3 Ways Small Businesses Need AI to Drive Business Growth

26/10/2024

Almost everywhere you look today, the use of Generative Artificial Intelligence (AI) is there.

According to this year’s GoDaddy Global Entrepreneurship Survey, 94% of respondents reported that digitisation has already noticeably improved the work processes in their small business. GoDaddy shares some ways that AI technology tools can help to drive increased efficiencies for small businesses.
AI can be a powerful tool for small businesses, whether looking to: streamline your workflow through process automation; improve decision-making; gain a competitive advantage in your industry; provide a better customer experience; or create a beautiful professional business site easily and quickly.
With its ability to automate tasks, analyse data and provide insights, AI has the potential to level the playing field. Now even smaller ventures can compete with larger companies.
The applications of artificial intelligence will continue to evolve in the coming days, months and years as technology advances. But it’s important to approach it strategically and with careful thought beforehand.
Here are three ways that AI could benefit your business.

Automate Time-consuming Tasks

By automating repetitive and time-consuming tasks, small businesses can save time, reduce costs and increase productivity. This can lead to improved customer engagement, increased growth and better overall business performance.

For example, you could use AI to automate business processes such as: data analytics, invoicing, and other administrative tasks you use in your business. It can also help reduce errors and improve the accuracy of data, leading to better decision-making.
This, in turn, could help free you up to focus on your business development and driving increased customer relationships. AI can help businesses improve their customer service by automating interactions through chatbots and virtual assistants.

These tools can help customers with common queries, such as product information and troubleshooting. In turn, this frees up customer service staff to deal with more complex issues. All of which can lead to shorter response times, higher customer satisfaction and increased loyalty.

AI driven marketing tools, like GoDaddy Airo Digital Marketing, can help improve marketing efficiencies by automating recurring tasks like sending out email campaigns and sharing social media posts.

Provide Better Insights

By analysing customer data, AI can offer insights into customer preferences and behavior, allowing businesses to tailor their emails and advertising. AI’s ability to analyse vast amounts of data is another key benefit for small businesses.

It is easier to collect and analyse data from multiple sources, including social media, customer interactions and sales data, to help understand what your customers like and don’t like.
For example, using AI in business can help improve operational efficiency by automating data analysis that once took hours of time. This can free you or your employees to focus on customer service or product development.

Additionally, AI can help you identify potential areas for cost savings by analysing data related to supply chain management, inventory control and production processes.

Data-driven Lead Generation to Reduce Costs

Imagine training an AI tool with the traffic and behavior from your website, along with the lead data from your CRM (customer relationship management) tool and social media feeds.
Such an AI tool can analyse all that data to get a better understanding of your target audience and their preferences and the messaging that can help take the actions you would like them to take.

It will be able to learn and adapt with each website visitor, producing ever more effective messages to more efficiently turn a website visitor into a lead and potential customer.

With the ability to learn from new inputs, such as adding in leads in your CRM, it can analyse historical data and put each lead into context, helping save costs on marketing plans.

Introducing AI into your small business doesn’t have to be difficult. The key now is to educate yourself and your employees on the opportunities and the available applications of AI.

Ensure that data is collected and used in a responsible and ethical manner, with appropriate security measures in place to protect sensitive data. Start small, then go from there.

Capacity Building: Polaris Bank Empowers over 5,000 Journalists Pan-Nigeria in 10 Years

Business Journal

26/10/2024

Polaris Bank Limited has empowered more than 5,000 journalists across the country through its yearly media capacity building workshops in the last 10 years.

The 2024 edition of the media workshop, which held on Thursday in a hybrid format, focused on “Integrating AI Tools in Contemporary Media Practices for Innovation and Excellence.”

Speaking at the event, Rasheed Bolarinwa, Head of Brand Management and Corporate Communications at Polaris Bank, noted that the bank will continue to provide its unwavering support for the journalists and the media as a vital pillar of society.

“We believe that journalists and the media play crucial roles in shaping public discourse and fostering informed citizenship,” Mr. Bolarinwa said. “Our commitment to training journalists across the media spectrum, is rooted in our belief that they (journalists) deserve the best possible support to excel in their profession.”

He said the bank started the media training partnering journalism clinic and holding workshops in various cities across the country. The media clinic which focused on divination of the media, was facilitated by Mr. Taiwo Obe, a veteran journalist.

Bolarinwa disclosed that more than 500 journalists registered for the 2024 edition and expressed the hope that the bank will continue to do more to support journalists and the media by bringing the best faculty to facilitate contemporary issues at its subsequent media workshops.

The programme featured a diverse range of topics, including; creativity, AI tools, and critical thinking. Dr. Chike Mgbeadichie, a Senior Lecturer at the Pan-Atlantic University, provided insights into the application of AI tools in media practices while Mr. Lekan Otufodunrin, Executive Director of the Media Career Development Network, discussed contemporary media trends such as multimedia journalism, fact-checking and data journalism.

Mgbeadichie noted that at the end of the seminar, participants will be able to reflect deeply on thinking, actions and processes needed to generate ideas, possibilities and actions. He added that journalists should be able to figure out how to analyze, synthesize and evaluate information; know the different AI tools available in the media space as well as understand the benefits of AI tools in contemporary media practices, among others.

Mr. Otufodunrin explained that journalists should be adept at the use of solutions journalism to enhance their investigative capabilities, using new tools such as OSINT, Geo journalism, data analysis, digital forensics, website blogs, social media, newsletters, podcasts e-publishing and social media engagements, among others.

Participants from across Nigeria, both online and in person, expressed their gratitude for the opportunity to enhance their skills. Segun Adeleye, publisher of WorldStage, commended Polaris Bank for its continuous dedication to fostering media excellence in Nigeria.

NCDMB, Shell JV Partners Donate Engineering Studio, ICT Hub to FUTO

Business Journal

26/10/2024

The Nigerian Content Development and Monitoring Board (NCDMB) and Shell Petroleum Development Company (SPDC), with its joint venture (JV) partners, on Thursday unveiled world-class engineering design studios and an information and communication technology (ICT) hub at the Federal University of Technology, Owerri (FUTO).

