All Posts in "Month: August 2021"

CFI Speech at MSMEs sensitisation workshop in Lagos

WELCOME ADDRESS BY OLORUNDARE SUNDAY THOMAS, COMMISSIONER FOR INSURANCE/CEO, NATIONAL INSURANCE COMMISSION (NAICOM) AT THE SENSITIZATION WORKSHOP ON INSURANCE FOR MSMES AND STAKEHOLDERS ON AUGUST 5TH, 2021 AT THE LCCI, ALAUSA LAGOS

Protocol

I am delighted to welcome you to this workshop meant to educate and enlighten the Micro, Small and Medium Enterprises (MSMEs) on the benefits of insurance The importance of MSMEs to national development cannot be overstated. It is indeed the fulcrum of a nation’s growth and development.

MSMEs form the superstructure to stimulate mass enterprise growth and serve as a source of livelihood for the base of the pyramid population across all economies be it underdeveloped, emerging or frontier markets.

In Nigeria, all development interventions of the current administration have had components focused on enabling these MSMEs sprout and flourish but unfortunately, with little or no insurance content to deal with associated risks and ensure sustainability and guarding them against failure.

According to the National Bureau of Statistics, Micro, Small and Medium Enterprises (MSMEs) in Nigeria have contributed about 48% – on average – to the national Gross Domestic Product (GDP) in the last five years from a total of about 17.4 million enterprises (NBS 2019). They account for about 50% of industrial jobs and nearly 90% of activities in the manufacturing sector.

While some challenges still abound from infrastructure to funding, it is encouraging that the Federal Government through its deliberate policy of removing 100million Nigerians from poverty in the next ten years is taking on the challenges to build businesses and leverage them to create prosperity.
In addition to the efforts of the government at all levels, the spirit of entrepreneurship of Nigerians is driving creativity and productivity.

However, the concern is that whatever gain or progress made in this sector can be halted abruptly in the face of a natural or man-made disaster which can often prove daunting to surmount without any support. In particular, when MSMEs are affected by any mishap, the disruption produces not only direct business losses, but also indirect losses and economic ripple effects. The range of impact include job losses, debt overhang, and a relapse of households into extreme poverty.

While the risks that expose MSMEs to this type of vulnerability may not be within the scope of human control, what is within human reach is a deliberate risk management plan through Insurance. It gives you confidence to venture
Insurance is that product you buy when you think you do not need it because it may be too late to buy it when the need for it arises.
. Notwithstanding the importance of Insurance to lives and property, adoption and penetration have been low in Nigeria owing largely to a lot of challenges principal of which may be the inadequate product offerings that meet the needs of the consumers including the MSMEs.

Consequently, the MicroInsurance and Takaful are two insurance offerings carefully designed for affordability and inclusiveness to bring Insurance within the reach of one of the nations most valued contributors to the economy-the MSMEs. This will support the sector for speedy recovery when unforeseen situations occur.

Thus, NAICOM have undertaken to educate and drive enrollment for these products through this sensitization workshop.

The workshop has so far made stops at three cities in Nigeria; Kano, Kaduna and Abuja pulling MSMEs from these cities and their environs. At all locations, we received overwhelming responses in terms of attendance, engagement and enrollment. The average attendance per location have been over 1000 MSMEs. However, due to the prevailing pandemic and the need to adhere to the protocols, the number allowed in the hall today is restricted to 300 MSMEs.

Lagos state is a key stop for us for obvious reasons; first, Lagos has been Nigeria’s nerve center of commerce, the State hosts the single largest number of, MSMEs in the country, put at 11.5% of total. (NBS 2019)
Secondly, and more important, the current and past administrations of this state have demonstrated a continuous commitment to sustaining MSME growth.

Specifically, the constellation of deliberate polices, special programmes and projects, in collaboration with various agencies to boost capacity, access credit, enable trade are all commendable. Some of the State efforts that readily comes to mind and which have been supportive to the Federal Government efforts are: i. The Lagos State MSMEs Exclusive Fairs
ii. The N220 billion Micro and Medium Enterprises Development Fund (MSMEDF) to cushion the impact of COVID 19,
iii. Other State intervention programs
All of these efforts represent to us both the will and action to engender MSME growth.
It is with these assurance that we have anticipated and prepared, that we shall record much more significant outcomes here with this workshop.

