“Our Repayment Plan Will Go on Despite DLM Trust Company’s Withdrawal” – Patricia Technologies Founder

29/10/2023

We at Patricia Technologies are shocked by DLM Trust Company’s sudden and unilateral decision to terminate our partnership. This development is coming as a surprise as we were we not informed before their public statement of withdrawal. However, we wish to assure our depositors and stakeholders, that the Repayment plan we initiated along with DLM Trustees a few days ago, will go on as scheduled.

It must be noted that our appointment of DLM Trustees was a culmination of several weeks of engagement with the leadership of the Group including Mr. Kehinde Lawal of DLM Group and Mrs. Lola Rasaq, the CEO of DLM Trust Company up to the point of signing the partnership. During the process and the immediate aftermath of the agreement, we at Patricia Technologies have conducted ourselves with the utmost professionalism, while observing all due processes including fulfilling our financial commitments to consummate the contractual agreement.

Evidence of this is the transfer of substantial funds to DLM Trustees as part of the planned payouts to our customers, scheduled to start from November 20, 2023.

It is therefore astounding to us that not only has DLM Trustees chosen to renege on our agreement, but that they failed to issue us a notice, or extend the basic courtesy of a prior discussion, in stark disregard for the clearly spelt termination clause in our contract.

More bewildering is the claim in their public statement that we broke the terms and conditions of our partnership without spelling out how. We not only categorically reject this false claim, we challenge DLM Trustees to substantiate the allegations.

We believe this accusation is baseless, and we might be taking legal action to seek restitution for setbacks and damages incurred as a result of this attempt at defamation, if DLM Trust fails to validate their claim.

To Our Esteemed Customers:

We wish to assure you that notwithstanding this regrettable development, all scheduled payments will proceed, starting from the 20th as initially planned.

This is another opportunity to show that not only are we resilient as an organization, but our commitment to you also remains steadfast.

We sincerely apologize for any inconvenience or concern this situation may have generated and thank you for your enduring trust and patronage.

Again, our planned repayment to depositors will proceed.

Signed: Hanu Fejiro, CEO and Founder, Patricia Technologies

NEM Named Platinum Insurance Services Provider of the Decade

Business Journal

29/10/2023

L-R: Mrs. Moji Teluwo, DGM, Corporate Services, NEM Insurance Plc receiving the Platinum Insurance Services Provider of the Decade award on behalf of NEM Insurance from Ms. Maureen Chigbo, President, Guild of Corporate Online Publishers (GOCOP) at the Business Journal 15th Anniversary Lecture/Awards in Lagos.

NEM Insurance Plc has won award as Platinum Insurance Services Provider of the Decade at the Business Journal 15^th Anniversary Lecture/Awards held last Friday at Radisson Hotel, Ikeja, Lagos.

The Award Committee described NEM Insurance Plc as one of the major operators in the insurance industry in Nigeria. The Committee stated that NEM has earned numerous high-level awards and recognitions in affirmation of its excellent insurance services in the country over many decades.

“NEM remains a great insurance brand and institution in Nigeria across various indices of industry performance. Accordingly, we are proud to nominate NEM Insurance as Platinum Insurance Services Provider of the Decade.”

Receiving the award on behalf of NEM, Mrs. Moji Teluwo, the Deputy General Manager (DGM), Corporate Services, expressed gratitude to the Board and Management of Business Journal for the recognition.

She pledged continuous provision of cutting-edge insurance services to individuals, corporate institutions and government going forward.”

Stanbic IBTC Bank’s Reward4Saving 3.0 Promo: 70 Customers Win Cash Prizes in Maiden Draw

Business Journal

25/10/2023

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has rewarded 70 customers with cash prizes in the maiden draw of its Reward4Saving 3.0 Promo.

The first draw of this season, which took place at the Stanbic IBTC Head Office in Lagos, saw new and existing customers from seven regions win cash prizes of ₦100,000 each for meeting the savings milestone.

Stanbic IBTC Bank aims to maintain this throughout the 12-month promo period, by which time, Stanbic IBTC Bank will reward 840 customers with ₦100,000 during the monthly draws. The Bank also aims to reward seven customers with one million naira each in the quarterly draws and seven customers with two million naira each in the grand finale.

Speaking at the event, Layo Ilori-Olaogun, Head, Middle Market and Youth Segment, Stanbic IBTC Bank, expressed delight at the turnout and the successful execution of the live draw. Layo remarked, “Reward4Saving has become a cornerstone of our commitment to encourage a savings culture in Nigeria. Based on this year’s theme The Rewards are Back, we are thrilled to see the enthusiasm from our customers and partners for this initiative. With Reward4Saving Season Three, we aim to take the savings experience to a whole new level by offering rewards and benefits to our customers.”

“This journey has been interesting since we started in 2021, and it is commendable that we have seen two seasons turn more Nigerians into millionaires. Our commitment to helping customers reach their financial aspirations is evident in the return of another season of the promo. Our customers’ success is our success, and we are happy to provide them with the tools and support they need to reach their financial goals,” Layo added.

Ikechukwu Ezeigbo, Manager, Customer Value Proposition, Stanbic IBTC Bank, congratulated the winners who emerged after the draw. He urged customers to continue saving as the Stanbic IBTC Reward4Saving Promo is a nationwide campaign to encourage Nigerians to save at least N10,000 in their Stanbic IBTC savings account and maintain it for at least 30 days. Customers who emerge as winners get rewarded with cash prizes ranging from N100,000 to two million naira.

