NNPC: An All-round Asset to Nigeria

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05/08/2024

By Olufemi Soneye

In its editorial of 2nd August, 2024, the BusinessDay newspaper, characteristically, launched another scurrilous and baseless attack on the Nigerian National Petroleum Company Limited (NNPC).

In the editorial entitled: “NNPCL: Liability or Asset to Nigerians?”, the newspaper set out to paint the picture of NNPC Limited that is a liability to Nigeria instead of an asset that it should be. It chronicled a litany of issues which in its estimation have made the company to lose its place as an asset to the nation. As to be expected, all the issues it raised were either outright lies or unfair misrepresentation of facts. Let’s take a look at them one by one.

According to the newspaper, NNPC Limited.’s status as an asset is undercut by the opacity of its operations and corruption. The truth, however, is that this is a regurgitation of age-long allegations that have since been overtaken by the emergence of Mr. Mele Kyari as the Group Chief Executive Officer of the company and the transition of the old NNPC as a corporation into a limited liability company under the Petroleum Industry Act.

One of the key thrusts of the Kyari-led management since 2019 has been its focus on transparency and accountability. This was what gave rise to the Transparency, Accountability and Performance Excellence (TAPE) management philosophy under which the company’s audited financial statements began to be published annually since 2019. Infact, the same BusinessDay newspaper that is so bent on hanging the tag of opacity on the company actually honoured Kyari with its “Energy Executive of the Year” award in 2021 for turning the fortunes of the company around and entrenching the culture of transparency in the company. But out of sheer mischief, the newspaper has forgotten so soon and chosen to borrow some ignoble tricks from Josef Goebbel’s playbook, that of repeating the lies of opacity and corruption against the NNPC Limited frequently with the hope of sustaining the propaganda just so well the public would believe the lies to be the truth.

The next point made in the editorial is that of mismanagement of resources and inefficiency. In its bid to present a semblance of balance, the newspaper acknowledged the role of government interference in the company. A bulk of the legacy problems, such as the age-long lack of maintenance of the refineries, is traceable to government interference. Any old refinery staff member of the NNPC Limited will tell you that NNPC engineers used to carry out the turn-around maintenance of the refineries until past governments started dabbling in to influence contracts for their cronies.

However, with the PIA, all that is behind as the NNPC Limited now operates as a limited liability company under the Company and Allied Matters Act (CAMA). As is presently constituted, the company is owned by the government through the Ministry of Finance Incorporated and the Ministry of Petroleum.

But the PIA envisages that in no distant time, the company will be listed on the stock exchange with shares owned by Nigerians in their individual capacities. But prior to that time, the management of the company under Kyari has instituted a management system encapsulated in the Performance Excellence element of the TAPE philosophy. Under this, the company has made great strides in moving from a position of loss in 2019 to consistent profitability. This is in spite of the fact that the company contends with monstrous odds in the form of crude oil theft and pipeline vandalism.

The fact is: companies like Saudi Aramco, with which the newspaper tried to benchmark the NNPC Limited, do not contend with such odds that have very practical implications for crude oil production. The newspaper is only being disingenuous in blaming the nation’s suboptimal crude oil production on inefficiency in the NNPC Limited when it is common knowledge that the security challenges are not of the company’s making. But even at that, the NNPC Limited has not fared badly in managing the bad situation to get the results that it has been posting in the past few years. The truth is that the current reality of the NNPC Limited, in terms of management and performance, does not reflect the picture of mismanagement and inefficiency that the BusinessDay tried to paint in its editorial. The question that arises from all this, which the BusinessDay must answer, is: do companies that have issues with mismanagement of resources and inefficiency make profits as the NNPC Limited has consistently done in the past three years?

The other issue that has stymied the NNPC Limited from being an asset to the nation, according to the BusinessDay, is its monopolistic control of the petroleum sector. Supporting its position, the newspapers states: “The corporation’s dominant position as the sole importer of petrol and the primary issuer of import licenses for diesel creates market distortions”. This allegation, coming from a business newspaper like the BusinessDay, is very curious. For the newspaper to state that NNPC Limited is the “primary issuer of import licenses for diesel” shows how little it knows about the oil and gas industry. It only means that the BusinessDay either does not know the difference between an industry regulator and an operator or it just wants to take its mischief to a ridiculous level, hoping that the public would swallow its lies hook, line, and sinker.

For the avoidance of doubt, NNPC Limited does not issue import licenses for diesel or any petroleum product for that matter. This is because, NNPC Limited, as provided in Section 64 of the PIA, is an operator just like any other company that operates in the oil and gas sector, and not a regulator. The PIA makes provision for the establishment of two regulatory agencies in the sector. They are the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The newspaper actually acknowledged these two regulatory agencies in the editorial. But how it came by the idea that the NNPC Limited issues import licenses to marketers, a clear regulatory function, is really difficult to understand. This, however, goes to show that the newspaper and its editors know very little about the subject matter of their editorial.

On the allegation that NNPC Limited runs a monopoly in the importation of petrol, here are the facts that the BusinessDay failed to acknowledge in its editorial. When the downstream sector was deregulated on 29th May, 2023, with President Bola Ahmed Tinubu’s declaration that fuel subsidy was gone, every petroleum marketer was automatically empowered to import the product and sell at whatever price(s) they chose.

NNPC Limited only stepped in to close the gap as a supplier of last resort, a role assigned to it by the framers of the PIA to guarantee energy security for the nation. NNPC Limited did not muscle any marketer out of petrol importation to become a monopoly. Besides, it does not look like the company is making any profit from being the sole importer of petrol which is usually the major objective of monopolists.

In fact, by playing this role of sole importer of petrol at this time when others are not able to import the product, NNPC Limited has proved to be a huge asset to the nation- much more of an asset than the BusinessDay would want Nigerians and the world to believe!

