Prof. Umar Danbatta, Executive Vice Chairman, Nigerian Communications Commission (NCC), has said that the outfit was paying special attention to professionalism because it was key to quality service delivery.
Danbatta spoke on Saturday in Abuja, at the investiture of Mr Kings Adeyemi as the 19th National Chairman of the Nigerian Institute of Electrical and Electronic Engineers (NIEEE).
He was represented at the occasion by Mr Bako Wakil, Director, Technical Standards and Network Integrity, in the NCC.
According to him, such professionalism has been responsible for the successes recorded by the commission over the years.
“It is against this backdrop that the commission is encouraging and supporting its staff members to join professional bodies of their choice,” he said.
The executive vice chairman called on industry stakeholders to strive toward making meaningful contributions to the progress of the industry.
“As a stakeholder in the telecommunication industry, I enjoin you to continue to make meaningful contributions to the progress of this industry, especially at our stakeholder’s engagement programmes.
“Electrical and electronic engineers play significant roles across all segments in the delivery of our regulatory mandates,” he said.
The NCC boss listed part of the commission’s mandate to include frequency spectrum administration as well as the management and setting of technical standards.
“We also carry out devices type approvals, create technical frameworks for the telecommunication industry, take cognisance of evolving technologies and operational models, among other roles,” he said.
Danbatta said that records had shown that NIEEE was a “highly regarded division in Nigerian Society of Engineers (NSE)”.
“This can be seen from the fact that it has won NSE’s Group Dynamic competition more than any other division,” he said.
In his remarks, Adeyemi described the electrical engineering profession as the most dynamic, “due to volatile technological trends”.
He called on other engineers to keep upgrading their knowledge so as to be resourceful and remain relevant in the digital age.
“In order to be relevant in the affairs of the electrical engineering world, all electrical engineers must strive toward professional development.
“As we aspire to leadership positions along the professional ladder, steady professional development is key,” he said.
Edited By: Chinyere Nwachukwu and Ephraims Sheyinhttps://nnn.ng/professionalism-key-to-quality-service-delivery-in-ncc-ceo/
Recapitalisation: AIICO not resting in its drive — MD
Fajemirokun said that the firm’s current capital base was N11.6 billion and it hoped to increase this to N15.02 billion after the rights issue and bonus issue by the end of the year.
This, he said, would bring them closer to the NAICOM new capital requirement of N18 billion by 2021.
“Rationale for the rights issue is, NAICOM, last year, increased the regulatory capital requirements for insurance industry to N18 billion, from N9 billion.
“AIICO has not rested, we have been focused on three strategies, first is private placement, successfully executed in January which raised N5.3 billion and increased our capital base from N6.3 billion to N11.6 billion.
“Of course, we had a shortfall from this, which will be raised through the rights issue and bonus issue. We applied the private placement to the loan or convertible loan repayment to the IFC, which we are currently executing.
“Also, we have investment in technology, human capital, plant and equipment and we also launched the facts behind the offer and rights issue to raise N3.48 billion, which started on Sept. 2.
“It will increase our capital base from N11.6 billion to N15.1billion, which will be deployed to two ways, technology and PPE.
“The board recommended the bonus issue which will involve capitalising some of our retain earnings with the proposed term of one share for every five shares to shareholders as at third December 2020,” Fajemirokun said.
According to him, the new capital requirement of N18 billion is due in 2021, and after the bonus issue, AIICO will be at N16.02 billion.
“The key impact will ensure that we are able to underwrite big transactions, especially in aviation and oil and gas, earn market confidence and bring us closer to meet the new requirement.
“So, at the end of this rights issue, AIICO would have met the current capital requirement which is 50 per cent (N9 billion)
“Why stakeholders should invest in the rights issue is because AIICO’s current capitalisation as at Sept. 7 was about N10.2 billion, because we have got a diversified business with a life and non-life business with complimentary business in health, pensions, asset management and others.
