Stanbic IBTC Bank Completes 1st Inbound Commercial Transaction on PAPSS

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30/03/2023

Stanbic IBTC Bank Plc, a subsidiary of Stanbic IBTC Holdings Plc, has completed the first inbound commercial transaction on the Pan African Payment and Settlement System (PAPSS) in Nigeria, making history.

PAPSS is an initiative of the African Union and the AfCFTA Secretariat, designed to provide a secure and efficient payment platform for African businesses, promoting intra-African trade and economic integration by facilitating payments and settlements for cross-border transactions within Africa in local currencies.

The transaction worth N5 million was carried out on behalf of a key corporate client from Ghana Commercial Bank (GCB) on Friday, 3 March, 2023, marking the first inbound commercial transaction on PAPSS for Stanbic IBTC and Nigeria.

Wole Adeniyi, Chief Executive of Stanbic IBTC Bank, said: “We are delighted to have successfully processed our first inbound commercial transaction on PAPSS. This deal underscores our pledge to provide our clients with efficient and secure payment and settlement solutions that support their growth and expansion across Africa. We look forward to leveraging our expertise and the capabilities of PAPSS to enable more African businesses to tap into the opportunities presented by intra-African trade.”

Jesuseun Fatoyinbo, Head of Transaction Banking at Stanbic IBTC Bank, also expressed confidence in the PAPSS platform, saying, “this is a testament to the effectiveness of PAPSS in facilitating cross-border payments and settlement in a fast, secure, and cost-effective manner. We are proud to be at the forefront of this initiative and commend the efforts of Afreximbank and the African Union in developing the PAPSS platform and promoting intra-African trade.”

Mike Ogbalu III, Chief Executive of PAPSS, said: “We are delighted that Stanbic IBTC has completed its first inbound commercial transaction on PAPSS. This is a significant step towards achieving our goal of promoting intra-African trade and facilitating cross-border payment and settlement of transactions in African currencies. We believe that PAPSS has the potential to revolutionize the way businesses trade and settle transactions in Africa.”

Chapel Hill Denham, the transaction recipient, expressed satisfaction with the seamless and efficient processing of the PAPSS platform, noting that it has the potential to unlock immense opportunities for African businesses.

Stanbic IBTC Bank has reiterated its commitment to supporting the growth of intra-African trade and will continue to leverage its expertise and innovative solutions to provide efficient and secure payment and settlement solutions that enable clients to unlock the full potential of the African market.

Nestlé: ‘Only 50% of our Food, Drinks are Healthy’

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Business Journal

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28/03/2023

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Nestlé, makers of MILO, Maggi, and many other global food brands, has acknowledged that the nutritional value of less than half its portfolio of mainstream food and drinks can be considered “healthy,” based on the HSR health score just released.

The remaining 50% of its products failed to meet the standards of the latest health star rating (HSR) system, which uses a five-star rating to score foods based on their nutritional value

The annual report of the world’s largest food company showed 54% of its food and beverages by revenue — excluding products such as pet food, baby food, vitamins and specialised medical nutrition — was rated lower than 3.5 under the widely used health star rating (HSR) system. This is despite pressure on packaged food makers to make their products more nutritious.

Foods with a lower score are not considered to be “generally healthy”, according to the not-for-profit Access to Nutrition Initiative. HSR takes into account the level of saturated fats, sugar and salt within individual products, as well as “positive nutrients” such as fibre, fruit, and vegetables.

Nestlé products include Smarties chocolates, Nesquik, Maggi, Nido, Golden Morn, Nescafé coffee, and many others. Nestle released the figures following pressure from some shareholders and campaigners for the industry to be more transparent about the nutritional value of its products.

The Switzerland-based group said it was “setting a standard for transparency” and was the first in the sector “to report on the nutritional value of its entire global portfolio”.

Holly Gabriel, a Campaigner at responsible investment charity ShareAction, welcomed the disclosure but said it “worryingly shows the company is still far too reliant on the sale of less healthy food and drink products”.

