The UAE government continues to advance its dialogue with the Nigerian authorities, and the latest discussions signal great optimism for a positive way forward. We regularly update our website to keep our customers informed, and although our operations are still on hold, Emirates is keen to restart services to and from Nigeria, and are working closely with designated laboratories in Nigeria to provide the required tests and hope to be able to get all laboratories ready for implementation very soon. We are committed to Nigeria, and look forward to providing much needed connectivity for our customers, helping to meet growing air travel demand in and out of our two Nigerian gateways and making air travel more accessible to and through Dubai to over 120 destinations across our global network.” – Emirates spokesperson
Sovereign Trust Insurance Reports N10bn Gross Premium in Q3 2021
Mr. Olaotan Soyinka
Managing Director/CEO
Sovereign Trust Insurance Plc
Despite the dwindling state of the economy amidst the challenges of the post-covid-19 experience, which has led to so many businesses grappling for survival including the insurance industry in 2021, Sovereign Trust Insurance Plc has again, proved to be a very resilient underwriting organisation that is determined to rise above board in the midst of so many obstacles.
Just recently, the unaudited third quarter result of the Company was made public on the Floor of The Nigerian Exchange Limited.
The Managing Director and Chief Executive Officer of the Company, Mr. Olaotan Soyinka said the result reflects the realities of the times and that the Company is undaunted and will continue to remain focused in ensuring that the Company keeps up with its obligations as a very dynamic and responsive corporate entity.
The Company recorded a growth of 17% in its Profit Before Tax totaling N701 million as against N600 million recorded in the corresponding period in year 2020 while profit after tax increased by 13% from N537 million to N606 million in the period under review. The gross premium written also grew by 17% from N8.4 billion in 2020 to N9.8 billion in 2021 third quarter.
One other very significant highlight of the 2021 Q3 unaudited result is the increase in the net premium of Sovereign Trust from N3.2 billion in 2020 third quarter to N4.3 billion in third quarter of 2021 representing a 31% growth rate in the net premium written of the company. The Company’s total assets also grew by 11% in the period under review from N12.6 billion in September of 2020 to N14 billion in the corresponding period of 2021.
Total equity also grew by 12% from N8.2 billion in the corresponding period of 2020 to N9.2 billion in third quarter of 2021. Earnings per share of the underwriting firm increased from 5.28 kobo in September 2020 to 6.18 kobo in September 2021. Net assets per share also took a leap from 57 kobo in the corresponding period of 2020 to 81 kobo in the same period of 2021.
The Managing Director while briefing newsmen in Lagos said the Management of the Company is committed to meeting and surpassing the expectations and aspirations of its shareholders and other stakeholders as the Company remains focused on her strategic objective of accelerating the growth of the Company through asset base, revenue, and profitability in the years ahead.
NLNG: $18bn Dividend, $18bn FDI, $9bn in Taxes, $1.2bn Vendor Finance, 100% Nigerian
Philip Mshelbila
Managing Director/CEO
Nigeria LNG Limited
The Nigeria LNG Limited (NLNG) is considered one of the most important economic projects in Nigeria. Since it began operations in 1999 when it shipped its first LNG cargo, NLNG has brought significant economic benefits to Nigeria.
Some of these are detailed below:
• Dividends
NLNG has also over the years paid dividends of about USD18 billion to the Federal Government of Nigeria courtesy of its shareholding in the company, via Nigerian National Petroleum Corporation, NNPC.
• Taxes
As a good corporate citizen, NLNG also contributes to national wealth and the economic wellbeing of states in which it operates, by paying all applicable taxes and tariffs.
The company has paid about USD9 billion in taxes to the Federal Government of Nigeria.
• Feedgas Payment
Payment to the Federal Government of Nigeria via its shareholding in Nigerian National Petroleum Corporation, NNPC, for feedgas from inception till date is about USD15 billion.
• Foreign Direct Investment (FDI)
With its plant construction, the company generated considerable Foreign Direct Investment (FDI) for the country.
NLNG has assets (i.e.property, plant and equipment) worth about USD17.5 billion with 51% stake by international oil companies and 49 per cent belonging to the country through the Nigerian National Petroleum Corporation (NNPC).
• Gross Domestic Product (GDP)
The company, since 2008, has contributed about four per cent of Nigeria’s annual Gross Domestic Product (GDP). With rebasing of the GDP in 2014, NLNG’s contribution to the GDP is estimated at about one per cent.
• Job Creation
NLNG provided more than 12,000 jobs at the peak of construction of each plant. Overall, the major sub-contractors employed over 18,000 Nigerians in technical jobs in the Base Project (Trains 1 and 2).
Through each Nigerian Content plan for its contracts, NLNG has promoted the development and employment of Nigerian manpower. Over 12,000 direct jobs will be generated during the construction phase of Train 7.
• Local Content Development
NLNG supports the development of community and Nigerian contractors to enhance their capacities and capabilities thereby enabling them to achieve standards of excellence.
In our host community, through the initiative to empower local contractors via the Finima Legacy Project, indigenous contractors have made capital investments in their companies thereby expanding their operating capacity.
The capabilities of local vendors have also been developed through mentoring and partnerships between more established Nigerian vendors and community vendors.
Nigerian Content commitment in the acquisition of six new technology DFDE ships by NLNG’s subsidiary, Bonny Gas Transport, led to major achievements such as a feasibility study for the establishment of a drydocking and ship-repair yard in Nigeria, the training and development of Nigerians (both in Nigeria and Korea) in various aspects of ship design and construction, and export of Nigerian goods for use in construction of BGT ships in South Korea.
For Train 7, 55% of both engineering activities and procurement will be carried out in Nigeria and by Nigerian vendors.
• Environmental Hazard Reduction
Nigeria LNG Limited utilizes gas that would otherwise be flared by upstream companies, which has helped to protect the environment from the effects of gas flaring. NLNG has contributed to the reduction of gas flaring in Nigeria from 65 to about 20%.
The environment is further protected by the significant reduction in felling of trees for use as fuels. Further, NLNG has contributed to a healthier nation by encouraging the use of cleaner energy through its domestic LPG supply programme which has also resulted in reduced expenditure on respiratory health issues.
• Deepening Domestic LPG Sector
For over 10 years, NLNG’s intervention in the supply of Liquefied Petroleum Gas (LPG) – otherwise known as cooking gas – to the domestic market under the NLNG DLPG Scheme has guaranteed LPG supply, availability and affordability, and has stimulated the development of different parts of the DLPG value chain in Nigeria.
