Pension: New Compliance EXCO to Address Industry Challenges

22/10/2024

The newly elected compliance executives of the pension industry have assumed their roles at a critical time, as the sector faces increasing scrutiny and demand for improved operational standards.

Oguche Agudah, CEO of the Pension Fund Operators Association of Nigeria (PenOp), congratulated the new executives while emphasising the vital responsibilities they will now undertake. Under the leadership of the new Director General (DG), these roles are expected to play a pivotal part in addressing the industry’s pressing challenges, including fraud, inefficient processes, and ensuring better outcomes for pensioners.

The newly elected executives—Edidiong Akan, Temitope Anjorin, and Tunde Folayan—officially took their oaths of office, pledging to execute their duties with diligence, professionalism, and a focus on the best interests of the industry.

During the ceremony, they reaffirmed their commitment to maintaining the highest ethical standards and fostering harmonious relationships among pension operators.

Their new positions are not only critical for day-to-day regulatory compliance but also vital in steering the industry toward a future where operators adhere to best practices, reduce inefficiencies, and combat fraud. The executives also acknowledged the importance of ethical governance, emphasising that integrity remains the cornerstone of their mandate.

In their remarks, the new compliance executives expressed deep gratitude for the trust placed in them by their peers and reiterated their dedication to advancing the goals of the association. They also stressed the importance of collective action in addressing the industry’s challenges.

Plans to formalise the Compliance Forum were announced, with a vision of establishing it as a robust and influential voice within the pension industry. This forum is expected to serve as a platform for industry-wide collaboration, fostering dialogue among stakeholders to address regulatory gaps and promote best practices.

The compliance executives made it clear that their focus extends beyond maintaining existing standards—they aim to innovate and lead reforms that will enhance the industry’s overall performance. As they take office, expectations are high that their leadership will contribute to a more transparent, efficient, and fraud-resistant pension industry that serves the best interests of both operators and pensioners.

For now, the industry remains optimistic that this new team will rise to the occasion, driving improvements and ensuring a fairer and more efficient pension system for all.

Exploring Trust, Authenticity, Engagement in a Saturated Digital Space

Business Journal

22/10/2024

By Elvis Eromosele

Humans are naturally biased. This makes changing someone’s mind a challenge. This also explains why marketing—attracting customers to generate revenue—is difficult. It requires capturing the attention of the target audience and changing minds.

In today’s world, this task has become even more complicated due to information overload and the disruptive nature of the emerging digital economy. Experts say to stand out and engage people, trust, transparency, and authenticity are essential.

The 2024 Lagos Digital Public Relations Summit, held on October 16 and 17, was more than just a gathering of professionals in the field—it was a platform to explore the art of promoting trust and authenticity in the increasingly complex digital ecosystem.

Under the theme “Nurturing Authentic Connections in the Digital Ecosystem,” the summit examined the core challenges that public relations (PR) professionals face today, especially in an environment saturated with information and competing messages.

As businesses and organisations strive to capture attention in this noisy world, the summit’s focus on trust, transparency, and authenticity highlighted the essential ingredients needed to gain traction in the modern digital marketplace.

These concepts are critical to connecting with audiences on a deeper, more meaningful level – something easier said than done in a world where information is everywhere, and attention spans are fleeting.

In his keynote speech, Adetokunbo Modupe, Chairman/Group CEO, TPT International, emphasised that brands must communicate persuasively to capture and keep their audience’s attention. But persuasion must come from a place of authenticity.

Modupe argued that while the rise of artificial intelligence (AI) has revolutionized marketing and communications, there is no substitute for the genuine, emotional intelligence required to make lasting connections.

He stressed that originality matters now more than ever and that AI should enhance, not replace, the emotional and native intelligence needed in storytelling. He explained that ethics remain a cornerstone of public relations, and practitioners must continue to do the right thing, even in the age of digital disruption.

O’tega Ogra, Senior Special Assistant on Digital/New Media to the President, presented a thought-provoking session on trust, calling it the key differentiator for brands that want to stand out. He provided five crucial lessons on trust, along with their reversals, highlighting that while trust is vital, it is equally important to strike a balance between transparency and strategic communication.

In the realm of branding, perception is everything. As Ogra noted, people are drawn to what feels real. Brands must therefore curate their digital presence authentically and simplify their messaging to build trust. Yet, there are times when illusion can be more powerful than reality.

Trust is a brand’s most valuable asset, a principle that Ogra called the Naval Rule. Brands that consistently deliver on promises, like the financial platform Piggyvest, can elevate their reputation. Transparency is a powerful tool, but Ogra also pointed out that there are moments when withholding information can be more beneficial than complete openness.

Emotional intelligence plays a crucial role in creating meaningful connections. Ogra emphasised the importance of brands engaging in active listening, even in digital spaces, and using storytelling to connect with audiences. However, he warned that relying too heavily on emotional appeals can sometimes backfire.

Ogra also spoke of the power of strategic vulnerability. He encouraged brands to own their mistakes and be realistic about their shortcomings. By doing so, weaknesses can become strengths. But, he cautioned, over-exposure can lead to new problems, and brands should avoid revealing too much.

Finally, Ogra stressed the importance of long-term authenticity over short-term gains. In a world obsessed with instant results, real depth and consistency hold more value than superficial reach. However, he reminded the audience not to overlook short-term opportunities entirely—finding balance is key, and realness remains a brand’s greatest strength.

