Thursday, February 5, 2026
27.5 C
Lagos
Home Blog Page 76

West African Insurers Applaud Continental Re for Capacity Building in Anglophone Region

0

Mr. Ogadi Onwuaduegbo

Regional Director for Anglophone West Africa

Continental Reinsurance Plc

Insurance practitioners across West Africa have lauded Continental Reinsurance’s commitment to capacity development through continuous training programs in Anglophone countries.

The commendations followed a series of training sessions organised by Continental Re during the first half of 2024.

The training programs, attended by 1,700 participants, covered various topics within the Non-Life and Life Insurance classes for both treaty and facultative business.

These included areas such as Agriculture, Reinsurance Accounting, Emerging Risks (including Banker’s Blanket Bond), Oil and Gas, Engineering, Credit Life and Mortgage Protection, and Fraud Detection and Prevention among other topics.

Participants, primarily insurance professionals from Nigeria and Ghana, expressed high levels of satisfaction with the training. They praised the expertise of the trainers, the clarity with which complex concepts were explained, and the practical tools and techniques provided for immediate implementation.

The interactive nature of the sessions, which allowed for engaging discussions and problem-solving, was also commended. Real-world examples and comprehensive materials made the training highly relevant and beneficial for day-to-day operations.

Mr. Ogadi Onwuaduegbo, Regional Director for Anglophone West Africa, said: “Continental Reinsurance has been conducting these capacity-building initiatives throughout the first half of the year, beginning in February. These efforts are designed to support the growth of insurance professionals in the region. Importantly, this is not a new initiative; we have consistently organised these training sessions over the years, reinforcing our long-term commitment to enhancing the capabilities of local insurers. The training sessions will continue in the second half of the year, further increasing the expertise within the industry.”

NCDMB, NLNG Commission Galvanising Plant for Train 7 Project, Reaffirm Commitment to Nigerian Content

0

 

 

LR: General Manager, External Relations and Sustainable Development, Nigeria LNG Limited, Mr. Andy Odeh; Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe; General Manager, Production, NLNG, Engr. Nnamdi Anowi; Director Monitoring and Evaluation, NCDMB, Mr. Abdulmalik Halilu; Manager Human Resources Business Relations, NLNG, Mr. Kennedy Agbonkhese; Manager Non-Technical Risks for Train 7 Projects, Mr. Joshua Anemeje and Manager Nigerian Content Development, NLNG, Engr. Dagogo Buowari at the commissioning ceremony of the 10,000 Tons per annum galvanizing plant constructed by Daewoo Engineeering Nigeria Limited, at Abam-ama, Okrika, Rivers State on Friday, August 16, 2024.

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe on Friday commissioned the 10,000 Tons per annum galvanizing plant constructed by Daewoo Engineering Nigeria Limited, one of the engineering, procurement, and construction (EPC) contractors of the Nigeria LNG Limited (NLNG) Train 7 Project.

The ceremony which held at Daewoo Galvanising Plant at Abam-ama, Okrika, Rivers State was attended by the Managing Director and Chief Executive Officer of NLNG, Dr. Philip Mshelbila.

The Galvanising plant is one of the capacity development interventions for the Train 7 project and the establishment is sequel to NCDMB’s requirement that the execution of major EPC projects in the country must include the development of a legacy investment that will close a critical capacity gap in the oil and gas industry.

The Executive Secretary lauded NLNG and Daewoo Engineering for responding positively to the Nigerian Content legacy requirement, adding that the commissioning of the hot deep galvanizing plant has increased Nigeria’s galvanising capacity to over 180,000 Tons/annum, with other facilities established by Dorman-long Engineering, Sparkwest steel industries and African Industries Group.

The facility will serve the Nigerian oil and gas industry and linkage sectors, including telecommunications, power and transport sectors that require galvanised materials. The importance of galvanizing, he explained, included corrosion protection, extended service life of steel materials, cost effectiveness and safety assurances.

Ogbe indicated that the galvanizing plants and other strategic Nigerian Content investments could enjoy patronage from sister African countries courtesy of the Africa Continental Free Trade Agreement protocols, especially if the firms carry out intensive marketing and remain committed to quality standards and competitiveness.

He confirmed that the domiciliation of key industry capacities is contributing towards the attainment of the 70% Nigerian Content target by 2027 and “underscores the commitment of President Bola Tinubu’s Administration towards implementing pro-local production reforms that will bring about employment and economic prosperity.”

In his remarks, the Managing Director of NLNG, Dr. Philip Mshelbila reiterated the company’s unwavering commitment to achieving its Nigerian Content objectives in its Train 7 Project on Bonny Island.

According to Dr. Mshelbila, the protection of steel for durability was a significant application in the energy sector, bolstering the resilience of equipment against depletion and enhancing operational efficiency, reducing wastage from replacement costs, and prolonging the lifespan of relevant equipment.

“The visit to the Daewoo Galvanising Plant is a further ‘show and tell’ of our compliance with the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and, our sincere vision of being a globally competitive LNG company helping build a better Nigeria. As we commission this facility, we are not only celebrating the expansion of our industrial capabilities but also reaffirming our unwavering commitment to contributing to the local economy and creating sustainable job opportunities for the local business environment, he said.

Represented by NLNG’s General Manager, External Relations and Sustainable Development, Mr. Andy Odeh, the Managing Director reported significant progress in the Train 7 Project reflecting the Company’s commitment to excellence.

