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.
Stanbic IBTC PMI: Private Sector Continues to Expand, Intense Cost Pressure Weighs on Growth
Nigeria’s private sector concluded the third quarter of 2021 with a modest expansion in business conditions.
Quicker uplifts were seen in new orders, employment and stocks of purchases, but output growth moderated for the second month running. Nevertheless, optimism improved to a seven-month high. Material scarcity and unfavourable exchange rate movements exerted upward pressures on costs, however, leading to a record rate of purchase price inflation.
Subsequently, this fed through to a steep rise in selling prices. The headline figure derived from the survey is the Purchasing Managers’ Index (PMI). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.
The headline PMI registered at 52.3 in September, little changed from 52.2 in August, and indicative of a fifteenth consecutive monthly expansion.
Central to the improvement was a solid and accelerated rise in new orders, which panellists mostly linked to the securing of new clients. Contrary to the improvement in domestic sales, exports fell, and at the quickest rate since December amid persisting international COVID-19 restrictions. Nevertheless, to meet demand firms increased their output levels, but the pace of expansion was only modest, and much softer than the rate of new order growth.
Cash and material shortages reportedly hindered some firms’ ability to raise output. All four of the monitored sub-sectors recorded expansions, with manufacturers seeing the strongest uplift, followed by wholesale & retail, services and agriculture, respectively.
Firms raised their buying activity sharply in September. Anecdotal evidence suggested efforts to mitigate against future supply and price shocks led to stockpiling.
As a result, stocks of purchases rose at the fastest rate since October 2020. Meanwhile, vendor performance benefitted from quieter road conditions and advance payments.
Furthermore, suppliers’ delivery times improved to the greatest extent since last December. Higher raw material and commodity costs as well as unfavourable Naira-Dollar exchange rate movements led to a substantial increase in input expenses.
Infact, purchase costs rose at the quickest rate in nearly eight years of data collection. Firms were able to pass on part of the increase to clients however, with charge inflation the second-strongest in the series to date.
Finally, after moderating in August, sentiment improved to a seven-month high amid plans to increase marketing, open more stores and broaden product offerings.
VBank Leads Discourse on Innovative Payment Systems at 2021 Nigeria Fintech Week
L-R (Mudiaga Umukoro, CEO Appzone Core; Akeem Lawal, Divisional CEO, Interswitch; Ebere Ahaotu, Senior Product Manager, Vbank) at the just concluded Fintech Week in Lagos.
As fintech companies proffer financial solutions to the needs of many Nigerians, foremost digital bank, VBank is taking the lead to drive discussions on changing the perception of people regarding their relationship with their bank.
The leading bank took up the baton during a panel session at the just concluded Nigeria Fintech Week held in Lagos between October 25 and 29, 2021. The session deliberated on the topic; “Disruption Disrupted’ and how the Covid-19 pandemic disrupted business activities for tech companies around the world including fintech.
Representing VBank at the session, Senior Product Manager, VBank; Ebere Ahaotu urged participants to embrace new technology and maintained that,
“The future belongs to fintech who can remain agile while continuously exploring and adopting innovative, new ways of doing things. These are the businesses that will thrive in the face of disruptions”.
The VBank sponsored Nigeria Fintech Week brought together over one million participants from multiple locations in and out of Nigeria.
Commenting on the event, Managing Director, VFD Microfinance Bank, Gbenga Omolokun, reiterated the need for stakeholders to collaborate while deepening financial services utilization and inclusion.
‘’There is a need to focus on strengthening collaboration to ensure fintech adoption, deepen financial service utilisation and inclusion. We need to build a fintech roadmap for the country and make sure technology plays an active role in financial inclusion for many unbanked Nigerians”, Omolokun said.
Launched on March 25, 2020, VBank is a next-generation bank powered by VFD Microfinance Bank. The digital bank has onboarded over 250,000 individuals and businesses and processed transactions worth billions on its mobile banking platform across Nigeria.
VBank can be accessed all over the world on iOS and Android devices.
P + Measurement Spearheads AMEC Month in Nigeria Nov 19
As the year is coming to a close and organisations are continuously having conversations around thriving in a post-pandemic era, the International Association for the Measurement and Evaluation of Communication (AMEC), an international association for communications measurement and evaluation practitioners is organising its annual AMEC Measurement Month (AMECMM) 2021 this November.
This year’s edition will bring together more than 160 members of the association in 86 different countries around the world and P+ Measurement Services, the foremost media intelligence agency and a member of AMEC is spearheading the 6th edition of the event in Nigeria with the theme: “How to Effectively Demonstrate the Value of PR Measurement.”
