The Chief Executive Officer (CEO) of the most interconnected facility in West Africa, the Digital Realty Nigeria, Engr. Ikechukwu Nnamani, would lead speakers to the 2024 Nigeria DigitalSENSE Africa Forum on Internet Governance for Development (IG4D) on Thursday, June 27, 2024.
Digital Realty Nigeria, formally known as Medallion Data Centres Limited is a Lagos-based number 1 peering point for the region.
Confirming this, the Lead Consulting Strategist, DigitalSENSE Africa, a project of ITREALMS Media group, Sir Remmy Nweke, said that Engr. Nnamani, the immediate past National President of the Association of Telecommunications Companies of Nigeria (ATCON) would be the Guest Speaker at the 2024 NDSF on the theme “IG4D: Innovative Digital Economy & Safer Civic Space in Nigeria.”
Nnamani, who was also the former member of the Executive Board cum Treasurer of the Nigeria Internet Registration Association (NIRA), would join the Executive Director, Media Rights Agenda, and Chairman of 2024 NDSF on Internet Governance for Development, Mr. Edetaen Ojo.
Pointing out that the 2024 NDSF on Internet Governance for Development has been confirmed to hold at the prestigious Welcome Center Hotels, International Airport Road, Lagos by 10am.
Nweke recalled that for over 16 years, Engr. Nnamani has led the Digital Realty datacenter in Lagos, which boosts all submarine cables in the region, long distance providers, metro fiber providers, mobile services providers, fixed services providers, Over-The-Top (OTT) providers, Internet Exchange, Value Added Service (VAS) providers, and global Tier1 service providers, among others.
He pointed out that over 68 percent of all internet traffic exchanged at the Nigeria Internet Exchange takes place at Digital Realty’s datacenter in Lagos, Nigeria, just as the company recently completed its ultra-modern 1MW IT Load state-of-the-art datacenter called LOS2 in Victoria Island, Lagos, Nigeria.
Also, Engr. Nnamani is reputed for promoting the establishment of telecom infrastructure in several African countries including Ghana, Togo, Liberia, Sierra Leone, Ivory Coast, Senegal, Kenya, Uganda, Botswana and Angola to name a few.
NDSF’24: Nnamani to Speak @Internet Governance for Development
Fidelity Bank Public Offer, Rights Issue to Open Thursday, June 20
Nigeria’s 6th largest bank, Fidelity Bank Plc will on Thursday, June 20, 2024 open its public offer and Rights Issue.
As part of this capital raising process, Fidelity Bank will same Thursday, June 20, 2024 at the NGX hold a Facts Behind the Offer presentation.
According to an article posted on the BusinessDay website and authored by Iheanyi Nwachukwu, 3.2 billion ordinary shares of 50 kobo each will be offered in the ratio of 1 new ordinary share for every 10 ordinary shares held as of January 5, 2024, at N9.25 per share under the Rights Issue.
For the public offer, 10 billion ordinary shares of 50 kobo each will be offered to the general investing public at N9.75 per share.
Stanbic IBTC Capital is the Lead Issuing House to the Combined Offer, whilst the Joint Issuing Houses include Iron Global Markets Limited, Cowry Asset Management Limited, Afrinvest Capital Limited, FSL Securities Limited, Futureview Financial Services Limited, Iroko Capital Market Advisory Limited, Kairos Capital Limited and Planet Capital Limited.
The acceptance and application lists for the rights issue and public offer which will open on Thursday, June 20 will close on Monday July 29, 2024.
The bank recently concluded all necessary arrangements to raise a total of up to N127.100 billion by way of a rights issue to existing shareholders and a public offer (the combined offer).
The combined offer is a part of the bank’s strategy to increase its share capital base in compliance with the revised minimum capital requirements for Nigerian commercial banks introduced by the Central Bank of Nigeria (CBN) on March 28, 2024.
NAICOM Seeks Strong Institutions, Collaboration in Insurance Sector
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, who was represented by the Deputy Commissioner, Mr. Ekerete Olawoye Gam-Ikon, attended the 2024 Nigeria Council of Registered Insurance Brokers (NCRIB) CEO’s Retreat held from June 13-15, 2024 in Uyo, Akwa Ibom State. The retreat was themed “Building Institutions That Survive Their Promoters.”
In delivering the goodwill message, the Deputy Commissioner emphasised that in today’s rapidly changing world, the concept of building enduring institutions is more relevant than ever. Institutions that outlive their founders represent sustainability, resilience and continuous excellence, becoming pillars of strength for our communities and guiding us through times of change and uncertainty.
