Zenith Insurance & FBNInsurance Win World Finance Global Insurance Awards 2017

Zenith Insurance & FBNInsurance have emerged winners of the World Finance Global Insurance Awards 2017 in the general insurance and life insurance categories respectively in Nigeria.

World Finance publishes its yearly line-up of the best companies in global insurance, recognising those that continue to grow and expand, even in spite of an ever-changing landscape and modern-day risks.

The World Finance Global Insurance Awards 2017 celebrate those that are staying ahead of these developments and driving ahead with innovative solutions. Each year, the World Finance in-house judging panel compiles the list of winners after consulting key business metrics and talking with a number of industry experts.

According to the Head, Marketing and Corporate Communications, FBNInsurance, Elizabeth Agugoh:

“The World Finance Global Insurance awards aim to celebrate those that have stood out as clear industry leaders over the course of 2017 by remaining agile even in the face of rapid change.

For us at FBNInsurance, we  attribute the win to the company’s continuous commitment to providing responsive insurance to every Nigerian. In our seven years of operation, we have been able to carve a niche for ourselves by continuously engaging the consumer through our retail drive thereby gaining trust and traction in the market. We are happy to have won this award yet again; we will not rest on our oars even as we set our sights on more successes.

The World Finance was established in 2007 and has celebrated achievement, innovation and brilliance in Business through their annual awards. It will be recalled that FBNInsurance won the Best Life Insurance Company in Nigeria at the 2014 and 2016 editions of the awards. The 2017 win is the third time the company will be so honoured with the global accolade.’’

Aliko Dangote With $12.2 Billion Net Worth Emerge Forbes’ Richest Man In Africa [2018]

President and Chief Executive of Dangote Industries Limited, Aliko Dangote, for the 7th year running has been adjudged as the richest man in Africa with a net worth that Forbes pegged at $12.2 billion – an increase of $100 million from a year ago.

Aliko Dangote

Number two on the list of African richest people is diamond mining heir Nicky Oppenheimer of South Africa, with a net worth of $7.7 billion, up $700 million from last year. Oppenheimer is one of eight South Africans on the list, making it the African country with the most billionaires. Nigeria has just three.

Aliko Dangote was also recently the only African selected among Bloomberg’s world 50 best persons in the year 2017. Globacom chairman, Mike Adenuga, with a net worth of $5.3 billion was adjudged the 5th richest man in Africa and Folorunsho Alakija, also a Nigerian, whose estimated $1.6 billion fortune lies in oil exploration firm was adjudged as the 15th richest person in Africa.

Forbes further stated that:

“Dangote is looking beyond cement – his most valuable asset – and has been investing in a fertilizer production company and a large oil refinery. Dangote Fertilizer is expected to start operations in the second quarter this year.”

Bill Gates maintained his position as the richest man in the world with a net worth of $86 billion, while Warren Buffet and Jeff Bezos were second and third consecutively with a net worth of $75.6 billion and $72.8 billion.

Zimbabwe gets its first billionaire this year: telecom magnate Strive Masiyiwa, who chairs the Econet Group. Shares of Zimbabwe-listed mobile phone network Econet Wireless Zimbabwe have surged in value over the past year. Masiyiwa owns more than half of that company. He also has a majority stake in fiber optic firm Liquid Telecom, which raised $700 million in a bond offering in July 2017. Forbes estimates Masiyiwa’s net worth at $1.7 billion.

Diamond Bank Appointed Member Adviser Of World Economic Forum (WEF) [2018]

Diamond bank has been appointed a forum member adviser of the World Economic Forum (WEF). The appointment marks the first time a Nigerian company will be appointed.

Diamond bank is the second African company to become a WEF forum adviser. Membership of the forum is on an invitation only basis.

Diamond bank

Commenting on the appointment and his attendance at the World Economic Forum’s Annual Meeting, Diamond Bank’s CEO Uzoma Dozie said:

“I am delighted that Diamond Bank was invited to join as a Forum Member Adviser of the World Economic Forum, as it is testament to our status as one of Nigeria’s leading innovators. I am also thrilled to be attending this year’s Annual Meeting in Davos, where I will be presenting my views on the three key areas of financial inclusion, Nigeria’s positive outlook and the future of banking.

In particular, I will be sharing Diamond Bank’s experience in the financial inclusion space where our Beta Proposition and Diamond Yello Account have made significant inroads in bringing previously under banked people into the financial system. It will also be an opportunity to highlight the transformative role of technology and data in enhancing financial inclusion in a country of 180 million people where nearly half do not have a bank account.

