FG Presents Discharge Certificate to Transcorp Power Plc, 1st in Nigeria

09/05/2023

R-L: Vice President, Professor Yemi Osinbajo and Group Chairman, Transcorp Plc, Mr Tony Elumelu, during the presentation of Discharge Certificate to Transcorp Power Plc, having met and surpassed the Post-Privatisation Target set by the Federal Government on the Ughelli Power Plc (Transcorp Power Plc), acquired by Transcorp Plc, in a ceremony held at the State House, Abuja on Monday.

Transcorp Power Limited, Nigeria’s leading power generation company, located in Ughelli Delta State, with an installed capacity of 972MW, was presented with a post-privatisation discharge certificate by the Federal Government of Nigeria, following fulfilment of all privatisation conditions.

Transcorp Power will no longer be subjected to post-privatisation monitoring and is the first privatised power generation company to achieve this milestone since the power sector privatisation commenced in 2013. One of the key targets set for Transcorp is a minimum available capacity of 670MW.

The discharge certificate was presented at the meeting of the National Council of Privatisation (NCP) by the Vice President of the Federal Republic of Nigeria and Chairman of NCP, Professor Yemi Osinbajo to Mr. Tony O. Elumelu, Group Chairman, Transnational Corporation Plc (Transcorp), owner of Transcorp Power.

Commenting on the ceremony, His Excellency said: “Post-privatisation monitoring is an important aspect of Federal Government’s privatisation programme. Transcorp Power has been able to ensure compliance and surpassed expectations with all post-privatisation deliverables. I commend Tony Elumelu and his Transcorp team for this feat. I urge Transcorp Group to continue in that path and even do better. Speaking further, the VP said: ”This being the first, should not be the last post privatisation discharge event.”

The Group Chairman, Transcorp, Mr. Tony O. Elumelu, CFR, thanked the Federal Government for their trust and confident in Transcorp.

He stated: “In addition to fulfilling the post privatisation performance criteria, Transcorp has driven a strong indigenous agenda – our plants are managed and fully operated by Nigerians, creating jobs and reducing unemployment in the country. Safety is very important to us as well, since we began operations in 2013, we have recorded zero incident till date.”

Continuing he said: “At Transcorp Group, we do well and do good. We have grown together with our host communities, enriching lives and improving the community.”

Speaking at the Event, the Director General of the Bureau of Public Enterprises, Alex Okoh congratulated the Board and Management of Transcorp for the milestones achieved in turning around the enterprise. He noted that Transcorp has met and exceeded the performance targets and all other covenanted obligations agreed during the signing of the privatisation agreement in 2013.

He said: “Transcorp Power increased the generation capacity of the plant by 227 percent from the operational status as at handover in 2013. Speaking further, he said capital expenditure totaling N58.612 billion was covenanted for Phase1, Phase 2 as ‘additional investment’ but the actual investment made by Transcorp was the sum of N83.85 billion, leading up to a score of 143 percent.”

Transnational Corporation Plc acquired Ughelli Power Plc (now Transcorp Power Limited) from the Federal Government of Nigeria on November 1, 2013 during the privatisation of the power sector. At the time of acquisition, the plant had an available capacity of 160MW.

Transcorp invested and increased the available capacity to 680.83MW (being a 227 percent increase) within 4 years of takeover, surpassing the 5-year target of 670MW set by the Bureau of Public Enterprises. Transcorp Power Limited is a member of West African Power Pool and a participant in the ECOWAS Regional Electricity Market. Today, Transcorp Power supplies electricity to the ECOWAS Regional Market.

Transcorp Power is a leading power generation plant in Nigeria, with a commitment to developing Nigerian human capital and the plant is currently operated 100 percent by Nigerians.

In 2020, Transcorp Group increased its installed capacity to 2,000MW with the acquisition of Afam Power Plc and Afam III Fast Power Limited, located in Rivers State.

Our mission is to improve lives, and we are leading the way in energy generation for millions of people in Nigeria and Africa.

Transnational Corporation Plc (Transcorp Group) is a publicly quoted conglomerate, with a diversified shareholder base of approximately 300,000.

Our portfolio comprises strategic investments in the power, hospitality, and oil and gas sectors. Our businesses include Transcorp Hilton Abuja, Transcorp Hotels Calabar, Transcorp Power, Transafam Power, and Transcorp Energy.

FG Tasks WAICA@50 Delegates to Reposition Insurance Sector in WA for Global Competitiveness

Business Journal

08/05/2023

Dr (Mrs.) Zainab Ahmed, the Hon. Minister of Finance, Budget and National Planning has urged delegates at the on-going West African Insurance Companies Association (WAICA) Conference and 50^th Anniversary in Lagos to deliberate and recommend ways of repositioning the insurance industry in West Africa for Global Competitiveness.

