The Nation Newspaper

Tag: others

  • PwC advises banks, others to digitise risk management

    Report BY Pricewater houseCoopers  (PwC) on risk review has  asked banks and other key players in the economy  to focus on developing strong digital skills and capacity as part of their broad risk management strategy. This, it says, would help them to make informed decisions in a technology-driven climate.

    The report released by the financial service provider, admits that many organisations have embraced new technologies as part of their internal audit, risk and compliance functions. It, however, regrets that most (organisations) are yet to fully realise the benefits in using relevant insights to make informed investment decisions.

    The survey, which is the eighth in its series, focuses on identifying the conditions that help “top-performing and digitally fit risk functions” stand out both in terms of ability to strategically advise stakeholders on risks as well as the capacity to adapt to emerging processes.

    The survey identifies six habits of risk functions that are responsible for smarter risk-taking. It lists the habits as going all-in on the organisation’s digital plan, upskilling/injecting new talents to move at the speed of the organisation and finding the right fit for emerging technologies.

    Others are enabling the organisation to act on risks in real time, actively engaging decision makers in key digital initiatives and collaborating/aligning to provide a consolidated view of risks.

    Reviewing the report, Risk Assurance Leader at PwC Nigeria, Femi Osinubi, says:

    “Risk professionals are at a critical juncture. As technology transforms the way we do business – from data analysis to more automation – so too do the potential risks. At the same time, digital transformation is driving the potential for identifying risk and making smarter decisions, yet the study highlights that many risk functions are not fully realising this.

    “Only 22 per cent of chief executives who responded to PwC’s 22nd CEO Survey say the risk exposure data they receive are comprehensive enough for long-term decision-making – the same figure as 10 years ago. This indicates that risk functions are not harnessing the power of abundant data available.

    “It is vital that risk professionals recognise that by improving their digital fitness, they can take an active approach to becoming important partners and leaders in helping their organisations derive more benefits from their digital initiatives. Organisations with dynamic risk functions enjoy more effective risk management, which contributes to greater confidence in taking risks, a faster and safer digital journey, and greater-than-anticipated value from digital investments”

    PwC says it surveyed more than 2,000 CEOs, senior executives, board members, and professionals in risk management, compliance and internal audit, and interviewed dozens of executives and board members to explore what differentiates risk functions when it comes to digital transformation.

  • Banks, telcos, others discuss innovation at Simba, Avaya conference

    Commercial banks, telecom operators and other leading players in the economy were at the a digital conference organised by Simba Infrastructure Limited, in partnership with Avaya in Lagos.

    The Avaya Innovation Day forum was designed to exclusively enhance customer experience and fulfillment. The event provided insight to the needs of businesses in Nigeria in building connected experiences required for effective Digital Transformation. The event which took place at the prestigious Victoria Crown Plaza Hotel, Victoria Island, Lagos was well attended by industry experts and IT professionals.

    Avaya and Simba showcased a variety of new products including its flagship cloud based Social Media product called Avaya Ava. It is a cloud-based messaging- agnostic solution that offers AI capabilities for social messaging integration. Other products include the enhanced Avaya Equinox Softphone, Avaya Vantage Video Phones, Chatbot and several other solutions for work collaboration and secure video conferencing.

    Speaking at the event, Sanjay Vaswani, the Executive Director of Simba Infrastructure, assured Simba Customers and other participants of the organization’s full commitment to providing unique IT Services across the lifecycle of business operations. He stated, “As an Avaya exclusive partner in West Africa, Simba Infrastructure has achieved the competency to provide matchless IT services around the Avaya solution portfolio. We deliver customized communication infrastructure solution to our valued customers and provide strategic partnership to Avaya in the Digital Transformation journey”.

    Also speaking at the event were top executives from Avaya including Omar Fahnbulleh, Elie Turquieh and Puthanpura, Vinod Kumar who spoke extensively on the several impacts of Digital Transformation on business re-engineering. They emphasized that Digital Transformation was a key factor in accelerating experiences and business growth through the adoption of mobile digital services, enabling next generation interactions and driving change in customer experience.

