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International Energy Insurance in N81m Litigations, Up from N57m in 2019

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Mr. Ebun Ayeni

Managing Director/CEO

International Energy Insurance Plc

International Energy Insurance Plc is facing pending litigations amounting to N80.720 million as at March 31, 2022, compared to N56.7 million in the same period of 2019.

The company said the litigations arose in the normal course of doing business, just as the Company made no provision in its current financial status at the date of reporting.

“However, the actions are being defended and the Directors are of the opinion that no material liability would arise therefrom.”

Governors, NCC Set for Broadband Awareness Forum Oct 20

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All Nigeria State Governors are set to discuss how to empower the citizens with latest telecoms technologies as they partake in the maiden edition of Broadband Technical Awareness Forum for Governors (BTAF), put together by the Nigerian Communications Commission (NCC) and slated for Thursday in Abuja.

The programme, which takes place at the Congress Hall of the Transcorp Hilton, Hotel in Abuja on October 20, 2022 and themed: “State Broadband Coordinating Councils: Potentials and Possibilities”, will appraise the Nigerian National Broadband Plan (NNBP) 2020-2025, which targets 70 per cent broadband penetration and to cover 90 percent of the population.

With the Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami, playing host to the historic and seminal assemblage of governors under the auspices of the Nigerian Governors Forum (NGF), some strategic members of State Executive Council, telecom operators, infrastructure companies (InfraCos), strategic partners, investors and other critical stakeholders, will brainstorm on how Nigeria can achieve the expectations of the Nigeria’s digital economy agenda.

Board members of the NCC, led by the Chairman, Prof. Adeolu Akande, and the Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Commission, Prof. Umar Danbatta, will participate at the BTAF, whose overarching objective is to promote the establishment of State Structures required for sustainable Broadband infrastructure development at the State and Local Government Council levels, thereby addressing hindrances to the Federal Government’s drive to achieve available, accessible and affordable Broadband services for Nigeria’s economy.

The Forum is expected to affirm the commitment of the government to adopt Broadband structure and last-mile projects, particularly the economic viability of broadband deployments beyond the cities, with a strategic focus on funding models and procedures for remarkable and measurable impact.

There will be a special panel session involving the Governors and development-focused partners both at local and international levels.

Min of Niger Delta Affairs: How Far Can Umana Go?

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By Haniel Ukpaukure

Umana Okon Umana, Minister in charge of the Ministry of the Niger Delta Affairs (MNDA), has the credentials and pedigree that cannot be challenged anywhere.

In a country where poor leadership process has consistently thrown up the wrong persons, and at a critical time in its history when the search for the right leadership beckons once again, Umana is, unarguably, one of the best materials that could possibly be thrust on the centre stage for assessment.

Umana was appointed by President Muhammadu Buhari on Wednesday, July 6, 2022, to oversee the affairs of MNDA in the remaining months of the administration, after six years of meritorious and highly impactful service as Managing Director and Chief Executive Officer of the Oil and Gas Free Zone Authority (OGFZA). His achievements at OGFZA was not a surprise to many who know him, but merely added to the string of achievements he has recorded in public office, from his tenure as finance commissioner in the administration of Obong Victor Attah and as secretary to the state government in the administration of Godswill Akpabio, in Akwa Ibom State.

He came to MNDA leaving behind five oil and gas free zones, either supervising their establishment or development, namely, Onne Oil and Gas Free Zone and Brass Oil and Gas Free Zone, both in Rivers State; Warri Oil and Gas Free Zone, in Delta State; Eko Oil and Gas Free Zone, in Lagos State and the Liberty Oil and Gas Free Zone, in Akwa Ibom.

The Liberty Oil and Gas Free Zone requires a little more mention here, because it speaks volumes about the character of the person of Umana. In the aftermath of the 2015 governorship election in Akwa Ibom, Umana, who was the candidate of the All Progressives Congress (APC), fought a bitter legal battle never witnessed before in the state with Udom Emmanuel of the Peoples Democratic Party (PDP). The latter prevailed and became the governor of the state, after the Supreme Court put its final seal on the matter.

Many in Umana’s position as chief executive officer of OGFZA, in the typical Nigerian fashion, would have ensured Akwa Ibom did not benefit in any way from the activities of the agency, so the credit would not go to the PDP administration of Emmanuel. We saw that happen in Rivers State, where the bitter feud between Rotimi Amaechi and Governor Nyesom Wike denied the state any federal project for the seven years the former was minister for transportation.

