Capital Market Can Act as a Financing Tool for PPP Infrastructure Projects – Yuguda

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07/09/2023

The Director-General, Securities and Exchange Commission (SEC) has stated that the Nigerian Capital Market has the capacity and well positioned to finance Public-Private Partnership (PPP) infrastructure projects in the country.

Yuguda made this remark at the 2023 Chartered Institute of Stockbrokers (CIS) National Workshop which held in Abuja on Thursday.

Speaking on the theme; leveraging the capital market to drive public-private partnership for effective national economic growth, Yuguda, citing a World Bank report, pointed out that Nigeria’s current level of public spending on infrastructure is one of the lowest globally and added that this lack of investment has resulted in a significant infrastructure gap, which has adversely affected the quality of infrastructure and limited access to essential services.

The SEC DG who was represented by the Executive Commissioner, Corporate Services, Ibrahim Boyi, highlighted that given the current rate of capital expenditure, it would take approximately 300 years to bridge Nigeria’s infrastructure gap.

He stressed the need for a new approach to financing infrastructure development in Nigeria to stimulate economic growth and argued that leveraging public-private partnerships is essential, and the capital market can play a crucial role in this regard.

The Director-General explained that the capital market, with its patient capital and established project financing options, is well-suited to finance PPP infrastructure projects at various levels. He cited the common model used in many developed countries, where governments and private sector partners raise debt capital for PPP projects through bonds and loans.

His words: “This is an infrastructure financing model that is a common choice in many developed nations of the world. Capital markets allow governments and private sector partners to raise debt capital for PPP projects. Governments can issue bonds to finance their share of the project costs while private companies can secure loans or issue corporate bonds for their contributions.

The capital market’s ability to provide funding, risk management tools, liquidity, and efficient allocation of resources makes it a crucial partner in the success of PPP projects. It allows governments and private sector partners to leverage their strengths and resources to deliver essential public infrastructure and services.”

SanlamAllianz Targets 27 African Markets for Insurance, Financial Services

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06/09/2023

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Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s leading insurers and financial services providers are pleased to announce that they have received regulatory approvals for the joint venture that will create the leading Pan-African non-banking financial services company with a presence in 27 countries in Africa.

The joint venture will operate as SanlamAllianz.

SanlamAllianz’s ambition is to be among the top three players, in both market share and profitability, in the markets where the company will operate.

The joint venture is expected to have a combined group equity value (GEV) of approximately R35 billion. Retail and corporate clients will benefit from a broader offering of insurance products tailored to their needs as well as best-in-class financial solutions. Products and services will be available in the markets where one or both companies currently operate.

Namibia will be included at a later stage, while South Africa is excluded from the agreement.

“We are confident that SanlamAllianz will create significant value for clients, shareholders and other stakeholders. The combined expertise and resources of our respective companies will enable us to provide innovative solutions and services to meet the ever-evolving needs of our clients on the African continent,” stated Sanlam group’s Chief Executive Officer, Mr. Paul Hanratty.

Mr. Christopher Townsend, Board Member of Allianz SE, commented: “SanlamAllianz has the capability to gain leadership positions in all key markets in both general insurance and life segments. With this powerful partnership, we want to unlock the potential of multiple fast growing African markets and access a wider range of customers, particularly in the corporate segment. Allianz is deepening its commitment to the vibrant continent and is building on our 100-year legacy here.”

The priorities of SanlamAllianz are to:

Drive financial inclusion, focusing on the number of lives touched, by providing greater access to products and services through digital innovation; and leveraging their telecommunications and bancassurance partnerships to create new opportunities across the Africa region;
Provide the best of two leading multinational brands with enhanced offerings in property and casualty as well as life insurance offerings through innovation and the additional capabilities enabled by greater economies of scale; and
Grow the life and general insurance businesses through product, service and distribution innovation.

“The joint venture marks a significant step forward in further implementing Sanlam group’s strategy that we have pursued over the past few years. Opportunities to improve insurance penetration in Africa abound for those with the right combination of financial strength, scale, new technology and a tangible commitment to the customer. We believe that SanlamAllianz has all the ingredients to succeed on this new journey,” said Mr Hanratty.

Mr. Heinie Werth, the current CEO of Sanlam Emerging Markets, has been appointed as the CEO of SanlamAllianz.

In a career spanning 25 years at Sanlam, Mr Werth has held various executive positions within the group, including that of Finance Director.

‘I Will Support President Tinubu’s Agenda Using STI’ – New NASENI Boss

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06/09/2023

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R-L: Mr. Khalil Suleiman Halilu, Executive Vice Chairman/CEO, National Agency for Science and Engineering Infrastructure (NASENI); Dr. Mohammed Dahiru, Chairman, Presidential Implementation Committee for the Nigerian/Czech Republic Technology Transfer Agreement; Mrs. Nonyem Onyechi, Coordinating Director, Planning and Business Development Directorate, NASENI; Prof. Dansheu Gwandangaji, Co-ordinating Director, Engineering Infrastructure Directorate, NASENI; and Dr. Mohammed Mohammed, Director, Procurement, NASENI, when the new EVC/CEO was being giving a guided tour of NASENI on his assumption at the Agency’s Headquarters on Monday 4 September, 2023 in Abuja.

