10072020 - Day 4: Panel grills ‘Magu's 7 Untouchables’

COVID-19 restrictions drive up mobile
transactions 365% in 5mths
CURRENCY BUYING SELLING
US DOLLAR
POUNDS
EURO
FRANC
YEN
CFA
WAUA
RENMINBI
RIYAL
RAND
98.95 0.00
2,221.00 0.00
11.87 -0.21
42.44 -0.85
39.80 -1.10
360 360.5 361
451.944 452.5717 453.1994
406.368 406.9324 407.4968
382.4498 382.981 383.5122
3.3473 3.3519 3.3566
0.5075 0.5175 0.5275
422.2018 422.7882 423.3746
51.3279 51.3997 51.4714
95.9693 96.1026 96.2359
21.1889 21.2184 21.2478
CBN Exchange rate as at 09/07/2020
By Elizabeth Adegbesan
The value of mobile Interscheme
transactions rose by
365 percent, year-on-year (YoY)
to N853.7 billion in the five months
ending May 31st, from N183.7 billion
in the corresponding period
of 2019.
This huge growth, the highest in
three years, according to mobile
money agents was due to the restrictions
in movement and visit
to banking halls occasioned by the
Coronavirus (COVID-19) pandemic.
Mobile Inter-scheme refers to
transactions through the agent
network of the 26 licensed Mobile
Money Operators (MMO) in Nigeria.
The 365 percent YoY growth
recorded by mobile interscheme
transactions in the five months
ending May 31st, dwarfed, 46 percent
and 17 percent, YoY, growth
in the value of Point of Sale (PoS)
and Nigerian Interbank Settlement
System (NIBSS) Instant Payment
(NIP) transactions during the
same period.
Furthermore, the mobile transactions
performance represents a
540 percent increase when compared
with the 57 percent YoY
growth recorded in the corresponding
period of 2019.
Explaining the factor behind the
triple digit growth, President, Association
of Mobile Money and
Bank Agents in Nigeria
(AMMBAN), Victor Olojo said:
“The growth is due to the COVID’19
pandemic. The fact is that
COVID’19 actually disrupted a lot
of things and at the same time it
also promoted and paved room for
new growth and increases in businesses.”
He however noted that the restrictions
impacted some agents
negatively, saying, “Not all mobile
money and bank agents are actually
smiling because of the
lockdown. We have agents that are
located in the central business areas
who had to shut down because
they were situated in places like
markets where they were asked to
shut down.
“There are also agents who are
operating within residential areas,
local suburbs, and local market
areas. They were also able to make
the greatest gains.”
Olojo however noted that notwithstanding
the phenomenal
growth, mobile money agents encountered
some challenges as a
result of the restrictions.
He said: “There were quite a number
of challenges that agents faced
during the period. They had issues
of cash rebalancing; don’t forget
that banks were not operating during
the period of the lock down. So
it was really difficult accessing cash.
Vanguard, FRIDAY, JULY 10, 2020 — 19
CIIN members
have witnessed
increased growth
in intellectual
capacity
– Efekoha
So we had to work out an indigenous
model to address the problem of access
to cash. What we did was identify
businesses that were operational
that moment. So instead of going to
the banks to rebalance, we walk to
pharmacies or filling, (fuel ) stations
who were operational for rebalancing.
So the arrangement we had was
to transfer funds to them through
NIBSS Instant Payment (NIP) and
they in turn give us the cash equivalent.”
From left, Outgoing Acting Director General Securities and Exchange Commission
Ms Mary Uduk, Director General, SEC Mr Lamido Yuguda, Incoming Executive
Commissioner Legal and Enforcement , SEC Mr Reginald Karawusa and Incoming
Executive Commissioner Operations SEC Mr Dayo Obisan during the resumption
of the New Management of SEC in Abuja
Champion Breweries returns to profitability
as costs reduce
By Peter Egwuatu
Champion Breweries Plc has le
veraged on reduced costs of
production in her efforts to return
to profitability.
The Company, which held her
44th Annual General
Meeting, AGM using virtual
platform, said, “Results
of such efforts have
positively impacted on
production and sales of
her brand portfolio in the
reporting year.”
