NAICOM, PenCom, Sanlam, NEM, Africa Re, AIICO Back NAIPE’s 2024 Annual Conference

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24/09/2024

As preparations for the 2024 annual national conference of the Nigerian Association of Insurance and Pension Editors (NAIPE) gathers momentum, the National Insurance Commission (NAICOM), National Pension Commission (PenCom), Sanlam Nigeria, NEM Insurance, Africa Reinsurance Corporation, as well as AIICO Insurance have all thrown their weight behind the event.

Other sponsors of the conference are KBL Insurance, Pension Fund Operators Association of Nigeria (PenOp), Nigerian Insurers Association (NIA), Alliance and General Insurance, Leadway Assurance, Chartered Insurance Institute of Nigeria (CIIN), Access Pensions, Sovereign Trust Insurance, Linkage Assurance, Nigerian Council of Registered Insurance Brokers, as well as Premium Pensions.

This year’s national conference which is 9th in the series will take place on October 8, 2024, at the Oriental Hotel, Lekki-Ajah Expressway, Victoria Island, Lagos, by 9 am.

The theme of the Conference “Towards a $1 Trillion Economy: Roles of Insurance and Pension Sectors,” will be delivered by the Managing Director/Chief Economist, Analysts Data Services and Resources, Dr. Afolabi Olowookere.

The former Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), who is also former Managing Director/CEO, FBS Reinsurance Limited, Mr. Fola Daniel, will chair the conference.

The panelists include Mr. Tunde Mimiko, Managing Director/CEO, Sanlam Life Insurance Limited; Mr Adeyemi Mayadenu, Executive Director, Technical, NEM Insurance Plc (General); Mr. Wale Okunrinboye, Chief Investment Officer, Access Pensions; Mr. Oluseye Olusoga, Managing Director/CEO, Parthian Partners Limited and Mr. Oguche Agudah, CEO, Pension Fund Operators Association of Nigeria (PenOp).

Special Guests of Honour for the Conference are Commissioner for Insurance/CEO, NAICOM, Mr. Olusegun Omosehin and Acting Director-General of the National Pension Commission (PenCom), Mrs. Omolola Bridget Oloworaran.

The event will bring together stakeholders in the insurance and pension sectors to discuss the importance of the sectors’ contribution to the $1 Trillion Economy projected by the present administration for achievement by 2026.

Commenting on the theme of the conference, NAIPE Chairperson, Mrs. Nkechi Naeche-Esezobor, said the theme of the conference was carefully chosen to draw the attention of the operators of the two sectors to the realities on the ground, especially regarding what they need to do to remain relevant in the unfolding economic situation in Nigeria.

Esezobor noted that not less than 250 stakeholders from the insurance, pension, finance, organised private sector and trade Unions and Associations would attend the conference.

PenOp Unveils Induction Academy to Equip New Pension Industry Employees

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23/09/2024

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The Pension Operators Association of Nigeria (PenOp) has successfully concluded the inaugural edition of its Induction Academy, a targeted training program designed to provide new employees in the pension industry with essential knowledge and practical skills. The program is tailored to employees who have joined the industry within a six month to two-year time period.

The inaugural edition covered five comprehensive modules, offering a well-rounded curriculum that spanned pension industry fundamentals, customer service, investment strategies, ethics, compliance, fraud awareness, and leadership. The sessions were facilitated by seasoned industry experts, who were either serving within the industry or retired.

The CEO of PenOp, Oguche Agudah, underscored the importance of engagements like this to the participants. He stressed that the industry was looking to tap their experiences from other industries, but was also keen to ensure that they understood the history, and ethos of the industry.

Adaobi Okoye, Head of People & Training at PenOp, kicked off the event, underscoring the academy’s primary goal: to equip participants with a deep understanding of the intricacies of the pension sector.

She introduced a diverse group of expert facilitators who delivered dynamic, engaging content focused on professional growth and practical application.

Over the course of the four-day program, participants delved into critical topics, which included; Pension Fund Investment Strategies & Risk Management. This session explored investment products, financial markets, and how to manage risk effectively within pension portfolios.

Next was Contributions, Benefits, and Data Management. This module emphasized the importance of accurate record-keeping and the regulatory frameworks that govern pension administration.

Followed by Compliance and Fraud Awareness. This session focused on the importance of maintaining integrity, professionalism, and vigilance to detect and prevent fraud within the pension industry.

Lastly, it covered Customer Service & Ethical Leadership where the facilitator shared best practices for fostering strong client relationships and emphasized the crucial role ethics play in effective leadership.

The program attracted 41 participants, who actively engaged in case studies, real-life scenarios, and interactive discussions. The academy provided a solid foundation for new employees, empowering them with valuable insights into customer service, risk management, and ethical leadership. Upon completing the program, participants were awarded certifications, signaling their readiness to make significant contributions to the industry.

This will be a continuous program that will seek to induct new entrants into the pension industry on an ongoing basis.

