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NAICOM Chief Visits Nasarawa Governor to Promote Compulsory Insurances

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As part of the National Insurance Commission’s drive to sensitise stakeholders on the benefits of compulsory insurances (Public Buildings and Buildings Under Construction, 3rd Party Motor Insurances amongst others), the Commissioner for insurance and a delegation from NAICOM paid a courtesy visit on the Executive Governor of Nasarawa State His Excellency Engr. Abdullahi A. Sule to intimate him and members of his executive council about the benefits of insurances.

The Commissioner for Insurance also used the opportunity to formally invite the Executive Governor of Nasarawa State to the National Insurance Conference scheduled to hold from 22-24 October, 2023. The Executive Governor in his remarks gave a personal testimony while he was still in the private sector of how the sugar refinery where he worked as the Managing Director was razed by fire but thanks to insurance, a newer and better one was built from the claims paid by insurance company.

CJN, Olukayode Ariwoola, Commends NCC as Worthy Telecom Regulator

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L- R: Executive Commissioner, Stakeholder Management, Nigerian Communications Commission (NCC), Adeleke Adewolu; Administrator, National Judicial Institute (NJI), Justice Salisu Abdullahi; Justice of the Supreme Court, Justice Adamu Jauro;  Executive Vice Chairman/Chief Executive Officer, NCC, Prof. Umar Danbatta; Chief Justice of Nigeria, Justice Olukayode Ariwoola; Justice of the Supreme Court, Justice Mohammad Lawal and Executive Commissioner, Technical Services, NCC, Ubale Maska,  during the NCC’s 19th annual Judges Workshop on Telecom Issue, a three-day event started in Kano.

The Chief Justice of Nigeria (CJN), Hon. Justice Olukayode Ariwoola has pronounced the Nigerian Communications Commission (NCC), a worthy telecom regulator in Nigeria for its dedicated efforts in promoting awareness and knowledge of Information Communications Technologies (ICT), among the judiciary in particular, and the Nigerian public.

The CJN who is the Chairman, Board of Governors of the NJI, spoke in an opening remark at the 2023 edition of NCC-hosted annual workshop for judges on telecommunications issues, which began in Kano.

Justice Ariwoola said that information technology and telecommunication services have surpassed the conventional method of court service delivery, as the use of the Internet is becoming a prominent feature of this era with innovative and interactive influences on the public, hence the crucial nature of the workshop.

Addressing the theme of the workshop, “The Adjudication Path in a Digital Era,” the CJN said it strikes a chord with the current realities that judicial officers face technologies that has fundamentally transformed how they communicate, access information and conduct legal proceedings.

“We are obliged to embrace this transformation while ensuring that doing justice remains at the forefront of our efforts,” he said.

The CJN and other Honourable Justices of the Supreme Court, Appeal Court, Federal High and States High Courts, and the NJI, were welcomed to the workshop by the Executive Vice Chairman of the NCC, Prof. Umar Danbatta, who greeted them with the news that the Nigerian Communications Act (NCA) 2003, is currently undergoing a fundamental review to update its provisions.

The nation’s number one judiciary officer explained that the workshop presents a platform where the challenges facing the judiciary by the digital revolution would be effectively discussed and that it is also an opportunity to equip the judiciary with the necessary information to deal with the digital era.

“It is also crucial to prioritize the examination of the convergence of data privacy and information security law. The enormous amount of data generated and collated in the digital realm raises critical questions regarding privacy, security, and the protection of individual rights.

“As Judicial Officers, you are responsible for carefully assessing the legal implications of data collation, storage, and utilisation and by striking a harmonious balance between fostering innovation and safeguarding privacy, your Lordships would cultivate trust in the digital ecosystem while upholding individual rights” Ariwoola said.

The EVC/CEO of NCC, in his welcome address, expressed gratitude to the CJN and the top echelon of the judiciary for finding time to attend the workshop and promised the Commission’s resolve to deepen knowledge of the digital future on the judiciary as a very critical and indispensable arm of government.

Danbatta said the Commission is responsive to the rapid changes in the telecommunications and technology space and that NCC has taken steps to start the review of its enabling legislation, the Nigerian Communications Act 2003 (NCA, 2003) while assuring that stakeholders will get the opportunity to make input to the amendment.

Speaking on the importance of the workshop, Danbatta noted that the telecommunications sector has evolved since the NCA 2003 came into existence hence the need to be responsive in readiness to keep pace with the dynamics of technologies that will come.

The EVC noted that the workshop afforded the Commission ample opportunity to engage the Judiciary on how to adopt digital technologies in advancing the course of justice.

He said: “The communications sector, through infrastructure deployment, has continually ensured that the digital economy agenda of the Federal Government is established on a solid foundation. It has also proven to be the catalyst for entrenching the activities of both the public and private sectors in the digital space, seamlessly.

“However, we recognise that in any digital economy, the development of a complex web of commercial transactions and social interactions is inevitable. Thus, to instill societal confidence in the digital economy, at least, two things are required: a safe and effective backbone infrastructure, as well as an efficient adjudicatory mechanism, which is easily accessible in the digital space,” he stated.

The EVC said this reality informs the NCC’s steadfast partnership with the NJI to develop capacity for judges in this area, saying this would ensure that the Court, being the last hope of the common man, is firmly woven into the fabric of the digital economy.

