NEXIM: Sealink Project Set for 1st Qtr 2023 to Counter Foreign Domination

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Business Journal

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20/09/2022

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Abubakar Bello

Managing Director/CEO

Nigerian Export-Import Bank (NEXIM)

Mr. Tayo Omidiji, the Deputy General Manager (DGM), Strategic Planning and Corporate Communications at the Nigerian Export-Import Bank (NEXIM), says that plans are at advanced stage by NEXIM to float a regional shipping line to address the challenges associated with relying on foreign ships.

Omidiji made the disclosure at the 2022 Annual Conference of the Finance Correspondents Association of Nigeria (FICAN) in Lagos with the theme “Boosting Domestic Capacity for Sustainable Export Earnings.”

Omidiji noted: “In order to have an efficient port operation, there has to be a regional shipping/carrier so that we do not continue to rely on foreign ones. Hence, the need for us to have our own shipping line. That is why we are working on our own shipping line called the Sealink Project.

He said by the first quarter of 2023, the Sealink Project will be in operation, adding that there is a huge need for more players to come into the domestic shipping sector.

“The idea was to raise funds but a series of things happened, first it was Ebola, we could not find a partnership agreement apart from their contribution in conceiving the idea. In terms of credit, we are quite advanced. We later thought of further expanding the scope of the project in addition to having a shipping project that allows moving our goods on international water. We also felt that we should find adequate scope in inland waterways for the project,” Omidiji further explained.

Meanwhile, an Assistant Director at the Nigerian Shippers Council (NSC), Mrs Adaora Nwonu, has stressed the need to fast-track the full automation of the country’s ports, explaining that this is crucial to boost its export.

She maintained that the cumbersome manual processing of export documents has been having negative impact on Nigeria’s export business, thereby inhibiting its forex inflow from non-oil exports.

According to her, there has been a significant improvement in the country’s ports with the introduction of the electronic call-up system by the Nigerian Ports Authority (NPA), which has reduced the gridlock that usually characterised Apapa Port and its environs and has reduced export time by almost 50 percent.

“We have advocated that we must automate. Automation is the key. When you automate, it takes care of all the arbitrary manual processes. So, we cannot run away from it” she said.

She added that the reduction in the number of government agencies physically present at the ports has also contributed to the current improvement in the country’s ports, noting that automation would further reduce the number of agencies needed at the ports, though the agencies at the ports have been reduced from 14 to 8.

Nwonu argued that the port clearing processes could be streamlined manually with the use of scanners at the ports and address the long manual processes, thereby shortening the time exporters and importers spend clearing their goods.

“We can’t run away from the fact that we need to automate our ports, our processes. We have been doing that to ensure port processes are seamless operations. We ensure documents are exchanged remotely in an automated manner. Every operator at the port right now must automate their processes. We can tell you that as at today, we are at about 60 percent completion. If we have the scanners for example, in less than five minutes, we scan and the data is shared with every other agency. That is what a scanner does.”

She urged the government to build hard and soft infrastructure at the country’s ports to make them competitive and to attract more foreign earnings into the country.

“We at the Shippers Council know that if we don’t export, we will perish. The more trade we facilitate, the more trade that will happen. So- having this at the back of our mind means that we are doing everything within our purview to ensure that we facilitate trade. The more trade we do, the more economic prosperity for us,” the NSC Assistant Director added.

NEM: ‘The Most Media-Friendly Insurance Company of the Decade’

By

Business Journal

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20/09/2022

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L-R: Mrs. Moji Teluwo, DGM, Corporate Affairs, NEM Insurance Plc receiving the NEM award: ‘The Most Media-Friendly Insurance Company of the Decade’ from Mr. Tim Akano, Managing Director/CEO, New Horizons Limited at the Business Journal Newspaper Public Presentation ceremony in Lagos recently. Mrs. Teluwo represented the GMD/CEO of NEM Insurance Plc, Mr. Tope Smart at the event.

NEM Insurance Plc was honoured with ‘The Most Media-Friendly Insurance Company of the Decade’ award at the recent public presentation of Business Journal Newspaper in Lagos in recognition of its timeless and unwavering support for the media.

Commenting on the development, Prince Cookey, Publisher/Editor-in-Chief of Business Journal said:

“NEM Insurance Plc under the distinguished leadership of Mr. Tope Smart is without doubt one of the most media-friendly insurance companies in the country today. In the past decade and more, NEM has carved a niche as a beacon of hope and pillar of support for media professionals, especially the insurance media in the area of business support and respect for professionalism. NEM is always there for us at all times and in every season. We are deeply grateful to NEM Insurance Plc and Mr. Tope Smart for being such a great friend of the media in Nigeria.”

