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Disquiet Over NICON Insurance Fees, As Schools Resume.

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As the students in the Nigerian secondary schools are resuming nationwide for the 2017/2018 academic session, a group of parents of students in the Federal Government owned secondary schools across the country under the aegis of Unity Schools Parents Forum has called on the National Insurance Commission to constructively see to the controversy generated by an insurance scheme facilitated by NICON insurance in collaboration with the Federal Ministry of Education. This is to avert an impending turbulence that the scheme may generate across the country at the students’ resumption.

According to the spokesperson of the group, Kingsley Akindele, “this controversy has been on for a while, and the parents in different capacities had over the years made their positions known on the scheme. Therefore it is very essential for the parent to once again call the attention of the public to the fraud that is going on in the sector. The parents at different forums had stated it unequivocally that the N5000 insurance scheme premium per student in federal government owned schools is not acceptable. It is unfair that the parents would be made to be paying for a scheme they knew nothing about.”

Speaking further Akindele said, “Trouble is eminent in the schools as some schools are already refusing parents who have paid their school fees without the insurance fees to convert their bank tellers to their respective school receipts. The major concern of most parents is the alleged diversion of the money for personal use by the management of the Jimoh Ibrahim owned insurance company.”

“It is expedient to recall that in 2016, we call the attention of the Federal Government, through the ministry of education and especially the Economic Financial Crime Commission (EFCC) to look closely at the scheme which no parent seems to understand. The entire parent is yet to understand the nitty-gritty of the contract and the facts about the actual arrangement the unity schools through the Federal Ministry of Education have with the NICON insurance company.”

However Akindele said most of the parents are not against the scheme, “but want it to be transparent, with clearly spelt out terms and conditions and reviewable annual contract agreement. This most importantly must be optional.”

Meanwhile, the NICON insurance scheme in the secondary school has been generation controversy within the sector for a while, most of the parents considered it as a major fraud committing against them and wants the federal government to live up to its responsibility in administering the schools, it should abe recalled that in 2015, the Na­tional As­so­ci­a­tion of Par­ent Teacher As­so­ci­a­tion of Fed­eral Gov­ern­ment Col­leges (NAPTAFEGC), South-west Zone, dur­ing its quar­terly meet­ing at the Fed­eral Gov­ern­ment Girls’ Col­lege, Akure, Ondo State re­jected what it de­scribed as the im­po­si­tion of an un­nec­es­sary in­sur­ance pol­icy scheme on stu­dents of unity col­leges and called for the stan­dard­i­s­a­tion of ed­u­ca­tion in the coun­try.

The as­so­ci­a­tion made its po­si­tion public dur­ing its March 2015 quar­terly meet­ing at the Fed­eral Gov­ern­ment Girls’ Col­lege, Akure, Ondo State, where chair­men of NAPTAFEGC from the 18 col­leges in the zone dis­cussed is­sues in­clud­ing the way for­ward for ed­u­ca­tion in the re­gion.

Ac­cord­ing to the Zonal Co­or­di­na­tor, Ru­fus Fa­muwa­gun, the as­so­ci­a­tion, which he de­scribed as the strong­est stake­holder and part­ner in progress to the Fed­eral Min­istry of Ed­u­ca­tion, is out to de­fend, up­hold and sus­tain the vi­sion of the found­ing fa­thers of unity col­leges.

Though the chair­men saw noth­ing wrong with an in­sur­ance pol­icy for their wards, they ar­gued that the fed­eral gov­ern­ment has ad­e­quate funds to bankroll the in­sur­ance poli­cies for the school chil­dren and spare their par­ents the fi­nan­cial bur­den

Also in 2016, The National Association of Parents and Teachers of Federal Government Colleges, an affiliate body of the Parents Teachers Association (PTA), says it will not accept N5, 000-insurance fee in unity schools. The former Chairman of PTA, Federal Government College, Kwali and North Central Zonal Coordinator of National Association of Parents and Teachers of Federal Government Colleges, Mr Ehis Ogbeide, told newsmen in Abuja at that time that the association was not concerned about the old N1, 500-insurance scheme which had fizzled out on its own but would not accept the introduction of another fee.