• Nigerianisation
NLNG and its shareholders agreed on a Nigerianisation scheme on September 1, 1997. This was revisited and updated in 2004. The objective of the scheme which was to Nigerianise the company’s workforce was achieved in 2012.
The company is now run by a 100% Nigerian senior management team and 95% Nigerian staff. NLNG, therefore, contributes to the reduction of unemployment figures in Nigeria.
• Increased Shipping/Marine Human Resources
With the incorporation of its first subsidiary, Bonny Gas Transport (BGT), in 1989, the LNG shipping industry in Nigeria was born. Currently, NLNG, through NLNG Ship Management Limited (NSML), another of its subsidiaries, is the biggest employer of Nigerian seafarers on board its 13 BGT-owned ships. NLNG has trained hundreds of sea-going officers, some to the level of captains and chief engineers.
• Vendor Finance Scheme
NLNG recognises the fact that funding is the bane of the Nigerian manufacturing industry. This led, in 2013, to the introduction of the USD1 billion NLNG Local Vendors Finance Scheme (NLVFS) which was increased to USD1.2 billion in June 2017 with the introduction of an additional participating bank to the scheme making a total of six participating banks.
The scheme facilitates access to funds from six participating banks to NLNG-registered vendors (suppliers of goods or contractors of services).
Under the scheme, vendors are able to get quicker access to finance at fairer terms for their NLNG related business operations by leveraging on NLNG’s relationships with the banks.
Absa Seeks Stronger Private Sector Participation in Dev of Infrastructure in Nigeria
Sadiq Abu
CEO
Absa Nigeria
Sadiq Abu, CEO of Absa Nigeria, has called for a robust public-private sector investment in national infrastructure development to enable impactful national productivity and wider enterprise with a strong bearing on the overall Gross Domestic Product (GDP).
In a recent statement, Sadiq Abu, said, “Private sector participation in national infrastructure development will offset the impact of the worsening government fiscal position on the nation’s growth agenda while catalyzing the local economy.”
He explained, “The extensive network of Nigerian roads, railway, air travel, and municipal facilities have to be continuously maintained and renewed to provide optimum support to the small and large businesses that are driving the economy.”
According to him, the government may not be well-placed to make the total funds available to address the current level of the nation’s infrastructure deficit seeing it has been committing a larger chunk of its dwindling revenues to mitigate the impact of the pandemic.
He stressed that encouraging private sector participation in infrastructure development will provide the robust funding necessary to renew and revive ailing state assets. As well, infrastructure spending will reboot the economy leading to faster recovery from the COVID-19 disruptions.
Recall that as part of the government’s drive to bridge infrastructure gaps in the country, Vice President Yemi Osinbajo in July 2021 announced the establishment of a $37 million Infrastructure Fund and the selection of four firms of asset managers to ensure the proper management of the Fund.
To lend credence on the insight shared by Sadiq Abu, the Vice President had called on the private sector to identify areas of collaboration with the government, optimize the benefits in infrastructure investment and contribute to the creation of jobs for unemployed Nigerians.
Lagos State Partners Ecobank to Uplft Artisanal Fisheries Value Chain
Left: Permanent Secretary, Ministry of Agriculture, Lagos State, Hakeem Adeniji; Commissioner for Agriculture, Lagos State, Abisola Olusanya; President, Lagos State Fishermen Cooperative Society, Mr Adekunle Fasasi; Head, Public Sector and Agric Business, Commercial Banking, Ecobank Nigeria, Mojisola Oguntoyinbo and Area Manager, Lagos Mainland, Margaret Fawibe at the presentations of fibre glass boats with outboard engines and other ancillary fishing equipment to fish farmers in Lagos.
Ecobank Nigeria has received commendation from the Lagos State Government on its partnership to uplift artisanal fisheries value chain in the State.
Ms Abisola Olusanya, the Commissioner for Agriculture in her remark at the presentation of 34 fibre glass boats with outboard engines and other ancillary fishing equipment to cooperative societies of 680 youth fishermen, said partnership with Ecobank has been phenomenal in helping to develop business models suitable for the fishermen, stating that the ministry was partnering with Ecobank and Old Mutual Assurance, to provide banking services, track cash flow in the business and aid fleet expansion for the fishermen.
Olusanya disclosed that the empowerment was under the 2021 Agricultural Value Chains Enterprise Activation Programme, inaugurated by Gov. Babajide Sanwo-Olu in July as part of the government’s commitment to supporting the fishery value chain.
She said that it was envisaged that the deployment of the fishing assets would create over 2,000 jobs in the upstream and downstream sub-sectors of the artisanal fisheries value chain, as well as to produce 4,531 metric tonnes of fish annually. Olusanya said that each cooperative group comprising 20 members each would receive a boat.
The commissioner further explained that the partnership with Ecobank was aimed at monitoring the activities of each cooperative group to ensure that they make judicious use of the equipment.
“Today, we are distributing the fibre glass boat to 34 cooperative groups free of charge, under the 2021 Agricultural Value Chains Enterprise Activation Programme.
“We need to monitor your activities to ensure that you utilise the equipment very well and also expand and increase the number of your fleet with the support of the financial institution. The banks are here to plan your business and increase opportunities for the generations to come. We want you all to grow your business and become multinational companies. We don’t want people to come from Japan, Netherlands and other foreign countries to talk about fish more than our people from the local fishing communities,” she said.
The Head, Agriculture Desk, Ecobank Nigeria, Mrs Moji Oguntoyinbo, said that the bank was delighted to partner with the state government on the fisheries value chain.
Oguntoyinbo said that it was an intentional action for the bank to partner with Lagos state, due to its coastal region with a lot of opportunities in fisheries.
“We have seen Lagos state as a coastal region with a lot of opportunities in fisheries and we are delighted that the government has picked us as a focus in food sustainability to start development in this sector. Today, we are very delighted to be a partner on this laudable project. This is an intentional investment and incentive to fishermen in Lagos, to promote this sector to the extent of making it possible for fish production and exportation, in the very near future, from the State.”
“This is very laudable for us and we are delighted that this will be a role model plan and action that we will also try to replicate in other coastal regions of Nigeria.
“Lagos is always taking the lead and we are delighted to partner with you on this project,” she said. She urged the beneficiaries to be consistently focused to ensure that the project would continue to revolve and would be extended to many more beneficiaries in the nearest future.
Also, Mr Adekunle Fasasi, President, Lagos State Fishermen Cooperative Society commended the government for its continuous support and empowerment to the value chain. He noted that in the whole of Nigeria, Lagos state was first in terms of fish production and promised to increase its number with the new empowerment.