Her keynote address reads:

I am indeed delighted to be here this morning to address this humble gathering of delegates from the West African Sub Region and beyond to the West African Insurance Companies Association Educational Conference 2023 and celebration of its 50th Anniversary hosted here in Nigeria.

In the year 1973, the founding fathers created this great association (WAICA) with the purpose of improving the image of the insurance industry in West Africa, whilst assisting in establishing an enabling environment for industries and economies by promoting cooperation in every respect amongst all the insurers and reinsurers companies operating in its sub-region.

In modern business environment, disruption plays an integral part of any business. Hence, the 2023 WAICA Educational Conference choice of theme: “Repositioning the Insurance Industry in West Africa for Global Competitiveness” could not have been more propitious in view of:

The overarching objective behind the African Continental Free Trade Area (AfCFTA) is to accelerate intra-African trade by providing a single market for goods and services, facilitate movement of persons in order to deepen the economic integration and prosperity on the Continent as well as boosting Africa’s trading position in the global market by strengthening Africa’s common voice and policy space in global trade negotiations;
The need to establish high quality insurance database to provide a holistic view of the industry’s operations in the sub-region;

iii. The need for WAICA members to leverage technology and other alternative distribution channels in order to increase market penetration;

The importance of enhancing multilateral cooperation with the objective of promoting international standards in fostering favourable investment environments and orderly markets in the West African sub region and beyond.

The insurance industry, like other components of the financial system, is changing in response to a wide range of global social and economic forces. In particular, insurance and insurance-linked financial activities are increasingly crossing national and sectorial boundaries.

Consequently, it has become imperative for the Insurance supervisory systems and practices to continually upgrade in order to cope with these developments to mitigate possible financial and systemic stability concerns arising from the insurance sector as they emerge.

At this juncture, I am pleased with the not so recent stride so far achieved by the West African Insurance Supervisors Association (WAISA) with regards the establishment of the College of Insurance Supervisors of the West African Monetary Zone (CISWAMZ) in February, 2022 as we are aware that the college is saddled with the objectives of strengthening cross border insurance supervision through:

Creation of an enabling environment via synergies for the insurance sector to flourish;
Harmonisation of regulatory standards;

iii. Increasing operation of cross border network by branches and/or offshore subsidiaries in the insurance sector;

Enhancing solo supervision of insurance entities by the competent authorities;
Facilitating group wide supervision;
Minimising fraudulent activities in the insurance sector in accordance with the Financial Action Task Force (FATF) principles on Anti-Money laundering amongst others.

I wish to state that insurance in the whole of Africa has been characterised by low penetration and poor contribution to most African country’s financial growth, therefore maintaining efficient, fair, safe and stable insurance market in the West African sub region must be promoted for the benefit of the policyholders and other stakeholders.

As an optimist, we are encouraged to believe in a new dawn, leveraging technological innovations, and a positive paradigm shift focused and poised to meet the anticipated surge in the demand and untapped side. I therefore urge the delegates here present to deliberate and recommend ways of repositioning the insurance industry in West Africa for Global Competitiveness.

Finally, I wish to congratulate all WAICA delegates on the occasion of the Association’s 50th Anniversary (Golden Jubilee) and hereby formally declare this years’ conference open.

I thank you for your attention and I wish you fruitful and value-adding deliberations.

Mrs. (DR.) Zainab Shamsuna Ahmed CON

Honourable Minister of Finance, Budget & National Planning

Federal Republic of Nigeria

Guinea Insurance ED, Pius Edobor, Joins Board of CIFCFIN

Business Journal

07/05/2023

Dr. Pius Edobor

Executive Director, Finance & Administration

Guinea Insurance Plc

Guinea Insurance Plc’s Executive Director of Finance and Administration, Dr. Pius Osaro Edobor, was recently inaugurated as a member of the Board of Diplomates for Forensic Accounting and Auditing of the Chartered Institute of Forensic and Certified Fraud Examiners of Nigeria (CIFCFIN).

The ceremony, which took place at the Office of the Auditor General of the Federation, Abuja, marked the inauguration of the Governing Board of the Nigerian College of Forensics and Fraud Investigators (NICFFI) as well as the Board of Diplomates for Digital Forensics and Board of Diplomates for Forensic Accounting and Auditing of the CIFCFIN.

As a member of the Board, Edobor will play a key role in setting standards and guidelines for the Institute in the area of forensic accounting and auditing. He will also oversee the delivery of training and human capacity development within the field.