In an interview on the sidelines of the workshop, Danbatta further stated, “We have the Nigerian Communications Act, which established the NCC in 2003, more than 20 years ago. At one time, the Chief Justice of the Federation said this Act is anachronistic, which means it is old and therefore, has to be reviewed and I assured members of the judiciary that this review is going on as we speak.

“At the appropriate time, members of the media will be invited to witness the public presentation of the reviewed NCC Act to an engagement forum with critical members of the industry as well as Nigerians, who subscribe to telecommunications services. They will have a say during the presentation of the reviewed Act to the Public.”

The NCC hosted the 2023 National Workshop for Justices and Judges on Legal Issues in Telecommunication Matters in collaboration with the National Judicial Institute (NJI).

 

 

Emir of Kano Urges Nigerians to Embrace Insurance

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The Emir of Kano, Alhaji Aminu Ado Bayero has urged Nigerians to embrace insurance as a way of relieving loss, especially in businesses and property loss. The Emir stated this when the Management of the Commission led by the Commissioner for Insurance, Olorundare Sunday Thomas paid a courtesy visit to the Emir’s Palace in Kano on 19th September, 2023.

Emir Ado Bayero also urged the Commission to ensure insurance obligations are adequately met by insurers and commended the leadership of the Commission for the giant strides and efforts in developing the Nigerian insurance market. He also reiterated that insurance is no doubt an important aspect of human life as extensive research has shown that insurance is not conflicting with religious belief, especially with the coming of Takaful insurance.

He thanked the Commission for the visit and promised to support insurance deepening in the country and further assured he would consider the invitation to the National Insurance Conference 2023.

Sanlam Nigeria Settles Motor Insurance Claim in Less than One Hour!

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Sanlam General Insurance, a subsidiary of Sanlam Life Insurance and member of the Sanlam Pan African group has made history in the Nigerian Insurance Industry by settling the fastest claim, which was done in less than one hour, using its game changer, Code of Confidence *1056#, USSD enabled device.

According to the underwriting firm, with the USSD Code, motor insurance policyholders can get claims paid within three hours that an incident occurred.

The Managing Director Sanlam General Insurance Limited, Bode Opadokun, said that depending on extent of the damage, if it is less than N200,000, the claim can be settled within three hours.

According to him, Sanlam General Insurance Nigeria is excited to announced settlement of the fastest claim in less than one hour, using the Code of Confidence.

He said the customer, John Victor Ebitom, from Benin City, Edo State, reported the claim and all the stakeholders were on standby to make this happened, adding that this is a clear illustration of the power of technology and collaboration and that the future is sure bright for the firm and policyholders.

“The customer was so excited, he was screaming waoh! Waoh! I least expect this!,” he posited.

The claimant, John Victor Ebitom, sharing his experience, said: “My experience with Sanlam is waoh! The best in the industry. It took me less than an hour to access my claim, as I speak the money is resting in my account.”

Opadokun noted that with the USSD Code *1056#, motor insurance policyholders can initiate a claim and received payments within three hours.

He said the Code of Confidence is used to initiate a motor insurance claim notification on real time online basis. It allows the insurer to have immediate assessment of the scene of an accident and the extent of damage. The Code allows customers access speedy resolution of insurance claims in cases of road emergencies, adding that the cutting-edge solution is the first of its kind in Nigeria and it is a way of providing a seamless and customer-centric solutions to a number of challenges customers encounter while seeking report claims in case of any eventuality.

With this new feature, he noted that the firm aims to enhance the claims experience for its valued customers by eliminating needless paperwork and unnecessary delays.

“Customers can use the simple and user-friendly *1056# USSD code on their mobile phones to initiate instant third-party claims. The process is quick and hassle-free, ensuring that customers receive prompt assistance and support during unexpected events and accidents involving third parties.

“With this technology, you can see that gone are the days of unnecessary delays of claims, as the code runs on any mobile phones. You’re just a dial away, get insurance claims settlement for third-party damage by dialing *1056# today,” Opadokun posited.

Sanlam Nigeria is a member of the Sanlam Pan Africa (SPA), a truly pan-African brand with a rich history and heritage founded in 1918 as a life insurance company. Headquartered in South Africa, the brand has grown to become Africa’s largest non-banking financial services group, with a strong presence in 33 countries on the African continent including Nigeria, and a niche presence in India, Malaysia, the United Kingdom and Australia. Indeed, Sanlam operates in 8 out of the 10 largest economies in Africa, with over 154,000 employees globally, delivering superior value to customers, shareholders and the broader society.

NCC Opens Application for 2023 Talent Hunt Research through Hackathon

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The Nigerian Communications Commission (NCC) has kicked off activities for the third edition of its Talent Hunt Research through Hackathon as part of giving expression to its Strategic Vision Plan 2023-2025, which is to encourage the development of new technologies and indigenous content through cutting-edge research. The goal of this initiative is to stimulate sustainable economic growth and development in Nigeria.

Therefore, the Commission has invited Tech Hubs, and Innovation-Driven Enterprises (IDEs) in Nigeria to enrol their start-ups and their solutions in the Talent Hunt Research through a Hackathon organised by NCC. The Hackathon focuses on 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.

