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NLNG/NCDMB Sponsors Training of 300 Youths on Nigerian Content HCD Program in PH

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Dagogo Buowari, Nigerian Content Manager at NLNG (6th Left); Dr Ama Ikuru, NCDMB’s Director of Capacity Building & Corporate Services (7th Left); Engr Joshua Anemeje, NLNG Train 7 Corporate Liaison Manager (8th Left), guests and beneficiaries at the opening ceremony of Train 7 Human Capacity Development (HCD) Training in Port Harcourt…recently.

NLNG in Port Harcourt, Rivers State, kicked off its Nigerian Content Human Capacity Development (NC-HCD) Basic Training Programme for the NLNG Train 7 Project, a major NC programme aimed at reskilling young graduates and developing human capital.

A total of 331 young graduates from diverse academic disciplines, who emerged successful out of 848 previously shortlisted from the Nigerian Oil and Gas Industry Content (NOGIC) Joint Qualification System (JQS) portal of the Nigerian Content Development and Monitoring Board (NCDMB), are undergoing the 12-month programme.

Areas of training include ICT, Engineering, Welding and Fabrication, Non-destructive Testing (NDT), Lifting and Working at Heights, Quality Management Systems, Marine and Offshore Services, and Facility Management and Maintenance.

In a welcome address at the event, the NLNG Train 7 Corporate Liaison Manager, Engr. Joshua Anemeje, who represented the Train 7 project, said the execution of the project has progressed remarkably well and attributed the successful commencement of the NC-HCD Training Programme to the support of the NCDMB.

“We are excited to see the number of young men and women this programme will impact. NLNG takes pride in empowering our people, providing an environment that builds skills and capabilities. As you know, the Train 7 Project is nearly 75% complete, employing over 10,000 skilled individuals on-site. This training offers participants a chance to make the most of their learning and apply it in future endeavours,” he said.

Engr. Anemeje disclosed that there are over 10,000 workers actively engaged in the construction of the Train 7 Project at the NLNG Plant Site at Finima, Bonny Island, Rivers State. He charged the trainees to stay focused and work towards utilising the skills they acquire for future endeavours.

In the keynote address, the NCDMB Executive Secretary, Engr Felix Ogbe, FNSE, represented by the Director of Capacity Building and Corporate Services, Dr Ama Ikuru, expressed joy that the training programme had finally taken off in fulfilment of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act requirement on human capital development.

He said the programme, designed to build a pool of skilled and globally competitive workers to support the development and growth of the Nigerian oil and gas industry and its related sectors, represents a crucial investment in our country’s future and remains a commitment to the empowerment of the next generation of skilled professionals.

Addressing the trainees, Dr. Ikuru stated that the opportunity created by the NC-HCD programme will enable them to build a strong foundation in both knowledge and practical skills. He remarked that there was a clear pathway to employment for high-performing trainees.

He further remarked that young graduates seeking to benefit from similar training for oil and gas industry-related jobs can register on the NCDMB’s NOGIC JQS Portal, which is the statutorily established database for companies operating and providing services in the sector.

The training is provided by the Oil and Gas Trainers Association of Nigeria (OGTAN).

The Train 7 Project is expected to increase the production capacity of the NLNG Terminal by 35 per cent, from the current 22 million metric tonnes per annum (mtpa) to 30 mtpa.

 

 

NAICOM, NEM, NGX, Linkage, STI, NLNG, Leadway, NCDMB, Veritas, Stanbic IBTC Insurance, Others for Business Journal Annual Lecture 2024

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A long list of blue-chip corporate organisations in the public sector and the Organised Private Sector (OPS) have pitched tent with the Business Journal Annual Lecture 2024 coming up on Tuesday, November 26, 2024 at the Event Centre, Nigerian Exchange Group (NGX) Building, 2-4, Customs Street, Marina, Lagos. Time is 10.00am prompt!

The theme of the Lecture is: Repositioning the Insurance Industry to Drive Sustainable Economic Growth in Nigeria.

Mr. Olusegun Ayo Omosehin, the Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) would be the Special Guest of Honour while Mr. Tope Smart, Group Chairman, NEM Insurance Group would Chair the event.

Mr. Kunle Ahmed, Chairman, Nigerian Insurers Association (NIA) is the Guest of Honour while Mr. Akinjide Orimolade, Managing Director/CEO, Stanbic IBTC Insurance Limited would be the Keynote Speaker.

The Guest Speakers include Lolo Idu Okeahialam, Former Managing Director/CEO, Access Pension Fund Custodian Limited; Dr. Adaobi Nwakuche, Managing Director/CEO, Veritas Kapital Assurance Plc; Engr. Felix Ogbe, Executive Secretary, Nigerian Content Development & Monitoring Board (NCDMB) and Ms. Adetola Adegbayi, Founder/Chief Executive Technician, Mutual Specialists.