Umana ensured Akwa Ibom got approval of the federal government for the establishment of the Liberty Oil and Gas Free Zone. In his consideration, the project is for the people of the state, not for Governor Emmanuel or PDP, not even for the APC government in Abuja.

That approval would never come, under some people. So far, 12 firms have made investment commitments of up to $6 billion in the zone that is expected to be the fastest growing free trade zone in Africa.

I align myself with those who feel Umana’s appointment as minister of MNDA should have come much earlier, because of the strategic importance of that ministry to the development of the Niger Delta. This is against the background of the limited time the Buhari administration has left. I am wondering what the man who many believe is an epitome of success can achieve in about six months.

Umana has a myriad of issues to contend with, all of them bordering on the development of the Niger Delta region. There is the contentious forensic audit of the Niger Delta Development Commission that took virtually the entire attention of Umana’s predecessor, Akpabio, completely overshadowing whatever attempts the latter made towards any meaningful impact on the lives of the people of the region. Nigerians are still awaiting the action of the federal government regarding that exercise.

One project that should occupy Umana’s attention as the government begins the gradual winding down of its tenure is the East-West Road that has been under construction since Jesus Christ left. I doubt if there is any accurate record of how much has been sunk into the project that has survived four ministers before Umana’s coming.

The amount in the public domain is N726 billion. It could be more. That the project has remained a conduit for siphoning of tax payers’ money for over 13 years is no longer news. What would be news is its completion. Akpabio said in March that the road had reached 80 per cent completion stage, with N10.4 billion required to complete it.

The minister gave a firm assurance of the government’s commitment to completing the road at the fifth National Council on Niger Delta meeting in Uyo, recently. Is this achievable in six months? Perhaps.

Many have begun to doubt the government’s ability to complete the Second Niger Bridge, no thanks to the incoherent statements that have emanated from official quarters, lately.

It shouldn’t be recorded against Buhari that the East-West whose construction has dragged longer than that of the Second Niger Bridge also outlasted his administration, after two presidents. The man that will drive the process to ensure that does not happen is Umana, working in collaboration with his colleague in the Federal Ministry of Works and Housing – Babatunde Fashola.

By the time the Buhari administration comes to an end, it should be recorded that Umana, it was, who supervised completion of the road that is the most strategic to all the southern states and, to some extent, the country.

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

[email protected]

NSIA Insurance Unveils Outdoor Campaign to Expand Customer Base

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NSIA Insurance Limited has launched its out-of-home campaign which touches a broad spectrum of potential clients, reveals how NSIA Insurance conducts business, and restates the brand strategy for the year, “Plan I is the new Plan B.”

It serves as a means for the brand to convey the benefits of its product line and custom services.

The campaign took place outdoors on BRT and billboards across the locations where NSIA Insurance operates. Having concluded the activations in Lagos and Ibadan, the roadshows will continue to take place in Abuja (from October 18th to October 29th) and in Port Harcourt (from November 1st to November 5th).

Customers who purchase one or more policies from NSIA Insurance will receive freebies at these locations. You can track our spots in real-time via our social media channels (@nsia_insure on Instagram and Twitter; @NSIA Insurance Limited on Facebook and LinkedIn).

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

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

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

NSIA Insurance Limited (Nigeria) is part of NSIA Participations, which is currently present in 12 African countries; Benin, Cameroon, Congo, Côte d’Ivoire, Gabon, Ghana, Guinea, Guinea Bissau, Mali, Nigeria, Senegal, and Togo.

