NCDMB/ NLNG Working Group Reaffirms Commitment to Local Content Performance

19/10/2023

The Nigerian Content Development and Monitoring Board (NCDMB) and foremost gas firm, the Nigeria Liquefied Natural Gas Company (NLNG) Limited are strengthening self-appraisal mechanisms instituted to advance objectives of local content compliance and development.

At a one-day meeting of the NCDMB/NLNG Technical Working Group held at the Nigerian Content Tower (NCT), corporate headquarters of the NCDMB, on Tuesday, key personnel of the two organisations led by Engr. Paul Zuhumben, General Manager, Project Certification and AuthorisationDivision (PCAD), NCDMB, and Mr. Andy Odeh, General Manager, External Relations, NLNG, expressed satisfaction with the grounds covered in the implementation of action plans.

Deliberations centred around measures to secure approval of in-house operational blueprint, Energy Transition, Advanced Training, Executive Summary Report on NLNG Train-7, and update on capacity building. It was noted that “most activities are on-going.”

Related subjects dealt at the meeting include Development of NCDMB’s Nigeria Oil and Gas Industry Content Joint Qualification System E-Marketplace Module, NLNG Asset Human Capacity Development Implementation, NLNG Train-7 HCD and R&D Execution Update, Monitoring of LNG Contracts below US$1 million, NLNG-NCDMB Service Level Agreements Performance Review, Factors Affecting Commercial Evaluation Delays, Energy Transition Workshop, and Expatriate Quota.

The TWG emphasised the critical importance of stakeholder surveys and committed to ensuring prompt attention to matters raised for consideration. A Stakeholders Retreat was agreed upon to facilitate knowledge-sharing interactions. Scheduled to hold within the last quarter of 2023 on Bonny Island, the Retreat would include community and plant tour, sessions on Nigerian Content practices, and a golf competition.

The Technical Working Group, conceived by the Managements of both companies to facilitate “in-person discussion and resolution of strategic, tactical and operational issues, aims to “cut out bureaucracy and improve efficiency of decision-making, approvals, and Nigerian Content Development for NLNG. It acts as first level discussion and escalation group to review and unblock thorny issues or delays arising from Nigerian Content compliance on contracts and projects that have been unable to reach satisfactory resolution at the operational/officer level, among other things.

Earlier in his opening remarks, the Chairman of the Group, Engr. Paul Zuhumben, commended NLNG for clinching the Nigerian Content Contribution Award and its invaluable contribution toward the E-marketplace initiative.

At the end of the Meeting, NLNG’s External Relations General Manager, Andy Odeh declared that deliberations were very successful. According to him, the Group meets “to look at issues that border around enabling the business where there are challenges, so that those issues don’t become crises that begin to distort the business we do in NLNG: It could be NLNG is not giving enough information as it should or it could be that NCDMB is not moving as fast as they should, either with approvals or proposals that we have.”

Explaining further, he said, “We see ourselves as one because we are looking at a common goal, and the TWG Meeting helps us to be proactive in managing the things we manage either as a company, NLNG, or as an operator.”

The next meeting of the TWG is scheduled tentatively for February 2024 in Port Harcourt.

NAICOM Visits Housing Minister for National Insurance Conference 2023

Business Journal

19/10/2023

As part of the National Insurance Commission’s drive to ensure optimal participation in the 2023 National Insurance Conference, the Commissioner for Insurance, Olorundare Sunday Thomas and a delegation from NAICOM has paid a courtesy visit on the Honourable Minister for Housing and Urban Development, Arc. Ahmed Musa Dangiwa.

The visit afforded the Commissioner the opportunity to apprise the Minister of activities of the Commission. Mr. Thomas also formally requested the physical attendance of the Minister at the National Insurance Conference being organised by the Commission.

In his response, the Minister accepted the Commission’s extended hands of collaboration in the area of compliance with the laws on public buildings and buildings under construction. He also confirmed his active participation and the Ministry of Housing in the conference scheduled to hold from 22-24 October 2023.

GIABA DG, Edwin Harris Jr, to Deliver Realnews 11th Anniversary Lecture

Business Journal

19/10/2023

Edwin W. Harris Jr.

Director General

ECOWAS Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), Senegal.

The Management of Realnews Magazine and Publications Limited, publishers of Realnews Magazine Online, has announced that Edwin W. Harris Jr, Director General of the ECOWAS Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), Senegal will deliver the Realnews 11^th Anniversary Lecture.

The lecture on “Threats of Illict Funds Flow to the African Economy” will hold at the Sheraton Hotel, Lagos, on Tuesday, November 7, 2023.

The director general’s acceptance to deliver the lecture was communicated to Realnews in a letter dated September 25, 2023, that he personally signed. “With the immense interest I have generated in illicit financial flow from Africa and its negative impact on the governance, economies and other social facets of the African people, I am pleased to confirm my participation and graciously accept your invitation,” Harris Jr. wrote.

Harris Jr. has over 16 years of progressive experience in the public sector and in non-profit structures with in-depth knowledge and skills in governance, transparency and financial crimes. He has relevant skills on issues relating to governance, in the fight against money laundering, in the formulation of policies and the implementation of anti-corruption strategies.