The organisations that have expressed support so far for the Business Journal Annual Lecture 2024 include:

  • National Insurance Commission (NAICOM)
  • NEM Insurance Group
  • Linkage Assurance Plc
  • Nigerian Agricultural Insurance Corporation (NAIC)
  • Sovereign Trust Insurance Plc
  • NLNG (Nigeria LNG)
  • Veritas Kapital Assurance Plc
  • Stanbic IBTC Insurance Limited
  • Leadway Assurance Company Limited
  • Nigerian Exchange Group (NGX)
  • Nigerian Content Development & Monitoring Board (NCDMB)
  • KBL Insurance Limited
  • Guinea Insurance Plc
  • Hilal Takaful Nigeria Limited

Commenting, the Publisher/Editor-in-Chief of Business Journal Media Group, Prince Cookey said:

“The long list of corporate partners for the Business Journal Annual Lecture 2024 is indeed a vote of confidence on the Business Journal Media Brand and the timely importance of the lecture theme: Repositioning the Insurance Industry to Drive Sustainable Economic Growth in Nigeria. Our 2024 Annual Lecture is designed to draw critical attention to the expanding role and contribution of the insurance industry towards sustainable growth of the Nigerian economy. The second leg is equally to consider the industry’s impact on various key sectors of the economy. We look forward to other corporate bodies to identify with the event to drive home the theme of the lecture.”

Cookey listed the objectives of the annual lecture to include showcasing contributions of the insurance sector in the past 10 years, evaluate the current state of the market, evaluate the current challenges hindering its further growth, evaluate the impact of insurance on key sectors of the economy, identify the emerging growth potential and opportunities and to project the future of the industry in the coming 10 years.

The Business Journal Publisher explained that the Business Journal Annual Lecture Series is the contribution of the Media Group to nation-building and critical support for the growth of the Nigerian economy.

 

 

NLNG Trains 300 Youths on Nigerian Content HCD Program

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NLNG, on Tuesday, in Port Harcourt, Rivers State, kicked off its Nigerian Content Human Capacity Development (NC-HCD) Basic Training Programme for the NLNG Train 7 Project, a major NC programme aimed at reskilling young graduates and developing human capital.

A total of 331 young graduates from diverse academic disciplines, who emerged successful out of 848 previously shortlisted from the Nigerian Oil and Gas Industry Content (NOGIC) Joint Qualification System (JQS) portal of the Nigerian Content Development and Monitoring Board (NCDMB), are undergoing the 12-month programme.

Areas of training include ICT, Engineering, Welding and Fabrication, Non-destructive Testing (NDT), Lifting and Working at Heights, Quality Management Systems, Marine and Offshore Services, and Facility Management and Maintenance.

In a welcome address at the event, the NLNG Train 7 Corporate Liaison Manager, Engr. Joshua Anemeje, who represented the Train 7 project, said the execution of the project has progressed remarkably well and attributed the successful commencement of the NC-HCD Training Programme to the support of the NCDMB.

“We are excited to see the number of young men and women this programme will impact. NLNG takes pride in empowering our people, providing an environment that builds skills and capabilities. As you know, the Train 7 Project is nearly 75% complete, employing over 10,000 skilled individuals on-site. This training offers participants a chance to make the most of their learning and apply it in future endeavours,” he said.

Engr. Anemeje disclosed that there are over 10,000 workers actively engaged in the construction of the Train 7 Project at the NLNG Plant Site at Finima, Bonny Island, Rivers State. He charged the trainees to stay focused and work towards utilising the skills they acquire for future endeavours.

In the keynote address, the NCDMB Executive Secretary, Engr Felix Ogbe, FNSE, represented by the Director of Capacity Building and Corporate Services, Dr Ama Ikuru, expressed joy that the training programme had finally taken off in fulfilment of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act requirement on human capital development.

He said the programme, designed to build a pool of skilled and globally competitive workers to support the development and growth of the Nigerian oil and gas industry and its related sectors, represents a crucial investment in our country’s future and remains a commitment to the empowerment of the next generation of skilled professionals.

Addressing the trainees, Dr. Ikuru stated that the opportunity created by the NC-HCD programme will enable them to build a strong foundation in both knowledge and practical skills. He remarked that there was a clear pathway to employment for high-performing trainees.

He further remarked that young graduates seeking to benefit from similar training for oil and gas industry-related jobs can register on the NCDMB’s NOGIC JQS Portal, which is the statutorily established database for companies operating and providing services in the sector.

The training is provided by the Oil and Gas Trainers Association of Nigeria (OGTAN).

The Train 7 Project is expected to increase the production capacity of the NLNG Terminal by 35 per cent, from the current 22 million metric tonnes per annum (mtpa) to 30 mtpa.

 

‘Accugas is not Responsible for Power Outage in Akwa Ibom State’

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Accugas Limited, a subsidiary of Savannah Energy, wishes to strongly deny the misinformation concerning its alleged involvement in the current power outage in Akwa Ibom State.

The power cut in Akwa Ibom State is entirely due to the reported fault in the 132-KV Aba-Itu transmission line, which, unfortunately, is preventing power being transmitted from the National Grid into the State.

It is imperative that the restoration of the Aba-Itu line is completed as soon as possible.

