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Nigerian, South African Gas Take Centre Stage at African Energy Chamber-Gazprom Roundtable

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Various speakers at the international roundtable on natural gas – hosted by the African Energy Chamber (AEC) and Russian-based global energy giant Gazprom in Johannesburg – emphasized that natural does not represent a transitionary resource but rather the fuel of the future for Africa.

During the important discussion, presentations were delivered by high-level representatives from Mozambique, South Africa and Nigeria, all of whom made a strong case for gas-directed investment and strengthened Africa-Russia co-operation.Despite representing a relatively new gas market, two major discoveries in South Africa’s offshore basins in 2019 made clear the lucrative potential of the country’s gas industry. In order to accelerate the development of resources and the realization of national growth objectives, the government is working towards putting in place a Gas Masterplan.
“Our focus is on policy and planning,” stated Craig Morkel, Chairman, South Africa Oil and Gas Association, adding that, “The Masterplan exercise has started and the Department of Mineral Resources and Energy sees this integrated into the broader Integrated Resource Plan. It has also identified where demand will be located and how this can be serviced by Liquefied Natural Gas (LNG) as well as the gas-to-power demand. The Masterplan looks at both a bottom-up and top-down approach.”
Morkel added that, “We look forward to Gazprom participating in the country. We would like you to tell us, what would make South Africa more attractive to you, so that we can go to our government and advise. We look forward to working with Gazprom.”

Meanwhile, a number of countries across the continent have kicked off ambitious natural gas projects of their own aimed at monetizing resources, bolstering energy security and industrialization, while driving long-term socioeconomic growth. Mozambique, for instance, is leading several large-scale LNG developments. According to Michel Ussene, Executive Chairman, Mitra Energy, “Mozambique has already exported its first LNG cargo, representing a huge milestone for our country.”
However, with the quantities of gas located in the far north of the country, over 2,200km from the capital city Maputo, Ussene stated that “we need to look at what to do with this gas, and we need to think out of the box. There is no better example than Gazprom, as they are bringing gas into their economy. The most interesting thing we have heard today is that most of the gas is used in the country and not exported. This is a gamechanger to know that Gazprom is selling more in-country than outside. This way, we can increase access and create jobs.”
In West Africa, Nigeria has embarked on an ambitious gas agenda of its own, with projects being driven under the country’s ‘Decade of Gas’ initiative – a framework for amplifying investment and development across the entire gas value chain on the back of policy clarity. Despite offering significant resources, lack of investment has limited development in Nigeria.

According to Dahiru Moyi, Advisor to the Minister of Federal Ministry of Finance, Budget and National Planning, “Africa does not have much funding, but we have resources. This is why it is important to come up with new approaches.”
Moyi stated that traditionally, Gazprom has not been able to operate in Nigeria due to lack of policy, a trend which has now been eliminated with the implementation of the Petroleum Industry Act (PIA) in 2021.
“Gazprom has the best intentions for Africa, and together, there can be some form of creative financing. We will welcome and be glad to see Gazprom come back to the negotiation table with Nigeria. Before, there was no gas policy in Nigeria or law. We have the PIA which is a clear path for how to operate in Nigeria,” Moyi added.
Stepping into this picture, Gazprom offers African countries the expertise, financing and technology needed to see large-scale projects into completion.

While the continent has served as a strategic partner across various other sectors of the economy including agriculture, trade and commerce, new focus placed on bilateral energy relations is set to open up new opportunities for investment and development across Africa’s gas space.

Stanbic IBTC: Celebration of 2 Awards for Gender Diversity, Equality

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Stanbic IBTC Holdings Plc, a member of Standard Bank Group and a leading end-to-end financial institution in Nigeria, proudly received two coveted awards at the esteemed International Finance Corporation (IFC) and Nigerian Exchange Limited (NGX) Nigeria2Equal Program Dinner and Awards event which was held in Lagos.

The event celebrated organisations that exemplified unwavering dedication to gender equality and the empowerment of women in the workplace.

Stanbic IBTC emerged as the winner of both the highly regarded Company Leadership Gender Diversity Award and the prestigious Gender Equality Champion Award.

These accolades were in acknowledgment of Stanbic IBTC’s relentless efforts in promoting gender diversity, inclusivity, and equality within its workforce and the wider business community.

The Company Leadership Gender Diversity Award was a testament to Stanbic IBTC’s commitment to creating an inclusive workplace environment that offered equal opportunities to all employees, regardless of gender. Through various initiatives, the organisation implemented policies and practices that actively promoted gender diversity and encouraged the advancement of women into leadership positions.