He further noted that at NAICOM, there is a deep commitment to creating lasting legacies. This commitment is built on robust governance, innovation, and an unwavering dedication to ethical practices. These principles not only ensure the longevity of institutions but also foster trust and confidence among stakeholders.
The Deputy Commissioner highlighted the crucial role insurance brokers play in this endeavour. As intermediaries who facilitate critical financial protection, brokers are instrumental in promoting stability and security whose efforts contribute to a safer and more predictable environment for businesses and individuals alike. He expressed confidence that the discussions and insights shared during the retreat would illuminate strategies and best practices to ensure that the institutions built today will thrive for generations to come.
In conclusion, he urged everyone present to use the opportunity to collaborate, learn from each other and reinforce the insurance industry’s collective mission to create a sustainable future.
AIICO Sponsors 2024 NCRIB CEOs Retreat in Uyo with Focus on Sustainable Institutions
From Left-right: Mr. Adewale Kadri (ED, Technical, AIICO Insurance Plc), Mr. Arowojolu Adedayo (MD, Unitrust Insurance Co. Ltd), Mr. Tope Daramola (Executive Secretary/CEO), Mrs. Ekeoma Ezeibe (Deputy President, NCRIB), Mr. Ekerete Gam-Ikon (Deputy Commissioner, NAICOM), Prince Babatunde Oguntade (President NCRIB), Mr. Bob Emem (Commissioner for Economic Development, Akwa Ibom State), Mrs. Funke Adenusi (Vice President, NCRIB), Mrs. Yetunde Ilori (Director General, CEO of Nigerian Insurers Association), Mr. Edwin Igbiti (President, Chartered Insurance Institute of Nigeria).
Demonstrating their commitment to collaboration within the insurance industry, AIICO Insurance featured as the lead sponsor for the 2024 NCRIB CEOs’ Retreat held in Uyo, Akwa Ibom State. This sponsorship exemplifies AIICO’s focus on fostering professional development and service excellence within the insurance brokerage sector.
The NCRIB Chief Executive Officers converged on Uyo for their annual retreat between June 13 and 15, 2024 to review the state of their sub sector and brainstorm on the way forward. The retreat had as its theme: “Building Institutions that Survive Their Promoters.”
The Akwa Ibom State Governor, His Excellency, Mr. Umo Bassey Eno, who was the Special Guest of Honour, was represented by the State’s Commissioner for Economic Development, Mr. Bob Emem.
The Commissioner for Insurance was represented at the event by the Deputy Commissioner, Finance and Admin, Mr. Ekerete Gam-Ikon. In his speech, he emphasised on the concept and importance of building enduring institutions. He further assured all stakeholders of NAICOM’s commitment to creating lasting legacies, built on robust governance, innovation and dedication to ethical practices.
The Akwa Ibom State Commissioner stressed the need for collaborative efforts between the insurance industry and the public sector to harness the inherent potentials for value creation. He promised to make recommendations to the state government on possible areas of cooperation between the state and the industry.
In his welcome address, AIICO Insurance Plc’s Executive Director, Mr. Adewale Kadri, commended the insurance Brokers for their industry and professionalism. He expressed appreciation for the remarkable partnership with these key industry players which continues to yield positive results.
The three-day retreat also provided a relaxed social atmosphere for the CEOs to relate informally and take part in games and sporting activities away from the everyday official itinerary and functions.
The NCRIB is the umbrella body of registered and approved operators in the insurance brokerage business who are universally recognised as insurance intermediaries. Insurance Brokers deploy their skills and expertise in arranging insurance protection in the very best interest of their clients who are the proposers or consumers.
Among others, insurance Brokers are involved in risk evaluation and assessment, providing advice on types of policies, recommend and advice on the selection of underwriters based on their strengths and weaknesses, and ensuring prompt claims settlement.
AIICO Insurance is a leading composite insurer in Nigeria, with a 60-year record of accomplishment in delivering quality service to its clients. Founded in 1963, AIICO provides life & general insurance, health insurance, and investment management services to create and protect wealth for individuals, families, and corporate customers.
UEFA EURO 2024: PalmPay in Partnership with iLOT, BetWay, BetCorrect, AccessBet, BetKing, Unveils Bet and Win Big Promo
This UEFA EURO ‘24 football season, leading fintech platform, PalmPay, brings loads of excitement for its users in partnership with iLOT, BetWay, BetCorrect, AccessBet and BetKing to unveil the Bet and Win Big promo.
