Lagos-Calabar Coastal Highway: A Catalyst for Nigeria’s Blue Economy

25/11/2024

By Moses Braimah

The Lagos-Calabar Coastal Highway represents an economic game-changer for Nigeria, particularly in amplifying its blue economy—an economic model focused on sustainable use of ocean resources.

This 700-kilometer infrastructure project promises to unlock untapped potentials in maritime trade, tourism, fisheries, and other coastal industries, collectively contributing billions to Nigeria’s GDP.

Let’s look at the Maritime Trade which is capable of unlocking new potential.

With Nigeria’s ports currently handling over 100 million metric tons of cargo annually, the Lagos-Calabar Coastal Highway is poised to increase efficiency and capacity.

By reducing transport costs and improving connectivity between ports such as Lagos, Delta, and Rivers, the highway could boost trade revenues by up to $5 billion annually. Investments in modern port infrastructure and logistics hubs—estimated at $2 billion—are critical to maximize this potential.

As for tourism which is a coastal goldmine, Nigeria’s coastal regions have immense tourism potential, with attractions ranging from Calabar’s carnivals to Akwa Ibom’s pristine beaches. Improved accessibility via the highway is projected to increase tourist inflows by 30-40% over the next decade.

This growth could add $3 billion annually to the GDP through hospitality, cultural tourism, and eco-tourism ventures. Strategic investments of $1 billion in resorts, transportation, and marketing will be necessary to develop and sustain these attractions.

When it comes to fisheries and marine resources, the Nigerian fishing industry contributed approximately 1.16% in 2021 and 0.47% in 2022 to Nigeria GDP annually.

Therefore, enhanced road networks connecting fishing communities to urban markets could increase this by 20-30%, generating an additional $300 million annually. Investments of around $500 million in aquaculture facilities, cold storage, and fish processing plants will be essential to support this growth sustainably.

With the current high level of unemployment in Nigeria, the Lagos-Calabar Coastal Highway is expected to create jobs across different sectors. Over 50,000 jobs during its construction phase and an additional 100,000 permanent jobs across sectors like logistics, tourism, and fisheries. This employment surge could inject an estimated $2 billion into the economy annually through wages and related spending.

So, what are the investment needed for sustainability? To fully realize the highway’s potential, Nigeria will require investments in several key areas:

Infrastructure: $2 billion for port upgrades and logistics hubs.
Tourism Development: $1 billion for resorts, cultural centers, and marketing campaigns.
Marine Economy: $500 million for aquaculture and fish processing facilities.
Logistics: $1 billion for cold chains, warehouses, and transport solutions.

In all these, what are the economic size and impact? Collectively, the Lagos-Calabar Coastal Highway is projected to contribute an additional $10-12 billion annually to Nigeria’s GDP within its first decade of operation.

This significant boost will be driven by increased trade efficiency, enhanced tourism, and expanded fisheries operations, positioning Nigeria as a major player in the global blue economy.

By aligning with sustainable practices and focusing on high-impact investments, the Lagos-Calabar Coastal Highway can serve as a blueprint for leveraging infrastructure to drive economic growth, create jobs, and ensure long-term environmental stewardship.

In total, the Highway represents an infrastructure investment with the potential to inject over $6 billion annually into Nigeria’s economy while positioning the country as a regional leader in the blue economy. With the right mix of public-private partnerships and targeted investments, this project can drive Nigeria’s economic transformation for decades to come.

This project is not just a road; it’s a potential investment in Nigeria’s future prosperity.

– Braimah is an Executive Project Director at PacificMessages.

Sterling, Aké Festival, Transform Lagos into Dazzling Fusion of Culture, Art, Magic

Business Journal

25/11/2024

L-R Mazeedah Olutosin, Submissions Editor at Ouida Books; Maurice Igugu, Chief Marketing Officer at Sterling Bank; Lola Shoneyin, Founder, Book Buzz Foundation and Director, Aké Arts and Book Festival; Tobechukwu Anyachebelu, Administrative Manager at Book Buzz Foundation; Anjola Ayodeji, Bookstore Officer at Ouida Books during the opening of Ake Arts & Books Festival held in Lagos on Thursday.

The Aké Arts and Books Festival has kicked off with a bang, bringing together literature lovers, artists, and creatives from across Africa and beyond.

At the heart of this vibrant celebration is Sterling Bank, which has served as a dedicated headline sponsor for eight consecutive years, playing a key role in elevating Africa’s creativity and culture to global prominence.

Opening the festival, Lola Shoneyin, the dynamic and visionary director of Aké, captivated the audience with her reflections on the theme, “Finding Freedom.” Shoneyin addressed pressing global issues with a sense of urgency and candor.

