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Business News

Osinbajo: What banks must do to challenge Fintechs

Prof. Yemi Osinbajo, has stressed the need for banks in the country to carry out reforms.

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Nigeria’s Vice President, Prof. Yemi Osinbajo, has stressed the need for banks in the country to carry out urgent reforms so as not to be caught off-guard by rising innovations in financial technology space, noting that the effect of new innovations in fintech was inevitable.

Speaking at the Africa Investment Forum which was organised by the African Development Bank in Johannesburg, South Africa, he stated that fintech would disrupt the financial space and apart from reforms, banks could avoid being affected negatively if they also invested in fintech companies.

According to him

“They have to invest in some of the fintech companies themselves, and they have to see this revolution as inevitable . I think what we are seeing today is the reform around that space, and many of the banks are looking up and understanding that this is going to happen, and it’ s already happening.”

He, however, allayed fears of the banks, noting that even though the quick convergence between technology and financial products was happening faster than many of the banks could cope with, the government would work with them to ensure the development of the sector, assuring that there would be effective regulation for consumers and the space.

President of African Development Bank (AfDB) Group, Dr Akinwumi Adesina, had in his opening address said the goal of the forum was to allow investments land smoothly on investment runways in Africa, adding that the forum was a 100 percent transactional platform to develop projects, derisk deals, fast-track the closure of deals and improve the business environment for investments to thrive on the continent.

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The Africa Investment Forum (AIF) is a meeting place for investors interested in Africa. It showcases bankable projects, attract financing, and provide platforms for investing across multiple countries.

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

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Energy

Nigeria seeks technical support from UKNIAF to transform critical power infrastructure, projects

UKNIAF could help Nigeria transit from the ‘Transitional Electricity Market (TEM)’ to the ‘Medium-Term Electricity Market (MTEM)’.

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The Federal Government is in talks to partner with the United Kingdom Nigeria Infrastructure Advisory Facility (UKNIAF) to transform critical power infrastructure and projects.

FG intends seeking technical support from the facility, focusing on power sector policy reforms, Tariff reforms, DisCo audits, grid efficiency and sustainable off-grid renewable solutions.

This was disclosed by the Ministry of Power, after the Minister, Engr Salem Mamman, met with members of UKNIAF led by Program Lead for Power, Mr. Frank Edozie on Monday via its Twitter handle.

The Ministry of Power tweeted, “The Hon. Minister of Power @EngrSMamman held a meeting with members of the United Kingdom Nigeria Infrastructure Advisory Facility @ukniaf led by Program Lead for Power, Mr. Frank Edozie to discuss partnering to transform critical power infrastructure and projects.

“They discussed how the facility can be of help with providing technical support to @NERCNG, @TCN_NIGERIA, @realREANigeria & @nbetnigeria by focusing on, Power sector policy reforms, Tariff reforms, DisCo audits, grid efficiency and sustainable off-grid renewable solutions.”

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What it means

Aside from offering technical support to sector’s regulators and other agencies, the partnership, if it works, would help Nigeria transit from the ‘Transitional Electricity Market (TEM)’ to the ‘Medium-Term Electricity Market (MTEM)’ which involves increased generation competition and limited retail competition.

What you should know

The Hon. Minister was joined by the Director, renewable energy resources Engr. Faruk Yusuf Yabo, his Special Adviser on Policy @abbaaliyu_, his Technical Adviser on Strategic Coordination Dr. Nurain Hassan @inhassan and his Technical Assistant on ICT & Digital Communications.

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Appointments

International Energy Insurance appoints Ebunolu Ayeni as acting MD/CEO

International Energy Insurance Plc announces the appointment of Ebunolu Ayeni as acting Managing Director/CEO.

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Insurance in Nigeria, FBN Holdings Annual general Meeting, FBN General Insurance Limited CEO Bode Opadokun, FBN General Insurance Limited 2018 financial result

International Energy Insurance has announced the appointment of Mr Ebunolu Ayeni as the new acting Managing Director of the firm, following the retirement of his predecessor, Mr Peter Irene.

