23
T H I S D AY • MONDAY, MARCH 20, 2017
BUSINESSWORLD NIBOR OVERNIGHT 1-MONTH
R A T E S 15.3333 17.0332
3-MONTH 6-MONTH
A S 20.1621 23.1621
A T
NITTY 1-MONTH 3-MONTH 6-MONTH
Group Business Editor Chika Amanze-Nwachuku
Email chika.amanzenwachukwu@thisdaylive.com 08033294157
M A R C H
9 ,
2 0 1 7
13.0970 15.7898 19.6644
EXCHANGE RATE N305.50/ 1 US DOLLAR* *AS AT LAST FRIDAY
Quick Takes GTBank DMD Retires
The Deputy Managing Director (DMD) of Guaranty Trust Bank Plc (GTBank), Mrs. Cathy Echeozo has retired from the board of directors of the bank. It was gathered that according to the bank’s code of corporate governance, the maximum tenure one can serve on the board is three tenures of four years each. Echeozo joined the bank in 2005 and has completed her tenure. But a notice from the Company Secretary, Erhi Obebeduo at the weekend, explained that Echeozo joined the bank in 1993 and was appointed and Executive Director in March 2005. She was thereafter appointed deputy managing director of the bank in October 2011. “During her term as executive director and as deputy managing director, Echeozo was responsible for the corporate bank group and institutional banking division respectively and contributed immensely to the business of the bank. “The board is deeply appreciated of Echeozo, for her hard work and contribution to the success of the bank and wishes her success in her future endeavours,” the letter added.
Access Bank Celebrates Women’s Day
ACCOUNTING TO SHAREHOLDERS
L–R: MD/CEO, Mr. Valentine Ozigbo; Chairman, Olorogun O’tega Emerhor; Group Company Secretary, Helen Iwuchukwu; Group President/Non- Executive Director, Mr. Emmanuel Nnorom and Non- Executive Director, Dr. Bakari Wadinga all of Transcorp Hotels Plc at the company’s 3rd annual general meeting held at Transcorp Hilton Abuja …recently
Insurers Groan as Forex Volatility, Climatic Change Skyrocket Claims Ebere Nwoji Insurance industry Operators have in the past two years been battling to keep head above waters owing to huge claims arising from twin problem of high exchange rate, which has seen the Nigerian commodity price index moving at geometric increase rate and the adverse effects of climatic change with its attendant risk of damages to lives and properties. These combined with the adverse effects of the economic recession, have lured many people into looking at insurance claims as means to weather their storms through filing of fraudulent claims. Chairman, Nigerian Insurers Association (NIA), Eddie Efekoha, recently expressed
INSURANCE concern that underwriters in recent times, have been contending with the challenge of fake claims, stressing that to outsmart the fraudsters, operators now carry out proper investigation to ascertain genuine claims. He however said despite the harsh economic times, operators must live up to their responsibilities in paying genuine claims, assuring that activities of claims fraudsters cannot deter insurers from settling claims of those who actually needed to be indemnified. Other insurance managers, sharing their claims experience with THISDAY between 2016 and first quarter 2017, said since 2016, Nigerian insurers, have been exposed to high claims
ratio due to uncontrollable social and environmental problems. The insurers said their claims experience in 2016, more than doubled what it was in 2015 while what they have so far seen in the first quarter of 2017 is unspeakable. Group Managing Director Royal Exchange Plc, Muktari Auwalu, corroborating what the NIA chairman said on the industry’s claims experience within the period, told THISDAY that by the nature of insurance business, which is periodic and is renewable on annual basis, the high exchange rate of Naira to dollar, has more than doubled what they spent in paying claims to their clients whose properties were damaged during the course of the year. The NIA Chairman, narrating
the operators’ claims experience during the year 2016, said during renewals in 2015,when premiums were paid, it was paid based on old Naira exchange rate to dollar which was N196.00 to a dollar but now claims are paid based on current exchange rate which is over N400.00 to a dollar. He gave instance of third party motor insurance, saying the cost of repairing even the least damage on a vehicle has more than doubled because of high prices of motor spare parts adding that the same goes to other classes of business and claims emanating from them. Muktari, said the year 2016, came with challenges of huge claims coming the way of the Continued on page 24
NCDMB Tasks Shell, Chevron, Total on Nigerian Content Law Ejiofor Alike The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Kesiye Wabote has tasked Shell, Chevron and Total to ensure compliance with the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010. Speaking when he visited some IOCs in Lagos to seek collaboration and make firm commitment to support upcoming projects, Wabote insisted that all projects must comply with the Act and charged the operating companies to ensure that their contractors and subcontractors remit one per cent
