The Nation Newspaper

Tag: technology

  • Fixing pension data challenge with technology

    The National Pension Commission (PenCom) has introduced an Enhanced Contributor Registration System (ECRS) to solve the challenges in the Contributor Registration System (CRS). PenCom advised Retirement Savings Account (RSA) holders to approach their Pension Fund Administrators (PFAs) to provide their Bank Verification Numbers (BVNs) initiated by the Central Bank of Nigeria as well as National Identity Number (NIN), among other biodata. The ECRS and deployment of BVN and NIN in RSAs’ management will promote financial inclusion and boost contributors’ confidence, writes COLLINS NWEZE.

    In this new world, technology is seen as the way to go. It is embraced by institutions that think and act ahead. Technology does not only make agencies’ operations seamless, but it also brings efficiency and trust to their services.

    For the National Pension Commission (PenCom), one of the biggest challenges confronting Nigeria’s pension industry is cleaning up data of contributors and pensioners under the Contributory Pension Scheme (CPS). Thus, to fix this challenge, it became a priority for PenCom to transit from the use of the precursor application, the Contributory Registration System (CRS), to a more robust ECRS to enable the Commission entrench efficiency, transparency and contributors confidence in its operations. The Bank Verification Number (BVN) introduced by the Central Bank of Nigeria (CBN) is also helping the commission to achieve desired result by providing unified data on every contributor.

    PenCom said the  ECRS was designed, developed and deployed to provide  a more dynamic and friendly-user interface even as it fully addresses the issues identified with the CRS. Thus, the deployment of the ECRS, the commission said, would enhance the integrity of contributors’ data and also provide a platform for registration of Micro Pension Plan participants and Cross Border participants, including Nigerians living abroad and foreigners living in Nigeria who wish to contribute under the CPS.

    “Electronic submission of employer code requests by Pension Fund Administrators (PFAs) on employers and the full automation of the process of issuing employer codes. Updates and edits of contributors’ information on the National Databank maintained by the National Pension Commission by the PFAs. The deployment of the ECRS is a major step towards the introduction of the transfer widow, which will enable contributors change to the PFAs of their choice, in line with Section 13 of the Pension Reform Act (PRA) 2014,” the report said.

    The Commission said the ECRS has been integrated with the National Identity Management Commission (NIMC) for authenticating the uniqueness of individuals seeking to register under the CPS. “The ECRS is an electronic platform for the submission of requests by Pension Fund Administrators (PFAs) for the registration of contributors and issuance of Personal Identification Numbers (PINs). Consequently the Commission has transited from the use of the existing Contributor Registration System (CRS) to the ECRS,” the statement said.

    The Pension Reform Act mandates every employer with a minimum of three employees to open an RSA for the workers, which would be funded by both employer and employees. The employer is required to pay ten (10) per cent while the workers are required to contribute eight per cent of total monthly emolument.

    Under the CPS, the PFAs manage the funds, which are in the custody of the Pension Fund Custodians (PFCs).

    PenCom Acting Director-General Mrs Aisha Dahir-Umar said the Commission introduced the ECRS because of the positive impact which technology can make on the pension industry.

    She explained that the ECRS consists of six major functions: contributor registration to generate unique pin, recapture for  contributors, bio-data, signature and picture update, where applicable, temporary PIN for employer-initiated registration and Retirement Savings Account (RSA) verification service.

    Mrs Dahir-Umar said the assets under the CPS had continued to rise hitting N9.03 trillion “since the introduction of the CPS and I am pleased to note that appreciable progress has been made consistently”. According to her, the statistics are evidence that the CPS has improved access to retirement benefits for employees in both the public (Federal Government) and the private sectors.

    For contributors’data integrity, the enhanced registration system also has the following capabilities: dashboard availability for Pension Fund Administrators (PFAs) to view status of their requests and reports and PFAs can also receive notifications via Dashboard, emails and Error Codes.

    Head, Corporate Communications, PenCom, Peter Aghahowa, said the agency’s  staff could also use the ECRS to view status of submissions by PFAs, generate reports and approve requests that require authorisation. In addition to download responses, latest upgrades, patches, employer codes generation, the system also has capacity for National ID verification with NIMC.

    The system went live on June 24, after PenCom assessed the environmental readiness of PFAs and pilot run for the PFAs to use ECRS. This development is significant for the pension industry as it may pave the way for the implementation of other critical policies hitherto prevented by poor contributors’ data.

    One of such policies is the transfer window provided in the Pension Reform Act, 2014 (PRA, 2014), allowing RSA holders to switch PFAs if they so desire. Under the CPS, a comprehensive and reliable data of RSA holders had been a huge challenge, a development some sources said was the reason why PenCom has been reluctant in opening up the transfer window.

    The PRA, 2014 provides that an employee may not more than once in a year, transfer his or her RSA from one PFA to another without producing any reason for such transfer. Section 13 of the Pension Reform Act 2014 also provides that, “subject to guidelines issued by the commission, a holder of a retirement savings account maintained under this Act may not, more than once in a year, transfer his account from one Pension Fund Administrator to another.” Despite this provision, PenCom is yet to authorise PFAs to allow RSA holders to transfer their RSAs from one PFA to another.

    PenCom recently directed RSA holders to provide their National Identity Number (NIN) to their fund managers.  This involved both active and retired RSA holders and is in line with Federal Government’s policy mandating Nigerians to have a NIN.

    NIMC has the mandate to implement the National Identity System (NIS) as part of the Federal Government’s strategy to have a clean NIS. PenCom advised RSA holders to approach their PFAs to provide their BVNs, NIN as well as other biodata. These innovations may be an opportunity for PFAs to clean up their databases to combat identity theft as well as prevent fraud in the industry.

    A Lagos-based pension contributor, Mathias Abiodun, said a clean database will  pave way for the introduction of the transfer window that will enable RSA holders to switch accounts from one PFA to another. He said the role of pension funds in economic development has moved into the focus of public attention, particularly Nigeria’s growing need for long-term capital.

