Polaris Bank: Best Digital Bank in Nigeria Award for 4th Year

28/10/2024

Polaris Bank, Nigeria’s leading digital retail commercial bank, again at the weekend proved its digital dominance in the Nigerian banking industry, winning the most-coveted award as the best in digital banking and the entire ecosystem for micro, small and medium enterprises (MSMEs).

At the Banks and Other Financial Institutions Awards (BAFI Awards), financial industry’s prestigious awards, Polaris Bank’s trailblazing digital banking platform, VULTe was adjudged the best as “Digital Bank of the Year”, for the fourth consecutive year.

Polaris Bank was also awarded “Best Bank for MSMEs of the Year”, for the third consecutive year, underlining the bank’s well-known competitive lending and general supports for small businesses and the real sector.

With the weekend awards, Polaris Bank retains a pride of place as the only Nigerian bank to have won the coveted awards for that long, underscoring the bank’s continuous investments in human and technological resources.

The BAFI Awards Selection and Review Committee stated that Polaris Bank outperformed industry peers in all key metrics, including strength of strategy for attracting and gaining digital customers, accelerated user engagement, success in getting clients to use digital offerings, growth of digital customers, platform functionality and security.

BAFI Awards is well-regarded for its empirical and data-driven selection process, a practice that makes the awards, one of the most prestigious independent awards for the Nigerian financial services industry.

Commenting on the award, Managing Directo/CEO, Polaris Bank, Mr. Kayode Lawal, said the continuing recognition of VULTe as best digital bank emphasises the user-friendly and multi-functional strengths of the digital platform.

He pointed out that Polaris Bank has seen tremendous market gain in digital transactions and lending with digital lending totaling more than N10 billion in the first eight months of this year, on course to surpass the N12.8 billion recorded for the whole of 2023.

He said the bank understands the importance of user-experience in online transactions and thus prioritises convenience and safety, with sustained investments in bespoke technologies.

“We are honoured to receive this prestigious award, recognising our commitment to the digital banking ecosystem. We understand clearly that this consecutive vote of confidence on our capability is a responsibility, and we are doing everything to remain on the cutting-edge of technology and services.

“We are sure ongoing strategic initiatives will not only sustain our leadership in digital banking and supports for real sector, but also deliver sustainable growth that will firmly entrench our digital leadership across the financial services industry,” Lawal said.

He commended the organisers of the BAFI Awards, BusinessDay, for their commitment to empirical process.

A full digital bank that provides fast, convenient, and reliable solutions to banking needs; some of VULTe’s unique features include: QR payments, end-to-end account opening, instant loan request, debit card request, issuance, and activation, without the customers leaving the comfort of their homes, offices or wherever they may be.

The platform does not just cater to Polaris Bank’s customers alone, but non-customers alike who can also download and enjoy banking services on VULTe. Another key feature is VULTe’s API Banking, which allows merchants and businesses to integrate VULTe with other business critical systems, enabling a portfolio of services including risk assessment, bank statement requests, lien accounts, direct debits and more.

With its all-in-one solution, VULTe not only caters to individual customers but also SMEs, high net worth and retail customers. It takes few minutes to access collateral-free personal and business loans that enables individuals and enterprises of customers.

Ecobank Nigeria Launches AI, Digital Skills Training for Children in Lagos Schools

Business Journal

28/10/2024

Some members of staff of Ecobank Nigeria, Opolo Global (partner) and Children of Zion Stars School, Lagos during the training on Artificial Intelligence and Robotics as part of the commemoration of Ecobank Day 2024.

Ecobank Nigeria, a key member of the leading pan-African banking group Ecobank Group, has partnered with Opolo Global to deliver training and empowerment to schools in Lagos as part of its annual Ecobank Day activities. This flagship social initiative, spearheaded by the Ecobank Foundation, encourages employees to give back to their communities. The 2024 event, themed “Ignite Learning with AI,” focused on foundational learning and harnessing Artificial Intelligence to improve children’s literacy, numeracy, and digital skills, particularly at Zion Star School in Lagos.

Oluwafemi Ajayi, Head of Product Development and Lagos Operations at Opolo Global, praised Ecobank for its initiative to educate students about artificial intelligence and robotics, which are vital for the future. He highlighted that this training equips children to navigate the digital age and underscores the transformative potential of AI in education, business efficiency, and decision-making.

“We will expand this initiative to several schools across the state, especially those located far from the city center and serving a higher number of underprivileged students,” he stated.

For Ecobank, “equipping Nigerian children with essential literacy, numeracy, and digital skills at an early age is crucial for their future. It enables them to excel academically, prepares them for a rapidly changing digital landscape, and broadens their opportunities in life and employment.”

“Ecobank Day activities involved our employees volunteering in various communities across Nigeria, offering literacy lessons, mentoring, and collaborating with schools to enhance digital resources. We extend our gratitude to our partner, Opolo Global, for helping make this day impactful for Nigerian children,” they added.

These training and mentoring initiatives align with the second year of Ecobank’s three-year campaign, ‘Transforming Africa Through Education,’ and support the African Union’s declaration of 2024 as the Year of Education, themed ‘Educate and Skill Africa for the 21st Century,’ emphasizing the need to integrate technology into foundational education.

Since its launch in 2013, Ecobank Day has initiated crucial interventions and supported various social causes, including education for youth in Africa, malaria prevention, improving ICT in schools, and promoting financial literacy, among others.

Heirs Insurance Group Sponsors International Confab for Women in Insurance

Business Journal

28/10/2024

Heirs Insurance Group, Nigeria’s fastest-growing insurance Group, will headline the inaugural International Conference for Women in Insurance as its lead sponsor as part of its commitment to fostering gender inclusion in the insurance industry.