DRONES: $100bn GDP Boost, 5m Job Opportunities in India-WEF

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Putting drones at the centre of a technology-led transformation of Indian agriculture, with support from emerging business models such as digital financing, precision agriculture and rapid awareness building, can boost GDP by 1%-1.5% and create at least 5,00,000 jobs in the coming years in India, according to a new World Economic Forum report, Using Technology to Improve a Billion Livelihoods.
The report, which was written by the World Economic Forum’s Centre for Fourth Industrial Revolution, India in collaboration with Adani Group, was launched in Gandhinagar, Gujarat, today.
“Arguably, aviation is one of the most regulated sectors globally. India’s bold and measured approach to spur unmanned aviation has been celebrated across a wide spectrum of stakeholders. To make the most of this regulatory landscape, drones must be part of the core agri-equipment repertoire alongside tractors, cultivators, ploughs, diggers and combine harvesters to fortify our farms,” said Vignesh Santhanam, Project Lead, Aerospace and Drones, India, World Economic Forum.
“The cross-industry application of drones is nearly limitless and continues to make great strides. It offers countries like ours the opportunity to leapfrog generations of infrastructure, healthcare, logistics, agriculture and defence advancements and break several process barriers. When combined with next-generation imaging technologies, edge-based artificial intelligence and machine learning capabilities, the possibilities are endless. We have always believed that the most meaningful revolutions happen at the intersection of various domains – between military and civil, between drones and AI and between physical and digital. India has taken a lead to establish several forward-looking policies under the guidance of the Prime Minister to make India the drone hub of the world by 2030,” said Ashish Rajvanshi, CEO, Adani Defence & Aerospace; President, Strategy & Chairman Office, Adani Group.

Powerful use cases for drones, merging aerospace, AI and digital finance

Different studies have highlighted the immense potential in improving agricultural outcomes for farms through precision agriculture expertise and advisory that can enable a 15% increase in productivity in India’s $600 billion agriculture sector.

Drones can play a critical role in unlocking this value as they provide an effective medium to collect data and apply inputs, directly impacting yields and farmers’ income. Scaling drones in agriculture sector will also boost farm mechanisation and nudge India closer to global peers.

Coordinated research between civilian and defence technologies
The report also examines how civil-military convergence can accelerate research to benefit civil society applications. The report highlights different use cases for drones in agriculture such as crop monitoring, collecting data for advisory and application of farm inputs.
“Drones are poised to be the enabler of different use cases that leverage Fourth Industrial Revolution technologies. The need is to create a business model that drives rapid adoption and active usage of drones at farm level. It is possible only if the strengths of different ecosystem stakeholders are leveraged and unit-level value proposition is created for farmers,” said Abhay Pareek, Project Lead, Fourth Industrial Revolution for Agriculture, World Economic Forum, India.

Robust local supply chain and support system
In addition, given the nascent state of the drone sector and significant import dependence on various key components, there is a need to build a robust local support system including a “Made in India” supply chain, targeted skill development programmes, next-generation digital financing mechanisms and strong awareness-building programmes in Farmer Producer Organisations, Krishi Vigyan Kendras (KVKs), farmers and policymakers.

The report points out that a well-orchestrated set of interventions can add nearly $100 billion to GDP and help India leapfrog multiple challenges in the agriculture sector with the use of technology.

The need for a “drone microcosm” while mainstreaming
The mainstreaming of drones in the agricultural sector needs to be aided with the creation of a “green microcosm” where an integrated “drone-centric rural hub” is set up and stabilized across crop cycles. The microcosm would be a controlled environment that would test varied use cases pertinent to agriculture as well as other rural applications.
Further, considering the complexity of India’s agriculture system including different agro climatic zones, range of crop varieties, despaired use of irrigation technologies etc. drones’ integration in Indian agriculture can be achieved with form factor of drones and mission-based approach in partnership and ownership of stakeholders

“Drone costs fall significantly with local scale. There are multiple use cases on the same drone that can be achieved with a quick switch of payloads – from spraying to broadcasting to logistics. Creating local hubs where these applications can be deployed at scale can establish the business case and help players grow rapidly,” said Rangarajan Vijayaraghavan, Vice-President Strategy & Chairman Office, Adani Group.

UBA Suffers Credit Rating Downgrade by Moody’s over High Risk Profile

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The United Bank for Africa (UBA) Plc has suffered credit rating meltdown as its rating has been placed on DOWNGRADE by Moody’s Investors Service over alleged liquidity squeeze and high risk profile arising from Nigeria’s unstable forex earnings, allocation and day-to-day operations. The ugly situation also extends to the asset quality of UBA Plc.

The Report by Moody’s states:

“Constraints on domestic oil production, capital outflows, and the increased cost of the country’s imported refined petroleum products, coupled with US dollar strengthening, have together weighed on the availability of foreign currency liquidity in the country despite higher oil prices and material discrepancies between official and parallel market exchange rates persist in the country.”

