6 Ways to Make Money on the PalmPay App in 2024

23/06/2024

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

Business Journal

18/06/2024

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

Business Journal

18/06/2024

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.

SUPERNEWS Confab: Fintech Adoption Will Grow SMEs — Experts

Business Journal

18/06/2024

L-R: Olukayode Shode, Deputy Director, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN); Ngozi Onyeakusi, Publisher/CEO, SuperNews Nigeria; Dr. Abiodun Adedipe, Keynote Speaker and Managing Director/CEO, Biodun Adedipe & Associates Limited, and Yeye Modupe Dada, Chairman, Nigeria Association of Small and Medium Enterprises (NASME), Lagos State Chapter, during the Nigeria SME’s Confab ’24 organised by SuperNews Nigeria in Lagos.

Experts have said that Fintech adoption is relevant for the growth of Small and Medium Enterprises (SMEs)

They spoke at the Nigeria SMEs Confab 2024 in Lagos, organised by SUPERNEWS with the theme, ‘Bringing SMEs into the Financial Services Network via Fintech,’

Delivering a keynote speech on the theme, “Bringing SMEs into the financial services network via fintech’, Dr. Biodun Adedipe noted that MSMEs are pivotal to sustainable and inclusive economies, not only through job creation but also innovation sparks.

Adedipe, who is the founder of B. Adedipe & Associates Limited, said: “As Nigeria continues to embrace digital transformation and foster innovation in the financial sector, the role of fintech in empowering SMEs will only grow in significance. With a young and dynamic entrepreneurial ecosystem, the demand for fintech solutions tailored for SMEs is expected to soar, driving further innovation and competition in the market.”

He mentioned limited access to finance and poor financial management competence as two key challenges of SMEs.

“The first has been a major concern among various stakeholders of the sector and there have been diverse responses to it across diverse geographies,” he said.

Also speaking at the event, the Director General / CEO, Small and Medium Enterprises Development Agency of Nigeria SMEDAN, Mr. Charles Odii stated that Fintech is one of the fastest-growing areas for venture capitalists that can benefit SMEs.

Represented by Zonal Coordinator, South-West of SMEDAN, Mr Olukayode Shode, the DG noted that bringing SMEs into the Financial Services Network via Fintech will enhance efficiency, accessibility and security with innovative solutions.

“The symbiotic relationship between finance and technology is reshaping the way banks operate and interact with their customers. The growing importance of fintech is its ability to streamline processes and reduce operational costs. Fintech solutions, such as mobile banking apps and digital wallets, provide convenient access to financial services irrespective of location or credit history. This inclusivity not only empowers individuals but also fuels economic growth by bringing previously marginalised populations into the formal financial system.”

However, the SMEDAN boss pointed out that while Fintech funding is on the rise, regulatory problems exist.

He said: “While fintech firms create new opportunities and capabilities for consumers especially SMEs, they are also creating new risks to be aware of. Data privacy and regulatory arbitrage are the main concerns.”

Earlier in her welcome address, Publisher, SUPERNEWS Nigeria, Ngozi Onyeakusi, said the choice of the theme was borne out of the quest to improve the business climate for SMEs in Nigeria by leveraging on technology in terms of accessing financial services.

She said: “It’s unfortunate that SMEs that form the bedrock of every economy are plagued by a lot of challenges, especially inadequate access to finance. Indeed, reports have shown that the challenge of SMEs in accessing funds could be traced to inadequate access to financial institutions and education, skills, experience of owners/managers, high interest rates, gender discrimination, among others. It therefore becomes imperative to leverage on technology to ensure their sustainability, productivity and profitability.”

FG Tackles New York Times over Report on Nigeria’s Economic Situation

Business Journal

17/06/2024

Ruth Maclean and Ismail Auwal’s feature story with the title ‘Nigeria Confronts Its Worst Economic Crisis in a Generation’, published on June 11, reflected the typical predetermined, reductionist, derogatory, and denigrating way foreign media establishments reported African countries for several decades.