The level of vulnerability of MSMEs to extinction by likely disasters – both natural and man-made is very high; we all witnessed the destruction of life and property during the #EndSars protest which may have killed some MSMEs and driven some persons further down the poverty line. The good thing which is our message to you today is that insurance will provide you the shock-absorber to withstand any of these unforeseen calamities when they do occur and help your reinstatement in business.

The NAICOM is committed to our mandate of providing diligent oversight to the insurance sector towards ensuring prompt settlement of genuine claims when insured event occurs. I dare say that the MSMEs sector is too important to be neglected as it is key to economic development of the nation and thus, must be guided and protected against failure. The encouraging responses validate that the products meet a critical need also that the appetite for players in the MSMEs sector to succeed sustainably is high.

To ensure that you are properly guided, let me inform you that we have 59 insurance companies; 510 insurance brokers, 4 Microinsurance companies and 4 Takaful companies licensed by NAICOM to operate. Be free to approach any of them for an appropriate and adequate insurance policy that meet your needs.

In conclusion, we believe that the conversations today in addition, will provide insights for us to learn from, to adequately protect the MSMEs as policyholders, ensure a safe and sound Insurance sector, as well as encourage innovation and product development that meet the specific needs of the MSMEs.

Your Excellency, delegates, colleagues in the insurance sector, the press, distinguished ladies and gentlemen, I thank you all for finding time to attend this workshop and I hope you leave here better informed and enlighten on the numerous benefits inherent in the consumption of insurance products. Finally it is my believe that you will take the necessary steps to get yourself, properties and business adequately covered by reaching out to a broker or an insurance company for your insurance needs.
Thank you for listening.

Patoma Admin by — August 5, 2021 in Insurance 0
Violence in schools loses $11 trn lifetime earnings

By admin

Violence in and around schools severely impacts educational outcomes, and society pays a heavy price as a result, with an estimated $11 trillion in lost lifetime earnings, according to a new report by the World Bank

Preventing violence in and through school is therefore a prerequisite for girls and boys getting the education they need and deserve, and acquiring the skills, knowledge and values that provide the foundations for strong and inclusive societies.

While there is no doubt that education is transformative, simply going to school is not enough. Real learning, the process of receiving and distilling information, of thinking and creating and producing and socializing, is less likely to happen if a child is scared or traumatized.

This report demonstrates that violence in and around schools negatively impacts educational outcomes, and society pays a heavy price as a result (with an estimate of $11 trillion in lost lifetime earnings)..

Ending violence in and around school (VIAS) is essential to reap the benefits from education and ensure children’s well-being. Receiving an education of good quality is the right of every child, as enshrined in the Convention on the Rights of the Child.

Education plays a unique role in promoting respect for human rights, and contributing to safe and inclusive societies that do not condone the use of violence, but rather provide children with the skills they will need as adults to find peaceful solutions to conflicts.

VIAS is a threat to both schooling and learning, as well as to children’s well-being, health, and future earnings as adults. The World Health Organization (WHO) has defined violence as “the intentional use of physical force or power, threatened or actual, against a person or group that results in or has a high likelihood of resulting in injury, death, psychological harm, maldevelopment, or deprivation.” Violence is the result of an abusive use of force.

The harm can be actual or threatened. It can lead to injury or death, but also to trauma or other mental health symptoms. Violence is often multidimensional, as individuals are often subjected to multiple forms of violence and in multiple locations.

VIAS includes but is not limited to child victimization, physical and psychological exploitation, cyber victimization, bullying, fights, and sexual violence. It also includes violence by teachers such as corporal punishment, with potential negative impacts.

Overall, VIAS has major effects on children’s well-being and health, and through reduced attainment and achievement, it reduces earnings and productivity in adulthood.

