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Heirs Insurance Group’s Niyi Onifade Elected to Governing Council of NIA

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Mr. Niyi Onifade, Managing Director/CEO, Heirs Life Assurance, a member of Heirs Insurance Group, has been elected to the Governing Council of the Nigerian Insurers Association (NIA), following the Association’s 53rd Annual General Meeting held on June 27, 2024.

Onifade’s election further strengthens the capacity of the Association as an umbrella body steering the insurance industry towards new-age practices and adopting customer-centric policies to bring the public closer to the insurance sector.

Speaking on the election of Onifade, Bola Odukaye, the Director General and CEO of NIA said, ‘We strongly believe your expertise and contributions will significantly enhance the quality of the Council’s deliberations and activities towards positioning the insurance industry to its rightful place in the Nigerian financial services sector.’

Niyi Onifade expressed his commitment to the Association. He said: “I am honoured by the Council’s trust in my leadership capabilities and the opportunity given to serve and contribute my quota to the transformation of the Nigerian Insurance industry. This election is also a testament to Heirs Insurance Group’s unwavering commitment to advancing the insurance industry.’

The Nigerian Insurers Association (NIA) continues to advocate for the growth and stability of the Nigerian insurance sector. Onifade’s role will be instrumental in shaping policies and strategies that will foster a positive outlook for both the industry and the wider economy.

Niyi Onifade is a seasoned insurance practitioner with over 30 years’ experience in the Nigerian Insurance Industry. He serves as the MD/CEO of Heirs Life, a member of Heirs Insurance Group, Nigeria’s fastest growing insurance Group.

Heirs Insurance Group pioneers a new era of insurance solutions with the roll-out of various initiatives including a seamless mobile app, USSD; Prince, its intuitive chatbot; InConnect, its partnership portal Digital Experience Centre; and more.

 

About Heirs Insurance Group.

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

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

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

Oriental News 2024 Summit: Muda Yusuf to Speak on Nigeria’s Path to Green Economy Transition

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The Chief Executive Officer, CEO, of the Center for The Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf would drive discussion on Nigeria’s policy direction to establishing a pathway towards economic recovery in line with global green economy initiative.

Yusuf, a renowned economist and former Director General (DG), of the Lagos Chamber of Commerce and Industry (LCCI), is the Chairman of the 3rd National Conference being put together by Oriental News Nigeria, coming up on July 25th, 2024 at Radisson Blu GRA Ikeja, Lagos by 9am.

In recent years, economies all around the world have been experiencing a protracted slowdown driven by structural, global, and cyclical factors. Economic strategies that have been implemented to tackle recession and achieve rapid economic development have endangered sustainable growth by contributing to environmental degradation, global warming, and other negative repercussions.

Changing the paradigm to a green economy will boost natural capital stocks, safeguard the environment, and ensure social justice by providing practical tools and approaches to achieve sustainable growth while reducing environmental risks and ecological scarcities.

A transition to a green economy, however, faces challenges such as a lack of an appropriate policy framework, inadequate capital expenditure, varying levels of development, and resource endowments.

Therefore, for green sustainable development, newer business models, strategic changes and innovation in the use of resources, responsible and cleaner business practices, and green technologies are needed.

The above issues will form part of the discussion to be spearheaded by Yusuf, who will further highlight challenges and how to accelerate the process.

Also, the Ag. Managing Director and Chief Executive Officer, MD/CEO of the Rural Electrification Agency (REA), Abba Abubakar Aliyu, will be addressing key energy professionals and other government officials on the Agency’s current drive towards delivering clean and reliable electricity across Nigeria.

Aliyu, who has confirmed his participation at the conference, will take the audience through the World Bank-approved Nigeria Distributed Access through Renewable Energy Scale-up (DARES) Project

At the event also, the Director-General (DG) of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, would be x-raying key policies and options available in the country’s drive to strengthen her national economy while aligning with global push towards promoting green economy.

All of these would be the high points at the 3rd National Conference.

Oriental News Nigeria, a leading digital media platform would gather key policy makers, government and non-governmental organisations, industry experts in Nigeria’s financial sector to the conference, which revolves around Nigeria’s Green Economy Initiative.

The theme of the 2024 Conference: ” Green Economy, Sustainable Growth and Infrastructure Transformation” considers various options available for Nigeria to sustain economic development and growth.

Sub-themes of the conference include, Green Finance, Marketing, and Supply Chain, Strategies and Policies for a Green Economy, Renewable Energy and Ecosystem for a Green Economy and Digital Economy Entrepreneurship.

Agama, who has confirmed his attendance, expressed the belief that opportunities in terms of green economy are linked to the enormous possibilities for sustainable agriculture, renewable energy, ecotourism, and coastal development.

Also, other stakeholders have highlighted that Nigeria’s commitment to harnessing its natural resource potential could make the country a pioneer in promoting green economy development, hence the choice of the theme of the conference.

According to Mrs. Yemisi Izuora, Publisher, Oriental News Nigeria Online, the conference is segmented into two main broad areas, with the opening programme to address the key thematic topic through the guest speakers’ intervention and chairman’s remarks with comments from participants which centers around the conference theme.

The second segment is a round-table discussion through wider engagement by select professionals to discuss the main theme and sub-themes of the conference.

The conference will draw together and engage researchers, eminent practitioners, and policymakers from across the country who will form part of the plenary (Round-Table) session that will deliberate on the latest findings on practices and policies for a green economy and sustainable growth through strategic change and identify priorities for action by stakeholders to pursue the most promising policies and practices.

The conference will also serve as a venue where academic peers may exchange information, share experiences, collaborate, and develop management answers to pressing business issues.

Yetunde llori, 52nd CIIN President Unveils 4-Point Agenda

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Mrs. Yetunde llori, the 52nd President/Chairman of Council, Chartered Insurance Institute of Nigeria (CIIN) has unveiled her 4-point agenda to drive sustainable growth of the Institute.

Her speech is reproduced below:

I have a deep-seated desire that gave birth to the theme of my tenure “Igniting the bedrock of our envisioned industry” and I believe with all of us working together the desire can become a reality.

We will focus on enhancing our educational programs, fostering innovation, and promoting ethical practices in the Nigerian insurance industry. We will also strengthen our collaborations with regulators, other professional bodies and relevant stakeholders.