The NCC Talent Hunt Research Through Hackathon leverages Emerging Digital Technologies to facilitate the development of home-grown innovative solutions and local content development in the telecommunications sector while fostering economic growth and social advancement in Nigeria.

The competition enables the translation of novel ideas into the development of hardware/software solutions that address industry and societal challenges. The best three solutions, one from each of the three areas listed above will receive grants of N10 million each for the development of the solutions.

The Commission has set out eligibility criteria for those seeking to participate in the competition, which include that the Enterprise must provide a certificate of registration with the Corporate Affairs Commission (CAC), the Enterprise must not have previously received support from the Commission, the project should have clear relevance to one of the three thematic areas above, it must provide a clear problem statement, proposed solution, and roadmap to deployment.

Other requirements include a proof of concept (which may also include technical feasibility of the idea with diagram, algorithm, existing models, or case studies; the solution must be novel with the applicant making a declarative statement on ownership of the intellectual property, the solution including prototype development shall be concluded within 6 months of receipt of the Grant and must propose a detailed commercialization plan of the prototype.

The Entry Submission format indicated that the proposal must include ideation, Minimum Viable Product (MVP) and solution, Current Sweat Equity Investment, Product-Market Fit status, Verifiable Go-to-Market status, Growth Feasibility Assurances, Maturity Model and Timeliness and existing time: Disaster Recovery, where applicable

All applications should be made online and must follow the stipulated entry format and there is no financial cost to participating in the competition while full control and ownership of the intellectual property of the developed solutions remain with the Commission.

The entries must be made by a Tech Hub/Innovation-Driven Enterprise that must show evidence of the relationship with the Start-up/solution being entered, a 4-page Executive summary of the project concept, a 3-5- minute video of the pilot project, names, age, contact details, passport photos and profile of all team members and the website (if available) as well as an E-mail address of the applicant.

All interested and qualified enterprises should submit requested documents in a zip folder to https://ncc.gov.ng/talenthuntresearchhackathon2023 with the subject of the mail titled “Submission from <business name>” and the zipped file named after the business.

The Commission has run an advertorial on the Hackathon for 3 weeks and hereby requests those in the startups ecosystem to note that the application closes by Friday, 22nd September 2023.

 

AIICO Bags Insurance Company of the Decade at Marketing Edge Awards 

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Left – Right: Segun Olalandu, Head, Digital Marketing & Communications (AIICO); Israel Opayemi, MD, Chain Reactions (presenting the award); Olusanjo Shodimu, Chief Digital & Innovation Officer, (AIICO); and Ademola Adenekan, Communications Manager (AIICO)

AIICO Insurance Plc, a prominent entity in Nigeria’s insurance industry, announces its remarkable achievement as the “Insurance Company of the Decade” at the prestigious 2023 MARKETING EDGE Brands & Advertising Excellence Awards held in Lagos on September 16.

The Marketing Edge Brands & Advertising Excellence Awards is a platform that recognises and celebrates excellence across various industries in Nigeria.

Winning the title of “Insurance Company of the Decade” is a testament to the AIICO brand’s widespread recognition for excellence in the Nigerian marketplace and the company’s unwavering commitment to innovation, and customer-centricity over the past ten years.
AIICO Insurance Plc has consistently set new benchmarks in the insurance sector, demonstrating remarkable growth, resilience, and a steadfast dedication to its customers.

This recognition reaffirms AIICO Insurance’s position as a leader in the industry, known for its superior products, innovative solutions, and unwavering focus on protecting and securing the future of its customers and clients.

Receiving the award on behalf of AIICO, Mr. Olusanjo Shodimu, the company’s Chief Digital and Innovation Officer, expressed gratitude:

“We are deeply honored to be recognized as the ‘Insurance Company of the Decade’ by MARKETING EDGE. This award is a testament to the hard work and dedication of the entire AIICO team, our loyal customers, and our invaluable partners. It inspires us to continue pushing the boundaries of excellence and innovation as we strive to provide the best insurance solutions in Nigeria.”

This accolade marks a significant milestone in AIICO Insurance’s journey towards shaping a more secure and prosperous future for all its stakeholders, and the company looks forward to continuing its legacy of trust, reliability, and superior service.

Established in 1963, AIICO Insurance Plc has a 60-year record of providing high-quality service to its clients.

As a leading composite insurer in Nigeria, AIICO offers life and general insurance, health insurance, and investment management services, helping individuals, families, and corporate customers create and protect wealth.

NASENI, REA Partner on Renewable Technologies to Light Up Rural Areas in Nigeria 

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R-L: The EVC/CEO of the National Agency for Science and Engineering Infrastructure (NASENI), Mr. Khalil Halilu in a handshake with the Managing Director/CEO of Rural Electrification Agency (REA), Mr. Ahmad Salihijo Ahmad after the meeting of the two chief executives in Abuja.

The Executive Vice Chairman/CEO of the National Agency for Science and Engineering Infrastructure (NASENI), Mr. Khalil Halilu and the Managing Director/CEO of the Rural Electrification Agency (REA), Mr. Ahmad Salihijo Ahmad have agreed to work together to deploy NASENI Solar resources and other renewable energy technologies, to increase electricity supply to Nigeria’s rural areas.

