If the country really wants to recover the N4.4trillion outstanding debt burden currently shouldered on its behalf by Asset Management Corporation of Nigeria (AMCON), then the role of the judiciary in the execution of AMCON mandate, and also the financial stability of the economy cannot be over emphasized as it plays major role in making key recoveries possible against varying odds using the mechanism of adjudication.
This was the position of Honourable Justice Salisu Garba Abdullahi, the Administrator of the National Judicial Institute (NJI), when he addressed Judges of the Federal High Court at the Federal High Court complex Abuja on Monday for the annual 2021 Judges Conference/interaction with relevant government agencies in the country. This year’s interaction was themed: “The Federal High Court in the Digital Age, For Economic Development and the Stability of the Financial System.”
According to Abdullahi looking at the huge outstanding debt burden of AMCON, the critical role the Corporation plays in the financial sector, and the resistance the agency is facing especially from obligors in the recovery drive, the judiciary cannot afford to be lax or take a back seat approach to the issue but must strive to do its best in executing its responsibility actively with passion and vigour.
The NJI Administrator added that the feedback received over the years has gone a long way in improving the debt recovery efficiency of AMCON through the different amendments to the AMCON Act. These amendments to the principal instrument in 2015, 2019 made it possible for the Corporation to enjoy some special powers that are fortified with the 2020 AMCON Rules at the Federal High Court.
Again, he said: “Indeed, a formidable milestone accomplished through the interactions of AMCON with the Hon. Judges is the constitution of the AMCON Task Force at the Court of Appeal and I want to believe my Lord, the Hon. Chief Judge of the Federal High Court will like a replication of such at the Federal High Court. Notably, viewing AMCON’s sunset date, my Lord, the Hon. Chief Judge of the Federal High Court has since constituted AMCON Track Judges in the Federal High Court.”
In his own remark, Hon. Justice J.T. Tsoho, the Chief Judge of the Federal High Court who said he was in tandem with the position of the NJI Administrator said it was because the Federal High Court recognized the strategic importance of the AMCON assignment that the Judiciary in the country has been very supportive of AMCON’s recovery activities especially with the very many cases AMCON has in the courts.
He stated: “AMCON is indispensable to stability of the financial system and the real economy by offloading toxic assets of banks. As a child of necessity, the Corporation has a terminal date that is fast approaching. It is in recognition of the peculiarities of AMCON that I constituted AMCON Task Force Judges in our Court and also approved a new Federal High Court AMCON Proceedings Rules, 2020.
“I believe that these prescriptions will ensure the contextual interpretation and expedient realization of the AMCON mandate as captured in various amendments to the AMCON Act. I also hasten to add that all of us are encouraged to fast track the hearing and determination of AMCON matters before us. Certainly, the significance of the Corporation to the Nigerian Financial System Stability was critical to my decision to integrate them into our 2021 Annual Legal Year.”
In his own contribution, Managing Director/Chief Executive Officer of Asset Management Corporation of Nigeria (AMCON) Mr Ahmed Lawan Kuru while thanking the Honourable Chief Judge of the Federal High Court, Justice J.T Tsoho for the opportunity to be at this gathering said the interaction is coming at very important and critical time when the Corporation is reviewing its strategy towards sunset and when the Honouurable Chief Judge has constituted an AMCON task force.
Kuru said the gesture will not only help speed up the time with which AMCON cases are heard and determined, but also assist the Corporation in achieving its mandate prior sunset date, which is fast approaching, adding that AMCON most grateful to my Lords from various divisions who always find time to attend the interactive sessions despite their tight schedules.
The AMCON boss added that there was need for speed and strategy especially from the Judiciary as far as handling the AMCON matters because the total current exposure on all Eligible Bank Assets (EBAs) in the portfolio of AMCON stands at N4.4 trillion. Of this huge sum, he explained that only 350 outstanding obligors account for 83% of the total EBA balance; 244 of the top 350 obligors are in various courts while the collateral coverage is only 16% of the total current exposure.
Additionally, he said: “As AMCON gradually approach its sunset date, we need to reemphasize our position and your Lordships support as we hope to deliver on this National assignment. My Lords, AMCON success is largely dependent on the Judiciary. We still have many cases pending with the various divisions of the courts. These matters are very vital to the success of the Corporation and particularly as we know that if we are unable to resolve them, it becomes a burden on our country’s debt profile and taxpayer’s money.
“With the help of the Judiciary AMCON has been able to make notable progress especially in enforcement. Granting of Exparte Orders (EOs) has compelled most recalcitrant obligors to come to the negotiation table. We have repeatedly made the point at every opportunity that all stakeholders must view the AMCON mandate as one of serious national importance. If at sunset AMCON is unable to recover the huge debt of over N4.4trillion, it becomes the debt of the Federal Government of Nigeria for which taxpayers’ monies will be used to settle.
“The implication is that the general public will be made to pay for the recklessness of only a few individuals who continue to take advantage of the loopholes in our laws to escape their moral and legal obligations to repay their debts. We should not allow a few individuals to escape with our commonwealth. And we want to do it within the confines of the law,” the AMCON boss stated.
Judiciary Must Take Responsibility Over N4.4tr AMCON Debt
IICC to Reward Outstanding Insurance Journalists with Award
The Insurance Industry Consultative Council (IICC) has instituted an award for journalists covering insurance sector in the country.
Chairman of IICC, Sir Muftau Oyegunle disclosed this at the recently held IICC 2021 Media retreat in Asese, Ogun State.
Oyegunle stated that the award will recognise one journalist that distinguishes himself or herself in the reportage of the insurance sector within a financial year.
He stated that the award will focus on well-researched and detailed write-up on issues in the insurance sector, adding that such write-up will be developmental in scope.
He therefore charged insurance reporters to ensure that they publish stories that can clinch the award going forward.
