All Posts in "Month: March 2024"

Nigeria’s Tade Omotosho to partake in Polish elections April 7

By Favour Nnabugwu 
A Nigerian by name Dr Tade Daniel Omotosho will partake in Polish elections come April 7, 2024, says his decision to contest the elections is informed by his quest for impact.
“I’m thrilled to announce my candidacy for the position of Wolomin county councillor in the upcoming Polish district and local government elections,” Dr Tade Daniel Omotosho said in a press release.
Wołomin County, whose administrative seat Wolomin lies 22 kilometres north-east of Warsaw, has a population of 247,288.
Omotosho, an academic who is the current Director for MBA programs at Coventry University UK (Poland Campus).
“A few weeks back, my tenure as the Chairman of Nigerians in Diaspora Organization Poland was completed. However, my journey for impact continues,” he said.
“This historic step does not only represent me but also countless Africans residing in Poland,” he added
Omotosho, who is also the founder of the Centre for Diversity, Equity & Inclusion Poland (cdei.pl), hopes to inspire both the Polish-African youth and the entire Polish-African community by his candidacy.
“I shall continue to lead by example as a proud Nigerian citizen embodying resilience and service,” he vowed.
There are about 5,400 Africans in the country, most of whom came to the country as students. In addition, there are naturalised Black citizens as well as a young generation of Polish-born Blacks.
As small as the community is, it has recorded successes in Polish politics, as two Africans have been elected to the Polish national parliament at different times, Omotosho noted. This is an inspiration to the young generation, which has become more assertive, to participate in politics and society.
Patoma Admin by — March 23, 2024 in Foreign 0
CFI, Sunday Thomas appointed into NCDMB as Governing Council member

By Favour Nnabugwu
Nigeria’ s Commissioner for Insurance, and the Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Sunday Olorundare Thomas has been appointed as a Governing Council member of the Nigerian Content Development and Monitoring Board (NCDMB)
Dr Alim Abubakre, British-Nigerian founder of TEXEM UK, a consulting firm in the United Kingdom, says the appointment of Olorundare Thomas to the Nigerian Content Development and Monitoring Board (NCDMB) Governing Council is strategic and exemplary.
Abubakre stated the appointment is also unique in the dynamic landscape of Nigeria’s oil and gas industry, where each appointment resonates with significance.
He said the inauguration of the 4th Governing Council of the no marks a pivotal moment in the industry’s trajectory.
Spearheaded by the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, this council is entrusted with the crucial mandate of fostering indigenous human and infrastructural capacities within the oil and gas sector.
“Mr Thomas’s inclusion underscores his exceptional leadership acumen and unwavering commitment to advancing Nigeria’s economic interests.
“Drawing from his extensive experience and remarkable achievements, Mr. Thomas stands poised to make invaluable contributions to the NCDMB Governing Council.
“His exemplary stewardship at NAICOM, coupled with his visionary approach towards driving transformative initiatives, exemplifies the calibre of leadership essential for steering the NCDMB towards greater heights of success,” Abubakre said.
He said that Thomas’s multifaceted contributions extend beyond the realm of insurance.
“His pioneering role in establishing and eventually taking off the College of Insurance Supervisors of West African Monetary Zone (CISWAMZ) is a testament to his visionary leadership and proactive engagement in regional initiatives.
“Recognised for his outstanding contributions, Mr. Thomas continues to exemplify excellence and innovation within the regulatory landscape.
“Moreover, Mr Thomas’s strategic foresight is exemplified by the inauguration of a 10-year transformation roadmap for the insurance industry,” Abubakre added.
He said the ambitious endeavour, spanning from 2024 to 2033, underscores Thomas’s unwavering dedication to fostering sustainable growth and development within the insurance sector.
Abubakre said that Thomas exemplifies the transformative impact of continuous learning and professional development as an alumnus of TEXEM, having participated in the company’s executive development programme titled “Risk Management and Effective Leadership.
-NAN
Patoma Admin by — March 22, 2024 in Insurance 0
Four Nigerian Journalists nominated for 9th Pan-African Re/Insurance Journalism Awards

CAPTION:

L – Nike Popoola of Punch Newspapers, Destiny Onyemihia (Nigeria) from Voice of Nigeria and Afeez Hanafi of Daily Trust Newspapers are nominees of the 9th Pan-African Re/Insurance Journalism Awards organises by Continental Reinsurance Plc.in Zimbabwe

 

By Favour Nnabugwu

 

 

Four Nigeria Journalists have been nominated for the 9th Pan-African Re/Insurance Journalism Awards by Continental Reinsurance Plc taking place at Victoria Falls,