Hosted by the Africa Insurance Women Association (AIWA), the gathering will bring together female executives in the insurance sector across Africa in Lagos between November 2-6, 2024.

Heirs Insurance Group has been at the forefront of championing gender inclusion, demonstrating its commitment amplifying the voices of women in the insurance industry and beyond. The Group has actively rolled out initiatives and products that address the needs of all genders and all demographics, ensuring social, economic and gender inclusion. These efforts reflect its purpose to improve lives and transform Nigeria.

The event will feature a keynote address by Dr. Awele Elumelu, Chairperson, Heirs Insurance Brokers, a member of Heirs Insurance Group. Dr. Elumelu, a leading voice in healthcare and insurance, will share insights on the challenges women face, the immense opportunities available for female professionals in the sector, and the critical role they play in driving access to insurance.

Speaking on the sponsorship, Ifesinachi Okpagu, Chief Marketing Officer, Heirs Insurance Group, stated, “At Heirs Insurance Group, inclusion has always been one of our pillars. We are driving inclusive insurance, ensuring not just access to financial security, but empowerment, regardless of gender or economic standing. We commend the African Insurance Women Association for this initiative. We need more opportunities such as this, to change the narrative and we look forward to the important dialogues at the conference.”

Heirs Insurance Group recently released its three-year impact documentary, capturing the Group’s transformative journey since its launch to the public. The inspiring story also showcases the men and women behind the Group, employees whose invaluable commitment have contributed to the Group’s success.

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

NEM Insurance Chairman, Tope Smart, to Chair Business Journal Annual Lecture 2024

Business Journal

26/10/2024

Mr. Tope Smart, Chairman of NEM Insurance Group is the Chairman for the Business Journal Annual Lecture 2024 coming up on Tuesday, November 26, 2024 at the Event Centre, Nigerian Exchange Group (NGX) Building, 2-4, Customs Street, Marina, Lagos.

The theme of the Lecture is: Repositioning the Insurance Industry to Drive Sustainable Economic Growth in Nigeria while the Panel Session will evaluate the impact of insurance on key sectors of the Nigerian economy such as local content development, aviation, telecoms, oil & gas, banking etc.

Mr. Olusegun Ayo Omosehin, the Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) would be the Special Guest of Honour while Mr. Akinjide Orimolade, Managing Director/CEO, Stanbic IBTC Insurance Limited would be the Keynote Speaker.

Tope Smart, a graduate and an award winner from the University of Lagos (UNILAG), also holds a Master’s Degree in Business Administration (MBA) from the University of Nigeria, Nsukka (UNN).

He is an Associate member of both the Chartered Insurance Institute of London and the Chartered Insurance Institute of Nigeria (CIIN). Tope, an astute professional, believes very strongly in the entrenchment of insurance in the minds of all Africans.

He is an unrepentant advocate of a better and stronger Insurance Sector in Africa. He is a Council member, Chartered Insurance Institute of Nigeria, Council Member, West African Insurance Companies Association (WAICA), Council Member, Nigeria-Britain Association, Member of Senate, University of Lagos, and a past Chairman of the Nigeria Insurers Association (NIA).

Tope is a past President of the African Insurance Organisation (AIO). During his presidency, AIO witnessed phenomenal growth and increased visibility as a result of several initiatives introduced by him.

Tope is presently the Chairman, Alpha Morgan Capital Limited, Chairman, NEM Health Limited, Vice-Chairman, AIO Foundation, amongst others.

In 2014, he was appointed by the Federal Government as Co-Chairman of the Insurance Industry Transformation Committee. He was also recently appointed Chairman, Planning Committee of the University of Lagos Alumni Association’s Golden Jubilee Anniversary.

In recognition of his outstanding achievements, Tope has won several awards among which are Distinguished Alumnus by the University of Lagos, University of Lagos Alumni Association Golden Jubilee Special Recognition Award amongst others.

Tope is the winner of year 2023 (Almond Insurance Industry Award) Insurance CEO of the Year. He is also a two-time winner of the BusinessDay Top 25 CEOs award. He is an alumnus of Harvard Business School.

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

“Mr. Tope Smart, Chairman, NEM Insurance Group represents a game-changer in the insurance industry in Nigeria and Africa. It is therefore a great honour to have him as Chairman for the Business Journal Annual Lecture 2024.

A consummate insurance professional and industry leader, he has made indelible milestones in the insurance space in Nigeria and across Africa over the decades. He remains a worthy inspiration and role model to current and future generation of insurance men and women in Nigeria and Africa.

More importantly, the management of Business Journal remains grateful to Mr. Tope Smart and NEM Insurance Plc for consistent and unwavering corporate support to the media group over the years.

Our 2024 Annual Lecture is designed to draw critical attention to the expanding role and contribution of the insurance industry towards sustainable growth of the Nigerian economy. The second leg is equally to consider the industry’s impact on various key sectors of the economy.”

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

He stated that other guest speakers/panelists for the annual lecture would be unveiled in due course.

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

SMEs: AfDB Approves $100m Funding for Nigeria

Business Journal

26/10/2024

The African Development Bank has approved a $100 million loan to increase access to finance for youth and women-led Small and Medium Enterprises (SMEs), under the Nigeria Youth Entrepreneurship Investment Bank (YEIB) initiative.

The Nigeria YEIB is a pioneering institution designed to foster economic growth and job creation in the country by acting as an ecosystem anchor and convener, bringing together relevant financial and non-financial stakeholders to collaborate more effectively in support of youth entrepreneurs.
The Bank is leading the coordination among key Nigeria YEIB anchor investors and partners, including the Federal Government of Nigeria through the Ministry of Finance Incorporated, the Nigeria Sovereign Investment Authority (NSIA), and the Development Bank of Nigeria (DBN).

