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FG Lauds Savannah Energy for Investment Drive in Nigeria

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L-R: Managing Director, Savannah, Nigeria, Pade Durotoye; Honourable Minister of State, Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo; Head of Stakeholder Relations and Regional Manager, South East, Savannah, Nigeria, Nkoyo Etuk, and Operations Superintendent, Savannah, Nigeria, Chukwudoziem Umunna, during the visit of the Honourable Minister of State, Petroleum Resources (Gas) to Savannah’s gas processing facility in Uquo, Akwa Ibom State.

The Federal Government has praised Savannah Energy, the British independent energy company focused around the delivery of Projects that Matter, for its substantial investment in Nigeria’s energy sector to date, saying that it appreciates what the company is doing, and encourages Savannah to sustain it.

The Honourable Minister of State, Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, made the commendation during a recent visit to the Uquo gas Central Processing Facility in Akwa Ibom State, which is owned by Accugas Limited, a subsidiary of Savannah. He said that Savannah’s substantial investment to date has helped in boosting domestic gas supply in the country, where Savannah now supplies gas enabling approximately 20% of Nigeria’s thermal power generation capacity.

Commenting on the importance of gas to the Nigerian economy, the Honourable Minister stated that His Excellency, President Bola Tinubu is intent on developing the gas sector to drive the Nigerian economy. He said: “The President is very intentional and strategic about developing the gas sector to drive the economy of this nation. We know that if the economy of Nigeria is driven by gas, it will make things easier and that is the target of the ‘Decade of Gas’ initiative. Our target is to make sure that by 2030, the Nigerian economy will be driven by gas.”

The Managing Director of Savannah Energy, Nigeria, Pade Durotoye, who accompanied the Honourable Minister on the Uquo visit, explained that the company, through Accugas Limited, has invested over US$1.6 billion in gas processing and transportation infrastructure to support the domestic market since 2014. Durotoye said: “Accugas is also investing an additional US$45 million in a new compression system at the Uquo facility that will allow the company to continue to provide reliable gas supplies to customers for years to come. The system comprises two parallel trains with a capacity of 160 MMscfpd each and is designed to increase the gas export pressure. The project is expected to be completed and operational later this year.”

Durotoye added that Savannah strongly supports the Federal Government’s adoption of natural gas as a transition fuel in Nigeria’s net-zero pathway, particularly for power generation, adding that this is why Accugas has invested in building a nameplate 200 MMscfpd gas processing facility, supported by a ~260km gas pipeline network solely for the domestic market.

Durotoye stated that all the company’s gas is consumed domestically, with 80% being sold to thermal power generation companies, and the remainder to a range of large industrial customers, such as cement producers, where, for example, Accugas enables about 10% of the country’s cement production.

 

 

Empowering Futures: Opekete Foundation’s Commitment to Girls’ Education in Nigeria

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By Mrs. Omolara Euler-Ajayi

Globally, education is widely recognised as a basic human right and a critical driver of poverty reduction and economic progress.

However, in Africa, many countries face significant challenges in delivering the educational attainment and skills necessary for economic advancement.

In Nigeria, systemic issues such as limited investment, inadequate infrastructure, and entrenched cultural norms continue to impede access to education.

As a result, millions of children and young people, particularly girls, are excluded from quality education. This exclusion not only stifles individual potential but also undermines the country’s ability to fully leverage its human capital, hindering prospects for sustainable growth and development.

Addressing the educational exclusion of girls is an urgent priority, given the profound socio-economic benefits it can bring. The Opekete Foundation, (an independent non-profit organisation registered in Nigeria), is dedicated to empowering women and girls through education.

As it launches its 2024 FBM Scholarship for Women, the Foundation underscores the ongoing challenges facing girl child education in Nigeria, particularly the issues of limited funding and significant barriers to educational attainment in fields like nursing, teaching, and science, technology, engineering, and mathematics (STEM).

Challenges & Imperatives of Financing Girl Child Education

The African Union’s “Continental Education Strategy for Africa (CESA) 2016-2025” mid-term review reveals that, while some progress has been made, financing education remains a critical challenge.

Across the continent, including in Nigeria, where education funding hovers around 8% of the national budget, many countries fall short of the recommended 20% benchmark.

This chronic underfunding manifests in overcrowded classrooms, inadequate infrastructure, insufficient teaching materials, and a shortage of trained educators—perpetuating a cycle of low educational access and attainment, poverty and inequality.

In Nigeria, 18.5 million children are out of school, with 60% being female, according to UNICEF. Girls are particularly disadvantaged by economic constraints and cultural norms that often prioritise boys’ education.

However, investing in girl child education is not just a moral imperative; it is an economic necessity. Educated women are more likely to enter the workforce, earn higher incomes, and contribute to the economic and social development of their communities.

The World Bank notes that each additional year of schooling can increase a girl’s future earnings by up to 20%. Moreover, educated women are more likely to prioritise their children’s education, creating a positive cycle that benefits future generations.

Beyond Funding: Complex Challenges of Girl Child Education

In addition to funding challenges, poverty, cultural norms, and stereotypes play a significant role in excluding girls from education in Nigeria.

Gender-based violence, domestic responsibilities, early marriage, and insufficient sanitary facilities at school are just some of the barriers girls face. In sub-Saharan Africa, for example, 1 in 10 girls misses school during their menstrual period due to inadequate access to sanitary products.

Societal expectations often discourage girls from pursuing careers in STEM fields, where women remain grossly underrepresented, with only 18% of STEM scholars in sub-Saharan Africa being women—significantly lower than the global average of about 35%.

Economic hardship often forces families to prioritise boys’ education, viewing it as a more immediate return on investment. This financial strain causes many girls to drop out of school early, either to contribute to household income or because their families cannot afford school fees and associated costs, such as uniforms and textbooks.

These challenges not only hinder school attendance and educational progress but also deepen gender disparities in education.

