Business
SEC To Sack 152 Management Staff, DG Hints
The Director General of the Securities and Exchange Commission (SEC), Lamido Yuguda has given a hint that the Commission will soon retire 152 top management staff as a way of reducing wage cost.
This was coming on the heels of the Senate open anger over the Commission’s spending of a total sum of N8 billion to service its staff out of the N9 billion it generates every year.
Appearing before the Senator Ibikunle Amosun-led Committee on Capital Market to defend the budget performance of the agency 2021 and projections for 2022, Lamido Yuguda said: “In giving room for more financial inflow, we are planning to retire about 152 top management staff with fat salaries in paving way for recruitment of fresh workers with attendant less financial burdensome on the commission.
“There are measures at reducing expenditure and also measures at increasing revenue of the commission.”
During the meeting, the Senate sharply disagreed with SEC over spending of revenues made by the Commission largely on salaries and emoluments of staff.
The Chairman of the Committee, Senator Ibikunle Amosun who lampooned the Commission following the expenses made from its generated revenues, said: “your emolument was almost N6 billion out of the N9 billion and other expenses, so clearly you are spending almost all of the revenue that comes to you on staff emolument and other related things.
“You should give us the number of staff that you have in the commission such that we need to look at what is happening. If you generate about N9 billion and almost N8 billion is purely for servicing the staff. You are having a huge deficit of almost N4 billion. When you continuously make this deficit, year in year out, then something is wrong.”
Earlier while the Senate, through its Committee on Capital Market felt it was wrong for SEC to have expended close to 90% of revenues made in the 2021 fiscal year on staff salaries and emoluments, SEC denied being frivolous on spending of revenues made.
Yuguda in his presentation said: “a total of N11.5 billion was projected as revenue for 2021 out of which N2.689 billion was realised as at June with the hope of making more before the year runs out.
“Total recurrent expenditure for 2021 was budgeted at N13.53 billion but the actual expenditure was N4.063 by the end of June. Our budgeted deficit was N5.173 billion but the actual deficit as at end of September was N2.834 due to funding of it from our reserve . Though revenue performance is still weak but series of innovations like newly introduced charges for secondary Investors , will boost it up from 2022 fiscal year and beyond
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