NAICOM Honoured with Award at Business Journal Newspaper Presentation

By

Business Journal

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20/09/2022

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L-R: Mrs. Adeola Olagoke, representative of the Lagos State Commissioner for Information & Strategy presenting the NAICOM Award to Mr. Rasaaq Salami, Deputy Director, Corporate Communications & Market Development at the National Insurance Commission (NAICOM) at the Business Journal Newspaper Public Presentation ceremony in Lagos recently. Salami represented the CFI/CEO of NAICOM, Mr. O. S. Thomas at the event.

The National Insurance Commission (NAICOM) was honoured with award at the recent public presentation of Business Journal Newspaper in Lagos as ‘The Most Media-Friendly Regulator of the Decade’ in appreciation of its legendary support for the media in Nigeria.

Commenting on the development, Prince Cookey, Publisher/Editor-in-Chief of Business Journal said:

“NAICOM remains one of the most media-friendly regulators in Nigeria today. Over the years, the Commission has impacted positively on media professionals in terms of recognition, business support and capacity building. More importantly, the Commission recognises the key importance of the media in all of its programmes and strives as much as possible to carry members of the media along. We remain indebted to the Management of NAICOM for such deep support running from one administration to another.”

NCC, Danbatta Honoured with Awards at Business Journal Newspaper Presentation

By

Business Journal

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20/09/2022

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L-R: Mr. Rasaaq Salami, Deputy Director at the National Insurance Commission (NAICOM) presenting the NCC Award to Mrs. Nnenna Ukoha of NCC at the Business Journal Newspaper Public Presentation ceremony in Lagos recently. Salami represented the CFI/CEO of NAICOM while Ukoha represented the EVC/CEO of NCC at the event.

The Nigerian Communications Commission (NCC) and Professor Umar Danbatta, Executive Vice-Chairman/CEO of NCC were honoured with awards at the recent public presentation of Business Journal Newspaper in Lagos.

While the NCC received the award of ‘The Most Media-Friendly Regulator of the Decade’ in appreciation of its legendary support for the media in Nigeria, Danbatta was honoured as the ‘Telecom Development Man of the Decade’ as a recognition of his giant strides in telecom development in the country.

Commenting on the development, Prince Cookey, Publisher/Editor-in-Chief of Business Journal said:

“The NCC remains one of the most media-friendly regulators in Nigeria today. Over the years, the Commission has impacted positively on media professionals in terms of recognition, business support and capacity building. More importantly, the Commission recognises the key importance of the media in all of its programmes and strives as much as possible to carry members of the media along. We remain indebted to the Management of NCC for such deep support running from one administration to another.”

SEC, BOI, UBA Pledge Commitment to Growth of Non-Oil Sector

By

Business Journal

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19/09/2022

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The Securities and Exchange Commission (SEC) has reiterated its commitment to developing the commodities ecosystem in Nigeria to boost its non-oil sector.

The Director-General of SEC, Lamido Yuguda, stated this at the 2022 annual conference of the Finance Correspondents Association of Nigeria (FICAN), held in Lagos over the weekend, with the theme ‘Boosting Domestic Capacity for Sustainable Export Earnings’.

Yuguda who was represented by the Director, Lagos Zonal Office of the Commission, Hafsat Rufia, noted that development of the commodities ecosystem would help the country achieve its quest for sustainable foreign exchange earnings and economic development.

The Commission’s boss said, “We believe that implementation of the roadmap for a vibrant commodities’ trading ecosystem in Nigeria by the Commission will support development of the agricultural sector and diversification of the Nigerian economy and, ultimately, advance the country towards attaining sustainable foreign exchange earnings.”

He added that it is imperative that the country focuses on all the sustainable foreign exchange earning avenues of the capital market for support over the medium to long term.

“We must, therefore, leverage on the capital market through the commodities ecosystem, the equity and bond markets to develop and exploit all the potential sources of forex.”

According to data from the National Bureau of Statistics, the total value of capital importation into Nigeria in the second quarter of 2022 stood at $1.535 billion. The largest amount of capital importation was received through portfolio investments, which accounted for 49.33 per cent ($757.32 million). Foreign Direct Investments (FDI) accounted for 9.58 per cent ($147.16 million) while Other Investments stood at 41.09 per cent ($630.87 million).