The newly appointed Executive Vice Chairman/Chief Executive Officer (EVC/CEO), National Agency for Science and Engineering Infrastructure (NASENI), Mr. Khalil Suleiman Halilu said he would ensure that President Tinubu’s Renewed Hope Agenda is achieved through the deployment of Science, Technology and innovation (STI) in the economy.

Halilu made the statement while addressing the management and staff of the Agency shortly after his assumption of office as the EVC/CEO at NASENI Headquarters.

The new EVC/CEO, a tech-Expert and Entrepreneur was appointed to lead NASENI by President Bola Ahmed Tinubu, replacing Dr. Bashir Gwandu.

While expatiating on his market driven approach to things, he said his administration would leverage on technology transfer and also not forgetting domestic, home-grown technology development which is the core mandate of NASENI. According to him, “the focus is for innovation, science and technology resource to serve Nigerians and to add value to the national economy.”

He added that the Agency would play critical roles in supporting President Bola Ahmed Tinubu’s economic Agenda for the nation anchored on areas like Food Security, Ending Poverty, economic growth and Job Creation, creating Access to Capital through consumer credit, Inclusivity, Improving Security, Rule of Law and Fighting Corruption.

The new EVC/CEO said in the 21st century, there are immense opportunities for Nigeria to leapfrog in the areas of science, technology, engineering and innovation, even as he promised that NASENI during his tenure would play effectively those central roles through technology transfer revolution that is coming.

According to him, “Our duty here at NASENI will be to use our resources, our talents, our capacity, and our energy to drive economic development priority areas of President Bola Ahmed Tinubu Administration, in line with the Act establishing this Agency. “As a pre-eminent Agency saddled with enormous responsibilities, NASENI with its development institutes and over 4,000 members of staff, is appropriately positioned to deliver on its mandate,” he said.

The new EVC/CEO who pleaded with the staff to put in their best, to work with full commitment and dedication, promised that in return, as EVC/CEO, that the welfare of all NASENI staff will be his priority. While promising an open-door policy for staff, he said he was willing to learn from all staff across the Agency, “I will be open and receptive to your ideas and contributions, and together we will renew NASENI”.

“We will make NASENI an employer of choice in the public sector, a place where people will be proud to contribute their quota to the success of the organisation and to the overall development of our country, and where they will be treated with respect and dignity. Change is coming, and you are all going to be a part of it.”

He continued, “We shall adopt, adapt and domesticate cutting-edge technologies, wherever we find it. We will build a pool of well-educated and talented personnel, support world-class research and development (R&Ds), and build partnerships and collaborations across Nigeria, Africa and the world.”

“We shall collaborate with government Ministries, Departments and Agencies (MDAs), at Federal and State levels, with the private sector, the international community, development partners and the media. In consultation with you, our staff, and our various partners, we will put together a detailed vision and plan of implementation that is built on the foundation of President Tinubu’s Renewed Hope Agenda and priorities”, he affirmed.

While answering questions from journalists, Mr. Halilu said that he was going to make a significant change by putting NASENI on the economic development map and most importantly churn out products that would increase the gross domestic product (GDP) of the country, which is a priority now with the current economic crisis.

Highlighting his agenda as the EVC/CEO of the Agency, he said, “Number one thing we want to look at is the area of technology transfer, everyone is looking at Africa and there is no better chance than now. Other countries are competing to bring and exchange technologies especially with Africa.”

“We cannot ignore our talents. We, Nigerians are amongst the best, doing things in different parts of the globe. We have to bring in all these wealth of experiences. We will ensure that we provide the environment and the necessary support to be able to achieve this mandate”, he added.

The new EVC/CEO was received by top management staff of the Agency, led by Mrs. Nonyem Onyechi, Co-ordinating Director Planning & Business Development, who guided him on tour of the Agency’s facilities. Mr Khalil held a maiden management meeting with the officials, who took turns to pledge their supports for him and also their desires to work for the good of NASENI and to create positive impacts on the economy.

Mr. Halilu is an entrepreneur and technology expert who had excelled in business development, including managing successfully high-profile concerns both at local and international spheres. He hails from Kano city, Kano state, Nigeria. He has held several positions in both private and public sectors of the Nigerian economy.

He has a Master of Science (M.Sc) degree in International Business and also B.Sc in Business Administration from University of Hertfordshire, Hatfield, United Kingdom respectively.

He honed his skills in Data Science from John Hopkins, USA. He is an expert in Database Administration, Big Data and E-Commerce and Oracle Database Programing 10G.

Prior to this appointment as EVC/CEO of NASENI, Mr. Khalil sits on the Boards and plays advisory roles in many successful companies like Kuming Power China Group, Nuli Foods Company, CGC Construction, Dantata Foods Limited., Gongoni Company Limited., Broadbased Connectivity Limited, Fata Tannery and Sudabelt Medical.

He was the Chief Executive Officer (CEO) of ShapShap Technologies Limited., OyaOya Strategic Services Limited., Managing Director of KSH Construction & Design Limited., Co-Founder/Director of KWNNC Paper Recycling as well as Prymo.ng. He was the Chief Operating Officer (COO) Scirrocco International Limited.; Director/COO of Africa Infotech Consulting; and Director of JIGS Environmental Services & Agro Allied Limited. He previously worked at ZCET Global Metering Company and W.J Bush and Co.