Steps will also be taken at sustaining success recorded by the previous presidents as well as completing previously initiated projects.

The theme is expected to be actualised under the agenda summarised in a four-letter acronym EPIC. EPIC as a word means awesome, spectacular, an exceptionally long and arduous task (usually difficult). It can be said to be ambitious and artistic goal but I am encouraged by this saying “So many of our dreams at first seem impossible, then they seem improbable, and then, when we summon the will, they soon become inevitable”.

EPIC was chosen after taking a critical look at our industry, assessing where we are and where we should be. This acronym encapsulates our commitment to Education, Professionalism, Institutional Recognition, and Capacity Building within and outside the insurance industry.

Evolving Education Through Technology (E-Education)

The world is undergoing a digital revolution, and the insurance industry is no exception. There is a critical need to bridge the knowledge gap about insurance. We must move beyond simple awareness campaigns and empower the public with real education. Technology is our key to:

  • Reaching New Audiences: We will leverage existing channels and institutions to deliver insurance education outside the industry. Imagine insurance as a core subject in secondary schools or a focus for training programs. This will significantly enhance insurance literacy across the nation.
  • Transforming Learning within the Industry: For our members, we will embrace e-learning. Partnerships with established platforms will provide convenient and engaging learning experiences. Imagine preparing for exams with a whole new approach, one that is effective and enjoyable.
  • Building Expertise through Partnerships: Executive training opportunities will be a cornerstone of our initiative. By partnering with reputable institutions, both local and international, we will offer certification programs that elevate professional skills.

A Business School Model for Insurance:

We will create a tiered training program modelled after business schools. From entry-level to executive levels, our Institute will become the premier destination for insurance education in Nigeria.

Promoting the Highest Standards of Professionalism (P) The ‘P’ in EPIC stands for professionalism, the bedrock of our Institute. We will focus on:

  • Discipline: Maintaining the highest ethical standards is paramount. We will ensure strict adherence to our code of conduct. We embark on sensitisation, where every professional will know the demands of the certificate he or she holds.
  • Enhancing the Institute’s Image: The CIIN will be synonymous with excellence. We will actively promote the value we bring to the industry and society at large.
  • Making Insurance a Top Career Choice: We will strive to make the CIIN qualification as prestigious as those offered by the other institutes. Our goal is to make insurance the first-choice career path for talented individuals.
  • Elevating the Fellowship Program: A rigorous review of the Fellowship assessment process will ensure it continues to meet the highest global standards.

Upgrading Program Quality: We are committed to offering exceptional educational programs that are continuously improved to meet the evolving needs of the industry. Building a Recognised Institution (I) The ‘I’ in EPIC represents Institutional Recognition. We will:

  • Establish a Credible Awards Program: The annual Insurance Week will be a highlight of our calendar showcasing the talents and achievements of institutions and individuals within our field. By instituting credible awardgiving events with well-defined criteria, we will celebrate excellence and inspire others to strive for greatness.

Enhancing Capacity Through Targeted Initiatives (C) The final pillar of EPIC is Capacity Building. We will focus on:

  • Strengthening the CIIN Secretariat: We will address any capacity gaps within the Institute itself, ensuring we have the resources to deliver on our ambitious goals.

Building Expertise in Niche Areas: Certain sectors, such as Marine and Aviation insurance, require specialised knowledge. We will develop programs to address these needs, encompassing not just underwriting but also vital areas like claims adjusting.

  • Connecting the Diaspora: Nigerian Insurance professionals abroad possess valuable knowledge. We will create avenues for them to share their expertise with their colleagues at home.

Investing in the Future: Scholarship programs will nurture talent from colleges and universities. We will also establish a Chartered Insurance Analyst (CIA) product to qualify exceptional individuals.

  • Providing Internship Opportunities: Exposure to the realities of the workplace is crucial. We will create internship programs to bridge the gap between academics and practical experience.

The Road Ahead EPIC is a bold vision, but I am confident that together, we can achieve remarkable things. With your support and dedication, the Chartered Insurance Institute of Nigeria will become a force for positive change in the industry.

We will empower the public, elevate professional standards, and ensure our Institute is recognised as a beacon of excellence.

ChamsSwitch Partners Wema Bank, Launches UnionPay Cards in Nigeria

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ChamsSwitch, a leading financial technology company, is thrilled to announce its strategic partnership with Wema Bank to launch the UnionPay card in Nigeria.

This collaboration is set to revolutionise the payment experience for Nigerians travelling abroad, especially to China and other Asian countries, as well as for those conducting international online transactions from the comfort of their homes.

Speaking on this development, Dumebi Obodo, ChamsSwitch Managing Director said: “We are excited to partner with Wema Bank to bring the UnionPay card to Nigeria. This collaboration aligns with our mission to provide innovative and seamless payment solutions for Nigerians. The UnionPay card offers unparalleled convenience and security for our customers, whether they are traveling abroad or making international online purchases. We believe this product will significantly enhance the payment experience and meet the diverse needs of our users.”

UnionPay, recognised as the largest card scheme in the world by card volumes, brings an array of benefits to Nigerian consumers. With the introduction of the UnionPay USD Prepaid card, ChamsSwitch and Wema Bank are poised to meet the growing demands of Nigerian travellers and businesspeople.

The UnionPay USD Prepaid card is the perfect companion for Nigerians travelling abroad, particularly to China and other Asian countries, where UnionPay is the dominant card scheme. The card ensures a seamless and hassle-free payment experience, allowing travellers to load their cards in Nigeria and withdraw cash from ATMs in their destination countries. This is especially advantageous in regions like China, where other card schemes may face acceptance issues.

The UnionPay card is not only beneficial for travellers but also for business professionals and online shoppers in Nigeria. The card facilitates secure and straightforward international purchases, providing a reliable alternative for those who wish to buy products from global online marketplaces.

ChamsSwitch and Wema Bank are committed to offering a cost-effective and secure payment solution. The UnionPay card is designed to provide lower transaction fees, enhanced security features, and a seamless user experience, making it an attractive option for Nigerian consumers.

