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Nigeria’s Adekeye Emerges Chairperson, APPO Training Directors

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L-R: Secretary General, African Petroleum Producers Organisation (APPO), Dr. Omar Farouk Ibrahim; Executive Vice President, Business Services NNPC Limited (Representative of the GCEO, NNPC), Mr. Inuwa Danladi; new Chairperson, Forum of the Directors of Oil & Gas Training & Vocational Education Institutes of APPO and Director, NNPC Academy, Mrs. Folashade Adekeye and Managing Director, Algerian Petroleum Institute (API), Mr. Abdelkader Guenone during the second meeting of the Forum in Abuja.

Nigeria’s Folashade Adekeye has emerged as the Chairperson, Forum of the Directors of Oil & Gas Training & Vocational Education Institutes of the African Petroleum Producers Organization (APPO).

Adekeye, who is the Director, NNPC Academy, took over from the former chairperson, Mr. Abdelkader Guenone, the Managing Director of the Algerian Petroleum Institute (API), during the second meeting of the Forum, in Abuja, at the weekend.

Adekeye, who heads the NNPC’s oil and gas training arm, brings into the role over 30 years of experience, and is expected to work with her colleagues from APPO Member Countries in order to foster more collaboration towards addressing the challenges of competences, skill gaps, infrastructure, and poor funding in the organisation’s training institutions.

Earlier in his keynote address at the opening ceremony of the meeting, the Group Chief Executive Officer of NNPC Limited., Mele Kyari, represented by Inuwa Danladi, Executive Vice President (Business Services), emphasised the importance of a standardised educational and training approach to meet the changing demands of the oil and gas industry.

Also in his keynote address, APPO’s Secretary General, Dr. Omar Farouk Ibrahim, charged the Member Countries to work towards further enhancing collaborative efforts to establish Oil & Gas Centres of Excellence across the African continent.

Dr. Ibrahim, also from Nigeria, said having good knowledge of the Forum’s challenges would enable APPO Member Countries to make recommendations and provide solutions in areas such as Oil & Gas project funding, technology adoption, and the formation of Africa Energy Bank.

He concluded that such collaboration by all member countries will guarantee Africa’s energy accessibility, affordability and sustainability, which overall, will strengthen her economies and bring prosperity to its citizens.

Transcorp Power: N142bn Revenue, N52.8bn PBT, Declares N23.46bn Dividend

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From L-R: Dr. Owen D. Omogiafo, Non-Executive Director; Peter Ikenga, Managing Director/CEO; Emmanuel N. Nnorom, Chairman; Stanley Chikwendu, Company Secretary at the Annual General Meeting of Transcorp Power Plc held in Abuja on Monday, May 20, 2024.

Transcorp Power Plc, a subsidiary of Transnational Corporation Plc (Transcorp Group), announced impressive financial performance at its recently concluded 11th Annual General Meeting (AGM), the first since the Company went public, via a listing by introduction of its shares on March 04, 2024.

The Company recorded gross earnings of N142.1 billion, a 57.3% increase, compared to the previous year. Profitability remained strong, demonstrating its resilience amidst evolving market dynamics. Profit before tax showed an impressive year-on-year growth, up 84.4%, from N28.6 billion reported in 2022 to N52.8 billion in 2023.

At the AGM, the Chairman of the Board, Mr. Emmanuel Nnorom highlighted Transcorp Power’s achievements over the past year, while assuring shareholders of the Company’s commitment to maintaining its exceptional financial results and improving the lives of Nigerians.

He said: “Last year’s strong performance is a testament to the resilience of our business strategies, underpinned by a culture of strong corporate governance.  We know that with our strategy and the dedication of our team, we will continue to deliver exceptional value to all stakeholders.”

Speaking on the Company’s performance, the Managing Director/Chief Executive Officer, Transcorp Power, Peter Ikenga, stated that the Company’s success is as a result of the rigorous execution of our strategies and deliberate focus on enhancing operational efficiency.

