NCDMB Chief, Wabote, Seeks Increased Crude Oil, Gas Production to Avert Importation for Refineries

15/11/2023

Executive Secretary presented with an award in appreciation for delivering a goodwill message at the 41st Annual International Conference and Exhibition

The Executive Secretary Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote has warned that Nigeria might resort to importing crude oil for its upcoming and existing refineries if concerted efforts are not made to increase the current low production numbers.

He gave the warning in his goodwill message at the 41st Annual Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos.

The NCDMB ES bemoaned Nigeria’s low production of crude oil and gas despite the abundant reserves and challenged members of the Nigerian Association of Petroleum Explorationists (NAPE) and other industry stakeholders to initiate efforts to reverse the situation.

He emphasised that the nation’s 37 billion barrels of oil reserves needed close attention bearing in mind the various efforts at revamping the refineries and commissioning of greenfield refineries.

According to him, “it will be a sad outcome if we stop the importation of refined petroleum products only to replace it with the importation of crude oil for use in our local refineries.”

He praised the important role of petroleum explorationists in the energy mix, especially in discovering, evaluating, and establishing the reliability and sustainability of the size of oil and gas reserves.

Dwelling on gas, the Executive Secretary hinted that Nigeria has about 208 trillion cubic feet (TCF) of proven gas reserves and about 600TCF unproven reserves. He subsequently charged petroleum explorationists to apply their skills and technology toward confirming the recoverable volumes from these unproven reserves and developing the proven reserves.

He hinted that the focus on gas is important because gas is no longer Nigeria’s transition fuel but the destination fuel.

He assured that NCDMB is committed to providing all the necessary support to realise the gas business agenda of President Bola Tinubu.

Commenting on the conference’s theme which is “Repositioning the oil and gas industry for future energy dynamics,” the NCDMB boss noted that the world stands at a key point where adequate consideration must be made to address the Energy Trilemma, which is, achieving an appropriate balance between energy security, sustainability, and affordability.

He added that the oil and gas industry has been a key pillar of global energy as it has powered and continues to power industrial and economic developments across the world.

He indicated that repositioning the Nigerian oil and gas industry for national development required collaboration and partnerships with key players and agencies across the upstream, midstream and downstream sectors and its entire value chain.

He added that the Nigerian Oil and Gas Content Development Act (2010) provided the compass to enable the development and growth of local capacities and capabilities in the Nigerian oil and gas industry.

Waboted commended the Federal Government’s determination to sustain the gains realized in the oil and gas industry and the eagerness to consolidate them rather than reverse the gains of Nigerian Content.

He conveyed the Board’s readiness to support various oil and gas initiatives that would ensure patronage of local investments, boost investors’ confidence, and create jobs to sustain the relative peace in the oil and gas sector.

NNPC Restores Production of 275,000bpd, Settles PENGASSAN-Total Energies Rift

Business Journal

14/11/2023

Following a peace deal brokered by the Nigerian National Petroleum Company Limited (NNPCL) between the Management of Total Energies, operator of the NNPC/Total JV, the Petroleum and Natural Gas Senior Staff Association, (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), the unions have agreed to suspend on-going industrial action leading to immediate restoration of 275, 000 barrels of oil per day production.

In a communique issued at the end of a marathon negotiation session chaired by Mrs. Oritsemeyiwa Eyesan, Executive Vice President, Upstream, NNPCL, all parties committed to resolving all the issues within an agreed framework.

The communique was signed by Total Energies MD/CEO, Mr. Matthieu Bouyer, PENGASSAN President, Comrade Festus Osifo and NUPENG President, Comrade Williams Akporeha.

It was witnessed by NNPC Limited, EVP Upstream, Mrs. Oritsemeyiwa Eyesan, and Mr. Bala Wunti, Chief Upstream Investment Officer, NNPC Upstream Investment Management Services, (NUIMS).

Also in attendance was Mr. Victor Bandele, Deputy Managing Director, Total Energies.

NLNG Debunks Misleading Claims of Total Shutdown

Business Journal

14/11/2023

Our attention has been drawn to a Thisday newspaper report on 12th November 2023 titled “Gas Supply Constraints May Worsen in Nigeria, Europe as NLNG Embarks on Plant Maintenance by February 2024.”