UnionPay’s extensive global network ensures that cardholders can use their cards in numerous countries worldwide. Notably, UnionPay cards has strong presence and widely accepted in Asia countries such as; Japan, South Korea, Singapore, Thailand, Vietnam, Indonesia, Malaysia, Philippines, Cambodia, Myanmar (Burma), Sri Lanka, etc. A region where other card schemes may not function effectively.

The card is also well accepted at BRICS countries. This global acceptance makes the UnionPay card a versatile and indispensable tool for international travelers and businesses.

 

About ChamsSwitch

ChamsSwitch is a leading financial technology company dedicated to providing innovative payment solutions to meet the evolving needs of consumers and businesses. Through strategic partnerships and cutting-edge technology, ChamsSwitch aims to enhance the payment experience for its customers, both locally and internationally.

Unity Bank Customers Win Over N4m in Cashtoken Rewards Promo

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Unity Bank customers have claimed over N4 million in cash rewards in its ongoing loyalty programme recently rolled out with Cashtoken, a Cash Reward-as-a-Service company.

The winners included no fewer than 40 customers who adopted and transacted on the Bank’s digital banking platforms, including the UniFi mobile banking application, the *7799# USSD platform or activated their Unity Bank Verve Card to transact on e-payment terminals across Nigeria.

Beginning from onboarding in our customer lifecycle journey, the Unity Bank Cashtoken Partnership commenced as a loyalty and reward scheme to reinforce the benefits of e-banking platforms. To begin, Customer transactions earn cash tokens, which are then redeemed to qualify for the monthly Cashtoken Rewards draw. Consequently, winners emerge from the draws to claim the cash prizes.

Recall that the retail lender announced the ongoing Cashtoken Rewards loyalty programme in December 2023 in partnership with Cashtoken Rewards Africa to empower customers and improve customer satisfaction. The partnership with Cashtoken Rewards also provided an opportunity for the Bank to migrate customers—old and new—to a platform that will continually create exciting rewards and appreciation for loyalty.

Eghomware Iyamu, Unity Bank’s Head of E-Business, commenting on the success of the Cashtoken Rewards loyalty program, stated: “We are excited to see our customers win over N4 million in cash rewards through our partnership with Cashtoken. This initiative demonstrates our commitment to recognizing and rewarding the loyalty of our customers”.

“By leveraging our digital banking platforms, including the Unifi mobile banking application and the *7799# USSD platform, we are not only enhancing customer experience but also providing life-changing opportunities. The Cashtoken Rewards program is a testament to our dedication to improving customer satisfaction and creating meaningful rewards along our customer lifecycle journey. We look forward to seeing more of our customers benefit from this exciting program as we continue to innovate and deliver exceptional value to them.”

Unity Bank has robust electronic banking products which include mobile and digital banking channels, including ATM, PoS, or any digital payment channels which support retail product transactions across the country. New-to-Bank customers are invited to open a Unity Bank account, onboard onto the digital platforms and begin transacting on the various platforms to earn cash token rewards and cash prizes while existing customers are encouraged to onboard and transact to win even more rewards and cash prizes.

Re: Tax Tribunal Orders NLNG to Pay $27.5m to FIRS as 2016 Revised Corporate Income Tax

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Nigeria LNG Limited (NLNG) has noted media reports suggesting that a Tax Appeal Tribunal ordered NLNG to pay $27.5 million to the Federal Inland Revenue Service (FIRS) as a revised Company Income Tax (CIT) settlement for 2016.

NLNG clarifies that these reports misrepresent an out-of-court settlement that was reached amicably between the parties, without prejudice to their respective legal positions, which the Tribunal merely adopted as Consent Judgment in the appeal.

The payment by NLNG was thus made in furtherance of a settlement agreement reached between the parties and not because of any order made by the Tribunal.

NLNG remains a responsible corporate citizen, and consistently operates in compliance with Nigerian laws and will continue to operate in line with its vision of being “a globally competitive LNG company helping to build a better Nigeria.”

Fidelity Bank Eyes Oversubscription to N127.1 bn Combined Offers

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Against the background of groundswell of supports and enthusiasm for the bank’s ongoing offers, Fidelity Bank Plc has started preparations to allow the bank absorb oversubscriptions.

With investors rallying behind the bank’s N127.1 billion combined rights and public offer, market pundits had indicated that the bank would raise more than initial size of the combined offer.

Reports have shown high subscription levels for the offers early weeks of the offer period, riding on the back of acceptances by existing shareholders and demand by the general investing public.

Fidelity Bank is offering a rights issue of 3.2 billion ordinary shares of 50 kobo each at N9.25 per share. The bank is also simultaneously offering 10 billion ordinary shares of 50 kobo each to the general investing public at N9.75 per share.

The acceptance and application lists for the rights issue and public offer, which opened on Thursday, June 20, 2024, are scheduled to close on Monday, July 29, 2024. The rights issue has been pre-allotted on the basis of one new ordinary share for every 10 existing ordinary shares held as at the close of business on Friday, January 05, 2024.

With promising feedbacks from receiving agents and as shareholders, investors, experts and other stakeholders continue to rate the combined offers high, the board of Fidelity Bank has called an extraordinary general meeting (EGM) to enable the bank to absorb expected surplus funds.

Shareholders are scheduled to meet later this month to authorise the company “to accept surplus monies arising from potential oversubscription of the combined offer in such proportion as may be determined by the board of directors, subject to the company’s issued share capital and obtaining relevant regulatory approvals”.

Shareholders are also expected to increase the issued share capital of the company from N22.6 billion divided into 45.2 billion ordinary shares of 50 Kobo each to N26.70 billion through the creation of up to 8.2 billion in order to “accommodate potential oversubscription of the combined offer in the proportion of 5.0 billion additional ordinary shares under the public offer and 3.2 billion additional ordinary shares under the rights issue”.

The meeting will also mandate the board to take all necessary actions in line with the absorption of the oversubscription funds.

The board of the bank reiterated its commitment to retain the bank’s international banking license by meeting the new capital requirement within the regulatory timeframe.

According to the board, the resolutions proposed for shareholders’ approval at the upcoming EGM of July 26, 2024, are to enable acceptance of potential oversubscription from the combined offer, subject to relevant regulatory approvals.

