How Deep Tech Is Changing The Way Your Health Is Managed

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How Deep Tech Is Changing The Way Your Health Is Managed

Healthcare is on the brink of a major redesign that will give you access to more personalized, precise, and effective care.

For years now, growing aging populations and the increase in chronic illness have created a pressing need to rethink the delivery of healthcare. While new digital technologies have offered answers to reduce the growing pressure and help transform health systems, widespread adoption of these technologies has often been slow.

The pandemic, however, has shown that adoption can move much faster. As lockdown restrictions were introduced, chances are you started consulting your general practitioner or medical specialist via messaging app or video call – services falling under what is referred to as virtual care.
Prior to COVID-19, people said it would take a decade before such services were widely accepted. The pandemic seemingly changed that overnight, highlighting how quickly we can embrace new ways of accessing care and extract greater value from existing technologies.
As healthcare providers and governments look to fundamentally redesign healthcare – with an urgency intensified by the pandemic – looking at the potential of other digital technologies offers a glimpse into the rapidly emerging future of care.

Internet of Things: Connecting patients for better care

Internet of Things (IoT) devices that connect to and exchange data with other devices via the internet, has the potential to herald in a whole new dimension of care delivery and transform the way you manage your health and wellness – just as the internet has already transformed so many other parts of our lives.

In the near future, networks of connected devices such as fitness trackers, wearable sensors and other monitoring devices will seamlessly connect to each other, collect and interpret data. Many people are of course already tracking some aspects of their personal health information, such as their heart rates and daily activity, but receive limited actionable insights.

As devices become more interconnected and insights richer, you will have access to information that empowers you to better manage your health and well-being.

At the same time, if you have a chronic condition you will increasingly be able to connect to monitoring devices that help you manage your condition in your daily environment. You will have access to personalized feedback and coaching and remain in close contact with professional caregivers.

Hospitals equipped with such connected technology will increasingly monitor critically ill patients remotely, in real-time, to spot potential problems early and act on them faster. Such examples point to a future with an expanding role for care beyond hospital walls.

Image supplied by Philips
Virtual healthcare such as telephone consults is here to stayImage supplied by Philips

At Philips, our vision is that healthcare solutions will increasingly become interconnected to offer real-time decision support and access to more personalized, precise, and effective care. Data captured by IoT devices will play a critical role.

As the number and usage of IoT devices continue to grow, so does the amount of data generated by these devices. This provides the fuel for artificial intelligence (AI) and big data analytics to generate relevant and actionable insights.

Artificial intelligence: Enabling personalized and pro-active care

The amount of clinical data being captured by today’s health technology is already far too great for medical teams to evaluate. In addition, healthcare providers are often unable to leverage it in a meaningful way, as it is cluttered, fragmented and unstructured.

AI – another technology that is already at our fingertips and developing rapidly − can help. An AI engine can interpret data billions of times faster than the human brain. And it can identify subtle events, such as a deteriorating patient.

In the near future, AI will be increasingly used to analyze real-time data from patient monitors to detect deteriorations in intensive care unit (ICU) patients, helping to spot potential problems early and act immediately.

In stroke patients, it can already automatically detect minute clots in brain CT scans. It’s also already helping to increase workflow efficiency and enhance diagnostic confidence in, for example, radiology departments − pre-reading and prioritizing scans to alert radiologists to patients that need immediate attention.

AI will be key to making treatment more precise and personalized, especially for cancer. Since cancer results from mutations in our cells’ DNA, a cancer patient and their tumor both have a unique genetic code.

Using AI to trawl through the genetic profiles of millions of cancer patients will be critical to deciding on the most effective therapies and clinical trials.

These developments show how digital technologies will increasingly play a critical role in assisting care teams to deliver the best care possible.

Cloud-enabled care every step of the way

We are at the beginning of a healthcare transformation that will see AI, the Internet of Things, virtual care and other digital technologies coming together to create highly personalised proactive care that follows us through every stage of life.

This will cover the end-to-end continuum of care – from healthy living and disease prevention to diagnosis, treatment, and care in the home.

In contrast to the one-size-fits-all solutions of yesterday, healthy lifestyle support will be personalised, prevention targeted, diagnosis more precise, treatment personalised and predictive, and home care proactive.

Within these wider, more holistic ecosystems, both you and your care providers will have access to all the necessary past, present, and predictive data needed for informed decision-making, plus the tools to implement timely and effective treatment.

Which is the reason why healthcare is set to become more personalized, precise, and effective, because you will receive the care you need, when and where you need it.

The views and opinions expressed in this article are those of the author. _Frans van Houten, CEO of Philips, a leading health technology company.

