AIICO Strengthens Bond with Retiree Community at 2nd Annual Annuitants Forum

26/09/2024

Management representatives from AIICO Insurance & subsidiary (from left to right): Abiodun Adebanjo (Chief Risk Officer); Daniel Adeniyi (Enterprise Risk Management); Temitope Jaiyesinmi (AGM, Business Development, AIICO Multishield Ltd); Gbenga Ilori (ED, Head Retail Business); Titilola Okunlola (Head, Retail Technical); Babatunde Fajemirokun (MD/CEO); Dr. Leke Oshunniyi (MD/CEO, AIICO Multishield Ltd); Bisola Elias (Chief Financial Officer); Sarah Adeniran (Head, Group Life Business); Akinsola Akinsola (Head, Corporate Sales & Energy Group) and Oluyemi Obakin (Human Resources).

AIICO Insurance Plc, has once again reaffirmed its commitment to the well-being of its annuity customers – primarily retirees – by hosting an engaging interactive forum.

The event, which marked the second edition of the Annuitants Forum, reflects AIICO’s dedication to supporting and nurturing a strong relationship with those who have entrusted the company with their financial security in retirement.

As part of its customer care efforts, AIICO also provided free health checks and investment tips at the programme, demonstrating its holistic approach to the welfare of its esteemed customers in this important phase of life.

Speaking at the occasion, Managing Director and Chief Executive Officer, Mr. Babatunde Fajemirokun stated “At AIICO, we don’t just provide products, we provide security, stability, and a future that allows you to thrive. Our commitment goes beyond paperwork and contracts; see our roles as helping you enjoy the fruit of your labour in a manner that is dignifying and empowering.”

I am proud to share that our annuity customer base has steadily grown over the years and continues to increase, each one part of a strong and thriving community. Our annuitants are not just customers, you are members of the AIICO family. In terms of financial performance, we disburse an outstanding N1.3bn per month, ensuring that each one of you receives a guaranteed income stream, regardless of market fluctuations. This consistency is the hallmark of AIICO’s stability” he added.

While addressing the media at the event, Mr. Gbenga Ilori, Head of Retail Business Division at AIICO, shared valuable insights into the objectives of the Annuitant Forum. According to him, “We believe in actively listening to our customers rather than making assumptions from behind our desks. This forum is designed to engage with them directly, allowing us to truly understand their needs and preferences. It’s our way of ensuring that we’re not just meeting their expectations but exceeding them. By hearing their feedback firsthand, we can identify any gaps, address concerns, and continually enhance the quality of our service. Their satisfaction and well-being are our top priorities, and we are committed to serving them in the best way possible.”

Several retirees also shared their experiences with the company. Chief A. A. Iguoba, a retired Deputy Controller with the Nigerian Customs Service and President of the Retired Customs Officers Association of Nigeria, expressed his satisfaction with AIICO, commending the company for its dedication and service as his annuity provider.

He said: “I retired in 2011 and ever since, I have been plugged into the AIICO’s annuity product. AIICO has remained consistent with the monthly payment of my annuity.”

Also sharing her experience, Mrs. Gloria Jideonwu stated: “This is my 5^th year with AIICO. I retired from the Nigerian Security Printing and Minting Commission. A colleague introduced this annuity to me and also recommended AIICO specifically, due to its consistency. Since I joined, AIICO has paid regularly – they don’t fail. When it is time for special celebrations, they even pay in advance so that we can have access to funds for those occasions. This programme (Annuity Forum) is educative – they’ve taught us on healthy living and even how to invest; it is commendable.”

The retirees had the opportunity to provide feedback on their experiences so far and were able to ask questions and seek clarifications on grey areas. The company has assured its annuity customers that this face-to-face opportunity will be held annually; while the customers have a plethora of other channels to stay in touch with the company on a constant basis.

AIICO Insurance is a leading composite insurer in Nigeria, with a 60-year record of accomplishment in delivering quality service to its clients. Founded in 1963, AIICO provides life and general insurance, health insurance, and investment management services to create and protect wealth for individuals, families, and corporate customers.

Stanbic IBTC Bank Makes Millionaires in the Reward4Saving 3.0 Grand Finale

Business Journal

26/09/2024

In the recently held grand finale event that honored 84 of its customers with N28 million, Stanbic IBTC Bank concluded its Reward4Saving Promo 3.0.

This prestigious event took place at the iconic Stanbic IBTC Towers on Walter Carrington Crescent, Victoria Island, Lagos; marking the end of a nationwide initiative to promote a strong savings culture among Nigerians. The promo rewarded 875 customers in its third season across 12 months.

At the grand finale draw, seven customers from seven business zones of Stanbic IBTC Bank won the grand prize of N2 million each, alongside seven savers who each secured N1,000,000 and an additional 70 winners who were rewarded with N100,000 each.

The selection process for all winners was conducted electronically and supervised by representatives from the Advertising Regulatory Council of Nigeria (ARCON) and the National Lottery Regulatory Commission (NLRC), ensuring fairness and transparency.

First introduced in 2021, the Reward4Saving initiative was devised as a strategic promo to encourage Nigerians to develop saving habits by allowing them to participate in monthly, quarterly, and grand finale draws to win cash prizes.

So far, the promo has rewarded 1,942 customers with N318 million. The promo has also won the ‘Most Transparent Consumer Promotion’ award for two consecutive years at the Industry Awards.

