NNPC Moves to Revive Brass, Olokola LNG Projects

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22/09/2024

Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo (4^th from right), CFO NNPC Ltd, Mr. Umar Ajiya (3rd form right) and EVP Gas, Power & New Energy, Mr. Olalekan Ogunleye (3^rd from left), with investors on the sidelines of the ongoing 2024 Gas Technology Conference & Exhibition (Gastech) in Houston, United States.

In its continued bid to maximise the nation’s abundant gas resources for economic development and prosperity, NNPC Limited has begun discussions with investors towards bringing back two Liquefied Natural Gas (LNG) projects, Brass and Olokola LNG projects.

NNPC’s Chief Financial Officer (CFO), Mr. Umar Ajiya disclosed this on the sidelines of the ongoing 2024 Gas Technology Conference and Exhibition (Gastech), in Houston, United States, on Thursday.

Brass LNG and OK LNG are two LNG projects with the potential of manifold economic benefits for the country which include job creation, power generation, revenue generation and economic diversification. The multi-billion-dollar projects were however stalled due to unfavourable market dynamics and slow decision-making by the political class in the past.

“In the past, gas prices went down, the economics of the projects meant a high Capital Expenditure (CAPEX) and this was a dis-incentive for investors and partners. Also, there was slow decision-making by the political class,”’ the CFO added.

While describing NNPC Limited as a commercially-driven Company which recognises timely project development and execution, the CFO said there are abundant gas resources in many parts of the world and therefore, the earlier Nigeria makes smart decisions to bring partners to the table, the better.

Ajiya commended President Bola Ahmed Tinubu for his support in driving new projects in the industry through the Presidential Executive Orders on Oil & Gas Reforms.

“We are also happy to have the Petroleum Industry Act (PIA) has provided fiscal incentives for investors and is creating the enabling environment that has rekindled hope in the energy sector.”

Ajiya described Gastech as an avenue for NNPC Limited to learn new technologies which will help the Company decarbonise its operations and promote its abundant LNG resources to the global market.

Gastech is the world’s leading forum dedicated to delivering a more sustainable energy future by bringing together experts who brainstorm to create pathways towards global energy security for lasting climate impact.

NAICOM CEO, Leading Experts to Headline Insurance Meets Tech 2024

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18/09/2024

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The Commissioner for Insurance and Chief Executive Officer, National Insurance Commission (NAICOM), Olusegun Omosehin, is set to headline one of West Africa’s premier conferences at the intersection of insurance and technology, Insurance Meets Tech 2024.

This year’s edition, which combines exclusive high-level discourse, IMT 3.0, and IMT Redefined, a new segment celebrating youth lifestyle, creativity, Afrobeats, and financial inclusion, is scheduled to be held on Friday, September 27, 2024, at the Balmoral Convention Centre, Federal Palace Hotel, Victoria Island, Lagos.

Olusegun Omosehin, the distinguished Commissioner for Insurance and CEO of the National Insurance Commission (NAICOM), will headline the conference’s third edition. His participation underscores the event’s commitment to bringing vital regulatory insights and forward-thinking perspectives to the forefront of the industry.

Joining the NAICOM Commissioner is Niyi Onifade, the CEO of Heirs Life Insurance, renowned for his transformative approach to insurance services in the region.

Stephen Alangbo, the Managing Director of Cornerstone Insurance, a distinguished figure in the insurance sector with over thirty years of experience, will share his expertise in deepening insurance penetration. Abimbola Onakomaiya, the President of the Professional Insurance Ladies Association (PILA), will also share her invaluable experience and vision for advancing gender diversity within the insurance sector.

In the technology space, Adetokunbo Omotosho, the innovative CEO of Cybervergent, will provide trends and insights on cybersecurity issues and thoughts on fostering digital trust in the insurance industry. Meanwhile, Ayo Bankole Akintujoye, CEO of Caladium Consulting, will offer insights into the strategic integration of technology within insurance operations.

Adding a unique perspective on the intersection of technology and pop culture, Joey Akan, Founder/CEO of Afrobeats Intelligence, will explore how cultural trends influence tech developments in the insurance landscape. Rashidat Adebisi, Chief Client Officer at AXA Mansard, will discuss client-centric strategies and the evolving demands of the modern insurance customer.

Odion Aleobua, Convener of Insurance Meets Tech 2024, expressed his enthusiasm about this year’s conference: “We are thrilled to present such a distinguished array of speakers, each a leader in their respective fields. Having Olusegun Omosehin, the CEO of NAICOM and a critical regulatory thought leader, among our lineup, highlights the significance of regulatory perspectives in shaping the future of insurance technology.

This year’s conference will offer unparalleled insights into the dynamic interplay between insurance and technology, providing attendees with actionable strategies and forward-thinking solutions. We are poised for an event that will inspire and drive tangible advancements in the industry.

“This year, we are proud to be supported by a distinguished group of sponsors in the insurance and tech space who are already on board, such as Leadway Assurance, Cornerstone Insurance, Cybervergent, Sanlam Nigeria, and emPLE; together, we look forward to shaping the future of the insurance landscape,” Odion added.

