FSI @ 4: Our Impact is Being Felt in 5 Continents -Aituaz

08/12/2023

Africa’s leading innovative fintech brand, Financial Services Innovators (FSI), is set to reward ten creative campus ambassadors for their community development efforts across Nigeria with gift vouchers to commemorate its 4th anniversary.

The Executive Director of FSI, Aituaz Kola-Oladejo, disclosed this at a press briefing in Lagos during the week. According to the brand navigator of FSI, a non-profit organisation committed to enabling startups within the technology and financial space, the ambassadors will be rewarded for their community efforts on their campuses.

She added: “Also, we are holding the FSI innovation challenge within the student community across the six geopolitical zones, where winners will go home with lots of giveaway prizes.”

Reeling out the achievements of FSI in the last four years, Aituaz stated that the company has registered its impact and presence in five continents. “Our impact is being felt in five continents, and our community strength is over 8,200 members, including 45 foreign members from Africa, Asia, Europe, Central and North America,” she declared.

FSI has gained recognition and acceptance as a brand in the highly competitive fintech ecosystem. One of such recognition is the company’s partnership with the Chartered Institute of Bankers of Nigeria (CIBN), FintechNGR and Mentorship Without Borders (WMB), a European firm providing free mentorship programmes in software development, data science and product management.

Aside from empowering members on its platform with knowledge and technical support, FSI members have also graced international stages and won competitions. At the same time, three of their startups have equally been opportune to raise funds. “We have also provided technical support to over 2,500 individuals through our mentorship programmes, startup clinics and capacity building,” Aituaz reiterated.

Since its launch in October 2021, the FSI Talent Hunt initiative has been enormously successful. Over 1,000 campus ambassadors have emerged from the competitions. And only recently, FSI unveiled three virtual innovation labs in tertiary institutions to groom tech talents. The company has nurtured 55 start-ups on its business incubation platform, and ten have already launched their products. Within a short time, FSI has proven that an innovation sandbox with a vibrant community is a cost-effective product innovation and development approach.

“We’ve indeed come a long way. Since commencing operations in 2020, over 140 MVPs have been developed in the FSI sandbox, 17 apps have been published in the Appstore, 8,000 people have accessed 375 API endpoints on the FSI sandbox, while over 487 teams have participated in the FSI hackathons,” the Executive Director said.

COP28: NNPC Seals LNG Deals for Domestic, International Markets

Business Journal

06/12/2023

R-L: Executive Vice President, Gas, Power & New Energy, NNPC Limited, Mr. Olalekan Ogunleye; Managing Director, NNPC Trading Limited., Mr. Lawal Sade and Managing Director, SDP Services Limited Mr. Abhinav Modi all displaying the signed agreement for the Supply, Installation and Commissioning of a Small-Scale LNG (SSLNG) Project in Ajaokuta, Kogi State, on the sidelines of the on-going United Nation’s Climate Change Conference (also known as COP28), in Dubai, UAE. Mr. Roy Assaf is 1^st from left.

In its efforts to further boost natural gas utilisation in the country and enhance Nigeria’s gas revenue NNPC Limited has signed two major agreements to deliver LNG to the domestic gas market and the international LNG market.

During two separate signing ceremonies held on the sidelines of the on-going United Nation’s Climate Change Conference (also known as COP28), NNPC Limited signed an MoU with Wison Heavy Industry Co. Limited, a Chinese company, for the development of floating LNG project in Nigeria, targeting the international LNG market.

Also, NNPC Prime LNG Limited, an arm of NNPC Trading Limited, signed a Supply, Installation and Commissioning Agreement with SDP Services, an independent oil and gas company, for a 421 tonnes per day LNG project targeting the domestic LNG market.

The Floating LNG MoU was signed by the Executive Vice President, Gas, Power & New Energy, Olalekan Ogunbayo on behalf of NNPC Limited and Mr. Kai Xu, Managing Director of Wison Limited, on behalf of his company. Both parties agreed to work together to chart a roadmap for the project development that will lead to an investment decision.

Similarly, the Small-Scale LNG (SSLNG) Project agreement was signed by the Managing Director, NNPC Trading Limited., Mr. Lawal Sade, on behalf of NNPC Prime LNG Limited while Mr. Abhinav Modi, Managing Director of SDP Services Limited, signed on behalf of his company.

The SSLNG Project, which will be located at Ajaokuta in Kogi State, Central Nigeria, will ensure the efficient supply of LNG to the Autogas/Compressed Natural Gas (CNG) and industrial/commercial customers nationwide. The LNG Project is expected to be operational by December 2024.

Speaking shortly after the signing ceremony, the EVP Gas, Power & New Energy, Mr. Olalekan Ogunleye said NNPC Ltd is committed to delivering gas to industries nationwide and accelerating the Company’s gas commercialisation efforts through the floating LNG Project.

“We see both projects as having enormous impact all over the country because they are central to the commercialisation of Nigeria’s abundant gas resources and ensuring that our country earns the much-needed foreign revenue from its abundant gas assets. It is also consistent with NNPC Management’s drive to deliver on Mr. President’s gas and power aspirations across the country,” Ogunleye stated.

Also, in his address after the signing, the MD NNPC Trading Limited, Mr. Lawal Sade said the SSLNG Project will boost the domestication of LNG utilisation by supporting the growth of auto-gas initiatives across the country.