From November 2019 to July 2022, he was director of the Financial Intelligence Unit (FIU) of Liberia. Under his tenure and to his credit, he, among other things, successfully coordinated the validation and publication of Liberia’s National Risk Assessment (NRA) report. Until his assumption of duty at GIABA, Harris Jr. was a Lecturer at the University of Liberia.

The lecture will be chaired by Mohammed Bello-Koko, Managing Director of Nigerian Ports Authority, NPA, who will also moderate the panel session.

Realnews, a general interest magazine, is an online publication that thrives on investigative journalism. We have expertise in reporting the oil and gas sector with its attendant environmental challenges. We aim to unearth exclusive stories about real people and the challenges they are facing in their day-to-day activities.

We do this bearing in mind that government can only act to influence the lives of people positively if they are aware of their true situation. Hence, our objective is to use our investigative skills to ferret out information in the sectors we focus on and produce an unbiased report which will actually influence the government and decision-makers to take actions that will make society better.
Realnews is populated by seasoned journalists who believe strongly in the tenets and ethics of the profession. The online publication believes that journalism as the fourth Estate of the Realm can contribute its quota towards building a fair and just society where fundamental human rights are respected and citizens have the freedom to pursue their interests anywhere in the world without hindrance. Its editors have a combined experience of several decades in active journalism practice and are highly dedicated to serving humanity. Hence its motto: “For God and Humanity.”
Realnews Anniversary Lecture Series was established to commemorate the best minds in our society and to tap from them to enrich the discourse in our national development.
The 10^th Anniversary lecture in 2022 on “Drug Abuse among Youths in Africa: Implication for Nigerian Economy and 2023 Elections” was delivered by Brig General Buba Marwa, Chairman and Chief Executive Officer of the National Drug Law Enforcement Agency, NDLEA; 9^th Anniversary Lecture of Realnews in 2021 was delivered by Engr. Simbi Kesiye Wabote, Executive Secretary of the Nigerian Content Development and Monitoring Board on “Nigeria in the Unfolding Integration of the African Market: The Oil and Gas Perspective”; 2020 Eighth Anniversary Lecture of Realnews was delivered by Boss Mustapha, Secretary to the Government of the Federation and Chairman of the Presidential Taskforce on COVID-19 on Managing COVID-19 Pandemic in Africa: The Nigeria Experience; Former President John Dramani Mahama of Ghana gave the 2019 Lecture on Beyond Politics: An Economic Narrative for West Africa while Prof. Mahmood Yakubu spoke on Political Transitions and Africa’s Economic Development: Preparations for Nigeria’s 2019 General Elections at the 2018 Lecture.

The 2017 Fifth Anniversary Lecture on African Leadership in a Turbulent Era was delivered by Dr. Oby Ezekwesili, former minister of Education and former World Bank Vice President. The 2016 Fourth Anniversary Lecture on Security and National Development in Plural Democratic Society was delivered by Dr. Mohamed Ibn Chambas, former United Nations Secretary General’s Special Representative to West Africa and Sahel; the 2015 Realnews Third Anniversary Lecture was delivered by Professor Chukwuma Charles Soludo, former Governor of the Central Bank of Nigeria (CBN) on November 19, 2015, under the theme: It’s The Nigerian Economy, Stupid?

The Second Realnews Anniversary Lecture on Nigerian Democracy: Getting it Right in 2014 was delivered by Professor Maurice Iwu, former Chairman of the Independent National Electoral Commission (INEC).

Smile Communications Unveils CSR Initiative to Support Nigerian Schools

Business Journal

18/10/2023

L-R: Loyola College School Principal, Mr. Akinlayo and Smile representative, Mrs. Abodunde

Smile Communications, a leading telecommunications company with a strong presence in 9 States in Nigeria, is proud to announce the launch of a comprehensive Corporate Social Responsibility (CSR) initiative aimed at primary and secondary schools within its service areas across Nigeria.

With a deep commitment to making a positive impact in the communities it serves, Smile Communications has initiated this program to support schools as they resume new terms, particularly in these challenging times. As part of this CSR effort, Smile Communications will be distributing hundreds of exercise books to each of these schools, benefiting students and educators alike.

The primary objectives of this CSR initiative are to:

Support Education: Provide essential learning materials to students in underserved communities to enhance their educational experience.

Promote Community Engagement: Strengthen the bond between Smile Communications and the communities it serves by actively contributing to their development.

Encourage Learning: Encourage a culture of learning and academic excellence among Nigerian youth, helping them realise their full potential.

Speaking about this initiative, ‘Goke Olaleye], Head of Marketing Operations at Smile Communications, stated:

“At Smile Communications, we believe in giving back to the society that has supported us over the years. We recognise the challenges faced by parents, students and schools alike, during these times, and our CSR initiative is our way of providing meaningful support. Directly to schools and indirectly to the government in the alleviation of the hardships associated with new term / session resumptions.”

Smile Communications is dedicated to fostering sustainable growth and development in regions where it provides its services. This initiative is a testament to the company’s on-going commitment to corporate social responsibility.

