Business

Yuguda, Onyeali-Ikpe, Ibrahim, Salami, Fakunle, Chike-Obi, And Others To Receive Fellowship Awards At 2022 CIBN Fellowship Investiture

Published

11 months ago

October 27, 2022

Business Echo Magazine

YUGUDA, ONYEALI-IKPE, IBRAHIM, SALAMI, FAKUNLE, CHIKE-OBI AND OTHERS TO RECEIVE FELLOWSHIP AWARDS AT THE 2022 CIBN FELLOWSHIP INVESTITURE

…as Emir of Nasarawa, HRH Alhaji Jubril, Belo-Olusoga, and others will grace the occasion

Olushola Okunlade Writes

There is a strong indication that activities in the banking industry will be upbeat when captains of the industry and leaders of thought in the economy gather in Lagos on Saturday, October 29, 2022, by 11: 00 am as The Chartered Institute of Bankers of Nigeria confers fellowship on eminent individuals who have distinguished themselves in their various endeavors and have contributed to the growth and development of the Institute, the banking industry, and the economy at large.

Mr. Lamido Yuguda, Director General, Securities and Exchange Commission (SEC), Mr. Mustapha M. Ibrahim, Executive Director, Operations, NDIC, Mrs. Nneka Onyeali-Ikpe, HCIB, MD/CEO, Fidelity Bank Plc, Dr. Doyin Salami, Chairman, Federal Government’s Economic Advisory Council/Chairman, Kainos Edge Consulting; Mr. Benjamin A Fakunle, Director Finance, Central Bank of Nigeria (CBN), Mr. Mustafa Chike-Obi, Chairman, Bank Directors Association of Nigeria, Chairman, Fidelity Bank Plc and former MD/CEO AMCON, Mr. Joda Hamid Abubakar, HCIB, MD/CEO, TAJ Bank Limited, Mr. Wole Adeniyi , MD/CEO, Stanbic IBTC Bank Plc, Mr. Innocent Ike, HCIB, MD/CEO, Polaris Bank Ltd, Mrs. Ireti Samuel-Ogbu, HCIB, MD/CEO, Citibank Nigeria, Mr. Olufemi Bakre, HCIB, MD/CEO, Parallex Bank Ltd, Mrs. Yemisi Edun, HCIB, MD/CEO, FCMB Plc, Mr. Bayo Rotimi, MD/CEO, Greenwich Merchant Bank, Mrs. Bukola Smith, HCIB, MD/CEO, FSDH Merchant Bank Ltd, Mrs. Kafilat Araoye, HCIB, MD/CEO, Lotus Bank Ltd, Mr. Oluwatobiloba Lawal, HCIB, MD/CEO Lagos Building Investment Company PLC (LBIC), Mr. Korede Adedayo, GMD /CEO FirstTrust Mortgage Bank Plc; Mr. Taiwo Otiti, HCIB, Executive Director, FSDH Merchant Bank, Mr. Agada Apochi, HCIB, MD/CEO, Unified Payment Services Ltd. Mr. Mike Oghalu III, HCIB, CEO, Pan African Payment Settlement System (PAPSS). Professor Sheriffdeen Tella, Professor of Economics, Olabisi Onabanjo University, Ago Iwoye, Ogun State, Mr. Simon Thompson, Chief Executive, Chartered Banker Institute, UK, top the honours list of eminent bankers/individuals who will be formally conferred with the Fellowship of the Institute

