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Afreximbank to Support Development of Veenocks Porcelain Tiles Plant in Nigeria

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The African Export-Import Bank (Afreximbank) has signed a project preparation facility agreement with Veenocks Limited for the financing of the development of Veenocks’ porcelain tile manufacturing plant located in Sagamu, Ogun State, Nigeria.
The plant, to be operated as an indigenously owned state-of-the-art facility with an annual production capacity of 6.6 million square metres of floor and wall tiles, is expected to bring on stream assets with an estimated investment cost of US$117 million.
Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development Bank, signed the facility agreement on behalf of Afreximbank while Mr. Adebisi Abidemi Adebutu, Ultimate Beneficial Owner of Veenocks Limited, signed for the company.
Under the terms of the facility agreement, the project preparation facility will be deployed during the pre-investment stage towards de-risking the project and rapidly advancing it to bankability, with the early-stage intervention sending a strong signal to the market about Afreximbank’s commitment to the project. In addition, Afreximbank will be appointed the Mandated Lead Arranger and will take the lead in syndicating the debt raise, with the ability to incorporate credit enhancements, if needed.
The project is expected to exploit and beneficiate Nigeria’s under-utilised natural resources using clay to produce porcelain tiles for the domestic and international markets and will deploy proven technology to enable the country to exploit its natural resources at scale. In addition to creating over 700 job roles over its operational period, the project is expected to result in exports estimated at US$11.4 billion.
Commenting on the agreement, Mrs. Awani explained that the facility agreement reflected Afreximbank’s commitment to advancing impactful projects in Nigeria and beyond as well as its dedication to leveraging its diverse product suite to offer end-to-end solutions throughout the project finance value chain.
She added that the holistic approach reflected the Bank’s comparative advantages in supporting its member countries to implement projects efficiently and effectively and of its support for indigenous African investors establishing state-of-the-art manufacturing facilities.
Demand for tiles in Nigeria was estimated at 210 million square metres in 2023, with local production at 137 million square metres. The demand is projected to rise to 270 million square metres by 2027.
Mr. Adebisi Abidemi Adebutu, Group President of R28 Holdings, the parent company of Veenocks, stated:

“We are thrilled to welcome Afreximbank as a key partner in Veenocks’ journey towards sustainable growth. Once fully implemented, our state-of-the-art factories will set a new benchmark for world-class facilities in Africa, showcasing our commitment to excellence and innovation. This strategic partnership with Afreximbank marks a significant milestone in Veenocks’ expansion plans, enabling the company to leverage the Bank’s expertise and resources to drive growth and development in the region. With this collaboration, Veenocks is poised to make a meaningful impact in the industry, fostering economic growth and creating opportunities for communities across Africa.”

Interswitch Group, LASG Partner to Revolutionise Healthcare with Lagos SHIP

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L-R: Dr. Cherry Eromosele Executive Vice President & Group Marketing and Communications Officer at Interswitch Group; Dr. Wallace Ogufere, Managing Director Interswitch eClat; Mitchell Elegbe Group Managing Director & Chief Executive Officer at Interswitch Group; Prof. Akin Abayomi Honourable Commissioner, Lagos State Ministry of Health and Dr Kemi Ogunyemi, Special Adviser, Lagos State Ministry of Health at the Lagos SHIP Stakeholders’ engagement forum held at the Oriental Hotel, Victoria Island on Thursday, August 15, 2024.

Following the recent signing ceremony to launch the Lagos State Health Information Platform (Lagos SHIP) platform, Interswitch Group and the Lagos State Government have organised a stakeholders’ engagement forum marking another milestone in the journey towards providing unrestricted healthcare access for Lagos State residents.

Lagos SHIP is a digital healthcare platform designed to boost healthcare services by leveraging Interswitch’s robust technology infrastructure. The platform aims to create a comprehensive health information system that bridges the gap between patients and healthcare providers, offering a seamless and efficient way to access a wide range of healthcare services. Lagos residents will be able to book appointments, pay for consultations, access medical records, and purchase medications with ease using the platform.

In his keynote address, Prof. Emmanuel Akinola Abayomi, Honourable Commissioner for Health, Lagos State Ministry of Health, emphasised the transformative potential of data-driven healthcare solutions, stating that the Lagos SHIP initiative will create enhanced experiences for all healthcare stakeholders and enable residents to access quality healthcare services.

Prof. Abayomi further stressed the importance of collaboration in healthcare, noting,

By embracing the Lagos SHIP, we can streamline healthcare operations, reduce administrative burdens, and make more informed decisions. These improvements translate into cost savings and better resource allocation, ultimately enhancing the quality of care and improving patient outcomes.

We are living in a time of rapid transformation in healthcare, driven by advancements in technology and a shift towards more informed and involved patients. The Lagos SHIP initiative, a joint effort by the Lagos State Government and Interswitch Group, is designed to revolutionise healthcare services in the state by connecting patients to doctors, streamlining patient care through electronic medical records, and solving operational challenges,” the Commissioner added.

