Governor Ododo Condoles Former Governor Idris over Son’s Demise

11/04/2024

Late Muhammed Idris

Kogi State Governor, Alhaji Ahmed Usman Ododo has condoled with the former Governor of Kogi State, Alhaji Ibrahim Idris over the demise of his son, the late Honourable Muhammed Ibrahim Idris, former member representing Ankpa/Olamaboro/Omala Federal Constituency in the House of Representatives.

In a condolence message signed by his Special Adviser on Media, Ismaila Isah, Governor Ododo described the death of the late federal lawmaker as a tragic loss.

According to Governor Ododo, the late Honourable Idris was an older brother in whom he had found a worthy compatriot.

The Governor noted that their last meeting was in March 2024 when he (the late lawmaker) came in the company of stakeholders from Omala Local Government area on a solidarity visit to him as Governor of the State, during which they had useful discussions on plans for the development of the state.

Governor Ododo urged the family of Alhaji Ibrahim Idris to take solace in the fact that the late Honourable Idris lived a life filled with great accomplishments as a politician and businessman.

The Governor prayed that Allah would grant the late lawmaker eternal rest and the family, the fortitude to bear the huge loss.

Born December 8, 1969, the late lawmaker, who died on Wednesday, April 10, 2024 in Abuja at the age of 55, represented Ankpa Olamaboro/Omala Federal Constituency from 2011 to 2015.

Quest for Inspenonline Retirement Summit Soars, Holds Thursday April 25

Business Journal

11/04/2024

Being the first of its kind in the country, more individuals, groups and organisations have continued to indicate interest to attend the maiden 2024 Inspenonline Retirement Summit which will hold on Thursday, April 25, 2024 at Radisson Hotel, Ikeja, Lagos, starting by 9:00am prompt.

According to the Promoter of the Summit, who is also Publisher of Inspenonline, Chuks Udo Okonta, prominent amongst those attending the summit are: members of Nigeria Employers Consultative Association (NECA); Nigeria Labour Congress (NLC); Trade Union Congress of Nigeria (TUC); Nigeria Union of Pensioners (NUP) and Pension Desk Officers (PDOs).

Others are members of the informal sector, insurance operators, pension operators, lecturers, students, workers and retirees.

Okonta submitted that the 2024 Inspenonline Retirement Summit, was designed to provide the requisite knowledge needed to aid the public to effectively plan and enter retirement life smiling and also help those in retirement rediscover themselves.

He said the theme: ‘Promoting Retirement Without Tears, Through Insurance and Pension’ will be handled by experts, who are masters in retirement affairs.

“Why would you spend thousands of naira to attend retirement seminars, when you can get the needed knowledge for free,” he enquired.

He said the event, which he christened the University of Retirement has Faculty Leaders such as Chairman of event, Past President Chartered Insurance Institute of Nigeria (CIIN)/former Managing Director Sterling Assurance Limited, Fatai Lawal.

Okonta appreciated companies and individuals that have so far supported the event morally and financially, whilst imploring good spirited individuals and organisations to also support the initiative.

BDCs Back CBN’s Directive on Use of Non-export Domiciliary Accounts

Business Journal

11/04/2024

The Association of Bureaux de Change Operators of Nigeria (ABCON) has lent its support to the recent directive of the Central Bank of Nigeria (CBN) to stop the use of the non-oil export domiciliary accounts deposits for Naira loans.

Dr. Aminu Gwadabe, President of ABCON said in a statement that the stoppage would not only add to dollar liquidity in the market but also help in the accretion of our buffers.

“We are bewildered that some companies and manufacturers with huge billions of dollars balances in their non-oil export Dom account source their FX needs in the official window and use same for Naira loans. We therefore advise for the review of the guidelines on holding currencies on non-oil export accounts to a maximum of 48 hours, to borrow from the South African policy on the operations of non-oil exports Dom account proceeds. The CBN should also not make applicants of huge billions of dollars holding on their non-export oil proceeds Dom accounts eligible for FX request at both the NAFEM and Nafex window. In the same vein we urge the CBN to upgrade its policies and circulars to legislation regarding the impending BDCS new reforms to give comfort and guarantees to would be investors in the transformation of the BDC industry’s sub sector and allowing only the existing stakeholders the grants father’s right for merger and acquisition to meet the expected reviewed financial requirements as suggested by Abcon. We also want to pledge our continuing support to the CBN’s proactive and effective policies to address our volatility headwinds,” Gwadabe said.

The ABCON chief said that as a self-regulatory body, ABCON and its members have resolved to continue engaging all stakeholders and players in the retail-end market to deepen, liberalise, democratise and centralise the retail-end segments of the market for price discovery, market efficiency, transparency, accretion of buffers and healthy balance of payments.

“We express our profound gratitude to the management of the CBN for its reconsideration and reinstatement of our sub-sector as third leg of the market to counter hoarding and speculation with faster results than expected. The BDCs though unfortunately perceived sometimes as crude but effective will always remain the potent transmission mechanism tool of achieving the Apex bank’s mandate of price stability and liquidity in the market. We therefore urge the CBN to continue to drive and expand its thought mechanism to maintain the feat so far achieved in more than 15 years; as we have not only achieved the convergence of both rates, but market calmness and confidence of the public and foreign investors. We also call for the separation of the ownership and operational structure of FMDQ,” Gwadabe added.

