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NEM, AIICO, Dangote Group Shine at Insurance Industry Nite of Honours

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The 2023 Almond Insurance Industry Awards and Consumers’ Nite aptly tagged #Rewarding Excellence was held over the weekend in Lagos.

The high-octane event drew dignitaries from within and outside the insurance industry.

The Awards Nite kicked off with comedy and musical performances from a list artiste like Harry Songs, Skales, Mr. Real, Ill Bliss and a host of others who ensured guest were on their toes.

The likes of Mr. Paul, Brain-Jotter, Short Family and others also cracked up guest at the event. The Almond Awards which was conducted via online voting over a period of six months started with calls for nomination from operators and the insuring public all the way to selection by the Award Panel of Judges before the final voting process and short listing of eventual winners.

Speaking at the Award Ceremony, the Chairman of the 2023 Award Panel of Judges, Ms. Prisca Soares said their duty was to ensure fairness and integrity of the process and she and her members did their best. According to her, the response from the general public and the industry was encouraging as over 1,797 people voted for nominees in the Seven Categories.

Six individuals selected and voted by the Awards Panel of Judges based on their understanding of the Nigerian market were also honoured for their excellent contribution to their companies and the insurance industry in general.

At the end of the Nite, AXA Mansard emerged General Insurance Company of the Year, while AIICO Insurance clinched the Life Insurance Company of the Year. Scib Nigeria & Co won Insurance Broking Company of the Year whilst Shola Tinubu won Insurance Broker of the Year.

Mr. Tope Smart, GMD, NEM Insurance Plc (Now Chairman) won CEO of the Year and Lawrence Nazare of Continental Reinsurance Plc won Reinsurance CEO of the Year. Noor Takaful emerged as Takaful Company of the Year and Dangote Group of Companies won Most Valuable Insurance Customer of the Year.

Insurance Life Achievers Awards went to Mr. Oye Hassan – Odukale, Mr. Wole Oshin and Mr. Eddie Efekoha for their contributions to the companies they led and the industry in general.

On the broking side, Mr. Shola Tinubu, Mr. Amos Adeyeye and Chief Babajide Agbeja were honoured for their contributions to the growth and development of the broking profession.

The organisers also did a short tribute to the Late Insurance ICON, Prof. J.O Irukwu, SAN.

The organisers of the Awards Almond Productions Limited were praised for their thoughtfulness in inviting Guest Presenters from across board. Some of the Guest Presenters at the Awards were Bashorun J.K Randle, Mr. Chris Ubosi, Nigerian Vocalist and Dancer, Yinka Davies and a host of others.

The 2023 edition of the Almond Insurance Industry Awards was by every standard a huge success. The organisers have promised an even bigger and better outing in 2024.

 

NLNG’s Unwavering Commitment to Local Content Development in Nigeria

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L-R: Mr. Andy Odeh, NLNG General Manager External Relations and Sustainable Development; NLNG GM, Human Resources, Mrs. Erinle Bamitale; Engineer Simbi Wabote, Executive Secretary NCDMB; Dr. Philip Mshelbila, MD/CEO NLNG; Mr. Nnamdi Anowi, NLNG GM, Production at the Nigerian Content Stakeholders Retreat in Bonny recently.

Nigeria LNG Limited (NLNG) last weekend hosted the Nigerian Content Stakeholders Retreat at its plant complex in Bonny, in demonstration of its unwavering commitment to the advancement of local content in Nigeria.

The three-day event provided a platform for the cohesion of NLNG’s vision of being a globally competitive LNG company helping to build a better Nigeria, and the goal of the Nigerian Content Development and Monitoring Board (NCDMB) as the umpire for Nigerian Content Development.

Delivering the keynote address at the Nigerian Content and Award Ceremony, the Executive Secretary of the NCMDB, Engr Simbi Wabote expressed concern over the challenges of inadequate gas supply to the NLNG Plant and promised to support the company along the lines of approving third party gas injectors and sanctioning new deepwater gas projects. He added that “most of the marginal operators have also found gas but part of their challenge is where to send the gas.”

Engr Wabote lauded the NLNG for its remarkable success at promoting Nigerian Content, recalling that at the inception, the company’s Management level had 90 per cent expatriates and 10 per cent Nigerians.”

”However, the table has now turned the other way, with the entire Management now consisting of Nigerians” he added.

Earlier, in his welcome remarks, the NLNG Managing Director and Chief Executive Officer, Dr Philip Mshebila, said the retreat and award ceremony was designed to reaffirm NLNG’s commitment to upholding local content development as a catalyst for the economic advancement of the nation, adding that through NLNG’s Nigerian Content policy, the company has consistently championed the development of  indigenous and national economic potentials while fostering a self-sufficient and competitive workforce for sustainable development.

According to Dr. Mshelbila, NLNG recognises its pivotal role in shaping the trajectory of local content development in Nigeria and restated that the company’s commitment to Nigerian Content development aligns with its profound belief in Nigeria’s boundless potentials which can be unleashed by nurturing and harnessing local talents, Nigerian companies and associated resources, that will in turn help build a stronger, more prosperous nation. This includes technology transfer, given the high-tech plant and operations of the NLNG Plant in Bonny Island.

