About 120 Million Nigerians Have Access To The Internet – New Poll Reveals

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About 120 Million Nigerians Have Access To The Internet – New Poll Reveals

A new public opinion poll conducted by NOIPolls in the week commencing on October 14th, 2019 has revealed that 61% of Nigerians have access to the internet. When applied to Nigeria’s estimated population of 198 million by the Nigeria Population Commission, this translates to about 120 million Nigerians having access to the internet.

Interestingly, when looking at the demographics, 70% of young Nigerians aged between 18 – 35 years have access to the internet compared to the 56% for those aged between 36 and 60 years and 28% for those aged 61years and above. Of the proportion of respondents that claimed to have access to the internet, an overwhelming majority (94%) indicated that they mostly access the internet through their mobile phones. This proportion was equally high across the six geo-political zones, and across age demographics; indicating a wide use of smartphones in the country. This wide access to the internet on mobile phones across Nigeria shows that there are a huge market and high demand for smartphones in Nigeria, giving credence to the claim that Nigeria is Africa’s biggest smartphone market.

Most respondents (95%) who access the internet revealed that they use the internet to engage social networking sites and applications. This finding also held true across geo-political zones and across various age demographics. On the level of awareness, results show that Facebook (95%) and WhatsApp (94%) are the most widely known social networking sites in the country; followed by Instagram (50%), and Twitter (42%), among others. Polls on the proportion of respondents using each social networking platform produced the following results – Facebook (86%), WhatsApp (84%), Instagram (19%), Twitter (11%), and Snapchat (2%). However, with regards to preference, WhatsApp (51%) is the most preferred social networking site/application, followed by Facebook (45%), Twitter (2%), and Instagram (2%).

Some of the leading reasons Nigerians provided for their preference of WhatsApp, Facebook, Instagram and Twitter respectively include; “It’s Simple and Fast” (26%), “Easy to Connect to People With” (20%), “The Platform Allows Government to Obtain Feedback from The Public” (31%) and “It seems more real than other platforms”(47%). Regarding the average number of hours spent in a day on social media sites/applications, Twitter captured the largest daily cumulative value, as 19% of Twitter users disclosed that they spend 10 hours and more engaging on it. This was followed by WhatsApp with 8% of users revealing they spend upwards of 10 hours daily on the average.

Furthermore, the poll results show that respondents considered Facebook (98%), Instagram (88%), WhatsApp (77%), and Snapchat (74%) most effective for advertising, while Twitter (98%) was considered most effective for gaining attention on topical issues and trending subjects.

With regards to security, the poll results show that 12% of Nigerians reported that their social media accounts have been hacked previously; and of this proportion, 91% mentioned Facebook as the affected platform, while 7% confirmed that their WhatsApp account has been hacked.

The CEO of Twitter, Jack Dorsey recently visited Nigeria and for good reason as 20% of the respondents reported that they have a Twitter account. This figure amounts to about 39.6 million Nigerians. Majority of these are young people as the poll showed that young people aged between 18 and 35 years are twice as likely to have a twitter account (26%) than older people aged 36 years and above (13%). Among those that have a Twitter account, 45% disclosed that they are actively involved on Twitter – by sending out Tweets or pictures, or by participating in conversations or other activities using their accounts. The poll also revealed that Twitter users in Nigeria mostly use the platform to get trending news (33%), interact with friends (21%) and for advertising businesses, amongst other things. Interestingly, a higher proportion (29%) of Twitter users acknowledged that giving voice to many voiceless Nigerians is the greatest impact Twitter has made in Nigeria. Finally, with regards to features missing on Twitter, 39% recommended that the owners of Twitter increase the number of words allowed per Tweet, as many respondents during the course of the survey expressed that they would prefer to write a whole lot in one tweet.

Nigeria has continued to enjoy technological advancement, especially in the area of Information and Communication Technology (ICT). These ICT advancements have provided Nigerians with fast internet access, with which they engage in social media activities on various internet-enabled devices. According to the Nigeria Communications Commission (NCC), Nigeria currently has about 122 million internet users. The number of social network users in Nigeria in 2018 stood at approximately 29.3 million users; the figure is projected to grow to 36.8 million in 2023. Recently, there has been news of a bill to regulate the use of social media in Nigeria. The bill, which has passed second reading in the Nigerian Senate, if passed into law, Nigerians found guilty of making false remarks on Facebook, Twitter, Instagram and other similar media, would have faced two years in jail or a fine of 2 million naira.

Download the NOI-POLLS Social Media Poll Results here

Seplat Announces Revision To Q3 2019 Interim Dividend Currency Exchange Rates

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Seplat Announces Revision To Q3 2019 Interim Dividend Currency Exchange Rates

Seplat Petroleum Development Company Plc (“Seplat” or the “Company”), a leading Nigerian independent oil and gas company listed on both the Nigerian Stock Exchange and London Stock Exchange, today announces a revision to its Q3 2019 interim dividend currency exchange rates previously announced on 12th November 2019 to correct an error made on the USD/GBP exchange rate.

