Heirs Insurance Unveils Winners of N8m Essay Championship Scholarship

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18/09/2024

L-R: Charles Odii, DG, SMEDAN; Alhaji Misbau Umar Yola, Non-Executive Director, Heirs General Insurance; Niyi Onifade, MD/CEO, Heirs Life Assurance and the Group’s Sector Head; Hephzibah Chidi, Winner, 2024 Heirs Insurance Essay Championship; Tony Aniemeke, MD/CEO, Heirs Insurance Brokers and Ifesinachi Okpagu, Chief Marketing Officer, Heirs Insurance Group.

Heirs Insurance Group, Nigeria’s fastest-growing insurance Group, has announced the winners of its 2024 Essay Championship, who will be awarded N8 million scholarship.

The winners were announced at a grand ceremony in Abuja, as part of an all-expense paid event hosted by the Group for the finalists, their parents and school representatives.

The winner, Hephzibah Chidi from Seacrest Preparatory in Rivers State, who won the first-place position and a N5 million scholarship, captivated the judges with her winning essay and presentation of “The Story of My Hero.”

In addition to her N5m Scholarship, Hephzibah Chidi’s school, Seacrest Preparatory was awarded a N1m grant to support an educational project.

The other winners include Pemisire Owolabi from Quest College in Oyo State, who won second place with a N2 million scholarship, and Mariam Raheem from Isador Model School in Lagos State, who won the third-place position with a N1million scholarship.

All winners received their awards in the presence of their parents and school representatives, distinguished guests, including, Director General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Charles Odii, and hosts of the event – Niyi Onifade, MD/CEO, Heirs Life Assurance and the Group’s Sector Head; Tony Aniemeke, MD/CEO, Heirs Insurance Brokers, among others.

This year’s Championship attracted nearly 5,000 participants from Junior Secondary Schools nationwide, all showcasing exceptional creativity and innovative ideas.

The Championship highlights Heirs Insurance Group’s unwavering commitment to supporting education and promoting financial literacy.

Speaking at the event, Niyi Onifade, MD/CEO, Heirs Life Assurance and Sector Head, Heirs Insurance Group, said: “At Heirs Insurance Group, we understand that education is not only a pathway to a better future but also a catalyst for financial empowerment. Through this Championship, we are nurturing young talent and bridging the financial literacy gap, fulfilling our purpose of improving lives and transforming Nigeria”.

Speaking further, Onifade praised the outstanding efforts of all participants, “I am proud of the creativity and critical thinking displayed by our finalists, as well as every student who submitted an essay. These young minds are shaping the future of our country, and we are proud to support them.”

A distinguished panel of academic professionals, led by a Professor of English, rigorously evaluated each entry.

The top 15 essays advanced to the next round of assessments, from which the top 3 finalists were chosen to compete in the grand finale.

To ensure the highest standards of fairness and transparency, Deloitte & Touche was engaged as an independent Quality Assurer throughout the grading process, guaranteeing a free and fair evaluation for all participants.

The Heirs Insurance Essay Championship is a key component of Heirs Insurance Group’s Corporate Social Responsibility (CSR) efforts, geared towards enhancing the quality of education for the next generation.

The Championship also highlights emerging talent, bringing parents and children closer to insurance through extended financial literacy workshops.

Veritas Kapital Assurance Reports 1101% Net Profit Growth in 2023

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18/09/2024

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Veritas Kapital Assurance Plc, one of Nigeria’s leading insurance firms, has declared an astounding 1,101 percent increase in net profit for the 2023 fiscal year, representing a remarkable surge from N193.93 million for the previous year to N2.33 billion.

Mr. Nahim Ibraheem, Chairman of Veritas Kapital’s Board of Directors stated this on Tuesday at the company’s 47th Annual General Meeting (AGM) in Abuja.

According to him, the performance was a reflection of the company’s unwavering commitment to enhancing shareholders’ value and revolutionising its business offerings and brands to deliver a consummate customer experience.

“During the year under review, your company also remained resilient by recording 67 per cent growth in Gross Premium to N7.298 billion from N4.369 billion in 2022.

“Insurance revenue also grew by 41 percent to N7.1 billion in 2023 from N5.04 billion in 2022.

“Also showcasing resilience, the company’s Profit Before Tax (PBT) grew to N2.417 billion in 2023 from N221.5 million in 2022, a growth rate of 991 percent,” he explained.

However, the Chairman said negative global and domestic economic realities where some challenges the leadership of the company had to contend with in steering affairs of the company during the period.

“Dubbed the year of resilience by analysts and economic observers alike, the growth of global economy in 2023 was indeed nothing short of miraculous, as elevated inflation and other aggressive headwinds diminished global economic growth.

“In the domestic economy, a keyword that continued to make the rounds in policy, business and consumer circles in 2023 was inflation.