Other members to be elected as Fellows include Dr. (Mrs) Adaeze Udensi, ACIB, Acting Managing Director/CEO, Titan Trust Bank Ltd, Mr. Niyi Adeseun, ACIB, MD/CEO, Greenbond Finance Company Ltd, former Executive Director of Heritage Bank Ltd, Mr. Benson Uwheru, ACIB, MD/CEO, Port Harcourt Electricity Distribution Company, Mr. Jacob Stanley Anime, ACIB, CEO, Stanbic IBTC Financial Services Ltd, Dr. Oyedeji, Benjamin Oluwafisayo, ACIB, GMD/CEO, Financial Care Advisers Ltd while Mr. Akinyemi Olumuyiwa, Deputy Managing Director, UBA Plc, Ms. Ambursa, Hadiza, Executive Director, Access Bank Plc, Mr. Dalu Ajene, CEO Designate, Rand Merchant Bank Nigeria, Mr. Effiong Usen Okon, Executive Director, Bank of Industry, Prof. Obi, Florence Banku, Vice Chancellor, University of Calabar, Lady, Dr. Nwafulugo, Francisca Unoma, Rector, Federal Polytechnic, Oko will be among the people to be invested as Honorary Senior Members of the Institute

Out of the 389 awardees to be honored at the Queens Park Events Centre, Victoria Island, twenty-two (22) would be Honorary Fellows and 141 Associates will become Elected Fellows while 226 Senior Management staff of banks and the academia will become Honorary Senior Members of the Institute. According to a statement by the Head of Corporate Communication & External Relations of the Institute, Folake Akintayo, the honour is in recognition of the awardees’ meritorious services, commitment to upholding ethics and professionalism, as well as valuable contributions to the banking industry and the economy both in Nigeria and globally.

The keynote address on the theme: “Bridging the infrastructure deficit: The role of Financial Institutions” will be delivered by Mr. Opuiyo Oforiokuma, Senior Partner, Africa50 Infrastructure Acceleration Fund; Former Managing Director/CEO of the pioneering ARM-Harith Infrastructure Fund Nigeria, while Mrs. Mosun Belo-Olusoga, HCIB, Principal Consultant / Programme Director KRC Limited will be Special Guest of Honour

In view of the Institute’s technological advancement, this year’s edition of the Fellowship Investiture will be executed using a hybrid of virtual and physical platforms, with strict adherence to all safety protocols.

