FG: 7.68m Barrels of Oil Stolen/Lost in 2023

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01/11/2024

The Federal Government says that 7.68 million crude oil barrels were either stolen or lost in 2023, urging Civil Society Organisations (CSOs) to focus on significant findings for environmental protections.

Dr. Orji Ogbonnaya Orji, Executive Secretary, Nigeria Extractive Industries Transparency Initiative (NEITI), said this at a CSOs Roundtable in Abuja on Thursday.

The programme was organised by the NEITI in partnership with Rule of Law and Anti-Corruption (RoLAC).

According to a report by Senior Analysts Team, Orji said there was a 79 per cent drop in the crude oil theft in 2023 compared to 2022.

According to him, I urge this roundtable to focus on the significant findings in the recently released NEITI 2022/2023 Oil and Gas Industry Reports, where several critical issues call for civil society engagement.

“CSOs should monitor the government’s strategies to combat oil theft and advocate for more robust environmental protections.

” The civil societies have a crucial role in creating forums that include government, private sectors and community groups.

” This is to ensure that the concerns of impacted communities, particularly regarding environmental and social issues are considered in national resource management policies,” he said.

Orji said that CSOs must push for improved revenue collection mechanisms to ensure full value of Nigeria’s oil resources benefits the nation.

He also urged the CSOs to use the report’s environmental data to advocate stronger protections and corporate accountability, particularly in Niger Delta.

He said the CSOs have a crucial role in ensuring that Nigeria’s wealth from natural resources were managed to benefit all citizens, not just a select few.

He said that the CSOs could identify gaps in governance, revenue management and environmental protection in analysing advocacy for policy reform.

“Their issue-based advocacy helps push for legislative reforms that address these challenges.

“A key priority is to ensure that NEITI’s reports, particularly the 2022/2023 Oil and Gas Industry Reports, are used constructively to promote public debate and policy reform.

“While NEITI publishes the reports, it is the duty of civil society to ensure that the data leads to action,” he said.

The executive secretary said that the roundtable was put together to ensure that transparency and accountability lead to tangible policy changes and public welfare improvements.

He said that the NEITI would soon complete its data centre, which would serve as a one-stop shop for extractive sector information, housing all industry reports from 1999-2004 onwards.

“This centre will facilitate public access to data and analysis, enhancing NEITI’s compliance with the EITI Open Data Protocol,” he said.

Orji called on the CSOs to collaborate actively with both urban and rural people to help them share resources and strategies to ensure the voices of all Nigerians were heard.

“The future of Nigeria’s extractive industries depends on the active engagement of civil society.

“With the 2022/2023 NEITI reports providing a roadmap, we stand at a critical juncture.

“Let us seize this opportunity to empower CSOs urban and rural alike to drive the change we seek.”

Dr. Erisa Sarki, CSO Representative on the NEITI Board, said that the forum was designed to encourage open dialogue, innovative thinking and actionable steps.

Sarki said that the actionable steps aligned with NEITI’s vision of a Nigeria where extractive resources would benefit all citizens.

GTCO: Market Value Hits N1.58tn on Investor, Market Confidence

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01/11/2024

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GTCO Plc has started clinging near its 52-week high after the financial services company’s earnings performance in the third quarter of 2024. The banking stock price climbed to N53.7 on the Nigerian Exchange trading platform, reflecting investors’ confidence on its earnings prospects and dividend expectations.

According to the Senior Analysts Team, GTCO market capitalisation surged to N1.58 trillion, making the orange branded financial services group the most valuable banking stock in the market. With the latest rally, the stock had breached N53.95 which was its initial highest price, and surged to N54.50.

At the current market price, the bank share price is trading less than 1.5% to its best price over the last 12 months on the Nigerian Exchange. In its latest unaudited financial statement, GTCO grew profit by 195% to N1.085 trillion. In 9M-24, GTCO reported a 161.7% year on year growth in interest income to N980.34 billion. This was supported by its core banking operation and non-interest related earnings.

The group generated higher revenue from investment securities which increased by 270.6% to N416.95 billion and loans and advances to customers surged by 84.8% to N392.33 billion in 12 months.

The income spiked significantly due to interest rate repricing after Nigeria’s successive monetary policy rate hikes as part of efforts to anchor headline inflation which has gone dirty.

Details from the results showed that interest expense surged by 158.2% to N198.86 billion. Eventually, the net interest income settled 162.6% higher at N781 billion, following the decline in loan impairment charges in the period, according to analysts.

Non-interest income (NII) grew by 95.2% to N796.22 billion, spurred primarily by the fair value gains on financial instruments. The expansion in non-interest income, alongside the growth in net interest income, led to a 145.8% year on year increase in operating income to N1.51 trillion.

GTCO’s operating expenses grew by 61.3% year on year to N294.68 billion, with pressure stemming from personnel expenses, technological costs, and AMCON levy.

Overall, profit before tax advanced by 181.5% year on year to N1.22 trillion, while profit after tax grew faster by 195.3% year on year to about NGN1.09 trillion. #GTCO Market Value Hits N1.58trn after Earnings Beat

Maida, Inuwa, Adeyanju, Alakija, Others Unveiled as Speakers for AfriTECH 4.0

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01/11/2024

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The organisers of Africa Tech Alliance Forum [AfriTECH 4.0] have announced the distinguished lineup of speakers for this year’s Forum themed: “Leapfrogging Digital Transformation for Future of Africa’s Economy.”

Scheduled to hold on Thursday, November 07, 2024 at Oriental Hotels, Lekki, Lagos, Nigeria, AfriTECH 4.0 [https://africatechallianceforum.africa/] will bring together leading voices in technology, telecommunications, ecommerce, software, finance, emerging technologies and government to explore key innovations and challenges shaping Africa’s digital transformation.

AfriTECH has become one of Africa’s most anticipated technology events, and the 2024 edition will feature a stellar lineup of industry experts, innovators, and policymakers who will provide insights into how emerging technologies are propelling Africa’s digital economy.

Special Guests:

Dr. Aminu Maida, a distinguished leader in telecommunications and digital transformation, serves as the Executive Vice Chairman of the Nigerian Communications Commission (NCC).

With over two decades of experience in the ICT sector, Maida has become a pivotal figure in driving Nigeria’s digital economy, overseeing regulatory frameworks and initiatives that foster innovation, investment, and inclusivity in Nigeria’s telecom industry.

Kashifu Inuwa Abdullahi, CCIE, is a transformative leader in Nigeria’s technology landscape, currently serving as the Director General of the National Information Technology Development Agency (NITDA).

Under his guidance, NITDA has driven impactful initiatives supporting Nigeria’s digital economy, fostering innovation, digital skills development, and creating an enabling environment for tech startups and entrepreneurship.

He will deliver the keynote address at AfriTECH 4.0.