The Reward4Saving Promo 3.0 transcends the mere distribution of prizes; it epitomises Stanbic IBTC Bank’s commitment to enhancing financial security and encouraging Nigerians to adopt sustainable saving practices. By emphasising the significance of saving, the Bank aspires to empower its clientele and substantially contribute to the nation’s financial prosperity.

In his opening remarks, Olu Delano, Executive Director, Personal & Private Banking at Stanbic IBTC Bank, highlighted the company’s strong commitment to fostering a savings culture among its clients. “Our current savings promo goes beyond a mere celebration; it is proof of our dedication to promoting financial inclusion and advocating for responsible financial practices,” stated Olu.

He further acknowledged and appreciated customers’ dedication to saving. “Through this initiative, our goal is to commend their prudent financial behavior and encourage a broader segment of the Nigerian population to recognise and adopt the merits of financial discipline,” Olu concluded.

By fostering consistent saving habits, individuals can secure their financial future and enjoy a range of additional rewards.

This approach enhances their economic stability and is fundamental to achieving financial freedom. Cultivating discipline in saving encourages a mindful approach to spending and investment, which can lead to a more prosperous and stress-free life.

Almond Insurance Industry Awards 2024 Voting Process Closes with 10, 983 Votes

Business Journal

26/09/2024

The stage is now set for the 2024 Almond Insurance Industry Awards as voting in the various categories closed on the 20th of September with over 10, 983 votes recorded across all arms of the insurance industry, insurance customers and the insuring public.

The unprecedented number of votes that came in has once again affirmed the growing recognition and prestige of the Almond Awards within and outside the insurance industry.

In a press release signed by the CEO of Almond Productions Limited, Ms Faith Ughwode, the Award Panel of Judges headed by Ms. Prisca Soares now have the onerous task of sieving through all votes to ensure that all provided criteria for the different categories were complied with in the voting process.

The Annual Almond Insurance Industry Awards was instituted to reward the “Can Do Spirit” of the men and women in the various arms of the insurance industry who strive daily to sell insurance products and services despite the myriad challenges in the business environment and the low acceptability of insurance and purchasing power of the average Nigerian.

While insurance awareness and penetration are still low, insurance practitioners are putting in the work. This is evident in the Gross Premium Income (GPI) of the industry which crossed a Trillion Naira in 2023.

The 2024 Awards tagged #Reinvent Edition is scheduled to hold on Friday, November 1, 2024 at the Queens Park Events Centre in Victoria Island, Lagos.

A night of glitz, glamour and high-octane performances from top rated musicians and comedians will once again put the Nigerian insurance industry on the spot.

The event this year will also have top government functionaries and critical stakeholders from other sectors of the economy in attendance as well as insurance heavyweights from other countries in the West African Sub-region.

The shortlisted categories this year are:

Insurance CEO of the Year
Insurance Woman of the Year (Insurer or Broker)
Life Insurance Company of the Year
General Insurance Company of the Year
Insurance Broker of the Year
Insurance Broking Company of the Year
Takaful Company of the Year
Micro Insurance Company of the Year
Most Valuable Insurance Customer of the Year

(Non-Voting Categories)

Insurance Life Achievers Award (Insurer or Broker)
Special Recognition Award 2024 (Within and Outside the Industry)

Stanbic IBTC Bank to Boost Entrepreneurship with 2024 Edition of SME Training

Business Journal

26/09/2024

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has commenced the 2024 edition of its annual SME training.

This initiative is designed to empower small and medium-scale enterprises (SMEs), stimulate economic growth, and promote entrepreneurial innovation across the country.

The event will be held in key locations across Nigeria, including Lagos, Kaduna, Kano, and Abia states, from Thursday, September 19, 2024 to Friday, November 1, 2024.

As part of its commitment to developing the Nigerian economy and supporting SMEs, Stanbic IBTC Bank has meticulously designed this programme to provide entrepreneurs and business owners in the open market with essential tools, knowledge, and networks to thrive in today’s competitive market.

The Stanbic IBTC 2024 SME training promises to be a transformative experience for all participants, as Stanbic IBTC Bank brings banking solutions to their doorstep.

At the training sessions, attendees will engage in workshops led by experts, offering invaluable insights and practical skills from seasoned professionals and industry leaders.

It is a prime opportunity for networking, allowing participants to meet and connect with like-minded entrepreneurs, potential partners, and investors, thus broadening their business opportunities.

The event will also provide access to innovative tools and resources to streamline operations, enhance productivity, and foster growth.

Additionally, attendees will receive up-to-date market insights, including forecasts, strategies, and firsthand success stories from thriving businesses directly from market analysts. This setup ensures all participants acquire new knowledge, practical tools, and connections to advance in their respective industries.

Olajumoke Bello, Head, Enterprise Banking, Stanbic IBTC Bank, expressed tremendous enthusiasm for the SME training:

“At Stanbic IBTC, our commitment to the success of Nigerian small and medium-scale enterprises (SMEs) is rock solid. We recognise these businesses’ role in nurturing economic development, and we provide a supportive platform to meet their immediate needs while paving the way for a sustainable future for businesses nationwide.”

Olajumoke added that Stanbic IBTC empowers entrepreneurs through this initiative and creates a conducive environment where businesses can thrive and prosper. “Our objective is to ensure that Nigerian SMEs are well-equipped with the necessary tools, knowledge, and resources to achieve remarkable growth and contribute significantly to the nation’s economy.”