The correct exchange rate is 1 USD = 0.7794 GBP (or 1 GBP = 1.2831 USD) and not 1 USD = 1.2831 GBP as previously stated.

The amended Announcement of Q3 2019 Interim Dividend Currency Exchange Rates is stated below.

Seplat Petroleum Development Company Plc today confirms that the following currency exchange rates will be applicable in the determination of the Q3 2019 interim dividend payment to any shareholders that qualify for and have elected to receive the Q3 2019 interim dividend payment in Naira or GBP:

Exchange Rate

  • 1 USD = 306.40 Naira
  • 1 USD = 0.7794 GBP

The exchange rate for the Naira amounts payable was determined by reference to the exchange rates applicable to the US dollar available on 8th November 2019 (11th November previously announced was a public holiday in Nigeria) and the exchange rate for Pounds Sterling amounts payable was determined by reference to the exchange rates applicable to the US dollar available on 11th November 2019.

The closing date for Dividend currency election to the Company’s Registrars is 27th November 2019. In the absence of a qualifying Dividend currency election by shareholders to the appropriate Registrar, dividends will be paid in their default currency. Shareholders should refer to the Company’s announcement on 29th October 2019 for the definition of default currencies and dividend currency election forms can be found on the company website at https://seplatpetroleum.com/investors/dividend.

Olam International posts 1.5% dip in Q3 net profit to $20.4m

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Olam International posts 1.5% dip in Q3 net profit to $20.4m
  • Steady operating performance with Q3 2019 and 9M 2019 EBITDA up 25.2% and 16.9% to S$286.9 million and S$1.1 billion respectively, driven by higher contribution from the Food Category
  • Q3 2019 and 9M 2019 PATMI lower by 1.5% and 8.0% at S$20.4 million and S$250.7 million respectively
  • Excluding exceptional losses and the impact of SFRS(I) 162, Q3 2019 PATMI would have increased by 30.4% to S$27.0 million and 9M 2019 PATMI by 4.9% to S$288.0 million
  • Improved, positive Free Cash Flow to Equity (FCFE) of S$767.0 million for 9M 2019 (9M 2018: S$602.4 million)
  • Steady net gearing of 1.37x (9M 2018: 1.38x)
S$ million 9M 2019 9M 2018  % Change Q3 2019 Q3 2018 % Change
 Volume (‘000 MT) 9,036.9 23,256.7 24.9 9,936.7 9,650.1 3.0
 Revenue 24,255.2 22,018.6 10.2 8,311.3 8,294.0 0.2
 EBITDA 1,058.4 905.1 16.9 286.9 229.1 25.2
 PAT 216.6 251.1 (13.7)    8.9 14.7 (39.2)
 PATMI 250.7 272.6 (8.0)    20.4 20.7 (1.5)
 Operational PATMI 268.5 274.7 (2.3) 20.5 20.7 (1.0)

Co-Founder & Group CEO Sunny Verghese said:

“In Q3 2019 we delivered another steady set of operational results with all Food Category segments performing better than last year amid continued market volatility.

“As we celebrate our 30th anniversary, from a strategic standpoint, we are building on our strong foundations from leading food and agri-business to a more value-added ingredients business. By leveraging sustainability and digital as key enablers, we will help customers meet key consumer trends shaping our sector, thereby creating profitable and sustainable value for all stakeholders.”

Executive Director and Group COO, A. Shekhar said: “We maintained a robust balance sheet in 9M 2019, optimising working capital to deliver stronger free cash flows. Our disciplined efforts in proactively managing our capital structure position us well for the rest of 2019 as we approach the peak procurement season for several of our leading commodities and for high-growth strategic investments.

“We further reinforced our core purpose of ‘Re-imagining Global Agriculture and Food Systems’, with an innovative US$525 million sustainability loan tied to achieving specific key performance indicators that are aligned with our three purpose outcomes of Prosperous
Farmers and Food Systems, Thriving Communities, and Regeneration of the Living World.”

FINANCIAL RESULTS
Q3 2019

  • EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) grew by 25.2%
    to S$286.9 million (Q3 2018: S$229.1 million) primarily on higher contribution from the
    Food Category.
  • PATMI (Profit After Tax and Minority Interest) declined 1.5% year-on-year (YoY) to
    S$20.4 million (Q3 2018: S$20.7 million) as EBITDA growth was offset by higher net
    finance costs, depreciation and amortisation arising from the adoption of SFRS(I) 16.
    Excluding the impact of SFRS(I) 16, PATMI would have been 30.0% higher at S$26.9
    million.
  • Operational PATMI, which excludes exceptional items, was 1.0% lower YoY at S$20.5
    million (Q3 2018: S$20.7 million). Excluding the impact of SFRS(I) 16, Operational PATMI would have been 30.4% higher at S$27.0 million.

