Heirs Insurance Group Posts N20bn in Revenue for FY2022, Cements Position in Sector

By

-

04/09/2023

– N2.7bn underwriting profit and N849.4m PBT in FY2022

– N2.6bn claims paid in the period under review

Heirs Insurance Group, comprising Heirs General Insurance (HGI) and Heirs Life Assurance (HLA), announced a record-high 226% jump in Gross Written Premium (GWP), from N6.1bn in 2021 to N19.9bn for the financial year ended December 31, 2022. With the strong performance sustained in its second year of operations, Heirs Insurance Group has become the fastest-growing insurance group in Nigeria.

Heirs Insurance demonstrates Tony Elumelu’s Heirs Holdings’ desire to disrupt the Nigerian insurance market, bringing value, great customer service and relevant products to the mass market, delivering on the mission of providing insurance for all, not just for some.

Heirs Life, the specialist life insurer recorded a 326% increase in Gross Written Premium (GWP), from N2.7bn in FY2021 to N11.5bn in FY2022. Heirs Life also announced a 494% growth in life funds, from N1.7bn in 2021 to N10.1bn in 2022.

Heirs Life made total claims payouts of N1.5bn in 2022, a 484% increase from N257m paid out in 2021, in accordance with its promise of providing relief to its customers, quickly and efficiently, in times of loss. In addition, the company’s underwriting profit grew by 109%, from N670m in 2021 to N1.4bn in 2022, with a profit before tax (PBT) growth from a loss position of N279m to a positive position of N350m in 2022, a 226% jump.

Heirs General Insurance, the Group’s non-life insurer, recorded a 143% increase in Gross Written Premium (GWP), from N3.5bn in FY2021 to N8.5bn in FY2022 and a profit before tax (PBT) increase of 157%, from a loss position of N862.1m in 2021, to a profit of N499.4m in 2022. Underwriting profit rose from N365.2m in 2021 to N1.3bn in FY2022. Living up to its promise, Heirs General Insurance paid N1.1bn in claims in 2022, an increase from N572m paid in 2021.

These figures were disclosed in the NAICOM-approved 2022 financial statement, audited by PricewaterhouseCoopers (PwC).

Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents, founded and led by Tony Elumelu. With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs General and Heirs Life serve both corporate and individual customers across Nigeria.

Heirs Insurance Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance. As part of its unique proposition, the Group rolled out digital and mobile channels to simplify access to insurance and make insurance accessible to everyone.

Sanlam Drives Uptake of Motor Insurance with New Sales Outlet

By

Business Journal

-

04/09/2023

0

Sanlam General Insurance, a subsidiary of Sanlam Life Insurance and member of the Sanlam Pan-African Group, has opened a new Sales Outlet at 2, Wemco Road, Agidingbi, Ikeja to particularly aid ease of access to her motor insurance plans. This is in addition to various channels by which the firm’s products can be purchased without stress.

Speaking at the official opening ceremony, Bode Opadokun, MD/CEO of Sanlam General Insurance, expressed his excitement about the sales outlet.

“Our goal is to continually seek out ways to get our range of insurance to our target market. By opening this sales outlet, we have once again demonstrated our unwavering commitment to delivering unparalleled convenience, efficiency, and reliability to all those seeking comprehensive and third-party motor insurance coverage.”

He further stated that the sales outlet is meticulously designed to cater to the diverse needs of our valued customers. “With a team of highly skilled and dedicated professionals, we are confident in our ability to provide personalised solutions tailored to your unique requirements,” he concluded.

Recall that earlier in the year, Sanlam General Insurance had introduced the first-of-its-kind USSD code *1056# for quick and accurate policy issuance and prompt claims settlement.

Aptly dubbed the Code of Confidence; the USSD *1056# is gradually gaining traction amongst policyholders who find it as innovative as it is convenient.

About Sanlam Nigeria

Sanlam Nigeria, formerly FBN Insurance and FBN General Insurance, comprising Sanlam Life Insurance Nigeria Limited and Sanlam General Limited, is Nigeria’s fastest-growing insurance company with multiple awards and recognitions including 4-time World Finance Life Insurance Company of the Year among others.

With a presence in over 66 locations, the brand is easily one of the most retail-driven insurers in Nigeria boasting a sales force of over 3000 sales champions and strong user-friendly technological support to ensure on-the-spot policy uptake.

Sanlam Nigeria is a member of the Sanlam Pan Africa (SPA), a truly pan-African brand with a rich history and heritage founded in 1918 as a life insurance company.

