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Tag: Anchor

  • Default in repayment threatens CBN anchor borrowers programme

    The refusal of rice farmers to  repay loans collected under the Anchor Borrowers Programme (ABP) of the Central Bank of Nigeria (CBN) in Kano and other states is threatening the initiative.

    Kano State Commissioner for Agric and Natural Resources, Dr. Nasiru Yusuf Gawuna lamented that the  state’s debt portfolio stands at over N1 billion  from the demand notice issued it from the CBN on loan default from rice  farmers  from the state.

    Addressing Feeding Nigeria Forum in Lagos, Gawuna said the state government was  ready to persecute affected farmers  to compel  them  to repay the loans.

    Expressing displeasure over the default, the commissioner said the  level of response was not encouraging.

    He said the farmers would be prosecuted for defaulting, adding that the farmers have to pay up the loan or face legal action.

  • Anchor varsity is affordable for average family

    Anchor varsity is affordable for average family

    Unlike other faith-based tertiary institutions, the fees of Anchor University will be affordable for members of its founding organisation – the Deeper Life Bible Church, its Assistant Registrar for Communication and Strategy, Okesola Sanusi, has
    said.
    He made this known last weekend during a visit to The Nation’s corporate headquarters in Lagos.
    He said the university was not established to make profit but to promote human transformation and eradicate decandence in the society.
    Sanusi was accompanied by Mr Ikechukwu Moagua, the Personal Assistant to the Vice-Chancellor, and Oyewale Omolara, an Administrative Assistant.
    He said the institution was set up with the mission to revolutionise the nation’s education, with the aim of transforming lives of the youth and making them good leaders. He added that the university would churn out graduates that would have the fear of God and make positive changes in the society.
    He said: “Anchor University is set up with the objective to restore discipline, piety and excellence in the nation’s education. Beyond issuing certificates based on character and learning, Anchor University will go extra length to award students certificates on integrity, which is the other part of character.
    “Among the faith-based universities, we are proud to say that Anchor University is about the most affordable. Our fees are the most reasonable and I can assure you that average members of the Deeper Life Bible Church and the public can afford to send their children to the institution. Our fees are not as outrageous as fees charged in other private school.”
    Through promotion of cutting-edge research and quality knowledge, Sanusi said the university, which took off in February, aimed to be among the top five tertiary institutions in the country in the next 10 years, noting that the quality of knowledge to be imparted on students would not be compromised.
    He said the academic activities in the institution would be governed by the adherence to the teachings of the Bible, adding that students are required to comply with the school rules on social engagements. He said the school was not established for Christian children only, but opened for people of other faiths.
    He said: “The university campus is not a regimented environment, where students are not free to hold opinions. We give our students freedom to associate in line with Biblical teachings. We don’t regard smoking and drinking alcohol as social activities. We have brilliant social programmes for our students, which are aimed at developing their creativity and skills beyond academic performance. This is what we regard as social event, not people engaging in acts of immorality.”
    The institution took off with three faculties and 15 courses, which have passed through pre-accreditation.

  • Anchor trains workers

    Anchor Insurance Limited is building the capacity of its workforce for maximum performance and growth.
    Its Managing Director, Mayowa Adeduro spoke during a three-day retreat for management and senior staff in Lagos.
    He said the company is positive that this will reposition the company for growth and ensure that it competes with leading insurance companies in the country.
    He also said the company laid out the business plans and methodology to achieving its vision.
    He praised the staff for their efforts in 2016 despite the recession and urged them to do more this year to ensure optimal productivity.
    He emphasised that to be at the top and surpass corporate set goals, the staff must be proactive and imbibe the spirit of carrying out their individual responsibilities in an unusual manner to achieve unusual results.
    He further said the board of directors has directed any worker who meets his or her target should be motivated generously.
    The three-day retreat was anchored by John Maxwell, a leading consultant in Nigeria.
    Management and staff of Anchor Insurance were treated to many practical sessions designed to develop individuals as a CEO, deepen the spirit of teamwork and discovery of self to ensure optimal productivity aimed at achieving individual and corporate goals.
    The consultant challenged the management and staff to remain passionately committed to the vision of being the most innovative and preferred general business Insurance provider in Nigeria.