Soneye is the Chief Corporate Communications Officer, NNPC Limited.

Stanbic IBTC Reward4Saving Promo Season 3: More Winners Emerge

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01/08/2024

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In another round of Stanbic IBTC Reward4Saving 3.0 promo draws, 70 customers have been rewarded with cash prizes of ₦100,000 each. 10 winners were selected from seven zones during the 10th monthly draw held at the Bank’s head office in Victoria Island, Lagos.

The ongoing Reward4Saving Promo has so far rewarded over 1,770 customers with a total of ₦283 million since 2021 when the initiative kicked-off. This promo aims to foster a culture of saving among Nigerians by recognising and rewarding individuals who consistently save.

Sadiya Ojo, Head, Entrenchment at Stanbic IBTC Bank, thanked the customers for choosing the Bank as their preferred financial partner. She emphasised that the Reward4Saving promo aligns with the Bank’s commitment to promoting a savings culture and helping customers achieve their financial goals. Notably, the promo will culminate in the grand finale, where seven individuals will receive ₦2 million each, and an additional seven will receive ₦1 million each. 70 customers will continue to be rewarded with ₦100,000 every month until August 2024.

Since the launch of the third season in September 2023, the Bank has conducted ten draws, with 721 customers winning cash prizes ranging from ₦100,000 to ₦1 million. The Bank has awarded ₦91million in prizes since the beginning of season three.

To participate in the promo, new and existing customers can save a minimum of ₦10,000 in their Stanbic IBTC Bank savings account or @ease wallet for at least 30 days. Interested individuals can open their Stanbic IBTC Bank Savings Account through the Bank’s Mobile App, available on Google Play Store and iOS Store.

By promoting consistent saving habits, customers secure their financial future and unlock opportunities for additional rewards, ultimately strengthening their economic security and paving the way towards financial freedom.

New PenCom DG, Omolola Oloworaran, Assumes Duty in Abuja

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01/08/2024

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The National Pension Commission (PenCom) hereby informs the public that the newly appointed Director-General of the Commission, Omolola Oloworaran, has assumed duties at the Commission, to serve in acting capacity pending her confirmation by the Senate, in line with the provisions of Section 26 (1) of the Pension Reform Act 2014.

Omolola is poised to explore new frontiers in the implementation of the Contributory Pension Scheme (CPS) by sustaining pension assets on the growth trajectory, ensuring increased CPS membership and supporting coverage expansion initiatives.

She is committed to the expeditious payment of retirement benefits while deepening the pension investment horizon for enhanced returns to contributors and retirees.

A Fellow of the Association of Chartered Certified Accountants (ACCA), Omolola brings to PenCom over 20 years of experience in the financial services industry.

She is an accounting graduate from the University of Ilorin and holds a Master of Business Administration (MBA) degree from the Manchester Business School.

She has worked extensively in renowned investment and commercial banks in Nigeria until her current appointment.

Linkage Assurance: N53bn Total Assets, N5bn Profit in 2023

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01/08/2024

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L-R: Mr. Pius Otia, Non-Executive Director; Mr. Moses Omorogbe, Company Secretary; Mrs. Funkazi Koroye-Crooks, Non-Executive Director; Chief Joshua Bernard Fumudoh, Chairman; Mr. Daniel Braie, Managing Director/CEO and Okanlawon Adelagun, Executive Director, all of Linkage Assurance Plc at its 30^th AGM held in Lagos.

Shareholders of Linkage Assurance Plc have applauded the Board and Management of the company for the outstanding performance in the 2023 financial year, which resulted in bountiful returns on investment.

The company’s shareholders who expressed their excitement over a 5-kobo dividend and bonus issue of one for 10 declared at the insurer’s 30th Annual General Meeting (AGM) held in Lagos appreciated the result given the challenges in the operating environment.

Chief Joshua B. Fumudoh, Chairman of the Board speaking at the AGM said despite the challenging operating environment, Linkage Assurance Plc achieved commendable result, and will continue to pay dividend as the company continues in its current trajectory.

Fumudoh said Linkage Assurance financial performance remained robust, with strong revenue growth, improved underwriting discipline, and prudent investment management, which are contributing to enhanced profitability.

Boniface Okezie, Nona Awoh, Williams Adebayo, Adetutu Siyanbola, Timothy Adesiyan and others who applauded the performance called on the board to design strategies to sustain the growth, expand investment for more income as well as build capacity ahead of possible recapitalisation in the insurance industry.

Fumudoh giving the performance breakdown said the company was able to grow the insurance revenue to N14.8billion in 2023 from N12.5 billion in 2022, representing a growth rate of 19 percent.

This is as investment and other incomes rose by 80 percent to N9.07 billion, as against N5.04 billion in 2022.

The underwriting firm during the year under review achieved a Profit Before Tax of N5.46 billion from N1.87 billion in the previous year, an increase of 191 percent, while Profit After Tax was N5.28 billion, as against N1.75 billion in 2022, an increase of 203 percent.

Total assets of the company rose to N52.86 billion from N38.79 billion in 2022, a 36 percent increase.

Daniel Braie, Managing Director/CEO of the Linkage Assurance Plc in his remark at the AGM said the company’s commitment to excellence and innovation remains steadfast.

“We are optimistic about the opportunities ahead and prepared to navigate any challenges that arise. Our strategic focus centres on driving growth, sustaining profitability, and delivering value to our stakeholders.”

Driving growth in 2024, Braie said strategies will include product innovation, market penetration, customer engagement as well as operational efficiency

“By continuously innovating and developing new insurance products tailored to our customers’ evolving needs, we aim to stay ahead of market trends and strengthen our market leadership.”

