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2023: What’s the Peace Accord for?

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By Haniel Ukpaukure

Many years of faltering in Nigeria’s electoral process became such a matter for concern well-meaning citizens began to see the need to contribute in whatever way they could to enlist the country in the club of those where the success of a common and routine exercise like general election is taken for granted.

The National Peace Committee (NPC), headed by former head of state, General Abdulsalami Abubakar (rtd), is one of such efforts.

The committee, which has other prominent Nigerians like the Sultan of Sokoto, His Eminence, Alhaji Sa’ad Abubakar, Bishop Hassan Matthew Kukah, John Cardinal Onayekan and, lately, Alhaji Aliko Dangote and Femi Otedola, among others, as members, was conceptualized and set up in 2014 when the drumbeats of war as the country approached the 2015 general election sounded so loud there were doomsday predictions about Nigeria breaking up after the elections. The aim was to support peaceful, free, fair and credible elections in Nigeria.

In an experiment that was considered quite novel, NPC got the presidential candidates in that year’s election to sign a peace accord to abide by the outcome of the exercise. The experiment worked, especially with the unprecedented action of the incumbent president, Goodluck Jonathan, to concede defeat to Muhammadu Buhari, even before announcement of the result of the election was completed. The exercise was repeated in 2019 and, as it was four years earlier, it produced the desired result.

More than any other election in Nigeria’s chequered political history, the 2023 exercise is seen as one that would define the country’s future. It is going to be an election like no other. For two of the presidential candidates – Atiku Abubakar of the Peoples Democratic Party (PDP) and Bola Tinubu of the All Progressives Congress (APC) – winning the election appears to be a matter of life and death. It is the last chance for one, after many attempts; the one and only chance for the other. The first-of-its-kind monetization of the process that produced them as candidates for the forthcoming election attests to this assertion.

Quite unlike the two previous elections when peace accords were signed a few weeks to the election, the exercise, this time around, was carried out more than five months to the election, on Thursday, September, 2022 – one day after the official commencement of electioneering. This was so because NPC recognized, as other concerned Nigerians did, the hate speeches, verbal attacks and media war that seemed to prepare grounds for the commencement of campaigns.

And unlike in previous elections, this accord is about stemming hate speeches that could threaten the election. The accord for the acceptance of the outcome of the election is scheduled for February, before the election.

It is ironic that only one month into the electioneering, with four months to go before the election, the rate of hate speeches and attacks on individuals appear to be higher than it was before the peace accord was signed by people who pledged to run issue-based campaigns.

We have, so far, not heard speeches and statements that outline the strategies for solving the myriad of challenges the country is confronted with, beyond merely listing the challenges which every Nigerian knows. Does it mean these people do not understand what constitutes issue-based campaign?

It must be pointed out that spokespersons of the campaign organizations of the candidates, especially the three frontrunners – Atiku, Tinubu and Peter Obi of the Labour Party (LP) – are at the vanguard of the hate speech that currently characterizes the campaigns. And since they speak for the candidates, it is taken that the people who signed the Peace Accord (Kazim Shettima, Tinubu’s running mate, signed for the candidate) are the ones responsible for the hate speeches and attacks. Is this what we are going to see, going into the election? It makes you wonder what the accord was all about.

Festus Keyamo, Tinubu’s spokesman and Dele Momodu, his counterpart in the Atiku camp, have taken the attacks to a ridiculous and utterly shameful level by going for each other’s throat. People who should be busy selling their principals through well designed, crafted and delivered communication on the road map for getting the country out of its current sorry state are busy attacking each other. And their principals do not see the need to call them to order. It’s as if the presidency would go to the candidate with the ability to throw the largest quantity of mud at the other.

The candidates must understand that their utterances and behaviour constitute the impetus that drives their supporters to do whatever they like on the streets, especially at campaign rallies of other candidates. If they don’t moderate their utterances and focus on issues that would present them as capable of giving Nigerians a new country in 2023, how would the people trust them to accept the outcome of the election, even if they sign an accord to that effect? The impression should not be created that the peace accord has lost its meaning, significance and importance, since its debut in 2015.

Nigeria will exist beyond 2027. That is to say that after 2023, there will be another election. From the way the attacks are going on, one would think the scramble is to rule the country before it becomes extinct. Or is it the fear of dying and not fulfilling a life ambition?

We should worry only about the level of insecurity that clearly threatens the election – kidnappings, terrorism, banditry and the regular forms of criminality – which could potentially mar the election. Our fears shouldn’t include election violence instigated by candidates through their utterances.

The 2023 election is the event that presents the most opportune moment to change the course of Nigeria’s history. Politicians should not be the ones to thwart the effort of Nigerians to make that happen.

 

Ukpaukure, a media consultant and writer, lives in Lagos.

[email protected]

TotalEnergies Reports $10bn Income in Q3 Driven by LNG Business

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TotalEnergies has strengthened its balance sheet and doubled its profit in the third quarter of 2022 on a year-on-year basis, driven by its LNG business and higher gas prices due to the Ukraine crisis.

TotalEnergies revealed on Thursday that it recorded a net income of $9.9 billion in the third quarter of 2022 compared to $9.8 billion in the second quarter of 2022 and $4.8 billion in the third quarter of 2021. The firm also disclosed a new impairment of $3.1 billion related to Russia.