“We are proud to share the development of the Train 7 project, a groundbreaking initiative that sets new standards in the Nigerian oil and gas sector. Train 7 has achieved several notable milestones including the successful completion of key construction phases and the integration of advanced technologies that enhance our operational capabilities. These accomplishments reflect our commitment to delivering substantial economic and social benefits to Nigeria.

“Our dedication to Nigerian Content is evident in every facet of our operations. From enhancing local capabilities and fostering technological innovation to creating sustainable opportunities for Nigerians, NLNG remains at the forefront of these efforts. We at NLNG are determined to “Go Beyond Compliance” in line with our vision of helping to build a better Nigeria,” he stressed.

The industry executives alongside other executives of NLNG, NCDMB, Daewoo Construction and key stakeholders of the oil and gas industry took a tour of the plant.

 

 

 

 

Ecobank Group Unveils Top Finalists for 2024 Ecobank Fintech Challenge

Deliver Energy Before The ‘Just Transition’

0

 

By Lamé Verre

Fellow of the Energy Institute | Member of the Global Future Council on Energy Transition at The World Economic Forum

Introduction 
In Africa, with a young demographic, a plethora of socioeconomic development requirements and energy poverty, amongst other pressing issues, meeting the population’s minimum energy requirements is crucial and existential. These critical issues must be reconciled when mapping Africa’s development path and addressed before the drive to achieve Net Zero emissions.
With geopolitical tensions rising and growing pressures to eliminate hydrocarbons from the energy mix, the continent’s primary concern should be securing energy availability and affordability for its people. Currently, it is estimated that 600 million Africans lack access to electricity, creating significant barriers to health care, education, productivity, digital inclusivity, and, ultimately, job creation.
Therefore, the continent must focus on securing energy access from every source despite geopolitical tensions and increasing pressure to eliminate hydrocarbons. This natural resource is currently abundant but largely underdeveloped, a situation that applies to every country on the continent.

Balancing Decarbonisation and Energy Security
While decarbonisation is a critical global urgency, it should not be pursued at the expense of energy security, national security or economic stability. This is especially true for Africa, which, despite housing one-fifth of the world’s population, is responsible for less than 3 percent of global carbon emissions. The continent also grapples with extreme energy poverty, with the International Energy Agency (IEA) reporting that 43 percent of its population lacks access to electricity despite significant untapped hydrocarbon resources. Balancing these two priorities and the need for molecules and electrons with the growth of the continent and its young population is a complex but necessary task.
Compared with the ageing demographics of developed regions, Africa’s youthful population is poised to drive a significant increase in energy demand in the coming years. This growth is not just necessary but also a source of hope, as it will accommodate the aspirations of its young populace. Therefore, it is unjust to expect Africa to forego developing its natural energy resources to mitigate environmental damage caused by 250 years of industrialisation by the Global North. This expectation leaves a whole generation behind and underscores the need for global equity in addressing climate change.

Ensuring a Just Transition
A truly equitable energy transition is not just a necessity but a moral imperative that meets the needs of all countries, necessitating extensive collaboration. It is crucial to strike a balance between traditional and renewable energy sources while considering the growth of Africa’s youthful population. While the continent recognises the necessity of decarbonisation, it also recognises that this cannot be achieved at the expense of its population’s development.
Africa’s unique energy needs must allow it to set its own energy transition pace. The first step is access to primary energy, clean cooking, and clean water – a just transition is both an obligation and a fundamental human right.
According to the UN Sustainable Development Goal 7, ensuring affordable, reliable, sustainable, and modern energy for all is crucial. It is estimated that urban homes should have 100kWh of energy for basic access, which is insufficient to operate a refrigerator. Hence, there are calls to set the modern energy minimum closer to 1,000kWh.
Discussing a just transition for those lacking basic energy access is futile. To reach that starting point, energy demand must rise. However, the current surge in global energy demand driven by Big Tech’s AI integration highlights the injustice of insisting that Africa leave its hydrocarbons in the ground for Net Zero despite having no energy access.
Minimum energy requirements for human development must also come from affordable, reliable, and lower-carbon power. While the move to renewables is noble and necessary, another vital energy transition is the move from no energy to “some energy.” The developing world asks that everyone have access to the same amount of energy required to power a refrigerator, which is not too much to ask.

Collaborative Efforts for a Just Transition
In conclusion, achieving a just transition while ensuring energy security and affordability for all necessitates historic levels of collaboration and partnerships. Traditional energy companies must work with emerging clean-energy firms, and the Global North must align its energy transition demands with the Global South’s primary energy needs.
A truly just transition requires countries at different development stages to collaborate on understanding and addressing each other’s needs. International events such as the forthcoming Africa Oil Week (AOW) in Cape Town in October provide a platform for these critical dialogues so all stakeholders can navigate the path to net zero while ensuring energy security and affordability for all.
Celebrating its 30th year, AOW: Investing In African Energy, running from October 7 to 10 at the Cape Town International Conference Centre, will highlight opportunities across the energy transition value chain for the continent by the continent. The conference will focus on responsible exploration and production, gas monetisation, and future fuels. It will connect industry leaders, shape policy, and catalyse investment.

 

 

 

 

Equatorial Guinea, Nigeria Sign Gulf of Guinea Gas Pipeline Agreement

0

 

In a move set to strengthen bilateral cooperation in West Africa, Equatorial Guinea and Nigeria have signed an agreement for the construction of the Gulf of Guinea Gas Pipeline Project.