In 2019, the Southern Swamp Associated Gas Solutions project was commissioned, and the SPDC JV is planning to reduce associated gas flaring further through its Forcados Yokri gas-gathering project, of which large parts are set to be completed in 2022. Despite such efforts to reduce continuous flaring, unfortunately flaring intensity (the amount of gas flared for every tonne of oil and gas produced) at both SPDC- and SNEPCo-operated facilities increased in 2021 owing to short-term operational issues. Flaring from SPDC-operated facilities increased by around 5% in 2021 compared with 2020. The increase was primarily because of the extended outage of the gas compression system in SPDC’s shallow-water operations. The system was restored and became operational from January 2022. Flaring at SNEPCo-operated facilities rose by around 160% in 2021 compared with 2020. This was mainly because of an increase in flaring on the Bonga floating production, storage and offloading (FPSO) vessel. Repairs to a flex-joint on the Bonga FPSO’s gas export riser in the second quarter took longer than expected, in part because of weather conditions. While repairs were under way, the FPSO continued to produce oil and therefore flaring was necessary for safety reasons. The repairs were safely concluded in July 2021. Although flaring intensity levels rose in 2021, SPDC and SNEPCo over the last 10 years have almost halved the combined amount of hydrocarbons they flare from 1.5 million tonnes in 2012 to 0.8 million tonnes in 2021. This reduction is the result of a strict flaring reduction management process and both SPDC and SNEPCo will continue to work in close collaboration with joint-venture partners and the government to make progress towards ending routine flaring of associated gas. NIGERIA LNG EXPANSION UNDERWAY Global demand for LNG continues to grow as the world increasingly seeks reliable supplies of lowercarbon energy. Shell’s investment in Nigeria’s gas infrastructure for export is expected to help 6 This is according to a data provided by global research and consultancy business Wood Mackenzie. the country benefit further from revenues. Shell Gas B.V. and its partners took a final investment decision in 2020 on a new LNG processing unit – known as Train 7 -- at NLNG. The expansion is expected to create around 12,000 jobs for Nigerians during construction and stimulate growth of the local oil and gas service sector, with 55% of engineering and procurement of goods and services being sourced in-country. Train 7 is expected to ensure Nigeria’s continued place as a global player in a lower-carbon energy source. Once operational, Train 7 will add around 8 million tonnes per annum of capacity to the Bonny Island LNG facility, taking the total production to around 30 million tonnes per annum. In 2021, NLNG began awarding procurement and construction contracts. Early works started at the site. The first phase of the worker village is expected to be ready for occupancy in 2022 and the new material offloading facility ready for use by the end of 2022. NLNG’s Train 7 is expected to come onstream in the middle of the 2020s. KEY LICENCE RENEWED FOR DEEP-WATER SNEPCo has interests in four deep-water blocks in the Gulf of Guinea, two of which it operates. Today, nearly one-third of Nigeria’s deep-water oil and gas production comes from the Bonga and the nonoperated Erha fields.6 Since production began in 2005, Bonga alone has produced more than 950 million barrels of oil with the 2021 average oil production per day at 105,000 barrels. The Bonga FPSO vessel has a total production capacity of 225,000 barrels of oil per day and 150 standard cubic feet of gas export per day. In 2021, the availability of the FPSO vessel increased to 80% from 70% in 2020. In addition to Bonga, SNEPCo’s exploration activities have led to several significant discoveries of oil and gas over the last two decades, including the Bolia and Doro fields (Shell interest 55%). Nigeria Briefing Notes Helping to power Nigeria’s economy 13 In the right investment climate, SNEPCo believes that there are opportunities to expand. In 2021 the OML 118 (Bonga) production sharing contract was renewed and the lease extended for 20 years. Bonga North and Bonga South West Aparo (BSWA) oil fields are two such potential opportunities. Bonga North is a proposed tie-back project to the existing Bonga FPSO with Phase 1 comprising 14 wells. BSWA is a development of a new FPSO with Phase 1 comprising 23 wells. SUPPORTING RENEWABLE ENERGY STARTUPS Millions of Nigerians are excluded from the country’s power grid and Shell Companies in Nigeria have established and provided substantial funding for a not-for-profit, impact-investing company called All On. Operating as an independent company, All On works to bring reliable electricity – often from renewable energy sources -- to off-grid urban and rural customers. This support aims to build a solid pipeline of viable businesses that can create the scale required to address Nigeria’s access to energy gap. In December 2019, SPDC and SNEPCo made a significant additional 10-year financing commitment of $160 million in All On, bringing the total commitment to $200 million. By the end of 2021, All On had provided investment capital to over 40 renewable energy start-ups in its portfolio – an increase of more than 30% from 2020. One such company is Infibranches Technologies Limited, to which All On has committed $2 million, which is expected to enable the indigenous technology company to expand sales of solar home systems via its more than 13,000 agent banking partners across Nigeria. With the support of the Rockefeller Foundation, the All On Hub was established in 2020 to provide nonfinancial support and build the capabilities of off-grid energy entrepreneurs. In 2021, the hub supported 81 ventures – nearly double the 41 supported in 2020. Also in 2021, All On, Odyssey Energy Solutions and the Global Energy Alliance for People and Planet launched a $10 million equipment financing facility as part of the DART pilot programme in Nigeria. 7 Hydraulic flying leads support the delivery of hydraulic fluid and/or chemicals between subsea equipment. 8 Subsea trees are an assembly of valves and other components used to monitor and control the production of a subsea well. DART will combine demand pooling, aggregated purchasing of solar equipment, and access to affordable finance to unlock economies of scale for solar companies, achieve cost savings for end-users, and accelerate the growth of the renewable energy sector in Nigeria and beyond. DEVELOPING LOCAL CONTENT AND SKILLS Shell Companies in Nigeria contribute to the growth of Nigerian businesses that can provide technical and support services to the industry. This includes the manufacture of tools and technical kits, the operation of helicopter flights in the Niger Delta, and strategic partnerships between foreign and local companies to stimulate technology transfer and capacity development. While there are government-required programmes in some areas, such as the Nigerian and Community Content Strategy embedded in the Assa North/Ohaji South gas development project, Shell Companies in Nigeria deliberately seek to contract local businesses wherever possible. In 2021, Shell Companies in Nigeria awarded $800 million worth of contracts to Nigerian-registered companies. Of these, 92% were companies with at least 51% Nigerian ownership. SNEPCo has awarded major engineering and construction contracts to companies that are indigenous, have local staff, or possess domestic capabilities in the country. At present, the manufacture and rebuild of hydraulic flying leads7 (HFLs) is being carried out in-country by wholly indigenous companies. Pressure Controls Systems Nigeria Limited, another Nigerian company, continues to refurbish old subsea trees.8 Sometimes, a lack of access to capital hinders Nigerian companies from competing for and executing contracts effectively. Shell Companies in Nigeria have provided access to nearly $1.6 billion in loans to 901 Nigerian vendors under the Shell Contractor Support Fund since 2012. These loans help improve their tendering opportunities.