The facilities were conceived and donated in furtherance of the Nigerian Content Human Capacity Development (HCD) programme which had focused lately on institutional strengthening, equipping universities and revamping select technical and vocational schools across the country, in a bid to develop competent technical manpower and craftsmen needed in the oil and gas industry and the linkage sectors.

The new facilities include two state-of-the-art Engineering Design Studios and a fully furnished 100-seater Main ICT Lecture Hall, equipped with computers and smartboards. The studios are designed to serve as a “visually stimulating collaborative workspace that fosters an environment where students can engage in group work, brainstorming sessions, and ideation meetings.”

Other facilities are a 200KVA diesel generator, diesel storage tank, generator house, borehole, overhead water tank, perimeter mesh wire fence, a car park, as well as shallow drains and landscaping.

In his remarks at the ceremony, the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, said the studios and hub were initiated in furtherance of Federal Government’s aspirations for development of competent technical manpower to support activities in the oil and gas industry and its linkage sectors. The impartation of specialised skills through expansion and modernisation of academic infrastructure, he noted, has to be accelerated.

According to the NCDMB boss, who was represented by the Board’s Director in charge of Capacity Building, Dr. Ama Ikuru, “We shall keep enhancing institutional capacity to equip our students with the requisite knowledge and skills needed to compete globally in the wake of the 4th industrial revolution where Artificial Intelligence, data science, Internet of Things, robotics dominate.”

Recalling several interventions by the NCDMB in academic institutions to boost acquisition of contemporary skills, Engr. Ogbe said, “the Board has carried out the upgrade of many vocational schools and universities under its Technical and Vocational Education and Training Centres (TVETs) upgrade programme” and that it believes in “the significance of education particularly the Science, Technology, Engineering and Mathematics (STEM) courses,”

In his own address, the Managing Director and Country Chair of SPDC, Mr. Osagie Okunbor, described the Engineering Design Studio and ICT Hub as a “very important human capital development project” that has resulted from a fruitful collaboration between SPDC, JV partners, notably, NNPCL, SPDC, TotalEnergies, Nigeria Agip Oil Company (NAOC), and NCDMB.

Represented by the General Manager, External Relations, Shell Petroleum Development Company (SPDC) Igo Weli, Okunbor disclosed that FUTO was “selected to benefit from institutional strengthening in the catchment areas of SPDC’s Assa North Ohaji South Gas Development Project” and that the facility was in line with the associated Nigerian Content Human Capacity Development Plan” and “in accordance with the provisions of the NOGICD [Nigerian Oil and Gas Industry Content Development] Act, 2010 and NCDMB’s HCD Guidelines of 2020.”

He promised that “A 40KW solar system will be installed in the coming weeks to ensure sustainable energy supply” to the facility.

In a related address, the Chief Upstream Investment Officer, NNPCL Upstream Investment Management Services, Mr. Bala M. Wunti, observed that “Innovation thrives in an environment where ideas can be freely exchanged and developed,” adding that “The Engineering Studio and ICT Hub is designed to be such a place where students, researchers, and faculty can collaborate on projects, share knowledge, and push the boundaries of what is possible.”

Represented by the Senior Advisor Stakeholders Relations, Mrs. Halimat Wilson, the NNPC top official stated that the true impact of the facility would be measured by the success stories that emerge from it.

The State Governor, Senator Hope Uzodinma, represented by the Commissioner for Digital Economy and E-Government, Dr. Chimezie Amadi, thanked Shell and its partners and the NCDMB for providing the State with what he described as vital digital infrastructure. He said the facility would serve as a centre for innovation and creativity that would contribute to the development of the State.

Earlier in a welcome address, the FUTO Vice Chancellor, Professor (Mrs.) Nnenna Nnannaya Oti, said the facility “aligns with the critical mandate of the University, to jumpstart national development through indigenous technology-based teaching pedagogy that emphasises practical knowledge, innovations and problem solving.”

She expressed profound appreciation to the Managing Director and Country Chair of Shell, the Executive Secretary of the NCDMB, and the Group Chief Executive Officer of NNPCL, among others, “for making such a landmark donation” to the University.

The dignitaries were conducted round the facilities before the ribbon cutting.

On the NCDMB team were the General Manager, ICT, Obinna Osuji, Zonal Coordinator, Abia and Imo States, Mr. Emma Ohanere, and Manager, Capacity Building, Engr. Dokubo Obongo.

NCDMB to Sponsor New R&D Projects, as Triple Helix Nigeria Unveils Vision

Business Journal

26/10/2024

L-R: Prof Eucharia Nwaichi, Chairman Centra Planning Committee, Triple Helix SciBiz conference, Dr. Daniel Thomas, CEO Doret Group/ Keynote speaker, Alhaji Abdulmalik Halilu, President Triple Helix Nigeria & Director, Monitoring & Evaluation, NCDMB, Mr. Silas Ajimijaye, GM Planning, Research & Statistics, NCDMB at the opening ceremony of the Triple Helix SciBiz conference held in Abuja on Wednesday.

The Nigerian Content Development and Monitoring Board (NCDMB) has signaled plans to support new research and development projects as part of its Technology Innovation and Incubation Strategy and the enduring commitment to catalyze innovation in the Nigerian oil and gas industry and linkage sectors.

The new R&D projects will add to the 14 applied research projects NCDMB currently sponsors at various stages of technological readiness, one shining example being the Amal Technology, which manufactures gas leak detection devices and printed circuit board at Abuja.

The Executive Secretary, NCDMB, Engr. Felix Omatsola Ogbe hinted this in the keynote address he delivered at the 2024 edition of the Triple Helix Nigeria SciBiz Conference in Abuja, attended by industry representatives, researchers from knowledge institutions and policymakers, with theme “Integrating Research, Innovation, and Policy: Triple Helix Pathway to Research Commercialisation.”

