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AMMBAN 2021 Conference to Explore Framework to Sustaining Financial Inclusion Gains

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This year’s Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) conference will be exploring suitable framework to sustain gains achieved in the financial inclusion initiative of the Central Bank of Nigeria (CBN).

The 5th AMMBAN conference is holding between November 16 and 18, 2021 at National Women Development Centre, Abuja with the theme “Sustaining the Gain of Financial Inclusion: Exploring suitable framework for last mile Drivers”.

Victor Olojo, national president, AMMBAN, said that the conference will be looking into the best ways for last mile drivers to sustain the gains of financial inclusion.

“Looking back over the past five years that AMMBAN started, we are happy to say that we have witnessed meaningful gain in the industry. For instance, SANEF has recorded 700,000 mobile money and banking agents spread across the country. This is a good sign that we have made progress and the federal government financial inclusion target has been met and exceeded.

“We believe that we need to ensure that we work and build on these gains by creating a sustainable framework that will make us to achieve the results we desire, beyond getting the numbers, other things need to be put in place such as regulations, proper framework, agents welfare and security of agents, issues around broadening the scope and ensuring that we are able to do other services beyond cash-in cash-out such as insurance, micro-pension, micro – investment for us to be able to capture the informal market.

He said that the AMMBAN conference is an atmosphere where stakeholders in the industry such as SANEF, CBN, Banks among others, will discuss on how to sustain the gains achieved in the Financial Inclusion policy.

“AMMBAN has been instrumental in conducting training on agent onboarding and also helping a number of institutions in the sector in realizing or achieving their business objectives by taking their services into the hinterland.

“AMMBAN is a very good medium of feedback to the industry on how we can improve and get better. Most importantly, the conference will create a framework or avenue where we can be able to seat with policy makers, regulators among others to discuss on ways to get better on what we do,” he stated.

It would be recalled that members of the Association has become targets of armed robbery attacks prompting the need for collaboration with law enforcement agents on protecting them.

According to Olojo, “these worrisome attacks which have sadly resulted in the deaths of some of our members and loss of money and valuables have  further highlighted the fact that we have become soft targets and run even greater risks in the face  of a wide scale insecurity in the country.

Whilst the Association is exploring effective ways to confronting the situation and as well engaging relevant security outfits to finding a lasting solution to this menace, we will like to admonish that our members take adequate precautions and be circumspect in your dealings.


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Meta to Begin Layoffs Across All Operations from Today

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Meta Platforms, the parent company of Facebook, Instagram, and WhatsApp, is set to implement company-wide layoffs starting Monday, February 10, 2025.

Meta to Begin Layoffs Across All Operations from Today

Notifications will begin at 5 a.m. local time in most countries, including the United States.

However, due to local regulations, employees in Germany, France, Italy, and the Netherlands will be exempt from these cuts.

Staff in over a dozen countries across Europe, Asia, and Africa will receive their notifications between February 11 and February 18.

The layoffs are expected to affect approximately 5% of Meta’s workforce.

They will target the company’s lowest performers in what is termed “performance terminations.”

This move is part of Meta’s broader strategy to streamline operations and focus on key areas of growth.

Concurrently, Meta is expediting the hiring of machine learning engineers and other essential engineering roles.

The hiring process is scheduled to take place between February 11 and March 13, aligning with Meta’s strategic priorities for 2025.

Unlike previous company-wide layoffs, Meta plans to keep its offices open on Monday and will not issue any additional updates regarding the decisions.

The company has declined to comment further on the internal memos detailing these plans


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NEMSA, NAICOM Sign Agreement to Boost Electrical Safety, Insurance

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The Nigerian Electricity Management Services Agency has signed a Memorandum of Understanding with the National Insurance Commission to enhance electrical safety compliance in residential, commercial, and industrial buildings, as well as ensure adherence to insurance policy requirements for these structures.

A statement issued by Ama Umoren, NEMSA’s Head of Communications and Protocol Unit, on Sunday in Abuja, stated that the MoU establishes a collaborative framework between NEMSA and NAICOM to ensure that as a pre-condition, all electrical installations in residential, commercial, industrial premises, hazardous locations, industries and factories are duly certified by NEMSA before the Insurance Policy is processed by all Insurance Companies.

It stated further that the partnership between NEMSA and NAICOM aligned with the Federal Government’s commitment to strengthening the reliability and safety of Nigeria’s electricity sector.

The NEMSA’s Managing Director/Chief Executive Officer, Engr. Aliyu Tukur Tahir, while speaking during the signing ceremony, emphasised the importance of this collaboration in mitigating risks associated with electrical accidents and infrastructure failures.