Furthermore, the Gender Equality Champion Award solidified Stanbic IBTC’s position as a frontrunner in the fight for gender equality. The award recognised the organization’s exceptional contribution to advancing gender equality within Nigeria’s financial sector. Stanbic IBTC continuously advocated for gender-balanced leadership, facilitated mentorship programs, and provided career growth opportunities for women in the industry.

In addition to the two prestigious awards, Stanbic IBTC received Special Recognition for its outstanding efforts in scaling up the Blue Women Network (BWN). The BWN program, aimed at promoting gender equality in the workplace, empowered women and provided them with a platform to network, share knowledge, and develop their skills.

Dr. Demola Sogunle, Chief Executive of Stanbic IBTC Holdings Plc shared his heartfelt gratitude for the recognition bestowed on the Group, stating, “A diverse and inclusive workforce drives innovation, enhances decision-making, and paves the way for a more sustainable future.

Stanbic IBTC will continue to champion gender equality and diversity, both within our organisation and beyond.”

The IFC and NGX Nigeria2Equal Program Dinner and Awards event brought together leaders from various sectors, government officials, and gender advocates to celebrate the outstanding contributions made by organisations in promoting gender equality. The occasion served as a platform to share best practices and ideas that could further advance gender equality in Nigeria.

With their remarkable achievements, Stanbic IBTC continues to inspire other organizations to prioritise gender diversity and equality by setting an excellent example for the financial industry in Nigeria and beyond. Their unflinching commitment to creating a more equitable and inclusive society serves as a shining beacon of progress and opportunity for all.

Continental Re Group ED, Emeka Akwiwu, Others at IFRS 17 Roundtable in Lagos

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L-R: Oracle MEA Official; Mr. Emeka Akwiwu, Group Executive Director, Continental Reinsurance Plc; Ms Liz Booth, Managing Editor, Africa Ahead and other participants at the IFRS 17 Roundtable organised by Oracle MEA in collaboration with Africa Ahead in Lagos recently.

Danbatta Lifts Platinum Award for NCC’s Performance

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L-R: Reuben Muoka, Director, Public Affairs, Nigerian Communications Commission (NCC); Vincent Maduka, past President, Nigerian Academy of Engineering (NAEng); Prof. Azikiwe Onwualu, President, NAEng; Prof. Umar Danbatta, Executive Vice Chairman/Chief Executive Officer (EVC/CEO) NCC; Abraham Oshadami, Director, Spectrum Administration, NCC; Hafiz Shehu, Chief of Staff to the EVC, NCC; at the Academy’s 2023 Technology Dinner where Danbatta received Platinum Appreciation Award in Lagos.

Professor Umar Danbatta, Executive Vice-Chairman of the Nigerian Communications Commission (NCC) at the weekend in Lagos, lifted the Platinum Award of the Nigeria Academy of Engineering (NAEng.) being a reward for his leadership of the nation’s telecom regulator for its contributions to the development and growth of engineering profession in the technological and economic development of the country.

President of the Academy, Prof. Azikiwe Onwualu, said during the award presented by doyen of engineering and Former Director General of the Nigerian Television Authority, Vincent Maduka, that the Commission deserved the award as it has done the profession proud in its telecom regulatory process and promotion of engineering as shown in its strong support for the NAEng.

While handing over the award at the 2023 Annual Technology Dinner of the Academy, Maduka said, “Prof. Danbatta has contributed immensely to the sustainability of all initiatives of the professional body, just as his role to the development of engineering profession in general is being felt in Nigeria, through his effective regulation of the telecommunications sector.”

Danbatta, a Professor of Electrical and Electronics Engineering, who is a member of Council, and a Fellow of NAEng, while receiving the award, expressed appreciation to the illustrious institute for considering the Commission worthy of the award.

Danbatta dedicated the award to the ‘hardworking and diligent staff of the Nigerian Communications Commission’, who, he said, have continued to demonstrate commitment to supporting his vision to promote regulatory excellence toward sustaining growth of Nigeria’s digital economy.

“I could not have done the good work you credited me with, without the support and cooperation of NCC staff and we are delighted that the public is watching, listening and observing what we are doing and a testimony to this fact is the platinum category award we have just been given by the apex engineering body in the country,” the EVC stated.

Danbatta further said: “I want to assure the public that the NCC will do whatever it can, within its mandates, to bring out impactful initiatives that will drive the digital transformation process that will ultimately make telecom services pervasive and affordable to all parts of the country.”

He used the opportunity to speak about some of the initiatives of the Commission that have struck a rhythm in the socio-economic development of the nation.

These, he said, include the one targeted at the Nigerian youths across the country where the Commission trains the youth, provides them with laptops and other equipment that can make them access the internet with a view to equipping them to develop their skill and earn a living.

Danbatta assured of the Commission’s commitment to driving digital connectivity aimed at bridging extant clusters of access gaps in Nigeria.