A joint regional pipeline development, the project will transport gas from Nigeria to Equatorial Guinea. Under the terms of the deal, gas will be processed at Equatorial Guinea’s LNG processing facilities at Punta Europa on Bioko Island – owned by the state-owned EG LNG – signaling new opportunities for energy security on the back of bilateral collaboration.
The deal, signed by Presidents Teodoro Obiang Nguema Mbasogo and Bola Ahmed Tinubu this week, outlines plans for a pipeline, LNG facility feedstock and gas sales to power companies and industrial users, ensuring energy security and regional trade in West Africa
“This agreement marks a significant milestone in Equatorial Guinea’s GMH initiative, reinforcing our position as a regional leader in gas monetisation. By partnering with Nigeria on the Gulf of Guinea Gas Pipeline, we are not only strengthening bilateral cooperation but also regional collaboration to ensure a secure and reliable supply of gas for our LNG facility at Punta Europa for years to come. This project will unlock immense economic value for both our nations, driving sustainable development and energy security across the region,” stated Antonio Oburu Ondo, Minister of Mines and Hydrocarbons of Equatorial Guinea.
The deal follows a slate of milestones achieved, all of which aim to enhance feedstock for Equatorial Guinea’s GMH at Punta Europa on Bioko Island. Commissioned in 2007, the facility was developed with the aim of monetising gas resources in both domestic and regional fields. Initially, gas was processed from the Alba field, however, faced with natural declines, alternative sources are being developed. Specifically, energy producer Marathon Oil Corp. and energy major Chevron signed an agreement in 2023 with Equatorial Guinea to advance the next stages of the GMH.
The first phase was completed in 2021 with the tie-back of the Alen field to the facility, with first gas achieved that same year. The second phase of the expansion project will involve processing gas from the Alba field under new contractual terms while the third phase will bring a new gas field online by processing gas from the Noble Energy-operated Aseng field. These consecutive phases directly address production decline in Equatorial Guinea while further positioning Punta Europa as a world-class hub for the monetisation of local gas.
Concurrently, Equatorial Guinea signed a bilateral trade agreement with Cameroon in 2024 to mobilise transborder wet gas fields. The countries agreed to jointly develop oil and gas projects along their shared maritime borders, including the Yoyo and Yolanda fields, the Etinde gas field, the Camen field and the Diega field.
The recent deal with Nigeria will further consolidate the Equatorial Guinea’s role as a regional infrastructure hub, boosting production and export capacity while monetising stranded reserves in Nigeria.
As the voice of the African energy sector, the African Energy Chamber fully supports Nigeria and Equatorial Guinea in this transformative agreement, which promises to drive progress and prosperity across West Africa.

Leadway Assurance CEO: Nigerians Should Be Proactive as Flood Threats Intensify

0

The Chief Executive Officer of Leadway Assurance Company Limited, Gboyega Lesi, urgently calls on communities, businesses, and individuals to take immediate and proactive steps in anticipation of the severe flooding forecasted by the National Emergency Management Agency (NEMA).

In a July report presented at a Forum in Abuja, NEMA predicted an increase in flooding incidents across 33 states from August through October. The agency urged various sectors to begin taking precautionary measures immediately.

Gboyega Lesi also reechoed NEMA’s warnings, emphasising the seriousness of the situation: “Flooding poses a significant threat to communities across Nigeria, and the latest Nigerian Meteorological Agency (NIMET) report highlights the urgent need for proactive protection measures for individuals, families, properties and investments.”

The Nigerian Bureau of Statistics (NBS) reported that the 2022 flood disaster, deemed the worst in decades, caused about $9.12 billion in direct economic damages, as the Federal Government and the World Bank estimated.

The assessment reveals extensive damage to residential and non-residential buildings, businesses, households, and public infrastructure and significant disruption to productive and agricultural sectors. The financial impact is overwhelming, underscoring the need for urgent action.

Lesi underscored Leadway Assurance’s dedication to equipping Nigerians for rapid recovery from disaster impacts through its specialised insurance solutions tailored to the distinct challenges posed by flood-related risks. “Our comprehensive policies offer robust protection, empowering individuals and businesses to recover quickly and effectively after a flood. We understand that each flood scenario is different, and our coverage is flexible enough to meet specific needs and circumstances.”

Leadway Assurance is steadfast in helping Nigerians navigate these challenging times. The company assures all Nigerians that its dedicated team is ready to provide guidance and support to mitigate risks and facilitate swift recovery.

 

About Leadway Assurance

Leadway Assurance is one of Nigeria’s leading insurance service companies, renowned for its efficiency and customer reliability.

The organisation is dedicated to bridging the financial protection gap and increasing insurance penetration in Nigeria.

Leadway has also expanded its footprint into West Africa with Leadway Vie Limited, a life insurance provider, and Leadway IARD Limited, a general insurance provider, operational in Cote d’Ivoire.

