Category Archives: Business

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British Airways Fetes On Business Partners in Nigeria

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UK’s mega carrier British Airways recently celebrated its On Business partners in Nigeria during an evening graced with entertainment, raffle draw and fashion show featuring designs from the rising designer, House of Dorcas, held at The Wheatbaker Hotel, Ikoyi.
 
Launched globally in 2009 and extended to Nigeria in 2010, On Business is a global loyalty programme for emerging companies designed to help them make the most of their travel budget, with the company’s employees accumulating points any time they travel, and the points earned redeemed for valuable travel benefits at a later date.
 
Manager, Corporate Sales, British Airways Nigeria, Mrs. Adetutu Otuyalo pointed out that On Business was created by the airline having realised the difficulties small and medium sized businesses can face when it comes to travel budgets, as well as the benefits of meeting their clients face to face, wherever they are. Under the programme, registered companies stand a chance to, among others, earn On Business Points for all qualifying company travel on British Airways and selected code-share flights with Iberia and American Airlines.
 
“In addition, they can also earn these points irrespective of the country where the tickets are purchased and spend the points on British Airways flight upgrades and reward flights. There is no limit to the number of points that can be earned, and only two travellers required, and registration is free,” she explained.
 
“When you register your company, for every qualifying flight that you or your colleagues take, you garner points, irrespective of the cabin that they travel in. Once you have two or more colleagues travelling and when sufficient points have been earned, your company will be eligible to start spending points on valuable travel rewards,” she also said.
 
Earlier in his remarks, British Airways Commercial Manager West Africa, Kola Olayinka explained that On Business was conceptualized to allow SME owners and their companies make the most of their travel budget. He added that since it was created, On Business has helped companies meet face to face with their clients and suppliers, and has helped to save over £40 million on flights alone.
 
Olayinka also noted that British Airways has continually committed huge sums to improve its fleet of aircrafts, adding that one new aircraft is delivered to British Airways once every two weeks as part of the company’s commitment towards excellent service delivery to its customer. “We are always looking for new ways to make our customers happy and satisfied, and also give them value for money. We are aware of the importance of small and medium sized businesses in growing economies like Nigeria, and this is one of the reasons behind the On Business,” he stated.  

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
ionyclaret@gmail.com
https://www.codewit.com
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Why Abuja Airport Deserves 2nd Runway

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 Former Minister of Aviation, Babatunde Omotoba has said that the incident few weeks ago involving Saudi Arabia cargo aircraft, which overshot the runway leading to the closure of traffic to the airport for several hours, was one of the reasons why the federal government should have built another runway at the Nnamdi Azikiwe International Airport, Abuja.

It was estimated that over N5 billion worth of business was lost during the closure of the airport that lasted for over 14 hours, which barred hundreds of passengers from arriving the airport from several local and international destinations to the airport.

Omotoba who spoke to THISDAY on his way to the United States at the weekend said that the existing runway at the airport was built in 1982 and was meant to last for 20 years, adding that the runway expired in 2002 “and that explained why there is continuous patching of the runway because it has become weak and would sag under the pressure of aircraft landings.”

Planned runway was truncated in 2009 by the House of Representatives which said that the cost of the runway put at N63.5 billion was outrageous, Omotoba said that although the runway was important for the airport, considering the fact that it is rising to become one of the busiest airport in West Africa, but “the Ministers who came after me are afraid to make any move to build another runway because of the criticisms of that effort to build a second runway.”

The former Aviation Minister said that the amount projected for the building of the runway may appear outrageous, hence the criticisms but noted that the project was multifaceted and every detail was imbedded in that cost.

“It has become very clear that second runway is needed in Abuja because of the Saudi Arabia cargo aircraft incident that caused the closure of the airport for hours. We have two runways in Kano; we have two runway in Lagos and of course, Abuja being the capital of Nigeria where effort is being made to develop it as aviation hub for West Africa deserves another runway,” Omotoba said.