“We are looking at a time-frame of 12 months from execution to the commissioning of the project. The project will deliver about 420 tonnes per day of LNG per day into the domestic market, which will enhance efficient delivery of gas to the auto-gas/CNG and industrial customers in line with Presidential mandate,” Sade added.

While expressing their delight at signing the agreements, the partners pledged to work with NNPC Ltd to deliver the projects within schedule and in the most cost-effective manner.

NLNG Bags NECA’s Investment in Societal Renewal, CSR Award

Business Journal

06/12/2023

The Nigeria Employers’ Consultative Association (NECA) has conferred Nigeria LNG Limited (NLNG) the Investment in Societal Renewal and Corporate Social Responsibility (CSR) Award, recognising the Company’s unparalleled commitment to CSR initiatives in Nigeria.

At the 3rd Annual NECA Employers’ Awards held in Lagos recently, NECA also presented NLNG with the Elimination of Child Labour in the Workplace Award and a recognition award for its contribution to the conference. The association emphasised that NLNG clinched the awards after undergoing a rigorous evaluation process and surveys by the professional body. NECA described this annual award as a ground-breaking initiative to promote and laud best practices in Corporate Performance, People Management, and Industrial Relations among Nigerian employers.

Reacting to the awards, NLNG’s Managing Director and Chief Executive Officer (MD/CEO), Dr. Philip Mshelbila, stressed that NLNG’s unwavering commitment to CSR and excellent human resources practices aligned with its vision of being a globally competitive LNG company, helping to build a better Nigeria. Dr. Mshelbila underscored NLNG’s role as an inspirational national success story and a significant contributor to the overall development of Nigeria.

According to Dr. Mshelbila, NLNG, driven by its core value of excellence and care, has pursued perfection and achieved remarkable feats in the realm of CSR. He remarked, “NLNG’s CSR drive is anchored on four pillars – health, education, infrastructure development, and empowerment – all geared towards supporting sustainable development. We see ourselves as exemplary corporate citizens, fully committed to investing in the advancement of a better Nigeria. Yet, to accomplish this, we require the unwavering support and collaboration of all stakeholders in the country. I earnestly urge increased support from these critical stakeholders to help us achieve the pinnacle of CSR excellence for the country.”

NLNG’s flagship CSR projects include the Hospital Support Programme (HSP) and the multi-billion-naira 34-kilometre Bonny-Bodo Road, supporting healthcare infrastructural development in 12 teaching hospitals across the country and socio-economic activities in the riverine parts of Rivers State respectively. These projects are ongoing.

On healthcare, NLNG is implementing its malaria elimination project on Bonny Island through the Bonny Island Malaria Elimination Project (BNYMEP) in collaboration with the U.S. President’s Malaria Initiative (US-PMI), the Rivers State government and the Grand Bonny Kingdom. The Company also established the Bonny Community Health Insurance Programme (BCHIP), a community-based health insurance partnership with the Rivers State Government and Bonny Kingdom, making healthcare services more accessible and affordable. It has over 12,000 subscribers on Bonny Island.

The Company’s dedication to education was evident in its scholarship programs, benefitting over 4,000 Nigerian students at post-primary, undergraduate, and post-graduate levels. Additionally, NLNG’s commitment to bridging the gap in technical education was exemplified by the construction and equipping of the Bonny Vocational Centre (BVC), which has trained some 920 Nigerians in various vocational and occupational areas.

Other CSR projects also include the completed University Support Programme (USP), where NLNG constructed or rehabilitated engineering laboratories in six universities across the country; and The Nigeria Prize for Science, The Nigeria Prize for Literature, and The Nigeria Prize for Literary Criticism, with cash rewards of $100,000 each for the science and literature prizes, further demonstrating NLNG’s commitment to fostering excellence in education.

In collaboration with industry partners, NLNG extended its CSR footprint by providing essential social amenities to residents in Bonny Kingdom, encompassing a round-the-clock electricity supply and piped water supply in the community.

NNPC to Work with Partners to Reduce Methane Emissions-Eyesan, EVP Upstream

Business Journal

06/12/2023

Executive Vice President, Upstream, NNPC Limited, Oritsemeyiwa Eyesan during a Panel Session titled “Accelerating the Elimination of Methane Emissions & the Decarbonisation of Oil & Gas,” on the sidelines of the on-going United Nations Climate Change Conference, also known as COP28 taking place in Dubai, the United Arab Emirates.

NNPC Limited has expressed its commitment to work with global partners in the march towards reducing methane emissions in oil and gas operations.

On the sidelines of the on-going United Nations Climate Change Conference, also known as COP28, taking place in Dubai, the United Arab Emirates, the Oil and Gas Decarbonisation Charter was released.

The Charter calls on the oil and gas sector to achieve the goal of reaching net-zero emissions for their own operations by 2050. It also includes commitments to achieve near-zero methane emissions and no routine flaring by 2030.

Speaking on the development during a Panel Session titled “Accelerating the Elimination of Methane Emissions & the Decarbonisation of Oil & Gas,” NNPC Limited’s Executive Vice President, Upstream, Oritsemeyiwa Eyesan said the Charter was a major opportunity not just for the NNPC Limited, but for the African sub-region.

