FBN Insurance Organises Health Screening, Vaccination for Women

Ebere Nwoji

FBN Insurance Limited, in conjunction with the Rotary Club of Omole Golden, recently carried out a Breast and Cervical Screening/Vaccination exercise for girls and women in Lagos.

The exercise, which held at the premises of Ifako Ijaye Health Centre, Ogba, Lagos, witnessed a large

Nigeria Re Trains Insurance Professionals

Ebere Nwoji

Nigeria Reinsurance Corporation (Nigeria Re) said it has repositioned itself to reawaken public confidence in its operations as hitherto leading reinsurance company in Nigeria through organisation of free training programmes for insurance and reinsurance professionals in Nigeria for capacity building.

EFInA Has Invested $18m in Promoting Financial Inclusion, Says Akerele

By Nume Ekeghe

As part of efforts to promote financial inclusion in Nigeria the Enhancing Financial Innovation & Access (EFInA) said it has so far invested about $18 million in grants to help advance financial inclusion and promote financial literary in Nigeria.

FirstBank Supports Africa Investment Summit

As part of its financial inclusion and thought leadership drive, First Bank of Nigeria Limited, recently participated in the Africa Investment Summit convened by Guardian Newspapers, Financial Times of

Ecobank Partners Ikoyi Club

As part of the 2018 edition of ‘The Nigeria Cup’ golf tournament, Ecobank Nigeria is offering an all-expense paid trip to Achimota Golf Club in Ghana to 10 lucky winners in a week-long promo.

The week-long annual golf tourney which kicked off on September 22, is organised by the Ikoyi Club 1938, to commemorate Nigeria’s Independence anniversary.

NCC: Unbundling Financial Services Key to Digital Transformation

By Emma Okonji

The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, has said the surest way to achieve digital transformation is through the unbundling and restructuring of provision of financial services by relevant authorities.

MB Seeks Improved Awareness on Financial Inclusion

 The Chief Operating Officer of Rand Merchant Bank Nigeria (RMB), Mr. Funso Odukoya, has called for increased awareness on issues around financial inclusion in the country.

Odukoya, spoke during a panel session at the 2018 Annual National Conference of the Finance

NSE Harps on Protecting Stakeholders’ Information Assets

By Goddy Egene

The Nigerian Stock Exchange (NSE) has said it takes a proactive approach to security   because it recognises the importance of protecting its  data and stakeholders’ information assets.

Banks Raise Credit Allocation to Corporates, CBN Survey Reveals

By Nume Ekeghe

The Central Bank of Nigeria’s (CBN) Credit Condition Survey for the third quarter (Q3) has revealed that the overall availability of credit to the corporate sector increased in the period under review.

The report, which was posted on the central bank’s website at the weekend, anticipated further increase in credit in Q4 2018.

Shareholders may lose over N10 billion to Skye Bank’s takeover

Recent takeover of Skye Bank Plc by Polaris Bank

By Helen Oji

With the recent takeover of Skye Bank Plc by Polaris Bank, following the inability of the owners of the bank to shore up the capital of the distressed bank, shareholders are now at the risk of losing an estimated N10.69 billion, being the value of the shareholders’ fund.

Polaris Bank as alternative to ‘collapse, liquidation’

Polaris Bank. Photo/ Imbuednation

 By Chijioke Nelson, Asst. Editor, Finance/Economy

The emergence of Polaris Bank to take over the defunct Skye Bank has prevented the extreme situation and applications of two terminologies- “collapse and liquidation”, associated with unfavourable banking industry outcome.

Internet firms siphon off half of all US advert sales

Magna Global study predicts online advertising could surpass $100bn for the first time

 Lucas Shaw

Picture: ISTOCK

Los Angeles — Online advertising will account for more than half of all US advertising sales in 2018, according to a study, surpassing $100bn for the first time and marking a milestone in the shift of money, time and attention to the internet from older media.

There are still far more men than women in labour market

GENDER UPDATE

Households headed by jobless women are most likely to depend on social grants

28 September 2018 - 05:07 Theto Mahlakoana

Picture: 123RF

Although there has been a steady increase in the number of women in the working-age population, men continue to participate in the labour market in greater numbers.
This is according to a gender series report released by Stats SA, tracking trends and patterns of economic empowerment in areas related to gender.

Africa’s largest asset manager PIC tops R2-trillion in asset growth

Assets under management grow by less than 1% in year to March

01 October 2018 - 05:08 Linda Ensor

Principled stand: Dan Matjila, CEO of the Public Investment Corporation, has insisted on adhering to sound investment principles and standing up to looters. Rumour has it he is earmarked to be pushed out of office. Picture: SUNDAY TIMES

The Public Investment Corporation (PIC), Africa’s largest asset manager, grew its assets under management by less than 1% to R2.08-trillion in the year to end-March 2018 from R1.928-trillion the previous year.

