L-R: Sanni Oladimeji, DGM, Risk Management and Compliance, Sovereign Trust Insurance Plc, Segun Bankole, DGM Corporate Communications and Investor Relations, Abimbola Tiamiyu, Director General, Chartered Insurance Institute of Nigeria, CIIN, Olaotan Soyinka, MD/CEO, Sovereign Trust Insurance Plc, Edwin Igbiti, 51st President & Chairman of Council of the Chartered Insurance Institute of Nigeria, CIIN, Ugochi Odemelam, Executive Director, Marketing and Business Development, Sovereign Trust Insurance Plc, Kayode Adigun, General Manager, Finance and Corporate Services, STI Plc and the Liberian of the Institute, Mr. Lekwa Okude during the courtesy visit of the 51st President & Chairman of Council of the Chartered Insurance Institute of Nigeria, CIIN, to Sovereign Trust Insurance Plc on August 2, 2022.
Stanbic IBTC Bank Nigeria PMI: Business Conditions Improve in July amid Strong Client Demand
A return to growth in output and stronger inflows of new orders helped underpin a further improvement in operating conditions in the Nigerian private sector during July. In turn, businesses increased their purchasing activity at the strongest rate for five months while stocks increased sharply.
Despite stronger inflows of new work, employment growth eased and was marginal amid elevated costs and subsequent pressures on profits. Purchase and output price inflation accelerated to four-month highs in July, with unfavourable exchange rate movements and higher fuel costs behind the latest round of inflation.
Nevertheless, sentiment improved from June, and firms reported hopes of securing greater business investments.
The headline figure derived from the survey is the Purchasing Managers’ Index™ (PMI®). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.
The headline PMI registered at 53.2 in July, up from 50.9 in June, signaling an improvement in business conditions in Nigeria’s private sector. The latest figure rose from June’s 17-month low but was still muted compared to the historical average.
A renewed increase in output supported the latest improvement in business conditions in July. Output rose solidly, albeit at a rate that was weak by historical standards. Agriculture recorded the strongest uplift in output during July, followed closely by manufacturing. Services and wholesale & retail followed, where rates of growth quickened from those seen in June. Stronger client demand was behind the uplift in output with new orders rising sharply across all four sectors in July.
To support higher output, companies increased their purchasing activity for the twenty-fifth month in a row. Consequently, stocks of purchases rose markedly as firms intensified efforts to build up their inventories. Moreover, the rate of growth was the steepest in seven months.
Vendor performance improved in July, but to the least extent for over two years amid reports of busier road conditions.
Outstanding business fell at the softest rate since August 2020 in July. Sufficient capacity combined with rising costs led firms to raise their headcounts at the slowest pace for seven months.
Turning to prices, overall input price inflation was robust amid a quicker uptick in purchase costs. Staff costs rose only marginally, however. Firms passed on a large part of the burden by lifting their selling prices at the quickest rate in four months.
Finally, firms remained optimistic about output growth in the year ahead amid hopes of acquiring greater investment and expanding business operations.
NAICOM Chief, Thomas, to Chair Business Journal Public Presentation Sept 16
Mr. O. S Thomas
Commissioner for Insurance/CEO
National Insurance Commission (NAICOM)
Mr. Olorundare Sunday Thomas, Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) will CHAIR the public presentation of Business Journal newspaper on Friday, September 16, 2022 at Sheraton Hotel, Ikeja (Lagos).
The NAICOM letter to Business Journal which was dated July 18, 2022 and signed by Mr. Rasaaq Salami, NAICOM’s Head of Corporate Communications and Market Development read in part:
“Accordingly, the Commission wishes to convey the Commissioner for Insurance/CEO acceptance to Chair the public presentation ceremony of Business Journal Newspaper with theme: “The Media in National Development: Successes, Challenges and Prospects.”
Commenting on the development, Prince Cookey, Publisher/Editor-in-Chief of Business Journal said:
“The decision of the CFI/CEO of NAICOM, Mr. O. S. Thomas to CHAIR the Business Journal newspaper public presentation event represents a positive milestone in our journey to become the leading business/financial Media Group in Africa. The newspaper segment joins the already existing online and magazine segments on a tripod of value creation for stakeholders across key sectors of the Nigerian economy-for the benefit of decision-makers in the public sector and professionals in the Organised Private Sector (OPS).
Over the years, Mr. Thomas has carved a niche in the insurance industry as a great leader of men and materials to deliver credibility and stability for the market as a regulator. The trajectory of his impressive and impeccable career is anchored on humility, progress and professionalism. We are indeed grateful to him for this great honour.”
Cookey stated that more details of the event would be made available in due course.
The theme of the Business Journal newspaper public presentation is: The Media in National Development: Successes, Challenges & Prospects.”
