All Posts in "Day: March 18, 2024"

NATEP, Lab Four sign MoU on Talent export, to outsource 50,000 jobs to Nigeria

By Favour Nnabugwu 

 

 

 

The Federal Ministry of Industry, Trade and Investment has witnessed a landmark Memorandum of Understanding (MOU) between the National Talent Export Programme (NATEP) and Lab Four, set to create substantial employment opportunities by outsourcing 50,000 jobs to Nigeria.

The Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, CFA, heralded this MOU as a major milestone aligned with President Bola Ahmed Tinubu’s Renewed Hope Agenda. “This initiative cements our commitment to diversifying the economy and forging a Nigeria known globally as a nation of creators,” she stated during the signing ceremony in Abuja.” We envision Nigeria as a pivotal global hub for service exports and talent sourcing,” she said.

As Dr. Uzoka-Anite has highlighted, “NATEP is our strategic answer to the burgeoning global talent sourcing market, valued at US$620.381 billion in 2020 and projected to grow to US$904.948 billion by 2027. Our mission is to tap into this lucrative industry, showcasing Nigeria as a powerhouse of high-quality talent for the global service export and outsourcing industry.”

Mr. Tony Okhiria, CEO of the Cybersecurity Institute at Lab Four, expressed his enthusiasm for the partnership: “This program is monumental because it allows Nigeria to accelerate its talent export much quicker. We are eager to disrupt the traditional BPO process and look forward to a fruitful collaboration.”

Dr. Femi Adeluyi, National Coordinator of NATEP, highlighted the program’s innovative approach, emphasizing its potential to democratize the BPO sector and create a scalable model for job creation.

The signing ceremony also featured remarks from John Dohan, representing the Chargé d’Affaires ad interim for the U.S. Embassy, who lauded Nigeria’s human resource as the nation’s greatest export.

The NATEP initiative aims to deliver 1 million service-export jobs over the next 5 years, boost foreign exchange earnings, stimulate economic growth, and enhance Nigeria’s brand on the global stage. It will focus on key “IMPACT” sectors: Insurance, Medical, Professionals, Artisans, Creative, and Technology.

The Minister also took the opportunity to launch the NATEP Strategy document, a comprehensive plan to strengthen Nigeria’s position as a global hub for talent exports and BPO.

The collaboration between NATEP and Lab Four is poised to catalyze the growth of micro, mini, and mega BPOs within Nigeria, contributing up to $1.2 billion annually to the Nigerian economy.

Patoma Admin by — March 18, 2024 in Industry, Trade & Investment 0
“I’m pleasantly surprised at the growth of the Contributory Pension Scheme” – Obasanjo

“I’m pleasantly surprised at the growth of the Contributory Pension Scheme”. – Obasanjo

By Favour Nnabugwu

Nigeria’s former President Olusegun Obasanjo stated that he was pleasantly surprised at the growth of the pension assets over the last 20 years.
Obasanjo mentioned that when his administration instituted the pension reforms and pushed to have a bill to reform the way pension administration were done in Nigeria, they did not think that the assets will grow this quickly and have the positive effect it has had so far.
 He stated this in a recent interview with the Chief Executive of the Pension Fund Operators Association of Nigeria (PenOp), Oguche Agudah. The interview was held as part of events to mark twenty years of pension reforms in Nigeria.Going down memory lane.
Obasanjo said that one of the major reasons for the reform was his pain at seeing so many pensioners queuing up to collect their pensions during his first term in office, especially military men who had served the Nation.
With this in mind, he resolved to see how the government could make pension management and administration private sector driven and more in line with global best practices.
When asked about why they chose Contributory Pension Scheme (CPS) for Nigeria, He said “it’s simple, we just see what other countries are doing and if it’s good for us we copy it and adapt. There is no harm in copying if we see what other countries are doing and it’s good for them, we adapt”.
 In addition, he said what the pension industry needs to do now is to see how the pension assets that have been saved over the years can help more in national development, especially infrastructure investments in a safe and sustainable manner that does not jeopardize people’s pensions.
Obasanjo was speaking as part of the activities to mark twenty years of pension reforms in Nigeria. The year 2024 marks 20 years since the initial pension reform act was signed.
The Pension reform Act was the bedrock of a cross cutting committee that worked on pension reforms in Nigeria which culminated in the drafting and enactment of the pension reform act which essentially professionalized pensions management in Nigeria, moved the  management to the private sector and helped to wean the government from unsustainable pension liabilities.
Patoma Admin by — March 18, 2024 in Pension 0
Pensioners stand in ovation for Contributory Pension Scheme