“Nigeria’s foreign exchange reserves have declined to $38 billion as of September 2022 from $40 billion as of January 2022 despite higher oil prices, and we understand that the central bank, which is the main provider of foreign exchange in the country, has consequently scaled down and become increasingly selective with its foreign currency allocations.”

The credit rating agency alleges that the existing market condition makes it particularly risky and difficult for UBA to meet its medium and long-term forex loan obligations.

 

Fidelity Bank Rating Downgraded by Moody’s over Liquidity Squeeze

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The credit rating of Fidelity Bank Plc has been placed on DOWNGRADE by Moody’s Investors Service over alleged liquidity squeeze arising from Nigeria’s unstable forex earnings, allocation and day-to-day operations. The ugly situation also extends to the asset quality of Fidelity Bank Plc.

The Report by Moody’s states:

“Constraints on domestic oil production, capital outflows, and the increased cost of the country’s imported refined petroleum products, coupled with US dollar strengthening, have together weighed on the availability of foreign currency liquidity in the country despite higher oil prices and material discrepancies between official and parallel market exchange rates persist in the country.”

“Nigeria’s foreign exchange reserves have declined to $38 billion as of September 2022 from $40 billion as of January 2022 despite higher oil prices, and we understand that the central bank, which is the main provider of foreign exchange in the country, has consequently scaled down and become increasingly selective with its foreign currency allocations.”

The credit rating agency alleges that the existing market condition makes it particularly risky and difficult for Fidelity Bank to meet its medium and long-term forex loan obligations.

Africa’s Economy: International Confab Holds October 22 in USA

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An International Conference with the theme, Africa’s Economy: The Way Forward, is to hold at the Newark City Hall, Newark, New Jersey, United States of America (USA) on Saturday, October 22, 2022 from (9:00AM EST) (2:00 PM WAT) prompt.

The Conference, according to its organisers, Global Patriot Newspapers, is an attempt to begin a new conversation aimed at proffering fresh answers to old but still troubling questions, especially concerning why a Continent as resource rich as Africa must continue to remain the poverty capital of the world.

With Vice President Yemi Osinbajo (SAN), a pan-Africanist, who has been in the forefront of advocacy for the transformation of the Continent, as Special Guest of Honour, an array of experts cutting across different disciplines will, in a no holds barred manner, attempt to get to the roots of the seemingly unfathomable paradox of poverty in the midst of plenty that has so far remained the lot of Africa, the Mother Continent of all Blacks across the world.

Top diplomats, political leaders, captains of industry, senior government functionaries, Clerics, academics, media chiefs and others from all over the world will be part of the hybrid Conference that is to attempt to draw an economic road map for the African Continent with the aim of making the world a better place for all.

The program will hold at the iconic and historic Rotunda of the Newark City Hall on Broad Street, Newark, New Jersey, from 9:00 am (EST), 2:))pm (WAT).

Global Patriot Newspapers, according to its Publisher/Editor-in-Chief, Simon Ibe, has held two very successful Conferences in the past, the most recent being the International Conference on Patriotism, Security, Governance and National Development, focused on Nigeria, which held on Saturday, March 6, 2021, in collaboration with the Nigerian Consulate, New York, USA and Nigerians in Diaspora Organisation (NIDO), New Jersey, USA Chapter.

Last year (2021)’s Conference had Vice President Osinbajo as Keynote Speaker and Nigeria’s Permanent Representative to the United Nations and former President of the United Nations General Assembly (UNGA), Ambassador (Professor) Tijjani Mohammed-Bande as Chairman. It featured other Key Speakers such as Senator Anyim Pius Anyim, former Senate President and former Secretary to the Government of the Federation; activist lawyer, Mr. Femi Falana (SAN), former Director General of NIMASA, Dr. Dakuku Peterside, Dr. Abubakar Mohammed of the Usman Dan Fodio University, Sokoto, Professor M.J Balogun, former DG of ASCON and erstwhile Adviser to the UNGA President, among others.

The online platform’s first Conference, on Patriotism, Untapped Potentials & National Development, was held at 4Points By Sheraton Hotel, Victoria Island, Lagos on Thursday, November 23, 2017, and had as Keynote Speaker, Mr. Peter Obi, former Governor of Anambra State and current Presidential Candidate of the Labour Party in Nigeria’s upcoming 2023 General Election.