Debt Settlement: AMCON Returns Standard Shoe Company to Imo State Govt
Executive Director, Asset Management Corporation of Nigeria (AMCON), Dr. Eberechukwu Uneze (right) handing over the title documents of Standard Shoe Company Limited, Imo State to Imo State Governor, Senator Hope Uzodimma in the Boardroom of AMCON on Friday in Abuja.
As part of its strategy to partner, support, and help revitalize businesses in its portfolio over huge debt, the Asset Management Corporation of Nigeria (AMCON) in Abuja on Friday, handed over the original title documents of Standard Shoe Company Limited, a footwear manufacturing factory co-founded by the Imo State Government to Governor Hope Uzodinmma of Imo State.
The handover of the asset to the good people of Imo State through their governor followed the full resolution of the indebtedness of Standard Shoe Company Limited to AMCON.
Ever since it took over the factory, AMCON had continued the engage the government of Imo State because of the critical impact resuscitating such a massive factory would make in the manufacturing sector of the Nigerian economy.
In a brief remark before handing over the documents to governor Uzodimma, Dr Eberechukwu Uneze, an Executive Director in charge of asset management at the Corporation who represented the MD/CEO, Mr Ahmed Lawan Kuru said AMCON was not only happy that the Imo State government under the leadership of Uzodimma finally resolved indebtedness with AMCON, but because the factory would now go back to the good people of Imo State and contribute to job creation, and improve the internally generated revenue of Imo State, which in line with AMCON mandate.
Uneze who commended the Imo State governor for making efforts to resolve the outstanding loan obligation owed AMCON by the Imo State government, added, “My governor, we appreciate this effort because other governments in Imo State have come and gone but none of them had made this much effort to resolve this debt. So, it is a huge impact you have made. I hope this will energize the State and encourage the good people of Imo State.”
In his own acceptance speech after signing and receiving the documents on behalf of the government and people of Imo State, Uzodimma who recounted the pleasant experience he had with AMCON all through the negotiation process encouraged other obligors to approach AMCON freely and willingly because the Corporation is not hostile, but only interested in their recovery mandate and in genuine growth as well as development of the country.
The governor added, “I approached the Management of AMCON and discussed with them. I want the public to understand that AMCON is not a hostile outfit. With my experience with them, AMCON is interested in the genuine growth and development of the Country. This is what I saw during negotiation period concerning what Imo State was owing AMCON.
“I am very happy about the co-operation we (Imo State government) received, and I assure you that we are going to revive the industry by employing our young men and women to stimulate industrialization in the State. The people will be happy to see the industry come back to life. On behalf of myself and the people of Imo, I am very grateful to AMCON.”
AMCON had taken over the assets belonging to the Standard Shoe Company of Nigeria during the first phase of EBA purchases from Oceanic Bank in 2011, after the company stopped production in 2009 due to lack of working capital and were unable to meet up with its loan obligations.
Before now, the Corporation had made several efforts to discuss the debt with the previous Imo State administrations but never made any headway until the present government led by Uzodimma expressed interest in settling the debt obligations of the state, with the aim of rehabilitating the company to create employment opportunities and enhance the standard of living of the citizens of Imo State.
This landmark signing and handover ceremony, which will go down as a major achievement for the Hope Uzodimma-led government of Imo State, took place at AMCON Head Office in Maitama, Abuja.
Unity Bank Posts N27B Gross Earnings in H1’22, Records 23% Growth in PAT
Retail lender, Unity Bank Plc has posted gross earnings of N27.6 billion for its 2022 half-year results, representing a growth of 17% year-on-year.
In its unaudited half-year financials submitted to the Nigeria Exchange Group Limited, the Bank also made significant improvements across key performance indicators.
The Bank grew Profit Before Tax (PBT) by 23% which rose to N1.8 billion from N1.5 billion in the corresponding period of 2021. Profit After Tax (PAT) for the period equally increased by 23% to close at N1.6 billion from N1.382 billion in H1’21.
The key highlights of the financial statements showed growth in interest and similar income, which rose 18% to N23.938 billion from N20.273 billion in the corresponding period of 2021, an indication of sustained growth in the loan book as well as improved earnings from the lender’s robust digital channels, arising from sustained investment in its digital payment infrastructure.
Similarly, the lender posted sustained asset growth as total assets moved up by 7% to N574.3 billion from N538.9 billion in 2021.
Other key highlights of the financial statement include a 12% growth in deposits, which rose to N359.5 billion from N322.3 billion in December 2021, a clear indication of the positive trend of the Bank’s innovative retail products targeting several segments of the retail market as well as enhanced customer acquisition strategies for emerging products rolled out to the market during the period under review.
In the same vein, the lender recorded an increase on its loan books to N303.632 billion from N269.270 billion in 2021, representing a 13% growth.