NICON Insurance scheme was introduced to all students in the federal government owned secondary schools otherwise known as the unity secondary schools throughout the country in 2015. Since then, it has continued to generate abysmal controversy, where the majority of the parents claimed that the annual N5000 per children is of the high side, which means over 200,000 students from 104 unity schools nationwide will equal to over a billion naira annually. And most importantly, the parents have never in any way contacted or contracted into the scheme by the insurance company, the school authority or the federal government.

NAICOM[2]

 

 

 

 

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Wema Bank Announces Grand Finale of Hackaholics 5.0: Set to Reward Winners With ₦75 Million Worth of Prizes

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*Wema Bank Announces Grand Finale of Hackaholics 5.0: Set to Reward Winners With ₦75 Million Worth of Prizes

 

 

Wema Bank, Nigeria’s foremost innovative financial institution and pioneer of Africa’s first fully digital bank, ALAT, has announced the grand finale of the 5th edition of its flagship youth and startup-focused tech competition, Hackaholics.

Launched in 2019, Wema Hackaholics is a groundbreaking initiative designed to harness the creativity and entrepreneurial spirit of Nigeria’s youth, providing them with a platform to turn their tech-driven ideas into reality. The highly anticipated Hackaholics 5.0 grand finale will take place on November 27th, 2024, under the theme, “Meta Idea: Capitalizing Africa’s Growth Through Innovation.” This year’s theme aims to showcase how tech-driven solutions can fuel Africa’s development by tapping into the continent’s growth potential through innovation and digital transformation.

The grand finale will bring together the brightest innovators from universities and tech communities across the country. These innovators will pitch their Digi-Tech solutions designed to solve real-world problems and contribute to Africa’s economic and social progress. The event promises to be the culmination of months of intensive competition, collaboration, and mentorship, providing a platform for youth-led tech ideas to reach new heights.

Announcing the date of the grand finale, Moruf Oseni, MD/CEO of Wema Bank, highlighted the bank’s vision for Hackaholics. “Hackaholics is more than a competition; it is a movement to equip Nigeria’s youth with the skills, networks, and resources needed to drive Africa’s digital transformation. The Meta Idea theme for this year is a call to action for young innovators to think beyond the present and design solutions that will capitalize on Africa’s growth. We are excited to see how our participants envision and build the Africa of tomorrow.”

Speaking on the prizes, the MD/CEO said “At the grand finale, participants will compete for exciting cash prizes, grants, and access to Wema Bank’s extensive network of investors, mentors, and industry experts. The total worth of prizes for this year is ₦75,000,000. The winning team will receive ₦30,000,000, the first runner-up will receive ₦20,000,000 and the second runner-up will receive ₦15,000,000 worth of prizes. Additionally, we will be awarding a special grant of ₦10,000,000 worth of prizes to the female-led team to encourage gender diversity in tech innovation.” He concluded.

Wema Bank’s Hackaholics is a testament to the Bank’s commitment to shaping Africa’s future through innovation and entrepreneurship. Hackaholics 5.0 began with a nationwide call for entries earlier in the year and has engaged over 10,000 aspiring tech innovators and entrepreneurs across Nigeria. With 2,297 applications across 8 physical pitch centers and 1 virtual pitch center, 34 innovators across all locations are set to pitch their ideas at the pre-pitch stage ahead of the grand finale scheduled to hold in Lagos.

Through Hackaholics, Wema Bank has provided a platform for youth to channel their creativity and entrepreneurial spirit into actionable tech solutions that address Africa’s most pressing challenges. Over the years, Hackaholics has grown into one of the largest and most influential tech competitions in Nigeria, impacting thousands of young minds.

