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Christmas: Access Bank Unveils Season of Rewards to Excite Customers

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Santa came early for Access Bank customers as the top financial institution unveils exciting rewards and mouth-watering discounts on its products to excite and enhance the joy and spirit of the festive season.

The campaign will reward customers with cash prizes up to N1million, Shopping vouchers, huge discounts and exciting freebies from today till the end of December, 2023.

Speaking at the launch of the campaign, Group Head, Consumer Banking, Njideka Esomeju said:

“The season of giving is here, and it provides us with another opportunity to demonstrate our love and appreciation for our customers for their loyalty and support to the bank. We are using this opportunity to thank our customers for their commitment to Access Bank. We value our customers and non-customers who rely on our services and products to conduct seamless banking activities, and we wish everyone the best of the season. In this month of December, our customers will enjoy Zero Charges when they make electricity and DSTV bill payments on the AccessMore mobile app. We will also be rewarding 100 customers with N10,000 shopping voucher when they perform a minimum of 5 transactions above N1,000 on the AccessMore App. Our card users are not left out of these goodies. They get to enjoy 8% discounts on hotel staycations on bookings.com. For our DiamondXtra customers who save a minimum of N5,000 or more, they stand a chance to win our loyalty reward of N1million while there’s also free digital marketing training for the first 1,000 winners.

That’s not all. Our Xclusiveplus customers are not left out as the bank will reward new customers with Free 20GB data bundles valid until the 15th of December 2023, up to 5% discounts off purchases on Konga and treats at all our in-branch and airport lounges locations nationwide. Our ‘W’ Initiative will also reward women with discounts on driving lessons from FRSC accredited driving schools.

All these are our way of showing appreciation to our customers for the year 2023.”

NCC, NATCOMS Lead Stakeholders @2023 ITREALMS E-Waste Dialogue

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Telecommunications regulator, the Nigerian Communications Commission (NCC) is leading the industry in mopping up support for the 2023 edition of the ITREALMS E-Waste Dialogue scheduled at Welcome Centre Hotels, Mohammed Murtala International Airport Road, Ikeja, Lagos by 9am this Friday.

Even as skillful professionals drawn from National Environmental Standards and Regulations Enforcement Agency (NESREA), National Association of Telecoms Subscribers (NATCOMS), Environmental Health Officers Registration Council of Nigeria (EHORECON) and E-Waste Producer Responsibility Organisation of Nigeria (EPRON), to name a few, have queued up to analyse the theme of the dialogue “You can recycle anything with a plug, battery and cables.”

Revealing these at the weekend, the editor-in-chief, ITREALMS Media group, Mr. Remmy Nweke, said that the ITREALMS E-Waste Dialogue, slated for Friday, December 15, 2023 at Welcome Centre Hotels, Lagos would have the Executive Vice Chairman (EVC) of NCC, Dr. Aminu Maida to deliver a keynote address to the occasion.

Maida’s keynote, he disclosed, would focus on ‘NCC: Recycling plug, battery & cable in telecoms sector.” while NATCOMS National President, Chief Deolu Ogunbanjo would share insight on “The Place of Telecoms Consumers” on the main theme.

Nweke pointed out that the importance of tackling electronic waste in the country cannot be over-emphasised, as with the introduction and deployment of 5G in the country, more devices and appliances are expected to bring out an influx of electronic devices and usage.

Recalling that the Waste from Electrical and Electronic Equipment (WEEE) emanates from the likes of mobile phones, computers, TV-sets, and fridges among other electronic devices have become a set of fastest growing waste streams across the globe, just as small as the plugs, batteries and cables constitute e-waste.

Nweke also noted that the newly appointed Executive Vice Chairman/Chief Executive Officer, NCC, Dr. Aminu Maida was appointed by President Bola Tinubu, on Wednesday, October 11, 2023 and holds an MEng in Information Systems Engineering from Imperial College, London in 2002, and in 2006, he bagged a PhD in Electrical & Electronic Engineering from the University of Bath, United Kingdom.

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

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

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

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

As a seasoned technical professional with over 15 years of multi-functional and international experience in FinTech; Telecoms; Enterprise Technology, Maida between 2010 and 2014, worked as a Network Design Consultant at EE, part of BT Group, and one of the largest mobile communications companies in the UK.

He was also at some point (2006-2010) a System Engineer at Ubiquisys, a leading company in intelligent 3G and LTE small cells, which is now part of Cisco. Dr. Maida, a professional par excellence with a broad range of experience, making him technically strong and commercially aware, is married with children.

ITREALMS Media, he recalled, in commemoration of the International E-waste Day (IeWD) 2022, has advanced plans to host a day discourse on e-Waste in Nigeria this Friday, December 15 in Lagos.

