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Accugas Announces Award of University Scholarships to 50 Students from Akwa Ibom State

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L-R: Idorenyin Jacob, winner of the Grand Mentor Award in Biology; Nkoyo Etuk, Head of Stakeholder Relations and Regional Manager, South East, Savannah, Nigeria; Pade Durotoye, Managing Director, Savannah, Nigeria, and Unyime Ime, winner of the Grand Mentor Award in Chemistry, during the Savannah Energy Education and Internship Training (SEE-IT) Programme/2023 Annual Teachers/Scholarship Award held in Uyo, Akwa Ibom State recently.

Accugas Limited, the midstream subsidiary of Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, is pleased to announce that it has granted full university education scholarships to 50 students from Akwa Ibom State through the Savannah Energy Education and Internship Training (“SEE-IT”) programme.

The 50 students, who were selected through a rigorous screening process led by university professors, were presented with the scholarships during the SEE-IT 2023 Annual Teachers/Scholarship Awards held recently in Uyo, Akwa Ibom State. The SEE-IT scholarship packages cover full tuition, accommodation, textbook and living costs for the duration of the beneficiaries’ university education in Nigeria.

The SEE-IT programme is a collaboration between Accugas and the Inoyo Toro Foundation, a non-profit educational foundation based in Akwa Ibom State to enhance access to quality education in Akwa Ibom State.

The programme also presented awards to 19 secondary school teachers, three principals and five mentors of secondary school teachers, who have positively impacted their pupils in Akwa Ibom State public secondary schools. The awards covered five subjects namely, Biology, Chemistry, English, Mathematics and Physics.

Pade Durotoye, Managing Director, Savannah, Nigeria said:  

Education is an important part of Savannah’s sustainability strategy, where our first pillar focuses on promoting socio-economic prosperity within the countries in which we operate. As a company, we have invested over US$1bn in Nigeria, especially in the South East, to deliver Projects that Matter. We are delighted and proud to be able to impact so many lives and I am particularly pleased that we are offering full university education scholarships to the 50 students until they graduate. We plan to add more students to the SEE-IT scholarship programme every year as we see this as an important investment in one of our country’s greatest future resources, the young people around us. What we are hoping to do, in partnership with the Inoyo Toro Foundation, is to support our society to deliver excellence in education, accessible not only to those who can afford the high fees in private institutions, but also to those in our public schools.” 

His Excellency, Governor Umo Eno, Governor of Akwa Ibom State (represented by Mrs. Idongesit Etiebet, Honourable Commissioner for Education, Akwa Ibom State) said: 

“This annual event has become a reference point in our Public-Private Partnership arrangements in the education sector of the state. It has registered impressive records since its inception, particularly in areas of scholarship awards to these loving students and the recognition of the immense contributions of hard-working teachers and principals of public secondary schools in the state. Your demonstration to launch a fully funded scholarship award to accommodate 50 students of Akwa Ibom State origin, admitted into public or private universities in Nigeria, as well as a conferment of excellence awards on teachers who excelled in the teaching of Biology, Chemistry, English Language, Mathematics and Physics, deserves commendation. I hereby urge other world-class individuals and organisations to rise to the challenge and emulate the laudable gesture of Savannah Energy, in collaboration with Inoyo Toro Foundation, by investing in the education of our children, who represent the future of our state and our country.” 

Continental Re: Entries Now Open for 9th Pan African Journalism Award 2024

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Continental Reinsurance Plc is pleased to announce the launch of the 9th Pan-African (Re)Insurance Journalism Awards.
“We invite business journalists from every corner of the African continent to participate in these awards.  Whether you are an industry veteran with a wealth of experience or a rising talent in journalism, we encourage you to submit your work for consideration.”
The 9th Pan-African (Re)Insurance Journalism Awards will feature the following categories:

  • Online Category (English)
  • Print Category (English)
  • Broadcast Category (English)
  • French Category (Online, Print or Broadcast)
  • Arabic Category (Online, Print or Broadcast)
  • Dr Femi Future Talent Award

Entries should be submitted between November 15, 2023, and February 14, 2024, if they were published within the year leading up to the submission deadline.  To submit your entry, please visit [https://www.continental-re.com/awards-2024/].
Mr. Lawrence Nazare, Group Managing Director, Continental Reinsurance, emphasised the vital role of the (re)insurance industry, stating, “the (re)insurance industry is a catalyst for progress.  It continues to play a pivotal role in Africa’s development, offering economic stability and security to individuals and businesses alike.  Reporting on insurance is not only informative but also serves as a catalyst for industry, educates the public about the importance of risk management, fostering a culture of preparedness.  As the industry is rapidly evolving with innovation and technology, our reporters play a vital role in keeping the public informed, helping to drive progress on insurance uptake.  We look forward to reading the stories that have shaped the last year.”
The previous edition of the awards saw entries from 18 African countries and celebrated winners from Uganda, Ghana, Burkina Faso, Egypt, and Zimbabwe.

