Echotitbits – Nigeria News

Category: Business

  • Okonjo-Iweala Set To Lead World Trade Organisation

    Okonjo-Iweala Set To Lead World Trade Organisation

    Former Minister of Finance, Ngozi Okonjo-Iweala and Nigeria’s nominee for the position of the Director-General of the World Trade Organisation (WTO) is set to emerge winner of the competitive race to the highly coveted head of the international body.

    Reuters on Wednesday reported that a key group of WTO ambassadors proposed Okonjo-Iweala to lead the trade organisation on Wednesday,

    The official announcement is expected to be made later today by WTO.

    Okonjo-Iweala served as Finance Minister twice, that was during the tenures of former presidents Olusegun Obasanjo and Goodluck Jonathan.

    She has experience working at international governance bodies as a former managing director of the World Bank and as a chairman at the Global Alliance for Vaccines and Immunization.

    Once officially announced, Okonjo-Iweala will be the first African and first female director-general of the international body in its 25-year history.

  • I’M Alive Mobile Verification App Set to Ease Nigerian Pension Administration

    I’M Alive Mobile Verification App Set to Ease Nigerian Pension Administration

    A technology approach to solving some of the challenges faced in pension administration has been introduced with the development of I’M Alive, a pensioner verification solution by Chams Plc.

    The Group Managing Director (GMD) of Chams Plc, Gavin Young, at an interactive session with journalists on Monday, at the firm’s corporate headquarters in Victoria Island, Lagos, said the solution, which is a mobile application, is designed to ease verification processes for both pension administrators and pensioners.

    The I’M Alive solution, according to the Lagos based firm will verify pensioners remotely in the comfort of their homes using a facial biometric mobile app that facilitates quick and easy verification for both government and private pensioners, and provides pension administrators with comprehensive reporting to ultimately facilitate pension payments.

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    In his remark while explaining the impact, Young noted that the I’M Alive solution would go a long way towards solving a major process-intensive hurdle for the Pension Industry.

    “For both pensioners and pension payers, I’m Alive solution is convenient, saves time & money, easy-to-use, less administrative bottle neck and headaches. The Solution is fully equipped with features that will make life easy for pensioners as it is supported by Artificial Intelligence which will detect liveliness and authenticate the Pensioner for payment processing.

    “The app and pensioner are not linked to a particular phone number or mobile handset. Any smartphone with a functionality that aides selfie alignment and lighting quality can be used, ensuring a higher success rate for pensioners using the app.

    The firm’s GMD expressed confidence about the security of the application noting that it cannot be hacked, stressing that no third party can impersonate a registered and verified pensioner on the app.

    “Every data is encrypted and it cannot be copied. In addition, Chams Plc adheres to data protection compliance regulations as specified by NITDA”, he stated.

    Speaking on the sustainability of the solution, Young admitted that while the priority for now is to solve the basic problems of inconvenience and overhead cost associated with the current physical presence verification, the mobile verification app solution can still do a lot more. He added that more features such as linking payment to the app could come later.

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    The GMD, giving further explanation on the product said “the design had in mind users that are not tech savvy and in the remote areas as pensioners don’t have to be tech-savvy to use the app as it is user friendly and has detailed explanations, including the ability to work in an offline mode.

    “The verification can be done on any smartphone, owned by anybody. Once you have your BVN & retiree number ready, it takes less than three minutes as verification is real-time.

    “Through this product, Chams has continued to expand operations through strategic partnerships and innovative products and solutions that are tailored to the Nigerian and African Markets” Young said.

    Earlier this year, Chams Plc, a Nigerian company of over 35years experience at providing digital solutions across a broad range of customer segments in Nigeria embarked upon a new vision and strategy that focuses on consumer-facing innovative digital solutions that are mobile phone based and not only beneficial to Nigerians but the greater African market.

    By Tobiloba Kolawole

  • At Nordic-African Business Meeting, AfDB Calls for Transformational Agro-industrialisation Projects

    At Nordic-African Business Meeting, AfDB Calls for Transformational Agro-industrialisation Projects

    African Development Bank (AfDB) has made case for agro-industrialisation projects by seeking support from Nordic country partners towards adding value to the competitive production of commodities such as cocoa, livestock and cotton in order to leverage the African Continental Free Trade Agreement (AfCFTA).