“High inflation in 2023, according to analysts was largely precipitated by the sweeping market reforms being implemented by the current administration since transition to new government in May 2023.

“From domestic standpoint, removal of fuel subsidy, which caused the price of petrol to rise by 220 percent in November 2023, as well as the depreciation of the Naira by over 50 percent also contributed to it.

“Despite the limitation in consumer spending, the Nigerian insurance sector continued to showcase its resilience.

“According to the National Insurance Commission (NAICOM), the industry crossed the One Trillion Naira premium forecast in full-year 2023, compared to N726 billion recorded in 2022, a growth of 27 percent,” he said.

Dr. Adaobi Nwakuche, Managing Director of Veritas Kapital Assurance Plc expressed profound satisfaction with the company’s performance within the period.

She attributed the success to strategic business decisions of judicious underwriting and investments, highlighting the substantial returns generated by these choices.

The Managing Director said the company was strengthening commercial contacts with significant and key companies in critical sectors such as oil and gas and aviation to attract profitable business from the sectors.

Shareholders who attended the AGM extoled the company’s board and management for remaining focused and dogged in steering the company to profitability despite the current economic challenges facing businesses in Nigeria.

NNPC Projects Fuel Price of N950 Per Litre for Lagos, N1, 019 for Borno

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16/09/2024

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The NNPC Limited has released estimated prices of Premium Motor Spirit (PMS), also known as Petrol (obtained from the Dangote Refinery) in its retail stations across the country.

The NNPC also states that, in line with the provisions of the Petroleum Industry Act (PIA), PMS prices are not set by Government, but negotiated directly between parties on an arms length.

NNPC confirms that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as Naira transactions will only commence on October 1st, 2024.

The NNPC assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100 percent to the general public.

Attached to this statement are the estimated pump prices of PMS (obtained from the Dangote Refinery) across NNPC Retail Stations the country, based on September 2024 pricing.

PROPOSING A BIRTHDAY TOAST TO A RARE PHILANTHROPIST AND ASTUTE ENTREPRENEUR

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16/09/2024

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By Goke Ilesanmi

Just as I said in a previous birthday tribute, one of the months I eagerly look forward to is the month of September, the ninth month that coincidentally has nine letters.

My anticipation about this month is not just because it marks the beginning of the EMBER months. Neither is it because it is the month that variedly symbolises delivery of good things, fulfilment of expectations and freedom from the pangs of discomfort or pains, etc.

I especially have emotional attachment to the month because of a special date there, that is, September 16, the date of birth of a special human being known as OTUNBA ODEYEYIWA KAZEEM OLAYEMI. Otunba Odeyeyiwa is a rare philanthropist, visionary business leader, astute corporate executive and encyclopedic professional Accountant on a special divine assignment on earth here.

This rare Humanitarian is the Managing Director/Chief Executive Officer of REPTON GROUP, a GROUP that has several profitable subsidiaries such as Kazab Heritage, Success Link, Defrost Ventures Limited, Ibile Motors and Continental Vision. Repton Group is mainly into distribution, logistics, farming, construction and general trading.

With the passionate philanthropic drive and massive societal impacts of this highly cerebral entrepreneur, it is not an exaggeration to say he is running the business GROUP on behalf of humanity as a Representative. Maybe that is why he has christened the conglomerate REPTON GROUP because REP is the first syllable or the first three letters of the name of the GROUP.

Otunba’s passion for the betterment of humanity is counterbalanced by his strong commitment to business success, which is commendably reinforced by her highly industrious global queen, Yeye Otunba (Alhaja) Odeyeyiwa Adesola Mutiat, a Director at Repton Group. This strategic and visionary businesswoman has built a thriving business empire as a major distributor of Coca-Cola and Seven Up beverages in the South West.

It is therefore not surprising that Kazab Heritage, the Group’s trading arm for cement business achieved the milestone of becoming the 2023 NATIONAL LARGEST DISTRIBUTOR of Dangote Cement in Nigeria after having come second consistently for three years. The Group had also earlier emerged as the NATIONAL LARGEST DISTRIBUTOR of Lafarge Cement in Nigeria in 2020 and 2017.

It is noteworthy that I still stand by what I said during the golden jubilee celebration of this High Chief and “Babalaje” (i.e. Successful Business Man) of Itori Egba Land, Ogun State. The special attributes of this Otunba Bobagunwa of Modakeke, Osun State and “Baba Adinni” of Ewekoro Central Mosque underscore the fact that his own philanthropy is a calling or better still, divine assignment here on earth because it is beyond passion as explained by his zodiac sign of Virgo.

Futurescope Astrology, an international organisation that specialises in the interpretation of zodiac (sun) signs and dates with associated attributes says, “For people born on September 16, the zodiac sign is Virgo. Virgos are usually helpful; they are the first to offer themselves to do favours and they are very modest people. They are hardworking, honest and reliable.”