Insurance Meets Tech 2024 is poised to set new standards for industry conferences in West Africa, bridging the gap between insurance and technological innovation. Attendees can expect engaging discussions, networking opportunities, and actionable takeaways that will drive the industry’s future.

To register for the event, please visit https://insurancemeetstech.com. For further inquiries on participating in this highly anticipated conference and youth engagement, kindly contact Odion at +234 902 222 2226, Precious at +234 708 343 9552, [email protected].

About INSURANCE MEETS TECH 2024

The Insurance Meets Tech (IMT) Conference, an exclusive gathering, is a must-attend event for anyone interested in the future of insurance in West Africa.

It offers a platform for power-packed discourses, networking, and exploring the cutting-edge innovations shaping the industry, ensuring you stay ahead in this dynamic field.

The third edition of IMT introduces a unique, all-day, two-pronged event structure to be hosted simultaneously at the same venue.

This year features IMT 3.0, the traditional C-Suites series, focusing on high-level discourses, while the new segment, IMT Redefined, celebrates lifestyle, creativity, and Afrobeats.

NNPC /TotalEnergies’ $550m Ubeta Upstream Gas Project Takes Off

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18/09/2024

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Special Adviser to the President on Energy, Olu Verheijen (5^th from left); Minister of State for Petroleum Resources (Gas), Hon Ekperikpe Ekpo (5^th from right) in a group photograph with members of the U.S. – Nigeria Energy Security Dialogue held in Washington, DC. On Tuesday.

The $550 million upstream gas project between the NNPC Ltd and TotalEnergies on the development of the Ubeta field has taken off, the Presidency announced on Tuesday.

Special Adviser to the President on Energy, Olu Verheijen, disclosed this during an inaugural US-Nigeria Strategic Energy Dialogue, hosted by the U.S. State Department in Washington, DC.

The signing ceremony of the 550 million USD Final Investment Decision (FID) on the Ubeta Field Development Project took place in Abuja in June, this year. The Ubeta field, which was discovered in 1964, is located northwest of Port Harcourt, Rivers State.

Speaking at a luncheon organised as part of the inaugural US-Nigeria Strategic Energy Dialogue, Verheijen said the upstream gas project would deliver 350 million standard cubic feet of gas per day when operational.

Verheijen added that major energy reforms introduced by President Bola Ahmed Tinubu since June 2023 focused on improving energy security, attracting investments, and deepening collaboration with key partners, including the US government.

She said the key reforms had improved the viability of the gas-to-power value chain of the country.

The reforms, according to her, included initiatives to improve cash flows in electricity distribution through smart metering and the payment of outstanding debts owed investors and to reduce carbon emissions from gas production.

She added that the President issued five new executive orders to support the reform efforts, aimed at providing fiscal incentives for investment and reducing the cost and time of finalising and implementing contracts to develop and expand gas infrastructure.

The presidential aide said the directives are aimed to immediately unlock up to $2.5 billion in new oil and gas investments in the country.

Responding, the U.S. Assistant Secretary of the State Department’s Bureau of Energy Resources, Geoffrey Pyatt, said the dialogue was apt and strategic.

“The inaugural U.S.-Nigeria Strategic Energy Dialogue has set the stage for strengthened energy collaboration between the United States and Nigeria. Together, we’re advancing shared energy security, decarbonisation, and economic growth goals,” he said.

Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, led the Nigerian delegation to the event. Officials from the Ministry of Power, Nigerian Upstream Petroleum Regulatory Commission, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Nigerian Content Development and Monitoring Board, and NNPC Limited were also in attendance.

The U.S. delegation included representatives from the Bureau of African Affairs, USAID, the U.S. Department of Energy, the U.S. Trade and Development Agency, and the Export-Import Bank.

Heirs Insurance Unveils Winners of N8m Essay Championship Scholarship

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18/09/2024

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L-R: Charles Odii, DG, SMEDAN; Alhaji Misbau Umar Yola, Non-Executive Director, Heirs General Insurance; Niyi Onifade, MD/CEO, Heirs Life Assurance and the Group’s Sector Head; Hephzibah Chidi, Winner, 2024 Heirs Insurance Essay Championship; Tony Aniemeke, MD/CEO, Heirs Insurance Brokers and Ifesinachi Okpagu, Chief Marketing Officer, Heirs Insurance Group.

Heirs Insurance Group, Nigeria’s fastest-growing insurance Group, has announced the winners of its 2024 Essay Championship, who will be awarded N8 million scholarship.

The winners were announced at a grand ceremony in Abuja, as part of an all-expense paid event hosted by the Group for the finalists, their parents and school representatives.

The winner, Hephzibah Chidi from Seacrest Preparatory in Rivers State, who won the first-place position and a N5 million scholarship, captivated the judges with her winning essay and presentation of “The Story of My Hero.”

In addition to her N5m Scholarship, Hephzibah Chidi’s school, Seacrest Preparatory was awarded a N1m grant to support an educational project.

The other winners include Pemisire Owolabi from Quest College in Oyo State, who won second place with a N2 million scholarship, and Mariam Raheem from Isador Model School in Lagos State, who won the third-place position with a N1million scholarship.