Commenting on the financial statements, the Managing Director/CEO of Unity Bank Plc, Mrs Tomi Somefun welcomed the H1’22 results. She noted that while the key performance indicators continue on an upward trajectory; PBT (23% YoY), Total Assets (7% YoY) and gross earnings (17% YoY); the outlook for our financial position has now moderated significantly looking at other fees and income lines which performance was hitherto characterised by volatilities in the operating environment.
“As the Bank aims to further grow all indices to double-digit regions in the coming years, one reassuring take from the financial position lies in the market confidence, as well as steadily growing retail and SME franchise arising from the development of products that resonate with different markets segments, which will enable the Bank to continue to operate and successfully navigate the tough operating environment, amid rising economic headwinds,” Somefun stated.
The Unity Bank boss also stated that having invested massively in technology to drive a major revamp in our digital Banking products and channels including the Unifi Mobile App, our USSD, *7799#, internet banking, etc., the major focus is to drive increased optimisation which will enable the Bank to provide electronic convenience in the way we support our teaming customers and market segments and more often change the way they transact business.
In the view of analysts, the key performance indicators showed that the market sentiments are responding positively to the strategies of the lender’s management to accelerate the growth momentum designed for the Bank.
Emerald Zone to Empower Preteens, Teenagers with Coding Skills in August
In line with its annual social project, Emerald Zone, a business advisory, human capital development, and marketing communications’ company, has concluded arrangements to organise this year’s Code Zone, where interested teenagers are taught coding skills.
The coding class is set to commence on August 1, 2022. Emerald said the coding class, with options for participants to either join virtually or in-person, is targeted at primary and secondary school children, teenagers and preteens from age 10 to 18, to upskill in coding.
Speaking on the rationale for the classes, Mrs Olufunke Akinloye, a Director at Emerald and Initiator of Code Zone, said the initiative was birthed out of the need to ignite the interest of the young ones in technology, irrespective of social economic class or their subjects of studies in school.
This, according to Mrs Akinloye, will enable the children and their parents appreciate the endless possibilities the coding knowledge holds for them. “Technology is transforming the world rapidly and we are determined to empower the young ones with the requisite skills that will give them confidence to face and make great impact in the world they are growing into,” Mrs Akinloye said.
The initiator said the Code Zone, the two-hour daily coding class which was established in 2019, has trained over 50 teenagers and preteens in HTML, CSS and JavaScript in the month-long summer programme. On the training method, Mrs Akinloye said, “Every participant expresses their learnings by bringing to live projects in their areas of interest. This helps them to showcase their creativity while practising what they have learnt.”
Mrs Akinloye said registration is currently on-going for interested participants. To register, simply call 08038095408 or 09060005619 or email Emerald Zone at [email protected].
On the coding class, some appreciative parents have been commending the organisers. “My son has been participating annually in the Code Zone programme since inception and I am so proud of how far he has progressed. He started from the Basic Class. Now he is going into the advance stage of JavaScript,” Mrs Ayoola-Oni said. ‘’I love everything about Code Zone; the instructors are experts and they are professionals. They deliver beyond what they promised, and I am always happy my son is effectively using his holiday.”
Another parent, Mr. Olajoku said, “My daughter was so excited about the Code Zone last year that she has been the one reminding me that it will hold this year and she intends to be a part of it. We certainly got great value from the programme.”
Interswitch Recognised as Leading Company in Diversity, Equity, Inclusion
L-R; Chinenye Tony-Chidolue, Organizational Development Manager, Interswitch and Michael Davids, Head Knowledge Services, Hofstede Insights Nigeria during the award presentation to Interswitch as a Distinguished Company in Diversity, Equity and Inclusion (DEI) which took place on Monday, 18th July 2022 at Interswitch’s Head Office in Lagos State.
Interswitch, Africa’s leading integrated payments and digital commerce company, has emerged as one of Nigeria’s top five companies in Diversity, Equity, and Inclusion (DEI) according to a report by advisory consulting firm, Hofstede Insights.
The recognition was announced, following extensive research carried out by the consulting firm and published in a report themed “Nigeria DEI Report: An Assessment of the State of Diversity, Equity and Inclusion amongst the Leading Companies in Nigeria.”
The report assesses the degree of diversity, equity, and inclusivity across board and management levels in corporate organizations in Nigeria, and highlights the importance of creating a diverse, equitable, and inclusive work environment for individuals from various backgrounds. It also notes that only a few organizations met the global benchmark, with Interswitch ranking among the top 5 in Nigeria.
Interswitch’s impressive ranking in the assessment report points to the technology company’s dedication to providing an enabling workspace for its employees by formulating and adopting inclusive workplace policies that foster diversity and equity.
Commenting on the recognition, the Chief Human Resources Officer for Nigeria at Interswitch, Franklin Ali stated that Interswitch’s focus on inspiring Africa to greatness was a key driving force for the company, a priority that was reflected in the workspace through deliberate actions taken to ensure that all employees reached their full potential.