The event represents a significant advancement in efforts to engage with and support Nigeria’s small and medium-scale enterprise (SME) sector, a critical component of the national economy.

Through initiatives like the 2024 specialised SME training programme, Stanbic IBTC is reinforcing its commitment to being a key player in fostering the nation’s socioeconomic growth.

Fidelity Bank Stock Records Over 20% Growth Following Combined Offer

Business Journal

24/09/2024

Growing investor confidence and strong market participation have continued to boost optimism about Fidelity Bank’s stock as the bank experienced a remarkable 20% surge on the Nigerian stock market, with its share price surpassing the N13 mark by the third week of September.

This upward trend follows the bank’s combined offer, which included a Public Offer and Rights Issue launched on June 20, 2024.

The combined offer consisted of 10 billion ordinary shares priced at N9.75 for the public and 3.2 billion shares at N9.25 for existing shareholders, collectively raising N127.1 billion. After a consolidation period from June to August, coinciding with the close of the combined offer, Fidelity Bank’s shares have gained over 20% month-to-date (MtD) in September.

Fidelity Bank has maintained a robust bullish trajectory since August 2018, when its stock dipped below N2. Since then, it has surged by more than 680%. The bank started trading in 2024 at N10.85, with 900 million shares exchanged.

However, uncertainties related to recapitalisation efforts among major Nigerian banks led to a temporary decline to N9 per share in April. Despite this setback, the stock regained its upward momentum after touching a low of N9.00.

Following the completion of the combined offer in August, Fidelity Bank’s share price climbed once again, gaining over 20% by mid-September. A key factor contributing to this latest surge is the successful combined offer, which paves the way for an upcoming private placement.

The Fidelity Bank combined offer, which was the first in the current recapitalisation phase in the banking industry, saw significant demand, prompting an extension that added 8.2 billion shares. Of these, 5 billion were sold through the Public Offer and 3.2 billion via the Rights Issue. This high demand resulted in increased market activity, with over 2 billion shares traded in June and 3 billion in July.

As the combined offer concluded on August 12, the stock entered a consolidation phase, but trading activity picked up notably by mid-September. Weekly trading volumes reached 27 million shares, pushing the stock past the N13.00 threshold, sustaining its upward trend.

In a recent note to investors, the bank’s Managing Director, Dr. Nneka Onyeali-Ikpe expressed gratitude for the strong response to the capital raise, stating that, “with the conclusion of the Combined Offer, I am delighted to announce that we have met and surpassed our capital-raise target for the first phase of this exercise.”

“My profound gratitude goes to our customers, new investors and existing shareholders for supporting us in this journey. We will forever be grateful for the support we received during this capital-raise exercise.

“Our deepest thanks go to our regulators namely the CBN, Securities and Exchange Commission (SEC) and the Nigerian Exchange Limited (NGX): the CBN for its vision of recapitalising Nigerian banks to ensure banks have sufficient capital to sustain a $1tn economy in the near future and improve the overall confidence in the banking industry; SEC and the NGX for the role they played in ensuring the seamless execution of this first phase of our recapitalisation plans.

Maida: Stakeholder Input Crucial in Utilising Emerging Technologies

Business Journal

24/09/2024

Speech the Executive Vice Chairman (EVC)/Chief Executive Officer (CEO), Nigerian Communications Commission (NCC), Dr. Aminu Maida, at the Annual Stakeholders’ Consultative Forum on Emerging Technologies held in Lagos on September 19, 2024.

L-R: Executive Secretary, Association of Licensed Telecom Operators of Nigeria, Gbolahan Awonuga; Professor of Telecommunications Engineering, Federal University of Technology, Minna, Prof. Caroline Alenoghena; Executive Commissioner, Technical Services, Nigerian Communications Commission (NCC), Abraham Oshadami; Public Policy Manager, Anglophone West Africa, Meta, Sade Dada; Director, Compliance Monitoring and Enforcement, NCC, Efosa Idehen and President, Association of Telecom Companies of Nigeria, Tony Emoekpere, during a Stakeholders’ Consultative Forum on Emerging Technologies hosted by the Commission in Lagos.

It is my pleasure to welcome you to this historic event where Nigeria is set to join the league of countries already utilising part of the 6GHz band for Wi-Fi -6 applications.

Ladies and Gentlemen, I am particularly glad to be associated with this process because when the Government of His Excellency President Bola Ahmed Tinubu GCFR brought us on board in the year 2023, we took a decision to reposition the Commission on a path that will ensure the uptake of opportunities through our strategic focus areas which is driven by the recognition that each of our stakeholders whether it is our Licensees & Industry operators, Consumers or Government maintains unique perspective and have certain expectations of as the Commission.

Therefore, to accomplish our objectives in driving our strategic goals, the Commission identified some key factors, which include people, collaboration data, compliance, and digitalisation.

Guided by our actions in the right direction and, of course, that of the Federal Government through the Ministers Strategic Blueprint cantered around knowledge policies, infrastructure, innovation, entrepreneurship and Capital as well Trade, we have been able to set the ball rolling to enhance telecommunication service delivery in Nigeria.

In line with one of the key factors on collaboration as outlined in our focus areas and the Commission’s traditionally institutionalized policy of participatory regulation and the practice of industry-wide consultations in conducting its regulatory functions, we are here again to elicit your comments and inputs on the use of the 6GHz for Wi-Fi – 6 and International Mobile Telecommunications (MT).

