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How FG Saves N124 billion Annually by Digitalising Civil Servants’ Data

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Muhammadu Buhari

Since the implementation of the Integrated Personnel and Payroll Information System, IPPIS and digitisation of contents in Ministries, Departments and Agencies, MDAs, the federal government saves N124 billion yearly.

This was revealed by the Head of the Civil Service in Nigeria, Dr. Folasade Yemi-Esan during the 43rd National Council on Establishments in Abuja on Thursday.

Dr. Yemi-Esan stated that the IPPIS initiative, since its inception has enhanced transparency and the administration of human resources.

She added that the Federal Civil Service Strategy and Implementation Plan (2021– 2025) among other initiatives, will reshape the civil service and enhance content sharing.

Speaking on the gains of the digitalisation of data, the HOCs hinted that about N120 billion would be saved from cleaning the human resource data on IPPIS and a sum of N4.5 billion annually from the digitalisation of contents in all Ministries, departments and agencies.

She further disclosed that about 64,000 civil servants will undergo training for skills enhancement and better productivity in various ministries and agencies.

In her words, “On training, it’s expected that about 64,000 civil servants will be trained through the revamped core modules of smart P, resulting in improved skills and competencies. The 64,000 means that every civil servant at the federal level would have been trained.

“We’re also working on the development of 500 civil servants as future leaders through the Lead P program. Also, there will be a performance management system, which would have been institutionalized in 42 ministries, and the extra ministerial departments.

“At the end, we expect that we would have held at least four Annual Public Service Innovation competitions, which would have led to the cultivation of ideas, technologies, and ventures that will improve the workspace and service delivery.”

Yemi-Esan reiterated the commitment of the administration of President Muhammadu Buhari to the welfare of workers in the country.

She stated that 500 houses will be given to civil servants annually to improve their standard of living.

She noted that the federal government is on the path to revamping the civil service through the formulation and implementation of helpful initiatives, policies and programmes for the development of the society.

“Other initiatives include prioritisation of the welfare of civil servants, creating a conducive environment for civil/public servants to excel and deliver services optimally amidst the challenges induced by the global COVID-19 pandemic.”

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Banking Sector

Access Holdings Plc Plans $1.8 Billion Capital Raise

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Access bank

Access Holdings Plc, the parent company of Nigeria’s leading bank, Access Bank Plc, has unveiled ambitious plans for a $1.8 billion capital raise aimed at fueling its expansion efforts over the next four years.

The strategic move comes as Access sets its sights on becoming one of the largest lenders on the African continent.

During a conference call with investors in Lagos, executives outlined the company’s intention to raise $1.5 billion, or the naira equivalent, through the issuance of shares, bonds, or other financial instruments.

Also, Access aims to generate up to 365 billion naira ($257 million) by selling shares to existing investors.

Bolaji Agbede, acting group chief executive officer, clarified that the current fundraising initiative primarily involves a rights issue.

The capital infusion is earmarked to support Access’s ambitious growth plan, which commenced last year.

The bank intends to expand its footprint into new markets, including Morocco, Egypt, and the United States, as part of a broader strategy to double the share of assets outside its home market by 2027.

With operations spanning 22 countries, including the United Arab Emirates and the UK, Access Bank is positioning itself for significant international growth.

The recent appointment of Bolaji Agbede as acting group CEO follows the passing of co-founder and former CEO, Herbert Wigwe, adding a layer of significance to the bank’s future direction.

Access’s acquisition of National Bank of Kenya Ltd. underscores its commitment to expanding its presence in East Africa’s largest economy.

As Access Bank charts its course for expansion, the $1.8 billion capital raise signals its determination to seize opportunities in a rapidly evolving financial landscape, both domestically and across the African continent.

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Finance

OPEC+ Production Cuts and Geopolitical Tensions Propel Oil Price to Over $87

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Crude oil - Investors King

Oil price surged past the $87 price level on Thursday on the back of production cuts by OPEC+ nations and escalating geopolitical tensions.

Brent crude oil, against which Nigerian oil is priced, rose by $1.39 or 1.6% to $87.48 a barrel, its highest level since October 27.

OPEC+, the alliance of major oil-producing nations, has remained resolute in its commitment to curtail output, effectively tightening the supply of crude in the market.

Despite calls for increased production to alleviate soaring prices, the alliance has opted to maintain its course, further buoying the market sentiment.

Simultaneously, geopolitical tensions have added fuel to the fire. Attacks on Russia’s energy infrastructure, particularly by Ukraine, have sparked concerns over potential disruptions to the global oil supply chain.

Despite diplomatic efforts to deter such actions, the situation remains precarious, contributing to market anxieties.

Analysts suggest that these price surges may have long-term implications for global economies, particularly for oil-importing nations heavily reliant on stable energy prices.

Furthermore, the impact of rising oil prices on inflation and consumer spending patterns remains a point of contention among economists and policymakers.

As the world watches with bated breath, the trajectory of oil prices hinges on a delicate balance between geopolitical developments, OPEC+ policies, and the broader economic landscape.

For now, the $87 threshold serves as a stark reminder of the volatility and interconnectedness inherent in the global energy markets.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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