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Stanbic IBTC Bank, Tillit MSME Microservices to Empower Healthcare SMEs in Nigeria

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Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has partnered with Tillit MSME Microservices to offer affordable healthcare solutions to Small and Medium-sized Enterprises (SMEs) in Nigeria.

This strategic partnership aims to address the challenges faced by SMEs in delivering quality healthcare services and retaining skilled professionals.

SMEs in the healthcare sector can now access a range of financial products from Stanbic IBTC Bank tailored to their needs. These include short-term loans of up to N10 million; overdraft facilities of up to N2 billion; and term loans of up to N5 billion. The funds can be used for crucial purposes including stocking medication, consumables, procurement of services, and essential assets. With repayment periods spanning from 12 to 60 months, these loans have been tailored for healthcare SMEs.

Beyond financial assistance, Stanbic IBTC Bank offers guidance on effective cash flow management to healthcare SMEs. The Bank will provide support to help enhance the quality of patient care, thereby helping businesses to enhance their sustainability and growth prospects.

Babatunde Akindele, Head, Commercial Banking at Stanbic IBTC Bank, affirms the Bank’s commitment to supporting the growth of healthcare SMEs.

He said: “We recognise the pivotal role healthcare SMEs play in our economy and Stanbic IBTC Bank is dedicated to facilitating their growth journey. Our customised financial solutions and extensive partner network will empower these businesses to thrive.”

Meanwhile, Managing Director of Tillit MSME Microservices, Yomi Sule, expressed his excitement regarding their partnership with Stanbic IBTC Bank. He stated that this collaboration is a game-changer for healthcare SMEs in Nigeria, as it provides access to customised financial products, seamless application processes, and prompt disbursement. “Stanbic IBTC Bank is the ideal financial partner, as it offers suitable financing and an ecosystem of partners that provide valuable business support services to healthcare SMEs, ensuring their holistic growth.”

By leveraging the synergies between both entities, this collaboration will address critical challenges faced by SMEs, enabling them to deliver better care and retain skilled personnel. Ultimately, this contributes to the overall health and sustainability of enterprises in Nigeria’s dynamic healthcare ecosystem.

This partnership announcement comes just two months after the successful hosting of Stanbic IBTC Bank’s inaugural Healthcare Breakfast Session, an event that recorded attendance from top leaders and innovators within the healthcare sector. The gathering brought together the thought leaders in healthcare to discuss collaborations, innovations, and ways to enhance the sector.

NNPC/First E&P JV Empowers NGOs with N53.4m

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 As part of its Corporate Social Responsibility (CSR) initiatives, the Nigerian National Petroleum Company Limited (NNPC) and First Exploration & Production Limited (First E&P) joint venture (JV) has donated the sum of N53 million to Non-Governmental Organisations (NGOs) in Nigeria.

Under the JV’s Impact First Initiative, the donation, targeted towards enhancing societal welfare, would address areas such as good healthcare and well-being, quality education as well as economic growth within the nation.

Speaking during the cheque presentation ceremony, NNPC Limited’s Chief Upstream Investment Officer (CUIO), NNPC Upstream Investment Management Services (NUIMS), Mr. Bala Wunti, expressed gratitude to First E & P for initiating the laudable programme.

Represented by the Deputy Manager, External Relations, NUIMS, Mrs. Edith Lawson, Wunti highlighted NNPC’s belief in the power of CSR, stressing that the Company remains committed to working with its partners to impact the lives of the less-privileged.

Wunti said under the initiative, projects and programmes executed include the provision of classrooms, ICT Centres, laboratories and other infrastructural intervention projects, scholarships, quiz competitions, skill acquisitions, and economic empowerment, a testimony to NNPC’s dedication to fostering sustainable development in Nigeria.

Wunti described First E & P’s foresight and leadership as commendable, adding that the partner has spearheaded the initiative towards meaningful change that will ensure a better future for all Nigerians.

Among the beneficiaries of the donation were the Irede Foundation, which provides custom-made artificial limbs to child amputees aged 0-18 and Human Development Initiative (HDI), which focuses on tackling fundamental issues of poverty, injustice, neglect, deprivation, and equality among vulnerable people.

Others were the OISA Foundation, which transforms lives through interventions in the education and healthcare sectors; Cerebral Palsy Center, which renders support to families with children with cerebral palsy as well as the Niola Cancer Care Foundation, which organises awareness talks and screens communities for colon cancer.