Oyegunle applauded the media for its immeasurable support, especially, the insurance correspondents, who have continued to demonstrate expertise and in-depth knowledge about the insurance industry as has been reflected in their objective reportage over the years.
“As the world continues to evolve, the expectation from you as a key blog in the turning wheels of economic growth equally changes.
“It is upon this notion that the theme for today, the Newsman in the Changing World, has been ably conceived.
“There is a need for knowledge and creativity to lead the way as well as the adoption of artificial intelligence in amplifying the contents that you create.
“The event of the year will no doubt put some mental or psychological strain on us and there is a need for us to deescalate some of those situations before we enter another year,” he submitted.
The IICC boss noted that one of the mandates of the Council was to promote insurance awareness and urged the media professionals to use their platforms and the reach they cover to promote the gospel of insurance and its offerings.
Responding to this gesture, the chairman, National Association of Insurance and Pension Correspondents (NAIPCO), Mr. Chuks Okonta, applauded the council for this initiative, stating that, this will spur journalists to develop interest in well-researched reporting.
He advised other stakeholders to emulate IICC by instituting annual award for journalists who, through the year, covered the industry effectively, stating that, this will improve the quality of insurance reporting, thereby, raising insurance awareness, sensitisation and adoption in the long run.
Business Journal Named in Top 20 Nigeria Business Blogs Ranking
The Business Journal online (www.businessjournalng.com) platform has been named in the Top 20 Nigeria Business Blogs ranking by Feedspot, a News and Blog Reader used by over four (4) million users globally.
In an email to Business Journal, Mr. Anuj Agarwal, the Founder of Feedspot said:
“I would like to personally congratulate you as your blog Business Journal has been selected by our panelists as one of the Top 20 Nigeria Business Blogs on the web. I personally give you a high-five and want to thank you for your contribution to this world. This is the most comprehensive list of Top 20 Nigeria Business Blogs on the Internet and I’m honoured to have you as part of this!”
Speaking on the criteria for the ranking, Agarwal added that the ‘Feedspot editorial team extensively searched on Google and social media websites to find the best Nigeria Business Blogs and ranked them based on several factors such as:”
• Blog Content Quality
• Post Consistency
• Age of the Blog
• Average Number of Shares on Social Sites for your Blog Posts
• Traffic of your Blog and More
He added that Business Journal continues to ‘keep posting quality content regularly and get more shares on social sites, your rank will improve with time for sure.’
The Feedspot Founder said his firm, which is based in the United States of America (USA) is a place where users can read all their favourite websites in one place.
Reacting to the ranking, the Publisher/CEO of Business Journal, Prince Cookey said:
“We are indeed delighted by the incredible recognition of our digital platform by no less a body as Feedspot, which has a wonderful reputation of critical assessment of news websites around the world for ranking. This is yet another testimony of the work we are doing at Business Journal as a team to deliver intrinsic value to various stakeholders in the market. This recognition will no doubt spur us to greater commitment and achievement in the field.”
PenOp Holds Annual Media Parley, Looks to Drive Adoption of Micro Pension
The Pension Fund Operators Association of Nigeria (PenOp) recently held its annual media parley. The theme of this year’s event was “Micro Pension – Challenges and Opportunities.”
The organisation’s media parley is a yearly event with the aim of bringing together correspondents and representatives from online media, radio, newspaper and TV who cover the pension industry to interact with industry players, get answers to questions first hand and clarify specific industry issues directly from pension operators and the regulator.
The Chief Executive Officer of PenOp, Oguche Agudah opened the event by commending the journalists for their efforts in helping to educate the public through their reporting and coverage.
He said, ‘We always look forward to this gathering when we get to have face to face discussions on issues bothering around the industry.’ He also added that this was the association’s first physical meeting with all members of NAIPCO and other media representatives in the sector since advent of the pandemic.
The headline speaker of this year’s event Mr. Dauda Ahmed, Head of Micro Pension division of the National Pension Commission (PENCOM) shared on various aspects of the Micro Pension Plan – a pension plan for persons in the informal sector and its benefits.
The Journalists present had a lot of questions on this topic, especially as it is seen as a growth frontier for the pension industry. The president of National Insurance and pension Correspondence (NAIPCO) solicited with PENCOM and PenOp to leverage on the expertise of its members and reporters in creating awareness on Micro Pension as they can easily target the right audience.
During the press conference, officials of PENCOM were on hand to answer questions from the journalists, bothering on issues relating to investment, benefits, regulation. Micro Pension, etc.
The PENCOM officials on hand to answer question included Mrs Ekanem Aikhomu (Head of Investment Supervision Department); Dr Ehimem Ohioma (Head of Surveillance Department); Mr Salihu Bwala (Head of Benefits and Insurance); Mr Shola Adeseun (Representing the Zonal head of the Western Region).
In his closing, the president of PenOp; Mr. Wale Odutola thanked all media representatives, CEOs of Pension Fund Administrators and representatives from National Pension Commission (PENCOM) for their continued efforts in helping to consistently drive the growth and awareness of the industry.
Phase3: ‘Best Fibre Optic Infrastructure Service Provider’
Phase3, west Africa’s leading end-to-end fibre network infrastructure and digital services provider is ‘best fibre optic infrastructure service provider’ at Cyber Africa Award and Forum 2021.
This marks Phase3’s third award category win and fourth recognition by Cyber Africa across its platforms since 2011 for the company’s continuing industry contributions within the telecommunications and technology spaces.
At its 10th anniversary celebration – Cyber Africa known for spotlighting achievements that are catalytic to digital economy gains and sustainability also bestowed the top honour on Phase3 to highlight its recent WestAfricaOne regional business play and expansion projects targeted at transforming the sub-region’s telecommunications landscape – using innovative technology as well as the development of secure high-performance network communications and solutions – as leverage to effectively connect people, businesses and networks within the sub-region, and to the rest of the world.
