| Promoters of the Pan-African Payment & Settlement System (PAPSS), namely African Export-Import Bank (Afreximbank), African Union Commission (AUC) and African Continental Free Trade Area (AfCFTA) Secretariat, successfully organised the first Consultative Forum of CEOs of African Banks bringing together executives of African commercial banks, bankers’ associations, payment switches, the association of African stock exchanges and other financial service providers. Participants reaffirmed their strong support to the decisions of the Assembly of the African Union Heads of States and Governments of 2019 and 2020. The 2019 decision adopted PAPSS as the African Financial Market Infrastructure for cross-border payments and settlements while the 2020 decision mandated Afreximbank, AUC and AfCFTA Secretariat to urgently introduce and scale up the implementation of PAPSS. The Forum therefore provided an avenue for participants to deliberate on the successes and challenges of the PAPSS payment system and explore potential path forward on how it can be optimised to facilitate seamless and efficient cross-border payments to support the implementation of the AfCFTA. Following productive discussions, participants at the Forum agreed to take collective ownership of the success and the future of PAPSS given its significant and hugely positive impact on the facilitation of cross-border payments and the development of intra-African trade. In addition, participants advocated to leverage PAPSS as a pathway to increasing the share of African currencies in intra-African trade and other cross-border payments, as well as increasing the volume of intra-regional payments for mutual benefits to drive rapid adoption of PAPSS by businesses. Participants agreed to embed PAPSS into their digital channels to enable ease of access and seamless integration for existing customers. Mr. Mike Ogbalu III, Chief Executive Officer of PAPSS, stated: “PAPSS is fully operational and making rapid progress. We have signed on thirteen African Central Banks, and connected over 115 commercial banks, and ten payment switches across Africa. Another 115 commercial banks are in the pipeline for connection. Our foundation is solid, and the time has come for action and acceleration. It is time to use the system to drive trade in Africa, for Africans, by Africans. We urge all banks to join us in our collective effort to promote intra-African trade and development through PAPSS.” Further commenting, Mr. Ogbalu said: “We are pleased to see overwhelming support of this forum by the leadership of the African financial institutions. PAPSS is a revolutionary initiative that has the potential to significantly transform the financial and payments landscape of our continent. As managers of PAPSS, we are committed to ensuring it succeeds. We urge all African financial institutions to join us in transforming the way payments are done in Africa.” Distributed by APO Group on behalf of Afreximbank. Afreximbank and the African Union (AU) first announced PAPSS at the Twelfth Extraordinary Summit of the African Union held on July 7, 2019, in Niamey, Niger Republic, therefore adopting PAPSS as a key instrument for the implementation of the African Continental Free Trade Agreement (AfCFTA). Further, in its thirteenth (13th) extraordinary session, held on December 5, 2020, the assembly of the African Union directed Afreximbank and the AfCFTA secretariat to finalise, among others, work on the Pan-African Payments and Settlements System (PAPSS). The 35th Ordinary Session of the Assembly of the AU further directed the AfCFTA and Afreximbank to deploy the system to cover the entire continent. PAPSS was officially launched in Accra, Ghana, on January 13, 2022, thus making it available for use by the public. |
PAPSS Hosts Inaugural Bank CEOs Consultative Forum
FG Reiterates Commitment to Utilise Gas for Economic Growth, Prosperity
Deputy Governor of Imo State, Lady Chinyere Ekumaro cuts the tape to mark the Presidential commissioning of the ANOH Gas Processing Plant, one of the three critical gas projects delivered by NNPC and its partners, in Assa Community, Ohaji/Egbema Local Government Area of Imo State. Supporting the Deputy Governor is the GCEO NNPC, Malam Mele Kyari (2nd from right) and Chairman, Seplat Nigeria, Senator Udo Udoma.
In line with its renewed hope agenda, the Federal Government has reiterated its determination to utilise Nigeria’s abundant gas resources towards revamping the nation’s industrial growth and kickstarting its economic prosperity.
President Bola Ahmed Tinubu disclosed this while commissioning three critical gas infrastructure projects executed by NNPC Limited and its partners in Ohaji-Egbema, in Imo State and Kwale, in Delta States on Wednesday.
The three projects commissioned include the expansion of the AHL Gas Processing Plant, the ANOH Gas Processing Plant and the 23.3km ANOH to Obiafu-Obrikom-Oben (OB3) Custody Transfer Metering Station Gas Pipeline Projects.
“It is pleasing that approximately, 500MMscf of gas in aggregate would be supplied to the domestic market from these two Gas Processing Plants, which represents over 25 percent incremental growth in gas supply. In practical terms, this translates into more gas to the Power Sector, Gas-Based Industries, and other critical segments of the economy,” the President added.
The President said from the onset, his administration was clear of its intention to leverage on the virtually unlimited capacity of gas to deepen domestic gas utilisation, increase national power generation capacity, revitalize industries, and create multiple job opportunities for economic growth.
