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NAICOM, NEM, NIA, Linkage, STI, Leadway, NCDMB, Veritas, Stanbic IBTC Insurance, Others for Business Journal Annual Lecture 2024

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A long list of blue-chip corporate organisations in the public sector and the Organised Private Sector (OPS) have pitched tent with the Business Journal Annual Lecture 2024 coming up on Tuesday, November 26, 2024 at the Event Centre, Nigerian Exchange Group (NGX) Building, 2-4, Customs Street, Marina, Lagos. Time is 10.00am prompt!

The theme of the Lecture is: Repositioning the Insurance Industry to Drive Sustainable Economic Growth in Nigeria.

Mr. Olusegun Ayo Omosehin, the Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) would be the Special Guest of Honour while Mr. Tope Smart, Group Chairman, NEM Insurance Group would Chair the event.

Mr. Kunle Ahmed, Chairman, Nigerian Insurers Association (NIA) is the Guest of Honour while Mr. Akinjide Orimolade, Managing Director/CEO, Stanbic IBTC Insurance Limited would be the Keynote Speaker.

The Guest Speakers include Lolo Idu Okeahialam, Former Managing Director/CEO, Access Pension Fund Custodian Limited; Dr. Adaobi Nwakuche, Managing Director/CEO, Veritas Kapital Assurance Plc; Engr. Felix Ogbe, Executive Secretary, Nigerian Content Development & Monitoring Board (NCDMB) and Ms. Adetola Adegbayi, Founder/Chief Executive Technician, Mutual Specialists.

The organisations that have expressed support so far for the Business Journal Annual Lecture 2024 include:

  • National Insurance Commission (NAICOM)
  • NEM Insurance Group
  • Linkage Assurance Plc
  • Nigerian Agricultural Insurance Corporation (NAIC)
  • Sovereign Trust Insurance Plc
  • NLNG (Nigeria LNG)
  • Veritas Kapital Assurance Plc
  • Stanbic IBTC Insurance Limited
  • Leadway Assurance Company Limited
  • Nigerian Exchange Group (NGX)
  • Nigerian Content Development & Monitoring Board (NCDMB)
  • KBL Insurance Limited
  • Guinea Insurance Plc
  • Hilal Takaful Nigeria Limited
  • Nigerian Insurers Association (NIA)

Commenting, the Publisher/Editor-in-Chief of Business Journal Media Group, Prince Cookey said:

“The long list of corporate partners for the Business Journal Annual Lecture 2024 is indeed a vote of confidence on the Business Journal Media Brand and the timely importance of the lecture theme: Repositioning the Insurance Industry to Drive Sustainable Economic Growth in Nigeria. Our 2024 Annual Lecture is designed to draw critical attention to the expanding role and contribution of the insurance industry towards sustainable growth of the Nigerian economy. The second leg is equally to consider the industry’s impact on various key sectors of the economy. We look forward to other corporate bodies to identify with the event to drive home the theme of the lecture.”

Cookey listed the objectives of the annual lecture to include showcasing contributions of the insurance sector in the past 10 years, evaluate the current state of the market, evaluate the current challenges hindering its further growth, evaluate the impact of insurance on key sectors of the economy, identify the emerging growth potential and opportunities and to project the future of the industry in the coming 10 years.

The Business Journal Publisher explained that the Business Journal Annual Lecture Series is the contribution of the Media Group to nation-building and critical support for the growth of the Nigerian economy.

 

 

 

 

NNPC’s Utapate Crude Grade Hits Global Oil Market, OML 13 Eyes 80,000 bpd by 2025

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Managing Director, NNPC E & P Limited (NEPL), Mr. Nicholas Foucart speaks at the official unveiling of the Utapate crude oil blend during the Utapate Crude Roadshow held on the sidelines of the 2024 Argus European Crude Conference in London, United Kingdom, on Wednesday.

In a major boost for Nigeria’s crude oil production, revenue generation and economic growth efforts, the NNPC Limited has officially unveiled its latest crude oil grade, the Utapate crude oil blend, before the international crude oil market.

It would be recalled that in July, 2024, NNPC and its partner, the Sterling Oil Exploration & Energy Production Company (SEEPCO) Limited introduced the Utapate crude oil blend, following the lifting of first cargo of 950,000 barrels which headed for Spain.

During a ceremony held at the Argus European Crude Conference taking place in London, United Kingdom, on Wednesday, the Managing Director, NNPC E & P Limited (NEPL), Mr. Nicholas Foucart described the introduction of the Utapate crude oil blend into the market as a significant milestone for Nigeria’s crude oil export to the global energy market.

“Since we started producing the Utapate Field in May 2024, we have rapidly ramped up production to 40,000 barrels per day (bpd) with minimum downtime. So far, we have exported five cargoes, largely to Spain and the East Coast of the United States; while two more additional cargoes have been secured for November and December 2024, representing a significant boost to Nigeria’s crude oil export to the global market,” Foucart told a packed audience of European crude oil marketers.