This year’s Conference on Africa’s Economy is parading an equally formidable line-up of committed pan Africanists and people of African Descent and will have participants from all over the world, all of who want remediation of the sorry situation that presently passes as the Economy of Africa.

 

Veritas Kapital Employee Volunteer Program Impacts on Karamajiji Community

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Veritas Kapital Assurance (VKA) Plc – one of the leading insurance companies in Nigeria recently visited people of determination in Karamajiji, Federal Capital Territory on Saturday,  October 8, 2022 as part of the company’s Employee Volunteer Program (EVP).

Employee Volunteer Program (EVP) is a workplace-based initiative where employers provide support for employees to volunteer in the society (and Veritas Kapital has doubled its effort in supporting its employees in this regard).

The focus of VKA’s Employee Volunteerism this year was recently on blood donation and now, “cook-a-meal” as a way of giving back to society.

Karamajiji is a few kilometers from the city center, Federal Capital Territory and it is home to about 520 people of determination with different disabilities known to most locals as Unguwar Guragu (loosely translated as a community of disabled people).

Speaking during the program, the Managing Director/ Chief Executive Officer of Veritas Kapital Assurance Plc, Mr. Kenneth Egbaran said, EVP is done regularly by the staff of the company to positively impact society. A few months ago, it was a Blood donation drive, and today we (from top management to junior staff), are here participating in the event, cooking, serving, sharing time, and having fun with the community members to express love for the physically challenged in our society.

Also speaking during the program, the Head of Corporate Services, Aisha Garba, who was one of the chefs, said she was super excited and privileged to serve and share in the moments with everyone. Staff members of the company expressed their delight at the opportunity, saying this is something they will keep doing because service to humanity is the best work of life.

The MD/CEO and the management team were part of the waiters and waitresses serving food to the children. The company also donated writing materials, toiletries, footwear, etc to the community.

The Chairman, Ibrahim Sagir spoke on behalf of the community and appreciated Veritas Kapital Assurance Plc for the visit also thanking them for bringing succor to the community. His final words were encouraging the Veritas Kapital Team to keep up the good work.

Fidelity Bank Rating Downgraded by Moody’s over Liquidity Squeeze

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The credit rating of Fidelity Bank Plc has been placed on DOWNGRADE by Moody’s Investors Service over alleged liquidity squeeze arising from Nigeria’s unstable forex earnings, allocation and day-to-day operations. The ugly situation also extends to the asset quality of Fidelity Bank Plc.

The Report by Moody’s states:

“Constraints on domestic oil production, capital outflows, and the increased cost of the country’s imported refined petroleum products, coupled with US dollar strengthening, have together weighed on the availability of foreign currency liquidity in the country despite higher oil prices and material discrepancies between official and parallel market exchange rates persist in the country.”

“Nigeria’s foreign exchange reserves have declined to $38 billion as of September 2022 from $40 billion as of January 2022 despite higher oil prices, and we understand that the central bank, which is the main provider of foreign exchange in the country, has consequently scaled down and become increasingly selective with its foreign currency allocations.”

The credit rating agency alleges that the existing market condition makes it particularly risky and difficult for Fidelity Bank to meet its medium and long-term forex loan obligations.

Red Flag: FCMB to Delay Release of Q3 Result by 30 Days!

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There is palpable concern in the financial market over the expected failure of First City Monument Bank (FCMB) Plc to release its third quarter unaudited result by October 30, 2022. It says the result would be published on November 29 instead, a difference of 30 days.

On Friday, October 14, 2022, the bank informed the Nigerian Exchange Limited (NGX) that “it will not be able to file its nine months (Q3 2022) results for the period ended 30, September 2022 by the due date of 30, October, 2022.”

The notice which was signed by the Company Secretary, Mrs. Olufunmilayo Adedibu claimed that “the delay is due to the audit of the Company’s largest subsidiary, First City Monument Bank Limited (the Bank) for the. period ended 30 September, which accounts for 68% of its Group’s profitability and which results would have material impact on the Group’s consolidated accounts. The Consolidated third quarter 2022 result of the Group will be published on or before 29 November 2022.”

But a noted financial expert told Business Journal that the excuse by FCMB was a normal routine to hide negative information to regulators and shareholders.

