Flowerbud News

Author: Salisu Sani-Idris

  • Enterprise Life Assurance appoints Akerele as Managing Director

    Enterprise Life Assurance appoints Akerele as Managing Director

    By Taiye Olayemi

    Enterprise Life Assurance Nigeria (ELAN) has appointed Mr Nelson Akerele as its new Managing Director.

    Daniel Larbi-Tieku, the Group Chief Executive Officer of Enterprise Group, disclosed this in a statement on Tuesday.

    Larbi-Tieku said that Akerele’s appointment came after Mrs Funmilayo Omo stepped down after five years of service.

    He noted that since Omo led Enterprise Life Nigeria through a defining period of growth, the company had been established as a digitally-driven, customer-focused insurer with a strong national footprint.

    He said her leadership saw the introduction of innovative life planning solutions tailored to meet the needs of Nigeria’s underserved markets, as well as a significant push toward digital accessibility and customer empowerment.

    Larbi-Tieku, “Mrs Omo’s legacy is deeply rooted in innovation, resilience, and service to our customers.

    “She has laid a solid foundation, and we are confident that Mr Nelson Akerele will build on that legacy to take us into our next chapter.

    “Nelson Akerele is a proven leader who understands both the opportunities and challenges of the Nigerian insurance landscape.

    “His forward-thinking mindset, strong executional ability, and people-centred approach make him the right person to steer Enterprise Life Nigeria into a future defined by innovation, growth, and customer trust.”

    Akerele brings over two decades of experience in financial services, with a reputation for driving strategic growth, business development, and operational excellence.

    Speaking on his appointment, Akerele said, “I am honoured to lead Enterprise Life Nigeria at this exciting time.

    “I look forward to building on the incredible work done by Mrs Omo and the team, and to working closely with our stakeholders to make insurance more accessible, inclusive, and impactful for all Nigerians.”

  • CSCS shareholders laud N1.76 dividend payment, 2024 financial report

    CSCS shareholders laud N1.76 dividend payment, 2024 financial report

    By Taiye Olayemi

    Shareholders of the Central Securities Clearing System (CSCS) have expressed satisfaction with the company’s impressive financial performance and the declaration of a N1.76 dividend payment for the 2024 financial year.

    The shareholders expressed their satisfaction during the company’s 31st Annual General Meeting in Lagos, where the 2024 financial report was presented.

    The shareholders commended the company’s management team for their dedication to driving growth and increasing returns on investment.

    Mr Boniface Okezie, Chairman of the Independent Shareholders Association of Nigeria, described the company’s financial result as excellent despite the economic headwinds.

    Okezie tasked the CSCS on extending its operations to other African countries, considering its status as the biggest security depository registrar in West Africa.

    He also commended the CSCS for being able to improve on curtailing fraud and forgery within the Nigerian Exchange Ltd.

    He advised on reducing costs, particularly those related to expenses incurred by the board.

    Also, Mrs Adetutu Shiyanbola, President of the Highly Favoured Shareholders Association of Nigeria, lauded the company’s 2024 financial performance.

    She noted that CSCS’s impressive performance, marked by a 44 per cent growth in the company’s operating income, a 24 per cent rise in its profit before tax, a 37 per cent increase in gross earnings, and a 22 per cent growth in total assets, showcased the company’s significant responsibility and stewardship.

    She encouraged the company to further enhance its gender balance policy, promoting greater diversity and inclusion within the organisation.

    A member of the Independent Shareholders Association of Nigeria, Mrs Juliet Mbaka, commended the CSCS for the dividend paid and urged the company to look toward improving it in the current year.

    Mbaka also urged the management of the company to consider giving some bonus to its shareholders.

    Responding, Mr Temi Popoola, Chairman of the Board of Directors for CSCS, said the board would look critically into increasing dividends in the coming years.

    He said one of the biggest projects the board was working on had to do with expanding the reach of the CSCS.

    He explained that the CSCS is also working on embracing the African Exchange Linkage Programme as a way to extend its operations.

    He said, “We are also taking intentional steps toward gender balance, embracing women with the right character and expertise on the board.”

    Also, Alhaji Haruna Jalo-Waziri, Managing Director of CSCS, attributed the high cost of operation of the company to inflation, adding that the company continues to work on optimising costs.

    He said the CSCS had achieved remarkable growth in combating cybercrime as it continues to invest hugely in cybersecurity infrastructure.