The NLNG boss stated that while the company appreciates the outstanding contributions of major foreign partners, “we insist on capacity development and knowledge transfer to encourage Nigerian companies to get more involved in the technical processes. We want to see more partnerships with local manufacturers, more empowerment for competitive edge, more import substitution with locally manufactured spares and parts”.

Since commencement of operations in 1990, NLNG has maintained unwavering commitment to local content development through significant investment in skills development programmes that empower Nigerian workers and companies with the knowledge and expertise required to drive economic activities in the nation’s Oil and Gas sector and associated industries.

The company provides comprehensive trainings, and scholarships to cultivate local talent, while also actively engaging local vendors, to promote the growth of Nigerian businesses and bolster local economies. NLNG maintains a strong preference for sourcing goods and services locally, whenever practicable.

The company has also achieved 100% Nigerianization of its management team and over 95% Nigerian workforce that are its greatest asset, a feat it achieved through strategic local and international trainings to grow professionals of global standards.

At the award ceremony which featured outstanding local vendors who are NLNG’s business partners, the company commended NCDMB for maintaining transparent and fair regulatory frameworks which are crucial for promoting responsible business practices and growth, adding that strengthening security measures to protect critical infrastructure and operating environment will further bolster Nigeria’s private sector growth and the nation economic gains.

Highpoint of the award night was the recognition of NLNG partner companies for outstanding performance in their partnership with NLNG. Notable among them are EVOMEC Global Services Limited, Coleman Cables and Wires, A.O Brownson Enterprises, Alfred Temile LPG Tanker and Saipem Contracting Nigeria Limited.

 

Linkage Assurance at CIIN Ambassador’s Project

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L-R: Okanlawon Adelagun, Executive Director, Technical, Linkage Assurance Plc; Oluwaseun Oyelere, Head, Financial Institutions/Direct Corporate SBU, Linkage Assurance Plc; Aderonke Coker, Insurance Industry Ambassador; Edwin Igbiti, President/Chairman of Council, CIIN; Funmi Omo, MD, Enterprise Life; Adeyemi Kehinde Kolade, Leadway Assurance Limited; Abimbola Tiamiyu, Registrar/CEO, CIIN; and Temilade Adewoye Daniel-Owo, Head, Distribution Channels, Leadway Health, all members of panel at the CIIN Ambassador’s Project held at the LCCI Conference and Exhibition Center, Ikeja, Lagos.

Solaris, Knownow, Specxs Win N30m in NCC’s Talent Hunt

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Three companies, out of 81 companies that contested at the Nigerian Communication Commission’s inspired technology innovation talent hunt competition, shared the N30 million prize money equally.

Nine other shortlisted companies went home with N500,000 consolation prizes each.

Solaris GreenTech Hub, Knownow Africa Limited and Specxs Care Limited, came bright at the 2023 NCC’s Annual Hackathon Competition, adjudged by an independent Panel of Judges chaired by the President of Digital Bridge Institute (DBI), Prof. Mohammed Ajiya.

Solaris, whose team comprises Chiemela Anosike, Ineke Chinecherem and Onoh Chiemela, won in the Renewable Energy Solution category of the hackathon with their green energy solution that provides clean energy hubs for people in rural communities to be able to charge their phones and other mobile/electronic devices.

Knownow, with a team consisting of Abdulazeez Abiola, Dr. Mudasiru Taiwo and Dr. Oluwaseun Ojerinde emerged winner in the Blockchain Solution category for their fraud-detection and prevention solution.

Specxs Care Limited, also a winner, with team members comprising Isah Dahiru, Ameenat Bala and Musa Gambo, lifted the trophy also with their wearable devices called ‘Smart Bladder’, which can help manage urinary incontinence in elderly people and reduce the cost of their daily spending while ensuring proper personal hygiene.

Prof. Ajiya said the panel was painstaking in assessing all the submissions/entries, diligent in shortlisting the 12 participants and meticulous in determining the three winners through strict compliance with the requirements stated by the Commission for the exercise.

Earlier in his keynote address at the event, the Executive Vice Chairman and Chief Executive Officer of NCC, Dr. Aminu Maida, who was represented by the Director, Research and Development, Ismail Adedigba, said the event aligns perfectly with one of the core objectives embedded within the new Strategic Vision Plan (SVP) of the Commission for the years 2023-2025, which speaks to fostering the development of cutting-edge technologies through rigorous research to catalyse sustainable economic growth and overall development within Nigeria.

He noted that this year’s event focuses on three pivotal thematic areas that not only pertain to Nigeria but also resonate with global concerns. The themes, he said, are:  Blockchain-enabled Data Protection Solutions for Enhancing Regulatory Compliance; Assistive Technology Solutions for the Elderly and People with Disabilities; and Technology Solutions for Renewable Energy in Rural Areas

Adedigba said Talent Hunt Research through Hackathon is just the inception of the Commission’s unwavering commitment to nurturing innovation and nascent ideas, the way it has been doing for previous winning innovative solutions and ideas that had emerged through the annual hackathon.

“The culmination of this competition is not confined to the grand prize of N10 million awarded to each winner from these three thematic areas for the development of their solutions, but goes beyond this, as the Commission takes a holistic approach to support these promising innovations. We closely monitor the progress of these solutions as they evolve into full-fledged prototypes,” he said.

