E-Financial
Coronation Insurance Leverages WTT Contender Tournament in its Corporate Sponsorship Drive
Coronation Insurance Plc is leaving no stone unturned in its corporate sponsorship effort of the World Table Tennis (WTT) Contender Tournament to boost Nigeria’s Gross Domestic Product Index.
Holding at the prestigious Sir Okoya Thomas Indoor Sports Hall in Surulere, Lagos, from June 12th to 18th, 2023, the global tennis competition will play host to notable players such as Nigeria’s very own Quadri Aruna, who will face formidable opponents from China, Tapei, Korea, Germany, Portugal, Denmark, Egypt, Slovakia, Poland, and Sweden.
The WTT Contender was introduced by the International governing body, ITTF in 2019. This tournament is a prestigious event that showcases the participation of highly skilled professional table tennis players from various countries, both male and female, competing for the championship title.
The WTT professional tour has energized the elite player base by allowing them to vie for incentives and world ranking points, while also allowing up-and-coming stars of the sport to work their way up the ladder. The WTT Contender Series will make its African debut in Durban, Lagos and Tunisia respectively.
Speaking during the media briefing in Lagos, the CEO of Coronation Insurance Plc, Mr Olamide Olajolo state that “we are proud to be one of the sponsors of this event. We congratulate the LOC for organizing this wonderful event. Coronation Insurance Plc, is one of the top insurance company in Nigeria; hence, we have provided insurance cover for all players in this tournament.
We recognize that safety is very key for sportspersons. This is a partnership that will grow the sport. We will continue to explore more avenues to support tennis and other sports in Nigeria.
According to a report issued by the Centre for the Study of the Economics of Africa (CSEA), Sport contribution to Nigeria’s GDP remains low due to inadequate finance and investment. Assessing the impact of sports on Nigeria’s GDP, the report shows that the entertainment and recreation sector contributed 0.19, 0.31, 0.33 and 0.35 percentage to the Nigerian GDP in 2019, 2020, 2021 and 2022 respectively.
Coronation is driven by its mission to provide transformational solutions for Africa through various human enterprise. Its products and services provide self-sufficiency, financial independence, creation and preservation of wealth for the future.
Similarly, the CEO of Life Assurance, Akinlolu Akinyele, said that “we are excited to be a part of this epoch-making tennis fiesta. Indeed, Sporting tournaments such as the WTT Contender Tournament can be utilized as a medium to democratize wealth creation and access, thereby encouraging participation in all sporting activities in primary, secondary, and tertiary educational institutions. These will help make the sports sector more appealing for the youth to pursue as a career and profitable for businesses”.
He maintained that sports can provide an important platform for youths to develop life skills that will enable them to cope better with everyday life challenges and transition away from drug abuse, violence, and crime.
Coronation is a leading financial service partner that helps build enduring legacies that lead to sustainable wealth creation in Africa. It offers a wide range of financial solutions to professionals, institutions, and individuals across Africa and globally. It was established to help more people attain financial well-being and prosperity.
E-Financial
CBN Introduces EFEMS to Enhance Transparency in Forex Market
Central Bank of Nigeria (CBN) has introduced an Electronic Foreign Exchange Matching System (EFEMS) for Foreign Exchange (FX) transactions within the Nigerian Foreign Exchange Market (NFEM).
According to the CBN, the new system will be operational in the Nigerian Foreign Exchange Market by 1 December 2024 after a two-week test run scheduled for November.
In a circular signed by Dr. Omolara Duke, director of the Financial Market Department at the CBN, the apex bank explained that EFEMS is designed to improve governance and transparency in the FX market.
It is also expected to promote a market-driven exchange rate that will be more accessible to the public.
According to the CBN, “the introduction of EFEMS will enhance governance, transparency, and facilitate a market-driven exchange rate accessible to all.”
The system is expected to curb speculative activities, reduce market distortions, and provide the CBN with improved oversight capabilities for regulating the market effectively.
The CBN said it will publish real-time data on prices and buy/sell orders from the EFEMS. Additionally, in collaboration with the Financial Markets Dealers Association (FMDA), the CBN will release the rules for operating the system.
It added that the Nigerian FX Code and revised Market Operating Guidelines will also offer guidance to market participants.
Also, authorized dealers are required to ensure full compliance with the existing guidelines governing the Nigerian foreign exchange market and must complete all necessary documentation, training, and system integrations ahead of the December go-live date.
E-Financial
FG to Rename FIRS, Plans Tax Tribunal
President Bola Tinubu has transmitted four Fiscal Policy and Tax Reform Bills to the National Assembly for accelerated consideration and passage into law, including Economic Stabilisation Bills, which seeks the repeal of the Federal Inland Revenue Service (FIRS) Act and enactment of the Nigeria Revenue Service Act in its place.
Tinubu also transmitted the Joint Revenue Board (Establishment) Bill, intending to create a tax tribunal and a tax ombudsman for the country.
Others are the Nigeria Tax Bill 2024, which is expected to provide the fiscal framework for taxation in the country, and the Tax Administration Bill, which will provide a clear and concise legal framework for all taxes in the country and reduce disputes.
Tinubu conveyed Bills via a letter addressed to Hon. Abbas Tajudeen, speaker of the House of Representatives , which was read on the floor of the House at plenary on Thursday.
Tinubu stated that the four Bills will help actualise government’s desire for a proper tax and financial regime for Nigeria, and expressed confidence at the usual cooperation of the House of Representatives on such critical matters.
“The proposed tax bills present substantial benefits that align with my government’s objectives and fiscal reform on the economic growth by enhancing taxpayer compliance, strengthening our fiscal institutions and fostering a more effective and transparent fiscal regime,” he said.
The president had in his Independence Day national broadcast said: “To stimulate our productive capacity and create more jobs and prosperity, the Federal Executive Council approved the Economic Stabilisation Bills, which will now be transmitted to the National Assembly.
“These transformative bills will make our business environment more friendly, stimulate investment and reduce the tax burden on businesses and workers once they are passed into law.”
E-Financial
Polaris Bank Emerges Nigeria’s Top Bank in MSME Lending
Polaris Bank, a money deposit retail bank in Nigeria, has been recognised as the country’s top bank in Micro, Small, and Medium Enterprises (MSME) lending at the inaugural MSME Finance Awards 2024.
The event, organised by Nairametrics and The Economic Forum, took place over the weekend in Lagos. This award highlights Polaris Bank’s dedication to supporting MSMEs through various direct and indirect funding initiatives.
The judges emphasized the bank’s consistent efforts in providing sustainable finance, which has enabled Nigerian entrepreneurs to grow and expand their businesses.
In response to the award, Polaris Bank’s Managing Director, Mr. Kayode Lawal, expressed gratitude and reaffirmed the bank’s commitment to supporting Nigerian MSMEs.
He noted, “We are honoured by this recognition, which underscores our unwavering commitment to empowering micro, small, and medium businesses. These enterprises are essential drivers of economic growth, innovation, and job creation.”
Lawal also praised Nairametrics and The Economic Forum for their recognition, adding, “This award is a testament to our team’s dedication to providing tailored financial solutions. It further motivates us to continue our strategic focus on MSME lending, financial inclusion, and Nigeria’s broader economic development.”
Polaris Bank’s approach to MSME lending aligns with its mission to deliver innovative, customer-centric services that help businesses thrive, further cementing its reputation as a key player in driving Nigeria’s economic progress.
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