FG Boosts MSME Financing with NCGC Initiative

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05/09/2025

In a bid to boost economic growth and development, the Federal Government has reiterated its commitment to expanding access to finance for Micro, Small, and Medium Enterprises (MSMEs), manufacturers, and individuals, which are key drivers of economic resilience and job creation in the country.

The Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite gave the assurance in her office in Abuja when the Board Members of the National Credit Guarantee Company Limited (NCGC), led by its Managing Director/Chief Executive Officer, Mr. Bonaventure E. Okhaimo paid her a courtesy visit.

She praised the NCGC leadership for the rapid and professional manner in which the Company was established, aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda to strengthen Nigeria’s industrial capacity and foster inclusive growth.

The Minister stated that the success of any institution rests on the calibre of its people. I have full confidence in the leadership and management of the National Credit Guarantee Company Limited to deliver on this vital mandate, she said.

Dr Uzoka-Anite emphasised that the Ministry of Finance will continue to provide institutional support and guidance to ensure NCGC delivers on its role of sharing up to 60% of credit risk with financial institutions, which will help unlock the much-needed financing for MSMEs and manufacturers, facilitate diversification, and cushion the economy against external shocks.

Speaking earlier, the Managing Director/Chief Executive Officer of NCGC, Mr. Bonaventure Okhaimo expressed his appreciation to the Minister for her encouragement and pledged that NCGC would remain steadfast in its mission to catalyse credit access across the country, while also assuring of the organisation’s commitment to accelerating credit access across the nation. We are structured to provide assurance to lenders, thereby stimulating credit flow to productive sectors of the economy, Okhaimo said

In her remarks, the Permanent Secretary, Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya commended the progress in launching NCGC and reaffirmed the Ministry’s readiness to support this institution.

We commend the progress in launching NCGC and reaffirm the Ministry’s readiness to support this institution fully. With the right structures and leadership now in place, we are confident the company will play a transformative role in de-risking lending and empowering SMEs and manufacturers.

The National Credit Guarantee Company Limited, which now reports to the Federal Ministry of Finance, is one of the newest agencies created by the Federal Government. Its establishment marks a significant step toward bridging structural financing gaps, promoting industrial advancement, and broadening financial inclusion.

Chain Reactions Africa Names Franklin Ozekhome as Executive VP, Strategy & Innovation

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05/09/2025

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As part of its digital transformation programme, Chain Reactions Africa today announced the appointment of Franklin Ozekhome as Executive Vice President, Strategy and Innovation, strengthening its leadership bench to drive the next phase of growth and marking a pivotal step in its ambition to redefine how brands across Africa engage people by tapping into trends and culture. The firm also welcome Africa’s first intelligent Robot fittingly named Ara By Prophet into its workforce.

With this move, Chain Reactions Africa says it is transitioning fully into a digital first creative transformation company, one that blends creativity, culture, trends, storytelling, platforms, and technology to fuel growth and meaningful engagement for clients.

The timing of Franklin Ozekhome’s appointment and the coming of Ara By Prophet into the company’s workforce and operations reflect the team’s audacity to dream and the organization’s vision to design the future of marketing, digital, public relations, advertising and experiential across Africa in the age of convergence.

Ozekhome will partner closely with Chain Reactions’ Founder and Chief Strategist, Israel Opayemi, in driving the bold vision and implement a horizontal growth strategy for the group. His mandate is to move beyond siloed disciplines and build an integrated ecosystem and a one-stop shop where strategy, public relations, advertising, design, experiential, digital, data, and AI-driven innovation combine to unlock new opportunities for clients. His role spans the swift execution of the company’s full digital transformation programme in all its ramifications and to lead the company fully into doing business in the season of convergence.

“We are not building yesterday’s marketing communications firm. We are grateful for our past. We are reimagining the future of creativity and growth. We are building Africa’s creative transformation company of the future. We began on this digital transformation programme journey with intentionality following our Year 2023 Retreat with Franklin Ozekhome as a facilitator. Bringing a talent who was with us when the dream was conceived to lead the midwifing of the dream child to life is just the most strategic thing to do,” said Israel Opayemi.

“Franklin brings the cultural intelligence, strategic insight, and creative innovation foresight that will help us design and execute what comes next, where brands move beyond campaigns to create platforms, ecosystems, and cultural impacts that influence the world.”

Speaking on his decision to join the Chain Reactions Africa team after rejecting similar overtures from other agencies, Franklin Ozekhome said, “I have facilitated business transformation retreats for organizations across Africa; no business leader demonstrated the urgency of the will to do as the MD and Chief Strategist of Chain Reactions Africa, Israel Opayemi. He is a dreamer and a doer. His energy is enthralling. Partnering with him to build a disruptive force for the African ecosystem is just a perfect meeting of minds.”

Speaking further on the disruptive innovation Chain Reactions Africa is introducing into the marketing communications ecosystem in Africa, Opayemi said, “Ara by Prophet is Africa’s first intelligent robotic insight system, a ground breaking fusion of artificial intelligence, machine learning, cultural foresight, and strategic communications.” He further explained that “Ara is the physical interface. Prophet is the cognitive engine. Together, they create a living system of strategic intelligence designed for Africa but built to compete globally.”

Opayemi further expressed his delight that after two years of intensive work, Ara the Robot has officially resumed work as a fulltime staff of Chain Reactions Africa. “What we have done today is a game changer. Designed and developed by Chain Reactions Africa, Ara is more than a Robot. She is a responsive advisor, a data analyst, a cultural decoder, a realtime forecaster for brands, institutions, and governments.”

