15102019 - What Benin, Niger must do to get borders reopened — FG

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Vanguard, TUESDAY, OCTOBER 15, 2019—25 From left: Controller/Head, Human Resource, Administration and Corporate Communications, Davis Iyasere; Director-General, Mrs. Yetunde Ilori; and Controller, Information Technology, Research & Statistics, Mrs Bola Omole, all of Nigerian Insurers Association, NIA, at a briefing in Lagos. Insurance sector or stakeholder eholders s raise alarm over er disruptive e tech Stories by Rosemary Onuoha Insurance industry stakeholders have hinted of looming huge losses arising from disruptive technologies catching the insurers unprepared. They are lamenting that regulatory response by the National Insurance Commission, NAICOM, is not enough. This was the summation of stakeholders at the annual workshop of the Offices Representatives Committee, ORC, of the Chartered Insurance Institute of Nigeria, CIIN, in Lagos last week. Speaking on the topic, ‘Disruptive Technologies, the Game Changer for Insurance Business’, Managing Director/ CEO of Oradian, a Lagos based Financial Technology firm, Mr. Moses Sule, said that NAICOM and the Insurers Committee must put strategies in place to tap into opportunities being created by disruptive technologies. Sule stated: “The movies industry was disrupted by Netflix, Hulu, HBO; the music industry was disrupted by Spotify, Apple Music; retail shopping by Amazon, Jumia; hospitality by Airbnb; taxi by Uber, Bolt; logistics by Lori, Kobo 360, MAX; while retail lending by Branch.io, RenMoney, Paylater. “Therefore, NAICOM must adapt to disruptive technologies just as the Central Bank of Nigeria, CBN, has been flexible in adapting to the change. It will be ridiculous if NAICOM continue to be laid back because most people in NAICOM were first operators before moving on to become regulators.” He also noted that in the banking sector, a lot of technological disruptions happened because the CBN and the Bankers Committee had to make them happen. Speaking on the topic, ‘How the Insurance Industry is adapting to Disruptive Technologies’, Chief Technology Officer of Custodian Investment Plc, Esomchi Nwofor, said that companies that fail to adapt to disruptive technology lose market share or die completely. According to Nwafor, “Disruptive technology refers to any enhanced or completely new technology that replaces and disrupts an existing technology, rendering it obsolete. It is designed to succeed similar technology that is already in use. “The insurance industry needs to take the back seat and think, ‘what are the people looking for? Insurers as well as brokers need to adapt to disruptive technology or get ready to fall out of the market.” Speaking on the topic, ‘Leveraging Technology for Product Management: Lessons from the e-payments space’, Head, Product management, Nigeria Interbank Settlement System, NIBSS, Sarah Chidebelu-Eze, said that the banks were able to adapt disruptive technologies despite the stiff competition among them. She stated: “Although there is stiff competition going on in the banking sector, the banks have been able to come together to collaborate to adapt disruptive technologies which gave birth to various initiatives like the BVN, the POS, etc. “Most people don’t know about insurance because the sector has Insurance consumers should investigate before taking up a cover — NIA By Cynthia Alo Director General of the Nigerian Insurers Association, NIA, Mrs. Yetunde Ilori, has urged the public to always do thorough investigation on any insurance cover before purchase to avoid possessing fake insurance. Ilori gave the charge during a press briefing in Lagos when she disclosed that the NIA is set to carry out enlightenment campaign to let members of the public know their rights and be able to differentiate between fake and genuine insurance. According to her, the Association has begun plans to clamp down on fake insurance with the reintroduction of the USSD and an enlightenment campaign across the country. She said: “As long as people can’t differentiate genuine from fake, people will still buy fake. I believe that when people do personal check on what they are buying, for example, if you meet someone and they say that they are from a remained conservative for too long. There is such a huge gap in communications and as a result most Nigerians don’t know what particular insurance company like Acen Insurance that died long ago, you should check on NIA website to verify. If Acen is not there, you can sum up the courage to tell them that they have not been uploaded there. “With the rate of fake insurance, we have seen the need to enlighten people more. We want insurers have to offer. In essence, the sector must wake up and adapt to changing dynamics if it must remain relevant.” AXA Mansard advocates sound financial management for women AXA Mansard, a member of AXA, has said that the financial decisions that women need to make in their journey as professionals, entrepreneurs or business women are very vital and should be properly managed at the start through to their retirement. Head of Business Development at AXA Mansard Pensions