According to Ikechukwu, “To be a part of the promo, customers can download the Stanbic IBTC Mobile App, dial *909*37#, visit the web portal or any Stanbic IBTC Bank branch or an @ease agent to open an account or @ease wallet and save at least N10,000 for 30 days to qualify for the draw.”

NCDMB Retains Top Position in Efficiency, Transparency

Business Journal

24/10/2023

The Nigerian Content Development and Monitoring Board (NCDMB) has retained its position as the best Federal Agency in transparency and efficiency in business, continuing the streak of excellence in the delivery of its mandate.

In the 2023 Half Year Executive Order 001 Compliance Ranking, which covered from January to June 2023, NCDMB scored 83.06% to clinch the top position in the Federal Government’s ranking of ministries, departments and agencies (MDAs), the second straight year it was clinching the award.

The report was released on Monday, and it builds on the Board’s sterling performance in 2022 during which period it had equally emerged the top performer in the whole year.

The Executive Order 001 (EO1) Compliance Report is compiled by the Presidential Enabling Business Environment Council (PEBEC) is determined by a combination of the weighted scores for efficiency and transparency directives.

Issued on 18 May, 2017 by former President Muhammadu Buhari, the EO1 on the Promotion of Transparency and Efficiency in the business environment seeks to facilitate entrenchment of policies and practices that would foster an environment conducive to business, particularly start-ups, by eliminating bottlenecks.

PEBEC explained that an “MDA’s EOI overall performance is a combination of scores on the Efficiency and Transparency measures weighted at 70 per cent and 30 per cent of the overall score respectively.” It added that “the top performing MDAs differentiate themselves by achieving a balanced performance on both the Efficiency and Transparency scales….”

Under Efficiency, the agency’s adherence to its service delivery timelines is key. For Transparency, the chief consideration is existence and functionality of websites, as well as availability of detailed information on timelines, costs, statutory requirements and customer service contact channels. In combination, these would eliminate abuses in the system, including rent-seeking activities.

This latest award follows NCDMB’s emergence as “a Level 5 Platinum Level organisation” in a summary report of the Bureau of Public Service Reforms (BPSR) Self-assessment Tool (SAT) released in January 2023, a rating which translates as “Exceptional Performance with a performance level of 90.5%.”

This accomplishment underscores NCDMB’s unwavering dedication to creating an environment conducive to local and international businesses as well as putting in place initiatives aimed at streamlining processes, reducing bureaucratic bottlenecks, and ensuring that businesses in Nigeria can operate freely.

Elumelu Seeks Urgent Recapitalisation, Enforcement of Compulsory Insurance in Nigeria

Business Journal

24/10/2023

Tony O. Elumelu, Chairman, Heirs Insurance Group, called for the urgent recaptalisation of insurance companies in Nigeria, as part of a six-point agenda to completely transform the insurance industry.

He made the call at the 2023 National Insurance Conference, organised by the insurance regulator, NAICOM, in Abuja.

Elumelu began his keynote speech by commending the Commissioner for Insurance, Mr. Sunday Thomas, for his foresight and courage in tackling the critical shortcomings of the industry, while encouraging him to do more.

During his presentation, he stated that the current capital base requirement limits the capacity and capabilities of key players in the industry. To address this, he proposed an upward review of the capital base from N5 million to N1 billion for Brokerage firms, N8 billion to N20 billion for Life insurance companies and from N10 billion to N30 billion for General Insurance companies respectively.

He said: “This recapitalisation is not about increasing the barriers to entry into the industry. We must ensure that the sector has the financial muscle and backbone to handle more complex insurance transactions”.

Elumelu also called for a review of the dichotomy in insurance licenses between life and non-life companies that has hindered the progress of the industry. He charged the regulators to open the offering of composite licenses, adding that consolidated operators could operate with a capital base of N50 billion.

In addition to the points, Elumelu also highlighted poor legislation, stifling policies, and inefficient claims processes, as barriers to achieving sustainable growth in the industry. He challenged all insurance companies to jointly commit 0.5% of revenue to drive industry-wide awareness and acceptance campaigns.

Commenting on the talent and workforce within the industry, Elumelu called for a change in approach. According to him: “We need a younger and more agile workforce. We have so many young people, but the insurance sector is not attractive to them in the way banking, oil and gas, fast-moving consumer goods, IT/technology, and creative areas like Nollywood are. We need to attract the youth of our country into the sector.”

In conclusion, Elumelu emphasised the critical role that regulators and the government must play in making insurance a common right of every Nigerian citizen.

He added: “It is embarrassing that Nigeria has less than 2% insurance penetration, in a nation of over 200 million people, struggling to survive, amidst the harshest economic realities. We must re-assess and eliminate the stifling policies, roadblocks, and complacency in the insurance system, to encourage innovation and provide our people with simple and accessible insurance, not as an option, but as a fundamental right to secure their future.”

Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, one of the leading pan-African investment companies, with investments across 24 countries and four continents, founded and led by Tony Elumelu.

With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs General and Heirs Life serve both corporate and individual customers across Nigeria.