He said aside the Presidential Compressed Natural Gas (CNG) Initiative which is aimed at moving Nigerians away from petrol and diesel as vehicular combustion fuel, significant progress has also been recorded in incentivizing gas development through Presidential Executive Orders.
While congratulating the projects partners (NNPC Limited, Sterling Oil Exploration & Energy Production Company Limited (SEEPCO) and Seplat Energy for the successful implementation of the three projects, Tinubu particularly charged the NNPC Limited to, as the national energy company of choice, sustain its relentless efforts and record more successes in the energy sector for the benefit of all Nigerians.
He described the commissioning as a highly significant milestone for Nigeria as it demonstrates his administration’s efforts to accelerate the development of critical gas infrastructure geared at enhancing the supply of energy to boost industrial growth and create employment opportunities.
He said the projects were fully in line with the Federal Government’s Decade of Gas initiative, and his administration’s quest to grow value from the Nation’s abundant gas assets while concurrently eliminating gas flaring and accelerating industrialization.
“I wish to assure the citizenry that these are just the beginning, as the federal government is stepping up its coordination of other landmark projects and initiatives that will ensure the earliest realisation of gas fueled prosperity in our country. Consequently, I wish to assure investors in the energy space that this is an investment enabling government and we will not relent in facilitating the ease of doing business,” the President noted.
Earlier in his address, the Minister of State for Petroleum Resources (Gas) Rt. Hon. Ekperikpe Ekpo highlighted the efforts of his ministry to continue to champion the utilisation of gas as a transition fuel as Nigeria moves towards achieving clean energy efficiency and security by 2060.
Ekpo commended the President for his leadership and support towards the success of the three projects.
In his remarks, the GCEO NNPC, Mr. Mele Kyari described the commissioning as a demonstration of Mr. President’s commitment and support to grow the domestic utilisation of natural gas for power generation, as feedstock for gas-based industries and overall rapid industrialisation of Nigeria on the back of the enormous gas resources in the country.
Kyari assured that as part of its mandate, NNPC Ltd remains committed to maintaining energy security by executing more strategic gas projects for the benefit of Nigeria.
Stanbic IBTC Bank Clarifies Expected Credit Loss Reporting
The Stanbic IBTC Bank Statement:
It has come to our attention that there have been some misconceptions circulating in recent media reports regarding Stanbic IBTC Bank’s approach to recognizing expected credit losses (ECL) on our risk asset portfolio.
We would like to take this opportunity to clarify our methods and the principles guiding our financial reporting.
Stanbic IBTC Bank adheres strictly to International Financial Reporting Standards (IFRS), particularly IFRS 9, which dictates the accounting for financial instruments. One of the core aspects of IFRS 9 is the requirement for banks to make provisions for expected credit losses rather than incurred losses.
This standard is designed to provide a more realistic representation of a bank’s financial health by anticipating potential future risks rather than merely reacting to incurred losses.
Our ECL provisioning is a forward-looking measure reflective, not of losses already realised but of those that our comprehensive risk assessment models predict over the next 12 months. This approach allows us to manage risks proactively rather than reactively. The provision is influenced by detailed macroeconomic projections, including factors such as GDP growth rates, employment figures, industry health, and geopolitical stability, among others.
It is crucial to understand that these provisions are not indicative of actual financial losses but are prudential estimates designed to safeguard the bank against future credit risk exposures. Such proactive measures are a testament to our robust risk management framework, which rigorously evaluates and monitors the creditworthiness of our clients continually.
In line with our commitment to transparency and sound financial practices, we also maintain a strong risk acceptance process. We actively monitor our credit exposures, and any accounts that show signs of significant risk are promptly addressed to mitigate potential adverse impacts on our portfolio.
Stanbic IBTC Bank remains dedicated to upholding the highest standards of banking practice, ensuring that our stakeholders can rely on the accuracy and integrity of our financial reporting. Our proactive risk management measures are a cornerstone of our strategy to maintain financial stability and protect the interests of our clients and investors.
Emirates Returns to Nigeria from October 1, 2024
Emirates will resume services to Nigeria from 1 October 2024, operating a daily service between Lagos and Dubai, and offering customers more choice and connectivity from Nigeria’s largest city to, and through, Dubai.
The service will be operated using a Boeing 777-300ER. EK783 will depart Dubai at 0945hrs, arriving in Lagos at 1520hrs; the return flight EK784 will leave Lagos at 1730hrs and arrives in Dubai at 0510hrs the next day. Tickets can be booked now on emirates.com or via travel agents.