    Speaking at a webinar held on Thursday by Nordic-African Business Association (NABA), Vice President for Private Sector, Infrastructure and Industrialisation at African Development Bank, Solomon Quaynor, called for a strategic investment opportunities in Africa.

    He explained that this singular gesture would allow “African production to participate more in these value chains and also to increase jobs and increase incomes to private sector and also the African economy.”

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    One good example of this is Africa Finance Corporation (AFC) and AP Moller Capital’s Arise Group of Companies, in partnership with Olam of Singapore.

    The digital webcast, jointly organised by NABA, Norwegian Ministry of Foreign Affairs, Scatec Solar and AFC, was part of a day-long event aimed at reconnecting Nordic businesses with the continent.

    Nordic-African Business Summit has been hosted for nine consecutive years in Oslo – with more than 3,000 guests and 300 speakers from over 40 countries taking part so far.

    Quaynor, who was joined by African Development Bank’s Executive Director for the Nordic countries, Ireland and India, Paal Bjornestad, addressed a virtual audience made up of Nordic business representatives, government and private sector and interested individuals.

    The panel entertained various questions, such as that of bankability which includes market and profitability/cashflow risk, lack of a conducive enabling environment, properly conducted Environmental and Social Impact Assessment (ESIA), and challenges of integrity of sponsors and contractors.

    Other questions focused on project financing available for investors, trade finance, and whether the bank has invested in tourism projects.

    Responding, African Development Bank said it supported “all projects which support economic development, but we have decided to be selective and focus on areas of our comparative advantage.”

    The bank is being more selective and targeting larger transformational industrialisation projects. “We also support financial institutions to indirectly support smaller projects. We will also be pivoting more from maximising our direct loans to using guarantees to crowd in other private investors,” Quaynor added.

    On the criteria for Bank support in smaller projects, he said: “In areas where the opportunities are small but very important, such as off-grid renewable energy, we support through platforms such as SEFA (the Sustainable Energy Fund for Africa)…

    “Overall we need bankable projects, credible business plans…and we need to be sure that ESG and compliance work has been done.”

    The bank’s mandate to spur sustainable economic development and social progress on the African continent, saw $9 billion in commercial and concessionary lending in 2019, Quaynor outlined, during his presentation on the bank’s activities and priority areas, which was followed by a question and answer session.

    This lending went towards its priority High5s, across its key cross-cutting themes – that is mainstreaming gender, support to fragile markets, and climate-friendly projects. Twenty five per cent was to the private sector.

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    One example of this is Boko Mine and Port in Guinea, described as a “truly transformative project.”

    The $1.4 billion integrated mining and related transport infrastructure project has benefitted from a 14-year senior loan of up to $100 million from African Development Bank, with up to a three-year grace period.

    The project is expected to add $400 million to Guinea’s GDP, $300 million to the country’s trade balance annually during the operational phase.

    Additionally, over 4,000 jobs would be created during its construction phase, as well as 700 permanent and 1,500 temporary jobs during the operational phase.

    Idowu Sowunmi

  • Cybersecurity consciousness is Everyone’s Business- NCC Boss, Danbatta

    Cybersecurity consciousness is Everyone’s Business- NCC Boss, Danbatta

    The need to be cybersecurity-conscious to guarantee online safety for Internet users is said to be everyone’s business and not reserved for a group of people,

    The Executive Vice Chairman (EVC) and Chief Executive Officer of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta made the remark during at an event held in commencement of series of enlightenment and awareness campaign activities being embarked upon by the Commission for this year’s National Cyber Security Awareness Month (NCSAM).

    Internet users across mobile networks in Nigeria, according to Danbatta, currently stand at 149.8 million as at August, 2020. He noted that more users are expected online as services in different sectors of the economy are becoming digitalised.

    He called on individuals and corporate internet users to exhibit greater responsibility in protecting themselves against cybercrimes, especially with the increase in digital financial transactions for e-commerce activities.

    Speaking on the Commission’s activotoes on various policy initiatives to drive pervasive broadband penetration to achieve increased digital inclusiveness, Danbatta notes that NCC is not unmindful of those who use Internet to carry out nefarious and dubious activities in the cyber space.

