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Stanbic IBTC: Most Outstanding Bank Supporting Women-Owned Businesses

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Stanbic IBTC Bank Limited, a subsidiary of Stanbic IBTC Holdings has been recognised as the Most Outstanding Bank Supporting Women-Owned Businesses at the Women in Marketing and Communications Award (WIMCA) held in Lagos, Nigeria recently.

WIMCA is the largest gathering of female professionals in brand, marketing and communications in Nigeria and Sub-Saharan Africa. The event celebrates outstanding women and corporate organisations for their contributions to the growth of their industries and the country.

Receiving the award, Olajumoke Bello, Head of Enterprise Banking at Stanbic IBTC Bank, expressed profound appreciation to the organisers for the honour, promising that the bank remains committed to supporting every woman whether in career or business through its Blue Blossom community curated specifically for women.

Olajumoke said: “We believe that women’s activities are pivotal to the development of any economy, and we are committed to providing them with the support they need to succeed.”

She added that the move has been welcomed by women in the business landscape, who see it as a significant step towards achieving gender equality in the financial sector. The initiative will create more opportunities for women entrepreneurs and executives to succeed in their businesses and achieve their financial goals.

Stanbic IBTC Bank has created a healthy environment that breaks down barriers for talented, qualified women to achieve their career aspirations, own their businesses, and make demonstrable differences in their various industries.

Knowing that inclusive leadership is the game changer for bridging gaps in an unpredictable business environment like ours, this award celebrates Stanbic IBTC Bank’s contribution towards supporting women-owned businesses in Nigeria.

IPEN Roundtable Targets Consumer Satisfaction in Insurance, Pension Sectors

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Stakeholders in the financial services sector are expected to converge at the IPEN Insurance and Pension Roundtable 2023 to provide solutions on how to resolve pain-points of insurance policyholders and pension subscribers in the country.

The Insurance and Pension Editors of Nigeria (IPEN) is a group of developmental journalists who have decades of experience reporting the insurance and pension sectors nationally and internationally.

The Roundtable, which will take place on Thursday, 23rd of November, 2023 at Radisson Hotel, Isaac John, Ikeja, Lagos, by 10:00am has its theme as: ‘Consumer Satisfaction, Key to Insurance and Pension Sectors’ Growth.’

To this end, experts from the insurance and pension sectors as well as relevant stakeholders, including consumer groups have been invited to deliberate on the theme extensively. To make the event live up to expectations, the new President of the Nigerian Council of Registered Insurance Brokers (NCRIB), who is also the Managing Director/CEO, Lectern Insurance Brokers Limited, Mr. Babatunde Oguntade is to chair the epoch event.

The Director, Centre for Pension Rights Advocacy (CPRA) Mr. Takor Ivor is the Keynote Speaker while the Commissioner for Insurance/CEO, the National Insurance Commission (NAICOM), Mr. Sunday Thomas and the Director General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar are Special Guests of Honour.

The panelists who will discuss the theme include:  Mr. Olasupo Sogelola, Managing Director/CEO, International Energy Insurance (IEI) Plc; Mrs. Thaibat Adeniran, MD/CEO, Hilal Takaful Insurance; Mr. Kazeem Odewunmi, President, Association of Registered Insurance Agents of Nigeria (ARIAN) and Mr. Rotimi Adebiyi Managing Director and Chief Executive Officer of CrusaderSterling Pensions Limited.

Various consumer groups have indicated interest to attend the Roundtable which will serve as opportunities for insurance companies and Pension Fund Adminstrators (PFAs) to market their services to existing and prospective clients appropriately.

Speaking on the development, the President of IPEN, Mr. Chuks Udo Okonta, said the theme is apt as insurance and pension sectors are repositioning to offer consumers better service delivery to deepen penetration.

For the insurance sector, he noted that several reasons have been adduced for poor insurance penetration in Nigeria ranging from the country’s peculiar market environment, limited public awareness and negative public perception by those who are unaware of insurance. But in the reality, inadequate service delivery is a major challenge to why insurance acceptance has been very low, he stressed.

According to him, “on the other hand, the need for service delivery in the pension sector is key for the overall success of and sustainability of the Contributory Pension Scheme (CPS), considering its retail nature. Achieving service excellence in the sector is a collective effort by all stakeholders to ensure enhanced service delivery.

 

NAICOM Chief, Sunday Thomas, Tasks Federal, State Govts on Insurance of Public Buildings

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The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, NAICOM Mr. Sunday Thomas has enjoined federal and state governments to begin to make adequate provisions for insurance of public buildings and buildings under construction in their respective annual budgets.

He said these categories of insurance are made compulsory by extant insurance laws in Nigeria and, thus, must be complied with by all.