ENERGY of their contract value to the Nigerian Content Development Fund (NCDF) as required by law. Wabote, who visited Shell, Chevron and Total, disclosed that the upcoming projects will increase Nigeria’s crude oil production and create opportunities for the growth and development of Nigerian Content. He informed the operators that NCDMB had adopted mechanisms that accelerate processing time for Nigerian Content plans, technical and commercial evaluation and issuance of Nigerian Content
certificates. He charged other entities involved in the contracting cycle to adopt similar strategies so the sector can achieve the six months contract processing target set by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu. Wabote also expressed the Board’s readiness to partner with various stakeholders in resolving challenges they might have executing their projects. According to him, the visits to operating and service companies around the country were conceived to engage stakeholders, and explain strategies adopted by the NCDMB to foster projects and ensure domiciliation of work
scopes and maximisation of in-country capacities. According to him, one of those strategies is the categorisation of service companies by their capacities, which he said, will now be used in the contracting process. The Executive Secretary expressed delight with the establishment of pipe-coating facilities and steel pipe mills incountry and urged the operators to patronise the facilities. He also warned that the Board would sanction operators that award contracts without approved Nigerian Content Compliance Certificates (NCCC). Continued on page 24
Access Bank Plc recently joined the rest of the world in celebrating the International Women’s Day (IWD) with over 250 high potential female professionals across 50 corporate organisations in Nigeria. In line with the 2017 theme for IWD: “Be bold for Change” and the UN Women theme for the year tagged: “Women in the Changing World of Work: Planet 50-50 by 2030”, the attendees had the opportunity to receive insightful advice on assertiveness and self-confidence, strategic positioning, managing upwards, personal branding and networking. Speaking on the objective of the session organised in commemoration of the IWD, the Group Head, Products and Segments of Access Bank Plc, Mrs. Ope Wemi-Jones, was quoted in a statement to have said: “The Young Female Professional is one of the segments under the W initiative- The home for everything Access Bank has to offer women. As a Bank, we are committed to working with Nigeria’s Young Female Professionals with an objective of nurturing them as future executives and CEO’s in their chosen careers and business endeavours.” According to her, “Planet 50-50 by 2030” requires everyone’s commitment to competing based on skills and capacity; it is about sponsoringeachotherandnotspitingoneanother.Itisaboutcelebrating and recognising one another and not being indifferent about each other’s achievement. It is about a personal resolve to be bold and seize the moment.” Based on their special focus on women, Access Bank’s W Initiative intends to grow the Young Female Professional network into a global group that will stand for high performance, professionalism, leadership and result.
Kids Creative Writing Contest Unveiled
A national creative writing competition, Blooming Minds Young Writers Awards, for children between ages six and 15 years has been introduced. The contest is to come in two categories. The first being a 300-word poetry and short stories for children between ages six and nine while the second entails a 500-worded fictional and non-fictional piece from kids aged nine to 15. Blooming Minds Kids Agency Nigeria Limited, promoters of the awards, said the targets must showcase stories depicting African cultures. Chief Executive of the company, Mrs.Thelma Ofosu-Asamoah said: “It is an initiative that provides a platform for children with creative writing skills to exhibit their talent. It was first launched in Ghana last year. We are driven by the passion to raise a generation of children who are analytic, confident and expressive. The aim is to ultimately nurture a writing culture in our youth by helping them engage their minds in creating stories that are African- centred. The competition will also help them to rediscover and appreciate the African culture through literature.” The sums of N50, 000 and N25, 000 go the winner and runner-up of the first category, just as N100, 000 and N80, 000 had been earmarked for victors of the second set.
“If the airline operator has borrowed with huge FX content, and FX has gotten to such an alarming rate, then there is a problem” President/CEO of Sabre Network NMC, West Africa,
Gabriel Olowo