  • Anchor grows income by 23%

    Anchor grows income by 23%

    •Three directors retire 

    Anchor Insurance Company Limited said it has increased its gross premium income by 23 per cent from N1.905 billion in 2014 to N2.342 billion in the financial year ended December 31, 2015.

    Its Managing Director, Mayowa Adeduro, made this known in Lagos at the Pre-Annual General Meeting media parley in Lagos.

    He said the Annual General Meeting (AGM) is slated for October 14, at Uyo, the Akwa Ibom State capital.

    According to Adeduro, the company’s total assets showed a growth of seven per cent with N5.4 billion recorded in 2015 compared to N5.0 billion in 2014, adding that average gross premium growth for five years was 21.4 per cent while the company’s total claim for the year increased by 85 per cent from N273 million to N505 million in 2015.

    He also said the company paid N1.43 billion in claims for five years, adding that it managed its level of activity during the year as its net premium income increased from N1.63 billion in 2014 to N1.842 in 2015 representing an increase of 13 per cent.

    The board and management of the company, he assured, were certain that the company’s future was brighter, but refrained from commenting on dividends to the shareholders.

    Adeduro, however, announced the retirement of three directors from the company having served the stipulated time as regulated by National Insurance Commission (NAICOM). They are: Dr. Michael Ntuk, Barrister Bassey Anwanane and Dr. Ime Emerson Udom.

    He said Anchor Insurance was set to launch her newest product: Anchor Loss of Employment Insurance Scheme (LoIES). “With a penchant for prompt claim payment and innovative insurance products, Anchor Insurance is set to launch her newest product: Anchor Loss Employment Insurance Scheme (LoIES). A product designed and approved by NAICOM to meet the yearning of insuring public for innovation to address contemporary challenges of working class in the event of loss of job. This product guarantees a maximum 24-month salary payment after job loss,” he added.

  • Anchor pays N23m claim to Niger Delta Power Holding

    Anchor Insurance Company Limited has paid N23 million insurance claims to Niger Delta Power Holding (Sapele Power Plant) for an electronic fault leading to arcing and fire in the main generator and subsequent explosion and fire in main transformer and Gas Turbine unit.

    This was made known in a statement by the company’s spokesperson, Kehinde Olaniyi.

    Olaniyi, who said the payment was made to indemnify Niger Delta Power Holding, noted that the money was paid within three days of receiving its discharge voucher.

    According to him, the claims payment has demonstrated the company’s willingness to support the Federal Government’s drive in revamping the power sector.

    He added that insurance played a key role in sustaining the power infrastructure so as to ensure adequate, efficient and constant generation and distribution of power in the country.

    It will be recalled that the company settled a claim of N44 million within 48 hours for its clients in the transportation sector.

    He stressed that Anchor’s  management has the expertise to handle power and energy insurances backed by robust and solid technical partnership with leading reinsurance underwriters and reinsurance brokers both locally and internationally.

    ‘’Prompt settlement of genuine claims has been our culture and this we intend to keep doing so as to give confidence to the insuring populace and create more awareness for insurance culture in Nigeria,’’ he said.

  • ‘Zoning has no anchor in Akwa Ibom’

    ‘Zoning has no anchor in Akwa Ibom’

    MmekAbasi Akpabio, a member of Umana Umana 2015 Media Team, speaks with Kazeem Ibrahym. He says there has never been zoning of governorship in Akwa Ibom State.