    Abiodun explained that successful mobilisation of pension fund assets and contributions to the growth of any nation were essential policy objectives. “For the first time, our country can boast of a long-term funding base and the impact to date has included the funding of the government and government projects, development of the capital market as well as increased foreign development inflows,” he added.

    Pension assets on the rise

    The PenCom data showed that total pension assets have risen to N9.03 trillion as at March 31, up from the N7.44 trillion it was in January, last year.

    The Commission said these assets have been prudently invested in 24 major asset classes to yield interests to the contributors. Giving a breakdown of how the assets were invested, the Commission said the Federal Government’s securities took a lion-share of the investment as it received well over N6.51 trillion, representing 72.9 per cent of the total assets.

    Specifically, the Federal Government bond got N 4,458,806.38 of the funds, representing 49.37 per cent of the total assets; while N1.94 trillion was invested in treasury bills (21.44 per cent); N11.96 billion in agency bonds (NMRC & FMBN), (0.13 per cent); N94.11 billion in Sukuk (1.04 per cent) and N8.51 billion in Green Bonds, (0.09 percent).

    The commission also said in line with the Multi-fund structure, RSA Fund 1, witnessed N12.73 billion investment and RSA Fund 11, recorded N3.99 trillion investment, RSA Fund 111, saw N2.15 trillion investment while RSA Fund IV, recorded N732.13 billion investment.

    The report showed that N596.61 billion, which was 6.54 percent of the funds, was invested in domestic ordinary shares; while N62.59 billion, amounting to 0.69 percent was invested in foreign ordinary shares.

    Also, N144.31 billion (1.60 per cent) was invested in state government’s securities; corporate bonds got N463.99 billion (5.4 percent); corporate infrastructure bonds, received N8.64 billion, (0.10 percent); corporate green bonds, N5.46 billion(0.06 percent); supra-national bonds got N5.37 billion (0.06 per cent); local money market, N874.39 billion, (9.68 percent) commercial papers, N64.46 billion (0.71 percent); banks – N809.94 billion (8.97 per cent), among others.

    Financial pundits commended the management of PenCom for the implementation of the Pension Reform Act, which has led to more contributors embracing the CPS and deepening of the financial system. They insisted that reforms in the sector have raised accumulations from contributors to N9.03 trillion, as well as brought brighter hopes to retirees.

  • The tech age in education

    Technology has taken the centre stage in the world and education can no longer ignore it. Though it is a powerful tool for learning, it comes with its baggage, BUSOLA SEBIOTIMO reports.

    In this age, education cannot operate without technology. The days of the chalkboard are almost gone – replaced with projectors, smart boards, laptops, tablets and even mobile phones. Education is no longer restricted to the four walls of the classroom.

    Do teachers like this? Many do.  There are proofs that technological advancement in education has helped to teach concepts better, connect students easily with learning materials and educators  worldwide.

    Mrs Foluke Ajayi, a teacher at  Baptist Girls Academy (BGA), Obanikoro, Lagos, said students should embrace technology as it enhances their education.

    “Technology is paramount in education today and every student must be technologically inclined. Telephones, social media and TV are in operation because of the advent of computer. They are very good and can enhance students’ knowledge in education. When children use them effectively, it gives them additional knowledge and fetches them additional marks. Telephone could be used to access internet, they can get all information about something or someone from it as well. Social Media is a platform for students to display their knowledge and worth. Also, television helps students to watch good programmes of their choice.  Some schools have e – library meaning that they access books and all information they need from the library on the internet,” she said.

    Mrs Ajayi also noted that technology has been useful in educational administration and assessments.

    “Students now have e -result which has stopped forgery of results by some unserious students. Some registration of students and courses are done online. So students don’t need to queue here and there for registration again,” she added.

    A lecturer from the Department of Computer Science and Engineering, Obafemi Awolowo University (OAU), Ile-Ife, Samuel Okegbile, said children exposed to technology early find it easier to decide what to do with technological advancement.

    “The manner in which technology is adopted will determine its effects on students’ learning and performances. As children are open to learning at the early stage of their lives, what they are exposed to will determine what they get from technological advancement.

    He added that television, said to be a major time-waster of students, can achieve more positive things if properly utilised.

    “Contrary to the widespread opinion that televisions have negative effects on children performance in schools, researches have shown that access to television under proper monitoring and guidance can enhance students’ performance and learning.   A careful study shows that television allows pupils to be conscious of their environment, rights, duties, and privilege. It is a source of teaching etiquettes, language skills, hobbies, social relations and religious beliefs.

    “Through the mysteries of the deep sea, the wonders of outer space and the animal varieties in the natural world, television today offers children or pupils a wide variety of wonder, amusement, and education while stimulating their imaginations without exposing them to any danger. Its ability to communicate information, skills, idea, and attitudes in a friendly manner has been affirmed by many researchers,” he said.

    Segun Awoyemi of Lead’s Legacy School, Ikotun, Lagos said advancement in the development of even the calculator has helped learning.

    Read Also: Technology: Nigeria ‘ll surprise the world, says Osinbajo

    “Calculator has helped boost their arithmetic life generally, eradicating the use of stones to count, hand in adding big digits together. Technology has also helped students to discover many things like creating business website, educative website, set up brain teaser games and many others,” he said.

    Kolawole Damilare, proprietor of Cecil International School, Alakuko, Lagos, said because of e-learning,  students can learn what others know and thereby compete with their peers worldwide.

    “Social media has been proven to help students in their quest for knowledge. Students also learn from the internet and are able to do what white men are doing. Gone are the days when farming was unattractive to students, now students all over are making up their minds to go into it all because of what technology avails this occupation,” he said.

    With technology exposing students to wide variety of knowledge, Mrs Foluke advised teachers to be computer literate in order to catch up with students of this century.