The FBM Scholarship for Women

Founded in 2015 by the late Mrs. Florence Bamidele Makanjuola, a pioneering teacher and nurse, the Opekete Foundation envisions a world where education and empowerment unlock limitless opportunities for all.

Believing in the power of education to alleviate poverty, its mission is to provide children, youth, and women with sustainable access to quality education, empowering them to lead independent, economically productive lives.

Aware of the poor access to quality education in government schools and the continued marginalisation of women, the Foundation’s strategic objectives focus on educating, empowering, and advocating for the education of girls and the empowerment of women in disadvantaged communities.

The Foundation also recognises the critical role of trained teachers and healthcare workers, particularly nurses, in meeting Nigeria’s development objectives.

To this end, it enhances teacher quality through development programs, with an emphasis on literacy and numeracy at the primary school level, and promotes STEM and financial literacy skills at both primary and secondary levels.

Through interventions such as its flagship FBM Scholarship for Women and the Biennial Roundtable on Girl Child Education, the Opekete Foundation seeks to address educational and economic disparities by providing financial support to high-achieving indigent girls.

This support, focused on nursing, teaching, and STEM, offers crucial financial relief to families and removes significant barriers to girls’ education.

With the launch of the 2024/25 Scholarship cycle, the Foundation reaffirms its long-term commitment to empowering young women to pursue careers in fields where essential skills for societal development are lacking and where significant gender gaps exist.

The Opekete Foundation’s ongoing efforts represent a powerful step toward a more equitable future, where girls are empowered to realise their full potential through quality education and contribute meaningfully to society.

A Collective Call to Support Girls’ Education

To ensure that every girl in Nigeria has access to quality education and the opportunity to reach her full potential, it is imperative that all sectors—government, private enterprise, and civil society—join forces in a coordinated and robust effort.

Increased investment is urgently needed, not just in financial terms but also in the form of comprehensive policies and initiatives that address the root causes of educational inequality.

This requires not only increasing funding for education but also implementing policies that actively promote gender equality and dismantle the socio-cultural barriers that prevent girls from reaching their full potential.

The initiatives led by the Opekete Foundation and similar organisations highlight these critical issues, driving meaningful change in the quest for a more inclusive and equitable society.

However, to maximise the impact of these efforts, it is essential to broaden and deepen collaboration among all stakeholders. By fostering partnerships across public and private sectors, we can more effectively address the core challenges that continue to hinder girls’ education in Nigeria.

On this International Day of the Girl Child, Opekete Foundation calls upon governments, the private sector, and civil society to come together in a unified effort to support girls’ education.

This collective action is not just a moral imperative—it is a strategic investment in the future of our country and our world.

By empowering every girl with the education she deserves, we pave the way for a brighter, more equitable future for all.

 * Euler-Ajayi, Chairman, Opekete Foundation, writes from Lagos.

 

NGX Admits Aradel Holdings to Main Board, Boosts Market Capitalisation by N3.05tn

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Aradel Holdings Plc, an integrated energy company, listed 4.34 billion shares on Nigerian Exchange Limited (NGX) Main Board on Monday, 14 October 2024.

The shares, listed at N702.69 per share through a “Listing by Introduction,” boosted the market capitalisation of NGX by N3.05 trillion, marking a significant milestone in the oil and gas sector’s participation in the stock market.

Aradel Holdings Plc, a major player in Nigeria’s oil and gas industry, operates across the entire oil and gas value chain, with business interests in the exploration, production, and refining of petroleum products. The listing offers investors the opportunity to engage with one of Nigeria’s most diversified energy companies, positioning it as a key entity on the Exchange.

In conjunction with the listing, was a Facts Behind the Listing event, during which senior executives presented the company’s growth strategy and financial performance to investors and stakeholders. Alhaji (Dr.) Umaru Kwairanga, Chairman of Nigerian Exchange Group, highlighted the importance of the listing, saying, “This achievement is not just a win for Aradel, but also a clear indication to both local and global investors that Nigeria’s capital market remains vibrant, resilient, and full of opportunities. We are honored to facilitate capital raising for companies like Aradel that play a critical role in Nigeria’s economic progress.”

Temi Popoola, Group Managing Director and CEO of NGX Group, emphasised the broader significance of the listing.

“The benefits of an equity market listing for the upstream sub-sector of the oil and gas industry is especially crucial in light of its dire capital requirements and chronic underinvestment. Aradel has come to the market at a critical time as this and we are confident that our infrastructure here at NGX, both market and technology, can unlock the capital flows needed to ensure the sector thrives.”

Jude Chiemeka, CEO of NGX, echoed similar sentiments, stressing the role of NGX in supporting corporate growth and innovation. “Aradel’s listing highlights NGX’s ability to support leading companies in their growth journey. This is not just a milestone for Aradel, but a key moment for the energy sector, demonstrating how the capital market can fuel efficiency and development in critical industries.”

Speaking at the event, Mr. Ladi Jadesimi, Chairman of Aradel Holdings Plc, highlighted the company’s focus on innovation and sustainability, noting that Aradel is poised to expand its footprint in the renewables space while maintaining its leadership in the oil and gas sector.

“The listing of Aradel Holdings on NGX represents a pivotal moment for us,” Jadesimi said. “We are committed to driving sustainable growth in Nigeria’s energy industry, particularly in the renewables space, while continuing to excel in petroleum product exploration and refining. This listing provides us with the platform to unlock further value for our shareholders.”

Commenting on the listing, the Managing Director/Chief Executive Officer of Aradel, Mr. Adegbite Falade, said: “This will mark a historic milestone for Aradel as we list on the NGX, underscoring our commitment to creating long-term value for our shareholders and deepening our contributions to Nigeria’s economic landscape. This listing is a testament to our resilience, adaptability, and our unwavering dedication to providing sustainable energy solutions that drive growth across our communities and industries. As we embark on this new chapter in Aradel’s transformation journey, we remain focused on operational excellence, strategic expansion, and delivering returns that reflect our track record and vision for an energised future.”