Maida Excited at Nigeria’s Success at World Radio Communications Conference 2023

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Executive Vice Chairman/ Chief Executive Officer, Nigerian Communications Commission, Dr. Aminu Maida (right) with Director-General, Telecommunications and Digital Government Regulatory Authority, United Arab Emirates, Engineer Majed Sultan Al Mesmar during a bilateral meeting at the on-going International Telecommunication Union (ITU)’s World Radiocommunication Conference 2023 taking place in Dubai. The event started on November 20, 2023 and will end December 15, 2023.

The leadership of the Nigerian Communications Commission (NCC) is excited about Nigeria’s impressive performance at the ongoing International Telecommunications Union (ITU)’s World Radio Communications (WRC) Conference 2023, holding in Dubai, United Arab Emirates, where two Nigerians were elected into leadership positions, while some other delegates from the Commission were elected into Working Groups.

Executive Vice Chairman of the Commission, Dr. Aminu Maida, speaking on the sidelines of WRC 2023 in Dubai,  announced  that the Director of Spectrum Administration at NCC, Engineer Abraham Oshadami, has been elected  Vice Chairman of the ITU’s Radiocommunication Advisory Group (RAG); while the Acting General Manager and Project Manager, Navigation Project Office, Nigerian Communications Satellite Limited, Dr. Lasisi Salami Lawal was elected Vice Chairman of the ITU-R Study Group Four (Satellite Services). Some other members of the NCC delegation were elected into WRC 2023 Working Groups.

While congratulating the successful delegates, Maida commended the Honourable Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, who led Nigeria’s delegation to WRC 2023, for “providing guidance, leadership, encouragement and support to the Nigerian delegation at the conference.”

The WRC Conference brings together the global community to agree on the use of the world’s finite spectrum resources, the electromagnetic waves that provide connectivity for our day-to-day technologies.

Maida expressed delight at the outcome of the elections, stating that roles of the Nigerian elected delegates would enhance Nigeria’s global standing in the telecom space, as well as ensure that the country’s interests and goals are more aptly aligned with global best practices.

“I am excited about the election of two of our colleagues, Engr. Oshadami and Dr. Lawal as Vice Chairs of the Key Study Groups. It is an honour for the Nigerian Communications Commission and the Nigeria Communications Satellite Limited to have produced these two intellectuals as global radiocommunication leaders.

“Their positions will also ensure that our interests and goals aptly align with global best practices, especially as we work towards attaining the target set by the National Broadband Plan,” he said.

He further charged them to live up to the huge expectations that the global radiocommunication community has placed on them by electing them into the roles.

He also reflected deeply on the presence of the Honourable Minister at the event as a major booster for the delegation and a strong indication of the Federal Government’s commitment to the delegation’s participation at the WRC-23.

The NCC boss also used his presence at the event to engage with the leadership of the ITU, as well as other leaders in the global telecom industry.

He held meetings with the Secretary General of the ITU, Mrs. Doreen Borden-Martin, as well as the Secretary General of the African Telecommunications Union (ATU), Mr. John Omo, during which he shared his vision and priorities for the Commission, as well as potential areas of collaboration and increased Nigerian participation in the two unions.

Maida also met with directors at the ITU, including the Director of Telecommunication Development Bureau (BDT), Dr.Cosmas Zavazava; Director of the Radiocommunication Bureau (BR) Mr. Mario Maniewicz and the Director of the Telecommunication Standardisation Bureau (TSB), Mr. Seizo Onoe,

One of the meetings was also with his UAE counterpart – the Director General of the Telecommunications and Digital Government Regulatory Authority (TDRA), H. E. Engineer Majed Sultan Al Mesmar, where they shared their perspectives on effective regulation.

 

Sovereign Trust Insurance Takes Career Counselling to Igbobi College

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L-R Oritselaju Ejuomah, Adeleye Abolade, Folusho Opeodu, Chioma Obiedo, Abigael Adeleye and students of Igbobi College Yaba, at the last quarter career counselling and catch-them-young programme sponsored by Sovereign Trust Insurance Plc as part of its CSR initiative in creating awareness for insurance among secondary school pupils in Nigeria.

The event was held on December 6, 2023, in the school premises.

 

Sovereign Trust Insurance Plc has taken its Corporate Social Responsibility (CSR) campaign of career counselling to Igbobi College Career Counselling and Catch-Them-Young programme aimed at creating awareness for the young ones with regards to the business of insurance as practiced in Nigeria and beyond.

 

PenCom: Pension Assets Now N18tn as Retirees Reap N3tn Benefits Since 2004

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The National Pension Commission (PenCom) says pension assets under management in Nigeria came to N17.65 trillion as at October 31, 2023 under the new Contributory Pension Scheme (CPS) regime.

