NAICOM Seeks Synergy with CBN, NCC, SEC on Fintech, Financial Inclusion
L-R: The President, Guild of Corporate Online Publishers (GOCOP), Ms Maureen Chigbo; The Head of Investment and Research, Parthian Partners, Mr. Seun Dosunmu representing the Group CEO of Parthian, Mr. Oluseye Olusoga; the Director, Registration, Exchange, Market Infrastructure and Innovation Department, Securities and Exchange Commission (SEC), Mr Abdulkadir Abbas representing the Director- General/CEO of SEC, Dr Lamido Yuguda; Publisher/CEO of SUPERNEWS Nigeria, Ms Ngozi Onyeakusi; Business Development Manager, Premium Pension, Mr. Adedayo Quadri representing the Managing Director, Mr Umar Sanda Mairami; Managing Director Tangerine General Insurance, Mr. Mayowa Adeduro and Deputy Director, National Insurance Commission (NAICOM), Mr. Ajibola Bankole representing the Commissioner for Insurance/CEO of NAICOM, Mr. Sunday Thomas at the SUPERNEWS Nigeria Fintech 2023 Conference held in Lagos recently.
Being text of speech by Mr. O. S. Thomas, the Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) at the FINTECH 2023 Conference organised by SUPERNEWS Nigeria in Lagos.
It gives me great pleasure and indeed an honour to be invited as the Chairman of the occasion, where crucial topics that centres on correlating two critical variables; Technology and Financial Inclusivity which are important variables for scale, spread, growth and development of any financial sector, more importantly, the economy.
It is therefore welcoming to be afforded the opportunity to listen to stakeholders as we discuss the theme: “Imperative of Fintech in Promoting Financial Inclusion in Nigeria.”
Financial Inclusion according to Global Partnership for Inclusion (2011) ‘is a state in which all working age adult have effective access to credit, savings, payments and insurance from formal providers. Effective access involves; Convenient & responsible service delivery, at a cost affordable to the consumer & sustainable for the provider (Demand & Supply Side) with the Result that the financial excluded becomes included.
It is worthy to state that financial Inclusion has assumed a CRITICAL DEVELOPMENT POLICY PRIORITY in Nigeria with the National Financial Inclusion Strategy (NFIS) which was aimed at reducing the exclusion gap to 20% at the end of 2020.
The reality of present times is that data provided by EFInA from its two-yearly Survey on Access to Financial Services in Nigeria revealed that although some progress has been made, as those financially excluded has reduced from 52.2%(45.5m) in 2008 to 36%(38m) in 2020.This simply means we may not reach the NFIS target until 2030.
It appears that that NFIS, FINTECH, INSURETECH & CURRENT FINANCIAL SERVICES have their shortcomings to the group of people we claim to provide for, there is therefore the need to REVAMP NFIS to capture current realities and come up with new strategies to navigate through certain concerns or challenges.
Part of these concerns includes; whether the existing Fintech/Insurtech business models and products are suitable and sustainable for the unbanked and why the Nigerian Financial Inclusion rate is lower than that of some other developing countries despite numerous programmes.
There have also been certain challenges that have in recent times stifled the NFIS Goal; these includes financial literacy levels (Rural areas), Payment System Laws, and lack of collaboration/partnership between various stakeholders and even Regulators.
Ladies and Gentlemen, the journey to Financial Inclusion goal can only be speeded up by encouraging the scaling on Technology particularly Mobil Money and research has shown that Phone Ownership in Nigeria has increased with at least one person in a household owning a mobile phone (EFina 2018 Survey).
There is also the need for Regulators (CBN, NAICOM, PENCOM, NCC, and SEC):
- To create open and level playing field for a wide range of providers
- Increase collaboration between themselves as this create the right environment for technology to thrive
- Encourage innovation around product, services and delivery channels
- Support projects to improve data and technical expertise
- Encourage collaboration and information exchange between various stakeholders
- Review primary laws and regulations
- And put in place necessary Safeguards
As a subset of the Financial Services Industry, Insurance industry has a responsibility to guarantee the sustainability of growth and development of the economy and we consider technology as a key driver for market development.
It is in furtherance of this that the Commission has invested heavily in automating its processes as well as facilitated the space for financial inclusion growth in the industry. This is in order to accelerate the Insur-Tech eco-system.
We live in a dynamic age, where the application of technology does not only enhance businesses for profit maximization but also now serving as a disruptor to existing business models;
Technology as a Disruptor when considered in relation to; Cloud Computing, Mobile Computing, AI, Blockchain Tech, IoT, Data Analytics, Usage Based Insurance (PAYD, PHYD) using Telematics, is the new market platform; For instance, Telematic has been identified to be disrupting the Insurance Sector by basically altering how risks are evaluated and premiums defined.
