COP 28: Kyari Makes Case for a Just Energy Transition for Africa

05/12/2023

L-R: President/CEO, EQT Corporation, Toby Rice; GCEO NNPC Limited, Mr. Mele Kyari; Senior Partner, Oil & Gas Practice, McKinsey & Company, Micah Smith; CEO, Energy Development Oman, Mazen Al-Lamki and CEO, CEPSA, Maarten Wetselaar at the Regional CEO Panel Session organised by McKinsey & Company, on the sidelines of the on-going United Nations Conference on Climate Change (UNCCC), also known as COP 28 Conference in Dubai, UAE on Monday.

As conversations on finding sustainable solutions for a decarbonized energy future continue to hold globally, the Group Chief Executive Officer (GCEO), NNPC Limited., Mr. Mele Kyari has said the African Continent needs “a just, differentiated transition” to enable it to harness its resources for today for the benefit of its future generations.

The GCEO made this known while speaking at a Regional CEO Panel organised by McKinsey & Company on the sidelines of the on-going United Nations Conference on Climate Change (UNCCC), also known as the COP28 Conference, in Dubai, UAE on Monday.

The GCEO, who joined other global energy leaders from the United States, Holland, and Oman to highlight energy perspectives and insights on the evolving energy market, said the world must understand Africa’s peculiarities in addressing the effects of climate change on energy businesses.

“I have always advocated for a differentiated and just energy transition. In Africa, we have different circumstances compared to other places in the world.

In Africa today, 75% of our population doesn’t have access to electricity, leaving us with biomass as a key energy source. The world needs to recognise that the most practicable thing today is to substitute what we have in the short term to close the energy gap for our rising population,” he stated.

With Nigeria forecasted to be among the global top 10 economies by 2035 and 3rd in terms of the global population by the same year, the GCEO said it is critical that the energy poverty question be discussed as nations unite to achieve net zero by 2050.

According to the GCEO, with abundant natural gas reserves of 206 trillion cubic feet (tcf) that have the potential to rise to 600tcf, Nigeria is currently utilising gas to drive its journey towards energy transition.

He said that NNPC Limited is creating a regional gas pipeline network to supply natural gas across the African continent and boost its Liquefied Natural Gas (LNG) supply to the foreign market.

Explaining that NNPC Limited is currently eliminating gas flares in almost all its gas projects, Kyari said the idea is to deploy such gas towards developing power plants nationwide, which will boost nationwide electricity supply, create employment opportunities, and trigger the nation’s industrial and economic development.

He said that to demonstrate NNPC Limited’s commitment to a net-zero future by 2025, the Company recently signed up as a participant in the United Nations Global Compact in New York, becoming the first state-owned oil company to join the global initiative.

Heirs Insurance Group Donates Solar Power Station to Lagos Passport Office

Business Journal

04/12/2023

From L-R: Wole Fayemi, MD/CEO, Heirs General Insurance, Mrs. Sadat Hassan, Assistant Comptroller General of Immigration; Chiugo Ndubisi, Group Executive Director, Heirs Holdings; Mrs. Caroline Wura-ola Adepoju, Comptroller General of the Nigeria Immigration Service; Dr. Awele V. Elumelu (OFR), Non-Executive Director, Heirs Holdings; Emmanuel Nnorom, Group CEO, Heirs Holdings; Niyi Onifade, MD/CEO, Heirs Life Assurance; and Tony Aniemeke, MD/CEO, Heirs Insurance Brokers; at the ribbon cutting ceremony of the 30KVA solar power station donated by Heirs Insurance Group to the Ikoyi Passport Office.

Heirs Insurance Group, Nigeria’s fastest-growing insurance group, has donated a 30KVA solar power station to the Ikoyi Passport Office, of the Nigeria Immigration Service (NIS), to facilitate 24-hour passport production, a major challenge of the Service.

Through this project, Heirs Insurance Group demonstrates its commitment to sustainability and community development with a focus on impacting the lives of Nigerians.

Dr. Awele V. Elumelu (OFR), Non-Executive Director, Heirs Holdings, the parent company of the Heirs Insurance Group, led the delegation for the ribbon-cutting ceremony, alongside the Comptroller General of the Nigeria Immigration Service, Mrs. Caroline Wura-ola Adepoju.

Passport issuance at the Nigeria Immigration Service has been plagued by frustrating delays in the recent past, mostly influenced by erratic power supply. The transformative CSR initiative spearheaded by Heirs Insurance Group intensifies the Group’s focus on sustainability and community empowerment by addressing a crucial need to provide uninterrupted power to the Passport Office. This strategic move empowers the Lagos Passport Office to overcome power interruptions, significantly reducing the delay in passport production and easing the frustrations faced by many Nigerians in the process.

During her speech, Dr. Awele V. Elumelu expressed her enthusiasm for the positive impact of the project, also drawing attention to the deliberate use of solar power which aligns with the Group’s commitment to clean energy solutions, a facet of its long-term sustainability goals.

She said: “As a Group, we continue to take pride in proactively creating value that impacts our community positively. This solar power initiative reiterates our commitment to improve lives and transform our country, and by extension, our continent.”

Dr. Elumelu also commended the Nigeria Immigration Service for its collaborative approach to tackling the harrowing challenge of delays during passport production and issuance, faced by millions of Nigerians. She stated that this partnership aligns with the Heirs Holdings Group’s philosophy of Africapitalism – a private-public handshake to accelerate economic development.

