Afreximbank, UTM Offshore Partner on 1.2m Metric Tons Floating LNG Project in Nigeria

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29/06/2023

The African Export-Import Bank (Afreximbank) and UTM Offshore Limited have signed a Project Preparation Facility Agreement to develop, design, and construct Nigeria’s first indigenously-owned Floating LNG facility with a nameplate production capacity of 1.2 million metric tons per annum in Akwa Ibom State, Nigeria.

The agreement was signed on the sidelines of the 30^th Afreximbank Annual Meetings (AAM2023) by Mr. Denys Denya – Executive Vice President, Finance, Administration & Banking Services and Mr. Julius Rone – Chief Executive Officer of UTM Offshore Limited and witnessed by Professor Benedict Oramah – President & Chairman of the Board of Directors of Afreximbank.

Under the agreement, Afreximbank is to part-finance project preparatory activities that will de-risk the project and advance it to bankability in a timely manner.

The Bank is leveraging its diverse product suite to provide end-to-end solutions to the project. In this regard, besides availing the project preparatory facility, Afreximbank as Lead Financier has been appointed as the Financial Advisor and is to be appointed Mandated Lead Arranger once the project attains bankability.

Through its Financial Advisory Mandate, Afreximbank has been playing an instrumental role in structuring the transaction to ensure optimal returns and debt sizing, as well as identifying equity investors to invest in the project on favorable terms.

Moreover, this project has economically transformative potential – establishing trade-enabling infrastructure which will allow Nigeria to pivot from a crude oil export-based economy to a gas-based processing industrial economy in turn unlocking significant development impacts.

The project will also contribute to the reduction of flaring of natural gas.

Post No Debit: “Dead” Customer Recants, Thanks Polaris Bank for Protecting His Funds

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29/06/2023

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A Polaris Bank customer Mr. Anthony Olasele on Thursday, June 23, writing on his Twitter handle has, applauded the Bank for protecting his account.

Mr. Olasele, with Twitter handle @avogroovy, had on his last thread on May 16 alleged that Polaris Bank was “trying to steal millions from my account,” while calling out the Bank to provide a copy of the court order from Abuja saying “I am dead and a hold (PND) should be placed on my account so I can go to the same court and show proof of life or lift the inactive status on my account.”

The tweet caused an uproar on social media, leading many commentators on his thread to question the integrity of the Bank.

However, our social media tracker shows that the matter has now been resolved, with Anthony writing on Twitter to thank Polaris Bank, saying, “I am delighted to announce that the PND placed on @PolarisBankLtd account has been lifted and issues resolved amicably and I have access to my funds.”

“Kudos to the @PolarisBankLtd team that worked assiduously on resolving this matter especially the Customer Care & Legal team that handled communication professionally and with urgency – you guys are champs and a shining light within your organisation.”

He stated that the matter has since been handed over to the police with a proper investigation underway, saying, “The matter is now in the hands of @PoliceNG and a suspect has been arrested last time I checked.”

Meanwhile, Polaris Bank has responded to Anthony’s tweet via her official Twitter handle @PolarisBankLtd “Thank you, @avogroovy, for your generous words. We sincerely value your feedback. As a responsible financial institution, we remain committed to safeguarding our customers’ rights at all times. Our actions were solely aimed at ensuring the security of your funds, as this is the utmost priority for any reputable financial institution.

Even at the expense of uninformed media attacks, we consistently go above and beyond to shield our customers from any potential fraudulent activities. Thank you.”

This latest incident has been one of the many instances of people taking to social media to lodge service failure complaints quickly to resolve complaints within the service industry. Commercial Banks in Nigeria operate round-the–clock-all-week call centres where unhappy customers can voice and have their complaints amicably resolved.

While the popularity of using social media to lodge complaints may provide immediate relief for customers, it is essential to exercise caution and avoid hasty expressions of rage.

Unsubstantiated allegations can damage the reputation of brands and inadvertently harm the complaining customer’s personal brand.

Why Insurance Firms Need Branding Strategy to Scale Market Challenges

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29/06/2023

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Mr. O.S. Thomas

Commissioner for Insurance/CEO

National Insurance Commission (NAICOM)

Federal Republic of Nigeria

Prince Cookey

Operators in the insurance sector in Africa are grappling with myriad market challenges ranging from low public awareness, religious beliefs, doubts about claims payment by insurance firms and low disposable income amongst citizens arising from economic condition in many African nations.

Will branding and reputation management help? Many experts say that is exactly what the industry and operators need at this time to scale most of the market challenges making it difficult for the industry to achieve its full potential.

For instance, in the first quarter of 2023, a media intelligence consultancy firm in Nigeria, P + Measurement Services Limited, analysed the perception of publishers, editors, journalists and opinion leaders on the day-to-day performance and public perception of the insurance industry and insurers in Nigeria.

The survey result gave the highest positive ranking to Leadway Assurance Company Limited and the most negative ranking to AXA Mansard Insurance Plc.

A statement by P + Measurement on the modalities that drove the survey stated in part:

“Nigeria’s insurance sector has maintained excellent media interactions, marketing and awareness since the start of 2023 despite the earlier scarcity of the Naira and its effect on business.

These were further enhanced by the remarkable data it gave the media in the first quarter of the year.