Nigeria to Host 54 Nations at Africa Internet Governance Forum 2023 Sept 18

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06/09/2023

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Nigeria is set to play host to 54 African nations and other continental Internet governance stakeholder blocs at the 2023 Africa Internet Governance Forum (AfIGF 2023) in Abuja from 18th to 21 September, 2023.

This year’s event, being the 12th edition of the annual forum, is being hosted by the Nigerian Communications Commission (NCC) on behalf of the Federal Government, and is scheduled to take place at the Transcorp Hilton Hotel, Abuja, with the theme, “Transforming Africa’s Digital Landscape: Empowering Inclusion, Security, and Innovation.”

The Forum will serve as a platform for meaningful dialogue and collaboration on Internet Governance among various sectors and regional initiatives to advance digital connectivity, address Internet Governance challenges, and empower Africa through digital transformation.

The event will be preceded by the African Youth Internet Governance Forum, which will take place from 13-18 September, 2023.

The series of events at this year’s programme will commence with the Parliamentarian Symposium, scheduled to take place from 18-19 September 2023 during which members of the Parliament from all participating countries will take the opportunity to consult and network with one another in a roundtable designed to better understanding of the roles of the legislature, and nudge deeper synergy with parliaments on Internet Governance in Africa.

As a crucial gathering of stakeholders and investors in Africa’s digital future, the AfIGF 2023 promises to be a rare assemblage of key stakeholders from government, civil society, academia, the Information and Communications Technology (ICT) sector, and a broad spectrum of actors in the private sector intentionally rallied to discuss important matters focused on the development, access, and governance of the Internet in Africa.

The Forum, structured in a variety of gatherings, including dialogues, workshops, panel sessions, symposia, and roundtables, is a vibrant and inclusive platform that brings together stakeholders from across the African continent and other international partners, to engage in discussions that will shape the future of Internet Governance.

Other focal sessions at the event will include plenary discussions, interactive workshops, and expert panels focusing on Digital Inclusion and Connectivity; Cyber Security and Data Protection; Digital Rights and Freedom of Expression; Artificial Intelligence (AI) and Emerging Technologies; E-Commence and Digital Economy; and Data Governance and Trust, among others.

Participants are also expected to discuss the 17 Sustainable Development Goals in the context of digital literacy and internet access in a manner that can accelerate development for the continent.

The event will feature high-ranking speakers, policymakers, industry experts, and thought leaders from across Africa and beyond. Through participants’ expertise and insights, the forum will generate actionable recommendations that can inform policymaking, drive investments, and shape the future of Internet Governance in Africa, by reshaping the trajectory of the continent’s digital landscape and paving the way for a more inclusive and prosperous digital future.

NCC: ‘We’re Implementing Requisite Reforms to Strengthen Telecoms Sector’

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06/09/2023

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L-R: Lagos Zonal Controller, Nigerian Communications Commission (NCC), Henry Ojiokpota; Assistant Director, Financial Services, NCC, Chika Anohu; Executive Commissioner, Stakeholder Management, NCC, Adeleke Adewolu; Head, Compliance Monitoring, NCC, Isa Olatinwo; Executive Secretary, Association of Licensed Telecom Operators of Nigeria, Gbolahan Awonuga and Ibadan Zonal Controller, NCC, Dr. Olubunmi Bamijoko, during NCC’s quarterly meeting of Telecom Industry Working Group on Multiple Taxation and Regulations in Ibadan, Oyo State.

The Nigerian Communications Commission (NCC) has said it remains committed to its regulatory role of continually implementing requisite reforms to strengthen the communications sector in Nigeria.

The Executive Commissioner, Stakeholder Management at the NCC, Adeleke Adewolu, stated this while addressing stakeholders at the combined second and third quarters 2023 meeting of the Industry Working Groups (IWG) on multiple taxation and regulations in the telecoms sector.

The meeting, which held in Ibadan, Oyo State on yesterday, was convened as a precursor to a more elaborate Regional Stakeholders Workshop on Multiple Taxation and Regulations, scheduled to take place in the State today.

Addressing the meeting, attended by senior executives of telecom licensees and their umbrella body, the Association of Licensed Telecom Operators of Nigeria (ALTON), as staff of the Commission, Adewolu said the IWG’s activities are geared towards ensuring fair tax policies and eliminating every incident of multiple taxation and regulations impacting the Nigerian telecommunications industry.

He stated that a lot of milestones have been recorded by the industry since the establishment of the IWG over two decades ago, as the platform has proven to be effective in articulating industry concerns in this area and also proffering solutions to these issues.

“Considerable industry gains have been recorded lately, particularly as it relates to the issue of multiple taxation. For instance, His Excellency, President Bola Ahmed Tinubu recently signed Four Executive Orders designed to curb multiple taxation in the Country.

“Key amongst them is the Executive Order for the suspension of the five per cent Excise Duty on telecommunication services as well as Excise Duties escalation on other locally manufactured products,” he said.

He described the gains as laudable as, according to him, they continue to serve as inspiring landmarks for the industry, underscoring what can be achieved when the entire industry come together harmoniously to speak with one voice on existential concerns undermining the economic health of the communications industry.

