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MAN Seeks Harmonisation of Regulatory Agencies

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Manufacturers Association of Nigeria has urged for an end to the activities of multiple agencies hurting their businesses, urging the government to fix the overlaps by harmonizing regulatory compliance.

Member companies of the Manufacturers Association of Nigeria, Ikeja Branch, in a meeting of CEOs and MDs on Thursday, presented their demands for harmonisation to the federal and state governments.

The manufacturers dialogued with the Lagos State Government through directors representing the state government’s Ministers of Commerce and Industry, and Environment and Water Resources.

In his keynote speech, the CEO of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said one of the biggest risks that businesses have to cope with in the Nigerian economy is regulatory risk that comes in the form of overlapping regulatory agencies.

He said, “Regulatory risk could manifest in the form of overlapping regulatory regimes, too many regulations, sporadic and frequent regulatory changes, poor interpretations of regulations and the absence of dispute resolution mechanisms between businesses and the regulators.”

Yusuf stated that instances of overlaps exist in the regulatory functions of quality and standards, environmental issues, transportation and logistics, taxation, and international trade.

He said the agencies with an overlap of quality and standards functions include the Standards Organisation of Nigeria, the National Agency of Food Drug Administration and Control, Plant Quarantine, Weights and Measures and the Nigeria Drug Law Enforcement Agency.

He decried some agencies that he claimed forced business owners to pay for flight tickets for their agents to visit foreign suppliers whose goods are imported into Nigeria for certification.

“Some of them (agencies) practically have the power of life and death over investors. Which is why engagement with the regulators is often very challenging. Some of them can be very overbearing, intimidating investors and sometimes extorting them,” the CPPE boss said.

Yusuf said the overlap in environmental issues is found among agencies, including the Federal Environmental Protection Agency, The Lagos State Environmental Protection Agency and other subnational equivalents, the Ministry of Environment at the federal and state levels.

Others are the National Environmental Standards and Regulations Enforcement Agency, Lagos Waste Management Authority, and Local Government Environmental Unit.

Further, Yusuf said overlap of functions happens in logistics and transportation, through agencies such as the Vehicle Inspection Office, Police, Federal Road Safety Corps, Lagos State Traffic Management Authority and other state traffic management agencies; Local Government Traffic officials and Task Force.

For tax administration, Yusuf said there was an overlap between the Presidential Committee on Fiscal and Tax Reforms and the other major institutions in the tax environment, including the Federal Inland Revenue Service, State Internal Revenue Service, Nigeria Customs Service and Local Government Tax Units,

The CPPE CEO said the Presidential Committee on Fiscal and Tax Reforms was mandated to prune down the number of taxes to less than ten, as there are 40 different kinds of taxes and levies exacted from Nigerians currently.


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SERA Plans Reality TV Competition to Pick Nigerian, Others for Blue Origin Spaceflight Crew

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Space Exploration and Research Agency (SERA), formerly called the Crypto Space Agency plans to launch a reality television series that will follow its efforts to send people from underrepresented nations to space aboard a Blue Origin suborbital vehicle.

SERA Plans Reality TV Competition to Pick Nigerian, Others for Blue Origin Spaceflight Crew

The goal is to bring send people from Nigeria, India and a region known as the Small Island Developing States on a future Blue Origin flight.

Spaceflight candidates will first be chosen through a public voting system, then the finalists will participate in a docuseries about the last step in the selection process, the company states on its website.

The announcement expands upon a report released in June saying the New Shepard vehicle will bring the first Nigerian to space, as well as SERA’s own announcement in April saying the company had bought a six-seat Blue Origin flight for a yet-to-be disclosed date.

The Blue Origin flight is “marking a significant milestone for nations who have historically lacked access to space and paving the way for innovation and advancement within these regions,” SERA representatives wrote in a statement.

SERA did not announce when Blue Origin would fly the flight, but it noted that the selectees for India, Nigeria and the small islands would be open for voting to the public in the future, with details to come.

(The islands are a group of 39 states and 18 associate members of regional commissions of the United Nations, which are found in the Pacific, Atlantic and Indian oceans along with the Caribbean and South China Sea.)

SERA, when it was still called Crypto Space Agency, sponsored Brazilian Victor Correa Hespanha aboard the NS-21 suborbital mission on Blue Origin in 2022.

The crypto company sold 5,555 non-fungible tokens (NFTs) to participants on April 25, 2022 and randomly selected Hespanha in a draw for the spaceflight, according to a past release.