“This partnership with NAICOM is a significant step towards ensuring that all electricity consumers, operators, and investors adhere to the highest safety and risk management standards.

”By integrating insurance compliance into electrical safety enforcement, we are safeguarding lives, investments, and the overall integrity of the power sector,” he stated.

Tukur, who is also the Chief Electrical Inspector of the Federation, said going forward, ‘’It will also be a requirement by NEMSA that all Facility Applicants of its statutory inspection, testing and certification, should ensure that their Facilities are insured with Insurance Companies, for safety and mitigation of risk.”

On his part, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, reiterated NAICOM’s commitment to ensuring that all power sector players embrace insurance as a critical risk management tool.

“Insurance plays a crucial role in cushioning the effects of electrical hazards and infrastructure-related incidents. Through this MoU, we will work closely with NEMSA to enforce compliance with relevant insurance policies, ensuring that the power sector operates with adequate risk mitigation mechanisms in place,” he said.

The collaboration will involve joint awareness campaigns, regulatory enforcement, and information-sharing initiatives to promote electrical safety and insurance adoption across the power sector.

This strategic partnership marks a milestone in the drive to enhance safety, reliability, and sustainability within Nigeria’s electricity industry and the country at large.


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IFC Invests in Lagos Free Zone to Support Industrial Growth and Economic Diversification

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IFC has announced an equity investment of up to $50 million in Lagos Free Zone Company to support the development and expansion of Nigeria’s first deep-sea port-based, private special economic zone, the Lagos Free Zone.

This investment is designed to address critical infrastructure gaps, attract local and global businesses, and contribute to Nigeria’s economic diversification agenda.

The funds will support the first phase of the 860-hectare Lagos Free Zone, focusing on land development, industrial facilities, and logistics infrastructure.

Owned by Singapore based Tolaram,a diversified multinational group with operations across Africa, Asia, and Europe, Lagos Free Zone strategically integrated with the Lekki Deep Sea Port and will provide an integrated industrial ecosystem for efficient import and export operations, serving as a gateway for Nigeria’s integration into global value chains.

With Nigeria’s economy projected to grow by 3.7% by 2026, investments in infrastructure are vital to ensuring sustainable growth. When fully occupied, Lagos Free Zone is expected to create approximately 30,000 direct, indirect, and induced jobs, while contributing significantly to Nigeria’s GDP upon completion.

“This investment reflects IFC’s commitment to fostering inclusive economic growth and sustainable development in Nigeria. Lagos Free Zone is poised to become a transformative hub for industrial activity, driving job creation and enhancing Nigeria’s competitiveness in global markets.

“We are proud to partner with Lagos Free Zone  in building the infrastructure necessary to attract global and local businesses, enabling Nigeria to achieve its full economic potential.” said, Dahlia Khalifa, IFC Regional Director, Central Africa and Anglophone West Africa.

The investment in Lagos Free Zone also reflects IFC’s commitment to sustainable development, with a focus on green infrastructure. Approximately 15% of the investment is earmarked for climate-related initiatives, including Excellence in Design for Greater Efficiencies (EDGE)-certified buildings and climate-resilient infrastructure.

“IFC’s support represents a significant and positive recognition of our vision to establish  Lagos Free Zone as a world-class industrial hub. This investment allows us to scale up the existing infrastructure to attract more foreign and local tenants while promoting sustainability and creating economic opportunities for Nigeria.

“Lagos Free Zone, integrated with Lekki Deep Sea Port, facilitates ease of doing business in Nigeria and supports the Federal Government of Nigeria’s drive for economic diversification and infrastructure development.

“We look forward to driving growth and delivering lasting impact through this transformative collaboration with the IFC”. Added, Adesuwa Ladoja, MD/CEO at Lagos Free Zone Company

Lagos Free Zone is already home to several manufacturing brands like Kellogg’s, Dano Milk, Colgate, BASF, ADM, and Tata International.

This investment aligns with Nigeria’s ongoing economic reforms and IFC’s strategic frameworks, including the World Bank Group’s Nigeria Country Partnership Framework (2021–2025) and its 2015 Climate Action Plan, both of which prioritize economic diversification, the development of competitive clusters, and investments in climate-resilient infrastructure.

By addressing infrastructure bottlenecks and enhancing connectivity, IFC’s investment in Lagos Free Zone will unlock new opportunities for businesses and strengthen Nigeria’s position as a regional economic leader.


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