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

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

NAICOM Unveils 10-Year Transformation Plan via 7 Strategic Agenda

Business Journal

24/10/2023

The National Insurance Commission (NAICOM) has unveiled a 10-year transformation plan for the insurance industry with emphasis on seven (7) core strategic agenda to drive sustainable growth of the sector going forward.

Mr. Olorundare Sunday Thomas, the Commissioner for Insurance/CEO of NAICOM said at the 2023 National Insurance Conference in Abuja that the insurance sector 10-Year Strategic Roadmap and the Guidance Note for the Insurances of Government Assets and Liabilities will engender rapid growth of the industry into the foreseeable future.

Thomas mentioned that over the next decade (2024-2033), the insurance industry will seek to continue its transformation journey along the following Seven (7) strategic thrusts with the objective of achieving the corresponding goals. The seven goals include:

Transform the regulatory environment to sustain the industry growth
Transition to risk-based capital model
Promote insurance awareness and adoption
Broaden insurance product offerings and improve effectiveness of distribution channels
Enhance digitalisation of the insurance industry
Deepen the industry’s talent pool and capabilities
Support Nigeria’s economic transformation and sustainability agenda

Giving account of his stewardship of the sector so far, the NAICOM CFI said:

“The Commission under my leadership has remained resilient and focused on implementing initiatives that will foster development of the Nigerian insurance industry and align its fortune with that of the nation as the Africa largest economy. Your Excellencies, permit me to briefly highlight the following flagship projects being implemented by the Commission as part of the its medium term NAICOM Strategic Plan 2021–2023:

Ensuring improved safety and soundness of the Nigerian insurance sector to continue to de-risk economic activities of Nigerians through the enhancement of our prudential regulatory tools and good corporate governance practices
Migration of the Commission’s supervisory regime to align with global best practices. This initiative has enhanced the Commission’s distress management and market restructuring.
Implementation of Project E-Regulation through operationalised business process management solution and NAICOM Portal. The BPMS is currently being used to process applications from insurance institutions while the Portal remains the focal point for generation of unique policy identification numbers for all policies as well as repository for statistical data including verification of insurance policies issued in Nigeria.
Implementation of an actuarial capacity development programme for the Nigerian insurance industry. The programme has helped to develop some Certified Actuarial Analysts in Nigeria. The Commission will continue to engage relevant stakeholders with a view to developing additional Actuarial professionals for the industry.
Opening up the insurance supply-side through licensing of twelve (12) additional new entrants and expansion of insurance distribution channels, etc. The licensing of these companies has enhanced availability of insurance products as well as increase local insurance capacity in Nigeria. This was historic considering that the last time an insurance company was licensed by the Commission before those recently licenced, was 10 years ago while that of any Reinsurance company was 32 years
The Commission as part of its support to government initiatives mobilised the insurance industry to contribute the sum of N500 million and free Life Insurance cover for front line workers in the management of the COVID-19 Pandemic
The Commission has continued to reach out to State governments and relevant security agencies in the enforcement of compulsory insurances.
The Commission also provided financial assistance to tertiary institutions in Nigeria to facilitate education of professionals required by the insurance sector. Projects in five (5) tertiary institutions have been concluded and some Commissioned while seven (7) others are at various stages of completion.

“Notwithstanding the growth that had been sustained, the roadmap enumerated some of the challenges affecting the desired growth of the insurance industry which had persisted, such as: Talent gap, comparatively low public awareness, insurance affordability, lack of trust and confidence in insurers, cultural and religious bias, Inadequate distribution channels, low enforcement of insurance, and others.

In terms of its performance, the industry premium income between 2014 and 2022 grew at an average of 13.6%; from a premium income of N282 Billion to N726.2 billion. The total assets of the sector also grew at an average of 12% for the same period; from an asset base of N827.5 billion in 2014 to N2.33 trillion in 2022.”

He described the National Insurance Conference as one of the initiatives of the Commission to achieve the objective of incentivizing the law enforcement agencies, State Governments, relevant professional bodies and all other stakeholders. The conference will also sensitise the general public and create the needed awareness of the place of insurance in redefining safety in Nigeria.

“The Conference with the theme “Redefining Safety – Insurance Solutions for Public Buildings and Buildings under Construction” is only one out of numerous efforts of the Commission at creating the needed awareness of the general public of compulsory insurances. It has also created the platform to strengthen collaboration with relevant government and non-government agencies and other stakeholders. This is being done to ensure that enforcement of all classes of compulsory insurances across the country are carried effectively.”

Sovereign Trust Insurance Sponsors Art & Jazz Night in Lagos

Business Journal

23/10/2023

Sovereign Trust Insurance Plc in conjunction with Sovereign Finance Limited recently sponsored an art and jazz night at the Lagos Motor Boat Club, Ikoyi Lagos, from October 18-20, 2023.

The three- day event had in attendance captains of industry and dignitaries from all walks of life.

The Chairman of Sovereign Trust Insurance Plc, Mr Oluseun O. Ajayi and the Managing Director/CEO of the Underwriting Firm were among the personalities who graced the event.

According to the Head of Corporate Communications & Investor Relations for Sovereign Trust Insurance Plc, Segun Bankole, “the event which was powered by LASGIDI ARTS EXHIBITION and sponsored by Sovereign Trust Insurance Plc, in association with Sovereign Finance Limited was designed to create a platform for budding visual artists in the country to display and get patronage for their works in good commercial value.”