VAT: FIRS Looses To Rivers State Again As Lagos Join In Tax War

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VAT: FIRS Looses To Rivers State Again As Lagos Join In Tax War

A Federal High Court sitting in Port Harcourt, Rivers State, has dismissed an application by the Federal Inland Revenue Service (FIRS) seeking to stop the state government from commencing collection of Value Added Tax, VAT, in the state.

The ruling came on a day the Lagos State House of Assembly read for the first and second time, the state’s Value Added Tax, VAT, bill and asked its Committee on Finance which is handling it, to report back on Thursday.

FIRS had, yesterday, prayed the court to stay execution on the earlier judgment of its that stopped it from collecting VAT.

The FIRS had, following the judgment against it, which held that it is constitutionally the role of state governments to collect VAT, prayed the high court to stop Rivers State Government from executing the judgment.

But Justice Stephen Pam, in his ruling, said granting the application will negate the principle of equity.

He also noted that in as much as the state government and the state legislature had enacted a law in respect of VAT,  courts are bound to recognize such a law.

He noted that the Rivers State Government and the State House of Assembly had duly enacted Rivers State Value Added Tax No. 4, 2021, which made it a legitimate right of the state to collect VAT.

‘Granting FIRS prayer is murder’

The judge said the law is valid until set aside by a superior court, adding that the law enacted by the Rivers State legislature remains valid.

Justice Pam added that granting the prayers of FIRS would amount to committing murder, noting the prayers could not stand and dismissed same.

Earlier,  Justice Pam had read a letter FIRS, lawyers served the court, seeking a stay-of-execution of any ruling on their application.

However, in the absence of any required document that ought to have been attached to the letter, the judge dismissed the letter.

Meanwhile, counsel to Rivers State Government, Mark Agu, commended the court for standing for justice, noting that the state House of Assembly had already made a standing law on VAT.

Agu disclosed that FIRS had approached the court with two prayers but noted that they withdrew the first prayer seeking injunction and wanted the court to stay the execution of the judgment.

He said: “Today, the court has delivered its ruling dismissing the said application for stay, though, without cost.

“The court’s reasoning is that if it should grant stay, it was more or less like overruling itself and the court is empowered to recognise all laws enacted by the National Assembly or the state House of Assembly, therefore, the law stands as substantive.

“Therefore, the issue of collection of VAT as it stands today is that Rivers State is still entitled to collect it.”

‘FIRS to appeal further’

Counsel for FIRS, Reuben Wanogho, expressed displeasure with the stand of the court, noting that FIRS will not hesitate to appeal the ruling.

Wanogho said: “The court has delivered its ruling on the basis of how it saw the facts of the case. We do not agree with the ruling and we will take all necessary steps to challenge it. That is why the appellate system is there.

“The appellate system is there to enable us to ventilate our grievances if for any reasons the court makes a pronouncement we do not agree with it.

“For sure, we feel that the ruling should have gone in our favour, but the court has taken a position against us, so we will do the needful by taking it up immediately before the court of appeal.

“The natural consequences of the ruling is that the Rivers State Government will be collecting the VAT, but we will take steps to ensure we ameliorate the situation as quickly as possible.”

Wike orders immediate enforcement of VAT collection

Barely hours after the ruling, Governor Wike, who also tasked governors of the 36 states of the federation  to stand up for the actualisation of devolution of powers between the centre and the federating units, in a state-wide broadcast  at Government House, Port Harcourt, celebrated FIRS’s failed attempt to frustrate the enforcement of the state’s Law on VAT.

The governor said the order for immediate enforcement followed the ruling of the court in Port Harcourt that dismissed the suit of the Federal Government through FIRS, to stay the judgment of the court that allowed the state to collect VAT from firms.

Wike said:  ‘’As we all know, following the recent judgment of the Federal High Court, Port Harcourt, which upheld the constitutional right and authority of state governments to impose, collect and utilize value added taxes, VAT, within their respective territorial jurisdictions,  Rivers State government enacted the Rivers State Value Added Tax Law 2021 to regulate the effective administration of VAT in Rivers State.

“However, being a government that believes in the rule of law, we decided on our own to suspend the enforcement of the Rivers State VAT Law 2021, pending the outcome of the FIRS’s application for stay-of-execution.

“With today’s  (yesterday) judgment, the way is now clear for the administration and enforcement of Rivers State Value Added Tax Law 2021 across the entire state until otherwise decided and set aside by the superior courts.

“Consequently, I, hereby, direct the Rivers State Revenue Service, RSRS, to ensure the full and total implementation and enforcement of this law against all corporate bodies, business entities and individuals with immediate effect.”