Headquartered in South Africa, the brand has grown to become Africa’s largest non-banking financial services group, with a strong presence in 33 countries on the African continent including Nigeria, and a niche presence in India, Malaysia, the United Kingdom and Australia.

Indeed, Sanlam operates in 8 out of the 10 largest economies in Africa, with over 154,000 employees globally, delivering superior value to customers, shareholders and the broader society.

Steering Growth: Developments Behind Partner Success in the Channel Ecosystem

By

Business Journal

-

03/09/2023

0

By Emmanuel Asika

Country Head

HP Nigeria

Over time, we have seen that growth and success in the channel ecosystem have been mainly aided by collaborations or partnerships.

As businesses steer through the intricacies of today’s competitive environment, it is impossible not to appreciate the significance of the contributions of partners.

This partner growth has been aided by some crucial developments, namely: purpose-driven business models, enhanced insights, as well as the ability to scale up capabilities relevant to future competition.

These developments are rewriting the undercurrents of partnerships and propelling businesses to higher levels.

Clear Purpose Collaborations: Keeping Sustainability at the Heart of Business

These days, the word ‘sustainability’ has gone beyond being a mere slogan. It is now a deliberate notion of vital importance for businesses in Nigeria. With customers becoming more aware of, and basing their choices on environmental protection, collaborating with purpose-driven partners becomes vital. A couple of years ago, only 58 percent of shoppers across all groups considered sustainability over the price of items. Fast forward to the present, and over 66 percent of consumers declared that they will rather pay for environmental-friendly products.

This trend is also gradually catching on in Nigeria where a study found that consumers’ attitudes (cognitive, affective and conative attitudes) are positively and significantly correlated to sustainable consumption. Although the results of the interviews conducted among marketers and retailers revealed that such attitudes do not reflect in their buying behaviour, judging by the sluggish sales of sustainable products when compared to unsustainable products. But more and more Nigerians are taking recycling seriously.

As a result, the onus is on businesses, and for their own interest, to take environmental protection seriously and take measures that will positively impact the areas in which they operate. They have to realise that the ability to pull resources together allows for more balance and effect for a better tomorrow. In addition, this helps growth, as 83 percent business leaders are the opinion that sustainability programmes provide immediate and long-term value for their respective companies.

In Nigeria, which accounts for more than 150,000 metric tons of plastic bottles annually, half of it from the megacity of Lagos, business leaders are taking sustainability seriously, adopting sustainable practices for effective waste management, including total quality management, recycling, bio treatment, incinerations, neutralisation and secure sanitary landfills.

At HP, sustainability collaborations with its channel partners including vendors and resellers, have produced amazing results, with its Amplify Impact programme enabling the promotion of positive change to create a more advanced channel environment. The first of-its-kind partner assessment, resource, and training program, the HP Amplify Impact, has allowed more than 3,500 partners to drive change and utilise sustainability as a competitive advantage. Over the last 14 months, these HP Amplify Impact cohorts initiated over 7,000 transactions, all thanks to sustainability. This shows what purpose-driven partnerships can do.

In addition, in 2022, more than 60% of HP’s revenue achieved its Corporate Knights standard for sustainable income. This milestone is a testimony of the significance of including sustainability as a vital business driver. We have long believed that by collaborating with organisations with similar ideas, we can produce a potent domino effect, promoting sustainable practices that aligns with the thoughts of consumers.

Utilising Insights from Data for Well-Informed Decisions

Without a doubt, data is the prevalent tool of the computer age, and the importance of properly utilising it for competitive business leads cannot be underrated. And those who base their decision making on data have seen their businesses grow twice as fast as those who don’t.

As such, data analytics collaborations are indispensable for the growth of businesses. Should you choose to go at it on your own, you may not have enough data to recognise significant and relevant developments. As observed, data partnerships are on the increase. In fact, a recent McKinsey study forecasts that by 2025, data-driven organisations will start data collaborations to produce more valuable insights for all partners.

Currently, HP’s Amplify Data Insights programme provides partners access to a vast pool of more than 20 billion data points, and this is updated weekly. HP has found that merging its data with that of its partners offers concrete trade opportunities. In the past three years, 98% of qualified partners have chosen to report data, and this partnership tactic enables partners to identify evolving developments, recognise consumer choices, and spot gaps in the market, thus putting them ahead in their respective sectors.

In Nigeria, we have seen Partners begin to embrace data and Amplify Insights despite initial scepticism. Today, the programme validates itself with accurate predictions and niche opportunity creation within the growing Nigerian market.