In line with global best practices, we sincerely believe that our actions must be guided by decisions that take into cognizance the inputs from all stakeholders in the industry. The 6GHz band, spanning from 5925 MHz to 7125 MHz, offers a substantial increase in available spectrum, which is crucial for supporting the growing demand for high-speed internet and advanced applications Wi-Fi plays a crucial role in the distribution of fixed broadband connectivity in homes, offices, and various other environments.

The vast majority of home internet traffic is connected to the end-user through Wi-Fi. In enterprise settings, Wi-Fi is essential for handling large amounts of data and simultaneously connecting large numbers of devices with improved reliability, higher data throughput, and lower latencies. However, the 5GHz and 2.4GHz that are being used for Wi-Fi (Wi-Fi 5) at the moment are becoming overwhelmed due to an increase in demand for capacity. It is, therefore, imperative to identify other frequency bands to complement the 5GHz and 2.4GHz.

The recently concluded 2023 World Radiocommunications Conference (WRC-23) allocated the 6GHz band for Wi-Fi and IMT applications with different recommendations on how to use the band. This was the outcome of a long study cycle process leading to the decision at the WRC-2023 in Dubai, United Arab Emirates.

Today, we present to you our thoughts and recommendations on the use of the Spectrum band to get your feedback for informed decision-making. I welcome you all and wish you a fruitful deliberation.

GCR Affirms Leadway Assurance’s AA+NG Financial Strength

Business Journal

24/09/2024

Leadway Assurance Company Limited’s solid financial position as an industry leader has been independently attested with the reaffirmation of its National Scale Financial Strength Rating of AA+(NG) by Global Credit Ratings (GCR).

This was disclosed in a statement issued by Aishat Bello-Garuba, Head, Corporate Services, Leadway Holdings.

GCR Ratings, a leading African rating agency, acknowledged in its latest report Leadway Assurance’s strong financial profile, well-established market position, and robust operational framework. The rating reflects the company’s prudent risk management practices and ability to navigate challenging economic conditions while maintaining stable performance.

The rating agency also highlighted the company’s ability to sustain its competitive edge within the market, “The affirmation of Leadway Assurance’s rating is supported by its extensive brand recognition, long-standing presence in the insurance sector, and consistent operational excellence. The insurer’s prudent capital management strategies have enabled it to maintain robust solvency levels and an industry-leading asset base.”

In addition, GCR affirmed that the rating process for Leadway Assurance was conducted with full independence and integrity. “No aspect of the rating was influenced by any business activities external to the evaluation. Our assessment was based entirely on the financial merits and risk profile of Leadway Assurance, conducted through virtual interactions and correspondence with the rated entity.”

Speaking on the reaffirmation, the Managing Director/Chief Executive Officer of Leadway Assurance, Gboyega Lesi, stated:

“This rating validates our strategic drive to bolster financial and operational resilience. At Leadway, we remain determined to promptly fulfill our obligations to clients, regardless of the scale. The AA+ rating not only reflects our strong financial foundation but it also reinforces our stakeholders’ trust in us.

“Following GCR’s initial rating of Leadway with an ‘A(NG)’ in claims-paying ability in 2001, we have consistently demonstrated our dedication to financial excellence.”

In the last eight years alone, Leadway has paid over NGN 338 billion in claims, further cementing our position as a reliable and trusted insurance provider in Nigeria. Over the years, we have also focused on leveraging digital transformation, innovative solutions, and sound corporate governance to deliver value-driven services. This reaffirmation by GCR underscores our resilience and dedication to continually fulfilling these obligations to our policyholders and stakeholders.” Lesi concluded.

About Leadway Assurance

Leadway Assurance is one of Nigeria’s foremost insurance service companies with a reputation for service efficiency and customer reliability.

The organisation is committed to bridging the financial protection gap and increasing insurance penetration in Nigeria.

NAICOM, PenCom, Sanlam, NEM, Africa Re, AIICO Back NAIPE’s 2024 Annual Conference

Business Journal

24/09/2024

As preparations for the 2024 annual national conference of the Nigerian Association of Insurance and Pension Editors (NAIPE) gathers momentum, the National Insurance Commission (NAICOM), National Pension Commission (PenCom), Sanlam Nigeria, NEM Insurance, Africa Reinsurance Corporation, as well as AIICO Insurance have all thrown their weight behind the event.

Other sponsors of the conference are KBL Insurance, Pension Fund Operators Association of Nigeria (PenOp), Nigerian Insurers Association (NIA), Alliance and General Insurance, Leadway Assurance, Chartered Insurance Institute of Nigeria (CIIN), Access Pensions, Sovereign Trust Insurance, Linkage Assurance, Nigerian Council of Registered Insurance Brokers, as well as Premium Pensions.

This year’s national conference which is 9th in the series will take place on October 8, 2024, at the Oriental Hotel, Lekki-Ajah Expressway, Victoria Island, Lagos, by 9 am.

The theme of the Conference “Towards a $1 Trillion Economy: Roles of Insurance and Pension Sectors,” will be delivered by the Managing Director/Chief Economist, Analysts Data Services and Resources, Dr. Afolabi Olowookere.

The former Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), who is also former Managing Director/CEO, FBS Reinsurance Limited, Mr. Fola Daniel, will chair the conference.