The winners were announced in March 2023 alongside the 8th CEO Summit held in Kenya.  The awards ceremony was graced by His Excellency Rigathi Gachagua, Deputy President of the Republic of Kenya, and attended by dignitaries, industry experts, journalists, and other stakeholders in the insurance industry.
The awards ceremony for the 9th Pan-African (Re)Insurance Journalism Awards will be held alongside the 9th CEO Summit in April 2024.
To learn more about the awards, submission guidelines, eligibility criteria, and important dates, please visit our official website at https://www.continental-re.com/journalism-awards/ 

About Continental Reinsurance Plc:
Continental Reinsurance Plc is a leading private pan-African reinsurer with headquarters in Lagos, Nigeria and regional offices in Douala, Nairobi, Abidjan, Tunis and Gaborone.  We have been operating on the continent for over 30 years, providing reinsurance solutions to insurers in more than 50 African countries.  Our commitment to promoting excellence in (re)insurance journalism is a testament to our dedication to the growth and development of the industry across the continent.

Maida Applauds Project Train 3m on ICT Skills 

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The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Dr. Aminu Maida has applauded the proposal by the Hon. Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, to enlist and train three million Nigerians over a period of four years, which will make the country an exporter of digital skills.

Maida, who spoke recently in Lagos at the City Business News Summit, said the programme, which has already attracted 1 million applicants, is capable of increasing Nigeria’s pool of technically-skilled persons in the global market leading to potential employers of digital and technical skills in the international scene to begin to engage more Nigerians.

Speaking on the theme of the summit, ‘Repositioning Nigerian Economy through Telecommunications: 2023 and Beyond’, NCC boss noted that, in recognition of the rapid pace of technological advancement that is disrupting industries across the globe, Nigeria’s vision is rooted in the belief that embracing this disruption and fostering innovation will propel the nation toward sustainable growth, economic diversification, and enhanced living standards for all Nigerians.

Represented by the Commission’s Director of Research and Development, Ismail Adedigba, the NCC’s chief executive officer said “the vision is, thus, to accelerate the growth of Nigeria as a global technical talent hub and a net exporter of talent; to deepen and accelerate our position in global research in key technology areas and raise the complexity and dynamics of our economy by significantly increasing the level of digital literacy across Nigeria. In this regard, the Honoruable Minister is looking to create a pipeline of three million technical talents.

“This programme, which has commenced already with over 1 million applications by potential trainees, is expected to increase the level of digital and technical skills among Nigerians, especially young and middle-level talents, to 70 per cent by the end of 2027. This will position Nigerians to productively contribute to the economy and place us in the top 25 percentile of research globally in the key areas of Artificial Intelligence (AI), Unmanned Aerial Vehicles (UAVs), IoT, Robotics, Blockchain, and Additive Manufacturing in keeping with the strategic plan unveiled by the Honourable Minister,” he said.

Maida said the policy direction of the Ministry, which is being driven by five pillars, will deliver on the goals of fostering economic growth and development. These pillars which include policy; infrastructure; innovation, entrepreneurship and capital; trade and knowledge, are the bedrock of the Strategic Vision Plan (2023 – 2025) and form the guide to channel our efforts to harness the potential of the telecommunications sector and drive positive change in Nigeria.

He said the Commission remains committed to providing an enabling environment for the building of the critical infrastructure required to power a strong digital economy, guarantee improved access to quality broadband connectivity, and the efficient management of the nation’s spectrum resources.

“As we work with our supervising Ministry – Communications, Innovation and Digital Economy – to take these steps to provide the enabling environment for repositioning the Nigerian Economy through telecommunications in 2023 and beyond, we call on Nigerians—and especially our compatriots in the media—to tap into the aspects of these interventions that are relevant to them. The ambitious plans we have set out may seem lofty and even incredible, but through strategic partnerships and collaborations with all stakeholders, we believe that they are achievable,” the EVC said.

SEC, Capital Market Community Holds Q3 CMC Meeting Nov 16

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The Securities and Exchange Commission (SEC) is set to hold the third quarter Capital Market Committee (CMC) meeting in 2023.

The meeting is scheduled to be held on Thursday, November 16, 2023, at the Federal Palace Hotel in Lagos, while the usual SEC Management interaction with the Press is planned for Friday, November 17, 2023, at the SEC Lagos Zonal Office, located at Number 3 Idejo Street, Victoria Island, Lagos.
Top on the agenda of the 3rd quarter meeting include, deliberations on the trend of de-listing, Identifying key challenges in the current listing processes and collaboratively working to implement procedural changes that enhance efficiency and reduce costs for companies seeking to list, Enhance Capital Market Operators  understanding of the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) regulations and the role they need to play in efforts being made to exit the FATF grey list, and many more burning issues about the capital market.

