Nigeria Records Steady Increase in Active Voice, Internet Subscription

31/01/2024

Nigeria has witnessed a steady increase in active voice and internet subscriptions, including a drop in teledensity as contained in the latest telecommunications statistical indicators released by the Nigerian Communications Commission (NCC), which have been adjusted to reflect the latest population growth figures and align with international best practices.

The adjustment which is reflected in the telecom industry statistical reports of September, October, and November 2023 published on the Commission’s website, was predicated upon the Nigerian Population Commission (NPC)’s projection of Nigeria’s population at 216,783,381, as of 2022, replacing the previously used 2017 projection of 190 million people.

With the consequential adjustment, which is in line with the International Telecommunication Union (ITU)’s calculation of teledensity, the nation’s teledensity dropped from 115.63% to 102.30% in September, while Broadband penetration witnessed a similar drop from 45.47% to 40.85% in the same month. However, the active voice subscription statistics witnessed a marginal growth from 220,361,186 to 221,769,883 as of September 2023. In addition, Internet subscriptions also enjoyed a marginal growth, from 159,034,717 in August 2023 to 160,171,757 in September 2023.

In October 2023 the industry also experienced a 0.19% growth in Active Voice subscriptions while teledensity stood at 102.49% with Internet subscriptions increasing by 0.60% compared to September 2023.

In November of the same year, the industry also experienced a 0.46% growth in Active Voice subscriptions. Teledensity stood at 102.97% with a 0.57% increase in Internet subscriptions when compared to October 2023.

Teledensity is an index prescribed by the International Telecommunications Union, ITU, for the measurement of telephone penetration in a population by a factor of one line per 100 individuals in the population.

A statement by Mr. Reuben Moka, Director of Public Affairs at NCC stated that adjustment by the Commission is consistent with Section 89 Subsection 3(d) of the Nigerian Communications Act 2003 (NCA 2003), in which the Commission is mandated to monitor and report on the state of the Nigerian telecommunications industry, provide statistical analysis and identify industry trends concerning services, tariffs, operators, technology, subscribers, and issues of competition.

The Executive Vice Chairman of the NCC, Dr. Aminu Maida, affirmed the nation’s telecom statistical adjustment process as an appropriate step to maintain the integrity of data about the Nigerian telecom industry as collected, collated, and published by the Commission. He noted that this will also ensure the accurate measurement of the Commission’s progress towards attaining increased broadband penetration rates, improved quality of service, and increased population coverage, among other targets set out in the Strategic Plan for the Federal Ministry of Communications, Innovation, and Digital Economy.

He also said such data provides information for both the International Telecommunications Union to which Nigeria belongs, and other development agencies as well as the operators, investors, multilateral agencies, and the public.

Heirs Energies Celebrates Third Anniversary

Business Journal

23/01/2024

Significant Milestones in Production Growth, Transformational Community Engagement, and a Sound Safety Record

Heirs Energies, Africa’s foremost indigenous-owned integrated energy company, commemorated its three-year anniversary.

In a short timescale, Heirs Energy has implemented a track record of significant production increases, pioneered a new model of community engagement and built at world class Nigerian management team, all contributing to a new beginning in ensuring Nigeria’s sustainable energy future.

Heirs Energies launched in January 2021, following the completion of an 8- year, $1.2 billion transaction to acquire oil license OML17, from the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited, and ENI, and solidifying the joint venture partnership with the NNPC.

The Chairman of Heirs Energies, Tony O. Elumelu, expressed his pride, while reflecting on his vision for Heirs Energies, stating, “as someone from the Niger Delta, I had seen firsthand how Nigeria’s resource wealth can be mishandled. The energy sector was an industry that had frankly not served Nigeria’s interest. I knew Nigeria could do better and control her destiny. My vision was to build Africa’s largest indigenous-owned integrated energy company, focused on Africa’s unique energy needs. As I look back now, we have more than succeeded.”

Heirs Energies has become a role model institution within the energy sector. Milestones, and achievements within three-years of operations include:

Significant rise in oil production: At a time when Nigeria needs to optimise output, Heirs Energies’ oil production has surged from 27,000 to 40,000 barrels a day. Theft and losses which reached a peak of 97% late 2021, has now been reduced to less than 15%, with definitive actions taken by government to address the pipeline security and related concerns.
Steady gas production for domestic use: Heirs Energies commenced gas production and has rapidly become an important contributor to domestic gas supply in Nigeria. 100% of gas produced goes into domestic market to meet local demand, providing energy to thousands of households, supplementing power plants, and supporting various gas reliant industries in the region.
Top quartile safety records: Heirs Energies boasts three incident free years, maintaining zero Loss Time Injury (LTI) operations in OML 17 with 1.5 million man-hours.
Community engagement that works: Heirs Energies continues to live up to a philosophy of a shared destiny with local communities, by seeking out local talent and creating entrepreneurs. Over 300 young people have been empowered through skill acquisition programmes, while the electrical infrastructure upgrades across host communities, have impacted a population of over 270,000 people.
A world-class Nigerian organisation: Heirs Energies takes particular pride in its fully Nigerian team, who are catalysing and delivering innovative technical solutions every day. A true demonstration of Nigerian excellence in institutionalising and executing key strategies.