“I’ve seen too many structures fail us—systems that were supposed to keep us curious and informed have crumbled, leaving people dehumanised and hopeless,” Shoneyin said. “But here, at Aké Festival, we don’t shy away from those hard truths. We embrace them, knowing our stories hold the power to heal, to inspire, and yes, to set us free.”

Her words resonated deeply with the crowd. “Freedom may feel harder to grasp these days, but through creativity—through art, literature, and music—we can spark hope and reimagine what’s possible,” she added, drawing a wave of applause that set the tone for an event brimming with promise and inspiration.

The festival buzzes with activity, offering a diverse lineup that includes book chats, panel discussions, poetry, music, and film screenings. Each event is thoughtfully designed to provoke reflection and foster connection, creating a space where attendees can celebrate the richness of Africa’s storytelling.

In a recent press briefing, Sterling Bank’s Chief Marketing Officer, Maurice Igugu, spoke about why the bank remains deeply involved with Aké. “Platforms like Aké are essential for fostering creativity and preserving culture,” Igugu explained. “It’s more than just an event—it’s a celebration of who we are and what makes us unique. It showcases the richness of African heritage and amplifies our voices on a global stage.”

He also emphasised Sterling’s role in supporting the arts. “When we invest in initiatives like Aké, we’re not just funding a festival; we’re supporting a movement that nurtures creativity and encourages intellectual and cultural growth,” Igugu said.

Sterling’s contributions have ensured that Aké remains a space where ideas thrive, and stories travel far beyond Africa’s borders. While Shoneyin’s leadership has shaped the festival’s soul, Sterling’s support has provided the foundation for it to flourish.

As the festival unfolds, its vibrant energy is a testament to the power of collaboration between visionaries like Shoneyin and supporters like Sterling Bank. Together, they are showcasing Africa’s creativity and paving the way for its future.

Access Bank Denies Allegation of Missing N500m

Business Journal

24/11/2024

Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank Plc.

First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously.

Second, Access Bank Plc does not engage in or condone any unethical behaviour. In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.

There is no N500 million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us. We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.

Access Bank Plc operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.

Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.

We remain committed to serving our customers.

Thank you.

Management

NGX Welcomes Haldane McCall to the Exchange

Business Journal

24/11/2024

It is my great pleasure to welcome the Board and Management of Haldane McCall Plc to the Trading Floor of Nigerian Exchange Group.

Let me state from the onset that I am wearing two hats today; that of the Group Chairman of NGX Group Plc and also that of the Managing Director/CEO of Finmal Finance Services Limited which is the Stockbroker that is introducing the new company to our market.

As Chairman of NGX Group, it is always heart-warming to welcome new companies into the market. Listings deepen our market and offer the investing public a diversified portfolio of companies and securities to trade on.

The opportunity to list also benefits the companies by giving them greater visibility and access to bigger pools of capital. The fact that companies have to go through a thorough vetting process that checks their corporate governance practices and financial statements also improves the companies that choose to list on our Exchange and makes them more competitive.

It is of course not a step to be taken lightly and as stockbroker to this company, I can confidently say that the Board and management of Haldane McCall Plc are serious and business minded. Haldane McCall Plc is a company making great strides in the real estate and hospitality sectors in Nigeria and West Africa.

While guiding them through the registration of their shares at the Securities and Exchange Commission and the application for listing process at NGX, they have always demonstrated a commitment to transparency, best practices and incremental value in their business.

I have no doubt that they will continue on this path and provide value for existing shareholders and the new investors that will come on board with today’s listing.

It is therefore my pleasure to welcome Haldane McCall Plc to the main board of the Nigerian Exchange.

Thank you.

Alh (Dr) Umaru Kwairanga

Chairman

NGX Group PLC

Realnews Seeks Integration of Africa into Global Economy for Socio-economic Growth

Business Journal

24/11/2024

The Editor and Publisher of Realnews Magazine, Maureen Chigbo, has called for integration of Africa into the global economy in order for the region to enjoy unbridled influence of technology for the socio-economic well-being of “our people.”

Delivering her welcome address at the 12th Annual Lecture and Realnews Magazine, Chigbo said that Realnews magazine picked ‘Africa in World Shifting Geopolitics: Matters Arising on Democracy, Technology, Artificial Intelligence, Natural Resources’ “because we are concerned about how Africa could be integrated into the global economy amidst the move towards authoritarianism, protectionism, nationalism, and the unbridled influence of technology on the socioeconomic well-being of our people.”