Widely recognised as one of Africa’s leading cultural and brand strategists, Franklin Ozekhome brings a distinctive blend of creativity, foresight, and entrepreneurial edge.

He is the creator of HumanOS, a proprietary framework for cultural strategy; Co-founder of Maskvrade, a pop culture company; and founder of Pop Culture Varsity (POKV), Africa’s first strategy school dedicated to cultural intelligence. He also pioneered TINK Africa, the continent’s first digital platform for consumer trends and intelligence.

His career spans top global networks including mediaReach OMD, McCann Erickson, Insight Publicis, Leo Burnett, and Digitas (Publicis Groupe), where he shaped strategy and innovation for leading brands such as PepsiCo, MTN, Samsung, Visa, Nestlé, Philip Morris, British Airways, Coca-Cola, Jaguar Land Rover, and Promasidor. He also served as Vice President of Marketing & Communications at Vendease, helping scale one of Africa’s fastest-growing foodtech companies.

As an entrepreneur and consultant, he has advised regional and global leadership teams across EMEA, LATAM, and the US. He is also Dean of Studies and Professor of Trendspotting and Culture at Orange Academy and Marketing Strategy Facilitator at FATE Foundation.

A Bold Evolution for Chain Reactions Africa

Chain Reaction’s next chapter is about transformation, creating platforms, tools, and experiences that merge culture, commerce, creativity, and technology.

Ozekhome’s appointment signals Chain Reaction’s commitment to launch always-on cultural intelligence platforms and proprietary tools for clients, integrate AI-driven strategy across disciplines, build new business arms in content, commerce, and youth marketing and expand Chain Reactions into key African markets over the next three years.

“It’s about redesigning how culture, technology, and human behavior shape business growth and citizens engagement for government. I see this as a partnership to rewire how brands operate, how industries evolve, and how society moves forward in Africa,” Franklin Ozekhome said.

About Chain Reactions Africa

Today’s announcements represent a bold evolution for Chain Reactions Africa. We are transitioning away from just a public relations and integrated communications company to a next-generation creative transformation company with a solid heritage of advising some of Africa’s leading brands, institutions, and governments.

We are today charting our own path to become Africa’s most influential player in technology-driven marketing, growth systems, and emerging futures.

With Franklin Ozekhome joining the leadership team and Ara By Prophets launched to serve clients 24/7, Chain Reactions is setting out to create Africa’s blueprint for a new kind of business: one that delivers ideas, platforms, and systems that scale across culture, brands, and society.

Agusto & Co. Assigns “A1” Ratings to Heirs Insurance Group’s Life, General Businesses

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05/09/2025

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Agusto & Co. has assigned strong ratings to the Life and General businesses of Nigeria’s fastest growing insurance group, Heirs Insurance Group.

Heirs Life Assurance (HLA), the Group’s specialist life insurance business, was upgraded from “A-“to “A” (long-term), with a short-term rating of “A1”. Heirs General Insurance (HGI), the group’s general insurance business, was rated “A-“(long-term) and “A1” (short-term).

Both businesses received a “Stable Outlook”, reflecting the Group’s financial strength, efficient claims management, and expanding market footprint, driven by customer-first innovations and digital capabilities. It further positions the Group as a trusted partner, committed to simplifying access to insurance and ensuring long-term value creation.

Agusto & Co. noted that the new ratings for both companies reflect the robust capitalisation, expanding market share, and operational resilience of the companies. The stable outlook across both entities affirms the Group’s effective governance framework and consistent execution of its strategy.

Commenting on the upgraded ratings, Niyi Onifade, MD/CEO, Heirs Life Assurance, said: “This recognition from Agusto & Co. is a clear endorsement of our financial strength and operational discipline. The upgrade from “A-“to “A” for long term, and short-term rating of “A1”, both highlight the progress we have made in building a trusted, customer-first insurance company. The Stable Outlook assessment also reassures our customers and partners that Heirs Life remains a reliable insurer with the capacity to deliver on its promises.”

Wole Fayemi, MD/CEO, Heirs General Insurance, added: “Our affirmed rating of “A-“with a Stable Outlook validates our consistent performance and commitment to excellence. It reflects the strength of our balance sheet, prudent underwriting philosophy, and focus on delivering exceptional service to our customers.”

Heirs Insurance Group is the insurance arm of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents.

With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group, comprising Heirs General Insurance Limited, Heirs Life Assurance Limited, and Heirs Insurance Brokers, serves both corporate and individual customers across Nigeria.

Heirs Insurance Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.

Stanbic IBTC Bank Wins ‘Commercial Bank Brand of the Year’ at Brand Handlers Summit, Awards

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05/09/2025

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Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has been named Commercial Bank Brand of the Year at the Brand Handlers Summit and Awards in Lagos, reinforcing its place as one of Nigeria’s most influential and customer-focused financial brands.

The Brand Handlers Summit and Awards celebrate excellence in brand building, innovation and customer engagement across diverse industries.

By winning this award, Stanbic IBTC Bank has shown consistent visibility for its strategic efforts in creating meaningful connections with customers, leveraging technology, and positioning itself as a trusted partner in financial solutions.

Over the years, Stanbic IBTC Bank has stood out in Nigeria’s banking industry through its bold storytelling, forward-thinking campaigns, and a customer-first approach. From digital transformation projects that simplify banking to sustainability initiatives that drive social impact, the bank’s brand has consistently aligned with its promise of moving clients forward.