The largest amount of portfolio investment went to money market instruments – 55.8 per cent ($422.56 million). Bonds followed with 42.5 per cent ($322.04 million) and Equities accounted for 1.68 per cent ($12.72 million) of portfolio investment in Q2 2022.

The SEC DG stated that the Securities and Exchange Commission continues to advocate for a unified foreign exchange rate in order to attract more foreign portfolio investments into the country, adding “We appreciate the efforts of the Central Bank of Nigeria in exchange rate management and will support in whatever way we can to enable achievement of the objective of exchange rate stability.”

Representing the Managing Director and Chief Executive Officer of Bank of Industry (BoI), Mr. Olukayode Pitan, the Project Officer, Ominiaboh Uyoyou Jermila, said the national budget is heavily reliant on the revenue generated from the oil sector, lamenting that since the 70s, the focus on oil as a major source of foreign exchange has negatively impacted growth in the non-oil sector and has led to decline in its contribution to foreign exchange earnings.

He noted that, nonetheless, the non-oil sector contribution to GDP has been significant, pointing out that during the 2008 global financial crisis the non-oil sector helped to absorb extra natural shocks caused by the declining oil revenue.

He explained that sectors such as telecommunications, ICT, trade, industry and agriculture were critical to the economic recovery from the 2008 financial crisis and have remained so following the twin economic recession in 2016 and 2020.

Pitan said this has highlighted the need for economic diversification, which has become a significant point in national and policy-making imperatives, though with varying degrees of success.

He added that boosting exports earnings has become more important given the naira devaluation and shrinking foreign exchange reserves.

As a result of this, he said the government has made more concerted efforts to focus on the non-oil sector for the increase and efficient collection of customs duties and other taxes.

Pitan noted that while there have been a lot of government policies and initiatives to encourage non-oil exports, especially among small and medium scale industries, the performance of the sector is still likely to be below par due.

He attributed this to the challenges of low inputs, dependencies on primary inputs and entrepreneurial nature of basic industry, policy inconsistencies, insufficient skilled manpower, high lending rates, among others. He added that BoI has provided financial assistance for the establishment of large, medium and small projects, as well as expansion, diversification and modernisation of existing enterprises.

The Deputy Managing Director, United Bank for Africa, Muyiwa Akinyemi, in the same vein, noted that the discovery of crude oil brought a shift that has made the country to majorly depend on the oil sector to the neglect of other sectors.

According to him, this made the economy susceptible to fluctuations in revenue, occasioned by the usual instability associated with the prices of crude oil in the international market.

“Successive governments have made differing efforts at diversifying the revenue sources of the economy by promoting non-oil export trade which cumulatively impacts on overall economic growth”, Akinyemi said.

On some of UBA’s key interventions to facilitate export, he mentioned that the bank had developed a $200 million non-oil export trade financing programme to bridge working capital requirements of SMEs/commercial exporters at concessionary interest rate and favourable collateral structure and provided project and structured trade financing to enhancing export capacities of manufacturing.

NCC, NAICOM, LASG, Experts Identify Importance of Media in National Development, Seek Adoption of AI

By

Business Journal

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19/09/2022

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L-R: Maureen Chigbo, President, Guild of Corporate Online Publishers (GOCOP); Mrs. Adeola Olagoke, rep. Lagos State Commissioner for Information & Strategy; Dr. Biodun Adedipe; Prince Cookey, Publisher/Editor-in-Chief, Business Journal; his wife, Mrs. Perpetua Cookey; Mr. Rasaaq Salami, Dep. Director, rep. CFI/CEO of NAICOM; Mrs. Nnenna Ukoha, rep. EVC/CEO of NCC and Tim Akano, MD/CEO, New Horizons Limited at the official launch of Business Journal Newspaper in Lagos over the weekend.

Experts who gathered at the public presentation of Business Journal Newspaper over the weekend in Lagos have identified the important role of the media in national development, urging media practitioners to adopt Artificial Intelligence (AI) to enhance their capacity for sustainable growth and profitability.

The Keynote Speaker, Prof. Umar Danbatta, the Executive Vice Chairman/Chief Executive Officer, Nigerian Communications Commission (NCC), in delivering the theme of the event, “The Media in National Development: Successes, Challenges & Prospects” highlighted the importance of the media and its contributions to national development.