Futurescope Astrology then summarises the natural attributes of Virgos as “hardworking, helpful, patient, reliable, analytical, intelligent, honest, modest, observant and organised”. Anyone that relates with Otunba will totally agree with Futurescope Astrology on the accuracy of its interpretation regarding these special trademarks of Virgos that constitute their Unique Selling Points. These excellent natural attributes also explain Otunba’s outstanding success in paid employment at Lafarge Wapco Plc, Kimberly-Clark Nigeria, A.G. Leventis (Nigeria), etc.

These Virgo attributes, especially hardwork and intelligence, naturally offer explanation about Otunba’s great thirst for multiplicity of quality academic and professional qualifications. For instance, apart from being a holder of an MBA degree from the Business School of the Netherlands and another MBA degree in General Management from Obafemi Awolowo University, Ile-Ife, Osun State, this encyclopedic corporate pacesetter is also a Certified Information System Auditor.

Otunba is a multiple Fellow of the Institute of Chartered Accountants of Nigeria; Chartered Institute of Taxation of Nigeria; Nigerian Institute of Management; Nigerian Institute of Marketing and Institute of Management Consultants of Nigeria.

He is equally a Full Member of the Institute of Directors, Nigeria and an alumnus of the Prestigious Lagos Business School, Nigeria and London Business School where he attended the Advanced Management Programme in Innovation through Design Thinking in April 2023.

What’s more, Otunba is a member of Island Club, Lagos Country Club, Ikoyi Club, Ikeja Golf Club and Abeokuta Sports Club. He is also a member of the Nigeria Economic Summit Group, Business Club of Ikeja and Lagos Chamber of Commerce and Industry as regards Business Advocacy groups.

Otunba, as you celebrate your birthday today Sir, we at Gokmar Communication Consulting want to use this medium to wish you Happy Birthday and thank him for your relentless support over years. We pray that you celebrate many more fruitful years in the service to humanity Sir. Congratulations Sir.

Goke Ilesanmi, Guest Speaker at the University of the West of Scotland’s Sixth International Conference https://twitter.com/CAREED_UWS/status/1486702966241431553?t=_LwgiSHkIp8c3yMdmH-YIw&s=08 is the CEO, Gokmar Communication Consulting, Publisher, www.gokeilesanmi.com.ng, International Platinum Columnist, Biographer and Professional Public Speaker.

NCC, SEC, NASENI CEOs to Discuss Business, Economic Recovery at WES 2024

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16/09/2024

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All is set for the annual WorldStage Economic Summit in Lagos on Wednesday, September 25, 2024 with the participation of top business and public executives which include Dr. Aminu Maida, EVC/CEO, Nigerian Communications Commission (NCC); Dr. Emomotimi Agama, Director General, Security and Exchange Commission (SEC); Mr. Khalil Halilu, EVC/CEO, National Agency for Science and Engineering Infrastructure (NASENI), among others.

World Stage Limited, the organiser of the summit in a statement said WES 2024 with the theme “Nigeria: Setting a Stage for Business and Economic Recovery” will now hold at the IBIS Hotel, 23 Toyin Street, Lagos, instead of the Event Centre, Nigerian Exchange earlier announced.

The statement said the critical stakeholders for business and economic recovery that are expected at the summit include the leadership of the Lagos Chamber of Commerce and Industry; Manufacturers Association of Nigeria; Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture and academicians from Economic Departments of higher institutions.

Specifically, the statement said Prof Diran Akinleye, Head of Department of Economics, University of Lagos (UNILAG) and his counterpart from Lagos State University (LASU), Prof Yaqub Jameelah Omolara will be part of the panel discussants of the theme at the summit.

The summit is coming at a time when Nigeria’s economy is struggling to shake off the impacts of serious challenges such as COVID-19, Naira re-denomination, fuel subsidy removal among others.

Mr Segun Adeleye, President/CEO World Stage Limited was quoted as saying that “WES 2024 will put stakeholders that are critical to the economic turnaround on the spotlight to stimulate case discussions, public buy-in and lasting solutions.”

Polaris Bank Inducted Premium Member of Nigeria-British Chamber of Commerce

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14/09/2024

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From right: Mr. Kayode Lawal, Managing Director/CEO of Polaris Bank, receiving on behalf of the bank, Premium Membership Certificate into Nigerian-British Chamber of Commerce (NBCC) from Mr. Kayode Falowo, NBCC’s Ex-President/Chairman, Greenwich Merchant Bank in Lagos recently.

Polaris Bank has been inducted a premium member of the prestigious Nigeria-British Chamber of Commerce (NBCC), marking another milestone in the Bank’s journey towards enhancing profitable trade between businesses in Nigeria and promoting global commercial partnerships with businesses in United Kingdom.