Welcoming a Future-Ready Approach

Faced by economic uncertainties and ever-changing consumer habits, partners are constantly reassessing their business tactics. The shift to online and digital marketplaces has provoked a dramatic change in their tactic, forcing them to embrace a future-ready mentality. To overcome these challenges, partners are looking to inventive channel programmes intended to raise alertness, interpretation, growth, and partnership.

These programmes serve as guides through the age of digital revolution and provide the growing wishes of socially aware customers. During and post pandemic, this helped HP transition key partners to have strong online and digital spaces. In some cases, we literally built these platforms from scratch. The optimisation these solutions bring to our partners is at the heart of our Future Ready proposition.

In recognition of the importance of giving its partners power and control over their own affairs, HP has announced a number of innovative partner benefits and programme improvements under the auspices of the HP Amplify initiative. This places emphasis on creating competences, promoting partnerships, and improving performance. Interestingly, the HP Amplify programme has participants from 99% of revenue partners worldwide.

More determined than ever before to sustain the tempo of its channel-led business model, HP continues to adjust its method on the back of consumer comments and an unwavering promise to continually drive long-term partner growth. With a future-ready mindset and the backing of ingenious partner programmes, companies and businesses are ready to not only overcome present tasks but also come out tougher and more prosperous.

SEC DG, Lamido Yuguda, Says Reforms Will Rejuvenate Nigerian Economy

By

Business Journal

-

03/09/2023

0

President Bola Ahmed Tinubu has been commended for the reforms so far embarked on which are meant to rejuvenate the nation’s economy and improve the standard of living of Nigerians.

Mr. Lamido Yuguda, Director-General of the Securities and Exchange Commission (SEC), who stated this in an interview, disclosed that on assumption of Office of the President, there was a remarkable 5.23 percent surge in market capitalisation at the NGX on his first day, driven by optimistic anticipation of market reforms.

According to Yuguda, “it is a fact that there are prevailing challenges arising from demanding macro-economic conditions, constrained consumer spending, and rising operational costs. Despite these challenges, there remains a shared sense of optimism that on-going rigorous reforms will rejuvenate the nation’s economy. I therefore pledge the resolute support of the Capital Market to the Federal Government in navigating these challenges for the country’s brighter future.”

Yuguda stated that Nigeria had out-performed global indices on gains in the All-Share Index (ASI) and market capitalisation in the first half of 2023, an indication that the economy is being reflated.

He cited that the exceptional performance is attributed to several factors, such as the appealing dividend yields offered by certain stocks, the recovery of corporate earnings, and a notable improvement in sentiments among domestic retail investors.

‘All the indicators reflecting investors’ involvement – including volume, value, and the number of transactions – had demonstrated consistent month-on-month increases throughout the first half of 2023.”

The SEC DG also stated that the Investments and Securities Bill (ISB) 2023, which aims to align regulations with the modern dynamics of the market is presently being considered by the 10^th National Assembly and expressed the hope that if passed into law, it will enable optimal contribution of the capital market to national development.

He acknowledged that the road ahead is undeniably challenging, stating that the capital market must step forward in whatever way to lend its helping hand to the current economic reforms, adding that the market must make sacrifices to help drive the economic transformation that will change the nation’s fortunes for the better.

PenCom: Using Touts to Obtain Pension Clearance Certificate is Unlawful

By

Business Journal

-

01/09/2023

0

The attention of the National Pension Commission (the Commission) has been drawn to an increase in the use of touts and agents by employers and companies seeking to obtain Pension Clearance Certificates. Accordingly, the Commission wishes to draw the attention of all employers and the general public as follows:

The use of touts and agents to obtain Pension Clearance Certificate is illegal and contrary to the provisions of Section 104 (b) & (c) of the Pension Reform Act 2014.
Issuance of Pension Clearance Certificate is free of charge. The application process is also very easy and transparent. The Commission strongly advises employers to deal directly with it on matters relating to applications for issuance of Pension Clearance Certificate.
Employers wishing to obtain Pension Clearance Certificate are required to forward their application together with the following documents:
Certified list of employees of the organisation as at the end of the last fiscal year. The certification should be done with an authorised official of the applicant organisation.
Certified rate of monthly pension contributions (specifying employer and employee rates). The rates relating to the monthly emoluments are: a) Minimum of ten percent (10%) by the employer; and b) Minimum of eight percent (8%) by the employee.

iii. Evidence of remittance of monthly pension contributions for all employees as follows: a) For the last three fiscal years for organisations that were in existence for that period and have three (3) or more staff; b) For organisations that have not been in existence for the last three fiscal years, from the date of incorporation/registration/licensing to the last fiscal year.