Danbatta said: “The media no doubt has been the bastion of entrenching good governance and promoting development in the country. The media in Nigeria has principally played the protagonist role to midwife the path of the liberalisation of the telecom sector in Nigeria. We cannot, for instance, forget the contribution of the Nigerian media which includes the dedicated information and communication and technology pages in our national dailies and numerous related programmes of the electronic media which comprises the radio and television. The media have indeed paid their dues in initiating government policies in support of the growth of the sector.”

Danbatta who was represented by Mrs. Nnenna Ukoha, Head, SIM Registration Project at the NCC, noted that “the objective of development communication entails the media to carry out development tasks within the ambit of the society as well as advocating the essence of why the society should develop.”

The media, he said, “will continue to remain a veritable channel for the wide range of development campaigns which the NCC has effectively used. The media has also facilitated the achievement of government developmental goals and kept the public abreast of the state of development in the society.

The practitioners, therefore, must maintain ethics, standard, integrity, and ensure that professionalism and development guide editorial policy and conduct. The media has always played a double-edged role which will either enhance or derail national development.”

Danbatta enjoined the Nigerian media “to continue to carry out positive development tasks in line with national established policies and national ethics which are discipline, integrity, dignity of labour, social justice, religious tolerance, self-reliance and patriotism as stipulated in Sections 23 and 24 of the 1999 Constitution as amended,” adding that “the media should be socially responsible in carrying out developmental tasks in a manner that fosters national development and such developmental goals should be based on a bottom-top approach,” aimed at improving quality of all aspect of peoples’ lives ranging from economic, political, socio-culture and even technological strength.

In carrying out national development initiatives, the NCC boss charged that “the media shall at all times be free to uphold fundamental objectives contained in the Constitution by holding the government responsible and accountable to the people.”

Speaking on the topic “AI In Journalism: Where Is The Media Headed & What Becomes of Journalists?, Mr Tim Akano, Managing Director/Chief Executive Officer, New Horizons Limited, emphasised the need for media practitioners to take advantage of the opportunities offered by Artificial Intelligence (AI) to remain relevant even as he called for the immediate establishment of www.Journalism AI.ng immediately with a view to making the benefits of AI more accessible and counter inequalities in the global news media.

Artificial intelligence (AI), according to him, is the simulation or hacking of human intelligence processes by machines, especially computer systems, noting that as of 2020, over 40 percent of the top 70 news organisations worldwide used AI in the media.

Akano said: “Artificial Intelligence is the biggest disruptor of the Creation, Production, Distribution, Consumption, and Archiving of news Products and Services.

The functions of AI, according to Akano, include monitoring, discovering, predicting, interpreting and interactions while the benefits amongst others include improvement of the quality of engagement and programming based on customer interest, trends, and scenarios; Machine Learning can recommend personalised content based on user data on preferences. Matchmaking the right content with the right audience; Cognitive AI can help increase customer engagement and satisfaction; AI applied to video content helps to conduct visual analysis that tracks & captures emotions instantly and facilitates content; AI facilitates accuracy, speed, and efficiency Real-time analytics determine the ideal advertisements for the audience.

He said the new curriculum for Journalism that mirrors today’s realities is required urgently in schools, urging that publishers should embrace Platforms by “meet your audience where they are.”

He enjoined publishers to ‘publish at the convenience of the readers, not the newsroom; convert casual free readers to loyal partners who pay and recommend your content to others; experiment with different monetization strategies; embrace diverse strategic partnerships; integrate and encourage Mobile Journalism; be Data-Driven in your Decision-making; marry the AI Beast before it pushes you to join the rank of useless humans whose population is presently estimated at three (3) billion worldwide by the World Economic Forum (WEF).”

Earlier in his remarks, the Chairman of the Occasion and Commissioner for Insurance/Chief Executive Officer, National Insurance Commission (NAICOM), Mr. Olorundare Sunday Thomas, represented by Head, Corporate Communication and Market Development, NAICOM, Mr. Rasaaq Salami, said Business Journal coming out as a tabloid is going to add value to the system.

“We know that information is key and when we have a credible medium through which we disseminate this information, the people are better informed. Beyond the traditional role of the media which is to entertain and educate, I believe Business Journal has served this purpose in the past and I believe it can improve on whatever they have been doing,” Rasaaq added.

While congratulating Prince Cookey for achieving this feat, he said Business Journal has done well from being a magazine at inception, adding an online version and now creating a tabloid segment. He promised the Commission’s support for the success of the publication.