He described research and innovation as the lifeblood of Nigeria’s hydrocarbon industry, adding that NCDMB has consistently applied local content development to enhance research and commercialisation of innovative solutions for the country’s oil and gas sector. This way, it hopes “to accelerate the circle of innovation and wealth creation by fostering partnerships between universities, research institutions, and industry players.”

Represented by the General Manager Research and Statistics, Mr. Silas Ajimajaye, the Executive Secretary charged Nigerians to embrace the spirit of innovation and work together to build a future where research and development are at the forefront of the national agenda.

According to him, “Creating an ecosystem where research, innovation and policy can interact has never been more critical as we steer through the complexities of the 21st Century,” noting that “the Triple Helix Model of academia, industry, and government collaboration is an appropriate international business framework that adds to our strength of innovation and ensures that all efforts go into fuelling the grand old aim – National Development.”

He further disclosed that “the $50 million Nigerian Content Research and Development Fund was created by the Board in 2020 from the Nigerian Content Development Fund (NCDF), and was designed to provide much-needed research funds in the oil and gas R&D space.”

The President, Triple Helix Nigeria, Alhaji Abdulmalik Halilu, in his presentation, said the THN, whose membership has grown from an initial 12 founding members to 240, realises the fact that research and innovation have fuelled human and societal development and that the body seeks to catalyse enterprises so oriented.

According to him, THN is committed to foster value creation in the Nigerian economy in line with local content philosophy of looking inwards, promote the development of technology skillsets required to solve African problems by Africans, promote strong advocacy platform for building research capabilities in knowledge institutions, and foster structured partnerships between industry and research community, to attract research-based funding in the direction of Africa-based researchers.

On the organisation’s vision, Halilu who is Director, Monitoring and Evaluation at the NCDMB, revealed that “Triple Helix Nigeria seeks to inspire at least 10 knowledge institutions to accelerate innovation and have at least 10% equity in 10 listed companies in the next 10 years.”

Speaking further, Halilu canvassed that the role of universities in this era was no longer confined to the education of minds or the advancement of theoretical knowledge, instead, they must play a central role in the commercialization of research, turning knowledge into tangible products that drive economic growth. He added that “the transition from education through research to commercialization heralded an evolving frontier where academia, industry, and government collaborate under the Triple Helix model to ensure research transcends the boundaries of laboratories and classrooms, to solving real-world problems and fostering economic prosperity.”

Earlier in a welcome address, the Chairman of the Planning Committee of the Conference, Professor Eucharia Oluchi Nwaichi, said her members were “so joyous to witness 156 authors submitting 47 high-quality papers on various subjects that directly contribute to the theme of this Conference – “Integrating Research, Innovation, and Policy: Triple Helix Pathway to Research Commercialisation.”

She expressed her confidence that “together, we can build a robust ecosystem where research meets industry, innovation drives policy, and Nigeria rises as a global leader in science, technology, and innovation.”

The 2024 Triple Helix Nigeria SciBiz Conference 2024, held from October 23 to 25.

Flutterwave, MTN Lead in Media Visibility Audit in Q3 2024

Business Journal

24/10/2024

Despite Nigeria’s prevailing economic difficulties, including heightened inflation and increasing operational costs, the fintech, telecommunications, and ride-hailing industries have maintained a robust media presence and public awareness footprint.

This sustained success is attributed to strategic media relations, effective marketing campaigns, and the impressive data shared with the media during Q3 2024, which collectively bolstered public perception and instilled confidence in these sectors.

An in-depth media performance analysis conducted by P+ Measurement Services, Nigeria’s leading media intelligence and PR audit agency, tracked and audited media coverage of these sectors across both online and print platforms.

The agency monitored over 1.3 million online publications—spanning blogs, branded publications, forums, and global news sources—alongside approximately 5,115 print publications, including daily, weekly, and monthly editions.

This comprehensive tracking enabled P+ Measurement Services to extract key PR metrics, such as sentiment analysis of reporters, editors, publishers, and opinion leaders, CEO performance assessments, spokesperson analysis, and overall topic prominence.

Key Insights from Q3 Media Performance Audit:

Fintech Sector:
The audit examined eight fintech companies, highlighting their competitive dynamics through extensive media tracking. Flutterwave emerged as the frontrunner, capturing a significant 42% share of total media coverage, largely driven by the expansion of its SEND App Remittance Service to 49 U.S. states. This reflects Flutterwave’s strong media strategy, showcasing its influence and outreach. Following Flutterwave, Moniepoint attained a 29% share, propelled by its announcement of new security features to enhance customer protection.

Opay held 20% of the media share, supported by its introduction of a Night Guard feature, while Kuda trailed with a 9% share, indicating lower media engagement despite its growing customer base. These results emphasise the competitive nature within the fintech sector, with Flutterwave’s proactive strategies setting the standard for media prominence.

Telecommunications Sector:
In telecommunications, MTN Nigeria dominated, achieving a 49% share of media coverage, significantly driven by the extension of its tower lease agreements with IHS Nigeria until 2032. This reinforced MTN’s position as a market leader with a consistent and strategic media approach.

Globacom followed with a 21% share, its visibility amplified by its partnership with the Lagos State Government on the M-Agric Lottery Service, aimed at food sufficiency.

In contrast, Airtel Nigeria and 9mobile registered 15% each in media coverage, highlighting the disparity in media engagement. MTN’s consistent and dominant media profile underscores its established influence and proactive communications strategy.

Ride-Hailing Sector:
Among the ride-hailing companies analyzed, Bolt Nigeria stood out, securing 51% of media exposure due to its proactive measures, such as introducing an optional verification feature for riders in Nigeria.

InDrive followed with 29%, driven by its celebration of achieving 5 billion deals, while Uber Nigeria secured 19%. Rida Nigeria lagged significantly with just 1% media visibility.

The variance in coverage reveals differing levels of media engagement and strategic media presence within the ride-hailing industry, with Bolt Nigeria clearly outperforming its competitors.