Aradel Holdings Plc’s successful listing on NGX positions it to leverage the capital market for future growth, allowing the company to expand its operations and cement its role as a dominant player in both traditional and renewable energy sectors.

Access Bank, SaltinGStein Unveil Winbundle Airtime2Win Initiative

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L – R: Simi Daphne Adeoye VP Business Development and Expansion, Saltingstein; Chinny Nwokedi Chief Marketing Officer, Saltingstein; Njideka Esomeju, Group Head, Consumer Banking, Access Bank; Stella Oshorinde, Chief commercial officer, Saltingstein; Oluremi Gabriel, Group, Head, Digital Channels, Access Bank; and Francis Ogbasu Project Lead, Saltingstein, at the Access Bank and Saltingstein media roundtable to launch WingBig with Airtime2Win on *901# in Lagos recently.

Access Bank, a leading institution in the Nigerian financial sector, has partnered with SaltinGTein to unveil Winbundle Airtime2Win on its digital platform to provide customers a chance to turn airtime purchase into a potential life-changing event.

Winbundle Airtime2Win enables customers to purchase airtime via *901# and receive 70 percent airtime value and 30 percent raffle tickets into the consumer draw, with chances to win up to N100million weekly.

Senior Retail Advisor, Retail Banking, Access Bank, Robert Giles, while speaking on the service between Access Bank and SaltinGStein Limited, expressed the bank’s commitment to rewarding its customers. He said the bank’s 901 USSD services have been something that has helped the bank and the industry by generally improving access to finance.

“Our 901 USSD platform allows customers to open bank accounts. So you don’t need to go to a branch anymore to open a bank account. You can open it from the comfort of your home. And that has enabled a much younger generation, and particularly female generation, to open bank accounts wherever they are in the country.

“It evolved further to bill payments, so you can, of course, top-up that phone that’s so important to you. You can buy data, and also you can pay for your DSTV and other services. And as we’ve as we’ve

“We have evolved in all of our banking services, we have seen that, particularly with a new and younger generation, people want to be engaged more. Simply having a phone and doing transactions is not enough. And if we look at today’s world, when we compare ourselves in the banking industry, we have to compare ourselves to big tech customers who are familiar with using social media”.

Giles added that the feedback from the bank’s customers is the reason the is poise to give them what they want.

What we are announcing today is as a result of feedback from our customers and it is yet another service on 901 that will help customers to do their transactions but also participate in a draw and have the chance to win life changing cash.

He added that the bank is pleased to be on the same page with WinBundle with the sole objective of switching utilities and Airtime payments for its customers with WinBundle’s Airtime2Win.

Oluremi Tinuola Gabriel, Group Head, Digital Channel, Access Bank, said, “The bank is in this partnership with WinBundle because customers want more and what the bank is doing is in response to what the customers want. They stand the chance of winning upto N100M every week”.

Stella Oshorinde, Chief Commercial Officer, WinBundle By SaltinGStein Limited, said, “If you dial *901# and select airtime on the menu, you will see items 3 and 4 for “Airtime plus raffle ticket to win up to N100M” for self and others, respectively. This is the future, and the future lies in the gamification of everyday utilities. This is what WinBundle by SaltinGStein represents—providing an opportunity for everyday spending to change lives”

“So basically, when you get that product, what you are doing is putting yourself into a national consumer draw, which happens every Friday, and in that draw, you stand a chance to win up to N100 Million. So- what we have done with the WinBundle By SaltinGStein Limited is to enable Nigerians to gamify their everyday expenses or expenditure, as we call it universal gamification of sales and expenditure (UGeX)”.

“So not only are you fulfilling your utility needs, of buying airtime, or data top-up, you’re also allowing yourself to win life-changing cash.

NLNG Unveils New Logo in Rebranding Move

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Nigeria LNG Limited (NLNG) has unveiled a new logo and trade name as part of a strategic rebranding initiative aimed at aligning the company’s vision with evolving global energy demands.

The announcement was made during the company’s annual Grand Award Night in Lagos.

Dr. Philip Mshelbila, NLNG’s Managing Director and Chief Executive Officer, introduced the new trade name—NLNG, without an expansion of the letters—and an identity and purpose statement, “Providing Energy to Improve Lives Sustainably,” alongside the refreshed tagline, “Inspiring a Sustainable Future.”

In his speech, Dr. Mshelbila highlighted the significance of this transformation, positioning it as a pivotal moment in the company’s journey. “We are not just celebrating past achievements and our history thus far, but also unveiling a new chapter in our journey—one that is poised to redefine our future and our impact on the world,” he remarked.

NLNG’s new logo, representing a dynamic and future-focused identity, embodies the company’s commitment to leading with purpose while embracing sustainability. Dr. Mshelbila emphasised that the rebranding reflects NLNG’s focus on being more than just an energy provider.

“Our new logo symbolises a fresh perspective and our unwavering commitment to leading with purpose. It represents the dynamic spirit of our company, rooted in a legacy of excellence while embracing the future with optimism and courage. The essence of our rebranding lies in our dedication to inspiring and pioneering a sustainable future, aligning with global goals and the evolving needs of our stakeholders.”

“Our purpose statement, ‘Providing Energy to Improve Lives Sustainably,’ underscores our commitment to creating a lasting impact. As we navigate the complexities of the global energy landscape, we remain steadfast in our mission to deliver not just energy, but solutions that enhance lives and foster a better world. This means advancing sustainable practices, investing in innovative technologies, and working collaboratively to address the challenges of tomorrow.”

“It is about transforming energy into a catalyst for positive change and progress that improves lives in a sustainable manner,” he said.

He also acknowledged the broader challenges and responsibilities facing the energy sector today, noting that sustainability and innovation are no longer optional but essential to shaping the future.

“The future holds immense promise and responsibility,” he added, calling for collective action to tackle tomorrow’s challenges while advancing sustainable practices and investing in innovative technologies.

