NCDMB Debunks Alleged N7.7bn Expenditure on Consultancy

14/02/2025

The Nigerian Content Development and Monitoring Board (NCDMB) wishes to firmly and unequivocally rebut the false, malicious, and misleading publication by Sahara Reporters on February 12, 2025, titled – EXCLUSIVE: NIGERIAN CONTENT BOARD NCDMB BOSS OGBE SPENDS N7 BILLION ON CONSULTANCY, OVER 580 MILLION ON 5-DAY LONDON TRAINING, LOGISTICS, ALLOWANCES.

The publication is riddled with falsehoods, gross inaccuracies and baseless inferences.

We wish to state that neither the Board nor the Executive Secretary spent the amount stated in the headline of the referenced statement.

It is a fact that in 2017, the Board developed a 10-Year Strategic Roadmap underpinned by five pillars and four enablers. The 10-Year Strategic Roadmap targets in-country retention of 70% spend in the oil and gas industry by 2027, amongst other measurable targets.

One of the four enablers of the 10-Year Strategic Roadmap is Stakeholder Collaboration and Engagement, borne out of a need to ensure harmonious policy and regulatory implementation by all agencies and institutions of government. It is against this background that the Board has every two years organised a Strategic Workshop with Heads of Ministries, Departments, and Agencies of government that pertain to the oil and gas industry to interrogate and find areas of alignment in the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010.

In carrying out this Strategic Workshop and every other activity of NCDMB, due process was followed in ensuring that all financial expenditures were made following approved financial and procurement guidelines. We wish to emphasise that NCDMB operates under strict government regulations and oversight bodies.

It is regrettable that Sahara Reporters, known for its sensationalism and lack of investigative rigour, has once again published unverified claims designed to mislead the public and tarnish the hard-earned reputation of our Executive Secretary and esteemed organisation.

The NCDMB categorically refutes the false claims made in the publication. The allegations of misappropriation to the tune of N7.7 billion without due approval are entirely baseless, mischievous, and aimed at tarnishing the reputation of the Board and the Executive Secretary. There was no such expenditure of N7.7 billion naira by the Board for consultancy services.

We wish to emphasize that the NCDMB led by Engr. Felix Omatsola Ogbe, operates with the highest standards of accountability, transparency, and due process in all its operations. All expenditures in the Board are subjected to rigorous approval processes in accordance with the provisions of the Public Procurement Act 2007, our enabling law, the Nigerian Oil and Gas Industry Content Development Act (NOGICD) Act 2010 and other relevant statutes and policies. The Board remains committed to upholding the principles of good governance in line with its statutory mandate.

It is on account of our strict adherence to due process that the NCDMB achieved remarkable milestones, including ranking first three consecutive times in the Presidential Enabling Business Environment Council (PEBEC) Compliance Report in the Ease of Doing Business, Transparency and Accountability among Ministries, Departments, and Agencies (MDAs) of government in Nigeria. Additionally, the Board received the Nigeria Govtech Award and the Distinguished Govtech Trailblazers Award from the Bureau for Public Sector Reform (BPSR) for excellence in digital governance and public sector innovation.

The NCDMB remains resolutely committed to its core mandate of building local capacity and empowering Nigerians to participate effectively in the Nigerian oil and gas industry. Our initiatives are aligned with the Renewed Hope Agenda of President Bola Ahmed Tinubu, GCFR, aimed at empowering Nigerians and creating sustainable jobs.

We encourage members of the public and media houses to always verify their sources of information before rushing to publish the ‘’so-called exclusive report.’’

The NCDMB has an open and accessible corporate communications team with verifiable addresses and contact details that if the above referenced online platform had bothered to reach out to for clarification, this undue sensationalism would not have happened. We believe this is a hatchet job and thus avoided the time held journalism practice of hearing the other side.

We assure the public that this malicious, false, and misleading publication will not distract the Executive Secretary from his commitment to driving the Board’s mission.

The Executive Secretary remains steadfast in advancing the goals of the organisation and delivering on its mandate for the benefit of all Nigerians.

NDIC Nominated for Regulatory Agency of 2024 Award

Business Journal

13/02/2025

L-R: Chairman, Editorial Board, Daily Independent, Opeyemi Soyombo; Executive Director (Operations), Nigeria Deposit Insurance Corporation (NDIC), Mustapha M. Ibrahim; Managing Director/Editor-in-Chief, Daily Independent, Omanufeme Steve; MD/CEO, NDIC, Bello Hassan; Executive Director (Corporate Services), Emily Osuji; Managing Editor, Daily Independent, Kingsley Ighomwenghian and Abuja Bureau Chief, Samuel Ogidan during formal presentation of Nomination Letter for the Daily Independent Regulatory Agency of the Year 2024 Award to Management of NDIC in Abuja.

Sovereign Trust Insurance Unveils Radio Campaign on Enhanced Third-Party Motor Insurance

Business Journal

12/02/2025

Sovereign Trust Insurance Plc has announced that it will be embarking on a Pan-Nigeria radio campaign for the next 13 weeks to promote one of its home-grown motor insurance policies, the Enhanced Third-party Motor Insurance Policy with the acronym, E3P.

This was made known by the Head of the company’s Corporate Communications and Investor Relations, Segun Bankole at a media parley in Lagos over the weekend.

According to the Chief Spokesperson of the Underwriting Firm, the Enhanced Third-Party Motor Insurance Policy is a unique product designed to meet the demands of the motor insuring public who want value for money on the premise of affordability.

Unlike the conventional Third-Party Motor Insurance which only cater for the third party in the event of a mishap, the Enhanced Third-Party Motor caters for both the insured and the Third-Party in the event of a road crash with an annual premium of N25,000 (Twenty-Five Thousand Naira) only while the conventional Third-Party Motor insurance is N15,000, (Fifteen Thousand Naira).

