NIMC Seeks Strategic Partnership with Online Publishers to Achieve Mandate

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25/06/2024

The National Identity Management Commission (NIMC) has initiated a strategic partnership with online publishers in Nigeria to advance and achieve its core mandate going forward.

At a two-day Roundtable with publishers of online newspapers in Lagos, Engr. Abisoye Coker-Odusote, Director-General/CEO of NIMC, gave a roadmap of the partnership in her remarks below:

It is a great pleasure and honour to welcome you all to this pivotal 2-day Roundtable with publishers of online newspapers in Nigeria.

As we gather here today, we are united by a common goal: to build formidable bridges between the National Identity Management Commission (NIMC) and the influential voices of the online media landscape.

In the digital age, the influence of online media cannot be overstated. The Internet has become a primary source of information for many, particularly the youth.

However, it is also a breeding ground for misinformation and rumours, which can severely impact the reputation and trust in organisations.

Our focus today is to address the dual role of online publishers – as key partners in disseminating accurate information and as potential sources of misconceptions.

We recognise that while you have the power to amplify our successes, there is also the potential for misunderstandings that can spread rapidly.

This Roundtable aims to forge a partnership that leverages your strengths to support our mission while ensuring that any misconceptions are promptly and accurately addressed.

It will create a platform for NIMC to explain our activities and achievements directly to you, ensuring clear communication and mutual understanding.

The mandate of NIMC is ambitious, yet crucial. Achieving these goals requires effective mobilisation of citizens through strategic communication.

Pursuant to our commitment to transparency and accountability, we have instituted robust mechanisms for participation, grievance redress, and regular monitoring to enhance operational performance and mitigate social risks.

Our grievance redress system includes a centralised grievance register, a contact centre, and multiple channels for submitting complaints.

This system ensures that queries are addressed promptly, problems with implementation are resolved efficiently, and complaints from ecosystem partners are effectively managed.

NIMC under my watch is committed to complying with all extant laws and regulations governing the protection of data in Nigeria.

So far, we have done so much towards ensuring compliance with the highest standards of data security, sanitizing the system and processes, while ensuring the integrity of data on the country’s identity database. We shall not rest on our oars.

Let me at this point, thank the online publishers for all the support you have been giving to the commission, particularly, since I assumed office at NIMC. We do not take this for granted.

While we take deliberate steps towards deepening our engagements with you, rest assured of our commitment to the highest standards of professionalism in the implementation of NIMC’s mandate.

My administration has zero tolerance for corruption. I hereby reiterate my commitment to sanitising NIMC, in conformity with the mandate of Mr. President.

Let me also use this medium to remind you all that enrolment for the National Identification Number (NIN) is free of charge in Nigeria.

Over the next two days, you will be exposed to NIMC’s operations, strategy, activities, reforms, technical infrastructure upgrade, success stories and plans.

As publishers of online newspapers, you are at the forefront of this effort. Your platforms are instrumental in educating the public about our activities, operations, and the benefits of a robust national identity management system.

Taking advantage of this meeting, we hope to provide you with comprehensive insights into NIMC’s activities, objectives, strategies, achievements, and challenges. This knowledge is vital for you to disseminate accurate information to the public.

It is also expected that we discuss your roles in the forthcoming NIMC Ecosystem Enrolment exercise, ensuring you understand how you can contribute to this national effort.

We are also deliberate about establishing a relationship that will help prevent misinformation about NIMC’s activities and clear up any existing misconceptions, thereby maintaining public trust.

It is expected that this meeting will identify sustainable strategic activities and engagements that will effectively promote our goals.

We also hope to share experiences and insights on current and potential future challenges, allowing us to adapt our strategies accordingly.

More so, it is my expectation that this meeting agrees on critical areas of collaboration and outline the next steps for a productive relationship between NIMC and online publishers in Nigeria.

It is our intention to build strategic communication bridges between NIMC and online publishers, facilitating effective information dissemination.

NIMC, under my watch, seeks to foster a friendly and collaborative atmosphere that will lead to more positive coverage and support from the media.

Let me, in a very special way, thank the President and Commander-in-Chief of the Nigerian Armed Forces, His Excellency, Bola Ahmed Tinubu for his inspirational leadership and commitment to a better Nigeria.

I also use this medium to commend the Nigeria Digital ID4D Project for its numerous supports to NIMC and for making this Roundtable possible.

Pursuant to the Sustainable Development Goals (SDG 16.9), which seeks to ensure that everyone on the earth planet has a form of identity by 2030, NIMC shall not rest, until every citizen of Nigeria (at home and in the diaspora) and legal resident are captured on the country’s identity database.

We are also very deliberate about inclusion. A compelling strategy is already in place, with support from the Nigeria Digital ID4D Project to ensure that those that are at the risk of being excluded on Nigeria’s identity project are adequately covered.

From persons with disability, to women and children, and those in rural and hard to reach areas, we are determined to ensure that no one is left behind.

Ladies and gentlemen, this Roundtable is not just a meeting but a step towards a collaborative future.

I am aware that as publishers, you are also businesspeople. Balancing social responsibility and ethical expectations with business requirements is a delicate act. While I assure you of a mutually beneficial marriage with NIMC, please I urge you to be guided by professionalism and ethics in the discharge of your duties, bearing in mind that you owe the society a social responsibility.

By working together, we can enhance the visibility, trust, and goodwill of NIMC, ensuring that our message reaches the public accurately and effectively.

I urge you to embrace professionalism and be guided by ethical conducts.

I look forward to productive discussions and a mutually beneficial relationship that will better our nation.

Let us embark on this journey together, with a shared vision and a commitment to excellence.

Thank you for your attention and participation.

Tinubu Receives Standard Chartered Bank Delegation, Harps on Oil & Gas Investment Drive

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25/06/2024

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President Bola Tinubu says Nigeria remains committed to a balanced approach to energy transition and still requires substantial investments in the oil and gas sector to meet the energy demands and economic needs of its population.

Speaking at a meeting on Monday in Abuja with the Group Chief Executive of Standard Chartered Bank, Mr. Bill Winters, the President called for a just energy transition that supports vulnerable communities across the nation.

Highlighting the importance of balancing the mutually beneficial shift to green industrial growth and energy with the immediate energy needs of Nigerians, the President said: ”We value your cooperation, friendship, and partnership. Substantially, we have oil and gas as our primary source of revenue today. As friends, we do not expect you to run away from investments in this sector. We face the future prospect while prudently maximizing the present.

”Green industry and energy, yes. We will surely catch up with that. To run a marathon, you need energy today. Nigeria holds the largest reserves of gas in Africa. We know we can make best use of great opportunities that exist in the sector. We do not want you to back away from fossil fuels.

”I have seen retractions and retreat positions by some players in the industry. But for any energy transition to succeed, people must live and live well.