Nestlé Chief Executive Mark Schneider told analysts last month that the group had made “already a lot of progress” in reducing sodium, sugar and saturated fats.

The food maker said it had recently reduced sodium in products including Mahler Seafood Creamy Soup, introduced more zero-sugar variants of Coffee Mate and launched more plant-based foods, including Garden Gourmet Schnitzel.

But industry executives have argued there are limits to how much they can push healthier products, especially as inflation has squeezed consumer spending and pushed up the industry’s costs.

“It’s clear that while the work goes on, there are limits,” Schneider said. “Enjoyment-related categories [such as confectionery] will not be turned into health-related categories.”

In its annual report, Nestlé broke down its net sales into four categories: 17 percent came from products with an HSR score of less than 1.5, 18 percent from those scoring between 1.5 and 3.5, and 30 percent with a rating of at least 3.5. The remaining 35 percent came from pet care and other products for which HSR is not applicable.

The data was compiled by the company and audited by the third-party Bureau Veritas. Nestlé disclosed the figures for the first time on Tuesday, although the Financial Times reported about two years ago on an internal company presentation that also showed a high proportion of its portfolio scored lower than 3.5 on the scale.

Mark Wijne, Research Director at the Access to Nutrition Initiative, also said the disclosure was “very welcome” but showed companies such as Nestlé could and should do more to innovate and promote healthier alternatives.

Nestlé added that it had “come a long way and now wants to go further. We have committed to setting a global target for the healthier part of our portfolio later this year.”

Packaged food groups are under scrutiny over the extent to which they are responsible for a global obesity problem. In an attempt to improve diets, some governments have introduced taxes on high-sugar products and implemented restrictions on advertising and sales promotions.

Courtesy: PRnomics

The Role of Media Monitoring Services in Governance and its Application

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Business Journal

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28/03/2023

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By Philip Odiakose

The role of media monitoring services in governance has become increasingly important in today’s rapidly changing media landscape.

With the proliferation of social media and other online channels, decision-makers need to stay up-to-date with public opinion, emerging trends, and media coverage on specific topics or issues.

In this article, we will explore the role of media monitoring services in governance, its applications, and how it contributes to effective decision-making.

Media Monitoring Services and Its Importance

Media monitoring services are tools that track media coverage of specific topics or issues across a range of media sources, including news outlets, social media, and blogs. These services use algorithms and other technologies supported by humans to scan and analyze media content, providing insights into how issues are being discussed and perceived in the media landscape.

The importance of media monitoring services in governance cannot be overstated. Decision-makers need access to timely and accurate information about public sentiment, emerging trends, and media coverage to make informed decisions. Media monitoring services provide a wealth of data that can be analyzed and used to guide decision-making processes.

Applications of Media Monitoring Services in Governance

Media monitoring services have numerous applications in governance, including:

Tracking Public Sentiment

One of the primary functions of media monitoring services is to track public sentiment on specific topics or issues. This information is critical for government agencies, political parties, and other organizations that need to understand public opinion and how it may be shifting over time.

For example, P+ Measurement Services was engaged during the 2019 Lagos state election to provide media monitoring services for various political parties to enable them to understand how their messaging is resonating with the public and adjust their strategies accordingly. Similarly, government agencies can use media monitoring services to track public opinion on specific policy issues and adjust their messaging and strategies based on the feedback they receive.

Crisis Management

Media monitoring services are also valuable tools for crisis management. During a crisis or emergency, decision-makers need to stay up-to-date with media coverage, identify potential risks and threats, and respond quickly to changing situations.

Media monitoring services can help officials stay informed about the evolving media landscape during a crisis, allowing them to make data-driven decisions and respond quickly to emerging issues. For example, during the COVID-19 pandemic, organizations engaged P+ Measurement Services to provide timely and tailored media coverage of the virus and its impact on different states in Nigeria, providing valuable insights that informed government responses.

Policy Development

Media monitoring services can also provide decision-makers with valuable insights into public debates, stakeholder opinions, and emerging issues, which can inform policy development and decision-making.