Adnan Kazim, Emirates’ Deputy President and Chief Commercial Officer said: “We are excited to resume our services to Nigeria. The Lagos-Dubai service has traditionally been popular with customers in Nigeria and we hope to reconnect leisure and business travellers to Dubai and onwards to our network of over 140 destinations. We thank the Nigerian government for their partnership and support in re-establishing this route and we look forward to welcoming passengers back onboard.”
With the resumption of operations to Nigeria, Emirates operates to 19 gateways in Africa with 157 flights per week from Dubai, with further reach to an additional 130 regional points in Africa through its codeshare and interline partnerships with South African Airways, Airlink, Royal Air Maroc, Tunis Air, among others.
As a major economic hub in Africa, Nigeria and the UAE have built strong bilateral trade relations over the years, headlined by Lagos as the nation’s commercial centre. With the resumption of daily passenger flights, the airline’s cargo arm, Emirates SkyCargo, will further bolster the trade relationship by offering more than 300 tonnes of bellyhold cargo capacity, in and out of Lagos every week.
Emirates SkyCargo will support Nigerian businesses by exporting their goods via its state-of-the-art hub in Dubai, into key markets such as the UAE, Malaysia, Hong Kong, and Bahrain, among others with key anticipated commodities such as Kola Nuts, food and beverages, and urgent courier material. Emirates SkyCargo will also import vital goods such as pharmaceuticals and electronics as well as general cargo from key markets such as the UAE, India and Hong Kong. Keeping trade flowing seamlessly, these goods will be transported quickly, efficiently, and reliably via the airline’s multi-vertical specialized product portfolio.
The Emirates Boeing 777-300ER serving Lagos will operate with 8 First Class suites, 42 Business Class seats, and 304 seats in Economy Class. Offering the best experience in the sky, passengers can dine on regionally inspired multi-course menus developed by a team of award-winning chefs complemented by a wide selection of premium beverages. Customers can tune in to over 6,500 channels of global entertainment, including 23 Nigerian movies, in addition to series and other content on ice, Emirates’ award-winning inflight entertainment system.
Ecobank MySME Growth Series: AI Holds the key to Business Development-Erhabor
Small and Medium Enterprises (SMEs) in the country have been advised to embrace Artificial Intelligence (AI) technology to grow their businesses. Founder AI Nigeria, Ehia Erhabor, made this submission in his presentation titled “Using AI for Business Innovation” delivered at the Ecobank MySME Growth Series webinar. He emphasied that AI is a gamechanger particularly for small businesses.
According to him, AI is rapidly transforming industries by automating processes, enhancing analytics, and enabling personalized customer experience, stressing that the future of AI is its democratisation where companies of all sizes including SMEs can harness its power to drive innovation and gain competitive edge.
Specifically, Erhabor pointed out that “AI technology holds the key to the future. It is quite pervasive. It is part of our existence and will impact businesses the way we can ever imagine. It can help SMEs develop new products and services by analysing data and identifying customers’ needs. AI can also be used to automate repetitive tasks, streamline workflows, and improve efficiency by reducing operational costs.”
He listed the challenges and risks of AI as bias, explainability, privacy, transparency and misuse, debunking claims in some quarters that AI will lead to the end of the world but rather a tool for development.
Also speaking, former Chief Operating Officer, Flutterwave, Bode Abifari said AI technology holds the key to the future, explaining that it simulates human intelligence to perform complex tasks like research, decision making, pattern recognition and problem solving.
She submitted that AI was capable of improving customers’ experience and engagements for the SMEs, adding that the technology can personalize interactions, provide personalized recommendations and enhance customer service leading to increased customer satisfaction and loyalty for small businesses.
Ecobank MySME Growth Series which started in February this year is designed to empower SME operators across the country. It is part of the bank’s commitment to train over 1 million SME operators in various sectors of the economy in 2024. The training will provide resources for starting a business, registration processes, industry statistics, and essential considerations for running a business. The series cover key areas such as accounting, credit, sales & marketing, taxation, and inventory management.
Additionally, articles on important topics like increasing sales, advertising ideas, business management practices, case studies, and leveraging technology will be provided. Ecobank also plans to launch an SME Mentorship program to collaborate with successful entrepreneurs. Taken together, the MySME Growth Series reflects Ecobank’s dedication to fostering growth and success within the SME community.
Afrinvest, FSDH, Others Place “Buy” on Fidelity Bank Stock
Highly-rated, independent investment advisory firms have picked Fidelity Bank as a very attractive stock with potential to generate high returns for investors.
Independent investment research reports by many market pundits reviewed at the weekend showed that Fidelity Bank was assigned “buy” ticker, a recommendation to investors to consider the potential attractive returns of the bank.
The research reports were based on the historical and current operational performances of the bank as well as the clear-sighted implementation of the bank’s growth plan. The reports also considered the quality of board and management and the general human capital and resources of the bank.
The investment advisory reports included those of Afrinvest Group, FSDH Capital and CardinalStone among others.