He disclosed that the planned second runway at Abuja airport was designed to handle an Airbus A380, the biggest aircraft in the world, with Category 3 airfield lighting, “the body length of that aircraft is 73 meters, body height 24 meters, windspan is 79. 8 meters and its maximum take-off weight is about 569,000 kg; that is about 600 tonnes. That is like packing 30 trailers with full load of cement. That was the weight that was expected to land on that runway.”

Omotoba said that it was the type of airport runway and ancillary projects that was requested that led to the seemingly high cost of the infrastructure and that it was wrong to compare it to the runways already existing in Nigeria, adding that the project was truncated due to lack of sincerity and ignorance.
“The current runway that we have was built in 1982. It is 31 years old now. It was designed to last for 20 years. It has exceeded its useful life and that is why every now and then it is closed for repairs. So we saw the need for a second runway and wanted to build one,” Omotoba also said.

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
ionyclaret@gmail.com
https://www.codewit.com
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Equities Market Sustains Positive Momentum, Rises 1.88 %

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 Investors in the Nigerian equities market had another bullish week as most of their investments added value on sustained confidence.

The market, which had defied the sell pressure to close 0.47 per cent higher the previous week, did not only sustain the positive momentum last week but also improved on it  by growing higher in value.

Specifically, the Nigerian Stock Exchange (NSE) All-Share Index(ASI), which measures the aggregate growth of the equities market, rose 1.88 per cent to close at 39.562.75. Similarly, the market capitalisation grew by 1.88 per cent to close at N12.661 trillion.

A daily analysis of the market performance showed that three days were positive, while two days were negative.  The market had resumed on Monday with 2.22 per cent growth  with investors committing N2.858 billion in 265 million shares. Tuesday witnessed a bearish trend as almost half of the previous day’s gains were wiped off. On that day the ASI fell by 1.42 per cent while investors traded 622.471 million shares valued at N4.216 billion.

By mid-week, the bulls had regained control of the market, lifting its value by 0.65 per cent, just as investors traded 424 million shares worth N3.732 billion. The northward trend was sustained on Thursday with the ASI nudging higher by 0.96 per cent while 714 million shares valued at N3.05billion were exchanged by investors. On Friday, the market closed  negatively as the ASI declined by 0.50 per cent  just as investors traded  698.8 million shares  worth N4.9 billion.

However, the decline recorded on the last day of the week notwithstanding, the ASI posted week-on-week growth of 1.88 per cent. Also six of the NSE indices appreciated last week.
The NSE 30, NSE Consumer Goods, NSE Banking, NSE Oil/Gas, NSE Lotus II and NSE Industrial Goods indices rose by 1.43 per cent, 0.42 per cent, 1.35 per cent, 0.51 per cent, 1.99 per cent and 2.97 per cent respectively. Only  the NSE Insurance index fell by 0.98 per cent to close lower at 148.00 while the NSE ASeM index remained unchanged.

Market Turnover
Meanwhile,   investors  traded  2.726 billion shares worth N18.777 billion in 22,228 deals last week,  compared with  2.767 billion shares valued at N18.671 billion that exchanged hands last week in 24,007 deals.

The Financial Services Industry  maintained the number one spot on the activity chart in value terms,  recording  2.211 billion shares valued at N11.720 billion traded in 11,483 deals. As a result,  the sector contributed 81.10 per cent  and 62.42 per cent to the total equity turnover volume and value respectively.

The Conglomerates Industry closed as   the second most active with a turnover of 303.055 million shares worth N1.387 billion in 1,792 deals; contributing 11.12 per cent  and 7.39 per cent to the total equity turnover volume and value respectively. The third place was occupied by the Consumer Goods Industry with 84.149 million shares worth N3.399 billion in 4,300 deals.

Trading in the top three equities namely, FCMB Group Plc, Unity Bank Plc and Transnational Corporation of Nigeria Plc  accounted for 1.538 billion shares worth N3.638 billion in 2,655 deals, contributing 56.44 per cent  and 19.38 per cent to the total equity turnover volume and value in that order.

