The Nigeria Prize for Literature, Rainbow Book Club Host Playwright Finalists at PH Bookfest

18/09/2023

The Nigeria Prize for Literature (NPL) 2023 shortlisted playwrights (L) Dr. Obari Gomba, writer of Grit and (R) Henry Akubuiro, writer of Yamtarawala The Warrior King, with the moderator, Margaret Nnennaya Ukwu, at the Rainbow Book Club/NPL Bookfest in Port Harcourt…on Sunday.

The Nigeria Prize for Literature, sponsored by Nigeria LNG Limited (NLNG), and the Rainbow Book Club in Port Harcourt, held a bookfest in honour of three shortlisted playwrights for the 2023 edition of the Prize.

The bookfest featured readings from the shortlisted plays and a session with the playwrights who participated in person or virtually.

Playwrights on the shortlist who attended the event include Abideen Abolaji Ojomu (Ojuelegba Crossroads), Henry Akubuiro (Yamtarawala – The Warrior King) and Obari Gomba (Grit).

In his remarks, the General Manager of External Relations and Sustainable Development at NLNG, Mr Andy Odeh, commended the shortlisted playwrights, stating that their books were the best of the 143 works submitted for this year’s Prize.

He expressed delight in bringing the shortlisted playwrights to Port Harcourt, a World Book Capital. He stated that the excellence exhibited in the shortlisted works was a testament to the Nigerian writer’s highly creative and resilient spirit. He said The Nigeria Prize for Literature owes its success to Nigerian writers who have entered the Prize, which has recorded well over 2,500 entries and celebrated 17 winning works.

Mr. Odeh urged the creative and entertainment industry to tap into the talents the Nigeria Prize for Literature has showcased over the years, especially in the Drama category, which has produced a winner since the first one in 2006 when Ahmed Yerima clinched the award with his book Hard Ground. He emphasized that the corpus of Nigerian Literature played a pivotal role in redefining the political, economic, social, and cultural identity as part of the journey towards transformation and progress.

In her speech, the founder and Chief Executive Officer of Rainbow Book Club, Mrs. Koko Kolango, represented by Ms Ijeoma Aruba, stressed the need for stakeholders in Port Harcourt to collaborate and bring back the glory of Port Harcourt as the World Book Capital.

“We must all join hands to bring back our World Book Capital. NLNG has set a good precedence by hosting this Bookfest. But it would take a collective effort to bring back our World Book Capital City and we all have a role to play. We can begin by bringing back our week-long Port Harcourt Book Festival. Our festival was a confluence of our city’s creatives, a melting point for information and ideas,” she stated.

Guests who graced the event include Past President of the Nigerian Bar Association, Chief O.C.J. Okocha; former Rivers State Commissioner of Information, Ibim Semenitari; Nollywood actor, Sam Dede; former Bonny Gas Transport Director, Mrs. Aleruchi Cookey-Gam, among others.

The three entries were selected out of 143 for this year’s prize round, which focuses on Drama. The final verdict on the winning entry is expected to be announced in October 2023.

The Nigeria Prize for Literature rotates yearly among four genres: prose fiction, poetry, drama and children’s literature.

Gas to Play Significant Role in Africa’s Energy Mix, says NLNG’s MD

Business Journal

17/09/2023

Dr. Philip Mshelbila

Managing Director and Chief Executive Officer

Nigeria LNG Limited (NLNG)

Natural gas should and will play a significant role in Africa’s energy mix to meet the demands arising from rapid population growth and economic expansion, as well as the need for affordable access to clean energy and supply security for industrialisation, according to Dr. Philip Mshelbila, Managing Director and Chief Executive Officer of Nigeria LNG Limited (NLNG).

Mshelbila made these remarks during a strategic session at the recently concluded 2023 Gastech Exhibition and Conference in Singapore, where he discussed Africa’s role in increasing supply resilience in the energy transition context. He stated that African gas could enhance global energy security by increasing gas production, ensuring a steady supply source despite rising domestic consumption, and the growth of floating LNG, facilitating the rapid delivery of gas products to the market.

He stressed the necessity of adopting a multi-dimensional approach to the energy transition, considering Africa’s specific context and evolving needs. Dr. Mshelbila pointed out that the continent is already capitalising on opportunities in the energy transition, utilising gas as an evolutionary energy source that offers a cleaner alternative to traditional biomass and coal. He highlighted that transitioning from polluting sources to liquefied petroleum gas (LPG) and compressed natural gas (CNG) can reduce emissions by up to 48%. He cited Nigeria as an example, where the government actively promotes CNG usage in the transportation sector to expand gas utilisation and drive progress across various industries.