From June 14th to July 15th, 2024, users can deposit in their betting wallets and stand a chance to win an iPhone 15 Pro and share in millions of cash prizes.
How to Play and Win
- Download the PalmPay App: If you haven’t already, download the PalmPay app from your app store.
- Deposit and Win Draws: Deposit a minimum of N2,000 to get a 1 draw chance. You can earn up to 5 draw chances in total. The more draw chances mean a higher probability of winning the coveted iPhone 15 Pro.
- Accumulate and Share Cash Prizes: Make accumulated deposits of N500,000 or more over the campaign period. Users with total deposits of N500,000 and above will share millions in cash prizes.
The bigger your accumulated deposits, the bigger your share of the cash prizes..
For more information and updates about the promo, follow PalmPay follow us on X, Instagram and Facebook for more information.
NSML Signs Vessel Management Agreement with Temile Ltd for New LPG Vessel
NLNG Shipping and Marine Services Limited (NSML) Temile Development Company Limited on Tuesday, signed a Vessel Management Agreement (VMA) to provide comprehensive vessel technical management services for the new 23,000 cubic metre LPG vessel, LPG Alfred Temile 10, owned by Temile Development Company Limited.
At a ceremony in Abuja, NSML’s Managing Director and Chief Executive Officer, Mr. Abdulkadir Ahmed, and Temile’s Chief Executive Officer, Mr. Alfred Temile, signed the VMA. Present at the signing ceremony were Adegboyega Oyetola, Minister of Marine and Blue Economy, represented by Mrs Ekanem Ogegere Celia, Deputy Director, Cabotage and Shipping; Engr. Felix Omatsola Ogbe, the Executive Secretary, Nigerian Content Development & Monitoring Board; Mr. Andy Odeh, General Manager, External Relations and Sustainable Development; Dr. Salihu Jamari, Chief Investment Officer, NNPC Gas & Power Investment Services, among others.
Speaking at the milestone event, NSML’s MD, Mr. Ahmed, emphasised that NSML will leverage its expertise and resources to ensure the safe, reliable, and efficient operation of the Alfred Temile 10. He stated that the relationship with Temile Development Company started with the delivery of the first LPG vessel – LPG Alfred Temile – to NLNG in 2020.
“The relationship grew and continued with the construction, supervision and delivery of the 2nd LPG Vessel – Alfred Temile 10 – to Nigeria in March 2024. This momentous occasion represents our shared commitment to excellence, safety, and innovation in the maritime industry. It also represents the tenacious can-do-spirit of Mr Alfred Temile who has grown his LPG vessel fleet within a span of four (4) years. The Alfed Temile 10 is a testament to our dedication to operating a modern, efficient, and environmentally responsible fleet. With its cutting-edge design and technology, this vessel will set a new standard for LPG transportation in Nigeria and the West Africa,” he said.
Also speaking at the event, Mr. Temile, stressed that the new vessel will play a critical role in gas transportation in Nigeria, enhancing the company’s capacity to deliver high-quality services while adhering to the highest standards of safety and environmental stewardship.
“We are confident that this partnership will set a new benchmark in the industry, and we are excited about the opportunities that lie ahead. As we embark on this new chapter, we also anticipate further strategic investment decisions including a third gas carrier later this year, demonstrating our commitment to deliver sustainable growth and value to our shareholders and Nigeria,” he added.
The keynote speaker, Engr. Felix Ogbe, commended NSML and Temile Development Company for partnering together. He stressed that there was ample human capacity, resources and tenacity in-country to achieve great feats, calling for increased colloboration and cooperation in the maritime industry.
NNPC GCEO Rallies Judiciary’s Support Against Crude Oil Theft
GCEO NNPC Limited, Mr. Mele Kyari (seated 3rd from left), the Chief Justice of the Federation, Olukayode Ariwoola (seated 4th from left) and members of the National Judicial Institute during the National Capacity Building Workshop for Judges on the Petroleum Industry Act (PIA) 2021 organised by the Institute, in Abuja on Thursday.
In order for the oil and gas industry to achieve its full potential as an enabler of national economic and industrial growth, the Group Chief Executive Officer of the NNPC Limited, Mr. Mele Kyari, has called for the support of the judiciary in tackling the twin challenges of crude oil theft and pipeline vandalism.
Kyari made the call at the National Judges Capacity Building Workshop on the Petroleum Industry Act (PIA) 2021 organised by the National Judicial Institute (NJI) and INVESTIN 234, on Thursday in Abuja.
