Business
NSE Moves To Compensate 158 Investors With N42.23m
L-R: General Manager, Nigerian Content Development, Shell Nigeria, Chiedu Oba, Petroleum Technology Association of Nigeria (PETAN) Administrator, Jumoke Oyedun, Head of Nigeria Content Development, Shell Nigeria Exploration and Production Company of Nigeria, Austin Uzoka and PETAN’s Publicity Secretary, Nik Odinuwe, at the just concluded Nigeria-UK Suppliers Engagement Programme sponsored by SNEPCo and its co-venturrs in Lagos, recently.
The Nigerian Stock Exchange (NSE) has announced plans to compensate 158 investors with N42.23 million under its Investors Protection Fund (IPF).
The Tide source reports that IPF is a quasi capital market insurance scheme inaugurated in 2012 for defalcation committed by NSE registered dealing member firms.
IPF was also designed to compensate investors’ loses occasioned by bankruptcy, insolvency, negligence or wrongdoing of stock-broking firms and to boost investors’ confidence in the nation’s bourse.
The fund addresses defalcation committed by a dealing member firms directors, officers, employees or representatives in relation to securities, money or any property in the course of its business as a dealing member firm.
NSE in a statement obtained by reporters in Lagos said that the compensation covered pecuniary losses suffered by the investors’ following wrong doing by 29 dealing member firms of the Exchange.
“These 158 claimants, to be compensated, are investors whose claims were verified by the exchange, approved by the Board of Trustees of the IPF, and whose identities were verified by an identity verification consultant engaged by the IPF,” it said.
It said the claimants were found to be eligible for compensation in accordance with the relevant provisions of the Investment and Securities Act (ISA) and the IPF rules.
It also explained that N400, 000 would be the maximum amount payable to each claimant as approved by the board and in accordance with the rules of the fund.
NSE said that the 29 dealing member firms are either inactive or have been expelled as members of the Exchange.
Mr Fubara Anga, the Vice Chairperson of the Board of Trustees was quoted by the statement as saying “it has been a long, rigorous and transparent process getting to this stage”.
Anga said that the fund was in line with global best practices, noting that decisions, processes and procedures were bench-marked against other international investors’ protection funds.
He also said that the fund’s establishment followed appropriate corporate governance structure, transparent and auditable selection processes.
Mr Oscar Onyema, NSE, Chief Executive, who is also a member of the IPF, described the development as a milestone and restated NSE’s commitment toward initiatives that would bolster confidence in the nation’s capital market.
“Though the compensation payment may not be a complete restoration, it is a show of good faith on our part to investors.
I thank the Board of Trustees for their guidance and commitment, the claimants for their valuable patience and all other stakeholders for their contributions towards the success of this exercise,” Onyema said.
Ms Tinuade Awe, NSE, Head Legal and Regulation and Acting Secretary to the Board of Trustees, said that “the IPF will duly advise all 158 claimants about the processes to receive their compensation payments”.
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