Analysts were unanimous that Fidelity Bank’s share price could double in the period ahead given professional assessment of top traditional performance parameters including the company’s operational reports, investors’ preference and projections.
CardinalStone stated that Fidelity Bank’s share price could double citing the bank’s “robust earnings growth” and the increasing profitability of its core banking operations.
After an extensive review of the global and domestic stock markets, FSDH Capital selected Fidelity Bank as one of the “FSDH Top Picks”, a group of stocks that the investment advisory firm considered to be most attractive for discerning investors. FSDH Capital’s stock selection considered a stock’s pricing history, dividend history, fundamental values and peer ratios among others.
Providing background on analysts’ exhaustive research for stock selection, Afrinvest explained that the company’s fair value estimate “takes into account a weighted average of price estimates derived from a blend of valuation methodologies including the Discounted Cash Flow (DCF) and its variants as well as other relative and comparable trading multiples valuation models”.
“However, we attach the most weight to DCF valuation methodology, particularly the Dividend Discount Model (DDM), Free Cash Flow (FCF) model and Residual Income Valuation/Model (RIV/RIM). The utilisation of comparable trading multiples is guided by the analysts’ understanding of the banks’ fundamentals, as well as key price drivers from the firm, industry and macroeconomic perspectives,” Afrinvest stated.
The “buy” rating, according to analysts, implies that “the expected total return over the next 12 months is 25 per cent or more. Investors are advised to take positions at the prevailing market price as at the report date”.
Afrinvest projected that Fidelity Bank, with a dividend yield of 9.3 per cent, has price upside potential of more than 35 per cent. This effectively makes the stock an inflation-hedging stock, implying that investors in the bank’s shares can retain money value despite the current inflationary environment.
Futureview Group said Fidelity Bank’s recent operational reports highlighted the bank’s “excellent operational performance and the breadth of its income sources”.
The audited report and accounts of Fidelity Bank for the year ended December 31, 2023 had shown that gross earnings rose by 65 per cent to N555.83 billion. The top-line performance was driven by significant growths across income lines including 55 per cent growth in interest income, 562 per cent increase in other operating income and 44 per cent growth in fee and commission income.
The bottom-line fared better with net profit after tax rising by 99 per cent to N99.46 billion in 2023. Earnings per share (EPS) thus jumped by 93 per cent to N3.11, providing a strong buffer for the bank to increase dividend payout without undermining its sustainability.
Interim report and account of the bank for the first quarter ended March 31, 2024 also showed that the bank started the current business year on stronger footing with three-digit growths across key performance indicators.
The three-month report, released at the Nigerian Exchange (NGX), showed that gross earnings increased by 89.9 per cent to N192.1 billion in first quarter 2024. The bank’s top-line performance continued to be driven by broad-based growths across income lines with interest income rising by 90.7 per cent and non-interest income growing by 84 per cent in first quarter 2024.
Growth in interest income was primarily spurred by a higher yield environment and strong earning assets base, while the increase in non-interest income was led by double-digit growth in account maintenance charges, foreign exchange (forex)-related income, trade, banking services, and remittances, supported by increased customer transactions.
Profit before tax doubled by 120 per cent to N39.5 billion in first quarter 2024 as against N17.9 billion in first quarter 2023. The bank’s performance was driven by expanding market share with total deposit rising by 17 per cent within the three months to N4.7 trillion, compared with N4 trillion recorded at the end of 2023. The bank also increased its supports for national economic growth with net loans and advances rising by 21 per cent from N3.1 trillion at the end of 2023 to N3.7 trillion by March 2024.
Managing Director, Fidelity Bank Plc, Nneka Onyeali-Ikpe said the bank’s performance was due to its strategic focus on customer-centricity, digital innovation and operational excellence.
“Despite the challenging macroeconomic environment, we remained resilient and agile, delivering double-digit growth on key income lines while advancing our business sustainability agenda.
“Beginning the year on this inspiring note reaffirms our strategy of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper. We are committed to our guidance as we build a more resilient business franchise with a well-diversified earnings base in 2024,” Onyeali-Ikpe said.
Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
Sterling Bank, AI in Nigeria to Launch Maiden Report on AI Adoption in Nigeria
Sterling Bank, in partnership with AI in Nigeria, unveils the ‘Nigeria AI Landscape and Startup Report,’ offering a comprehensive view of Nigeria’s AI ecosystem and startup scene.
The report underscores the pivotal role of AI in driving innovation and economic growth in Nigeria, while providing insights into the challenges and opportunities within the AI landscape.
“We are thrilled to partner with AI in Nigeria to launch this maiden report” said Obinna Ukachukwu, Chief Growth Officer Sterling Bank. “‘We cannot underestimate the role of AI in Driving Innovation and Economic Growth in Nigeria at a time like this. It is an important tool that has come to stay for us to remain competitive in an emerging global economy. Neglecting AI could jeopardize efforts aimed at enhancing business efficiency and national competitiveness.”