The report alluded to an alleged total shutdown of Nigeria LNG Limited’s (NLNG’s) six-train plant over a proposed maintenance operation scheduled for February or March 2024.

NLNG categorically states that this report is false. The Company’s commitment to the safe and uninterrupted functioning of its plant underscores the significance of routine turnaround maintenance, referred to technically as a “Shutdown.”

Contrary to the report’s assertions, a routine turnaround maintenance, while temporarily taking a specific train or unit offline for maintenance purposes, does not entail a complete shutdown of the entire plant. The meticulous planning and execution of this essential activity allows for the seamless transfer of production loads to unaffected trains, resulting in minimal impact on overall production. The “shutdown” alluded to in the report is a routine turnaround maintenance and is part of NLNG’s production calendar.

NLNG takes exception to the disconcerting lack of factual accuracy in the report, highlighting the evident absence of discretion. The company emphasises its track record of global achievements during turnaround maintenance, consistently setting high standards in safety and project management to ensure the continued operational efficiency of its assets.

A classic example of NLNG’s achievements is the deployment of the Add-On Gate Valve (AOGV) technology in 2022 which involved the replacement of a critical valve while the plant remained online and active. NLNG plant was the first in Africa to implement this technology and its 36” line was the largest pipe size across the globe that the AOGV has ever been deployed on. It is this kind of engineering excellence and unparalleled maintenance execution discipline that NLNG is known for.

The report was not fact-based and was deprived of any balance, in contradiction to the ethics of responsible journalism, as no spokesperson of the Company was reached for comments.

In light of these discrepancies, NLNG urges for accuracy in conveying the nuanced details of the energy industry.

Heirs General Insurance Offers N100,000 Fuel Vouchers for Motor Insurance Subsidy Promo

Business Journal

13/11/2023

Heirs General Insurance – the Non-Life arm of the Heirs Insurance Group – the fastest-growing insurance group in Nigeria has announced the biggest Motor Insurance promotion of the year. Tagged “Heirs General Insurance Subsidy Promo” this promo is set out to reward customers who purchase or renew their Comprehensive or Third-Party motor insurance with a chance to win N100,000 fuel voucher as well as other instant prizes such as; airtime and shopping vouchers. The Subsidy Promo will run till Sunday, December 31, 2023.

Speaking on the new promotion, Ifesinachi Okpagu, Chief Marketing Officer, Heirs Insurance Group, shared her excitement saying; “we understand the economic challenges our customers and Nigerians face daily. The “Heirs General Insurance Subsidy Promo” is our way of identifying with our teaming customers by easing the financial burden associated with rising costs of living in Nigeria, especially as it relates to fuel purchase. As a responsible organization, we are excited to reward our loyal customers and welcome new ones with valuable incentives while ensuring their peace of mind on the road.”

She further said: “At Heirs Insurance Group, we are on a mission to make insurance simple, and make insurance a lifestyle for every Nigerian. This promo presents an opportunity to support the Insurance industry Stakeholders in their bid to create awareness, increase insurance inclusivity, deepen insurance penetration, and get larger percentage of Nigerians to take advantage of the numerous opportunities offered by Insurance to individuals and corporate entities.”

With this offer, customers who purchase or renew their Third-party motor insurance plan from Heirs General Insurance will receive N1,000 airtime voucher and automatically qualify for a chance to win one of the twenty-five (25) available N100,000 fuel vouchers available during draws.

Similarly, customers who purchase or renew their comprehensive motor insurance plans from Heirs General Insurance will receive a N3,000 shopping voucher and become eligible to enter the raffle draw for a chance to win one of the twenty-five (25) N100,000 fuel vouchers.

The raffle draws will be conducted on Heirs Insurance Group’s official social media platforms and winners will be announced subsequently.

STI Holds 2024 Strategy Retreat, Budget Session in Lagos

Business Journal

12/11/2023

L-R: Segun Bankole, DGM/Head, Corporate Communications & Investor Relations, Emmanuel Anikibe, DGM/Divisional Head, Technical, Dr. Victor Dike (Quick Projects) and Consultant to the Retreat, Olaotan Soyinka, MD/CEO, Ugochi Odemelam, Executive Director, Marketing & Business Development, Lucas Durojaiye, DGM/Regional Head, Northern Operations, Sanni Oladimeji, DGM/Head, Risk Management & Compliance and Kayode Adigun, Executive Director, Finance & Corporate Services, Sovereign Trust Insurance Plc at the Budget & Strategy Session for Year 2024 for the Underwriting Firm. The Session was held on November 10-11, 2023 in Lagos.