    Zoning,  Umana Umana and other aspirants from Uyo Senatorial District

    There has never been zoning in Akwa Ibom State in the real sense of the word. By this I mean in a way that can guarantee justice for all the constituent groups and even partisan groups in the state to the point of seriously addressing the issue of alleged, perceived or potential marginalisation. When we say zoning, on what basis are we calling for zoning? Is it on the basis of ethnic groups or sentorial district? How will zoning serve the cause of our unity? If it is going to be about ethnic groups, are all the groups equal in size and population? If on the basis of senatorial district, are all or each of our  senatorial districts homogeneous so that when one district,  like  Eket, has it (governorship), that sufices for all the interest groups that live there and ultimately eliminate all agitations and cries of marginalisation? I honestly do not think so. And two, the seeming hype about zoning is nothing but a desperate strategy orchestrated by a few aspirants and their supporters who really don’t have any serious thing to present to the electorate for consideration and possible endorsement. All that these people have on their CVs, is “it is our turn”. By not having something on their CV, I don’t mean educational qualification alone. What I am referring to is a total package of what an aspirant to a very high executive leadership should possess. Such endowments like unimpeachable integrity, unassailable intellect, humanness, connection with the people, patriotism, verbal prudence, personal comportment and discipline, and above all, the fear of God. Check well and you will notice that either all or most of these attributes are lacking amongst those howling zoning day and night. And as to whether zoning can threaten Umana’s bid, I can say that will never be because right from the very first building block of his political structure, he went for a pan-Akwa Ibom,  issue-based  foundation rather than a clannish strategy. And only Akwa Ibom people can hire anybody to serve them through the mechanism of that office. That is why in spite of all the empty noise about zoning, Umana’s camp is swelling by the dawn of  every day. Zoning could only have threatened Umana’s or any other person’s ambition if it was founded on truth. Instead this one  is built on falsehood without any historical, national constitutional, pragmatical or even expediential anchor.

    Compelling determinants

    On  account of the intensity of sponsored vociferous noise, ( some clear, some distorted) in the media, the respected former governor  (Obong Victor Attah) was only hinting that the noise will not be ignored but rather will be seriously examined to see if zoning as these proponents are demanding can really guarantee both immediate and strategic justice to our people. And you and I know that zoning can not guarantee balanced justice for all in Akwa Ibom State.  As you have rightly recollected his speech, you also got him emphasizing on “other compelling determinants” which are what the vast majority of our people are actually yearning for.

    Factors that will  influence PDP

    delegates

    Those evergreen factors in any political contest will remain an attraction to our distinguished delegates. For instance, the personality of the aspirants which encompasses issues ranging from their physical, intellectual cum mental fitness through their programmes for the people, to their specific track records in public service and to their relationship with the political class, a factor that will actually fetch the votes  during the general elections for the desired legitimacy. Our delegates will look for that man or woman who will hit the ground running, someone who already knows the system well and the system knows him. As you and I know, there is so much to be done. So many big and tough decisions to be taken just to better the conditions of our people and our state. So, our delegates will need someone who is more or less a master mariner for the envisaged voyage. The coming journey is not for just any rookie and our delegates are itching to defy every inducement to make that clear statement. And above all, as history has shown, our people being blue blood republicans have never failed to punish any politician who at any point in time uses our resources in an insensitive manner to suffocate us with more than excessive campaigns  just to show that you are in charge of our treasury. At least the 1993 Tofa debacle is still fresh in our minds. Not that the government at that time was bad but the campaigns mounted for the then NRC’s presidential candidate, Alhaji Bashir Tofa  by the state government at the time was perceived as bogus, suffocating, provocative, insensitive and wasteful. And our deeply discerning people responded with a resounding “No vote” just to punish our then governor, in spite of his fatherly disposition and immense popularity at the time. Governor Akpabio and his agents by seeking to label every leaf and tree in Akwa Ibom with Udom Emmanuel is treading a familiar ignoble path and will surely not escape the wrath of our delegates during the primaries.

