FirstBank pays N56bn to Firstmonie agents as commission in 4 years

By Favour Nnabugwu

 

 

Nigeria’s leading banks, FirstBank Nigeria Plc, Friday, disclosed of paying N56 billion to FirstMonie agents as commission over four years.

This was made known by the Chief Executive Officer, FirstBank Group, Dr Adesola Adeduntan, in a presentation on ‘Banking for the Common Good’ during the US-Africa Legislative, Legal & Good Governance Conference held in Abuja.

According to Adeduntan, FirstBank is deliberately driving impactful programmes that are necessary to achieve shared prosperity for both current and future generations.

He also highlighted FirstBank’s Common Good Programmes, which include Financial Inclusion; Responsible Lending/Banking; CRS and Sustainability Actions.

He further explained that these programmes cover Agent Banking, FirstMonie, Value Proposition; Women Empowerment; Small & Medium Scale (SME) Business Support and Capability Enhancement Programme; and Employee Volunteer, Start Performing Random Act of Kindness (SPARK), Programme.

Meanwhile, he pointed that Banks’ success and ability to remain sustainable and relevant is intrinsically dependent on the long-term prosperity and wellbeing of the societies that are served.

Besides the core intermediation role of savings-investment linkage, capital allocation, trade development, and foreign exchange facilitation, Banks provide various support for the common good of the society- Employment Generation; Funding the Society; Inclusive Economic Growth; Infrastructure; and Economic Policy.

He said: “Through FirstBank’s Agent banking proposition, the Bank is creating sustainable socioeconomic value and empowering rural communities in unique ways.

“Over 35, 000 of FirstBank’s FirstMonie Agents are women, enabling us drive gender inclusive growth within rural communities

“Over 2 million individuals have been economically impacted via the jobs created through the FirstBank’s FirstMonie agent banking proposition

“Over N56 billion has been paid to agents as commission over the last four years, with the attendant multiplier effect on rural communities

“Over 50 per cent of FirstMonie’s agents are in the rural areas, contributing significantly to the development of the rural economy.

“Significant informal sector/rural area IGR collections across many LGAs are being powered by FirstMonie agents.

“The Agent network covers 772 of 774 Local Government Areas in Nigeria, bringing financial services closer to the people.”

He also assured that the Bank will remain committed to, “Developing tailor-made and scalable business solutions that serve the micro, small and medium scale businesses within the rural economy

“FirstBank empowers micro, small and medium scale businesses with the required finance to play critical roles in investment, growth and employment in their communities.

“Capacity Building through Business advisory clinics / Market storms; Targeted Financial literacy clinic for artisans in rural and semi-urban communities

Sessions delivered in Indigenous Pidgin language; Business Skills for micro, small and medium scale businesses; Basic business skills ( business record keeping, financial management, etc) targeted at micro, small and medium scale businesses in the rural and semi-urban areas

“Specialized and Bespoke Financing Offerings for SMEs; Tailored SME lending solutions for selected sectors, with focus on the agricultural value chain within the rural and semi-urban communities to fuel Nigeria’s economic growth.”

On impacting rural economy he (Adeduntan) said, “FirstBank is positively impacting the rural economy through its CSR and employee sustainability program, Start Performing Acts of Random Kindness (SPARK)

“Impacted the lives of over 20,000 widows and the less privileged in the rural communities, in partnership with International Women Society.
“Impacted over 50 Charities/NGOs that focus on the rural population through support in various initiatives and direct programme sponsorships, and FirstBank employees volunteered to teach financial literacy – over 80,000 students impacted across several secondary schools in both rural and urban areas have been impacted.

“Over 6,000 students in 20 secondary schools in rural areas impacted through awareness creation on the benefits of Acts of Kindness and the need to adopt kindness as a lifestyle.

“Impacted several economically disadvantaged patients and provided economic support to various hospitals in rural and semi-urban communities.

“Provided poverty alleviation support to numerous rural communities in 30 locations across Nigeria.

“Provided state-of-the-art ICT laboratory and perimeter fencing to secondary schools located in targeted rural and semi-urban communities.”