“As we celebrate last year’s achievements, we remain committed to continuous improvement. This year, our strategic focus is on recovering plant available capacity, enhancing operational excellence and efficiency, and rigorously implementing our plant maintenance schedule. We will continue prioritising and investing in human capital, aiming to enhance in-house capabilities.  Our commitment to incident and injury-free operations remains strong, as we leverage our talent, foster ingenuity, and nurture teamwork. We are determined to build on our successes and leverage strategic investment opportunities to deliver even greater performance and sustainable growth for our stakeholders.”

Shareholders at the AGM lauded the Company’s professionalism and commitment to growing value for shareholders. Mrs. Bisi Bakare, one of the company’s shareholders, commended Transcorp Power for continuously exceeding shareholder expectations. She said: “I am very satisfied with Transcorp Power’s performance. It demonstrates their commitment to creating value for us shareholders, which is what we are all here for.”

Transcorp Power’s social responsibility activities were also commended at the AGM.  The Company has contributed to Nigeria’s sustainable development, particularly in the areas of education, community development, and environmental sustainability.

Operationally, the Company’s focus on excellence and optimisation has contributed to its position as a market leader in the power sector. Through strategic investments and operational strategies, Transcorp Power continues to enhance its generation capacity and optimise plant performance.

Transcorp Power Plc is an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group), a leading, listed African conglomerate with strategic investments in the power, hospitality, and energy sectors.  Transcorp Power is committed to creating value and driving economic growth, by improving lives through access to electricity and transforming Africa.

NCC, SMEDAN, NAICOM, SEC, Others Set for SUPERNEWS SMEs Conference June 13

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Business Journal Magazine

The Director-General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mr. Charles Odii, the Executive Vice-Chairman/CEO, Nigerian Communications Commission (NCC), Dr. Aminu Maida, other regulators, experts, stakeholders from the financial services and ICT sectors, small business owners among others have confirmed their attendance at the SUPERNEWS Nigeria SMEs Forum 2024 scheduled for Thursday, June 13th 2024 at Radisson Hotel, GRA, Ikeja, Lagos.

The conference with the theme, ‘Bringing SMEs into the Financial Services Network via Fintech’ would be declared open by the SMEDAN DG, Mr. Charles Odii, while the EVC/CEO of NCC will chair the event.

A renowned economist and financial expert, Dr. Biodun Adedipe, the MD/CEO, Biodun Adedipe & Associate Limited will deliver the keynote speech at the conference, which would dig into issues faced by SMEs in running their day-to-day businesses in Nigeria.

The conference will also feature a panel session which would be handled by erudite scholars, including the Chairman, Nigerian Association of Small and Medium Enterprises (NASME), Yeye Modupe Dada; Managing Director/CEO, Sunu Assurances Plc, Mr. Sam Ogbodu, Managing Director/CEO of APT Securities and Funds Limited, Mr. Kasimu Garba Kurfi and Head, Financial Institutions Ratings at Agusto & Co., Mr. Ayokunle Olubunmi.

The Special Guests of Honour for the conference include the Director General of SMEDAN, Mr. Charles Odii; Acting Director General, Securities and Exchange Commission (SEC), Dr.  Emomotimi Agama and the Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin.

The Publisher of SUPERNEWS Nigeria, Ngozi Onyeakusi in a statement in Lagos said the choice of the theme of the Conference was borne out of the quest to improve the business climate for SMEs in Nigeria by leveraging on technology in terms of accessing financial services.

She said it’s unfortunate that SMEs that form the bedrock of every economy are plagued by a lot of challenges, especially inadequate access to finance. Indeed, reports have shown that the challenge of SMEs in accessing funds could be traced to inadequate access to financial institutions and education, skills, experience of owners/managers, high interest rates, gender discrimination, among others.

It therefore becomes imperative to leverage on technology to ensure their sustainability, productivity and profitability.

The conference, she said, will, among others, examine the key challenges faced by SMEs in Nigeria and provide practical solutions to help overcome them.

It will equally explore the benefits of fintech for small businesses, including how it can help them overcome financial challenges and drive growth through technology-driven solutions.

She equally emphasised that the confab is a learning opportunity designed to enhance awareness, deepen understanding of the participants on how SMEs can grow and sustain their businesses by embracing various financial services options including banking, capital market, pension and insurance.