He acknowledged that some states with currently low economic activities and ethically restrictive social policies with economic implications might be adversely affected for now, insisting that fiscal federalism remained key for economic independence of state.

“Above all, fiscal federalism remains the right path to economic self-reliance and sustainability for all our states and the benefits derivable from this case by all the states in the long run far outweigh the immediate revenue loss that some states may currently suffer.

“All that is required is for all of us to wear our thinking caps as elected governors to collectively fight for the greater devolution of resources, responsibilities and powers to the federating states.”

Lagos Assembly works on VAT bill

Meanwhile, the Lagos State Value Added Tax bill was read for the first and second time in the state House of Assembly yesterday, as the document was  referred to the Committee on Finance to report back on Thursday.

Speaker of the House, Dr Mudashiru Obasa, before the bill was referred to the Committee on Finance, said it will lead to “Increase in revenue and in infrastructural development. This is in line with fiscal federalism we have been talking about.”

Obasa noted that the VAT bill when passed into law, will help the state meet challenges in its various sectors.

He also urged the Lagos State Government to do everything legally possible to ensure the judgment of a Federal High Court in Port Harcourt, was sustained, even up to the Supreme Court.

The speaker lamented a situation where about N500 billion was generated from Lagos State, while N300 billion was generated from other South West states, with  paltry amounts disbursed to them in return.

“It is an opportunity for us to emphasise again the need for the consideration of true federalism,” he said.

Lending credence to the lawmakers’ position, a public affairs analyst, Tayo Ogunbiyi said: “It is about supporting the quest of Rivers State which has already filed a case at the Federal High Court, Port Harcourt which it won on why states should legitimately collect all VAT in their states and not the Federal Government that presently does and now redistribute, taking 15 per cent, giving states 55 per cent and the rest to LGs.

“Although FIRS has appealed the judgement, everyone and other states who are advocates of fiscal federalism must support the quest by River State. VAT is a form of sales tax and the Supreme Court ruled in 2015 or thereabouts that states are empowered to collect sales tax and not Federal Government which then redistributes.

‘’Lagos contributes over 60 per cent of the VAT collectibles but ends up getting a pittance after it is sent to Abuja.

“It is very unfair that many states in the North have Sharia police in place and they prevent people from drinking or selling alcohol but they end up sharing from the same alcohol money collected in other states.

‘’Countries like Canada, USA, Switzerland are examples of countries where sales tax are collected by the states or sub-national governments and not the Federal. Push the narrative that states should be supported in this quest.’’

Apple’s Next iPhones Might Get More Expensive, See Why

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Apple’s Next iPhones Might Get More Expensive, See Why

In recent years, Apple has made a point of reaching a larger audience with more affordable phones. The iPhone SE and its successor gave customers a budget option without sacrificing much in the way of performance.

Last year, Apple doubled down on low-cost devices with the launch of the iPhone 12 mini. The 12 mini may not have been a smash hit, but it showed us Apple’s commitment to expanding its reach by offering cheaper versions of its top products. Unfortunately, rising chip costs might force Apple to raise its prices in the years to come.

Here’s why chip costs might affect iPhone prices

Last month, Taiwan Semiconductor Manufacturing Company (TSMC) told clients that it plans to raise prices by as much as 20%. As noted by Nikkei Asia at the time, this would be TSMC’s most drastic price hike in at least ten years. Two weeks later, Nikkei Asia returned with another noteworthy report. Peter Hanbury, a partner at Bain & Company, believes that price increases on smartphones and PCs will be “noticeable,” which could hint at a higher price for the next iPhone.

As the report notes, TSMC is relatively late to the game compared to other chipmakers. Rising prices were one trend TSMC had yet to follow due to the fact that the chipmaker already charges 20% higher production fees than many of its rivals. But investment costs continue to rise, and TSMC felt the need to pass some of that financial burden on to its clients.

TSMC wants to stop clients from double-booking

Additionally, TSMC wants to take steps to stop a practice known as double-booking. As Nikkei explains, double-booking is when clients place orders for more chips than they will actually need. They do so in order to secure additional production line space and support from chipmakers.

“We are glad that TSMC eventually adjusted prices so that it could fend off the practice of double-booking, when industry players race to secure enough chip production capacity during a shortage,” K.S. Pua, chairman and CEO of Phison Electronics, told Nikkei. “We are still short of supplies and want more chip capacity to support our growth for the second half of 2021.”

TSMC is still working through existing orders, and the price hike won’t affect those orders. Also, TSMC’s clients will negotiate terms with the chipmaker ahead of October 1st. That’s the date when the price hike officially goes into effect. As a result, customers shouldn’t see the rising cost of chips reflected in the prices of their Apple devices until at least next year.

