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BusinessDay 11 Apr 2018

Wednesday

Wednesday 11 April 2018 34 BUSINESS DAY C002D5556 E-mail: insurancetoday@businessdayonline.com African Insurance CEOs seek technological optimization to unlock market potential …as Continental Re CEO summit goes to Namibia Stories by Modestus Anaesoronye No fewer than 100 insurance CEOs and regulators are at Strand Hotel in Swakopmund, Namibia for the 5th CEO Summit organised by Continental’s Reinsurance to look at how technology could transform insurance business in the continent. The theme of the summit is “Insurance and adaptation in the face of technological change in Africa”. The Continental Re’s CEO Summit is hosted in different countries each year, and this is the first time it’s being held in Namibia, with epresentation from over 20 African countries (both Anglophone and Francophone). Speaking at the Summit, Femi Oyetunji, group managing director, Continental Re noted, “This year, we are focusing on technology because nearly everything in business now is governed by technological advancements. For the industry to fully optimize its potentail, players need to adopt technology in all processes to help drive penetration. Historically, the insurance industry has been slow to adopt technology compared with other sectors and this is stifling its growth.’’ Charles Murito, chief executive officer, Google Kenya, gave an address on digital transformation within the insurance sector and noted that “to help drive acquisition, retention as well as the servicing of claims, insurance companies need to become fluid, seamless and assistive by using technology to enhance their operations.” According to a recent report by Timetrics, the Namibian insurance industry grew in terms of gross written premium at a review-period CAGR of L-R: Akin Ogunbiyi, chairman, Mutual Benefits Assurance Plc and Fola Daniel, former commissioner for Insurance at an Mutual Benefits event in Lagos recently 10.8 percent and insurance penetration stood at 7.9 percent, which was higher compared to other African countries in 2013, such as Kenya (3.4 percent) and Morocco (3.0 percent). Other topics that were discussed at the 2018 sum- mit were: the changing regulatory framework and fundamentals of instituting a regulatory compliance strategy, how players can catalyse insurance technology for sustainability and how players in the sector can optimise the current media environment for exposure. Since 2013, Continental Reinsurance has been organising the CEO Summit event every year for insurance industry leaders and other strategic stakeholders to network, share ideas and best practices. Continental Reinsurance is a composite reinsurer, writing business in more than 50 countries across the African continent. Established in 1985 and listed on the Nigerian Stock Exchange (NSE) in 2007, Continental Reinsurance provides support to over 200 insurance companies in Africa with its main offices in Nigeria, Cameroon, Kenya, Côte d’Ivoire, Tunisia and Botswana. It also has a specialist subsidiary – Continental Property and Engineering Risk Services (CPERS) – registered in South Africa. NAICOM confirms Augustine Ebose MD/CEO, Anchor Insurance Industry regulator, the National Insurance Commission (NAI- COM) has confirmed Augustine Osegha Ebose as the new Managing Director Anchor Insurance Company Limited. The Board of Directors had forwarded his name to NAICOM as the nominee for the position stemming from the last Board meeting and a thorough selection process anchored on the company’s succession plan. Before his new appointment Ebose was the company’s Executive Director overseeing the business and marketing chains of the company. Ebose started his working career with Erikana Nigeria Limited in 2000 to 2001 as a Marketing Officer engaged in the sales of the company’s products. Thereafter, he moved to Alliance & General Insurance Company Limited where he served in various capacities from 2001 to 2004 which he joined as an Executive and to rose to the position of Branch Manager due to his productive contributions to Augustine Ebose the growth of the company with his responsibilities covering clientele servicing, special risk marketing with emphasis on oil & gas, corporate and product development and general administration of the branch. In 2004 he moved to Capital Express General Insurance Company Limited as a Manager to develop the Public Sector, Oil & Gas segment by identifying and developing strategies to deepen the Company’s market share. He left the services of Capital Express in 2006 to start his business sojourn with Standard Alliance Insurance Company Plc from November 2006. Here, he garnered extensive experience and created a niche for himself in the market. Augustine started as Deputy Manager/Group Head; Public Sector saddled with the responsibility of starting and developing the Public Sector Group to enviable level and identifying business opportunities for the company and was promoted to Manager Public Sector, Oil & Gas & Telecoms in 2007. In the same year 2007, he was again upgraded to Principal Manager/Divisional Head, Public Sector, Energy and Technical due to his knack for success and achieving set targets with the added function of formulating corporate and product developments. In 2008, he was elevated to Assistant General Manager/Divisional Head, Public Sector, Energy & Telecoms, and rose to the position of General Manager/Divisional Head, North & South- West regions overseeing Public Sector, Energy, technical and Emerging Markets as a result of his outstanding