 

Stanbic IBTC Holdings to Host 7th Edition of its Youth Leadership Series 

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Stanbic IBTC Holdings, a leading financial services group committed to fostering growth and innovation in Nigeria’s economic landscape has unveiled plans for its much-anticipated annual event, the Youth Leadership Series (YLS). Now in its seventh year running, the YLS serves as a beacon of inspiration and empowerment for the nation’s youth, offering invaluable insights and strategies for personal and professional success.

Scheduled for May 22, 2024, at the prestigious Multipurpose Hall of the University of Lagos, the YLS will bring together a diverse array of young professionals, students, entrepreneurs, and career-driven individuals eager to glean wisdom from a panel of esteemed speakers. With the theme “The Growth Code: Unlocking the secrets and strategies to personal and professional success,” the event promises to delve deep into the core principles that drive growth and achievement in today’s dynamic world.

Dr Demola Sogunle, Chief Executive of Stanbic IBTC Holdings, will deliver the keynote address, drawing from his three-decade-long career in the financial services industry to inspire the next generation of leaders. Alongside Dr Sogunle, the event will feature a lineup of distinguished speakers, including award-winning Nigerian actress Bisola Aiyeola, renowned digital content creator Salem King, founder of The Dew Centre Omon Anenih, and youth development advocate, Oyinkansola Oni.

The YLS 2024 will consist of two-panel sessions designed to provide attendees with actionable insights and practical strategies for success. The first session, titled “Hacking the growth code in your chosen career,” will explore innovative approaches to career advancement. In contrast, the second session, “The catalyst to running a successful business in the current business terrain,” will offer invaluable advice for aspiring entrepreneurs navigating today’s competitive landscape.

In addition to the enlightening panel discussions, attendees can look forward to a captivating performance by Phillip Kayode Moses, popularly known as Pheelz, a prominent Nigerian record producer, singer, and songwriter. The event promises to be a unique blend of inspiration, education, and entertainment, offering attendees the opportunity to network with like-minded individuals and forge meaningful connections.

As Nigeria’s youth continue to chart their paths in an ever-evolving global economy, initiatives like the Youth Leadership Series play a crucial role in equipping them with the knowledge, skills, and confidence needed to thrive. Stanbic IBTC Holdings remains steadfast in its commitment to nurturing the next generation of leaders and driving positive change in Nigerian society.

Stanbic IBTC Holdings is a leading financial services group committed to driving growth and innovation in the Nigerian economic landscape and a member of the Standard Bank Group, Africa’s largest bank by assets.

Fidelity Bank Distributes Food Packs to Families in Keffi

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Leading financial institution -Fidelity Bank Plc -has distributed food packs to women, widows, children, and the vulnerable in Keffi, Nasarawa State as part of its Corporate Social Responsibility (CSR) activities.

Addressing newsmen in Keffi, Nasarawa state during the distribution event tagged, “Fidelity Food Bank Initiative”, which was carried out in partnership with ABBASID Charity Foundation, the Divisional Head, Brand and Communication Plc, Fidelity Bank, Meksley Nwagboh, emphasised the bank’s commitment to supporting communities all across Nigeria through its Food bank initiative.

“Since April 2023 when we launched the Fidelity Food Bank initiative, we have distributed over 100,000 food packs in more than 100 communities nationwide. This is borne out of the premium we place on the wellbeing of our host communities as well as our commitment to support the achievement of the United Nations Sustainable Development Goals 1, 2 and 3 which speak to Poverty eradication, Zero Hunger and Good Health and Well-Being respectively.”

On her part, the Founder of Abbasid Foundation, Hajia Hauwa Abbas, said the food bank drive started when she was chosen as the bank’s Food Bank partner in the North and listed some of the benefitting states to include Jigawa, Zamfara, Zaria, Kebbi Bauchi, Kano and the Federal Capital Territory (FCT).

”I am very pleased with Fidelity Bank because as much as they are doing business with us in our community, they are also giving back to us, especially women”.