“Lagos is a coastal region; we have oceans and seas and it is important that we take advantage of this for economic benefits. I am particularly happy that this initiative is focused on the youths, because these are the people that will take over from us aged fishermen. I, hereby, implore the farmers to use the property as if they paid for it and prayed that God would continue to give them wisdom and strength needed to be better fishermen. Do not take it with levity because it is a gift,” he advised.”
AMCON MD, Ahmed Kuru Wins New Telegraph ‘Public Integrity Award 2021’
R-L: Lagos State Governor Mr. Babajide Sanwo-Olu; publisher of New Telegraph Newspapers and former Governor of Abia State, Senator Orji Uzor Kalu; Ogun State Governor, Mr. Dapo Abiodun; Head, Corporate Communications of Asset Management Corporation of Nigeria (AMCON) Mr Jude Nwauzor who represented AMCON MD/CEO, Mr. Ahmed Kuru and Head, Corporate Banking, First Bank Nigeria, Mr. Osahon Ogieva at the annual New Telegraph Newspapers Awards, which held at the weekend in Lagos
The Managing Director and Chief Executive Officer of Asset Management Corporation of Nigeria (AMCON) at the weekend won the maiden edition of the New Telegraph Newspapers “Public Integrity Award 2021.”
The organisers said the AMCON Boss was selected from a large poll of public servants that are heading different Ministries, Departments and Agencies (MDAs) of the government across Nigeria because of his commitment, dedication, uprightness, and patriotic zeal that he has gone about the recovery drive from AMCON obligors who owe Nigeria a current outstanding debt of over N4.4trillion.
New Telegraph Newspapers said the honoured Kuru and some other notable Nigerians in keeping with its commitment to rewarding individuals and businesses in Nigeria that have distinguished themselves by their remarkable contributions to the development of the country in both the public and private spaces in Nigeria.
The management of New Telegraph led by Ayodele Aminu said it decided to organise the annual awards in the firm belief that such reward system has the twin effect of galvanizing and inspiring awardees towards greater excellence, while also helping to incentivize others to aspire to such distinction.
The award which was received on behalf of the AMCON MD/CEO by Jude Nwauzor, Head, Corporate Communications Department of the Corporation held at the weekend in Lagos.
Top of the list of winners are the Governor of the Central Bank, Mr. Godwin Emefiele, President of the Senate, Senator Ahmed Lawan, Lagos State Governor, Mr. Babajide Sanwo-Olu, and Abia State Governor, Mr. Okezie Ikpeazu, and the Borno State Governor, Prof Babagana Zulum.
The rest include Governor, Mr. Samuel Ortom of Benue State; Ogun State Governor, Prince Dapo Abiodun, Governor of Ekiti State and Chairman of the Nigerian Governors Forum, Dr Kayode Fayemi, and the Kogi State Governor, Mr. Yahaya Bello, and a host of others.
PenCom: No Breach in Leadway Pensure Investment in FBN
CLARIFICATION ON ALLEGED BREACH OF THE REGULATIONS ON INVESTMENT OF PENSION FUND ASSETS IN THE EQUITIES OF FBN HOLDING PLC BY LEADWAY PENSURE LTD
The Commission’s attention has been drawn to several publications in the media alleging breach of its Regulation on investment of pension fund assets by Leadway Pensure Limited, a licensed Pension Fund Administrator (PFA), in the equities of FBN Holdings Plc.
The Commission categorically states that the allegations are NOT correct and must have been made based on the lack of understanding of the Investment Regulation issued by the Commission. For the avoidance of doubt, the Commission wishes to clarify as follows:
1. The equity investments in FBN Holdings made by Leadway Pensure Limited on behalf of the pension funds under its management are in the name of the pension fund and belong to the RSA holders.
2. Therefore, the equity investments in FBN Holdings Plc as stated in (1) above, cannot be appropriated or classified as shareholdings of any related party to the PFA.
3. Leadway Pensure Limited is not in breach of the Investment Regulation by investing pension funds in the equities of FBN Holding Plc.
4. Records which can be confirmed from the Securities and Exchange Commission show that the equity investments in FBN Holdings Plc are in the name of the Pension Fund on behalf of the RSA holders.
5. For further clarification please note that: a. Pension fund assets are managed by licensed PFAs and held in custody by Pension Fund Custodians (PFCs) on behalf of Retirement Savings Account holders and other beneficiaries of the Contributory Pension scheme (CPS), in line with the provisions of the Pension Reform Act 2014 (PRA 2014). b. Section 69 (b) of PRA 2014 stipulates that the PFA and PFC shall take reasonable care that the management or custody of the pension funds is carried out in the best interest of the retirement savings account holders.
Therefore, all investments made by licensed PFAs in eligible securities and corporate entities are “ring-fenced” and belong to the RSA holders and other pension beneficiaries. Accordingly, these pension assets cannot be appropriated directly or indirectly to any individual or related party of the PFA. c. The provisions of Section 6.1(iii) of the Investment Regulation dealing with conflict of interest, stipulate that “The PFA or any of its agents are prohibited from investing Pension Fund Assets in the shares or any other securities, issued through public or private placement arrangements, by related party/person of any shareholder of the PFA”. Related persons/party as defined in Section 1.10 of the Investment Regulation “includes natural persons related by blood, adoption or marriage; legal entities one of which has control or significant influence over the other, or both of which are controlled by some other person or entity; a corporate entity where any of the aforementioned holds 5% or more beneficial interest; and any other relationship that can be reasonably construed as related persons or parties”.
6. In view of the foregoing, the Commission reiterates that there was no breach of its Investment Regulation whatsoever and invites the general public to be guided accordingly.
7. The Commission restates its commitment to fulfilling its regulatory and supervisory functions as well as ensuring the safety of pension assets and the soundness of the Pension Industry.
AfCFTA: Why Nigeria May Lose Out in Agro-export to 1.2bn Consumers-Okakpu
Captain John T. Okakpu
MD/CEO
ABX World Limited
The African Free Trade Area (AfCFTA) has the potential to lift millions of people out of poverty and end food insecurity on the Continent, but Nigeria has not been positioned as the ‘real’ stakeholder for agro-export under this agreement.
Captain John T. Okakpu, MD/CEO, ABX World Limited dropped the hint over the weekend, stressing that the country participation and gain from AfCFTA, in the agricultural value chain, depends on the effectiveness and implementation of government policies, especially in the agricultural sector.
He said that AfCFTA will form a 3.4 trillion dollars economic bloc, which Nigeria cannot afford to be out.
Available reports show that trade between African nations in agricultural products as a percentage of Africa’s total agricultural trade remains below 20 percent long, one of the lowest in any region.
