Military Police spokeswoman Joanna Helmonds told media.

Indeed, even if the stowaway boarded in Kenya, eight hours at cruising altitude without a heated and pressurized cabin presents extreme life-threatening conditions. At this point, we don’t know if the individual boarded in Johannesburg or Nairobi, with authorities noting that the man’s age and nationality had not yet been determined.

With the man’s body temperature raised at the scene (Schihol airport), he was then taken to hospital by ambulance. Sources also note that he was able to answer basic questions.

Reuters reports that a Cargolux spokesperson has confirmed via email that the stowaway had been on a flight operated by Cargolux Italia. “We are not in a position to make any further comment until the authorities and the airline have completed their investigation,” the airline said to the news agency. Simple Flying has reached out to Cargolux requesting a statement regarding additional information. However, at the time of this article’s publication, no response has been received.

While the stowaway in this incident survived, this may not always be the case, as Simple Flying has reported in recent months.

“Soaring” Prisca Gbemisola Soares marks 70years in grand style

By Tope Adaramola

Ordinarily, one would not find it easy matching her ageless look with the reality of her joining the septuagenarians. Ms. Prisca Gbemisola Soares is by all standards one of the most iconic personalities the Nigerian Insurance industry is proud to have produced. In a clime where the voice of the female folk is struggling to resonate in high quarters, Ms. Soares carved a niche for herself as a chartered insurance practitioner, administrator, and professional diplomat.

It is a twist of fate that after her university education at the prestigious University of Ibadan where she studied French and German Studies (combined Hons) for her first degree, Prisca had harbored the thoughts of being employed in the foreign service where she felt she was most educationally suited. But she had a deep dislike for interpretation which she would have had to do if she was employed in the diplomatic circle, hence she turned the searchlight for a future career elsewhere.

As fate would have it, she was informed that a company called Nicon Insurance Corporation was recruiting graduate trainees and she was impelled to give it a shot, after consulting with one of her lecturers who gave her the needed encouragement to apply.

She eventually went for the interview and got the job. To all intents, working in an insurance institution did not really offer the best of attraction for any young person in those days, but little did the young Prisca knew that she was at the threshold of a career that would give her fame, glitz and continental acclaim and fulfillment.

Suffice it to note that Nicon Insurance Corporation at the time was one of the flagship commercial enterprises of government with huge power, resources and prospects. Aside from being the government’s insurer, Nicon was a potent institution and contributor to the nation’s fledgling economy under which hands entities such as the luxuriant Nicon Noga Hilton, Abuja- pride in the hospitality industry- was berth.

Record has it that the hotel was singlehandedly built by the company without any financial succor from the federal government or any of its institutions. Being one of the earliest insurance companies, Nicon was a solid breeding ground for a huge chunk of the insurance industry’s human resources as many of the frontline egg heads of the insurance industry have their progeny in the defunct company.

It is most auspicious that Ms Soares rose meteorically through the ranks of the company, wadding through all prejudices against a female professional to become the Managing Director of the company after about thirty years of employment. She remarked at a public forum that Nicon was a place to work because there you are given the grooming you require, not only in the professions but also in corporate leadership.

Rising to become the MD of the company was not a ready cookie. She went through the rigorous selection process put in place for the chubby position and worsted all other competitors. During her stay as MD of the company, the strength and comradeship within the staffers was strengthened, despite the threatening environment that the company was then operating. It was a period when the ownership of the company regretfully slipped into private hands, marking a turning point that many of the staff, insurance operators and other stakeholders have continued to rue to date.

Since a good professional is like a golden fish, it was not surprising that Ms Soares landed an international job after the headship of Nicon as the Secretary-General of the African Insurance Organisation (AIO), She was first lady to occupy such insurance continental organization. Her deft leadership, excellent social skills and gift of language as a polyglot gave her the leeway required to navigate through the surging challenges she was confronted with at the organization, which is headquartered in Douala, Cameroon.