Evidence of remittance of all outstanding pension contributions and penalties (for late remittance).
Evidence of transfer of pension fund and assets held prior to the commencement of the Contributory Pension Scheme (CPS) to a licensed pension fund operator. This is ONLY applicable to organizations that had pension arrangements or were in custody of pension assets before June 2004.
Evidence of current Group Life Insurance Policy procured for the staff of the organisation specifying the number of lives and sum assured.
Applicants are to note that it takes seven (7) working days for the Commission to process applications submitted with full documentation. The application is currently in the process of automation. Until this is completed, Certificates of Compliance can be picked up at the offices where applications were submitted.
Applications can be submitted at either the Commission’s Head Office at Plot 174, Adetokunbo Ademola Crescent, Wuse II, Abuja or any of its Zonal Offices in the six (6) geo-political zones.

Details of the zonal offices can be found on the Commission’s website, www.pencom.gov.ng.

Also, applicants can track their applications by visiting the Commission’s website where the list of organisations issued Clearance Certificates is updated daily.

Seplat Energy Signs MoU with MTN Nigeria on 5G

By

Business Journal

-

30/08/2023

0

Seplat Energy has signed a 5G2Business Memorandum of Understanding (MoU) with MTN Nigeria to deploy 5G services to enhance their overall business efficiency.

This co-operation will see both Seplat and MTN strengthen their respective industry, market and sectoral leadership in Nigeria.

The 5G2Business MoU proves unprecedented advancements in business digital transformation as the 5G technology will pave the way for an array of use cases that will unlock the full potential for industries. 5G will enable businesses to unlock new efficiencies, automate processes, optimise operations, and drive innovation and productivity to new heights.

An elated Charles Gbandi, Director, Corporate Services at Seplat Energy said:

“We are excited to embark on this transformative journey with MTN Nigeria as this collaboration is a game-changer for our industry. As a sustainable business, this partnership marks a significant step forward in embracing 5G technology’s vast potential, and we believe it will empower us to drive innovation, efficiency, and growth in the energy sector.”

Also speaking on the collaboration, Lynda Saint-Nwafor, Chief Enterprise Business Officer of MTN Nigeria, stated:

“We are thrilled to join hands with Seplat Energy to spearhead the integration of intelligent digital technologies into industry processes in Nigeria. With this partnership, we open new vistas of possibilities, empowering enterprises to embrace cutting-edge technologies and digitally transform their day-to-day operations. While revolutionising the energy sector, this collaboration is set to deliver great value to Seplat Energy’s stakeholders.”

Seplat’s adoption of 5G services is a testament to the company’s drive to lead digital revolution in the oil and gas sector in Nigeria. It will further enable the company to unlock new efficiencies, automate processes, optimise operations, and drive innovation and productivity to new heights.

Seplat Energy Plc is Nigeria’s leading indigenous energy company. It is listed on the Nigerian Exchange Limited and the Main Market of the London Stock Exchange. Seplat Energy is pursuing a Nigeria-focused growth strategy through participation in asset divestments by international oil companies, farm-in opportunities, and future licensing rounds.

The Company is a leading supplier of gas to the domestic power generation market.

STI at 1st International Co-operation, Investment Summit in Calabar

By

Business Journal

-

30/08/2023

0

L-R: Segun Bankole, Deputy General Manager, Corporate Communications & Investor Relations, Ama Bassey-Fynch, Senior Manager, Marketing & Business Development, (Head Office), Chiajulam Anyatonwu, Assistant Manager, Port Harcourt Area Office and Angela Onochie, Assistant General Manager/Eastern Regional Head, Sovereign Trust Insurance Plc at the inaugural edition of the International Co-operation & Investment Summit held at the Calabar International Convention Centre, Calabar, Cross Rivers State.

The Sovereign Trust Insurance Plc delegation is ably represented at the on-going inaugural edition of the International Co-operation & Investment Summit held at the Calabar International Convention Centre, Calabar, Cross River State.

The Nigeria Prize for Literature: Akubuiro, Gomba, Ojomu Make 2023 Shortlist of Three

By

Business Journal

-

29/08/2023

0

The Advisory Board for The Nigeria Prize for Literature has announced the finalists for the 2023 edition of the Prize.

The shortlisted plays in alphabetical order of their titles are:

Grit by Obari Gomba

The Ojuelegba Crossroads by Abideen Abolaji Ojomu

Yamtarawala – The Warrior King by Henry Akubuiro

The Nigeria Prize for Literature is sponsored by Nigeria LNG Limited (NLNG) and carries a cash award of $100,000.