The only beneficiary for compensation with a Third-party motor insurance cover is the third party as the name of the product suggests while on the other hand, the insured and the third party gets compensated with the Enhanced Third-Party Motor insurance cover.

For the Enhanced Third-Party Motor Insurance, (E3P), The insured gets indemnified to the tune of N500,000, (Five Hundred Thousand Naira) and the third party to the tune of N3,000,000.00, (Three Million Naira) as applicable with a Third-Party Motor Insurance Policy.

The nationwide radio campaign will span all the major commercial cities in the country, namely, Lagos, Ibadan, Akure, Enugu, Port-Harcourt, Kaduna and the Federal Capital Territory, FCT, Abuja.

Segun Bankole noted that with the enforcement of the Third-Party Motor Insurance Policy, it has become very imperative for motorists across the country to ‘put their money where they will get optimal value’ and that can only be with the company’s home-grown motor insurance cover, the Enhanced Third-party Motor Insurance, E3P. A cover that offers the best of two worlds, he concludes.

NIA DG Seeks Continuous Insurance Awareness to Combat Negative Perception

Business Journal

12/02/2025

L-R: Chuks Okonta, Ex officio, NAIPE; Nike Popoola; Modestus Anaesoronye; Mrs. Bola Odukale, DG NIA; Nkechi Naeche-Esezobor, Chairperson NAIPE; Bankole Orimisan; Ebere Nwoji; Rosemary Iwunze, General Secretary, NAIPE during the courtesy visit of NAIPE Exco to the NIA in Lagos.

The Director General of Nigerian Insurers Association (NIA), Mrs. Bola Odukale has reiterated the need for continuous insurance awareness creation across the country to eliminate the prevailing negative perception about insurance.

Odukale made the assertion when the executive members of the Nigerian Association of Insurance and Pension Editors (NAIPE) paid a courtesy visit to her office at the NIA head office in Lagos.

According to her, insurance practitioners must always put themselves in the face of the people through collaboration with the media.

She said: “Image making is part of the business of insurance especially for an industry like ours that everybody claims much of the time that they don’t know much about. We keep hearing things like ‘we don’t know anything about insurance’ and the feedback is always like everybody seems to lack knowledge of insurance in its entirety. Everybody seems to be in the dark about insurance or what insurance is all about and this has been a recurrent decimal as far as the trajectory of the industry is concerned.

“So, what that says to me is that there must be continuous engagement, we must continuously put ourselves in the face of the people. Nobody will say they don’t know what the banks do. Lot of people doesn’t claim the kind of ignorance about the banking sector like they claim about the insurance sector.

“Hence, the fact remains that the media is part of us and the image maker of the industry. Collectively as an industry, you remain the image maker of our industry. You are a vital part of us as far as this industry is concerned, hence matters with you cannot be taken with levity and I want to assure you that we are going to be working together.”

She added that “what that means is that we still have a lot of work to do and we must continuously ensure that we do the right thing, continuously projecting our industry out there and in a very bright light. I am saying that to re-emphasise the fact that you are key to us, and we are also willing to work together with you.”

While speaking on the third-party motor insurance awareness campaign, Odukale said: “The third-party awareness is going to be sustained for the long haul because this is not about third party but about insurance. We are bringing insurance awareness closer to the people, even though we are focusing on third party. It is still talking about insurance, letting people know that there is something called insurance. So, it is not a conversation that we are just going to end in February, it is something we intend to push further and further.

“Talking about this third party has shown that a lot of awareness creation is required. So, we will work with you over the long haul, so that we sustain the tempo.”

She however appealed to insurance journalists to collaborate with the industry to project the sector in a positive light and protect the industry.

“A lot of us have prospered from this industry, so it behooves on us to protect the industry in terms of our reporting. When we are doing our balanced reporting, we should ask ourselves, ‘what is the end result? So that at the end of the day, if anybody reads anything about the industry, how does it settle in the person’s mind. Does it make the person have a better perspective of this industry?”

Meanwhile, the Chairperson of NAIPE, Mrs. Nkechi Naeche-Esezobor while making her presentation charged insurance operators to carry out regular briefing with the media to keep the journalists abreast with developments in the industry.

She said: “The NIA can collaborate with the media on awareness creation through quarterly briefings on developments in the sector. Through the quarterly briefings, the media will be aware of developments in the sector and adequately push out the message to the public.”

NAIPE Chairperson also advocated for regular articles on insurance to be published by insurance journalists on their various platforms to spread the message of insurance.

NCDMB Chief Outlines Pillars to African Collaboration Strategy on Local Content

Business Journal

12/02/2025

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has charged sub-Saharan African nations to keep pace with unfolding trends in the global oil and gas industry and adopt a unified approach in strengthening local content development, advancing industrialisation and fostering sustainable continent-wide economic growth.

In a Keynote Address at the 9th Sub-Saharan African International Petroleum Exhibition and Conference (SAIPEC), in Lagos on Tuesday, Engr. Ogbe said nations like Nigeria, Angola, and Ghana have made notable strides in local content development by boosting indigenous participation in the oil and gas sector, but expressed regret that “fragmented implementation continues to hinder collective progress.”

He called for a collaborative strategy among petroleum-producing nations in sub-Saharan Africa that would foster the sharing of best practices and enhance cross-border partnerships that could drive the competiveness of indigenous players.

In his paper entitled “Sub-Saharan Africa Local Content Collaboration Strategy,” Engr. Ogbe identified harmonisation of local content policies, human capital development, investment in infrastructure, funding for local companies and technology transfer, as key pillars to Africa’s collaboration strategy.

He noted that “there is a need to develop a robust local content framework that positions the region for long-term economic prosperity,” and that this could be fostered “through the collaborative efforts of APPO [African Petroleum Producers Organisation] and the United Nations Economic Commission for Africa and the African Union.”