    “Students are now teachers. It is compulsory that their teachers are computer literates too. So, if any teacher wants to be relevant in this dispensation, he or she must as a matter of fact know how to use the computer very well,” she said.

    However, technology has its ills.  Parents and teachers complain that it distracts pupils from their schoolwork.

    Mrs Zainab Aribilola, a parent resident in Iyana-Iba area of Lagos, cannot seem to come to a conclusion if students should embrace technology as she says it plays  negative and positive roles in a student’s life.

    “The exposure of students to technology has made learning easy, unlike the pre-technology days where sourcing for materials and reading was difficult. However, we cannot overemphasise the abuse on the use of various technologies. The smart phone, TV, Internet etc, has exposed students and young people to various ills and vices. Smartphone, especially is a sort of distraction for some students. They no longer read, but surf the net, looking for things that are not related to their education,” she said.

    For Tosin Babayeju, a teacher at Leads Legacy, Ikotun, Lagos, technology has done more harm than good in a student’s life.

    She said: “Students’ exposure to technology does more harm than good. This is because most children are being carried away whenever they are with a gadget. Instead of learning things that would add value to their lives and paying attention to important details, they prefer watching comedy, movies, chatting and reading some online books which aren’t edifying.”

    Mrs Mary Aje of Command Day Secondary School, Ikeja, Lagos said wrong use of technology could lead youths into crime if they are not well monitored.

    “Things like smartphones causes distraction when students are not cautioned. They would not read their books. They can be exposed to immoralities, even steal money or indulge in atrocities to buy phone or other gadgets. Parents must monitor their children well when using these gadgets and other technologies,” she said.

    Mrs Foluke of BGA also subscribed to this thought. She said: “Some even use their phones to defraud people all over their world.The worse of  all, students  glue themselves to watch news talk less of good talk shows on TV but only watch films, games and talent hunt programmes.”

    Proprietress of New Moon Nursery and Primary School, Alakuko, Lagos, Mrs Grace Ogunlana said young students should not be given smart phones.

    “The merits of students embracing technology surpass the demerits, but I would say students should not be given smartphone , it distracts them,” she said.

    However, despite the demerits of exposing learners to technology, educators say the way out is not to stop them from interfacing with technology but monitor their activities online.

    Bakare Sofiat, a teacher at Flourishing Faith Group of Schools, Ado-Ekiti, Ekiti State said even if denied the use of smart phones at home, children could still learn wrong uses outside.

    She said: “Smartphone is the first access a student can have technologically wise in which he or she can manipulate, and be exposed to the larger world of tech. It would be better for a parent to guide his/her ward in using the smartphone than abolishing it totally. This is the tech world; you would be only short-changing yourself if you deny your ward a smartphone. It is either your ward becomes a novice in tech things or learns the negative part of tech outside.”

  • Technology: Nigeria ‘ll surprise the world, says Osinbajo

    Vice-President Yemi Osinbajo has said the effort being made by Nigerians in technology can enable the country roll out indigenous technology solutions that can transform the global space.

    Osinbajo stated this during an interactive session with  investors and foreign policy experts on Nigeria’s economic prospects and related matters at the Council on Foreign Relations in New York City, united States.

    During an question and answer session, Osinbajo was asked about the on-going international dispute by some global technology firms on 5G.

    Osinbajo, according to a statement by the Senior Special Assistant on Media and publicity, Laolu Akande, explained that though Nigeria was yet to roll out 5G, “we do not have those complications (comparatively) in taking decisions in that regard.

    “But, we practically welcome every company that wants to do business with us in Nigeria. Huawei is in Nigeria and so are all the other technology companies.

    Read Also: Osinbajo tasks forum on expansion of pharmaceutical sector

    “We haven’t gone through any kind of decision making for rolling out the 5G technology; as a matter of fact we are going to roll out 5G ourselves. Talking about the equipment and technology; how did the Chinese get it? How did anyone else get the technology? We will do it ourselves.”

    Speaking further, the Vice President, who was optimistic about the possibility to developing homegrown capacity in the technology space, said the government would leverage the efforts and resourcefulness of youths to actualise its potentials in the sector.

    “Our potential in technology and entertainment has been attracting huge attention. First, is the market; at 174 million GSM phones, we are among the top 10 telephone users in the world, and we have the highest percentage of people who use internet on their phones in the world,” Osinbajo added.

    Continuing, he said: “We are also number two in mobile internet banking in the world, and 17 million Nigerians are on Facebook. Microsoft has announced that it will establish a $100 million  African Development Centre in Nigeria.

  • ‘Space science, technology key to nation building’

    Minister of Science and Technology Dr Ogbonnaya Onu, has said space science and technology are key components of nation-building.

    He called for more investments in those areas.

    Onu told the News Agency of Nigeria (NAN), yesterday in Jos that government must promote research and innovations in space technology to enable Nigeria to compete favourably with developed nations.

    NAN reports that Onu was in Plateau to inaugurate the Pozzolana Cement Plant and Skills Acquisition Centre, both in Jos, as well as some projects at the Centre for Remote Sensing in Bokkos.

    He said: “The gap between us and developed countries is very wide; for us to catch up, we must invest in space research and innovations.

    “Computer technology is key to virtually all forms of technology, from robotics, artificial intelligence and their likes.

    “If we are able to master space science and technology, it will be easy for us to close the gap and place our country on the path of growth and development,” he said.

    Onu said the ministry was promoting research at various levels, adding that its various research centres had been performing optimally in that regard.

    He, however, said that the country was yet to attain its peak in terms of science and technology, but that with the right vision, commitment and dedication, the country would get it right.

    The minister said Nigeria was partnering with China, India, United States of America, United Kingdom, among others, toward promoting science and technology in the country.

  • CSO trains undergraduates on technology

    A pan-African social enterprise working on digital rights and digital inclusion, Paradigm Initiative (PI) has commenced a tuition-free programme to empower undergraduates with Python programming skills.