results and expansion of these portfolios. He left the service of the company in December 2016 to join Anchor Insurance Company Limited as Executive Director, Business Development and Marketing. Augustine is a graduate of Delta State University, Abraka and University of Ado -Ekiti, Ado-Ekiti where he obtained B.Sc (Economics) and MBA (Business Administration) respectively. He is awaiting his formal graduation for a Doctorate Degree in Business Management from University of Liverpool, Liverpool, United Kingdom. He is a member of several professional associations amongst which are Chartered Insurance Institute of Nigeria (CIIN), Chartered Institute of Stockbrokers (CIS); and has attended courses and seminars locally and overseas amongst which are Executive Management course at the Lagos Business School and Management Course for CEOs at South African Academy of Learning, Pretoria. He is happily married with children. Insurance Underwriting and Communication: How to maximize your insurance benefit Chukwuedo Lack of proper understanding about the operations of insurance companies are why many people still do not trust or want to take up insurance policies. If you have at least basic knowledge of how insurance runs, filing of claims, do’s and don’ts in insurance, then you will find out that insurance is not different from any other contract out there. This therefore means that if you pay your premium promptly, and keep your own side of the contract, you will enjoy the benefit of an insurance service. The book, ‘Insurance Underwriting and Communication’ written by Etemmua Chukwuedo, an insurance professional provides insight into key aspects of the business and how consumers can equip themselves with necessary skills to enjoy the full benefit of insurance. After more than 30 years in the insurance industry, Chukwuedo who believes that knowledge gap is the obstacle to insurance penetration in Nigeria said “The aim of writing this book is to enlighten the populace about what insurance is all about and why insurance should be incorporated into personal, family, corporate body or government budgets. “The book will be of immense benefit to anyone desirous of getting information about insurance. It would provide anyone information concerning where to go for better services, how to go about it and how to get premiums that will be cost effective”. To providers of the service, Chukwuedo noted that the book will be invaluable for underwriters, marketers, insurance students, agents and everyone who wishes to know what insurance is all about.

Wednesday 11 April 2018 BUSINESS DAY 35 SHIPPING LOGISTICS MARITIME e-COMMERCE Foreign investors seek opportunities in $450m Tomaro Industrial Park …As promoter targets to complete first project in nine months Stories by UZOAMAKA ANAGOR-EWUZIE There are indications that investors from China and Europe have expressed intention to buy into the vision and goals of the promoter of the $450 million Tomaro Industrial Park and Free Trade Zone, by seeking out possible investment opportunities in the zone. Tomaro Island, which was officially granted a Free Trade Zone (FTZ) status in 2017 by the administration of President Muhammadu Buhari, is an industrial zone with a number of investments covering the oil and maritime sectors, especially in the areas like ship building yard, strategic oil tank farm, 20,000 barrel per day modular refinery and hotels. The FTZ will be designed on the Western side to attract people who will be into manufacturing; they can bring in raw materials, manufacture and export outside Nigeria without paying duty and can only pay duty, if they export into Nigeria. “There are investors, who were in discussion with us and they want to buy into the vision that we have in Tomaro. When the American government gave us the grant, investors mostly Chinese and Europeans sent in letters of intent to do business with us L-R: Emmanuel Ihenacho, chairman of Integrated Oil and Gas; Eloho Francis, senior manager of NEPZA; Uchenna Ihenacho, group project manager of Integrated Oil and Gas and Darki Yakuba, assistant comptroller, Customs and Excise, headquarters Abuja, during an inspection visit to the Tomaro Free Zone in Lagos by officers of the Nigeria Customs Service (NCS), recently. but at that time we were not keen because we were still trying to get all our approvals in place and sorting out other issues,” Emmanuel Ihenacho, chairman of Integrated Oil and Gas, said last week when the officers of the Nigeria Customs Service (NCS), paid an inspection visit to the Island. As the owners of the Free Zone, Ihenacho said that, they are ready to go back to those proposals and give them the necessary attention required. According to him, getting the needed expertise in executing the proposed projects in the Island would not be an issue, because the company can get the persons that have skills needed to execute their projects. BusinessDay understands that the United State Government through the United States Trade and Development Agency (USTDA) gave the promoter of Tomaro project, the sum of $797,343 from its Industrial Development Grant. The grant was said to be specifically used to finance the detailed analysis of supporting technologies and engineering for the implementation of the 20,000bpd crude oil refinery in the Tomaro FTZ. “Free Zones have their area of specialties. Some have facility for integrating Floating, Production, Storage and Offloading (FPSO), but in Tomaro, we want to build a slipway for our ship building yard as well as modular refinery. The yard will build and repair ships, starting