The report sheds light on how AI contributes to economic growth by enhancing productivity, efficiency, and competitiveness.
By freeing up human capital for more creative endeavours, AI fosters overall productivity and drives innovation across various sectors. Furthermore, AI empowers businesses to make data-driven decisions, optimise processes, and uncover new opportunities, thereby fueling job creation and skill development in Nigeria’s evolving technology landscape.
Ehia Erhaboh, Co-founder of AI in Nigeria, expressed optimism about the future of AI in Nigeria, highlighting its potential for significant social and economic impact. “Sustaining growth and ensuring Nigeria’s competitive edge in the global AI market necessitates ongoing commitment from both public and private sectors to foster an enabling environment,” Erhaboh emphasised.
Additionally, Dotun Adeoye, Co-founder of AI in Nigeria, shared his perspective on the report’s significance, stating, “The ‘Nigeria AI Landscape and Startup Report’ represents a crucial milestone in our journey towards fostering AI adoption and innovation in Nigeria. By providing a comprehensive overview of the AI ecosystem and profiling promising startups, this report serves as a catalyst for driving meaningful progress in our country’s AI landscape.”
The report has two sections, the first examines the AI landscape in Nigeria, and reviews the sectors driving national economy with a view to assess AI readiness with pillars and examines key components of Nigeria’s AI ecosystem. The second section digs into the 60+ AI startups focused on leveraging AI to solve local and global challenges.
The release of the report follows the successful inaugural AI In Nigeria’s InnovateAI conference held in Lagos in February, supported by Sterling Bank. The conference featured prominent AI startups and industry leaders, including the Creative Director of OpenAI, Rodger Werkhoven.
Sterling Bank, renowned for its HEART of Sterling strategy, which prioritises investments in Health, Education, Agriculture, Renewable Energy, and Transportation, has been recognised for its innovative approach and talent management practices. In 2023, the bank was awarded the Most Innovative Bank of The Year by BusinessDay and named the Overall Best Place To Work In Nigeria by the Great Place To Work Institute.
Additionally, it was featured on the prestigious list of top 100 fastest-growing companies in Africa by the Financial Times.
NCDMB Co-Chair, Ekpo, Meets ES, Pledges Support for Local Content Programmes
L-R: The newly appointed Co-Chair of the Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) and Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo with the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe at a recent meeting.
The Co-Chair of the Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) and Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo on Thursday in Abuja received in audience the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe.
The meeting provided an opportunity for the Executive Secretary and the Board’s top management to brief the Minister on the agency’s mandate, activities and initiatives.
The presentation dwelt extensively on the Board’s third-party investments, over 60% of which are gas based. The NCDMB team informed the minister that the investments are in furtherance of the Federal Government’s plan to power the Nigerian economy with gas resources as well as the provisions of the Nigerian Oil and Gas Industry Content Development Act.
In his remarks, the Minister commended the Board for investing in worthy third-party projects, which have helped to create jobs and deepen local content, with some beginning to yield return on investments. He pledged his commitment to support NCDMB to achieve its mandate, which is key to meeting the economic aspirations of President Bola Ahmed Tinubu’s administration.
He stressed that due process must be followed in carrying out the operations of the Board, in line with the instructions and example set by Mr. President.
He also promised to visit the Board’s third-party projects as well as the beneficiaries of the Nigerian Content Intervention Fund, especially the projects that focus specifically on gas.
The Co-Chair of the NCDMB’s Governing Council also commended the Board for its strategic role in approving the Nigeria LNG Train 7 project, noting that the project had brought a lot of benefits to the Nigerian economy.
Some of the senior management of the Board at the meeting included the Director Monitoring and Evaluation, Mr. Abdulmalik Halilu, Director, Projects Certification and Authorization, Engr. Abayomi Bamidele, Acting Director Legal Services, Mr. Naboth Onyesoh, Esq and Acting Director Finance and Personnel Management, Mr. Ifeanyi Ukoha.
The appointment of Hon. Ekpo as the Co-Chair of the Governing Council of the NCDMB had been approved by Mr. President in mid-April, and announced publicly on Thursday via a statement by the Special Adviser Media & Publicity to the President, Chief Ajuri Ngelale.
Stanbic IBTC Bank, Tillit MSME Microservices to Empower Healthcare SMEs in Nigeria
Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has partnered with Tillit MSME Microservices to offer affordable healthcare solutions to Small and Medium-sized Enterprises (SMEs) in Nigeria.
This strategic partnership aims to address the challenges faced by SMEs in delivering quality healthcare services and retaining skilled professionals.