Professor Ibrahim Adepoju Adeyanju is the CEO of Galaxy Backbone, a key government-owned technology and digital infrastructure company. Under his leadership, Galaxy Backbone focuses on strengthening Nigeria’s digital ecosystem by providing secure and innovative ICT infrastructure to government agencies and businesses, supporting national development and e-governance initiatives.

Biram Fall, the Regional Managing Director, QNET, a leading e-commerce-based direct selling company.

In his role, Mr. Fall oversees QNET’s operations and growth strategies across several markets, focusing on enhancing regional reach and ensuring the company aligns with local business needs.

Known for his expertise in direct-selling and his commitment to sustainable business practices, Fall has been instrumental in expanding QNET’s footprint in Africa and other emerging markets.

Ebehijie Momoh is a renowned financial services leader with over 20 years of experience in banking and payment technology, currently serving as CEO of AfrigoPay Financial Services Limited, where she leads the company’s mission to provide innovative payment solutions across Africa.

With a background in financial services and a deep understanding of digital payments, Momoh brings extensive experience to her role, focusing on transforming the financial landscape through accessible, secure, and efficient payment systems.

Her leadership emphasizes financial inclusion, driving AfrigoPay’s efforts to reach underserved communities and promote economic empowerment across the continent.

Dr. Muhammed Sirajo Aliyu is a visionary leader in Nigeria’s information technology sector. He is the incumbent President of the Nigeria Computer Society (NCS), the foremost association of IT professionals in Nigeria.

With an extensive background in computer science, IT governance, and digital innovation, Dr. Aliyu brings over 25 years of experience to his role, where he champions the advancement of technology and professional development within Nigeria’s IT ecosystem.

Dr. Temitope Alakija, a renowned academic and statistician, is a Senior Lecturer in the Department of Statistics at Yaba College of Technology [Yabatech] Lagos. With a deep expertise in data science, statistical analysis, and quantitative research, Dr. Alakija is dedicated to advancing the field of statistics and training future leaders in data-driven decision-making.

Holding a PhD in statistics and with numerous publications, Dr. Alakija’s research contributions have significantly influenced both academia and industry, particularly within Africa. Her commitment to academic excellence and her role in fostering a data-literate society make her a highly respected figure in the statistical community.

Adesola Akinsanya – President, Nigeria Internet Registration Association (NiRA). Akinsanya brings decades of expertise to his role, where he advocates for technological innovation, professional growth, and policy advancement in Nigeria’s IT landscape.

Engr. Gbenga Adebayo, Chairman, Association of Licensed Telecommunications Operators of Nigeria (ALTON). Engr. Adebayo is a prominent figure in Nigeria’s telecommunications industry, with over 25 years of experience in telecom and ICT. He is known for his advocacy for industry development, regulatory reform, and the provision of accessible telecommunications services across Nigeria.

Tony Izuagbe Emoekpere – President, Association of Telecommunications Companies of Nigeria (ATCON). With an extensive background in telecom management, digital strategy, and regulatory advocacy, Emoekpere is dedicated to advancing Nigeria’s telecom industry and fostering an environment that promotes innovation, investment, and inclusivity.

Key Speakers for AfriTECH 4.0:

Engineer Ikechukwu Nnamani – CEO, Digital Realty (Nigeria). In his keynote presentation at AfriTECH 4.0, Engr. Nnamani is expected to share his expertise on building resilient telecommunications infrastructure to support Africa’s digital future.

For over 16 years under his leadership the Digital Realty datacenter in Lagos is rated the most interconnected facility in the West African sub-region being the number 1 peering point for the region and boosting all submarine cables in the region, long distance providers, metro fiber providers, mobile services providers, fixed services providers, OTT providers, Internet Exchange, VAS providers, and global Tier1 service providers, amongst others.

Other outstanding personalities confirmed as speakers include – Dr. Obadare Peter Adewale, Chief Visionary Officer, Digital Encode Limited; Mr. Emmanuel Amos, Founder – Programos Foundation/InnovationBed Africa; Chukwuebuka Ume-Ezeoke, Chief Technology Officer at CED Technologies; Dr. Oluseyi Akindeinde, Founder, Hyperspace Technologies; Happiness Obioha, Managing Director, Tecom Concepts Limited; Chukwuemeka Mbaebie, Convener, Lagos Blockchain Week; Akeem Ajisafe, Managing Director, Transblue Limited; Chika Nwosu, Managing Director, PalmPay; Jude Ozinegbe, Founder/Convener at Cyberchain; Mohammed Rudman, CEO, Internet Exchange Point of Nigeria [IXPN]; Dr. Ayotunde Coker, CEO Open Access Data Centres (OADC); Kehinde Ogundare, country manager, ZOHO [Nigeria]; Ayodeji Ogunmola, Director, Products Management at Northsnow Ltd; Oluwakayode Durodola, founder, Otuntech Limited; Lovelyn Okafor, Country Head, Nigeria at Newmark; Olaniyi Ibraheem, Business Development Manager (Africa) at UBankConnect; Adedamola Bowale, Co-founder & Technical Lead at Avancee Pinnacle, and Moniade Adeniyi, Product Innovation & Business Growth Strategist, Northsnow Ltd.

Meanwhile, innovationbed Africa is set to host “Startup Showcase” at AfriTECH, a session dedicating to startup finalists for this year’s United Nations World Summit Awards. Discussants include – David-Bobola Ojoawo, the Producer for Compas.AI; Stephen Adeyemo of Expertplug; Siro Collins, CEO of Advanced Engineering Center (AEC), WSA Winner 2023; Elijah Moses, Producer for VerionX; Rasheed Aliu Producer for LOOPBOX; Musami Umar Musam, founder of RollMal; David Ezeonyekwere, the founder of CheapMarketDeal, and Sule Wisdom David, the founder of CyclexAfrica.

QNET is the gold sponsor of AfriTECH 40. Silver Sponsors – Galaxy Backbone, Digital Realty, Digital Encode Ltd. Bronze Sponsors – CED Technologies, AfriGoPay, Tecom, Northsnow UK, Hyperspace Technologies, Palmpay, OADC.

Ecosystem Partners: NCC, NITDA, InnovationBed Africa, ALTON, ATCON, NCS, IXPN, NiRA, Lagos Blockchain Week, Newmark Group, all are supporting AfriTECH 4.0.

Media Partners include; Techeconomy, NigeriaCommunicationsWeek, ITPulse, Ravenews, TechTrends.Africa, TechBuild.Africa, GrassRoots, DigiVation Network, TechLifewithUgo, BusinessMetrics, BusinessRemarks, SwiftReporters, TechTV, Africa Hyperscalers Media, CyberEra, ITRealms, DigitalTimes, TechnologyMirror, TechandBizNews, ITNewsNigeria.

“AfriTECH 4.0 will also feature interactive panel discussions, workshops, and exhibitions that will explore other critical topics such as artificial intelligence (AI), blockchain, fintech, smart cities, and sustainable innovation”, said Chike Onwuegbuchi, co-convener of AfriTECH. “We are grateful to the sponsors and partners.”