Chairman, Heirs Energies, Tony O. Elumelu, commended the team, sharing his deep gratitude for their commitment to his vision of creating value for all stakeholders within the energy sector.

He said: “I want to take this opportunity and mark this anniversary, by saluting and thanking the Heirs Energies team, led by MD/CEO, Osa Igiehon. Your hard work, dedication and expertise has enabled us to become a role model within the energy sector, as we strive towards our purpose of improving lives and communities across our continent.’

Heirs Energies recognises the importance of a sustainable future and plans to play a role in Nigeria’s transition to a more sustainable energy source. The journey reflects a commitment to bring abundant and affordable power to schools, hospitals, and industries, shaping a sustainable future for Africa.

About Heirs Energies Limited

Heirs Energies Limited (formerly known as HeirsHoldings Oil & Gas Limited) is Africa’s largest indigenous-owned integrated energy company, committed to meeting Africa’s unique energy needs while aligning with global sustainability goals. Having a strong focus on innovation, environmental responsibility, and community development, Heirs Energies leads in the evolving energy landscape and contribute to a more prosperous Africa.

Mutual Benefits Assurance @ 28: Committed to Deepening Insurance Penetration in Nigeria

Business Journal

21/01/2024

L-R: Company Secretary, Mutual Benefits Assurance Plc, Babajide Ibitayo; Managing Director/CEO, Mutual Benefits Life Assurance Limited, Biyi Ashiru-Mobolaji; Managing Director, Mutual Benefits, Niger Republic, Mamadou Abdoulaye; Former Prime Minister Niger Republic/Chairman, Mutual Benefits, Niger Republic, Cheiffou Amaduo; Group Chairman, Mutual Benefits Assurance Plc, Dr. Akin Ogunbiyi and Managing Director/CEO, Mutual Benefits Assurance Plc, Mr. Femi Asenuga at the Mutual Benefits 28th Annual Thanksgiving Service in Lagos.

Mutual Benefits Assurance Plc celebrated its 28^th anniversary last Saturday in Lagos with a firm commitment to continue to deepen insurance penetration in Nigeria through excellent customer service, competitive pricing of products and services and innovation.

Dr. Akin Ogunbiyi, the Group Chairman of Mutual Benefits Assurance Plc, said at the 28^th annual thanksgiving service of the company that God is the foundation of the insurance firm, right from inception till date.

“Our 28^th annual thanksgiving service is a great opportunity to testify to the goodness of the Lord in the life of Mutual Benefits Assurance in the past 28 years. Our faith in God gave us the strength to withstand and scale all the challenges of the insurance industry in Nigeria and also the rare dedication of the Board, Management and staff of the company- the Mutual family. I also thank members of the media for their unwavering support to Mutual Benefits Assurance since the inception of the company 28 years ago.”

Ogunbiyi emphasised that Mutual Benefits Assurance Plc is committed to its corporate goal of deepening insurance penetration in Nigeria.

“We have value-added products and services for our individual and corporate clients. We are very innovative in our corporate and individual offerings. We shall continue to build on our competitive advantage in the Nigerian insurance market to achieve sustainable growth and profitability. We are a great company. We shall remain great. We are strong and we shall remain strong in this market.”

He expressed deep appreciation to serving and retired staff of the company for their contribution towards the success attained so far in the market by the company.

“I want to assure our partners and other stakeholders, that no matter how uncertain and challenging the economic situation maybe, Mutual Benefits will remain stable, strong and prosperous. However, we have more work to do. We are irrevocably committed to further deepening insurance penetration and we will (with every sense of responsibility) deliver beneficial wealth creating values to doorsteps in Nigeria, Liberia, Niger Republic and beyond. Our highly beneficial values to customers will forever remain unequalled. We will sustain our competitive advantage and never relent in differentiating Mutual Benefits with unique attributes.”