In addition, there will be updates on major achievements from the various technical Committees such as Commodities Ecosystem Implementation Committee, E-Dividend and DCS, Financial Literacy and Non interest capital Market FLTC 

CMC is an industry-wide committee comprising the SEC, representatives of capital market operators and trade groups, and other stakeholders.  The committee is a forum where stakeholders come together to engage in insightful discussions concerning the critical factors that impact the growth and organised functioning of the capital market, address the foremost concerns influencing the capital market and work together to shape its future.

It was primarily established to serve as a medium for the exchange of ideas among market stakeholders as well as an avenue for providing feedback to the SEC on how to continuously address challenges, improve market operations and enhance the regulatory framework.

According to the SEC, “Attendance to both events is strictly by invitation. Participants are expected to be seated by 9:45 a.m.

Expected participants at the CMC meeting include Chief Executive Officers (CEOs) of all registered capital market firms (i.e. Broker/Dealers, Investment Advisers, Custodians, Fund/Portfolio Managers, Receiving Banks, Issuing Houses, Rating Agencies, Registrars, Reporting Accountants, Trustees, and Capital Market Consultants, etc.); Chief Executive Officers of Nigerian Exchange Group (NGX), National Association of Securities Dealers (NASD); FMDQ Group Plc; Africa Exchange Holdings (AFEX); Nigeria Commodity Exchange (NCX); Central Securities Clearing System (CSCS); as well as representatives of relevant financial sector regulatory agencies, among others.

NCDMB ES Counsels Heritage Energy, Indigenous Firms on Corporate Governance

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L-R: Government Relations Advisor, Heritage Energy Operational Services Limited (HEOSL),  Mr. Babajide Ololajulo; General Manager,  Government, Joint Ventures and External Relations,  Mr. Adesola Adebawo; Chief Executive Officer, HEOS, Mr. Ado Oseragbaje; Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote; Director Monitoring and Evaluation, Mr. Akintunde Adelana; Director Legal Services, Mr. Mohammed Umar and Director Planning, Research and Statistics, Mr. Abdulmalik Halilu after the visit of HEOS to the Board’s liaison office in Abuja.

The management of Heritage Energy Operational Services Limited (HEOSL) and other indigenous oil and gas companies have been advised to adopt strict corporate governance guidelines in their operations if they want their firms to grow sustainably. The companies were equally encouraged to comply with the provisions of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and to consult regularly with the Nigerian Content Development and Monitoring Board (NCDMB).

The Executive Secretary of the NCDMB, Engr. Simbi Kesiye Wabote handed out these pieces of advice on when the Chief Executive Officer of HEOSL, Mr. Ado Oseragbaje, and other key officials of the firm visited him at the Board’s liaison office in Abuja.

He identified the lack of corporate governance as the biggest drawback of most indigenous oil and gas companies and deplored the situation where owners and directors of indigenous operating oil and gas firms serve as contractors to their company, thereby contravening corporate governance procedures and delivering poor services.

The prevalent negative practice, he warned, could negatively affect the divestments of assets by some international oil and gas entities to indigenous firms.

The Executive Secretary commended the management of Heritage Energy Operational Services Limited for turning around the fortunes of their company and advised that they employ competent hands to manage sensitive positions, while also instituting corporate governance guidelines.

Speaking further, Wabote underscored the need for oil companies to always comply with the provisions of the NOGICD Act, including the remittance of one percent of the value of contracts to the Nigerian Content Development Fund (NCDF) as mandated by section 104 of the NOGICD Act.

He reiterated that NCDMB serves as an enabler of business, emphasising that the agency’s regulatory decisions are always taken from a pragmatic point of view. He encouraged oil and gas companies to approach the Board regularly for discussions, even when they have challenges with complying with the NOGICD Act. He assured that “when you hold quarterly meetings with the key teams of the Board, we will support and guide you and there will not be any hitches.”

In his remarks, the CEO of Heritage Energy Operational Services Limited (HEOSL) explained that the visit was initiated so they could brief the Board on the steps the company had taken to address some of the Nigerian Content noncompliance and other regulatory issues that had flouted in the past.

Some of the steps the company has undertaken include executing the Nigerian Content noncompliance remediation programme and the launch of Nigerian Content Research and Development projects at Akwa Ibom State University and Nnamdi Azikiwe University, Awka, Anambra State.