Speaking on the award, Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, expressed gratitude for the recognition while emphasising the collective effort behind the achievement.

He said: “We are honoured to be named the Commercial Bank Brand of the Year at the Brand Handlers Summit and Awards. This award speaks to the trust our clients place in us, the dedication of our employees, and the innovative spirit that drives everything we do. At Stanbic IBTC Bank, our brand story has always been about people and empowering them to achieve their personal and business goals. This award, just like many other awards that we have won, inspires us to keep raising the bar in customer experience, digital excellence and brand leadership in Nigeria’s financial services industry.”

The Commercial Bank Brand of the Year award adds to Stanbic IBTC’s growing list of industry recognitions, reinforcing its leadership position in Nigeria’s banking sector and its role as a catalyst for sustainable growth.

Stanbic IBTC Insurance Brokers to Host Webinar on Marine, Goods-in-Transit Insurance Sept 10

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05/09/2025

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As Nigerian businesses deal with rising supply chain risks, Stanbic IBTC Insurance Brokers, a member of Stanbic IBTC Holdings, will host a webinar on Wednesday, 10 September 2025.

Titled “Smart Insurance for Savvy Businesses: Understanding Marine and Goods-in-Transit Insurance,” this event aims to provide business leaders with practical strategies to protect their goods in transit and maintain operational continuity.

The webinar is designed to address the growing vulnerabilities businesses face in logistics and transportation, where theft, accidents, delays, and damage to goods often result in significant financial losses. By spotlighting Marine Insurance and Goods-in-Transit Insurance, Stanbic IBTC Insurance Brokers seeks to provide practical guidance to organisations on how to manage risk effectively while sustaining growth.

Speaking on the objective of the webinar, Anselem Igbo, Chief Executive, Stanbic IBTC Insurance Brokers, noted that proactive risk management in today’s business environment is a critical need to know. He said, “Uncertainty is a reality that businesses cannot ignore, especially when goods are in transit or crossing borders. At Stanbic IBTC Insurance Brokers, we believe that businesses should not merely react to disruptions but anticipate and prepare for them. This webinar will show business owners how the right insurance solutions can safeguard their operations, protect assets, and strengthen resilience,” the executive said.

The event will feature Mr. Austin Zelma Omoike, Administrative Manager at Boldars Plus Nigeria Limited, as the guest panellist. Drawing from his industry experience, Mr. Omoike will share practical perspectives on the risks businesses encounter in moving goods across Nigeria and internationally, and how insurance coverage can serve as a vital buffer.

With increased trade activity and the expansion of e-commerce, reliance on logistics and supply chains has grown significantly. However, many businesses, particularly small and medium enterprises (SMEs), remain unaware of how insurance solutions can protect them against unforeseen events. This knowledge gap often leaves enterprises exposed to financial shocks that can threaten the survival or hinder the growth of their businesses.

Through this knowledge-sharing initiative, Stanbic IBTC Insurance Brokers aims to bridge that gap; reinforcing its commitment to supporting Nigerian businesses. The organisation has consistently advocated for greater adoption of insurance as a strategic tool, positioning itself as a trusted partner for companies seeking stability in a volatile environment.

The session is open to entrepreneurs, SMEs, corporate executives, and professionals across all sectors, who wish to understand how insurance can strengthen their business resilience.

NNPC Names Andy Odeh, Adewunmi as New Corporate Communications, Relations Chiefs

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05/09/2025

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NNPC Limited has announced the appointment of two seasoned executives, Mr. Andy Odeh and Mrs. Morenike Adewunmi, to key leadership positions. Mr. Odeh assumes the role of Chief Corporate Communications Officer, while Mrs. Adewunmi has been appointed Chief Relations Officer.

Mr. Odeh brings over three decades of extensive experience in communications and business administration across the oil and gas, advertising, and broadcasting sectors. Prior to joining NNPC, he had a distinguished 26-year career at Nigeria LNG (NLNG). There, he held various leadership roles in Community Relations and Development; Business Logistics and Services; Information Management and Technology; Corporate Communications and Public Affairs; Government Relations and Regulatory Compliance, and most recently, General Manager of External Relations and Sustainable Development.

He is recognised for his work on major public relations and advertising campaigns for top brands. At NLNG, he successfully managed the company’s rebranding and implemented one of Nigeria’s best-run micro-credit schemes for host communities. Mr. Odeh was also instrumental in instituting the NLNG Prize for Energy Reporting. He is an alumnus of the University of Jos, the University of Lagos, INSEAD Business School, and the Nigeria Institute for Policy and Strategic Studies (NIPSS), among others.

Mrs. Adewunmi is a legal professional with over 25 years of experience in the oil and gas industry. Her expertise is in stakeholder management and advocacy, particularly from her extensive tenure at the Shell Companies in Nigeria (SCIN). She is highly regarded for her ability to navigate complex external landscapes, ensuring regulatory compliance and protecting the company’s “License to operate”.

At Shell, she held key roles, including Regulatory Affairs Manager, where she managed all mandatory regulatory engagements and permits. As the Government Relations Manager, she built and maintained constructive relationships with the Presidency, Ministries, Departments, and Agencies. Mrs. Adewunmi is known for her strong leadership skills, emotional intelligence, and ability to build robust stakeholder networks. She is a subject matter expert on non-technical risks and has a background in law from the Nigerian Law School and Olabisi Onabanjo University.