All winners received their awards in the presence of their parents and school representatives, distinguished guests, including, Director General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Charles Odii, and hosts of the event – Niyi Onifade, MD/CEO, Heirs Life Assurance and the Group’s Sector Head; Tony Aniemeke, MD/CEO, Heirs Insurance Brokers, among others.

This year’s Championship attracted nearly 5,000 participants from Junior Secondary Schools nationwide, all showcasing exceptional creativity and innovative ideas.

The Championship highlights Heirs Insurance Group’s unwavering commitment to supporting education and promoting financial literacy.

Speaking at the event, Niyi Onifade, MD/CEO, Heirs Life Assurance and Sector Head, Heirs Insurance Group, said: “At Heirs Insurance Group, we understand that education is not only a pathway to a better future but also a catalyst for financial empowerment. Through this Championship, we are nurturing young talent and bridging the financial literacy gap, fulfilling our purpose of improving lives and transforming Nigeria”.

Speaking further, Onifade praised the outstanding efforts of all participants, “I am proud of the creativity and critical thinking displayed by our finalists, as well as every student who submitted an essay. These young minds are shaping the future of our country, and we are proud to support them.”

A distinguished panel of academic professionals, led by a Professor of English, rigorously evaluated each entry.

The top 15 essays advanced to the next round of assessments, from which the top 3 finalists were chosen to compete in the grand finale.

To ensure the highest standards of fairness and transparency, Deloitte & Touche was engaged as an independent Quality Assurer throughout the grading process, guaranteeing a free and fair evaluation for all participants.

The Heirs Insurance Essay Championship is a key component of Heirs Insurance Group’s Corporate Social Responsibility (CSR) efforts, geared towards enhancing the quality of education for the next generation.

The Championship also highlights emerging talent, bringing parents and children closer to insurance through extended financial literacy workshops.

Veritas Kapital Assurance Reports 1101% Net Profit Growth in 2023

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18/09/2024

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Veritas Kapital Assurance Plc, one of Nigeria’s leading insurance firms, has declared an astounding 1,101 percent increase in net profit for the 2023 fiscal year, representing a remarkable surge from N193.93 million for the previous year to N2.33 billion.

Mr. Nahim Ibraheem, Chairman of Veritas Kapital’s Board of Directors stated this on Tuesday at the company’s 47th Annual General Meeting (AGM) in Abuja.

According to him, the performance was a reflection of the company’s unwavering commitment to enhancing shareholders’ value and revolutionising its business offerings and brands to deliver a consummate customer experience.

“During the year under review, your company also remained resilient by recording 67 per cent growth in Gross Premium to N7.298 billion from N4.369 billion in 2022.

“Insurance revenue also grew by 41 percent to N7.1 billion in 2023 from N5.04 billion in 2022.

“Also showcasing resilience, the company’s Profit Before Tax (PBT) grew to N2.417 billion in 2023 from N221.5 million in 2022, a growth rate of 991 percent,” he explained.

However, the Chairman said negative global and domestic economic realities where some challenges the leadership of the company had to contend with in steering affairs of the company during the period.

“Dubbed the year of resilience by analysts and economic observers alike, the growth of global economy in 2023 was indeed nothing short of miraculous, as elevated inflation and other aggressive headwinds diminished global economic growth.

“In the domestic economy, a keyword that continued to make the rounds in policy, business and consumer circles in 2023 was inflation.

“High inflation in 2023, according to analysts was largely precipitated by the sweeping market reforms being implemented by the current administration since transition to new government in May 2023.

“From domestic standpoint, removal of fuel subsidy, which caused the price of petrol to rise by 220 percent in November 2023, as well as the depreciation of the Naira by over 50 percent also contributed to it.

“Despite the limitation in consumer spending, the Nigerian insurance sector continued to showcase its resilience.

“According to the National Insurance Commission (NAICOM), the industry crossed the One Trillion Naira premium forecast in full-year 2023, compared to N726 billion recorded in 2022, a growth of 27 percent,” he said.

Dr. Adaobi Nwakuche, Managing Director of Veritas Kapital Assurance Plc expressed profound satisfaction with the company’s performance within the period.

She attributed the success to strategic business decisions of judicious underwriting and investments, highlighting the substantial returns generated by these choices.

The Managing Director said the company was strengthening commercial contacts with significant and key companies in critical sectors such as oil and gas and aviation to attract profitable business from the sectors.

Shareholders who attended the AGM extoled the company’s board and management for remaining focused and dogged in steering the company to profitability despite the current economic challenges facing businesses in Nigeria.

NNPC Projects Fuel Price of N950 Per Litre for Lagos, N1, 019 for Borno

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16/09/2024

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The NNPC Limited has released estimated prices of Premium Motor Spirit (PMS), also known as Petrol (obtained from the Dangote Refinery) in its retail stations across the country.

The NNPC also states that, in line with the provisions of the Petroleum Industry Act (PIA), PMS prices are not set by Government, but negotiated directly between parties on an arms length.

NNPC confirms that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as Naira transactions will only commence on October 1st, 2024.

The NNPC assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100 percent to the general public.

Attached to this statement are the estimated pump prices of PMS (obtained from the Dangote Refinery) across NNPC Retail Stations the country, based on September 2024 pricing.