On the future outlook, the Mutual Group Chairman said:

“Our company has been distinguishing itself with services that are of immense beneficial values and that was why we were deservedly adjudged Africa’s Most Innovative Company by the African Reinsurance Corporation. We will always be upfront in doing our best and transparently communicating the intrinsic and extrinsic values of our offerings.”

In his welcome address, Mr. Femi Asenuga, the Managing Director/CEO of Mutual Benefits Assurance Plc, said the theme for the company’s 28^th anniversary thanksgiving is: The Lord Our Helper. He said the theme aptly captures the help of God in the affairs of the company in the period under review.

Asenuga said: “We shall mark our 29^th year of existence in 2024. We return all the glory to God for the support over the years. We extend our hand of gratitude to our stakeholders for honouring us today and being an integral part of our journey.”

He added that Mutual Benefits Assurance Plc is ready to break new grounds in the Nigerian insurance industry through cutting-edge innovation and service delivery.

About Mutual

Mutual Benefits Assurance Plc (MUTUAL) has evolved into a conglomerate consisting of value-adding companies with diverse interests in various sectors of the Nigerian economy through investments, strategic alliances, and partnerships.

Today, MUTUAL is a leading brand in the Nigerian insurance industry, with over 3,000 staff and marketing executives in its employment. The company has over 250, 000 satisfied customers in Nigeria and the West African sub-region.

Its subsidiaries include Mutual Benefits Life Assurance Limited, Mutual Benefits Micro-Finance Bank, Mutual Benefits Assurance Niger SA and Mutual Benefits Assurance Co. Liberia.

Sovereign Trust Insurance Elevates Kayode, Emmanuel as EDs

Business Journal

19/01/2024

One of the foremost underwriting firms in the country, Sovereign Trust Insurance Plc has announced the elevation of two of its erstwhile General Managers to the position of Executive Directors respectively.

The duo who by their recent elevation will automatically become Board Members of the company are Kayode Adigun who becomes the Executive Director in charge of Finance and Corporate Services while Emmanuel Anikibe is now Executive Director, Technical.

Adigun before now was the General Manager/Divisional Head, Finance and Corporate Services while Anikibe was a Deputy General Manager in the Marketing/Business Development Division. The two appointments have been ratified by the Board of Directors of the Underwriting Firm and they have both assumed their new roles.

Briefing newsmen, the Chief Spokesperson of the organisation, Segun Bankole told the gathering that the Board and Management of the company have so much confidence in the two newly elevated Directors and it is expected that they will bring to bear their consummate wealth of experience in galvanising the organization to the next level of its growth stage. Members of Management and Staff have been enjoined to give all the needed support to the new Directors in achieving the overall objective of the company as a leading Brand in the Insurance Industry and a profitable one at that.

The Managing Director/CEO of Sovereign Trust Insurance Plc, Mr. Olaotan Soyinka in his congratulatory message to the two Directors emphasised Management’s commitment to succession plan in the organisation and also stressed that “the elevation is expected to further strengthen the Board and empower Top Management Team of the company in ensuring that the medium-and-long-term strategic goals of the company are accomplished.”

He equally thanked both of them for their immense contributions to the development and growth of the company in time past and charged them to do more than ever before as the organization forges ahead in the years to come.

Kayode Adigun is a graduate of University of Jos and holds a Master’s Degree in Business Administration from Obafemi Awolowo University, Ile-Ife, Osun State. He equally attended Liverpool John Moore University in the UK, where he bagged an MSc in Governance and Finance. He is a Fellow of the Institute of Chartered Accountants of Nigeria and The Chartered Institute of Taxation of Nigeria, CITN, respectively.

He is also an Associate member of the Institute of Chartered Secretaries and Administration, (ACIS). He is an Alumnus of Howard University, Washington D.C, USA and the Lagos Business School, (AMP 21), having completed the Advanced Management Programme of the Institution in 2009.

He joined Sovereign Trust Insurance Plc in 1997 and has over 25 years of experience in treasury, corporate finance, accounting, tax, investments, administration, and human resources functions. He is also an expert in corporate governance structure and framework.

Emmanuel Anikibe is charged with the responsibility of supervising and co-ordinating the operations of the Technical Division of the organisation. He is a graduate of insurance from the Faculty of Business administration, University of Lagos. He also holds an MBA, from Obafemi Awolowo University, Ile-Ife, with specialty in Marketing Management.

He is an Associate of the Chartered Insurance Institute of Nigeria (CIIN) and an alumnus of the prestigious Lagos Business School having completed the Senior Management Programme (SMP) in 2009. He has at various times attended several technical, management and Leadership courses in the course of his career. He joined Sovereign Trust Insurance Plc in 1996.