Total trade between African nations was only 2 percent in the period 2015–2017, compared with 67 percent in trade between European countries, 61 percent in Asian countries, and 47 percent in the Americas, according to UN trade agency UNCTAD.
Now, AfCFTA intends to change the narrative. It has created the world’s largest free trade area, representing the 1.2 billion consumer market, and mandates states to remove tariffs and non-tariffs in order to boost shipments and services between nations, and boost economic growth in doing so.
“If you look at the trend, Africa exports agricultural products such as tomatoes, onions, vegetables, cocoa, coffee, cotton, yam tobacco and spices to the nations of the world to earn significant foreign exchange. But the continent imports important foods such as cereals, vegetable oils, dairy products and meat in large quantities. Now, our neighbouring countries have positioned themselves to benefit from AfCFTA by building robust logistics and cost-effective export systems.
“So, looking at it critically, our logistics cost cemented our losses on AfCFTA unless we address it now”, Capt. Okakpu said.
Capt. Okakpu who chairs a 28-member Nigeria Agro Set-Up Committee inaugurated by the Federal Ministry of Industry, Trade and Investment (FMITI), with a mandate to reinvigorate broad national agricultural activities across the country, added that capacity building for farmers, regulators and top government officials is another major factor that must be considered for the country to get her acts together.
He said that the most basic of agro export requirements is the knowledge of Good Agricultural Practices (GAP) which is completely missing in Nigeria.
“In addition to other benefits, it teaches and equips farmers on standard Farming Bookkeeping which helps farmers know, track and compare total costs of farm inputs and inflows from sales and in so doing help to maximize their profitability.
“As it is now; we will continue exporting our products to the world market through another country and definitely will get worse under AfCFTA. For every N1 we are going to make, those countries our products are transiting will be making N10. There’s no shortcut here or lobbying; it’s grass root, that grassroot are the farmers with Certifications/Traceability of their farms and products.
“That notwithstanding, knowledge of GAP enables farmers to increase their yields per hectare by employing latest, world class and more efficient farming techniques.
“Similarly, farmers who have Global GAP certifications and training are automatically linked to off-takers who buy off their agricultural farm produce right from the farm gate at international market rates thus saving most farmers from losses derived from low sales and prices that ultimately lead to loan defaults.
“The regulators and other government officials also need to be informed on why cost should be reduced; on why farmers deserve cost-effective interest loans; why the logistics value chain must be rejigged if we are going to benefit from AfCFTA,” he said.
Nigeria LNG at 9th Realnews Anniversary Lecture
Mrs. Eyono Fatayi-Williams, General Manager, External Relations and Sustainable Development, Nigeria LNG Limited, discussing the Keynote Paper at the 9th Realnews Anniversary Lecture at Sheraton Hotel, Ikeja, Lagos.
AMCON Submits List of Top 1,000 Bank Debtors to NA for Speedy Recovery
In another deft strategy to intensify its debt recovery drive in the country, the Asset Management Corporation of Nigeria (AMCON) has submitted a list containing its top 1,000 obligors to the National Assembly.
AMCON made the exposé to members of the House of Representatives Committee on Banking and Currency at the just concluded retreat of the committee in Lagos.
AMCON handed the list over just few hours after President Muhammadu Buhari also signed into law the Asset Management Corporation of Nigeria (Amendment) Act, amending the AMCON Act No.4, 2010. The AMCON Act provides for the extension of the tenor of the Resolution Cost Fund (RCF) and grants access to the Special Tribunal established by the Banks and other Financial Institutions Act 2020, which confers on AMCON the power to among others… “to take possession, manage, foreclose or sell, transfer, assign or otherwise deal with the asset or property used as security for Eligible Bank Assets (EBAs), and related matters.’’
The Chairman of the House of Representatives Committee on Banking and Currency, Honourable Victor Nwokolo, representing Ika Northeast/Ika South Constituency in the 9th National Assembly while receiving the list of recalcitrant AMCON obligors from the Managing Director/Chief Executive Officer of the Corporation, Mr. Ahmed Lawan Kuru said the Committee called for the list so that the National Assembly would know those that are holding the country to ransom to enable them meet with relevant agencies of the Federal Government on how to further deal with the debtors to ensure that AMCON realised its mandate in the overall interest of the Nigeria economy.
Nwokolo who commended the commitment of the Kuru-led agency said that AMCON has been operating under very difficult condition since their establishment, which he stated has been made worse by the coming of the coronavirus (COVID-19) pandemic, which practically shut everything down.
He said the harsh economic realities caused by COVID-19 meant that the recovery assignment AMCON is doing for the country has been further compounded, which is why the National Assembly is looking at ways of further supporting the recovery drive of AMCON.
Nwokolo who further disclosed that the National Assembly is considering punitive measures in dealing with those whose names made the top 1,000 AMCON debtors’ list however said he was happy that President Muhammadu Buhari has just signed the Amended AMCON Act into Law because it will help AMCON to recover the huge outstanding debt, which will ensure that the aim of the Federal Government of Nigeria in setting up AMCON in 2010 is not defeated.
Earlier while presenting the list the AMCON Boss said, “To enable AMCON succeed in its national call to duty, AMCON solicits the continued support of this Distinguished Committee. The Judiciary must be encouraged to respect the provisions of the law that require them to fast-track cases before them, issue certificate of judgement on properties, which the Corporation has no collateral and demand debtors to deposit Judgment sum before proceeding to appeal any judgement.
Even though the judiciary according to Kuru have been of tremendous support, he told the National Assembly members that AMCON recovery presently is heavily dependent on the Judiciary in the country because AMCON has over 4,000 cases in court and is currently challenged with so many issues including unperfected title documents of some properties from Eligible Financial Institutions (EFIs), which often prevent or elongate the completion of the sale of some of the assets; A general market perception that AMCON assets are distressed, hence buyers request for deeply discounted prices, and the basis for pricing of EBA’s at the point of purchase was the valuation of the assets, just to mention a few.
Kuru added that more recently, due to the socio-economic downturn, the market values of assets have significantly reduced, lower than the valuation at the point of Eligible Bank Asset (EBA) purchase, making it extremely difficult to consummate sales transactions.
With the support of the National Assembly and the Judiciary, Kuru argued that recovering the total current exposure on all EBAs, which stands at N4.4 trillion may be possible before the sunset period.
Stanbic IBTC: More Winners Emerge in Reward4Saving Promo
Stanbic IBTC Bank Plc, a subsidiary of Stanbic IBTC Holdings Plc, rewards more winners in its on-going Reward4Saving promo. The October draws held on Wednesday, 10 November 2021 at Stanbic IBTC’s head office in Walter Carrington, Lagos.