“Attendees will have the opportunity to engage directly with the speakers, as well as network with other industry leaders, innovators, and investors”, he added.

Participation

Participation is free, but you are required to pre-register: https://bit.ly/3ZPdi88.

AIICO Insurance: Partnership by Stakeholders Necessary to Grow Agric Sector

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31/10/2024

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Making a presentation on Agricultural Insurance at the annual AIICO Insurance training for members of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos, Mr. Leonard Okereafor, Agric & Emerging Risk Manager of AIICO, stated that the role of insurance in the sustainability of Nigeria’s agric/agribusiness sector cannot be over emphasised.

Okereafor listed the benefits of insurance to farmers to include income stability, facilitates access to loan, enhances strategic partnerships, peace of mind, and is a source of effective risk management.

He said: “There is need to develop a workforce with new skills, values and attitudes to enhance improved productivity and ensure food security. One of the key drivers for transformation is agribusiness.”

According to him, agriculture is the practice of cultivating land, raising crops, and rearing livestock, while agribusiness is the input supply, farming operations, processing and manufacturing, distribution and marketing, retail and export, economic and business aspects of agriculture.

“While the scope of agriculture focuses on farming practices, agribusiness encompasses the entire value chain. In respect to scale, agriculture includes small-scale and subsistence farming, while agribusiness involves larger-scale commercial operations. Also, while the focus of agriculture prioritises food production, agribusiness emphasises profitability and market competitiveness.”

Okereafor listed the agribusiness value chain to include input supply, production, post–harvest services, trading post harvest, processing, trading processed items, as well as retail.

He however noted that constraints to the development of agribusiness in Nigeria include: limited access to modern agricultural technology, inadequate extension education/services, absence of robust market links, issues surrounding inputs, agricultural credits, inadequate availability and access to financial solutions.

According to him, AIICO’s agricultural insurance offerings to Nigerian farmers and agribusiness investors fall under Indemnity and Index-based.

He said: “Under Indemnity insurance, we offer poultry, fish farm, livestock, plantation fire, farm property/produce, multi-perils crop. Under Index-based insurance, we offer area yield index-based, weather index-based as well as bundled/hybrid policies.”

For poultry insurance policy, he said: “This product covers birds (broilers, layers, parent stock, grand–parents stock, hatchery stock, cockerel, ornamental birds) against death as a result of fire, lightning, windstorm damage, flood, uncontrollable disease and accident. For fishery insurance policy, this policy insures fish against death and fish pond against collapse as a result of fire, lightning, windstorm damage, flood, uncontrollable disease and accident. For livestock insurance policy, this policy insures livestock (e.g. cattle, sheep, goats, rabbits, and pigs) against death caused by fire, lightning, windstorm, flood, accident, and uncontrollable disease. For plantation insurance policy, this policy covers cocoa, sugar cane, oil palm and other plantation farms against loss or damage as a result of fire, lightning, flood, windstorm, and aircraft perils. For farm property insurance policy, this policy provides cover against loss of, or damage to, farm property (e.g. warehouse and farm equipment) and agricultural produce as a result of fire, burglary/housebreaking, lightning, flood, windstorm, explosion, aircraft, earthquake, and impact risks. For Multi-Perils Crop (MPCI) Insurance policy, this policy insures your farm against loss of, or damage to, your crop caused by fire, lightning, explosion, aircraft damage, windstorm, flood and outbreak of uncontrollable pest and disease. The coverage provided by this policy will pay for the production costs of crops that have been lost or damaged during the period from planting up to the maturity of the crop.”

MTN Nigeria Reports Net Loss of N515bn in 9 Months of 2024

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31/10/2024

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MTN Nigeria Plc net losses grew by more than 3335% year on year to N514.928 billion, details from the telecommunication company’s unaudited financial statement revealed, from N14.984 billion in the comparable period in 2023.

Its unaudited financial statement for 9M-2024 showed that total revenue surged by 33.7% year on year to N2.370 trillion from restated amount of N1.772 trillion in the comparable period in 2023.

This was supported by growth in voice, data, digital, fintechs and other services revenue in the period. The telecom company report revealed that service revenue increased by 33.6% to N2.4 trillion at the end of the 9M-2024 despite the fact that subscribers reduced.

MTN Nigeria’s total subscribers decreased by 0.9% to 77.0 million, impacted by the NIN-SIM regulations. However, active data users increased by 5.1% to 45.3 million while active mobile money (MoMo PSB) wallets decreased by 21.8% to 2.8 million.

The Senior Analysts Team reports that total operating expenses surged by about 75% year-on-year to N1.510 trillion from N865 billion in the equivalent period in 2023. Without FX related losses, MTN Nigeria profit after tax (PAT) would have settled at N118.5 billion, which is a significant 59.2% year on year drop in bottom line. This resulted in negative Earnings per share (EPS) of N24.51 kobo.

FX losses increased by 90.8% year on year to N904.932 billion from N474.252 billion in the comparable period. MTN Nigeria reported that it has N404.309 billion of the net FX loss, a 1267% increase from realised FX loss of N29.585 billion in the comparable period in 2023.

Unrealised FX loss increased by 12.6% year on year from N444. 6 billion to N500.6 billion, according to details from the telecom company’s financial statement. “We made significant strides in reducing our outstanding trade line US$ obligations, thereby helping to reduce the impact on our earnings from the volatility caused by forex losses.

“As at the end of September 2024, the outstanding trade line obligations were approximately US$57 million, down significantly from US$416.6 million at 31 December 2023.

“The reduction led to a realised forex losses of approximately N365 billion but helped to reduce the effect of future naira depreciation and attendant finance costs”, MTN Nigeria said in its outlook statement.

The telecom unimpressive operating performance has plunged its shareholders and retain earnings to a negative level. At the end of 9M-2024, MTN Nigeria retained earnings and shareholders’ funds were negative at N723.0 billion and N573.6 billion, respectively.

The tight operating conditions has caused the company to reduce its capital projects. Details showed that capital expenditure (capex) excluding leases was down 27.8% to N217.6 billion at the end of 9M-2024. Though, the company achieved positive free cash flow of N536.8 billion, an increase of 21.9% year on year in the period.

Speaking to this, Karl Toriola said: “In the first nine months of 2024, we sustained the growth in our underlying operating performance – underpinned by our resilient business model and operational agility – despite challenging conditions.

“The inflation rate remained elevated amidst rising energy prices and naira depreciation. Inflation averaged 32.8% in the nine months 2024 compared to an average of 24.5% in 2023.

To curb inflation, the Central Bank of Nigeria (CBN) increased the Monetary Policy Rate (MPR) by 8.5pp to 27.25% during the period, resulting in higher funding costs, although this helped reduce volatility and improve liquidity in the forex market.

