All Posts in "Month: October 2022"

Allianz launches MoveNow Program for next generation

By Favour Nnabugwu

 

 

Allianz Global Corporate & Specialty (AGCS), a leading global corporate insurance carrier and a key business unit of Allianz Group, has launched the Allianz MoveNow program to support and strengthen young people by facilitating access and offering opportunities to become and stay active.

The mission which was launched today in South Africa, is to prepare the next generation for the future by moving their body, mind and soul.

Hosted at Diepdale Secondary School in Soweto, the Allianz MoveNow program saw over 1400 young people from Soweto attend a career expo and participate in a football and netball challenge

Allianz has and continues to work with Diepdale since 2017 through programs such as the Allianz Maths and Science Centre, the Saturday School Program and the remedial program to improve educational outcomes. The matric pass rate was only 58.9% then but now averages 80%.

Chief Executive Officer of AGCS South Africa, Thusang Mahlangu says: “We at Allianz understand that it’s not a given for everyone to be confident in tomorrow, having a positive outlook about their own well-being and future perspective.

However, we are convinced of a positive effect of sport on body, mind and soul. Therefore, we are proud to introduce the Allianz MoveNow program to get young people moving again so that they are ready for tomorrow.”

“We are also preparing the learners for life beyond high school through the career expo as education is our key social responsibility focus area. We firmly believe that access to high quality education creates a knowledge-based economy and in that way making the biggest sustainable impact on communities,” adds Thusang.

Allianz is confident that regular sport activity will have a high impact on the mental and physical wellbeing of the learners. That’s why the insurer partnered with former Banyana Banyana Captain and football legend Portia Modise and retired international netballer and coach Dumisani Chauke to lead the Allianz MoveNow Camp, which saw Diepdale Secondary School compete with Fidelitas Comprehensive School in a football and netball challenge.

Using skills and tricks learned from Portia, Diepdale Secondary School were crowned champions of the Allianz MoveNow Camp football challenge with a 6 – 5 penalty shootout victory against Fidelitas Comprehensive School after a 2 all draw at full time. Coached by Dumisani, Fidelitas Comprehensive School won the netball challenge after scoring 25 goals against Diepdale Secondary School.

Overall both coaches were impressed with the level of football and netball potential from the schools and encouraged the learners to work consistently hard in sport and in education to achieve their goals in life.

As Official Worldwide Insurance Partner of the Olympic and Paralympic Movements, Allianz has teamed up with the International Olympic Committee (IOC) and the International Paralympic Committee (IPC) to strengthen the role of sport in society to create a healthier environment for young people.

With the Allianz MoveNow program, Allianz commits to move people of the next generation across the globe through 24 initiatives in the upcoming months until the Olympic and Paralympic Games Paris 2024.

The program picks up on many sport activations and festivals Allianz has conducted over the last years and includes initiatives like youth camps, sports activities and digital events such as a fitness series with the IPC launching later this year.

 

Patoma Admin by — October 31, 2022 in Insurance 0
We followed due process on Naira redesign – CBN

By Favour Nnabugwu

 

 

The Central Bank of Nigeria (CBN) has insisted that it followed the law and due process in the on-going Naira notes redesigning exercise, which it said was 12 years due.

Its position was contained in a note sent to the media in the early hours of this morning in an apparent response to claims by the Minister of Finance, Budget and National Planning, Zainab Ahmad, that her ministry was not carried along by the CBN in the exercise.

The bank’s spokesman, Mr. Osita Nwanisobi, expressed surprise at the minister’s claim, stressing that the CBN remains a very thorough institution that follows due process in its policy actions.

According to him, “The Management of the CBN, in line with provisions of section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007, had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of N200, N500, and N1,000 banknotes.”

He urged Nigerians to support the currency redesign project, he said it was in the overall interest of Nigerians, reiterating that some persons were hoarding significant sums of banknotes outside the vaults of commercial banks. This trend, he said, should not be encouraged by anyone who means well for the country.

Furthermore, he noted that currency management in the country had faced several escalating challenges which threatened the integrity of the currency, the CBN, and the country, adding that every top-rate Central Bank was committed to safeguarding the integrity of the local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy.