“We have 9 to 10 per cent market share based on gross premiums as at 2018. We have shown solid growth in our compounded annual growth rate for our total asset, total equity, PAT as well as dividend per share,” he said.
Mr Oscar Onyema, Chief Executive Officer, NSE said that the rights issue presented shareholders an opportunity to support AIICO insurance with a balance sheet, increased efficiency and repositioning to increase market share.
He said that the ultimate aim of the rights issue was to improve shareholders’ returns.
Onyema, who was represented by Mr Olumide Bolumole, said that NSE would continue to position itself as the African exchange of choice.
He said it would continue to assist listed companies to achieve their business objectives.
Mr Dipo Williams, representing the Chartered Institute of Stockbrokers, said that AIICO had been one of the stock market’s good companies that had been listed since 1990.
Williams said that AIICO insurance had seen the benefits of the market and this was why it was back for more rights issue.
He assured the firm that the stockbroking community would always support them.
At the end of the webinar, Mr Oladeji Oluwatola, Chief Operating Officer of AIICO rang the closing gong to close the market.
Edited By: Oluwole Sogunle
Infrastructure: Firm optimistic of Nigeria’s cement market
Lafarge Africa Plc on Thursday expressed optimism of the country’s cement market in spite of the COVID-19 pandemic.
Mr Khaled El Dokani, the company’s Chief Executive Officer, said this at Lafarge Africa virtual ‘Facts behind the figures’, at the Nigerian Stock Exchange (NSE).
He said that Nigeria’s cement market was promising considering its teeming population of 200 million people.
El Dokani added that the country’s enhanced emphasis on infrastructure development would increase activities in the industry.
He said that the company would remain committed to the attainment of the Sustainability Development Goals (SDGs).
El Dokani noted that Lafarge Africa’s initiatives were designed to contribute to the attainment of the SDGs.
“The company is committed to best practices such as minimising the use of water and replacing sources of water in communities, adopting non-polluting forms of renewable energy and recycling materials,” he said.
He, however, assured all stakeholders of enhanced value creation in the years ahead.
Onyema also appreciated the company for its recent interventions and donations to support national efforts toward cushioning the effect of the pandemic on the Nigerian populace.
He said that NSE would continue to provide a platform to support listed companies in meeting their strategic business objectives.
“We will continue to position ourselves as the African Exchange of choice for issuers and investors by implementing policies aimed at strengthening the corporate governance of our listed companies,” he said.
“We also launched a revamped version of our X-Issuer platform to enhance the continuous flow of relevant and
reliable market information, and to enable stakeholders make informed investment decisions.
“To cushion the impact of the pandemic and restrictions on business activities, we made provisions for palliatives to market stakeholders.
“This includes granting a sixty-day extension to listed companies on the filing of audited and quarterly financial statements,” Onyema said.
Edited By: Kamal Tayo Oropo/Wale Ojetimi
NCC holds 1st virtual bi-annual meeting with Telcos on Complaints Management
NCC holds 1st virtual bi-annual meeting with Telcos on Complaints Management
Abuja, Sept. 17, The Nigerian Communications Commission (NCC) held its regular bi-annual meeting with Senior Executives of Telecommunication Companies on complaints management for the first time virtually in compliance with the Federal Government’s COVID-19 management protocols.
Dr Ikechukwu Adinde, Director, Public Affairs, NCC, made this known in a statement on Thursday in Abuja.
Adinde said that at the meeting, which focused on consumer relations and complaint management processes, the NCC and telecom service providers agreed that the compensation policy should be revisited and complied with at all times.
This, he said, was to ensure full compliance with the new Complaint Categories and Service Level Agreement () consented to by the NCC and the service providers in the telecommunication ecosystem.
The NCC director said that it was decided that the Commission and telecom service providers would hold follow-up discussions on “Fair Usage Policy” on unlimited data bundles/data rollover.