Mr. Ehimeme Ohioma, Head, Surveillance Department at PenCom said at the 2023 annual media parley of the Pension Fund Operators Association of Nigeria (PenOp) in Lagos that retirees have equally reaped over N2.7 trillion in terms of benefits to over 1, 268, 440 contributors since the inception of the CPS in 2004. He added that the sum of N13 billion has so far being disbursed to 1, 183 pension contributors under the mortgage support scheme to enable such contributors to either purchase or build their own homes.

In terms of the transfer window, Ohioma stated that a total of 78, 336 Retirement Savings Account (RSA) holders have moved from one Pension Fund Administrator (PFA) to another to the tune of N356 billion in monetary terms.

The pension regulator has also recovered over N248 billion of outstanding pension contributions as at the third quarter of 2023.

Mr. Olumide Oyetan, the President of PenOp commended all stakeholders in the CPS ecosystem for 20 years of doing it right for retirees, operators and the regulator.

Oyetan, who is also the Chief Executive Officer (CEO) of Stanbic IBTC Pension Managers Limited said:

“We need to commend what we have done right since the inception of the CPS in 2004. So far, more than 10 million Nigerians have been covered by the new pension scheme, which funds itself and does not place any burden on the country. The CPS has national safeguards, in-built transparency mechanisms to the extent that no money or pension funds have disappeared into thin air. We should be custodians and guardians of the new pension ecosystem.”

The Nation Newspaper’s Insurance Editor, Omobola, Buries Father in Grand Style

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Mr. Rasaaq Salami (3rd Left), Head of Corporate Communications, National Insurance Commission (NAICOM) and Mrs. Omobola Tolu-Kusimo (4th Left), the Insurance & Pension Editor of The Nation Newspaper during the funeral ceremony of Omobola’s father in Lagos. Others in the photograph were friends and colleagues of the bereaved.

Mrs. Omobola Tolu-Kusimo , the Insurance & Pension Editor of the Nation newspaper recently bid farewell to her father in a grand funeral ceremony in Lagos.

FSI @ 4: Our Impact is Being Felt in 5 Continents -Aituaz

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Africa’s leading innovative fintech brand, Financial Services Innovators (FSI), is set to reward ten creative campus ambassadors for their community development efforts across Nigeria with gift vouchers to commemorate its 4th anniversary.

The Executive Director of FSI, Aituaz Kola-Oladejo, disclosed this at a press briefing in Lagos during the week. According to the brand navigator of FSI, a non-profit organisation committed to enabling startups within the technology and financial space, the ambassadors will be rewarded for their community efforts on their campuses.

She added: “Also, we are holding the FSI innovation challenge within the student community across the six geopolitical zones, where winners will go home with lots of giveaway prizes.”

Reeling out the achievements of FSI in the last four years, Aituaz stated that the company has registered its impact and presence in five continents. “Our impact is being felt in five continents, and our community strength is over 8,200 members, including 45 foreign members from Africa, Asia, Europe, Central and North America,” she declared.

FSI has gained recognition and acceptance as a brand in the highly competitive fintech ecosystem. One of such recognition is the company’s partnership with the Chartered Institute of Bankers of Nigeria (CIBN), FintechNGR and Mentorship Without Borders (WMB), a European firm providing free mentorship programmes in software development, data science and product management.

Aside from empowering members on its platform with knowledge and technical support, FSI members have also graced international stages and won competitions. At the same time, three of their startups have equally been opportune to raise funds. “We have also provided technical support to over 2,500 individuals through our mentorship programmes, startup clinics and capacity building,” Aituaz reiterated.

Since its launch in October 2021, the FSI Talent Hunt initiative has been enormously successful. Over 1,000 campus ambassadors have emerged from the competitions. And only recently, FSI unveiled three virtual innovation labs in tertiary institutions to groom tech talents. The company has nurtured 55 start-ups on its business incubation platform, and ten have already launched their products. Within a short time, FSI has proven that an innovation sandbox with a vibrant community is a cost-effective product innovation and development approach.

“We’ve indeed come a long way. Since commencing operations in 2020, over 140 MVPs have been developed in the FSI sandbox, 17 apps have been published in the Appstore, 8,000 people have accessed 375 API endpoints on the FSI sandbox, while over 487 teams have participated in the FSI hackathons,” the Executive Director said.

COP28: NNPC Seals LNG Deals for Domestic, International Markets

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R-L: Executive Vice President, Gas, Power & New Energy, NNPC Limited, Mr. Olalekan Ogunleye; Managing Director, NNPC Trading Limited., Mr. Lawal Sade and Managing Director, SDP Services Limited Mr. Abhinav Modi all displaying the signed agreement for the Supply, Installation and Commissioning of a Small-Scale LNG (SSLNG) Project in Ajaokuta, Kogi State, on the sidelines of the on-going United Nation’s Climate Change Conference (also known as COP28), in Dubai, UAE. Mr. Roy Assaf is 1st from left.