The event which is slated to hold on the 19th of November 2021, between 12pm and 1:30pm (WAT), will take place virtually and will feature professionals from the communications, public, measurement and evaluation industry discussing and
sharing insights, ideas and solutions from their wealth highlighting the many challenges currently being faced by the industry.
The event will feature Nicole Moreo, the EVP, Head of US Analytics, Ketchum; Henry Okorafor, a Senior Associate with Stephanie John & Associates; Kemi Olawoye who is the Chief Communications Officer, Bora Communications and Ben Levine, the Director and Partner of FH TRUE Global Intelligence.
The AMEC Measurement Month is a free-to-attend event, which consists of webinars, executive discussions, workshops, and much more. It focuses on helping PR and communications professionals understand the value and importance of Communications/PR measurement, evaluation and media performance audit.
AMCON: The N1.5m Entrepreneurship Scheme for Corps Members
NYSC Director-General, Brigadier General Shuaibu Ibrahim (left) with AMCON MD/CEO, Mr Ahmed Kuru presenting a Polaris Bank cheque for N500,000.00 to Joana Jewel Adamu, one of the winners of the maiden NYSC Entrepreneurship Scheme of AMCON
The Asset Management Corporation of Nigeria (AMCON) has initiated an entrepreneurship and empowerment programme for members of the National Youth Service Corps (NYSC) posted to carry out their national service with AMCON.
The scheme, which is tagged the “Managing Director’s Annual NYSC Entrepreneurship Competition”, is a scheme introduced by AMCON to encourage the Corps members to come up with business plan as entrepreneurs and contest among themselves by making presentations before a panel set up by AMCON to select the best three realistic business plans that will stand the chance of winning the MD’s cash reward.
At the end of the maiden edition of the initiative, three of the 15 contestants came tops and were presented cheques of Five Hundred Thousand Naira each at a ceremony held at AMCON head office in Abuja.
The Corps members who emerged victorious include Joanna Jewel Adamu (FC/21A/1265), Umar Aliyu Gosta (FC/21A/1251) and Abdulsamad Saidu Usman (FC/21A/1046) whose business proposals centered on online art and fashion business; poultry production; and technological innovation respectively.
AMCON Managing Director and Chief Executive Officer, Mr Ahmed Lawan Kuru while addressing the participants at the ceremony noted the high rate of graduate unemployment, and the need for stakeholders to work towards steering the mindset of the youths from that of seeking white collar jobs to that of entrepreneurial engagement must be encouraged by institutions both private and public.
Kuru who extoled the empowerment programmes of the Federal Government, practically started a campaign for the incorporation of functional entrepreneurship training into the nation’s education curriculum.
According to him, AMCON initiated the entrepreneurship programme for Corps members in appreciation of the invaluable contributions of NYSC to national development.
The AMCON boss said the intervention began with the conduct of Entrepreneurship training for the Corps Members with some members of Staff of AMCON volunteering as resource persons. The Managing Director explained that the introduction of the business plan contest was aimed at providing funds to enable the winners actualise their business dreams and, in the process, contribute to the economic development of the country.
He further stated that aside the winners, many of the other competitors came up with excellent business ideas, adding that the latter group will also be supported with some token. He did not state what that token will be.
He expressed determination not only to sustain the programme, but also increase the number of winners in subsequent editions. Kuru used the occasion to assure of AMCON’s readiness to go into broader partnership with NYSC in the area of entrepreneurship and empowerment.
In his address, the NYSC Director-General, Brigadier General Shuaibu Ibrahim, said the Scheme had been assiduous in the implementation of its Skill Acquisition and Entrepreneurship Development programme (SAED), adding that many ex-trainees of the programme were now owners of flourishing businesses.
He said Corps members had enormous potentials for self-employment, but added that the challenge was always that of access to fund to actualise their business plans.
The Director-General said this informed the proposal for the establishment of NYSC Trust Fund, which would not only make the SAED training more functional, but also serve as sustainable source of funding for the Corps entrepreneurs.
On that note, the NYSC boss thanked AMCON management for joining the league of partners that are supporting NYSC in the empowerment of Corps members and assured that the scheme would effectively partner the agency for the continued success of the new initiative.
He also assured that the scheme would strictly monitor the beneficiaries of the programme and provide feedback to AMCON on their business progress. The Director-General congratulated the winners of the competition and enjoined them to make judicious utilisation of the funds given to them.