Lanre Basamta, CEO and Co-founder of Optimus AI Labs spoke on the power of content. Starting with the quote by marketing expert David Meerman Scott—”Nobody cares about your product, except you. Create interesting content”—Basamta stressed that perception is everything. Content is not just a tool for engagement; it shapes how audiences perceive a brand.

He underscored the importance of aligning content with a brand’s core message, stating that effective storytelling creates experiences that resonate emotionally with the audience. This emotional resonance, in turn, influences how people perceive a brand and, ultimately, whether they will engage with it.

The 2024 Lagos Digital PR Summit illuminated a key truth: in today’s information-saturated digital environment, brands must focus on nurturing authentic connections. Whether through persuasive storytelling, emotional intelligence, or content that resonates on a deeper level, building trust is critical.

All the speakers and panel discussions emphasised the point – that realness is a brand’s most powerful asset, and balancing transparency, emotional appeals, and strategic communication is key to creating lasting relationships with audiences.

For PR professionals and marketers alike, the summit offered a clear roadmap: trust, transparency, and authenticity are the cornerstones of successful digital engagement in a world where attention is scarce but connection is invaluable.

Eromosele, a corporate communication professional and public affairs analyst, wrote via: [email protected]

PenOp Partners PenCom on Maximising Potential of RSA Fund VI, Exploring Sharia-Compliant Investment

Business Journal

22/10/2024

The Pension Fund Operators Association of Nigeria (PenOp), along with the National Pension Commission (PenCom) recently convened a webinar titled “Maximising the Potential of RSA Fund VI: Exploring Sharia-Compliant Investments.”

The event gathered industry stakeholders to address the growing interest in non-interest financial products, particularly those under RSA Fund VI, a dedicated Sharia-compliant fund within the Contributory Pension Scheme.

In his opening remarks, Oguche Agudah, CEO of PenOp, emphasised the importance of expanding the investment options available under RSA Fund VI. He called for deeper industry collaboration to address existing challenges and seize opportunities for growth in Sharia-compliant and ethical investments.

The Chairman of the Pension Industry Non-Interest Advisory Committee (PINAC), Dr. Adam Muhammad Abubakar outlined the current challenges PFAs face in accessing Sharia-compliant instruments. He stressed the need for more investment outlets and enhanced awareness about the growth potential of non-interest financial products.

Bil-yaminu Yakubu, Who represented the Head of Investment Supervision at Pencom- Mr. Dahiru, Abdulqadir, highlighted the efforts the Commission had made to advancing the ethical investment space, stating: “We understand the challenges PFAs are facing in terms of regulatory clarity. Pencom is committed to providing clear rules that will foster confidence in investing in non-interest instruments, ensuring compliance while driving innovation.”

The session also highlighted how Sharia-compliant investments, particularly Sukuk bonds, have played a crucial role in raising infrastructure funds.

Attendees argued that expanding the issuance size of such instruments is seen as key to attracting more PFA participation and driving the growth of RSA Fund VI.

Participants also discussed the importance of clear guidelines from Pencom and SEC to support the growth of non-interest financial instruments.

Abimbola Yusuf, Treasurer of Alternative Bank, spoke about their transition into a standalone non-interest bank and highlighted upcoming products for Fund VI, stating, “we are committed to delivering tailored financial services that comply with Islamic finance principles. Our goal is to offer pension fund administrators innovative products that meet both liquidity needs and ethical standards.

Akeem Oyewale, CEO of Marble Capital, echoed similar sentiments, adding, “the market for Sharia-compliant investments is growing, and we are developing a robust pipeline of instruments to support PFAs in diversifying their portfolios. Collaboration with issuers is key to ensuring that the size of Sharia-compliant issuances grows, creating more investment opportunities.”

As the demand for non-interest financial products continues to grow, PenOp remains committed to ensuring that Sharia-compliant and ethical investments can thrive within Nigeria’s pension framework. The association continues to work closely with regulators and industry players to unlock the full potential of RSA Fund VI.

The session was sponsored by Alternative Bank and Marble Capital.

Heirs Energies Commends NUPRC at 3, Points Way Forward for Sector

Business Journal

22/10/2024

Mr. Tony Elumelu, Chairman, Heirs Holdings Group has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on its third anniversary in a speech with the theme: Transformation, Innovation & Excellence.

In a speech at the event in Abuja, Elumelu said: “Today’s theme, “Transformation, Innovation & Excellence,” resonates deeply with the challenges and opportunities facing Nigeria’s energy space.

I commend the transformative and bold initiative of NPRC: the Project 1 million barrel of oil (MMBOPD).”

We are faced with the threat of Declining Production and Investment

We must acknowledge the elephant in the room. Nigeria’s oil production has been on a downward trajectory, falling from peaks of over 2 million barrels per day to recent lows, below 1.5 million.

This decline translates to lost revenues, reduced global market share, and missed opportunities for national development.

The root causes are multifaceted: aging infrastructure, security challenges in the Niger Delta, stalled investments, regulatory uncertainties, and a global shift towards renewable energy that has compounded the investment challenge.

These factors, combined, threaten the very foundation of our economy, as we are heavily dependent on oil.

As a nation, we cannot permit this to continue, and squander our inheritance and betray our next generation.

The Solution: Project 1MMBOPD and Beyond

This is where Project 1MMBOPD is so critical, a crucial part of the solution to unlocking the next phase of our development.

By targeting to grow production by 1 million barrels of oil per day from current levels, we are setting a clear and challenging goal; one that I believe is achievable as I see all stakeholders are at the table and will commit to play their parts and bring the needed collaboration, innovation, and excellence to make this project a success, for the benefit of our country.