A total of 143 plays were entered for the competition, which focuses on drama.

The Chairperson of the Advisory Board, Professor Akachi Adimora-Ezeigbo, made the announcement in a live broadcast on the Prize’s social media channels.

According to the Board, the plays stand tall in terms of dramatology, language, performance, story, and structure.

The Board also said the plays represent the pinnacle of literary craftsmanship and the artistic convergence that The Nigeria Prize for Literature tirelessly seeks.

The Board stated: “For Grit by Obari Gomba, the judges have applauded it as a great play that transcends its covers. Its pages unfold a captivating narrative that has clearly left an indelible mark and its production quality is nothing short of excellent.

The Ojuelegba Crossroads by Abideen Abolaji Ojomu has deeply resonated with the judges, who commend its rich exploration of our socio-political fabric. The play’s ability to confront everyday struggles and decision-making conflicts while aiming for a harmonious resolution underscores its significant impact.

“Yamtarawala – The Warrior King by Henry Akubuiro captured the judges’ admiration for its dramatic twists, rendering it not only suited for the stage but also the screen. The narrative unfolds in ways that evoke a profound sense of engagement and excitement.”

“Our dedicated judges and the Advisory Board over the years have consistently worked together to seamlessly blend the contemporary heartbeat with the essence of Nigerian literature. This Shortlist serves as a testament to this harmonious fusion and the enduring legacy of our nation’s literary landscape,” the Board added.

The winner will be announced by the Advisory Board on October 13, 2023.

Professor Victor K. Yankah from the Department of Theatre and Film Studies, the University of Cape Coast, Ghana, serves as the International Consultant for this year’s edition of the Prize.

This same time four years ago in the Drama genre, Soji Cole (Embers), Denja Abdullahi (Death and The King’s Grey Hair) and Akanji Nasiru (The Rally) were announced in the 2018 Shortlist of Three. Soji Cole went on to win the Prize. Other playwrights who had been listed in the shortlist in previous years are Friday John Abba (Alekwu Night Dance), Jude Idada (Oduduwa, King of the Edos) and Sam Ukala (Iredi War – Winner) in 2014; Irobi Esiaba (Cemetery Road- Winner), Ahmed Yerima (Little Drops), and Adinoyi Ojo Onukaba (The Killing Swamp) in 2010; and Emeka Egwuda (Esoteric Dialogue), Femi Osofisan (Ajayi Crowther) and Ahmed Yerima (Hard Ground- Winner) in 2006.

Other members of the Advisory Board include Professor Olu Obafemi and Professor Ahmed Yerima.

The Nigeria Prize for Literature rotates yearly amongst four literary categories – prose fiction, poetry, drama, and children’s literature.

Access Pensions Surpasses N1tn AUM Milestone

By

Business Journal

-

29/08/2023

0

Access Pensions Limited, a subsidiary of Access Corporation, has achieved an astonishing feat, surpassing the N1 trillion mark in Assets Under Management (AUM).

In an impressive trajectory, the Company – which emerged from the business combination of Sigma Pensions and First Guarantee Pension in December 2022 – has scaled up its assets under management to surpass the N1 trillion threshold in just six months.

This remarkable feat firmly establishes Access Pensions position as the fourth largest Pension Fund Administrator (PFA) measured by AUM in Nigeria and the second largest PFA, overseeing a portfolio of over 1 million Retirement Savings Accounts (RSAs).

Commenting on this feat, the Managing Director, Access Pensions, Dave Uduanu said: “Our journey to N1 trillion has been guided by a strong commitment to partnering with clients to shape their future.”

While technology served as a cornerstone, Uduanu also attributed Access Pensions’ success to a disciplined investment management approach and a resolute client-centric philosophy.

“Leveraging on technology in service delivery to improve user experience, following a disciplined approach to investment management, and being a member of the largest financial ecosystem in Nigeria, we can offer clients a superior retirement planning experience. Having a client-centric approach has played a significant role as we look to match our client’s needs and aspirations, building trust along the way,” Uduanu continued.

He added that Access Pensions is committed to delivering consistent results, even in challenging times, which has been the cornerstone of its credibility and client promise.

Furthermore, on leveraging technology, Uduanu noted that Access Pensions has invested heavily in technology to enhance its operations and client experiences and that its digital platforms (USSD, Mobile, WhatsApp chatbot) and Contact Centre provide real-time updates, keeping clients informed about their portfolios and requests.