The digital transformation of the Commission has also witnessed stages of progressive reforms spanning from upgrade of our IT infrastructure (Data Centre, EDMS, ERP, Portal and Digital Chat-bot), to Automation (of Support, Technical, Industry Processing) and now to Partnership with FSD Africa on Bimalab Accelerator Program, R3 Lab (Risk Resilience and Regulatory Lab) and review of our Web Aggregator Guidelines that had been released and facilitated licencing of applicants.
Also, in addressing the financial inclusion gap in the insurance industry, the Commission introduced the Microinsurance Guidelines and licensed 8 microinsurers; released Takaful Guidelines and licensed four (4) Takaful Companies; recently released the Bancassurance and the Web Aggregator Guidelines that has attracted many applicants and some licenses have already been issued.
Ladies and gentlemen, the future of Fintech started yesterday and InsurTech is now here
NAICOM hopes that the conference will re- energise the national inclusion policy that fully meets stakeholders needs which is to strengthen inclusion for the unbanked or under banked segments.
Financial Inclusion researches/data has shown that its nature, form and challenges differ amongst countries and cannot be addressed with a SINGLE PRODUCT OR ONE SIZE FITS ALL APPROACH.
We should therefore implement technology initiatives that takes into consideration the peculiarities of the Nigerian environment and most critically the LOCAL PEOPLE.
I therefore welcome you to this Conference and wish you all a fruitful deliberation.
CIIN: Nigerians Should Embrace Fitness Exercises to Stay Healthy, Productive
Mr. Edwin Igbiti, President/Chairman of Council, Chartered Insurance Institute of Nigeria (CIIN) has enjoined Nigerians from all walks of life and age groups to embrace fitness exercises to stay healthy at all times and to become more productive in their daily work schedule.
Igbiti said at the 2023 CIIN Fitness Walk Program in Lagos that health and fitness are like the two sides of a coin.
The CIIN President said: “One must remain fit to maintain good health. In today’s contemporary world, it has become all the more essential that we maintain our health and physique. The annual CIIN Fitness Walk is a great avenue for the industry to exercise, merry and ease off the stress of office work.”
He described health as the well-being of the physical and mental state of a person who has no diseases or illnesses while fitness on the other hand, describes the level of physical activities a person can do on a day-to-day basis. He believes that an average healthy person can do all of their daily work in a generally positive state of mind, just as physical activities like walking, running and swimming form part of normal exercise regimen.
“There is a common proverb that says, “Health is Wealth.” There is nothing a healthy person cannot do when they have put their mind to it. A sickly person, on the opposite side, cannot carry out their daily chores without being exhausted, let alone extra work. Physical fitness plays an important role in one’s life, to keep our body fit, we should do regular exercises and have a proper diet of healthy foods. In the absence of an active exercise routine and diet, we become lazy and may gain weight.
I encourage us all to embrace this great opportunity. I appreciate the Institute for coming up with this programme that brings us together annually.”
Igbiti paid special tribute of recognition and appreciation to all insurance companies’ managing directors, industry captains, council members and professional colleagues that made the 2023 CIIN Fitness Walk program a success story.
Re: NCC Incurs Deficit in 2021 Budget
The attention of the Nigerian Communications Commission, NCC, has been drawn to an online publication with a headline titled: “NCC Incurs a Deficit of N17bn, Spending N35.2bn on Personnel, Consultancy Fees”.
The Commission is concerned with the inability of the online publication to accurately interpret the contents of its 2021 Annual Reports which have been made public. As a result, the publication gave a wrong impression that the Commission incurred a N17bn deficit because of expenditures on personnel and consultancy fees. This is far from the truth.
Though the Statement of the Financial Performance of the Commission for the period ended December 2021, clearly indicates that the sum of N17.3bn was a “Surplus/(Deficit) retained for the period)”, this does not imply that the Commission incurred a cash deficit as the expenditure in its financials were both in cash and accruals applicable to the year.
If the publication had inquired of the constituents of our expenditure, it would have learnt that the expenditures for the year 2021 included accruals for items undergoing procurement at the end of the year, like the State Accelerated Broadband Initiative, SABI, being implemented by the Commission, which was standing in the sum of about N24bn in the financial report.
The Commission also remitted an Operating Surplus/Spectrum Fees of estimated N197.7bn to the Federal Government, under the same Financial Performance Reporting period, and had a bank balance of about N46.97bn, erasing any doubt that there was any deficit spending.
The Commission, therefore, disclaims the wrong impression created by the above headline, and subsequent misinterpretation of our financial report in the publication may have had in the minds of the public, and stakeholders.
The Commission reiterates its commitment to effective and transparent processes in all its regulatory, management and financial activities.