About PenOp

PenOp serves as the umbrella organisation for licensed Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) in Nigeria, advocating for best practices and advancing the development of the nation’s pension industry.

The Alternative Bank Backs Nigeria Cup 2024 as Lead Sponsor with Ikoyi Golf Club

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23/09/2024

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The Alternative Bank, a pioneering, specialised, and non-interest finance institution, has partnered with the prestigious Ikoyi Golf Club to sponsor the 27th Nigeria Cup golf tournament, which teed off this Sunday at its lush green course in Ikoyi, Lagos.

This strategic partnership brings together the two prestigious organisations committed to promoting harmony through sports, social interactions, and philanthropic initiatives.

A highlight of this year’s cup is the inaugural “Golf for Good” charity event—a 3-hole mini-golf tournament raising funds from the participants and the bank for donations to charity.

At the Golf for Good charity tournament’s tee-off, sponsored by the bank, Korede Demola-Adeniyi, Executive Director, South, for The Alternative Bank, emphasised: “Our support reflects our core values. We leverage our platform for positive change and community welfare. The Alternative Bank offers innovative financial solutions, such as Premium Gold Card, AltInvest, AltPro, AltPower, AltBiz Facility, and AltLease, to mention a few. These products are tailored to diverse customer needs, empowering individuals and businesses to achieve financial goals while driving social impact.”

Speaking about the partnership with The Alternative Bank, the Chairman of the Ikoyi Golf Club, Rotimi Obajimi, added: “We are proud of The Alternative Bank’s headline sponsorship of the 27th Nigeria Cup. They are worthy partners who have added value to this year’s event, and we appreciate their support. We will continue to seek like-minded partnerships that benefit the golfing community in Lagos and beyond.”

In recognition of their outstanding performances, winners of the Bunker contest and the Mini Golf Charity tournament received exclusive rewards such as access to The Alternative Bank’s AltClub private lounge located in MMA 2, reserved for frequent fliers, as well as the premium, sleek Gold MasterCard World card that offers perks like access to private airport lounges worldwide, discounts at luxury hotels, complimentary travel insurance, and more.

The weeklong program of the Nigeria Cup, the country’s premier golfing event, features tournaments for Professionals, Caddies, Children and Special Guests. The event showcases top golfing talent while promoting community engagement, valuable social networking opportunities, and charitable giving.

Hundreds of professional golfers are expected to participate in the various competitions throughout the weeklong programme that ends on 28 Saturday, September, with a glamorous gala night for special guests and patrons.

The Alternative Bank’s sponsorship of the Nigeria Cup underscores its dedication to fostering enduring relationships with customers and contributing to the betterment of society.

About The Alternative Bank

The Alternative Bank is a leading, specialized finance bank offering innovative and ethical financial services. The bank is committed to going beyond the status quo, doing things differently to provide its customers with the highest level of service and support.

NNPCL, NLNG, FIRS, Delta, Lagos, JAMB, TotalEnergies, Osun Partner GOCOP for 2024 Conference

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22/09/2024

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More sponsors have supported the hosting of the eighth annual conference of the Guild of Corporate Online Publishers (GOCOP) from October 2 to October 3, in Lokoja, Kogi State.

Leading the pack of sponsors are the Nigerian National Petroleum Company Limited (NNPCL), Delta and Lagos State governments, Nigeria LNG Limited (NLNG), and the Federal Inland Revenue Service (FIRS). Other sponsors are the Joint Admission and Matriculation Board (JAMB) and T-Pumpy Concept Limited.
Danlami Nmodu, 2024 Conference Planning Committee, chairman, confirmed this in a press statement by Remmy Nweke, GOCOP Publicity Secretary, recalled that the Nigerian Content Development and Monitoring Board (NCDMB), Emadeb Group and Dangote Group had earlier pledged their support for the event.
Other sponsors include the TotalEnergies, Osun State, Nigeria Civil Aviation Authority (NCAA), Setraco Nigeria Limited, United Bank for Africa (UBA) and Nigerian Communications Commission (NCC), Nigerian Safety Investigation Bureau (NSIB), Access Bank Plc, Zenith Bank Plc, First City Monument Bank (FCMB), Fidelity Bank Plc, Sovereign Trust Insurance Plc (STI), Nigerians in Diaspora Commission (NIDCOM) and National Film and Video Censors Board (NFVCB) to name but a few.
According to him, the eighth conference theme is “Nigeria: Tackling Insecurity, Power Deficit, and Transitioning to Digital Economy.”

