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Oriental Energy Resources Names Mustafa Indimi as New MD

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Mustafa Indimi has been appointed the new Managing Director of Oriental Energy Resources Limited, a leading indigenous oil exploration and production company in Nigeria. Mustafa takes over from Mr. Ignatius Ifelayo who served the company meritoriously for seven years.
Prior to the new appointment, Mustafa was the Executive Director (Technical) and a member of the company’s Board of Directors. He brings with him an in-depth knowledge of the business and he is well-positioned to drive the company forward.
A master’s degree holder in petroleum production engineering from Robert Gordon University Aberdeen, Mustafa has an impressive track record of leading teams to deliver outstanding performance and results.
On his new challenge, Mustafa commented: “It is an exceptional privilege to be appointed as Managing Director at a time that provides great opportunity to take the company to new heights. I am looking forward to working with the Board, Management and Staff to strengthen and grow the company by building on the solid foundation to generate significant value for all stakeholders.”
“Underpinning everything is my commitment to the company’s vison to set the standards that all other E&P companies in the Nigerian oil and gas industry will be compared against.’’

About Oriental Energy Resources
Oriental Energy Resources Limited is an indigenous oil exploration and production company founded in 1990 by Alhaji (Dr.) Muhammadu Indimi, OFR. It operates two marginal fields in offshore Akwa Ibom, Ebok (OML 67) and Okwok (OML 67), as well as one oil mining lease OML 115.

CBN Plans Digital Currency by October 1, 2021

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The Central Bank of Nigeria (CBN) will unveil its digital currency on October 1, 2021 under the code name ‘Project GIANT.’
Mr. Godwin Emefiele, Governor, Central Bank of Nigeria, had earlier promised to deliver a digital currency to the Nigerian financial system.
Emefiele says the initiative will target remittance management, financial inclusion, revenue collection, payment efficiency and also ensure effective monetary policy management etc.

5 Top Reasons to Attend Titans of Tech 2021

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The Titans of Tech 2021 is scheduled to hold this Friday, July 23, 2021, at the prestigious Oriental Hotel, Lekki express way, Lagos.
The epoch event seeks to explore how and where technology can make a difference and seeks to celebrate the leading ICT drivers. The event has three main parts, Exhibition, Seminal RoundTable and the Technology Awards.
If you are in Lagos or plan to be in Lagos on Friday, there is no better place to be – Attend the Titans of Tech Conference and Awards.
In case you need further persuasion, here are 5 Reasons to Attend the Titans of Tech Conference and Award:

• Exhibition
The exhibition which will open to the public from 2pm will feature leading players in the Nigerian ICT space. Infobip Nigeria, a global leader in omnichannel communication, has a premium stand at the exhibition. check out the range of amazing products. There is also Information Connectivity Solutions Limited (ICSL) leading provider of premium broadband network infrastructure and connectivity solution and fibreOne leading Internet service providers, and Konga.com is Nigeria’s largest online mall, among others

• The Roundtable
The Roundtable is a platform for important players in the Nigerian technology community to discuss steps to build a better society and improve citizens’ quality of life. The goal today is to reimagine how technology can benefit Nigerians and steps to a more productive environment, involved citizenry and sustainable future.
The Theme: “Harnessing the Potential of AI, IoTs for Transformation of the Digital Economy” is timely. Confirmed speakers include Engineer Ikechukwu Nnamani, President, Association of Telecommunication Companies of Nigeria (ATCON), a professional, non-profit, non-political umbrella organisation of telecommunications companies in Nigeria and Founder/CEO, Medallion Communications Limited, interconnect clearinghouse and Co-location Data service Company.
Mr. Lare Ayoola, Executive Chairman, IoT Africa Networks, the foremost provider of Internet of Things solutions in the continent. Mr. Ayoola is a legend in the Nigerian technology services provision space with over three decades of practical and hands-on experience.
Aderemi Adejumo, CEO, Cloudflex has over three decades experience in Technology, having worked in the United Kingdom, France, Belgium and Switzerland before moving back to Nigeria. He has extensive experience having worked in a number of blue chip companies, namely; NatWest Group, Citibank, UBS AG, Carrefour, IBM and Compaq.
Mr. Olatayo Ladipo-Ajai, Country Manager, Infobip Nigeria. He is an astute information technology executive with over fifteen years of experience in guiding blue-chip, multinationals and Small-scale businesses in West Africa to acquire cutting-edge technologies and implement new ideas on the path to the future.
Tinuade Oguntuyi is the Head, Core Networks and Solutions, Information Connectivity Solutions Limited. (ICSL). She is a pragmatic project manager who has built formidable capacity in ISP and telecommunications sector and has creatively curated unique technical solutions and designs for indigenous and global institutions in diverse industries-Finance, Oil and Gas, Energy Education, Tech Hubs and Government.
The Roundtable will be moderated by the delectable Louisa Olaniyi.