Limited, Mrs. Naomi Aduku made the assertion when the company partnered with LagosMums to hold the 6th edition of its annual Parenting Conference and exhibition. Aduku said, "It is safe to say that women have become an important market for the insurance and financial services sector. Whether as entrepreneurs or heads of household, women now make financial decisions more than they used to. Women own one-third of the world's businesses, and their average income in emerging markets continues to increase. As such, the financial decisions that women need to make in their journey as professionals, entrepreneurs or business women are very vital and should be properly managed at the start through to their retirement. This is why AXA Mansard Pensions is proud to be a part of this event which encourages engagement of women in various works of life. AXA sees women as valuable clients and employees and will continue to be their trusted partner." The annual event has become a popular way for mothers to meet, network, share experiences, talk about parenting, discuss ways to achieve work-life balance and many more activities. By Cynthia Alo & Jennifer Obinwa Royal Exchange Plc has said that its gross written premium grew from N12.8 billion to N14.7billion in the 2018 financial year representing a 15 percent increase. Chairman of the company Mr. Kenny Odogwu, disclosed this at the company's 50th annual general meeting in Lagos. Odogwu said: "During the period under review, the company generated gross written premium of N14.71billion, while that of the preceding year was N12.8billion everybody to know their right because when the fake can’t find anybody patronizing them, automatically the shops will close. As long as people don’t know their rights, the numbers would remain high. “However, it is not enough to buy something without knowing the right one. When you know that Africa controls only 0.7% of world's agricultural premium - WAICA Re Despite that Africa has about 17 percent of the world's pastures and arable land, the value of premiums for agricultural insurance in Africa represents less than 0.7 percent of the world's total. The Group Managing Director, WAICA Reinsurance Corporation, Mr. Abiola Ekundayo, who stated this, noted that with climate change negatively affecting farmers' productivity across the world, especially, in Africa, there is an urgent need for increase in agriculture insurance uptake by players in the agricultural sector value-chain to cover risks that could lead to low farm yield. Speaking at the WAICA Re International Agriculture Insurance Seminar held in Harare, Zimbabwe recently, Ekundayo noted that the low figure is deplorable when one considers that about 60 percent of the active population in Africa is working in the agricultural sector and that with the advent of climate change, the risks in agricultural activities are becoming even more frequent and severe. Ekundayo said, "For smallholder farmers, agriculture insurance offsets risks associated with weather fluctuations. Risk reduction can make it more likely that a farmer will qualify for credit and thus invest in the tools and resources, such as, seed, fertilizer, labour, among others, needed prior to harvest that would potentially increase crop yields. "Agric insurance provides farmers with the peace of mind required to invest savings into businesses. This also increases their confidence to engage in contracts with buyers and processors." Speaking on agricultural microinsurance, he suggested the development of index insurance, an approach that pays out benefits on the basis of a predetermined index, such as, rainfall level, livestock mortality rates, and so on, for loss of assets and investments resulting from weather and catastrophic events, without requiring the traditional services of insurance claims assessors to assess individual losses. there is a fake and genuine one, you owe yourself to check for the genuine one.” She added. She noted that NIA will continue to find sustainable means of putting a stop to fake insurance adding, “We have an ongoing campaign, we will look at what next we should do and it is going to be sustained. Royal Exchange grows GWP to over N14bn in 2018 amounting to an increase of 15 percent. Also, the claims expense for the year amounted to N3.2billion in comparison with N3.4billion reported in 2017; signaling a dip of eight percent. Underwriting expenses grew by 32 percent from N2.6billion in 2017 to N3.4billion in 2018," he added. Also, the company's net premium income grew to N9.1billion in 2018 from N7.1 billion representing a 29.7 percent growth over the 2017 figure. The net underwriting profit rose to N9.7billion in 2018 while underwriting profit went up to N3.7billion in the 2018 financial year, up from N1.05billion in 2017, while net income stood at N4.35billion, from the corresponding figure of N2.4billion in 2017. The operating results showed that the total assets of the group witnessed a growth of 6.74percent, from N33.2billion in 2017 to N35.53billion in 2018. The net claims paid for the period under review amounted to N3.1billion, an eight percent marginal reduction from the 2017 figure of N3.42billion.