Patrick Pouyanné, CEO of TotalEnergies, commented: “In a context marked by an average Brent price of 100 $/b and an increase in gas prices exacerbated by Russia’s military aggression in Ukraine, TotalEnergies leveraged its integrated model, particularly LNG, to generate results in line with previous quarters.”

The French giant’s business segments benefited from higher oil and gas prices in 3Q 2022 with an adjusted net operating income of $10.3 billion compared to $10.5 billion in 2Q 2022 and $5.4 billion in 3Q 2021.

In line with this, the iGRP – integrated Gas, Renewables & Power – segment reported record adjusted net operating income of $3.6 billion this quarter, up $1.1 billion from the second quarter, and cash flow of $2.7 billion, “driven by an average LNG selling price up more than 50 per cent compared to the previous quarter and by the strong performance of its trading activities.”

On the other hand, TotalEnergies’ CEO explained that the firm’s Exploration & Production segment posted an adjusted net operating income of $4.2 billion and cash flow of $6.4 billion, “despite a decrease in production this quarter, mainly due to unplanned shutdowns at Kashagan.”

Furthermore, the company’s cash flow from operations was $17.8 billion in 3Q 2022, compared with $16.3 billion in 2Q 2022 and $5.6 billion in 3Q 2021. Pouyanné explained that TotalEnergies “continued to implement its growth strategy by taking a stake in the North Field South LNG project in Qatar.”

In pursuit of implementing its strategy to invest in low-cost and low-emission oil projects, TotalEnergies started production at the Ikike field in Nigeria and launched the Begonia oil project in Angola and the Fenix project in Argentina. In addition, the company confirmed a significant gas discovery within a block operated by Eni in Cyprus where the French giant holds a 50 per cent stake.

 

 

 

 

Agusto Upgrades Wema Bank Funding SPV Series II Bond to ‘Bbb+’, Stable Outlook

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Ratings agency Agusto & Co. has upgraded Wema Bank Funding SPV Plc’s Series II Bond to ‘Bbb+’, with a stable outlook, from the previous ‘Bbb’ score. The Issuer is a Special Purpose Vehicle (SPV) set up by Wema Bank Plc for the issuance of debt securities.

Agusto in its latest rating assessment released on Tuesday said it upgraded the rating of Wema Bank Funding SPV Plc’s Series II ₦17.7 billion seven-year fixed rate bond to ‘Bbb+’ as a result of significant improvement on key metrics of assessment.

‘‘The rating assigned to the bond is hinged on the Sponsor’s upgraded rating of ‘Bbb’ and is a notch higher given that 45% of the bond proceeds was invested in a 13.53%, 7-year Federal Government of Nigeria (FGN) bond and held in the custody of the Joint Trustees,’’ Agusto & Co. stated in the report.

It further noted that ‘Bbb+’ assigned Wema Bank affirmed the leading financial institution’s improved profitability, satisfactory asset quality and liquidity profile.

‘‘In the unlikely event of a default, this provides some recovery prospects. The upgrade in the rating assigned to Wema Bank reflects its improving profitability metrics, satisfactory asset quality and liquidity profile,’’ the report added.

Commenting on the report, Wema Bank’s Managing Director/Chief Executive Officer, Mr. Ademola Adebise, stated: ‘‘Wema Bank welcomes with excitement this latest positive assessment. This important rating adds to the series of positive outlooks that credible independent global ratings agencies have given to our bank which affirms the resilience of our bank as a stable financial institution. We are buoyed by these positive affirmations to recommit delivering innovative banking and financial solutions that foster inclusive growth for individuals and businesses, and more importantly pushing further Wema Bank’s frontiers as a major enabler of national economic growth.’’

Agusto & Co. explained that the rating validity for the bank subsists up until 10 September 2023, but noted, however, that constraining these positive factors are the elevated operating cost profile, the harsh regulatory environment and prevailing macroeconomic headwinds.

Wema Bank’s fascinating upward trajectory was acknowledged recently when it emerged as the best performing bank in the first half of year 2022 financial year with a weighted average score of 2.83 points ahead of 12 other banks.

The Nigerian banking performance HY 2022 prepared by Nairametrics showed that Wema Bank surpassed others on several key metrics including total asset growth, loan book growth, profit growth, cost-to-income ratio movement, and return on average equity.

In similar vein, global rating agency Fitch affirmed Wema Bank’s Long-Term Issuer Default Rating (IDR) at ‘B-‘ with a Stable Outlook, Viability Rating (VR) at ‘b-‘ and National Long-Term Rating at ‘BBB (nga)’, in July 2022. Amongst the key rating drivers (KRDs), Fitch stated that Wema’s IDRs were driven by its standalone creditworthiness, as expressed by its VR. The VR reflects Wema’s small franchise, high credit concentrations, aggressive loan and balance-sheet growth and funding weaknesses.

It also reflected good asset quality and expectation of a significant improvement in capitalisation and leverage, due to a material rights issue due to be concluded by end-2022.

 

Rosatom Empowered 1000 Girls in Eastern Cape Province

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As a strategic way to celebrate the October 11 International Day of the Girl Child and for the second year, Rosatom conducted a series of events to bring awareness to the unique challenges girls around the world face.

On October 19-20 1,000 girls from four East London’s schools – Aspiraza Primary School, Cranberry Primary School, Nontuthuzelo School and Pefferville School – were provided with personal care products sponsored by Rosatom Central and Southern Africa.