For example, media monitoring services can help government agencies track media coverage of specific policy issues and identify key stakeholders and influencers in the public debate. This information can then be used to engage with stakeholders and influencers and shape policy development based on their feedback.

Public Relations

Media monitoring services can also be used to manage the public image of government agencies, political parties, and other organisations. By tracking media coverage and identifying opportunities for positive coverage or potential reputational risks, decision-makers can adjust their messaging and strategies to maintain a positive public image.

For example, media monitoring services can be used to track media coverage of a government agency’s activities and identify opportunities for positive coverage or potential reputational risks. This information can then be used to adjust messaging and strategies to maintain a positive public image.

Media Monitoring Services and Effective Decision-Making

Media monitoring services play a critical role in effective decision-making in governance. By providing decision-makers with timely and accurate information about public sentiment, emerging trends, and media coverage, these services enable data-driven decision-making processes.

Decision-makers can use media monitoring services to identify emerging issues, track public sentiment, and stay up-to-date with media coverage, allowing them to make informed decisions.

By incorporating media monitoring services into their decision-making processes, decision-makers can respond more quickly to emerging issues, shape public opinion, and maintain a positive public image.

Philip Odiakose is the Chief Insights Consultant at P+ Measurement Services, a Media Intelligence Consultancy in Lagos state, Nigeria.

Stanbic IBTC Lauded for Continued Support for Agribusinesses

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Business Journal

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28/03/2023

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Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has been recognised for its continued financial support to players in the agricultural sector in Nigeria.

Sayed Farms Limited, producer and distributor of Day-old-Chicks and frozen poultry products across the country has praised Stanbic IBTC Bank for supporting agribusinesses with tailor-made and innovative financing solutions that spur them towards achieving their business objectives.

The Stanbic IBTC Agribusiness financing solutions are structured to support production, processing, and logistics requirements across agricultural value chains.

Babatunde Akindele, Head of Commercial Clients Coverage Stanbic IBTC Bank reiterated the determination of the Bank to continue to support the growth and development of the Nigerian agricultural sector.

Babatunde said: “Agriculture is pivotal to national growth, and its value chain house the goldmine for consumption and exportation. We will continue to ensure expansion in the sector through valuable partnerships such as we currently have with Sayed Farms.”

Haissam Nawan, Director, Sayed Farms Limited, testified to how Stanbic IBTC Bank has aided the achievement of his business vision, which is to be one of the biggest poultry producers in the country and engage in beneficial partnerships with small and medium farmers in Nigeria.

Haissam said: “We have witnessed massive expansions, starting from dealing with broiler production only to diving into other aspects of poultry production, including the sale of frozen meat. Stanbic IBTC played a pivotal role in this growth.

“What sets Stanbic IBTC Bank apart is how they handhold you through the growth process with proper guidance and financial structure. Indeed, they are your trusted strategic partner for growth,” Haissam said.

Stanbic IBTC Bank offers credit facilities for agribusinesses that minimize risks, are versatile, and can be used for finance raw materials, vehicles and other logistic needs, and all forms of equipment.

Wole Oshin, Head, of Agribusiness Stanbic IBTC Bank, said agribusinesses are critical for sustainable development and job creation in the country. Accelerating an inclusive agricultural sector will enhance a vibrant economy with extensive enterprise development.

“We are passionate about providing short-medium term financing solutions to solve the needs of crop and livestock producers, processors, their distribution chain, and other value chain players,” Wole said.

Wole concluded that Stanbic IBTC recognises the importance of agriculture to the Nigerian economy, and the organisation is intentionally developing initiatives and fostering partnerships that support players in the sector.

NCC Renews Commitment to Industry Collaboration, Inclusiveness

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Business Journal

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28/03/2023

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L-R: Nnena Ukoha, Head, Corporate Communications, Nigerian Communications Commission (NCC); Reuben Muoka, Director, Public Affairs, NCC; Dr. Funmi Akinyele, Executive Director/Chief Executive Officer, Food Basket Foundation International (FBFT) and Chairperson, Safeguarding Online Civic Space Group; Chidinma Okpara, Project Officer, FBFT and Nafisa Rugga, Head, Digital Media, NCC, during a courtesy visit by FBFT to the Commission in Abuja recently.