The food distribution event also saw Sen. Wadada Ahmed, representing Nasarawa West Senatorial District, leverage the Fidelity Food Bank outreach to provide additional food items to residents of the community.

Senator Ahmed, who was represented by his wife, Zainab Wadada-Ahmed, said the move was in continuation of his philanthropic gesture to his constituents especially for orphans and widows.

”We are here today to give back to our people and considering the hardship in the country, this is the little that we can do. I appeal to well-meaning Nigerians to try and collaborate to see how we can help the people that do not have”, she said.

Appreciating the gesture from the bank and her partners, one of the recipients, Mrs. Susan Nyikwagh, urged other well-meaning persons and organisations to take a cue from the bank and come to the aid of the vulnerable ones in the society.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

NCC Suspends Issuance of Telecom Licenses in 3 Categories

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The Nigerian Communications Commission (NCC) has issued a Public Notice ‘TEMPORARY SUSPENSION OF THE ISSUANCE OF COMMUNICATIONS LICENCES IN THREE (3) CATEGORIES’ commencing on Friday, May 17, 2024.

The public notice from NCC reads as follows:

In line with its powers under the Nigerian Communications Act (NCA) 2003 to grant and renew licences, promote fair competition and develop the Communications Industry, the Nigerian Communications Commission (the Commission) hereby informs all stakeholders of a temporary suspension on issuance of new licences in the following categories:

  1. Interconnect Exchange Licence
  2. Mobile Virtual Network Operator Licence
  3. Value Added Service Aggregator Licence

This temporary suspension is necessary to enable the Commission to conduct a thorough review of several key areas within these categories, including the current level of competition, market saturation and current market dynamics.

The public is invited to note that during the suspension period commencing on 17th of May, 2024, new application for the aforementioned licences will not be accepted. This is without prejudice to pending applications before the Commission which will be considered on their merits.

Any enquiries or clarifications in respect of this Suspension Notice should be forwarded to: [email protected].

Date this 17th day of May 2024.

 

Reuben Muoka

Director, Public Affairs

Nigerian Communications Commission

A Review of Ademola Akinbola’s New Book – Value Creation: Your Pathway to Enduring Business, Career Success

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By Lanre Alabi

A new book is always a thing of joy, not only to the author but also to knowledge seekers and avid book readers who believe in continuous self-improvement.

Being his sixth book, Ademola has over the years carved an enviable niche for himself as an author of repute specialising in management texts that focus on how to support career professionals and business managers in their bid to perform better and deliver enhanced results.

Value Creation: Your Pathway to Enduring Business and Career Success is, therefore, a continuation of Ademola’s efforts to share knowledge with those who desire to be relevant, successful, and impactful in their careers and businesses. The 220-page, six-chapter book with an illuminating cover is well laid out on a cream paper with an appealing, eye-friendly font that makes reading a pleasure.

The simple, breezy style the author employs makes the book easy to comprehend, and you can actually read the entire book in three days if you are a voracious reader. However, this is not a book you should read in a hurry.

It is a book you should read several times while also making copious notes of strategic insights you should apply to your personal or corporate brands.

TARGET AUDIENCE 

The book is targeted at career professionals and entrepreneurs who are deliberate about building valuable brands by producing value-adding products and services that will meet the identified needs of consumers and exceed their expectations.

THEME 

The central theme that runs through the book is the over-aching relevance of value creation and value addition in building and managing personal and business brands.

The author dwells extensively on the need for individuals and organisations in the private and public sectors to build strong brands that thrive on value creation. He also harped on the need for strong corporate reputations for businesses to become valuable and impactful.

Dwelling on his professional experience spanning over three decades, the author writes from the point of view of a hands-on manager who has seen a lot and done a lot in the areas of corporate communication, branding and reputation management.

FOCUS

The book focuses on how a value re-orientation revolution could be achieved in the private and public sectors. He identifies the patent lack of appreciation of the need for value creation and addition in Nigeria while enumerating strategic steps that should be taken by career individuals, entrepreneurs, corporate bodies, and public sector organisations to become value-driven, impactful, and valuable to their stakeholders.