The media analysis monitored more than 1.3 million online publications from blogs, news sites, broadcasts, forums, and digital media in the local and global media space, as well as about 5,115 print publications (including daily, weekly, and monthly publications), from which different metadata were extracted, including the sentiments of reporters, editors, publishers, and opinion writers from various online and print publications, spokesperson analysis, CEOs performances, and other topics.”

The Branding Advantage

Mr. Ashley Lightfoot, writing in Latana, gave a three-part strategic roadmap for insurance firms in the area of branding:

Why Insurance Brands Must Build Trust

It should go without saying that insurance is an industry that is built firmly on trust. While most will take out insurance policies hoping they never need to make a claim, for those consumers beset by misfortune, that policy could be the difference between two very different outcomes — one that allows them to overcome a life-changing event and one that leaves them devastated.

Despite playing such a crucial role, a survey in 2019 found that less than 30 percent of consumers from across the globe had a positive opinion of the insurance industry.

53 percent reported having had “a negative experience with their cover – most blaming claims settlement and product complexity for the hassle.”

Research shows that there are three key pillars to building trust — competency, benevolence, and honesty.

In the insurance sector, these three core values should run through every part of your brand identity and be considered in everything your business does.

Why Insurance Brands Need to Make an Emotional Connection

Insurance is an extremely valuable and important industry, offering consumers a lifeline during times of need. But it’s not a topic that people get excited to talk about.

While it might be an essential consideration, consumers don’t think about insurance the way they do about sectors that are simply more inherently exciting — like technology, travel, entertainment, or even essentials like clothing and transportation.

Because of this, insurance brands can’t expect consumers to be automatically excited about their branding campaigns.

Why Heavy Competition Means Your Brand Must Work Harder

One key challenge for any insurance brand looking to grow its profile is just how competitive the industry is.

This, combined with consumers’ general low interest in the industry, means that your brand has precious little time to connect with audiences and convert them.

Furthermore, whenever a consumer is on the market for insurance, you must overcome the pitches and campaigns of countless other brands looking to convert them.

The Emirates Example

A report in PRnomics details how Emirates, one of the world’s fastest-growing airlines made a profit of over $3 billion through deployment of five strong and innovative branding and public relations strategies:

Iconic Sponsorships and Partnerships

Emirates Airlines has established an impressive portfolio of high-profile sponsorships and partnerships that have significantly contributed to its brand visibility.

It is the official sponsor of prestigious football clubs like Arsenal FC and Real Madrid CF, allowing the brand to reach millions of fans worldwide.

Strong Visual Identity

Emirates has a distinctive and instantly recognisable brand identity, reinforced by consistent branding across all touchpoints.

Media Relations & Social Media Power

The airline commands the highest share of industry voice as a result of its captivating social media presence and consistent media relations programs.

Strategic Digital Marketing

Recognising the power of digital platforms, it has embraced various digital marketing initiatives to connect with its target audience effectively.

Its strong online presence allows Emirates to showcase its brand story, highlight its latest offerings, and engage with travellers in real time, further reinforcing brand loyalty.

Cool Advertising Slogans

The airline has consistently produced captivating advertising campaigns that resonate with viewers around the world. Its commercials often feature captivating storylines and emotionally engaging narratives.

Its current slogan, “Fly Better” builds on the appeal of the previous tagline, “Hello Tomorrow.”

Looking Ahead

The African insurance sector has huge business potential given the combined population of the continent, especially the youth segment.

Its glorious future is however hampered by traditional and self-inflicted challenges.

To scale those barriers and reap the fruits of the market, the players must embrace the tenets of branding and reputation management, especially media engagement.

NB: First published in Africa Ahead!

AFC: ‘Local Impact Champion’ at Africa CEO Forum 2023

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27/06/2023

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Africa Finance Corporation (AFC), the leading infrastructure solutions provider in Africa, was named ‘Local Impact Champion’ at the recent 2023 Africa CEO Forum Awards in Abidjan, Côte d’Ivoire.

The accolade recognises AFC’s commitment to create sustainable impact as a critical part of developing Africa’s economy and making a positive difference to local communities. AFC is focused on enhancing local industries by putting processing at the centre of sustainable circular economies, with projects that target value capture, beneficiation and job creation to catalyse growth. One key effect of this strategy is to eliminate emission-spewing shipments of Africa’s raw materials to other continents for processing, as set out in AFC’s 2022 white paper, A Pragmatic Path to Net Zero. Read here: https://s3.eu-central-1.amazon…

Receiving the award, AFC President & CEO Samaila Zubairu told the Forum:

“This is really exciting because we want to make our continent’s economy more sustainable, and we feel the way to do this is to move away from exporting raw materials toward value capture and retention through the production of intermediate and finished goods. With regards to climate change, we see that increasing production on the continent will reduce the volume of shipping, which is one of the big emitters of carbon dioxide. As we add more value on the continent, we subsequently reduce the emissions from shipping, and we can all achieve net zero faster.”

In the past year, AFC has advanced sustainable economic development of the continent through becoming, with its partners, the biggest investor in renewable energy in Africa; launching a US$2 billion facility to support recovery and resilience in Africa; and investing in the 60MW Red Sea Power wind power project in Djibouti.