New NCC Boss, Aminu Maida, Commits to Tinubu’s Vision on Digital Economy

Business Journal

18/10/2023

The new Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, has said he would align the Commission’s regulatory focus to achieve the promises of President Bola Ahmed Tinubu’s Renewed Hope agenda to advance the nation’s digital transformation agenda.

Maida, who spoke to the Senior Management team of the Commission at the Commission’s Head Office in Abuja Tuesday, said there is a need to ensure that the NCC strategically focuses on ensuring all Nigerians have access to affordable and reliable broadband services. Part of this is to ensure “effective broadband infrastructure diffusion across the length and breadth of Nigeria.

The new telecom regulator paid tributes to former chief executives of the Commission for their laudable role in building a resilient telecoms industry. Dr. Maida said the pursuit of improved quality of service on the networks will be one of his priorities, as well as supporting the vision of the Federal Government and the Ministry of Communications, Innovations and Digital Economy.

“Considering the fact that many people are going more digital and virtual in everything they do, the telecom infrastructure is now under much stress. President Tinubu’s vision emphasises the need to build more robust broadband connectivity that will not only facilitate seamless digital transactions but also serve as the bedrock for e-governance and other socio-economic initiatives,” he said.

“As such, we would align with this aspiration to increase broadband penetration to 70 per cent and to cover 90 per cent of the population by 2025. Therefore, we need to build a reliable telecom industry with impressive quality of service (QoS) indicators with quality of experience (QoE) as our watchword and ultimate goal. This also requires us to address a number of issues such as the Right of Way (RoW) challenge, ensuring security of our telecom infrastructure, among others. Efforts must be made to significantly improve service delivery by ensuring the NCC is performance-driven,” he said.

“Mr President has a very clear agenda from which all of us are going to take our direction. The two major areas are job creation and enabling the digital economy. Where we are going in a nutshell is; everything that we do in this Commission has to align directly with the Strategic Plan of the Hon. Minister of Communications, Innovations and Digital Economy, Dr. Bosun Tijani and ultimately to the Renewed Hope agenda of His Excellency, President Bola Ahmed Tinubu. We would not deviate from that.

“We would not entertain anything that deviates from this direction because my key performance indicators (KPIs) are fed into the Minister’s KPIs and the President KPIs come from the electorate that put him into power. The Hon.Minister has said clearly that he is ready to build a robust digital infrastructure and empower three million Nigerians digitally and we have to do our best to support him in this regard,” Maida said.

He stated further that, in the Strategic Plan of the Minister, there was a plan to empower three million Nigerians in digital skills and entrepreneurship, adding that this will require the Commission to support Digital Bridge Institute (DBI) as a digital training institution, to be well positioned in driving the government’s agenda on youth empowerment.

The EVC also emphasised the importance of effective spectrum management and utilisation in supporting the envisioned digital connectivity agenda, which is critical to service deployment to the generality of Nigerians and businesses in the country.

Maida, while appreciating his predecessors and the entire staff of the Commission for the laudable role being played in digital transformation of all sectors by stimulating the deployment of baseline telecom infrastructure, however, called on the staff of the Commission to join his leadership with a sense of purpose as a team towards advancing the actualisation of the President’s Renewed Hope agenda, which, he said, recognises a thriving digital economy in achieving sustainable development and quality of life for all citizens.

Polaris Bank Partners Millwater on Stable Power Delivery to Industrial Clusters

Business Journal

18/10/2023

L-R: Lagos Deputy Governor, Dr. Obafemi Hamzat; Vice President, Kashim Shettima; Ogun State Governor, Prince Dapo Abiodun; Executive Director Polaris Bank, Chinwe Iloghalu and Deputy Managing Director, Wema Bank, Wole Akinleye at the Agbara Business Roundtable, Ogun State recently.

Polaris Bank Limited has expressed its commitment to partner with Millwater to deliver uninterrupted power to industrial clusters in Nigeria in order to accelerate the industrialization drive of the current administration.

While giving the assurance on the sidelines of the recent Agbara Business Roundtable which held in Agbara, Ogun State, Polaris Bank’s Executive Director, Lagos & Corporate Banking, Chinwe Iloghalu who represented the Bank’s Managing Director/CEO, Adekunle Sonola, expressed the lender’s readiness to provide the required funding to Millwater, a Technical Partner of Niger Delta Power Holding Company (NDPHC) to make the Light Up Nigeria project, a reality.

Polaris Bank is the financial partner to Millwater Limited which is serving as a Special Purpose Vehicle (SPV) and partnering with NDPHC to deliver the Light Up Nigeria project of the federal government.

At the event, Vice President, Senator Kashim Shettima, while noting that Nigeria holds tremendous opportunities for not only investors, but also the people, restated Federal Government commitment to investors and industries to deliver adequate power supply across industrial clusters.

Shettima decried situation where industrial clusters like Agbara had to rely on other sources of power supply other than the national grid, and assured that the Federal Government through the Niger Delta Power Holding Company (NDPHC) is committed to ensuring that clusters like Agbara benefit from cheaper means of generating power in their various factories.