Engr. Ogbe also highlighted the importance of the African Continental Free Trade Agreement (AfCFTA) as a critical legal framework that could be leveraged to achieve collaborative local content strategy in Africa, given the free trade area it has created by integrating 1.3 billion people across 54 African countries with a combined gross domestic product of over $3 trillion.

On human capital development, which he described as “pivotal to the successful implementation of local content,” he observed that approximately 60% of Africa’s population is currently under the age of 25, and that this teeming population provides a unique opportunity to fast-track development. “A large, young workforce,” he noted, “can drive expansion through increased productivity and expansion.”

The NCDMB boss dwelt at length on how investment in infrastructure could catalyse regional economic growth, citing the 650,000-barrel-per-day Dangote Integrated Refinery and Petrochemical Company, which he noted would afford Nigeria and other African countries partnership opportunities for sourcing petroleum products and fertiliser.

Similar projects capable of leveraging collaborations include Kenya’s Konza Technology City, Grand Ethiopian Dam, Lekki Free Trade Zone (Lagos), and facilities like the SHI-MCI FPSO Fabrication/Integration Yard in Lagos. Others highlighted by the Executive Secretary were NCDMB’s Nigerian Oil and Gas Parks Scheme (NOGAPS) being developed in seven locations in Nigeria, to which he invited interested businessmen and investors seeking to manufacture industry-related equipment, components and spares to apply.

Speaking on funding, Engr. Ogbe said “A regional fund or financial framework that provides credit facilities, guarantees, and investment incentives would strengthen indigenous firms,” noting with satisfaction that an African Energy Bank, established by APPO with the support of the NCDMB, which has taken equity investment in it, is soon to be operational.

In regard to technology transfer and innovation, he pointed out that “Encouraging joint ventures, research collaborations, and technology-sharing agreements among African nations will drive the adoption of cutting-edge solutions and indigenous technological advancements in the African economy.”

The overall strategy discussed by Engr. Ogbe envisages roles for the academia and research institutions, which must collaborate on industry-driven research, innovations, and skills development. In his words, “By working together, we can create a formidable and self-reliant petroleum sector that delivers long-term benefits for our economies, businesses, and people.”

Earlier on Monday, in a Pre-Event Session, the Director, Monitoring and Evaluation of the NCDMB, Mr. Abdulmalik Halilu, delivered a paper on “Optimisation of Developed Capacities and Capabilities in Africa for the Growth of African Oil and Gas Industry.”

In the presentation, with illustration from Africa’s Hydrocarbon Map, he discussed Local Content Value Proposition for Africa, Concepts, and Way Forward. Under Local Content Value Proposition, he highlighted research and technology development, local employment, strategic partnerships, ownership and control of assets, while Supply Chain Optimisation threw light on sustainable operations, increased production and utilisation of locally made goods, and contribution to GDP.

Under Way Forward for Sector-Specific Industrialisation, Mr. Halilu charged petroleum-producing countries to “identify and develop niche industries, promote specialization and value addition, establish export-oriented economic zones.” For trade and regional integration under AfCFTA, his suggestion was, “Harmonise trade policies and regulations, develop efficient transport and logistics networks, export expansion grant to companies promoting intra-Africa trade.”

The 9th Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) continues in Lagos.

Raenest Secures $11m Series A Investment in QED-Led Funding Round

Business Journal

11/02/2025

Raenest, the global multi-currency accounts platform for individuals and businesses across Africa, today announced the completion of its $11 million Series A funding.

The round was led by QED Investors, with participation from Norrsken22, alongside follow-on investment from Ventures Platform, P1 Ventures, and Seedstars. This equity-based capital injection brings Raenest’s total venture funding to $14.3 million.

With this new funding, Raenest aims to deepen its operations in Nigeria, while also strengthening its Kenyan presence. The company also plans to enter the United States and Egypt this year, broadening its impact with Africans within the continent and outside the continent, and also attract top talent to support its growth.

Currently, Raenest holds licenses in Nigeria as an approved International Money Transfer Operator [IMTO] and in Canada as a Money Services Business [MSB] and is working to secure additional licenses in key jurisdictions.

The company has established strategic partnerships with leading banks in the US and UK, to ensure operational stability and reliability, and plans to use the funding to form additional collaborations with financial institutions worldwide.

Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest initially operated as an Employer of Record (EOR) before evolving into a platform that redefines global banking for Africans, helping businesses and freelancers receive international payments, convert between currencies, operate a multi-currency wallet, while managing transactions seamlessly.

The platform also enables customers to open global bank accounts in their names, access physical and virtual dollar cards, and manage payments in USD, EUR, and GBP. These tools offer the flexibility and reliability needed to navigate global markets.

To date, the company has amassed over 700,000 individual customers, processed over $1 billion in payments, and serves over 300 businesses, including MoniePoint, Helium Health, Fez Delivery, and Matta.

Raenest also offers a consumer-focused product, Geegpay, which provides Africa’s gig economy, particularly freelancers, creators, remote workers, and solopreneurs, with efficient solutions for receiving payments from Upwork, Fiverr, Gusto, as well as other overseas platforms and clients while minimising fees.

Speaking on the announcement, Victor Alade, CEO of Raenest, said: “At Raenest, we are dedicated to addressing the barriers that hinder Africans from accessing seamless financial services. Our journey over the past two years has been shaped by innovation, collaboration, and a shared vision to build a sustainable, globally impactful business that bridges economic and digital divides. This funding, supported by new and existing investors who share our mission, provides the momentum to scale our solutions and expand our impact across the continent. We are excited to continue building solutions that connect Africa to the world and drive inclusive growth and prosperity.”

Gbenga Ajayi, Partner and Head of Africa and the Middle East at QED Investors, added: “At QED, we’re thrilled to support Raenest as they redefine cross-border banking for Africans. Their commitment to financial inclusion, combined with a seamless user experience, positions Raenest as a game-changer in the region’s fintech landscape. We firmly believe that by bridging the gap between local and global markets, Raenest will unlock new opportunities for African entrepreneurs, freelancers and businesses, ultimately driving greater economic empowerment across the continent.”