The board pointed out that with the resolutions to accept oversubscription, the bank will be in stronger position to take advantage of emerging business opportunities and secure long-term profitability and competitive advantage, while ensuring increased shareholder value.

The net proceeds of the offer would be applied to investments in information technology infrastructure, business and regional expansion, and product distribution channels.

“The company is on a strong growth trajectory and requires additional capital for improved profitability, expansion- domestic and international, and enhancement of its digital capabilities.

“Continuing advances in technology, the rapid evolution of the business of banking, and changes in the operating landscape also make it imperative that the bank remains agile, adaptable and properly positioned to respond appropriately to developments, whilst remaining a competitive and forward-looking institution,” the board stated.

Directors of the bank assured that notwithstanding the continued rapid evolution of the banking industry, Fidelity Bank has been placed on foundation for strong and sustainable growth.

Fidelity Bank Plc’s combined N127.1 billion rights and public offer had struck early success as enthusiastic shareholders mobilise to pick their pre-allotted shares and buy more stakes in Nigeria’s most-widely owned commercial bank.

Shareholders have said they would pick their rights and buy more shares from the public offer in a massive show of support and positioning in the bank. Fidelity Bank had delivered an average annual capital gain of more than 100 per cent over the past five years and ranked among the elite stocks with the highest corporate governance rating at the Nigerian stock market.

In separate interviews, shareholders across Nigeria’s leading shareholders’ associations, said the pricing of the highly discounted rights issue and public offer, the operational growth of the bank over the years, dividend records and capital gains were attractions to buy more stakes in the bank. Fidelity Bank is one of the few companies that pay dividends twice a year at the stock market.

They envisioned that a post-recapitalisation Fidelity Bank would deliver higher returns and continue to be a leading preserver of values for shareholders’ wealth.

The shareholders, who spoke through their leaders said recapitalisation has offered good opportunity to the investing public to buy into good banking stocks at reduced prices, noting that banks are the most influential stocks at the Nigerian market. Subscribers to primary market issues are exempted from paying transaction costs, unlike direct purchase through the secondary market.

Shareholders, under the auspices of Independent Shareholders Association of Nigeria (ISAN), Ibadan Zone Shareholders Association (IBZA), Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Pragmatic Shareholders Association of Nigeria and Progressive Shareholders Association of Nigeria among others, said they were picking up their rights and mobilising supports for the bank.

The general shareholders’ endorsements represent a major boost for Fidelity Bank, which has the most diversified retail shareholders’ base among Nigerian banks.

With nearly 400,000 shareholders, no single shareholder held up to 5.0 per cent of the issued share capital of the bank. Five per cent and above are considered the material shareholding under extant laws and market regulations.

Rights issue is traditionally pre-allotted on the basis of existing shareholdings and its success, most often, depend largely on the satisfaction and enthusiasm of existing shareholders.

Fidelity Bank appears to be riding high on its highly diversified shareholding base with its popularity showing across all cadres of investors in the market. The shareholders’ comments came on the heels of similar positive comments by investment experts and capital market stakeholders.

The combined rights and public offers had opened to a rousing support from the investing public as key capital market stakeholders recalled the symbolic importance of Fidelity Bank’s impressive growths and investor-friendly disposition over the years.

From the Nigerian Exchange (NGX) to stockbrokers, investors and customers; the N127.1 billion combined rights and public offer received unreserved recommendations, with industry thought leaders citing the performance of Fidelity Bank in its core banking operations and as a quoted company at the stock market.

They said Fidelity Bank’s N127.1 billion combined rights and public offer was the right way for the nation’s banking recapitalisation exercise to start as the bank, which has the highest corporate governance rating and an average annual capital gain of more than 100 per cent at the stock market, has strong appeal to the investing public.

The Doyen of Stockbrokers, the oldest practicing stockbroker, Alhaji Rasheed Yussuff, said Fidelity Bank has good records going for it with its history of impressive growth and profitability and dividend payments.

NIMC, Online Publishers Roundtable: Implications and Future Directions

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By Walter Duru, Ph.D

The digital age has reshaped how we consume and disseminate information, with online media playing a crucial role in shaping public perception and opinion.

Recognising this, the National Identity Management Commission (NIMC), with support from the Nigeria Digital Identification for Development (ID4D) Project, recently organised a two-day roundtable with online newspaper publishers in Nigeria.

The Roundtable, held in two batches, at Lagos and Abuja, respectively, provided participants the opportunity to understand and appreciate the activities, strategy, approach, achievements, and challenges of NIMC. It was the first of its kind, since the establishment of the commission.

This collaborative initiative underscores the importance of dialogue between regulatory bodies and media stakeholders in shaping the future of identity management in the country. It marks a significant step toward enhancing communication, collaboration, and mutual understanding between NIMC and digital media stakeholders.

The roundtable, themed “Building Trust and Collaboration in the Digital Age: Enhancing Communication Between NIMC and Online Publishers,” aimed to bridge the gap between NIMC and the digital media.

It provided an opportunity for NIMC to articulate its mandate, vision, activities, and achievements directly to the publishers while addressing some misconceptions surrounding its operations. The roundtable laid the foundation for future interactions and collaborative efforts.

The event was also designed to foster a partnership that leverages the strengths of online media to support NIMC’s mission and to ensure accurate dissemination of information.

In her opening remarks at the event, NIMC Director General and Chief Executive Officer, Engr. Abisoye Coker-Odusote emphasised the importance of building strong relationships with the media to combat misinformation and to enhance the visibility of NIMC’s efforts.

“As we gather here today, we are united by a common goal: to build formidable bridges between the National Identity Management Commission (NIMC) and the influential voices of the online media landscape.”

“In the digital age, the influence of online media cannot be overstated. The internet has become a primary source of information for many, particularly the youth. However, it is also a breeding ground for misinformation and rumours, which can severely impact the reputation and trust in organisations.”

“Our focus today is to address the dual role of online publishers – as key partners in disseminating accurate information and as potential sources of misconceptions. We recognize that while you have the power to amplify our successes, there is also the potential for misunderstandings that can spread rapidly.”

“This Roundtable aims to forge a partnership that leverages your strengths to support our mission while ensuring that any misconceptions are promptly and accurately addressed.”

“Pursuant to our commitment to transparency and accountability, we have instituted robust mechanisms for participation, grievance redress, and regular monitoring to enhance operational performance and mitigate social risks.”