In its efforts to further boost natural gas utilisation in the country and enhance Nigeria’s gas revenue NNPC Limited has signed two major agreements to deliver LNG to the domestic gas market and the international LNG market.

During two separate signing ceremonies held on the sidelines of the on-going United Nation’s Climate Change Conference (also known as COP28), NNPC Limited signed an MoU with Wison Heavy Industry Co. Limited, a Chinese company, for the development of floating LNG project in Nigeria, targeting the international LNG market.

Also, NNPC Prime LNG Limited, an arm of NNPC Trading Limited, signed a Supply, Installation and Commissioning Agreement with SDP Services, an independent oil and gas company, for a 421 tonnes per day LNG project targeting the domestic LNG market.

The Floating LNG MoU was signed by the Executive Vice President, Gas, Power & New Energy, Olalekan Ogunbayo on behalf of NNPC Limited and Mr. Kai Xu, Managing Director of Wison Limited, on behalf of his company. Both parties agreed to work together to chart a roadmap for the project development that will lead to an investment decision.

Similarly, the Small-Scale LNG (SSLNG) Project agreement was signed by the Managing Director, NNPC Trading Limited., Mr. Lawal Sade, on behalf of NNPC Prime LNG Limited while Mr. Abhinav Modi, Managing Director of SDP Services Limited, signed on behalf of his company.

The SSLNG Project, which will be located at Ajaokuta in Kogi State, Central Nigeria, will ensure the efficient supply of LNG to the Autogas/Compressed Natural Gas (CNG) and industrial/commercial customers nationwide. The LNG Project is expected to be operational by December 2024.

Speaking shortly after the signing ceremony, the EVP Gas, Power & New Energy, Mr. Olalekan Ogunleye said NNPC Ltd is committed to delivering gas to industries nationwide and accelerating the Company’s gas commercialisation efforts through the floating LNG Project.

“We see both projects as having enormous impact all over the country because they are central to the commercialisation of Nigeria’s abundant gas resources and ensuring that our country earns the much-needed foreign revenue from its abundant gas assets. It is also consistent with NNPC Management’s drive to deliver on Mr. President’s gas and power aspirations across the country,” Ogunleye stated.

Also, in his address after the signing, the MD NNPC Trading Limited, Mr. Lawal Sade said the SSLNG Project will boost the domestication of LNG utilisation by supporting the growth of auto-gas initiatives across the country.

“We are looking at a time-frame of 12 months from execution to the commissioning of the project. The project will deliver about 420 tonnes per day of LNG per day into the domestic market, which will enhance efficient delivery of gas to the auto-gas/CNG and industrial customers in line with Presidential mandate,” Sade added.

While expressing their delight at signing the agreements, the partners pledged to work with NNPC Ltd to deliver the projects within schedule and in the most cost-effective manner.

NLNG Bags NECA’s Investment in Societal Renewal, CSR Award

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The Nigeria Employers’ Consultative Association (NECA) has conferred Nigeria LNG Limited (NLNG) the Investment in Societal Renewal and Corporate Social Responsibility (CSR) Award, recognising the Company’s unparalleled commitment to CSR initiatives in Nigeria.

At the 3rd Annual NECA Employers’ Awards held in Lagos recently, NECA also presented NLNG with the Elimination of Child Labour in the Workplace Award and a recognition award for its contribution to the conference. The association emphasised that NLNG clinched the awards after undergoing a rigorous evaluation process and surveys by the professional body. NECA described this annual award as a ground-breaking initiative to promote and laud best practices in Corporate Performance, People Management, and Industrial Relations among Nigerian employers.

Reacting to the awards, NLNG’s Managing Director and Chief Executive Officer (MD/CEO), Dr. Philip Mshelbila, stressed that NLNG’s unwavering commitment to CSR and excellent human resources practices aligned with its vision of being a globally competitive LNG company, helping to build a better Nigeria. Dr. Mshelbila underscored NLNG’s role as an inspirational national success story and a significant contributor to the overall development of Nigeria.

According to Dr. Mshelbila, NLNG, driven by its core value of excellence and care, has pursued perfection and achieved remarkable feats in the realm of CSR. He remarked, “NLNG’s CSR drive is anchored on four pillars – health, education, infrastructure development, and empowerment – all geared towards supporting sustainable development. We see ourselves as exemplary corporate citizens, fully committed to investing in the advancement of a better Nigeria. Yet, to accomplish this, we require the unwavering support and collaboration of all stakeholders in the country. I earnestly urge increased support from these critical stakeholders to help us achieve the pinnacle of CSR excellence for the country.”

NLNG’s flagship CSR projects include the Hospital Support Programme (HSP) and the multi-billion-naira 34-kilometre Bonny-Bodo Road, supporting healthcare infrastructural development in 12 teaching hospitals across the country and socio-economic activities in the riverine parts of Rivers State respectively. These projects are ongoing.