Former governor of Cross River State, Senator Liyel Imoke, will give the keynote address.
The two-day event will also feature GOCOP members exclusive business and capacity building sessions; business lunch with GOCOP sponsors and heads of corporate communications of organisations and media advisers in the country on Wednesday, October 2. The main conference that is open to the public is on Thursday, October 3.
Confirmed speakers for the event include Yusuf Mamman, former Nigeria’s Ambassador to Spain, who is the conference chairman, Lt-General Tukur Yusuf Buratai, former Nigerian chief of army Staff (retd), and Aminu Maida, the executive vice chairman, Nigerian Communications Commission (NCC).
The conference will also feature a panelists session involving Rotimi Ajayi, a professor of Political Science at the Federal University, Lokoja, and Debrah M. Ogazuma, an edutainment communicator and veteran broadcaster.
Nmodu recalled with excitement that GOCOP conference 2023 was chaired by the JAMB Registrar and Chief Executive, Prof Ishaq Olarenwaju Oloyede, while the first Nigerian Professor of Capital Market, Prof. Uchenna Joseph Uwaleke was the keynote speaker.
Preceding speakers at the GOCOP annual conferences consist of Rev. Matthew Hassan Kukah, the Bishop of the Catholic Diocese of Sokoto who in 2019 delivered a lecture on “Economy, Security and National Development: The Way Forward.”
In 2021, Boss Mustapha, as the Secretary to the Government of the Federation and Chairman of the Presidential Task Force on COVID-19, keynoted the conference and spoke on: “Post Covid-19 Pandemic: Recovery and Reconstruction in Nigeria.”
Professor Mahmood Yakubu, chairman, Independent National Electoral Commission, delivered the keynote at the 2022 edition themed “2023 Elections: Managing the Process for Credible Outcome.”
GOCOP was established to ensure that online publishers uphold the tenets of journalism.

African Business Leader, Tony Elumelu, to Discuss Priorities at UNGA 2024

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22/09/2024

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African philanthropist and business leader, Tony Elumelu, will make Africa’s transformative economic growth, youth employment, and energy transition central to the discussions at this year’s United Nations General Assembly (UNGA), taking place late September in New York.

Elumelu will call for urgent action in a series of engagements, including a roundtable discussion at the Clinton Global Initiative with former President of the United States, Bill Clinton, and at an event co-hosted by the World Food Programme (WFP) and the Tony Elumelu Foundation (TEF), led by WFP Executive Director, Cindy McCain.

Elumelu will bring his perspective both from extensive experience in building industry-leading businesses across the continent, and the success of the Tony Elumelu Foundation’s catalytic programmes empowering young Africans. Elumelu is a realist, challenging Africa and Africans to solve their problems, bringing African solutions, but also recognising Africa’s responsibility to act.

As Chairman of United Bank for Africa (UBA) Group and pan-African investment company, Heirs Holdings, as well as Founder of the Tony Elumelu Foundation, Elumelu is a leading driver of Africa’s transformation agenda, helping shape the continent’s narrative on the global stage.

His thought leadership and advocacy challenge conventional views, offering innovative strategies for collaboration and growth.

The success of his Foundation in promoting youth entrepreneurship as a pathway out of poverty, has featured in case studies from Harvard, Chicago Business School, Stanford and Cambridge.

With over 60 percent of Africans lacking access to electricity and young people making up more than 60 percent of the continent’s 1.3 billion population, Africa faces challenges that impact the world. Africa, most recently with tragic floods in West Africa, is suffering climate driven environmental crises, caused by global emissions, whilst Africa’s development is held back by huge infrastructure deficits.

In a recent statement, Elumelu emphasised: “I have often said that there is nowhere else in the world you can reap the kind of investments as in Africa. However, I am acutely aware of the fundamental challenges our continent faces. Addressing the issues of sustainable economic growth, youth unemployment, gender inequality, and Africa’s energy transition is critical not only for meeting the continent’s basic developmental needs, but also for achieving the Sustainable Development Goals and unlocking the immense economic potential that Africa offers.”

An economist and visionary entrepreneur, Elumelu’s economic philosophy of Africapitalism, serves as a blueprint for accelerating Africa’s economic transformation, advocating for the private sector to take the lead in delivering social and economic wealth, and shared prosperity for all.

Alongside Elumelu’s advocacy, the United Bank for Africa, which he chairs, will host a networking gala on the sidelines of UNGA – a platform to spotlight investment opportunities on the continent.

The Gala will convene prominent leaders across four continents, in commemoration of UBA Group’s 75th anniversary and the Group’s 40 years of operations in the United States.

NNPC Moves to Revive Brass, Olokola LNG Projects

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22/09/2024

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Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo (4^th from right), CFO NNPC Ltd, Mr. Umar Ajiya (3rd form right) and EVP Gas, Power & New Energy, Mr. Olalekan Ogunleye (3^rd from left), with investors on the sidelines of the ongoing 2024 Gas Technology Conference & Exhibition (Gastech) in Houston, United States.

In its continued bid to maximise the nation’s abundant gas resources for economic development and prosperity, NNPC Limited has begun discussions with investors towards bringing back two Liquefied Natural Gas (LNG) projects, Brass and Olokola LNG projects.