To be sustainable, this initiative should go beyond just increasing production; it should catalyse a comprehensive strategy to revitalise our entire upstream sector.

The project should encompass key elements:

Infrastructure Modernisation: Upgrading our aging facilities to improve efficiency and reduce downtime.

Security Enhancement: Implementing advanced technologies and community engagement strategies to secure our assets.

Regulatory Streamlining: NUPRC’s commitment to creating a more transparent and efficient regulatory environment.

Investment Attraction: Leveraging this improved landscape to attract both domestic and foreign investment.

Technology Adoption: Embracing cutting-edge technologies to optimise production and reduce environmental impact.

By addressing these areas comprehensively, we will not only aim to reach the 1MMBOPD target but also to create a sustainable framework for future growth.

Focus on Gas

As we embark on this ambitious project to boost our oil production, let us also keep our focus on the critical role of gas in our energy mix.

The path to 1MMBOPD must be constructed on strategies that maximise the value of our gas resources, reducing flaring and increasing utilisation for domestic and export markets.

This dual focus will help diversify our energy portfolio and mitigate the risks associated with over-reliance on oil.

We know the criticality of gas in improving access to electricity in Nigeria. Access to electricity is the single most important factor in our quest for industrialisation. You can now see that our oil and gas sector is pivotal to the development of our country.

NUPRC’s Achievements

In its three short years, NUPRC has already laid the groundwork for this solution.

Your efforts in promoting sustainable practices, such as the Nigerian Gas Flare Commercialisation Programme, exemplify the innovation required to balance environmental stewardship with economic growth.

These initiatives not only reduce our carbon footprint, but also create valuable opportunities for our workforce and communities.

Role of Independents – Heirs Energies’ Progress

At Heirs Energies, we are actively contributing to this solution.

In the first 100 days after we took over operational control of our OML-17 asset in 2021, we doubled our production from 28,000 to over 50,000 barrels per day.

We suffered a setback with unabated crude theft, which caused us to shut-in and work collaboratively with the NNPC Limited to better secure the pipeline system. From a low of 5% terminal receipts in December 2021, year-to-date in 2024, we have recorded an average terminal receipt of 85%; a remarkable improvement and a good example of what a purposeful collaboration between NNPCL and operators underpinned by rigorous execution can deliver.

With the improvement in the operating environment, we have restarted our investment and production growth journey, and have now successfully reversed the fall in production that we suffered in 2022 and 2023, as a consequence of the evacuation challenges. A few days ago, OML-17 attained over 51,000 barrels per day, and we continue our production growth journey.

Relatedly, we are also working to grow our gas production that feeds many power generation plants and gas-based industries.

These achievements indicate what is possible, where there is a strong industry collaboration, and in particular, when regulatory support meets private sector drive and innovation.

$1tn Economy: PenCom DG Seeks Commitment from Insurance, Pension Operators

Business Journal

22/10/2024

Stakeholders in the nation’s insurance and pension sectors have been urged to take actionable steps that will ensure sustainable development and long-term success towards the achievement of the Federal Government’s one trillion-dollar economy by the year 2030.

The call was made by the Acting Director-General, the National Pension Commission (PenCom), Omolola Oloworaran, in her goodwill message at the 2024 national conference of the Nigerian Association of Insurance and Pension Editors (NAIPE) with the theme “Towards A $1 Trillion Economy: Roles of Insurance and Pension Sectors,” in Lagos recently.

The acting DG who was represented at the occasion by Akinsola Adeseun, Zonal Head, South-West Zonal Office, emphasised the need for stakeholders in the two sectors to come together and work hard to ensure the success of the government’s ambition, even as he commended NAIPE for the conference.

She also highlighted the critical roles insurance and pension sectors play in the growth of every economy.

“The insurance and pension sectors are indeed veritable cornerstones in building a strong and resilient economy. Together, they provide financial security and stability for individuals, businesses, and the nation at large.

“Our collective goal of advancing towards a $1 trillion economy is not a mere aspiration but a shared responsibility. This conference serves as a vital platform to exchange insights, ideas, and strategies that will propel us toward achieving this ambitious target.

“Let me commend the organisers of this conference for bringing together, pension and insurance industries experts, policymakers, and key stakeholders to engage in meaningful discussions that will foster innovation and collaboration. It is through such gatherings that we can identify opportunities, address challenges, and create synergies that will enhance the contributions of our sectors to economic growth.

“As we delve into discussions, let us be encouraged to not only envision a prosperous future but to also take actionable steps that will ensure sustainable development and long-term success. Together, let us strive to create an environment where the insurance and pension sectors can thrive, ultimately benefiting every Nigerian,” she said.

She reassured all stakeholders that PenCom remains committed to continuously improving service delivery across the Pension Industry.

Q3 2024: UBA Grows Net Interest Income by 149%, PBT by 20% to N603bn

Business Journal

21/10/2024

Riding on its recently released half-year financials, Africa’s Global Bank – United Bank for Africa (UBA) Plc, has announced its unaudited results for the third quarter ended September 30, 2024, where it recorded strong and impressive growth across all its key indicators.

As in the first two quarters of the current fiscal year, the bank’s gross earnings grew significantly by 83.2 per cent to N2.398 trillion up from N1.308 trillion recorded in September last year, while its net Interest income which stood at N443.0 billion at the end of the third quarter in 2023, rose impressively by 149 per cent to N1.103 trillion in the period under consideration.