On healthcare, NLNG is implementing its malaria elimination project on Bonny Island through the Bonny Island Malaria Elimination Project (BNYMEP) in collaboration with the U.S. President’s Malaria Initiative (US-PMI), the Rivers State government and the Grand Bonny Kingdom. The Company also established the Bonny Community Health Insurance Programme (BCHIP), a community-based health insurance partnership with the Rivers State Government and Bonny Kingdom, making healthcare services more accessible and affordable. It has over 12,000 subscribers on Bonny Island.

The Company’s dedication to education was evident in its scholarship programs, benefitting over 4,000 Nigerian students at post-primary, undergraduate, and post-graduate levels. Additionally, NLNG’s commitment to bridging the gap in technical education was exemplified by the construction and equipping of the Bonny Vocational Centre (BVC), which has trained some 920 Nigerians in various vocational and occupational areas.

Other CSR projects also include the completed University Support Programme (USP), where NLNG constructed or rehabilitated engineering laboratories in six universities across the country; and The Nigeria Prize for Science, The Nigeria Prize for Literature, and The Nigeria Prize for Literary Criticism, with cash rewards of $100,000 each for the science and literature prizes, further demonstrating NLNG’s commitment to fostering excellence in education.

In collaboration with industry partners, NLNG extended its CSR footprint by providing essential social amenities to residents in Bonny Kingdom, encompassing a round-the-clock electricity supply and piped water supply in the community.

NNPC to Work with Partners to Reduce Methane Emissions-Eyesan, EVP Upstream

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Executive Vice President, Upstream, NNPC Limited, Oritsemeyiwa Eyesan during a Panel Session titled “Accelerating the Elimination of Methane Emissions & the Decarbonisation of Oil & Gas,” on the sidelines of the on-going United Nations Climate Change Conference, also known as COP28 taking place in Dubai, the United Arab Emirates.

NNPC Limited has expressed its commitment to work with global partners in the march towards reducing methane emissions in oil and gas operations.

On the sidelines of the on-going United Nations Climate Change Conference, also known as COP28, taking place in Dubai, the United Arab Emirates, the Oil and Gas Decarbonisation Charter was released.

The Charter calls on the oil and gas sector to achieve the goal of reaching net-zero emissions for their own operations by 2050. It also includes commitments to achieve near-zero methane emissions and no routine flaring by 2030.

Speaking on the development during a Panel Session titled “Accelerating the Elimination of Methane Emissions & the Decarbonisation of Oil & Gas,” NNPC Limited’s Executive Vice President, Upstream, Oritsemeyiwa Eyesan said the Charter was a major opportunity not just for the NNPC Limited, but for the African sub-region.

“Africa contributes three percent to emissions, but that does not exclude us from the consequences of the emissions. I think the decarbonisation drive and the charter are not just ethical but also a strategic imperative for a major African National Oil Company (NOC) like ours.

We believe this charter is an important one. We are committed to working with all stakeholders to deliver on that,” Eyesan stated.

She said to achieve its near-zero methane emissions, Nigeria has since declared this decade as Decade of Gas, which is not only geared towards producing more gas for export, but also towards producing gas for local economy and that of the entire African sub-region.

“I assure you that we are open to working with our partners towards achieving zero-flare and methane emission reduction by 2030. This fits perfectly with our dreams, and we consider it achievable,” Eyesan stated.

She described finance and technology as the two major challenges in delivering on the provisions of the charter, noting that for the two problems to be solved, African countries need to work with partners who have the technology and finance.

She said NNPC Ltd remains committed to expanding its alternative energy sources through investment in solar, wind, and other renewable sources.

SEC, IFSB to Host 1st International Forum on Non-Interest Capital Markets

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In a bid to tackle the challenges hampering further development of the Non-Interest Capital Market (NICM) in Nigeria, the Securities and Exchange Commission (SEC) and the Islamic Financial Services Board (IFSB), an international standard-setting body- with a vested interest in ensuring the soundness and stability of the global Islamic financial services industry, is set to convene a 2-Day High-Level International Forum on Non-Interest (Islamic) Capital Market.

The SEC in a statement, noted that the objective of the forum is to bring all critical stakeholders together to analyse issues and challenges confronting the sector and profer solutions for the overall development of the Nigerian economy. The discussion will revolve around issues such as; inadequate capacity within the industry, lack of awareness and education, paucity of human capital and expertise, limited availability of Sharia-compliant products including short-term Shariah-compliant liquidity instruments, the harmonisation of regulatory and supervisory standards, and the integration of NICM with the conventional financial system amongst others.