NEM, AIICO, Dangote Group Shine at Insurance Industry Nite of Honours

Business Journal

08/11/2023

The 2023 Almond Insurance Industry Awards and Consumers’ Nite aptly tagged #Rewarding Excellence was held over the weekend in Lagos.

The high-octane event drew dignitaries from within and outside the insurance industry.

The Awards Nite kicked off with comedy and musical performances from a list artiste like Harry Songs, Skales, Mr. Real, Ill Bliss and a host of others who ensured guest were on their toes.

The likes of Mr. Paul, Brain-Jotter, Short Family and others also cracked up guest at the event. The Almond Awards which was conducted via online voting over a period of six months started with calls for nomination from operators and the insuring public all the way to selection by the Award Panel of Judges before the final voting process and short listing of eventual winners.

Speaking at the Award Ceremony, the Chairman of the 2023 Award Panel of Judges, Ms. Prisca Soares said their duty was to ensure fairness and integrity of the process and she and her members did their best. According to her, the response from the general public and the industry was encouraging as over 1,797 people voted for nominees in the Seven Categories.

Six individuals selected and voted by the Awards Panel of Judges based on their understanding of the Nigerian market were also honoured for their excellent contribution to their companies and the insurance industry in general.

At the end of the Nite, AXA Mansard emerged General Insurance Company of the Year, while AIICO Insurance clinched the Life Insurance Company of the Year. Scib Nigeria & Co won Insurance Broking Company of the Year whilst Shola Tinubu won Insurance Broker of the Year.

Mr. Tope Smart, GMD, NEM Insurance Plc (Now Chairman) won CEO of the Year and Lawrence Nazare of Continental Reinsurance Plc won Reinsurance CEO of the Year. Noor Takaful emerged as Takaful Company of the Year and Dangote Group of Companies won Most Valuable Insurance Customer of the Year.

Insurance Life Achievers Awards went to Mr. Oye Hassan – Odukale, Mr. Wole Oshin and Mr. Eddie Efekoha for their contributions to the companies they led and the industry in general.

On the broking side, Mr. Shola Tinubu, Mr. Amos Adeyeye and Chief Babajide Agbeja were honoured for their contributions to the growth and development of the broking profession.

The organisers also did a short tribute to the Late Insurance ICON, Prof. J.O Irukwu, SAN.

The organisers of the Awards Almond Productions Limited were praised for their thoughtfulness in inviting Guest Presenters from across board. Some of the Guest Presenters at the Awards were Bashorun J.K Randle, Mr. Chris Ubosi, Nigerian Vocalist and Dancer, Yinka Davies and a host of others.

The 2023 edition of the Almond Insurance Industry Awards was by every standard a huge success. The organisers have promised an even bigger and better outing in 2024.

NLNG’s Unwavering Commitment to Local Content Development in Nigeria

Business Journal

08/11/2023

L-R: Mr. Andy Odeh, NLNG General Manager External Relations and Sustainable Development; NLNG GM, Human Resources, Mrs. Erinle Bamitale; Engineer Simbi Wabote, Executive Secretary NCDMB; Dr. Philip Mshelbila, MD/CEO NLNG; Mr. Nnamdi Anowi, NLNG GM, Production at the Nigerian Content Stakeholders Retreat in Bonny recently.

Nigeria LNG Limited (NLNG) last weekend hosted the Nigerian Content Stakeholders Retreat at its plant complex in Bonny, in demonstration of its unwavering commitment to the advancement of local content in Nigeria.

The three-day event provided a platform for the cohesion of NLNG’s vision of being a globally competitive LNG company helping to build a better Nigeria, and the goal of the Nigerian Content Development and Monitoring Board (NCDMB) as the umpire for Nigerian Content Development.