This commitment was the outcome of discussions between the two chief executives in Abuja on Friday, September 15, 2023, when the EVC/CEO of NASENI visited the Rural Electrification Agency (REA) office as part of his efforts to engage with stakeholders to promote the adoption of NASENI’s technologies.

Mr. Halilu, who assumed office two weeks ago as NASENI’s chief executive, said: “The focus is to hit the ground running by nurturing effective collaborations with the right stakeholders who will assist NASENI to fulfil its mandate of providing the science and engineering infrastructure base for Nigeria’s businesses and economy to thrive.”

According to him, “the strategy, going forward, for NASENI includes knocking on the doors of potential end-users of the Agency’s technology and engineering products, making off-take of our Research & Development (R&D) easy, while also bringing the direct impact of our work to bear on the Nigerian economy.”

The two chief executives pledged to work together to bring down the cost of solar power installation in rural areas, through efforts such as increased local production of solar panels by NASENI.

The overall goal, according to the REA MD, Ahmad Salihijo, is to facilitate the Federal Government’s ambition to achieve the electrification of Nigeria’s rural areas in record time.

Earlier in the day, Mr. Halilu visited the Director General/CEO of the National Information Technology Development Agency (NITDA) Mr. Kashifu Inuwa Abdullahi, on a similar mission.

The two CEOs emphasised the need to look inward and develop local content (human and material) capacity to transform the economy.

Halilu sought to leverage on the long-standing relationship between himself and the NITDA boss, and also between the two organisations, to share experiences and best practices in management and in resource optimisation.

Abdullahi disclosed that NITDA’s strategy of focusing on changing both the mind-sets and skill-sets of its staff are two critical factors that have helped the Agency achieve up to 62 percent of its goals and objectives within two (2) years, ahead of its four (4) year projection. He noted that the same approach would work for NASENI, as long as there was a well-thought-out strategic plan, and clarity of vision and goals.

NCC: Nigeria to Achieve 50% Broadband Target by End 2023

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L-R: Director, Public Affairs, Nigerian Communications Commission (NCC), Reuben Muoka; Chairman, Nigerian Union of Journalists, Kano Chapter, Aminu Garko; Executive Commissioner, Technical Services, NCC, Ubale Maska; Executive Vice Chairman/Chief Executive Officer, NCC, Prof. Umar Danbatta; Head, Women and Children Department, Nasara Radio, Aisha Abdulmalik and Head of Station, Rahma Radio/TV Abuja, Nafiu Yahaya, during an interactive session with media stakeholders in Kano at the weekend.

The national target to achieve 70 percent broadband penetration by 2025 is receiving renewed attention from the Nigerian Communications Commission (NCC), which promises 50 percent before the end of 2023.

This promise was one of the highlights of the special media chat with executive editors and media chiefs in the northern part of the country, hosted by the Executive Chairman of the Commission, Prof. Umar Danbatta, to unveil his achievements since the resumption of office till date.

At the occasion, where Danbatta informed the media chiefs that Fifth Generation (5G) services subscriptions have already hit half a million in subscription, the various efforts of the Commission to improve broadband penetration are yielding fruitful results with the current estimates as at July 2023 standing at 47.01 per cent.

Using the extant reviewed five-pillar Strategic Vision Plan as building block, the EVC spoke to 119 milestones achieved under the five strategic pillars, including regulatory excellence, universal broadband, market development, digital economy and strategic collaboration.

Danbatta said through effective implementation of NCC’s mandates under his leadership and cooperation of internal and external stakeholders since 2015, telecommunications industry in Nigeria has achieved remarkable milestones under our leadership. “While we acknowledge the challenges encountered by the industry, we have also witnessed explosive growth, improved regulatory standards, and digital innovations that have garnered global recognition,” he said.

While reeling out impressive statistics that have characterized his leadership at NCC from 2015 to date, the EVC said active telephone subscribers had increased from less than 150.7 million to 218.9 million, representing a teledensity growth of 115.70 per cent from 107.87 per cent in 2015.

Through stimulating broadband infrastructure across the country, Danbatta said broadband penetration, which stood at 6 per cent in 2015 has increased significantly to 47.01 per cent as of July, 2023, enhancing over 89.73 million subscriptions on 3G, 4G and 5G networks in the country. Additionally, general Internet subscriptions have reached 159.5 million up from less than 100 million in 2015.

“Also, from 8 per cent contribution to the Gross Domestic Product (GDP) in 2015, telecommunications sector now contributes 16 per cent quarterly to the Nigerian economy as of the second quarter of 2023. besides, following the authorization of more telecommunications companies to operate in the Nigeria’s telecoms sector, the investments profile has increased tremendously from $38 billion in 2015 to $75 billion currently and this keeps growing daily. From the sales of Fifth Generation (5G) C-Band Spectrum, the NCC has generated over $847.8 million for the Federal Government,” he said.

Danbatta, who has received a gallery of awards nationally, regionally and globally in recognition of the outstanding performance of Nigeria’s telecom industry also listed several achievements recorded since 2015.

“Other milestones and initiatives recorded aside the regulatory activities that culminated in the landmark launch of 5G services in Nigeria include the introduction of Spectrum Trading Guidelines, re-farming and re-planning certain spectrum band for efficiency, the emplaced collaborative process for the release of C-Band Spectrum by Nigerian Communications Satellite (NIGCOMSAT) Limited, and introduction of the Expanded Revenue Assurance Solution (ERAS) to address revenue leakages and improve government revenue from the telecoms industry.