Jeremy Awori, CEO of Ecobank Group Rings Closing Gong at NGX
(L-R) Bunmi Bajomo, Head, Group Corporate Bank, Ecobank Transnational Incorporated (ETI); Cecilia Akintomide, Chief Executive Advisor to the GCEO, ETI; Bolaji Lawal, Managing Director, Ecobank Nigeria; Jeremy Awori, Group Chief Executive Officer, ETI; Temi Popoola, CEO, Nigerian Exchange Limited (NGX); Bola Adesola, Chairman, Ecobank Nigeria; Caro Oyedeji, Deputy Managing Director, Ecobank Nigeria, and Ayo Adepoju, Group Chief Financial Officer, ETI, During the closing gong ceremony of ETI at the Exchange in Lagos.
The leading pan-African banking Group, Ecobank, today, introduced its new Group Chief Executive Officer, Jeremy Awori, to the market during his visit to the Nigerian Exchange (NGX). Mr. Awori, leading an Ecobank delegation, met Temi Popoola, CEO, NGX, and then joined brokers to ring the gong, signaling the end of the day’s trading session.
Speaking at the event, Jeremy Awori said: “Participating in the closing gong ceremony at the Nigerian Exchange is a great honour for me and the Ecobank Group. We commend the great work the Exchange has accomplished to forge a vibrant capital market. As a listed company on the NGX, we must continue delivering value to our shareholders, while remaining accountable to stakeholders. We are excited about the growth opportunities in Nigeria. We have the largest pan-African footprint across 35 countries in Africa and are uniquely positioned to seize these growth opportunities for the benefit of our customers and clients. Furthermore, we recognize that responding to the evolving needs of the Nigerian customers and clients is critical to delivering our pan-African strategy. We are therefore determined to double down our efforts to support the growth of Ecobank Nigeria, which is a core business for the Ecobank Group.”
As he concluded, he added: “Ensuring we bring the market and the entire investment community to a clear understanding of our strategy and progress, as well as ultimately delivering returns to shareholders above the cost of equity, is fundamental for the market to reward us with a stock price that reflects Ecobank’s intrinsic value.”
The shares of Ecobank Transnational Incorporated, parent company of the Ecobank Group, are traded on three stock exchanges: the NGX, the Ghana Stock Exchange in Accra, Ghana, and the Bourse Régionale des Valeurs Mobilières in Abidjan, Côte d’Ivoire.
In 2022, ETI’s share price rose on all three exchanges, with its shares gaining 22% on the NGX, significantly above the 3% rise of the NGX’s Banking 10 Index over the same period.
Ecobank’s attendees at the event also included Bola Adesola, Chairman of Ecobank Nigeria; Bolaji Lawal, Regional Executive & Managing Director, Ecobank Nigeria; Carol Oyedeji, Deputy Managing Director Ecobank Nigeria; Ayo Adepoju, Group Chief Financial Officer; Madibinet Cisse, Group General Counsel, Cecilia Akintomide, Special Executive Advisor to the Group CEO and Dr. Bunmi Bajomo, Group Head, Corporate Bank & Chief Operating Officer of Corporate and Investment banking, Ecobank Group.
This symbolic event marked the end of trading for the day, but for us, it is another important milestone achieved towards our continued objective of increasing shareholder value.
Seplat: Fabian Ajogwu Exits Board, Decries External Influence
Apparently displeased by the concerted efforts by some forces outside Seplat Energy Plc to derail the company’s steady progress, a non-executive director of the Company Prof. Fabian Ajogwu has resigned from the Board of the leading indigenous oil and gas firm.
Ajogwu; a foremost Professor of Corporate Governance and Senior Advocate of Nigeria (SAN), cited unwholesome conduct by some people external to Seplat, but nonetheless resolved to negatively distract the Board of Seplat, thereby militating against the smooth operations of the company.
His arrival on the Board in July 2021 saw him bring the benefit of corporate governance experience from his works and teachings, including the benefit of having drafted Nigeria’s pioneer code of corporate governance, chaired NCC telecoms Code and assisted with the National Code of Corporate Governance as a member. It is understood that he will remain a Board member until October 2023.
Reacting to this development, some oil and gas industry watchers are of the view that the exit of Nigeria’s first Professor of Corporate Governance is a negative for the company, and for Nigeria’s oil and gas industry, which relies so heavily on expatriate workers and foreign investment.
To some industry watchers, the framing of the Chief Executive Officer (CEO) Roger Brown, as a ‘racist’ without any due process of court or fair hearing, and “the unwarranted charge was filed against Seplat and its Directors by the Nigeria Immigration Service on April 6, 2023, and withdrawn hours later on the same date by a notice of discontinuance of the same dated April 6, 2023 was an ugly development.