At the event, AFC investee company ARISE Integrated Industrial Platforms was named ‘African Champion,’ an award bestowed to an organisation that contributes to African economic integration by expanding its presence into multiple African markets. ARISE IIP has developed a consistent track record of creating highly transformative special economic zones, scaling across multiple African countries including Gabon, Togo, Benin, Côte D’Ivoire, Nigeria, DRC, Chad, Sierra Leone and Rwanda. These ecosystems are central to AFC’s investment approach.

The Africa CEO Forum Awards recognise leaders, companies and investors whose performance has made a significant contribution to African development. This has been a rewarding year for AFC, with the organisation winning nine further accolades from prestigious institutions. Earlier this year, AFC was named ‘DFI of the Year-Europe & Africa’ at the IJGlobal Awards for its proven track record of developing key transformational projects on the continent, providing pragmatic solutions for Africa’s infrastructure deficit, and challenging the operating environment for over 16 years.

Last month, AFC investee company Lekela Power won ‘Equity Deal of the Year’ at the African Banker Awards, recognising the Corporation’s innovative financial structuring that led to the acquisition of AFC’s stake in Infinity Energy Africa, and Infinity’s acquisition of Lekela Power B.V.(Lekela), Africa’s largest renewable energy company. AFC was named ‘Top Treasury Partner’ at the International Islamic Trade Finance Corporation’s award ceremony during the ITFC’s recent 15^th Year Anniversary Celebrations.

At the Bonds, Loans & ESG Capital Markets Africa Awards, recognising the most innovative and ground-breaking deals from sovereign, corporate and financial institution issuers and borrowers, AFC received a series of awards with its partners, including:

Agency Bond Deal of the Year: Bank of Industry Limited (EUR 750mm 1441/Reg S Senior Unsecured Guaranteed participation notes)
Oil & Gas Deal of the year: Sonangol EP (USD 1.3bn Senior Secured Loan)
AFC also recently received four notable awards from EMEA Finance:
Best supranational syndicated loan: AFC’s US$400mn syndicated loan
Best kimchi syndicated loan in EMEA: AFC’s US$160mn Kimchi loan facility
Best yen syndicated loan in EMEA: AFC’s US$382mn and JP¥1bn Samurai term loan
Best financial institution syndicated loan in EMEA: Bank of Industry’s AFC-guaranteed US$1bn loan

These awards are a testament to AFC’s unrelenting goal to advance the economic growth and industrialisation of the continent, helping to transform lives and unlock Africa’s vast potential.

About AFC

AFC was established in 2007 to be the catalyst for private sector-led infrastructure investment across Africa.

AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.

Sixteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 40 member countries and has invested US$11.5 billion across Africa since inception.

Ghana: AfDB Approves $23.04m for Modern Floating Dock Facility

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27/06/2023

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The Board of Directors of the African Development Bank (AfDB) has approved a $23.04 million loan to Prime Meridian Docks Asset Co Limited (PMD), a special purpose entity to co-finance the construction of a modern floating dock ship repair facility in Ghana’s western Takoradi Port.
The loan will support the company to design, build, operate and maintain a world-class ship repair and maintenance facility in the Gulf of Guinea under a 25-year concession granted to the company by the Ghana Ports and Harbours Authority.
The project, estimated to cost $137 million, will involve constructing a 200-meter jetty, dredging 300,000 cubic meters of rock in the port basin, and procuring and installing a 13,500-tonne lift capacity floating dock. The facility will also have offices, a warehouse, mechanical workshops for steel and pipe fabrication, electrical works, blasting and painting, and equipment maintenance.
The Board also authorised the syndication, on a “best efforts basis”, of additional financing of up to $11 million.
Commenting on the approval, Mike Salawou, Director for Infrastructure, Cities and Urban Development of the African Development Bank, said:

“Vessel repair and maintenance is an underserved market on the continent. Investing in it will provide a more holistic approach to supporting maritime transport and its sustainability, which will accelerate regional integration and attract international trade and economic activity.”
PMD is a Ghanaian company founded and headed by Mr. Stanley Raja Korshie Ahorlu, sponsor of the project. The African Development Bank’s approval and facility is a “culmination of many years of dedication and commitment and an endorsement of PMD’s drive to transform Africa’s maritime sector,” stated Ahorlu.
The African Development Bank’s hard currency long-term financing for the project will enable it to create over 400 permanent jobs – 15% of which are expected to go to women. This is significantly above the global average of 2% in the maritime sector.
The construction of the floating dock will enhance the resilience of the ocean economy in Ghana and mitigate the carbon footprint from an expected increase in vessel flow, promoting the use of renewable energy, energy efficiency and slow vessel steaming. This aligns with the International Maritime Organisation’s best practices and Ghana’s Nationally Determined Contributions, making the project Paris Aligned.
The project aligns with the African Development Bank’s Country Strategy Paper for Ghana (2019-2023) to increase private sector investment in the real sector. It contributes to job creation, bridging inequality gaps and supports the overall macro-economic stability in Ghana while mainstreaming various crosscutting issues into the bank’s interventions.
The project further aligns with the national ambition of Ghana to become a hub for shipping and petroleum operations in West Africa.

By enhancing the supply of maritime maintenance and repair services, the project will help minimise transport and logistic costs and time, resulting in increased mobility and connectivity and boosting Ghana’s competitiveness. Skills transfer is a significant development outcome of the project.

The project’s operations/technical and commercial management operator will train staff in its Aberdeen training institute, and a partnership will be developed with the Regional Maritime University in Tema, Ghana, throughout the project’s life.