NNPC’s Chief Financial Officer (CFO), Mr. Umar Ajiya disclosed this on the sidelines of the ongoing 2024 Gas Technology Conference and Exhibition (Gastech), in Houston, United States, on Thursday.

Brass LNG and OK LNG are two LNG projects with the potential of manifold economic benefits for the country which include job creation, power generation, revenue generation and economic diversification. The multi-billion-dollar projects were however stalled due to unfavourable market dynamics and slow decision-making by the political class in the past.

“In the past, gas prices went down, the economics of the projects meant a high Capital Expenditure (CAPEX) and this was a dis-incentive for investors and partners. Also, there was slow decision-making by the political class,”’ the CFO added.

While describing NNPC Limited as a commercially-driven Company which recognises timely project development and execution, the CFO said there are abundant gas resources in many parts of the world and therefore, the earlier Nigeria makes smart decisions to bring partners to the table, the better.

Ajiya commended President Bola Ahmed Tinubu for his support in driving new projects in the industry through the Presidential Executive Orders on Oil & Gas Reforms.

“We are also happy to have the Petroleum Industry Act (PIA) has provided fiscal incentives for investors and is creating the enabling environment that has rekindled hope in the energy sector.”

Ajiya described Gastech as an avenue for NNPC Limited to learn new technologies which will help the Company decarbonise its operations and promote its abundant LNG resources to the global market.

Gastech is the world’s leading forum dedicated to delivering a more sustainable energy future by bringing together experts who brainstorm to create pathways towards global energy security for lasting climate impact.

NAICOM CEO, Leading Experts to Headline Insurance Meets Tech 2024

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18/09/2024

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The Commissioner for Insurance and Chief Executive Officer, National Insurance Commission (NAICOM), Olusegun Omosehin, is set to headline one of West Africa’s premier conferences at the intersection of insurance and technology, Insurance Meets Tech 2024.

This year’s edition, which combines exclusive high-level discourse, IMT 3.0, and IMT Redefined, a new segment celebrating youth lifestyle, creativity, Afrobeats, and financial inclusion, is scheduled to be held on Friday, September 27, 2024, at the Balmoral Convention Centre, Federal Palace Hotel, Victoria Island, Lagos.

Olusegun Omosehin, the distinguished Commissioner for Insurance and CEO of the National Insurance Commission (NAICOM), will headline the conference’s third edition. His participation underscores the event’s commitment to bringing vital regulatory insights and forward-thinking perspectives to the forefront of the industry.

Joining the NAICOM Commissioner is Niyi Onifade, the CEO of Heirs Life Insurance, renowned for his transformative approach to insurance services in the region.

Stephen Alangbo, the Managing Director of Cornerstone Insurance, a distinguished figure in the insurance sector with over thirty years of experience, will share his expertise in deepening insurance penetration. Abimbola Onakomaiya, the President of the Professional Insurance Ladies Association (PILA), will also share her invaluable experience and vision for advancing gender diversity within the insurance sector.

In the technology space, Adetokunbo Omotosho, the innovative CEO of Cybervergent, will provide trends and insights on cybersecurity issues and thoughts on fostering digital trust in the insurance industry. Meanwhile, Ayo Bankole Akintujoye, CEO of Caladium Consulting, will offer insights into the strategic integration of technology within insurance operations.

Adding a unique perspective on the intersection of technology and pop culture, Joey Akan, Founder/CEO of Afrobeats Intelligence, will explore how cultural trends influence tech developments in the insurance landscape. Rashidat Adebisi, Chief Client Officer at AXA Mansard, will discuss client-centric strategies and the evolving demands of the modern insurance customer.

Odion Aleobua, Convener of Insurance Meets Tech 2024, expressed his enthusiasm about this year’s conference: “We are thrilled to present such a distinguished array of speakers, each a leader in their respective fields. Having Olusegun Omosehin, the CEO of NAICOM and a critical regulatory thought leader, among our lineup, highlights the significance of regulatory perspectives in shaping the future of insurance technology.

This year’s conference will offer unparalleled insights into the dynamic interplay between insurance and technology, providing attendees with actionable strategies and forward-thinking solutions. We are poised for an event that will inspire and drive tangible advancements in the industry.

“This year, we are proud to be supported by a distinguished group of sponsors in the insurance and tech space who are already on board, such as Leadway Assurance, Cornerstone Insurance, Cybervergent, Sanlam Nigeria, and emPLE; together, we look forward to shaping the future of the insurance landscape,” Odion added.

Insurance Meets Tech 2024 is poised to set new standards for industry conferences in West Africa, bridging the gap between insurance and technological innovation. Attendees can expect engaging discussions, networking opportunities, and actionable takeaways that will drive the industry’s future.

To register for the event, please visit https://insurancemeetstech.com. For further inquiries on participating in this highly anticipated conference and youth engagement, kindly contact Odion at +234 902 222 2226, Precious at +234 708 343 9552, [email protected].