Eid-El-Fitr: Governor Ododo Sues for Collaboration, Peaceful Co-existence

Business Journal

11/04/2024

Governor Ahmed Usman Ododo of Kogi State has enjoined the people of the State to work together in a bid to ensure peaceful co-existence among diverse interests in the State.

The Governor made this call in his Eid-El-Fitr message to the people of the state at the Okene Central Eid Prayer ground on Wednesday.

Governor Ododo reiterated his commitment to the security of lives and property in all parts of the State and called on those fanning the embers of discord to desist from such unpatriotic tendencies as his administration is unwavering in its resolve to deal with recent upsurge of security breaches in some parts of the State, according to a press release issued by Honourable Isah Ismail, Special Adviser to the Governor on Media.

The Governor commended President Bola Ahmed Tinubu for his exemplary leadership of the country and assured that his administration is committed to providing enabling environment for everyone in the State to aspire to the highest possible attainment of success in line with his administration’s agenda for consolidation and continuity which is tied to the Renewed Hope Agenda of the President.

Governor Ododo added that his administration will continue to work for the peace, progress and prosperity of the people, stating that he has been elected to serve the best interest of the people of the State.

He assured that his administration will continue to uphold the tenets of servant-leadership at all times in his approach to governance in the State.

“Let us cherish the spirit of unity and compassion that defines this day and let it inspire us to continue working together towards a brighter future for our people and our State.

“Let us use this period to reflect on our shared values of love, compassion and solidarity, and to renew our commitment to building a stronger and more vibrant Kogi State together,” Governor Ododo advised.

The Governor who extended well wishes to citizens of the state, urged the people to use the occasion of Eid celebration to reflect on the spiritual growth attained by individuals and families in the last 30 days of the Ramadan fast.

He enjoined the people to remain steadfast in their resilience as a people and continue to demonstrate strength of character to surmount challenges.

In Governor Ododo’s words: “As a people, we have demonstrated resilience and strength of character against the odds of prevailing economic challenges and insecurity. We have proven that we have what it takes to defeat temptations of the flesh just like our social and economic challenges. That is the true spirit of Ramadan which has to endure beyond Ramadan. Our ability to go through the period of absolute self-discipline and control demonstrates that we are capable of weathering the storm to achieve progress and prosperity together as a people.”

The Governor urged well-to-do citizens to remember those less fortunate among the people and extend a helping hand to them, stressing that the Eid celebration presents an opportunity to renew their collective commitment to unity, peace and harmony in the State.

NNPC Chief Emphasises Role of Gas in Driving Economic Growth, Industrial Development

Business Journal

10/04/2024

Representative of the GCEO, NNPC Limited and Head of the Company’s Relationship and Stakeholder Management, Mrs. Oluwakemi Olumuyiwa delivers an address during the public presentation of the book “The Rise of Gas: From Gaslink to the Decade of Gas” authored by Engr. Charles Osezua in Lagos yesterday.

The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPC) Mr. Mele Kyari, has reiterated the crucial role of natural gas in fuelling economic growth and industrial development in Nigeria.

Kyari, who was speaking at the public presentation of the book “The Rise of Gas: From Gaslink to the Decade of Gas” authored by Engr. Charles A. Osezua, the GCEO highlighted gas’ global acceptance as a crucial energy source that sustains economic growth and drives industrial activities.

Represented by NNPC Limited’s Head of Relationship and Stakeholder Management, Mrs. Oluwakemi Olumuyiwa, the GCEO also emphasised the importance of documenting Nigeria’s gas sector.

The GCEO underscored the significance of prioritising natural gas production and supply, particularly in the context of geopolitical dynamics and energy security in the global economy.

With Nigeria boasting substantial gas reserves exceeding 200 trillion cubic feet (Tcf) and a potential to reach 600 Tcf, the GCEO said it is pertinent Nigeria leverages the gas resource for sustainable development, energy security, and job creation.

He noted that the book aligns with the Federal Government’s “Decade of Gas” initiative, aimed at optimising Nigeria’s abundant gas reserves for both domestic consumption and international export.

Kyari added that as a key stakeholder, the NNPC Limited has played a leading role in advancing the “Decade of Gas” agenda through strategic investments in critical gas infrastructure such as pipelines and processing facilities.

In his remarks, the author, Engr. Charles Osezua, who described the unveiling of “The Rise of Gas” as his significant contribution to Nigeria’s energy literature, expressed gratitude to the NNPC for its support towards the book launch.

Osezua said NNPC’s participation at the occasion underscores the Company’s commitment to fostering knowledge sharing and innovation within the gas industry.

Also speaking, Chairman of the Impact Investors Foundation and former Group Executive Director of NNPC, Engr. Afolabi Oladele, lauded the book for its comprehensive insights into the gas value chain, saying it will be relevant to policymakers amid the global energy transition.

9mobile Refreshes 9Konfam Value Offer

Business Journal

10/04/2024

Nigeria’s customer-centric company, 9mobile has spiced up its 9Konfam offerings as its customers are set to enjoy 9 times the value of recharge and more when they subscribe to this unique offering.