The induction ceremony which took place recently in Lagos with few other enterprises has swelled current membership of the Chamber representing a broad sectoral spectrum of top players operating in the banking; consulting; education, energy, pharmaceuticals, oil & Gas, Trading, health, manufacturing companies, among many others.

The Managing Director/CEO of Polaris Bank, Kayode Lawal speaking at the induction expressed gratitude to the Chamber for the recognition and highlighted Polaris Bank’s commitment to “leveraging this platform to drive sustainable economic development and deeper engagement with stakeholders.”

“Distinguished guests, members of the Nigeria-British Chamber of Commerce, and esteemed colleagues, it is truly an honour to accept this induction, on behalf of Polaris Bank. Being part of this esteemed Chamber is a significant milestone for us, as it aligns with our vision to build stronger partnerships and contribute meaningfully to the growth of trade and investment between businesses in Nigeria and the UK.”

He further added that Polaris Bank is committed to using its membership of the NBCC to exchange innovative ideas and provide long-term and mutually beneficial relationships that promote growth of businesses in Nigeria and beyond.

“We are available for business and ready to work with stakeholders to ensure impactful and a win-win collaboration,” Lawal reiterated.

The Nigeria-British Chamber of Commerce continues to play a critical role in promoting trade relations and investment between Nigeria and the UK, and Polaris Bank’s induction reflects the Bank’s strategic focus on contributing to these bilateral efforts.

Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2023, 2022 and 2021 and MSME Bank of the Year 2022 and 2023 in Business Day’s Banks and Other Financial Institutions (BAFI)

Awards.

Anchor Insurance Holds 34th AGM in Lagos

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14/09/2024

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L-R: Mr. Adebisi Ikuomola (Executive Director, Technical), Mr. Akinola Taiwo (Director), Mr. Ben Udowa (Chairman), Dr. Ebose Augustine (MD/CEO), Mr. Ime Umoh (Company Secretary/Legal Adviser) and Mr. Chris Attah (Director) at Anchor Insurance Company Limited 34th Annual General Meeting at the Company’s Head Office in Lagos.

GOCOP Partners NCDMB, NCC, Dangote, NCAA, UBA for 2024 Conference

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14/09/2024

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Partners for the eighth annual conference of the Guild of Corporate Online Publishers (GOCOP) have begun to emerge with the Nigerian Content Development and Monitoring Board (NCDMB), Emadeb Group and Dangote Group leading the train of partners for the event slated for Thursday, October 3, 2024 at the Reverton Hotel, GRA, Lokoja, Kogi State.
The Chairman of the 2024 Conference Planning Committee, Danlami Nmodu, also listed other partners to include Nigerian Civil Aviation Authority (NCAA), Setraco Nigeria Limited, United Bank for Africa (UBA) and Nigerian Communications Commission (NCC), according to a statement by
GOCOP Publicity Secretary, Sir Remmy Nweke.
Nmodu was also quoted as saying that the eighth conference would center on the theme: “Nigeria: Tackling Insecurity, Power Deficit, and Transitioning to Digital Economy” and will hold on Thursday, October 3, 2024 from 10am. The keynote will be delivered by former governor of Cross River State, Senator Liyle Imoke.
Additional partners for 2024, he said, comprised the Nigerian Safety Investigation Bureau, 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).
A major highlight of this year’s conference, Nmodu said, is a business luncheon with GOCOP partners on Wednesday, 2 October, at the same venue, while the conference itself would hold on Thursday, October 3.
Nmodu noted that the 8th edition would be chaired by former Nigeria’s Ambassador to Spain, Alhaji Yusuf Mamman, with the former Nigerian Chief of Army Staff, Lt-General Tukur Yusuf Buratai (Retd) and the Executive Vice Chairman, Nigerian Communications Commission (NCC), Dr. Aminu Maida as Guest Speakers, while a Professor of Political Science at the Federal University Lokoja, Prof. Rotimi Ajayi and an edutainment communicator and veteran broadcaster, Ms Debrah M. Ogazuma are panellists.
Nmodu recalled 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.
Previous speakers at the annual conference consisted of Rev. Matthew Hassan Kukah, the Bishop of the Catholic Diocese of Sokoto who delivered the 2019 lecture on “Economy, Security and National Development: The Way Forward.”
In 2021, Mr. Boss Mustapha, Secretary to the Government of the Federation, keynoted the Conference in his capacity as Chairman of the Presidential Task Force on Covid-19. He spoke on: “Post Covid-19 Pandemic: Recovery and Reconstruction in Nigeria.”
In 2022, Professor Mahmood Yakubu, Chairman, Independent National Electoral Commission, delivered the keynote entitled “2023 Elections: Managing the Process for Credible Outcome.”
GOCOP was established to ensure that online publishers uphold the tenets of journalism.
Membership of the Guild is a constellation of editors and senior journalists who, having distinguished themselves in their various positions in the print and electronic media, ventured into online publishing which is both the present and future of journalism globally.
The Guild has over 104 corporate publishers as members.