The panelists include Mr. Tunde Mimiko, Managing Director/CEO, Sanlam Life Insurance Limited; Mr Adeyemi Mayadenu, Executive Director, Technical, NEM Insurance Plc (General); Mr. Wale Okunrinboye, Chief Investment Officer, Access Pensions; Mr. Oluseye Olusoga, Managing Director/CEO, Parthian Partners Limited and Mr. Oguche Agudah, CEO, Pension Fund Operators Association of Nigeria (PenOp).

Special Guests of Honour for the Conference are Commissioner for Insurance/CEO, NAICOM, Mr. Olusegun Omosehin and Acting Director-General of the National Pension Commission (PenCom), Mrs. Omolola Bridget Oloworaran.

The event will bring together stakeholders in the insurance and pension sectors to discuss the importance of the sectors’ contribution to the $1 Trillion Economy projected by the present administration for achievement by 2026.

Commenting on the theme of the conference, NAIPE Chairperson, Mrs. Nkechi Naeche-Esezobor, said the theme of the conference was carefully chosen to draw the attention of the operators of the two sectors to the realities on the ground, especially regarding what they need to do to remain relevant in the unfolding economic situation in Nigeria.

Esezobor noted that not less than 250 stakeholders from the insurance, pension, finance, organised private sector and trade Unions and Associations would attend the conference.

PenOp Unveils Induction Academy to Equip New Pension Industry Employees

Business Journal

23/09/2024

The Pension Operators Association of Nigeria (PenOp) has successfully concluded the inaugural edition of its Induction Academy, a targeted training program designed to provide new employees in the pension industry with essential knowledge and practical skills. The program is tailored to employees who have joined the industry within a six month to two-year time period.

The inaugural edition covered five comprehensive modules, offering a well-rounded curriculum that spanned pension industry fundamentals, customer service, investment strategies, ethics, compliance, fraud awareness, and leadership. The sessions were facilitated by seasoned industry experts, who were either serving within the industry or retired.

The CEO of PenOp, Oguche Agudah, underscored the importance of engagements like this to the participants. He stressed that the industry was looking to tap their experiences from other industries, but was also keen to ensure that they understood the history, and ethos of the industry.

Adaobi Okoye, Head of People & Training at PenOp, kicked off the event, underscoring the academy’s primary goal: to equip participants with a deep understanding of the intricacies of the pension sector.

She introduced a diverse group of expert facilitators who delivered dynamic, engaging content focused on professional growth and practical application.

Over the course of the four-day program, participants delved into critical topics, which included; Pension Fund Investment Strategies & Risk Management. This session explored investment products, financial markets, and how to manage risk effectively within pension portfolios.

Next was Contributions, Benefits, and Data Management. This module emphasized the importance of accurate record-keeping and the regulatory frameworks that govern pension administration.

Followed by Compliance and Fraud Awareness. This session focused on the importance of maintaining integrity, professionalism, and vigilance to detect and prevent fraud within the pension industry.

Lastly, it covered Customer Service & Ethical Leadership where the facilitator shared best practices for fostering strong client relationships and emphasized the crucial role ethics play in effective leadership.

The program attracted 41 participants, who actively engaged in case studies, real-life scenarios, and interactive discussions. The academy provided a solid foundation for new employees, empowering them with valuable insights into customer service, risk management, and ethical leadership. Upon completing the program, participants were awarded certifications, signaling their readiness to make significant contributions to the industry.

This will be a continuous program that will seek to induct new entrants into the pension industry on an ongoing basis.

About PenOp

PenOp serves as the umbrella organisation for licensed Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) in Nigeria, advocating for best practices and advancing the development of the nation’s pension industry.

The Alternative Bank Backs Nigeria Cup 2024 as Lead Sponsor with Ikoyi Golf Club

Business Journal

23/09/2024

The Alternative Bank, a pioneering, specialised, and non-interest finance institution, has partnered with the prestigious Ikoyi Golf Club to sponsor the 27th Nigeria Cup golf tournament, which teed off this Sunday at its lush green course in Ikoyi, Lagos.

This strategic partnership brings together the two prestigious organisations committed to promoting harmony through sports, social interactions, and philanthropic initiatives.

A highlight of this year’s cup is the inaugural “Golf for Good” charity event—a 3-hole mini-golf tournament raising funds from the participants and the bank for donations to charity.

At the Golf for Good charity tournament’s tee-off, sponsored by the bank, Korede Demola-Adeniyi, Executive Director, South, for The Alternative Bank, emphasised: “Our support reflects our core values. We leverage our platform for positive change and community welfare. The Alternative Bank offers innovative financial solutions, such as Premium Gold Card, AltInvest, AltPro, AltPower, AltBiz Facility, and AltLease, to mention a few. These products are tailored to diverse customer needs, empowering individuals and businesses to achieve financial goals while driving social impact.”

Speaking about the partnership with The Alternative Bank, the Chairman of the Ikoyi Golf Club, Rotimi Obajimi, added: “We are proud of The Alternative Bank’s headline sponsorship of the 27th Nigeria Cup. They are worthy partners who have added value to this year’s event, and we appreciate their support. We will continue to seek like-minded partnerships that benefit the golfing community in Lagos and beyond.”