Ibom Power Company is one of 23 thermal power generation companies which channel power to the National Grid, which in turn disseminates all accumulated power to each State of the Federation through the electricity distribution companies.

Indeed, Accugas supplies gas to enable c. 20% of Nigeria’s thermal generation capacity and, as such, is a critical enabler of the Nigerian economy.

Within Akwa Ibom State, Accugas has been the sole supplier of gas to IPC since 2014 and, together with other Savannah subsidiaries, has invested over US$1.5 billion in gas development within the state. Furthermore, Savannah has recently invested c. US$45 million in a gas compression project at Accugas’ Uquo central processing facility at Esit Eket.

Accugas’ commitments also extend to several social investment projects in the state. All the foregoing investments and projects, including other imminent investments Accugas intends to make in the State, demonstrate the Company’s long-term commitment to Akwa Ibom State and Nigeria.

Accugas will continue to partner with, and support, the government of Akwa Ibom State towards achieving the government’s agenda for economic development and prosperity of the state.

 

 About Accugas:

Accugas Limited is a subsidiary of Savannah Energy PLC. Savannah Energy is the British independent energy company focused around the delivery of Projects that Matter in Africa.

NGX Group Chairman, Umaru Kwairanga, Visits Dubai Financial Market for Industry Partnership

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Dr. Umaru Kwairanga (2nd Left) with other industry players at the Dubai Financial Market in Dubai, United Arab Emirates (UAE).

Dr. Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX) recently paid an official visit to Dubai Financial Market to discuss industry partnership with his peers at the Dubai Stocks, Gold and Commodities Exchanges.

RMB Nigeria Concludes ₦40bn Multi-Instrument Issuance Programme with SEC

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RMB Nigeria Issuance SPV Plc, a funding vehicle incorporated to support RMB Nigeria in raising financing from the public debt capital markets, achieved a significant milestone with the successful registration of its ₦40 billion Multi-Instrument Issuance Programme.

Stanbic IBTC Capital Limited acted as Lead Issuing House while RMB Nigeria acted as Joint Issuing House on the Programme.

The establishment of the Programme will support the asset growth and liability management objectives of RMB Nigeria by enabling the issuance of debt instruments and structured notes.

Speaking on the Programme registration, Bayo Ajayi, Chief Executive Officer, RMB Nigeria commented:

“This Programme provides us the opportunity to access liquidity from the Nigerian debt capital markets to support our strategic and financing objectives. We remain committed to effectively partnering with our clients, and with this enhanced capacity to raise long term funding, we are in a stronger position to support our clients with their long-term loan needs. We believe in the Nigeria growth story and the establishment of this Programme presents a unique opportunity for investors to join us on this journey by participating in the issuances. We are also thankful for the support of Stanbic IBTC Capital and all our advisers who partnered us through this process.”

Also speaking on the Programme registration, Oyinda Akinyemi, Executive Director, Stanbic IBTC Capital, said:

“This initiative by RMB Nigeria is yet another noteworthy example set by the Bank in relation to global best practice in treasury management and innovation, to cope with evolving market conditions. Stanbic IBTC Capital has been at the forefront of advising our clients on staying ahead of changing market trends, and we are pleased on this occasion to have been of assistance in shaping RMB’s funding strategy. We thank RMB Nigeria for trusting Stanbic IBTC Capital and the other professional parties in seeing the Programme registration to a successful completion.”

 

About RMB Nigeria Limited:

RMB Nigeria Limited, a member of the FirstRand Group, is a leading African Corporate and Investment Bank, offering its clients innovative, value-added advisory, funding, trading, corporate banking and principal investing solutions.

NNPC, Dangote Refinery Ink 10-Year Gas Deal to Boost Local Production, Industrial Growth

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L-R: Managing Director, Nigeria Gas Marketing Limited (NGML), Barrister Justin Ezeala and President/CEO of the Dangote Group, Aliko Dangote display a signed Gas Sale and Purchase Agreement (GSPA) for the supply of natural gas to the Dangote Petroleum Refinery and Petrochemicals FZE in Abuja.

The NNPC Gas Marketing Limited (NGML), a subsidiary of the Nigerian National Petroleum Company (NNPC) Limited, has successfully executed a Gas Sale and Purchase Agreement (GSPA) with Dangote Petroleum Refinery and Petrochemicals FZE.

The agreement, signed by the Managing Director, NGML, Barr. Justin Ezeala and the President/CEO of the Dangote Group, Aliko Dangote at the Corporate Head Office of Dangote in Falomo, Lagos State, outlines the supply of natural gas for power generation and feedstock at the Dangote Refinery, in Ibeju-Lekki, Lagos State.

This major milestone is in line with President Bola Ahmed Tinubu’s policy of utilising Nigeria’s abundant gas resources towards revamping the nation’s industrial growth and kickstarting its economic prosperity.

This development, which sees a huge investment of this nature penned with zero capital expenditure (CAPEX) outlay, has been described by many as unprecedented in the history of NGML or any gas Local Distribution Company (LDC) in the country.