In a goodwill message he delivered at the workshop, the GCEO stated that the gains of the PIA have been severely undermined by crude oil theft and pipeline vandalism and urged the judiciary to consider the creation of a special court to try offences related to crude oil theft and pipeline vandalism or granting accelerated hearings to such cases.
According to him, the role of the judiciary was critical to the success of the efforts of the various security arrangements put in place by NNPC, the law enforcement agencies and other stakeholders in the industry.
“In particular, is the recommendation that a special court be created to try those offences as they hinge on our survival as a country, and/or for such trials to be conducted under an accelerated hearing process by the issuance of Practice Directions to that effect, with concomitant sanctions to deter would-be offenders,” Kyari stated.
The GCEO also called on the judiciary to accelerate hearing to criminal cases in their courts, through timely determination of the criminal charges and imposing adequate punishments and sanctions on culprits to serve as deterrence to others.
He said NNPC remains committed to collaborating with all relevant stakeholders to ensure the successful implementation of the PIA, adding that “together, we can ensure that the benefits of our natural resources are maximized for the economic and social development of our country”.
Kyari also commended the Chief Justice of the Federation, Olukayode Ariwoola and the organisers of the workshop for extending invitation to him and the opportunity to deliver a goodwill message at the workshop.
Universal, Guinea, Norrenberger Group to Sponsor NAIPE AGM
Universal Insurance Plc, Guinea Insurance Plc and Norrenberger Group are set to sponsor the 2023/2024 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE).
This year’s NAIPE AGM will hold on Tuesday, July 9, 2024 at the Nigerian Insurers Association (NIA) House in Victoria Island, Lagos, by 11am.
NAIPE is the umbrella body for journalists covering insurance and pension sectors in Nigeria.
NAIPE holds its AGM in July every year and companies that sponsor the AGM have the unique opportunity to market their products and services to NAIPE members in the course of the event who will in-turn push out the information to the general public through publication of stories and analysis in their mediums and platforms.
Universal Insurance Plc is one of the nation’s largest personal lines insurers with over N8 billion in assets.
Universal Insurance offers a broad spectrum of insurance products for all types of businesses, corporate and individuals with unique services delivery.
Some of its extensive products include Auto Insurance, Goods-in-Transit, Property Insurance, Marine Insurance, Bond Insurance, Money Insurance, All Risk Insurance, Boilers & Pressure Vessels Insurance, Builders’ Liability Insurance, Burglary & House Breaking Insurance, Contractors All Risks Insurance, Employer’s Liability Insurance, Erection All Risks Insurance, Fidelity Guarantee Insurance, Fire & Special Peril, and Oil & Gas Insurance, etc.
According to Universal Insurance, “our vision is to be a dominant, specialised non-life insurer in Nigeria, creating and delivering value to stakeholders while our mission is to offer specialised non-life insurance protection to clients inspired by innovation, efficiency and prompt claims settlement.”
The Company is known for prompt claims settlement, integrity, satisfaction through professionalism, unity of purpose, reliability, as well as excellent teamwork.
Guinea Insurance Company Limited was incorporated on December 3, 1958, as a non-life insurance underwriting firm to provide first-rate insurance solutions in the General Business category.
Guinea Insurance has always lived up to its name; consistently one step ahead of the industry in the provision of better and affordable risk management solutions.
“We are a major player in the provision of first* -rate financial risk solutions in the General and Special Risks business underwriting categories. We have established a reputation for exceptional competence in the delivery of customer-centric services and product innovation,” the company stated.
With a strong capital base, highly qualified professionals, and modern technology, Guinea Insurance became widely acknowledged for speed and efficiency and thus, remained the preferred insurer for individual and corporate clientele seeking premium insurance and related financial services to date.
The Company offers first-class products which are tailored to meet the numerous needs of its clients, both as individuals and corporate organisations, providing cover options that are rich and robust enough to accommodate virtually all eventualities.
Some of the products are Home Shield Insurance, Fire and Special Peril Insurance, Motor Insurance, Burglary/Theft Insurance, All Risk Insurance, Workmen’s Compensation Insurance, Personal Accident/Group Personal Accident Insurance, Public Liability Insurance, Bonds Insurance, Contractors All Risk Insurance, Erection All Risk Insurance, Marine Cargo Insurance, Fidelity Guaranty, and Oil & Gas Insurance, etc.
Norrenberger Group is a leading, integrated financial services group that provides bespoke financial solutions that add value to its individual and institutional clients.
The Group’s culture is built on the fundamental values that they all hold. Every Norrenberger team member embraces these values and lives by them, not just at work, but in life.