The bank’s financial report filed with the Nigerian Exchange Limited on Monday also indicated a 20.2 per cent increase in Profit before Tax (PBT) to close at N603.48 billion compared to N502.09billion recorded at the end of the third quarter of 2023, while profit after tax also rose remarkably by 16.9 per cent from N449.26 billion recorded a year earlier to N525.31 billion in the period under review.

As in the preceding two quarters this year, UBA continues to maintain a very strong balance sheet, with Total Assets rising to N31.801 trillion, representing a 54.0 per cent increase over the N20.653 trillion recorded at the end of December 2023, just as the bank benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years, with Total Deposits rising to N26.50 trillion, representing a 52.7 per cent rise, up from N17.355 trillion at the end of the last financial year.

UBA shareholders’ funds remained very strong at N3.585 trillion up from N2.030 trillion recorded in December 2023, again reflecting a strong capacity for internal capital generation and growth.

Commenting on the result, UBA’s Group Managing Director/CEO, Mr. Oliver Alawuba, expressed pleasure that the Group continues to record strong and sustainable growth in its various revenue streams, building on its strong performance earlier in the year.

“The UBA Group achieved a profit before tax of N603.5 billion and our intermediation business continues to show strong growth with net interest income expanding by 149 per cent YoY to N1.10trillion and NIM closing at 8.03 per cent, which is 17.60 per cent above the 2023 position, despite persisting macroeconomic headwinds, geo-political tensions, insecurity, inflationary pressure and exchange rate volatilities across our markets,” Alawuba stated.

According to the GMD, the Bank’s performance has been underpinned by consistent strong growth on all core and sustainable banking income lines, as he added that “our substantial investments in technology are yielding tangible business value. This commitment is instrumental in delivering enhanced customer experiences and optimising operational efficiency.”

The Bank’s Executive Director, Finance & Risk, Ugo Nwaghodoh, said: “I am delighted at the milestone reached in driving operational efficiency, reflected in cost-to-income ratio normalising around the 50 per cent range. Shareholders’ funds recorded a 77 per cent growth from N2 trillion at FYE2023 to N3.59 trillion demonstrating the Group’s significant capacity for future growth.

On plans to consolidate its performance for the rest of the 2024 financial year and beyond, Nwaghodoh said: “We remain on track with various strategies to optimise our cost of funds and operating expenses. Furthermore, the Group has finalised plans to shore up its share capital to support its medium to long term aspirations, whilst aligning with the recent regulatory requirement in Nigeria and other jurisdictions.”

On plans to consolidate its performance for the rest of the 2024 financial year and beyond, Nwaghodoh said: “We remain on track with various strategies to optimize our cost of funds and operating expenses. Furthermore, the Group has finalised plans to shore up its share capital to support its medium to long term aspirations, whilst aligning with the recent regulatory requirement in Nigeria and other jurisdictions.”

He explained that UBA remains committed to sustainable growth in its core banking revenue lines and maintaining its strong compliance and risk management culture, even as the Group identifies further opportunities to expand.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than forty-five million customers, across 1,000 business offices and customer touch points in 20 African countries.

With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

Polaris Bank Empowers Media Practitioners with 2024 Capacity Building Workshop

Business Journal

21/10/2024

As part of its on-going commitment to continually empower the Nigerian media and enable it play the critical watchdog role in the society, Polaris Bank is organising an open workshop for all classes of journalists across the media spectrum as one of its critical CSR interventions meant to positively impact key stakeholders.

The 2024 media workshop with the theme: “Integrating AI tools in Contemporary Media practices for Innovation and Excellence” falls within the Bank’s intervention programs under its Education/Capacity Building Strategic Corporate Social Responsibility (CSR) pillar which deepens media relations, and contribute to the overall development of Nigeria’s media landscape.

Scheduled to hold on Thursday, October 24, 2024, the media workshop aims to equip media practitioners with the latest tools and skills to navigate evolving challenges of modern journalism.

With a focus on available and relevant Artificial Intelligence (AI) tools and use, participants will learn how to integrate these technologies into their day-to-day work, streamlining news gathering processes and ensuring accuracy in storytelling.

The workshop will also dive deep into contemporary new media tools and practices, while addressing available opportunities that enhances career development.

Focus will also be shed on key topics such as; data journalism, fact-checking, and solutions journalism—ensuring media professionals are equipped to thrive in the digital era.

Building on the success and feedback from previous workshops, especially that of 2023 edition, where hundreds of Journalists participated, the 2024 workshop promises to offer even greater value.

This year’s event will highlight cutting-edge trends, such as media entrepreneurship and career development strategies in a competitive media landscape.

To deliver an impactful workshop, the Bank has assembled top faculty and distinguished subject experts as facilitators, including Dr. Chike Mgbeadichie, a Senior Lecturer at the School of Media and Communication, Pan-Atlantic University, Lekki, Lagos and Lekan Otufodunrin, Executive Director of the Media Career Development Network.

Their extensive knowledge and experience in media and communication will guide participants in understanding how to stay relevant, adapt to technological advancements, and maintain responsible journalism practices.

This initiative reflects Polaris Bank’s long-standing commitment to capacity building, particularly in empowering media practitioners to address the challenges of the digital age.

By providing access to the latest knowledge and tools, the workshop aims to support the continuous development of the Journalists, and media landscape in Nigeria while fostering sustainable and impactful journalism.