Delivering the keynote address at the Nigerian Content and Award Ceremony, the Executive Secretary of the NCMDB, Engr Simbi Wabote expressed concern over the challenges of inadequate gas supply to the NLNG Plant and promised to support the company along the lines of approving third party gas injectors and sanctioning new deepwater gas projects. He added that “most of the marginal operators have also found gas but part of their challenge is where to send the gas.”

Engr Wabote lauded the NLNG for its remarkable success at promoting Nigerian Content, recalling that at the inception, the company’s Management level had 90 per cent expatriates and 10 per cent Nigerians.”

”However, the table has now turned the other way, with the entire Management now consisting of Nigerians” he added.

Earlier, in his welcome remarks, the NLNG Managing Director and Chief Executive Officer, Dr Philip Mshebila, said the retreat and award ceremony was designed to reaffirm NLNG’s commitment to upholding local content development as a catalyst for the economic advancement of the nation, adding that through NLNG’s Nigerian Content policy, the company has consistently championed the development of indigenous and national economic potentials while fostering a self-sufficient and competitive workforce for sustainable development.

According to Dr. Mshelbila, NLNG recognises its pivotal role in shaping the trajectory of local content development in Nigeria and restated that the company’s commitment to Nigerian Content development aligns with its profound belief in Nigeria’s boundless potentials which can be unleashed by nurturing and harnessing local talents, Nigerian companies and associated resources, that will in turn help build a stronger, more prosperous nation. This includes technology transfer, given the high-tech plant and operations of the NLNG Plant in Bonny Island.

The NLNG boss stated that while the company appreciates the outstanding contributions of major foreign partners, “we insist on capacity development and knowledge transfer to encourage Nigerian companies to get more involved in the technical processes. We want to see more partnerships with local manufacturers, more empowerment for competitive edge, more import substitution with locally manufactured spares and parts”.

Since commencement of operations in 1990, NLNG has maintained unwavering commitment to local content development through significant investment in skills development programmes that empower Nigerian workers and companies with the knowledge and expertise required to drive economic activities in the nation’s Oil and Gas sector and associated industries.

The company provides comprehensive trainings, and scholarships to cultivate local talent, while also actively engaging local vendors, to promote the growth of Nigerian businesses and bolster local economies. NLNG maintains a strong preference for sourcing goods and services locally, whenever practicable.

The company has also achieved 100% Nigerianization of its management team and over 95% Nigerian workforce that are its greatest asset, a feat it achieved through strategic local and international trainings to grow professionals of global standards.

At the award ceremony which featured outstanding local vendors who are NLNG’s business partners, the company commended NCDMB for maintaining transparent and fair regulatory frameworks which are crucial for promoting responsible business practices and growth, adding that strengthening security measures to protect critical infrastructure and operating environment will further bolster Nigeria’s private sector growth and the nation economic gains.

Highpoint of the award night was the recognition of NLNG partner companies for outstanding performance in their partnership with NLNG. Notable among them are EVOMEC Global Services Limited, Coleman Cables and Wires, A.O Brownson Enterprises, Alfred Temile LPG Tanker and Saipem Contracting Nigeria Limited.

Linkage Assurance at CIIN Ambassador’s Project

Business Journal

04/11/2023

L-R: Okanlawon Adelagun, Executive Director, Technical, Linkage Assurance Plc; Oluwaseun Oyelere, Head, Financial Institutions/Direct Corporate SBU, Linkage Assurance Plc; Aderonke Coker, Insurance Industry Ambassador; Edwin Igbiti, President/Chairman of Council, CIIN; Funmi Omo, MD, Enterprise Life; Adeyemi Kehinde Kolade, Leadway Assurance Limited; Abimbola Tiamiyu, Registrar/CEO, CIIN; and Temilade Adewoye Daniel-Owo, Head, Distribution Channels, Leadway Health, all members of panel at the CIIN Ambassador’s Project held at the LCCI Conference and Exhibition Center, Ikeja, Lagos.

Solaris, Knownow, Specxs Win N30m in NCC’s Talent Hunt

Business Journal

04/11/2023

Three companies, out of 81 companies that contested at the Nigerian Communication Commission’s inspired technology innovation talent hunt competition, shared the N30 million prize money equally.

Nine other shortlisted companies went home with N500,000 consolation prizes each.