The Bank Group’s $100 million investment will be bolstered by an additional $25 million from DBN and $5 million from NSIA.
The project has two main pillars: establishing the YEIB Investment Management Company to oversee three special purpose vehicles – an Equity Investment Fund (EIF), an Ecosystem Development Fund (EDF), and a Credit Guarantee Facility (CGF) – and creating these vehicles to support youth and women-led businesses.

The EIF will invest in early-stage and high-growth enterprises, while the EDF will provide grants for business development service providers and reimbursable grants to youth-led businesses. The CGF will offer risk mitigation to improve access to credit for SMEs, managed by the Development Bank of Nigeria’s subsidiary, Impact Credit Guarantee Limited.
By de-risking young entrepreneurs and fostering talent, the Bank’s YEIB initiative aims to provide the patient capital and ecosystem support needed to turn ideas into sustainable businesses, offering a long-term solution to Africa’s youth unemployment crisis.
The Nigeria YEIB project aims to create over 161,000 direct jobs, 40% of which will be for women, and 1.4 million indirect jobs, with 35% allocated to women. It will also support more than 38,000 youth-led enterprises through financial services, and an additional 38,000 through non-financial services, with at least 40 percent of beneficiaries being women.
Following the approval, the Bank’s Director General for Nigeria, Dr. Abdul Kamara, emphasised the transformative nature of the project. “This initiative will be a game-changer for Nigeria’s economy, addressing youth unemployment and closing gender gaps through targeted entrepreneurship support,” Kamara said.
The Director of the Bank’s Financial Sector Development Department, Mr Ahmed Attout said: “The YEIB is a transformative initiative that moves beyond project-based approaches to systemic, institutional solutions for entrepreneurship development across all sectors. By positioning Nigerian youth entrepreneurs as a high-potential investment asset class, it brings together key stakeholders to unlock financial opportunities, open new avenues for public and private sector investors, and tackle the structural challenges facing young entrepreneurs.”
The Nigeria YEIB project is the third to be approved, with efforts ongoing to establish YEIBs in several African countries.

In July 2023, the Bank approved $16 million for the establishment of a YEIB in Liberia, and in May 2024, approved $43 million for a project in Ethiopia that includes the design and establishment of the country’s YEIB.

3 Ways Small Businesses Need AI to Drive Business Growth

Business Journal

26/10/2024

Almost everywhere you look today, the use of Generative Artificial Intelligence (AI) is there.

According to this year’s GoDaddy Global Entrepreneurship Survey, 94% of respondents reported that digitisation has already noticeably improved the work processes in their small business. GoDaddy shares some ways that AI technology tools can help to drive increased efficiencies for small businesses.
AI can be a powerful tool for small businesses, whether looking to: streamline your workflow through process automation; improve decision-making; gain a competitive advantage in your industry; provide a better customer experience; or create a beautiful professional business site easily and quickly.
With its ability to automate tasks, analyse data and provide insights, AI has the potential to level the playing field. Now even smaller ventures can compete with larger companies.
The applications of artificial intelligence will continue to evolve in the coming days, months and years as technology advances. But it’s important to approach it strategically and with careful thought beforehand.
Here are three ways that AI could benefit your business.

Automate Time-consuming Tasks

By automating repetitive and time-consuming tasks, small businesses can save time, reduce costs and increase productivity. This can lead to improved customer engagement, increased growth and better overall business performance.

For example, you could use AI to automate business processes such as: data analytics, invoicing, and other administrative tasks you use in your business. It can also help reduce errors and improve the accuracy of data, leading to better decision-making.
This, in turn, could help free you up to focus on your business development and driving increased customer relationships. AI can help businesses improve their customer service by automating interactions through chatbots and virtual assistants.

These tools can help customers with common queries, such as product information and troubleshooting. In turn, this frees up customer service staff to deal with more complex issues. All of which can lead to shorter response times, higher customer satisfaction and increased loyalty.

AI driven marketing tools, like GoDaddy Airo Digital Marketing, can help improve marketing efficiencies by automating recurring tasks like sending out email campaigns and sharing social media posts.

Provide Better Insights

By analysing customer data, AI can offer insights into customer preferences and behavior, allowing businesses to tailor their emails and advertising. AI’s ability to analyse vast amounts of data is another key benefit for small businesses.

It is easier to collect and analyse data from multiple sources, including social media, customer interactions and sales data, to help understand what your customers like and don’t like.
For example, using AI in business can help improve operational efficiency by automating data analysis that once took hours of time. This can free you or your employees to focus on customer service or product development.

Additionally, AI can help you identify potential areas for cost savings by analysing data related to supply chain management, inventory control and production processes.

Data-driven Lead Generation to Reduce Costs

Imagine training an AI tool with the traffic and behavior from your website, along with the lead data from your CRM (customer relationship management) tool and social media feeds.
Such an AI tool can analyse all that data to get a better understanding of your target audience and their preferences and the messaging that can help take the actions you would like them to take.

It will be able to learn and adapt with each website visitor, producing ever more effective messages to more efficiently turn a website visitor into a lead and potential customer.

With the ability to learn from new inputs, such as adding in leads in your CRM, it can analyse historical data and put each lead into context, helping save costs on marketing plans.

Introducing AI into your small business doesn’t have to be difficult. The key now is to educate yourself and your employees on the opportunities and the available applications of AI.

Ensure that data is collected and used in a responsible and ethical manner, with appropriate security measures in place to protect sensitive data. Start small, then go from there.

Capacity Building: Polaris Bank Empowers over 5,000 Journalists Pan-Nigeria in 10 Years

Business Journal

26/10/2024

Polaris Bank Limited has empowered more than 5,000 journalists across the country through its yearly media capacity building workshops in the last 10 years.