He added that in a world where innovation is paramount, NCC often witness the remarkable potential of Hackathons to showcase fresh perspectives on existing challenges, adding that the NCC’s annual hackathon serve as instrumental tools in sustaining innovation and mobilising the collective intelligence of the innovators to tackle pressing real-world issues, both in the business realm and within our social fabric.

 

 

Robust FinTech Critical for Deepening Financial Inclusion in Nigeria – Maida 

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The Executive Vice Chairman and Chief Executive officer (EVC/CEO) of the Nigeria Communications Commission (NCC), Dr. Aminu Maida, has described the Financial Technology (FinTech) industry as a critical driver of financial inclusion of Nigerian citizens living in the underserved and unserved communities across the country.

Maida made this known in his keynote address at the 2023 edition of the annual Nigeria Information Technology Reporters Association (NITRA) FinTech Forum which focused on, “Harnessing Nigeria’s Fintech Potential: Challenges and Opportunities” and took place in Lagos recently.

The EVC, who was represented at the event by the Controller of NCC Lagos Zonal Office, Mr. Henry Ojiokpota, stated that the theme of the forum was suitable at this time for a discourse about the financial industry given the significant rise in digital financial services across the nation.

The EVC said Fintech is revolutionizing Nigeria’s financial ecosystem as it represents a positive disruption to the conventional financial system. Maida stated that financial technology’s emergence to leverage technology to enhance financial services such as mobile banking, borrowing, investment, and cryptocurrency, comes as an enhancer and enabler of business and other opportunities in the sphere of innovation, job creation and investment that further stimulates economic growth.

The EVC stated that fintech applications such as robo-advisors, payment apps, peer-to-peer (P2P) lending apps, investment apps, and crypto apps, among others, create business opportunities for individuals. He also stated that the adoption of these Fintech applications for socioeconomic gains by the youth, who account for 70 per cent of Nigeria’s population, will add value to the economy.

Maida recalled recent industry statistics citing active subscriptions across mobile networks in Nigeria, which hit 220.7 million in August 2023, to demonstrate that the Nigerian Fintech ecosystem can offer an array of financial services to telecom subscribers.

He said the Commission will continue to expand and enhance telecommunications infrastructure to enable robust Fintech services, and address consumer concerns, and regulatory challenges in the sector because the optimal utilization of digital technologies will enhance the provision of financial services to rural communities and underserved segments of the population through leveraging of high mobile phone penetration in Nigeria.

“Therefore, Fintech has the potential to deepen the existing payment and financial system infrastructure to reach unserved and underserved areas and further stimulate economic growth”, Maida said.

He said the Commission has begun implementing new strategies to meet the new target of 70 per cent Broadband penetration by the year 2025 as contained in the Nigerian National Broadband Plan 2020-2025 and the blueprint released by the Honourable Minister for accelerating the growth of the digital economy sector through technology.

The EVC said these policies and strategies have huge implications for enhancing derivable benefits of the Fintech industry as well as significantly and positively impacting Nigeria’s goals on financial inclusion and the digital economy at large.

The NCC boss promised that the Commission will continue to support the Fintech industry in harnessing its enormous potential and will not rest on its oars in its strides to address the challenges in the sector, including improving the provision of secured infrastructure that support the delivery of digital financial services in efficient ways. He also reiterated the Commission’s focus on maintaining minimum standards in Quality of Service (QOS) to ensure uninterrupted connectivity to enhance sectoral contribution to the economy.

The EVC stated that the Commission, in support of its vision in this sphere, has implemented a Memorandum of Understanding with CBN on boosting payment systems and financial inclusion, which is in line with the Nigeria Payments System Vision 2025. He also informed that NCC will continue to play an important role in harnessing the potential of Fintech through maximum support for Fintech policies, enforcing regulations, and strengthening collaborations with relevant authorities.

“Our Repayment Plan Will Go on Despite DLM Trust Company’s Withdrawal” – Patricia Technologies Founder 

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We at Patricia Technologies are shocked by DLM Trust Company’s sudden and unilateral decision to terminate our partnership. This development is coming as a surprise as we were we not informed before their public statement of withdrawal. However, we wish to assure our depositors and stakeholders, that the Repayment plan we initiated along with DLM Trustees a few days ago, will go on as scheduled.  

It must be noted that our appointment of DLM Trustees was a culmination of several weeks of engagement with the leadership of the Group including Mr. Kehinde Lawal of DLM Group and Mrs. Lola Rasaq, the CEO of DLM Trust Company up to the point of signing the partnership. During the process and the immediate aftermath of the agreement, we at Patricia Technologies have conducted ourselves with the utmost professionalism, while observing all due processes including fulfilling our financial commitments to consummate the contractual agreement.  

Evidence of this is the transfer of substantial funds to DLM Trustees as part of the planned payouts to our customers, scheduled to start from November 20, 2023.  

It is therefore astounding to us that not only has DLM Trustees chosen to renege on our agreement, but that they failed to issue us a notice, or extend the basic courtesy of a prior discussion, in stark disregard for the clearly spelt termination clause in our contract. 

More bewildering is the claim in their public statement that we broke the terms and conditions of our partnership without spelling out how. We not only categorically reject this false claim, we challenge DLM Trustees to substantiate the allegations.  