Because of the misleading slant of the report, we need to clear up some misconceptions conveyed by the reporters as regards the economic policies of the Tinubu administration that came into power at the end of May 2023.

Most significant about the report was that it painted the dire experiences of some Nigerians amid the inflationary spiral of the last year and blamed it all on the policies of the new administration. The report, based on several interviews, is at best jaundiced, all gloom and doom, as it never mentioned the positive aspects in the same economy as well as the ameliorative policies being implemented by the central and state governments.

To be sure, President Tinubu did not create the economic problems Nigeria faces today. He inherited them. As a respected economist in our country once put it, Tinubu inherited a dead economy. The economy was bleeding and needed quick surgery to avoid being plunged into the abyss, as happened in Zimbabwe and Venezuela. This was the background to the policy direction taken by the government in May/June 2023: the abrogation of the fuel subsidy regime and the unification of the multiple exchange rates.

For decades, Nigeria had maintained a fuel subsidy regime that gulped $84.39 billion between 2005 and 2022 from the public treasury in a country with huge infrastructural deficits and in high need of better social services for its citizens. The state oil firm, NNPC, the sole importer, had amassed trillions of naira in debts for absorbing the unsustainable subsidy payments in its books. By the time President Tinubu took over the leadership of the country, there was no provision made for fuel subsidy payments in the national budget beyond June 2023. The budget itself had a striking feature: it planned to spend 97 percent of revenue servicing debt, with little left for recurrent or capital expenditure. The previous government had resorted to massive borrowing to cover such costs. Like oil, the exchange rate was also being subsidized by the government, with an estimated $1.5 billion spent monthly by the CBN to ‘defend’ the currency against the unquenchable demand for the dollar by the country’s import-dependent economy. By keeping the rate low, arbitrage grew as a gulf existed between the official rate and the rate being used by over 5000 BDCs that were previously licensed by the Central Bank. What was more, the country was failing to fulfil its remittance obligations to airlines and other foreign businesses, such that FDIs and investment in the oil sector dried up, and notably Emirate Airlines cut off the Nigerian route.

President Tinubu had to deal with the cancer of public finance on the first day by rolling back the subsidy regime and the generosity that spread to neighbouring countries. Then, his administration floated the naira.

After some months of the storm, with the naira sliding as low as N1,900 to the US dollar, some stability is being restored, though there remain some challenges. The exchange rate is now below N1500 to the dollar, and there are prospects that the naira could regain its muscle and appreciate to between N1000 and N1200 before the end of the year. The economy recorded a trade surplus of N6.52 trillion in Q1, as against a deficit of N1.4 trillion in Q4 of 2023. Portfolio investors have streamed in as long-term investors. When Diageo wanted to sell its stake in Guinness Nigeria, it had the Singaporean conglomerate, Tolaram, ready for the uptake. With the World Bank extending a $2.25 billion loan and other loans by the AfDB and Afreximbank coming in, Nigeria has become bankable again. This is all because the reforms being implemented have restored some confidence.

The inflationary rate is slowing down, as shown in the figures released by the National Bureau of Statistics for April. Food inflation remains the biggest challenge, and the government is working very hard to rein it in with increased agricultural production. The Tinubu administration and the 36 states are working assiduously to produce food in abundance to reduce the cost. Some state governments, such as Lagos and Akwa Ibom, have set up retail shops to sell raw food items to residents at a lower price than the market price. The Tinubu government, in November last year, in consonance with its food emergency declaration, invested heavily in dry-season farming, giving farmers incentives to produce wheat, maize, and rice. The CBN has donated N100 billion worth of fertiliser to farmers, and numerous incentives are being implemented. In the western part of Nigeria, the six governors have announced plans to invest massively in agriculture.

With all the plans being executed, inflation, especially food inflation, will soon be tamed.