He added that since its introduction into the global market, the Utapate crude oil blend has enjoyed a positive response from the international crude oil market, due to its highly attractive qualities.

Foucart said the Oil Mining Lease (OML) 13, fully operated by NEPL and Natural Oilfield Services Limited (NOSL), a subsidiary of SEEPCO Limited, boasts a huge reserves of 330million barrels of crude oil reserves, 45 million barrels of condensate and 3.5 tcf of gas.

“We have a number of ongoing projects to increase our production from the current 40,000bopd to 50,000bopd by January 2025 and 60,000bopd to 65,000bopd by June 2025. Essentially, we are targeting opportunities to increase production to 80,000bopd by the end of 2025,” Foucart added.

He said the Utapate crude oil terminal is sustainable, affordable and fully compliant with the rigorous environmental regulations and sustainability principles especially those aimed at reducing carbon emissions and other ecological effects.

Also speaking, the Managing Director of NNPC Trading Limited (NTL), Mr. Lawal Sade said the pricing structure of the Utapate crude oil blend is similar to that of Amenam crude as it is a light sweet crude which is highly sought after by refiners across the world due to its low sulphur content, efficient yield of high-value products, API gravity and other similarities.

He said in bringing the new crude oil blend to the global market, NNPC wanted to optimise value for both its producers and counterparties across the globe.

He added to ensure predictability and sustainability of supply, the NNPC Trading intends to run a term contract on the Utapate crude oil blend cargoes, principally targeting off-takers from the European and the US East Coast refineries.

Produced from the Utapate field in OML 13 in Akwa Ibom State in Nigeria, the Utapate crude oil blend is similar to the Nembe crude oil grade. It has a low sulphur content of 0.0655% and low carbon footprint due to flare gas elimination, fitting perfectly into the required specification of major buyers in Europe.

The NNPC E&P Limited and NOSL partnership is also committed to operating in a manner that is safe, environmentally responsible, and beneficial to the local communities.

The Utapate field development plan, executed between 2013-2019 and approved in October, included converting wells and facilities from swamp/marine to land-based operations.

The plan involved a multi-rig drilling campaign for 40 wells and the development of significant infrastructure such as production facilities, storage tank, a subsea pipeline and an offshore loading platform to facilitate crude oil evacuation and loading.

The entry of the Utapate crude oil blend into the market is coming barely a year after NNPC announced the launch of Nembe crude oil, produced by the NNPC/Aiteo operated Oil Mining Lease (OML) 29 Joint Venture (JV).

This remarkable achievement signals the commitment of NNPC to increasing Nigeria’s crude oil production and growing its reserves through the development of new assets.

UNIDO, ILO, Others to Headline 5th Lagos Waste Forum

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Top government officials, Coca-Cola, the United Nations Industrial Development Organisation (UNIDO), the International Labour Organisation (ILO) and the European Union (EU) are set to grace the fifth Lagos Waste Forum.

This is contained in a statement signed by Amb. Obuesi Phillips, the President, Lagos Waste Forum on Wednesday in Lagos.

Phillips said the Forum slated for December 2- 3, 2024 would take place at Radisson Blu, Ikeja, Lagos State.

According to Phillips, the theme of the Forum is: “Unlocking Nigeria’s Green Potential: Waste Reduction, Recycling, and Circular Economy Pathways to Jobs, Business, and Sustainability.”

He said the forum would bring together stakeholders from government, corporate businesses, civil society, and the private sector to discuss innovative solutions to waste pollution and sustainable waste management practices.

Phillips said the event tagged the “Future of Waste Forum” would be declared open by Dr (Mrs) Ibijoke Sanwo-Olu, the Lagos State Governor’s wife.

He added that Mr. Tokunbo Wahab, the Lagos State Commissioner for Environment and Water Resources, would deliver the keynote address.

He said that Mr. Ola Oresanya, Ogun State Commissioner for Environment, would deliver the Forum’s lecture on “Waste Management in Nigeria: Challenges and Opportunities,” sharing best practices and lessons learned.

Phillips said the forum would also feature a panel discussion with experts from government, private sector and civil society; hosted by the EU, UNIDO and ILO.

He listed other personalities to expected at the occasion as Dr Muyiwa Gbadegesin, the Managing Director of Lagos Waste Management Authority, Dr Babatunde Ajayi, General Manager LASEPA and Prof. Lucian Chukwu, the Deputy Vice Chancellor UNILAG.

He added that Mrs. Nwamaka Onyemelukwe, Senior Director, Public Affairs, Communications and Sustainability at the Coca-Cola Company would grace the occasion.

“In addition, and leading up to the Forum, is the Lagos Waste Challenge that is presently ongoing across the State that aims to promote community involvement in waste management and reduction.