“Let me also use this medium to remind you all that enrolment for the National Identification Number (NIN) is free of charge in Nigeria.”

“Taking advantage of this meeting, we hope to provide you with comprehensive insights into NIMC’s activities, objectives, strategies, achievements, and challenges. This knowledge is vital for you to disseminate accurate information to the public.”

“It is also expected that we discuss your roles in the forthcoming NIMC Ecosystem Enrolment exercise, ensuring you understand how you can contribute to this national effort.”

“Let me use this medium to, once again, reassure Nigerians, at home, and in the diaspora that robust measures are in place to safeguard the nation’s database from cyber threats. Under my leadership, NIMC has an unwavering commitment to upholding ethical standards in data protection. Cutting-edge cybersecurity technologies are in place to protect the database.”

Earlier in her remarks, Coordinator, Project Implementation Unit, Nigeria Digital ID4D Project, Tito Ejenavi, highlighted the project’s development objective – to increase the number of persons with a National Identity Number (NIN) through a robust and inclusive foundational identity system.

“By strengthening our national identity infrastructure, we aim to bolster Nigeria’s digital economy, enhance data protection, and close the inclusion gaps that hinder access to identification and related key services,” she explained.

Also, in his remarks, Deputy President, Guild of Corporate Online Publishers (GOCOP) and Publisher of Newsdiary Online, Danlami Nmodu, pledged the continued support and collaboration of online publishers to the commission.

The roundtable featured a series of presentations, interactive sessions, and case studies, aimed at educating participants about NIMC’s operations, strategy, achievements, and plans.

Notable presentations included “NIMC: Mandate, Approach, Operations and Strategy” by Festus Esangbedo and “Understanding Engr. Abisoye Coker-Odusote’s 5-Point Agenda for NIMC” by Dr. Alvan Ikoku.

Others are: “Front End Partners in NIN Enrolment: Essence, Approach, Benefits and Challenges”, by Carolyne Folami; “Nigeria Digital ID4D Project and the Ecosystem Enrolment”, by Chinenye Chizea’; “Improvements to NIMC Infrastructure: Implications to Data Integrity, Privacy and Security”, by Chinenye Chizea, and “Online Publishers and Realization of the NIMC Mandate”, By Dr. Walter Duru.

These sessions provided comprehensive insights into the commission’s efforts to maintain a secure, robust and inclusive national identity system.

For online publishers, the roundtable underscored the importance of their role in the national identity management ecosystem. As digital gatekeepers, they have the power to shape narratives and influence public perceptions. The collaboration with NIMC presents an opportunity to enhance their reporting with accurate and comprehensive information directly from the source.

The NIMC’s engagement with online publishers is a strategic move to enhance transparency and build public trust in the National Identity Number (NIN) system. By involving the media, NIMC can ensure accurate and timely dissemination of information, addressing public concerns and misinformation about the digital identity process.

The roundtable provided an opportunity for NIMC to clarify its objectives, challenges, and progress. Online publishers, armed with this knowledge, can produce more informed and insightful content, fostering a more supportive and educated public opinion. This improved understanding can lead to more nuanced reporting, highlighting the benefits and addressing the drawbacks of the NIN system.

As the media amplify the discussions from the roundtable, the general populace stands to benefit from increased awareness about the importance of digital identity. This awareness is crucial for driving the widespread adoption of the NIN, which is essential for the success of various government initiatives aimed at improving service delivery and socio-economic development.

Feedback from online publishers provided NIMC with valuable insights into public sentiment and practical challenges faced by citizens. This collaborative feedback loop can inform policy adjustments and operational improvements, ensuring that the NIN system evolves to meet the needs and expectations of Nigerians effectively.

The outcomes of the roundtable were promising, with enhanced understanding of NIMC’s mandate and activities, strengthened relationships, and the establishment of effective communication bridges between NIMC and online publishers.

To sustain this momentum, several next steps were identified, such as establishing regular communication channels between NIMC and online publishers to ensure continuous engagement and prompt resolution of issues, periodic meetings, among others.

The time has therefore come for NIMC to create a structured framework for ongoing collaboration with online media. This can lead to sustained media support and effective dissemination of information about NIMC’s initiatives.

A comprehensive public education campaign, supported by the media, is essential for demystifying the NIN process and highlighting its benefits.

NIMC, in collaboration with online publishers, can develop and disseminate educational content that addresses common misconceptions and encourages participation in the digital identity system.

Organizing training sessions for online publishers and other media stakeholders on NIMC’s systems and processes will enhance their understanding and reporting accuracy.

By working together, NIMC and online publishers can enhance the visibility, trust, and goodwill of the commission, ensuring that accurate and effective information reaches the public.

No doubt, NIMC’s roundtable with online publishers represents a forward-thinking approach to governance and stakeholder engagement. It highlights the importance of collaboration between national institutions and digital media in fostering a well-informed and inclusive society.

This initiative is not only timely but also critical, given the increasing reliance on digital platforms for information dissemination. It sets the stage for improved public awareness and education on the importance of digital identity.

This partnership is not just beneficial to NIMC but also aligns with the social responsibility obligation of online publishers to inform and educate the public accurately.

As we move forward, sustained engagement, technological innovation, and comprehensive public education will be key to unlocking the full potentials of the NIN and ensuring that it serves as a cornerstone for Nigeria’s digital future.

With the foundation laid for a productive relationship, the future looks promising for NIMC and the online media community.

All hands must be on deck!

Dr. Chike Walter Duru, an Associate Professor of Mass Communication, is a communication expert and Public Relations strategist. He could be reached on: [email protected].

NGX Group’s Revolutionary e-Offering Platform Goes Live Following SEC Approval

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Nigerian Exchange Group (NGX Group) has unveiled NGX Invest, a groundbreaking digital platform designed to streamline Public Offerings and Rights Issues in the Nigerian capital market.

The platform, which has received approval from the Securities and Exchange Commission (SEC), is now live, promising an efficient, convenient, and seamless experience for managing primary market transactions.