We believe this accusation is baseless, and we might be taking legal action to seek restitution for setbacks and damages incurred as a result of this attempt at defamation, if DLM Trust fails to validate their claim. 

To Our Esteemed Customers: 

We wish to assure you that notwithstanding this regrettable development, all scheduled payments will proceed, starting from the 20th as initially planned. 

This is another opportunity to show that not only are we resilient as an organization, but our commitment to you also remains steadfast.  

We sincerely apologize for any inconvenience or concern this situation may have generated and thank you for your enduring trust and patronage.  

Again, our planned repayment to depositors will proceed.  

Signed: Hanu Fejiro, CEO and Founder, Patricia Technologies 

NEM Named Platinum Insurance Services Provider of the Decade

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L-R: Mrs. Moji Teluwo, DGM, Corporate Services, NEM Insurance Plc receiving the Platinum Insurance Services Provider of the Decade award  on behalf of NEM Insurance from Ms. Maureen Chigbo, President, Guild of Corporate Online Publishers (GOCOP) at the Business Journal 15th Anniversary Lecture/Awards in Lagos.

NEM Insurance Plc has won award as Platinum Insurance Services Provider of the Decade at the Business Journal 15th Anniversary Lecture/Awards held last Friday at Radisson Hotel, Ikeja, Lagos.

The Award Committee described NEM Insurance Plc as one of the major operators in the insurance industry in Nigeria. The Committee stated that NEM has earned numerous high-level awards and recognitions in affirmation of its excellent insurance services in the country over many decades.

“NEM remains a great insurance brand and institution in Nigeria across various indices of industry performance. Accordingly, we are proud to nominate NEM Insurance as Platinum Insurance Services Provider of the Decade.”

Receiving the award on behalf of NEM, Mrs. Moji Teluwo, the Deputy General Manager (DGM), Corporate Services, expressed gratitude to the Board and Management of Business Journal for the recognition.

She pledged continuous provision of cutting-edge insurance services to individuals, corporate institutions and government going forward.”

Stanbic IBTC Bank’s Reward4Saving 3.0 Promo: 70 Customers Win Cash Prizes in Maiden Draw

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Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has rewarded 70 customers with cash prizes in the maiden draw of its Reward4Saving 3.0 Promo.

The first draw of this season, which took place at the Stanbic IBTC Head Office in Lagos, saw new and existing customers from seven regions win cash prizes of ₦100,000 each for meeting the savings milestone.

Stanbic IBTC Bank aims to maintain this throughout the 12-month promo period, by which time, Stanbic IBTC Bank will reward 840 customers with ₦100,000 during the monthly draws. The Bank also aims to reward seven customers with one million naira each in the quarterly draws and seven customers with two million naira each in the grand finale.

Speaking at the event, Layo Ilori-Olaogun, Head, Middle Market and Youth Segment, Stanbic IBTC Bank, expressed delight at the turnout and the successful execution of the live draw. Layo remarked, “Reward4Saving has become a cornerstone of our commitment to encourage a savings culture in Nigeria. Based on this year’s theme The Rewards are Back, we are thrilled to see the enthusiasm from our customers and partners for this initiative. With Reward4Saving Season Three, we aim to take the savings experience to a whole new level by offering rewards and benefits to our customers.”

“This journey has been interesting since we started in 2021, and it is commendable that we have seen two seasons turn more Nigerians into millionaires. Our commitment to helping customers reach their financial aspirations is evident in the return of another season of the promo. Our customers’ success is our success, and we are happy to provide them with the tools and support they need to reach their financial goals,” Layo added.

Ikechukwu Ezeigbo, Manager, Customer Value Proposition, Stanbic IBTC Bank, congratulated the winners who emerged after the draw. He urged customers to continue saving as the Stanbic IBTC Reward4Saving Promo is a nationwide campaign to encourage Nigerians to save at least N10,000 in their Stanbic IBTC savings account and maintain it for at least 30 days. Customers who emerge as winners get rewarded with cash prizes ranging from N100,000 to two million naira.

According to Ikechukwu, “To be a part of the promo, customers can download the Stanbic IBTC Mobile App, dial *909*37#, visit the web portal or any Stanbic IBTC Bank branch or an @ease agent to open an account or @ease wallet and save at least N10,000 for 30 days to qualify for the draw.”

NCDMB Retains Top Position in Efficiency, Transparency

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The Nigerian Content Development and Monitoring Board (NCDMB) has retained its position as the best Federal Agency in transparency and efficiency in business, continuing the streak of excellence in the delivery of its mandate.

In the 2023 Half Year Executive Order 001 Compliance Ranking, which covered from January to June 2023, NCDMB scored 83.06% to clinch the top position in the Federal Government’s ranking of ministries, departments and agencies (MDAs), the second straight year it was clinching the award.

The report was released on Monday, and it builds on the Board’s sterling performance in 2022 during which period it had equally emerged the top performer in the whole year.

The Executive Order 001 (EO1) Compliance Report is compiled by the Presidential Enabling Business Environment Council (PEBEC) is determined by a combination of the weighted scores for efficiency and transparency directives.

Issued on 18 May, 2017 by former President Muhammadu Buhari, the EO1 on the Promotion of Transparency and Efficiency in the business environment seeks to facilitate entrenchment of policies and practices that would foster an environment conducive to business, particularly start-ups, by eliminating bottlenecks.