“Africa contributes three percent to emissions, but that does not exclude us from the consequences of the emissions. I think the decarbonisation drive and the charter are not just ethical but also a strategic imperative for a major African National Oil Company (NOC) like ours.

We believe this charter is an important one. We are committed to working with all stakeholders to deliver on that,” Eyesan stated.

She said to achieve its near-zero methane emissions, Nigeria has since declared this decade as Decade of Gas, which is not only geared towards producing more gas for export, but also towards producing gas for local economy and that of the entire African sub-region.

“I assure you that we are open to working with our partners towards achieving zero-flare and methane emission reduction by 2030. This fits perfectly with our dreams, and we consider it achievable,” Eyesan stated.

She described finance and technology as the two major challenges in delivering on the provisions of the charter, noting that for the two problems to be solved, African countries need to work with partners who have the technology and finance.

She said NNPC Ltd remains committed to expanding its alternative energy sources through investment in solar, wind, and other renewable sources.

SEC, IFSB to Host 1st International Forum on Non-Interest Capital Markets

Business Journal

06/12/2023

In a bid to tackle the challenges hampering further development of the Non-Interest Capital Market (NICM) in Nigeria, the Securities and Exchange Commission (SEC) and the Islamic Financial Services Board (IFSB), an international standard-setting body- with a vested interest in ensuring the soundness and stability of the global Islamic financial services industry, is set to convene a 2-Day High-Level International Forum on Non-Interest (Islamic) Capital Market.

The SEC in a statement, noted that the objective of the forum is to bring all critical stakeholders together to analyse issues and challenges confronting the sector and profer solutions for the overall development of the Nigerian economy. The discussion will revolve around issues such as; inadequate capacity within the industry, lack of awareness and education, paucity of human capital and expertise, limited availability of Sharia-compliant products including short-term Shariah-compliant liquidity instruments, the harmonisation of regulatory and supervisory standards, and the integration of NICM with the conventional financial system amongst others.

Whilst stating that the Non-Interest Capital Market (NICM) in Nigeria has evolved and is progressively becoming an important segment of the nation’s financial market, the Commission said NICM provides a veritable avenue for mobilising medium to long-term investment in an ethical and Shariah-compliant manner through wide range of products/services offered such as, Sukuk (Islamic bonds), Islamic Mutual Funds, Islamic REITs, Islamic Crowdfunding and Islamic Fintech, etc that cater for the needs and preferences of both ethical and conventional investors.

The Commission said that the NICM sector has witnessed remarkable growth in recent years, reaching a global size of $3.25 trillion in 2022, adding that the main drivers of this growth include the increasing demand for ethical and socially responsible finance, diversification of funding sources and risk management tools, development of enabling regulatory and legal frameworks, and the innovation and standardisation of NICM products and practices.

The SEC said, “Nigeria, as the most populous country in Africa and home to the largest Muslim population in the continent, has a huge potential to develop its NICM sector and benefit from its opportunities. Nigeria has taken several steps to promote NICM; from the registration of the first Islamic Fund in 2008, to the issuance of the first Sub-National Sukuk in 2013 and the subsequent issuance of the country’s first Sovereign Sukuk in 2017. To date, the country has witnessed further sovereign and corporate Sukuk issuances as well as the registration of more ethical and Shariah-compliant funds.

Dr. Bello Lawal Danbatta, Secretary-General of IFSB, Commended the SEC Nigeria and the Government: “We applaud the steadfast dedication to cultivating a resilient non-interest capital market in Nigeria. The comprehensive initiatives including the upcoming high-level international forum with the IFSB and market players underscore the distinct commitment to fostering industry collaborations, facilitating insightful discussions, and promoting knowledge sharing. We look forward to initiating this continuous, collective effort propelling market development, promising not just economic strength but also ensuring enduring and inclusive prosperity for the people.”

The forum will also feature two side events; the forum on non interest capital market and the IFSB’s 5^th Innovation Forum to be held for the first time in the region. In addition, there will be an IFSB Member and Industry Engagement Session. The high-level forum is expected to strengthen co-operation and knowledge-sharing among market players and policy makers around the world especially in the African region to harmonise and coordinate ongoing regional, regulatory and policy initiatives.

This will address sustainability and climate-related risks, opportunities in the Non-interest (Islamic) capital markets.

COP 28: Kyari Makes Case for a Just Energy Transition for Africa

Business Journal

05/12/2023

L-R: President/CEO, EQT Corporation, Toby Rice; GCEO NNPC Limited, Mr. Mele Kyari; Senior Partner, Oil & Gas Practice, McKinsey & Company, Micah Smith; CEO, Energy Development Oman, Mazen Al-Lamki and CEO, CEPSA, Maarten Wetselaar at the Regional CEO Panel Session organised by McKinsey & Company, on the sidelines of the on-going United Nations Conference on Climate Change (UNCCC), also known as COP 28 Conference in Dubai, UAE on Monday.

As conversations on finding sustainable solutions for a decarbonized energy future continue to hold globally, the Group Chief Executive Officer (GCEO), NNPC Limited., Mr. Mele Kyari has said the African Continent needs “a just, differentiated transition” to enable it to harness its resources for today for the benefit of its future generations.

The GCEO made this known while speaking at a Regional CEO Panel organised by McKinsey & Company on the sidelines of the on-going United Nations Conference on Climate Change (UNCCC), also known as the COP28 Conference, in Dubai, UAE on Monday.