Speaking on the impact of the project initiative, Mrs. Caroline Wura-Ola Adepoju, Comptroller General of the Nigeria Immigration Service appreciated the donation from the Heirs Insurance Group, confirming that the project will significantly improve service delivery.

She said: “We would like to thank Heirs Insurance Group and its parent company, Heirs Holdings, for this support. It is a game-changer for us, and with this solar power station, our team will be able to work effectively with round-the-clock power capacity, which will help to reduce the duration for passport production.”

The commissioning ceremony witnessed a gathering of key stakeholders, government officials, and community representatives, including the CEOs of Heirs Insurance Group and top executives of Heirs Holdings, as well as key officials of the Nigeria Immigration Service.

Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment group, with investments across twenty-four countries and four continents, founded and chaired by Tony O. Elumelu (CFR).

With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group is championing financial inclusion and leading the digital transformation of the Insurance ecosystem in Nigeria with a mission to democratize access to insurance.

As part of its unique proposition, the Heirs Insurance Group rolled out digital and mobile channels to simplify access to insurance and make insurance affordable to everyone.

NCC EVC, Aminu Maida, Promises Support for Meta on Undersea Cable Initiative

Business Journal

04/12/2023

L-R: Vice President, Africa, Middle-East and Turkey, Meta (formerly Facebook), Kojo Boakye and Executive Vice Chairman/Chief Executive Officer, Nigerian Communications Commission (NCC), Dr. Aminu Maida, during a visit by Meta’s delegation to the Commission in Abuja recently.

The Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, has said the support of the Commission awaits law-abiding investors like Meta, (formerly Facebook), which responds positively to Nigeria’s desire for investments that promote the agenda of government to achieve a robust digital economy.

Maida, who spoke when he received a delegation of Meta, led by the company’s Vice President for Africa, the Middle-East and Turkey, Kojo Boakye, when they visited NCC’s headquarters in Abuja, said the regulatory support to all investors, including operators in Nigeria, will be predicated on their playing by the rules and regulations guiding the sector.

He said the Commission places a lot of premium on compliance to industry laws, regulations and guidelines as such will also engender a level-playing field for all licensees and other stakeholders in the industry for sustaining a healthy competition and guaranteeing a sustainable growth in the Nigerian telecoms sector.

Boakye informed NCC boss that the purpose of the visit was to congratulate the EVC on his appointment by the President and to intimate him of ongoing efforts to land 2Africa Cable in Nigeria.

At 45,000 kilometres long, Boakye said the 2Africa submarine cable will be one of the world’s largest subsea cable projects and will interconnect Europe (eastward via Egypt), Asia (via Saudi Arabia), and Africa. He said the system will go live in 2023, delivering more than the total combined capacity of all subsea cables currently serving Africa, with a design capacity of up to 180 terabytes per second (Tbps).

Boakye stated that 2Africa will deliver much-needed Internet capacity and reliability across large parts of Africa, supplement the fast-growing capacity demand in the Middle East and underpin further growth of 4G, 5G and fixed broadband access for billions of people, especially in Nigeria.

He solicited NCC’s support in sailing through all necessary legal and regulatory hurdles in landing the submarine cable to complement existing backbone infrastructure in Nigeria. He also said Meta, through a consortium, plans to land 2Africa cable simultaneously in Lagos and Akwa-Ibom States “in order to ensure those not yet connected are connected while those already connected are given opportunity for enhanced and affordable access.”

Ecobank Nigeria Bags 3 Laurels at DBN Awards 2023

Business Journal

04/12/2023

Left: Chief Operating Officer, Development Bank of Nigeria (DBN); Bonaventure Okhaimo; Managing Director, DBN, Tony Okpanachi; Carol Oyedeji, Deputy Managing Director, Ecobank Nigeria and Executive Director, Finance and Corporate Services, DBN, Ijeoma Ozulumba at the DBN Annual Service Ambassador Awards ceremony held in Lagos recently.

Ecobank Nigeria won 3 prominent awards signifying its’ support for MSME’s in Nigeria at this year’s Development Bank of Nigeria (DBN) Annual Service Ambassador Awards ceremony held in Lagos recently. The Bank bagged the following strategic awards which include: Platinum Service Ambassador; Bank with the Highest impact on Women Issues, and Bank with the Highest impact on MSMEs Accessing Credit for the first time.

The DBN Ambassadors Programme was designed to increase the sense of ownership among participating financial institutions, build capacity, increase on-lending to Micro, Small and Medium-scale Enterprises (MSMEs) and ultimately deepen financial inclusion in Nigeria. Ecobank is a participating financial institution in partnership with DBN to provide credit facilities, credit guarantee and technical support to MSMEs.

Receiving the awards at the event, Deputy Managing Director, Ecobank Nigeria, Carol Oyedeji said this a testament to the bank’s commitment to supporting and empowering women owned businesses and assisting small businesses to access loans conveniently at cheaper interest rates for the development of the overall MSME subsector. Ecobank had the highest volume and value of transactions in these award categories

She reiterated that, Ecobank remains a women-friendly bank with many initiatives and innovative products targeted at empowering and sustaining female entrepreneurs in Africa such as ‘Ellevate’ and ‘Ecobank Female Entrepreneurs Initiative (EFEI)’, which are designed to empower and support female entrepreneurs.

