AFRINIC CEO Speaks On The Firm’s Current Situation At The 75th ICANN Annual General Meeting

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AFRINIC CEO Speaks On The Firm’s Current Situation At The 75th ICANN Annual General Meeting

AFRINIC Chief Executive Officer, Mr Eddy Kayihura, spoke on the current position of AFRINIC during the Internet Corporation for Assigned Names and Numbers (ICANN) 75th Annual General Meeting that took place in Kuala Lumpur, Malaysia.

He intervened at the welcome ceremony and at the Joint AFRALO-AfrICANN sessions of the meeting where he brought to light the current challenges facing the organisation, which include the multiple legal cases as documented on the AFRINIC website.

Addressing the value of a multi-stakeholder model, Mr Kayihura reiterated his appreciation of its efficiency at a global level that has seen AFRINIC through a myriad of challenges. “Let me stress that this is not only about AFRINIC as an organisation. This is about the Internet in Africa; this is also about a working Registry system that we all depend on, this is about a stable global Internet, this is also about ICANN and its community,” he said.

Concerning the different challenges AFRINIC has faced, Mr Kayihura spoke of the two-and-a-half-month-long bank account freeze. “The level of pressure that we have faced could have paralysed the organisation and impacted the stability of the Internet. It was a very critical situation,” said Mr Kayihura.

The CEO praised the existing mechanism within the Number Resource Organization (NRO) as a stability fund when a Regional Internet Registry is at risk, which came in handy during that time. He added that this was the insurance that the system would be equipped to deal with this kind of pressure.

Regarding the legal cases, Mr Kayihura emphasised the organisation’s trust in and respect for court decisions.“However, there is no question that AFRINIC needs to continue operating and delivering services with no interruption…. This is essential for the Internet“, he said.

In addition, Mr Kayihura called for the stability of the Internet ecosystem to be taken as a community issue, the latter being part of the global ecosystem, and in this sense he applauded ICANN’s support. With the world gradually moving online, more people depend on the Internet to conduct various businesses and activities making the development of digital infrastructure fundamental. The world continues to evolve, and so does our bottom-up ecosystem with new challenges. Mr. Kayihura stressed on the fact that the pioneers of the Internet built this system in a manner that would prevent capture and as such, we ought to strive to keep things as they are.

In his concluding remarks, Mr Kayihura said, “Our governance structure and processes can only improve and become stronger. The only way to achieve this is through community participation. On our part as AFRINIC, we commit to continue to provide the best quality service possible to our region, encouraging community participation towards a stronger Registry for the African region and the Indian ocean“.

Wema Bank Emerges Best Performing Bank In Half-year 2022

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Wema Bank Emerges Best Performing Bank In Half-year 2022

Nigeria’s most innovative bank, Wema Bank Plc, has emerged the best-performing bank in the first half of the year 2022 financial year with a weighted average score of 2.83 points, beating 12 other banks.

According to a special report on the Nigerian banking performance in the first half of 2022 Wema Bank ranked first in one category, second in three categories, and third in one category. Stanbic IBTC and First Bank came second and third respectively..

The key metrics considered in the report are total asset growth, loan book growth, profit growth, cost-to-income ratio movement, and return on average equity.

The 13’reviewed banks which are listed on the Nigerian Exchange posted a net profit of N1 trillion in 2021 from N887.1 billion recorded in 2020.

The 13 reviewed banks are Wema Bank, First Bank of Nigeria, FCMB, GTB, Jaiz Bank, Access Bank, and Stanbic/IBTC. Others are UBA, Sterling Bank, Unity Bank, Union Bank, Zenith Bank, and Fidelity Bank.

During the first six months of 2022, the thirteen banks posted an aggregate of N501.1 billion as profit after tax, representing an increase of 13.1% compared to N443.17 billion recorded in the corresponding period of 2021

The banks grew their bottom line despite headwinds ravaging the global economy as the energy crisis triggered a significant surge in the operational costs of businesses operating in the country, while some banks were forced to ration their operating hours in a bid to manage the rise in the cost of operation.

Wema Bank came first in the category of Leading bank by customer deposits growth. The bank recorded ±30.2 percent customer deposit growth during the review period, followed by Fidelity Bank and Access Bank with +13.1 percent and +12.8 percent respectively.