Mshelbila also noted that Africa is maximising opportunities in the growing LNG market, increasing its production capacity to substantially contribute to global supply. He added that Africa is emerging as a critical global gas supply source, with production expected to double, solidifying the continent’s role in global energy security.

“The largest gas markets in Africa remain Algeria and Nigeria, which account for at least 55% of the continent’s gas reserves. However, exciting new gas markets are emerging across the continent, especially in LNG developments in Mozambique, Senegal, the Congo, and Tanzania,” he stated.

Furthermore, Mshelbila stated that efforts are underway to develop inter-regional gas supply pipelines to facilitate the movement of gas resources from West Africa to North Africa and beyond, promoting intercontinental trade.

Regarding the energy transition, he highlighted Africa’s progress in the field of hydrogen. He said that when produced using Africa’s abundant gas resources in conjunction with renewables, hydrogen can position the continent as a major hydrogen exporter in the near future.

In conclusion, Mshelbila emphasised that Africa is taking a proactive, region-specific approach that leverages its unique strengths and resources, offering promise for a sustainable energy future and a crucial role in the global energy transition.

The Gastech Exhibition and Conference is a significant platform for professionals in the natural gas, LNG, hydrogen, low-carbon solutions, and climate technologies industries to discuss the latest developments in the sector. NLNG actively participated in strategic leadership sessions and the exhibition.

SEC Targets N5tn Market Capitalisation from 50 Shari’ah-compliant Products by 2025

Business Journal

16/09/2023

The Securities and Exchange Commission (SEC) has reiterated that it targets 50 listing of Shari’ah-compliant products with a combined market capitalisation of at least N5 trillion by 2025.

The Director-General of SEC, Mr. Lamido Yuguda, who was represented by the Executive Commissioner, Operations, Mr. Dayo Obisan at a “capacity building workshop for local Shariah talent for non-interest capital market – level II,” in Abuja said Non-Interest Capital Market (NICM) segment of the revised Capital Market Masterplan (2021 – 2025), targets 100 retail Shariah-compliant products and over one million direct investors in Shariah-compliant products.

He stated that the Commission faced with these ambitious targets, has resolved to redouble its developmental efforts, especially in capacity building that nurtures reputable professionals to leverage Sharia best practices in facilitating the sound implementation of Sharia-compliant initiatives with the ultimate aim of deepening the NICM space.

The DG stated that the Commission would continue to leverage its subsidiary, the Nigerian Capital Market Institute, especially in developing robust programmes around Non-Interest Finance which are expected to promote capacity-building and sharia-compliant products and processes.

According to him “as you are all aware, the fundamental difference between conventional finance and Non-Interest Finance is the application of Shariah principles in the latter. This simply means that NICM cannot exist without experts in Islamic commercial jurisprudence (Fiqhul Mu’amalat Al-Maliyya).

“The objective of this workshop, therefore, is fast-tracking the development of experts for the Market. We believe this will enhance the development of our local Sharia talent, not only for the Nigerian Capital Market but also for the Nigerian Financial system in general.

“The level of activities in the Non-Interest capital market that we are currently experiencing in Nigeria affirms the overwhelming acceptance of NICM products by different classes of investors, which portrays a strong appetite for these class of assets as evidenced by the oversubscription of the FGN and corporate Sukuk issued in previous years.

“The Level 1 segment of this important Workshop, which was conducted in December 2022, covered the basic areas of Financial Market Structure and Operations of the Capital Market and three modules from Shariah Principles and Contracts Relating to Non-Interest Capital Markets.

“As we dive into Level II, the remaining modules relating to Shariah Contracts will be extensively discussed starting today, while modules on Shariah Issues Relating to Non-Interest Capital Market Principles, and Operation of the Sukuk and Equity Markets shall be treated in the coming days.”

He reiterated that Level II is aimed at consolidating participants’ understanding of the theoretical and practical aspects of the NICM.

“Armed with this training and subsequent ones to come, the participants would undoubtedly have the potential to provide Shariah advisory services for the Islamic Finance Industry, particularly the Non-Interest Capital Market’s operations as it relates to Shariah principles and rulings,” he added.

He expressed further that significant progress recorded in this area is evidenced by the last ranking of Nigerian Islamic Finance in 13th place on the Global Islamic Finance Development Indicator 2022, ahead of countries like Bangladesh and Turkey.

Yuguda pointed out that the Non-Interest Finance Sector has gradually grown to become a distinct industry within the broader financial landscape, offering alternatives to traditional interest-based financial systems.

Ecobank Remodels Branches for Enhanced Customer Experience, Service Delivery

Business Journal

15/09/2023

Ecobank Nigeria has started the remodeling of its branches across the country. This effort will see the bank turn its existing banking halls into modern smart banking arenas designed to offer a cozy experience to customers and other stakeholders of the bank who visit the branches.