He remarked that HEOSL is the operator of the OML 30 Joint Venture between NNPC Exploration and Production Limited and Shoreline Natural Resources Limited Joint Venture (NEPL/SNRL JV). He announced that the joint venture partners had approved a drilling campaign on the asset, the first time such an activity would be carried out since Shell Petroleum Development Company (SPDC) divested the asset. He said: “We will be drilling four wells and the project could go on for 4 years and would include a lot of projects, such as facility expansion, water treatment, among other activities.”

He also announced that the company was almost paying off its indebtedness to the to NCDF and thanked the Board for being lenient over the firm’s past infractions while supporting it to improve its performance and compliance.

 

NCDMB Chief, Wabote, Seeks Increased Crude Oil, Gas Production to Avert Importation for Refineries

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Executive Secretary presented with an award in appreciation for delivering a goodwill message at the 41st Annual International Conference and Exhibition

The Executive Secretary Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote has warned that Nigeria might resort to importing crude oil for its upcoming and existing refineries if concerted efforts are not made to increase the current low production numbers.

He gave the warning in his goodwill message at the 41st Annual Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos.

The NCDMB ES bemoaned Nigeria’s low production of crude oil and gas despite the abundant reserves and challenged members of the Nigerian Association of Petroleum Explorationists (NAPE) and other industry stakeholders to initiate efforts to reverse the situation.

He emphasised that the nation’s 37 billion barrels of oil reserves needed close attention bearing in mind the various efforts at revamping the refineries and commissioning of greenfield refineries.

According to him, “it will be a sad outcome if we stop the importation of refined petroleum products only to replace it with the importation of crude oil for use in our local refineries.”

He praised the important role of petroleum explorationists in the energy mix, especially in discovering, evaluating, and establishing the reliability and sustainability of the size of oil and gas reserves.

Dwelling on gas, the Executive Secretary hinted that Nigeria has about 208 trillion cubic feet (TCF) of proven gas reserves and about 600TCF unproven reserves. He subsequently charged petroleum explorationists to apply their skills and technology toward confirming the recoverable volumes from these unproven reserves and developing the proven reserves.

He hinted that the focus on gas is important because gas is no longer Nigeria’s transition fuel but the destination fuel.

He assured that NCDMB is committed to providing all the necessary support to realise the gas business agenda of President Bola Tinubu.

Commenting on the conference’s theme which is “Repositioning the oil and gas industry for future energy dynamics,” the NCDMB boss noted that the world stands at a key point where adequate consideration must be made to address the Energy Trilemma, which is, achieving an appropriate balance between energy security, sustainability, and affordability.

He added that the oil and gas industry has been a key pillar of global energy as it has powered and continues to power industrial and economic developments across the world.

He indicated that repositioning the Nigerian oil and gas industry for national development required collaboration and partnerships with key players and agencies across the upstream, midstream and downstream sectors and its entire value chain.

He added that the Nigerian Oil and Gas Content Development Act (2010) provided the compass to enable the development and growth of local capacities and capabilities in the Nigerian oil and gas industry.

Waboted commended the Federal Government’s determination to sustain the gains realized in the oil and gas industry and the eagerness to consolidate them rather than reverse the gains of Nigerian Content.

He conveyed the Board’s readiness to support various oil and gas initiatives that would ensure patronage of local investments, boost investors’ confidence, and create jobs to sustain the relative peace in the oil and gas sector.

 

NNPC Restores Production of 275,000bpd, Settles PENGASSAN-Total Energies Rift

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Following a peace deal brokered by the Nigerian National Petroleum Company Limited (NNPCL) between the Management of Total Energies, operator of the NNPC/Total JV, the Petroleum and Natural Gas Senior Staff Association, (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), the unions have agreed to suspend on-going industrial action leading to immediate restoration of 275, 000 barrels of oil per day production.

In a communique issued at the end of a marathon negotiation session chaired by Mrs. Oritsemeyiwa Eyesan, Executive Vice President, Upstream, NNPCL, all parties committed to resolving all the issues within an agreed framework.

The communique was signed by Total Energies MD/CEO, Mr. Matthieu Bouyer, PENGASSAN President, Comrade Festus Osifo and NUPENG   President, Comrade Williams Akporeha.

It was witnessed by NNPC Limited, EVP Upstream, Mrs. Oritsemeyiwa Eyesan, and Mr. Bala Wunti, Chief Upstream Investment Officer, NNPC Upstream Investment Management Services, (NUIMS).

Also in attendance was Mr. Victor Bandele, Deputy Managing Director, Total Energies.

 

 

 

NLNG Debunks Misleading Claims of Total Shutdown

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Our attention has been drawn to a Thisday newspaper report on 12th November 2023 titled “Gas Supply Constraints May Worsen in Nigeria, Europe as NLNG Embarks on Plant Maintenance by February 2024.”