    The first edition of the training was held last Saturday with 36 trainees from three higher institutions in Lagos – University of Lagos (UNILAG), Yaba College of Technology (YABATECH) and Lagos State University (LASU).

    Paradigm Initiative said the training is in conjunction with the Python Nigeria group.

    A statement by PI Communications Officer Sodiq Alabi quoted its official, Olayinka Taiwo, as saying: “We are pleased to welcome 36 students to the first edition of this important training program. 12 students will be trained on Python for Data Science while 24 undergraduates will be trained on Python for Web. The training is under our Techtiary programme which is dedicated to helping undergraduates acquire technical expertise before they graduate.”

    Taiwo added: “By learning Python, beneficiaries can position themselves for various opportunities in the ever-expanding information communication technology space. Python has been lauded as one of the most lucrative programming languages to learn and its applications are wide-ranging. With the faculty support from the good people of Python Nigeria, we are excited to be introducing this language to more young Nigerians.”

     

  • ‘Young people need to harness the power of technology to their advantage’

    Moses Oruaze Dickson is one of the voices in the Nigerian legal service industry as much as he has built a reputation for himself as a philanthropist. His goal is to build one of Nigeria’s leading niche expertise commercial law firms . In this interview with Omolara Akintoye, Dickson, the Managing Solicitor, Triax Solicitors, talks about how he is supporting the disadvantaged through free pro-bono services through his commitment to philanthropy, how youths can harness the power of technology, his plans on job creation, among others. Excerpts:

    Based on your experience as an entrepreneur, what advice would you give to a startup?

    I have learned a lot from my mistakes as an entrepreneur and if I am to advise other young entrepreneurs, the five most critical bits of advice I would like to give are: first, there is no silver bullet ever! (And if someone tells you there is, be very cautious). Second is having unwavering confidence in yourself and your business. Third is to ensure your product answers/replaces people’s core problems or frustration points (the more niche the harder for user penetration). Fourth, if you cannot explain it in fewer than 20 words, your product is too complicated. The fifth is, asking for help is not wrong or a crime! Go get help and never be scared to find people to help

    What social responsibility projects have your firm executed or plans to execute?

    Over the years, we have partnered with nonprofit organisation like the Goldcoast Developmental Foundation to support disadvantaged individuals through our pro-bono services. We have also partnered with the International Federation of Women Lawyers (FIDA), Bayelsa State chapter to fight violence against the girl child through the #ProtectTheGirlChild Challenge. This campaign was in response to the increasing cases of sexual violence on young girls across the country, which we feel that something must be done to address it. We plan to formally launch the #ProtectTheGirldChild campaign, providing legal services as well as financial support to ensure that victims of such violence are protected and given adequate access to justice.

    How do you think youths can harness digital platform to empower themselves?

    I always encourage youth to know that technology and social media can help the insurance industry connect more in the area of market. I was particularly interested in this topic because Insurance is one of the niche areas for our practice at Triax Solicitors. Not only are we interested in the industry, but we are also interested in dealing with issues around claims management, which is one of the major challenges of the insurance industry. Insurance companies need to do some things to connect with the youth market. They need to use social media to not only try to sell their services but educate people on ‘why they need insurance.’ One of my major arguments was that the major problem of the insurance industry is about perception. The perception of the industry by a vast majority of Nigerians is negative, as a lot of people do not trust the insurance companies to deliver on their promise of paying claims. In fact, I made clear the fact that Nigerians are even religious about it. They would rather commit their properties to God instead of getting insurance. If this is addressed through education and the setting up of a reliable claims management company, that would be one major problem solved by the industry.

    Second is on how technology through freelancing platforms would change the very nature of jobs as we know it. Young people need to acquire marketable skills that can be offered through digital platforms. Skills like programming, design, website development, and related skills can be offered from the comfort of any location.  The government cannot and will not be able to provide jobs for everyone. Therefore, it is the responsibility of young people to harness the power of technology and digital platforms to create jobs for themselves.

    Today, anyone can provide services from anywhere, with just a click of a button. It is the realisation of this job and skill transfer dynamic that informed the decision of one of our companies to venture into the creation of a freelancing digital platform for skilled individuals and employers who will need their services. I can boldly say now that the social media and technology is changing business, society, and culture on the continent and the world positively.

    What is the motivation for your commitment to philanthropy?

    Having stared at the face of poverty and refusing to bow throughout my upbringing, I have always felt a deep responsibility to give back to my community. I credit my parents, particularly my late mother, Mrs. Goldcoast Dickson for instilling the ethos of philanthropy, particularly my responsibility as a Christian to give and care for the less fortunate in our society. I believe our role as citizens of this world is to truly support the betterment of our society so that future generations and their offspring grow up to live even better lives and strive for even more than they think is possible today.

    Philanthropy is the ‘new green’ in the continent, yet, it seems to be an exclusive preserve of the rich; how do you think more people can be encouraged to commit to philanthropy, so as to contribute to solving some of the continent’s major problems, one among which is poverty?

    I truly believe that charity and philanthropy don’t necessarily mean you have to spend money. There are several avenues available to almost everyone in society on how to give back. I often tell people, consider donating your time, talents and belongings for the greater good. I think once people are aware that these non-financial avenues are equally as important and impactful as donating money –there can be greater collective efforts to helping the less fortunate.

    You have been very active recently on social media, what is your motivation for this?

    Well, over the years, I have acquired a lot of experience as an entrepreneur; having built a successful law practice, I feel obligated to share my knowledge and experience with other people, especially young people like me, who otherwise will not have the opportunity to learn from a mentor or someone who has experienced business first hand. People reach out to me privately asking for business advice and I have tried to respond to as many as I can, however, with social media, I can reach a lot of people at once. With social media, I can mentor a lot of people at once, while still having time to run my business. I believe social media is a blessing to our generation and any business or career individual who wants to get their message out there must learn to leverage on this tool to reach their target audience.