Joana Jewel Adamu one of the winners who spoke on behalf of her colleagues, thanked AMCON for availing them the opportunity for empowerment, which she described as life changing. She assured that they would justify the confidence reposed in them through judicious utilisation of the funds as expected.
Ecobank Nigeria Wins 2 Awards at BAFI 2021
Ecobank Nigeria won two awards at the prestigious Banks and Other Financial Institutions’ (BAFI) Awards 2021 held in Lagos at the weekend.
At the keenly contested awards, Ecobank Nigeria emerged winner of the “Market Confidence and Capital Structure Transaction of the Year” via its Unsecured $300 million Bond, a fixed-rate 5-year US dollar- denominated bond launched early in the year and “Female Economic Advancement Bank of the Year” for its sustained support for female entrepreneurs and the development of savings and loans products specifically aimed at women through its Ellevate program.
The BAFI Awards backed by the BusinessDay Research and Intelligence Unit (BRIU), noted that the impressive strength and depth of the book on the Ecobank’s $300 million bond transaction signaled solid global investor confidence in the financial institution at a time when Nigeria was racked by a perfect storm: a COVID-19 pandemic, economic recession in the 4th quarter, and a year of falling oil prices.
It reiterated that a further proof of market confidence and demand was seen when the bonds were listed on the London Stock Exchange.
“The success also stamped market faith in Ecobank Nigeria’s prospects, as it was the second major bond sale by Ecobank Nigeria in the space of two years; the first being an oversubscribed N50 billion Tier-2 issuance in December 2020.”
On the Ecobank Ellevate proposition, BRIU, said: “Ellevate program, which is designed for businesses owned by women, managed by women, have a high percentage of female board members or employees and companies manufacturing products for women, received special attention of the BAFI Awards Review Panel for its comprehensiveness. A fully 360º solution, it cuts across Cash Management & Collections, Liability & Loans, and Support & Development. Being an “inside-outside” award that adheres to the “charity begins at home principle,” Ecobank as winner of the Female Economic Advancement Bank of the Year Award has demonstrated a commitment to creating a work environment that allows its female employees to thrive to their full potential within the bank. Ecobank was chosen based on the diversity and scope of Ellevate which is specifically developed for women; being a strong SME banking proposition since many women-owned and women-led businesses fall into this category; a clear, articulated vision to become a “Bank of Choice” for women through training of product development specialists, marketers, and customer service agents on the needs of women; and the service to female customers beyond providing loans, as advice and support are critical to business success anywhere in the world.”
In his comment, Managing Director, Ecobank Nigeria, Patrick Akinwuntan said: “the strong demand for our bond shows the international appetite for the Ecobank franchise in Nigeria, its unique positioning for facilitating pan-Africa trade and the attractive opportunity for the many investors seeking to back world-class Nigerian corporates.”
He also noted that “with the Elevate program, Ecobank aims to empower 40 million women, being a gender-based proposition designed to empower women-owned and managed businesses in Nigeria, as well as in the 33 African countries and beyond where Ecobank has presence.
Earlier, Publisher, BusinessDay, Frank Aigbogun, said the BAFI Awards is backed by the BusinessDay Research and Intelligence Unit (BRIU), noting that nominations for the BAFI Awards are the culmination of a rigorous review process.
He said BRIU and an independent panel of judges evaluate more than two hundred and fifty institutions and benchmark them against their global peers using several indices in a thorough evaluation process and nominees are assessed for their vision, execution, and market leading propositions. He added that they also considered factors like corporate values, integrity, workplace culture, gender balance, and other human issues.
The BAFI award categories cut across banking, insurance, capital markets, investment, pension funds, trustees, registrars, stockbroking, and private equity
Sovereign Trust Insurance Unveils Mobile App to Drive Sustainable Growth
L- R: Jude Modilim, Executive Director/Divisional Head, Technical, Ugochi Odemelam, Executive Director/ Divisional Head, Marketing and Business Development and Olaotan Soyinka, MD/CEO, Sovereign Trust Insurance Plc at the launch of the company’s MOBILE APP during the week in Lagos.
Soludo Receives Certificate of Return from INEC
REMARKS BY BARR FESTUS OKOYE, SUPERVISING NATIONAL COMMISSIONER FOR ANAMBRA STATE AT THE PRESENENTATION OF CERTIFICATES OF RETURN TO THE GOVERNOR AND DEPUTY GOVERNOR ELECT OF ANAMBRA STATE ON FRIDAY, 12TH NOVEMBER 2021 AT AWKA, ANAMBRA STATE.