The GCEO, who joined other global energy leaders from the United States, Holland, and Oman to highlight energy perspectives and insights on the evolving energy market, said the world must understand Africa’s peculiarities in addressing the effects of climate change on energy businesses.

“I have always advocated for a differentiated and just energy transition. In Africa, we have different circumstances compared to other places in the world.

In Africa today, 75% of our population doesn’t have access to electricity, leaving us with biomass as a key energy source. The world needs to recognise that the most practicable thing today is to substitute what we have in the short term to close the energy gap for our rising population,” he stated.

With Nigeria forecasted to be among the global top 10 economies by 2035 and 3rd in terms of the global population by the same year, the GCEO said it is critical that the energy poverty question be discussed as nations unite to achieve net zero by 2050.

According to the GCEO, with abundant natural gas reserves of 206 trillion cubic feet (tcf) that have the potential to rise to 600tcf, Nigeria is currently utilising gas to drive its journey towards energy transition.

He said that NNPC Limited is creating a regional gas pipeline network to supply natural gas across the African continent and boost its Liquefied Natural Gas (LNG) supply to the foreign market.

Explaining that NNPC Limited is currently eliminating gas flares in almost all its gas projects, Kyari said the idea is to deploy such gas towards developing power plants nationwide, which will boost nationwide electricity supply, create employment opportunities, and trigger the nation’s industrial and economic development.

He said that to demonstrate NNPC Limited’s commitment to a net-zero future by 2025, the Company recently signed up as a participant in the United Nations Global Compact in New York, becoming the first state-owned oil company to join the global initiative.

Heirs Insurance Group Donates Solar Power Station to Lagos Passport Office

Business Journal

04/12/2023

From L-R: Wole Fayemi, MD/CEO, Heirs General Insurance, Mrs. Sadat Hassan, Assistant Comptroller General of Immigration; Chiugo Ndubisi, Group Executive Director, Heirs Holdings; Mrs. Caroline Wura-ola Adepoju, Comptroller General of the Nigeria Immigration Service; Dr. Awele V. Elumelu (OFR), Non-Executive Director, Heirs Holdings; Emmanuel Nnorom, Group CEO, Heirs Holdings; Niyi Onifade, MD/CEO, Heirs Life Assurance; and Tony Aniemeke, MD/CEO, Heirs Insurance Brokers; at the ribbon cutting ceremony of the 30KVA solar power station donated by Heirs Insurance Group to the Ikoyi Passport Office.

Heirs Insurance Group, Nigeria’s fastest-growing insurance group, has donated a 30KVA solar power station to the Ikoyi Passport Office, of the Nigeria Immigration Service (NIS), to facilitate 24-hour passport production, a major challenge of the Service.

Through this project, Heirs Insurance Group demonstrates its commitment to sustainability and community development with a focus on impacting the lives of Nigerians.

Dr. Awele V. Elumelu (OFR), Non-Executive Director, Heirs Holdings, the parent company of the Heirs Insurance Group, led the delegation for the ribbon-cutting ceremony, alongside the Comptroller General of the Nigeria Immigration Service, Mrs. Caroline Wura-ola Adepoju.

Passport issuance at the Nigeria Immigration Service has been plagued by frustrating delays in the recent past, mostly influenced by erratic power supply. The transformative CSR initiative spearheaded by Heirs Insurance Group intensifies the Group’s focus on sustainability and community empowerment by addressing a crucial need to provide uninterrupted power to the Passport Office. This strategic move empowers the Lagos Passport Office to overcome power interruptions, significantly reducing the delay in passport production and easing the frustrations faced by many Nigerians in the process.

During her speech, Dr. Awele V. Elumelu expressed her enthusiasm for the positive impact of the project, also drawing attention to the deliberate use of solar power which aligns with the Group’s commitment to clean energy solutions, a facet of its long-term sustainability goals.

She said: “As a Group, we continue to take pride in proactively creating value that impacts our community positively. This solar power initiative reiterates our commitment to improve lives and transform our country, and by extension, our continent.”

Dr. Elumelu also commended the Nigeria Immigration Service for its collaborative approach to tackling the harrowing challenge of delays during passport production and issuance, faced by millions of Nigerians. She stated that this partnership aligns with the Heirs Holdings Group’s philosophy of Africapitalism – a private-public handshake to accelerate economic development.

Speaking on the impact of the project initiative, Mrs. Caroline Wura-Ola Adepoju, Comptroller General of the Nigeria Immigration Service appreciated the donation from the Heirs Insurance Group, confirming that the project will significantly improve service delivery.

She said: “We would like to thank Heirs Insurance Group and its parent company, Heirs Holdings, for this support. It is a game-changer for us, and with this solar power station, our team will be able to work effectively with round-the-clock power capacity, which will help to reduce the duration for passport production.”

The commissioning ceremony witnessed a gathering of key stakeholders, government officials, and community representatives, including the CEOs of Heirs Insurance Group and top executives of Heirs Holdings, as well as key officials of the Nigeria Immigration Service.

Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment group, with investments across twenty-four countries and four continents, founded and chaired by Tony O. Elumelu (CFR).

With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group is championing financial inclusion and leading the digital transformation of the Insurance ecosystem in Nigeria with a mission to democratize access to insurance.