“These initiatives also include Licensing of Satellite Earth Stations, issuing of operating licence to SpaceX Satellite, facilitating the landing of additional submarine Cables, such as the Google 2,000km Equiano subsea Internet cable in 2022, listing of MTN on the Nigerian bourse, licensing of Mobile Virtual Network Operators (MVNOs), introduction of new unlicensed millimeter wave spectrum, and regulation of white space spectrum,” Danbata said.

Also, as part of NCC’s commitment under Danbatta’s leadership, the Commission has endowed professorial chairs in Nigerian universities and committed over N500 million naira to Research and Development (R&D) in the telecoms sector.

“The creation of the Digital Economy Department, the mandate to drive the implementation of the indigenous telecoms sector growth through the operation of the Nigeria Office for Developing Indigenous Telecom Sector (NODITS), are also important strides made by the Commission,” he said.

Danbatta said other consumer-focused initiatives of the Commission have also centered on the establishment of Emergency Communications Centres (ECCs) in over 30 States of the Federation and the Federal Capital Territory (FCT). All these centres are operational, as well as the creation of the Computer Security Incident Response Team (CSIRT). The EVC said these two initiatives have been helping consumers to get succour in times of emergencies as well as ensuring effective protection for telecom consumers while online.

The NCC Chief Executive said the Commission has also taken very clear actions on consumer protection, advocacy, information-sharing and education.

“These include introduction of data roll-over just before the expiration of subscribed data plans, introduction of the 622 toll-free number for lodging service-related complaints to the Commission, the Do-Not-Disturb (DND) 2442 Short Code for tackling the menace of unsolicited text messages,  elimination of forceful/deceitful subscriptions to telecom services on mobile networks, tackling the issue of call masking, ensuring effective Subscriber Identity Module (SIM) registration, launching of National Roaming service and reduction of access gaps to telecom services from over 217 to 97, thereby enhancing access to telecom services by more Nigerians,” Danbatta said.

However, Danbatta said while the industry still faces a number of challenges such as vandalism, securing equitable Right of Way (RoW) from governmental stakeholders, as well as multiple taxation and regulation, the Commission has put framework in place to work with necessary stakeholders to overcome the obstacles posed by these challenges and to sustain the growth trajectory which has been the hallmark of telecoms sector as an enabler of socio-economic development in Nigeria.

 

 

The Nigeria Prize for Literature, Rainbow Book Club Host Playwright Finalists at PH Bookfest

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The Nigeria Prize for Literature (NPL) 2023 shortlisted playwrights (L) Dr. Obari Gomba, writer of Grit and (R) Henry Akubuiro, writer of Yamtarawala The Warrior King, with the moderator, Margaret Nnennaya Ukwu, at the Rainbow Book Club/NPL Bookfest in Port Harcourt…on Sunday.

The Nigeria Prize for Literature, sponsored by Nigeria LNG Limited (NLNG), and the Rainbow Book Club in Port Harcourt, held a bookfest in honour of three shortlisted playwrights for the 2023 edition of the Prize.

The bookfest featured readings from the shortlisted plays and a session with the playwrights who participated in person or virtually.

Playwrights on the shortlist who attended the event include Abideen Abolaji Ojomu (Ojuelegba Crossroads), Henry Akubuiro (Yamtarawala – The Warrior King) and Obari Gomba (Grit).

In his remarks, the General Manager of External Relations and Sustainable Development at NLNG, Mr Andy Odeh, commended the shortlisted playwrights, stating that their books were the best of the 143 works submitted for this year’s Prize.

He expressed delight in bringing the shortlisted playwrights to Port Harcourt, a World Book Capital. He stated that the excellence exhibited in the shortlisted works was a testament to the Nigerian writer’s highly creative and resilient spirit. He said The Nigeria Prize for Literature owes its success to Nigerian writers who have entered the Prize, which has recorded well over 2,500 entries and celebrated 17 winning works.

Mr. Odeh urged the creative and entertainment industry to tap into the talents the Nigeria Prize for Literature has showcased over the years, especially in the Drama category, which has produced a winner since the first one in 2006 when Ahmed Yerima clinched the award with his book Hard Ground. He emphasized that the corpus of Nigerian Literature played a pivotal role in redefining the political, economic, social, and cultural identity as part of the journey towards transformation and progress.

In her speech, the founder and Chief Executive Officer of Rainbow Book Club, Mrs. Koko Kolango, represented by Ms Ijeoma Aruba, stressed the need for stakeholders in Port Harcourt to collaborate and bring back the glory of Port Harcourt as the World Book Capital.

“We must all join hands to bring back our World Book Capital. NLNG has set a good precedence by hosting this Bookfest. But it would take a collective effort to bring back our World Book Capital City and we all have a role to play. We can begin by bringing back our week-long Port Harcourt Book Festival. Our festival was a confluence of our city’s creatives, a melting point for information and ideas,” she stated.

Guests who graced the event include Past President of the Nigerian Bar Association, Chief O.C.J. Okocha; former Rivers State Commissioner of Information, Ibim Semenitari; Nollywood actor, Sam Dede; former Bonny Gas Transport Director, Mrs. Aleruchi Cookey-Gam, among others.

