All Posts in "Business"

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
Zenith General, NAIPE  partner to boost Insurance * Settled N5bn claims in 2023

CAPTION:

L-  Edet Udoh, Assistant General Secretary, Nigerian Association of Insurance and Pension Editors (NAIPE); Matthew Otoijagha, Financial Secretary, NAIPE; Nkechi Naeche-Esezobor, Chairperson, NAIPE; presenting a copy of NAIPE Trumpet to Mr Jude Modilim, Managing Director/CEO, Zenith General insurance; Dolapo Talabi, Head, Corporate Communications, Zenith General; Rosemary Iwunze, General Secretary, NAIPE and Amaka Obiefuna, Public Relations Officer, NAIPE, during NAIPE’s Executive visit to Zenith General Insurance in Lagos.

 

 

By Favour Nnabugwu

 

 

 

Zenith General Insurance Limited is partnering with the Nigerian Association of Insurance and Pension Editors (NAIPE) to move the Nigerian insurance industry to the next levels.

Speaking during a courtesy visit by the executive members of NAIPE to the management of Zenith General Insurance, the Managing Director and Chief Executive Officer of the firm, Mr. Jude Modilim, affirmed his Company’s readiness to work with NAIPE to drive insurance growth in Nigeria.

The MD also commended NAIPE for introducing initiatives and embarking on programmes that are industry’s growth driven, noting that this will go a long way in changing the industry’s narrative.

“We are open for the partnership; the kind of partnership that is a win-win; partnership that will project Zenith General to the public, telling them what we are doing, especially about our ability to pay claims. We are willing to work with you as long as it is a mutually beneficial partnership.

“I am actually very impressed with some of your programmes designed to create insurance awareness such as Claims Profiling, and Testimonials Reporting. These are very good, and it will go a long way in deepening insurance penetration which the National Insurance Commission (NAICOM) and the entire industry is yearning for.

“As an industry, we all pay claims. Last year Zenith General paid about N5 billion as claims to so many organisations thereby helping them to return to business. These are Organisations that ordinarily would have failed because of one catastrophe or the other.

“Many times when I engaged those who said insurance companies are not paying claims to come forward with any claim they have that has not been paid, none of them have been able to do that, so the public needs to know that insurance Companies are paying claims. What you guys are doing will make people know that insurance works,” Mr. Modilim said.

Earlier in her speech, the Chairperson, NAIPE, Mrs. Nkechi Naeche-Esezobor, highlighted the rationale behind the establishment of NAIPE and what the Association has done over the years to contribute to the growth of insurance industry.

According to her, NAIPE has been in existence for over 30 years working with 31 members who are insurance and pension editors in the major national newspapers, radio stations, television stations and online platforms to create awareness on the benefits of insurance.

“We are concerned about low insurance penetration in Nigeria and the poor perception of Nigerians about insurance and it is a known fact that NAIPE has been working tirelessly over the years to change this negative narrative.”

She listed some of the products the Association is offering as part of its efforts to deepen insurance growth in Nigeria to include Products Profiling; Management Profiling; Claims Profiling; Quarterly CEO Forum and Sponsorship of NAIPE AGM.

She called on insurance companies to take advantage of the various products and initiatives put in place by NAIPE to enhance their performance.

Patoma Admin by — March 18, 2024 in Insurance 0
Leadway, Anchor Insurance emerge lead underwriters for N20.1bn Police Insurance

By Admin

 

Leadway Assurance and Anchor Insurance have been appointed as the lead underwriters  for the Police Group life for N20.1billion

The insurance package for the Police includes Group Life Insurance for the personnel, property insurance for buildings and barracks, as well as aviation and marine insurance to protect against unforeseen risks

The Police Group life was approved by the Federal Executive Council to safeguard police personnel, buildings, and assets

Brokers on the Police insurance are Messrs Total Security Insurance Brokers and Messrs Golan Heights Insurance Brokers with almost 100 brokers consortium

This strategic move not only demonstrates the government’s commitment to the well-being and security of its law enforcement officers but also highlights the importance of protecting critical infrastructure and assets.

According to ameh ews, by working with reputable insurance providers and leveraging the collective expertise of industry professionals, the government aims to enhance the resilience and preparedness of the police force in the face of potential challenges.

The collaboration between government entities, underwriters, insurance brokers and  industry experts underscores a proactive approach to risk management and sets a new standard for ensuring the safety and security of both personnel and infrastructure within the law enforcement sector.