Rosatom along with the Families South Africa, a non-profit organisation specialising in relationship counselling, organised the event.

The hygiene products were supplied by Palesa Pads, which manufacture reusable hygiene pads with a shelf life of up to 5 years providing an affordable, reliable and environmentally friendly long-term solution.

The event was also supported by “Union of Women in Nuclear Russia” – a professional women’s community in the nuclear industry, uniting female specialists and residents of nuclear industry from 18 countries.

Rosatom women’s community promotes opportunities for professional and personal growth of women and girls, deals with career guidance for girls in STEM, provides a motivating environment for self-realisation and opportunities to discover their potential through global partnership, training, support in implementing projects to sustainable development.

The first Rosatom event to commemorate the International Day of the Girl Child took place a year ago, when the company held an inaugural event at Mpuluzi High School in Mayflower. As part of those events Rosatom also organise a discussion on female health and bringing health sustainability to the next level by providing comprehensive sexual and reproductive health and rights (SRHR) talk.

SRHR education is vital in preventing human trafficking, helping girls avoid pregnancy, and teaching young women to advocate for themselves.

Juanita Alexander, a Grade 7 math teacher from Pefferville School shared her thoughts on the concept: “As a school we are very thankful for this donation. I personally think this will make a huge difference especially to the community where we are. It means a lot for these girls and as some of them are coming from disadvantaged areas and they are not able to afford these sanitary products. Palesa Pads is providing sustainable solution that will last years and save those girls a lot of money. This will keep them at school.

“They also learned a lot of information on female health and hygiene today and I think it’s extremely important. We would like to thank the main sponsor Rosatom and Palesa Pads for this donation. We really hope to see more companies join these initiatives to fight period poverty!”

Access to good menstrual health is now recognised as a fundamental human right for the 800 million people around the globe. Not having access to a safe and hygienic way to deal with menstruation can have profound consequences, particularly on a girl’s education.

 

It is estimated that roughly 7 million South African girls on their period often miss one or more days of school, totaling up to 20 percent of the school year, and some drop out altogether.

“Providing safe menstrual health solutions can directly result in decreasing the dropout rates for South African schoolgirls thus increasing their contributions to the sustainability of their local communities. Most importantly, local communities are empowered to discuss issues around menstrual health without perpetuating harmful stigma. With access to safe hygienic products, they’re able to prioritize their education and focus on their future!” said Evdokia Polyakovskaya, Ambassador of Union of Women in Nuclear at Rosatom Central and Southern Africa.

 

About Rosatom

Rosatom is a global technological leader, with capacities in the nuclear sector and beyond, and business partners in 50 countries. As one of the pioneers of the nuclear industry, Rosatom has traditionally been at the forefront of the international nuclear market, including nuclear power plant construction, uranium mining and enrichment, and nuclear fuel fabrication and supply. Today, thanks to the unique expertise accumulated over 75 years, the company is conquering the markets of new promising high-tech products. Hydrogen energy, energy storage, nuclear medicine, wind energy, composite materials, logistics business, environmental solutions – in total, more than a hundred new businesses, which cement Rosatom’s standing among the leading tech giants.

The Rosatom business strategy is guided by the international sustainable development agenda. Rosatom makes a significant contribution to the achievement of the UN Sustainable Development Goals as a low-carbon electricity company, developing nuclear, hydrogen and wind energy. Annually, Russian-designed nuclear power plants prevent more than 210 million tons of greenhouse gas emissions, which is the main cause of climate change. The nuclear power plant being built by Rosatom in Turkey is the first nuclear project in history to receive a sustainable loan. In 2021, the company has placed its first issue of green exchange-traded bonds. Since 2020, ROSATOM has been a member of the UN Global Compact Network.

 

CBN Honours SystemSpecs, Others for Promoting eNaira 

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Mujib Ishola, Chief Technology Officer, Remita, receives an award from Mr Godwin Emefiele, the CBN Governor at the anniversary

The Central Bank of Nigeria (CBN) has recognised SystemSpecs, and presented it with an award as Nigeria’s leading fintech firm as the Payment Service Provider (PSP) of the year.

The award is in recognition of the company’s pioneering efforts in providing the first multi-use case for eNaira on its Remita platform.

The recognition formed part of the first anniversary celebration of the introduction of the eNaira.

CBN also singled out Flutterwave, Meemz Dinner, Crystal Plates, and Sahad Stores for recognition.

Aminu Mohammad Abba, Eze Chukwudi, and Abdullateef Abdulsallam were also specially acknowledged for their adoption and use of eNaira as individuals.

President Muhammadu Buhari formally launched the digital currency at the state house in Abuja on October 25, 2021.

Since its launch and deployment, eNaira has yielded key milestones, onboarded various use cases, and created a level playing field for banks, fintechs and other payment system ecosystem players.

Mr. Mreremi Atanda, the Managing Director and Chief Executive Officer of Remita Payment Services Limited (RPSL) commended the apex bank for the organisation of the event to commemorate the first anniversary of the eNaira.

“We are happy that our efforts are recognized by the regulators. We will continue to deepen the usage of the wallet on all our platforms to better serve our customers,’’ Atanda promised.