According to them, “efforts by these same forces to mislead agencies of the federal government and the courts, to frustrate the lawful business of Seplat, destroy shareholders’ investments and harass and intimidate independent non-executive directors on baseless allegations were a great set back.
On April 20, 2023, reports officially came out that the Nigerian government, through its Immigration Service, discontinued the case filed against the company and its directors.
It is gathered that a “notice of withdrawal/discontinuance of the action” dated and filed in part on 6th April 2023, was issued by the Director Legal Services of the Nigeria Immigration Service and stated in part that “the claimant hereby discontinues all the proceedings in this charge against the above-named defendants,” Seplat Energy said.
Analysts expect the civil suits pending against the company to also end sooner than later without any doubt. The unnecessary battle waged against Seplat and its board could derail its enormous gains over the past with a stellar operational and financial performance in the last financial year.
The attacks against Seplat and its Board have been designed to intimidate them for doing the right thing and upholding corporate governance. Since the attacks on independent non-executive directors, the company’s shares have sharply declined.
Analysts believe that over one-sixth of the market cap of this dual-listed entity has been wiped off over the past month of these concerted attacks. The share price dropped from GBP1.25 to GBP0.98.
For Nigeria’s first Professor of Corporate Governance, his resignation would appear to signify that there should be no adulteration of goods with any sprinkling of ethical compromises.
It is hoped that the forces behind these attacks would realise that the company has multiple stakeholders, including shareholders, creditors, employees, communities, etc, that would also suffer the consequences of their actions.
Nigeria’s reputation will suffer too. The latest analysis by the Nigerian Exchange Limited (NGX) finds that foreign investors inflow into Nigeria’s stock market dropped dramatically to N53.71billion in the first quarter of (Q1) 2023 from N128.91 billion reported in Q1 2022.
The report, entitled “Domestic & Foreign Portfolio Participation in Equity Trading”, pointed to political tension, high inflationary pressure and scarcity of foreign exchange as reasons for the fall in investment in Nigerian companies’ shares.
We should not be adding weaponisation of the courts and baseless claims of racism to the reasons that foreign investors stay away from Nigeria.
NCC Boss, Umar Danbatta to Deliver Keynote Address at SUPERNEWS Confab April 27
The Executive Vice-Chairman/CEO, Nigerian Communications Commission (NCC), Professor Umar Danbatta will deliver the keynote Address at the SUPERNEWS Nigeria Conference coming up on Thursday, April 27, 2023 at Radisson Hotel, GRA, Ikeja, Lagos. Time is 10.00am prompt.
The event would be Chaired by the Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Mr. Sunday Thomas.
According to a statement signed by the Publisher of SUPERNEWS Nigeria, Ngozi Onyeakusi, Danbatta will deliver a paper on the Imperative of Fintech in Promoting Financial Inclusion in Nigeria.
The choice of Professor Umar Danbatta, was borne out of the Commission’s commitment in ensuring strong and credible regulatory framework that will engender a positive outcome in the financial inclusion policy of the Federal Government.
Financial inclusion holds a great potential for the Nigerian economy and for the financial stability of the country.
Professor Umar Garba Danbatta, the Executive Vice-Chairman and Chief Executive Officer (EVC/CEO) of the Nigerian Communications Commission is currently serving a second term of five years in office.
Danbatta earned his BEng, MSc degrees from the Technical University of Wroclaw in Poland and received his PhD from the University of Manchester Institute of Science and Technology (UMIST).
The multiple award-winning NCC EVC/CEO successfully spearheaded the attainment and surpassing of Nigeria’s national broadband target in 2018, and he is currently among those leading the charge for the realisation of the new national broadband target of 70 percent by 2025.
Continental Reinsurance Plc: Most Innovative Reinsurer Africa 2022
Mr. Lawrence Nazare
Group Managing Director/CEO
Continental Reinsurance Plc
The CFI.co judging panel announces Continental Reinsurance Plc as the 2022 award winner for Most Innovative Reinsurer (Africa).
From its Nigerian roots, Continental Reinsurance has evolved over the past three decades into a truly pan-African player.
Since its launch in 1985, the company has become one of the few African reinsurers with the resources and skills to challenge the multinationals operating on the continent.
The history of Continental Reinsurance is marked by strong corporate governance and international best practices and always with a key focus on innovation.
The reinsurer’s commitment to above-board operational standards has proven fundamental in attracting capital from international investors, including some prominent names from South Africa and America. Continental Reinsurance has earned the trust of its clients as well as the market.
It is benchmarked against the highest international standards and has achieved the “AM Best” rating for 13 years. The reinsurer has an AM Best Financial Security Rating of B+, and a Long-Term Issuer Credit rating of BBB-, which is a couple of notches above the Sovereign rating of Nigeria.