Edobor’s extensive experience and expertise in forensic accounting and auditing, having been a renowned forensic accountant for over two decades and a Fellow of the CIFCFIN, make him a valuable addition to the Board and the Institute as a whole.

During a press briefing at the event, members of the Institute expressed their enthusiasm for Edobor’s appointment and highlighted his potential contributions to the Institute’s growth and development. In response, Edobor expressed his gratitude for the honour bestowed on him and pledged to work diligently with other Board members to achieve the Institute’s objectives. He also affirmed his commitment to ensuring that the Institute’s training programs are of the highest quality and meet the needs of the industry.

In conclusion, Edobor’s appointment as a member of the Board of Diplomates for Forensic Accounting and Auditing of the CIFCFIN is a testament to his expertise and accomplishments in the field of forensic accounting and auditing.

His extensive knowledge and experience will undoubtedly contribute to the growth and development of Guinea Insurance, the Institute and the field of forensic accounting and auditing in Nigeria.

Danbatta: ‘Our Commitment to Digital Job Creation for Youths Remains Unflinching’

Business Journal

07/05/2023

In line with one of the pillars of the National Digital Economic Policy and Strategy, (NDEPS 2020-2030), which is to further accelerate economic growth in digital literacy and skills, the Nigerian Communications Commission (NCC) is fully committed to the effective and efficient implementation of the Federal Government’s policy direction in repositioning the youth for the digital era job opportunities through a programme tagged, Digital Job Creation for Youths (DJCY).

Over 2,000 Nigerian youths have, so far, benefited from this programme from the Six (6) Geopolitical Zones of the country while the ongoing edition has 600 youths being trained.

The DJCY programme is designed to enhance the skills of youths across all the Six (6) Geopolitical Zones of Nigeria through customised training and offer of fully-loaded laptop computers with networking devices, to equip them for the purposes of engaging in different digital entrepreneurship businesses that they may chose.

The beneficiaries are provided with free accommodation facilities for two weeks, during which resource persons in digital skills, business development and management, are engaged to retool them with their laptops to re-orientate them towards self-discovery, self-development, and self-employment.

Some of the objectives of the DJCY include to remould youths with other skills with Information and Communication Technology (ICT) proficiency to fit into the digital economy as well as strengthen technical and scientific competences among the youths with a view to creating opportunities for self-employment. It is also designed to improve access to ICT-enabled services such as banking, and strengthen the ICT micro, small and medium enterprises (MSME) sector of the economy.

The DJCY relies on the provisions of NDEPS 2020-2030, which encourage the promotion of Digital Literacy and Skills through “massive training of Nigerians from all walks of life in order to enable them to obtain digital literacy and other digital skills.” Hundreds of the participants in the previous two editions have reported gainful self-employments, using the laptops and Internet connectivity tools provided by the Commission.

It is gratifying to note that the Commission has, through the Honourable Minister of Communications and Digital Economy, Prof. Ali Ibrahim Pantami, received the commendations of the Federal Government for the way and manner it had efficiently and effectively designed and implemented this programme for the benefit of the Nigerian youths.

The Commission restates its full commitment to this programme as a result of the positive feedbacks from the previous editions and the potentials it has in enhancing the digital opportunities of the Nigerian youth for the benefit of the nation’s digital economy.

Signed:

Prof. Umar Garba Danbatta, (FNSE, FRAES, FAEng, FNIEEE)

Executive Vice Chairman/CEO, NCC

About the Nigerian Communications Commission

The Nigerian Communications Commission (NCC) is the independent regulatory authority for the telecommunication sector in Nigeria, as enshrined in the Nigerian Communication Act (NCA), 2003. The Commission is responsible for creating an enabling environment for competition among operators in the industry s well as ensuring the provision of qualitative and efficient telecommunications throughout the country.

More information on the Commission can be accessed from its official website at: www.ncc.gov.ng

Wema Bank Unveils Upgraded ALAT for Business Digital Banking App

Business Journal

07/05/2023

Wema Bank Plc, Nigeria’s leading innovative bank, has launched the upgraded version of its corporate digital banking application, ALAT for Business 2.0.

The launch took place during the bank’s Digital Week activities themed “Changing The Digital Dynamics In Nigeria” in celebration of the bank’s anniversary.

During the virtual event, Samuel Robson, the Product Owner, expressed his excitement to announce the launch of the new and improved ALAT For Business.

He explained that the upgraded version offers an intuitive and seamless experience with enhanced security features and greater functionality. The app’s fresh new look and feel make it more user-friendly and engaging, while the omnichannel experience allows users to access their account from any device with ease.

As a sole proprietor, ALAT for Business 2.0 offers an on-boarding feature to make opening and managing an account easier. The app is also accessible to multiple users, enabling account access sharing with team members or family members and revoking it with ease.