This innovative plan, crafted with a focus on enhancing connectivity and value for its customers, promises to make connectivity with family and friends seamless and enjoyable.

The 9Konfam plan boasts unique benefits aimed at bringing families and friends closer while providing unparalleled value for money. Among its standout features, customers stand to enjoy an extraordinary 9 times the value on all recharges of N100 and above.

This significant bonus is applicable for calls across all networks and SMS and data usage, catering to diverse communication needs.

In his comment, the Director of Product Innovation & Business Development at 9mobile, Kenechukwu Okonkwo said the company is committed to fostering connectivity and enriching customer experiences. “At 9mobile, we understand the importance of staying connected with loved ones, and we are poised to offer a unique opportunity to make things seamless for our customer’s communications needs.”

He said that the 9Konfam plan is designed to offer incredible value on calls, data, and SMS. “Whether you’re catching up with family, connecting with friends, or staying on top of business, 9Konfam ensures you get the most out of your mobile experience.”

Subscribers to the 9Konfam plan will enjoy a double dose of data delight during the initial six months of their subscription. This translates to a remarkable 100% data bonus on top of their purchased data bundles, ensuring an enhanced browsing, streaming, and chatting experience for all members of the 9Konfam family.

For those embarking on their journey with 9Konfam, the perks start when they activate their SIM cards. New subscribers are welcomed with a generous N1,000 welcome bonus, giving them a head start to enjoy the multitude of benefits offered by 9Konfam.

Transitioning to the 9Konfam plan has been streamlined for convenience. New customers can simply visit any 9mobile Experience Centre, or authorised retailers to activate their SIM cards or dial *1400# and commence enjoying the array of benefits offered by 9Konfam.

With 9Konfam, subscribers become valued members of a larger family, where connectivity is without limits, and they are assured of an experience that matches value and more.

Heirs Insurance Group Unveils New Website for Better Customer Experience

Business Journal

09/04/2024

Heirs Insurance Group, Nigeria’s fastest growing insurance group, has launched a new website that delivers the most user-friendly insurance experience in the industry.

In addition to its features that aid simple navigation, the website also personalises the insurance experience taking customers through a short journey that enables them to make decisions quickly on the best insurance plan to support their personal and business success, or access competent insurance advisors to speak with.

According to Ifesinachi Okpagu, the Chief Marketing Officer, Heirs Insurance Group, the website, www.heirsinsurancegroup.com, embodies the ethos of the brand: the delivery of simple, quick, and accessible insurance service that delights customers and brings the uninsured much closer to taking up insurance plans.

She said: “Today’s customers want simplicity and this new website delivers on that request, ensuring that people find the right insurance solutions for their needs in a few minutes. We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”
Heirs Insurance Group has been at the forefront of pioneering a new era of insurance solutions since its launch with the roll-out of various initiatives including a seamless mobile app, USSD; Prince, its intuitive chatbot; InConnect, its partnership portal Digital Experience Centre; and more.

With the launch of this website, Heirs Insurance Group solidifies its position as the leading digital insurance company in Nigeria, democratising access to insurance for all.

About Heirs Insurance Group

Visit www.heirsinsurancegroup.com to experience simple insurance.

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

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

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

UBA Gross Earnings Rises by 143% YoY, Profit Hits N757.7bn in 2023

Business Journal

09/04/2024

In another unprecedented performance, Africa’s Global Bank, United Bank for Africa (UBA) Plc, has released its audited financial results for the full year ended December 31, 2023, showing exceptional and impressive performance across all its major indicators.

The 2023 financials, filed by the Bank at Nigerian Exchange Limited (NGX) on Monday, showed an impressive leap in gross earnings, as it grew from N853.2 billion recorded at the end of 2022 to close at N2.08 trillion; representing a strong 143 percent growth.

The banks’ total assets also rose remarkably by 90.22 percent, doubling the N10 trillion mark, to close at N20.65 trillion in December 2023; up from N10.86 trillion in 2022. This leap remains a very significant achievement and milestone in the history of the financial powerhouse.

Despite the highly challenging global economic and business environment, UBA recorded a laudable profit before tax, with an exponential growth of 277 percent, to close the year under review at N758 billion, rising from N201 billion recorded at the end of the 2022 financial year; while profit after tax (PAT) grew by 257 percent from N170 billion in 2022, to N608 billion in the year under consideration.

Consequently, UBA Group Shareholders’ Funds rose from N922 billion as at December 2022 to close the 2023 financial year at N2.0 trillion, achieving an impressive growth of 120.2 percent, compared to prior year.

In the year under consideration, UBA Group cost-to-income ratio dropped from 59.2 percent, in 2022, to 37.2 percent pointing at the Group’s improving efficiency.

In fulfilment of the promise made by the UBA Group Chairman, Tony Elumelu, to shareholders at the last Annual General Meeting, the Bank proposed a final dividend of N2.30 kobo for every ordinary share of 50 kobo, for the financial year ended December 31, 2023. The final dividend is subject to the ratification of the shareholders during its upcoming Annual General Meeting (AGM).