Global Leaders, Stakeholders Commit to Bold Solutions for Africa at ASIS 3.0

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01/08/2024

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L-R; Olapeju Ibekwe, CEO, Sterling One Foundation; Dr. Jumoke Oduwole, Special adviser to the President of Nigeria on Presidential Enabling Business Environment Council (PEBEC) and Investment; Obafemi Hamzat, Deputy Governor, Lagos State and Abubakar Suleiman, MD/CEO, Sterling Bank and member of the Board of Trustees, Sterling One Foundation at the Africa Social Impact Summit in Lagos recently.

The Africa Social Impact Summit (ASIS) 2024, co-convened by The Sterling One Foundation and the United Nations, was held at the Eko Convention Center from July 25-26.

This landmark event highlighted the importance of collaboration across sectors, bringing together private sector organisations, NGOs, and other stakeholders to tackle Africa’s most pressing challenges.

A significant outcome of the summit was the commitment to developing a resource allocation framework aimed at addressing healthcare issues across the continent. ASIS 2024, the largest hybrid gathering of leaders in the African development sphere, underscored the crucial role of the private sector in driving innovative and sustainable solutions for Africa’s future.

The event kicked off with a keynote address by United Nations Deputy Secretary-General, Amina Mohammed. “Sustainable growth must include climate resilience, leveraging technology, and private sector innovations,” she stated, urging attendees to “recommit to the 2030 agenda with a focus on inclusivity, impact, and inspiration.”

A diverse gathering of government officials, business executives, and development experts participated in the summit. Olapeju Ibekwe, CEO of The Sterling One Foundation, emphasized the necessity of collaboration: “No single entity can address the multifaceted challenges we face. Through partnerships, we can harness diverse expertise and resources to tackle issues ranging from healthcare to climate resilience.”

An Investor Roundtable, organised by the Lagos State Government in collaboration with various organisations, opened the summit. Lagos State Executive Governor, Babajide Sanwo-Olu’s presence underscored the government’s commitment to fostering a favorable environment for sustainable development.

Throughout the summit, the indispensable role of the private sector in Africa’s future growth was a recurring theme. Abubakar Suleiman, CEO of Sterling Bank, noted, “Creating a market for social impact means ensuring there is information, trust, and efficient allocation of resources.”

Deputy Governor of Lagos State, Obafemi Hamzat presented the “THEMES PLUS” initiative, which promotes development in crucial sectors. “ASIS 2024 must serve as a catalyst for collaboration and action,” Hamzat declared, highlighting the importance of public-private partnerships.

Jumoke Oduwole, representing Vice President Kashim Shettima, called for a paradigm shift in economic thinking. “It is time for action; we must move beyond rhetoric and focus on solutions with tangible impact,” she asserted. “Africa can lead the way in a new model that balances prosperity, the environment, and equity.”

A significant highlight was the “Bold Actions Meeting” on the second day, where fifteen commissioners of health from various Nigerian states convened to focus on healthcare challenges. Zouera Yousouffou, CEO of the Aliko Dangote Foundation, candidly addressed the need for a shift from diagnosis to intervention. “Africa does not have the necessary resources or organisational framework to address health-related problems,” she said.

ABC Health CEO, Mories Atoki pointed out the politicization of partnerships as a major barrier, while Dr. Tayo Aduloju, CEO of the Nigerian Economic Summit Group, stressed the importance of delivering tangible outcomes over empty promises.

The summit also tackled the integration of displaced persons into the workforce. A panel led by H.E. Mrs. Toyin Saraki, founder of Wellbeing Foundation Africa, discussed strategies for the economic empowerment of this vulnerable population, featuring insights from UNHCR representatives and refugees.

Professor Akin Abayomi, Lagos State Commissioner of Health, highlighted the foundational importance of moral leadership and education, noting, “Leaders don’t just happen; they are made through education and training.”

The summit facilitated the formation of new partnerships aimed at addressing healthcare, climate resilience, and economic empowerment. Attendees committed to actionable plans, including the development of a resource allocation framework and initiatives to integrate displaced persons into the workforce.

ASIS 2024 brought together top leaders from diverse sectors, underscoring a collaborative approach to sustainable development. The active participation of high-level officials and experts, combined with the tangible commitments made, reinforces the credibility and impact of the summit.

NAICOM Unveils New Agents Licensing Portal

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01/08/2024

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This is to inform all registered agents and insurance companies that a new licensing portal for registration and renewal of the licences of insurance Agents has been developed.

The new portal will ease, fast track and streamline licencing of insurance agents and will reduce manual intervention in the issuance of agency licensing process.

Consequently, all applications for registration and renewal of agency license shall hence forth be submitted using https://agent.naicom.gov.ng on the new portal effective August 1, 2024

NAICOM advised that all pending applications that have not been registered on the old portal should be resubmitted through the new licensing agents’ portal.

It equally advised all registered agents and insurance companies to note the above and be guided accordingly.

Old Mutual in Nigeria Announces Change of Name to emPLE

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01/08/2024

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Upon receipt of all necessary approvals from the National Insurance Commission (NAICOM), Old Mutual Nigeria Life Assurance Company Limited and Old Mutual General Insurance Company Nigeria Limited are proud to announce their rebrand and name change to emPLE Life Assurance Limited and emPLE General Insurance Limited respectively.

This transformation follows the completion of the acquisition of 100 percent of Old Mutual’s equity in both businesses by emPLE Group.

emPLE Group is dedicated to delivering superior financial solutions and fostering long-term growth and value creation across Africa. Central to emPLE’s purpose is empowering people by providing innovative financial solutions that enhance their freedom, security, and prosperity.

Old Mutual has been a prominent player in Nigeria’s financial landscape, offering comprehensive life assurance, general insurance, savings, and investment solutions to over 1.5 million customers across the country. With the acquisition finalized, the companies will now operate under the emPLE brand, reflecting their integration into the emPLE Group’s vision and strategy.