The Nigerian Communications Commission (NCC) has said it would continue to consult stakeholders on issues affecting telecommunication services deployments and developments in line with its culture of inclusiveness, collaboration and partnership as predicated in its strategic focus.

The Executive Vice Chairman of the Commission (EVC), Professor Garba Danbatta, represented by Reuben Muoka, the Commission’s Director of Public Affairs, gave the assurance while receiving a delegation of Food Basket Foundation International (FBFI), led by its Chief Executive Officer, Funmi Akinyele, during a courtesy visit to NCC Headquarters in Abuja, affirming that the Commission is committed to strengthening its regulation of the telecommunication sector, particularly providing the solid infrastructure and general industry regulations.

While commending the Commission’s regulatory excellence, highlighting its effort in ensuring there are regulations, frameworks and guidelines to guard the telecoms sector and online civic space, Akinyele expressed concerns about the state of the social media with uncontrolled content. She said the visit to the regulator was to explore areas of collaboration in its programme to protect the digital civic space by combating misinformation and disinformation while mitigating risks to the digital civic space to ensure electoral integrity before, during and after the 2023 General Elections.

This initiative, she explained, comes under one of FBFI’s projects, dubbed, Safeguarding Digital Civic Space for Electoral Integrity (SDSEI).

Speaking further, Muoka informed the team that the Commission is not responsible for the content of the social media as there are other government agencies that are responsible for that.

However, the Commission has engaged in several aspects of protection of the users of the Internet, such as initiatives towards Child Online Protection, COP, deployment of the Computer Security Incident Response Team, NCC-CSIRT, set up to monitor cyber-attacks in the Nigerian cyberspace, in addition to the activities of the Commission’s department of New Media and Information Security set up to address issued of cybersecurity.

“We have tried not to be a closed organization. We give lots of premiums to consultations and collaborations, especially in the areas that will ensure that the consumers and stakeholders understand what is going on and to make input that enriches the quality of regulations, as well as being able to access information they may require to safeguard themselves and the society,” he noted.

Muoka also invited the group to join the NCC in carrying out enlightenment campaigns to educate telecom consumers on their roles and responsibilities in order to use the Internet and telecommunication platform safely to counter misuse and abuse.

Linkage Assurance Staff, Coker Aderonke-Faidat is CIIN’s Ambassador 2023/24

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Business Journal

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28/03/2023

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L-R: Mr. Edwin Igbiti, President, Chartered Insurance Institute of Nigeria (CIIN) decorating Ambassador Coker Aderonke Faidat, staff of Linkage Assurance Plc and Winner of the Nite of Talents and CIIN Ambassador 2023/2024 and Mrs. Yetunde Ilori at CIIN Nite of Talents ceremony held in Lagos.

Wema Bank Organises Financial Literacy Programme for Students to Mark 2023 Global Financial Literacy Day

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Business Journal

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27/03/2023

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Pix: Students at a Financial Literacy Programme organised by Wema Bank Plc to mark the 2023 Global Financial Literacy Day

Wema Bank Plc is championing financial literacy for the next generation by participating in the Global Money Week to commemorate the Financial Literacy Day on March 23, 2023.

In alignment with the theme “Plan your Money, plant your Future”, Wema Bank organised financial literacy sessions for secondary school students across all states where the Bank is represented. This is to instill an early understanding of the significance of building a solid financial foundation and achieving financial stability and success from a young age.

The Deputy Managing Director of Wema Bank, Mr. Wole Akinleye, led the Financial Literacy Session at Yola Model School, Adamawa State. The students were trained on personal finance topics such as budgeting, emergency funds, saving for goal actualisation, investment, donating for positive societal impact amongst others. He further encouraged the students on the importance of developing financial literacy as a life skill.