The competition not only offers winners cash prizes and grants, but also access to mentorship, industry networks, and resources to help scale their innovations globally. This initiative is a key part of Wema Bank’s broader strategy to harness technology as a driver of socio-economic growth in Africa.
Interested individuals can register to attend the grand finale via https://hackaholics.wemabank.com/grandfinale

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ATMs empty as banks ration withdrawals

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ATMs empty as banks ration withdrawals

ATMs empty as banks ration withdrawals

 

The Automated Teller Machines of Deposit Money Banks have consistently remained empty in recent months as banks grapple with a sustained low cash supply.

It was also gathered on Wednesday that some DMBs, particularly in the Federal Capital Territory, have begun another round of cash rationing, restricting maximum over-the-counter withdrawals to a daily limit between N5,000 and N20,000.

While banks struggle to get cash, Point-of-Sales operators have been fulfilling the cash needs of customers.

Speaking at the Facts Behind the Rights Issue Presentation of FBN Holdings at the Nigerian Exchange Limited recently, the Executive Director/Chief Financial Officer of First Bank, Patrick Iyamabo, said that the matter was an industry-wide one and not peculiar to a specific bank.

He said, “It is an industry problem. Most customers after exhausting the options available in other banks, tend to settle at FirstBank to address their cash needs. The challenge differs by location but we know it is a challenge that the regulator is looking into to address. But as we speak of physical cash, we must appreciate that the direction of the industry is to go digital.

“A lot of our customers do most of their transactions digitally, and you heard the GMD speak to this, very often people don’t want to transact in cash. In terms of this new order, your bank, FirstBank is very well positioned so if you look at the statistics and I’m speaking to independent statistics, just pick up your NIBSS report, the bank with the most stable platform meaning availability to always transact digitally is FirstBank. So, all our customers have the benefits of having their cash in First Bank and having access to this cash anytime anywhere and as necessary. It’s a huge advantage.”

Speaking anonymously with The PUNCH, a banker at a tier-1 bank put the blame on the Central Bank of Nigeria.

“It is what CBN has given us that we are using. We are confined within the limits of what is available to us. Also, because we are a big operation, we have to deal with many other businesses.

“Have you also noticed that there is a boom in the PoS business? Those people don’t take their money to the banks. The money comes out of the banks and it stays within their circle. They warehouse their funds, unlike you and I who would withdraw money and spend it which will eventually find itself back into the formal banking system. It is not the same with them. They warehouse their funds and distribute it among themselves.”

According to data from the CBN, currency outside the banks hit N4.02tn in September from N3.86tn in August. This brings it closer to the value of currency in circulation which stood at N4.31tn in September.

Meanwhile, some PoS operators on Lagos Island have increased their charges from N200 for cash of N10,000 to N300.

This was observed at both the CMS bus stop and at Obalende. However, off Lagos Island, the rates had remained at N200 for cash withdrawal of N10,000.

It was further gathered that banks have begun cash rationing, restricting maximum over-the-counter withdrawals to a daily limit between N5,000 and N20,000.

Findings by The PUNCH showed that the development is gradually leading to cash shortage, as many ATMs were non-functional, leaving customers with no choice but to seek alternative means of withdrawing cash.

As a result, many people have turned to Point-of-Sale operators, who have become the primary channel for cash withdrawals, albeit often at higher transaction fees.

Major commercial banks visited by one of our correspondents on Wednesday claimed not to have sufficient cash allocation hence the ration withdrawals to serve more customers.

The banks visited include Guaranty Trust Bank, Zenith Bank along Airport Road, and EcoBank at Jabi in Abuja.

A bank customer at EcoBank, who spoke without mentioning her name, said she was only allowed to withdraw N5,000 from N20,000 previously allowed.

“I was just informed that I can only withdraw N5,000 from my account. Can you imagine? The amount will can’t even take me home.”

Our correspondent received the same answer when he attempted to obtain cash.

At GTBank and Zenith Bank along the airport road, customers were permitted a maximum withdrawal of N20,000 from N100,000 previously disbursed as a daily limit.