CONCLUSION

CEOS, career managers, entrepreneurs, and government officials will find this book an inseparable companion. The book is a strategic roadmap for organisations that are value-driven and vision-propelled. It is a must-have for CEOs who are focused on building strong corporate brands that can deliver value to stakeholders while achieving sustainable and trans-generational profitability.

The author needs to consider writing a sequel to this book with the objective of a further deep dive into some salient sub-themes which he mentioned in this edition. Value creation is a wide field and the author will do well to consider a further exploration of the subject in subsequent editions.

On the whole, Value Creation: Your Pathway to Enduring Business and Career Success is a “damn good” book, to borrow that popular American slang. It is an unputdownable book that I strongly recommend to you. It is a book that will add value to your career and business if you endeavor to internalise the various action points recommended by the author, and also immediately put them to good use.

Alabi is the CEO of Prospers Strategy, Lagos.

 

NLNG Operations Not Impacted by Explosion at Gbarain Ubie Gas Processing Plant

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The Nigeria LNG Limited (NLNG) says it is aware of reports of an explosion at a gas processing plant in an upstream facility at Gbarain Ubie, Yenagoa Local Government Area of Bayelsa State which happened last Tuesday.

In a statement, Mr. Andy Odeh, General Manager, External Relations and Sustainable Development at NLNG noted that the explosion does not impact the gas supply to the NLNG plant or the operations of the company.

Sovereign Trust Insurance Wins “Best Digital Innovation Insurance Company of the Year’ Award

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L-R: Segun Bankole, DGM/Head, Corporate Communications & Investor Relations flanked by Deborah Ugbaje, AGM/Head, Lagos Area Offices, Sovereign Trust Insurance Plc at the West Africa Innovation Awards 2024. The Underwriting Firm won the ‘Best digital innovation Insurance Company of the Year’ in the gold category Award for Customer Service Excellence.

Sovereign Trust Insurance Plc has won the ‘Best Digital Innovation Insurance Company of the Year’ at the West Africa Innovation Awards 2024.

The award was to honour Excellence, Innovations, Creativity and Professionalism in Brand Practice in West Africa.

NGX Group Chair, Umaru Kwairanga, Congratulates Mutallab on Funtua Inland Dry Port

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On behalf of my family and friends, I, Dr. Alhaji Umaru Kwairanga, Sarkin Fulani Gombe, heartily congratulate my Life Chairman and our Father, Dr. Umaru Mutallab CON, on the official commissioning of the Funtua Inland Dry Port.

The take-off of the inland port which will facilitate and revitalise economic activity across the North West in particular and Nigeria in general is another testimonial to your pioneering efforts across various sectors of the Nigerian economy, which insha Allah, shall reap great returns.

Congratulations, once again sir.

Allah ya mana Jagora.

 

Alh (Dr.) Umaru Kwairanga

Sarkin Fulanin Gombe

GMD/GCEO FINMAL

Chairman NGX Group.

Repton CEO Offers Career Success Tips at Lagos Career Fair

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L-R: Mr Olapado Akinloye, Host/Executive Director, FasTrack Academy presenting a plaque to Otunba Odeyeyiwa Kazeem, GMD/CEO, Repton Group and Keynote Speaker, with a participant (middle) watching, during the 2024 FasTrack Academy Lagos Career Fair in Lagos recently.

Otunba Odeyeyiwa Kazeem Olayemi, GMD/CEO of Repton Group has said that achieving career advancement requires passion, focus, diligence, acquisition of special skills, positioning and resilience.

Otunba Odeyeyiwa made the disclosure at the recent Lagos Career Fair 2024 where he was the Keynote Speaker.

The Repton Group CEO said these career success basics especially become imperative because job-seekers are now faced with stiffer competition from millions of other job-seekers in today’s expanded job market, following the digital technology explosion that has made the world a global village by dismantling geographical boundaries, globalising competition and widening the scope of career opportunities.

He added that apart from job-seekers, workers too are in constant local and global competition in the workplace with a lot of prospective employees, ambitious subordinates, determined peers and even toxic or insecure bosses, all seeking the brass ring of career success.