As part of its unique proposition, the Heirs Insurance Group rolled out digital and mobile channels to simplify access to insurance and make insurance affordable to everyone.

NCC EVC, Aminu Maida, Promises Support for Meta on Undersea Cable Initiative

Business Journal

04/12/2023

L-R: Vice President, Africa, Middle-East and Turkey, Meta (formerly Facebook), Kojo Boakye and Executive Vice Chairman/Chief Executive Officer, Nigerian Communications Commission (NCC), Dr. Aminu Maida, during a visit by Meta’s delegation to the Commission in Abuja recently.

The Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, has said the support of the Commission awaits law-abiding investors like Meta, (formerly Facebook), which responds positively to Nigeria’s desire for investments that promote the agenda of government to achieve a robust digital economy.

Maida, who spoke when he received a delegation of Meta, led by the company’s Vice President for Africa, the Middle-East and Turkey, Kojo Boakye, when they visited NCC’s headquarters in Abuja, said the regulatory support to all investors, including operators in Nigeria, will be predicated on their playing by the rules and regulations guiding the sector.

He said the Commission places a lot of premium on compliance to industry laws, regulations and guidelines as such will also engender a level-playing field for all licensees and other stakeholders in the industry for sustaining a healthy competition and guaranteeing a sustainable growth in the Nigerian telecoms sector.

Boakye informed NCC boss that the purpose of the visit was to congratulate the EVC on his appointment by the President and to intimate him of ongoing efforts to land 2Africa Cable in Nigeria.

At 45,000 kilometres long, Boakye said the 2Africa submarine cable will be one of the world’s largest subsea cable projects and will interconnect Europe (eastward via Egypt), Asia (via Saudi Arabia), and Africa. He said the system will go live in 2023, delivering more than the total combined capacity of all subsea cables currently serving Africa, with a design capacity of up to 180 terabytes per second (Tbps).

Boakye stated that 2Africa will deliver much-needed Internet capacity and reliability across large parts of Africa, supplement the fast-growing capacity demand in the Middle East and underpin further growth of 4G, 5G and fixed broadband access for billions of people, especially in Nigeria.

He solicited NCC’s support in sailing through all necessary legal and regulatory hurdles in landing the submarine cable to complement existing backbone infrastructure in Nigeria. He also said Meta, through a consortium, plans to land 2Africa cable simultaneously in Lagos and Akwa-Ibom States “in order to ensure those not yet connected are connected while those already connected are given opportunity for enhanced and affordable access.”

Ecobank Nigeria Bags 3 Laurels at DBN Awards 2023

Business Journal

04/12/2023

Left: Chief Operating Officer, Development Bank of Nigeria (DBN); Bonaventure Okhaimo; Managing Director, DBN, Tony Okpanachi; Carol Oyedeji, Deputy Managing Director, Ecobank Nigeria and Executive Director, Finance and Corporate Services, DBN, Ijeoma Ozulumba at the DBN Annual Service Ambassador Awards ceremony held in Lagos recently.

Ecobank Nigeria won 3 prominent awards signifying its’ support for MSME’s in Nigeria at this year’s Development Bank of Nigeria (DBN) Annual Service Ambassador Awards ceremony held in Lagos recently. The Bank bagged the following strategic awards which include: Platinum Service Ambassador; Bank with the Highest impact on Women Issues, and Bank with the Highest impact on MSMEs Accessing Credit for the first time.

The DBN Ambassadors Programme was designed to increase the sense of ownership among participating financial institutions, build capacity, increase on-lending to Micro, Small and Medium-scale Enterprises (MSMEs) and ultimately deepen financial inclusion in Nigeria. Ecobank is a participating financial institution in partnership with DBN to provide credit facilities, credit guarantee and technical support to MSMEs.

Receiving the awards at the event, Deputy Managing Director, Ecobank Nigeria, Carol Oyedeji said this a testament to the bank’s commitment to supporting and empowering women owned businesses and assisting small businesses to access loans conveniently at cheaper interest rates for the development of the overall MSME subsector. Ecobank had the highest volume and value of transactions in these award categories

She reiterated that, Ecobank remains a women-friendly bank with many initiatives and innovative products targeted at empowering and sustaining female entrepreneurs in Africa such as ‘Ellevate’ and ‘Ecobank Female Entrepreneurs Initiative (EFEI)’, which are designed to empower and support female entrepreneurs.

Oyedeji noted that Ecobank recently signed a $200 million risk-sharing agreement with African Guarantee Fund (AGF), a specialised pan-African guarantee provider, stressing that it is aimed at catalyzing economic growth and supporting entrepreneurial ventures – including women-owned SMEs on the continent. “Through this partnership, both organisations are taking bold steps to enhance green financing and gender financing. It would eliminate the rigorous and restrictive requirements for collateral, particularly hindering women-focused businesses’ access to credit.”

According to her, “we have both financial and social empowerment initiatives for female entrepreneurs because we recognise women as the bedrock of most families and entrepreneurship in the society. We aim to eliminate the rigorous and restrictive requirements for collateral, hindering access to credit.”

In his welcome address, Managing Director, DBN, Tony Okpanachi saluted the awardees, stating that their collaboration and commitment is impacting positively on the sustainable growth of the MSME sub-sector of the economy.