Meanwhile, he added that by supporting and promoting the socio-economic wellbeing of the society, Banks help to build a stronger business environment where everyone benefits.

However, he said, “Banks should continue to focus on the common good by driving inclusive economic growth and promoting the well-being of the society.”

Naicom showcases insurance at University of Uyo

By Favour Nnabugwu

 

 

The National Insurance Commission (NAICOM) has made plans to build an edifice at the University of Uyo dedicated to insurance studies.

This is part of the Commission’s bid to deepen insurance penetration in the country,

The Commissioner for Insurance, Mr. Sunday Thomas, who made the disclosure in Abuja on Thursday when he signed a Memorandum of Understanding (MoU) with officials of the university said the money for the building will be drawn from its Education Fund, which was earmarked to provide financial assistance to tertiary institutions who are the vehicles needed to drive insurance education and human capital development in Nigeria.

To deepen insurance penetration in the country, the National Insurance Commission (NAICOM) will build an edifice at the University of Uyo dedicated to insurance studies.

The Commissioner for Insurance, Mr. Sunday Thomas, who made the disclosure in Abuja on Thursday when he signed a Memorandum of Understanding (MoU) with officials of the university said the money for the building will be drawn from its Education Fund, which was earmarked to provide financial assistance to tertiary institutions who are the vehicles needed to drive insurance education and human capital development in Nigeria.

Thomas said the building project was a vivid recognition of the contributions of higher education in driving insurance growth.

“This is a knowledge-based sector and we realized that as the days go by, vulnerability increases in which case, we need to develop products that will be able to meet the needs of the populace and we need creative ideas.

“We need those who are cerebral to be able to reach out there and package things, products and of course the starting point is to get the knowledge. That is why we are bending backwards to develop the minds that will be able to not only teach, because part of those who are going to be beneficiaries will remain in the institution to teach others, some are going to come into practice, they need that knowledge, that is why we have ventured into this”, he explained.

He added that NAICOM will spread the building of insurance departments across the country with the firm belief that “the more of this we do, the more people get educated about what insurance is and of course the result will show”, he added.

The NAICOM CEO clarified that the funds for the building will be disbursed in tranches, adding that the total amount will be determined when the project is completed and commissioned.

To deepen insurance penetration in the country, the National Insurance Commission (NAICOM) will build an edifice at the University of Uyo dedicated to insurance studies.

The Commissioner for Insurance, Mr. Sunday Thomas, who made the disclosure in Abuja on Thursday when he signed a Memorandum of Understanding (MoU) with officials of the university said the money for the building will be drawn from its Education Fund, which was earmarked to provide financial assistance to tertiary institutions who are the vehicles needed to drive insurance education and human capital development in Nigeria.

Thomas said the building project was a vivid recognition of the contributions of higher education in driving insurance growth.

“This is a knowledge-based sector and we realized that as the days go by, vulnerability increases in which case, we need to develop products that will be able to meet the needs of the populace and we need creative ideas.

“We need those who are cerebral to be able to reach out there and package things, products and of course the starting point is to get the knowledge. That is why we are bending backwards to develop the minds that will be able to not only teach, because part of those who are going to be beneficiaries will remain in the institution to teach others, some are going to come into practice, they need that knowledge, that is why we have ventured into this”, he explained.

He added that NAICOM will spread the building of insurance departments across the country with the firm belief that “the more of this we do, the more people get educated about what insurance is and of course the result will show”, he added.

The NAICOM CEO clarified that the funds for the building will be disbursed in tranches, adding that the total amount will be determined when the project is completed and commissioned. .

He stated that the speed at which the fund would be released is highly dependent on the Institution’s ability to document and/or speed up the work/project involved.

He listed specific areas the Commission will be supporting the tertiary institutions to include; the establishment of Information and Communication Technology (ICT) Centre; scholarship for Masters and Doctorate degrees; provision of textbooks and journals on insurance and other related fields.

Others are: construction of administrative and/or vocational offices (structures); sponsorship of professorial endowments and sponsorship of accreditation for tertiary institutions interested in offering insurance as a course of study.