The higher inflation and interest rates weighed on consumers’ spending power and impacted business activity. However, we remain focused on enhancing operational efficiency and driving the growth of our commercial operations.

“Additionally, the naira closed at the Nigerian Autonomous Foreign Exchange Market (NAFEM) in September 2024 at N1,542/US$ (December 2023: N907/US$), exerting pressure on business activity. The improvement in liquidity in the foreign exchange (forex) market has helped us reduce our exposure to foreign currency-denominated obligations”.

Toriola said MTN Nigeria continued to manage the effects of the Nigerian Communications Commission’s (NCC) industry-wide NIN-SIM directive, which has impacted the evolution of our customer base.

“Having implemented the directive with all our subscribers fully compliant, we continue our drive towards reconnecting those affected to reduce churn while extracting increased value from the market”.

The company said sustained its commercial momentum notwithstanding the macro headwinds. “Our commercial momentum drove broad-based growth across all revenue segments, demonstrating the underlying strength and resilience of the business.

“We recorded an increase in service revenue of 33.6%, which was ahead of the average inflation rate in the period. This growth was led by data and supported by voice, fintech and digital services.

“We recorded a 9.8% increase in voice traffic and a 42.1% increase in data traffic. In addition, data usage per user grew by 31.2% to 11.3GB, supported by the rising demand for data and digital services, which has contributed to revenue growth.

“In the fintech business, we focused on executing our growth strategy, prioritising increasing wallet quality, focusing on advanced services and the MoMo PSB app to enhance the user experience and engagement.

“We have introduced cross-border remittances with thirteen fellow African countries to boost adoption and monetisation. Taking advantage of their interoperability, we are now leveraging the existing network of agent and merchant ecosystem in the industry to bring our services closer to our customers”.

MTN Nigeria CEO said despite the topline growth, EBITDA remained under severe pressure primarily because of naira depreciation, exacerbated by higher energy costs and general inflation.

He noted that the introduction of VAT on leases in September 2023 also affected the earnings before interest tax depreciation and amortisation (EBITDA) performance.

“We are pleased to report that the renegotiated tower lease contracts with IHS Towers led to savings in operating expenses, which positively impacted our EBITDA margin by 2.3pp, helping to mitigate the effects of macroeconomic challenges.”

MTN Nigeria chief said EBITDA declined by 5.3%, and the EBITDA margin decreased by 14.9pp to 36.3%. “The growth trajectory in our Q3 EBITDA turned positive (up 6.5%) with a more moderate decline in EBITDA margin to 37.6%; albeit with some benefit from the Q2 catch-up built into the tower lease renegotiation with HIS.

The further depreciation of the naira arising from the revaluation of foreign currency denominated obligations resulted in a loss after tax for the 9-month period of N514.9 billion (2023: 15.0 billion loss, restated).

Leadway Assurance Emerges ‘Insurance Company of the Year’ at 2024 BAFI Awards

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30/10/2024

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One of Nigeria’s leading insurance service providers, Leadway Assurance, reaffirmed its leadership position as the company emerged as the Insurance Company of the Year at the prestigious 2024 Businessday Banks and Other Financial Institutions (BAFI) Awards.

This recognition celebrates Leadway’s exceptional service, innovation, and enduring commitment to redefining insurance in Nigeria.

The BAFI Awards, now in its 12th year, is known as the most rigorous and transparent award programme in Nigeria’s financial industry. It celebrates innovation, value creation, and the highest standards of excellence among financial institutions.

The leading insurer’s win in this year’s category is a testament to the company’s continuous strides in driving market leadership by reshaping its customer experiences through advanced digital solutions, operational excellence, and a customer-first approach.

Gboyega Lesi, Managing Director of Leadway Assurance, spoke about the importance of the award: “At Leadway, our mission has always been to be the most dependable and steadfast partner in times of need. Receiving the ‘Insurance Company of the Year’ award is a tremendous honour, affirming the values driving our commitment daily. Insurance is more than just a protective measure; it’s an enabler of dreams and aspirations. This recognition strengthens our resolve to make insurance accessible to every Nigerian, offering solutions that evolve with their needs.”

Lesi continued: “Our commitment to innovation has been instrumental in broadening insurance access through digital platforms and strategic partnerships, facilitating seamless risk management for large-scale underwritings. Equally, we have earned enduring loyalty by consistently honouring our claims commitments with promptness and integrity, upholding our clients’ unflinching trust in us.”

“As we look to the future, we will continue to set the standard, challenge expectations, and provide unmatched services that transform the place of insurance in Nigeria. We aim to rewrite the narrative and create an industry where insurance is more accessible, trusted, and seen as a catalyst for growth and financial recovery in daunting times,” Gboyega concluded.

This recognition highlights Leadway Assurance’s dedication to unmatched service delivery, as exemplified by its industry’s excellence in claims payout, backed by an increasing year-on-year industry-leading payout for eight consecutive years.

As Insurance Company of the Year, Leadway Assurance reinforces its commitment to shaping Nigeria’s more inclusive and resilient insurance culture. The organisation is setting the stage for a future where every Nigerian can confidently rely on insurance as a trusted partner in their life journey.

NAICOM Sacks Board of African Alliance Insurance, Erhabor is Interim CEO

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30/10/2024

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In the exercise of its regulatory powers, the National Insurance Commission (NAICOM) has sacked the Board and Management of African Alliance Insurance Plc, one of Nigeria’s oldest life assurance companies, following years of insolvency and failure to meet the obligations of annuitants and policyholders.

The Commission, as the primary regulator of the Insurance Sector, announced that it has taken over the Board and Management of African Alliance Insurance Plc, effective today, 30th October, 2024.

This decision follows an extensive monitoring and review of the company’s financial condition, governance, and operational practices, which revealed significant concerns regarding its ability to continue operating in a safe and sound manner which has for some time now generated a lot of uncertainty over claims settlement and payment to annuitants under the company.

The Commission has therefore appointed an Interim Management Board to manage the affairs of African Alliance Insurance Plc. The composition of the Interim Board is as follows:

Dr. Haruna Mustapha – Chairman
Mr. Jacob Erhabor – MD/CEO
Mr. Wasiu Amao – Executive Director, Technical
Ms. Oremeyi Longe – Executive Director, Finance
Mr. Anthony Achebe – Non-Executive
Haj. Halimatu M. Khabeeb – Non-Executive Director

The Interim Management Board will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms.

The Commission will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimise disruption and ensure continuity.

The objective of this takeover is to protect the interests of African Alliance Insurance Plc’s annuitants, policyholders, other stakeholders, and the broader insurance industry, while ensuring the company’s return to stability and compliance.

The Commission is committed to maintaining the stability and integrity of Nigerian insurance industry. Our actions today demonstrate our resolve to address concerns and protect the annuitants, policyholders and public interest.”