 

“The challenge is hosted in partnership with an International non-governmental organisation, Technoserve Nigeria, which encourages individuals, communities, and organisations to take action in reducing waste and promoting sustainable practices.

“Participants can share their experiences and tips on social media using the hashtag #LagosWasteChallenge,” Phillips said.

He said the forum is an initiative of the Statewide Waste and Environmental Education Foundation in collaboration with The Coca-Cola Company and the Ministry of Environment and Water Resources.

He said that the 2024 event promises to be exciting, focusing on leveraging the economic value chain of plastic waste to drive sustainable development.

 

Polaris Bank Champions Financial Literacy for Students in Commemoration of World Savings Day 2024

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Polaris Bank concluded its nationwide financial literacy initiative with an impactful session at the MD/CEO’s designated school, Government Day Secondary School, Pantami, Gombe State, marking the culmination of its activities to commemorate World Savings Day 2024.

This program, aimed at promoting a culture of saving and financial responsibility among young Nigerians, the Bank’s team reached out to schools across all the 36 states in Nigeria and the Federal Capital Territory (FCT).

The financial literacy program focused on equipping students with knowledge about savings and personal finance. The final session, held on November 14, 2024, featured interactive discussions and practical lessons designed to inspire the next generation to adopt prudent financial habits early in life.

Representing the MD/CEO, Group Head, North East, Aliyu Baba Adamu highlighted the significance of financial literacy in building a more informed and financially responsible society.

“Through this program, we aim to empower young Nigerians with the knowledge and skills needed to make sound financial decisions. Our commitment is to bridge the financial literacy gap and support Nigeria’s journey toward financial inclusion, economic growth and sustainability,” he said.

Speaking at the event, Mal. Muhammad Saje Daudu, Principal of Government Day Secondary School, praised Polaris Bank’s efforts, stating:

“This initiative has given our students invaluable insights into the importance of savings and financial discipline. We are deeply grateful to Polaris Bank for investing in the financial education of our youth and shaping their future positively.”

The initiative, which began on October 28, 2024, engaged thousands of students nationwide, emphasizing the role of education in driving financial inclusion.

The program reinforced Polaris Bank’s dedication to impactful social initiatives, particularly in empowering young Nigerians with the tools they need to navigate an ever-evolving financial landscape.

Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2024, 2023, 2022 and 2021 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.

WAICA: Heirs Insurance Sector Head Seeks AI Innovation to Drive Insurance Growth

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L-R Niyi Onifade, Sector Head, Heirs Insurance Group and Bubacaarr Jarju, President, West African Insurance Companies Association (WAICA)

Niyi Onifade, Sector Head of Heirs Insurance Group, Nigeria’s fastest-growing insurance group, has called for the adoption of Artificial Intelligence (AI) to revolutionise insurance in West Africa.

He delivered the keynote address and theme paper at the West African Insurance Companies Association Conference in Accra, Ghana, on November 18, 2024highlighting the critical role Artificial Intelligence (AI) can play in shaping the future of the insurance sector in West Africa.

Held at Labadi Beach Hotel in Accra, the conference brought together industry leaders, policymakers, and tech innovators from across Africa to discuss the future of Insurance in West Africa.

In Onifade’s presentation, titled “Artificial Intelligence and the Future of Insurance in West Africa,” he emphasised the need for insurance companies to embrace AI to stay competitive and meet the demands of the modern consumer. He outlined how AI is revolutionising the insurance experience by automating processes such as claims management, enhancing risk assessments, and providing personalised customer service.

“AI is not just an innovation; it is the gateway to the next generation of insurance. In our sub-region, West Africa, the insurance penetration rate is much lower. AI offers an unprecedented opportunity to reach more customers, reduce operational costs, and enhance customer experience. The insurance consumer of today is more digital than before and will become much more digital in future. Our industry has to scale up on digitalisation to meet the needs of today and tomorrow,” he said.

Onifade further highlighted Heirs Insurance Group’s leadership in integrating technology, particularly AI-driven solutions, to enhance customer experiences, improve risk management, and drive financial inclusion. He emphasised the Group’s investment in digital platforms that streamline operations and expand access to underserved populations.

The 2024 Education Conference served as a crucial platform for dialogue on the future of insurance in the region.

Concluding his speech, he called on West African stakeholders to collaborate in adopting AI and developing supportive regulatory frameworks to foster innovation and protect consumer interests. He said: “We must act now to seize this moment and change the landscape of the insurance sector.”

Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents. With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group serves both corporate and individual customers across Nigeria.

 

 

 

Stanbic IBTC Pension Managers Champions Nigerian Art with ART X Lagos Sponsorship

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Stanbic IBTC Pension Managers has again made a significant mark on Nigeria’s cultural landscape by sponsoring the highly successful ninth edition of ART X, West Africa’s premier international art fair recently held in Lagos.