She was able to combat the financial challenges initially facing the AIO as well as made it attractive, value-wise, by actuating the organisation’s training, potentials and by so doing broadening its relevance in the continent. She bowed out of the organization with her head high, a situation which she said was prodded by the statement by a member who had told her on hearing news of her appointment that he was not going to congratulate her until the end of her tenure. Her rich testimonial of leadership no doubt informed the conferment of a prestigious award of service on her during the AIO Conference, recently held in Nigeria.

Although it is often not the case to have successfully combined with humility, the case of Ms Soares is different. She has remained humble, down to earth and ever business-like. These unassailable qualities are no doubt infused into her from her rich catholic background which she relishes greatly and put devoted service to. As a mark of her commitment, Soares served as President of Catholic Women Organisation of the Holy Cross Cathedral from 2006 to 2009 and she was conferred with the Papal Award in 2009 by His Holiness Pope Benedict XVI.

Like the oak tree, the life of Ms Soares has been a great source of support and inspiration to her world, whether in the professions, family and religious circles. Little wonder, hordes of family members, associates and well-wishers congregated in Lagos to celebrate this woman of value on her modest 70th birthday.

Amongst the lethargy of felicitations was that of the current President of the AIO, Mr Tope Smart. According to him, “Ms. Soares’ life has been a great blessing to the Nigerian, as well as the African continent’s insurance industry. As a thoroughbred professional she was able to change the narrative of the AIO. She is indeed a gift to our world”. May more of her tribe continue to increase in our world, even as we all wish her a smoother ride on the ladder of the septuagenarians. Congratulations!

Tope Adaramola is
Executive Secretary of
The Nigerian Council of Registered Insurance Brokers

NCRIB two staff released as Council rejoices

By Favour Nnabugwu

 

The President, Nigerian Council of Registered Insurance Brokers (NCRIB) Bar. Rotimi Edu, has expressed utmost gratitude to Almighty God for released of the two kidnapped staff of the Council, namely Sola Olawuyi and Bude Adeola.

According to him, they were released yesterday night.

“I must on behalf of the Council express profound appreciation to all our Past Presidents, Elders and all members for their concern through intense prayer intercessions and timely counsel.

“The scenario speaks into the precarious state we are at the moment, requiring that we all live circumspectfully. May God grant us and the Council peace on all fronts.
I appreciate you all,” he said.

The staff members were taken hostage in the early hours of Sunday alongside another victim, in Isara axis of Lagos-Ibadan expressway end of Ogun State.

The suspected kidnappers, dressed in military camouflage and numbering four, allegedly seized the victims said to be on their way back to Lagos from Ibadan, when the car in which they were travelling broke down at about 6.45a.m.

The Executive Secretary, said the gunmen emerged from the bush and marched them into the bush and the kidnappers had contacted the management demanding N20 million each for the victims to regain freedom.

Adaramola said the kidnappers used the mobile phone of one of the victims to demand the ransom, adding that the management had equally reported the incident at the Divisional Police Headquarters in Isara.

He said a similar report was made by the management of the company to Ogun State Police Headquarters.

Abimbola Oyeyemi, spokesperson of the Ogun State Police Command has also confirmed the incident.

He said the Special Anti-Kidnapping Unit of the State was already tracking the kidnappers and making efforts to rescue the victims unhurt

Cyber perils outrank Covid-19, broken supply chains as top Nigerian business risk

 

By admin

 

Cyber perils are the biggest concern for companies in Nigeria, Africa and Middle East, South Africa and worldwide in 2022, according to the Allianz Risk Barometer.

The threat of ransomware attacks, data breaches or major IT outages worries companies even more than business and supply chain disruption, natural disasters or the Covid-19 pandemic, all of which have heavily affected firms in the past year.