Earlier in his remarks, the Commissioner of Information and Strategy, Lagos State, Mr. Gbenga Omotosho who was represented by the Assistant Director, Public Affairs, Mrs. Adeola Olagoke, commended the publisher of Business Journal Newspaper, Prince Cookey, for the publication which she said will bridge the gap of information dissemination in Lagos State and the country at large and pledged government’s readiness to support the publication.

In his opening remarks, the publisher of Business Journal Newspaper, Prince Cookey, said the vision of the newspaper is to be the largest media outfit in Africa, delivering value to readers, advertisers and other key stakeholders through both online and print services.

“We started off in 2018 as a magazine, added the online platform and today, we are showcasing the tabloid as a newborn baby. We have already started and no matter the challenges and obstacles, with God on our side, we believe strongly that we shall achieve our dream,” Cookey said.

While thanking all the companies and individuals that supported the company so far, he appealed to them for more support.

NCC Commits to Bridging Digital Gender Divide, Danbatta Bags ‘Icon of Digital Revolution Award’

By

Business Journal

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17/09/2022

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The Nigerian Communications Commission (NCC) has reiterated its unwavering commitment to bridging growing gender-oriented digital divide to accelerate inclusive economic prosperity for all Nigerian citizens.

Executive Vice-Chairman of the Commission, Prof. Umar Garba Danbatta who restated this commitment in Lagos at the 2022 Nigerian Women Entrepreneurs and Executives in Tech Summit (WEETS) where he was conferred with the ‘Icon of Digital Revolution Award’ for his role in stimulating digital connectivity in Nigeria, said promotion of gender equality is a major component of ICT development.

He noted that the gender dimensions of ICT, manifests in access and use; capacity-building opportunities; employment and potential for empowerment, and that all these dimensions need to be explicitly identified and addressed, to leverage on technology and communication as powerful catalysts for political, economic, and social empowerment of women, and the promotion of gender equality.

Speaking to the theme of the event, “Reskilling Women and Girls to Thrive in the Digital Economy”, Danbatta, who was represented by NCC’s Head, Digital Media Management, Nafisa Usman Rugga, said the theme resonates deeply with the drive by the Federal Government to ensure an all-inclusive digital economy that drives the strategic vision plan of the Commission.

He expressed his appreciation to organisers, Techlife Media and Communications Limited, a Lagos-based media organisation, for the iconic recognition for his contribution to Nigeria’s digital progression which is an encouragement that he would dedicate to the entire NCC team of professionals that are dedicated to the digital revolution in the country.

Danbatta commended the organisation for holding forth its annual gathering that pivots discussions on promotion of digital access, skills and knowledge among the women and girls in Nigeria.

He indicated that one of the ways through which the Commission strives to achieve an inclusive growth, is through increased digital connectivity to all, regardless of gender and other accidental circumstances, and that the Commission has continued to play a front-seat role in driving the implementation of the National Digital Economy Policy and Strategy (NDEPS), 2020-2030; the Nigerian National Broadband Plan (NNBP), 2020-2025; and related policies aimed at deepening connectivity for all citizens, thereby bridging digital gender disparity.

“The NCC has put in the front burner the need to expose girls and young women to more opportunities in the digital ecosystem, in line with the International Telecommunications Union (ITU) resolution 70, which advocates gender mainstreaming and promotion of gender equality, as well as the empowerment of women through information and communications technology (ICT), and we are fully committed to this,”, Danbatta said.

The organisers, while justifying the reason for conferring the award on Nigeria’s chief telecom regulator, stated that after“ reviewing the criteria set for the award, we reckon that Prof. Danbatta deserves the award for blazing the trail in accelerating digital revolution in Nigeria, especially with the historic auction of 3.5 GHz spectrum in a fair, transparent, and credible manner, and considering the various initiatives embarked upon by the Commission under his leadership, to inspire girls and women to play active roles in the evolving global digital economy.”

SPECIAL INVITATION to Business Journal Public Presentation Tomorrow!

By

Business Journal

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15/09/2022

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The Board, Management & Staff of Business Journal (online-magazine-newspaper) have the pleasure to invite decision-makers/regulators in the public sector, professionals in the Organised Private Sector (OPS) across various sectors and the general public to the Public Presentation of Business Journal Newspaper set for tomorrow (Friday, September 16, 2022) at Radisson Hotel (former Protea), 42/44, Isaac John Street, GRA, Ikeja.

The time is 10.00 am prompt!

The event would be Chaired by Mr. O. S. Thomas, the Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) while Professor Umar Danbatta, Executive Vice-Chairman/CEO, Nigerian Communications Commission (NCC) will deliver the keynote address on: The Media in National Development: A Case Study of the Telecom Revolution in Nigeria.