9M 2019

  • EBITDA grew 16.9% to S$1.1 billion (9M 2018: S$905.1 million) on higher contribution
    from the Food Category and Commodity Financial Services.
  • PATMI declined 8.0% YoY to S$250.7 million (9M 2018: S$272.6 million) as EBITDA
    growth was offset by higher net finance costs, depreciation and amortisation, and
    exceptional losses. Excluding the impact of SFRS(I) 16, PATMI would have been
    marginally lower YoY at S$270.2 million.
  • Operational PATMI was lower by 2.3% YoY at S$268.5 million (9M 2018: S$274.7
    million). Excluding the impact of SFRS(I) 16, Operational PATMI would have increased
    by 4.9% to S$288.0 million.

Cash flow and gearing

  • Generated improved Free Cash Flow to Equity of S$767.0 million (9M 2018: S$602.4
    million) on higher operating cash flow and lower deployment of working capital.
  • Net gearing as at September 30, 2019, remained steady at 1.37 times (9M 2018: 1.38
    times) on lower net debt arising from the reduction in working capital.

9M 2019 SEGMENTAL PERFORMANCE
Edible Nuts and Spices

  • Revenue increased 2.6% to S$3.2 billion on growth in both Edible Nuts and Spices
    businesses.
  • EBITDA was 12.4% higher at S$311.3 million on the improved contribution from almonds and Spices offset by lower contribution from peanut and hazelnut businesses.

Confectionery and Beverage Ingredients

  • Revenue declined 7.3% to S$4.8 billion on lower coffee prices and lower Cocoa
    volumes.
  • EBITDA rose 22.6% to S$341.8 million with continued improvement in margins in the
    Cocoa business for both supply chain and processing operations.

Food Staples and Packaged Foods

  • Revenue rose 23.8% to S$12.7 billion mainly driven by growth in Grains trading
    volumes.
  • EBITDA grew 9.3% to S$271.8 million, led mainly by the Grains and Animal Feed
    business and improved contribution from Packaged Foods and the Edible Oil supply
    businesses, partly offset by the reduced contribution from Rice and Sugar.

Industrial Raw Materials, Infrastructure and Logistics

  • Revenue was up 2.7% to S$3.5 billion mainly due to higher Cotton sales volumes.
  • EBITDA declined 12.0% to S$116.5 million on lower contribution from Cotton, which
    offset improved contribution from GSEZ and Wood Products.

Commodity Financial Services

  • The segment reported an EBITDA of S$17.0 million, reversing a S$31.9 million loss in
    9M 2018.

OUTLOOK

Even as political and economic uncertainties continue to affect global trading conditions for the rest of the year, Olam believes its diversified and well-balanced portfolio provides a resilient platform to navigate the challenges in both the global economy and commodity markets.

Olam continues to execute on the four strategic pathways for growth as set out in the 2019-2024 Strategic Plan. It will strengthen, streamline and focus its business portfolio, drive margin improvement by enhancing cost and capital efficiency, generate additional revenue streams by offering differentiated products and services, and explore partnerships and investments in select new engines for growth.

Olam is continually reviewing options for divesting and/or restructuring various assets and businesses in line with the Strategic Plan, some of which may be concluded in this financial year. The outcome and financial impact of such decisions (viz. one-off exit costs, gains/losses on sale and/or potential impairment of these assets/businesses) remain uncertain at this stage and are subject to multiple factors outside its control. Olam will make appropriate disclosures as and when there are material developments in this regard.

Zedcap Partners Adjudged Best Brokerage Service Firm at 2019 FMDQ Gold Awards

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Zedcap Partners Adjudged Best Brokerage Service Firm at 2019 FMDQ Gold Awards

Zedcap Partners Limited (ZPL), the Securities Brokerage arm of Zedcrest Capital Limited has been adjudged the Best Brokerage Service firm in Nigeria at the 2019 FMDQ Gold Award held on Friday, November 8, at Lagos Oriental Hotel, Victoria Island.

FMDQ is Africa’s first vertically integrated financial market infrastructure (FMI) group, strategically positioned to provide seamless execution, clearing and settlement of financial market transactions across the debt capital, foreign exchange and derivatives markets, through the FMDQ Entities – FMDQ Securities Exchange, FMDQ Clear Limited and FMDQ Depository Limited – towards transforming the Nigerian financial markets through its “GOLD” (Global Competitiveness, Operational Excellence, Liquidity and Diversity) Agenda.

According to the organizers, Zedcap Partners was selected by members as the FMDQ Association member (Inter-dealer Broker) that provides the most exemplary brokerage service.

Adedayo Amzat, Group Managing Director, Zedcrest Capital receiving Zedcap Partners’ award as the Best Brokerage Service firm from Ms Patience Oniha, Director-General, Debt Management Office; Oluseyi Akinbi (l), Managing Director, Zedcap Partners and Director Zedcrest Capital, and Oluwatosin Ayanfalu (r), Fixed Income Dealer, Zedcap Partners Limited at the 2019 FMDQ Gold Awards held on Friday, November 8, at Lagos Oriental Hotel, Victoria Island.