    In attendance at the event were key executives from several top tier financial institutions including Stanbic IBTC Bank, United Bank for Africa, Guaranty Trust Bank, Keystone Bank and other sectors like telecoms, Oil Gas, Health and Pension organisations.

    Simba Infrastructure, a member of the Simba Group is a Diamond partner of Avaya in Nigeria. Headquartered in Lagos with offices in Abuja, Simba has received several awards and recognitions as a leading conglomerate in several key sectors of the Nigerian economy.

  • IFC, Actis, others to manage over $350b assets

    ABOUT  60 investors including  International Finance Corporation (IFC), Actis AXA Investment Managers  have agreed to adopt the Operating Principles for Impact Management, a market standard for impact investing, IFC Chief Executive Officer,  Philippe Le Houérou, said at the weekend.

    IFC in a statement circulated in Washington DC at the ongoing World Bank/International Monetary Fund (IMF) Spring Meetings, Le Houérou  said under the Impact Operating Principles, operators seek to generate positive impact for society alongside financial returns in a disciplined and transparent way, saying the principles bring greater transparency, credibility and discipline to the impact investing market.

    He said the organisations adopting the principles collectively hold over $350 billion in assets invested for impact, which they commit to manage in accordance with the Principles, adding that future investments for impact will also adhere to the principles.

    He said the principles provide a clear common market standard for what constitutes an impact investment, addressing concerns about “impact-washing,” stating that the IFC led the development of the Principles, in collaboration with leading asset managers, asset owners, asset allocators, development banks, and financial institutions, including a three-month public stakeholder consultation.

    “We believe there is now potential to bring impact investing into the mainstream,” Le Houérou said, adding,  “our ambitions are very high – we want much more money managed for impact because there’s no time to lose to deliver on the billions to trillions agenda.”

    In a new report, titled:  Creating Impact: The Promise of Impact Investing, the IFC estimates that investor appetite for impact investment could be as much as $26 trillion,  including $5 trillion in private markets involving private equity, non-sovereign debt, and venture capital, and as much as $21 trillion in publicly traded stocks and bonds.

    He said to fulfill this potential, impact investing needs to offer investors a transparent basis on which they can invest their money to achieve positive measurable outcomes for society in addition to financial returns, saying the Principles launched “facilitate this process by creating clarity and consistency regarding what constitutes investments managed for impact to bolster confidence in the market.”

    IFC, an affiliate of the  World Bank Group,  is one of the oldest and the largest impact investors, demonstrating that it is possible to achieve significant development impact while generating solid financial returns.

    On average, IFC’s realised equity returns from 1988 to 2016 compared well to returns from the MSCI Emerging Market Index.

    The Principles draw on IFC’s experience in investing in emerging markets to achieve strong development impact and financial returns. They reflect best practices across a range of public and private institutions. They integrate impact considerations into all phases of the investment lifecycle: strategy, origination and structuring, portfolio management, exit, and independent verification. Critically, they call for annual disclosure as to how signatories implement the Principles, and independent verification of impact management systems, which will provide credibility to the implementation of the Principles.

     

  • Supreme Court gets records of appeal by Zamfara Governor-elect, others

    THE Supreme Court has received the records of proceedings at the lower courts in relation to the appeal filed by Zamfara State Governor-elect Mukhtar Idris and 37 others.

    The appeal is against the judgment of the Court of Appeal in Sokoto.

    The compilation and transmission of records by an appellant and the receipt of such records by the Supreme Court are major requirements for a competent appeal.

    The Court of Appeal in Sokoto had, in a judgment some weeks ago, faulted the primary elections conducted by the All Progressives Congress (APC) in the state prior to the last general elections.

    The Independent National Electoral Commission (INEC), acting on the Appeal Court’s judgment, has failed to issue the certificates of return to Idris (the governor-elect) and others, who are also members of the APC, elected to the state’s House of Assembly.

    Idris and others are, by their appeal, seeking among others, the setting aside of the judgment by the Appeal Court in Sokoto.

    It was learnt that although the records of appeal have been received at the Registry of the Supreme Court, a date is yet to be set for the hearing of the appeal.

    The Nation learnt that parties to the appeal are required to file, serve and exchange their various briefs of argument before a date could be set for the hearing of the appeal.

