Kyari Seeks Adaptation to Changing Energy Landscape, Diversified Portfolio

19/11/2023

NNPC Limited’s Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan (2nd from left, front row), NAPE leaders, and some participants at the opening ceremony of the 41st NAPE Conference in Lagos.

The GCEO, NNPC Limited, Mele Kyari has charged stakeholders within the Nigerian oil and gas industry to adapt, evolve and lead in the ever-changing global energy landscape.

Kyari gave this charge while delivering an Industry address at the opening ceremony of the 41st Nigerian Association of Petroleum Explorationists (NAPE) Conference taking place in Lagos.

The GCEO, who was represented by NNPC Limited’s Executive Vice President, Upstream, Oritsemeyiwa Eyesan, underscored the pivotal role of oil and gas exploration in shaping the future of the oil industry and emphasised the need for dedication, expertise and pursuit of knowledge in the quest to unlock new frontiers and push technological and economic boundaries within the industry.

Reiterating NNPC Limited’s commitment, Kyari emphasized the company’s dedication to embracing exploration, developing renewables, fostering innovation, adopting emerging technologies, and implementing portfolio management as key drivers of success in the evolving energy landscape. He expressed optimism that the NAPE Conference would yield solutions and positively impact the nation’s economic landscape.

While acknowledging the global shift towards renewable energy, the GCEO pointed out challenges such as intermittency, predictability, and reliability due to geological constraints.

He further highlighted the absence of a perfect energy source and advocated for a diversified energy portfolio that leverages innovation and technology to harness the strengths of different energy sources.

The NAPE Conference is an annual convergence of geologists and industry professionals engaged in oil and gas exploration and production.

This year’s edition has as its theme “Repositioning the Oil & Gas Industry for Future Dynamics,” and seeks to advance the study and application of geosciences for the benefit of stakeholders.

NCDMB, SLB Partner Varsities to Unveil Software Solutions for Oil, Gas Industry

Business Journal

19/11/2023

L-R: Director, Planning, Research and Statistics, Nigerian Content Development and Monitoring Board (NCDMB); Mr. Abdulmalik Halilu; Group Managing Director, West Africa, SLB, Mr. Sops Ideriah and Executive Secretary, NCDMB Engr. Simbi Kesiye Wabote, at the unveiling ceremony of NCDMB-SLB Technology Enhancement Program (N-STEP) in Lagos, Nigeria.

The Nigerian Content Development and Monitoring Board (NCDMB) and SLB, a global technology company on Tuesday in Lagos unveiled the first three products of their joint program, the NCDMB-SLB Technology Enhancement Program (N-STEP), a platform whereby students of higher institutions develop software plugins for diverse oil field applications.

The programme was unveiled at the sidelines of the 2023 Nigerian Association of Petroleum Geologists (NAPE) and it showcased nine students representing three prestigious universities in Nigeria who had developed software solutions that would address live oil and gas challenges.

The unveiling ceremony was witnessed by industry stakeholders, academia and representatives of the beneficiary institutions.

The N-STEP program provides a unified framework for the rapid development and deployment of software solutions to address oil and gas challenges. Deployed through a phased, multidimensional approach, the program is focused on the development of software plugins by students for diverse oil field applications.

As part of its 2023 cohort, the projects highlighted machine learning, Artificial Intelligence and new innovations that could unlock potentials in the Nigeria oil & gas sector. The universities represented by this cohort were: University of Lagos; Federal University of Petroleum Resources Effurun; and Abubakar Tafawa Balewa University Bauchi.

In his opening remarks, Executive Secretary, NCDMB, Engr. Simbi Kesiye Wabote’s commented: “The N-STEP program is an industry-education partnership under NCDMB’s Adopt a Faculty Initiative for STEM courses. It is designed to drive collaboration between industry, universities, and Government through Research and innovation, curriculum review, infrastructure, and equipment, and learning and knowledge exchange in Nigeria. Nigeria spends an estimated $400 million annually on foreign software, which is a huge drain on our Forex. We embraced the NSTEP to demonstrate our commitment to reverse this trend. The program has also targeted undergraduates because we believe Nigerian youths have the innovation drive, to be solution providers and not job seekers.”

Speaking to the impact of the N-STEP program, Group Managing Director, West Africa at SLB, Sops Ideriah, said: “We want to empower software developers to create and deploy plug-ins that extend the utilization of E&P software platforms. This is why we collaborated with both the public sector and the best of academia to deliver a structured training program, where selected students will gain the knowledge and skills necessary to apply their expertise to develop innovative software solutions that address specific E&P industry challenges. The program also provides mentorship, internship opportunities, and cutting-edge training tailored to industry needs, empowering future generations of innovators and leaders for the energy industry of tomorrow. Our joint ambition in this collaboration is to extend the program scope to cover a minimum of one university in each key region in Nigeria.”

For SLB, the N-STEP program will not only serve to foster education, but also to detect and eventually tap into local talent. “At the forefront of global technology, we are relentlessly looking for exceptional individuals with the potential to revolutionize the energy landscape. This program provides us with a strategic opportunity to identify and nurture future leaders within our organization,” Ideriah added.