Speaking on the branch transformation exercise, Titi Olarinde, Head, Branch Network, Ecobank Nigeria Limited said it is a deliberate and strategic decision of the bank to ensure that customers transact seamlessly in an environment where they are happy to come to everyday whilst providing the best banking experience for them and our staff.

She said the remodeled branches are equipped with fully functional digital service points, new ATMs, solar power for uninterrupted 24/7 electricity and other facilities for an enhanced customer experience.

She disclosed that for the first phase, the bank has earmarked 50 branches across the nation for the redesign exercise and they will be delivered before end of the year. 10 of these branches such as: Ajose Adeogun, Ikotun, Iju and Admiralty branches in Lagos; Jabi, Garki Area 8 and Maitama in Abuja; Murtala Mohammed Way, Kano; Benin Sapele Road, Benin-City and Aba Road in Port Harcourt have been completed and are already open to customers.

“For us as a bank, we decided to redesign and give our branches a new look and feel to tell the story of who we are as a pan African banking institution. The comprehensive renewal affects the ambience, aesthetics, internal and exterior branding of the branches. To complement the new look, the signages are also being completely changed or refurbished. We believe the remodeled branches will reflect the personality and values of the brand, raise the bar of customer experience and service delivery to our existing and prospective customers as well as all stakeholders. Visit any of our branches in Ajose Adeogun, Ikotun, Iju and Admiralty branches in Lagos; Jabi, Garki Area 8 and Maitama in Abuja; Murtala Mohammed Way, Kano; Benin Sapele Road, Benin-City and Aba Road in Port Harcourt and have a feel of the locations already completed and opened to customers.”

Mrs. Olarinde concluded by saying that the various innovative projects by the bank in recent times are targeted at making it the most preferred financial institution in the country.

Ecobank Nigeria Limited is an affiliate of the Ecobank Group, the leading pan-African banking group.

Ecobank Nigeria offers a comprehensive suite of financial services and solutions to its Consumer, Commercial, Corporate and Investment Banking clients at over 200 branches and 60,000 Xpress Point agency locations in Nigeria.

PTAD Pays N846.1m Accrued Arrears, Gratuity to 2,730 Pensioners

Business Journal

15/09/2023

The Pension Transitional Arrangement Directorate (PTAD) has paid the sum of N846,146,987.71(Eight Hundred and Forty-Six Million, One Hundred and Forty-Six Thousand, Nine Hindered and Eighty-Seven Naira, Seventy-One Kobo) to 2,730 pensioners of the Civil service Pension Department of an accrued arrears and gratuity owned the pensioners.

The arrears paid to these retirees ranged from previously verified pensioners not on the payroll, those who did not receive their gratuity on retirement and failed payments on the GIFMIS platform.

In his remark, the Ag. Executive Secretary, Pension Transitional Arrangement Directorate (PTAD), Mr. Sulayman Shelleng, said the payment is going to be continued until all accrued arrears are paid. He assured other pensioners who are yet to receive their arrears to be calm as the Directorate is working tirelessly to ensure that all outstanding arrears of pensions and gratuity are paid soon.

He further assured DBS pensioners of the Directorate’s continued strive to ensure that their welfare is promoted.

Polaris Bank Partners EAS, Funds Training of 1000 Nigerian SMEs on Export to US, Europe

Business Journal

14/09/2023

Polaris Bank, in its show of commitment towards empowerment of Small and Medium-sized Enterprises (SMEs), is pleased to announce a strategic partnership with Export and Sell (EAS), a renowned expert in export solutions, to train and subsequently fund over 1,000 successful SMEs on export opportunities to the USA via Amazon and other international platforms.

Polaris Bank is leveraging the expertise of EAS as an intermediary between Online and African Stores in the US, UK and Nigerian businesses, for supply of Raw foodstuffs and other items from Nigeria. With a focus on e-commerce sales through Amazon, the training provides in-depth exposure to Nigerian SMEs on export opportunities and sales expansion into the American market. The training will provide an opportunity to educate SMEs on how to find buyers and how to meet specifications for export, especially into the US market.

The training programme is slated to commence in October 3, 2023 as a hybrid model, with in-person sessions slated to hold in Port Harcourt, Abuja and Lagos. Subsequently intensive sessions will hold for four days with over 1000 successful SMEs; many of whom could access facilities of up to ₦20 million for SMEs and ₦1billion for large corporate.

This collaboration aims to equip SMEs with the knowledge and tools required to successfully export their products.

In today’s global marketplace, SMEs face unique challenges, including, access to financing, shipping, product registration and finding buyers for their business. Polaris Bank recognises the importance of fostering economic growth by supporting SMEs, as the backbone of the Nigerian economy. Through the partnership with EAS, Polaris Bank is taking a significant step towards fulfilling its commitment to SME growth and development in Nigeria.