MultiChoice Talent Factory 2025 Calls for Entries

0

 

MultiChoice Talent Factory is thrilled to announce that it’s once again calling upon all aspiring filmmakers, scriptwriters, producers, and storytellers to apply for entry into the 2025 fully funded academic year.
Whether you’re a young professional looking to change careers and expand your horizons or a newcomer eager to make your mark in the TV & Film industry, MTF welcomes applicants from all backgrounds across the 13 countries in Africa: Nigeria, Ghana, Uganda, Kenya, Ethiopia, Tanzania, Zambia, Botswana, Namibia, Angola, Mozambique, Zimbabwe and Malawi.
Since its inception in 2018, MTF has welcomed 60 students each year giving them an opportunity to reach their dreams and to unleash their potential by providing a platform that nurtures and develops talent across the continent, providing opportunities for growth, networking and success in the entertainment industry.
Through a series of rigorous training programs, MTF believes in using hands-on approach and mentorship from industry experts. Participants not only get a chance to sharpen their craft but also gain invaluable insights into the business of filmmaking. Imagine being chosen as one of the participants to learn from some of the industry’s best minds and gaining practical experience in areas such as cinematography, sound design, editing, and more. MTF gives you all these opportunities and does not stop there.
At the end of the programme, top performing students from each academy will get further training, mentorship and internship opportunities with MTF global partners, such as the New York Film Academy (NYFA), Indian-based platform Zee World and will get an opportunity to work on productions in South Africa. Upon completion students receive accredited and recognised qualification and get a chance to produce and direct short films showcased on MultiChoice platforms.
All these initiatives are indicative of MTFs commitment to supporting MultiChoice’s content selection of delivering exciting local content, which is rich in culture. Africa has many untold stories and by investing in African talent, MultiChoice gets to uncover and showcase these stories by supporting MTFs students, giving them necessary skills and the platform to produce content that resonates with Africans and the global market. Through this support, MTF alumni’s have achieved phenomenal success in their productions.
Just last year, five alumni secured nominations across three categories at the 2023 Africa Magic Viewers’ Choice Awards (AMVCA). In addition to this, Many MTF alumni occupy significant industry roles across the continent, working as directors, producers, sound designers, camera operators, art directors, scriptwriters and editors on major African productions which include SalemTempted, Engaito, Mvamizi, Mum vs Wife, Makofi, County 49 and many others. Habtamu S. Mekonen, MTF student from the East Africa Academy in Nairobi, Kenya, recently won an International Emmy Award for a short film that he produced and directed. The success of MTF is best illustrated by the feature films produced by its students. The films highlight the talents and creativity of participants and demonstrate the programme’s profound impact.
MTF also fosters entrepreneurial spirit, giving young people the confidence to start their own projects and businesses. To date, thirty of its alumni have registered production houses, creating employment opportunities and contributing to the economy. The knowledge and skills imparted by MTF empowers graduates to be catalysts for economic growth and cultural enrichment in their communities.
Applications are now open and will close on 15 September 2024. Interested candidates can visit to submit their entries and learn more about the program’s requirements.
Are you ready to unleash your talent and step into the spotlight as one of the next generation of filmmakers? Don’t miss out on this incredible opportunity to ignite your career in film and television with MultiChoice Talent Factory.

 

 

Afreximbank to Support Development of Veenocks Porcelain Tiles Plant in Nigeria

0

 

The African Export-Import Bank (Afreximbank) has signed a project preparation facility agreement with Veenocks Limited for the financing of the development of Veenocks’ porcelain tile manufacturing plant located in Sagamu, Ogun State, Nigeria.
The plant, to be operated as an indigenously owned state-of-the-art facility with an annual production capacity of 6.6 million square metres of floor and wall tiles, is expected to bring on stream assets with an estimated investment cost of US$117 million.
Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development Bank, signed the facility agreement on behalf of Afreximbank while Mr. Adebisi Abidemi Adebutu, Ultimate Beneficial Owner of Veenocks Limited, signed for the company.
Under the terms of the facility agreement, the project preparation facility will be deployed during the pre-investment stage towards de-risking the project and rapidly advancing it to bankability, with the early-stage intervention sending a strong signal to the market about Afreximbank’s commitment to the project. In addition, Afreximbank will be appointed the Mandated Lead Arranger and will take the lead in syndicating the debt raise, with the ability to incorporate credit enhancements, if needed.
The project is expected to exploit and beneficiate Nigeria’s under-utilised natural resources using clay to produce porcelain tiles for the domestic and international markets and will deploy proven technology to enable the country to exploit its natural resources at scale. In addition to creating over 700 job roles over its operational period, the project is expected to result in exports estimated at US$11.4 billion.
Commenting on the agreement, Mrs. Awani explained that the facility agreement reflected Afreximbank’s commitment to advancing impactful projects in Nigeria and beyond as well as its dedication to leveraging its diverse product suite to offer end-to-end solutions throughout the project finance value chain.
She added that the holistic approach reflected the Bank’s comparative advantages in supporting its member countries to implement projects efficiently and effectively and of its support for indigenous African investors establishing state-of-the-art manufacturing facilities.
Demand for tiles in Nigeria was estimated at 210 million square metres in 2023, with local production at 137 million square metres. The demand is projected to rise to 270 million square metres by 2027.
Mr. Adebisi Abidemi Adebutu, Group President of R28 Holdings, the parent company of Veenocks, stated:

“We are thrilled to welcome Afreximbank as a key partner in Veenocks’ journey towards sustainable growth. Once fully implemented, our state-of-the-art factories will set a new benchmark for world-class facilities in Africa, showcasing our commitment to excellence and innovation. This strategic partnership with Afreximbank marks a significant milestone in Veenocks’ expansion plans, enabling the company to leverage the Bank’s expertise and resources to drive growth and development in the region. With this collaboration, Veenocks is poised to make a meaningful impact in the industry, fostering economic growth and creating opportunities for communities across Africa.”

Interswitch Group, LASG Partner to Revolutionise Healthcare with Lagos SHIP

0

L-R: Dr. Cherry Eromosele Executive Vice President & Group Marketing and Communications Officer at Interswitch Group; Dr. Wallace Ogufere, Managing Director Interswitch eClat; Mitchell Elegbe Group Managing Director & Chief Executive Officer at Interswitch Group; Prof. Akin Abayomi Honourable Commissioner, Lagos State Ministry of Health and Dr Kemi Ogunyemi, Special Adviser, Lagos State Ministry of Health at the Lagos SHIP Stakeholders’ engagement forum held at the Oriental Hotel, Victoria Island on Thursday, August 15, 2024.