    Free and transparent primaries     We need to send very credible leaders and statesmen of our great party to  lead the electoral teams from the national headquarters to conduct the primaries in the states. If it means our game-changing National Chairman going to beg a Gen. Babangida, a Senator David Mark or other people in that category  to lead the teams, he should please not spare the effort. Very credible people with discernible stakes in the country and who have names and track records to live for should lead and constitute the electoral teams.  People who have the character to spurn a N3b bribe because they have seen enough of God’s blessings that they only live each day seeking to please him alone. You don’t send a man or woman who perhaps has never seen the four walls of a government house before in his or her entire life and, therefore ,salivating for the opportunity to enter a government house and collect whatever is tossed his or her way to betray the party. The exercise should not be seen as an opportunity for money making by upstarts.  The security services should be under strict and clear instructions to maintain neutrality. And the conduct of the primaries at least at the governorship level should be beamed live on television for all within and outside Nigeria to see. That way, every aspirant and delegate will not have only answered his father’s name but will be seen to have done so. This is the kind of intra-party electoral procedure that will sure guarantee a post- nomination cohesion for any political party any day.

    However, that is only an interim procedure. A more enduring strategy will be for the PDP to adopt a policy of non-interference by incumbent governors, particularly those about to round off their second terms. All over the world, political parties field their incumbents who are statutorily eligible for elections. But the egregious situation is when a governor who has less than a year to end his full tenure now turns around to hold the party that had been so magnanimous to him to ransom by seeking to impose a successor. If the governor is eligible and he is actually recontesting, it makes sense for him to seek to position himself by seeking to have some leverage with the party. The PDP has to make a policy that reins in its outgoing governors and dissuade them from this decidedly objectionable path.

    This desire for imposition of successors by outgoing incumbents mostly at the state level has remained, perhaps,  the single most intractable problem of the party almost since inception. Yet the perennial ironic twist is that the very outgoing governor who is championing imposition today almost always returns either four or eight years later to complain against his successor’s attempt to also perpetrate the same evil of imposition. That way, the abberration mutates into a vicious cycle that always returns to haunt our party.

    Other parties beating PDP

    Show me one party that has the capacity of the PDP; none. In spread, in membership quality, in patriotic programmes, in ability to unite Nigerians, in structural strength and integrity, amongst other indices, our party is head and shoulders above others. So, for us in Akwa Ibom, especially within the Umana Okon Umana support base, we know no other party than PDP, which is our only home.

    Elders versus Akpabio

    These illustrous patriarchs who by the grace of God have seen it all are only discharging a sacred mandate that they owe us the younger generation and to posterity by standing up against a budding dictatorship. They are seeking to preserve the soul of Akwa Ibom by standing against an attempt by one man to enthone a pseudo dynasty in the state because these elders know that once you allow it to happen once, forget it. Whoever finds himself as a governor from then on will always seek to impose a successor. So, it is something that must not be allowed to happen. Assuming he, Akpabio from Essien Udim, is allowed to impose an Udom Emmanuel today from Onna, a different place from his today, what guarantee do we have that some others who will  come after Akpabio will not attempt to impose their children, brothers, sisters, etc? This is how seeds of degeneration and strife are sown in societies.

    The mood in the state

    Like a typical election approach, the mood is that of frenetic urgency with a mixed grill of tension, anxiety and excitement, especially within the political class. They are those of us who like we in Umana’s camp are so confident on account of the positive uniqueness of our candidate. Our man, Umana, represents the dream candidate, second to none. One compelling choice in an excellent field of politics and administration. A rare embodiment of the excelling marriage of experience, capacity and character. So for us, who are displaying this unique product for Akwa Ibom people to buy, we are doing so with relish and excitement being aware that God has given us and the rest of Akwa Ibom people this historic privilege to present the very best in our arsenal for the top job.