Remita was the first fintech company in Nigeria to provide multiple use cases for eNaira as it allows users to make and receive payments for diverse services and products.

The apex bank had earlier lauded SystemSpecs for this pioneering effort.

Speaking at the 286th Monetary Policy Committee (MPC) briefing, the CBN Governor, Mr Godwin Emefiele acknowledged that efforts were ongoing to promote the adoption of Nigeria’s digital currency.

He commended Remita for its pioneering role in promoting the use of eNaira for everyday use by citizens and businesses.

“Today, I am aware that people can use our eNaira on Remita.net to make purchases. You can pay for your DSTV subscriptions using eNaira, you can pay government bills, you can buy airtime and you can conduct a whole lot of transactions, using our eNaira.”

 

With a wide footprint in providing utility vending and payment services to thousands of SMEs, and private and public sector organisations, Remita has the potential to provide a major boost for the use of the digital Naira in Nigeria and beyond.

 

CBN: New Naira Notes Ready by December 15, 2022

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Press Remarks by CBN Governor, Godwin Emefiele on Issuance of New Naira Banknotes

Good afternoon- Ladies and Gentlemen, and welcome to this special press briefing of the Bank. We have called this gathering to inform relevant stakeholders and the general public of persisting concerns we are facing with the management of our current series of banknotes, and currency in circulation, particularly those outside the banking system in Nigeria.

As you all may be aware, currency management is a key function of the Central Bank of Nigeria, as enshrined in Section 2 (b) of the CBN Act 2007. Indeed, the integrity of a local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy are some of the hallmarks of a great Central Bank.

In recent times, however, currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country.

These challenges primarily include:

  • Significant hoarding of banknotes by members of the public, with statistics showing that over 80 percent of currency in circulation are outside the vaults of commercial banks;
  • Worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability;
  • Increasing ease and risk of counterfeiting evidenced by several security reports.

Indeed, recent development in photographic technology and advancements in printing devices have made counterfeiting relatively easier. In recent years, the CBN has recorded significantly higher rates of counterfeiting especially at the higher denominations of N500 and N1,000 banknotes.

Although global best practice is for central banks to redesign, produce and circulate new local legal tender every 5–8 years, the Naira has not been redesigned in the last 20 years.

On the basis of these trends, problems, and facts, and in line with Sections 19, Subsections a and b of the CBN Act 2007, the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels.

In line with this approval, we have finalized arrangements for the new currency to begin circulation from December 15, 2022. The new and existing currencies shall remain legal tender and circulate together until January 31, 2023 when the existing currencies shall seize to be legal tender.

Accordingly, all Deposit Money Banks currently holding the existing denominations of the currency may begin returning these notes back to the CBN effective immediately. The newly designed currency will be released to the banks in the order of First-come-First-serve basis.

Customers of banks are enjoined to begin paying into their bank accounts the existing currency to enable them withdraw the new banknotes once circulation begins in mid-December 2022. All banks are therefore expected to keep open, their currency processing centers from Monday to Saturday so as to accommodate all cash that will be returned by their customers.

For the purpose of this transition from existing to new notes, bank charges for cash deposits are hereby suspended with immediate effect. Therefore, DMBs are to note that no bank customer shall bear any charges for cash returned/paid into their accounts.

Members of the public are to please note that the present notes remain legal tender and should not be rejected as a means of exchange for purchase of goods and services.

We would like to use this opportunity to reassure the general public that the CBN would continue to monitor both the financial system in particular, and the economy in general, and always act in good faith for the achievement of the Bank’s objectives and the betterment of the country.

 

I thank you for listening.

 

Godwin I. Emefiele

Governor

FREE eSIM Offer: Another Market Beater from Smile

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Pioneer 4G LTE broadband service provider Smile Nigeria has introduced FREE eSIM into the Nigeria market with offer of 10 FREE off-net local minutes valid for 30 days.

The offer yields unlimited FREE on-net voice and SMS and a competitive out of bundle rate N9.20/min. Also, calls are charged per second with no hidden cost, no hidden charges, no call setup charge, no daily charge, no first-minute charge and no roaming charges abroad

Smile customers on unlimited FREE on-net calls only need to connect to a Wi-Fi network when abroad to pay local call rates when calling numbers in Nigeria. The customer can make and receive calls to and from any number in the world.

Also, the customer can make local and international calls at the lowest call rates with MySmile App with voice only plans and International MySmile App with voice plans. Just get a Smile number and you are primed to chat for FREE. Indeed, anyone on the service can always enjoy local call rates from wherever he travels to!

The FREE eSIM on MySmile App with voice plans ensures unlimited FREE on-net calls with no daily connection fee and no first-minute charge. The additional incentives for the customer include billing per second as the customer will have to pay for only what is used.

It offers the lowest local call rate in Nigeria with a range of voice plans. In it, there are no roaming fees when traveling abroad and the customer is obliged to pay local call rates on phoning Nigeria when abroad.

Vitally, no physical SIM card is required. The customer only needs to download the MySmile App with voice and activate their Smile number to make calls. Those desirous of making international calls (through bundle) can call home at local call rates and are assured that there are no hidden charges, no call set-up charge, no daily charge and no first minute charge.

The offer is open to all Smile customers and prospects in major Nigerian cities including Kaduna, Lagos, Abuja, Asaba, Onitsha, Ibadan, Port Harcourt and Benin. Customers who live offshore especially those who travel to countries with expensive call rates, when calling numbers in Nigeria will find in the offer an efficient cost saver.