The draws saw 60 customers win N100,000 each from the six geo-political zones with 10 winners from each zone. It can be recalled that the reward for saving scheme held its first draws for September in October where 60 winners won N6 million in total.
The savings campaign seeks to encourage customers to develop a habit of saving for rainy days. The Bank’s existing and new customers can qualify for the promo, by making a minimum deposit of N5,000.
Highlighting the importance of the savings promo and rationale of the consumer promo, Bunmi Dayo-Olagunju, Executive Director, Client Solutions, Stanbic IBTC Bank PLC said the Reward4Saving campaign was borne out of the need to reward loyal customers who have so far been able to imbibe a savings culture. She also stated that the financial services solutions provider remains committed to encouraging more customers to become better savers even after the promo.
“As a financial services solutions provider committed to promoting the financial wellbeing and growth of our esteemed customers, we want more people to save and invest to enable them gain financial freedom and stability” Bunmi added.
She urged customers to take advantage of this opportunity as the promo was designed for them and noted that even more winners will emerge in the coming month of December.
Emmanuel Aihevba, Head Main Market Clients, Stanbic IBTC Bank, in his closing remarks said “120 of our customers have now won N12 million in the ongoing reward for savings promo. We have witnessed an increase in participation in this promo and we hope to see more as it was specifically designed for our new and existing customers. The reward for savings promo will hold its grand finale in December, where 12 customers will win a whopping sum of N1 million each and 60 customers will each win the sum of N100,000 again.”
He assured that the Bank remains committed to its customers’ financial wellbeing by providing world-class financial services. Also, he urged new and existing customers to use the Bank’s end-to-end digital onboarding platforms.
‘Nigeria Should Not Panic over Energy Transition, Leads in Oil/Gas Local Content’
Engr. Simbi Wabote, Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB) delivering the Keynote Paper at the 9th Realnews Magazine Anniversary Lecture at Sheraton Hotel, Ikeja, Lagos yesterday.
PRESENTATION BY THE EXECUTIVE SECRETARY, NIGERIAN CONTENT DEVELOPMENT AND MONITORING BOARD (NCDMB), Engineer Simbi Wabote at Realnews Magazine 9th Anniversary Lecture on Thursday, 18th November, 2021 at Sheraton Hotel, Ikeja, Lagos.
Topic:
Nigeria in the Unfolding Integration of African Market: The Oil and Gas Sector Perspective
Protocols
I am delighted to be part of the 9th Anniversary Celebration of the Realnews Magazine and Publications. For anyone familiar with the statistics of failure rates of private enterprises, he or she will find it highly commendable that Realnews has been kept afloat for nearly a decade
Permit me therefore to offer my Big Congratulations to my sister, Maureen Chigbo, the Publisher and Editor of Realnews Magazine and Publications Limited. In line with the modus operandi of Realnews when it comes to its anniversaries, I have been invited to deliver a lecture on one of the topical issues of our time in respect of the need for greater integration amongst African Economies under the umbrella of African Continental Free Trade Agreement (AFCFTA).
I particularly appreciate the focus on getting the oil and gas perspectives in the unfolding integration of African Economies especially as it concerns Nigeria. Beyond all the attention being paid to Energy Transition, Net Zero Emissions, Green Energy, and others, the topic of this year’s Anniversary has elected to focus on the nexus between the oil and gas industry and the integration of African economies.
The outline of my lecture will be in the following order:
• A brief introduction of the African hydrocarbon landscape.
• Describe the key tenets and objectives of the AFCFTA
• I will thereafter share my views on the key aspects of Nigeria’s oil and gas industry as it relates to the AfCFTA.
The Africa oil map reveals the rapid spread of the discovery of hydrocarbon especially in the last two decades.
Between 2005 and 2015 alone, we had Ghana, Sierra Leone, Liberia, Mozambique, Kenya, Tanzania, and Senegal as new additions to the league of countries with hydrocarbon resources. Evidently, Africa is practically sitting in oil and gas reservoirs.
In this year alone, Namibia announced discovery of 120 billion barrels of oil comparable to the Permian Basin in Texas, USA. Other discoveries include the 2 billion barrels discovered in Cote D’Ivoire, 700million barrels in Ghana, and 250million barrels in Angola.
With proven crude oil reserve of 37 billion barrels of oil which is the 11th largest in the world and proven gas reserve of 206 TCF which is the 9th largest in the world, Nigeria is also well known as a strategic player in the global oil and gas industry.
In consideration of the share volume of Nigeria’s gas reserves, there is a popular saying that Nigeria is a gas province with pockets of oil deposits. It is estimated that even if the current gas consumption level in Nigeria is doubled, the gas reserves could still last for fifty (50) years.
It is also a well-known fact that Nigeria is highly dependent on revenues from the oil and gas industry to power its economy.
With the huge existing, newly discovered, and the yet to be discovered hydrocarbon resources across the African continent, it is pertinent to evaluate the implication of the unfolding integration of African market on the Nigerian oil and gas industry.
On the 1st of January 2021, the whole of Africa became one single market courtesy of the African Continental Free Trade Agreement (AfCFTA) effectively creating the world’s largest free trade area connecting 1.3billion people on the continent with a combined GDP of about $3.4trillion.
The agreement is meant to address the low intra-regional trade in Africa estimated at 17% compared to 69% obtainable in Europe and 59% obtainable in Asia.
Some of the key thrusts and targeted benefits of AFCFTA include:
• Free movement of people, goods, and capital
• Removal of tariff and non-tariff trade barriers
• Investing in cross-border infrastructure
• Streamlining trade, investment, and monetary policies
Thus, AFCFTA remains a game changer in turning the fortunes of the continent around as it economic and social benefits cut across multiple sectors such as trade, education, health, finance, agriculture, transportation, manufacturing, and even the oil and gas industry.
Regarding Nigeria’s positioning in the emerging integration of the African Market, the following perspectives are pertinent for consideration to ensure the full benefits of the agreement are realised:
• Infrastructure
• Local Content
• Energy Transition
• Funding
• Resource Utilisation
• Human Capacity Development/Expatriation and
• Services
Ladies and gentlemen, permit me to briefly deliberate on some of these viewpoints as it concerns the opportunities, and perhaps threats, that could be realised by the Nigerian oil and gas industry against the AFCFTA agreement.
Let me start with infrastructure…The word Infrastructure is defined as the fundamental facilities, services and systems serving a country, city, or other geographical area, for its economy to function.
Infrastructure can also be seen as the physical components of interrelated systems providing commodities and services essential to enable, sustain, or enhance societal living conditions. It is also important to highlight that there are two ways to view infrastructure – hard infrastructure or soft infrastructure.