However, the Executive Commissioner said there remains a lot of work to be done as the industry was still beguiled by arbitrary Right of Way (RoW) charges, hidden nuisance taxes and unauthorised regulatory encroachment into the communications industry.

As such, he said the Commission has continued to work assiduously to ensure harmonisation of RoW charges across the country.

He said aside several existing agencies the Commission has been working with, it is also collaborating strategically with sister agencies such as the Federal Inland Revenue Service (FIRS), in line with the National Economic Council (NEC) resolution of 2012 and the Nigerian Maritime Administration and Safety Agency (NIMASA).

“We are also working with the Nigerian Mainstream and Downstream Petroleum Regulatory Authority (NMDPRA), all in a bid to ensure the regulatory actions taken by the agencies are well synchronised with the regulatory objectives of the Commission, in a manner that boosts market development and industry sustainability,” he said.

While tasking telecom licensees to continue to bring burning issues on multiple taxation and regulation to the attention of the Commission as they experience in their daily operation, Adewolu also assured them of NCC’s decision to always make necessary regulatory intervention to boost industry growth.

“The Commission is always inclined to executing the requisite reform that will strengthen the Communications Sector and deepen market development,” he said, as he urged all stakeholders at the IWG meeting to deliberate frankly and productively in highlighting pressing and key issues that require urgent attention.

Heirs Insurance Group Posts N20bn in Revenue for FY2022, Cements Position in Sector

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04/09/2023

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– N2.7bn underwriting profit and N849.4m PBT in FY2022

– N2.6bn claims paid in the period under review

Heirs Insurance Group, comprising Heirs General Insurance (HGI) and Heirs Life Assurance (HLA), announced a record-high 226% jump in Gross Written Premium (GWP), from N6.1bn in 2021 to N19.9bn for the financial year ended December 31, 2022. With the strong performance sustained in its second year of operations, Heirs Insurance Group has become the fastest-growing insurance group in Nigeria.

Heirs Insurance demonstrates Tony Elumelu’s Heirs Holdings’ desire to disrupt the Nigerian insurance market, bringing value, great customer service and relevant products to the mass market, delivering on the mission of providing insurance for all, not just for some.

Heirs Life, the specialist life insurer recorded a 326% increase in Gross Written Premium (GWP), from N2.7bn in FY2021 to N11.5bn in FY2022. Heirs Life also announced a 494% growth in life funds, from N1.7bn in 2021 to N10.1bn in 2022.

Heirs Life made total claims payouts of N1.5bn in 2022, a 484% increase from N257m paid out in 2021, in accordance with its promise of providing relief to its customers, quickly and efficiently, in times of loss. In addition, the company’s underwriting profit grew by 109%, from N670m in 2021 to N1.4bn in 2022, with a profit before tax (PBT) growth from a loss position of N279m to a positive position of N350m in 2022, a 226% jump.

Heirs General Insurance, the Group’s non-life insurer, recorded a 143% increase in Gross Written Premium (GWP), from N3.5bn in FY2021 to N8.5bn in FY2022 and a profit before tax (PBT) increase of 157%, from a loss position of N862.1m in 2021, to a profit of N499.4m in 2022. Underwriting profit rose from N365.2m in 2021 to N1.3bn in FY2022. Living up to its promise, Heirs General Insurance paid N1.1bn in claims in 2022, an increase from N572m paid in 2021.

These figures were disclosed in the NAICOM-approved 2022 financial statement, audited by PricewaterhouseCoopers (PwC).

Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents, founded and led by Tony Elumelu. With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs General and Heirs Life serve both corporate and individual customers across Nigeria.

Heirs Insurance Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance. As part of its unique proposition, the Group rolled out digital and mobile channels to simplify access to insurance and make insurance accessible to everyone.

Sanlam Drives Uptake of Motor Insurance with New Sales Outlet

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04/09/2023

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Sanlam General Insurance, a subsidiary of Sanlam Life Insurance and member of the Sanlam Pan-African Group, has opened a new Sales Outlet at 2, Wemco Road, Agidingbi, Ikeja to particularly aid ease of access to her motor insurance plans. This is in addition to various channels by which the firm’s products can be purchased without stress.

Speaking at the official opening ceremony, Bode Opadokun, MD/CEO of Sanlam General Insurance, expressed his excitement about the sales outlet.

“Our goal is to continually seek out ways to get our range of insurance to our target market. By opening this sales outlet, we have once again demonstrated our unwavering commitment to delivering unparalleled convenience, efficiency, and reliability to all those seeking comprehensive and third-party motor insurance coverage.”

He further stated that the sales outlet is meticulously designed to cater to the diverse needs of our valued customers. “With a team of highly skilled and dedicated professionals, we are confident in our ability to provide personalised solutions tailored to your unique requirements,” he concluded.

Recall that earlier in the year, Sanlam General Insurance had introduced the first-of-its-kind USSD code *1056# for quick and accurate policy issuance and prompt claims settlement.

Aptly dubbed the Code of Confidence; the USSD *1056# is gradually gaining traction amongst policyholders who find it as innovative as it is convenient.

About Sanlam Nigeria

Sanlam Nigeria, formerly FBN Insurance and FBN General Insurance, comprising Sanlam Life Insurance Nigeria Limited and Sanlam General Limited, is Nigeria’s fastest-growing insurance company with multiple awards and recognitions including 4-time World Finance Life Insurance Company of the Year among others.