Dr. Wallace Ogufere, Managing Director of Interswitch e’Clat, stated that Interswitch, through its healthcare subsidiary Interswitch e’Clat, is working with the Lagos State Government to improve health outcomes in the state. As a development partner and supporter of the government’s developmental agenda, Dr. Ogufere envisages a future where the Lagos State health sector will serve as a model not only for other states in Nigeria but across the continent and beyond.

Through Lagos SHIP, we will support the Lagos State Government in unlocking the potential of electronic medical records, securely leveraging data from public and private hospitals and allied locations. This will facilitate improved experiences for stakeholders across the board, from healthcare administrators to medical professionals and patients,” he noted.

By leveraging advanced technologies like Artificial Intelligence (AI), machine learning, virtual care, wearables, data analytics, and the Internet of Medical Things (IoMT), Lagos SHIP will redefine the way healthcare is delivered, accessed, and experienced,” Dr. Ogufere added.

The Lagos SHIP Engagement Forum was organized to raise awareness for SHIP and its benefits, educate stakeholders on its functionalities, secure stakeholders buy-in and support for SHIP adoption, and address concerns related to data security and privacy in the Lagos health care ecosystem.

The launch of Lagos SHIP underscores Interswitch’s commitment to driving positive change and enhancing healthcare delivery across Lagos State and beyond. Both Interswitch and the Lagos State Government are confident that Lagos SHIP will serve as a catalyst for positive transformation within the healthcare sector, ultimately improving the well-being of millions of residents.

Minister of Power Commends Savannah for Contribution to Growth of Nigeria’s Energy Sector

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L-R: Chief Executive Officer, Income Electrix Limited, Matthew Edevbie; Managing Director/Chief Executive Officer, Niger Delta Power Holding Company Limited, Chiedu Ugbo; Minister of Power, Adebayo Adelabu; Managing Director, Savannah Energy, Nigeria, Pade Durotoye, and Head of Finance, Savannah Energy, Nigeria, Funmilola Ogunmekan during the visit of the Minister of Power to Savannah’s gas processing facility in Uquo, Akwa Ibom State recently.

The Honourable Minister of Power, Chief Adebayo Adelabu, has commended Savannah Energy, the British independent energy company focused around the delivery of Projects that Matter, for its investment in Nigeria’s energy sector, as well as its contribution to the growth of the domestic gas market to support national development.

The Minister made the commendation during a recent visit to the Uquo Central Processing Facility (“CPF”) in Akwa Ibom State, which is owned by Accugas Limited, a subsidiary of Savannah Energy.

Chief Adelabu described the Uquo gas facility as a huge investment and evidence of Savannah Energy’s confidence in Nigeria’s economy. He appealed to other companies in the gas industry to emulate Accugas so that Nigeria’s power challenges can be addressed.

Chief Adelabu said: “We are calling on other companies to emulate the activities of Accugas so that the unreliable supply of gas that we have will be a thing of the past. They have been tried, they have been tested and they are trusted. One other thing I also noted is their investment in a new gas compressor to boost pressure for gas supplies. It is a significant investment. We really appreciate it, and we will continue to be partners”, the Minister said.

Regarding the company’s social impact projects, Chief Adelabu said: “I want to also thank you for the jobs you have created directly and indirectly, the CSR projects executed and for the safeguarding of the environment. We don’t want you to relent. We want you to do more to continue your expansion plans, so that you can supply more gas.”

The Managing Director of Savannah Energy, Nigeria, Pade Durotoye, said that the company supports the Federal Government’s adoption of natural gas as a transition fuel in Nigeria’s net-zero pathway, particularly power generation. This is why Accugas has invested in building a nameplate 200 MMscfpd processing facility, supported by a ~260km pipeline network solely for the domestic market.

Durotoye said: “All our gas is consumed domestically, with 80 percent being sold to power generation companies, which account for approximately 20 percent of Nigeria’s thermal generation capacity for the grid. In addition, the gas supplied by Accugas enables about 10% of the country’s cement production.”

He stated that Accugas has invested an additional US$45 million in a new compression system at the Uquo facility that will allow the company to continue to provide reliable gas supplies to customers for years to come. The system comprises two parallel trains with a capacity of 160 MMscfpd each and is designed to increase the gas export pressure to a maximum of 81 bar gauge. The project is expected to be completed and operational later this year.

Ecobank Group Unveils Top Finalists for 2024 Ecobank Fintech Challenge

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Ecobank, the pan-African Bank, has announced the top finalists for the first-ever and inaugural 2024 Ecobank Fintech Challenge Hybrid Semi-Final event held at the Ecobank Pan African Centre in Lagos, Nigeria.

The finalists were selected from a cohort of 40 highly competitive Fintechs that made it to the semi-final stage of the competition.

This year’s challenge attracted over 1,550 applications from 70 countries in Africa and other global regions.
The finalists will showcase their innovative solutions at the Ecobank Fintech Challenge Grand Finale scheduled for 27 September 2024 at the Ecobank Pan African Centre in Lomé, Togo.