”We must be able to meet our obligations to the vulnerable communities. We are committed to being prudent with our natural resources to bring prosperity to our deserving people.

”As we hold the largest reserves in gas on the continent, we do not want to go backward, we want to move forward, and we welcome deepened partnership with your institution.”

President Tinubu also highlighted strategic projects across different sectors embarked upon by his administration to stimulate economic growth.

He reiterated his commitment to sustaining ongoing economic reforms and measures to stabilize the economy.

The Co-ordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun described Standard Chartered Bank as a valued partner to Nigeria, providing finance for infrastructure, advice on ratings, and the prudent management of Nigeria’s Eurobond.

He disclosed that the Bank has indicated interest to finance key infrastructure projects in Nigeria, including the Lagos-Calabar coastal highway, Port Harcourt-Maiduguri rail line rehabilitation, as well as the provision of $3 billion in innovative financing for the NLNG dividend initiative.

”They are also one of our lead managers for Eurobond issuance, and they advise us on our ratings. I am pleased to note that Moody’s has just completed our rating review and maintained Nigeria’s rating as a positive outlook, which is very encouraging,” the Minister said.

The Minister also said Moody’s positive outlook rating follows the recent announcement of the World Bank’s $2.25 billion financing package for Nigeria, reflecting the positive trajectory of the current administration’s economic reforms.

In his remarks, Mr. Winters lauded President Tinubu’s bold economic reforms, noting the international investment community’s recognition and support.

”We see ourselves as ambassadors to Nigeria in the international investment community, and we take our advisory role very seriously. We will continue to offer objective advice to the country because we have commitments in the country backed by our strong belief in what this administration is doing,” he said.

The delegation from Standard Chartered Bank included Mr. Foluso Phillips, Chairman of Standard Chartered Bank Nigeria, and Mr. Dalu Ajene, the Chief Executive Officer of the Nigeria branch of the bank.

Yeye Adesola Mutiat Odeyeyiwa Strikes 50-Carat Gold

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24/06/2024

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By Goke Ilesanmi

The date, June 25 is a symbolically remarkable one that is permanently committed to memory and regularly marked on the calendar for constant visual reminders every year, by thousands of well-wishers for many years now. Why? This is because a magnificent woman of royalty, nobility, dignity, integrity, humility and magnetic femininity called YEYE OTUNBA ADESOLA MUTIAT ODEYEYIWA was born on that special date.

In fact, June 25 this year is a more symbolic and unique one because this amiable woman endowed with a rare heart of gold, has finally struck 50-carat gold, necessitating her majestic induction into the Global Golden Hall of Fame and Age. Her attainment of this golden-jubilee age of 50 on Tuesday, June 25 indeed deserves global standing ovation and calls for special celebration.

The willingness of her teeming well-wishers, family members, friends and business associates across the world to celebrate this milestone with her, stems from the enormous positive impacts this rare Corporate Executive has made on humanity as well as her outstanding corporate accomplishments.

Yeye Odeyeyiwa is by all standards a Philanthropic Celebrity endowed with multiplicity of laudable trademarks. Despite working all her life to make great societal impacts, this great Humanitarian persistently wears invisible dark glasses of humility to avoid being recognised and applauded.

What is more, Yeye Odeyeyiwa is a highly-industrious, cerebral and versatile Entrepreneur with exceptional passion for corporate success. Through her entrepreneurial acumen, strategic ingenuity, effective corporate leadership skills, innovative ideas, wide networking and resilience, she has been able to jointly manage REPTON GROUP where she is currently an Executive Director, to attain outstanding corporate success.

For instance, Kazab Heritage Limited, the subsidiary of the Group that deals in cement and iron rod distribution emerged as the 2023 National Largest Distributor of Dangote Cement in Nigeria after having come second consecutively for three years.

Earlier in 2020, the subsidiary achieved the double feat of respectively emerging as the National Largest Distributor of Lafarge Cement and National Second Largest Distributor of Dangote Cement in Nigeria. It had earlier emerged as the National Largest Distributor of Lafarge Cement in 2017. All these achievements are partly due to the exceptional intelligence and resilience of the industrious Yeye Odeyeyiwa.

It is noteworthy that Repton Group, a globally-focused Nigeria-based conglomerate also has other vibrant subsidiaries such as Defrost Ventures Limited, Continental Vision, Kazab Homes and Properties, Ibile Farm and Kazab Oil and Gas.

Yeye Odeyeyiwa, a perfect blend of excellence, temperance and diligence has equally singlehandedly established and successfully managed A&T Ventures, a thriving business empire reputable for being the major distributor of Coca-Cola and Seven Up beverages in the South Western part of Nigeria.

Yeye Odeyeyiwa, a woman of exceptional sartorial elegance, is undoubtedly a rare model of towering glamour apart from being impressively compassionate. What a double combination of great qualities! It is 100 per cent certain that Ayi Kwei Armah, the legendary Ghanaian novelist and author of the celebrated satirical novel “The Beautyful Ones Are Not Yet Born” would not have written the book if he had seen exemplary people of impeccable character like Yeye Odeyeyiwa around then.

Why? This is because the beauty that Armah refers to in her novel is NOT physical but moral and compassion. “The Beautyful Ones Are Not Yet Born” identifies corruption as the bane of a typical African society and reveals moral decadence in every segment of the society.

In the book, Armah especially beams his analytical searchlight of condemnation on politicians who abuse public office as well as entrepreneurs, housewives, civil servants and others who equally indulge in wicked and corrupt practices. Given the pervasive nature of corruption, the author concludes that the credible people regarded as “morally beautiful” ones are not yet born. But such people are now physically born with the existence of people like Yeye Odeyeyiwa.

A woman of great thirst for formal education, knowledge and persistent self-development, Yeye Odeyeyiwa who has attended numerous advanced corporate management programmes, holds a Bachelor of Arts degree in Theatre Arts from Obafemi Awolowo University (OAU), Ile-Ife, Osun State and an Ordinary National Diploma in Mass Communication from Universal College of Technology, also in Ile-Ife, Osun State.

As this excellent and rare model of integrity, sociability, humility, morality and compassion has successfully climbed the age-ladder to the golden-jubilee floor, our prayer is that God Almighty will spare her life to celebrate diamond jubilee, platinum jubilee, centenary, etc.

Happy birthday Ma, our amiable Yeye Odeyeyiwa.

Sustainability Professionals Institute of Nigeria Inducts 64 New Members

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Business Journal

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24/06/2024

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The Sustainability Professionals Institute of Nigeria (SPIN) inducted 64 new members at its 2024 cohort induction ceremony on Thursday, June 20, 2024.

The event took place at the Lagos Chamber of Commerce and Industry, Victoria Island, Lagos, marking a significant milestone in the institute’s efforts to promote sustainable practices in Nigeria.

