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ECOWAS’ New Brown Cards To Tackle Faking
NIA-Logo in its efforts at
eradicating fake ECOWAS Brown Cards, the sub-regional Secretariat in Lome, Togo has standardized the operations of the scheme with the design of a new consensual brown card to be implemented from January 1, 2015.
A meeting of the scheme in the Togolese capital recently took critical look at the operation of the scheme and adopted measures to streamline the effective operation of the system in member countries.
According to the Nigerian Insurers Association (NIA) 2013-2014 yearly report, the scheme is modeled after the Green Card scheme in Europe, Pink Card in Central African sub-region and yellow card scheme in the Arab countries sub-region.
The report explained that in order to reduce the time for claims processing, an on line claims management software is being designed by the secretariat.
Some of the challenges confronting the ECOWAS Brown Card scheme, the report said, include the need to review the Brown Card protocol in line with current realities.
Besides, the National Bureau has continued to face challenges in Cross Border Claims Management, including delay in claims payment, issues with the police formation of some member countries, and inability to get motorists released especially in cases involving loss of life.
According to sources at NIA, “The major challenge facing the brown card system is that of fake holders, we have more fake brown cards in the system than the genuine ones. When we say that, we speak in terms of the Nigerian experience, because we have found that the way the Brown Card is treated varies from country to country within the sub-region. There are countries once you buy comprehensive insurance or third party, automatically they sell the Brown Card to you, so that everybody who get a certificate of insurance gets the Brown Card too, whether you want to travel or not.
“But in Nigeria, we do not sell unless you need it, that is only when you want to travel outside Nigeria that you come to buy the Brown Card, but unlike the ordinary motor certificate, which is not checked whether you want to take your vehicle across the frontiers, the Brown Card is part of the documents that they will check.”
Besides, most people do not know about the Brown Card until they get to the borders and they are so many touts around the borders that sell fake ECOWAS Brown Card to them to continue their journey.
Another challenge, the source said, is that of language barrier, adding, “the language barrier has not really enhance the issue of ECOWAS Brown Card, equally, we have had problems with the law enforcement agencies, even in Nigeria, when somebody comes from another country and is involved in an accident, despite our intervention from Nigerian National Bureau and explained the procedures and all that sometimes, the law enforcement agents do not co-operate with us they will insist on the foreigner paying before they release vehicles.
“These are the challenges we have had to face. Most Nigerians who are affluent and insure their cars properly don’t really like to travel by road, most Nigerian companies have not paid attention to it and it is only when your major client wants to travel, they come to you and we sell this document for them, but the vast majority of those who travel along the road regularly are those who patronize these touts for their third party certificates”.
The Managing Director, Shell Nigeria Exploration and Company Limited (SNEPCo), Elohor Aiboni, said Bonga, Nigeria’s first deep-water asset, has recorded major milestones, due to effective leadership, cutting-edge technology, continuous improvement and collaboration with stakeholders.
She noted that since coming on stream in November 2005, Bonga has maintained a track record of production that saw it achieve one-billion-barrel export on February 13, last year.
In her presentation, titled “The Bonga Journey to a Billion Barrels”, at the ongoing 2024 Offshore Technology Conference in Houston, Texas, United States, Aiboni, said: “SNEPCo is grateful for the contributions of all the parties to the Bonga story and we can all be proud of the milestones.
“Bonga has been consistent. In 2014, nine years after coming onstream, it achieved half a billion barrels of crude and doubled it in 2023. We have worked relentlessly to ensure excellent asset management, project and wells delivery and deployment of technology and innovations in our operations”.
According to her, these factors, “coupled with the supportive partnership of the Nigerian National Petroleum Company Limited and our co-venturers – TotalEnergies, EP Nigeria Limited; Nigerian Agip Exploration; and Esso Exploration and Production Nigeria Limited, make Bonga stand out as a world-class investment case”.
She continued that, “SNEPCo also enjoyed the support of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Content Development and Monitoring Board (NCDMB) in the success of Bonga operations”.