According to Thomas, Section 64 of the Insurance Act 2003 makes it mandatory for individuals, governments and corporate organisations that undertake the construction of any building above two (2) floors to procure a builder’s liability insurance policy (building under construction) from any of the NAICOM’ licensed Insurer in Nigeria.

Speaking further, he said Section 65 of the Insurance Act 2003 also makes it compulsory for all public buildings in the country to be insured. This is to protect innocent victims in the events of accidents and other disasters that may occur while they are within such premises.

Mr. Thomas spoke at the 12th meeting of the National Council of Lands, Housing and Urban Development, holding in Kaduna State. Participants at the session include the Honourable Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa; Minister of State, Housing and Urban Development, Abdullah Tijjani Gwarzo; Chairman, Senate Committee on Housing and Urban Development, Sen. Aminu Tambuwal; Chairman, House Committee on Housing and Habitat, Hon. Balele Aminu and Chairman, House Committee on Urban Development and Regional Planning, Hon. Abiante Awaji, The Permamnent Secretary, Federal Minstry of Works and Housing, Mahmuda Mamman;  Commissioners, Permanent Secretaries, Directors of Lands and Housing from the 36 States of the federation; Managing Director of Federal Mortgage Bank of Nigeria, Nigeria Mortgage Refinancing Company, Shelter Afrique, etc.

Thomas urged the various state governments to emulate the Lagos State government by domesticating the insurance laws in their respective states.

He listed some of the benefits from compliance with these compulsory insurances to the Federal and State Governments to include:

  • Reduction in the Federal and State Government expenditure in event of disaster that may affect citizens by shifting the burden to the risk-bearers (Insurance Companies), hence restoration would not be settled from tax payer’s money
  • Creation of employment opportunities for citizens of the State
  • Opportunity for enhancing the Internally Generated Revenue (IGR) of the respective states amongst others

Stanbic IBTC Bank Showcases upgraded EOL 2.0 Transaction Solution

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Stanbic IBTC Bank Limited, a subsidiary of Stanbic IBTC Holdings, hosted a webinar focused on facilitating seamless payment experience for business owners through the enhanced Enterprise Online (EOL) payment platform.

The webinar themed “Simplifying Payments for Businesses”, unveiled EOL 2.0, an upgraded solution created to facilitate smooth payment experience and improve human resources (HR) services for business owners through a partnership with Bento Africa. The partnership offers business owners a streamlined payroll and comprehensive HR services experience through a Bento redirect solution integrated into the EOL platform. This collaboration is a proactive approach to managing financial and HR operations designed to enhance ease, efficiency, and convenience at a discounted rate for Stanbic IBTC customers.

Omolara Osunsoko, Head, Partnerships, Stanbic IBTC Bank, in her opening remarks during the webinar, stated that “entrepreneurs are the backbone of our economy, and we acknowledge the vital role they play in driving economic growth and creating employment opportunities.”

She added, “An economy that will flourish must support business owners with knowledge and tools needed to thrive in today’s competitive business landscape, and today’s discourse is aimed at simplifying online banking experience for entrepreneurs.”

During the virtual panel session, Olutimi Ibrahim, Head, Digital and e-commerce, Stanbic IBTC Bank, disclosed the importance of leveraging technology for smooth and efficient business transactions.

He noted, “The vision of Stanbic IBTC Bank lies in leveraging technology and digital innovation to deliver superior financial services to customers. We offer efficient solutions for businesses, and these include the enhanced EOL 2.0, designed to meet all business payment needs, offering a seamless and secure online banking experience for corporate entities.”

Vivian Ekemezie, Growth Executive, Bento Africa, shared her excitement about collaborating with Stanbic IBTC, stating that the partnership will revolutionise the HR system.

“Bento’s expertise in cloud-based solutions and Stanbic IBTC Bank’s industry-leading Enterprise Online payment platform will significantly add business value and streamline operations. This partnership presents an incredible opportunity to drive innovation in HR management and deliver unparalleled convenience to our enterprise clients.”

Modupe Banjoko, Team Lead, Digital and Enablement, Stanbic IBTC Bank, further emphasised the significance of the EOL 2.0 transaction solution and its impact on the business landscape. She stated, “Our EOL 2.0 solution is not just an upgrade; it’s a game-changer for businesses of all sizes. It offers a powerful combination of efficiency, security, and convenience, making financial and HR management more straightforward and effective.”

Modupe added that Stanbic IBTC Bank is committed to providing customers with the tools to thrive in today’s dynamic business environment. She highlighted the organisation’s dedication to supporting women by empowering them with the resources to run their businesses. Aside from the EOL 2.0, she urged women to take advantage of the financial institution’s Blue Blossom proposition, designed to empower Nigerian women.

Stanbic IBTC has robust solutions available to business owners across various sectors regardless of their scale – whether large, medium, or small. The digital channels are seamless and efficient, and the bank provides a secure international mode of payment.