• Red Carpet
Traditionally, a red carpet is used to mark the route taken by heads of state on ceremonial and formal occasions, and has in recent decades been extended to use by VIPs and celebrities at formal events.

The Titans of Tech Hall of Fame Awards is popularly called Nigeria’s Tech Industry Grammy. The red carpet would be an opportunity to hobnob, network and take sparkling photos.

• Awards
The Titans of Tech is about recognition and celebration. Yes, it is a platform to celebrate Nigeria’s Hi-Tech most important movers and shakers; Organisations, Institutions, Revolutionaries, Icons, Pathfinders and Pioneers who blazed the trail and used ICT to improve the way of life in our society. The Day’s winners will cart away truly eye-catching award plaques.

• Entertainment
There will be plenty to laugh about, clap each other shoulders and top performers would be on hand to make the guests feel both at home and among friends and colleagues.

You don’t want to miss this.

See you!

Igboho & Kanu: What Impact on Economy?

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The arrest of Yoruba activist, Sunday Igboho in neighbouring Cotonou, Benin Republic has heightened the already existing socio-economic tension in the country, not just in the South-West geo-political zone.
And this is coming on the heel of similar arrest of Mazi Nnamdi Kanu, the IPOB Leader allegedly in Kenya some days back.
While many analysts are not yet sure of the magnitude of such arrests on the economy, an economist who craved anonymity due to the security implication of the situation, painted a gloomy effect on the nation’s economic landscape.
“Of course, the Federal Government has succeeded in capturing both Igboho and Kanu but the truth remains that Nigeria does not need such ethnic tension at this time when the security situation nationwide has already driven the economy into high inflation and uncertainty. I just hope that Buhari will handle the situation diplomatically to avoid more damage to the economic well-being of the country.”

African ICT Foundation, UNESCO Partner on Internet Governance Forum

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Mr. Tony Ojobo
President
African ICT Foundation

The African ICT Foundation is partnering with the UNESCO to host a stakeholders’ engagement for the advancement of evidence-based policy making of Internet governance
The virtual even, which holds Thursday, July 29th is the first of the Foundation’s partnership with global organizations across to the world to deepened internet penetration in Africa.
The event which is jointly organised by UNESCO Headquarters and the African ICT Foundation, seeks to engage in an extensive partnership with the West African Internet Governance Forum community via the newly launched Dynamic Coalition of IUIs, so as to join forces for advancing evidence-based policy making of Internet governance and fostering digital collaboration in line with UN SG’s roadmap of digital cooperation.
The discussion at the forum will focus on Advancing digital transformation in the West Africa Sub-Region via applying UNESCO’s Internet Universality ROAM Principles and Indicators.
The President of the African ICT Foundation, Mr. Tony Ojobo and the Director for Partnership and Operational Programme Monitoring, UNESCO, Marielza Oliveira will give the opening remark at the event that will be moderated by the West Africa Regional Director at the Foundation, Dr Kossi Amessinou and with the Executive Secretary, Mr. Bassey Emmanuel and the Benin Focal Point Director, Nazaire Hounghihin as rapporteur.s
A statement from the Foundation’s Secretariat, in Lagos South West Nigeria, issued by the Director of Communication, Mr. Isaiah Erhiawarien stated that Internet governance-related issues will be addressed and covered during the session.
According to the statement, the Forum will allow national leading experts from West African Sub-Region countries to present their national assessment projects using Internet Universality Indicators and foster further engagement with West African IGF communities and stakeholders.
UNESCO while inviting stakeholders in the region to join and participate in its newly launched Dynamic Coalition on Internet Universality Indicators, said that the Forum will hold panel discussion with emphasis on knowledge-sharing as well as an interactive session whereby the moderator will allow very short statements from speakers to trigger discussions.
The line-up for the panel discussion are: Chair of Information for All Programme, Ghana, Dorothy Gordon; UNESCO Officer in Dakar, Senegal, Elvis Michel Kenmoe, Benin; Alain Kiyindou, Université Bordeaux Montaigne, Niger and Intelligent User lnterfaces Research team leader, Development House, Ghana, Simon-Peter Kafui Aheto.