The federal government through this initiative seeks to strengthen its support for the police force and bolster the overall resilience of the nation’s security apparatus

Patoma Admin by — March 13, 2024 in Insurance 0
N1.71 trn invested in money market, N270bn in State Govt securites – PenCom

By Favour Nnabugwu

National Pension Commission, PenCom, announced that a total of N.71 trillion has been  invested in money market instruments while N270 billion in state government securities
This was contained in the unaudited report of PenCom on Pension Funds Industry Portfolio for the Period Ended January 31, 2024.
Also revealed in the report is the pension fund assets which stood at N19.53 trillion as at January 31, 2024, as against N18.36 trillion in December 31, 2023, gaining N1.17 trillion.
PenCom said N12.14 trillion of the fund has been invested in Federal Government of Nigeria securities, which breakdown revealed that, bonds gulp N11.59 trillion; treasury bills, N221.81 billion; agency bonds, N14.86 billion; sukuk bonds, N124.89 billion and green bonds, N181.57 billion.
PenCom said the fund assets in United States Dollars value was N14.39 billion at an exchange rate of N1,356 per a Dollar.
The Retirement Savings Account (RSA) membership as at the period was 10.22 million.
Patoma Admin by — March 12, 2024 in Pension 0
Government, Private Sector pally positive for adjustment in expatriate employment Levy

By Favour Nnabugwu

 

 

A strong collaboration between the federal government and the private sector will lead to positive Expatriate Employment Levy, EEL and policy formations.

The EEL, initiated by President Tinubu, was designed to encourage skills transfer and facilitate balanced economic and social development. The temporary review in its implementation is seen as a proactive response to the concerns of the private sector, ensuring the levies’ alignment with broader economic objectives and the nation’s quest for sustainable growth

The enacted Expatriate Employment Levy (EEL), concluded with a review of the policy, marking a milestone in government-private sector relations.

Following President Bola Ahmed Tinubu’s strategic Trade and Investment mission in Qatar, the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), along with influential industry stakeholders, met with the Honourable Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, and the Honourable Minister of Interior, Olubunmi Tunji-Ojo. The meeting included Mr. Dele Oye, President of NACCIMA, and leaders across the organised private sector.

Dr. Doris Uzoka-Anite underscored the essence of the private sector, stating, “Without the private sector, we cannot create jobs. If the private sector does not feel comfortable with policies to create jobs, jobs won’t happen.” She further emphasized the need for policies that cater to foreign investment: “We need to find a win-win situation that allows foreign direct investment to continue to flow into the country without obstacles.”

Aligning with this vision, the attendees reached a consensus that: The implementation of the Expatriate Employment Levy will pause for additional consultations with crucial stakeholders.
– A joint committee will be established to review the EEL policy, incorporating perspectives from the Ministry of Industry, Trade and Investment, the Ministry of Interior, and other pertinent parties.
– The initial rollout of the EEL is deferred, adhering to the meeting’s resolutions.

The government’s openness to dialogue and its decisive action in response to feedback from the business community reflects its dedication to nurturing an attractive investment climate for both local and international stakeholders.

Dr. Uzoka-Anite commended the collaborative efforts, noting, “This is indicative of our commitment to creating an inviting atmosphere for both local and international investors.”

The organised private sector representatives and their associates pledged continued collaboration with the government to ensure policy alignment with Nigeria’s economic aspirations, reinforcing the nation’s position as a desirable investment hub.

Investors are reassured to proceed confidently with their business and investment endeavours in Nigeria, bolstered by the ministers’ assurances during negotiations, which reassert the government’s intent to cultivate an enhanced investment landscape conducive to economic growth.

Patoma Admin by — March 11, 2024 in Industry, Trade & Investment 0
PenCom denies N10trn loan to FG, says it is totally misleading 

By Favour Nnabugwu

Acclaimed reports about Nation Pension Commission, PenCom’s N10trillion loan to the federal government has been refuted by the Director General of  PenCom, Mrs. Aisha Dahir-Umar who described as totally misleading.

