All Posts in "Day: June 18, 2022"

New security outfit will raise investments in free zones – NEPZA

By Favour Nnabugwu

 

 

The Nigeria Export Processing Zones Authority (NEPZA) says the newly inaugurated Special Economic Zone Security (SEZSEC) outfit will cause an upsurge of investments in the zones.

The Managing Director of NEPZA, Prof. Adesoji Adesugba, said this at the passing-out ceremony of 40 officers of the SEZSEC, on Saturday in Lagos.

The the one-month training, was carried out in collaboration with the Department of State Services (DSS).

According to Adesugba, the outfit was borne out of the need to further strengthen the existing security architecture and provide adequate security to lives and properties in the free zones.

Adesugba, who was represented by Dr Oyesola Oyekunle, Director Finance and Accounts, said the authority suffered its share of the poor security situation when hoodlums invaded the Tinapa Free Zone in Calabar and a lot of investments were lost.

He said the outfit would create a safe and secure environment for the zones’ employees, facilities, contracted service providers, members of the public, the special economic zones and NEPZA resources.

“It is no gainsaying that this singular action will cause an upsurge of investment into the zones as investors look to invest in places where their invest will be secured,” he said.

Adesugba, however said the outfit was not created to dislodge the existing zones’ security structure rather it was established to reinforce the collaborative force of sister security services.

Otunba Niyi Adebayo, Minister of Industry, Trade and Investment, lauded the creation of the SEZSEC unit, adding that the decision was apt to secure and keep the special economic zone (SEZ) safe and give confidence to investors.

Adebayo, represented by Babagana Alkali, Director Policy Planning, Research and Statistics, tasked NEPZA to make the zones more attractive to investors, provide high quality infrastructure and be a one-stop shop that would positively impact the economy.

He said the Federal Government offers a number of economic incentives that would attract foreign companies to operate in the SEZs.

These incentives included: full tax holidays for three consecutive year; duty free importation; hundred percent repatriation of capital, profits and dividends; exemption from all import and export licenses; land is rent free for the first six months for any construction project undertaken in the zone.

Mr Salami Ajege, Commandant, States Services Academy (SSA), said the security outfit was expected to gather intelligence that would help combat economic sabotage, boost trade and other related activities wherever they were deployed.

Ajege said to achieve their mandate, the unit would need to ensure professionalism in the discharge of their duties and responsibilities.

He urged them to be smart, diligent, determined to succeed, discreet with information and be ever ready to confront challenges they will be faced with in discharging their duties.

“For no reason whatsoever should you become vulnerable to be used against national interest or national security,” he said.

Also, the Comptroller-General of Nigeria Customs Service, Col. Hameed Ibrahim Ali (rtd) urged the team to learn the rules that guide other government organisations they would work with to avoid stepping on each others toes.

Ali, who was represented by Catherine Ekekezie, Deputy Comptroller-General in-charge of Excise, Free Trade Zones and Industrial Incentives Department, cautioned the personnel against going on a “one-man patrol” to avoid running into trouble.

Patoma Admin by — June 18, 2022 in Industry, Trade & Investment 0
ARC Group, African Bank pay Zambian Government $5.3.m for drought insurance claims

By Favour Nnabugwu

 

Africa Disaster Risk Financing Programme Multi-Donor Trust Fund has present o cheque of.$5.3m cheque to the Zambian for the drought insurance

The fund is supported by the Governments of the United Kingdom, through the Foreign, Commonwealth and Development Office, and Switzerland, through the Swiss Agency for Development and Corporation, and managed by the African Development Bank(AfDB).

Presented by representatives from the African Risk Capacity Group (ARC) and the African Development Bank, the parametric insurance payout will aid in the country’s recovery from the extreme drought event during the 2021/2022 agriculture season.

This will enable the timely emergency response activities in communities affected by drought, through the provision of cash transfers and food assistance to ensure food is available for the targeted households during the lean season period, according to an announcement.

The adverse impacts of climate change and climate variability caused droughts in Zambia in 2021 and 2022. Substantial lack of rain impacting crop production resulted in severe food insecurity in districts in the southern and western parts of the country.
The Government of Zambia had earlier signed a memorandum of understanding with the ARC to participate in the 2021/2022 drought risk pool to better deal with the drought and protect vulnerable populations from its adverse impacts.

The Zambian Government made a premium budgetary allocation from its national budget and sought additional premium financing support from the Swiss Agency for Development and Corporation and the AfDB to maintain the insurance policy for the 2021/22 agriculture season.

