Saturday, December 21, 2024
36.3 C
Lagos
Home Blog Page 2

Linkage Assurance Transforms IIupeju Branch to Strengthen Business Access

0

L-R: Mr. Okanlawon Adelagun, Executive Director, Technical; Mr. Anthony Saiki, Chief Marketing Officer; Mr. Daniel Braie, MD/CEO; Mrs. Mayen Umoren, Lead, Technical Practice; and Dr. Emmanuel Otitolaiye, Chief Financial Officer, all of Linkage Assurance Plc during the official opening of the Company’s transformed modern branch office complex in Ilupeju, Lagos.

Linkage Assurance Plc has transformed its Ilupeju Lagos Branch Office with modern building facilities that offer good ambiance for staff comfort and customers’ convenience.

The transformation work on the branch office is a significant step in the company’s mission to provide reliable and accessible insurance solutions to more customers within the Mainland Area of Lagos and neighbouring communities.

The office, located on Coker Road, Ilupeju is designed to offer a full range of general insurance products and services including home, auto, business, marine, aviation, oil and gas among others.

Daniel Braie, Managing Director/CEO, Linkage Assurance Plc speaking at the unveiling of the modern office complex said the welfare of staff remains a priority of the management, and underscores why the company had to take the bold step to make the work environment comfortable for staff at this time despite current economic realities.

Daniel Braie said the new environment provides customers a good ambiance to come and do business, assuring commitment of the Board and Management to make Linkage Assurance a place of comfort for employees and customers.

“This branch aims to bring personalised insurance services to residents and businesses within the community, ensuring they receive the best coverage to meet their needs, Braie said.

“We are excited to open our transformed office complex here in Ilupeju to bring our services closer to the community. This expansion reflects our commitment to providing tailored insurance options, along with exceptional customer service, to help individuals and businesses feel confident in their protection.”

Braie said management is committed to making sure that the transformation in branch offices is extended to other locations across the country.

Makems Excites Fashion Lovers at Abuja 2024 Jewellery Exhibition

0

Makems Jewellery, an Abuja-based fast-rising jewellery-making company in Nigeria, has set the city agog, as it recently held its annual jewellery exhibition with a wide range of trendy, fine and unique handmade, locally-produced and imported jewellery products on display for hundreds of visitors to the venue of the event.

The jewellery exhibition was an expertly-curated showcase of exceptional ornaments, ranging from contemporary designs to vintage treasures such as Makems handmade jewellery, earrings, long necklaces, jewellery set, bangles and bracelets, rings and male bracelets, among others with special focus on promoting local contents, which aligns with Federal Government’s policy direction on promotion of local contents in all sectors of the economy.

The annual Makems 2024 Jewellery Exhibition, which took place on December 7, 2024 at the Glowing Ages Academy, Games Village Road, Kaura District, Abuja attracted fashion lovers and potential clients, who used the opportunity to purchase trendy jewellery of their choice which meet their status as the Yuletide season begins while networking with other visitors.

Addressing stakeholders and visitors at the event, the Director of Business Development at Makems, Miss Temitope Adejare, said Makems Jewellery makes unique jewellery products locally and also sell imported jewellery products as well.

“Considering what has been happening in the economy in the area of dollar exchange to Naira, you will realise that things that are imported have become so expensive because they are in dollar. So, what we have done at Makems Jewellery is to ensure that we source for local jewellery materials and we have a lot of them that are locally-made in Nigeria on display at this exhibition.

“Makems Jewellery has a passion for making jewellery and we now make do with what we can really do in Nigeria and we have been able to come out with beautiful jewellery pieces that people really love at this exhibition,” Adejare said.

She explained that “what we do is unique to an individual. We do not repeat the design. So, if you buy any Makems jewellery piece, it is the only one that exists in terms of design. Overtime, people have come to know this and they love it also and they like coming for the exhibition.”

According to her, Makems works year-round to gather the best of locally-manufactured jewellery products as well as some imported designs and bring people together at the exhibition to come and see the various designs that Makems has brought on display for the season for them to purchase their favourite designs.

“As you can see, we sell imported jewellery pieces as well but as you may have observed, most people would be at the Stand for Nigerian-handmade jewellery products because they are more unique, more durable and are very nice. This means, our locally-produced collection of jewellery appeals more to our clients.

“Why most people run from Nigerian-made products is literally because of the quality. Most of the time, people that do local contents tend to compromise quality standards but what we have done at Makems is to ensure that what we have is of high quality even better than many of the imported jewellery, as the designs are nice and unique and meet the expectation of Nigeria across social divides.

Speaking on affordability, the Business Development Director said because the products are domiciled in Naira, “you find out that it is easier for people to buy.” She optimistically noted that Makems was targeting “exporting our locally-manufactured jewellery products in the long run, thereby helping Nigeria’s Naira-to-dollar exchange to appreciate through local production of the fashion products and exports.”

According to her, “with what we have done at Makems, we have a lot of staff that we have employed and this also means we are creating employment opportunity for Nigerians across the value chain. We are also available online across social media platforms for online purchase of our products.”

 

Adejare added that Makems’ plan is to become a household name as an indigenous jewellery-sourcing and production firm, thereby enhancing the government’s policy direction to deepen local content, improve value addition through offerings of durable, comfortable and affordable jewellery products in Nigeria in the next few years.

 

NIVEA Educates Nigerian Students on Personal Hygiene with SABI Campaign

0

Leading personal care brand, NIVEA has rounded off the SABI Personal Hygiene Drive, an initiative designed to educate high school students on the importance of personal hygiene, and specifically focused on underarm care and the use of deodorants.

This impactful campaign which ran between September 13 and November 28, with the target of reaching at least 190,000 students, was aimed at empowering teenagers aged 13-18 with the knowledge and tools to maintain proper hygiene while promoting NIVEA’s Dry Impact and Dry Comfort Roll-on products as an effective solution for daily care.