NIA Governing Council Visits NAICOM, Seeks Strategic Collaboration

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The Commissioner for Insurance/CEO, Mr. Segun Ayo Omosehin, and his management team welcomed members of the Governing Council of the Nigerian Insurers Association (NIA) led by the incoming Chairman, Mr. Kunle Ahmed, who paid a courtesy visit to the National Insurance Commission (NAICOM) on Thursday, May 9, 2024 in Abuja.

During the meeting, the NIA incoming Chairman extended congratulations to the recently appointed Executive Management and expressed gratitude to the Commission for its pivotal role in maintaining a fair and stable insurance sector. He emphasised the importance of initiating the implementation of the 10-year strategic plan and finalising the consolidated insurance bill. Furthermore, he expressed willingness to collaborate with the new Executive, expressing confidence in their ability to elevate the insurance sector to greater heights.

The NIA delegation was briefed on the Commission’s ongoing review of its strategic plan to align it with the Nigerian insurance industry’s 10-year strategic plan.

The Commissioner for Insurance (CFI) assured continued collaboration with the NIA to safeguard consumer rights, particularly in ensuring the prompt settlement of genuine claims.

In his concluding remarks, the CFI affirmed the Executive Management’s ambition to drive growth in the Nigerian insurance market.

Overall, the meeting showcased a collaborative spirit between NAICOM and NIA, highlighting a shared commitment to advancing the insurance sector and protecting the interests of consumers.

Chain Reactions Africa Continues Award Winning Streak, Named PR Agency of the Year

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Chain Reactions Africa (CRA), one of Africa’s leading Public Relations and Integrated Communications Consultancy, has continued it awards-winning streak in 2024.

This time it scooped the ‘PR Agency of the Year 2023’ category at ‘The Industry Award’ for the year ending 2023 while its Managing Director was also named PR Practitioner of the year. This is coming weeks after it was announced as the consultancy with the highest number of awards in Africa by the prestigious 2024 SABRE Awards with seven trophies.

According to the organisers, Chain Reactions Africa was adjudged the ‘PR Agency of the Year’ after some careful analysis and evaluations by the team of assessors for the 5th edition of The Industry Awards and the editorial team of the Industry Newspaper for its enviable accomplishments both in the private and public sectors of the Nigerian economy.

The Award which served as the highlight of ‘The Industry Award’ 2023 was a colourful gathering of stakeholders in the integrated marketing industry in Lagos and organised by The Industry Newspaper, a brands and marketing communications focused newspaper in Nigeria published fortnightly by December 29 Media.

Commenting on The Industry Awards recognition, the Managing Director/ Chief Strategist of Chain Reactions Africa, Israel  Opayemi, expressed appreciation for the awards, and acknowledged the priceless contributions of the Chain Reactions team whose diverse cross-industry expertise, backed by a profound understanding of culture and trends help provide innovative solutions for businesses and institutions that desire target audience affinity, robust reputations, and enduring goodwill in the markets they operate.

Opayemi said: “I sincerely thank the organizers of ‘The Industry Awards’ for this well-deserved recognition. It is a testament to our hard work, tenacity, and industry leadership that stands Chain Reactions Africa out in the Public Relations and Integrated Marketing ecosystem where we play. This ‘PR Agency of the Year’ award as well as PR Practitioner of the year recognition is emphatically dedicated to all the creative rebels in the CRA Trybe. There wouldn’t be a Chain Reactions Africa without my team. Their unwavering commitment to client satisfaction is unmatchable; they are the reason we have achieved this much.”

Also speaking, the awards organiser and Publisher of ‘The Industry’ Newspaper, Goddie Ofose congratulated all the winners for their recognition and urged them to sustain the momentum of success, character, bravery, and sacrifice that has made them winners. “This is what differentiates a winner from the rest”, Ofose remarked.

These awards are just one of many recognitions in the cabinet for Chain Reactions Africa. It would be recalled that the consultancy emerged winner of five awards at the Lagos PR Industry Gala & Awards (LaPRIGA) 2023/ These include awards for ‘PR Agency of the Year’; ‘Best in Crisis Management’; ‘Best in Political Communication’; ‘Public Sector PR Campaign of the Year’; and ‘PR Practitioner of the Year.’

NNPC Committed to Building Huge Oil, Gas Infrastructure to Make Sector Thrive

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NNPC Limited’s Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan receives an award from PETAN’s Mr. Bank-Anthony Okoroafor, on behalf of the GCEO, NNPC Limited, Mr. Mele Kyari, as a Keynote Speaker during the PETAN’s Technical Session at the ongoing 2024 Offshore Technology Conference (OTC) in Houston, United States on Wednesday.