The partnership and training programme, will provide SMEs with a comprehensive understanding of onboarding on Amazon and exporting successfully to the USA, with insights on export credit insurance and risk mitigation strategies. Participants will gain insights into available funding windows provided by Polaris Bank as well as be equipped on how to leverage them effectively.

The training sessions will be led by industry experts from both Polaris Bank and EAS, ensuring that participants receive the highest quality education and guidance.

Commenting on the Export and Sell Business Model, Polaris Bank’s Group Head, Products & Market Development, Adebimpe Ihekuna expressed enthusiasm for the partnership, stating, “At Polaris Bank, we understand the pivotal role SMEs play in driving economic growth. Through our collaboration with EAS, we aim to empower SMEs with the knowledge and tools necessary to access export financing opportunities and compete effectively on the global stage. This partnership underscores Polaris Bank’s commitment to SME development and Nigeria’s economic prosperity.”

A BusinessDay news article published on March 23, 2023, quoting Nigerian Bureau of Statistics (NBS) indicated that a total of N598.2billion worth of agricultural produce were exported in 2022, accounting for 18.5 percent increase when compared to the figure recorded in 2021.

Polaris Bank was adjudged Digital Bank of the Year in 2021 and 2022 by BusinessDay’s Banks and Other Financial Institutions (BAFI) Awards.

It also emerged as the best MSME Bank because of its ability to use technology to enable bottom-up support to the MSME sector.

Polaris Bank Partners EAS, Funds Training of 1000 Nigerian SMEs on Export to US, Europe

Business Journal

14/09/2023

This collaboration aims to equip SMEs with the knowledge and tools required to successfully export their products.

The training sessions will be led by industry experts from both Polaris Bank and EAS, ensuring that participants receive the highest quality education and guidance.

Polaris Bank was adjudged Digital Bank of the Year in 2021 and 2022 by BusinessDay’s Banks and Other Financial Institutions (BAFI) Awards.

It also emerged as the best MSME Bank because of its ability to use technology to enable bottom-up support to the MSME sector.

Stanbic IBTC Pension Unveils FUZE Talent Show 2.0: Cultivating Creative Excellence in Nigerian Youths

Business Journal

14/09/2023

Stanbic IBTC Pension Managers, a subsidiary of Stanbic IBTC Holdings, has unveiled the highly anticipated second season of its transformative initiative – FUZE Talent Show.

Building on the success of the inaugural season, FUZE Talent Show 2.0 is set to ignite the talents and aspirations of Nigerian youths once again.

The FUZE Talent Show initiative is evidence of Stanbic IBTC Pension Managers’ commitment to fostering creativity and innovation as the organisation invites young talents aged 18 to 35 to showcase their brilliance across diverse artistic domains, including music, dance, fashion, technology, and innovation.

The inaugural season of the FUZE Talent Show which took place in 2022 had over 7,000 participants and captured the hearts and imaginations of over 2 million viewers from all parts of Nigeria. It culminated in an electrifying grand finale and concert: the FUZE Festival, during which winners were announced.

The FUZE Festival took place in December 2022 with amazing performances from some of Nigeria’s best music talents and had over 8,000 guests in attendance. It featured an incredible array of experiences including music, fashion, food, art and other fun activities for all attendees, thus demonstrating its impact on the country during the festive season.

As Season Two rolls in, prospective participants are invited to embark on an exhilarating journey by registering for FUZE Talent Show 2.0. The digitally-led audition process is as easy as it is engaging – participants only have to download the Stanbic IBTC Events App from the Android or iOS store, complete the registration form and submit a one-minute video showcasing their talent. Notably, the audition process is completely free.

Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers expressed delight, remarking on how FUZE has emerged as a premier platform for young creatives to captivate audiences, establish connections, and cultivate partnerships within the dynamic creative sector. He highlighted that FUZE reflects the vibrant Nigerian culture across various artistic forms, catalysing and elevating the nation’s creative landscape.

Nike Bajomo, Executive Director, Stanbic IBTC Pension Managers warmly invites young Nigerians to participate in the event. Emphasising the cost-free nature of the audition process, she highlights the core ambition of FUZE Talent Hunt 2.0 – providing a supportive platform for Nigeria’s talented youths to learn, network and access critical resources that will fuel their aspirations. She said “through this platform, we seek to inspire, uplift and propel the next generation to achieve their dreams.”

The announcement of the FUZE Talent Show winner will take place at the eagerly awaited FUZE Festival which is scheduled to take place on 23 December 2023.

With a grand prize of N32 million up for grabs, participants stand to receive industry acclaim as well as invaluable mentorship to accelerate their careers.