Following the recent signing ceremony to launch the Lagos State Health Information Platform (Lagos SHIP) platform, Interswitch Group and the Lagos State Government have organised a stakeholders’ engagement forum marking another milestone in the journey towards providing unrestricted healthcare access for Lagos State residents.

Lagos SHIP is a digital healthcare platform designed to boost healthcare services by leveraging Interswitch’s robust technology infrastructure. The platform aims to create a comprehensive health information system that bridges the gap between patients and healthcare providers, offering a seamless and efficient way to access a wide range of healthcare services. Lagos residents will be able to book appointments, pay for consultations, access medical records, and purchase medications with ease using the platform.

In his keynote address, Prof. Emmanuel Akinola Abayomi, Honourable Commissioner for Health, Lagos State Ministry of Health, emphasised the transformative potential of data-driven healthcare solutions, stating that the Lagos SHIP initiative will create enhanced experiences for all healthcare stakeholders and enable residents to access quality healthcare services.

Prof. Abayomi further stressed the importance of collaboration in healthcare, noting,

By embracing the Lagos SHIP, we can streamline healthcare operations, reduce administrative burdens, and make more informed decisions. These improvements translate into cost savings and better resource allocation, ultimately enhancing the quality of care and improving patient outcomes.

We are living in a time of rapid transformation in healthcare, driven by advancements in technology and a shift towards more informed and involved patients. The Lagos SHIP initiative, a joint effort by the Lagos State Government and Interswitch Group, is designed to revolutionise healthcare services in the state by connecting patients to doctors, streamlining patient care through electronic medical records, and solving operational challenges,” the Commissioner added.

Dr. Wallace Ogufere, Managing Director of Interswitch e’Clat, stated that Interswitch, through its healthcare subsidiary Interswitch e’Clat, is working with the Lagos State Government to improve health outcomes in the state. As a development partner and supporter of the government’s developmental agenda, Dr. Ogufere envisages a future where the Lagos State health sector will serve as a model not only for other states in Nigeria but across the continent and beyond.

Through Lagos SHIP, we will support the Lagos State Government in unlocking the potential of electronic medical records, securely leveraging data from public and private hospitals and allied locations. This will facilitate improved experiences for stakeholders across the board, from healthcare administrators to medical professionals and patients,” he noted.

By leveraging advanced technologies like Artificial Intelligence (AI), machine learning, virtual care, wearables, data analytics, and the Internet of Medical Things (IoMT), Lagos SHIP will redefine the way healthcare is delivered, accessed, and experienced,” Dr. Ogufere added.

The Lagos SHIP Engagement Forum was organized to raise awareness for SHIP and its benefits, educate stakeholders on its functionalities, secure stakeholders buy-in and support for SHIP adoption, and address concerns related to data security and privacy in the Lagos health care ecosystem.

The launch of Lagos SHIP underscores Interswitch’s commitment to driving positive change and enhancing healthcare delivery across Lagos State and beyond. Both Interswitch and the Lagos State Government are confident that Lagos SHIP will serve as a catalyst for positive transformation within the healthcare sector, ultimately improving the well-being of millions of residents.

Minister of Power Commends Savannah for Contribution to Growth of Nigeria’s Energy Sector

0

L-R: Chief Executive Officer, Income Electrix Limited, Matthew Edevbie; Managing Director/Chief Executive Officer, Niger Delta Power Holding Company Limited, Chiedu Ugbo; Minister of Power, Adebayo Adelabu; Managing Director, Savannah Energy, Nigeria, Pade Durotoye, and Head of Finance, Savannah Energy, Nigeria, Funmilola Ogunmekan during the visit of the Minister of Power to Savannah’s gas processing facility in Uquo, Akwa Ibom State recently.

The Honourable Minister of Power, Chief Adebayo Adelabu, has commended Savannah Energy, the British independent energy company focused around the delivery of Projects that Matter, for its investment in Nigeria’s energy sector, as well as its contribution to the growth of the domestic gas market to support national development.

The Minister made the commendation during a recent visit to the Uquo Central Processing Facility (“CPF”) in Akwa Ibom State, which is owned by Accugas Limited, a subsidiary of Savannah Energy.

Chief Adelabu described the Uquo gas facility as a huge investment and evidence of Savannah Energy’s confidence in Nigeria’s economy. He appealed to other companies in the gas industry to emulate Accugas so that Nigeria’s power challenges can be addressed.

Chief Adelabu said: “We are calling on other companies to emulate the activities of Accugas so that the unreliable supply of gas that we have will be a thing of the past. They have been tried, they have been tested and they are trusted. One other thing I also noted is their investment in a new gas compressor to boost pressure for gas supplies. It is a significant investment. We really appreciate it, and we will continue to be partners”, the Minister said.

Regarding the company’s social impact projects, Chief Adelabu said: “I want to also thank you for the jobs you have created directly and indirectly, the CSR projects executed and for the safeguarding of the environment. We don’t want you to relent. We want you to do more to continue your expansion plans, so that you can supply more gas.”

