The Nation Newspaper

Tag: collaborate

  • Nigeria, Rwanda to collaborate

    Nigeria, Rwanda to collaborate

    Nigeria and Rwanda would collaborate and share information on the development of their commodities exchange.

    Director General, Securities and Exchange Commission (SEC), Ms. Arunma Oteh, made this known during a visit to the East African Exchange (EAX) in Kigali, Rwanda.

    According to her, the visit to the EAX was to look into the Exchange’s operations and its achievements since it began operations in 2013.

    Referencing the Abuja Securities and Commodities Exchange (ASCE), Oteh said Nigeria has a similar effort like the EAX and the two countries can share common experiences.

    She commended EAX for its initiatives to support smallholder farmers to reduce post-harvest losses and improve their income as well as progress in linking commodity markets across the East African community area.

    She also expressed delight at the activities of EAX in promoting cross border trade across the region.

    Chief executive officer, East Africa Exchange, Mr. Paul Kukubo briefed the delegation on the Exchange’s current activities in Rwanda and expansion strategies for the East African region.

    He noted that the Exchange is focused on expansion in the region by launching new offices in Kenya and Uganda.

    He outlined that the Rwandan government has recently made available 13 warehouses located in several grain production sites of the country in support of farmer cooperative groups.

    According to him, the Exchange will support farmers to address post-harvest losses through better storage and collateral management.

    He added that EAX has signed up Collateral Management International, a highly reputable collateral manager worldwide to support the farmers in addressing post-harvest losses and improve farmer’s income.

    “The Exchange will also provide the farmers access to finance, linking them to Banks through its electronic warehouse receipts program, as well as providing a trading platform for the farmers to trade their product. An electronic warehouse receipt represents commodities stored in an exchange-accredited warehouse with specific quality, quantity, ownership, and reference location stated on the receipt.  The integrity of the receipt is guaranteed by a collateral manager who maintains the quality and quantity of stored commodities,” Kukubo said.

    Trading Manager, East Africa Exchange, Aurore Mimosa Munyangaju, who demonstrated the use of the NASDAQ trading platform, said that more than 200 users including farmers have been trained and were using the platform for trading.

    EAX is a regional commodity exchange established to link smallholder farmers to agricultural and financial markets, to secure competitive prices for their products, and to facilitate access to financial opportunities.  EAX’s goal is to facilitate trade across all five East African Community member states. EAX is wholly owned by Africa Exchange Holdings Limited (AFEX) which was founded in 2012 by three principal investors: Tony Elumelu, Nicolas Berggruen, and Jendayi Frazer, as Managing Partner.  AFEX established two subsidiaries-EAX and AFEX Nigeria to serve as catalysts in the development of Africa’s agricultural potential and financial markets.

  • CBN, NIPOST collaborate

    CBN, NIPOST collaborate

    TO serve the unbanked and others, the Central Bank of Nigeria (CBN) and the Nigerian Postal Service (NIPOST) have struck a deal on cash transactions in all post offices nationwide.

    Area Postal Manager (APM) for Jigawa State Territory Mr. Paschal Ijara, said in Dutse, the capital, yesterday that the aim was to give give cash access to rural dwellers and areas without banks but with post offices. The project, Ijara said, at a press briefing to mark the World Post Day would soon take of, adding that it would be fully operational nationwide by May next year.

    According to him, under the programme civil servants can collect their salaries in any post office close to them, “without travelling a distance for cash deposit and collections especially in a state that banks are not every where as like post offices”.

    Ijara said the project would cover individuals, corporate bodies and banks, noting: “The interested individuals must be guaranteed by government before he/she invests in the business”.

    When the project takes off, long queue in the banks during salary and pension payment would be minimized, he said.

    Ijara urged the public to renew their postal boxes, adding that those without postal address should try and get.

    He urged the people to adopt the use of postal stamps in their businesses because the stamps are good in buying and selling. Whenever a business transaction is carried out without stamp, if there is problem later the two parties would find it difficult to settle.

  • Public buildings: Lagos, NIA collaborate

    The Nigeria Insurers Association (NIA) has said it is collaborating with the Lagos State Government Building Control Agency on a proposal to enforce the provision of Part 111 section 48 of the Urban and Regional Planning and Development Law No. 3 of 2010 Laws of Lagos State.

