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T H I S D AY • MONDAY, OCTOBER 3, 2016
BUSINESSWORLD
NEWS
Glo Offers Tailor-made Solutions for Pension Industry Globacom, data grandmasters and diamond partner of the 2016 World Pension Summit ‘Africa Special’, on Wednesday unveiled products and services which it said would help propel Nigeria’s fledgling pension industry to monumental growth. Speaking at the just concluded summit at the Transcorp Hilton Hotel in Abuja, Globacom’s Head of Operations, North Central, Mr. Akeem Yusuf, said the company had developed an architecture comprising three main components that provide best customer experience in pension administration. These he said were Customer-on-Board, Payment Collection Process and Automation. Yusuf said the Customer– on-Boarding component was
a simplified registration process which makes it easy for pension administrators to register, administer and manage their customers. In addition to this, he explained, “a mobile money agent will be created, and all payments will be updated using Glo Mobile-to-Pension Administrator’s database on Real Time basis, Real Time update of payment along with Customer Alert.” On the third component, Automation, he stated that the present touch points between consumers and banks are either time consuming, tedious for consumer or a costly affair, but that the Pension administrator’s application provided by Globacom will be on Cloud Telephony platform. “The
Cloud Telephony platform will automate various processes of Pension consumers so that there will be no need for Manual Interventions, especially in terms of personal premiums collection”, he said. Being the country’s integrated telecoms operator offering Glo Mobile, Glo Broadaccess, Glo Business Solutions, Glo 1 and Glo Gateway services, Mr. Yusuf said Glo empowers its customers with tools and automation to make business and life easy. Earlier, former President, Chief Olusegun Obasanjo, who delivered the keynote address at the summit urged the National Pension Commission (PenCom) to cautiously embrace innovation to avoid
endangering the security of funds being managed by it. “Innovation and sustainability must be with security. We cannot be too adventurous so that people who have worked and saved all their lives should have their money when they need it after retirement,” Chief Obasanjo advised. PenCom Director General, Mrs. Chinelo Anohu-Amazu, in her remarks commended Globacom for partnering with her commission to ensure a successful summit. She added that with the support of companies like Globacom, the commission is promoting a sustainable pension industry that positively impacts on the economic development of Nigeria.
PROMOTING EXPORTS
L-R: Executive Vice-President, African – Export Import Bank, Dr. George Elombi; Managing Director/Chief Executive Officer, Fidelity Bank Plc, Nnamdi Okonkwo; President, African Export – Import Bank, Dr. Okey Oramah; and Chief Operating Officer, Dangote Group, Olakunle Alake, during the 110th Board Meeting of the African Export- Import Bank in Lagos … recently
Aigbokhan Opposes Sell of National Assets The President, Nigerian Economic Society (NES), Prof. Ben Aigbokhan has opposed ongoing campaign for the sale of some national assets by government to help the country get out of the current recession, adding that it’s “generationally irresponsible” to tow the path. He said it’s even not economical and advisable to sell the assets at this point in time whereby the public has not been sufficiently carried along in order to secure their consent. Aigbokhan to him, putting the assets on the sale block would be a contradiction of the principle of sustainable development, arguing that it would be wrong to sacrifice the welfare of future generation for the present generation. He further contended that there was currently no clear-cut direction as to how government intended to spend the proceeds from the planned assets sale as the money could end up being wasted. Aigbokhan said given that some of these assets are jointly owned by foreign companies, expected proceeds may not even be enough to meet the current fiscal requirement. Worse still, he said given the current situation, the assets may be disposed of at lower economic rent simply because the country is in dire need of money. He, therefore, concluded that it’s irresponsible for government to proceed to sell off the assets as this will only help widen the existing gap in income inequality given that only the rich will be able to acquire the assets to the detriment of the common Nigerian. Speaking at a press briefing in Abuja, as part of the programmes lined up for the 57th annual conference of the NES, themed: “Developmental State and Economic Diversification of the Nigerian Economy”,
he said: “The economics of selling assets at this time is very poor. When you are selling national assets at a time of recession, it’s not going to attract the highest economic rent. We will be short-changing ourselves.” He argued that if former president Shehu Shagari had sold off national assets at the time of the fiscal crisis in 1982, the present government would not have had any assets to privatise in 1999. Moreover, he queried: “If we sell assets now because we want to boost our welfare, what will be left for further generations?” However, he called for a two-pronged approach to the current diversification programme of the federal government to achieve positive results. He said this year’s focus would be on diversification which is anchored on broad based or developmental state to achieve balanced development and not neglecting any sector. He also said the current economic diversification effort of government could be limited by the absence of continuity in leadership at the national level given that diversification is a long term development strategy which is unlikely to be fully achieved within four years. He, therefore, called for a review of the constitutional to provide a framework to make it mandatory for successive governments to adhere to existing policy directions. The NES boss said it was important to pay attention particularly to labour requirements in the area of agricultural diversification because the present crop of youths may no longer be interested in the sector in the long run. He added that a strong leadership was required to effect a broad-based economic diversification to help all sectors of the economy.