Under the terms of the agreement, NGML will supply 100 million standard cubic feet per day (MMSCF/D), 50MMSCF/D being firm supply and the rest 50MMSCF/D interruptible natural gas supply to the refinery for an initial period of 10 years, with options for renewal and growth.

This collaboration is a significant step toward ensuring the operational success of the Dangote Refinery and enhancing Nigeria’s domestic gas utilisation.

NNPC Limited, through NGML, its gas marketing subsidiary, continues to lead efforts in promoting the use of domestic gas to support industries and businesses nationwide.

The agreement represents a milestone for both NNPC Limited and Dangote Refinery, aligning with their shared commitment to boosting local production and providing vital products for the benefit of all Nigerians.

It is also a further proof of NGML’s unwavering commitment to business excellence and fulfilling NNPC Limited’s core mandate of ensuring Nigeria’s energy security through the execution of strategic gas projects across the country.

 

NNPC Announces 1.8mbpd Production, Eyes 2mbpd by Year End

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Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri speaks during a media briefing to announce the 1.8mbopd crude oil production milestone at the NNPC Towers in Abuja, on Thursday. The Minister is flanked to his right by the Chairman, NNPC Board, Chief Pius Akinyelure and to his left, by the GCEO, NNPC Limited, Mr. Mele Kyari.

The Nigerian National Petroleum Company Limited (NNPC) and its partners have revved up crude oil and gas production to 1.8million barrels per day (mbpd) and 7.4standard cubic feet per day (scfd).

The company which announced this at a press briefing on Thursday said the feat was achieved in compliance with the mandate of President Bola Ahmed Tinubu.

Speaking on the development, the Group Chief Executive Officer, Mr. Mele Kyari, congratulated the Production War Room Team that anchored the production recovery process.

“The team has done a great job in driving this project of not just production recovery but also escalating production to expected levels that are in the short and long terms acceptable to our shareholders based on the mandates that we have from the President, the Honourable Minister, and the Board,” Kyari explained.

Giving details of the efforts of the Production War Room, the Chief War Room Coordinator and Senior Business Adviser to the Group Chief Executive Officer, Mr. Lawal Musa, disclosed that the feat was achieved through the collaborative efforts of Joint Venture and Production Sharing Contract partners, the Office of the National Security Adviser, as well as government and private security agencies.

He said the interventions that led to the recovery of production cut across every segment of the production chain with security agencies closely monitoring the pipelines.

He stressed that when the Production War Room team was inaugurated on June 25, 2024, production was at 1.430mbpd, but the team swung into action, culminating into it sustaining the production recovery to 1.7mbpd in August and hitting the current 1.808mbpd in November.

“We are confident that with this same momentum and with the active collaboration of all stakeholders, especially on the security front, we can see the possibility of getting to 2mbpd by the end of the year,” he stated.

Also speaking on the development, Chairman of the NNPC Limited Board of Directors, Chief Pius Akinyelure, who also congratulated the team, said he was happy to be part of the production recovery process, adding: “today, I will leave this place with my heart full of joy.”

He charged the Company’s Management to come up with a cashflow projection based on the new production figures to facilitate planning, stressing that he was looking forward to further production increase to 3mbpd.

On his part, the Honourable Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, expressed satisfaction with the performance of the team and pledged the Federal Government’s support for the company to do more.

Sterling Leads Charge in Revolutionising Africa’s Agric Value Chain

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L-R: Managing Director Sterling Bank, Mr. Abubakar Suleiman; Keynote Speaker and Senior Special Adviser on Industrialisation to the President of the African Development Bank (AfDB), Professor Oyebanji Oyelaran-Oyeyinka, President, Nigerian Women in Agricultural Business Cooperative Society Limited (NIWAB), Lady Gracetiti Fredson; Representative of Governor of Benue State, Deputy Governor of Benue State, Mr. Samuel Ode during the Agricultural Summit Africa in Abuja recently.

With an unprecedented $33 million investment in low-interest financing for women in agriculture, Sterling Bank is not only transforming Nigeria’s agricultural sector but also rewriting the nation’s path to food security and economic prosperity.

This monumental commitment, announced at the Agriculture Summit Africa 2024 in Abuja, is set to revolutionise how women engage in agriculture, positioning Nigeria as a global leader in sustainable agricultural innovation.

Speaking at the summit themed “From Scarcity to Security,” Managing Director and CEO Sterling Bank, Mr. Abubakar Suleiman, revealed that the bank has increased its agricultural loan portfolio to an unprecedented 15 percent, leading financial institutions across Africa in agricultural investment.

In partnership with the Mastercard Foundation, Sterling Bank’s “SWAY AgFin” programme has already benefited over 20,000 women and youth in agriculture through the deployment of these funds at single-digit interest rates.

“Access to finance remains a critical barrier to enhancing food production in Nigeria,” said Suleiman. “While security challenges directly impact our food supply chain, we cannot wait. We continue to support those who are able to farm while counting on the government to address security concerns and expand available agricultural land.”