SMEs in the healthcare sector can now access a range of financial products from Stanbic IBTC Bank tailored to their needs. These include short-term loans of up to N10 million; overdraft facilities of up to N2 billion; and term loans of up to N5 billion. The funds can be used for crucial purposes including stocking medication, consumables, procurement of services, and essential assets. With repayment periods spanning from 12 to 60 months, these loans have been tailored for healthcare SMEs.
Beyond financial assistance, Stanbic IBTC Bank offers guidance on effective cash flow management to healthcare SMEs. The Bank will provide support to help enhance the quality of patient care, thereby helping businesses to enhance their sustainability and growth prospects.
Babatunde Akindele, Head, Commercial Banking at Stanbic IBTC Bank, affirms the Bank’s commitment to supporting the growth of healthcare SMEs.
He said: “We recognise the pivotal role healthcare SMEs play in our economy and Stanbic IBTC Bank is dedicated to facilitating their growth journey. Our customised financial solutions and extensive partner network will empower these businesses to thrive.”
Meanwhile, Managing Director of Tillit MSME Microservices, Yomi Sule, expressed his excitement regarding their partnership with Stanbic IBTC Bank. He stated that this collaboration is a game-changer for healthcare SMEs in Nigeria, as it provides access to customised financial products, seamless application processes, and prompt disbursement. “Stanbic IBTC Bank is the ideal financial partner, as it offers suitable financing and an ecosystem of partners that provide valuable business support services to healthcare SMEs, ensuring their holistic growth.”
By leveraging the synergies between both entities, this collaboration will address critical challenges faced by SMEs, enabling them to deliver better care and retain skilled personnel. Ultimately, this contributes to the overall health and sustainability of enterprises in Nigeria’s dynamic healthcare ecosystem.
This partnership announcement comes just two months after the successful hosting of Stanbic IBTC Bank’s inaugural Healthcare Breakfast Session, an event that recorded attendance from top leaders and innovators within the healthcare sector. The gathering brought together the thought leaders in healthcare to discuss collaborations, innovations, and ways to enhance the sector.
NNPC/First E&P JV Empowers NGOs with N53.4m
As part of its Corporate Social Responsibility (CSR) initiatives, the Nigerian National Petroleum Company Limited (NNPC) and First Exploration & Production Limited (First E&P) joint venture (JV) has donated the sum of N53 million to Non-Governmental Organisations (NGOs) in Nigeria.
Under the JV’s Impact First Initiative, the donation, targeted towards enhancing societal welfare, would address areas such as good healthcare and well-being, quality education as well as economic growth within the nation.
Speaking during the cheque presentation ceremony, NNPC Limited’s Chief Upstream Investment Officer (CUIO), NNPC Upstream Investment Management Services (NUIMS), Mr. Bala Wunti, expressed gratitude to First E & P for initiating the laudable programme.
Represented by the Deputy Manager, External Relations, NUIMS, Mrs. Edith Lawson, Wunti highlighted NNPC’s belief in the power of CSR, stressing that the Company remains committed to working with its partners to impact the lives of the less-privileged.
Wunti said under the initiative, projects and programmes executed include the provision of classrooms, ICT Centres, laboratories and other infrastructural intervention projects, scholarships, quiz competitions, skill acquisitions, and economic empowerment, a testimony to NNPC’s dedication to fostering sustainable development in Nigeria.
Wunti described First E & P’s foresight and leadership as commendable, adding that the partner has spearheaded the initiative towards meaningful change that will ensure a better future for all Nigerians.
Among the beneficiaries of the donation were the Irede Foundation, which provides custom-made artificial limbs to child amputees aged 0-18 and Human Development Initiative (HDI), which focuses on tackling fundamental issues of poverty, injustice, neglect, deprivation, and equality among vulnerable people.
Others were the OISA Foundation, which transforms lives through interventions in the education and healthcare sectors; Cerebral Palsy Center, which renders support to families with children with cerebral palsy as well as the Niola Cancer Care Foundation, which organises awareness talks and screens communities for colon cancer.
NIA Governing Council Visits NAICOM, Seeks Strategic Collaboration
The Commissioner for Insurance/CEO, Mr. Segun Ayo Omosehin, and his management team welcomed members of the Governing Council of the Nigerian Insurers Association (NIA) led by the incoming Chairman, Mr. Kunle Ahmed, who paid a courtesy visit to the National Insurance Commission (NAICOM) on Thursday, May 9, 2024 in Abuja.
During the meeting, the NIA incoming Chairman extended congratulations to the recently appointed Executive Management and expressed gratitude to the Commission for its pivotal role in maintaining a fair and stable insurance sector. He emphasised the importance of initiating the implementation of the 10-year strategic plan and finalising the consolidated insurance bill. Furthermore, he expressed willingness to collaborate with the new Executive, expressing confidence in their ability to elevate the insurance sector to greater heights.
The NIA delegation was briefed on the Commission’s ongoing review of its strategic plan to align it with the Nigerian insurance industry’s 10-year strategic plan.