Whilst stating that the Non-Interest Capital Market (NICM) in Nigeria has evolved and is progressively becoming an important segment of the nation’s financial market, the Commission said NICM provides a veritable avenue for mobilising medium to long-term investment in an ethical and Shariah-compliant manner through wide range of products/services offered such as, Sukuk (Islamic bonds), Islamic Mutual Funds, Islamic REITs, Islamic Crowdfunding and Islamic Fintech, etc that cater for the needs and preferences of both ethical and conventional investors.

The Commission said that the NICM sector has witnessed remarkable growth in recent years, reaching a global size of $3.25 trillion in 2022, adding that the main drivers of this growth include the increasing demand for ethical and socially responsible finance, diversification of funding sources and risk management tools, development of enabling regulatory and legal frameworks, and the innovation and standardisation of NICM products and practices.

The SEC said, “Nigeria, as the most populous country in Africa and home to the largest Muslim population in the continent, has a huge potential to develop its NICM sector and benefit from its opportunities. Nigeria has taken several steps to promote NICM; from the registration of the first Islamic Fund in 2008, to the issuance of the first Sub-National Sukuk in 2013 and the subsequent issuance of the country’s first Sovereign Sukuk in 2017. To date, the country has witnessed further sovereign and corporate Sukuk issuances as well as the registration of more ethical and Shariah-compliant funds.

Dr. Bello Lawal Danbatta, Secretary-General of IFSB, Commended the SEC Nigeria and the Government: “We applaud the steadfast dedication to cultivating a resilient non-interest capital market in Nigeria. The comprehensive initiatives including the upcoming high-level international forum with the IFSB and market players underscore the distinct commitment to fostering industry collaborations, facilitating insightful discussions, and promoting knowledge sharing. We look forward to initiating this continuous, collective effort propelling market development, promising not just economic strength but also ensuring enduring and inclusive prosperity for the people.”

The forum will also feature two side events; the forum on non interest capital market and the IFSB’s 5th Innovation Forum to be held for the first time in the region. In addition, there will be an IFSB Member and Industry Engagement Session. The high-level forum is expected to strengthen co-operation and knowledge-sharing among market players and policy makers around the world especially in the African region to harmonise and coordinate ongoing regional, regulatory and policy initiatives.

This will address sustainability and climate-related risks, opportunities in the Non-interest (Islamic) capital markets.

COP 28: Kyari Makes Case for a Just Energy Transition for Africa

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L-R: President/CEO, EQT Corporation, Toby Rice; GCEO NNPC Limited, Mr. Mele Kyari; Senior Partner, Oil & Gas Practice, McKinsey & Company, Micah Smith; CEO, Energy Development Oman, Mazen Al-Lamki and CEO, CEPSA, Maarten Wetselaar at the Regional CEO Panel Session organised by McKinsey & Company, on the sidelines of the on-going United Nations Conference on Climate Change (UNCCC), also known as COP 28 Conference in Dubai, UAE on Monday.

As conversations on finding sustainable solutions for a decarbonized energy future continue to hold globally, the Group Chief Executive Officer (GCEO), NNPC Limited., Mr. Mele Kyari has said the African Continent needs “a just, differentiated transition” to enable it to harness its resources for today for the benefit of its future generations.

The GCEO made this known while speaking at a Regional CEO Panel organised by McKinsey & Company on the sidelines of the on-going United Nations Conference on Climate Change (UNCCC), also known as the COP28 Conference, in Dubai, UAE on Monday.

The GCEO, who joined other global energy leaders from the United States, Holland, and Oman to highlight energy perspectives and insights on the evolving energy market, said the world must understand Africa’s peculiarities in addressing the effects of climate change on energy businesses.

“I have always advocated for a differentiated and just energy transition. In Africa, we have different circumstances compared to other places in the world.

In Africa today, 75% of our population doesn’t have access to electricity, leaving us with biomass as a key energy source. The world needs to recognise that the most practicable thing today is to substitute what we have in the short term to close the energy gap for our rising population,” he stated.

With Nigeria forecasted to be among the global top 10 economies by 2035 and 3rd in terms of the global population by the same year, the GCEO said it is critical that the energy poverty question be discussed as nations unite to achieve net zero by 2050.

According to the GCEO, with abundant natural gas reserves of 206 trillion cubic feet (tcf) that have the potential to rise to 600tcf, Nigeria is currently utilising gas to drive its journey towards energy transition.

He said that NNPC Limited is creating a regional gas pipeline network to supply natural gas across the African continent and boost its Liquefied Natural Gas (LNG) supply to the foreign market.

Explaining that NNPC Limited is currently eliminating gas flares in almost all its gas projects, Kyari said the idea is to deploy such gas towards developing power plants nationwide, which will boost nationwide electricity supply, create employment opportunities, and trigger the nation’s industrial and economic development.

He said that to demonstrate NNPC Limited’s commitment to a net-zero future by 2025, the Company recently signed up as a participant in the United Nations Global Compact in New York, becoming the first state-owned oil company to join the global initiative.