With over 500 schools across Lagos, Port Harcourt, and Abuja participating in the programme, the NIVEA SABI Personal Hygiene Drive campaign was focused on hygiene education, with child educators and the trained team visiting schools to deliver engaging lessons using the SABI Workbook, a tool designed to teach students the science behind body odour, effective hygiene practices, and the role of deodorants in everyday personal care.

Speaking on the campaign, Marketing Activation Manager, Oluwadamilola Adeyemi, said that the transition into adolescence can be a challenging period, especially when it comes to understanding the importance of personal hygiene. “Puberty brings about changes in the body that can cause discomfort and confusion. This is why NIVEA is committed to providing accurate, age-appropriate information that resonates with young people, many of whom are navigating these changes for the first time,” she said.

She disclosed that the SABI initiative emphasizes the need for proper underarm hygiene, a critical, yet often overlooked aspect of personal care. Through engaging discussions, Q and A sessions, and fun games, students were encouraged to incorporate deodorants into their daily routines as a simple and effective solution to eliminating body odour.

Aware of the financial limitations of teenagers, especially in the face of the current economic challenges in the country, the brand introduced NIVEA Dry Impact Roll-on, and NIVEA Dry Comfort Roll-on in a new format (25 ml) Nicknamed the SABI roll-on, an affordable option, and the perfect product for this demographic. “By tapping into the lives of adolescents at this crucial stage of their hygiene journey, NIVEA aims to build long-lasting relationships with young consumers. The SABI Personal Hygiene Drive not only positions NIVEA as a trusted brand for personal care but also strengthens its credibility as a company that understands and addresses the unique hygiene needs of young people,” she said.

Additionally, the drive featured visibility items such as stickers, mirrors, and notice boards to keep the conversation going in school environments. As part of the activation, NIVEA presented the neatest students with the “SABI Star Award” and rewarded the most engaging students in each school. These rewards, he/she said, are aimed at encouraging students to consistently maintain high hygiene standards while also reinforcing the connection between cleanliness and self-esteem.

Commenting on the initiative, the Brand Manager Central East & West African Region CEWA, Nnenna Onoh, “By involving students, teachers, and school administrators in the campaign, the SABI Personal Hygiene Drive will create a ripple effect, fostering a culture of good hygiene practices that extends beyond the classroom,” she said.

“The NIVEA SABI Personal Hygiene Drive is more than just a campaign. It is an investment in the health, confidence, and well-being of tomorrow’s leaders. By providing teenagers with the education, tools, and affordable solutions they need, NIVEA is setting the stage for a future where personal hygiene is embraced as a fundamental part of everyday life,” she said.

 

CIIN Inducts 18 Fellows, 166 Associates to Lead Sector’s Growth

0

Cross Section of Inductees taking oath of allegiance at the Year 2024 CIIN Induction Ceremony at the College of Insurance and Financial Management, Aseese, Ogun State.

ADDRESS BY MRS. YETUNDE ILORI, FIIN PRESIDENT/CHAIRMAN OF COUNCIL, CHARTERED INSURANCE INSTITUTE OF NIGERIA AT THE YEAR 2024 INDUCTION CEREMONY HELD AT COLLEGE OF INSURANCE AND FINANCIAL MANAGEMENT (CIFM) ASEESE VILLAGE, OGUN STATE ON DECEMBER 11, 2024.

It is with great privilege and honor that I welcome you all to the Year 2024 Induction Ceremony of Associates, Post-Qualifiers and Fellows into the foremost Insurance Institute in Nigeria. The 19th induction Ceremony of the 61st edition of the Institute’s examination.

I would like to extend my heartfelt congratulations to the INDUCTEES. Becoming an Associate, a Post Qualifier or a Fellow of this esteemed Institute is no small feat. It represents years of hardwork, dedication and unwavering commitment to the principles of excellence, ethics and professionalism that are the cornerstone of our Industry.

Today, as we induct 166 Associates and 18 Fellows into the ranks of the Chartered Insurance Institute of Nigeria, we are not just honoring your academic and professional accomplishments; we are also recognising your potential to lead, innovate and contribute to the continued growth and development of the Nigerian Insurance sector.

Your journey to this point has been marked by intense training, rigorous examinations and the application of knowledge in real-world situations and this induction ceremony is not the end of the road—it is the beginning of another era. An epoch where you are entrusted with upholding the integrity of our industry, advancing its values and contributing to its future success.

The Insurance industry, a customer-centric space plays a pivotal role in ensuring the economic stability of any nation. It provides the safety net that individuals and businesses rely on, offering protection against unforeseen risks and empowering people to build their futures with confidence. This can only happen when we, as professionals, adhere to the highest standards of conduct and continuously strive for excellence.

While today is a day of celebration, it is also a reminder of the responsibility that comes with being a member of this prestigious Institute. As you join the ranks of Associates. Post-Qualifiers in the Loss Adjusting Route and Fellows, you are expected to be ambassadors for the industry—advocates for its growth, its relevance and its ability to meet the needs of society.

At an Institute, we are committed to fostering a professional environment that upholds the highest standards of education, professionalism and ethical conduct. Our collective vision is to create an insurance sector that is not only resilient but also responsive to the ever-evolving needs of the Nigerian people.

This vision is at the heart of our EPIC Agenda—Education, Professionalism, Institutional Recognition, and Capacity Building. These four pillars guide our initiatives and inform the work we do to elevate the standards of the industry.

As you embark on your professional journeys, I urge you to reflect on the values that have brought you this far and continue to uphold them as you take on leadership roles. Let these values be the foundation upon which you build your careers and the Insurance sector as a whole. It is pertinent to appreciate the presence of our Guest Lecturer, Mr. Modupe Odunayo Bammeke, we are grateful for the honour.

I want to extend my sincere gratitude to the family members, friends, mentors and colleagues who have supported our Inductees on their individual journeys. Your unwavering support has played a pivotal role in their successes, and today’s achievement is as much yours as it is theirs.

I would also like to thank our esteemed facilitators, examiners and all those who have contributed to ensuring that Chartered Insurance Institute of Nigeria remains a beacon of excellence and a model for professional development.