With a presence in over 66 locations, the brand is easily one of the most retail-driven insurers in Nigeria boasting a sales force of over 3000 sales champions and strong user-friendly technological support to ensure on-the-spot policy uptake.

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.

Steering Growth: Developments Behind Partner Success in the Channel Ecosystem

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03/09/2023

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By Emmanuel Asika

Country Head

HP Nigeria

Over time, we have seen that growth and success in the channel ecosystem have been mainly aided by collaborations or partnerships.

As businesses steer through the intricacies of today’s competitive environment, it is impossible not to appreciate the significance of the contributions of partners.

This partner growth has been aided by some crucial developments, namely: purpose-driven business models, enhanced insights, as well as the ability to scale up capabilities relevant to future competition.

These developments are rewriting the undercurrents of partnerships and propelling businesses to higher levels.

Clear Purpose Collaborations: Keeping Sustainability at the Heart of Business

These days, the word ‘sustainability’ has gone beyond being a mere slogan. It is now a deliberate notion of vital importance for businesses in Nigeria. With customers becoming more aware of, and basing their choices on environmental protection, collaborating with purpose-driven partners becomes vital. A couple of years ago, only 58 percent of shoppers across all groups considered sustainability over the price of items. Fast forward to the present, and over 66 percent of consumers declared that they will rather pay for environmental-friendly products.

This trend is also gradually catching on in Nigeria where a study found that consumers’ attitudes (cognitive, affective and conative attitudes) are positively and significantly correlated to sustainable consumption. Although the results of the interviews conducted among marketers and retailers revealed that such attitudes do not reflect in their buying behaviour, judging by the sluggish sales of sustainable products when compared to unsustainable products. But more and more Nigerians are taking recycling seriously.

As a result, the onus is on businesses, and for their own interest, to take environmental protection seriously and take measures that will positively impact the areas in which they operate. They have to realise that the ability to pull resources together allows for more balance and effect for a better tomorrow. In addition, this helps growth, as 83 percent business leaders are the opinion that sustainability programmes provide immediate and long-term value for their respective companies.

In Nigeria, which accounts for more than 150,000 metric tons of plastic bottles annually, half of it from the megacity of Lagos, business leaders are taking sustainability seriously, adopting sustainable practices for effective waste management, including total quality management, recycling, bio treatment, incinerations, neutralisation and secure sanitary landfills.

At HP, sustainability collaborations with its channel partners including vendors and resellers, have produced amazing results, with its Amplify Impact programme enabling the promotion of positive change to create a more advanced channel environment. The first of-its-kind partner assessment, resource, and training program, the HP Amplify Impact, has allowed more than 3,500 partners to drive change and utilise sustainability as a competitive advantage. Over the last 14 months, these HP Amplify Impact cohorts initiated over 7,000 transactions, all thanks to sustainability. This shows what purpose-driven partnerships can do.

In addition, in 2022, more than 60% of HP’s revenue achieved its Corporate Knights standard for sustainable income. This milestone is a testimony of the significance of including sustainability as a vital business driver. We have long believed that by collaborating with organisations with similar ideas, we can produce a potent domino effect, promoting sustainable practices that aligns with the thoughts of consumers.

Utilising Insights from Data for Well-Informed Decisions

Without a doubt, data is the prevalent tool of the computer age, and the importance of properly utilising it for competitive business leads cannot be underrated. And those who base their decision making on data have seen their businesses grow twice as fast as those who don’t.

As such, data analytics collaborations are indispensable for the growth of businesses. Should you choose to go at it on your own, you may not have enough data to recognise significant and relevant developments. As observed, data partnerships are on the increase. In fact, a recent McKinsey study forecasts that by 2025, data-driven organisations will start data collaborations to produce more valuable insights for all partners.

Currently, HP’s Amplify Data Insights programme provides partners access to a vast pool of more than 20 billion data points, and this is updated weekly. HP has found that merging its data with that of its partners offers concrete trade opportunities. In the past three years, 98% of qualified partners have chosen to report data, and this partnership tactic enables partners to identify evolving developments, recognise consumer choices, and spot gaps in the market, thus putting them ahead in their respective sectors.

In Nigeria, we have seen Partners begin to embrace data and Amplify Insights despite initial scepticism. Today, the programme validates itself with accurate predictions and niche opportunity creation within the growing Nigerian market.

Welcoming a Future-Ready Approach

Faced by economic uncertainties and ever-changing consumer habits, partners are constantly reassessing their business tactics. The shift to online and digital marketplaces has provoked a dramatic change in their tactic, forcing them to embrace a future-ready mentality. To overcome these challenges, partners are looking to inventive channel programmes intended to raise alertness, interpretation, growth, and partnership.

These programmes serve as guides through the age of digital revolution and provide the growing wishes of socially aware customers. During and post pandemic, this helped HP transition key partners to have strong online and digital spaces. In some cases, we literally built these platforms from scratch. The optimisation these solutions bring to our partners is at the heart of our Future Ready proposition.

In recognition of the importance of giving its partners power and control over their own affairs, HP has announced a number of innovative partner benefits and programme improvements under the auspices of the HP Amplify initiative. This places emphasis on creating competences, promoting partnerships, and improving performance. Interestingly, the HP Amplify programme has participants from 99% of revenue partners worldwide.