    Advice for Akpabio

    To many of us who come from Akwa Ibom State, there are at least three issues that he (Akpabio) has to come clean with in order to clear some doubts about his politics. Number one on the list is the Dr. Ngozi Okonjo-Iweala revelation or allegation that Akpabio has not spent up to one per cent of the consolidated financial accruals to the state on the all-important infrastructural sector. And the Honourable Minister had asked in apparent exasperation in the face of an obvious disappointment: “ Where is the money?” The second issue is that we are yet to know why he spent so much on his so-called Town Hall meetings just some months ago but refused to use those fractured and embarrassing fora to tell us about our trillions in  the last eight years and how he has been spending them in the face of massive crushing poverty in the land.  And the third is, what is the deal between him and Udom that he insists only Udom can succeed him no matter how resentful the people may be towards that idea? So, if I were Akpabio, I will urgently seek a reversal of roles and apologise to Akwa Ibom people on, at least, these three issues in order to guarantee my  smooth passage into the people’s hearts as their beloved and, most importantly, the pantheon of Akwa Ibom posterity. This is the path to statesmanship and ultimate canonisation.

  • ANCHOR Insurance gets NAICOM’s nod on 2013 financial report

    Anchor Insurance has joined the league of insurance companies that have scaled the hurdle of complying with the International Financial Reporting standard (IFRS) accounting as the industry regulator, the National Insurance Commission (NAICOM) approves its 2013 financial statement.

    Anchor’s Head of Corporate Communications, Kehinde Olaniyi, who made this known in Lagos, said the company experienced a-six per cent growth in gross written premium, which stood at N2 billion when compared to the previous year’s result.

    He said the growth was mainly attributable to increasing marketing network via the various agency outlets spread across the country that focus on providing insurance services that meet the needs of customers.

    The company incurred net claim expenses of over N236 million while the underwriting result at the end of the year amounted to N814 million compared to N1.154 billion earned during the year ended December 2012.  Its investment income was N145 million in 2013 as against of N117 million in 2012, indicating an increase of 24 per cent.

    The company improved operational efficiency in 2013 by a drop of 34 per cent in operational cost from N1.2 billion in 2012 to N0.75 billion in 2013 while its shareholders fund grew from N3.9 billion to N4.1 billion in the year 2013, an increase of 6.4 per cent.

    The Managing Director, Adeduro Mayowa, stated that in the last five years, the company has grown above the industry’s average, paid claims promptly in excess of N1 billion, meet regulatory requirement as at when due, grew its branch network from five to 21 with spread in the major geopolitical zones of Nigeria and has consistently declared profit and paid dividends to its shareholders in the last four years.

    Adeduro said the company is repositioning itself to play big in the insurance market within the next five years. He said that a new strategic plan put in place by the management was recently approved by the Board of Directors. The five years strategic plan seeks to build a unique identity for Anchor Insurance Company Limited, he stated.  Relevant to this is the recent acquisition of Aviation Treaty with up to $500 million.   The plan also envisaged to shore up the company’s current capital base and also build befitting corporate head office in Lagos.

    He further said that part of the objectives of the strategic plan focuses on ranking the company among the first ten leading insurance companies in Nigeria in terms of net asset, premium income and profitability before tax by 2018, establish a strong presence in the micro-insurance market; gain above three per cent market share in 2018; strengthen the quality of our human capital, generate competitive returns on investment; deliver superior and quality service to all our customers.

  • Should churches use comedian in services?

    Should churches use comedian in services?

    For some time now, some churches have been inviting comedians to anchor their services. This practice has become controversial in the Christian community, reports Sunday Oguntola 

    Hell was literally let loose in a new generation Church a few weeks back. The general overseer was fuming. He was livid that the youth department had spent a whopping N750, 000 on honorarium to invite a popular comedian for its annual summit. The comedian, who requested for N1million to anchor the occasion, was persuaded to accept the cut.

    The general overseer, who was away on a foreign trip when the deal was sealed, was furious such amount was expended on someone “who is only interested in cracking ribs.” He wondered if any spiritual enrichment took place when the star comedian featured and castigated his pastors for allowing such ‘ignominy’ take place right under their nose.