“When a bank begins to issue advance notice of delay in filing its statutory financial result, it raises speculation that such result is either in the negative (bad) or they need more time to prepare the minds of regulators, shareholders and the banking public not to expect fantastic result. For FCMB, this development is definitely a red flag-meaning more intensive scrutiny once they publish that result on November 29 as promised. The 30-day window of deliberate delay is unnecessary if their financial result is positive.”

 

Assessing Akwa’s NDDC

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By Haniel Ukpaukure

If President Muhammadu Buhari’s promise to put in place a substantive board for the Niger Delta Development Commission (NDDC) after the phased implementation of the recommendations of the forensic audit he ordered into its activities its anything to go by, then Nigerians should expect that the era of interim administration for the interventionist agency would soon come to an end.

While the promise by the president, made at the fifth National Council Meeting on Niger Delta in Uyo, recently, put paid to agitations for the end of interim administration in the agency, it predictably sparked struggle and intrigues among high-ranking members of the ruling All Progressives Congress members from the Niger Delta region over determination of the shape and composition of the board expected to be appointed for the agency.

It is pertinent to mention that Nigerians do not know the contents of the audit report, and its recommendations. It is therefore difficult to know when implementation of the recommendations started, and when it would end, especially since it is being done, as Buhari said, in phases.

It may be safe to assume, however, that since it is a firm promise and commitment from none other than the president, constitution of the long-awaited board would be done before the curtain falls on the life of the administration on May 29, 2023.

But while we await the constitution of a board for NDDC, it is important to look at the performance of the Effiong Akwa-led administration of the agency as sole administrator. The appointment of Akwa in December, 2020, followed the ruling of a Federal High Court in Abuja, which declared the Interim Management Committee of Professor Daniel Pondei as illegal. Before Pondei, Ms Joi Nunieh had held the same position.

Akwa’s mandate, among others, was to facilitate and fast track the forensic audit of NDDC which became necessary due to many years of unbridled corruption by previous administrations, with politicians from the region as the greatest beneficiaries.

His appointment was met with stiff opposition from some quarters, with some saying Buhari had no power under the law that set up NDDC to appoint a sole administrator for it, obviously ignorant of the president’s constitutional power to take any action he deems necessary for any government ministry, department and agency, which he considers to be in public interest. In the midst of the opposition, Akwa had the support of some major stakeholders in the region, including over 50 civil society organisations.

In the 22 months he has been in office, Akwa has tried his best to deliver on his mandate as someone whose job is a stop gap for the period the forensic audit of the agency lasted. He has facilitated and successfully managed a smooth exercise that saw a consortium of audit firms pore over the books of NDDC and visit project sites in nine states over many months – the first of its kind in the agency and, indeed, any government institution in the country. He deserves credit for this. Whether or not Nigerians will ever get to know the contents of the audit report is another matter.

Akwa has collaborated with the National Assembly on the amendment of the NDDC Act, to make reforms of the agency possible, especially the need to plug the loopholes that allowed the high rate of corruption that was witnessed since the establishment of the agency to thrive.

The NDDC, under his watch, has been able to carry out a number of interventions in the different states that comprise the Niger Delta in collaboration with state governors, aimed at providing the basic infrastructure and facilities that enhance quality of life for those for which they are meant – in educational and health institutions, including training of over 1000 youths in ICT, as well as other public facilities. Notable among such interventions was the construction of a 1050-bed hostel in the University of Uyo, Akwa Ibom State.

In one of such interventions, over 250 men, women and youths recently graduated from the Livelihood Improvement Family Enterprise Programme of the Federal Government in Edo State. The programme, which was funded by NDDC, International Fund for Agriculture (IFAD) and the Federal Government, was designed to promote agriculture as an alternative source of foreign exchange, with focus on rice, cassava, fishery and poultry farming. A similar programme is being implemented in other states of the Niger Delta.

In an initiative that was designed to positively engage youths in the region and channel their energy into productive ventures, NDDC organized the first ever Niger Delta Talent Hunt, a musical programme that was aimed at discovering musical talents in the region and building capacity for wealth creation.

The winner of the talent hint, Elvis Lunar, a singer from Rivers State, got the star prize of a car and performance trip to Dubai, while second and third place winners got N2 million and N1 million, respectively.