Wema Bank came second in three other categories – total assets growth rate (+13%), loan book growth rate (+19.9%), and profit after tax growth rate {+47.8%}.

Stanbic IBTC, the second-place winner, ranked first in total asset growth rate and leading banks by cost-to-income ratio growth rate

Competing For Service – A Customer’s Choice

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Competing For Service – A Customer’s Choice

Ask any staunch modernist and you’ll hear them say that the last 100 years have far outpaced the previous 1000 in terms of human invention.

They will say that to define modernity is to acknowledge recent advancements in technological innovation, urbanisation, and globalisation and how they have accelerated financial exchange through fintech and other inventions.

We live in a time where the same generations who are always ready to whip out their cheque books and those who grew up completely digital bank with the same service provider or shop at the same retailer. So while we see today’s innovations across the retail, technology, banking, and travel sectors, for example, it begs the question of whether today’s innovations compete with traditionality.

When UNCTAD released its findings on e-commerce sales earlier this year, it described the growth of online sales as having increased “markedly in value”. At the same time, 46% of respondents in Raydiants 2022 Consumer Behaviour Report said that given the choice, they still prefer to shop in-store.

Finance

Like in online retail and in-store shopping, the biggest difference between traditional forms of payment or traditional banking and online banking is physical presence. As it goes, the same consumers who prefer shopping in physical stores likely still prefer the human interaction that goes with traditional banking.

That said, not everyone has access to a personal bank or financial advisor who can help with savings and investment decisions. However, data released by mobile industry insights company Global System for Mobile Communications (GSMA) shows that smartphone adoption stands at 64 percent in Sub-Saharan Africa, and is expected to grow to 75 percent by 2025. The report also reflects that $155BN of economic value added will be generated by mobile technologies and services by 2025. In 2020, transactions on mobile money platforms reached $490 billion.

“It’s not surprising that we have seen a proliferation of established players in mobile banking and payments. We expect these mobile solutions to extend to savings options, with an emergence of platforms that will make it easier for anyone with access to a smartphone to explore various investment and saving options,” says Tony Mallam, managing director of upnup, a micro-savings and investment platform.

Services

There are, of course, still businesses and consumers that prefer using cash. And for consumers who prefer making payments using bank notes, the old saying of ‘nothing is more powerful than habit’ remains king. Eventually, as a home services marketplace, SweepSouth’s co-founder Alen Ribic comments, market forces and market demand will be the deciding factors behind the financial behaviour of businesses and consumers.

“Our offering has always been a case of creating products according to customer needs and what the market demands. We don’t assume to know a customer and then launch new products or offerings based on that,” notes Ribic. “We know that a different market will add new variables into the equation and using a combination of market data with local, on the ground, team presence we assess what is in demand and what would be a suitable additional offering for our customers.

In fact, the very way that brands and consumers interact and learn with each other has changed. Today, most consumers will have researched a product online before making a purchase. More brands are using customer data gained from online behaviour and purchases to dictate their offerings.

Travel

Salesforce reports that while 66% of customers expect companies to understand their unique needs and expectations, only 32% of retail executive respondents say their organisations have the full ability to turn data into personalised prices, offers, and products in real-time across channels and touchpoints.

Head of Marketing and Communications at online travel booking platform Jurni, Tshepo Matlou.says, “Innovations are coming in thick and fast but the key is to meet your suppliers and customer base where they are. Each generation has their own way of approaching business, but to stay on the pulse – you have to meet them where they are most comfortable.”

Google’s Travel Insights portal notes that destination popularity can change in an instant. For the most current information on those changes, travel businesses should rely on travel data to determine service offerings. Today this type of trend analysis is far more useful than gauging the number of customers physically visiting travel agencies to pick up travel brochures.

Weighing up the benefits of traditional versus digital should not be seen as a war of which is better, but rather pose the question of how businesses can leverage mixed customer demand for services. Business owners should use data to educate themselves on trends and preferences for the generational mix of consumers with purchasing power that we see today. Whether you choose to be exclusively online or to satisfy various markets, there’s no doubt that, for now at least, both traditionality and modernity are here to stay.