Mr. Tim Akano, Managing Director/CEO, New Horizons Limited will also deliver a paper on: Digital Challenge: Media in the Age of AI, Cloud and Robotics while renowned economist and financial expert, Dr. Biodun Adedipe will review the preview edition of Business Journal newspaper.

The corporate bodies supporting the event include: The Nigerian Communications Commission (NCC), Central Bank of Nigeria (CBN), National Insurance Commission (NAICOM), NEM Insurance Plc, Polaris Bank Limited, African Alliance Insurance Plc and Guinea Insurance Plc etc.

Commenting on the development, Prince Cookey, Publisher/Editor-in-Chief of Business Journal said:

“We are already in the spirit of the countdown to the public presentation of Business Journal newspaper and we have the honour to invite all stakeholders in the insurance sector and beyond to the event. We are indeed grateful to these organisations for their great support. We look forward to a great event on Friday, September 16, 2022.”

GOCOP to Host Luncheon with Media Specialists, Advertisers, Others Oct 5

By

Business Journal

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14/09/2022

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As a prelude to her annual conference on October 6, 2022, the Guild of Corporate Online Publishers (GOCOP) has concluded plans to host media managers in both private and public sector to a business lunch on Wednesday, October 5 at Sheraton Hotel, Ikeja, Lagos by 12 noon.

A statement issued by Mr. Remmy Nweke, Publicity Secretary of GOCOP, said the luncheon was specifically to provide a relaxed atmosphere for networking and active engagement between members of GOCOP and the media managers of corporate organisations, states and federal government, ministries, departments and agencies.

“All image and perception managers including chief press secretaries, commissioners for information, corporate communications employees of parastatals, ministries, agencies, financial institutions, manufacturing and service sectors; advertising and public relations practitioners are expected at the event.

“The luncheon highlights the seriousness and commitment of GOCOP to partner with major actors in the public and private sectors as well as international agencies,” the statement said.

Already, activities have heightened for a successful hosting of this year’s conference themed “2023 Elections: Managing the Process for Credible Outcome” which will feature prominent stakeholders in the polity, civil society organisations, security, judiciary, media, among others.

This year’s conference which will be holding barely five months to the 2023 general elections and one week into the official commencement of campaigns by political parties will provide a roadmap for political actors and the various publics on the need to play by the rules and conform to acceptable electoral behaviour, GOCOP said.

This year’s conference is the 6^th in the series.

Speakers at previous conferences include: Rev. Matthew Hassan Kukah, the Bishop of the Catholic Diocese of Sokoto who delivered the 2019 lecture on “Economy, Security and National Development: The Way Forward”. In 2021, Mr. Boss Mustapha, Secretary to the Government of the Federation keynoted the Conference in his capacity as Chairman of the Presidential Task Force on Covid-19. He spoke on: “Post Covid-19 Pandemic: Recovery and Reconstruction in Nigeria.”

“The choice of this year’s theme was informed by contemporary political, economic, security and socio-cultural challenges facing Nigeria ahead of a very critical general election.

“The conference will bring together many policy and decision makers from the private and public sectors as well as scholars, non-governmental organizations and the media”, the statement said.

The statement said the Guild was mindful of the current state of the nation, especially in an election year, hence it chose to focus on the forthcoming elections.

NAICOM, PenCom, NIA, LCCI Leaders for 2022 NAIPCO Conference

By

Business Journal

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14/09/2022

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The 2022 edition of the annual National Conference of the National Association of Insurance and Pension Correspondents (NAIPCO), is now set to hold on Thursday, November 3, 2022 at Oriental Hotel, Lekki, Victoria Island, Lagos.

Accordingly, experts as well as stakeholders in the financial services sector will converge to deliberate on how insurance and pension fund operators can bring the Small and Medium Scale operators into micro insurance and pension businesses.

The Conference which is the seventh edition in the series has the theme: “On-boarding Small and Medium Scale Enterprises into Micro Insurance and Pension Space in Nigeria.”

The Chairman of the occasion is Eng. Cyril Ajagu, a major investor in the financial services industry as well as oil and gas sector while the Director General, Lagos Chamber of Commerce and Industry (LCCI), Dr. Mrs. Chinyere Almona, will be the keynote speaker even as the Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Mr. Sunday Thomas, and Director General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, will be Special Guests.

The Chairman, Nigerian Insurers Association (NIA), Mr. Segun Omosehin; Chairman, Pension Fund Operators Association of Nigeria (PenOp), Olumide Oyetan; among others; have confirmed their presence at the event.