On the timing of the redesign project, Mr. Nwanisobi explained that the CBN had even tarried for too long considering that it had to wait 20 years to carry out a redesign, whereas the standard practice globally was for central banks to redesign, produce and circulate new local legal tender every five to eight years.

While assuring Nigerians that the currency redesign exercise was purely a central banking exercise and not targeted at any group, the CBN spokesman expressed optimism that the effort will, among other goals, deepen Nigeria’s push to entrench a cashless economy in the face of increased minting of the eNaira.

This, he said, is in addition to helping to curb the incidents of terrorism and kidnapping due to access of persons to the large volume of money outside the banking system used as a source of funds for ransom payments.

The Naira redesign project, he.said “is for the greater good of the economy.”

 

Patoma Admin by — October 29, 2022 in Banking & Finance 0
UBA gross earnings hit $1.4bn, operating income rise to $951m in Q3 2022

By Favour Nnabugwu

 

 

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has announced remarkable performance in its unaudited financial results for the third quarter ended September 30, 2022, the bank’s Gross Earnings rose to $1.4billion, up from $1.13billion recorded in September 2021.

Also, UBA’s operating income also grew by 27.3 percent to close at $951.9million as at September 2022, up from $769.6million achieved a year earlier. 

The bank records impressive growth across all its major indices, replicating the commendable performance it achieved in the first two quarters of the current fiscal year..

In its financial report filed with the Nigerian Stock Exchange (NSE), UBA reported a 12.3% rise in Profit Before Tax to close at $318.4 million compared to $283.7million recorded at the end of the third quarter of 2021, while Profit After Tax also rose significantly by 10.9% to $266.6 million up from $240.4 million recorded a year earlier, thus sustaining its annualised return on average equity for Q3 2022 at 19.2%.

As always, UBA continues to maintain a very strong balance sheet, with Total Assets rising to $21.2 billion, representing a 9.1% increase over the $19.4 billion recorded at the end of December 2021, just as the bank benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years, with Customer Deposits rising to $16.06 billion, representing a 10.4% rise, up from $14.6 billion at the end of the last financial year.

UBA shareholders’ funds remained very strong at $1.85 billion up from $1.84 billion recorded in December 2021 again reflecting a strong capacity for internal capital generation and growth.

Commenting on the result, UBA’s Group Managing Director/Chief Executive Officer, Mr. Oliver Alawuba, remarked that the Group continues to show notable operating resilience amidst significant headwinds in its presence markets amidst a heightened global risk environment, adding that its strong diversification model and unwavering focus on customer satisfaction continues to give the bank an edge over its peers in the industry.

He said, “We continue to reap the benefits of our diversification strategy and Customer -1st philosophy and build resilience in our operations across Africa and the rest of the world to support the mission of providing superior value to our stakeholders.

“This has translated into strong financial gains evident in growth in our customer deposits and net interest margin. In addition, we are strategically positioned to drive our market share in our operating countries, with the strong growth of our payments and transaction banking offerings,” Alawuba stated.

Executive Director, Finance and Risk Management, Ugo Nwaghodoh, said, “The Group’s profitability increased by 12.3% to $318.4 million, with underlying growth in our key income lines and moderation in our cost of funds.

“We remain very cautious in risk asset creation as we defensively position our asset portfolios to minimize the impact of the heightened credit risk. Consequently, our NPL ratio remains within acceptable threshold at 3.2%.”

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five (25) million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris, and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

Patoma Admin by — October 29, 2022 in Banking & Finance 0
AIICO Sponsors Cancer Treatment for 30, 100 for Mammogram test

By Favour Nnabugwu
 

AIICO Insurance Plc, a mind-blowing insurance company is sponsoring the chemotherapy treatment of 30 women diagnosed with triple negative cancer, in support of the 2022 World Breast Cancer Awareness Month.

October is globally marked as the Breast Cancer Awareness Month to draw attention to the scourge and take proactive steps to control and prevent it.

Additionally, the company is sponsoring mammogram testing for 100 of its people; female staff, female agents and wives of employees.

In a statement released by the company, AIICO is sponsoring the chemotherapy treatment of the 30 women who are members of the public and who had reached out for support from its NGO partner – Cancer Aware Nigeria, a Nigerian-based cancer intervention charity.