Since its official formation in December, Access Pensions has brought forth innovative products that cater to a wide range of risk preferences, effectively staying ahead of changing demands.

“Our vision is clear – to provide our clients with the financial tools needed to shape their retirement future. We are dedicated to raising the bar in service, performance, and client satisfaction. As we expand, responsible and sustainable investing will remain our priority,” Uduanu added.

With its range of innovative products and remarkable achievements like this, Access Pensions is unquestionably charting a new course for success in the pensions industry and playing a pivotal role in shaping the financial future of Nigerians.

Stanbic IBTC Pension Managers Inspires Women to Shape the Future

By

Business Journal

-

29/08/2023

0

According to a United Nations Women publication, although women’s economic empowerment boosts productivity and increases economic diversification, in addition to other positive development outcomes, globally, over 2.7 billion women are still legally restricted from having the same choice of jobs as men. The trajectory of female emancipation is a necessary revolution.

Stanbic IBTC Pension Managers recognises the potential for greatness possessed by every woman armed with the right tools and orientation, and as part of its long-standing commitment to women empowerment and development in Nigeria, the organisation put together the just concluded third edition of the Ladies At The Table Empowerment Series (LATTES 3.0) themed: “The Woman of the Future.”

One of the highlights of LATTES 3.0 was the dynamic panel discussions that focused on critical challenges faced by women in today’s world. These sessions addressed gender bias, work-life balance, personal development, and financial empowerment. The discussions provided a platform for engaging conversations and helped to create a supportive network among attendees, facilitating collaborations and mentorship opportunities.

The panel discussion at LATTES 3.0 featured distinguished speakers such as Dr. Omolola Salako, Founder of Sebeccly Cancer Care and Pearl Oncology Specialist Hospital; Tobi Ayeni, founder of MissTechy; and Solape Akinpelu, co-founder and CEO of HerVest. These accomplished women shared their knowledge, stories, and actionable tips for success as working women.

During the panel discussion, the speakers highlighted that empowering women directly impacts socio-economic progress. When women have access to education, employment, and economic resources, they can contribute to the growth and development of their communities.

The woman of the future understands the pivotal role of work-life balance in pursuing holistic well-being. She prioritises essential aspects such as self-care, family, and personal growth. Women can attain a more sustainable and fulfilling future by fostering a healthier work-life integration.

Speaking at the event, Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers, described LATTES as a critical initiative that unveils a new dawn for women empowerment in Nigeria.

He noted that the Nigerian woman holds multiple roles in her family, career, politics, and society. Being conscious of these roles enables women to cultivate a creative mindset and embrace diverse responsibilities that prepare them for the future.

Juliet Ehimuan, Director of Google West Africa, equally noted in her keynote address that the future belongs to women who dare to dream big and defy societal expectations. She admonished women to harness the power of technology to create the future they envision.

Juliet states, “Women must wholeheartedly embrace the many opportunities with the transformative potential to propel their personal and professional growth to new heights. By actively seeking these opportunities, women can expand their knowledge, broaden their skill sets, and cultivate the confidence necessary to navigate the ever-evolving landscape of life and work.”

Inspenonline Publisher, Chuks Okonta, Bags 2023 NAICOM Online Media Excellence Award

By

Business Journal

-

28/08/2023

0

Mr. Chuks Udo OKonta, Publisher of Inspenonline has won the NAICOM Online Media Excellence Award for 2023.

The award presentation was made to him during the 2023 annual NAICOM Seminar/Retreat for Insurance Journalists held recently at Ibom Hotel & Resort, Uyo, Akwa Ibom State.

Stanbic IBTC Bank Corrects Narrative on Violating BOFIA Act 2020

By

Business Journal

-

27/08/2023

0

Stanbic IBTC Bank has recently become aware of certain misinformation circulating with respect to its loans to Directors in 2022.

As a socially responsible corporate organisation, Stanbic IBTC Bank is aware of the significance of maintaining transparency and integrity in all its processes.

It is therefore necessary to address these allegations promptly and directly.

It is important to clarify that the Bank’s lending policies are uniform according to the categories of loan applications received.

All loans, regardless of who the recipients may be, undergo a thorough and rigorous review process.

This process ensures that every loan is made on a justifiable basis and in accordance with the Bank’s stringent lending policies; and these policies are in place not only in adherence to legal requirements, but also to uphold our commitment to fairness and integrity.

The Bank’s board members are not exempt from these procedures or the Bank’s internal credit and risk policies as the loans were approved by the appropriate credit committees and were made on commercial terms.