Patoma Admin by — August 5, 2021 in Education 0
Faces at NAICOM, MSMEs sensitisation programme in Lagos

CAPTIONS

L – Deputy Commissioner for Insurance, Technical, Alhaji Saliu Bello Abubakar; Director General, Chartered Insurance Institute of Nigeria, Abimbola Tiamiyu; Commissioner for Finance In Lagos State, Dr Rabiu Olowo, representing Gov. Babajide Sanwo-Olu; Commissioner for Insurance, Mr Olorundare Sunday Thomas and Chairman, House Commitee on Insurance and Acturial matters, Darlington Nwokocha at the ongoing Sensitization workshop for MSMEs organized by the National Insurance Commission (NAICOM) in Lagos

L – in Native attire, Alhaji Adamu Balanti; Director of Corporate, Governance, Enforcement and Compliance, and other practitioners during the programme
  • R – Mr AbdulRasaaq Salami, Deputy Director of Corporate Communications of Naicom at the event
Patoma Admin by — August 5, 2021 in Insurance 0
Lagos-Calabar Coastal Rail Gets FECs’ $11.174bn Construction Approval

By admin

 

Federal Executive Council, FEC, has approved the award of two contracts to the tune of N6.2 billion and N2.31 billion, respectively, for the construction of two power substations in Jigawa and Akwa Ibom states.

The council approved the acquisition of 20 per cent minority stake by the Nigerian National Petroleum Corporation (NNPC), in Dangote Petroleum and petrochemical refinery in the sum of $2.76 billion. This was as hope for the restoration of the country’s four refineries in less than eight years from now was raised yesterday.

Minister of State for Petroleum Resources, Chief Timipre Sylva, disclosed these at the end of the monthly FEC meeting in Abuja. Sylva also announced the federal government’s approval of $1.484 billion for the rehabilitation of both Warri and Kaduna refineries.

However, the Nigerian National Petroleum Corporation (NNPC), failed to meet its gross revenue projections in the first six months of 2021, hitting a huge deficit of N1.106 trillion during the period.

Speaking to newsmen at the end of the weekly FEC meeting presided over by Vice President Yemi Osinbajo at the State House, Abuja, Minister of Information and Culture Lai Mohammed said the meeting approved the memo for the ratification of the president’s approval for the award of the contract for the Lagos-Calabar coastal standard-gauge railway.

The information minister said, “This is a very old project, which we inherited. Under the former administration, an approval was given, but nothing was done, but today, the council has given approval to commence the Lagos-Calabar coastal route.”

According to him, the rail project is important to the nation’s coastal economy, which is why $11.174 billion is earmarked for it with a completion period of six years.

His words: “This particular route is very important because after the Lagos-Kano route, this Lagos-Calabar coastal route, actually will link all the coastal cities in the country.

“The proposed route alignment is to go from Lagos to Shagamu, Shagamu to Ijebu-Ode, Ijebu-Ode to Ore, Ore to Benin City, Benin to Sapele, Sapele to Warri, Warri to Yenagoa, Yenagoa to Port Harcourt, Port Harcourt to Aba, Aba to Uyo, Uyo to Calabar, Calabar to Akamkpa to Ikom, to Obudu Ranch, with a branch line from Benin City to Asaba, Onitsha Bridge and then Port Harcourt to Onne Deep Seaport.”

The minister also stressed that the commitment of the present administration to expanding and consolidating on the rail projects across the country informed FEC’s approval of the funds for work to commence immediately on the Kano-Jibia rail and the Port Harcourt-Maiduguri route.

Speaking also, Minister of Power, Sale Mamman, disclosed that FEC approved two projects for his ministry, including the construction of 2 by 60 MVA 132 33 substation at Gagarawa, Jigawa State, in favour of Messrs Power Control and Appliances Limited in the sum of N154,212,396.05.

“The second one is the award of the contract for the engineering, procurement and construction of 2 by 30 MVA 132 33 substation at Ibiono Ibom, Akwa Ibom State in favour of Messrs YEMEC West Africa Limited in the sum of US$6.2 offshore plus N1.8 billion onshore,” he said.

On his part, the Minister of State for Education, Chukwuemeka Nwajiuba stated, “Today, the Federal Ministry of Education presented two memos. The first one dealt with ratification of convention Nigeria had already acceded to which seeks to regularise the recognition of certificates and diplomats all across Africa.”