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

Digital Encode Targets Unicorn Status, Showcases Cutting-edge Cybersecurity Solutions @ AfriTECH 4.0

Business Journal

21/10/2024

Digital Encode Limited, a leading Cybersecurity and Governance, Risk and Compliance company in Africa, is proud to announce its sponsorship of Africa Tech Alliance Forum [AfriTECH 4.0].

The event, which is set to take place in Lagos, Nigeria, is one of the most anticipated gatherings of technology enthusiasts, innovators, and industry leaders in Africa. The sponsorship highlights Digital Encode’s unwavering commitment to promoting digital innovation and transformation across the continent.

Meanwhile, Digital Encode, in order to strengthen its global presence and enhance cybersecurity capabilities, recently commissioned a state-of-the-art facility at the Lekki area of Lagos.

This expansion is part of the company’s efforts to fulfil its mission of safeguarding organisations worldwide against cyber threats.

Alongside the new office, Digital Encode has launched the Centre for Information Security Intelligence (CISI), a specialised centre aimed at heightening cyber situational awareness, providing tailored threat intelligence, and enabling collaboration with international cybersecurity organisations.

Dr. Obadare Peter Adewale, the Founder and Chief Visionary Officer of Digital Encode, said, that by proactively addressing emerging threats, the company will enhance the cyber resilience of its clients.

“CISI, DigitalEncode’s proprietary solution, enables us to identify potential vulnerabilities in our clients’ environments and deploy targeted countermeasures before adversaries can exploit them.

“This approach minimises the likelihood and impact of cyber incidents, thereby strengthening the overall cyber resilience of Digital Encode’s clients,” Adewale said.

AfriTECH 4.0, scheduled for November 2024, will bring together stakeholders from various sectors to explore the theme: “Leapfrogging Digital Transformation for Future of Africa’s Economy”. The event will feature panel discussions, exhibitions, and networking opportunities designed to foster collaboration and knowledge sharing among businesses, governments, and tech startups. The conference will focus on emerging technologies such as artificial intelligence (AI), cybersecurity, blockchain, and financial technology (fintech), which are shaping the future of Africa’s digital landscape.

As a sponsor, Digital Encode will showcase its cutting-edge solutions in cybersecurity and digital risk management, underscoring its role as a pioneer in helping African businesses navigate the complexities of the digital age.

The firm will also play a key role in panel discussions on data privacy, cybersecurity, and the importance of compliance in fostering trust in digital systems.

Speaking on the sponsorship, Dr. Obadare said, “We are excited to be a part of AfriTECH 4.0, which represents the forefront of innovation in Africa. Digital transformation is critical to the development of our continent, and we believe that fostering collaborations and sharing knowledge at events like this will accelerate the growth of Africa’s digital economy.”

AfriTECH 4.0 promises to attract a diverse audience of entrepreneurs, policymakers, tech experts, and investors, all committed to driving Africa’s digital future. With Digital Encode’s expertise and leadership in cybersecurity, the conference is set to address some of the most pressing challenges and opportunities in the African tech ecosystem. Participation is Free, but you are required to register via the link here: https://bit.ly/3ZPdi88.

Similarly, Dr. Obadare disclosed Digital Encode’s unicorn status intent during a recent interview with CNBC. The interview aired on Thursday, 10 Oct 2024 13:57:37 GMT.

As the driving force behind CISI, Adewale emphasized that the firm solidifies its position as a thought leader in the cybersecurity domain by developing innovative solutions that address the evolving threat landscape.

“Digital Encode demonstrates its commitment to staying ahead of the curve and providing its clients with the most effective cybersecurity strategies,” the statement said.

The CVO underscored the company’s commitment to driving innovation and influencing the direction of the cybersecurity industry.

He added that through the publication of research reports, thought-provoking insights, and active participation in industry conferences and events, Digital Encode aims to inspire innovation and shape the global cybersecurity discourse.

Stanbic IBTC Partners BATN Foundation on Agriculture at Lagos Farm Fair

Business Journal

20/10/2024

The Lagos Farm Fair implemented by the British American Tobacco Nigeria Foundation (BATN) in partnership with Stanbic IBTC Holdings, represented yet another significant step forward in establishing a sustainable and thriving agricultural landscape in Lagos.

Held at the Police Grounds on Oba Akinjobi Way, GRA Lagos, the fair attracted a diverse and impressive crowd. Participants ranged from experienced farmers and innovative agricultural startups to key industry stakeholders and interested members of the public.

This year’s farm fair, organised to commemorate World Food Day stood out as a dynamic exhibition as farmers from across the region came together to showcase and sell a wide variety of fresh, locally grown produce. Families and attendees enjoyed a vibrant atmosphere while purchasing high-quality fruits, vegetables, grains, and other farm products at affordable prices.

The fair not only provided a platform for farmers to connect directly with consumers but also highlighted the importance of supporting local agriculture and sustainable farming practices. The event fostered a sense of community, with activities and exhibitions that engaged all ages.

“At Stanbic IBTC Holdings, we are deeply committed to fostering sustainable growth and innovation within Nigeria’s agricultural sector. Our proud partnership of the Lagos Farm Fair alongside the British American Tobacco Nigeria Foundation in collaboration with Lagos State Ministry of Agriculture & Food Systems supports the agricultural landscape’s development and thriving,” stated Eric Fajemisin, Executive Director, Corporate and Investment Banking, Stanbic IBTC Bank.

Eric elaborated that the event represents a crucial step forward, bringing key stakeholders together to share knowledge and forge partnerships to drive the industry forward.