Speaking on the significance of Financial Literacy Week, Mr. Akinleye emphasised Wema Bank’s commitment to empowering young minds with the skills and knowledge necessary to make informed financial decisions.

In his words: “Our hope is that through these initiatives, we can empower more individuals to take control of their finances and achieve financial stability.”

Financial literacy is vital for the achievement of financial stability, and it is essential to ensure that everyone has the necessary tools to manage their finances effectively and achieve their financial goals. Wema Bank Plc is committed to providing educational resources and opportunities for children through the Royal Kiddies Account and a range of other savings products, supporting financial empowerment for the next generation.

Verve Partners Alcineo, Unveils SoftPOS to Boost Contactless, Digital Payment

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Business Journal

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27/03/2023

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Vincent Ogbunude

Managing Director

Verve International

Africa’s leading payment cards and digital token brand, Verve, has partnered with Alcineo, a leading provider of payment software and services, to deploy a software point-of-sale (SoftPOS) SDK solution.

This cost-effective solution will enable merchants to use mobile phones or mobile devices to accept contactless payments from customers, without the need for additional hardware, thereby giving predominance to mobile channels.

The SoftPOS solution will leverage Verve’s secure payments platform and Alcineo’s expertise in payment software development to provide a seamless and secure payment experience for both merchants and customers. The solution is expected to be particularly beneficial to small and medium-sized enterprises (SMEs) often faced with the challenges of accessing traditional point-of-sale systems.

The SoftPOS deployment in Nigeria is expected to further strengthen and contribute to the growth of digital payments in the country, across Africa and other regions where the Verve card is accepted.

The partnership also aligns with Nigeria’s efforts to promote financial inclusion and increase the adoption of digital payments. According to the Central Bank of Nigeria, only 36.8% of Nigerian adults have access to formal financial services. SoftPOS solutions like the one being deployed by Verve and Alcineo have the potential to increase access to payments infrastructure and support the growth of digital economy.

Speaking on the partnership, Vincent Ogbunude, Managing Director of Verve International, noted that as the foremost indigenous payment card brand out of Africa, Verve continues to find innovative ways to ensure that Nigerians get access to easy and convenient payment options. He added that the partnership will significantly impact the growth of Nigeria’s digital payment ecosystem.

Vincent Ogbunude remarked, “We are excited to partner with Alcineo to deploy this innovative SoftPOS solution in Nigeria. Alcineo’s expertise in payment software development will be instrumental in ensuring that the solution is secure, reliable, and easy to use for both merchants and customers.

The SoftPOS SDK solution being deployed by Verve and Alcineo has the potential to increase access to payment infrastructure and support the growth of the digital financial system.

This partnership represents an important development in the African payments landscape and a positive step towards increasing the accessibility and security of digital payments in Nigeria.

Ecobank takes ‘Financial Planning Education’ to Schools

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Business Journal

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27/03/2023

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A cross section of students and officials of Ecobank Nigeria and Junior Achievement Nigeria (JAN) during the financial literacy training session at the Comprehensive School Management and Technology, New Layout, Abakaliki, Ebonyi State last week.

Ecobank Nigeria last week embarked on financial education for Secondary School students across the country on personal financial management including savings, budgeting, and investment being part of activities to commemorate the Global Money Week (GMW).

Tutoring the students of Comprehensive School Management and Technology, New Layout, Abakaliki, Ebonyi state, Managing Director, Ecobank Nigeria, Bolaji Lawal reiterated that “saving is the act of putting money aside for future use. There are different ways to save, like putting your money in a savings box, through savings groups, but the recommended way is in a bank account. You can save for short-term goals such as buying clothes, buying books or long-term goals such as going to university, buying a car, etc”, he stated

Lawal further advised the students on the investment avenues such as stocks, bonds, and real estate, stating that choice of investment should align with their financial plan. The interactive session saw the students asking questions which were promptly responded to.

The Ecobank Nigeria Managing Director, who was represented by the Branch Manager, Abakaliki, Mr. Chris Igili explained to the students and staff of the school how to earn and make money, the various investment channels and the need to donate for positive social impact amongst others. He emphasised that sound financial planning guarantees a fulfilling future.