Stanbic IBTC Bank remains committed to conducting its business in a responsible and ethical manner.

The Bank will continue to adhere to all applicable laws and regulations, and will maintain the highest standards of Corporate Governance.

NCDMB, BOI Sign Amendment of MoU on $50m NOGaPS Manufacturing Fund

By

Business Journal

-

27/08/2023

0

The Nigerian Content Development and Monitoring Board (NCDMB) and the Bank of Industry (BOI) have signed an amendment to the Memorandum of Understanding (MoU) on the $50million NOGaPS Manufacturing Fund.

The Fund was created by the NCDMB and domiciled with BOI to attract oil and gas equipment manufacturers to the Nigerian Oil and Gas Parks Scheme (NOGaPS) facilities established by the NCDMB, and increase access to affordable finance by the manufacturing entities.

The signing of the amended MoU took place in Lagos at the 2023 second quarter Review Meeting of the Nigerian Content Intervention Fund (NCIFund).

In his remarks, the Executive Secretary, NCDMB, Engr Simbi Kesiye Wabote underlined the tremendous success of the NCIFund in catalysing capacity development and investments in the Nigerian oil and gas industry. He hinted that the Fund serves as a model for local content practice across the African continent and inspired the creation of the African Energy Bank by the African Petroleum Producers Organisation (APPO), in partnership with the African Export Bank (Afreximbank).

He added that countries like Angola and Namibia are currently engaging the Board, with a view to understand the workings of the NCI Fund, so as to replicate same in their jurisdictions.

In Wabote’s words: “Today, Angola is thinking of establishing a similar credit line for their oil and gas companies. I think the parliament recently approved some sum of money for them to manage in that respect. Namibia is planning to do the same with the potential enactment of a Local Content Act.”

Wabote further commended the Bank of Industry for the successes being recording in the management of the NCI Fund, assuring that the Board will continue to look for other opportunities to increase its partnership with BOI.

He said: “Considering the effectiveness and success recorded by BOI, NCDMB may consider inviting BOI to send a nominee that will act as independent Director to the Board of Directors of some of the companies that we have invested equity in. This will help them overcome some of the prevailing issues around governance, liquidity and technical optimisation.”

On his part, the Managing Director of the Bank of Industry, Mr. Olukayode Pitan expressed confidence in the future performance of the Board’s funds domiciled in the bank while noting that these quarterly review meetings will impact on sustaining the effective disbursements and recovery of these funds.

According to him, the NCI Fund is performing excellently with 194 applications equalling US$1 billion /₦80.6 billion with 69 disbursements totalling US$324 million /₦38.4 billion as at the day of reporting.

The Board established the NCI Fund in 2018 with the purpose of financing Oil and Gas companies to increase capacity and grow Nigerian Content in the Industry Presently, the NCI Fund has five product lines which are being managed by the Bank of Industry. They include – Manufacturing Finance -$10m; Asset Acquisition Finance -$10m; Contract Finance -$5m; Loan Refinance -$10m and Community Contractor Finance – ₦20 million.

The US$50 million NOGaPS Fund was launched as a separate product in March 2023 to incentivize companies that will be domiciled and manufacture oil and gas equipment components within the NCDMB oil and gas parks being established at different locations across the country, with the sites in Bayelsa and Cross River State open for occupation.

The Board also has a US$30 million Working Capital Fund for oil and gas service companies and US$20m Fund for Women in Oil and Gas Intervention Fund. The last two facilities are administered by the Nexim Nigerian Export-Import Bank and the agreements were signed in mid-2021.

Linkage Assurance Unveils Motor Third Party Plus Variants to Enhance Customer Experience

By

Business Journal

-

27/08/2023

0

L-R: Humphrey Ozegbe, Chief Human Capital Officer/Head, Management Services; Moses Omorogbe, Company Secretary; Modupeade Adepoju, Head, ERM/Compliance; Emmanuel Otitolaiye, Chief Financial Officer; Okanlawon Adelagun, Executive Director, Technical; Daniel Braie, Managing Director/CEO; Imo O. Imo, Chief Strategy & Product Development Officer; Ohi Alufohai, Head, Human Capital and Temitope Solomon, Head, Retail Marketing, all of Linkage Assurance Plc during the unveiling of the Company’s Motor Third Party Plus Variant at its corporate head office in Lagos.

Underwriting firm, Linkage Assurance Plc has unveiled budget-friendly motor third party-plus variants to enhance customer experience.