In Otunba Odeyeyiwa’s words, “You need to sharpen your employability skills, strategically position yourself and be resilient to be able to stay ahead of competition and achieve accelerated career advancement.”

The CEO of Repton Group, a conglomerate that clinched 2023 National Largest Distributor of Dangote Cement Award explained that employability skills refer to a set of skills, especially personal attributes that make individuals more likely to gain employment and be successful in their chosen careers. According to him, “They are the skills that employers value more in prospective and existing employees as specialist or technical skills associated with different roles are less important for business success.”

Otunba Odeyeyiwa explained that some of these skills are effective communication skills, interpersonal skills, personal development/learning, self-awareness, emotional intelligence, problem-solving/analytical skills, and creativity and innovation. He said others are planning and organisation, self-management, ethical awareness, leadership skills, CV and cover letter writing skills, and job interview skills.

According to the CEO, “As a job-seeker or worker, you need to build your personal brand and then position yourself as a good brand for recognition and advancement opportunities and growth.” Advising job-seekers on self-positioning, he said job-seekers should be creative in their job-search efforts by concentrating more on unsolicited job application strategy where they will often be the only candidates being interviewed rather than the solicited application approach of merely responding to vacancy adverts that thousands or millions of other job-seekers are also applying for.

Otunba Odeyeyiwa added that strategic self-positioning for career success can be achieved through self-marketing, building personal reputation, requesting additional work in the workplace, having a mentor, maintaining cordial relationships with your boss, strong online presence, etc.

Emphasising the importance of resilience to career success, Odeyeyiwa said: “Development of employability and technical skills as well as employment of strategic positioning may still not quickly guarantee career success in some instances as expected. This may lead to the boundary of your patience being overstretched. One potent tool you need to survive such a situation is resilience, the mentality of a winner.”

Comms Minister, Maida Advance Nigeria’s Vision on Digital Capacity in Partnership with Nokia

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Recently, Dr. Bosun Tijanni, the Honourable Minister of Communications, Innovation and Digital Economy, led the Executive Vice Chairman and Chief Executive of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, signed a Memorandum of Understanding (MoU) with Nokia Solutions and Networks Nigeria to train young Nigerians on latest 4G/ 5G radio and transmission technologies at the Nigerian Communications Commission’s Digital Parks.

Nokia Nigeria would be setting up a fully functional 5G/4G test lab, leveraging their latest radio and transmission technologies.

This collaboration advances the vision to enhance the capacity and skills-set of Nigerians, by equipping them with contemporary skills and knowledge needed to adapt to the rapidly evolving telecommunications industry.

In tune with the Ministry of Communications, Innovation and Digital Economy’s goal to drive digital literacy and build a pipeline of technical talents across Nigeria, Nokia Nigeria would also set up an Entrepreneur Learning Programme where it would deliver high-quality vocational trainings to 200 Nigerian students chosen from across the six geo political zones of Nigeria.