The event showcased a vibrant display of African artistic expression, reinforcing the Pension Fund Administrator’s commitment to blending its pension expertise with promoting the continent’s rich cultural heritage. The collaboration highlights the importance of arts in society and emphasises the firm’s dedication to supporting creativity in Nigeria and beyond.

Since its inception, Stanbic IBTC Pension Managers has provided innovative pension solutions while championing financial literacy in Nigeria.

As a subsidiary of Stanbic IBTC Holdings, and a member of the renowned 162-year-old Standard Bank Group, the organisation has consistently demonstrated its commitment to financial empowerment and the cultural enrichment of the Nigerian society.

Recognising the transformative power of art and its ability to inspire communities, Stanbic IBTC Pension Managers began its partnership with ART X Lagos shortly after the fair’s launch in 2016. This collaboration has evolved beyond just sponsorship to a strategic alliance aimed at nurturing the arts and elevating African voices in the global art scene.

Through its continuous support, Stanbic IBTC Pension Managers has played an instrumental role in shaping key initiatives such as kids tours to the annual event, and ART X Talks, both of which foster dialogue about the importance of art in societal development.

During the event, Olumide Oyetan, Chief Executive of Stanbic IBTC Pension Managers, invited attendees to reflect on their current state, and aspirations for the future. He emphasised the incredible power individuals possess to shape their outcomes.

He reiterated this year’s theme, ‘Promised Lands’, which encourages attendees to envision new possibilities and the transformative potential that lies ahead.

He explained that art can inspire, provoke thought, and ignite change; bridging the past and future. This year, as before, artists, curators, and cultural advocates who work tirelessly to enrich the artistic landscape were recognized; and their dedication, passion, and resilience were commended as essential to the creative community.

Stanbic IBTC Pension Managers’ Chief Executive further expressed pride in sponsoring a unique project titled ‘Mark Makers: Unsung Pioneers’, which honours extraordinary Nigerians whose contributions may have been overlooked but whose legacies resonate in the collective consciousness.

By highlighting unsung heroes, the programme aims to acknowledge their impact and inspire future generations to embrace creativity and courage in their endeavors.

Oyetan urged everyone to immerse themselves in the exhibitions and stories of resilience showcased during the event.

He highlighted the journeys of unsung pioneers, including Nana Asma’u, who was instrumental in changing the landscape of women’s education; Oladunni Oduguwa, who boldly reshaped the music industry for women; Professor Augustine Njoku-Obi, whose work in developing a cholera vaccine has saved many lives; and Mohammed Bah-Abba, who has made significant contributions to food preservation in rural communities. He noted that these stories serve as inspiration to think beyond personal limitations, collaborate, and break barriers in pursuit of dreams.

He further expressed Stanbic IBTC Pension Managers’ deep appreciation for the resilience and innovation inherent in Africans. He stated that the organisation’s commitment to driving growth on the continent reflects a belief in the potential within each individual to create change and foster a better tomorrow.

The Stanbic IBTC Pension Managers’ Chief Executive concluded by encouraging everyone to celebrate the rich tapestry of their culture and the promise of what is yet to come.

During the well-attended event, a select group of Stanbic IBTC Pension Managers’ high-net-worth clients were treated to an exclusive and immersive exhibition tour. This carefully curated showcase featured an array of impressive canvases and sustainable art, highlighting the talent of both established and emerging artists. The clients had the opportunity to engage with the artwork on display, deepening their appreciation for the creativity and craftsmanship involved in each piece.

In addition to the client tour, the event included a heartwarming initiative, the signature Kids Tour, which welcomed 60 eager students from local schools: Lisabi Grammar School, Abeokuta; Mile High International School (Ikotun), and Roy Dek Academy, (Makoko, Yaba – Lagos).

These young participants embarked on a guided exploration of the art exhibition, designed to spark their interest in visual arts and provide them with insights into the art world. This educational experience aimed to enhance their understanding of various artistic media and techniques; and inspire a new generation of art enthusiasts and potential creators. The combination of both tours made the event a significant occasion, fostering connections between art, education, and community engagement.

As ART X Lagos grows, Stanbic IBTC Pension Managers remains a steadfast supporter of artists, curators and cultural advocates contributing to this vibrant tapestry. Through this collaboration, the organisation actively champions the idea that art should be accessible and celebrated as a vital part of society.

Looking ahead, Stanbic IBTC Pension Managers is committed to enhancing its support for the arts in Nigeria; and as the collaboration with ART X Lagos enters a new chapter, the organisation looks forward to fostering more initiatives that highlight the importance of culture, creativity, and diversity.

 

 

 

Unity Bank to Boost Savings Culture with New App as MD Tasks Students at World Savings Day

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A cross section of Unity Bank team and the students of Emeralds Field School, Calabar after the training session.