Oyedeji noted that Ecobank recently signed a $200 million risk-sharing agreement with African Guarantee Fund (AGF), a specialised pan-African guarantee provider, stressing that it is aimed at catalyzing economic growth and supporting entrepreneurial ventures – including women-owned SMEs on the continent. “Through this partnership, both organisations are taking bold steps to enhance green financing and gender financing. It would eliminate the rigorous and restrictive requirements for collateral, particularly hindering women-focused businesses’ access to credit.”

According to her, “we have both financial and social empowerment initiatives for female entrepreneurs because we recognise women as the bedrock of most families and entrepreneurship in the society. We aim to eliminate the rigorous and restrictive requirements for collateral, hindering access to credit.”

In his welcome address, Managing Director, DBN, Tony Okpanachi saluted the awardees, stating that their collaboration and commitment is impacting positively on the sustainable growth of the MSME sub-sector of the economy.

According to him, “your unwavering commitment to forging a lasting impact on the MSMEs through our collaboration is a testament to your dedication to fueling sustainable growth. The true essence of the DBN Awards shines through a celebration of sustainable triumph, where today’s aspirations evolve into tomorrow’s achievements.”

He explained that the DBN leverages its partnership with Participating Financial Institutions (PFI) to provide relatively cheaper loans as well as capacity building initiatives to small businesses.

The Development Bank of Nigeria (DBN) was conceived by the Federal Government of Nigeria (FGN) in collaboration with global development partners to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria.

DBN’s objective is to alleviate financing constraints faced by MSMEs and small Corporates in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries on a market-conforming and fully financially sustainable basis.

Polaris Bank Signs Up to PAPPS to Ease Customers’ Cross Border Payment

Business Journal

04/12/2023

Polaris Bank, Nigeria’s leading digital retail Bank, has enrolled in the Pan-African Payment and Settlement System (PAPSS). The cross-border financial infrastructure empowers the Bank’s existing and potential customers to execute trade and payments across Africa seamlessly.

The inter-African trade payment gateway is a solution designed to empower those who trade international within African continent, with streamlined, efficient, and secure payment processes.

Speaking on the digital payment gateway, Polaris Bank’s Group Head, Global Trade Business, Ayo Adesanya, said the launch of PAPPS underscores the Bank’s commitment to leveraging innovative solutions to simplify processes for customers.

The Banker added that PAPPS is embedded with several unique key features and delivers immense benefits for the Bank’s current customers and prospects. These features include seamless transaction management; meaning merchants and those involved in regional trade can now initiate and track cross-border payments within a single, user-friendly platform.

“The payment gateway offers a centralised hub for managing transactions, and hitherto multiple currency exchange systems. This feature reduces currency exchange risks and associated costs, ultimately benefiting our customers’ bottom lines.” she further disclosed.

PAPPS also bolsters compliance and security as the payment gateway incorporates robust security measures to safeguard sensitive financial information, ensuring that transactions are executed securely and in compliance with international regulations.

“Polaris Bank signing up to PAPPS, developed by AfreximBank, is poised to ease international trade by simplifying payment processes, reducing risks, and enhancing efficiency. It empowers businesses to seize new opportunities in the continent and regional marketplace,” the Group Head stated.

Polaris Bank was adjudged Digital Bank of the Year in 2021 and 2022, 2023 by BusinessDay’s Banks and Other Financial Institutions (BAFI) Awards. It also emerged as the Best MSME Bank of the Year in 2022 and 2023 because of its ability to use technology to enable bottom-up support to the MSME sector.

Fidelity Bank Set to Host 2 Days of Family Entertainment

Business Journal

30/11/2023

In the spirit of the Yuletide, leading financial institution, Fidelity Bank Plc, has announced plans to host the maiden edition of the Fidelity Family Weekend.

Scheduled to hold on Saturday, 16 and Sunday, 17 December 2023 at the Fidelity Grounds, Oniru, Victoria Island, Lagos, the event is designed to create a fun and relaxed atmosphere for children to play, parents to relax and young adults to unwind during the festive season.

“The Yuletide season is all about coming together and spending quality time with loved ones especially as we wind down the year in anticipation of a new year. As a bank committed to providing memorable experiences for its clients, we pioneered the Fidelity Family Weekend to fete host our customers and clients to two fun filled days of family entertainment. We believe this is one more way of thanking our customers for a successful year,” noted the Divisional Head, Brand & Communications, Fidelity Bank Plc, Meksley Nwagboh in a chat with journalists.

The Fidelity Family Weekend would run from 10am to 10pm daily and would feature dedicated fun activities for children including dancing competitions, bouncing castles, train rides, Santa’s Grotto, balloon games, amongst others. Similarly, the programme for the adults’ section would feature exciting activities like karaoke competitions, games arcades, couple games, musical performances and so many more fun games that are geared towards providing a memorable experience for guests.

Entry into the event is free but guests are required to pre-register at www.fidelitybank.ng/family-weekend before 12 December 2023.

