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Union Bank Pledges Improved Access to Capital for SMEs

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Union Bank of Nigeria has reiterated its commitment to providing easy access to capital for Small and Medium-sized Enterprises in the country to boost the growth and profitability of the sector.

This assertion was made at the 2023 edition of the ‘Top 100 Fastest Growing SMEs in Nigeria’ conference recently hosted by BusinessDay newspaper.

The event, ‘Accelerating growth for SMEs in an era of uncertainty,’ brought together industry experts, small business owners, policymakers, and other stakeholders in the SME sector to evaluate and spotlight the activities of SMEs in Nigeria.

The well-attended conference included different panel sessions with discussions centered on many issues related to the development of SMEs in Nigeria.

Speaking at the Raising Finance for SMEs panel, Gloria Omereonye, Area Business Executive, Union Bank, shared insights on how SMEs can be supported to access finance.

According to her, “access to timely and adequate capital is a major need for small businesses. Creating hassle-free, seamless, and technologically innovative processes for SMEs to receive loans is a big relief for businesses looking to develop and grow their enterprises quickly. At Union Bank, we are always keen to collaborate and support entrepreneurs looking to scale up their small ventures.”

Union Bank is pleased to continue to associate with the Business Day 100 SME Conference, a platform that seeks to showcase the contributions of small and medium-sized enterprises crucial to developing the Nigerian economy.

About Union Bank Plc:

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

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

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

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

Indigenous Software Will Create Jobs, Drive Economic Growth – Experts

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L-R: Bimbo Abioye, President, ISPON, Hajia Thaibat Adeniran, CEO, Hilal Takaful Nigeria Limited and Dr. Agada Apochi, GMD, Unified Payments (UP) at the recent Digital Agenda Forum 2023 in Lagos.

Technology and innovation enthusiasts and experts have again reiterated that promotion of indigenous software will redeem the country as it struggles to turn its economic fortune around. Speaking during the recent Digital Agenda Forum 2023 in Lagos eminent personalities in Nigeria’s innovation and technology space made this case in different ways.

Bimbo Abioye, President of ISPON, and Group Managing Director of FinTrak Software in his compelling address titled ‘Understanding The Strategic Role of Software in Emerging Technologies and National Development’ highlighted the crucial significance of embracing indigenous software for fostering national growth and economic stability.

Addressing a diverse audience of distinguished guests, Abioye emphasised the pressing need for Nigeria to pivot towards patronizing indigenous goods and services. He pointed out the detrimental impact of the country’s reliance on foreign products, underscoring the resultant increase in unemployment rates and the stifling of domestic economic growth.

“The ‘Japa’ syndrome continues to exacerbate the issue,” remarked Abioye, urging a shift towards supporting locally developed software as a means to generate employment for the country’s youth. Citing the potential of the software industry to employ millions, he highlighted the disparity between Nigeria and countries like India, where technology firms have propelled significant employment opportunities.

Drawing parallels to India’s success in leveraging software for national growth, Abioye stressed the transformative potential of indigenous software across sectors like healthcare, education, agriculture, and governance. He underscored the need for collaborative efforts among government, industries, and academia to create an environment conducive to the growth of the local software industry.

Joining the discussion, Amos Emmanuel, founder of Innovationbed, spoke on the urgent need for inclusive governance and the bridging of developmental gaps. He highlighted Innovationbed’s role in establishing a tech-driven innovation ecosystem focused on addressing socioeconomic disparities and fostering home-grown innovation in Nigeria.

Innovationbed.Africa emerges is a key initiative driving innovation capacity development among the youth, governments, and institutions, aiming to construct a fairer, sustainable, and inclusive digital society crucial for the development of developing countries.

The program underscores the urgent need for collective action and innovation across eight core economic sectors. It emphasizes the involvement of every individual and innovator to fuel Nigeria’s national development.

In the wake of these discussions, Don Pedro Aganbi, Managing Consultant, TechTV, convener of the Digital Agenda Forum, noted the imperative to embrace indigenous software as a driver of national development becomes increasingly evident.

He argued that the call to action resonates strongly – to support, promote, and invest in home-grown software solutions, heralding a technologically empowered future for Nigeria.

NSIA Insurance Completes Phases1, 2 of Govt Senior College, VI School Project

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As part of its unwavering commitment to corporate responsibility and sustainability, NSIA Insurance completes the first and second phases of its school project in collaboration with Government Senior College, Victoria Island, Lagos.

Some of its project highlights include:

Football Field Development: A state-of-the-art football field has been developed and is now maintained for the benefit of the students at Government Senior College, VI.

Public Address System Donation: Contributing to the enhancement of educational facilities, NSIA has donated a modern public address system to facilitate effective communication within the school.