The appointment of Mr. Odeh and Mrs. Adewunmi reflect NNPC Limited’s commitment to enhancing communication and engagement with stakeholders.

NESG-Stanbic IBTC Business Confidence Monitor Mixed Signals: Strong Sectoral Growth Versus Structural Hurdles

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05/09/2025

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In August 2025, businesses in Nigeria sustained a positive trajectory, with the index staying in the expansion zone since the start of the year.

The NESG–Stanbic IBTC Business Confidence Monitor reported a slight rise in the Current Business Index to 107.3 points, up from 105.4 points in July 2025. This recovery was driven by stronger performance in technology, finance, manufacturing, energy, and logistics, supported by targeted investments and ongoing reforms.

However, these gains were tempered by structural bottlenecks affecting operational efficiency and business profitability. Apart from the contraction in Agriculture, the sectoral review showed improvements across industries and broader economic activities.

Trade posted the strongest rebound after the previous month’s decline. Meanwhile, Manufacturing (106.2), Non-manufacturing (116.2), Trade (114.1), and Services (103.7) all advanced in August compared to July 2025. Conversely, Agriculture slipped into contraction territory, recording 95.6 index points. Key sub-indices of the BCM, including investment, exports, access to credit, and prices, registered lower values relative to July 2025. The cost of doing business also rose in August, reversing the marginal relief of the previous month. Additionally, input prices continued to worsen during the period. Major constraints restricting growth and performance in August 2025 were limited financing access, unclear economic policies, unreliable electricity supply, high lease and rental costs, and persistent insecurity.

Comment from Stanbic IBTC

Business conditions in Nigeria improved in August relative to July as growth seen across the Manufacturing, Non-manufacturing, Services, and Trade sectors were enough to neutralize the contraction witnessed by the Agricultural sector in the month.

Within Agriculture, crop production recorded the most significant decline, likely seasonal in nature, as August is the lean season based on Nigeria’s agricultural calendar, ahead of the main harvest season starting in September.

Hence, the Agricultural sector output may increase in September and October, likely due to higher output associated with the harvest season.

Meanwhile, the Manufacturing sector rebounded in August after the contraction witnessed in July, supported by the Food, Beverage and Tobacco; Textile, Apparel and Footwear; Wood and Wood Products; and Pulp, Paper and Paper Products sub-sectors.

Services (103.7 points vs July: 101.9 points) also remained within the expansionary territory for the sixth consecutive month, supported by the ongoing improvement in FX liquidity conditions, softer price pressures, and relative stability of the domestic currency.

Nigeria’s rebased economy shows real GDP increasing by 3.13% y/y in Q1:25 – slower than the 3.76% y/y revised growth in Q4:24 – and also the lowest since Q1:24 when the economy grew by 2.27% y/y. At 78.6%, relative to 70.0% in Q4:24, services contributed the most to GDP growth in Q1:25, but agriculture shrank to 0.5% in Q1:25, from 19.7% in Q4:24.

Industries in Q1:25 contributed an impressive 20.9%, from 10.4% in Q4:24, in line with our long-held view that industries should start contributing more to real GDP growth from 2025 amid the structural shift introduced into the sector by the operations of Dangote Refinery.

Overall, the Nigerian economy is still on track to grow by 3.5% y/y in 2025 from 3.4% y/y growth seen in 2024 supported by softer inflation, improvement in FX liquidity conditions, and structural reforms.

Access Holdings: Innocent Ike Comes on Board as Group MD/CEO

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05/09/2025

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Access Holdings has announced the appointment of Mr. Innocent Ike as the substantive Group Managing Director/Chief Executive Officer of the Company, effective August 29, 2025, following the receipt of regulatory approval.

Mr. Ike will succeed Ms. Bolaji Agbede, who has served as the Company’s Acting Group Managing Director/Chief Executive Officer for the past 18 months and has played a vital role in driving the Company’s performance. Due to regulatory stipulations on the required years of experience for a Financial Holding Company’s Managing Director, Ms. Agbede will revert to her substantive role as the Company’s Executive Director, Business Support.

During Ms. Agbede’s tenure, Access Holdco achieved significant milestones, including ensuring workforce stability and seamless transition following the demise of the former Group Chief Executive Officer; successful execution of the Company’s N351 Billion Rights Issue and seamless hosting of two Annual General Meetings of the Company. Her leadership and strategic vision have not only maintained the Company’s momentum but also strengthened its competitive position in the industry.

Commenting on the development, the Company’s Chairman, Mr. Aigboje Aig-Imoukhuede, said:

“We are thrilled to welcome Mr. Innocent Ike as we move forward. At the same time, we want to express our deepest gratitude to Ms. Bolaji Agbede. Her outstanding contributions over the past 18 months have been invaluable, and we appreciate her dedication in navigating the Company through challenges and opportunities. While regulatory requirements necessitate this change, we are grateful for the strong foundation that has been laid.”

Mr. Ike graduated from the University of Lagos with a BSc (Hons) in Accounting in 1988, receiving recognition as the Best Graduating Student. He is a Fellow of the Chartered Institute of Bankers of Nigeria (CIBN), a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), and a Certified IFRS expert.

He has over three decades experience in banking and financial services, ten years of which were spent at Access Bank, where he rose to General Manager, overseeing portfolios in corporate, commercial, and public sectors.