Join Stanbic IBTC Pension Managers in celebrating the boundless creativity and limitless potential of Nigeria’s emerging talents at FUZE Talent Show 2.0.

NASENI EVC to Ensure Tech Transfer, Commercialisation of Innovation

Business Journal

13/09/2023

Mr. Khalil Halilu
The Executive Vice Chairman /CEO
National Agency for Science and Engineering Infrastructure (NASENI)

The new Executive Vice Chairman/CEO of the National Agency for Science and Engineering Infrastructure (NASENI), Mr. Khalil Halilu, has charged the management team to commit fully to the new direction being charted for the agency.
Halilu stated this Monday, as he began receiving operational briefings from the agency’s management and senior staff. He reiterated that under his watch, NASENI will run an open-door system that welcomes ideas and suggestions.
“We will learn from all mistakes of the past, and make adjustments that will be included in our strategic plans for the future. We are not here to witch-hunt anyone, or live in the past,” he stated.
During his inaugural management meeting upon assumption of office last week, the new EVC/CEO had asked for the preparation of detailed briefing notes for presentation by management team and senior staff on Monday, September 11, 2023.
The briefings, which have now commenced, will be followed by a tour of NASENI institutes and facilities around the country, in the weeks ahead. Mr. Halilu was appointed as the Executive Vice Chairman and Chief Executive Officer of NASENI by President Bola Ahmed Tinubu on September 2, 2023.
The new EVC/CEO has listed his priorities to include ensuring that NASENI plays a central role in ensuring technology transfer to Nigeria from around the world, as well as achieving successful commercialisation of NASENI’s research and innovation.

NCC Executive Commissioner Decries Impact of Multiple Taxation in Nigeria

Business Journal

13/09/2023

Mr. Adeleke Adewolu, the Executive Commissioner, Stakeholder Managament at the Nigerian Communications Commission (NCC) has lamented the negative effect of multiple taxation on businesses and the general economy of Nigeria.
In a speech titled: Multiple Taxation: An Impediment to Economic Growth at the Regional Stakeholders Workshop on Multiple Taxation and Regulations, Adewolu stated that despite the prospect of accelerated economic growth, the presence of multiple taxation, which the World Bank has termed ‘nuisance taxes’ has and continues to prove to be a bane on economic development in the country. He noted however, that before addressing how multiple taxation is an impediment to economic development, it is also important to emphasise that taxation, in and of itself, is a veritable tool for economic development.
“Taxation is the backbone for public finance. It provides guaranteed and sustainable sources of funding for social programs and public investment; it also serves as a tool curated by the government to effectively and efficiently distribute our commonwealth. It is thus evident that taxation is critical for making growth sustainable and equitable. Thus, taxation by design is an instrument for economic development and it is important to acknowledge and support the initiative of all tiers of Government in using taxation as an instrument for socio-economic development.
However, supporting the tax initiatives by the various tiers of Government includes indicating where a category of taxes has become cancerous to economic development. These types of taxes typically manifest themselves in the form of multiple taxation and by design, they reverse growth, stifle innovation and discourage investment. In parabolic terms, they are the scarecrows mounted by government to disincentivize development.”
The NCC official also noted that the National Tax Policy 2017 emphasised the need to eradicate multiple taxation at all tiers of government. He added that the policy states specifically, that taxes similar to those being collected by a level of Government should not be introduced by the same or another level of Government, insisting that the Federal, State and Local Governments in Nigeria shall ensure collaboration in harmonising and eliminating multiple taxation.
On the downside, Adewolu said:
“The paradox of multiple taxation is that it does not lead to an increment in government revenue, rather the crippling effect of these taxes, is that it makes otherwise profitable businesses, unprofitable. It negatively impacts the ease of doing business, shrinks the tax base, incentivizes tax evasion and complicate tax compliance. According to the World Bank, taxing a specific tax base will lead to increasing revenues up to a specific point, after which the overall tax revenue will decline because companies go out of business, or evasion increases significantly.”
He said in addition to these challenges, “the economic burden of multiple taxation is further exacerbated by the administrative burden of complying with these taxes. It further makes Nigeria an undesirable ground for breeding healthy business and competitive practices. The effect of this is that, business enterprises in Nigeria struggle to compete with their counterparts abroad. These incidents weaken our economic foundations, devalues the symbol of economic strength, which is our currency – the Naira and contracts our gross domestic product.”
On the way forward, Adewolu described the workshop as an avenue to rethink our national approach towards taxation by adhering to its founding principles as follows:
• Neutrality: Taxation should seek to be neutral and equitable between forms of business activities. A neutral tax will contribute to efficiency by ensuring that optimal allocation of the means of production is achieved.
• Efficiency: Compliance costs to business and administration costs for governments should be minimised as far as possible.
• Certainty and simplicity: Tax rules should be clear and simple to understand, so that taxpayers know where they stand. A simple tax system makes it easier for individuals and businesses to understand their obligations and entitlements. As a result, businesses are more likely to make optimal decisions and respond to intended policy choices.
• Effectiveness and fairness: Taxation should produce the right amount of tax at the right time, while avoiding both double taxation and unintentional non-taxation. In addition, the potential for evasion and avoidance should be minimised.
• Flexibility: Taxation systems should be flexible and dynamic enough to ensure they keep pace with technological and commercial developments. It is important that a tax system is dynamic and flexible enough to meet the current revenue needs of governments while adapting to changing needs on an ongoing basis.