    “I thought with all the teachings here and the seriousness we attach to the gospel, none of you will think of such infamy. How on earth can you bring a comedian to our pulpit? How can you expend N750, 000 on a comedian who did nothing but make jests? How much value did that add to you as a Christian? I am ashamed to be your general overseer,” the church founder stated.

    But the youth leadership was unimpressed by the stance of the general overseer. They felt he was too conservative and outlandish. “With due respect sir, I don’t see anything wrong in bringing a comedian to the church,” the youth pastor mildly started.

    “These youths come to church when they are happy. All we wanted was a bait to bring them before we preach the word to them. What we paid is very inconsequential sir if you consider what having five steady members from the summit will bring to us. Besides, we paid from our purses and did not approach the treasury for the fund. We were just trying to help and we see nothing wrong in what we did.”

    The general overseer was boiling by the time his youth pastor finished. He castigated the exuberance displayed by the department and insisted using a comedian in a service was inimical to the church’s health. The youth pastor, utterly disappointed, tendered his resignation. The general overseer was happy. According to him, the pastor was a bad influence polluting the youth department.

    Using comedian as anchors and comperes in churches has become a trend these days. It is not uncommon to see A-list comedians in churches, cracking ribs and smiling to the banks. The trend, our correspondent observed, is prevalent among new generation churches, especially model parishes.

    Those who embrace the idea confided in our correspondent that it is simply to shore up attendance, especially among the youthful elements. “You need more than persuasions to bring youths to church these days. You have to go the extra mile and use popular faces to interest them,” a youth leader, who craved anonymity, said.

    He argued that it is just like using popular singers and artistes to drive membership. “If you ask me, I don’t see anything bad in this. I mean we invite gospel artistes and singers, so why not Christian comedians? They light up the atmosphere and bring humour to play.

    “They make people relax and give room for the church to reach people through some other means other than the preachy angles. It is just as simple as that and we should not spiritualise things in this direction,” a female member of a Pentecostal church in Abeokuta stated.

    The parish priest of St Peter’s Anglican Church, Lekki Lagos, Rev. Asoliye Douglas-West, sees nothing wrong in the practice. He said: “Obviously, and without doubt, the art of comedy is a talent. Every individual has benevolently received some gift of endowments from God. So do the comedians.

    “Then why should we restrict the choice of arena where such talents could be displayed? The church is a very dynamic institution which is not alienated from the environment but in due manner connected to the world, otherwise atrophy would encroach on its fabric.

    “The church is also a platform where potentialities could be identified, nurtured, and energies channelled into creative and profitable enterprise. There is nothing out of place inviting comedy artistes to anchor programmes in the church for as long as they do not poke obscene fun at the revered personality of Jesus or diminish the Holiness of God.”

    Douglas-West added: “Comedy contains satires and caricatures which mirror ills and contradictions of the society. Beyond the rib-cracking jokes and wisecracks, the issues bordering on the wellbeing of society highlighted should provoke the thoughts and conscience of the listening audience to cause a change in our attitude and relationships.”

    But the general overseer of House Favour Church Egbeda, Rev. Bayode Olubo, frowned at such practice. He said: “I hate it because it is a means of desperation. I know they want to use them to invite youths but Jesus would never do that. When comedians come, they offer no inspiration, even if they are Christians.”

    He said the pulpit is a sacred place that must be protected by all means. “The church is the only property of God on earth and it must be protected with consciousness. The Holy Spirit has left many churches because such comedians pollute the altars.”

    The General Secretary of Lagos Chapter of the Pentecostal Fellowship of Nigeria (PFN), Rev. Toyin Kehinde, said there is nothing wrong in inviting comedians to social functions organised by Christians. He, however, said comedians must never officiate in services because they don’t instruct Christians on righteousness.