Our business loans are robust to fund clients’ working capital and meet the monetary demands of businesses. Whatever trade route you intend to ply, with a dependable financial partner like us, you are on your way to growth.

As the financial landscape continues to evolve, the EOL 2.0 solution represents a critical advancement that empowers businesses with the tools they need to succeed in an ever-changing world. Stanbic IBTC Bank’s dedication to supporting businesses further underscores its commitment to fostering economic growth and empowerment within the Nigerian business community.

Five Millionaires Emerge in Polaris Bank’s Ongoing ‘Save & Win’ Promo

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Five lucky Nigerians at the weekend hit a fortune when they emerged Millionaires in the ongoing Polaris Bank Save & Win Promo.

The live quarterly draw of the ongoing Polaris ‘Save & Win’ promo which took place at the Bank’s headquarters Annex, Alausa Ikeja at the weekend in Lagos, further underscored Polaris Bank’s dedication to fairness in all its promotions and activities.

The development is in line with the Bank’s commitment to rewarding its loyal customers across the nation.

The winners emerged through a draw exercise which was witnessed by its representatives and relevant Agencies of government; Federal Competition & Consumer Protection Commission (FCCPC), National Lottery Commission (NLRC) and Advertising Regulatory Council of Nigeria (ARCON) who confirmed that the 5 lucky winners were selected across Nigeria’s various regions spanning the geo-zones

Each winner received a cash prize of N1,000,000. During the draw, the lucky winners were called at random using a hybrid media technology which enabled in-premises event; as well as participation of over 1221 customers through the Bank’s virtual network and social media handles.

One of the lucky millionaires commended the Bank in putting in place the promo at this time which he said was relevant saying “Thank you to Polaris Bank for making me a millionaire. I never expected this surprise. This money definitely came in at the right time, I will tell my friends to open accounts with Polaris Bank and participate in the promo so we can all become millionaires.”

Speaking at the live draw event, the representative from FCCPC; Susie Onwuka said, “We’ve been monitoring Polaris Bank since the promo started and it has been fair, they comply to rules and guidelines. Customers should feel free and confident to participate in the promo”.

During the unveiling of the lucky millionaires, Polaris Bank’s Chief Digital Officer (CDO), ‘Dele Adeyinka also expressed the Bank’s commitment to encouraging a culture of savings among its customers. “The Polaris Bank Save & Win promo is not just about rewarding customers; it’s also about encouraging our customers to save for the rainy day”.

The CDO emphasized that customers can still participate in, or increase their chances of winning by depositing a minimum of N10,000 in their Savings account. He also noted that non-customers of the Bank can participate for a chance to win in the draws by opening a Polaris Savings account with N2,000 and growing same to N10,000 before the next draw date.

The representatives of the regulatory bodies commended the Bank for making good its promise to winners of the draws.

For those wishing to be part of the Campaign and stand a chance to also become millionaires, below are four (4) ways to participate in the ongoing Polaris Save & Win promo:

 

  1. Download VULTe on iOS and the App store to open a Polaris Savings Account or dial USSD *833*0# on your phone or log into Polaris Bank savings portal.
  2. Grow your account by N10,000 or more and maintain for 30 days or by N10,000 for 3 consecutive months to qualify for monthly & quarterly draws respectively.

 

  1. If your account is dormant, you can reactivate your account without visiting the Bank by simply dialing *833*30#.

 

  1. Follow the Bank’s handles @polarisbankltd across all social media platforms or visit the website to stay updated.

Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2023, 2022 and 2021 in BusinessDay’s Banks and Other Financial Institutions (BAFI) Awards. As a digital-forward Bank, the Bank is dedicated to forging a customer-focused future through innovative partnerships that reshape both businesses and communities.

Senate Confirms Aminu Maida as Executive Vice Chairman of NCC

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The Senate on Thursday in Abuja, confirmed the appointment of Dr. Aminu Maida as the substantive Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission (NCC).

Maida was confirmed by the Senate during its plenary session where it adopted a report of the Senate Committee on Communications that screened Maida on Wednesday, November 15, 2023.

The Chairman of the Senate Committee on Communications, and former Minister of Communications, Senator Ikra Aliyu Bilbis, who submitted the report submitted the report urged the Senate to consider the request of President Bola Tinubu for the confirmation of Maida for appointment as the country’s Chief Telecom Regulator.

He said the Committee had screened Maida, who had earlier passed all scrutiny by the relevant security agencies in the security governance sector.

Bilbis informed the Senate that Maida possesses the requisite qualifications, professional experience, competence, and regulatory capacity to ensure accelerated development of the nation’s telecommunications sector. He urged the Senate to approve the nomination of Maida by Mr. President.

Consequently, the Senate proceeded to confirm the appointment of Dr. Aminu Maida, through a voice vote to serve a five-year term in office, subject to renewal by the President.