During the virtual event, Oyindamola of Total Data Limited and Dr. Mark of Jendol Superstore shared their positive experiences using the application. They praised the app’s user-friendly interface, which aided the ease of making bulk payments to various vendors and sorting out payroll for various businesses without any hassle.

The Chief Digital Officer, Olusegun Adeniyi, highlighted Wema Bank’s commitment to the future of banking by developing tailored solutions and ensuring the bank covers various verticals beyond the financial ecosystem.

The upgraded ALAT for Business is now available on various app stores, offering an improved user-friendly interface, interbank & intrabank transfers, multiple user accessibility, bulk transfer to over 6,000 accounts, and access to stamped e-statements. ALAT for Business is the financial partner every business owner should have.

Wema Bank continues to improve the application, with plans to add artificial intelligence and multi-languages for the Diaspora market and offshore banking, among other improvements.

133m Nigerians Lack Access to Financial Inclusion, Risk Poverty—Adeduro

Business Journal

07/05/2023

Mr. Mayowa Adeduro

Managing Director/CEO

Tangerine General Insurance Limited

Mr. Mayowa Adeduro, Managing Director/CEO, Tangerine General Insurance Limited, says that over 133 million Nigerians are at the risk of dying of poverty due to lack of access to financial inclusion.

Adeduro, who spoke at the SUPERNEWS Nigeria Fintech23 Conference in Lagos added that there is a nexus among poverty, education and financial inclusion, noting that this is the reason the Federal Government needs the contribution and action plan of many stakeholders to achieve the goal.

“The banking sector just have 50 percent of the adults in the banking circle. It is even worse in the insurance sector, which has less that one percent penetration level in terms of population.

The Tangerine General CEO said: “To resolve this, the adoption of fintech has been highlighted as a critical tool to the financial inclusion drive. There is need for fundamental investment of infrastructural development in IT and Fintech as being done in Europe and other developed economies.

“There is also the need to have massive education because the illiteracy rate that we have at present cannot sustain the type of financial infrastructure that we are clamouring for. So, companies need to do more in investing in educating the people.”

Also speaking at the event, Mr. Oluseye Olusoga, the Group CEO of Parthian, welcomed innovations to be created by opportunities and challenges inherent in embracing Fintech as a tool for promoting financial inclusion in the country.

“Opportunities yes, but there are also challenges. We know the infrastructural challenges. We know that sometimes, the Fintech fails and it comes with a lot of concerns but l am not worried about this because the interesting thing you see is that when technology comes up and you have more advancements and you see more customers’ needs, it creates innovation and that innovation is what we need” he said.

Wema Bank Partners Karis and Eleos Hope Foundation to Commemorate World Malaria Day 2023

Business Journal

04/05/2023

The World Health Organisation (WHO) reports that the highest incidents of malaria outbreaks and deaths are recorded in Africa with over 234 million cases and more than 593,000 deaths in 2021 alone.

The report further states that nearly 80% of malaria deaths in the African Region in 2021 were among children under the age of 5. This has led to a heightened awareness and advocacy for malaria prevention, treatment, and care across the continent.

In line with one of their core Corporate Social Investment pillars – Health, Wema Bank, a leading financial institution in Nigeria, partnered with Karis and Eleos Hope Foundation for the World Malaria Day 2023 commemoration.

The event took place at Idi Araba Community, Oworoshoki with over 500 beneficiaries within the community impacted. The residents were enlightened on the importance of good personal and environmental hygiene for malaria prevention as well as appropriate treatment measures. The Bank donated free insecticide-treated mosquito nets to the community with provision of free medical check-up facilities and waste disposal bags by Karis & Eleos Hope Foundation and LAWMA respectively.

The residents were also engaged in a financial literacy session by representatives of the Bank for their economic empowerment, development, and growth.

Speaking about the event, Abimbola Agbejule, Head, Corporate Sustainability and Responsibility, Wema Bank reiterated the Bank’s commitment to provide meaningful solutions for societal impact through community-centered initiatives amongst others.

In her words: “We are delighted to partner with Karis and Eleos Hope Foundation to celebrate World Malaria Day 2023. It is an opportunity for us to create awareness about the importance of malaria prevention with the aim of reducing malaria cases and deaths in our communities. As a Bank, we are committed to promoting initiatives that enhance the well-being of Nigerians.”

The event was a great success; the Baale of the Idi Araba Community, Alakoso Oriyomi Akeem Bashir and the residents expressed their appreciation to the Bank for the mosquito net donations and knowledge imparted at the event.