The 2024 edition of the media workshop, which held on Thursday in a hybrid format, focused on “Integrating AI Tools in Contemporary Media Practices for Innovation and Excellence.”

Speaking at the event, Rasheed Bolarinwa, Head of Brand Management and Corporate Communications at Polaris Bank, noted that the bank will continue to provide its unwavering support for the journalists and the media as a vital pillar of society.

“We believe that journalists and the media play crucial roles in shaping public discourse and fostering informed citizenship,” Mr. Bolarinwa said. “Our commitment to training journalists across the media spectrum, is rooted in our belief that they (journalists) deserve the best possible support to excel in their profession.”

He said the bank started the media training partnering journalism clinic and holding workshops in various cities across the country. The media clinic which focused on divination of the media, was facilitated by Mr. Taiwo Obe, a veteran journalist.

Bolarinwa disclosed that more than 500 journalists registered for the 2024 edition and expressed the hope that the bank will continue to do more to support journalists and the media by bringing the best faculty to facilitate contemporary issues at its subsequent media workshops.

The programme featured a diverse range of topics, including; creativity, AI tools, and critical thinking. Dr. Chike Mgbeadichie, a Senior Lecturer at the Pan-Atlantic University, provided insights into the application of AI tools in media practices while Mr. Lekan Otufodunrin, Executive Director of the Media Career Development Network, discussed contemporary media trends such as multimedia journalism, fact-checking and data journalism.

Mgbeadichie noted that at the end of the seminar, participants will be able to reflect deeply on thinking, actions and processes needed to generate ideas, possibilities and actions. He added that journalists should be able to figure out how to analyze, synthesize and evaluate information; know the different AI tools available in the media space as well as understand the benefits of AI tools in contemporary media practices, among others.

Mr. Otufodunrin explained that journalists should be adept at the use of solutions journalism to enhance their investigative capabilities, using new tools such as OSINT, Geo journalism, data analysis, digital forensics, website blogs, social media, newsletters, podcasts e-publishing and social media engagements, among others.

Participants from across Nigeria, both online and in person, expressed their gratitude for the opportunity to enhance their skills. Segun Adeleye, publisher of WorldStage, commended Polaris Bank for its continuous dedication to fostering media excellence in Nigeria.

NCDMB, Shell JV Partners Donate Engineering Studio, ICT Hub to FUTO

Business Journal

26/10/2024

The Nigerian Content Development and Monitoring Board (NCDMB) and Shell Petroleum Development Company (SPDC), with its joint venture (JV) partners, on Thursday unveiled world-class engineering design studios and an information and communication technology (ICT) hub at the Federal University of Technology, Owerri (FUTO).

The facilities were conceived and donated in furtherance of the Nigerian Content Human Capacity Development (HCD) programme which had focused lately on institutional strengthening, equipping universities and revamping select technical and vocational schools across the country, in a bid to develop competent technical manpower and craftsmen needed in the oil and gas industry and the linkage sectors.

The new facilities include two state-of-the-art Engineering Design Studios and a fully furnished 100-seater Main ICT Lecture Hall, equipped with computers and smartboards. The studios are designed to serve as a “visually stimulating collaborative workspace that fosters an environment where students can engage in group work, brainstorming sessions, and ideation meetings.”

Other facilities are a 200KVA diesel generator, diesel storage tank, generator house, borehole, overhead water tank, perimeter mesh wire fence, a car park, as well as shallow drains and landscaping.

In his remarks at the ceremony, the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, said the studios and hub were initiated in furtherance of Federal Government’s aspirations for development of competent technical manpower to support activities in the oil and gas industry and its linkage sectors. The impartation of specialised skills through expansion and modernisation of academic infrastructure, he noted, has to be accelerated.

According to the NCDMB boss, who was represented by the Board’s Director in charge of Capacity Building, Dr. Ama Ikuru, “We shall keep enhancing institutional capacity to equip our students with the requisite knowledge and skills needed to compete globally in the wake of the 4th industrial revolution where Artificial Intelligence, data science, Internet of Things, robotics dominate.”

Recalling several interventions by the NCDMB in academic institutions to boost acquisition of contemporary skills, Engr. Ogbe said, “the Board has carried out the upgrade of many vocational schools and universities under its Technical and Vocational Education and Training Centres (TVETs) upgrade programme” and that it believes in “the significance of education particularly the Science, Technology, Engineering and Mathematics (STEM) courses,”

In his own address, the Managing Director and Country Chair of SPDC, Mr. Osagie Okunbor, described the Engineering Design Studio and ICT Hub as a “very important human capital development project” that has resulted from a fruitful collaboration between SPDC, JV partners, notably, NNPCL, SPDC, TotalEnergies, Nigeria Agip Oil Company (NAOC), and NCDMB.

Represented by the General Manager, External Relations, Shell Petroleum Development Company (SPDC) Igo Weli, Okunbor disclosed that FUTO was “selected to benefit from institutional strengthening in the catchment areas of SPDC’s Assa North Ohaji South Gas Development Project” and that the facility was in line with the associated Nigerian Content Human Capacity Development Plan” and “in accordance with the provisions of the NOGICD [Nigerian Oil and Gas Industry Content Development] Act, 2010 and NCDMB’s HCD Guidelines of 2020.”

He promised that “A 40KW solar system will be installed in the coming weeks to ensure sustainable energy supply” to the facility.

In a related address, the Chief Upstream Investment Officer, NNPCL Upstream Investment Management Services, Mr. Bala M. Wunti, observed that “Innovation thrives in an environment where ideas can be freely exchanged and developed,” adding that “The Engineering Studio and ICT Hub is designed to be such a place where students, researchers, and faculty can collaborate on projects, share knowledge, and push the boundaries of what is possible.”