The acquisition of Old Mutual’s insurance businesses in Nigeria and their transformation to emPLE mark a pivotal moment in emPLE’s journey. emPLE is poised to enhance its service offerings and customer engagement, positioning itself as the premier insurer in Africa. This rebranding allows emPLE to consolidate its strengths, expand its capabilities, and build lifelong financial partnerships with its clients.

According to Mr. Olalekan Oyinlade, Managing Director of emPLE General Insurance Limited, “the rebranding to emPLE signifies a new chapter for us. We remain steadfast in our dedication to delivering innovative insurance solutions that meet the evolving needs of our customers. emPLE, meaning empowering people, reflects our mission to protect and empower individuals and families throughout Africa, ensuring their financial security and prosperity.”

The acting Managing Director of emPLE Life Assurance Limited, Mr. Rantimi Ogunleye, added “We are excited about this new phase. The acquisition will significantly bolster our commitment to expanding our market presence and strengthen our ability to achieve remarkable growth and enhance the value we provide to our customers.”

As emPLE embarks on this transformative journey, the company reaffirms its commitment to enhancing its operational capabilities and customer offerings. With a renewed focus on empowerment and sustainability, emPLE aims to innovate within the insurance sector by introducing cutting-edge solutions that prioritise customer needs and environmental responsibility. This commitment reinforces emPLE’s dedication to delivering unparalleled service and fostering long-term partnerships with its clients across Africa.

About emPLE

emPLE is a leading financial services company dedicated to providing insurance and investment solutions to retail and corporate clients across Africa. At emPLE, our purpose is to empower Africans by providing innovative financial solutions that enhance their freedom, security, and prosperity.

We believe that true empowerment comes from providing not just access to financial products but also the knowledge and tools necessary for our customers to make informed decisions and achieve financial independence.

Ndukwe, Peters, Uwaje and Others Bag Lifetime Achievement Honours at Titans of Tech Awards

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30/07/2024

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L-R: Hon. Ogbede Ifaluyi — Isibor, Commissioner for Innovation, Science & Technology, Edo State and Col. Aiyegbeni Peters, Chairman, Alpha Technologies, presenting the Titans of Tech Lifetime Achievement Award to Engr. Ernest Ndukwe, Chairman, MTN Nigeria weekend.

The 20th edition of the Titans of Tech Awards, held weekend, was a spectacular celebration of innovation and excellence in Nigeria’s ICT industry. The event, marked by glamour and dazzle, opened with an enchanting performance by the national dance troupe, setting the stage for a memorable and exciting evening.

The highlight of the evening was the cutting of the anniversary cake and the unveiling of the highly anticipated book, 50 Most Influential ICT Innovators in Nigeria. This book not only celebrates the trailblazers of the past but also acknowledges the ongoing contributions of industry leaders who continue to shape the future of technology.

The ceremony was graced by Governor of Edo State, Godwin Obaseki who was represented by Commissioner for Innovation, Science and Technology, Hon, Ogbede Ifaluyi – Isibor and a prestigious array of honourees, including beneficiaries of the Lifetime Achievement Award: Engr. Dr. Ernest Ndukwe, Chairman, MTN Nigeria; Col. Aiyegbeni Peters, Chairman, Alpha Technologies; Austin Okere,
Founder, CWG; Chris Uwaje, CEO, Mobile Software Solutions and Femi Pedro, Former Managing Director of First Atlantic Bank and Ex-Deputy Governor of Lagos State.

Thirteen distinguished individuals were inducted into the Titans of Tech Hall of Fame, recognizing their exceptional contributions and enduring impact on the ICT sector. The Hall of Fame inductees include: Governor Godwin Obaseki of Edo State state, Femi Williams, CEO, Newwaves Ecosystem Limited; Gbenga Adebayo, Founder and President, Royal FM 95.1Mhz; Margaret Peters, MD, Alpha Technologies and Amos Emmanuel, Founder, Programos Software, and InnovationBed.

Others include Oyesola Awodiya, General Manager, Ezzential Global Services, Limited, Tony Emoekpere, President, Association of Telecommunications Companies of Nigeria (ATCON), Muhammed Rudman, Muhammed Rudman is the pioneer Chief Executive Officer, Internet Exchange Point of Nigeria (IXPN), Nigeria’s first and only neutral IXP, Engr. Ikechukwu Nnamani, Managing Director, Digital Realty; Ayotunde Coker, Chairman, Africa Data Centres Association (ADCA) and Peter Ejiofor, Founder and CEO, Ethnos Cyber Limited
Olawale Owoeye, CEO Cedarview ; John Nwachukwu, CEO, Zoracom; Pastor Lekan Balogun, MD, Netaccess Systems and Lare Ayoola, MD, Tranter IT, make up the list.

In his welcome address, Don Pedro Aganbi celebrated the remarkable journey of the Titans of Tech Awards, reflecting on the evolution of the ICT industry and its visionary leaders. He emphasized the
evening’s significance in honouring past achievements while envisioning a future brimming with potential.

NCC won the Pan African Telecommunication Regulator of the year and Outstanding Public Service Communications Team of the Year Awards, ALX emerged as the Most Innovative EDTECH Company of
the Year while MTN Clinched the Best Telecom Company of the decade Award.

Among other winners are Digital Realty, Best Global Data Centre Platform of the Year, itel, Best Customer Choice Smartphone Brand of the Year, NetAccess, Best Broadband Company of the Year,
Hyperspace Technologies, Most Innovative Web3 Security Solutions provider of the Year, Alpha Technologies, Most Innovative Value-Added Company of the Year, Tecpoint Global Services won the
Enterprise Solution Company of the Year while ipNX sealed Digital Connectivity Company of the Year Award. NewGlobe was awarded the Pan African Digital Learning Platform Award. One Data scooped the
ISP of the Year Award. Others are; Zoracom, Excellence in Cybersecurity Award, Covenant University, Most Innovative Tertiary Institution of the Year, Tobi Ayeni, Most Innovative Digital Content Creator of the Year, Royal Ibeh, Most Innovative ICT Reporter of the Year.