Hard infrastructure refers to the physical networks necessary for the functioning of a modern industry. This includes roads, bridges, tunnels, water supply, sewers, electrical grids, telecommunications, and others.
Soft infrastructure refers to all the institutions that maintain the economic, health, social, and cultural standards of a country. This includes educational programs, recreational facilities, law enforcement agencies, emergency services, and governance structure.
Specific to the energy sector, the key driver of infrastructure requirement is the need to convert the energy source in its raw form into a useable form and make it available where it is required to power the needs of humans and the society.
Examples of such infrastructure include hydrocarbon processing plants, pipelines, power plants, pylons, ports, jetties, terminals, and several others.
The African oil and gas landscape provides huge opportunities for cross-boarder infrastructure to unlock development of stranded assets or bring energy closer to the people. Such infrastructure also leads to lower unit development costs.
For example, the existing West Africa Gas Pipeline (WAGP) and ongoing AKK gas transmission infrastructure provide good opportunity to serve regional markets in West Africa and the Sahel region especially with the recent hydrocarbon discoveries.
Facility such as the SHI-MCI yard in Lagos, the only FPSO integration yard infrastructure in Africa has put Nigeria at a vantage position to serve the wider African market.
The next perspective I will like to share my thoughts on is Local Content practice in the oil and gas industry. It is typical for many to consider local content as being against trade liberalization. I wish to state categorically that AFCFTA and Local Content are not mutually exclusive. No nation is blessed with the full list of natural resources, and none can produce every product it requires.
This implies that a country must be allowed to protect its areas of comparative advantage so that it can be utilized to trade for what it lacks. Discouraging local content laws and practice in the name of free trade is like fostering one-way trading which is not sustainable.
Nigeria continues to lead the way in the practice of Local Content in the oil and gas industry. We have ongoing collaboration with our brothers and sisters in Angola, Ghana, Siera Leone, Senegal, Kenya, Mali, Mozambique, Niger Republic, Uganda, and many others as we match forward and compare notes in our local content journeys.
These collaborations have fostered integration of thoughts and actions thereby further enhancing the realisation of the objectives of AFCFTA.
Next on the list is Energy Transition which refers to the global energy sector’s shift from fossil-based systems of energy production and consumption — including oil, natural gas and coal — to renewable energy sources like wind and solar, as well as lithium-ion batteries.
Energy transitioning is not a recent phenomenon as it has been occurring for centuries. The usual trigger for this is the need to utilise energy that is efficient, effective, and economic.
As at the 15th century, biomass was used as the main source of fossil fuel.
Later in the 19th century, biomass was largely replaced by coal as the preferred source of fuel.
A century later, oil was discovered, and it replaced coal as the preferred source of fuel. Crude oil was so much loved and valued that it was nicknamed the ‘Black Gold’.
In the late 20th century, gas was seen as a cleaner fuel and hence it gained much prominence over crude oil as the preferred cleaner fuel.
Now in the 21st century, renewable energy has been embraced as a much cleaner and environmentally friendly source of energy with increasing clamor for outright shift to the renewable energies.
Some of the key drivers of the push of energy transition in our era include the following:
• Technological advancements in the creation of other forms of energy. Hitherto far-fetched technology to manufacture solar panels or construct windmill farms are becoming common-place.
• Reduction in the acquisition cost of renewable energy source such as solar and wind, as well as the cost of energy storage leading to massive roll-out of solar power electricity in homes and the increasing adoption of Electric Vehicles by companies and consumers.
• Environmental regulatory issues and the need to reduce energy related green-house emissions through various forms of decarbonisation.
• Depletion of hydrocarbon reserves in most of European hydrocarbon-rich countries. For example, the North Sea that used to be a prolific producer of oil decades ago, peaked in 1999 and is now largely a location for decommissioning of oil production assets.
It is estimated that UK’s proven oil reserves is not sufficient to sustain its domestic consumption for the next 5 years without increased importation. Netherlands has zero barrels of proven reserves left and relies heavily on oil importation.
European Countries are mainly at the fore-front of the push for energy transition as the level of their hydrocarbon resources have plummeted. Some still retain some elements of hydrocarbon in their energy mix. Last September, UK had to restart some of its coal-fired power plants when it could not cope with the prices of gas.
For instance, in 2007, Germany announced its plan to phase out subsidies for its coal industry.
In the year 2016, the Dutch parliament voted for 55% cut in CO2 emissions by the year 2030.
Norway agreed to ban the sale of new internal combustion engine vehicles by the year 2025 while Britain also agreed to ban all diesel and petrol cars and vans.
In its Net Zero 2050 Report, the International Energy Agency (IEA) called for an immediate halt in fossil fuel supply projects. Some of the major European banks have heeded this call and announced a halt to financing of hydrocarbon related projects as part of their support for decarbonisation efforts.
These pronouncements have direct and indirect implications on the global energy eco-system as nations, businesses, and individuals adjust to the shifting energy landscape.
It is instructive to note however that, despite the unpleasant narratives about coal, the International Energy Agency in its 2021 Global Energy Review projects that the global coal demand in 2021 is set to exceed 2019 levels and approach the 2014 peak.
While China alone is projected to account for over 50% of global growth, coal demand in the United States and the European Union is also on the upswing.
Last September, UK had to restart some of its coal-fired power plants when it could not cope with high prices of gas.
Back here in Nigeria, and in Africa at large, it is important to emphasise that Africa’s industrialisation agenda is at the heart of AFCFTA and fossil fuels remains a very significant part of the energy mix required for industrializing the continent. In addition, the revenues obtained from the sale of the hydrocarbon resources remain key drivers of the economies of the African oil and gas producing countries.
The pull back of investments on hydrocarbon development projects is indeed a challenge for oil producing countries such as Nigeria. There are key areas of focus that could be used to address this challenge: The first is the collaborative platform provided by AFCFTA to provide funding and the technology required to operate and develop hydrocarbon projects.
The second is to have in place an investment-friendly law such as the Petroleum Industry Act (PIA) 2021. This will come in handy to attract much needed funds for project developments when the effect of the premature halting of new hydrocarbon projects lead to supply shortages with attendant unbearable price hikes.
The last point I will like to make is on the need to increase in-country hydrocarbon resource utilization. For crude oil, this can be realised through massive refining and production of petrochemicals.
In realisation of the enormous prospects that gas holds as a cleaner, more efficient fuel in Nigeria, His Excellency, President Muhammadu Buhari GCFR, declared year 2021 to 2031 as the Decade of Gas.