Nigeria is not the only country in the world facing a rising cost of living crisis. The USA, too, is contending with a similar crisis, with families finding it hard to make ends meet. US Treasury Secretary Janet Yellen raised this concern recently. Europe is similarly in the throes of a cost-of-living crisis. As those countries are trying to confront the problem, the Tinubu administration is also working hard to overturn the economic problems in Nigeria.

Our country faced economic difficulties in the past, an experience that has been captured in folk songs. Just like we overcame then, we shall overcome our present difficulties very soon.

Bayo Onanuga

Special Adviser to President Tinubu on Information and Strategy

June 16, 2024.

Union Bank Advocates for Environmental Restoration, Commemorates World Environment Day

Business Journal

17/06/2024

Union Bank, one of Nigeria’s foremost financial institutions, has reemphasised the need to preserve and restore the global habitat through sustainable environmental practices.

This clarion call was made during an event organised in partnership with the Nigerian Conservation Foundation to commemorate this year’s World Environment Day.

The program, held on June 5th, 2024, at the Lekki Conservation Centre in Lagos State, brought together various stakeholders, including environmental rights activists, international partner agencies, corporate institutions, government agencies, and students of select secondary schools, to deliberate and engage in activities marking World Environment Day.

One of the main events on the day was a tree-planting exercise involving various participants and stakeholder representatives. The tree-planting activity was in keeping with this year’s celebration theme, “Land Restoration, Desertification, and Drought Resilience,” advocating for the rejuvenation and revitalisation of land devastated by deforestation, erosion, and desertification globally and in Nigeria in particular.

Speaking during the program, Patricia Iwhewhe, Head of Citizenship and Sustainability at Union Bank, echoed the importance of preserving our environment. According to her:

“Land degradation and erosion are not things stakeholders and policymakers can afford to ignore or gloss over. We all must get involved in helping restore and reclaim parts of our environment badly impacted by deforestation and desertification. Union Bank, as a sustainability champion committed to the preservation of our dear planet, appreciates and recognises the responsibility we have as humanity to look after our environment. We will continue to support and participate in programs dedicated to protecting and enriching our precious habitat”.

Stakeholders like the Nigerian Conservation Foundation (NCF) have also been invaluable partners in progress and are at the forefront of helping to preserve and protect nature and its resources. This has served to not only improve the quality of human life but also to sustain present and future generations. NCF’s advocacy over the decades has positively impacted and influenced Nigeria’s environmental policy. Union Bank will continue to be a dependable ally in supporting this noble cause of environmental preservation.

Union Bank, through its diverse range of projects and interventions, has demonstrated its unwavering commitment to bequeathing a safer, healthier, and more sustainable environment. The bank’s tangible contributions serve as a beacon of hope, inspiring a brighter and more sustainable future for all.

NLNG Reiterates Commitment to Delivering Train 7 Benefits to Nigerians

Business Journal

17/06/2024

Nigeria LNG Limited (NLNG) has reaffirmed its commitment to delivering economic benefits through the Train 7 project on Bonny Island, Rivers State.

Speaking at a reconvened session of the Senate and House of Representatives’ Joint Committee on Gas (the Committee), officials of the Company provided necessary information and clarifications to address issues raised by the Committee.

NLNG confirmed that the project, with a total contract sum of $4.3 billion, has reached an overall progress of 67% completion, achieving significant construction milestone of over 45 million manhours without any Lost Time Injury (LTI). The Company noted that the project was already delivering on one of its benefits with over 9,000 Nigerians working in the project on Bonny Island, and numerous indirect jobs and businesses emerging and booming as a result of the construction.

NLNG emphasised that the Train 7 project is a strategic initiative that will support the diversification of the country’s revenue sources, revenue generation during the Energy Transition, and aid the country in achieving a net-zero future.

It also noted that the project remained crucial for monetising Nigeria’s vast gas resources, estimated at over 200 trillion cubic feet (tcf) of proven reserves and it remains an inspiration to other gas development initiatives aimed at enhancing gas monetisation and utilisation in the country.