The Business Roundtable which drew cream of the Nigerian society across different spectrum had the Ogun State Governor, Dapo Abiodun; Lagos Deputy Governor, Obafemi Hamzat; Minister for Power, Adebayo Adelabu and NDPHC CEO, Chiedu Ugbo, all lauding the Light Up Initiatives of the present government which they reckon will fast-track Nigeria’s industrialization efforts.

Polaris Bank has been a strong partner in funding Nigeria’s energy players to deliver value to critical stakeholders and this project which is dear to the heart of the current administration, will not be an exception.

Recall Polaris Bank recently funded the delivery of a full cargo with an indigenous firm to the tune of N13bn, thus enabling the transportation of the 20,000 metric tonnes, or 27 million litres of petrol, to the country. The Bank’s support exemplified the pivotal role played by the financial institution to support the growth of the critical energy sector of the economy.

The event was to launch an initiative to ensure dedicated power supply to industrial clusters across the country, starting with Agbara Industrial Estate.

Polaris Bank, adjudged Digital Bank of the Year 2021 and 2022, is a future-determining Bank committed to the delivery of industry-defining products, and services, across all the sectors of the Nigerian economy.

Unity Bank Customers Win Over N.5m in Verve Card Promo

Business Journal

18/10/2023

Unity Bank customers, Nmeregini Chukwuebuka and Sharif Yusuf Mohd have emerged as winners of N500,000 and N150,000 respectively in the ongoing Verve National Consumer Promo.

Organised by payment processor, Verve Card Services Limited, the winners emerged in the August draw where other Unity Bank customers also won prizes including fuel vouchers, electricity payments, shopping vouchers, etc.

The promotion, which started in August 2023, will run till January 2024. It presents an opportunity for all Unity Bank’s Verve cardholders, active and inactive, to win the different categories of prizes. However, customers are advised to activate their Verve Cards and increase their frequency of transactions across any transaction channels – POS, ATM and WEB in order to increase their chances of winning.

To win as a Unity Bank Verve card holder, customers are expected to perform at least two additional transactions with their Verve cards every week, with a customer’s chance of winning increasing with the frequency of transactions.

Congratulating the Unity Bank winners, the Head of E-Business, Eghomware Iyamu commended Verve Card for organizing the promo which is intended to drive uptake of technology, e-banking and financial inclusion.

He expressed satisfaction with the partnership that exists between the organization and Unity Bank which has been mutually beneficial in terms of increased adoption of the cashless society, digital payment and convenient Banking.

Speaking further on the reward, Iyamu stated: “Unity Bank is happy to continue the issuance of Verve Card whilst the promo presents a unique opportunity for Unity Bank customers who transact with their Verve cards to enjoy substantial financial benefits in cash, vouchers and other gifts”.

He added that “Verve Card also allows Unity Bank customers to take advantage of added security and convenience that comes with the Verve cards, which offers advanced security features, reducing the risk of fraudulent transactions; while providing customers with the convenience of making payments and withdrawals at numerous locations across the country.”

Iyamu therefore invites customers of Unity Bank Plc to pick up and activate their Verve cards to enhance their overall banking experience.

As Nigeria’s top retail lender, Unity Bank values its customers and strives to offer them attractive incentives for their trust and patronage. This promo aligns with the bank’s commitment to rewarding customer satisfaction and loyalty.

The Alternative Bank Enters Market with Lagos, Abuja, Kano Launch

Business Journal

18/10/2023

L-R: Chairman, The Alternative Bank, MUHTAR BAKARE; Executive Chairman, Stratevium Nigeria Limited, Dr. PRISCA NDU; Head of Product, Omnibiz, ZAINAB ARILESERE and CEO, The Alternative Bank, HASSAN YUSUF during the launch of The Alternative Bank in Lagos recently.

The Alternative Bank, Nigeria’s newest entrant into the financial services sector, launched in spectacular fashion by holding simultaneous launch events in three major cities across the country – Lagos, Abuja, and Kano, making it the first synchronised multi-city brand launch in Nigeria’s history. The Alternative Bank is the ethical banking subsidiary of Sterling Financial Holdings.

Speaking from Lagos, Managing Director of The Alternative Bank, Hassan Yusuf, said, “We believe that banking should be a platform for shared prosperity, where everyone benefits. And this explains why we refer to our customers as partners, because we believe we are on a journey of wealth creation where profits are shared, and customers are provided with funds without incurring interest charges.”

Speaking at the launch event in Abuja, Executive Director of The Alternative Bank, Garba Mohammed, said “The Alternative Bank is here to create wealth-for-all in a sustainable way, by doing things differently and taking a different model to partnering with its customers.”

The launch events featured the presentation of digital products to attendees, designed to bring more people into the formal financial sector with an albeit unconventional approach to e-commerce, investments, assets financing, and renewable energy with solutions such as AltMall for e-commerce, AltInvest for ethical retail investments, AltPower for affordable renewable energy solutions, AltDrive for new and pre-owned vehicle financing, and WasteBanc for the monetisation recyclable waste.