“On behalf of Zedcap Partners, I’m extremely honoured to accept the Best Brokerage Service award from FMDQ, ” Mr Oluseyi Akinbi, Managing Director, Zedcap Partners and Director, Zedcrest Capital said. “This award is a true testament to the hard work, dedication and innovative mindset that all of our team members exhibit each day for our client progress. We are thrilled to be recognized for our achievements in improving brokerage service in Nigeria.”

“Our value proposition is to enhance price discovery and transparency in the markets we play by studying clients’ needs and providing all information and resources required to execute trades in a timely and efficient manner with minimal slippage and market volatility”, he said.

Commenting on the award, Mr Adedayo Amzat, CFA, Group Managing Director of Zedcrest Capital reaffirmed the company’s commitment to delivering world-class brokerage service to its extensive client base of institutional clients including leading investment banks, commercial banks, asset managers, hedge funds and corporations.

L-R: Oluseyi Akinbi, Managing Director, Zedcap Partners and Director Zedcrest Capital; Adedayo Amzat, Group Managing Director, Zedcrest Capital; Oluwatosin Ayanfalu, Fixed Income Dealer, Zedcap Partners Limited and Lukmon Oloyede, Marketing & Brand Communications Officer, Zedvance Limited with Zedcap Partners’ award as the Best Brokerage Service firm at the 2019 FMDQ Gold Awards held on Friday, November 8, at Lagos Oriental Hotel, Victoria Island.

“We want to continuously improve in every regard. Our vision is to enrich the lives of everyone we encounter. That includes our clients, employees and stakeholders”, he said.

The GOLD Awards, a first in the Nigerian financial markets, was designed to acknowledge and formally recognise the contributions of participants within the FMDQ markets, whose activities have positively and directly impacted the development of the markets thereby making them “GOLD” – Globally Competitive, Operationally Excellent, Liquid and Diverse.

The award is coming just a few weeks after Zedcrest Capital’s recognition as the Diversified Financial Services Group of the Year at the 7th BusinessDay Banks’ and Other Financial Institutions (BAFI) Awards in Lagos.

The event which had in attendance industry captains from the private and public sector had Mr Godwin Emefiele, Governor, Central Bank of Nigeria and Mr Babatunde Sanwo-Olu, Executive Governor of Lagos State as special guests of honour.

Sanwo-Olu also received the “FMDQ Enabler Award” in recognition of the role as an ex-financial markets practitioner with considerable contributions to market development.

Zedcap Partners Limited (ZPL) is the Securities Brokerage arm of Zedcrest Capital Limited and is engaged in the broking of financial products in sub-Saharan Africa OTC Fixed Income and currencies markets (FICC).

We are duly licensed by the Financial Markets Dealership Quotation (FMDQ) and the Securities Exchange Commission (SEC) as Inter-Dealer Brokers (IDB) to broker Government & Corporate Bonds, Treasury Bills, Eurobonds, Money Markets and Derivative Instruments.

European Investment Bank Expands Trade & Investment Insurance Benefits To West Africa

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European Investment Bank Expands Trade & Investment Insurance Benefits To West Africa

European Investment Bank supports expanded membership of Africa Trade Insurance Agency; Availability of investment insurance to strengthen investment and reduce project financing costs; Agreements for intended financing signed at African Investment Forum.

The European Investment Bank today formally agreed to support the membership expansion of the African Trade Insurance Agency (ATI) with a concessional financing facility to cover the shareholding of three prospective members – Cameroon, Niger and Togo. This represents the first time the European Investment Bank has backed ATI’s membership expansion. Unlocking additional investment insurance is expected to transform public and private sector investment in the countries. Investment insurance includes the full spectrum of political and credit risk insurance covering both sovereign and corporate risks.

The Agreement with ATI to enable the European Investment Bank to finance membership of countries was signed earlier today at the Africa Investment Forum in Johannesburg by Ambroise Fayolle, Vice President of the European Investment Bank and John Lentaigne, Ag Chief Executive Officer of the African Trade Insurance Agency.

“Today marks a significant milestone in the European Investment Bank’s support for the private sector and sustainable infrastructure development across Africa. The agreements agreed in Johannesburg today will enable West African countries to benefit fully from ATI membership and benefit from increased investment in sectors such as agriculture, energy, manufacturing and health. As the EU Bank, the European Investment Bank is committed to accelerating sustainable development across Africa. This new cooperation will expand the impact of investment insurance essential for sustainable development in West Africa.” said Ambroise Fayolle, Vice President of the European Investment Bank.

“As an African institution, ATI has a strategic focus to de-risk member countries in order to attract investment and promote growth. The European Investment Bank’s engagement to expanding ATI membership in West Africa will help to ensure that the prospective countries’ economies achieve their full potential and follow the success of ATI membership seen in so many other countries across Africa,” said John Lentaigne, Acting Chief Executive Officer of the African Trade Insurance Agency.