Comparative Analysis: Sector Disparities and Strategic Implications

The analysis draws attention to the concentration of media prominence within a select number of leading brands across the fintech, telecommunications, and ride-hailing sectors.

This trend highlights the critical role of strategic media management, where top brands such as Flutterwave, MTN Nigeria, and Bolt Nigeria have effectively leveraged media relations to sustain strong public profiles, reinforcing their market dominance and credibility.

The disparity in media engagement across sectors further emphasises the varying levels of success in deploying tailored PR and communications strategies.

In a rapidly evolving digital landscape, maintaining consistent and strategic media visibility is crucial for brands seeking to remain competitive and relevant, especially within Nigeria’s dynamic business environment.

About P+ Measurement Services

P+ Measurement Services is an independent media intelligence consultancy and an AMEC member, recognised as one of Nigeria’s leading providers of media intelligence and PR measurement solutions. As a media watchdog, the agency delivers technical support to communication managers and public relations agencies, ensuring accurate and comprehensive media performance evaluations.

NNPC Reports Helicopter Incident En-Route NUIMS-ANTAN FPSO

Business Journal

24/10/2024

On the 24th of October 2024, about 11:22am, we lost contact with the Helicopter – Register Number: 5NBQG, engaged by NNPC Limited, that took off from Port Harcourt NAF Base en route the FPSO – NUIMS ANTAN.

The helicopter was operated by East Winds Aviation.

There were 8 persons on board (6 passengers and 2 crew members). The appropriate authorities have been contacted, including the Ministry of Aviation, who have since issued a press statement.

Search and rescue missions are currently ongoing. So far, three (3) bodies have been recovered.

We shall continue to monitor the situation and provide regular updates as the events unfold.

Our prayers are with the passengers, crew and their respective families at this very difficult time.

We will continue to do everything possible to support the ongoing search and rescue operation.

Olufemi O. Soneye

Chief Corporate Communications Officer

NNPC Limited

Abuja.

Union Bank Sets New Industry Standard with Maternity Leave, Onsite Crèche Facility

Business Journal

24/10/2024

Union Bank has set a new standard in Nigeria’s financial sector by offering unparalleled comprehensive maternity leave to support working mothers and an on-site crèche facility to support working parents, both male and female full-time employees.

The new initiative includes an industry-leading five months of fully paid maternity leave, exclusive of the applicable annual leave, and an on-site crèche facility.

According to Section 54 of the Labour Act in Nigeria, new mothers are legally entitled to 12 weeks of maternity leave. However, Union Bank is leading the way with this groundbreaking comprehensive package, which is a significant step ahead of industry norms.

This extended leave, coupled with the ability to take annual leave, gives new mothers more time to recover and bond with their newborns, aligning with SDG 3: Good Health and Well-being. Additionally, returning mothers will benefit from a one-hour late resumption for the first month, easing the transition back into work and ensuring a smoother work-life integration.

Union Bank will also be adding an onsite crèche facility to further support working parents, with a pilot programme at the Head Office set to launch in December 2024. The crèche will provide lactation rooms and family-friendly amenities, offering a convenient childcare solution, particularly for working mothers. This initiative supports SDG 5: Gender Equality by enabling women to balance their professional responsibilities with childcare needs, helping to retain top female talent and fostering an inclusive work environment.

By promoting gender diversity, Union Bank is contributing to broader economic growth; research shows that achieving gender parity in the workforce could increase global GDP by 26%. With these innovative policies, Union Bank is taking significant steps to strengthen its position as a forward-thinking employer in the financial sector.

According to Omayuli Wale-Ajayi, Chief Talent Officer of Union Bank.

“At Union Bank, we are proud to set a new standard in the banking sector with comprehensive maternity leave for working mothers and crèche facilities for the babies of both male and female full-time employees. We are committed to creating a workplace where women can thrive, and these initiatives are crucial in supporting working mothers as they balance their careers and personal lives. By providing five months of fully paid maternity leave and convenient childcare solutions, we aim to retain and empower top talent, ensuring all employees can contribute to the bank’s success.”

These progressive policies enhance work-life balance and position Union Bank as a leader in workplace inclusivity and sustainability. By prioritising gender diversity and employee well-being, Union Bank is committed to creating a supportive, inclusive workplace that aligns with global sustainability goals.

About Union Bank Plc:

Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria Plc. is a household name and one of Nigeria’s long-standing and most respected financial institutions.

The Bank is a trusted and recognisable brand with an extensive network of over 300 branches across Nigeria.

The Bank currently offers a variety of banking services to both individual and corporate clients, including current, savings and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing and trade finance.

The Bank also offers customers convenient electronic banking channels and products, including Online Banking, Mobile Banking, Debit Cards, ATMs, and POS Systems.

Sterling One Foundation, PwC, Partners Plan ESG Series 4.0 Program

Business Journal

24/10/2024

As environmental, social, and governance (ESG) principles continue to gain traction globally, Nigerian businesses are increasingly recognising the importance of integrating sustainable practices into their operations.

ESG has evolved from a trend to a strategic necessity for companies aiming to manage risks, meet regulatory requirements, and align with the expectations of investors and stakeholders.

In response to this growing significance, Sterling One Foundation, in partnership with PwC, NGX, UNIDO Investment and Technology Promotion Office (ITPO) Nigeria, LBS Sustainability Centre, Lagos Chamber of Commerce & Industry (LCCI), Nigeria Employers’ Consultative Association (NECA), and Sterling Bank, is proud to host ESG Series 4.0 on October 25, 2024.

The event will provide a platform for thought leaders to share insights on advancing sustainable development and driving meaningful change.

This marks the fourth installment of the ESG Series in 2024, underscoring the ongoing commitment to deepening the ESG conversation in Nigeria and across Africa. Each edition has offered practical solutions and sparked essential discussions on embedding ESG into corporate strategies.

To maintain this momentum, ESG Series 4.0 will offer two key tracks focused on equipping participants with the tools and strategies needed to implement robust ESG frameworks that drive growth and resilience.