It is an all-inclusive service to which even non-Smile customers can still benefit from and it is readily available. Customers can order online via. https://smile.com.ng/free-esim-unlimited-voice-sms.html. Visits can be made to any Smile outlet to get it activated.

Alternatively, customers can complete the online form and wait for a call from the customer care team via https://smile.com.ng/joinsmilewitheSIM.

 

 

 

CBN: New Naira Notes Ready by December 15, 2022

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Press Remarks by CBN Governor, Godwin Emefiele on Issuance of New Naira Banknotes

Good afternoon- Ladies and Gentlemen, and welcome to this special press briefing of the Bank. We have called this gathering to inform relevant stakeholders and the general public of persisting concerns we are facing with the management of our current series of banknotes, and currency in circulation, particularly those outside the banking system in Nigeria.

As you all may be aware, currency management is a key function of the Central Bank of Nigeria, as enshrined in Section 2 (b) of the CBN Act 2007. Indeed, the integrity of a local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy are some of the hallmarks of a great Central Bank.

In recent times, however, currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country.

These challenges primarily include:

  • Significant hoarding of banknotes by members of the public, with statistics showing that over 80 percent of currency in circulation are outside the vaults of commercial banks;
  • Worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability;
  • Increasing ease and risk of counterfeiting evidenced by several security reports.

Indeed, recent development in photographic technology and advancements in printing devices have made counterfeiting relatively easier. In recent years, the CBN has recorded significantly higher rates of counterfeiting especially at the higher denominations of N500 and N1,000 banknotes.

Although global best practice is for central banks to redesign, produce and circulate new local legal tender every 5–8 years, the Naira has not been redesigned in the last 20 years.

On the basis of these trends, problems, and facts, and in line with Sections 19, Subsections a and b of the CBN Act 2007, the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels.

In line with this approval, we have finalized arrangements for the new currency to begin circulation from December 15, 2022. The new and existing currencies shall remain legal tender and circulate together until January 31, 2023 when the existing currencies shall seize to be legal tender.

Accordingly, all Deposit Money Banks currently holding the existing denominations of the currency may begin returning these notes back to the CBN effective immediately. The newly designed currency will be released to the banks in the order of First-come-First-serve basis.

Customers of banks are enjoined to begin paying into their bank accounts the existing currency to enable them withdraw the new banknotes once circulation begins in mid-December 2022. All banks are therefore expected to keep open, their currency processing centers from Monday to Saturday so as to accommodate all cash that will be returned by their customers.

For the purpose of this transition from existing to new notes, bank charges for cash deposits are hereby suspended with immediate effect. Therefore, DMBs are to note that no bank customer shall bear any charges for cash returned/paid into their accounts.

Members of the public are to please note that the present notes remain legal tender and should not be rejected as a means of exchange for purchase of goods and services.

We would like to use this opportunity to reassure the general public that the CBN would continue to monitor both the financial system in particular, and the economy in general, and always act in good faith for the achievement of the Bank’s objectives and the betterment of the country.

 

I thank you for listening.

 

Godwin I. Emefiele

Governor

Access Bank Unveils N1bn Reward Promo for Customers

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Access Bank is rewarding its loyal customers with cash rewards and other reward items up to N1 billion for funding, transacting, maintaining, and increasing their deposits from October 2022 to November 2023 through the Access Winfest campaign.

The essence of this campaign is to promote a savings culture and efficient banking among Nigerians using alternative channels.

According to Victor Etuokwu, Deputy Managing Director, Retail, North, Access Bank, “Over the past two decades, Access Bank has continued to grow in every dimension, particularly its customer base, due to customers like you whose patronage, advocacy, and loyalty have remained unparalleled.” At Access Bank, we care most about how happy our customers are, and we hope to find more chances like this one to make their lives and the lives of many other Nigerians better.

We have a total reward of N1billion naira for you, our customers, whether you are a student, a business owner, a salary earner or an entrepreneur. Many lucky customers will receive cash rewards from the bank ranging from N5,000 to N5,000,000; airtime rewards; grocery baskets; Salary4Life; rent for a year; business grants; educational support; and many other types of rewards.

To get on board the winning train, simply increase the balance on your account, carry out transactions using our USSD code *901# and the accessMore app to pay bills, send money to loved ones, buy airtime, and make international money transfers, among other things.

Rob Giles, a Senior Retail Advisor at Access Bank, recently told the media at the campaign’s launch in Lagos that the idea behind it is to keep the bank’s promise to reward customers for their loyalty and continued business.

He also emphasized that it is simple to participate in the ‘Fund and Win’ campaign and be eligible to win between N5,000 and N5,000,000. Simply save up to a minimum of N25,000 or more every month in your savings or business account to earn a chance that qualifies you for a chance to win N5,000,000.00. You can also be one of the 1,000 lucky winners of N5,000 monthly. For every N25,000 you save, you get a ticket for the Mega draw and increase your chances of winning the grand prize in the ‘Fund and Win’ campaign.”

Rob’s words were echoed by Adaeze Umeh, Group Head of Consumer Banking at Access Bank. She said that the rewards campaign is just one of the many ways the bank adds value and meets the needs of its most loyal customers.