Thomas, who did not disclose how much will be spent on the building, said the value of the building remains the linkage that is created in human capital development which cannot be quantified.

Also speaking at the event, the Vice Chancellor of the University of Uyo, Professor Nyaudoh Ndaeyo said the institution was one of the Universities in Nigeria that opted to offer Insurance programmes.

He hailed NAICOM for graciously offering the University a helping hand by funding the construction of a building.

“We are here to sign Memorandum of Understanding and to also show appreciation on our part because they have trained our staff beyond what we have shown to them.

“Students or candidates hearing that a building is coming, that alone has led to an increase in the intake of students in that programme, everybody wants comfort so the coming of the building, offices for staff and classrooms for students is quite a commendable one”, he said.

On gradual release of funds as stated by the NAICOM CEO, Ndaeyo said the university management prides itself as one with a high level of integrity and a strong brand developed over the years.

“So, we know we have to protect that name to ensure that we maintain the quality”, he added.

To ensure transparency, tertiary institutions were selected based on the following criteria: all beneficiary institutions must be offering Insurance and/or Actuarial science at degree or National Diploma level; only institutions owned by Federal and State Governments were considered and only institutions with existing infrastructure, staff and department with insurance education were qualified.

Other considerations include: each geopolitical zone was qualified to get slots; all beneficiary institutions must have been physically inspected and certified by the Commission to ensure compliance and all successful institutions were required to sign an MOU to ensure compliance with terms of the award.

Insurtech: fundraising falls in Q1 2022

By afmin

 

Funds invested in insurtechs reached 2.2 billion USD in Q1 2022.

This is a decrease of 58% compared to the 5.3 billion USD of the last three months of 2021.

In comparison with Q1 2021, the funds invested (2.6 billion USD) in the insurance startups have decreased by 15.4%. However, the funds remain higher than the figures raised in the same period in 2020 (1.4 billion USD), 2019 (2.1 billion USD) and 2018 (0.9 billion USD).

The average transaction in Q1 2022 reached 19 million USD, which is higher than the average transaction in 2018 (0.9 billion USD). It is higher than 2018 (14 billion USD) but lower than 2021 (33 million USD), 2020 (21 million USD) and 2019 (20 million USD).

For the record, insurtechs managed to raise 15.7 billion USD of funds in 2021 and recorded 58 M&A deals. In 2022, a quarterly record has been reached with 26 mergers closed within three months.

20 PFAs meet recapitalisation of N5bn each as @ April 27, 2022

By Favour Nnabugwu

 

Not less than 20  Pension Fund Administrators (PFAS) operating in the country have met the N5billion recapitalisation requirement as at April 27, 2022.

The figure was disclosed by the National  Commission (PenCom) in a statement released made it clear that the 2p PFAs have complied with the Commission’s directive for the increase of the Minimum Regulatory Capital (Shareholders’ Fund) from N1 billion to N5 billion.

It will be recalled that the Commission had approved the recapitalisation exercise for the PFAs with a 12-month transition period from 27 April 2021 to 27 April 2022.

The exercise became expedient as the value of pension fund assets under management and custody had grown exponentially by 244 per cent, from N3 trillion in 2012 (when the previous recapitalisation was done) to N12.29 trillion (as at December 31, 2020).

PenCom noted that the sustained growth in assets implies greater fiduciary responsibilities that require more operational capacity by the PFAs. The urgent need to ramp up PFAs capacity to manage the increasing number of registered contributors and value of pension fund assets under management led to the exercise.

It is worthwhile to state that 10 PFAS had met the new regulatory capital requirement of N5 billion as at 31 December 2021, while the others intensified efforts to meet the deadline of 27 April 2022. This resulted in some mergers and acquisitions, which led to the reduction of the number of PFAs from 22 to 20, it stated.

The Commission approved the acquisition of AllCO Pension Managers Limited by FCMB Pensions Limited; and the merger between Tangerine Pensions Limited and APT Pension Funds Managers Limited and subsequent change of name of the merged entity to Tangerine APT Pensions Limited. In addition, the With the conclusion of the recapitalisation exercise, stakeholders, particularly RSA holders, should expect increased effectiveness and efficiency as well as improved service delivery from PFAS.