In a bid to promote a savings culture and enhance financial literacy among young Nigerians, Unity Bank Plc has announced plans to launch a new app for children and teenagers designed to empower users to achieve their financial goals.

The announcement was made during the World Savings Day training held at Emerald Fields School, Calabar, Cross River State, as part of the Bank’s nationwide initiative to mark the global event.

World Savings Day is observed in Nigeria as an initiative of the Central Bank of Nigeria, Bankers Committee and Junior Achievement Nigeria to drive financial inclusion with the vehicle of Financial Literacy Training which is held in secondary schools across the country.

Speaking at the event, Unity Bank’s Managing Director/CEO, Mrs. Tomi Somefun, represented by the Chief Compliance Officer, Mrs. Patricia Ahunanya, emphasized the importance of instilling good financial habits early in life. She explained that the upcoming app would equip students with tools to set SMART financial goals, understand the power of compound interest, and build financial safety nets through savings and prudent money management.

“Financial literacy is the foundation of a secure future. By teaching students to distinguish between needs and wants, budgeting, and embracing delayed gratification, we empower them to take charge of their financial journeys. The new app will serve as a practical tool to support these lessons and help young Nigerians build a culture of savings,” Mrs. Somefun stated.

The training session in Calabar, one of 16 held simultaneously across secondary schools in Nigeria, aimed to instil essential money management skills. Participants were exposed to simulations on earning, budgeting, spending wisely, and understanding the principles of borrowing and saving. Unity Bank’s representatives guided the students through interactive discussions, encouraging them to set financial goals and cultivate habits that support long-term financial stability.

World Savings Day, celebrated annually on October 31, aims to promote the importance of savings and financial awareness globally. In Nigeria, the Central Bank of Nigeria (CBN), in collaboration with the Banker’s Committee, Deposit Money Banks, and Junior Achievement Nigeria, coordinated activities to engage students nationwide.

Unity Bank’s initiative aligns with the CBN’s financial inclusion strategy by encouraging young Nigerians to embrace financial literacy early. The Bank’s upcoming app, designed specifically for children and teenagers, will complement this effort by providing an engaging platform for setting savings goals, tracking progress, and building healthy financial habits.

With financial literacy training held in six geopolitical zones, Unity Bank reinforces its commitment to youth development and capacity building.

 

 

NGX Group Chairman, Umaru kwairanga, Visits Dubai Exchanges for Partnerships

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The Group Chairman of NGX Group Plc, Alhaji Umaru kwairanga, visited the Dubai Gold and Commodities Exchange (DGCX) and the Dubai Financial Markets (DFM) to discuss potential areas of collaboration with the two Exchanges in the areas of dual listings, technology and knowledge sharing and training.

At the DFM, he was received by Hamed Ahmed Ali, the MD/Chief Executive Officer, Aysha Al Falasi, Vice President and Maitha Yousif Almaazmi, Senior Specialist in the Listing Affairs Operations Division.

At the DGCX, Alhaji Kwairanga met with Louis Hems, Commercial Director and Tymoor Khan, Head of Global Sales.

Alhaji Kwairanga extolled Nigeria as the next frontier for discerning investors given its young vibrant population, huge natural resources and business minded political leadership.

He commended the two Dubai Exchanges for their leadership in the Middle East capital markets and their efforts to deepen the market with a diverse array of products ranging from Commodities to shariah compliant financial assets.

Kwairanga stated that Nigeria and the NGX Group was looking for strategic partners who will invest in and develop areas such as power, oil and gas and technology in Nigeria and the sub-Saharan market.

NLNG/NCDMB Sponsors Training of 300 Youths on Nigerian Content HCD Program in PH

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Dagogo Buowari, Nigerian Content Manager at NLNG (6th Left); Dr Ama Ikuru, NCDMB’s Director of Capacity Building & Corporate Services (7th Left); Engr Joshua Anemeje, NLNG Train 7 Corporate Liaison Manager (8th Left), guests and beneficiaries at the opening ceremony of Train 7 Human Capacity Development (HCD) Training in Port Harcourt…recently.

NLNG in Port Harcourt, Rivers State, kicked off its Nigerian Content Human Capacity Development (NC-HCD) Basic Training Programme for the NLNG Train 7 Project, a major NC programme aimed at reskilling young graduates and developing human capital.

A total of 331 young graduates from diverse academic disciplines, who emerged successful out of 848 previously shortlisted from the Nigerian Oil and Gas Industry Content (NOGIC) Joint Qualification System (JQS) portal of the Nigerian Content Development and Monitoring Board (NCDMB), are undergoing the 12-month programme.

Areas of training include ICT, Engineering, Welding and Fabrication, Non-destructive Testing (NDT), Lifting and Working at Heights, Quality Management Systems, Marine and Offshore Services, and Facility Management and Maintenance.