Professor Banji Oyelaran-Oyeyinka, Senior Special Adviser to the President of the African Development Bank Group (AfDB) on Industrialisation, provided context to the initiative’s importance, noting that Nigeria spent approximately $10 billion on food imports in 2023.

“We must change this narrative,” he emphasised, calling for Africa to initiate its own Green Revolution within five years. The summit, now in its seventh year, serves as a collaborative platform uniting government officials, private sector representatives, financial service providers, and academics. “The primary objective is to bring together stakeholders to debate issues and develop quickly implementable solutions,” Suleiman explained.

Sterling Bank’s commitment demonstrates a focused approach to agricultural development through single-digit interest loans for women farmers. The initiative particularly emphasises youth engagement in agriculture to ensure sector sustainability, recognising Nigeria’s vast agricultural potential with 84 million hectares of arable land. This strategic investment aims to improve domestic production capabilities and reduce the country’s dependency on food imports.

Sterling Bank’s agricultural investment aligns with its HEART strategy which stands for Health, Education, Agriculture, Renewable Energy and Transport, identifying Agriculture as one of the five key sectors vital for driving Nigeria’s economic growth and development.

Through this strategic focus, Sterling Bank stands as a leading institution in agricultural financing, demonstrating its commitment to transforming Nigeria’s agricultural sector and ensuring food security. The bank’s sustained investment in agriculture through initiatives like the Agriculture Summit Africa and the “SWAY AgFin” programme reinforces its position as a catalyst for agricultural innovation and economic empowerment.

 

About Sterling Bank:

Sterling Bank is a leading financial institution committed to driving innovation and progress in Nigeria. With a focus on fostering economic growth and development, Sterling Bank invests in cutting-edge technologies and strategic partnerships to propel Nigeria forward in an increasingly competitive global landscape.

 

 

Halilu’s Next One Year in Office: NASENI to Upscale Commercialisation of Technologies, Products

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By Chinyere Obiora-Ekwuazi, Henry Ukwadia, Hadiza Abdul Abubakar

The National Agency for Science and Engineering Infrastructure (NASENI) was strategically established in 1992 as the only purpose-built intervention agency of the Federal Government, having the mandate of nurturing an appropriate and dynamic science and engineering infrastructure base for achieving home-initiated and home-sustained industrialisation of Nigeria.

Without the application of Science, Technology and Innovation (STI), it is difficult for any nation to optimise the benefits of her possession of both human and material resources. Against this background, NASENI has continued to make giant strides in Nigeria’s technological landscape through its eleven (11) Development Institutes, each contributing to the development of STI for economic development of the nation. Nevertheless, this is not without some attendant challenges ranging from funding to human capacity building and development.

However, the Agency heaved a sigh of relief when in September 2023, President Bola Ahmed Tinubu appointed a young, energetic technopreneur, Mr. Khalil Suleiman Halilu who has brought to bear his wealth of experience from the private sector to administer NASENI, giving it a new result-based orientation with market in focus.

On assumption of office, he set his goal of transforming the Agency, saying he would make it a central player in Nigeria’s technology revolution by adopting, adapting and domesticating cutting-edge technologies. To build a national brand, going forward, every household in Nigeria will have one NASENI product or the other.

Today, NASENI stands as hope for Nigeria’s indigenous technological advancement, aligning with its core mission of fostering needed dynamic science and engineering Infrastructure for national progress. The Agency under Halilu has articulated a bold vision and promoted shared management-staff philosophy hinged on 3Cs principles of Creation, Collaboration and Commercialization to fuel Nigeria’s innovation and sustainable future.

This approach has indeed opened more doors to result-oriented NASENI partnerships with both national and international corporate communities to foster EVC/CEO’s commitment toward the commercialisation of NASENI’s products. In just one year, KSH as he is fondly called, spearheaded unprecedented collaborations cutting across many sectors with local and international partners in both public and private sectors, resulting in numerous groundbreaking agreements, making his vision for viable commercialisation and rolling out innovative products for public consumption.

Briefing newsmen recently in Abuja, in commemoration of his one year in office, Mr. Halilu reiterated his resolve to make NASENI “the number One Technology Transfer Agency in the country.” This stems from his earlier promise in 2023 to take NASENI products from the shelves to the market. So far, not less than 36 products from NASENI are already in the corporate market.

During the media briefing, he disclosed the plans to have a showroom where people can walk in and buy NASENI products in retail, explaining that there are already plans to this effect.

Halilu further noted that all the products of the Agency developed in the last one year are products of collaborations with strategic partners and Original Equipment Manufacturers (OEMs) with local content inputs.

The Agency has in the past one year introduced about 36 market-ready products which includes Solar Irrigation pumps, electric cars (EV), Android Smartphone, Solar Home System, Smart Prepaid Meters, Power Stove, Hatchbox, Pick-Up vehicle, Power Storage, Car Battery, Laptop, CCTV, Solar Street Lamp, Solar Wall Light, Electric Tricycle, Mobile Science kit, amongst others.

In addition, NASENI has established one of Nigeria’s largest CNG reverse engineering centre at Utako in Abuja to help Nigeria save cost on fuel products as well as cut fossil fuel emission in line with the SDGs on renewable energy.