Earlier at his screening by the Senate Committee, Maida responded to questions related to his insights into the industry, qualifications, experience, suitability, and competence to manage the nation’s telecom regulatory sector, and was variously described by members as the round peg in a round hole.

Maida told the committee that his top priorities are to improve coverage and connectivity by bridging access gaps between rural and urban communities through increased broadband infrastructure as well as increasing the quality service (QoS) and quality of experience (QoE) for the consumers to enable them to get value for money.

He also stated that, under his stewardship, he would ensure that the Commission’s licensees numbering over 8,000 across different segments of the sector, are made to adhere strictly to their Service Level Agreements (SLAs) with their consumers in terms of service delivery.

Maida also said that he would create a more conducive environment for investment in the sector. Maida also promised to work with the dynamic team at the NCC to “re-think” how the Universal Service Provision Fund (USPF) would be better leveraged to bridge the extant digital divide in the country.

The new Chief Executive Officer of Nigeria’s telecom regulatory authority also promised to prioritise inter-agency collaboration towards achieving the current blueprint for the digital economy sector, just as he said that the on-going review of the NCA 2003 would lead to greater innovation for improving the performance of the sector and solicited the support of the National Assembly to succeed.

Maida further emphasised his commitment towards aligning regulatory activities with the Strategic Plan of the Ministry of Communications, Innovations and Digital Economy, developed to accelerate the actualisation of the Renewed Hope Agenda of the Federal Government.

Accugas Announces Award of University Scholarships to 50 Students from Akwa Ibom State

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L-R: Idorenyin Jacob, winner of the Grand Mentor Award in Biology; Nkoyo Etuk, Head of Stakeholder Relations and Regional Manager, South East, Savannah, Nigeria; Pade Durotoye, Managing Director, Savannah, Nigeria, and Unyime Ime, winner of the Grand Mentor Award in Chemistry, during the Savannah Energy Education and Internship Training (SEE-IT) Programme/2023 Annual Teachers/Scholarship Award held in Uyo, Akwa Ibom State recently.

Accugas Limited, the midstream subsidiary of Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, is pleased to announce that it has granted full university education scholarships to 50 students from Akwa Ibom State through the Savannah Energy Education and Internship Training (“SEE-IT”) programme.

The 50 students, who were selected through a rigorous screening process led by university professors, were presented with the scholarships during the SEE-IT 2023 Annual Teachers/Scholarship Awards held recently in Uyo, Akwa Ibom State. The SEE-IT scholarship packages cover full tuition, accommodation, textbook and living costs for the duration of the beneficiaries’ university education in Nigeria.

The SEE-IT programme is a collaboration between Accugas and the Inoyo Toro Foundation, a non-profit educational foundation based in Akwa Ibom State to enhance access to quality education in Akwa Ibom State.

The programme also presented awards to 19 secondary school teachers, three principals and five mentors of secondary school teachers, who have positively impacted their pupils in Akwa Ibom State public secondary schools. The awards covered five subjects namely, Biology, Chemistry, English, Mathematics and Physics.

Pade Durotoye, Managing Director, Savannah, Nigeria said:  

Education is an important part of Savannah’s sustainability strategy, where our first pillar focuses on promoting socio-economic prosperity within the countries in which we operate. As a company, we have invested over US$1bn in Nigeria, especially in the South East, to deliver Projects that Matter. We are delighted and proud to be able to impact so many lives and I am particularly pleased that we are offering full university education scholarships to the 50 students until they graduate. We plan to add more students to the SEE-IT scholarship programme every year as we see this as an important investment in one of our country’s greatest future resources, the young people around us. What we are hoping to do, in partnership with the Inoyo Toro Foundation, is to support our society to deliver excellence in education, accessible not only to those who can afford the high fees in private institutions, but also to those in our public schools.” 

His Excellency, Governor Umo Eno, Governor of Akwa Ibom State (represented by Mrs. Idongesit Etiebet, Honourable Commissioner for Education, Akwa Ibom State) said: 

“This annual event has become a reference point in our Public-Private Partnership arrangements in the education sector of the state. It has registered impressive records since its inception, particularly in areas of scholarship awards to these loving students and the recognition of the immense contributions of hard-working teachers and principals of public secondary schools in the state. Your demonstration to launch a fully funded scholarship award to accommodate 50 students of Akwa Ibom State origin, admitted into public or private universities in Nigeria, as well as a conferment of excellence awards on teachers who excelled in the teaching of Biology, Chemistry, English Language, Mathematics and Physics, deserves commendation. I hereby urge other world-class individuals and organisations to rise to the challenge and emulate the laudable gesture of Savannah Energy, in collaboration with Inoyo Toro Foundation, by investing in the education of our children, who represent the future of our state and our country.” 