The three entries were selected out of 143 for this year’s prize round, which focuses on Drama. The final verdict on the winning entry is expected to be announced in October 2023.

The Nigeria Prize for Literature rotates yearly among four genres: prose fiction, poetry, drama and children’s literature.

Gas to Play Significant Role in Africa’s Energy Mix, says NLNG’s MD

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Dr. Philip Mshelbila

Managing Director and Chief Executive Officer

Nigeria LNG Limited (NLNG)

Natural gas should and will play a significant role in Africa’s energy mix to meet the demands arising from rapid population growth and economic expansion, as well as the need for affordable access to clean energy and supply security for industrialisation, according to Dr. Philip Mshelbila, Managing Director and Chief Executive Officer of Nigeria LNG Limited (NLNG).

Mshelbila made these remarks during a strategic session at the recently concluded 2023 Gastech Exhibition and Conference in Singapore, where he discussed Africa’s role in increasing supply resilience in the energy transition context. He stated that African gas could enhance global energy security by increasing gas production, ensuring a steady supply source despite rising domestic consumption, and the growth of floating LNG, facilitating the rapid delivery of gas products to the market.

He stressed the necessity of adopting a multi-dimensional approach to the energy transition, considering Africa’s specific context and evolving needs. Dr. Mshelbila pointed out that the continent is already capitalising on opportunities in the energy transition, utilising gas as an evolutionary energy source that offers a cleaner alternative to traditional biomass and coal. He highlighted that transitioning from polluting sources to liquefied petroleum gas (LPG) and compressed natural gas (CNG) can reduce emissions by up to 48%. He cited Nigeria as an example, where the government actively promotes CNG usage in the transportation sector to expand gas utilisation and drive progress across various industries.

Mshelbila also noted that Africa is maximising opportunities in the growing LNG market, increasing its production capacity to substantially contribute to global supply. He added that Africa is emerging as a critical global gas supply source, with production expected to double, solidifying the continent’s role in global energy security.

“The largest gas markets in Africa remain Algeria and Nigeria, which account for at least 55% of the continent’s gas reserves. However, exciting new gas markets are emerging across the continent, especially in LNG developments in Mozambique, Senegal, the Congo, and Tanzania,” he stated.

Furthermore, Mshelbila stated that efforts are underway to develop inter-regional gas supply pipelines to facilitate the movement of gas resources from West Africa to North Africa and beyond, promoting intercontinental trade.

Regarding the energy transition, he highlighted Africa’s progress in the field of hydrogen. He said that when produced using Africa’s abundant gas resources in conjunction with renewables, hydrogen can position the continent as a major hydrogen exporter in the near future.

In conclusion, Mshelbila emphasised that Africa is taking a proactive, region-specific approach that leverages its unique strengths and resources, offering promise for a sustainable energy future and a crucial role in the global energy transition.

The Gastech Exhibition and Conference is a significant platform for professionals in the natural gas, LNG, hydrogen, low-carbon solutions, and climate technologies industries to discuss the latest developments in the sector. NLNG actively participated in strategic leadership sessions and the exhibition.

 

SEC Targets N5tn Market Capitalisation from 50 Shari’ah-compliant Products by 2025

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The Securities and Exchange Commission (SEC) has reiterated that it targets 50 listing of Shari’ah-compliant products with a combined market capitalisation of at least N5 trillion by 2025.

The Director-General of SEC, Mr. Lamido Yuguda, who was represented by the Executive Commissioner, Operations, Mr. Dayo Obisan at a “capacity building workshop for local Shariah talent for non-interest capital market – level II,” in Abuja said Non-Interest Capital Market (NICM) segment of the revised Capital Market Masterplan (2021 – 2025), targets 100 retail Shariah-compliant products and over one million direct investors in Shariah-compliant products.

He stated that the Commission faced with these ambitious targets, has resolved to redouble its developmental efforts, especially in capacity building that nurtures reputable professionals to leverage Sharia best practices in facilitating the sound implementation of Sharia-compliant initiatives with the ultimate aim of deepening the NICM space.

The DG stated that the Commission would continue to leverage its subsidiary, the Nigerian Capital Market Institute, especially in developing robust programmes around Non-Interest Finance which are expected to promote capacity-building and sharia-compliant products and processes.

According to him “as you are all aware, the fundamental difference between conventional finance and Non-Interest Finance is the application of Shariah principles in the latter. This simply means that NICM cannot exist without experts in Islamic commercial jurisprudence (Fiqhul Mu’amalat Al-Maliyya).

“The objective of this workshop, therefore, is fast-tracking the development of experts for the Market. We believe this will enhance the development of our local Sharia talent, not only for the Nigerian Capital Market but also for the Nigerian Financial system in general.

“The level of activities in the Non-Interest capital market that we are currently experiencing in Nigeria affirms the overwhelming acceptance of NICM products by different classes of investors, which portrays a strong appetite for these class of assets as evidenced by the oversubscription of the FGN and corporate Sukuk issued in previous years.

“The Level 1 segment of this important Workshop, which was conducted in December 2022, covered the basic areas of Financial Market Structure and Operations of the Capital Market and three modules from Shariah Principles and Contracts Relating to Non-Interest Capital Markets.