Solaris GreenTech Hub, Knownow Africa Limited and Specxs Care Limited, came bright at the 2023 NCC’s Annual Hackathon Competition, adjudged by an independent Panel of Judges chaired by the President of Digital Bridge Institute (DBI), Prof. Mohammed Ajiya.

Solaris, whose team comprises Chiemela Anosike, Ineke Chinecherem and Onoh Chiemela, won in the Renewable Energy Solution category of the hackathon with their green energy solution that provides clean energy hubs for people in rural communities to be able to charge their phones and other mobile/electronic devices.

Knownow, with a team consisting of Abdulazeez Abiola, Dr. Mudasiru Taiwo and Dr. Oluwaseun Ojerinde emerged winner in the Blockchain Solution category for their fraud-detection and prevention solution.

Specxs Care Limited, also a winner, with team members comprising Isah Dahiru, Ameenat Bala and Musa Gambo, lifted the trophy also with their wearable devices called ‘Smart Bladder’, which can help manage urinary incontinence in elderly people and reduce the cost of their daily spending while ensuring proper personal hygiene.

Prof. Ajiya said the panel was painstaking in assessing all the submissions/entries, diligent in shortlisting the 12 participants and meticulous in determining the three winners through strict compliance with the requirements stated by the Commission for the exercise.

Earlier in his keynote address at the event, the Executive Vice Chairman and Chief Executive Officer of NCC, Dr. Aminu Maida, who was represented by the Director, Research and Development, Ismail Adedigba, said the event aligns perfectly with one of the core objectives embedded within the new Strategic Vision Plan (SVP) of the Commission for the years 2023-2025, which speaks to fostering the development of cutting-edge technologies through rigorous research to catalyse sustainable economic growth and overall development within Nigeria.

He noted that this year’s event focuses on three pivotal thematic areas that not only pertain to Nigeria but also resonate with global concerns. The themes, he said, are: Blockchain-enabled Data Protection Solutions for Enhancing Regulatory Compliance; Assistive Technology Solutions for the Elderly and People with Disabilities; and Technology Solutions for Renewable Energy in Rural Areas

Adedigba said Talent Hunt Research through Hackathon is just the inception of the Commission’s unwavering commitment to nurturing innovation and nascent ideas, the way it has been doing for previous winning innovative solutions and ideas that had emerged through the annual hackathon.

“The culmination of this competition is not confined to the grand prize of N10 million awarded to each winner from these three thematic areas for the development of their solutions, but goes beyond this, as the Commission takes a holistic approach to support these promising innovations. We closely monitor the progress of these solutions as they evolve into full-fledged prototypes,” he said.

He added that in a world where innovation is paramount, NCC often witness the remarkable potential of Hackathons to showcase fresh perspectives on existing challenges, adding that the NCC’s annual hackathon serve as instrumental tools in sustaining innovation and mobilising the collective intelligence of the innovators to tackle pressing real-world issues, both in the business realm and within our social fabric.

Robust FinTech Critical for Deepening Financial Inclusion in Nigeria – Maida

Business Journal

04/11/2023

The Executive Vice Chairman and Chief Executive officer (EVC/CEO) of the Nigeria Communications Commission (NCC), Dr. Aminu Maida, has described the Financial Technology (FinTech) industry as a critical driver of financial inclusion of Nigerian citizens living in the underserved and unserved communities across the country.

Maida made this known in his keynote address at the 2023 edition of the annual Nigeria Information Technology Reporters Association (NITRA) FinTech Forum which focused on, “Harnessing Nigeria’s Fintech Potential: Challenges and Opportunities” and took place in Lagos recently.

The EVC, who was represented at the event by the Controller of NCC Lagos Zonal Office, Mr. Henry Ojiokpota, stated that the theme of the forum was suitable at this time for a discourse about the financial industry given the significant rise in digital financial services across the nation.

The EVC said Fintech is revolutionizing Nigeria’s financial ecosystem as it represents a positive disruption to the conventional financial system. Maida stated that financial technology’s emergence to leverage technology to enhance financial services such as mobile banking, borrowing, investment, and cryptocurrency, comes as an enhancer and enabler of business and other opportunities in the sphere of innovation, job creation and investment that further stimulates economic growth.