Union Bank Delists from NGX as Titan Trust Completes Takeover

Business Journal

19/11/2023

In May, 2023, Union Bank received an offer from its core shareholder, Titan Trust Bank Limited, to acquire the shares of all minority shareholders in Union Bank after the completion of core investors’ sale of a majority shareholding to Titan Trust Bank Limited, a subsidiary of TGI Group.

The acquisition of the minority shareholding has led to the application to delist Union Bank of Nigeria Plc from the Nigeria Stock Market. This development was implemented by way of a scheme of arrangement between the bank and the bank’s shareholders (the minority shareholders), by Section 715 of the Companies and Allied Matters Act 2020 (as amended).

Union Bank of Nigeria has notified all esteemed stakeholders that the Bank is finalising the process of obtaining approval to delist the Bank’s shares from NGX, upon which shareholders of the Bank will receive a Scheme Consideration of N7.70 per share.

Commenting on this development, Mudassir Amray, CEO of Union Bank of Nigeria said: “This move is an effort to attract larger private investments to reconsolidate our position as one of the top pioneer Banks in Nigeria. We remain committed to deliver value to our customers, employees and shareholders through superior solutions. We appreciate the support of the Central Bank of Nigeria, Securities Exchange Commission, Nigerian Exchange Group (NGX) and every other agency and parastatal that were instrumental to achieving this.”

Sterling HoldCo Shareholders Commend Leadership at Statutory Meeting

Business Journal

19/11/2023

L-R: CEO, Sterling Bank Limited, Abubakar Suleiman; Group CEO, Sterling Financial Holdings Company, Yemi Odubiyi; Chairman, Sterling Financial Holdings Company, Yemi Adeola; Company Secretary, Temitayo Adegoke; and Executive Director/Chief Operating Officer, Sterling Financial Holdings Company, Olayinka Oni, at the Statutory General Meeting for Sterling Financial Holdings Company held in Lagos recently.

Shareholders of Sterling Financial Holdings Company Plc have commended the board and management of the company for its performance in its operations and earnings, and the diversification of the group’s business lines since completing the transition to a holding company structure. This commendation was shared at the recently held statutory meeting in Lagos.

The hybrid statutory meeting, which was held with online and physical attendance, saw the unanimous passing of the singular motion of the day; the adoption of the statutory report for the meeting, presented by the shareholders of the holding company.

Addressing the shareholders of the company, Chairman of the board, Yemi Adeola, thanked the company’s shareholders for their support during the journey to the successful transition to a financial holding company, highlighting the launch of The Alternative Bank; Sterling HoldCo’s ethical banking subsidiary, in increasing shareholder value.

Also at the meeting, Group CEO of Sterling Financial Holdings Company, Yemi Odubiyi, addressed the opportunities the transformation presents with the potential diversification into other business lines along with the commercial and ethical banking licenses operated by the company.

During the meeting, Dr. Faruk Umar, President of Association for the Advancement of the Rights of Shareholders (AARNS), commended the company for its transition into a Holdco structure. He added that the change would enable Sterling to diversify its operations into other sectors of the Nigerian economy.

Umar praised the group for the successful launch of The Alternative Bank (TAB) in Lagos, Abuja, and Kano, highlighting the potential profitability of the initiative as well as an appreciation of the board and management of the group for the appointment of Yemi Adeola as board chairman. He also noted Mr. Adeola’s significant contributions to the growth and development of Sterling Bank during his tenure as CEO, expressing confidence in the group’s continued growth trajectory under his leadership.

Umar also commended the Company Secretary, Mrs. Temitayo Adegoke, and the Chairman of the Statutory Audit Committee, Alhaji Mustapha Jinadu, for effectively communicating with shareholders about developments in the group during the transition from inception till completion. Umar concluded by expressing the shareholders’ contentment with the board’s composition, and expressed hope that they would receive support in advancing the institution, pointing out that the transition has already yielded positive results with a rise in the HoldCo’s share prices on the floor of the Nigerian Exchange Limited (NGX).

Other shareholders who spoke at the meeting echoed Dr. Faruk’s remarks, with Mr. Matthew Akinlade stressing the importance of enhancing risk management practices, particularly with the emergence of more subsidiaries in the group; Mrs. Bisi Bakare Oluwayemisi spoke on the need for building resilience and diversifying earnings within the group, underscoring the robust nature of the Holdco structure; while Mr. Adeleke Adebayo encouraged the group to leverage the entire financial landscape to become a comprehensive financial services provider.

With the adoption of the Holdco structure now in full effect, Sterling now possesses the latitude to make inroads into other sectors within financial services, such as pensions, asset management, payment services, real estate, and different verticals, along with the current banking licenses held by the commercial and ethical banking subsidiaries; Sterling Bank and The Alternative Bank, which will operate as limited liability companies within the publicly traded holding company.

Stanbic IBTC: Most Outstanding Bank Supporting Women-Owned Businesses

Business Journal

19/11/2023

Stanbic IBTC Bank Limited, a subsidiary of Stanbic IBTC Holdings has been recognised as the Most Outstanding Bank Supporting Women-Owned Businesses at the Women in Marketing and Communications Award (WIMCA) held in Lagos, Nigeria recently.