I consider it dutiful to welcome you to the ceremony for the presentation of Certificates of Return to the Governor and Deputy Governor elect of Anambra State.
This ceremony is in compliance with section 75 of the Electoral Act, 2010 (as amended) which mandates the Commission to issue a Certificate of Return to the Governor and Deputy Governor elect of Anambra State signifying the fact that they won the just concluded 2021 Anambra State governorship election and satisfied the constitutional and legal requirements in section 179 of the Constitution of the Federal Republic of Nigeria, 1999(as amended).
As you know, the tenure of the incumbent Governor of Anambra State will expire on 17th March 2022. The implication is that the Governor and Deputy Governor elect will not assume office immediately. They must wait for the incumbent Governor and his Deputy to complete their four-year tenure before they can be sworn in.
There is no doubt that the Commission conducted the 6th and 9th November 2021 Governorship election in difficult circumstances. Indeed, the election was conducted in a challenging environment accentuated by fear, anxiety and uncertainty occasioned by political agitation in the southeast geopolitical zone.
As we all know, agitations of this kind occurs often in multi-ethnic and multi-cultural political settings where identities are politically mobilized in the struggle for power and resources and sometimes in the desire for a just and equitable society.
The significant point to note, however, is that the Commission has remained firm and resolute in proceeding with the election based on its understanding of section 178 of the Constitution which circumscribed the conduct of elections within a firm and immovable constitutional compass.
The consequences of aborting the election would have been a serious constitutional crisis and political uncertainty that could have further threatened Nigeria’s stability and survival.
Against this backdrop, the fact that we are here today making this presentation after an election that has been widely acclaimed as meeting regional standards of free and fair election is a clear affirmation that Nigerians and the citizens of Anambra State in particular believe in democracy, not only as a means of addressing the numerous development challenges, but also a framework for the resolution of the multifarious dimensions of the National Question.
The Commission will audit the conduct of this election as it is the tradition after every major election in order to reflect on things that worked well and those that failed to work as desired; and use the lessons learned in the preparation for the next set of elections.
It is in this regard and the benefits offered by the Electoral Cycle Approach adopted by the Commission that we now believe that the present trends of conducting elections imbued with integrity has become irreversible.
With specific reference to genuine concerns expressed by citizens on the performance of the Bimodal Voter Accreditation System (BVAS) in the February 6, 2021 Anambra governorship election, the Commission wishes to state categorically that it stands to benefit from such criticisms and promises that these challenges will be addressed as was evident in the improved functionality of the BVAS in the supplementary election in Ihiala Local Government Area.
We are confident in our judgment that the Bimodal Voter Accreditation System will remain a fundamental feature of our accreditation process as it will consign into the dustbin of history worrisome incidents of multiple voting and identity theft that in the past denied the country’s electoral process the desired public trust and confidence. On this note, the Commission will continue to improve on and perfect the technology for subsequent and future elections.
We commend the doggedness, resilience and courage of our permanent and ad-hoc staff that defied all the odds and grave dangers to personal life and safety to traverse the entire terrain of Anambra State to conduct this election.
We thank the security agencies that remained firm and professional in supporting the Commission throughout the election period and beyond.
We thank the media for the extensive coverage of the election.
More fundamentally, we thank the people of Anambra State for their firm belief in democracy. They understood the sovereign right imbedded in the vote and elevated the value and quality of the vote through vigilance and mandate protection.
We appreciate the sacrifices made by the National and Resident Electoral Commissioners of the Commission, seven of them, that assisted the Resident Electoral Commissioner for Anambra State in the conduct of the election.
We thank the Chairman of the Commission, Professor Mahmood Yakubu and the National Commissioners of the Commission for unwavering commitment to clean elections anchored on technology.
Once again, we thank you for gracing this occasion.
Stanbic IBTC Tops Media Exposure in Oct 2021at 35%
The P + Measurement #MediaIntelligence and Performance Audit Report in the month of #October 2021 critically analysed and revealed the Top #Nigerian #Banks with the highest media exposure on Promotions.
The media audit report further showed that Stanbic IBTC emerged as the top bank with the highest media exposure on promotions with 35% media share, while UBA Group ranked 2nd with 25% media share.
Completing the top 5 are Standard Chartered Bank, Ecobank Nigeria, and Access Bank Plc with 19%, 15%, and 7% respectively.