Why Tesla, Apple, Google And Facebook Are Designing Their Own Chips

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Why Tesla, Apple, Google And Facebook Are Designing Their Own Chips
  • Apple, Amazon, Facebook, Tesla, and Baidu are all shunning established chip firms and bringing certain aspects of chip development in-house, according to company announcements and media reports.
  • At this stage, none of the tech giants are looking to do all the chip development themselves.
  • Setting up an advanced chip factory, or foundry, like TSMC’s in Taiwan, costs around $10 billion and takes several years.

Not content material with counting on commonplace chips that are in excessive demand, among the world’s greatest tech companies are growing their own semiconductors.

Apple, Amazon, Facebook, Tesla and Baidu are all shunning established chip companies and bringing sure points of chip growth in-house, in line with company bulletins and media experiences.

“Increasingly, these companies want custom-made chips fitting their applications’ specific requirements rather than use the same generic chips as their competitors,” Syed Alam, world semiconductor lead at Accenture, advised CNBC.

“This gives them more control over the integration of software and hardware while differentiating them from their competition,” Alam added.

Russ Shaw, a former non-executive director at U.Okay.-based Dialog Semiconductor, advised CNBC that custom-designed chips can carry out higher and work out cheaper.

“These specifically designed chips can help to reduce energy consumption for devices and products from the specific tech company, whether it relates to smartphones or cloud services,” Shaw mentioned.

The ongoing world chip scarcity is one more reason why large tech companies are considering twice about the place they get their chips from, Glenn O’Donnell, analysis director at analyst agency Forrester, advised CNBC. “The pandemic threw a big wrench in these supply chains, which accelerated efforts to do their own chips.”

“Many already felt limited in their innovation pace being locked into chipmaker timelines,” O’Donnell mentioned.

A.I. chips and extra

At current, barely a month goes by with no Big Tech company saying a brand new chip project.

Perhaps probably the most notable instance got here in November 2020 when Apple announced it was moving away from Intel’s x86 architecture to make its own M1 processor, which now sits in its new iMacs and iPads.

More recently, Tesla announced that it is building a “Dojo” chip to train artificial intelligence networks in data centers. The automaker in 2019 started producing cars with its custom AI chips that help on-board software make decisions in response to what’s happening on the road.

Baidu last month launched an AI chip that’s designed to help devices process huge amounts of data and boost computing power. Baidu said the “Kunlun 2” chip can be used in areas such as autonomous driving and that it has entered mass production.

Some of the tech giants have chosen to keep certain semiconductor projects under wraps.

Google is reportedly edging closer to rolling out its own central processing units, or CPUs, for its Chromebook laptops. The search giant plans to use its CPUs in Chromebooks and tablets that run on the company’s Chrome operating system from around 2023, according to a report from Nikkei Asia on Sep. 1. Google didn’t instantly reply to a CNBC request for remark.

Amazon, which operates the world’s largest cloud service, is developing its own networking chip to energy {hardware} switches that transfer information round networks. If it really works, it might cut back Amazon’s reliance on Broadcom. Amazon, which already designs quite a few different chips, didn’t instantly reply to a CNBC request for remark.

Facebook’s chief AI scientist told Bloomberg in 2019 that the company is engaged on a brand new class of semiconductors that might work “very differently” than a lot of the present designs. Facebook didn’t instantly reply to a CNBC request for remark.

Designing however not manufacturing
At this stage, not one of the tech giants are seeking to do all of the chip growth themselves.

“It is all about the design and performance of the chip,” Shaw mentioned. “At this stage, it is not about the manufacturing and foundries, which is very costly.”

Setting up a sophisticated chip manufacturing unit, or foundry, like TSMC’s in Taiwan, prices round $10 billion and takes a number of years.

“Even Google and Apple are reticent to build these,” O’Donnell mentioned. “They’ll go to TSMC or even Intel to build their chips.”

O’Donnell mentioned there is a scarcity of individuals in Silicon Valley with the talents required to design excessive end-processors. “Silicon Valley put so much emphasis on software over the past few decades that hardware engineering was seen as a bit of an anachronism,” he mentioned.

“It became ‘uncool’ to do hardware,” O’Donnell mentioned. “Despite its name, Silicon Valley now employs relatively few real silicon engineers.”

VFD Group Plc Welcomes New Directors To Its Board

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VFD Group Plc Welcomes New Directors To Its Board

The Board and Management of VFD Group Plc, a leading proprietary investment company, has announced the appointment of four new directors bringing the number of directors to 15.