Also worthy of note, UBA recorded a 61.3 percent growth in loans to customers, moving up to N5.5 trillion in 2023, whilst customer deposits improved by 90.31 percent to N14.9 trillion, compared to N7.8 trillion recorded in the corresponding period of 2022, reflecting increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme and the deepening of its retail banking franchise.

Commenting on the results, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, said: “I am very pleased with the unprecedented results achieved by our Group in FY2023. The Group made a profit before tax of N758 billion, from N201 billion in the prior year. The balance sheet also grew to N20.7 trillion from N10.8 trillion in the previous year.

He said: “The Group’s shareholder’s funds crossed N2 trillion from N922 billion in 2022, whilst total assets crossed the N20 trillion mark (90.2 percent YoY growth). The Group is well positioned for further business expansion in FY 2024 having closed FY 2023 with Capital Adequacy Ratio of 32.6 percent.”

He added that the bank’s diversified business model (Pan-African and International strategy) is justified by the contribution of its Ex-Nigeria business to the Group’s results and reinforces its resolve to expand our market share of customers, funding, digital and transaction banking businesses across Africa.

“Driven by our customer service and execution-led delivery model, we will continue to expand our market share and create value for our shareholders and meet the expectations of our various stakeholders,” the GMD stated.

UBA’s Executive Director, Finance & Risk Management, Ugo Nwaghodoh, said the 2023 full year was a particularly eventful year, with galloping inflation and currency depreciation ravaging key markets, amidst pockets of regional conflicts and security challenges.

“I am delighted however at the strong growth in earnings and profitability recoded in the year. The Group conservatively set up significant impairment reserves against its overall risk assets portfolio considering the latent impact of the macroeconomic headwinds on our credit portfolio. Consequently, Cost of Risk grew to 3.09 percent from 0.63 percent in the prior year,” Nwaghodoh noted.

On the expectation for the 2024 financial year, he said, “The Group remains fervently committed to sustainable growth and maintaining its strong compliance and risk management practices culture even as we drive our business through the next phase of growth.”

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than thirty-five (35) million customers, across 1,000 business offices and customer touch points in 20 African countries.

With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

Dufil Prima Foods Restates Commitment to Alleviating Economic Hardship on Vulnerable Nigerians

Business Journal

09/04/2024

L-R: Project Manager, Pink Food Bank Foundation, Stephen Oluwadara; one of the beneficiaries of the product donation, Mrs. Abosode Shakunle; Group Corporate Communications and Events Manager, Dufil Prima Foods Limited, makers of Indomie Instant Noodles, Temitope Ashiwaju; another beneficiary, Mrs. Grace Akinleye, and Volunteer/Assistant Project Manager, Pink Food Bank Foundation, Olusanya Ose at the second Indomie product donations and distribution of free meals to the less privileged in the Cardoso area of Ajegunle, Ajeromi Ifelodun LGA, Lagos, in partnership with Pink Food Bank Foundation on Saturday April 6, 2024.

Dufil Prima Foods Limited, makers of Indomie Instant Noodles has once again reaffirmed its mission to help in easing the burden on vulnerable Nigerians as occasioned by the present economic challenge. The company restated this when it visited the Ajegunle area on Saturday April 6 for the second time in two weeks to distribute free meals and cartons of its popular product, Indomie Instant Noodles to the less privileged in that part of Ajeromi Ifelodun LGA, Lagos. The beneficiaries were mostly women, the elderly, and children.

It would be recalled that the brand had earlier visited the area on March 26 where it offered free meals to pupils and students in four schools within the area, namely Dexzel School on Baale Street, Dream Stead School on Babatunde Street, Waves of Impact School on Barra Street, and Dabet School on Kirikiri Road. It had also given out free cartons of its product to residents of the community.

Speaking at the product donation, done in partnership with the Pink Food Bank Foundation, the Group Corporate Communications and Events Manager, Dufil Prima Foods LTD, Temitope Ashiwaju, restated the brand’s determination to reach out to, and feed two million indigent families living across the country.

“We have made commitment to feed two million Nigerians with our intervention nationwide. We are going round communities to feed our people, and to also give cartons of our products to people in the communities. We have been to several of these communities, so this is not the first that we are starting with, and it will not also be the last”, Ashiwaju said.

“Everything that you have seen that is happening here we are doing it all over the country. So, it’s not as if it’s peculiar to people living in Ajegunle alone. We have so many other places that we have visited, and thousands of people that we have given our products to and they are quite excited”, he said, pointing out the geographical spread of the initiative which, he added, is aimed at complementing government’s efforts to alleviate hunger.

Ashiwaju expressed the belief that the present economic situation would improve soon. I am certain that in no time the economic situation would improve because I know what it is when you have to think about what you have to eat and think about the children as well. It is a difficult time, and we know that tough times don’t last but tough people will do. That’s our prayer at Dufil Prima Foods Ltd”, he said.

He commended the Pink Food Bank Foundation team led by its Project Manager, Stephen Oluwadara, for being worthy partners in Indomie’s quest to put smiles on the faces of vulnerable Nigerians and raise their hopes for the future. He also applauded beneficiaries for the orderly way they conducted themselves during the distribution exercise.