Once again, congratulations to all our new Associates, Post-Qualifiers in the Loss Adjusting Route and Fellows. You are now part of an esteemed group of professionals who shape the future of our industry. We look forward to seeing the great contributions you will make to the Insurance sector and to the Nigerian economy as a whole.

I have no doubt that, together, we will build an enviable future for the Nigerian Insurance industry.

Thank you, and may your journey ahead be filled with success, fulfillment, and continued growth.

 

Mrs. Yetunde O. Ilori, FIIN

President/Chairman of Council

Polaris Bank Wins Sectoral Award at 2024 NECA Employers’ Excellence Awards

0

Polaris Bank has achieved yet another milestone by emerging as the Sectoral Winner in the Banking and Other Financial Institutions Sector category at the 2024 NECA Annual Employers’ Excellence Awards.

The Bank received the sectoral recognition for its innovative HR practice at the NECA’s Excellence Awards, (the 4th edition) which held recently at the Balmoral Convention Centre, Ikeja.

The recognition is particularly significant as it marks the first award the Bank has received for its efforts in Human Resources Management, reaffirming Polaris Bank’s commitment to creating a people-oriented workplace culture.

The NECA Annual Employers’ Excellence Awards celebrate organizations that excel in key areas such as leadership and people management practices, sound human resource systems, effective corporate governance, responsible business conduct, technological innovation, Environmental, Social, and Governance (ESG) practices, and the elimination of child labour.

Speaking on the award, Polaris Bank’s Managing Director/CEO, Kayode Lawal, stated:

“Winning this prestigious award accentuates our deliberate approach to promoting an environment where employees can thrive, innovate, and contribute meaningfully to the Bank’s success. It also highlights Polaris Bank’s leadership commitment to evolving into an employer of choice and a great place to work. Congratulations to the entire Polaris Bank family for this outstanding achievement on a sectoral scale! This win is a testament to the hard work, dedication, and innovative spirit of every member of our team. It could not have been any BIGGER! ”

Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2024, 2023, 2022 and 2021 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.

Financial Services Innovators Marks 5th Anniversary of Driving Innovation in Tech Ecosystem

0

 

Today, we proudly celebrate five incredible years of driving innovation and empowering the Nigerian tech ecosystem.

This milestone is a testament to the passion, resilience, and dedication of our staff, innovators, zonal leads, state leads, campus ambassador leads, partners, sponsors, and donors who have been instrumental in shaping this journey.
Together, we’ve nurtured groundbreaking ideas, inspired change, and paved the way for a brighter, tech-driven future.

Commenting on the journey so far, the ED, Aituaz Kola-Oladejo noted that it had been 5 years of working and partnering with a community of brilliant Nigerians, which include Tertiary Institutions’ students, Financial Services Providers who contributed APIs to the Innovation Sandbox, international organisations and Tech innovators to make Nigeria the ultimate tech hub. Also speaking, Uade Ahimie, an independent Risk Advisor commended the efforts and works of FSI to drive the next generation of business leaders towards managing the expectations of tech businesses.

 

 

 

Heirs Insurance Group Launches “Unwrapping Smiles” Campaign to Bring Hope this Festive Season

0

Heirs Insurance Group, Nigeria’s fastest-growing insurance group, has announced the launch of its “Unwrapping Smiles” campaign, a festive initiative designed to bring hope to individuals, families, and communities this holiday season.

Running from December 10 to December 31, 2024, the campaign will feature community-focused outreaches, including Christmas gifts and exciting rewards to put smiles on the faces of Nigerians.

The campaign will see Heirs Insurance Group reward individuals and organisiations in the communities they operate in, and launch a holiday-watch web film, “The Underwriters”, for all Nigerians to enjoy.

This festive season, the Group will also introduce a low-cost motor insurance, Flexi Comprehensive Motor Insurance Plan, an affordable motor insurance, which provides the benefit of a comprehensive motor insurance plan for a fraction of the cost, addressing the financial realities many Nigerians face today.

Speaking on the campaign, the Chief Marketing Officer of Heirs Insurance Group, Ifesinachi Okpagu, said, “At Heirs Insurance Group, we are committed to providing much more than insurance. In a season when many Nigerians seek hope and reasons to smile, we are proud to offer initiatives that inspire and uplift.”

Details of each initiative under the “Unwrapping Smiles” campaign will be unveiled weekly on the Heirs Insurance Group website and social media platforms.

Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents. With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group serves both corporate and individual customers across Nigeria.

Stanbic IBTC Bank Nigeria PMI: Inflationary Pressures Remain Elevated in November

0

Rates of inflation in the Nigerian private sector remained elevated in November, further hampering business operations.

There were some signs of improvement midway through the final quarter, however, as new orders returned to growth and the decline in output softened. That said, employment was down and companies continued to lower their purchasing amid steep price pressures.

The headline figure derived from the survey is the Stanbic IBTC Purchasing Managers’ Index (PMI). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

The headline PMI posted below the 50.0 no-change mark for the fifth consecutive month in November to signal a further deterioration in business conditions in the private sector. That said, at 49.6 the latest reading was up from 46.9 in October and pointed to only a marginal decline.

The less pronounced deterioration in business conditions in part reflected a renewed expansion in new orders, which rose slightly following a solid fall in October. Although there were some tentative signs of demand improving, companies reported that customers were often deterred by high prices.

The inflationary environment and muted demand conditions meant that business activity continued to fall, the fifth month running in which that has been the case.

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank commented: “The Nigerian private sector activities deteriorated further in November, albeit at a less pronounced rate relative to October. This less pronounced deterioration was primarily due to the return to growth of new orders in November, after having decreased solidly in October. Notably, new orders have now risen in three of the past four months, although the latest expansion was only modest. Some panelists saw signs of demand picking up, but others reported that high costs again acted to deter customers. Elsewhere, higher energy prices, increases in the cost of raw materials, and lingering currency weakness continue to lead to intensification of price pressures in November.