PROPOSING A BIRTHDAY TOAST TO A RARE PHILANTHROPIST AND ASTUTE ENTREPRENEUR

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16/09/2024

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By Goke Ilesanmi

Just as I said in a previous birthday tribute, one of the months I eagerly look forward to is the month of September, the ninth month that coincidentally has nine letters.

My anticipation about this month is not just because it marks the beginning of the EMBER months. Neither is it because it is the month that variedly symbolises delivery of good things, fulfilment of expectations and freedom from the pangs of discomfort or pains, etc.

I especially have emotional attachment to the month because of a special date there, that is, September 16, the date of birth of a special human being known as OTUNBA ODEYEYIWA KAZEEM OLAYEMI. Otunba Odeyeyiwa is a rare philanthropist, visionary business leader, astute corporate executive and encyclopedic professional Accountant on a special divine assignment on earth here.

This rare Humanitarian is the Managing Director/Chief Executive Officer of REPTON GROUP, a GROUP that has several profitable subsidiaries such as Kazab Heritage, Success Link, Defrost Ventures Limited, Ibile Motors and Continental Vision. Repton Group is mainly into distribution, logistics, farming, construction and general trading.

With the passionate philanthropic drive and massive societal impacts of this highly cerebral entrepreneur, it is not an exaggeration to say he is running the business GROUP on behalf of humanity as a Representative. Maybe that is why he has christened the conglomerate REPTON GROUP because REP is the first syllable or the first three letters of the name of the GROUP.

Otunba’s passion for the betterment of humanity is counterbalanced by his strong commitment to business success, which is commendably reinforced by her highly industrious global queen, Yeye Otunba (Alhaja) Odeyeyiwa Adesola Mutiat, a Director at Repton Group. This strategic and visionary businesswoman has built a thriving business empire as a major distributor of Coca-Cola and Seven Up beverages in the South West.

It is therefore not surprising that Kazab Heritage, the Group’s trading arm for cement business achieved the milestone of becoming the 2023 NATIONAL LARGEST DISTRIBUTOR of Dangote Cement in Nigeria after having come second consistently for three years. The Group had also earlier emerged as the NATIONAL LARGEST DISTRIBUTOR of Lafarge Cement in Nigeria in 2020 and 2017.

It is noteworthy that I still stand by what I said during the golden jubilee celebration of this High Chief and “Babalaje” (i.e. Successful Business Man) of Itori Egba Land, Ogun State. The special attributes of this Otunba Bobagunwa of Modakeke, Osun State and “Baba Adinni” of Ewekoro Central Mosque underscore the fact that his own philanthropy is a calling or better still, divine assignment here on earth because it is beyond passion as explained by his zodiac sign of Virgo.

Futurescope Astrology, an international organisation that specialises in the interpretation of zodiac (sun) signs and dates with associated attributes says, “For people born on September 16, the zodiac sign is Virgo. Virgos are usually helpful; they are the first to offer themselves to do favours and they are very modest people. They are hardworking, honest and reliable.”

Futurescope Astrology then summarises the natural attributes of Virgos as “hardworking, helpful, patient, reliable, analytical, intelligent, honest, modest, observant and organised”. Anyone that relates with Otunba will totally agree with Futurescope Astrology on the accuracy of its interpretation regarding these special trademarks of Virgos that constitute their Unique Selling Points. These excellent natural attributes also explain Otunba’s outstanding success in paid employment at Lafarge Wapco Plc, Kimberly-Clark Nigeria, A.G. Leventis (Nigeria), etc.

These Virgo attributes, especially hardwork and intelligence, naturally offer explanation about Otunba’s great thirst for multiplicity of quality academic and professional qualifications. For instance, apart from being a holder of an MBA degree from the Business School of the Netherlands and another MBA degree in General Management from Obafemi Awolowo University, Ile-Ife, Osun State, this encyclopedic corporate pacesetter is also a Certified Information System Auditor.

Otunba is a multiple Fellow of the Institute of Chartered Accountants of Nigeria; Chartered Institute of Taxation of Nigeria; Nigerian Institute of Management; Nigerian Institute of Marketing and Institute of Management Consultants of Nigeria.

He is equally a Full Member of the Institute of Directors, Nigeria and an alumnus of the Prestigious Lagos Business School, Nigeria and London Business School where he attended the Advanced Management Programme in Innovation through Design Thinking in April 2023.

What’s more, Otunba is a member of Island Club, Lagos Country Club, Ikoyi Club, Ikeja Golf Club and Abeokuta Sports Club. He is also a member of the Nigeria Economic Summit Group, Business Club of Ikeja and Lagos Chamber of Commerce and Industry as regards Business Advocacy groups.

Otunba, as you celebrate your birthday today Sir, we at Gokmar Communication Consulting want to use this medium to wish you Happy Birthday and thank him for your relentless support over years. We pray that you celebrate many more fruitful years in the service to humanity Sir. Congratulations Sir.

Goke Ilesanmi, Guest Speaker at the University of the West of Scotland’s Sixth International Conference https://twitter.com/CAREED_UWS/status/1486702966241431553?t=_LwgiSHkIp8c3yMdmH-YIw&s=08 is the CEO, Gokmar Communication Consulting, Publisher, www.gokeilesanmi.com.ng, International Platinum Columnist, Biographer and Professional Public Speaker.