“We have a target of 70 per cent broadband penetration by 2025, as contained in the Nigerian National Broadband Plan (NNBP). We are around 50 per cent currently and I can assure you that we are hopeful that we will achieve and surpass that target,” he said.

The Nigerian Academy of Engineering was established to pursue excellence in science, technology and engineering as well as provide a national platform for experts to harness their experiences and insights and make input into public and private technical policy.

Combating e-Fraud on Telecom Platforms, Building Consumer Confidence in the Digital Economy

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By Professor Umar Danbatta

EVC/CEO, NCC

Being text of the keynote address by Professor Umar Danbatta, EVC/CEO of NCC at the 2nd Quarter 2023 Industry Consumer Advisory Forum (ICF) in Lagos.

It is my privilege to stand before you today to deliver this keynote address on a topic of paramount importance: Combating e-fraud on telecom platforms and building consumer confidence in the digital economy. As we navigate the ever-evolving landscape of technology, we must address the growing concern of fraudulent activities in the digital realm and take proactive measures to safeguard the trust and confidence of consumers.

Digital technology offers Nigeria the opportunity to grow and diversify its economy from the over-dependence on agriculture or oil and gas export proceeds.

The launch of the Nigerian National Broadband Plan 2020 – 2025 as well as the National Digital Economy Policy and Strategy 2020 – 2030 (NDEPS) attests to the fact that Nigeria is poised to join the comity of nations and become a global leader in transforming its economy into a digital one.

In recent years, Nigeria has witnessed remarkable growth in the digital economy, revolutionising the way we communicate, transact, and conduct business. The telecom sector plays a pivotal role in enabling this digital transformation, providing the infrastructure and connectivity that fuel our interconnected world. However, with these advancements come new challenges, one of which is the rising tide of e-fraud and cybersecurity concerns.

E-fraud encompasses a wide range of malicious activities carried out via electronic means, including identity theft, phishing, hacking, and unauthorized access to personal and financial information, with the intention to defraud or take advantage of victims. These criminal activities may not only cause significant financial losses but also erode consumer trust in the digital ecosystem.

The NCC as the regulator of the communications sector has a crucial role to play in combatting e-fraud. We must establish comprehensive legal frameworks and standards that mandate sound security practices for telecom operators. The legal framework must focus on data protection, privacy and incident response, ensuring that operators are held accountable for any lapses in security on their respective networks. The NCC also type-approves communications equipment to ensure that they conform to global standards and are interoperable with various relevant technologies.  In this regard, The Commission collaborates with Mobile Network Operators to ensure the safety of their networks and conducts regular audits and assessments to verify compliance and encourage a culture of cybersecurity within the industry.

In accordance with the Nigerian Communications Act 2003, telecom operators have a responsibility to ensure the security and integrity of their networks and to prevent it from being used in, or in relation to, the commission of any offence under any law in operation in Nigeria. With the increasing uptake of digital financial services and the advent of disruptive technologies, the issue of cybersecurity has become increasingly important. Telecom operators must therefore invest in robust infrastructure, employ state-of-the-art security measures, and conduct regular audits to identify vulnerabilities and address them promptly. Additionally, operators should implement stringent authentication protocols, two-factor authentication, and encryption mechanisms to safeguard customer data and prevent unauthorized access.

There is also the concern about how personal data is collected, stored, shared and exploited. Fortunately, NDEPS 2020-2030 adequately addresses the protection of telecom consumers against the threats of cybercrime, encouraging them to embrace digital finance and supporting them to contribute to the Digital Economy. Pillar #6 of the NDEPS, which deals with soft infrastructure, has proven to be proactive. The soft infrastructure pillar focuses on strengthening public confidence in the use of digital technologies and participation in the Digital Economy. The pillar will address the importance of cybersecurity and other standards, frameworks, and guidelines that encourage citizens to embrace a digital culture. Data privacy and the deployment of technologies like the public key infrastructure are addressed in this pillar.

Recently, the Nigeria Data Protection Act 2023 was signed into law to provide a legal framework for the protection of personal information and the regulation of how personal information is processed, among other things. The NCC is also in the process of developing more elaborate Data Protection Regulations to ensure the protection and privacy of data in the Nigerian communications sector. It is important to mention that the Commission has issued the Consumer Code of Practice Regulations 2007 which among other things, provides for the protection of consumer information.

Law Enforcement Agencies must also collaborate closely with telecom operators and regulatory bodies to investigate and prosecute e-fraud perpetrators. Enhanced coordination, information sharing, and dedicated cybercrime units can go a long way in deterring criminals and bringing them to justice. Strengthening international cooperation in combating cross-border e-fraud is also imperative, as cybercriminals often exploit jurisdictional limitations.