Thus, input prices increased at a substantial rate again during November, with the pace of inflation only slightly lower than that seen in October and remaining one of the sharpest on record. In Q3:24, the Nigerian economy grew by 3.46% y/y relative to 3.19% y/y growth in Q2:24. Notably, the non-oil sector grew by 3.37% y/y in Q3:24 from 2.80% y/y in Q2:24, albeit with uneven performance across the sub-sectors that make up the non-oil sector. ICT, finance & insurance, trade, road transport, and agriculture were the key growth drivers of the non-oil sector in the review period. Nonetheless, there appears to be a disconnect between the composite PMI and non-oil GDP growth in recent quarters, with this disconnect more pronounced in Q3:24 when the PMI for the quarter weakened to 49.6 points – a sign of deterioration in business conditions – while non-oil GDP growth was strong in the review period.

Historically, the non-oil GDP growth is mildly negative whenever the composite PMI is below 50-points no-change mark. We expect the economy to maintain the Q3:24 growth momentum in Q4:24, supported by festive-induced increase in economic activity and sustained improvement in crude oil production. Indeed, based on the November PMI survey results, companies reported some tentative signs of demand improving although some customers were deterred by high prices. On balance, we estimate the economy to grow by 3.24% y/y in real terms in Q4:24 and adjust our 2024 growth estimate upward to 3.2% (previously: 3.1%).”

The latest reduction was only marginal, however. Sector data pointed to increases in output in agriculture and manufacturing but decreases in wholesale & retail and services. Purchase costs rose rapidly again in November amid currency weakness and higher prices for fuel and raw materials.

Although slowing slightly for the second month running, the pace of inflation remained elevated. Staff costs were also up as companies helped their workers with higher living and transportation costs.

In response to increasing input costs, output prices also continued to rise at a substantial pace midway through the final quarter of the year.

The muted demand environment and high prices for inputs led companies to reduce both their purchasing activity and stocks of inputs in November. Employment was also down, thereby ending a six-month sequence of job creation.

The pace of reduction was only marginal, however, as the overall fall in staffing levels was limited to just services firms. Companies continued to lower their backlogs of work, while there was also a lack of pressure on capacity at suppliers. Quiet road conditions, prompt payments and competition among vendors also helped result in a further shortening of suppliers’ delivery times.

Business confidence continued to wane in November and hit a fresh record low. Some firms remained optimistic in the outlook for output, however, amid business expansion and investment plans.

 

Stanbic IBTC Pension Managers’ FUZE 3.0 Festival: Set to Light up Lagos on Dec 21

0

In a spectacular celebration of Nigerian creativity and innovation, Stanbic IBTC Pension Managers’ FUZE Talent Show 3.0, Nigeria’s biggest talent extravaganza, is preparing for its most anticipated festival. Scheduled for Saturday, December 21, 2024 at the Livespot Entertarium in Lekki, the event promises to be a game-changing platform for unveiling Nigeria’s next generation of young talents.

The FUZE Talent Show 3.0 features a prize pool of N50 million and an esteemed panel of judges, including industry icons like Funke Adepoju, Akinwande Akinsulire, Don Flexx, and Korede Bello. With the theme ‘Light it Up’, this event is more than just a competition; it is a movement that celebrates Nigerian creativity in music, dance, fashion, and technological innovation.

Olumide Oyetan, Chief Executive of Stanbic IBTC Pension Managers, emphasised the event’s significance:

“We are not merely hosting a talent show; we are creating a platform that amplifies the extraordinary potential of Nigerian youths in music, dance, fashion, and technology.”

“The FUZE Festival is designed to showcase this potential, providing a vibrant space where young talent can shine, connect, and collaborate; ultimately fostering innovation and creativity within our communities. By celebrating diverse artistic expressions, the festival aims to inspire the next generation of leaders and change-makers in Nigeria,” Olumide stated.

Globally acclaimed Nigerian musical powerhouses that embody the excellence and vibrant energy of the Nigerian entertainment industry, Wande Coal, BNXN and Qing Madi, will be on stage to thrill guests and participants and electrify the atmosphere with their chart-topping hits.

This celebration is expected to birth new Nigerian talents with the potential to make a global impact after their grooming stages.

The event will include a unique holiday shopping festival. Premium Nigerian and international brands in fashion, beauty, personal care, tech, food, and beverage will display their quality goods and products for all holidaymakers and fun-seekers looking for amazing seasonal discounts on special gift items.

The exhibition area will be more than a shopping destination; it will be an immersive experience that complements the talent show’s vibrant atmosphere.

Media is Key Partner in Growth of Capital Market in Nigeria

0

Welcome Address by the Chairman of 2024 CAMCAN Workshop, Alhaji (Dr) Umaru Kwairanga, Group Chairman of NGX in Lagos on Saturday, December 7, 2024.

I welcome you all to the 2024 Workshop of the Capital Markets Correspondents Association of Nigeria (CAMCAN).

The media, through CAMCAN, plays a critical role in the capital market by facilitating the dissemination of timely and accurate information that investors can use to make informed decisions. The daily publication of the All Share Index and publicity given to all capital market activities by CAMCAN keeps the Capital Market in the public eye and ensures the markets sustainability. With programmes like today’s, CAMCAN is also encouraging robust discussion on contemporary financial issues and helping to improve the work of regulators and operators in the Capital Market.

Today’s Workshop has the theme, Recapitalisation: Bridging the Gap between investors and issuers and this is very topical given that we are only halfway through the banking recapitalisation mandated by the Central Bank of Nigeria. I believe the lecture to be delivered by our guest speaker, Mr Johnson Chukwu, the Managing Director and Chief Executive Officer of Cowry Asset Management Limited and the discussions by our esteemed panel will help to throw more insights into what we have done so far in the recapitalisation exercise, shortcomings if any, and what we can do better in the coming year and beyond.

Let me say that at the NGX Group, our primary role is to serve as a bridge between investors and issuers and we have been doing that in the banking recapitalisation exercise in various ways. The Nigerian Exchange has organised Facts Behind the offer ceremonies for most of the banks that have floated rights and public issues. At those ceremonies, the issuers are required to outline their plans for the capital they intend to raise and answer very relevant questions from CAMCAN and investors.