NGX Invest represents a significant leap forward in improving stakeholder experience within Nigeria’s capital market. Building on the success of the country’s first digital public offering in 2021 – which attracted over 150,000 new retail investors, 75 percent of whom were female and 85 percent under the age of 40 – NGX Invest enhances transparency and accessibility in primary market transactions.

The launch of NGX Invest comes at a crucial time, coinciding with the Central Bank of Nigeria’s (CBN) Banking Recapitalisation directive, which has prompted numerous offers for subscription and rights announcements by Nigerian banks. Both the CBN and SEC have provided robust regulatory support for this initiative. Investors can now access the platform at https://invest.ngxgroup.com. Access Holdings Plc, FCMB Group and Fidelity Bank Plc are already utilising the NGX Invest APIs to distribute their offerings to retail investors. More banks are in the process of onboarding to leverage this platform.

Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission, commended the initiative, stating: “The e-Offering Platform aligns perfectly with our objective of futureproofing the Nigerian capital market. By digitalising and automating financial intermediation processes, we are fostering a more efficient, transparent, and inclusive capital market. At the Commission, our focus is on creating an enabling regulatory environment that promotes innovation without compromising compliance and investor protection. I commend NGX Group for its strategic investment in advancing our capital markets.”

Alhaji (Dr) Umaru Kwairanga, Group Chairman of NGX Group, commended the regulators, stating: “The supportive regulatory environment has provided a solid foundation that enabled the swift delivery of the platform. This reflects our mutual commitment to market development and will undoubtedly contribute to boosting the participation of retail investors in the capital market.  As we strive for the market to play a larger role in Nigeria’s economic development, the integration of technology, strong partnerships, and collaboration, alongside a positive policy environment, will be essential”.

Temi Popoola, Group Managing Director/Chief Executive Officer of Nigerian Exchange Group (NGX Group), expressed enthusiasm for the new platform noting its significance in NGX Group’s digital transformation journey and ability to enhance market access and foster economic growth. “We sincerely appreciate SEC and CBN for their strong support and leadership. Our intermediaries and partners, including the Central Securities Clearing System (CSCS), have been instrumental in achieving this success. This platform demonstrates our commitment to innovation and strengthening Nigeria’s capital markets, particularly as we support the banking sector’s recapitalisation efforts.”

Popoola emphasised that NGX Invest is designed to significantly enhance the efficiency of public offering subscriptions and rights issue processes, streamlining operational workflows to better support issuers’ capital-raising efforts.

Jude Chiemeka, CEO of NGX, underscored the platform’s transformative potential: “NGX Invest addresses the demand for a more efficient and transparent process in managing public offers and rights issues. It will expedite reconciliation and allotment processes, reduce unclaimed dividends, and boost investor confidence. All stakeholders – including investors, registrars, issuing houses, brokers, banks, and regulators – stand to benefit significantly from this innovation.”

Commonwealth Short Story Award Winner Releases The Talent Coach

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Dr. Frederick Mordi, a Commonwealth Short Story Award winner, who wrote The Familiar Stranger and Other Stories, has announced the release of his second novel, The Talent Coach.

Published by New Africa Book Publishers (NABP), The Talent Coach is a tour de force that adds a new perspective to the nature versus nurture debate. The novel tells the compelling story of Dr.
Joe Jordan is highly sought after by many high-profile clients including CEOs of Fortune 500 Companies, heads of state and athletes.

Dr. Jordan visited Nigeria recently at the invitation of a leading new-generation bank. While in the country, the celebrated orator, who is often described as a walking encyclopedia of knowledge, met with Nigerians from all walks of life.

As he had done in the 62 other countries across all the continents of the world that he had visited, Dr. Jordan helped many Nigerians to re (discover) their hidden talents and taught them how to mine their natural endowments to become successful in life, using the 12 principles that he had carefully curated.

The pulsating novel has a length of 206 pages, divided into a prologue, 12 topics, each with a striking quote, which drives home the message intended for the reader, and an epilogue. There
is also a workbook at the end of the novel that Dr. Jordan had developed to help people carry out a critical self-assessment of their talent and become a better version of themselves.

From debunking the myth that talent is exclusive to a select few, to exploring the intricate relationship between nature and nurture, Dr. Jordan expertly guides readers on a journey of self-realisation and shows them how to unleash their innate potential.

In the first topic, “Everybody Has Talent,” he emphasises the universality of talent and dispels the notion that it is confined to a lucky few, while the second topic “Nature or Nurture” delves
into the long-standing debate surrounding the origin of talent.
The Talent Coach offers indispensable advice on the need to focus on one’s strengths and stay committed to a chosen path, in the next topic: “Remain In Your Field”& “The Icarus Parado” looks at the challenges some talented individuals often face in sustaining stasis in stardom.

In “Practice Makes Perfect,” he highlights the undeniable role of deliberate practice in honing talent, while “Dealing With The Impostor Syndrome” equips readers with the tools to overcome self-doubt and embrace their accomplishments. Dr. Jordan guides readers on how to build their emotional strength to enable them to bounce back from setbacks in “What Is Your Adversity Quotient?”

These are just a few samples of the interesting concepts that the novel, which is an invaluable resource for anyone seeking personal and professional growth, offers readers. The author’s engaging writing style and adroitness in the use of dialogue will hold the attention of readers to the end.

The Talent Coach has received rave reviews and endorsements from acclaimed experts. According to Fela Durotoye, an executive coach, leadership expert, global speaker, and nation builder: “Through the pages of this brilliant book, the ultimate talent coach himself, Fred Mordi, helps us to unravel the mystery of TALENT, as the secret place of our greatness.”

Professor Emurobome Idolor, FANIM, first to obtain a PhD degree in Music from a Nigerian university, said: “The factual content of this book makes it all-important for parents and children to own.”

For Olakunle Kasumu, Presenter/Producer, Channels Book Club Show, “All the recurrent questions about talent, natural abilities, acquired skills, and nature versus nurture, are answered as you read a story that is, in itself, captivating.”

The Talent Coach is available for purchase in leading physical bookstores across Nigeria, and in digital bookstores such as Amazon, Lulu and Selar.

Dr. Mordi, the author of the book, is a corporate communications practitioner with over two decades of experience cutting across journalism, public relations, government affairs, stakeholder management, change management, and reputation management.