More determined than ever before to sustain the tempo of its channel-led business model, HP continues to adjust its method on the back of consumer comments and an unwavering promise to continually drive long-term partner growth. With a future-ready mindset and the backing of ingenious partner programmes, companies and businesses are ready to not only overcome present tasks but also come out tougher and more prosperous.

SEC DG, Lamido Yuguda, Says Reforms Will Rejuvenate Nigerian Economy

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03/09/2023

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President Bola Ahmed Tinubu has been commended for the reforms so far embarked on which are meant to rejuvenate the nation’s economy and improve the standard of living of Nigerians.

Mr. Lamido Yuguda, Director-General of the Securities and Exchange Commission (SEC), who stated this in an interview, disclosed that on assumption of Office of the President, there was a remarkable 5.23 percent surge in market capitalisation at the NGX on his first day, driven by optimistic anticipation of market reforms.

According to Yuguda, “it is a fact that there are prevailing challenges arising from demanding macro-economic conditions, constrained consumer spending, and rising operational costs. Despite these challenges, there remains a shared sense of optimism that on-going rigorous reforms will rejuvenate the nation’s economy. I therefore pledge the resolute support of the Capital Market to the Federal Government in navigating these challenges for the country’s brighter future.”

Yuguda stated that Nigeria had out-performed global indices on gains in the All-Share Index (ASI) and market capitalisation in the first half of 2023, an indication that the economy is being reflated.

He cited that the exceptional performance is attributed to several factors, such as the appealing dividend yields offered by certain stocks, the recovery of corporate earnings, and a notable improvement in sentiments among domestic retail investors.

‘All the indicators reflecting investors’ involvement – including volume, value, and the number of transactions – had demonstrated consistent month-on-month increases throughout the first half of 2023.”

The SEC DG also stated that the Investments and Securities Bill (ISB) 2023, which aims to align regulations with the modern dynamics of the market is presently being considered by the 10^th National Assembly and expressed the hope that if passed into law, it will enable optimal contribution of the capital market to national development.

He acknowledged that the road ahead is undeniably challenging, stating that the capital market must step forward in whatever way to lend its helping hand to the current economic reforms, adding that the market must make sacrifices to help drive the economic transformation that will change the nation’s fortunes for the better.

PenCom: Using Touts to Obtain Pension Clearance Certificate is Unlawful

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01/09/2023

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The attention of the National Pension Commission (the Commission) has been drawn to an increase in the use of touts and agents by employers and companies seeking to obtain Pension Clearance Certificates. Accordingly, the Commission wishes to draw the attention of all employers and the general public as follows:

The use of touts and agents to obtain Pension Clearance Certificate is illegal and contrary to the provisions of Section 104 (b) & (c) of the Pension Reform Act 2014.
Issuance of Pension Clearance Certificate is free of charge. The application process is also very easy and transparent. The Commission strongly advises employers to deal directly with it on matters relating to applications for issuance of Pension Clearance Certificate.
Employers wishing to obtain Pension Clearance Certificate are required to forward their application together with the following documents:
Certified list of employees of the organisation as at the end of the last fiscal year. The certification should be done with an authorised official of the applicant organisation.
Certified rate of monthly pension contributions (specifying employer and employee rates). The rates relating to the monthly emoluments are: a) Minimum of ten percent (10%) by the employer; and b) Minimum of eight percent (8%) by the employee.

iii. Evidence of remittance of monthly pension contributions for all employees as follows: a) For the last three fiscal years for organisations that were in existence for that period and have three (3) or more staff; b) For organisations that have not been in existence for the last three fiscal years, from the date of incorporation/registration/licensing to the last fiscal year.

Evidence of remittance of all outstanding pension contributions and penalties (for late remittance).
Evidence of transfer of pension fund and assets held prior to the commencement of the Contributory Pension Scheme (CPS) to a licensed pension fund operator. This is ONLY applicable to organizations that had pension arrangements or were in custody of pension assets before June 2004.
Evidence of current Group Life Insurance Policy procured for the staff of the organisation specifying the number of lives and sum assured.
Applicants are to note that it takes seven (7) working days for the Commission to process applications submitted with full documentation. The application is currently in the process of automation. Until this is completed, Certificates of Compliance can be picked up at the offices where applications were submitted.
Applications can be submitted at either the Commission’s Head Office at Plot 174, Adetokunbo Ademola Crescent, Wuse II, Abuja or any of its Zonal Offices in the six (6) geo-political zones.

Details of the zonal offices can be found on the Commission’s website, www.pencom.gov.ng.

Also, applicants can track their applications by visiting the Commission’s website where the list of organisations issued Clearance Certificates is updated daily.

Seplat Energy Signs MoU with MTN Nigeria on 5G

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Business Journal

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30/08/2023

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Seplat Energy has signed a 5G2Business Memorandum of Understanding (MoU) with MTN Nigeria to deploy 5G services to enhance their overall business efficiency.

This co-operation will see both Seplat and MTN strengthen their respective industry, market and sectoral leadership in Nigeria.