Pan-African Varsity Holds 2nd Media Roundtable on Media Engagement in Governance

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14/09/2024

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Pan-Atlantic University (PAU) held the second edition of its annual Media Roundtable event, centred around the theme: “Beyond Critique: The Importance of Constructive Media Engagement in Governance and Nation-Building.”

The event brought together prominent media leaders, practitioners, students, academics, and various media stakeholders.

In his welcome address, Dr. Peter Bamkole, the Deputy Vice-Chancellor (Admin) of Pan-Atlantic University, set the tone for the day’s conversations by emphasising the power of truthful and transparent reporting.

“What you see, say, and write must be truthful, transparent, and reliable. Speaking the truth will change the narrative and promote constructive engagement instead of blind criticism,” Dr Bamkole stated.

The event featured an engaging panel discussion led by esteemed media professionals, including Magnus Onyibe (Public Policy Analyst and Author), Fisayo Soyombo (Founder, Foundation for Investigative Journalism -FIJ), Sherriff Quadry (Broadcast Journalist, Nigeria Info), Margaret Agada-Mba (Lecturer, School of Media and Communication, Pan-Atlantic University), Jonathan James Lyamgohn (Media Consultant) and Tolulope Adeleru-Balogun (Head of Programmes, News Central) each offering unique insights into the vital role of the media in governance and society. Onyinyechi Aderibigbe of Nigeria Info and Elizabeth Musa of Business Day were the moderators at the event.

During the panel discussion, Sherriff Quadry emphasised the demanding nature of journalism, stating that it requires more than simply identifying as a journalist. He highlighted the need for extra commitment, dedication, and above all, sacrifice. Quadry also stressed the essential role of a free press in maintaining a functioning democracy, noting that democracy cannot survive without journalists, and without a free press, it becomes impossible. He further addressed the challenges faced by Nigerian journalists, asserting that determination is key, as the work can be frustrating, particularly in a context where politicians often feel they should not be questioned.

Quadry also spoke on the responsibility of journalists to ensure that their work positively impacts society, cautioning that reports should foster development rather than create chaos. In her contribution, Margaret Agada-Mba questioned the government’s view of the media, posing the critical question: while the media strives to partner with the government, does the government consider the media a partner in national development?

Tolulope Adeleru-Balogun echoed the sentiment that there should be no restraints on the press, arguing that while cultural, religious, and ethnic sensitivities exist, they should not translate into restrictions on media freedom. She further underscored the role of journalists as truth-tellers, stating that their responsibility is to present news with honesty and transparency. She further added to the dialogue by stressing the responsibility of senior journalists to mentor the next generation. “There has to be a space for the transference of the values that make journalism what it is,” she said, underscoring the importance of cultivating ethical values in upcoming journalists.

Magnus Onyibe added that if journalists are ever offered the opportunity to work with the government, they should ensure they do so with a clear conscience, maintaining their integrity in the face of such challenges.

Fisayo Soyonbo addressed the issue of harassment faced by investigative journalists, highlighting that the solution to such intimidation is more investigative journalism. “The answer to harassment is more journalism because the idea of harassment is to get the journalist to stop pursuing the truth,” Soyonbo said. He emphasized the journalist’s role in uncovering the truth and presenting it to the public: “The job of a journalist is to dig the truth and release it.”

Jonathan James Lyamgohn emphasized three key principles when engaging with the government: respect, patriotism, and press independence. “We are the fourth estate of the realm,” he noted, underscoring the vital role of journalists in upholding democracy. He also remarked, “Journalism will always be challenging, but journalism will always be rewarding. Our ultimate employer, beyond our organization, is the people.”

The panellists reiterated that journalism is not merely a profession but a commitment to truth, transparency, and societal impact. As media practitioners navigate the complexities of reporting in a challenging environment, they must remain steadfast in their duty to hold power accountable, foster positive change, and contribute to the growth of a more informed and engaged society.

The event called on both the media and government to foster a relationship grounded in mutual respect and the shared goal of national development while preserving the integrity of a free and independent press. Through constructive engagement and responsible journalism, the media can continue to play a pivotal role in ensuring accountability and promoting the common good.

About Pan-Atlantic University (PAU)

Pan-Atlantic University is a renowned institution committed to providing world-class education and fostering intellectual growth, creativity, and leadership in Africa. PAU offers a range of undergraduate, postgraduate, and executive education programs aimed at equipping students with the skills needed to positively impact their communities and industries.

Currently, Pan-Atlantic University has seven main units: Lagos Business School (LBS), Enterprise Development Centre (EDC), School of Media and Communication (SMC), School of Management and Social Sciences (SMSS), School of Science and Technology (SST), Institute of Humanities (IOH), and Yemisi Shyllon Museum of Art (YSMA).