“We believe that by investing in agriculture, we are investing in the future of our nation, creating opportunities for growth, innovation, and sustainability. Stanbic IBTC Holdings is proud to have contributed to the success of the BATNF Lagos Farm Fair. Recognising agriculture’s role in economic development and food security, we are committed to supporting initiatives that drive growth within this vital sector. We understand the transformative potential of events like the Farm Fair to motivate change, stimulate economic development, and enhance food security. Through our support, we aim to encourage the continuous advancement of the agricultural sector, ensuring it remains a cornerstone of sustainable development for Lagos and beyond.”

Moniepoint Seeks More Investment in STEM Education in Nigeria

Business Journal

20/10/2024

L-R Board Member, Tosin Eniolorunda Foundation, Oyinlola Eniolorunda; Israel Eniolorunda; and Vice-Chancellor, Obafemi Awolowo University, (OAU), Ile-Ife, Professor Adebayo Bamire at the commissioning of the Tosin Eniolorunda CAD/CAM laboratory at Obafemi Awolowo University, Ile-Ife.

In a move aimed at advancing STEM education and fostering technological innovation in Nigeria, the Mechanical Engineering Department of Obafemi Awolowo University (OAU), Ile-Ife received a substantial investment as the Tosin Eniolorunda Computer-Aided Design (CAD) and Computer-Aided Manufacturing (CAM) laboratory was unveiled at the University’s campus.

The gesture which is in alignment with Moniepoint’s corporate social responsibility ethos is designed to significantly contribute to efforts aimed at bolstering Nigeria’s foundation in the very important area of science and technology while making subjects such as prototyping, design and engineering in general easier, participatory and enjoyable for students.

With the recent rise in the global tech industry, stakeholders aver that investment in STEM education will drive the socio-economic development of Africa and Nigeria, particularly. However, with a burgeoning population where over 60% of Africa’s population are still under 25, a recent survey shows that less than 25% of African students in secondary and tertiary institutions pursue STEM-related career fields.

At a ceremony to commission the facility, the Vice-Chancellor, Professor Adebayo Bamire expressed his profound gratitude over the philanthropic donation by Moniepoint and Tosin Eniolorunda, co-founder of Moniepoint, who’s an alumnus of OAU’s Mechanical Engineering Department. He noted that many tertiary institutions across the country suffered from paucity of funds which in turn has led to infrastructural challenges, while encouraging other alumni to not only emulate this culture of giving back but also join hands to support worthy causes within the university.

“We are really very grateful for this laboratory considering that we are almost phasing out some of these things as a result of paucity of funds. This has to do with the yearnings which will also improve the livelihoods of our people, especially the students. So, when we have an organisation that has come in to meet our needs, we can only say thank you. This laboratory will help improve and enhance a lot of things within the University for students and staff and also drive collaboration between the academia and industry,” he said.

Tosin Eniolorunda, commenting on the donation, stated, “this newly revamped lab represents more than just an upgrade, it stands as part of a personal commitment to foster a generation of engineers and innovators who are not only skilled, but also inspired to think critically and creatively about real-world problems. A catalyst for innovation for the next generation of engineers and technologists who will drive Nigeria’s economic growth and advancement. By investing in STEM education and providing access to platforms like this lab, we’re laying the critical rails for the emergence of leaders, innovators, and changemakers that Nigeria needs.”

Furthermore, he thanked the University community for its continued dedication to the pursuit of knowledge and innovation for learning and culture while adding that the future of engineering and technology in Nigeria is bright because of the young talents within the ivory tower.

The upgrade includes renovation of the existing laboratory space with cutting-edge facilities that include the provision of high-performance desktop computers and laptops, electronic board for interactive learning, laboratory furniture, supply and installation of sustainable power solutions and advanced cooling systems.

These state-of-the-art resources will provide students with hands-on experience in the latest CAD/CAM technologies, bridging the gap between theoretical knowledge and practical application in the field of mechanical engineering.

Dean, Faculty of Technology, Prof. Lasisi Umoru noted that the revamped facility will increase research capabilities and output in CAD/CAM technologies, improve graduates’ employability in the global job market, and serve as a model for STEM education facilities across Nigeria.

The commissioning ceremony which attracted dignitaries from within and outside the University included Deputy Vice Chancellor, Academics, Prof. M. Babalola, DVC, Administration – Prof. Adaramola, DVC Research, Innovation and Development, Prof. Akinyemi, Chairman, Committee of Deans, Prof Adesina, Chairman, Ceremonials Committee, Prof Adekola, Head of Department, Mechanical Engineering, Prof. Obayopo, Retired Prof of Mechanical Engineering, Prof. Adekoya, Chairman Nigerian Institute of Public Relations, Osun state chapter, Ademola Adesoji and Special Assistant to the Osun state governor on ICT, Sola Isola, Oyinlola Eniolorunda and Israel Eniolorunda as well as Head of Partnerships, Moniepoint Inc, Efemena Ogie, Employee Branding Lead, Gbemi Adekanmbi amongst others.

Stanbic IBTC Insurance CEO, Akinjide Orimolade to Keynote Business Journal Annual Lecture 2024

Business Journal

20/10/2024

Mr. Akinjide Orimolade, Managing Director/CEO, Stanbic IBTC Insurance Limited is the Keynote Speaker for the Business Journal Annual Lecture 2024 coming up on Thursday, 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. Tope Smart, Group Chairman of NEM Insurance Group would Chair the event.

Mr. Akinjide Orimolade is a Chartered Insurer with a wide range of experience in Insurance marketing, general underwriting, and claims administration.