The Managing Director of Savannah Energy, Nigeria, Pade Durotoye, said that the company supports the Federal Government’s adoption of natural gas as a transition fuel in Nigeria’s net-zero pathway, particularly power generation. This is why Accugas has invested in building a nameplate 200 MMscfpd processing facility, supported by a ~260km pipeline network solely for the domestic market.

Durotoye said: “All our gas is consumed domestically, with 80 percent being sold to power generation companies, which account for approximately 20 percent of Nigeria’s thermal generation capacity for the grid. In addition, the gas supplied by Accugas enables about 10% of the country’s cement production.”

He stated that Accugas has invested an additional US$45 million in a new compression system at the Uquo facility that will allow the company to continue to provide reliable gas supplies to customers for years to come. The system comprises two parallel trains with a capacity of 160 MMscfpd each and is designed to increase the gas export pressure to a maximum of 81 bar gauge. The project is expected to be completed and operational later this year.

Ecobank Group Unveils Top Finalists for 2024 Ecobank Fintech Challenge

0
Ecobank, the pan-African Bank, has announced the top finalists for the first-ever and inaugural 2024 Ecobank Fintech Challenge Hybrid Semi-Final event held at the Ecobank Pan African Centre in Lagos, Nigeria.

The finalists were selected from a cohort of 40 highly competitive Fintechs that made it to the semi-final stage of the competition.

This year’s challenge attracted over 1,550 applications from 70 countries in Africa and other global regions.
The finalists will showcase their innovative solutions at the Ecobank Fintech Challenge Grand Finale scheduled for 27 September 2024 at the Ecobank Pan African Centre in Lomé, Togo.

The event will be streamed live on Ecobank Group’s social media channels, allowing a global audience to participate. Finalists of the challenge will compete for the US$50,000 ultimate prize during this highly anticipated event.
Speaking at the Semi-Final, Jeremy Awori, Chief Executive Officer of Ecobank Group, remarked:

The finalists in this year’s Ecobank Fintech Challenge have showcased exceptional talent and innovation; and we look forward to welcoming them to the Finale. At Ecobank, we’re committed to collaborating with these business builders to develop products and services that will benefit our customers and contribute to our continent’s progress.”
Showcasing the future of African fintech, here are the exceptional finalists of the 2024 Ecobank Fintech Challenge:

·
BuuPass, Kenya

·         Daba Finance,Ivory Coast

·         EasyEquities, South Africa

·         Exuus, Rwanda

·         Melanin Kapital Neobank, Kenya

·         MiaPay, Togo

·         PaySika, Cameroon

·         PROBOUTIK, Senegal

·         Sawport Video Banking as a Virtual Branch, Nigeria

·         Sproutly, Nigeria

·         Vaultpay, Democratic Republic of the Congo

·         YMO Africa, Guinea

The Ecobank Fintech Challenge, a flagship initiative of the Ecobank Group, organised for seven consecutive years, continues to serve as a premier continental platform for promoting innovation and collaboration between Fintechs and the pan-African Bank’s cross-border markets spanning 35 countries.

The challenge remains a significant event, attracting key players within the fintech ecosystem and beyond. It provides a unique opportunity for fintech entrepreneurs to address challenges such as reaching scale, navigating an uncertain regulatory environment, and managing scarcity of funding. In addition to financial rewards, the challenge offers Ecobank’s expertise in diversified market operations and the right solutions to scale across its pan-African footprint and international presence.
Since inception, 60 fintech startups have been inducted into the Ecobank Fintech Fellowship.
The Ecobank Fintech Challenge is designed in partnership with international advisory firm Konfidants and is supported by various partners including Huawei, Proparco, TechCabal, BlueSpace, Afrilabs, Africa Fintech Network, MEST Africa, Naija Startups, Expand In Africa and Founders Africa.
This year’s Grand Finale will bring together fintechs, regulators, investors, financial institutions, global technology companies, tech hubs, entrepreneurs, and industry experts.

About Ecobank Group
Ecobank Group is the leading private pan-African banking group with unrivalled African expertise.

Present in 35 sub-Saharan African countries, as well as France, the UK, UAE and China, its unique pan-African platform provides a single gateway for payments, cash management, trade and investment.

The Group employs over 14,000 people and offers Consumer, Commercial, Corporate and Investment Banking products, services and solutions across multiple channels, including digital, to over 32 million customers.

Universal Insurance TargetsN100bn Premium Income by 2029

0

The Managing Director/CEO of Universal Insurance Plc, Mr. Ben Ujoatuonu says the company has a target of N100 billion in premium income in the next five years following the trajectory that has been laid in the last three years.

Ujoatuonu, who stated this at the Annual General Meeting (AGM) of Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos, noted that as his desire to leave a legacy of a strong and virile company.

Ujoatuonu said: “If you look at our trajectory in the last three years, Universal insurance has consistently grown her premium income by 55-60 percent every year. If you take an average of the percentage growth on our premium income considering what we have done so far, in the next five years, universal insurance will be writing N100 billion in premium income. If we project a 50 per cent growth year on year, in five years, we will be writing N100 billion.”

Speaking on the legacy he wants to leave behind, Ujoatuonu said: “The legacy I want to leave in Universal is that I want to be remembered for having come in, transform Universal, and build a very strong and virile insurance company that has come to stay. That is the legacy I want to leave for Universal.”

The Universal Insurance MD noted that their experience in bond insurance has helped to improve the company’s underwriting skills around that risk.