$1tn Economy: CBN, BOI, UBA, NDIC Set for FICAN 2024 Conference

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11/09/2024

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The Nigeria Deposit Insurance Corporation (NDIC), the Central Bank of Nigeria (CBN), the Bank of Industry (BOI), the United Bank for Africa, Access Holdings Plc and a host of other banking and financial institutions have thrown their weight behind the 2024 conference of the Finance Correspondents Association of Nigeria (FICAN) featuring discussions on the ambitious $1 trillion economy target of the federal government of Nigeria.

The theme of the conference is: Nigeria’s Journey Towards $1 Trillion Economy: Impact of Banks’ Re-capitalization, Opportunities for Fintechs and Real Sector scheduled to hold between 28 and 29th September 2024 at the prestigious Orchid Hotels, Plot 3 Dreamworld-Africana Way, Lekki, Lagos.

The NDIC has been a supporter of the CBN over its move to recapitalise banks, saying the apex bank’s decision will achieve economic resilience in the country.

The CBN on March 28, 2024 issued a circular announcing a new recapitalisation policy for commercial, merchant, and non-interest banks in Nigeria, effective from April 1, 2026.

To meet the latest minimum capital requirements, banks have been considering the following options: inject fresh equity capital through private placements, rights issues, and/or offer for subscription; mergers and acquisitions (M&As) and upgrade or downgrade of licence authorisation in the event lenders cannot meet up with the new rules of engagement.

The Bank of Industry (BOI) has been committed to backing steadfast local businesses, emphasising the bank’s dedication to supporting critical sectors that are contributing to Gross Domestic Products (GDP) growth.

The keynote address will be delivered by the Managing Director/CEO, NDIC Hassan Bello while the guest speakers are: Managing Director/CEO, UBA, Mr. Oliver Alawuba and the Chairman, Bank Directors Association of Nigeria (BDAN), Mustafa Chike-Obi.

According to a statement made available to journalists by the executive of FICAN, there will be a Panel Discussion in which representatives of the following organisations will participate: Central Bank of Nigeria, Nigeria Sovereign Investment Authority (NSIA), the Nigeria Inter-Bank Settlement System, Bank of Industry, Parthan Partners and Development Bank of Nigeria

FICAN is the umbrella body of journalists and business editors reporting the financial sector of the Nigerian economy. The Association has a membership of over 150 journalists working in print, broadcast and online media platforms.

The annual conference is a capacity building and agenda-setting forum, designed to deepen financial journalists’ understanding of developments in the economy and enhance quality of reportage.

The conference is a critical capacity building project of the Association, aimed at elevating the practice of financial journalism in the country.

Fidelity Bank Plc Donates Maternity Kits to Pregnant Women in Yaba, Lagos

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11/09/2024

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Fidelity Bank Plc, a leading financial institution, has donated maternity kits to pregnant women in Aiyetoro, Yaba Local Council Development Area (LCDA) of Lagos State.

This donation is part of the bank’s Corporate Social Responsibility (CSR) efforts under the Fidelity Helping Hands Program (FHHP).

The initiative, spearheaded by the Crestcore Inductees Class, underscores the bank’s dedication to supporting local communities. Through FHHP, Fidelity Bank Plc’s staff identify impactful projects in their communities and raise funds to support them. The bank’s management matches these contributions, amplifying their reach and impact.

The handover ceremony was held at Aiyetoro Primary Health Centre, Wright Street, Adekunle, Yaba. Dr. Meksley Nwagboh, Divisional Head of Brand & Communications at Fidelity Bank Plc, presented the maternity kits to the community.

Nwagboh highlighted the importance of the initiative, stating, “at Fidelity Bank, we recognise that ‘health is wealth,’ and without good health, it is difficult to pursue one’s dreams and aspirations. Unfortunately, financial barriers often prevent women from seeking crucial ante-natal care. This has been fingered as a leading cause of maternal mortality.

“That is why we are in the Aiyetoro Community today to provide essential maternity kits to economically disadvantaged expectant mothers. Our hope is that this donation encourages more women to attend ante-natal appointments.”

Receiving the items on behalf of the beneficiaries, the Medical Officer of Health for Yaba LCDA, Dr. S.O. Oredein, expressed gratitude on behalf of the community.

“Fidelity Bank has once again proven to be a bank that cares deeply about the well-being of the people. By providing these maternity kits, the bank is encouraging more expectant mothers to visit health centers, thus helping to reduce maternal mortality”, explained Dr. Oredein.

The donation of maternity kits in Aiyetoro LCDA, Yaba, falls under Fidelity Bank’s Health/Social Welfare CSR pillar. Other pillars in the bank’s CSR strategy include Education, Youth Empowerment, and Environmental Sustainability.

One of the beneficiaries, Sekinat Aderoju, expressed her joy, saying, “we are truly grateful for Fidelity Bank’s support. Receiving these maternity kits will ease the financial burden and help us prepare for safe deliveries.”