Dr. Mshelbila also stressed that the company has reaffirmed its dedication to creating lasting impacts and inspiring progress that aligns with global sustainability goals. He encouraged stakeholders to join the company in shaping a future where energy drives progress and builds a better world for generations to come.

At the Grand Award Night, the company also celebrated 35 years of incorporation, 25 years of operations, and 20 years of The Nigeria Prize for Science and The Nigeria Prize for Literature.

 

Olubunmi Familoni Wins 2024 edition Nigeria Prize for Literature

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2024 Winner of The Nigeria Prize for Literature, Familoni Olubunmi (R) receives his plaque from Olakunle Osobu, Deputy MD, NLNG, at the Grand Award Night. With them are (L-R):  Prof Ahmed Yerima (Board member), Dr Philip Mshelbila, NLNG MD, Prof Akachi Adimora-Ezeigbo (Chairman) and Prof Olu Obafemi, (Board member) of the Literature Prize Advisory Board.

The Nigeria Prize for Literature, Africa’s most prestigiuos literary award, sponsored by NLNG, on Friday announced The Road Does Not End by Olubunmi Familoni as the winner of the 2024 edition of the prize, focused on children’s literature.

Familoni was awarded the $100,000 prize for his winning entry following an announcement by the Advisory Board at the 2024 Grand Award Night in Lagos.

According to the Chairman of the Advisory Board, Professor Akachi Adimora-Ezeigbo, the winning entry was selected after a rigorous evaluation process from three outstanding finalists. Familoni’s work stood out among the finalists for its compelling narrative and cultural impact, according to Professor Adimora-Ezeigbo.

She praised NLNG for its unwavering support of Nigerian literature, stating, “NLNG has not only maintained The Nigeria Prize for Literature but has also consistently promoted literary writing, criticism, and reading nationwide. Their sponsorship of both the Literature and Literary Criticism prizes is vital in providing Nigerian writers with platforms to display their talents.”

She explained that the judging panel carefully reviewed all entries based on established criteria, adding that from an initial longlist of 11 entries, the judges narrowed down to three finalists: A Father’s Pride by Ndidi Chiazor-Enenmor, The Road Does Not End by Olubunmi Familoni, and Wish Maker by Uchechukwu Peter Umezurike.

Professor Adimora-Ezeigbo remarked that the book was a powerful portrayal of the daily struggles and resilience of vulnerable youths in Nigeria.

“The winning novel tells the compelling story of street life in Lagos, focusing on children who must fend for themselves. Familoni’s gripping narrative highlights their daily struggles and resilience, bringing attention to the societal issues faced by vulnerable youths in Nigeria. The author brings to light the harsh realities of life for many young people, highlighting critical societal issues that often go unnoticed. Through the story, readers are drawn into the characters’ perseverance and hope, despite the challenges they face. After evaluating the three finalists, the judges concluded that The Road Does Not End stood out for its thematic depth, lyrical quality, and social relevance. The novel’s ability to engage both children and adults with its powerful narrative and strong moral message made it deserving of the prize,” she added.

The Advisory Board also announced that there was no winner for The Nigeria Prize for Literary Criticism.

Also at the event, the 2024 Nigeria Prize for Science winners, Eni Oko, Olajide Otitoju, and Meihong Wang, were presented with their prize by NLNG. The scientists won the prize for their pioneering work on “Process Intensification Technology for Greenhouse Emission Control in Power Generation and Industry for Sustainable Fuel Production (PIC-FUEL).”

Earlier at the event, Dr. Philip Mshelbila, NLNG’s Managing Director and Chief Executive Officer, noted that this year’s Grand Award Night was special as the company celebrated 20 years of The NLNG Prizes—the Nigeria Prize for Science and the Nigeria Prize for Literature—35 years of incorporation, and 25 years of exceptional operations.

“The Prize for Literature is focused on the children’s literature genre this year. The authors have written stories that symbolise children as the future, while stirring our thoughts on the rights and well-being of children. Welldone to the three shortlisted authors: Olubunmi Familoni, Ndidi Chiazor-Enenmor, and Uchechukwu Peter Umezurike,” he remarked.

The Nigeria Prizes celebrate individuals who push the boundaries of thought, inspire new ideas, and address some of the most critical challenges of our time, ensuring that their contributions have a lasting impact both within Nigeria and beyond.

#CustomerServiceWeek2024: Unity Bank CEO Reaffirms Commitment to Going Above and Beyond

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A cross section of Unity Bank team celebrating the #CustomerServiceWeek2024

The Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun has commended the lender’s frontline staff for effectively translating its Customer Service Charter thereby forging a culture of responsiveness and exceptional partnership to demonstrate unwavering commitment to customers.

In a message commemorating this year’s Customer Service Week, Mrs. Somefun celebrated with staff in customer service roles and expressed deep appreciation to the bank’s clients for their continued trust and loyalty, which have propelled the bank’s growth and success.

“This year’s theme “Above and Beyond” supports our mission at Unity Bank which enables us to reflect on our collective journey so far where our customers are at the centre of our business,” she said.

Somefun further stated that the Bank is continually investing in innovation as well as revamping existing systems, noting that new tools and strategies would be rolled out in the coming months to further enrich customer experiences. “Whether it’s through improved digital platforms or personalised services, we are committed to enhancing the way you bank with us,” she added.

While acknowledging the essential role frontline staff play in creating lasting relationships with customers, Somefun said that through dedication, resilience, and professionalism, Unity Bank Customer Service has demonstrated that it embodies the “Above and Beyond” theme of this year’s celebration.

“Day after day, our staff go beyond the call of duty, ensuring that every customer interaction is handled with care and excellence. They are the reason our customers continue to choose Unity Bank.”

Also speaking, the Bank’s Chief Customer Service Officer, Elfrida Igebu said that, “throughout the week, we have seen firsthand what it means to go the extra mile. Our commitment to exceeding expectations, personalizing experiences, and showing genuine empathy has set us apart and created lasting connections with our customers.”