PEBEC explained that an “MDA’s EOI overall performance is a combination of scores on the Efficiency and Transparency measures weighted at 70 per cent and 30 per cent of the overall score respectively.” It added that “the top performing MDAs differentiate themselves by achieving a balanced performance on both the Efficiency and Transparency scales….”

Under Efficiency, the agency’s adherence to its service delivery timelines is key. For Transparency, the chief consideration is existence and functionality of websites, as well as availability of detailed information on timelines, costs, statutory requirements and customer service contact channels. In combination, these would eliminate abuses in the system, including rent-seeking activities.

This latest award follows NCDMB’s emergence as “a Level 5 Platinum Level organisation” in a summary report of the Bureau of Public Service Reforms (BPSR) Self-assessment Tool (SAT) released in January 2023, a rating which translates as “Exceptional Performance with a performance level of 90.5%.”

This accomplishment underscores NCDMB’s unwavering dedication to creating an environment conducive to local and international businesses as well as putting in place initiatives aimed at streamlining processes, reducing bureaucratic bottlenecks, and ensuring that businesses in Nigeria can operate freely.

Elumelu Seeks Urgent Recapitalisation, Enforcement of Compulsory Insurance in Nigeria 

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Tony O. Elumelu, Chairman, Heirs Insurance Group, called for the urgent recaptalisation of insurance companies in Nigeria, as part of a six-point agenda to completely transform the insurance industry.

He made the call at the 2023 National Insurance Conference, organised by the insurance regulator, NAICOM, in Abuja.

Elumelu began his keynote speech by commending the Commissioner for Insurance, Mr. Sunday Thomas, for his foresight and courage in tackling the critical shortcomings of the industry, while encouraging him to do more.

During his presentation, he stated that the current capital base requirement limits the capacity and capabilities of key players in the industry. To address this, he proposed an upward review of the capital base from N5 million to N1 billion for Brokerage firms, N8 billion to N20 billion for Life insurance companies and from N10 billion to N30 billion for General Insurance companies respectively.

He said: “This recapitalisation is not about increasing the barriers to entry into the industry. We must ensure that the sector has the financial muscle and backbone to handle more complex insurance transactions”.

Elumelu also called for a review of the dichotomy in insurance licenses between life and non-life companies that has hindered the progress of the industry. He charged the regulators to open the offering of composite licenses, adding that consolidated operators could operate with a capital base of N50 billion.

In addition to the points, Elumelu also highlighted poor legislation, stifling policies, and inefficient claims processes, as barriers to achieving sustainable growth in the industry. He challenged all insurance companies to jointly commit 0.5% of revenue to drive industry-wide awareness and acceptance campaigns.

Commenting on the talent and workforce within the industry, Elumelu called for a change in approach. According to him: “We need a younger and more agile workforce. We have so many young people, but the insurance sector is not attractive to them in the way banking, oil and gas, fast-moving consumer goods, IT/technology, and creative areas like Nollywood are. We need to attract the youth of our country into the sector.”

In conclusion, Elumelu emphasised the critical role that regulators and the government must play in making insurance a common right of every Nigerian citizen.

He added: “It is embarrassing that Nigeria has less than 2% insurance penetration, in a nation of over 200 million people, struggling to survive, amidst the harshest economic realities. We must re-assess and eliminate the stifling policies, roadblocks, and complacency in the insurance system, to encourage innovation and provide our people with simple and accessible insurance, not as an option, but as a fundamental right to secure their future.”

Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, one of the leading pan-African investment companies, with investments across 24 countries and four continents, founded and led by Tony Elumelu.

With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs General and Heirs Life serve both corporate and individual customers across Nigeria.

Heirs Insurance Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.

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

NAICOM Unveils 10-Year Transformation Plan via 7 Strategic Agenda

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The National Insurance Commission (NAICOM) has unveiled a 10-year transformation plan for the insurance industry with emphasis on seven (7) core strategic agenda to drive sustainable growth of the sector going forward.

Mr. Olorundare Sunday Thomas, the Commissioner for Insurance/CEO of NAICOM said at the 2023 National Insurance Conference in Abuja that the insurance sector 10-Year Strategic Roadmap and the Guidance Note for the Insurances of Government Assets and Liabilities will engender rapid growth of the industry into the foreseeable future.

Thomas mentioned that over the next decade (2024-2033), the insurance industry will seek to continue its transformation journey along the following Seven (7) strategic thrusts with the objective of achieving the corresponding goals. The seven goals include:

  • Transform the regulatory environment to sustain the industry growth
  • Transition to risk-based capital model
  • Promote insurance awareness and adoption
  • Broaden insurance product offerings and improve effectiveness of distribution channels
  • Enhance digitalisation of the insurance industry
  • Deepen the industry’s talent pool and capabilities
  • Support Nigeria’s economic transformation and sustainability agenda

Giving account of his stewardship of the sector so far, the NAICOM CFI said:

“The Commission under my leadership has remained resilient and focused on implementing initiatives that will foster development of the Nigerian insurance industry and align its fortune with that of the nation as the Africa largest economy. Your Excellencies, permit me to briefly highlight the following flagship projects being implemented by the Commission as part of the its medium term NAICOM Strategic Plan 2021–2023:

  • Ensuring improved safety and soundness of the Nigerian insurance sector to continue to de-risk economic activities of Nigerians through the enhancement of our prudential regulatory tools and good corporate governance practices
  • Migration of the Commission’s supervisory regime to align with global best practices. This initiative has enhanced the Commission’s distress management and market restructuring.
  • Implementation of Project E-Regulation through operationalised business process management solution and NAICOM Portal. The BPMS is currently being used to process applications from insurance institutions while the Portal remains the focal point for generation of unique policy identification numbers for all policies as well as repository for statistical data including verification of insurance policies issued in Nigeria.
  • Implementation of an actuarial capacity development programme for the Nigerian insurance industry. The programme has helped to develop some Certified Actuarial Analysts in Nigeria. The Commission will continue to engage relevant stakeholders with a view to developing additional Actuarial professionals for the industry.
  • Opening up the insurance supply-side through licensing of twelve (12) additional new entrants and expansion of insurance distribution channels, etc. The licensing of these companies has enhanced availability of insurance products as well as increase local insurance capacity in Nigeria. This was historic considering that the last time an insurance company was licensed by the Commission before those recently licenced, was 10 years ago while that of any Reinsurance company was 32 years
  • The Commission as part of its support to government initiatives mobilised the insurance industry to contribute the sum of N500 million and free Life Insurance cover for front line workers in the management of the COVID-19 Pandemic
  • The Commission has continued to reach out to State governments and relevant security agencies in the enforcement of compulsory insurances.
  • The Commission also provided financial assistance to tertiary institutions in Nigeria to facilitate education of professionals required by the insurance sector. Projects in five (5) tertiary institutions have been concluded and some Commissioned while seven (7) others are at various stages of completion.

“Notwithstanding the growth that had been sustained, the roadmap enumerated some of the challenges affecting the desired growth of the insurance industry which had persisted, such as: Talent gap, comparatively low public awareness, insurance affordability, lack of trust and confidence in insurers, cultural and religious bias, Inadequate distribution channels, low enforcement of insurance, and others.

In terms of its performance, the industry premium income between 2014 and 2022 grew at an average of 13.6%; from a premium income of N282 Billion to N726.2 billion. The total assets of the sector also grew at an average of 12% for the same period; from an asset base of N827.5 billion in 2014 to N2.33 trillion in 2022.”

He described the National Insurance Conference as one of the initiatives of the Commission to achieve the objective of incentivizing the law enforcement agencies, State Governments, relevant professional bodies and all other stakeholders. The conference will also sensitise the general public and create the needed awareness of the place of insurance in redefining safety in Nigeria.

“The Conference with the theme “Redefining Safety – Insurance Solutions for Public Buildings and Buildings under Construction” is only one out of numerous efforts of the Commission at creating the needed awareness of the general public of compulsory insurances. It has also created the platform to strengthen collaboration with relevant government and non-government agencies and other stakeholders.  This is being done to ensure that enforcement of all classes of compulsory insurances across the country are carried effectively.”

Sovereign Trust Insurance Sponsors Art & Jazz Night in Lagos

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Sovereign Trust Insurance Plc in conjunction with Sovereign Finance Limited recently sponsored an art and jazz night at the Lagos Motor Boat Club, Ikoyi Lagos, from October 18-20, 2023.

The three- day event had in attendance captains of industry and dignitaries from all walks of life.

The Chairman of Sovereign Trust Insurance Plc, Mr Oluseun O. Ajayi and the Managing Director/CEO of the Underwriting Firm were among the personalities who graced the event.

According to the Head of Corporate Communications & Investor Relations for Sovereign Trust Insurance Plc, Segun Bankole, “the event which was powered by LASGIDI ARTS EXHIBITION and sponsored by Sovereign Trust Insurance Plc, in association with Sovereign Finance Limited was designed to create a platform for budding visual artists in the country to display and get patronage for their works in good commercial value.”

He said the event was also meant to create a convivial atmosphere for both customers of the Underwriting Firm and that of Sovereign Finance Limited as a way of showing appreciation for their patronage and support for both organisations over the years.

The Managing Director of Lasgidi Art Exhibition, Abebi Akerele expressed her appreciation to both sponsors for believing in Nigerian Artists and promoting their works in such a noble manner over the three days that the event lasted.

She said more of such collaboration with corporate organisations will go a long way in encouraging the artists to up their game and become more commercially competitive in the visual arts space.

HP Unveils New High-Performance HP Z6 G5 A

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HP has unveiled the newest addition to the Z by HP workstation lineup, the HP Z6 G5 A, a cutting-edge desktop workstation designed to meet the demanding needs of virtual production, 3D rendering, AI, and machine learning professionals.

With the highest number of cores ever in a Z by HP workstation and the ability to configure up to three high-performance graphics cards, the Z6 G5 A is set to revolutionise productivity and performance.

Powered by the AMD Ryzen™ Threadripper™ PRO CPU, the Z6 G5 A features up to 96 cores in a single workstation CPU, allowing users to create and render simultaneously on intensive projects. With space for up to three high-end NVIDIA RTX™ 6000 Ada Generation GPUs or AMD GPUs and eight memory channels, the Z6 G5 A is perfect for tearing through virtual production, 3D modeling tasks, or complex, advanced data sets.