Investing Successfully In Nigeria’s Capital Markets

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Investing Successfully In Nigeria’s Capital Markets

Investors are paid – or make money – in proportion to the level of risk they take. As such, successful investment is essentially about how well risk is understood, anticipated, and managed.

Investor psychology, unsurprisingly, seeks high returns with a guarantee that capital invested will not be lost. This is not, however, 100% possible, as there is an element of risk in any investment. In fact, it is the element of risk that drives returns in investment.

As a rule of thumb, investors are generally paid in accordance with the level of risk they take. The higher the risk, the greater return. The challenge of investment, therefore, becomes balancing risk with returns so that investors are not dazzled into taking unreasonable risks by the glitter of implausibly high returns.

The level of risk that any individual is prepared to take is known as their risk appetite. Any potential investor should decide whether they are prepared to risk losing money for a higher return or adopt a less risky strategy with a lower chance of losing money, by settling for lower or moderate returns.

Once an investor has established their risk appetite, they should match their investments to this appetite. To construct the right investment strategy, investors can research various instruments themselves and put together their own portfolios. While many investors have learned a great deal over the years by trial and error, a better option for first time active investors is to approach an asset manager, like Coronation Asset Management, for advice.

Asset managers are able to help individual investors assemble a portfolio of investments that match their risk appetite. For active investors wanting to track the performance of their investments in real time, it makes sense to work with an asset manager able to regularly report on performance, advise and guide responses. Since this involves 24/7 hands-on, tracking, reporting and advice specific to individual investors’ portfolios, active investment support comes at a cost.

Today, there are also online investment options supported by digital platforms allowing individual investors to buy, track and sell investment instruments and funds online. While the effectiveness of these platforms varies, most require some level of investment knowledge and experience. Despite the hype and all the advice and guidance they provide, these platforms are not for first time investors.

Alternative investments, like cryptocurrencies, while appealing to younger generations, have limited performance track records, are harder to understand and research, and, currently, represent significantly high risk.

So, while there are a lot of investment options, instruments, advisors and platforms out there for aspiring investors, getting it right – by understating and managing the risks involved in investments – takes a lot of time, attention and knowledge. It also takes experience.

The average woman or man in the street looking to invest discretional cash to augment their income simply does not have the time, knowledge or insight to operate as an independent active investor. People have day jobs. Most too, can not afford the fees associated with appointing a bespoke wealth manager.

This is where collective investment schemes, usually delivered through group or mutual funds managed by investment professionals, become important. Most first-time investors simply do not have the time or research capability to actively construct and manage bespoke portfolios – or pay a bespoke wealth manager to do this for them. Instead, the best way to start on the investment journey is with mutual funds.

Mutual funds are investment instruments that allow investors to place money in investment structures representing a collection of companies whose profile and performance matches their own risk appetite. Coronation Asset Management, for example, has four passive mutual funds appealing to different risk appetites. Coronation Conservative Portfolio (Money Market Fund), for example, is made up of 35% treasury bills, 35% fixed deposit placement, 20% commercial paper (CP) and 10% cash.

Commercial papers are unsecured short term debt instruments issued by corporations. While we have preponderance of CPs in the market, doing the due diligence to investing in high rated instruments and issuers is also important. On the other hand, treasury bills are short term debt instrument issued by the federal government, with tenors varying between 92, 181 and 365 days. Combining a CP issued by a corporate with a high investment grade rating, with FGN issued treasury bills and fixed deposit placement presents a portfolio that can be rated 2 on a scale of 10, with returns reflecting the confidence provided by the high investment grade rating.

As such, Coronation Moderate Portfolio (Fixed Income Fund & Fixed Income Dollar Fund) includes allocation to short duration FGN Bonds and Equities, in addition to Treasury Bills, CPs and Placements. While these higher earning FGN Bonds and Equities allocations provide the portfolio a better return rate, they also introduce a moderately higher level of risk, presenting a portfolio that can be rated 5 on a scale of 10.

Bonds (FGN, State and Corporate) are long dated instruments (higher than 1 year) issued by either the federal government, state government or corporations. Because they are longer dated, they offer competitive than that applicable on short dated instruments.

Finally, Coronation Growth Portfolio (Money Market Fund) includes high performing long duration FGN Bonds, investment in high grade Corporate Bonds, Structured Products and Money Market Instruments in addition to Equities. As such, Coronation’s Growth Portfolio is suited to investors with higher risk appetite, with a risk rating scale of 7 on a scale of 10.