    “We are scaling up our cybersecurity infrastructure, and this is one of the reasons we are incurring more costs. We are building KPIs and engaging Artificial Intelligence.

    “Also, for our Corporate Social Responsibility, we are being strategic to embrace initiatives that, in turn, build our business,” he said.

  • AIO strengthens ties with Nigerian insurers

    AIO strengthens ties with Nigerian insurers

    By Taiye Olayemi

    The African Insurers Organisation (AIO) is deepening collaboration with Nigeria’s insurance market while pledging greater value for insurance companies in its member countries.

    AIO Secretary General, Mr Jean Baptiste, made this known during an official visit to Nigeria, accompanied by the AIO’s Communications and Public Relations Officer, Mr Charles Moki.

    The Nigerian Insurers Association (NIA) hosted the AIO delegation in Lagos from May 5 to 7.

    The News Agency of Nigeria (NAN) reports that the visit began with a meeting between AIO team and the NIA Chairman, Mr Kunle Ahmed.

    Earlier on Monday, NIA Director-General, Mrs Bola Odukale, led the delegation, followed by a meeting with CEOs of AIO member firms in Nigeria.

    This followed with the team engaging with other industry arms on Tuesday. A closing dinner was hosted on Wednesday by NIA for key sector leaders and AIO officials.

    Baptiste praised the Nigerian insurance market’s growth, stating that Nigerians have led the AIO for over 13 consecutive years.

    He said, “This shows strong system support and a deep connection with the organisation.

    “Nigeria consistently sends the largest delegation to AIO events. We’re here to listen and improve our service delivery.”

    Baptiste expressed confidence in Nigeria’s insurance potential, highlighting the market’s resilience and progress in recent years.

    He said with appropriate backing, Nigeria’s insurance sector could significantly shape Africa’s economic future.

    He also highlighted the AIO’s progress in securing recognition from the AfCFTA Secretariat as the industry’s official voice.

    NAN reports that AIO is conducting a regulatory harmonisation study across Africa with the UNDP, funded by Africa Reinsurance Corporation.

    According to Baptiste, this initiative could allow insurers licensed in one country to operate across borders without new approvals.

    He highlighted the Pan-African Payment and Settlement System (PAPSS), developed by Afreximbank, as a key opportunity for insurers.

    He encouraged stakeholders to attend the AIO General Assembly later this month, focused on Africa’s debt and insurance impact.

    He said, “This theme is highly relevant to Nigeria. Insurers must be present where Africa’s financial future is debated.”

    Speaking for Nigerian companies, NIA Chairman, Ahmed, welcomed the visit and the AIO’s plans to increase member benefits.

    He pledged continued Nigerian support for the AIO’s goals and broader collaboration across the industry.

    Ahmed urged AIO to assist Nigeria in developing a mortality table, actuarial talent, and fully exploring AfCFTA opportunities. (NAN) (www.nannews.ng)

  • Setting the Record Straight on NAHCON’s 2025 Hajj Staff Selection Process

    Setting the Record Straight on NAHCON’s 2025 Hajj Staff Selection Process

    By Shafii Sani Mohammed

    The attention of the National Hajj Commission of Nigeria (NAHCON) has been drawn to a publication alleging racketeering, nepotism, and procedural breaches in the selection of ad hoc staff for the 2025 Hajj operations.

    The National Hajj Commission of Nigeria finds it imperative to set the record straight in the interest of clarification and public trust.

    The ongoing selection process for the National Medical Team (NMT) is being coordinated by a Steering Committee whose principal officers are drawn from the professional field outside NAHCON. The Chairman/CEO, Professor Abdullahi Saleh Usman, inaugurated the Committee headed by the NAHCON Commissioner, Planning Research, Statistics, Information and Library Services (PRSILS), Professor Abubakar Yagawal. These seasoned medical professionals and NAHCON officials, are tasked with overseeing spooling and selection of applicants based on laid down criteria.

    To be precise, out of the number of applications retrieved from the Medical Team Application portal, only 8452 were appropriately completed. All applicants were subjected to rigorous screening based on professional qualifications, past record of participation in the Medical Team which must not be within the last three years, willingness to participate on grounds of volunteerism, physical fitness, and availability for the Hajj period.

    On staff deployment for the offshore operations, staff selection was based on a variety of factors including office attendance, role relevance, past performance, disciplinary record, and operational needs—not just seniority or years of service in the Commission.

    A committee led by Director Admin was set up for the selection of Staff for this year’s operations as was the practice in the previous years. Members of the committee included representative from the Staff Union who painstakingly worked on the selection of operational staff under oath of impartiality and secrecy and necessary input from Heads of Units.