Lexi Novitske, General Partner of Norrsken22, “Africa’s gig economy is growing at an impressive 20% year-on-year, yet cross-border payment challenges persist for workers and businesses alike. Our investment in Raenest reflects our belief that they are unlocking new opportunities by transforming how Africa’s global workforce connects to the world economy.”

Kola Aina, Founder and General Partner at Ventures Platform, emphasised their continued support: “As one of Raenest’s earliest backers, we have witnessed their exceptional growth, their consistent delivery of quality and reliable services to customers, and their ability to deliver meaningful impact in the financial services sector. Raenest’s unwavering commitment to Africa’s gig economy and businesses is evident at every stage of their journey, and we are thrilled to see them continue to scale while staying true to their bold vision.”

With this Series A funding, Raenest is set to expand its reach and strengthen its role in the growing cross-border payments industry, which is projected to reach $320 trillion by 2032. Africa remains one of the fastest-growing regions for global transactions.

With the backing of global and early-stage investors, Raenest is well-positioned to deliver fast, transparent, and affordable financial tools that simplify cross-border money management. By scaling its infrastructure, deepening partnerships with global financial institutions and enhancing its multi-currency offerings, Raenest is enabling more African businesses and individuals to participate fully in the global economy.

About Raenest

Raenest is a financial platform that enables African businesses and individuals to seamlessly access global multi-currency accounts. Users can create USD, GBP, and EUR bank accounts to receive international payments, manage multi-currency wallets, send money worldwide, and convert currencies at competitive rates. They can also spend effortlessly using virtual and physical dollar cards.

Our mission is to break down financial barriers, empowering African businesses and individuals to thrive in the global economy.

Emirates, Air Peace Sign Interline Agreement, Expanding Travel Choices to 13 cities in Nigeria

Business Journal

11/02/2025

Emirates, the world’s largest international airline, has signed an interline agreement with West Africa’s largest airline, Air Peace, enhancing connectivity for passengers travelling to and from Nigeria.

The partnership expands Emirates’ footprint to 13 new cities in Nigeria with frictionless single-ticket travel and simplified baggage throughput.

Travellers booked on flights from Dubai to Lagos can access more of Nigeria, with onward connections to Asaba, Akure, Benin City, Calabar, Enugu, Ilorin, Kaduna and Owerri. The interline agreement will also benefit corporate travellers, connecting to additional cities in one of Africa’s major economic hubs, including its capital city Abuja, Kano, Uyo, Port Harcourt and Warri, further supporting the strong bilateral trade relationship between Nigeria and the UAE.

Adnan Kazim, Emirates’ Deputy President and Chief Commercial Officer said, “Emirates is a steadfast partner of Nigeria’s tourism, trade and aviation sectors. This partnership with Air Peace is the next step on this journey, bolstering our connectivity and introducing more travel options for corporate leisure, and travellers visiting friends and family to and from Nigeria. We look forward to deepening our strategic partnership with Air Peace in the future to enhance the benefits for our mutual customers.”

Oluwatoyin Olajide, Chief Operating Officer, Air Peace said: “We are excited about this strategic interline partnership between Air Peace and Emirates, which is a significant step towards enhancing global connectivity for Nigerian travelers. It aligns with our mission to provide seamless, world-class travel experiences while expanding our route network and international reach. This collaboration not only expands Air Peace’s international reach but also offers Nigerians arriving from Dubai seamless access to key domestic destinations, including Asaba, Akure, Benin City, Calabar, Enugu, Ilorin, Kaduna, and Owerri. By improving ease of travel, we are boosting business, tourism, and trade opportunities, further strengthening economic ties between Nigeria and the UAE. This partnership also reinforces Nigeria’s aviation sector by enhancing connectivity, efficiency and positioning our country as a critical hub for regional and global travel. At Air Peace, we remain committed to providing greater connectivity, convenience, and world-class service for our passengers.”

Emirates’ Dubai-Lagos route is operated with a Boeing 777-300ER, offering the best experience in the sky. Passengers can dine on regionally inspired multi-course menus and a wide selection of premium beverages, while enjoying over 6,500 channels of global entertainment, including 23 Nigerian movies, in addition to series and other content on ice, Emirates’ award-winning inflight entertainment system. As one of only two airlines operating First Class into Lagos, the partnership enables more travellers from Nigeria to experience Emirates’ unrivalled experience with luxurious touches, defined by comfort and privacy.

Air Peace, Nigeria’s leading airline, provides seamless connections domestically and internationally, via a fleet of aircraft, comprised of Airbus 320s, Boeing 737s, Boeing 777s, Dornier 328-300 Jets, Embraer 145s, and Embraer 195-E2s.

Emirates offers near-unrivalled global connectivity, which is further amplified by its extensive partnership network.

In Africa, the airline’s footprint expands to over 223 regional points through 5 codeshare and 19 interline partners, providing better connection opportunities to both holiday destinations and emerging economic centres on the continent.

Customers can book their travel now on emirates.com, Emirates Retail Stores, the Emirates app, and preferred travel agencies.

Polaris Bank, Partners Present School Essentials to Gbaja Girls Secondary Schools, Lagos

Business Journal

11/02/2025

L-R: Divisional Head, Surulere Business, Dr. Bimbo Akorede; Principal Gbaja Junior Girls School, Mrs. Tawakalitu Dahiru; ED, Corporate & Investment Banking, Polaris Bank, Mrs. Abimbola Ozomah; ED PaceGate Limited, Raj Totlani, Group Head, Customer Experience & Value Mngt; Bukola Oluyadi & GM, Evolve Charity Trust, Mr. Godwin Ejeh when Polaris Bank & Evolve Charity Donated over 200 Schools essentials to both Gbaja Junior and Senior Secondary Schools in Surulere last week in Lagos.

