Operators Learn Modern Trends at CRD Seminar
In a bid to improve quality of service provided by courier operators and to expose them on the ways things, Courier Regulatory Department (CRD) of the Nigerian Postal Service (Nipost) last week gathered stakeholders in the industry to a seminar.
The title of the 2-day seminar "Modern Trends in Courier Business" coincided with one of themes of the ongoing Universal Postal Congress in Switzerland."The Post : Opening the Doors for World Trade for the Smallest Businesses" is similar to Modern Trends in Courier Business as both strive to inculcate in people the requisite information needed to start a courier business or turn around already existing one.
The postal sector is an essential component of the global economy and therefore prone to the shocks and behaviors of the external environment.
The modern day 21st century , old ways of doing business including running errands are now paving way for modern trends especially with the information age that has tended to restructure the scope and shape of business concerns.
The Courier Regulatory Department in responding to this change which is coming on the heels of its previous successful lecture tagged "Government-Operator Interface in Courier Business" held in April, redesigned the content and this time tried to equip courier professionals with the fundamentals needed in operating a modern and profitable courier business.
Olaniran Fafowora, national customers manager, DHL was one of the resource persons and he brought his wealth of experience spanning decades in the banking and courier industry to bear when he handled Mailroom Management on the first day of the lecture.
Mailroom which he defined as a room, in which incoming and outgoing mails are handled for a company or other organizations, is no doubt a modern system which many organizations are adopting. Because most of these organizations want to concentrate on their areas of competencies, there is therefore the need for them to outsource some of their services outside their core competencies to other companies that specialize in those areas. Courier companies become favored to manage and operate mailrooms that have become the nucleus of information for most companies.
Mailroom management as espoused by Fafowora, is the planning, organizing, controlling both human and capital resources of incoming and outgoing mails and parcels within the mailroom in the most efficient and effective manner to achieve the organization’s objective.
To drive his point, Fafowora took participants to various areas of mailroom management including the setting up of a mailroom, the organizational structure, securing the mailroom, functions of the mailroom, proposed set up, among others while the second speaker, Adetola Olabajo, executive director, Errand Express delved into Courier Service Network which is another important area in the modern day business that involves the courier.
A courier service network in a courier and logistics industry as given by Olabajo refers to a chain of offices opened and linked together in order to perform complimentary services for each other so that the organization’s goals are achieved.
While taking participants at the event to so many areas things to consider in networking, Olabajo said that with networking, you already the power of courier service even as he told the audience that there were so many innovations possible in the courier industry with network and that courier is no longer limited to a physical office. Mail Delivery Management, Track and Trace and Fleet Management were also deliberated upon on the second day of the interesting seminar that witnessed large turnout of courier practitioners.
Economic and Financial Crimes Commission (EFCC) has alleged collusion between commercial banks and government officials to re-loot recovered funds from Sani Abacha, late dictator.
Sani Abacha
The $322 million Abacha loot, recovered in December 2017 and earmarked for Conditional Cash Transfer under the Social Investment Programme, was intended to provide monthly stipends to vulnerable Nigerians.
However, Dele Oyewale, spokesperson for the EFCC, disclosed that investigations have uncovered financial malpractices involving COVID-19 funds and World Bank-assisted loans coordinated by the Humanitarian Ministry. Several interdicted and suspended officials of the ministry have been linked to the alleged malfeasance, with N32.7 billion and $445,000 recovered from them.
Managing directors of implicated banks have provided statements, and investigations are ongoing, with former minister Sadiya Umar-Farouq and her successor, Beta Edu, summoned for questioning.
The EFCC stressed that the probe targets a systemic issue rather than individuals, signaling a crackdown on corruption within Nigeria’s financial sector and government agencies.
ClaimBuddy, insurancetech startup has raised $5 million in its Series A funding round led by Bharat Innovation Fund (BIF), with participation from Japanese VC firm CAC Capital, Chiratae Ventures, and Rebright Partners.
Khet Singh Rajpurohit and Ajit Patel
The Delhi NCR-based startup plans to utilize the capital to enhance its tech infrastructure, onboard skilled talent, and diversify its product offerings.
Founded in 2020 by Khet Singh Rajpurohit and Ajit Patel, ClaimBuddy aims to streamline the insurance claims process for both patients and partner hospitals through its digital platform.
ClaimBuddy has already assisted over 35,000 patients and collaborated with more than 250 hospitals nationwide, establishing itself as a comprehensive solution for medical insurance claims.
CEO Rajpurohit expressed confidence in leveraging the investment to introduce innovative financial tools and further improve healthcare experiences. ClaimBuddy’s focus aligns with addressing fundamental issues in insurance claim settlements and patient experiences, as highlighted by BIF’s Ashwin Raguraman.
ClaimBuddy faces competition from other insurtech startups but aims to disrupt the Indian insurtech sector, which is witnessing a surge in digital-first solutions and increased investor interest.
The Indian insurtech space is projected to be a significant segment within the larger fintech opportunity by 2030.
United Bank for Africa (UBA) has said that it will seek shareholders’ approval at the company’s 62nd annual general meeting (AGM) to raise capital.
The AGM is scheduled to be held on May 24.
UBA disclosed this in a statement filed on the Nigerian Exchange Limited (NGX) on Monday.
The development is coming after the Central Bank of Nigeria (CBN), on March 28, directed commercial banks with international licences to raise their capital base to N500 billion, while national and regional financial institutions’ capital bases were pegged at N200 billion and N50 billion, respectively.
UBA said the board will propose the capital be raised in the Nigerian or international capital markets by way of public offerings, private placements, rights issue or other transaction modes.
The bank said the decision to raise the capital is subject to regulatory approval after consent from shareholders.
According to UBA, the instruments “can either be as a standalone issue(s) or by the establishment of capital raising programmes, whether by way of public offerings, private placements, rights issues and/or other transaction modes, at prices, coupon or interest rates determined through book building or any other acceptable valuation method or combination of methods, in such tranches, series or proportions, within such maturity periods and at such dates and upon such terms and conditions as may be determined by the board of directors of the company subject to obtaining the requisite approvals of the relevant regulatory authorities”.
The company said the board would also propose increasing its issued share capital, from N17,099,710,683 to N22,500,000,000.
UBA, with a capital base of N115.82 billion, needs to raise N384.19 billion to meet the minimum capital requirement for international licence holders.
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