Continental Reinsurance credits its success to the calibre of its people, who bring unmatched experience and strength to the team. Together, they have built a formidable entity with a diverse portfolio and far-reaching ambitions. It has six offices and several specialist subsidiaries located across the continent.
The portfolio spans more than 50 countries and features a mix of relevant product focus areas, including large Commercial, Industrial, Engineering, Energy and other property installations, infrastructure development, and Agriculture, to support Africa’s food security.
The company leads by example on ESG issues and strives to deliver sustainable value to shareholders and stakeholders alike.
“Technology Critical to Africa’s Future as Global Player”, Says Continent’s Insurance Sector
- Adoption and development of emerging technologies across Africa could lead to a more active role on the world stage, according to new survey among Africa’s business leaders.
Africa’s insurance industry, itself undergoing fundamental, technology-led changes and traditionally seen as a mirror to the region’s wider economy, has identified the key technology trends that could significantly alter the course of the continent’s development.
Adoption of Smart AI chatbots, such as ChatGPT, blockchain and open-source data, are three of the top five technology trends most likely to impact all of the continent’s businesses by the end of this decade, according to the new survey carried out by pan-African reinsurer, Continental Re.
Meanwhile, a more rapid expansion of Africa’s homegrown technology sector could initiate a gradual change towards the continent playing a more active role on the world stage. To accelerate growth, 54% of CEOs surveyed cited general investment in start-ups as the most promising path compared to 32% who believe Foreign Direct Investment (FDI) is required advance technological development in Africa.
Leading by example, almost a third of CEOs from Africa’s leading insurers who took part in the survey plan to invest between 3-5% of their revenue in anything from smart AI chatbots to robotics and clean tech. This could amount to over $1 billion in investment.
The survey also found that the insurance industry is, in general, very optimistic when it comes to emerging technologies, with over 38% of respondents saying technology will be ‘great opportunity’ for their business over the next five years.
Continental Reinsurance’s Group Managing Director, Lawrence Nazare, welcomes the survey’s findings. “Covid-19 has demonstrated that Africa cannot rely on the global supply chain. The adoption and development of tomorrow’s technologies offers the continent the chance to reduce its reliance on aid and become a strategic partner to the rest of the world.”
Other factors named as growth drivers for the technology sector emphasise the notion that collaboration amongst the 54 countries making up the continent and its demographic dividend – the world’s most populous and youngest continent – could be paying off.
For 45% of respondents, Pan-Africanism, already called for in the African Union’s Agenda 2063, holds the key to making tech start-ups a success. On the other hand, 41% would prefer to upskill the current workforce, with 38% believing that the seeds of success need to be sown much earlier in the form of promoting STEM skills as part of the school and education system.
“Having pivoted towards a resolutely pan-African market positioning a few years ago ourselves, we fully recognise the potential that comes with closer collaboration between the countries of Africa. Not only does it represent an important steppingstone in our journey towards greater self-reliance, a concerted effort to support the development of these emerging technologies in Africa could transform the continent from an observer to an active player on the world stage”, Nazare continues.
Subsequently, it is easy to see how the survey results exceed the goals outlined in the 2030 Agenda for Sustainable Development, which, while calling out Nairobi’s rise to the tech hub of East Africa, focuses predominantly on the adaptation of technology, less so on the development.
Mirroring the 2030 Agenda, the survey, which was conducted amongst 80 CEOs attending Continental Reinsurance’s CEO Summit, highlighted Kenya as the African country most likely to gain from the expanding role of technology.
Coincidentally, the East African country with its burgeoning technology sector, nicknamed Silicon Savannah (or Silicon Valley of Africa), was this year’s location for the CEO Summit, which, traditionally, has been hosted by a different African country since its launch in 2014 to reflect Continental Re’s pan-African footprint.
“The insurance industry, like most other industries, is currently undergoing rapid changes where technological innovation can lead to greater customer-centricity and agility. But the inherent power of both, technology and insurance, to transform anything from business models, communities, to whole countries and regions of the world, remains valid even today when we are faced with constant disruption,” Nazare concludes.
Sanlam General Insurance Posts N11.4bn GWP, Pays N3.1bn Claims in 2022
Bode Opadokun
Managing Director/CEO
Sanlam General Insurance Nigeria Limited
Sanlam General Insurance Nigeria Limited, a Pan-African brand with rich history and heritage has posted a Gross Premium Written (GPW) of N11.4 billion and paid N3.1billion in claims in 2022. This is according to the company’s latest financial report.
This feat marks another successful year for Sanlam which rebranded from FBN General Insurance Limited in September 2022. Since the divestiture of FBN Holdings’ 65 percent stake in June 2020, Sanlam Nigeria is now fully owned by the Sanlam Group, South Africa.