WIMCA is the largest gathering of female professionals in brand, marketing and communications in Nigeria and Sub-Saharan Africa. The event celebrates outstanding women and corporate organisations for their contributions to the growth of their industries and the country.

Receiving the award, Olajumoke Bello, Head of Enterprise Banking at Stanbic IBTC Bank, expressed profound appreciation to the organisers for the honour, promising that the bank remains committed to supporting every woman whether in career or business through its Blue Blossom community curated specifically for women.

Olajumoke said: “We believe that women’s activities are pivotal to the development of any economy, and we are committed to providing them with the support they need to succeed.”

She added that the move has been welcomed by women in the business landscape, who see it as a significant step towards achieving gender equality in the financial sector. The initiative will create more opportunities for women entrepreneurs and executives to succeed in their businesses and achieve their financial goals.

Stanbic IBTC Bank has created a healthy environment that breaks down barriers for talented, qualified women to achieve their career aspirations, own their businesses, and make demonstrable differences in their various industries.

Knowing that inclusive leadership is the game changer for bridging gaps in an unpredictable business environment like ours, this award celebrates Stanbic IBTC Bank’s contribution towards supporting women-owned businesses in Nigeria.

IPEN Roundtable Targets Consumer Satisfaction in Insurance, Pension Sectors

Business Journal

19/11/2023

Stakeholders in the financial services sector are expected to converge at the IPEN Insurance and Pension Roundtable 2023 to provide solutions on how to resolve pain-points of insurance policyholders and pension subscribers in the country.

The Insurance and Pension Editors of Nigeria (IPEN) is a group of developmental journalists who have decades of experience reporting the insurance and pension sectors nationally and internationally.

The Roundtable, which will take place on Thursday, 23rd of November, 2023 at Radisson Hotel, Isaac John, Ikeja, Lagos, by 10:00am has its theme as: ‘Consumer Satisfaction, Key to Insurance and Pension Sectors’ Growth.’

To this end, experts from the insurance and pension sectors as well as relevant stakeholders, including consumer groups have been invited to deliberate on the theme extensively. To make the event live up to expectations, the new President of the Nigerian Council of Registered Insurance Brokers (NCRIB), who is also the Managing Director/CEO, Lectern Insurance Brokers Limited, Mr. Babatunde Oguntade is to chair the epoch event.

The Director, Centre for Pension Rights Advocacy (CPRA) Mr. Takor Ivor is the Keynote Speaker while the Commissioner for Insurance/CEO, the National Insurance Commission (NAICOM), Mr. Sunday Thomas and the Director General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar are Special Guests of Honour.

The panelists who will discuss the theme include: Mr. Olasupo Sogelola, Managing Director/CEO, International Energy Insurance (IEI) Plc; Mrs. Thaibat Adeniran, MD/CEO, Hilal Takaful Insurance; Mr. Kazeem Odewunmi, President, Association of Registered Insurance Agents of Nigeria (ARIAN) and Mr. Rotimi Adebiyi Managing Director and Chief Executive Officer of CrusaderSterling Pensions Limited.

Various consumer groups have indicated interest to attend the Roundtable which will serve as opportunities for insurance companies and Pension Fund Adminstrators (PFAs) to market their services to existing and prospective clients appropriately.

Speaking on the development, the President of IPEN, Mr. Chuks Udo Okonta, said the theme is apt as insurance and pension sectors are repositioning to offer consumers better service delivery to deepen penetration.

For the insurance sector, he noted that several reasons have been adduced for poor insurance penetration in Nigeria ranging from the country’s peculiar market environment, limited public awareness and negative public perception by those who are unaware of insurance. But in the reality, inadequate service delivery is a major challenge to why insurance acceptance has been very low, he stressed.

According to him, “on the other hand, the need for service delivery in the pension sector is key for the overall success of and sustainability of the Contributory Pension Scheme (CPS), considering its retail nature. Achieving service excellence in the sector is a collective effort by all stakeholders to ensure enhanced service delivery.

NAICOM Chief, Sunday Thomas, Tasks Federal, State Govts on Insurance of Public Buildings

Business Journal

17/11/2023

The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, NAICOM Mr. Sunday Thomas has enjoined federal and state governments to begin to make adequate provisions for insurance of public buildings and buildings under construction in their respective annual budgets.

He said these categories of insurance are made compulsory by extant insurance laws in Nigeria and, thus, must be complied with by all.

According to Thomas, Section 64 of the Insurance Act 2003 makes it mandatory for individuals, governments and corporate organisations that undertake the construction of any building above two (2) floors to procure a builder’s liability insurance policy (building under construction) from any of the NAICOM’ licensed Insurer in Nigeria.

Speaking further, he said Section 65 of the Insurance Act 2003 also makes it compulsory for all public buildings in the country to be insured. This is to protect innocent victims in the events of accidents and other disasters that may occur while they are within such premises.