The induction ceremony brought together professionals from various sectors, institutional members including Access Bank, Dangote Cement, First Bank, IHS Towers and Lotus Bank, emphasising their commitment to supporting a sustainable Nigeria. The event aimed to strengthen SPIN’s membership base and reaffirm its commitment to addressing gaps in sustainability and Corporate Social Responsibility (CSR) practices in Africa’s most populous nation.

In his keynote speech, Professor Bongo Adi from the Lagos Business School delivered a presentation titled: “The Role of Sustainability Professionals in Socio-economic Development.” He emphasised developmental activism as a key driver of sustainability practices and economic progress, urging the new inductees to take an active role in shaping Nigeria’s sustainable future.

Vice President Ini Abimbola, speaking at the event, said, “SPIN remains committed to promoting sustainable practices in Nigeria. We charge our new inductees to imbibe good leadership traits as they join our mission.” She also hinted at ongoing plans towards achieving charter status for the institute.

Also speaking at the event, Osayi Alile presented on “Positioning Social Enterprises as Key Drivers of Sustainable Development in Emerging Economies,” stressing the need for more knowledge and collaborations at corporate and individual levels.

Ismail Omamegbe, Director of Advocacy and Stakeholder Relations at SPIN, outlined the institute’s plans for the new inductees. “We will engage our new members through a comprehensive framework,” he stated. “This includes capacity building, professional sustainability training, developing standards for sustainability practice in Nigeria and Sub-Saharan Africa, creating online learning resources, and bench-marking our initiatives against similar associations globally.”

The 64 new professionals joined 136 other members, who were inducted into different cadres of the institution such as Fellow, Full Members, Associate Members and Student Members.

Since its inception in 2019, The Sustainability Professionals Institute of Nigeria (SPIN) has been addressing gaps in Sustainability and CSR practices in Nigeria.

The institution has recorded major milestones such as the inclusion of 8 globally recognised professionals on the Board of Trustees, obtaining a partnership affiliation with the Institute of Corporate Responsibility and Sustainability (ICRS) in the United Kingdom, and transitioning from an Association to an Institute in November 2022.

TotalEnergies Ubeta Field ’ll Record Nigerian Content Successes – NCDMB ES

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24/06/2024

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The execution of the Ubeta Field Development Project by TotalEnergies Exploration and Production Nigeria Limited and the Nigerian National Petroleum Company Limited (NNPCL) will create thousands of jobs in the country and catalyse the economy, the Nigerian Content Development and Monitoring Board (NCDMB) said on Thursday.

The Executive Secretary of the NCDMB, Engr. Felix Omatsola Ogbe, stated this at the signing of the Final Investment Decision (FID) by the project promoters and their contractors, in Abuja.

The Ubeta Field Development Project is being developed under Oil Mining Licence (OML) 058, with an expectation to produce 300 million standard cubic feet of gas per day (mmscfd). Billed to commence production in 2027, the Ubeta Field facility, located about 80 kilometres northwest of Port Harcourt, Rivers State, would feed and secure gas supply to the Nigeria Liquefied Natural Gas (NLNG) Train-7 Project at Finima, Bonny Island, currently undergoing capacity expansion from 22 to 30 metric tonnes per annum (mtpa).

The Executive Secretary based his projection on the Nigerian Content Plan and other documents the NCDMB had signed off with the operator, TotalEnergies E&P, noting that the documents were designed to achieve substantial tonnages, manhours, and spend retained in-country.

The project will also enable capacity utilization and substantial human capacity development (HCD), Research and Development as well as opportunities for banking, insurance, legal, and other services, he assured.

He stated that “the approval of the final stages of the Nigerian Content Plan for this project” was one of the first acts he performed on his assumption of duty in December 2023.

Among salient elements of the Nigerian Content Plan for Ubeta Field Development facility is the domiciliation of “100% of its project management manhours in Nigeria,” same for “Front End Engineering Design and Detailed Design,” which will be domiciled 100% in Nigeria, with COREN-licensed engineering companies as preferred executors.

In addition to these, the project will give first consideration to in-country manufacturers that have valid Nigerian Content Equipment Certificate from the Board, regarding material procurement, while fabrication and construction are also to be significantly handled by well-established fabrication yards in the country.

Engr. Ogbe, represented by the General Manager, Corporate Communications and Zonal Coordination, Esueme Dan Kikile, Esq, reiterated that the NCDMB has effectively aligned its processes “to shorten the oil industry’s contracting cycle to six months or less to engender speedy development of new projects, contribute to increased oil production, and improve the national economy.”

According to him, the Board provided “timely approvals for all the requests and documents submitted by TotalEnergies E&P,” in line with the Service Level Agreement (SLA) introduced by the Board in the oil and gas industry. The Board has also “complied fully with the Presidential Directives aimed at ensuring cost competitiveness and meeting project schedules of oil and gas projects.”

He equally assured that NCDMB will continue to serve as a business enabler for the oil and gas industry and beckoned on industry stakeholders to continue working together to achieve the objectives set for the industry by President Ahmed Bola Tinubu.

The Senior Vice President Africa, Total Energies E&P, Mr. Mike Sangster, in his remarks, expressed delight with the grounds covered on the Ubeta Project, noting that it fits perfectly with his company’s “strategy of developing low-cost and low-emission projects,” and that it would boost the Nigerian economy through higher NLNG exports.

Noting that TotalEnergies has been very active in Nigeria’s oil and gas industry for several decades, he disclosed that “Ubeta is the latest in a series of projects developed by TotalEnergies in Nigeria, most recently Ikike and Akpo West.”

TotalEnergies E&P is the operator of OML 58 onshore licence, with a 40 per cent stake in the US$550 million Ubeta Field Development Project, while the Nigerian National Petroleum Company Limited (NNPCL) has 49 per cent equity.

Celebrating a Decade of Excellence: NHEA at 10

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24/06/2024

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By NHEA Media & Communication

In the bustling heart of Lagos, within the hallowed halls of the Eko Hotel, a conversation in 2012 sparked a movement that would transform Nigeria’s healthcare landscape. Dr. Wale Alabi and Dr. Egbe Osifo-Dawodu, two stalwarts of the healthcare sector, sat down after the West African Health Conference, igniting an idea that would soon blossom into the Nigerian Healthcare Excellence Award (NHEA).

“We had just wrapped up a session where Dr. Egbe was the guest speaker,” recalls Dr. Wale. “Over a cup of coffee, we began discussing the need for an award to recognize and celebrate excellence in our healthcare sector.”

The conversation didn’t end there. Back in his office, Dr. Wale revisited the idea with Moses Braimah, another key player in the healthcare field and a strategic marketing communication expert. They examined brochures from similar awards in India and other parts of the world, drawing inspiration and envisioning the possibilities for Nigeria.

