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  • Diaspora remittances hit $21b, says UBA chief

    Diaspora remittances hit $21b, says UBA chief

    The Group Managing Director/CEO, United Bank for Africa (UBA), Phillips Oduoza has said Diaspora remittances to Nigeria as at last year stood at $21billion.

    Speaking at the launch of the bank’s outbound money transfer services in collaboration with MoneyGram, he said the business of remittances is a critical part of the payment system.

    He said the partnership with the money transfer giant would allow Nigerians to send naira abroad. “Nigeria is a very important part of the money transfer business. The launch is an extension of a long standing relationship with MoneyGram,” he said.

    The new product, ‘Naija sends’, also gives immigrants or expatriates opportunity to wire the local currency abroad through any UBA branch anywhere in Africa while the funds are received in dollar or the currency of the receiving country.

    He said the product is an indication that the lender is customer-focused and committed to efficient payment system. “This service opens a new opportunity for Nigerians to easily trade with other Africans and also trade with other parts of the world. It also offers a great platform to send money to loved ones abroad,” he said.

    Regional Manager, Anglophone West Africa, MoneyGram, Kemi Okusanya, said the launch of  the product has further deepened the brand’s reach and service.

    She said in the last 20 years, MoneyGram has facilitated over 15 million transactions in the country, enabling safe, convenient and reliable transfer of funds from the Nigerians in Diaspora to their loved ones.

    She said with the service, money could now be sent to oversea countries with ease at  good rates for such services.

    She said the outbound money transfer service allows people to send money in naira to over 200 countries around the world by simply working into any UBA branch  in the country and in 18 other African countries where it has operations outside the country or through any other MoneyGram Agent Bank.

  • Airtel customers hit 300m

    Bharti Airtel has announced that it has crossed the 300 million customer mark across its operations. The milestone includes customers across mobile, fixed line and DSL, and DTH services.

    In a statement, the telco recalled that it began operations in 1995, reached the 100 million customers mark in 2009 and crossed the 200 million mark in 2012. The latest 100 million customers have joined the Airtel family in less than two years. The Company ranks as the fourth largest mobile service provider globally and second largest globally outside of China.

    Airtel Africa Chief Executive Officer (CEO) Mr. Christian de Faria, said: “This milestone underlines the strength of our operations, which is one of the largest on a global scale. It is also a tribute to the ‘Airtel’ brand which is trusted by customers in 20 countries. Today, telecom is at the cusp of transformation, which, going forward will be driven as much by the force of technology as by the changing demographics in emerging markets across Asia and Africa.

    “Accelerated data consumption by the youth is going to be the underlying story. I am confident that Airtel will continue to be at the forefront of this future growth story and continue to delight customers by adding value to their lives.”

    In Africa, Bharti Airtel is the largest mobile operator in the Continent in terms of geographical footprint, which spans 17 countries with over 70 million customers.

    Airtel’s mobile networks cover over 1.85 billion people across its operations in 20 countries and carry over 311 billion minutes of calls every quarter.

     

  • Arsenal stars hit the hit weights in pre-season training

    Arsenal stars hit the hit weights in pre-season training

    Pre-season training is all about building up strength for the gruelling campaign ahead, and Arsenal have wasted no time in getting ship-shape.

    Gunners stars including Jack Wilshere, Alex Oxlade-Chamberlain and Santi Cazorla were all pumping the iron in strenous excercises at the Gunners‘ London Colney base.

    Arsene Wenger was on hand to put his side through their paces as the likes of Aaron Ramsey, Tomas Rosicky and Kieran Gibbs got ready for the new season.

    Arsenal kicked off their pre-season schedule with a 2-0 win at Boreham Wood on Sunday before Saturday sees them start their USA tour with a match against Gunners legend Thierry Henry’s New York Red Bulls.

    Ahead of their tour, Wenger said he can’t wait to play in a country where the World Cup was so widely embraced.

    ‘It is the first time since I [started to] go to World Cups that I’ve been stopped by so many American people,’ he told Arsenal’s official club website

    ‘I can tell you something I’m completely convinced of – before people didn’t know who you were, but now every American guy I met knows Arsenal, knows England and knows the Premier League.

    ‘The enthusiasm about soccer in the States is new but big. I expect us to have a good crowd there.