The EVC stated that fintech applications such as robo-advisors, payment apps, peer-to-peer (P2P) lending apps, investment apps, and crypto apps, among others, create business opportunities for individuals. He also stated that the adoption of these Fintech applications for socioeconomic gains by the youth, who account for 70 per cent of Nigeria’s population, will add value to the economy.

Maida recalled recent industry statistics citing active subscriptions across mobile networks in Nigeria, which hit 220.7 million in August 2023, to demonstrate that the Nigerian Fintech ecosystem can offer an array of financial services to telecom subscribers.

He said the Commission will continue to expand and enhance telecommunications infrastructure to enable robust Fintech services, and address consumer concerns, and regulatory challenges in the sector because the optimal utilization of digital technologies will enhance the provision of financial services to rural communities and underserved segments of the population through leveraging of high mobile phone penetration in Nigeria.

“Therefore, Fintech has the potential to deepen the existing payment and financial system infrastructure to reach unserved and underserved areas and further stimulate economic growth”, Maida said.

He said the Commission has begun implementing new strategies to meet the new target of 70 per cent Broadband penetration by the year 2025 as contained in the Nigerian National Broadband Plan 2020-2025 and the blueprint released by the Honourable Minister for accelerating the growth of the digital economy sector through technology.

The EVC said these policies and strategies have huge implications for enhancing derivable benefits of the Fintech industry as well as significantly and positively impacting Nigeria’s goals on financial inclusion and the digital economy at large.

The NCC boss promised that the Commission will continue to support the Fintech industry in harnessing its enormous potential and will not rest on its oars in its strides to address the challenges in the sector, including improving the provision of secured infrastructure that support the delivery of digital financial services in efficient ways. He also reiterated the Commission’s focus on maintaining minimum standards in Quality of Service (QOS) to ensure uninterrupted connectivity to enhance sectoral contribution to the economy.

The EVC stated that the Commission, in support of its vision in this sphere, has implemented a Memorandum of Understanding with CBN on boosting payment systems and financial inclusion, which is in line with the Nigeria Payments System Vision 2025. He also informed that NCC will continue to play an important role in harnessing the potential of Fintech through maximum support for Fintech policies, enforcing regulations, and strengthening collaborations with relevant authorities.

“Our Repayment Plan Will Go on Despite DLM Trust Company’s Withdrawal” – Patricia Technologies Founder

Business Journal

29/10/2023

We at Patricia Technologies are shocked by DLM Trust Company’s sudden and unilateral decision to terminate our partnership. This development is coming as a surprise as we were we not informed before their public statement of withdrawal. However, we wish to assure our depositors and stakeholders, that the Repayment plan we initiated along with DLM Trustees a few days ago, will go on as scheduled.

It must be noted that our appointment of DLM Trustees was a culmination of several weeks of engagement with the leadership of the Group including Mr. Kehinde Lawal of DLM Group and Mrs. Lola Rasaq, the CEO of DLM Trust Company up to the point of signing the partnership. During the process and the immediate aftermath of the agreement, we at Patricia Technologies have conducted ourselves with the utmost professionalism, while observing all due processes including fulfilling our financial commitments to consummate the contractual agreement.

Evidence of this is the transfer of substantial funds to DLM Trustees as part of the planned payouts to our customers, scheduled to start from November 20, 2023.

It is therefore astounding to us that not only has DLM Trustees chosen to renege on our agreement, but that they failed to issue us a notice, or extend the basic courtesy of a prior discussion, in stark disregard for the clearly spelt termination clause in our contract.

More bewildering is the claim in their public statement that we broke the terms and conditions of our partnership without spelling out how. We not only categorically reject this false claim, we challenge DLM Trustees to substantiate the allegations.

We believe this accusation is baseless, and we might be taking legal action to seek restitution for setbacks and damages incurred as a result of this attempt at defamation, if DLM Trust fails to validate their claim.

To Our Esteemed Customers:

We wish to assure you that notwithstanding this regrettable development, all scheduled payments will proceed, starting from the 20th as initially planned.

This is another opportunity to show that not only are we resilient as an organization, but our commitment to you also remains steadfast.

We sincerely apologize for any inconvenience or concern this situation may have generated and thank you for your enduring trust and patronage.

Again, our planned repayment to depositors will proceed.