    A senior court official informed The Nation that in view of the urgency involved, the case being election-related, the court could be moved to abridge time.

    The official said the court may abridge the time for parties to file and serve their processes because of the nature of the case and the urgency involved.

    Idris and others had last week, written to the INEC Chairman, Prof. Mahmud Yakubu, drawing his attention to the notice of appeal filed at the Supreme Court.

    In the letter dated April 2, 2019, authored by their lawyer, Mahmud Magaji (SAN), Idris and others argued that the judgment by the Court of Appeal in Sokoto contained no positive or direct order.

  • Kewalram Chanrai to distribute Jeep, Fiat, others

    Kewalram Chanrai Group has secured the exclusive right to distribute Fiat, Jeep, Chrysler auto brands in the country.

    It got the deal after it became the franchise representatives of FCA auto brands in Nigeria.

    The FCA Group is the renowned manufacturer of Italian and American auto brands, such as Jeep, Dodge, Chrysler, Ram, Fiat, Alfa Romeo, and Maserati.

    The automobiles, such as the Jeep Wrangler, Compass, Grand Cherokee, Grand Cherokee SRT version, Dodge Durango, Fiat Tipo, Fiat Pickup and the Ram Open back are already on display at the firm’s showroom on Victoria Island, Lagos.

    According to the company, more models would be added.

    The company has also set in motion a strong mechanism to spread the presence of the brands to other parts of the country using its already established branch network.

    The acquisition of marketing rights is a major boost to Kewalram Chanrai’s reputation as a diverse conglomerate with strong presence in 12 countries, including Nigeria. It has a distribution history spanning over 150 years.

    As part of its repositioning strategy to ensure dominance in the market, the company has strengthened its after sales services for enhanced service delivery.

    The after-sales personnel, it was learnt, were trained by the manufacturers’ technical workers.

    Chanrai was said to have chosen as the exclusive distributor for the FCA brands because of its strong pedigree in the auto business as well as its firm commitment to the provision of after-sales service.

    Fiat Group, the Italian auto maker had in 2014 acquired 100 per cent ownership in Chrysler Group, the American premium car company in a move that integrated the financial and the technical aspects of the two groups into one. The merger created a multi-national organisation that operates in more than 140 countries.

    Jeep is a world-class brand that has been in production for more than seven decades.

    The brand has benefited from renowned luxury car makers from Europe, making the brand one of the best in the market.

    Dodge Brand is one of the popular brands in the world. A member of the revered Chrysler family and now Fiat  Group, Dodge specialises in the production of  Sports Utility Vehicles (SVU), passenger cars, large pickup and multi-purpose vehicles. Some of its products include the Durango SUV, Neon sedan, Dakota pickup and minivan.

    Chrysler brand boasts of products, such as PT Cruiser, Town and Country minivan.

    The Fiat brand is one of European brands. It is renowned for making affordable durable cars, especially mini cars and compact sedans. Its newly introduced small pickup is fast becoming the toast of pickup buyers across the globe. The Fiat Group is a big player in the luxury car segment with brands like Alfa Romeo and Maserati.

    With these arrays of models, Kewalram Chanrai Group said Nigerians are in for the best of vehicles.

  • Umahi suspends auditor-general, others over communal crisis

    Ebonyi State governor, David Umahi , yesterday suspended the Auditor-General of the state, Mr Innocent Nwida, from office over the latest communal crisis in the state. The governor also suspended other elected and appointed office holders from Igbeagu Community in the Izzi Local Government Area of the state because of the crisis. Umahi had on April 9 suspended the chairmen of Ikwo and Abakaliki local government councils and all elected and appointed office holders from Enyibichiri in Ikwo and Enyigba in Abakaliki over a communal clash.

    The  Commissioner for Border, Peace and Internal Security, Dr Kenneth Ugbala,  announced the suspension of the officials while addressing newsmen after the governor’s meeting with people from Igbeagu Community, involved in a boundary dispute with Ukele Community in Cross River.

    Ugbala noted that the suspension, which took immediate effect would elapse when peace returned to the communities.  “The affected persons include the Auditor-General of the state, Mr Innocent Nwida, Mr Cletus Nwakpu, Project Coordinator of the FADAMA 3 programme and His Royal Highness, Ogbonnaya Ukwa, among other political office holders.  “The issue of whether the governor has the constitutional right to suspend the elected officers does not arise because they are constitutionally mandated to protect the lives and property of their people.