PAPSS Hosts Inaugural Bank CEOs Consultative Forum

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Promoters of the Pan-African Payment & Settlement System (PAPSS), namely African Export-Import Bank (Afreximbank), African Union Commission (AUC) and African Continental Free Trade Area (AfCFTA) Secretariat, successfully organised the first Consultative Forum of CEOs of African Banks bringing together executives of African commercial banks, bankers’ associations, payment switches, the association of African stock exchanges and other financial service providers.
Participants reaffirmed their strong support to the decisions of the Assembly of the African Union Heads of States and Governments of 2019 and 2020. The 2019 decision adopted PAPSS as the African Financial Market Infrastructure for cross-border payments and settlements while the 2020 decision mandated Afreximbank, AUC and AfCFTA Secretariat to urgently introduce and scale up the implementation of PAPSS.
The Forum therefore provided an avenue for participants to deliberate on the successes and challenges of the PAPSS payment system and explore potential path forward on how it can be optimised to facilitate seamless and efficient cross-border payments to support the implementation of the AfCFTA.
Following productive discussions, participants at the Forum agreed to take collective ownership of the success and the future of PAPSS given its significant and hugely positive impact on the facilitation of cross-border payments and the development of intra-African trade. In addition, participants advocated to leverage PAPSS as a pathway to increasing the share of African currencies in intra-African trade and other cross-border payments, as well as increasing the volume of intra-regional payments for mutual benefits to drive rapid adoption of PAPSS by businesses. Participants agreed to embed PAPSS into their digital channels to enable ease of access and seamless integration for existing customers.
Mr. Mike Ogbalu III, Chief Executive Officer of PAPSS, stated“PAPSS is fully operational and making rapid progress. We have signed on thirteen African Central Banks, and connected over 115 commercial banks, and ten payment switches across Africa. Another 115 commercial banks are in the pipeline for connection. Our foundation is solid, and the time has come for action and acceleration. It is time to use the system to drive trade in Africa, for Africans, by Africans. We urge all banks to join us in our collective effort to promote intra-African trade and development through PAPSS.”
Further commenting, Mr. Ogbalu said“We are pleased to see overwhelming support of this forum by the leadership of the African financial institutions. PAPSS is a revolutionary initiative that has the potential to significantly transform the financial and payments landscape of our continent. As managers of PAPSS, we are committed to ensuring it succeeds. We urge all African financial institutions to join us in transforming the way payments are done in Africa.”

Distributed by APO Group on behalf of Afreximbank.

About PAPSS:
The Pan-African Payment and Settlement System – PAPSS is a centralised Financial Market Infrastructure that enables the efficient flow of money securely across African borders, minimising risk and contributing to financial integration across the regions. PAPSS works in collaboration with Africa’s central banks to provide a payment and settlement service to which commercial banks and licensed payment service providers across the region can connect as ‘Participants’.

Afreximbank and the African Union (AU) first announced PAPSS at the Twelfth Extraordinary Summit of the African Union held on July 7, 2019, in Niamey, Niger Republic, therefore adopting PAPSS as a key instrument for the implementation of the African Continental Free Trade Agreement (AfCFTA). Further, in its thirteenth (13th) extraordinary session, held on December 5, 2020, the assembly of the African Union directed Afreximbank and the AfCFTA secretariat to finalise, among others, work on the Pan-African Payments and Settlements System (PAPSS).

The 35th Ordinary Session of the Assembly of the AU further directed the AfCFTA and Afreximbank to deploy the system to cover the entire continent. PAPSS was officially launched in Accra, Ghana, on January 13, 2022, thus making it available for use by the public.

FG Reiterates Commitment to Utilise Gas for Economic Growth, Prosperity

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Deputy Governor of Imo State, Lady Chinyere Ekumaro cuts the tape to mark the Presidential commissioning of the ANOH Gas Processing Plant, one of the three critical gas projects delivered by NNPC and its partners, in Assa Community, Ohaji/Egbema Local Government Area of Imo State. Supporting the Deputy Governor is the GCEO NNPC, Malam Mele Kyari (2nd from right) and Chairman, Seplat Nigeria, Senator Udo Udoma.

In line with its renewed hope agenda, the Federal Government has reiterated its determination to utilise Nigeria’s abundant gas resources towards revamping the nation’s industrial growth and kickstarting its economic prosperity.

President Bola Ahmed Tinubu disclosed this while commissioning three critical gas infrastructure projects executed by NNPC Limited and its partners in Ohaji-Egbema, in Imo State and Kwale, in Delta States on Wednesday.

The three projects commissioned include the expansion of the AHL Gas Processing Plant, the ANOH Gas Processing Plant and the 23.3km ANOH to Obiafu-Obrikom-Oben (OB3) Custody Transfer Metering Station Gas Pipeline Projects.

“It is pleasing that approximately, 500MMscf of gas in aggregate would be supplied to the domestic market from these two Gas Processing Plants, which represents over 25 percent incremental growth in gas supply. In practical terms, this translates into more gas to the Power Sector, Gas-Based Industries, and other critical segments of the economy,” the President added.

The President said from the onset, his administration was clear of its intention to leverage on the virtually unlimited capacity of gas to deepen domestic gas utilisation, increase national power generation capacity, revitalize industries, and create multiple job opportunities for economic growth.