The four journalists are Destiny Onyemihia (Nigeria) from Voice of Nigeria; Nike Popoola (Nigeria) of Punch Newspaper; Afeez Hanafi (Nigeria) of Daily Trust and G.U Chukwu (Nigeria) of Daily Review Online

The nominees for the awards ceremony, scheduled to coincide with the Continental Re 9th CEO Summit on April 12th, 2024, in Victoria Falls, Zimbabwe, have been announced

However, Continental Re said the stage is set for the as nominees from across the continent – Burkina Faso, Kenya, Egypt, Rwanda, Cameroon etc to celebrates journalistic excellence in reporting on insurance and reinsurance matters across various media platforms.

The event promises to be a memorable occasion as winners, runners-up, and recipient of the Dr. Femi Future Talent Award will be unveiled during the ceremony.

NOMINEES BY CATEGORY:

Broadcast (English)
• Carolyne Tomno (Kenya) – KASS TV
• Destiny Onyemihia (Nigeria) – Voice of Nigeria
• James Eshun (Ghana) – Joynews TV
• Peter Wakaba (Kenya) – Business Today show – KTN News
• Ridwan Karim Dini-Osman (Ghana) – Star News

Print (English)
• Alfred Onyango (Kenya) – The Star Newspaper
• Bbalewa Zyuulu (Zambia) – Scoop News Zambia
• John Kamau Muthoni (Kenya) – The Standard Group PLC
• Nike Popoola (Nigeria) – Punch Newspaper
• Prosper Ndlovu (Zimbabwe) – The Chronicle

Online (English)
• Afeez Hanafi (Nigeria) – Daily Trust
• G.U Chukwu (Nigeria) – Daily Review Online
• Isaac Wafula Khisa (Uganda) – The Independent Magazine
• Nike Popoola (Nigeria) – Punch Nigeria Limited
• Samuel Sanya (Uganda) – www.ugstandard.com
• Taurai Craig Museka (Zimbabwe) – The Chronicle Zimbabwe and Insurance Biz South Africa

French (Print, Online, or Broadcast)
• Daouda Zongo (Burkina Faso) – Wakat Séra
• Deudjui Ghislaine (Cameroon) – Le Financier d’Afrique
• Fraterne NDACYAYISENGA (Rwanda) – Africa 24 TV
• Mahamadi SEBOGO (Burkina Faso) – Sidwaya
• Oltas Yavis Teddy Goudalo (Benin) – Television Canal3-Benin

Arabic (Print, Online, or Broadcast)
• El Hadi Issa (Egypt) – جريدة المال
• Elshazly Gomaa Ahmed Ali (Egypt) – Almal newspaper
• Islam Abdelhameed Abdelmutlib Farahat (Egypt) – أموال الغد
• Maher Fadl Hanaa (Egypt) – موقع خبري الاقتصادي
• Mohamed Hamdy Ahmed Mahmoud (Egypt) – موقع أموال الغد

The nominees represent a diverse range of media houses and publications, showcasing the breadth and depth of talent in African journalism covering the re/insurance industry.

Their contributions have played a vital role in informing and educating the public about crucial issues in the industry.

Stay tuned for the exciting announcements of the winners, runners-up positions, and the recipient of the Dr. Femi Future Talent Award during the awards ceremony. The event promises to be a highlight of the Continental Re 9th CEO Summit, bringing together industry leaders, journalists, and stakeholders to celebrate excellence in re/insurance reporting.

Patoma Admin by — March 22, 2024 in Insurance 0
Nyerhovwo God’stime Umokoro wins best NBA Awards

By Favour Nnabugwu
A young man from Delta State by name
Nyerhovwo Godstime Umukoro won  nine (9) awards including the best graduating student at the Nigerian law school & the Nigerian Bar association award for best overall male student of the year 2024.
This young Deltan from Ogor in Ughelli North LGA on his Linkin wrote: “I got called to the Nigerian Bar today. I finished as the Best Graduating Male Student as well as the 2nd Best Graduating Student Overall.
“I also won prizes as the best student in Property Law, Corporate Law Practice and Civil Litigation. Those are the headlines, but as you can imagine, the journey was meandered, and filled with ups and downs.
As I struck my pen on those answer sheets in the month of November, I felt something like this could happen. I really did, just like the straight As in WAEC in ‘16 and the two IGCSE awards in ‘17, you tend to just feel these things.
“I assure you, a lot of things can go wrong in a law school year, and your effort and/or brilliance may count for little, but God helped to make it all come good. All gratitude goes to God, my family, friends and everyone really who helped during this journey right from the beginning.