The Third Party Plus Variants provide policyholders with greater flexibility in choosing insurance coverage that suits their needs and risk tolerance.

Mr. Daniel Braie, Managing Director/CEO, Linkage Assurance Plc speaking at the unveiling ceremony at its corporate headquarters in Lagos said the variants are budget-friendly plans designed with simplicity in mind.

According to him, these make the insurance process straightforward and easy to understand, making it an appealing option for individuals who prefer uncomplicated insurance solutions.

The ‘Third Party Plus Motor Insurance Plan’ offered by Linkage Assurance Plc have value propositions for individuals looking for cost-effective coverage.

The CEO said the primary value proposition of budget-friendly insurance plans is their affordability.

“These plans are designed to offer coverage at a lower premium, which can be especially attractive for individuals looking to meet legal insurance requirements or protect against basic risks without a significant financial burden.”

Braie said the Third Party Plus variants as budget-friendly plans may not offer extensive coverage options, however they provide essential coverage needed to comply with legal requirements and protect against third-party liability and own damage.

“The Third Party Plus fulfill these legal requirements, allowing individuals to drive with confidence while meeting their obligations.”

This can be particularly beneficial for those who primarily wants coverage for potential damages or injuries caused to others in accidents, the CEO said.

Speaking on the cost management, he said for individuals on a tight budget, a budget-friendly insurance plan can help manage the costs associated with vehicle ownership.

“It provides a level of financial protection against unforeseen accidents without requiring a substantial financial commitment.”

These plans he said can be suitable for first-time vehicle owners or young drivers who are starting to build their driving experience.

“They provide a way to enter the insurance market and gain basic coverage without a significant financial outlay.”

The Third Party Plus and its variants will also contribute to insurance penetration, especially in the retail and personal line spaces because it’s associated with No Excess Buy Back, No Depreciation on claims, as well as reinstatement of cover upon erosion due to multiple claims.

NCC Lament Nigeria’s NRI Ranking Despite Telecom, Internet Position in Africa

By

Business Journal

-

27/08/2023

0

Professor Umar Danbatta, Executive Vice-Chairman/CEO, Nigerian Communications Commission (NCC) says Nigeria’s current ranking of 109 out of 131 countries on the Network Readiness Index (NRI) in 2022 is challenging and troubling.

Danbatta said Nigeria as a telecommunications powerhouse, with 82 percent of the continent’s telecom subscribers and 29 percent of the continent’s Internet consumption should have better NRI ranking than the current level of ranking. He added that the challenge becomes even more worrisome given that the nation rates 11th globally in terms of Internet penetration and seventh in terms of mobile phone usage.

The NCC Chief said: “The global data collected by the NRI team reveals that digital transformation is a global imperative in order to maximise the social and economic effects of the digital era.

It can create new inequalities which can hinder the ability of younger generations to engage in the digital economy, but also remains a powerful way to do more with less at all levels of income.

Formal education is evolving, and metrics are important to support informed policymaking. This requires reskilling and upskilling opportunities to be available, accessible, and affordable in order to have more inclusive and sustainable economies and societies.

Nigeria is a telecommunications powerhouse, with 82 percent of the continent’s telecom subscribers and 29 percent of the continent’s internet consumption. Our nation rates eleventh globally in terms of internet penetration and seventh in terms of mobile phone usage. Despite these remarkable metrics, the fact that our Network Readiness Index (NRI) ranking for 2022 is 109th out of 131 countries is both humbling and challenging?”

He described the NRI as a guiding metric that measures the role and impact of Information and Communication Technology (ICT).

“It explores the performances of 131 economies in four key categories: technology (infrastructure), governance, people, and impact. As agents of social and economic transformation in our nation, prioritising network readiness is not only a strategic necessity but a mandate. Throughout our deliberations, we will engage in thought-provoking forum discussions that explore the foundational pillars of NRI, through a number of presentations by renowned professionals in the technology landscape.”

.st0{fill:#FFFFFF;} .st1{fill:#E52E2E;} BJ

.st0{fill:#FFFFFF;} .st1{fill:#E52E2E;} BJ

BJ .st0{fill:#FFFFFF;} .st1{fill:#E52E2E;}

Hot topics

Business

ICT

Capital Market

Insurance

.st0{fill:#FFFFFF;} .st1{fill:#E52E2E;} BJ

Hot topics

Business

ICT

Capital Market

Insurance

.st0{fill:#FFFFFF;} .st1{fill:#E52E2E;} BJ

Company

Headlines

Newsletter

BJ

BJ

BJ

BJ

BJ