    According to NIA, this is in line with the state domestication of Sections 64 & 65 of the Insurance Act 2003.

    Director-General, NIA, Mr. Sunday Thomas said Lagos State and the association will mount an enlightenment campaign to sensitise the public before the commencement of enforcement.

    He stated that it is expected that this will improve members businesses’ in these classes of business and also deliver the benefit of insurance to the people of Lagos State.

    He further disclosed that the representatives of the governing council led by Professor Joe Irukwu, (SAN) met the representative of the International Monetary Fund (IMF), Dr. Rodoyo Wenrhan to explore the potentials of the insurance industry as an economic growth driver in Nigeria.

    He said the objectives of the mission was to ensure stability is sustained within the system.

    He said the IMF stated the outcome of the meeting is expected to be published with recommendations made on how to move the industry forward.

  • Mobile money firms collaborate

    Mobile Money Operators (MMOs) are to collaborate on Shared Agency Network to foster growth, an official of Fortis Mobile Money, Mr Kunle Ogunmola, has said.

    Ogunmola said the network would provide operators the opportunities to share the same scheme or platform for growth.

    He said: “Shared Agency Network, among mobile money operators, will enable them to have a single access to scheme or platform for growth, as well as reducing the cost of setting up an agency.”

    He said collaborations among the operators on the issue of shared agency network is more popular, as against merger and acquisition in the industry.

     

  • NAICOM, PenCom collaborate on annuity, group life policy

    NAICOM, PenCom collaborate on annuity, group life policy

    The National Insurance Commission (NAICOM) and the National Pension Commission (PenCom) are working with other relevant stakeholders in the industry to implement the provision of the annuity and group life insurance policy in the contributory pension scheme.

    The regulators, last week held a workshop in Lagos, tagged: “Towards effective annuity and group life insurance regulation in Nigeria.”

    PenCom’s Acting Director-General, Mrs Chinelo Anohu-Amazu, said the strategy is meant to carry relevant parties along in resolving pertinent issues and to address any regulatory challenges militating against the successful implementation of the scheme.

    She said the Pension Reform Act allows a retiree to utilise the balance standing to the credit of his Retirement Savings Account (RSA) for either programmed withdrawal through the Pension Fund Administrator (PFA), or annuity for life purchased from a life insurance company.

    “Section 9 sub-section 3 of the PRA 2004 requires employers to maintain a life insurance policy for its employers for at least three times their annual total emoluments.

    “It is the mandate of NAICOM to regulate the annuity and life insurance markets. It is the responsibility of PenCom to ensure that the modalities for the administration of retirement benefits through life annuity as well as terminal benefits involving group life insurance policy are strictly followed to guarantee payments as and when due,” she said.

    The helmsman said since the take-off of the payment of retirement benefits to retirees who opted for annuity, no enlightenment aimed at creating awareness of annuity was carried out.

    Speaking on different procedures guarding the operations of the annuity, which he described as a programmed payment for life, the Assistant Director, Inspectorate, NAICOM, Sam C. Onyeka, said there are many provisions, which operators must obey for the benefits to be realised.

     

     

     

     

  • Ogun CDAs urged to collaborate with govt

    Being the closest group to the people, Community Development Associations (CDAs) in Ogun State should collaborate with the government in its effort to enlighten the populace on the need to adhere to town planning regulations.

    The Permanent Secretary, Bureau of Urban and Physical Planning,TPL Taiwo Megbope gave this advice while addressing some CDAs in Sagamu during the Bureau’s “Build Right” sensitisation programme.

    Megbope reminded them that among others, town planning laws frown at erecting structures beneath high tension, on land designated for major road projects and on water ways and drainages to prevent flooding.

    The Permanent Secretary declared that the programme was organised to sensitise the people on the need to adhere to town planning regulations, warning that those who contravened would have their structures demolished.

    To prevent the painful occurence of demolition of structures, TPL Megbope enjoined members of the CDAs to sensitise members on the need to visit the nearest Town Planning Zonal offices in their areas for clarification, saying that Government derived no pleasure in pulling down structures.

    In his response, Chairman of Community Development Associations in the state, Chief Tokunbo Akinsowon described the “Build Right” programme as a great idea capable of assisting people to make the right decision when building their houses, promising that his members will abide by the rules and regulations guiding sustainable town planning and help in the process of rebuilding Ogun State