The Titans of Tech Awards continue to be a hub of excellence, celebrating those who drive the industry forward and inspire future generations of innovators.

AIICO Maintains Strong Growth Trajectory, Records N12bn Profit

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30/07/2024

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Front row (L-R): Dr. Donald Kanu (Company Secretary); Mr. Kundan Sainani (Chairman), Mr. Babatunde Fajemirokun (Managing Director/CEO), Mr. Adewale Kadri (Executive Director, Technical.

AIICO Insurance Plc, a leading insurer in Nigeria, has continued its strong growth trajectory as it declared a profit after tax of N12 billion for the financial year ended December 31, 2023, up from the N5.2 billion it posted during the corresponding period in 2022.
Disclosing these impressive figures to the felicitous shareholders at the 54th annual general meeting of the company in Lagos, its Chairman, Mr. Kundan Sainani, noted that the profit after tax increased by 132.6 percent.
Sainani further disclosed that year 2023 produced other significant gains for the company as a consequence of the meticulous execution of its business strategy, resulting in a gross written premium of N110.1 billion during the review year as against N88.3 billion in 2022.
The result, according to him, was achieved as the company transitioned from using IFRS 4 to IFRS 17 standard, which resulted in the recognition of insurance revenue of about N72.6 billion from N54.8 billion in 2022, demonstrating the company’s commitment to transparency and robust financial practices.
The AIICO chairman said these results were achieved in the midst of serious socio-economic challenges typified by increases in monetary policy rate, inflation, removal of fuel subsidy, forex scarcity, and the 2023 Fiscal Bill, all of which contributed to the rise of domestic prices.
“Despite this unsettling landscape, 2023 was another strong year for AIICO, with the firm generating impressive record revenue and substantial growth. Our profits for the period increased by 132.6 percent to N12 billion from N5.2 billion in 2022, reflecting strong underlying performance across our businesses”, he said.
Referencing the dynamics in the economy and projecting into the future, Sainani said AIICO remains resilient and adaptable, ready to provide more favourable terms to its valued customers and strategically invest in opportunities that yield advantageous returns.
On his part, AIICO’s Managing Director/Chief Executive Officer, Mr. Babatunde Fajemirokun, assured the shareholders of high value and better returns on investment in the years ahead.
Fajemirokun said both the board and management were considering devoting a bigger chunk of future profits to dividend payments.
Other major highlights of the annual general meeting included the election of Mrs. Kemi Adewole to the board of AIICO as an Independent Non-Executive Director and the official welcome of Mr. Gbenga Ilori as an Executive Director.
The appreciative shareholders commended the board and management of AIICO for strengthening the company’s fundamentals as well as growing its asset base.
A shareholder, Dr. Alex Adio, commended the company for consistent dividend payments. He urged the board to increase dividend payout next year.
Another shareholder, Dr. Anthony Omojola, praised the company for its share buy-back scheme, noting that it would enhance earnings per share and increase share price.
AIICO Insurance is a leading composite insurer in Nigeria, with a 60-year record of accomplishment in delivering quality service to its clients. Founded in 1963, AIICO provides life be & general insurance, health insurance, and investment management services to create and protect wealth for individuals, families, and corporate customers.

Access Bank Revamps QuickBucks, Disburses N740bn Digital Loans in 7 Years

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30/07/2024

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Access Bank has revamped its digital loan platform ’QuickBucks’, to boost lending across Nigerian consumers.

The bank said customers can access the bank’s digital loans for businesses, vehicle financing, school fees payment, among others. QuickBucks Loans allow customers to get that assistance fast and easily.

Since the introduction of its first digital PayDay loan in 2017, Access Bank has issued 18 million digital loans amounting to over N740 billion, enabling customers to receive up to N10 million instantly.

Njideka Esomeju, group head, consumer banking, said: “Many Nigerians are facing financial challenges due to the economic situation in the country. At Access Bank, our goal is to enable every Nigerian to achieve financial freedom, which is why we introduced digital lending solutions.”

Esomeju highlighted the accessibility of QuickBucks Loans, stating, “The loan can be accessed through the QuickBucks USSD code, the Access More app for smartphone users, or via the QuickBucks platform on web or app.” She elaborated on the platform’s evolution, noting, “Initially, our digital loans were limited to salary earners with a 30-day repayment term. Now, QuickBucks Loans offer up to 12 months of repayment time for customers with salary accounts, self-employed individuals, active account holders, as well as business and trader account holders.”

Efe Obaigbena, unit head of digital lending, emphasised the purpose and improvements of QuickBucks Loans. “These loans are designed to address our customers’ urgent financial needs,” Obaigbena said. “Since its launch in 2017, QuickBucks Loans have seen significant enhancements. As a responsible lender, we ensure our customers do not face excessive debt by capping our loans at a percentage of salary or account transactions. Eligibility also requires a good credit record across all financial institutions.”

Regarding interest rates, Esomeju stated, “Our interest rates are among the lowest in the industry, ranging from about 5 percent to a maximum of 15 percent, depending on the type of loan.” She added that QuickBucks Loans are designed for ease of access, noting, “For customers with low literacy levels, our USSD code provides a straightforward way to obtain digital loans, allowing them to join the financial system regardless of their financial knowledge.”

Oladisun Dawodu, team lead of digital lending, discussed the bank’s commitment to integrating FinTech innovations.

“Access Bank embraces FinTech culture to distinguish itself in the market. We are preparing for future advancements such as AI-based lending solutions, blockchain technology for secure transactions, and closer integration with financial ecosystems.”

Dawodu, said, “We are investing in technology and strategic actions to ensure QuickBucks Loans remain competitive and responsive to these developments.”