Commenting on the company’s breast cancer action advocacy plan and its initiatives, the Managing Director/CEO of AIICO Insurance Plc, Mr. Babatunde Fajemirokun. said “It was predicated on the need to prioritize the health and well-being of all people, especially the company’s internal stakeholders.

“This speaks to our sustainability efforts in alignment with Goal 3 of the United Nation’s Sustainable Development Goals which address healthy living and promoting well-being.”

Fajemirokun stated, “A healthy work force is a harbinger of productivity and efficiency. People are at their best when they are healthy and happy. We shall continue to prioritize their well-being at all times.

In other to ensure wider reach and coverage of its healthy breast advocacy, AIICO further explained that it entered into a partnership with Cancer Aware Nigeria on their public enlightenment programme which was held virtually, with seasoned professionals speaking to the public.

Besides these speakers, the programme also featured a breast cancer survivor, Zainab Okafor, who narrated how she overcame breast cancer. She attributed her recovery to early detection and the intervention of Cancer Care which took up her treatment and rehabilitation.

Lending her voice to the partnership with Cancer Aware, the Head, Corporate Responsibility and Sustainability at AIICO, Mrs. Abimbola Shobanjo, said the company seeks and works with trusted partners who are experts in their field of endeavour, passionate about their cause and have consistently delivered on their mandate.

“Cancer Aware Nigeria, has proven to be one of such organizations with proven track records. We will continue to work with them to impact society.”, Shobanjo said.

AIICO has been observing the Breast cancer awareness month for years and has facilitated initiatives to screen staff of breast cancer, provide healthy breast education and assisted in taming the scourge of breast cancer nationally.

AIICO Insurance is a leading composite insurer in Nigeria with a record of serving our customers that dates back over 50 years. Founded in 1963, AIICO provides life and health insurance, general insurance and investment management services to create and protect wealth for individuals, families and corporate customers.

Patoma Admin by — October 28, 2022 in Insurance 0
STI at Gala Night of the 7th Triennial Delegate Conference

CAPTION:

L- Segun Bankole, DGM, Corporate Communications & Investor Relations, Sovereign Trust Insurance Plc, Prince (Dr) Anthony Omojola, National Coordinator, Independent Shareholders Association of Nigeria, (ISAN), and Oby Chika-Ijegbulem, MD, Greenwich Registrars & Data Solutions at the Gala Night of the 7th Triennial Delegate Conference of Independent Shareholders Association of Nigeria, (ISAN) held at Lagos Airport Hotel, Lagos.

Patoma Admin by — October 28, 2022 in Insurance 0
U.S. GDP rise by 2.6% in Q3 2022

By Admin
The U.S. economy posted its first period of positive growth for 2022 in the third quarter, at least temporarily easing recession fears, according to the Bureau of Economic Analysis
GDP, a sum of all the goods and services produced from July through September, increased at a 2.6 percent annualized pace for the period, according to the advance estimate.
That was above against the Dow Jones forecast for 2.3 percent
That reading follows consecutive negative quarters to start the year, meeting a commonly accepted definition of recession, though the National Bureau of Economic Research is generally considered the arbiter of downturns and expansions.
The growth came in large part due to a narrowing trade deficit, which economists expected and consider to be a one-off occurrence that won’t be repeated in future quarters.
GDP gains also came from increases in consumer spending, nonresidential fixed investment and government spending. The report reflected an ongoing shift to services spending over goods, with spending on the former increasing 2.8 percent while goods spending dropped 1.2 percent
Declines in residential fixed investment and private inventories offset the gains, the BEA said.
“Overall, while the 2.6 percent rebound in the third quarter more than reversed the decline in the first half of the year, we don’t expect this strength to be sustained,” wrote Paul Ashworth, chief North America economist at Capital Economics.
“Exports will soon fade and domestic demand is getting crushed under the weight of higher interest rates. We expect the economy to enter a mild recession in the first half of next year.”
Patoma Admin by — October 27, 2022 in Foreign 0
Coronation Insurance webinar on SMEs hold Nov. 1