26 — Vanguard, TUESDAY, OCTOBER 15, 2019 Buhari administration earned N16.6trn from oil in four years …Jonathan’s govt received N29.5trn By Michael Eboh . Domestic Crude Purchased By NNPC •Source: NNPC A THE administration of President Muhammadu Buhari earned N16.647 trillion from the oil and gas industry in its first tenure, from May 2015 to April 2019. According to data obtained from various reports of the Central Bank of Nigeria, CBN, the country’s earnings from the petroleum industry was from crude oil and gas sales, royalties, Petroleum Profit Tax, PPT, and other sources. The money was earned by Nigeria only and does not include earnings by oil and gas companies operating in the country. The total oil revenue represented the amount that was later shared to the Federal, State and Local Governments after the inclusion of non-oil revenue, as well as after other deductions and transfers. However, from the reports, it was observed that the amount earned by Buhari in the first four years of his administration was 43.6 per cent lower than the N29.514 trillion earned by the administration of President Goodluck Jonathan from May 2011 to April 2015. Giving a breakdown of oil revenue recorded during the Buhari administration, the CBN reports stated that from May 2015 to December 2015, oil revenue stood at N2.3 trillion; in 2016, 2017 and 2018, earnings from the industry stood at N2.693 trillion, N4.109 trillion and N5.63 trillion respectively, while from January to April 2019, the country earned N1.882 trillion. On the other hand, the administration of President Goodluck Jonathan earned N29.59 trillion from the petroleum industry, broken down into N6.321 trillion from May 2011 to December 2011; N8.094 trillion, N6.809 trillion and N6.793 trillion in 2012, 2013 and 2014 respectively, while from January to April 2015, the administration recorded oil revenue of N1.497 trillion. The amount earned by the Buhari administration in its first tenure represented 61.42 per cent of the country’s budgets for 2015 to 2018. Specifically, between 2015 and 2018, the Federal Government’s total budgets stood at N27.1 trillion. In 2015, 2016, 2017 and 2018, the Federal Government’s budget estimates were N4.5 trillion, N6.06 trillion, N7.44 trillion and N9.1 trillion respectively. Commenting on earnings from the petroleum industry during the Buhari administration, the immediate past president of the THE average price of Organisation of Petroleum Exporting countries, OPEC’s basket of fourteen crudes in the past one week averaged $61.47 compared with $59.37 recorded the previous week. According to OPEC’s calculation, the highest price of crude was recorded on September 10, 2019, which averaged $62.74 per barrel, while the lowest price for the period under review averaged $60.02. Nigerian Association for Petroleum Economists, NAPE Professor Omowumi Iledare, argued that the money was better utilized.” Energy demand to rise by 33%, requires $11trn investment — Barkindo By Udeme Akpan THE Organisation of Petroleum Exporting Countries, OPEC, has predicted that energy demand would rise by 33 per cent from 2015 to 2040. According to OPEC, the rise in demand would require almost $11 trillion in oil and exploration and production during the period. OPEC Secretary General, HE Mohammad Sanusi Barkindo, who made the disclosure at the SPE Kuwait Oil & Gas Show and Conference, October 13, 2019 in Kuwait City, said: “Overall energy demand will increase 33per cent from 2015 to 2040, with almost 95per cent of that demand coming from developing countries, led by India and China. Crude oil will continue to account for the largest share of the energy mix by 2040 – around 28per cent – and oil and gas together are projected to make up more than 50per cent of the global energy needs. “Worldwide oil demand is forecast to grow by around 14.5 million barrels per day, rising to nearly 112 million barrels per day by 2040. Road transportation will remain one of the main drivers of oil demand – even taking into account advances in efficiency, tightening emissions policies and the growth of electric vehicle use. Our projections show that the total vehicle stock is estimated to grow by around 1.1 billion between 2017 and 2040, to 2.4 billion vehicles, with electric