We at NGX also set up X Rails which is a technology platform to enable investors subscribe to ongoing offers directly from the comfort of their homes and offices without needing to fill paper forms or battle through traffic in order to go to the offices of financial intermediaries. After the offers are concluded, the Nigerian Exchange will ensure that the banks meet their disclosure requirements promptly and fully so that investors are kept abreast of how their monies are being used.

So- the NGX Group is one of those at the forefront of actualising the theme of today and we will continue to carry out that role for the benefit of the investors, the market and the Nigerian economy.

Having touched briefly on NGX Group’s role in the recapitalisation, let me invite the speakers and discussants for the day to give a broader view of the topic. I believe it will be a lively and enlightening conversation.

I thank the organizers for the work they have put in to make the workshop a reality and thank you all for making out time to attend.

Do enjoy the event.

Alh (Dr) Umaru Kwairanga

Chairman

NGX Group Plc

PNC 2024 Ends as NCDMB Commits to Deeper Community, Industry Engagements

0

The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, on Wednesday in Yenagoa expressed profound gratitude to industry stakeholders, top-ranking vendors and staff of the Board for their contributions to the success of the Practical Nigerian Content (PNC) Forum 2024.

Speaking at the official closing ceremony of the four-day event at the Conference Centre of the Nigerian Content Tower (NCT), he said their active participation enriched discussions as the Board charts a pathway to the next frontier for Nigerian Content implementation.

Engr. Ogbe reiterated the Board’s determination to deepen engagements with local communities and oil and gas industry players through sundry schemes newly introduced, such as the Back-to-the-Creeks Initiative, the Revised Nigerian Content Community Contractors Financing Scheme, Nigerian Content Academy, and creation of more conducive and befitting zonal offices to enhance service delivery by the Board.

According to him, the Back-to-the-Creeks policy is “designed to equip youths in our communities with the skills to meet industry demands” through improvement of basic educational facilities and motivation of teachers. In regard to the Contractors Financing Scheme, he explained that the Board has increased the single obligor limit from N20 million to N100 million.

“What that does,” he noted, “is that it gives more opportunities for local contractors to be able to access higher figures” to enable them to secure and execute meaningful contracts in the oil and gas industry. In that way, the Scheme would serve as a mechanism “to bring the benefits of local content to communities.”

The Executive Secretary, who was represented by the General Manager, Corporate Communications and Zonal Coordination, Barr. Esueme Dan Kikile, expressed joy that the Board’s partnership with the Bank of Industry (BOI) is working well, that “performance is at optimal level,” and that the new funding scheme would be hugely beneficial to local contractors.

On the Nigerian Content Academy, he said NCDMB has the experience, the capacity in-house, and “the understanding of what it means to practise Nigerian Content,” having done that for 14 years, and that he believed the industry would take advantage of what the training facility has to offer.

Acknowledging the invaluable input of experts of diverse backgrounds in various panel discussions that held on Tuesday and Wednesday (3rd and 4th December), Engr. Ogbe requested the NCDMB partner, dmg events Limited, “to develop key actionable points” from the PNC Forum “that will guide the industry” as it moves to the next frontier of Nigerian Content implementation.

He assured all industry stakeholders that the Board would continue to collaborate with them to fulfil its mandate as set out in its enabling statute, the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010.

Earlier in the day, resource persons made presentations on the African Continental Free Trade Agreement (AfCFTA) and Marine Accelerator Programme (an initiative of the Oil Producers Trade Section, comprising the international oil companies), as well as a Spotlight on ‘Youth Empowerment Pathways.’

The Senior Trade Policy and Law Expert at the Nigeria AfCFTA Coordination Office, Abuja, Mr. Olusegun Olutayo, who spoke on the topic “AfCFTA: A Panacea for Africa’s Economic Rebirth,” explained the potential benefits of the Agreement by throwing light on its eight Protocols, namely, Trade in Goods, Trade in Services, Rules and Procedures on the Settlement of Disputes, Intellectual Property Rights (IPRs), Investment, Competition Policy, Digital Trade, and Women and Youth in Trade.

According to him, “It is within these Eight Protocols that that prosperity, that integration, that economic revolution, that industrialisation, actually comes,” arguing that “AfCFTA is the way to go.” AfCFTA came into force in 2018 after ratification in Rwanda in July 2028, with the aim of facilitating economic integration, trade and investment among African countries.

On the Marine Accelerator Programme (MAP), sponsored by the OPTS in conjunction with the NLNG Shipping and Marine Services Limited (NSML) and based in Bonny, Rivers State, the issue, according to the presenter, was: “A Quality Reassessment shows that the challenges in the marine services industry four years ago still persist.” Definite measures were required to make offshore operations in the industry safer through MAP.

The pilot programme, consisting of seven modules, was launched in May 2025 and focused on priority vessels. With the remarkable success of the pilot phase, the OPTS is set to launch the next wave of the marine accelerator training in the first quarter of 2025.

The Spotlight on Youth Empowerment Pathway focused on “The YEP Model: A Unique Approach to Employment,” and was presented by Mr. Tunji Idowu, Executive Director and Managing Trustee, PIND.

It dwelt on Workforce Development, which highlighted the imperative and strategies for bridging skills gaps, among other things, ecosystem strengthening, government engagement and partnerships, as well as YEP’s future vision-scaling for sustainability.

Panel discussions in three different sessions dwelt on “Nigerian Content Beyond Borders,” “Nigerian Content from the Grassroots: Community Capacity Building,” and “From Policy to Practice: Strengthening Domestication for Economic Development.”

Under “Nigerian Content Beyond Borders,” sub-topics were “Examining the major barriers hindering cross-border value chains – regulations, documentation, logistics and supply chain, costs, etc.,” “What steps are being taken to enforce standardization? How Can we prove that Nigeria meets global standards,” “What incentives exist to further encourage the export of local capacity and enhance Nigeria’s presence in international markets?”