The Commission, committed to fulfilling its mandate and passionate about driving Digital Economy in Nigeria, has continued to implement initiatives to Protect, Inform and Educate telecom consumers in this regard. Through its Consumer Affairs Bureau (CAB), the Commission undertakes constant Consumer Education with a significant part of this effort dedicated to providing information that equips the Consumer to thrive in a world that has embraced digital finance. Information dissemination materials on how to safeguard themselves while using telecom platforms to access digital financial products are available on the NCC consumer portal whilst hardcopies are distributed at consumer outreach events.

To further protect telecom consumers, the Nigerian Communications Commission’s Computer Security Incident Response Team (NCC-CSIRT) periodically notifies telecom consumers of the latest cybersecurity threats and how to avoid falling victim to them. NCC-CSIRT in collaboration with the Nigeria Computer Emergency Response Team (ngCERT) at the office of the National Security Adviser has been at the forefront of protecting telecom consumers from cyber threats. The provision of timely advisories has helped to protect consumers from being unfairly targeted by cyber-attacks, which goes a long way in ensuring that they can access digital services without suffering unwarranted losses. We strongly believe that by fostering a culture of vigilance and knowledge, we can collectively reduce the success rate of e-fraud attempts.

However, combatting e-fraud is not just the responsibility of industry stakeholders and authorities. Consumers too, must be active participants in this battle against e-fraud. Building consumer awareness and promoting digital literacy is crucial to empowering individuals to protect themselves. Telecom operators should educate their customers about potential risks, provide guidance on secure online practices, and offer user-friendly tools to monitor and manage their accounts. Regular communication with customers, promptly addressing their concerns, and providing timely updates on security issues are vital in establishing trust. To build consumer confidence in the Digital Economy, we must emphasize transparency and accountability. Telecom operators should be transparent about their security measures, privacy policies, and incident response mechanisms. Collaboration with third-party security firms and independent audits can also help validate the integrity of telecom platforms.

Furthermore, fostering innovation in security technologies is critical to staying ahead of e-fraudsters. Advancements in artificial intelligence, machine learning and data analytics can enable the detection of anomalous behaviors, identify potential threats, and respond swiftly to emerging fraud trends. Collaboration between academia, industry, and research institutions can drive innovation in cybersecurity and produce effective countermeasures against e-fraud.

In conclusion, combatting e-fraud on telecom platforms and building consumer confidence in the digital economy requires a collective effort. Telecom operators, regulatory bodies, law enforcement agencies, and consumers must collaborate, each fulfilling their respective responsibilities. By investing in robust security infrastructure, implementing stringent protocols, promoting awareness, and fostering innovation, we can create a safer digital ecosystem that inspires trust and enables the full potential of the digital economy.

Together, let us rise to the challenge and build a future where the telecom platform is not only a gateway to the digital world but also a fortress against e-fraud. 

Thank you.

Prof. Umar Garba Danbatta, FNSE, FRAES, FAENG, FNIEEE

Executive Vice Chairman/CEO

Nigerian Communications Commission

Oracle MEA, Africa Ahead Headline IFRS 17 Roundtable in Lagos

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L-R: Mr. Olasupo Sogelola, Managing Director/CEO, IEI Plc; Official of Nigerian Actuary Society (NAS); Ms Liz Booth, Managing Editor, Africa Ahead; Mr. Mayowa Adeduro, Managing Director/CEO, Tangerine General Insurance Limited; Mr. Barineka Thompson, Director, Supervision, National Insurance Commission (NAICOM) and a participant at the IFRS 17 Roundtable in Lagos recently.

Linkage Assurance Promises Stronger Performance, Returns to Shareholders

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L-R: Mr. Okanlawon Adelagun, Executive Director; Mr. Olakunle Agbebi, Non-Executive Director; Mrs. Funkazi Koroye-Crooks, Non-Executive Director; Mr. Daniel Braie, Managing Director/CEO; Chief Joshua Fumudoh, Chairman of Board, all of Linkage Assurance Plc at Its 29th Annual General Meeting (AGM) in Lagos.

Underwriting firm, Linkage Assurance Plc has assured its shareholders of stronger performance and increased returns on investment despite challenges in the environment.

Linkage Assurance gave the assurance at its 29th Annual General Meeting (AGM) held in Lagos, where the shareholders spoke glowingly on successful efforts of the Board and management to position the company for increased growth.

Chief Joshua Fumudoh, Chairman of the Company speaking at the AGM said the year 2022 no doubt was one of the most challenging years in the history of modern times, characterised by devastating economic and geopolitical uncertainties.

Fumudoh said notwithstanding these, Linkage Assurance Plc was able to grow the gross premium written by 16 percent to N12.9 billion against N11.2 billion in 2021.