The ETFs   recorded no transaction  last week compared with a total of 60 units of NewGold Exchange Traded Funds (ETFs) valued at N114, 040.00 transacted in two deals..
But 12 units of FGN bonds valued at N14,341.54  exchanged ownership  last week  in  one deal compared with a total of 2,200 units valued at N2.024 million transacted  the previous week.

Gainers and Losers
In terms of price movement last week, 43 equities appreciated while 34 equities depreciated. About 121 equities stagnated. Union Dicon Salt Plc led the price gainers in percentage terms, rising 14.9 per cent. Costain(W.A) Plc trailed with a gain of 12.2 per cent. International Breweries Plc went up by 11.6 per cent, just as Fidson Healthcare Plc appreciated by 7.4 per cent.

African Prudential Registrars Plc chalked up 6.1 per cent while Nestle Nigeria Plc, Honeywell Flour Mills Plc and Dangote Cement Plc rose 5.8 per cent, 5.6 per cent and 5.5 per cent respectively. Continental Reinsurance Plc  and NASCON Plc also closed positively, garnering 5.4 per cent and 5.1 per cent in that order.

Conversely, Union Bank of Nigeria Plc led the price losers with 12.6 per cent followed by Airline Services and Logistics Plc which went down by 12.4. Neimeth International Pharmaceuticals Plc shed 12.2 per cent, just  as Cornerstone Insurance Plc  and Unilever Nigeria Plc decline by 8.1 per cent and 5.8 per cent respectively.

Other top price losers included: Guinness Nigeria Plc (5.8 per cent); IHS Plc (5.6 per cent); Cadbury Nigeria Plc (5.3 per cent), Custodian and Allied Insurance Plc (5.2 per cent) and Paints and Coating Manufacturers Plc (5.1 per cent).

SEC’s Christmas Gift
One major development that happened in the market last week was the introduction of a new capital structure  for operators by the Securities and Exchange Commission (SEC). Although there have been indications of a likely increase in the capital base of operators, they never expected it to be now. However, SEC introduced a new  policy that has increased the share capital of broker/dealer from N70 million to N300 million. However for brokers only, the capital requirement has been increased from N40 million to N200 million each. Dealer is now required to have  a capitalisation of N100 million as against N30 million.

To operate as an issue house in the market, N200 million is required  up from N150 million,  just the capital requirement for an Underwriter has been increased from N100 million to N200 million.

For a Registrar, the minimum capital requirement is now N150 million, from N50 million just as Trustees are required to have N300 million instead of the existing N40 million.
The minimum capital requirement for Rating Agency has been increased from N20 million to N150 million, while Corporate Investment Adviser will have N5 million as share capital which was unchanged.

Anyone operating as an individual investment adviser has to provide N2 million as capital, up from N500, 000. On the other hand, fund/portfolio manager is required to have a minimum capital of N150 million, up from N20 million.
The last recapitalisation exercise carried out by SEC was in 2004. An attempt to  raise it to N1 billion in 2008  was suspended due to  the negative impact it had on the market.

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
ionyclaret@gmail.com
https://www.codewit.com
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UACN Boss Tasks Nigerians on Lessons of Christmas

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 Group Managing Director/CEO of UAC of Nigeria Plc, Mr. Larry Ettah,  has called on Nigerians to imbibe lessons of Christmas which include the need to live together in harmony and do unto others what we want them to do unto us.

In his Christmas message made available to THISDAY, Ettah said the essence of Christmas remains the birth, reign, teachings and mission of Jesus Christ who not only personified but embodied humility, service, sacrifice, triumph and salvation for mankind.

“We cannot pretend that the world does not need the grains of the season’s lessons even now than ever. No one can fault Christ’s insistent call for simplicity, restraint and contentment in a world that has become an apparent vanity fair. As we celebrate Christmas and look forward to the New Year, we must remember that the lessons of the season are still as relevant and timely today as Christ intended them for humanity centuries ago,” he said.

He also added that Christmas requires people to do their utmost and contribute their own to give hope to those in despair, love to those in need and comfort to those at loss.
According to him, at UACN, Christmas offers an opportunity to ponder, reflect and re-assess their activities within the year.