from smaller vessels to building bigger ones in the future. We are doing this because Nigeria has, for a very long time wanted to be a builder of ships but no facility has succeeded,” Ihenacho said. On why Tomaro is investing in refinery, Ihenacho said that Nigeria needs a lot of modular refineries to be sufficient in refining petroleum products for domestic use. The benefit of building our own refinery is unimaginable because it will help to cut down the cost of transporting the crude to refineries abroad and the transport to bring the refined products back into the country. “For instance, USA has developed lots of small scale refineries. They have about 60 modular refineries in Texas alone, which is just one state in USA. The idea is to become self-sufficient instead of exporting crude to other countries and losing jobs to those countries. “So, if we are able to cut transport cost, the pump price of refined products would be cheaper. In building refineries, Nigeria will become a hub for selling refined oil instead of selling crude. This means that Nigeria’s economy will expand by attracting greater benefits,” he added. So far, construction has commenced at the Eastern side of the industrial park, where investment in the building of 30 strategic storage and product supply tank farms, will be located. The tank farm project consists of 30 tank bases with storage capacity of 500 million liters of fuel. Given the capacity, the Nigerian National Petroleum Corporation (NNPC), will be able to draw fuel for 15 days from the facility when there is ups and down in fuel supply in Nigeria. According to Ihenacho, the on-going industrialisation in the free zone will create job opportunities for people and cause technology transfer for Nigerian engineers. “However, in the next nine months, there would be a project that would be worth commissioning in Tomaro Industrial Park. Aside from building an integration yard to enable the construction of oil facilities like the FPSO, Ihenacho said the Island will in the future, become the operational base of an aviation firm known as ‘Genesis Aviation,’ which is housed in a lease facility in Ikeja, but expects to build a hanger in the Island for its helicopters. The Free Zone will also have about three to five star hotels for the International Oil Companies operating in the Island to house their staff before airlifting them to their various offshore bases. It will also have warehouses, plants, office and manufacturing facilities. “The shipyard will have multiplier effects on the nation’s economy because it will involve ship building, bringing revenue to the steel and oil industries. The best thing that we would have wanted was to develop our steel industry by having Ajaokuta functioning, but in the meantime, we can make do with importing the steel required to make the ship building yard operational,” he explained. Commenting, Eloho Francis, senior manager of the Nigeria Export Processing Zone (NEPZA), who described facilities in Tomaro Island as big move for Nigeria especially judging by what the modular refinery and tank farm facilities will offer to the nation’s economy, said the facility will become a hub for fuel manufacturing and distribution. She said that the Free Zone would not only help to address the reoccurring issue of fuel scarcity in Nigeria but also become a success that would bring investment into Nigeria. LADOL boss, Jadesimi wins 2018 Young African CEO Award in Abidjan Amy Jadesimi, managing director of the Lagos Deep Offshore Logistic Base (LADOL), has won the Young African CEO of 2018 award at the Africa CEO Forum held in Abidjan, recently. Jadesimi was nominated alongside other notable CEOs, but was chosen by a jury of pan-African professionals, who selected her as the winner. “Thank you for this great honour. LADOL is an industrial Free Zone in Lagos, Nigeria. We are best known for our logistics base and shipyard, which is one of the largest in West Africa. LADOL is committed to driving Sustainable Industrialisation and creation of benefits from the USD12 trillion expected growth in global GDP from private sector pursuing sustainable business opportunities,” Jadesimi said in her acceptance speech She told the West African audience that LADOL is currently playing host to Total’s Egina Floating, Production, Storage and Offloading Vessel, which its six fabricated modules were being integrated into Egina FPSO in LADOL’s Free Zone. “The FPSO project is a game changer for Nigerian local content and industri- L-R: Dougie Brew, director, Communications, Corporate Affairs and Sustainable Living, Unilever Africa; Robert Karanja, B Team Africa Lead; Nadia Khamis, B Team senior manager (Regional Development); Stephen Chege, director, Corporate Affairs, Safaricom; Paul Polman, CEO, Unilever; Samuel Makoma, group COO, KCB Group; Amy Jadesimi, managing director, LADOL and Nathalie Delapalme, executive director, Mo Ibrahim Foundation at the just concluded Africa CEO Forum held in Abidjan, Ivory Coast, recently. alisation. This is because the market is now poised to create 50,000 new jobs across the country through increased private investment and development of high quality capacity,” she added. The AFRICA CEO FO- RUM, organised by Jeune Afrique Media Group in partnership with the International Finance Corporation, has over the last six years, become the top event for decision-makers and investors from the African private sector. It brings together over 1,000 African and international opinion leaders from more than 60 countries.

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