NDP’s 6% jobless rate by 2030 ‘out of reach’

01 October 2018 - 05:39 KARL GERNETZKY

National Planning Commission warns of slow progress across the board. Picture: KATHERINE MUICK  Image:

The National Planning Commission has slashed its most optimistic forecast of SA’s unemployment rate by 2030 in half, warning of slow progress across the board in reaching the targets of the National Development Plan (NDP).

Merkel warns Trump against 'destroying' UN

US President Donald Trump in the Oval Office of the White House in Washington, DC on August 27, 2018. FILE | NATION MEDIA GROUP 

By AFP
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German Chancellor Angela Merkel on Sunday warned US President Donald Trump against "destroying" the United Nations.

Centum unit seeks to boost its beers uptake

Centum is the exclusive distributor for Carlsberg and Tuborg beer brands in Kenya. FILE PHOTO | NMG

By DOREEN WAINAINAH

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Centum is seeking an exclusive distributor for its alcohol portfolio under its King Beverage subsidiary, as it moves to grow uptake of its brands locally.

Firms not fully exploiting online adverts - Google

Country Manager for Google Kenya Charles Murito. FILE PHOTO | NMG  

By IVY NYAYIEKA

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Summary

• Google says Kenya is a priority market for the firm and is dedicating a lot of its resources educating Kenyan businesses on the untapped value of digital advertising.

Marie Stopes defies ban on advert linked to abortion

KFCB chief executive Ezekiel Mutua. FILE PHOTO | NMG 

By JOHN MUTUA

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Summary

• The firm’s executives risk a five-year jail term or a Sh100,000 fine for violating the orders.
• Marie Stopes — which works in 37 countries providing free contraception, advice on family planning, sexual health, safe abortion and post-abortion care — says it is yet to receive a formal notification on the ban.
• The charity reckons that the controversial advertisement aims to help women make an informed choice and vowed to continue airing the teaser advertising at its clinics

Safaricom scheme gets nod to build road to Sh4bn homes

Safaricom pension scheme official Richard Gitahi (right) explains the Crystal Rivers project to a client. FILE PHOTO | NMG 

By JOHN MUTUA

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Summary

• The Kenyan National Highways Authority (KenHA) and the Kenya Urban Roads Authority (KURA) gave permission for the construction of a 500 meter tarmacked road.
• The planned road will ease connection between Nairobi-Mombasa highway and the property dubbed Crystal Rivers that sits on 25 acres of land.

Capital markets regulator, banks in financial innovation deal

Paul Muthaura, the CMA chief executive. FILE PHOTO | NMG 

By JAMES NGUNJIRI

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The Capital Markets Authority (CMA) and Kenya Bankers Association (KBA) said they had formed a partnership to promote financial sector innovation through research and policy initiatives.

The move allows the two organisations to collaborate in the areas of research, data sharing, analysis, and stakeholder engagement.

Empowering consumers to be agents of change

Empowering consumers through provision of information is one of the strategies to push them to act and call for positive change in the society. FILE PHOTO | NMG 

By QUEEN MUNGUTI

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Summary

• Empowering people through provision of information is one of the strategies to push them to act and call for change.

Inflation rises to 3.9 per cent

he shilling has in the last three weeks experienced excessive pressure losing by about Shs68 against the dollar. FILE PHOTO 

In Summary

Energy, fuel and utilities
Energy, Fuel and Utilities inflation declined to 10.1 per cent in September up from 14.1 per cent in August due to a drop in solid fuels inflation that was registered at 11.7 per cent in September compared to 23.4 per cent in August.

Bancassurance pools Shs9.3b from nine banks

A banking hall. COURTESY PHOTO 

In Summary

KCB licenced. KCB Bank was also last week licenced to offer bancassurance. The bank will work as an agent to increase insurance uptake. Currently, insurance penetrations stands at 0.79 per cent.

By SWAIB RAUL KANYIKE

Bancassurance has pooled more than Shs9.3 billion from nine banks out of the 14 that have so far been licenced to offer the service.

China lends government Shs811b to extend power to sub-counties

Only 22 per cent of Ugandans have access to electricity, according to Ministry of Energy. FILE PHOTO 

In Summary

The plan. According to Energy Ministry, government plans to extend power to at least 547 sub-counties in the next three years.

By Christine Kasemiire

Government has borrowed $212m (Shs811b) from China to extend electricity to sub-counties in a bid to improve accessibility.

Hone your unique skills to stay ahead

Chart your own path in the race to stand out in the crowd. FILE PHOTO | NMG 

By SERAPHINE RULIGIRWA-KAMARA

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Summary

• Chart your own path in the race to stand out in the crowd.