NCC, SEC, NASENI CEOs to Discuss Business, Economic Recovery at WES 2024

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16/09/2024

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All is set for the annual WorldStage Economic Summit in Lagos on Wednesday, September 25, 2024 with the participation of top business and public executives which include Dr. Aminu Maida, EVC/CEO, Nigerian Communications Commission (NCC); Dr. Emomotimi Agama, Director General, Security and Exchange Commission (SEC); Mr. Khalil Halilu, EVC/CEO, National Agency for Science and Engineering Infrastructure (NASENI), among others.

World Stage Limited, the organiser of the summit in a statement said WES 2024 with the theme “Nigeria: Setting a Stage for Business and Economic Recovery” will now hold at the IBIS Hotel, 23 Toyin Street, Lagos, instead of the Event Centre, Nigerian Exchange earlier announced.

The statement said the critical stakeholders for business and economic recovery that are expected at the summit include the leadership of the Lagos Chamber of Commerce and Industry; Manufacturers Association of Nigeria; Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture and academicians from Economic Departments of higher institutions.

Specifically, the statement said Prof Diran Akinleye, Head of Department of Economics, University of Lagos (UNILAG) and his counterpart from Lagos State University (LASU), Prof Yaqub Jameelah Omolara will be part of the panel discussants of the theme at the summit.

The summit is coming at a time when Nigeria’s economy is struggling to shake off the impacts of serious challenges such as COVID-19, Naira re-denomination, fuel subsidy removal among others.

Mr Segun Adeleye, President/CEO World Stage Limited was quoted as saying that “WES 2024 will put stakeholders that are critical to the economic turnaround on the spotlight to stimulate case discussions, public buy-in and lasting solutions.”

Polaris Bank Inducted Premium Member of Nigeria-British Chamber of Commerce

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14/09/2024

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From right: Mr. Kayode Lawal, Managing Director/CEO of Polaris Bank, receiving on behalf of the bank, Premium Membership Certificate into Nigerian-British Chamber of Commerce (NBCC) from Mr. Kayode Falowo, NBCC’s Ex-President/Chairman, Greenwich Merchant Bank in Lagos recently.

Polaris Bank has been inducted a premium member of the prestigious Nigeria-British Chamber of Commerce (NBCC), marking another milestone in the Bank’s journey towards enhancing profitable trade between businesses in Nigeria and promoting global commercial partnerships with businesses in United Kingdom.

The induction ceremony which took place recently in Lagos with few other enterprises has swelled current membership of the Chamber representing a broad sectoral spectrum of top players operating in the banking; consulting; education, energy, pharmaceuticals, oil & Gas, Trading, health, manufacturing companies, among many others.

The Managing Director/CEO of Polaris Bank, Kayode Lawal speaking at the induction expressed gratitude to the Chamber for the recognition and highlighted Polaris Bank’s commitment to “leveraging this platform to drive sustainable economic development and deeper engagement with stakeholders.”

“Distinguished guests, members of the Nigeria-British Chamber of Commerce, and esteemed colleagues, it is truly an honour to accept this induction, on behalf of Polaris Bank. Being part of this esteemed Chamber is a significant milestone for us, as it aligns with our vision to build stronger partnerships and contribute meaningfully to the growth of trade and investment between businesses in Nigeria and the UK.”

He further added that Polaris Bank is committed to using its membership of the NBCC to exchange innovative ideas and provide long-term and mutually beneficial relationships that promote growth of businesses in Nigeria and beyond.

“We are available for business and ready to work with stakeholders to ensure impactful and a win-win collaboration,” Lawal reiterated.

The Nigeria-British Chamber of Commerce continues to play a critical role in promoting trade relations and investment between Nigeria and the UK, and Polaris Bank’s induction reflects the Bank’s strategic focus on contributing to these bilateral efforts.

Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2023, 2022 and 2021 and MSME Bank of the Year 2022 and 2023 in Business Day’s Banks and Other Financial Institutions (BAFI)

Awards.

Anchor Insurance Holds 34th AGM in Lagos

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14/09/2024

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L-R: Mr. Adebisi Ikuomola (Executive Director, Technical), Mr. Akinola Taiwo (Director), Mr. Ben Udowa (Chairman), Dr. Ebose Augustine (MD/CEO), Mr. Ime Umoh (Company Secretary/Legal Adviser) and Mr. Chris Attah (Director) at Anchor Insurance Company Limited 34th Annual General Meeting at the Company’s Head Office in Lagos.