    ‘I hope that we can help to develop the interest in the game and that we can play a good match there to make people enjoy it.

    ‘It is the perfect time to go. I always wanted to go with Arsenal to the United States, so I’m personally very happy to do it.’

  • Leadway Assurance assets hit N101b

    Leadway Assurance assets hit N101b

    Leadway Assurance Company Limited has grown its  assets hitting N101.2 billion at the end of the 2013 financial year from the N68.8 billion recorded in the previous year representing a 47 per cent increase.

    The firm also paid claims in excess of N10.9 billion, a 51 per cent increase from the N7.2 billion record of 2012.

    Its Chairman, Mallam Umar Yahaya, made this known at the company’s 42nd Annual General Meeting in Lagos.

    He said the N10.9 billion claims payout is continuing evidence of the promise that the company has kept to its customers over the years.

    He said though 2013 figures are still emerging, the firm had  remained the single highest claims’ paying company in the industry, adding that it also closed the year with a balance sheet size that remained strong at N97.1billion in 2013 with tradeable reserves (insurance funds) of N49.7 billion, currently the highest in the insurance industry.

    He said: “Competition remains rife within the insurance industry with key dynamic players challenging and changing the way we do business and putting us on our heels not only to consolidate, but also to surpass our current achievements if we are to stay ahead in 2014.”

    “We have positioned ourselves to benefit from the National Insurance Commission (NAICOM)’s market development restructuring initiative (MDRI) following the release of operational guidelines on micro-insurance and have started rolling out new products while extending our markets through new channels in order to take advantage of emerging trends and compete favourably with numerous competitors in the industry.”

    Apart from the parent company, Leadway Assurance Company Limited, other companies in the Group include Leadway Capital and Trusts Limited, Leadway Hotels Limited and Leadway Properties and Investments.

  • Investments in Nigerdock’s SIIFZ hit $1b

    Investments in Nigerdock’s SIIFZ hit $1b

    Jagal Group has so far invested over $1 billion on the development of the Snake Island Integrated Free Zone (SIIFZ) owned by Nigerdock, its subsidiary.

    Chairman, Jagal Group, Anwar Jarmakani, disclosed this on the sideline when the Minister of Trade and Investments, Dr. Olusegun Aganga, paid a working visit to SIIFZ.

    Jarmakani who spoke to The Nation during the visit said over the last three years, SIIFZ has attracted direct investment to the tune of over $230 million, adding that the totality of investment in the zone today is in the region of $1 billion. “We are not talking about what we will invest but about what we have invested so far,” he said.

    According to him, the investments were made on infrastructure, technology and manpower development, among others.

    He said: “The area of infrastructure development is essential to the advancement of SIIFZ. Significant capital investment has been made in the provision of infrastructure in the key areas of the zone. As a result, SIIFZ has developed jetties, quay sides, roadways, electrical power plant and power distribution, state-of-the-art telecommunications, fibre-optic installations throughout the zone, water treatment and sewage management facilities, 24/7 emergency fire and medical response services, including a fully fitted medical clinic along with International Ship and Port Facility Security (ISPS) certified security apparatus of more than 200 operatives.

    “Several warehouses and purpose built facilities have been added throughout the zone, including more than 300,000 square metre (m2) of warehousing, laid down areas, quay sides, docks and other purpose built manufacturing facilities.  There has been significant expansion on staff, housing and canteen facilities throughout the zone resulting in more than 500 per cent growth in these areas.”

    The Jagal chief also said significant private investment has been made by both the zone promoter and other enterprises with a view to improving the operational capabilities in support of ongoing activities.

    The current population of cranes and specialised lifting equipment at SIIFZ is unmatched in terms of its number and capacity.

    He also said the company has developed the largest specialised training school with the highest level of certification in the industry providing training courses to NNPC, Mobil, Shell and others adding that all of their training is to world class standards, in an effort to build much needed capacity in the country.

    He said that the company has trained to certification not less than 1,460 Nigerians and generated well over 5,000 employment opportunities for Nigerians, which he said is verifiable. This is aside from those who have gained hands on experience as a result of being exposed to the latest state of the art technologies in the ordinary course of their employment within the free zone, he added.