The Nigerian National Petroleum Company (NNPC Limited) says it will continue to invest in the development of huge oil and gas infrastructure to make it easy for operators and prospective investors to carry out their business in Nigeria.

The Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan, disclosed this at the ongoing Offshore Technology Conference (OTC), on Tuesday in Houston, Texas, United States of America.

Speaking at one of the panel sessions of a luncheon organised by the Petroleum Technology Association of Nigeria (PETAN), with theme: Sustainable Energy Solutions for Africa’s Future (Nigerian Perspective)”, the Eyesan stated that NNPC’s objective was to ensure that there is a healthy balance of energy sources in the country.

She explained that though the oil and gas sector is not where it ought to be, much progress had been made between last year’s edition of the OTC in terms of opening up the sector for investments and infrastructural development.

While she identified funding as the major challenge impeding the development of the sector, she listed some of the bright spots in the industry to include the Executive Orders signed by the President to open up the sector, the imminent resolution of the assets divestment by the International Oil Companies, and the aggressive execution of gas infrastructure projects such as the Obiafu-Obrikom-Oben (OB3) Gas Pipeline, which she said would be completed in the next quarter.

Also speaking at the panel session, The Managing Director of SNEPCo, Engr. Elohor Aiboni, and the Managing Director of Chevron Nigeria Limited, Mr. Jim Swartz, stated that their companies’ divestment from onshore and shallow water assets was a general realignment of their portfolios across the globe and should not be misconstrued as exit from the Nigeria.

Speaking further on his company’s commitment to remain in Nigeria, Swartz said: We are excited about what government is doing to build confidence in investors. We are excited to work with NNPC Limited.”

Heirs Holdings Raises Pay for Staff in Celebration of Workers’ Day

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Mr. Tony Elumelu, Chairman of Heirs Holdings, just made an announcement on his LinkedIn platform announcing a pay raise for all companies within the Heirs Holdings portfolio in celebration of Workers’ Day.

Heirs Insurance Group is one of them. With this, Heirs Insurance Group is now likely one of the top three highest paying employers in the insurance industry.

‘This salary adjustment underscores our Group’s unwavering commitment to our people, particularly during challenging economic times. It also reinforces our standing as one of the best workplaces promoting employee welfare in the broader financial services sector. Recall that Heirs Insurance Group has been consistently delivering excellent financial performance since entering the industry in December 2020.’

Elumelu said:Workers’ Day this year made me reflect. It has been a tough year – and we know things are not getting easier. The Heirs Holdings Group has made great strides – but our success is more than just figures, it is the success of all of us. We are a family – and I know the challenges we all face. I speak with HH People daily. I make a deliberate effort to be as close to our people as possible, to appreciate the good work they do, and listen to their concerns. Our people are our most important asset – a lesson I learnt early on in my career and one that I never take for granted. When I use the term Africapitalism, when I champion young entrepreneurs, this approach and this philosophy is as important for our own people as it is for the thousands we help across Africa. If a business is not doing good for its own people, it is not doing well. From these conversations, it was clear to me that this year’s May 1 had to be different. It had to be completely about putting our people first, about demonstrating our commitment to their wellbeing, about uplifting their personal and family lives so that they find fulfillment, and about showing our people that, indeed, across our Group, we reward excellence and loyalty. It was with great pleasure that we announced upgraded salary compensation packages across our entire Group and investee companies, to mark Worker’s Day! Despite the tough year, our staff, over 5,000 of them, have consistently delivered outstanding performance, evidenced by the successes we have recorded. Our commitment to recognising and rewarding the invaluable contributions of our people remains unwavering, knowing that our people are the backbone of the business. This salary increase is a message of appreciation to the real heroes who work every day to achieve the results that have made us what we are today. And the message of our work is getting across, with the tremendous value our listed companies are creating for all stakeholders. To our Heirs Holdings People: “Well done, guys. You deserve the best.”

He continued: “Thanks to you all. Happy worker’s day, HH People! Heirs Insurance Group, Avon HMO, Avon Medical Practice, United Capital Plc, Africa Prudential Plc, Transcorp Group, Transcorp Hotels Plc, Transcorp Power Plc, Afriland Properties Plc, Heirs Energies, Heirs Technologies, The Tony Elumelu Foundation.”

Smile Communications Launches #SmileSalutes Campaign to Recognise, Reward Excellence in Public Sector

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Smile Communications, the leading 4GLTE telecommunications company, is thrilled to announce the launch of its #SmileSalutes campaign, aimed at recognising and rewarding excellence among workers and teams within the public sector in Nigeria.