The 11th edition of GMW with the theme, “Plan your Money, plant your Future,” which took place between 20-26 March, saw other Senior Management staff of Ecobank Nigeria tutoring and mentoring students across several schools in major cities across the country, including Lagos, Ibadan, Abuja and Yenagoa.

Global Money Week is an annual global celebration initiated by Child & Youth Finance International (CYFI), with local and regional events and activities aimed at inspiring children and youths to learn about money, saving, creating livelihoods, gaining employment and becoming entrepreneurs.

It is also aimed at empowering the next generation to be confident, responsible and skilled economic citizens.

NCC-CSIRT Warns of Pirated YouTube Software-related Malware

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Business Journal

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26/03/2023

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The Nigerian Communications Commission’s Computer Security Incident Response Team (NCC-CSIRT) has warned those looking to acquire pirated software and resources that they risk becoming victims of cybercriminal gangs that are using AI-generated YouTube videos to distribute malware.

NCC-CSIRT further warned in its advisory that the consequences of falling victim can be significant for individuals and organisations, resulting in critical damage like data theft, financial loss, identity theft, system damage, and reputation damage.

It said unsuspecting victims who watch these AI-generated tutorial videos will be duped into clicking on one of the links in the video description, which usually results in the download of data-stealing malware. The number of YouTube videos containing such links has increased by 200-300% months on month since November 2022.

According to the advisory, “to stimulate the interest of potential victims, video tutorials on how to pirate sought-after software such as AutoCAD, Adobe Photoshop, Adobe Premiere Pro, and other similar paid-for software are created. These videos are created with AI and feature humans with facial features that research has shown other humans find trustworthy. The tutorials in these videos are frequently bogus and steer viewers to links in the description that led to information-stealing malware like Raccoon, Vidar, and RedLine,” the advisory revealed.

Malicious actors can create AI-generated videos that include hidden or disguised malware. These videos may appear to be harmless or even entertaining, but they can contain malicious code that can infect a viewer’s device when the video is downloaded or played.

Cybercriminal actors can also use AI-generated videos to trick viewers into downloading malware. For example, they can create a video that appears to be a legitimate software update or security patch, but it contains malware that infects the viewer’s device.

They equally use AI-generated videos to distribute phishing scams. They can create a video that appears to be from a legitimate company or organisation and prompts viewers to click on a link to enter their login credentials or personal information. Once the viewer clicks on the link, they are directed to a fake website that steals their information.

Additionally, malicious actors can use AI-generated videos to distribute ransomware. They can create a video that appears to be harmless, but when the viewer clicks on a link or downloads a file associated with the video, their device becomes infected with ransomware that locks them out of their files and demands payment to regain access.

NCC-CSIRT said that to avoid becoming a victim, telecom consumers should avoid downloading pirated software because they are generally harmful and illegal.

Furthermore, the advisory recommends installation of antivirus software with internet security and keeping it up to date, installing an Endpoint Detection and Response (EDR) solution that is comprehensive and thinking before clicking any link.

Unity Bank Holds Financial Literacy Training for Students to Mark Global Money Week

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Business Journal

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26/03/2023

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Unity Bank team in a group photo with the students of Kabayi Secondary School, Mararaba, Nasarawa after the financial literacy training session on Thursday, March 23, 2023.

Unity Bank Plc has facilitated financial literacy training in thirty-one schools across Nigeria as part of the lender’s activities marking Global Money Week, 2023.

The Managing Director/Chief Executive Officer of Unity Bank Plc, Mrs. Tomi Somefun took part in the programme by facilitating training on financial literacy at Kabayi Secondary School, Mararaba, Nasarawa State on Thursday, March 23.

Represented by the Group Head, Customer Engagement, Unity Bank Plc, Mrs. Titilayo Abraham, the participants gained useful insights on wealth creation which have money, saving, investing, and entrepreneurship remain the common denominator

Stressing the need to enhance financial education and financial inclusion, Mrs. Somefun’s interaction with the students was aimed at inculcating basic principles for financial management. Students who stood out in the course of the Training were rewarded.