The session will convene ESG leaders, corporate executives, development experts, and sustainability advocates who are dedicated to elevating sustainable business practices. The agenda will provide valuable insights on ESG reporting, risk management, and aligning sustainability goals with organizational strategies. These discussions will benefit organisations aiming to stay ahead of evolving ESG standards and implement best practices that enhance resilience and create long-term value.

Participants will hear from leaders in the ESG and social impact space, including Olapeju Ibekwe, CEO of Sterling One Foundation, who will play host for the 4th ESG Series. As a development advocate with a strong background in driving social change and promoting sustainable practices, Olapeju will share valuable perspectives on integrating impact-driven strategies into business operations.

Commenting on the importance of sustainability in today’s business landscape, Olapeju Ibekwe, CEO of Sterling One Foundation, said, “As businesses continue to embrace the principles of sustainability, we must move beyond discussions and focus on actionable strategies that drive real change. ESG Series 4.0 aims to equip organisations with the knowledge and tools needed to implement impactful ESG strategies that drive growth and resilience.”

The lineup also includes Bolanle Adekoya, Partner and PwC West Africa Platform Leader for ESG & Sustainability, who will provide practical strategies for navigating ESG challenges, drawing from her extensive experience in helping organisations meet regulatory standards and achieve sustainable growth. Additionally, Nana Maidugu, Head of Sustainability and ESG at NSIA, will offer insights on streamlining ESG reporting processes, providing essential guidance for businesses looking to enhance their frameworks and ensure compliance with evolving standards.

Adewale Oyerinde, Director-General of the Nigeria Employers’ Consultative Association (NECA), will deliver a goodwill message during the session, setting the tone for a thought-provoking and impactful discussion.

About Sterling One Foundation

Sterling One Foundation (SOF) is a registered non-profit focused on tackling the root causes of poverty in Nigeria, and Africa through interventions and social impact programmes across five critical sectors namely: climate action, health, education and youth development, gender equality and empowerment, and food security.

The Foundation’s programmes adopt a central theme of prioritising partnerships for the achievement of the Sustainable Development Goals (SDGs).

9mobile Names Dorothy Tunde-Ajala as Chief HR Officer

Business Journal

24/10/2024

In a move that strengthens its senior leadership team and solidifies its business transformation strategy, 9mobile has appointed trusted Human Resources advisor, Dorothy Tunde-Ajala as Chief Human Resources Officer (CHRO).

With over 20 years of HR experience, Dorothy is a seasoned leader known for her ability to drive business transformation through strategic HR initiatives. Her appointment underscores 9mobile’s commitment to fostering an inclusive culture and advancing its people’s vision in alignment with the company’s values and strategic goals.

Dorothy brings a wealth of experience from various sectors, including Telecoms, Energy, and Business Services. Prior to joining 9Mobile, she served as Chief Talent & Strategy Officer at Accelerate Leadership Limited and as an Associate Coach with Randstad RiseSmart, a global outplacement company; HR Director Anglophone West Africa, Schneider Electric; General Manager HR & Admin, Pan African International Group; Country Head, Human Resources, Siemens Nigeria; HR Manager/Business Partner, MTN Nigeria Communications and Head of People Management at Restral Consulting.

Throughout her career, Dorothy has established herself as a trusted advisor to business leaders, providing valuable HR insights to create high-performance cultures. She has led HR transformations, developed leadership pipelines, and implemented innovative HR strategies that have positively impacted organisational effectiveness.

“We are excited to welcome Dorothy to our leadership team,” said Obafemi Banigbe, CEO of 9mobile. “Her expertise will significantly enhance our commitment to excellence and employee engagement, crucial elements of our business transformation strategy. This strategic expansion of our leadership team began four months ago, with the appointment of a new CFO and CTIO. Together, we are poised to drive 9mobile’s growth and innovation, marking an exciting chapter in our journey.”

“We look forward to working with her as she drives our people-focused strategy forward. Her expertise will be crucial in achieving our key objectives, including, Enhancing Employee Engagement, well-being initiatives, professional development, performance management, and talent attraction and retention. Dorothy’s expertise will undoubtedly empower our team to reach new heights, driving business success and sustainable growth.”

“I am excited to join 9mobile at this transformative moment in the company’s journey,” Dorothy said. “With a strong foundation already established, we are well-positioned for sustained growth and innovation. My focus will be on nurturing our most critical asset—our people—by aligning talent development with our strategic objectives, fostering a culture of collaboration, and maximising our team’s potential. This is an inspiring time to be part of 9mobile, and I am confident in our collective ability to achieve great things for both our people and the business.”

Dorothy holds a B.Sc. in Sociology from the University of Lagos and is a Global Professional in Human Resources. She is also a Certified John Maxwell Trainer, Speaker and Coach; a Certified Behavioural Analysis (DISC) Trainer, and a member of the International Coaching Federation (ICF) Nigeria.

She is also a member of the Institute of Directors (IOD), Society for Human Resource Management (SHRM), and an Associate of Leadership for Environment and Development (LEAD)).

As Chief Human Resources Officer, Dorothy will report directly to the CEO and play a pivotal role in aligning human capital strategies with the organisation’s broader strategic goals.

Drawing on her deep expertise, she will focus on driving leadership development, enhancing organisational effectiveness, and fostering a culture of high performance that supports 9mobile’s long-term vision and growth objectives.

NIA Chairman, Kunle Ahmed, Unveils 5-Point Agenda to Drive Market Growth

Business Journal

24/10/2024

Mr. Kunle Ahmed, Chairman, Nigerian Insurers Association (NIA) has outlined his 5-point agenda to drive sustainable growth of the insurance sector in Nigeria.

Speaking at his Media Unveiling event in Lagos yesterday, Ahmed said that globally, insurance has proven to be a powerful tool for stabilising economies, protecting investments, and providing the financial resilience that allows societies to thrive.