Polaris Bank and one of its strategic CSR partners, Evolve Trust Charity on Wednesday stormed Gbaja Girls (Junior and Senior) High School, Surulere, Lagos in continuation of its presentation of school essentials programme to selected public school students in the country.

The partnership which birthed in 2021 and primarily focused on empowering the girl-child and their male counterparts has reached over 15,000 students across 35 public schools in nine states including Lagos, Kano, Kogi, Imo and FCT, Abuja.

Amongst other things, the initiative includes empowering young learners with brain training techniques and emotional intelligence education alongside making and distributing user-sized school essentials (bags, uniforms, sandals, books, and pens). The initiative also captures training of teachers in the respective schools, all sponsored by the Bank.

Speaking at the presentation on Wednesday, the Bank’s Executive Director, Corporate and Investment Banking, Mrs. Abimbola Ozomah emphasized that the Bank being a signatory to United Nations’ (UN) Principles for Responsible Banking aligns its practices and strategies with the UN’s Sustainable Development Goals and the Paris Climate Agreement thus igniting its sustained interests in the training of the girl-child.

According to data from the United Nations Educational, Scientific and Cultural Organisation (UNESCO), there are about 10.5 million out of school children in Nigeria with six million of them being girls.

“This event is not just about distributing educational materials but empowering girls for bigger roles because educated girls grow into informed women. At Polaris Bank, we are committed to bridging the educational gap, empowering girls and building sustainability aligning with global framework,” she said.

The Executive Director further charged the students to embrace the opportunities inherent in education while stating that the Bank will stop at nothing to support them.

“Education is most powerful tool at your disposal and you have to utilize it to the maximum. Polaris Bank will not relent in supporting this laudable mission to empower girls who will drive the needed change to better our country and world. This intervention is in line with the Bank’s ongoing sustainability efforts aimed at reducing out-of-school children population and increasing access to quality education, especially for the girl-child and we urge you all to take full advantage,” Ozoma noted.

Also speaking, Programme Manager at Evolve Charity Trust, Ejeh Godwin thanked Polaris Bank for keying into the Trust’s mission of supporting the girl-child nationwide. Godwin noted that while the initiative commenced in 2020, Polaris Bank partnered in 2021 and the Bank has never for once backed out since then.

“I want to specially appreciate Polaris Bank for their tremendous support since 2021 that the partnership started. We couldn’t have done this alone nor come this far without their support. We’ve expanded our reach and hope to even bring more schools in other states on board this year, all thanks to Polaris Bank,” Ejeh said.

The Principal, Gbaja Girls Junior High School, Mrs Dabiri Nwabuoku Adetoun Iyabo in her remarks also appreciated Polaris Bank for including the school in the intervention programme.

“I want to specially thank Polaris Bank on behalf of staff and students for finding us worthy of benefitting from this laudable programme. You can feel the energy in the hall that the students are happy and so are the staff. This has boosted our morale, and we are incredibly happy about it,” the Principal enthused.

One of the beneficiaries and Assistant Senior Girl of the school, Bankole Oreofeoluwa Emmanuella also thanked the Bank for symbolic gesture while promising to put the items into judicious use.

“My friends and I are happy about this gesture from Polaris Bank, and we can’t thank the Bank enough. These items will further ease our learning, and we promise to not only put them to judicious use, but imbibe good maintenance culture,” Bankole said.

Highlight of the event was presentation of the items to students by officials of Polaris Bank and Evolve Charity Trust.

Fidelity Bank: Investors Affirm Support with 238% Over-subscription of Combined Offer

Business Journal

11/02/2025

Leading financial institution, Fidelity Bank Plc, has announced the successful conclusion of the first tranche of its equity capital raise through its Public Offer and Rights Issue (the Combined Offer) following the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN), and approval of the Basis of Allotment by the Securities and Exchange Commission (SEC).

A total of 108,046 applications for 23,791,687,463 Ordinary Shares totaling ₦231,968,952,764.25 were received on the Public Offer. Out of these, 107,588 applications for 23,768,724,000 Ordinary Shares totaling ₦231,745,059,000.00 were found to be valid based on the terms of the Offer and the CBN’s verification.

However, 458 invalid applications for 22,765,143 Ordinary Shares totaling ₦221,960,144.25 were rejected, while 548 applications which included odd lots amounting to 198,320 Ordinary Shares (i.e. ₦1,933,620.00) were also rejected. The Public Offer was 237% subscribed and 150% allotted.

With respect to the Rights Issue, 7,559 applications for 4,430,290,237 Ordinary Shares totaling ₦40,980,184,692.25 were received of which 656 applications for 23,037,442 Ordinary Shares totaling ₦213,096,338.50 were invalid based on the terms of the Rights Issue. The Rights Issue was 137.73% subscribed and 100% allotted.

“We are delighted to announce the successful completion of the first phase of our capital raising initiatives through a Public Offer and Rights Issue. The positive result recorded in our Combined Offer is a testament to the strength of the Fidelity Bank franchise in the capital market. It is both gratifying and humbling to note this level of investor confidence in our Bank. We extend sincere gratitude to our investors for their continued confidence in the Bank, as evidenced by the 237.92% and 137.73% oversubscription of our Public Offer and Rights Issue respectively. As we go into the next phase of our capital raising drive, we reaffirm our commitment to providing cutting-edge financial solutions to our customers and sustainable returns to our stakeholders”, commented Dr Nneka Onyeali-Ikpe, OON, Managing Director and Chief Executive Officer, Fidelity Bank Plc.

The funds realised from this initial phase of capital raising will be deployed to local and international business expansion, enhancement of technology infrastructure and deepening customer service initiatives.