The event will be streamed live on Ecobank Group’s social media channels, allowing a global audience to participate. Finalists of the challenge will compete for the US$50,000 ultimate prize during this highly anticipated event.
Speaking at the Semi-Final, Jeremy Awori, Chief Executive Officer of Ecobank Group, remarked:

The finalists in this year’s Ecobank Fintech Challenge have showcased exceptional talent and innovation; and we look forward to welcoming them to the Finale. At Ecobank, we’re committed to collaborating with these business builders to develop products and services that will benefit our customers and contribute to our continent’s progress.”
Showcasing the future of African fintech, here are the exceptional finalists of the 2024 Ecobank Fintech Challenge:

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BuuPass, Kenya

·         Daba Finance,Ivory Coast

·         EasyEquities, South Africa

·         Exuus, Rwanda

·         Melanin Kapital Neobank, Kenya

·         MiaPay, Togo

·         PaySika, Cameroon

·         PROBOUTIK, Senegal

·         Sawport Video Banking as a Virtual Branch, Nigeria

·         Sproutly, Nigeria

·         Vaultpay, Democratic Republic of the Congo

·         YMO Africa, Guinea

The Ecobank Fintech Challenge, a flagship initiative of the Ecobank Group, organised for seven consecutive years, continues to serve as a premier continental platform for promoting innovation and collaboration between Fintechs and the pan-African Bank’s cross-border markets spanning 35 countries.

The challenge remains a significant event, attracting key players within the fintech ecosystem and beyond. It provides a unique opportunity for fintech entrepreneurs to address challenges such as reaching scale, navigating an uncertain regulatory environment, and managing scarcity of funding. In addition to financial rewards, the challenge offers Ecobank’s expertise in diversified market operations and the right solutions to scale across its pan-African footprint and international presence.
Since inception, 60 fintech startups have been inducted into the Ecobank Fintech Fellowship.
The Ecobank Fintech Challenge is designed in partnership with international advisory firm Konfidants and is supported by various partners including Huawei, Proparco, TechCabal, BlueSpace, Afrilabs, Africa Fintech Network, MEST Africa, Naija Startups, Expand In Africa and Founders Africa.
This year’s Grand Finale will bring together fintechs, regulators, investors, financial institutions, global technology companies, tech hubs, entrepreneurs, and industry experts.

About Ecobank Group
Ecobank Group is the leading private pan-African banking group with unrivalled African expertise.

Present in 35 sub-Saharan African countries, as well as France, the UK, UAE and China, its unique pan-African platform provides a single gateway for payments, cash management, trade and investment.

The Group employs over 14,000 people and offers Consumer, Commercial, Corporate and Investment Banking products, services and solutions across multiple channels, including digital, to over 32 million customers.

Universal Insurance TargetsN100bn Premium Income by 2029

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The Managing Director/CEO of Universal Insurance Plc, Mr. Ben Ujoatuonu says the company has a target of N100 billion in premium income in the next five years following the trajectory that has been laid in the last three years.

Ujoatuonu, who stated this at the Annual General Meeting (AGM) of Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos, noted that as his desire to leave a legacy of a strong and virile company.

Ujoatuonu said: “If you look at our trajectory in the last three years, Universal insurance has consistently grown her premium income by 55-60 percent every year. If you take an average of the percentage growth on our premium income considering what we have done so far, in the next five years, universal insurance will be writing N100 billion in premium income. If we project a 50 per cent growth year on year, in five years, we will be writing N100 billion.”

Speaking on the legacy he wants to leave behind, Ujoatuonu said: “The legacy I want to leave in Universal is that I want to be remembered for having come in, transform Universal, and build a very strong and virile insurance company that has come to stay. That is the legacy I want to leave for Universal.”

The Universal Insurance MD noted that their experience in bond insurance has helped to improve the company’s underwriting skills around that risk.

He said: “The challenge in bond underwriting is subjective because it depends on how you understand the risk as it is not a rule of thumb and you learn as you go. We have had some experiences and those experiences have also informed and improved our underwriting skills around that risk so that if you come to our bond unit, there are some bond businesses you will bring, they will look at it on the face of it and will tell you that we will not do this. This is out of the experience that we have built over time and it has really helped us, so it is not what you close your eyes and do. We do thorough analysis and one of the key things about us is that for every transaction you do on bond, you must understand the dynamics of the business, if you don’t understand the dynamics of the transaction, there is no need going into it at all. If you already understand the dynamics, you will be able to know where there will be problem, where defaults may likely come out from and it has helped us.”

NCDMB, Petroleum Commission Ghana Begin Technical Co-operation

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In furtherance of its long-standing support to African oil and gas producing countries and development of local content in the continent, the Nigerian Content Development and Monitoring Board (NCDMB) on Monday in Lagos began a five-day knowledge sharing programme with the Petroleum Commission of Ghana.

The engagement seeks to establish technical co-operation between the NCDMB and the Ghanaian Commission through capacity building and learning from the Board’s rich experiences, best practices and procedures in local content development.

Part of the objectives are to foster the Petroleum Commission of Ghana’s efforts to institute an effective framework that will enhance compliance and deepen local content in their nation’s oil and gas industry.

The opening day’s activities included a courtesy visit to the Executive Secretary of the NCDMB, Engr. Felix Omatsola Ogbe, at the Board’s liaison office in Lagos.