Investment trajectories are also important when considering investments. While Coronation Asset Management advises investors to remain in their investments for a minimum of six months or a year depending on the composition of their portfolio, the longer the better remains an excellent investment philosophy.

That said, investors have different trajectories. Investors looking for a quick, though high-risk, return over six months or a year, should consider a portfolio weighted towards a conservative portfolio. Those with a two-year to five-year horizon would do well with a moderate portfolio. Those with a higher than five-years investment trajectory can also comfortably reduce risk with a growth portfolio.

While individual Nigerians can approach asset managers like Coronation Asset Management for advice on mutual funds or more active participation in the country’s capital markets, Coronation Asset Management also works with institutional investors. Like individuals seeking to augment their incomes, institutional investors like insurance companies, pension funds and even government parastatals also use capital markets to manage risk and increase income. Coronation Asset Management assists investors to develop investment strategies that optimally balance growth and risk in line with their own investment mandates.

 

Anyone can set up an investment portfolio with Coronation by signing up on the Coronation Investment Management Portal. To get started, visit www.coronation.ng/self-service/

 

 

Rite Foods Marks Customer Service Week With Refreshing Brands Of Unique Flavours

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Rite Foods Marks Customer Service Week With Refreshing Brands Of Unique Flavours

Rite Foods Limited, a Truly World-Class and Proudly Nigerian company in the food and beverage industry, has joined other organisations around the globe in marking this year’s Customer Service Week with unparalleled brands that cater to the needs and preferences of the various demographics that constitute its consumers.

This year’s Customer Service Week which commences from Monday 3rd to Friday 7th September, 2022, is with the theme “Celebrate Service”, and it is intended at celebrating customer service and the people who serve and support them daily. It also marks the 31st year of celebrating Customer Service Week globally.

Commenting on the initiative, Rite Foods Managing Director, Mr. Seleem Adegunwa, said as a market leader that blazes the trail in the sector it operates, the company holds its customers in high esteem and at the core of its mission, hence it has evolved a global approach to its relations and has been refreshing them with unrivalled brands with laurels to their credit.

He stated that customer satisfaction is paramount, a reason that calls for the delivery of quality brands that are produced with state-of-the-art facilities and in a first-rate factory, under high-standard and hygienic conditions, which is reflected in their matchless tastes and flavours.

Adegunwa avowed that as a consumer-centric company, Rite Foods pride itself in the sector with award-winning brands such as the 13 variants of the Bigi Carbonated Soft Drink, Bigi Table Water, the marketing leading; Fearless Energy Drink Brand, and Rite Sausages, which are the preferred choice of consumers.

On her part, the Assistant. Brand Manager, Boluwatife Adedugbe, said with the customer service week, the company would broaden its approach on how to engage its consumers and keep them connected to its brands.

She stated that the company which operates at the peak of excellence has always identified with its customers at relevant touch points to support worthy programmes that are beneficial to their well-being.

The leading company has spearheaded various initiatives through its brands in the sports and entertainment industry, with accolades from customers for creating a positive impact on their lives.

Recently, its Fearless energy drink product sponsored the Brotherhood Blockbuster movie premiere for film lovers in the country, while the Bigi brand did the same in the “Prophetess” and the “Progressive Tailors Club” movies’ first appearances.

Also, Bigi was the headline sponsor of Seasons 6 and 7 of the popular music reality show, Nigerian Idol, for the discovery and nurturing of talents in the entertainment industry.

Consequently, the Fearless brand powered the 2021 edition of Felabration, a one-week event held in commemoration of the late Afrobeat King, Fela Anikulapo-Kuti, with the presentation of the first posthumous award presented Fearless to the music icon.

“These are among other activities that bring our product portfolio closer to our customers, and have benefited them immensely, being a crucial part of our business,” Adedugbe affirmed.