The report alluded to an alleged total shutdown of Nigeria LNG Limited’s (NLNG’s) six-train plant over a proposed maintenance operation scheduled for February or March 2024.

NLNG categorically states that this report is false. The Company’s commitment to the safe and uninterrupted functioning of its plant underscores the significance of routine turnaround maintenance, referred to technically as a “Shutdown.”

Contrary to the report’s assertions, a routine turnaround maintenance, while temporarily taking a specific train or unit offline for maintenance purposes, does not entail a complete shutdown of the entire plant. The meticulous planning and execution of this essential activity allows for the seamless transfer of production loads to unaffected trains, resulting in minimal impact on overall production. The “shutdown” alluded to in the report is a routine turnaround maintenance and is part of NLNG’s production calendar.

NLNG takes exception to the disconcerting lack of factual accuracy in the report, highlighting the evident absence of discretion. The company emphasises its track record of global achievements during turnaround maintenance, consistently setting high standards in safety and project management to ensure the continued operational efficiency of its assets.

A classic example of NLNG’s achievements is the deployment of the Add-On Gate Valve (AOGV) technology in 2022 which involved the replacement of a critical valve while the plant remained online and active. NLNG plant was the first in Africa to implement this technology and its 36” line was the largest pipe size across the globe that the AOGV has ever been deployed on. It is this kind of engineering excellence and unparalleled maintenance execution discipline that NLNG is known for.

The report was not fact-based and was deprived of any balance, in contradiction to the ethics of responsible journalism, as no spokesperson of the Company was reached for comments.

In light of these discrepancies, NLNG urges for accuracy in conveying the nuanced details of the energy industry.

Heirs General Insurance Offers N100,000 Fuel Vouchers for Motor Insurance Subsidy Promo 

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Heirs General Insurance – the Non-Life arm of the Heirs Insurance Group – the fastest-growing insurance group in Nigeria has announced the biggest Motor Insurance promotion of the year. Tagged “Heirs General Insurance Subsidy Promo” this promo is set out to reward customers who purchase or renew their Comprehensive or Third-Party motor insurance with a chance to win N100,000 fuel voucher as well as other instant prizes such as; airtime and shopping vouchers. The Subsidy Promo will run till Sunday, December 31, 2023.

Speaking on the new promotion, Ifesinachi Okpagu, Chief Marketing Officer, Heirs Insurance Group, shared her excitement saying; “we understand the economic challenges our customers and Nigerians face daily. The “Heirs General Insurance Subsidy Promo” is our way of identifying with our teaming customers by easing the financial burden associated with rising costs of living in Nigeria, especially as it relates to fuel purchase. As a responsible organization, we are excited to reward our loyal customers and welcome new ones with valuable incentives while ensuring their peace of mind on the road.”

She further said: “At Heirs Insurance Group, we are on a mission to make insurance simple, and make insurance a lifestyle for every Nigerian. This promo presents an opportunity to support the Insurance industry Stakeholders in their bid to create awareness, increase insurance inclusivity, deepen insurance penetration, and get larger percentage of Nigerians to take advantage of the numerous opportunities offered by Insurance to individuals and corporate entities.”

With this offer, customers who purchase or renew their Third-party motor insurance plan from Heirs General Insurance will receive N1,000 airtime voucher and automatically qualify for a chance to win one of the twenty-five (25) available N100,000 fuel vouchers available during draws.

Similarly, customers who purchase or renew their comprehensive motor insurance plans from Heirs General Insurance will receive a N3,000 shopping voucher and become eligible to enter the raffle draw for a chance to win one of the twenty-five (25) N100,000 fuel vouchers.

The raffle draws will be conducted on Heirs Insurance Group’s official social media platforms and winners will be announced subsequently.

 

 

STI Holds 2024 Strategy Retreat, Budget Session in Lagos

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L-R: Segun Bankole, DGM/Head, Corporate Communications & Investor Relations, Emmanuel Anikibe, DGM/Divisional Head, Technical, Dr. Victor Dike (Quick Projects) and Consultant to the Retreat, Olaotan Soyinka, MD/CEO, Ugochi Odemelam, Executive Director, Marketing & Business Development, Lucas Durojaiye, DGM/Regional Head, Northern Operations, Sanni Oladimeji, DGM/Head, Risk Management & Compliance and Kayode Adigun, Executive Director, Finance & Corporate Services, Sovereign Trust Insurance Plc at the Budget & Strategy Session for Year 2024 for the Underwriting Firm. The Session was held on November 10-11, 2023 in Lagos.

NEM, AIICO, Dangote Group Shine at Insurance Industry Nite of Honours

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The 2023 Almond Insurance Industry Awards and Consumers’ Nite aptly tagged #Rewarding Excellence was held over the weekend in Lagos.