About INSURANCE MEETS TECH 2024

The Insurance Meets Tech (IMT) Conference, an exclusive gathering, is a must-attend event for anyone interested in the future of insurance in West Africa.

It offers a platform for power-packed discourses, networking, and exploring the cutting-edge innovations shaping the industry, ensuring you stay ahead in this dynamic field.

The third edition of IMT introduces a unique, all-day, two-pronged event structure to be hosted simultaneously at the same venue.

This year features IMT 3.0, the traditional C-Suites series, focusing on high-level discourses, while the new segment, IMT Redefined, celebrates lifestyle, creativity, and Afrobeats.

NNPC /TotalEnergies’ $550m Ubeta Upstream Gas Project Takes Off

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18/09/2024

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Special Adviser to the President on Energy, Olu Verheijen (5^th from left); Minister of State for Petroleum Resources (Gas), Hon Ekperikpe Ekpo (5^th from right) in a group photograph with members of the U.S. – Nigeria Energy Security Dialogue held in Washington, DC. On Tuesday.

The $550 million upstream gas project between the NNPC Ltd and TotalEnergies on the development of the Ubeta field has taken off, the Presidency announced on Tuesday.

Special Adviser to the President on Energy, Olu Verheijen, disclosed this during an inaugural US-Nigeria Strategic Energy Dialogue, hosted by the U.S. State Department in Washington, DC.

The signing ceremony of the 550 million USD Final Investment Decision (FID) on the Ubeta Field Development Project took place in Abuja in June, this year. The Ubeta field, which was discovered in 1964, is located northwest of Port Harcourt, Rivers State.

Speaking at a luncheon organised as part of the inaugural US-Nigeria Strategic Energy Dialogue, Verheijen said the upstream gas project would deliver 350 million standard cubic feet of gas per day when operational.

Verheijen added that major energy reforms introduced by President Bola Ahmed Tinubu since June 2023 focused on improving energy security, attracting investments, and deepening collaboration with key partners, including the US government.

She said the key reforms had improved the viability of the gas-to-power value chain of the country.

The reforms, according to her, included initiatives to improve cash flows in electricity distribution through smart metering and the payment of outstanding debts owed investors and to reduce carbon emissions from gas production.

She added that the President issued five new executive orders to support the reform efforts, aimed at providing fiscal incentives for investment and reducing the cost and time of finalising and implementing contracts to develop and expand gas infrastructure.

The presidential aide said the directives are aimed to immediately unlock up to $2.5 billion in new oil and gas investments in the country.

Responding, the U.S. Assistant Secretary of the State Department’s Bureau of Energy Resources, Geoffrey Pyatt, said the dialogue was apt and strategic.

“The inaugural U.S.-Nigeria Strategic Energy Dialogue has set the stage for strengthened energy collaboration between the United States and Nigeria. Together, we’re advancing shared energy security, decarbonisation, and economic growth goals,” he said.

Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, led the Nigerian delegation to the event. Officials from the Ministry of Power, Nigerian Upstream Petroleum Regulatory Commission, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Nigerian Content Development and Monitoring Board, and NNPC Limited were also in attendance.

The U.S. delegation included representatives from the Bureau of African Affairs, USAID, the U.S. Department of Energy, the U.S. Trade and Development Agency, and the Export-Import Bank.

Heirs Insurance Unveils Winners of N8m Essay Championship Scholarship

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18/09/2024

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L-R: Charles Odii, DG, SMEDAN; Alhaji Misbau Umar Yola, Non-Executive Director, Heirs General Insurance; Niyi Onifade, MD/CEO, Heirs Life Assurance and the Group’s Sector Head; Hephzibah Chidi, Winner, 2024 Heirs Insurance Essay Championship; Tony Aniemeke, MD/CEO, Heirs Insurance Brokers and Ifesinachi Okpagu, Chief Marketing Officer, Heirs Insurance Group.

Heirs Insurance Group, Nigeria’s fastest-growing insurance Group, has announced the winners of its 2024 Essay Championship, who will be awarded N8 million scholarship.

The winners were announced at a grand ceremony in Abuja, as part of an all-expense paid event hosted by the Group for the finalists, their parents and school representatives.

The winner, Hephzibah Chidi from Seacrest Preparatory in Rivers State, who won the first-place position and a N5 million scholarship, captivated the judges with her winning essay and presentation of “The Story of My Hero.”

In addition to her N5m Scholarship, Hephzibah Chidi’s school, Seacrest Preparatory was awarded a N1m grant to support an educational project.

The other winners include Pemisire Owolabi from Quest College in Oyo State, who won second place with a N2 million scholarship, and Mariam Raheem from Isador Model School in Lagos State, who won the third-place position with a N1million scholarship.

All winners received their awards in the presence of their parents and school representatives, distinguished guests, including, Director General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Charles Odii, and hosts of the event – Niyi Onifade, MD/CEO, Heirs Life Assurance and the Group’s Sector Head; Tony Aniemeke, MD/CEO, Heirs Insurance Brokers, among others.