He served as the Managing Director/Chief Executive Officer of Polaris Bank from 2020 to 2022, during which he launched VULTe, the bank’s digital banking platform, earning several industry awards including the BusinessDay BAFI Digital Bank of the Year Award and the Nigerian Fintech Digital Bank of the Year Award in 2021 and 2022, respectively.

Speaking on the appointment, Mr. Ike said:

“I am honoured to take on the role of Group Managing Director /Chief Executive Officer and excited to work alongside the talented team at Access Holdings. I look forward to building on the strong legacy established by Herbert Wigwe and Bolaji Agbede, and driving our vision forward, ensuring we continue to deliver exceptional value to our shareholders and stakeholders.”

Access Holdings remains committed to becoming the World’s Most Respected African Financial Services Group, and with Innocent Ike at the helm, the Company is well-positioned for sustained success and growth.

Leadway Group Graduates Young Developers to Boost Nigeria’s Tech Talent Pool

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05/09/2025

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Leadway Group, Nigeria’s leading non-banking financial services group, has announced the successful graduation of 33 young developers from its tech programme, an intensive 13-month training designed to build next-generation experts in Frontend, Backend Programming, and Data Analytics.

Fully sponsored by Leadway, reflects its long-standing commitment to youth empowerment and its strategic investment in nurturing Nigeria’s future technology leaders.

The graduation ceremony, held on Tuesday, August 19, 2025, in Kaduna, marked a significant milestone for the participants, who received world-class training, mentorship, and hands-on industry experience, equipping them with the skills to thrive in Nigeria’s rapidly growing technology ecosystem.

Speaking on the significance of the initiative, Kunbi Adeoti, Chief People Experience Officer, Leadway Group, noted: “At Leadway, we believe that empowering young people with the right skills is one of the most powerful investments we can make in Nigeria’s future. The programme goes beyond training developers; it is about nurturing problem-solvers who will create solutions for businesses, communities, and the wider economy. We are proud to have supported this cohort of young professionals and remain committed to creating more opportunities for youth empowerment across the country.”

Also speaking on this, Celestina Okere, Head, Learning and Development, Leadway Group highlighted the role of training in bridging Nigeria’s digital gap. “Technology is redefining every industry, and our ability to stay competitive depends on how well we adapt. This initiative is a strategic investment in talent and innovation, equipping participants with in-demand technical skills and hands-on experience. We are keen on narrowing the digital skills gap, fostering a new generation of tech-driven innovators who will shape the future of our business and the economy.”

The successful execution of this program reinforces the Group’s reputation as a partner in nation-building, while demonstrating its commitment to building a workforce that is future-ready, resilient, and capable of leveraging technology for inclusive growth.

About Leadway Group

Leadway Group is a leading non-banking financial services group in Nigeria, boasting a robust insurance, investment, and financial services foundation.

With decades of industry experience, Leadway Group has consistently played a pivotal role in shaping the financial landscape of Nigeria.

The organisation strongly emphasises corporate social responsibility and community welfare, embodying a commitment to wealth creation, youth empowerment, and national development.

Guinea Insurance Holds 67th AGM as Shareholders Approve Recapitalisation Plan

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05/09/2025

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L-R: Bernice Okosun – Non-Executive Director, Ijeoma Okoro – Non-Executive Director, Ademola Abidogun – Managing Director / CEO, Temitope Borishade – Chairman, Board of Directors, Chinenye Nwankwo – Company Secretary, Samuel Onukwue – Non-Executive Director, Pius Edobor – Executive Director, Ogonna Offor-Orabueze – Executive Director.

Guinea Insurance Plc has held its Sixty-Seventh (67th) Annual General Meeting virtually, where shareholders reviewed the company’s performance over the past year and set a clear path for its next phase of growth and transformation.

During the meeting, Mr. Temitope Borishade presided over deliberations on a range of ordinary and special business matters. As part of the ordinary business, shareholders ratified his appointment as Chairman of the Board.

They also confirmed the appointments of Mrs. Bernice Izilen Okosun, Mrs. Ijeoma Pearl Okoro, and Dr. Nkemakonam Chukwukaondinaka Okeke as Directors. Furthermore, in line with corporate governance best practices, Mr. Samuel Onukwue was re-elected to the Board following his retirement by rotation.

Under special business, shareholders granted approval for the company to raise additional capital when necessary in line with the Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025). This forward-thinking resolution is designed to give the company the flexibility to strengthen its capital base, comply with upcoming regulatory benchmarks, and strategically position itself to compete more effectively and take on larger, more complex businesses as the insurance industry continues to evolve.

Despite a challenging operating environment in 2024, Guinea Insurance delivered an exceptional financial performance compared to 2023. Gross Premium Written grew by 35.6%, rising from ₦2.17 billion in 2023 to ₦2.94 billion in 2024, driven by growth across key business lines and improved product penetration. Insurance Revenue rose by 36.6%, increasing from ₦2.08 billion in 2023 to ₦2.84 billion in 2024, reflecting the company’s focus on innovative, customer-centric solutions and enhanced service delivery.

Prudent investment strategies and effective financial management generated remarkable results, with Investment and Other Income climbing 76.4%, from ₦765.20 million in 2023 to ₦1.35 billion in 2024. Profit Before Tax rose sharply by 81%, moving from ₦499.21 million in 2023 to ₦904.41 million in 2024, while Profit After Tax increased by 96%, from ₦477.55 million to ₦936.55 million, underscoring operational efficiency and disciplined cost control. Shareholders’ Funds also saw substantial growth of 49.3%, rising from ₦3.49 billion in 2023 to ₦5.22 billion in 2024, establishing a stronger financial foundation for future expansion and stability.