He said aside the Presidential Compressed Natural Gas (CNG) Initiative which is aimed at moving Nigerians away from petrol and diesel as vehicular combustion fuel, significant progress has also been recorded in incentivizing gas development through Presidential Executive Orders.

While congratulating the projects partners (NNPC Limited, Sterling Oil Exploration & Energy Production Company Limited (SEEPCO) and Seplat Energy for the successful implementation of the three projects, Tinubu particularly charged the NNPC Limited to, as the national energy company of choice, sustain its relentless efforts and record more successes in the energy sector for the benefit of all Nigerians.

He described the commissioning as a highly significant milestone for Nigeria as it demonstrates his administration’s efforts to accelerate the development of critical gas infrastructure geared at enhancing the supply of energy to boost industrial growth and create employment opportunities.

He said the projects were fully in line with the Federal Government’s Decade of Gas initiative, and his administration’s quest to grow value from the Nation’s abundant gas assets while concurrently eliminating gas flaring and accelerating industrialization.

“I wish to assure the citizenry that these are just the beginning, as the federal government is stepping up its coordination of other landmark projects and initiatives that will ensure the earliest realisation of gas fueled prosperity in our country. Consequently, I wish to assure investors in the energy space that this is an investment enabling government and we will not relent in facilitating the ease of doing business,” the President noted.

Earlier in his address, the Minister of State for Petroleum Resources (Gas) Rt. Hon. Ekperikpe Ekpo highlighted the efforts of his ministry to continue to champion the utilisation of gas as a transition fuel as Nigeria moves towards achieving clean energy efficiency and security by 2060.

Ekpo commended the President for his leadership and support towards the success of the three projects.

In his remarks, the GCEO NNPC, Mr. Mele Kyari described the commissioning as a demonstration of Mr. President’s commitment and support to grow the domestic utilisation of natural gas for power generation, as feedstock for gas-based industries and overall rapid industrialisation of Nigeria on the back of the enormous gas resources in the country.

Kyari assured that as part of its mandate, NNPC Ltd remains committed to maintaining energy security by executing more strategic gas projects for the benefit of Nigeria.

Stanbic IBTC Bank Clarifies Expected Credit Loss Reporting

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 The Stanbic IBTC Bank Statement:

It has come to our attention that there have been some misconceptions circulating in recent media reports regarding Stanbic IBTC Bank’s approach to recognizing expected credit losses (ECL) on our risk asset portfolio. 

We would like to take this opportunity to clarify our methods and the principles guiding our financial reporting.

Stanbic IBTC Bank adheres strictly to International Financial Reporting Standards (IFRS), particularly IFRS 9, which dictates the accounting for financial instruments. One of the core aspects of IFRS 9 is the requirement for banks to make provisions for expected credit losses rather than incurred losses. 

This standard is designed to provide a more realistic representation of a bank’s financial health by anticipating potential future risks rather than merely reacting to incurred losses.

Our ECL provisioning is a forward-looking measure reflective, not of losses already realised but of those that our comprehensive risk assessment models predict over the next 12 months. This approach allows us to manage risks proactively rather than reactively. The provision is influenced by detailed macroeconomic projections, including factors such as GDP growth rates, employment figures, industry health, and geopolitical stability, among others.

It is crucial to understand that these provisions are not indicative of actual financial losses but are prudential estimates designed to safeguard the bank against future credit risk exposures. Such proactive measures are a testament to our robust risk management framework, which rigorously evaluates and monitors the creditworthiness of our clients continually.

In line with our commitment to transparency and sound financial practices, we also maintain a strong risk acceptance process. We actively monitor our credit exposures, and any accounts that show signs of significant risk are promptly addressed to mitigate potential adverse impacts on our portfolio.

Stanbic IBTC Bank remains dedicated to upholding the highest standards of banking practice, ensuring that our stakeholders can rely on the accuracy and integrity of our financial reporting. Our proactive risk management measures are a cornerstone of our strategy to maintain financial stability and protect the interests of our clients and investors.