Office Market Net Absorption Reached 183,000 Sq Ft in Q3, Driven by Pre-Committed Space in Hong Kong East

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New “0+3” quarantine measure to help reignite business travel, although no immediate boost to tourism activities is anticipated

  • Hong Kong’s Grade A office market remained generally quiet in Q3, but pre-commitments at new project completions pushed up citywide net absorption to reach 183,000 sq ft
  • Overall office rents fell by a further 2.3% q-o-q, although the decline is expected to narrow in Q4, with the full-year rental movement forecast now in a -3% to -5% range
  • The retail market is recovering slowly, with retail sales in the first eight months down by 1.5% y-o-y; some retailers have held back on expansion plans in response to a still uncertain timeline for a full border reopening with mainland China
  • The recently announced “0+3” quarantine measure will help stimulate outbound spending but may not immediately attract an influx of tourists to Hong Kong, weighing on the short-term retail recovery

HONG KONG SAR – Media OutReach – 6 October 2022 – Global real estate services firm Cushman & Wakefield today published its Hong Kong Office and Retail Leasing Markets Review and Outlook Q3 2022 report. Office and retail leasing activities were both relatively quiet in Q3. Overall office market net absorption returned to positive territory on the back of pre-commitments at new projects within the Hong Kong East district. Nevertheless, a rise in the availability rate saw rents trend downward at -2.3% q-o-q in Q3. The local retail market also remained weakened, with total retail sales for January to August 2022 recorded at HK$226.7 billion, down 1.5% y-o-y. While the latest “0+3” quarantine rule for inbound travelers may not immediately boost tourism to Hong Kong, it may instead spur locals towards outbound travel and hence impact short-term domestic retail sales.

www.cushmanwakefield.com or follow on Twitter.

AfDB Approves $25 Million Trade Finance Facility For FSDH Merchant Bank

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AfDB Approves $25 Million Trade Finance Facility For FSDH Merchant Bank

The Board of Directors of the African Development Bank Group  has approved a $15 million trade finance line of credit and $10 million transaction guarantee for FSDH Merchant Bank  in Nigeria. FSDH will use the line of credit to provide loans to local enterprises in Nigeria.

The $25 million package will help to reduce the trade finance gap in Nigeria by making financial resources available to small and medium-sized enterprises (SMEs) in the industrial sector.

The Bank will also guarantee up to 100% of non-payment risks arising from letters of credit and similar trade finance instruments issued by FSDH under the guarantee portion. This will allow confirmation of trade transactions originated by FSDH, benefiting local import and export businesses.

Overall, the facility will catalyze more than $200 million of trade finance transactions across multi-sectors, including agriculture, manufacturing, and energy over the next three years.

The African Development Bank’s Director General for Nigeria, Lamin Barrow said: “The availability of trade finance instruments to drive post-pandemic economic recovery efforts cannot be overemphasized. Hence, the Bank’s financing will help eligible Nigerian SMEs to take advantage of existing and emerging opportunities in the domestic and regional markets.”

The African Development Bank estimates the trade finance gap for the continent at $82 billion. SMEs and other domestic firms have greater difficulty accessing trade finance than multinational and large local corporates.

Barrow noted that the Covid-19 pandemic and other factors had led global banks to reduce their correspondent banking relationships in Africa or to exit completely.

The facility aligns with the African Development Bank’s Financial Sector Development Policy and Strategy to deepen Africa’s financial systems. It also aligns with two of the Bank’s High 5 strategic priorities: ‘Feed Africa’, and ‘Industrialize Africa.

The Bank’s Director for Financial Sector Development, Stefan Nalletamby said, “We are excited about finalizing this facility with FSDH as having the Bank as a partner will aid FSDH in scaling up its trade finance offerings in Nigeria to help meet the ever-increasing trade finance gap. This partnership is expected to catalyze more than $200 million value of trade finance transactions across multi-sectors such as agriculture, manufacturing, and energy over the next 3.5 years.”

The African Development Bank anchors its current Nigeria strategy on two pillars: supporting infrastructure development and promoting social inclusion through agribusiness and skills development. The Bank believes there are numerous opportunities for the youth and women from its financing and non-lending activities.

The Bank’s current portfolio in Nigeria comprises 53 operations with a total value of $4.5 billion. This is made up of 30 sovereign operations, with a value of $2.7 billion and representing 60% of total commitments. In addition, there are 23 non-sovereign operations valued at $1.8 billion.

LaoSafe Takes to the Air

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Lao Airlines and Lao Skyway have both achieved the ‘SafeFlight’ certification under the LaoSafe programme, facilitating passenger travel to exciting new destinations.

