Nigeria’s National Insurance Commission gave underwriters an additional year to recapitalize as companies deal with the effects of the coronavirus pandemic.
The industry recapitalization program scheduled to end in 2020 must now be completed by September 2021, the agency said in emailed statement.
“The incidences of Covid-19 pandemic have made it difficult to proceed with the Dec. 31, 2020 recapitalization deadline,” it said. Following the extension , underwriters are expected to meet at least half of the capital requirements by year-end, the regulator said.
Nigerian authorities last year asked insurers wanting to combine life and property and casualty businesses to raise their capital to 18 billion naira ($46 million) from 5 billion naira, with the minimum for property and casualty businesses increased to 10 billion naira from 3 billion naira. The requirement for life insurance is 8 billion naira, versus 2 billion naira, and that for reinsurance is 20 billion naira, compared with 10 billion naira.
By Emele Onu
Bloomberg
Thursday, June 4, 2020
Nigeria's Nollywood gets creative in response to Covid-19
Inspired by his wife's teleconferencing calls from their isolation in Britain, he wrote and put together a short feature about a couple separated between London and Lagos.
There was just one day for rehearsals and two for filming, and relatives shot the actors on mobile phones in their homes on two continents.
"I said to myself, 'What if I shoot a film remotely? I can direct my actors and produce it from home, and the cost is zero," the well-known 53-year-old director told AFP.
"I wanted to show young people that despite the countless difficulties of our profession, despite the coronavirus, you can make a film without funding, without even a real camera."
Inventiveness has always been a hallmark of Nigeria's Nollywood -- the second most prolific film industry on the planet -- as it has risen from shaky homemade movies to slickly-produced blockbusters.
But now, in the face of the coronavirus crisis that has seen social distancing rules shut down shoots and cinemas closed, the sector has needed that spirit more than ever.
"We are an endangered species, we have to be innovative and to push the boundaries," said Emelonye, whose short "Heart 2 Heart" was released for free on YouTube last month.
"Things are very bad? You can make them better!"
'Difficult times'
The Nigerian film industry is riddled with contradictions.
On the surface are the red carpets, glitz and glamorous stars with millions of Instagram followers.
But underneath, much of the sector is poorly-funded, salaries are miserly and rampant piracy robs it of crucial revenues.
The arrival of the virus has dealt a major blow just as producers try to focus on higher-quality movies, cinema audiences grow and giants like Netflix push to tap into the country of 200 million, the most populous in Africa.
Moses Babatope watched in dismay as a government order to close saw income evaporate over the past three months at the Filmhouse, a cinema chain he co-founded in 2012.
"We've been through other difficult times, but this crisis is even worse," he told AFP.
Babatope estimated loses for the sector had reached over $9 million (eight million euros) so far due to the virus.
Dozens of film shoots have been put on hold or scrapped and the legion of workers in the industry -- from make-up artists to technicians to ushers -- are going unpaid.
Netflix has suspended the filming of its first original series made in Nigeria and French media giant Vivendi has delayed the opening of its first cinema in the capital Abuja.
Distributors reckon some 50,000 jobs are under threat since the sector juddered to a halt.
"It's going to take a while before it really starts up again," Babatope said.
'New experiences'
To navigate the current troubles the industry has begun pushing its boundaries.
Producer Charles Okpaleke teamed up with two local cinema chains Genesis and Silverbird to launch open-air "Drive-in" facilities.
A first screening in Abuja in late May saw all tickets sell out in just a few hours as viewers flocked to watched his film "Living in Bondage" from the comfort of their own cars.
"COVID forces us to rethink our habits, but it is also an opportunity to try new experiences," Okpaleke told AFP.
Producers and directors are also looking increasingly to the release their films on online streaming services like Netflix and its local competitor Iroko TV.
And even up-and-coming industry hopefuls were given the opportunity to keep on honing their skills despite the disruptions.
French start-up LAFAAC has partnered with cinema school Femis and Nigerian television channel Wazobia to offer online training to would-be scriptwriters via a mobile app.
"Nowadays there is a huge demand for series from Subsaharan Africa despite a relative lack of training," said LAFAAC co-founder Francois Catala.
"I believe that online releases are the future of Nollywood."
France 24
Wednesday, June 3, 2020
Nigeria’s epileptic electricity grid collapses again
Nigeria’s national electricity grid, operated from Osogbo in Osun State, again collapsed Tuesday afternoon, leaving the entire country in darkness.
Managed by the Transmission Company of Nigeria, sources at the company confirmed the development to The Guardian as some distribution companies already notified consumers of total blackout.
The grid collapsed in May due to industrial unrest, after it had earlier collapse in April which heightened poor power supply.