He said, “We appreciate this recognition from Hofstede Insights. At Interswitch, we have focused on ensuring that our workplace culture presents a level playing field and provides an enabling environment for our people to thrive. Making the Interswitch brand more equitable by empowering our employees to give their best, has been of paramount importance. In line with our mantra to consistently push the boundaries, we plan on remaining ahead of the pack in this regard.’’
The company’s desire to support its employees’ career aspirations was recently expressed through a series of perks introduced for employees, their spouses, and their wards to drive high employee satisfaction and boost talent retention.
Sovereign Trust Insurance: N16.3bn Total Assets, N13bn Premium, N974m Profit in 2021
Sovereign Trust Insurance Plc has announced Thursday, August 18, 2022 for its 27th Annual General Meeting having been granted approvals for its 2021 Annual Report and Accounts by the National Insurance Commission, NAICOM, and the Nigerian Exchange Limited, NGX, respectively.
However, in line with the Federal Government and Lagos State directives on restriction of gatherings of large number in curbing the spread of the COVID-19 pandemic, majority of the Shareholders will be participating at this year’s Annual General Meeting of the underwriting firm online via a link on the company’s website on www.stiplc.com with the exception of the approved Proxies of the Shareholders.
The Head of Corporate Communications and Investor Relations for the organisation, Mr. Segun Bankole shared this information recently in Lagos while briefing newsmen in preparation for the 27th Annual General Meeting of the Underwriting Firm.
The company, no doubt showed great resilience amidst the various challenges that characterized the operating environment in year 2021. He said, there is every reason to be appreciative to all the shareholders and customers of the organisation who had shown great level of commitment and patronage to the Company since inception 27 years ago.
Amidst the challenges of 2021, the company ended the financial year under review with a great sense of optimism that the days ahead will continue to look brighter and better.
Despite the wavering business environment in 2021, the Company recorded Gross Premium Written of N12.7billion over N11.1billion recorded in 2020 representing a 14.4% increase. The Net Premium Income equally grew by 11.2% from the sum of N6.5billion in 2020 to N7.2billion in 2021.
In the same vein, the Company achieved Profit After Tax of N974million as against N687million recorded in year 2020 representing an increase of 42%. The Profit Before Tax equally increased from N796million in 2020 to N885million in the year 2021 representing an 11% growth rate. Similarly, Earnings Per Share improved by 42% from 8kobo in year 2020 to 11.34kobo in 2021.
The size and quality of the balance sheet equally improved as total assets of the Company increased from N14.8billion to N16.3billion representing 11% growth while shareholders Fund increased by 11% also from N8.6billion in 2020 to N9.6billion in 2021.
In all, the Company recorded a modest financial performance in the year under review as its negative Retained Earnings improved by 72% from N829million in 2020 to N236million in 2021. The Company also affirmed its commitment and capacity to honour all genuine claims as and when due. The Company in 2021 settled claims totaling N3.7billion to various policyholders spread across the country.
The Managing Director and Chief Executive Officer of the company, Mr. Olaotan Soyinka has attributed the performance to the commitment shown by every member of staff who he described as the Drivers of the organization coupled with the fact, that the company’s Management is also dedicated to ensuring that the company takes its place of pride in the industry.
According to him, “it is a statement of fact that we want to be a leading brand in the Insurance Industry providing top-notch and personalised services to all our teeming customers spread across the company with the support of our technology infrastructure. Our 2021 performance was not fortuitous, we worked towards it and today, we can confidently say that we will continue to better our performance as much as we can while placing serious premium on corporate governance, ethics and ensuring superior investment returns in the days ahead.”
Zoho Technologies, African Data Centres, Itel, Others Shine at Titans of Tech Awards
L-R: Engineer Ikechukwu Nnamani, President, ATCON, receiving the Telecom Advocacy Man Of The Year from Engineer Ernest Ndukwe, Chairman, MTN Nigeria at the Titans of Tech Awards 2022 in Lagos.
Leading digital technology solutions providers, innovative users and digital savvy states have been honoured at the 18th Annual Titans of Tech Awards which held in Lagos weekend.
Zoho Technologies emerged as the Most Innovative Business Productivity Solutions Provider Of The Year, African Data Centre was crowned as the Most Innovative Data Centre Service Provider Of The Year and Itel was voted Most Innovative Tech Brand Of The Year.
Declaring the award ceremony open, Eng Ernest Ndukwe, OFR, Chairman, MTN Nigeria and former Executive Vice Chairman, Nigerian Communications Commission (NCC), praised the organiser of the Titans of Tech Award for its consistency over the years.
He noted that in recognising excellence, celebrating commitment and rewarding winners, the Titans of Tech Awards is contributing to efforts at building the nation’s telecommunications industry.