Continental Re: Entries Now Open for 9th Pan African Journalism Award 2024

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Continental Reinsurance Plc is pleased to announce the launch of the 9th Pan-African (Re)Insurance Journalism Awards.
“We invite business journalists from every corner of the African continent to participate in these awards.  Whether you are an industry veteran with a wealth of experience or a rising talent in journalism, we encourage you to submit your work for consideration.”
The 9th Pan-African (Re)Insurance Journalism Awards will feature the following categories:

  • Online Category (English)
  • Print Category (English)
  • Broadcast Category (English)
  • French Category (Online, Print or Broadcast)
  • Arabic Category (Online, Print or Broadcast)
  • Dr Femi Future Talent Award

Entries should be submitted between November 15, 2023, and February 14, 2024, if they were published within the year leading up to the submission deadline.  To submit your entry, please visit [https://www.continental-re.com/awards-2024/].
Mr. Lawrence Nazare, Group Managing Director, Continental Reinsurance, emphasised the vital role of the (re)insurance industry, stating, “the (re)insurance industry is a catalyst for progress.  It continues to play a pivotal role in Africa’s development, offering economic stability and security to individuals and businesses alike.  Reporting on insurance is not only informative but also serves as a catalyst for industry, educates the public about the importance of risk management, fostering a culture of preparedness.  As the industry is rapidly evolving with innovation and technology, our reporters play a vital role in keeping the public informed, helping to drive progress on insurance uptake.  We look forward to reading the stories that have shaped the last year.”
The previous edition of the awards saw entries from 18 African countries and celebrated winners from Uganda, Ghana, Burkina Faso, Egypt, and Zimbabwe.

The winners were announced in March 2023 alongside the 8th CEO Summit held in Kenya.  The awards ceremony was graced by His Excellency Rigathi Gachagua, Deputy President of the Republic of Kenya, and attended by dignitaries, industry experts, journalists, and other stakeholders in the insurance industry.
The awards ceremony for the 9th Pan-African (Re)Insurance Journalism Awards will be held alongside the 9th CEO Summit in April 2024.
To learn more about the awards, submission guidelines, eligibility criteria, and important dates, please visit our official website at https://www.continental-re.com/journalism-awards/ 

About Continental Reinsurance Plc:
Continental Reinsurance Plc is a leading private pan-African reinsurer with headquarters in Lagos, Nigeria and regional offices in Douala, Nairobi, Abidjan, Tunis and Gaborone.  We have been operating on the continent for over 30 years, providing reinsurance solutions to insurers in more than 50 African countries.  Our commitment to promoting excellence in (re)insurance journalism is a testament to our dedication to the growth and development of the industry across the continent.

Maida Applauds Project Train 3m on ICT Skills 

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The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Dr. Aminu Maida has applauded the proposal by the Hon. Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, to enlist and train three million Nigerians over a period of four years, which will make the country an exporter of digital skills.

Maida, who spoke recently in Lagos at the City Business News Summit, said the programme, which has already attracted 1 million applicants, is capable of increasing Nigeria’s pool of technically-skilled persons in the global market leading to potential employers of digital and technical skills in the international scene to begin to engage more Nigerians.

Speaking on the theme of the summit, ‘Repositioning Nigerian Economy through Telecommunications: 2023 and Beyond’, NCC boss noted that, in recognition of the rapid pace of technological advancement that is disrupting industries across the globe, Nigeria’s vision is rooted in the belief that embracing this disruption and fostering innovation will propel the nation toward sustainable growth, economic diversification, and enhanced living standards for all Nigerians.

Represented by the Commission’s Director of Research and Development, Ismail Adedigba, the NCC’s chief executive officer said “the vision is, thus, to accelerate the growth of Nigeria as a global technical talent hub and a net exporter of talent; to deepen and accelerate our position in global research in key technology areas and raise the complexity and dynamics of our economy by significantly increasing the level of digital literacy across Nigeria. In this regard, the Honoruable Minister is looking to create a pipeline of three million technical talents.

“This programme, which has commenced already with over 1 million applications by potential trainees, is expected to increase the level of digital and technical skills among Nigerians, especially young and middle-level talents, to 70 per cent by the end of 2027. This will position Nigerians to productively contribute to the economy and place us in the top 25 percentile of research globally in the key areas of Artificial Intelligence (AI), Unmanned Aerial Vehicles (UAVs), IoT, Robotics, Blockchain, and Additive Manufacturing in keeping with the strategic plan unveiled by the Honourable Minister,” he said.

Maida said the policy direction of the Ministry, which is being driven by five pillars, will deliver on the goals of fostering economic growth and development. These pillars which include policy; infrastructure; innovation, entrepreneurship and capital; trade and knowledge, are the bedrock of the Strategic Vision Plan (2023 – 2025) and form the guide to channel our efforts to harness the potential of the telecommunications sector and drive positive change in Nigeria.