Globally, cyber incidents tops the Allianz Risk Barometer for only the second time in the survey’s history (44% of responses), Business interruption drops to a close second (42%) and Natural catastrophes ranks third (25%), up from sixth in 2021. Climate change climbs to its highest-ever ranking of sixth (17%, up from ninth), while Pandemic outbreak drops to fourth (22%). The annual survey from Allianz Global Corporate & Specialty (AGCS) incorporates the views of 2,650 experts in 89 countries and territories, including CEOs, risk managers, brokers and insurance experts. View the full global and country risk rankingsWatch the video

“’Business interrupted’ will likely remain the key underlying risk theme in 2022,” AGCS CEO Joachim Mueller summarizes. “For most companies the biggest fear is not being able to produce their products or deliver their services. 2021 saw unprecedented levels of disruption, caused by various triggers. Crippling cyber-attacks, the supply chain impact from many climate change-related weather events, as well as pandemic-related manufacturing problems and transport bottlenecks wreaked havoc. This year only promises a gradual easing of the situation, although further Covid-19-related problems cannot be ruled out. Building resilience against the many causes of business interruption is increasingly becoming a competitive advantage for companies.” 

Violence, changes in legislation and regulation rising concerns in Nigeria

Political risks and violence and changes in legislation and regulation are rising concerns for businesses in Nigeria. Political risks and violence moved from fifth to second following #EndSars in 2020. Changes in legislation and regulation moves up four places to fourth in the country.

“Fortunately, large scale terrorism events have declined drastically in the last five years. However, the number, scale and duration of riots and protests in the last two years is staggering and we have seen businesses suffering significant losses,” says Bjoern Reusswig, Head of Global Political Violence and Hostile Environment Solutions at AGCS. “Civil unrest has soared, driven by protests on issues ranging from economic hardship to police brutality which have affected citizens around the world. And the impact of the Covid-19 pandemic is making things worse – with little sign of an end to the economic downturn in sight, the number of protests is likely to continue climbing.” 

“Preparation is key – in particular for exposed sectors such as retail,” explains Thusang Mahlangu AGCS Africa CEO. “Businesses need to review their business continuity plans (BCP) and should be aware of what is happening around them. Typically, these only focus on national catastrophes, but there is a need for BCP plans to address political disturbances and other types of business disruption like cyber. Having defined, and preferably tested, procedures in place is crucial – these should include staff, client and general communication and social media plans. It is imperative for companies to think deeply about how they can best protect their assets and people.”

Ransomware drives cyber concerns while awareness of BI vulnerabilities grows

Cyber incidents ranks as a top three peril in most countries and regions surveyed including Nigeria, South Africa as well as Africa and Middle East. The main driver is the recent surge in ransomware attacks, which are confirmed as the top cyber threat for the year ahead by survey respondents (57%). Recent attacks have shown worrying trends such as ‘double extortion’ tactics combining the encryption of systems with data breaches; exploiting software vulnerabilities which potentially affect thousands of companies (for example, Log4JKaseya) or targeting physical critical infrastructure (the Colonial pipeline in the US). Cyber security also ranks as companies’ major environmental, social and governance (ESG) concern with respondents acknowledging the need to build resilience and plan for future outages or face the growing consequences from regulators, investors and other stakeholders.

“Ransomware has become a big business for cyber criminals, who are refining their tactics, lowering the barriers to entry for as little as a $40 subscription and little technological knowledge. The commercialization of cyber crime makes it easier to exploit vulnerabilities on a massive scale. We will see more attacks against technology supply chains and critical infrastructure,” explains Scott Sayce, Global Head of Cyber at AGCS. 

Business interruption (BI) ranks as the second most concerning risk globally and in Africa and Middle East and South Africa but moves down two places to sixth in Nigeria. However, it ranked first in Ghana, Kenya, Morocco and Namibia. In a year marked by widespread disruption, the extent of vulnerabilities in modern supply chains and production networks is more obvious than ever.

According to the survey, the most feared cause of BI is cyber incidents, reflecting the rise in ransomware attacks but also the impact of companies’ growing reliance on digitalization and the shift to remote working. Natural catastrophes and pandemic are the two other important triggers for BI in the view of respondents.

In the past year post-lockdown surges in demand have combined with disruption to production and logistics, as Covid-19 outbreaks in Asia closed factories and caused record congestion levels in container shipping ports. Pandemic-related delays compounded other supply chain issues, such as the Suez Canal blockage or the global shortage of semiconductors after plant closures in Taiwan, Japan and Texas from weather events and fires.