This year’s Championship attracted nearly 5,000 participants from Junior Secondary Schools nationwide, all showcasing exceptional creativity and innovative ideas.

The Championship highlights Heirs Insurance Group’s unwavering commitment to supporting education and promoting financial literacy.

Speaking at the event, Niyi Onifade, MD/CEO, Heirs Life Assurance and Sector Head, Heirs Insurance Group, said: “At Heirs Insurance Group, we understand that education is not only a pathway to a better future but also a catalyst for financial empowerment. Through this Championship, we are nurturing young talent and bridging the financial literacy gap, fulfilling our purpose of improving lives and transforming Nigeria”.

Speaking further, Onifade praised the outstanding efforts of all participants, “I am proud of the creativity and critical thinking displayed by our finalists, as well as every student who submitted an essay. These young minds are shaping the future of our country, and we are proud to support them.”

A distinguished panel of academic professionals, led by a Professor of English, rigorously evaluated each entry.

The top 15 essays advanced to the next round of assessments, from which the top 3 finalists were chosen to compete in the grand finale.

To ensure the highest standards of fairness and transparency, Deloitte & Touche was engaged as an independent Quality Assurer throughout the grading process, guaranteeing a free and fair evaluation for all participants.

The Heirs Insurance Essay Championship is a key component of Heirs Insurance Group’s Corporate Social Responsibility (CSR) efforts, geared towards enhancing the quality of education for the next generation.

The Championship also highlights emerging talent, bringing parents and children closer to insurance through extended financial literacy workshops.

Veritas Kapital Assurance Reports 1101% Net Profit Growth in 2023

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18/09/2024

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Veritas Kapital Assurance Plc, one of Nigeria’s leading insurance firms, has declared an astounding 1,101 percent increase in net profit for the 2023 fiscal year, representing a remarkable surge from N193.93 million for the previous year to N2.33 billion.

Mr. Nahim Ibraheem, Chairman of Veritas Kapital’s Board of Directors stated this on Tuesday at the company’s 47th Annual General Meeting (AGM) in Abuja.

According to him, the performance was a reflection of the company’s unwavering commitment to enhancing shareholders’ value and revolutionising its business offerings and brands to deliver a consummate customer experience.

“During the year under review, your company also remained resilient by recording 67 per cent growth in Gross Premium to N7.298 billion from N4.369 billion in 2022.

“Insurance revenue also grew by 41 percent to N7.1 billion in 2023 from N5.04 billion in 2022.

“Also showcasing resilience, the company’s Profit Before Tax (PBT) grew to N2.417 billion in 2023 from N221.5 million in 2022, a growth rate of 991 percent,” he explained.

However, the Chairman said negative global and domestic economic realities where some challenges the leadership of the company had to contend with in steering affairs of the company during the period.

“Dubbed the year of resilience by analysts and economic observers alike, the growth of global economy in 2023 was indeed nothing short of miraculous, as elevated inflation and other aggressive headwinds diminished global economic growth.

“In the domestic economy, a keyword that continued to make the rounds in policy, business and consumer circles in 2023 was inflation.

“High inflation in 2023, according to analysts was largely precipitated by the sweeping market reforms being implemented by the current administration since transition to new government in May 2023.

“From domestic standpoint, removal of fuel subsidy, which caused the price of petrol to rise by 220 percent in November 2023, as well as the depreciation of the Naira by over 50 percent also contributed to it.

“Despite the limitation in consumer spending, the Nigerian insurance sector continued to showcase its resilience.

“According to the National Insurance Commission (NAICOM), the industry crossed the One Trillion Naira premium forecast in full-year 2023, compared to N726 billion recorded in 2022, a growth of 27 percent,” he said.

Dr. Adaobi Nwakuche, Managing Director of Veritas Kapital Assurance Plc expressed profound satisfaction with the company’s performance within the period.

She attributed the success to strategic business decisions of judicious underwriting and investments, highlighting the substantial returns generated by these choices.

The Managing Director said the company was strengthening commercial contacts with significant and key companies in critical sectors such as oil and gas and aviation to attract profitable business from the sectors.

Shareholders who attended the AGM extoled the company’s board and management for remaining focused and dogged in steering the company to profitability despite the current economic challenges facing businesses in Nigeria.

NNPC Projects Fuel Price of N950 Per Litre for Lagos, N1, 019 for Borno

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16/09/2024

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The NNPC Limited has released estimated prices of Premium Motor Spirit (PMS), also known as Petrol (obtained from the Dangote Refinery) in its retail stations across the country.

The NNPC also states that, in line with the provisions of the Petroleum Industry Act (PIA), PMS prices are not set by Government, but negotiated directly between parties on an arms length.

NNPC confirms that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as Naira transactions will only commence on October 1st, 2024.

The NNPC assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100 percent to the general public.