His vast years of work experience includes working as an underwriter at Lion of Africa Insurance Company Limited and Sovereign Trust Insurance Plc where he has held several positions spanning from Underwriting, Reinsurance & Claims Administration, Branch operations, Marketing and Business Development.

AEDC Signs Landmark Deal to Deliver Uninterrupted Power Solution in Abuja

Business Journal

19/01/2024

From Left: Mr. Hussein Akar, Managing Director, The Wood Factory, Abuja; Mr. Victor T. Ezenwoko, Country Head, Nigeria and Ghana, Daystar; Mr. Christopher Ezeafulukwe, MD/CEO, Abuja Electricity Distribution Plc at the signing of a tripartite agreement to deliver Uninterrupted Inter-Connected power solution for The Wood Factory in Abuja.

Abuja Electricity Distribution Plc (AEDC) has consolidated its lead in the provision of integrated power solutions with the signing of a tripartite agreement with Daystar Power Solutions Limited (Daystar Power) and The Wood Factory Limited (Wood Factory), to pioneer the delivery of its first grid-connected and solar hybrid power solution for commercial and industrial customers in Nigeria.

This comes on the heels of the first interconnected mini-grid power solution for communities in Nigeria launched by AEDC and its strategic partners in Toto, Nasarawa State, in November 2023.

Under this historic agreement, AEDC will provide 18 hours of reliable electricity supply to Wood Factory (a top furniture manufacturer) while Daystar Power will provide 6 hours of solar powered electricity to Wood Factory, both leveraging interconnected power facilities to deliver seamless electricity supply and great value to the customer. This integrated power solution is expected to yield an estimated 44% reduction in energy costs and an impressive 76% annual decrease in carbon emissions for Wood Factory.

The unique value offering is in furtherance of AEDC’s transformational strategic objective of redefining customers’ experience by providing reliable electricity supply to both existing and new customers, including the unserved and underserved customers. Under the ongoing transformation of AEDC, the Management of the company is driving its repositioning as a clear leader amongst the power distribution companies (DisCos) in Nigeria.

The Managing Director and Chief Executive Officer of AEDC, Christopher Ezeafulukwe, stated that “we are excited about the great opportunities that the transformation and turnaround of AEDC is giving us to serve our customers, both new and existing, in more delightful ways. This project is a product of our consistent questioning of the status quo in the resilient push of our conviction and belief in using diversified energy sources to serve our customers better, while closing the supply gap in our market.”

He further stated that having previously commissioned an integrated power solution to serve some unserved communities in our network, the current solution for which we signed the agreement today, is focused on serving industrials and commercials, thus repositioning AEDC to serve all bands of customers within its network better. The two projects also confirm to the world, the readiness of AEDC to enter into complementary partnerships that will add great value to the Nigerian electricity market.

AEDC has been in partnership with the Rocky Mountain Institute (RMI) through which the United States Trade and Development Agency (USTDA) provides funding for feasibility study grant and facilitating the optimization of energy supply through distributed solar energy and grid power.

Jasper Graf von Hardenberg, CEO of Daystar Power, expressed his excitement about the innovative interconnected solar installation, stating, “Working together with DisCos, we can provide reliable and affordable power to Nigerian businesses which will save on energy costs to reinvest in their operations. Our partnership with AEDC supports this position. It is just the beginning; we are looking forward to developing more hybrid solar projects for C&I customers in partnership with the likes of AEDC.”

Mohamed Akar, Director and General Manager of The Wood Factory, expressed his excitement about the transition from self-generated supply to the integrated power supply which AEDC and Daystar offers, “We’re thrilled that we’ll soon be switching to a reliable integrated power solution to power our factory. For many years, we’ve operated on diesel generators, which is hardly sustainable or affordable. We believe that the future of our business has become brighter with this new partnership with AEDC and Daystar.”

About Abuja Electricity Distribution Company (AEDC)

Abuja Electricity Distribution Plc (AEDC) is a leading electricity distribution company in Nigeria serving the FCT, Niger State, Nasarawa State and Kogi State.

As a trusted service provider, AEDC is dedicated to ensuring reliable, safe, and sustainable electricity delivery to its diverse customers.

With a strong commitment to delighting its customers, AEDC continues to contribute to the growth and development of Nigeria’s energy sector through investments in infrastructure, innovative technologies, and sustainable practices, AEDC consistently seeks to improve the quality of life for its customers, promote efficient energy usage, and actively engage with its communities.