He noted that the company has had an eventful year as it strives to come to terms with the demands of its business and maintained that its performance has given them strong confidence that they would achieve their projections.

He said:“Our drive to adopt strategic partnership as a model for growing our business has gained significant traction. Today, our strategic partners are Tiger Brands Limited in UAC Foods Limited, Imperial Logistics in MDS Logistics and Famous Brands in UAC Restaurants. We have been proactive in the face of present and emerging threats to our business by taking concrete steps to de-risk our operations. Our growth drive and expansion into adjacent categories through our investments in Livestock Feeds Plc and Portland Paints and Products Plc attest to our focus and resolve.”

He added that the company’s pre-occupation now   is to create value by ensuring that its stakeholders, systems and processes key in fast into its growth agenda.
“The work of strategy is advanced, now is the time for execution.  We must be reminded that size can be a handicap unless efficiency goes with it,” he said.

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
ionyclaret@gmail.com
https://www.codewit.com
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Slot to Expand Operations to West African Counties

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Slot System Limited, a mobile service retailer, has unveiled plans to expand its operations beyond the shores of Nigeria by setting out new targets to extend business coverage to other West African countries in the coming years.

The company, which gave the information in Lagos recently, also said it would continue to benchmark its business based on international standards.

Speaking during a ceremony to kick off its 15th anniversary at the Ikeja Computer Village in Lagos, the Chief Executive Officer of Slot, Mr. Nnamdi Ezeigbo, said over the years, Slot had consistently created and delivered value to the Nigerian people by way of selling mobile phones, computers, laptops cameras and their accessories.

Ezeigbo, who  promised that the company would continue to sustain the momentum as it increases it's spread across the country, said, "Consumers are becoming increasingly aware of their rights and benefits and as such, we benchmark on international standards in order to offer the right prices and products."

According to him, in the past 15 years, Slot had provided employment to over 450 Nigerians and business opportunities to hundreds of contractors and service providers through its stores, numbering 35 in Nigeria, and promised to increase the number for the good of the society.

While noting that level of complaints from consumers had reduced due to remarkable investment in customer service delivery by the company, Ezeigbo assured  that the cost of smartphones would continue crash. He said the company would provide the needed after-sales support for its teaming customers, using smartphone and feature ephones and other Information Technology (IT) accessories purchased from the company's retail channles.
In commemoration of the 15th anniversary, the company has begun a promo tagged 'Slot Promo 5' where it intends to give away a car and cash prizes.

"As a way of showing appreciation for the massive support from our Original Equipment Manufacturers (OEMs), and for our customer loyalty, we have a culture of giving out gifts at the end of the year. This is  the fifth year of this annual bonanza tagged 'Slot Promo 5'," Ezeigbo said.

He added, "We have fantastic gifts which include N500, 000 cash prize, a motorbike, double door refrigerators, LED Television sets, several models of phones and the grand prize of a brand new saloon car."

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
ionyclaret@gmail.com
https://www.codewit.com
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Errand Booking Website Launched in Abuja

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Order Me Shopping, an online errand and home delivery business based in Abuja, has launched its website www.ordermeshopping.com, which provides customers with the option to send in a shopping list from anywhere and have shopping done and delivered to them.

The first-of-its kind service in the city of Abuja infuses innovation in offering more than 1,000 foodstuff, groceries and household items online for immediate purchase around the clock. Deliveries will initially be available only to Abuja residents in seven parts of the city: Apo, Asokoro, Garki , Jabi, Maitama, Wuse, and Utako, with more to come. Customers may choose between home delivery and office delivery at a time convenient to them. They will also be able to make payments online or on delivery.

The launch of this new retail website represents to shoppers an offer of a new level of time-saving convenience where they can compare products and prices and shop from the comfort of their own home 24 hours a day, seven days a week in a way that makes available both the choice that comes with going to the local grocery, as well as the peace of mind of getting the stuff shipped from the shop to their doors.