NAICOM, NFIU to Strengthen Partnership on Financial Regulation

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From Left: Mr. Ahmed Adamu Director, Innovation & Regulation NAICOM; Dr. Usman Jankara Jimada Deputy Commissioner, Olusegun Ayo Omosehin, Commissioner for Insurance/CEO, Hafsat Abubakar Bakari, Chief Executive Officer, NFIU; Mr. Ekerete Ola Gam-Ikon Deputy Commissioner, Dr. Nuhammed Jiya Chief Operating Officer Emerging Technologies & Innovation NFIU, Mrs. Oluwatoyin Charles Director Supervision, NAICOM.

The Commissioner for Insurance/CEO of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, along with his management team, welcomed the Management team of the Nigerian Financial Intelligence Unit (NFIU) led by its Chief Executive Officer, Hafsat Abubakar Bakari, during their courtesy visit to the Commission on Thursday, July 11, 2024.

The Commissioner for Insurance in his opening remark, expressed gratitude to the NFIU for the ongoing collaboration, highlighting the significant benefits that NAICOM has reaped from this partnership. He commended the NFIU for their co-ordination and the progress made by institutions in meeting the Financial Action Task Force (FATF) requirements and ensuring compliance with Anti-Money Laundering and Counter Financial Terrorism (AML/CFT) standards.

Additionally, he praised the joint inspections, training sessions, awareness creation initiatives, and the improved compliance levels demonstrated by insurance companies. Also, the CFI Olusegun Ayo Omosehin emphasised the need for continued periodic training and examination of regulated entities to maintain and enhance the integrity of the financial sector.

The Chief Executive Officer, NFIU, Hafsat Abubakar Bakari reiterated the pivotal role of the NFIU as the central national agency in Nigeria, responsible for receiving, analysing, and disseminating financial intelligence to competent authorities. She underscored the purpose of this engagement which is to gather feedback on enhancing collaboration with various financial agencies, with the goal of removing Nigeria from the grey list and establishing a sustainable and effective AML/CFT framework.

The meeting concluded with a shared commitment to strengthen the partnership between NAICOM and NFIU, ensuring robust financial regulations and safeguarding the integrity of Nigeria’s financial system.

Sterling One Foundation, United Nations Nigeria Unveil Africa Social Impact Summit 2024

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The official press conference for the Africa Social Impact Summit (ASIS 3.0) 2024 hosted by the Sterling One Foundation and the United Nations Nigeria was held recently in Lagos.

Present at the press conference were Olapeju Ibekwe, CEO, Sterling One Foundation; Mohammed M. Malick Fall, Resident and Humanitarian Co-ordinator, United Nations in Nigeria and Abubakar Suleiman, MD/CEO, Sterling Bank.

Others are Odunayo Sanya, Executive Director, MTN Foundation; Hauwa Adeeyo, Senior Special Assistant to the Lagos State Governor on Commerce, Co-operatives, Trade and Investments, and Dr. Mories Atoki, CEO, ABC Health, among other key stakeholders and partners.

ASIS, which started in 2022, has grown into a significant platform for driving social impact across Africa. The summit aims to bring together various stakeholders from the public sector, private sector, and development ecosystem to create effective partnerships and advocate for impactful policies.

In her opening remarks, Olapeju Ibekwe, CEO, Sterling One Foundation, stated: “The Africa Social Impact Summit has three major goals: to galvanise effective partnerships across the public sector, private sector, and the development ecosystem; to advocate for policies that will attract investments in major development sectors; and to ensure impactful investments in those sectors. We are pleased to announce that over 40 percent of last year’s participants have received various levels of investment.

“One significant example is the MTN Foundation’s investment of over 3 billion Naira to support primary healthcare centers across the country in partnership with the Private Sector Health Alliance of Nigeria. This year, we will host an investors’ roundtable on July 24 at the Eko Convention Centre as a pre-event engagement before the summit on July 25 and 26.

“We invite stakeholders, including entrepreneurs, innovators, investors, and representatives from the private and public sectors, to join us in reimagining progress and designing a new blueprint for sustainable growth in Africa.”

The United Nations Resident and Humanitarian Co-ordinator in Nigeria, Assistant Secretary – General Mohammed highlighted the urgency of the summit’s goals, saying, “We have discovered that we are behind on several indicators, and this comes at a time of numerous global challenges, including economic downturns.

“With only six years left to achieve the 2030 SDG targets, it is time to double our efforts. This gathering is crucial for galvanising partnerships, as the SDGs are designed in such a way that no single sector or entity can meet these goals alone. The theme of this year’s summit, ‘Reimagining Progress: A New Blueprint for Sustainable Growth in Africa,’ resonates deeply with the UN, prompting us to support and partner with the Sterling One Foundation in co-convening ASIS 2024.”

Abubakar Sulieman, MD/CEO of Sterling Bank and member of the Board of Trustees for Sterling One Foundation, expressed confidence in the summit’s collaborative potential, stating, “As I walked into this room, I realised that our collective effort can achieve our goals. The institutions represented here demonstrate that we are well on our way to success.

“At Sterling Bank, we have always believed in using our trusted position to solve problems by galvanising partnerships. In the social impact scene, we are many but often weak due to being distributed and disconnected. Size matters, and the beauty of what we do at Sterling One Foundation is our willingness to partner, co-convening with the United Nations.”

The Africa Social Impact Summit 2024 is crucial for sustainable growth across the continent. It aims to address pressing issues through innovative solutions and strategic partnerships. This year’s theme, “Reimagining Progress: A New Blueprint for Sustainable Growth in Africa underscores the need for collaborative efforts to tackle Africa’s development challenges effectively.

Registrations are currently on-going for the ASIS summit, which will take place on July 25th and 26th at Eko Hotels.

Entrepreneurs, innovators, investors, and representatives from the private and public sectors are encouraged to participate and contribute to shaping a sustainable future for Africa.

Access Holdings: Facts Behind the Offer Session at NGX

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L-R: Morounke Olufemi, Group Chief Financial Officer, Access Holdings Plc; Temi Popoola, Group CEO, Nigerian Exchange Group (NGX Group); Bolaji Agbede, Acting Group Managing Director /Chief Executive Officer, Access Holdings Plc; Umaru Kwairanga, Group Chairman, NGX Group; Aigboje Aig-Imoukhuede, Chairman, Access Holdings Plc; Ahonsi Unuigbe, Chairman, Nigerian Exchange Limited and Roosevelt Ogbonna, Group Managing Director/CEO, Access Bank Plc, during the Facts Behind the Rights Issue Presentation by Access Holdings Plc at the NGX in Lagos.