The European Investment Bank, the long-term lending institution of the European Union, will finance capital participation that will enable three countries to access guarantee and insurance mechanisms provided by ATI. Full membership in ATI is expected to follow in the coming months.

Investment insurance key for sustainable development

ATI membership will enable underlying projects to be bankable and able to attract new investors for strategic infrastructure and private sector projects.

The agreement signed today is a key step toward improving private sector investment and sustainable economic development in West Africa by stimulating growth in key economic sectors, driving economic diversification and ensuring more stable and sustainable growth.

ATI membership to reduce borrowing costs and boost investor confidence

Once the countries become full ATI members investors will benefit from the full spectrum of investment insurance that protects against non-payment of both sovereign and corporate risks.

ATI membership has already helped other African countries to reduce sovereign borrowing costs. ATI currently insures USD 6 billion of transactions across Africa as a current outstanding portfolio.

Ensuring international environmental and social standards

The agreement will ensure that projects follow international technical, environmental and social standards that further reassure international investors.

FBNQuest Merchant Bank Shares Insights To Generational Wealth Transfer At Its Wealth Management Customer Forum

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FBNQuest Merchant Bank Shares Insights To Generational Wealth Transfer At Its Wealth Management Customer Forum

FBNQuest Merchant Bank, the investment banking and asset management business of FBN Holdings Plc, recently hosted its clients to a Wealth Management Customer Forum, facilitated to share in-depth analysis of the impact of long term wealth preservation and inter-generational wealth transfer.

The Forum, themed ‘Our Customers, Our Strength’focused on three key topics – ‘Health is Wealth’ presented by Consultant Nephrologist, St. Nicholas Hospital Dr. Ebun Bamgboye; ‘Benefits of Generational Wealth Transfer’ delivered by Head Private Trust FBNQuest Trustees Mofoluke Keshinro; and ‘Trends & Opportunities in the Global & Local Economy’ by Head Macroeconomic and Fixed Income Research FBNQuest Capital, Gregory Kronsten.

On generational wealth transfer, the forum highlighted some of the challenges individuals and businesses encounter, due to lack of a proper estate plan. According to FBNQuest Trustees, insights have revealed that globally, only 30% of all family-owned businesses survive into the second generation and only 12% make it to the third generation.  It further explained that 72% of family businesses have no formal business continuity plans and only 7% have hired professionals to help deal with family relationship issues involved in planning for the continuation of the business. The forum also advised on the importance of securing your wealth through the services of professional financial institutions to guarantee successive generational wealth transfer and stable investment growth.

Speaking at the forum, Kayode Akinkugbe, Managing Director/CEO, FBNQuest Merchant Bank, reaffirmed the position of the bank to help customers build more long-term and strong investment portfolios through structured wealth management services. “We work with our clients to provide tailored investments solutions to help build, sustain and transfer wealth across generations. Over the years, we have actively partnered with both individual and institutional clients to grow financial assets and investment portfolios in line with varying wealth management objectives. We ensure that we seek investments that are safe, liquid and profitable for long term sustainability”.

Debbie Irabor, Head, Wealth Management at FBNQuest Merchant Bank, also stated that “the inheritors of a generational wealth transfer must maintain a more global outlook, in ways not only to preserve wealth but investment opportunities to maximise such wealth. This is why we ensure that our wealth management products and advisory services are specifically tailored, as we journey alongside our clients. This customer forum is also for us to engage, get customer feedback, strengthen our relationships, innovate and continue to provide clients with the best solutions required to manage their wealth.

The session also emphasised on the need for individuals to maintain healthy lifestyle habits as a key contributing factor to managing wealth while also highlighting some of the most common health challenges faced in our communities.  The FBNQuest Merchant Bank Wealth Management Forum is designed to appreciate the organisation’s customers and educate them on the importance of Wealth Preservation and Wealth Transfer.

Visa Introduces Suite Of Security Capabilities To Help Prevent And Disrupt Payment Fraud

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Visa Introduces Suite Of Security Capabilities To Help Prevent And Disrupt Payment Fraud

Visa launched a suite of innovative security capabilities to help prevent and disrupt payment fraud, breaking new ground in Cybersecurity and fraud prevention across Central & Eastern Europe, Middle East and Africa (CEMEA) at the Visa CEMEA Security Summit 2019 in Barcelona, Spain. The forum brings together payment industry experts from risk, business and operational departments of financial institutions, merchants, processors and other payment service providers.

The new payment security services and capabilities help protect the integrity of the payments ecosystem by detecting and disrupting fraud threats targeting financial institutions and merchants. The new capabilities are available to Visa clients at no additional cost or sign-up but through Visa’s continued investments in intelligence and technology. These add to the long list of benefits financial institution and merchant clients enjoy as participants in the Visa global payment network.