He said: “The challenge in bond underwriting is subjective because it depends on how you understand the risk as it is not a rule of thumb and you learn as you go. We have had some experiences and those experiences have also informed and improved our underwriting skills around that risk so that if you come to our bond unit, there are some bond businesses you will bring, they will look at it on the face of it and will tell you that we will not do this. This is out of the experience that we have built over time and it has really helped us, so it is not what you close your eyes and do. We do thorough analysis and one of the key things about us is that for every transaction you do on bond, you must understand the dynamics of the business, if you don’t understand the dynamics of the transaction, there is no need going into it at all. If you already understand the dynamics, you will be able to know where there will be problem, where defaults may likely come out from and it has helped us.”

NCDMB, Petroleum Commission Ghana Begin Technical Co-operation

0

In furtherance of its long-standing support to African oil and gas producing countries and development of local content in the continent, the Nigerian Content Development and Monitoring Board (NCDMB) on Monday in Lagos began a five-day knowledge sharing programme with the Petroleum Commission of Ghana.

The engagement seeks to establish technical co-operation between the NCDMB and the Ghanaian Commission through capacity building and learning from the Board’s rich experiences, best practices and procedures in local content development.

Part of the objectives are to foster the Petroleum Commission of Ghana’s efforts to institute an effective framework that will enhance compliance and deepen local content in their nation’s oil and gas industry.

The opening day’s activities included a courtesy visit to the Executive Secretary of the NCDMB, Engr. Felix Omatsola Ogbe, at the Board’s liaison office in Lagos.

The NCDMB’s helmsman welcomed the delegation to Nigeria and relayed the Board’s unwavering commitment to the development of African local content.

In his opening remarks, the Director Monitoring and Evaluation NCDMB, Mr. Abdulmalik Halilu emphasised the need for close cooperation among African oil-producing countries, noting that the technological and financial challenges facing the industry cannot be solved when countries operate in silos. He canvassed that African oil producing countries should develop unique and specialised capabilities that would facilitate effective trade amongst themselves, and grow the African economy, as envisaged by the African Continental Free Trade Agreement (AfCTA).

Thereafter, other key officials shared NCDMB’s strategies and operating templates covering supplier development initiatives, Nigerian Oil and Gas Parks Scheme (NOGaPS) and the structure and operations of the agency.

Presentations in the later days of the week would focus on the operating framework for Nigerian Content planning, research and statistics, succession planning processes, Nigerian Joint Qualification System (NJQS), Biometrics system, human capacity building, institutional strengthening, Nigerian Content Equipment Certification (NCEC) and other templates.

Other themes that would be explored as part of the engagement include the Nigerian Content Development Fund (NCDF) operating framework, the Projects Certification and Authorisation Division (PCAD) templates and implementing framework, the Monitoring and Evaluation implementing framework and the Community Content Guidelines and Stakeholder Management strategies and many more.

The Petroleum Technology Association of Nigeria (PETAN), Project 100 companies and the Oil Producers Trade Section (OPTS), which is the umbrella body of leading international and indigenous oil producing companies in Nigeria would equally make presentations at the sessions.

The engagement would end on Friday with NCDMB and the Commission reviewing a draft memorandum of understanding and protocols for data sharing.

The engagement with the Ghana Petroleum Commission agency follows similar sessions the Board has had with the Uganda National Oil Company (UNOC) and the Mozambique’s national oil company, Empresa Nacional de Hidrocarbonetos (ENH), earlier in the year.

The Board’s support to the African petroleum industry is propelled by the Nigerian Content 10-year strategic roadmap, which has sectoral and regional linkages as one of its five pillars.

A key initiative of the pillar on sectorial and regional linkage is the Board’s close collaboration with the African Petroleum Producers Organisation (APPO).

Under the collaboration, NCDMB has organised several workshops in partnership with APPO, with the inaugural edition held in 2021 at the Nigerian Content Tower, Yenagoa, Bayelsa State, where the idea for an African Energy Bank, was mooted by the NCDMB.

The Energy Bank has now become fully established under APPO, with the headquarters approved for Abuja.

Kyari Urges Military to Sustain Onslaught Against Crude Oil Theft

0

GCEO, NNPC Limited, Mr. Mele Kyari (9th from right) and the Chief of Defence Staff, General Christopher Musa (10th from right) in a group photograph with the NNPC top management and senior military officers at the NNPC Towers in Abuja.

The Group CEO of NNPC Limited, Mr. Mele Kyari, has called on the military to sustain the war against crude oil theft and pipeline vandalism saying the current onslaught against the menace has yielded improved growth in the nation’s crude oil production.

Kyari made this appeal when he received in audience the Chief of Defence Staff, General Christopher Musa who led senior military officers on a courtesy visit to the NNPC Towers in Abuja on Tuesday.

“I personally call for enhanced and sustained security engagement. This is because we have reached a new peak in production that we haven’t seen in the last three years. This is clearly related to the sustained efforts by the armed forces and other security agencies to protect our critical assets, particularly the pipeline infrastructure in specified areas where we are working closely with these agencies. We are already seeing the results transforming into increased production,” Kyari stated.

The GCEO, who commended General Musa and his team for their unwavering commitment to securing the nation’s critical hydrocarbon assets especially in the Niger Delta region in recent months, emphasized that these achievements are not only crucial to Nigeria but also to the global energy community.

He expressed confidence that the CDS and his team will deliver on the Presidential mandate to mitigate security-related challenges affecting the nation’s crude oil production.

“Components of this effort that depend on security are being effectively managed by you. Your co-ordinated and focused response is paving the way for improved security engagement, particularly in the Niger Delta,” he said.