And according to Phase3 Executive Chairman, Mr Stanley Jegede “Cyber Africa’s recognition is an auspicious development in the wake of Phase3 18th year of business operations as well as reaffirms the team’s commitment to investing and innovating to foster digital transformation; engender top value for clients and strengthen its vision to firmly establishing West Africa as a powerhouse in global technology and telecommunications play”.
Adding that Phase3’s growing realization of its strategic insight and blueprint to limiting the current digital divide in Africa continues to be validated by such honours and not to be taken for granted – as much is expected of Phase3 in the now and future.
In closing statements, he acknowledged the collective contributions of the firm’s vibrant team and stakeholders to receiving such industry recognitions.
Jegede posits that “Phase3 resources and investment outlook will continue to focus on achieving an extensive and secure network reach as well as proffering layered digital service solutions via its own homegrown systems and technology partnerships – to champion Africa’s socio-economic development and to support its network of clients and partners in achieving their digital transformation and connectivity goals in real-time.
5G: Mafab, MTN Emerge Winners in Nigeria’s 3.5GHz Spectrum Auction
(L-R): Dr. Abimbola Alale, Managing Director, Nigerian Communications Satellite; Adeleke Adewolu, Executive Commissioner, Stakeholder Management, NCC; Ubale Maska, Executive Commissioner, Technical Services, NCC; Prof. Adeolu Akande, Chairman, Board of Commissioners, NCC; Dr. Isa Ali Pantami, Honourable Minister of Communications and Digital Economy; Prof. Umar Garba Danbatta, Executive Vice Chairman, NCC; Prof. Millionaire Abowei, Commissioner, NCC; Clement Baiye, Commissioner, NCC; Prof. Mohammed Ajiya, President, Digital Bridge Institute.
After 11 rounds of bidding that lasted eight hours, Mafab Communications Ltd and MTN Nigeria Plc, have emerged the two successful winners of the 3.5 gigahertz (GHz) spectrum auction for the deployment of Fifth Generation (5G) technology to support the delivery of ubiquitous broadband services in Nigeria.
The two winners emerged in a keenly contested 3.5GHz Spectrum auction conducted by the Nigerian Communications Commission (NCC), in collaboration with the Federal Ministry of Communications and Digital Economy. The event took place at the Transcorp Hilton Hotel, Abuja on Monday, December 13, 2021.
Three companies, namely MTN, Airtel and Mafab Communications Limited, had qualified for the auction, having met the requirements stipulated in the Information Memorandum (IM) for the spectrum auction. The three companies had also participated in a mock auction held on Friday, December 10, 2021, which served as a precursor to the Main Auction conducted on today (Monday, December 13, 2021).
In an exercise that clearly demonstrated demand outstripping supply, with Ascending Clock Auction System adopted by the Commission, the three bidders participated in the intensely competitive auction bid.
In the first Round of the auction, the bid price was fixed at $199,374,000.00; $201,367,740.00 at second Round; $204,388,356.10 at third Round; $209,407,962.50 at fourth Round and $215,782,901.30 at the fifth Round.
The auction prices increased progressively to $224,414,217.43 at the Sixth Round; $231,146,643.96 at the seventh Round; $240, 392,509.71 at the eighth Round; $251, 210,172.65 at the ninth Round; and $263,700,050.00 at the Round 10 of the auction exercise.
The auction process reached its peak at Round 11 when the bid price graduated to $275,904,886.25 with all the three bidders still actively participating. The Main Stage of the Auction, however, ended at the conclusion of the 11th Round, with Airtel listing an exit bid of $270,000,000, while MTN posted an exit bid of $273,000,000, giving way to the Assignment Stage. At this point, Airtel had dropped off from the race having posted a lower exit bid, thus leaving Mafab and MTN as winners of the two available lots.
Announcing the results of the Auction exercise, the Executive Vice Chairman of NCC and Auction Overseer, Prof. Umar Garba Danbatta, who recalled the processes and activities leading to the successful conduct of the auction, said the NCC published a public notice on its decision to award two lots of 100 megahertz (MHz) Time Division Duplex (TDD) available in the 3.5 GHz band through an auction process to support the delivery of ubiquitous broadband services for the deployment of 5G network in Nigeria.
“Subsequently, an Information Memorandum was issued on November 10, 2021, in which Bid applications for the available spectrum lots were invited. By the deadline for receipt of applications on November 29, 2021, the Commission received applications from three licensed telecoms companies, viz: Airtel Networks Limited, Mafab Communications Limited and MTN Communications Nigeria Limited,” he said.
“The auction held successfully today, Monday December 13, 2021 at the Transcorp Hilton Hotel, Abuja with the three bidders competing for the available two slots. The Commission adopted the Ascending Clock Auction format which ended after Round 11 and proceeded to the Assignment Stage. It is my pleasure to announce that at the end of the auction, Mafab Communications Limited and MTN Communications Nigeria Limited emerged as provisional licence winners,” he said.
Arising from the above, Danbatta said that the winning bid price for the auction is $273,600,000 for each lot of 100 MHz TDD and the provisional winners are expected to pay the Winning Bid price, less the Intention-to-Bid Deposit, by February 24, 2022.
He expressed satisfaction that the auction process was efficient, fair, credible, well-organised and transparent and was designed to deliver the ideal outcome.
Accordingly, Danbatta said the strongest bidders have emerged provisional winners, raising a substantial amount for the Federal Government.
The EVC congratulated the winners and thanked the Federal Government for its support and commitment to the deployment of 5G technology in Nigeria, which, he said, will bring substantial network improvements, including higher connection speed, mobility and capacity as well as low-latency capabilities to communications services in Nigeria.
Sequel to the successful auction by the two winners, Danbatta said in line with the processes outlined in the IM, the provisional winners have proceeded to the Assignment Stage.