He said the Company was able to effectively manage its risks during the review year, posting underwriting profit of N506 million, a growth of 120 percent when compared to the loss of N2.58b in 2021.

Linkage Assurance also strengthened its bottom-line with Profit Before Tax (PBT) of N2.7 billion, and Profit After Tax of N2.57 billion.

Sir Sunny Nwosu, Chairman Emeritus, Independent Shareholders Association of Nigeria speaking at the meeting commended the board and management for clearing the negative earnings brought by EndSARS claims which resulted in the loss position in 2021, saying that the company is now in better position to pay good dividends.

Bisi Bakare, President, Pragmatic Shareholders Association who also applauded the performance of the company said shareholder will look forward to good dividend in the current financial year.

Mr. Daniel Braie, Managing Director/CEO, Linkage Assurance Plc commenting on performance of the Company said the underwriting firm has continued to pay attention to customer satisfaction through excellent service delivery and prompt settlement of all genuine claims.

He said the Company is focused on maximising its potential in key segments of the market where it plays strongly and would continue to ensure it creates value for its teaming shareholders.

“As an organisation, we shall continue to refine our strategy in line with our strategic focus for the year and theme. Our theme for 2023 is “Consolidation”, and this informs our strategic intent along the four pillars of Business growth, Operational Excellence, Financial Excellence, and Customer and People.”

Braie said the company has identified strategic focus, which will guide it as compass in her quest to navigate through the highly competitive insurance market to increase market share in the most profitable sectors and offer excellent customer experience to all its clients.

With full maximisation of its investment returns, Linkage Assurance saw income from investment boosting bottom-line stronger after a successful underwriting year.

Total assets at the end of 2022 financial year stood at N39.99 billion, indicating a 3 percent increase from N38.71 billion the previous year.

NEM Insurance Supports YABATECH Football Competition 2023

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From left: George Emefiele(DGM, Marketing, NEM Insurance Plc); Comrade Zachari Ibrahim(Welfare Director, Yabatech); Comrade Osiwu Goodness(Treasurer, Yabatech); Idowu Semowo(Executive Director, Finance & Investment); Comrade Odutan Oreoluwa( Sports Director); Mojisola Teluwo(DGM, Corporate Services, NEM Insurance Plc); Comrade Okikiolu Ariwoayoola Taiwo(Welfare, Part Time); Bolanle Baruwa(Group Head, Underwriting) and Comrade Emmanuel Odion (Social Director, Part Time) during the presentation ceremony at NEM Insurance Plc Head Office in Lagos.

Afreximbank: The $6bn War Chest to Strengthen Food Security in Africa

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The African Export-Import Bank (Afreximbank) has staked US$6 billion in development financing to strengthen Africa’s food security prospects which has faced severe challenges due to climatic changes heightened by geo-political conflicts, Oluranti Doherty, Director of Export Development at the Bank, said in Accra, Ghana.

Ms. Doherty, who was participating in a panel discussion on “Overcoming the challenges of food security for sustainable development in Africa” at the ongoing Afreximbank Annual meetings (AAM2023), said that the Bank had also released more than US$700 million to support the setting up of special economic zones (SEZs), industrial and agro parks in several of its member countries.

She said that with food insecurity constituting a major challenge to Africa’s economic independence and growth, Afreximbank was reinvigorating its approach to supporting the continent to achieve self-sufficiency in food production.

“At Afreximbank, we are firmly convinced that industrial parks and SEZs are critical tools the continent can deploy to fast-track its agricultural development, promote intra-African trade and facilitate export development,” she said. “This is a priority for the Bank as it remains pragmatic in providing workable solutions to challenges facing its member countries”.

Also speaking, Dr. Josefa Sacko, African Union Commissioner for Agriculture, Rural Development, Blue Economy and Sustainable Development, called for the implementation of the 2014 Malabo Declaration on Accelerated Agricultural Growth and Transformation for Shared Prosperity and Improved Livelihoods, which set a targeted approach to achieving the continent’s aim of food security and sustainability for economic growth and poverty reduction.

Noting that Africa boasted of abundant aquatic resources, over 60 per cent of uncultivated arable lands and a young population, Dr. Sacko said that what remained was the effective implementation of such policies as the Malabo Declaration.

She commended Afreximbank for the role it was playing to help make Africa a sustainable and food secure continent and expressed regret that, at the moment, 38 African countries were net importers of food. That situation called for urgent action from every player.

“We cannot be food secure in a conflict-filled environment,” said Dr. Sacko. “Let us silence guns all over Africa, implement already generated policies around sustainability for profitable agriculture and watch as the continent becomes the world’s food basket.”