Since quietly changing names in 2024 and announcing its Blue Origin flight in April, SERA has not disclosed in press releases how it is currently funded.

It’s possible that the upcoming Blue Origin endeavor involves a reality television arrangement, however, as SERA says it already has plans in place for the Phase 2 docuseries.

“Candidates will form into crews, with one representative from each seat, to compete in series of challenges that will be streamed over several episodes,” SERA representatives wrote.

There have been attempts already to use reality television as a way to spur interest in spaceflight. The now-defunct Mars One organization proposed using documentary profits a decade ago in an unsuccessful effort to bring humans on a one-way mission to the Red Planet.

Other reality show efforts concerning spaceflights have included “Space Hero” and “Who Wants To Be An Astronaut”, among many others.

That said, SERA has partnered with several organizations in other countries to make the future Blue Origin flight happen, along with Blue Origin itself, the most recent press release emphasized.

“For these seats, SERA has partnered with the National Space Research Development Agency (NASRDA) of Nigeria, and the Maldives Space Research Organization (MSRO). The remaining seat assignments for underrepresented countries will be revealed later this year,” officials stated in the release.

Credit: space.com

 

 


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ICSFS Successfully Go-Live on ICS BANKS® Banking Solutions @ Al Rajhi Bank

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Al-Rajhi Bank – Jordan, a key foreign branch of the world’s largest Islamic bank, has successfully gone live on ICS BANKS® Universal Islamic and Digital Banking Solutions from ICS Financial Systems Ltd. – ICSFS, a global software services provider for banks and financial institutions.

The implementation scope which covered the bank’s head office, 10 branches, and network of 47 ATMs; included completely scrubbing Al Rajhi Bank’s legacy system and succesfully migrating to ICS BANKS® Full-fledged Universal Islamic Banking Solution as well as ICS BANKS® Holistic Digital Banking solutions, enabling Al Rajhi to deliver a much broader scope of services and products to their customers and furbishing them with direct access to their banking services anytime, anywhere through ICS BANKS® neumerous and secure digital touchpoints.

Customers of Al Rajhi Bank – Jordan will notice a positive impact on their digital banking experience with ICSFS’ multiple-award-winning and future-proof Banking System, including a significant shift in Al Rajhi Bank’s Shari’a-compliant financial products and services such as Ijara, Murabaha, in addition to Joint Investment accounts, Time Deposits, Istisna’a and Parallel Istisn’a, Islamic Treasury system, and Islamic-Investment Certificate of deposit, adding more value to Al Rajhi’s offering and enhancing financial inclusion.

Al Rajhi Bank – Jordan will benefit from a future-proof and turbo-charged digital banking system with a multitude of solutions including ICS BANKS® Business Process Management (BPM), ICS BANKS® Credit Facilities and Risk Group, ICS BANKS® Internet & Smart Mobile for retail and corporate, SMS Banking, ICS BANKS® Digital Global Transaction Banking solution, ICS BANKS® Treasury, Trade Finance, Remittances, ERP, and DMS, in addition to a bundle of banking productivity tools that comes built-in with ICS BANKS® system including ICS BANKS® advanced reporting, notifications, Nostro Reconciliation, 360° Customer Exposure, e-KYC, and Loan Origination modules.

These solutions not only streamline operations but also position Al Rajhi Bank – Jordan as a forward-thinking institution ready to embrace future advancements in banking technology.

Mr. Eyad Jarrar, CEO of Al Rajhi Bank – Jordan, Stated: “We are thrilled to navigate the financial services market with our new fully digital Shari’a-compliant Islamic Banking and Digital Banking Solutions. The new mobile app stands out for its significant benefits to our clients. It offers a more streamlined and user-friendly customer experience, making banking easier and more efficient.

“With the enhanced mobile app, our customers can access a wide range of diversified products and services effortlessly. This advancement opens up a world of possibilities for us to better serve our customers and meet their evolving needs.

“In today’s world, banking technology is a fundamental necessity, making the selection of the right solution a crucial decision. Our choice was made easier by the outstanding banking solution we have implemented.

“Lastly, on behalf of Al Rajhi Bank – Jordan, I would like to express my deep gratitude for the high professionalism, proficiency, and relentless support we received from ICSFS while navigating this delicate endeavour.”