Though TCN is yet to clarify the reason for the latest collapse, the grid recorded over eleven system collapse last year.
Association of Nigerian Electricity Distributors (ANED), the umbrella body of the distribution companies had last year decried the repeated system collapse, stating that TCN’s analogue system caused over 100 electricity grid collapses since the privatisation of the power sector in 2013.
The Guardian
Managed by the Transmission Company of Nigeria, sources at the company confirmed the development to The Guardian as some distribution companies already notified consumers of total blackout.
The grid collapsed in May due to industrial unrest, after it had earlier collapse in April which heightened poor power supply.
Though TCN is yet to clarify the reason for the latest collapse, the grid recorded over eleven system collapse last year.
Association of Nigerian Electricity Distributors (ANED), the umbrella body of the distribution companies had last year decried the repeated system collapse, stating that TCN’s analogue system caused over 100 electricity grid collapses since the privatisation of the power sector in 2013.
The Guardian
Nigerians go online to demand 'justice' for abuses against women
Large numbers of Nigerians are taking to social media to demand "justice" after a series of high-profile cases of violence against women sparked outrage in the country.
The rallying cries #JusticeForUwa, #JusticeForTina and #JusticeForJennifer have reverberated among internet users in the country, with celebrities also joining virtual campaigns inspired by the Black Lives Matter protests sweeping the United States.
The latest outpouring of anger has been unleashed by the cases of three women and girls who were killed or raped in incidents activists say showcase the widespread sexual violence and police brutality in Nigeria.
In April, an 18-year-old known only as Jennifer was allegedly attacked and raped by a gang of five men in Kaduna, a city in northern Nigeria.
The case only gained attention after her relatives - scared the accused would escape justice - released a video online of family comforting the traumatised teen that was shared tens of thousands of times.
Now, local police say two men have been arrested for rape and three other suspects are being sought.
Two other cases that happened last week prompted more people to express their anger.
A 16-year-old high school student called Tina Ezekwe was shot and killed after police opened fire at a bus stop in Lagos, the country's biggest city. during a nighttime coronavirus curfew.
After an outcry online, the police force said two officers had been arrested and were facing disciplinary action and possible prosecution.
Meanwhile, in southern Edo state, 22-year-old university student Vera Uwaila Omozuma, known as Uwa, was found beaten to death in a church after reportedly being raped.
A female blogger from the area drew the attention of hundreds of thousands of internet users with the hashtag #JusticeForUwa.
Under pressure, the regional governor and police pledged an investigation to track down those responsible for the killing of the microbiology student.
For many in Nigeria, the internet is a key outlet for protests in a country where taking to the streets can often draw a punishing response by security forces.
"Social media is a tool to bring light on police, or institutions," Segun Awosanya, the head of Social Intervention Advocacy Foundation that campaigns against abuses by law enforcement, told AFP news agency.
"Once the light is on them, they have to go back to the cases and dig them up. They can't keep quiet anymore."
Now, the protests rocking cities across the US in the wake of the killing of George Floyd, a Black man, at the hands of white officers, coupled with the power of the online campaigns there against police brutality and racial inequality, appear to be pushing more Nigerians to demand action.
"We see the crowds in America, and its an opportunity to share our pain and our displeasure," Awosanya, who has more than 500,000 followers on Twitter, said.
While the online protests were sparked by violence against women, they have quickly begun tapping into broader anger about the state of the country.
Now, some of Nigeria's biggest stars have ditched their usual reticence to get involved in politics and are speaking out.
"#WeAreTired of senseless killings, lorries falling on road and killing passengers, ACs catching fire and burning houses, young girls getting raped, young boys killed," tweeted Afropop diva Tiwa Sawage to her four million followers.
"Please add your own frustration because my list is long."
Savage has been joined by other celebrities like music producer Don Jazzy, who has 4.6 million followers, and singers Mr Eazi and Rema who railed against rape in the country and police violence.
"The police kills black Americans and the Nigerian police kill Nigerians," Wizkid, a popular singer, wrote in Pidgin to his 6.5 million followers, taking direct aim at President Muhammadu Buhari.
"Buhari/Trump are the same person - only difference is that one knows how to use Twitter."
Al Jazeera
The rallying cries #JusticeForUwa, #JusticeForTina and #JusticeForJennifer have reverberated among internet users in the country, with celebrities also joining virtual campaigns inspired by the Black Lives Matter protests sweeping the United States.
The latest outpouring of anger has been unleashed by the cases of three women and girls who were killed or raped in incidents activists say showcase the widespread sexual violence and police brutality in Nigeria.