Polaris Bank Rewards 50 Lucky Winners in its Ongoing ‘Save & Win’ Promo

Business Journal

13/09/2023

Polaris Bank held the first draw in her ongoing Polaris ‘Save & Win’ promo where 50 persons emerged winners.
The development is in line with the Bank’s commitment to rewarding its loyal customers across the nation.
The Bank, said winners emerged through a draw exercise which was witnessed by relevant Agencies of government; Federal Competition & Consumer Protection Commission (FCCPC), National Lottery Commission (NLRC) and Advertising Regulatory Council of Nigeria (ARCON) who confirmed that the 50 lucky winners were selected from various regions spanning the six geo-political zones of Nigeria.
Each winner received a cash prize of N10,000. The draw which took place at the Bank’s headquarters in Lagos, further underscored Polaris Bank’s dedication to fairness in all its promotions and activities.
During the draw, winners were called at random using a hybrid media technology which enabled in-premises event; as well as participation of over 1000 customers through the Bank’s virtual network and social media handles.
One of the winners commended the Bank in putting in place the promo at this time which he said was relevant saying “Thank you to Polaris Bank, this money definitely came in at the right time, I will make sure to tell my friends to open accounts with the Bank and participate in the promo so we can all enjoy this money”.
Speaking at the live draw event, the representative from FCCPC; Susie Onwuka said, “We’ve been monitoring Polaris Bank since the promo started and it has been fair, they comply to rules and guidelines. Customers should feel free and confident to participate in the promo”.
During the unveiling of the winners, Polaris Bank’s Group Head, Brand Management & Corporate Communication, Mr. Nduneche Ezurike, also expressed the Bank’s commitment to encouraging a culture of savings among its customers. “The Polaris Bank Save & Win promo is not just about rewarding customers; it’s also about encouraging our customers to save for the rainy day”.
He emphasised that customers can still participate in, or increase their chances of winning by depositing a minimum of N10,000 in their Savings account. He also noted that non-customers of the Bank can participate for a chance to win in the draws by opening a Polaris Savings account with N2,000 and growing same to N10,000 before the next draw date.
The representatives of the regulatory bodies commended the Bank for making good its promise to winners of the draws.
For those wishing to be part of the Campaign, below are four (4) ways to participate in the on-going Polaris Save & Win promo:
1. Download VULTe on iOS and the App store to open a Polaris Savings Account or dial USSD *833*0# on your phone or log into Polaris Bank savings portal.
2. Grow your account by N10,000 or more and maintain for 30 days or by N10,000 for 3 consecutive months to qualify for monthly & quarterly draws respectively.
3. If your account is dormant, you can reactivate your account without visiting the Bank by simply dialing *833*30#.
4. Follow the Bank’s handles @polarisbankltd across all social media platforms or visit the website to stay updated.
Polaris Bank, adjudged Digital Bank of the Year 2021 and 2022, is a future-determining Bank committed to delivering industry-defining products for individuals and businesses.

FX Convergence: ABCON Seeks Autonomy from CBN to Digitize Operation

Business Journal

12/09/2023

The Association of Bureaux De Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to democratise and centralise the operation of its members by granting them autonomy to go digital.

Alhaji Aminu Gwadabe, the President of ABCON, disclosed this to newsmen on Sunday in Lagos.

Gwadabe said that the appeal has become necessary against the backdrop of recent CBN planned reforms on BDCs, urging them to be tech savvy.

“In view of the above, we call on the CBN to diversify our scope of operation and business model from cash based to less cash and digital platforms. ABCON, in the lunch of its vision for BDCs digitisation through its exchange rate platform (naijabdcs.com), unveiled in 2018, have long prepared its members to embrace technology. It is also important to note that ABCON have spent several millions in IT research and developments, designs, implementations of various layers of automation of the business transformation process from manual to digital. Our members have through automation now have transactions monitoring systems with installed IT office equipment and internet in their location. Our members now record their transaction on AWS I -Cloud real time on line and extract their daily reports for return rendition, online real time interface with the CBN,” Gwadabe said.