At Norrenberger, they unlock opportunities in society by providing cutting edge investment options and access to alternative financing which in turn allows people to bring their innovative ideas to life and expand their existing businesses.
The Group’s focus is to continue to create financial asset classes targeting the need of every single household in Nigeria. By 2025, they hope to have delivered at least one financial solution to every household.
The Group covers the following business areas amongst others, Asset Management, Investment Banking, Pensions, Securities Trading and Insurance.
Nigeria’s Advertising Industry Valued at ₦605.2bn- PwC Report
A new report commissioned by the Advertising Regulatory Council of Nigeria (ARCON) and funded by various industry associations has shed light on the advertising sector’s contribution to the nation’s Gross Domestic Product (GDP), its value and multiplier effect.
The new report was carried out by PricewaterhouseCoopers (PwC) and presented to stakeholders on Tuesday at a media briefing in Lagos.
Speaking at the unveiling, ARCON, Director- General, Dr. Olalekan Fadolapo expressed optimism about the industry’s recent strides, including the launch of an Audience Measurement initiative last week.
Fadolapo expressed gratitude to the sectoral groups, including the Experiential Marketers Association of Nigeria (EXMAN), Association of Advertising Agencies of Nigeria (AAAN), Outdoor Advertising Agencies of Nigeria (OAAN), Media Independent Practitioners Association of Nigeria (MIPAN) and the Broadcasting Organisation of Nigeria, (BON) for funding the study.
He underscored the need to quantify the industry’s size and impact as an economic enabler,
“We cannot continue to guess and estimate the size of the industry. This report lays the foundation for us to assess the advertising space and its multiplier effect on the economy every year going forward, Fadolapio said.
The D-G added that findings of the report underscored the industry’s paramount role as a catalyst for consumer demand, business expansion, employment, and innovation across sectors.
As parts of strides that ARCON has undertaken to advance the growth of the industry, Fadolapo added that in addition to the Audience Measurement and the GDP Multiplier effect report, ARCON is also set to hold an event on the audacious rebrand Nigeria project that it had undertaken alongside other projects as part of resolutions from the communique of the National Advertising Conference.
Also speaking, Tunji Adeyinka, Chairman of the National Advertising Conference, provided context on the study’s genesis.
He explained that the 2022 conference highlighted a gap in understanding the industry’s GDP contribution, prompting the decision to engage PwC for a credible assessment.
He added that the report examined two key aspects: the advertising industry’s direct monetary contribution to GDP and its multiplier effect – the amplified impact of advertising investment on overall economic output.
In his presentation, Dr. Femi Adelusi, Chairman of the Multiplier Study Committee, revealed the profound impact of Nigeria’s marketing communications industry on driving the nation’s economic growth.
“The marketing communications sector has emerged as a formidable economic powerhouse. The study estimates that for every ₦1 spent on marketing communications in Nigeria, the nation’s GDP increases by a staggering ₦16.5 – a multiplier effect that highlights the industry’s substantial value contribution.”
Referencing the report, the total expenditure on marketing communications reached an impressive ₦605.2 billion in 2023, having grown at a remarkable compound annual growth rate (CAGR) of 18.7 per cent over the past six years, from ₦216 billion in 2018.
He said that the trajectory is projected to continue, with spending expected to reach ₦893 billion by 2028, contributing a significant 1.08 per cent to Nigeria’s GDP, up from 0.7 per cent in 2023.
Dissecting the industry’s segments, he said that the top three contributors to marketing communication spend between 2018 and 2023 were cable TV (25.5%), digital media (18.5%), and creative & content production (13.4%).
“The proliferation of cable TV, driven by its diverse content offerings and affordable package options, has captivated a wide consumer base.
“Additionally, the surge in digital media spend, fueled by increased internet and mobile penetration, as well as the rise of social media and video-on-demand platforms, has reshaped the marketing landscape,” Adelusi said
He said that the study also highlighted the growing influence of creative and content production, which recorded a CAGR of 15.8 per cent between 2018 and 2023, driven by the popularity of smartphones, social media engagement, and the appeal of real-time online content.
“The investment by video-on-demand platforms like Netflix and Amazon Prime in Nigerian productions, particularly in the thriving Nollywood industry, has further bolstered this segment,” he added.
While acknowledging challenges such as economic pressures, regulatory reforms, and competition from global players, he said that the study underscored the industry’s strengths, including rising digital trends, opportunities for local and international partnerships.