With the successful conclusion of the first phase of capital raising, the Board of Directors recently obtained the approval of shareholders to commence the second phase and is confident of meeting the new regulatory capital for banks with international authorisation before the CBN’s deadline of March 31, 2026.

Following the CBN’s publication of the revised minimum capital requirement for banks in March 2024, Fidelity Bank with its combined offer of June 2024, became the first financial institution undertake a public offer on the Nigerian Exchange Group.

From an offer price of N9.75 per share for the Public Offer and N9.25 per share for the Rights Issue in June 2024, the Bank’s shares traded at a high of N21.15 on February 7, 2025, a growth rate of over 116%, the highest for any financial institution in the banking industry.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 251 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

Rand Merchant Bank Facilitates Landmark Corporate Bond Issuance for Presco

Business Journal

10/02/2025

L-R: Olaronke Arigbede, Group Treasurer, SIAT Group, Felix Nwabuko, Group CEO, SIAT Group, Reji George, Managing Director/CEO, Presco Plc and Bayo Ajayi, Chief Executive Officer, Rand Merchant Bank Nigeria Limited, during the deal signing ceremony of Presco PLC’s ₦82.9 billion 7-year 23.75% Series I Bond held recently in Lagos.

Rand Merchant Bank (RMB) is pleased to have acted as Joint Lead Issuing House for Presco Plc in its landmark Series 1 Fixed Rate Senior Unsecured Bond issuance under the ₦150 billion Bond Issuance Programme.

This issuance stands as the largest corporate bond transaction in Nigeria’s debt capital markets since 2022 and the highest-ever raised by an agro-industrial company in the nation. This milestone not only underscores Presco’s sector leadership but also highlights strong investor confidence in its strategic growth trajectory.

The Series 1 Bond, with a tenor of 7 years, was priced at a coupon rate of 23.75% following a rigorous book-building process that attracted substantial interest from institutional investors. The issuance recorded significant participation from 16 Pension Fund Administrators (PFAs), representing 73% of all PFAs.

This overwhelming institutional demand reflects exceptional trust in Presco’s creditworthiness and strategic vision, particularly its planned acquisition of Ghana Oil Palm Development Company Limited. This strategic acquisition is set to accelerate Presco’s regional expansion and further solidify Nigeria’s leadership in the sustainable agro-industry in Africa.

This accomplishment demonstrates RMB’s expertise in guiding companies through the capital markets process and our commitment to driving growth. In addition to the Joint Lead Issuing House and Bookrunner roles, RMB provided debt advisory services to Presco, advising the Company through a dynamic acquisition structure that was key to determining an optimal funding mix for its expansion plans.

We are grateful to the Board and Management of Presco for trusting RMB and the other professional parties to guide the process to a timely and successful completion of this landmark transaction.

Speaking on the transaction registration, Mr Reji George, Managing Director / CEO, Presco Plc commented:

“The successful completion of our Series 1 Bond issuance further fortifies Presco Plc’s position for sustainable growth and strategic expansion. In line with our goals of transforming the business to lead Africa in the edible oil industry in the future, the funds raised will be primarily directed towards acquiring a majority stake in the Ghana Oil Palm Development Company (GOPDC).

This achievement not only enhances our operational efficiencies as an organization, it also solidifies our market presence and competitive advantage in the palm oil sector beyond Nigeria. Most importantly, it positions us to provide even greater value to our customers while ensuring long-term returns for our shareholders.

We extend our sincere gratitude to all the parties to this transaction including RMB as joint lead arranger for their unwavering support and expertise throughout this process, which played a pivotal role in the successful completion of this transaction.”

Chidi Iwuchukwu, Executive Director at Rand Merchant Bank Nigeria Limited, stated: “Advising on Nigeria’s largest corporate bond issuance since 2022 has been a privilege. Despite the elevated interest rate environment, the record-breaking participation from PFAs highlights the depth of Nigeria’s debt capital markets and the credibility of high-quality issuers like Presco. We remain committed to supporting Presco’s ambitious growth agenda.”

Bayo Ajayi, Chief Executive Officer of Rand Merchant Bank Nigeria Limited, added: “This transaction marks a pivotal moment for Nigeria’s agro-industrial sector. By securing ₦82.89 billion at competitive pricing, Presco has demonstrated its ability to mobilize large-scale capital for transformative growth. We are proud to partner with Presco as it leads sustainable expansion across West Africa.”

RMB has over 16 years of transactional experience in Nigeria, ranging from advisory on infrastructure projects and execution of key merger and acquisition mandates to the provision of innovative and bespoke funding solutions to support transactions across a range of sectors.

As part of the Corporate & Investment Banking Division of the FirstRand Group, the largest listed financial services group (by market capitalisation) in Africa, RMB’s business strategy leverages a market-leading origination franchise to deliver an integrated value proposition to corporate and institutional clients across Africa.

RMB Nigeria Recognised as Top Employer in Nigeria for 2025

Business Journal

07/02/2025

Rand Merchant Bank Nigeria Limited (RMBN) is proud to be recognised as a Top Employer in 2025 by the Top Employers Institute, a global organisation that acknowledges excellence in people practices. Achieving this certification on our first attempt reflects our dedication to creating an exceptional workplace and our unwavering commitment to fostering an inclusive, supportive, and growth-oriented environment.

We are committed to cultivating a culture where our people are equipped to thrive, grow, and are inspired to achieve their full potential, contributing meaningfully to the success of our business and society.

This achievement is a testament to the passion, dedication, and collaborative spirit of every employee, who brings their purpose to life each day and makes RMBN such a special place to work.

The Top Employers Institute evaluates organisations based on several key HR dimensions, including talent development, diversity and inclusion, and employee well-being. The certification process involves a rigorous, independent evaluation of RMBN’s organisational values, ethics, employee engagement, and people strategies and practices across the entire employee value chain.