She noted that the different activities lined up to celebrate the customer service week “have strengthened the team’s professional capabilities and reinforced the bonds that make us a united team.”

From October 7 – 11, the Bank lined up several activities to celebrate customers and the exceptional teams in its over 200 branches nationwide, rewarding outstanding staff members, while reflecting on the theme of this year’s event – Above and Beyond.

The Bank has continued to prioritise the customer over the past few years through its increased focus on digital strategy.

For instance, over the past four years, it has maintained its commitment to customer service excellence by introducing innovative digital products such as the multilingual USSD banking *7799#, and mobile banking solution, UniFi which have boosted customers’ access to the Bank’s services, while facilitating convenience.

These electronic banking channels are constantly updated with new and exciting features to put the customers first and make their banking experiences top-notch in the industry.

 

Transcorp Power Reports Strong Q3 2024 Performance: 153% Revenue Growth, 198% Increase in Profit

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Transcorp Power Plc, one of the power subsidiaries of Transcorp Group, has announced its financial results for the third quarter of the year ending September 30, 2024, demonstrating remarkable growth across the business.

In its Q3 2024 unaudited results filed with the Nigerian Exchange (NGX), Transcorp Power reported revenue of N223.6 billion, representing a significant 153% growth year-on-year, over N88.4 billion in Q3 2023, Highlighting operational efficiency, profit before tax for the period surged by 198%, recording N81.1 billion, compared to N27.3 billion in September 2023.

Key Financial Highlights:

  • Revenue Growth: Achieved N223.6 billion in Q3 2024, a 153% increase from N88.4 billion in Q3 2023.
  • Net Finance Cost: Reduced by 95% to N538.3 million, down from N10.4 billion in Q3 2023.
  • Profit Before Tax: Rose by 198% to N81.1 billion, compared to N27.3 billion in the previous year.
  • Profit After Tax: Achieved a 186% increase, rising to N58.5 billion from N20.4 billion in Q3 2023.
  • Total Assets: Increased by 62% to N362.5 billion as of September 30, 2024, from N223.4 billion in FY 2023.
  • Shareholders’ Funds: Grew by 82% to N105 billion as of September 30, 2024, up from N57.9 billion FY 2023.
  • Operating Ratios: 36.3% net profit margin, 56% return on equity, and 16% return on assets

Commenting on the results, the Chief Financial Officer, Transcorp Power, Evans Okpogoro, expressed strong confidence in the company’s financial trajectory, stating:

“We are proud to announce significant growth across all our metrics. Our commitment to disciplined cost management and operational efficiency has not only enabled us to sustain robust margins but has also positioned us to outperform industry averages in key areas. This achievement reflects our strategic focus and dedication to excellence, and positioning as a leader in Nigeria’s power sector.”

In response to the results, Peter Ikenga, MD/CEO, Transcorp Power Plc, commented on the company’s performance this quarter, attributing it to a strategic vision, hard work, and relentless pursuit of operational excellence.

“Despite the distribution and transmission infrastructural challenges faced in the Power Sector, Transcorp Power has once again demonstrated exceptional financial growth, as reflected in our impressive results. We continue to strive to bridge the energy gap in Nigeria, in line with our purpose to improve lives. I am proud to report that we have sustained our remarkable growth trajectory and maintained our position as a leading contributor to the country’s power sector, accounting for approximately 10% of total power generated on the national grid. As the market transitions into the bilateral contracts, as contained in the Electricity Act, we are optimistic about sustaining the momentum by capitalising on more strategic investment opportunities and providing additional value to our shareholders.”

Transcorp Power Plc is one of the electricity generating subsidiaries of Transnational Corporation Plc (Transcorp Group), a leading, listed African conglomerate.

Transcorp Power is committed to improving electricity supply in Nigeria and contributes over 20% of the country’s installed power capacity.

The company is creating value across Nigeria and driving economic growth, demonstrating its mission to improve lives and transform Africa.

Sterling Bank Honoured as Leading MSME Supporter at 2024 Finance Awards

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Sterling Bank’s commitment to small businesses recognised at Annual MSME Finance Awards.

Sterling Bank, the leading financial institution committed to empowering small and medium enterprises, has been honored with the prestigious MSME Bank of the Year award at the 2024 MSME Finance Awards.

The event, organised by Nairametrics and The Economic Forum Series, took place on Saturday 27th September at Civic Centre, Victoria Island, recognising excellence in supporting Nigeria’s vibrant MSME sector.

Mustapha Otaru, Chief Product Officer at Sterling Bank Limited, expressed his enthusiasm: “This award is a testament to Sterling Bank’s unwavering commitment to empowering MSMEs.

Our partnerships with SMEDAN and Databanc have been pivotal in our success. In the past year, we’ve extended over N50 billion in loans to small businesses and supported more than 100,000 entrepreneurs through our various initiatives. This recognition fuels our determination to continue innovating and supporting the backbone of Nigeria’s economy.”

The MSME Bank of the Year award underscores Sterling Bank’s innovative approach to MSME financing and its significant impact on fostering entrepreneurship. The bank also secured nominations in three additional categories: Best in MSME Lending, Best in MSME Partnership and Collaboration, and Best in MSME Financial Inclusion (Bank).

Sterling Bank’s success in the MSME sector is driven by its suite of tailored solutions designed to meet the unique needs of small and medium enterprises.

These include Specta, a digital lending platform providing quick access to loans for businesses; The Business Hub, a comprehensive digital resource center offering advisory and value add services to SMEs; the strategic partnership with SMEDAN to facilitate single digit financing and development of Databanc for small businesses across Nigeria; and Banca, a digital banking platform serving small businesses with seamless financial management tools.

The MSME Finance Awards, an annual event that emerged from the Annual MSME and Start-up Summit initiated by The Economic Forum Series in 2018, plays a crucial role in recognising and promoting excellence in the MSME finance sector.