Represented by the Senior Advisor Stakeholders Relations, Mrs. Halimat Wilson, the NNPC top official stated that the true impact of the facility would be measured by the success stories that emerge from it.

The State Governor, Senator Hope Uzodinma, represented by the Commissioner for Digital Economy and E-Government, Dr. Chimezie Amadi, thanked Shell and its partners and the NCDMB for providing the State with what he described as vital digital infrastructure. He said the facility would serve as a centre for innovation and creativity that would contribute to the development of the State.

Earlier in a welcome address, the FUTO Vice Chancellor, Professor (Mrs.) Nnenna Nnannaya Oti, said the facility “aligns with the critical mandate of the University, to jumpstart national development through indigenous technology-based teaching pedagogy that emphasises practical knowledge, innovations and problem solving.”

She expressed profound appreciation to the Managing Director and Country Chair of Shell, the Executive Secretary of the NCDMB, and the Group Chief Executive Officer of NNPCL, among others, “for making such a landmark donation” to the University.

The dignitaries were conducted round the facilities before the ribbon cutting.

On the NCDMB team were the General Manager, ICT, Obinna Osuji, Zonal Coordinator, Abia and Imo States, Mr. Emma Ohanere, and Manager, Capacity Building, Engr. Dokubo Obongo.

NCDMB to Sponsor New R&D Projects, as Triple Helix Nigeria Unveils Vision

Business Journal

26/10/2024

L-R: Prof Eucharia Nwaichi, Chairman Centra Planning Committee, Triple Helix SciBiz conference, Dr. Daniel Thomas, CEO Doret Group/ Keynote speaker, Alhaji Abdulmalik Halilu, President Triple Helix Nigeria & Director, Monitoring & Evaluation, NCDMB, Mr. Silas Ajimijaye, GM Planning, Research & Statistics, NCDMB at the opening ceremony of the Triple Helix SciBiz conference held in Abuja on Wednesday.

The Nigerian Content Development and Monitoring Board (NCDMB) has signaled plans to support new research and development projects as part of its Technology Innovation and Incubation Strategy and the enduring commitment to catalyze innovation in the Nigerian oil and gas industry and linkage sectors.

The new R&D projects will add to the 14 applied research projects NCDMB currently sponsors at various stages of technological readiness, one shining example being the Amal Technology, which manufactures gas leak detection devices and printed circuit board at Abuja.

The Executive Secretary, NCDMB, Engr. Felix Omatsola Ogbe hinted this in the keynote address he delivered at the 2024 edition of the Triple Helix Nigeria SciBiz Conference in Abuja, attended by industry representatives, researchers from knowledge institutions and policymakers, with theme “Integrating Research, Innovation, and Policy: Triple Helix Pathway to Research Commercialisation.”

He described research and innovation as the lifeblood of Nigeria’s hydrocarbon industry, adding that NCDMB has consistently applied local content development to enhance research and commercialisation of innovative solutions for the country’s oil and gas sector. This way, it hopes “to accelerate the circle of innovation and wealth creation by fostering partnerships between universities, research institutions, and industry players.”

Represented by the General Manager Research and Statistics, Mr. Silas Ajimajaye, the Executive Secretary charged Nigerians to embrace the spirit of innovation and work together to build a future where research and development are at the forefront of the national agenda.

According to him, “Creating an ecosystem where research, innovation and policy can interact has never been more critical as we steer through the complexities of the 21st Century,” noting that “the Triple Helix Model of academia, industry, and government collaboration is an appropriate international business framework that adds to our strength of innovation and ensures that all efforts go into fuelling the grand old aim – National Development.”

He further disclosed that “the $50 million Nigerian Content Research and Development Fund was created by the Board in 2020 from the Nigerian Content Development Fund (NCDF), and was designed to provide much-needed research funds in the oil and gas R&D space.”

The President, Triple Helix Nigeria, Alhaji Abdulmalik Halilu, in his presentation, said the THN, whose membership has grown from an initial 12 founding members to 240, realises the fact that research and innovation have fuelled human and societal development and that the body seeks to catalyse enterprises so oriented.

According to him, THN is committed to foster value creation in the Nigerian economy in line with local content philosophy of looking inwards, promote the development of technology skillsets required to solve African problems by Africans, promote strong advocacy platform for building research capabilities in knowledge institutions, and foster structured partnerships between industry and research community, to attract research-based funding in the direction of Africa-based researchers.

On the organisation’s vision, Halilu who is Director, Monitoring and Evaluation at the NCDMB, revealed that “Triple Helix Nigeria seeks to inspire at least 10 knowledge institutions to accelerate innovation and have at least 10% equity in 10 listed companies in the next 10 years.”

Speaking further, Halilu canvassed that the role of universities in this era was no longer confined to the education of minds or the advancement of theoretical knowledge, instead, they must play a central role in the commercialization of research, turning knowledge into tangible products that drive economic growth. He added that “the transition from education through research to commercialization heralded an evolving frontier where academia, industry, and government collaborate under the Triple Helix model to ensure research transcends the boundaries of laboratories and classrooms, to solving real-world problems and fostering economic prosperity.”

Earlier in a welcome address, the Chairman of the Planning Committee of the Conference, Professor Eucharia Oluchi Nwaichi, said her members were “so joyous to witness 156 authors submitting 47 high-quality papers on various subjects that directly contribute to the theme of this Conference – “Integrating Research, Innovation, and Policy: Triple Helix Pathway to Research Commercialisation.”

She expressed her confidence that “together, we can build a robust ecosystem where research meets industry, innovation drives policy, and Nigeria rises as a global leader in science, technology, and innovation.”

The 2024 Triple Helix Nigeria SciBiz Conference 2024, held from October 23 to 25.