Posing the questions “Is Africa an Island, a mega-island? What are the continent’s strengths that can be leveraged to integrate it into the global economy for the benefit of its people?

She stated that “these questions plague our minds in Realnews and lead to earnest searches for the best minds to deal with the theme.”

According to her, Realnews narrowed down on our Guest Lecturer today because of his pedigree. I do not doubt that he and the Keynoter will do justice to the topic of this lecture and that the panel of discussants with relevant expertise, knowledge, and experience were carefully selected to illuminate the topic further.

Chigbo therefore appealed to her journalist colleagues to ensure that the message from the lecture is heard in Africa and beyond and assured that Realnews will ensure that “we do our part by giving the widest publicity to this important lecture and the discussions.”

“We are convinced that journalism as the Fourth Estate of the Realm can contribute to building a free, fair, and just society where fundamental human rights are respected and where citizens enjoy the freedom to pursue their interests without let or hindrance. Our motto at Realnews is: “For God and Humanity,” she said.

She disclosed that in the past 12 years, Realnews has kept faith with its Vision and Mission statements.

“We have investigated and published exclusive stories that cover all sectors of our focus, including politics, oil and gas, business and economy, women, youth and environment, etc. We can proudly say that we have done and continue to do our job with the highest sense of responsibility.

“However, the modest success we have recorded at Realnews has come with its share of challenges, especially in fashioning creative ways to sustain our publication in a difficult economic environment with dwindling prospects for advertisement,” she said.

She invited everyone the guests, especially “those who are not already on our mailing list to visit our website and subscribe to our e-newsletter to enjoy investigative reports on topical development issues rendered in professional style.”

“Realnews Magazine is free but without your support, from the public or private sector alike, and civil society, it will not survive! The support can be in the form of advertisements, special supplements, and special features on you company/organization for publication on our website. We also welcome capacity- building programmes for our staff to serve our clients better.

“Realnews is also into media consultancy; writing books and biographies, and image surveys for companies. Over the years, the books we have published include Federal Road Safety Commission in the Eyes of the Media Volume 1 – 4; Pathways to Political and Economic Development of Africa, and Paragon of Journalism Volume 1 and 2. We are working on several manuscripts and require sponsors for their publication,” she added.

CIPN President, Umaru Kwairanga, Inducts New Pension Experts in Lagos

Business Journal

24/11/2024

NASENI Holds Retreat to Align Goals of its Development Institutes

Business Journal

22/11/2024

In order to achieve greater cohesion amongst its Development Institutes and also sustain their proper alignment with the goals and vision of the National Agency for Science and Engineering Infrastructure, NASENI, the Agency is holding a two-day strategic retreat for Overseeing Officers who are managing the institutes. Participants at the retreat also include Project Managers, Coordinating Directors and some Directors from NASENI headquarters.

The event, held in Abuja, is expected to strengthen leadership skills to achieve strategic alignment of the various Development Institutes’ goals with the overarching vision of NASENI, ensure collaborative synergies with the headquarters to streamline efforts, maximise resource utilisation and enhance decision making capabilities.

It will also shift the focus of research and development (R&D) efforts towards solutions that are market-ready, innovative and capable of generating sustainable economic values.

In his welcome address at the opening ceremony, the Executive Vice Chairman/Chief Executive Officer of NASENI, Mr. Khalil Suleiman Halilu, stated that the retreat was not merely about planning, but about creating the blueprint for action, adding that each of the participants hold a unique and pivotal role in translating the vision of NASENI into reality.

“The conversations, strategies, and commitments forged here will determine how effectively we position NASENI to lead Nigeria into a future defined by innovation, self-reliance, and technological advancement, instill a shared commitment to excellence by adopting global best practices in innovation management”, he stressed.

He pointed out that recent assessments have shed light on the need for greater cohesion between the goals of the Development Institutes and NASENI’s renewed vision, highlighting that the retreat was a critical step in the Agency’s transformative journey-a journey anchored in the guiding principles of Creation, Collaboration, and Commercialisation (3Cs).

He added that the principles encapsulate the essence of what NASENI stands for: creating cutting-edge solutions that are commercially viable and impacting directly on the lives of Nigerians who sit at the core of the renewed hope agenda of the President. “Today, we gather not just to deliberate but to lay the groundwork for a stronger, more unified NASENI-one that is poised to drive Nigeria’s technological aspirations to unprecedented heights.

“As an institution saddled with the responsibility of indigenous technology advancement, NASENI has always been a beacon of innovation, a catalyst for progress, and a key driver of sector-specific solutions. Across our specialised Development Institutes, I see clearly that remarkable work has been done to push the frontiers of research, foster innovation, and develop solutions that address national and industrial challenges. Yet, we recognise that to stay true to our mission in this rapidly evolving world, we must continuously adapt, align, and refocus our efforts”, he affirmed.