He has experience in diverse aspects of corporate operations including human resource management, administration, and business development. His career has spanned pioneering start-up insurance firms within the industry and successful transformation of organisations he has led.

Akinjide has mentored young people in the industry most of whom are now at the top of their careers. He is currently the Deputy President of the Chartered Insurance Institute of Nigeria (CIIN) and the Chairman of the Governing Board of College of Insurance and Financial Management (CIFM).

He has over 32 years’ experience in the insurance industry and has been very influential in setting up startup insurance companies.

Orimolade worked with Law Union & Rock Insurance Plc Group as Chief Executive until November 2018. Before his employment with Law Union & Rock Insurance, Akinjide worked with AIICO Insurance as Executive Director – Technical, Liberty Life as Regional Director – West Africa, Zenith Insurance as Chief Executive, Sovereign Trust Insurance as the Assistant General Manager (Apapa Area Office), Central Insurance Company as Unit Head – Marketing, Bullion Insurance Broker as Deputy Manager, Financial Assurance Company as Superintendent Officer.

Akinjide holds an MSc in Marketing from the University of Lagos, He also has a Bachelor of Science (B.Sc) in Insurance from the University of Lagos. Akinjide Orimolade is a fellow of the Chartered Insurance Institute of Nigeria (CIIN).

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

“We are indeed honoured to have Mr. Akinjide Orimolade, Managing Director/CEO of Stanbic IBTC Insurance Limited as Keynote Speaker for the Business Journal Annual Lecture 2024.

A thoroughbred insurance professional, educator and mentor, he has meritoriously traversed the insurance industry landscape in Nigeria and Africa over a period of more than three decades. He remains a worthy inspiration and role model to current and future generation of insurance men and women in Nigeria and Africa. 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.

NCDMB, UBEC Ink MoU on Smart Schools Initiative

Business Journal

20/10/2024

The Nigerian Content Development and Monitoring Board (NCDMB) and the Universal Basic Education Commission (UBEC) on Thursday signed a Memorandum of Understanding (MOU) for the implementation of the NCDMB-UBEC Smart Schools Development Initiative (NUSSDI).

The MoU will enable the provision of educational infrastructure, particularly in areas with high rates of out-of-school children as well as underserved rural communities, integration of technology in learning, building the capacity of teachers and educational administrators and improving overall learning outcomes.

At the signing ceremony on Thursday in Abuja, the Executive Secretary, NCDMB, Engr. Felix Omatsola Ogbe, explained that the NUSSDI would leverage the combined mandates, expertise and resources of the two federal agencies “to bequeath smart schools equipped with modern technology and innovative teaching methods,” and thus “equip the next generation of leaders with the knowledge, skills, and technological capacity necessary to thrive in an increasingly digital world.”

He emphasized that basic education is the foundation of human capital development and that the NCDMB is deliberate in its efforts to develop “a pipeline of talents for Nigeria’s oil and gas industry.”

In his comments, the Executive Secretary of UBEC, Dr. Hamid Bobboyi described significance of the MoU, as a “game changer” for the funding and implementation of basic education, adding that the partnership would have a profound and lasting influence on the lives of children, families, and Nigeria’s future.

He canvassed for increased resources and support in the education sector, adding that the partnership with other agencies and organisations will bridge funding gaps.

Under the MOU, NCDMB will provide training and professional development opportunities for teachers, while UBEC and NCDMB will collaborate on infrastructure development projects.

The MoU also seeks to develop and implement local content programmes in basic education, foster research and development in basic education and promote industry-academia partnerships.

The Smart Schools Development Initiative represents a systematic broadening of NCDMB’s programmes for promotion of digital education as well as the study of Science, Technology, Engineering and Mathematics (STEM), under which the Board has provided several secondary schools in the country’s six geo-political zones with fully equipped Information and Communication Technology Centres (ICTs) and trained scores of teachers to enhance their effectiveness in impartation of knowledge and relevant skills.

CNG Adoption: NNPC Retail Educates 1,000 Auto Mechanics

Business Journal

20/10/2024

As part of its efforts to accelerate the adoption of Compressed Natural Gas (CNG) as a cleaner and more affordable fuel alternative in Nigeria, NNPC Retail Limited (NRL), a subsidiary of NNPC Limited, has sensitised over 1,000 auto mechanics through a comprehensive awareness initiative.

The sensitisation exercise which took place at the National Artisans and Technicians Conference held last week in Lagos, brought together a large audience drawn from auto mechanics and technicians from across the country. The engagement aimed to demystify the process of converting gasoline-powered vehicles to CNG and encourage the adoption of sustainable energy solutions.

In addition to promoting the benefits of CNG conversion, NRL also raised awareness about its Oleum, its lubricant range, known for its excellent performance in both gasoline and CNG-powered vehicles.

The landmark initiative also underscores NRL’s commitment to driving the nation’s transition to cleaner and more sustainable energy sources while ensuring Nigerian artisans are well-informed about emerging trends in the automotive sector.

The conference featured practical demonstrations on the technicalities of converting vehicles from gasoline to CNG, providing the mechanics with first-hand insights into the process.

Speaking at the engagement session, the Executive Director, Retail Operations & Mobility at NRL, Baba Shettima Kukawa, encouraged the mechanics to seek out the necessary skills for CNG conversion, emphasizing that it is a growing trend that will shape the future of Nigeria’s automotive industry.