He said the event was also meant to create a convivial atmosphere for both customers of the Underwriting Firm and that of Sovereign Finance Limited as a way of showing appreciation for their patronage and support for both organisations over the years.

The Managing Director of Lasgidi Art Exhibition, Abebi Akerele expressed her appreciation to both sponsors for believing in Nigerian Artists and promoting their works in such a noble manner over the three days that the event lasted.

She said more of such collaboration with corporate organisations will go a long way in encouraging the artists to up their game and become more commercially competitive in the visual arts space.

HP Unveils New High-Performance HP Z6 G5 A

Business Journal

23/10/2023

HP has unveiled the newest addition to the Z by HP workstation lineup, the HP Z6 G5 A, a cutting-edge desktop workstation designed to meet the demanding needs of virtual production, 3D rendering, AI, and machine learning professionals.

With the highest number of cores ever in a Z by HP workstation and the ability to configure up to three high-performance graphics cards, the Z6 G5 A is set to revolutionise productivity and performance.

Powered by the AMD Ryzen™ Threadripper™ PRO CPU, the Z6 G5 A features up to 96 cores in a single workstation CPU, allowing users to create and render simultaneously on intensive projects. With space for up to three high-end NVIDIA RTX™ 6000 Ada Generation GPUs or AMD GPUs and eight memory channels, the Z6 G5 A is perfect for tearing through virtual production, 3D modeling tasks, or complex, advanced data sets.

“The HP Z6 G5 A is a groundbreaking workstation that embodies the perfect fusion of maximised cores and powerful graphics,” said Jim Nottingham, Senior Vice President and Division President, Advanced Compute and Solutions, HP Inc. “Our team at HP is dedicated to empowering professionals across the fields of virtual production, 3D rendering, and data science with a robust and reliable solution that not only meets, but exceeds, performance expectations. The Z6 G5 A is a testament to our commitment to innovation, sustainability, and customer satisfaction as we continue to push the boundaries of what’s possible in workstation technology.”

“At AMD, we are proud to have our Ryzen Threadripper PRO 7000 Series processors power the new HP Z6 G5 A workstation, a cutting-edge solution that caters to the diverse and demanding requirements of today’s complex workflows,” said Jason Banta, corporate vice president and GM, OEM PCs. “Our collaboration with HP exemplifies our shared vision of pushing the boundaries of innovation and customer satisfaction, delivering a robust and reliable solution that exceed expectations in the ever-evolving field of high-performance compute.”

The Z6 G5 A can tear through virtual production or 3D modeling tasks as well as data science workflows like AI and machine learning. With an innovative system design and the new AMD Ryzen Threadripper Pro 7000 WX-Series CPU, the Z6 G5 A packs a staggering number of cores into a single workstation for higher productivity.

The Z6 G5 A also offers plenty of room to expand as demands change, with space for up to three high-end GPUs and flexible storage options with front-accessible, hot-swappable NVMe drives for quick and easy access to large files. The redesigned layout of this generation Z by HP desktop workstation increases airflow, ensuring the system remains cool even at peak performance, while intelligent fan control tunes the fan speeds in real-time using over 20 temperature sensors to maintain whisper-quiet operation. With 360,000 hours of rigorous testing, MIL-STD testing, and certification for professional applications, the HP Z6 G5 A is built to endure. As part of the World’s Most Sustainable PC Portfolio, HP’s commitment to sustainability is reinforced in the design, built with 40% recycled plastics, and is planned to be EPEAT® Gold-certified, reflecting the company’s dedication to helping the environmental impact of its products.

In today’s hybrid work environment, being able to tap into exceptional remote performance is a top priority. The HP Anyware solution allows for a colour-accurate, low-latency experience for 3D VFX, AI, and machine learning workflows under varying network connections, and the HP Anyware Remote System Controller enables IT managers to monitor and manage workstation fleets without compromising control. Additionally, the Z by HP Data Science Stack Manager streamlines access to the best open-source software solutions in a user-friendly platform for data scientists and AI creators. The HP Z6 G5 A supports WSL2, bringing the ability to run Linux within the Windows ecosystem and offering easy access to tools from the Z by HP Data Science Stack Manager and the new Z by HP AI Studio.

HP Z6 G5 A Features

Create, render, process—all at once.

Do it all—with efficient performance per watt—on the Z6 G5 A. The system design packs up to 96 cores in a single workstation CPU with room for up to three high-end GPUs.

Expandable. Flexible. Whisper Quiet.

Designed to pack all the power and components you need now with room to grow—without throttling. Get maximum expandability with up to 6 PCIe slots (up to gen 5) and 12 NVMe SSDs.

Comprehensive Security. Trusted Reliability.

The Z6 G5 A has undergone 360K hours of rigorous testing, MIL-STD testing, and is certified for pro apps. With HP Wolf Security for Business, it’s protected below, in, and above the OS.

Discover the power of the HP Z6 G5 A workstation and revolutionize your workflow, unleashing new data-driven insights and unparalleled performance for your most demanding projects. Create, render, and process all at once with the new HP Z6 G5 A and unlock the full potential of your most demanding projects.