Also participating in the panel were Hardy Pemhiwa, President and CEO of Cassava Technologies, and Dr. Yemi Akinbamijo, Executive Director, Forum for Agricultural Research in Africa.

AAM2023, which ends on 21 June, is being attended by political and business leaders, bankers and other trade and trade finance practitioners from across Africa and beyond, including leaders of several member countries of the Caribbean Community.

 

About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade.

For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa.

A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA.

At the end of 2022, Afreximbank’s total assets and guarantees stood at over US$31 billion, and its shareholder funds amounted to US$5.2 billion. The Bank disbursed more than US$86 billion between 2016 and 2022. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB).

Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”). 

‘AfrexInsure Will Support Intra-African Trade, Retain Premium in Africa’

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The African Export-Import Bank (Afreximbank) has launched its wholly owned insurance management services subsidiary, AfrexInsure, in Accra, Ghana, with a commitment to provide a single-entry point for all specialty insurance needs to assist in optimally managing related risks for the trade and commerce sector in Africa.

Established in 2021, AfrexInsure is set up to offer specialty insurance solutions for trade and trade-related investments across Africa with access to quality, best-in-breed specialty insurance that are tailor-made for Africa.

With credible knowledge of Africa, AfrexInsure will leverage on its risk expertise by using its continent-wide presence and deep understanding of the African market to provide solutions around cargo handling, construction, operations and energy – sectors critical for the growth and establishment of trade and investment intercontinentally.

Speaking during the launch, which took place on the sidelines of Afreximbank’s 30th Anniversary Annual Meetings, Kanayo Awani, Executive Vice President, Intra-African Trade Bank, speaking on behalf of Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said that AfrexInsure was established to facilitate the insurance of specialty risks in order to support businesses in Afreximbank member countries to mitigate the problem of Africa having to rely on external partners to architect the continent’s economic resilience and development.

“By reducing the risk of transactions or investments, insurance can help drive forward business strategy for those engaged in intra-African trade and enable global partners to further their commercial interests and ambitions in Africa,” said Ms. Awani.

Insurance penetration is relatively low in Africa compared to other regions, she noted. AfrexInsure will, therefore, strengthen efforts to address this need in Africa and in partner states in the Caribbean.

It will also help retain insurance premiums in Africa and assist in ploughing back Africa’s investments into the continent for the enhancement of trade and economic development for the prosperity of the continent.

The launch also witnessed the unveiling of AfrexInsure’s logo and brand identity under the slogan “Insurance Optimised”.

 

About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade.

For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa.

A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA.

At the end of 2022, Afreximbank’s total assets and guarantees stood at over US$31 billion, and its shareholder funds amounted to US$5.2 billion. The Bank disbursed more than US$86 billion between 2016 and 2022. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB).

Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”). 

SUNU Assurances Nigeria Rewards Shareholders with 3kobo Dividend, Pays N1.47bn Claims

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From Left: Executive Director, SUNU Assurances Plc, Mr. Adeleke Hassan; Independent Non-Executive Director, Mrs. Olajumoke Bakare; Managing Director/CEO, Mr. Samuel Ogbodu; Chairman, Mr. Kyari Bukar; Company Secretary, Taiwo Kuku; Independent Non-Executive Director, Hajia Taizir Ajala; and Independent Non-Executive Director, Hajia Aisha Abubakar during the firm’s Annual General Meeting (AGM) held in Lagos.

SUNU Assurances Nigeria Plc has delighted its shareholders with a 3Kobo dividend per share of 50k ordinary share of the company.

The Chairman of the underwriting firm, Kyari Bukar, who announced the dividend payment at the firm’s Annual General Meeting (AGM) held in Lagos, stated that the dividend was paid in view of the impressive results recorded by the company.

He noted that the firm’s Gross Written Premium (GWP) increased to N5.77 billion in 2022 from N4.87 billion in 2021, adding that this represents a growth of N903 million in value and 18.5 per cent in percentage terms while 94.5 per cent of the full year budget of N6.11 billion was achieved due to adverse impact of macro-economic pressures in the country.

He said the claims paid reduced from N2.07 billion in 2021 to N1.47 billion in 2022 by 28.8 per cent, which represented 93.1 percent of the paid claims budget for the year, stating that this was due to favorable claims experience during the year considering the non-occurring nature of the End-SARS violence.

Bukar noted that the net claims expenses increased by 41.4 per cent to N1.21 billion in 2022 from N859 million in 2021, which was an overshoot of N261 million above N953 million budgeted for the year.

He submitted that environmental risks (Flood), fidelity guarantee, goods in transit and motor claims affected the performance adversely.

The underwriting profit, he said was N1.49 billion which represents 77.2 per cent of N1.93 billion budget for the year and that the profit increased by 0.6 per cent from N1.48 billion in 2021.