The second memo, according to him, dealt with the award of contract for the building of two blocks of social science complexes at Adamawa State University in Mubi for a total sum of N1,103,000,000, which is a TETFUND allocation that emerged from 2017 through 2021.

Patoma Admin by — August 5, 2021 in Transportation 0
MTN takes $280m out of Nigeria

By admin

South Africa’s MTN Group has repatriated its last year’s dividend of around $280 million (R4.2 billion) from its local unit in Nigeria. The company reported the payout on Monday during the release of preliminary financial results for the six months to June 30, 2021.

The funds from Nigeria are part of approximately $650 million (R9.3 billion) in cash the pan-African telecoms giant returned from its subsidiaries.

The Johannesburg-based group had been struggling to get dividends out of its subsidiaries due to the challenges of securing foreign currency in Nigeria and some other markets where it operates.

As a result, MTN was forced to suspend dividend payout for the 2020 financial year. The company also cited other reasons for the suspension, such as the timing of proceeds from an ongoing asset realisation programme (ARP) and the impact of the Covid-19 pandemic.

Announced in March 2019, the ARP seeks to simplify the group’s portfolio, reduce debt and improve returns. Over a three-year period, the programme is expected to bring in proceeds of at least R15 billion ($1 billion).

“Cash upstreaming from Nigeria remained challenging in terms of securing foreign currency in the market. During 2020, we upstreamed the equivalent of approximately R286 million from Nigeria, with approximately R4.2 billion yet to be repatriated as of 31 December 2020,” the company said back in March.

The group has now fully secured its cash dividend from Nigeria, in what is one of the two positive developments concerning MTN that will come as a relief to shareholders.

In addition to the news from Nigeria, MTN also revealed  “positive developments” in a United States court case related to the group and its subsidiaries, MTN Afghanistan and MTN Dubai.

According to the company, the magistrate assessing complaints of alleged violations of U.S. anti-terrorism regulation had recommended the dismissal of the case.

The Group had argued that the court has no jurisdiction over the company given it does not operate in the U.S. It also claims the complaint “does not allege any conduct by MTN defendants that violated the Anti-Terrorism Act.”

After the news of repatriating money from Nigeria and progress in the U.S. court case, MTN shares reportedly finished 6% higher on Monday at R111.30 (around $7).

The group’s complete half-year results are expected to be released on August 12 and it has told investors to expect between 75% to 85% drop in profit or earnings per share (EPS). This is due to an impairment charge involving its Yemeni business and the decoupling of its operation in Syria.

The sale of MTN Group’s 75% stake in MTN Syria is part of ongoing attempts to exit markets in the Middle East over the next three to five years, with a plan to fully focus on core African markets.

MTN plans to raise about R15 billion ($1 billion) from shareholding sales in markets outside Africa, proceeds which will be used to reduce its huge debt of nearly R50 billion ($3.5 billion) for the year to December 2020 as well as allocate more capital investments in Africa by 2025.

In Nigeria, MTN, through its local unit, has earmarked ₦600 billion ($1.5 billion) over the next three years to expand broadband access in Africa’s most populous economy.

Mobile subscribers decline in Nigeria

For MTN Nigeria, results for the past half-year showed that service revenue increased by 24.1% year-on-year, despite the number of its mobile subscribers declining by 7.6 million (nearly 10%).

In December 2020, Nigerian authorities ordered telecom companies to suspend the sale of SIM cards (until April this year). The directive was part of efforts to verify the identities of all mobile subscribers, who were asked to link their phone numbers with national identity numbers.

“Operationally, our mobile subscribers closed H1 at 68.9 million, down 9.9% from December 2020. This was due to the regulatory restrictions on new SIM sales and activations, which was lifted on 19 April 2021,” MTN Nigeria’s CEO, Karl Toriola, said on an analyst call

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While user numbers fell, MTN Nigeria company managed to increase service revenue to ₦790.3 billion (about R27 billion, $1.9 billion) driven by a surge in data usage.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 27.6% to ₦417.2 billion ($1 billion) while transaction volume for mobile money increased by 280.8% year-on-year to 55.6 million. Its total MoMo active subscribers reached 6.1 million.