Aiboni also listed the challenges of keeping the Bonga Floating Production, Storage and Offloading vessel full as the asset ages and dealing with unexpected developments with subsea wells and equipment.
She said: “SNEPCo responded with a campaign of operational excellence, which among other initiatives, led to the creation of a programme known as the Bonga Business Improvement Plan that continually reviews and identifies improvement initiatives and drives sustainability in operations and upskilling of staff.
“The Bonga success story has been led by Nigerians who have been managing directors of SNEPCo since it was established in 1993, in a deliberate policy by Shell to develop indigenous manpower for deep-water operations in Nigeria.
“Today, some 97percent of the SNEPCo workforce is Nigerian and overall, Bonga has helped to create a new generation of Nigerian deep-water professionals.
“Our vision at SNEPCo remains to be the best deep-water business, powering growth and achieving net zero emissions in line with Shell’s Powering Progress strategy”.
Banks’ borrowings from the Central Bank of Nigeria (CBN) fell month-on-month, (MoM) by 44 percent to N12.16 trillion in April from N21.7 trillion in March.
Analysis of latest data from the CBN shows that the 44percent drop represents the first MoM decline in banks borrowing from since January when it increased by 268.7 percent to N3.6 trillion from N976.29 billion in December 2023.
However, further analysis showed that banks’ deposits in the CBN SDF grew MoM by 118.4 percent to N428.97 billion in April from N196.37 billion in March 2024.
Banks make use of the SLF to access liquidity to run their day-to-day business operations while the Standing Deposit Facility window (SDF) on the other hand, is an overnight deposit facility that allows banks to lodge excess liquidity (money) with the CBN and earn interest.
The decline in banks’ borrowing from SLF may reflect an increase in banking system liquidity and also the decision of the apex bank last year to remove the limit on the remunerable daily placements by banks at the SDF.
According to the CBN Governor, Mr. Olayemi Cardoso, the CBN removed the cap on the remunerable SDF to increase activity in the SDF window and manage liquidity.
A Financial technology expert, Olatunji Akinrinola, has highlighted the exponential growth of the FinTech industry, which according to him, was driven by technological advancements.
Akinrinola made this assertion in a press release recently, where he stressed that the role of technology in driving this exponential growth in the FinTech sector was very outstanding.
According to him, Technology has revolutionised the way financial services are delivered, making them more accessible, efficient, and inclusive.
“Through innovations such as mobile banking, digital payments, and blockchain technology, FinTech companies have been able to reach a larger population and provided them with access to financial services”, he stated.
Akinrinola emphasised the role of technology in enabling financial inclusion, adding: “Technology has democratised access to financial services, particularly in regions with limited banking infrastructure.
“Mobile money platforms and digital wallets have empowered individuals to conduct financial transactions conveniently and securely, without the need for traditional banking services”.
He also underscored the role of Artificial Intelligence (AI) and data analytics in driving innovation within the FinTech industry, noting: “AI-powered algorithms and predictive analytics have revolutionised risk assessment, fraud detection, and customer personalisation in financial services.
“These technologies enable FinTech companies to provide tailored solutions and mitigate risks more effectively, ultimately enhancing the overall customer experience”.
Akinrinola stressed the importance of regulatory frameworks in fostering the growth of the FinTech industry.
“While technology has accelerated the growth of FinTech, it is essential to establish robust regulatory frameworks to ensure consumer protection and maintain market stability. Regulators play a crucial role in balancing innovation with risk management, thereby creating a conducive environment for the sustainable growth of the FinTech sector”, he stated.
Akinrinola underscored the role of technology in driving the exponential growth of the FinTech industry, saying, “Technology has been a game-changer for the FinTech sector, enabling innovation, expanding access to financial services, and driving economic growth.
“As technology continues to evolve, the FinTech industry will undoubtedly play a significant role in shaping the future of financial services ecosystem”.
Corlins Walter
