All Posts in "Month: January 2024"

Femi Otedola now Chairman, FBN Holdings

By Favour Nnabugwu

 

Nigerian businessman, Femi Otedola has emerged as the Chairman, Board of Directors of First Bank of Nigeria (FBN) Holdings.

The financial institution disclosed this in a corporate filing on the Nigerian Exchange Limited (NGX), notifying investors of the new development.

The appointment was confirmed after a recent meeting of the board where Otedola succeeded Alhaji Ahmad Abdullahi.

The institution said Otedola’s appointment is effective January 31, 2024.

FBN Holdings added that Otedola came on its board on August 15, 2023, as a non-executive director and described him as a visionary entrepreneur.

“He is a visionary entrepreneur with a track record of pioneering businesses, growing and transforming corporations. His first foray into the downstream sector of the oil and gas industry began with Zenon Petroleum and Gas Limited thus disrupting and redefining standards in the industry. He thereafter initiated the purchase of majority shareholding in the then African Petroleum Plc in May 2007 and became the Chairman of the Board on 25 May 2007.

“His vision transformed African Petroleum Plc into Forte Oil Pic (FO PIc). The company grew in leaps and bounds to become a model of the possibilities inherent in Nigeria, winning numerous accolades in recognition of the successful business turnaround, diversified portfollo, prompt financial reporting, strong corporate governance, and Investment of choice within the oil and gas industry.

In December 2018, he divested from the company by selling his shareholdings to the Ignite Consortium led by Prudent Energy Services Limited and handed over in June 2019 after completing the transaction,” FBN Holdings said

Patoma Admin by — January 31, 2024 in Banking & Finance 0
We have uncovered religious sect laundering money for terrorists – EFCC Chairman

By Favour Nnabugwu

 

 

The Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede, has revealed that the anti-graft agency uncovered how a religious sect in Nigeria is laundering money for terrorists.

This was as he also revealed that another religious body was found to be protecting a money launderer after some money suspected to have been laundered was traced to the organisation’s bank account.

Speaking during a public engagement on youth, religion, and the fight against corruption, as well as the launch of the fraud risk assessment project for ministries, departments, and agencies, Olukoyede stated that the EFCC was investigating a N13bn fraud case when it discovered that N7bn of the N13bn was linked to a religious body’s bank account.

He noted that religious organisations, institutions, sects, and bodies have been found culpable of money laundering.

Olukoyede said, “A religious sect in this country had been found to be laundering money for terrorists.”

He, however, noted that the religious organisation quickly obtained a restraining order to prevent the EFCC from probing its leaders.

“We were able to trace some laundered money to a religious organisation, and when we approached the religious organisation about it and we were carrying out our investigation, we got a restraining order stopping us from carrying out our investigation,” he said.

Olukoyede further said the commission will not give up on the investigation as it is appealing the restraining order to recover the stolen funds.

The one-day event is aimed at addressing the challenges of youth involvement in cybercrimes and how religion could be used as a weapon for their reorientation.

The event, themed “Youth, Religion and the Fight Against Corruption,” featured the launch of the Interfaith Preaching and Teaching Manual developed by the Interfaith Anti-Corruption Advisory Committee of the Commission as a resource to promote abhorrence for corruption among adherents of Islam and Christianity.

The EFCC’s Fraud Risk Assessment Prevention and Control Project for Ministries, Departments and Agencies was also launched at the event.

Patoma Admin by — January 31, 2024 in News 0
DG ADMAC visits DG/CEO NiMet as both exchange ideas

By Favour Nnabugwu

 

 

The Director General of the African Centre of Meteorological Application for Development (ADMAC), Andre Kamga Foamouhoue, on Wednesday, paid a courtesy visit on Professor Charles Anosike, the Director General of Nigerian Meteorological Agency, NiMet, as both exchanged ideas

During the visit, Professor Anosike and Mr Foamouhoue exchanged ideas on meteorology, climate change and the socioeconomic impact, as it affects Africa.