In recognition of their outstanding performances, winners of the Bunker contest and the Mini Golf Charity tournament received exclusive rewards such as access to The Alternative Bank’s AltClub private lounge located in MMA 2, reserved for frequent fliers, as well as the premium, sleek Gold MasterCard World card that offers perks like access to private airport lounges worldwide, discounts at luxury hotels, complimentary travel insurance, and more.

The weeklong program of the Nigeria Cup, the country’s premier golfing event, features tournaments for Professionals, Caddies, Children and Special Guests. The event showcases top golfing talent while promoting community engagement, valuable social networking opportunities, and charitable giving.

Hundreds of professional golfers are expected to participate in the various competitions throughout the weeklong programme that ends on 28 Saturday, September, with a glamorous gala night for special guests and patrons.

The Alternative Bank’s sponsorship of the Nigeria Cup underscores its dedication to fostering enduring relationships with customers and contributing to the betterment of society.

About The Alternative Bank

The Alternative Bank is a leading, specialized finance bank offering innovative and ethical financial services. The bank is committed to going beyond the status quo, doing things differently to provide its customers with the highest level of service and support.

NNPCL, NLNG, FIRS, Delta, Lagos, JAMB, TotalEnergies, Osun Partner GOCOP for 2024 Conference

Business Journal

22/09/2024

More sponsors have supported the hosting of the eighth annual conference of the Guild of Corporate Online Publishers (GOCOP) from October 2 to October 3, in Lokoja, Kogi State.

Leading the pack of sponsors are the Nigerian National Petroleum Company Limited (NNPCL), Delta and Lagos State governments, Nigeria LNG Limited (NLNG), and the Federal Inland Revenue Service (FIRS). Other sponsors are the Joint Admission and Matriculation Board (JAMB) and T-Pumpy Concept Limited.
Danlami Nmodu, 2024 Conference Planning Committee, chairman, confirmed this in a press statement by Remmy Nweke, GOCOP Publicity Secretary, recalled that the Nigerian Content Development and Monitoring Board (NCDMB), Emadeb Group and Dangote Group had earlier pledged their support for the event.
Other sponsors include the TotalEnergies, Osun State, Nigeria Civil Aviation Authority (NCAA), Setraco Nigeria Limited, United Bank for Africa (UBA) and Nigerian Communications Commission (NCC), Nigerian Safety Investigation Bureau (NSIB), Access Bank Plc, Zenith Bank Plc, First City Monument Bank (FCMB), Fidelity Bank Plc, Sovereign Trust Insurance Plc (STI), Nigerians in Diaspora Commission (NIDCOM) and National Film and Video Censors Board (NFVCB) to name but a few.
According to him, the eighth conference theme is “Nigeria: Tackling Insecurity, Power Deficit, and Transitioning to Digital Economy.”

Former governor of Cross River State, Senator Liyel Imoke, will give the keynote address.
The two-day event will also feature GOCOP members exclusive business and capacity building sessions; business lunch with GOCOP sponsors and heads of corporate communications of organisations and media advisers in the country on Wednesday, October 2. The main conference that is open to the public is on Thursday, October 3.
Confirmed speakers for the event include Yusuf Mamman, former Nigeria’s Ambassador to Spain, who is the conference chairman, Lt-General Tukur Yusuf Buratai, former Nigerian chief of army Staff (retd), and Aminu Maida, the executive vice chairman, Nigerian Communications Commission (NCC).
The conference will also feature a panelists session involving Rotimi Ajayi, a professor of Political Science at the Federal University, Lokoja, and Debrah M. Ogazuma, an edutainment communicator and veteran broadcaster.
Nmodu recalled with excitement that GOCOP conference 2023 was chaired by the JAMB Registrar and Chief Executive, Prof Ishaq Olarenwaju Oloyede, while the first Nigerian Professor of Capital Market, Prof. Uchenna Joseph Uwaleke was the keynote speaker.
Preceding speakers at the GOCOP annual conferences consist of Rev. Matthew Hassan Kukah, the Bishop of the Catholic Diocese of Sokoto who in 2019 delivered a lecture on “Economy, Security and National Development: The Way Forward.”
In 2021, Boss Mustapha, as the Secretary to the Government of the Federation and Chairman of the Presidential Task Force on COVID-19, keynoted the conference and spoke on: “Post Covid-19 Pandemic: Recovery and Reconstruction in Nigeria.”
Professor Mahmood Yakubu, chairman, Independent National Electoral Commission, delivered the keynote at the 2022 edition themed “2023 Elections: Managing the Process for Credible Outcome.”
GOCOP was established to ensure that online publishers uphold the tenets of journalism.

African Business Leader, Tony Elumelu, to Discuss Priorities at UNGA 2024

Business Journal

22/09/2024

African philanthropist and business leader, Tony Elumelu, will make Africa’s transformative economic growth, youth employment, and energy transition central to the discussions at this year’s United Nations General Assembly (UNGA), taking place late September in New York.

Elumelu will call for urgent action in a series of engagements, including a roundtable discussion at the Clinton Global Initiative with former President of the United States, Bill Clinton, and at an event co-hosted by the World Food Programme (WFP) and the Tony Elumelu Foundation (TEF), led by WFP Executive Director, Cindy McCain.

Elumelu will bring his perspective both from extensive experience in building industry-leading businesses across the continent, and the success of the Tony Elumelu Foundation’s catalytic programmes empowering young Africans. Elumelu is a realist, challenging Africa and Africans to solve their problems, bringing African solutions, but also recognising Africa’s responsibility to act.