MTN Nigeria aims to sustain “double-digit service revenue growth ahead of inflation, driving 4G and rural network expansion,” Toriola Saif

Patoma Admin by — August 5, 2021 in News 0
FRSC promotes 267 Deputy Route Commanders, 181 others

By admin

The Federal Road Safety Commission, FRSC, has approved the promotion of 264 Deputy Route Commanders, DRC, to the rank of Route Commanders, RC, and 181 Assistant Route Commanders, ARC, to the rank of Deputy Route Commanders, DRC.

The approval came at the end of the meeting of the Commission yesterday, ratifying the resolution of the Establishment Committee of Commission on promotion of promoted officers, where the exercise was assiduously deliberated upon.

The Corps Public Education Officer, Bisi Kazeem, who announced the development via a statement issued in Abuja noted that the Chairman of the Commission, Barrister Bukhari Bello who over saw the entire exercise expressed delight over the attitude of precision and impartiality that formed the precursors to the whole process.

He quoted Bello as urging the newly promoted officers to show more commitment and rededicate themselves to achieving the Corporate mission of the Corps which is to eradicate road traffic crashes and create a safer motoring environment in the country.

Kazeem added that the Corps Marshal, Dr Boboye Oyeyemi, equally stated that the promotion exercise is part of the Commission’s drive towards rewarding excellence, diligence and hard work which is in line with the administrative philosophy of the present leadership of the Corps.

He admonished the Officers to be more committed noting that their development in the Corps offers them the opportunity to shoulder more responsibilities and charged them to put in their best in the course of their duties as the new rank calls for more focus, more dedication, commitment and passion.

In the same vein, the Commission had during the meeting, equally reviewed the first and second quarter performances of the National Drivers License Identity Management and Card Production System and pledged its determination towards enhancing the system and making the processes for the acquisition of the National Drivers License easier for all applicants irrespective of their locations nationwide.

According to him, “To enhance the general performance of the system, the Corps is keen on providing Mobile Drivers License Work Stations across the country. This move is geared towards entrenching ease of doing business, encourage patronage, and ensure the eradication of encumbrances encountered by applicants especially in remote areas.

The spokesperson also quoted the Corps marshal affirming that with the existence of the present Mobile Work Stations across the country, it is apparent that the demands of applicants within rural areas where there are no capture centres will be met and the challenges they often encounter completely eradicated.

Patoma Admin by — August 5, 2021 in News 0
WTW reports net income of N186m for Q2 2021

By admin

 

Re/insurance broker Willis Towers Watson has announced second quarter net income of $186 million, up from the $102 million reported in the prior year period
Revenue was $2.29 billion, an increase of 8% from the $2.11 billion reported a year ago.

Adjusted operating income was $409 million, or 17.9% of revenue, an increase also up from last year’s Q2.

The Corporate Risk & Broking (CRB) segment had revenue of $788 million, an increase of 12% from $701 million in the prior-year second quarter.

North America benefited from gains in connection with settlements and book-of-business sales in the quarter.

The Investment, Risk & Reinsurance (IRR) segment had revenue of $400 million, down 3% from $413 million in the prior-year second quarter.

On an organic basis, most lines of business contributed to the growth. Reinsurance growth was driven by new business wins and favourable renewal factors.

WTW’s IRR segment also secured $133 million in net income for the quarter, up from $119 million in the prior year quarter.

“We delivered very strong quarterly financial results, and I am proud of our results for the first half of 2021,” said John Haley, Willis Towers Watson’s Chief Executive Officer.

“In the second quarter we delivered broad-based revenue growth, continued margin expansion, and had significant earnings per share growth. I am encouraged by our growth momentum and the improving macroeconomic outlook.

“Our financial results reflect our talented colleague base, their perseverance, the strength of our client relationships and our compelling value proposition. We are focused on moving forward independently, with confidence in our ability to continue delivering significant value for all of our stakeholders.

“We are well-positioned to compete vigorously and independently across our businesses around the world and will continue to innovate and adapt to address evolving client needs

Patoma Admin by — August 5, 2021 in Insurance 0
Heirs Insurance, Heirs Life delivers on 5 mins insurance purchase promise

By Favour Nnabugwu

 

 

Insurance companies, Heirs Insurance Limited (HIL) and Heirs Life Assurance (HLA), have confirmed that customers are now able to purchase insurance policies from their websites, www.heirsinsurance.com and www.heirslifeassurance.com, in mere minutes.