Mr Foamouhoue also used the occasion to brief the DG/CEO of NiMet of the activities of ADMAC.

Professor Anosike assured that NiMet will continue to partner ACMAD because of the importance of the services it provides. He also said that it is important for member countries to continue to support the continental body to strengthen its operations.

Patoma Admin by — January 31, 2024 in Others 0
NiMET DG seeks collaboration with other agencies on disaster risk reduction, climate change

By Favour Nnabugwu
The Director General and Chief Executive Officer of Nigerian Meteorological Agency (NiMet), Professor Charles Anosike, has called for collaboration amongst relevant agencies with a view to disaster risk reduction and climate change adaptation.
Speaking in Abuja today, Prof. Anosike at the ‘Technical Workshop On Sendai Framework Monitoring And Reporting’, organized by the National Emergency Management Agency (NEMA) in collaboration with the United Nations Development Programme (UNDP), and the United Nations Disaster Risk Reduction (UNDRR).
According to Prof. Anosike, “Disasters pose significant challenges to our nation, and we must work together to enhance our coordination mechanism with disaster risk reduction and climate change adaptation for better understanding and communication of cost benefit. By fostering partnerships and collaboration, we can collectively strengthen Nigeria’s resilience and effectively mitigate the impacts of disasters”.
Professor Anosike said that the Nigerian Meteorological Agency (NiMet) recognizes the vital role it plays in providing accurate and timely weather information, forecasting, and climate services.
“By utilizing the Sendai Framework Monitor, we can develop data-driven strategies that will lead to informed decision-making, more resilient communities, and sustainable development”, Professor Anosike concluded.
Patoma Admin by — January 31, 2024 in Aviation 0
CAMCONIA Chairman, Segun Bankole, seeks NAIPE support for industry growth

CAPTION

Chairman, CAMCONIA, Segun Bankole with  Ifesinachi Okpagu, Vice Chairman, flanked by members of CAMCONIA at the inaugural meeting for year 2024, at the NIA Secretariat, Victoria Island, Lagos

 

By Favour Nnabugwu

 

 

The Newly elected Chairman of Corporate Affairs Managers Committee of the Nigerian Insurers Association (CAMCONIA), Mr Segun Bankole, has solicited the cooperation, support and partnership of members of the Nigerian Association of Insurance and Pension Editors (NAIPE) with CAMCONIA to achieve its mandate.

The CAMCONIA Chairman who is also the Deputy General Manager, Corporate Communications & Investor Relations, Sovereign Trust Insurance Plc, made the appeal during a special hangout with NAIPE executives and select members of the association in Lagos at the weekend.

Segun Bankole, Chairman, CAMCONIA (8th from left 1st row) with Ifesinachi Okpagu, Vice Chairman (5th from right), flanked left and right by members of CAMCONIA at the inaugural meeting for year 2024, at the NIA Secretariat, Victoria Island, Lagos.

While commending NAIPE Members for their support and collaboration over the years, Mr Bankole appealed for the Journalists to support his tenure as a CAMCONIA Chairman to succeed and contribute to the growth of the industry

“I need the media community to make me excel, make the industry shine. That is basically what prompted my decision that let me have a hang-out with my people.

“Thank you all for the collaboration and partnership over the years. I joined Sovereign Trust Insurance in 2007, and from then till now you guys have not for one day let me down. I just said, in a very convivial way, not all about work and work, let us have time to also relax, and share very lovely moments and that is basically why we are here.

“I am also happy that we are now one united family, that for me is a big thing, and good enough your coming back together brought me as a Chairman of CAMCONIA and I know that I cannot do it alone. I need the media community to make me excel, to make the industry shine, and become great. That is basically what prompted my decision that let’s have a hang-out with my people.

“This is just to say thank you. We are in 2024, we will not agree to any bad thing. Together we will make the industry thrive and flourish because we need that relevance in the financial sector.