Earlier in his remarks, General Musa said the visit was intended to introduce the Monitoring Team to the NNPC Limited, which will be responsible for interfacing with the Company and other stakeholders in the oil-producing regions to secure the nation’s critical hydrocarbon infrastructure.

While pledging commitment towards improving security and the performance of his troops, the CDS said the military will sustain the onslaught and analyse the troops’ capabilities to enhance their performance and bolster productivity.

He stressed the need to ramp up production for a prosperous economy and reassured collaboration with intelligence agencies, private security, state governments and host communities for enhanced performance.

“Working in silos won’t give us the best results. I want to assure you that we will collaborate with the necessary stakeholders to achieve our set targets as mandated by Mr. President.”

LOMA Partners P+ Measurement Services as Official PR Measurement Partner

0

The Location Marketing Awards (LOMA), often referred to as the Oscar of the outdoor advertising industry, is proud to announce its partnership with P+ Measurement Services as the official PR measurement partner for the upcoming event.

LOMA, an initiative of the OOH Academy led by Kingsley Onwukaeme, is dedicated to recognising and celebrating excellence in the outdoor advertising sector in Nigeria.

The event is scheduled to take place on the 27th and 28th of September 2024 in Lagos.
P+ Measurement Services, Nigeria’s leading independent media intelligence consultancy, will bring its unmatched expertise to LOMA by providing independent monitoring, measurement, and audit of the media performance for the event. Known for their detailed media monitoring, measurement, evaluation, and analysis, P+ Measurement Services would ensure that LOMA’s media activities are meticulously evaluated, enhancing the transparency and credibility of the awards.
Internationally recognised as a premier PR measurement and evaluation consultant, P+ Measurement Services operates under the governance and regulations of the International Association for the Measurement and Evaluation of Communication (AMEC). Their involvement underscores LOMA’s commitment to maintaining the highest standards in recognizing outstanding achievements in the outdoor advertising industry, providing an objective and comprehensive assessment of the event’s media impact.
We are excited to have P+ Measurement Services as our official PR measurement partner for this year’s LOMA conference and awards, said Kingsley Onwukaeme, Director of OOH Academy.

Their dedication to excellence and their expertise in media intelligence align perfectly with our mission to honor the best in outdoor advertising. With P+ on board, we are confident that LOMA will continue to set the benchmark for excellence in the industry.

Olam Agri Commits ₦6.5bn to Sustainable Social Investment in Nigeria  

0

L-R: The Lagos State Governor, Babajide Sanwo-Olu (right) and Olam Agri Nigeria Country Head, Anil Nair, during a recent courtesy visit where the Governor commended the agribusiness for its contribution to food security.

Olam Agri, a leading agribusiness in food, feed, and fibre in Nigeria, is significantly expanding its Corporate Responsibility and Sustainability (CR&S) investment strategy to deepen its social, environmental, and economic development impact within the country.

The company has committed to a four-year development plan, allocating approximately ₦6.5 billion to various CR&S initiatives. These initiatives are designed to drive socioeconomic growth within the communities where it operates.

These initiatives are part of the award-winning Seeds for the Future (SFTF) programme – Olam Agri in Nigeria’s flagship sustainability effort designed to foster a brighter future for all. The initiative focuses on five key areas: supporting farmers and farming communities, enhancing education and skill development for young people, economic empowerment of indigent women, promoting health and nutrition, and reducing carbon emissions across its operations.

The expanded investment commitment will support Olam Agri’s purpose for sustainable development across its business portfolio of rice, wheat milling and pasta, animal feed and protein, sesame, cotton, and edible oils from 2024 through 2028.

For instance, in 2024 alone, the agribusiness plans to invest about $1.07 million into initiatives, which has already seen the presentation of education grants to 15 qualified students from the University of Lagos in January, awarding scholarships to 87 underprivileged students in Nasarawa State in June, manual harvesters for wheat farmers in Jigawa and empowering 118 agri-extension workers in Kwara State in July.

Significant provisions in the four-year plan also include smallholder farmer capacity building in rural communities to strengthen food security, rural road rehabilitation to reduce disruption of the value chain, distribution of harvesters to reduce post-harvest loss, participation in public-private partnerships in seed and product R&D, among others.

Anil Nair, Managing Director of Olam Agri in Nigeria, commented on the investment, stating, “as a business founded in Nigeria over 34 years ago, we are committed to investing in initiatives that positively transform lives and impact the livelihoods of our host communities while scaling food production in the country.”

He added: “We are dedicated to turning our priorities into action by implementing key sustainability initiatives across our value chain to advance the current administration’s Renewed Hope Agenda. Our four-year implementation plan aims to make a real impact that benefits all.”

Demonstrating Olam Agri’s commitment to sustainable socioeconomic interventions and addressing the current food inflation and market challenges in the country, a high-level delegation led by the Managing Director of Olam Agri in Nigeria paid a courtesy call to the Lagos State Executive Governor, Babajide Sanwo-Olu, on Thursday, August 1, 2024.

During the visit, the Managing Director sought partnerships with the State Government to deepen investments for expanded food production and job creation, given the state’s strategic economic importance.

Governor Sanwo-Olu commended Olam Agri for driving productivity in the agricultural value chain and stressed the need for continued efforts.

He stated: “Olam Agri has positioned itself as a prominent leader in Nigeria’s agricultural industry. This meeting provided a great platform to exchange insights and discuss ways to strengthen our contributions to this crucial sector.”

He further emphasized: “Agro and food processing is a critical industry because food security is as vital as medical security or sovereign security in times of conflict. There is no greater security today than food security.”