The Company equally stressed the significance of the project to the Federal Government’s Decade of Gas initiative. It emphasised that the project is aligned with Nigeria’s gas development aspirations, as the outlined initiative is both timely and essential to secure the nation’s future, particularly as the global movement towards a net-zero future accelerates.

NLNG expressed its respect for the National Assembly and committed to collaborate with the legislature to transform Nigeria’s energy landscape. It called on all stakeholders including the Federal Government and all well-meaning Nigerians to support the preservation of an enabling environment for its successful completion and the attraction of more transformational projects to Nigeria.

NDSF’24: Nnamani to Speak @Internet Governance for Development

Business Journal

15/06/2024

The Chief Executive Officer (CEO) of the most interconnected facility in West Africa, the Digital Realty Nigeria, Engr. Ikechukwu Nnamani, would lead speakers to the 2024 Nigeria DigitalSENSE Africa Forum on Internet Governance for Development (IG4D) on Thursday, June 27, 2024.
Digital Realty Nigeria, formally known as Medallion Data Centres Limited is a Lagos-based number 1 peering point for the region.
Confirming this, the Lead Consulting Strategist, DigitalSENSE Africa, a project of ITREALMS Media group, Sir Remmy Nweke, said that Engr. Nnamani, the immediate past National President of the Association of Telecommunications Companies of Nigeria (ATCON) would be the Guest Speaker at the 2024 NDSF on the theme “IG4D: Innovative Digital Economy & Safer Civic Space in Nigeria.”
Nnamani, who was also the former member of the Executive Board cum Treasurer of the Nigeria Internet Registration Association (NIRA), would join the Executive Director, Media Rights Agenda, and Chairman of 2024 NDSF on Internet Governance for Development, Mr. Edetaen Ojo.
Pointing out that the 2024 NDSF on Internet Governance for Development has been confirmed to hold at the prestigious Welcome Center Hotels, International Airport Road, Lagos by 10am.
Nweke recalled that for over 16 years, Engr. Nnamani has led the Digital Realty datacenter in Lagos, which boosts all submarine cables in the region, long distance providers, metro fiber providers, mobile services providers, fixed services providers, Over-The-Top (OTT) providers, Internet Exchange, Value Added Service (VAS) providers, and global Tier1 service providers, among others.
He pointed out that over 68 percent of all internet traffic exchanged at the Nigeria Internet Exchange takes place at Digital Realty’s datacenter in Lagos, Nigeria, just as the company recently completed its ultra-modern 1MW IT Load state-of-the-art datacenter called LOS2 in Victoria Island, Lagos, Nigeria.
Also, Engr. Nnamani is reputed for promoting the establishment of telecom infrastructure in several African countries including Ghana, Togo, Liberia, Sierra Leone, Ivory Coast, Senegal, Kenya, Uganda, Botswana and Angola to name a few.

Fidelity Bank Public Offer, Rights Issue to Open Thursday, June 20

Business Journal

15/06/2024

Nigeria’s 6th largest bank, Fidelity Bank Plc will on Thursday, June 20, 2024 open its public offer and Rights Issue.

As part of this capital raising process, Fidelity Bank will same Thursday, June 20, 2024 at the NGX hold a Facts Behind the Offer presentation.

According to an article posted on the BusinessDay website and authored by Iheanyi Nwachukwu, 3.2 billion ordinary shares of 50 kobo each will be offered in the ratio of 1 new ordinary share for every 10 ordinary shares held as of January 5, 2024, at N9.25 per share under the Rights Issue.

For the public offer, 10 billion ordinary shares of 50 kobo each will be offered to the general investing public at N9.75 per share.