“Over the years you guys have done so well in terms of insurance and pension reporting and it can only get better because there is always room for improvement. We will all work together and I promise you that this 2024, it is going to be a different me. It is going to be a different relationship with NAIPE.

Thank you so much for honouring my invitation despite your tight schedules. May God continue to keep our relationship together in one big united family,” Mr Bankole prayed.

NAIPE members also spoke on the attitude of some Corporate Communication Managers of some insurance companies whom they said have turned themselves to ‘Semi-gods’ even refusing to answer their calls or respond to text messages.

They urged CAMCONIA leadership to talk to their members about the need for them to see themselves as gateway/liaison officers to journalists not the other way.

They also noted that it is easier for them to speak to the Managing Director of an insurance firm for an appointment than speak with a Corporate Communication Manager.

“You see when you talk about relationships, it should be mutually beneficial – I help you to do your job, you also help me to do my job. We need the cooperation of your members. Take this message to your members. It is easier as a journalist to reach out to an Executive or the MD of an insurance company for any appointment than to reach out to some Corporate Affairs or Corporate Communication Managers because they see themselves as ‘semi-gods’. You will call somebody or send a text message even though you want to ask them about an issue concerning their company; they will snub your call and will not respond to your text message. At the end of the day, when trouble comes, they will turn around and blame the journalist. This shouldn’t be. Tell them that we need them to come on board for us to work together as true partners in this business,” said an NAIPE member.

The Chairperson of NAIPE, Mrs Nkeche Naeche-Esezobor, congratulated Mr. Bankole on his election as CAMCONIA President and called on NAIPE members to support him.

“We already know who Bankole is. He is a friend of the house. Anyway, we can support him, please let’s do so, not only for him to succeed as a CAMCONIA Chairman, but for the growth of the insurance industry we are covering.

“If you look at the crop of the new leaders, you will agree with me that they are all professionals – people who have distinguished themselves in their field as Marketing/Corporate Communication experts.

“We know that whatever CAMCONIA has been doing before, this time a lot is going to change, not only in terms of sending stories alone for us to publish but also in supporting our activities as an Association.

“We will do our best to support CAMCONIA during your tenure. Always inform us about your programmes and activities. If we cannot come physically, we will use the story. I know Bankole will take our message to his members,” NAIPE Chairperson stated.

Patoma Admin by — January 31, 2024 in Insurance 0
Meteorology plays major role in solid minerals development in Nigeria…NiMet DG/CEO 