Signed: Hanu Fejiro, CEO and Founder, Patricia Technologies

NEM Named Platinum Insurance Services Provider of the Decade

Business Journal

29/10/2023

L-R: Mrs. Moji Teluwo, DGM, Corporate Services, NEM Insurance Plc receiving the Platinum Insurance Services Provider of the Decade award on behalf of NEM Insurance from Ms. Maureen Chigbo, President, Guild of Corporate Online Publishers (GOCOP) at the Business Journal 15th Anniversary Lecture/Awards in Lagos.

NEM Insurance Plc has won award as Platinum Insurance Services Provider of the Decade at the Business Journal 15^th Anniversary Lecture/Awards held last Friday at Radisson Hotel, Ikeja, Lagos.

The Award Committee described NEM Insurance Plc as one of the major operators in the insurance industry in Nigeria. The Committee stated that NEM has earned numerous high-level awards and recognitions in affirmation of its excellent insurance services in the country over many decades.

“NEM remains a great insurance brand and institution in Nigeria across various indices of industry performance. Accordingly, we are proud to nominate NEM Insurance as Platinum Insurance Services Provider of the Decade.”

Receiving the award on behalf of NEM, Mrs. Moji Teluwo, the Deputy General Manager (DGM), Corporate Services, expressed gratitude to the Board and Management of Business Journal for the recognition.

She pledged continuous provision of cutting-edge insurance services to individuals, corporate institutions and government going forward.”

Stanbic IBTC Bank’s Reward4Saving 3.0 Promo: 70 Customers Win Cash Prizes in Maiden Draw

Business Journal

25/10/2023

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has rewarded 70 customers with cash prizes in the maiden draw of its Reward4Saving 3.0 Promo.

The first draw of this season, which took place at the Stanbic IBTC Head Office in Lagos, saw new and existing customers from seven regions win cash prizes of ₦100,000 each for meeting the savings milestone.

Stanbic IBTC Bank aims to maintain this throughout the 12-month promo period, by which time, Stanbic IBTC Bank will reward 840 customers with ₦100,000 during the monthly draws. The Bank also aims to reward seven customers with one million naira each in the quarterly draws and seven customers with two million naira each in the grand finale.

Speaking at the event, Layo Ilori-Olaogun, Head, Middle Market and Youth Segment, Stanbic IBTC Bank, expressed delight at the turnout and the successful execution of the live draw. Layo remarked, “Reward4Saving has become a cornerstone of our commitment to encourage a savings culture in Nigeria. Based on this year’s theme The Rewards are Back, we are thrilled to see the enthusiasm from our customers and partners for this initiative. With Reward4Saving Season Three, we aim to take the savings experience to a whole new level by offering rewards and benefits to our customers.”

“This journey has been interesting since we started in 2021, and it is commendable that we have seen two seasons turn more Nigerians into millionaires. Our commitment to helping customers reach their financial aspirations is evident in the return of another season of the promo. Our customers’ success is our success, and we are happy to provide them with the tools and support they need to reach their financial goals,” Layo added.

Ikechukwu Ezeigbo, Manager, Customer Value Proposition, Stanbic IBTC Bank, congratulated the winners who emerged after the draw. He urged customers to continue saving as the Stanbic IBTC Reward4Saving Promo is a nationwide campaign to encourage Nigerians to save at least N10,000 in their Stanbic IBTC savings account and maintain it for at least 30 days. Customers who emerge as winners get rewarded with cash prizes ranging from N100,000 to two million naira.

According to Ikechukwu, “To be a part of the promo, customers can download the Stanbic IBTC Mobile App, dial *909*37#, visit the web portal or any Stanbic IBTC Bank branch or an @ease agent to open an account or @ease wallet and save at least N10,000 for 30 days to qualify for the draw.”

NCDMB Retains Top Position in Efficiency, Transparency

Business Journal

24/10/2023

The Nigerian Content Development and Monitoring Board (NCDMB) has retained its position as the best Federal Agency in transparency and efficiency in business, continuing the streak of excellence in the delivery of its mandate.

In the 2023 Half Year Executive Order 001 Compliance Ranking, which covered from January to June 2023, NCDMB scored 83.06% to clinch the top position in the Federal Government’s ranking of ministries, departments and agencies (MDAs), the second straight year it was clinching the award.