“We went online, researched similar awards globally. It was clear – this was something we could do,” Moses remembers. “Our experience in organizing national, international, and local events gave us the confidence we needed.”

In one of their later strategy sessions, they were joined by Dr. Shola Alabi (not a relation to Dr. Wale). With each meeting, the vision became clearer and the plans more concrete. They knew they were onto something significant.

“When Dr. Wale and Moses shared their vision with me, I was instantly on board,” says Dr. Shola. “It was ambitious, but we had the passion and the expertise to make it happen.”

A year before the inaugural award, the first public announcement was made at the 2013 West African Health Conference and Exhibition. The excitement was palpable as attendees learned of the forthcoming Nigerian Healthcare Excellence Award, set to be hosted at Eko Hotel – a symbolic venue marking the start of something monumental.

“We chose Eko Hotel for the first event. It was a nod to our roots and the start of something much bigger,” Wale reflects.

The journey to the first award night was not without its challenges. The team faced late nights, power outages, and relentless heat.

“I remember us working through the night,” Moses shares. “The power went out, and it was sweltering. At one point, we were down to our boxers, but we kept going. We knew what we were building was bigger than the immediate discomfort.”

Despite these hurdles, the first NHEA was a resounding success, setting the stage for what would become the most prestigious and credible healthcare award in Nigeria. Over the years, NHEA has evolved, celebrating excellence, inspiring innovation, and bringing significant attention to the healthcare sector.

“NHEA has become a beacon of excellence,” Dr. Egbe states. *“It has inspired healthcare professionals and institutions to strive for higher standards and greater achievements.”

As NHEA celebrates its 10^th edition, the focus remains on the future. The awards continue to lead, inspire, and celebrate the pioneers and trailblazers of Nigerian healthcare.

“The journey is far from over, and the best is yet to come,” Dr. Shola adds with optimism.

Together, let us continue to support, innovate, and celebrate excellence in healthcare. Because at NHEA, excellence is not just a goal but a journey. And this journey has only just begun.

For more information, visit [www.nigeriahealthcareawards.com.ng](www.nigeriahealthcareawards.com.ng).

Why Investors Will Buy Fidelity Bank’s Offers–Capital Market Stakeholders

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24/06/2024

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Fidelity Bank Plc started its N127.1 billion combined rights and public offers to a rousing support from the investing public as key capital market stakeholders recalled the symbolic importance of Fidelity Bank’s impressive growth and investor-friendly disposition over the years.

From the Nigerian Exchange (NGX) to stockbrokers, investors and customers; the N127.1 billion combined rights and public offer received unreserved recommendations, with industry thought leaders citing the performance of Fidelity Bank in its core banking operations and as a quoted company at the stock market.

They said Fidelity Bank’s N127.1 billion combined rights and public offer was the right way for the nation’s banking recapitalisation exercise to start as the bank, which has the highest corporate governance rating and an average annual capital gain of more than 100 percent at the stock market, has strong appeal to the investing public.

Fidelity Bank is offering a rights issue of 3.2 billion ordinary shares of 50 kobo each at N9.25 per share. The bank is also simultaneously offering 10 billion ordinary shares of 50 kobo each to the general investing public at N9.75 per share.

The acceptance and application lists for the rights issue and public offer, which opened on Thursday, June 20, 2024, are scheduled to close on Monday, July 29, 2024. The rights issue has been pre-allotted on the basis of one new ordinary share for every 10 existing ordinary shares held as at the close of business on Friday, January 05, 2024.

The Doyen of Stockbrokers, the oldest practicing stockbroker, Alhaji Rasheed Yussuff, said Fidelity Bank has good records going for it with its history of impressive growth and profitability and dividend payments.

According to him, the bank is known to the market as a good investment, with evident records of impressive returns and corporate responsibility.

Yussuff, who was already a leading stockbroker and managing director of Trust Yields Securities Limited in 2004-2005 when Fidelity Bank launched its Initial Public Offering (IPO) and listed its shares at the stock market, said the bank has been hitting all positive records that should encourage investors to buy more into it.

Referencing the banks impressive returns, Yussuff, who has more than five decades in the capital market and was principal dealing clerk for ICON Limited/ICON Stockbrokers in 1976, particularly noted that Fidelity Bank has been paying good dividends.

Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Mr. Sam Onukwue, who recalled the founding days of Fidelity Bank in 1987, said he had watched Fidelity Bank sustained commendable growth trajectory over the years.

He said the bank has shown exceptional growth and resilience, rising from being a private merchant in 1987 to becoming one of the largest, publicly quoted commercial banks in Nigeria. Fidelity Bank is one of the seven Nigerian banks with international banking licences.

Onukwue, who is also managing director of Mega Equities Limited, said Fidelity Bank’s history of performance underlines the strength of its management, noting that the bank has proven to be able to keep investors trust.

Chairman, Nigerian Exchange (NGX), Mr. Ahonsi Unuigbe said the combined offer marked a pivotal moment for the bank and the financial services sector.

This is a testament to Fidelity Banks unwavering commitment to strengthening its own capital base and ensuring sustainable growth through amazing roles played by all of the professional parties to this transaction, Unuigbe, an investment banker and former director at Standard Bank, said.

He said the new banking recapitalisation is aimed at bolstering the resilience and stability of the nation’s financial institutions.

According to him, the ongoing recapitalisation has set robust minimum capital requirements that will ensure Nigerian banks are not only more solvent, but also capable of supporting the growth and development of the economy.

Acting Chief Executive Officer, Nigerian Exchange (NGX), Mr. Jude Chiemeka, commended Fidelity Bank for its performance and willingness to avail the investing public of every relevant information.

He assured that the NGX remains committed to supporting companies like Fidelity Bank in its quests to deepen the capital markets and fostering an environment conducive to sustainable growth and innovation.

Founder, KAM Holding, Dr. Kamoru Yusuf, said Fidelity Bank has shown to be an exceptional bank with focus on the development of Nigerian economy and companies.

He said investing in Fidelity Bank will be an investment in the growth of Nigerian economy and companies like KAM Holding, the nation’s largest wholly indigenous metal and steel production company.

Yusuf, whose group has metamorphosed into a global business conglomerate operating in three countries across two continents, confirmed that KAM Holding has benefited immensely from financial supports from Fidelity Bank.

Yusuf, who was physically present at a session at the NGX to present facts behind the offer to the investing public, underlined the relationship between increased capital for a business-focussed bank like Fidelity Bank and the overall development of the Nigerian economy.

Addressing the investing public at the NGX, Managing Director, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, reiterated the commitment of the bank to delivering impressive returns to shareholders and supporting the growth of the Nigerian economy.