GOCOP Partners NCDMB, NCC, Dangote, NCAA, UBA for 2024 Conference

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14/09/2024

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Partners for the eighth annual conference of the Guild of Corporate Online Publishers (GOCOP) have begun to emerge with the Nigerian Content Development and Monitoring Board (NCDMB), Emadeb Group and Dangote Group leading the train of partners for the event slated for Thursday, October 3, 2024 at the Reverton Hotel, GRA, Lokoja, Kogi State.
The Chairman of the 2024 Conference Planning Committee, Danlami Nmodu, also listed other partners to include Nigerian Civil Aviation Authority (NCAA), Setraco Nigeria Limited, United Bank for Africa (UBA) and Nigerian Communications Commission (NCC), according to a statement by
GOCOP Publicity Secretary, Sir Remmy Nweke.
Nmodu was also quoted as saying that the eighth conference would center on the theme: “Nigeria: Tackling Insecurity, Power Deficit, and Transitioning to Digital Economy” and will hold on Thursday, October 3, 2024 from 10am. The keynote will be delivered by former governor of Cross River State, Senator Liyle Imoke.
Additional partners for 2024, he said, comprised the Nigerian Safety Investigation Bureau, Access Bank plc, Zenith Bank Plc, First City Monument Bank (FCMB), Fidelity Bank Plc, Sovereign Trust Insurance Plc (STI), Nigerians in Diaspora Commission (NIDCOM) and National Film and Video Censors Board (NFVCB).
A major highlight of this year’s conference, Nmodu said, is a business luncheon with GOCOP partners on Wednesday, 2 October, at the same venue, while the conference itself would hold on Thursday, October 3.
Nmodu noted that the 8th edition would be chaired by former Nigeria’s Ambassador to Spain, Alhaji Yusuf Mamman, with the former Nigerian Chief of Army Staff, Lt-General Tukur Yusuf Buratai (Retd) and the Executive Vice Chairman, Nigerian Communications Commission (NCC), Dr. Aminu Maida as Guest Speakers, while a Professor of Political Science at the Federal University Lokoja, Prof. Rotimi Ajayi and an edutainment communicator and veteran broadcaster, Ms Debrah M. Ogazuma are panellists.
Nmodu recalled that GOCOP conference 2023 was chaired by the JAMB Registrar and Chief Executive, Prof. Ishaq Olarenwaju Oloyede, while the first Nigerian Professor of Capital Market, Prof. Uchenna Joseph Uwaleke was the keynote speaker.
Previous speakers at the annual conference consisted of Rev. Matthew Hassan Kukah, the Bishop of the Catholic Diocese of Sokoto who delivered the 2019 lecture on “Economy, Security and National Development: The Way Forward.”
In 2021, Mr. Boss Mustapha, Secretary to the Government of the Federation, keynoted the Conference in his capacity as Chairman of the Presidential Task Force on Covid-19. He spoke on: “Post Covid-19 Pandemic: Recovery and Reconstruction in Nigeria.”
In 2022, Professor Mahmood Yakubu, Chairman, Independent National Electoral Commission, delivered the keynote entitled “2023 Elections: Managing the Process for Credible Outcome.”
GOCOP was established to ensure that online publishers uphold the tenets of journalism.
Membership of the Guild is a constellation of editors and senior journalists who, having distinguished themselves in their various positions in the print and electronic media, ventured into online publishing which is both the present and future of journalism globally.
The Guild has over 104 corporate publishers as members.

Pan-African Varsity Holds 2nd Media Roundtable on Media Engagement in Governance

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14/09/2024

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Pan-Atlantic University (PAU) held the second edition of its annual Media Roundtable event, centred around the theme: “Beyond Critique: The Importance of Constructive Media Engagement in Governance and Nation-Building.”

The event brought together prominent media leaders, practitioners, students, academics, and various media stakeholders.

In his welcome address, Dr. Peter Bamkole, the Deputy Vice-Chancellor (Admin) of Pan-Atlantic University, set the tone for the day’s conversations by emphasising the power of truthful and transparent reporting.

“What you see, say, and write must be truthful, transparent, and reliable. Speaking the truth will change the narrative and promote constructive engagement instead of blind criticism,” Dr Bamkole stated.

The event featured an engaging panel discussion led by esteemed media professionals, including Magnus Onyibe (Public Policy Analyst and Author), Fisayo Soyombo (Founder, Foundation for Investigative Journalism -FIJ), Sherriff Quadry (Broadcast Journalist, Nigeria Info), Margaret Agada-Mba (Lecturer, School of Media and Communication, Pan-Atlantic University), Jonathan James Lyamgohn (Media Consultant) and Tolulope Adeleru-Balogun (Head of Programmes, News Central) each offering unique insights into the vital role of the media in governance and society. Onyinyechi Aderibigbe of Nigeria Info and Elizabeth Musa of Business Day were the moderators at the event.

During the panel discussion, Sherriff Quadry emphasised the demanding nature of journalism, stating that it requires more than simply identifying as a journalist. He highlighted the need for extra commitment, dedication, and above all, sacrifice. Quadry also stressed the essential role of a free press in maintaining a functioning democracy, noting that democracy cannot survive without journalists, and without a free press, it becomes impossible. He further addressed the challenges faced by Nigerian journalists, asserting that determination is key, as the work can be frustrating, particularly in a context where politicians often feel they should not be questioned.

Quadry also spoke on the responsibility of journalists to ensure that their work positively impacts society, cautioning that reports should foster development rather than create chaos. In her contribution, Margaret Agada-Mba questioned the government’s view of the media, posing the critical question: while the media strives to partner with the government, does the government consider the media a partner in national development?