Dawodu said QuickBucks Loans are attractive because they are automated. “Getting a QuickBucks Loan is quick and easy, and so is repaying it. Customers just need to make sure they have enough money in their account on the due date(s) and the payment will be deducted automatically, without any hassle. Our customer support team will also contact you with messages and calls as your due date approaches.”

Leadway Assurance Maintains Industry Leading Claims Payment with N67bn Paid in 2023

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29/07/2024

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Leadway Assurance Company Limited has proudly maintained its position as the industry leader in claims payments for the eighth consecutive year.

As of December 31, 2023, Nigeria’s premier insurer disbursed an impressive N67.1 billion in claims, a significant increase from the N57.5 billion paid in 2022.

This remarkable journey began in 2016 with N23 billion in claims payments, the highest by any individual insurer that year.

Each subsequent year has seen substantial growth, from N27.40 billion in 2017 to N33.80 billion in 2018, reflecting Leadway’s unwavering commitment to its policyholders.

In 2019, claims payments rose to N38.40 billion, showcasing Leadway’s ongoing dedication to excellence. Despite the challenges of the COVID-19 pandemic in 2020, the company supported its policyholders with N43.5 billion in claims, demonstrating resilience and reliability. The unprecedented and sustained trend continued with N48 billion in 2021 and an impressive N57.5 billion in 2022.

At the 52nd Annual General Meeting (AGM), Managing Director Mr. Gboyega Lesi emphasised that Leadway’s substantial and consistent claims payments have earned the trust and confidence of policyholders, setting a benchmark in the industry. He highlighted the company’s focus on operational efficiency, innovation, and customer experience enhancement.

“We remain ambitious in our quest to be the dominant insurance company in Nigeria,” Mr. Lesi stated.

“Our strategic focus on customer-centricity, digital transformation, and business agility will drive us forward.”

Chairman of the Board of Directors, General (rtd) Martin Luther Agwai, added: “As leaders in our market, we are committed to sustainable growth by reaching new customer segments and exploring innovative distribution channels.”

About Leadway

Leadway Assurance is one of Nigeria’s foremost insurance service companies with a reputation for service efficiency and customer reliability. The organisation is committed to bridging the financial protection gap and increasing insurance penetration in Nigeria.

The company extended its footprint to the West African markets with Leadway Vie Limited, a life insurance services provider, and Leadway IARD Limited, a general insurance services provider fully operational in Cote d’Ivoire.

NCC Orders Immediate Reactivation of Lines Affected by NIN-SIM Verification Issues

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29/07/2024

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Over the weekend many telecom subscribers/consumers were unable to access their phone lines because of the inability of many telecom consumers to verify their National Identification Numbers (NINs) with their Subscriber Identification Modules (SIMs). This meant that their numbers were blocked by their telecom service providers in keeping with laws and policies of the NIN-SIM linkage.

Telecoms consumers and the public will recall the compulsory linkage of NIN with SIM which began in December 2020 when the government directed telecommunication companies to bar unregistered SIM cards and SIMs that were not linked to NIN.

Since December 2023, the Commission has since reviewed the deadline a few times; April 15, 2024 was set as the deadline for the full network barring of subscribers with four or fewer SIMs that had unverified NIN details. This deadline was then reviewed to July 31, 2024, to give consumers more time to ensure their submitted NIN details are properly verified. Despite these extensions, many phone lines are yet to be linked with verified NINs.

The objectives of this exercise by the Federal Government of Nigeria include enhancing national security and ensuring the national SIM ownership database is accurate. The NIN-SIM linkage policy aids in verifying and protecting users’ identities while also providing a critical infrastructure that assures access to the benefits of a robust digital economy for the citizenry.

The consumer is our priority, therefore, considering the challenges the blockages have caused, the Commission has directed all operators to reactivate all lines that were disconnected over the weekend in view of the short time available for consumers to undertake the verification of their NINs with their SIMs. Reactivated consumers are to note that this is for a limited period to allow them to properly link their NIN to their SIM.

Members of the public who are yet to verify their SIMs are encouraged to do so as soon as possible to maintain access to their lines.

NLNG’s Energy-Efficient Chartered Vessel, AKTORAS, Arrives Bonny Terminal for Maiden Loading

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Business Journal

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28/07/2024

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(2^nd Left) Abdulkadir Ahmed, NLNG Shipping and Marine Servies Limited (NSML) MD/CEO and Andy Odeh (2^nd right), NLNG’s GM, External Relations & Sustainable Development, during a visit to AKTORAS, NLNG’s chartered newbuild and energy-efficient vessel, during her first voyage to NLNG’s Bonny Terminal, Rivers State. The vessel is by managed by NSML

A new state-of-the-art and energy-efficient vessel, AKTORAS, recently chartered by Nigeria LNG Limited (NLNG), has arrived at the Company’s Bonny Terminal for its maiden loading of LNG.

The charter of the vessel by NLNG’s shipping subsidiary, Bonny Gas Transport Limited (BGT), was a strategic move to diversify and reduce the carbon footprint of the Company’s shipping portfolio. The vessel is equipped with MEGA propulsion system, which uses advanced technologies and cutting-edge design to reduce emissions and increase efficiency. It is a 174,000 m3 capacity LNG carrier, with a length of 299.6 metres, breadth (moulded) of 46.40 metres and deadweight of 81,194 tons.

The arrival at the Bonny Terminal followed a vessel-naming ceremony at the Hyundai Samho Heavy Industries shipyard in Mokpo, South Korea, by the vessel’s Sponsor Lady and Godmother, Mrs. Olu Verheijen, Special Adviser to the Nigerian President on Energy.

The vessel is managed by another NLNG subsidiary, NLNG Shipping and Marine Services Limited (NSML), which took over the technical management and operation of the vessel after construction, marking a new phase in vessel management for the company. NSML currently manages BGT-owned LNG vessels within the NLNG fleet, providing comprehensive vessel technical management services to ensure that managed vessels are sea and cargo-worthy in line with international standards.