The NCDMB’s helmsman welcomed the delegation to Nigeria and relayed the Board’s unwavering commitment to the development of African local content.

In his opening remarks, the Director Monitoring and Evaluation NCDMB, Mr. Abdulmalik Halilu emphasised the need for close cooperation among African oil-producing countries, noting that the technological and financial challenges facing the industry cannot be solved when countries operate in silos. He canvassed that African oil producing countries should develop unique and specialised capabilities that would facilitate effective trade amongst themselves, and grow the African economy, as envisaged by the African Continental Free Trade Agreement (AfCTA).

Thereafter, other key officials shared NCDMB’s strategies and operating templates covering supplier development initiatives, Nigerian Oil and Gas Parks Scheme (NOGaPS) and the structure and operations of the agency.

Presentations in the later days of the week would focus on the operating framework for Nigerian Content planning, research and statistics, succession planning processes, Nigerian Joint Qualification System (NJQS), Biometrics system, human capacity building, institutional strengthening, Nigerian Content Equipment Certification (NCEC) and other templates.

Other themes that would be explored as part of the engagement include the Nigerian Content Development Fund (NCDF) operating framework, the Projects Certification and Authorisation Division (PCAD) templates and implementing framework, the Monitoring and Evaluation implementing framework and the Community Content Guidelines and Stakeholder Management strategies and many more.

The Petroleum Technology Association of Nigeria (PETAN), Project 100 companies and the Oil Producers Trade Section (OPTS), which is the umbrella body of leading international and indigenous oil producing companies in Nigeria would equally make presentations at the sessions.

The engagement would end on Friday with NCDMB and the Commission reviewing a draft memorandum of understanding and protocols for data sharing.

The engagement with the Ghana Petroleum Commission agency follows similar sessions the Board has had with the Uganda National Oil Company (UNOC) and the Mozambique’s national oil company, Empresa Nacional de Hidrocarbonetos (ENH), earlier in the year.

The Board’s support to the African petroleum industry is propelled by the Nigerian Content 10-year strategic roadmap, which has sectoral and regional linkages as one of its five pillars.

A key initiative of the pillar on sectorial and regional linkage is the Board’s close collaboration with the African Petroleum Producers Organisation (APPO).

Under the collaboration, NCDMB has organised several workshops in partnership with APPO, with the inaugural edition held in 2021 at the Nigerian Content Tower, Yenagoa, Bayelsa State, where the idea for an African Energy Bank, was mooted by the NCDMB.

The Energy Bank has now become fully established under APPO, with the headquarters approved for Abuja.

Kyari Urges Military to Sustain Onslaught Against Crude Oil Theft

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GCEO, NNPC Limited, Mr. Mele Kyari (9th from right) and the Chief of Defence Staff, General Christopher Musa (10th from right) in a group photograph with the NNPC top management and senior military officers at the NNPC Towers in Abuja.

The Group CEO of NNPC Limited, Mr. Mele Kyari, has called on the military to sustain the war against crude oil theft and pipeline vandalism saying the current onslaught against the menace has yielded improved growth in the nation’s crude oil production.

Kyari made this appeal when he received in audience the Chief of Defence Staff, General Christopher Musa who led senior military officers on a courtesy visit to the NNPC Towers in Abuja on Tuesday.

“I personally call for enhanced and sustained security engagement. This is because we have reached a new peak in production that we haven’t seen in the last three years. This is clearly related to the sustained efforts by the armed forces and other security agencies to protect our critical assets, particularly the pipeline infrastructure in specified areas where we are working closely with these agencies. We are already seeing the results transforming into increased production,” Kyari stated.

The GCEO, who commended General Musa and his team for their unwavering commitment to securing the nation’s critical hydrocarbon assets especially in the Niger Delta region in recent months, emphasized that these achievements are not only crucial to Nigeria but also to the global energy community.

He expressed confidence that the CDS and his team will deliver on the Presidential mandate to mitigate security-related challenges affecting the nation’s crude oil production.

“Components of this effort that depend on security are being effectively managed by you. Your co-ordinated and focused response is paving the way for improved security engagement, particularly in the Niger Delta,” he said.

Earlier in his remarks, General Musa said the visit was intended to introduce the Monitoring Team to the NNPC Limited, which will be responsible for interfacing with the Company and other stakeholders in the oil-producing regions to secure the nation’s critical hydrocarbon infrastructure.

While pledging commitment towards improving security and the performance of his troops, the CDS said the military will sustain the onslaught and analyse the troops’ capabilities to enhance their performance and bolster productivity.

He stressed the need to ramp up production for a prosperous economy and reassured collaboration with intelligence agencies, private security, state governments and host communities for enhanced performance.

“Working in silos won’t give us the best results. I want to assure you that we will collaborate with the necessary stakeholders to achieve our set targets as mandated by Mr. President.”

LOMA Partners P+ Measurement Services as Official PR Measurement Partner

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The Location Marketing Awards (LOMA), often referred to as the Oscar of the outdoor advertising industry, is proud to announce its partnership with P+ Measurement Services as the official PR measurement partner for the upcoming event.