Global Money Week is a Child and Youth Financial International initiative observed annually in over 178 countries between March 22 and 28 by corporate organisations globally.

Financial institutions leverage Global Money Week with several events and activities to inspire children and youth to learn about money, saving, creating livelihoods, gaining employment, and becoming an entrepreneur.

In Nigeria, the Central Bank of Nigeria, CBN, Banker’s Committee in collaboration with Junior Achievement Nigeria, coordinates the activities for Global Money Week, which sees the participation of financial institutions with nationwide coverage.

Insurance Sector: N2.3tr Total Assets, N726bn Premium, N318bn Claims in Q4 2022

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Business Journal

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26/03/2023

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The insurance market data released by the National Insurance Commission (NAICOM) indicates that the total assets of the sector as at fourth quarter of 2022 stood at N2.3 trillion while the gross premium income was N726. 2 billion. The total claims in the period under review stood at N318.2 billion.

According to the report, the total assets figure sustains a positive growth that signifies expansion at the rate of 2.4 percent (QoQ) and 4.4 percent (YoY).

“However, the outlook of the market growth in terms of assets remains positive with the increasing measures of market deepening and development, recapitalization drive still ongoing, regulatory insurance laws and provisions enshrined in the insurance bill being reviewed and digitization of the supervisory wide processes would lead to the realization of the vast potential of the insurance industry.”

The report also states that the gross premium income generated represents a growth proportion of about 36.3 percent (QoQ) and 17.8 percent (YoY).

Reviewing the market performance, NAICOM stated:

“Statistics of the insurance market performance for the fourth quarter 2022 revealed consistent growth in terms of premium generation, quality improvements in essential indicators, including claims settlements and profitability. It is obvious that the market could be ruled as sound and stable whilst the stance of the market deepening remains optimistic inspite of operational and macro-economic challenges.”

SEPLAT Energy Files N5bn Lawsuit Against Ex Chair, Orjiako for Breach of Contract

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Business Journal

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23/03/2023

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Seplat Energy has dragged its former chairman, ABC Orjiako before a Federal High Court sitting in Abuja, praying the court to declare the use of its official letterhead by Orjiako and his company, Amaze Limited, to make an offer in the sum of $300 million to President of the Federal Republic of Nigeria and Minister of State for Petroleum Resources, without recourse to the Board, was in clear breach of the terms of their subsisting consulting agreement.

It is also claiming N5 billion as demages from Orjiako and his company, Amaze Limited for deceit and false representation against the plaintiff.

Seplat Energy in the suit by its counsel, Matthew Burkaa, SAN, in contending that on September 26, 2022, it entered into a consultancy agreement with the defendants with commencement date of July 1, 2022, for the purpose of acquiring the entire share capital of Mobil Producing Nigeria Limited.

According to the oil firm, the defendants were by the consultancy agreement, to assist the company on the transaction in negotiations and discussion, among others with ‘Exxon Mobil Corporation.’

Seplat Energy is further asking the court to declare that the unilateral action of Orjiako via a letter dated December 22, 2022, to the President of the Federal Republic of Nigeria and Minister of State for Petroleum Resources representing same as being from the plaintiff without the consent of the plaintiff and/or its Board of Directors constitutes a grave act of deceit and false representation, especially as it is intended to bind the plaintiff in a transaction worth over $300 million, only which act is unlawful as it negates the provisions of Section 90 (1) of the Companies and Allied Matters Act, CAMA, 2020, and the Articles and Regulations of the plaintiff.

*A declaration that Orjiako’s action of issuing the unauthorised letter dated December 22, 2022, and making far-reaching commitment therein is a usurpation of the powers of the Board of Directors of the plaintiff and therefore, offends the provision of Section 87 (1) of the CAMA 2020 and the Articles and Regulations of the Plaintiff.

It is alsopraying the court to restrain Amaze Limited from carrying out in the name of the plaintiff, any action and/or making any representation or committing the plaintiff without the express approval of the Board of Directors of the plaintiff first formally sought and obtained.