The report was released on Monday, and it builds on the Board’s sterling performance in 2022 during which period it had equally emerged the top performer in the whole year.

The Executive Order 001 (EO1) Compliance Report is compiled by the Presidential Enabling Business Environment Council (PEBEC) is determined by a combination of the weighted scores for efficiency and transparency directives.

Issued on 18 May, 2017 by former President Muhammadu Buhari, the EO1 on the Promotion of Transparency and Efficiency in the business environment seeks to facilitate entrenchment of policies and practices that would foster an environment conducive to business, particularly start-ups, by eliminating bottlenecks.

PEBEC explained that an “MDA’s EOI overall performance is a combination of scores on the Efficiency and Transparency measures weighted at 70 per cent and 30 per cent of the overall score respectively.” It added that “the top performing MDAs differentiate themselves by achieving a balanced performance on both the Efficiency and Transparency scales….”

Under Efficiency, the agency’s adherence to its service delivery timelines is key. For Transparency, the chief consideration is existence and functionality of websites, as well as availability of detailed information on timelines, costs, statutory requirements and customer service contact channels. In combination, these would eliminate abuses in the system, including rent-seeking activities.

This latest award follows NCDMB’s emergence as “a Level 5 Platinum Level organisation” in a summary report of the Bureau of Public Service Reforms (BPSR) Self-assessment Tool (SAT) released in January 2023, a rating which translates as “Exceptional Performance with a performance level of 90.5%.”

This accomplishment underscores NCDMB’s unwavering dedication to creating an environment conducive to local and international businesses as well as putting in place initiatives aimed at streamlining processes, reducing bureaucratic bottlenecks, and ensuring that businesses in Nigeria can operate freely.

Elumelu Seeks Urgent Recapitalisation, Enforcement of Compulsory Insurance in Nigeria

Business Journal

24/10/2023

Tony O. Elumelu, Chairman, Heirs Insurance Group, called for the urgent recaptalisation of insurance companies in Nigeria, as part of a six-point agenda to completely transform the insurance industry.

He made the call at the 2023 National Insurance Conference, organised by the insurance regulator, NAICOM, in Abuja.

Elumelu began his keynote speech by commending the Commissioner for Insurance, Mr. Sunday Thomas, for his foresight and courage in tackling the critical shortcomings of the industry, while encouraging him to do more.

During his presentation, he stated that the current capital base requirement limits the capacity and capabilities of key players in the industry. To address this, he proposed an upward review of the capital base from N5 million to N1 billion for Brokerage firms, N8 billion to N20 billion for Life insurance companies and from N10 billion to N30 billion for General Insurance companies respectively.

He said: “This recapitalisation is not about increasing the barriers to entry into the industry. We must ensure that the sector has the financial muscle and backbone to handle more complex insurance transactions”.

Elumelu also called for a review of the dichotomy in insurance licenses between life and non-life companies that has hindered the progress of the industry. He charged the regulators to open the offering of composite licenses, adding that consolidated operators could operate with a capital base of N50 billion.

In addition to the points, Elumelu also highlighted poor legislation, stifling policies, and inefficient claims processes, as barriers to achieving sustainable growth in the industry. He challenged all insurance companies to jointly commit 0.5% of revenue to drive industry-wide awareness and acceptance campaigns.

Commenting on the talent and workforce within the industry, Elumelu called for a change in approach. According to him: “We need a younger and more agile workforce. We have so many young people, but the insurance sector is not attractive to them in the way banking, oil and gas, fast-moving consumer goods, IT/technology, and creative areas like Nollywood are. We need to attract the youth of our country into the sector.”

In conclusion, Elumelu emphasised the critical role that regulators and the government must play in making insurance a common right of every Nigerian citizen.

He added: “It is embarrassing that Nigeria has less than 2% insurance penetration, in a nation of over 200 million people, struggling to survive, amidst the harshest economic realities. We must re-assess and eliminate the stifling policies, roadblocks, and complacency in the insurance system, to encourage innovation and provide our people with simple and accessible insurance, not as an option, but as a fundamental right to secure their future.”

Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, one of the leading pan-African investment companies, with investments across 24 countries and four continents, founded and led by Tony Elumelu.

With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs General and Heirs Life serve both corporate and individual customers across Nigeria.

Heirs Insurance Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.

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

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