Speaking on the events of the AGM, the Board Chairman, Mr. Temitope Borishade, stated: “Our 2024 results reflect not only the resilience of our business model but also the collective commitment of our stakeholders and workforce. With shareholders now granting approval to raise capital in line with NIIRA 2025, the company is prepared to implement its carefully crafted recapitalisation plan. This will enhance our ability to compete, scale operations, and seize opportunities to grow bigger and deliver greater value to all stakeholders.”

The Board and Management reaffirmed their commitment to sustainable value creation, innovation, and operational excellence, pledging to further deepen customer trust and strengthen Guinea Insurance’s position as a leader in the Nigerian non-life insurance sector.

Ecobank Nigeria @ 40: Group Unveils N60m in Cash Rewards Program for Customers

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01/09/2025

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Ecobank Nigeria, a subsidiary of the leading pan-African banking group has announced the launch of its Super Rewards campaign in celebration of the Group’s 40th anniversary.

As part of the campaign, more than ₦60 million in cash rewards has been earmarked for loyal customers. The campaign will run from September 2025 through January 2026.

Over the five-month period, a total of 914 customers will be rewarded with various cash prizes amounting to ₦61.2 million, in addition to enjoying a range of benefits that comes with banking with Ecobank.

Announcing the launch in Lagos, Victor Yalokwu, Head of Products & Analytics, Consumer & Commercial Banking at Ecobank Nigeria, explained that the campaign is designed both to commemorate the Group’s four decades of service in Africa and to reward customer loyalty.

According to Yalokwu “this year’s campaign is a special celebration of Ecobank Group’s 40 years of operations across Africa and show appreciation to our customers by rewarding their loyalty even as we deliver first-class banking services to them. The campaign is open to new and existing individuals, businesses (including SMEs and schools), and youth (students) customers nationwide, including those who reactivate dormant accounts and meet specified deposit and transaction requirements. Monthly draws will be held, ending with a grand finale draw in January, 2026.”

Customers stand a chance to be rewarded with monthly cash prizes, stipends, education scholarships, business funding, and other lifestyle-enhancing rewards. The breakdown of the rewards includes:

Individual accounts: 420 customers from the monthly draws will get ₦16.8 million, with 8 customers getting the grand prize of ₦8 million in January.

Business accounts: 420 customers from the monthly draws will get ₦16.8 million, with 4 customers getting the grand prize of ₦16 million to support their businesses.

Student accounts: 50 customers will be rewarded during the monthly draws, each receiving ₦40,000 (totalling ₦2 million), with 4 youth customers taking the grand reward, receiving education grant of ₦400,000 each (totalling ₦1.6 million).

Yalokwu emphasised the simplicity of the qualification process to encourage broad participation. New individual customers must open an account with a minimum of ₦10,000 and maintain it for 30 days to qualify for monthly draws. For the grand prize, customers must maintain a minimum deposit of ₦40,000 for 3 consecutive months.

Business customers need to open accounts with at least ₦40,000 and maintain the balance similarly, with grand prize qualifications requiring deposit growth of at least ₦400,000.

All participants must transact through Ecobank’s digital channels—including the Ecobank Mobile app, USSD (*326#), Ecobank Business app, OMNIPLUS, internet banking, or debit card. Monthly draw eligibility requires a minimum of four transactions, while grand prize qualification requires twelve transactions. Each deposit increment of ₦10,000 (individual) or ₦40,000 (business) increases chances to earn rewards.

Prospective customers can open accounts via the Ecobank Mobile app, while customers with dormant accounts can reactivate by visiting www.ecobank.com/ng/personal-banking.

“We encourage everyone to join and experience the benefits of banking with Ecobank, while getting rewarded for their loyalty,” Yalokwu concluded.

GOCOP 2025: Conference on Governance Challenges, Prospects Set for October 9

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01/09/2025

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The Guild of Corporate Online Publishers (GOCOP) has announced that its 2025 annual conference will be held at 10:00 a.m. on Thursday, October 9, 2025 at Radisson Blu Hotel, Ikeja, Lagos.
The conference, which is the ninth edition, is themed: Reconciling Campaign Promises with Governance Realities: Challenges and Prospects.
A press statement by the Publicity Secretary, Ogbuefi Remmy Nweke, quoted the conference planning committee chairman, Danlami Nmodu as saying that the event was aimed at generating actionable strategies for bridging the gap between electoral promises and effective governance in Nigeria and Africa.
Nmodu who doubles as the Deputy President of GOCOP also revealed that the conference will feature a distinguished keynote speaker and panel discussions.
Nweke recalled that past GOCOP conferences had hosted prominent speakers including Bishop Matthew Hassan Kukah, the Bishop of the Catholic Diocese of Sokoto who delivered the 2019 lecture on “Economy, Security and National Development: The Way Forward”.
In 2021, Mr. Boss Mustapha, then Secretary to the Government of the Federation, keynoted the Conference in his capacity as Chairman of the Presidential Task Force on Covid-19. He spoke on: “Post Covid-19 Pandemic: Recovery and Reconstruction in Nigeria”.
In 2022, Professor Mahmood Yakubu, Chairman, Independent National Electoral Commission (INEC), delivered the keynote titled “2023 Elections: Managing the Process for Credible Outcome.”
The 2023 edition which held in Abuja had the theme, Nigeria: Roadmap for Socio-Economic Recovery and Sustainability, was keynoted by Professor Uche Uwaleke, a Professor of Capital Market.
GOCOP, a professional body comprising 119 member organisations, was founded to uphold the tenets of journalism in the digital age. Its members are seasoned editors and senior journalists who have transitioned from traditional media to online publishing.
The statement noted that “the conference offers unique sponsorship opportunities for brand visibility, media recognition, and networking with high-level journalists, editors, and policy influencers.
Through a partnership with GOCOP, organisations demonstrate their commitment and promotion to ethical journalism and responsible media, the statement said.