“MTN Communications Nigeria Plc made an offer of $15,900,000 for the assignment of a preferred Lot, while Mafab Communications Limited made an offer of $11,120,000 for a preferred Lot. Thence, MTN Communications Nigeria Plc, having made the highest offer was given the right to select its most preferred Lot and it selected Lot 1 (3500-3600 MHz), while Lot 2 (3700-3800 MHz) is consequentially assigned to Mafab Communications Limited at no extra cost,” the EVC said.
The EVC thanked all stakeholders, who have contributed to the success of the auction process. He said the huge investment that will accrue from the sales of the spectrum band auctioned will result in increased transformation in life and businesses.
Earlier, at the opening ceremony, the Honourable Minister of Communications and Digital Economy, who doubles as the Chief Host, Prof. Isa Ali Ibrahim (Pantami), who emphasized Federal Government’s commitment to driving digital economy, commended the Commission for its efforts towards implementing the 5G Deployment Plan for the country.
He expressed optimism that the dawn of 5G network in Nigeria will offer significant advantages over current technologies, some of which include much lower latency, higher bandwidth, greater device density, longer battery life for nodes, and greater network flexibility.
Also in his remarks, the Chairman, Board of Commissioners, NCC, Prof. Adeolu Akande, said that spectrum plays a strategic role in meeting the insatiable demand for advanced mobile data services as well as a new wave of wireless broadband such as remote object manipulation, industrial automation, virtual and augmented reality, and next-generation connectivity for vehicles. He said the use cases will continue to increase the impact that mobile services have on societies and economies.
He commended the Minister for his unflinching support, the Board of Commissioners, Management and staff of the NCC for the role they played in making the auction to be successful. He also thanked the bidders for believing in the Nigerian communications sector by their willingness to invest millions of dollars in the sector for the provision of 5G services. He said that the Commission is committed to transparency and openness, which the auction represents.
Prof. Akande’s voice was amplified by the Executive Commissioner Technical Services at NCC, Engr. Ubale Maska, who served as the auction adviser. While delivering the Vote of Thanks, Maska conveyed the gratitude of the Commission to all stakeholders, giving special mention of the Auction Planning Committee, the media and staff of the Commission.
CIIN: Insurance Industry Partnership with Media Should Drive Economic Growth
ADDRESS BY SIR MUFTAU O. OYEGUNLE CHAIRMAN, INSURANCE INDUSTRY CONSULTATIVE COUNCIL (IICC) DURING THE 2021 IICC MEDIA RETREAT FOR INSURANCE CORRESPONDENTS ON FRIDAY 11th DECEMBER, 2021 AT THE COLLEGE OF INSURANCE AND FINANCIAL MANAGEMENT.
Distinguished Members of the IICC, Distinguished Members of the National Association of Insurance and Pension Correspondents, Ladies and Gentlemen, it is with great pleasure that I convey the goodwill of the various Arms of the Insurance Industry under the umbrella of the Insurance Industry Consultative Council (IICC) and welcome you to the 2021 IICC Media Retreat for Insurance Correspondents.
The yearly media retreat is a testimonial to the recognition of the support and pivotal roles which the media has been playing as the vehicle for the much-desired public awareness sensitization on insurance in the country. It is also a platform to feel the pulse of the public through the lens of the media.
It is on this premise that the Insurance Industry Consultative Council (IICC) retains its commitment to ensuring that this annual gathering remains an ever-present feature in the calendar of the industry.
This forum also serves the purpose of further unifying all arms of the Insurance Industry who have come together under one umbrella, the IICC, in order to ensure unity and single-mindedness in promoting the insurance industry agenda.
I would like to refresh your memories by stating that the IICC was formed with the following objectives which are aimed at raising the profile of the industry as well as increase its relevance to the Nation’s economic growth.
The objectives include:
1. Acting as an industry voice for national matters.
2. Acting as a platform for intra industry conflict resolution.
3. Promoting the Industry’s image and growth agenda.
4. To take up and assume any other role that may serve the best interest of the insurance industry.
Therefore, I would like to seize this opportunity to express our profound appreciation to the media for its immeasurable support. The media, especially the insurance correspondents have continued to demonstrate expertise and in-depth knowledge about the insurance industry as has been reflected in their objective reportage over the years.
As the world continues to evolve, the expectation from you as a key blog in the turning wheels of economic growth equally changes. It is upon this notion that the theme for today, the Newsman in the Changing World, has been ably conceived.
There is a need for knowledge and creativity to lead the way as well as the adoption of artificial intelligence in amplifying the contents that you create. The event of the year will no doubt put some mental or psychological strain on us and there is a need for us to deescalate some of those situations before we enter another year.
One of the mandates of the Council is to promote insurance awareness and we urge you all to use your platforms and the reach they cover to promote the gospel of insurance and its offerings. We are ending the year as optimists in what has been a largely forgettable year. It is our prayer that the coming year will bring a lot of good tidings.
The Covid 19 and consequent down turn of the economy has increased the level of poverty in our country and the message to Governments at various levels is that for sustainability, insurance must be built into most of the support governments are offering e.g. Government can make health Insurance compulsory by subsidizing the premium. This has been done successfully in other countries.
It may interest you to know that common malaria kills more people in Nigeria than Covid. The recent Collapse of 21-storey 360 degrees apartment at Gerald Road, Ikoyi on November 1, 2021 where 45 deaths so far have been recorded with many wounded without any Insurance Cover exposed the level of decadence in our society.
It simply revealed the level of culture of settlement in our country. At this juncture, I would like to extend my heartfelt appreciation to all the speakers who have agreed to share from their wealth of experience with us physically today.
They have earned the right in each and every way in their respective vocations to share insight on the topics they have been embarked to do justice to today. I am very sure we will learn a lot from their expertise.
Let me end by stating that the insurance industry and insurance correspondents are hand in glove elements that should drive economic growth. When the insurance industry is thriving as it should, it fills one with a sense of pride.