In recognition of the unique financial needs of individuals and businesses, The Alternative Bank offers personalized financial consultations, tailored solutions, and one-on-one guidance towards ensuring that customers achieve their financial goals. The zero-interest banking principle is dedicated to fostering sustainable practices, responsible investments and financial decisions that contribute to positive social and environmental impacts.

The Alternative Bank also recently launched an innovation in retail investments with the first AltCoin which affords investors the opportunity to preserve and grow their wealth by investing in gold.

The Alternative Bank started in 2014 as Sterling Alternative Finance, after the Central Bank of Nigeria licensed then Sterling Bank Plc to operate a non-interest banking business and has since grown to become one of the largest ethical banks in Nigeria’s non-interest banking sector.

With the recent completion of Sterling’s transition to a full-fledged financial holdings company, The Alternative Bank will operate as the non-interest banking subsidiary of the Group, while Sterling Bank Limited will continue to provide conventional banking services.

Sanlam General CEO, Bode Opadokun, Wins 2023 CEO Today Africa Award

Business Journal

18/10/2023

The CEO Today Africa Awards celebrates exceptional leaders who are revolutionising the business landscape in Africa. This prestigious award recognises individuals who have demonstrated outstanding leadership, achieved remarkable success and made significant contributions to their industries. Bode Opadokun has been honored with the prestigious 2023 CEO Today Africa Award.

Bode Opadokun is an accomplished business leader and insurance mogul with a remarkable track record in the financial services sector and the Managing Director/CEO of Sanlam General Insurance Nigeria Limited. Opadokun, emerging as the winner of this esteemed accolade, solidifies his position as a prominent figure in the African business community.

The selection process for the CEO Today Africa Awards is rigorous and comprehensive. A panel of industry experts carefully evaluates the nominees based on a range of criteria, including leadership skills, financial performance, innovation, strategic vision, and industry impact. The winners are chosen based on their exceptional achievements and their ability to inspire and lead their teams to success.

Opadokun is an insightful and versatile insurance professional with over three decades’ work of experience in underwriting, marketing and executive managerial experience. His areas of expertise include general business and special risks, as well as agricultural insurance. Opadokun’s dedication to fostering a culture of innovation and creativity has resulted in the development of disruptive products and services in the Nigerian insurance industry.
His forward-thinking approach has allowed him to stay ahead of the curve and drive success for himself and the organisations he leads. He led the Sanlam General Insurance business to be the first insurance company in Nigeria to use a dynamic USSD Code to resolve a motor insurance claim in less than 40 minutes. This service is tagged, Code of Confidence. With a dial of *1056# on your phone, you can resolve your motor insurance claims in a few minutes.

While receiving the award, Opadokun said: “I am deeply honoured and humbled to receive the 2023 CEO Today Africa Awards. Opadokun thanked everyone and dedicated the award to the staff members of Sanlam General Insurance who have been making the organisation thrive. Other notable winners of the award from Nigeria are the CEO, First Pension Custodian, Oloruntimilehin George, and the CEO, BUA Cement, Yusuf Haliru Binju.

Sanlam Nigeria, formerly FBN Insurance and FBN General Insurance, comprising Sanlam Life Insurance Nigeria Limited and Sanlam General Insurance Nigeria Limited, is Nigeria’s fastest-growing insurance company with multiple awards and recognitions including 4-time World Finance Life Insurance Company of the Year among others. With a presence in over 66 locations, the brand is easily one of the most retail-driven insurers in Nigeria boasting a sales force of over 3000 sales champions and strong user-friendly technological support to ensure on-the-spot policy uptake.
Sanlam Nigeria is a member of the Sanlam Pan Africa (SPA), a truly pan-African brand with a rich history and heritage founded in 1918 as a life insurance company. Headquartered in South Africa, the brand has grown to become Africa’s largest non-banking financial services group, with a strong presence in 33 countries on the African continent including Nigeria, and a niche presence in India, Malaysia, the United Kingdom and Australia. Indeed, Sanlam operates in 8 out of the 10 largest economies in Africa, with over 154,000 employees globally, delivering superior value to customers, shareholders and the broader society.

NCC, NAICOM, PenCom, SEC, NEM, Dangote, Stanbic IBTC, STI for Business Journal 15th Anniversary Lecture

Business Journal

16/10/2023

The Business Journal 15^th Anniversary Lecture/Awards scheduled for Friday, October 27, 2023 at Radisson Hotel, GRA, Ikeja, Lagos under the theme: ‘Nigeria: The Economic Outlook Today & Tomorrow.’ has continued to attract immense corporate support from key federal government agencies and operators in the Organised Private Sector (OPS).

At the last count, the Nigerian Communications Commission (NCC); National Insurance Commission (NAICOM); National Pension Commission (PenCom); Securities & Exchange Commission (SEC); NEM Insurance Plc; Dangote Group and Stanbic IBTC Bank Plc have indicated interest and participation in the anniversary lecture.

Others include Stanbic IBTC Insurance Limited; SUNU Assurances Plc; Hilal Takaful Nigeria Limited; Sovereign Trust Insurance Plc; West Africa Business School and Boff & Co. Insurance Brokers Limited.