    Your law firm, Triax Solicitors, has been handling major commercial cases in the Niger-Delta…

    Triax Solicitors was founded with the vision to become one of the leading law firms in the country that is focused on niche practice, particularly in commercial law. So far, we have been able to successfully complete high profile projects worth over $100 million for a couple of clients. This we have achieved within our short existence of three years. Also, we have been able to expand our operations from Bayelsa State to Abuja and about to open a new office in Lagos State. We have a network of about 20 staff members for now and still growing.

    As a law firm, we are committed to supporting the communities where we do business by widening access to justice, education and finance. We collaborate with clients, nongovernmental organisations (NGOs) and charities to deliver these community outreaches and pro bono services, with partner-led, client-focused teams.

    Our community outreach and pro bono strategy focus on providing the best possible support to our NGO and charity clients, whilst at the same time expanding the capabilities of our people and strengthening relationships, partnership and collaboration. Our initiatives provide all of our people, at all levels, with opportunities to practice and enhance the skills that are key to their development, making them more effective and well-rounded.

    One way we measure the impact of this commitment is by setting ourselves an annual target of helping 5,000 people a year. We have a varied programme of community and pro bono activities, which focus on access to justice, access to education and access to finance.

     

  • Defining banking with technology, SMEs funding

    The performance of banks is based on quality of service. Banks with eyes on the future are recognising the changing needs of customers and deploying technology to meet such needs. They are also providing more funds for Small and Medium Services (SMEs) and investing in agri-business to create more jobs and lift the economy, writes COLLINS NWEZE.

    Globally, the position of financial institutions, particularly banks, is largely measured by the level of their connection with  stakeholders and the customer-centric solutions they offer.

    Roy Spence, co-founder of GSD&M, a leading advertising firm in the United States,  said: ‘’Every business needs to be in the business of improving customers’lives.”

    For banks, including the Central Bank of Nigeria (CBN), banking should promote the common good. The regulator insists that banking thrives in an environment where lenders promote activities that make life better for the people. This includes support for Small and Medium Enterprises (SMEs), farmers and provision of pension services.

    Many lenders have reiterated their commitment to providing quailty services to their customers.

     

    The CBN on SMEs funding

    The Central Bank of Nigeria (CBN) set up the N220 billion Micro Small and Medium Enterprises (MSMEs) fund as part of its developmental role and mandate of promoting a sound financial system. This was in recognition of the significant contributions of the MSMEs sub-sector to the economy. It said the sub-sector is characterised by huge financing gap which hinders the development of MSMEs.

    “To fulfill the provisions of Section 4.2 (iv) of the policy, which stipulates that women’s access to financial services to increase by at least 15 per cent annually to eliminate gender disparity, 60 per cent of the Fund has been earmarked for providing financial services to women.

    “This informed the decision of the Central Bank of Nigeria to establish the Micro, Small and Medium Enterprises Development Fund (MSMEDF). The Fund prescribes 50:50 ratio for on-lending to micro enterprises and SMEs  by Participating Financial Institutions (PFIs),” it said.

    It explained that two per cent of the wholesale component of the Fund shall go to economically active persons living with disabilities (PLWD) and 10 per cent provided for start-up businesses.

    “The broad objective of the fund is to channel low interest funds to the MSME sub-sector of the economy through Participating Financial Institutions (PFIs) to enhance access by MSMEs to financial services, increase productivity and output of microenterprises, create jobs and engender inclusive growth,” it said.

     

    Redefining customer services

    For FCMB Group Plc and its nine subsidiaries, the need to serve the customers better should be given a priority. Having witnessed low and high moments in its many years of operation, the Group has continuously turned challenges to opportunities over the years to emerge as one of the leading institutions in corporate Nigeria.

    Speaking on these developments and the outlook for this year, the Managing Director of First City Monument Bank (FCMB), Adam Nuru, said the bank has a great foundation  to build on and being confident of its strategy, will achieve its objective.

    In business banking and Small and Medium Scale Enterprises (SMEs), FCMB recorded a significant improvement in net revenue last year.  It offers several cutting-edge products, services and solutions to meet and satisfy the needs of businesses in this segment. The lender recently disbursed over N3.17 billion to SMEs across the country under the CBN intervention programme.

    The bank also offers free banking for three months to its new SMEs’customers as well as free training and other capacity building programmes for businesses in this segment in partnership with private and public sector organisations and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

    FCMB is planning to launch a platform that offers zero-interest rate on loans to women-owned SMEs.

    Between last June and October, the lender organised a promo tagged, ‘’FCMB SME race to China promo’’ for customers. Three winners of the star prize of an all-expense paid trip (return flight ticket to Guangzhou, China and hotel accommodation for seven nights, eight winners of $500 preloaded shopping cards and 36 winners of consolation gifts have been rewarded.

     

    Focus on agribusiness

    In agribusiness, FCMB has signed a Memorandum of Understanding (MoU) with the World Savings and Retail Banking Institute (WSBI) in a move that would substantially increase the bank’s support to agribusiness, its value chain and growth of the economy. The memorandum outlines a framework to deepen agency banking, financial inclusion and savings culture in the informal and agribusiness sectors. The project involves FCMB rolling out an integrated savings account – named Kampe Account – to offer financial services under phase one of its plan to 150,000 unbanked and under-banked farmers across five states through agricultural agents operating under the bank’s agency banking proposition. The first set of states to benefit in this first phase are Kaduna, Kano, Nasarawa, Ogun and Oyo. The plan is to reach two million farmers across the entire nation by 2023.

    In addition to the financial support to farmers, it is understood that FCMB is deploying its state-of-the art technology and mobilising banking solutions in driving the project mainly in the rural and sub-urban farm settlements where most farmers are based. The bank is organising capacity building programmes for farmers to facilitate their understanding of the sector and promote innovative ideas to make the sector more attractive, thereby facilitating job creation and, in turn, impacting on productivity and income generation.