“The pandemic has exposed the extent of interconnectivity in modern supply chains and how multiple unrelated events can come together to create widespread disruption. For the first time the resilience of supply chains has been tested to breaking point on a global scale,” says Philip Beblo, Property Industry Lead, Technology, Media and Telecoms, at AGCS.

According to the recent Euler Hermes Global Trade Report, the Covid-19 pandemic will likely drive high levels of supply chain disruption into the second half of 2022, although mismatches in global demand and supply and container shipping capacity are eventually predicted to ease, assuming no further unexpected developments.

Awareness of BI risks is becoming an important strategic issue across entire companies. “There is a growing willingness among top management to bring more transparency to supply chains with organizations investing in tools and working with data to better understand the risks and create inventories, redundancies and contingency plans for business continuity,” says Maarten van der Zwaag, Global Head of Property Risk Consulting at AGCS.

Pandemic preparations improve. Next up – making businesses more weatherproof

Pandemic outbreak remains a major concern for companies but drops from second to fourth position globally and from first to ninth in Nigeria (although the survey predated the emergence of the Omicron variant). However, the risk moved up from fourth to third in Ghana, which shows that companies are still concerned about the peril. 

While the Covid-19 crisis continues to overshadow the economic outlook in many industries, encouragingly, businesses do feel they have adapted well. The majority of respondents (80%) think they are adequately or well-prepared for a future incident. Improving business continuity management is the main action companies are taking to make them more resilient.

The rise of Natural catastrophes and Climate change to third and sixth position globally respectively is telling, with both upwards trends closely related. Recent years have shown the frequency and severity of weather events are increasing due to global warming. For 2021, global insured catastrophe losses were well in excess of $100bn – the fourth highest year on record. Hurricane Ida in the US may have been the costliest event, but more than half of the losses came from so-called secondary perils such as floods, heavy rain, thunderstorms, tornados and even winter freezes, which can often be local but increasingly costly events. Examples included Winter Storm Uri in Texas, the low-pressure weather system Bernd, which triggered catastrophic flooding in Germany and Benelux countries, the heavy flooding in Zhengzhou, China, and heatwaves and bushfires in Canada and California.

Allianz Risk Barometer respondents are most concerned about climate-change related weather events causing damage to corporate property (57%), followed by BI and supply chain impact (41%). However, they are also worried about managing the transition of their businesses to a low-carbon economy (36%), fulfilling complex regulation and reporting requirements and avoiding potential litigation risks for not adequately taking action to address climate change (34%).

“The pressure on businesses to act on climate change has increased noticeably over the past year, with a growing focus on net-zero contributions,” observes Line Hestvik, Chief Sustainability Officer at Allianz SE. “There is a clear trend for companies towards reducing greenhouse gas emissions in operations or exploring business opportunities for climate-friendly technologies and sustainable products. In the coming years, many corporate decision-makers will be looking even more closely at the impact of climate risks in their value chain and taking appropriate precautions. Many companies are building up dedicated competencies around climate risk mitigation, bringing together both risk management and sustainability experts.”

Businesses also have to become more weatherproof against extreme events such as hurricanes or flooding. “Previous once-in-a-century-events may well occur more frequently in future and also in regions which were considered ‘safe’ in the past. Both buildings and business continuity planning need to become more robust in response,” says van der Zwaag.

Other risers and fallers in this year’s Allianz Risk Barometer:

  • Shortage of skilled workforce (13%) is a new entry in the top 10 risks at number nine.  Attracting and retaining workers has rarely been more challenging. Respondents rank this as a top five risk in the engineering, construction, real estate, public service and healthcare sectors, and as the top risk for transportation.
  • Changes in legislation and regulation remains fifth (19%) globally but moves up four places to fourth in Nigeria. Prominent regulatory initiatives on companies’ radars in 2022 include anti-competitive practices targeting big tech, as well as sustainability initiatives with the EU taxonomy scheme.
  • Fire and explosion (17%) is a perennial risk for companies, ranking seventh as in last year’s survey. Market developments (15%) falls from fourth to eighth year-on-year but moves up six places to fourth in Nigeria. Macroeconomic developments (11%) falls from eighth to 10th globally but remains unchanged at number three in Nigeria.
Nigeria is ready for ICAO safety audit – NCAA