The panellists were Alhaji Abdulmalik Halilu, Director, Monitoring and Evaluation in NCDMB, Engr. Wole Ogunsanya, Chairman of Petroleum Technology Association of Nigeria (PETAN), Mr. Paul Clement Pankes, Group Head – Chemical Technology, Standards Organisation of Nigeria (SON), and Dr. Doyle Edeni, Group Managing Director and Chief Executive Officer, Blue Seal Energy Group Inc. Moderator was Mrs. Bukola Adubi, Chief Executive Officer, MicCom Cables and Wires Limited, and President, Cable Manufacturers Association of Nigeria.

The second panel discussion, which centred on “Nigerian Content from the Grassroots: Community Capacity Development,” had as subtopics “Assessing the socio-economic impact of local content on host communities,” “What enabling structures have been built by the NCDMB to support the growth of community contractors? What gaps remain?” “Can shared asset responsibility within host communities be structured to achieve increased production levels?” and “How can research-based initiatives increase the impact of CSR on local content implementation?”

Panellists were Dr Ama Ikuru, Director, Corporate Services of NCDMB, Mr. Gorah Adams Ayuba, Deputy Director, Community Development and Education, Federal Ministry of Regional Development, Mr. Charles Epelle, Nigeria Liquefied Natural Gas (NLNG) Limited, Mr. Enar Otuks, Oilserv, Mr. Tunji Idowu, PIND, and Engr. Obidike Uzu, Vice Chairman, PETAN, and Managing Director, Global Process Pipeline Services Limited. The moderator was Mr. Olanrewaju Olawuyi, General Manager, Nigerian Content Development, Shell.

The final panel discussion, titled “From Policy to Practice: Strengthening Domestication for Economic Development,” had as subtopics “Outlining the limitations of the local supply chain, what funding and capacity building strategies are required?” “What are the main barriers to entry for manufacturers in the oil and gas space? How can the government develop an enabling environment for local manufacturers to thrive?” “What opportunities have the NCDMB’s R&D initiatives unlocked for the oil and gas sector over the years?” “What local content opportunities exist in the national adoption of CNG utilization? How can indigenous companies tap in?

Panellists were Mr. Ene Ette, General Manager, Planning, Research and Statistics, NCDMB, George Onafowokan, Managing Director, Coleman Cables and Wires, Engr. Tari Mayor-Bright, Sovereign and Subnational Coordinator, Presidential CNG Initiative, Mrs. Iroghama Ogbeifun, Managing Director and CEO, Starz Investments Company Limited, and Ms. Patience Ranami Abah, Director-General, Bayelsa Investment Promotion Agency. The Moderator was Dr. Timi Austen-Peters, Chairman, Dorman Long Engineering Limited.

The PNC 2024, ended on Thursday with site visit by oil and gas industry captains to First Marine and Engineering Services Limited (FMES) shore base facility in Yenagoa, is the 13th edition of the annual event, which is dedicated to deepening Nigerian Content across the energy sector to support the country’s energy sufficiency goals.

NAICOM, CIIN Partner on Key Market Initiatives

0

The Commissioner for Insurance (CFI) hosted the Council of the Chartered Insurance Institute of Nigeria (CIIN) at his office today. The delegation, led by CIIN President, Mrs. Yetunde Ilori, held discussions on key industry matters.

The President of the Chartered Insurance Institute of Nigeria (CIIN), Mrs. Yetunde Ilori, expressed her gratitude to the Commissioner for Insurance (CFI) for his outstanding achievements so far at the Commission. She also reaffirmed the CIIN’s commitment to collaborating with the Commission on various insurance initiatives.

The Commissioner for Insurance (CFI) thanked the Council of the Chartered Insurance Institute of Nigeria (CIIN) for their visit, reaffirming his commitment to maintaining a cordial relationship with the CIIN. He also assured the CIIN President that the Commission remains dedicated to fostering a stronger regulatory environment.

Furthermore, the CFI emphasised the importance of addressing knowledge gaps and promoting professionalism among insurers.

He encouraged the CIIN to continue playing a pivotal role in enhancing the insurance industry’s professionalism and expertise in order to continue to maintain high standards and respect, project positive image of the industry.

Sanwo-Olu Unveils Lagos Shopping Festival Symbol

0

L-R: Managing Director/CEO, Guinness Nigeria Plc, Mr. Girish Sharma; Governor of Lagos State, Mr. Babajide Sanwo-Olu; representative of Zenith Bank Plc; MD/Chief Strategist, Chain Reactions Africa, Mr. Israel Jaiye Opeyemi, and Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem during the unveiling of the Lagos Shopping Festival Symbol at the Lagos House, Alausa, Ikeja, on Tuesday, 03 December 2024.

Lagos State Governor, Mr. Babatunde Sanwo-Olu, has officially unveiled the Lagos Shopping Festival (LSF) symbol at a brief ceremony during a courtesy visit by the organisers and corporate sponsors of the festival to him at the Lagos House, Alausa, Ikeja.

Set to run from December 23rd to 25th, 2024, the Lagos Shopping Festival promises an extraordinary 72 hours of non-stop shopping and entertainment event, to further establish the City’ position as Africa’s leading hub for commerce, creativity, and entertainment.

Welcoming the organisers and corporate sponsors of the maiden edition of the Lagos Shopping Festival to the Governor’s Office, Special Adviser to the Governor on Tourism, Arts and Culture, Idris Aregbe narrated how by sheer happenstance, the Ministry had used a fair earlier organised in the month of April in conjunction with another private entity as a proof of concept to test the waters ahead of the Lagos Shopping Festival which is bigger in scope and scale.

He told the gathering comprising representatives of Zenith Bank Plc, Tolaram Group and Guinness Nigeria Plc how the sales recorded in a period of three days surpassed the N250 million sales threshold the organisers had never crossed. “This is the power of partnership when government collaborates with private entities. The result is always different,” Aregbe said.

While introducing the concept of the Lagos Shopping Festival (LSF), the festival’s Director of Organisation and Logistics, Ms Damilola Pedro reminded Governor Babajide Sanwo-Olu how the Chain Reactions Africa team first did a conceptual presentation to him on a Saturday evening during the Covid-19 pandemic in the year 2020.