Educational Support: Acknowledging the importance of academic excellence, NSIA has donated 400 copies of JAMB and WAEC past question booklets to support the students in their educational journey.

The presentation ceremony was graced by key individuals, including Folayemi BALOGUN (Head of Human Capital Management), Amos ALAO (Head of Retail Agency), Chigoziem NKEM-IBEGBULAM (Head of Internal Control), Odunayo DEHINBO (Team Lead, Brand Management), Onyinye OTUOKERE (New Media and Special Projects Executive), Mrs. OYEDELE, Principal of Government Senior College and Prefects from the College.

Mrs. OYEDELE, expressed her joy, stating, “we are very happy about these gifts. It came so timely as the children are about to commence their inter-house sports activities.” A heartfelt thank-you speech was delivered by one of the prefects, who expressed, “Thank you, NSIA Insurance, for supporting us with these items. We are very grateful. It’s an honor to have you all here, and we say, Thank you.”

NSIA is committed to making a lasting impact in society. The school project is just one of the many causes it is dedicated to, and the firm looks forward to building on this foundation in the future.

About NSIA Insurance Limited

NSIA Insurance Limited is a leading composite insurance company driven by integrity, care, innovation, and professionalism. The head office is in Lagos, with a strong regional presence in Abuja and an extensive network in strategic states across the country. NSIA Insurance offers a wide range of insurance services at competitive rates to meet the changing financial, investment, and lifestyle needs of its corporate, commercial, and individual customers.

NSIA Insurance Limited (Nigeria) is part of NSIA Participations, which is currently present in 12 African countries; namely, Benin, Cameroon, Congo, Côte d’Ivoire, Gabon, Ghana, Guinea, Guinea Bissau, Mali, Nigeria, Senegal, and Togo.

NASENI, UNIDO to Partner on Renewable Energy Solutions, Industrial Dev

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Front row left: Representative of Bloomhill Agroservices, Germany, Elizabeth Ogbile; representative of (B) Energy, Germany, Katrin  Puetz; S.A on Strategy to the EVC/CEO of the National Agency for Science and Engineering Infrastructure (NASENI), Mr. Mohammed Mahmoud; team lead, United Nations Industrial Development Organisation (UNIDO) Investment and Technology Promotion Office (ITPO), Germany, Mr. Michael Schmidtz; Representative of the EVC/CEO of NASENI, Coordinating Director, Planning and Business Development, Mrs. Nonyem Onyechi; Coordinating Director, Science Infrastructure, NASENI, Prof Ibrahim Umar Gaya; Director, Finance and Accounts, Mr. Jibril R. Haske; and the Deputy Head, UNIDO Nigeria Office, Mr. Adekunle Olusile after a collaboration meeting between NASENI and UNIDO delegation on Monday, December 11, 2023 in Abuja.

The United Nations Industrial Development Organisation (UNIDO) is seeking the collaboration of National Agency for Science and Engineering Infrastructure (NASENI) to reduce energy poverty in the country via domestication of renewable energy solutions and to fast-track industrial development of the country.

The Deputy Head, UNIDO Nigeria Office, Mr. Adekunle Olusile who led a delegation to visit the Management of NASENI in Abuja, sought amongst others to facilitate German companies and research institutions’ collaborations with the Agency to reduce energy waste and support the present government’s food production agenda.

The Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of NASENI, Mr. Khalil Suleiman Halilu, represented by the Coordinating Director, Planning and Business Development, Mrs. Nonyem Onyechi in company of top management of the Agency received the team, saying that the management appreciated UNIDO’s Office in Nigeria for extending hands of fellowship to NASENI.

Onyechi informed the visitors that NASENI has the mandate of driving Nigeria’s industrial development through technology transfer and domestication, production of capital goods to be ceded to small and medium enterprises (SMEs) and entrepreneurs generally.

In a short presentation on behalf of the Agency, Deputy Director, Engineering Infrastructure, Engr. Emmanuel Ajani, detailed various interventions, programmes and projects of NASENI in the renewable, agricultural and industrial sectors, showcasing to the delegation various technological innovations, products and machineries produced by NASENI.

The UNIDO Investment and Technology Promotion Office (ITPO) Germany Team Lead, Michael Schmidt said the organisation mobilises investments and technologies for sustainable industrial development and supports investors and companies by facilitating technology transfer from Germany to developing countries and economies in transition. Therefore, the visit to NASENI was more like a fact-finding, so that the areas of collaboration between German companies and the Agency could be established, leading to socio-economic development of the country.