Mr. Mohannad Mousa, Head of IT at Al Rajhi Bank – Jordan, also stated: “The exceptional efforts by the Al Rajhi Bank team and ICSFS have led to a smooth transition from our old core banking system to the new one.

“This seamless changeover has significantly streamlined our operations, enhanced efficiency and improving service delivery. The new system is designed to support a wide range of digital banking services, providing our clients with a more user-friendly and efficient banking experience.

“Our fully digital Shari’a-compliant Islamic Banking and Digital Banking Solutions, including the new mobile app, stand out for their significant benefits.

The dedication, teamwork, and resilience demonstrated by Al Rajhi Bank and ICSFS team throughout this transformative phase have been instrumental in our success.

Their unwavering commitment to excellence has truly elevated our collective achievements, ensuring that we continue to meet and exceed our customers’ evolving needs Thank you to the entire team for exemplifying the true spirit of partnership and for your relentless pursuit of excellence.

From His Side, Robert Hazboun, Global CEO of ICSFS, commented: “Our partnership with the largest Islamic bank in the world comes as a testament to the quality solutions we develop at ICSFS.

“The seamless Big Bang Go-Live of ICS BANKS® solutions at Al Rajhi Bank – Jordan, is an important milestone for the bank and for ICSFS as well, as it reasserts the Bank position in the local and global markets, while demonstrating our commitment to deliver innovative, expandable, stable, and cost-effective banking solutions to our clients from around the world.

“We take our role in contributing to the growth and prosperity of the Banking and Finance sector very seriously, and we follow rigorous quality standards to ensure the satisfaction of our clients and their customers. We look forward to the rest of our journey with Al Rajhi Bank – Jordan and offering them our full support on their journey to consistently deliver excellent services. ”

Wael Malkawi, Executive Director of ICSFS, commented: “As we celebrate a new and important milestone on our journey of innovation and growth with Al Rajhi Bank, ICSFS reiterates its commitment to contributing to the growth of its clients and its dedication to empowering them with best-of-breed technologies that will elevate their offerings and give them a sure-footed traction in their respective markets.

This significant achievement marks a remarkable new era for Al Rajhi Bank – Jordan with ICS BANKS® as their powerful and agile banking engine, and we pledge to continue working very closely with them to deliver an exceptional banking experience to their growing customer base. ”

ICSFS invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide.

ICS BANKS® software suites future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers journey experience, hence improving the trust and confidentiality between the customer and the bank.

ICS BANKS has always been a pioneer in utilising the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system can be deployed on-premises, hybrid, or cloud.


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Consumers Value Awards 2024 Online Voting Records Over 8,000 Votes

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BrandXchange is thrilled to announce the upcoming 3rd edition of the Consumers Value Awards, set to take place on 12th September 2024 at the prestigious Ijakadi Hall of the Radisson Blu Hotel.

The event, which commences at 5:00 PM, will honor brands and individuals who have demonstrated exceptional commitment to providing quality service and value to consumers in Nigeria.

Over the past three months, the voting process has garnered an overwhelming response from consumers, with more than 8,000 votes cast. This follows a rigorous month of nominations featuring over 400 brands across various sectors.

The enthusiasm and participation reflect a growing consumer engagement and recognition of excellence in the market.

The theme for this year’s event, “Empowering Consumers,” underscores the importance of giving consumers a voice and ensuring they have the best possible market experiences. In today’s challenging economic climate, where consumers face rising fuel prices, increasing food costs, and overall inflation, the need for brands to deliver value has never been more critical.

Akonte Ekine, Chief executive Officer BrandXchange conveners of Consumers Value Awards highlighted the significance of this journey towards the awards. “The Consumers Value Awards is more than just an event; it is a movement towards recognizing and rewarding those who genuinely prioritize consumer satisfaction.

“The impressive number of votes and the active participation from consumers indicate a collective desire for better market experiences. I urge all consumers to continue being expressive and demanding the best from brands. Your voice matters and can drive significant improvements in the marketplace.”

The award ceremony will feature the presentation of the “Best Value for Money” badges, symbolizing consumer appreciation and trust in the winning brands. Additionally, special recognitions will be given to individuals and advocacy campaigns that have made a substantial impact on consumer rights and market standards in the country.

We invite all stakeholders, industry leaders, and consumers to join us for an evening of celebration, insights, and networking. The event promises to be a landmark occasion, emphasizing the power of consumer advocacy and the continuous journey towards market excellence.


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