“Mr. Governor, this project is your baby. It is one of the legacies you will be giving to Lagos. When we first presented the concept to you four years ago, we wanted to have it for seven days none stop. But you counselled us to run the maiden edition over a period of three days first. We have been planning and refining the concept. Now is the time for us to join the league of other global cities such as Istanbul and Dubai.”

Speaking at the event, the Governor Babajide Sanwo-Olu thanked Chain Reactions Africa for incubating the idea and never giving up despite the many hurdles on the way.

“The movers of this great idea first approached me in 2020 during the Covid-19 like Damilola Pedro said. I was blown away when they made their first presentation to me. Then the third wave of covid hit us again. But since then, they have been relentless. The Lagos Shopping Festival is an idea whose time has come. This December, we will be joining the league of other global cities such as Istanbul and Dubai to stage our own shopping festival.”

Governor Sanwo-Olu further described the Lagos Shopping Festival as more than an event saying “it is a convergence of commerce and entertainment. This festival will not only support local businesses and create opportunities but will also showcase the vibrant spirit of Lagos, making our state a beacon for tourism, commerce and entertainment in Africa,” said the governor.

The Governor further thanked the management of Chain Reaction of Africa, Zenith Bank Plc, Tolaram Africa Group, Guinness Nigeria Plc for supporting the idea of a Lagos Shopping Festival that will be become a value addition on the state’s tourism calendar and the overall efforts to grow the State’s GDP.

Governor Sanwo-Olu called on Lagosians, visitors, and businesses to participate in the Lagos Shopping Festival, describing it as “a transformative event that will redefine December in Lagos this year and many years to come, offering something for everyone and bringing families, friends, Nigerians in Diaspora and Lagosians together in celebration.”

The unveiling ceremony featured remarks from corporate sponsors such as the CEO of Guinness Nigeria Plc, whose contributions have been instrumental in bringing the festival to life. Speaking on the sideline of the event, Girish Sharma, CEO of Guinness Nigeria Plc, expressed enthusiasm for the initiative. “Lagos is the commercial heartbeat of Nigeria and Africa’s entertainment capital, and the Lagos Shopping Festival captures its essence. We see opportunities in this initiative because it is a creative fusion of commerce and entertainment. This partnership reflects our dedication to fostering economic opportunities and supporting the nation’s vibrant entertainment industry.”

Sharma further said: “we are thrilled to support this groundbreaking event that brings together shopping and entertainment in an unprecedented scale. The Lagos Shopping Festival is an opportunity to celebrate the spirit of Lagos while driving commerce and helping the entertainment industry grow. You know, Guinness is the spirit of the party. So, some of our major brands will be at the festival to help people exhale as we wind up a very challenging year.”

The Lagos Shopping Festival will transform the Mobolaji Johnson Arena on Lagos Island into a dynamic space for shopping, live performances by top artistes, non-stop rave parties, and family-friendly attractions. Discounted shopping opportunities will provide affordability during the festive season, supporting local businesses and ensuring inclusivity for all.

The Lagos Shopping Festival is a flagship initiative supported by the Lagos State Government designed to promote economic and entertainment activities and consolidate the City’s positioning as a premium destination for business and leisure.

 

Market Regulation: Senate Passes ISB 2024

0

In a major boost to the operations of the Securities and Exchange Commission and the Nigerian capital market, the Senate of the Federal Republic of Nigeria has passed the Investments and Securities Bill 2024.

The Investments and Securities Bill, meant to repeal the Securities and Exchange Commission (SEC) Act, was passed on the floor of the Senate Wednesday.

During the consideration of the report on the Bill from the committee on Capital Market, Senate Chief Whip, Tahir Monguno stated that it will protect investors and eliminate fraudulent dealings in the capital market.

Speaking on the bill, Chairman of the Senate Committee on Capital Market, Senator Osita Izunaso said the bill sought to repeal the Investments and Securities Act, of 2007 and enact the Investments and Securities Act, 2024 stating that the ISB is capable of transforming the capital market, encourage the influx of foreign investors as well as boost investors’ confidence, among others.

Izunaso said: “The Bill seeks to repeal the existing Investments and Securities Act 2007, and to establish a new market infrastructure and wide-ranging system of regulation of investments and securities businesses in Nigeria especially in the areas of derivatives, systematic risk management, financial market infrastructure and Ponzi scheme and platforms.

He said: “It was meant to establish the Securities and Exchange Commission as the apex regulatory authority for the Nigerian Capital Market. It will be a regulation of the Market to ensure capital formation, the protection of investors, maintenance of fair, efficient and transparent market, and reduction of systemic risk.”

Izunaso further said the main objective of the bill was to enact legislation that aligned with global dynamics as they relate to the regulation of capital market through the provision of an innovative regulatory framework.

“It will protect the integrity of the security market against all forms of market abuse and insider dealing. It will prevent unauthorised, illegal, unlawful, fraudulent and unfair trade practices, relating to securities and investments.”

He said that the overriding purpose of the proposed legislation was to strengthen the capacity of the Commission for the effective performance of its statutory mandate as well as reposition that vital sector of the economy for national economic transformation.

While announcing the passage of the Bill, President of the Senate, Godswill Akpabio said a lot of people would be happy to infuse funds into the capital market when they know a lot of the risk has been minimised.

He thereafter declared the bill passed.

Speaking recently, Director General of the SEC Dr. Emomotimi Agama said the Bill is pushing for harsher penalties on Ponzi scheme operators through the proposed Investments and Securities Bill (ISB) 2024, which mandates a minimum fine of N20 million or up to 10 years in prison, or both.

Agama explained that the bill explicitly prohibits Ponzi and pyramid schemes, fortifying protections for investors against illegal fund managers adding that it aims to shield Nigerian investors from fraudulent schemes and enhance the capital market’s global competitiveness.

A notable amendment in the Bill would allow the Investor Protection Fund (IPF), established by securities exchanges, to cover investor losses linked to the deregistration of brokerage firms, extending beyond the current coverage of bankruptcy or negligence cases.

Agama also noted the need for updates to the existing ISB 2007 to reduce ambiguities and align Nigeria’s capital market regulations with international standards.