Don Pedro Aganbi, Convener of the Titans of Tech Awards in his welcome address noted that The Titans of Tech Awards is a platform dedicated to recognizing the achievements, successes, and triumphs of key stakeholders across the entire digital technology spectrum and telling the stories.
He insisted that awards are a great way to encourage good behaviour, inculcate competitive spirit and spur the industry to greater heights.
Other winners at the high-octane event include IHS towers, Most Innovative Telecom Connectivity Provider Of The Year; ICSL, Digital Transformation Company Of The Year; IpNX, Best ICT Solutions Provider Of The Year; Ethnos IT Solutions, Information Security Compliance Organisation Of The Year and EcoExcel, Most Innovative Digital Learning Platform Of The Year.
In addition, iSON Xperiences, was crowned Best Business Process Outsourcing Company Of The Year; ONEDATA, Most Innovative Internet Service Provider Of The Year; Technology Mirror, Best Startups Supportive Online Media; Alpha Technologies, Most Innovative Indigenous ICT Company of the Year; CloudFlex, Cloud Infrastructure provider of the year and TeleAfrica, Most Innovative Clearinghouse Service Provider Of The Year.
Furthermore, Dr. Krishnan Raganath, CTO of African Data Centre was voted Data Centre Industry Influencer Of The Year and Engr. Ikechukwu Nnamani, President, ATCON, emerged Telecom Advocacy Man Of The Year.
States were not left, particularly those actively pushing the implementation of the digital economy. Nasarawa State was voted as the Most Innovative Digital State Of The Year, Edo state, Digital compliance State of the Year and Nasarawa State, Most Innovative Digital State Of The Year.
Nasarawa State Governor, Engr. Abdullahi Sule emerged as the Digital Innovation Governor Of The Year while Governor Godwin Obaseki of Edo State was crowned Digital compliance governor of the Year.
This year’s Titans of Tech Awards Special Achievement honourees included Chief Dr. Victoria Ekomu, Private Security ICON of the Year, Prince Olubayo Abiodun, Tech Media ICON of the Year; Hon Sani Haruna Sani, Excellence in Innovative Service Delivery Award while Hon. Yahaya Mohammed Tanbura and Shehu Ibrahim bagged the Outstanding promoter of Digital economy Award.
Titans of Technology Awards popularly called Nigeria’s Tech Industry Grammy is designed to celebrate Hi-tech most important movers and shakers; pioneers, Innovators, men, women, organisations and institutions who blazed the trail and used ICT to improve the way of life in our society.
It is the recognition of overall excellence, unflinching commitment and a lifetime of efforts in the service of ICT, humanity and Nigeria.
The Titans of Tech Hall of Fame Awards is the authoritative yardstick to measure performance in the West African ICT sector. It is also an avenue to influence policy, network and connect with key industry players.
UN Commends Sterling One Foundation on Africa Social Impact Summit
The United Nations Resident and Humanitarian Coordinator, Nigeria Mr. Matthias Schmale, has commended the Sterling One Foundation for creating a convening to accelerate growth towards the 2030 Sustainable Development Goals across Africa.
This was shared during the 2-day hybrid event held on July 13-14, 2022 in Abuja which had about 4,000 registered delegates from 55 countries.
Giving a keynote address at the event on the theme, ‘Rethink, Rebuild, Recover, Accelerating Growth for the SDGs’, Mr. Schmale noted that the theme was apt, timely, relevant, and required given the economic regression across Africa occasioned by the pandemic, the volatilities caused by the Ukraine war and the fact there was just 8 years to go before 2030.
He commended the leadership of the Sterling One Foundation stressing that there was need for intensive collaborations and partnerships among African leaders across the public and private sectors including the civil society groups to aid the achievement of not just the 2030 goals but also, the African Union’s 2063 goals.
Also speaking at the event, Mrs. Olapeju Ibekwe, CEO, Sterling One Foundation, noted that the summit had in-depth and insightful panel sessions on climate action, education access and funding, primary healthcare, youth and gender empowerment, impact investment and governance which all give a good appreciation of the 17 interlinked global goals.
She added that a recurring resolution that came through in all the panel sessions was the need for the elimination of silo executions and the embracing of collaborations by all sector players.
Financing strategies, impact measurement and evaluation of such impact were also discussed as
it was clear that the SDGs require financing to become a reality with an estimated amount of $1.3 trillion annually in Africa as shared by the UN and over $300 billion to block the gap in Nigeria.
“Various deals from 4 African countries were brought to the summit’s Deal Room with innovative solutions that cut across the education, health, construction, renewable energy, and food security sectors. Most of these businesses already have conditional commitments from our investors at the event and we expect to seal these deals in the coming weeks by working with the investees. We will continue facilitating financing for purpose and profit-driven business solutions that will help promote access to health and education for all while guaranteeing returns for impact investors locally and globally’’, she added.