The onus is on all of us, everyone in this room and our networks beyond it to ensure that the insurance industry attains its pride of place in the economic ecosystem. We hope that now and in the future; we will retain your support.
I thank you for honouring our invitation to this retreat and advise that you take maximum advantage of the knowledge that would be shared at this event for the advancement of your profession as modern-day information managers.
Thank you for your attention.
SIR MUFTAU O. OYEGUNLE ACII, FIIN
Chairman, Insurance Industry Consultative Council
AEDC Unveils Victor Osadolor as Chairman, Bada now Interim MD
Victor Osadolor
The Abuja Electricity Distribution Company (AEDC) now has a new Board and interim management to run its day-to-day operations.
The Board is made up of Victor Osadolor as Chairman. Osadolor is currently Chairman of UBA Pensions, a Non-Executive Director of African Finance Corporation (AFC), and former Deputy Managing Director of the United Bank for Africa (UBA).
He is a seasoned finance and business turnaround expert with over three decades of corporate experience. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), and an honorary life member of the Chartered Institute of Bankers of Nigeria (CIBN).
Alex Okoh is also a Member of the Board, and is currently the Director General of the Bureau of Public Enterprises (BPE). He is currently a member of the Presidential Economic Advisory Council, and has over three decades of corporate experience in general management, leadership, banking and organisational development.
During his career in the banking sector, he served in a variety of leadership roles, including corporate banking, operations, treasury, as well as initiating and designing transformative projects and processes.
Other members of the board include Atiku Abubakar Tambuwal, Sam Adikamkwu; a legal practitioner and former Chief Legal Adviser at the United Bank for Africa (UBA); and Muyiwa Akinyemi, seasoned accountant and a current Group Executive at the United Bank for Africa (UBA).
The Interim Management is led by Bada Akinwumi, who will serve as the Interim Managing Director. Other members of the interim management are: Sani Usman, Interim Chief Business Officer; Babajide Ibironke, Interim Chief Finance Officer; Donald Etim, Interim Chief Marketing Officer; and Femi Zacheus Interim Chief Technical Officer.
Addressing the staff earlier in the day, the Chairman, Victor Osadolor reiterated: “I want to assure you that the new Board of Directors is committed to the well-being of our employees. May I please request that all employees and stakeholders remain steadfast and support the interim management as they embark on the transformation of the business for our collective benefit. I thank you all for the sacrifices and commitment thus far as we begin this refreshing chapter of our corporate journey.”
We gather that these appointments follows approval by the Nigeria Electricity Regulatory Commission (NERC) and the Bureau of Public Enterprises (BPE) conveyed on December 9, 2021, confirming the interim management as fit and proper to provide leadership to Abuja DISCO.
NAICOM, STI Communication Managers Win 2021 NAIPCO Award
Mr. Rasaaq Salami, Head, Corporate Communications and Market Development of the National Insurance Commission (NAICOM) has emerged as 2021 Corporate Communications Manager of the Year.
Similarly, Mr. Segun Bankole, Assistant General Manager, Sales and Head, Corporate Communications of Sovereign Trust Insurance Plc equally emerged as 2021 Corporate Communications Manager of the Year.
Salami and Bankole both emerged winners in the annual award organised by the National Association of Insurance and Pension Correspondents (NAIPCO), to recognise excellence in the insurance and pension sectors.
Speaking at the presentation of the awards to the winners at the end of year party/annual thanksgiving of NAIPCO held at the premises of NEM Insurance Plc at the weekend, the Chairman of NAIPCO, Mr. Chuks Okonta said, the award is part of moves to appreciate NAIPCO’s partners in progress.
Okonta said: “Today, we appreciate our partners in progress that have stood by us over the years. The awardees have distinguished themselves and that is why they are being recognized today. We really thank them for standing by us over the years and we appeal to them to continue the good work they have been doing. The awards were instituted to appreciate those who have distinguished themselves in ensuring the establishment, growth and success of NAIPCO.”
The annual award, which is in its second edition, is awarded to the best Public Relations practitioners in the insurance and pension sectors, looking at impact, co-operation, support, and strong relationship with journalists covering both sectors of the economy.
However, the award committee chooses them because of their relentless support to the journalism profession and generating editorial materials that made journalists’ work easier and seamless.
PenCom: Why Micro Pension Adoption is Slow in Nigeria
Mr. Dauda Ahmed, Head of Micro Pension at the National Pension Commission (PenCom) says lack of sufficient awareness is the major reason behind the slow pace of micro pension adoption in the country.
Ahmed said at a media retreat organised by the Pension Fund Operators Association of Nigeria (PenOp) that only 72, 856 persons have signed on for the micro pension plan as at November 30 2021. He equally lamented that only 10 percent of coverage has been achieved so far by the existing pension system in Nigeria.
He said the Micro Pension Plan (MPP) is a unique opportunity for the self-employed and persons in the informal sector to participate voluntarily in pension.
“The MPP was introduced to ensure that informal sector workers who constitute about 65 percent of the working population have an opportunity to save for retirement.
Ahmed listed four key benefits of the MPP as:
• It will improve the standard of living of the elderly as nit provides a regular stream of benefits at old age
• It will provide access to other incentives
• It secures financial autonomy and independence of retirees
• Contributions will be passed to the nest of kin in case of contributor’s death
The theme of the retreat was: Micro Pension: Challenges & Opportunities.
HOW TO ACCESS FEDERAL MORTGAGE LOANS IN NIGERIA
By Dennis Isong
Housing being one of the most crucial components of human life leaves everyone with no choice but to have a roof over their heads, thus everyone requires a place to call home. In essence, the Federal Mortgage Bank of Nigeria (FMBN) was founded to ensure that Nigerians had reliable and inexpensive access to homeownership. Many Nigerians, however, fail to take advantage of this opportunity, as the Federal Mortgage Bank of Nigeria makes it easy to become a property owner with the necessary information and strategy fix in place.