At a brief ceremony to welcome the vessel and her crew to Bonny, Mr. Olakunle Osobu NLNG’s Deputy Managing Director, represented by Mr. Andy Odeh, General Manager, External Relations and Sustainable Development, emphasised the significance of AKTORAS in the company’s evolution towards sustainability and a net-zero future.

“AKTORAS is not just a vessel; it is a symbol of our steady evolution, our commitment to sustainability, and our preparedness for a net-zero future. AKTORAS is simply the beginning of the positive changes to come. The significance of this investment extends far beyond the present moment. In an era where the global LNG industry is navigating uncertainties amidst the Energy Transition, our ability to remain agile and future-ready is paramount. AKTORAS, equipped with MEGA propulsion systems, is the most eco-friendly vessel in our fleet today, and I welcome her and her crew to Bonny Island,” he stated.

In his remarks, the Managing Director and Chief Executive Officer of NSML, Mr. Abdulkadir K. Ahmed, noted that managing this new, modern vessel will support the decarbonisation and net zero emission objectives of the NLNG group, symbolising NSML’s commitment to efficient and sustainable operations as well as a future-focused outlook. He reiterated NSML’s alignment with the purpose and philosophy behind AKTORAS, which was an investment in preparation for a net-zero future.

He emphasised the importance of the company’s ability to remain agile and future-ready in an industry characterised by rapid change and uncertainty.

“We embrace the challenges and opportunities ahead as we navigate the seas of change with agility and foresight. With AKTORAS in our fleet, we are poised to enhance our capabilities and further strengthen our position as a leading player in the maritime industry,” he stated.

He added that management of AKTORAS underscores the trust and confidence placed in NSML by BGT and the owners of the vessel, Taurus Gas Carrier Corp. (Capital Gas). He assured that the highest standards of maintenance, safety, and operational efficiency would be upheld throughout the duration of the charter.

After loading her first cargo at Bonny Terminal, AKTORAS proceeds to Sines LNG Terminal, Portugal, for her first discharge operation.

Sanwo- Olu, Osoba, Obaigbena to Interrogate Media Survival Strategies at Jakande Annual Memorial Lecture

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Business Journal

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28/07/2024

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As Nigerian media contends with harsh economic environment, the Chairman, THISDAY/Arise Media Group, Prince Nduka Obaigbena, will share with editors, media executives and other stakeholders, the survival strategies for the trying times – at the second Alhaji Lateef Jakande Annual Memorial Lecture schedule for this Tuesday in Lagos.

With a theme “Rapidly Changing Media Landscape: Survival Strategies”, the Lecture, which is slated for 10am at Radisson Blu Hotel, Isaac John Street, Ikeja, Lagos, will be chaired by the Minister of Information and National Orientation, Alhaji Mohammed Idris; while Governor Babajide Sanwo-Olu of Lagos State will be the Special Guest of Honour.

In a statement issued on Sunday and signed by the Nigerian Guild of Editors (NGE) President, Mr. Eze Anaba and the General Secretary, Dr. Iyobosa Uwugiaren, the Publisher of Vanguard Media Group, Uncle Sam Amuka; former Governor of Ogun State, Chief Segun Osoba and Former Minister of Information and Culture, Gen. Ike Nwachukwu(retired), will be Fathers of the Day.

The annual lecture, which was instituted last year by the NGE – in honour of its Founding President, late Alhaji Lateef Jakande, according to the professional body of Editors and media executives, is both a testament to the cherished service rendered by Alhaji Jakande, and an acknowledgement of the significance of having such a conversation for the overall good of the media and the country, Nigeria.

“The Nigerian Guild of Editors (NGE) was formed on May 20, 1961 – to serve as an elite organization of editors, through which editors as professional heads of their publications, could enhance their professional interests by networking to discuss/address common challenges and developing relationships with their various audiences in the media itself, governments, professional and trade associations.

“Originally named the Guild of Newspaper Editors of Nigeria, it was later renamed Nigerian Guild of Editors to accommodate colleagues in the broadcast/online media.

“The NGE’s founding president was Alhaji Lateef Jakande (1929-2021). He had rallied his professional colleagues to form the body that was conceived to occupy the strategic middle ground of editorial senior managers between media owners and the general workforce of journalists”, the NGE added

The Guild said that after discharging “uncommon duties” to the Nigerian media, Alhaji Jakande went on to render appreciable service – as the first civilian governor of Lagos State, and as a federal Minister of Works and Housing.

According to the NGE, “Sixty-three years after, the NGE – the professional body of editors and Media executives, remains a respected organization among professional associations, and a leader in the media landscape.

“And Alhaji Lateef Jakande’s name remains treasured – whenever committed service is mentioned in the media and public service.

“Consequently, as part of nurturing a culture of appreciation, the NGE, in 2023, instituted an Annual Lecture in honour of its late pioneer president, Alhaji Jakande – to continue to interrogate developments affecting the media and society.”

The Guild said that the event, which will provide a huge opportunity for media stakeholders to interrogate issues affecting the media sector, will be attended by media executives, scholars from the academic, policy makers, politicians, students of mass communication and others.

ASIS 2024: Stakeholders Urge Cross-sector Collaboration, Innovation, Leadership in Driving Sustainable Dev

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Business Journal

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28/07/2024

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The Africa Social Impact Summit, 3.0, 2024 edition, has underscored the need for cross sector collaboration, innovation and strong leadership in driving sustainable development in Africa.

This was the views of stakeholders who attended the event in Lagos.

ASIS 2024 was co-convened by Sterling One Foundation and the United Nations, Nigeria.

The call to action was made during the summit aimed at fostering dialogue and collaboration on sustainable development across Africa.