According to him, “your unwavering commitment to forging a lasting impact on the MSMEs through our collaboration is a testament to your dedication to fueling sustainable growth. The true essence of the DBN Awards shines through a celebration of sustainable triumph, where today’s aspirations evolve into tomorrow’s achievements.”

He explained that the DBN leverages its partnership with Participating Financial Institutions (PFI) to provide relatively cheaper loans as well as capacity building initiatives to small businesses.

The Development Bank of Nigeria (DBN) was conceived by the Federal Government of Nigeria (FGN) in collaboration with global development partners to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria.

DBN’s objective is to alleviate financing constraints faced by MSMEs and small Corporates in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries on a market-conforming and fully financially sustainable basis.

Polaris Bank Signs Up to PAPPS to Ease Customers’ Cross Border Payment

Business Journal

04/12/2023

Polaris Bank, Nigeria’s leading digital retail Bank, has enrolled in the Pan-African Payment and Settlement System (PAPSS). The cross-border financial infrastructure empowers the Bank’s existing and potential customers to execute trade and payments across Africa seamlessly.

The inter-African trade payment gateway is a solution designed to empower those who trade international within African continent, with streamlined, efficient, and secure payment processes.

Speaking on the digital payment gateway, Polaris Bank’s Group Head, Global Trade Business, Ayo Adesanya, said the launch of PAPPS underscores the Bank’s commitment to leveraging innovative solutions to simplify processes for customers.

The Banker added that PAPPS is embedded with several unique key features and delivers immense benefits for the Bank’s current customers and prospects. These features include seamless transaction management; meaning merchants and those involved in regional trade can now initiate and track cross-border payments within a single, user-friendly platform.

“The payment gateway offers a centralised hub for managing transactions, and hitherto multiple currency exchange systems. This feature reduces currency exchange risks and associated costs, ultimately benefiting our customers’ bottom lines.” she further disclosed.

PAPPS also bolsters compliance and security as the payment gateway incorporates robust security measures to safeguard sensitive financial information, ensuring that transactions are executed securely and in compliance with international regulations.

“Polaris Bank signing up to PAPPS, developed by AfreximBank, is poised to ease international trade by simplifying payment processes, reducing risks, and enhancing efficiency. It empowers businesses to seize new opportunities in the continent and regional marketplace,” the Group Head stated.

Polaris Bank was adjudged Digital Bank of the Year in 2021 and 2022, 2023 by BusinessDay’s Banks and Other Financial Institutions (BAFI) Awards. It also emerged as the Best MSME Bank of the Year in 2022 and 2023 because of its ability to use technology to enable bottom-up support to the MSME sector.

Fidelity Bank Set to Host 2 Days of Family Entertainment

Business Journal

30/11/2023

In the spirit of the Yuletide, leading financial institution, Fidelity Bank Plc, has announced plans to host the maiden edition of the Fidelity Family Weekend.

Scheduled to hold on Saturday, 16 and Sunday, 17 December 2023 at the Fidelity Grounds, Oniru, Victoria Island, Lagos, the event is designed to create a fun and relaxed atmosphere for children to play, parents to relax and young adults to unwind during the festive season.

“The Yuletide season is all about coming together and spending quality time with loved ones especially as we wind down the year in anticipation of a new year. As a bank committed to providing memorable experiences for its clients, we pioneered the Fidelity Family Weekend to fete host our customers and clients to two fun filled days of family entertainment. We believe this is one more way of thanking our customers for a successful year,” noted the Divisional Head, Brand & Communications, Fidelity Bank Plc, Meksley Nwagboh in a chat with journalists.

The Fidelity Family Weekend would run from 10am to 10pm daily and would feature dedicated fun activities for children including dancing competitions, bouncing castles, train rides, Santa’s Grotto, balloon games, amongst others. Similarly, the programme for the adults’ section would feature exciting activities like karaoke competitions, games arcades, couple games, musical performances and so many more fun games that are geared towards providing a memorable experience for guests.

Entry into the event is free but guests are required to pre-register at www.fidelitybank.ng/family-weekend before 12 December 2023.

Commenting further, Dr. Nwagboh said, “As a bank dedicated to helping individuals grow, businesses thrive and economies to prosper, we boast of an array of products and services for our diverse client base. These include the Fidelity SWEETA account for young children below the age of 17 years, Fidelity Flex for teenagers and undergraduates; and even the Fidelity Vintage Account for senior citizens; all tailor-made to meet our customers specific needs. The Fidelity Family Weekend is therefore another demonstration of this devotion to provide platforms for our customers to fulfill their lifestyle requirements”.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

Nuclear Tech Milestone with Installation of Core Catcher at El-Dabaa NPP Unit 2

Business Journal

30/11/2023

Nuclear energy technology has hit a major milestone as specialists started to install the core catcher body at Unit 2 of El-Dabaa NPP in the Arab Republic of Egypt ahead of schedule.

The Rosatom State Corporation Engineering Division is the general designer and general contractor.

The official ceremony dedicated to the commencement of the core catcher installation was attended by Dr. Amged El-Wakeel, Board Chairman of Nuclear Power Plants Authority of the Arab Republic of Egypt (NPPA), Eng. Mohamed Ramadan, Deputy Board Chairman of NPPA, Mr. Andrey Petrov, Rosatom State Corporation First Deputy General Director for Nuclear Energy – ASE JSC President, Mr. Alexey Zhukov, ASE JSC First Vice President for Construction, Mr. Alexey Kononenko, ASE JSC Vice President – Director for the El-Dabaa NPP Construction Project, as well as project teams of the Rosatom Engineering Division and the Nuclear Power Plants Authority of Egypt.