The new appointees are, Folajimi Adeleye, Executive Director, Finance; John Okonkwo, Executive Director, and Chief Operating Officer; Kelvin Orogun and Femi Akinware, both Non-Executive Directors.

VFD Group Plc Receives SEC Clearance For Its Proposed N4.13Billion Right Issue-Brand Spur Nigeria
Group Managing Director/CEO, Nonso Okpala – Brand Spur Nigeria

Speaking on the appointments, Nonso Okpala, GMD/CEO, VFD Group said, “The Board is excited to welcome these four gentlemen with a combined experience of over 50 years across several fields including telecommunications, engineering, risk, and financial services.

‘’They have made remarkable careers and run successful businesses and the addition of such combination of experience to an already robust board will have an even more profound immediate effect on our deliberations and businesses.”

In the same vein, the Chairman, Board of Directors VFD Group, Olatunde Busari, SAN, mentioned, “I am extremely proud of the management of VFD Group and the recent additions to the Board. The diversity of complementing competencies and functional experience has contributed immensely to our success and with the new directors, we believe they would continue to reiterate this and build our achievements in the years to come”.

Folajimi Adeleye joined VFD Group in 2018 as Group Financial Controller before his appointment as Executive Director. He is an Economics major and has experience spanning over 12 years across banks, primary mortgage institutions, asset management, pension fund administrators and not-for-profit organizations. Prior to joining VFD Group Plc, Folajimi had worked at One Finance and Investments Limited (now Carbon) and KPMG.

Before the new appointment, John Okonkwo was the Chief Financial Officer at Heirs Holdings Limited and was previously the Head of Business Assurance & Compliance in the same company. Prior to joining Heirs Holdings Limited in June 2012, he was a Manager in the Internal Audit, Risk & Compliance Services division of KPMG. John is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and has many years’ experience in Finance, Audit, Risk Management, Sustainability Services and Corporate Governance Services.

Kelvin Orogun runs Cashpot, a money remittance company in London and Lagos, which he set up after a career in banking and other financial services in Nigeria. He is a Computer Science graduate with an MBA from Cass Business School – City University London and is also a Non-Executive Director at Anchoria Asset Management limited.

Femi Akinware brings on board 24 years of accomplished leadership in telecoms. He holds an MBA and BSC in Electronics and Computer Engineering and has spent 15 years working on mergers and acquisitions, asset building, corporate development, business re-engineering, IT Consultancy, and business start-ups.  Mr. Akinwale is currently the CEO of COMENERGY.

In the financial year ended 2020, VFD Group grew its PBT by 173% with gross earnings rising by 96%, leading to a declaration of N8.51 dividend per share, an increase from N3.30 in 2019. In December 2020, the Group conducted a growth and expansion capital raise of N13.5b. The investment group has interests in banking, asset management, hospitality, real estate, insurance, lending, and tech and is on its way to building a sustainable ecosystem in Africa, entrenching itself as the investors’ choice. VFD Group is listed on the NASD and its board of directors is chaired by Olatunde Busari SAN.

PWC Africa Announces Six Focus Areas To New Strategy

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PWC Africa Announces Six Focus Areas To New Strategy

PwC Africa has announced six key focus areas that will support the execution of its new global strategy that was announced on 15 June 2021, known as The New Equation.

PwC Africa’s six key focus areas are trust, growth, and value creation, environmental, governance and social (ESG), digitization, international development, and workforce.

According to the company, its commitment to quality and exceptional service delivery unites these key focus areas and remains the foundation of the strategy going forward.

Commenting, the Chief Executive Officer (CEO) for PwC Africa, Dion Shango, said: “Our purpose as PwC is to build trust in society and solve important problems. The New Equation will shape how we help to build trust, as well as how we deliver sustained outcomes as a community of problem solvers. Quality is at the heart of everything that we do, and therefore quality is the foundation supporting our execution of The New Equation strategy.”

He explained that “PwC has been in the African region for over 70 years, noting that they continue to be optimistic about the opportunities on the continent.

“In response to technological disruption, climate change, fractured geopolitics, and the continuing effects of the COVID-19 pandemic, amongst other challenges, many organizations need to refocus and that’s where we can help with The New Equation,” he said.

He added that The New Equation focuses on two interconnected needs that organisations face in the coming years: building trust across a wide range of areas that are important to stakeholders and delivering sustained outcomes in an environment where the risk of disruption is more intense than ever before.

“PwC Africa’s six focus areas will help to address these needs among clients, communities, and other stakeholders in Sub-Saharan Africa,” Shango stressed.

In the area of trust, the CEO said it is about helping organisations to build and sustain trust in their people, products, services, operations, and the communities in which they operate.