He said the delegation was seeking to support President Bola Ahmed Tinubu government’s food production agenda through food processing and food packaging, reduction of energy waste through biogas production and renewable energy solutions such as solar PV, solar batteries, among others.

The Deputy Head, UNIDO Nigeria Office said he had identified several areas of collaboration from NASENI’s presentation, while adding that “Germany is very strong in renewable sector with several of its companies who are important to such partnerships and are seeking to know Nigeria’s plan to grow its solar PV usage before 2030.”

In order to take the conversations forward geared toward action, NASENI and UNIDO thereafter set up a working group or committee to drive the initiatives and also to bring all prospective partners on board.

Some of the German companies represented at the meeting held in Abuja included Bloomhill Agroservices, (B)energy, Wilo Pumps, GEA, EMPO-NI and University Weihenstephan Triesdorf amongst others.

 

 

 

Christmas: Access Bank Unveils Season of Rewards to Excite Customers

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Santa came early for Access Bank customers as the top financial institution unveils exciting rewards and mouth-watering discounts on its products to excite and enhance the joy and spirit of the festive season.

The campaign will reward customers with cash prizes up to N1million, Shopping vouchers, huge discounts and exciting freebies from today till the end of December, 2023.

Speaking at the launch of the campaign, Group Head, Consumer Banking, Njideka Esomeju said:

“The season of giving is here, and it provides us with another opportunity to demonstrate our love and appreciation for our customers for their loyalty and support to the bank. We are using this opportunity to thank our customers for their commitment to Access Bank. We value our customers and non-customers who rely on our services and products to conduct seamless banking activities, and we wish everyone the best of the season. In this month of December, our customers will enjoy Zero Charges when they make electricity and DSTV bill payments on the AccessMore mobile app. We will also be rewarding 100 customers with N10,000 shopping voucher when they perform a minimum of 5 transactions above N1,000 on the AccessMore App. Our card users are not left out of these goodies. They get to enjoy 8% discounts on hotel staycations on bookings.com. For our DiamondXtra customers who save a minimum of N5,000 or more, they stand a chance to win our loyalty reward of N1million while there’s also free digital marketing training for the first 1,000 winners.

That’s not all. Our Xclusiveplus customers are not left out as the bank will reward new customers with Free 20GB data bundles valid until the 15th of December 2023, up to 5% discounts off purchases on Konga and treats at all our in-branch and airport lounges locations nationwide. Our ‘W’ Initiative will also reward women with discounts on driving lessons from FRSC accredited driving schools.

All these are our way of showing appreciation to our customers for the year 2023.”

NCC, NATCOMS Lead Stakeholders @2023 ITREALMS E-Waste Dialogue

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Telecommunications regulator, the Nigerian Communications Commission (NCC) is leading the industry in mopping up support for the 2023 edition of the ITREALMS E-Waste Dialogue scheduled at Welcome Centre Hotels, Mohammed Murtala International Airport Road, Ikeja, Lagos by 9am this Friday.

Even as skillful professionals drawn from National Environmental Standards and Regulations Enforcement Agency (NESREA), National Association of Telecoms Subscribers (NATCOMS), Environmental Health Officers Registration Council of Nigeria (EHORECON) and E-Waste Producer Responsibility Organisation of Nigeria (EPRON), to name a few, have queued up to analyse the theme of the dialogue “You can recycle anything with a plug, battery and cables.”

Revealing these at the weekend, the editor-in-chief, ITREALMS Media group, Mr. Remmy Nweke, said that the ITREALMS E-Waste Dialogue, slated for Friday, December 15, 2023 at Welcome Centre Hotels, Lagos would have the Executive Vice Chairman (EVC) of NCC, Dr. Aminu Maida to deliver a keynote address to the occasion.

Maida’s keynote, he disclosed, would focus on ‘NCC: Recycling plug, battery & cable in telecoms sector.” while NATCOMS National President, Chief Deolu Ogunbanjo would share insight on “The Place of Telecoms Consumers” on the main theme.

Nweke pointed out that the importance of tackling electronic waste in the country cannot be over-emphasised, as with the introduction and deployment of 5G in the country, more devices and appliances are expected to bring out an influx of electronic devices and usage.

Recalling that the Waste from Electrical and Electronic Equipment (WEEE) emanates from the likes of mobile phones, computers, TV-sets, and fridges among other electronic devices have become a set of fastest growing waste streams across the globe, just as small as the plugs, batteries and cables constitute e-waste.

Nweke also noted that the newly appointed Executive Vice Chairman/Chief Executive Officer, NCC, Dr. Aminu Maida was appointed by President Bola Tinubu, on Wednesday, October 11, 2023 and holds an MEng in Information Systems Engineering from Imperial College, London in 2002, and in 2006, he bagged a PhD in Electrical & Electronic Engineering from the University of Bath, United Kingdom.