“Our project continues to develop rapidly. The installation of the core catcher at power unit two is one of the key construction milestones planned for 2024, which was completed ahead of schedule in November 2023. It is worth mentioning that less than two months ago, namely in October, we installed a core catcher at power unit one which demonstrated almost simultaneous construction of the first and second power units.

By the end of this year, we plan the first concreting in the foundation slab of power unit four; therefore, it will spell the end of the preparatory period of and the transition to, the main stage of the four-unit El Dabaa NPP construction. This is the result of the coordinated work of the Owner and the General Contractor’s united team”, said Andrey Petrov.

Dr. El-Wakeel expressed his appreciation to all the workers from the Egyptian and Russian sides, adding that “what the El-Dabaa Nuclear Power Plant site is witnessing today is not the result of coincidence, but rather the consequence of diligent and unrelenting efforts from all Project participants working day and night in order to reach the Project’s milestones. This could not have been achieved without determination, persistence and ceaseless diligent work.”

The core catcher consists of several elements whose total weight amounts to 700 tons.

In October 2023, the similar equipment was installed at power unit No. 1.

El-Dabaa NPP is the first nuclear power plant in Egypt which will be built in the city of El-Dabaa, Matrouh province, on the Mediterranean coast, approximately 300 km North-West of Cairo. The NPP will consist of four power units, 1200 MW each, with generation III+ VVER-1200 reactors (pressurised water reactors).

This is the newest generation technology which has references and is already operating successfully. There are four operational power units of this generation: two reactors at Novovoronezh NPP and two at Leningrad NPP. Outside Russia, one power unit of Belarus NPP with VVER-1200 reactor was connected to the grid in November 2020.

The NPP is being constructed in accordance with the package of contracts which entered into force on December 11, 2017. In accordance with the contractual obligations, the Russian party will not only construct the power plant but will also supply nuclear fuel for the whole life cycle of the NPP and will provide assistance to the Egyptian partners in training of the personnel and support of operation and service of the plant during the first 10 years of its operation.

Under a separate agreement, the Russian party will build a special storage and will supply containers for storing spent nuclear fuel.

NNPC GCEO Urges Stakeholders, Nigerians to Refrain from Issuing Goodwill Messages

Business Journal

30/11/2023

The Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Company (NNPC) Limited, Mallam Mele Kyari, expresses gratitude to Stakeholders and Nigerians for their enthusiasm regarding his reappointment by the President and Commander-in-Chief of the Federal Republic of Nigeria, Asiwaju Bola Ahmed Tinubu.

Viewing this reappointment as a renewed challenge, Kyari is committed to stabilizing the oil industry and enhancing service delivery for increased revenue.

The GCEO humbly appeals to stakeholders in the oil sector and fellow Nigerians to support the company under his leadership to ensure the success of its mandate.

Consequently, the GCEO kindly requests all parties concerned to refrain from issuing congratulatory messages on his reappointment.

He emphasises the necessity for all stakeholders’ commitment to drive revenue growth and fortify resilience for the naira and the economy.

9mobile Partners St. Saviours School for 2023 Lagos Kid’s Mini Marathon

Business Journal

30/11/2023

L-R: Lead, Public Relations, 9mobile, Chineze Amanfo; Chairman Lagos Kids Mini Marathon 2023 and Honorary Secretary, Board of Management, St. Saviour’s School lkoyi, Enitan Rewane; Vice Chairman Board of Trustees St. Saviour School, Ikoyi, Dr. Geoffrey Ohen; Head Teacher, St. Saviour School, Ikoyi, Mr. Craig Heaton, and 9mobile Brand Ambassador, Franklyn Ikemefune at the St. Saviour’s Kids Run Marathon, sponsored by 9mobile which held at Banana Island, Lagos recently.

It was a fun-filled atmosphere as 9mobile, Nigeria’s customer-centric and youth-friendly telecommunications company sponsored the Lagos Kids Mini Marathon in collaboration with St. Saviour’s School, to promote a culture of health and fitness among children.

The Kids Mini Marathon, a run for charity, is a family event that inspires children to become more physically active from an early age. Parents also took part in the event as they ran, walked, and jogged with their children.

The event which held last weekend at the Banana Island children’s playground witnessed a huge turnout of children aged 7-15 years, parents, guardians, and sports enthusiasts who gathered to cheer the kids on.

The marathon featured a dynamic array of activities catering to various fitness levels, including a 5km and 3km marathon, as well as shorter 1.5km and 1km fun walks. Beyond the physical challenges, it also hosted a health and wellness fair, providing a platform for children to engage and learn about essential aspects of well-being, including nutrition, exercise, and healthy habits.

Speaking at the event, Ufuoma Dogun, Manager, Events and Sponsorship, at 9mobile, expressed excitement about the initiative, stating, “We are proud to be associated with the Lagos Kids Mini Marathon by Saviour’s School Ikoyi. Our sponsorship of this event is part of our commitment to instill the values of health and wellness among children. This event is a testament to our dedication to promoting healthier lifestyle choices that will benefit our youths for years to come”.