Stanbic IBTC Capital is the Lead Issuing House to the Combined Offer, whilst the Joint Issuing Houses include Iron Global Markets Limited, Cowry Asset Management Limited, Afrinvest Capital Limited, FSL Securities Limited, Futureview Financial Services Limited, Iroko Capital Market Advisory Limited, Kairos Capital Limited and Planet Capital Limited.

The acceptance and application lists for the rights issue and public offer which will open on Thursday, June 20 will close on Monday July 29, 2024.

The bank recently concluded all necessary arrangements to raise a total of up to N127.100 billion by way of a rights issue to existing shareholders and a public offer (the combined offer).

The combined offer is a part of the bank’s strategy to increase its share capital base in compliance with the revised minimum capital requirements for Nigerian commercial banks introduced by the Central Bank of Nigeria (CBN) on March 28, 2024.

NAICOM Seeks Strong Institutions, Collaboration in Insurance Sector

Business Journal

15/06/2024

The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, who was represented by the Deputy Commissioner, Mr. Ekerete Olawoye Gam-Ikon, attended the 2024 Nigeria Council of Registered Insurance Brokers (NCRIB) CEO’s Retreat held from June 13-15, 2024 in Uyo, Akwa Ibom State. The retreat was themed “Building Institutions That Survive Their Promoters.”

In delivering the goodwill message, the Deputy Commissioner emphasised that in today’s rapidly changing world, the concept of building enduring institutions is more relevant than ever. Institutions that outlive their founders represent sustainability, resilience and continuous excellence, becoming pillars of strength for our communities and guiding us through times of change and uncertainty.

He further noted that at NAICOM, there is a deep commitment to creating lasting legacies. This commitment is built on robust governance, innovation, and an unwavering dedication to ethical practices. These principles not only ensure the longevity of institutions but also foster trust and confidence among stakeholders.

The Deputy Commissioner highlighted the crucial role insurance brokers play in this endeavour. As intermediaries who facilitate critical financial protection, brokers are instrumental in promoting stability and security whose efforts contribute to a safer and more predictable environment for businesses and individuals alike. He expressed confidence that the discussions and insights shared during the retreat would illuminate strategies and best practices to ensure that the institutions built today will thrive for generations to come.

In conclusion, he urged everyone present to use the opportunity to collaborate, learn from each other and reinforce the insurance industry’s collective mission to create a sustainable future.

AIICO Sponsors 2024 NCRIB CEOs Retreat in Uyo with Focus on Sustainable Institutions

Business Journal

15/06/2024

From Left-right: Mr. Adewale Kadri (ED, Technical, AIICO Insurance Plc), Mr. Arowojolu Adedayo (MD, Unitrust Insurance Co. Ltd), Mr. Tope Daramola (Executive Secretary/CEO), Mrs. Ekeoma Ezeibe (Deputy President, NCRIB), Mr. Ekerete Gam-Ikon (Deputy Commissioner, NAICOM), Prince Babatunde Oguntade (President NCRIB), Mr. Bob Emem (Commissioner for Economic Development, Akwa Ibom State), Mrs. Funke Adenusi (Vice President, NCRIB), Mrs. Yetunde Ilori (Director General, CEO of Nigerian Insurers Association), Mr. Edwin Igbiti (President, Chartered Insurance Institute of Nigeria).

Demonstrating their commitment to collaboration within the insurance industry, AIICO Insurance featured as the lead sponsor for the 2024 NCRIB CEOs’ Retreat held in Uyo, Akwa Ibom State. This sponsorship exemplifies AIICO’s focus on fostering professional development and service excellence within the insurance brokerage sector.

The NCRIB Chief Executive Officers converged on Uyo for their annual retreat between June 13 and 15, 2024 to review the state of their sub sector and brainstorm on the way forward. The retreat had as its theme: “Building Institutions that Survive Their Promoters.”

The Akwa Ibom State Governor, His Excellency, Mr. Umo Bassey Eno, who was the Special Guest of Honour, was represented by the State’s Commissioner for Economic Development, Mr. Bob Emem.