Mr. Thomas spoke at the 12th meeting of the National Council of Lands, Housing and Urban Development, holding in Kaduna State. Participants at the session include the Honourable Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa; Minister of State, Housing and Urban Development, Abdullah Tijjani Gwarzo; Chairman, Senate Committee on Housing and Urban Development, Sen. Aminu Tambuwal; Chairman, House Committee on Housing and Habitat, Hon. Balele Aminu and Chairman, House Committee on Urban Development and Regional Planning, Hon. Abiante Awaji, The Permamnent Secretary, Federal Minstry of Works and Housing, Mahmuda Mamman; Commissioners, Permanent Secretaries, Directors of Lands and Housing from the 36 States of the federation; Managing Director of Federal Mortgage Bank of Nigeria, Nigeria Mortgage Refinancing Company, Shelter Afrique, etc.

Thomas urged the various state governments to emulate the Lagos State government by domesticating the insurance laws in their respective states.

He listed some of the benefits from compliance with these compulsory insurances to the Federal and State Governments to include:

Reduction in the Federal and State Government expenditure in event of disaster that may affect citizens by shifting the burden to the risk-bearers (Insurance Companies), hence restoration would not be settled from tax payer’s money
Creation of employment opportunities for citizens of the State
Opportunity for enhancing the Internally Generated Revenue (IGR) of the respective states amongst others

Stanbic IBTC Bank Showcases upgraded EOL 2.0 Transaction Solution

Business Journal

17/11/2023

Stanbic IBTC Bank Limited, a subsidiary of Stanbic IBTC Holdings, hosted a webinar focused on facilitating seamless payment experience for business owners through the enhanced Enterprise Online (EOL) payment platform.

The webinar themed “Simplifying Payments for Businesses”, unveiled EOL 2.0, an upgraded solution created to facilitate smooth payment experience and improve human resources (HR) services for business owners through a partnership with Bento Africa. The partnership offers business owners a streamlined payroll and comprehensive HR services experience through a Bento redirect solution integrated into the EOL platform. This collaboration is a proactive approach to managing financial and HR operations designed to enhance ease, efficiency, and convenience at a discounted rate for Stanbic IBTC customers.

Omolara Osunsoko, Head, Partnerships, Stanbic IBTC Bank, in her opening remarks during the webinar, stated that “entrepreneurs are the backbone of our economy, and we acknowledge the vital role they play in driving economic growth and creating employment opportunities.”

She added, “An economy that will flourish must support business owners with knowledge and tools needed to thrive in today’s competitive business landscape, and today’s discourse is aimed at simplifying online banking experience for entrepreneurs.”

During the virtual panel session, Olutimi Ibrahim, Head, Digital and e-commerce, Stanbic IBTC Bank, disclosed the importance of leveraging technology for smooth and efficient business transactions.

He noted, “The vision of Stanbic IBTC Bank lies in leveraging technology and digital innovation to deliver superior financial services to customers. We offer efficient solutions for businesses, and these include the enhanced EOL 2.0, designed to meet all business payment needs, offering a seamless and secure online banking experience for corporate entities.”

Vivian Ekemezie, Growth Executive, Bento Africa, shared her excitement about collaborating with Stanbic IBTC, stating that the partnership will revolutionise the HR system.

“Bento’s expertise in cloud-based solutions and Stanbic IBTC Bank’s industry-leading Enterprise Online payment platform will significantly add business value and streamline operations. This partnership presents an incredible opportunity to drive innovation in HR management and deliver unparalleled convenience to our enterprise clients.”

Modupe Banjoko, Team Lead, Digital and Enablement, Stanbic IBTC Bank, further emphasised the significance of the EOL 2.0 transaction solution and its impact on the business landscape. She stated, “Our EOL 2.0 solution is not just an upgrade; it’s a game-changer for businesses of all sizes. It offers a powerful combination of efficiency, security, and convenience, making financial and HR management more straightforward and effective.”

Modupe added that Stanbic IBTC Bank is committed to providing customers with the tools to thrive in today’s dynamic business environment. She highlighted the organisation’s dedication to supporting women by empowering them with the resources to run their businesses. Aside from the EOL 2.0, she urged women to take advantage of the financial institution’s Blue Blossom proposition, designed to empower Nigerian women.

Stanbic IBTC has robust solutions available to business owners across various sectors regardless of their scale – whether large, medium, or small. The digital channels are seamless and efficient, and the bank provides a secure international mode of payment.

Our business loans are robust to fund clients’ working capital and meet the monetary demands of businesses. Whatever trade route you intend to ply, with a dependable financial partner like us, you are on your way to growth.

As the financial landscape continues to evolve, the EOL 2.0 solution represents a critical advancement that empowers businesses with the tools they need to succeed in an ever-changing world. Stanbic IBTC Bank’s dedication to supporting businesses further underscores its commitment to fostering economic growth and empowerment within the Nigerian business community.

Five Millionaires Emerge in Polaris Bank’s Ongoing ‘Save & Win’ Promo

Business Journal

17/11/2023

Five lucky Nigerians at the weekend hit a fortune when they emerged Millionaires in the ongoing Polaris Bank Save & Win Promo.