In between 2018 and 2019, Maida completed a Post Graduate Diploma in Entrepreneurship (FinTech Pathway) programme at the Cambridge Judge Business School, University of Cambridge, United Kingdom.

And until his latest appointment by the President, Dr. Maida was the Executive Director, Technology and operations at Nigeria Inter-Bank Settlement System Plc (NIBSS), the country’s central switch company owned by the Central Bank of Nigeria (CBN) and all licensed Deposit Money Banks (DMBs) in Nigeria.

At NIBSS, Dr. Maida was responsible for holistically spearheading the technical and operational standardization of all devices deployed in the financial system in Nigeria for interoperability. Maida led a dynamic team that ensured that all terminals used in the e-payment industry and all devices deployed in Nigeria would accept all cards issued by banks and other licensed card schemes without discrimination.

Prior to his appointment at NIBSS, Maida was the Chief Technical Officer (CTO) at the Nigerian-based FinTech Arca Payments Network and Senior Manager at Cisco Systems, United Kingdom.

As a seasoned technical professional with over 15 years of multi-functional and international experience in FinTech; Telecoms; Enterprise Technology, Maida between 2010 and 2014, worked as a Network Design Consultant at EE, part of BT Group, and one of the largest mobile communications companies in the UK.

He was also at some point (2006-2010) a System Engineer at Ubiquisys, a leading company in intelligent 3G and LTE small cells, which is now part of Cisco. Dr. Maida, a professional par excellence with a broad range of experience, making him technically strong and commercially aware, is married with children.

ITREALMS Media, he recalled, in commemoration of the International E-waste Day (IeWD) 2022, has advanced plans to host a day discourse on e-Waste in Nigeria this Friday, December 15 in Lagos.

Maida Excited at Nigeria’s Success at World Radio Communications Conference 2023

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Executive Vice Chairman/ Chief Executive Officer, Nigerian Communications Commission, Dr. Aminu Maida (right) with Director-General, Telecommunications and Digital Government Regulatory Authority, United Arab Emirates, Engineer Majed Sultan Al Mesmar during a bilateral meeting at the on-going International Telecommunication Union (ITU)’s World Radiocommunication Conference 2023 taking place in Dubai. The event started on November 20, 2023 and will end December 15, 2023.

The leadership of the Nigerian Communications Commission (NCC) is excited about Nigeria’s impressive performance at the ongoing International Telecommunications Union (ITU)’s World Radio Communications (WRC) Conference 2023, holding in Dubai, United Arab Emirates, where two Nigerians were elected into leadership positions, while some other delegates from the Commission were elected into Working Groups.

Executive Vice Chairman of the Commission, Dr. Aminu Maida, speaking on the sidelines of WRC 2023 in Dubai,  announced  that the Director of Spectrum Administration at NCC, Engineer Abraham Oshadami, has been elected  Vice Chairman of the ITU’s Radiocommunication Advisory Group (RAG); while the Acting General Manager and Project Manager, Navigation Project Office, Nigerian Communications Satellite Limited, Dr. Lasisi Salami Lawal was elected Vice Chairman of the ITU-R Study Group Four (Satellite Services). Some other members of the NCC delegation were elected into WRC 2023 Working Groups.

While congratulating the successful delegates, Maida commended the Honourable Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, who led Nigeria’s delegation to WRC 2023, for “providing guidance, leadership, encouragement and support to the Nigerian delegation at the conference.”

The WRC Conference brings together the global community to agree on the use of the world’s finite spectrum resources, the electromagnetic waves that provide connectivity for our day-to-day technologies.

Maida expressed delight at the outcome of the elections, stating that roles of the Nigerian elected delegates would enhance Nigeria’s global standing in the telecom space, as well as ensure that the country’s interests and goals are more aptly aligned with global best practices.

“I am excited about the election of two of our colleagues, Engr. Oshadami and Dr. Lawal as Vice Chairs of the Key Study Groups. It is an honour for the Nigerian Communications Commission and the Nigeria Communications Satellite Limited to have produced these two intellectuals as global radiocommunication leaders.

“Their positions will also ensure that our interests and goals aptly align with global best practices, especially as we work towards attaining the target set by the National Broadband Plan,” he said.

He further charged them to live up to the huge expectations that the global radiocommunication community has placed on them by electing them into the roles.

He also reflected deeply on the presence of the Honourable Minister at the event as a major booster for the delegation and a strong indication of the Federal Government’s commitment to the delegation’s participation at the WRC-23.

The NCC boss also used his presence at the event to engage with the leadership of the ITU, as well as other leaders in the global telecom industry.