NSIA Group Acquires 4 Insurance Subsidiaries of SANLAM Group

Business Journal

04/05/2023

Mr. Moruf Apampa

Managing Director/CEO

NSIA Insurance Limited

NSIA Group to which NSIA Insurance Limited belongs, recently acquired four (4) insurance subsidiaries of SANLAM Group.

Born from a desire to strengthen its positions in West and Central Africa, NSIA Group began this acquisition in 2021with the following subsidiaries of SANLAM Group:

Sanlam Life Insurance in Togo
Sanlam Life Insurance in Gabon
Sanlam Non-Life Insurance in Congo
Sanlam Non-Life Insurance in Guinea

According to the Chairman of NSIA Group, Jean K. DIAGOU: “For 26 years, the NSIA Group has been implementing a controlled development strategy for its activities. This is what allows us to establish ourselves permanently in each of the countries where we operate. Today, we are strengthening our presence in Togo, Gabon, Congo, and Guinea. For all of our stakeholders, this operation heralds promising prospects.”

“This operation meets two objectives: to increase our market share in countries that are important for the development of NSIA and to strengthen our compliance with the requirements of the regulator of the CIMA zone”, stated B. Janine Kacou Diagou, Managing Director of the NSIA Group.

About NSIA Insurance Limited

NSIA Insurance Limited is a leading composite insurance company driven by integrity, care, innovation, and professionalism.

The head office is in Lagos, with a strong regional presence in Abuja and an extensive network in strategic states across the country.

NSIA Insurance offers a wide range of insurance services at competitive rates to meet the changing financial, investment, and lifestyle needs of its corporate, commercial, and individual customers.

NSIA Group is a financial services group made up of nearly 3,000 employees, working in 3 banks, 2 bank branches, 21 insurance companies, 1 management and intermediation company (SGI), 1 UCITS management company, 1 real estate company, 1 reinsurance brokerage company, and 1 Foundation.

The Group is present in Côte d’Ivoire, Benin, Togo, Guinea, Guinea Bissau, Mali, Ghana, Nigeria, Gabon, Cameroon, Congo Brazzaville, and Senegal.

N3.6b Scam: Prosecution Applies for Summons, Defendant Absent

Business Journal

04/05/2023

Following the failure of Michael Ukiye Diongoli and UK Dion Investment Limited to appear in court, the prosecution has applied to Justice Zainab Abubakar to issue a criminal summon to ensure the accused appears in court on June 19^th for commencement of trial.

When the matter came up for arraignment Tuesday, the defendant was not available in court prompting the representative of the Attorney General’s office, Mr. Moshood Adeyemi to request a new date as well as a criminal summon.

In the two count charge brought against Michael Ukiye Diongoli, UK Dion Group And UK –Dion Investment Limited all of No. 21 Buhari Street, Peace Court Estate, Lokogoma, Abuja, they are alleged to have on or between the year 2021 and 2022 within the jurisdiction of the honourable court did commit a felony to wit: conspired among themselves together with their staff to do an illegal act – diversion of investment funds to the tune of over N3.6 billion belonging to the investing public which includes Basil Onugu, Elizabeth Umenwa Nwankwo, Adetoun Sokoni, Ezeogu Victoria Ndozi and others you thereby committed an offence contrary to and punishable under Section 516 of Criminal Code Act, Laws of the Federation, 2004.

“That you Michael Ukiye Diongoli, UK Dion Group And UK –Dion Investment Limited all of No. 21 Buhari Street Peace Court Estate, Lokogoma, Abuja, they are alleged to have on or between the year 2021 and 2022 within the jurisdiction of the Federal High and together with your other staff, did commit a felony to wit: diverted investment funds to the tune of over N3.6 billion belonging to the investing public which includes Basil Onugu, Elizabeth Umenwa Nwankwo, Adetoun Sokoni, Ezeogu Victoria Ndozi and others you thereby committed an offence contrary to Section 383(2) F of Criminal Code Act, Laws of the Federation of Nigeria, 2004 and punishable under Section 390(7) of the same Act.

Justice Abubakar sought to know why the matter was being heard in Abuja when the defendant is currently resident in Lagos and the court was informed that most of the victims of the crime are resident in Abuja and environs.

Making the application for a new date, Adeyemi said: “The defendants were duly served the court processes since March 31, 2023, I do not know why they have failed to turn up in court today. I hereby wish to apply for Another date for the arraignment and also apply for a criminal summon to ensure that the accused appears in court.”

Nigeria Hosts WAICA 50th Anniversary as Efekoha Assumes Office as President

Business Journal

03/05/2023

The Nigerian Insurance market is set to host the 50^th anniversary of the West African Insurance Companies Association (WAICA), with an elaborate ceremony which will include awards to past presidents and others who have contributed to the growth of the sub-regional body over the years.