The live quarterly draw of the ongoing Polaris ‘Save & Win’ promo which took place at the Bank’s headquarters Annex, Alausa Ikeja at the weekend in Lagos, further underscored Polaris Bank’s dedication to fairness in all its promotions and activities.

The development is in line with the Bank’s commitment to rewarding its loyal customers across the nation.

The winners emerged through a draw exercise which was witnessed by its representatives and relevant Agencies of government; Federal Competition & Consumer Protection Commission (FCCPC), National Lottery Commission (NLRC) and Advertising Regulatory Council of Nigeria (ARCON) who confirmed that the 5 lucky winners were selected across Nigeria’s various regions spanning the geo-zones

Each winner received a cash prize of N1,000,000. During the draw, the lucky winners were called at random using a hybrid media technology which enabled in-premises event; as well as participation of over 1221 customers through the Bank’s virtual network and social media handles.

One of the lucky millionaires commended the Bank in putting in place the promo at this time which he said was relevant saying “Thank you to Polaris Bank for making me a millionaire. I never expected this surprise. This money definitely came in at the right time, I will tell my friends to open accounts with Polaris Bank and participate in the promo so we can all become millionaires.”

Speaking at the live draw event, the representative from FCCPC; Susie Onwuka said, “We’ve been monitoring Polaris Bank since the promo started and it has been fair, they comply to rules and guidelines. Customers should feel free and confident to participate in the promo”.

During the unveiling of the lucky millionaires, Polaris Bank’s Chief Digital Officer (CDO), ‘Dele Adeyinka also expressed the Bank’s commitment to encouraging a culture of savings among its customers. “The Polaris Bank Save & Win promo is not just about rewarding customers; it’s also about encouraging our customers to save for the rainy day”.

The CDO emphasized that customers can still participate in, or increase their chances of winning by depositing a minimum of N10,000 in their Savings account. He also noted that non-customers of the Bank can participate for a chance to win in the draws by opening a Polaris Savings account with N2,000 and growing same to N10,000 before the next draw date.

The representatives of the regulatory bodies commended the Bank for making good its promise to winners of the draws.

For those wishing to be part of the Campaign and stand a chance to also become millionaires, below are four (4) ways to participate in the ongoing Polaris Save & Win promo:

Download VULTe on iOS and the App store to open a Polaris Savings Account or dial USSD *833*0# on your phone or log into Polaris Bank savings portal.
Grow your account by N10,000 or more and maintain for 30 days or by N10,000 for 3 consecutive months to qualify for monthly & quarterly draws respectively.

If your account is dormant, you can reactivate your account without visiting the Bank by simply dialing *833*30#.

Follow the Bank’s handles @polarisbankltd across all social media platforms or visit the website to stay updated.

Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2023, 2022 and 2021 in BusinessDay’s Banks and Other Financial Institutions (BAFI) Awards. As a digital-forward Bank, the Bank is dedicated to forging a customer-focused future through innovative partnerships that reshape both businesses and communities.

Senate Confirms Aminu Maida as Executive Vice Chairman of NCC

Business Journal

16/11/2023

The Senate on Thursday in Abuja, confirmed the appointment of Dr. Aminu Maida as the substantive Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission (NCC).

Maida was confirmed by the Senate during its plenary session where it adopted a report of the Senate Committee on Communications that screened Maida on Wednesday, November 15, 2023.

The Chairman of the Senate Committee on Communications, and former Minister of Communications, Senator Ikra Aliyu Bilbis, who submitted the report submitted the report urged the Senate to consider the request of President Bola Tinubu for the confirmation of Maida for appointment as the country’s Chief Telecom Regulator.

He said the Committee had screened Maida, who had earlier passed all scrutiny by the relevant security agencies in the security governance sector.

Bilbis informed the Senate that Maida possesses the requisite qualifications, professional experience, competence, and regulatory capacity to ensure accelerated development of the nation’s telecommunications sector. He urged the Senate to approve the nomination of Maida by Mr. President.

Consequently, the Senate proceeded to confirm the appointment of Dr. Aminu Maida, through a voice vote to serve a five-year term in office, subject to renewal by the President.

Earlier at his screening by the Senate Committee, Maida responded to questions related to his insights into the industry, qualifications, experience, suitability, and competence to manage the nation’s telecom regulatory sector, and was variously described by members as the round peg in a round hole.

Maida told the committee that his top priorities are to improve coverage and connectivity by bridging access gaps between rural and urban communities through increased broadband infrastructure as well as increasing the quality service (QoS) and quality of experience (QoE) for the consumers to enable them to get value for money.

He also stated that, under his stewardship, he would ensure that the Commission’s licensees numbering over 8,000 across different segments of the sector, are made to adhere strictly to their Service Level Agreements (SLAs) with their consumers in terms of service delivery.

Maida also said that he would create a more conducive environment for investment in the sector. Maida also promised to work with the dynamic team at the NCC to “re-think” how the Universal Service Provision Fund (USPF) would be better leveraged to bridge the extant digital divide in the country.