Leadway Capital & Trusts Targets Leadership Position in Trusteeship Industry

Business Journal

19/01/2024

L-R: Risk and Compliance Officer, Leadway Capital and Trusts Limited (LCT), Oluwakemi Jenyo; Head, Business Development (LCT), Funmi Dosunmo-Ayoola; Head, Corporate Services, Leadway Holdings, Aishat Bello-Garuba; Managing Director/Chief Executive Officer (LCT), Ayodeji Wuraola; Team Lead, Trusts Services (LCT), Aisha Navi-Ogene and Head, Trusts Services (LCT), Oliver Obi at the Strategic Media Parley for Leadway Capital and Trusts Limited in Lagos.

Leadway Capital & Trusts Limited is set to play a leadership role in trusteeship business in Nigeria through a plethora of market-friendly initiatives and services.

Mr. Ayodeji Wuraola, the Managing Director/CEO of Leadway Capital & Trusts Limited said at a strategic media engagement in Lagos that the company has plans for a better society in Nigeria through its various programs for individual and corporate clients in Nigeria and for Nigerians in the Diaspora.

Wuraola listed such programs as investment in digital customer experience, focus on the youth population in Nigeria, development of retail products that attend to the mass market, creation of products that technology and venture capital companies have need for and to curate rising Diaspora population with valuable home ties via products and services tailored to their unique needs.

The Leadway Capital CEO said the company currently occupies a comfortable mid-tier position in the trusteeship industry and is gunning for more in the foreseeable future.

In her opening remarks, Aishat Bello-Garuba, the Head, Corporate Services at Leadway Holdings, said the Holdings has become a dependable bridge between the company and the general public.

She added that Leadway Holdings has morphed effectively into a strong non-bank financial services provider in Nigeria, providing individual and corporate customers with value-adding services across the board.

One of the key services of Leadway Capital & Trusts Limited is in the area of Will writing. The company encouraged Nigerians to consider writing their Wills once they reach the age of adulthood to avoid disputes when death occurs in the family.

Kyari Seeks Academia-Industry Collaboration for Energy Sufficiency, Sustainability

Business Journal

17/01/2024

The GCEO, NNPC Limited, Mr. Mele Kyari honoured with the Obafemi Awolowo University’s Faculty of Science Excellence and Innovation Award by the Vice Chancellor, Prof. Adebayo Simeon Bamire, during the GCEO’s Lecture titled, “Energy Security, Sustainability and Profitability in Nigeria: Advances, Challenges and Opportunities,” organised by the Faculty of Science of the

University in Ile-Ife, Osun State.

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Mele Kyari has called for collaboration between the academia and the Oil & Gas Industry towards addressing the challenges of energy sufficiency and sustainability.

Kyari made this call while speaking as a Guest Lecturer during the 2024 Faculty Lecture titled, “Energy Security, Sustainability and Profitability in Nigeria: Advances, Challenges and Opportunities,” organized by the Faculty of Science of the Obafemi Awolowo University (OAU), Ile-Ife, Osun State, on Wednesday.

In his lecture, Kyari highlighted the important role academic communities, such as the prestigious OAU, play in safeguarding national energy security through research and collaboration with the industry.

While pointing out the challenges hindering energy security in Nigeria to include rapid population growth, pipeline vandalism, and crude oil theft, Kyari identified energy conservation, diversification, and efficiency measures as major avenues for enhancing energy security.

Addressing the projected rapid population growth, Kyari harped on the importance of finding solutions to ensure sustainable energy security for the benefit of current and future generations.

He underscored the intensified competition for vital resources and urbanization drive, which would lead to a doubling of Nigeria’s energy demand by 2050.

On the challenges posed by pipeline vandalism and crude oil theft, the GCEO observed that the issues have impacted NNPC Limited’s operations, stressing that the establishment of a command-and-control center has aided the detection and destruction of illegal refinery sites, removal of illegal connections, thereby addressing vandalism across operating corridors since 2021.

“The centre provides livestreaming of surveillance data to security forces, contributing to the detection and destruction of over 5,686 Illegal Refinery (IR) sites and the removal of 4,480 Illegal Connections (ICs) from 2021 to the present,” the GCEO added.

Acknowledging the severity of vandalism and oil theft, Kyari hinted at a strategic shift, focusing on increased products trucking and storage in underground tankages at NNPC filling stations nationwide.

He highlighted NNPC Limited’s expanded retail assets, making it the largest single downstream company in sub-Saharan Africa after acquiring OVH retail stations and associated downstream infrastructure in 2021.

While underscoring NNPC Limited’s transformation into a fully commercial limited liability energy company following the passage of the Petroleum Industry Act in 2021, Kyari said the removal of fuel subsidies has allowed the Company to play a more active commercial role, ensuring profitability and delivering greater value to Nigeria’s growing population.