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

Sovereign Trust Insurance 29th AGM Set for Sept 26

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11/09/2024

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Sovereign Trust Insurance Plc has announced that the company’s 29^th Annual General Meeting (AGM) will be held on Thursday, September 26, 2024.

This is coming just after the Underwriting Firm secured the approval of the National Insurance Commission (NAICOM) and that of the Nigerian Exchange Limited (NGX), respectively.

It will be recalled that NAICOM had directed all insurance companies in the country to prepare their accounts in line with the International Financial Reporting Standard, IFRS17.

Sovereign Trust Insurance Plc having met the requirement, got the nod of the Commission to proceed accordingly.

The Annual General Meeting is billed to hold at the Bay Lounge Hall, Block 12A, 10 Admiralty Road, Lekki Phase 1 Lagos by 11am.

The company’s Spokesperson and Head, Corporate Communications & Investor Relations, Mr. Segun Bankole made this known at a press parley with newsmen in preparation for the 29^th Annual General Meeting.

According to him, “the journey to getting the 2023 Accounts of the company approved by the industry’s primary Regulatory Authority has been quite an experience and there is every reason to be thankful for a successful outcome at the end of the day.”

He said the lessons learnt from the whole process cannot be undermined just as the company is committed to operating under very ethical and professional standards as far as the industry is concerned. He also used the occasion to thank the teeming shareholders of the company for believing in the Management over the years while also providing instructive support and understanding for the organization as a growing concern. He equally solicited for the continued patronage of its esteemed customers in the years ahead.

In spite of the challenging macro-economic environment that characterized the year under review, the Underwriting Firm still continued on the pathway of growth. The company grew its insurance revenue by 23.1% from N15.7B in 2022 to N19.3B in 2023.

The Insurance Service Expenses in line with the new accounting standard grew by 21.7% from N6B in 2022 to N7.3B in 2023. Furthermore, the Investment Income increased from N548M in 2022 to N819M in 2023, representing 49.3% growth. In the area of claims administration, the company paid a total of N3.3B in 2023 as against N3.2B in 2022.

The company’s total asset grew from N17.2B in 2022 to N22.8B in 2023, resulting in 33% increase. The total equity rose by 31% from N10.4B in 2022 to N13.6B in 2023. This is largely due to the success recorded at the Rights Issue exercise carried out by the company in 2023. In addition, Profit Before Tax (PBT) of N1.42B was achieved in the year under review.

The Managing Director of Sovereign Trust Insurance Plc, Mr. Olaotan Soyinka reiterated the company’s unwavering commitment to creating value to both Shareholders and Stakeholders alike. In his words, “the path through the adoption of the International Financial Reporting Standard, (IFRS17) was not without its challenges but with the perseverance and doggedness of every member of staff, we were able to overcome and succeeded as a team.”

Sovereign Trust Insurance Plc will continue to deliver on all promises and obligations in actualising its vision of “becoming a leading brand in the insurance industry in the country while maintaining a place of reckoning in the minds of the insuring public.”

The company has announced that it will be paying dividends to its shareholders this year.

Stanbic IBTC Bank Launches Enhanced Enterprise Online 3.0 platform for Optimised Business Banking Experience

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Business Journal

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10/09/2024

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Stanbic IBTC Bank, a leading financial institution in Nigeria, is proud to announce the launch of its updated Internet Banking platform for business customers, Enterprise Online 3.0. This upgrade includes new features to enhance the customer experience based on customer feedback from version 2.0.

The Enterprise Online 3.0 platform offers improvements including enhanced transaction processing for single and bulk transfers, self-service password reset functionality, and flexible authentication options using One-Time-Password (OTP) or hardware tokens.

The platform also introduces login notifications for improved security, an upgraded bulk upload feature, and an intuitive user interface. That is not all; an additional enhancement allows users to now receive email notifications for pending transaction approvals, thus streamlining the approval process.

Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, commented on the launch, saying: “At Stanbic IBTC Bank, we are dedicated to providing efficient and user-friendly digital banking solutions for our business customers. The launch of Enterprise Online 3.0 demonstrates our commitment to continually improving the experience and surpassing customer expectations. This is why we paid heed to our customers’ feedback and made significant changes to enhance their banking experience on Enterprise Online.”

The Bank expects this upgrade to drive increased adoption of the Enterprise Online platform, while also improving payment processing efficiency, and reducing turnaround time for password resets. These enhancements aim to provide a superior experience tailored specifically for business users.

Stanbic IBTC Bank remains committed to enhancing customer experience and invites all business owners to explore the upgraded Enterprise Online 3.0 platform.

Stanbic IBTC Pension Managers Reaffirms Commitment to Quality Customer Service to Retirees

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Business Journal

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10/09/2024

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We are aware of a video currently circulating online showing a client at one of our Experience Centres who appeared distressed.