CAPTION:
L – Dr. Dele Alake, Minister of Solid Minerals Development, Prof. Charles Anosike, DG/CEO, NiMet, Mr Frank Aigbogun, Publisher, Business Times Newspaper at the at the one-day ‘Solid Minerals Conference’ organized by Business Day newspaper in Abuja today.
By Favour Nnabugwu
Meteorological sciences plays a big role in improving operational safety in the mining sector across the country
This formed part of the paper titled, ‘Intersection Between Climate Change Concerns And The Mining Industry- The Role Of NiMet’, presented by the Director General and Chief Executive Officer of Nigerian Meteorological Agency (NiMet), Prof. Charles Anosike, at the one-day ‘Solid Minerals Conference’ organized by Business Day newspaper in Abuja today
According to Prof. Anosike, mines and all the activities related to mining are some of the most weather- vulnerable industries in the world; as the mines are often 
located in geographically and climatically challenging locations.
He said that weather can and does affect mining operations, posing risks that can compromise workers’ safety and lead to delays and disruption in 
productivity.
“As the climate changes, extreme weather events are growing in frequency and bringing challenges to mining safety, productivity and profitability. It is however interesting to note that the federal government is already taking some actions in this regard.
According to the Minister of 
Solid Mineral Development, Dr Dele Alake, as quoted in a ThisDay newspaper story of October 2023, the Federal Government is pursuing diversification from hydrocarbons to make the minerals sector a major 
revenue contributor to Nigeria’s Gross Domestic Product (GDP) as its 
contribution to mitigate climate change impact.
Continuing, Prof. Anosike said; “Real-time weather forecasts, warnings, and 
information on climatic conditions are essential for ensuring the safety of operations especially where 
weather conditions can significantly impact safety.
‘Accurate meteorological data‭ ‬helps in assessing and mitigating risks associated with extreme weather events such as storms, floods etc. This is critical in minimizing potential damages to 
infrastructure and ensure the safety of personnel”.
While speaking on climate change and its sectorial impact, Professor Anosike said that some of the most significant effects of climate change that are notable in Nigeria include increase in uncertainties of the onset of rainy season (false onset), shifts in rainfall onset and cessation periods.
 “Nigerians have experienced sea level rise, overwhelming heat, and extreme weather events in recent years. However, with adequate weather and climate information, there is increase in climate actions and resilience”.
He said that NiMet’s new Establishment Act 2022 gives the agency the impetus as a regulator of all aspects of meteorology in Nigeria to commercialize meteorological data by partnering the private sector.
“We are looking forward to engaging the private sector on how NiMet can provide customised weather and climate data for their organisations. Meteorological information‭ ‬supports effective 
planning and optimization of mining and other activities, including scheduling operations based on favourable weather conditions and managing 
inventory efficiently”.
Prof. Anosike also informed the audience of the public presentation of NiMet’s Seasonal Climate Prediction (SCP), which is scheduled for Tuesday, 20th February, 2024 at the NAF Conference Centre and Suites, Abuja.
The SCP is an early warning tool that provides information to all sectors of the Nigerian economy to respond to climate extremities over the next one year.
The Minister of Solid Minerals Development, Dr. Dele Alake and several industry experts were part of the conference.
Patoma Admin by — January 30, 2024 in Aviation 0
President Tinubu to tripartite National Minimum Wage C’ttee with emphasis on social justice, equity

By Favour Nnabugwu 

 

 

President Bola Ahmed Tinubu on has  inaugurated a Tripartite committee of the National Minimum Wage, with a directive to its members to ensure their decisions are firmly rooted in social justice and equity.

In order to guarantee sustainability in all tiers of government, the President said the committee must pay attention to the ability of all parties to pay the new wage, just as he asked the committee members to ensure timely completion of of their assignment.

The President, who was represented by his deputy, Vice President Kashim Shettima, stated this while inaugurating the tripartite committee at the Council Chambers of the Presidential Villa, Abuja.

“Our objective should be to surpass the basic Social Protection Floor for all Nigerian workers, considering the sustainable payment capacity of each tier of government and other employers or businesses.

“I express this viewpoint because the minimum wage represents the least amount of compensation an employee should receive for their labor, and as such, it should be rooted in social justice and equity. I hope that the results of your deliberations will be consensual and acceptable to all parties involved,” the President told members of the committee.

President Tinubu reaffirmed his administration’s promise to improve the welfare of Nigerian workers and, by extension, the entire nation, saying “the labour force stands as the cornerstone of the progress of every nation, and ours has been the enduring engine of our pursuit of development.”

Underscoring the significance of the assignment as reflected in the composition of the tripartite committee, the President urged all members to take their new task with all seriousness, even as he directed the committee to employ the principles of full consultation with social partners in all of its deliberations.

Accordingly, he directed that state Governors, Ministers and the Head of the Civil Service of the Federation who are members must personally attend the committee meetings, and in the event where they are unavoidably absent, their deputies, commissioners and Permanent Secretaries should represent them.

“Recognizing the significance of this initiative and to ensure a substantial engagement, I hereby direct that Ministers and the Head of the Civil Service of the Federation should personally attend the meeting. In their unavoidable absence, their Permanent Secretaries should represent them.

“Similarly, Governors are expected to attend in person or be represented by their deputies or commissioners where necessary. I urge you to consider the issue of a National Minimum Wage and all related matters with thoroughness and concern, keeping in mind not only the welfare of our workforce but also the impact on the country’s economy,” Tinubu stated.