NCC: Inside the N150bn Spectrum Haul in 5 Months

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The Nigerian Communications Commission (NCC) has exceeded its N36 billion projected revenue from spectrum license fees for 2021, having recorded over N150 billion from this revenue source within the five months of the year.
The figure represents over 400 per cent increase in revenue budget performance in respect of spectrum fees generated by the Commission between January 1 and May 31, 2021, reflecting significant contribution to the revenue drive of the Federal Government.
Accordingly, the N150 billion spectrum revenue achieved in the first half of the year has been remitted to the Federal Government in line with the provisions of the Nigerian Communications Act (NCA), 2003, which mandates the Commission to remit proceeds from spectrum resources wholly into the government’s Consolidated Revenue Fund (CRF).
The Commission, in its 2021 Budget which was considered and approved by both chambers of the National Assembly in December, 2020, projected a revenue of N36 billion from spectrum fee for the year 2021 but has remarkably surpassed this estimate.
Over the years, the NCC has put in place an effective regulatory regime which has significantly facilitated advancements in the nation’s telecoms industry, boosted Gross Domestic Product (GDP), and improved the operations of licensees as well as boosted Federal Government’s revenue generation.
Commenting on the revenue performance, the Executive Vice Chairman of the Commission, Prof. Umar Garba Danbatta, said that the impressive uptick in spectrum fee was the result of the favourable turn of events for the telecom sector, which at the time of preparing the estimates for the 2021 Budget of the Commission was not clear due to the ravaging impact of COVID-19 on the global economy.
Danbatta noted that the 10-year spectrum fees made by some of the major operators directly impacted the projected spectrum fee favourably, adding that the Commission believes that enthronement of effective regulation will continue to improve the general performance of the telecoms sector.
On October 28, 2020, Danbatta told members of House Committee on Telecommunications while on an oversight function to the Commission that the NCC had generated and remitted N344.71 billion to the Federal Government’s CRF in the last five years.
During the oversight visit, the Chairman of the Committee, Hon. Akeem Adeyemi, commended NCC’s Management for the feat and urged the Commission “to sustain its regime of effective regulation of the telecoms sector in a manner that would be more mutually beneficial to the industry stakeholders, including the consumers of the telecoms services, the operators and the Nigerian government.”

NCC: Airtel Mobile Operating License Not Renewed Yet

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Segun Ogunsanya
Managing Director/CEO
Airtel Nigeria

The Nigerian Communications Commission (NCC) says the mobile operating license of Airtel Nigeria has not been renewed for another period of 10 years contrary to a statement credited to Mr. Segun Ogunsanya, the Managing Director/CEO of Airtel Nigeria to that effect.
Dr. Ikechukwu Adinde, Director, Public Affairs of NCC said in a statement that “while Airtel Nigeria has applied for the renewal of the Universal Access and Service (UASL) License granted to it by the Commission, the application is yet to be approved as it is still undergoing required regulatory process.”
Adinde made it clear that the Commission had to issue the response for the guidance of its stakeholders.
Ogunsanya was alleged to have claimed renewal of Airtel Nigeria’s license in Lagos on Wednesday, July 14, 2021 during the media launch of the mobile operator’s Corporate Social Responsibility (CSR) programme, ‘Touching Lives 6.’