Fidelity Bank to Promote Young Writers Nationwide with its Read2Lead Initiative

Business Journal

17/01/2024

As part of its Corporate Social Responsibility (CSR) initiatives designed to empower Nigerian youths with quality education, leading financial institution, Fidelity Bank Plc has launched a creative writing competition for secondary school students dubbed Read2Lead.

Themed Read2lead, the three-stage competition would see secondary school students hone their reading and writing skill while competing for millions of naira in cash rewards, a book publishing deal, and the chance to have their school library renovated by the bank.

At the end of the 3 staged competition, the star prize winner would go home with N2 million cash, a book publishing deal worth N2 million and another N2 million to upgrade his/her school’s library; the first runner-up will receive a N1.5 million cash prize; and the second runner-up will be awarded N1 million.

The first stage of the Read2Lead initiative, tagged, “The National Writing Showdown”, would see participants from across Nigeria compete for a coveted spot among the top 150 writers through a creative writing task. Successful students would thereafter move to the second stage known as “The Sweeta Writing Mastery”, where they would be tasked with writing an alternate ending for one of the selected books they would be asked to read. In the third and final stage themed, “The Author’s Workshop”, the top 30 participants would participate in an immersive writing boot camp which would be anchored by experienced writers and facilitators who would also select the top three finalists.

To sign up your child or ward for the initiative, please visit www.fidelitybank.ng/readtolead.

Registration ends on January 31, 2024.

NAICOM, Police Explore Collaboration on Enforcement of Compulsory Insurances

Business Journal

17/01/2024

L-R: Mr. Olorundare Sunday Thomas, Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) during a courtesy visit to Mr. Kayode Egetokun, Inspector-General of Police (IGP) in Abuja recently.

The Commissioner for Insurance/ Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olorundare Sunday Thomas paid a recent courtesy visit on the Inspector-General of Police, Mr. Kayode Egbetokun to explore ways of strengthening collaboration in the area of enforcement of compulsory insurances.

In his remark, the IGP appreciated the support of NAICOM with regards to the insurances of the Nigerian Police Force (NPF) and promised to work closely with the Commission going forward.

Shoprite Nigeria Closes Kano Store, Announces 2-5 Year Bullish Growth for Nigeria

Business Journal

16/01/2024

Retail Supermarket Nigeria Limited (RSNL), operating as Shoprite Nigeria has announced plans to close its Ado Bayero Store in Kano from January 14, 2024, just as it hinted of the retail chain’s two to five-year bullish growth plan for the Nigerian market.

While resting the Kano outlet, Shoprite optimistically mulls a bullish two to five-year growth plan to open four outlets annually across the country as bold expressions of its confidence in the Nigerian market and the Nigerian people.

In a statement issued in Lagos and signed by company’s Chief Executive Officer, Hubertus Rick, the company disclosed that, “while we will close down stores that are performing sub-optimally as the consumer economy tightens, we plan to open four new outlets annually across the country guided by what reliable retail market research tells us.”

Aside the planned store closure and on a brighter note, Retail Supermarkets Nigeria Limited has also commenced some store reopening across different locations expected to span across the outgoing year 2023 right into 2024. The locations included Circle Mall, Lekki, Garden City Mall Port Harcourt and Galaxy Mall, Kaduna and Shoprite Benin. Shoprite has also demonstrated the resilience of its brand with the audacious restoration of its store at Circle Mall, Lekki, to business years after it was completely raised during the End SARs protests in October 2020.

The company sites consumer buying power, high cost of doing business, rental cost and its ethical commitment amongst the reasons for the decision to close the Kano outlet in the meantime.

Shoprite also revealed that the reason for its non-renewal of the rent at the Ado Bayero store is the store’s negative financial performance and the general business climate. Rick also clarified that the decision was not made lightly, as the company understands the impact it may have on its employees and the community.

He however said, “after careful evaluation of the financial situation of the store and the current business climate, Shoprite believes it is the best course of action for the long-term growth of our organization.” He also emphasised that the decision does not imply that Shoprite will not do business in Kano when the business environment becomes favourable as Kano is a big city with room for a Shoprite concept.

Rick however assures of plans by the company to assist employees who may be affected by the difficult decision saying, “we understand that this news may be difficult to digest, and we want to assure you that we are here to support you during this transition period. Your well-being is our top priority, and we will do everything we can to assist you in finding new opportunities within our company. We encourage you to apply for any vacant positions in our existing stores across the country through the Human Resources department. Additionally, we will be opening new stores in the coming months, and you are welcome to apply for employment there as well.”