He said the Commission remains committed to providing an enabling environment for the building of the critical infrastructure required to power a strong digital economy, guarantee improved access to quality broadband connectivity, and the efficient management of the nation’s spectrum resources.

“As we work with our supervising Ministry – Communications, Innovation and Digital Economy – to take these steps to provide the enabling environment for repositioning the Nigerian Economy through telecommunications in 2023 and beyond, we call on Nigerians—and especially our compatriots in the media—to tap into the aspects of these interventions that are relevant to them. The ambitious plans we have set out may seem lofty and even incredible, but through strategic partnerships and collaborations with all stakeholders, we believe that they are achievable,” the EVC said.

SEC, Capital Market Community Holds Q3 CMC Meeting Nov 16

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The Securities and Exchange Commission (SEC) is set to hold the third quarter Capital Market Committee (CMC) meeting in 2023.

The meeting is scheduled to be held on Thursday, November 16, 2023, at the Federal Palace Hotel in Lagos, while the usual SEC Management interaction with the Press is planned for Friday, November 17, 2023, at the SEC Lagos Zonal Office, located at Number 3 Idejo Street, Victoria Island, Lagos.
Top on the agenda of the 3rd quarter meeting include, deliberations on the trend of de-listing, Identifying key challenges in the current listing processes and collaboratively working to implement procedural changes that enhance efficiency and reduce costs for companies seeking to list, Enhance Capital Market Operators  understanding of the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) regulations and the role they need to play in efforts being made to exit the FATF grey list, and many more burning issues about the capital market.

In addition, there will be updates on major achievements from the various technical Committees such as Commodities Ecosystem Implementation Committee, E-Dividend and DCS, Financial Literacy and Non interest capital Market FLTC 

CMC is an industry-wide committee comprising the SEC, representatives of capital market operators and trade groups, and other stakeholders.  The committee is a forum where stakeholders come together to engage in insightful discussions concerning the critical factors that impact the growth and organised functioning of the capital market, address the foremost concerns influencing the capital market and work together to shape its future.

It was primarily established to serve as a medium for the exchange of ideas among market stakeholders as well as an avenue for providing feedback to the SEC on how to continuously address challenges, improve market operations and enhance the regulatory framework.

According to the SEC, “Attendance to both events is strictly by invitation. Participants are expected to be seated by 9:45 a.m.

Expected participants at the CMC meeting include Chief Executive Officers (CEOs) of all registered capital market firms (i.e. Broker/Dealers, Investment Advisers, Custodians, Fund/Portfolio Managers, Receiving Banks, Issuing Houses, Rating Agencies, Registrars, Reporting Accountants, Trustees, and Capital Market Consultants, etc.); Chief Executive Officers of Nigerian Exchange Group (NGX), National Association of Securities Dealers (NASD); FMDQ Group Plc; Africa Exchange Holdings (AFEX); Nigeria Commodity Exchange (NCX); Central Securities Clearing System (CSCS); as well as representatives of relevant financial sector regulatory agencies, among others.

NCDMB ES Counsels Heritage Energy, Indigenous Firms on Corporate Governance

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L-R: Government Relations Advisor, Heritage Energy Operational Services Limited (HEOSL),  Mr. Babajide Ololajulo; General Manager,  Government, Joint Ventures and External Relations,  Mr. Adesola Adebawo; Chief Executive Officer, HEOS, Mr. Ado Oseragbaje; Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote; Director Monitoring and Evaluation, Mr. Akintunde Adelana; Director Legal Services, Mr. Mohammed Umar and Director Planning, Research and Statistics, Mr. Abdulmalik Halilu after the visit of HEOS to the Board’s liaison office in Abuja.

The management of Heritage Energy Operational Services Limited (HEOSL) and other indigenous oil and gas companies have been advised to adopt strict corporate governance guidelines in their operations if they want their firms to grow sustainably. The companies were equally encouraged to comply with the provisions of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and to consult regularly with the Nigerian Content Development and Monitoring Board (NCDMB).

The Executive Secretary of the NCDMB, Engr. Simbi Kesiye Wabote handed out these pieces of advice on when the Chief Executive Officer of HEOSL, Mr. Ado Oseragbaje, and other key officials of the firm visited him at the Board’s liaison office in Abuja.

He identified the lack of corporate governance as the biggest drawback of most indigenous oil and gas companies and deplored the situation where owners and directors of indigenous operating oil and gas firms serve as contractors to their company, thereby contravening corporate governance procedures and delivering poor services.

The prevalent negative practice, he warned, could negatively affect the divestments of assets by some international oil and gas entities to indigenous firms.

The Executive Secretary commended the management of Heritage Energy Operational Services Limited for turning around the fortunes of their company and advised that they employ competent hands to manage sensitive positions, while also instituting corporate governance guidelines.