We have since communicated with the client and successfully resolved the concern and processed his benefits within the established timeline.

We would like to reassure our clients of our unwavering commitment to our vision statement: “To secure the future of pension contributors through innovative solutions that empower them to retire well.”

Our dedication to providing top-tier pension fund administration for both private and public sector employees is evident through our focus on timely payments and effective investment strategies. Currently, we disburse about N7 billion monthly to almost 80,000 retirees and have paid over N1.3 trillion to retirees since the inception of the Contributory Pension Scheme.

With shareholders’ funds exceeding N60 billion, Stanbic IBTC Pension Managers is far above the regulatory minimum of N5 billion and well positioned to support our clients in achieving a secure retirement.

Olumide Oyetan, Chief Executive of Stanbic IBTC Pension Managers, noted: “Our priority is prompt payment, as it ensures our clients’ financial security in retirement. With a network of 40 branches nationwide, we guarantee accessibility to our services and support at the convenience of our clients.”

“We deeply appreciate the feedback from our clients and are constantly refining our services to better meet their needs. Our focus on integrity and transparency reinforces our reputation as reliable partners in retirement planning, allowing our clients to focus on enjoying their retirement without financial concerns. Furthermore, Stanbic IBTC Pension Managers offers value-added services such as personalized financial planning advice and retirement planning tools. Our digital platforms, including mobile apps and online portals, enable clients to monitor their accounts and track their funds’ growth conveniently, empowering them to make informed financial decisions.” Olumide added.

Stanbic IBTC Pension Managers also emphasises effective communication, utilising multiple channels—including a 24/7 multilingual call center—to ensure clients can easily reach out for support and information.

This commitment to open communication reflects its understanding of keeping clients informed and engaged.

Sterling Pioneers Africa’s First Indigenous Core Banking System

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Business Journal

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10/09/2024

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Nigeria’s leading commercial bank and Africa’s most agile company, Sterling Bank Limited, has made history by migrating to what is believed to be the continent’s first ever indigenous core banking solution called SeaBaaS.

The implementation of SeaBaaS, developed by Peerless, marks the completion of a new banking system announced to customers in August 2024.

This strategic move positions Nigeria as a leader in digital banking, driven by local talent and cutting-edge technology.

Leveraging advanced data analytics and artificial intelligence, the system promises to enhance customer experience and operational efficiency, providing smarter, faster financial services.

Speaking on the achievement, Abubakar Suleiman, CEO of Sterling Bank, said SeaBaaS is the first fully developed core banking platform that is wholly built and owned by an African technology company.

He described the development as the start of a new revolution in Africa’s drive for economic self-sufficiency, noting that the intellectual property underpinning SeaBaas will be available to partners across the continent in the coming months.

For regulators, it ensures greater transparency, robust reporting, and compliance with evolving standards.

“Partnering with Peerless to create SeaBaaS is not just a milestone for us; it is a renewal of our resolve and ambition to remain a world-class organization. It is proof that African institutions can do great things that will make the world stand up and take notice of us,” said Suleiman.

“We are once again proving that the notion of Nigerian banking being one of the most technologically advanced is not just a myth, but a reality that is manifested in the quality of solutions we can develop, and services we can deliver to our customers.”

Suleiman explained that the transition to SeaBaaS represents many things to many people. “For the African banking industry, it is the continent’s first indigenously conceived and engineered core banking application, built and owned entirely by a Nigerian company, with every line of code, database configuration and interface proudly African, delivered by homegrown talent.

“For our customers, it offers faster transactions, enhanced security and innovative financial products tailored to their needs. For regulators, it ensures greater transparency, robust reporting and compliance with evolving standards.”

The bank’s CEO acknowledged the challenges faced during the implementation, stating that implementation issues had been resolved, with the institution’s full bouquet of digital banking services being restored in phases for customers’ use.

According to him, “this successful deployment reminds us that nothing truly valuable comes without challenges. While this transition has tested our systems and patience, it also reinforced our commitment to innovation and excellence. We enter this new phase confident that the migration will deliver unmatched efficiency and transformative customer experiences.”

He also pointed out the financial implications of the migration, noting that African banks collectively spend hundreds of millions of dollars annually on foreign core banking systems, which exacerbates the continent’s trade balance issues.

The introduction of SeaBaaS not only sets a new benchmark for Nigerian financial services but also paves the way for a future where African institutions can reduce their technology costs, thereby enhancing financial inclusion, he said.

Sterling Bank’s migration to SeaBaaS adds to its history of being at the forefront of market-leading innovations. The bank pioneered Nigeria’s first contactless prepaid transport card (FarePay) and the first automated retail lending solution (Specta).

It has also partnered with state governments to deploy innovations like the first drone delivery system for pharmaceutical consumables with Zipline in Kaduna, and digitized medical records.

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