He held meetings with the Secretary General of the ITU, Mrs. Doreen Borden-Martin, as well as the Secretary General of the African Telecommunications Union (ATU), Mr. John Omo, during which he shared his vision and priorities for the Commission, as well as potential areas of collaboration and increased Nigerian participation in the two unions.

Maida also met with directors at the ITU, including the Director of Telecommunication Development Bureau (BDT), Dr.Cosmas Zavazava; Director of the Radiocommunication Bureau (BR) Mr. Mario Maniewicz and the Director of the Telecommunication Standardisation Bureau (TSB), Mr. Seizo Onoe,

One of the meetings was also with his UAE counterpart – the Director General of the Telecommunications and Digital Government Regulatory Authority (TDRA), H. E. Engineer Majed Sultan Al Mesmar, where they shared their perspectives on effective regulation.

 

Sovereign Trust Insurance Takes Career Counselling to Igbobi College

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L-R Oritselaju Ejuomah, Adeleye AboladeFolusho Opeodu, Chioma Obiedo, Abigael Adeleye and students of Igbobi College Yabaat the last quarter career counselling and catch-them-young programme sponsored by Sovereign Trust Insurance Plc as part of its CSR initiative in creating awareness for insurance among secondary school pupils in Nigeria.

The event was held on December 6, 2023, in the school premises.

 

Sovereign Trust Insurance Plc has taken its Corporate Social Responsibility (CSR) campaign of career counselling to Igbobi College Career Counselling and Catch-Them-Young programme aimed at creating awareness for the young ones with regards to the business of insurance as practiced in Nigeria and beyond.

 

PenCom: Pension Assets Now N18tn as Retirees Reap N3tn Benefits Since 2004

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The National Pension Commission (PenCom) says pension assets under management in Nigeria came to N17.65 trillion as at October 31, 2023 under the new Contributory Pension Scheme (CPS) regime.

Mr. Ehimeme Ohioma, Head, Surveillance Department at PenCom said at the 2023 annual media parley of the Pension Fund Operators Association of Nigeria (PenOp) in Lagos that retirees have equally reaped over N2.7 trillion in terms of benefits to over 1, 268, 440 contributors since the inception of the CPS in 2004. He added that the sum of N13 billion has so far being disbursed to 1, 183 pension contributors under the mortgage support scheme to enable such contributors to either purchase or build their own homes.

In terms of the transfer window, Ohioma stated that a total of 78, 336 Retirement Savings Account (RSA) holders have moved from one Pension Fund Administrator (PFA) to another to the tune of N356 billion in monetary terms.

The pension regulator has also recovered over N248 billion of outstanding pension contributions as at the third quarter of 2023.

Mr. Olumide Oyetan, the President of PenOp commended all stakeholders in the CPS ecosystem for 20 years of doing it right for retirees, operators and the regulator.

Oyetan, who is also the Chief Executive Officer (CEO) of Stanbic IBTC Pension Managers Limited said:

“We need to commend what we have done right since the inception of the CPS in 2004. So far, more than 10 million Nigerians have been covered by the new pension scheme, which funds itself and does not place any burden on the country. The CPS has national safeguards, in-built transparency mechanisms to the extent that no money or pension funds have disappeared into thin air. We should be custodians and guardians of the new pension ecosystem.”

The Nation Newspaper’s Insurance Editor, Omobola, Buries Father in Grand Style

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Mr. Rasaaq Salami (3rd Left), Head of Corporate Communications, National Insurance Commission (NAICOM) and Mrs. Omobola Tolu-Kusimo (4th Left), the Insurance & Pension Editor of The Nation Newspaper during the funeral ceremony of Omobola’s father in Lagos. Others in the photograph were friends and colleagues of the bereaved.

Mrs. Omobola Tolu-Kusimo , the Insurance & Pension Editor of the Nation newspaper recently bid farewell to her father in a grand funeral ceremony in Lagos.

FSI @ 4: Our Impact is Being Felt in 5 Continents -Aituaz

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Africa’s leading innovative fintech brand, Financial Services Innovators (FSI), is set to reward ten creative campus ambassadors for their community development efforts across Nigeria with gift vouchers to commemorate its 4th anniversary.

The Executive Director of FSI, Aituaz Kola-Oladejo, disclosed this at a press briefing in Lagos during the week. According to the brand navigator of FSI, a non-profit organisation committed to enabling startups within the technology and financial space, the ambassadors will be rewarded for their community efforts on their campuses.

She added: “Also, we are holding the FSI innovation challenge within the student community across the six geopolitical zones, where winners will go home with lots of giveaway prizes.”