Attached to this statement are the estimated pump prices of PMS (obtained from the Dangote Refinery) across NNPC Retail Stations the country, based on September 2024 pricing.

PROPOSING A BIRTHDAY TOAST TO A RARE PHILANTHROPIST AND ASTUTE ENTREPRENEUR

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16/09/2024

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By Goke Ilesanmi

Just as I said in a previous birthday tribute, one of the months I eagerly look forward to is the month of September, the ninth month that coincidentally has nine letters.

My anticipation about this month is not just because it marks the beginning of the EMBER months. Neither is it because it is the month that variedly symbolises delivery of good things, fulfilment of expectations and freedom from the pangs of discomfort or pains, etc.

I especially have emotional attachment to the month because of a special date there, that is, September 16, the date of birth of a special human being known as OTUNBA ODEYEYIWA KAZEEM OLAYEMI. Otunba Odeyeyiwa is a rare philanthropist, visionary business leader, astute corporate executive and encyclopedic professional Accountant on a special divine assignment on earth here.

This rare Humanitarian is the Managing Director/Chief Executive Officer of REPTON GROUP, a GROUP that has several profitable subsidiaries such as Kazab Heritage, Success Link, Defrost Ventures Limited, Ibile Motors and Continental Vision. Repton Group is mainly into distribution, logistics, farming, construction and general trading.

With the passionate philanthropic drive and massive societal impacts of this highly cerebral entrepreneur, it is not an exaggeration to say he is running the business GROUP on behalf of humanity as a Representative. Maybe that is why he has christened the conglomerate REPTON GROUP because REP is the first syllable or the first three letters of the name of the GROUP.

Otunba’s passion for the betterment of humanity is counterbalanced by his strong commitment to business success, which is commendably reinforced by her highly industrious global queen, Yeye Otunba (Alhaja) Odeyeyiwa Adesola Mutiat, a Director at Repton Group. This strategic and visionary businesswoman has built a thriving business empire as a major distributor of Coca-Cola and Seven Up beverages in the South West.

It is therefore not surprising that Kazab Heritage, the Group’s trading arm for cement business achieved the milestone of becoming the 2023 NATIONAL LARGEST DISTRIBUTOR of Dangote Cement in Nigeria after having come second consistently for three years. The Group had also earlier emerged as the NATIONAL LARGEST DISTRIBUTOR of Lafarge Cement in Nigeria in 2020 and 2017.

It is noteworthy that I still stand by what I said during the golden jubilee celebration of this High Chief and “Babalaje” (i.e. Successful Business Man) of Itori Egba Land, Ogun State. The special attributes of this Otunba Bobagunwa of Modakeke, Osun State and “Baba Adinni” of Ewekoro Central Mosque underscore the fact that his own philanthropy is a calling or better still, divine assignment here on earth because it is beyond passion as explained by his zodiac sign of Virgo.

Futurescope Astrology, an international organisation that specialises in the interpretation of zodiac (sun) signs and dates with associated attributes says, “For people born on September 16, the zodiac sign is Virgo. Virgos are usually helpful; they are the first to offer themselves to do favours and they are very modest people. They are hardworking, honest and reliable.”

Futurescope Astrology then summarises the natural attributes of Virgos as “hardworking, helpful, patient, reliable, analytical, intelligent, honest, modest, observant and organised”. Anyone that relates with Otunba will totally agree with Futurescope Astrology on the accuracy of its interpretation regarding these special trademarks of Virgos that constitute their Unique Selling Points. These excellent natural attributes also explain Otunba’s outstanding success in paid employment at Lafarge Wapco Plc, Kimberly-Clark Nigeria, A.G. Leventis (Nigeria), etc.

These Virgo attributes, especially hardwork and intelligence, naturally offer explanation about Otunba’s great thirst for multiplicity of quality academic and professional qualifications. For instance, apart from being a holder of an MBA degree from the Business School of the Netherlands and another MBA degree in General Management from Obafemi Awolowo University, Ile-Ife, Osun State, this encyclopedic corporate pacesetter is also a Certified Information System Auditor.

Otunba is a multiple Fellow of the Institute of Chartered Accountants of Nigeria; Chartered Institute of Taxation of Nigeria; Nigerian Institute of Management; Nigerian Institute of Marketing and Institute of Management Consultants of Nigeria.

He is equally a Full Member of the Institute of Directors, Nigeria and an alumnus of the Prestigious Lagos Business School, Nigeria and London Business School where he attended the Advanced Management Programme in Innovation through Design Thinking in April 2023.

What’s more, Otunba is a member of Island Club, Lagos Country Club, Ikoyi Club, Ikeja Golf Club and Abeokuta Sports Club. He is also a member of the Nigeria Economic Summit Group, Business Club of Ikeja and Lagos Chamber of Commerce and Industry as regards Business Advocacy groups.