The #SmileSalutes campaign is a testament to Smile Communications’ commitment to supporting and acknowledging the hard work and dedication of public officers who strive to make a positive impact on society. Through this initiative, Smile Communications aims to encourage ordinary citizens to nominate deserving public officers or teams for their outstanding contributions to their communities.

Here’s how the campaign works: individuals can nominate any hardworking public officer or team within Nigeria by simply posting their nomination on social media platforms such as Instagram (IG), X and Facebook (FB) using the hashtag #SmileSalutes.

Additionally, nominees are encouraged to rally support from their networks, including friends and associates, who can show their appreciation by engaging with the nomination post through likes, comments, shares, and other interactions.

At the end of the campaign, the public officer or team with the highest number of nominations and engagement on social media platforms will be declared the winner and will receive special gifts from Smile Communications as a token of appreciation for their dedication and service.

“We are excited to launch the #SmileSalutes campaign to shine a spotlight on the remarkable work being done by public officers and teams across Nigeria,” said ‘Goke Olaleye, Head of Marketing Operations at Smile Communications. “Through this initiative, we hope to inspire a culture of excellence and appreciation within the public sector while fostering positive relationships between citizens and government officials.”

The #SmileSalutes campaign is a completely online initiative, making it accessible to a wide audience across various social media platforms. Smile Communications invites everyone to join in celebrating and honoring the unsung heroes who work tirelessly to improve the lives of others.

Stanbic IBTC Insurance CEO, Jide Orimolade, Visits Deputy Commissioner in Abuja

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The Chief Executive Officer, Stanbic IBTC Insurance Limited, Mr. Akinjide Orimolade along with an Independent Non-Executive Director, Mr. Godwin Wiggle paid a courtesy visit on the Deputy Commissioner for Insurance, Mr. Ekerete Ola Gam-Ikon at NAICOM Headquarters in Abuja.

9mobile Refreshes its MoreBusiness ComboPak with Additional Benefits

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9mobile, Nigeria’s customer-centric telecommunications company has refreshed its ‘MoreBusiness ComboPak’ offerings with additional benefits to enable new and potential customers enjoy more value on calls, data, SMS and CUG for their Businesses.

The ‘MoreBusiness ComboPak’ product offering is a flexible and customizable plan with an array of add-on services. The plan gives customers benefits of extra cost-saving tariff within the bundle, and 100% bonus data upon repurchase of select bundles.

With the update, 9mobile customers on this plan will also enjoy free incoming calls while roaming on select networks in the following 10 countries: UK, UAE, South Africa, Kenya, Spain, Egypt, France, Germany, Turkey, and Saudi Arabia when they recharge ₦5,000 and above in a month.

A further benefit of the plan is the ‘Add-on solutions.’ With this, companies and institutions will enjoy seamless business operations’ continuity and optimization through Close User Group (CUG), Fleet Tracking, Cloud PBX, Cloud Services, and Device Financing. Others are International Call Bundles, Roaming Bundles, and Special International Destinations Calling.

Commenting on the development, Nneka Owolabi, Director Enterprise Business, highlighted the telco’s unwavering commitment to ensure customers and subscribers enjoy premium customer experience, and wholesome value for their subscription on the 9mobile network.

“At 9mobile we have proven time and again that premium customer experience is important for us. It is the essence of our operations. That is why we have reintroduced the ‘MoreBusiness ComboPak’ for customers and subscribers, particularly businesses to enjoy value for their loyalty to us, and upscale their businesses”, he said.

Owolabi also stated that the ComboPak combines all business needs in one affordable bundle with cheaper voice calls, data subscription, SMS, and CUG, saying “It’s a ComboPak offering that keeps you, and your business stay ahead of trend”.

“What 9mobile ‘MoreBusiness ComboPak’ does is to create and sustain an ecosystem where people, in this case, customers and subscribers, and businesses run systematically with a combination of our tools efficiently. This is certain to revolutionize the way Nigerians communicate, stay connected, and transact businesses effectively”.

Subscribers to ‘MoreBusiness ComboPak’ plan will enjoy unique voice calls, SMS & data. The service allows flexibility to move across packages based on your needs. For ₦1,000 ComboBasic bundle cost, customers will dial *246*4*33# to enjoy 60k/MB Browsing, 12k/sec in bundle calls, 12k/sec out of bundle calls, ₦2.60/SMS, and CUG; while for ₦1,000 ComboValue bundle cost, customers will dial *246*4*30# to enjoy 700MB, 30 National call minutes, 11k/sec out of bundle calls, 10 National SMS, and CUG.