According to a statement signed by the Manager, Marketing & Corporate Communications, Ajibola Liyide (General Insurance) for Sanlam General Insurance Nigeria Limited, the Managing Director/Chief Executive Officer of the Insurance company, Bode Opadokun, said: “The N11.4 billion GPW reflects Sanlam General Insurance Nigeria Limited’s ability to provide high-quality insurance services to its clients, leading to continued financial growth. The company’s financial success in 2022 is a testament to its commitment to providing innovative solutions to meet the diverse needs of its clients, offering both personal and business insurance products.”
Mr. Opadokun restated the company’s commitment to satisfying its clients, come rain, come shine.
“At Sanlam General Insurance, we take our business of risk management very seriously and there is no gainsaying that the settlement of genuine claims is our primary obligation to our esteemed policyholders.”
He reassured customers of the firm’s on-going commitment to keep their trust while upholding the company’s status as a top insurance brand in the market.
“Our customers trust us to be there for them; therefore, we will stop at nothing to keep our promises of exceptional customer service and prompt service delivery. We are committed to exceeding all our stakeholders’ expectations at all times,” he assured.
Sanlam General Insurance Nigeria Limited’s financial performance has a ripple effect on the wider Nigerian economy by providing coverage for various risks, such as property damage, theft, liability, and personal injury.
Sanlam helps individuals and businesses mitigate potential losses and protect their assets. This, in turn, contributes to the stability and growth of the Nigerian economy by reducing financial uncertainty and promoting business development.
Sanlam General Insurance Nigeria Limited remains committed to providing the best possible insurance solutions for its clients and looks forward to continuing to build on its successful history and heritage.
The company aims to strengthen its presence in Nigeria and beyond by developing new and innovative insurance products, leveraging advanced/ state -of- the art technologies, and building strategic partnerships to better serve its clients and contribute to the growth of the African continent.
Sanlam has grown to become Africa’s largest non-banking financial services group, with a strong presence in 33 countries on the African continent, and a niche presence in India, Malaysia, the United Kingdom, and Australia.
The brand operates in eight out of the 10 largest economies in Africa, with over 154,000 employees globally, delivering superior value to customers, shareholders, and the broader society.
NCDMB Trains Women Business Leaders, Entrepreneurs in Port Harcourt
The Nigerian Content Development and Monitoring Board (NCDMB) has trained a segment of Women Business Leaders and Entrepreneurs on Entrepreneurial Development under the aegis of Women in Oil and Gas. The training which was held in Port Harcourt ran for two weeks with two streams of trainees at the exercise.
Enumerating the significance of the training at the close-out ceremony, the Manager, Human Capital Development of the Capacity Building Division of the Board, Mrs. Angela Okoro pointed that Board’s collaboration with the training company, Empretec Foundation was in meeting the needs of female entrepreneurs in building a good enterprise foundation and corporate governance for their businesses.
Mrs. Okoro added that the training also came at a time where through the Diversity Sectorial Working Group of the NCCF, women were given a right of place in the oil and gas industry in the light of their contribution to the family unit and the society at large, as the Executive Secretary, Engr. Simbi Wabote is keen on human capacity development for women.
The training which was in two tranches over a two-week period had over 70 participants in attendance. Participants were taught the essentials of running a business, business sustainability, goal-setting, budgeting, inventory control management, governance and how to write a business plan.
During the exercise, participants were treated to an excursion to service companies run by women in the oil and gas industry to see first-hand how female chief executives run their affairs.
In one of the visits, the Managing Director of Ansett Group, Mrs. Edith Akwaeke encouraged participants to put in the work and be dogged in their quest to deliver quality service as that is what will stand them out in the industry. Mrs. Akwaeke charged the participants not to see themselves as bosses but solution providers and bring their expertise to bear.
The Managing Director stated that Ansett Group is a Project 100 company with a mum-and-pop formation tailored after the Schlumberger Brothers as they hope to be a world-class company someday.
She enjoined participants not to let gender imbalance be a reason for them to relent but should be visionary and strive for excellence.
NLNG Commissions University Teaching Hospital Projects in 4 States
Nigeria LNG (NLNG) Limited today began another round of commissioning of Phase 1 projects in its multi-billion-naira Hospital Support Programme (NLNG HSP) in Lagos, Kano, Bayelsa and Cross River states.
The round started with the commissioning of an Obstetrics & Gynaecology Ward at Lagos University Teaching Hospital (LUTH), Lagos. This will be immediately followed by the commissioning of an Intensive Care Unit (ICU) at Niger Delta University Teaching Hospital (NDUTH), Yenagoa; an Occupational Therapy and Neuromodulation Rehabilitation Centre at Aminu Kano Teaching Hospital (AKTH), Kano; and a Neurosurgical and Stroke Centre at University of Calabar Teaching Hospital (UCTH), Calabar.