vehicles accounting for just 13per cent of the overall fleet by 2040.” He stated: “The largest incremental demand growth for crude oil is projected to come from the petrochemicals sector, according to the Outlook. While the outlook for the petroleum sector is bright, the industry also has a responsibility to be part of the solution to the challenge of climate change. We must be more than a stable energy supplier. “Let me identify three important and interconnected points on how we can retain a competitive position while addressing the climate issue. First, the oil industry needs both a seat at the table in the discussions on the energy future – and a level playing field when it comes to energy policy making. This is why OPEC has supported the Paris Agreement and is fully engaged at the multilateral level in discussions on climate policy.” He said: “The ‘Declaration’ has been a game-changer for the industry. The production adjustments undertaken by the participating countries over the past three years have reversed the severe oil market crisis of 2014-2016 and restored durable stability to the global oil market. “The success of the partnership and the market-balancing measures it has undertaken owe much to the unwavering support of Kuwait that continues to serve on our JMMC and the steadfast leadership now being set forth by Khaled Al-Fadhel. In July this year, the 24 participating countries in the ‘Declaration of Cooperation’ unanimously endorsed a ‘Charter of Cooperation’. This voluntary initiative puts us in a stronger position over the longer term to address areas of common interest, including energy security, the energy transition and the challenge of climate change.” Electricity: Firm emerges with water technology • As supply hovers at 3, 480MW By Prince Okafor S Nigeria continues to search for adequate and steady power supply, Buserve Limited, an indigenous company has emerged with water powered technology to boost supply. In a statement sent to Vanguard, managing director of the company, Mr. Laitan Aderinto stated: “Water to Hydrogen Gas mass production technology represents a major scientific breakthrough of the utmost importance. This patented technology is based on an advanced proprietary scientific process which includes the invention of using Thermoplasma to convert water into Hydrogen Gas in high volume for power generation and at much lower cost than any other hydrogen production technology. “Furthermore, since H2 production is done in real time, according to actual power production requirements, there is no requirement for hydrogen storage which is one of the greatest challenges in using hydrogen gas as a renewable fuel source, not to mention avoiding a storage model is also much safer.” He added: “On average with this technology Power is generated at about 10per cent of the cost of diesel fuel and very importantly no fossil fuel component is required to mix with the H2 when using this technology. Water is the input and less than 10per cent of the gross energy production is required to power the equipment. “For each Liter of Water fed into the retrofit system the net output exceeds 1m3 of H2 gas. This is a no pollution technology designed to shift existing and future industrial power production away from fossil fuels and therefore reduce the world’s harmful emissions, currently approx 25% of the world’s harmful emissions is caused by Industrial Power Production, this technology seeks to bring this number as close to zero as possible.” Meanwhile, a report obtained from the ofice of the Vice President, Prof. Yemi Osinbajo, Power Advisory Team, stated that, the average energy sent out to the 11 Distribution Companies, DISCOs, stood at 3,480 Megawatts per Hour, MWH/ Hour (up by 254.02 MWH/Hour from the previous day). it stated:“1,726 MW was not generated due to unavailability of gas. “0 MW was not generated due to unavailability of transmission infrastructure, while 2777.3 MW was not generated due to high frequency resulting from unavailability of distribution infrastructure. “The power sector lost an estimated N2,162,000,000, due to constraints from insufficient gas supply, distribution infrastructure and transmission infrastructure.” C M Y K
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