“However, in Nigeria, depending on your source of data, insurance penetration remains strikingly low. We currently lag far behind African and global averages despite being one of the continent’s largest economies. To turn these challenges into opportunities for the growth of our industry and the prosperity of our nation, we will focus strategically on the following areas:”

Customer-Centricity: Enhancing customer satisfaction will be our priority. This will involve driving programs, initiatives, and policies to simplify the insurance onboarding process, improve claims handling, and ensure transparency in our operations. A satisfied customer is not just a repeat client; they will be the best advocates of our industry. We will implement best practices that prioritize the customer journey, ensuring that our clients always feel valued and understood.

Digital Transformation: Our sector has historically been slow to adopt digital solutions. Moving forward, embracing digital innovation will be essential. We plan to launch an innovation challenge to invite solutions that streamline our processes and enhance customer experience. By collaborating with technology partners, we can reduce costs and improve service delivery, making insurance more accessible to all Nigerians.

Commitment to Excellence: As we embark on this journey, I want to assure you that our commitment to excellence will guide our actions. We will focus on improving our claims processes, ensuring we fulfill promises and exceed expectations. The recent growth in claims paid—N536.5 billion in 2023—demonstrates our dedication to our clients. However, we recognize that there is more work to be done and will continue to improve the process to enhance the trust and confidence of our stakeholders.

Advocacy and Collaboration: Engaging with government agencies to advocate for policies that support the insurance sector is essential. We will work diligently to ensure that insurance is integrated into national development plans. This includes collaborating on the Nigeria Insurance Reform Bill, which aims to modernize our regulatory framework and enhance the industry’s capacity to serve the public effectively

Education and Awareness: Raising awareness about the importance of insurance is vital not just for our industry growth but for our economic development. We will expand our outreach initiatives, including educational programs in schools and partnerships with your esteemed media organisation and institutions to disseminate information about insurance products and their benefits. We are convinced that by fostering a culture of insurance literacy, we can empower individuals and businesses to make informed decisions.

To achieve the strategic focus of his administration, Ahmed sought the support and co-operation of partners in the media.

“Your role in communicating our vision and initiatives and advocating our cause will be even more crucial in this new dispensation. Together, we can reshape the narrative around insurance in Nigeria, highlighting its importance as a tool for social integration, risk management, and economic stability.”

Pension: New Compliance EXCO to Address Industry Challenges

Business Journal

22/10/2024

The newly elected compliance executives of the pension industry have assumed their roles at a critical time, as the sector faces increasing scrutiny and demand for improved operational standards.

Oguche Agudah, CEO of the Pension Fund Operators Association of Nigeria (PenOp), congratulated the new executives while emphasising the vital responsibilities they will now undertake. Under the leadership of the new Director General (DG), these roles are expected to play a pivotal part in addressing the industry’s pressing challenges, including fraud, inefficient processes, and ensuring better outcomes for pensioners.

The newly elected executives—Edidiong Akan, Temitope Anjorin, and Tunde Folayan—officially took their oaths of office, pledging to execute their duties with diligence, professionalism, and a focus on the best interests of the industry.

During the ceremony, they reaffirmed their commitment to maintaining the highest ethical standards and fostering harmonious relationships among pension operators.

Their new positions are not only critical for day-to-day regulatory compliance but also vital in steering the industry toward a future where operators adhere to best practices, reduce inefficiencies, and combat fraud. The executives also acknowledged the importance of ethical governance, emphasising that integrity remains the cornerstone of their mandate.

In their remarks, the new compliance executives expressed deep gratitude for the trust placed in them by their peers and reiterated their dedication to advancing the goals of the association. They also stressed the importance of collective action in addressing the industry’s challenges.

Plans to formalise the Compliance Forum were announced, with a vision of establishing it as a robust and influential voice within the pension industry. This forum is expected to serve as a platform for industry-wide collaboration, fostering dialogue among stakeholders to address regulatory gaps and promote best practices.

The compliance executives made it clear that their focus extends beyond maintaining existing standards—they aim to innovate and lead reforms that will enhance the industry’s overall performance. As they take office, expectations are high that their leadership will contribute to a more transparent, efficient, and fraud-resistant pension industry that serves the best interests of both operators and pensioners.

For now, the industry remains optimistic that this new team will rise to the occasion, driving improvements and ensuring a fairer and more efficient pension system for all.

Exploring Trust, Authenticity, Engagement in a Saturated Digital Space

Business Journal

22/10/2024

By Elvis Eromosele

Humans are naturally biased. This makes changing someone’s mind a challenge. This also explains why marketing—attracting customers to generate revenue—is difficult. It requires capturing the attention of the target audience and changing minds.

In today’s world, this task has become even more complicated due to information overload and the disruptive nature of the emerging digital economy. Experts say to stand out and engage people, trust, transparency, and authenticity are essential.

The 2024 Lagos Digital Public Relations Summit, held on October 16 and 17, was more than just a gathering of professionals in the field—it was a platform to explore the art of promoting trust and authenticity in the increasingly complex digital ecosystem.

Under the theme “Nurturing Authentic Connections in the Digital Ecosystem,” the summit examined the core challenges that public relations (PR) professionals face today, especially in an environment saturated with information and competing messages.

As businesses and organisations strive to capture attention in this noisy world, the summit’s focus on trust, transparency, and authenticity highlighted the essential ingredients needed to gain traction in the modern digital marketplace.

These concepts are critical to connecting with audiences on a deeper, more meaningful level – something easier said than done in a world where information is everywhere, and attention spans are fleeting.

In his keynote speech, Adetokunbo Modupe, Chairman/Group CEO, TPT International, emphasised that brands must communicate persuasively to capture and keep their audience’s attention. But persuasion must come from a place of authenticity.

Modupe argued that while the rise of artificial intelligence (AI) has revolutionized marketing and communications, there is no substitute for the genuine, emotional intelligence required to make lasting connections.

He stressed that originality matters now more than ever and that AI should enhance, not replace, the emotional and native intelligence needed in storytelling. He explained that ethics remain a cornerstone of public relations, and practitioners must continue to do the right thing, even in the age of digital disruption.