He said that the study also stressed the ability to leverage technological innovations like AI and big data analytics, Nigeria’s large and culturally diverse market, and the potential for innovative, locally-tailored marketing approaches.
He said that in accelerating the industry’s growth and development, the study outlined the following key recommendations.
“Creating specific, measurable goals for the sector’s GDP contribution, establishing a Joint Industry Body (JIB) for operational coordination among broadcasters, agencies, and advertisers.
“Encouraging strategic alliances among industry players, embracing a “global” approach that combines international best practices with local initiatives, and utilizing analytics tools to track spending patterns and consumer behavior meticulously.
“The marketing communications industry is an economic force that deserves recognition and support.
“By implementing these recommendations, we can unlock the industry’s full potential, drive sustainable growth, foster job creation, and cement Nigeria’s position as a leading marketing communications hub in Africa and beyond,” Adelusi quoted the report as recommending.
Industry stakeholders have variously praised the study, hailing it as a move in the right direction.
Among industry leaders at the event are Mrs. Tolulope Medebem, President, EXMAN; Mrs. Brenda Nwagwu, Vice President, MIPAN; Mr. Steve Babaeko, President, AAAN, Kenny Ogungbe from BON and Mr. Sola Akinsiuku, President, OAAN, among others.
They noted that the study’s findings have indeed sent ripples of excitement through the industry, as stakeholders recognize the immense opportunities that lie ahead.
They argued that with its proven ability to catalyze economic activity, spur innovation, and create employment opportunities, the marketing communications sector is poised to play an increasingly vital role in shaping Nigeria’s economic future.
Sterling Bank Implements Blockchain Solution for SPPG
Sterling Bank, a leading financial institution committed to driving innovation and progress, has partnered with the School of Politics, Policy, and Governance (SPPG) to revolutionize credential verification through blockchain technology. This collaboration marks a significant milestone in enhancing the efficiency, security, and accessibility of academic credentials in Nigeria.
Acknowledging the pressing need for an effective solution, Sterling Bank has taken the initiative to back the implementation of VX Technologies’ innovative blockchain-based digital certification program. This initiative arose from the necessity for a transformative solution to address the difficulties faced by SPPG in managing and verifying academic credentials through paper-based systems.
“We are thrilled to partner with VX Technologies and SPPG to introduce this game-changing initiative,” said Obinna Ukachukwu, Chief Growth Officer Sterling Bank. “We believe in the power of innovation to drive progress and transform lives at Sterling Bank. By supporting the adoption of blockchain technology in education, we are not only revolutionising credential verification but also advancing our H.E.A.R.T strategy for Education, which prioritises Access and Equity.”
Sterling Bank’s investment in this pioneering project underscores its commitment to fostering innovation and driving positive change in Nigeria’s education sector. By leveraging blockchain technology, graduates from SPPG will now have access to secure, tamper-proof digital certificates, ensuring the integrity and authenticity of their academic achievements.
As VX Technologies maintains its leadership position in integrating blockchain technology across diverse sectors, their collaboration with SPPG and Sterling Bank underscores the significant impact of blockchain technology on education and beyond.
“We are pleased to acknowledge the impactful generosity of Sterling Bank, which has provided the funding necessary for the initial phase of this project“ said Ryan Hawkos, Director of Operations, VX Technologies. “This support ensures that thousands of SPPG alumni can access their digital certificates, with the first one thousand certificates being provided at no cost.”
As Nigeria’s education landscape continues to evolve in the digital age, Sterling Bank remains committed to driving innovation and empowering the next generation of leaders. Through strategic partnerships and groundbreaking initiatives like the blockchain-based digital certification project, Sterling Bank is leading the charge towards a future where access to education is seamless, secure, and equitable.
According to the Chief Executive Officer of SPPG, Alero Ayida-Otobo, “Sterling Bank’s commitment to quality and positive educational experiences for people is yet again demonstrated here in their commitment to supporting the adoption of innovative technology across the educational ecosystem.”
“We are one of the first institutions in Nigeria to embrace blockchain for academic credential management, and we look forward to a near future where this is the norm across Nigeria,” he added.
Renowned for its now famous HEART of Sterling strategy; which focuses investments in the Health, Education, Agriculture, Renewable Energy and Transportation; its irreverent brand voice and enviable talent management practices, Sterling has been awarded the Most Innovative Bank of The Year for by BusinessDay, been named the Overall Best Place To Work In Nigeria by the Great Place To Work Institute, and has featured on the prestigious top 100 fastest growing companies in Africa, as published by the globally recognised Financial Times, all in 2023.