Other awards won by Nyerhovwo Godstime Umukoro Esq are:

Sir Darnley Alexander K.B.E award for the Best Student in Property Law.

Justice Olujide Shomolu award for the Best Student in Civil Litigation.

Justice Irikefe, GCON award for the Best Student in Corporate Law Practice

Nyerhovwo’s academic excellence also includes a Cambridge outstanding learner award in 2015, an A1 in all 9 WAEC subjects in 2016, First Class Honors Bachelor’s degree in Law with a CGPA of 4.92 from Benson Idahosa University and a First Class Honors from the Nigerian Law School.

Patoma Admin by — March 22, 2024 in Others 0
President Tinubu backs reporting Inactive for investment promotion, economic development

By Favour Nnabugwu
President Bola Tinubu has affirmed Nigeria’s commitment to diligently implementing world-leading sustainability reporting standards aimed at unlocking capital investments, transforming business models, and safeguarding the environment in the country.
The President gave the assurance during a meeting on Thursday in Abuja with the International Sustainability Standards Board (1SSB) Chair, Mr. Emmanuel Faber. The President’s endorsement coincides with the launch of Nigeria’s Adoption Readiness Roadmap by the Financial Reporting Council of Nigeria (FRC), in Collaboration with ISSB.
This roadmap aims to guide businesses towards Comprehensive sustainability reporting standards. Highlighting the importance of compliance within the sustainability agenda, President Tinubu pledged that Nigeria would continue to adhere to international standards and expressed readiness to collaborate with ISSB to effectively harness national resources through reformed and reinforced financial management systems.
“As an administration, we are committed to adopting cutting-edge models for financial reporting and process standardization”.
This applies to environmental regulation, where we are on the verge of significantly reducing the volume of gas flaring in the country. We are more transparent than ever before, and we are doing everything possible to represent the continent ina way that will be beneficial to humanity as a whole,” the President stated.
ISSB Chair, Mr. Emmanuel Faber, while recounting Nigeria’s commitment to sustainability reporting, noted that at COP 27 in Sharm el-Sheikh, Egypt, in 2022, Africa’s largest economy had expressed its intent to be among the earliest adopters of rigorous new standards, which is now a reality.
“i am extremely happy to be in Nigeria as the country announces its Adoption Readiness Roadmap. Nigeria is leading the pack in Africa and around the world, and these standards, which Nigeria is willingly adopting, will unlock sustainable capital inflows through foreign direct investments, promote inclusivity in value chains, and facilitate the decarbonization of the national economy,” Mr. Faber said.
Dr. Rabiu Olowo, the Executive Secretary of the Financial Reporting Council of Nigeria (FRC), explained that Nigeria’s decision to join the global baseline for sustainability reporting marks the country as one of the earliest proponents committed to enhancing the transparency of financial information and business performance through sustainable reporting practices.
 “The adoption readiness working group is set to pilot our affairs and roadmap to help us succeed on this journey. We are happy to inform the President that the work of the adoption readiness roadmap is ready, and we have the roadmap for businesses to follow. We have five sets of early adopters, and we have a period for voluntary adoption leading up to 2028 for mandatory adoption of the standards,” Dr. Olowo said.
Patoma Admin by — March 22, 2024 in News 0
NSIA, NSP sign agreement for Shiroro Solar Generating Company

***It’s a new phase in Nigeria’s Energy Transition Plan- VP Shettima

 

By Favour Nnabugwu

 

 

Vice President Kashim Shettima has said Nigeria’s energy transition journey as well as its resolve to embrace clean and renewable energy solutions remains on track under the administration of President Bola Ahmed Tinubu.

The Vice President stated this on Tuesday at the Presidential Villa during the signing of the joint venture agreement for the establishment of the Shiroro Generating Company, Nigeria’s pioneer 20MW On-grid Solar-Hydro Hybrid project, between the Nigeria Sovereign lnvestment Authority and North South Power (NSP) Company Ltd.

Sen. Shettima noted that the event “marks a significant milestone and will boost the country’s energy transition journey” and an affirmationof President Bola Ahmed Tinubu administration’s resolve to embrace clean and renewable energy Solutions.

“The Federal Government of Nigeria under the able leadership of President Bola Ahmed Tinubu remains steadfast in supporting initiatives that drive economic growth, enhance energy security and protect our environment,” the Vice President noted. The Shiroro Generating Company is a joint venture project between the Nigeria Sovereign Investment Authority (NSIA) and North-South Power, investing in apioneer 20MW solar-hydro hybrid project in Shiroro, Niger State.