    Any staff not on the list could either be as result of disciplinary actions, health issues, pregnancy as related to female staff, absenteeism or vote of no confidence by the staff’s supervising officer and also budgetary constraints.

    For emphasis, all selections, whether relating to junior staff or management staff, went through a vetting process coordinated with departmental heads. However, in exceptional cases, competence and availability were prioritized in the overall interest of the operation.

    On the issue of Advance Team travel timeline, NAHCON is on course. While some changes have been introduced to improve operational efficiency, the departure date of the advance team—May 5, four days ahead of the inaugural flight—is a strategic decision without fear of lateness.

    The leadership of the Commission under Professor Abdullahi Saleh Usman is strengthening internal mechanisms to ensure that no staff is unfairly treated or wrongfully excluded. The welfare of staff and the successful coordination of the Hajj remain its top priorities.

    In conclusion, NAHCON urges members of the public, stakeholders, and the media to seek clarification through official channels and resist the urge to amplify anonymous and unverified allegations that serve only to undermine the credibility of a national institution and cause unnecessary panic to the pilgrims.

    The 2025 Hajj operation is on course, and NAHCON will not be distracted from its mandate to serve the Nigerian pilgrims with excellence, integrity, and fear of Allah.

    Shafii Sani Mohammed writes from NAHCON

  • AXA Mansard Investments reaffirms commitment to women empowerment

    AXA Mansard Investments reaffirms commitment to women empowerment

    By Taiye Olayemi

    In celebration of Women’s Month, AXA Mansard Investments Ltd., has expressed commitment to continue to empower women financially in the country.

    The company said this at its third edition of its flagship webinar series, ‘Achieve Much More’, held virtually.

    This special Women’s Day edition, themed “Women’s Wealth: How to Start from Where You Are”, was designed to equip Nigerian women with practical knowledge and tools for achieving financial security regardless of their life stage or income level.

    The virtual session featured seasoned financial advisor and Chief Executive Officer of MoneyStart, Mrs Ibi Ibru, as the guest speaker.

    A respected content creator and influencer in the personal finance space, shared actionable strategies for saving, diversifying income, and getting started with investing—even with minimal capital.

    Throughout the session, participants learned how to plan and adjust their finances across different life phases – singlehood, relationships, marriage, and parenting.

    The session demystified a range of investment vehicles, from traditional savings to beginner-friendly options in the Nigerian financial landscape, helping women identify how to take control of their journeys towards financial freedom.

    Speaking about the initiative, Mrs Adebola Surakat, Chief Marketing Officer of AXA Mansard Investments, emphasised the company’s dedication to fostering a financially literate population

    She said, “At AXA Mansard Investments, we strongly believe that financial education is not a luxury. It’s a necessity.

    “Empowering women with financial knowledge not only transforms individual lives but strengthens families, communities, and the broader economy.

    “This webinar reflects our ongoing commitment to ensuring all Nigerians, regardless of gender, income, or background, have access to the tools they need to make informed financial decisions.

    “The ‘Achieve Much More’ webinar series is part of AXA Mansard Investments’ broader efforts to provide accessible financial education through interactive sessions, expert-led discussions, and simplified investment tools tailored to everyday Nigerians.

    “As 2025 progresses, AXA Mansard Investments remains dedicated to its mission of advancing financial literacy and supporting Nigerians on their journey to financial independence.

    “By placing even greater emphasis on educating the public about smart money habits, we aim to empower more Nigerians to take charge of their financial future.”

  • Expert seeks AI integration in mechanical engineering for enhanced safety

    Expert seeks AI integration in mechanical engineering for enhanced safety

    By Grace Alegba

    Dr Olusola Ayoola, Chief Executive Officer of Robotics and Artificial Intelligence Nigeria (RAIN), on Wednesday, called for the integration of Artificial Intelligence (AI) in mechanical engineering practises to enhance safety in the field.

    Ayoola made the called during the 2025 Public Lecture of the Nigerian Institution of Mechanical Engineers (NIMechE) and Induction of new corporate members into the institution in Lagos.

    The theme of the lecture is “Creating a Smarter and Safer Future with Mechanical Engineering Solutions”.

    The expert said that AI is capable of analysing vast amounts of data, predict potential failures and optimise system performance, thereby reducing risks and improving overall safety.

    He highlighted predictive maintenance, real-time monitoring and optimised design as some of the potential benefit of AI integration in mechanical engineering.

