Unless the business parley between Nigeria and Ghana which is expected to hold in August is fruitful, there are indications that Nigerian insurance companies operating in Ghana may face decline soon. According to a Ghana-based Nigerian businessman, the situation the Nigerian or Nigerian-related companies are facing presently does not arguer well for sub-regional business relationship.
According to him, there is growing unease among the Ghanaians that Nigerians are swallowing up their businesses. “The situation is so threatening that apart from companies that are wholly Nigerian, other companies with Nigerian touch, even when in joint partnership with Ghanaians are treated with suspicion and rejection” Asked why the situation has degenerated to this level, Adewuyi stated that Nigerians are smarter business people who are exploiting every business opportunity to the detriment of the home-grown companies.
He explained that in the past two years, over ten Nigerian insurance companies have opened branches in Ghana while some have either bought over or acquired substantial shares in the local insurance companies. This situation, he explained has not gone down well with the average Ghanaian who sees Nigeria businessmen in a scramble to dominate the Ghana business scene with a view to ruining the economy. The businessman advised Nigerians with business interest in that country to look toward the two government parley as their only chance of continued business survival in the old gold coast. It will be recalled that leading telecommunication giant, Glo recently announced its decision to pull out of Ghana due to what it called unfavorable business experience. According to Derek Obuobi the company experienced frustration every where it turned compelling them to pull out of the country even before officially rolling out.
He told business correspondent of Ghanaian Daily Graphic that at every point, we met a brick wall. If it is not some regulators, it is probably from neighbours or some district municipal or metropolitan assemblies’ He added that it was beginning to be quite a source of frustration. Adewuyi advised Nigerians waiting to establish businesses in Ghana to wait until the August meeting between the two countries is finalized.
It would be recalled that Ghanaian minister of foreign Affairs and Regional Integration Alhaji Muhammad Mumuni, gave credence to this recently when his Nigerian counterpart Mr. Henry Ajumogobia paid him a courtesy call in Accra. Nigeria for some time now has banned trade in certain products with Ghana despite her ratification of the West African Protocol on trade liberation, which ensures free movement of goods and services among Member States.
He stated that the current economic realities demanded that both countries worked together in furtherance of integration to reap economies of scale and to enable them to face the challenges of globalization
Shortly after the recapitalization of the Nigerian insurance companies, many local insurers made significant in-roads to some African countries, particularly Ghana. While some established Agencies and branches there, others bought into ailing Ghanaian insurance companies. Leading in this pack is Industrial and General Insurance, (IGI) which acquired 60 per cent controlling shares in Network Assurance Ghana Limited. Adewuyi advised the federal government of Nigeria to b strengthen its economy and make it investors’ friendly, adding that it was the gapping shortcoming in the economy that is encouraging the rush. This he explained was borne out of the fact that the companies must meet investors return occasioned by the renewed interest in the industry following its repositioning and recapitalization.
NCC Threatens Illegal Users of GSM Boosters with Arrest, Prosecution
Nigerian Communication Commission (NCC) has warned telecom consumers to desist from using illegal GSM boosters.
The commission also said that anyone caught using a GSM booster without obtaining approval of a duly licensed network operator will face arrest and prosecution.
GSM boosters are devices that transmit and receive telecommunications signals and can therefore interfere with other radio frequency equipment.
Ikechukwu Adinde, director, public affairs, NCC, said in a notice published on NCC website, that only licensed network operators are allowed to use GSM boosters.
The booster, also known as amplifier or repeater is made up of three main elements – exterior antenna, amplifier, and interior antenna.
They form a wireless system to boost cellular reception
“Members of the public should note that, willful interference with any wireless telegraphy is an offence under Section 16 of the Telegraphy Act, 2004,”it said
The agency said it will not condone any flagrant breach of this law.
It has also enforced measures to prosecute offenders.
Accordingly, monitoring mechanisms have been put in place and anyone caught using a GSM booster without obtaining approval of a duly licensed network operator will face arrest and prosecution.
“Any member of the public with useful information regarding the illegal use of GSM Boosters should contact the Commission on 09-4617000/7351 or send an email to [email protected],” the notice said.
“Individuals desirous of using GSM Boosters should note that they can only do so in conjunction with licensed network operators,” it added.