The event will also be graced by experts and stakeholders from the insurance and pension sectors as well as the financial services sector such as Lagos State Pension Commission (LASPEC); Chartered Insurance Institute of Nigeria (CIIN); Nigerian Insurers Association (NIA); Nigerian Council for Registered Insurance Brokes (NCRIB); Professional Insurance Ladies Association (PILA); Institute of Loss Adjusters of Nigeria (ILAN); Pension Funds Operators Association of Nigeria (PenOp); Association for Registered Insurance Agents of Nigeria (ARIAN); College of Insurance and Financial Management (CIFM) and Small and Medium Enterprise Development Association of Nigeria (SMEDAN) etc are also expected at the event.

Others expected are: Nigeria Union of Pensioners; Trade Union Congress; People Living with Disabilities; Barbers, Hairdressers, Market Men and Women, Vulcanizers, etc.

The event will also feature the unveiling of NAIPCO New Name and Logo to stakeholders in both sectors of the economy.

Speaking on the conference, Chairperson of NAIPCO, Mrs Nkechi Naeche-Esezobor, noted that the theme of the conference is apt as the SMEs sector has been the main driver and engine of growth of the Nigerian economy, and being the sector with the highest employers of labour, needs all the support to enable it continue to contribute significantly to the economy.

“Incidentally, the larger population of operators and employees in this space are left unattended to, with a lot of them not benefiting at all from the nation’s financial inclusion project, and this therefore underscores why the microinsurance and micropensions players should see this group as a growth asset,” Nkechi added.

According to her, experts, stakeholders and the general public will converge on the conference to proffer solutions on the way forward.

Also speaking, Chairperson, 2022 NAIPCO Conference Planning Committee, Mrs. Iyabo Ogunjuyigbe disclosed that the conference promises to meet and surpass expectations as consumer groups will also be present to voice their concerns about insurance and pension services.

She noted that the conference would be a convergence point for insurance and pension operators and the public that needs information on how the two concepts can better their lives and enhance financial inclusion.

First Bank, AIICO CEOs Lead Media Performance Audit in Aug

By

Business Journal

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14/09/2022

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An independent analysis of the media performance and prominence of the CEOs of Nigerian Commercial Banks and Insurance Companies for the month of August 2022 was conducted by the leading Media Intelligence and Public relations audit agency, P+ Measurement Services.

Through detailed media data gathering, analysis, and audit of salient valid PR metrics of 27 Commercial Banks and top 10 leading Insurance companies. The reports ranked the top CEOs (Commercial Banks and Insurance) prominent in the Online and Print media.

According to the analysis, the MD of First Bank of Nigeria, Adesola Adeduntan sits at the top of the leaderboard with a 44% media share. Following closely is Yemisi Edun of First City Monument Bank (FCMB) with 23%, while Ademola Adebise of Wema Bank and Abubakar Suleiman of Sterling Bank completed the chart with19% and 14% respectively.

In the insurance sector, the media performance audit report revealed, that the MD of AIICO Insurance, Babatunde Fajemirokun had the most media exposure with 45% followed by Eddie Efekoha of Consolidated Hallmark Insurance with 17%, Kunle Ahmed of AXA Mansard with 14% and Tunde Hassan- Odukale of Leadway Assurance 11% media exposure.

NCC, CBN, Polaris Bank, NAICOM, NEM for Business Journal Presentation Sept 16

By

Business Journal

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14/09/2022

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The Nigerian Communications Commission (NCC), Central Bank of Nigeria (CBN), National Insurance Commission (NAICOM), NEM Insurance Plc, Polaris Bank Limited, African Alliance Insurance Plc and Guinea Insurance Plc are amongst the blue-chip organisations supporting the public presentation of Business Journal Newspaper set for Friday, September 16, 2022 at Radisson Hotel (former Protea), 42/44, Isaac John Street, GRA, Ikeja.

The event would be Chaired by Mr. O. S. Thomas, the Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) while Professor Umar Danbatta, Executive Vice-Chairman/CEO, Nigerian Communications Commission (NCC) will deliver the keynote address on: The Media in National Development: A Case Study of the Telecom Revolution in Nigeria.

Mr. Tim Akano, Managing Director/CEO, New Horizons Limited will also deliver a paper on: Digital Challenge: Media in the Age of AI, Cloud and Robotics while renowned economist and financial expert, Dr. Biodun Adedipe will review the preview edition of Business Journal newspaper.