Commenting further, Dr. Nwagboh said, “As a bank dedicated to helping individuals grow, businesses thrive and economies to prosper, we boast of an array of products and services for our diverse client base. These include the Fidelity SWEETA account for young children below the age of 17 years, Fidelity Flex for teenagers and undergraduates; and even the Fidelity Vintage Account for senior citizens; all tailor-made to meet our customers specific needs. The Fidelity Family Weekend is therefore another demonstration of this devotion to provide platforms for our customers to fulfill their lifestyle requirements”.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

Nuclear Tech Milestone with Installation of Core Catcher at El-Dabaa NPP Unit 2

Business Journal

30/11/2023

Nuclear energy technology has hit a major milestone as specialists started to install the core catcher body at Unit 2 of El-Dabaa NPP in the Arab Republic of Egypt ahead of schedule.

The Rosatom State Corporation Engineering Division is the general designer and general contractor.

The official ceremony dedicated to the commencement of the core catcher installation was attended by Dr. Amged El-Wakeel, Board Chairman of Nuclear Power Plants Authority of the Arab Republic of Egypt (NPPA), Eng. Mohamed Ramadan, Deputy Board Chairman of NPPA, Mr. Andrey Petrov, Rosatom State Corporation First Deputy General Director for Nuclear Energy – ASE JSC President, Mr. Alexey Zhukov, ASE JSC First Vice President for Construction, Mr. Alexey Kononenko, ASE JSC Vice President – Director for the El-Dabaa NPP Construction Project, as well as project teams of the Rosatom Engineering Division and the Nuclear Power Plants Authority of Egypt.

“Our project continues to develop rapidly. The installation of the core catcher at power unit two is one of the key construction milestones planned for 2024, which was completed ahead of schedule in November 2023. It is worth mentioning that less than two months ago, namely in October, we installed a core catcher at power unit one which demonstrated almost simultaneous construction of the first and second power units.

By the end of this year, we plan the first concreting in the foundation slab of power unit four; therefore, it will spell the end of the preparatory period of and the transition to, the main stage of the four-unit El Dabaa NPP construction. This is the result of the coordinated work of the Owner and the General Contractor’s united team”, said Andrey Petrov.

Dr. El-Wakeel expressed his appreciation to all the workers from the Egyptian and Russian sides, adding that “what the El-Dabaa Nuclear Power Plant site is witnessing today is not the result of coincidence, but rather the consequence of diligent and unrelenting efforts from all Project participants working day and night in order to reach the Project’s milestones. This could not have been achieved without determination, persistence and ceaseless diligent work.”

The core catcher consists of several elements whose total weight amounts to 700 tons.

In October 2023, the similar equipment was installed at power unit No. 1.

El-Dabaa NPP is the first nuclear power plant in Egypt which will be built in the city of El-Dabaa, Matrouh province, on the Mediterranean coast, approximately 300 km North-West of Cairo. The NPP will consist of four power units, 1200 MW each, with generation III+ VVER-1200 reactors (pressurised water reactors).

This is the newest generation technology which has references and is already operating successfully. There are four operational power units of this generation: two reactors at Novovoronezh NPP and two at Leningrad NPP. Outside Russia, one power unit of Belarus NPP with VVER-1200 reactor was connected to the grid in November 2020.

The NPP is being constructed in accordance with the package of contracts which entered into force on December 11, 2017. In accordance with the contractual obligations, the Russian party will not only construct the power plant but will also supply nuclear fuel for the whole life cycle of the NPP and will provide assistance to the Egyptian partners in training of the personnel and support of operation and service of the plant during the first 10 years of its operation.

Under a separate agreement, the Russian party will build a special storage and will supply containers for storing spent nuclear fuel.

NNPC GCEO Urges Stakeholders, Nigerians to Refrain from Issuing Goodwill Messages

Business Journal

30/11/2023

The Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Company (NNPC) Limited, Mallam Mele Kyari, expresses gratitude to Stakeholders and Nigerians for their enthusiasm regarding his reappointment by the President and Commander-in-Chief of the Federal Republic of Nigeria, Asiwaju Bola Ahmed Tinubu.

Viewing this reappointment as a renewed challenge, Kyari is committed to stabilizing the oil industry and enhancing service delivery for increased revenue.

The GCEO humbly appeals to stakeholders in the oil sector and fellow Nigerians to support the company under his leadership to ensure the success of its mandate.

Consequently, the GCEO kindly requests all parties concerned to refrain from issuing congratulatory messages on his reappointment.

He emphasises the necessity for all stakeholders’ commitment to drive revenue growth and fortify resilience for the naira and the economy.

9mobile Partners St. Saviours School for 2023 Lagos Kid’s Mini Marathon

Business Journal

30/11/2023

L-R: Lead, Public Relations, 9mobile, Chineze Amanfo; Chairman Lagos Kids Mini Marathon 2023 and Honorary Secretary, Board of Management, St. Saviour’s School lkoyi, Enitan Rewane; Vice Chairman Board of Trustees St. Saviour School, Ikoyi, Dr. Geoffrey Ohen; Head Teacher, St. Saviour School, Ikoyi, Mr. Craig Heaton, and 9mobile Brand Ambassador, Franklyn Ikemefune at the St. Saviour’s Kids Run Marathon, sponsored by 9mobile which held at Banana Island, Lagos recently.

It was a fun-filled atmosphere as 9mobile, Nigeria’s customer-centric and youth-friendly telecommunications company sponsored the Lagos Kids Mini Marathon in collaboration with St. Saviour’s School, to promote a culture of health and fitness among children.

The Kids Mini Marathon, a run for charity, is a family event that inspires children to become more physically active from an early age. Parents also took part in the event as they ran, walked, and jogged with their children.