    “To keep the genuine individual and corporate Internet users’ safe, the NCC, as regulator of the telecom sector, annually joins the rest of the world to create a lot of enlightenment around cybercrime in the month of October every year. We ensure that consumers are empowered through awareness and sensitisation campaigns, by providing information on both the positive and negative potentials available online, and measures required to safeguard themselves and their loved ones.

    “Security is not reserved for a group of people, it is truly everyone’s business; bringing competence and knowledge to help build a safer and more inclusive information society”, The EVC said.

    Danbatta however restated NCC’s commitment to continually embark on policy initiatives to enhance online security as well as educate and equip the consumers of telecoms services with information they need to be protected online.

    In October every year, the National Cyber Security Awareness Month (NCSAM) holds globally, aimed at raising awareness about cybersecurity, and to provide the public with general knowledge and tools required for online safety.

  • UK record label signs Nigerian teenage sensation

    UK record label signs Nigerian teenage sensation

    19-year old singer songwriter Shalom Olaleye has been signed to a record deal by a Manchester based record label.
    Shalom who is known by fans as Troy – omo iya ijo was offered what many artists in his position would consider a lifetime opportunity, when his single titled Duro – caught the attention of an executive of the UK based record label on You Tube.

    “It wasn’t just the song…there was also something special about Troy, he has what we call in the music business the X factor, and he’s young” says Ms Champagne Jaye – the vice president of Afristar Records (https://afristarrecords.com)
    For Shalom though, this whole new development means he would have to make a decision about his education and his music career which appear to have received a boost, but the unassuming and somewhat shy teenager was quick to emphasise that his education was non negotiable and that he is working out an arrangement with Afristar Records that allow him to fulfil his contractual obligations only on weekends and during school breaks.

    Shalom is currently studying mass communication at the prestigious Moshood Abiola Polytechnic Abeokuta, in Ogun State Nigeria.

    He credits his music career to the support from his mum and dad, both of whom are church leaders, as young Shalom was born and raised in a church environment and has been singing since he was four years of age and his stage name “omo iya ijo” is a tribute to his mother who is the “iya ijo” of the local church.

    His debut EP titled TROY has just been released with hit tracks such as DURO, STAR, IJO OPE and MONEY TALKS and available for sale on iTunes, Amazon, Apple Music and other major streaming platforms.

    Omo Iya Ijo on ITunes

    Troy Omo Iya Ijo on Kkbox
    Omo Iya Ijo on Boomplay For free

    According to Afristar Records, local and international tour dates for 2021 will be announced before the end of the year.

  • CAMA Will Help Fight Corruption, President Buhari Explains At UNGA High-Level Summit

    CAMA Will Help Fight Corruption, President Buhari Explains At UNGA High-Level Summit

    President Muhammadu Buhari Thursday explained that the recently passed Companies and Allied Matters Act, 2020 (CAMA) in Nigeria will enhance transparency and corporate accountability in the fight against corruption.

    President Buhari spoke in a video message presented at the Open Government Partnership (OGP) 2020 Virtual Leaders’ Summit on the sidelines of the 75th Session of the United Nations General Assembly (UNGA75) in New York, United States, Special Adviser on Media and Publicity, Femi Adesina stated in an official statement.

    ”Since the inception of our Administration in 2015, the Government has been committed to changing international and domestic perceptions regarding Nigeria’s commitment to fight corruption and foster good governance.

    ”We focused on the task of dealing head-on with this destructive monster, which led to us joining the Open Government Partnership and making reform commitments such as to establish a public central register of beneficial owners of corporate entities.

    ”Since then, we have made significant progress in implementing tougher anti-corruption measures, including my recent assent to the Companies and Allied Matters Act, 2020.

    ”The Act provides a legal framework for the implementation of Beneficial Ownership Information Disclosure in Nigeria.

    ”Being an OGP member-country has helped Nigeria learn from other countries tackling similar challenges, and to build a coalition to support these reforms across the private sector and civil society. It has also aided our journey towards building citizens’ trust in government,” he said.