The EVC/CEO, therefore urged the top management staff to engage fully, think boldly, and collaborate purposefully.

“This is our moment to redefine our collective impact and to reaffirm our dedication to a vision that transcends individual institutes to unite us under the banner of progress for our nation. Together, we can and will achieve extraordinary outcomes. Let us move forward with clarity, resolve, and to demonstrate an unyielding commitment to excellence that defines NASENI,” he concluded.

Roland Okoro Unveils AM JOURNAL at WAICA Confab in Accra, Ghana

Business Journal

22/11/2024

From Left: Eddie Efekoha, Past President of WAICA; Roland Okoro, Publisher, AM JOURNAL; Samson Akligoh, Director, Financial Sector Division, Ministry of Finance, Ghana; Ms Carolyn Tetteh, Personal Assistant to Samson Akligoh; Kofi Andoh, Acting Commissioner of Insurance, Ghana; Monica Amissah, Acting Managing Director, Ghana Reinsurance; Bubarkar Jarju, WAICA President and Seth Aklasi, President, Ghana Insurers Association @ the unveiling of AM JOURNAL during the 2024 WAICA Education Conference in Accra, Ghana.

Fidelity Bank Earmarks N159m for Customers in GAIM 6 Promo

Business Journal

22/11/2024

L – R: Mr. Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc; Mrs. Aboluwade Margaret, Zonal Coordinator, Federal Competition and Consumer Protection Council; Dr. Ken Opara, Promo Committee Chairman and Executive Director, Lagos and South West, Fidelity Bank Plc; Mrs. Oghenero Ugoji, Director, National Lottery Regulatory Commission, Lagos Zonal Office; Mr. Tanko Olaseni Mohammed, Head, Monitoring Inspection & Enforcement, Lagos State Lottery and Gaming Authority; and Ms. Damilola Oshinowo, Legal Officer, Lagos State Lottery and Gaming Authority: at the launch of the Fidelity Bank Get Alert in Millions Season 6 (GAIM 6) promo in Lagos recently.

Fidelity Bank Plc has announced that it will be giving out N159 million to lucky customers in its recently launched Get Alerts in Millions Season 6, (GAIM 6) promo.

Speaking at the press conference to kick off the promo at the bank’s Lagos head office, Executive Director, Lagos & South-West, Fidelity Bank Plc and the Promo Committee Chairman, Dr Ken Opara, said that the aim of the promo was to build a culture of financial discipline and enable the bank’s customers improve their standard of living, achieve their goals, and secure a brighter future for themselves and their families.

He said: “Over the years, we’ve seen firsthand how GAIM has transformed lives by helping customers pay off debts, fund their children’s education, start-up businesses, and invest in projects. These stories of the transformative power of GAIM in the lives of our customers, motivated us to raise the stakes with each new season, and I am excited to share that GAIM 6 will feature an even larger prize pool with over N159 million in cash prizes.

“As a Bank, we remain committed to ensuring this season is bigger and better than ever. In the coming months, we will provide additional updates through roadshows and community outreaches, and we encourage you to join us in spreading the word and inviting your friends and family to be a part of this initiative.

“While GAIM provides an opportunity to win numerous cash prizes, it is important to state that GAIM is not just about winning prizes. It’s about changing the financial fortunes of our customers, strengthening communities and contributing to the country’s economic growth. The financial advisory services we offer to our winners are an essential part of providing key insights that help our winners preserve and grow their earnings in a sustainable manner.”

To participate in the promo, Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc said, “The customer needs to have a savings account with Fidelity Bank, and make sure that from today, that you’re putting money in that account. And once your balance is increasing, every N5000 you put in, you qualify for the basic rewards, the ones that happen quarterly, the N10,000. But for the N1 million rewards, you need to have at least a minimum of 10,000 naira. Every 10,000 Naira in your account gives you a ticket. With that ticket, you stand a chance of winning N1 million naira every month. We have 10 winners emerging every month with N1 million naira each. So, for the period of nine months, that’s 90 customers getting N1 million naira each.”

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

The bank has won multiple local and international awards including the Export Financing Bank of the Year and Excellence in Digital Transformation & MSME Banking at the 2024 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.