The new Chief Executive Officer of Nigeria’s telecom regulatory authority also promised to prioritise inter-agency collaboration towards achieving the current blueprint for the digital economy sector, just as he said that the on-going review of the NCA 2003 would lead to greater innovation for improving the performance of the sector and solicited the support of the National Assembly to succeed.

Maida further emphasised his commitment towards aligning regulatory activities with the Strategic Plan of the Ministry of Communications, Innovations and Digital Economy, developed to accelerate the actualisation of the Renewed Hope Agenda of the Federal Government.

Accugas Announces Award of University Scholarships to 50 Students from Akwa Ibom State

Business Journal

16/11/2023

L-R: Idorenyin Jacob, winner of the Grand Mentor Award in Biology; Nkoyo Etuk, Head of Stakeholder Relations and Regional Manager, South East, Savannah, Nigeria; Pade Durotoye, Managing Director, Savannah, Nigeria, and Unyime Ime, winner of the Grand Mentor Award in Chemistry, during the Savannah Energy Education and Internship Training (SEE-IT) Programme/2023 Annual Teachers/Scholarship Award held in Uyo, Akwa Ibom State recently.

Accugas Limited, the midstream subsidiary of Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, is pleased to announce that it has granted full university education scholarships to 50 students from Akwa Ibom State through the Savannah Energy Education and Internship Training (“SEE-IT”) programme.

The 50 students, who were selected through a rigorous screening process led by university professors, were presented with the scholarships during the SEE-IT 2023 Annual Teachers/Scholarship Awards held recently in Uyo, Akwa Ibom State. The SEE-IT scholarship packages cover full tuition, accommodation, textbook and living costs for the duration of the beneficiaries’ university education in Nigeria.

The SEE-IT programme is a collaboration between Accugas and the Inoyo Toro Foundation, a non-profit educational foundation based in Akwa Ibom State to enhance access to quality education in Akwa Ibom State.

The programme also presented awards to 19 secondary school teachers, three principals and five mentors of secondary school teachers, who have positively impacted their pupils in Akwa Ibom State public secondary schools. The awards covered five subjects namely, Biology, Chemistry, English, Mathematics and Physics.

Pade Durotoye, Managing Director, Savannah, Nigeria said:

Education is an important part of Savannah’s sustainability strategy, where our first pillar focuses on promoting socio-economic prosperity within the countries in which we operate. As a company, we have invested over US$1bn in Nigeria, especially in the South East, to deliver Projects that Matter. We are delighted and proud to be able to impact so many lives and I am particularly pleased that we are offering full university education scholarships to the 50 students until they graduate. We plan to add more students to the SEE-IT scholarship programme every year as we see this as an important investment in one of our country’s greatest future resources, the young people around us. What we are hoping to do, in partnership with the Inoyo Toro Foundation, is to support our society to deliver excellence in education, accessible not only to those who can afford the high fees in private institutions, but also to those in our public schools.”

His Excellency, Governor Umo Eno, Governor of Akwa Ibom State (represented by Mrs. Idongesit Etiebet, Honourable Commissioner for Education, Akwa Ibom State) said:

“This annual event has become a reference point in our Public-Private Partnership arrangements in the education sector of the state. It has registered impressive records since its inception, particularly in areas of scholarship awards to these loving students and the recognition of the immense contributions of hard-working teachers and principals of public secondary schools in the state. Your demonstration to launch a fully funded scholarship award to accommodate 50 students of Akwa Ibom State origin, admitted into public or private universities in Nigeria, as well as a conferment of excellence awards on teachers who excelled in the teaching of Biology, Chemistry, English Language, Mathematics and Physics, deserves commendation. I hereby urge other world-class individuals and organisations to rise to the challenge and emulate the laudable gesture of Savannah Energy, in collaboration with Inoyo Toro Foundation, by investing in the education of our children, who represent the future of our state and our country.”

Continental Re: Entries Now Open for 9th Pan African Journalism Award 2024

Business Journal

16/11/2023

Continental Reinsurance Plc is pleased to announce the launch of the 9th Pan-African (Re)Insurance Journalism Awards.
“We invite business journalists from every corner of the African continent to participate in these awards. Whether you are an industry veteran with a wealth of experience or a rising talent in journalism, we encourage you to submit your work for consideration.”
The 9th Pan-African (Re)Insurance Journalism Awards will feature the following categories:

Online Category (English)
Print Category (English)
Broadcast Category (English)
French Category (Online, Print or Broadcast)
Arabic Category (Online, Print or Broadcast)
Dr Femi Future Talent Award

Entries should be submitted between November 15, 2023, and February 14, 2024, if they were published within the year leading up to the submission deadline. To submit your entry, please visit [https://www.continental-re.com/awards-2024/].
Mr. Lawrence Nazare, Group Managing Director, Continental Reinsurance, emphasised the vital role of the (re)insurance industry, stating, “the (re)insurance industry is a catalyst for progress. It continues to play a pivotal role in Africa’s development, offering economic stability and security to individuals and businesses alike. Reporting on insurance is not only informative but also serves as a catalyst for industry, educates the public about the importance of risk management, fostering a culture of preparedness. As the industry is rapidly evolving with innovation and technology, our reporters play a vital role in keeping the public informed, helping to drive progress on insurance uptake. We look forward to reading the stories that have shaped the last year.”
The previous edition of the awards saw entries from 18 African countries and celebrated winners from Uganda, Ghana, Burkina Faso, Egypt, and Zimbabwe.