Addressing shareholders
who participated effectively
in the virtual AGM,
Chairman, Dr Elijah
Akpan said, “revenue
grew to N6.9 billion from
N4.8 billion; operating
proût changed its narrative
from a negative position
of N223 million in
2018 to the positive position
of N241 million and
the comprehensive proût
was N96 million as against
a loss of N165 million in
the previous year.
“Our investment in
power generation by way
of utilization of gas has begun
to pay-off as
signiûcant savings have
resulted as well as improved
efficiency in our mode of
operation in recent times”, he said,
while assuring the Board’s resolute
in working with Management on
strategies to grow the business and
lean on the shareholders’ continuous
support towards the capitalization
of the company.”
Elijah told shareholders that the
Company is now on the path of
portability as demonstrated in the
results. “The Board will commence
work on the establishment of Dividend
Policy with an expectation
of implementation within the soonest
practicable time”, he assured.
He lamented the harsh operating
environment occasioned by the
COVID-19 pandemic. “There have
been widespread reports of supply
shortages of pharmaceuticals and
manufactured goods due to factory
disruption in China, with many areas
seeing panic buying and consequent
shortages of food and other essential
grocery items. The restrictions on
public gathering would remain a
threat to our consumer market during
the year” he said.
COVID-19: Egbin prioritises steady power
er, , staf
aff f safety
By Victor Young
THE Management of
Egbin Power Plant, has
given insight into how it has
so far maintain steady power
supply to its customers and
safety of its employees since
the beginning of COVID-19
pandemic, saying uninterrupted
power supply and
staff safety is its priority,
A statement by the Chief
Executive Officer, CEO, of the
plant, Paul Harriman said the
Company’s seamless business
continuity plan and its
proven safety machinery
had continued to drive its
high performance levels and
By Rosemary Onuoha
The Chartered Insurance
Institute of Nigeria, CIIN,
said that there has been increased
growth and development
in the intellectual capacity
of members in the last two
years.
The Institute also witnessed
improvement in its training infrastructure
which is the College
of Insurance and Financial
Management.
President of the CIIN, Mr.
Eddie Efekoha, whose tenure
will elapse on Wednesday,
15th July, 2020, disclosed this
as part of his achievements in
office for the last two years.
Efekoha who stated this in an
interview noted that foremost
on his agenda, was ensuring
that professional members of
the Institute acquired cutting
edge skills that match up with
global standards and enables
them to compete favourable
with their counterparts in
other sectors, adding that he
is satisfied with achievements
he recorded in the last two
years at the helms of affairs of
the Institute.
He said, “I only planned for
one year tenure but as fate will
have it and also as necessitated
by the turn of events, I reluctantly
accepted to serve for the
second year.
“While the relationship between
the Institute and the CII
UK was strengthened and
among some of the fruits therefrom
were revision of syllabus
and the domestication of CII
textbooks which were
launched in June 2020, the
Institute’s Mentorship
Programme was actualised with
the organisation of an inaugural
bootcamp where industry
leaders shared experiences
with young professionals with
the aim of inspiring them to
strive for greater achievements.
“Furthermore, the College has
become the focal point for human
capital development for
insurance industry in Nigeria.
This is evidenced by the partnership
between the College
and National Insurance Commission
(NAICOM) which resulted
in the first ever Insurance
Directors Conference and recently
in the Actuarial Development
Programme. Hence, the
Institute, more than ever before,
effectively delivered on its
statutory duties during my tenure.
employee well-being at Egbin,
one of Africa’s largest power
generation companies.
Harriman said the deployment
of the company’s safety
protocol in response to the
COVID-19 pandemic had paved
the way for zero disruption at
the power plant which provides
a quarter of power generated
in Nigeria.
According to him, in addition
to virtual operations, employees
who had to run the plant in
person remained in full compliance
with all safety precautions,
helping Egbin maintain
an optimal generation capacity
in the first half of the year.
He said “From the basic precautionary
measures and
protocols advised by the
NCDC and WHO to Egbin’s
in-house protocol, we have
the situation under control
at the plant. Prior to the
pandemic, we had a remarkable
safety record of
over 3.7 million man hours
with zero Loss Time Injury,
LTI, and this positive
record continues amid the
pandemic.
“The company’s employees
have not been compelled
to remain within the
premises as a result of the
pandemic, contrary to recent
misleading media reports.”