The Commissioner for Insurance was represented at the event by the Deputy Commissioner, Finance and Admin, Mr. Ekerete Gam-Ikon. In his speech, he emphasised on the concept and importance of building enduring institutions. He further assured all stakeholders of NAICOM’s commitment to creating lasting legacies, built on robust governance, innovation and dedication to ethical practices.

The Akwa Ibom State Commissioner stressed the need for collaborative efforts between the insurance industry and the public sector to harness the inherent potentials for value creation. He promised to make recommendations to the state government on possible areas of cooperation between the state and the industry.

In his welcome address, AIICO Insurance Plc’s Executive Director, Mr. Adewale Kadri, commended the insurance Brokers for their industry and professionalism. He expressed appreciation for the remarkable partnership with these key industry players which continues to yield positive results.

The three-day retreat also provided a relaxed social atmosphere for the CEOs to relate informally and take part in games and sporting activities away from the everyday official itinerary and functions.

The NCRIB is the umbrella body of registered and approved operators in the insurance brokerage business who are universally recognised as insurance intermediaries. Insurance Brokers deploy their skills and expertise in arranging insurance protection in the very best interest of their clients who are the proposers or consumers.

Among others, insurance Brokers are involved in risk evaluation and assessment, providing advice on types of policies, recommend and advice on the selection of underwriters based on their strengths and weaknesses, and ensuring prompt claims settlement.

AIICO Insurance is a leading composite insurer in Nigeria, with a 60-year record of accomplishment in delivering quality service to its clients. Founded in 1963, AIICO provides life & general insurance, health insurance, and investment management services to create and protect wealth for individuals, families, and corporate customers.

UEFA EURO 2024: PalmPay in Partnership with iLOT, BetWay, BetCorrect, AccessBet, BetKing, Unveils Bet and Win Big Promo

Business Journal

15/06/2024

This UEFA EURO ‘24 football season, leading fintech platform, PalmPay, brings loads of excitement for its users in partnership with iLOT, BetWay, BetCorrect, AccessBet and BetKing to unveil the Bet and Win Big promo.

From June 14th to July 15th, 2024, users can deposit in their betting wallets and stand a chance to win an iPhone 15 Pro and share in millions of cash prizes.

How to Play and Win

Download the PalmPay App: If you haven’t already, download the PalmPay app from your app store.
Deposit and Win Draws: Deposit a minimum of N2,000 to get a 1 draw chance. You can earn up to 5 draw chances in total. The more draw chances mean a higher probability of winning the coveted iPhone 15 Pro.
Accumulate and Share Cash Prizes: Make accumulated deposits of N500,000 or more over the campaign period. Users with total deposits of N500,000 and above will share millions in cash prizes.

The bigger your accumulated deposits, the bigger your share of the cash prizes..

For more information and updates about the promo, follow PalmPay follow us on X, Instagram and Facebook for more information.

NSML Signs Vessel Management Agreement with Temile Ltd for New LPG Vessel

Business Journal

14/06/2024

NLNG Shipping and Marine Services Limited (NSML) Temile Development Company Limited on Tuesday, signed a Vessel Management Agreement (VMA) to provide comprehensive vessel technical management services for the new 23,000 cubic metre LPG vessel, LPG Alfred Temile 10, owned by Temile Development Company Limited.

At a ceremony in Abuja, NSML’s Managing Director and Chief Executive Officer, Mr. Abdulkadir Ahmed, and Temile’s Chief Executive Officer, Mr. Alfred Temile, signed the VMA. Present at the signing ceremony were Adegboyega Oyetola, Minister of Marine and Blue Economy, represented by Mrs Ekanem Ogegere Celia, Deputy Director, Cabotage and Shipping; Engr. Felix Omatsola Ogbe, the Executive Secretary, Nigerian Content Development & Monitoring Board; Mr. Andy Odeh, General Manager, External Relations and Sustainable Development; Dr. Salihu Jamari, Chief Investment Officer, NNPC Gas & Power Investment Services, among others.