Rick praised the dedication, hard work, and commitment of the employees of the company throughout the years saying their contributions have been invaluable while expressing Shoprite’s gratitude for the value they have brought to the team. She assured that as the company navigates this transition with the affected workers, it will ensure that the process is as seamless as possible for everyone involved. “In the upcoming days and weeks, we will provide you with more information regarding severance packages and other vital details,” she added.

Despite the current challenges faced by retail businesses in Nigeria, the company has pledged its long-term commitment to remain in Nigeria while expressing confidence that the economic policy options currently pursued by the Federal Government will yield long term results that will provide the enabling environment for the retail business to thrive in Nigeria.

Allianz Nigeria Spreads Holiday Cheer with Christmas Outreach

Business Journal

16/01/2024

Allianz Nigeria, a leading insurance company, brought the magic of Christmas to the children of Modupe Cole Memorial College as part of its annual Christmas outreach program.

The initiative aimed to provide a unique and memorable experience for the student, fostering a spirit of joy and community during the festive season.

The Allianz Nigeria team, accompanied by enthusiastic employees, engaged in a day of dance, play, and shared moments with the students. The visit sought to create a festive atmosphere and bring a sense of togetherness to the school. As part of the celebration, Allianz Nigeria distributed party packs, Christmas cake, and frozen chicken and fish that will be prepared for the children on Christmas day. The goal was not only to spread joy but also to ensure that the children have a special and delicious Christmas meal.

Speaking about the initiative, Aimalohime Higo, Team Lead – Alternative Distribution, Strategy & Reputation at Allianz Nigeria, said: “At Allianz Nigeria, we believe in the power of giving back. We are also committed to making a positive impact in the communities we serve, and our Christmas outreach to Modupe Cole Memorial College was a wonderful way to bring joy and celebrate the spirit of the season with these deserving children.”

The students were thrilled to participate in the festivities and express their gratitude to Allianz Nigeria for their generosity. The event created lasting memories and a sense of community for the students, reminding them of the importance of sharing and giving back.

Allianz Nigeria’s Christmas outreach is a testament to the company’s dedication to social responsibility and its commitment to making a difference in the lives of others.

The company is proud to have played a role in creating a brighter holiday season for the children of Modupe Cole Memorial College.

About Allianz Nigeria

Allianz Nigeria Insurance Limited (previously Ensure Insurance plc) is a rapidly growing insurance company, catering to individuals, small and medium-sized enterprises (SMEs), commercial, and corporate clients. With a strong presence across Nigeria, we serve a broad customer base, providing them with the necessary tools to secure their future.

Allianz Nigeria is now a wholly owned subsidiary of SanlamAllianz Africa, a newly created joint venture in Africa between Sanlam Group headquartered in Cape Town, South Africa, and Allianz SE headquartered in Munich, Germany. SanlamAllianz is the largest non-banking financial services group in Africa with core operations in Life, Health, and General Insurance as well as Asset Management, serving over 30 million customers across 27 countries on the continent.

We are dedicated to becoming widely regarded as Nigeria’s most reputable and trusted insurance partner offering the protection you require to preserve what matters to you most.

Dangote Thanks Tinubu, NNPC as Refinery Begins Production

Business Journal

14/01/2024

President of Dangote Group, Alhaji Aliko Dangote, elatedly thanked President Bola Ahmed Tinubu for his support, encouragement, and thoughtful advice towards the actualisation of this project.
Dangote also thanked the Nigerian National Petroleum Company Limited (NNPC Limited), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Nigerians for their support and belief in the historic project.
“We thank President Bola Tinubu for his support and for making our dream come true. This production, as witnessed today, would not have been possible without his visionary leadership and prompt attention to details. His intervention at various stages cleared all impediments thereby accelerating the actualisation of the project. We also thank the NNPC, NUPRC and NMDPRA for their support. These organisations have been our dependable partners in this historic journey. We also thank Nigerians for their belief and support in this project. We have started the production of diesel and aviation fuel, and the products will be in the market within this month once we receive regulatory approvals.”
“This is a big day for Nigeria. We are delighted to have reached this significant milestone. This is an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects. This is a game changer for our country, and I am very fulfilled with the actualisation of this project.”
The refinery has so far received six million barrels of crude oil at its two SPMs located 25 kilometres from the shore. The first crude delivery was done on December 12, 2023, and the 6^th cargo was delivered on January 8, 2024.
The Refinery can load 2,900 trucks a day at its truck-loading gantries. The products from the Refinery will conform to Euro V specifications. The refinery design complies with the World Bank, US EPA, European emission norms, and Department of Petroleum Resources (DPR) emission/effluent norms. Employing state-of-the-art technology.
“I must extend our sincere appreciation to our Bankers and financiers, both local and offshore, who demonstrated a great deal of patience, in seeing us through many difficult times. In the same vein, we thank the Government of Lagos State, under the leadership of Babajide Sanwo-Olu, who has been incredibly proactive in ensuring that the many challenges we encountered in the course of executing this project were quickly resolved. I thank him immensely.”
“I also sincerely thank our host communities and their Traditional leaders for their sustained patience, forbearance, and admirable willingness to work with us to find amicable and win-win resolutions to the many issues we have had to deal with as the construction of this huge facility progressed. Our staff have also contributed so immensely to the success of this project. I thank them profusely.”