9mobile Celebrates 15 Years of Innovation, Excellence, 9ja Spirit of Resilience

Business Journal

23/10/2023

Emerging Markets Telecommunications Services (EMTS) trading as 9mobile has announced its 15th anniversary in Nigeria, marking a significant milestone in its journey of providing exceptional services to customers across the country. The brand which commenced its journey into the Nigeran market on October 23, 2008, with the disruptive ‘0809ja’ campaign, has been at the forefront of innovation, delivering cutting-edge telecommunications solutions to meet the evolving needs of businesses and individuals.

Over the past 15 years, 9mobile has affirmed its heritage as a truly Nigerian company renowned for youthfulness, innovation, reliability, and outstanding customer service. Throughout its journey, the company has continuously embraced technological advancements, ensuring that its services remain at the forefront of the industry. From the early days of voice services to today’s high-speed internet connectivity, cloud solutions, and digital communications, 9mobile has consistently adapted and evolved to meet the demands of the digital age.

“We are thrilled to celebrate our 15th anniversary, a significant milestone that showcases our dedication to providing top-notch telecommunications solutions,” said Juergen Peschel, CEO of 9mobile. “We owe our success to our loyal customers, partners, investors, regulators, and the hard work of our talented team. Some of our staff have been with the business since inception and this anniversary is a testament to their unwavering support and commitment.”

As we retrospect, we take great joy in our heritage as a truly Nigerian company that has revolutionized Nigeria’s telecommunications industry with an array of innovative products, services, and solutions that empower the youth, entrepreneurs, and indeed all segments across the country.”

Peschel emphasised that a strong and resilient Nigerian spirit resides in the brand, which is a testament to the company’s dynamism, responsiveness, and agility as a business while leveraging the power of technology to deliver innovative products and services to meet customers’ needs.

Over the past 15 years, 9mobile has achieved numerous milestones, including expanding its network coverage, launching innovative products and services, and forging strategic partnerships with industry leaders. The company’s commitment to excellence has earned it several prestigious awards and recognition within the telecoms sector.

“We are proud of all our achievements – the firsts we have recorded in this industry. We are poised to do more even with the challenging business environment. We have had our ups and downs, but we will continue to consolidate on our successes and milestones in the coming years”. he continued.

The brand has recorded many firsts in the industry including its most daring Masterbrand campaign ‘0809UChoose’ which put the power in the hands of subscribers to determine their mobile numbers.

The brand also deployed Moreblaze, its revolutionary data bundle that offers the fastest data, and Cloud 9, a music platform that offers the best of unique end-to-end experiential music performances. It recently launched The Hack, an SME initiative that serves as a growth enabler for small businesses, which has seen it traverse cities and campuses. It has also left significant footprints on education, arts, and culture with the 9mobile Telecommunications Engineering Postgraduate Program (9TEPP), its flagship pan-Africa 9mobile Prize for Literature which promotes literacy and encourages writers to hone their craft across Africa and Photography Competition.

“Looking towards the future, 9mobile is on a transformation journey and is committed to continuing its legacy of excellence, innovation, and exceptional customer service. With a dedicated team and a clear vision, we are poised to explore new horizons, push boundaries, and redefine the telecommunications landscape. We remain focused on our mission to connect people, empower businesses, and drive digital transformation in Nigeria” Peschel concluded.

Nigeria’s Decade of Gas Will Support Global Energy Security – NLNG MD

Business Journal

23/10/2023

(L-R) Nnamdi Anowi, GM, Production; Ms. Kadri Simson, EU in Nigeria Commissioner for Energy; Dr. Philip Mshelbila, NLNG’s MD/CEO; and Andy Odeh, GM, External Relations and Sustainable Development during an EU in Nigeria delegation visit to NLNG’s plant on Bonny Island…recently.

The Decade of Gas plan is the most comprehensive plan to restore efforts to fully harness Nigeria’s vast gas resources and ensure a reliable global supply of gas as a clean energy source and a major fuel in the energy transition mix, the Managing Director and Chief Executive Officer of Nigeria LNG Limited (NLNG), Dr. Philip Mshelbila, has said.

He said this during the visit of a delegation from the European Union (E.U.) in Nigeria to NLNG’s plant on Bonny Island, Rivers State over the weekend. The delegation, led by the E.U. in Nigeria Commissioner for Energy, Ms. Kadri Simson, was received by Dr. Mshelbila; Nnamdi Anowi, General Manager, Production; Andy Odeh, General Manager, External Relations and Sustainable Development and other management staff.

Briefing the delegation on NLNG’s operations and business, Dr. Mshelbila pointed out that there were plans to address the root causes of issues in the gas sector, adding that what is needed to complete the plan is the firm will of all stakeholders and urgent action. He stated that the remedy to industry challenges lies in a concentrated effort on making the gas sector work as the country has huge potentials as the 6^th nation with the largest natural gas reserves.

“Our commitment to harnessing the immense potential of natural gas will not only restore Nigeria’s reputation as a major energy powerhouse but also propel us towards a cleaner, greener future. With innovation, collaboration by stakeholders, including the government and investors, especially from Europe, and unwavering determination, we can shape the energy landscape of tomorrow, create more opportunities for gas supply globally, drive economic prosperity, create jobs, and mitigate environmental challenges through gas,” he said.

Dr. Mshelbila further highlighted that investment in Nigeria’s gas sector would wield a far-reaching influence on the global gas and LNG supply landscape, ensuring the world has continuous access to reliable and environmentally sound energy throughout the ongoing energy transition.