Otunba, as you celebrate your birthday today Sir, we at Gokmar Communication Consulting want to use this medium to wish you Happy Birthday and thank him for your relentless support over years. We pray that you celebrate many more fruitful years in the service to humanity Sir. Congratulations Sir.

Goke Ilesanmi, Guest Speaker at the University of the West of Scotland’s Sixth International Conference https://twitter.com/CAREED_UWS/status/1486702966241431553?t=_LwgiSHkIp8c3yMdmH-YIw&s=08 is the CEO, Gokmar Communication Consulting, Publisher, www.gokeilesanmi.com.ng, International Platinum Columnist, Biographer and Professional Public Speaker.

NCC, SEC, NASENI CEOs to Discuss Business, Economic Recovery at WES 2024

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Business Journal

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16/09/2024

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All is set for the annual WorldStage Economic Summit in Lagos on Wednesday, September 25, 2024 with the participation of top business and public executives which include Dr. Aminu Maida, EVC/CEO, Nigerian Communications Commission (NCC); Dr. Emomotimi Agama, Director General, Security and Exchange Commission (SEC); Mr. Khalil Halilu, EVC/CEO, National Agency for Science and Engineering Infrastructure (NASENI), among others.

World Stage Limited, the organiser of the summit in a statement said WES 2024 with the theme “Nigeria: Setting a Stage for Business and Economic Recovery” will now hold at the IBIS Hotel, 23 Toyin Street, Lagos, instead of the Event Centre, Nigerian Exchange earlier announced.

The statement said the critical stakeholders for business and economic recovery that are expected at the summit include the leadership of the Lagos Chamber of Commerce and Industry; Manufacturers Association of Nigeria; Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture and academicians from Economic Departments of higher institutions.

Specifically, the statement said Prof Diran Akinleye, Head of Department of Economics, University of Lagos (UNILAG) and his counterpart from Lagos State University (LASU), Prof Yaqub Jameelah Omolara will be part of the panel discussants of the theme at the summit.

The summit is coming at a time when Nigeria’s economy is struggling to shake off the impacts of serious challenges such as COVID-19, Naira re-denomination, fuel subsidy removal among others.

Mr Segun Adeleye, President/CEO World Stage Limited was quoted as saying that “WES 2024 will put stakeholders that are critical to the economic turnaround on the spotlight to stimulate case discussions, public buy-in and lasting solutions.”

Polaris Bank Inducted Premium Member of Nigeria-British Chamber of Commerce

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Business Journal

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14/09/2024

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From right: Mr. Kayode Lawal, Managing Director/CEO of Polaris Bank, receiving on behalf of the bank, Premium Membership Certificate into Nigerian-British Chamber of Commerce (NBCC) from Mr. Kayode Falowo, NBCC’s Ex-President/Chairman, Greenwich Merchant Bank in Lagos recently.

Polaris Bank has been inducted a premium member of the prestigious Nigeria-British Chamber of Commerce (NBCC), marking another milestone in the Bank’s journey towards enhancing profitable trade between businesses in Nigeria and promoting global commercial partnerships with businesses in United Kingdom.

The induction ceremony which took place recently in Lagos with few other enterprises has swelled current membership of the Chamber representing a broad sectoral spectrum of top players operating in the banking; consulting; education, energy, pharmaceuticals, oil & Gas, Trading, health, manufacturing companies, among many others.

The Managing Director/CEO of Polaris Bank, Kayode Lawal speaking at the induction expressed gratitude to the Chamber for the recognition and highlighted Polaris Bank’s commitment to “leveraging this platform to drive sustainable economic development and deeper engagement with stakeholders.”

“Distinguished guests, members of the Nigeria-British Chamber of Commerce, and esteemed colleagues, it is truly an honour to accept this induction, on behalf of Polaris Bank. Being part of this esteemed Chamber is a significant milestone for us, as it aligns with our vision to build stronger partnerships and contribute meaningfully to the growth of trade and investment between businesses in Nigeria and the UK.”

He further added that Polaris Bank is committed to using its membership of the NBCC to exchange innovative ideas and provide long-term and mutually beneficial relationships that promote growth of businesses in Nigeria and beyond.

“We are available for business and ready to work with stakeholders to ensure impactful and a win-win collaboration,” Lawal reiterated.

The Nigeria-British Chamber of Commerce continues to play a critical role in promoting trade relations and investment between Nigeria and the UK, and Polaris Bank’s induction reflects the Bank’s strategic focus on contributing to these bilateral efforts.

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

Awards.

Anchor Insurance Holds 34th AGM in Lagos

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Business Journal

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14/09/2024

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L-R: Mr. Adebisi Ikuomola (Executive Director, Technical), Mr. Akinola Taiwo (Director), Mr. Ben Udowa (Chairman), Dr. Ebose Augustine (MD/CEO), Mr. Ime Umoh (Company Secretary/Legal Adviser) and Mr. Chris Attah (Director) at Anchor Insurance Company Limited 34th Annual General Meeting at the Company’s Head Office in Lagos.

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