NAICOM: ‘Insurance Sector Facing Challenge of Corporate Governance, Low Compliance Culture’

Business Journal

22/11/2024

REMARKS BY THE COMMISSIONER FOR INSURANCE, MR. OLUSEGUN AYO OMOSEHIN, AT THE 2024 INSURANCE DIRECTORS’ CONFERENCE HELD AT RADISSON BLU HOTEL, IKEJA, LAGOS STATE ON NOVEMBER 20, 2024.

Protocol:

I am most honoured to address this gathering of Pillars of our industry and warmly welcome you to the 2024 Insurance Directors’ Conference.

This gathering is always very crucial in setting the agenda for the insurance industry where strategic leadership issues in the sector would be discussed, focusing on navigating complexities and ensuring sustainability.

The theme for this year’s conference “Board Performance in the Nigerian Insurance Industry: A GRC Approach” focusing on the performance of the Board and the critical role of Governance, Risk and Compliance principles, could not have come at a better time.

In today’s global business landscape, integrating GRC at the Board level is vital for business success and sustainability. It is no longer optional, but an essential ingredient for enhancing decision-making, transparency, accountability and risk management. Effective GRC ensures that Boards have the necessary tools to make informed decisions, identify potential risks, and maintain the highest standards of compliance.

My duty this morning is to give an opening remark since the organisers have assembled experts to explicitly take us through the topics.

However, as a regulator, we believe that one of the key challenges that the insurance industry is currently grappling with is the issue of subpar corporate governance practices, poor risk management and a very low compliance culture. To overcome these challenges, the Board as the highest policy making organ for the various institutions must demonstrate genuine commitment and strict adherence to Governance, Risk, and Compliance principles. If carefully implemented this will improve decision-making, increase transparency and accountability, and ultimately improve regulatory compliance.

Distinguished Ladies and gentlemen, on our part, the National Insurance Commission (NAICOM) is committed to aligning the insurance sector with the President’s goal of growing the Nigerian economy to USD$1 trillion by 2030, and achieve this, the commission is committed to creating the necessary regulatory framework required to achieve meaningful contribution from the insurance sector. De-risking a trillion-dollar economy takes more than mere rhetorics.

To this end, we are fully committed to working with the National Assembly in delivering the required legal and regulatory framework which would flow from the successful passage of the 2024 Insurance Reform Bill. Also, as part of our strategic plan, the commission has set 5 key priorities that will deliver on this agenda:

safeguard policyholders and improve confidence in the insurance industry
Strengthen our supervisory capabilities
Improve safety and soundness of our institutions
Foster Innovation and sustainability of the insurance industry
Enhance overall insurance accessibility and penetration in Nigeria

Unifying our efforts to embed these critical pillars across all stakeholders’ strategies will ultimately redefine the industry’s landscape and chart a clear path to success. At this critical point, I want to emphasis the importance of addressing certain critical areas that are pivotal to the insurance sector’s expansion and safeguarding policyholders’ interests.

The Commission’s primary focus is on ensuring timely payment of genuine claims (payment of claims and timely too). We expect all insurers to significantly reduce their outstanding claims by the end of the year, as emphasized during the last Insurers Committee meeting. Unnecessary delays in the settlement of genuine claims will no longer be tolerated.

As a Commission, we are committed to strictly enforcing the law and taking swift action against any insurer failing to meet their claim obligations. Simply put, if a company cannot honor legitimate claims, it has no place in our industry.

The financial stability and soundness of our institutions are now more vital than ever. To remain relevant and competitive, our institutions must comply with all the relevant prudential regulations and requirements. We must begin to prepare our various entities well ahead of the Risk-Based Capital regime, so ensuring adequate capitalisation is no longer optional. We must prioritise robust capitalization to effectively tap into target markets and navigate current industry realities. The Commission, in the last one and half years have successfully examined a few of our institutions using the Risk Based Supervision Approach, even though the exercise has not been fully completed.

However, we are using this medium to seek your cooperation as Directors of those institutions and demand compliance on issues that have been raised and directed to the various Boards, for attention.

In conclusion, distinguished directors, I urge you all as policymakers across our institutions to develop and implement policies that promotes adherence to good governance, effective risk management and compliance principles.

Our goal is to ensure sustainability, securing the long-term viability and future resilience of insurance entities. We all have a stake in the prosperity of our institutions since insurance sector’s growth is essential to the overall health and resilience of our national economy. I wish you a successful Conference.

NAICOM, NEM, NIA, Linkage, STI, Leadway, NCDMB, Veritas, Stanbic IBTC Insurance, Others for Business Journal Annual Lecture 2024

Business Journal

21/11/2024

A long list of blue-chip corporate organisations in the public sector and the Organised Private Sector (OPS) have pitched tent with the Business Journal Annual Lecture 2024 coming up on Tuesday, November 26, 2024 at the Event Centre, Nigerian Exchange Group (NGX) Building, 2-4, Customs Street, Marina, Lagos. Time is 10.00am prompt!