NDIC, Senate Committee Retreat on Financial System Stability

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L –R: Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Uba Sani and Managing Director/CE NDIC, Bello Hassan during the 2021 Senate Retreat with the Theme: “Financial System Stability: A Panacea for Sustainable Economic Growth and Development – The Role of NDIC” in Kaduna over the weekend.

Ecobank: Rapidtransfer Now Free to Celebrate Nigerians In The Diaspora

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In commemoration of this year’s National Diaspora Day event, Ecobank Nigeria is joining the rest of the country to celebrate Nigerians in the diaspora by making transactions on its proprietary money transfer app, Rapidtransfer, free of charge.
The Federal Government has set aside July 25 of every year as the National Diaspora Day in recognition of the contributions of Nigerians living outside the country towards the development of their homeland.
In a commemorative message, Managing Director, Ecobank Nigeria, Patrick Akinwuntan stated that Nigerians in the diaspora contribute significantly to the socio-economic development of the country. Mr. Akinwuntan lauded the decision of the Federal Government to set aside a special day every year as the National Diaspora Day, adding that the recent launch of the National Diaspora Policy (NDP) by the government would further promote and harness the resources and capacity of Nigerians in the diaspora towards national development.
“As a pan-African institution positioned to foster the economic growth and integration of our continent, we are particularly pleased to work closely with NiDCOM, ably led by the Chairman/CEO, Hon Abike Dabiri-Erewa towards the engagement of Nigerians in the diaspora on policies, projects and other initiatives geared at developing the nation. From our constant engagement with Nigerians in the Diaspora, we understand their peculiar needs and have created tailor-made solutions to serve them effectively.”
He noted further that Ecobank has partnered NiDCOM on webinars, diaspora quarterly lecture series and will continue to seek other collaboration opportunities to deepen engagement with the diaspora community.
Also speaking, Korede Demola-Adeniyi, Head, Consumer Banking, Ecobank Nigeria said Ecobank will apply zero fees to all Rapidtransfer transactions from 1st July till the end of October, 2021, thereby enabling Nigerians living abroad to send money to their loved ones affordably.
According to her, the decision to waive charges underscores the bank’s commitment to helping Nigerians abroad remit money home without placing an additional burden of charges on them, especially at this period of global economic downturn.
Rapidtransfer is Ecobank’s proprietary money transfer service which enables users send funds across borders, affordably and instantly. The Rapidtransfer app is available for use by Ecobank and non-Ecobank customers.
Remittances can be received directly into the recipient’s account or as cash at any Ecobank branch. Beneficiaries who wish to receive funds into an account but do not have domiciliary accounts have the opportunity to open in Euro, GBP or USD instantly and enjoy all the benefits that come with Ecobank foreign currency accounts.
In addition, N5 is paid on every one dollar received as cash or direct to account in line with the Central Bank of Nigeria’s ongoing Naira for Dollar initiative.

About Ecobank Nigeria Limited
Ecobank Nigeria Ltd. is a subsidiary of the Ecobank Group, the leading pan-African banking group with operations in 33 African countries and presence in four other locations (London, Paris, Beijing and Dubai). Ecobank Nigeria is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organisations, medium, small and micro businesses and individuals. Ecobank is a major player in the distribution of financial services in Nigeria to various segments, leveraging digital channels and an expansive agency network of more than 30, 000 Xpress Points.

Sovereign Trust Insurance Bags CITN Award for Industry Excellence

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Mr. Olaotan Soyinka Managing Director/CEO Sovereign Trust Insurance Plc
Mr. Olaotan Soyinka Managing Director/CEO Sovereign Trust Insurance Plc