The ABCON boss said that sometime in 2019, BDCs were integrated into the Nigerian Inter Bank Settlement System (NIBSS) clients’ BVN verification and validation platform in carrying out transactions with its members.

Gwadabe said that BDCs through the collaborations of ABCON and the Nigerian Fraud Intelligence Unit (NFIU) have registered on the GoAML platforms and Nil-returns platform for the rendition of their suspicious and cash transactions threshold to the NFIU in compliance with their AML/CFT obligations.

“We have also ensured that each of us execute compliance undertaking and appointment of a Compliance Officer. ABCON also constantly train and retrain, sensitise its members with regulators and security agencies as resource persons. ABCON as a custodian of regulation and auto regulatory organisation believe that the BDCs posed the most effective, transparent pass-through effect and transmission mechanism of the CBN foreign exchange policies. We have achieved convergence of rates in 2006, 2009 and 2018 to 2020 before the outbreak of COVID -19 in 2020,” Gwadabe said.

The ABCON chief said that it is in the light of the verifiable feats earlier mentioned that it is calling on the apex bank to grant a no- objection approval to various correspondences to it to grant BDCs the autonomy to embrace digital payment to the sub sector to achieve rate convergence.

He listed the benefits of the autonomy to include, but not limited to the following:

“First it will lead to a true market rate discovery.
“Secondly, it will enhance the achievement of the Federal Government’ harmonized foreign exchange rate policies.
“Thirdly, it will make the BDCs transactions monitoring system effective and in conformance with their compliance obligation to statutory and regulatory requirement.
“Fourthly, it will harmonised and centralise the market and thus making the BDCs the moderating and correcting mechanism for the market.
“Fifthly, it will create additional employment to the over 40,000 employees directly and indirectly in the BDCs sub sector,” Gwadabe said.

He added that the autonomy would usher in transparency, accountability and ease of supervision of transactions in the BDC subsector of the FX market.

Accugas Signs MOU with Inoyo Toro Foundation to Establish Education, Internship Training Programme

Business Journal

11/09/2023

L-R: Okwudili Onyia, Communications Manager, Savannah Energy; Prof. Enobong Joshua, Chairman of the Screening Committee, Inoyo Toro Foundation; Nkoyo Etuk, Head, Stakeholder Relations and Regional Manager, South East, Savannah Energy; Dr. Saturday Umanah, Assistant Director, Akwa Ibom State Secondary Education Board, and Dr. Glory Ekpo, Director, Akwa Ibom State Secondary & Higher Education, Akwa Ibom State Ministry of Education (representing Mrs. Idongesit Etiebet, Commissioner for Education, Akwa Ibom State) during the signing of the MoU between Accugas Limited and Inoyo Toro Foundation for the establishment of Savannah Energy Education & Internship Training (SEE-IT) Programme in Secondary Schools in Akwa Ibom and Cross River States in Uyo recently.

Accugas Limited, the midstream subsidiary of Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, is pleased to announce that it has signed a Memorandum of Understanding (“MOU”) with the Inoyo Toro Foundation, a non-profit educational foundation based in Akwa Ibom State, for the establishment of the Savannah Energy Education and Internship Training (“SEE-IT”) programme within public secondary schools located in Akwa Ibom and Cross River States.

The SEE-IT programme includes:

Teachers’ awards for excellence in teaching by public secondary school teachers in Biology, Chemistry, English, Mathematics and Physics;
Grand Mentors’ awards for teachers who successfully mentor other teachers to become award winners in the five selected subjects;
Principals’ awards for exceptional school heads providing a conducive teaching and learning environment for teachers and students;
Establishment of environmental awareness watch clubs across selected Akwa Ibom and Cross River States public secondary schools;
An annual public secondary schools’ quiz competition across Akwa Ibom and Cross River States;
Award of full scholarships (school fees and living costs) to up to twenty students each year covering the number of years required to obtain a degree in their chosen field of study within any university (private or public) in Nigeria;
Internship opportunities to the students receiving scholarships from Savannah.

Nkoyo Etuk, Regional Manager, South East and Head, Stakeholder Relations, Savannah, said:
“Education is an important part of Savannah’s corporate social responsibility and integral to our purpose, to meaningfully contribute to the economic development of our host communities and the countries in which we operate through the development of projects that will make a material difference. The SEE-IT programme is expected to enhance access to education and improve the quality of education in both Akwa Ibom and Cross Rivers states. We look forward to working with the Inoyo Toro Foundation and to seeing the results of this exciting partnership.”
Professor Enobong Joshua, Chairman of the Screening Committee, Inoyo Toro Foundation said:
“The Inoyo Toro Foundation is pleased to collaborate with Savannah on this programme. We have a long-standing relationship with Savannah, which we believe will be further strengthened by this ground-breaking initiative in education. The SEE-IT programme comes at a time when we need to move Akwa Ibom State’s education architecture forward and re-organise it. We are optimistic that the programme will support the state government’s education development agenda.”