The event which held last weekend at the Banana Island children’s playground witnessed a huge turnout of children aged 7-15 years, parents, guardians, and sports enthusiasts who gathered to cheer the kids on.

The marathon featured a dynamic array of activities catering to various fitness levels, including a 5km and 3km marathon, as well as shorter 1.5km and 1km fun walks. Beyond the physical challenges, it also hosted a health and wellness fair, providing a platform for children to engage and learn about essential aspects of well-being, including nutrition, exercise, and healthy habits.

Speaking at the event, Ufuoma Dogun, Manager, Events and Sponsorship, at 9mobile, expressed excitement about the initiative, stating, “We are proud to be associated with the Lagos Kids Mini Marathon by Saviour’s School Ikoyi. Our sponsorship of this event is part of our commitment to instill the values of health and wellness among children. This event is a testament to our dedication to promoting healthier lifestyle choices that will benefit our youths for years to come”.

Themed ‘Active Kids Rock’, the energy and enthusiasm of the young participants during the sessions were truly remarkable. Every child emerged as a winner, receiving well-deserved medals, an array of exciting gift items, and cash prizes for the standout performers of the day. The 5km race saw Olawepo Abdul Azeez claiming the top spot, with Isaac Sirigbe in second place, and Emmanuel Ewereoke finishing in a commendable third position. The event not only celebrated physical activity but also highlighted the spirit of achievement among the vibrant young participants.

Dr. Mrs. Oluyomi Oluwasanmi, Director, School Sports, Lagos State expressed enthusiasm and joy at being part of an initiative that underscores the fusion of education and sport. “We are happy and excited to be part of this initiative because at the Lagos State Sport Commission, we believe in the integration of education and sport. To the parents, thank you for instilling these values in your children. Exercise is mandatory and very important. So, let us make it a culture in our schools and at home. Lagos State Commission is ready to support always”, he said.

9mobile’s sponsorship of the Lagos Kids Mini Marathon further underscores the company’s reputation as a youth-friendly network that is committed to the empowerment and well-being of the youth segment of the population. By supporting events like the Lagos Kids Mini Marathon, 9mobile continues to drive its commitment to creating a brighter and healthier future for Nigeria. This initiative stands as a beacon for ongoing community engagement, inspiring young minds to embrace wellness as an integral part of their lives.

DPI, Verod Capital Backs Pan African Towers, a Leading Nigerian Digital Infrastructure Provider

Business Journal

27/11/2023

Azeez Amida

CEO of Pan African Towers

Pan African Towers (PAT), a leading digital infrastructure company based in Nigeria, has announced a strategic investment from Development Partners International (DPI), a premier investment firm focused on Africa, and Verod Capital (Verod), one of the continent’s leading investment management firms. DPI and Verod are investing in PAT to fuel its continued growth and will work with management to build on the company’s recent achievements and reaffirm its position as Nigeria’s largest homegrown digital infrastructure provider.

Established in Nigeria in 2017 to capitalise on the growing demand for wireless communications across Africa, PAT has emerged as a prominent telecommunications and tower infrastructure provider in Nigeria, playing an indispensable role in the nationwide expansion of mobile communications. Since founding, PAT has built a successful business model centred around establishing tailored, long-term contracts with blue-chip customers, including Nigeria’s leading mobile network operators (MNOs) and internet service providers (ISPs). The success and strong performance of the company to date has further accelerated under the leadership of Chief Executive Azeez Amida, who has a strong track record of executing successful growth strategies in emerging market telecommunications.

Nigeria is an attractive market for digital infrastructure in Africa. Underpinned by its strong demographics, it is Africa’s leading telecommunications market by number of mobile subscribers (208m) and contributed c.13% of national GDP in 2021 compared to 8% in 2015. As of December 2021, there were 41,120 towers in Nigeria mostly supporting third generation (3G) and fourth generation (4G) technology across the country. However, according to Nigeria’s Ministry of Communications, the country needs between 70,000 to 80,000 towers to enable proper quality and coverage for 4G and 5G technology, creating a supply gap of more than 30,000 towers. This investment will enable PAT to capitalise on this opportunity and help close this gap, providing world-class digital infrastructure to support Africa’s economic development.

Azeez Amida, CEO of Pan African Towers, said: “As a proud Nigerian-founded and run business, Pan African Towers is on a mission to accelerate the Nigerian market and support the growth of the mobile telecommunications sector in the country. We also have a clear strategic vision to grow the business sustainably, including actively reducing the carbon footprint of our network to uphold best-in-class ESG practices. We are excited to partner with DPI and Verod and will leverage their sector experience and market expertise to help us achieve these goals. The evolution of Nigeria’s mobile and wireless industry presents significant opportunities for our business, and we look forward to being a part of this next chapter of growth.”

PAT’s experienced management team will work closely with DPI and Verod to accelerate its strategic plan, leveraging their expertise in areas such as market entry, operational efficiency, and talent management. With the support of both investors, PAT will deepen relationships with existing partners, expand its customer base, and grow its footprint of towers to reach new parts of the country where mobile and wireless penetration remains low. PAT will also benefit from DPI’s experience in scaling towers companies, as the first institutional investor in Eaton Towers, another of Africa’s leading telecoms businesses it exited in 2019.