     

    Corporate banking focus

    On corporate banking, the renewed liability and transaction driven-approach of FCMB has seen the lender fund several projects aimed at growing the economy. In the oil and gas sector, the bank was the major financier of the 300-million litre tank farm of Petrolex Oil and Gas Limited, at Ibefun in Ogun State, inaugurated in December 2017. The lender also provided the funds for the construction of the 66,000 metric tonnes capacity petroleum products tank farm of Menj Oil Limited in Ijegun, Lagos. Moreover, FCMB wholly financed the construction of the new 155-room Radisson Blu Hotel at Ikeja GRA in Lagos. The Radisson Blu Hotel in Lagos, which is the third in Nigeria and second in Lagos, was opened in 2018.

    “We know we will need constant change, innovation capability and high productivity to thrive in a progressively fierce competitive environment. Based on this, we have a renewed strong commitment to our digital transformation journey with aggressive investments in putting the right structures in place. This is expected to facilitate efficiency in our operations and fuel our efforts to create the right momentum; expand our share of the market and increase our wallet-share of existing customers. We will leverage our digital capabilities to reduce our cost-to-serve; grow non-interest income; and improve our agility as a bank to deepen intimacy with our customers,” Nuru said.

    The Group acquired Legacy Pension Managers Limited (now known as FCMB Pensions Limited) by increasing its stake in the company from 28.3 per cent to 91.6 per cent. The development is engendering sustainable and diversified low-risk growth momentum as the pensions firm is leveraging FCMB’s extensive distribution network, alternate channels, digital innovation and investment research to rapidly expand its customer base.

    On the acquisition, FCMB Pensions Limited Chairman and FCMB Group Chief Executive Ladi Balogun said: “Having distinguished ourselves in consumer finance over the years and gaining greater market share in retail payments solutions and savings accounts, a comprehensive suite of asset and wealth management propositions, is a natural addition to our growing base of five million customers. We have harmonised the brand. This will enable us create greater marketing synergies alongside other initiatives and accelerate the growth of our pensions business. The change of the company’s name will also entrench a single brand identity across our pensions and retail banking businesses.”

    The operating companies of FCMB Group  are divided along three business groups – Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); and Asset & Wealth Management (FCMB Pensions Limited, First City Asset Management Limited and CSL Trustees Limited).

     

    Financial performance

    Meanwhile, the financial results of FCMB Group for the nine months ended September 2018 showed a significant increase in profit before tax to N14.77 billion, against N6.84 billion recorded for the same period in 2017. Its gross revenue rose by 11 per cent to N132.9 billion from N118.8 billion. Net interest income witnessed a seven per cent Year-on-Year (YoY) upsurge from N49.9 billion to N53.2 billion, just as non-interest income grew by 77 per cent to N33 billion from N18.6 billion for the same period in the previous year.

    Customer confidence in FCMB Group remained strong, as deposits were up five per cent Quarter-on Quarter (QoQ) to N756 billion in September 2018, compared to N721.3 billion as the end of June 2018. In addition, the nine months financial results saw a surge in Loans and advances by three per cent to N601.9 billion in September 2018 as against N586 billion in June 2018. It is an indication of the Group’s focus on financial intermediation and support for economic growth of the public and private sectors. The impact of the subsidiaries on the overall performance of FCMB Group has been profound as evidenced by their solid performance.

    FCMB, the retail and commercial banking-led subsidiary of FCMB Group Plc, has consolidated its position as a dominant brand by growing in leaps and bounds. The bank has continued to boost its customers’ acquisition drive in the retail segment of the industry. It has also deployed over  800 Automated Teller Machines (ATMs) and over 15,000 Point of Sale (PoS) terminals nationwide to make its operations seamless.

    It has almost two million customers on its electronic banking platforms and its 216 branches  and cash centres across the country. The bank has sustained the empowerment of customers through its reward scheme tagged, ‘’FCMB Millionaire Promo’’. About 50,000 customers have benefited from the promo by winning cars, cash of between N1 million and N2 million as well as gifts like television sets, power generating sets and phones, among others.

     

  • Buhari mourns Senator Waku

    President Muhammadu Buhari has expressed sadness over the passing of former Senator Joseph Kennedy Waku.

    Commiserating with the family of the senator, who represented Benue North-West (1999-2003) and the government and people of Benue State, the President recalled Waku’s contributions to the growth of education when he served as Pro-Chancellor, Federal University of Technology, Akure.

    He urged the children, friends and political associates of the late elder statesman to keep alive his commitment to the unity, peace and stability of not only Benue State, but also the entire country.

    The President prayed Almighty God to comfort the family and all those who mourn the septuagenarian and grant his soul eternal rest.

  • Firstbank, Microsoft lift SMEs with technology

    First Bank of Nigeria Limited and Microsoft have partnered to provide supporting technology solutions at discounted rate to over 40 million Small and Medium Enterprises (SMEs).

    FirstBank Deputy Managing Director, Gbenga Shobo, who spoke disclosed this at the Firstbank-Microsoft SME Partnership Launch  held in Lagos, said the lender wants to lift SMEs by encouraging them to embrace technology in their operations.

    Shobo, who spoke on the theme: The Accelerating impact of Digital  Transformation on Business Growth in Nigeria said that the target was to reach out to about 40 million SMEs and interested individuals.

    The event was attended by SME operators whose businesses have benefitted from use of technology solutions.

    According to Shobo, the bank is connecting the SMEs with Microsoft to enable the operators improve their operations digitally.

    He said: “The SMEs can buy some of the Microsoft solutions at discounted rates, pay in naira as against the dollar, thereby removing the stress of exchange rate which is sometimes a challenge for the SMEs. They now have a portal where they can ask for advice on the products and some extra sales support we can also get Microsoft to give them,” he said.