By Favour Nnabugwu
Coronation Insurance has concluded plans to hold a webinar to sensitize the Small and Medium Enterprises (SMEs) operators for business growth November 1, 2022.
In a statement release by Coronation Image Maker, Oroma Ovunda-Nsirim revealed that the theme of the webinar is “Importance of Insurance for SMEs: Insurance Requirements for a Growing Business”.
The session will focus on the Importance of Insurance for Small and Medium Sized Enterprises, Insurance requirements for growing businesses and outline the risks and challenges faced by SMEs and how to mitigate these risks.
“The first segment of the webinar will be a presentation delivered by Gbenga Ismail, Vice President of The Lagos Chamber of Commerce and Industry. This will be followed by a panel discussion with other leading professionals; Ayo Olojede, Head of Emerging Business, Africa Access Bank Plc; Louis Alozie, Country Manager, Wordplay and Adebowale Adesona, Executive Director, Technical, Coronation Life Assurance Ltd. The session will be moderated by Wole Famurewa,” the statement explained.
On what to expect, the webinar will be a lively discussion with experienced professionals sharing their point of view, drawing on many years of their knowledge of SMEs and growing businesses; demonstrate the different types of risks and challenges faced by SMEs; offer an understanding of how to mitigate the insurance risks and different types of insurance offerings for this segment.
“The session will also provide an understanding of why Small and Medium sized Enterprises need to ensure their businesses are protected, including assets, employees and against client lawsuits.”
Patoma Admin by — October 27, 2022 in Insurance 0
Emmanuel Badolo is Secretary-General of FANAF

By Favour Nnabugwu

 

 

Emmanuel Badolo has been appointed Secretary General of the Federation of African National Insurance Companies (FANAF). The appointment took effect on 1 October 2022.

Badolo holds a Master’s degree in Business Law, a postgraduate degree in Private Law and a professional Master’s degree in Insurance Law from the University of Caen, France.

He joined the Société Nationale d’Assurances et de Réassurances (SONAR) in 2006 where he has held several management positions over the past 16 years, most recently as Legal and Litigation Manager.

He also worked as an associate professor in universities and higher education institutes from October 2005 to September 2022.

Patoma Admin by — October 27, 2022 in Insurance 0
CBN to redesign N200, N500 & N1000 Notes

By Favour Nnabugwu

 

 

The Central Bank of Nigeria Governor, Godwin Emefiele has said the apex bank will redesign three naira notes.

Emefiele said the bank had obtained approval from President Mohammadu Buhari to redesign N200, N500, N1000 notes, adding that the new notes will come into effect by December 15.

He said: “Bank charges for cash deposit are suspended with immediate effect.”

He further disclosed that over 80 per cent of the total cash in circulation was outside the banking system. “N2.73 trillion out of N3.23 trn exists outside the commercial bank,” he added.

“The bulk of the nation’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.

Mr. Emefiele said that the new notes will be released for public use on December 15, 2022.

He also said that the old notes and the new notes would circulate together until January 31, 2023 when the old notes would cease to be legal tender.

Redesign to displace Naira hoarders

Gov Emefiele said that there have been persisting concerns with the management of current series of banknotes, and currency in circulation, particularly those outside the banking system in thecountry.

He said, “As you all may be aware, currency management is a key function of the Central Bank of Nigeria, as enshrined in Section 2 (b) of the CBN Act 2007. Indeed, the integrity of a local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy are some of the hallmarks of a great Central Bank.

“In recent times, however, currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country.”

The challenges he said included hoarding of banknotes by members of the public, with statistics showing that over 80 percent of currency in circulation was outside the vaults of commercial banks.

He added that the worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability as well as, increasing ease and risk of counterfeiting evidenced by several security reports were reasons for redesigning the notes.

He said that recent development in photographic technology and advancements in printing devices have made counterfeiting relatively easier and that in recent years, the CBN has recorded significantly higher rates of counterfeiting especially at the higher denominations of N500 and N1,000 banknotes.

The CBN boss noted that although global best practice was for central banks to redesign, produce and circulate new local legal tender every 5–8 years, the Naira has not been redesigned in the last 20 years.

100, 200, 500 1000 affected

He said, “On the basis of these trends, problems, and facts, and in line with Sections 19, Subsections a and b of the CBN Act 2007, the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels.

“In line with this approval, we have finalized arrangements for the new currency to begin circulation from December 15, 2022. The new and existing currencies shall remain legal tender and circulate together until January 31, 2023 when the existing currencies shall seize to be legal tender.