Meanwhile, in this article, we’re going to discuss extensively how you can get access to Federal Mortgage loan in Nigeria, the steps and procedure to it.
Details About the Federal Mortgage Loans in Nigeria
Let’s start by knowing the meaning of Mortgage Loan:
Mortgage Loan is a loan that can be used to purchase or refinance a home. “Mortgage loans” is another term for mortgages. Mortgages allow you to purchase a home without having to pay in full but as time proceeds. It’s mostly granted to individuals who are interested in owning a house but don’t have the total cost of the house available at the moment. Let’s discussed the Federal Mortgage Loans;
The Federal Mortgage Bank of Nigeria (FMBN) is an institution that was established in the year 1956 with the aim of lessening the burden of Nigerians in some certain projects. It became Nigeria’s apex mortgage institution in 1994. Since then, it has maintained and overseen the National Housing Fund, a contributing savings system (NHF).
The NHF is a social savings project that aims to raise long-term money in order to provide contributors with low-interest loans.It is one of the FMBN’s main responsibilities. The National Housing Fund Act governs federal mortgage bank loans in Nigeria (1992).
The Federal Mortgage Bank of Nigeria has its main purpose: that’s to improve the availability of inexpensive and easy-to-acquire homeownership in Nigeria. The organization accomplishes this primarily through long-term liquidity and creation of new products and services.
The Decree
According to the Federal government of Nigeria, there are various decree guiding the organization to ensure it functions according to its main goal. They include:
• Collect and administer the National Housing Fund according to the NHF Act’s stipulations.
• Provide Nigerian mortgage institutions with long-term credit facilities.
• Encourage the establishment and growth of viable main and secondary mortgage institutions to meet the demand for housing in Nigeria’s various regions.
• Do anything and engage in any transaction that, in the Board’s opinion, is required to guarantee the appropriate performance of the FMBN Act’s functions.
• Investing both domestic and international funds in the housing market.
• Connect the stock market to the housing market.
• Create and run a thriving secondary mortgage market.
Who is Eligible to Apply for a Federal Home Loan?
You must be a Nigerian who is at least 18 years old. They had to have made a six-month contribution to the National Housing Fund. Applicants must also show that they have a consistent source of income.
How Do I Apply for A Federal Home Loan?
It is common knowledge that you must apply for a loan before receiving one. All you have to do when you require a loan is apply for one. The following is the procedure for applying for a Federal Mortgage Loan in Nigeria:
Institutional borrowers can apply for the loan directly through the Federal Mortgage Bank of Nigeria (FMBN).
Individuals can only apply through a fully regulated Primary Mortgage Bank (PMB) of their choice. However, you will not be able to apply for the loan through FMBN.
The loan applications must be obtained from the same Primary Mortgage Institution.
You must have registered your principal mortgage institution with FMBN in order to access the national housing fund service.
What Documents Do I Need to Apply for a Loan from the Federal Mortgage Bank of Nigeria?
In general, the following documents are required:
• The application form has been completed.
• Title papers photocopied
• Current value report for the house you want to buy or bills of quantities for the house you want to build.
• Certificate of tax clearance for three years.
• Evidence of NHF involvement
• Paystubs for the preceding three months, copied
• Depending on the loan amount requested, an equity investment or personal ownership may be required.
The Steps for Registering a Federal Mortgage Loan?
All Nigerians in employment, whether self-employed or employed, are required to contribute 2.5 percent of their basic salary/income to the fund under the NHF Act No.3 of 1992.
The registration procedure is as follows:
• The Federal Mortgage Bank of Nigeria will send an Employer Registration Form (NHF1) to employers (FMBN).
• Employers must complete Form NHF1 and deliver it to their local Federal Mortgage Bank of Nigeria office.
• The Employer will be registered with the Federal Mortgage Bank of Nigeria and given an employer registration number.
• Employers will be given form NHF2 by the Federal Mortgage Bank of Nigeria, which employees would fill out. Alternatively, you can directly contact self-employed or individual consumers.
• The employee will complete and deliver the NHF2 form to the employer.
• The employer or self-employed persons will submit completed form NHF2 to the Federal Mortgage Bank of Nigeria.
• Employees will be registered on Form NHF2, and each employee/self-employed individual will be assigned a participation number.
Each registered employee will receive a passbook from the Federal Mortgage Bank, in which the employer will record the monthly deduction of his or her 2.5 percent basic income.
Contributions will be deducted at the source by the employer. They will then submit such deductions/contributions to Nigeria’s Federal Mortgage Bank. It will be accompanied by a payment schedule that details the amount each employee contributed as well as the quantity of time covered
Self–employed individuals’ contributions will be remitted to FMBN on a monthly basis.
Contributions will be accepted and payment receipts will be issued by the Federal Mortgage Bank of Nigeria.
What is the maximum amount you can apply for?
You may be eligible for a maximum loan of N15 million, or as the bank may advise. However, no one should be given credit for more than 90% of the value of the mortgaged property.
Dennis Isong Helps Individuals Invest Right In Real Estate.For Questions On This Article Or Enquiring About Real Estate. Follow him on Youtube https://www.youtube.com/LandPropertyNG/ or Whatsapp/Call +2348164741041
N69.4bn Debt: AMCON Floors Jimoh Ibrahim at Appeal Court
At long last, the Court of Appeal Lagos Division has dismissed an appeal by the Chairman of Global Fleet Group, Barrister Jimoh Ibrahim, challenging the Asset Management Corporation of Nigeria (AMCON)’s seizure of his 12 assets and freezing of all his accounts over his alleged N69.4billion debt.
The latest development was contained in a press release issued immediately after the appellate court’s decision by Jude Nwauzor, Head, Corporate Communications Department of AMCON. He described the ruling as ‘another victory for AMCON and the needed good news’ to the recovery drive of the government recovery agency.