VIENTIANE, LAOS – Media OutReach – 6 October 2022 – New flight routes are opening this October that will provide a broader range of options for travellers hoping to visit Laos, as LaoSafe certification of the country’s two airlines, Lao Airlines and Lao Skyway, will ensure that passengers can be confident of boarding a flight with high hygiene standards.

Newly Listed Geregu Top NGX Gainers Chat, Amidst Negative Market Performance

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Newly Listed Geregu Top NGX Gainers Chat, Amidst Negative Market Performance

The Nigerian All-Share Index closed in negative territory, falling by 0.09% to close at 48,836.70 points.

The performance was due to selling pressures in large-cap stocks such as CADBURY (-9.93%) and STANBIC (-3.33%). Consequently, the YTD return decreased to 14.33% as market capitalisation increased by ₦226.52 billion to close at ₦26.60 trillion.

The sectoral performance significantly weakened as four of the five indices under coverage declined while the Industrial closed flat. The Banking index, the biggest loser, declined by 0.98% on ZENITHBANK (-1.55%). The Oil & Gas, Consumer Goods and Insurance indices followed suit, falling by 0.27%, 0.18% and 0.09% on OANDO (-1.70%), CADBURY (-9.93%) and CORNEST (-8.93%) respectively.

Investors’ sentiment strengthened but remained negative as the market breadth increased to 055.x from 0.43x. This was illustrated by the advance of 12 stocks, led by  (-9.09%) and REDSTAREX (-7.83%) and the advance of 21 stocks, led by MULTIVERSE (+9.76%) and RTBRISCOE (+8.82%). Activity level weakened as the total volume and value declined by 51.37% and 36.09% as investors exchanged about 173.46mn units of shares worth over ₦2.39bn.

We expect market activity to be influenced by the liquidity levels in the financial system.

Fixed Income

There was mixed sentiment across the bond yield curve as two of the four bond yields under coverage advanced, while the FGN-APR-2023 and FGN-JAN-2026 yields closed flat. The yields on the FGN-MAR-2024 and FGN-JUL-2030 inched higher by 40bps and  9bps respectively.

The Treasury bill yields for the 91 and 364-day closed flat at 6.07% and 9.02% respectively while the 182-day paper yields compressed by 1bps to close at 7.24%.

We expect market activity to be influenced by the liquidity levels in the financial system. 

  • Negative Performance Persists in the Local Bourse , NGX ASI Sheds 9bps
  • Mixed Sentiment across the Bond Yield Curve
  • Negative Performance in Global Stocks
  • Brent Crude Reports @ $93.29
  • Negative Performance in African Stocks

Adron Campaigns Against Breast Cancer, Screens Women

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Adron Campaigns Against Breast Cancer, Screens Women

Adron Homes and Properties has commenced its yearly breast cancer awareness campaign with the screening of women for early detection, treatment and prevention of the killer disease.

According to the World Health Organization, 2.3 million women worldwide got diagnosed with breast cancer in 2020, while 685,000 people died from the disease worldwide in that same year.

In a statement on Thursday, the real estate firm said with Nigeria experiencing hundreds of cancer cases each year, the company would play its part in sensitising the general public, particularly women on breast cancer.

The Executive Director of Adron Homes, Aderonke King, said this year’s screening would focus on the well-being of the workforce and clients, particularly the females as research indicates that women are more vulnerable.

She said the firm would be partnering with Pink Clinic on the awareness and screening campaign, which educates participants about breast cancer, how to make purposeful lifestyle choices, and how to reduce their risk of developing the disease.

She said, “We at Adron Homes believe that health is wealth, and that is why we have brought the breast cancer awareness campaign in-house, because our female staff is at the center of our organization, and we uphold equal work opportunities.

“As the most prevalent type of cancer, breast cancer continues to rank as the fifth highest cause of cancer death worldwide,” she stated.

On her part, Dr. Linda Keku said the women were screened for any potential traces and signs of early detection.

According to her, getting at least three times a week of exercise protects against cancer. She also mentioned that nursing women can prevent breast cancer by breastfeeding their children.

“The most crucial thing is getting up to 8 hours and breast screening,” she said.

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