“Cybercriminals attempt to bypass traditional defences by stealing credentials, harvesting data, obtaining privileged access, and attacking trusted third-party supply chains,” said Hector Rodriguez, Regional Risk Officer, CEMEA, Visa. “Visa’ snew payment security capabilities combine payment and cyber intelligence, insights and learnings from breach investigations, and law enforcement engagement to help financial institutions and merchants solve the most critical security challenges.”

According to a global report by Forrester Consulting commissioned by Visa, ATM cashout attacks that exploit vulnerabilities among financial institutions and processors to remove fraud controls to withdraw money from cash machines fraudulently, and automated testing of values and credentials to gain unauthorized access to information and functionality called “enumeration attacks” were among the most prevalent account-related fraud types identified by respondents. At the same time, card-not-present fraud that includes e-commerce, phone and mail orders was found to be less frequent but caused more damage to businesses representing nearly 40% of fraud losses and operational costs. Managing payment fraud holistically is imperative to meet these challenges.

Protecting the Ecosystem from Threats

At the centre of every Visa, the transaction is trust. As threats evolve, Visa’s payment security capabilities help to holistically protect the core components of the ecosystem—people, data and infrastructure—to maintain trust and connect the world through the most innovative, reliable and secure digital payment network. The new security capabilities add to existing protections and include:

  • Visa Vital Signs – Actively monitors transactions and alerts financial institutions of potentially fraudulent activity at ATMs and merchants that may indicate an ATM cashout attack. To limit financial losses for financial institutions, Visa can automatically or in coordination with clients, step in to suspend malicious activity.
  • Visa Account Attack Intelligence – Applies deep learning to Visa’s vast number of processed card-not-present transactions to identify financial institutions and merchants that hackers may be used to guess account numbers, expiration dates and security codes through automated testing. The machine learning technology detects sophisticated enumeration patterns, eliminates false positives, and alerts affected financial institutions and merchants before fraudulent transactions begin.
  • Visa Payment Threats Lab–Creates an environment to test a client’s processing, business logic and configuration settings to identify errors leading to potential vulnerabilities. For example, Visa can verify if a financial institution is effectively validating cryptograms—dynamically generated codes unique to each transaction—for EMV® chip transactions.
  • Visa eCommerce Threat Disruption – A proprietary solution that uses sophisticated technology and investigative techniques to proactively scan the front-end of eCommerce websites for payment data skimming malware. Identifying potential website compromises limits the amount of time malware might be present on a merchant website and significantly reduces exposure of customer and payment data.

These capabilities complement Visa Payment Threat Intelligence, which provides actionable and informational cyber intelligence to clients and merchants worldwide. It offers timely intelligence reporting, technical delivery and educational materials. This includes alerts, analysis, technical indicators, and mitigations for potential cybercrime threats, account compromises and fraud.

Stanbic IBTC Provides Succour For Limbless Children Through Together4ALimb Initiative

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Stanbic IBTC Provides Succour For Limbless Children Through Together4ALimb Initiative

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has continued its quest to provide succour for children living without limbs through its Together4ALimb initiative. The scheme, now in its fifth year, is the company’s flagship CSI initiative, through which it provides prosthetic limbs to children from underserved communities suffering from limb loss.

On Saturday, November 8, Stanbic IBTC organized the fifth Annual Together4ALimb Walk to draw attention to the plight and challenges faced by children living without limbs. The staff of the organization were joined by members of their family and other well-wishers.

This 2019 edition of the Walk was flagged off by Yinka Sanni, Chief Executive, Stanbic IBTC Holdings PLC. Delivering his opening remarks, he identified the Together4ALimb initiative as a key event organized by the company. He said: “At Stanbic IBTC, we focus on three areas to help our communities. We focus on health, education and economic empowerment. Together4ALimb is one of the most important projects which we organize annually.”

This year, the organization raised the number of beneficiaries to 10, the highest since the inception of the programme five years ago. The recipients of this year’s prosthetic limbs are five-year-old Zainab Qudus (Oyo State), six-year-old Iyanuoluwa Adekoya (Ogun State) as well as the trio of Aisha Abdulrahman (Kaduna State), Fatima Bishir (Katsina State) and Naomi Ezeamaiwe (Delta State) who are all 10 years old. Others are Umaima Kabiru and Shamsiyya Adamu who are both 11 years from Kano State. Abdulfatai Abdulazeez (Kwara State), Salamatu Husseini (Bauchi State) and Halimatu Sadiya Musa (Borno State) are all 13 years who also got prosthetic limbs under the Together4ALimb initiative.

L-R: Emmanuel Matthews, Chief Operating Officer, Reddington Hospital Group; Yinka Sanni, Chief Executive, Stanbic IBTC Holdings PLC; Dr. Adeyemi Omobowale, Chief Executive Officer, Reddington Hospital Group and Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Bank PLC, at the 2019 edition of the Together4alimb Walk, organized by Stanbic IBTC Holdings, on Saturday, November 9.