Recall that the appellate court had upheld the November 18, 2020, order of Justice Rilwan Aikawa of the Federal High Court, Lagos, which authorized AMCON to take over Barrister Ibrahim’s assets over his huge debt to AMCON, which the businessman has been contesting in court. Following AMCON enforcement of Ibrahim’s assets and businesses, the embattled businessman has been fighting AMCON in court and claiming in the contrary in the media.
However, the development may have taken another turn today because the Justices upheld the arguments of AMCON’s lead counsel, Dr Kemi Pinheiro SAN, who prayed the court to dismiss Ibrahim’s application. Chief Niyi Akintola, SAN, is the counsel to the 1st defendant Jimoh Ibrahim while chief Bolaji Ayorinde SAN is for 2nd Defendant, Global Fleet Group.
AMCON, following Justice Aikawa’s order, took effective possession of all 12 properties through its Debt Recovery Agent – Pinheiro Legal Partners. The assets include the building of NICON Investment Limited at Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; NICON Hotels Limited building at Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja, and the building of NICON Lekki Limited also at No. 5, Customs Street, Lagos.
Other properties are the building of Abuja International Hotels Limited located at No. 3, Hospital Road, Lagos; another Property at Plot 242, Muhammadu Buhari Way, Abuja; the former Allied Bank Building on Mile 2, Oshodi Express Way, Apapa Road, Lagos; Energy House located on No. 94, Awolowo Road, Ikoyi, Lagos; NICON Building at No. 40, Madeira Street, Maitama, Abuja; a Residential Apartment at Road 2, House A14, Victoria Garden City, Lagos; NICON Hotels Building at Plot 3, Road 3, Victoria Garden City, Lagos as well as the NICON Luxury Hotel’s Building, Garki I, FCT, Abuja.
In addition to the takeover of the properties, the court also ordered the freezing of all accounts belonging to Ibrahim and his companies including Global Fleet Oil & Gas Limited and NICON Investment Limited all of whom are defendants in the suit No. FHL/L/CL/776/2016. AMCON in November 2020 following a court order seized the properties of the barrister Jimoh Ibrahim over an alleged debt of N69.4billion, which was sold to AMCON by Union Bank as a non-performing loan in the early days of AMCON.
AMCON had sometime on November 4, 2020 through their lawyers Kemi Pinheiro SAN obtained an ex-parte order (Under Sections 49 & 50 of the AMCON Act as amended) against NICON Investment Limited, Global Fleet Oil & Gas Limited and Jimoh Ibrahim freezing their accounts in various banks as well as attaching various properties of the Companies, which properties included: NICON Investment Limited’s Building at Plot 242, Muhammadu Buhari way, Central Business District, Abuja, NICON Hotels Limited’s Building, Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja, NICON Lekki Limited’s Building, No. 5, Customs Street, Lagos, Abuja International Hotels Limited’s Building – No. 3, Hospital Road, Lagos, Residential Apartment, at Road 2, House A14, Victoria Garden City, Lagos, NICON Hotels Building, Plot 3, Road 3, Victoria Garden City, Ajah, Lagos and NICON Luxury Hotel’s Building, Garki 1, Abuja.
Following the execution of the order, NICON Investment Limited, Global Fleet Oil & Gas Limited and Jimoh Ibrahim through their lawyers Chief Adeniyi Akintola SAN filed a motion dated November 19, 2020, seeking to discharge/set aside the order, which was made by Justice R.M. Aikawa of the Federal High Court sitting in Lagos. Some other entities, which AMCON alleged was linked to Jimoh Ibrahim to wit: NICON Insurance Limited, Nigerian-Re-Insurance Limited, Abuja Hotel Limited and NICON Hotels Limited also filed an application to discharge the said order of 4th day of November 4, 2020. After hearing the two applications and the arguments canvassed by parties through their respective counsel, Hon. Justice R.M. Aikawa proceeded to dismiss both applications by his ruling of February 16, 2021.
As a follow up to that decision, both sets of Applicants filed independent appeals in the Court of Appeal, Lagos division. AMCON was represented in the appeals by Kemi Pinheiro SAN, while the first set of Appellants were represented by Chief Adeniyi Akintola SAN and the second set by Chief Bolaji Ayorinde SAN. At the hearing of the appeals on September 30, 2021, Kemi Pinheiro SAN for AMCON raised a preliminary objection to the appeal contending that the appeal was incompetent because the Appellants failed to seek leave prior to the filing of the appeal.
In a unanimous decision today December 10, 2021, the Court of Appeal upheld the preliminary objection of AMCON and accordingly dismissed both appeals. The implication of this is that AMCON remains in possession of the properties attached by the order of Hon. Justice R.M. Aikawa on November 4, 2021.
The matter between Barrister Jimoh Ibrahim and AMCON has been interminable since the loan was purchased by the government debt recovery agency during the first phase of Eligible Bank Assets (EBA) purchases from Union Bank in the early days of AMCON. AMCON is however not deterred to recover the nearly N70billion owed it by Barrister Ibrahim and his companies in the interest of the Nigerian economy and the public in general.
Danbatta: NCC has Powers to Make e-Waste Regulation for Telecom Sector
2021 ITREALMS E-Waste Dialogue …From left: National President, National Association of Telecoms Subscribers (NATCOMS), Chief Adeolu Ogunbanjo, Very Rev. Fr. Augustine Ebido of Dominican University, President, Guild of Corporate Online Publishers and Publisher/Editor Realnews, Ms. Maureen Chigbo, host of 2021 ITREALMS E-Waste Dialogue, Group Executive Editor-in-Chief ITREALMS Media Group, Mr. Remmy Nweke; Head, Online Media, Public Affairs Department, Nigerian Communications Commission, Dr. Omoniyi Ibietan who represented EVC Danbatta at the event; Teach/Admin Officer, E-Waste Producer Responsibility Organisation Nigeria (E-PRON), Ms. Mofesayo Oyedeji and Executive Director, DigitalSENSE Africa, Mrs. Nkem Nweke, at the 2021 ITREALMS E-Waste Dialogue on “E-waste in Nigeria Consumer as a Key to Circular Economy and 20 years of GSM” in Lagos.