Tolulope Adeleru-Balogun echoed the sentiment that there should be no restraints on the press, arguing that while cultural, religious, and ethnic sensitivities exist, they should not translate into restrictions on media freedom. She further underscored the role of journalists as truth-tellers, stating that their responsibility is to present news with honesty and transparency. She further added to the dialogue by stressing the responsibility of senior journalists to mentor the next generation. “There has to be a space for the transference of the values that make journalism what it is,” she said, underscoring the importance of cultivating ethical values in upcoming journalists.

Magnus Onyibe added that if journalists are ever offered the opportunity to work with the government, they should ensure they do so with a clear conscience, maintaining their integrity in the face of such challenges.

Fisayo Soyonbo addressed the issue of harassment faced by investigative journalists, highlighting that the solution to such intimidation is more investigative journalism. “The answer to harassment is more journalism because the idea of harassment is to get the journalist to stop pursuing the truth,” Soyonbo said. He emphasized the journalist’s role in uncovering the truth and presenting it to the public: “The job of a journalist is to dig the truth and release it.”

Jonathan James Lyamgohn emphasized three key principles when engaging with the government: respect, patriotism, and press independence. “We are the fourth estate of the realm,” he noted, underscoring the vital role of journalists in upholding democracy. He also remarked, “Journalism will always be challenging, but journalism will always be rewarding. Our ultimate employer, beyond our organization, is the people.”

The panellists reiterated that journalism is not merely a profession but a commitment to truth, transparency, and societal impact. As media practitioners navigate the complexities of reporting in a challenging environment, they must remain steadfast in their duty to hold power accountable, foster positive change, and contribute to the growth of a more informed and engaged society.

The event called on both the media and government to foster a relationship grounded in mutual respect and the shared goal of national development while preserving the integrity of a free and independent press. Through constructive engagement and responsible journalism, the media can continue to play a pivotal role in ensuring accountability and promoting the common good.

About Pan-Atlantic University (PAU)

Pan-Atlantic University is a renowned institution committed to providing world-class education and fostering intellectual growth, creativity, and leadership in Africa. PAU offers a range of undergraduate, postgraduate, and executive education programs aimed at equipping students with the skills needed to positively impact their communities and industries.

Currently, Pan-Atlantic University has seven main units: Lagos Business School (LBS), Enterprise Development Centre (EDC), School of Media and Communication (SMC), School of Management and Social Sciences (SMSS), School of Science and Technology (SST), Institute of Humanities (IOH), and Yemisi Shyllon Museum of Art (YSMA).

$1tn Economy: CBN, BOI, UBA, NDIC Set for FICAN 2024 Conference

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Business Journal

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11/09/2024

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The Nigeria Deposit Insurance Corporation (NDIC), the Central Bank of Nigeria (CBN), the Bank of Industry (BOI), the United Bank for Africa, Access Holdings Plc and a host of other banking and financial institutions have thrown their weight behind the 2024 conference of the Finance Correspondents Association of Nigeria (FICAN) featuring discussions on the ambitious $1 trillion economy target of the federal government of Nigeria.

The theme of the conference is: Nigeria’s Journey Towards $1 Trillion Economy: Impact of Banks’ Re-capitalization, Opportunities for Fintechs and Real Sector scheduled to hold between 28 and 29th September 2024 at the prestigious Orchid Hotels, Plot 3 Dreamworld-Africana Way, Lekki, Lagos.

The NDIC has been a supporter of the CBN over its move to recapitalise banks, saying the apex bank’s decision will achieve economic resilience in the country.

The CBN on March 28, 2024 issued a circular announcing a new recapitalisation policy for commercial, merchant, and non-interest banks in Nigeria, effective from April 1, 2026.

To meet the latest minimum capital requirements, banks have been considering the following options: inject fresh equity capital through private placements, rights issues, and/or offer for subscription; mergers and acquisitions (M&As) and upgrade or downgrade of licence authorisation in the event lenders cannot meet up with the new rules of engagement.

The Bank of Industry (BOI) has been committed to backing steadfast local businesses, emphasising the bank’s dedication to supporting critical sectors that are contributing to Gross Domestic Products (GDP) growth.

The keynote address will be delivered by the Managing Director/CEO, NDIC Hassan Bello while the guest speakers are: Managing Director/CEO, UBA, Mr. Oliver Alawuba and the Chairman, Bank Directors Association of Nigeria (BDAN), Mustafa Chike-Obi.

According to a statement made available to journalists by the executive of FICAN, there will be a Panel Discussion in which representatives of the following organisations will participate: Central Bank of Nigeria, Nigeria Sovereign Investment Authority (NSIA), the Nigeria Inter-Bank Settlement System, Bank of Industry, Parthan Partners and Development Bank of Nigeria

FICAN is the umbrella body of journalists and business editors reporting the financial sector of the Nigerian economy. The Association has a membership of over 150 journalists working in print, broadcast and online media platforms.

The annual conference is a capacity building and agenda-setting forum, designed to deepen financial journalists’ understanding of developments in the economy and enhance quality of reportage.

The conference is a critical capacity building project of the Association, aimed at elevating the practice of financial journalism in the country.

Fidelity Bank Plc Donates Maternity Kits to Pregnant Women in Yaba, Lagos

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Business Journal

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11/09/2024

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Fidelity Bank Plc, a leading financial institution, has donated maternity kits to pregnant women in Aiyetoro, Yaba Local Council Development Area (LCDA) of Lagos State.