Flutterwave, MTN Lead in Media Visibility Audit in Q3 2024

Business Journal

24/10/2024

Despite Nigeria’s prevailing economic difficulties, including heightened inflation and increasing operational costs, the fintech, telecommunications, and ride-hailing industries have maintained a robust media presence and public awareness footprint.

This sustained success is attributed to strategic media relations, effective marketing campaigns, and the impressive data shared with the media during Q3 2024, which collectively bolstered public perception and instilled confidence in these sectors.

An in-depth media performance analysis conducted by P+ Measurement Services, Nigeria’s leading media intelligence and PR audit agency, tracked and audited media coverage of these sectors across both online and print platforms.

The agency monitored over 1.3 million online publications—spanning blogs, branded publications, forums, and global news sources—alongside approximately 5,115 print publications, including daily, weekly, and monthly editions.

This comprehensive tracking enabled P+ Measurement Services to extract key PR metrics, such as sentiment analysis of reporters, editors, publishers, and opinion leaders, CEO performance assessments, spokesperson analysis, and overall topic prominence.

Key Insights from Q3 Media Performance Audit:

Fintech Sector:
The audit examined eight fintech companies, highlighting their competitive dynamics through extensive media tracking. Flutterwave emerged as the frontrunner, capturing a significant 42% share of total media coverage, largely driven by the expansion of its SEND App Remittance Service to 49 U.S. states. This reflects Flutterwave’s strong media strategy, showcasing its influence and outreach. Following Flutterwave, Moniepoint attained a 29% share, propelled by its announcement of new security features to enhance customer protection.

Opay held 20% of the media share, supported by its introduction of a Night Guard feature, while Kuda trailed with a 9% share, indicating lower media engagement despite its growing customer base. These results emphasise the competitive nature within the fintech sector, with Flutterwave’s proactive strategies setting the standard for media prominence.

Telecommunications Sector:
In telecommunications, MTN Nigeria dominated, achieving a 49% share of media coverage, significantly driven by the extension of its tower lease agreements with IHS Nigeria until 2032. This reinforced MTN’s position as a market leader with a consistent and strategic media approach.

Globacom followed with a 21% share, its visibility amplified by its partnership with the Lagos State Government on the M-Agric Lottery Service, aimed at food sufficiency.

In contrast, Airtel Nigeria and 9mobile registered 15% each in media coverage, highlighting the disparity in media engagement. MTN’s consistent and dominant media profile underscores its established influence and proactive communications strategy.

Ride-Hailing Sector:
Among the ride-hailing companies analyzed, Bolt Nigeria stood out, securing 51% of media exposure due to its proactive measures, such as introducing an optional verification feature for riders in Nigeria.

InDrive followed with 29%, driven by its celebration of achieving 5 billion deals, while Uber Nigeria secured 19%. Rida Nigeria lagged significantly with just 1% media visibility.

The variance in coverage reveals differing levels of media engagement and strategic media presence within the ride-hailing industry, with Bolt Nigeria clearly outperforming its competitors.

Comparative Analysis: Sector Disparities and Strategic Implications

The analysis draws attention to the concentration of media prominence within a select number of leading brands across the fintech, telecommunications, and ride-hailing sectors.

This trend highlights the critical role of strategic media management, where top brands such as Flutterwave, MTN Nigeria, and Bolt Nigeria have effectively leveraged media relations to sustain strong public profiles, reinforcing their market dominance and credibility.

The disparity in media engagement across sectors further emphasises the varying levels of success in deploying tailored PR and communications strategies.

In a rapidly evolving digital landscape, maintaining consistent and strategic media visibility is crucial for brands seeking to remain competitive and relevant, especially within Nigeria’s dynamic business environment.

About P+ Measurement Services

P+ Measurement Services is an independent media intelligence consultancy and an AMEC member, recognised as one of Nigeria’s leading providers of media intelligence and PR measurement solutions. As a media watchdog, the agency delivers technical support to communication managers and public relations agencies, ensuring accurate and comprehensive media performance evaluations.

NNPC Reports Helicopter Incident En-Route NUIMS-ANTAN FPSO

Business Journal

24/10/2024

On the 24th of October 2024, about 11:22am, we lost contact with the Helicopter – Register Number: 5NBQG, engaged by NNPC Limited, that took off from Port Harcourt NAF Base en route the FPSO – NUIMS ANTAN.

The helicopter was operated by East Winds Aviation.

There were 8 persons on board (6 passengers and 2 crew members). The appropriate authorities have been contacted, including the Ministry of Aviation, who have since issued a press statement.

Search and rescue missions are currently ongoing. So far, three (3) bodies have been recovered.

We shall continue to monitor the situation and provide regular updates as the events unfold.

Our prayers are with the passengers, crew and their respective families at this very difficult time.

We will continue to do everything possible to support the ongoing search and rescue operation.

Olufemi O. Soneye

Chief Corporate Communications Officer

NNPC Limited

Abuja.

Union Bank Sets New Industry Standard with Maternity Leave, Onsite Crèche Facility

Business Journal

24/10/2024

Union Bank has set a new standard in Nigeria’s financial sector by offering unparalleled comprehensive maternity leave to support working mothers and an on-site crèche facility to support working parents, both male and female full-time employees.

The new initiative includes an industry-leading five months of fully paid maternity leave, exclusive of the applicable annual leave, and an on-site crèche facility.

According to Section 54 of the Labour Act in Nigeria, new mothers are legally entitled to 12 weeks of maternity leave. However, Union Bank is leading the way with this groundbreaking comprehensive package, which is a significant step ahead of industry norms.