Sovereign Trust Insurance Plc was recently presented with an Award by the Chartered Institute of Taxation of Nigeria, (CITN). The Award is in recognition of the company’s position as a key player in the insurance industry in Nigeria.
Presenting the Award, the Vice President of the Institute, Barrister Samuel Olushola Agbeluyi in the company of other Council Members described Sovereign Trust Insurance Plc as a very responsible Corporate Citizen worthy of emulation in Corporate Nigeria.
He said the underwriting firm has been in the forefront of setting remarkable standards in the insurance space in the country in the last 26 years of the existence of the company. Furthermore, the Vice President equally appreciated the company’s support towards the development and growth of the Institute over the years.
Responding on behalf of Sovereign Trust Insurance Plc, The Executive Director, Technical Operations, Jude Modilim thanked the Institute for the honour bestowed on the company and equally mentioned that Sovereign Trust Insurance Plc identifies with what the Chartered Institute of Taxation of Nigeria, CITN represent in the larger society and pledged the company’s support on behalf of the Management with regards to the activities of the Institute.
He further reiterated that the company would continue to uphold corporate ethics, sound business principles guided by integrity and above all, professionalism as distinguishing features for the company amongst the comity of insurance companies and the business community in Nigeria and beyond.

Nigeria Media Merit Award Seek Entries for 2021 Programme

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The Nigeria Media Merit Award (NMMA) has called for entries for works published in 2020

for the 2021 awards ceremony scheduled for October 28-31, 2021 at Lokoja, Kogi State.

A statement by the NMMA says the award is open to men and women practicing journalism in Nigeria.

In addition to its prestige, each award winner is also presented The Golden Gong of Excellence, a certificate and specific prize money.

The deadline for entries is July 26, 2021.

ADfB Supports Female Entrepreneurs in Nigeria with $50m

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The Board of Directors of the African Development Bank has approved a loan of $50 million to Nigeria’s First City Monument Bank (FCMB) to channel to local enterprises and women-empowered businesses in the agribusiness, manufacturing, healthcare and renewable energy sectors.
Thirty percent of the funds, which are intended to mitigate effects of the challenging Covid-19 environment, are earmarked for underserved women-empowered businesses.
In addition, the Bank will provide  a technical assistance grant of $200,000 through its Affirmative Finance Action for Women in Africa (AFAWA) initiative supported by the Women Entrepreneurship Finance Initiative. The grant will complement the loan by enabling First City Monument Bank to provide non-financial services, including training, and to strengthen its monitoring and reporting functions.
“The African Development Bank is pleased to support FCMB’s strategy to become a dominant player in addressing the funding needs of women-empowered and local enterprises,” said Stefan Nalletamby, the African Development Bank’s Director of Financial Sector Development. “This project will extend valuable resources to critical but underserved segments during the ongoing Covid-19 pandemic, with its adverse macroeconomic impacts.”
Small- and medium-sized firms account for up to 80% of employment in most African countries and women-empowered businesses typically face a considerable financing gap. The Nigerian economy has been hard hit by the Covid-19 pandemic, and falling crude oil prices have had a ripple effect on the wider economy.
FCMB is a Nigerian commercial bank with around 5 million customers. It had total assets of around $5 billion as at the end of 2020.
The project aligns with the objectives of AFAWA, which aims to improve gender inclusivity by improving access to finance for women entrepreneurs. The project also advances the Bank’s Ten-Year Strategy and is consistent with three of its High-5 strategic priorities:  Industrialize Africa, Feed Africa, and Improve the Quality of Life for the People of Africa. It also aligns with the Nigeria Country Strategy Paper 2020-2024.
The African Development Bank is an implementing partner of the Women Entrepreneurs Finance Initiative, a groundbreaking partnership housed in the World Bank Group that aims to unlock financing for women-led businesses in developing countries.

 

 

 

Nigeria Leaps Mobile App Growth in Africa at 43%

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AppsFlyer, the global marketing measurement leader, has launched a report with Google that reveals a booming African mobile app market, propelled by a growing fintech space, a rise in ‘super apps’, and the COVID-19 pandemic amongst other factors.

Having analysed over 6,000 apps and 2 billion installs across South Africa, Nigeria, and Kenya, between Q1 2020 and Q1 2021, the report found that the African mobile app market showed strong growth, with overall installs increasing by 41%. Nigeria showed the highest growth, with a 43% uplift, followed by 37% in South Africa, and 29% in Kenya.