Reflecting on this achievement, Ayotunde Jegede, Head of Human Capital at RMBN, said: “Our success as an organisation begins and ends with our people. At RMBN, we believe that our success is built on the strength of our incredible team. From providing opportunities for professional development to championing diversity, equity, and belonging, we strive to create an environment where everyone can thrive and contribute to meaningful impact. A special thank you to our amazing team for making RMBN not just a great place to work, but a great place to grow. As we celebrate this milestone, we will remain focused on building an even stronger employee experience, because we know that when our people succeed, so do our clients and communities.”

Bayo Ajayi, CEO of RMB Nigeria, added: “We are honored to be recognised as a top employer in Nigeria. This certification reflects our commitment to fostering a supportive and empowering culture for our people. As an organisation, we have actively invested in various initiatives, such as leadership programs and mentorship opportunities, aimed at supporting employees towards their career growth. We believe that investing in our people is key to driving innovation and unlocking growth, and we will continue to prioritize their success.”

This recognition places RMB Nigeria among the leading employers in the financial sector, reinforcing its reputation as an employer of choice for top talent.

About RMB Nigeria Limited:

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

NCDMB Hosts Nigerian Army Personnel, Showcases Milestones in Local Content Implementation

Business Journal

07/02/2025

The Nigerian Content Development and Monitoring Board (NCDMB) on Thursday in Yenagoa, Bayelsa State, played host to a visiting team of ranking military officers from the Nigerian Army Resource Centre (NARC), Abuja, who are in the state on a local study tour.

At an interactive session at the Nigerian Content Tower (NCT), corporate headquarters of the NCDMB, the Executive Secretary of the Board, Engr. Felix Omatsola Ogbe, presented a portrait of Nigeria’s oil and gas industry in its first 50 years of operation and the highpoints in implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010.

According to him, the earlier phase was marked by capital flight amounting to an estimated US$380 billion, loss of two million jobs as a result of human capital deficits, and less than five per cent in local content. In sharp contrast is the post-NOGICD Act era which has witnessed phenomenal development of in-country capacity and capabilities as a result of creative enforcement and monitoring of industry operations as well as strategic interventions by the NCDMB.

The NCDMB boss explained that local content hit 56 per cent at the end of 2023, which translates into in-country retention of 56 per cent of oil and gas industry yearly spend on operations – a feat that has made the NOGICD Act as well as implementation strategies the model for other oil- and gas-producing countries in Africa. The target for the NCDMB, he pointed out, is 70 per cent in 2027.

With emphasis he declared that the NCDMB wants to ensure that equipment and tools as well as services required for oil and gas operations are made and procured in Nigeria.

In accounting for the success of the Board thus far and the feasibility of its performance targets in capacity development, he said, “We take research and development seriously,” citing the centres of excellence established, equipped and funded by the Board in the six universities, one in the six geopolitical zones of the country.

The Executive Secretary, who was represented by the Director, Corporate Services and Capacity Building, Dr Ama Ikuru, observed that the Nigerian Army itself has raised the bar in research and development as well as local content, in relation to human capital development and local manufacturing of some components used in military operations.

While conducting the guests, which comprised officers between the ranks of Lieutenant Colonel and General currently undergoing an 11-month Leadership and Strategic Course 3/2024, round different sections and facilities of the Board, Dr Ikuru had the team familiarised with the Board’s Technology Innovation and Incubation Centre (TIIC). Its success story in aiding individuals with innovative ideas and facilitating technology adaptation and process improvement was highlighted.

In further elaboration of the Board’s activities and engagements, the Director, Monitoring and Evaluation, Alhaji Abdulmalik Halilu, noted that there is a history of “mutually beneficial partnership between the Army and the NCDMB,” citing the involvement of the Board’s personnel as resource persons at the Nigerian Defence Academy, Kaduna. According to him, “It is good the military sees NCDMB as a partner.”

In his own remarks, the General Manager, Corporate Communications and Zonal Coordination, Barr. Esueme Dan Kikile, said the visit of the military officers who are Participants of the Leadership and Strategic Course 3/2024 from the NARC, afforded the Board and guests a useful platform for interaction and knowledge sharing. He urged the guests to “tell the success story of the NCDMB” wherever they find themselves”.

Team leader for the military officers, Major General Abubakar A. Tarfa (retd), explained that the Local Study Tour was part of an 11-month course and that members of the team were all professionals in diverse fields – engineering, medicine, nursing, and administration, among others.

He said the course was designed “To prepare participants for higher responsibilities” and that the tour would provide necessary exposure, to have the officers acquainted with the NCDMB and its role and monitoring programmes that “ensure steady growth in local content” in the oil and gas industry.

Major General Tarfa pointed out that there is “a relationship between leadership, strategy and national security,” and that the training and associated activities underline such realities. He said “military assistance to civil authority for oil production in the Niger Delta toward national development” was a major motivating factor in their study tour of the state.

Speaking on behalf of participants, Lt. Col. Juliet Aziekwu expressed appreciation for the interactive session, stating, “We are better informed about the NCDMB and its role; we’ll put the knowledge into use.”

Earlier in opening remarks, the Deputy Manager, Corporate Communications and Zonal Coordination, Dr. Obinna Ezeobi, had noted that there was a nexus between what the military officers were in the state to do and what the NCDMB does, that is, capacity building. He said they were thus in the right place.

On the entourage of the NARC team was the Commander of the 16th Brigade of the Nigerian Army, Yenagoa, Brigadier General Oluremi Obolo.

NAICOM, FRSC Strengthen Collaboration to Ensure Compliance with Third-Party Insurance

Business Journal

07/02/2025

L-R: Shehu Mohammed, Corp Marshal, Federal Road Safety Corps (FRSC) and Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, National Insurance Commission (NAICOM).

The National Insurance Commission (NAICOM) and the Federal Road Safety Corps (FRSC) have joined forces to strengthen enforcement of motor third-party compulsory insurance in Nigeria. This collaborative effort aims to promote a safer and more secure environment for all road users.