One of the beneficiaries, Mrs. Janet Emmanuel expressed her delight and gratitude at the gesture from Dufil Prima Foods. “I’m very happy and grateful for this gift from Indomie. I love to eat Indomie but the current economic situation has depleted my finances. So, this donation will go a long way in helping me and my family.”

Media Bodies, CSOs Demand Investigation into Segun Olatunji’s Detention, Prosecution of Perpetrators

Business Journal

08/04/2024

The undersigned media ORGANISATIONS, media associations and professional bodies as well as civil society organisations wish to express our deep concern and strong condemnation regarding the recent unlawful arrest, detention, brutalisation and torture of Mr. Segun Olatunji, Editor of FirstNews newspapers by military personnel in response to stories published by the media outlet.

We hereby demand a speedy, public, transparent and independent investigation into this act of barbarism displayed by military personnel as well as the brazen disregard for the Constitution and the Government’s obligations under relevant domestic laws and international instruments.

We further demand that all persons within and outside the military who are found to have been connected with this unacceptable violation of the rights of the journalist and the Constitution, including those who effected Mr. Olatunji’s arrest, detention and torture, those who directly commanded them, and those who ordered or instigated the action, should be prosecuted before the appropriate court and punished to the full extent of the Law.

The Chief of Defence Intelligence (CDI), who commands the Defence Intelligence Agency (DIA), Major General Emmanuel Undiandeye, reportedly ordered the operation that culminated in Mr. Olatunji’s abduction, torture, and detention while the Chief of Defence Staff, General Christopher Musa, to whom the CDI reports, was also reportedly aware of the operation but joined the CDI to claim for days that the journalist was not in their custody. They need to be held accountable for their roles in the matter.

Armed men wearing military uniforms and who introduced themselves as military personnel from the Nigerian Army, the Nigerian Air Force and the Defence Intelligence Agency (DIA), led by a military officer who also introduced himself as Colonel Lawal, invaded Mr. Olatunji’s home in a Lagos suburb on March 15, 2024, seized Olatunji’s mobile phone, handcuffed and bundled him in one of their vehicles and flown, blindfolded to Abuja where he was kept in an underground cell for 14 days.

Stripped to his boxers, legs manacled, hands in cuffs, kept incommunicado and not informed of his offence or the reason for his arrest nor of his rights as required by Law, as guaranteed under the Constitution, Olatunji was only released on March 29, 2024.

He was repeatedly interrogated about stories published by FirstNews in the absence of a legal practitioner of his choice because he was not given the opportunity to consult a lawyer. His mobile phone was also unlawfully searched in an effort by his abductors to ascertain the sources of the stories published by the news outlet.

Given the above, we unequivocally condemn this gestapo-like, unlawful and unconstitutional treatment of a journalist under a constitutional democracy simply for doing his job and therefore demand that:

* The Federal Government conducts a speedy, public, transparent and independent investigation into the incident in order identify all persons within and outside the military who were connected with the violation of Mr. Olatunji’s rights;

* There should be full accountability for all those responsible. Therefore, all persons within and outside the military who are found to have been connected with the incident, including those who effected Mr. Olatunji’s arrest, detention and torture, those who directly commanded them, and those who ordered or instigated the action, should be prosecuted before the appropriate court;

* In accordance with Section 35(6) of the 1999 Constitution, as amended, the Federal Government should pay Mr. Olatunji substantial compensation and issue a public apology to him for the unlawful and unconstitutional violation of his rights as well as the inhuman and degrading treatment to which he was subjected; and

* The Federal Government should make an unequivocal public commitment to respect and defend the rights and freedoms of journalists and other media practitioners to carry out their professional duties in a safe and conducive environment in accordance with Sections 22 and 39 of the 1999 Constitution, as amended, and advise all law enforcement, security, intelligence, military and other agencies accordingly.

* Advised any member of the public, dissatisfied or feel the content in a news medium directly affects or involves him or her unfairly, to approach the National Media Complaints Commission (NMCC) (The National Media Ombudsman) for redress, rather than engage in self-help

Should the Federal Government fail to respond positively to all these demands within 14 days from today, the undersigned media associations and professional bodies as well as civil society organisations will pursue all available mechanisms at the national, regional and international levels to ensure compliance with our demands.

Mallam Kabiru A. Yusuf

President, Newspapers Proprietors Association of Nigeria (NPAN) / President, Nigerian Press Organisations (NPO)

Yemisi Bamgbose

Executive Secretary, Broadcasting Organisations of Nigeria (BON)

Eze Anaba, President, Nigerian Guild of Editors (NGE)

Comrade Chris Isiguzo

National President, Nigeria Union of Journalists (NUJ)

Maureen Chigbo

President, Guild of Corporate Online Publishers (GOCOP)

Musikilu Mojeed

President, International Press Institute, Nigeria Chapter (IPI Nigeria)

Edetaen Ojo

Executive Director, Media Rights Agenda (MRA)

Lanre Arogundade

Executive Director, International Press Centre (IPC)

Adetokunbo Mumuni

Director, Socio-Economic Rights & Accountability Project (SERAP)

NGX Group Announces Strategic Investment in Ethiopian Securities Exchange

Business Journal

08/04/2024

Nigerian Exchange Group Plc (NGX Group), a leading integrated market infrastructure group in Africa, has announced a significant investment in the Ethiopian Securities Exchange (ESX).