The summit commenced with an Investor Roundtable on July 24, hosted by the Lagos State Government in collaboration with the Sterling One Foundation, Alitheia Capital, and ETK Group.

This pre-summit event brought together stakeholders and investors to explore sustainable investment opportunities in Lagos State.

Attendees at the roundtable included Babajide Sanwo-Olu, Executive Governor of Lagos State; Obafemi Hamzat, Deputy Governor of Lagos State and Folashade Ambrose-Medebem, Commissioner for Commerce, Cooperatives, Trade & Investment, Lagos State.

Others included Professor Akin Abayomi, Commissioner of Health, Lagos State; Abubakar Suleiman, MD/CEO of Sterling Bank and Board Member of the Sterling One Foundation; and Olapeju Ibekwe, CEO of the Sterling One Foundation, among other key figures.

Day 1 featured a series of panel discussions addressing some of Africa’s most pressing challenges, including investment, education, healthcare, and climate action.

These sessions focused on innovative solutions and strategies for sustainable development.

The UN Deputy Secretary-General, Amina Mohammed, highlighted private sector’s role in achieving SDGs at ASIS 2024

Mohammed emphasised the pivotal role of the private sector in driving sustainable growth, particularly in climate resilience and technological innovations.

“Sustainable growth must include climate resilience, leveraging technology, and private sector innovations.

“Let us recommit ourselves to the 2030 agenda that is inclusive, impactful, and inspiring,” Mohammed said.

Olapeju Ibekwe, CEO of the Sterling One Foundation, underscored the importance of partnerships in tackling these challenges.

She said: “At the Africa Social Impact Summit, we recognise that no single entity can address the multifaceted challenges we face.

“It is through partnerships that we can harness diverse expertise and resources to tackle issues ranging from healthcare to education, and from economic growth to climate resilience.

“Our collective efforts can ignite significant change, turning ideas into impactful actions.”

Abubakar Suleiman, CEO of Sterling Bank, emphasised the necessity of creating an enabling environment for social impact.

He said: “Creating a market for social impact means ensuring there is information, trust, and efficient allocation of resources.

“I look forward to us signing deals and, beyond today, I encourage everyone to join a community that fosters year-long dialogue and action.

“Together, we will drive the conversations necessary for sustained impact.”

Obafemi Hamzat, Deputy Governor of Lagos State, highlighted the critical role of the summit in driving sustainable development in Lagos and across Africa.

He explained that the Lagos State “THEMES PLUS” programme was designed to foster growth and resilience across key sectors.

“ASIS 2024 must serve as a catalyst for collaboration and action towards sustainable development in Africa.

“Public-private partnerships are essential for attracting impactful investments, particularly in sectors such as healthcare, education, agriculture, clean energy, and social enterprises.

“The involvement of all stakeholders is crucial in developing effective and inclusive policies.

“Moreover, leveraging technology to create locally-relevant solutions is key,” Hamzat remarked.

“The second day of the summit, held on July 26 at the Eko Convention Centre, was marked by the “Bold Actions Meeting,” an important session championed by ABC Health.

The meeting aimed to secure the commitment of key stakeholders across sub-national governments and the private sector to accelerate progress towards specific SDGs in the health sector.

The session featured participation from 15 Commissioners of Health from various Nigerian states, highlighting the importance of coordinated action in healthcare.

Mories Atoki, CEO of ABC Health, spoke on the critical need to depoliticize healthcare partnerships for effective collaboration.

She said: “The politicisation of some of these partnerships is the ugly problem to be tackled.”

Zouera Yousouffou, CEO of the Aliko Dangote Foundation, emphasised the urgent need for adequate funding and structural reforms within the healthcare sector

She stated, “Africa lacks the adequate funding and structure to effectively tackle issues in the health sector.

“Our focus should shift from rediagnosing already known challenges to think concretely on the next line of action.”

Dr. Tayo Aduloju, CEO of the Nigerian Economic Summit Group (NESG), emphasised the need to move beyond rhetoric and deliver tangible results.

He noted, “While partnerships and civil societies are crucial, we need to move beyond rhetoric and deliver tangible results.

Other types of impact capital will be more effective where funding is generally inadequate.”

Prof. Akin Abayomi, Commissioner of Health for Lagos State, stressed the role of education and moral leadership in society.

Abayomi said: “To restructure society around leadership, three things come into play:

“Example, Educate, and Environment. Leaders don’t just happen; they are made through education and training.”

In addition to the Bold Actions Meeting, the summit featured various sessions addressing key issues.

The “Displaced Persons Conversations” panel, moderated by H.E. Mrs. Toyin Saraki, Founder of Wellbeing Foundation Africa.

The panel focused on job creation and economic empowerment for displaced persons.

Panelists included Mr. Arjun Jain, UNHCR Nigeria Representative; Mr. Farouk Gumel, Vice Chairman of TGI Group & Chairman of Union Bank.

Others included Ms. Ojong Annette Nkongho, a Cameroonian refugee; and Mr. Abubakar Suleiman, MD of Sterling Bank.

Discussions explored strategies for integrating displaced individuals into the workforce and promoting inclusive economic opportunities.

Additional sessions covered topics such as talent attraction, governance, and leadership, examining the frameworks and policies needed to support sustainable development.

These discussions highlighted the importance of ethical leadership and transparent governance in achieving long-term progress.

The summit concluded with a strong call to action, urging all participants to build on the insights gained and continue fostering partnerships for sustainable impact.

In her closing remarks, Olapeju Ibekwe expressed gratitude to all attendees and partners for their engagement and contributions.

Ibekwe urged them to “foster partnerships, scale investments, and maintain focus on social impact.”

The Africa Social Impact Summit 2024 underscored the necessity of cross-sector collaboration, innovation, and leadership in driving sustainable development.

The event ended with a strong commitment from all participants to work towards achieving significant social impact across Africa.

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