    “There are Christian comedians, but are they teaching us to be better Christians? Are they praying for us to be healed? Are they coming to instruct us to be disciples? There are also Christian bankers and drivers who work elsewhere and come to church for instructions. Should they also start functioning in churches because they are Christians?”

    Kehinde, who is general overseer of Agape Generation Church Maryland, said churches must rededicate themselves to instruction in righteousness and leave inconsequential acts that tend to subtract as against adding value to their mandates.

    To the President of International Church Growth Ministries, Dr Francis Akin-John, humour is a necessary ingredient among Christians. He pointed out that even God laughs and is humorous. “God has a good sense of humour. Even Psalm 2 says that God laughs. We can be humorous but we must never be jesters.”

    Comedians, he explained, are jesters who trivialise serious issues of great values to the church. “Bringing comedians turn churches to commercial and entertainment centres. People just laugh off serious issues of eternity. These comedians jest on pastors, the church and even God.”

    He pointed out that Ephesians 5:14 warns against jesting that is not convenient, warning to get over the practice of bringing comedians to anchor their services for whatever reasons. “It is wrong and God is not happy about it,” Akin-John maintained.

  • Nigeria’s global competitiveness – NEXIM as an anchor

    Nigeria’s global competitiveness – NEXIM as an anchor

    The platform for international relativity and competitiveness has since shifted from military to economic engagement. As a global trend, therefore, discerning nations have since focused on building impactful, profitable and enduring economic structures for such engagement. To wit, global rating and grading for nations are more than ever before, based on economic indices.

    As mentioned in our article last week, the position of World Economic Foruming on conomic growth and development, as the focal point for ratings in Global Competitiveness is based on the paradigm shift. MC&A DIGEST team has, in recent times, decided on concerning itself with the readiness of Nigeria for the new world order, looking from operative policies, symbolic structures and the commitment invested in ensuring the functionality, effectiveness and efficiency of such structures, starting with NIGERIAN EXPORT-IMPORT BANK, NEXIM.

    Nigeria’s (and indeed any nation’s) economic growth potentials and extent of target actualisation in the face of progressively keen global competitiveness, rests on a tripod of proper trend analysis, articulate policy development and proper, consistent, articulate and purpose-driven implementation. Last week, we mentioned the position of leadership in driving national economic growth process. It must be globally relative, strategic and in competitive. One example we keep throwing up is the trade policies of nations such as China, India, Turkey and the United States of America. These countries have driven their international economic relations to the exent of ‘direct confrontation”, using export trade as platform. So to them, the basic role of EXIM Banks no longer suffices; it has been taken to the level of proactive and aggressive marketing. So, they now compete in form that seem like ordinary BUYER- CREDIT FINANCING.

    In real sense, Buyer-Credit facility is not designed for global trade support, but to as an instrument for global economic competitiveness, for relative advantage, one versus the other. So, for instance, China will gladly push huge funds through whatever channel open to them in any country that may so request, in form of economic growth and developmen support-funding, while in real terms, the objective or interest is taking advantage of the recepient country or economy for China’s economic advantage, using the ‘support facility’ as an in-road.

    NEXIM understands the inherent disadvantage in BUYER-CREDIT FINANCING, and has positioned to structure own-facility for our local market, rather than expose our local resources with enormous export-import trade earning potentials to such exploitation. But unfortunately, NEXIM is incapacited as you read this piece, due to grossly inadequate funding. May we just put on record here that this initiative is by far a proactive and innovative structure borne out creativity which is frontal among developed nations in global economic engagement, developed by our own NEXIM, yet cannot be implemented due to non-availability of funds. Sad!

    But that is only a small fraction of the consequence of NEXIM’s financial incapacity. As shown in the pie-chart below, between 2009 to date, NEXIM has recorded appreciable results in its engagement through a careful allocation of available scarce resources in the key areas with very high economic growth potentials of our economy. Within same period, it has invested N12bn in lending to Nigerian Export manufacturers. Secondly, NEXIM has invested N6.6bn in funding agro-processing for export trade/business. Thirdly, NEXIM is pioneering the opening-up of the Solid Mineral mining sector (coming at a huge cost – having committed N2.2bn so far), based on a forecast of a sector with very higher foreig earning potentials, projected to far higher than our Oil can generate, if fully exploited.