Themed ‘Active Kids Rock’, the energy and enthusiasm of the young participants during the sessions were truly remarkable. Every child emerged as a winner, receiving well-deserved medals, an array of exciting gift items, and cash prizes for the standout performers of the day. The 5km race saw Olawepo Abdul Azeez claiming the top spot, with Isaac Sirigbe in second place, and Emmanuel Ewereoke finishing in a commendable third position. The event not only celebrated physical activity but also highlighted the spirit of achievement among the vibrant young participants.

Dr. Mrs. Oluyomi Oluwasanmi, Director, School Sports, Lagos State expressed enthusiasm and joy at being part of an initiative that underscores the fusion of education and sport. “We are happy and excited to be part of this initiative because at the Lagos State Sport Commission, we believe in the integration of education and sport. To the parents, thank you for instilling these values in your children. Exercise is mandatory and very important. So, let us make it a culture in our schools and at home. Lagos State Commission is ready to support always”, he said.

9mobile’s sponsorship of the Lagos Kids Mini Marathon further underscores the company’s reputation as a youth-friendly network that is committed to the empowerment and well-being of the youth segment of the population. By supporting events like the Lagos Kids Mini Marathon, 9mobile continues to drive its commitment to creating a brighter and healthier future for Nigeria. This initiative stands as a beacon for ongoing community engagement, inspiring young minds to embrace wellness as an integral part of their lives.

DPI, Verod Capital Backs Pan African Towers, a Leading Nigerian Digital Infrastructure Provider

Business Journal

27/11/2023

Azeez Amida

CEO of Pan African Towers

Pan African Towers (PAT), a leading digital infrastructure company based in Nigeria, has announced a strategic investment from Development Partners International (DPI), a premier investment firm focused on Africa, and Verod Capital (Verod), one of the continent’s leading investment management firms. DPI and Verod are investing in PAT to fuel its continued growth and will work with management to build on the company’s recent achievements and reaffirm its position as Nigeria’s largest homegrown digital infrastructure provider.

Established in Nigeria in 2017 to capitalise on the growing demand for wireless communications across Africa, PAT has emerged as a prominent telecommunications and tower infrastructure provider in Nigeria, playing an indispensable role in the nationwide expansion of mobile communications. Since founding, PAT has built a successful business model centred around establishing tailored, long-term contracts with blue-chip customers, including Nigeria’s leading mobile network operators (MNOs) and internet service providers (ISPs). The success and strong performance of the company to date has further accelerated under the leadership of Chief Executive Azeez Amida, who has a strong track record of executing successful growth strategies in emerging market telecommunications.

Nigeria is an attractive market for digital infrastructure in Africa. Underpinned by its strong demographics, it is Africa’s leading telecommunications market by number of mobile subscribers (208m) and contributed c.13% of national GDP in 2021 compared to 8% in 2015. As of December 2021, there were 41,120 towers in Nigeria mostly supporting third generation (3G) and fourth generation (4G) technology across the country. However, according to Nigeria’s Ministry of Communications, the country needs between 70,000 to 80,000 towers to enable proper quality and coverage for 4G and 5G technology, creating a supply gap of more than 30,000 towers. This investment will enable PAT to capitalise on this opportunity and help close this gap, providing world-class digital infrastructure to support Africa’s economic development.

Azeez Amida, CEO of Pan African Towers, said: “As a proud Nigerian-founded and run business, Pan African Towers is on a mission to accelerate the Nigerian market and support the growth of the mobile telecommunications sector in the country. We also have a clear strategic vision to grow the business sustainably, including actively reducing the carbon footprint of our network to uphold best-in-class ESG practices. We are excited to partner with DPI and Verod and will leverage their sector experience and market expertise to help us achieve these goals. The evolution of Nigeria’s mobile and wireless industry presents significant opportunities for our business, and we look forward to being a part of this next chapter of growth.”

PAT’s experienced management team will work closely with DPI and Verod to accelerate its strategic plan, leveraging their expertise in areas such as market entry, operational efficiency, and talent management. With the support of both investors, PAT will deepen relationships with existing partners, expand its customer base, and grow its footprint of towers to reach new parts of the country where mobile and wireless penetration remains low. PAT will also benefit from DPI’s experience in scaling towers companies, as the first institutional investor in Eaton Towers, another of Africa’s leading telecoms businesses it exited in 2019.

Adefolarin Ogunsanya, Partner at DPI, said: “Pan African Towers is an exciting homegrown business with significant potential and is uniquely positioned to benefit from the opportunity presented by Nigeria’s digital innovation boom. We are incredibly excited to partner with PAT’s management team to help crystallize the Company’s vision of becoming Nigeria’s digital infrastructure provider of choice and look forward to sharing our deep knowledge and experience of Africa’s towers industry and the Nigerian market to help achieve this.”

Daniel Adeoye, Principal and Head of Investments at Verod Capital, said: “The Nigerian demographic is currently experiencing a surge in data consumption and related services, driven by a generation of tech-savvy digital natives that are unparalleled. The ‘Verod Consumer Spend Index’ indicates that telecommunication expenses are increasing significantly, providing a tailwind for tower companies like PAT. Verod is delighted to support PAT’s management with ample capital and value-creation expertise to navigate this period of growth.”

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