Speaking at the milestone event, NSML’s MD, Mr. Ahmed, emphasised that NSML will leverage its expertise and resources to ensure the safe, reliable, and efficient operation of the Alfred Temile 10. He stated that the relationship with Temile Development Company started with the delivery of the first LPG vessel – LPG Alfred Temile – to NLNG in 2020.

“The relationship grew and continued with the construction, supervision and delivery of the 2nd LPG Vessel – Alfred Temile 10 – to Nigeria in March 2024. This momentous occasion represents our shared commitment to excellence, safety, and innovation in the maritime industry. It also represents the tenacious can-do-spirit of Mr Alfred Temile who has grown his LPG vessel fleet within a span of four (4) years. The Alfed Temile 10 is a testament to our dedication to operating a modern, efficient, and environmentally responsible fleet. With its cutting-edge design and technology, this vessel will set a new standard for LPG transportation in Nigeria and the West Africa,” he said.

Also speaking at the event, Mr. Temile, stressed that the new vessel will play a critical role in gas transportation in Nigeria, enhancing the company’s capacity to deliver high-quality services while adhering to the highest standards of safety and environmental stewardship.

“We are confident that this partnership will set a new benchmark in the industry, and we are excited about the opportunities that lie ahead. As we embark on this new chapter, we also anticipate further strategic investment decisions including a third gas carrier later this year, demonstrating our commitment to deliver sustainable growth and value to our shareholders and Nigeria,” he added.

The keynote speaker, Engr. Felix Ogbe, commended NSML and Temile Development Company for partnering together. He stressed that there was ample human capacity, resources and tenacity in-country to achieve great feats, calling for increased colloboration and cooperation in the maritime industry.

NNPC GCEO Rallies Judiciary’s Support Against Crude Oil Theft

Business Journal

14/06/2024

GCEO NNPC Limited, Mr. Mele Kyari (seated 3rd from left), the Chief Justice of the Federation, Olukayode Ariwoola (seated 4th from left) and members of the National Judicial Institute during the National Capacity Building Workshop for Judges on the Petroleum Industry Act (PIA) 2021 organised by the Institute, in Abuja on Thursday.

In order for the oil and gas industry to achieve its full potential as an enabler of national economic and industrial growth, the Group Chief Executive Officer of the NNPC Limited, Mr. Mele Kyari, has called for the support of the judiciary in tackling the twin challenges of crude oil theft and pipeline vandalism.

Kyari made the call at the National Judges Capacity Building Workshop on the Petroleum Industry Act (PIA) 2021 organised by the National Judicial Institute (NJI) and INVESTIN 234, on Thursday in Abuja.

In a goodwill message he delivered at the workshop, the GCEO stated that the gains of the PIA have been severely undermined by crude oil theft and pipeline vandalism and urged the judiciary to consider the creation of a special court to try offences related to crude oil theft and pipeline vandalism or granting accelerated hearings to such cases.

According to him, the role of the judiciary was critical to the success of the efforts of the various security arrangements put in place by NNPC, the law enforcement agencies and other stakeholders in the industry.

“In particular, is the recommendation that a special court be created to try those offences as they hinge on our survival as a country, and/or for such trials to be conducted under an accelerated hearing process by the issuance of Practice Directions to that effect, with concomitant sanctions to deter would-be offenders,” Kyari stated.

The GCEO also called on the judiciary to accelerate hearing to criminal cases in their courts, through timely determination of the criminal charges and imposing adequate punishments and sanctions on culprits to serve as deterrence to others.

He said NNPC remains committed to collaborating with all relevant stakeholders to ensure the successful implementation of the PIA, adding that “together, we can ensure that the benefits of our natural resources are maximized for the economic and social development of our country”.