    “However, when an elected officer fails to perform this function, he has violated the constitution and should either resign, be suspended or charged to court.  “The courts would interpret such issues further and we are expecting such situations with this decision taken,” Ugbala said.   The commissioner berated the National Boundary Commission (NBC) for its inability to permanently resolve the boundry disputes, including others in several parts of the state.

    “We sometimes doubt the sincerity of the Federal Government in settling such crisis and view the NBC as a toothless bulldog.  “It has made several visits to the disputed areas even before the inception of the present administration but no decision has been made. “It is not our duty to demarcate the boundaries and the state government has attended all meetings convened by the NBC, being always disposed to peace.”

  • Fayemi, Kalu, Daniel, others for Freedom Online lecture

    Ekiti State Governor Kayode Fayemi will on April 18 speak on challenges facing Nigeria’s economy and the way out at the second annual lecture of Freedom Online, an online newspaper.

    Fayemi, sworn-in for a second term as governor of the Fountain of Knowledge in October 2018, will speak on the theme: ‘Fixing Nigeria’s economy: Less politics, more substance’.

    Venue is Radisson Blu Hotel, GRA, Ikeja, Lagos.

    A statement by the Managing Director/Editor-in-Chief of the newspaper, Gabriel Akinadewo, said former Abia State Governor and Senator-elect, Dr. Orji Uzor Kalu, will be the chairman and former Ogun State Governor Gbenga Daniel is the special guest of honour.

    Presidential spokesman, Mr. Femi Adesina, is the guest of honour and Prof. Akin Onigbinde will be the keynote speaker.

    According to Akinadewo, the lecture is an annual event that brings together captains of industry, media chiefs, politicians and professionals “to discuss economic challenges in the country, proffer solutions and ensure that Nigeria occupies its rightful place in the comity of nations”.

     

  • Chibok, Dapchi representatives visit Synagogue to pray for release of Leah Sharibu, others

    Representatives of Chibok in Borno and Dapchi in Yobe yesterday sought spiritual help at The Synagogue, the Church of All Nations, at Ikotun-Egbe, Lagos. They prayed for the release of Leah Sharibu and other pupils kidnapped by Boko Haram.

    The News Agency of Nigeria (NAN) reports that the representatives, who carried several placards told the General Overseer, Temitope Joshua, that they were at his church because they had exhausted all human efforts to get the pupils released.

    Their spokesman told Joshua that the father of Leah Sharibu could not come with them because he had been bedridden by stroke, as a result of the kidnap of her daughter.

    He said they had been watching the church activities  through a  cable television, hence their joint visit to plead for intercessory prayers.

    The spokesman said they had no doubt that with the approval of Jesus Christ, the Son of the Living God could trigger the release of the remaining pupils kidnapped in 2014 and 2018.

    The cleric told them that there was nothing impossible in the sight of the Creator of Heaven and Earth.

    He urged the congregation to pray and fast on Tuesday, Wednesday and Friday, for the release of the remaining schoolgirls.

    He said: “There is nothing God cannot do” and urged all to see the prayer and fasting on the mentioned days as an assignment.

    Some of the placards read: “Please intercede on our behalf for the release of Leah Sharibu, “The remaining 112 students kidnapped in Chibok are yet to be released, please help, among others.

    On April 14, 2014, 276 schoolgirls were kidnapped from the Government Secondary School, Chibok in Borno State.

    Responsibility for the kidnappings was claimed by Boko Haram, a terrorist organisation operating in Northeastern.

    Since 2014, 164 of the girls had regained their freedom, while 112 are still being held by Boko Haram.

    Also on February 19, last year, no fewer than 110 schoolgirls were kidnapped by the insurgents from the Government Girls’ Science and Technical College (GGSTC), Dapchi, located in Bulabulin, Yunusari Local Government area of Yobe State.

    One hundred and nine of them  were released, except Leah Sharibu, who was said to have refused to denounce her religion.