Fidelity Bank Records Largest Single-day Turnover Volume of over 600m Shares
Fidelity Bank was by far the most traded stock in the NGX on Monday, June 10, 2024, with a turnover volume of about 605.257 million shares, even as the stock gained 6.52% to close at N9.80.
Since announcing its public offer and rights issue program, the bank’s stock has seen significant market activity. For the week ending June 7, 2024, it emerged as the top-traded stock, with a turnover volume of 229.613 million shares.
After Fidelity Bank, Access Holdings recorded the highest turnover volume in the market with 93.067 million shares. It was followed by UBA, which recorded a 2.86% gain and a turnover volume of 58.726 million shares.
Nigerian Breweries which posted a 2.38% posted a turnover volume of 45.256 million shares, and Zenith Bank with a 4.66% gain posted a turnover volume of 16.079 million shares.
In terms of turnover value, Fidelity Bank posted a N6.025 billion turnover value, while Access Holdings posted a turnover value of N1.744 billion. Nigerian Breweries recorded N1.27 billion, UBA – N1.26 billion, and Stanbic IBTC posted a turnover value of N572.92 million with a 0.57% gain.
For stocks worth over one trillion, trading sentiment was quite positive, however, eight out of the ten stocks were left unchanged. GTCO Holdings posted a 0.13% and Zenith Bank posted a 4.66% gain.
Other members of the category, Airtel Africa, BUA Cement, BUA Foods, MTN Nigeria, Geregu Power, Transcorp Power, Seplat Energy, and Dangote Cement posted no price changes.
The top-tier banking stocks recorded gains all-round, as UBA, GTCO, Access Holdings, and Zenith Bank posted 2.86%, 0.13%, 9.86%, and 4.66% gains respectively. However, FBNH recorded no price change.
The FUGAZ stocks recorded a turnover volume of 181.488 million shares.
Tinubu Commends Tolaram for Reposing Confidence in Nigeria’s Economy
President Bola Ahmed Tinubu has commended the Indonesian business conglomerate, the Tolaram Group, for believing in Nigeria and having absolute faith in her economy.
Tolaram, which partnered Nigeria to build the Lekki Free Trade Zone and the country’s first deep sea port, has acquired Diageo’s 58.02 per cent shareholding in Guinness Nigeria Plc.
According to an announcement at the Nigerian Exchange on Tuesday, Tolaram will also enter into long-term license and royalty agreements for the continued production of the Guinness products and its locally manufactured Diageo ready-to-drink and mainstream brands.
Tinubu said Tolaram, by acquiring Diageo’s shares in Guinness, had shown that it has a long-term view of doing business in Nigeria.
Tolaram has been doing business in Nigeria in the last 50 years.
In choosing to expand its investment footprints in Nigeria, Tolaram has demonstrated strong faith and confidence in Nigeria’s economy.
He welcomes Tolaram to the beverage sector of Nigeria’s business landscape and hopes the group’s business will continue to flourish.
Tinubu gives assurances to investors and Nigeria’s businesses, promising that his government will continue to make the operating environment more conducive and transparent.
He said that the multi-pronged reforms and interventions being implemented on the economic and financial fronts would deliver sustained growth and enduring profitability for investors.
NAICOM Seeks Support of Police Force in Enforcement of Compulsory Insurances
The Commissioner for Insurance/CEO of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, paid a courtesy visit to the Inspector General of Police, Kayode Adeolu Egbetokun at Louis Edet House, Force Headquarters, Abuja on Tuesday, June 11, 2024.
The purpose of the visit was to seek an audience with the IGP and the management of the Nigerian Police Force (NPF), who are critical stakeholders aligned with NAICOM’s vision, to achieve its mandate, particularly in the area of compulsory insurance enforcement.
During the visit, the Commissioner for Insurance requested collaboration to advance the Nigerian insurance sector roadmap. He emphasised that it is unlawful for individuals to drive on the road without valid motor insurance (3rd party), he noted that less than a quarter of the vehicles have valid motor insurance. The CFI stated that the visit aimed to seek NPF’s collaboration to ensure the enforcement of compulsory 3rd party motor insurance, as mandated by law.
The CFI also highlighted that in 2023, the ECOWAS Brown card has been captured in the upgraded premium for 3rd party motor insurance cover by NAICOM, allowing insured vehicles to travel across the West African sub-region. Additionally, he noted that the benefits attached to the 3rd party insurance had been increased to N3 million.