Commenting, Prince Cookey, Publisher/Editor-in-Chief of Business Journal Media Group, said:

“We owe immense debt of gratitude to the regulatory agencies and corporate bodies for graciously supporting our 15^th anniversary lecture. We equally appreciate other corporate firms for supporting the growth of Business Journal since inception in 2008. We are indeed challenged by the gesture and we solemnly promise to keep the flag of Business Journal flying higher in the Nigerian media space. Our 15 years in the media industry in Nigeria as a value-adding and going concern is a testimony to the Grace of God, vision, professionalism, enterprise, doggedness and perseverance in the face of daunting challenges in the operating environment. We equally extend our profound gratitude to numerous individuals and corporate bodies (public and private) that have been our business backbone since 2008. As we look forward to the anniversary lecture, we remain committed to our vision to rank as the leading media group in Nigeria and Africa despite our lean resources today.”

The anniversary lecture, which has ‘Nigeria: The Economic Outlook Today & Tomorrow’ as theme would be Chaired by Dr. Aminu Maida, the new Executive Vice-Chairman/CEO, Nigerian Communications Commission (NCC) while renowned economist and financial expert, Dr. Biodun Adedipe is the keynote speaker.

The Special Guests of Honour include: Mr. O.S. Thomas, Commissioner for Insurance/CEO, National Insurance Commission (NAICOM); Mrs. Aisha Dahir-Umar, Director-General, National Pension Commission (PenCom) and Mr. Lamido Yuguda, Director-General, Securities & Exchange Commission (SEC).

Mr. Tope Smart, Group Managing Director/CEO, NEM Insurance Plc and Past President of AIO is the Guest of Honour while the Guest Speakers include: Professor Anthony Kila, Director, CIAPS Lagos; Dr. Bode Oguntoke, Group Head of Audit, FBN Holdings Plc; Mr. Jide Orimolade, Managing Director/CEO, Stanbic IBTC Insurance Limited and Mrs. Thaibat Adeniran, Managing Director/CEO, Hilal Takaful Nigeria Limited.

Cookey added that other distinguished personalities and corporate bodies for the anniversary lecture would be unveiled in due course.

The Business Journal 15^th Anniversary Lecture is scheduled for Friday, October 27, 2023 at Radisson Hotel, GRA, Ikeja, Lagos at 10.00am.

Access Bank, Visa Partner to Facilitate B2B Cross-Border Payments

Business Journal

15/10/2023

Access Bank has partnered with Visa, the world leader in digital payments, to enhance the efficiency of cross-border business-to-business payments for the bank’s corporate, commercial and SME customers by adopting the Visa B2B Connect platform to send and receive payments to and from 110 countries worldwide. Visa B2B Connect is a payment platform that will allow Access Bank’s business customers to send money faster, efficiently, and securely from Nigeria to multiple markets across the globe, facilitating seamless business operations.

The announcement of this partnership signifies Access Bank’s commitment to digital innovation and providing best-in-class services to SMEs and large corporate clients. The collaboration will enhance customer experience and develop commerce across various trading corridors by providing businesses with cross-border payment services that are cost-effective, efficient, reliable, and secure.

Commenting on this, Victor Etuokwu, Deputy Managing Director, Access Bank, said: “Access Bank has the vision to be the bank of first choice, offering innovative financial services, built on trust and driven by a passion for excellence. The partnership with Visa brings innovation to the forefront and provides our clients with the latest technology advancements to meet their changing needs. Access Bank’s Visa B2B Connect enrolment will help strengthen businesses in Nigeria by delivering fast, transparent, and secure payment services. The Bank’s participation in the Visa B2B Connect platform contributes to technology modernization and service excellence, enhancing Access Bank’s partnership with businesses in Nigeria.”

Also commenting on the partnership, the Head of Visa B2B Connect, CEMEA, Vishal Virmani, said: “With Access Bank’s addition to Visa B2B Connect, we are excited to launch the platform in Nigeria and West Africa to benefit businesses and the cross-border payments eco-system in the country. The solution supports digital innovation and increases efficiency for financial institutions and their corporate clients.”

Visa B2B Connect is an innovative, non-card-based multilateral platform delivering B2B cross-border payments to 110 countries worldwide that are predictable, secure, and cost-effective for financial institutions and their corporate clients. Although many businesses may find cross-border payments complex, Visa B2B Connect creates predictability and transparency for customers, providing key insights for strategic decision-making and business planning.

“Technology is bringing us closer together; yet, when it comes to small businesses and corporate clients moving money around the world, there are challenges that remain that haven’t been solved,” said Andrew Uaboi, General Manager Nigeria and Cluster Head of West Africa, Visa. “As Access Bank join the Visa B2B Connect network in Nigeria, The Bank’s collaboration with Visa will help businesses in the country to send and receive international payments quickly and securely.”

NCC Restores Regulatory Services to Globacom

Business Journal

13/10/2023

The Nigerian Communication Commission (NCC) has restored regulatory services to one of its licensees, Globacom Limited after it successfully cleared its outstanding debt obligations to the Commission for unpaid Spectrum Fees, Numbering Fees and Annual Operating Levy (AOL).