“We believe that sensitizing mechanics on the importance of CNG adoption is critical to achieving Nigeria’s long-term energy goals. While this engagement focused on raising awareness, we urge artisans to actively pursue the skills required to contribute to this transformative shift toward cleaner and more affordable fuel options. This initiative represents a crucial step in advancing the nation’s transition to a cleaner, more sustainable energy future,” Kukawa stated.

Responding, the Chairmen of the Motor Mechanics and Technicians Association of Nigeria (MOMTAN) and the Nigeria Automobile Technicians Association (NATA) commended NRL for its proactive approach and called for the expansion of the initiative to include even more mechanics and technicians nationwide.

Both associations highlighted the importance of sustained efforts to further support Nigeria’s move toward cleaner energy solutions.

In support of the local automotive sector, the NRL also provided auto mechanics with coveralls, toolboxes, and generators during the event to enhance their business operations and promote sustainability.

NNPC Retail’s commitment to promoting CNG as an alternative fuel aligns with the broader strategic vision of NNPC Limited to reduce the environmental impact of Nigeria’s energy consumption while making fuel more affordable for consumers.

Ecobank Nigeria Plans Design & Build Expo, 60 Exhibitors Nov 27

Business Journal

20/10/2024

Ecobank Nigeria is set to host its inaugural Design & Build Expo, aimed at highlighting the latest trends, innovations, and sustainable practices in architecture, construction, building materials, household appliances, engineering, and interior design.

This carefully curated five-day event tagged “Building Nigeria Together” will take place from November 27 to December 1, 2024, at the Ecobank Pan African Centre (EPAC) on Victoria Island, Lagos, starting daily at 10:00 am.

Approximately 60 exhibitors have already signed up to present their products and innovations at this significant fair.

During the event announcement in Lagos, Omoboye Odu, Head of SMEs, Partnerships, and Collaborations at Ecobank Nigeria, emphasised that the expo is part of the bank’s broader initiative to support the country’s economic development.

The expo aims to provide a platform for professionals in the design and building sectors to showcase and sell their offerings to a larger audience, while also facilitating valuable networking opportunities for entrepreneurs, consumers, and stakeholders in the economy.

The expo will focus on businesses that include real estate development, kitchen fittings, tiling and flooring, interior design, lighting, woodwork, electronics, and construction tools and equipment.

“As a Pan-African bank, this expo aligns with our mission to contribute to the economic growth of the countries we operate in. It’s a unique opportunity for industry players to showcase their products, network, and promote the adoption of sustainable practices, emphasising renewable materials and energy-efficient technologies,” Odu stated.

Odu also highlighted that exhibitors would gain significant exposure to key decision-makers, influencers, and potential clients, allowing them to showcase their offerings and engage in interactive sessions, workshops, and live demonstrations.

This will enhance their brand visibility, provide valuable market insights, and help them explore emerging industry trends. She concluded with an open invitation to stakeholders and enthusiasts in the real estate sector – asking that they join us at this novel exhibition and collectively let us combine forces in Building Nigeria Together.

In addition to the expo, Ecobank Nigeria has launched various initiatives to support SMEs and boost the economy, including the successful Adire Lagos Experience, +234 Art Fair, Ecobank National Schools Team Chess Championship, and Oja Oge 2024.

The bank is also conducting its monthly MySME Growth Series, aimed at training and empowering over 1 million SME operators nationwide by the end of the year.

AIICO Commits to ESG Adoption, SDGs

Business Journal

20/10/2024

Left-right: Adebola Basibo-Odoru (Annuity Product Officer), Leonard Okereafor (Agric & Emerging Risk Manager), Abimbola Shobanjo (Corporate Responsibility & Sustainability Manager), Segun Olalandu (Head, Marketing & Communication), Nkechi Naeche-Esezobor (Chairman, NAIPE), Joseph Ogedengbe (Annuity Product Manager) and Ademola Adenekan (Communication Manager).

AIICO Insurance Plc, as a good corporate entity, has reiterated its commitment to the Environmental, Social and Governance (ESG) adoption towards the achievement of the 17 Sustainable Development Goals (SDGs) by year 2030.

ESG is a framework used to assess various sustainability and ethical issues. While Environmental (E) focuses on a company’s impact on the planet including how businesses manage energy use, waste, pollution, and compliance with environmental regulations; Social (S) refers to a company’s relationship with employees, suppliers, customers, and communities including issues like human rights, diversity, equity, and employee safety.

n her presentation recently at a one-day training workshop organised by the underwriting company for members of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos, Mrs. Abimbola Shobanjo, Head, Corporate Responsibility and Sustainability, highlighted the company’s commitment to ESG and contribution to SDGs.

She said AIICO has introduced Climate-smart initiatives, green office practices and sustainable resource management e.g. calculating baseline emissions, reducing paper consumption as well as adopting hybrid work arrangements aimed at protecting the environment.

Shobanjo hinted at the company’s upcoming employee engagement survey to include a diversity and Inclusion section, community programmes and outreach (CSR initiatives like health, education, financial inclusion).

She said the insurer is contributing to SDGs through its various initiatives namely: Pink by AIICO, ActionAid Nigeria, AIICO Revive, AIICO Blood Drive, World Malaria Day, Health & Safety at AIICO, Global Money Week, Girls in Tech, Academic Support, School Children Outreach Programmes.

Others are AIICO Graduate Trainee Programme, Diversity & Inclusion, International Women’s Day, Tree Planting, Agric Support, AIICO Farming Club, Work from Home (WFH), and Centralised Printing.

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