NGX Group is among the top institutional investors that have injected capital into the operationalisation of the bourse alongside FSD Africa, a UK-backed non-profit financial institution, and Trade and Development Bank Group (TDB), the financial arm of the Common Market for Eastern and Southern Africa (COMESA) trade block.

This pivotal move not only marks NGX Group’s entry into East Africa but also underscores its commitment to driving growth and innovation in the African capital markets, while strategically positioning itself as the largest foreign institutional investor in the ESX.

The investment in the Ethiopian Stock Exchange reflects NGX Group’s confidence in the potential of Ethiopia’s rapidly growing economy and capital market. By partnering with ESX, NGX Group aims to support the development of a vibrant and resilient financial ecosystem in Ethiopia, fostering increased investor participation and capital formation.

Through this investment, NGX Group aims to contribute to robust regulatory frameworks and foster best practices within the ESX ecosystem. The Group remains dedicated to providing ongoing technical assistance and capability enhancements to support the successful operations and growth of the ESX.

Alhaji Umaru Kwairanga, Chairman of NGX Group, stated: ” We extend our congratulations to the ESX on its successful capital raise and commend the Government of Ethiopia and the private sector for their support in bringing this pioneering initiative in the country to fruition. Our partnership with ESX is a resounding affirmation of our unwavering dedication to promoting economic development, transparency, and exemplary corporate governance standards that foster an environment conducive to inclusive growth, even as we aim to maximise value for our esteemed shareholders.”

Temi Popoola, Group Managing Director/CEO of NGX Group, commented: “We are excited to announce our investment in the Ethiopian Stock Exchange, which represents a significant milestone in our expansion strategy. Ethiopia is one of Africa’s fastest-growing economies, with immense potential for investment and growth. We believe that by partnering with the Ethiopian Stock Exchange, we can leverage our expertise and experience to contribute to the development of a robust and dynamic capital market in Ethiopia.”

Tilahun Esmael Kassahun, CEO of the ESX stated: “We are thrilled to announce that the capital raise for Ethiopia’s first securities exchange has exceeded our expectations, reflecting the unwavering confidence of investors in the potential and prospects of Ethiopia’s economic landscape. We are pleased to welcome the NGX Group as a strategic partner, building upon the existing support we have received from the NGX Group.”

With this investment, Mr. Temi Popoola will join the board of ESX as a nominee of NGX Group. The investment demonstrates NGX Group’s commitment to driving regional integration and collaboration within the African capital markets. Through strategic partnerships and investments, NGX Group aims to facilitate cross-border investment flows, enhance liquidity, and promote economic development across the continent.

ESX significantly surpassed its initial target by raising close to 1.3 billion Ethiopian Birr (ETB) from the private sector, reflecting investors’ robust confidence in Ethiopia’s capital market and economic prospects.

The Government of Ethiopia will retain 25 percent of the exchange whilst private sector players hold 75 percent.

Nigerian Healthcare Excellence Award (NHEA) 2024 Nominations Now Open!

Business Journal

04/04/2024

The Nigerian Healthcare Excellence Award (NHEA) is thrilled to announce the commencement of nominations for the highly anticipated NHEA 2024. Dr. Wale Alabi, the NHEA Project Director, shared the exciting news, emphasising that this year marks a decade of the award’s impactful existence.

Theme: “Navigating Tomorrow: Accelerating Strategies for Healthcare Transformation”

Scheduled for June 21, 2024, at 5:00 pm, the award ceremony will take place at The Convention Centre, Eko Hotel & Suites, Victoria Island, Lagos, Nigeria.

The theme aligns with Nigeria’s healthcare transformation plan, spotlighting and recognising stakeholders, facilities, and organisations that have significantly contributed to the healthcare sector.

Nomination Period and Process

Nominations opened on February 27, 2024, and will close on May 23, 2024, at midnight.

The public is encouraged to participate actively by making nominations for corporate or individual categories on the official award website, [www.nigeriahealthawards.com.ng].

Voting will commence after nomination closes.

Anticipating Remarkable Nominees

Dr. Pamela Ajayi, President Health Federation of Nigeria (HFN), says, “the health federation is excited about the NHEA 10^th year edition and we eagerly look forward to working with the organizers to have a successful event.

Njide Ndili, Country Director of PharmAccess Foundation says, “we remain committed to NHEA, and quality and safety in Nigeria healthcare”

Moses Braimah, NHEA Director of Marketing, Communication, and Strategy, expressed enthusiasm about the upcoming event, stating, “With the increasing interest and investment in the industry, by both government and the diasporas, we can expect to see some truly exceptional nominees at this year’s awards ceremony.” He added that NHEA, known as the Oscar of Nigerian healthcare awards, has become a source of pride and aspiration for various stakeholders over the last 10 editions.

Awards Categories

About 30 awards and recognitions will be presented at the ceremony, made up of the following major categories; Special Recognition Awards, Special Awards, Healthcare Delivery Services, Biomedical Technology, and Pharmaceuticals.