O’tega Ogra, Senior Special Assistant on Digital/New Media to the President, presented a thought-provoking session on trust, calling it the key differentiator for brands that want to stand out. He provided five crucial lessons on trust, along with their reversals, highlighting that while trust is vital, it is equally important to strike a balance between transparency and strategic communication.

In the realm of branding, perception is everything. As Ogra noted, people are drawn to what feels real. Brands must therefore curate their digital presence authentically and simplify their messaging to build trust. Yet, there are times when illusion can be more powerful than reality.

Trust is a brand’s most valuable asset, a principle that Ogra called the Naval Rule. Brands that consistently deliver on promises, like the financial platform Piggyvest, can elevate their reputation. Transparency is a powerful tool, but Ogra also pointed out that there are moments when withholding information can be more beneficial than complete openness.

Emotional intelligence plays a crucial role in creating meaningful connections. Ogra emphasised the importance of brands engaging in active listening, even in digital spaces, and using storytelling to connect with audiences. However, he warned that relying too heavily on emotional appeals can sometimes backfire.

Ogra also spoke of the power of strategic vulnerability. He encouraged brands to own their mistakes and be realistic about their shortcomings. By doing so, weaknesses can become strengths. But, he cautioned, over-exposure can lead to new problems, and brands should avoid revealing too much.

Finally, Ogra stressed the importance of long-term authenticity over short-term gains. In a world obsessed with instant results, real depth and consistency hold more value than superficial reach. However, he reminded the audience not to overlook short-term opportunities entirely—finding balance is key, and realness remains a brand’s greatest strength.

Lanre Basamta, CEO and Co-founder of Optimus AI Labs spoke on the power of content. Starting with the quote by marketing expert David Meerman Scott—”Nobody cares about your product, except you. Create interesting content”—Basamta stressed that perception is everything. Content is not just a tool for engagement; it shapes how audiences perceive a brand.

He underscored the importance of aligning content with a brand’s core message, stating that effective storytelling creates experiences that resonate emotionally with the audience. This emotional resonance, in turn, influences how people perceive a brand and, ultimately, whether they will engage with it.

The 2024 Lagos Digital PR Summit illuminated a key truth: in today’s information-saturated digital environment, brands must focus on nurturing authentic connections. Whether through persuasive storytelling, emotional intelligence, or content that resonates on a deeper level, building trust is critical.

All the speakers and panel discussions emphasised the point – that realness is a brand’s most powerful asset, and balancing transparency, emotional appeals, and strategic communication is key to creating lasting relationships with audiences.

For PR professionals and marketers alike, the summit offered a clear roadmap: trust, transparency, and authenticity are the cornerstones of successful digital engagement in a world where attention is scarce but connection is invaluable.

Eromosele, a corporate communication professional and public affairs analyst, wrote via: [email protected]

PenOp Partners PenCom on Maximising Potential of RSA Fund VI, Exploring Sharia-Compliant Investment

Business Journal

22/10/2024

The Pension Fund Operators Association of Nigeria (PenOp), along with the National Pension Commission (PenCom) recently convened a webinar titled “Maximising the Potential of RSA Fund VI: Exploring Sharia-Compliant Investments.”

The event gathered industry stakeholders to address the growing interest in non-interest financial products, particularly those under RSA Fund VI, a dedicated Sharia-compliant fund within the Contributory Pension Scheme.

In his opening remarks, Oguche Agudah, CEO of PenOp, emphasised the importance of expanding the investment options available under RSA Fund VI. He called for deeper industry collaboration to address existing challenges and seize opportunities for growth in Sharia-compliant and ethical investments.

The Chairman of the Pension Industry Non-Interest Advisory Committee (PINAC), Dr. Adam Muhammad Abubakar outlined the current challenges PFAs face in accessing Sharia-compliant instruments. He stressed the need for more investment outlets and enhanced awareness about the growth potential of non-interest financial products.

Bil-yaminu Yakubu, Who represented the Head of Investment Supervision at Pencom- Mr. Dahiru, Abdulqadir, highlighted the efforts the Commission had made to advancing the ethical investment space, stating: “We understand the challenges PFAs are facing in terms of regulatory clarity. Pencom is committed to providing clear rules that will foster confidence in investing in non-interest instruments, ensuring compliance while driving innovation.”

The session also highlighted how Sharia-compliant investments, particularly Sukuk bonds, have played a crucial role in raising infrastructure funds.

Attendees argued that expanding the issuance size of such instruments is seen as key to attracting more PFA participation and driving the growth of RSA Fund VI.

Participants also discussed the importance of clear guidelines from Pencom and SEC to support the growth of non-interest financial instruments.

Abimbola Yusuf, Treasurer of Alternative Bank, spoke about their transition into a standalone non-interest bank and highlighted upcoming products for Fund VI, stating, “we are committed to delivering tailored financial services that comply with Islamic finance principles. Our goal is to offer pension fund administrators innovative products that meet both liquidity needs and ethical standards.

Akeem Oyewale, CEO of Marble Capital, echoed similar sentiments, adding, “the market for Sharia-compliant investments is growing, and we are developing a robust pipeline of instruments to support PFAs in diversifying their portfolios. Collaboration with issuers is key to ensuring that the size of Sharia-compliant issuances grows, creating more investment opportunities.”

As the demand for non-interest financial products continues to grow, PenOp remains committed to ensuring that Sharia-compliant and ethical investments can thrive within Nigeria’s pension framework. The association continues to work closely with regulators and industry players to unlock the full potential of RSA Fund VI.

The session was sponsored by Alternative Bank and Marble Capital.

Heirs Energies Commends NUPRC at 3, Points Way Forward for Sector

Business Journal

22/10/2024

Mr. Tony Elumelu, Chairman, Heirs Holdings Group has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on its third anniversary in a speech with the theme: Transformation, Innovation & Excellence.

In a speech at the event in Abuja, Elumelu said: “Today’s theme, “Transformation, Innovation & Excellence,” resonates deeply with the challenges and opportunities facing Nigeria’s energy space.