For customers with ₦2,000 ComboPremier bundle cost, all they need to do is to dial *246*4*33# to enjoy 2.1GB, 60 National call minutes, 11k/sec out of bundle calls, 25 National SMS, and CUG. Customers subscribing to ₦5,000 ComboBlack bundle cost will enjoy benefits of 7GB, 300 National call minutes, 11k/sec out of bundle calls, 25 National SMS, and CUG.

The unique value adds on the ‘MoreBusiness ComboPak’ plan for customers also includes: Bundled Plans – for customers to enjoy flexible and customizable plans with an array of add-on services, and extra cost saving tariff within bundle.

Unlimited Add-ons – this is Add-on solutions – include CUG, Fleet Tracking, Cloud PBX, Cloud Services, Device Financing, Shared Data, International call bundles, Roaming Bundles, and Special International Destinations Calling, for customers. This is in addition, to free data offer which is a 100% bonus data upon repurchase of select bundles.

Convenience has been embedded into the ComboPak plan for Subscribers also to check account balance by dialling *310#, and data balance by dialling *323#, while migration or opting out of the plan is absolutely free.

SIM Boxing and the Unboxing of a Crime Syndicate

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Boxes have a multitude of uses, and the word “box”, lends itself to diverse contexts. For “Ajala Travelers,” the box is a necessity for keeping goods for their endless journeys.

In literature, idiomatically, it can be said that “one has been boxed into a corner;” another might say to deal with a conundrum: “think outside the box;” then there is the “Pandora’s box” that no one wants opened. To “box one’s ear’s” refers to a hit on the head, especially around one’s ears.

For those who celebrate Christmas, “Boxing Day,” which is the 26th of December, the second day of Christmastide is not to be joked with: a day to unbox gifts. So much for the box.

Another type of boxes exists in the telecommunications world: The SIM Box. Have you ever received an international call but saw a local phone number ring in? That is SIM Boxing in action. Let me explain.

SIM boxing happens when a person uses a special equipment, what is called a SIM Box containing tens to hundreds of SIM Cards—from 32, to 96, to 512 and more SIMs —to terminate international calls by bringing in the international call into the SIM Box using internet connections and regenerating the calls to the called party from one of the hundred SIMs in the box. This way, the called party will see the local number of the SIM from the SIM Box, and not the original international number calling.

With SIM Boxes, the syndicate charges international call carriers’ lower rates than what regular Nigerian telecommunications operators would charge, as they do not have to pay the full cost of maintaining and operating a phone network. Basically, they are bypassing the normal route for international phone call termination to terminate international calls cheaply and making windfall profits off it.

Take for instance, a telecommunications operator in Nigeria would ordinarily charge international carriers 10 cents per minute for terminating an international call in Nigeria. However, by routing the call through a SIM Boxing syndicate, the international telecommunications carrier only pays a fraction of the charge to the syndicate, say 5cents per minute and does not have to pay the full 10cents per minute charge.

The SIM Boxer will terminate this call to the called subscriber at a rate of, say N15 per minute using one of the SIM cards in their SIM Box. The SIM Boxer thus makes a killing from the differential between the rate charged to the international carrier and the rate paid to telecommunications operators whose SIM they utilise in their SIM Boxes, at the expense of our national security and income of mobile network operators and quality of our service to consumers.

Asides the revenue loss that local mobile network operators suffer courtesy the activities of these syndicates, networks face congestion around areas where the illegal call routings via SIM Boxing occurs. With the huge traffic from the boxes, callers around the area see more dropped calls, poor call quality, and slower data speeds.

The introduction of the linking of National Identity Numbers (NIN) to SIMs is one way the Federal Government has worked to tackle this criminal enterprise. With every SIM in the country being linked to an NIN, an identity is tied to the owner of each line, and regulators now have visibility of ownership. That is not all. There is also the “Max-4 Rule” where a subscriber is not allowed to have more than four lines per network operator linked to his NIN. With this rule in place, coupled with the NIN-SIM Linkage, every telephone subscriber in Nigeria would not just be accurately identifiable but limited to having only four telephone lines per subscriber.

To enforce this rule, the Nigerian Communications Commission (NCC) on the 29th of March 2024 announced the deadline for Mobile Network Operators to bar all subscribers who had five lines and above, and whose NIN failed the verification test of biometrics matching.