The options to either pay online or on delivery make transactions on ordermeshopping.com very easy and secure for customers and leaves them with possibilities such as “shopping as a gift” for their friends, relatives or spouses resident in Abuja, even if they themselves are not resident in Abuja. All they need do is indicate the delivery address as the address of that person they want the “shopping gift” to go to.

OrderMeShopping boasts a very robust platform with several user-friendly features that ease the process for the customer placing an order for a delivery: for instance, rather than all deliveries being placed on an instant basis, OrderMeShopping’s users can schedule orders for later. That way, customers who know they are going to be indisposed can order ahead. OrderMeShopping also has an intuitive shopping feature called “Shop by History” which simplifies the ordering process so that the user can; with three easy clicks of the button, make use of a previous order to make a new order. Customers can also check in real-time where their order is and when it’s expected to be delivered.

At an affordable service fee that is a percentage of the purchases; customers are assured savings from time spent doing the actual shopping, remaining stuck in traffic and fuelling the vehicle. They also have a genuine tool for tracking their weekly or monthly grocery expenses.

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
ionyclaret@gmail.com
https://www.codewit.com
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Core Group Africa Announces Availability of iPad Air in Nigeria

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 Core Group Africa has announce the official launch of the iPad Air in Nigeria. Featuring a stunning 9.7-inch retina display in a new thinner and lighter design, the iPad Air is precision-engineered to weigh just less than 500 grams which makes it 20 per cent thinner and 28 per cent lighter than the fourth generation iPad. iPad Air will be available from 13 December from all Apple Authorised Resellers for the starting price of N99,000.

“We are delighted to announce the official availability of iPad Air in Nigeria. iPad Air is unbelievably thin and light and we encourage customers to visit their nearest Apple Authorised Reseller to purchase or experience this life-changing product,”
Core Group Africa’s Director, Rutger-Jan van Spaandonk, said.

Core Group Africa has appointed Apple Authorised Resellers to sell iPad Air to ensure the product is available through official channel partners. This means that customers will have peace of mind that if repair issues arise during the warranty term, their product will be repaired or replaced by an Apple Authorised Repair Centre and that they will have access to the required level of support that is mandatory for Apple Authorised Resellers. A full list of Apple Authorised Resellers selling iPad Air is available from www.isocietynigeria.com.

iPad Air Wi-Fi models will be available in Nigeria in silver or space grey for a Recommended Retail Price of N99 000 for the 16GB model, N119 000 for the 32GB model, N139 000 for the 64GB model and N159 000 for the 128GB model. Additionally, iPad Air with Wi-Fi + Cellular will be available in silver and space grey for the Recommended Retail Price of 122 000 Naira for the 16GB model, 141 000 Naira for the 32GB model, 160 000 Naira for the 64GB model and 180 000 Naira for the 128GB model.

Customers that purchase iPad Air, will qualify for free productivity and creativity apps. Apple have made iWork (Keynote, Pages and Numbers) and iLife (Garageband, iPhoto and iMove) free with the purchase of any new iPad. This means that customers will be able to do amazing things with presentations, documents, spreadsheets, photos, videos and music-all for free. Furthermore, iPad Air owners will have access to the world’s number 1 app and music store through iTunes. The iTunes Store gives customers access to over 475 000 iPad apps, millions of songs and thousands of movies to personalise their iPad according to their lifestyle.

“We are thrilled to make this unbelievable product available and ensure that Nigerians can purchase with the confidence that they purchased through official distribution channels. We want customers to have the best iPad experience possible and be able to take advantage of the benefits of purchasing from an Apple Authorised Reseller,” Van Spaandonk, said.

Tags: Nigeria, Featured, Business, iPad Air

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
ionyclaret@gmail.com
https://www.codewit.com
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First Private Trading Floor Excites NSE CEO

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The Chief Executive Officer (CEO) of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, has expressed excitement at the launch of the first private trading floor built by GTI Securities Limited, saying the exchange would provide the needed support for the trading floor to succeed.

Situated on the Marina axis of Lagos’s main Central Business District, the trading floor is a 150-seat multi-purpose trading floor. At full installed capacity, some 150 brokers and dealers can trade on all securities listed on the NSE and NASD Plc.