The high-octane event drew dignitaries from within and outside the insurance industry.

The Awards Nite kicked off with comedy and musical performances from a list artiste like Harry Songs, Skales, Mr. Real, Ill Bliss and a host of others who ensured guest were on their toes.

The likes of Mr. Paul, Brain-Jotter, Short Family and others also cracked up guest at the event. The Almond Awards which was conducted via online voting over a period of six months started with calls for nomination from operators and the insuring public all the way to selection by the Award Panel of Judges before the final voting process and short listing of eventual winners.

Speaking at the Award Ceremony, the Chairman of the 2023 Award Panel of Judges, Ms. Prisca Soares said their duty was to ensure fairness and integrity of the process and she and her members did their best. According to her, the response from the general public and the industry was encouraging as over 1,797 people voted for nominees in the Seven Categories.

Six individuals selected and voted by the Awards Panel of Judges based on their understanding of the Nigerian market were also honoured for their excellent contribution to their companies and the insurance industry in general.

At the end of the Nite, AXA Mansard emerged General Insurance Company of the Year, while AIICO Insurance clinched the Life Insurance Company of the Year. Scib Nigeria & Co won Insurance Broking Company of the Year whilst Shola Tinubu won Insurance Broker of the Year.

Mr. Tope Smart, GMD, NEM Insurance Plc (Now Chairman) won CEO of the Year and Lawrence Nazare of Continental Reinsurance Plc won Reinsurance CEO of the Year. Noor Takaful emerged as Takaful Company of the Year and Dangote Group of Companies won Most Valuable Insurance Customer of the Year.

Insurance Life Achievers Awards went to Mr. Oye Hassan – Odukale, Mr. Wole Oshin and Mr. Eddie Efekoha for their contributions to the companies they led and the industry in general.

On the broking side, Mr. Shola Tinubu, Mr. Amos Adeyeye and Chief Babajide Agbeja were honoured for their contributions to the growth and development of the broking profession.

The organisers also did a short tribute to the Late Insurance ICON, Prof. J.O Irukwu, SAN.

The organisers of the Awards Almond Productions Limited were praised for their thoughtfulness in inviting Guest Presenters from across board. Some of the Guest Presenters at the Awards were Bashorun J.K Randle, Mr. Chris Ubosi, Nigerian Vocalist and Dancer, Yinka Davies and a host of others.

The 2023 edition of the Almond Insurance Industry Awards was by every standard a huge success. The organisers have promised an even bigger and better outing in 2024.

 

NLNG’s Unwavering Commitment to Local Content Development in Nigeria

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L-R: Mr. Andy Odeh, NLNG General Manager External Relations and Sustainable Development; NLNG GM, Human Resources, Mrs. Erinle Bamitale; Engineer Simbi Wabote, Executive Secretary NCDMB; Dr. Philip Mshelbila, MD/CEO NLNG; Mr. Nnamdi Anowi, NLNG GM, Production at the Nigerian Content Stakeholders Retreat in Bonny recently.

Nigeria LNG Limited (NLNG) last weekend hosted the Nigerian Content Stakeholders Retreat at its plant complex in Bonny, in demonstration of its unwavering commitment to the advancement of local content in Nigeria.

The three-day event provided a platform for the cohesion of NLNG’s vision of being a globally competitive LNG company helping to build a better Nigeria, and the goal of the Nigerian Content Development and Monitoring Board (NCDMB) as the umpire for Nigerian Content Development.

Delivering the keynote address at the Nigerian Content and Award Ceremony, the Executive Secretary of the NCMDB, Engr Simbi Wabote expressed concern over the challenges of inadequate gas supply to the NLNG Plant and promised to support the company along the lines of approving third party gas injectors and sanctioning new deepwater gas projects. He added that “most of the marginal operators have also found gas but part of their challenge is where to send the gas.”

Engr Wabote lauded the NLNG for its remarkable success at promoting Nigerian Content, recalling that at the inception, the company’s Management level had 90 per cent expatriates and 10 per cent Nigerians.”

”However, the table has now turned the other way, with the entire Management now consisting of Nigerians” he added.

Earlier, in his welcome remarks, the NLNG Managing Director and Chief Executive Officer, Dr Philip Mshebila, said the retreat and award ceremony was designed to reaffirm NLNG’s commitment to upholding local content development as a catalyst for the economic advancement of the nation, adding that through NLNG’s Nigerian Content policy, the company has consistently championed the development of  indigenous and national economic potentials while fostering a self-sufficient and competitive workforce for sustainable development.