    As COVID-19 cases continue to accelerate worldwide, President Buhari told the Summit that it had become clear that governments cannot solve all the challenges of the pandemic alone, stressing it is only through open governance and working with citizens that nations can succeed.

    ”We face a significant contraction in the global economy in 2020; the world is facing the unprecedented twin challenges of managing the health and economic impacts of the pandemic.

    ”In these times, citizens worldwide are seeking more information, engagement, and support from their governments,” he said.

    The Nigerian leader pledged that his administration would continue to use its OGP membership to ensure that open government approaches strengthen the pandemic management, adding that the Nigerian government will sustain consultations and engagements with citizens through Civil Society Organisations and the Organised Private Sector on COVID-19 response and recovery plan.

    According to the President, ”these consultations are in line with the effort of our administration to encourage public participation in government policies and programs.

    ”Our recovery package includes support to businesses, to vulnerable communities and an expansion of public works. Our aim is to make all these efforts more effective by making them open. ”

    President Buhari recounted that soon after joining this partnership, Nigeria had the privilege of being elected to the OGP Global Steering Committee.

    As a leader in the OGP Steering Committee, President Buhari acknowledged that Nigeria has learnt from both government and non-government counterparts on international best practices.

    ”I am also glad that Nigeria’s pioneering sub-national Open Government Partnership Model has become one of the leading examples driving the expansion of the Open Government Partnership Local Programme.

    ”Nigeria will also champion the tenets of the Open Government Partnership through our leadership role in regional institutions.

    ”We aim to expand the partnership on the African Continent by continuing to play a leading role in the International Steering Committee.

    ”As we look forward to celebrating 10 years of the existence of the Open Government Partnership next year, it is my earnest wish that all countries in the world will adopt Open Government principles and help democracy live up to the expectations of citizens having a voice at and beyond the ballot box, ” he said.

    President Buhari thanked the leadership and staff of the OGP Global Support Unit for the enormous work they do to ensure that voices are not only heard but valued. He encouraged Nigerians to get involved in the OGP and help shape and sustain the country’s democracy now and in the future.

    Among those who participated in the virtual event were Heads of State and Government of Argentina, Canada, France, Georgia and Germany as well as civil society leaders who have played a central role in their countries to ensure a full, fair, and inclusive response and recovery.

  • CBN to Sanction Banks Over Fund Disbursement Delay to Farmers

    CBN to Sanction Banks Over Fund Disbursement Delay to Farmers

    The Central Bank of Nigeria says it will now sanction banks involved in delaying disbursement of Anchor Borrower’s Program funds to farmers.

    The apex bank gave the threat when the Director of Development Finance, Mr. Yusuf Yila spoke at a stakeholders’ meeting involving Anchor, Processors, Commodity Associations and Banks.

    Yila disclosed that the CBN has been receiving complaints on late disbursement despite having released the funds to the participating banks, thereby threatening the success of the Federal Government’s Anchor Borrower’s Programme.

    He noted that the CBN will be more involved in the selection of input suppliers, to ensure that only reliable ones are engaged.

    He added that suppliers will be put on stand-by to replace those that were found wanting.

    Mr. Yila described the 2020 dry season as the biggest yet since the commencement of the Anchor Borrowers’ Program in 2015 and sought the co-operation of all stakeholders to make it a success, to save the country from a food crisis.

    Radio Nigeria

  • Obaseki Wins Edo Guber Poll, Defeats Ize-Iyamu

    Obaseki Wins Edo Guber Poll, Defeats Ize-Iyamu

    Godwin Obaseki of the Peoples Democratic Party (PDP) has defeated Osagie Ize-Iyamu of the All Progressives Congress (APC) to secure another four-year term as governor of Edo State.

    Obaseki was returned elected after scoring highest number of votes in the Saturday poll, said the Returning Officer for Edo State governorship election, Akpofure Rim-Ruke.

    He said the incumbent governor secured 307,955 of the total votes, 84,336 more votes than his closest rival Ize-Iyamu, who got 223,619 votes.

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    The announcement by the returning officer was coming after the collation of the results from all the 18 local government areas of Edo State where the election was conducted.