She noted that the Foundation was already working with various partners and will continue in this light as the event was organized in partnership with the United Nations Global Compact Network Nigeria, Sterling Bank, the Coca-Cola Company, VFD Group, the Impact Investors Foundation, Giving.ng, the Nigeria Climate Innovation Center (NCIC), the Nigerian Economic Summit Group (NESG), Ventures Africa, Proshare and Tech Cabal.
Union Bank Partners JAN to Impact over 300 Girls
As part of Junior Achievement Nigeria’s vision of inspiring and preparing the youth to succeed in a global economy and in alignment with Union Bank’s corporate sustainability impact strategy, the Bank in partnership with Junior Achievement Nigeria is set to implement the annual Leadership, Empowerment, Achievement and Development (LEAD) Camp for girls.
The LEAD Camp which kicks off July 25th, 2022 is a week-long programme designed to empower young girls to be high-achieving leaders in line with the United Nations Sustainable Development Goal – Gender Equality.
This year’s edition which is the 21st anniversary marks the 8th year of partnership with the Bank and is the first time the camp will be held in a hybrid mode. 300 girls will be taken through activities like leadership workshops, empowerment/panel sessions covering: financial literacy, entrepreneurship, technology, creative arts and entertainment, and development sessions such as coding, understanding sexual abuse, and personal hygiene with leading women from the private and public sectors in Nigeria and project group mentors.
Speaking about this year’s edition, Executive Director, Junior Achievement Nigeria, Foluso Gbadamosi said:
“The Junior Achievement Nigeria LEAD Camp is a transforming experience for girls. Having top women from different organisations impact our girls is not only inspiring but reassuring and a clear indication that young girls can aspire to be all they were created to be. Regardless of the career path they choose to take, they can be successful with the right guidance, mindset, skill sets and networks – this is what this program offers. We appreciate Union Bank for their continuous support in partnering with us for the LEAD Camp and we look forward to more years of inspiring girls and enabling a world of possibilities for them to thrive excellently.”
Also commenting on the Bank’s continued partnership with JAN, Chief Brand and Marketing Officer, Ogochukwu Ekezie-Ekaidem said:
“Union Bank is pleased to extend our long-standing partnership with Junior Achievement Nigeria for their LEAD Camp. As a Bank, we are committed to enabling success for the communities we serve and this partnership reinforces our commitment to the push for gender equality and our focus on supporting the girl child. We are proud to see the impact of the programme on the young girls across the country and we commend the efforts of the JAN team who work tirelessly to impact them.”
Junior Achievement Nigeria (JAN) is part of Junior Achievement Worldwide (JAWW), the world’s largest and fastest-growing non-profit economic education organisation with a 120-country network. Since its inception in 1999, JAN has reached over one million students in over 20,000 classrooms in all the 36 states across the country and the FCT through over 5000 volunteers.
As part of a global network, JAN can leverage resources and expertise to deliver localized cutting-edge experiential programs built on JAWW’s three pillars of work Readiness, Entrepreneurship, and Financial literacy, to in- and out-of-school youths, ages 5 to 27, free of charge.
Established in 1917 and listed on the Nigerian Stock Exchange, Union Bank of Nigeria Plc is one of Nigeria’s long-standing and most respected financial institutions. The Bank is a trusted and recognizable brand, with an extensive network of over 300 branches across Nigeria.
The Bank currently offers a variety of banking services to both individual and corporate clients including current, savings and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing and trade finance.
The Bank also offers its customers convenient electronic banking channels and products including Online Banking, Mobile Banking, Debit Cards, ATMs and POS Systems.
El-Dabaa Nuclear Power Plant Project Construction Phase Begins in Egypt
The “first concrete” pouring for the El-Dabaa Nuclear Power Plant Unit 1 has been performed by Alexey Likhachev, Rosatom Director General, and Mohamed Shaker, Egyptian Minister of Electricity and Renewable Energy at a ceremony held to commemorate the historic event.
Dr. Amged El-Wakeel, Board Chairman of the Nuclear Power Plants Authority of Egypt (NPPA), the owner and future operator of the El-Dabaa Nuclear Power Plant, awarded honorary plaques commemorating the first concrete pouring to His Excellency Dr. Mohamed Shaker, Egyptian Minister of Electricity and Renewable Energy, Major-General Khaled Shoeib, the Governor of Matrouh, where the project is being built, Dr. Samy Shaaban Attallah, Chairman of the Egyptian Nuclear and Radiological Regulatory Authority (ENRRA), Alexey Likhachev, Rosatom Director General, Alexander Korchagin, Senior Vice President of ASE JSC and Grigory Sosnin, Vice President of ASE JSC and General Supervisor of the El-Dabaa NPP Project Management.