*A perpetual injunction restraining Orjiako from using the letter head of the plaintiff in making any representation on behalf of the plaintiff or committing the plaintiff to any transaction or deal without the express and formal approval of the Plaintiff via its Board of Directors.

The company is further demanding damages in the sum of N5billion against Orjiako and Amaze Limited, jointly and severally for deceit and false representation against the plaintiff.

Meanwhile, Seplat internal sources are also accusing Mr. Orjiako for being behind the travails of Seplat CEO, Mr Brown, who appears to have been muscled out of the country for his role in checkmating the unwholesome meddling of the former Chairman.

Shareholders Lament Foreign Acquisition of Local Insurance Firms

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Business Journal

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23/03/2023

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L-R: Welfare Officer, Independent Shareholders Association of Nigeria (ISAN), Williams Grace; Publisher, Business Journal, Prince Cookey; Treasurer, ISAN, Vitalis Anyiam; General Secretary, Eke Chibuzo; Publisher, SuperNews, Ngozi Onyeakusi; National Coordinator, Moses Igbrude; Publisher Inspenonline, Chuks Udo Okonta; Publisher, Bislad News, Bisi Bamishe; Assistant Financial Secretary, Wahab Ajani and Insurance & Pension Editor, Nation Newspaper, Omobola Tolu-Kusimo when the EXCO of Insurance & Pension Editors of Nigeria (IPEN) paid a courtesy visit to ISAN yesterday in Lagos.

The Independent Shareholders Association of Nigeria (ISAN) has described as pathetic the acquisition of local insurance firms by foreign conglomerates under the aegis of Foreign Direct Investment (FDI), saying it portends bad omen for sustainable growth of the Nigerian insurance industry as well as the investment interest of shareholders.

Mr. Moses Igbrude, the National Coordinator of the Independent Shareholders Association of Nigeria (ISAN) made the call when the EXCO of the Insurance & Pension Editors of Nigeria (IPEN) paid a courtesy visit to ISAN in Lagos yesterday.

Moses, who expressed worry over the development, lamented that the foreign investors are taking advantage of the nation’s bad economy, undervalued insurance stocks and poor exchange rate.

The ISAN Boss said: “Our economy is so bad that most of our insurance stocks are undervalued, our exchange rate is so poor, such that, only a million dollars will translate to N700 million, and if you have N700 million, you can buy and have a major stake in insurance companies.”

Stating that not all Direct Foreign Investment (DFI) was good for the Nigerian economy, he noted that some of the portfolio investors come to take advantage of our weak laws and economy.

“What they do is to buy into insurance firms and delist them from the Stock Exchange, hence becoming a private business and then hide them from the eyes of the government and the next thing, you wouldn’t hear about the companies again,” he said.

Acknowledging the fact that there are still good investors, he appealed to the insurance industry regulatory body, the National Insurance Commission (NAICOM) to allow only genuine investors into the industry, even as he urged the Commission to put in place processes to checkmate activities of the fake foreign investors to protect the local insurance sector.

Earlier in his presentation, the President of IPEN, Mr. Chuks Udo Okonta said the purpose of IPEN’s courtesy visit to ISAN was to seek a cordial media relationship with the Association as well as give the shareholders the opportunity to assess the performance of their investment in the insurance industry.

Okonta promised that IPEN as a body of insurance and pension editors is ready to reshape the two sectors through developmental journalism.

CBN Promises More Old Naira Notes in Days to Ease Cash Crunch

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Business Journal

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23/03/2023

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Reliable sources at the Central Bank of Nigeria (CBN) says the apex bank will flood the banking system with more old Naira notes within the week to ease the ongoing cash crunch in the country.

The sources re-emphasised that banks have been instructed by the CBN to collect the old Naira notes till December 31, 2023 in accordance with the existing judgment of the Supreme Court of Nigeria.

The CBN therefore enjoined Nigerians not to panic as more Naira notes would be available in banks in a matter of days.

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