According to him, the company’s profit after tax for the year was N330 million which reflects an underperformance of the year’s budget of N399 million, but outperformed the N127 million profit made in 2021.

The Chairman maintained that the Board would continually articulate, implement and review the adequacy and effectiveness of the risk management and internal control system in line with Nigerian Code on Corporate Governance (NCCG) to manage its risks and opportunities and promote meaningful engagement with its stakeholders.

The Managing Director, SUNU Assurances, Samuel Ogbodu on his part appreciated the company’s valued shareholders for their continuous support.

He added that the company has put in place strategic plans to ensure sustainable growth while it promises more dividend in the next financial year.

NAICOM, Abuja Metropolitan Council to Partner on Compulsory Insurances

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The Management of Abuja Metropolitan Management Council (AMMC) led by the Director, Development Control at the Federal Capital Territory Administration, Mukhtar Galadima, paid a courtesy visit to the National Insurance Commission (NAICOM) in Abuja.

The team was received by the Commissioner for Insurance/CEO, Olorundare Sunday Thomas and his Management team.

The purpose of the visit was to explore areas of collaborations in order to enforce compliance by building developers and Occupiers of Public Buildings with sections 64 & 65 of the Insurance Act 2003.

The two Agencies have setup a Joint Committee to work out the modalities for the enforcement of these compulsory insurances within the FCT.

Danbatta Woos Investors at GITEX Africa on Nigeria’s Broadband Future

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The Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, has invited international telecom companies and potential investors to take advantage of the opportunities presented by Nigeria’s population of over 200 million people to invest in its telecom sector, especially in infrastructure provisioning for broadband.

Danbatta, who spoke at the inaugural edition of the Gulf Information Technology Exhibition (GITEX) 2023, which ended in Marrakesh, Morocco recently, said Nigeria presents a stable political and economic conditions.

Governor of Lagos State, Babajide Sanwo-Olu and Nigeria’s Ambassador to Morocco, Mansur Bamalli, also spoke in the same direction and commended the Commission for its regulatory prowess which has made Nigeria the next investment destination in Africa.

Danbatta, who was represented at the conference by the Team Lead, Nigeria Office for Developing the Indigenous Telecom Sector (NODITS), Babagana Digima, said the Commission has a mandate to facilitate the development of the telecom industry in Nigeria, adding that one way through which this can be done is by attracting foreign investors that will further enhance the growth of the economy.

He informed the global stakeholders at the event that Nigerian government has been very supportive of the telecom industry which has achieved an upward growth with over 220 million active mobile voice subscriptions in Nigeria, over 150 million Internet subscriptions and broadband penetration of 48 per cent, the country is yet to be fully connected.

“Our national plan is to achieve 70 per cent broadband penetration by 2025. We still have less than 50 per cent penetration. This means there is huge investment potential for investors. Nigeria’s telecom sector needs more investment in the area of infrastructure deployment,” the EVC stated.

He stated that the telecom sector in Nigeria has become a major contributor to the country’s Gross Domestic Product (GDP), quarter-on-quarter, driving the growth of digital economy in the country.

“The importance of this event for us as a Commission is to showcase the NCC as a Nigerian brand, a foremost telecom regulator in Africa and beyond and to bring about the much-needed investment that will enhance development of the Nigerian telecom industry,” Danbatta said.

The EVC stated that there is abundant talent in Nigeria that can be tapped by investors to support their business operations. “There is abundant human resources waiting to be harnessed by potential investors for ground-breaking global technological innovations and advancement in providing digital solutions.

“This event provides us with the platform to showcase some of the talents that we have discovered in Nigeria. The Commission has sponsored three indigenous start-ups that are at this event to display their solutions for prospective investors and partnerships,” he said.

The GITEX Africa 2023 was the maiden edition of GITEX Global Summit held in Africa. It is poised to be Africa’s most influential forum to accentuate the vast potential of tech-driven digital economy.

It aims to be an international platform for cutting-edge technology for all players from both public and private sectors.

Impact Investors Annual Awards to Celebrate Social Impact Heroes

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The Impact Investors Foundation, Nigeria’s leading platform for unlocking impact capital, is calling on nominations of social enterprises and impact investors in Nigeria and non-profit organisations in West Africa for its annual awards, which will close in the next three weeks.
This year, the award recipients would be celebrated at the 5th edition of the prestigious IIF Annual Dinner and Awards, which is part of the 2023 Annual Convening on Impact Investing, in Lagos at the Oriental Hotel on the 31st October and 1st of November 2023.
The IIF Award for Impact Investing is a platform that recognises a leading institution and/or an individual who has made significant environmental and social contributions through their investments, products, services, or innovations. Impact in this context is measurable by contributions that are making the lives of many Nigerians better and improving the environment.