In a welcome address at the event, the NLNG Train 7 Corporate Liaison Manager, Engr. Joshua Anemeje, who represented the Train 7 project, said the execution of the project has progressed remarkably well and attributed the successful commencement of the NC-HCD Training Programme to the support of the NCDMB.

“We are excited to see the number of young men and women this programme will impact. NLNG takes pride in empowering our people, providing an environment that builds skills and capabilities. As you know, the Train 7 Project is nearly 75% complete, employing over 10,000 skilled individuals on-site. This training offers participants a chance to make the most of their learning and apply it in future endeavours,” he said.

Engr. Anemeje disclosed that there are over 10,000 workers actively engaged in the construction of the Train 7 Project at the NLNG Plant Site at Finima, Bonny Island, Rivers State. He charged the trainees to stay focused and work towards utilising the skills they acquire for future endeavours.

In the keynote address, the NCDMB Executive Secretary, Engr Felix Ogbe, FNSE, represented by the Director of Capacity Building and Corporate Services, Dr Ama Ikuru, expressed joy that the training programme had finally taken off in fulfilment of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act requirement on human capital development.

He said the programme, designed to build a pool of skilled and globally competitive workers to support the development and growth of the Nigerian oil and gas industry and its related sectors, represents a crucial investment in our country’s future and remains a commitment to the empowerment of the next generation of skilled professionals.

Addressing the trainees, Dr. Ikuru stated that the opportunity created by the NC-HCD programme will enable them to build a strong foundation in both knowledge and practical skills. He remarked that there was a clear pathway to employment for high-performing trainees.

He further remarked that young graduates seeking to benefit from similar training for oil and gas industry-related jobs can register on the NCDMB’s NOGIC JQS Portal, which is the statutorily established database for companies operating and providing services in the sector.

The training is provided by the Oil and Gas Trainers Association of Nigeria (OGTAN).

The Train 7 Project is expected to increase the production capacity of the NLNG Terminal by 35 per cent, from the current 22 million metric tonnes per annum (mtpa) to 30 mtpa.

 

 

NAICOM, NEM, NGX, Linkage, STI, NLNG, Leadway, NCDMB, Veritas, Stanbic IBTC Insurance, Others for Business Journal Annual Lecture 2024

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A long list of blue-chip corporate organisations in the public sector and the Organised Private Sector (OPS) have pitched tent with the Business Journal Annual Lecture 2024 coming up on Tuesday, November 26, 2024 at the Event Centre, Nigerian Exchange Group (NGX) Building, 2-4, Customs Street, Marina, Lagos. Time is 10.00am prompt!

The theme of the Lecture is: Repositioning the Insurance Industry to Drive Sustainable Economic Growth in Nigeria.

Mr. Olusegun Ayo Omosehin, the Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) would be the Special Guest of Honour while Mr. Tope Smart, Group Chairman, NEM Insurance Group would Chair the event.

Mr. Kunle Ahmed, Chairman, Nigerian Insurers Association (NIA) is the Guest of Honour while Mr. Akinjide Orimolade, Managing Director/CEO, Stanbic IBTC Insurance Limited would be the Keynote Speaker.

The Guest Speakers include Lolo Idu Okeahialam, Former Managing Director/CEO, Access Pension Fund Custodian Limited; Dr. Adaobi Nwakuche, Managing Director/CEO, Veritas Kapital Assurance Plc; Engr. Felix Ogbe, Executive Secretary, Nigerian Content Development & Monitoring Board (NCDMB) and Ms. Adetola Adegbayi, Founder/Chief Executive Technician, Mutual Specialists.

The organisations that have expressed support so far for the Business Journal Annual Lecture 2024 include:

  • National Insurance Commission (NAICOM)
  • NEM Insurance Group
  • Linkage Assurance Plc
  • Nigerian Agricultural Insurance Corporation (NAIC)
  • Sovereign Trust Insurance Plc
  • NLNG (Nigeria LNG)
  • Veritas Kapital Assurance Plc
  • Stanbic IBTC Insurance Limited
  • Leadway Assurance Company Limited
  • Nigerian Exchange Group (NGX)
  • Nigerian Content Development & Monitoring Board (NCDMB)
  • KBL Insurance Limited
  • Guinea Insurance Plc
  • Hilal Takaful Nigeria Limited

Commenting, the Publisher/Editor-in-Chief of Business Journal Media Group, Prince Cookey said:

“The long list of corporate partners for the Business Journal Annual Lecture 2024 is indeed a vote of confidence on the Business Journal Media Brand and the timely importance of the lecture theme: Repositioning the Insurance Industry to Drive Sustainable Economic Growth in Nigeria. Our 2024 Annual Lecture is designed to draw critical attention to the expanding role and contribution of the insurance industry towards sustainable growth of the Nigerian economy. The second leg is equally to consider the industry’s impact on various key sectors of the economy. We look forward to other corporate bodies to identify with the event to drive home the theme of the lecture.”