“Trust is absolutely top of mind in today’s world, for PwC Africa and amongst our clients and other stakeholders. Our people, skills, technology, and quality service delivery help us to serve our clients and stakeholders more effectively so that they, too, can lead trust-based businesses and organisations,” Shango said.

The CEO assured stakeholders that PwC Africa would continue to support and sustain quality through internal processes, controls, and the support teams that monitor and enhance quality.
“In addition, our firms in Africa will focus on transparently communicating matters of importance and engaging with stakeholders including regulators,” Shango said.

Oil, Power Companies Owe Banks N6.14trn Says CBN

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Oil, Power Companies Owe Banks N6.14trn Says CBN

The debts owed to Nigerian banks by oil and gas operators as well as power companies have risen above N6tn, the latest data obtained from the Central Bank of Nigeria have shown.

The energy firms increased their bank debts to N6.14tn as of June 2021 from N5.94tn at the end of 2020.

The N6.14tn represents 28.05 per cent of the N21.89tn loans advanced to the private sector by the banks as of June 2021, according to the sectoral analysis of banks’ credit by the CBN.

Oil and gas firms, which received the biggest share of the credit from the banks, increased their debt by N140bn to N5.32tn by June 2021 from N5.18tn in December 2020.

The debt owed by power firms to the banks rose to N823.28bn in June 2021 from N763.22bn in December 2020, the CBN data showed.

Oil firms operating in the downstream, natural gas and crude oil refining subsectors owed N3.99tn as of June 2021, up from N3.93tn at the end of last year, while those in the upstream and services subsectors owed N1.33tn as of June 2021, up from N1.25tn at the end of 2020.

Power generation firms and independent power producers increased their total debt to N482.30bn in June 2021 from N443.37bn in December 2020, while transmission and distribution firms owed banks N340.98bn, up from N319.85bn as of December 2020.

The slump in oil prices in 2020 as a result of the coronavirus pandemic hit many oil and gas companies hard, forcing them to slash their capital budgets and suspend some projects.

The International Monetary Fund said in February that while it welcomed the resilience of the Nigerian banking sector, it called for continued vigilance to contain financial stability risks.

The IMF noted that COVID-19 debt relief measures for bank clients should remain time-bound and limited to those with good pre-crisis fundamentals.

The Monetary Policy Committee of the CBN said in its last meeting that banks’ non-performing loans ratio at 5.70 per cent in June 2021 showed progressive improvement, compared with 6.4 per cent in June 2020.

The committee, however, urged the central bank to sustain its tight prudential regime to bring NPLs below the five per cent prudential benchmark.

The MPC applauded the continued resilience of the banking system in the face of severe shocks to both the domestic and global economies.

“Members noted management’s effort in maintaining a reasonably low level of non-performing loans ratio, even though aggregate credit moderated slightly. The committee encourages Nigerian banks to extend more credit to consumers and firms to enhance consumption and production activities necessary to strengthen the recovery,” it said.

A global credit rating agency, Moody’s Investors Service, said in a recent report that Nigerian banks’ loan quality would weaken in 2021 as coronavirus support measures implemented by the government and the central bank last year, including the loan repayment holiday, were unwound.

According to the report, the banks face higher asset quality risks as coronavirus support measures are withdrawn amid large single-name and sectoral concentrations and as banks hold a large volume of foreign currency loans.

NCC Report: Globacom Drives Telecoms Sector Growth

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NCC Report: Globacom Drives Telecoms Sector Growth

The latest report by the Nigerian Communications Commission (NCC) has indicated that Globacom is the preferred network for new telecoms subscribers for both voice and data services in the month of July.

This was contained in the industry regulator’s report, which noted that Globacom added over a million new customers to its customer base.

Globacom’s noteworthy performance in the sector is believed to be a result of the continuous network upgrade and extension of 4G data coverage to more cities across the country.

The data, which was published on the website, shows that Globacom added 1,007,259 new subscribers to see its subscriber base grow from 50,130,540 in June to 51,137,799 at the end of July. On the other hand, MTN and Airtel suffered losses.

Specifically, MTN’s subscriber figure fell from73,571,192 in June to 73,123,732 in July, which was a loss of 447,460. Similarly, Airtel’s subscriber base which stood at 50,665,723 in June fell to 50,301,237 in July, showing a loss of 364,486 customers. 9mobile, however, remained stagnant in its numbers with 12,908,092 subscribers reported.

Equally, the NCC report showed that with regards to new data users, Globacom was also the only operator that added new customers during the period. Its internet subscribers rose from 37,875,966 in June to 38,214,155 in July, a growth of 338,189 new data customers.