Mohamed Shaker and Alexey Likhachev also awarded members of the joint Russian-Egyptian project team in recognition of their outstanding efforts with commemorative medals.
Earlier, on 29 June 2022, ahead of schedule, the ENRRA issued the construction permit for the El-Dabaa Nuclear Power Plant Unit 1, allowing concrete pouring to commence.
“The construction launch at the El-Dabaa NPP Unit 1 means that Egypt has joined the nuclear club. Rosatom will build cutting-edge power units of VVER-1200 design in the Arab Republic of Egypt. We have gained experience constructing and operating NPPs with such reactors both in Russia and abroad. Construction of the nuclear power plant will allow Egypt to reach a new level of technology, industry and education development.
The plant will be the largest project of the Russian-Egyptian cooperation since the Aswan High Dam. Having its own nuclear energy industry has been a dream for the Egyptian people for more than half-a-century, and it is a great honor for Rosatom to make this dream come true,” Alexey Likhachev noted emphasizing the significance of the event.
Amged El-Wakeel, Board Chairman of the NPPA, welcomed the attendees and stated: “I would like to welcome all of you in today’s ceremony arranged to commemorate the pouring of the first concrete for the El-Dabaa Nuclear Power Plant Unit 1, which we are celebrating in the presence of His Excellency Dr. Mohamed Shaker, Minister of Electricity and Renewable Energy and Dr. Alexey Likhachev, Director General of Rosatom.
This day would not have been possible without the wise decision of His Excellency Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, to initiate the Egyptian Nuclear Project, following which all state entities sparred no efforts to achieve this common goal through a deep understanding of the nature of Egypt’s Nuclear Programme, as part of the comprehensive renaissance contributing to the new republic.”
Mohamed Shaker also stated: “The ceremony commemorating the pouring of the first concrete for Unit 1 is a great delight for us. The commencement of full-scale construction of Unit 1 is a historic event for Egypt. The political leadership and the Egyptian-Russian cooperation contributed to the implementation of this ambitious project despite the challenges presented by the Covid-19 pandemic, which did not have a negative impact on the project.”
The El-Dabaa Nuclear Power Plant is the first nuclear power plant in Egypt. It will be constructed in the city of El-Dabaa, Matrouh Governorate, on the Mediterranean coast, roughly 300 km north-west of Cairo.
The El-Dabaa Nuclear Power Plant will consist of 4 units with a generating capacity equivalent to 1200 MW per unit using generation III+ VVER-1200 reactors (pressurized water reactors). This is the most advanced technology to date and it has already been successfully implemented and operated in Russia and abroad.
The Rosatom State Corporation Engineering Division unites the leading companies of the nuclear industry in Russia and abroad.
The Engineering Division ranks first in the world by the order portfolio and the number of NPPs constructed simultaneously across the world.
AMCON CEO at Inter-Agency Committee Meeting on Debt Recovery
The Chairman of Independent Corrupt Practices and Other Related Offences Commission (ICPC), Professor Bolaji Owasanoye, SAN (right), and the Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Mr Ahmed Lawan Kuru at a recent meeting of the Inter-Agency Committee on the Recovery of AMCON debt. The committee set up by the Federal Government is also chaired by Prof. Owasanoye.
Suzuki by CFAO Partners ETAP to Enable Seamless Insurance for Nigerian Drivers
CFAO Motors, the sole distributor of Suzuki cars in Nigeria, has partnered with ETAP, an InsurTech company that creates solutions and incentives to improve the automotive experience across Africa, to enable seamless access to insurance with every new car purchased from the Suzuki network in Nigeria.
As part of the partnership, drivers will now be able to buy insurance in 90 seconds, complete claims in 3 minutes or less and get rewarded for good driving and avoiding accidents, powered by ETAP’s game-changing app. Suzuki by CFAO has embedded insurance into the buying process of each car, removing the need for any additional effort to get insured.
Suzuki is one of the top automobile companies in the world by sales volume and one of the fastest-growing automobile companies in Africa. Since its re-introduction to Nigeria in 2019, the brand has been committed to introducing cutting-edge technology and market-leading innovation to the automotive value chain.
This new partnership with ETAP is part of a broader initiative by Suzuki by CFAO to embed more technology solutions into the driving experience, from sales to after-sales, and improve the automotive value proposition for its drivers.
Leveraging ETAP’s “Shared Value Insurance” model, drivers will be able to earn Safe Driving Points that can be exchanged for shopping vouchers for the most in-demand retail outlets, fuel, cinema and concert tickets, and other exciting experiences.
There is also a leaderboard where drivers are gamified to maintain positive driving behaviour. Drivers can see how well they are doing compared to other good drivers across the country, based on their Safe Driving Points, and get bragging rights for topping the leaderboard of the safest drivers on the road for the week, month or all time.