During a working visit to the FRSC headquarters in Abuja, the Commissioner for Insurance Mr. Olusegun Ayo Omosehin commended the Corps Marshal, Shehu Muhammed, for his efforts in ensuring road safety in Nigeria. Mr. Omosehin highlighted NAICOM’s role in regulating the insurance industry and driving growth and development in the country.

The commissioner emphasised the importance of third-party motor insurance, outlining its benefits in two parts:

Financial Benefits and Non-Financial Benefits. Under financial benefits, victims of damage caused by insured vehicles are entitled to ₦3 million, while in the event of death, the compensation is unlimited, depending on the value of the deceased individual. Non-financial benefits include financial safety, peace of mind, and confidence in compliance with government regulations.

The CFI called for improved collaboration between NAICOM and FRSC to ensure road safety, emphasising that while it is the primary duty of FRSC, it is also an auxiliary duty of NAICOM to provide risk-mitigating measures through policy regulations.

In response, Corps Marshal Shehu Muhammed assured Omosehin of his partnership, stating that third-party insurance policy is the primary responsibility of the Road Safety Corps and part of the National Road Traffic Regulation, which makes it compulsory for every vehicle owner to have.

Stanbic IBTC Capital Lead Presco’s ₦82.9b Bond Issuance to Drive West African Market Growth

Business Journal

07/02/2025

Presco Plc has achieved a significant milestone with the successful issuance of its ₦82,896,000,000 7-year 23.75% senior unsecured fixed rate Series I Bonds under its ₦150 billion bond issuance programme with the Securities and Exchange Commission (SEC). Stanbic IBTC Capital Limited acted as the Lead Issuing House on the Programme.
The proceeds from the Transaction will enable the Company fund its acquisition of a 100% equity stake in Ghana Oil Palm Development Company (GOPDC), further supporting its strategic expansion objectives.

Speaking on the transaction registration, Mr. Reji George, Managing Director / CEO, Presco PLC commented:

“The successful completion of our Series 1 Bond issuance solidifies Presco’s foundation for continued growth and expansion. Aligned with our strategic objectives of increasing our planted area of palm oil and, to lead Africa in the fully integrated edible oil and fats business in the nearest future, the proceeds from this issuance will be primarily directed towards the acquisition of a majority equity stake in the Ghana Oil Palm Development Company (GOPDC).

This not only enhances our operational efficiencies, It also solidifies our market presence and competitive advantage in the palm oil sector beyond Nigeria. Most importantly, this will enable us to better serve our valued customers and deliver sustainable value to our shareholders. We extend our sincere gratitude to Stanbic IBTC Capital and all our advisors for their support throughout this process.”

Also speaking on the transaction registration, Oladele Sotubo, Chief Executive, Stanbic IBTC Capital, said:

“Stanbic IBTC Capital is proud to have advised Presco Plc on the successful issuance of its ₦82.9 billion Series 1 bond. As the largest local currency corporate bond issuance in the Nigerian market in recent years, this milestone underscores our deep expertise in capital markets and our commitment to delivering innovative, high-impact financial solutions.

Beyond reinforcing Presco’s strategic growth, this transaction enhances funding diversification within the agricultural sector, driving sustainable industry expansion. We appreciate Presco Plc’s trust in Stanbic IBTC Capital and the consortium of advisors who contributed to the successful execution of this landmark deal.

Fidelity Bank to Launch Innovative SME Hub with Creative Studios

Business Journal

05/02/2025

Fidelity Bank, a leading financial institution, has announced the imminent launch of its dedicated physical facility for Small and Medium-scale Enterprises (SME) and entrepreneurs in the creative sector.

Known as the Fidelity SME Hub, the multipurpose facility features training halls, meeting rooms, networking spaces, podcast rooms as well as music, photography and content production studios.

“For nearly four decades, Fidelity Bank has been at the forefront of supporting small businesses in achieving their potential and driving the nation’s economy. During this time, we have recognized that SMEs require more than just financial assistance. This realisation has led to the implementation of various non-financial initiatives tailored to support this sector.

“The Fidelity SME Hub is our latest non-financial solution for SME growth. The facility is designed to foster innovation, collaboration, and capacity-building -vital elements necessary for strengthening Nigeria’s SME ecosystem and driving economic growth”, commented Dr. Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer, Fidelity Bank Plc in a chat with journalists recently.

Located at the heart of Lagos, the Fidelity SME Hub will provide entrepreneurs with networking and stakeholder engagement initiatives as well as access to industry experts and mentors for hands-on guidance and business advice. A key feature of the facility is the Creativerse, a well-equipped space for entrepreneurs in the creative industry.

The bank has also announced the launch of dedicated courses to be hosted at the SME Hub in areas such as Financial Management & Investment Readiness, Digital Transformation & Technology Adoption, Marketing, Branding, and Business Growth Strategies.

Furthermore, a fully-fledged creative academy will be established to cover courses on Music Production, the Business of Music, Website Design & Development, Mobile Videography, Disc Jockey and Photography.

To see a comprehensive list of available courses or to apply, please visit https://www.fidelitybank.ng/smehub/.

Explaining further, Onyeali-Ikpe said: “Beyond empowering small businesses, the Fidelity SME Hub will also serve to bolster our non-oil exports drive as we empower SMEs to increase their contribution to Nigeria’s non-oil GDP thus supporting government’s economic diversification drive. Through our investment in Creativerse in particular, we anticipate that content creators will unlock new revenue streams in entertainment, digital media, and arts, an industry already contributing 2.3% to GDP.”

Ranked among the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank serving over 8.5 million customers through its 255 business offices in Nigeria and the United Kingdom, as well as through digital banking channels.

The bank has garnered multiple local and international awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards.

It was also recognised as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

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