The Nigerian Communications Commission (NCC) has powers under Section 70 of the Nigerian Communications Act (NCA2003) to develop an E-waste Regulation for the telecommunications sector in the country.
This declaration was made by the Executive Vice Chairman and Chief Executive Officer of NCC, Prof. Umar Garba Danbatta in his keynote address at the 2021 ITREALMS E-Waste Dialogue in Lagos with the theme: E-Waste in Nigeria: Consumer as key to Circular Economy & 20 years of GSM.
Danbatta, represented by the Head of New Media, Dr. Ominiyi Ibietan, said that as at March 5, 2019, based on the Commission’s participatory rule-making procedure, came up with a draft of the E-waste Regulations and Disaster Recovery Guidelines which were hitherto published on its website for comments from the general public, especially telecommunications operators and other stakeholders.
“As required by law, a Public Inquiry on the E-waste Regulations and Disaster Recovery Guidelines was scheduled for March 5, 2019 and a Notice of the Public Inquiry was published in Daily Trust and New Telegraph Newspapers on Monday February 11, 2019,” he said.
The public inquiry, he also disclosed had over Sixty-one (61) persons representing telecommunications operators, interested stakeholders and the media in attendance, which offered him the opportunity to explain the importance of having a proper legal framework to regulate e-waste in the telecommunications sector.
“Considering that e-waste is the fastest growing waste stream in the world and a recent report by the World Economic Forum (WEF) estimated that this waste stream increased by about 48.5 million tonnes in 2018,” he said.
Prof. Danbatta defined e-waste as “electrical or electronic equipment that is waste, including all components, sub-assemblies and consumables that are part of the equipment at the time the equipment becomes waste.”
In addition, based on the WEF, over 75% of electronics imported into Nigeria were irreparable and toxic junk, which means that this menace remained rampant due to the low Gross Domestic Product (GDP) per capita/low income and the desperate quest for information by Nigerians.
The prevalence of e-waste, he said, raised a lot of pollution issues which should be managed, because of the resultant effects on humans and the environment.
Further, NCC, in line with its commitment to sustain phenomenal successes recorded in the sector in the past 20 years, also developed the ‘Disaster Recovery Guidelines’ to mitigate disasters that might affect business continuity in the industry and jeopardise the incredible success already recorded.
The Guidelines, Danbatta said, was introduced as part of the Commission’s wider risk management initiatives, aimed at protecting telecoms companies from the threat of emergencies in their operations.
The Commission, he equally said, in developing robust regulations and guidelines are to enhance development of the industry and the entire economy.
In giving general overview of NCC’s e-Waste regulations, Prof. Danbatta said it is made up of 31 regulations structured into Sixteen (16) parts.
Also included in the Regulations, he said, are one (1) Schedule, nine (9) Forms and four (4) Tables, stressing that the Regulations outlined the responsibilities and obligations of stakeholders in the e-waste value chain, such as the manufacturer, collection and disposal facilities agent, vendors, consumers or bulk consumers, recyclers, importers and transporters.
Notable, the EVC said, is that the Regulations applies to all type-approved Electrical and Electronic Equipment and activities carried out by any person in relation to Electrical and Electronic Equipment used in the telecommunication industry in Nigeria.
Meanwhile, NCC bagged the 2021 ITREALMS Telecom E-Waste Regulator Award in recognition of the Commission’s commitment in the regulation of Waste Electrical and Electronic Equipment (WEEE) in Telecom Sector, according to the Executive Editor-in-Chief of ITREALMS Media, Mr. Remmy Nweke.
The award was received on behalf of the Commission by the Head of New Media, Dr. Ominiyi Ibietan, who represented the EVC and was presented by the National President, National Association of Telecom Subscribers (NATCOMS), Chief Deolu Ogunbanjo at the 2021 edition.
Sovereign Trust Insurance Targets Sustainable Growth in 2022
L-R: Olaotan Soyinka, MD/CEO, Sovereign Trust Insurance Plc; Kayode Adigun, GM, Finance & Corporate Services; Ugochi Odemelam, Executive Director, Marketing & Business Development and Jude Modilim, Executive Director, Technical at the 2022 Budget Setting and Strategy Session for Sovereign Trust Insurance Plc held in Lagos recently.
Stanbic IBTC: ‘Most Outstanding Commercial Bank Brand in Nigeria’
Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, was named the “Most Outstanding Commercial Bank Brand in Nigeria” at the 2021 edition of the BrandCom Awards which was held recently.
The awards, organised by Brand Communicator Magazine recognised brands, organisations and personalities. It took cognisance of their outstanding contributions to the growth and development of the Nigerian economy.
Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, appreciated the organisers for the award, and noted that Stanbic IBTC Bank has over the years provided unparalleled services and designed products tailored explicitly towards meeting the needs of its customers.
Wole noted that the award would spur the organisation to continue providing excellent services to its clients. The awards reaffirm the organisation’s commitment to providing world-class financial services to its network of clients.
The Stanbic IBTC Bank Chief Executive said: “We are delighted to have emerged the “Most Outstanding Commercial Bank Brand” at the BrandCom Awards. This award confirms that we prioritise our customers’ interests because they are the reason we are in business. We pledge to continue developing innovative products and services that are customer-centric, just as we are committed in our quest to continue fulfilling the financial needs of our customers at all times.”
Wole added that Stanbic IBTC would strive to continue exceeding its customers’ expectations.
Stanbic IBTC remains committed to providing a simplified customer-friendly experience that enhances customer satisfaction and exposes them to new trends in the financial services industry.