By Favour Nnabugwu
The National Union of Pensioners Contributory Pension Scheme (NUPCPS) stated that the Contributory Pension Scheme (CPS) is the best thing that has happened to Nigeria’s Pension administration.
They stated this when they paid a courtesy visit to the CEO of the Pension Fund Operators Association of Nigeria (PenOp) Mr. Oguche Agudah, recently.
The pensioners who were represented by their executives from various states of the Federation mentioned that the way that the CPS is framed is in the best interest of pensioners if implemented to the letter.
They said the CPS has eliminated fraud, has given them certainty of payments of pensions, and has also allowed them to be able to plan.Having said this however, they said there are aspects of the CPS that can be improved upon, and they called on the PenOp CEO to engage with other stakeholders to ensure that these things are looked into.
Some of the things they mentioned had to do with constant engagement with the pensioners by the industry, the enhancement of their pensions and more transparency in terms of how their returns are shown to them.
The CEO of PenOp, Oguche Agudah, responded by saying the pensioners are the reason the industry exists and that all workers in the pension space have the pensioners to thank for their jobs.
He commended the pensioners for giving their all to their country and their organizations in their twilight years and he further added that the pension industry and the country still needs to tap from wealth of experience that they have gathered over the years.
He assured the pensioners that the pension industry is committed to the welfare of the pensioners, will continue to listen and engage with them ever so often to hear them out.
He assured them Pension Fund Operators are working daily to ensure the best outcomes for pensioners. The chairman of the NUPCPS, Mr Nwaiwu thanked Mr. Agudah for his listening ear and his desire to champion the cause of pensioners.
He also thanked him for his support over the years and tasked him not to relenting in his efforts to make sure the impact of the CPS is felt maximally by the pensioners.
Patoma Admin by — March 18, 2024 in Pension 0
Zenith General, NAIPE  partner to boost Insurance * Settled N5bn claims in 2023

CAPTION:

L-  Edet Udoh, Assistant General Secretary, Nigerian Association of Insurance and Pension Editors (NAIPE); Matthew Otoijagha, Financial Secretary, NAIPE; Nkechi Naeche-Esezobor, Chairperson, NAIPE; presenting a copy of NAIPE Trumpet to Mr Jude Modilim, Managing Director/CEO, Zenith General insurance; Dolapo Talabi, Head, Corporate Communications, Zenith General; Rosemary Iwunze, General Secretary, NAIPE and Amaka Obiefuna, Public Relations Officer, NAIPE, during NAIPE’s Executive visit to Zenith General Insurance in Lagos.

 

 

By Favour Nnabugwu

 

 

 

Zenith General Insurance Limited is partnering with the Nigerian Association of Insurance and Pension Editors (NAIPE) to move the Nigerian insurance industry to the next levels.

Speaking during a courtesy visit by the executive members of NAIPE to the management of Zenith General Insurance, the Managing Director and Chief Executive Officer of the firm, Mr. Jude Modilim, affirmed his Company’s readiness to work with NAIPE to drive insurance growth in Nigeria.

The MD also commended NAIPE for introducing initiatives and embarking on programmes that are industry’s growth driven, noting that this will go a long way in changing the industry’s narrative.

“We are open for the partnership; the kind of partnership that is a win-win; partnership that will project Zenith General to the public, telling them what we are doing, especially about our ability to pay claims. We are willing to work with you as long as it is a mutually beneficial partnership.

“I am actually very impressed with some of your programmes designed to create insurance awareness such as Claims Profiling, and Testimonials Reporting. These are very good, and it will go a long way in deepening insurance penetration which the National Insurance Commission (NAICOM) and the entire industry is yearning for.

“As an industry, we all pay claims. Last year Zenith General paid about N5 billion as claims to so many organisations thereby helping them to return to business. These are Organisations that ordinarily would have failed because of one catastrophe or the other.

“Many times when I engaged those who said insurance companies are not paying claims to come forward with any claim they have that has not been paid, none of them have been able to do that, so the public needs to know that insurance Companies are paying claims. What you guys are doing will make people know that insurance works,” Mr. Modilim said.

Earlier in her speech, the Chairperson, NAIPE, Mrs. Nkechi Naeche-Esezobor, highlighted the rationale behind the establishment of NAIPE and what the Association has done over the years to contribute to the growth of insurance industry.

According to her, NAIPE has been in existence for over 30 years working with 31 members who are insurance and pension editors in the major national newspapers, radio stations, television stations and online platforms to create awareness on the benefits of insurance.

“We are concerned about low insurance penetration in Nigeria and the poor perception of Nigerians about insurance and it is a known fact that NAIPE has been working tirelessly over the years to change this negative narrative.”

She listed some of the products the Association is offering as part of its efforts to deepen insurance growth in Nigeria to include Products Profiling; Management Profiling; Claims Profiling; Quarterly CEO Forum and Sponsorship of NAIPE AGM.

She called on insurance companies to take advantage of the various products and initiatives put in place by NAIPE to enhance their performance.

Patoma Admin by — March 18, 2024 in Insurance 0