    He said the SMEs may not have been able to get the Microsoft solutions and products on their own, but for the two being FBN customers have managed to put them together.

    “We feel that SMEs are the major drivers of the economy in Nigeria today, because of the challenges of jobs creation and so most people are setting up businesses,” he said.

    “The SMEs segment is so important to the livelihood of many Nigerians, and we have seen that SMEs have the ability to grow.

    Also speaking, Director, Small and Medium Business Middle East and African Headquarter at Microsoft, Arjan Kotte, said the world is going digital, and that SMEs cannot be left behind.

    He said one million new devices will be coming online in 2020 while 60 per cent of computing will be in public cloud in 2025 adding that 25 per cent of workers’ time is wasted by information overload.

     

    Kotte, who spoke on the theme: “Digital Transformation in Small and Medium  Enterprises” said that the partnership between Microsoft and FirstBank was meant to help the SMEs take their operations higher in terms of technology and use of the company’s product.

    He said the company considered FirstBank’s reach and customer base as critical in reaching more SMEs that would need Microsoft solutions.

  • ‘Technology’ll  fast-track justice delivery’

    Theodore Mayaki, a law teacher at the University of Abuja, has become a fellow of the Chartered Institute of Mediators and Conciliators (ICMC). In this interview with Legal Editor JOHN AUSTIN UNACHUKWU, he speaks on legal education, leadership and court reforms.

    DELAYS remain a problem in the Judiciary. How do you think justice delivery can be fast-tracked?

    I want to commend the efforts of governments at various levels,  particularly at the level of the National Assembly for enacting the Administration of Criminal Justice Act 2015. It has helped to fastrtrack criminal justice administration in the country. I also commend the various states where the issue of Uniform Civil Procedure Rules that gave rise to frontloading in civil litigation emanated from. I commend the governments for all those things. But,  I can tell you that one of the many things that we expect the judiciary to do is the deployment of technology in the filing of court processes. For  instance, when you go to the Supreme Court or the Court of Appeal, you will find out that 90  per cent of what is done there is regularisation of processes. Most applications coming to those courts  are coming just because you have not regularised your process and this  may cost you an adjournment of a year.

    So how can such a situation be avoided?

    What we need to do is to take example from   other jurisdictions across the world where  all  issues of regularisation must not be done before the justices of the appellate courts. They are done in a chain. Where you know that when you are supposed to file an appeal within one week for that matter or  within 14 days and you failed to file it, when you log  in to upload it, the system will  block you. It will tell you what to do to come back to regularisation and so by the time you are done with these  processes, the only thing  the Justice of the Court of Appeal sees is an  already perfected process of court and all you do before him is to come and adopt your brief of argument. When we do this, you will find that all the waste of time will be eliminated because these Justices waste a lot of time on regularisation of processes. This is simply because of the lack of the deployment of technology. It  is about time that all our superior Courts of record from the High Courts to the Supreme Court change their approach and all these approaches are done by technology. It is the same thing at the High Court level. You find that most of our practices are mundane. We still write with longhands. Nobody does that again around the world. The Judges or Justices of the courts just take what they need to take and every other thing is done by stenography. And you know these  things are complemented by other things such as lack of the equipment itself, lack of the internet, lack of power and lack of skilled manpower to drive it. Of more importance is the welfare and wellbeing of the Judges and  judicial personnel, if they are well taken care of, you will find that they have reduced pressure.

    How do you think our laws have aided our economic development ?

    Laws are made for men and not men for laws. I have looked very carefully at laws and development in Nigeria and I have had a very radical approach in the issues of viewing the deployment of legal instrument on the development of our country. Any law whether in its instrument or in its implementation, or in its context or perspective that does not improve the lives of the people is not a good law. I am saying this squarely because the philosophy of law in Nigeria has become an instrument in the hands of the oppressors to take it and use it as an excuse for the non deployment of resources, for the non deployment of developmental and for the non deployment of facilities for our people. My understanding of the function of law is that it is only law when it improves the lives of the people. But if it  does not improve the lives of the people no matter how good, no matter how fancifully crafted, it is for me a mere writing on a piece of paper.

    Incessant strikes have become part of our tertiary education. What is the way out?

    Tertiary education in Nigeria is far from the ideal. I have the opportunity to teach in the Faculty of Law. I can tell you that what we do is mundane. I can tell you that there is a huge gap between our role as teachers and the products that we churn out who are supposed to be global products and citizens. To fit into any society,  I can say this for every department and faculty of every university in Nigeria, the struggle to standardise our higher institutions did not start today. The errors were committed in the past, and I can tell you that the call by ASSUU to have government reposition our higher institutions is a noble cause, noble in the sense that it is a call for the repair of the huge damage being done to country as a whole and this makes me to remember a quote I read somewhere. Somebody said that if you want to destroy a country, you don’t need guns and arms, you don’t need an axe, all you need is to bring  down  its educational system on ground and as long as the educational system is grounded, you know that that country is gone you don’t need to fight it with guns. I can tell you that Nigeria is delicately placed under precipice. We must be able to have a rethink about what we want to do with ourselves. What we call tertiary institutions are actually,  if you ask me,  empty buildings that house nothing.

    What can be done?

    There is a huge need for the government to redefine its commitment to education. There is a need for government to decide what to do, if it doesn’t have the resources. It has to look at other templates. The questions it has to answer is the countries where universities are run successfully across the world, do governments run such institutions, if they don’t, what is it that they do that makes it successful. We must undertake a kind of comparative evaluation of what is being done in those other countries to bring out the best in what we do here or in the alternative, sit down and look inwards with a view to seeing if we can change the perspectives and bring in better alternative at leveraging on our educational policy,  because I can tell you that what we currently have is  not going to sell, the system has been skewed and this will continue to degenerate because even the pressure on the facilities we have alone, not to talk of lack of manpower, not to talk of the untrained manpower, not to talk of lack of basic teaching utensils, teaching facilities in the universities  like class rooms, like books like laboratories like power, like internet facilities, how do you run a university without these things. Because you are expected to train global research fellows, people  who are going to contribute to knowledge people who are supposed to help move the world into a better place. How do you think we can achieve this under this condition, how do you generate ideas, this is my view.  I believe that government needs to sit down and agree on what they want to do and do it quickly too. Otherwise what we are doing is a waste of time.