He stated that the Train 7 project was about 50% complete and will bolster NLNG’s production capacity to 30 million Tonnes Per Annum (MTPA) upon completion. He added that NLNG is working on a plan to decarbonise and stated that NLNG was also looking to the future for further expansion with more trains, which would act as catalysts for the continued advancement of the gas sector.

Responding to the presentation, the E.U. Commissioner for Energy in Nigeria, Ms. Kadri Simson, commended NLNG’s business model.

“The E.U. is accelerating its energy transition, but we also have a need to reinforce our ties with reliable LNG partners like Nigeria in the short-term horizon. This helps us to bridge part of the gap left by former Russian imports while we gradually transition away from fossil fuels. Nigeria has proven to be a reliable partner, and last year, 9.4 bcm of LNG was exported from Nigeria to the E.U. But there is potential to do more – in particular between now and 2027,” she stated.

During the visit, the delegation took a tour of the Central Control Room (CCR), the plant complex and the Train 7 construction site.

NLNG is owned by four Shareholders, namely, the Nigerian National Petroleum Company Limited (49%), Shell Gas B.V. (25.6%), TotalEnergies Gaz & Electricite Holdings (15%), and Eni International N.A. N. V. S.àr.l (10.4%).

Polaris Bank Supports Girl-Child Education in Nigeria’s Public Schools

Business Journal

20/10/2023

L-R: Chairman, Pacegate Limited (Owners of Evolve Charity), Manoj Kirpalani; MD/CEO, Polaris Bank Limited, Adekunle Sonola, and Managing Director, Pecegate Limited, Umesh Amarnani at the presentation of school bags, sandals, books, pens and school uniforms to Opebi Junior Grammar School Students in the ongoing CSR Partner in the Girl-Child Education Project in Lagos.

In another display of its commitment to supporting the ‘Girl-Child Education Project’, a critical pillar of its Corporate Social Responsibility (CSR) framework, Polaris Bank, in partnership with Evolve Charity, a non-profit organisation, has presented educational materials to more than 400 students in Ikeja and Surulere areas of Lagos State.

The donated materials which include; school uniforms, school bags, pens, sandals, and various books, were presented to the students of both Opebi Junior Secondary School, Opebi, Ikeja Lagos, on Wednesday, October 18, 2023 and Gbaja Junior Girls High School and Gbaja Senior Girls High School, at their school premises in Surulere, on Thursday, October 12, 2023.

The initiatives to the three Schools were part of activities marking the United Nations Children’s Fund (UNICEF) International Day of the Girl (IDG). The International Day of the Girl is observed annually on 11 October, as a global platform to advocate for the full spectrum of girls’ rights. Fittingly, Polaris Bank’s support for the ‘Girl-Child Education Project’, seeks to promote empowerment of the girl-child through education.

Speaking at the presentation of the educational materials, at Opebi Ikeja, the Managing Director/CEO of Polaris Bank, Adekunle Sonola, spoke of the Bank’s commitment to quality education of the girl-child. “At Polaris Bank, we are of the firm belief that every investment on education, especially on empowerment of the girl-child, leaves a lasting impact, not only on the child, but on the society. This is why we partnered with Evolve Charity to launch the Support for the Girl Child Education Project.”

He reaffirmed the Bank’s confidence in education, saying, “We believe in education as an organisation, and more importantly, we believe in identifying with the pupils in these school. We have done this over the past few years, and it is something we’re committed to doing, and will continue to do”.

According to the CEO, the intervention is aimed at keeping the girl child in school and educated, thereby reducing the growing cases of early marriages in society. “The objective is to empower these underprivileged girls through education by providing them with school supplies and personal development tools they need”.

Also, speaking at the presentation of the educational supplies, the Managing Director, Pacegate Limited, owners of Evolve Charity, Umesh Amarnani, acknowledged the essence of sustainable education intervention, noting that the select schools are now our responsibility by adoption, and we will continue to provide the students with school supplies, whilst focusing especially on the girls and teaching their teachers value-based education that impact good manners on the students.

He commended the partnership with Polaris Bank, saying, “we’re happy to partner Polaris Bank and other institutions that have supported us in our cause. And what is most interesting is that all the work is being done voluntarily by all Nigerians working in the company. And we are covering 36 schools across 6 states. We started this initiative four years ago, and we are planning to go on every year and do more and more”.

Earlier the Principals of the beneficiary schools expressed their profound appreciation on behalf of the managements and students of their respective schools.

Mrs. Omolara Awosan, the Principal at Opebi Junior Secondary School, expressed her delight at the good gesture saying: “I’m so excited, on top of the world. I think this is my third time since I became the principal of the school, that they have been here, giving our children school bags, uniform, sandals, and some other writing materials. I’m so happy.”

Like their teachers, the students at all the beneficiary schools could not also hide their excitement as they were full of appreciation and prayers for the kind gesture towards their academic development.

“I have gained from the writing materials I was given and got a bag and school uniform, and I don’t have to buy another uniform to sow aside this…and this presentation, has been being helpful”, Ogunsanya Kemisola, a JSS 2 Student of Opebi Junior Secondary School remarked.