As Chairman of United Bank for Africa (UBA) Group and pan-African investment company, Heirs Holdings, as well as Founder of the Tony Elumelu Foundation, Elumelu is a leading driver of Africa’s transformation agenda, helping shape the continent’s narrative on the global stage.

His thought leadership and advocacy challenge conventional views, offering innovative strategies for collaboration and growth.

The success of his Foundation in promoting youth entrepreneurship as a pathway out of poverty, has featured in case studies from Harvard, Chicago Business School, Stanford and Cambridge.

With over 60 percent of Africans lacking access to electricity and young people making up more than 60 percent of the continent’s 1.3 billion population, Africa faces challenges that impact the world. Africa, most recently with tragic floods in West Africa, is suffering climate driven environmental crises, caused by global emissions, whilst Africa’s development is held back by huge infrastructure deficits.

In a recent statement, Elumelu emphasised: “I have often said that there is nowhere else in the world you can reap the kind of investments as in Africa. However, I am acutely aware of the fundamental challenges our continent faces. Addressing the issues of sustainable economic growth, youth unemployment, gender inequality, and Africa’s energy transition is critical not only for meeting the continent’s basic developmental needs, but also for achieving the Sustainable Development Goals and unlocking the immense economic potential that Africa offers.”

An economist and visionary entrepreneur, Elumelu’s economic philosophy of Africapitalism, serves as a blueprint for accelerating Africa’s economic transformation, advocating for the private sector to take the lead in delivering social and economic wealth, and shared prosperity for all.

Alongside Elumelu’s advocacy, the United Bank for Africa, which he chairs, will host a networking gala on the sidelines of UNGA – a platform to spotlight investment opportunities on the continent.

The Gala will convene prominent leaders across four continents, in commemoration of UBA Group’s 75th anniversary and the Group’s 40 years of operations in the United States.

NNPC Moves to Revive Brass, Olokola LNG Projects

Business Journal

22/09/2024

Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo (4^th from right), CFO NNPC Ltd, Mr. Umar Ajiya (3rd form right) and EVP Gas, Power & New Energy, Mr. Olalekan Ogunleye (3^rd from left), with investors on the sidelines of the ongoing 2024 Gas Technology Conference & Exhibition (Gastech) in Houston, United States.

In its continued bid to maximise the nation’s abundant gas resources for economic development and prosperity, NNPC Limited has begun discussions with investors towards bringing back two Liquefied Natural Gas (LNG) projects, Brass and Olokola LNG projects.

NNPC’s Chief Financial Officer (CFO), Mr. Umar Ajiya disclosed this on the sidelines of the ongoing 2024 Gas Technology Conference and Exhibition (Gastech), in Houston, United States, on Thursday.

Brass LNG and OK LNG are two LNG projects with the potential of manifold economic benefits for the country which include job creation, power generation, revenue generation and economic diversification. The multi-billion-dollar projects were however stalled due to unfavourable market dynamics and slow decision-making by the political class in the past.

“In the past, gas prices went down, the economics of the projects meant a high Capital Expenditure (CAPEX) and this was a dis-incentive for investors and partners. Also, there was slow decision-making by the political class,”’ the CFO added.

While describing NNPC Limited as a commercially-driven Company which recognises timely project development and execution, the CFO said there are abundant gas resources in many parts of the world and therefore, the earlier Nigeria makes smart decisions to bring partners to the table, the better.

Ajiya commended President Bola Ahmed Tinubu for his support in driving new projects in the industry through the Presidential Executive Orders on Oil & Gas Reforms.

“We are also happy to have the Petroleum Industry Act (PIA) has provided fiscal incentives for investors and is creating the enabling environment that has rekindled hope in the energy sector.”

Ajiya described Gastech as an avenue for NNPC Limited to learn new technologies which will help the Company decarbonise its operations and promote its abundant LNG resources to the global market.

Gastech is the world’s leading forum dedicated to delivering a more sustainable energy future by bringing together experts who brainstorm to create pathways towards global energy security for lasting climate impact.

NAICOM CEO, Leading Experts to Headline Insurance Meets Tech 2024

Business Journal

18/09/2024

The Commissioner for Insurance and Chief Executive Officer, National Insurance Commission (NAICOM), Olusegun Omosehin, is set to headline one of West Africa’s premier conferences at the intersection of insurance and technology, Insurance Meets Tech 2024.

This year’s edition, which combines exclusive high-level discourse, IMT 3.0, and IMT Redefined, a new segment celebrating youth lifestyle, creativity, Afrobeats, and financial inclusion, is scheduled to be held on Friday, September 27, 2024, at the Balmoral Convention Centre, Federal Palace Hotel, Victoria Island, Lagos.

Olusegun Omosehin, the distinguished Commissioner for Insurance and CEO of the National Insurance Commission (NAICOM), will headline the conference’s third edition. His participation underscores the event’s commitment to bringing vital regulatory insights and forward-thinking perspectives to the forefront of the industry.

Joining the NAICOM Commissioner is Niyi Onifade, the CEO of Heirs Life Insurance, renowned for his transformative approach to insurance services in the region.

Stephen Alangbo, the Managing Director of Cornerstone Insurance, a distinguished figure in the insurance sector with over thirty years of experience, will share his expertise in deepening insurance penetration. Abimbola Onakomaiya, the President of the Professional Insurance Ladies Association (PILA), will also share her invaluable experience and vision for advancing gender diversity within the insurance sector.