MTN’s internet subscriber base shrank from 59,594,891 in June to 59,008,651 in July, a loss of 586,240, just as Airtel lost 182,682 data customers from the 36,235,905 it had in June to 36,053,223 recorded at the end of July. Again, 9mobile had the same figure of 6,108,151 for the two months, according to the NCC report.

Major Automakers Fear The Global Chip Shortage Could Persist For Some Time

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Major Automakers Fear The Global Chip Shortage Could Persist For Some Time

Car manufacturers including Ford, Volkswagen and Daimler are still struggling to deal with the impact of the global chip shortage, with executives from each of the companies warning a lack of silicon is likely to remain a problem.

Volkswagen CEO Herbert Diess, Daimler CEO Ola Kallenius and Ford Europe chairman of the management board Gunnar Herrmann told CNBC’s Annette Weisbach at the Munich Motor Show on Monday that it’s hard to tell when the complex issue will be resolved.
Germany’s Volkswagen, Europe’s largest carmaker, has lost market share in China as a result of the chip shortage, Diess said.

“We are relatively weak because of semiconductor shortages,” he said. “We are hit more in China than the rest of the world. That’s why we are losing market share.”
Diess said his colleagues in China have been pushing for more semiconductors, describing the lack of chips as a “really big concern.”

The Wolfsburg-headquartered company was expecting the semiconductor situation to improve after the summer holidays but that hasn’t been the case. Malaysia, where many of Volkswagen’s suppliers are based, has been hit hard by the coronavirus in recent weeks, leading to several factory shutdowns.

Diess said he believes the chip shortage issues will start to dissipate as countries reduce Covid-19 transmission, but he expects there to be a general shortage of semiconductors for some time. “We will face a general shortage of semiconductors because the internet of things is growing so fast so there will be constraints which we will try to manage,” he said.

Raw materials crisis

Ford Europe’s Herrmann, meanwhile, estimates the chip shortage could continue through to 2024, adding that it’s difficult to pinpoint exactly when it will end.

The shortage is thought to have been exacerbated by the move to electric vehicles. For example, a Ford Focus typically uses roughly 300 chips, whereas one of Ford’s new electric vehicles can have up to 3,000 chips.

Beyond chips, there are now other shortages to contend with. Ford is facing a “new crisis” in raw materials, Herrmann said.

“It’s not only semiconductors,” he said, adding that lithium, plastics and steel are all in relatively short supply. “You find shortages or constraints all over the place.”

Car prices will rise as the cost of raw materials goes up, Herrmann said.

Despite the imbalances, Herrmann said Ford Europe’s incoming order bank was “fantastic” and that “demand is actually extremely strong.”

No longer fit for purpose

Daimler’s Kallenius said he hopes the third quarter is the “trough” of the disruptions. “That seems to be the quarter that will be most significantly affected by this,” he said.
“We hope that in the fourth quarter that we will start coming back up again,” Kallenius said. “But there is a level of uncertainty that we have to deal with in our production system. It needs to stay flexible.”

The chip shortage has affected the automotive industry more than any other. Assembly lines have been shut down and some cars are now being shipped without features that rely on semiconductors.

Porsche delivery could take up to ‘half a year’ due to chip shortage, says CEO
In the U.K., car production plummeted to a new low in July, marking the worst July performance for the industry since 1956.

German technology and engineering group Bosch, which is the world’s largest car-parts supplier, believes semiconductor supply chains in the automotive industry are no longer fit for purpose.

Harald Kroeger, a member of the Bosch management board, told CNBC last month that supply chains have buckled in the last year as demand for chips in everything from cars to PlayStation 5s and electric toothbrushes has surged worldwide.

Porsche, Skoda, and Seat

The CEOs of Porsche, Skoda and Seat said Tuesday that they’re also feeling the pinch when it comes to semiconductors.

Porsche boss Oliver Blume told CNBC the chip squeeze is causing production line delays and that he hopes the issue will be resolved soon. “We have the situation of the semiconductors and therefore the waiting time is longer than normal,” Blume said, adding that some customers are waiting half a year or more.

Demand is much higher than we can serve: Skoda CEO

Thomas Schafer, the CEO of Skoda, told CNBC that Skoda has been “tremendously affected” by the semiconductor factory shutdowns in Malaysia. “Once this is done, hopefully in the next 4-5 weeks, there’s still also a basic shortage that will probably last until 2022,” he said.

Seat CEO Wayne Griffiths told CNBC that the semiconductor shortage is challenging for all brands at the moment. “We’re prioritizing our Cupra models and our electric cars with the semiconductors we have to try and make sure the delivery times there remain acceptable,” Griffiths said.