Over the last few weeks, sources within the NCC have confirmed cases where a single NIN was linked to over 100,000 lines. Some NINs had well over 10,000 SIMS linked to them, others over a thousand, others had hundreds. Many have questioned the reports and asked, what would any single reasonable person be doing with these number of lines? Justifiable questions, because no sane person—who is not running a business—should own more than five SIM cards.

Given the ‘Max 4 Rule’ in place and the NIN-SIM Linkage Policy, SIM Boxers have been boxed into a corner. The applications they use require tens to thousands of SIM Cards, and the imperative to stay anonymous. If these policies are well and fully implemented, this is the death knell for SIM Boxing merchants.

But the regulator, NCC needs to be fast and ready for the battle ahead. SIM Boxing is a billion-dollar criminal enterprise. They are not going to go down without a fight. It is like taking a bone being chewed from the mouth of a bulldog.

Already, the battle seems to have kicked off. A lawyer, Barrister Olukoya Ogunbeje has recently taken the Federal Government, NCC and Mobile Network Operators to court, claiming that the barring of SIMs not linked to NINs goes against his fundamental human rights, and has cost him the loss of business opportunities. Anyone who has Nigeria’s interest at heart ordinarily supports this policy. It then does not add up seeing a so-called activist lawyer take up such a matter that is clearly against the public interest—unless this is the Haka cry of SIM Boxers.

A most interesting observation with his case is that it is not even a class action, but individually driven. It begs the question then, who is funding Barrister Olukoya Ogungbeje? What is his interest in fighting this policy that puts paid to the business of a criminal enterprise? Is he funded by interests in the SIM Boxing world?

Time would tell. But in the meantime, NCC must go head on without fear or intimation and clean the Augean stable of SIM ownership in Nigeria.

 

Suleiman Bala Bakori is a researcher, and writes from the FCT.

 

 

CBN Imposes 0.5% Cybersecurity Levy on E-Transfers, Exempts 16 Items

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The Central Bank of Nigeria (CBN) has imposed a cybersecurity levy of 0.5 percent on all electronic transfers in the country following the enactment of the Cybercrime (Prohibition, Prevention etc) (Amendment) Act 2024.

In the circular announcing the levy, the apex bank stated that the levy shall be remitted to the National Cybersecurity Fund (NCF), which shall be administered by the Office of the National Security Adviser (ONSA).

According to the CBN, 16 items were exempted from the levy. These include loan disbursement and repayments, salary payments, intra-account transfers within the same bank, interbank placements, banks’ transfers to CBN and vice versa, letters of credit, cheques clearing and settlements etc.

Again, NNPC Cautions Against Panic Buying, Says 30-Days PMS Sufficiency Intact

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As the nationwide supply and distribution of Premium Motor Spirit (PMS), also known as petrol, continue to improve, the Nigerian National Petroleum Company (NNPC) Limited has once again called on motorists to shun panic buying of the product.

In filling stations monitored across several states, including Lagos and the FCT, the queues have since thinned out, a development that will keep improving daily in other States.

The company wishes to state that at the moment, it has over 1.5 billion litres stock of PMS, which is equivalent to over 30 days sufficiency.

The NNPC is also collaborating with relevant downstream agencies, such as the Nigeran Midstream & Downstream Petroleum Regulatory Authority (NMDPRA), labour unions in the sector and security operatives to address hoarding and other unwholesome practices.

The Alternative Bank, TotalEnergies to Rollout ‘Bank in a Box’ for Enhanced Accessibility

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The Alternative Bank, in collaboration with TotalEnergies, unveils an innovative partnership that aims to bring vital banking services directly to underserved communities nationwide through their pioneering Branch in a Box initiative.

These mini-branches will be strategically located within select TotalEnergies stations across the country, offering enhanced accessibility and convenience for customers seeking essential financial services.

The Branch in a Box initiative addresses the challenges faced by remote communities, with limited access to vital financial services.

Mohammed Bashir Yunusa, Director of Products & Innovation at The Alternative Bank, lauded the initiative as innovative and timely, emphasizing its role in alleviating the difficulties associated with accessing financial services.

According to Yunusa, “The Branch in a Box provides convenient, accessible banking services within trusted and familiar locations, staffed with well-trained customer service personnel to assist everyone.”

The Branch in a Box functions like traditional branches, offering a comprehensive range of banking services, including account opening, cash withdrawal and deposit, fund transfers, card pick-up, access to interest-free credit, and more.