This is according to a disclosure signed by the firm’s secretary, Adeyinka Hassan and sent to the Nigerian Stock Exchange, as seen by Nairametrics.

The appointment of Mr Ebunolu Ayeni is sequel to the resignation of Mr Peter Irene, who until his resignation on December 20, 2020, was the Managing Director/ CEO of the firm. According to the notification, Mr Ayeni has immediately taken over the leadership of management in an acting capacity, in order to fill the void, pending the approval of the National Insurance Commission for the appointment of a substantive Managing Director.

Mr Ayeni is an alumnus of the University of Lagos, where he obtained a BSc. Degree in Insurance. He also has a Master’s degree in Marketing and Management from Ladoke Akintola University and Enugu State University respectively.

In terms of professional membership, Mr Ayeni is a fellow of the Insurance Institute of Nigeria, a member of Nigeria Council of Registered Insurance Brokers and the Institute of Loans and Risk management, Nigeria.

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What you should know

  • International Energy Insurance Plc provides insurance solutions to the energy sector. The company’s scope include; oil and gas, engineering/car, bond and finance among others.
  • International Energy Insurance Plc share price closed trading on 25th of January, 2021 at N0.38.

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Coronavirus

Covid-19: FG extends phase 3 eased lockdown by one month

The FG has announced the extension of the guidelines of phase 3 of the eased lockdown by one month.

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FG approves reopening of NYSC camps, extends tenure of PTF on COVID-19, FG commences process of resumption of international flight operations in weeks, COVID-19: Reactions trail FG travel ban on 13 countries, FG inaugurates 16 members to PENCOM board

The Federal Government has announced the extension of the guidelines of phase 3 of the eased lockdown by one month with effect from Tuesday, January 26, 2021.

This follows the rising cases of coronavirus disease across the country and the expiration of phase 3 of the eased lockdown.

This disclosure was made by the Chairman of the Presidential Task Force (PTF) on Covid-19, who is also the Secretary to the Government of the Federation, Boss Mustapha, at the national briefing of the task force in Abuja on Monday, January 25, 2021.

Mustapha said that over the last few weeks, the PTF had been closely following the rising number of infections reported daily in Nigeria and in other jurisdictions.

He stated that the daily statistics for Nigeria as at January 24, indicated that cases were 121,566, with about 1,270,523 tests conducted so far. The active cases were 22,834, which is about 19.4%, with 1,504 casualties and 97,228 patients discharged.

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He also said that over 7 days ending January 23, the statistics showed that tests conducted were 58,974 while cases recorded were 11,179, with 62 deaths and 23,568 active cases.

What the Chairman of PTF on Covid-19 is saying

While speaking on phase 3 eased lockdown, Mustapha said the PTF is reviewing the guidelines on the implementation of phase 3 of the eased lockdown which is due to expire on Monday, January 25, 2021.

He said, “In view of the fact that our numbers are not abating, all extant measures prescribed in these guidelines are (subject to some modifications) extended by a period of one month with effect from Tuesday, January 26.’’

On PTF’s management of Covid-19, the PTF chairman said, “The management of cases is gradually improving with the availability of medical oxygen. Government is also fast-tracking the rehabilitation of existing plants and construction of new ones as approved by the President.

“The PTF has advanced in the deployment of resources for the national testing week and continues to review the bottlenecks affecting the turnaround time for testing.

“The PTF is improving on the International Travel Portal to minimise the challenges passengers keep encountering,” he said.

He also said the country is expected to take the delivery of 100,000 doses of the Covid-19 vaccine in early February with assurances that the vaccines will be safe and effective when eventually deployed.

What you should know

  • The Federal Government had in September 2020, announced the easing of lockdown guidelines for phase 3 due to a drop in the number of Covid-19 infections across the country.
  • However, following, a surge in the number of Covid-19 cases across the country with a record number of daily infections recorded, the Federal Government in collaboration with the State Governments has moved to ensure the strict enforcement of the Covid-19 protocols and guidelines to curb its spread.

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