The 5G2Business MoU proves unprecedented advancements in business digital transformation as the 5G technology will pave the way for an array of use cases that will unlock the full potential for industries. 5G will enable businesses to unlock new efficiencies, automate processes, optimise operations, and drive innovation and productivity to new heights.

An elated Charles Gbandi, Director, Corporate Services at Seplat Energy said:

“We are excited to embark on this transformative journey with MTN Nigeria as this collaboration is a game-changer for our industry. As a sustainable business, this partnership marks a significant step forward in embracing 5G technology’s vast potential, and we believe it will empower us to drive innovation, efficiency, and growth in the energy sector.”

Also speaking on the collaboration, Lynda Saint-Nwafor, Chief Enterprise Business Officer of MTN Nigeria, stated:

“We are thrilled to join hands with Seplat Energy to spearhead the integration of intelligent digital technologies into industry processes in Nigeria. With this partnership, we open new vistas of possibilities, empowering enterprises to embrace cutting-edge technologies and digitally transform their day-to-day operations. While revolutionising the energy sector, this collaboration is set to deliver great value to Seplat Energy’s stakeholders.”

Seplat’s adoption of 5G services is a testament to the company’s drive to lead digital revolution in the oil and gas sector in Nigeria. It will further enable the company to unlock new efficiencies, automate processes, optimise operations, and drive innovation and productivity to new heights.

Seplat Energy Plc is Nigeria’s leading indigenous energy company. It is listed on the Nigerian Exchange Limited and the Main Market of the London Stock Exchange. Seplat Energy is pursuing a Nigeria-focused growth strategy through participation in asset divestments by international oil companies, farm-in opportunities, and future licensing rounds.

The Company is a leading supplier of gas to the domestic power generation market.

STI at 1st International Co-operation, Investment Summit in Calabar

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Business Journal

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30/08/2023

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L-R: Segun Bankole, Deputy General Manager, Corporate Communications & Investor Relations, Ama Bassey-Fynch, Senior Manager, Marketing & Business Development, (Head Office), Chiajulam Anyatonwu, Assistant Manager, Port Harcourt Area Office and Angela Onochie, Assistant General Manager/Eastern Regional Head, Sovereign Trust Insurance Plc at the inaugural edition of the International Co-operation & Investment Summit held at the Calabar International Convention Centre, Calabar, Cross Rivers State.

The Sovereign Trust Insurance Plc delegation is ably represented at the on-going inaugural edition of the International Co-operation & Investment Summit held at the Calabar International Convention Centre, Calabar, Cross River State.

The Nigeria Prize for Literature: Akubuiro, Gomba, Ojomu Make 2023 Shortlist of Three

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Business Journal

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29/08/2023

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The Advisory Board for The Nigeria Prize for Literature has announced the finalists for the 2023 edition of the Prize.

The shortlisted plays in alphabetical order of their titles are:

Grit by Obari Gomba

The Ojuelegba Crossroads by Abideen Abolaji Ojomu

Yamtarawala – The Warrior King by Henry Akubuiro

The Nigeria Prize for Literature is sponsored by Nigeria LNG Limited (NLNG) and carries a cash award of $100,000.

A total of 143 plays were entered for the competition, which focuses on drama.

The Chairperson of the Advisory Board, Professor Akachi Adimora-Ezeigbo, made the announcement in a live broadcast on the Prize’s social media channels.

According to the Board, the plays stand tall in terms of dramatology, language, performance, story, and structure.

The Board also said the plays represent the pinnacle of literary craftsmanship and the artistic convergence that The Nigeria Prize for Literature tirelessly seeks.

The Board stated: “For Grit by Obari Gomba, the judges have applauded it as a great play that transcends its covers. Its pages unfold a captivating narrative that has clearly left an indelible mark and its production quality is nothing short of excellent.

The Ojuelegba Crossroads by Abideen Abolaji Ojomu has deeply resonated with the judges, who commend its rich exploration of our socio-political fabric. The play’s ability to confront everyday struggles and decision-making conflicts while aiming for a harmonious resolution underscores its significant impact.

“Yamtarawala – The Warrior King by Henry Akubuiro captured the judges’ admiration for its dramatic twists, rendering it not only suited for the stage but also the screen. The narrative unfolds in ways that evoke a profound sense of engagement and excitement.”

“Our dedicated judges and the Advisory Board over the years have consistently worked together to seamlessly blend the contemporary heartbeat with the essence of Nigerian literature. This Shortlist serves as a testament to this harmonious fusion and the enduring legacy of our nation’s literary landscape,” the Board added.

The winner will be announced by the Advisory Board on October 13, 2023.

Professor Victor K. Yankah from the Department of Theatre and Film Studies, the University of Cape Coast, Ghana, serves as the International Consultant for this year’s edition of the Prize.

This same time four years ago in the Drama genre, Soji Cole (Embers), Denja Abdullahi (Death and The King’s Grey Hair) and Akanji Nasiru (The Rally) were announced in the 2018 Shortlist of Three. Soji Cole went on to win the Prize. Other playwrights who had been listed in the shortlist in previous years are Friday John Abba (Alekwu Night Dance), Jude Idada (Oduduwa, King of the Edos) and Sam Ukala (Iredi War – Winner) in 2014; Irobi Esiaba (Cemetery Road- Winner), Ahmed Yerima (Little Drops), and Adinoyi Ojo Onukaba (The Killing Swamp) in 2010; and Emeka Egwuda (Esoteric Dialogue), Femi Osofisan (Ajayi Crowther) and Ahmed Yerima (Hard Ground- Winner) in 2006.