She explained that the new capital raising by Fidelity Bank was driven by its proactive business expansion plan having secured shareholders’ approval to raise new equity funds as early as August 2023. The Central Bank of Nigeria (CBN)s directive on new minimum capital was released in March 2024.

The offer will increase our capacity to support our customers and their businesses. In summary, this capital raise will help our customers to grow, their businesses to thrive, and their economy to prosper, Onyeali-Ikpe said.

She assured that with its groundswell of supports from enthusiastic shareholders, customers and stakeholders, the bank is on course to achieving the N500 billion new minimum capital base, which will clearly confirm the bank, beyond any doubt, as one of the biggest banks in Nigeria.

Onyeali-Ikpe noted that being the first bank to launch offer out of the many banks in Nigeria after the CBN directive, Fidelity Bank has shown again to be a pace-setter.

According to her, Fidelity Bank seeks the CBN recapitalisation directive as a significant opportunity for a stronger and more resilient banking industry.

We have embraced the challenge as a catalyst to propel us, towards a long-term vision of becoming a market leader across every product that we offer and segment that we sell, not just in Nigeria, but as an international bank, Onyeali-Ikpe said.

She said the proceeds from the N127.10 billion capital raising exercise would be instrumental in achieving its strategic growth plan.

She highlighted that the funds, firstly, would be deployed to drive, business growth and regional expansion.

We will strategically expand our footprints within and outside Nigeria to serve as a broader customer base and to unlock new market opportunities.

Secondly, we will have what we call technological transformation. We are committed to leveraging proprietary technology to improve operational efficiency and deliver exceptional customer service.

Thirdly, we intend to diversify and grow. By investing in information technology (IT) infrastructure and product distribution channels, we will aim to diversify our earnings base through digitalisation and business expansion, Onyeali-Ikpe said.

She said the management recognised the importance of investors and are committed to delivering value to them as well.

Our track record of accelerated growth and consistent dividend payment is a testament to this, Onyeali-Ikpe said.

A recent review had shown that Fidelity Bank outperformed all major market indices for measuring returns at the Nigerian stock market, with the banks average annual return over the past five years twice the average return by the overall market and almost four times of average return in the banking sector.

A review of official trading reports at the Nigerian stock market showed that investors in Fidelity Bank have earned more than 507 per cent in capital gains over the past five years, between May 31, 2019 and May 31, 2024

Fidelity Bank’s share price rose by 507.14 percent over the period, representing average annual capital gain of 101.43 per cent. This significantly exceeds all other major return benchmarks, including the banking sector.

With 507 per cent capital gain in five years and average annual gain of more than 100 percent, the return analysis implies that investment in Fidelity Bank is more attractive than other class of assets, including fixed-income securities such as government and corporate bonds; real estate investment and mutual funds among others.

These returns underscore Fidelity Bank’s immense value as a stock for all times, helping investors to hedge against inflation while preserving significant long-term value.

The high divisible nature of shares investment and high free float of Fidelity Bank, which makes the banks shares easily available, underline the bank as a most attractive investment option for all cadres of investors- small, medium and high networth, retail and institutional investors.

The All-Share Index (ASI) – the common, value-based index that tracks all share prices at the Nigerian Exchange (NGX), which is widely regarded as Nigeria’s benchmark for equities market, recorded a five-year return of 219.61 per cent, an average annual return of 43.9 percent.

Contrary to the significantly above average performance of Fidelity Bank, the NGX Banking Index-which tracks the banking sector, doubled by 120.53 percent over the five-year period, representing average annual return of 24.11 percent, more than 77 percentage points below Fidelity Bank’s average return.

Two other major price indices- the NGX 30 Index and NGX Main Board Index, recorded five-year cumulative return of 185.73 percent and 265.6 percent respectively, representing average annual gain of 37.15 per cent and 53.1 percent respectively.

The NGX 30 Index tracks share prices of the 30 largest companies at the stock market while the NGX Main Board Index represents the largest and most diversified group of listed companies at the stock exchange. Fidelity Bank is quoted on the main board, like most other major banks and companies at the stock market.

The average annual return of 101.43 percent underlines that Fidelity Bank provides substantial return for investors, even where such investors had borrowed money at the ruling interest rate and the invested fund was adjusted for impact of inflation rate.

Nigeria’s inflation rate peaked at a high of 33.69 percent in April 2024 while the Central Bank of Nigeria (CBN)s Monetary Policy Committee (MPC) recently increased the Monetary Policy Rate (MPR), otherwise known as benchmark interest rate, to 26.25 percent.

Fidelity Bank’s share price, which closed May 31, 2019 at N1.68 per share, rose successively to N10.20 per share by the end of May 2024.

The ASI had, during the period, rose from its opening index of 31,069.37 points to close weekend at 99,300.38 points. The NGX Banking Index rose from 361.57 points to 797.37 points. The NGX 30 Index, which opened the period at 1,286.68 points, closed the period at 3,676.44 points. The NGX Main Board Index appreciated from 1,267.54 points to close weekend at 4,634.31 points.

FG Highlights AKK Gas Pipeline’s Massive Impact on Economy, Industrialisation

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Business Journal

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24/06/2024

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R-L: Managing Director, NNPC Gas Infrastructure Company (NGIC), Engr. Seyi Omotowa; NNPC Limited’s EVP Gas, Power & New Energy, Mr. Olalekan Ogunleye; GCEO, NNPC Limited, Mr. Mele Kyari; Minister of Information & National Orientation, Alh Mohammed Idris; Deputy Governor of Kaduna State, Dr. Hadiza Sabuwa Balarabe; Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo; Minister of Finance & Coordinating Minister of the Economy, Mr. Wale Edun; Representative of the Chief Executive, NMDPRA, Mr. Francis Ogaree; CEO of Brentex CPP Limited, Mr. Howard Wang and Chairman, Brentex CPP Limited, Alh. Sani Nuhu during an inspection visit to the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project Camp in Dankande, Kaduna.

The Federal Government has highlighted the huge multiplier impact of the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project on the nation’s economic growth and industrialisation.

This was made known during the visit of three cabinet Ministers to the AKK Gas Pipeline Project Site where they inspected the River Kaduna crossing milestone of the project in Kaduna, on Friday.

This is coming just as the Group CEO of NNPC Limited, Mr. Mele Kyari assured Nigerians that the Project will be delivered by the end of first quarter 2025.

The three Ministers who visited the Project Site were: Minister of Finance/Coordinating Minister of the Economy, Mr. Wale Edun; Minister of Information & National Orientation, Mr. Mohammed Idris Malagi and Minister of State for Petroleum Resources (Gas), Rt. Hon Ekperikpe Ekpo.

Speaking at the project site, the Minister of Finance Coordinating Minister of the Economy, Mr. Wale Edun described the AKK Gas pipeline as the pipeline of prosperity, which is very dear to the President, because it will deliver the critical infrastructure needed to trigger the nation’s economic growth and industrialisation.