Adefolarin Ogunsanya, Partner at DPI, said: “Pan African Towers is an exciting homegrown business with significant potential and is uniquely positioned to benefit from the opportunity presented by Nigeria’s digital innovation boom. We are incredibly excited to partner with PAT’s management team to help crystallize the Company’s vision of becoming Nigeria’s digital infrastructure provider of choice and look forward to sharing our deep knowledge and experience of Africa’s towers industry and the Nigerian market to help achieve this.”

Daniel Adeoye, Principal and Head of Investments at Verod Capital, said: “The Nigerian demographic is currently experiencing a surge in data consumption and related services, driven by a generation of tech-savvy digital natives that are unparalleled. The ‘Verod Consumer Spend Index’ indicates that telecommunication expenses are increasing significantly, providing a tailwind for tower companies like PAT. Verod is delighted to support PAT’s management with ample capital and value-creation expertise to navigate this period of growth.”

ARCON DG, 37 Others Bag Advertising Fellowship Award

Business Journal

27/11/2023

The Director-General of the Advertising Regulatory Council of Nigeria (ARCON), Dr Olalekan Fadolapo and 37 others were inducted into the Fellowship category of the Council on Friday in Lagos.

The Fellows were drawn from accomplished individuals in the advertising and marketing communication industry who have shown commitment, dedication and characters in pursuit of the business of advertising and marketing communications.

Speaking to newsmen on the sidelines of the induction ceremony, Fadolapo said that as a member and fellow of several professional bodies, the fellowship of ARCON calls for more responsibility and dedication in promoting the practice of advertising in the country.

Also, Chief Emmanuel Ajufo, Chairman of the Screening Committee for the 2023 Fellowship, said that the committe was thorough in the selection of the 2023 Fellows for the council.

Ajufo said that those who made it where practitioners of at least 15 years standing who have shown dedication and commitment to the practice of advertising and marketing communication.

He said that ARCON expects the new Fellows to always be of good behavior and be professional in all their conduct.

Speaking on behalf of all the inductees. Mr Tunji Adeyinka, who is also the Chairman of the Local Organising Committee of the 2023 National Advertising Conference, said that going through the list of inductees was humbling. He said that among the inductees were mentors and colleagues who have distinguished themselves in the industry.

He expressed gratitude to the diligent work of the Fellowship Committee led by Chief Emmanuel Ajufo. He enjoined every member of the Council to keep a date with the forthcoming National Advertising Conference coming up in December.

The highlight of the event was the taking of the induction oath for the newly inducted fellows.

Those inducted included Dr. Olalekan Fadolapo, Joe-Eugene Onyenyili-Onuorah, Alh. Ibrahim Yusuf Yakasi, Adeyemi Philip Adesanya, Olufade Olufolahan Adisa, Nwosu Evelyn Irekpitan, Chidindu Chiddy Charity Ibiam, Adepitan Adewale, Yusuf Mu’azu, Sule Ya’u Sule, Anasiudu Nwanne Joseph, Chris Okwudili Ndibe, Durojaiye Bamijoko Okupe and Adeyinka Adetunji Adedayo.

Others are Kadiri Kehinde Kadijat, Adegborioye Olusola Adeniyi, Akharume Ohifueme David, Igboeche Chinedu Ethel, Abdulsalam Lauratu Umar, Ayetutu Samuel Bamidele, Kajogbola Micheal Tunde, Adewunmi Abayomi Adedoyin, Ajiboye Biodun Olasunkanmi, Agama Emieseifa James, Nimyel Hauwa Margaret, Akugha Okeoghene Solomon, Oyebo Akeem Adeoriyomi (HRM), Adetu Owoseni Dolapo, Umanah Maureen Aniekan, and Usman Faruk Umar.

Patricia Technologies Security Breach: Police Vindicate Firm, Arrest Key Suspect in Hack of its Platform

Business Journal

27/11/2023

The Nigeria Police Force recorded a major breakthrough in the reported cybercrime perpetrated against Patricia Technologies with the arrest of one of the suspects, Wilfred Bonse, after a thorough investigation into the case by the National Cybercrime Center of the Nigeria Police (NPF-NCCC).

Patricia Technologies had earlier this year petitioned the Inspector General of Police to report the alleged theft following a reported breach of its crypto-currency trading platform, Patricia. The incident resulted into loss of funds belonging to depositors and led to the suspension of the platform by Patricia Technologies to curtail further compromise of depositors’ funds.

The ensuing investigation revealed a far-reaching criminal conspiracy involving the unauthorized modification of computer systems, network data, and the unlawful diversion of funds totaling over N607 million belonging to the petitioner.

The alleged theft included the conversion of cryptocurrency wallets and diversion of unauthorized fund from Patricia Technologies’ Flutterwave account, with Wilfred Bonse, identified as a key player in the complex crime, conspiring with others to fraudulently divert Six Hundred and Seven Million Naira (N607,000,000:00k) from Patricia Technologies’ account to his bank account through a cryptocurrency wallet.

According to Hanu Fejiro, CEO of Patricia Technologies, the conclusion of the Police investigation and eventual arrest of one of the perpetrators is a huge respite to the firm, as well as all its stakeholders. “This is a big relief. We have finally been vindicated as not a few disbelieved us that our platform was hacked in the first place. But thanks to the diligence of the Nigerian Police and the unwavering commitment of my colleagues, we are delighted that our customers now have more reason to continue to trust us. The dark days are over”.

“With this development, Nigerians can now see that we have always been a truthful, fair, and responsible organisation with the best interest of our customers at heart. We are happy that those who believed us have been vindicated and those who doubted us have a compelling reason to renew their trust in Patricia Technologies. With our platform relaunched with stronger security and our commitment to Nigerians, renewed, we look forward to the new era with great optimism”, Fejiro concluded.

It would be recalled that Patricia Technologies, on Monday, November 20, started the first phase of repaying depositors that lost money to the breach, and have relaunched its platform for operations.

While the other co-conspirators remain at large, the Nigeria Police Force assures the public that comprehensive efforts are underway to ensure all involved in this criminal conspiracy are brought to justice.

NCRIB Lagos Area Committee, Insurfeel Partner on Donation of Insurance Policies to Students

Business Journal

27/11/2023

Demola Olutusin

Chairman

Lagos Area Committee of the NCRIB

The Lagos Area Committee of the Nigerian Council of Registered Insurance Brokers (NCRIB) and Insurfeel Initiative are partnering on promotion of insurance education through donation of free policies tagged ‘School Care Cover’ to students.

The partnership would enable deserving students enjoy free insurance protection on personal accident while in school, on vacation and anywhere within Nigeria and also provide payment of school fees to the named beneficiaries of the insured parent/ guardian in event of the following occurring: permanent disability resulting from an accident and death – whether by accident or natural means.

Chairman, Lagos Area Committee of the NCRIB, Demola Olutusin, said the Area Committee is committed to enhancing education and safety of students, adding that the partnership would impact lives of students, the insurance industry and by extension the nation.

According to him, the initiative would also enable the students understand and feel the touch and benefits of insurance which remains the best tools to mitigate risks.

He said the Area Committee has adopted quiz competitions amongst schools as a means to introduce students to insurance early in life.

The Promoter of Insurfeel Initiative, Mr. Chuks Udo Okonta, said the partnership is part of the advocacy strategy of the initiative, stressing that the advocacy strategy entails partnering organisations, associations and groups to adopt donation of free insurance policies to the uninsured.

He noted that Insurfeel Initiative presently donates two unique insurance policies – School Care Cover and Uni Personal Accident Cover to individuals who have never had much experience on insurance for them to feel how insurance works.

He implored organisations, associations and groups, especially within the insurance sector to embrace the initiative and use it to offer insurance products as souvenir to the public as against donation of products from other sectors, whilst complaining that insurance penetration is low.

According to him, Insurfeel Initiative has recently donated free insurance policies to members of the public and is committed to donate more even as it promotes the advocacy strategy to get individuals, organisations; associations and groups to also make donations.

Insurfeel, an initiative developed by the Publisher of Inspenonline, Chuks Udo Okonta, was designed in line with – ‘The Suya Seller Strategy’ – which entails tasting before buying. It stemmed from a research model conducted over a certain period, which showed that people who have had positive experience on how insurance works seem to believe and easily embraced the system. This research therefore, necessitates the need to extend insurance experience to more people so as to deepen insurance penetration, provide safety and enhance insurance industry’s profitability.

Insurfeel is targeted towards specific individuals, such as students in secondary schools, teachers and people with distinct impact on lives and the society. They would be selected due to their outstanding performance and contributions to human growth.The initiative is open to people committed to philanthropy.

The initiator said: “It is my belief that insurance remains one of the best instruments to fight poverty and make the society a comfortable place for mankind. Through Insurfeel, organisations can by means of Corporate Social Responsibility (CRS) donate insurance policies as souvenir and gifts to deserving members of the public. Groups such as Non-Governmental Organisations (NGO) committed to improved wellbeing of the citizenry should also leverage Insurfeel to assist the needy to mitigate their risks. Insurance companies should leverage Insurfeel to donate their products as against the present trend where products from other sectors are donated to the public.”

Ministers, Oil and Gas Industry Captains Converge in Yenagoa for 2023 Practical Nigerian Content Forum

Business Journal

27/11/2023

The 17-storey Nigerian Content Tower (NCT), Headquarters of the Nigerian Content Development and Monitoring Board (NCDMB), Swali, Yenagoa, is set to host oil and gas industry eggheads and policy makers as the yearly Practical Nigerian Content (PNC) Forum 2023, 12th edition, kicks off on December, 4, 2023.

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri and his Gas counterpart, H.E. Hon. Ekperikpo Ekpo would lead other big wigs of the oil and gas industry heading to Yenagoa for one of the biggest events in the calendar of the oil and gas industry.

The Ministers are expected to deliver ministerial addresses and to show the direction of the Federal Government’s thinking concerning Nigerian Content and investment strategies.

The PNC is hosted by the NCDMB in partnership with DMG Events and Bayelsa State Government and this year’s edition is slated to open with an invitational golf tourney and welcome dinner – the first of the three gala nights that would be sponsored by Coleman Wires and Cables, the Bayelsa State Government and the Nigeria LNG Limited, to be closed on Thursday, December 7, 2023 with a visit by delegates to the facility of MG VOWGAS in Port Harcourt, Rivers State.

Some of the presentations that will be received at the PNC include the opening keynote address by the host of the event and Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote, while the Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, and Chief Executive, Nigerian Midstream and Downstream Petroleum Authority (NMDPA), Engr. Farouk Ahmed, alongside other key industry figures would feature prominently in the 4-day event. Also, the Group Chief Executive Officer, Nigerian National Petroleum Company (NNPC) Limited, Mallam Mele Kolo Kyari is also expected to grace the PNC as he had always done in previous years.

Major international oil companies (IOCs), members of the Independent Petroleum Producers Group (IPPG), and service companies, would be actively participating in the four-day conference, with their chief executive officers functioning in one capacity or the other, principally as moderators of panel discussions or panellists or delivering papers on critical subjects relating to local content practice in the oil and gas industry.

For the 2023 edition, key subjects for the panel sessions centre around “Providing an Enabling Environment for Investment in the Energy Sector,” “Opportunities in Decarbonisation and Domestic Gas Utilization,” “Deepening Nigerian Content in the Manufacturing Sector,” and “Financing a Thriving Midstream Sector for Socioeconomic Development,” and Sustainable Framework for Human Capacity Development.” Presentations on R&D Success Stories are also expected.

In addition to the expansive exhibition, the PNC Forum affords prospective investors and clients as well as fund managers an interactive platform with key Federal Government officials overseeing the oil and gas sector, key industry operators and service providers, and chief executives of the regulatory agencies. Among the industry players, a major activity is evaluation of their performances in local content practice, and consideration of appropriate adjustments aimed at better results.

To be showcased are opportunities for collaboration and partnership between the public sector and private business interests and between the private sector and academia; also, emerging opportunities from divestments by IOCs and the decarbonisation drive in the industry.

FG Commends Waltersmith Refinery, NCDMB for Improving Domestic Refining Capacity

Business Journal

27/11/2023

L-R: The President Waltersmith Group; Mr. Abdulrasaq Isa, Managing Director, Bank of Industry, Olasupo Olusi; Honourable Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri and the Executive Secretary, Nigerian Content Development and Monitoring Board, Engr. Simbi Kesiye Wabote during the Minister’s visit to the Waltersmith Refinery in Ibigwe, Egbemi Ohaji LGA, Imo State.

The Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, has commended Waltersmith Group and the Nigerian Content Development and Monitoring Board (NCDMB) for supporting the Federal Government agenda of improving domestic refining capacity.

Speaking on Tuesday during a facility tour of Waltersmith Petroman Oil Limited, Ibigwe, Ohaji-Egbema Local Government Area of Imo State, the Minister expressed his satisfaction toward the company and NCDMB for taking the bull by the horn to commence local refining of crude and partially meeting the demand of the local.

According to him, “The quickest way to fix our energy challenge in the country should be through modular refineries, while we await the total rehabilitation of the big refineries.” The 5,000-barrel per stream day Waltersmith Petroman, which has been a stable source of diesel, kerosene, naphta, and high fuel oil to the domestic market since its commissioning in 2020, was for him a proof of how beneficial such smaller processing plants could be.

Lokpobiri expressed his commendation on the Board for taking up equity in Waltersmith Refinery which quickly facilitated the completion of the modular refinery.

While commending Waltersmith Group, the Minister charged companies who have been given the license for modular refineries and marginal field licenses to take cues from Waltersmith and make deliberate investments.

In his words, “If you have a marginal field, an allocation, it is a paper given to you, it doesn’t add value to you or to Nigeria, unless you take it to the next level by making the requisite investment and then adding the value that is expected.”

“What I am seeing is that out of the numerous marginal fields that were allocated, only Waltersmith and a few of them have been successfully driven,” he stated, recalling that he had sounded a warning at the recent Nigeria Economic Summit Group (NESG) event in Abuja that marginal field allocations without the requisite investments stand the risk of being cancelled.

Explaining the imperative of such a line of action, he said, “It is important that we make this point so that we can retrieve some of those fields to the basket,” so as to reallocate such assets to those able and prepared to develop and exploit them to the benefit of the industry and the nation.

He revealed that he had obtained presidential approval to conduct a fresh round of bidding, which would take place soon, promising that “marginal fields would [henceforth] be prioritised in terms of their location to those who have modular refineries, so that they will be able to produce.”

Commending the remarkable success story of Waltersmith, whose Management has announced plans for further expansion, he said, “I can assure you that this Government will do whatever we can to support you so that you can continue to grow.” He had similar words of praise for the Nigerian Content Development and Monitoring Board (NCDMB), whose direct involvement through equity participation, greatly facilitated the take-off and operations of the Refinery.

In his own remarks, the Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote, said the decision of the Board to participate as equity holder in Waltersmith was informed by its sense of mission and the impressive organisational arrangement within the company.

According to him, NCDMB had no hesitation to partner with Waltersmith, “given the very clear corporate governance that is required and exists within the company,” adding that “part of our mandate is to enhance development and we see ourselves as catalysts for the industrialisation of Nigeria.”

“At NCDMB, we are proud of what we have achieved here [at Waltersmith],” he declared.

In an interview at the conclusion of the tour, the President and Group Chief Executive Officer of Waltersmith Petroman Oil Limited, Mr. Abdulrasaq Isa, said part of the expansion plans of the company is to raise the capacity of the processing plant from the present 5,000 to 40,000 barrels per stream day, and to be able to produce two million tonnes of petroleum products per annum.

The refinery has so far supplied a total of 600 million litres of petroleum products into the Nigerian market since its commissioning in 2020.

Hot topics

Business

ICT

Capital Market

Insurance

Hot topics

Business

ICT

Capital Market

Insurance

Company

Headlines

Newsletter