Some of the award categories are: The Lifetime Achievement Award, Sterling Bank Innovative Healthcare Service Provider of the Year, PharmAccess SafeCare Facility of the Year, PharmAccess Most Active Facility on the SafeCare Quality Platform, Most Outstanding Oncology Centre of the Year, Biomedical Engineering Service Company of the Year, Hospital Equipment Marketing Company of the Year, Community Pharmacy of the Year, Pharmaceutical Manufacturing Company of the Year, etc. Some new categories have been introduced. It comprised of; Public Tertiary Healthcare Facility of the Year, Private Tertiary Healthcare Facility of the Year, Public Secondary Healthcare Facility of the Year, Private Secondary Healthcare Facility of the Year and State Primary Healthcare Agency of the Year.

Organisers and Collaborators

NHEA is organised by Global Health Project and Resources (GHPR) in collaboration with Anadach Group, USA. Its partners and collaborators include; HFN, International Health Federation (IHF), PharmAccess Foundation, etc.

As nominations flood in and anticipation builds, NHEA 2024 promises to be a memorable celebration of excellence and innovation in the Nigerian healthcare sector.

About NHEA

The Nigerian Healthcare Excellence Award (NHEA) is an annual event celebrating outstanding personalities and organizations for their exceptional contributions to the Nigerian healthcare sector. With a decade of impactful existence, NHEA continues to elevate the standards of healthcare services.

Event Hashtag: #NHEA2024

Transcorp Power Grows Topline by 57.03%, Profit by 75%-Declares Dividend of N3.13

Business Journal

04/04/2024

Mr. Peter Ikenga

Managing Director/CEO

Transcorp Power Plc

Transcorp Power Plc, one of the power subsidiaries of Nigeria’s leading listed conglomerate, Transnational Corporation Plc has released its audited financial statements for the year ended December 31, 2023.

The Company reported gross earnings of N142.1 billion for the 12 months, marking a strong increase of 57.30 percent, from N90.34 billion reported in FY 2022. Profit before tax showed a similar impressive year-on-year growth, surging by 84.61 percent to N52.8 billion, from N28.6 billion reported in the previous year.

Commenting on the results, Peter Ikenga, Managing Director/CEO of Transcorp Power Plc attributed the substantial growth to the company’s strong operational capabilities and effective business strategies.

“We are proud of the significant progress we have made in delivering value to our shareholders and other stakeholders. This performance is a testament to the dedication and hard work of our team, as well as our focus on operational efficiency and ingenuity,” Ikenga stated.

With earnings per share standing at N92.25, Transcorp Power continues to deliver significant returns to its investors, reaffirming its position as a leading player in the power sector. The company, which was listed on the main board of the Nigerian Exchange on March 4, 2024 has continued to enjoy impressive market confidence.

In line with its commitment to shareholder value, the Board of Directors has proposed a final dividend of N3.13 to shareholders. This dividend payout reflects the Company’s strong financial position and underscores its dedication to rewarding shareholders for their support and investment in the Company.

Transcorp Group continues to demonstrate its position as a major player in the African power sector, with a focus on delivering reliable power solutions to meet the needs of its customers and stakeholders, in line with its mission of improving lives and transforming Africa.

Transcorp Power operates the 972 MW gas-fired Ughelli Power Plant, while non-quoted Transcorp Group subsidiary TransAfam Power operates the 966 MW gas-fired Afam Power Plant, with total joint installed capacity of approximately 2,000 MW. In 2023, executing its strategy of value chain optimisation, Transcorp Group invested in the Abuja Electricity Distribution Company (AEDC) to ensure power gets to the last mile users safely and reliably.

Transcorp Power Plc is one of Nigeria’s principal power generation companies and an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group), a leading African listed conglomerate, with strategic investments in the power, hospitality, and energy sectors.

Transcorp Power is committed to creating value, driving economic growth and ensuring social good, through access to plentiful and robust electricity supply.

Interswitch Champions Digital Transformation for the Energy Sector

Business Journal

04/04/2024

L-R: Godwin Okoduwa, Head, LPG Sales & Marketing, Falcon Corporation Limited; Solabomi Oreagba, GM, Fulfillment and Corporate Service, Viathan Engineering; Prof. Joe Ezigbo, MD/CEO, Falcon Corporation Limited; Chinyere Don-Okhuofu, MD, Industry Ecosystems (Interswitch Indeco) and Adeyinka Adekoya, VP, Energy Ecosystems, (Interswitch Indeco) at the Interswitch Energy Summit recently held in Lagos.

Africa’s leading digital payment and commerce company, Interswitch, has said it is pertinent for oil and gas businesses to leverage digital solutions to drive the growth and sustainability of the energy sector.

The company made this known at the first edition of the Interswitch Energy Summit in Lagos. At the summit, representatives of oil and gas companies and other stakeholders were introduced to innovative solutions designed by Interswitch Energy and informed of their robust benefits.

The Interswitch Energy Summit, themed: “Harnessing Digital Transformation in the Energy Sector’, provided insights, strategies, and robust opportunities for oil and gas businesses to thrive.

During the event, Interswitch unveiled two new products designed to address prevailing issues within the Energy sector, enhance business development, and drive growth. The products include Forecourt Operations and Wet Stock management solutions.