As variously espoused by Mr. President and the Honorable Minister of State for Petroleum Resources at various fora, the future of Nigeria’s hydrocarbon industry is in GAS.
Thus, I am extremely pleased that the Ministry of Petroleum Resources, under the sterling leadership of President Muhammadu Buhari and the Honorable Minister of State for Petroleum Resources, Chief Timipre Sylva, have commenced implementation of several initiatives that seeks to develop the gas sector in line with the ‘’Decade of Gas’’ declaration.
Construction works on NLNG Train-7 has commenced which will increase the current capacity of the plant by 30%. The 614km-long Ajaokuta-Kaduna-Kano (AKK) gas pipeline under construction by NNPC is expected to transport 3.5bscf/day of gas.
Other initiatives that have been put in place in line with the ‘’Decade of Gas’’ declaration includes the Nigeria Gas Flare Commercialization Program (NGFCP) and the Nigeria Gas Expansion Program (NGEP) aimed at deepening domestic utilization of LPG and Autogas.
At NCDMB, we are also pursuing various aspects of gas development and utilization programs to enhance delivery of government policy directives on gas.
70% of our partnership investment programs are targeted towards gas development projects.
In the last two and half years, we have commenced partnerships to deliver gas value-chain related projects as follows:
• Partnership with NEDO Gas Processing Company in Kwale, Delta State for the establishment of 80MMscfd of Gas Processing Plant and a 300MMscfd Kwale Gas Gathering hub.
• Partnership with Triansel Gas Limited for the construction of 5,000MT LPG Storage and Loading Terminal Facility in Koko, Delta State.
• Partnership with Duport Midstream for the construction of Energy Park inclusive of a modular refinery, power plant and 40MMscfd gas processing facility at Egbokor, Edo State.
• Partnership with Brass Fertiliser for the development of a 10,000MT/day Methanol Plant and 350MMscfd gas processing plant at Odiama in Brass.
• Partnership with Rungas Group for the manufacturing of 1.2million composite LPG cylinders every year in Bayelsa and Lagos States.
• Partnership with Butane Energy to deepen LPG utilization in the North with the roll-out of LPG bottling plants and depots in ten (10) Northern States of Kaduna, Bauchi, Katsina, Kano, Nasarawa, Niger, Plateau, Gombe, Zamfara, Jigawa and FCT Abuja;
From all indications, we can see that AfCFTA holds a great promise for the economic growth and development of Nigeria and indeed other African countries
There is no doubt that the Nigerian oil and gas industry has a role to play in AfCFTA.
However, all the key stakeholders in the oil and gas industry need to align the industry to better fit into the AfCFTA regime
On a final note, let me once again seize this opportunity to thank the management and staff of RealNews magazine for inviting me to be a part of this event. Let me also commend you for not joining the bandwagon of FAKE news merchants. I believe you will stay true to the name of the magazine by giving your readers REAL news for many decades to come.
Thank you all for your attention.
Engr. Simbi Wabote (FNSE, FIPS)
Executive Secretary,
Nigerian Content Development and Monitoring Board
Access Bank Partners Konga to Offer Free Deliveries, 10% Discount at Yuletide
Access Bank Plc has partnered with Konga to unveil the ‘Konga Yakata’, Nigeria’s biggest sale of the year which went live since November 11 and ends on Sunday, December 12, 2021, to offer free deliveries with 10 per cent discount on every item purchased within the one-month promo period, this yuletide.
This year’s edition is set to take on an extra dimension as millions of shoppers await what has been described for the first time as Konga Yakata Plus. Konga Yakata is widely regarded as the biggest sale event in the annual shopping calendar in Nigeria.
The 2021 edition of the sales fiesta is set to run across the various platforms in the Konga Group including Online Offline stores across Nigeria, discounted flights tickets and hotels to various locations around the world via Konga Travels and Tours, as well as huge deals on KongaPay, its Central Bank of Nigeria (CBN)-licensed fintech subsidiary, among others. In addition to the offerings such as flash sales, treasure hunts, freebies and bundled products, among others, the management of the e-commerce group has taken the 2021 edition of Konga Yakata to a new level with the addition of a Corporate Social Responsibility (CSR) initiative in partnership with Access Bank Plc.
Group Head, Retail Marketing and Analytics at Access Bank Plc, Chioma Afe, said: “Access Bank is offering an extra 10 per cent discount to shoppers on Konga who pay for purchases with their Access debit card. This offer cuts across customers purchasing gift bundles of food items for donation to the needy under the Konga Kares programme, as well as shoppers on Konga Yakata.
Gideon Ayogu, Manager, Corporate Communications, Konga, said: “Anchored under the auspices of Konga Kares, its CSR arm, Konga, in partnership with Access Bank Plc is supporting the free delivery of essential and quality food items to needy Nigerians across the country which can be purchased on www.konga.com during the Yakata sales.
“Interested and public-spirited Nigerians at home and in the Diaspora can purchase these food items via Konga and donate to friends, families, the less privileged and communities of their choice across Nigeria, with “Access Bank Plc subsidising the cost of free delivery of these food items to the last mile beneficiaries across Nigeria. The quality food items will go live for purchase in dedicated gift bundles on Thursday, November 11, 2021, which coincides with the commencement of the Konga Yakata sale.” Konga will oversee the logistics and deliveries of the food items to the nominated beneficiaries of the donors.
NCC 2021 BMR: Akande, Danbatta Commit to Drive Next Phase of Industry Growth
Akande (R) and Danbatta at the NCC Retreat
As the three-day 2021 Board and Management Retreat (BMR) organised by the Nigerian Communications Commission (NCC) comes to a close, the Executive Vice Chairman and Chief Executive Officer of the Commission, Prof. Umar Garba Danbatta, has re-emphasised the confidence of Management in the continuous support of its Board of Commissioners towards actualising the set targets and goals for advancing the growth of the telecoms industry.
On the heels of Danbatta’s declaration came a pledge by Chairman, NCC Board of Commissioners, Prof. Adeolu Akanade, ‘to go to the drawing table’ in ensuring the Commission is well positioned to deliver on its mandates.
The Chairman promised that the Board will work on issues that will help strengthen the regulator to deliver more effectively on its mandates.
Speaking at the wrap-up ceremony of the Retreat, which started on Thursday, November 11, 2021, at the Transcorp Hilton Hotel, Abuja and ended on Saturday, November 13, 2021.
Danbatta expressed confidence in the leadership of the Board of the Commission, noting that the support of the Board has been invaluable in the accomplishments of the Commission.
According to Danbatta, “I must commend the Board of Commissioners under the chairmanship of Prof. Adeolu Akande for their support. From the first day of assuming office as NCC Chairman, Prof. Akande has demonstrated his commitment to work with the management towards ensuring that NCC delivers its functions more efficiently and effectively.”