    He said, “To properly integrate AI in the field of mechanical engineering, we must have constructive AI regulations, increased investors focus in AI based systems that are locally developed.

    “We must also have standardised data protocols, employment and skill development platforms where companies can promote AI.

    “The future we anticipate is to see Intelligent monitoring of all commercial mechanical systems.

    “To see fully autonomous factories with minimal human operators but more remote supervisors and having Hardware as a Service (HaaS) with global accessibility”.

    Ayoola said to realise this future, AI knowledge and talent development must be upscaled.

    He said this would entail integrating Al into the academic curriculum, ensuring deliberate children’s exposure to software and game development skills early enough and establishing extended multidisciplinary research applications.

    According to him, with an increasingly care-free generation faced with increasingly complex challenges, the world needs smarter yet safer mechanical systems.

    “I will advise that we all harness the potential in AI for a safer and smarter mechanical solution as we also explore collaboration to achieve our goals,” he said.

    Also speaking, Mr Alhassan Mohammed, National Chairman of NIMechE, said AI should not be perceived as a tool for disruption but such that could be used to enhance collective operations.

    Mohammed was represented by Mrs Funmilade Akingbagbohun, former National Chairman of NIMechE.

    He said the lecture was of utmost importance considering pressing societal challenges of climate change, insecurity, food scarcity and rapid urbanisation.

    He tasked the newly inducted corporate members of the institution on commitment and dedication to the course of the profession.

    He also advised them on grooming the younger ones.

    He said, “Today’s lecture is a call to action for all of us. It is a reminder that the future we seek, one that is smarter, safer and more sustainable, must be engineered by design.

    “And that design must be led by us, the mechanical engineers of Nigeria.”

    Mr Bayo Erinle, Chairman of Lagos chapter of the institution, described engineers as classical solution providers in any economy.

    Erinle said that mechanical engineering, being the bedrock of all engineering provided the receptacle for generating solutions to the challenges in the ecosystem.

    He said the lecture was meant to educate how technocrats, innovators and entrepreneurs should prepare to reap full benefits from the adoption of AI.

    “With technological advancements in the world, we must innovate and adopt proven technologies to meet the needs of tomorrow.

    “This is necessary because artificial intelligence and its applications are already disrupting economic and industrial landscape of the whole world.

    “This 2025 lecture is one of the means of showcasing a technology that is shaping the economic and industrial landscape of the world,” he said.

    Otunba Francis Meshioye, President of the Manufacturers Association of Nigeria (MAN) underscored the role mechanical engineers play in the manufacturing space.

    Meshioye represented by Dr Segun Alabi, Assistant Director, Corporate Affairs Communications, MAN, congratulated the institution for their commitment to reshaping the engineering landscape.

    The News Agency of Nigeria (NAN) reports that six mechanical engineers were inducted as corporate members of the institution as well as 131 graduates of Lagos State University.

    Some of the inductees were Gbadebo Jimoh, Amaku Anene, Amaefuna Chukwuma, Omogiade Ekhourutomwen, Habibat Quadri and Utong Abraham.

  • Building a Sustainable Future for Hajj Operations in Nigeria: The Imperative of the National Hajj Stakeholders Summit

    Building a Sustainable Future for Hajj Operations in Nigeria: The Imperative of the National Hajj Stakeholders Summit

    By Shafii Sani Mohammed

    The Hajj pilgrimage, one of the five pillars of Islam, holds immense spiritual significance for millions of Muslims worldwide. For Nigerian pilgrims, participating in this sacred journey requires not only spiritual preparation but also robust logistical and financial systems. Recognizing the evolving challenges confronting Hajj financing and administration, the National Hajj Commission of Nigeria (NAHCON) has organized the 2nd National Hajj Stakeholders Summit.

    Scheduled for April 30, 2025, at the NICON Luxury Hotel, Abuja, with the theme “Sustainable Hajj Financing: Developing a Resilient Model for Nigerian Pilgrims and Operators,” the summit is a one-day event running from 9:00 am to 6:00 pm and will feature three panel sessions. Experts, stakeholders, and policymakers will explore innovative solutions to ensure the future sustainability of Hajj operations in Nigeria.

    Globally, the Hajj industry has faced challenges ranging from currency fluctuations to escalating service costs and changing regulatory environments. These pressures have made Hajj increasingly expensive for Nigerian pilgrims. Thus, the survival of the Hajj industry now hinges on developing sustainable financial models that guarantee affordability, efficiency, and integrity.