    He said: “The company has developed substantial in-country capacity for fabrication of decks, platforms, topside modules, subsea structures and other offshore infrastructure to globally recognised standards and provided deepwater support services in areas of hookup, commissioning, fabrication, maintenance and logistics to the largest offshore development such as Bonga, Agbami, Erha and Akpo, for Shell, Chevron, ExxonMobil and Total respectively.

  • Bayelsa Utd hit Cote d’Ivoire today

    Bayelsa Utd hit Cote d’Ivoire today

    Players and officials of Bayelsa United are expected to arrive in Cote d’Ivoire today ahead of Sunday’s Orange CAF Confederations Cup playoff round first leg tie against Sewe Sport de San-Pedro.

    The Restoration Boys will arrive in Lagos this morning before connecting a flight to Abidjan by 7:30pm tonight.

    SportingLife gathered that the Yenagoa-based side was initially planned to arrive in Lagos yesterday and connect a bus to Abidjan today by road. But the management, however, changed plans and booked a flight for the team in order to make things easy for them.

    Meanwhile, the players of the team have pleaded with the League Management Company (LMC) to shift their week 9 Glo league tie against Kano Pillars slated for Wednesday in Kano to enable them prepare well for the second leg tie against Sewe Sport.

    SportingLife reports that the team’s Week 8 league game against Bayelsa United earlier fixed for today has been shifted to April 30th because of this weekend’s assignment.

    But the league body ordered the coach Richard Bubagah-tutored side to honour next week game against Kano Pillars in Kano.

    According to information made available to SportingLife, the team’s travelling arrangement indicated that they will arrive in Lagos on Monday after Sunday’s game in Cote d’Ivoire before connecting a bus to Sapele on Tuesday.

    “We really appreciate the LMC concern over the club by moving Enyimba FC tie to another day. We want to plead with them again to do the same in the case of Kano Pillars game next week Wednesday so as to enable us prepare well for the second leg tie against Sewe Sport ,” a player said.

    “We are travelling on Friday(today) for CAF game that will be played on Sunday. We will come back to Lagos on Monday and travelling to Sapele on Tuesday. So it will be very difficult for us to travel again on Tuesday to Kano for Pillars’ tie and come back to Sapele on Thursday for preparation for the second leg tie against Sewe Sport next weekend.

    “We are not only representing Bayelsa State, we also are representing the whole country and being the only club playing at the continental level we want to give everything by making the country proud. We are pleading with LMC to do us a favour by shifting Pillars’ match.”

  • Mobile money transactions hit N300m

    About three years after it was introduced, the bank-led mobile money model has recorded a major success. Total transactions across the various mobile money (MM) schemes have hit a record N300 million as at the end of January, underscoring a tipping point in the shift towards the cashless society.

    The value was achieved in more than 12,000 transactions and did not include transactions carried out within individual networks.

    According to sources at the Nigeria Interbank Bank Settlement System (NIBSS) who craved anonymity, though a marginal increase of N50million over the value for November, last year when value stood at N250million exchanged in 10,000 deals; it, however, showed the increasing ability to replace cash with digital money transferred via mobile phone.

    It was gathered that the ability of a mobile money user to send money directly to the wallet of a user on any other service provider was facilitated by connectivity service being provided by National Central Switch (NCS) that is offering the technology handshake.

    Without interconnectivity the difficult decision of which mobile money service to choose might be influenced by which members of the customer’s peer group are already using a given service, according to Nigeria CommunicationsWeek.

    The mobile money scheme has not recorded success in the country as it has in other parts of the world, especially Kenya where the Mpesa has been an outstanding success. While analysts have blamed this on the bank-model chosen by the CBN, arguing that it would have been otherwise if it was driven by the telcos, the lenders say the telcos are asking for too much have cornered more than 120 million customers.

    Acting Chief Executive Officer, Etisalat Nigeria, Mathew Willsher has called on the relevant authorities to evolve a workable mobile money model in the country while his counterpart in Airtel Nigeria has also blamed the slow uptake of the scheme on the model adopted.

    A mobile money expert and Principal Associate, MobileMoneyAfrica, Emmanuel Okoegwale, said there are only 47 mobile money deployments in West Africa out of 100 deployments in Africa.

    According to him, the continent has shown great promise in the mobile financial services sphere but yet grapples with millions that are actively unbanked across all regions.