She also mentioned that Diamond Business Advantage (DBA) customers with outstanding monthly fees are not left out as they can fund with the equivalent of their accrued fees to enjoy a 100% waiver and stand a chance to be among the lucky 1,000 customers to win N5,000 in the monthly draw and qualify to win N5,000,000.00.

 

Apart from funding and maintaining accounts to qualify for the draw, customers who perform at least five (5) fee-earning transactions weekly will also qualify to win N5,000 monthly. Customers with an account balance below N1,000 can fund their accounts with a minimum of N2,000 to get their debit cards and transact at least five (5) times a week to qualify to win N5,000 monthly or the grand prize of N5,000,000.00.

Adaeze concluded her statement by highlighting that customer who already have or open a domiciliary account and fund it with at least $100 (or its equivalent) will also be eligible to win the grand prize of N5,000,000 and N5,000 in the monthly draw; this offer is available to both existing and new customers.

 

Access Corporation Acquires Sigma Pensions

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Access Holdings Plc, trading as Access Corporation today announces that the National Pension Commission (PENCOM) and the Federal Competition and Consumer Protection Commission (FCCPC) have granted their approvals to the proposed acquisition by First Guarantee Pension Limited (FGPL) and First Ally Asset Management Limited (First Ally) of the entire issued shares of Actis Golf Nigeria Limited (AGNL) and by extension Sigma Pensions Limited (Sigma). AGNL is the sole shareholder of Sigma.

The Corporation had recently announced its acquisition of majority equity stake in FGPL. It is intended, subject to the receipt of relevant regulatory approvals that the operations of FGPL and Sigma will be merged to create Nigeria’s fourth largest Pension Fund Administrator (PFA) by Assets Under Management.

Commenting on this landmark transaction, Dr. Herbert Wigwe, Group Chief Executive, Access Corporation, said:

‘Having concluded our divestment from the pension funds custody sector and our recent acquisition of FGPL, we are pleased with the progress we are making regarding our diversification and growth into the pension funds administration sector. We are particularly pleased to have reached this agreement with Actis. Our plan is to consolidate these entities to create a formidable pension funds administration business. The proposed consolidation will leverage the Corporation’s expansive distribution network, strong risk management culture and best-in-class governance standards to provide contributors with sustainable world class pension funds administration services.’

Speaking on the transaction, Natalie Kolbe, Non-Executive Director of Actis, said:

“Sigma has transformed during our partnership, and we are delighted that Access, a well-respected operator, is set to support the company across its next phase of growth. The market Sigma operates in is ripe for consolidation and I have no doubt that with such a capable backer, they will go from strength to strength.”

The Corporation will update the market in accordance with its disclosure obligations.

 

SUNDAY EKWOCHI

GROUP COMPANY SECRETARY

NCC Receives Cybersecurity Award, Seeks Safer Internet Usage

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L-R: Director, Public Affairs, Nigerian Communications Commission (NCC), Mr. Reuben Mouka; Chief Operating Officer, Halogen Group, Dr. Wale Adeagbo and Director, New Media and Information Security, NCC, Dr. Alhassan Haru during the presentation of the 2022 Cybersecurity Award for Best Public Sector Organisation to NCC at the maiden Cybersecurity Merit Awards 2022 organised by Cybersecurity Experts Association of Nigerian in Lagos at the weekend.

The Nigerian Communications Commission (NCC) at the weekend received a cybersecurity promotion award from the Cybersecurity Experts Association of Nigeria (CSEAN) and called on relevant stakeholders to join hands with NCC to promote safer Internet experience in Nigeria.

The award was conferred on the Commission in recognition of NCC’s sterling contributions to the protection of telecom consumers from all forms of cybercrimes. The conferment ceremony took place at the maiden edition of Cybersecurity Merit Awards (CMA-2022) organised by CSEAN in Lagos.

Receiving the 2022 Cybersecurity Award for Best Public Sector Organisation at the event, the Executive Vice Chairman of NCC, Prof. Umar Danbatta, who was represented by a delegation led by the Director, New Media and Information Security (NMIS), Dr. Alhassan Haru; and Director, Public Affairs, Mr. Reuben Muoka, thanked the orgainser for the recognition.

He told the audience that tackling the menace of cybercrime in the country has become even more imperative as the success of the implementation of digital economy policy and strategy depends on a strong foundation of cybersecurity architecture in Nigeria.

Danbatta said one of the key pillars of the National Digital Economy Policy and Strategy (NDEPS) 2020-2030, is Soft Infrastructure, which is premised on harnessing policy and regulatory initiatives to create an enabling environment that focuses on increased protection for users of digital products and services in the country. “The Commission is committed to ensuring that the Nigerian cyberspace is protected against the nefarious activities of cybercriminals that endanger unsuspecting Internet users in the country,” he said.

The EVC said it is in recognition of the strategic role the cyberspace plays in the advancement of digital economy that the Commission created NMIS department in charge of several activities, initiatives and programmes pivoted on collaboration to enhance cybersecurity and information security in the Nigerian cyberspace.

“We have continued to be part of the Internet Governance Forum (IGF), promote Child Online Protection as well as create awareness on cyber threats through the NCC’s Computer Security Incidence Response Team (CSIRT), which constantly monitors the cyberspace and publishes advisories on identified cyber threats,” the EVC said.