Commission also approved Norrenberger’s acquisition of IEI-Anchor Pension Managers Limited, after its acquisition of the majority shareholder, IEI PIc.

FG declares May 2 & 3 Public Holidays for Workers’ Day, Sallah

By Favour Nnabugwu

 

The Federal Government has declared Monday 2nd and Tuesday 3rd May, 2022 as Public Holidays to mark this year’s Workers Day and EIdul-Fitr Celebrations.

The Permanent Secretary in the Ministry, Dr Shuaib Belgore  made this know in a statement issued in Abuja today.

He said the Minister of Interior, Ogbeni Rauf Aregbesola, made the declaration on behalf of the Federal Government.

The statement congratulated workers across the country on this year’s celebration.

“Ogbeni Aregbesola commended workers for their hard work, diligence and sacrifice, noting that their efforts are largely responsible for the greatness of the country and the respect Nigeria now commands in the comity of nations.

“Labour is the very essence of humanity. We are alive because we work and only the dead is incapable of working” , the statement added.

The minister enjoined workers to imbibe the culture of productivity, saying “the end of work is productivity. It is productivity that leads to satisfactory provision of goods and services and wealth creation. It is therefore the path to national and individual prosperity”.

He urged workers to raise the bar of their trade in line with the President Muhammadu Buhari led administration’s drive to rev up the vehicle of governance and make all the people of Nigeria derive maximum benefit from the nation.

“The Minister also congratulates all Muslims for the successful completion of the holy month of Ramadan.
Ogbeni Aregbesola calls on all Muslims to imbibe and practice the virtues of kindness, love, tolerance, peace, self-denial, sacrifice and good neighbourliness, as exemplified by the Holy Prophet Muhammad (Peace be upon Him).

“The self-restraint, self-denial, sacrifice and deep spiritual consciousness that accompanied the fasting period should not end but be maintained and improved upon, in order to be a better person and true worshipper”, the minister advised all Muslims.

The minister expressed confidence that the security challenges in some parts of the country will soon be a thing of the past, noting that the government is putting determined efforts and all necessary measures in place for Nigerians to enjoy unfettered peace all round.

He assured Nigerians that the administration of President Muhammadu Buhari is fully committed to the security of life and property of every citizen and foreigners alike

IMF cuts Africa’s growth to 3.8%

By Favour Nnabugwu

 

 

The International Monetary Fund (IMF) has reduced Sub-Saharan Africa’s 2022 growth forecast from the initial 4 per cent to 3.8 per cent.

In its latest Regional Economic Outlook unveiled, yesterday, the Fund hinged the new forecast on the Russian invasion of Ukraine, which has adversely affected the entire global economy, with commodity prices raising inflation trends across the world.

According to the report, “The commodity price shock following the Russian invasion of Ukraine has stalled the positive momentum in the region’s economic recovery, with aggregate growth for 2022 expected to soften to 3.8 percent.”

The Director, African Department of the IMF, Mr. Abebe Selassie, who briefed the press on the outlook noted that African policy makers faced challenges of high inflation, rising debt , as well as, hunger-related social unrests and must act fast to address them, though noting that there was little room to maneuver.

The Regional Economic Outlook was produced in a very complicated context, according to him, adding, “We have the war in Ukraine, the everlasting pandemic, increased inflation and of course, climate change.  The report is titled: New shock with little room to maneuver. “

Mr. Selassie noted that at the start of 2022, and even a little after, in this third year of the pandemic, it looked like Sub Saharan African countries were beginning to recover from the very difficult economic conditions they had encountered in 2020 and 2021 but that unfortunately, most countries in the region were facing a major setback.

He said, “This follows Of course, the Russian invasion of Ukraine, which has affected global commodity markets, and it represents a significant setback to the global economy and more so for most Sub Saharan African countries.

“This latest crisis will be quite consequential for the most vulnerable people in the most vulnerable countries in Sub Saharan Africa.  The invasion has triggered of course a global economic shock that is hitting the region at the most difficult time, one in which many countries remaining policy space has been significantly depleted.