It mustn’t be forgotten that Akwa supervised the completion of the corporate headquarters of NDDC, a project that had been abandoned for over 20 years. I’m wondering if the money the agency spent on rent over since its establishment can easily be computed.

Akwa’s job has been made easy by the fact that he had been an insider in NDDC before his current appointment, his previous position being that of an acting executive director in charge of finance. He did not need to learn the ropes first, before settling into the job. He will certainly leave is mark when he bows out.

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

[email protected]

 

 

Lagos State, WACOT Sign MoU on Imota Rice Mill

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L-R: Partner, Banwo & Ighodalo, Azeezah Muse-Sadiq; Head, Corporate Communications, TGI Group, Rafiat Gawat; Company Secretary, TGI Group,  Omowumi Fajemiroye; Group Executive Director, TGI Group, Jerome Shogbon; Group Managing Director, TGI Group, Rahul Savara; Lagos State Governor, Babajide Sanwo-Olu; Attorney General and Commissioner for Justice, Lagos State, Moyosore Onigbanjo (SAN); Commissioner for Agriculture, Abisola Olusanya, and Special Adviser to the Governor on Agriculture, Dr. Rotimi Fashola, at the signing of the Agreement between the Lagos State Government and WACOT Rice Limited, a subsidiary of TGI Group in Lagos.

On the basis of its competence and efficiency, the Lagos State Government signed a partnership deal with one of the leading rice-producing companies in Nigeria, WACOT Rice Limited, to manage the state’s Imota Rice Mill.

Imota Rice Mill has a capacity of 32 metric tonnes and will be handed over to WACOT Rice Limited in the next few months. Imota Rice Mill is expected to commence commercial operation under the management of WACOT Rice Limited after the handover proper.

The Executive Governor of Lagos Stae, Babajide Sanwo-Olu, said, “Lagos State Government has set up two lines of 16 MT/hour capacity rice mill, in Imota, Ikorodu, Lagos State (the “Mill”), to meet the high demand for consumption of rice in Lagos State thereby pushing Lagos State towards self-sufficiency in the area of rice production and processing.”

The governor continued that “Lagos State Government is desirous of operationalizing the Imota Rice Mill through the utilization of the technical services of WACOT Rice Limited, a subsidiary of the Group, to provide commissioning and kick-off operationalization support services.”

The state hopes to benefit from the expertise of the leading rice producer in the country with deliberate improvements in quality, capacity, packaging, and general production of rice at the Imole Rice Mile to meet the increasing demands for rice in Lagos.

According to the Group Managing Director of TGI Group, Rahul Savara, said, “We thank the Executive Governor of Lagos State, Mr Babajide Sanwo-Olu, for being here with us as we hold Lagos in high regard as the centre of economic activity in Africa, not just Lagos. We are happy that in our small way we have contributed to that. We mostly take pride in being the best maker in the country.”

“We have been working very closely and will continue to work with Lagos State to make the facility run at its best. We will be deploying the best expertise, technique and training to make the Government proud of this investment,” Savara said.

On her part, Rafiat Gawat, Head, of Corporate Communications, TGI Group, said, “We are happy to be partnering with Lagos State as our economic core even though our factory is located in Argungu, Kebbi State a large number of our rice are demanded in Lagos. Since setting up the WACOT Rice Mill in 2017 we have doubled our production capacity and for the Lagos Government to partner with us, it’s a testament to our capability.

Other top management staff of TGI Group at the ceremony included the Group’s Executive Director, Jerome Shogbon, Company Secretary, Omowumi Fajemiroye, Head of Corporate Communication, Rafiat Gawat, and representative of Banwo & Ighodalo Partner, Azeezah Muse-Sadiq.

 

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

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Following a successful series of Verve Life 5.0 satellite events organised across the country, where fitness enthusiasts were treated to invigorating exercises, music and entertainment by renowned fitness experts and dance instructors; Africa’s leading payment technology and card brand, Verve is set to hold the final leg of its Verve Life 5.0 fitness and wellness events.

The events are slated to hold at the National Stadium in Surulere, Lagos on October 29, 2022, with the grand finale holding on November 5, 2022, at Landmark Event Centre, Victoria Island.