He said that this was in order to provide clearer explanation and better understanding of the processes and procedures of the policy for the benefit of the consumers.
“The Commission hereby wishes to restate that its directive of June 2018 to service providers to commence implementation of data rollover from June 26, remains in force.
“In other words, a subscriber’s unused data must be rolled over to his or her subsequent data subscription.
“Therefore, the Commission urges service providers to continue to inform and educate subscribers on the procedures and processes for data rollover,” Adinde said.
He said that service providers agreed to ensure that senior level customer relations officers would support their respective complaints management teams to resolve complaints that were not resolved to the customers’ satisfaction when it was first reported.
He said that the service providers also promised to ensure that complaints were resolved in both the letter and spirit of the recently-reviewed Service Level Agreement (SLA).
Adinde said that the meeting resolved that telecom service providers should explore initiating service level agreement with banks to ensure uniformity and speed in the resolution of complaints relating to billing.
According to him, all parties to the meeting equally agreed that telecom service providers will carry out pervasive consumer education and enlightenment campaigns about their products and services.
“This is to ensure their subscribers have information they required to make informed decisions and get value for money spent.
“The Commission wishes to state that it was very pleased with the impressive attendance, participation and the quality of decisions taken at the bi-annual meeting.
“The NCC is, therefore, determined to continue to work closely with the service providers and other stakeholders in the Nigerian telecom sector to improve on service quality, and by implication, the quality of consumer experience.
The bi-annual meeting, which has held regularly since 2018, focuses on ensuring improvement in Quality of Service (QoS) and Quality of Experience (QoE) in the telecom industry.
It had served as a veritable platform for the Commission and service providers to discuss and agree on measures that will enhance prompt and effective consumer complaint resolution in telecom service provision in Nigeria.
Edited By: Oluyinka Fadare/Ali Baba-Inuwa
Sell pressure: Stock market extends loss 0.19%
The Nigerian Stock Exchange (NSE) extended losing streak on Wednesday, with a loss of 0.19 per cent, amid sell pressure.
The NSE All-Share Index shed 47.65 points or 0.19 per cent to close at 25,550.31 compared with 25,597.96 recorded on Tuesday.
Similarly, the market capitalisation which opened at N13.354 trillion lost two billion naira to close at N13.352 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Cadbury, Lafarge Africa, NEM Insurance, Zenith Bank and International Breweries.
Market breadth closed negative with 17 gainers against 19 losers.
Royal Exchange led the laggards’ table in percentage terms, dropping by 10 per cent to close at 27k per share.
NEM Insurance came second with 9.78 per cent to close at N2.03, while Cadbury dipped 8.39 per cent to close at N7.10 per share.
Associated Bus Company dropped 8.33 per cent to close at 33k, while Neimeth shed 7.69 per cent to close at N1.80 per share.
On the other hand, Learn Africa led the gainers’ chart in percentage terms, gaining 9.62 per cent to close at N1.14 per share.
Berger Paints garnered 7.44 per cent to close at N6.50, while Union Bank of Nigeria grew by seven per cent to close at N5.35 per share.
Oando increased by 4.44 per cent to close at N2.35, while Lasaco Assurance appreciated by four per cent to close at 26k per share.
Also, the volume of shares traded decreased by 13.59 per cent as investors bought and sold 211.82 million shares worth N2.42 billion in 3,651 deals.
This was in contrast with a turnover of 245.14 million shares valued at N3.01 billion achieved in 3,597 deals on Tuesday.
FCMB Group topped the activity chart with 30.33 million shares worth N62.18 million.
Access Bank followed with 20.97 million shares valued at N139.40 million, while United Bank for Africa sold 18.57 million shares worth N109.65 million.
Zenith Bank accounted for 17.99 million shares worth N306.34 million, while FBN Holdings transacted 13.54 million shares valued at N67.41 million.
Edited By: Chioma Ugboma/Oluwole Sogunle