 

 

Heirs Insurance Group Donates Solar Power Station to Lagos Passport Office

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From L-R: Wole Fayemi, MD/CEO, Heirs General Insurance, Mrs. Sadat Hassan, Assistant Comptroller General of Immigration; Chiugo Ndubisi, Group Executive Director, Heirs Holdings; Mrs. Caroline Wura-ola Adepoju, Comptroller General of the Nigeria Immigration Service; Dr. Awele V. Elumelu (OFR), Non-Executive Director, Heirs Holdings; Emmanuel Nnorom, Group CEO, Heirs Holdings; Niyi Onifade, MD/CEO, Heirs Life Assurance; and Tony Aniemeke, MD/CEO, Heirs Insurance Brokers; at the ribbon cutting ceremony of the 30KVA solar power station donated by Heirs Insurance Group to the Ikoyi Passport Office. 

Heirs Insurance Group, Nigeria’s fastest-growing insurance group, has donated a 30KVA solar power station to the Ikoyi Passport Office, of the Nigeria Immigration Service (NIS), to facilitate 24-hour passport production, a major challenge of the Service.

Through this project, Heirs Insurance Group demonstrates its commitment to sustainability and community development with a focus on impacting the lives of Nigerians.

Dr. Awele V. Elumelu (OFR), Non-Executive Director, Heirs Holdings, the parent company of the Heirs Insurance Group, led the delegation for the ribbon-cutting ceremony, alongside the Comptroller General of the Nigeria Immigration Service, Mrs. Caroline Wura-ola Adepoju.

Passport issuance at the Nigeria Immigration Service has been plagued by frustrating delays in the recent past, mostly influenced by erratic power supply. The transformative CSR initiative spearheaded by Heirs Insurance Group intensifies the Group’s focus on sustainability and community empowerment by addressing a crucial need to provide uninterrupted power to the Passport Office. This strategic move empowers the Lagos Passport Office to overcome power interruptions, significantly reducing the delay in passport production and easing the frustrations faced by many Nigerians in the process.

During her speech, Dr. Awele V. Elumelu expressed her enthusiasm for the positive impact of the project, also drawing attention to the deliberate use of solar power which aligns with the Group’s commitment to clean energy solutions, a facet of its long-term sustainability goals.

She said: “As a Group, we continue to take pride in proactively creating value that impacts our community positively. This solar power initiative reiterates our commitment to improve lives and transform our country, and by extension, our continent.”

Dr. Elumelu also commended the Nigeria Immigration Service for its collaborative approach to tackling the harrowing challenge of delays during passport production and issuance, faced by millions of Nigerians. She stated that this partnership aligns with the Heirs Holdings Group’s philosophy of Africapitalism – a private-public handshake to accelerate economic development.

Speaking on the impact of the project initiative, Mrs. Caroline Wura-Ola Adepoju, Comptroller General of the Nigeria Immigration Service appreciated the donation from the Heirs Insurance Group, confirming that the project will significantly improve service delivery.

She said: “We would like to thank Heirs Insurance Group and its parent company, Heirs Holdings, for this support. It is a game-changer for us, and with this solar power station, our team will be able to work effectively with round-the-clock power capacity, which will help to reduce the duration for passport production.”

The commissioning ceremony witnessed a gathering of key stakeholders, government officials, and community representatives, including the CEOs of Heirs Insurance Group and top executives of Heirs Holdings, as well as key officials of the Nigeria Immigration Service.

Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment group, with investments across twenty-four countries and four continents, founded and chaired by Tony O. Elumelu (CFR).

With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group is championing financial inclusion and leading the digital transformation of the Insurance ecosystem in Nigeria with a mission to democratize access to insurance.

As part of its unique proposition, the Heirs Insurance Group rolled out digital and mobile channels to simplify access to insurance and make insurance affordable to everyone.

 

NCC EVC, Aminu Maida, Promises Support for Meta on Undersea Cable Initiative

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L-R: Vice President, Africa, Middle-East and Turkey, Meta (formerly Facebook), Kojo Boakye and Executive Vice Chairman/Chief Executive Officer, Nigerian Communications Commission (NCC), Dr. Aminu Maida, during a visit by Meta’s delegation to the Commission in Abuja recently.

The Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, has said the support of the Commission awaits law-abiding investors like Meta, (formerly Facebook), which responds positively to Nigeria’s desire for investments that promote the agenda of government to achieve a robust digital economy.

Maida, who spoke when he received a delegation of Meta, led by the company’s Vice President for Africa, the Middle-East and Turkey, Kojo Boakye, when they visited NCC’s headquarters in Abuja, said the regulatory support to all investors, including operators in Nigeria, will be predicated on their playing by the rules and regulations guiding the sector.