Chairman of the Local Organising Committee and Deputy Chairman of the Nigerian Insurers Association (NIA), Mrs. Bola Odukale who disclosed this also stated that the highpoint of the three- day conference will be the assumption of office of Mr. Eddie Efekoha, past Chairman of the Nigerian Insurers Association and Group Managing Director of Consolidated Hallmark Insurance Plc as President of WAICA for the next one year.

In the programme of the conference released by the LOC chairman, the Honourable Minister of Finance, Budget and National Planning, Dr. Mrs. Zainab Shamsuna Ahmed will declare the conference open while the Group Managing Director of Africa Reinsurance Corporation, Mr. Corneille Karekezi will chair the first session which will feature the paper on: International Rating Agencies and their impact on the operations of Insurance companies.

The paper will be presented by Mr. Tim Prince, Director of Analytics, A.M. Best, a U.K. based rating agency. The second paper on: “Creating Value, Finding Focus: The Fulcrum of International Rating on Insurance Business” will be presented by Mr. Ganiyu Musa, Group Managing Director and Chief Executive Officer, Cornerstone Insurance Plc. Musa is the immediate past chairman of the Nigerian Insurers Association (NIA).

The second day of the conference will start with the paper on: “Positioning Insurance companies in West Africa for Transnational Competitiveness: The Likely Pitfalls” and this will be presented by Madame Jackie Benyi, Managing Director/CEO, Enterprise Life, Ghana while Mr. Daniel Sackey, Regional Executive, Anglophone West Africa, Ecobank Group, Accra, Ghana will present another paper on the same topic but from the banking perspective. This session will be chaired by the Commissioner for Insurance, Sierra Leone, Mr. Arthur Yaskey.

“The fact that Nigeria is hosting this year’s 50^th anniversary and Education Conference is yet another opportunity for Nigeria to showcase her hospitality. It gives us a unique opportunity to showcase Nigeria’s rich cultural heritage”, Odukale stated.

“It is a vote of confidence on the Nigeria insurance market and it creates an opportunity for networking and exchange of business information”, she noted.

“I believe the Nigerian Insurance market stands to benefit from this event. I also know that the delegates from other countries will have fond memories of their stay in Nigeria,” she enthused.

Odukale urged all the players in the Nigerian insurance market including underwriters, brokers, Loss Adjusters and Surveyors to see the conference as a unique opportunity to make a lasting impression about the Nigerian market.

The events of the day will round off with an open forum which will be chaired by the President of WAICA, Mr. George Mensah.

There will be an awards night where the past presidents from the five English-speaking West African countries and others who have supported WAICA since its inception would be honoured.

Speaking on the award, Odukale said that “our legend in the Nigerian Insurance market and a founding father of WAICA, Prof. J.O Irukwu, would be given an award at the 50^th anniversary ceremony. It is good to celebrate him and others who have worked tirelessly to bring WAICA to the enviable position it now occupies.”

Other Nigerians listed for the award include Alhaji Mohammed Kari, Dr. F.K. Lawal, Sir Ogala Osoka, Mr. Joe Ameh and Alhaji Rotimi Fashola.

“The insurance regulators in WAICA member countries will also be recognised for their unflinching support to the body” she added.

WAICA is the Sub-Regional Association of Insurance Companies and Brokers in West Africa.

The Association provides a platform for sharing business information and cross-fertilisation of ideas. It also provides the platform for knowledge sharing and amongst members networking.

This year’s conference will take place from May 7-9, 2023 at Eko Hotels & Suites, Victoria Island, Lagos.

NCC Disowns Fake LinkedIn Account of Umar Danbatta

Business Journal

03/05/2023

The Nigerian Communications Commission (NCC) has been made aware of a fake LinkedIn account that is being attributed to our Executive Vice-Chairman and Chief Executive Officer, Prof Umar Garba Danbatta.

We wish to categorically state that the said LinkedIn account is fake and has no affiliation with the NCC or Prof Danbatta.

We, therefore, urge the public to be wary of any communication or connection request from this fake LinkedIn account, as it is being operated by fraudulent individuals, who may be seeking to defraud unsuspecting members of the public.

We wish to use this opportunity to remind the public that it is important to verify the authenticity of any online account, especially when such accounts claim to belong to public figures or organizations. We advise the public to only connect with verified and official accounts of the NCC and its officials.

We take this opportunity to warn those behind this fake LinkedIn account that they are engaging in criminal activities, and we will not hesitate to take legal action against them if they are caught. We remain committed to protecting the public from online fraud and ensuring a safe and secure online environment.