“Most directly, several countries are highly dependent on wheat imports. With some sourcing a large proportion of the imports directly from Ukraine and Russia are going to be impacted as well. Higher fertilizer and oil prices will also increase the cost of harvesting, the cost of production and provision of goods and services and erode the living standards quite a bit in many countries.

“Surging oil and food prices are straining external and fiscal balances of many commodity importing countries, exacerbating regional inflation pressures.”

According to him, Sub-Sahara Africa now faced the highest inflation since 2008, with very high food prices , increased food security concerns across the continent which would hurt all segments of the population.

“Food price increases will hurt the most vulnerable and may add to social tensions, particularly in fragile and conflict-affected states. Food security is already a critical issue across the Sahel

“Finally, this is a crisis on top of another crisis, of course, one which threatens to compound some of the region’s most pressing policy challenges, including the pandemics social and economic legacy, heightened security risks, particularly in the Sahel countries and tightening monetary policy conditions in advanced economies, in response to rising global inflation,” he said.

On policy before African governments, the director said, “I want to stress that the COVID pandemic is still a concern, and countries need to advance vaccination campaigns to contain the risk of new COVID-19 waves .  On the economic policy front, governments will face three immediate challenges.

Brokers want FG to meet ASUU’s demands

By Favour Nnabugwu
Nigerian brokers have expressed a deep concern about the on going strike action by Academic Staff Union of University (ASUU) which often than not distabilised the education system of the country’s tertiary institutions.
The President of the Nigerian Council of Registered Insurance Brokers (NCRIB) at the April Brokers Evening sponsored by the Universal Insurance PLC was particularly peaked the the incessant strike which could have been resolved over the table.
He of the view that the Federal Government should meet the demand of the union to put an end to the strike action
The NCRIB president said, With the level of moral decadence and quick money syndrome bedeviling our society, shutting out students at this period is a serious challenge for our nation. The leaders must be aware that they are sitting on a keg of gun powder, a time bomb that would soon explode.
“It is on this note I like to enjoin the Federal Government to pay closer attention to the issue of our nation’s education system. For the sake of the future, Federal Government should dialogue with ASUU and meet their demands.
“Personally, I am pained to note that our Students from higher institutions of learning have been shut out of school for the past eight weeks because of the strike by members of the Academic Staff Union of University (ASUU).

“A nation where education is valued as a formality, not as pride would remain poor. To say that the poor handling of our education system in Nigeria is one of the sources of our problems and poverty is to state the obvious.

NCRIB Members Evening for April hosted by Universal Insurance in Lagos

CAPTION

L- The Executive Secretary, The Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Tope Adaramola; Deputy President, Mr. Tunde Oguntade; Vice President, Mrs. Ekeoma Ezeibe; President, NCRIB, Mr. Rotimi Edu, mni; Managing Director, Universal Insurance Plc, Mr. Benedict, Ujoatuonu and President, Lagos Chamber of Commerce and Industry at the April 2022 NCRIB Members Evening hosted by Universal Insurance Plc.

Over 300,000 applied for Emirates Cabin Crew

By Favour Nnabugwu

 

Over 300,000 have applied for Emirates Cabin Crew as the Airline expects to return to 100 percent of operations and network capacity in 2023.

There’s such a satisfying feeling of hearing airlines carrying out massive recruitment drives like this one, giving a fuller sense of hope knowing that the climbing trend in hiring back airline staff is significantly positive news for the industry

With an expectation to return to 100 percent of operations and network capacity by next year, Emirates has launched an enormous recruitment drive to strengthen its cabin crew workforce as it is calling for applicants with:

“A personality that shines, the ability to adapt to any situation and make people feel at ease.”

This is the second post-pandemic recruitment drive that the Dubai-based carrier has launched, with the first round launched back in August. The goal was to hire 3,000 cabin crew and 500 airport service staff back then.