Showing perhaps the biggest trend, in-app purchasing revenue numbers soared between July and September, with a 136% increase compared to the previous three months. This accounted for a third of the year’s total revenue, highlighting just how much African consumers were spending within apps, from retail purchases to gaming upgrades.

South Africa’s in-app purchasing revenue surged by a massive 213%, with Nigeria and Kenya also showing significant increases of 141% and 74% in the same time frame.

With people spending more time at home, the report found overall app installs increased by 20% in Q2 2020 compared to the previous quarter. On a country level, South Africans were quick to take to their mobiles as the first lockdown hit, with installs of mobile apps increasing by 17%. The situation was more muted in Nigeria and Kenya, with increases of 2% and 9% respectively. These differences are likely due to the varying levels of restrictions experienced by the three countries, with South Africa facing the strictest.

Other key findings

  • South Africa and Nigeria saw year-on-year growth in finance app installs by 116% and 60% respectively, as the need to reduce social contact has led to even more users adopting digital solutions for their financial needs.
  • Android’s larger market share within Sub-Saharan Africa has seen advertisers spend more budget on the platform. Non-organic installs increased by 54%, compared to 19% for iOS.
    The *cost per install (CPI) on iOS also increased by 21% between Q2 and Q3 2020, which meant iOS app developers were getting fewer installs for the same budget. Towards the end of the year and into 2021, there was no uplift in non-organic installs on iOS compared to 40% on Android.
  • The report found similar levels of overall growth across verticals during the year, with gaming installs increasing by 44% and non-gaming increasing by 40%.

Commenting on the trends highlighted in the report, Daniel Junowicz, RVP EMEA & Strategic Projects, AppsFlyer said:

“We’re proud to combine forces with Google to provide businesses with the insights and technology needed to succeed on mobile in Africa. The mobile app space in Africa is thriving, despite the turmoil of the last year. Installs are growing, and consumers are spending more money than ever before, highlighting just how important mobile can be for businesses when it comes to driving revenue.

As a result, mobile marketing is becoming increasingly important for businesses across the continent. Being able to make data-driven informed decisions, and understand the ROI on marketing campaigns will be key to any app marketers’ success.”

 

Rama Afullo, Apps Lead for Africa at Google, added: “While it’s clear that mobile adoption is increasing, there’s still room for growth when it comes to app marketing, with many marketers in the nascent stage of their app maturity journey.

Taking advantage of app promotion and engagement tools like Google’s App Campaigns, using analytics and measurement tools, and working with mobile measurement partners like AppsFlyer, will be key for companies looking to grow their user base, drive customer value and continue improving the user experience.”

 

NCC Disowns Report on 3m New Lines in Qtr1

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The attention of the Nigerian Communications Commission (NCC) has been drawn to an online media report alleging that mobile telephony subscriptions in Nigeria somehow grew by 3,000,000 new subscribers in the first quarter of 2021, despite the suspension on the registration of new subscribers which took effect from December 9, 2020 and was only lifted in May, 2021.

The Ericsson Mobility Report cited in the online publication is essentially a forecast of trends based on Ericsson’s analysis and does not refer to the NCC or any official channel as source for its data and/or projections.

It is therefore inaccurate that Nigeria recorded 3million new lines in the 1st Quarter of 2021 as stated in the media report.

We wish to use this opportunity to clarify that the Nigerian Communications Commission and the National Bureau of Statistics are the only authoritative sources of authentic data on the Nigerian telecommunications sector. Indeed, the Commission is well aware of the critical need to make accurate and up-to-date data available to all Stakeholders.

Indeed, as a matter of corporate policy and consistent with international best practice, relevant data and statistics on the industry are transparently reported and regularly updated on the Commission’s website for free use by interested Stakeholders.

The Commission encourages all Stakeholders to visit its website for authentic data on the sector and to refer all doubts to its Public Affairs Department to avoid unnecessary controversy and/or inadvertently misleading other Stakeholders who may rely on such reports.

The Commission also urges Stakeholders to disregard any information on subscriber data different from those presented in the Commission’s website.