The Commission has also stepped down planned enforcement action against Globacom over its breach of extant regulations by failing to pay its debts despite several demand notices.

The Commission had temporarily withdrawn the suspension of regulatory services to Globacom in a letter dated May 22, 2023, titled “Re: Continuous Breach of Commission’s Laws and Regulations.”

The suspension of regulatory services to Globacom was automatically reinstated after it failed to meet the conditions for the earlier withdrawal.

NCC Unveils New EVC/CEO, Aminu Maida

Business Journal

13/10/2023

Aminu Maida

Executive Vice Chairman/Chief Executive Officer

Nigerian Communications Commission (NCC)

Dr. Aminu Maida was appointed the Executive Vice Chairman/Chief Executive Officer of the Nigerian Communications Commission (NCC) by President Bola Tinubu on Wednesday, October 11, 2023.

Dr. Maida holds an MEng in Information Systems Engineering from Imperial College, London in 2002, and in 2006, he bagged a PhD in Electrical & Electronic Engineering from the University of Bath, United Kingdom.

Between 2018 and 2019, Maida completed a Post Graduate Diploma in Entrepreneurship (FinTech Pathway) program at the Cambridge Judge Business School, University of Cambridge, United Kingdom.

Until his latest appointment by the President, Dr. Maida was the Executive Director, Technology and operations at Nigeria Inter-Bank Settlement System Plc (NIBSS), the country’s central switch company owned by the Central Bank of Nigeria (CBN) and all licensed Deposit Money Banks (DMBs) in Nigeria.

At NIBSS, Dr. Maida was responsible for holistically spearheading the technical and operational standardisation of all devices deployed in the financial system in Nigeria for interoperability. Maida led a dynamic team that ensured that all terminals used in the e-payment industry and all devices deployed in Nigeria would accept all cards issued by banks and other licensed card schemes without discrimination.

Prior to his appointment at NIBSS, Maida was the Chief Technical Officer (CTO) at the Nigerian-based FinTech Arca Payments Network and Senior Manager at Cisco Systems, United Kingdom.

As a seasoned technical professional with over 15 years of multi-functional and international experience in FinTech & Telecoms & Enterprise Technology, Maida between 2010 and 2014, worked as a Network Design Consultant at EE, part of BT Group, and one of the largest mobile communications companies in the UK. He was also at some point (2006-2010) a System Engineer at Ubiquisys, a leading company in intelligent 3G and LTE small cells, which is now part of Cisco.

Dr. Maida, a professional par excellence with a broad range of experience, making him technically strong and commercially aware, is married with children.

Oil Assets Divestments Will Boost Production, Employment – Wabote

Business Journal

12/10/2023

Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote with some members of the National Executive Committee and NCDMB Branch Executive of the Petroleum and Natural Gas Senior Staff Association (PENGASSAN) at the 2023 Energy and Labour Summit in Abuja.

The Nigerian oil and gas industry is poised for a boost in crude oil production, employment creation, and capital injection with the planned divestment of some assets by select international oil and gas companies and concomitant acquisition by Nigerian operating companies, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote said last Wednesday.

The Executive Secretary painted this picture while delivering the keynote address on Divestments in oil and gas: the challenges, the opportunities, and the implications to the industry in Nigeria at the 2023 Petroleum and Natural Gas Senior Staff Association (PENGASSAN) Energy and Labour Summit in Abuja.

Quoting the AfricaReport magazine, he stated that about 26 oil mining licenses have been divested or acquired by oil and gas companies in the Niger Delta Basin area of Nigeria in the past decade. Some of the divestments currently on the cards include the plan by Shell and ExxonMobil to sell oil and gas assets worth billions of dollars, in addition to Eni’s announcement in September of an agreement with Oando PLC for the sale of NAOC interests in six (6) onshore blocks and Okpai gas power plant in, Delta State.

He emphasised that divestments of oil assets are not necessarily negative, rather they present an avenue for the local capacities and capabilities that have been developed through local content implementation to be brought to bear in the upstream sector.

Wabote outlined several opportunities that would accrue from divestments, such as the injection of new capital, the rejuvenation of divested assets, and an increase in crude oil production through the investment in technologies by the acquiring firms.

Other direct benefits are the creation of direct and indirect employment opportunities by the indigenous companies and their service providers.

He reiterated that the divestments confirm that Nigerians and indigenous companies have come of age and have acquired the technical, managerial, and financial capabilities to play in the “big league”. He added that “the involvement of our financial institutions on the transactions represents means of efficient capital deployment and capacity building on loans syndication on an international scale. This is also applicable to legal services, insurance, government relations, employee relations, community liaison, and others.”

Aside from the opportunities, the NCDMB boss equally highlighted challenges encountered in the divestment exercises. These revolved around the time required to get necessary regulatory approvals as well as the substantial interests from various groups covering political, legal, communities, and labour. Among other challenges are the potential for the disruption of oil and gas production, job losses, as well as “access to latest technology especially if the new investors lack the technical expertise or have no support from original equipment manufacturers.” There are also issues around how “to manage legacy issues or liabilities related to the environment, communities, and other social commitments and pressure on new investors to recoup investments on time to offset loans and address other financial requirements.”