This prestigious program celebrates innovation and impact in improving MSMEs’ access to finance, highlighting achievements in financial inclusion, banking innovation, and support services for small businesses.

Sterling Bank’s recognition at these awards underscores its significant contributions to empowering MSMEs and fostering entrepreneurship in Nigeria.

 

SEC, NGX Group Lead Financial Education Series During World Investor Week

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As part of the global IOSCO World Investor Week, which took place from October 7-13, 2024, Nigerian Exchange Group Plc (NGX Group), in collaboration with the Securities and Exchange Commission (SEC) and other market operators, organised a series of engaging events aimed at promoting financial literacy and empowering retail investors.

These activities highlighted the growing importance of technology and sustainability in modern finance, aligning with the 2024 theme: “Technology, Digital Finance, and Sustainable Finance.”

The week kicked-off with a financial literacy seminar at Pan-Atlantic University, Lagos, hosted by NGX Group and the Financial Literacy Technical Committee of SEC.

The event attracted hundreds of students eager to learn about the fundamentals of investing, setting the stage for a series of impactful engagements aimed at equipping participants with the knowledge necessary to make informed financial decisions.

Following the seminar, the NGX Retail Investor Clinic provided practical insights into capital market strategies from industry experts.

The week’s events culminated in the symbolic “Ring the Bell for Financial Literacy”, leveraging the NGX Closing Gong Ceremony to emphasise the ongoing efforts to educate and empower retail investors. Over 200 participants, including representatives from institutions like the Nigerian Higher Education Foundation, the University of Lagos, and GFA Technologies, attended.

Dr. Emomotimi Agama, Director-General of SEC, highlighted the importance of investor protection and regulatory oversight in fostering trust. “Our mission is to safeguard investor interests while promoting informed participation,” he emphasised.

Temi Popoola, GMD/CEO of NGX Group, speaking on behalf of Alhaji Umaru Kwairanga, Group Chairman of NGX Group, stressed the Group’s leadership in using technology to drive sustainable finance and innovation. Jude Chiemeka, CEO of NGX, reiterated the importance of investor education, stating, “by equipping individuals with the right tools, we’re building a more secure and resilient investment ecosystem.”

Other notable contributions included remarks from Femi Shobanjo, CEO of NGX RegCo, on the Exchange’s self-regulatory mandate, and Adedayo Hamzat, GMD of Zedcrest Group, who advocated for technology-driven portfolio diversification. Abimbola Babalola, Head of Trading and Products at NGX, shared insights on leveraging research and technology for smarter investing, while Dabota Ordor, Head of Retail and Digital Services at United Capital Securities, provided strategies for financial planning, budgeting, and risk management to mitigate market risks.

The Ring the Bell for Financial Literacy ceremony at NGX brought together SEC officials, market leaders, and key stakeholders in a joint commitment to advancing financial literacy.

The week-long activities, executed in collaboration with partners such as United Capital Securities, Zedcrest Group, the Chartered Institute of Stockbrokers (CIS), and the Association of Securities Dealing Houses of Nigeria (ASHON), demonstrated a collective effort to create a more informed, resilient, and empowered retail investor community.

Sovereign Trust Insurance Celebrates Customer Service Week 2024

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The Customer Service Week of Sovereign Trust Insurance Plc themed ‘Above and Beyond’ ended on Friday, October 11, 2024, after a week-long of activities that began on Monday, October 7, 2024.

Sovereign Trust Insurance Plc participated actively in the global event.

“On Friday, we ended the week in style with the ‘Represent Your Generation’ costume get-together at our Head Office in Lagos.”

emPLE to Empower Nigerians with Inclusive, Accessible, Sustainable Insurance Solutions

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L-R: General Counsel/Company Secretary, emPLE General Insurance; Aderinola Adefulu; Managing Director, emPLE Life Assurance, Rantimi Ogunleye; Managing Director, emPLE General Insurance, Olalekan Oyinlade; Chief People Officer, emPLE General Insurance, Bukola Thomas; and Executive Director, Technical, emPLE Life Assurance, Jolaolu Fakoya; during emPLE’s strategic media interactive session on Thursday, October 10, 2024, in Lagos.

emPLE, a leading financial services company, with a mission to offer accessible and innovative financial solutions to Nigerians, has unveiled its insurance businesses and their strategic market posturing. Following its acquisition of Old Mutual’s Life and General Insurance businesses in Nigeria, emPLE is positioned to deliver enhanced services and solutions designed to meet the evolving needs of Nigerians across various sectors.

“We are excited to lead this new chapter in Nigeria’s insurance industry,” said Rantimi Ogunleye, Managing Director of emPLE Life Assurance Limited.

“At emPLE, we focus on empowering individuals, households and families with accessible insurance products that not only protect their existing lifestyle but also contribute to long-term generational wealth creation. We are here to showcase the peerless benefits and the possibilities that insurance can unlock for Nigerians.”

The company’s general insurance arm is also driving change through its offerings. These include comprehensive and innovative motor, home, and business insurance products tailored to meet the demands of today’s dynamic and uncertain business landscape.

Speaking on this, Olalekan Oyinlade, Managing Director of emPLE General Insurance Limited, noted, “Our goal is to make insurance more accessible to all Nigerians, their enterprise and industries. From motor to home and business insurance policies, these solutions will protect our customers from unforeseen risks, focusing on tailored products, quick claims processing and personalised service. We are particularly proud of how our offerings cater to existing and emerging needs in a rapidly changing global and local micro-economic realities.”

emPLE is committed to promoting financial inclusion by ensuring its products are affordable and accessible to a wide range of targeted customers.

Furthermore, the company, understanding the industry dynamics, will collaborate with key stakeholders, including brokers, agents, and tech innovators, to reshape the Nigerian insurance market through unique product development and exceptional value creation.

With a forward-thinking approach and a solid foundation following the acquisition, emPLE is prepared to set a new standard in Nigeria’s insurance industry and make insurance an essential part of Nigerians’ economic ethos, growth and wealth creation.