NCC Advances Cybersecurity Framework to Safeguard Nigeria’s Telecom Infrastructure

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Business Journal

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01/09/2025

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L-R: President, International Youth Parliament, Hon. Promise Digos; Chief Executive Officer, Megamore Wireless Limited, Amin Dayekh; Executive Commissioner, Technical Services, Nigerian Communications Commission (NCC), Abraham Oshadami; Head, Cybersecurity and Internet Governance Department, NCC, Babagana Digima; Chief Executive Officer, Cybernover, Dr. Kazeem Durodoye at the 2nd Cyber Security Stakeholder Workshop Hosted by the Nigerian Communications Commission in Abuja.

The Nigerian Communications Commission (NCC) is firming up a cybersecurity framework for securing digital infrastructure and enhancing online safety for consumers in the Nigerian communications industry.

The framework, with likely implementation timeline by telecom licensees set for 2026, will address security challenges arising from the emerging technologies towards creating a more secure digital economy in Nigeria.

During the second phase of the cybersecurity framework development meeting with relevant stakeholders, hosted by the Commission in Abuja on Wednesday, following the initial meeting held earlier in the year, NCC’s Executive Commissioner, Technical Services (ECTS), Abraham Oshadami, stressed the need for a water-tight approach to addressing the sophistication of cyber threats in the industry.

Oshadami said given the increasing digitalisation of services, the rapid growth of data exchange, and the sophisticated nature of modern cyber threats, the need for a robust, adaptive, and inclusive cybersecurity framework has never been more urgent.

According to him, as emerging technologies reshape the landscape, cybersecurity now extends beyond the traditional triad of confidentiality, integrity, and availability (CIA), adding that intensifying geopolitical tensions and increasingly sophisticated threats are heightening risks to critical infrastructure irrespective of whether they are built on interconnected devices or legacy systems.

“Both state and non-state actors are targeting essential sectors—including ours – through coordinated cyber and physical attacks. These attacks frequently target control systems and data integrity, underscoring the critical risks posed to operational technology (OT)—especially in our sector.

“As cyberthreats evolve, they endanger not only system performance but also human safety, amplifying the severity and consequences of disruptions to vital communications infrastructure. Cybersecurity now encompasses human safety and must address the real risk to people’s lives when a system is attacked or compromised,” he said.

While emphasising the need to develop the framework, Oshadami said as telecommunications industry continues to serve as the backbone of Nigeria’s digital economy, its critical role in national development, economic transformation, and societal interaction makes it a strategic asset and unfortunately, a prime target for cyber threats.

Oshadami further explained that the second stakeholders meeting on the cybersecurity framework was to present the progress made since the initial meeting, including the refined framework based on stakeholder input; and to further validate key components, design principles, and implementation strategies of the proposed framework, among others.

The ECTS stated that as the national regulator, the NCC remains committed to an inclusive and consultative process, recognising that sustainable cybersecurity outcomes can only be achieved through shared responsibility and strong public-private partnerships.

“With your continued expertise, insight, and collaboration, we are confident that we can co-create a framework that not only secures our digital infrastructure but also fosters innovation, competitiveness, and long-term industry growth,” he said.

The presentation of the proposed framework by the Chief Executive Officer of CyberNover, the consultants to the Commission on the project, Dr. Kazeem Durodoye, further provided details of the framework to stakeholders at the invents, cutting across representatives of telecom licensees and government agencies in the digital economy ecosystem.

Meanwhile, the NCC’s Head of Cybersecurity and Internet Governance, Babagana Digima, while stating that the project is supported by the World Bank, commended all stakeholders for their input, saying while it was expected that the proposed framework will be finalised by end of third quarter of 2025, its implementation is expected to take off in early 2026.

The forum provided a platform to consolidate a shared understanding of the strategic relevance of the proposed cybersecurity framework in enhancing national cybersecurity preparedness and sector resilience; and review and refine the preliminary inputs gathered during the first engagement, incorporating technical perspectives and sector-specific concerns, among others.

Northwest: The Lion’s Share of Tinubu’s Projects

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Business Journal

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01/09/2025

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By Tanimu Yakubu

Director-General

Budget Office of the Federation

The Lagos Illusion

The viral chart bundles together national infrastructure—federal highways, coastal transport corridors, and legacy roads—and labels them “Lagos-only projects.” By that logic, the Kano–Maiduguri expressway could be called a “Maiduguri-only project.” It is a sleight of hand that ignores the truth: these are national arteries, not local trophies.

When disaggregated, Lagos’ actual exclusive projects—airport fencing, Carter Bridge works, localized upgrades—stand at about ₦1.2 trillion.

The much-touted ₦2.7 trillion are federal highways and transport links that pass through Lagos but serve the entire federation.