 

A customer, Mr Faith, who visited the bank expressed shock about the new limit. He said the banks didn’t give any cogent reason for reducing the withdrawal limit.

“I just visited these banks, and I was informed that I can only withdraw N20,000 from N100,000, which was the previous limit. They didn’t even give any reason for reducing, now I have to start looking for cash elsewhere. This country is just so annoying,” He vented.

Cash scarcity became a recurring and widespread issue across Nigeria after the Central Bank of Nigeria introduced a controversial policy in January 2023, which significantly reduced the daily and weekly cash withdrawal limits to N100,000 daily, N500,000 weekly for individuals, and N5m for business entities.

This decision, aimed at encouraging a cashless economy, led to long queues at ATMs, increased difficulty in accessing physical cash, and a general disruption of daily financial transactions for millions of Nigerians.

The policy’s impact was felt particularly by those in rural areas and lower-income groups, who rely heavily on cash for their day-to-day needs, exacerbating economic hardships across the country.

Last week, data from the CBN showed that currency in circulation climbed 56.1 per cent year-on-year to reach N4.31tn, up from N2.76tn in September 2023, reflecting an increase of N1.55tn.

This is just as currency outside banks surged by 66.2 per cent in September 2024, reaching N4.02tn compared to N2.42tn in September 2023, a notable rise of N1.60tn in just one year.

This indicates that the volume of currency retained outside the banking sector outpaced the total released for circulation within the past year.

Compared to August 2024, currency in circulation rose by 4.0 per cent month-on-month, adding N166.2bn from the previous figure of N4.14tn.

The CIC is the amount of cash–in the form of paper notes or coins–within a country that is physically used to conduct transactions between consumers and businesses. It represents the money that has been issued by the country’s monetary authority, minus cash that has been removed from the system.

Earlier in September, the CBN announced plans to sanction banks that fail to dispense cash through their automated teller machines, as part of efforts to improve cash availability in circulation.

The CBN also revealed plans to release an additional N1.4tn into circulation over the next three months to ease cash flow within the banking system.

This strategy aims to ensure that ATMs and bank branches have sufficient cash, addressing ongoing challenges faced by customers over cash shortages.

Efforts to get a reaction from the apex bank on the new situation proved abortive as the acting Director, Corporate Communications, Sidi Ali Hakama, did not respond to enquiries sent to her phone number.

 

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NNPCL Makes New Leadership Appointments

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NNPCL Makes New Leadership Appointments

NNPCL Makes New Leadership Appointments

 

The Board of Directors of Nigerian National Petroleum Company Limited (NNPCL) has just made fresh leadership appointments.

A communication by Olufemi Soneye, Chief Corporate Communications Officer of the nation’s oil company, announcing the development reads…

The Board of Directors of NNPC Limited is pleased to announce a series of strategic leadership appointments. These changes
reflect our continued dedication to enhancing corporate governance, improving operational efficiency, and ensuring long-term success in Nigeria’s energy sector.

The following key appointments have been made:
1. Mr. Adedapo A. Segun has been appointed as the Chief Financial Officer (CFO). Mr. Segun previously served as the Executive Vice President, Downstream, where he made significant contributions to the company’s downstream operations.
2. Mr. Isiyaku Abdullahi has been named Executive Vice President (EVP), Downstream.
3. Mr. Udobong Ntia has been appointed Executive Vice President (EVP), Upstream.

These appointments align with NNPC Limited’s commitment to building a unified and competent leadership team to drive operational excellence and support the organization’s strategic objectives.

The Board and Management also extend their deepest appreciation to Mr. Umar Ajiya and Mrs. Oritsemeyiwa A. Eyesan for their outstanding dedication and service to NNPC Limited.

NNPC Limited remains committed to achieving operational excellence, enhancing global competitiveness, and ensuring financial sustainability, while prioritizing the interests of the Nigerian public in the petroleum industry.

Olufemi Soneye
Chief Corporate Communications Officer
NNPC Limited
November 13, 2024S

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