“ARC offers an African solution to one of the continent’s most pressing challenges, the shocks of climate change, transferring the burden of climate risks away from governments to ARC through sovereign insurance,” said Dr Abdoulie Janneh, ARC Group Deputy Board Chair and ARC Ltd Board Chair.

“The Government of Zambia is our privileged partner, and we stand with them to ensure their vulnerable population and livelihoods are protected against extreme weather-related disasters,” he added.

AfDB Vice President for Agriculture, Humanity and Social Development, Dr. Beth Dunford commented: “The African Development Bank is pleased to see this African Risk Capacity Group payout to the Government of Zambia. We expect this to be the beginning of continued support to help the country enhance their resilience to the shocks of climate change.

“The Bank’s support has brought assistance to farming communities hit hard by drought and poor crop yields, by enabling Zambian authorities to provide them with cash payments and sustaining them from eating their seeds as food, quitting farming as livelihoods, or migrating in search of food and non-existent jobs.”

Zambia’s Acting President, Her Honour W.K Mutale Nalumango, welcomed the payout from ARC to the Republic of Zambia. She said: “With the national treasury experiencing unlimited demand for the provision of public goods and services, the government stands ready to support disaster risk transfer initiatives that lighten the burden on the government.

“I urge other organisations such as the World Food Programme and other international and local civil societies to come on board to help expand the ARC insurance coverage in Zambia by partnering with my government to take up replica and micro insurance.”

The funds disbursed to the Government of Zambia will also boost the local economy and help communities build back better.

ARC’s previous parametric insurance payouts include $14m to the Malawian government in early June, and $10.7m to Madagascar in February.

Patoma Admin by — June 18, 2022 in Insurance 0
NAICOM pushes for financial Inclusion in micro finance strategy

By Favour Nnabugwu
The Commissioner for Insurance, of the National Insurance Commission, NAICOM, Mr Sunday Thomas, has assured Nigerians that the micro insurance schemes is incorporated in the budding Nigerian financial enterprise.
The assurance came at the inaugural conference of Oriental News Nigeria with theme “Engaging with critical groups to develop effective financial inclusion initiative” which in Lagos.
Represented at the conference by Rasaaq Salami, Deputy Director/Head Corporate Communications & market Development  NAICOM, Thomas said that micro insurance  provides the leeway to protecting your property, safeguarding your belongings  from damages or loss  and ensuring you do not suffer loss when the unexpected damage or loss occurs.
It also safeguards traders or businesses of artisans and petty traders whenever their wares are destroyed, damaged or stolen.
“ Micro insurance is a way of safeguarding your property or business from any unforeseen event,and when it happens, what ever loss you ensured against will be reimbursed you”  the commissioner for Insurance assured on financial inclusion.
The Securities and Exchange Commission (SEC), on its part reiterated its commitments to ensure every segment of the society is covered in the ongoing financial inclusion initiative of the Federal Government
Earlier in her opening address, Editor Oriental News Nigeria , Mrs Yemisi Izuora  said that the conference was conceived by Stanmeg  Communications, publishers of Oriental News Nigeria after a pain staking study  the progress and prospects of the financial inclusion policy in the country since inception in 2012.
“ The conference is being organised given that the past couple of years , the federal government and stakeholders in the financial sector have had to deal with expanding financial services tp large community of underserved pupulation and dealing with resilience challenges brought about by confluence of events that have taken place”  Izuora stated
Patoma Admin by — June 18, 2022 in Insurance 0
ECOWAS Commission says maritime security war in West Africa is almost won – Brou

By Favour Nnabugwu

 

The President of the Economic Community of West African States (ECOWAS) Commission, Jean-Claude Brou has said the war against maritime insecurity in the West African sub-region was being won.

Brou who said the attestation to this was the removal of Nigeria from the piracy list hotspot, noted that strategies were in place to equally win the war on terrorism

Brou said this while delivering reports of the ECOWAS Commission before the ECOWAS Parliament during the ongoing 2022 First Ordinary Session of the Parliament in Abuja.

He also argued that the victory against maritime insecurity could also be seen with the decreasing rate of attack in the Gulf of Guinea following actions by member countries.

He said, “A year ago, I told you that the maritime insecurity in the Gulf of Guinea was extremely disturbing and globally we were the zone having the largest number of maritime piracy attacks.

“Actions have been carried by the countries individually but also at the level of regional coordination.”

He noted that the situation had reduced slightly to the point that Nigeria has come out of the list of countries having a high level of maritime piracy.

“We will continue to work at regional level with the inauguration of our regional coordination centres for maritime security that has been set up in the various zones,” he said.

He said all together they were working actively particularly in zone F in Cape Verde.

Patoma Admin by — June 18, 2022 in Foreign 0