The number has since doubled during this recruitment drive, as Emirates is looking for many more crew members this month, as well as pilots, engineering specialists, and ground staff, as confirmed by the airline:

“As we focus on recovery and further ramp up our operations, we are accelerating our recruitment drive with the objective to hire roughly 6,000 cabin crew positions during this financial year, from April 2022 to March 2023.”

Interested applicants would have to be willing to be based in Dubai and meet the UAE’s employment visa requirements. Additionally, more than a year’s experience in hospitality and customer service and being a high-school graduate is also a requirement of Emirates.
Emirates has already had a massive pool of candidates applying to strengthen its workforce. In all, the airline has received more than 300,000 applications for the cabin crew jobs alone.

What’s more, the airline is confident of even more applications pouring in for other positions, having mentioned:

“Since we launched our cabin crew recruitment drive in August 2021, we have received more than 300,000 applications from all over the world, demonstrating the tremendous level of interest in this role and in Dubai’s growing reputation as one of the best cities to live and work.”
Once selected from the candidate pool, successful applicants will go through weeks of rigorous training at Dubai’s Emirates Aviation College before their flying careers can commence.

To ensure they are exposed to various operations, they will also be assigned to medium, long-haul, and shorter turnaround flights across the Gulf carrier’s 130-destination network onboard the Airbus A380s and the Boeing 777s.

Emirates is ramping up recruitment to embrace the bounce-back of demand within the aviation industry. Currently, the airline is operating at approximately 70% of its 2019 levels, and is expecting capacity to rise past 80% by the beginning of its winter schedule in November.

Even better, the airline is foreseeing a vital return to profit in the next fiscal year as it sees signs of recovery in terms of seat factor and demand. Emirates’ Chief Operating Officer Adnan Kazim said:

Emirates is undoubtedly trending in the right direction with two recruitment drives and many applications received. There’s such a satisfying feeling of hearing airlines carrying out massive recruitment drives like this one, giving a fuller sense of hope knowing that the climbing trend in hiring back airline staff is significantly positive news for the industry

Pensioners block Abia govt house, protest 38 months of pension arrears

By Favour Nnabugwu

.

Pensioners in Abia State have blocked the main entrance gate to the Government House Umuahia today to protest 38 months of pension arrears.

The senior citizens who chanted anti-Government songs accused Gov. Okezie Ikpeazu of being unserious with the welfare of pensioners.

They carried placards bearing various inscriptions such as:” No payment of gratuities since 2002″; ” Abia pensioners are dying”; ” Why is Abia Govt.so wicked”, among others.

Addressing Government officials who received them on behalf of the Governor, the Coordinator of Concerned Abia Pensioners, Chief Emeka Okezie, decried the plight of pensioners in the state.

He accused the state Government of toying with the welfare of pensioners some of who he said had died untimely.

According to him, an average of 15 pensioners die every month in Abia due to economic hardship and lack of adequate medical care.

He identified their grievances as: 38 unpaid monthly pension; non harmonization of pensions from 1998 to 2010; and unpaid accumulated gratuity for 20 years.

” We have been dehumanised and subjected to unimaginable suffering as death toll ranges to about 10 to 15 pensioners every month”, Chief Okezie lamented.

The pensioners, however, commended the State Commissioner for Finance, Chief Aham Uko who they said made spirited efforts during his first tenure in office to pay pensioners regularly.

They regretted that after about one year of sustained regular payment, Government reverted to the old order of indebtedness for reasons unexplained.

Responding on behalf of the Governor, Commissioner for Finance, Aham Uko, thanked the senior citizens for their comportment and assured them that Government was making efforts to clear the arrear of pension.

He blamed Government’s inability to pay pensioners regularly on the global economic downturn, an excuse that did not go down well with the pensioners as they retorted.

The Finance Commissioner also blamed ghost pensioners for the delays, disclosing that Government has uncovered and removed 4422 fake pensioners from the system.

According to him, gratuities accruing to the fake pensioners amounted to N6billion.

He assured that having weeded such number of irregular pensioners, payment of pensions will be consistent.

” We are consciously making efforts to see you are paid irrespective of the situation in the country”, he said.

He said that before the end of the week pensioners in the state would get paid as the banks had been directed to pay them.