Cookey listed the objectives of the annual lecture to include showcasing contributions of the insurance sector in the past 10 years, evaluate the current state of the market, evaluate the current challenges hindering its further growth, evaluate the impact of insurance on key sectors of the economy, identify the emerging growth potential and opportunities and to project the future of the industry in the coming 10 years.

The Business Journal Publisher explained that the Business Journal Annual Lecture Series is the contribution of the Media Group to nation-building and critical support for the growth of the Nigerian economy.

 

 

NLNG Trains 300 Youths on Nigerian Content HCD Program

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NLNG, on Tuesday, in Port Harcourt, Rivers State, kicked off its Nigerian Content Human Capacity Development (NC-HCD) Basic Training Programme for the NLNG Train 7 Project, a major NC programme aimed at reskilling young graduates and developing human capital.

A total of 331 young graduates from diverse academic disciplines, who emerged successful out of 848 previously shortlisted from the Nigerian Oil and Gas Industry Content (NOGIC) Joint Qualification System (JQS) portal of the Nigerian Content Development and Monitoring Board (NCDMB), are undergoing the 12-month programme.

Areas of training include ICT, Engineering, Welding and Fabrication, Non-destructive Testing (NDT), Lifting and Working at Heights, Quality Management Systems, Marine and Offshore Services, and Facility Management and Maintenance.

In a welcome address at the event, the NLNG Train 7 Corporate Liaison Manager, Engr. Joshua Anemeje, who represented the Train 7 project, said the execution of the project has progressed remarkably well and attributed the successful commencement of the NC-HCD Training Programme to the support of the NCDMB.

“We are excited to see the number of young men and women this programme will impact. NLNG takes pride in empowering our people, providing an environment that builds skills and capabilities. As you know, the Train 7 Project is nearly 75% complete, employing over 10,000 skilled individuals on-site. This training offers participants a chance to make the most of their learning and apply it in future endeavours,” he said.

Engr. Anemeje disclosed that there are over 10,000 workers actively engaged in the construction of the Train 7 Project at the NLNG Plant Site at Finima, Bonny Island, Rivers State. He charged the trainees to stay focused and work towards utilising the skills they acquire for future endeavours.

In the keynote address, the NCDMB Executive Secretary, Engr Felix Ogbe, FNSE, represented by the Director of Capacity Building and Corporate Services, Dr Ama Ikuru, expressed joy that the training programme had finally taken off in fulfilment of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act requirement on human capital development.

He said the programme, designed to build a pool of skilled and globally competitive workers to support the development and growth of the Nigerian oil and gas industry and its related sectors, represents a crucial investment in our country’s future and remains a commitment to the empowerment of the next generation of skilled professionals.

Addressing the trainees, Dr. Ikuru stated that the opportunity created by the NC-HCD programme will enable them to build a strong foundation in both knowledge and practical skills. He remarked that there was a clear pathway to employment for high-performing trainees.

He further remarked that young graduates seeking to benefit from similar training for oil and gas industry-related jobs can register on the NCDMB’s NOGIC JQS Portal, which is the statutorily established database for companies operating and providing services in the sector.

The training is provided by the Oil and Gas Trainers Association of Nigeria (OGTAN).

The Train 7 Project is expected to increase the production capacity of the NLNG Terminal by 35 per cent, from the current 22 million metric tonnes per annum (mtpa) to 30 mtpa.

 

‘Accugas is not Responsible for Power Outage in Akwa Ibom State’

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Accugas Limited, a subsidiary of Savannah Energy, wishes to strongly deny the misinformation concerning its alleged involvement in the current power outage in Akwa Ibom State.

The power cut in Akwa Ibom State is entirely due to the reported fault in the 132-KV Aba-Itu transmission line, which, unfortunately, is preventing power being transmitted from the National Grid into the State.

It is imperative that the restoration of the Aba-Itu line is completed as soon as possible.

Ibom Power Company is one of 23 thermal power generation companies which channel power to the National Grid, which in turn disseminates all accumulated power to each State of the Federation through the electricity distribution companies.

Indeed, Accugas supplies gas to enable c. 20% of Nigeria’s thermal generation capacity and, as such, is a critical enabler of the Nigerian economy.

Within Akwa Ibom State, Accugas has been the sole supplier of gas to IPC since 2014 and, together with other Savannah subsidiaries, has invested over US$1.5 billion in gas development within the state. Furthermore, Savannah has recently invested c. US$45 million in a gas compression project at Accugas’ Uquo central processing facility at Esit Eket.

Accugas’ commitments also extend to several social investment projects in the state. All the foregoing investments and projects, including other imminent investments Accugas intends to make in the State, demonstrate the Company’s long-term commitment to Akwa Ibom State and Nigeria.