LOMA, an initiative of the OOH Academy led by Kingsley Onwukaeme, is dedicated to recognising and celebrating excellence in the outdoor advertising sector in Nigeria.

The event is scheduled to take place on the 27th and 28th of September 2024 in Lagos.
P+ Measurement Services, Nigeria’s leading independent media intelligence consultancy, will bring its unmatched expertise to LOMA by providing independent monitoring, measurement, and audit of the media performance for the event. Known for their detailed media monitoring, measurement, evaluation, and analysis, P+ Measurement Services would ensure that LOMA’s media activities are meticulously evaluated, enhancing the transparency and credibility of the awards.
Internationally recognised as a premier PR measurement and evaluation consultant, P+ Measurement Services operates under the governance and regulations of the International Association for the Measurement and Evaluation of Communication (AMEC). Their involvement underscores LOMA’s commitment to maintaining the highest standards in recognizing outstanding achievements in the outdoor advertising industry, providing an objective and comprehensive assessment of the event’s media impact.
We are excited to have P+ Measurement Services as our official PR measurement partner for this year’s LOMA conference and awards, said Kingsley Onwukaeme, Director of OOH Academy.

Their dedication to excellence and their expertise in media intelligence align perfectly with our mission to honor the best in outdoor advertising. With P+ on board, we are confident that LOMA will continue to set the benchmark for excellence in the industry.

Olam Agri Commits ₦6.5bn to Sustainable Social Investment in Nigeria  

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L-R: The Lagos State Governor, Babajide Sanwo-Olu (right) and Olam Agri Nigeria Country Head, Anil Nair, during a recent courtesy visit where the Governor commended the agribusiness for its contribution to food security.

Olam Agri, a leading agribusiness in food, feed, and fibre in Nigeria, is significantly expanding its Corporate Responsibility and Sustainability (CR&S) investment strategy to deepen its social, environmental, and economic development impact within the country.

The company has committed to a four-year development plan, allocating approximately ₦6.5 billion to various CR&S initiatives. These initiatives are designed to drive socioeconomic growth within the communities where it operates.

These initiatives are part of the award-winning Seeds for the Future (SFTF) programme – Olam Agri in Nigeria’s flagship sustainability effort designed to foster a brighter future for all. The initiative focuses on five key areas: supporting farmers and farming communities, enhancing education and skill development for young people, economic empowerment of indigent women, promoting health and nutrition, and reducing carbon emissions across its operations.

The expanded investment commitment will support Olam Agri’s purpose for sustainable development across its business portfolio of rice, wheat milling and pasta, animal feed and protein, sesame, cotton, and edible oils from 2024 through 2028.

For instance, in 2024 alone, the agribusiness plans to invest about $1.07 million into initiatives, which has already seen the presentation of education grants to 15 qualified students from the University of Lagos in January, awarding scholarships to 87 underprivileged students in Nasarawa State in June, manual harvesters for wheat farmers in Jigawa and empowering 118 agri-extension workers in Kwara State in July.

Significant provisions in the four-year plan also include smallholder farmer capacity building in rural communities to strengthen food security, rural road rehabilitation to reduce disruption of the value chain, distribution of harvesters to reduce post-harvest loss, participation in public-private partnerships in seed and product R&D, among others.

Anil Nair, Managing Director of Olam Agri in Nigeria, commented on the investment, stating, “as a business founded in Nigeria over 34 years ago, we are committed to investing in initiatives that positively transform lives and impact the livelihoods of our host communities while scaling food production in the country.”

He added: “We are dedicated to turning our priorities into action by implementing key sustainability initiatives across our value chain to advance the current administration’s Renewed Hope Agenda. Our four-year implementation plan aims to make a real impact that benefits all.”

Demonstrating Olam Agri’s commitment to sustainable socioeconomic interventions and addressing the current food inflation and market challenges in the country, a high-level delegation led by the Managing Director of Olam Agri in Nigeria paid a courtesy call to the Lagos State Executive Governor, Babajide Sanwo-Olu, on Thursday, August 1, 2024.

During the visit, the Managing Director sought partnerships with the State Government to deepen investments for expanded food production and job creation, given the state’s strategic economic importance.

Governor Sanwo-Olu commended Olam Agri for driving productivity in the agricultural value chain and stressed the need for continued efforts.

He stated: “Olam Agri has positioned itself as a prominent leader in Nigeria’s agricultural industry. This meeting provided a great platform to exchange insights and discuss ways to strengthen our contributions to this crucial sector.”

He further emphasized: “Agro and food processing is a critical industry because food security is as vital as medical security or sovereign security in times of conflict. There is no greater security today than food security.”

NIMC Reaffirms Commitment to Protection of NIN Database as Nigeria Commemorates Civil Registration, Vital Statistics Day

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The DG/CEO of NIMC, Engr Abisoye Coker-Odusote, has reiterated the safety and protection of data in its National Identity Database (NIDB) as the country commemorates the National Civil Registration and Vital Statistics (CRVS) Day.

Engr Abisoye Coker-Odusote, represented by Engr Lanre Yusuf, Director, Information Technology and Identity Database (IT/IDD) at a press conference to commemorate the day in Abuja, emphasised that NIMC has put in place top-notch security architects to protect the Citizens’ Data.