The hybrid event will have Alhaji Suleiman Barau, OON, FCIB, Chairman, family Homes Funds Ltd, Chairman, Redstar Express Plc/ Member, Board of Directors of GTCO Plc and Former Deputy Governor, Corporate Services Directorate, Central Bank of Nigeria (CBN) as the Chairman, is expected to attract stakeholders in the industry including captains of industry, top government, and diplomatic officials, decision-makers, top management staff of banks, members of the academic community, professional bodies, members of the Institute and well-wishers.

The President/Chairman of Council of The Chartered Institute of Bankers of Nigeria, Ken Opara, Ph.D., FCIB will be the Chief Host of the occasion while Prof. Oladeji Olanrewaju, FCIB 1st Vice President/Chairman, Board of Fellows and Practice Licence will be the Host and supported by Sir ’Seye Awojobi, Ph.D., FCIB, Registrar/Chief Executive

Related Topics:#cibn #CIBNCares #cibnfellowshipawards

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Mayor Of Houston Texas Endorses Fidelity Bank’s Trade Expo (FITCC)

Published

1 day ago

September 24, 2023

Business Echo Magazine

Mayor Of Houston Texas Endorses Fidelity Bank’s Trade Expo (FITCC)

Rashidat Okunlade Writes

Fidelity Bank’s upcoming trade expo tagged, the Fidelity International Trade and Creative Connect (FITCC Houston), has received a major boost as the Mayor, City of Houston, Sylvester Turner, has termed it, “A catalyst to support bilateral trade between Nigeria and Houston; and an opportunity for the Houston community and the diaspora to explore emerging trends, forge new partnerships and unlock new possibilities”.

This was made known in a video message recently issued by the mayor. In the one-minute clip obtained by our journalist, Mayor Turner highlighted the several side attractions scheduled for FITCC Houston and encouraged businesses to take advantage of the expo to expand their businesses beyond borders.

The event is scheduled for Tuesday, 24, and Wednesday, 25th October 2023 at the George R. Brown Convention Center, 1001 Avenida de las Americas, Houston, Texas 77010. The bank will be hosting exporters, leading businesses, entrepreneurs, investors, and regulators operating in the commodity, service, creative, fashion, and FinTech sectors in Nigeria and the United States with the view of promoting Nigeria’s non-oil exports and facilitating integrations to global supply-chain networks.

Watch Mayor Turner’s video here:

https://www.instagram.com/p/CxKyXhsN9xn/

Business

eTranzact CEO Bags BusinessDay Top 25 CEOs Award

Published

1 day ago

September 24, 2023

Business Echo Magazine

Left-Right: Mr. Frank Aigbogun, Publisher BusinessDay presenting Mr Olaniyi Toluwalope : MD/CEO, eTranzact Plc the award recognition of the company's stellar performance on the Nigerian Stock Exchange during the Top 25 CEOs Award in Lagos.

Rashidat Okunlade Writes

Mr Olaniyi Toluwalope, Managing Director and Chief Executive Officer, eTranzact International PLC, has bagged Business Day’s Top 25 CEOs award in recognition of his company’s stellar performance on the Nigerian Stock Exchange.