The inaugural batch of Branch in a Box locations welcomes customers at TotalEnergies stations in Ojuelegba, Yaba, Fadeyi, Oshodi, and Ojota Lagos, with a nationwide rollout scheduled in the coming weeks.

Expressing enthusiasm about the collaboration, Yunusa remarked, “The Alternative Bank and TotalEnergies have a shared commitment to fueling financial inclusion and supporting the communities they serve. We are therefore thrilled to partner with TotalEnergies to launch this innovative initiative.”

Abdulahi Umar, General Manager at TotalEnergies, echoed these sentiments, stating, “We are committed to providing our customers with exceptional service and convenience. So, partnering with The Alternative Bank allows us to enhance our offering of a truly integrated experience to our customers and communities.”

Experience the future of banking by locating a Branch in a Box near you at www.altbank.ng.

 

About The Alternative Bank

The Alternative Bank is at the forefront of the non-interest banking sector, offering tailored financial solutions that resonate deeply with individuals seeking a fresh and innovative approach to wealth advancement and accumulation. With a commitment to transparency and empowerment, The Alternative Bank leads Nigeria’s non-interest banking movement by empowering individuals towards their goals, aspirations, and future potential.

UBA Consolidates as Gross Earnings Rise by 110%, Profit for Q1 Hits N156bn

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United Bank for Africa Plc (UBA), Africa’s Global Bank, released its financial results for the first quarter ended March 31, 2024, showing very strong growth across key performance measures.

The Group’s results, which were released to the Nigerian Exchange Limited (NGX) on Friday May 3rd, 2024, saw outstanding year-on-year increases: Gross Earnings rose by 110%, from N271.1billion to N570.2 billion; Interest Income grew by 130%, to N440.7 billion.  Operating Income increased by 115%, from N175.7 billion in 2023, to N378.59 billion.

Further consolidating the record performance delivered in the Group’s 2023 Full Year Audited Financials, UBA again saw Profit Before Tax rising significantly by 155% from N61.7 billion in Q1 2023, to N156.34 billion in Q1 2024; while Profit After Tax jumped from N53.5 billion to N142.5 billion, representing an impressive rise of 165% year-on-year.

Commenting on the results, UBA’s Group Managing Director, Oliver Alawuba, said the Group delivered strong first quarter performance, building on the solid momentum of 2023, as well as the ongoing execution of its long-held strategy of customer focus, geographic diversification and effective risk management and governance.

He said: “Our record Q1 profit before tax was delivered with triple digit gross earnings growth, supported by very strong interest and non-interest income. Fees and Commissions rose by 118% year-on-year on the back of improved efficiencies and continued digital adoption.  This has helped drive improvement in efficiency and customer satisfaction, with the Group’s cost-to-income ratio held at 57.8%.”

“The Group’s balance sheet grew steadily with Total Assets increasing by 23% to N25.4 trillion. Customer deposits closed at N18.4 trillion, recording a 23% increase year-on-year, largely attributed to growth in current accounts and savings accounts.”

“Our unwavering commitment to sound governance, robust risk management, and financial strength positions us for continued growth, while we contribute meaningfully to inclusive economic development across our network.”

Also speaking on the performance, UBA’s Executive Director, Finance and Risk, Ugo Nwaghodoh, said the Group’s operating results for the quarter showed the actions taken to enhance the Group’s performance continued to deliver.

He said: “Our first quarter results highlight our relentless customer focus and the strength of UBA’s geographic and product diversification, with good performance across all our regions.  We continue to differentiate ourselves across all key financial metrics, with a keen focus on high-quality risk adjusted revenues and cost discipline, while maintaining very sound asset quality. “

“We remain committed to reducing both interest expense and operating expenses and expect to make steady progress as we move through the year toward our stated profitability targets,” Nwaghodoh stated.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five million customers, across over 1,000 business offices and customer touch points, in 20 African countries and across 4 continents.

With presence in the United States of America, the United Kingdom, France and the United Arab Emirates, UBA connects people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.

Virtual Assets: SEC Goes Tough on Illegal Trading

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In a bid to rid the Virtual Assets space of illegal trading activities, the Securities and Exchange Commission has reaffirmed that it will go all out to act decisively to uphold the integrity of the capital market and protect the interests of all investors.

This was stated by Acting Director General of the SEC, Dr. Emomotimi Agama during a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN) the umbrella body of all major blockchain and cryptocurrency Associations in Nigeria, Monday.

Agama stated that the SEC Nigeria will not hesitate to utilise all the powers within its mandate to handle issues that are negative and pose a threat to national interest saying that the Commission has come as a partner to seek collaboration in making sure that the capital market community is one that is respected globally for decency and fair play.