The commissioning of projects began in 2022 with the opening of a maternity centre at University of Abuja Teaching Hospital (UATH), Gwagwalada and a new Intensive Care Unit (ICU) at University of Benin Teaching Hospital (UBTH).
These teaching hospitals were selected in the first phase. The programme targets 12 hospitals in total from the six geographical zones in the country. The NLNG Hospital Support Programme (HSP) is NLNG’s national Corporate Social Responsibility (CSR) initiative which aims to boost the healthcare delivery system in 12 Federal University Teaching Hospitals cutting across the six geopolitical zones in the country. The programme started in 2022.
At the LUTH commissioning on Monday, NLNG’s Managing Director and Chief Executive Officer, Dr. Philip Mshelbila, represented by Mr. Andy Odeh, General Manager, External Relations and Sustainable Development, said the goal of the project was to support the provision of quality medical care for Nigerians through the improvement of tertiary healthcare delivery system in the country, with attendant impacts on medical research and retention of in-country medical expertise.
He said the Company has helped in reshaping the country’s health sector for a better and more responsive system on the road to making it a destination for world-class healthcare delivery. He called on LUTH’s management to ensure that the facilities were put to practical use for patients and training purposes.
In his remarks, the Minister of Health, Dr. Osagie Ehanire, who was represented by the Minister of State for Health, Honourable Ekumankama Joseph Nkama, stated that NLNG has proven to be a reliable partner in the sustainable development of the healthcare system in the country.
“This project has complimented the efforts of the federal Government in improving the quality of healthcare in LUTH. The project is the renovation and equipping of the 120-bed Obstetrics & Gynaecology Ward at Block C section of the hospital. It is important to note that Block C was built about 60 years ago and has not undergone any major renovation since then. The Federal Government and the Ministry of Health are grateful to NLNG for this wonderful gesture. We are also mindful of the Company’s other efforts in supporting insfrastructure renewal in all sectors, particularly the health sector,” he said.
The newly commissioned LUTH project entailed the complete renovation and upgrade of the Obstetrics & Gynaecology (Ward C) Block, a four-storey building, and the provision of 120 beds to serve the prenatal and postnatal services. Other facilities include a waiting room, nurses’ stations, private wards, consulting rooms, radiation room, and doctors and nurses call rooms, among other facilities.
At NDUTH, Yenagoa, NLNG will commission a one-storey new Intensive Care Unit (ICU) building which features a six-bed Intensive Care Unit (ICU) and four-bed Renal Dialysis Unit, which are connected to the existing operating theatre. In Kano, at AKTH, a two-winged Occupational Therapy and Neuromodulation Rehabilitation Centre bungalow was constructed with facilities such as a female ward, children’s ward, nurses’ station, and ward round room. The therapy wing consists of EEG room, RTMS room, ECT room, patient waiting room, recovery room, physiotherapy hall and other features.
At UCTH, Calabar, the project is an 18-bed Neurosurgical and Stroke Centre, which includes nine-bed male and nine-bed female wards, an operating theatre, three consulting offices, a pharmacy, two sleep-in rooms, nursing and recovery rooms and other associated facilities.
These commissioning events wrap up the implementation of Phase 1 projects.
In February 2023, NLNG commenced Phase 2 with the signing of Memoranda of Understanding (MoU) with University of Port Harcourt Teaching Hospital (UPTH), Port Harcourt, for the equipping of the Haemodialysis Centre; the University of Uyo Teaching Hospital (UUTH), Uyo, for the renovation and equipping of an accident and emergency unit and theatre; and Jos University Teaching Hospital (JUTH), Jos for the construction and equipping of a twin theatre suite.
NLNG is an incorporated Joint Venture owned by the Federal Government of Nigeria, represented by Nigerian National Petroleum Company (49%), Shell Gas B.V. (25.6%), TotalEnergies Gaz & Electricite Holdings (15%), and Eni International N.A. N. V. S.àr.l (10.4%).
NCC Director, Yakubu Gontor Honoured by Northern Youth Organisation
From right: Yakubu Gontor, Director, Financial Services, Nigerian Communications Commission (NCC) being presented with Shield of Nigeria Northern Youth Award by Bilal Mohammed, Vice President, Northern Youth Council of Nigeria in Abuja recently.
The Director of Financial Services at the Nigerian Communications Commission (NCC), Yakubu Gontor has been honoured by the Northern Youth Council of Nigeria (NYCN) for his exemplary professional conduct.
NYCN is the umbrella body of youths across the 19 Northern States including the Federal Capital Territory (FCT), Abuja with one of the objectives being the promotion of national integration and enhancement of investment in Northern Nigeria for sustainable development.