Speaking during a visit to the trading floor, Onyema assured GTI’s management that the NSE would give all necessary support to the operations as part of efforts to deepen the capital market and position it as a catalyst for national development.

He described the initiative as an exciting and trail blazing innovation that would complement ongoing efforts to deepen the Nigerian capital market into a $1 trillion capitalisation market.


“GTI has really impressed me. We are very excited about what GTI is doing, congratulations. You are blazing the trail in innovation in the Nigerian capital market. We at the NSE are very supportive of your efforts and applaud you on taking the initiative to invest in this area. We believe that the sky is the limit,” Onyema said.

According to him, the market is a whole ecosystem that requires the innovativeness and effectiveness of not only the regulators but of all other stakeholders.

In his response, the Group Managing Director, GTI Capital Group, Mr. Abubakar Lawal, hailed the NSE for providing the enabling environment for innovation and global competitiveness to thrive.

He said GTI is positioned as one of the leading investment banking firms in Nigeria with its trading floor being the first in Nigeria and in sub-Saharan Africa.

“We wish to make our trading floor as the vehicle for capital formation in Nigeria and we are committed to actualising this objective by providing necessary risk management and compliance process, investment in information and communication technology and research and intelligence,” Lawal said.

He said the trading floor would further open up domestic and global access to the Nigerian stock market and the NSE as independent foreign and Nigerian stockbrokers as well as high net-worth institutional and individual investors can use the GTI’s trading floor to trade directly on the NSE.


Speaking in the same vein, the Managing Director, GTI Securities, Mr. Tunde Oyekunle, said the trading floor fitted perfectly into the realm of innovations by management of the NSE.


According to him, the launching of the new trading software- XNet, market data initiative and implementation of FIX Protocol trading network have favourably positioned the Nigerian capital market within the financial global village.

He said GTI Securities would provide virtual and back-up office to brokers to facilitate seamless trading and settlement of transactions at the NSE through GTI’s trading floor.

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
ionyclaret@gmail.com
https://www.codewit.com
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Law Firm, Upperlink Synergise on Trademark Protection

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The firm of Adegboyega Adepegba & Co, a legal practitioner with specialisation in commercial and corporate law, is partnering Upperlink Limited, an information technology firm for the training corporate bodies on how to protect their respective trademarks.
 
The partners said they would soon hold an awareness seminar to equip the stakeholders, particularly legal practitioners with the essentials of online trademark registration service under the new “Generic Top Level Domains (GTLD)”.
 
The immediate past Director General of the Chartered Insurance Institute of Nigeria (CIIN), Mr. Adegboyega Adepegba, who is behind the initiative said the first in the series of the seminars would hold in Lagos between January 15 and 18 2014. According to him, interested participants are expected to register online free of charge before January 13, 2014.
 
Adegboyega Adepegba & Co is a firm of Legal practitioners specialising in corporate and commercial law practices, while Upperlink is an IT firm with extensive experience in designing, developing, hosting, domain registration, online trademark registration and maintenance of web portal solutions amongst its core competencies.
 
Adepegba noted that the Internet Corporation for Assigned Names and Numbers (ICANN), a global Internet overseer, was preparing for the largest-ever expansion of the domain name system.
The group, according to him, received 1,930 applications for new GTLD “.com or .net” part of website addresses saying approval of the first new domain extensions marked the beginning of a new era of opportunity for both brand owners and general interest population.
 
Domains such as .bank, .app, .web and a plethora of exciting extensions would henceforth be available for registration with this development adding that this trend has created the need for owners and stakeholders around the world to protect their trademarks.
 
“To address these concerns, ICANN has mandated a ‘Sunrise Phase’ registration period available exclusively to registered trademark holders who will have the first chance to secure domain names matching their mark in all new GTLD extensions before anyone else does.
 
“In order to participate in the GTLD sunrise phase programme, participants are required to register and validate their trademarks alongside “information based on a valid trademark from any jurisdiction in the world, a copy of the trademark and evidence that the trademark is being actively used,” Adepegba said.
 