“As we dive into Level II, the remaining modules relating to Shariah Contracts will be extensively discussed starting today, while modules on Shariah Issues Relating to Non-Interest Capital Market Principles, and Operation of the Sukuk and Equity Markets shall be treated in the coming days.”

He reiterated that Level II is aimed at consolidating participants’ understanding of the theoretical and practical aspects of the NICM.

“Armed with this training and subsequent ones to come, the participants would undoubtedly have the potential to provide Shariah advisory services for the Islamic Finance Industry, particularly the Non-Interest Capital Market’s operations as it relates to Shariah principles and rulings,” he added.

He expressed further that significant progress recorded in this area is evidenced by the last ranking of Nigerian Islamic Finance in 13th place on the Global Islamic Finance Development Indicator 2022, ahead of countries like Bangladesh and Turkey.

Yuguda pointed out that the Non-Interest Finance Sector has gradually grown to become a distinct industry within the broader financial landscape, offering alternatives to traditional interest-based financial systems.

Ecobank Remodels Branches for Enhanced Customer Experience, Service Delivery

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Ecobank Nigeria has started the remodeling of its branches across the country.  This effort will see the bank turn its existing banking halls into modern smart banking arenas designed to offer a cozy experience to customers and other stakeholders of the bank who visit the branches.

Speaking on the branch transformation exercise, Titi Olarinde, Head, Branch Network, Ecobank Nigeria Limited said it is a deliberate and strategic decision of the bank to ensure that customers transact seamlessly in an environment where they are happy to come to everyday whilst providing the best banking experience for them and our staff.

She said the remodeled branches are equipped with fully functional digital service points, new ATMs, solar power for uninterrupted 24/7 electricity and other facilities for an enhanced customer experience.

She disclosed that for the first phase, the bank has earmarked 50 branches across the nation for the redesign exercise and they will be delivered before end of the year. 10 of these branches such as: Ajose Adeogun, Ikotun, Iju and Admiralty branches in Lagos; Jabi, Garki Area 8 and Maitama in Abuja; Murtala Mohammed Way, Kano; Benin Sapele Road, Benin-City and Aba Road in Port Harcourt have been completed and are already open to customers.

“For us as a bank, we decided to redesign and give our branches a new look and feel to tell the story of who we are as a pan African banking institution. The comprehensive renewal affects the ambience, aesthetics, internal and exterior branding of the branches. To complement the new look, the signages are also being completely changed or refurbished.  We believe the remodeled branches will reflect the personality and values of the brand, raise the bar of customer experience and service delivery to our existing and prospective customers as well as all stakeholders. Visit any of our branches in Ajose Adeogun, Ikotun, Iju and Admiralty branches in Lagos; Jabi, Garki Area 8 and Maitama in Abuja; Murtala Mohammed Way, Kano; Benin Sapele Road, Benin-City and Aba Road in Port Harcourt and have a feel of the locations already completed and opened to customers.”

Mrs. Olarinde concluded by saying that the various innovative projects by the bank in recent times are targeted at making it the most preferred financial institution in the country.

Ecobank Nigeria Limited is an affiliate of the Ecobank Group, the leading pan-African banking group.

Ecobank Nigeria offers a comprehensive suite of financial services and solutions to its Consumer, Commercial, Corporate and Investment Banking clients at over 200 branches and 60,000 Xpress Point agency locations in Nigeria.

PTAD Pays N846.1m Accrued Arrears, Gratuity to 2,730 Pensioners

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The Pension Transitional Arrangement Directorate (PTAD) has paid the sum of N846,146,987.71(Eight Hundred and Forty-Six Million, One Hundred and Forty-Six Thousand, Nine Hindered and Eighty-Seven Naira, Seventy-One Kobo) to 2,730 pensioners of the Civil service Pension Department of an accrued arrears and gratuity owned the pensioners.

The arrears paid to these retirees ranged from previously verified pensioners not on the payroll, those who did not receive their gratuity on retirement and failed payments on the GIFMIS platform.

In his remark, the Ag. Executive Secretary, Pension Transitional Arrangement Directorate (PTAD), Mr. Sulayman Shelleng, said the payment is going to be continued until all accrued arrears are paid. He assured other pensioners who are yet to receive their arrears to be calm as the Directorate is working tirelessly to ensure that all outstanding arrears of pensions and gratuity are paid soon.

He further assured DBS pensioners of the Directorate’s continued strive to ensure that their welfare is promoted.

Polaris Bank Partners EAS, Funds Training of 1000 Nigerian SMEs on Export to US, Europe

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Polaris Bank, in its show of commitment towards empowerment of Small and Medium-sized Enterprises (SMEs), is pleased to announce a strategic partnership with Export and Sell (EAS), a renowned expert in export solutions, to train and subsequently fund over 1,000 successful SMEs on export opportunities to the USA via Amazon and other international platforms.

Polaris Bank is leveraging the expertise of EAS as an intermediary between Online and African Stores in the US, UK and Nigerian businesses, for supply of Raw foodstuffs and other items from Nigeria. With a focus on e-commerce sales through Amazon, the training provides in-depth exposure to Nigerian SMEs on export opportunities and sales expansion into the American market. The training will provide an opportunity to educate SMEs on how to find buyers and how to meet specifications for export, especially into the US market.