Other members of the Advisory Board include Professor Olu Obafemi and Professor Ahmed Yerima.

The Nigeria Prize for Literature rotates yearly amongst four literary categories – prose fiction, poetry, drama, and children’s literature.

Access Pensions Surpasses N1tn AUM Milestone

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Business Journal

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29/08/2023

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Access Pensions Limited, a subsidiary of Access Corporation, has achieved an astonishing feat, surpassing the N1 trillion mark in Assets Under Management (AUM).

In an impressive trajectory, the Company – which emerged from the business combination of Sigma Pensions and First Guarantee Pension in December 2022 – has scaled up its assets under management to surpass the N1 trillion threshold in just six months.

This remarkable feat firmly establishes Access Pensions position as the fourth largest Pension Fund Administrator (PFA) measured by AUM in Nigeria and the second largest PFA, overseeing a portfolio of over 1 million Retirement Savings Accounts (RSAs).

Commenting on this feat, the Managing Director, Access Pensions, Dave Uduanu said: “Our journey to N1 trillion has been guided by a strong commitment to partnering with clients to shape their future.”

While technology served as a cornerstone, Uduanu also attributed Access Pensions’ success to a disciplined investment management approach and a resolute client-centric philosophy.

“Leveraging on technology in service delivery to improve user experience, following a disciplined approach to investment management, and being a member of the largest financial ecosystem in Nigeria, we can offer clients a superior retirement planning experience. Having a client-centric approach has played a significant role as we look to match our client’s needs and aspirations, building trust along the way,” Uduanu continued.

He added that Access Pensions is committed to delivering consistent results, even in challenging times, which has been the cornerstone of its credibility and client promise.

Furthermore, on leveraging technology, Uduanu noted that Access Pensions has invested heavily in technology to enhance its operations and client experiences and that its digital platforms (USSD, Mobile, WhatsApp chatbot) and Contact Centre provide real-time updates, keeping clients informed about their portfolios and requests.

Since its official formation in December, Access Pensions has brought forth innovative products that cater to a wide range of risk preferences, effectively staying ahead of changing demands.

“Our vision is clear – to provide our clients with the financial tools needed to shape their retirement future. We are dedicated to raising the bar in service, performance, and client satisfaction. As we expand, responsible and sustainable investing will remain our priority,” Uduanu added.

With its range of innovative products and remarkable achievements like this, Access Pensions is unquestionably charting a new course for success in the pensions industry and playing a pivotal role in shaping the financial future of Nigerians.

Stanbic IBTC Pension Managers Inspires Women to Shape the Future

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Business Journal

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29/08/2023

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According to a United Nations Women publication, although women’s economic empowerment boosts productivity and increases economic diversification, in addition to other positive development outcomes, globally, over 2.7 billion women are still legally restricted from having the same choice of jobs as men. The trajectory of female emancipation is a necessary revolution.

Stanbic IBTC Pension Managers recognises the potential for greatness possessed by every woman armed with the right tools and orientation, and as part of its long-standing commitment to women empowerment and development in Nigeria, the organisation put together the just concluded third edition of the Ladies At The Table Empowerment Series (LATTES 3.0) themed: “The Woman of the Future.”

One of the highlights of LATTES 3.0 was the dynamic panel discussions that focused on critical challenges faced by women in today’s world. These sessions addressed gender bias, work-life balance, personal development, and financial empowerment. The discussions provided a platform for engaging conversations and helped to create a supportive network among attendees, facilitating collaborations and mentorship opportunities.

The panel discussion at LATTES 3.0 featured distinguished speakers such as Dr. Omolola Salako, Founder of Sebeccly Cancer Care and Pearl Oncology Specialist Hospital; Tobi Ayeni, founder of MissTechy; and Solape Akinpelu, co-founder and CEO of HerVest. These accomplished women shared their knowledge, stories, and actionable tips for success as working women.

During the panel discussion, the speakers highlighted that empowering women directly impacts socio-economic progress. When women have access to education, employment, and economic resources, they can contribute to the growth and development of their communities.

The woman of the future understands the pivotal role of work-life balance in pursuing holistic well-being. She prioritises essential aspects such as self-care, family, and personal growth. Women can attain a more sustainable and fulfilling future by fostering a healthier work-life integration.

Speaking at the event, Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers, described LATTES as a critical initiative that unveils a new dawn for women empowerment in Nigeria.

He noted that the Nigerian woman holds multiple roles in her family, career, politics, and society. Being conscious of these roles enables women to cultivate a creative mindset and embrace diverse responsibilities that prepare them for the future.

Juliet Ehimuan, Director of Google West Africa, equally noted in her keynote address that the future belongs to women who dare to dream big and defy societal expectations. She admonished women to harness the power of technology to create the future they envision.

Juliet states, “Women must wholeheartedly embrace the many opportunities with the transformative potential to propel their personal and professional growth to new heights. By actively seeking these opportunities, women can expand their knowledge, broaden their skill sets, and cultivate the confidence necessary to navigate the ever-evolving landscape of life and work.”

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