Reeling out the achievements of FSI in the last four years, Aituaz stated that the company has registered its impact and presence in five continents. “Our impact is being felt in five continents, and our community strength is over 8,200 members, including 45 foreign members from Africa, Asia, Europe, Central and North America,” she declared.

FSI has gained recognition and acceptance as a brand in the highly competitive fintech ecosystem. One of such recognition is the company’s partnership with the Chartered Institute of Bankers of Nigeria (CIBN), FintechNGR and Mentorship Without Borders (WMB), a European firm providing free mentorship programmes in software development, data science and product management.

Aside from empowering members on its platform with knowledge and technical support, FSI members have also graced international stages and won competitions. At the same time, three of their startups have equally been opportune to raise funds. “We have also provided technical support to over 2,500 individuals through our mentorship programmes, startup clinics and capacity building,” Aituaz reiterated.

Since its launch in October 2021, the FSI Talent Hunt initiative has been enormously successful. Over 1,000 campus ambassadors have emerged from the competitions. And only recently, FSI unveiled three virtual innovation labs in tertiary institutions to groom tech talents. The company has nurtured 55 start-ups on its business incubation platform, and ten have already launched their products. Within a short time, FSI has proven that an innovation sandbox with a vibrant community is a cost-effective product innovation and development approach.

“We’ve indeed come a long way. Since commencing operations in 2020, over 140 MVPs have been developed in the FSI sandbox, 17 apps have been published in the Appstore, 8,000 people have accessed 375 API endpoints on the FSI sandbox, while over 487 teams have participated in the FSI hackathons,” the Executive Director said.

COP28: NNPC Seals LNG Deals for Domestic, International Markets

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R-L: Executive Vice President, Gas, Power & New Energy, NNPC Limited, Mr. Olalekan Ogunleye; Managing Director, NNPC Trading Limited., Mr. Lawal Sade and Managing DirectorSDP Services Limited Mr. Abhinav Modi all displaying the signed agreement for the Supply, Installation and Commissioning of a Small-Scale LNG (SSLNG) Project in Ajaokuta, Kogi State, on the sidelines of the on-going United Nation’s Climate Change Conference (also known as COP28), in Dubai, UAE. Mr. Roy Assaf is 1st from left.

In its efforts to further boost natural gas utilisation in the country and enhance Nigeria’s gas revenue NNPC Limited has signed two major agreements to deliver LNG to the domestic gas market and the international LNG market.

During two separate signing ceremonies held on the sidelines of the on-going United Nation’s Climate Change Conference (also known as COP28), NNPC Limited signed an MoU with Wison Heavy Industry Co. Limited, a Chinese company, for the development of floating LNG project in Nigeria, targeting the international LNG market.

Also, NNPC Prime LNG Limited, an arm of NNPC Trading Limited, signed a Supply, Installation and Commissioning Agreement with SDP Services, an independent oil and gas company, for a 421 tonnes per day LNG project targeting the domestic LNG market.

The Floating LNG MoU was signed by the Executive Vice President, Gas, Power & New Energy, Olalekan Ogunbayo on behalf of NNPC Limited and Mr. Kai Xu, Managing Director of Wison Limited, on behalf of his company. Both parties agreed to work together to chart a roadmap for the project development that will lead to an investment decision.

Similarly, the Small-Scale LNG (SSLNG) Project agreement was signed by the Managing Director, NNPC Trading Limited., Mr. Lawal Sade, on behalf of NNPC Prime LNG Limited while Mr. Abhinav Modi, Managing Director of SDP Services Limited, signed on behalf of his company.

The SSLNG Project, which will be located at Ajaokuta in Kogi State, Central Nigeria, will ensure the efficient supply of LNG to the Autogas/Compressed Natural Gas (CNG) and industrial/commercial customers nationwide. The LNG Project is expected to be operational by December 2024.

Speaking shortly after the signing ceremony, the EVP Gas, Power & New Energy, Mr. Olalekan Ogunleye said NNPC Ltd is committed to delivering gas to industries nationwide and accelerating the Company’s gas commercialisation efforts through the floating LNG Project.

“We see both projects as having enormous impact all over the country because they are central to the commercialisation of Nigeria’s abundant gas resources and ensuring that our country earns the much-needed foreign revenue from its abundant gas assets. It is also consistent with NNPC Management’s drive to deliver on Mr. President’s gas and power aspirations across the country,” Ogunleye stated.

Also, in his address after the signing, the MD NNPC Trading Limited, Mr. Lawal Sade said the SSLNG Project will boost the domestication of LNG utilisation by supporting the growth of auto-gas initiatives across the country.