Also, under one year in office, the NASENI EVC/CEO made sure that the Agency carried out several administrative reform initiatives, such as Rebranding the Agency’s vision; introduced a new vision for NASENI’s brand identity, reposition NASENI with the 3Cs, increased NASENI’s valued investments to USD3.25 billion and launched the accelerated Technology Transfer Framework.

The initiatives also included the development of the Agency’s 2023-2027 strategic launchpad, reformed NASENI’s governance structure, enhanced staff welfare, established an Innovative Hub at NASENI HQ, launched Hatch Box for STEM education, digitalised Agency services and operations and positioned the Agency as Nigeria’s technology transfer agency, provided policy recommendations and contributing to economic growth, reduced dependency on imports and promoted domestic production.

Having attained these milestones, NASENI now is focusing on innovations and homegrown solutions that will contribute to the Agency’s job creation drive and the growth of the economy.

Hence the mandate of NASENI to support the diversification of the Nigerian economy and strengthen the Agency’s position in the global technology and manufacturing landscape remain viable options through its accelerated technology transfer initiatives.

Moreso, NASENI has mapped out strategic plans that will upscale commercialisation of the Agency’s technologies and products and drive the Nigeria economy in 2025.

Some of these upcoming projects include; NASENI Renewable Industrial Park, MTS (spare parts support), NASENI Holding Company, NASENI Technologies Limited, NASENI Asset Recovery, CGIWC – Land awarded, Lekki FTZ Partnership, Vehicles Refurbishment, Small Arms Assembly, Ammunition Production, NASENI Innovation Hub, NASENI Xceler8, Future-Makers by NASENI – 2025, NASENI Public Challenge – 2025, Global Return Programme – 2025, DELT-Her v2.0 – 2025, NASENI Governing Council and NASENI Campus.

All these are geared towards economic growth, job and wealth creation for Nigerians.

Heirs Insurance Group Achieves ISO Certification, Commitment to Global Security Standards

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Heirs Insurance Group, Nigeria’s fastest-growing insurance group, has received the ISO 27001 certification from the Management System Certification Body (MSECB), a globally recognised provider of Information Security Management audit and certification. This is a testament of its commitment to ensuring the highest level of security across all its digital channels.

This milestone follows a rigorous evaluation of the Group’s Information Security Management System (ISMS), encompassing operational processes, workforce practices, and adherence to comprehensive security policies.

ISO 27001 is an internationally recognised benchmark for managing information security, ensuring robust protection against data breaches, IT disruptions, and business process vulnerabilities. By securing this certification, Heirs Insurance Group aligns itself with leading global organisations that prioritise the confidentiality, integrity, and availability of information systems.

Commenting on the achievement, Niyi Onifade, Sector Head, Heirs Insurance Group, stated:

“The ISO 27001 certification highlights our unwavering commitment to protecting the personal and financial data of our customers. As we continue to expand our operations and build partnerships with both local and international organisations, this certification provides the assurance that we operate according to the highest global security standards.”

This certification reinforces Heirs Insurance Group’s dedication to operational excellence, continuous improvement, and delivering secure, innovative insurance solutions. It highlights the Group’s proactive approach to safeguarding customer data and maintaining trust with partners, stakeholders, and customers alike.

Heirs Insurance Group has led the way with digital innovations in the insurance industry, launching a seamless mobile app, USSD capabilities, its chatbot Prince, its InConnect partnership portal, and the first-of-its-kind Digital Experience Centre at Transcorp Hilton, Abuja.

The Group continues to deliver cutting-edge insurance solutions tailored to meet the evolving needs of its customers.

With the Group’s technology infrastructure and governance framework now certified to meet international standards, Heirs Insurance Group strengthens its position as a reliable and forward-thinking leader in the insurance industry.

 

About Heirs Insurance Group

Heirs Insurance Group is the insurance arm of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents, founded and led by Tony Elumelu, CFR.

Heirs Insurance Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance. As part of its unique proposition, the Group rolled out digital and mobile channels to simplify access to insurance and make the customer journey a smooth ride.

The Access Bank (UK) to Acquire Mauritius-based AfrAsia Bank

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Access Holdings Plc has announced that its banking group’s, subsidiary, The Access Bank UK Limited has entered into a binding agreement to acquire a majority equity stake in AfrAsia Bank Limited, the Republic of Mauritius’ third largest bank by total assets.

Mauritius, renowned for its robust financial services sector which contributes 13.4% to its Gross Domestic Product, provides Access UK with a solid foundation to expand its operations in the high-growth personal and corporate banking segments. Furthermore, Access Bank will utilise Mauritius as a strategic hub for trade finance and regional connectivity, thereby enhancing its capacity to facilitate cross-border transactions across Africa and beyond.

The transaction represents a transformational step forward for the Access UK and the overall Access Holdings’ banking franchise. At the end of its fiscal year ended June 30, 2024, AfrAsia Bank recorded Total Assets of more than US$5.7 billion and Net Profit After Tax of US$152.4 million.