 

About emPLE

emPLE is a leading financial services company dedicated to providing insurance and investment solutions to retail and corporate clients across Africa.

At emPLE, our purpose is to empower Africans by providing innovative financial solutions that enhance their freedom, security, and prosperity.

We believe that true empowerment comes from providing not just access to financial products but also the knowledge and tools necessary for our customers to make informed decisions and achieve financial independence.

 

Ambassador Ibrahim Gambari to Deliver Realnews 12th Anniversary Lecture

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His Excellency

Ambassador Prof. Ibrahim Agboola Gambari

The Management of Realnews Magazine and Publications Limited, publishers of Realnews Magazine Online, has announced that His Excellency, Ambassador Prof. Ibrahim Agboola Gambari, former Chief of Staff to President Muhammadu Buhari, and former Nigeria’s Permanent Representative to the United Nations, will deliver the Realnews 12th Anniversary Lecture.

The lecture on “Africa in World Shifting Geopolitics, Matters Arising on Democracy, Technology, Artificial Intelligence, Natural Resources” will be held at the Sheraton Hotel, Lagos, on Tuesday, November 19, 2024.

Ambassador Gambari’s acceptance to deliver the lecture was communicated to Realnews in an email dated April 27, 2027, that he sent, stating: “I am delighted to re-confirm my acceptance in principle of the invitation to deliver the lecture.”

Gambari, a Nigerian academic and diplomat, served as Chief of Staff to the President of Nigeria from 2020 to 2023. Before this, Gambari was the longest-serving Permanent Representative of Nigeria to the United Nations from 1990 to 1999, under five Heads of State and Presidents, and Minister of External Affairs from 1984 to 1985.

While at the UN, Gambari was the President of UNICEF in 1999; and became Under-Secretary-General and the first Special Adviser on Africa to Secretary-General Kofi Annan from 1999 to 2005. He was the Under-Secretary-General of the United Nations for Political Affairs from 2005 to 2007 under Secretary-Generals Kofi Annan and Ban Ki-moon.

His last appointment in the UN was from January 2010 to July 2012, when he was appointed by Ban Ki-moon and the Chairperson of the African Union Commission as the Joint African Union-United Nations Special Representative for Darfur.

Born on 24 November, 1944, in Ilorin, Kwara State, Gambari attended King’s College, Lagos, and subsequently went to the London School of Economics where he bagged a B. Sc. (Economics) degree (1968) specialising in International Relations.

Later he got his M.A. (1970) and Ph.D. (1974) degrees from Columbia University, New York, United States in Political Science and International Relations.

He taught at the City University of New York before working at the University of Albany and subsequently at Ahmadu Bello University, in Zaria, Kaduna State.

From 1986 to 1989, he was a Visiting Professor at three universities in Washington, D.C.: Johns Hopkins School of Advanced International Studies, Georgetown University, and Howard University.

He has also been a Research Fellow at the Brookings Institution in Washington D.C. and a resident scholar at the Bellagio Study and Conference Center, the Rockefeller Foundation-run center in Italy. He has authored many books and published articles in reputable journals in foreign policy and international relations, including the ‘Theory and Reality in Foreign Policy: Nigeria after Second Republic’.

The diplomat also served as the Minister for External Affairs between 1984 and 1985 under General Muhammadu Buhari’s military regime, after he was the Director-General of The Nigerian Institute of International Affairs (NIIA).

The lecture will be chaired by Ms. Beatrice Eyong, UN Women’s Country Representative in Nigeria, who will also moderate the panel session.

Realnews, a general interest magazine, is an online publication that thrives on investigative journalism. ‘We have expertise in reporting the oil and gas sector with its attendant environmental challenges. We aim to unearth exclusive stories about real people and the challenges they face in their day-to-day activities. We do this bearing in mind that government can only act to influence the lives of people positively if they are aware of their true situation.

Hence, our objective is to use our investigative skills to ferret out information in the sectors we focus on and produce an unbiased report that will influence the government and decision-makers to take actions that will make society better.’
Realnews is populated by seasoned journalists who believe strongly in the tenets and ethics of the profession.

The online publication believes that journalism as the fourth Estate of the Realm can contribute its quota towards building a fair and just society where fundamental human rights are respected and citizens have the freedom to pursue their interests anywhere in the world without hindrance.

Its editors have a combined experience of several decades in active journalism practice and are highly dedicated to serving humanity. Hence its motto: “For God and Humanity.”
Realnews Anniversary Lecture Series was established to commemorate the best minds in our society and to tap from them to enrich the discourse in our national development.
The 11th Anniversary Lecture in 2023 on The Threats of Illicit Funds Flow to the African Economy was delivered by Dr. Edwin W. Harris Jr., Director-General, ECOWAS Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).

The 10th Anniversary lecture in 2022 on “Drug Abuse among Youths in Africa: Implication for Nigerian Economy and 2023 Elections” was delivered by Bri- General Buba Marwa, Chairman, and Chief Executive Officer of the National Drug Law Enforcement Agency, NDLEA;  9th Anniversary Lecture of Realnews in 2021 was delivered by Engr. Simbi Kesiye Wabote, Executive Secretary of the Nigerian Content Development and Monitoring Board on “Nigeria in the Unfolding Integration of the African Market: The Oil and Gas Perspective”; 2020 Eighth Anniversary Lecture of Realnews was delivered by Boss Mustapha, Secretary to the Government of the Federation and Chairman of the Presidential Taskforce on COVID-19 on Managing COVID-19 Pandemic in Africa: The Nigeria Experience; Former President John Dramani Mahama of Ghana gave the 2019 Lecture on Beyond Politics: An Economic Narrative for West Africa while Prof. Mahmood Yakubu spoke on Political Transitions and Africa’s Economic Development: Preparations for Nigeria’s 2019 General Elections at the 2018 Lecture.

The 2017 Fifth Anniversary Lecture on African Leadership in a Turbulent Era was delivered by Dr. Oby Ezekwesili, former minister of Education and former World Bank Vice President.