I commend the transformative and bold initiative of NPRC: the Project 1 million barrel of oil (MMBOPD).”

We are faced with the threat of Declining Production and Investment

We must acknowledge the elephant in the room. Nigeria’s oil production has been on a downward trajectory, falling from peaks of over 2 million barrels per day to recent lows, below 1.5 million.

This decline translates to lost revenues, reduced global market share, and missed opportunities for national development.

The root causes are multifaceted: aging infrastructure, security challenges in the Niger Delta, stalled investments, regulatory uncertainties, and a global shift towards renewable energy that has compounded the investment challenge.

These factors, combined, threaten the very foundation of our economy, as we are heavily dependent on oil.

As a nation, we cannot permit this to continue, and squander our inheritance and betray our next generation.

The Solution: Project 1MMBOPD and Beyond

This is where Project 1MMBOPD is so critical, a crucial part of the solution to unlocking the next phase of our development.

By targeting to grow production by 1 million barrels of oil per day from current levels, we are setting a clear and challenging goal; one that I believe is achievable as I see all stakeholders are at the table and will commit to play their parts and bring the needed collaboration, innovation, and excellence to make this project a success, for the benefit of our country.

To be sustainable, this initiative should go beyond just increasing production; it should catalyse a comprehensive strategy to revitalise our entire upstream sector.

The project should encompass key elements:

Infrastructure Modernisation: Upgrading our aging facilities to improve efficiency and reduce downtime.

Security Enhancement: Implementing advanced technologies and community engagement strategies to secure our assets.

Regulatory Streamlining: NUPRC’s commitment to creating a more transparent and efficient regulatory environment.

Investment Attraction: Leveraging this improved landscape to attract both domestic and foreign investment.

Technology Adoption: Embracing cutting-edge technologies to optimise production and reduce environmental impact.

By addressing these areas comprehensively, we will not only aim to reach the 1MMBOPD target but also to create a sustainable framework for future growth.

Focus on Gas

As we embark on this ambitious project to boost our oil production, let us also keep our focus on the critical role of gas in our energy mix.

The path to 1MMBOPD must be constructed on strategies that maximise the value of our gas resources, reducing flaring and increasing utilisation for domestic and export markets.

This dual focus will help diversify our energy portfolio and mitigate the risks associated with over-reliance on oil.

We know the criticality of gas in improving access to electricity in Nigeria. Access to electricity is the single most important factor in our quest for industrialisation. You can now see that our oil and gas sector is pivotal to the development of our country.

NUPRC’s Achievements

In its three short years, NUPRC has already laid the groundwork for this solution.

Your efforts in promoting sustainable practices, such as the Nigerian Gas Flare Commercialisation Programme, exemplify the innovation required to balance environmental stewardship with economic growth.

These initiatives not only reduce our carbon footprint, but also create valuable opportunities for our workforce and communities.

Role of Independents – Heirs Energies’ Progress

At Heirs Energies, we are actively contributing to this solution.

In the first 100 days after we took over operational control of our OML-17 asset in 2021, we doubled our production from 28,000 to over 50,000 barrels per day.

We suffered a setback with unabated crude theft, which caused us to shut-in and work collaboratively with the NNPC Limited to better secure the pipeline system. From a low of 5% terminal receipts in December 2021, year-to-date in 2024, we have recorded an average terminal receipt of 85%; a remarkable improvement and a good example of what a purposeful collaboration between NNPCL and operators underpinned by rigorous execution can deliver.

With the improvement in the operating environment, we have restarted our investment and production growth journey, and have now successfully reversed the fall in production that we suffered in 2022 and 2023, as a consequence of the evacuation challenges. A few days ago, OML-17 attained over 51,000 barrels per day, and we continue our production growth journey.

Relatedly, we are also working to grow our gas production that feeds many power generation plants and gas-based industries.

These achievements indicate what is possible, where there is a strong industry collaboration, and in particular, when regulatory support meets private sector drive and innovation.

$1tn Economy: PenCom DG Seeks Commitment from Insurance, Pension Operators

Business Journal

22/10/2024

Stakeholders in the nation’s insurance and pension sectors have been urged to take actionable steps that will ensure sustainable development and long-term success towards the achievement of the Federal Government’s one trillion-dollar economy by the year 2030.

The call was made by the Acting Director-General, the National Pension Commission (PenCom), Omolola Oloworaran, in her goodwill message at the 2024 national conference of the Nigerian Association of Insurance and Pension Editors (NAIPE) with the theme “Towards A $1 Trillion Economy: Roles of Insurance and Pension Sectors,” in Lagos recently.

The acting DG who was represented at the occasion by Akinsola Adeseun, Zonal Head, South-West Zonal Office, emphasised the need for stakeholders in the two sectors to come together and work hard to ensure the success of the government’s ambition, even as he commended NAIPE for the conference.

She also highlighted the critical roles insurance and pension sectors play in the growth of every economy.

“The insurance and pension sectors are indeed veritable cornerstones in building a strong and resilient economy. Together, they provide financial security and stability for individuals, businesses, and the nation at large.

“Our collective goal of advancing towards a $1 trillion economy is not a mere aspiration but a shared responsibility. This conference serves as a vital platform to exchange insights, ideas, and strategies that will propel us toward achieving this ambitious target.

“Let me commend the organisers of this conference for bringing together, pension and insurance industries experts, policymakers, and key stakeholders to engage in meaningful discussions that will foster innovation and collaboration. It is through such gatherings that we can identify opportunities, address challenges, and create synergies that will enhance the contributions of our sectors to economic growth.

“As we delve into discussions, let us be encouraged to not only envision a prosperous future but to also take actionable steps that will ensure sustainable development and long-term success. Together, let us strive to create an environment where the insurance and pension sectors can thrive, ultimately benefiting every Nigerian,” she said.

She reassured all stakeholders that PenCom remains committed to continuously improving service delivery across the Pension Industry.

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