“We are looking at a time-frame of 12 months from execution to the commissioning of the project. The project will deliver about 420 tonnes per day of LNG per day into the domestic market, which will enhance efficient delivery of gas to the auto-gas/CNG and industrial customers in line with Presidential mandate,” Sade added.

While expressing their delight at signing the agreements, the partners pledged to work with NNPC Ltd to deliver the projects within schedule and in the most cost-effective manner.

NLNG Bags NECA’s Investment in Societal Renewal, CSR Award

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The Nigeria Employers’ Consultative Association (NECA) has conferred Nigeria LNG Limited (NLNG) the Investment in Societal Renewal and Corporate Social Responsibility (CSR) Award, recognising the Company’s unparalleled commitment to CSR initiatives in Nigeria.

At the 3rd Annual NECA Employers’ Awards held in Lagos recently, NECA also presented NLNG with the Elimination of Child Labour in the Workplace Award and a recognition award for its contribution to the conference. The association emphasised that NLNG clinched the awards after undergoing a rigorous evaluation process and surveys by the professional body. NECA described this annual award as a ground-breaking initiative to promote and laud best practices in Corporate Performance, People Management, and Industrial Relations among Nigerian employers.

Reacting to the awards, NLNG’s Managing Director and Chief Executive Officer (MD/CEO), Dr. Philip Mshelbila, stressed that NLNG’s unwavering commitment to CSR and excellent human resources practices aligned with its vision of being a globally competitive LNG company, helping to build a better Nigeria. Dr. Mshelbila underscored NLNG’s role as an inspirational national success story and a significant contributor to the overall development of Nigeria.

According to Dr. Mshelbila, NLNG, driven by its core value of excellence and care, has pursued perfection and achieved remarkable feats in the realm of CSR. He remarked, “NLNG’s CSR drive is anchored on four pillars – health, education, infrastructure development, and empowerment – all geared towards supporting sustainable development. We see ourselves as exemplary corporate citizens, fully committed to investing in the advancement of a better Nigeria. Yet, to accomplish this, we require the unwavering support and collaboration of all stakeholders in the country. I earnestly urge increased support from these critical stakeholders to help us achieve the pinnacle of CSR excellence for the country.”

NLNG’s flagship CSR projects include the Hospital Support Programme (HSP) and the multi-billion-naira 34-kilometre Bonny-Bodo Road, supporting healthcare infrastructural development in 12 teaching hospitals across the country and socio-economic activities in the riverine parts of Rivers State respectively. These projects are ongoing.

On healthcare, NLNG is implementing its malaria elimination project on Bonny Island through the Bonny Island Malaria Elimination Project (BNYMEP) in collaboration with the U.S. President’s Malaria Initiative (US-PMI), the Rivers State government and the Grand Bonny Kingdom. The Company also established the Bonny Community Health Insurance Programme (BCHIP), a community-based health insurance partnership with the Rivers State Government and Bonny Kingdom, making healthcare services more accessible and affordable. It has over 12,000 subscribers on Bonny Island.

The Company’s dedication to education was evident in its scholarship programs, benefitting over 4,000 Nigerian students at post-primary, undergraduate, and post-graduate levels. Additionally, NLNG’s commitment to bridging the gap in technical education was exemplified by the construction and equipping of the Bonny Vocational Centre (BVC), which has trained some 920 Nigerians in various vocational and occupational areas.

Other CSR projects also include the completed University Support Programme (USP), where NLNG constructed or rehabilitated engineering laboratories in six universities across the country; and The Nigeria Prize for Science, The Nigeria Prize for Literature, and The Nigeria Prize for Literary Criticism, with cash rewards of $100,000 each for the science and literature prizes, further demonstrating NLNG’s commitment to fostering excellence in education.

In collaboration with industry partners, NLNG extended its CSR footprint by providing essential social amenities to residents in Bonny Kingdom, encompassing a round-the-clock electricity supply and piped water supply in the community.

NNPC to Work with Partners to Reduce Methane Emissions-Eyesan, EVP Upstream

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Executive Vice President, Upstream, NNPC Limited, Oritsemeyiwa Eyesan during a Panel Session titled “Accelerating the Elimination of Methane Emissions & the Decarbonisation of Oil & Gas,” on the sidelines of the on-going United Nations Climate Change Conference, also known as COP28 taking place in Dubai, the United Arab Emirates.

NNPC Limited has expressed its commitment to work with global partners in the march towards reducing methane emissions in oil and gas operations.

On the sidelines of the on-going United Nations Climate Change Conference, also known as COP28, taking place in Dubai, the United Arab Emirates, the Oil and Gas Decarbonisation Charter was released.

The Charter calls on the oil and gas sector to achieve the goal of reaching net-zero emissions for their own operations by 2050. It also includes commitments to achieve near-zero methane emissions and no routine flaring by 2030.