Evolve Charity, a non-profit organisation, is the CSR arm of Pacegate Limited, one of the leading manufacturers of UN Certified Steel Drums and distributor of Adipro Lubricant Additives and chemical solutions to various sectors of the Nigerian Economy. Its partnership with Polaris Bank, Nigeria’s leading Digital Retail Bank was consummated in 2021.

The Girl-Child Education in Nigeria project is one of Polaris Bank’s CSR strategic footprints in education. In addition to girl-child education, the Bank also has other initiatives aimed at improving the lives of women. In 2021, the Bank took its Feminine Hygiene Campaign, an advocacy and capacity building initiative on menstrual hygiene for girls, to nine secondary schools in three states across North-Central & North-East geo-political zones of the country.

Similarly, the Bank embarked on a value-based initiative designed to raise consciousness for women-focused and other societal interventions in the country comprising implementation of tailored interventions like the provision of free breast cancer screening to over 20,000 women in Nigeria in partnerships with Care. Organisation. Public Enlightenment (COPE), Nigeria’s leading breast cancer-focused NGO.

Polaris Bank, adjudged digital bank of the year 2021 and 2022, is a future-determining Bank committed to delivering industry-defining products and services across all sectors of the Nigerian economy.

BRI: NASENI, Chinese Firms Sign MoU, Receives Letters of Intent for $2bn Investments

Business Journal

20/10/2023

At a ceremony attended by Vice President Kashim Shettima on Thursday, October 19, 2023, on the sidelines of the third Belt and Road Initiative (BRI) Forum in Beijing, China, the National Agency for Science and Engineering Infrastructure (NASENI) and new Chinese partners signed three (3) Memorandum of Understanding (MoU) for new projects valued at $2 billion.

The three Chinese companies that signed MoU to partner with NASENI and invest in Nigeria include Shanghai Launch Automotive Technical Co Limited – an MoU to establish a new energy automobile facility for the production of new energy electric vehicles.

Others are: China Great Wall Industry Corporation- an MoU for the turnkey delivery of Unmanned Aerial Vehicles (UAV) assembly line projects; and Newway Power Technology Company Limited – an MOU for the transfer of technology on lithium batteries, electric vehicles and allied technologies.

In addition to the MoU, 10 Chinese firms also presented Letters of Intent to the Vice President, indicating strong interest in partnering with NASENI to invest in and develop various technology and industrial innovation projects, collectively valued at $4 billion, covering energy (solar, natural gas, microgrids), vehicle production, training and technology transfer, drone technology, and the development of a new industrial park.

Speaking at the ceremony, Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of NASENI, Mr. Khalil Halilu, who signed the agreements on behalf of NASENI, said: “This is a very important day for us at the National Agency for Science and Engineering Infrastructure, because it is a day to show the results of some of the work that we have been doing in the last six weeks since I assumed the leadership of NASENI.”

He added: “Collectively, these three MoU will, upon implementation, deliver $2 billion worth of new investments in Nigeria; that will translate into jobs, skills development and technology transfer, potential exports and foreign exchange earnings, and a boost to local economies.”

The NASENI EVC/CEO described the MoU and the Letters of Intent as “early fruits of the diligent work of the new NASENI, an institution that we are reforming and building around the core principles of Collaboration, Creation and Commercialisation.

He added that “we see this as a chain: we forge partnerships with willing and committed partners, at home and abroad; on the basis of these partnerships, we create and co-create new products and innovation; and then we ensure that these products are taken to market in a commercially viable and profitable manner.”

He stressed that the Agency will “work very hard to transform them into commercially viable products, that will drive the industrialisation, development, and prosperity of Nigeria”, adding that “Innovation is not meant for the shelves, or the archives. It should translate into usable products. This is our belief, and one of our driving principles at NASENI.”

Halilu expressed gratitude to His Excellency, President Bola Ahmed Tinubu, who is the Chairman of the Governing Board of NASENI, as well as Vice President Kashim Shettima, for the immense support and encouragement that they have provided to him and to the Agency, pledging that the confidence they have reposed in him will not be misplaced.

The Chinese companies that submitted Letters of Intent to Vice President Shettima are TBEA (solar products); DongFeng Vehicles Co. (vehicle design and production), HiLong Energy (CNG, LNG, methanol); China State Construction Company (building technology and materials); CIMC (natural gas infrastructure delivery).

Others are: Value Platform International Services Limited (vocational training); Acadia Technologies (Shenzhen) Co. Limited. (smart grids and microgrids); Space Star Technology (Drone technology transfer); ENRIC (clean energy utilisation technology); and Hidier Group (development of new industrial park).

GOCOP Congratulates Soneye, NNPCL’s New Spokesman, Enugu Commissioner Agbo, Others on Appointments

Business Journal

20/10/2023

The Guild of Corporate Online Publishers (GOCOP) has congratulated Mr. Olufemi Oladapo Soneye over his appointment as Chief Corporate Communications Officer (CCCO) of the Nigerian National Petroleum Company Limited (NNPCL).

The Association also congratulates its pioneer president, Dr. Malachy Agbo, who was recently sworn in by the Governor of Enugu State, Mr. Peter Mbah as Commissioner for Human Development and Poverty Eradication.

Reacting to the developments, the President of GOCOP and Publisher of Realnews online magazine, Maureen Chigbo, applauded the appointments and enjoined them to remain good ambassadors of GOCOP while counting on the Guild for maximum support.