Speaking further, Wabote underscored the need for oil companies to always comply with the provisions of the NOGICD Act, including the remittance of one percent of the value of contracts to the Nigerian Content Development Fund (NCDF) as mandated by section 104 of the NOGICD Act.

He reiterated that NCDMB serves as an enabler of business, emphasising that the agency’s regulatory decisions are always taken from a pragmatic point of view. He encouraged oil and gas companies to approach the Board regularly for discussions, even when they have challenges with complying with the NOGICD Act. He assured that “when you hold quarterly meetings with the key teams of the Board, we will support and guide you and there will not be any hitches.”

In his remarks, the CEO of Heritage Energy Operational Services Limited (HEOSL) explained that the visit was initiated so they could brief the Board on the steps the company had taken to address some of the Nigerian Content noncompliance and other regulatory issues that had flouted in the past.

Some of the steps the company has undertaken include executing the Nigerian Content noncompliance remediation programme and the launch of Nigerian Content Research and Development projects at Akwa Ibom State University and Nnamdi Azikiwe University, Awka, Anambra State.

He remarked that HEOSL is the operator of the OML 30 Joint Venture between NNPC Exploration and Production Limited and Shoreline Natural Resources Limited Joint Venture (NEPL/SNRL JV). He announced that the joint venture partners had approved a drilling campaign on the asset, the first time such an activity would be carried out since Shell Petroleum Development Company (SPDC) divested the asset. He said: “We will be drilling four wells and the project could go on for 4 years and would include a lot of projects, such as facility expansion, water treatment, among other activities.”

He also announced that the company was almost paying off its indebtedness to the to NCDF and thanked the Board for being lenient over the firm’s past infractions while supporting it to improve its performance and compliance.

 

NCDMB Chief, Wabote, Seeks Increased Crude Oil, Gas Production to Avert Importation for Refineries

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Executive Secretary presented with an award in appreciation for delivering a goodwill message at the 41st Annual International Conference and Exhibition

The Executive Secretary Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote has warned that Nigeria might resort to importing crude oil for its upcoming and existing refineries if concerted efforts are not made to increase the current low production numbers.

He gave the warning in his goodwill message at the 41st Annual Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos.

The NCDMB ES bemoaned Nigeria’s low production of crude oil and gas despite the abundant reserves and challenged members of the Nigerian Association of Petroleum Explorationists (NAPE) and other industry stakeholders to initiate efforts to reverse the situation.

He emphasised that the nation’s 37 billion barrels of oil reserves needed close attention bearing in mind the various efforts at revamping the refineries and commissioning of greenfield refineries.

According to him, “it will be a sad outcome if we stop the importation of refined petroleum products only to replace it with the importation of crude oil for use in our local refineries.”

He praised the important role of petroleum explorationists in the energy mix, especially in discovering, evaluating, and establishing the reliability and sustainability of the size of oil and gas reserves.

Dwelling on gas, the Executive Secretary hinted that Nigeria has about 208 trillion cubic feet (TCF) of proven gas reserves and about 600TCF unproven reserves. He subsequently charged petroleum explorationists to apply their skills and technology toward confirming the recoverable volumes from these unproven reserves and developing the proven reserves.

He hinted that the focus on gas is important because gas is no longer Nigeria’s transition fuel but the destination fuel.

He assured that NCDMB is committed to providing all the necessary support to realise the gas business agenda of President Bola Tinubu.

Commenting on the conference’s theme which is “Repositioning the oil and gas industry for future energy dynamics,” the NCDMB boss noted that the world stands at a key point where adequate consideration must be made to address the Energy Trilemma, which is, achieving an appropriate balance between energy security, sustainability, and affordability.

He added that the oil and gas industry has been a key pillar of global energy as it has powered and continues to power industrial and economic developments across the world.

He indicated that repositioning the Nigerian oil and gas industry for national development required collaboration and partnerships with key players and agencies across the upstream, midstream and downstream sectors and its entire value chain.

He added that the Nigerian Oil and Gas Content Development Act (2010) provided the compass to enable the development and growth of local capacities and capabilities in the Nigerian oil and gas industry.

Waboted commended the Federal Government’s determination to sustain the gains realized in the oil and gas industry and the eagerness to consolidate them rather than reverse the gains of Nigerian Content.

He conveyed the Board’s readiness to support various oil and gas initiatives that would ensure patronage of local investments, boost investors’ confidence, and create jobs to sustain the relative peace in the oil and gas sector.

 

NNPC Restores Production of 275,000bpd, Settles PENGASSAN-Total Energies Rift

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Following a peace deal brokered by the Nigerian National Petroleum Company Limited (NNPCL) between the Management of Total Energies, operator of the NNPC/Total JV, the Petroleum and Natural Gas Senior Staff Association, (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), the unions have agreed to suspend on-going industrial action leading to immediate restoration of 275, 000 barrels of oil per day production.