Mettlehouse Consulting Holds Seminar on 1FRS 17 Jan 18

Business Journal

14/01/2024

SUNU Group Holds Mass to Mark Anniversary of Founder’s Death

Business Journal

14/01/2024

From Left: Head, Corporate Services, SUNU Assurances Plc, Japari Yusuf; General Manager, Risk Management & Financial Control, SUNU Assurances, Elie Ogounigni; Managing Director, SUNU Health, Dr. Patrick Korie; Managing Director, SUNU Assurances, Mr. Samuel Ogbodu; Rev.Father, Catholic Chaplaincy Centre, College of Medicine and Lagos University Teaching Hospital, Idi Araba; Independent Non-Executive Director, Mrs Bakare Olajumoke; Director, SUNU Health, Chairman, Audit Committee, SUNU Assurances, Mr Samuel Adedoyin; and Company Secretary, Mrs. Taiwo Kuku during A mass to mark the anniversary of Late Founder, SUNU Group in a day-long event in Lagos.

Unity Bank Customer Wins N1m in CashToken Rewards Promo

Business Journal

12/01/2024

From Left: Eghomwanre Iyamu, Head, e-Business; Aisha Lawan Gana, Regional Manager, Kano North; Mahmoud Ibrahim, Regional Manager, Kano South; Prize Winner, Musa Dayyabu; Patricia Irhegbe, e-Business Sales, North West; and Aminu Moyi, Zonal Head, North West 1 during the official cheque presentation to the winner in Kano recently.

A Unity Bank customer, Mr. Musa Dayyabu, has emerged winner of One Million Naira in the ongoing cash reward Promo by Unity Bank Plc and CashToken Rewards Africa. CashToken Rewards Africa is a Cash-Reward-as-a-Service company that rewards customers for patronage and loyalty.

Mr. Dayyabu, a customer of the Bank from Bello Road Branch, Kano, won the cash prize after he activated his Unity Bank Verve card and having carried out transactions, received CashTokens and qualified for the weekly national consumer draw. It was in this draw, he emerged as the lucky winner of One Million Naira cash.

The Unity Bank and CashToken Rewards promo launched in November 2023, is a cash reward program that offers guaranteed instant cash and a life-changing opportunity designed to reward loyal customers of the Bank who onboard and transact on any of the Bank’s electronic payment platforms, including the Unifi mobile banking application, the *7799# USSD platform.

The program, which will run until the end of February is open to all customers. Each card transaction earns customers CashTokens, which qualifies the customer to enter into the weekly national consumer draw where they stand a chance to win from N5K -N100M Naira.

Presenting the cheque to the winner in Kano on Tuesday, Unity Bank’s Head of E-Business, Eghomware Iyamu congratulated the winner and reiterated the Bank’s commitment to create a sustainable loyalty platform for customer engagement and satisfaction.

Iyamu said, “We celebrate our customers for their loyalty to the Unity Bank and for being part of the ongoing Unity Bank and CashToken Rewards promo. The cash prize being presented today is just the beginning, we, therefore, look forward to having more winners from this programme. Let more and more people get on the Unity Bank’s digital banking, transact on the different platforms and they will equally be rewarded.”

He added, “The collaboration between Unity Bank and CashToken Rewards Africa will continue to create an unmatched customer experience. By tapping into CashToken Reward’s exceptional reward platform, Unity Bank customers can continue to anticipate generous cash rewards, transforming every interaction with the bank into a truly rewarding experience.”

Also commenting on the development, the Chief Business Development officer for CashToken Rewards Africa Africa, Simi Adeoye commended the customers of Unity Bank for the impressive number of onboarding and transactions in the build-up to the weekly draw held in the campaign period, adding that “with opportunities to win life-changing cash of up to N100M, the assurances of the transparent process will constantly be upheld to spread the benefits of the reward scheme to deserving customers”.

“The prospects of having more winners in the ongoing exercise is keeping the steam in the collaboration between the Bank and CashToken Rewards Africa,” Simi quips.

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