    Obaseki won in 13 local government areas, while Ize-Iyamu won in five local government areas of the state

    More than 12 political parties fielded candidates for the election, but the election was keenly contested between PDP and APC.

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    Ironically, Obaseki ran against Ize-Iyamu four years ago. The former was elected on APC platform after defecting the latter who ran on the platform of PDP. Obaseki decamped to PDP earlier this year after being denied APC ticket owing to intra-party politics.

    Idowu Sowunmi

  • Nigeria Bans Emirates Airlines

    Nigeria Bans Emirates Airlines

    The Federal Government has banned Emirates Airlines from operating flights into Nigeria, in line with its aviation policy of reciprocity over the rejection of Nigerians by some countries due to the novel Coronavirus (COVID-19) regulations and protocols.

    This was disclosed by the Minister of Aviation, Hadi Sirika, on his Twitter handle, explaining that the ban takes effect from September 21.

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    According to him, “The PTF (Presidential Task Force on COVID-19) sub-committee met today (Friday) with EU (European Union) Ambassadors to discuss Lufthansa, Air France/KLM ban.

    “The meeting progressed well.

    “Emirates Airline’s situation was reviewed and they are consequently included in the list of those not approved, with effect from Monday, 21st September, 2020.”

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    It would be recalled that the Federal Government has indicated its determination to reciprocate aviation policy against countries that block Nigerians and Nigerian carriers from entering their airspace.

    Idowu Sowunmi

  • Nestle Appoints Abega-Oyouomi First Female Factory Manager in Central & West Africa

    Nestle Appoints Abega-Oyouomi First Female Factory Manager in Central & West Africa

    Joëlle Abega-Oyouomi has been appointed as the first-ever female factory manager in Nestlé Central and West Africa.

    Abega-Oyouomi joined Nestlé as a Research Associate about 20 years ago. She started with high ambitions and she has remained consistent in her chosen career.

    “I was young, hopeful and eager to learn. I had a narrow vision of where I could end up in my career, but Nestlé prepared me for much more than I expected,” said Abega-Oyouomi.

    She was appointed as the first African woman to head a Nestlé factory in Central and West Africa, challenging prevalent notions about the traditionally male-dominated manufacturing sector.

    Abega-Oyouomi heads the Yopougon factory in Côte d’Ivoire, which is the third largest Nestlé factory in the region. MAGGI cubes and seasonings are produced to serve the Central and West Africa region – the largest bouillon market for Nestlé in the world, with over 120 million MAGGI bouillons sold daily.

    Educated as an engineer in food technology, Abega-Oyouomi joined Nestlé in 2001, working on product development at the Research and Development (R&D) Centre in Abidjan, Côte d’Ivoire.

    She went on to gain international research and development experience at the R&D Centre in Shanghai, China, and at Nestlé Research Centre in Lausanne, Switzerland between 2003 and 2009.

    She returned to Côte d’Ivoire as R&D Product Development Manager in 2009, then moved to Ghana as the Central and West Africa (CWA) Regional Manufacturing Services Manager in 2015.

    A year later, Abega-Oyouomi was appointed as Head of R&D Abidjan in Côte d’Ivoire where she helped to transform the centre’s dairy business for healthy cereal solutions, drive its confectionery business with cocoa plant science, and refocus the facility’s commitment to bringing affordable nutrition to African consumers, before taking up her current position.

    “Out of my 19 years with Nestlé, 17 were dedicated to innovating in R&D.

    “I am happy to have this new management opportunity to bring me out of my comfort zone and help me grow and face new challenges, while still contributing to support our company’s growth in the region.

    “It is also a good chance for me to use new skills that will complement those I previously developed. In doing this job that I love, I also hope that I inspire other young African women to realise that all dreams are attainable,” Abega-Oyouomi said.

    Commenting on Abega-Oyouomi’s appointment, Chief Executive Officer of Nestlé Central and West Africa Limited, Mauricio Alarcón, said: “We believe that diversity is key to Nestlé’s growth. Empowering women and enhancing gender balance in our company enables us to serve our consumers better.

    “We are fully dedicated to empowering more women to take roles in technical and management sectors, so that we can have many more ‘Joëlles’ in the future. It is the smart and right thing to do – for our company and for society.”

    Idowu Sowunmi