In a communique issued at the end of a marathon negotiation session chaired by Mrs. Oritsemeyiwa Eyesan, Executive Vice President, Upstream, NNPCL, all parties committed to resolving all the issues within an agreed framework.

The communique was signed by Total Energies MD/CEO, Mr. Matthieu Bouyer, PENGASSAN President, Comrade Festus Osifo and NUPENG   President, Comrade Williams Akporeha.

It was witnessed by NNPC Limited, EVP Upstream, Mrs. Oritsemeyiwa Eyesan, and Mr. Bala Wunti, Chief Upstream Investment Officer, NNPC Upstream Investment Management Services, (NUIMS).

Also in attendance was Mr. Victor Bandele, Deputy Managing Director, Total Energies.

 

 

 

NLNG Debunks Misleading Claims of Total Shutdown

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Our attention has been drawn to a Thisday newspaper report on 12th November 2023 titled “Gas Supply Constraints May Worsen in Nigeria, Europe as NLNG Embarks on Plant Maintenance by February 2024.”

The report alluded to an alleged total shutdown of Nigeria LNG Limited’s (NLNG’s) six-train plant over a proposed maintenance operation scheduled for February or March 2024.

NLNG categorically states that this report is false. The Company’s commitment to the safe and uninterrupted functioning of its plant underscores the significance of routine turnaround maintenance, referred to technically as a “Shutdown.”

Contrary to the report’s assertions, a routine turnaround maintenance, while temporarily taking a specific train or unit offline for maintenance purposes, does not entail a complete shutdown of the entire plant. The meticulous planning and execution of this essential activity allows for the seamless transfer of production loads to unaffected trains, resulting in minimal impact on overall production. The “shutdown” alluded to in the report is a routine turnaround maintenance and is part of NLNG’s production calendar.

NLNG takes exception to the disconcerting lack of factual accuracy in the report, highlighting the evident absence of discretion. The company emphasises its track record of global achievements during turnaround maintenance, consistently setting high standards in safety and project management to ensure the continued operational efficiency of its assets.

A classic example of NLNG’s achievements is the deployment of the Add-On Gate Valve (AOGV) technology in 2022 which involved the replacement of a critical valve while the plant remained online and active. NLNG plant was the first in Africa to implement this technology and its 36” line was the largest pipe size across the globe that the AOGV has ever been deployed on. It is this kind of engineering excellence and unparalleled maintenance execution discipline that NLNG is known for.

The report was not fact-based and was deprived of any balance, in contradiction to the ethics of responsible journalism, as no spokesperson of the Company was reached for comments.

In light of these discrepancies, NLNG urges for accuracy in conveying the nuanced details of the energy industry.

Heirs General Insurance Offers N100,000 Fuel Vouchers for Motor Insurance Subsidy Promo 

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Heirs General Insurance – the Non-Life arm of the Heirs Insurance Group – the fastest-growing insurance group in Nigeria has announced the biggest Motor Insurance promotion of the year. Tagged “Heirs General Insurance Subsidy Promo” this promo is set out to reward customers who purchase or renew their Comprehensive or Third-Party motor insurance with a chance to win N100,000 fuel voucher as well as other instant prizes such as; airtime and shopping vouchers. The Subsidy Promo will run till Sunday, December 31, 2023.

Speaking on the new promotion, Ifesinachi Okpagu, Chief Marketing Officer, Heirs Insurance Group, shared her excitement saying; “we understand the economic challenges our customers and Nigerians face daily. The “Heirs General Insurance Subsidy Promo” is our way of identifying with our teaming customers by easing the financial burden associated with rising costs of living in Nigeria, especially as it relates to fuel purchase. As a responsible organization, we are excited to reward our loyal customers and welcome new ones with valuable incentives while ensuring their peace of mind on the road.”

She further said: “At Heirs Insurance Group, we are on a mission to make insurance simple, and make insurance a lifestyle for every Nigerian. This promo presents an opportunity to support the Insurance industry Stakeholders in their bid to create awareness, increase insurance inclusivity, deepen insurance penetration, and get larger percentage of Nigerians to take advantage of the numerous opportunities offered by Insurance to individuals and corporate entities.”

With this offer, customers who purchase or renew their Third-party motor insurance plan from Heirs General Insurance will receive N1,000 airtime voucher and automatically qualify for a chance to win one of the twenty-five (25) available N100,000 fuel vouchers available during draws.

Similarly, customers who purchase or renew their comprehensive motor insurance plans from Heirs General Insurance will receive a N3,000 shopping voucher and become eligible to enter the raffle draw for a chance to win one of the twenty-five (25) N100,000 fuel vouchers.

The raffle draws will be conducted on Heirs Insurance Group’s official social media platforms and winners will be announced subsequently.

 

 

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