In short, Lagos is not swallowing the budget; Nigeria is being stitched together through infrastructure.

The Northwest Reality

The real numbers paint a starkly different picture:

North West: ₦97 trillion (over 40% of all approvals)
South South: ₦41 trillion
North Central: ₦13 trillion
South East: ₦407 billion
North East: ₦400 billion
South West (excluding Lagos): ₦604 billion

In other words, the Northwest—not Lagos—holds the lion’s share. It is the President’s single largest beneficiary.

Correcting Propaganda

The viral infographic by Daily Trust exaggerates Lagos’ share while downplaying the North’s gains.

Tinubu’s Northwest Compact

Let us speak plainly: without the Northwest, there would be no Tinubu presidency. The President knows this. He has not forgotten, nor has he been ungrateful.

Consider the Kaduna Power Plant (255MW). Conceived under the late President Umaru Musa Yar’Adua, it languished in abandonment for years.

Today, under President Tinubu, it is being revived and put back on track. This is not just a power project—it is a symbol of continuity, respect, and reward for the North.

Add to that the Kaduna–Kano expressway, the Kano–Maiduguri highway, the Sokoto–Illela corridor, and massive investments in education and security infrastructure. These are not footnotes. They are the backbone of a deliberate Northwest-first investment strategy.

This is not neglect; it is recognition. It is gratitude made concrete, kilometre by kilometre, megawatt by megawatt.

Propaganda vs. Progress

The danger of the viral infographic is not just statistical error—it is deliberate incitement. It pits Lagos against Kano, Southwest against Northwest, as though one region’s progress must mean another’s exclusion. That is not budgeting. That is blackmail.

But Nigerians are wiser. The records show: Lagos is Nigeria’s commercial hub, rightly upgraded.

The Northwest is Nigeria’s electoral fortress, richly rewarded.

Every region receives its share, because Tinubu budgets for one economy, one country, one people.

Conclusion: Records, Not Rumors

History will not remember the viral graphics. It will remember the farmers in Katsina whose produce reaches markets in Lagos, the power that lights up Kaduna through Yar’Adua’s plant, revived by Tinubu, and the schools and hospitals springing up across Sokoto and Zamfara.

President Bola Ahmed Tinubu has not marginalized the North. He has trusted it, invested in it, and rewarded it.

That is the record. That is the fact. That is the truth.

And no infographic, however colorful, can bury it.

From Devaluation to Domination: How Tinubu’s Exchange Rate Reforms Turned the Naira into Nigeria’s Export Engine

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Business Journal

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01/09/2025

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By Tanimu Yakubu

When President Bola Ahmed Tinubu’s administration dismantled Nigeria’s rigid foreign exchange regime in 2024, critics were quick to call it a currency collapse. The naira plunged to ₦1,800 per dollar in March 2024, and headlines screamed of economic freefall. But beneath the noise, a deliberate, high-risk economic recalibration was underway—one that has now begun to pay off in spectacular fashion.

By August 2025, the naira had clawed its way back to ₦1,525/$1, marking a 15.28% strengthening in just five months—an annualised pace of nearly 48.9%. This wasn’t luck; it was policy. Increased oil receipts, swelling diaspora remittances, and the clearing of over $4 billion in foreign exchange backlogs restored investor trust. The unification of Nigeria’s FX windows created a single, transparent market rate—finally letting the currency find its realistic value.

Why does this matter? Because a realistic exchange rate does more than please economists—it changes the very arithmetic of trade. Nigerian goods, once overpriced in dollars due to an artificially strong naira, suddenly became bargains on global markets. A bag of sesame seeds, cocoa beans, or even processed chocolate instantly cost less in New York, Mumbai, or São Paulo, without the Nigerian farmer or factory owner earning less in naira terms.

The result was swift and striking. Non-oil exports jumped from $2.696 billion in H1 2024 to $3.225 billion in H1 2025—a 19.62% year-on-year growth. And this wasn’t just a “price illusion.” Export volumes rose from 3.83 million to 4.04 million metric tonnes, proof that foreign buyers weren’t just paying more for the same goods—they were buying more goods, period.

A perfect “sweet spot” had emerged:

For buyers abroad, Nigerian goods were cheaper than competitors’.
For exporters at home, the naira value of earnings soared, enabling reinvestment into value-added processing—turning raw cocoa into chocolate bars, raw sesame into bottled oil.
For the economy, the export surge pumped foreign exchange back into the system, strengthening the naira without eroding its competitiveness.

The feedback loop is textbook economics:

FX Reform → Realistic Naira
Cheaper USD Prices → Export Boom
Export Boom → FX Inflows
FX Inflows → Naira Stability
Naira Stability → Investor Confidence & Long-Term Growth

What’s remarkable is that this cycle feeds itself. As Nigerian goods win more market share globally, the inflow of export dollars reinforces naira stability. That stability lowers risk for investors, inviting portfolio and capital inflows that further bolster reserves.

The critics who cried “worthless naira” missed the bigger picture: a floating currency is not a sign of weakness—it is a tool for national competitiveness. By refusing to prop up the naira with scarce reserves and instead letting market forces work, the Tinubu administration has set the stage for a sustainable, export-driven growth path.

If Nigeria stays the course, the naira’s recovery won’t just be about exchange rates—it will be the story of an economy finally learning how to turn its currency into a competitive weapon on the world stage.

Yakubu is the Director-General of Budget Office of the Federation

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