    “Financial inclusion has become the buzz word within the regulatory, policy, financial, innovators, and technology circles and in the formal financial services space but significant barriers still stand in the way of reaching the bottom of the pyramid in Africa.

    “Nigerians should expect a much more aggressive roll out of services as collaborations deepen between licensed providers and Mobile network operators and other industry ecosystem players as we have seen with MTN / Diamond Bank.

    “Affordable and stable mass access channels like USSD and STK becoming more available and cheaper to use which in turn will scale up adoption since mobile money is a mass market product and should be immediately compatible with all mobile devices. Agency growth and spread will be the most significant achievement in 2014 as more formal retail distribution outlets step into mobile money and agency banking services to lower their transaction cost and reduce cash at hand in their outlets. Generally, the outlook for mobile money in 2014 is positive and encouraging based on the developments that we recorded in 2013,” Okegwale was quoted as saying.

    According to him, a recent report released by African Development Bank, on Financial Inclusion in Africa, finds that technological advances such as mobile money innovations have started to make inroads into banking the unbanked in Africa, with 14% of adults reporting they have used it in the past 12 months in comparison to less than 6% of adults in all other regions globally that used mobile money in the past year.

    The African Development Bank predicts technology could be a “game changer” in drawing the financially excluded into the formal banking world.

    It would be recalled that transactions among mobile money schemes commenced in March last year after the expiration of the deadline of February 28 CBN gave to operators to connect to NCS that is offering the connectivity.

    Presently, there are 16 companies licensed by CBN to operate mobile money transactions.

    The CBN had said that the MMOs were licensed to accelerate the transformation of the nation’s payment system which would emphasis use of mobile phones.

  • Mobile money transactions hit N300m

    About three years after its introduction by the Central Bank of Nigeria (CBN), the bank-led mobile money model has been making waves.Transaction in mobile money (MM) schemes hit a record N300 million at the end of January.

    The value was achieved in over 12,000 transactions and did not include transactions carried out within individual networks.

    According to sources in the Nigeria Interbank Bank Settlement System (NIBSS), who craved anonymity, though, a marginal increase of N50million over the value for November, last year when value stood at N250million exchanged in 10,000 deals; it, however, showed the increasing ability to replace cash with digital money transferred via mobile phone.

    It was gathered that the ability of a mobile money user to send money directly to the wallet of a user on any other service provider was facilitated by connectivity service being provided by National Central Switch (NCS) that is offering the technology handshake.

    Without interconnectivity, the difficult decision of which mobile money service to choose might be influenced by which members of the customer’s peer group are already using a given service, according to Nigeria CommunicationsWeek.

    The mobile money scheme has not recorded success in the country as it has in other parts of the world, especially Kenya where the Mpesa has been an outstanding success. While analysts have blamed this on the bank-model chosen by the CBN, arguing that it would have been otherwise if it was driven by the telcos, the lenders say the telcos are asking for too much have cornered more than 120 million customers.

    Acting Chief Executive Officer, Etisalat Nigeria, Mathew Willsher has called on the relevant authorities to evolve a workable mobile money model in the country while his counterpart in Airtel Nigeria has also blamed the slow uptake of the scheme on the model adopted.

    A mobile money expert and Principal Associate, MobileMoneyAfrica, Emmanuel Okoegwale, said there are only 47 mobile money deployments in West Africa out of 100 in Africa.

    According to him, the continent has shown great promise in the mobile financial services sphere but yet grapples with millions that are actively unbanked across all regions.

    “Financial inclusion has become the buzz word within the regulatory, policy, financial, innovators, and technology circles and in the formal financial services space but significant barriers still stand in the way of reaching the bottom of the pyramid in Africa,” he said.

    “Nigerians should expect a much more aggressive roll out of services as collaborations deepen between licensed providers and Mobile network operators and other industry ecosystem players as we have seen with MTN / Diamond Bank.

    “Affordable and stable mass access channels like USSD and STK becoming more available and cheaper to use which in turn will scale up adoption since mobile money is a mass market product and should be immediately compatible with all mobile devices. Agency growth and spread will be the most significant achievement in 2014 as more formal retail distribution outlets step into mobile money and agency banking services to lower their transaction cost and reduce cash at hand in their outlets. Generally, the outlook for mobile money in 2014 is positive and encouraging based on the developments that we recorded in 2013,” Okegwale was quoted as saying.