The Commissioner for Insurance (CFI) assured continued collaboration with the NIA to safeguard consumer rights, particularly in ensuring the prompt settlement of genuine claims.
In his concluding remarks, the CFI affirmed the Executive Management’s ambition to drive growth in the Nigerian insurance market.
Overall, the meeting showcased a collaborative spirit between NAICOM and NIA, highlighting a shared commitment to advancing the insurance sector and protecting the interests of consumers.
Chain Reactions Africa Continues Award Winning Streak, Named PR Agency of the Year
Chain Reactions Africa (CRA), one of Africa’s leading Public Relations and Integrated Communications Consultancy, has continued it awards-winning streak in 2024.
This time it scooped the ‘PR Agency of the Year 2023’ category at ‘The Industry Award’ for the year ending 2023 while its Managing Director was also named PR Practitioner of the year. This is coming weeks after it was announced as the consultancy with the highest number of awards in Africa by the prestigious 2024 SABRE Awards with seven trophies.
According to the organisers, Chain Reactions Africa was adjudged the ‘PR Agency of the Year’ after some careful analysis and evaluations by the team of assessors for the 5th edition of The Industry Awards and the editorial team of the Industry Newspaper for its enviable accomplishments both in the private and public sectors of the Nigerian economy.
The Award which served as the highlight of ‘The Industry Award’ 2023 was a colourful gathering of stakeholders in the integrated marketing industry in Lagos and organised by The Industry Newspaper, a brands and marketing communications focused newspaper in Nigeria published fortnightly by December 29 Media.
Commenting on The Industry Awards recognition, the Managing Director/ Chief Strategist of Chain Reactions Africa, Israel Opayemi, expressed appreciation for the awards, and acknowledged the priceless contributions of the Chain Reactions team whose diverse cross-industry expertise, backed by a profound understanding of culture and trends help provide innovative solutions for businesses and institutions that desire target audience affinity, robust reputations, and enduring goodwill in the markets they operate.
Opayemi said: “I sincerely thank the organizers of ‘The Industry Awards’ for this well-deserved recognition. It is a testament to our hard work, tenacity, and industry leadership that stands Chain Reactions Africa out in the Public Relations and Integrated Marketing ecosystem where we play. This ‘PR Agency of the Year’ award as well as PR Practitioner of the year recognition is emphatically dedicated to all the creative rebels in the CRA Trybe. There wouldn’t be a Chain Reactions Africa without my team. Their unwavering commitment to client satisfaction is unmatchable; they are the reason we have achieved this much.”
Also speaking, the awards organiser and Publisher of ‘The Industry’ Newspaper, Goddie Ofose congratulated all the winners for their recognition and urged them to sustain the momentum of success, character, bravery, and sacrifice that has made them winners. “This is what differentiates a winner from the rest”, Ofose remarked.
These awards are just one of many recognitions in the cabinet for Chain Reactions Africa. It would be recalled that the consultancy emerged winner of five awards at the Lagos PR Industry Gala & Awards (LaPRIGA) 2023/ These include awards for ‘PR Agency of the Year’; ‘Best in Crisis Management’; ‘Best in Political Communication’; ‘Public Sector PR Campaign of the Year’; and ‘PR Practitioner of the Year.’
NNPC Committed to Building Huge Oil, Gas Infrastructure to Make Sector Thrive
NNPC Limited’s Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan receives an award from PETAN’s Mr. Bank-Anthony Okoroafor, on behalf of the GCEO, NNPC Limited, Mr. Mele Kyari, as a Keynote Speaker during the PETAN’s Technical Session at the ongoing 2024 Offshore Technology Conference (OTC) in Houston, United States on Wednesday.
The Nigerian National Petroleum Company (NNPC Limited) says it will continue to invest in the development of huge oil and gas infrastructure to make it easy for operators and prospective investors to carry out their business in Nigeria.
The Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan, disclosed this at the ongoing Offshore Technology Conference (OTC), on Tuesday in Houston, Texas, United States of America.
Speaking at one of the panel sessions of a luncheon organised by the Petroleum Technology Association of Nigeria (PETAN), with theme: Sustainable Energy Solutions for Africa’s Future (Nigerian Perspective)”, the Eyesan stated that NNPC’s objective was to ensure that there is a healthy balance of energy sources in the country.
She explained that though the oil and gas sector is not where it ought to be, much progress had been made between last year’s edition of the OTC in terms of opening up the sector for investments and infrastructural development.
While she identified funding as the major challenge impeding the development of the sector, she listed some of the bright spots in the industry to include the Executive Orders signed by the President to open up the sector, the imminent resolution of the assets divestment by the International Oil Companies, and the aggressive execution of gas infrastructure projects such as the Obiafu-Obrikom-Oben (OB3) Gas Pipeline, which she said would be completed in the next quarter.