Universal Insurance Targets N20bn Premium Income in 2024

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L-R: Managing Director/CEO, Universal Insurance Plc, Dr. Ben Ujoatuonu; Chairperson, Nigerian Association of Insurance and Pension Editors (NAIPE), Mrs. Nkechi Naeche-Esezobor and Company Secretary/Corporate Communications Manager at Universal Insurance Plc, Mr.  Chinedu Anthony Onyilimba, at the 2023/2024 NAIPE Annual General Meeting held at Insurers House, Victoria Island, Lagos on Tuesday,  July 9, 2024.

Despite the harsh operating environment in the country, Universal Insurance Plc has projected a premium income of N20 billion for the 2024 financial year.

Managing Director of Universal Insurance, Mr. Ben Ujoatuonu made the revelation at the 2023/2024 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE) hosted by Universal Insurance Plc in Lagos.

According to Ujoatuonu, all the company indices are showing positive signs and we will continue to sustain the tempo, adding that the Company has grown its Asset from N11 billion in 2022 to 17 billion in 2023.

He said: “I was here last year to brief NAIPE on what we have done, our projections and what we intended to do. I am here today to let you know that all that we set out to achieve for the end of the year 2023, by the grace of God, I will say we achieved 98 percent of them. The branches we intended to open, were opened and I told you that we expected to end the year with a premium income of about N10 billion. However, we ended the year with a premium income of N9.3 billion with profit of over N530 million.

“This year 2024, we started out with very high expectations. We are also looking forward to opening more branches in 2024. In 2024, we are projecting to end the year with a premium income of about N20 billion. It may interest you to know that as at today, we are doing about N9.3 billion in premium income. We are very optimistic that we are going to achieve it before the end of 2024.

“Our asset will also increase from N11 billion to about N17.5 billion and our shareholders fund will increase from about N9 billion to N12 billion. So-all the indices for us are showing positive signs and we will continue to sustain it.”

Ujoatuonu stated that Universal partnership with NAIPE has added a lot of value to the company and they value it a great deal.

He said: “For so many years, when we go out into the market, one of the challenges we had was people asking, “Is universal still existing? That was a question we were getting then. But today with your cooperation, the projections and what we’ve been able to do in Universal as a brand, people now want to be part of it. People now want to identify with our company and we are grateful to NAIPE for putting us out to the public.

“Due to NAIPE’s support, we are getting into partnerships with a lot of groups and in various states and we are very hopeful that they will create the level of value we are looking forward to.

“At the end of the day, we are meeting our claims obligations and stakeholders are happy. In April when we had the brokers evening, it was very clear that the NCRIB endorsed universal insurance as a company to deal with in terms of service delivery and claims payment. We are sustaining that level of relationship with brokers. And we are very hopeful that it will continue to add the level of value we expect.”

Ujoatuonu added that Universal Insurance admitted three new directors into the board of directors from various backgrounds and diverse experience, stating: “We hope that their entrance into the board will also create the level of value that will expand our frontier in terms of business generation, among the rest of them. So- we are on the move. And I believe that our partnership will continue to afford you the opportunity to dish out to the public what we’re cooking so that they will be able to feed from the abundance of good things coming out from Universal insurance. So- we’re very grateful for this partnership. And we thank you for giving us the opportunity to come around.”

Unity Bank Empowers 400 Fresh Graduates, Invests Over N100m in Corpreneurhip Challenge

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No fewer than 400 fresh graduates have benefited from Unity Bank’s entrepreneurship development initiative, also known as Corpreneurship Challenge over the past five years.

This reflects the bank’s commitment to driving economic growth by supporting the next generation of Nigerian entrepreneurs.

Launched in 2019 with pilots in 4 states – Lagos, Edo, Ogun, and Abuja and scaled to 10 States in 2020, the Corpreneurship Challenge initiative is promoted in partnership with the NYSC Skills Acquisition and Entrepreneurship Development, SAED. The initiative features a business pitch presentation where participants, who are mostly fresh graduates participating in the one-year compulsory NYSC service, get the opportunity to present their business plans and stand a chance to win business grants.

The bank recently increased the prize money to N16 million per stream, allowing participants who emerge winners in the business pitch to win N800,000, N500,000, and N300,000 business grants for the 1st, 2nd, and 3rd positions respectively as against the previous editions in which the sum of N500,000; N300,000 and N200,000 were handed out to respective winners in the Corpreneurship Challenge.

Reflecting on the impact of the initiative, the Divisional Head, Digital Banking and Fintech Partnerships at Unity Bank, Mr. Olufunwa Akinmade, who led the pioneer team that designed the initiative and launched the pilot, said: “The Corpreneurship Challenge has proved to be a viable enterprise development and empowerment initiative due its high-level of success in supporting budding entrepreneurs in the target demographic, as well as the size of the problem it is designed to solve for the Nigerian economy.”

Olufunwa expressed satisfaction with Corpreneurship Challenge’s rising profile as one of the leading sector-agnostic business incubators in Nigeria and said the Bank is committed to sustaining the programme to attain even greater impact required to boost job creation, with young entrepreneurs leading the charge.

Also speaking, the Divisional Head of Retail and SME Banking, Mrs. Adenike Abimbola said: “We have seen the positive impact of the Corpreneurship Challenge over the past five years because of its innovative approach to youth empowerment and job creation, including a holistic strategy of supporting budding entrepreneurs with mentorship, and skills development, besides the financial backing.”

Since its launch, the Corpreneurship Challenge train has criss-crossed the length and breadth of Nigeria, making a stop in 10 States per stream to turn the dreams of fresh graduates and aspiring entrepreneurs into reality, thus supporting the growth of the SME sector in Nigeria.

The latest edition was held across 10 States, including Taraba, Kogi, FCT, Lagos, Yobe, Ogun, Ebonyi, Enugu, Adamawa, and Imo State, with three winners emerging in each State to make up 30 winners for the edition.