Nigerian, South African Gas Take Centre Stage at African Energy Chamber-Gazprom Roundtable

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27/06/2023

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Various speakers at the international roundtable on natural gas – hosted by the African Energy Chamber (AEC) and Russian-based global energy giant Gazprom in Johannesburg – emphasized that natural does not represent a transitionary resource but rather the fuel of the future for Africa.

During the important discussion, presentations were delivered by high-level representatives from Mozambique, South Africa and Nigeria, all of whom made a strong case for gas-directed investment and strengthened Africa-Russia co-operation.Despite representing a relatively new gas market, two major discoveries in South Africa’s offshore basins in 2019 made clear the lucrative potential of the country’s gas industry. In order to accelerate the development of resources and the realization of national growth objectives, the government is working towards putting in place a Gas Masterplan.
“Our focus is on policy and planning,” stated Craig Morkel, Chairman, South Africa Oil and Gas Association, adding that, “The Masterplan exercise has started and the Department of Mineral Resources and Energy sees this integrated into the broader Integrated Resource Plan. It has also identified where demand will be located and how this can be serviced by Liquefied Natural Gas (LNG) as well as the gas-to-power demand. The Masterplan looks at both a bottom-up and top-down approach.”
Morkel added that, “We look forward to Gazprom participating in the country. We would like you to tell us, what would make South Africa more attractive to you, so that we can go to our government and advise. We look forward to working with Gazprom.”

Meanwhile, a number of countries across the continent have kicked off ambitious natural gas projects of their own aimed at monetizing resources, bolstering energy security and industrialization, while driving long-term socioeconomic growth. Mozambique, for instance, is leading several large-scale LNG developments. According to Michel Ussene, Executive Chairman, Mitra Energy, “Mozambique has already exported its first LNG cargo, representing a huge milestone for our country.”
However, with the quantities of gas located in the far north of the country, over 2,200km from the capital city Maputo, Ussene stated that “we need to look at what to do with this gas, and we need to think out of the box. There is no better example than Gazprom, as they are bringing gas into their economy. The most interesting thing we have heard today is that most of the gas is used in the country and not exported. This is a gamechanger to know that Gazprom is selling more in-country than outside. This way, we can increase access and create jobs.”
In West Africa, Nigeria has embarked on an ambitious gas agenda of its own, with projects being driven under the country’s ‘Decade of Gas’ initiative – a framework for amplifying investment and development across the entire gas value chain on the back of policy clarity. Despite offering significant resources, lack of investment has limited development in Nigeria.

According to Dahiru Moyi, Advisor to the Minister of Federal Ministry of Finance, Budget and National Planning, “Africa does not have much funding, but we have resources. This is why it is important to come up with new approaches.”
Moyi stated that traditionally, Gazprom has not been able to operate in Nigeria due to lack of policy, a trend which has now been eliminated with the implementation of the Petroleum Industry Act (PIA) in 2021.
“Gazprom has the best intentions for Africa, and together, there can be some form of creative financing. We will welcome and be glad to see Gazprom come back to the negotiation table with Nigeria. Before, there was no gas policy in Nigeria or law. We have the PIA which is a clear path for how to operate in Nigeria,” Moyi added.
Stepping into this picture, Gazprom offers African countries the expertise, financing and technology needed to see large-scale projects into completion.

While the continent has served as a strategic partner across various other sectors of the economy including agriculture, trade and commerce, new focus placed on bilateral energy relations is set to open up new opportunities for investment and development across Africa’s gas space.

Stanbic IBTC: Celebration of 2 Awards for Gender Diversity, Equality

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27/06/2023

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Stanbic IBTC Holdings Plc, a member of Standard Bank Group and a leading end-to-end financial institution in Nigeria, proudly received two coveted awards at the esteemed International Finance Corporation (IFC) and Nigerian Exchange Limited (NGX) Nigeria2Equal Program Dinner and Awards event which was held in Lagos.

The event celebrated organisations that exemplified unwavering dedication to gender equality and the empowerment of women in the workplace.

Stanbic IBTC emerged as the winner of both the highly regarded Company Leadership Gender Diversity Award and the prestigious Gender Equality Champion Award.

These accolades were in acknowledgment of Stanbic IBTC’s relentless efforts in promoting gender diversity, inclusivity, and equality within its workforce and the wider business community.

The Company Leadership Gender Diversity Award was a testament to Stanbic IBTC’s commitment to creating an inclusive workplace environment that offered equal opportunities to all employees, regardless of gender. Through various initiatives, the organisation implemented policies and practices that actively promoted gender diversity and encouraged the advancement of women into leadership positions.

Furthermore, the Gender Equality Champion Award solidified Stanbic IBTC’s position as a frontrunner in the fight for gender equality. The award recognised the organization’s exceptional contribution to advancing gender equality within Nigeria’s financial sector. Stanbic IBTC continuously advocated for gender-balanced leadership, facilitated mentorship programs, and provided career growth opportunities for women in the industry.

In addition to the two prestigious awards, Stanbic IBTC received Special Recognition for its outstanding efforts in scaling up the Blue Women Network (BWN). The BWN program, aimed at promoting gender equality in the workplace, empowered women and provided them with a platform to network, share knowledge, and develop their skills.