The firm also announced that for the first time since the inception of VerveLife, the fitness event will make its debut in Nairobi, Kenya on October 22nd, thereby giving fitness enthusiasts outside the shores of Nigeria an opportunity to partake in the stress-relieving, fun and fitness event.

The Verve Life event is an annual event held to encourage Africans to keep a fit and healthy lifestyle through fun and engaging activities. This year’s Verve Life 5.0 satellite event train started from Uyo and moved to other cities including Asaba, Enugu, Port Harcourt, Benin, Ibadan, and Abuja, spreading excitement along the way.

Speaking on the forthcoming events, Cherry Eromosele, Group Executive Vice President, Marketing and Communications, Interswitch Group, said beyond providing seamless and innovative payment solutions, Verve is also committed to growing a prosperous Africa and promoting fitness and wellness as a step towards achieving a prosperous continent.

She said “Since the inception of Verve Life, the event has grown to become one of Africa’s largest gatherings of fitness and wellness enthusiasts. Verve Life has expanded over the years and has morphed from a single event in Lagos to several activations across cities in Nigeria and now the event is debuting in Nairobi, Kenya giving it a truly pan-African outlook”.

Eromosele further said “Consistent with the Interswitch’s 20th anniversary theme ‘Never Stop’, Verve Life fitness events have been truly enriching, engaging, and exciting and we are not stopping. Rather, we are committed to expanding Verve Life fitness events in the coming years. Participants will be treated to more fitness routines, music and entertainment by celebrity fitness experts and entertainers from across the continent. Our focus is to never stop creating exciting experiences that connect our customers with their passion points.”

International fitness expert billed to feature at the coming events are Alvin Lee and Nigeria’s celebrity fitness experts such as Kemen, Kaffy, Ihuoma Nwigwe, Isoken Uwaifo, Enoyong and Trebla among others. There will be musical artistes present to thrill the participants as they work out.

Partners of this year’s edition include global sportswear brand, PUMA, Amstel Ultra, Techno Gym, Hygeia HMO and Aquafina.

Verve cardholders, fitness enthusiasts and other members of the public are enjoined to get set for an exciting and rewarding experience at the upcoming VerveLife 5.0 events.

Registration is ongoing at https://myverveworld.com/life

 

NAIPCO 2022 Confab: The Importance of SMEs in Micro Insurance, Pension

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As the November 3, 2022 date for the Annual National Conference of the National Association of Insurance and Pension Correspondents (NAIPCO) draws nearer, invited guests, speakers and members of the association are gearing up for the event which promises to be engaging, educating and informative.

The conference which has received the endorsement of the relevant regulatory authorities, the National Insurance Commission (NAICOM) and the National Pension Commission (PenCom) will discuss the theme “On-boarding Small and Medium Scale Enterprises into Micro Insurance and Pension Space in Nigeria.”

This year’s conference taking place at the Oriental Hotel, Lekki Road, Lagos which is the seventh in its series, will be chaired by Eng. Cyril Ajagu, a major investor in the financial services industry as well as the oil and gas sector while the Director-General, Lagos Chamber of Commerce and Industry (LCCI), Dr. Mrs. Chinyere Almona will deliver the keynote.

The Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Mr. Sunday Thomas, and Director-General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, will attend the occasion as Special Guests.

Amongst experts from financial service sector who will form the Panelists to discuss on how insurance and pension fund operators can bring the Small and Medium Scale operators into micro insurance and pension businesses include the Chief Executive Officer, Pension Fund Operators Association of Nigeria, (PenOp), Mr. Oguche Agudah; Managing Director, Enterprise Life, Mrs Funmi Omo; Mr. Niyi Onifade, Managing Director of Heirs Life Insurance Limited and Managing Director/CEO of NLPC Pension Fund Administrator (NLPC PFA), Mr.Samuel Abolarin.

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

Expected also to attend are members of the Lagos State Pension Commission (LASPEC); Chartered Insurance Institute of Nigeria (CIIN); Nigerian Insurers Association (NIA); Nigerian Council for Registered Insurance Brokers (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) and College of Insurance and Financial Management (CIFM).

Others include members of the Small and Medium Enterprise Development Association of Nigeria (SMEDAN); Nigeria Union of Pensioners; Trade Union Congress; People Living with Disabilities; Barbers, Hairdressers, Market Men and Women, Vulcanizers, etc.