According to Dr. Mshelbila, NLNG recognises its pivotal role in shaping the trajectory of local content development in Nigeria and restated that the company’s commitment to Nigerian Content development aligns with its profound belief in Nigeria’s boundless potentials which can be unleashed by nurturing and harnessing local talents, Nigerian companies and associated resources, that will in turn help build a stronger, more prosperous nation. This includes technology transfer, given the high-tech plant and operations of the NLNG Plant in Bonny Island.

The NLNG boss stated that while the company appreciates the outstanding contributions of major foreign partners, “we insist on capacity development and knowledge transfer to encourage Nigerian companies to get more involved in the technical processes. We want to see more partnerships with local manufacturers, more empowerment for competitive edge, more import substitution with locally manufactured spares and parts”.

Since commencement of operations in 1990, NLNG has maintained unwavering commitment to local content development through significant investment in skills development programmes that empower Nigerian workers and companies with the knowledge and expertise required to drive economic activities in the nation’s Oil and Gas sector and associated industries.

The company provides comprehensive trainings, and scholarships to cultivate local talent, while also actively engaging local vendors, to promote the growth of Nigerian businesses and bolster local economies. NLNG maintains a strong preference for sourcing goods and services locally, whenever practicable.

The company has also achieved 100% Nigerianization of its management team and over 95% Nigerian workforce that are its greatest asset, a feat it achieved through strategic local and international trainings to grow professionals of global standards.

At the award ceremony which featured outstanding local vendors who are NLNG’s business partners, the company commended NCDMB for maintaining transparent and fair regulatory frameworks which are crucial for promoting responsible business practices and growth, adding that strengthening security measures to protect critical infrastructure and operating environment will further bolster Nigeria’s private sector growth and the nation economic gains.

Highpoint of the award night was the recognition of NLNG partner companies for outstanding performance in their partnership with NLNG. Notable among them are EVOMEC Global Services Limited, Coleman Cables and Wires, A.O Brownson Enterprises, Alfred Temile LPG Tanker and Saipem Contracting Nigeria Limited.

 

Linkage Assurance at CIIN Ambassador’s Project

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L-R: Okanlawon Adelagun, Executive Director, Technical, Linkage Assurance Plc; Oluwaseun Oyelere, Head, Financial Institutions/Direct Corporate SBU, Linkage Assurance Plc; Aderonke Coker, Insurance Industry Ambassador; Edwin Igbiti, President/Chairman of Council, CIIN; Funmi Omo, MD, Enterprise Life; Adeyemi Kehinde Kolade, Leadway Assurance Limited; Abimbola Tiamiyu, Registrar/CEO, CIIN; and Temilade Adewoye Daniel-Owo, Head, Distribution Channels, Leadway Health, all members of panel at the CIIN Ambassador’s Project held at the LCCI Conference and Exhibition Center, Ikeja, Lagos.

Solaris, Knownow, Specxs Win N30m in NCC’s Talent Hunt

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Three companies, out of 81 companies that contested at the Nigerian Communication Commission’s inspired technology innovation talent hunt competition, shared the N30 million prize money equally.

Nine other shortlisted companies went home with N500,000 consolation prizes each.

Solaris GreenTech Hub, Knownow Africa Limited and Specxs Care Limited, came bright at the 2023 NCC’s Annual Hackathon Competition, adjudged by an independent Panel of Judges chaired by the President of Digital Bridge Institute (DBI), Prof. Mohammed Ajiya.

Solaris, whose team comprises Chiemela Anosike, Ineke Chinecherem and Onoh Chiemela, won in the Renewable Energy Solution category of the hackathon with their green energy solution that provides clean energy hubs for people in rural communities to be able to charge their phones and other mobile/electronic devices.

Knownow, with a team consisting of Abdulazeez Abiola, Dr. Mudasiru Taiwo and Dr. Oluwaseun Ojerinde emerged winner in the Blockchain Solution category for their fraud-detection and prevention solution.

Specxs Care Limited, also a winner, with team members comprising Isah Dahiru, Ameenat Bala and Musa Gambo, lifted the trophy also with their wearable devices called ‘Smart Bladder’, which can help manage urinary incontinence in elderly people and reduce the cost of their daily spending while ensuring proper personal hygiene.

Prof. Ajiya said the panel was painstaking in assessing all the submissions/entries, diligent in shortlisting the 12 participants and meticulous in determining the three winners through strict compliance with the requirements stated by the Commission for the exercise.

Earlier in his keynote address at the event, the Executive Vice Chairman and Chief Executive Officer of NCC, Dr. Aminu Maida, who was represented by the Director, Research and Development, Ismail Adedigba, said the event aligns perfectly with one of the core objectives embedded within the new Strategic Vision Plan (SVP) of the Commission for the years 2023-2025, which speaks to fostering the development of cutting-edge technologies through rigorous research to catalyse sustainable economic growth and overall development within Nigeria.