The winners were announced in March 2023 alongside the 8th CEO Summit held in Kenya. The awards ceremony was graced by His Excellency Rigathi Gachagua, Deputy President of the Republic of Kenya, and attended by dignitaries, industry experts, journalists, and other stakeholders in the insurance industry.
The awards ceremony for the 9th Pan-African (Re)Insurance Journalism Awards will be held alongside the 9th CEO Summit in April 2024.
To learn more about the awards, submission guidelines, eligibility criteria, and important dates, please visit our official website at https://www.continental-re.com/journalism-awards/

About Continental Reinsurance Plc:
Continental Reinsurance Plc is a leading private pan-African reinsurer with headquarters in Lagos, Nigeria and regional offices in Douala, Nairobi, Abidjan, Tunis and Gaborone. We have been operating on the continent for over 30 years, providing reinsurance solutions to insurers in more than 50 African countries. Our commitment to promoting excellence in (re)insurance journalism is a testament to our dedication to the growth and development of the industry across the continent.

Maida Applauds Project Train 3m on ICT Skills

Business Journal

15/11/2023

The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Dr. Aminu Maida has applauded the proposal by the Hon. Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, to enlist and train three million Nigerians over a period of four years, which will make the country an exporter of digital skills.

Maida, who spoke recently in Lagos at the City Business News Summit, said the programme, which has already attracted 1 million applicants, is capable of increasing Nigeria’s pool of technically-skilled persons in the global market leading to potential employers of digital and technical skills in the international scene to begin to engage more Nigerians.

Speaking on the theme of the summit, ‘Repositioning Nigerian Economy through Telecommunications: 2023 and Beyond’, NCC boss noted that, in recognition of the rapid pace of technological advancement that is disrupting industries across the globe, Nigeria’s vision is rooted in the belief that embracing this disruption and fostering innovation will propel the nation toward sustainable growth, economic diversification, and enhanced living standards for all Nigerians.

Represented by the Commission’s Director of Research and Development, Ismail Adedigba, the NCC’s chief executive officer said “the vision is, thus, to accelerate the growth of Nigeria as a global technical talent hub and a net exporter of talent; to deepen and accelerate our position in global research in key technology areas and raise the complexity and dynamics of our economy by significantly increasing the level of digital literacy across Nigeria. In this regard, the Honoruable Minister is looking to create a pipeline of three million technical talents.

“This programme, which has commenced already with over 1 million applications by potential trainees, is expected to increase the level of digital and technical skills among Nigerians, especially young and middle-level talents, to 70 per cent by the end of 2027. This will position Nigerians to productively contribute to the economy and place us in the top 25 percentile of research globally in the key areas of Artificial Intelligence (AI), Unmanned Aerial Vehicles (UAVs), IoT, Robotics, Blockchain, and Additive Manufacturing in keeping with the strategic plan unveiled by the Honourable Minister,” he said.

Maida said the policy direction of the Ministry, which is being driven by five pillars, will deliver on the goals of fostering economic growth and development. These pillars which include policy; infrastructure; innovation, entrepreneurship and capital; trade and knowledge, are the bedrock of the Strategic Vision Plan (2023 – 2025) and form the guide to channel our efforts to harness the potential of the telecommunications sector and drive positive change in Nigeria.

He said the Commission remains committed to providing an enabling environment for the building of the critical infrastructure required to power a strong digital economy, guarantee improved access to quality broadband connectivity, and the efficient management of the nation’s spectrum resources.

“As we work with our supervising Ministry – Communications, Innovation and Digital Economy – to take these steps to provide the enabling environment for repositioning the Nigerian Economy through telecommunications in 2023 and beyond, we call on Nigerians—and especially our compatriots in the media—to tap into the aspects of these interventions that are relevant to them. The ambitious plans we have set out may seem lofty and even incredible, but through strategic partnerships and collaborations with all stakeholders, we believe that they are achievable,” the EVC said.

SEC, Capital Market Community Holds Q3 CMC Meeting Nov 16

Business Journal

15/11/2023

The Securities and Exchange Commission (SEC) is set to hold the third quarter Capital Market Committee (CMC) meeting in 2023.

The meeting is scheduled to be held on Thursday, November 16, 2023, at the Federal Palace Hotel in Lagos, while the usual SEC Management interaction with the Press is planned for Friday, November 17, 2023, at the SEC Lagos Zonal Office, located at Number 3 Idejo Street, Victoria Island, Lagos.
Top on the agenda of the 3^rd quarter meeting include, deliberations on the trend of de-listing, Identifying key challenges in the current listing processes and collaboratively working to implement procedural changes that enhance efficiency and reduce costs for companies seeking to list, Enhance Capital Market Operators understanding of the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) regulations and the role they need to play in efforts being made to exit the FATF grey list, and many more burning issues about the capital market.