    The Stakeholders Summit provides an opportunity for government agencies, private operators, Islamic financial institutions, and fintech innovators to forge a united vision. It reflects NAHCON’s commitment to building a Hajj system that remains accessible and resilient despite economic uncertainties.

    Beyond its religious importance, the Hajj industry is a significant economic contributor, supporting aviation, accommodation, logistics, catering, and service sectors, and creating thousands of jobs for Nigerians. However, as the government gradually withdraws financial support—recognizing that pilgrimage is a personal religious obligation—the industry must transition to self-sustaining funding models. Without innovation, the financial burden of pilgrimage could become overwhelming for many.

    A key solution introduced by NAHCON is the Hajj Savings Scheme (HSS), initially launched in partnership with Jaiz Bank and now strengthened with the recent addition of Lotus Bank, TAJ Bank, and The Alternative Bank. These reputable Islamic financial institutions have come on board to expand access, improve service delivery, and boost the scheme’s reach across Nigeria.

    The HSS offers multiple advantages:
    • Financial Discipline: Encourages systematic savings and better financial planning.
    • Economic Empowerment: Pooled funds are prudently invested in Shari’ah-compliant ventures to subsidize Hajj costs.
    • Transparency: Ensures clear and accountable management of pilgrims’ contributions.
    • Exchange Rate Protection: Reduces the vulnerability to currency fluctuations through early savings.
    • Lower Costs Through Early Planning: With more Nigerians enrolled in HSS, NAHCON can negotiate accommodation, feeding, and transportation services early, locking in better rates and avoiding the inflation typically associated with late arrangements.

    This proactive model not only ensures better service quality but significantly reduces the yearly cost of Hajj, making it more affordable for Nigerian Muslims.

    For those aspiring to fulfill this sacred obligation, now is the time to key into the Hajj Savings Scheme. Supporting the scheme strengthens Nigeria’s reputation for organized, transparent, and affordable Hajj operations.

    In conclusion, the 2nd National Hajj Stakeholders Summit is more than just a conference; it is a bold statement of NAHCON’s readiness—under the leadership of Chairman/CEO Professor Abdullahi Saleh Usman—to safeguard and grow Nigeria’s Hajj industry.
    The time to act is now — for the survival of the Hajj industry, for the dreams of millions, and for the continued service to Allah’s guests.

    Shafii Sani Mohammed writes from the Information and Publications Division of the National Hajj Commission of Nigeria

  • 2025 Inspenonline summit holds May 7-Organisers

    2025 Inspenonline summit holds May 7-Organisers

    By Taiye Olayemi

    The 2025 edition of Inspenonline Retirement Summit has been scheduled to hold May 7, meant to stimulate public interest for a good and comfortable lifestyle in retirement.

    This is according to a statement issued by Mr Chuks Okonta, organiser of the summit in Lagos.

    Okonta, who is also the Publisher of Inspenonline, said that the summit will provide practical steps that would enable people to plan and look towards retirement with great expectations.

    He said the theme of the summit which is ‘Attaining Good Retirement Amid Economic Headwinds’ is timely going by the enormous challenges clogging investments towards comfortable retirement.

    He noted that the summit will hold at the Nigeria Employers Consultative Association – NECA House, Alausa Ikeja, by 9:00p.m.

    He explained that the summit is expected to attract people from different segments of the economy – youths; retirees; formal and informal sector employees; dignitaries from government amongst others.

    According to him, renowned experts in retirement matters, have been selected to provide practical solutions at the summit.

    He maintained that the summit is christened Retirement University because of the level of knowledge that would be provided and acquired at the summit.

    Chuks said owing to the uniqueness of the event, top and reputable companies have supported the event, hoping to leverage it to promote their services.

    On renowned dignitaries billed to provide solutions at the summit, he noted that the former Commissioner for Insurance/Director FBS Reinsurance Limited, Fola Daniel, will be Chairman of the event.

    Other experts gracing the event are; Commissioner for Insurance Segun Omosehin and Director General National Pension Commission (PenCom) Ms. Omolola Olowolaran, who are Distinguished Guests of Honour.

    Special Guests; President Chartered Insurance Institute of Nigeria Mrs. Yetunde Ilori; Chairman, Nigerian Insurers Association; Mr. Kunle Ahmed; Chief Executive Officer, Pension Fund Operators Association of Nigeria, Agudah Oguche and President Nigerian Council of Registered Insurance Brokers Prince Babatunde Oguntade.

