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#EndSARS protests: Risk management lessons for governments, businesses and individuals

It is quite difficult to quantify the value of the actual losses suffered during the #EndSARS protests especially as lives were involved.

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The hijacked #EndSARS protests against police brutality across the nation seems to be over but the dust raised is still in the horizon, as several companies and individuals are still nursing the losses that the protests caused them.

In reactive and panic driven measures to contain the ensuing menace, several governors declared 24 hours curfew to stem the tide of destruction and restrict movement, as well as the activities of the hoodlums. Rather than achieving the intended purpose, the directives fuelled and escalated the protests the more in some states with more casualties and losses.

The protests lasted for three weeks or thereabout but the losses to the government, businesses, and individuals are quite humongous with several lives lost across the country.

Unfortunately not many, government inclusive, saw this coming. It started as a child’s play until it continued to gather momentum daily and reached the inevitable crescendo with the alleged shooting of the protesters at the Lekki tollgate Lagos.

There are strong opinions that the risks resulting to the huge losses would have been adequately mitigated if the federal government had taken the threats to protest seriously from day one and proactively dialogue with the leaders on what can be done to suspend the protests nationwide.

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To a large extent, the #EndSARS protests could be tagged as a high impact, low probability event. From the benefits of hindsight, the government and businesses were ill prepared to handle this kind of occurrences, which is enough to bring the economy to zero level with the unprecedented wanton destruction of lives and properties. It’s a hard lesson for us all and we learnt in a hard way indeed.

Many governments, businesses, and individuals did not quite appreciate the relevance of insurance policies that could indemnify them against several unforeseen occurrences of this nature. The apathy towards the insurance industry is made more evident with the appallingly poor insurance culture of most governments, businesses, and individuals and their lukewarmness in properly insuring their assets to mitigate risks should they occur. The truth is a lot of people do not believe in the insurance companies, no matter how big they are and their capacity to pay claims as and when due.

What you should know

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It is quite difficult to quantify the value of the actual losses suffered during the #EndSARS protests especially as lives were involved.

However, the huge losses would have been sufficiently mitigated by insuring against such events with any of the reputable insurance companies in Nigeria.

One of the emerging issues that came to the fore is that most of the assets, especially those owned by governments may not have been sufficiently insured and some are feared not to have even been insured in the first place.

For the purpose paying premium to the insurance companies, many prefer cutting corners by under insuring their assets than fully declaring the value of their assets, with boomerang effects should the risks crystallize in future.

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Hospitality & Travel

Qatar Air starts Abuja operations with first Nigerian female Boeing 787 pilot

Qatar Air has commenced its inaugural flight to Abuja with the first Nigerian female Boeing 787 pilot.

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Qatar Air has commenced its inaugural flight to Abuja, Nigeria on Friday. The airline commenced the operation with the first Nigerian female Boeing 787 pilot, Adeola Ogunmola Sowemimo.

This was disclosed on Friday by the Director-General, Nigerians in Diaspora Commission, Abike Dabiri, via her official Twitter handle.

She tweeted, “Today, Qatar Air operated its inaugural flight to Abuja, Nigeria. And our own Adeola Ogunmola Sowemimo was on the right seat as she assisted Captain Khan Sameer Ali. Adeola is the first Nigerian female Boeing 787 Pilot and the first Nigerian female Pilot to fly for Qatar Airways.”

What you need to know

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Sowemimo, who graduated in 2011 from the US-based Sunrise Aviation Academy and started her aviation career there, became the first Nigerian female pilot to work for Qatar Airways in the Middle East — a region which is challenging for women hoping to become pilots.

She is also the first female Nigerian to fly the Boeing 787 Dreamliner for Qatar Airways and the first Nigerian female pilot to fly the Boeing 767 Aircraft across the Atlantic Ocean, which puts her in the same league with Kenya’s Captain Irene Koki and Ethiopia’s Captain Amsale Gulau.

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Financial Services

Stanbic IBTC Holdings Plc establishes its wholly-owned life insurance subsidiary

Stanbic IBTC Holdings Plc has announced the establishment of its wholly-owned life insurance subsidiary.

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Stanbic IBTC floats new digital initiative to support CBN’s financial inclusion plan

Stanbic IBTC Holdings Plc (“Stanbic IBTC” or “the Company”) announced that it has obtained all required Regulatory Approvals, in a bid to complement and diversify its range of product offerings.

This includes a license from the National Insurance Commission to establish a wholly-owned Life Insurance subsidiary to be referred to as Stanbic IBTC Insurance Limited (“SIIL”).

The notification was revealed today through a press release, signed by the Bank’s Secretary, Chidi Okezie, and sent to the Nigerian Stock Exchange market today.

What you should know

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is a full-service financial services group with major business focus on three pillars – Corporate and Investment Banking, Personal and Business Banking, and Wealth Management.

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Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 21 countries on the African continent.

The largest shareholder of the Group is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding.

Why this matters

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The recent corporate action by the bank is aimed towards diversifying the service offerings by the bank and advancing its frontiers as A leading end-to-end financial solutions provider in Nigeria.

In lieu of this, Stanbic IBTC Insurance Limited aims to provide insurance for financially included individuals and become the preferred insurer in the Life Insurance Business.

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Financial Services

Company Income Tax: Banks and financial institutions pay N24.05 billion in Q3 2020

Banks and financial institutions paid a total of N24.05 billion as Company Income Tax for Q3 2020.

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net interest income, Nigerian Banks, Fitch, Nigerian banks tremble over Cyber attack, Most Nigerian banks are very likely to fail stress tests should the economic downturn persists and deepens

Banks and financial institutions incurred a total of N24.05 billion in Company Income Tax (CIT) for the third quarter of the year (Q3, 2020). This is according to findings by Nairametrics.

The latest figure indicates a decrease of -50.9% q-o-q, from N48.95 billion recorded in the corresponding period last year.

What this means

The decrease in this year’s CIT figures can be attributed to the impact of the pandemic on the income of financial institutions, as well as the consequent effect income tax. In addition, the reduction might be a form of incentive by government to businesses in order to ease the excruciating impact of the pandemic.

What you should know

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In a similar vein, findings from Nairametrics revealed that fourteen (14) Deposit Money Banks incurred a total of approximately N95 billion in taxes in 2020 9M.

The breakdown of the individual tax figures for the banks is shown below.

Source: Nairalytics

In the top five category, GT Bank led the chart with N25.07 billion; followed by Zenith, N17.97 billion; Access Bank, N14.3 billion; UBA, N13.2 billion; and Stanbic, N10.7 billion.

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In the bottom five are Unity Bank with N137 million; followed by Jaiz Bank, N276 million; Union Bank, N366 million; Wema Bank, N413 million; and Sterling Bank, N655 million.

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