“The AKK Gas Pipeline is crucial for this administration and its delivery is in line with Mr. President’s strategy of bringing prosperity to the people,” Edun added.

In his remarks, the Minister of Information and National Orientation, Mr. Mohammed Idris Malagi said the AKK Gas Pipeline Project is a testimony to the fact that the Federal Government’s “Decade of Gas” has commenced in earnest.

“Nigerians should be proud of the AKK Gas Pipeline project. With the delivery of this project, the prosperity that Mr. President is always talking about is unravelling right here before our eyes,” he said.

Also speaking, the Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo said the gas pipeline is part of the Federal Government’s many efforts to harness the nation’s abundant gas resources towards improving power generation, revamping ailing industries and creating employment opportunities in the country.

Ekpo urged all stakeholders to support the NNPC towards delivering the project and several other gas projects as the country depends on it to bring prosperity to the people.

The three Ministers, who lauded the NNPC and its project partner, Brentex/CPP Limited (BCL) on the progress made so far, also expressed optimism that the NNPC will deliver as promised.

Earlier in his remarks, the GCEO, NNPC Limited, Mr. Mele Kyari assured the Project will be delivered by first quarter of 2025 as major segments of the job have been completed.

“Without promising too much, we assure you that this Project will be delivered on schedule. Our mission is to work towards delivering it by December this year. But we are confident this project will be delivered by 1st Quarter of 2025,” Kyari informed the three visiting Ministers.

The GCEO, who said the NNPC recognises the strategic importance and enormous value of the project to Nigeria’s economy, stressed that the Company was bankrolling the project on the back of its own balance sheet.

In his speech, the Governor of Kaduna State, Mallam Uba Sani, represented by his Deputy, Dr. Hadiza Sabuwa Balarabe, said the completion of the AKK gas pipeline will herald the much-needed economic and industrial revival in the state.

“If you know about the Kakuri Industrial Area and how most of our factories there have become moribund, you will understand why we in Kaduna State are all excited about the AKK Gas Pipeline. Without doubt, the pipeline will revamp our industries and bring about a huge impact on our people. We can’t wait for it to be completed,” the Governor added.

The Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline is a 40 inch by 614km linear pipeline system running from Akaojuta in Kogi State to Kano with associated intermediate, terminal gas facilities and other related equipment to transport natural gas to off-takers at Abuja, Kaduna and Kano.

NNPC Set to Deliver Gas Revolution with OB3 Gas Pipeline Project

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Business Journal

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24/06/2024

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L-R: Mr. Barwa Mohammed; NNPC Limited’s Executive Vice President, Gas, Power & New Energy, Mr. Olalekan Ogunleye; GCEO, NNPC Limited, Mr. Mele Kyari; Special Adviser to the President on Energy, Ms Olu Verjeihen and the Executive Director, Health, Safety, Environment & Community of the Nigerian Midstream & Downstream Petroleum Regulatory Authority (NMDPRA), Dr. Mustapha Lamorde during an inspection tour of work progress of the River Niger Crossing Operation of the Obiafu-Obrikom-Oben (OB3) Gas Pipeline Project at Aboh, Delta State.

In yet another major step towards boosting nationwide gas supply to drive industrialization and economic growth, the Nigerian National Petroleum Company Limited (NNPC Ltd) is set to deliver the Obiafu-Obrikom-Oben (OB3) Gas Pipeline project.

Group Chief Executive Officer of NNPC Limited, Mr. Mele Kyari, confirmed this during an inspection tour of the OB3 pipeline River Niger Crossing operation at Aboh, Delta State, on Saturday.

By design, the OB3 Gas pipeline is the inter-connector which links the Eastern gas pipeline network to the Escravos-Lagos Pipeline System (ELPS) in the West and the Ajaokuta-Kaduna-Kano (AKK) Pipeline in the North.

The River Niger Crossing operation has been the major impediment to the completion of the strategic OB3 Gas Pipeline for over three years due to failure of the various technologies deployed to achieve the construction of the 48-inch pipe under the river bed between Ndoni in Rivers State and Aboh in Delta State.

But with the adoption of the Micro-Tunnelling/Direct Pipe Installation technology, the new contractors, Messrs HDD Thailand/Enikkom and Tunnelling Services Group (TSG), are making a headway with about 860meters out of the 1,800meters achieved so far.

Speaking after the inspection tour, Kyari expressed delight at the breakthrough, which signals the imminent completion of the project.

“This is a major project of monumental value to our country. What this means is that this is the only way we can deliver the gas revolution. I am very happy and convinced that, latest by the middle of August, we will complete this project. I have been assured of that by the project team”, Kyari stated.

On the significance of the project, he said: “Once completed, we will see about 2.2billion standard cubic feet of gas coming into our network. We believe that this will give our country a breathing space of demand, I am sure we can catch up with that kind of demand in the next one and half years. We are happy that this will give us the platform to unleash the gas revolution in our country”.

Also speaking on the project, the Minister of State for Petroleum Resources (Gas) Rt. Hon. Ekperikpe Ekpo, expressed satisfaction with the pace of work at the OB3 River Niger Crossing operation, describing it as “Renewed Hope at work”.

“I was here last year and I saw the work that was going on. There was a promise that it would be completed by December last year. I took it with a doubt. But today, from what I can see, I am confident that by July or August it will be completed and it will be commissioned by the President”, the Minister stated.

On her part, the Special Adviser to the President on Energy, Olu Verheijen, said she was looking forward to the completion of the project having been assured by the technical team that the right technology has been found to resolve the complex challenges of the River Niger Crossing.

“As the Minister and other speakers have said, we are looking forward to having this project deliver prosperity to Nigerians in the form of electricity and other areas”, Verheijen said.

The Managing Director of Tunnel Service Group (TSG), one of the contractors to the project, Mr. Ingo Justen, who is personally on ground to supervise the project on the request of the GCEO, expressed confidence that the current technology being applied in the execution of the project would lead to its speedy conclusion.

In a presentation earlier, the Managing Director of NNPC Gas Infrastructure Company (NGIC), Engr. Seyi Omotowa, disclosed that at the rate of progress with the new technology deployed, the River Niger Crossing operation, which is the only aspect of the OB3 Gas Pipeline Project left, will be achieved on schedule.

Sovereign Trust Insurance Reports 23% Growth in Revenue in 2023

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Business Journal

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24/06/2024

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Sovereign Trust Insurance Plc recently released its 2023 audited financial statements in line with the new reporting format of IFRS-17 to the general public having gotten the requisite approval from the industry’s regulatory authority, the National Insurance Commission (NAICOM).

Inspite of the challenging operating environment that characterised operations of most businesses in the country in 2023, the Underwriting Firm maintained its growth trajectory remarkably in the period under review when compared with the performance of year 2022.