On the prompt completion of their assignment, President Tinubu noted that “timely submission is crucial to initiate the necessary processes for implementing a new National Minimum Wage.”

He further stressed that “government’s decision, following the consideration of your final recommendation, will be presented as an Executive Bill to the National Assembly.

“This bill, enriched by the contributions of state governments and private sector employers, will undergo thorough legislative scrutiny before being passed into law,” he added.

Earlier in his opening remarks, Secretary to Government of the Federation, Sen. George Akume, urged the committee to give its best, noting that the task before it carries the hopes and aspirations of millions of Nigerian workers.

He said the inauguration of the committee to come up with a new national minimum wage is in fulfilment of the promise of the Tinubu administration to embark on a comprehensive review of the minimum wage for the average Nigerian worker.

On his part, Chairman of the Tripartite Committee, Alhaji Bukar Goni Aji, assured the President that the committee will do justice to the task assigned to it.

“We shall, by God’s grace, carry out extensive consultations with key stakeholders to arrive at a new minimum wage that is fair, practical and implementable,” Aji, a former Head of Service of the Federation, noted.

The 37-man tripartite committee has six Governors, some cabinet Ministers, representatives of the organised labour and the private sector among its members.

The Governors include Mohammed Bago of Niger State, representing the North Central; Bala Mohammed of Bauchi State, representing the North East; Dikko Radda of Katsina State, representing the North West; Charles Soludo of Anambra State, representing the South East; Ademola Adeleke of Osun State, representing the South-West, and Otu Bassey of Cross River State, representing the South-South.

The Ministers are Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Budget and Economic Planning, Atiku Bagudu; the Head of the Civil Service of the Federation, Dr. (Mrs) Yemi Esan, and the Minister of State for Labour and Employment, Nkeiruka Onyejeocha.

#StateHousePressRelease

Patoma Admin by — January 30, 2024 in News 0
Access Holdings gets PenCom, FCCPC approval for majority stake in ARM Pensions Managers Ltd

By Favour Nnabugwu 
A subsidiary of Access Holdings,Access Golf Nigeria Limited  has received the ‘no-objection’ of the National Pension Commission and the approval of the Federal Competition and Consumer Protection Commission for its proposed acquisition of a majority equity stake in ARM Pensions Managers (PFA) Limited (‘ARM’).

Access Holdings Plc (‘Access Holdings’) announced a major development in its ongoing growth strategy. Access Golf Nigeria Limited (‘Access Golf’), a majority shareholder of Access Pensions Limited (‘Access Pensions’) which is subsidiary of Access Holdings.

Subject to the receipt of relevant regulatory approvals, it is intended that following the acquisition, the operations of ARM and Access Pensions will be merged to create Nigeria’s second largest Pension Fund Administrator (PFA) by Assets Under Management.

Commenting on this transaction, Dr. Herbert Wigwe, the Group Chief Executive, Access Holdings, said:“We are pleased to have reached this transformative milestone in our pension fund administration journey.

The proposed combination of ARM Pension with Access Pensions will not only create sustainable stakeholder value but will also contribute positively to the growth and development of the pension industry. We anticipate an exciting future for the combined entity.”

Speaking on the transaction, Jumoke Ogundare, the Group CEO of ARM Holding Company Limited said:“The market in which we operate is ripe for consolidation and I am confident that the proposed combination will create a formidable pension funds administration business leveraging Access Group’s expansive distribution network and innovation culture to deliver sustainable value to stakeholders

“The completion of this transaction is contingent upon obtaining all requisite regulatory approvals. Access Holdings remains committed to keeping the market informed in line with its disclosure obligations.###Access Holdings Plc Access Holdings Plc is a leading multinational financial services group that offers commercial banking, lending, payment, insurance, and asset management services.