I will also be passionately championing the success of increasing numbers of technology-enabled entrepreneurs and the culture of innovation that is taking hold in Nigeria, particularly Lagos. This innovation is leading to a new wave of business leaders that are shaping the Nigeria of tomorrow, as well as helping fuel economic growth today.

Despite historic challenges, I will also use the World Economic Forum Annual Meeting as a platform to promote Nigeria’s excellent fundamentals and its recent progress.”

Diamond is the only Nigerian bank selected to partner with UK’s Department for International Development on their financial inclusion programme. Diamond also has a partnership with Women’s World Banking – backed by the Bill & Melinda Gates Foundation – with Mr Dozie on its board.

The Diamond Y’ello Account has over 8.6 million users, making it a market leader in the Nigerian financial inclusion space.

Founded in 1971, the mission of the World Economic Forum (WEF) is to improve the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas.

Winners Of 2017 CBN Nigeria Electronic Fraud Forum (NeFF) Awards

Winners have emerged at the 2017 Nigeria Electronic Fraud Forum (NeFF) Awards organized and supervised by Central Bank of Nigeria (CBN) in conjunction with Nigeria Inter-Bank Settlement System Plc (NIBBS).

The CBN Nigeria Electronic Fraud Forum (NeFF) award, which is in recognition of efforts of the banking industry in the fight against electronic fraud is presented to the institution “with the most efficient and robust system for tracking all forms of electronic fraud and arresting perpetrators for prosecution”.

First Bank’s FraudDesk emerged as the “Best FraudDesk” and the “Most Cooperative FraudDesk” in the industry.
First Bank of Nigeria
Following the appointment of Dr. Adesola Kazeem Adeduntan as FirstBank MD/ CEO, FirstBank management embarked on re-engineering of the bank’s technology, operations and upscaling the skill of its personnel with security of its customer’s funds as key priority, given the bank’s massive investments in alternate electronic transaction channels and technology.

According to the NeFF Chairman, Mr. Dipo Fatokun, who is also the Director, Banking and Payment System in CBN:

“An effective fight against fraud is not without robust awareness program; not only for members of the public, but also for staff of organizations that operate within the payment space.

This would help the industry reduce cost of fraud through increased vigilance and detection abilities.”

On the credibility of the process that led to the emergence of the winners of the awards, the Central Bank of Nigeria in collaboration with NIBBS carried out a survey to rate the performance of all banks in the fight against electronic fraud.

The Nigeria Electronic Fraud Forum (NeFF) is a forum where financial services stakeholders – banks and other organizations within the financial and payment systems – meet on a quarterly basis to deliberate on issues of electronic fraud and its prevention.

Babatunde Fowler Named In 2017 International Tax Review 50 Most Influential People

Mr. Babatunde Fowler, Chairman of the Federal Inland Revenue Service (FIRS), has been named among the world’s 50 most influential tax personalities and institutions by the International Tax Review, in its Global Tax 50 2017.

Babatunde fowler

The rankings, which are in their seventh year, provide a rundown of the most influential individuals, organisations, geo-political events and trends in the tax world.

According to the International Tax Review publication, Mr. Babatunde Fowler has excelled in his role as Chairman of FIRS, which, in 2016, collected 3.3 trillion in tax revenue.

The International Tax Review noted that part of Fowler’s success was achieved through the decision to educate the public and the private sector about tax and to lead technology integration in the Nigerian tax system.

Other information technology projects are the electronic tax clearance certificate and electronic notification of payment of withholding tax credit notes.

The publication also noted that Fowler marked his first year as ATAF Chairman in 2017 and was appointed to the UN Committee of Experts on International Cooperation in Tax Matters as the first Vice Chairman where, as one of the 25 members, he will serve a four-year term.

International Tax Review equally recognized Fowler’s role in promoting the Voluntary Assets and Income Declaration Scheme (VAIDS), an initiative of the Federal Ministry of Finance. International Tax Review said it believes that Fowler will continue to strengthen capacity building among Africa’s tax administrations and contribute to global discourse on illicit financial flows.

Babatunde Fowler joined the Lagos State Government and was appointed permanent secretary/executive chairman of the Lagos State Board of Internal Revenue on November 24, 2005, thereby upgrading the office of the executive chairman to the highest level in the civil service.

His tenure as LIRS Chairman recorded sharp increase in Internally Generated Revenue (IGR) of the state from an average of 3.6 billion per month in January 2006 to an average of over 20.5 billion per month in 2014, with improved quality of service delivery to taxpayers, improvement in the use of IT and other modern methods of tax administration, an enlightenment campaign on tax administration and education in Africa.