The Managing Director and Chief Executive Officer of the Underwriting Firm, Mr. Olaotan Soyinka said the performance of the company in 2023 is quite encouraging considering the various business challenges that the insurance industry had to deal with in the past year. He said there is definitely room for improvement in the days ahead and that the underwriting firm is poised to take advantage of the opportunities that are inherent in the insurance marketplace.

Sovereign Trust Insurance Plc recorded a total of N19.3 billion insurance revenue in 2023 as against the sum of N15.7 billion that was written in 2022, representing a 23% growth rate for the year. Total Assets of the underwriting firm also grew by 33% to N22.7 billion in 2023 as against N17.1 billion in 2022. Equally of note is the increase in the company’s Total Equity which also grew by 30% from N10.4 billion in 2022 to N13.5 billion in 2023. The return on investment of the company also grew by 49% from N548.7 million in 2022 to N819.4 million in 2023. The company equally recorded a Profit Before Tax of N1.4 billion just as it did in 2022.

The Managing Director/CEO of the company, Mr. Olaotan Soyinka, while briefing newsmen in Lagos said the Management of the company is committed to meeting and surpassing the expectations and aspirations of its shareholders and stakeholders alike.

“These performance levels are a confirmation of the management’s determination to effectively and strategically position the company as one of the leading and vibrant insurance companies in the country while also making conscious efforts at propelling the company to a profitable height for shareholders’ delight” in the years ahead.”

The MD/CEO also hinted that the underwriting firm will be paying dividends to its shareholders this year.

Sovereign Trust Insurance Holds Quarterly Fitness, Wellness Exercise

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Business Journal

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24/06/2024

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Sovereign Trust Insurance Plc has held her quarterly staff fitness and wellness bonding exercise for staff of the company.

The initiative is geared towards promoting mental and physical health of staff of Sovereign Trust Insurance Plc with the aim of rejuvenating and revitalizing the minds for greater and better performance in the workplace.

It is also intended to promote bonding amongst staff of the organisation.

The exercise was held at the company’s head office in Lagos.

NIMC Denounces Allegations of Data Compromise, Cautions Nigerians on Phishing Sites

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Business Journal

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23/06/2024

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The National Identity Management Commission (NIMC) wishes to debunk the exposure of sensitive data of Nigerian citizens as it concerns the Commission amongst many other data-collecting agencies, as alleged and reported.

The Commission, at this moment, assures the public that the data of Nigerians has not been compromised, and the Commission have not authorised any website or entity to sell or misuse the National Identification Number (NIN) amongst all the identities stated in the report.

The following websites: idfinder.com.ng; Verify. Ng/sign in, championtech.com.ng, trustyonline.com, and anyverify.com are data harvesters not authorised by NIMC to access or manage sensitive data. NIMC urges the public to disregard any claims or services these websites offer and should not give their data as they are potentially fraudulent and data provided by the public on such websites are gathered and stored to build the data services they illegally provide.

Consequently, the public should know that the Commission has taken robust measures to safeguard the nation’s database from cyber threats- a secure, world-class, full-proof database is in place. The commission’s infrastructure meets the stringent ISO 27001:2013 Information Security Management System Standard, with annual recertification and strict compliance with the Nigerian Data Protection Law.

Furthermore, NIMC advises Nigerians to avoid giving their data to unauthorised and phishing sites. This poses the danger of data harvesting and comprises individual data. The Commission reaffirms its commitment to upholding ethical standards in data protection in line with federal government directives and data privacy regulations. Moreover, licensed partners or vendors are not authorised to scan or store NIN slips but to verify NINs through approved channels.

The Commission is currently working closely with security operatives to apprehend these elements masquerading as online vendors, and they will be made to face the full wrath of the law.

NIMC urges the public to remain vigilant against false information and rely on verified sources for accurate updates. The Commission remains committed to providing secure and reliable identity management and upholding the highest level of security for systems and databases, which are critical national assets.

6 Ways to Make Money on the PalmPay App in 2024

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Business Journal

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23/06/2024

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If you need an additional source of income, you should look no further than Nigeria’s thriving digital banking industry. You’ll find the best business opportunity there, with PalmPay being the most rewarding fintech to bank with.

With over 30 million users and 1.1 million businesses, including 600,000 merchants and 500,000 agents as part of its cashless payment ecosystem, PalmPay is a perfect platform for those looking to make money in the digital banking space.

One major reason why PalmPay stands out among other competing brands is that its users can send and receive money seamlessly, pay bills effortlessly, and shop with ease, all while earning discounts and cashback performing these tasks.

In Nigeria’s fintech space, no other brand has these financial offerings, except PalmPay. Data even shows that PalmPay has the highest rating on Google Play store in the fintech space.

This article covers the top six most popular features of the PalmPay app that anyone can use to make money from referrals, betting, cashback and discounts, sales and a distinctive financial offering by PalmPay called the Trial Cash.

Refer & Earn

PalmPay’s Refer and Earn feature is a perfect marriage between your contact list and the app’s innovative financial payment offerings. Inviting people you know to register on the PalmPay app and transact can earn you extra good money.

How does it work? When you invite anyone on your contact list using your invite link on the app dashboard, PalmPay pays you for every successful download of the app and transaction that your invites go ahead to make through your referral link.

A fee of N250 is paid to you for every successful referral. You’ll then need to complete five referrals to be eligible to withdraw from your PalmPay wallet for spending from as low as N2,000 and as much as you can earn through successful referrals.

Sports Betting

There are several ways to fund your sports betting account, but none comes close to using PalmPay. This UEFA EURO ‘24 season, PalmPay is bringing you an exciting opportunity to win fantastic prizes, including an iPhone 15 Pro and amazing cash rewards in its Bet and Win Big promo in partnership with iLOT, BetWay, BetCorrect, AccessBet and BetKing. Join in the thrill of the tournament while boosting your chances to win big with our special betting deposits campaign.

From June 14th to July 15th, 2024, make your betting deposits and stand a chance to win an iPhone 15 Pro and share in millions of cash prizes.

Airtime to Cash

You will agree that converting airtime to cash to earn money is an interesting idea. Do you remember back then when you bought more airtime than you needed and didn’t know what to do with the extra airtime? This feature erases that dilemma.

This feature, the first of its kind by a digital payment platform, enables PalmPay users to convert airtime to cash at ease, following just a few simple steps, after which the money equivalent is credited to their PalmPay wallet for onward spending.

As a PalmPay user, should you ever have extra airtime that you do not intend to use and want cash in exchange, all you have to do is click on the Recharge2Cash icon on the app, select the SIM network, enter the OTP sent to your phone, then select the amount you want to convert to cash and finally click on convert.