The revolutionary, interactive websites—first of their kind in Nigeria—ensure that customers have access to quick insurance, completing transactions in minutes wherever they are, without any human intervention.

This development signals the kick-off of the companies’ ambition to digitalise insurance and provide a viable alternative for customers to purchase products and request claims without delay, as well as learn more about insurance.

Mansging director, Heirs Life Assurance, Mr. Niyi Onifade explained that the websites were designed to remove the barrier of accessibility.

He said: “For us at Heirs Insurance and Heirs Life, our business revolves largely around satisfying our customers and we understand the important role technology plays in making that happen, as well as widening the scope of our offering to underserved markets”

“Presently, our websites offer a web app feature that allows customers to buy and pay for policies in just five minutes and request for claims within 24 hours. This, we believe, is the ease customers truly deserve and we are glad to be pioneering that”.

Acting Managing director of Heirs Insurance Limited,  Dr. Adaobi Nwakuche   confirmed the companies’ stance on technology offering ease and comfort to customers.

She said: “We are delighted that customers can now purchase products via our websites. This milestone speaks to the innovation we are bringing into the insurance industry and more importantly, our commitment to our customers. Our promise of simple, quick, accessible, and reliable insurance service is closer than ever”.

The duo of Nwakuche and Onifade have repeated severally in their series of media engagement that the companies will constantly be at the intersection of technology and innovation, leveraging the power of both factors to provide for customers, well-tailored, value adding products at affordable prices.

Heirs Insurance Limited (HIL), the general insurer, with the mandate to protect people’s properties, and specialist life insurance company, Heirs Life Assurance Limited (HLA), with a vision to provide financial security and life insurance plans for people, are positioned to become the leading Nigerian insurers leveraging digital to provide simple, quick, reliable, and accessible insurance to individuals and businesses.

With paid-up share capitals of N10billion and N8billion respectively, HIL and HLA commenced full operations with a workforce of astute and experienced professionals, and a robust financial capacity to underwrite all classes of general and life insurance businesses.  The companies are supported by top-notch Reinsurers to provide second-layer security for clients’ insurance portfolios. Both companies are subsidiaries of Heirs Holdings, a pan-African investment group with presence across twenty three countries worldwide.

Patoma Admin by — August 4, 2021 in Insurance 0
Unitrust Insurance records GWP of N3.98bn in 2020

By admin

 

Unitrust Insurance Company Limited, recorded a Gross Premium Written (GPW) of N3.98 billion, representing a year-on-year growth rate of 13 per cent when compared to the previous year.

The Managing Director of the underwriting firm, Mr. John Ijerheime, disclosed this today during a courtesy visit by the executive of National Association of Insurance and Pension Correspondents (NAIPCO) to the firm’s head office in Lagos.

He noted that the company closed the year with a Profit After Tax (PAT) for the year stood at N747.17 million. Profit of N802.19 million and paid N1.8 billion claims in 2020

“In the same vein, the company’s underwriting profit improved significantly as the total profits of N802.194 million from N 301.759 million reported in the 2019 financial year. The claims paid for the year was N1.08 billion,” he said.

Ijerheime reiterated that against the backdrop of challenges that characterised the year, the company delivered an outstanding performance across key metrics.

“Indeed, 2020 was a year that will be remembered for its unprecedented disruptions, which were primarily attributed to the COVID-19 pandemic and its multidimensional impacts on global economies. Yet, in the face of prevailing circumstances the Company delivered impressive results during the Year.

“Our business growth model is driven by structural analysis of our strengths, weaknesses, opportunity, and Threats (SWOT) for responsive bonding irrespective of the challenging situations. We have by this result, demonstrated our robust capacity and sustainable execution of our strategic growth plans,” he submitted.

On 2021 half year performance, he stated that as at July 31, 2021, the company had generated N3.7 billion premium, which was closed to what it did in the full year of 2020, adding that the firm anticipates closing the year with over N5 billion.

The Unitrust Insurance boss said the firm had paid over N400 million claims this year.