The 2016 Fourth Anniversary Lecture on Security and National Development in Plural Democratic Society was delivered by Dr. Mohamed Ibn Chambas, former United Nations Secretary General’s Special Representative to West Africa and Sahel; the 2015 Realnews Third Anniversary Lecture was delivered by Professor Chukwuma Charles Soludo, former Governor of the Central Bank of Nigeria (CBN) on November 19, 2015, under the theme: It’s The Nigerian Economy, Stupid? 

The Second Realnews Anniversary Lecture on Nigerian Democracy: Getting it Right in 2014 was delivered by Professor Maurice Iwu, former Chairman of the Independent National Electoral Commission (INEC).

 

 

Rivers State Govt Heads to Supreme Court over Fight with Pro-Wike Legislators

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The Rivers State Government has resolved to appeal a judgement issued by the Court of Appeal, Abuja Division purportedly in favour of pro-Wike legislators in the Rivers State House of Assembly.

A statement by D.I. Iboroma, SAN, the Rivers State Attorney-General and Commissioner for Justice states as follows:

Today, the 10th day of October 2024, the Court of Appeal, Abuja Division dismissed Appeal No. CA/ABJ/133/CS/2024 filed by His Excellency, the Governor of Rivers State against the judgment of the Federal High Court, Abuja Division in suit No. FHC/ABJ/133/CS/2023 delivered on the 22nd day of January, 2024.

It is important to state the facts and history of the case and the appeal thereof.

On the 30th day of October, 2023, after the failed attempt to impeach His Excellency, the Governor of Rivers State, the Rivers State House of Assembly became polarised into two factions.

The faction led by Martin Amaewhule proceeded to the Federal High Court, Abuja Division and filed Suit No. FHC/ABJ/1613/CS/2023, on the 29th day of November, 2023.

Subsequently, on the 11th day of December, 2023, Martin Amaewhule and others defected from the Peoples’ Democratic Party that sponsored their election in the 2023 Legislative Assembly Election, to the All Progressives Congress.

By operation of Law, particularly Section 109(i) (g) of the 1999 Constitution of the Federal Republic of Nigeria (as amended), Martin Amaewhule and 26 others automatically lost their seats as members of the Rivers State House of Assembly on the 11th day of December, 2023, as Section 109(1)(g) is self-executory as no court order is required thereof.

His Excellency, the Governor of Rivers State on the 13th day of December, 2023, presented the 2024 Appropriation Bill to the Rivers State House of Assembly, led by Rt. Hon. Edison Ehie, who was recognised as the Speaker of the Rivers State House of Assembly at the time.

The Appropriation Bill was later passed into Law and became the Appropriation Law of 2024. An Appropriation Law is a state law within the purview of the High Court of Rivers State.

Following the crisis in the Rivers State House of Assembly and the intervention by the President of the Federal Republic of Nigeria, that the parties withdraw their cases in Court to allow peace reign, His Excellency, the Governor of Rivers State obeyed the President’s directive and withdrew his cases and the processes he filed in Suit No FHC/ABJ/1613/CS/2023.

Martin Amaewhule and others disobeyed the President and did not withdraw Suit No. FHC/ABJ/1613/CS/2023 and proceeded to obtain judgment against His Excellency, the Governor of Rivers State.

After the judgment of the Court of Appeal today, there is a gale of misrepresentation and misinterpretation that Martin Amaewhule & 26 others remain members of the Rivers State House of Assembly with Martin Amaewhule as the speaker thereof. This is patently false. The defection of Martin Amaewhule and 26 others was not an issue for determination in the Federal High Court, Abuja and the Court of Appeal. What was in issue was the 2023 Appropriation Law and the National Assembly taking over the Legislative functions of the Rivers State House of Assembly.

Dissatisfied with the judgment of the Court of Appeal, Abuja Division, His Excellency, the Governor has directed his lawyers to file an appeal against the judgment of the Court of Appeal to the Supreme Court and also file an application for stay of execution of the judgment of the Court of Appeal. That maintains the status quo.

Accordingly, His Excellency, the Governor of Rivers State urges the good people of Rivers State to ignore the purveyors of fake news bent on misleading the good people of Rivers State.

Signed

D.I. Iboroma, SAN

Hon. Attorney General & Commissioner

For Justice, Rivers State

Fidelity Bank Improves Ease of Revenue Collection with Tax Booths

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As part of initiatives towards increasing efficiency in revenue collection in Anambra State, leading financial institution, Fidelity Bank Plc, has donated 10 units of tax booths to the Anambra State Internal Revenue Service (AIRS).

Commenting on the donation, the Regional Bank Head, Awka, Fidelity Bank Plc, Dr. Nosa Orumwense, explained that the donation is borne out of the bank’s devotion to creating solutions for its customers.

“For nearly four decades, Fidelity Bank has been dedicated to meeting the banking needs of Nigerians with customised solutions. Whether through thoughtfully designed products or exceptional services, we have established ourselves as the preferred bank for individuals looking to grow, businesses interested in prospering and economies that want to prosper.

“Today’s donation to AIRS is a first-of-its-kind initiative in Nigeria and would go a long way in smoothening the experience with tax payment and collection for individuals and the Anambra State government respectively. We are grateful for the opportunity to partner with the government on this project and commit to do more”, explained Dr. Orumwense.

Named the “Fidelity Bank AIRS Small-Tax Hubs,” these booths are customised, secure, and user-friendly self-service terminals designed for efficient banking transactions. They are equipped with both mains and solar power sources to ensure continuous operation, and they connect to the internet for real-time transaction processing.

At the commissioning ceremony, Chairman of Anambra State Internal Revenue Service, Dr. Greg Ezeilo, FCA expressed gratitude for the donation, calling the gesture “a dream come true.” An elated Dr. Ezeilo praised Fidelity Bank for the groundbreaking support while promising that the hubs would be utilized effectively.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

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