She assured that the Commission will ensure that the National Identification Number (NIN) Database is safe and secure.

The NIMC DG also commended the concerted efforts of the United Nations Children’s Fund (UNICEF) and the National Population Commission (NPC) towards an inclusive digital identity system in Nigeria.

She reiterated the strategic partnership with the NPC and other Government agencies to enrol and issue NIN to all Nigerians, particularly children below the age of 16 years, adding that NIMC plans to go to the hinterland to enroll all Nigerians

Furthermore, Engr Coker-Odusote noted that over 109 million NINs have so far been issued to Nigerians and legal residents, amongst which children’s enrolment was 20 percent.

She, however, promised that the NIMC would ensure timely and accurate NIN enrolment of all Nigerians and legal residents within the shortest time possible.

Engr Coker-Odusote used the occasion to inform Nigerians that the Improved General Multiple Purpose Card (GMPC) will be launched soon to support the Federal Government’s drive for inclusivity, social safety net program and other programs targeted towards the citizens.

Union Bank Upgrades to PCIDSS v4.0 Certification

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Union Bank, one of Nigeria’s most noteworthy and trusted financial institutions, has received another significant recognition with its recent attainment of the Payment Card Industry Data Security Standard (PCIDSS) version 4.0 certification.

This notable achievement, which is an upgrade from the previously awarded Payment Card Industry Data Security Standard (PCIDSS) version 3.2, recognises the Bank’s adherence to the highest data security standards and diligent compliance with industry guidelines regarding payment card fraud prevention and reduction in unauthorised card usage.

The PCI-DSS is the premier Information Security standard for payment cards. It aims to improve the controls of cardholder data and related payment systems to reduce unauthorised use and fraud.

Commenting on the Bank’s latest attainment, Chief Information Security Officer at Union Bank, Francis Mojoyinola, said:

“Union Bank is delighted that we have again been acknowledged for the considerable work we have put into attaining better controls and card payment standards. This certification once again demonstrates our ability to provide top-of-the-line cybersecurity standards and solutions that help us manage and reduce risk exposure. All of this could not have been achieved without the Bank’s collaborative, dedicated, and competent team of IT and data security experts.

Our esteemed customers will continue to be our focus as we strive to build a secure data security structure that enables safe, simpler, and straightforward innovative banking services.”

Union Bank was given this certification by CyberCube Services Pvt. Ltd., a leading technology firm that specialises in providing cutting-edge cybersecurity solutions to businesses across various industries.

Their extensive work in cybersecurity services, including cybersecurity compliance management and vulnerability management, has distinguished them as a leading cybersecurity firm serving clients across multiple industries.

The company’s commitment to innovation and excellence has earned it a reputation as a trusted partner in the fight against cybercrime.

This, along with other of the Bank’s certifications, like the MSECB information security management systems ISO/IEC 27001:2022, ISO 22301:2019, ISO/IEC 20000-1:2018, and the International Organisation for Standardisation ISO/IEC 27001:2013, reiterates Union Bank’s commitment to upholding data and cyber security standards and maintaining its reputation as one of Nigeria’s most trustworthy financial institutions.

 

About Union Bank Plc

Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria Plc. is a household name and one of Nigeria’s long-standing and most respected financial institutions.

The Bank is a trusted and recognisable brand with an extensive network of over 300 branches across Nigeria.

The Bank currently offers a variety of banking services to both individual and corporate clients, including current, savings and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing and trade finance.

The Bank also offers customers convenient electronic banking channels and products, including Online Banking, Mobile Banking, Debit Cards, ATMs, and POS Systems.

Veritas Kapital Assurance Reports N5bn Profit in H1, Targets Top 5 in 2025

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Veritas Kapital Assurance Plc has reported profit after tax of N4.908 billion in the first half of 2024, as against N672.4 million in the same period of 2023, representing an increase of 630 percent.

The company also achieved claims payment record of N1.3 billion as at June 30, 2024.

Dr. Adaobi Nwakuche, the Managing Director/CEO of Veritas Kapital Assurance Plc said at a media parley in Lagos that the insurer also achieved a 41 percent rise in the total assets of the group from N24.641 billion in 2023 to N34.828 billion in 2024 and N16.369 billion in shareholders’ funds in 2023 to N21.553 billion in 2024, representing an increase of 32 percent. In the same period of H1 2024, the Gross Written Premium (GWP) went up by 330 percent to N12.574 billion compared to N2.921 billion in H1 2023.

The insurance revenue also rose from N2.201 billion in H1 2023 to N9.908 billion in H1 2024, an increase of 350 percent while the net insurance and investment income had a growth rate of 425 percent to N6.523 billion in H1 2024 from N1.243 billion in the same period of 2023.

Nwakuche attributed the performance of the company in H1 2024 to the company’s people development program in terms of competence and productivity, enhanced retail platform, enhanced brand visibility, robust technology infrastructure deployment and the enduring culture of corporate excellence at the firm.