Chairman of NAIPCO, Chuks Udo Okonta, used the visit to abreast the management of the company of the initiatives adopted by the association to contribute immensely towards the development of insurance sector.

According to him, “Claims profiling helps in showcasing companies claims payment history for a period of five years, while product profiling focuses on the benefits of arrays of products paraded by companies and management profiling helps showcase the pedigree of individuals steering the affairs of companies..

Patoma Admin by — August 3, 2021 in Insurance 0
Nigerian appointed university chancellor in Scotland

By admin

 

 

A Nigerian, Yekemi Otaru, has been named Chancellor of the University of the West of Scotland (UWS).

The university, with origins dating back to 1897, made this known via a statement on its website.

Ms Otaru will formally take up the role of Chancellor at the UWS on 1 September 2021, succeeding Dame Elish Angiolini.

The 42-year-old holds four degrees and has considerable industrial experience in engineering and marketing. She is Co-Founder and Executive Director at Doqaru Limited, a prominent Aberdeen-based sales and marketing consultancy.

Otaru is also a board member of Interface, a public sector backed establishment which connects a wide range of organisations from national and international industries to Scotland’s universities, research institutes and colleges, matching them with world-leading academic expertise to help them grow. A bestselling author and social media expert, Otaru is also known for her innovative use of platforms such as LinkedIn.

As Chancellor, Otaru will hold formal powers to confer degrees, diplomas and other academic distinctions, and will represent UWS at key events as an advocate and dignitary.

Reacting to her appointment, Yekemi Otaru said, “I am honoured to have been appointed Chancellor-elect of University of the West of Scotland, following in the footsteps of a remarkable individual in Dame Elish Angiolini.

“We are all living through challenging times, and higher education plays a vital role in society and for our economy. I eagerly look forward to being part of the University, as it continues to carry out world-class research and knowledge transfer initiatives such as in the areas of healthcare and sports science,” she added.
Professor Craig Mahoney, Principal and Vice-Chancellor at UWS, added: “I am delighted with Yekemi’s appointment as the University’s Chancellor-elect. Yekemi’s values very much align with those of UWS, from her passion for advancing equality, diversity and inclusion (EDI) to her commitment to enterprise, and her appointment is reflective of our strategic mission to make a positive difference to wider society.”

Ellie Gomersall, President of the Students’ Union at UWS, said, “Yekemi is a great fit for the role as Chancellor of the University. UWS is a 21st century university and, with Yekemi’s impressive background in social media and as a woman in engineering, her modern approach will be really welcomed. I look forward to having the opportunity to work with her and see what we can achieve together.”

Yekemi Otaru is the first of three children of Dr Raphael and Mrs Sarah Awoseyin of Ayedun in Oke-Ero Local Government Area of Kwara State.

She attended Auntie Rose Primary School at Ugborikoko in Warri and from there proceeded to Federal Government College, Warri, where she did only JSS1 before going to Oman with her parents in 1990. She attended American British Academy (ABA) in Muscat, Oman and returned to Nigeria in 1994 to complete her secondary education at Greater Tomorrow Secondary School (GTSS), Benin City.

From there, she proceeded to the University of Benin where she studied and graduated with a Second Class Upper Division in Chemical Engineering in 2002.

She got married to Gabriel Oghie Otaru – a petroleum engineer with Shell Petroleum, in Port Harcourt in March 2003 during her NYSC.

On completing her NYSC, she was selected by TotalFinaElf in Nigeria to be one of the 20 pioneer intakes into the collaborative MSc Petroleum Engineering programme of France’s Institut Français du Pétrole (IFP) and University of Port Harcourt.

Otaru was one of only six graduates of that programme pioneer set offered a permanent employment by TotalFinaElf. She soon moved to the UK when her husband was transferred to Aberdeen by Shell.

In 2016, she teamed up with Sarah Downs to establish Doqaru Limited, providing knowledge-driven sales and marketing consultancy services to a variety of industries.

In 2016, Otaru was named among the top 40 under-40 business innovators by Scottish Business News.

Another Nigerian, Professor Charles Egbu, has been Vice-Chancellor of Leeds Trinity University since 1 November 2020.

Patoma Admin by — August 3, 2021 in Metro 0