  • GTBank, UBA, others parley at Simba, Avaya innovation summit

    Executives of Guaranty Trust Bank (GTBank), United Bank for Africa, Stanbic IBTC Bank, Keystone Bank participated at the just-concluded Innovation Day, organised by Simba Infrastructure Limited in partnership with Avaya to improve digital services and innovation in the country.

    The event, which held in Lagos, was also attended by key stakeholders  from telecoms, oil and gas, health and pension organisations meant to enhance customers’ experience and fulfillment through digital transformation.

    Banks, telecoms and other key sectors of the economy need efficient Information Technology (IT) and Artificial Intelligence (AI) infrastructure to provide seamless banking services to their customers.

    The event, which took place at the prestigious Victoria Crown Plaza Hotel, Victoria Island, Lagos, provided insight to businesses’ needs in Nigeria in building connected experiences required for effective digital transformation. It was well attended by industry experts and IT professionals.

    Avaya and Simba showcased a variety of new products including its flagship cloud based social media product called Avaya Ava. It is a cloud-based messaging- agnostic solution that offers artificial intelligence capabilities for social messaging integration.

    Other products included the enhanced Avaya Equinox Softphone, Avaya Vantage Video Phones, Chatbot and several other solutions for work collaboration and secure video conferencing.

    Simba Infrastructure Executive Director, Sanjay Vaswani, who spoke at the event, assured customers and other participants of the organisation’s commitment to providing unique information technology services across the lifecycle of business operations.

    He said: “As an Avaya exclusive partner in West Africa, Simba Infrastructure has achieved the competency to provide matchless IT services around the Avaya solution portfolio. We deliver customised communication infrastructure solution to our valued customers and provide strategic partnership to Avaya in the Digital Transformation journey.”

    Other top executives from Avaya, who spoke included, Omar Fahnbulleh, Elie Turquieh and Puthanpura  and Vinod Kumar.  They spoke extensively on the several impacts of digital transformation on business re-engineering, emphasising that digital transformation was a key factor in accelerating experiences and business growth through the adoption of mobile digital services, enabling next generation interactions and driving change in customer experience.

    Simba Infrastructure, a member of the Simba Group, is Avaya’s Diamond partner in Nigeria, with its Headquarters in Lagos and offices in Abuja. It has received several awards and recognitions as a leading conglomerate in several key sectors of the economy.

  • Oyetola orders renovation of court building, others in Osun

    THE Osun State government has ordered the renovation of buildings, court rooms and roads within the premises of the High Court Complex in Osogbo, the state capital.

    This is to create an enabling environment for judicial officers to operate without hiccups, according to Osun State Governor Adegboyega Oyetola while inspecting the ongoing renovation at the complex.

    Oyetola was received at the court premises by the Chief Judge, Justice Adepele Ojo, alongside Justice Jide Falola, Chief Registrar Arojo Lawrence and other judicial officers.

    The governor described judiciary as a “sacrosanct arm of government, which requires adequate attention for greater growth.

    Oyetola, who was accompanied by a member of the House of Assembly, Oyeleke Ogundola, said his administration had put in place necessary mechanism to support the needs of the judiciary and help the judicial officers to perform their constitutional responsibilities diligently and comfortably.

    The governor noted that his government was poised to advance democracy by paying adequate attention to the needs of every arm of government.

    “I consider it a great honour for me to be here to see what is happening and visit our lords. This visit is sacrosanct to assess the pace of work and pass possible recommendation on the ongoing infrastructure rehabilitation in this court complex.

    “We are here to ensure that the facilities are put in place appropriately to guarantee comfort and create a good ambient for sittings.

    “I have seen things for myself and I must commend my Lord for the initiative of putting a very fantastic Magistrate Court building with no resources from government; this is highly commendable.

    “I have inspected the work here and I have seen the need to support the project to ensure quick completion of work.

    “The road network, which we are doing in the court complex and building rehabilitation is to ensure that we bring comfort to our judges so as for them to comfortably discharge their constitutional responsibility without any hindrance.”

    The Chief Judge, Justice Adepele Ojo, expressed delight over the governor’s visit and particularly on the government’s initiative to upgrade the facilities in the court.

    Justice Ojo hailed the administration for being committed to human and capital growth, the general welfare of the people and judicial officers.