This extended leave, coupled with the ability to take annual leave, gives new mothers more time to recover and bond with their newborns, aligning with SDG 3: Good Health and Well-being. Additionally, returning mothers will benefit from a one-hour late resumption for the first month, easing the transition back into work and ensuring a smoother work-life integration.

Union Bank will also be adding an onsite crèche facility to further support working parents, with a pilot programme at the Head Office set to launch in December 2024. The crèche will provide lactation rooms and family-friendly amenities, offering a convenient childcare solution, particularly for working mothers. This initiative supports SDG 5: Gender Equality by enabling women to balance their professional responsibilities with childcare needs, helping to retain top female talent and fostering an inclusive work environment.

By promoting gender diversity, Union Bank is contributing to broader economic growth; research shows that achieving gender parity in the workforce could increase global GDP by 26%. With these innovative policies, Union Bank is taking significant steps to strengthen its position as a forward-thinking employer in the financial sector.

According to Omayuli Wale-Ajayi, Chief Talent Officer of Union Bank.

“At Union Bank, we are proud to set a new standard in the banking sector with comprehensive maternity leave for working mothers and crèche facilities for the babies of both male and female full-time employees. We are committed to creating a workplace where women can thrive, and these initiatives are crucial in supporting working mothers as they balance their careers and personal lives. By providing five months of fully paid maternity leave and convenient childcare solutions, we aim to retain and empower top talent, ensuring all employees can contribute to the bank’s success.”

These progressive policies enhance work-life balance and position Union Bank as a leader in workplace inclusivity and sustainability. By prioritising gender diversity and employee well-being, Union Bank is committed to creating a supportive, inclusive workplace that aligns with global sustainability goals.

About Union Bank Plc:

Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria Plc. is a household name and one of Nigeria’s long-standing and most respected financial institutions.

The Bank is a trusted and recognisable brand with an extensive network of over 300 branches across Nigeria.

The Bank currently offers a variety of banking services to both individual and corporate clients, including current, savings and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing and trade finance.

The Bank also offers customers convenient electronic banking channels and products, including Online Banking, Mobile Banking, Debit Cards, ATMs, and POS Systems.

Sterling One Foundation, PwC, Partners Plan ESG Series 4.0 Program

Business Journal

24/10/2024

As environmental, social, and governance (ESG) principles continue to gain traction globally, Nigerian businesses are increasingly recognising the importance of integrating sustainable practices into their operations.

ESG has evolved from a trend to a strategic necessity for companies aiming to manage risks, meet regulatory requirements, and align with the expectations of investors and stakeholders.

In response to this growing significance, Sterling One Foundation, in partnership with PwC, NGX, UNIDO Investment and Technology Promotion Office (ITPO) Nigeria, LBS Sustainability Centre, Lagos Chamber of Commerce & Industry (LCCI), Nigeria Employers’ Consultative Association (NECA), and Sterling Bank, is proud to host ESG Series 4.0 on October 25, 2024.

The event will provide a platform for thought leaders to share insights on advancing sustainable development and driving meaningful change.

This marks the fourth installment of the ESG Series in 2024, underscoring the ongoing commitment to deepening the ESG conversation in Nigeria and across Africa. Each edition has offered practical solutions and sparked essential discussions on embedding ESG into corporate strategies.

To maintain this momentum, ESG Series 4.0 will offer two key tracks focused on equipping participants with the tools and strategies needed to implement robust ESG frameworks that drive growth and resilience.

The session will convene ESG leaders, corporate executives, development experts, and sustainability advocates who are dedicated to elevating sustainable business practices. The agenda will provide valuable insights on ESG reporting, risk management, and aligning sustainability goals with organizational strategies. These discussions will benefit organisations aiming to stay ahead of evolving ESG standards and implement best practices that enhance resilience and create long-term value.

Participants will hear from leaders in the ESG and social impact space, including Olapeju Ibekwe, CEO of Sterling One Foundation, who will play host for the 4th ESG Series. As a development advocate with a strong background in driving social change and promoting sustainable practices, Olapeju will share valuable perspectives on integrating impact-driven strategies into business operations.

Commenting on the importance of sustainability in today’s business landscape, Olapeju Ibekwe, CEO of Sterling One Foundation, said, “As businesses continue to embrace the principles of sustainability, we must move beyond discussions and focus on actionable strategies that drive real change. ESG Series 4.0 aims to equip organisations with the knowledge and tools needed to implement impactful ESG strategies that drive growth and resilience.”

The lineup also includes Bolanle Adekoya, Partner and PwC West Africa Platform Leader for ESG & Sustainability, who will provide practical strategies for navigating ESG challenges, drawing from her extensive experience in helping organisations meet regulatory standards and achieve sustainable growth. Additionally, Nana Maidugu, Head of Sustainability and ESG at NSIA, will offer insights on streamlining ESG reporting processes, providing essential guidance for businesses looking to enhance their frameworks and ensure compliance with evolving standards.

Adewale Oyerinde, Director-General of the Nigeria Employers’ Consultative Association (NECA), will deliver a goodwill message during the session, setting the tone for a thought-provoking and impactful discussion.

About Sterling One Foundation

Sterling One Foundation (SOF) is a registered non-profit focused on tackling the root causes of poverty in Nigeria, and Africa through interventions and social impact programmes across five critical sectors namely: climate action, health, education and youth development, gender equality and empowerment, and food security.

The Foundation’s programmes adopt a central theme of prioritising partnerships for the achievement of the Sustainable Development Goals (SDGs).

9mobile Names Dorothy Tunde-Ajala as Chief HR Officer

Business Journal

24/10/2024

In a move that strengthens its senior leadership team and solidifies its business transformation strategy, 9mobile has appointed trusted Human Resources advisor, Dorothy Tunde-Ajala as Chief Human Resources Officer (CHRO).