The SEC boss said the recent concerns regarding crypto P2P traders and their perceived impact on the exchange rate of the Naira has underscored the need for collective action and dialogue within the financial market ecosystem.

He said: “There are basic practices as enshrined in the Investments and Securities Act 2007 and we expect that everyone will abide by those rules. Some may say no rules to play by, but do not forget that we have the Investments and Securities Act 2007 that some actions by participants today may be violating, hence the law is the law irrespective of the technology used. However, for specific Digital Asset regulatory regime that many have been calling for, we want to assure you that we are working tirelessly to establish an accommodating regulatory guideline for digital assets. The SEC as your regulator is desirous to work with you by providing a level of assurance that is needed by all that are operating within the rules of the market.”

The DG stated that the proposed regulatory guidelines which is currently being fine-tuned with suggestions by various stakeholders, will encompass various activities within the cryptocurrency ecosystem ranging from Wallet providers, digital asset custodians and fund managers, Cryptocurrency Crowdfunding, Initial Coin Offerings (ICOs), Security Token Offerings (STOs), Initial Exchange Offerings (IEOs), Cryptocurrency Exchange platform providers, Virtual Asset brokerage services etc., ensuring that every Nigerian playing within the industry with the potential to contribute to economic progress is included, supported and properly regulated.

“I am poised for an innovative digital asset regulatory regime that will sustain Nigeria as Africa’s Digital Asset Powerhouse with diverse solutions like Real World Asset Tokenization (RWA) that will drive wealth and catalyse our capital market. We must explore innovative solutions to this problem and strike the right balance between encouraging innovation and safeguarding our national economic interests. This we will do in a friendly and firm manner, to enable us to achieve the desired result.”

“We have a great market ahead of us and we have the talents and the people to make the market great.  Mr. President is concerned about the teeming youths involved in this space and would encourage them to do the right thing and develop an ecosystem that we all will be proud of. It becomes necessary that we do what is right. Manipulations and all forms of activities that undermines our national interest would not be acceptable. It is therefore very important that we know that the SEC by virtue of the Section 13 of the ISA speaks to the regulation of all capital market activities.

Agama expressed his gratitude to the leadership of the Blockchain Industry Coordinating Committee of Nigeria (Biccon) the umbrella body of all major blockchain and cryptocurrency Associations in Nigeria, and assured them of the commission’s readiness to work closely with all stakeholders in the cryptocurrency ecosystem to create a better country for all of us.

“With our deep understanding of this industry and the cryptocurrency sub sector, we recognise the importance of collaboration and cooperation in addressing the challenges we face; hence your insights and suggestions are invaluable as we seek to navigate these complexities together. We need your support as much as you need ours.

“On that note, I want to emphasise that we are working on different fronts to sustain decent practices within our market, however, we are here to meet ourselves to know those playing within the sector decently and are open to hearing your suggestions on how we can effectively manage all obscure cryptocurrency trading activities within our jurisdiction p2p inclusive irrespective of the challenge we all know that p2p trading posses. We must explore innovative solutions to this problem and strike the right balance between encouraging innovation and safeguarding our national economic interests. This we will do in a friendly and firm manner, to enable us to achieve the desired result.

Agama stated that one of the things that needs to be done is delisting the naira from P2P space in order to avoid the level of manipulation that is currently happening enjoining participants in the crypto space to be patriotic enough to name and shame those that are involved in disrupting the markets negatively.

“I want to seek your co-operation in dealing with this as we roll out in the coming days the regulations that would take control of these areas. We want to assure that this management will ensure that people or institution that require registration with the SEC are quickly licenced. We assure you that we will give guidance when necessary and do well to streamline the processes to make it less difficult.

“We ask that those involved in sharp practices that undermine national interest should cease and desist. It is in our interest as a people to protect what belongs to us. We encourage you to reach out to us by naming and shaming the bad actors. Together, I am confident that we can weed out bad actors and harness the immense potential of this progressive technology for the benefit of all Nigerians in tandem with this government’s renewed hope agenda” he added.

In his remarks, the Chairman of the Fintech Association of Nigeria, Dr. Babatunde Oghenobruche Obrimah commended the Director General for his bold steps and the relationship with the ecosystem and pledged their commitment to work with the DG and grant him all the support that will help him succeed in sanitizing the virtual ecosystem.

On their part, BICCoN requested the setting up of a working group to tackle the various challenges facing the crypto space in a bid to move the market forward.