    Father of the Day, Chairman STI Leasing Limited Tom Ogboi.

    Mother of the Day, Managing Consultant Motodols Consults Mrs. Folashade Onanuga

    The Keynote Speaker, is the Founder Mutual Specialists, Adetola Adegbayi

    Paper Discussants are: Managing Director Rex Insurance Limited Mrs. Ebelechukwu Nwachukwu; Managing Director Lasaco Assurance Plc, Mr. Razzaq Abiodun; Managing Director Stanbic IBTC Insurance Limited, Akinjide Orimolade; Founder and Chief Executive Officer, Casava Microinsurance Limited Bode Pedro; Executive Secretary Certified Pension Institute of Nigeria Dr. Samson Akinyemi; Executive Director, Sales & Investment, Leadway Pensure , Oluwafemi Adebayo; National Chairman, Forum of Pension Desk Officers of Federal Government Treasury-Funded MDAs, Nze Peter Nze; Managing Director Cornerstone Insurance Plc, Stephen Alangbo; Chairperson Nigeria Labour Congress, Lagos State Chapter Comrade Funmi Sessi; Director General Nigeria Employers Consultative Association Adewale Oyerinde and National President Association of Registered Insurance Agents of Nigeria, Olatubosun Mayowa.

    Chuks called on people who desire comfortable lifestyle in retirement to attend the event, which is free.

  • AMEDA 2025: Experts chart resilient future for African, Mideast financial markets

    AMEDA 2025: Experts chart resilient future for African, Mideast financial markets

    By Taiye Olayemi

    Experts have emphasised the need for financial institutions in Africa and Middle East to adopt proactive, technology-driven strategies to remain robust in an increasingly volatile global environment.

    They said this during the 2025 Africa and Middle East Depositories Association Conference (AMEDA 2025) in Lagos on Friday.

    The theme of the conference is “Resilience in Financial Markets: Preparing for Global Disruptions”.

    The AMEDA conference is an event that brings together experts, policymakers, and stakeholders to discuss the future of financial institutions in the region.

    Mr Stuart Turner, Founder of Avenir Technology, said cloud infrastructure must be embraced by all financial institutions and upscaled by those already utilising it.

    Turner noted that by leveraging cloud solutions, financial institutions could enhance their ability to withstand disruptions, improve scalability and increase flexibility.

    He emphasised that financial institutions must prioritise robust infrastructure from their inception to ensure resilience.

    This includes implementing strong security measures to protect against potential cyber threats and external attacks on their databases.

    Turner also spoke on principles to uphold in dealing with digital disruptions when building financial market infrastructure.

    He said, “Building resilience should start from the basics. Individuals should build zero-trust security models.

    “Artificial Intelligence should be explored and information sharing is also important in building a resilient financial institution.”

    Also, Dr Bala Bello, Deputy Governor, Operations Directorate, Central Bank of Nigeria (CBN), said collaboration is important in building resilience in the financial market.

    Bello, who was represented by Mr Okey Umeano, Acting Director, Financial Markets at CBN, advised stakeholders in the market to embrace collaboration and design common goals to be achieved.

    He said stakeholders should be open to effective communication, remain transparent and be open to sharing individual risk mechanisms.

    Bello also spoke on how the CBN had built resilience over the years as a model for others to learn.

    He said the CBN had calibrated its supervision to support resilience through a typical risk supervision framework, which directs resources to areas of higher risk.

    He added that the CBN had also invested in upgrading its numerous applications and had continued to collaborate across the finance industry value chain.

    “Regulators in the financial market also need to look into licensing and supervisory frameworks in their attempt to build resilience,” he said.

    Mr Jim Micklethwaite, Managing Director, Financial Markets, Thomas Murray, enlightened the delegates on how stakeholders could improve transparency without being exposed to systemic risks.

    Micklethwaite said operators in the financial market must begin to act like those in technology companies by embracing technology on an improved scale.

    He advised operators to also invest in building cybersecurity infrastructure, which is critical to growth in the industry.

    He emphasised the importance of financial market operators adopting cloud technology to build resilience.

    Meanwhile, Ms Beverly Furman, Head of Operations and Change, STRATE, South Africa, advised on the orderly closing and reopening of financial markets on a daily basis to guard against disruption through power outages.

    Mr Kyari Bukar, Chairman, Sunu Assurances Nigeria Plc, enlightened the delegates on building a shock absorber framework within the financial market. (NAN)