Business
Finance Bodies, NBA Sign 5-Year Economic Dev Pact
The Chartered Institute of
Stockbrokers (CIS), Institute of Chartered Accountants of Nigeria (ICAN) and Nigerian Bar Association (NBA) have signed a five-year collaboration agreement for the development of Nigerians’ socio-economic life.
A joint statement by the three professional organisations said on Thursday the tripartite agreement, tagged “The Project’’, was the fruit of their commitment toward socio-economic development of the nation.
Sources quote the agreement as saying that their collaboration would cover all areas of mutual interest for enhanced development of the Nigerian capital market.
It will also cover the financial system, the legal system and the entire socio-economic life of Nigerians.
Under the renewable five-year agreement, each party shall cooperate in the promotion and exploitation of the project and all associated areas of total development.
“The collaborative project is considered a joint project under the relevant laws, and will result in an equal split of ownership among the parties,’’ it said.
It also said that each party was obliged to ensure prompt execution of any assignment that would bring the overall development of the nation’s economy.
The agreement said that each party had agreed to contribute to the efficient flow of information and access to relevant data, according to the agreed access rights without prejudice to confidentiality rules.
To sustain the culture of transparency, it said that each party should inform others of relevant communications it received from third parties in relation to the project.
It said the President of NBA, Mr Augustine Alegeh, had described the agreement as unique and history-making.
It quoted Alegeh as saying that the uniqueness was better appreciated against the background of their coming together to create synergy to serve Nigerians better and yield bountiful results.
The statement commended the residents of CIS, Mr Albert Okumagba and that of ICAN, Mr Chidi Ajaegbu for ensuring that the agreement became a reality.
Also, it said the president of CIS expressed joy that the collaboration would bring about rapid development of the Nigerian economy given the strategic importance of each party to the overall economic growth and development.
“Each party should draw inspiration from its structure and expertise to contribute effectively to the collective aspirations of the three bodies,’’ it quoted Okumagba as saying.
It also quoted the president of ICAN, a chartered stockbroker as describing the new agreement as a milestone in the annals of the Nigerian financial system.
Ajaegbu, it said, noted that each party had a lot to offer to the common pool.
The statement said that both Ajaegbu and Okumagba were unanimous in their call on the Federal Government to expedite action on the passing of the Petroleum Industry Bill (PIB).
On the action plan, it said Okumagba and Ajaegbu explained the imperatives of setting up a small committee to commence execution of the project that would enable the three bodies to deploy their individual synergy for the overall benefit of the group.
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