To further this initiative, the CFI underscored the need for digitisation platforms to authenticate the validity of vehicle insurance. He mentioned that this system is already being implemented by the Lagos State government.
The CFI requested the establishment of a team to collaborate with the Commission in conducting enforcement actions, asserting that the success of this initiative would be a significant achievement for Nigeria.
In response, the IGP assured the CFI of the Nigerian Police Force’s full support in enforcing compulsory 3rd party insurance. He announced that a team, headed by the DIG Operations, would be set up to oversee the enforcement of compulsory insurance.
Stanbic IBTC Capital, Best Local Currency Bond House at EMEA Finance Awards 2023
Stanbic IBTC Capital, the investment banking subsidiary of Stanbic IBTC Holdings, has been recognised as the ‘Best Local Currency Bond House’ at the EMEA Finance Awards for the second consecutive year.
This award highlights the company’s outstanding performance and pivotal role in the Nigerian capital markets.
In addition to the ‘Best Local Currency Bond House’ award, Stanbic IBTC Capital also earned four other recognitions at the EMEA Finance Achievement Awards ceremony, which was held in London on Thursday, 06 May 2024. These include the Best Sovereign Sukuk Programme Award for managing Nigeria’s ₦150 billion domestic Sukuk programme; demonstrating the firm’s expertise in supporting government initiatives through innovative Islamic finance.
The firm also received the Best Naira Bond award for its role in Flour Mills of Nigeria’s ₦46 billion 3-year Fixed-rate Bond issuance, demonstrating its proficiency in navigating the local debt market and supporting the strategic growth of its corporate clientele.
Finally, the Best Project Bond in EMEA Award was conferred on Stanbic IBTC Capital for acting as Lead Issuing House and Adviser in Lagos Free Zone’s ₦17.5 billion 20-Year InfraCredit Guaranteed Issuance. These awards collectively affirm Stanbic IBTC Capital’s market leadership position in the investment banking sector and its commitment to providing innovative investment banking solutions that drive economic growth and development in Nigeria.
Oladele Sotubo, Chief Executive of Stanbic IBTC Capital, expressed gratitude for the recognition from EMEA Finance, thanking the company’s clientele for their trust.
“We remain deeply thankful to our clients for their continued trust and partnership. Their support enables us to deliver innovative investment banking solutions that meet their needs and drive Nigeria’s growth.
He emphasised that the company’s Investment Banking team aims to uphold the highest standards of service and expertise; with the intention to always exceed clients’ expectations, in line with Stanbic IBTC Group’s values, two of which are delivering to stakeholders and constantly raising the bar.
The EMEA Finance Award is a highly respected and competitive annual event that recognises the best financial institutions and transactions across Europe, the Middle East, and Africa (EMEA).
Stanbic IBTC Capital’s multiple wins underline its position as a leading investment banking and advisory firm in the Nigerian and broader African markets.
Biodun Adedipe to Deliver Keynote Speech at SUPERNEWS Nigeria SMEs Confab June 13
Dr. Biodun Adedipe, Founder and Chief Consultant of B. Adedipe Associates Limited will deliver the keynote speech at the SUPERNEWS Nigeria SMEs Confab 2024 scheduled to hold on 13th June, 2024 at Radisson Hotel, GRA Ikeja, Lagos at 10am prompt.
The conference will be chaired by the Executive Vice Chairman of the Nigerian Communications Commission (NCC) while the Director General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) will declare the event open.
Adedipe will deliver a paper on ‘Bringing SMEs into the Financial Services Network via Fintech’
According to the Convener, the Publisher of SUPERNEWS Nigeria, Ngozi Onyeakusi, the choice of Dr. Biodun Adedipe to deliver the keynote speech is a reflection of his extensive professional background, diverse expertise and profound knowledge of the financial services sector and economy.
Adedipe has about four decades of post-graduate work and professional experience that cuts across university teaching, investment banking, project finance, management and financial consulting as well as leadership in business and not-for-profit organisations.
His technical expertise is wide ranging, covering corporate strategy, research and economic analysis, solving complex business problems and assisting clients to execute business solutions in line with their corporate strategies.
He is a highly sought-after analyst and commentator on Government fiscal operations and economic policies, and strategy design and execution for financial institutions, non-financial business organisations and not-for-profit organisations.
He has served in various capacities in government, including Member of the Presidential Committee of Experts on the Redenomination of Naira (November 2008), Member of the Federal Government Committee of Experts on Expenditure Review (October 2010 to March 2011) and Senior Special Assistant to the President (Financial Sector Development) in the Office of the Chief Economic Adviser (2011).