Dr. Demola Sogunle, Chief Executive of Stanbic IBTC Holdings Plc shared his heartfelt gratitude for the recognition bestowed on the Group, stating, “A diverse and inclusive workforce drives innovation, enhances decision-making, and paves the way for a more sustainable future.

Stanbic IBTC will continue to champion gender equality and diversity, both within our organisation and beyond.”

The IFC and NGX Nigeria2Equal Program Dinner and Awards event brought together leaders from various sectors, government officials, and gender advocates to celebrate the outstanding contributions made by organisations in promoting gender equality. The occasion served as a platform to share best practices and ideas that could further advance gender equality in Nigeria.

With their remarkable achievements, Stanbic IBTC continues to inspire other organizations to prioritise gender diversity and equality by setting an excellent example for the financial industry in Nigeria and beyond. Their unflinching commitment to creating a more equitable and inclusive society serves as a shining beacon of progress and opportunity for all.

Continental Re Group ED, Emeka Akwiwu, Others at IFRS 17 Roundtable in Lagos

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27/06/2023

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L-R: Oracle MEA Official; Mr. Emeka Akwiwu, Group Executive Director, Continental Reinsurance Plc; Ms Liz Booth, Managing Editor, Africa Ahead and other participants at the IFRS 17 Roundtable organised by Oracle MEA in collaboration with Africa Ahead in Lagos recently.

Danbatta Lifts Platinum Award for NCC’s Performance

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27/06/2023

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L-R: Reuben Muoka, Director, Public Affairs, Nigerian Communications Commission (NCC); Vincent Maduka, past President, Nigerian Academy of Engineering (NAEng); Prof. Azikiwe Onwualu, President, NAEng; Prof. Umar Danbatta, Executive Vice Chairman/Chief Executive Officer (EVC/CEO) NCC; Abraham Oshadami, Director, Spectrum Administration, NCC; Hafiz Shehu, Chief of Staff to the EVC, NCC; at the Academy’s 2023 Technology Dinner where Danbatta received Platinum Appreciation Award in Lagos.

Professor Umar Danbatta, Executive Vice-Chairman of the Nigerian Communications Commission (NCC) at the weekend in Lagos, lifted the Platinum Award of the Nigeria Academy of Engineering (NAEng.) being a reward for his leadership of the nation’s telecom regulator for its contributions to the development and growth of engineering profession in the technological and economic development of the country.

President of the Academy, Prof. Azikiwe Onwualu, said during the award presented by doyen of engineering and Former Director General of the Nigerian Television Authority, Vincent Maduka, that the Commission deserved the award as it has done the profession proud in its telecom regulatory process and promotion of engineering as shown in its strong support for the NAEng.

While handing over the award at the 2023 Annual Technology Dinner of the Academy, Maduka said, “Prof. Danbatta has contributed immensely to the sustainability of all initiatives of the professional body, just as his role to the development of engineering profession in general is being felt in Nigeria, through his effective regulation of the telecommunications sector.”

Danbatta, a Professor of Electrical and Electronics Engineering, who is a member of Council, and a Fellow of NAEng, while receiving the award, expressed appreciation to the illustrious institute for considering the Commission worthy of the award.

Danbatta dedicated the award to the ‘hardworking and diligent staff of the Nigerian Communications Commission’, who, he said, have continued to demonstrate commitment to supporting his vision to promote regulatory excellence toward sustaining growth of Nigeria’s digital economy.

“I could not have done the good work you credited me with, without the support and cooperation of NCC staff and we are delighted that the public is watching, listening and observing what we are doing and a testimony to this fact is the platinum category award we have just been given by the apex engineering body in the country,” the EVC stated.

Danbatta further said: “I want to assure the public that the NCC will do whatever it can, within its mandates, to bring out impactful initiatives that will drive the digital transformation process that will ultimately make telecom services pervasive and affordable to all parts of the country.”

He used the opportunity to speak about some of the initiatives of the Commission that have struck a rhythm in the socio-economic development of the nation.

These, he said, include the one targeted at the Nigerian youths across the country where the Commission trains the youth, provides them with laptops and other equipment that can make them access the internet with a view to equipping them to develop their skill and earn a living.

Danbatta assured of the Commission’s commitment to driving digital connectivity aimed at bridging extant clusters of access gaps in Nigeria.

“We have a target of 70 per cent broadband penetration by 2025, as contained in the Nigerian National Broadband Plan (NNBP). We are around 50 per cent currently and I can assure you that we are hopeful that we will achieve and surpass that target,” he said.

The Nigerian Academy of Engineering was established to pursue excellence in science, technology and engineering as well as provide a national platform for experts to harness their experiences and insights and make input into public and private technical policy.

Combating e-Fraud on Telecom Platforms, Building Consumer Confidence in the Digital Economy

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25/06/2023

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By Professor Umar Danbatta

EVC/CEO, NCC

Being text of the keynote address by Professor Umar Danbatta, EVC/CEO of NCC at the 2^nd Quarter 2023 Industry Consumer Advisory Forum (ICF) in Lagos.

It is my privilege to stand before you today to deliver this keynote address on a topic of paramount importance: Combating e-fraud on telecom platforms and building consumer confidence in the digital economy. As we navigate the ever-evolving landscape of technology, we must address the growing concern of fraudulent activities in the digital realm and take proactive measures to safeguard the trust and confidence of consumers.