He said the Commission places a lot of premium on compliance to industry laws, regulations and guidelines as such will also engender a level-playing field for all licensees and other stakeholders in the industry for sustaining a healthy competition and guaranteeing a sustainable growth in the Nigerian telecoms sector.

Boakye informed NCC boss that the purpose of the visit was to congratulate the EVC on his appointment by the President and to intimate him of ongoing efforts to land 2Africa Cable in Nigeria.

At 45,000 kilometres long, Boakye said the 2Africa submarine cable will be one of the world’s largest subsea cable projects and will interconnect Europe (eastward via Egypt), Asia (via Saudi Arabia), and Africa. He said the system will go live in 2023, delivering more than the total combined capacity of all subsea cables currently serving Africa, with a design capacity of up to 180 terabytes per second (Tbps).

Boakye stated that 2Africa will deliver much-needed Internet capacity and reliability across large parts of Africa, supplement the fast-growing capacity demand in the Middle East and underpin further growth of 4G, 5G and fixed broadband access for billions of people, especially in Nigeria.

He solicited NCC’s support in sailing through all necessary legal and regulatory hurdles in landing the submarine cable to complement existing backbone infrastructure in Nigeria. He also said Meta, through a consortium, plans to land 2Africa cable simultaneously in Lagos and Akwa-Ibom States “in order to ensure those not yet connected are connected while those already connected are given opportunity for enhanced and affordable access.”

Ecobank Nigeria Bags 3 Laurels at DBN Awards 2023

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Left:  Chief Operating Officer, Development Bank of Nigeria (DBN); Bonaventure Okhaimo; Managing Director, DBN, Tony Okpanachi; Carol Oyedeji, Deputy Managing Director, Ecobank Nigeria and Executive Director, Finance and Corporate Services, DBN, Ijeoma Ozulumba at the DBN Annual Service Ambassador Awards ceremony held in Lagos recently.

Ecobank Nigeria won 3 prominent awards signifying its’ support for MSME’s in Nigeria at this year’s Development Bank of Nigeria (DBN) Annual Service Ambassador Awards ceremony held in Lagos recently. The Bank bagged the following strategic awards which include: Platinum Service Ambassador; Bank with the Highest impact on Women Issues, and Bank with the Highest impact on MSMEs Accessing Credit for the first time.

The DBN Ambassadors Programme was designed to increase the sense of ownership among participating financial institutions, build capacity, increase on-lending to Micro, Small and Medium-scale Enterprises (MSMEs) and ultimately deepen financial inclusion in Nigeria. Ecobank is a participating financial institution in partnership with DBN to provide credit facilities, credit guarantee and technical support to MSMEs.

Receiving the awards at the event, Deputy Managing Director, Ecobank Nigeria, Carol Oyedeji said this a testament to the bank’s commitment to supporting and empowering women owned businesses and assisting small businesses to access loans conveniently at cheaper interest rates for the development of the overall MSME subsector. Ecobank had the highest volume and value of transactions in these award categories

She reiterated that, Ecobank remains a women-friendly bank with many initiatives and innovative products targeted at empowering and sustaining female entrepreneurs in Africa such as ‘Ellevate’ and ‘Ecobank Female Entrepreneurs Initiative (EFEI)’, which are designed to empower and support female entrepreneurs.

Oyedeji noted that Ecobank recently signed a $200 million risk-sharing agreement with African Guarantee Fund (AGF), a specialised pan-African guarantee provider, stressing that it is aimed at catalyzing economic growth and supporting entrepreneurial ventures – including women-owned SMEs on the continent.  “Through this partnership, both organisations are taking bold steps to enhance green financing and gender financing. It would eliminate the rigorous and restrictive requirements for collateral, particularly hindering women-focused businesses’ access to credit.”

According to her, “we have both financial and social empowerment initiatives for female entrepreneurs because we recognise women as the bedrock of most families and entrepreneurship in the society.  We aim to eliminate the rigorous and restrictive requirements for collateral, hindering access to credit.”

In his welcome address, Managing Director, DBN, Tony Okpanachi saluted the awardees, stating that their collaboration and commitment is impacting positively on the sustainable growth of the MSME sub-sector of the economy.

According to him, “your unwavering commitment to forging a lasting impact on the MSMEs through our collaboration is a testament to your dedication to fueling sustainable growth. The true essence of the DBN Awards shines through a celebration of sustainable triumph, where today’s aspirations evolve into tomorrow’s achievements.”

He explained that the DBN leverages its partnership with Participating Financial Institutions (PFI) to provide relatively cheaper loans as well as capacity building initiatives to small businesses.

The Development Bank of Nigeria (DBN) was conceived by the Federal Government of Nigeria (FGN) in collaboration with global development partners to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria.

DBN’s objective is to alleviate financing constraints faced by MSMEs and small Corporates in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries on a market-conforming and fully financially sustainable basis.

 

 

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