“This bill’s passage would be pivotal in setting Nigeria on the path to a world-class capital market,” he stated, underscoring the role of a robust capital market in economic diversification.

The ISB 2024 also introduces regulatory frameworks for Commodity Exchanges and Warehouse Receipts, essential steps for developing Nigeria’s commodities sector.

Zenith Bank Expands Global Footprints with Inauguration of Paris Branch

0

L-R: Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy; Alhaji Aliko Dangote, President, Dangote Group; Dr. Adaora Umeoji, Group Managing Director, Zenith Bank Plc; Bertrand Dumont, Director General of the Treasury, France; Dr. Jim Ovia, Founder of Zenith Bank Plc at the commissioning of Zenith Bank (UK) Paris Branch.

Zenith Bank Plc has expanded its global footprints with the recent commissioning of Zenith Bank (UK), Paris Branch. The official commissioning, which took place on Wednesday, November 27, 2024 at 21 Rue de la paix, Paris, France was performed by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

The opening of Zenith Bank, Paris, a Third-Country Branch (TCB) of Zenith Bank (UK) Limited, a subsidiary of Zenith Bank Plc, represents a key milestone in the bank’s global growth strategy and underscores its commitment to serving clients in the European region.

Dignitaries at the event include Governor, Kwara State and Chairman, Nigeria Governors’ Forum (NGF), His Excellency, AbdulRahman AbdulRazaq; Governor, Lagos State, His Excellency, Mr. Babajide Sanwo-olu; Governor, Ogun State, His Excellency, Adedapo Abiodun; Governor, Enugu State, His Excellency, Dr. Peter Mbah; Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; President, Dangote Group, Alhaji Aliko Dangote; Chairman, BUA Group, Abdul Samad Rabiu; Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite; Chief Executive Officer/Executive Secretary, Nigerian Investment Promotion Commission (NIPC), Aisha Rimi and Executive Director/Chief Executive Officer, Nigerian Export Promotion Council (NEPC), Nonye Ayeni, who joined Zenith Bank Executives in celebrating this significant milestone. The event highlighted the bank’s commitment to delivering exceptional financial solutions and fostering economic growth across the globe.

In her welcome address, the Group Managing Director/Chief Executive of Zenith Bank, Dame (Dr.) Adaora Umeoji, thanked the Founder and Chairman of Zenith Bank Plc, Dr. Jim Ovia, for his inspiration and vision in setting up an award-winning and record-breaking brand.

Umeoji who highlighted the rationale for the bank’s strategic move to Paris, said: “The opening of this Paris branch is part of the broad strategy of the Bank to extend its footprints across the major global financial centres and our efforts at following our customers’ businesses. Paris branch opening underpins the need to serve our customers and bolster trade and finance relationship between our customers in France and other countries”. She added that: “Zenith Bank’s expansion into France is a very strategic move as Nigeria accounts for 20% of France’s trade with Sub-saharan Africa according to the Franco-Nigeria Chamber of Commerce and Industry (FNCCI). Having successfully dominated large parts of Anglophone Africa, we will leverage Zenith Bank Paris operations to lead the Francophone market starting from Ivory Coast and Cameroun where we will be establishing subsidiaries very soon. This will facilitate business and trade flows between the African region and France, which is a major business partner to several African countries.”

Speaking at the event, Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said, “I feel that one of the dividends of building trust for Nigerian institutions around the world is this event today – the opening of Zenith Bank in Paris. The presence of Zenith here can only but help to engender trust of the French business community. They can learn about the opportunities in Africa, and of course, the entry into Nigeria can be facilitated. We are happy and we are glad that we are all here to participate in this historic occasion.”

President and Chief Executive of Dangote Group, Alhaji Aliko Dangote, congratulated the bank for the milestone achievement. Expressing his optimism for this strategic initiative, he said, “I really want to congratulate Zenith Bank for achieving this feat by opening a branch here in Paris. I can guarantee you, without the likes of Zenith Bank and other Nigerian banks, we as a group, wouldn’t have been where we are today because there is no country that can grow without a very strong banking sector.”

Director General of the Treasury, France, Bertrand Dumont, commented: “This is a crucial asset when it comes to doing business between our two countries, or when it comes to doing business between our two continents. So, I would like to wish you the best in this endeavour, in this creation, and I hope that in the coming months or the coming year, you will invite me again for the integration of larger buildings as a sign of the success that you would have encountered.”

The Chairman, France-Nigeria Business Council (FNBC), Mr. Aigboje Aig-Imoukhuede, in his remark said, “15 years ago, Dr. Jim Ovia, then as the CEO of Zenith Bank welcomed me as CEO Access Bank into the UK to join him and other banks that had blazed the trail in opening banking businesses in the UK. Fifteen years later, to the glory of God, your young brother in banking welcomes you to Paris with pride on the significance of this occasion. Such intentional leadership, such partnership and collaboration speaks to the nature of endeavour that we at the France-Nigeria Business Council are trying to drive. So, on behalf of the French people, I simply say to Zenith Bonne Arrivee!”

The opening of Zenith Bank, Paris followed the granting of the final approval by France’s banking regulator, the Autorité de Contrôle Prudentiel et de Résolution (ACPR), in September 2024, allowing the branch to commence operations.

Earlier in November 2023, Zenith Bank strengthened ties with France by signing a Memorandum of Understanding (MoU) with the French Government to establish a subsidiary in France.

The MoU was signed in Lagos by the Founder and Chairman of Zenith Bank Plc, Dr. Jim Ovia, and the French Minister for Trade, Attractiveness and French Nationals Abroad, Mr. Olivier Becht during the French envoy’s visit to Nigeria.

Zenith Bank, Paris is positioned as a global financial hub for strengthening trade, accelerating trade flows and facilitating connectivity between Europe and Africa.

The branch will provide a wide range of services currently being offered by the UK home-office including corporate banking, trade finance and treasury services to individuals and corporate clients in France and the wider European market.

The branch will also leverage the bank’s strong global network and expertise to provide tailored solutions to its clients.