AIICO Insurance Reports Group Revenue of N15bn in Q1, 2023

Business Journal

03/05/2023

Mr. Babatunde Fajemirokun

Group Managing Director/CEO

AIICO Insurance Plc

AIICO Insurance Group, one of Nigeria’s leading insurance companies, has announced a 28.1% year-on-year increase in group revenue to ₦14.8 billion for Q1 2023, up from ₦11.5 billion in the same period last year. The company also reported a 28.7% growth in premium written to ₦31.7 billion under the IFRS 4 standard.

The insurance service result, which is the insurance revenue less expenses, increased by 318.0% to ₦1.95 billion in Q1 2023, up from ₦466 million in Q1 2022, primarily due to the increase in revenue during the quarter. As a result, the total income, or net insurance and investment, grew by 4.9% to ₦4.7 billion compared to ₦4.5 billion in Q1 2022.

While profit before income tax from continuing operations declined by 12.3% to ₦1.4 billion in Q1 2023 compared to ₦1.6 billion in FY 2022, AIICO Insurance’s continuing operations have benefited from improved asset-liability management and risk selection, especially in its corporate business. This has reduced the company’s financial position volatility, which is expected to persist over time.

Total assets increased by 2.2% to ₦280.6 billion, driven mainly by an 87.7% growth in cash and cash equivalents, constituting approximately 10.6% of the total assets.

Total liabilities also increased by 2.2% to ₦236.0 billion due to a 21.8% growth in fixed income liabilities relating to the company’s non-pension asset management business.

Total equity increased by 1.9% to ₦44.6 billion, mainly due to a 5.3% increase in retained earnings to ₦16.1 billion as of Q1 2023.

AIICO Insurance’s CFO, Oladeji Oluwatola, commented on the new IFRS 17 standard for insurance reporting: “The new reporting standard heralds a shift, not just in how we report, but how investors and analysts should examine the fundamentals of a sustainable insurance business.” In addition, the new standard will enable the investing public to compare results between firms better, regardless of their business model or the types of products they sell.

Total assets increased by 2.2% to ₦280.6 billion, driven mainly by an 87.7% growth in cash and cash equivalents, constituting approximately 10.6% of the total assets.

Total liabilities also increased by 2.2% to ₦236.0 billion due to a 21.8% growth in fixed income liabilities relating to the company’s non-pension asset management business.

Total equity increased by 1.9% to ₦44.6 billion, mainly due to a 5.3% increase in retained earnings to ₦16.1 billion as of Q1 2023.

Wema Bank Celebrates 78th Anniversary, ALAT at 6!

Business Journal

02/05/2023

Wema Bank Plc, a leading Nigerian financial institution renowned for its innovative banking solutions and Africa’s first fully digital bank, is set to commemorate its 78th and 6th anniversary with a bang.

The week-long celebration, which commences on May 1st, 2023, promises an array of exhilarating activities and competitions open to its employees, clients, and the public.

Kicking off the anniversary week is the virtual launch of ALAT Alumni, a platform for former Knights to rekindle relationships and foster a sense of community that the bank can leverage.

In addition, the bank will release a cascade of ALAT balloons into the sky, and participants can take snapshots of the balloons and share them on social media with hashtags like #ALATAt6, #WemaAt78, and #SpotALATInTheAir to stand a chance of winning fantastic prizes.

The highlight of the celebration is the “Sounds of ALAT” competition, which seeks to uncover talented musicians in the entertainment industry and provide them with a platform to showcase their creativity. The victorious entry will become ALAT’s official theme song, and the winners will receive cash rewards of up to five million Naira.

Furthermore, the bank is organizing a balloon hunt for its customers, challenging them to locate balloons spelling out “Wema” and “ALAT” in different locations and post photos on social media using a specific hashtag to stand a chance of winning more prizes.

The festivities will also encompass the launch of the upgraded ALAT for business, the digital bank application for a fully revamped ALAT for Business platform to revolutionise the way business owners manage their business transactions.

Mabel Adeteye, Head of Brand and Marketing Communication Department, expressed her delight about the upcoming anniversary and its events. She added that the bank would dedicate the week to digital services, giving customers the opportunity to experience the convenience of ALAT’s digital banking solutions.

“We’re thrilled to celebrate our anniversary with our staff, clients, and the general public. We believe that these events and competitions will provide everyone with an opportunity to participate in the celebration and enjoy ALAT’s innovative banking solutions.”

SEC Blacklists 6 Unregistered Online Trading Platforms

Business Journal

02/05/2023

The Securities and Exchange Commission (SEC) has blacklisted six online trading platforms in its latest crackdown on illegal and unregistered firms purporting to offer investment and finance services and products.

