Business
NSIA Records N15bn Income In 2014
Permanent Secretary, Ministry of Social Welfare and Rehabilitation, Rivers State, Ms Kadilo Brown (right) conferring with former Permanent Secretary of the Ministry, Dr Mrs Stella Toby during the send-forth of retirees of the ministry in Port Harcourt recently. Photo: Chris Monyanaga
The Managing Director, Nigeria Sovereign Investment Authority (NSIA), Mr Uche Orji, said the fund recorded a net comprehensive income of N15.8 billion in 2014, up from N505 million in December 2013.
Orji announced this while addressing newsmen on Authorities Financial Year report on Monday in Abuja.
“Total revenue during the period stood at N7.2 billion, up from N1.96 billion.
“Change in fair value of assets was at N10.5 billion as opposed to a loss of N19.5 million during the 15 month period ended December 2013,’’ he said
He said investment securities grew from N45.1 billion to N118 billion during the period.
He said that borrowing which stood at N1.4 billion as at end of 2013, was fully liquidated while the authority invested N13.6 billion in subsidiaries and its associate as at the end of the financial year 2014.
The subsidiaries, he said, include NSIA Motorways Investment Company and KG Brussels as well as a stake in Nigeria Mortgage Refinancing Company were consolidated in the authority’s book.
He said that the prevailing exchange rate at the end of the financial year was N167.5 to a dollar.
“Our strong financial performance during the period in review came primarily from investments in secondary interests in private equity, developed market long only equities and return hedge fund investment,’’ he said
He said the operating performance was recorded against significant headwinds generated by sustained global financial crisis, weak demand, rapidly declining oil prices and a turbulent local operating environment.
Orji said that in the year under review, the NSIA ranking under the Sovereign Wealth Fund Institute Transparency Index (SWFI) was upgraded to nine points out of 10 from the previous forth position.
This new rating, he said, translated to a leap from global joint 33 to global joint second position, out of 51 Sovereign Wealth Funds ranked by SWFI.
“It also made us the only African fund to be ranked,’’ he said
He said that the outlook in 2015 remained volatile as European Central Bank commenced a quantitative easing programmed and the Swiss Central had upgraded its currency against Euro that led to significant swings in major currencies.
He assured the authority would diversify strategy for future generations and stabilisation funds, adding that the major focus would be on domestic market, especially in the power sector.
“We believe that the recent devaluation of the naira presents both challenges and opportunities in the domestic market.
“From our position as investors, we have seen incredible buying opportunities and we expect that infrastructure fund will become increasingly active in the domestic market as we take advantage of short term price dislocation,’’ he said.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter