The Nigerian National Petroleum Company Limited (NNPC) has provided updates on its crude oil exploration activities in the Northern part of the country, reiterating its commitment to achieving the Federal Government’s aspirations in the frontier basins.
“The company has been actively drilling in basins in and around Northern Nigeria, as a result of the need to increase oil exploration in the country’s frontier basins”.
This was contained in a publication authored by the Chief Corporate Communications Officer, NNPC Limited, Olufemi Soneye, who noted that “this is a strategic engagement that NNPC Limited will not compromise on.”
Soneye pointed out that the NNPCL is intensifying its patriotic efforts, making significant progress, and advancing considerable prospects to make do its promises to Nigerians.
Soneye, added that the discovery and exploration of crude oil in the north will not only appear as a dream pursued, but as an economic reality to boost oil production as well as deepen the strength and efficiency of the petroleum industry value chain in Nigeria.
He said: “NNPC Limited, in compliance with the Petroleum Industry Act, PIA, is leaving no stone unturned to continue oil drilling projects in the North after decades of exploration in other basins.
“With crude oil reserves of more than 37 billion barrels and the 6th largest world producer, the discovery of hydrocarbon deposits in the Kolmani River II Well on the Upper Benue Trough, Gongola Basin, in the north eastern part of the country will only accentuate the prosperity and growth of Nigeria in the comity of nations.
“It is therefore untrue for naysayers or sceptics to claim that NNPC has halted the search for oil in Nigeria’s inland basins. On the contrary, NNPC Limited is intensifying its patriotic efforts, making significant progress, and advancing considerable prospects to make do its promises no matter whose ox is gored.”
While stating that the NNPC Limited would not suspend its inland basins oil and gas exploration activities, as some have suggested, he quipped that “Instead, the company is intensifying efforts to expedite the process and ensure the efficient exploitation of hydrocarbon resources in these areas, thereby contributing to national energy security
The Nigerian National Petroleum Company (NNPCL) has assured that contrary to insinuations in some quarters, oil exploration in the northern of the country is on course.
Olufemi Soneye, Chief Corporate Communications Officer (CCCO) of NNPC Limited, made this clarification in a recent publication noting that the company in compliance with the Petroleum Industry Act (PIA) 2021, is leaving no stone unturned to continue oil drilling projects in the North after decades of exploration in the South.
He emphasised that the company is currently active in the inland basins of Nigeria with some drilling projects including Wadi-2 Appraisal/Exploratory Well in OPL 732 and Ebenyi-1 Exploration Well in OPL 826.
According to him, the Wadi-2 Appraisal/Exploratory Well in OPL 732 in Borno State, within the Chad Basin, was spudded on November 4, 2023, and drilled to a total depth of 12,050 feet.
He noted that the drilling phase concluded on June 29, 2024 and the preliminary results from the geological evaluation of the well objectives led to post-drilling well testing, which began on July 4, 2024, and is ongoing.
“This testing aims to further evaluate the target reservoirs for the occurrence of a commercial accumulation of hydrocarbons and to obtain data for future field development,” he stated.
On Ebenyi-1 Exploration Well in OPL 826, which is situated in Nasarawa State within the Middle Benue Trough, drilling began on July 17, 2023.
“The 17½” hole section was drilled and cased to a depth of 3,449 feet. The drilling operations faced challenges due to issues with the hole and equipment breakdowns. The turnkey contractor is finalising plans to replace the drilling equipment with newer models to continue drilling operations to the planned total depth of 14,250 feet”, Soneye stated.
On the Kolmani River where in 2019 1 billion barrels of oil reserves and 500 billion cubic feet of gas was discovered, Soneye said the defunct Frontier Exploration Services (FES) of NNPC Limited drilled three wells—Kolmani River-2, Kolmani River-3, and Kolmani River-4—in the Upper Benue Trough (northeast Nigeria) on its and its partners behalf.
He said the drilling campaign confirmed the presence of commercial hydrocarbon deposits in the Kolmani field of OPLs 809 and 810.
He noted that the rig that drilled the wells was subsequently moved to start the Nasarawa project, with the goal of replicating the success achieved in the Kolmani field.
“In collaboration with co-venturers, we are working towards the next phase of field development. The post-exploration planning takes time to meet regulatory requirements before the development phase can commence. Significant infrastructure projects are currently underway to facilitate the movement of heavy-duty equipment for the next project phase in the area.
“NNPC Limited has not and will not suspend its inland basins oil and gas exploration activities, as some have suggested. Instead, the company is intensifying efforts to expedite the process and ensure the efficient exploitation of hydrocarbon resources in these areas, thereby contributing to national energy security”, Soneye stated.
The NNPC Limited spokesman said the current leadership of the company is committed to addressing every gap within its purview including infrastructural issues associated with the oil and gas industry such as gas shortages for power supply, pipeline protection and maintaining the uninterrupted provision of petroleum products across the country.
“For clarity, the NNPC Limited, under the chairmanship of Chief Pius Akinyelure and managerial leadership of Mele Kyari, is well-positioned to capture the economic opportunities associated with developing and selling hydrocarbons in a resource rich country like Nigeria. These benefits are to be equitably distributed across society and create wealth for human capital development and capacity building.
“It is to further achieve this sufficiency that, under Kyari’s leadership, NNPC Limited is fully aligned with the federal government’s ambition to accelerate economic growth and diversify the economy for the benefit of all Nigerians.
“This is being achieved through timely, credible, clear, and consistent policies. Since taking charge in July 2019, he has driven significant organisational renewal and greatly improved NNPC’s performance and long-term viability. The board and Kyari have been the driving force behind ambitious business growth and have instilled a new commercial mindset throughout the company’s entire value chain”, Soneye said.
He said Kyari’s leadership style has revitalised NNPC Limited workforce even as the company continues to attract the interest of business partners, customers, suppliers, and shareholders noting that since its transition to a commercial entity under the Petroleum Industry Act (PIA) 2021, and in line with the Company & Allied Matters Act (CAMA) provisions, NNPC Limited has consistently delivered value despite its unique operational challenges
Soneye said in addition to thus, the company has maintained steady growth.
“For the first time in 43 years, NNPC declared a profit. From a loss of N803 billion in 2018, the company reduced this to just N1.7 billion in 2019. Remarkably, in 2020, NNPC posted its first-ever profit of N287 billion, which grew to N674.1 billion in 2021, and by the end of 2022, it had soared to N2.548 trillion.
“In our 2023 Audited Financial Statement, AFS, we declared a net profit of N3.297 trillion for the fiscal year, indicating an increase of 28 percent (over N700 billion) compared to the N2.548 trillion recorded in 2022. The N3.297 trillion profit declared for 2023 is very symbolic as it is the highest ever to be recorded since inception, 46 years ago.
“In terms of asset growth, we have moved from N13,300 billion in 2019 to N15,836 billion in 2020; N16,262 billion in 2021; N58,652 billion in 2022; and N246,816 billion, in 2023,” the NNPC spokesman said.
He added that NNPC Limited will continue exploration in the north so that it can sustain this type of excellent financial performance and gains for its investors and Nigerians at large noting that “the more strategic explorations we make, the better for all of us.
NNPC Shares Update on Northern Oil Exploration Strategy
PenOp Elects Christopher Bajowa as New President
Following the retirement of the previous PenOp President and MD/CEO of Premium Pensions, Umar Mairami, the Pension Fund Operators Association of Nigeria (PenOp) had a vacuum in the position of its president, and this necessitated the need to elect a new President.
This process happened recently, and we are happy to announce that Christopher Bajowa, the Managing Director/Chief Executive Officer FCMB Pension Limited has been elected as the new President of PenOp. He will complete the term of the previous President, which will end in March 2026.
Christopher Bajowa was unanimously elected by his colleagues as the new President of PenOp. in accepting the nomination, Mr. Bajowa said that he will continue to uphold the ideals of the industry, ensuring that the RSA holders are prioritised. He also committed to continue the work of ensuring that pensions positively affect every aspect of Nigeria’s economy. He thanked his colleagues for electing him and committed to upholding the high standards expected of the role.
Speaking on the election, the Chief Executive Officer of PenOp, Oguche Agudah said the smooth transition shows the strong governance process within the association and the commitment to sound leadership and respectful relationships between the pension operators geared towards the overall aim of ensuring that every Nigerian benefits positively from the pension industry.
In this 20th year anniversary of the pension industry, it is evident that the pension industry has positively touched many aspects of Nigeria’s life, ranging from the public fiscal management, equity market, infrastructure development and the industry is primmed to do more in the coming years.
NAICOM Chief, Segun Omosehin, Rolls Out 5-Point Agenda for Market Growth
The Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, has unveiled his 5-Point agenda designed to ensure sustainable growth of the Nigerian insurance market.
Omosehin said at an interactive session with the media in Lagos that his agenda is to provide the market with a new direction built on solid commitment to change the image of the industry in the estimation of the insuring public and other relevant stakeholders.
He listed the five (5) priorities of his administration as:
Consumer Issues:
The interest of policyholders is paramount to rebuild public trust and confidence on the insurance sector. There had been declining confidence on the industry due to some market entities not being able to fulfill their obligations. We have some ailing entities and operators that we are managing to save the interest of the market. Our concern is to protect the interest of policyholders.
Strengthen Internal Capacity to Regulate:
The Commission is working to have the right regulatory framework to deliver on our mission.
Soundness of Operators:
We want financially sound operators that can meet their obligations to policyholders. We want to see an industry that is respected and can move the market to a new level of performance and ensure stability of the financial system.
Innovation:
The Commission intends to create an innovation hub to serve as the nucleus to drive innovation for the industry. We need new ideas that can allow the development of the market.
Accessibility & Penetration:
We need to do more to ensure sustainable penetration of insurance in the country. We are also relying on technology to drive access and penetration. The Commission will also endeavour to drive enforcement of compulsory insurances to grow the market.
On the way forward for the Commission and the industry, Omosehin said: “We are prioritising claims settlement and we have set up a department for that purpose. The attitude of the market to claims settlement must change. We must find a reason to pay all genuine claims to effectively restore public trust and confidence in the insuring public. Indeed, claims settlement is one of the key priorities of my administration.”
He also reiterated that NAICOM has not stopped registration of new insurance companies.
“We have not stopped licensing new insurance companies but the promoters of such new entities must meet the specified requirements. The number of operators in Nigeria is not the challenge in terms of performance of the market but the capacity of the companies to live up to expectations.”
On the drive for a $1 trillion economy by 2023 as projected by the Federal Government of Nigeria, the insurance industry regulator said the market must be ready to contribute meaningfully to such agenda.
“The insurance industry should be ready for the economic growth agenda of the federal government. We should be at the centre-stage as the chief risk takers in the economy in terms of financial soundness, readiness and manpower capacity. My tenure is to lead the action in terms of regulation to propel operators to grow the market by creating the enabling environment.”
OVH Acquisition: The Facts of the Matter-NNPCL
The attention of NNPC Ltd has been drawn to a press release signed by Mr. Paul Ibe, a Media Adviser to the former Vice President, Alhaji Atiku Abubakar.
In the statement, the former Vice President was quoted to have lamented “the criminal hijack of the NNPC by corporate cabals around the current President”.
He was also quoted to have listed the retention of Mr. Mele Kyari as the Group Chief Executive Officer of NNPC Ltd as a compensation for the alleged acquisition of NNPC Retail Ltd by OVH in which he claimed Mr Wale Tinubu held 49% stake.
He further alleged that the NNPC Retail Ltd—OVH acquisition deal was part of a grand scheme by President Bola Ahmed Tinubu to integrate his personal business interests into Nigeria’s public enterprises at the federal level.
NNPC Ltd wishes to set the records straight with the following facts:
- We are a commercially-focused and profit-driven company managed by professionals who are committed to adding value to the nation.
- Investment decisions by NNPC Ltd Management are strictly determined on the basis of commercial viability and national interest.
- At the time NNPC Ltd acquired OVH in 2022, Oando (in which Mr. Wale Tinubu has equity interest), had fully divested its equity in OVH to the two other partners – Vitol and Helios. Oando actually began its divestment in 2016, with Vitol and Helios coming in as equity partners, leading to the change of name from Oando to OVH. In 2019, Oando fully divested its equity interest in OVH resulting in Vitol and Helios holding 50% equity interests respectively.
4.Upon acquisition of OVH by NNPC Ltd, both NNPC Retail Ltd and OVH effectively became subsidiaries of NNPC Ltd. However, based on professional advice and sound commercial considerations, NNPC Ltd opted to merge NNPC Retail Limited into OVH, and thereafter retain NNPC Retail Limited as the company name post-merger.
- The first step of merging NNPC Retail Ltd into OVH has been completed and the post-merger renaming as NNPC Retail Ltd is ongoing.
- Contrary to the false alarm raised, neither Wale Tinubu nor the President has any interest in the OVH acquisition.
- As a businessman, the former Vice President should know that effectiveness in business leadership is best measured by balance sheets and bottom lines rather than pedestrian considerations.
- The management of NNPC Ltd, under the leadership of Mr. Mele Kyari, has done very well in growing the company’s fortunes as shown in the 2023 Audited Financial Statement (AFS), where it reported N3.3 trillion as profit after tax.
- NNPC Ltd as a commercial entity is devoid of political interest and shall continue to conduct its business full of commitment to national interest and value creation for the benefit of all stakeholders. NNPC Ltd shall resist any attempt to draw its Board and Management into partisan politics.
Olufemi O. Soneye
Chief Corporate Communications Officer
NNPC Limited
Fidelity Bank Earns High Ratings on Corporate Governance from Market Leaders
Fidelity Bank Plc complies with the highest corporate governance standards as the leading commercial bank adheres promptly to all full disclosure requirements and global best practices.
Fidelity Bank is awarded CG+, the highest rank under the Corporate Governance Rating System (CGRS), which screens quoted companies against prescribed best practices and standards.
A review of the latest compliance report showed that Fidelity Bank sustains its highest-ranking rating of CG+, with shareholders and market pundits commending the high corporate standards of the bank.
Head, Listings Regulation Department, NGX Regulation (NGXRegco), Mr. Godstime Iwenekhai, explained that the CGRS was designed to strengthen the governance structures of listed companies and provide a valid basis for discerning investors to differentiate between listed companies on the basis of their compliance with acceptable standards of corporate governance.
“In our view, corporate governance promotes ethical business practices, transparency and fair competition,” Iwenekhai said.
He pointed out that the special character combination “CG+” underlined compliance with best practices and highest corporate governance standards, which entitle the rated companies to special privileges at the stock market.
Corporate governance compliance at the stock market includes prompt submission of detailed operational results from period to period as required by the market rules, full disclosures of all material and regulated information and accurate rendition of reports and accounts.
Also, compliance includes ensuring that the company’s shares are not encumbered in a way that impinges on free float or number of shares available to the general investing public for efficient price discovery, compliance with all investor-protection safeguards in communication with shareholders and organising statutory meetings as required among others.
The Nigerian Exchange (NGX) noted that compliance tracker was aimed at maintaining market integrity and protecting the investors, noting that listed companies are required to adhere to high disclosure standards.
“Financial information which is periodic disclosure and on-going material events disclosure should be released to NGX in a timely manner to enable it efficiently perform its function of maintaining an orderly market,” NGX stated, referencing some of the criteria for its corporate governance rating.
Market experts and shareholders agreed that corporate governance compliance is a major factor in deciding on investing in a public and the safety of such investment.
Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe, said corporate governance compliance rating is “extremely important” as it indicates to the investing public the quality of compliance of a company to listing requirements.
“As you know, stock prices are driven primarily by available information and the NGX has a minimum level of disclosure expected of quoted companies. This disclosure helps the public make qualitative decisions as to the state or performance of the companies they are seeking to invest in. These markers are therefore the initial indicators as to whether the companies are meeting their disclosures and other regulatory obligations or not,” Amolegbe, a former president of Chartered Institute of Stockbrokers (CIS), said.
Managing Director, APT Securities & Funds, Mallam Garba Kurfi, said the corporate governance rating “shows the extent companies are in compliance with corporate governance.”
“High rating means very good in doing right thing timely while low rating discourages foreign investors from investing in such companies,” Kurfi, a leading market operator and member of the board of Securities and Exchange Commission (SEC), said.
Managing Director, HighCap Securities, Mr. David Adonri, noted that “CG+ means excellent corporate governance rating.”
“When a company is organised and uphold good corporate governance, the benefit to stakeholders is maximised,” Adonri said.
Investors said its high corporate governance was one of the compelling reasons they chose to invest in Fidelity Bank.
President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar said Fidelity Bank has a very good corporate governance structure that reassures investors of the safety of their investments.
According to him, while the bank has good succession plan, the calibre of the independent non-executive directors on the Board gives shareholders strong confidence of the kind of Board oversight they will be expecting.
National Co-ordinator, Independent Shareholders Association of Nigeria (ISAN), Mr. Moses Igbrude, said Fidelity Bank’s impressive performance over the years had been built on good corporate governance.
“My appeal to the Board is to continue to imbibe good corporate governance in order to sustain this growth,” Igbrude said.
National Coordinator, Pragmatic Shareholders Association of Nigeria, Mrs. Bisi Bakare, said Fidelity Bank has created a “very excellent impression” in the minds of shareholders.
According to her, the bank has continually showcased exemplary leadership with continuous impressive results, with successive growths over the past five years.
“Fidelity Bank is a very good bank that shareholders are very happy with their investments and we have never regretted buying into Fidelity Bank,” Bakare said.
National Co-ordinator, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie said good corporate governance was the cornerstone of Fidelity Bank’s sustained growth and impressive returns over the years.
“Fidelity Bank remains one of the best stocks that investors should look forward to invest in for better returns. I’m very optimistic of the bank’s healthy strong assets. With its good corporate governance and excellent customers’ service, there is every reason to hope for more promising future,” Okezie said.
The NGX tags defaulting companies for poor corporate governance and also applies various monetary and non-monetary sanctions, including fines ranging between N100,000 to N100 million, partial or full suspension of trading, naming and shaming with a red alert tag and compulsory delisting in extreme cases.
PILA Pays Courtesy Visit to Sovereign Trust Insurance Plc
Members of the Professional Insurance Ladies Association (PILA) with some personnel of Emergency Response Africa, (ERA) flanked by the Managing Director/CEO of Sovereign Trust Insurance Plc, Olaotan Soyinka and other members of Management of Sovereign Trust Insurance Plc at the Corporate Head Office of the Underwriting Firm during the courtesy visit of the Professional Insurance Ladies Association (PILA) on Tuesday, August 20, 2024.
Kogi State to Host GOCOP 2024 Conference on Power, Insecurity, Digital Economy
The Guild of Corporate Online Publishers (GOCOP) will hold its 2024 annual conference in Lokoja, Kogi State on Thursday, October 3, 2024.
A statement by the Publicity Secretary of GOCOP, Sir Remmy Nweke, quoted the 2024 Conference Planning Committee Chairman, Danlami Nmodu and Secretary, Mr. Olumide Iyanda, as saying that the event, the 8th in the series, would be the first time a State will be hosting the conference.
The theme, “Nigeria: Tackling Insecurity, Power Deficit and Transitioning to Digital Economy,” was informed by current security and power deficit challenges facing the nation.
A prominent technocrat versed in the dynamics of power management, from generation through transmission to distribution would deliver the keynote, while two guest speakers with expertise in digital economy and security value-chains respectively had confirmed their attendance, the statement said.
Previous speakers at the annual conference include Rev. Matthew Hassan Kukah, the Bishop of the Catholic Diocese of Sokoto who delivered the 2019 lecture on “Economy, Security and National Development: The Way Forward.”
In 2021, Mr. Boss Mustapha, Secretary to the Government of the Federation, keynoted the Conference in his capacity as Chairman of the Presidential Task Force on Covid-19. He spoke on: “Post Covid-19 Pandemic: Recovery and Reconstruction in Nigeria.”
In 2022, Professor Mahmood Yakubu, Chairman, Independent National Electoral Commission (INEC), delivered the keynote titled “2023 Elections: Managing the Process for Credible Outcome.”
The 2023 edition which held in Abuja had the theme, Nigeria: Roadmap for Socio-Economic Recovery and Sustainability, was chaired by Professor Ishaq Oloyede, Registrar, Joint Admissions and Matriculation Board (JAMB) while Professor Uche Uwaleke, a Professor of Capital Market delivered the keynote.
Advanced preparations have been made to ensure that the 2024 event is a success.
More details about the 2024 Annual GOCOP conference would be made public as the event draws nearer, the statement said.
Transcorp Power Names Christopher Ezeafulukwe as Non-Executive Director
Transcorp Power Plc wishes to notify the investing public of significant changes to its Board of Directors. Mr. Christopher Ezeafulukwe has been appointed as a Non-Executive Director.
This appointment has been approved by the Nigerian Electricity Regulatory Commission in accordance with the provisions of the Companies and Allied Matters Act 2020 and the Articles of Association of Transcorp Power Plc.
Mr. Ezeafulukwe is a highly accomplished professional with over 20 years of executive management experience spanning multiple sectors, including power, oil and gas, financial services, legal services, and corporate governance. He currently serves as the Managing Director/CEO of Transcorp Energy Limited.
Prior to this, he held the position of Managing Director/CEO of Abuja Electricity Distribution Plc and previously served as the Managing Director/CEO of Transcorp Power Limited (now Transcorp Power Plc). Mr. Ezeafulukwe also held the role of Executive Director, Legal and Business Development, at Transnational Corporation Plc.
His academic credentials are equally impressive, holding an LL.B degree from the University of Lagos, a B.L. from the Nigerian Law School, and an LL.M from the University of Lagos. He further advanced his education with a second LL.M in Energy, Environmental & Natural Resources Law from the University of Houston, Texas. Mr. Ezeafulukwe is also an alumnus of both the Lagos Business School and IESE Business School in Barcelona, Spain.
In addition to his academic and professional accomplishments, Mr. Ezeafulukwe is a respected member of several professional bodies. These include the Association of International Petroleum Negotiators, the Nigerian Bar Association (NBA), the Institute of Chartered Secretaries & Administrators of Nigeria (ICSAN), and he is a past member of the Executive Council of the Association of Power Generation Companies.
We are confident that Mr. Ezeafulukwe’s wealth of experience and leadership will greatly contribute to the continued success and growth of the company.
About Transcorp Power Plc
Transcorp Power Plc is an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group), a leading, listed African conglomerate with strategic investments in the power, hospitality, and energy sectors. Transcorp Power is committed to creating value and driving economic growth, by improving lives through access to electricity and transforming Africa.
EZ37 Solutions to Hold International Conference on Coaching for Sustainable Impact
EZ37 Solutions Limited, a leading human resource and management consulting firm that provides coaching, learning and development, assessments, HR advisory, public sector solutions, and business and management consulting services, has announced that it will host the virtual International Coaching Expo (ICE) in Nigeria on 10 and 11 October 2024.
Themed “Empowering Change Agents: Coaching for Sustainable Impact,” the ICE will bring together experts and practitioners in the coaching industry to explore emerging trends, best practices, and innovative strategies for maximising coaching effectiveness and creating sustainable outcomes.
Alongside the conference, there will be a virtual exhibition which displays the latest solutions and tools available on the market. The two-day virtual coaching conference will gather organisation leaders, senior management executives, professional coaches, and HR and L&D practitioners from various industry sectors, creating a unique opportunity to showcase products and services to a targeted audience.
Commenting on ICE 2024, Adaora Ayoade, CEO of EZ37 Solutions Ltd and the founder of the virtual International Coaching Expo (ICE) said: “On 10 and 11 October 2024, ICE will feature global thought leaders sharing cutting-edge insights that are shaping the future of coaching and leadership. Whether you’re a seasoned coach, a business leader, or simply curious about the power of coaching, this conference is for you! Join us virtually as we explore the theme “Empowering Change Agents: Coaching for Sustainable Impact.”
Ayoade stated that several reputable local and international speakers have confirmed their participation in the event including: Keynote speakers, Magdalena Nowicka Mook, CEO and Executive Director, International Coaching Federation (ICF) and Prof. Jonathan Passmore, Professor of Coaching & Behavioural Change, Henley Business School. Other notable speakers include Peter Hayward, Intel Corporation; Julia Esezobor, Coca-Cola Nigeria; Akanimo Ekong, Candor Consulting and President of International Coaching Federation, Nigeria Chapter
Interested attendees can take advantage of early bird registration at: https://ice.ezcoaching.org/
Ayoade added that sponsorship opportunity exists for corporate organisations that wish to take advantage of the wide reach of the event to improve the visibility of their brands, engage directly with their target audience through exclusive networking and speaking opportunities, and explore and penetrate the rapidly growing African coaching market.
About EZ37 Solutions Limited:
EZ37 Solutions Limited was established in 2009. EZ37 Solutions Limited is a leading Human Resource and Management Consulting firm that provides Coaching, Learning and Development, Assessments, HR Advisory, Public Sector Solutions and Business and Management Consulting services.
The core objective is to provide transformational business strategies that positively impact people and organisations.
Unity Bank Champions Digital Literacy, Innovation for Youth Empowerment
In line with its commitment to supporting youth empowerment and technological innovation, and creating opportunities for Nigerian youths to thrive in the digital economy, Unity Bank Plc recently held a high-impact webinar to explore the role of digital technology in sustainable development.
The event drew participants from across Nigeria featuring the Telecommunications, Media and Technology, (TMT) ecosystem including start-ups, players in fintech, content creators, etc.
The event featured two Nigerian technology industry leaders including Mr. Gbolahan Salami, Senior Vice President, Growth, Product, and Strategy at WakaNow, and Mr. Micheal Ogundare, who is the CEO and Co-founder of Crop2Cash. Both speakers shared insightful perspectives on leveraging digital technology to empower the next generation and foster inclusive growth.
Commenting on the International Youth Week webinar, Unity Bank’s Head of Strategy and Innovation, Mr. Ibukun Coker, said that through youth-friendly products, special business grants from the Bank’s youth-focused initiatives such as the Corpreneurship Challenge programme as well as other financing packages, the Bank will continue to accord priority to Micro, Small and Medium-sized businesses in technology.
He added: “Empowering the youth through digital technology is key to unlocking sustainable development in Nigeria. At Unity Bank, we are committed to driving initiatives that bridge the digital divide and equip young people with the skills needed to thrive in today’s fast-evolving economy. This webinar is part of our ongoing effort to support the growth of a digitally inclusive society, ensuring that our youth are well-positioned to harness technology for positive change and economic progress.”
The event provided an opportunity for participants to interact directly with the speakers, with many expressing renewed optimism about their potential to leverage digital technology for personal and societal advancement.
Recall that recently Unity Bank partnered with SkillPaddy in its “Count Her In” tech Programme focused on empowering no fewer than 1,000 female beneficiaries in Software Engineering Training. The IT skill development and empowerment initiative was intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry. About 40 young girls received full sponsorship from the Bank in the special training initiative, which was conceived as part of activities to commemorate this year’s International Women’s Day 2024.
Union Bank Reports 20% Growth in PBT H1 2024 Despite CBN’s Intervention
Despite the challenging environment following the Central Bank of Nigeria’s intervention in January 2024, which led to heightened customer concerns, Union Bank of Nigeria has reported a profit before tax of N79.8 billion on gross earnings of N333 billion during the half year ended June 30, 2024 compared with a profit before tax of N66.5 billion on gross earnings of N210.5 billion during the corresponding period of 2023, representing a growth of 20 percent in profit before tax and 58 percent in gross earnings.
The Bank said in a statement that, “this accomplishment demonstrates the bank’s resilience and commitment to delivering results in uncertain times.”
Commenting on the results, Yetunde B. Oni, Managing Director and Chief Executive Officer of the Bank said: “I am pleased that Union Bank of Nigeria has delivered a progressive financial performance in the first half of the year, with a significant boost in Net Interest Income, Net Operating Income, and Net Trading Income.
“At the beginning of the year, our top priority was to keep the momentum going with a strong focus on stability following the intervention of the Central Bank of Nigeria. We also continued with the planned strategic priorities, which are centred around scaling our digital play, driving hypergrowth in target sectors, optimising our wholesale bank structure, aggressively ensuring recoveries of past-due obligations, and orchestrating a robust ecosystem play through existing and new partnerships.
“So far, we are seeing the direct impact of our strategy on our financial performance. We achieved a substantial increase in Gross Earnings by 58% to ₦333bn compared to ₦210.5bn in H1 2023. Net Operating Income after Impairments increased by 32% to ₦143.6bn from ₦108.5bn in H1 2023, attributed to enhanced interest income, fees, commissions, and margin expansion. Similarly, we achieved Profit Before Tax (PBT) of ₦79.8bn, representing 20% growth compared to ₦66.5bn in H1 2023.
“In pursuit of our strategic priority to scale our digital play, Union Bank successfully launched its digital lending platform, UnionKash. This platform enables existing and new-to-bank customers to access soft loans easily. Since its launch in the first quarter of the year, over 14,000 customers have successfully accessed soft loans through the USSD code *826*41#.
“These achievements reflect the remarkable resilience and dedication of our staff, who have been instrumental in navigating the challenges of a demanding operating environment. Despite the pressures of inflation, exchange rate volatility, and increased operational costs, our team has remained steadfast and committed to delivering excellence. I extend my sincere appreciation to all our employees for their hard work and unwavering dedication, which have been critical to our success in the first half of 2024.
“I also want to express our deep gratitude to our customers, whose loyalty to the Union Bank brand has been unwavering. Their trust and continued patronage have been vital to our success, and we remain committed to serving them with excellence. Additionally, we acknowledge the invaluable support from our regulators as we navigated the complexities of our operating environment.
“In line with the realities of our environment, the bank has initiated the process of recapitalisation. The Banking Sector Recapitalisation Program, introduced by the Central Bank of Nigeria (CBN), mandates banks to increase their minimum paid-in common equity capital to a specified amount by April 2026, per their license category and authorisation. This strategic initiative is not only aimed at aligning our capital adequacy with regulatory standards but also at surpassing them, thereby fortifying our financial stability and positioning us to capitalise on emerging market opportunities.
“As we move forward, our focus remains on building a controlled, compliant, and profitable organisation. We are committed to maintaining strong governance frameworks, ensuring regulatory compliance, and driving sustainable profitability. These pillars will not only fortify our financial stability but also position us to capitalise on emerging opportunities in the market. I am confident that with our continued focus on these priorities, we will sustain our positive momentum and deliver long-term value to our stakeholders.”
Speaking on the H1 2024 numbers, Acting Chief Financial Officer Oluwagbenga Adeoye said:
“Our H1 2024 financial performance is a testament to the Bank’s resilience because it came on the backdrop of a slow start, occasioned by the high inflationary environment, exchange rate volatility, increased power costs and other factors.
“Nevertheless, we were not entirely insulated from these shocks as Non-Interest Income reduced marginally in H1 2024 by 3% to ₦108.3bn from ₦112.1bn in H1 2023 due to foreign exchange revaluation loss. Operating Expenses increased by 52% to ₦63.8bn against ₦42bn in H1 2023, majorly due to the high inflationary environment, increased power cost and increased non-discretionary regulatory cost. Notwithstanding, our Cost to Income Ratio remains below 50% at 44% compared to 39% recorded in H1 2023 on the back of implementing planned cost-efficiency initiatives.
“The Bank continued to grow its loan book cautiously, with gross loans increasing by 24 percent to ₦1.93 trillion compared to ₦1.55 trillion in December 2023, customer deposits grew marginally by one percent to ₦2.36 trillion from ₦2.34 trillion in December 2023, reflecting the impact of socio-economic pressures on our operating environment.
“In the second half of the year, we will focus on improving efficiency and driving our non-interest income. We are confident that we will finish the year strong and sustain the returns on equity and returns on assets, which stood at 40.6% and 3.68%, respectively.”
Further analysis of the Bank’s performance during the reviewed period showed that its net operating income after impairments rose to N143.6 billion from N108.5 billion in 2023, representing a growth of 32 percent, non-interest income reduced marginally by three percent to ₦108.3 billion from N112.1 billion during the corresponding period of 2023 due to foreign exchange revaluation loss.
Operating expenses moved up remarkably by 52 percent to ₦63.8 billion from N42 billion in the corresponding period of 2023, resulting from the inflationary environment, increase in power costs and increase in non-discretionary
regulatory costs.
In the same vein, gross loans increased by 24 percent to ₦1.93trn from N1.55trn in December 2023 while customer deposits went up marginally by one percent to ₦2.36 trillion from N2.34 trillion in Dec 2023, reflecting the impact of the challenges posed by the socio-economic environment on its operations.
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.
NNPC Posts N3.3tn Net Profit, Declares N2.1tn Dividend
L-R: Permanent Secretary, Ministry of Petroleum Resources, Ambassador Nicholas Agbo Ella; Chairman, NNPC Limited Board, Chief Pius Akinyelure and the CFO, NNPC Limited, Mr. Umar Ajiya during the Release of NNPC Limited’s 2023 Audited Financial Statement (AFS) at the NNPC Towers in Abuja on Monday.
The NNPC Limited has released its 2023 Audited Financial Statement (AFS), declaring a net profit of N3.297 trillion at the close of the financial year which ended in December 2023, an increase of over N700 billion (28%) when compared to the 2022 profit of N2.548 trillion.
In a world press conference held at the NNPC Towers in Abuja on Monday, the Chief Financial Officer of the Company, Mr. Umar Ajiya said the release of the AFS is a testament to the Company’s commitment to transparency and accountability.
“Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,” Ajiya stated.
Ajiya added that posting such impressive returns demonstrates NNPC Limited’s commitment to sustaining profitability and supporting the attainment of national energy security as stipulated by the Petroleum Industry Act (PIA) 2021, and by extension, as expected by the Company’s shareholders.
Explaining that NNPC Limited will announce Initial Public offer (IPO) once the shareholders and Board make a decision, Ajiya also debunked claims on subsidy payment, saying the Company was only taking care of PMS importation shortfall between it and the Federation.
Speaking earlier at the press conference, the Chairman of the NNPC Limited Board, Chief Pius Akinyelure said that the excellent performance came as the fruit of the PIA 2021, the commitment of the Board, Management and staff of the company.
Akinyelure added that the shareholders of the company have since approved a final dividend of N2.1trn in line with PIA 2021 provisions.
In her remarks at the briefing, the Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan said with improvements witnessed as a result of the renewed vigour in the war against crude oil theft and pipeline vandalism, NNPC is targeting 2million barrels per day crude oil production by the end of the year.
On the current fuel queues in parts of Lagos and the FCT, the Executive Vice President, Downstream, Mr. Dapo Segun appealed for understanding from Nigerians, saying that the Company is working with relevant stakeholders to address the distribution, evacuation and logistics challenges.
It would be recalled that in 2021, NNPC declared profit in its operations for the first time. From a loss position of N803 billion in 2018, it reduced the loss further down to N1.7 billion in 2019.
However, in 2020, it posted its ‘first ever’ profit of N287 billion, then in 2021, it recorded a N674.1 billion profit and in 2022, the profit grew to N2.548, an unprecedented achievement in its financial performance. The N3.297 trillion profit declared for 2023 is the highest since the Company’s inception, 46 years ago.
Africa Insurance Women Association to Host International Conference for Women in Insurance
Mrs. Margaret Nkechi Moore
President
Africa Insurance Women Association
The Africa Insurance Women Association (AIWA) is excited to announce the first-ever International Conference for Women in Insurance, set to take place from November 2nd to November 6th, 2024, at the Lagos Continental Hotel.
This ground-breaking event will gather industry leaders, policymakers, and stakeholders from across the globe to discuss emerging trends, challenges, and opportunities within the insurance industry, with a special focus on the pivotal role of women in shaping its future.
Theme: “The Future of Insurance: Trends, Challenges, And Opportunities.”
The conference will feature a series of keynote addresses, panel discussions, workshops, and cultural performances.
Attendees will have the unique opportunity to engage with distinguished speakers and experts, including top executives, government officials, and influential figures from the insurance sector. The event will also provide a platform for networking and knowledge-sharing among professionals dedicated to advancing the insurance industry in Africa.
Mrs. Margaret Nkechi Moore, the President of the Africa Insurance Women Association (AIWA), expressed her enthusiasm about the upcoming conference, stating, “this conference marks a pivotal moment for the insurance industry in Africa. It’s an opportunity to address the challenges and opportunities we face in the insurance industry, especially in the context of gender diversity and leadership. I am confident that the insights and solutions shared during this event will pave the way for a more resilient and innovative industry, driven by the unique perspectives and strengths of women leaders.”
Managing Director, REX Insurance Limited
Chairman, LOC AIWA Int’l Conf.
Mrs. Ebelechukwu Nwachukwu, the Chairman of the Local Organising Committee (LOC), also highlighted the significance of the event, saying, “the AIWA conference is not just a gathering; it’s a movement towards a more inclusive and forward-thinking insurance sector. Our goal is to foster discussions that will inspire actionable strategies, and I am honored to be part of an event that is poised to make a lasting impact on the industry. The collaborative spirit we bring to this conference will undoubtedly resonate throughout Africa and beyond.”
Key Highlights:
Opening Ceremony and Awareness/Health Walk
Date: November 2, 2024
An inspiring start to the conference with a health walk to raise awareness about women’s health and wellness.Keynote Addresses and Panel Discussions
Date: November 4-5, 2024
Thought leaders will share insights on crucial topics such as gender diversity in leadership, leveraging technology for innovation, and strategies for building a resilient insurance industry.
Gala Night Date: November 5, 2024
A night of celebration and networking, featuring cultural performances and honoring trailblazers in the industry.
Tourism Site Visits
Date: November 6, 2024 – An opportunity for attendees to explore the rich cultural heritage of Lagos and its vibrant tourism sites.
AIWA is honored to host this event, aiming to bridge the gender gap in the insurance industry and empower women to take on leadership roles. As AIWA’s President, Mrs. Margaret Moore, stated, “This conference is not just about discussing the future of insurance; it’s about shaping it. Women have a critical role to play in driving innovation and achieving better financial performance in the industry.”
Registration and Sponsorship:
We invite all industry professionals, stakeholders, and interested parties to register for the conference and be part of this historic event. For registration and sponsorship opportunities, please visit our website or contact our LOC Publicity Chairman at +234 08033210571 or via email at [email protected]
About AIWA
The Africa Insurance Women Association (AIWA) is dedicated to advancing the role of women in the insurance industry across Africa. AIWA provides a platform for networking, mentorship, and professional development, aiming to foster a more inclusive and innovative insurance sector.
Reps Directs AMCON to go After Debtors Irrespective of Social Status
The Chairman of the Committee, Hon. Eze Nwachukwu Eze, other members of the Committee and the Management and Senior staff of AMCON in a group photograph at the end of the retreat in Enugu at the weekend.
The Chairman, House of Representatives Committee on Banking & Ancillary Institutions, Honourable Eze Nwachukwu Eze, at the weekend in Enugu renewed the campaign for all agencies of the Federal Government to join the debt recovery drive of the Asset Management Corporation of Nigeria (AMCON).
Eze said the recovery of such humongous amount of nearly N5 trillion owed AMCON by a few obligors will increase the revenue of President Bola Ahmed Tinubu’s government, and enable the government to deliver the renewed hope Mr President promised Nigerians.
Honourable Eze who led his committee to a retreat in Enugu, the capital of Enugu State attended by the leadership and management of AMCON said the debt recovery agency of the government presently led by Mr. Gbenga Alade must be more brutish in the recovery strategy, which should not allow a few obligors get away with the commonwealth of all Nigerians.
Hon Eze, according to a statement by Mr. Jude Nwauzor, the Head of Corporate Communications Department of AMCON charged AMCON not to be deterred by the personality or position of any obligor when enforcing on their asset.
The lawmaker added, “The new AMCON management have to face the reality of debt recovery, which is not easy, and must not consider social status of obligors in carrying out enforcement actions. In fact, even if you find my name on the list of AMCON obligors, please come after me. The success of AMCON’s mandate is not the responsibility of one institution alone; it requires the concerted efforts of all stakeholders. This includes the government, financial institutions, the regulatory bodies, security agencies, and indeed the private sector.
“We recognise that the economic landscape is evolving rapidly. Global and domestic challenges require us to reassess our strategies and adapt to new realities. Retreats such as this presents us with another opportunity to reflect on AMCON’s journey so far, to identify areas where we can enhance its capacity, and to align our efforts towards ensuring that the Corporation continues to be a key player in our nation’s economic stability.”
According to the lawmaker, the theme of the retreat, “Revitalising Asset Management for Economic Stability: Exploring Policy Changes and Legislative Support for AMCON,” is not only timely, but also critically important. The task of managing distressed assets is complex, requiring robust policies, innovative approaches, and unwavering legislative backing. Revitalising, in this context, Eze said, “Means more than just improving existing processes; it involves a rethinking of the entire framework within which AMCON operates. It calls for strategic adjustments that will enable AMCON to be more proactive, agile, and effective in its interventions.