CSR: Stakeholders Laud Polaris Bank Feminine Hygiene Initiative

Brand Spur
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CSR: Stakeholders Laud Polaris Bank Feminine Hygiene Initiative

…As Bank Empowers 9 Schools

In its resolve to overcome one of the biggest healthcare challenges facing teenage girls from less privileged homes in Nigeria, Polaris Bank has launched a Feminine Hygiene initiative.

The programme has so far seen the Bank sensitize over a thousand secondary school girls on feminine hygiene practices and provide them with the items with which they could manage their menstrual cycle without missing any day at school.

The initial intervention which ended August 2021, spanned two geo-political zones: North Central and North East, directly reaching nine schools across three states. The initiative has been lauded as timely, especially in improving the lives of many young girls and women in the country with thousands of girls as beneficiaries.

The project was in collaboration with Green Girls Company, a subsidiary of Folio Media Group, covered Kogi, Gombe, and Borno States, respectively. The beneficiary schools include Federal Government Girls College, Kabba; Government Science Secondary School, Lokoja and Army Day Secondary School, Lokoja; Kogi State.

CSR: Stakeholders Laud Polaris Bank Feminine Hygiene Initiative-Brand Spur Nigeria
L—R: Halima Baba shehu, Noella Ibeme and Hadiza Lawan Bukar with students of Government Girls College (GGC), Maiduguri posing with their kits-Brand Spur Nigeria

Other schools include Government Girls Secondary School, Doma; Government. Science Secondary School, Budapest Shongo, Government Secondary School, Pilot, Gombe State; Government Girls College Maiduguri; Government Secondary School, Ville and Federal Government College Maiduguri in Borno State.

In a statement issued by Polaris Bank’s Group Head, Strategic Brand Management, Nduneche Ezurike, “the feminine hygiene campaign fulfills a vital pillar of the Bank’s Corporate Social Responsibility (CSR) initiatives.”

Mr. Ezurike said that the perceived ‘culture of silence and shame among school girls and women regarding feminine hygiene is partly due to cultural restrictions. “Unfortunately, this has given rise to the transmission of inaccurate and insufficient information on the subject,” he added.

He explained that: “The intervention is an important exercise to disabuse minds of people on the myths and taboos associated with feminine hygiene, as well as raise awareness on the subject so that women and girls feel empowered to manage their periods safely, hygienically, and without embarrassment.”

Ms. Oyebola Oyedele, the lead consultant of the Green Dignity Kit project, said, “Making the girls feel a sense of worth is the high point for me. I could see the sense of appreciation and self-confidence from them. The intervention from Polaris Bank in response to the needs of young girls is a move in the right direction towards debunking existing myths and solving a global issue.”

Dr. Erisa Danladi, Director of Programmes, Women Affairs, Gombe State, commended the efforts of Polaris Bank and the organizers of the program, noting that: “The exercise will impact the lives of the young girls; I look forward to more of such programmes taken to remote areas of Gombe state.”

Mrs. Emilia Ugochi, the School Health Personnel at Army Day Secondary School, Lokoja, Kogi State, noted: “We are grateful for this initiative, as most of the girls have been unable until now to state the challenges they are facing. This programme has given them more confidence to reach out for help when needed.”

Remarking on the impact of the initiative, Fibi Mohammed, Head Girl, Government Girls College, Doma, Gombe State, said that: “The products will go a long way in making us feel more comfortable during our monthly period. In the past, we often rush to our hostels to overcome the inconveniences that come with inability to access sanitary products.”

“The lecture was very useful and I am excited to pass it on to my younger ones. The health tips have encouraged me in my ambition to become a medical doctor,” said Aisha Abdulahi-Abubakar, an SS2 student of Government Girls Secondary School, Ngoshe.

Also, Bilkis Barma, from Government Girls College, Maiduguri, said, “My parents have four girls, so there are often more pressing things to take care of in the home. My Friends and I have been using different materials which I was made to understand from this lecture that they are unhygienic. I am more than happy to receive these products and please come back to our school,” pleaded Hauwa Musa-Maina from Government Girls Secondary School Maiduguri.

Polaris Bank’s feminine advancement footprint which include partnerships with the International Women’s Society; Lagos State Ministry of Women Affairs and Poverty Alleviation; Care Organization and Public Enlightenment (C.O.PE) Foundation and a host of others, are all efforts geared towards the empowerment of women.

The Bank’s intervention supports Principle 4 of UNEP-FI Principles for Responsible Banking. The Bank seeks to engender a sustainable Nigerian society through its business and Health, Safety, and Environment (HSE) targets for sustainable impact.

Polaris Bank is a future-determining bank committed to delivering industry-defining products and services across all sectors of the Nigerian economy.

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