Tizeti announced that it selected Nokia’s Fastmile Long Term Evolution (LTE) technology to enable usprovide superior internet services to over 1 Million subscribers in Port Harcourt, Edo and Ogun in Nigeria.
Tizeti will deploy Nokia’s AirScale Base Station TDD-LTE and FastmileFixed Wireless Access (FWA) gatewaysto deliver premium internet and Virtual Private Network (VPN) services to Residential, Small and Medium Enterprises (SMEs).
The solution will also enable Tizeti’sto deliver a more robust, high-speedinternet service to subscribers and the flexibility to seamlessly evolve to 5G Fixed Wireless Access when needed.
Nokia’s FWA solution enables Tizeti to fast-track broadband access and provide a best-in-class broadband experience to its subscribers.
Nokia’sAirScale Base Stations ensure high-quality connectivity and coverage and enablesTizeti to evolve the network in line with customer demand.
Nokia’sFastmilegateways connect wirelessly to the existing network to createa fastbroadband connection and enhanced Wi-Fi experience in the home.
The Nokia Network Services Platform will help Tizeti to simplify operations and quickly respond to changing market demands.
Kendall Ananyi, Tizeti, said:“We are committed to providing the best-in-class network experience to our subscribers. We are confident that Nokia’s proven technology and expertise will help us differentiate our services based on quality. This a crucial project for us as it introduces LTE in our networks and allows us to bring new and innovative services to our subscribers.”
Eniola Balogun, Nokia, said:“We are thrilled to work with Tizeti on the initiative to upgrade their network to bring the latest products and services to its subscribers. Nokia Fastmile will help Tizeti to cost-effectively enhance the customer experience.
The project will also enable them to delight their subscribers by providing more reliable data services.
On the other hand, Tizeti will benefit by adding new revenue streams.”
Risk Assets Push Higher on Vaccine Hopes; Eyes on the Fed
By Hussein Sayed, Chief Market Strategist at FXTM,
After two consecutive weeks of back-to-back declines, global stocks kicked off Monday with solid gains amid a surge in M&A activity and positive signs towards vaccine developments. Currency markets were little changed ahead of a busy week of monetary policy announcements, while Oil and Gold ticked slightly higher.
The two big deals announced over the weekend were Softbank’s plan to sell chipmaker ARM to Nvidia for more than $40 billion and Gilead Sciences to acquire Immunomedics for a price tag of $21 billion. Meanwhile, on the vaccine front, AstraZeneca resumed its phase-3 trial on Covid-19 after being suspended last week following a neurological illness developed in one participant, and Pfizer announced that its vaccine could be distributed before year-end if found safe and effective.
Central Banks will take centre stage this week with the Federal Reserve, Bank of England and Bank of Japan all due to announce policy decisions. Out of the three meetings, the Fed is likely to be the most watched following its historic shift towards average inflation targeting. The big question remains how will the FOMC put this policy into action?
From what we know now, the Fed is set up to keep interest rates near zero for a long time, possibly for several years. Given the new framework, any spike in inflation won’t translate into immediate rate hikes as the Fed wants to compensate for the lost years when they have failed to hit the target. The dot plot will be the key guide for investors and traders alike. If inflation projections remain at 2% or below for the foreseeable future, this will solidify market expectations for a low rate environment for many years to come. That said, Jay Powell would still have to explain in more detail how the new framework will be translated into policy action.
In June’s economic projections, the Fed anticipated unemployment would be at 9.3% by year-end, but, in August, unemployment was well below that forecast at 8.4%. Many other economic data surprised to the upside during the June – August period in a clear sign that most economists were overly pessimistic towards the strength of the recovery. However, there is still a considerable amount of uncertainty given the latest surge in Covid-19 cases worldwide and the US, especially as we get closer into the winter season. A second wave will undoubtedly put the recovery at risk in the final quarter of the year and it will be interesting to see the Fed’s view on that issue.
As for the market selloff over the past two weeks, the Fed isn’t likely to show any signs of concern. In fact, policymakers should be satisfied with the pullback as the risk of a bubble in several assets has been growing due to the Fed’s extremely accommodative policies. Unless we see another 10 -15% drop, do not expect the Fed to intervene.
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