Signed

Management

NNPC Launches Free Cancer Screening Campaign, Targets 3,000 Nigerians

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30/10/2024

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The Nigerian National Petroleum Company Limited (NNPC) through NNPC Foundation, its Corporate Social Responsibility (CSR) arm, is set to launch a free cancer screening campaign to address Nigeria’s rising cancer cases.

The campaign tagged “Cancer Awareness and ZSX Screening” will provide, not just free cancer screening to indigent Nigerians, but also health education, workshops, and consultations with healthcare professionals aimed at empowering individuals to recognise early symptoms, adopt preventive health measures, and better understand the importance of regular screenings.

The campaign which will be organised in collaboration with local health authorities and expert healthcare providers is targeted at reaching about 3,000 individuals across the six geo-political zones with screening centres in Kaduna, Rivers, Ondo, Benue, Imo, and Gombe. The initiative will focus on breast, cervical, and prostate cancer, offering critical early detection support for at-risk populations.

Shedding more light on the objectives of the campaign, the Managing Director of NNPC Foundation, Mrs. Emmanuella Arukwe, said: “The fight against cancer requires a collective effort and a commitment to ensuring accessible healthcare. This campaign is about more than just screening; it’s about saving lives, building awareness, and creating pathways to preventive care for Nigerians who need it most.

“In a country of over 200 million people, too many still lack access to the early detection tools that could make a life-saving difference. NNPC Foundation is dedicated to addressing this critical gap by bringing cancer screenings directly to communities. Early detection is crucial to improving survival rates, and this campaign is a vital step towards that goal.”

Cancer remains one of the most formidable health challenges in Nigeria, with over 79,000 cancer-related deaths annually, according to the World Health Organisation (WHO). The most common cancers affecting Nigerian men include prostate and liver cancer, while women are predominantly impacted by breast and cervical cancers.

The campaign seeks to counter the trend of late-stage diagnoses, which occur frequently due to limited access to screening facilities, cultural stigmas, and insufficient awareness.

This initiative follows the success of a screening drive in February 2024, where over 200 Abuja residents received free breast, cervical, and prostate cancer screenings.

These free cancer screening campaigns reflect NNPC’s broader mission to promote health equity and enhance the well-being of Nigerians across the country through its Foundation.

NASENI, Imose Unveil Made-in Nigeria Laptops, Tablets

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30/10/2024

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The National Agency for Science and Engineering Infrastructure (NASENI) and Imose Technologies Ltd, an indigenous Nigerian company, are rolling out made-in-Nigeria laptops and tablets for use by Nigerians.

The 14-inch laptops and 10.5-inch tablets are manufactured in the NASENI brand name. This move aligns with the agency’s mission to drive indigenous industrialisation, local content and to promote job creation in fulfillment of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which emphasises local content development and cooperation amongst economic players in order to revamp the economy.

The NASENI Zedon X-Pro laptop comes with a Core i5 processor and a 14-inch screen which offers a blend of power, portability, and practicality, making it an attractive choice for a wide range of users including students, professionals, or anyone who needs a reliable laptop or tablet on-the-go.

Similarly, the 10.5-inch tablet strikes a balance between portability and functionality, making it an ideal choice for various use cases like document editing, drawing, video streaming or gaming.

The Executive Vice Chairman/ CEO of NASENI, Khalil Suleiman Halilu, said the partnership is “a strategic move which aligns with the Agency’s 3Cs principles of Collaboration, Creation and Commercialisation to work with like minds. This is why we are working with Imose Technologies to bridge the technological gap by reducing importation bills.

“We are transforming the Agency by making it a central player in Nigeria’s technology revolution by adopting, adapting and domesticating cutting-edge technologies. At NASENI, we are building a national brand that going forward, every household in Nigeria will have one NASENI’s product or the other,” Halilu added.

Also, Chairman of Imose Technologies, Osayi Izedonmwen said: “For ten years, we have had a relentless focus on solving uniquely Nigerian problems by championing the local manufacturing of mobile and computer devices to improve lives and transform local institutions.”

Speaking further, he said: “We are proud that NASENI has chosen to partner us for the domestic production of laptops to bridge the digital divide and improve access to technology for education and work.”

The NASENI and Imose Technologies brands share similar values and beliefs of innovation and nationalism. It is envisaged that government ministries, departments, agencies, public institutions and private organisations and consumers can buy NASENI laptops by sending requests to [email protected].

Chain Reactions Africa Clinches 4 Trophies at Brandcom 2024 Awards

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30/10/2024

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L-R: Publisher, Brand Communicator Magazine, Organisers of the Brandcom Awards, Joshu Ajayi; MD/Chief Strategist, Chain Reactions Africa, Isreal Opayemi; Chairman, Nigerian Institute of Public Relations (NIPR), Lagos Chapter, Comfort Nwankwo and MD/Chief Creative Officer, Noah’s Ark Communications, Lanre Adisa during the recognition of Israel Opayemi as the CEO of the Year in the Public Relations Category at the Brandcom Awards 2024 organised by Brand Communicator magazine held on October 26, 2024 at the Landmark events Centre, Lagos.

It was a night of smiles and success for Chain Reactions Africa, one of Nigeria’s leading Public Relations and Marketing Communications Consultancies, as they took home with four awards at the prestigious Brandcom Awards 2024. Organised by Brand Communicator magazine, the event took place on October 26, 2024, at the Landmark Events Centre, Lagos.

The event brought together a dynamic array of key figures in Nigerian marketing communications, including industry titans, trailblazers, and emerging leaders. Chain Reactions Africa was celebrated and honoured with four prestigious awards: the Most Outstanding Strategic Communications Consultancy of the Year, Most Outstanding PR Agency of the Year, Most Outstanding Public Relations Agency – Political and Public Sector, and a personality award for its Managing Director/Chief Strategist, Israel Opayemi, as CEO of the Year in the Public Relations Category.

In the words of the organisers, these recognitions celebrate Chain Reactions Africa because they have demonstrated exceptional leadership, innovation, and strategic insight in the communications industry during the period under review. Speaking further on this, Joshua Ajayi, the publisher of Brand Communications magazine, said: “The assessors, comprised of industry experts and seasoned marketing professionals, recognised Chain Reactions Africa for its forward-thinking strategies, its ability to craft bespoke communication solutions, and its remarkable contributions to the growth and development of the communications sector in Nigeria and beyond.”

He noted that Chain Reactions Africa has distinguished itself as a leader in strategic communications, consistently delivering impactful solutions for its clients across industries and onboarding new ones in the process. Through its innovative approach to public relations, brand strategy, and corporate communications, Chain Reactions Africa has proven its ability to navigate complex communication challenges, creating narratives that resonate with both clients and their audiences.

Israel Opayemi commented: “To be awarded not just one, but four awards is an amazing result for Chain Reactions Africa and everyone on our team. It is particularly gladdening for me to also receive recognition as the CEO of the Year in Public Relations; it simply caps it all and makes me incredibly proud. As a culture, insights, trends and strategy consultancy, it goes without saying that we are committed to delivering exceptional services and creative ideas to our clients across private and public sectors.”