With over 20 years of HR experience, Dorothy is a seasoned leader known for her ability to drive business transformation through strategic HR initiatives. Her appointment underscores 9mobile’s commitment to fostering an inclusive culture and advancing its people’s vision in alignment with the company’s values and strategic goals.

Dorothy brings a wealth of experience from various sectors, including Telecoms, Energy, and Business Services. Prior to joining 9Mobile, she served as Chief Talent & Strategy Officer at Accelerate Leadership Limited and as an Associate Coach with Randstad RiseSmart, a global outplacement company; HR Director Anglophone West Africa, Schneider Electric; General Manager HR & Admin, Pan African International Group; Country Head, Human Resources, Siemens Nigeria; HR Manager/Business Partner, MTN Nigeria Communications and Head of People Management at Restral Consulting.

Throughout her career, Dorothy has established herself as a trusted advisor to business leaders, providing valuable HR insights to create high-performance cultures. She has led HR transformations, developed leadership pipelines, and implemented innovative HR strategies that have positively impacted organisational effectiveness.

“We are excited to welcome Dorothy to our leadership team,” said Obafemi Banigbe, CEO of 9mobile. “Her expertise will significantly enhance our commitment to excellence and employee engagement, crucial elements of our business transformation strategy. This strategic expansion of our leadership team began four months ago, with the appointment of a new CFO and CTIO. Together, we are poised to drive 9mobile’s growth and innovation, marking an exciting chapter in our journey.”

“We look forward to working with her as she drives our people-focused strategy forward. Her expertise will be crucial in achieving our key objectives, including, Enhancing Employee Engagement, well-being initiatives, professional development, performance management, and talent attraction and retention. Dorothy’s expertise will undoubtedly empower our team to reach new heights, driving business success and sustainable growth.”

“I am excited to join 9mobile at this transformative moment in the company’s journey,” Dorothy said. “With a strong foundation already established, we are well-positioned for sustained growth and innovation. My focus will be on nurturing our most critical asset—our people—by aligning talent development with our strategic objectives, fostering a culture of collaboration, and maximising our team’s potential. This is an inspiring time to be part of 9mobile, and I am confident in our collective ability to achieve great things for both our people and the business.”

Dorothy holds a B.Sc. in Sociology from the University of Lagos and is a Global Professional in Human Resources. She is also a Certified John Maxwell Trainer, Speaker and Coach; a Certified Behavioural Analysis (DISC) Trainer, and a member of the International Coaching Federation (ICF) Nigeria.

She is also a member of the Institute of Directors (IOD), Society for Human Resource Management (SHRM), and an Associate of Leadership for Environment and Development (LEAD)).

As Chief Human Resources Officer, Dorothy will report directly to the CEO and play a pivotal role in aligning human capital strategies with the organisation’s broader strategic goals.

Drawing on her deep expertise, she will focus on driving leadership development, enhancing organisational effectiveness, and fostering a culture of high performance that supports 9mobile’s long-term vision and growth objectives.

NIA Chairman, Kunle Ahmed, Unveils 5-Point Agenda to Drive Market Growth

Business Journal

24/10/2024

Mr. Kunle Ahmed, Chairman, Nigerian Insurers Association (NIA) has outlined his 5-point agenda to drive sustainable growth of the insurance sector in Nigeria.

Speaking at his Media Unveiling event in Lagos yesterday, Ahmed said that globally, insurance has proven to be a powerful tool for stabilising economies, protecting investments, and providing the financial resilience that allows societies to thrive.

“However, in Nigeria, depending on your source of data, insurance penetration remains strikingly low. We currently lag far behind African and global averages despite being one of the continent’s largest economies. To turn these challenges into opportunities for the growth of our industry and the prosperity of our nation, we will focus strategically on the following areas:”

Customer-Centricity: Enhancing customer satisfaction will be our priority. This will involve driving programs, initiatives, and policies to simplify the insurance onboarding process, improve claims handling, and ensure transparency in our operations. A satisfied customer is not just a repeat client; they will be the best advocates of our industry. We will implement best practices that prioritize the customer journey, ensuring that our clients always feel valued and understood.

Digital Transformation: Our sector has historically been slow to adopt digital solutions. Moving forward, embracing digital innovation will be essential. We plan to launch an innovation challenge to invite solutions that streamline our processes and enhance customer experience. By collaborating with technology partners, we can reduce costs and improve service delivery, making insurance more accessible to all Nigerians.

Commitment to Excellence: As we embark on this journey, I want to assure you that our commitment to excellence will guide our actions. We will focus on improving our claims processes, ensuring we fulfill promises and exceed expectations. The recent growth in claims paid—N536.5 billion in 2023—demonstrates our dedication to our clients. However, we recognize that there is more work to be done and will continue to improve the process to enhance the trust and confidence of our stakeholders.

Advocacy and Collaboration: Engaging with government agencies to advocate for policies that support the insurance sector is essential. We will work diligently to ensure that insurance is integrated into national development plans. This includes collaborating on the Nigeria Insurance Reform Bill, which aims to modernize our regulatory framework and enhance the industry’s capacity to serve the public effectively

Education and Awareness: Raising awareness about the importance of insurance is vital not just for our industry growth but for our economic development. We will expand our outreach initiatives, including educational programs in schools and partnerships with your esteemed media organisation and institutions to disseminate information about insurance products and their benefits. We are convinced that by fostering a culture of insurance literacy, we can empower individuals and businesses to make informed decisions.

To achieve the strategic focus of his administration, Ahmed sought the support and co-operation of partners in the media.

“Your role in communicating our vision and initiatives and advocating our cause will be even more crucial in this new dispensation. Together, we can reshape the narrative around insurance in Nigeria, highlighting its importance as a tool for social integration, risk management, and economic stability.”

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