In the technology space, Adetokunbo Omotosho, the innovative CEO of Cybervergent, will provide trends and insights on cybersecurity issues and thoughts on fostering digital trust in the insurance industry. Meanwhile, Ayo Bankole Akintujoye, CEO of Caladium Consulting, will offer insights into the strategic integration of technology within insurance operations.

Adding a unique perspective on the intersection of technology and pop culture, Joey Akan, Founder/CEO of Afrobeats Intelligence, will explore how cultural trends influence tech developments in the insurance landscape. Rashidat Adebisi, Chief Client Officer at AXA Mansard, will discuss client-centric strategies and the evolving demands of the modern insurance customer.

Odion Aleobua, Convener of Insurance Meets Tech 2024, expressed his enthusiasm about this year’s conference: “We are thrilled to present such a distinguished array of speakers, each a leader in their respective fields. Having Olusegun Omosehin, the CEO of NAICOM and a critical regulatory thought leader, among our lineup, highlights the significance of regulatory perspectives in shaping the future of insurance technology.

This year’s conference will offer unparalleled insights into the dynamic interplay between insurance and technology, providing attendees with actionable strategies and forward-thinking solutions. We are poised for an event that will inspire and drive tangible advancements in the industry.

“This year, we are proud to be supported by a distinguished group of sponsors in the insurance and tech space who are already on board, such as Leadway Assurance, Cornerstone Insurance, Cybervergent, Sanlam Nigeria, and emPLE; together, we look forward to shaping the future of the insurance landscape,” Odion added.

Insurance Meets Tech 2024 is poised to set new standards for industry conferences in West Africa, bridging the gap between insurance and technological innovation. Attendees can expect engaging discussions, networking opportunities, and actionable takeaways that will drive the industry’s future.

To register for the event, please visit https://insurancemeetstech.com. For further inquiries on participating in this highly anticipated conference and youth engagement, kindly contact Odion at +234 902 222 2226, Precious at +234 708 343 9552, [email protected].

About INSURANCE MEETS TECH 2024

The Insurance Meets Tech (IMT) Conference, an exclusive gathering, is a must-attend event for anyone interested in the future of insurance in West Africa.

It offers a platform for power-packed discourses, networking, and exploring the cutting-edge innovations shaping the industry, ensuring you stay ahead in this dynamic field.

The third edition of IMT introduces a unique, all-day, two-pronged event structure to be hosted simultaneously at the same venue.

This year features IMT 3.0, the traditional C-Suites series, focusing on high-level discourses, while the new segment, IMT Redefined, celebrates lifestyle, creativity, and Afrobeats.

NNPC /TotalEnergies’ $550m Ubeta Upstream Gas Project Takes Off

Business Journal

18/09/2024

Special Adviser to the President on Energy, Olu Verheijen (5^th from left); Minister of State for Petroleum Resources (Gas), Hon Ekperikpe Ekpo (5^th from right) in a group photograph with members of the U.S. – Nigeria Energy Security Dialogue held in Washington, DC. On Tuesday.

The $550 million upstream gas project between the NNPC Ltd and TotalEnergies on the development of the Ubeta field has taken off, the Presidency announced on Tuesday.

Special Adviser to the President on Energy, Olu Verheijen, disclosed this during an inaugural US-Nigeria Strategic Energy Dialogue, hosted by the U.S. State Department in Washington, DC.

The signing ceremony of the 550 million USD Final Investment Decision (FID) on the Ubeta Field Development Project took place in Abuja in June, this year. The Ubeta field, which was discovered in 1964, is located northwest of Port Harcourt, Rivers State.

Speaking at a luncheon organised as part of the inaugural US-Nigeria Strategic Energy Dialogue, Verheijen said the upstream gas project would deliver 350 million standard cubic feet of gas per day when operational.

Verheijen added that major energy reforms introduced by President Bola Ahmed Tinubu since June 2023 focused on improving energy security, attracting investments, and deepening collaboration with key partners, including the US government.

She said the key reforms had improved the viability of the gas-to-power value chain of the country.

The reforms, according to her, included initiatives to improve cash flows in electricity distribution through smart metering and the payment of outstanding debts owed investors and to reduce carbon emissions from gas production.

She added that the President issued five new executive orders to support the reform efforts, aimed at providing fiscal incentives for investment and reducing the cost and time of finalising and implementing contracts to develop and expand gas infrastructure.

The presidential aide said the directives are aimed to immediately unlock up to $2.5 billion in new oil and gas investments in the country.

Responding, the U.S. Assistant Secretary of the State Department’s Bureau of Energy Resources, Geoffrey Pyatt, said the dialogue was apt and strategic.

“The inaugural U.S.-Nigeria Strategic Energy Dialogue has set the stage for strengthened energy collaboration between the United States and Nigeria. Together, we’re advancing shared energy security, decarbonisation, and economic growth goals,” he said.

Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, led the Nigerian delegation to the event. Officials from the Ministry of Power, Nigerian Upstream Petroleum Regulatory Commission, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Nigerian Content Development and Monitoring Board, and NNPC Limited were also in attendance.

The U.S. delegation included representatives from the Bureau of African Affairs, USAID, the U.S. Department of Energy, the U.S. Trade and Development Agency, and the Export-Import Bank.

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