Geepee Introduces Products for Maritime, Dredging Industries Eromosele Abiodun In a bid to conserve the much needed foreign exchange and create jobs, Geepee Industries Limited has embarked on the development HDPE pipes, floaters for the maritime and dredging industry. The Group Executive Director of the company, Narendra Kumar, who disclosed this at a seminar to introduce the products to stakeholders in the industry, told THISDAY that the effort will also be an import substitution venture. Speaking on how Geepee Industries manages the timing and introduction of the multiple products into the Nigerian market over the years, he said the company as the market leader do a lot of market surveys.
According to him, “We travel to many places. We see the trends and products newly introduced in these places which could be useful in Nigeria. After careful consideration and development these products are introduced. Also many Nigerians travel abroad, see things and sometimes they bring samples and discuss with us for development. Secondly, there are two things in the marketing. One is what the market currently needs, which we fulfil. Two, we have to really assess what are the future perceived needs of the people, which they may not need it today they may not even know it. “But if you can identify those perceived needs of the people, either today or for the future then start working on
those products to develop. We have to keep innovating and developing to keep ahead of competition. However users’ inputs are vital in this and have to be taken and require working in collaboration. It’s like what we are embarking on now with developing HDPE pipes, Floaters, etc. for the Dredging industry. This will help Dredging industry as it will be an Import Substitution venture. “They can avoid import of bulky products, import procedures, foreign exchange, large and long inventory holding, procurement time running into months etc. Then it provides flexibility of tailor – made specifications as well as to emergency requirements. Customers can overcome and avoid their problems and handicaps associated
with imports by associating with us. We offer these kinds of advantages and benefits to our customers and potential customers.” On why the company decided to go into manufacturing of HDPE pipes, Floaters and other accessories, he said, “We do market research and talk to the users. We did this for Dredging industry. We found your details on internet. We already have expertise in large diameter pipes, materials being used and have technologies & machines. It is a natural extension for us. We have technically-skilled people for the development. Our sister concerns have capacities at Ota, Asaba, Aba, and can utilize wherever it is closer to the customer to their advantage.” He added: “We have had
surveys, preliminary discussions with some dredgers and have visited the sites. We have also gone through international specifications and practices. However more information will be taken with extensive contact with the customers and organisations like yours to finalise. In an interactive forum we can appraise them about our capabilities and will invite to visit our factories. Once the requirements are finalised then it’s a matter of three to six months’ time and we shall be ready to manufacture and supply products of their choice.” Manufacturing pipes and floaters in-country, he stated, would add extra potential capacity to the local dredging industry especially because of the current economic
constraints. “Surely it will. It’s a time to think differently and out of the box and realign Nation’s strategies, priorities, especially in conservation of foreign currencies. What can be produced with in the country should be encouraged to be produced in the country. All those developing countries which have come to certain stage now in last 30/40 years have done similar things. Such Policies will encourage investments in infrastructure industries and skill development. When infrastructure industries get set up, small and medium industries proliferate. Such endeavours will improve GNP, conserve foreign exchange and will generate much needed employment in the country, ‘he added.