“Once submitted, applications will be reviewed for accuracy, validity and satisfaction of all requirements. Once validated, the application is then used to apply for your matching domain names in new GTLD Sunrise Phases, well before the general public can attempt to register them,” he added.
 
Validated trademark holders would also be alerted if other parties are registering their marks, representing possible infringing registrations, he also assured.

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
ionyclaret@gmail.com
https://www.codewit.com
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NIID to be Deployed for Detecting Fake Marine Insurance Certificate

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The umbrella body for risks underwriting companies in the country, the Nigerian Insurers Association (NIA), has said it would deploy the Nigerian Insurance Industry Database (NIID) to check the increasing rate of fake marine insurance in the industry.
According to the association, the NIID marine insurance module would be ready by the end of the second quarter of next year while awareness programme on the database would commence immediately.
 
NIID is an electronic platform established by the NIA to serve as a vehicle for easy identification of genuine insurance documents by relevant authorised persons, monitor insurance transactions and reduce fraud in insurance transactions.
It is currently being deployed to capture all the third party motor insurance transactions in the country with a view to extending it to other types of compulsory insurances in due course.
 
The Director General of the association, Mr. Sunday Thomas, made this known at the recent 2013 Annual Training for Journalists organised by his organisation at Ijebu Ode, Ogun State. He said the NIID marine insurance module was designed to eliminate fake marine insurance certificates in circulation across the country.
 
“Marine module should be ready before the second quarter. We have engaged a Programmer resuming January 1, 2014. If they are able to conclude work on the module, the banks would have to reach individual companies to get details of their marine insurance business.
 
“Rather, the banks would link up to the NIID marine insurance module to get such details.  When it is ready, we will increase awareness on this,” Thomas said.
 
The NIA boss applauded the NIID motor insurance module that has been in existence in the last three years, saying the success achieved this far has spurred the association to move on to the second phase of the programme, which is marine insurance module.
Thomas said the association was collaborating with security agencies such as the Vehicle Inspection Officers (VIO), Federal Road Safety Commission (FRSC) and the police to ensure the successful implementation of the motor insurance module across the country.
 
Throwing more light on the database, Thomas said “NIID is not an alternative to motor insurance certificate because the law requires that drivers must carry your certificate. What the NIID provides is a verification that actually, what you are holding is what the law requires/ because the law requires that it is only registered insurance companies in Nigeria who can issue you with a valid motor insurance certificate.”
 
The association has also assured stakeholders that the database would facilitate easy collation and dissemination of statistical date of all insurance companies and serve as a vehicle for easy identification of genuine insurance documents by relevant authorised persons.
 
Meanwhile, the Head of Information Technology department of the NIA, who oversees the NIID project, Mrs. Bola Omole, said the database currently holds as much as details on 1.65 million vehicle insured by the 42 insurance companies underwriting motor business in the country as at November 2013,  up from 1.5 as at April this year.
 
She noted that since the deployment of 25 verification gadgets to the Ogun State VIO, there has been an increase in patronage of genuine insurance by the general public.
According to her, lack of government buy in, lack of the zeal to enforce and low awareness were some of the challenges facing the NIID project. She urged government at all levels to enforce the compulsory motor insurance law saying “it is the duty of the government to enforce laws.”
 
NIA embarked on the NIID project in the last quarter of 2010, saying it would develop and implement a centralised database system, which would be a repository of all insurance policies written by its member-companies.
 
In addition, the project is expected to support the production of insurance certificates, initially for motor and marine insurances, that are verifiable and traceable at the point of issuance and also at any other point during its life cycle.
 
It was also meant to serve as a platform for the verification of insurance certificates issued or presented as evidence of insurance for motor and marine covers at the first instance and then other classes of insurance by law enforcement agents.
It is expected that the database would also go a long way to assist qualitative analysis of industry performance and serve as source of historical data for benchmarking and enable the financial information of NIA member-companies to be rendered electronically for ease of analysis.

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Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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