The theme of the Lecture is: Repositioning the Insurance Industry to Drive Sustainable Economic Growth in Nigeria.

Mr. Olusegun Ayo Omosehin, the Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) would be the Special Guest of Honour while Mr. Tope Smart, Group Chairman, NEM Insurance Group would Chair the event.

Mr. Kunle Ahmed, Chairman, Nigerian Insurers Association (NIA) is the Guest of Honour while Mr. Akinjide Orimolade, Managing Director/CEO, Stanbic IBTC Insurance Limited would be the Keynote Speaker.

The Guest Speakers include Lolo Idu Okeahialam, Former Managing Director/CEO, Access Pension Fund Custodian Limited; Dr. Adaobi Nwakuche, Managing Director/CEO, Veritas Kapital Assurance Plc; Engr. Felix Ogbe, Executive Secretary, Nigerian Content Development & Monitoring Board (NCDMB) and Ms. Adetola Adegbayi, Founder/Chief Executive Technician, Mutual Specialists.

The organisations that have expressed support so far for the Business Journal Annual Lecture 2024 include:

National Insurance Commission (NAICOM)
NEM Insurance Group
Linkage Assurance Plc
Nigerian Agricultural Insurance Corporation (NAIC)
Sovereign Trust Insurance Plc
NLNG (Nigeria LNG)
Veritas Kapital Assurance Plc
Stanbic IBTC Insurance Limited
Leadway Assurance Company Limited
Nigerian Exchange Group (NGX)
Nigerian Content Development & Monitoring Board (NCDMB)
KBL Insurance Limited
Guinea Insurance Plc
Hilal Takaful Nigeria Limited
Nigerian Insurers Association (NIA)

Commenting, the Publisher/Editor-in-Chief of Business Journal Media Group, Prince Cookey said:

“The long list of corporate partners for the Business Journal Annual Lecture 2024 is indeed a vote of confidence on the Business Journal Media Brand and the timely importance of the lecture theme: Repositioning the Insurance Industry to Drive Sustainable Economic Growth in Nigeria. Our 2024 Annual Lecture is designed to draw critical attention to the expanding role and contribution of the insurance industry towards sustainable growth of the Nigerian economy. The second leg is equally to consider the industry’s impact on various key sectors of the economy. We look forward to other corporate bodies to identify with the event to drive home the theme of the lecture.”

Cookey listed the objectives of the annual lecture to include showcasing contributions of the insurance sector in the past 10 years, evaluate the current state of the market, evaluate the current challenges hindering its further growth, evaluate the impact of insurance on key sectors of the economy, identify the emerging growth potential and opportunities and to project the future of the industry in the coming 10 years.

The Business Journal Publisher explained that the Business Journal Annual Lecture Series is the contribution of the Media Group to nation-building and critical support for the growth of the Nigerian economy.

NNPC’s Utapate Crude Grade Hits Global Oil Market, OML 13 Eyes 80,000 bpd by 2025

Business Journal

21/11/2024

Managing Director, NNPC E & P Limited (NEPL), Mr. Nicholas Foucart speaks at the official unveiling of the Utapate crude oil blend during the Utapate Crude Roadshow held on the sidelines of the 2024 Argus European Crude Conference in London, United Kingdom, on Wednesday.

In a major boost for Nigeria’s crude oil production, revenue generation and economic growth efforts, the NNPC Limited has officially unveiled its latest crude oil grade, the Utapate crude oil blend, before the international crude oil market.

It would be recalled that in July, 2024, NNPC and its partner, the Sterling Oil Exploration & Energy Production Company (SEEPCO) Limited introduced the Utapate crude oil blend, following the lifting of first cargo of 950,000 barrels which headed for Spain.

During a ceremony held at the Argus European Crude Conference taking place in London, United Kingdom, on Wednesday, the Managing Director, NNPC E & P Limited (NEPL), Mr. Nicholas Foucart described the introduction of the Utapate crude oil blend into the market as a significant milestone for Nigeria’s crude oil export to the global energy market.

“Since we started producing the Utapate Field in May 2024, we have rapidly ramped up production to 40,000 barrels per day (bpd) with minimum downtime. So far, we have exported five cargoes, largely to Spain and the East Coast of the United States; while two more additional cargoes have been secured for November and December 2024, representing a significant boost to Nigeria’s crude oil export to the global market,” Foucart told a packed audience of European crude oil marketers.