Digital technology offers Nigeria the opportunity to grow and diversify its economy from the over-dependence on agriculture or oil and gas export proceeds.

The launch of the Nigerian National Broadband Plan 2020 – 2025 as well as the National Digital Economy Policy and Strategy 2020 – 2030 (NDEPS) attests to the fact that Nigeria is poised to join the comity of nations and become a global leader in transforming its economy into a digital one.

In recent years, Nigeria has witnessed remarkable growth in the digital economy, revolutionising the way we communicate, transact, and conduct business. The telecom sector plays a pivotal role in enabling this digital transformation, providing the infrastructure and connectivity that fuel our interconnected world. However, with these advancements come new challenges, one of which is the rising tide of e-fraud and cybersecurity concerns.

E-fraud encompasses a wide range of malicious activities carried out via electronic means, including identity theft, phishing, hacking, and unauthorized access to personal and financial information, with the intention to defraud or take advantage of victims. These criminal activities may not only cause significant financial losses but also erode consumer trust in the digital ecosystem.

The NCC as the regulator of the communications sector has a crucial role to play in combatting e-fraud. We must establish comprehensive legal frameworks and standards that mandate sound security practices for telecom operators. The legal framework must focus on data protection, privacy and incident response, ensuring that operators are held accountable for any lapses in security on their respective networks. The NCC also type-approves communications equipment to ensure that they conform to global standards and are interoperable with various relevant technologies. In this regard, The Commission collaborates with Mobile Network Operators to ensure the safety of their networks and conducts regular audits and assessments to verify compliance and encourage a culture of cybersecurity within the industry.

In accordance with the Nigerian Communications Act 2003, telecom operators have a responsibility to ensure the security and integrity of their networks and to prevent it from being used in, or in relation to, the commission of any offence under any law in operation in Nigeria. With the increasing uptake of digital financial services and the advent of disruptive technologies, the issue of cybersecurity has become increasingly important. Telecom operators must therefore invest in robust infrastructure, employ state-of-the-art security measures, and conduct regular audits to identify vulnerabilities and address them promptly. Additionally, operators should implement stringent authentication protocols, two-factor authentication, and encryption mechanisms to safeguard customer data and prevent unauthorized access.

There is also the concern about how personal data is collected, stored, shared and exploited. Fortunately, NDEPS 2020-2030 adequately addresses the protection of telecom consumers against the threats of cybercrime, encouraging them to embrace digital finance and supporting them to contribute to the Digital Economy. Pillar #6 of the NDEPS, which deals with soft infrastructure, has proven to be proactive. The soft infrastructure pillar focuses on strengthening public confidence in the use of digital technologies and participation in the Digital Economy. The pillar will address the importance of cybersecurity and other standards, frameworks, and guidelines that encourage citizens to embrace a digital culture. Data privacy and the deployment of technologies like the public key infrastructure are addressed in this pillar.

Recently, the Nigeria Data Protection Act 2023 was signed into law to provide a legal framework for the protection of personal information and the regulation of how personal information is processed, among other things. The NCC is also in the process of developing more elaborate Data Protection Regulations to ensure the protection and privacy of data in the Nigerian communications sector. It is important to mention that the Commission has issued the Consumer Code of Practice Regulations 2007 which among other things, provides for the protection of consumer information.

Law Enforcement Agencies must also collaborate closely with telecom operators and regulatory bodies to investigate and prosecute e-fraud perpetrators. Enhanced coordination, information sharing, and dedicated cybercrime units can go a long way in deterring criminals and bringing them to justice. Strengthening international cooperation in combating cross-border e-fraud is also imperative, as cybercriminals often exploit jurisdictional limitations.

The Commission, committed to fulfilling its mandate and passionate about driving Digital Economy in Nigeria, has continued to implement initiatives to Protect, Inform and Educate telecom consumers in this regard. Through its Consumer Affairs Bureau (CAB), the Commission undertakes constant Consumer Education with a significant part of this effort dedicated to providing information that equips the Consumer to thrive in a world that has embraced digital finance. Information dissemination materials on how to safeguard themselves while using telecom platforms to access digital financial products are available on the NCC consumer portal whilst hardcopies are distributed at consumer outreach events.

To further protect telecom consumers, the Nigerian Communications Commission’s Computer Security Incident Response Team (NCC-CSIRT) periodically notifies telecom consumers of the latest cybersecurity threats and how to avoid falling victim to them. NCC-CSIRT in collaboration with the Nigeria Computer Emergency Response Team (ngCERT) at the office of the National Security Adviser has been at the forefront of protecting telecom consumers from cyber threats. The provision of timely advisories has helped to protect consumers from being unfairly targeted by cyber-attacks, which goes a long way in ensuring that they can access digital services without suffering unwarranted losses. We strongly believe that by fostering a culture of vigilance and knowledge, we can collectively reduce the success rate of e-fraud attempts.

However, combatting e-fraud is not just the responsibility of industry stakeholders and authorities. Consumers too, must be active participants in this battle against e-fraud. Building consumer awareness and promoting digital literacy is crucial to empowering individuals to protect themselves. Telecom operators should educate their customers about potential risks, provide guidance on secure online practices, and offer user-friendly tools to monitor and manage their accounts. Regular communication with customers, promptly addressing their concerns, and providing timely updates on security issues are vital in establishing trust. To build consumer confidence in the Digital Economy, we must emphasize transparency and accountability. Telecom operators should be transparent about their security measures, privacy policies, and incident response mechanisms. Collaboration with third-party security firms and independent audits can also help validate the integrity of telecom platforms.