By Favour Nnabugwu

 

Director General, Nigeria Civil Aviation Authority, NCAA, Captain Musa Nuhu yesterday said the country is ready and prepared for the forthcoming International Civil Aviation Organisation (ICAO) Universal Safety Oversight Audit Programme (USOAP), Continuous Monitoring Approach (CMA), audit slated for the first quarter of this year.
Captain Nuhu said this while refuting a publication by a media house that Nigeria is not prepared for the audit.

According to him, the media report is a misrepresentation of the audit facts.
He said “ICAO Annex 9 is on facilitation, while Annex 17 contains Standards and Recommended Practices (SARPs) concerned with the security of international air transport and is amended regularly to address the evolving threat.”

He added that the coming audit is an activity during which ICAO assesses the effective implementation of the critical elements (CEs) of a safety oversight system and ” conducts a systematic and objective review of a State’s safety oversight system to verify the status of a its compliance with the provisions of ICAO Convention.”

He further explained that security had its own separate audit, stressing that Nigeria performed well in the last security audit conducted in the sector by ICAO. Nigeria Scored 96.4 per cent and the country received ICAO Council President Award Certificate for its performance.

Captain Nuhu said: ‘NCAA will step up its oversight function and collaboration with all relevant stakeholders to ensure continued improvement in aviation security and facilitation.

Security Audit is different from safety audit. What we are doing now is quite different from security audit and it’s not related to facilitation. I understand facilitation is good for passengers, but, it has nothing to do with the current audit.”

“The last security audit we had, Nigeria scored 96.4 per cent and because of this performance, Nigeria received ICAO Council President Award Certificate for its performance. Yes, I accept we have some challenges in the industry, just like in the other countries around the world”.

” However, to say Nigeria is not ready for audit is a misnomer. Someone is saying we are not ready for two issues that are not part of the forthcoming audit. I think that is wrong.”

Recall Nuhu had declared last week at the League of Airport and Aviation Correspondents (LAAC) annual training at the Nigerian College of Aviation Technology (NCAT), Zaria that the country was full prepared for the audit.

According to him, NCAA was on top of its game to ensure a successful outing for the Nigeria in the ICAO audit.
He also said NCAA proactive approach and robust regulations had led to the “over eight years of zero accident in commercial flight operation in Nigeria”.

PenCom set to review Pension Act 2014

By Favour Nnabugwu

 

The National Pension Commission (PenCom) has embarked on  another pension reform act with solutions to implementation challenges of the PRA 2014,.

The commission organized a retreat on the review of the Pension Reform Act 2014 (PRA 2014) in Abuja last week

The retreat aimed at salient issues to be reviewed in the PRA 2014 as a prelude to advancing legislative action on the bill. It is expected that the National Assembly would subsequently organize a public hearing in order to provide an avenue for stakeholders to formally make input into the proposed
amendments.

The PRA 2014 was enacted following a review of the initial Pension Reform Act of 2004, which introduced legal and institutional frameworks of the
Contributory Pension Scheme (CPS) and established PenCom to regulate and supervise all pension matters in Nigeria.

Speaking during the opening ceremony of the retreat,  the Director General of PenCom, Aisha Dahir-Umar (pictured), informed the participants that the PRA 2014 codified one of the most important socioeconomic reform initiatives of the Federal Government, leading to a pension industry that has accumulated pension assets in excess of N13 tn invested in various aspects of the Nigerian economy.

Dahir-Umar noted that the review is a corollary to some implementation challenges encountered with certain sections of the Act not long after its enactment in July 2014. Several opinions have sprout challenges certain provisions the current act.

This is in addition to persistent calls from stakeholders for the amendment of some sections of the Act, which resulted in several legislative initiatives
through the sponsorship of bills for amendment of the PRA 2014 by the National Assembly.

PenCom is working to coordinate and harmonize the various efforts in order to achieve a more comprehensive and constructive exercise for the review of the PRA 2014.