    You have just been conferred with the Fellowship of the Chartered Institute of Mediators and Conciliators (ICMC). What does it mean to you?

    It is a profound honour and a solemn invitatation to leadership. It’s  a call  for direction and change in the way things are being done and I feel  quite privileged to be among the very few that have been chosen and to set   a new paradigm in dealing with the way disputes are  resolved  in the country.

    How do you intend to deploy this skill?

    The first and immediate challenge rests squarely with the institute itself. The concept of Alternative Disputes Resolution (ADR) in Nigeria is an emerging phenomenon. The benefits are yet to be fully appreciated by litigants. The efficacy of ADR in Nigeria particularly as it  concerns  mediation and conciliation can best be appreciated when a delicate interface is struck between the Institute,  fellows of the institute and the critical arm of the judicial system, where all stakeholders will be brought together around the same table, where we will have the  opportunity to evaluate the essence of conflicts, where we will be able to segment disputes in accordance with the requirements of resolution and I am sure that in so doing you will find out that  majority of the cases currently pending before our courts could  be disposed of otherwise than through litigation. And it is my strong conviction that that opportunity being given as fellows of this Institute would turn around the table and rid our courts of the congestion of cases and also take home, door to door,   from office to office,  company to company this very rare window of a win -win situation,  where you will have  parties  shake hands at the end of the day and walk away very happy. This is particularly so because the instrument of disputes  resolution through ADR can be deployed even into  families, even into relationships, even into offices, it is so diverse to be employed it  in every sphere of human endeavour that you can employ it everywhere  to ensure limited brushes, breaches and give  potential disputants the opportunity to embrace themselves at the end of the day.

    How desirable is Mediation and Conciliation in communities now?

    When  you look at this within the context of the community  and  the society  you will find that the global impact of mediation and conciliation which is being highly deployed in most jurisdictions across the world is quite necessary and  desirable for Nigeria,  particularly in the light of the ongoing sporadic crises which we have across the country both political, religious and  ethnic related conflicts across the country. So mediation and conciliation couldn’t have come at a better time than now. The trust therefore,  is for those of us who have been conferred with this very coveted honour of fellowship to put our heads together, to rally  around   each other,  to deploy even on a probono basis, our  services to all the needed areas with a view to ensuring  that we restore the  peace  tranquility and needed  harmony in the country and pave   way for the much needed development that our nation has much awaited for.

    You were a student union President at the Ahmadu Bello University Zaria. What is your appraisal of the current political leadership?

    Well, the issues of politics and development have remained on the front burner in this country since our  independence. Putting our current state on a balance of the pendulum, you will find out that this country has achieved very little in the  area  of development compared to our huge human material resources. We actually  have potentially  been positioned to have gone far beyond this level now.  One would say with the greatest sense of responsibility that the current tempo in the country  is not what we desired, the current tempo in the country had left so many gaps, and this is simply in my view,  because of the absence of proper strategic planning in terms of the human development indices, lack of proper strategic planning in terms of the deployment of  infrastructure, lack of proper strategic planning in the provision of the very critical backbone infrastructure that we needed to set this country on the role.

    What do you mean by this?

    If you ask me, as I sit down and speak to you today, I am extremely worried that at this time in the life of this country, we haven’t got an education policy that is visited by implementation. If I sit down with somebody in Government and I ask, what is the educational policy of your administration, I expect that the person would say to me,  the educational policy of this administration is ABCDE and I can walk out from my office and see the direct benefits of this policy and its bearing on the lives of our children. But you know, a situation where things are allowed to run on their own, to the reverse or in the negative begs for a lot of answers. This is the reason why you will see that we have very unfortunate development of the private sector educational system which is skewed to the disadvantage of the children of the down trodden, and in defiance of the public sector educational development which is  for the development of this country. The result is that we have the children of the down trodden in the country falling out of school day in day out and with the growing number of out of school children, even a lay man would find that the future even posses a greater security risk.

    Why?

    Because he who has nothing to do is a huge security risk for the nation. No wonder you find all kinds of reactions and restiveness across the country because the system itself continuously produces people who have nothing to do. This you can ditto for all the sectors of the economy. You can imagine that a critical infrastructure like power is taking many years to resolve, it is very sad, we have small countries even in Africa that would have done this very easily,  but it has taken us over four years to resolve this. It is the same thing with the health sector, health delivery system is not functioning in Nigeria today, it is a very sad situation because first and foremost, you have no system that will accommodate you. When you find a system that accommodates you, the issues of diagnosis and competencies will then come in to mention a few. There is  a need for us to regig  the system, there is  need for us to take it from the scratch, there is a need for us to be patriotic, lack of patriotism in health delivery system is a very huge loss.

    Why do you describe this as lack of patriotism?

    Where our leaders, where people in public service  view the deployment of services to the citizenry as an opportunity for self enrichment is a  very inexcusable and lamentable show of lack of patriotism. And I think we need to start from there, we need to see this county as our constituency and every citizen as an instrument of compulsion for us to deliver leadership  to. Leadership is a trust from God and one day we will go back to him to give account of our leadership responsibility that we were given and I therefore think that we need to look at this system again and introspect, to reflect and see whether the promises have been met and I dare say with the greatest sense of responsibility that there is still a lot of gap that requires attention and that should be done with so much honesty, with so much probity and so much confidence in commitment to the national interest that we project to preserve at all times.