Also speaking at the panel session, The Managing Director of SNEPCo, Engr. Elohor Aiboni, and the Managing Director of Chevron Nigeria Limited, Mr. Jim Swartz, stated that their companies’ divestment from onshore and shallow water assets was a general realignment of their portfolios across the globe and should not be misconstrued as exit from the Nigeria.
Speaking further on his company’s commitment to remain in Nigeria, Swartz said: We are excited about what government is doing to build confidence in investors. We are excited to work with NNPC Limited.”
Heirs Holdings Raises Pay for Staff in Celebration of Workers’ Day
Mr. Tony Elumelu, Chairman of Heirs Holdings, just made an announcement on his LinkedIn platform announcing a pay raise for all companies within the Heirs Holdings portfolio in celebration of Workers’ Day.
Heirs Insurance Group is one of them. With this, Heirs Insurance Group is now likely one of the top three highest paying employers in the insurance industry.
‘This salary adjustment underscores our Group’s unwavering commitment to our people, particularly during challenging economic times. It also reinforces our standing as one of the best workplaces promoting employee welfare in the broader financial services sector. Recall that Heirs Insurance Group has been consistently delivering excellent financial performance since entering the industry in December 2020.’
Elumelu said: “Workers’ Day this year made me reflect. It has been a tough year – and we know things are not getting easier. The Heirs Holdings Group has made great strides – but our success is more than just figures, it is the success of all of us. We are a family – and I know the challenges we all face. I speak with HH People daily. I make a deliberate effort to be as close to our people as possible, to appreciate the good work they do, and listen to their concerns. Our people are our most important asset – a lesson I learnt early on in my career and one that I never take for granted. When I use the term Africapitalism, when I champion young entrepreneurs, this approach and this philosophy is as important for our own people as it is for the thousands we help across Africa. If a business is not doing good for its own people, it is not doing well. From these conversations, it was clear to me that this year’s May 1 had to be different. It had to be completely about putting our people first, about demonstrating our commitment to their wellbeing, about uplifting their personal and family lives so that they find fulfillment, and about showing our people that, indeed, across our Group, we reward excellence and loyalty. It was with great pleasure that we announced upgraded salary compensation packages across our entire Group and investee companies, to mark Worker’s Day! Despite the tough year, our staff, over 5,000 of them, have consistently delivered outstanding performance, evidenced by the successes we have recorded. Our commitment to recognising and rewarding the invaluable contributions of our people remains unwavering, knowing that our people are the backbone of the business. This salary increase is a message of appreciation to the real heroes who work every day to achieve the results that have made us what we are today. And the message of our work is getting across, with the tremendous value our listed companies are creating for all stakeholders. To our Heirs Holdings People: “Well done, guys. You deserve the best.”
He continued: “Thanks to you all. Happy worker’s day, HH People! Heirs Insurance Group, Avon HMO, Avon Medical Practice, United Capital Plc, Africa Prudential Plc, Transcorp Group, Transcorp Hotels Plc, Transcorp Power Plc, Afriland Properties Plc, Heirs Energies, Heirs Technologies, The Tony Elumelu Foundation.”
Smile Communications Launches #SmileSalutes Campaign to Recognise, Reward Excellence in Public Sector
Smile Communications, the leading 4GLTE telecommunications company, is thrilled to announce the launch of its #SmileSalutes campaign, aimed at recognising and rewarding excellence among workers and teams within the public sector in Nigeria.
The #SmileSalutes campaign is a testament to Smile Communications’ commitment to supporting and acknowledging the hard work and dedication of public officers who strive to make a positive impact on society. Through this initiative, Smile Communications aims to encourage ordinary citizens to nominate deserving public officers or teams for their outstanding contributions to their communities.
Here’s how the campaign works: individuals can nominate any hardworking public officer or team within Nigeria by simply posting their nomination on social media platforms such as Instagram (IG), X and Facebook (FB) using the hashtag #SmileSalutes.
Additionally, nominees are encouraged to rally support from their networks, including friends and associates, who can show their appreciation by engaging with the nomination post through likes, comments, shares, and other interactions.
At the end of the campaign, the public officer or team with the highest number of nominations and engagement on social media platforms will be declared the winner and will receive special gifts from Smile Communications as a token of appreciation for their dedication and service.
“We are excited to launch the #SmileSalutes campaign to shine a spotlight on the remarkable work being done by public officers and teams across Nigeria,” said ‘Goke Olaleye, Head of Marketing Operations at Smile Communications. “Through this initiative, we hope to inspire a culture of excellence and appreciation within the public sector while fostering positive relationships between citizens and government officials.”
The #SmileSalutes campaign is a completely online initiative, making it accessible to a wide audience across various social media platforms. Smile Communications invites everyone to join in celebrating and honoring the unsung heroes who work tirelessly to improve the lives of others.