“Accordingly, all Deposit Money Banks currently holding the existing denominations of the currency may begin returning these notes back to the CBN effective immediately. The newly designed currency will be released to the banks in the order of First-come-First-serve basis.

“Customers of banks are enjoined to begin paying into their bank accounts the existing currency to enable them withdraw the new banknotes once circulation begins in mid-December 2022. All banks are therefore expected to keep open, their currency processing centers from Monday to Saturday so as to accommodate all cash that will be returned by their customers.

“For the purpose of this transition from existing to new notes, bank charges for cash deposits are hereby suspended with immediate effect. Therefore, DMBs are to note that no bank customer shall bear any charges for cash returned/paid into their accounts.

“Members of the public are to please note that the present notes remain legal tender and should not be rejected as a means of exchange for purchase of goods and services.”

The governor said that his team was mindful of those in rural areas and that facilities would be provided for them where bank accounts could be opened for them or their old notes exchanged for the new ones.

He.added that the action would also raised its stake in addressing the challenge of inflation.

Reminded that the current regulation allows only N150, 000 free cash deposit, he said that even if a customer wanted to deposit N 1 billion, the person would be allowed to do so.

Mr. Emefiele assured that the CBN would continue to monitor both the financial system in particular, and the economy in general, and always act in good faith for the achievement of the Bank’s objectives and the betterment of the country.

There has been claims even by top government officials that some unscrupulous members of the society were hoarding large volumes of currency notes in warehouse, farms, septic tanks.

Very dirty and smelly Naira notes have been in circulation, especially since political activities hightened across the country.

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Patoma Admin by — October 26, 2022 in Banking & Finance 0
Press Remarks by governor Godwin Emefiele on Issuance of New Naira BankNotes

By Central Bank Governor, Godwin Emefiele

 

 

Good afternoon Ladies and Gentlemen, and welcome to this special press briefing of the Bank.

We have called this gathering to inform relevant stakeholders and the general public of persisting concerns we are facing with the management of our current series of banknotes, and currency in circulation, particularly those outside the banking system in Nigeria.

As you all may be aware, currency management is a key function of the Central Bank of Nigeria, as enshrined in Section 2 (b) of the CBN Act 2007. Indeed, the integrity of a local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy are some of the hallmarks of a great Central Bank.

In recent times, however, currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country. These challenges primarily include:
▪ Significant hoarding of banknotes by members of the public, with statistics showing that over 80 percent of currency in circulation are outside the vaults of commercial banks;
▪ Worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability;

▪ Increasing ease and risk of counterfeiting
evidenced by several security reports.
Indeed, recent development in photographic
technology and advancements in printing devices have made counterfeiting relatively easier. In recent years, the CBN has recorded significantly higher rates counterfeiting especially at the higher denominations of N500 and N1,000 banknotes.

Although global best practice is for central banks to redesign, produce and circulate new local legal tender every 5–8 years, the Naira has not been redesigned in the last 20 years.

On the basis of these trends, problems, and facts, and in line with Sections 19, Subsections a and b of the CBN Act 2007, the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels.

In line with this approval, we have finalized
arrangements for the new currency to begin circulation from December 15, 2022. The new and existing currencies shall remain legal tender and circulate together until January 31, 2023 when the existing currencies shall seize to be legal tender.

Accordingly, all Deposit Money Banks currently holding the existing denominations of the currency may begin returning these notes back to the CBN effective immediately. The newly designed currency will be released to the banks in the order of First-come-First serve basis.

Customers of banks are enjoined to begin paying into their bank accounts the existing currency to enable them withdraw the new banknotes once circulation begins in mid-December 2022. All banks are therefore expected to keep open, their currency processing centers from Monday to Saturday so as to accommodate all cash that will be returned by their customers

For the purpose of this transition from existing to new notes, bank charges for cash deposits are hereby suspended with immediate effect. Therefore, DMBs are to note that no bank customer shall bear any charges forcash returned/paid into their accounts.

Members of the public are to please note that the present notes remain legal tender and should not be rejected as a means of exchange for purchase of goods and services.

We would like to use this opportunity to reassure thegeneral public that the CBN would continue to monitor both the financial system in particular, and the economy in general, and always act in good faith for the achievement of the Bank’s objectives and the betterment of the country.
I thank you for listening.

Patoma Admin by — October 26, 2022 in Banking & Finance 0