He added that since its introduction into the global market, the Utapate crude oil blend has enjoyed a positive response from the international crude oil market, due to its highly attractive qualities.

Foucart said the Oil Mining Lease (OML) 13, fully operated by NEPL and Natural Oilfield Services Limited (NOSL), a subsidiary of SEEPCO Limited, boasts a huge reserves of 330million barrels of crude oil reserves, 45 million barrels of condensate and 3.5 tcf of gas.

“We have a number of ongoing projects to increase our production from the current 40,000bopd to 50,000bopd by January 2025 and 60,000bopd to 65,000bopd by June 2025. Essentially, we are targeting opportunities to increase production to 80,000bopd by the end of 2025,” Foucart added.

He said the Utapate crude oil terminal is sustainable, affordable and fully compliant with the rigorous environmental regulations and sustainability principles especially those aimed at reducing carbon emissions and other ecological effects.

Also speaking, the Managing Director of NNPC Trading Limited (NTL), Mr. Lawal Sade said the pricing structure of the Utapate crude oil blend is similar to that of Amenam crude as it is a light sweet crude which is highly sought after by refiners across the world due to its low sulphur content, efficient yield of high-value products, API gravity and other similarities.

He said in bringing the new crude oil blend to the global market, NNPC wanted to optimise value for both its producers and counterparties across the globe.

He added to ensure predictability and sustainability of supply, the NNPC Trading intends to run a term contract on the Utapate crude oil blend cargoes, principally targeting off-takers from the European and the US East Coast refineries.

Produced from the Utapate field in OML 13 in Akwa Ibom State in Nigeria, the Utapate crude oil blend is similar to the Nembe crude oil grade. It has a low sulphur content of 0.0655% and low carbon footprint due to flare gas elimination, fitting perfectly into the required specification of major buyers in Europe.

The NNPC E&P Limited and NOSL partnership is also committed to operating in a manner that is safe, environmentally responsible, and beneficial to the local communities.

The Utapate field development plan, executed between 2013-2019 and approved in October, included converting wells and facilities from swamp/marine to land-based operations.

The plan involved a multi-rig drilling campaign for 40 wells and the development of significant infrastructure such as production facilities, storage tank, a subsea pipeline and an offshore loading platform to facilitate crude oil evacuation and loading.

The entry of the Utapate crude oil blend into the market is coming barely a year after NNPC announced the launch of Nembe crude oil, produced by the NNPC/Aiteo operated Oil Mining Lease (OML) 29 Joint Venture (JV).

This remarkable achievement signals the commitment of NNPC to increasing Nigeria’s crude oil production and growing its reserves through the development of new assets.

UNIDO, ILO, Others to Headline 5th Lagos Waste Forum

Business Journal

21/11/2024

Top government officials, Coca-Cola, the United Nations Industrial Development Organisation (UNIDO), the International Labour Organisation (ILO) and the European Union (EU) are set to grace the fifth Lagos Waste Forum.

This is contained in a statement signed by Amb. Obuesi Phillips, the President, Lagos Waste Forum on Wednesday in Lagos.

Phillips said the Forum slated for December 2- 3, 2024 would take place at Radisson Blu, Ikeja, Lagos State.

According to Phillips, the theme of the Forum is: “Unlocking Nigeria’s Green Potential: Waste Reduction, Recycling, and Circular Economy Pathways to Jobs, Business, and Sustainability.”

He said the forum would bring together stakeholders from government, corporate businesses, civil society, and the private sector to discuss innovative solutions to waste pollution and sustainable waste management practices.

Phillips said the event tagged the “Future of Waste Forum” would be declared open by Dr (Mrs) Ibijoke Sanwo-Olu, the Lagos State Governor’s wife.

He added that Mr. Tokunbo Wahab, the Lagos State Commissioner for Environment and Water Resources, would deliver the keynote address.

He said that Mr. Ola Oresanya, Ogun State Commissioner for Environment, would deliver the Forum’s lecture on “Waste Management in Nigeria: Challenges and Opportunities,” sharing best practices and lessons learned.

Phillips said the forum would also feature a panel discussion with experts from government, private sector and civil society; hosted by the EU, UNIDO and ILO.

He listed other personalities to expected at the occasion as Dr Muyiwa Gbadegesin, the Managing Director of Lagos Waste Management Authority, Dr Babatunde Ajayi, General Manager LASEPA and Prof. Lucian Chukwu, the Deputy Vice Chancellor UNILAG.

He added that Mrs. Nwamaka Onyemelukwe, Senior Director, Public Affairs, Communications and Sustainability at the Coca-Cola Company would grace the occasion.