Accugas will continue to partner with, and support, the government of Akwa Ibom State towards achieving the government’s agenda for economic development and prosperity of the state.

 

 About Accugas:

Accugas Limited is a subsidiary of Savannah Energy PLC. Savannah Energy is the British independent energy company focused around the delivery of Projects that Matter in Africa.

NGX Group Chairman, Umaru Kwairanga, Visits Dubai Financial Market for Industry Partnership

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Dr. Umaru Kwairanga (2nd Left) with other industry players at the Dubai Financial Market in Dubai, United Arab Emirates (UAE).

Dr. Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX) recently paid an official visit to Dubai Financial Market to discuss industry partnership with his peers at the Dubai Stocks, Gold and Commodities Exchanges.

RMB Nigeria Concludes ₦40bn Multi-Instrument Issuance Programme with SEC

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RMB Nigeria Issuance SPV Plc, a funding vehicle incorporated to support RMB Nigeria in raising financing from the public debt capital markets, achieved a significant milestone with the successful registration of its ₦40 billion Multi-Instrument Issuance Programme.

Stanbic IBTC Capital Limited acted as Lead Issuing House while RMB Nigeria acted as Joint Issuing House on the Programme.

The establishment of the Programme will support the asset growth and liability management objectives of RMB Nigeria by enabling the issuance of debt instruments and structured notes.

Speaking on the Programme registration, Bayo Ajayi, Chief Executive Officer, RMB Nigeria commented:

“This Programme provides us the opportunity to access liquidity from the Nigerian debt capital markets to support our strategic and financing objectives. We remain committed to effectively partnering with our clients, and with this enhanced capacity to raise long term funding, we are in a stronger position to support our clients with their long-term loan needs. We believe in the Nigeria growth story and the establishment of this Programme presents a unique opportunity for investors to join us on this journey by participating in the issuances. We are also thankful for the support of Stanbic IBTC Capital and all our advisers who partnered us through this process.”

Also speaking on the Programme registration, Oyinda Akinyemi, Executive Director, Stanbic IBTC Capital, said:

“This initiative by RMB Nigeria is yet another noteworthy example set by the Bank in relation to global best practice in treasury management and innovation, to cope with evolving market conditions. Stanbic IBTC Capital has been at the forefront of advising our clients on staying ahead of changing market trends, and we are pleased on this occasion to have been of assistance in shaping RMB’s funding strategy. We thank RMB Nigeria for trusting Stanbic IBTC Capital and the other professional parties in seeing the Programme registration to a successful completion.”

 

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.

NNPC, Dangote Refinery Ink 10-Year Gas Deal to Boost Local Production, Industrial Growth

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L-R: Managing Director, Nigeria Gas Marketing Limited (NGML), Barrister Justin Ezeala and President/CEO of the Dangote Group, Aliko Dangote display a signed Gas Sale and Purchase Agreement (GSPA) for the supply of natural gas to the Dangote Petroleum Refinery and Petrochemicals FZE in Abuja.

The NNPC Gas Marketing Limited (NGML), a subsidiary of the Nigerian National Petroleum Company (NNPC) Limited, has successfully executed a Gas Sale and Purchase Agreement (GSPA) with Dangote Petroleum Refinery and Petrochemicals FZE.

The agreement, signed by the Managing Director, NGML, Barr. Justin Ezeala and the President/CEO of the Dangote Group, Aliko Dangote at the Corporate Head Office of Dangote in Falomo, Lagos State, outlines the supply of natural gas for power generation and feedstock at the Dangote Refinery, in Ibeju-Lekki, Lagos State.

This major milestone is in line with President Bola Ahmed Tinubu’s policy of utilising Nigeria’s abundant gas resources towards revamping the nation’s industrial growth and kickstarting its economic prosperity.

This development, which sees a huge investment of this nature penned with zero capital expenditure (CAPEX) outlay, has been described by many as unprecedented in the history of NGML or any gas Local Distribution Company (LDC) in the country.

Under the terms of the agreement, NGML will supply 100 million standard cubic feet per day (MMSCF/D), 50MMSCF/D being firm supply and the rest 50MMSCF/D interruptible natural gas supply to the refinery for an initial period of 10 years, with options for renewal and growth.

This collaboration is a significant step toward ensuring the operational success of the Dangote Refinery and enhancing Nigeria’s domestic gas utilisation.

NNPC Limited, through NGML, its gas marketing subsidiary, continues to lead efforts in promoting the use of domestic gas to support industries and businesses nationwide.

The agreement represents a milestone for both NNPC Limited and Dangote Refinery, aligning with their shared commitment to boosting local production and providing vital products for the benefit of all Nigerians.

It is also a further proof of NGML’s unwavering commitment to business excellence and fulfilling NNPC Limited’s core mandate of ensuring Nigeria’s energy security through the execution of strategic gas projects across the country.