Kyari also commended the Chief Justice of the Federation, Olukayode Ariwoola and the organisers of the workshop for extending invitation to him and the opportunity to deliver a goodwill message at the workshop.

Universal, Guinea, Norrenberger Group to Sponsor NAIPE AGM

Business Journal

14/06/2024

Universal Insurance Plc, Guinea Insurance Plc and Norrenberger Group are set to sponsor the 2023/2024 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE).

This year’s NAIPE AGM will hold on Tuesday, July 9, 2024 at the Nigerian Insurers Association (NIA) House in Victoria Island, Lagos, by 11am.

NAIPE is the umbrella body for journalists covering insurance and pension sectors in Nigeria.

NAIPE holds its AGM in July every year and companies that sponsor the AGM have the unique opportunity to market their products and services to NAIPE members in the course of the event who will in-turn push out the information to the general public through publication of stories and analysis in their mediums and platforms.

Universal Insurance Plc is one of the nation’s largest personal lines insurers with over N8 billion in assets.

Universal Insurance offers a broad spectrum of insurance products for all types of businesses, corporate and individuals with unique services delivery.

Some of its extensive products include Auto Insurance, Goods-in-Transit, Property Insurance, Marine Insurance, Bond Insurance, Money Insurance, All Risk Insurance, Boilers & Pressure Vessels Insurance, Builders’ Liability Insurance, Burglary & House Breaking Insurance, Contractors All Risks Insurance, Employer’s Liability Insurance, Erection All Risks Insurance, Fidelity Guarantee Insurance, Fire & Special Peril, and Oil & Gas Insurance, etc.

According to Universal Insurance, “our vision is to be a dominant, specialised non-life insurer in Nigeria, creating and delivering value to stakeholders while our mission is to offer specialised non-life insurance protection to clients inspired by innovation, efficiency and prompt claims settlement.”

The Company is known for prompt claims settlement, integrity, satisfaction through professionalism, unity of purpose, reliability, as well as excellent teamwork.

Guinea Insurance Company Limited was incorporated on December 3, 1958, as a non-life insurance underwriting firm to provide first-rate insurance solutions in the General Business category.

Guinea Insurance has always lived up to its name; consistently one step ahead of the industry in the provision of better and affordable risk management solutions.

“We are a major player in the provision of first* -rate financial risk solutions in the General and Special Risks business underwriting categories. We have established a reputation for exceptional competence in the delivery of customer-centric services and product innovation,” the company stated.

With a strong capital base, highly qualified professionals, and modern technology, Guinea Insurance became widely acknowledged for speed and efficiency and thus, remained the preferred insurer for individual and corporate clientele seeking premium insurance and related financial services to date.

The Company offers first-class products which are tailored to meet the numerous needs of its clients, both as individuals and corporate organisations, providing cover options that are rich and robust enough to accommodate virtually all eventualities.

Some of the products are Home Shield Insurance, Fire and Special Peril Insurance, Motor Insurance, Burglary/Theft Insurance, All Risk Insurance, Workmen’s Compensation Insurance, Personal Accident/Group Personal Accident Insurance, Public Liability Insurance, Bonds Insurance, Contractors All Risk Insurance, Erection All Risk Insurance, Marine Cargo Insurance, Fidelity Guaranty, and Oil & Gas Insurance, etc.

Norrenberger Group is a leading, integrated financial services group that provides bespoke financial solutions that add value to its individual and institutional clients.

The Group’s culture is built on the fundamental values that they all hold. Every Norrenberger team member embraces these values and lives by them, not just at work, but in life.

At Norrenberger, they unlock opportunities in society by providing cutting edge investment options and access to alternative financing which in turn allows people to bring their innovative ideas to life and expand their existing businesses.

The Group’s focus is to continue to create financial asset classes targeting the need of every single household in Nigeria. By 2025, they hope to have delivered at least one financial solution to every household.

The Group covers the following business areas amongst others, Asset Management, Investment Banking, Pensions, Securities Trading and Insurance.

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