He noted that this year’s event focuses on three pivotal thematic areas that not only pertain to Nigeria but also resonate with global concerns. The themes, he said, are:  Blockchain-enabled Data Protection Solutions for Enhancing Regulatory Compliance; Assistive Technology Solutions for the Elderly and People with Disabilities; and Technology Solutions for Renewable Energy in Rural Areas

Adedigba said Talent Hunt Research through Hackathon is just the inception of the Commission’s unwavering commitment to nurturing innovation and nascent ideas, the way it has been doing for previous winning innovative solutions and ideas that had emerged through the annual hackathon.

“The culmination of this competition is not confined to the grand prize of N10 million awarded to each winner from these three thematic areas for the development of their solutions, but goes beyond this, as the Commission takes a holistic approach to support these promising innovations. We closely monitor the progress of these solutions as they evolve into full-fledged prototypes,” he said.

He added that in a world where innovation is paramount, NCC often witness the remarkable potential of Hackathons to showcase fresh perspectives on existing challenges, adding that the NCC’s annual hackathon serve as instrumental tools in sustaining innovation and mobilising the collective intelligence of the innovators to tackle pressing real-world issues, both in the business realm and within our social fabric.

 

 

Robust FinTech Critical for Deepening Financial Inclusion in Nigeria – Maida 

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The Executive Vice Chairman and Chief Executive officer (EVC/CEO) of the Nigeria Communications Commission (NCC), Dr. Aminu Maida, has described the Financial Technology (FinTech) industry as a critical driver of financial inclusion of Nigerian citizens living in the underserved and unserved communities across the country.

Maida made this known in his keynote address at the 2023 edition of the annual Nigeria Information Technology Reporters Association (NITRA) FinTech Forum which focused on, “Harnessing Nigeria’s Fintech Potential: Challenges and Opportunities” and took place in Lagos recently.

The EVC, who was represented at the event by the Controller of NCC Lagos Zonal Office, Mr. Henry Ojiokpota, stated that the theme of the forum was suitable at this time for a discourse about the financial industry given the significant rise in digital financial services across the nation.

The EVC said Fintech is revolutionizing Nigeria’s financial ecosystem as it represents a positive disruption to the conventional financial system. Maida stated that financial technology’s emergence to leverage technology to enhance financial services such as mobile banking, borrowing, investment, and cryptocurrency, comes as an enhancer and enabler of business and other opportunities in the sphere of innovation, job creation and investment that further stimulates economic growth.

The EVC stated that fintech applications such as robo-advisors, payment apps, peer-to-peer (P2P) lending apps, investment apps, and crypto apps, among others, create business opportunities for individuals. He also stated that the adoption of these Fintech applications for socioeconomic gains by the youth, who account for 70 per cent of Nigeria’s population, will add value to the economy.

Maida recalled recent industry statistics citing active subscriptions across mobile networks in Nigeria, which hit 220.7 million in August 2023, to demonstrate that the Nigerian Fintech ecosystem can offer an array of financial services to telecom subscribers.

He said the Commission will continue to expand and enhance telecommunications infrastructure to enable robust Fintech services, and address consumer concerns, and regulatory challenges in the sector because the optimal utilization of digital technologies will enhance the provision of financial services to rural communities and underserved segments of the population through leveraging of high mobile phone penetration in Nigeria.

“Therefore, Fintech has the potential to deepen the existing payment and financial system infrastructure to reach unserved and underserved areas and further stimulate economic growth”, Maida said.

He said the Commission has begun implementing new strategies to meet the new target of 70 per cent Broadband penetration by the year 2025 as contained in the Nigerian National Broadband Plan 2020-2025 and the blueprint released by the Honourable Minister for accelerating the growth of the digital economy sector through technology.

The EVC said these policies and strategies have huge implications for enhancing derivable benefits of the Fintech industry as well as significantly and positively impacting Nigeria’s goals on financial inclusion and the digital economy at large.

The NCC boss promised that the Commission will continue to support the Fintech industry in harnessing its enormous potential and will not rest on its oars in its strides to address the challenges in the sector, including improving the provision of secured infrastructure that support the delivery of digital financial services in efficient ways. He also reiterated the Commission’s focus on maintaining minimum standards in Quality of Service (QOS) to ensure uninterrupted connectivity to enhance sectoral contribution to the economy.

The EVC stated that the Commission, in support of its vision in this sphere, has implemented a Memorandum of Understanding with CBN on boosting payment systems and financial inclusion, which is in line with the Nigeria Payments System Vision 2025. He also informed that NCC will continue to play an important role in harnessing the potential of Fintech through maximum support for Fintech policies, enforcing regulations, and strengthening collaborations with relevant authorities.