Headquartered in Lagos, Nigeria, Access Holdings operates through a network of more than 700 branches and service outlets, spanning three continents, 20 countries, and 60+ million customers.

Access transitioned into a holding company to drive rapid growth and become a full-scale ecosystem player offering interconnected services across customer needs. Established in 2022, Access Holdings Plc consists of the Access Bank Group; Access Pensions; a Payment and Switching Services Company; a Digital Lending Company, and an Insurance Brokerage Company.

The banking vertical serves its various markets through four business segments: Retail, Business, Commercial and Corporate, and has enjoyed what is it arguably Africa’s most successful banking growth trajectory in the last eighteen years, becoming one of Africa’s largest retail banks by customer base and Sub-Saharan Africa’s largest bank by total assets.

Access Holdings strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams.
Patoma Admin by — January 27, 2024 in Pension 0
NiMet epitomises commercialization of Meteorological data, capacity development

By Favour Nnabugwu

 

 

The  Nigerian Meteorological Agency (NiMet),has epitomises the commercialization of meteorological data and staff capacity development,

In line with the vision of the Honourable Minister of Aviation, Festus Keyamo, SAN, for the aviation sector., NiMET led by the Director General and Chief Executive Officer, Prof. Charles Anosike determined to achieve the feat

The Minister had charged Aviation agencies to prioritize staff welfare including training etc, improvement in safety, increase in internally generated revenue amongst others.

It is along this line that the management organized a training and interactive session between officials of the agency and officials of Tomorrow.io, a Boston, Massachusetts, USA – based weather intelligence company.

The session was held on Thursday, 25th January, 2024, at NiMet headquarters in Abuja, one day after NiMet and Tomorrow.io had signed a memorandum of understanding to collaborate on a whole range of areas including commercializing weather data, improving accuracy of weather and climate forecasts, and application of artificial intelligence (Ai) in weather and climate intelligence.

Patoma Admin by — January 25, 2024 in Aviation 0
Africa, Middle East step on game over cyber threats with innovation, collaboration – Allianz Risk Barometer 2024

By Favour Nnabugwu 

 

 

Cyber threats in Africa and the Middle East and climate-related disasters, the insurance industry is stepping up its game with innovation and collaborations according to Allianz Risk Barometer 2024.

The report highlights that cyber security has become the top global risk, with cyber-attacks and IT outages reaching record losses in 2023.

Similarly, natural hazards and extreme weather have surged to the third-highest major risk worldwide, emphasising the increasing impact of climate change. Business interruption, often caused by cyber or natural catastrophes, ranks second on this year’s Risk Barometer.

Insurers are investing in advanced technologies and richer data sets to enhance modeling and risk assessment. Machine learning and AI are being utilised to analyse vast amounts of data, identifying and predicting potential cyber threats.

Engineering expertise, powered by data, enables the assessment of sustainable materials and low-carbon technologies, fostering a proactive approach to understanding and underwriting emerging risks.

Recognising the evolving nature of risks, insurers are innovating new ways to transfer risk beyond traditional indemnity insurance.

The industry is exploring products that combine robust risk mitigation elements with insurance coverage. Parametric insurance, which pays a set amount based on a pre-determined trigger rather than the magnitude of losses, is expected to play a growing role in the insurance landscape.

Insurance is no longer just about paying claims. The industry is expanding its role by leveraging risk expertise for promoting prevention and preparedness. Insurers are encouraged to play a deeper risk consultant role, offering support for customers’ adaptation, mitigation, and resilience measures, the report noted.

This approach not only enhances preparedness but also increases resilience, reduces losses, and extends insurability to higher-risk cases and areas.

The industry is urging collaborative partnerships to foster preparedness and prevention against modern risks.

This involves working closely with businesses to enhance resilience, partnering with governments to find solutions to catastrophic scenarios, and engaging individuals, institutions, and society to provide comprehensive risk awareness, loss mitigation, and community resiliency

Patoma Admin by — January 25, 2024 in Insurance 0