The 20MW Pilot Project (Phase 1a) is embedded within a larger 30OMW solar programme, to beco-located within NSP’s existing 600MW Shiroro Hydroelectric Power Plant concession area in Shiroro, Niger State. Speaking on the significance of the project, the Vice President said the signing of the agreement for the 20 MW solar plant is a journey which is pivotal to our sustained growth and development as a nation.”

“As a Nation, our resolve isto take proactive steps to diversify our energy sources, reduce our carbon footprints and ensure a more sustainable future for generations to come. And this is a pioneering project in terms of hybridizing power in solar and hydro. Mbelieve that this is a harbinger of greater things to come. This project will serve to attract further investments in the space by growing both the business and financial models for such projects,” the VP added.

The Vice President also commended the vision, innovation and commitment of the NSIA for the project, noting that “it is commendable as strategic partnerships like this will create opportunities for economic growth and technological advancement while simultaneously addressing the urgent need for clean and accessible energy.

“This project will catalyze the realization of other hydro-solar projects and serve as a test case for deployment of solar energy on to the national grid.”

The VP then implored the Nigeria Electricity Regulatory Commission, Nigeria Bulk Electricity Trading, Transmission Company of Nigeria, Bank of Industry and all other relevant stake holders in the project to ensure that they collab orate effectively with its sponsors to guarantee the timely delivery and operation of this project. “I also urge all stakeholders involved in this ven ture to uphold the principles of accountability, transparency andinclusivity throughout the pro ject’s life cycle,” he added

Earlier in his remark, Minister of Power, Mr Ade bayo Adelabu, said the initiative aligns with the critical priorities of his Ministry in terms of striv ing to increase energy output and also diversify ing into renewable energy. He said the project is expected to attract addi tional capital as well as utilize the country’s abundant renewable energy resources, noting that it is a testament to the potential partnership to ensure sustainable development.

On his part, MD/CEO of NSIA, Mr Aminu Umar-Sadiq, said the partnership “will deepen Nigeria’s clean energy portfolio, create jobs, and re-affirm our dedication to energy efficient solutions as a lever for socio-economic development. Jt further exemplifies NSIA’s role as a catalyst for positive change, steering Nigeria towards amore sustainable future.”

In the same vein, the Executive Vice Chairman/CEO of North South Power Company Limited, Engr. Olubunmi Peters, affirmed the company’s dedication to renewable energy solutions by stating its strategic intent to embark on this Solar-Hydro Hybridization Project, He noted that the project “is a testament to our Sustained focus on renewable energy as an integral component of economic growth.

Through this project, we have further revalidated our over-arching mandate to uphold the highest standards of environmental and social responsibility, demonstrating innovation and market leadership.” Officials from the NSIA, North-South Power and other stakeholders in the pOwer sector witnessed the signing ceremony

Patoma Admin by — March 20, 2024 in Oil & Gas 0
NATEP, Lab Four sign MoU on Talent export, to outsource 50,000 jobs to Nigeria

By Favour Nnabugwu 

 

 

 

The Federal Ministry of Industry, Trade and Investment has witnessed a landmark Memorandum of Understanding (MOU) between the National Talent Export Programme (NATEP) and Lab Four, set to create substantial employment opportunities by outsourcing 50,000 jobs to Nigeria.

The Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, CFA, heralded this MOU as a major milestone aligned with President Bola Ahmed Tinubu’s Renewed Hope Agenda. “This initiative cements our commitment to diversifying the economy and forging a Nigeria known globally as a nation of creators,” she stated during the signing ceremony in Abuja.” We envision Nigeria as a pivotal global hub for service exports and talent sourcing,” she said.

As Dr. Uzoka-Anite has highlighted, “NATEP is our strategic answer to the burgeoning global talent sourcing market, valued at US$620.381 billion in 2020 and projected to grow to US$904.948 billion by 2027. Our mission is to tap into this lucrative industry, showcasing Nigeria as a powerhouse of high-quality talent for the global service export and outsourcing industry.”

Mr. Tony Okhiria, CEO of the Cybersecurity Institute at Lab Four, expressed his enthusiasm for the partnership: “This program is monumental because it allows Nigeria to accelerate its talent export much quicker. We are eager to disrupt the traditional BPO process and look forward to a fruitful collaboration.”

Dr. Femi Adeluyi, National Coordinator of NATEP, highlighted the program’s innovative approach, emphasizing its potential to democratize the BPO sector and create a scalable model for job creation.

The signing ceremony also featured remarks from John Dohan, representing the Chargé d’Affaires ad interim for the U.S. Embassy, who lauded Nigeria’s human resource as the nation’s greatest export.