Danbatta said as the regulator of telecom sector, the main carrier of cyber communication, the NCC has leveraged NDEPS to work with relevant stakeholders to create an enabling environment where Internet users are able to navigate the cyberspace without being abused, attacked or losing money.

The Chief telecom regulator appealed to all stakeholders to join hands with the Commission in tackling every manifestation of cyber threat.

The CMA 2020 is organized to recognise individuals, startups, private businesses, Ministries, Department and Agencies (MDAs) of government, as well as state governments for excellence, innovation, and effective leadership in promoting cybersecurity ecosystem in Nigeria.

 

 

ExxonMobil Completes Russia Exit, Alleges Expropriation of Operation

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Exxon Mobil Corporation completed its exit from Russia, calling the departure an “expropriation” of its main Russian operation and potentially setting up a future legal challenge.

“With two decrees, the Russian government has unilaterally terminated our interests in Sakhalin-1 and the project has been transferred to a Russian operator,” an Exxon spokesperson said in a statement. “We have safely exited Russia following the expropriation.”

Exxon has been winding down production at Sakhalin-1 since May after announcing its intention to leave just weeks after Russia’s invasion of Ukraine earlier this year. The operation is hugely complex and produced about 227,000 barrels a day last year. It has multiple records for the longest wells ever drilled, uses ice breakers to maintain exports when the sea freezes over in winter and was regarded as an engineering marvel when it first started pumping in 2005.

In August, Exxon sent a “notice of difference” to Russian authorities after the Kremlin blocked the Texas oil giant from exiting Sakhalin-1, which is the first step toward filing a lawsuit against the country. “We made every effort to engage with the Russian government and other stakeholders,” Exxon said. The company expects about 700 employees to transfer to Sakhalin-1’s new operator.

OPEC to Unveil World Oil Outlook at ADIPEC Oct 31

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The 2022 OPEC World Oil Outlook (WOO) will be launched at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2022 in the United Arab Emirates (UAE) on Monday, 31 October 2022.

OPEC’s Secretary General, HE Haitham Al Ghais, along with OPEC experts, will present the major findings of the WOO 2022, as well as introduce a video with key messages from the publication’s 16th edition.

This will be followed by a panel discussion and Q&A with management and analysts from OPEC’s Research Division. The launch will also feature keynote remarks from Ministers and CEOs of oil companies.

First published in 2007, the WOO provides an in-depth review and analysis of the global oil and energy industries, and offers assessments of various scenarios in the medium- and long-term development of the oil industry.

The publication provides insights into the upstream and downstream, supply and demand, investments, the potential impact of policies, and issues related to environment and sustainable development. It also provides expert analysis of many of the challenges and opportunities facing the global oil and energy industry.
HE Al Ghais said: “The WOO is an indispensable reference tool that underscores the Organization’s commitment to impartial analysis, data transparency and the enhancement of dialogue and cooperation. This is extremely valuable given events in 2022, and the challenges and opportunities the energy industry will face in the years and decades ahead.”

ADIPEC 2022, held under the Patronage of His Highness Sheikh Mohamed Bin Zayed Al Nahyan, President of the UAE, is hosted by the Abu Dhabi National Oil Co (ADNOC). This year’s event focuses on helping the energy industry tackle the dual challenge of meeting today’s growing energy needs with fewer emissions, and investing in the systems of tomorrow.

This year’s publication will again be accompanied by a smart app to give increased access to the WOO’s vital analysis and energy data, as well as a comprehensive website version. More details on these will be provided when the publication is launched.

 

Emirates: 5 Ways for Families to Travel Smarter this Mid-Term

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As schools break for mid-term holidays and a peak travel period kicks off from the 14 October onwards, Emirates announces a myriad of ways to ensure a smooth and swift travel experience for families, including new updates to the Emirates app and digital check-in options.

All passengers are advised to arrive to the airport up to 3 hours before their flight and take advantage of Emirates’ multiple smart technologies to ensure seamless travel during the busy period.

  1. Plan everything on the Emirates App

Passengers are encouraged to download the Emirates app on their mobile phone to get all the flight details at their fingertips. Users can now track their baggage, as well as book and change flights, download a digital boarding pass for most destinations, check what meals will be served onboard, book their chauffeur drive service and even pre-select and plan movies to watch via the ice inflight entertainment- so that no time is wasted in getting the kids comfortable and happy onboard.

  1. Check in online, or remotely in Ajman

All passengers can check-in online 48 hours ahead of their flight using the online check-in option on www.emirates.com. In a few clicks, they can select a seat and preferred meal, and take advantage of any last-minute upgrade options. At the airport, it’s easy to drop bags at the dedicated baggage drop desks and download a digital boarding pass.

Those starting their journeys from Ajman can also take advantage of a 24‑hour City Check‑in at Ajman Central Bus Terminal. Passengers can check in up to 4 hours before the flight departs, present health documents, check in baggage and collect boarding passes, buy a bus ticket for AED 20 and head directly to Emirates Terminal 3, with regular bus departures throughout the day from 4am to 11.30pm. Upon arrival at the airport, travellers can simply continue through to their flight.

  1. Sort your luggage out in advance or check in from home

An excellent and complimentary option – especially for families travelling with children – is to drop luggage the night before travel. Passengers who are departing from Dubai can check-in early and drop off their bags to the airport 24 hours before departure, or 12 hours before departure if flying to the US or Tel Aviv, and then arrive to the airport and proceed directly to immigration.