Danbatta stated that, as an effective, efficient and independent regulatory agency of the Federal Government, the NCC has been consistent in living up to stakeholder expectations and this is proven by the contribution of the telecom sector to the national economy.
“Without the staunch support of the Board for the Management’s vision and mission, it would have been difficult for us to achieve our goals. Therefore, I commend the Board for providing the necessary policy directions required to drive management’s daily activities,” Danbatta said.
Danbatta also appreciated the effective coordination of the 2021 BMR by the retreat consultants led by Prof. Pat Utomi, in ensuring effective facilitation of proceedings, deliberations and brainstorming sessions at the Retreat.
With the theme: ‘Expect More, Deliver Result’, this year’s strategic annual retreat of the Commission’s Board and Management, was attended in-person and virtually by Board members and Senior Management Staff of the Commission.
The retreat follows the unveiling of two key documents – the Strategic Management Plan (SMP), 2020-2024, and the Strategic Vision Plan (SVP), 2021-2025. The SVP is a streamlined version of the SMP, and the SMP took life out of the National Digital Economy Policy and Strategy (2020-2030), the National Broadband Plan (2020-2025) and the Federation Government’s Economic Recovery and Growth Plan.
The SVP, which has five central vision; also has three supporting documents, namely: implementation strategies and timelines; monitoring and evaluation framework; and implementation responsibility matrix. The objective of the SVP is to enhance regulatory focus and efficiency in the delivery of NCC’s mandate.
Within this context, the Commission has focused this year’s retreat on taking account of remarkable successes recorded in the last one year and how the Commission hopes to innovate its way toward addressing industry challenges militating the consolidation of the growth of telecommunications sector.
At the end of the three-day Retreat, an eight-point communique was read out as a synthesis of all the deliberations for submission to NCC Board and Management to guide the regulatory activities of the Commission over the next one year. Implementation of the communique is expected to birth a new lease of expectations and dedication towards making 2022 a more rewarding year innovation and growth for the telecom industry.
Over the years the NCC, as a world-class regulatory agency, has held annual Board and Management retreats, affording it the opportunity to rejig its culture, processes and strategic objectives for enhanced operational efficiency and regulatory excellence.
Save for the Executive Commissioner Stakeholder Management, Barrister Adeleke Adewolu, who was on an unavoidable official assignment, the retreat was attended in-person by all other Commissioners and members of the governing board of the Commission, namely, Executive Commissioner Technical Services, Engr. Ubale Maska; as well as Mr. Clement Baiye, Prof. Millionaire Abowei, Alhaji Abubakar Aliyu, Alhaji Abdulazeez Salman, and Chief Uche Onwude. All the Directors in the Commission and a few other Management staff also attended in-person while others participated virtually and actively.
NCC Warns: Hacking Group Targeting Telcos, ISPs
In keeping with its commitment to continuously keep stakeholders in the country’s telecoms sector informed, educated and protected, the Nigerian Communications Commission (NCC) wishes to, once again, notify the public of the existence of another hacking group orchestrating cyberespionage in the African telecoms space.
An Iranian hacking group known as Lyceum (also known as Hexane, Siamesekitten, or Spirlin) has been reported to be targeting telecoms, Internet Service Providers (ISPs) and Ministries of Foreign Affairs (MFA) in Africa with upgraded malware in a recent politically motivated attacks oriented in cyberespionage.
Information about this cyber attack is contained in the latest advisory issued by the Nigerian Computer Emergency Response Team (ngCERT). The ngCERT rated the probability and damage level of the new malware as high.
According to the advisory, the hacking group is known to be focused on infiltrating the networks of telecoms companies and ISPs. Between July and October, 2021, Lyceum was implicated in attacks against ISPs and telecoms organisations in Israel, Morocco, Tunisia, and Saudi Arabia.
The advanced persistent threat (APT) group has been linked to campaigns that hit Middle Eastern oil and gas companies in the past. Now, the group appears to have expanded its focus to the technology sector. In addition, the APT is responsible for a campaign against an unnamed African government’s Ministry of Foreign Affairs.
By the attackers’ mode of operation, Lyceum’s initial onslaught vectors include credential stuffing and brute-force attacks. So, once a victim’s system is compromised, the attackers conduct surveillance on specific targets. In that mode, Lyceum will attempt to deploy two different kinds of malware: Shark and Milan (known together as James).
Both malwares are backdoors. Shark, a 32-bit executable written in C# and .NET, generates a configuration file for domain name system (DNS) tunneling or Hypertext Transfer Protocol (HTTP) C2 communications; whereas Milan – a 32-bit Remote Access Trojan (RAT) retrieves data.
Both are able to communicate with the group’s command-and-control (C2) servers. The APT maintains a C2 server network that connects to the group’s backdoors, consisting of over 20 domains, including six that were previously not associated with the threat actors.
According to reports, individual accounts at companies of interest are usually targeted, and then once these accounts are breached, they are used as a springboard to launch spear-phishing attacks against high-profile executives in an organisation. The report suggests that not only do these attackers seek out data on subscribers and connected third-party companies, but once compromised, threat actors or their sponsors can also use these industries to surveil individuals of interest.
However, to guard against this kind of threats, the NCC wishes to re-echo ngCERT reports that multiple layers of security in addition to constant network monitoring is required by telecom companies and ISPs alike to stave off potential attacks.
Specifically, telecom consumers and the general public are advised to:
1. Ensure the consistent use of firewalls (software, hardware and cloud firewalls).
2. Enable a Web Application Firewall to help detect and prevent attacks coming from web applications by inspecting HTTP traffic.
3. Install Up-to-date antivirus programmes to help detect and prevent a wide range of malware, trojans, and viruses, which APT hackers will use to exploit your system.
4. Implement the use of Intrusion Prevention Systems that monitors your network.
5. Create a secure sandboxing environment that allows you to open and run untrusted programs or codes without risking harm to your operating system.
6. Ensure the use of virtual private network (VPN) to prevent an easy opportunity for APT hackers to gain initial access to your company’s network.
7. Enable spam and malware protection for your email applications, and educate your employees on how to identify potentially malicious emails.
The NCC, as the operator of the telecom sector’s cyber threat response centre (CSIRT), hereby reiterates its commitment active surveillance and monitoring of cyber activities in the sector and will always keep stakeholders in Nigeria’s telecommunications sector updated on potential threats within the cyber space. This is to ensure that the networks that deliver essential services are safe and that telecom consumers are protected from being victims of cyber attacks.