On the drivers of its corporate growth, the CEO said: “The implementation of our strategies, support from customers and the Board are the key drivers of our growth trajectory in H1 2024. All our businesses have recorded tremendous growth. We are deliberate in growing all our lines of business. We set our targets and pursue them accordingly.”

She added that Veritas Kapital Assurance has a roadmap for raising and operating with adequate capital to drive its businesses profitably.

The future plans of the company according to Nwakuche is to rank amongst the top five quoted general insurance firms in Nigeria, sustainable growth in premium income, excellent customer delivery and global brand reputation.

The Veritas Kapital Assurance MD emphasised that the core objective of the media engagement is to consolidate the existing relationship between the media and the company, brief members of the Press on the current operational performance of the firm and enhance its brand visibility and reputation in the insurance market.

“We have a passionate team that is driven by resilience and synergy to achieve and surpass our corporate goals.”

Almond Insurance Industry Awards Unveils Nominees for Nov 1 Event

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The Nominees for Voting in the Various Categories

INSURANCE CEO OF THE YEAR

Tunde Fajemirokun                         MD/CEO      AIICO Insurance Plc.

Ebelechukwu Nwanchukwu          MD/CEO      REX Insurance Ltd.

Olufemi Asenuga                             MD/CEO      Mutual Benefits Assurance Plc.

Akinjide Orimolade                        MD/CEO      Stanbic IBTC Insurance Limited

Austin Osegha Ebose                      MD/CEO      Anchor Insurance Company Limited 

INSURANCE WOMAN OF THE YEAR

Ebelechukwu Nwanchukwu                      MD/CEO      REX Insurance Ltd.

Funmi Omo                                                  MD/CEO      Enterprise Life Assurance Company

(Nigeria) Limited

Margaret Nkechi Moore                            MD/CEO       Mega Trust Insurance Brokers Ltd.

Ekeoma Ezeibe                                            MD/CEO       Crystal Trust Insurance Brokers Ltd.

LIFE INSURANCE COMPANY OF THE YEAR

AIICO Insurance Plc.

Coronation Life Assurance

Sanlam Life Insurance Nigeria Limited

Custodian Life Assurance Limited

Capital Express Assurance Limited

GENERAL INSURANCE COMPANY OF THE YEAR

Leadway Assurance Company Ltd.

Consolidated Hallmark Insurance Plc.

NEM Insurance Plc.

Sovereign Trust Insurance Plc.

International Energy Insurance Plc.

INSURANCE BROKER OF THE YEAR

Kayode Awogboro                          MD/CEO      ARK Insurance Brokers

Adeyinka Falade                              MD/CEO      ATIAT Insurance Brokers

Funmi Babington – Ashaye            MD/CEO      Risk Analyst Insurance Brokers

Enitan Solarin                                   MD/CEO      YOA Insurance Brokers Ltd.

INSURANCE BROKING COMPANY OF THE YEAR

SCIB Nigeria & Co. Ltd.

Hogg Robinson Nigeria Limited

ARK Insurance Brokers Limited

YOA Insurance Brokers Limited

Insurance Brokers of Nigeria (IBN)

TAKAFUL COMPANY OF THE YEAR

Noor Takaful Insurance Limited

Jaiz Takaful Insurance Ltd.

Salam Takaful Insurance Company Ltd.

Hilal Takaful Nigeria Limited

MICRO INSURANCE COMPANY OF THE YEAR

CHI Microinsurance Limited

Goxi Microinsurance Co. Ltd.

Casava Microinsurance Limited

Lifeguard Microinsurance Ltd.

Prudent Choice Microinsurance Ltd.

MOST VALUABLE INSURANCE CUSTOMER OF THE YEAR

Dangote Group

NNPC Limited

Oando Plc.

Air Peace Limited

Office of Head of Service of the Federation (OHCSF)

BUA Group

INSURANCE LIFE ACHIEVERS AWARD

Sir Ogala Osoka

Valentine Ojumah

Prof. Ahmed Salawudeen

 

FG: Gas Dev ‘ll Lead to Nigeria’s Prosperity, Lower Cost of Living

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L-R: Minister of State for Petroleum Resources (Gas), Hon Ekperikpe Ekpo arriving the Nigerian Content Tower, Yenagoa, Bayelsa State with the Executive Secretary of Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, during the Minister’s visit to the NCDMB’s headquarters and other facilities.

Amidst the clamour for good governance and reduction in the cost of living in the country, the Minister of State for Petroleum Resources (Gas), Hon Ekperikpe Ekpo has asserted the Federal Government’s firm determination to advance the nation’s gas resources as the surest pathway to economic prosperity.

The Minister stated this in Yenagoa, Bayelsa State when he visited the facilities and projects of the Nigerian Content Development and Monitoring Board (NCDMB), where he serves as the co-chair of the Governing Council.

He stated that Nigeria is endowed with vast natural gas resources of about 209 trillion cubic feet of proven gas reserves, emphasising the necessity to harness these resources effectively to drive economic development.

He underlined President Bola Ahmed Tinubu’s unalloyed support to the gas sector, with initiatives extending to the entire value chain, notably gas development, distribution and penetration. Federal Government’s drive according to him is geared to lower the cost of transportation, the cost of living and impact every part of the country positively.