Furthermore, fostering innovation in security technologies is critical to staying ahead of e-fraudsters. Advancements in artificial intelligence, machine learning and data analytics can enable the detection of anomalous behaviors, identify potential threats, and respond swiftly to emerging fraud trends. Collaboration between academia, industry, and research institutions can drive innovation in cybersecurity and produce effective countermeasures against e-fraud.

In conclusion, combatting e-fraud on telecom platforms and building consumer confidence in the digital economy requires a collective effort. Telecom operators, regulatory bodies, law enforcement agencies, and consumers must collaborate, each fulfilling their respective responsibilities. By investing in robust security infrastructure, implementing stringent protocols, promoting awareness, and fostering innovation, we can create a safer digital ecosystem that inspires trust and enables the full potential of the digital economy.

Together, let us rise to the challenge and build a future where the telecom platform is not only a gateway to the digital world but also a fortress against e-fraud.

Thank you.

Prof. Umar Garba Danbatta, FNSE, FRAES, FAENG, FNIEEE

Executive Vice Chairman/CEO

Nigerian Communications Commission

Oracle MEA, Africa Ahead Headline IFRS 17 Roundtable in Lagos

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Business Journal

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25/06/2023

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L-R: Mr. Olasupo Sogelola, Managing Director/CEO, IEI Plc; Official of Nigerian Actuary Society (NAS); Ms Liz Booth, Managing Editor, Africa Ahead; Mr. Mayowa Adeduro, Managing Director/CEO, Tangerine General Insurance Limited; Mr. Barineka Thompson, Director, Supervision, National Insurance Commission (NAICOM) and a participant at the IFRS 17 Roundtable in Lagos recently.

Linkage Assurance Promises Stronger Performance, Returns to Shareholders

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Business Journal

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23/06/2023

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L-R: Mr. Okanlawon Adelagun, Executive Director; Mr. Olakunle Agbebi, Non-Executive Director; Mrs. Funkazi Koroye-Crooks, Non-Executive Director; Mr. Daniel Braie, Managing Director/CEO; Chief Joshua Fumudoh, Chairman of Board, all of Linkage Assurance Plc at Its 29^th Annual General Meeting (AGM) in Lagos.

Underwriting firm, Linkage Assurance Plc has assured its shareholders of stronger performance and increased returns on investment despite challenges in the environment.

Linkage Assurance gave the assurance at its 29th Annual General Meeting (AGM) held in Lagos, where the shareholders spoke glowingly on successful efforts of the Board and management to position the company for increased growth.

Chief Joshua Fumudoh, Chairman of the Company speaking at the AGM said the year 2022 no doubt was one of the most challenging years in the history of modern times, characterised by devastating economic and geopolitical uncertainties.

Fumudoh said notwithstanding these, Linkage Assurance Plc was able to grow the gross premium written by 16 percent to N12.9 billion against N11.2 billion in 2021.

He said the Company was able to effectively manage its risks during the review year, posting underwriting profit of N506 million, a growth of 120 percent when compared to the loss of N2.58b in 2021.

Linkage Assurance also strengthened its bottom-line with Profit Before Tax (PBT) of N2.7 billion, and Profit After Tax of N2.57 billion.

Sir Sunny Nwosu, Chairman Emeritus, Independent Shareholders Association of Nigeria speaking at the meeting commended the board and management for clearing the negative earnings brought by EndSARS claims which resulted in the loss position in 2021, saying that the company is now in better position to pay good dividends.

Bisi Bakare, President, Pragmatic Shareholders Association who also applauded the performance of the company said shareholder will look forward to good dividend in the current financial year.

Mr. Daniel Braie, Managing Director/CEO, Linkage Assurance Plc commenting on performance of the Company said the underwriting firm has continued to pay attention to customer satisfaction through excellent service delivery and prompt settlement of all genuine claims.

He said the Company is focused on maximising its potential in key segments of the market where it plays strongly and would continue to ensure it creates value for its teaming shareholders.

“As an organisation, we shall continue to refine our strategy in line with our strategic focus for the year and theme. Our theme for 2023 is “Consolidation”, and this informs our strategic intent along the four pillars of Business growth, Operational Excellence, Financial Excellence, and Customer and People.”

Braie said the company has identified strategic focus, which will guide it as compass in her quest to navigate through the highly competitive insurance market to increase market share in the most profitable sectors and offer excellent customer experience to all its clients.

With full maximisation of its investment returns, Linkage Assurance saw income from investment boosting bottom-line stronger after a successful underwriting year.

Total assets at the end of 2022 financial year stood at N39.99 billion, indicating a 3 percent increase from N38.71 billion the previous year.