This donation is part of the bank’s Corporate Social Responsibility (CSR) efforts under the Fidelity Helping Hands Program (FHHP).

The initiative, spearheaded by the Crestcore Inductees Class, underscores the bank’s dedication to supporting local communities. Through FHHP, Fidelity Bank Plc’s staff identify impactful projects in their communities and raise funds to support them. The bank’s management matches these contributions, amplifying their reach and impact.

The handover ceremony was held at Aiyetoro Primary Health Centre, Wright Street, Adekunle, Yaba. Dr. Meksley Nwagboh, Divisional Head of Brand & Communications at Fidelity Bank Plc, presented the maternity kits to the community.

Nwagboh highlighted the importance of the initiative, stating, “at Fidelity Bank, we recognise that ‘health is wealth,’ and without good health, it is difficult to pursue one’s dreams and aspirations. Unfortunately, financial barriers often prevent women from seeking crucial ante-natal care. This has been fingered as a leading cause of maternal mortality.

“That is why we are in the Aiyetoro Community today to provide essential maternity kits to economically disadvantaged expectant mothers. Our hope is that this donation encourages more women to attend ante-natal appointments.”

Receiving the items on behalf of the beneficiaries, the Medical Officer of Health for Yaba LCDA, Dr. S.O. Oredein, expressed gratitude on behalf of the community.

“Fidelity Bank has once again proven to be a bank that cares deeply about the well-being of the people. By providing these maternity kits, the bank is encouraging more expectant mothers to visit health centers, thus helping to reduce maternal mortality”, explained Dr. Oredein.

The donation of maternity kits in Aiyetoro LCDA, Yaba, falls under Fidelity Bank’s Health/Social Welfare CSR pillar. Other pillars in the bank’s CSR strategy include Education, Youth Empowerment, and Environmental Sustainability.

One of the beneficiaries, Sekinat Aderoju, expressed her joy, saying, “we are truly grateful for Fidelity Bank’s support. Receiving these maternity kits will ease the financial burden and help us prepare for safe deliveries.”

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer 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.

Sovereign Trust Insurance 29th AGM Set for Sept 26

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Business Journal

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11/09/2024

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Sovereign Trust Insurance Plc has announced that the company’s 29^th Annual General Meeting (AGM) will be held on Thursday, September 26, 2024.

This is coming just after the Underwriting Firm secured the approval of the National Insurance Commission (NAICOM) and that of the Nigerian Exchange Limited (NGX), respectively.

It will be recalled that NAICOM had directed all insurance companies in the country to prepare their accounts in line with the International Financial Reporting Standard, IFRS17.

Sovereign Trust Insurance Plc having met the requirement, got the nod of the Commission to proceed accordingly.

The Annual General Meeting is billed to hold at the Bay Lounge Hall, Block 12A, 10 Admiralty Road, Lekki Phase 1 Lagos by 11am.

The company’s Spokesperson and Head, Corporate Communications & Investor Relations, Mr. Segun Bankole made this known at a press parley with newsmen in preparation for the 29^th Annual General Meeting.

According to him, “the journey to getting the 2023 Accounts of the company approved by the industry’s primary Regulatory Authority has been quite an experience and there is every reason to be thankful for a successful outcome at the end of the day.”

He said the lessons learnt from the whole process cannot be undermined just as the company is committed to operating under very ethical and professional standards as far as the industry is concerned. He also used the occasion to thank the teeming shareholders of the company for believing in the Management over the years while also providing instructive support and understanding for the organization as a growing concern. He equally solicited for the continued patronage of its esteemed customers in the years ahead.

In spite of the challenging macro-economic environment that characterized the year under review, the Underwriting Firm still continued on the pathway of growth. The company grew its insurance revenue by 23.1% from N15.7B in 2022 to N19.3B in 2023.

The Insurance Service Expenses in line with the new accounting standard grew by 21.7% from N6B in 2022 to N7.3B in 2023. Furthermore, the Investment Income increased from N548M in 2022 to N819M in 2023, representing 49.3% growth. In the area of claims administration, the company paid a total of N3.3B in 2023 as against N3.2B in 2022.

The company’s total asset grew from N17.2B in 2022 to N22.8B in 2023, resulting in 33% increase. The total equity rose by 31% from N10.4B in 2022 to N13.6B in 2023. This is largely due to the success recorded at the Rights Issue exercise carried out by the company in 2023. In addition, Profit Before Tax (PBT) of N1.42B was achieved in the year under review.

The Managing Director of Sovereign Trust Insurance Plc, Mr. Olaotan Soyinka reiterated the company’s unwavering commitment to creating value to both Shareholders and Stakeholders alike. In his words, “the path through the adoption of the International Financial Reporting Standard, (IFRS17) was not without its challenges but with the perseverance and doggedness of every member of staff, we were able to overcome and succeeded as a team.”

Sovereign Trust Insurance Plc will continue to deliver on all promises and obligations in actualising its vision of “becoming a leading brand in the insurance industry in the country while maintaining a place of reckoning in the minds of the insuring public.”

The company has announced that it will be paying dividends to its shareholders this year.

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