    According to him, a recent report released by African Development Bank, on Financial Inclusion in Africa, finds that technological advances such as mobile money innovations have started to make inroads into banking the unbanked in Africa, with 14% of adults reporting they have used it in the past 12 months in comparison to less than 6% of adults in all other regions globally that used mobile money in the past year.

    The African Development Bank predicts technology could be a “game changer” in drawing the financially excluded into the formal banking world.

    It would be recalled that transactions among mobile money schemes commenced in March last year after the expiration of the deadline of February 28 CBN gave to operators to connect to NCS that is offering the connectivity.

    Presently, there are 16 companies licensed by CBN to operate mobile money transactions.

    The CBN had said that the MMOs were licensed to accelerate the transformation of the nation’s payment system which would emphasis use of mobile phones. A

  • Investments in Onne Oil, Gas Free Zone hit $4.2b

    Investments in Onne Oil, Gas Free Zone hit $4.2b

    THE Onne Oil and Gas Free Zone (OGFZ) recorded $200 million more in investments this year, Industry, Trade and Investment Minister Olusegun Aganga has said.

    According to the minister, this was in addition to about $4 billion capital investments recorded so far by the OGFZ, adding that the development was positive for the economy in the face of global economic challenges.

    Aganga spoke at the second edition of the Nigeria Oil and Gas Investment Forum, in Onne, Rivers State with the theme: “Investment Opportunities in the Upstream and Downstream Sectors of the Oil and Gas Industry.”

    The minister said: “The Onne Oil and Gas Free Zone has done very well, with additional investment of $200 million added in 2013, to the $4billion capital investment reported so far.

    “This is indeed a remarkable progress when considered in the light of a weak global economy and the cut-throat competition, even among emerging and advanced economies for the inflow of Foreign Direct Investment.”

    The Minister said, owing to the tremendous success the country had recorded through its Free Zone policy, more local and foreign investors had renewed their interests in investing in the Free Zones.

    “The success of our Free Trade Zone Policy has invariably increased the demand of the sub-national level of government for a replication of Free Zones in other parts of the country, while an avalanche of applications for setting up business enterprises in the various Free Trade Zones keep pouring in from prospective investors,” Aganga noted.

    The minister said Nigeria was occupying a strategic position in Africa, and globally, due to its abundant human and raw materials base, in addition to its hugely untapped investment opportunities .

    He, however, stressed that in line with President Goodluck Jonathan’s transformation agenda, anchored on inclusive economic growth and diversification through job creation and wealth generation, the Ministry of Industry, Trade and Investment was committed to partnering the private sector and other Ministries, Departments and Agencies of the Federal and state governments to provide a conducive environment for local and foreign investors to invest in Nigeria.

  • Federation Cup: Lobi hit Enugu Tuesday

    Federation Cup: Lobi hit Enugu Tuesday

    Players and officials of Lobi Stars are expected in Enugu on Tuesday ahead of Wednesday’s Federation Cup quarter final clash with Akwa Starlets.

    The coach Evans Ogenyi-tutored side qualified for the round of 8 after defeating ABS of Ilorin on penalty shoot-outs in the round 16 while Akwa Starlets piped Rangers 2-1 in the round 16 to set up a clash with Markurdi-based side.

    A club official told SportingLife that about 22 players are expected to make the trip to the Coal City tomorrow.

    “The players are in high spirits and ready for the match. We respect Akwa Starlets because they have been a surprise team of the tournament this year. They have edged out some top clubs in the ongoing competition and we don’t want to take the game with levity.

    “We have warned the players against complacency because underrating Akwa Starlets will spell doom for our team. We want to go there and ensure we play to win,” the official said.

    SportingLife also gathered that the Markurdi-based side are planning to storm Enugu with a full contingent of supporters. It was revealed by the club’s officials that more than three hundred fans will cheer the team to victory on Wednesday.

    “We are thinking of about 300 supporters to make the trip. We have fans from Katsina Ala, Gboko, Markurdi as well as our fans from other local governments in the state. The Federation Cup is now a priority for players, officials and our fans.”