“The HP Z6 G5 A is a groundbreaking workstation that embodies the perfect fusion of maximised cores and powerful graphics,” said Jim Nottingham, Senior Vice President and Division President, Advanced Compute and Solutions, HP Inc. “Our team at HP is dedicated to empowering professionals across the fields of virtual production, 3D rendering, and data science with a robust and reliable solution that not only meets, but exceeds, performance expectations. The Z6 G5 A is a testament to our commitment to innovation, sustainability, and customer satisfaction as we continue to push the boundaries of what’s possible in workstation technology.”

“At AMD, we are proud to have our Ryzen Threadripper PRO 7000 Series processors power the new HP Z6 G5 A workstation, a cutting-edge solution that caters to the diverse and demanding requirements of today’s complex workflows,” said Jason Banta, corporate vice president and GM, OEM PCs. “Our collaboration with HP exemplifies our shared vision of pushing the boundaries of innovation and customer satisfaction, delivering a robust and reliable solution that exceed expectations in the ever-evolving field of high-performance compute.”

The Z6 G5 A can tear through virtual production or 3D modeling tasks as well as data science workflows like AI and machine learning. With an innovative system design and the new AMD Ryzen Threadripper Pro 7000 WX-Series CPU, the Z6 G5 A packs a staggering number of cores into a single workstation for higher productivity.

The Z6 G5 A also offers plenty of room to expand as demands change, with space for up to three high-end GPUs and flexible storage options with front-accessible, hot-swappable NVMe drives for quick and easy access to large files. The redesigned layout of this generation Z by HP desktop workstation increases airflow, ensuring the system remains cool even at peak performance, while intelligent fan control tunes the fan speeds in real-time using over 20 temperature sensors to maintain whisper-quiet operation. With 360,000 hours of rigorous testing, MIL-STD testing, and certification for professional applications, the HP Z6 G5 A is built to endure. As part of the World’s Most Sustainable PC Portfolio, HP’s commitment to sustainability is reinforced in the design, built with 40% recycled plastics, and is planned to be EPEAT® Gold-certified, reflecting the company’s dedication to helping the environmental impact of its products.

In today’s hybrid work environment, being able to tap into exceptional remote performance is a top priority. The HP Anyware solution allows for a colour-accurate, low-latency experience for 3D VFX, AI, and machine learning workflows under varying network connections, and the HP Anyware Remote System Controller enables IT managers to monitor and manage workstation fleets without compromising control. Additionally, the Z by HP Data Science Stack Manager streamlines access to the best open-source software solutions in a user-friendly platform for data scientists and AI creators. The HP Z6 G5 A supports WSL2, bringing the ability to run Linux within the Windows ecosystem and offering easy access to tools from the Z by HP Data Science Stack Manager and the new Z by HP AI Studio.


HP Z6 G5 A Features 

Create, render, process—all at once. 

  • Do it all—with efficient performance per watt—on the Z6 G5 A. The system design packs up to 96 cores in a single workstation CPU with room for up to three high-end GPUs.

Expandable. Flexible. Whisper Quiet. 

  • Designed to pack all the power and components you need now with room to grow—without throttling. Get maximum expandability with up to 6 PCIe slots (up to gen 5) and 12 NVMe SSDs.

Comprehensive Security. Trusted Reliability. 

  • The Z6 G5 A has undergone 360K hours of rigorous testing, MIL-STD testing, and is certified for pro apps. With HP Wolf Security for Business, it’s protected below, in, and above the OS.

Discover the power of the HP Z6 G5 A workstation and revolutionize your workflow, unleashing new data-driven insights and unparalleled performance for your most demanding projects. Create, render, and process all at once with the new HP Z6 G5 A and unlock the full potential of your most demanding projects.

 

9mobile Celebrates 15 Years of Innovation, Excellence, 9ja Spirit of Resilience

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Emerging Markets Telecommunications Services (EMTS) trading as 9mobile has announced its 15th anniversary in Nigeria, marking a significant milestone in its journey of providing exceptional services to customers across the country. The brand which commenced its journey into the Nigeran market on October 23, 2008, with the disruptive ‘0809ja’ campaign, has been at the forefront of innovation, delivering cutting-edge telecommunications solutions to meet the evolving needs of businesses and individuals.

Over the past 15 years, 9mobile has affirmed its heritage as a truly Nigerian company renowned for youthfulness, innovation, reliability, and outstanding customer service. Throughout its journey, the company has continuously embraced technological advancements, ensuring that its services remain at the forefront of the industry. From the early days of voice services to today’s high-speed internet connectivity, cloud solutions, and digital communications, 9mobile has consistently adapted and evolved to meet the demands of the digital age.

“We are thrilled to celebrate our 15th anniversary, a significant milestone that showcases our dedication to providing top-notch telecommunications solutions,” said Juergen Peschel, CEO of 9mobile. “We owe our success to our loyal customers, partners, investors, regulators, and the hard work of our talented team. Some of our staff have been with the business since inception and this anniversary is a testament to their unwavering support and commitment.”

As we retrospect, we take great joy in our heritage as a truly Nigerian company that has revolutionized Nigeria’s telecommunications industry with an array of innovative products, services, and solutions that empower the youth, entrepreneurs, and indeed all segments across the country.”