A press statement by GOCOP Publicity Secretary, Mr. Remmy Nweke, quoted Chigbo as recalling that another high-ranking GOCOP member, Malam Rasheed Olawale of Sahel Standard, was recently appointed as the spokesperson to the Osun State Governor, while Mr. Ajagbe Adeyemi Teslim of August24news was also appointed Special Adviser on Digital Communications to the Lagos Island Council Chairman.

The GOCOP President noted that Mr. Soneye, until his appointment, was of the Per Second News while Dr. Agbo was Founding Publisher of The Citizens.

She wished all the political appointees success in their new roles, reiterating that the Guild is ever ready to support and partner with them to ensure they delivered on their mandates.

GOCOP, a registered non-governmental, non-partisan, non-profit organisation, comprises owners of online publications. It recently held its annual national conference in Abuja.

The conference was chaired by Prof. Ishaq Oloyede, the Registrar and Chief Executive Officer of the Joint Admissions and Matriculation Board (JAMB), while the first Nigerian Professor of Capital Market, Prof. Uche Joseph Uwaleke of Nasarawa State University Keffi, delivered the keynote.

Almond Insurance Industry Award: 1,600 Votes Recorded as Voting Ends Today

Business Journal

20/10/2023

Nominees in the various categories in the 2023 Almond Insurance Industry Awards are in last minute race as voting ends on Friday, October, 20, 2023 by midnight.

The industry players have responded overwhelmingly to the entire process as over 1, 600 people have voted and still counting.

According to the Chairman of the Award Panel of Judges, Ms Prisca Soares, the Panel is now warming up to the task of selecting and cross-checking with collated data from the NIA and NAICOM that will help in choosing eventual winners in the various categories.

The Panel of Judges have also made do their promise of releasing the identity of nominees in the two Special Categories: Insurance Life Achievers Awards and Insurance Broker Life Achievers Award.

These two categories have thrown up heavyweights in the insurance industry such as Valentine Ojumah, Fatai Kayode Lawal, Wole Oshin, Tope Smart and Eddie Efekoha in the insurance. While for Brokers, the likes of Shola Tinubu, Amos Adeyeye, Prosper Okpue, Chief Babajide Agbeja and Prof. Ahmed O. Salawudeen are in the race.

All Winners will be announced at the Awards Nite on Friday, November 3^,2023 at the Queens Park Events Center, Victoria Island, Lagos.

NCDMB Chief: Local Content is Africa’s Route to Economic Development

Business Journal

19/10/2023

African nations seeking to achieve economic prosperity must develop local capabilities to process, utilise, and export their resources as a means of powering their growth and development, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote said on Tuesday.

The Executive Secretary made the submission in his presentation at the on-going 2023 Africa Energy Week in Cape Town, South Africa. He regretted that most African nations lacked requisite local capacities in key areas of the oil and industry such as Engineering, Procurement, Construction and Fabrication, Installation, Commissioning, and Operation, and that resulted in the loss of job creation opportunities, revenues, skills acquisition, and other aspects of national development.

A further negative impact is that those broad categories take a significant proportion of the oil and gas industry expenditure, hence it is expedient for oil-producing nations to develop local capabilities that would ensure that those financial outlays are retained in-country, he said.

Advising on the strategy for enhancing local content capacity in African nations, Wabote stated that one important plan is to make local content a national agenda and back it with the appropriate legislation or legal framework in their respective jurisdictions. This would “make it clear to all and sundry that local procurement, fabrication, and manufacturing is a national priority such that all institutions, businesses, decision-makers, investors, and citizens will buy into the vision.”

Using Nigeria as an example, Wabote recalled that Nigeria started with policy directives to deepen local content practice in the oil and gas sector before enacting the Nigerian Oil and Gas Industry Content Development (NOGICD) Act in 2010, thereby eliminating the possibility of companies complying with local content requirements in the oil and gas sector on ‘best endeavour’ basis.’

He listed other strategies for enhancing local content capacity as establishing factual data on current capacities in-country and carrying out gap analysis between current realities and the national vision. He noted that “periodic gap analyses are essential to determine gaps that need to be closed and the progress being made in the target areas of interest.

He insisted that local content is not ‘copy and paste’, hence local peculiarities must be factored into programs aimed at enhancing local capabilities.”

The NCDMB boss identified other enhancement tools to include Structured Capacity Building interventions to close identified gaps and funding and incentives, describing them as essentials to implement local content programs, develop infrastructure, attract new investments, and keep existing businesses afloat.

Speaking further, Wabote highlighted the importance of patronizing in-country capacities and capabilities, clarifying that all policies, capacities, and individuals will become frustrated if there is no outlet to engage them and receive rewards for sustainability and growth.

He explained that the Board ensures patronage of local goods and services by using the ‘right of first refusal’ principle contained in the Nigerian Content Act and various project certification and compliance monitoring tools.

Giving an update on the Board’s activities, the Executive Secretary informed that NCDMB commenced the implementation of a 10-year Strategic Roadmap in 2018, with the goal of raising the level of Nigerian Content in the Nigerian Oil and Gas industry to 70% by the year 2027. He indicated that various initiatives were put in place under five strategic pillars and four vision enablers. He noted that “as at end of year 2022, and five years into the 10-year journey, we have achieved 54% Nigerian Content level against the target of 42%.”

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