He listed some of the key initiatives his ministry is pursing to include investments in critical gas infrastructure development to support the transportation and distribution of natural gas across the country, promotion of domestic gas utilization for power generation, industrial applications, and transportation as well as strengthening NCDMB’s capacity to build capacity and enforce local content policies.

Other laudable initiatives reeled out by the Minister include encouraging and supporting gas-to-power projects to ensure a reliable and sustainable supply of electricity, expanding Nigeria’s capacity to export liquefied natural gas (LNG) to international markets, to generate revenue and position Nigeria as a key player in the global gas market and strengthening the policy and regulatory frameworks governing the gas sector to create an enabling environment for investment and innovation.

The Minister remarked that 60 percent of NCDMB’s investments are gas based and advised that new projects by the agency should focus on Compressed Natural Gas (CNG) because of the direct impact on transportation and cost of living.

He lauded NCDMB for the remarkable strides it had made in promoting local content and for constructing the magnificent 17-storey headquarter building, which signifies the impressive growth and depth of local capacity.

Ekpo added that the visit provided him an opportunity to meet with management and staff of the Board, learn more about the agency’s operations, and discuss how to continue driving local content development in our nation’s gas sector.

In his welcome remarks, the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe thanked the Minister for visiting the Board’s facilities and assured him of the commitment of the management and staff of the Board to supporting the Federal Government’s economic aspirations.

The Minister and his entourage toured NCDMB’s facilities, including the Technology Innovation and Incubation Centre (TICC) and listened to presentations from three incubates on their technology solutions and how NCDMB is supporting them from concept to commercialisation. The team also visited the NCDMB Conference Hotel project, which is undergoing construction, the NCDMB gas hub at Polaku, Yenagoa as well as the 10 megawatts gas-power plant, which supplies electricity to the Nigerian Content Tower and selected offices of the Bayelsa State Government.

The Minister also made a brief visit to the Deputy Governor of Bayelsa State, Senator Lawrence Ewhrudjakpo, who welcomed the Minister to the state and solicited for key investments in the gas sector. He argued that since Bayelsa State supplies a substantial percentage of the gas feedstock used by the Nigeria Liquified Natural Gas (NLNG) plant, it deserves to host one of the company’s gas processing facilities. He also demanded for accelerated development of the Brass methanol project as a plank for enhanced economic development of the state.

Protest: GOCOP Condemns Attacks on Journalists by Security Agents, Says Act Undemocratic

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The Guild of Corporate Online Publishers (GOCOP) condemns, in very strong terms, the serial attacks on journalists covering the #EndBadGovernance nationwide protest, describing the act as undemocratic and repressive.
GOCOP notes that journalists are partners in national development as well as critical stakeholders in the advancement of democracy and civil liberties and therefore deserve to be protected, and not suppressed as the security agents tried to do during the protest.
The body of online publishers specifically calls on relevant authorities in Nigeria, especially security agencies, to see journalists as partners and voices of the voiceless rather than treat them as meddlesome interlopers and enemies of the people.
Citing growing harassment of journalists including the denial of their fundamental right to life in the course of discharging their duties, GOCOP appeals to Nigerian security agencies to ensure the safety of all journalists especially during protests, riots and elections.
GOCOP says the media has the capacity to support peace and reconciliation processes among political actors, between leaders and their followers and among the various ethnic nationalities in the country, hence should be allowed to play its constitutional role.
Aggregating statistics from various media reports, GOCOP says over 30 journalists had been attacked across the country during the protest which commenced on August 1.
Media houses which have had their staffers attacked with their tools (phones and cameras either seized or destroyed) include Premium Times, Daily Independent, Punch, TVC News, Guardian, Pointer newspaper, among others.
GOCOP acknowledges the right of citizens to protest but cautions that on no account should any protest go beyond the bounds of peace and turn violent thereby creating opportunity for looters and hoodlums to hijack what was intended to be a peaceful show of anger against bad governance.
While GOCOP condemns the violence that attended the protests in some parts of the country, it urges the security agencies to investigate, arrest and prosecute those found culpable in visiting mayhem and destruction on the nation and the citizenry.
GOCOP also strongly condemns the subversive actions of some disgruntled Nigerians in cahoots with foreigners who during the protest sewed, distributed and flew Russian flags in some States and called for unconstitutional change of government.
GOCOP sees such act as not only subversive but a direct affront on the sovereignty of the nation.
It calls on the Federal Government to ensure the diligent prosecution of those involved in such act that impugns the territorial integrity and sovereignty of Nigeria.
GOCOP appeals to President Bola Tinubu who for most part of his life championed the cause of democracy and independence of the media to prevail on the Service Chiefs and the Inspector General of Police to stop forthwith any form of harassment, intimidation, attack and arrest of journalists legitimately discharging their constitutionally assigned duties.
Media suppression does not only project Nigeria in bad light, it portrays the Tinubu government as a dictatorship in a democracy.
In a statement by Ms. Maureen Chigbo (President) and Mr. Collins Edomaruse (General-Secretary), GOCOP urged journalists to remain steadfast in the discharge of their duties by operating within the ambit of professionalism, fairness and factuality.