Cashback & Discounts

PalmPay is big on cashback and discounts. You get rewarded coupons or PalmPoints for almost every transaction on the app, from electricity, airtime and data to cable TV subscriptions. The cashback and discounts are respent on the app.

The cashback and discounts apply for the first five bill payments that you make in a month and range from 15 PalmPoints for your first airtime recharge of N100 to a 2% bonus in PalmPoints when you pay for Cable TV and electricity.

PalmPay offers new users various coupons for them to get cashback and discounts on the bouquet of services available on the app. PalmPay users have the privilege of paying less than the market value for the numerous services on the app.

In-app Promotions

Periodically, PalmPay rewards users with various in-app promotions which involve the users undergoing activities. One such is the ongoing 2023 AFCON tournament which PalmPay is partnering with TECNO, StarTimes and Bet9ja. Users who take part in the PalmPay AFCON Soccer Fiesta stand a chance to share N108 million and win free StarTimes subscriptions, betting coupons and loads of cashback.

Ready to kick off the excitement and make money doing so? Open your PalmPay app now and dive into the AFCON Soccer Fiesta for a chance to win big!

Trial Cash

Another first of its kind by any digital payment platform, the Trial Cash is a distinctive reward designed to let you explore the benefits of the app’s flexible savings feature. As with most PalmPay features, this comes with exciting rewards.

The PalmPay Trial Cash is not real money, however, users of the app are rewarded with a spendable daily interest of 16 per cent per annum sent into their wallet, which they can then go ahead and use to perform different transactions on the app.

Users can earn Trial Cash by completing daily tasks on the app such as transferring to a PalmPay wallet or adding money to their wallet from their bank account or agent.

Conclusion

If you plan not only to spend money this 2024 but also make money, there’s no reason why you should use any other digital payment platform for your transactions. PalmPay offers you incentives that no other platform does.

Not using PalmPay for your daily transactions? Go ahead and download the PalmPay app, follow the CBN KYC directive to update the app with your BVN and NIN and continue to perform transactions and make good money.

NGX Group Chair, Umaru Kwairanga, Leads Industry Delegation to South Korea

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Business Journal

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18/06/2024

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Dr. Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX) in Seoul Korea as the leader of Nigerian Delegation/Director Bank Directors Association of Nigeria BDAN for the Korea-Africa Economic & Financial Co-operation.

Insurfeel Initiative, ARIAN Donate N12m Insurance Covers to Hawker, Four Others

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Business Journal

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18/06/2024

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L-R: National Chairman, AIICO Fieldforce/Senior Agency Manager, AIICO Insurance Plc, Uche Anyanwu; beneficiary, Mrs. Oloruntoyin Risikat and Promoter of Insurfeel Initiative, Mr. Chuks Udo Okonta at the event.

Insurfeel Initiative in partnership with Association of Registered Insurance Agents of Nigeria (ARIAN) have donated Uni-personal insurance covers to a soft drink hawker and four other people that attended the 2024 ARIAN football tournament held recently in Lagos.

The beneficiaries are: David Owogoga; Mrs. Oloruntoyin Risikat; Adebayo Adewunmi; Olaleye Stephen and Adebayo Kehinde

National President of ARIAN, Olakunle Odewunmi, speaking on the insurance donation, said the Association partnered Insurfeel Initiative to ensure the public have a feel of insurance, stating that as insurance practitioners, the Association wants the public to have an insurance touch and also understand that insurance remains one of the best means to mitigate risks.

He congratulated the beneficiaries, whilst urging them to ensure they leverage insurance in securing their lives and properties. He said the Association would continue to give back to the society, while promoting the usefulness of insurance.

The Promoter of Insurfeel Initiative, Mr. Chuks Udo Okonta, appreciated the leadership of ARIAN for the partnership and also congratulated the beneficiaries, stating that with the donation, each of them would enjoy coverage to the tune of N2.4 million. He welcomed them to the world of insurance, which he said only the wise uses to ward off risks.

Chuks reiterated his position that it is cheaper to donate insurance than contribute money when risk occurs. He implored the public to embrace the act of donating insurance to help people mitigate their risks.

The Insurfeel Promoter called on insurance operators to partner Insurfeel Initiative in donating their products whenever they carry out Corporate Social Responsibility (CSR) programmes, stating that it would do the insurance sector a lot of good as products from the sector are bought and used as souvenir as against buying products from other sectors.

A football coach, Olaleye Stephen, a beneficiary of the cover, appreciated ARIAN and Insurfeel Initiative for the gesture, stating that the policy is the first insurance cover he has gotten, adding that he has being telling his friends about the policy and that many of them would buy the cover.

About Uni-personal Insurance Cover

There are risks in every activity we do. Whether you are at home, at work, at play, or while traveling. Over 75 percent of the activities we do have to with our job, business, or occupation.

Every job/occupation has its peculiar risks. Most common is the risk of accident – from minor to fatal. When an accident happens, it could lead to medical expenses, permanent disability or death. Raising funds to take care of emergency situations resulting from accidents is sometimes a very challenging task for most people.

Aside from accident, individuals are sometimes held legally liable for their negligent, unintentional actions or actions of their children or other relatives, whether at home or outside the home, which could result in bodily injury of persons or loss/damage to their property.

Everyone, therefore, needs to guard ourselves with Uni-Personal Cover in case any of this situation arises. With Uni-Personal Cover, you can work, live, play, and travel with great confidence.

Uni-Personal Cover a policy offered by Universal Insurance Plc, is combined Personal Accident (PA) and Personal Liability (PL) insurance cover, just for you, and the premium is ₦8,000 only per annum.

Benefits

₦200,000 for medical expenses
₦850,000 for Permanent Disability
₦850,000 for Death
₦500,000 for Personal Liability

About Insurfeel Initiative

Insurfeel is an initiative that enables the uninformed and uninsured to experience impacts of insurance by receiving insurance policies for free through donations by individuals; groups; associations; organisations and government.
Insurfeel Initiative entails donation of insurance policies to the uninsured, uninformed and evolved from a research conducted which showed that people who have had positive experience on how insurance works seem to believe and easily embraced the system.
This research, therefore, necessitates the need to extend insurance experience through donation of policies to more people so as to deepen insurance penetration, provide safety; fight poverty, and enhance the insurance industry’s profitability.
Insurfeel is targeted towards specific individuals, such as students in secondary schools, teachers, and people with distinct impact on lives and the society. They are selected due to their outstanding performance and contributions to human growth.
Insurfeel initiative is opened to people committed to philanthropy. Through Insurfeel, organisations can by means of Corporate Social Responsibility (CRS) donate insurance policies as souvenirs and gifts to deserving members of the public.
Insurfeel Initiative provides a platform for insurance companies to donate their products as against the present trend where products from other sectors are donated to the public.
This will grow the industry’s premium whilst helping humanity as well.

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