The award is intended to inspire others to deliberately build impact into their business and investment strategies and measure their contributions, thereby, growing and strengthening the impact investing ecosystem in Nigeria.

Eligible individuals or organisations are advised to visit the IIF award website to read more about the selection criteria and submit nominations before July 7, 2023.

In 2022, Acumen, a philanthropic investor that focuses on earl- stage companies, won the Impact Investor of the Year award; Healthtracka, a digital health platform that provides home lab testing available, won the Social Enterprise of the Year award while Mamamoni Empowerment Foundation, a non-profit that supports, equips and mobilises local African women, clinched the Innocent C. Chukwuma Award for Social Impact.

The IIF Annual Award for Impact Investing is in three categories. They are:

  • Impact Investor of The Year
  • Social Enterprise of The Year
  • Innocent C. Chukwuma Award for Social Impact

The Chief Executive Officer, IIF, Ms Etemore Glover, said: “We are excited to be bringing back the 5th edition of our annual dinner and awards, one of the most exciting sessions of the 2023 IIF Annual Convening on Impact Investing that celebrates impact heroes in Nigeria and West Africa.

“We look forward to honouring investors who are advancing our efforts in the ecosystem by creating equitable access to impact funds; innovators who are significantly influencing social and environmental issues and non-profits that are delivering measurable impact in the areas of social justice, community organising and sustainable development.”

The IIF is committed to eliminating the barriers to impact investing by building an effective ecosystem that supports the growth of investment pipelines and sustainable impact.

About IIF

The Impact Investors Foundation (IIF) is a nonprofit organisation founded by a partnership comprising the Ford Foundation, Bank of Industry (BOI), African Capital Alliance (ACA), BusinessDay Media Ltd and Dalberg Advisors.

The mission of the alliance is to work with their stakeholders to reduce the barriers to impact investing in Nigeria to enable more investors’ participation in finding solutions to the country’s major socio-economic and development problems.

The IIF approaches include convening critical actors in government, private and social sectors; promoting innovative investment approaches and tools; building evidence on what works and doesn’t work; and leadership and collective actions.

 

NCC Tasks Telcos on Network Security, Consumer Safety

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The Nigerian Communications Commission (NCC) has directed Mobile Network Operators (MNOs) and Internet Service Providers (ISP) in the country to comply with regulatory frameworks emplaced by the Commission towards ensuring security and safety of their networks for telecom consumers.

The Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Commission, Prof. Umar Danbatta, gave the charge at the 2023 annual Nigeria DigitalSense Forum, focused on Internet Governance for Development, which took place in Lagos recently.

Addressing stakeholders at the event, Danbatta said one of the regulatory frameworks put in place by the Commission is the Internet Code of Practice (ICP for telecom industry, which is essentially to protect the right of Internet users to an open Internet and provide clear guidelines to Internet Access Service Providers on the use of traffic management practices.

He said the Internet Code also outlines the obligations of Internet Access Service Providers in relation to the protection of consumers’ personal data as well as lists the obligations of Internet Access Service Providers in the handling of offensive and potentially-harmful content, and the protection of minors and vulnerable audiences online; among others.

Through upholding the tenets of Internet Governance Code, Danbatta said the Commission, in collaboration with other stakeholders can make networks safe and get telecom consumers protected online.

Speaking to the theme of the event: “5G: Data Governance, Safety and Security in Nigeria”, Danbatta said building robust legal and regulatory frameworks is a crucial requirement for effective data governance in Nigeria and that the ICP provides the framework in this regard.

The EVC, however, underscored the need for telecom licensees, especially the MNOs and ISPs, to adhere strictly to industry frameworks that seek to enthrone effective governance in Internet delivery services.

Represented by the NCC’s Head, New Media and Information Security, Dr. Chidi Diugwu, the EVC said with the emergence of new technologies such as the Fifth Generation (5G), currently being deployed in Nigeria, the need has come to pay greater attention to the issue privacy, data integrity and online trust across telecom networks.

“As we embrace the transformative potential of newer technologies such as 5G, we must prioritise safety concerns because the amount and speed of data generated using 5G technology is unprecedented. As such, we need to always prioritise consumer privacy, transparency, and ethical data use; and this can be achieved by cultivating trust and handling data responsibly, and by doing so, we can unlock the full potential of 5G technology and promote innovation in Nigeria,” he said.

While emphasising that the Nigerian Communications Act (NCA) 2003 requests NCC’s licensees to prevent their network facilities or services from being used in for the commission of any offence under any law in operation in Nigeria, Danbatta said “In this regard, licensees are required to collaborate with the Commission by complying with their legal and regulatory obligations towards ensuring effective Internet governance in Nigeria.”