These awards are coming off the back of several significant wins by Chain Reactions Africa in 2024, including winning seven trophies at the SABRE Awards, a leading event in Public Relations, held in Abidjan, Côte d’Ivoire.

The consultancy also featured strongly in the Marketing Edge Awards and was recognized as Outstanding PR Agency of the Year, while additionally the MD, Israel Opayemi, won the Grand Prix in the Public Relations Category.

BRANDCOM AWARDS is organised by Nigeria’s Number 1 brand and marketing magazine, BRAND COMMUNICATOR, as its own way of linking the future, in line with the vision which it has religiously kept faith with since it hit the newsstands over a decade ago.

The award has as its mantra, “PRESTIGE, INTEGRITY, CREDIBILITY.”

NLNG Unveils Sophia Horsfall as New GM, External Relations & Sustainable Dev

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30/10/2024

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L-R: Dr. Sophia Horsfall, Mr. Andy Odeh and Mrs. Ophilia-Tammy

The NLNG has officially announced Dr. Sophia Horsfall as the new General Manager, External Relations & Sustainable Development. She would take over from Mr. Andy Odeh, who is billed for retirement from Friday, November 1, 2024.

At a media briefing yesterday in Lagos, Odeh formally introduced Horsfall to the media partners of NLNG as the in-coming GM, External Relations & Sustainable Development. He expressed gratitude to the media partners of NLNG for supporting the organisation during his period of service and urged them to extend the same co-operation and support to Horsfall.

In her presentation, Horsfall thanked the media for the positive partnership between them and NLNG over the years. She promised to continue and improve on the existing relationship with the media for better service delivery.

On the recent rebranding of NLNG and its corporate logo, Odeh explained that the tag line: Inspiring a Sustainable Future embodies three key elements: Nigeria-Heritage-Environment to commemorate 25 years of commercial operation in the country.

He added that the new logo also speaks on energy in motion and the global reach of the NLNG brand.

Rivers Tops 2024 Fiscal Performance Ranking of States in Nigeria

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29/10/2024

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BudgIT, a prime civic-tech organisation leading the advocacy for fiscal transparency and accountability in Nigeria, has launched the 2024 edition of its annual State of States Report, themed ‘Moving Healthcare Delivery from Suboptimal to Optimal.’

The report, BudgIT’s flagship research product, assesses and ranks the 36 States’ fiscal performance from most to least sustainable.

For the 2024 edition, we maintained the five metrics for ranking all 36 states, where Index A examines states’ ability to meet Operating Expenses (Recurrent Expenditure) with only their Internally Generated Revenue. Index A1 looks at the percentage year-on-year growth of each state’s Internally Generated Revenue. Index B reviews states’ ability to cover all operating expenses and loan repayment obligations with their Total Revenue (Internally Generated Revenue + Statutory Transfers + Aids and Grants) without borrowing.

Index C estimates the debt sustainability of the states using four major Indicators. A. Foreign Debt as a % of Total Debt. B. Debt as a % of Revenue. C. Debt Service as a % of Revenue, and D. Personnel Cost as a % of Revenue. Index D evaluates the degree to which each state prioritises capital expenditure over its operating expenses (recurrent expenditure).

In this edition, the fiscal performance ranking saw a reshuffling of the top positions, with Cross River joining the top five while Rivers State maintained the number one spot. Kebbi State achieved the most remarkable improvement, jumping 12 places from 28th to 26th, while Jigawa State experienced the steepest decline, dropping 16 spots to land at the 36th position.

Rivers and Lagos were the only two states that generated more than enough Internally Generated Revenue (IGR) to cover their operating expenses, with IGR to operating expense ratios of 121.26% and 118.39%, respectively.

Several other states, including Ogun, Anambra, Cross River, Kwara, Kaduna, and Edo, managed to generate IGR sufficient to cover at least 50% of their operating costs, with the rest relying on federal transfers.

In contrast, states such as Akwa Ibom, Imo, Taraba, Yobe, Bayelsa, and Jigawa required over five times their IGR to meet operating expenses, highlighting significant dependence on FAAC revenues and aid and grants.

Of note is that all 36 states managed to raise enough revenue—comprising IGR, federal allocations, aid, and grants—to fully cover their recurrent expenditures. This indicates that no state needed to borrow to fund any portion of its recurrent spending.

In the 2023 fiscal year, the combined revenue of all 36 states in Nigeria increased significantly by 31.2% from N6.6tn in 2022 to N8.66tn. This growth rate exceeded the previous year’s increase of 28.95%, indicating a notable improvement in fiscal performance.

Of the total revenue generated in 2023, Lagos State contributed N1.24tn, representing 14.32% of the cumulative revenue of the 36 States. Gross FAAC, which grew by 33.19% from N4.05tn in 2022 to N5.4tn in 2023, contributed to 65% of the year-on-year growth of the combined revenue of the 36 states. This increase indicates the additional revenue accrued to states, albeit moderate, due to discontinuing the petroleum subsidy.

Also, 32 states relied on FAAC receipts for at least 55% of their total revenue, while 14 states relied on FAAC receipts for at least 70% of their total revenue.

Furthermore, transfers to states from the federation account comprised at least 62% of the recurrent revenue of 34 states, except Lagos and Ogun, while 21 states relied on federal transfers for at least 80% of their recurrent revenue. The picture painted above buttresses the over-reliance of the state governments on federally distributable revenue and accentuates their vulnerability to crude oil-induced shocks and other external shocks.

The total expenditure across all 36 states reached N9.78tn, marking a 21.19% increase from the previous year’s N8.07tn. Lagos State led the spending, disbursing over N1.49tn, which accounted for 15.23% of the overall subnational expenditure.

The year saw different growth rates across spending categories, with personnel costs rising by an average of 12.9%, overhead costs by 26.75%, and capital expenditure seeing the most significant increase at 37.30%. Personnel cost rose to N1.99tn from N1.75tn in 2022, while overhead expenses climbed to N1.52tn from N1.24tn, and capital expenditure increased to N4.04tn, up from N3.47tn the previous year.

The aggregate operating expenses of the states, which formed 47.36% of the aggregate expenditure, increased by 21.17% from N3.8tn in 2022 to N4.64tn in 2023. Additionally, N1.25tn, representing 12.8% of the cumulative spending of the states, was used to service debts. Interestingly, N287.56bn, not captured by states as part of their expenditure for the 2023 fiscal year, was utilised to offset contractor arrears, pension and gratuity arrears, and other outstanding liabilities.

The total debt stock of the 36 states surged by 38.1%, from N7.25tn in 2022 to N10.01tn. This growth was partly driven by a N606.12bn increase in domestic debt, resulting in an average year-on-year growth rate of 11.4%.