Commenting on the acquisition, Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc and the CEO of the Banking Group said:

“This acquisition marks a pivotal moment in our African growth strategy, reinforcing our position as a leading Pan-African financial institution. Mauritius offers immense potential as an international financial hub, and through AfrAsia Bank, we are excited to unlock new opportunities to drive trade, support businesses, and foster economic inclusion across the region as we continue our mission to be the World’s Most Respected African Bank.”

Jamie Simmonds, Managing Director of the Access Bank UK added:

“With a strong balance sheet and a well-established brand in Mauritius, AfrAsia Bank provides us with a sustainable platform to scale and achieve long-term profitability. The deal aligns with our strategy to diversify and future-proof our earnings; and offer bespoke solutions enabling our clients to access global markets with ease.”

The Access Bank UK remains focused on fostering sustainable growth and delivering innovative financial solutions that empower businesses and individuals, while advancing intra- and inter-African trade, unlocking opportunities, and contributing to its economic transformation. Access Bank UK remains committed to providing innovative financial solutions and fostering trade relations between Africa and the rest of the world.

The parties would be working in the coming months to complete the acquisition and would continue to make the required disclosures.

 

 

NLNG: Sophia Horsfall Resumes as GM, External Relations, Sustainable Dev

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Dr. Sophia Horsfall, the former Manager of Corporate Communications and Public Affairs, has assumed her role as General Manager of External Relations and Sustainable Development following her appointment by the Company’s Board of Directors.

Horsfall steps into this key leadership role, succeeding Andy Odeh, who retired from the company on 1st November 2024.

Bringing over 25 years of extensive experience in the oil and gas sector, Dr. Horsfall is recognized for her versatile expertise in finance, human resources, and corporate communications. Her distinguished career at NLNG is marked by numerous accomplishments, including serving as the company’s first HR Manager in Business Partnering and leading as the inaugural Chief of Staff for the COVID-19 Crisis Management Team. She began her managerial tenure as Manager of Manpower Planning and Resourcing and most recently held the position of Manager, Corporate Communication and Public Affairs.

Horsfall is highly credentialed, holding fellowships and memberships in esteemed professional organisations such as the Chartered Institute of Accountants of Nigeria (FCA), Chartered Institute of Personnel Management (AMCIPM), Nigerian Institute of Public Relations (AMNIPR), and the Chartered Institute of Directors Nigeria (mCIOD). She has enriched her professional development through participation in management programs at Lagos Business School, INSEAD, the University of Cambridge, and SDA Bocconi.

Academically, Dr. Horsfall earned her Bachelor of Medicine and Bachelor of Surgery (MBBS) from the University of Lagos. She also holds an MBA from Imperial College London, a Diploma in Strategy and Innovation, and an MSc in Major Program Management from the University of Oxford.

Known for her focus on corporate transformation and talent development, Dr. Horsfall brings her international experience into her new role as the company spokesperson and chief reputation manager.

UBA to Raise N239.4bn through Rights Issue

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Africa’s Global Bank, United Bank for Africa (UBA) Plc, will raise N239.4 billion through a Rights Issue of 6,839,884,274 ordinary shares of 50 kobo each at N35.00 per share.

The Rights Issue, which opened on Friday, November 15, 2024, gives existing shareholders the opportunity to purchase additional shares in proportion to their current holdings and is being offered based on one new ordinary share for every five existing ordinary shares held by shareholders, as of November 05, 2024.

In his letter to the shareholders informing them, the Group Chairman of United Bank for Africa, Tony Elumelu, noted that following the resolution of the Group’s shareholders at the Annual General Meeting held in May 2024, authorising the establishment of the N400 billion Equity Shelf Programme, UBA will embark on a Rights Issue, as the first step in its broader capital raising programme.

“UBA’s Rights Issue aims to raise N239.4 billion, through the issuance of new Ordinary Shares to our shareholders. The primary objective of this Rights Issue is to further strengthen our capacity to take advantage of growth opportunities and sustain our leadership in the banking industry,” Elumelu said.

Explaining the use of proceeds, the Group Chairman noted that, beyond regulatory compliance, the funds will expand the Group’s lending capacity, investment in digital infrastructure, support sustainable business practices and expanding the Group’s African operations.

Elumelu also highlighted how UBA is driving economic growth across Africa. “Our historic partnership with the Africa Continental Free Trade Area (AfCFTA) Secretariat, where UBA pledged up to US$6 billion in financing over the next three years to support eligible SMEs across Africa underscores our commitment to fostering economic development”.

The issuance is in compliance with the revised minimum capital requirements for Nigerian commercial banks announced by the apex banking regulator in Nigeria – the Central Bank of Nigeria (CBN) earlier this year.