Peschel emphasised that a strong and resilient Nigerian spirit resides in the brand, which is a testament to the company’s dynamism, responsiveness, and agility as a business while leveraging the power of technology to deliver innovative products and services to meet customers’ needs.

Over the past 15 years, 9mobile has achieved numerous milestones, including expanding its network coverage, launching innovative products and services, and forging strategic partnerships with industry leaders. The company’s commitment to excellence has earned it several prestigious awards and recognition within the telecoms sector.

“We are proud of all our achievements – the firsts we have recorded in this industry.  We are poised to do more even with the challenging business environment. We have had our ups and downs, but we will continue to consolidate on our successes and milestones in the coming years”. he continued.

The brand has recorded many firsts in the industry including its most daring Masterbrand campaign ‘0809UChoose’ which put the power in the hands of subscribers to determine their mobile numbers.

The brand also deployed Moreblaze, its revolutionary data bundle that offers the fastest data, and Cloud 9, a music platform that offers the best of unique end-to-end experiential music performances. It recently launched The Hack, an SME initiative that serves as a growth enabler for small businesses, which has seen it traverse cities and campuses. It has also left significant footprints on education, arts, and culture with the 9mobile Telecommunications Engineering Postgraduate Program (9TEPP), its flagship pan-Africa 9mobile Prize for Literature which promotes literacy and encourages writers to hone their craft across Africa and Photography Competition.

“Looking towards the future, 9mobile is on a transformation journey and is committed to continuing its legacy of excellence, innovation, and exceptional customer service. With a dedicated team and a clear vision, we are poised to explore new horizons, push boundaries, and redefine the telecommunications landscape. We remain focused on our mission to connect people, empower businesses, and drive digital transformation in Nigeria” Peschel concluded.

Nigeria’s Decade of Gas Will Support Global Energy Security – NLNG MD

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(L-R) Nnamdi Anowi, GM, Production; Ms. Kadri Simson, EU in Nigeria Commissioner for Energy; Dr. Philip Mshelbila, NLNG’s MD/CEO; and Andy Odeh, GM, External Relations and Sustainable Development during an EU in Nigeria delegation visit to NLNG’s plant on Bonny Island…recently.

The Decade of Gas plan is the most comprehensive plan to restore efforts to fully harness Nigeria’s vast gas resources and ensure a reliable global supply of gas as a clean energy source and a major fuel in the energy transition mix, the Managing Director and Chief Executive Officer of Nigeria LNG Limited (NLNG), Dr. Philip Mshelbila, has said.

He said this during the visit of a delegation from the European Union (E.U.) in Nigeria to NLNG’s plant on Bonny Island, Rivers State over the weekend. The delegation, led by the E.U. in Nigeria Commissioner for Energy, Ms. Kadri Simson, was received by Dr. Mshelbila; Nnamdi Anowi, General Manager, Production; Andy Odeh, General Manager, External Relations and Sustainable Development and other management staff.

Briefing the delegation on NLNG’s operations and business, Dr. Mshelbila pointed out that there were plans to address the root causes of issues in the gas sector, adding that what is needed to complete the plan is the firm will of all stakeholders and urgent action. He stated that the remedy to industry challenges lies in a concentrated effort on making the gas sector work as the country has huge potentials as the 6th nation with the largest natural gas reserves.

“Our commitment to harnessing the immense potential of natural gas will not only restore Nigeria’s reputation as a major energy powerhouse but also propel us towards a cleaner, greener future. With innovation, collaboration by stakeholders, including the government and investors, especially from Europe, and unwavering determination, we can shape the energy landscape of tomorrow, create more opportunities for gas supply globally, drive economic prosperity, create jobs, and mitigate environmental challenges through gas,” he said.

Dr. Mshelbila further highlighted that investment in Nigeria’s gas sector would wield a far-reaching influence on the global gas and LNG supply landscape, ensuring the world has continuous access to reliable and environmentally sound energy throughout the ongoing energy transition.

He stated that the Train 7 project was about 50% complete and will bolster NLNG’s production capacity to 30 million Tonnes Per Annum (MTPA) upon completion. He added that NLNG is working on a plan to decarbonise and stated that NLNG was also looking to the future for further expansion with more trains, which would act as catalysts for the continued advancement of the gas sector.

Responding to the presentation, the E.U. Commissioner for Energy in Nigeria, Ms. Kadri Simson, commended NLNG’s business model.

“The E.U. is accelerating its energy transition, but we also have a need to reinforce our ties with reliable LNG partners like Nigeria in the short-term horizon. This helps us to bridge part of the gap left by former Russian imports while we gradually transition away from fossil fuels. Nigeria has proven to be a reliable partner, and last year, 9.4 bcm of LNG was exported from Nigeria to the E.U. But there is potential to do more – in particular between now and 2027,” she stated.

During the visit, the delegation took a tour of the Central Control Room (CCR), the plant complex and the Train 7 construction site.

NLNG is owned by four Shareholders, namely, the Nigerian National Petroleum Company Limited (49%), Shell Gas B.V.  (25.6%), TotalEnergies Gaz & Electricite Holdings (15%), and Eni International N.A. N. V. S.àr.l (10.4%).