As a girl, I was raised not to speak loudly. It was improper for women, and especially young ones to speak loudly. More so in the presence of men. When I later joined the workforce, I quickly learned

Unaitas says ready for commercial bank licence

Unaitas Sacco chairman Joseph Kabugu. FILE PHOTO | NMG 

By MWANGI MUIRURI

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Summary

• The indefinite freeze came after massive irregularities were blamed on lack of proper supervisory structures after massive fraud at the Imperial, Chase and Dubai banks.
• The moratorium, however, did not affect mergers and acquisitions and has also seen some previous applicants granted licence.
• Unaitas Sacco chairman Joseph Kabugu said the institution has gone live with a Sh700 million infrastructure upgrade in readiness for commercial banking.

What State funding for SMEs should get right

Businesses getting funding should demonstrate ability to grow and aid job creation. FILE PHOTO | NMG 

By AJOWI LORNA JUMA

Summary

• Kenya's Biashara Fund is a good idea whose time is here.

In response to the proposed parastatal reforms, the Presidential Task Force five years ago submitted its report to President Uhuru Kenyatta. And in line with the stated objective of improving

Al Futtaim, GTBank key firms to watch

Majid Al Futtaim is the franchise holder for French-owned retailer Carrefour. PHOTO | AFP 

By CONSTANT MUNDA

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Summary

• Majid Al Futtaim and GTBank have emerged as top multinationals which will rule investments in developing markets in the next four years.
• The Economist Intelligence Unit (The EIU) says Majid Al Futtaim, the franchise holder for French-owned retailer Carrefour, is the firm to watch in the retail sector in the Middle East, North Africa and sub-Saharan Africa with a key focus on Kenya and Egypt.

Money transfer costs set to fall as Safaricom, Telkom link up

A customer uses Safaricom’s M-Pesa platform. FILE PHOTO | NMG 

By DOREEN WAINAINAH

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Summary

• Telkom’s T-kash and Safaricom’s M-Pesa customers will send and receive money directly across networks into their mobile money accounts in the second phase of the service dubbed interoperability.
• The first phase went live in April with Safaricom and Airtel allowing the transfer of funds directly from one provider’s mobile account into the other.
• Sending Sh1,000 from T-kash to M-Pesa will drop to Sh10 from the current Sh35 charge, a 71 per cent reduction in cost.
• Similarly, sending Sh1,000 from M-Pesa to T-kash will drop to Sh11 from Sh45, a 76 per cent drop in charges.

Activists net Sh30m Unga shares after buyout flops

Unga Group board members during a past annual general meeting at the KICC. FILE PHOTO | NMG 

By VICTOR JUMA

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Summary

• Rakesh Gadani and institutional investors BID Portfolio Management and Sayani Investments are among the shareholders who bought more Unga shares.
• The trio alone now has a combined 10.29 per cent stake, enough to block Seaboard’s plans to have the miller delisted from the NSE at a shareholder meeting whose date is yet to be announced.
• Seaboard in July announced that a section of Unga shareholders had agreed to sell 12.2 million shares, raising its stake in the miller to 18.97 per cent from the previous 2.92 per cent.
• This fell short of the 24.07 per cent equity it was targeting in order to take Unga private with the help of the Philip Ndegwa family, which has a 50.93 per cent interest in the company.

Locals to lend more of Sh2trn loans ahead of Uhuru exit

Treasury PS Kamau Thugge. FILE PHOTO | NMG 

By CONSTANT MUNDA

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Summary

• Nearly Sh1.27 trillion will be tapped from domestic investors with foreign markets funding the remainder Sh863 billion of the debt portion.
• The funds will go into implementing Mr Kenyatta’s Big Four plans, the Treasury projections show.
• Increased domestic borrowing, analysts say, may hurt flow of loans to the private sector with September 2016 legal ceilings on loan charges still in place

Central bank eyes more IMF cover despite recent fallout

Central Bank of Kenya (CBK) governor Patrick Njoroge. FILE PHOTO | NMG 

By PATRICK ALUSHULA

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Summary

• CBK governor Patrick Njoroge said Nairobi will move carefully without sacrificing the independence of the apex bank, even as he described Kenya as a worthy member of IMF with relationship beyond the lapsed precautionary arrangement.
• In the absence of the March 2016 IMF insurance that expired recently, Dr Njoroge said he is banking on the available reserves to help cushion the economy from external shocks.
• Latest CBK data puts reserves at $8.507 billion (or Sh859.67 billion) as at September 20, being an equivalent of 5.6 months import cover.

PATA VICHWA VYA HABARI VINAVYOONGOZA KUTOKA MAGAZETINI LEO JUMATATU OCTOBA 1, 2018