She also responded to claims that PenCom was owing Federal Government retirees arrears of pensions as well as insinuations that Pension Fund Administrators (PFAs) are not fulfilling their obligations to retirees with regards to access to their retirement savings.
Dahir-Umar, stated that apart from the fact that PenCom is not a bank and does not warehouse or manage pension funds, the Federal Government did not take a loan of N10 trillion from the Commission.
“Investments by the PFAs in the securities of the Federal Government of Nigeria (FGN) are not loans as erroneously portrayed, but investments in securities, through bonds and treasury bills, as approved by the relevant government agencies, in this case the Debt Management Office (DMO) and Securities and Exchange Commission (SEC).
She explained further, “They are traded on authorized capital markets. That is, the Nigerian Exchange Limited and FMDQ OTC Securities
“Moreover, pension fund assets are not managed by PenCom. I have said it repeatedly that when we say pension assets have grown to N15 trillion, that does not mean PenCom has N15 trillion locked somewhere in its office or bank accounts.
Pension fund assets are managed by the licensed PFAs and held in custody by the licensed Pension Fund Custodians (PFCs). The PFAs are responsible for investing pension fund assets in allowable asset classes, including FGN debts instruments.
The objectives are safety and fair returns. All these are in line with the provisions of the enabling law, the Pension Reform Act 2014, and the rules issued by the Commission. It is obvious from the above that what is referred to ‘loan to FGN’ is just investment in FGN securities by the PFAs, as is done by other institutional investors such as banks, insurance companies, asset managers, etc.”
Mrs. Dahir-Umar added that it is an international best practice to invest in investible instruments issued or backed by the sovereign authority and that the FGN securities meet the objectives of safety and fair returns.
“The FGN has consistently met its repayment obligations, both principal amount and accrued interest, for all investments in bonds and T-bills to all investors including pension funds. The information is always in the open and accessible on our website, www.pencom.gov.ng,” she said.
The PenCom DG further clarified claims about outstanding benefits to Federal Government retirees.“The delayed payment of retirement benefits to some Federal Government retirees and deceased employees is because of the inadequate and delayed funding for the payment of Accrued Pension Rights for those who were in service before the Contributory Pension Scheme (CPS) was introduced when PenCom was established in 2004”
She continued, “Payment of the accrued rights is subject to release of funds by the Federal Government. So, it is beyond the powers of the Commission. However, we have been engaging the Federal Ministry of Finance for more funds to be released to settle these liabilities, but it is not a secret that the government itself has budgetary constraints.
”She noted that all those enrolled under the CPS have been receiving their benefits through their PFAs and there is no unsolved complaint before the Commission.Signed: Management
Patoma Admin by — March 11, 2024 in Pension 0
Sovereign Trust celebrate women with all inclusive operating environment

By Favour Nnabugwu

In preparation for this year’s edition of the International Women’s Day on March 8, 2024, the Managing Director and Chief Executive Officer of Sovereign Trust Insurance Plc, Mr. Olaotan Soyinka has reiterated the company’s commitment to providing an all-inclusive operating environment to all members of staff regardless of their gender.

He stated that the underwriting firm is about professionalism, good moral standing and the upholding of values that will promote gender balance in all key areas of the organization while also taking cognizance of meritocracy as the rudder blade for attaining any leadership position in the organization.
In his address to the female staff of the organization at a special hang-out session organized for them in commemoration of the global event, Soyinka seized the moment to appreciate and honour the women accordingly.
In his words, “as we celebrate all our women the world over on March 8, 2024, I want to particularly express my profound support and appreciation to our very committed women in Sovereign Trust Insurance Plc for your doggedness and dedication to duty.
You have always proven that you are all women of grit and compassion, and it has been extremely exciting working with you all.” As you are all aware, our organization is an all-inclusive one driven by professionalism, dedication, and commitment to good corporate governance and ethical standards.
 “An attestation to this fact is seen in the composition of the Management structure of the organization as quite a few women are in top management positions within the organization.The Executive Director, Marketing and Business Development, Ugochi Odemelam, who is also a pioneer staff of the Underwriting Firm rose through the ranks over the years and today, she is equally a member of the Board of Directors of the company and a member of the Executive Management team, respectively.
She has this to say, “in the last 29 years of my sojourn in Sovereign Trust Insurance Plc, I could not have asked for more in my professional career as it has been a very fulfilling one for me in every area I can think of.” I have never felt out of place with my male counterparts because they have all been very supportive and accommodating as colleagues in the workplace. She equally thanked the Management for giving a lot of other women in the system high profile responsibilities across the company’s operations.
Amongst such high-ranking officers in the organization are Jumoke Olatubosun and Angela Uche-Onochie, both are Deputy General Managers with portfolios in key areas of the company’s operations. On the roll call as well is Bisola Asaju, an Assistant General Manager and the Head of General Internal Services under the Finance and Corporate Services Division of the organization.
Others are Victoria Eze who heads one of the Sales teams in the Head Office in the capacity of an Assistant General Manager and Funmilayo Idodo, who heads the general insurance Department in the Technical Division of the underwriting firm.As all attention will be focused on women all over the world on Friday, March 8, 2024, Sovereign Trust Insurance Plc is wishing all the women a hearty International Women’s Day celebration as they continue to INSPIRE INCLUSION in all spheres of human endeavours.
Patoma Admin by — March 6, 2024 in Insurance 0