In a circular, the Commission stated: “The Commission’s attention has been drawn to the under listed e-commerce Companies and their websites offering online trading platforms to the investing public. They are not registered by the SEC Nigeria and the financial services offered by them are also not authorised.

The blacklisted firms include Prime Invest and “Primeinv.co, FXBoxed, New Finance LLC and New Fx Limited, Axi24, Evolve Consulting LCC and Trust Fund- Mining Global Pty Limited.

“Members of the public are advised to adopt the greatest diligence in making investment choices. In view of the above, the general public is hereby warned that any person dealing with the above-mentioned e-commerce websites is doing so at his or her own risk,” the SEC stated.

The SEC had earlier warned the public against patronising a set of firms blacklisted by Italy’s securities regulator, Commissione Nazionale per le Soecieta’ e la Borsa (CONSOB).

CONSOB had blacklisted five additional e-commerce websites for offering unauthorised and fraudulent financial services.

The blacklisted websites included CMS or capmarketstrategy.io, Bitsterzio, Invest Atlas, Ether-Arena Limited and Ether-Arena Limited operating under veneab.co.

CONSOB had ordered Internet Service Providers (ISP) operating in Italy to block public access to the blacklisted websites and called on prospective investors to adopt the greatest diligence in making investment choices.

Heirs Insurance Announces Senior Leadership Appointments, Corporate Name Change

Business Journal

02/05/2023

L-R: Japhet Duru, ED, Technical, Heirs General Insurance; Niyi Onifade, MD/CEO, Heirs Life Assurance; Tony Elumelu, CFR, Chairman, Heirs General Insurance and Heirs Holdings; Wole Fayemi, MD/CEO, Heirs General Insurance and Tosin Bayo-Yusuf, ED/COO, Heirs Life Assurance

Heirs Insurance Limited renamed Heirs General Insurance Limited
Wole Fayemi appointed Managing Director/CEO of Heirs General Insurance
Tosin Bayo-Yusuf becomes ED/COO at Heirs Life Assurance

Heirs Insurance companies – Heirs General Insurance Limited (formerly Heirs Insurance Limited), and Heirs Life Assurance (HLA) – have announced appointments to their senior leadership positions, as well as the name change of Heirs Insurance Limited to Heirs General Insurance (HGI).

The companies founded in 2021, have quickly established themselves as leading players in the Nigerian market, offering customer friendly, innovative products and services that simplify insurance and democratise access. Both companies typify Heirs Holdings’ trademark strategy of shaking up a sector, delivering value to customers and championing financial inclusion.

Heirs General Insurance announced the appointment of Wole Fayemi to the role of MD/CEO effective from Tuesday, May 02, 2023.

Wole Fayemi has over two decades of experience in the Nigerian insurance industry. Prior to joining HGI, he served as Executive Director, Technical, Old Mutual General Insurance, where he led the operations team to achieve top-line growth, re-organised the structural re-alignment of processes for higher efficiency, and drove the strategic direction of the operations team.

Commenting on the new appointment, Wole Fayemi said, “It is a privilege to take on this position. I have always been fascinated by the business track record of the Heirs Holdings Group and the significant impact Heirs General Insurance is making in the industry. I look forward to taking on this mantle of leadership and steering the company towards its next milestones”.

Speaking on the appointment, Tony O. Elumelu, CFR, Chairman, Heirs Holdings, parent company of Heirs General Insurance and Heirs Life, said: “Wole’s experience and vision for the insurance industry align with HGI’s mission. I have great confidence that he is the right leader for Heirs General Insurance, for the next phase of its business growth. His deep knowledge in the insurance industry and excellent business development skills will play an important role in the future of the company – driving business expansion and establishing the company as a 21st century insurer.”

The Board of Directors of Heirs Life Assurance has announced the promotion of Tosin Bayo-Yusuf to the position of Executive Director/Chief Operating Officer. Tosin’s appointment follows the retirement of Wasiu Amao, the former Executive Director, Technical.

Tosin Bayo-Yusuf has a cumulative 17 years of work experience in the Nigerian Insurance industry.

She joined Heirs Life in 2021 and has held several leadership positions as the Head, Individual Life Operations, and most recently, as the Head of Bancassurance, where she championed the bancassurance partnership with United Bank for Africa. She will support Heirs Life MD/CEO, Niyi Onifade, in driving the operations of the company.

Heirs General and Heirs Life companies reiterated their commitment and support to their regulators, National Insurance Commission, in increasing the insurance penetration across Nigeria and redefining the insurance experience for millions of Nigerians.

Both companies are subsidiaries of Heirs Holdings, a pan-African investment company with operations across twenty countries worldwide.

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