In April, an 18-year-old known only as Jennifer was allegedly attacked and raped by a gang of five men in Kaduna, a city in northern Nigeria.
The case only gained attention after her relatives - scared the accused would escape justice - released a video online of family comforting the traumatised teen that was shared tens of thousands of times.
Now, local police say two men have been arrested for rape and three other suspects are being sought.
Two other cases that happened last week prompted more people to express their anger.
A 16-year-old high school student called Tina Ezekwe was shot and killed after police opened fire at a bus stop in Lagos, the country's biggest city. during a nighttime coronavirus curfew.
After an outcry online, the police force said two officers had been arrested and were facing disciplinary action and possible prosecution.
Meanwhile, in southern Edo state, 22-year-old university student Vera Uwaila Omozuma, known as Uwa, was found beaten to death in a church after reportedly being raped.
A female blogger from the area drew the attention of hundreds of thousands of internet users with the hashtag #JusticeForUwa.
Under pressure, the regional governor and police pledged an investigation to track down those responsible for the killing of the microbiology student.
For many in Nigeria, the internet is a key outlet for protests in a country where taking to the streets can often draw a punishing response by security forces.
"Social media is a tool to bring light on police, or institutions," Segun Awosanya, the head of Social Intervention Advocacy Foundation that campaigns against abuses by law enforcement, told AFP news agency.
"Once the light is on them, they have to go back to the cases and dig them up. They can't keep quiet anymore."
Now, the protests rocking cities across the US in the wake of the killing of George Floyd, a Black man, at the hands of white officers, coupled with the power of the online campaigns there against police brutality and racial inequality, appear to be pushing more Nigerians to demand action.
"We see the crowds in America, and its an opportunity to share our pain and our displeasure," Awosanya, who has more than 500,000 followers on Twitter, said.
While the online protests were sparked by violence against women, they have quickly begun tapping into broader anger about the state of the country.
Now, some of Nigeria's biggest stars have ditched their usual reticence to get involved in politics and are speaking out.
"#WeAreTired of senseless killings, lorries falling on road and killing passengers, ACs catching fire and burning houses, young girls getting raped, young boys killed," tweeted Afropop diva Tiwa Sawage to her four million followers.
"Please add your own frustration because my list is long."
Savage has been joined by other celebrities like music producer Don Jazzy, who has 4.6 million followers, and singers Mr Eazi and Rema who railed against rape in the country and police violence.
"The police kills black Americans and the Nigerian police kill Nigerians," Wizkid, a popular singer, wrote in Pidgin to his 6.5 million followers, taking direct aim at President Muhammadu Buhari.
"Buhari/Trump are the same person - only difference is that one knows how to use Twitter."
Al Jazeera
Tuesday, June 2, 2020
Nigeria to relax coronavirus curbs on places of worship
Nigeria will relax coronavirus restrictions on places of worship from Tuesday, the chairman of the presidential task force for COVID-19 said.
Nigeria, Africa’s most populous country where Christianity and Islam are widely practised, has recorded 10,162 confirmed cases and 287 deaths.
Boss Mustapha, the country’s most senior civil servant, also said a lockdown in the northern city of Kano would be eased, one of a number of changes over four weeks from Tuesday.
“Nigeria has not reached the peak of confirmed cases,” Mustapha told reporters.
Another official said the aviation industry had been asked to prepare for the possible resumption of domestic flights from June 21. He added that a national curfew would be shortened to 10 p.m.-4 a.m. from Tuesday, from the current 8 p.m.-6 a.m. order.
Nigeria’s financial sector will also be able to resume normal working hours, said Sani Aliyu, the national coordinator of the task force.
Other curbs remain in place, such as a ban on interstate travel, with a few exceptions, such as for essential workers. And face masks must still be worn in public.
By Felix Onuah
Reuters
Nigeria, Africa’s most populous country where Christianity and Islam are widely practised, has recorded 10,162 confirmed cases and 287 deaths.
Boss Mustapha, the country’s most senior civil servant, also said a lockdown in the northern city of Kano would be eased, one of a number of changes over four weeks from Tuesday.
“Nigeria has not reached the peak of confirmed cases,” Mustapha told reporters.
Another official said the aviation industry had been asked to prepare for the possible resumption of domestic flights from June 21. He added that a national curfew would be shortened to 10 p.m.-4 a.m. from Tuesday, from the current 8 p.m.-6 a.m. order.
Nigeria’s financial sector will also be able to resume normal working hours, said Sani Aliyu, the national coordinator of the task force.
Other curbs remain in place, such as a ban on interstate travel, with a few exceptions, such as for essential workers. And face masks must still be worn in public.
By Felix Onuah
Reuters
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