Forecourt Automation and Wet Stock Management products focus on automating and optimizing wet stock operations, empowering oil and gas companies with enhanced capabilities for inventory management, sales tracking, and payment processing. The products will allow fuel station management to expand its network of retail stations and establish strategic partnerships with Oil Majors, thereby driving operational efficiency and profitability.

Delivering her opening remark, Chinyere Don-Okhuofu, Managing Director, Industry Ecosystems (Interswitch Indeco), said: “For decades, the Interswitch Group has been a beacon of innovation, spearheading digital transformation initiatives across the African continent. Interswitch Energy stands as a testament to our unwavering commitment to driving positive change and fostering prosperity on a nationwide scale.”

She further said: “With the introduction of our groundbreaking Forecourt Automation & Wet Stock Management solutions, we not only unveil products but usher in a new era of transformative growth. These innovations are more than mere tools; they are enablers of change, empowering enterprises within the energy sector with unprecedented capabilities to navigate the complexities of the modern energy landscape with agility and foresight.”

In his Keynote address, Prof. Joseph Ezigbo, Managing Director of Falcon Corporation Limited, emphasised the need for energy companies to allocate resources for digitization initiatives accordingly to drive innovation and efficiency in the sector.

The event also featured a panel session, in which the panelists discussed how oil and gas businesses can leverage cutting-edge solutions to address the challenges in the energy sector.

The Interswitch Energy summit marks a pivotal moment in the journey towards a digitally empowered energy industry. Interswitch is committed to creating channels and platforms to foster innovation and drive positive change in the energy sector.

Afreximbank Partners Woodhall Capital on Supply Chain Finance, Factoring Workshop

Business Journal

03/04/2024

Mr. Henry Shofowora, Chief Operating Officer (COO) Woodhall Capital Limited; Mr. Eric Intong Monchu, Regional Chief Operating Officer, Anglophone West Africa, Afreximbank; Mrs Gwen Mwaba, Director & Global Head, Trade Finance & Acting Director and Global Head, Client Relations, Afreximbank; Mr. Abayomi Arogundade, Director of the Other Financial Institutions, Supervision Department, Central Bank of Nigeria( CBN) , Representing Dr. Olayemi Cardoso, CBN Governor; Mrs. Mojisola Hunponu-Wusu, Founder Woodhall Capital Limited and Mr. Adegboyega Festus – Chief Executive Officer (CEO) Woodhall Capital Limited.

Afreximbank and Woodhall Capital recently hosted a successful one-day workshop on Supply Chain Finance and Factoring in Nigeria.

The event, which convened Corporates, Financial Institutions and Sovereigns, served as a platform to explore the opportunities and challenges within the Payables Finance Industry in Africa’s biggest economy.

The workshop was well attended by industry stakeholders, among them the key guests – Mrs. Folasade Ambrose-Medebem, Honorable Commissioner for Trade and Investment in Lagos and Mr. Abayomi Arogundade representing Dr. Olayemi Cardoso, The Governor of the Central Bank of Nigeria. The workshop was followed by a joint launch of the innovative Payables Finance product, branded as ‘Afreximbank Tradelink’ in partnership with Sterling Bank.

The introduction of Payables Finance is the next stage on Afreximbank’s roadmap to promote Supply Chain Financing in Africa. The Bank currently provides US Dollar and Euro financing across Africa and plans similar partnerships in other African countries while incorporating local currencies.

The workshop provided a platform for corporates and banks to gain insights into the benefits and applications of supply chain finance and factoring. Through informative sessions and interactive discussions, participants had the opportunity to explore practical strategies for leveraging these financial solutions to optimize working capital management and drive business growth.

The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, represented by Mr. Abayomi Arogundade, Deputy Director of the Other Financial Institutions, Supervision Department highlighted the significance of the workshop, he emphasised the ongoing collaboration, particularly in establishing regulatory frameworks for factoring. Both institutions are committed to exploring regulatory measures to support the development of supply chain finance.

Mrs. Mojisola Hunponu-Wusu, founder of Woodhall Capital, asserted to the Central Bank of Nigeria, the unwavering support of financial institutions towards the receivables financial industry, underscoring its growing visibility.

“We are thrilled by the overwhelming response to the workshop,” said Adegboyega Festus, Chief Executive Officer at Woodhall Capital.

“The presence of esteemed guests from Lagos State and The Central Bank of Nigeria, such as Mrs. Folasade Ambrose-Medebem, further highlights the importance of collaboration in advancing the payables finance industry in Nigeria. We believe that by equipping businesses and financial institutions with the knowledge and tools they need to navigate the complexities of supply chain finance and factoring, we can contribute to the sustainable development and growth of the African economy. “

Participants engaged in insightful discussions, sharing expertise and strategies to navigate the evolving landscape of Supply Chain Finance.

From identifying innovative financing solutions to addressing regulatory considerations, the workshop provided valuable insights for attendees to enhance their operations and seize new opportunities in the marketplace.

Woodhall Capital is a leading financial advisory firm that has raised over $5 billion from various funding sources across the globe. The funds have been raised to support local financial institutions, multinationals and conglomerates operating in various economic sectors in Nigeria and across Africa.

Afreximbank has been a pioneer in providing lines of credit to support and promote factoring across the continent through its Factoring Working Group.

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