Continental Re Appoints Kevin Kiambi Mworia to Lead its Kenya Subsidiary

Business Journal

11/09/2023

L-R: Mr. Lawrence Nazare, Group Managing Director, Continental Reinsurance Plc; Mr. Kevin Mworia, Managing Director, Continental Re (Kenya), Mr. Godfrey Kiptum, Commissioner of Insurance, Insurance Regulatory Authority Kenya, Dr. Steve Mainda, Chairman Continental Re Kenya, Mr. Emeka Akwiwu, Executive Director – Technical, Continental Reinsurance Plc

Continental Reinsurance Plc pleased to announce the appointment of Mr. Kevin Kiambi Mworia as Managing Director for the Kenya Subsidiary.

Kevin succeeds Mr. Souvik Banerjea, who has retired from the Company after five years of service.

With a career spanning two decades, Kevin’s mark on the insurance landscape encompasses notable highlights from his previous role at Sanlam Kenya Group, where he served as the Principal Officer of Sanlam Life and Group CFO of Sanlam Kenya Plc. Before this, Kevin served at Liberty Life and Metropolitan Cannon in senior finance roles, having started his career at the ICEA LION Group.

At 51, Kevin, a Certified Public Accountant, has 18 years of senior leadership experience encompassing strategy, finance, human capital, culture transformation and strategic alliances. He is a Bachelor of Science (Hons) graduate in Mathematics and Statistics from Kenyatta University and The Stellenbosch Business School Senior Leadership Development Programme.

He also has a Circular Economy and Sustainable Strategies certification from the University of Cambridge’s Judge Business School.

“Our Nairobi office serves as Continental Re’s underwriting center for the Eastern region, catering to a diverse regional market encompassing Kenya, Burundi, Djibouti, Egypt, Eritrea, Ethiopia, Rwanda, South Sudan, Seychelles, Somalia, Tanzania, and Uganda. We started operations as a branch office in 2008 and, in 2013, converted to a subsidiary regulated by The Insurance Regulatory Authority of Kenya.

Our contribution to the Kenya Market is reflected through our 28% market share amongst peers, while the Kenya subsidiary’s contribution to the Continental Re Group’s total earned premium has grown from 4% in 2008 to 39% in 2022.

As Managing Director, Kevin will lead the Nairobi-based team to achieve our ambitious corporate growth aspirations in the country and eastern region to deliver sustainable value to our strategic partners, customers, and shareholders.

Insurance penetration in Africa has continued to lag the rest of the developed world. This presents an opportunity for insurers, reinsurers, intermediaries, and other related suppliers of insurance services to address the growing need for insurance coverage. We take this opportunity to rally your support as strategic partners and your collaboration as industry peers to collectively improve insurance practice and the industry’s value proposition to the market.”

Unity Bank Donates N10m to Fiditi National Open University

Business Journal

10/09/2023

From Right: Managing Director/CEO of Unity Bank Plc, Mrs. Oluwatomi Somefun; Regional Manager, Unity Bank, Mr. Segun Olarenwaju presenting cheque to the Onifiditi of Fiditi, Oba Sakiru Oyewole Adekola-Oyelere, Ajani-Eedu II and the Chairman of the Committee, Professor John Oluokun during the during the official launch and Groundbreaking of National Open University of Nigeria, Fiditi Study Centre on Saturday at Fiditi Grammar School, Oyo State.

As part of its corporate social responsibility and commitment to promoting the development of the education sector in Nigeria, Unity Bank Plc has donated N10 million to Fiditi National Open University in Oyo Sate, Southwest Nigeria.

Making the donation at the launch/ground breaking ceremony over the weekend, the MD/CEO of Unity Bank Plc, Mrs. Tomi Somefun said:

“As a core philosophy of our business, Unity Bank is committed to promoting education as a key driver of human capacity development.”

She said, “education brings light, empowers a society to advance social change, while providing opportunity for individuals to grow and contribute to humanity.”

Mrs. Somefun, who joined other key dignitaries from the Fiditi community to lay a foundation for the university, said the Bank is “pleased to be a part of this historic moment, which will provide education to thousands of our people and open up Fiditi community even more to the outside world.”

Apart from the gesture, the Bank will deploy its financial products to enhance the operations of study centre especially through its financing packages, service channels and platforms in order for the school to optimize the centre.

The ground breaking event attended by dignitaries from all walks of life strongly reinforces Unity Bank’s commitment to supporting and promoting key pioneering efforts aimed at driving enduring impact in communities where it operates.

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