    Fourthly, NEXIM has so far expended huge resources into activating fundamentally important infrastructures to facilitate profitable and efficient export trading in form of its SEA-LINK PROJECT. This is an initiative that has attracted collaborators across the world who have identified with the enormous benefit there-in. The big idea here is to facilitate the most efficient sea transportation of export trade commodities across the regional and global markets, for a more profitable export-import trade, among the target audience.

    We must put in perspective that the oil resource that our economy run on now is only 3rd in the rating of contributors to our GDP – after Agriculture and Trade/Commerce. Suffice, therefore, oil as a resource cannot be said to have the capacity to sustain our economy in the near-future (even if the recklessness attendant upon the present resource wastages), is curtailed. We must, therefore, strenghten our resolve to drive for a more robust support for NEXIM Banth through adequate and appropriate funding, as a nation, considering its enormous potential as a catalyst for economic growth and development.

    The thrust for Nigeria in our quest for global competitiveness and relevance should be seen as founded on proper funding of NEXIM Bank. It psitions as the potent channel for our national investment for enduring economic growth and development, as a nation. Last week, we noted poor funding as the major obstacle facing NEXIM Bank, limiting its ability to explore its potentials. Presently, it will require well over N100bn to attend to attend to applications already approved for their potentials, innovativeness and export trade potentials. In fact, our focus shifted towards NEXIM Bank as a result of the complaint of some of those applicants who are getting frustrated waiting for NEXIM’s support. These are initiatives with huge capacity to generate employment, help our collective position in global competitiveness and drive our economy growth and development, yet NEXIM cannot do anything to get them up and running because of non-availability of funds. We need to look at reviewing the capitalisation of NEXIM, if we are serious about growing our economy through export-import trade.

    The promise ahead of us all is that if NEXIM is adequately funded, Nigeria’s industrialisation process will speed-up, our economic development will get a boost, employment will rise considerably and our economy will be diversified in real sense. On the whole, Nigeria will be better positioned in the commity of nations in line with global competitiveness. As a way forward, therefore, NEXIM Bank’s present meagre N39bn paid-up share capital, needs to be reviewed upward by well over 200%. What it now ‘has’ is not comparable to the amount invested by India on a single project in Ghana.

    There is need for a rethink!

     

  • Anchor mulls agency system to boost operations

    Anchor Insurance Company Limited has said it will re-invent the agency distribution system to deliver sales targets, improve efficiency and service delivery.

    Its Managing Director, Ademayowa Adeduro, who spoke at the agency’s retreat in Uyo, the Akwa Ibom State capital, said the strategy would afford the company the opportunity to reflect on its activities and consolidate on certain areas.

    He said the re-invention would further help the company to develop and publicise its service charter in line with the ongoing reforms.

    Adeduro promised that the company would continue to render world-class services to meet public expectations and also contribute towards the up-liftment of the quality of risks mitigation in the country.

    The company’s Head, Brand Management and Corporate Communication, Mr Kehinde Olaniyi, stressed the relevance of e-business in the industry, saying only about six per cent of the country’s population was insured.

    He said the firm is targeting the uninsured youths who are technology inclined through e-insurance.

    A Technical Consultant to National Insurance Commission (NAICOM), Yemi Soladoye, said the agency aspect of insurance in the country, is not developed, and that it is only the brokering channel that has taken root. The brokers focus on the wholesale market, the government’s and the corporate accounts, he added.

    He said the retail market is hardly touched, warning that it is this market that holds the key in Nigeria and that when all chips are down, any insurance company that is not quickly expanding into the retail marketing, would find itself centuries behind because the wholesale market is very small and volatile.