The NATEP initiative aims to deliver 1 million service-export jobs over the next 5 years, boost foreign exchange earnings, stimulate economic growth, and enhance Nigeria’s brand on the global stage. It will focus on key “IMPACT” sectors: Insurance, Medical, Professionals, Artisans, Creative, and Technology.

The Minister also took the opportunity to launch the NATEP Strategy document, a comprehensive plan to strengthen Nigeria’s position as a global hub for talent exports and BPO.

The collaboration between NATEP and Lab Four is poised to catalyze the growth of micro, mini, and mega BPOs within Nigeria, contributing up to $1.2 billion annually to the Nigerian economy.

Patoma Admin by — March 18, 2024 in Industry, Trade & Investment 0
“I’m pleasantly surprised at the growth of the Contributory Pension Scheme” – Obasanjo

“I’m pleasantly surprised at the growth of the Contributory Pension Scheme”. – Obasanjo

By Favour Nnabugwu

Nigeria’s former President Olusegun Obasanjo stated that he was pleasantly surprised at the growth of the pension assets over the last 20 years.
Obasanjo mentioned that when his administration instituted the pension reforms and pushed to have a bill to reform the way pension administration were done in Nigeria, they did not think that the assets will grow this quickly and have the positive effect it has had so far.
 He stated this in a recent interview with the Chief Executive of the Pension Fund Operators Association of Nigeria (PenOp), Oguche Agudah. The interview was held as part of events to mark twenty years of pension reforms in Nigeria.Going down memory lane.
Obasanjo said that one of the major reasons for the reform was his pain at seeing so many pensioners queuing up to collect their pensions during his first term in office, especially military men who had served the Nation.
With this in mind, he resolved to see how the government could make pension management and administration private sector driven and more in line with global best practices.
When asked about why they chose Contributory Pension Scheme (CPS) for Nigeria, He said “it’s simple, we just see what other countries are doing and if it’s good for us we copy it and adapt. There is no harm in copying if we see what other countries are doing and it’s good for them, we adapt”.
 In addition, he said what the pension industry needs to do now is to see how the pension assets that have been saved over the years can help more in national development, especially infrastructure investments in a safe and sustainable manner that does not jeopardize people’s pensions.
Obasanjo was speaking as part of the activities to mark twenty years of pension reforms in Nigeria. The year 2024 marks 20 years since the initial pension reform act was signed.
The Pension reform Act was the bedrock of a cross cutting committee that worked on pension reforms in Nigeria which culminated in the drafting and enactment of the pension reform act which essentially professionalized pensions management in Nigeria, moved the  management to the private sector and helped to wean the government from unsustainable pension liabilities.
Patoma Admin by — March 18, 2024 in Pension 0
Pensioners stand in ovation for Contributory Pension Scheme

By Favour Nnabugwu
The National Union of Pensioners Contributory Pension Scheme (NUPCPS) stated that the Contributory Pension Scheme (CPS) is the best thing that has happened to Nigeria’s Pension administration.
They stated this when they paid a courtesy visit to the CEO of the Pension Fund Operators Association of Nigeria (PenOp) Mr. Oguche Agudah, recently.
The pensioners who were represented by their executives from various states of the Federation mentioned that the way that the CPS is framed is in the best interest of pensioners if implemented to the letter.
They said the CPS has eliminated fraud, has given them certainty of payments of pensions, and has also allowed them to be able to plan.Having said this however, they said there are aspects of the CPS that can be improved upon, and they called on the PenOp CEO to engage with other stakeholders to ensure that these things are looked into.
Some of the things they mentioned had to do with constant engagement with the pensioners by the industry, the enhancement of their pensions and more transparency in terms of how their returns are shown to them.
The CEO of PenOp, Oguche Agudah, responded by saying the pensioners are the reason the industry exists and that all workers in the pension space have the pensioners to thank for their jobs.
He commended the pensioners for giving their all to their country and their organizations in their twilight years and he further added that the pension industry and the country still needs to tap from wealth of experience that they have gathered over the years.
He assured the pensioners that the pension industry is committed to the welfare of the pensioners, will continue to listen and engage with them ever so often to hear them out.
He assured them Pension Fund Operators are working daily to ensure the best outcomes for pensioners. The chairman of the NUPCPS, Mr Nwaiwu thanked Mr. Agudah for his listening ear and his desire to champion the cause of pensioners.
He also thanked him for his support over the years and tasked him not to relenting in his efforts to make sure the impact of the CPS is felt maximally by the pensioners.
Patoma Admin by — March 18, 2024 in Pension 0