NEM Insurance Supports YABATECH Football Competition 2023

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Business Journal

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22/06/2023

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From left: George Emefiele(DGM, Marketing, NEM Insurance Plc); Comrade Zachari Ibrahim(Welfare Director, Yabatech); Comrade Osiwu Goodness(Treasurer, Yabatech); Idowu Semowo(Executive Director, Finance & Investment); Comrade Odutan Oreoluwa( Sports Director); Mojisola Teluwo(DGM, Corporate Services, NEM Insurance Plc); Comrade Okikiolu Ariwoayoola Taiwo(Welfare, Part Time); Bolanle Baruwa(Group Head, Underwriting) and Comrade Emmanuel Odion (Social Director, Part Time) during the presentation ceremony at NEM Insurance Plc Head Office in Lagos.

Afreximbank: The $6bn War Chest to Strengthen Food Security in Africa

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Business Journal

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22/06/2023

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The African Export-Import Bank (Afreximbank) has staked US$6 billion in development financing to strengthen Africa’s food security prospects which has faced severe challenges due to climatic changes heightened by geo-political conflicts, Oluranti Doherty, Director of Export Development at the Bank, said in Accra, Ghana.

Ms. Doherty, who was participating in a panel discussion on “Overcoming the challenges of food security for sustainable development in Africa” at the ongoing Afreximbank Annual meetings (AAM2023), said that the Bank had also released more than US$700 million to support the setting up of special economic zones (SEZs), industrial and agro parks in several of its member countries.

She said that with food insecurity constituting a major challenge to Africa’s economic independence and growth, Afreximbank was reinvigorating its approach to supporting the continent to achieve self-sufficiency in food production.

“At Afreximbank, we are firmly convinced that industrial parks and SEZs are critical tools the continent can deploy to fast-track its agricultural development, promote intra-African trade and facilitate export development,” she said. “This is a priority for the Bank as it remains pragmatic in providing workable solutions to challenges facing its member countries”.

Also speaking, Dr. Josefa Sacko, African Union Commissioner for Agriculture, Rural Development, Blue Economy and Sustainable Development, called for the implementation of the 2014 Malabo Declaration on Accelerated Agricultural Growth and Transformation for Shared Prosperity and Improved Livelihoods, which set a targeted approach to achieving the continent’s aim of food security and sustainability for economic growth and poverty reduction.

Noting that Africa boasted of abundant aquatic resources, over 60 per cent of uncultivated arable lands and a young population, Dr. Sacko said that what remained was the effective implementation of such policies as the Malabo Declaration.

She commended Afreximbank for the role it was playing to help make Africa a sustainable and food secure continent and expressed regret that, at the moment, 38 African countries were net importers of food. That situation called for urgent action from every player.

“We cannot be food secure in a conflict-filled environment,” said Dr. Sacko. “Let us silence guns all over Africa, implement already generated policies around sustainability for profitable agriculture and watch as the continent becomes the world’s food basket.”

Also participating in the panel were Hardy Pemhiwa, President and CEO of Cassava Technologies, and Dr. Yemi Akinbamijo, Executive Director, Forum for Agricultural Research in Africa.

AAM2023, which ends on 21 June, is being attended by political and business leaders, bankers and other trade and trade finance practitioners from across Africa and beyond, including leaders of several member countries of the Caribbean Community.

About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade.

For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa.

A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA.

At the end of 2022, Afreximbank’s total assets and guarantees stood at over US$31 billion, and its shareholder funds amounted to US$5.2 billion. The Bank disbursed more than US$86 billion between 2016 and 2022. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB).

Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”).

‘AfrexInsure Will Support Intra-African Trade, Retain Premium in Africa’

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Business Journal

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21/06/2023

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The African Export-Import Bank (Afreximbank) has launched its wholly owned insurance management services subsidiary, AfrexInsure, in Accra, Ghana, with a commitment to provide a single-entry point for all specialty insurance needs to assist in optimally managing related risks for the trade and commerce sector in Africa.

Established in 2021, AfrexInsure is set up to offer specialty insurance solutions for trade and trade-related investments across Africa with access to quality, best-in-breed specialty insurance that are tailor-made for Africa.

With credible knowledge of Africa, AfrexInsure will leverage on its risk expertise by using its continent-wide presence and deep understanding of the African market to provide solutions around cargo handling, construction, operations and energy – sectors critical for the growth and establishment of trade and investment intercontinentally.

Speaking during the launch, which took place on the sidelines of Afreximbank’s 30^th Anniversary Annual Meetings, Kanayo Awani, Executive Vice President, Intra-African Trade Bank, speaking on behalf of Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said that AfrexInsure was established to facilitate the insurance of specialty risks in order to support businesses in Afreximbank member countries to mitigate the problem of Africa having to rely on external partners to architect the continent’s economic resilience and development.

“By reducing the risk of transactions or investments, insurance can help drive forward business strategy for those engaged in intra-African trade and enable global partners to further their commercial interests and ambitions in Africa,” said Ms. Awani.

Insurance penetration is relatively low in Africa compared to other regions, she noted. AfrexInsure will, therefore, strengthen efforts to address this need in Africa and in partner states in the Caribbean.

It will also help retain insurance premiums in Africa and assist in ploughing back Africa’s investments into the continent for the enhancement of trade and economic development for the prosperity of the continent.

The launch also witnessed the unveiling of AfrexInsure’s logo and brand identity under the slogan “Insurance Optimised”.

About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade.

For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa.

A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA.

At the end of 2022, Afreximbank’s total assets and guarantees stood at over US$31 billion, and its shareholder funds amounted to US$5.2 billion. The Bank disbursed more than US$86 billion between 2016 and 2022. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB).

Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”).

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