“In this regard, the Committee on Banking and Other Ancillary Institutions is committed to working closely with AMCON and other stakeholders to ensure that our policy framework supports the Corporation’s objectives. We must also consider the broader economic implications of these policies, ensuring that they contribute to sustainable growth and development. As lawmakers, it is our responsibility to provide the legal infrastructure that enables AMCON to fulfill its mandate effectively. This includes reviewing existing laws, proposing new legislative measures, and ensuring that AMCON has the necessary tools to navigate the complexities of asset management.”
Earlier, the Executive Director of Operations Mr Lucky Adaghe who represented the AMCON MD/CEO at the retreat urged the committee to continue to support the Corporation because as the economy tightens up, the assignment of debt recovery has also become even more difficult.
Adaghe said, “The Nigerian economic landscape presents a complex web of challenges for debt recovery, as the country grapples with high inflation, and currency fluctuations. The current economic reforms such as the removal of fuel subsidy, foreign currency exchange unification etc. aimed at diversifying the economy and promoting growth are expected to positively impact debt recovery.
“Initiatives such as the National Development Plan 2021 – 2025, the Economic Recovery and Growth Pan (ERGP), and the Central Bank of Nigeria’s measures to strengthen the banking sector and enhance credit facilities, should improve business operations and increase revenue generation. Reforms will lead to increased employment opportunities, improved infrastructure and a more stable macroeconomic environment, ultimately enhancing debtors’ ability to repay their obligations.
“Even though the AMCON Act has gone through three amendments over the years, the obligors have mastered the operations of AMCON and have been taking advantage of the Court processes to frustrate AMCON. Despite the efforts made by this esteemed Committee in the amendment of the Act to aid our recoveries, some of the amendments are yet to be fully implemented due to some bureaucracy in government.”
Aside from that, Adaghe said, “AMCON obligors hide under legal technicalities to tie AMCON in Courts, exploring the loopholes in the statutes and the legal system. It is important to mention at this stage that the seed sowed by the past committees has yielded the much-needed fruit now awaiting a sickle to harvest the fruits and this will come by way of the support of this Committee to among others – designating specific AMCON Judges in the Federal High Court complexes across the country; accelerated hearing and granting of judgement on AMCON matters within 90 days; MCON courts to sit at least three days in a week, and the provision of issuing bench warrants for recalcitrant and evasive obligors.”
Finally, he said, “To enable AMCON succeed in its National call to duty, AMCON solicits the support of this esteemed Honorable Committee Members in the following areas: Engagement with the Judiciary through the relevant standing committees of the National Assembly on Judiciary towards full activation of the special provisions of the AMCON act as amended; Engagement with other shareholders within the Judiciary for the implementation of the practice direction and Amendment of the Act may be required towards extending Banks contributions to the Resolution Cost Fund to ensure that AMCON outstanding liabilities are extinguished, to avert their crystallisation to the Federal Government.”
Other people who made presentations from AMCON at the retreat include Mr. Joshua Ikioda, the Group Head of Enforcement, Mr Najib Sulaiman, the Head of Strategy and Mr Norbert Enenmoh of the Legal Department. The retreat ran from Friday 16 to Sunday August 18, 2024.
Verve, Adidas Renew Partnership towards Africa’s Biggest Fitness Party, VerveLife 7.0
Verve, Africa’s leading domestic payments card and token brand, has announced a renewed partnership with leading global sportswear brand, adidas, for the seventh (7.0) edition of VerveLife, which has progressively gained acclaim as Africa’s largest and most celebrated fitness festival series. This marks the second time Verve and adidas have entered strategic collaboration, premised on a common goal of transforming fitness and wellness across the continent.
Launched seven (7) years ago, VerveLife has become Verve’s flagship lifestyle initiative, revolutionising fitness and wellness in Nigeria and beyond, while promoting a healthy lifestyle among Verve’s cardholders and fitness enthusiasts.
Attracting over 12,000 participants annually from West and East Africa, the festival has grown into one of the continent’s most significant fitness platforms. It features high-intensity workout sessions, dance routines, and fitness challenges led by expert instructors, culminating in a spectacular after party designed for fitness enthusiasts to unwind following the invigorating wellness sessions.
Cherry Eromosele, Executive Vice President, Marketing and Communications, Interswitch Group, expressed her optimism about the renewed partnership:
“We are thrilled to take VerveLife to new heights this year, building on the success of our previous editions. Our renewed partnership with adidas underscores our unwavering commitment to delivering exceptional experiences that resonate deeply with fitness enthusiasts across Africa.
This collaboration not only enhances the quality of the event but also enriches the overall experience for our participants. With adidas on board, attendees can look forward to an invigorating presence, including exclusive complimentary merchandise and attractive product discounts. We are excited to see our community come together, united by a shared passion for fitness and wellness,” Eromosele said.
Brett Burgess, Commercial Director for Africa at adidas, commenting on the partnership said,
“Our partnership with VerveLife is an amazing opportunity for adidas as a Brand to connect with potential consumers in East and West Africa through this transformative event, bringing likeminded consumers together, working out together while enjoying the experience with a community.
“VerveLife provides a unique platform for us to connect with individuals who are passionate about fitness, and we are eager to bring our expertise and resources to support their journey. This collaboration allows us to contribute to a larger movement that encourages people to live healthier, more active lives, while having fun. We look forward to an inspiring and impactful VerveLife 7.0, where we can help participants achieve their fitness goals and enjoy a vibrant community experience,” Burgess remarked.
This year, the VerveLife fitness train will travel across Nigeria stopping in cities such as Asaba, Enugu, Abuja on August 17, September 14, and October 12, 2024, respectively before returning to Lagos for the highly anticipated grand finale in November.
It will also make a stop at Uganda (Kampala) for the 2nd time and Kenya (Nairobi) for the 3rd time, before culminating in an exciting grand finale for the ultimate fitness extravaganza. The grand finale and after-party will be held on November 2, 2024, at the Landmark Event Center in Victoria Island, Lagos.
As Verve and adidas continue their commitment to championing fitness and wellness across Africa, fitness enthusiasts across Nigeria, Kenya and Uganda can look forward to yet another exciting edition of Africa’s biggest fitness party, VerveLife 7.0.