Each beneficiary was also awarded an Educational Trust worth N1.5 million to enable them further their education with ease.

Dr Demola Sogunle, Chief Executive, Stanbic IBTC Bank PLC, said the number of beneficiaries was increased this year in commemoration of the 30th anniversary of Stanbic IBTC. He said: “In the past, we had fitted 20 beneficiaries with prosthetic limbs. Since we are celebrating our 30th anniversary this year, we felt that this number should align with the number of beneficiaries. In 2019, we wanted to be sure that we end up with 30 beneficiaries and we have been able to achieve that.”

In his remarks, the Special Guest, Dr Adeyemi Omobowale, Chief Executive Officer of Reddington Hospital Group, noted that the loss of a limb produces a permanent disability that impacts a person’s self-image, care and mobility which ultimately affects their quality of life. He, however, commended the Together4ALimb initiative which he said would give the beneficiaries hope which they can leverage to achieve their God-given potentials.

He said: “As we all know, the goal of rehabilitation is to help the individual return to the highest level of function and independence while improving their physical, emotional and social wellbeing. I, therefore, commend the Stanbic IBTC team for this initiative to promote the rehabilitation of those who have lost their limbs, by providing them with one of the most effective methods which are the prosthetics; which brings them much closer to living a normal life.

Till date, the Together4ALimb scheme has provided prosthetics for 30 beneficiaries. All recipients under the scheme will have their prosthetic limbs replaced annually until they are 18.

L-R: Dr. Adeyemi Omobowale, Chief Executive Officer, Reddington Hospital Group; Mrs. Ruth Adekoya, mother of the beneficiary; Iyanuoluwa Adekoya, Together4ALimb 2019 beneficiary and Yinka Sanni, Chief Executive, Stanbic IBTC Holdings PLC; during the presentation of EduTrust funds to beneficiaries at the 2019 edition of the Together4alimb Walk, organized by Stanbic IBTC Holdings, on Saturday, November 9.

Amongst the success stories of the scheme is Happiness Matthew who has successfully written her Senior Secondary Certificate Examination Polytechnic Jamb examination. She is awaiting admission into Nasarawa State Polytechnic to study Mass Communication.

The One Factor Driving Today’s Oil Markets – Report

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The One Factor Driving Today’s Oil Markets – Report
OilPrice Intelligence Report

Oil continues to seesaw on every rumour (positive or negative) regarding the U.S.-China trade war. As a result, a lot of attention will be paid to President Trump’s speech today at the New York Economic Club, where he may provide more clues into what to expect next. Markets are betting on an easing of tariffs. 

Saudi Arabia raised production in October to 10.3 mb/d. Saudi Arabia ratcheted up oil production to 10.3 mb/d in October, although it supplied 9.89 mb/d to the market, with the rest diverted into storage in order to rebuild inventories after the Abqaiq attack.

Shell and others stop oil exploration in Bolivia. Bolivian President Evo Morales stepped down (or was ousted in a coup, depending on one’s point of view), and is seeking exile in Mexico. The political turmoil could descend into deeper violence. Royal Dutch Shell (NYSE: RDS.A), Total SA (NYSE: TOT), and Respol (BME: REP) “have all stopped or severely limited drilling on exploration wells,” Bloomberg reported. There isn’t evidence that existing production has been affected, but new drilling has been suspended for now.

Natural gas prices sink on weather forecast. A warmer-than-expected weather forecast for the U.S. winter from the National Oceanic and Atmospheric Administration led to a selloff in U.S. natural gas prices. As a result, share prices of major shale gas producers fell sharply. EQT (NYSE: EQT), the largest gas producer in the U.S., saw its share price plunge by 9 percent on Monday. The forecast comes even as freezing temperatures have swept over much of the continent. Low prices are hitting the entire gas sector hard.

Iran announces major oil discovery. Iran said that it has discovered a giant oil field in the country’s south, a field that may hold as much as 50 billion barrels of oil. That is almost as big as all of the reserves held in the U.S., which stands at around 61 billion barrels.

Aramco releases prospectus. Saudi Aramco released a highly-anticipated prospectus ahead of its IPO. In the document, the company acknowledged several risks to its business, including an admission that “terrorism and armed conflict may materially and adversely affect” its operations. The company also acknowledged the threat of peak oil demand. Aramco did not reveal the percentage of the company that it plans on offering at the IPO in December.

Oil majors team up to launch Abu Dhabi futures contract. Abu Dhabi National Oil Company (ADNOC) and nine of the world’s biggest energy traders are partnering to launch a crude oil futures exchange in Abu Dhabi.