The training programme is slated to commence in October 3, 2023 as a hybrid model, with in-person sessions slated to hold in Port Harcourt, Abuja and Lagos. Subsequently intensive sessions will hold for four days with over 1000 successful SMEs; many of whom could access facilities of up to ₦20 million for SMEs and ₦1billion for large corporate.

This collaboration aims to equip SMEs with the knowledge and tools required to successfully export their products.

In today’s global marketplace, SMEs face unique challenges, including, access to financing, shipping, product registration and finding buyers for their business. Polaris Bank recognises the importance of fostering economic growth by supporting SMEs, as the backbone of the Nigerian economy. Through the partnership with EAS, Polaris Bank is taking a significant step towards fulfilling its commitment to SME growth and development in Nigeria.

The partnership and training programme, will provide SMEs with a comprehensive understanding of onboarding on Amazon and exporting successfully to the USA, with insights on export credit insurance and risk mitigation strategies. Participants will gain insights into available funding windows provided by Polaris Bank as well as be equipped on how to leverage them effectively.

The training sessions will be led by industry experts from both Polaris Bank and EAS, ensuring that participants receive the highest quality education and guidance.

Commenting on the Export and Sell Business Model, Polaris Bank’s Group Head, Products & Market Development, Adebimpe Ihekuna expressed enthusiasm for the partnership, stating, “At Polaris Bank, we understand the pivotal role SMEs play in driving economic growth. Through our collaboration with EAS, we aim to empower SMEs with the knowledge and tools necessary to access export financing opportunities and compete effectively on the global stage. This partnership underscores Polaris Bank’s commitment to SME development and Nigeria’s economic prosperity.”

A BusinessDay news article published on March 23, 2023, quoting Nigerian Bureau of Statistics (NBS) indicated that a total of N598.2billion worth of agricultural produce were exported in 2022, accounting for 18.5 percent increase when compared to the figure recorded in 2021.

Polaris Bank was adjudged Digital Bank of the Year in 2021 and 2022 by BusinessDay’s Banks and Other Financial Institutions (BAFI) Awards.

It also emerged as the best MSME Bank because of its ability to use technology to enable bottom-up support to the MSME sector.

Polaris Bank Partners EAS, Funds Training of 1000 Nigerian SMEs on Export to US, Europe

0

Polaris Bank, in its show of commitment towards empowerment of Small and Medium-sized Enterprises (SMEs), is pleased to announce a strategic partnership with Export and Sell (EAS), a renowned expert in export solutions, to train and subsequently fund over 1,000 successful SMEs on export opportunities to the USA via Amazon and other international platforms.

Polaris Bank is leveraging the expertise of EAS as an intermediary between Online and African Stores in the US, UK and Nigerian businesses, for supply of Raw foodstuffs and other items from Nigeria. With a focus on e-commerce sales through Amazon, the training provides in-depth exposure to Nigerian SMEs on export opportunities and sales expansion into the American market. The training will provide an opportunity to educate SMEs on how to find buyers and how to meet specifications for export, especially into the US market.

The training programme is slated to commence in October 3, 2023 as a hybrid model, with in-person sessions slated to hold in Port Harcourt, Abuja and Lagos. Subsequently intensive sessions will hold for four days with over 1000 successful SMEs; many of whom could access facilities of up to ₦20 million for SMEs and ₦1billion for large corporate.

This collaboration aims to equip SMEs with the knowledge and tools required to successfully export their products.

In today’s global marketplace, SMEs face unique challenges, including, access to financing, shipping, product registration and finding buyers for their business. Polaris Bank recognises the importance of fostering economic growth by supporting SMEs, as the backbone of the Nigerian economy. Through the partnership with EAS, Polaris Bank is taking a significant step towards fulfilling its commitment to SME growth and development in Nigeria.

The partnership and training programme, will provide SMEs with a comprehensive understanding of onboarding on Amazon and exporting successfully to the USA, with insights on export credit insurance and risk mitigation strategies. Participants will gain insights into available funding windows provided by Polaris Bank as well as be equipped on how to leverage them effectively.

The training sessions will be led by industry experts from both Polaris Bank and EAS, ensuring that participants receive the highest quality education and guidance.

Commenting on the Export and Sell Business Model, Polaris Bank’s Group Head, Products & Market Development, Adebimpe Ihekuna expressed enthusiasm for the partnership, stating, “At Polaris Bank, we understand the pivotal role SMEs play in driving economic growth. Through our collaboration with EAS, we aim to empower SMEs with the knowledge and tools necessary to access export financing opportunities and compete effectively on the global stage. This partnership underscores Polaris Bank’s commitment to SME development and Nigeria’s economic prosperity.”

A BusinessDay news article published on March 23, 2023, quoting Nigerian Bureau of Statistics (NBS) indicated that a total of N598.2billion worth of agricultural produce were exported in 2022, accounting for 18.5 percent increase when compared to the figure recorded in 2021.

Polaris Bank was adjudged Digital Bank of the Year in 2021 and 2022 by BusinessDay’s Banks and Other Financial Institutions (BAFI) Awards.

It also emerged as the best MSME Bank because of its ability to use technology to enable bottom-up support to the MSME sector.