“In addition, and leading up to the Forum, is the Lagos Waste Challenge that is presently ongoing across the State that aims to promote community involvement in waste management and reduction.

“The challenge is hosted in partnership with an International non-governmental organisation, Technoserve Nigeria, which encourages individuals, communities, and organisations to take action in reducing waste and promoting sustainable practices.

“Participants can share their experiences and tips on social media using the hashtag #LagosWasteChallenge,” Phillips said.

He said the forum is an initiative of the Statewide Waste and Environmental Education Foundation in collaboration with The Coca-Cola Company and the Ministry of Environment and Water Resources.

He said that the 2024 event promises to be exciting, focusing on leveraging the economic value chain of plastic waste to drive sustainable development.

Polaris Bank Champions Financial Literacy for Students in Commemoration of World Savings Day 2024

Business Journal

20/11/2024

Polaris Bank concluded its nationwide financial literacy initiative with an impactful session at the MD/CEO’s designated school, Government Day Secondary School, Pantami, Gombe State, marking the culmination of its activities to commemorate World Savings Day 2024.

This program, aimed at promoting a culture of saving and financial responsibility among young Nigerians, the Bank’s team reached out to schools across all the 36 states in Nigeria and the Federal Capital Territory (FCT).

The financial literacy program focused on equipping students with knowledge about savings and personal finance. The final session, held on November 14, 2024, featured interactive discussions and practical lessons designed to inspire the next generation to adopt prudent financial habits early in life.

Representing the MD/CEO, Group Head, North East, Aliyu Baba Adamu highlighted the significance of financial literacy in building a more informed and financially responsible society.

“Through this program, we aim to empower young Nigerians with the knowledge and skills needed to make sound financial decisions. Our commitment is to bridge the financial literacy gap and support Nigeria’s journey toward financial inclusion, economic growth and sustainability,” he said.

Speaking at the event, Mal. Muhammad Saje Daudu, Principal of Government Day Secondary School, praised Polaris Bank’s efforts, stating:

“This initiative has given our students invaluable insights into the importance of savings and financial discipline. We are deeply grateful to Polaris Bank for investing in the financial education of our youth and shaping their future positively.”

The initiative, which began on October 28, 2024, engaged thousands of students nationwide, emphasizing the role of education in driving financial inclusion.

The program reinforced Polaris Bank’s dedication to impactful social initiatives, particularly in empowering young Nigerians with the tools they need to navigate an ever-evolving financial landscape.

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.

WAICA: Heirs Insurance Sector Head Seeks AI Innovation to Drive Insurance Growth

Business Journal

20/11/2024

L-R Niyi Onifade, Sector Head, Heirs Insurance Group and Bubacaarr Jarju, President, West African Insurance Companies Association (WAICA)

Niyi Onifade, Sector Head of Heirs Insurance Group, Nigeria’s fastest-growing insurance group, has called for the adoption of Artificial Intelligence (AI) to revolutionise insurance in West Africa.

He delivered the keynote address and theme paper at the West African Insurance Companies Association Conference in Accra, Ghana, on November 18, 2024, highlighting the critical role Artificial Intelligence (AI) can play in shaping the future of the insurance sector in West Africa.

Held at Labadi Beach Hotel in Accra, the conference brought together industry leaders, policymakers, and tech innovators from across Africa to discuss the future of Insurance in West Africa.

In Onifade’s presentation, titled “Artificial Intelligence and the Future of Insurance in West Africa,” he emphasised the need for insurance companies to embrace AI to stay competitive and meet the demands of the modern consumer. He outlined how AI is revolutionising the insurance experience by automating processes such as claims management, enhancing risk assessments, and providing personalised customer service.

“AI is not just an innovation; it is the gateway to the next generation of insurance. In our sub-region, West Africa, the insurance penetration rate is much lower. AI offers an unprecedented opportunity to reach more customers, reduce operational costs, and enhance customer experience. The insurance consumer of today is more digital than before and will become much more digital in future. Our industry has to scale up on digitalisation to meet the needs of today and tomorrow,” he said.

Onifade further highlighted Heirs Insurance Group’s leadership in integrating technology, particularly AI-driven solutions, to enhance customer experiences, improve risk management, and drive financial inclusion. He emphasised the Group’s investment in digital platforms that streamline operations and expand access to underserved populations.

The 2024 Education Conference served as a crucial platform for dialogue on the future of insurance in the region.

Concluding his speech, he called on West African stakeholders to collaborate in adopting AI and developing supportive regulatory frameworks to foster innovation and protect consumer interests. He said: “We must act now to seize this moment and change the landscape of the insurance sector.”

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.

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