Five things to know to start your Wednesday

Nigeria passenger traffic grew 60% in four years – IATA

The International Air Transport Association (IATA) in its recent Focus Africa Conference held in Addis Ababa, the Ethiopian State capital said that Nigeria’s passenger air traffic and seat capacity increased significantly reaching a nearly 60 percent level way numbers recorded in 2019.

This growth marks a continuation of the positive results already seen in the final quarter of 2022.

According to the regulator, African airlines experienced an outstanding 87.1 percent year-on-year growth in revenue passenger kilometres (RPK) in the first quarter of 2023, bringing RPKs to only 9.4 percent below their 2019 levels.

We’re on course with implementation of IFRS 17 – Leadway Assurance

Leadway Assurance Ltd., on Tuesday, said it was on course with the implementation of the International Financial Reporting Standard (IFRS 17).

Raphael Akomolede, of the Finance Department of the insurance company, stated this while delivering a paper at a training organised by the insurer for journalists covering the insurance and pension industries in Lagos.

The title of the paper is “The Impact of IFRS 17 on the Insurance Industry”.

IFRS 17 replaces IFRS 4, the temporary standard formerly used, and provides new standards for reporting the financials of insurance firms.

Akomolede explained that the main objective of the IFRS 17 is to standardise insurance accounting globally and help account users to make a sensible comparison between companies, their past performances, current financial position and risk exposure.

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Jumia expands e-commerce to rural areas says CEO

Massimiliano Spalazzi, Chief Executive Officer of Jumia Nigeria, a leading pan-African e-commerce platform, said in the company’s recent rural area report launch that the e-commerce company plans to drive economic growth through the expansion to secondary cities and rural areas to close the inequality gap.

The “E-Commerce in Rural Areas” report launched on Tuesday in Lagos highlights Jumia’s remarkable achievement in penetrating underserved regions and bringing e-commerce opportunities to overlooked populations.

Spalazzi added that the report showed the company’s dedication to driving sustainable growth, empowering communities, and closing inequality gaps across the continent.

He said that bridging the digital divide and empowering communities with access to a wide range of products and services through an online platform was a testament to the company’s mission.

Drogba teams up with FIFPRO, ILO to educate African players about fake agents

Chelsea Football Club legend Didier Drogba said that football players in Africa easily fall prey to the preying eyes of fake agents peddling promises of fame and fortune.

Since his retirement from the sport, Drogba, through his foundation, has teamed up with the global football players union FIFPRO and the International Labour Organisation to raise awareness about the risks.

“Please, I need you to hear this,” former Ivory Coast international Drogba says in an animated campaign video to players. “Be very careful who you trust. Never trust the person who wants your money.”

Cyber insurance rates drop 10% in June — report

Cyber insurance rates dropped around 10 percent in June compared with a year earlier, reversing recent sharp rate rises, as claims proved smaller than expected, broker Howden said in a report viewed by Reuters on Wednesday.

Cyber insurance rates more than doubled in 2021 during the COVID-19 pandemic, driven by a rise in so-called ransomware attacks, Howden added.

Ransom software works by encrypting victims’ data and typically hackers offer victims a pass code to retrieve it in return for cryptocurrency payments.