Frac sand miners squeezed by drilling slowdown. Frac sand supplier Carbo Ceramics (NYSE: CRR) issued a “going concern” warning on Friday, admitting that it may not be able to survive the shale drilling slowdown. On Monday, the company’s share price plunged by almost 48 percent. While shale drillers cut drilling to reduce expenses, all of the ancillary services related to fracking are bearing the brunt. “If you look at Permian frack sand prices, we estimate they are down about 80% from the peak,” Joseph Triepke, president of consultancy Infill Thinking, told Reuters.

Cyber-attack his Pemex. A cyber-attack hit Pemex computer servers that halted administrative work at the company on Monday.

Sunpower splits into two companies. SunPower (NASDAQ: SPWR) announced plans to split into two, with one company focused on the U.S. distributed solar market, and another focused on overseas PV manufacturing. China’s Tianjin Zhonghuan Semiconductor will invest nearly $300 million in the manufacturing company.

Total CEO never believed in shale. Total SA (NYSE: TOT) CEO Patrick Pouyanne said he his company stayed away from shale, and that he “never believed in flexible short-term CAPEX,” he said, adding that “it’s not true.” He said that companies in shale have to commit a “quite heavy” CAPEX program, and despite the gold rush mentality, profits have been elusive. Total, on the other hand, is focusing on LNG and deepwater.

Goldman: Shale’s struggles are bullish. Goldman Sachs is out with a note arguing that “what’s bad for the micro is good for the macro,” meaning that the individual struggles by an array of shale companies will translate into slower production growth, which will sow the seeds of an oil price rally in a year or two. After third-quarter earnings, the investment bank said that it’s clear that capital is becoming scarce, discipline from companies is apparent, and productivity data is mixed. Goldman reiterated Buy ratings for EOG Resources (NYSE: EOG), Pioneer Natural Resources (NYSE: PXD) and ConocoPhillips (NYSE: COP), and Sell ratings for Chesapeake Energy (NYSE: CHK) and Southwestern Energy (NYSE: SWN).

Argentina’s Vaca Muerta at risk. Oil companies in Argentina are nervous that an economic crisis could kill off the recent surge in Vaca Muerta production. Drilling activity has fallen by half since the August primary, which sparked a selloff in the currency and forced the government to freeze fuel prices. The price freeze meant that companies were selling oil at a loss, so they all but halted drilling. The price freeze is set to expire within days, although it’s unclear what the new incoming president will do.

Chad Can Unlock More Investments By Diversifying Its Economy, UNCTAD Review Shows

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Chad Can Unlock More Investments By Diversifying Its Economy, UNCTAD Review Shows

Higher investment flows could be realized through agriculture and livestock sectors

Geneva, 12 November 2019 – Economic diversification holds the key to unlocking more investment and achieving the Sustainable Development Goals (SDGs) in Chad, according to UNCTAD’s investment policy review (IPR) of the country released today.

The government seeks to transform Chad into an emerging economy by 2030 by increasing the role of the private sector in the economy. “The recommendations of the IPR will be implemented at the highest level, especially through the recently established Presidential Council for the improvement of the investment climate and the Business Climate Observatory,” said Achta Djibrine Sy, minister of mining, industrial and commercial development, and private sector promotion. She added that “the government has engaged in a reform programme to enhance the investment climate.”

The economy remains highly dependent on the oil industry, which receives the bulk of foreign direct investment (FDI) inflows. However, some other sectors could benefit from FDI and help the country make significant progress towards inclusive and sustainable development.

As shown in the IPR, Chad is the world’s second-largest producer of Arabic gum, and the production of sesame, shea, spirulina and groundnuts could also attract significant FDI. Furthermore, livestock, a major resource of the economy and the third-largest in Africa, also has immense potential. Attracting additional investment to these sectors could, among other things, help overcome food security challenges.

Improving the business environment

“Concrete regulatory and institutional measures to improve the business environment are needed to better tap Chad’s potential and achieve its objectives,” UNCTAD’s director of investment and enterprise, James Zhan, said. He added that “the IPR puts forward the reforms required to foster an increased role of the private sector, both local and foreign and assist in further formalization of the economy.”

Beyond addressing legal and institutional instability, the IPR’s recommendations aim to clarify and simplify the business regime to encourage investments from different sources and promote entrepreneurship, regardless of company size. The reforms need to be accompanied by an effective investment promotion strategy, including restructuring the functions and priorities of the National Investment and Export Agency.

The report lays the groundwork for the policy and strategic framework through which agropastoral chains and agribusiness could be further developed. To address not only the potential but also the risks of FDI in agriculture, the IPR suggests ways to channel investment based on the principles of responsible agriculture investments.

“Chad is aware of its weaknesses and has already started implementing the recommendations of the IPR with a view to enhance our investment climate,” said Abakar Ousman Sougui, technical general director for the trade of the ministry of mining, industrial and commercial development, and private sector promotion.

Over the last 20 years, UNCTAD has supported over 50 developing countries and countries with economies in transition by conducting investment policy reviews. It has also provided technical support to implement the reviews’ recommendations. Studies show the reviews have helped countries attract and benefit more from increased FDI while improving their business climate.

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