A delegation of the organisation led by the National President, Dr. Isa Ododo, presented a plaque for award of Garwuwan Matasan Arewa Nigeria (literally translated as ‘Shield of Nigeria Northern Youth’) during a visit to Gontor in his office at the Commission in Abuja recently.
Ododo said the recognition was based on Gonor’s professionalism and his standing as civil servant of repute that has made himself a role model to the Nigerian youth.
He said the NYCN promotes policy formulation and implementation on issues relating to youth development in Nigeria as well as identifying and recognising exemplary personalities whose conduct in their professional calling are worthy of emulation by the youths.
“The conferment of the title on our honoree was based on his visionary leadership in the industry as well as his selfless service and immense contributions that have enhanced youth development in the Northern States of Nigeria,” Ododo said.
Ododo also used the opportunity to applaud the NCC Management for its efforts in enhancing digital skills in Nigerian youth through projects such as the Digital Nigeria Centre (DNC), among other interventionist projects, which Ododo said, have been put in place to encourage youths to harness their digital skills for self-development.
In his acceptance speech, Gontor appreciated the youth organisation for promoting the youths of northern extraction, urging NYCN executives to use their connections and network with the governments across the country to carry out more awareness on skills acquisition and functional education and need to be professional in all their dealings.
The recognition by the NYCN gives credence to the important role being played by Gontor not only as Director in-charge of financial matters at NCC but also as a man of integrity managing all financial matters of the Commission, especially with respect to the issue of revenue generation and financial prudency required to sustain the independence of the Commission as an impartial telecom industry regulator and arbiter.
Leadway Successfully Contains Hackers’ Attempt to Breach Network
Leadway Assurance Limited said it detected a potential threat to its network and has promptly deployed mitigation measures to contain the cyber attack.
The firm in a statement noted that its preliminary investigation into the criminal intrusion indicates that the attack was successfully contained.
“We have initiated our business continuity plan to ensure that proprietary information and data are secured.
“We would like to notify you that our essential operations have been restored and we are working tirelessly to ensure minimal disruptions to our operations,” it said.
Leadway noted that protecting its customers’ data remains a top priority as it has done in the last five decades, stressing that it has and would continue to strengthen its network to ensure total protection from external intrusion.
“During this period, all our customers are encouraged to ignore any unsolicited correspondence from any channel different from our officially designated channels of communication.
“In the meantime, while our team is adhering to all regulatory requirements, we will continue to provide updates to all our stakeholders,” it said.
According to a cybersecurity expert privy to the matter, Leadway has been stoic in their resolution not to yield to the cybercriminals’ demand for a ransom, as proprietary data are not affected.
The expert insists that even the big techs, like Facebook and Twitter have been victims of these nefarious activities.
Stanbic IBTC Bank Unveils Savings Challenge for @ease Wallet Holders
Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings has launched its @ease Savings Challenge to encourage wallet holders to adopt a savings culture.
The challenge which commenced on March 1, 2023 is set to run till 08 June 2023, participants will have 100 days to save a minimum of N1,000 daily or N7,000 weekly in their Stanbic IBTC @ease wallets. The top 50 savers at the end of the 100 days challenge will emerge winners of N50,000 cash each.
This exercise will enable prospective and existing @ease wallet holders to save money towards achieving targeted financial goals and stand a chance to win cash rewards.
Wallet holders can participate in different winning categories by committing to regularly depositing a minimum of N1,000 daily for 100 days or N7,000 weekly till the last day of the challenge. Prospective customers who do not have the @ease wallet can open one by dialing *909*9# or visiting the @ease module on the Stanbic IBTC Mobile App to participate.
Adenike Nubi, Head Mobile Financial Services, Stanbic IBTC Bank attributed the birth of the @ease Savings Challenge to the innovative and futuristic approach of the Bank to provide financial freedom for customers at the bottom of the pyramid.
Adenike said: “This challenge further drives home the message that Nigerians should adopt healthy financial practices through saving. We also want to empower individuals to take control of their finances and reach their financial goals. Saving money can be challenging, but it is achievable with the right tools and support.”
“Every @ease wallet customer who makes the list of the top 50 savers at the end of every week of the challenge will be rewarded with N1,000 while the top 50 savers at the end of the 100 days challenge will be rewarded with N50,000, credited directly into their @ease wallets. So far, we have rewarded 200 customers in the first four weeks of the challenge. It will be exciting to see more customers achieve and surpass the weekly savings milestones, despite prevailing financial obstacles,” Emmanuel Aihevba, Head Personal Clients added.
According to Emmanuel, the @ease Savings Challenge encourages accountability and helps to build long-term savings habit.