By December 31, 2023, the total domestic debt stood at N5.86tn. The situation was further complicated by rising foreign debt, which increased by 4.1%, from $4.43bn in 2022 to $4.61bn in 2023. The liberalisation of the exchange rate exacerbated the financial strain on states, significantly raising their foreign loan repayment obligations in Naira terms.

Lagos State remained the most indebted in foreign currency, accounting for 26.9% of the total foreign debt, equivalent to $1.24bn.

Further analysis of the debt landscape revealed a considerable variance of N2.74tn in debt repayment obligations when comparing the exchange rate shift from N899.39 per dollar as of December 31, 2023, to the new rate of N1,492.9 as of June 2024.

The devaluation exposed many states to heightened financial risk, particularly the eight states where more than 50% of the total debt is dollar-denominated. Kaduna and Edo had the highest foreign debt-to-total debt ratios, at 86.06% and 60.54%, respectively. The other states in this group—Ondo, Bauchi, Lagos, Enugu, Ebonyi, and Anambra—had ratios ranging from 50% to 59%.

The debt burden also varied significantly across the country, with the average subnational debt per capita reaching N40,469 in 2023. Twelve states exceeded this benchmark, with Lagos having the highest debt per capita at N138,034.

In addition to the existing debt stock, the states have exiting liabilities totalling N1.19tn: N408.69bn is owed in contractor arrears, N521.36bn is owed in pension and gratuity arrears, N79.64bn is owed in salary and other staff claims, N4.36bn is owed in judgement debt and other pending litigation, and other payables and liabilities amount to N182.79bn.

“The fiscal viability and long-term sustainability of states heavily depend on their capacity to mobilise revenues internally by effectively leveraging their natural resource endowments, technology, public-private partnerships, human capital, and effective consequence management. This capacity is crucial for financing essential infrastructure, investing in human capital development and social protection, meeting the new minimum wage and its consequential adjustments, and repairing the fractured social contract. To achieve debt sustainability, states must also curb their reliance on foreign loans, especially in light of exchange rate volatility and shrinking fiscal space, to minimise exposure to unfavourable exchange rates. Additionally, states should establish robust frameworks for debt transparency and accountability, ensuring that borrowed funds are allocated to high-impact projects with clear economic returns,” said Iniobong Usen, Head of Research and Policy Advisory, BudgIT.

Regarding health, cumulatively, all 36 states allocated N2.3tn to the health sector but spent N1.39tn, representing a 58.16% budget performance.

On the purchase of medical equipment, an aggregate of N35.72bn was spent; however, nine states had no record of expenses for this purchase in their 2023 budget implementation reports. Those states include Edo, Ekiti, Katsina, Ogun, Ondo, Osun, Oyo, Yobe and Zamfara. Furthermore, N104.27bn was spent on constructing and rehabilitating hospitals and clinics across the subnationals. On the purchase of drugs and medical supplies, a combined amount of N15.31bn was spent, excluding Delta, Ebonyi and Niger States, which held no records. Investments in healthcare are still very far from the ideal and need to be prioritised.

A vital aspect needing attention is the subnational physical health infrastructure. The National Health Facility Registry records an aggregate of 38,182 hospitals across the 36 states of the country, of which 25.92% are privately owned and 74.08% are government-owned, with 27,022 facilities being primary health centres and 1188 being secondary and tertiary.

The public primary health facilities serve an estimated ratio of 8,960 people to one facility. Although not above the WHO recommendation of 10,000 people to a basic facility, it is, however, essential to note that this ratio puts significant pressure on the existing facilities and infrastructure, highlighting the need for more supply across the country, especially as the PHCs are not evenly distributed across states.

Nigeria is undoubtedly facing the challenge of inadequate health professionals, with a doctor-to-patient ratio of four doctors to 10,000 patients, which is against the WHO recommendation of 1:600 patients. There is a severe shortage of professionals across the country. While Taraba boasts of just 201 doctors, leaving the state at a doctor-to-patient ratio of 1:17,959, only 10.9% of hospitals and clinics in Bauchi can boast of having at least one general medical doctor.

In addition to inadequate infrastructure, limited availability of drugs and medical supplies, and shortage of medical professionals, the states struggle with adequate capacity to address chronic and infectious diseases.

Malaria is one major contender, having severely dealt with states like Kogi, Plateau, Niger, Ondo, Borno, Ebonyi and Plateau mainly during the rainy seasons, with Borno State alone reporting 527,305 cases in 2023, 15,036 of which majority were severe.

Other diseases bedevilling the states include cholera, tuberculosis (32,297 cases reported in Kaduna in 2023), and measles, which occur more in northern states. Infectious diseases such as CSM seem to have a foothold in Yobe State, while Lassa fever is present in Kogi and Anambra.

Tony Elumelu to Co-Chair New Africa Summit at 8th Edition of Saudi Arabia’s Future Investment Initiative

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Business Journal

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29/10/2024

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Tony Elumelu, Chairman of Heirs Holdings and United Bank for Africa (UBA), and the Founder of The Tony Elumelu Foundation (TEF), will co-chair the New African Summit, at the upcoming eighth edition of the Future Investment Initiative (FII) in Riyadh, Saudi Arabia.

Themed “Infinite Horizons”, FII will gather some of the world’s most influential leaders, to demonstrate how investment can serve as a catalyst for a prosperous and sustainable future, pushing the boundaries of what is possible for humanity.

Elumelu bring his perspective as both a business leader and catalytic philanthropist. Africa will take centre stage, shaping the discussions at FII. Mr. Elumelu, one of the most prominent voices on Africa’s transformation agenda, will advocate for entrepreneurship and investing in youth as the means to accelerate Africa’s economic growth and development.

He will draw insights from the impact and unique model of the Tony Elumelu Foundation, the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication and job creation across Africa.

On October 29, Mr. Elumelu will join other global business leaders, in the Opening Plenary panel, titled “Board of Changemakers: Banking & Investment,” to discuss whether visionary leaders create new economic systems that embrace innovation.

Demonstrating global interest in HH Group companies and the breadth of the HH investment portfolio, the Forum will see the presence of other senior Heirs Holdings executives:

Owen Omogiafo, President and Group CEO of Transcorp Group, one of Africa’s leading, listed companies, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa, will join other global female leaders in the energy sector at the HERizon Summit to discuss how women can power sustainable supply chains.
Osa Igiehon, CEO of Heirs Energies will share insights on energy transition and security at his session focused on powering Africa’s future through green investments. Heirs Energies has made significant impact in Nigeria, driving energy self-sufficiency, through rapid expansion in oil and gas production and building energy value chains, contributing to HH’s integrated energy strategy.

Muyiwa Akinyemi, Deputy Managing Director, United Bank for Africa Group, will join a roundtable session, leveraging his perspective drawn from his career with Africa’s Global Bank. UBA Group’s presence in the GCC is pivotal in fostering stronger economic ties between Africa and the Gulf, reflecting a commitment to cross-border investment and sustainable growth.