In addition, there will be updates on major achievements from the various technical Committees such as Commodities Ecosystem Implementation Committee, E-Dividend and DCS, Financial Literacy and Non interest capital Market FLTC

CMC is an industry-wide committee comprising the SEC, representatives of capital market operators and trade groups, and other stakeholders. The committee is a forum where stakeholders come together to engage in insightful discussions concerning the critical factors that impact the growth and organised functioning of the capital market, address the foremost concerns influencing the capital market and work together to shape its future.

It was primarily established to serve as a medium for the exchange of ideas among market stakeholders as well as an avenue for providing feedback to the SEC on how to continuously address challenges, improve market operations and enhance the regulatory framework.

According to the SEC, “Attendance to both events is strictly by invitation. Participants are expected to be seated by 9:45 a.m.

Expected participants at the CMC meeting include Chief Executive Officers (CEOs) of all registered capital market firms (i.e. Broker/Dealers, Investment Advisers, Custodians, Fund/Portfolio Managers, Receiving Banks, Issuing Houses, Rating Agencies, Registrars, Reporting Accountants, Trustees, and Capital Market Consultants, etc.); Chief Executive Officers of Nigerian Exchange Group (NGX), National Association of Securities Dealers (NASD); FMDQ Group Plc; Africa Exchange Holdings (AFEX); Nigeria Commodity Exchange (NCX); Central Securities Clearing System (CSCS); as well as representatives of relevant financial sector regulatory agencies, among others.

NCDMB ES Counsels Heritage Energy, Indigenous Firms on Corporate Governance

Business Journal

15/11/2023

L-R: Government Relations Advisor, Heritage Energy Operational Services Limited (HEOSL), Mr. Babajide Ololajulo; General Manager, Government, Joint Ventures and External Relations, Mr. Adesola Adebawo; Chief Executive Officer, HEOS, Mr. Ado Oseragbaje; Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote; Director Monitoring and Evaluation, Mr. Akintunde Adelana; Director Legal Services, Mr. Mohammed Umar and Director Planning, Research and Statistics, Mr. Abdulmalik Halilu after the visit of HEOS to the Board’s liaison office in Abuja.

The management of Heritage Energy Operational Services Limited (HEOSL) and other indigenous oil and gas companies have been advised to adopt strict corporate governance guidelines in their operations if they want their firms to grow sustainably. The companies were equally encouraged to comply with the provisions of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and to consult regularly with the Nigerian Content Development and Monitoring Board (NCDMB).

The Executive Secretary of the NCDMB, Engr. Simbi Kesiye Wabote handed out these pieces of advice on when the Chief Executive Officer of HEOSL, Mr. Ado Oseragbaje, and other key officials of the firm visited him at the Board’s liaison office in Abuja.

He identified the lack of corporate governance as the biggest drawback of most indigenous oil and gas companies and deplored the situation where owners and directors of indigenous operating oil and gas firms serve as contractors to their company, thereby contravening corporate governance procedures and delivering poor services.

The prevalent negative practice, he warned, could negatively affect the divestments of assets by some international oil and gas entities to indigenous firms.

The Executive Secretary commended the management of Heritage Energy Operational Services Limited for turning around the fortunes of their company and advised that they employ competent hands to manage sensitive positions, while also instituting corporate governance guidelines.

Speaking further, Wabote underscored the need for oil companies to always comply with the provisions of the NOGICD Act, including the remittance of one percent of the value of contracts to the Nigerian Content Development Fund (NCDF) as mandated by section 104 of the NOGICD Act.

He reiterated that NCDMB serves as an enabler of business, emphasising that the agency’s regulatory decisions are always taken from a pragmatic point of view. He encouraged oil and gas companies to approach the Board regularly for discussions, even when they have challenges with complying with the NOGICD Act. He assured that “when you hold quarterly meetings with the key teams of the Board, we will support and guide you and there will not be any hitches.”

In his remarks, the CEO of Heritage Energy Operational Services Limited (HEOSL) explained that the visit was initiated so they could brief the Board on the steps the company had taken to address some of the Nigerian Content noncompliance and other regulatory issues that had flouted in the past.

Some of the steps the company has undertaken include executing the Nigerian Content noncompliance remediation programme and the launch of Nigerian Content Research and Development projects at Akwa Ibom State University and Nnamdi Azikiwe University, Awka, Anambra State.

He remarked that HEOSL is the operator of the OML 30 Joint Venture between NNPC Exploration and Production Limited and Shoreline Natural Resources Limited Joint Venture (NEPL/SNRL JV). He announced that the joint venture partners had approved a drilling campaign on the asset, the first time such an activity would be carried out since Shell Petroleum Development Company (SPDC) divested the asset. He said: “We will be drilling four wells and the project could go on for 4 years and would include a lot of projects, such as facility expansion, water treatment, among other activities.”

He also announced that the company was almost paying off its indebtedness to the to NCDF and thanked the Board for being lenient over the firm’s past infractions while supporting it to improve its performance and compliance.

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