The NCDMB boss assured that the Board would continue to partner with industry stakeholders to institute regulations that would ensure that the increasing footprints and stakes of indigenous oil and gas production companies would not lead to a reduction in Nigerian content compliance. He promised that the Board would continue to partner with PENGASSAN to shape a future where Nigeria’s energy industry not only survives but thrives in the face of change.

NDDC, NLNG Sign Pact to Maximise Impact of Development in Niger-Delta

Business Journal

12/10/2023

(L-R): Dr. Stephen Ighomuaye, NDDC legal Services Director; Dr. Samuel Ogbuku, NDDC MD; Dr. Philip Mshelbila, NLNG’s MD/CEO; and Andrew Ohaneje, NLNG’s Assistant General Counsel, Technical Litigation & Regulatory Risk Management during the signing of an MoU between NLNG and NDDC at NLNG’s Corporate Head Office in Port Harcourt, Rivers State.

The Niger Delta Development Commission (NDDC) and Nigeria LNG Limited (NLNG) have signed a Memorandum of Understanding (MoU) to leverage shared aspirations and collaborate on diverse fronts in the delivery of sustainable development projects in the region.

At a brief signing ceremony at NLNG’s Corporate Head Office, the Managing Director and Chief Executive Officer of NLNG, Dr Philip Mshelbila, and NDDC’s Managing Director, Dr Samuel Ogbuku, signed the MoU in the presence of executives from both organisations. As part of the pact, the two organisations agreed to collaborate and partner to empower communities in the region, promote local content and capacity development, and work with stakeholders along the value chain to deliver sustainable development projects effectively.

Dr. Mshelbila, in his remarks, stated that through the partnership with NDDC, NLNG aspires to set a precedent for how such collaborations can drive positive change in the Niger Delta region. He said NLNG’s goal was to replicate the success of its projects and initiatives across the Niger Delta, working closely with NDDC to maximise the impact of collective efforts. He stated that the goal aligns with its vision of “helping to build a better Nigeria”.

“Today, we are proud to formalise our partnership with NDDC, an organisation empowered to deliver development projects in this vital region of our nation. At Nigeria LNG, our journey has always been guided by a commitment to seek strategic partners in sustainable development. This commitment is deeply rooted in our core values and principles, and it drives us to continuously explore innovative avenues to make a meaningful impact on the lives of those we serve. Our partnership with NDDC is evidence of this commitment.

“Our dedication to the sustainable development of our host communities in health, education, economic development, and infrastructural development remains unwavering. We understand that our success is linked to the well-being and prosperity of the communities in which we operate. Therefore, investing in projects and initiatives that empower these communities, promote social inclusion, and foster economic growth is an ethical responsibility.

“We believe that the highest standards of project execution and accountability are essential to achieving our sustainable development outcomes. We intend to share knowledge and build capacity with NDDC to make these outcomes feasible,” Dr. Mshelbila added.

In his remarks, NDDC’s Managing Director, Dr Ogbuku, stated that the pact demonstrated unity towards sustainable development and progress in Nigeria. He noted that the MoU heralds a new era of collaboration for the betterment of the Niger Delta region and the nation.

“While the NDDC and NLNG each have unique missions, their common goals emphasise sustainable development, socio-economic empowerment, local content promotion, capacity building, and stakeholder collaboration. This alliance represents a pivotal moment in Nigeria’s journey towards progress and prosperity. It is a testament to the power of unified action in addressing the complex challenges faced by the Niger Delta region and the nation. The NDDC and NLNG are poised to create a more prosperous, inclusive, and sustainable future for Nigeria and its people.

“NLNG is recognised as a significant player in the global LNG industry, committed to conducting its operations with environmental responsibility and contributing to monetising Nigeria’s invaluable natural resources. Similarly, the NDDC is committed to promoting sustainable development within the Niger Delta, focusing on the delicate balance between economic growth, environmental stewardship, and the well-being of local communities,” he stated.

According to Dr. Ogbuku, the NDDC is dedicated to uplifting the Niger Delta region through targeted initiatives to enhance livelihoods, education, healthcare, and socio-economic conditions. He said the organisation strongly emphasises empowering local communities through skills training, support for small and medium-sized enterprises, promoting self-sufficiency and building solid relationships with state governments, local communities, non-governmental organisations, and private enterprises to design and implement practical development projects within the Niger Delta region. He stated that the partnership with NLNG underscores a shared commitment to inclusive governance and comprehensive development.

As outlined in the MoU, the agreement will promote harmonious relationships between the two organisations as an enabler for achieving a common goal of facilitating the sustainable and continuous development of the Niger Delta region through investment in development projects that will maintain peace and security in the region. The MoU will also provide a framework for partnership between the organisations to maximise the impact of NLNG’s contributions to NDDC through effective delivery of development projects in the Niger Delta in an objective, judicious, transparent, sustainable, auditable manner and with due regards to accountability and global best practice.

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