Making travel swift and smooth, Emirates also offers a home check-in service in Dubai and Sharjah, fulfilled by DUBZ. DUBZ agents complete the check-in process in the customer’s home, hotel or office, and take the bags to the flight while customers are free to breeze through the airport later. Book and pay for the service at least 24 hours before the flight and passengers can proceed to the Airport check-in up to six hours before the flight departs. When a person books First Class, the home check-in service is complimentary.

  1. Self Check-in kiosks at the airport

A quick and easy option once at the airport are the self-check-in kiosks. Travellers can follow the steps on the touchscreen kiosk and complete the check-in process or operate the kiosk without touch using a mobile phone. It’s possible to view the travel itinerary, choose a preferred seat and add Emirates Skywards numbers, and if you’ve already checked in online, there is also an option to use the baggage drop area to check-in bags.

  1. Get smart with Biometrics

For First and Business Class customers departing Dubai, the Smart Tunnel at Dubai International Airport is a world-first for passport control, whereby passengers simply walk through a tunnel and are cleared by immigration authorities without human intervention or the need for a physical passport stamp. All it takes to register is a quick photo at check-in to capture facial data. Travellers can check-in, clear immigration, access the airport lounge in Concourse B, and board flights at selected gates purely by facial recognition or using their boarding pass.

Passengers can also register to use the Smart Gates at Emirates Terminal 3 and speed through Immigration every time they return to Dubai. If a UAE citizen or resident, passengers can use their passport, boarding pass or a valid UAE ID. Smart Gates can also be used by GCC national’s or a visa on arrival visitor with a biometric passport.

 

Polaris Bank: New Core Investor, New Board, New Vision!

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Polaris Bank is pleased to announce that it has been notified of the completion of a Share Purchase Agreement (SPA) for the acquisition of 100 percent of the equity in Polaris Bank by Strategic Capital Investment Limited (SCIL). As part of the change in ownership, SCIL has appointed a new independent Board of Directors to lead the bank’s growth strategy.

The new Board will be led by the existing Chairman M K Ahmad. He will be joined on the board by 6 non-executive directors and 3 executive directors, bringing extensive experience in the banking and wider financial services sector in Nigeria and internationally, and expertise in corporate governance, human resource management, law and regulation.

The incoming Board are:

Alhaji MK Ahmad (Chairman)
Mr Abubakar Danlami Suleiman (Non-Executive Director)
Ms Salma Mohammed (Non-Executive Director)
Mr Adeleke Alex Adedipe (Non-Executive Director)
Mr Ahmed Almustapha (Non-Executive Director)
Mr Francesco Cuzzocrea (Non-Executive Director)
Mrs Olabisi Olubunmi Odunowo (Non-Executive Director)
Mr Adekunle Sonola (Executive – MD/CEO)
Mr Abdullahi S Mohammed (Executive Director)
Mr Segun Opeke (Executive Director)

Commenting on the acquisition and board transition, Chairman of Polaris Bank, Alhaji M K Ahmad said: “I would like to thank the outgoing board members profusely for their hard work and dedication over the last four years as we have established a strong governance structure and stabilised the bank. I am very pleased with the progress we have been able to make, and that we have delivered on our mandate to prepare the bank for a return to private ownership. I am personally proud to have been asked to lead the bank into an exciting new future and I look forward to working with the new board and our core investors to build on the platform we have created.”

Speaking on behalf of SCIL, the new core investor, Adekunle Sonola, the incoming MD/CEO said: “We are excited to participate in the next phase of growth for Polaris Bank and to have been able to recruit such an experienced and diverse Board of Directors we are confident can lead Polaris Bank into a new era of sustainable growth. This is an exciting time for the Nigerian financial services industry and we are committed to building on the strong foundations that have been established by the departing board. We would like to express our thanks for their service and wish them well.

We have mandated the incoming management to develop an innovative, but sustainable growth strategy that prioritises the needs and aspirations of our current customers.”

 

About Polaris Bank

Polaris Bank was established by the Central Bank of Nigeria (CBN) on September 21, 2018, to offer commercial banking services to the Nigerian public.  The bank commenced services on the same day, having purchased the assets and assumed certain liabilities of the defunct Skye Bank.

With a footprint of over 253 branches across the country, Polaris Bank prides itself in delivering exceptional customer experience, leveraging best-in-class/state-of-the-art Information Communication Technology (ICT).  By focusing on ICT solutions across multiple service delivery channels (mobile banking, ATMs, POS and online platforms) Polaris Bank maintains a pivotal role in the Nigerian banking industry, providing customers with simple, convenient and secured banking services.
About Strategic Capital Investment Limited (SCIL). 

Strategic Capital Investment Limited (SCIL) is a special-purpose vehicle established by Ponglomerape Limited and Clotaire Investment Limited to acquire 100% of Polaris Bank with a focus on institutionalisation and technology driving the growth of the bank into a top ten Nigerian Bank in 5 years.

Ponglomerape is a diversified conglomerate and successful private investment group with investments in the real estate, agriculture, manufacturing and consulting sectors.

Clotaire is a private investment vehicle controlled by the founders of a leading West African private investment company with interests in a wide range of sectors.