Commenting on the development, Prince Cookey, Publisher/Editor-in-Chief of Business Journal said:

“We are already in the spirit of the countdown to the public presentation of Business Journal newspaper and we have the honour to invite all stakeholders in the ICT, media, banking, insurance sectors and beyond to the event. We are indeed grateful to these organisations for their great support. We look forward to a great event on Friday, September 16, 2022.”

NAICOM, NEM, African Alliance, Guinea for Business Journal Presentation Sept 16

By

Business Journal

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14/09/2022

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The National Insurance Commission (NAICOM), NEM Insurance Plc, African Alliance Insurance Plc and Guinea Insurance Plc are amongst the blue-chip organisations supporting the public presentation of Business Journal Newspaper set for Friday, September 16, 2022 at Radisson Hotel (former Protea), 42/44, Isaac John Street, GRA, Ikeja.

Others include the Nigerian Communications Commission (NCC), Central Bank of Nigeria (CBN) and Polaris Bank Limited.

The event would be Chaired by Mr. O. S. Thomas, the Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) while Professor Umar Danbatta, Executive Vice-Chairman/CEO, Nigerian Communications Commission (NCC) will deliver the keynote address on: The Media in National Development: A Case Study of the Telecom Revolution in Nigeria.

Mr. Tim Akano, Managing Director/CEO, New Horizons Limited will also deliver a paper on: Digital Challenge: Media in the Age of AI, Cloud and Robotics while renowned economist and financial expert, Dr. Biodun Adedipe will review the preview edition of Business Journal newspaper.

Commenting on the development, Prince Cookey, Publisher/Editor-in-Chief of Business Journal said:

“We are already in the spirit of the countdown to the public presentation of Business Journal newspaper and we have the honour to invite all stakeholders in the insurance sector and beyond to the event. We are indeed grateful to these organisations for their great support. We look forward to a great event on Friday, September 16, 2022.”

PenCom: First Pension Custodian Acquires Access PFC

By

Business Journal

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13/09/2022

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The National Pension Commission (PenCom) wishes to inform the general public and relevant Stakeholders that PenCom has approved the acquisition of Access Pension Custodian Limited by First Pension Custodian Limited.

The acquisition is the culmination of the divestment process by Access Pension Custodian Limited from the pension custody business, transfer of all assets under its custody to First Pension Custodian Limited and the return of its operating license to PenCom.

The Commission assures Stakeholders and the general public of its continued commitment to the effective regulation and supervision of the pension industry.

Brokers Seek Synergy with Lagos State on Insurance Education

By

Business Journal

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13/09/2022

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L-R: Deputy President of The Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Babatunde Oguntade presenting the 60th Anniversary Mascot to Commissioner for Education, Lagos State, Mrs. Folashade Olufisayo, during the visit of NCRIB Research and Development Committee to the Commissioner in Lagos. With them is the Executive Secretary/CEO of the NCRIB, Mr Tope Adaramola.

The Nigerian Council of Registered Insurance Brokers (NCRIB) has advanced plans for sustainable engagement with the Lagos State Government for the promotion of insurance by secondary school students in the State.

The Council took this step when its delegation visited the Lagos State Commissioner for Education, Mrs. Folashade Adefisayo in Alausa, Ikeja, Lagos.

Speaking, the Deputy President of the Council, Mr. Babatunde Oguntade regretted the slow acceptance of insurance as a subject in the curriculum of secondary school and noted that the Brokers body craved the support of the State Ministry of Education to change the narrative positively

Oguntade who is also the Chairman of the Research and Development Committee of the Council opined that against noxious beliefs about insurance, the profession was one that accommodated diverse people from varied educational backgrounds which ultimately provides basis for the richness of the profession

He applauded the Lagos State Government for its undying enthusiasm to support the move by the Council to synergise efforts with the state government in fashioning a robust curriculum for insurance education that would stimulate the interest of secondary school students

The Lagos State Commissioner for Education, Mrs. Folashade Adefisayo rued the poor acceptance of insurance generally in the society despite the huge potentials of the profession

She added that providers of insurance needed to be more proactive in stimulating the interest of the youth in insurance subject

Adefisayo disclosed that the comprehensive school project of the Lagos State Government should be utilised by the Council and the insurance industry generally to provide hands-on training for students of the peculiar schools towards making them self-reliant as against obsession for certificate.

She advised the industry on the need to rethink and re-engineer as a way of making insurance a favourable option for the youth.

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