UBA has consistently demonstrated growth and resilience, evidenced by the Group’s strong financial performance and recent recognition within the industry. UBA’s progressive dividend policy, which has seen an increase by 14.8% annualised dividend yield has demonstrated the Group’s ability to reward shareholders consistently. In 2023/2024, UBA won “Bank of the Year” Awards in eight of its subsidiaries – Cameroon, Chad, Ghana, Cote d’Ivoire, Mozambique, Republic of Congo; Sierra Leone; Tanzania, as well as the Regional Award for Africa and in 2024 has won World Best Frontier Markets Bank and Best SME Bank Africa.

Application for the provisional allotment of the Rights to the new ordinary Shares will be made exclusively through the NGX e-offer portal during the offer period, while existing shareholders may also apply for additional shares above their provisional allotment as described in the Provisional Allotment Letter. Shareholders who are customers of the Bank are also encouraged to access their Rights through UBA’s internet banking and mobile banking channels.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than forty-five million customers, across 1,000 business offices and customer touch points in 20 African countries.

With a unique international presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa and globally, through retail, commercial, corporate and institutional banking, innovative cross-border payments and remittances, trade finance and related banking services.

The Challenges of Recurring Potholes in Nigeria Roads

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By Moses Braimah

In Nigeria, roads are constructed using multiple layers, each designed for a specific purpose.

These layers include the subgrade, sub-base, base course, and surface layer, typically made of bitumen or asphalt. The subgrade forms the foundation and must be compacted to support the above layers.

The sub-base provides additional support, while the base course distributes traffic loads to prevent excessive stress on the subgrade. The topmost layer, usually bitumen, offers a smooth, durable surface for vehicles.

As a key component in in road construction in Nigeria, it is important to delve in more into the role of bitumen. It is a viscous, petroleum-based material, primarily used for binding the road layers and providing a weatherproof surface. Its flexibility allows roads to expand and contract with temperature changes, reducing cracks and wear.

However, bitumen is highly susceptible to damage caused by water infiltration, which explains why potholes quickly reappear after patching. When water seeps through cracks in the surface, it weakens the lower layers, causing the road to collapse under pressure from vehicles.

Drainage and its Importance

Proper drainage systems are critical in road construction. Effective drainage systems are essential for maintaining road longevity. When present and functional, they divert water away from the road, preventing waterlogging, erosion, and weakening of the subgrade.

In contrast, blocked or absent drainage systems cause water to seep into the road layers, weakening the structure and accelerating pothole formation. This is particularly problematic during Nigeria’s rainy season, where the heavy downpour overwhelms poorly designed drainage systems, leading to rapid deterioration of roads.

So, what are the alternatives to bitumen? Given the limitations of bitumen in handling water damage, suggested alternative materials can be explored. These include materials such as geopolymer binders, recycled plastics, and composite materials. They offer greater resistance to environmental factors. However, the most promising alternative to bitumen is concrete pavement.

Why is concrete pavement a superior alternative? Concrete pavement is known also as rigid pavement. It is made from cement and aggregates. It is stronger and more durable than bitumen, particularly in areas with heavy rainfall or high traffic volumes. Concrete’s rigid structure resists deformation, making it less prone to potholes and other surface failures. It also has a longer lifespan, reducing maintenance costs over time.

Advantages of Concrete Pavement over Bitumen

Durability: Concrete lasts 30-50 years compared to bitumen’s 15-20 years, making it a more cost-effective option in the long run.

Water Resistance: Concrete is less permeable than bitumen, offering better protection against water damage and reducing the risk of potholes.

Load-Bearing Capacity: Concrete can handle heavier loads without warping, making it ideal for highways and high-traffic routes.

Reduced Maintenance: While concrete is more expensive to install initially, its low maintenance requirements translate into significant savings over time.

Thermal Resistance: Unlike bitumen, concrete is not sensitive to extreme temperature changes, making it more stable in Nigeria’s varied climate.

Bitumen vs. Concrete: A Comparison

Cost: Bitumen is cheaper to install but requires frequent maintenance, while concrete has a higher upfront cost but lower long-term expenses.

Environmental Impact: Bitumen is derived from petroleum, contributing to environmental degradation. Concrete, though energy-intensive, can be more eco-friendly, especially with newer technologies like carbon capture during production.

Application: Bitumen is more flexible and easier to work with for smaller roads and projects. In contrast, concrete is better suited for highways, bridges, and areas with high traffic.

 

Aspect Bitumen (Asphalt) Concrete
Cost Cheaper upfront Higher initial cost
Lifespan 10-15 years 20-40 years
Maintenance Frequent repairs Low maintenance
Water Resistance Prone to water damage Highly water-resistant
Thermal Performance Softens and cracks in heat Stable under temperature changes
Sustainability Less eco-friendly (derived from oil) Can be made from recyclable materials

 

In summary, while bitumen has been the traditional choice for road construction in Nigeria, it may no longer be the best option in the face of recurrent potholes and rising maintenance costs.

With its superior durability, load-bearing capacity, and water resistance, concrete pavement presents a compelling alternative, particularly for high-traffic and coastal roads like the Lagos-Calabar Coastal Highway.

Implementing better drainage systems alongside this shift in materials could significantly improve Nigeria’s road infrastructure for future generations.

 

– Braimah is an Executive Project Director at PacificMessages.