Speaking on the development during a Panel Session titled “Accelerating the Elimination of Methane Emissions & the Decarbonisation of Oil & Gas,” NNPC Limited’s Executive Vice President, Upstream, Oritsemeyiwa Eyesan said the Charter was a major opportunity not just for the NNPC Limited, but for the African sub-region.

“Africa contributes three percent to emissions, but that does not exclude us from the consequences of the emissions. I think the decarbonisation drive and the charter are not just ethical but also a strategic imperative for a major African National Oil Company (NOC) like ours.

We believe this charter is an important one. We are committed to working with all stakeholders to deliver on that,” Eyesan stated.

She said to achieve its near-zero methane emissions, Nigeria has since declared this decade as Decade of Gas, which is not only geared towards producing more gas for export, but also towards producing gas for local economy and that of the entire African sub-region.

“I assure you that we are open to working with our partners towards achieving zero-flare and methane emission reduction by 2030. This fits perfectly with our dreams, and we consider it achievable,” Eyesan stated.

She described finance and technology as the two major challenges in delivering on the provisions of the charter, noting that for the two problems to be solved, African countries need to work with partners who have the technology and finance.

She said NNPC Ltd remains committed to expanding its alternative energy sources through investment in solar, wind, and other renewable sources.

SEC, IFSB to Host 1st International Forum on Non-Interest Capital Markets

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In a bid to tackle the challenges hampering further development of the Non-Interest Capital Market (NICM) in Nigeria, the Securities and Exchange Commission (SEC) and the Islamic Financial Services Board (IFSB), an international standard-setting body- with a vested interest in ensuring the soundness and stability of the global Islamic financial services industry, is set to convene a 2-Day High-Level International Forum on Non-Interest (Islamic) Capital Market.

The SEC in a statement, noted that the objective of the forum is to bring all critical stakeholders together to analyse issues and challenges confronting the sector and profer solutions for the overall development of the Nigerian economy. The discussion will revolve around issues such as; inadequate capacity within the industry, lack of awareness and education, paucity of human capital and expertise, limited availability of Sharia-compliant products including short-term Shariah-compliant liquidity instruments, the harmonisation of regulatory and supervisory standards, and the integration of NICM with the conventional financial system amongst others.

Whilst stating that the Non-Interest Capital Market (NICM) in Nigeria has evolved and is progressively becoming an important segment of the nation’s financial market, the Commission said NICM provides a veritable avenue for mobilising medium to long-term investment in an ethical and Shariah-compliant manner through wide range of products/services offered such as, Sukuk (Islamic bonds), Islamic Mutual Funds, Islamic REITs, Islamic Crowdfunding and Islamic Fintech, etc that cater for the needs and preferences of both ethical and conventional investors.

The Commission said that the NICM sector has witnessed remarkable growth in recent years, reaching a global size of $3.25 trillion in 2022, adding that the main drivers of this growth include the increasing demand for ethical and socially responsible finance, diversification of funding sources and risk management tools, development of enabling regulatory and legal frameworks, and the innovation and standardisation of NICM products and practices.

The SEC said, “Nigeria, as the most populous country in Africa and home to the largest Muslim population in the continent, has a huge potential to develop its NICM sector and benefit from its opportunities. Nigeria has taken several steps to promote NICM; from the registration of the first Islamic Fund in 2008, to the issuance of the first Sub-National Sukuk in 2013 and the subsequent issuance of the country’s first Sovereign Sukuk in 2017. To date, the country has witnessed further sovereign and corporate Sukuk issuances as well as the registration of more ethical and Shariah-compliant funds.

Dr. Bello Lawal Danbatta, Secretary-General of IFSB, Commended the SEC Nigeria and the Government: “We applaud the steadfast dedication to cultivating a resilient non-interest capital market in Nigeria. The comprehensive initiatives including the upcoming high-level international forum with the IFSB and market players underscore the distinct commitment to fostering industry collaborations, facilitating insightful discussions, and promoting knowledge sharing. We look forward to initiating this continuous, collective effort propelling market development, promising not just economic strength but also ensuring enduring and inclusive prosperity for the people.”

The forum will also feature two side events; the forum on non interest capital market and the IFSB’s 5th Innovation Forum to be held for the first time in the region. In addition, there will be an IFSB Member and Industry Engagement Session. The high-level forum is expected to strengthen co-operation and knowledge-sharing among market players and policy makers around the world especially in the African region to harmonise and coordinate ongoing regional, regulatory and policy initiatives.

This will address sustainability and climate-related risks, opportunities in the Non-interest (Islamic) capital markets.