The Tony Elumelu Foundation will also host a plenary session on the sidelines of FII, focused on youth entrepreneurship and its critical role in creating shared prosperity on the continent. As the advocate of Africapitalism,

Mr. Elumelu has long championed entrepreneurship as key to accelerating economic growth across Africa, leveraging his presence at FII to highlight the continent’s vast investment opportunities.

Elumelu said: “The relationship between Africa and the Gulf has evolved to be a thriving economic partnership, driving growth across both regions. I am proud to co-chair the New Africa Summit at FII, where we will explore mutually beneficial investment opportunities between Africa and the Gulf and highlight the key role entrepreneurship plays in transforming visions into ventures. Together, Africa and the Gulf are building a legacy of shared prosperity for a better tomorrow.”

About Tony Elumelu

Nigeria-born Tony Elumelu, whom Time recognized as one of the world’s most influential people in 2020, is one of Africa’s most respected entrepreneurs, businessmen, and philanthropists.

He serves as Chairman of family-owned leading investment company, Heirs Holdings and of United Bank for Africa (UBA), a global bank with presence across four continents, originating from sub-Saharan Africa.

Named one of the 50 wealthiest Africans by Forbes, Mr. Elumelu has given $100 million of his fortune to 20,000 entrepreneurs across 54 African countries through the Tony Elumelu Foundation (TEF), whose Founder he is.

Almond Insurance Industry Awards 2024 Holds Nov 1 in Lagos

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Business Journal

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29/10/2024

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The stage is now set for the 2024 Almond Insurance Industry Awards. The Annual Awards, which brings stakeholders in the various arms of the insurance industry, policy makers, insurance clients, entertainers, and the insuring public together will hold on Friday, November 1, 2024 at the Queens Park Events Centre, Water Corporation Drive/Trinity Avenue, off Ligali Ayorinde Street, Victoria Island, Lagos by 5pm (Red Carpet).

The 2024 Edition tagged #Reinvent Edition will honour individuals and organisations in eleven categories across the various arms of the Insurance Eco-System.

Also penciled to be honoured with the Special Recognition Awards this year are the Executive Governor of Lagos State, Mr. Babajide Sanwo-Olu and Mrs. Modupeola Dallass – Olusanya.

Speaking on preparations for the Awards so far, the Chief Executive Officer of Almond Productions Limited, Ms. Faith Ughwode said that this year, attendees will be glad they did as top-rated comedians like MC Ajele, Akproko, Kelvin Sapp and others are set to crack ribs with jokes.

Musical performances will be by Goya Menor and Terry G. The show host is Mr. Funny himself, Nedu Wazobia.

Speaking further, Ms. Ughwode said that for so long people view the insurance industry with a lot of suspicion and mistrust because insurance players are not pushing social platforms that creates fun for their existing and prospective customers.

That is what the Almond Insurance Industry Awards is all about-using Pop-Culture to change the narratives of insurance.

Nigeria’s current demography is made up of young population who should be the core customers of insurance companies. There must be a way to woo them to the insurance corner. What better way than to bring them together with their favorite stars physically or on social media through live streams.

Apart from the sterling performances from the artistes this year, the organisers have also drawn an array of dignitaries from across various sectors of the economy as Guest Presenters.

Notable amongst them are the Vice Chancellor, Ajayi Crowther University, Prof. Timothy Abiodun Adebayo; Jarju Bubacarr President of the West African Insurance Companies Association (WAICA); Jean Chiazor Anishere, SAN; Prince Austin Enajemo-Isire, Chairman, DavoDani Microfinance Bank; Mrs. Rollance McCoy President WimAfrica and a host of other dignitaries.

The shortlisted categories this year are:

Insurance CEO of the Year
Insurance Woman of the Year (Insurer or Broker)
Life Insurance Company of the Year
General Insurance Company of the Year
Insurance Broker of the Year
Insurance Broking Company of the Year
Takaful Company of the Year
Micro Insurance Company of the Year
Most Valuable Insurance Customer of the Year
Insurance Life Achievers Award (Insurer or Broker)
Special Recognition Award 2024 (Within and Outside the Industry)

Industry Leaders Reflect on Strategies for Longevity, Succession at Family Business Summit 2024

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29/10/2024

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L-R: Convener, My Family, My Business, Oghenevwoke Ighure; Executive Director, Strategy & Innovation, Med Plus, Ife Bakare; Head, Corporate Services, Honeywell Group Limited, Tomi Otudeko and CEO, Sebore International Farms, Aminu Murtala-Nyako during a panel discussion at the Family Business Summit 2024, held in Lagos.

Family business experts and enterprise leaders have shared strategies for ensuring the longevity and successful succession of family businesses in Nigeria.

At the Family Business Summit 2024, organised by BusinessDay in Lagos, over 150 business leaders convened to provide valuable insights on how to navigate the challenges unique to family-owned enterprises.

Speaking at one of the panel sessions, Tomi Otudeko, Head, Corporate Services, Honeywell Group Limited highlighted the need to define distinct values for both family and business. She added that clarity is essential for creating a legacy and ensuring smooth transitions across generations.

“It is essential to clearly define both business and family structures, as each plays a unique role in the longevity of the family enterprise. Establishing distinct values and governance frameworks for the family ensures stability, continuity, and cohesion, and these are benefits that directly contribute to the long-term success of the business itself.”

While speaking on succession planning, Otudeko said it was important to establish clear governance frameworks that not only fosters stability but also enhances the overall success of the family enterprise.

She said succession was not just about transferring ownership or control but also about empowering the next generation with a strong foundation of values, clarity of roles, and a shared vision that ensures long-term growth and impact.

Executive Director, Strategy and Innovation, Medplus, Ife Bakare, who was also a panellist at the summit emphasised the importance of knowledge and skills acquisition in ensuring the longevity of family businesses. He highlighted the need for active involvement in business operations.

“Being actively involved in the day-to-day operations of the business is essential. It not only equips future leaders with the practical skills and insights necessary to steer the company forward but also fosters a deeper understanding of the business’s core values and objectives, ensuring continuity across generations”, Bakare stated.

The summit also featured contributions from other notable industry leaders, including Jude Chiemeka, CEO, NGX Group, who provided a financial perspective on how family businesses can effectively access capital markets to drive growth while maintaining family control.

According to Chiemeka, balancing governance and innovation is key to navigating the modern financial landscape, especially for multigenerational enterprises.

The Family Business Summit is an annual event dedicated to supporting and enhancing the success of family businesses in Africa.

Speakers at this year’s summit included Sam Abu, Country Senior Partner, PwC Nigeria, Mayowa Ikotun, Chief Investment Officer, AVA Global Asset Managers Limited, Oyeyimika Adeboye, MD, Cadbury Nigeria Plc, among other esteemed speakers.

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