As part of ETAP’s wider offering, drivers will also have flexible coverage options, including daily, weekly, monthly, quarterly and annual plans depending on their needs. ETAP will also onboard Suzuki repair workshops to the ETAP’s list of partner repair centres for claims repairs and other after sales services for ETAP users.
Commenting on the partnership, Mrs. Aissatou Diouf, General Manager of Suzuki by CFAO Nigeria, said “we are excited to partner with ETAP to drive the adoption of much-needed insurance for Nigerian drivers. As we expand our footprint across Africa, we want to make sure that drivers do not only enjoy driving our cars but that they also enjoy everything that surrounds that experience. Beyond insurance, we look forward to playing an active role in improving the automotive experience for our drivers.”
Ibraheem Babalola, CEO and Founder of ETAP, said: “This partnership speaks to the shared commitment between ETAP and Suzuki to unlocking better experiences for African drivers. We believe that owning and maintaining a car should be an enjoyable and rewarding experience, and we will continue to explore partnership opportunities and develop solutions to make this a reality for more drivers across the continent.”
Emirates Flight Catering Opens World’s Largest Vertical Farm in Dubai
Emirates Flight Catering is opening the world’s largest farm in Dubai.
Bustanica has opened the doors to the largest hydroponic farm on the planet, backed by an investment of over US$40 million.
The facility is the first vertical farm for Emirates Crop One, the joint venture between Emirates Flight Catering (EKFC), one of the world’s largest catering operations serving more than 100 airlines, and Crop One, an industry leader in technology-driven indoor vertical farming.
Located near Al Maktoum International Airport at Dubai World Central, the 330,000sqft facility is geared to produce more than 1,000,000 kilograms of high-quality leafy greens annually, while requiring 95% less water than conventional agriculture. At any point in time, the facility grows in excess of 1m cultivars (plants), which will provide an output of 3,000 kgs per day.
Bustanica is driven by powerful technology – machine learning, artificial intelligence and advanced methods – and a highly specialised in-house team that includes agronomy experts, engineers, horticulturists and plant scientists.
A continuous production cycle ensures the produce is super fresh and clean, and grown without pesticides, herbicides, or chemicals.
Passengers on Emirates and other airlines can look forward to forking these delicious leafy greens, including lettuces, arugula, mixed salad greens, and spinach, onboard their flights from July. Bustanica is not just revolutionising salads in the sky – UAE consumers will soon be able to add these greens to their shopping carts at the nearest supermarkets. Bustanica also plans to expand into the production and sale of fruits and vegetables.
HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group said: “Long-term food security and self-sufficiency are vital to the economic growth of any country, and the UAE is no exception. We’ve specific challenges in our region, given the limitations around arable land and climate. Bustanica ushers in a new era of innovation and investments, which are important steps for sustainable growth and align with our country’s well-defined food and water security strategies.
“Emirates Flight Catering constantly invests in the latest technologies to delight customers, optimise operations, and minimise our environmental footprint. Bustanica helps secure our supply chain, and ensures our customers can enjoy locally sourced, nutritious produce. By bringing production closer to consumption, we’re reducing the food journey from farm to fork. Congratulations to the Bustanica team for their remarkable achievements so far and for setting global standards and benchmarks in agronomy.”
Craig Ratajczyk, Chief Executive Officer, Crop One said: “After significant planning and construction, and navigating the unforeseen challenges of the pandemic, we’re thrilled to celebrate this tremendous milestone alongside our joint venture partner, Emirates Flight Catering.
“It’s our mission to cultivate a sustainable future to meet global demand for fresh, local food, and this first large format farm is the manifestation of that commitment. This new facility serves as a model for what’s possible around the globe.”
The farm’s closed-loop system is designed to circulate water through the plants to maximise water usage and efficiency. When the water vaporises, it is recovered and recycled into the system, saving 250m litres of water every year compared to traditional outdoor farming for the same output.
Bustanica will have zero impact on the world’s threatened soil resources, an incredibly reduced reliance on water and year-round harvests unhampered by weather conditions and pests. Consumers buying Bustanica’s greens from supermarkets can eat it straight from the bag – even washing can damage the leaves and introduce contaminants.
Crop One Holdings Inc. (Crop One), headquartered in Massachusetts, USA, is an established and experienced vertical farming leader with continuous commercial operation exceeding 6 years. Leveraging new technological and biological advancements, Crop One has built a scalable, global model to bring fresh, local produce, to previously ungrowable environment.
Emirates Flight Catering is one of the world’s largest catering operations. Offering airline, events and VIP catering as well as ancillary services including laundry, food production and airport lounge food & beverage, EKFC is a trusted partner for over 100 airline customers, hospitality groups and UAE government entities. Each day, the company’s 11,000 dedicated employees prepare an average of 200,000 meals and handle 210 tonnes of laundry.