Speaking during the award ceremony last weekend in Lagos, the publisher, Business Day Media Ltd., Mr. Frank Aigbogun stated that the award is more than just a recognition ceremony, but a reward for excellence, innovation, and drive for positive change.

According to the publisher, the eTranzact boss and other awardees have demonstrated extraordinary leadership, resilience and relentless pursuit of a result of success and this remarkable achievement in growing market value within the period of review stands them out as industry leaders, serving as a beacon of inspiration, admiration and respect from their peers and stakeholders alike.

“This has made us gather to celebrate your achievements, passion, and your dedication to excellence. As we recognize the countless hours of hard work, sleepless nights, and sacrifices that go into building and leading a successful business, your resilience in the face of challenges is truly commendable and it is an honour to acknowledge and celebrate your triumphs,” he concluded.

Responding after the award, Mr Olaniyi Toluwalope said the award is a testament to what they have been doing in the financial technology sector within the past 20 years.

Left-Right: Mr. Frank Aigbogun, Publisher BusinessDay presenting Mr Olaniyi Toluwalope : MD/CEO, eTranzact Plc the award recognition of the company’s stellar performance on the Nigerian Stock Exchange during the Top 25 CEOs Award in Lagos.etra

Toluwalope said: “This award means a lot to us since we began the journey of transformation as an organisation a couple of years ago.”He believed the board, the management, and the entire team have worked very hard to reimagine strategy, focusing extensively on execution capability. “We have built more partnerships, deepened our collaboration with the government, private sector, with lots of our financial service partners. The quality of products and solutions we offer coupled with the investment we have made in technology infrastructure is the outcome of all we are seeing now in terms of our improvement and top performance.”

“As one of the top fintech companies in the country, having been around for over 20 years, doing great things and setting new standards and creating pioneer products and solutions, these are the things that have created the pillars which we stand on today, which is what is creating this visibility and identification we are seeing and benefiting from,” he said. It is worth noting that, eTranzact under the leadership of Mr. Toluwalope recorded the highest-ever profitability in the 20-year history of the company in its 2022 financial year.

The company is already on the upward trajectory to build on the gains of the performance by continually providing world-class solutions and products to its discerning clients which cuts across both public and private sectors.

Business

FBNHoldings CEO, Nnamdi Okonkwo Bags Outstanding CEO Award

Published

7 days ago

September 19, 2023

Business Echo Magazine

L- R: Adewale Arogundade, Acting Company Secretary, FBNHoldings, Tolu Oluwole, Head, Investor Relations, FBNHoldings, Nweke (Junior), former Director General, Nigerian Economic Summit Group, Oyewale Ariyibi, Executive Director, Finance FBNHoldings, Frank Aigbogun, Publisher, BusinessDay, and Wasiu Shafe, Financial Controller, FBNHoldings.

…as BusinessDay honour Top 25 CEOs

Rashidat Okunlade Writes

Nnamdi Okonkwo, Group Managing Director of FBN Holdings Plc, has bagged outstanding CEO in the just concluded Top 25 CEOs Awards organized by BusinessDay that was held at the Ballroom of the Federal Palace Hotel, Victoria Island, Lagos last Saturday.

Left-Right: Adewale Arogundade, Acting Company Secretary, FBNHoldings, Tolu Oluwole, Head, Investor Relations, FBNHoldings, Nweke (Junior), former Director General, Nigerian Economic Summit Group, Oyewale Ariyibi, Executive Director, Finance FBNHoldings, Frank Aigbogun, Publisher, BusinessDay, and Wasiu Shafe, Financial Controller, FBNHoldings.

In this year’s edition of the BusinessDay Top 25 CEOs, the publication recognised 25 Chief Executive Officers and Managing Directors of various listed firms on the Nigerian Stock Exchange (NGX) who experienced outstanding financial development and also made important contributions to their respective industries.

FBNHoldings team that graced the event are Adewale Arogundade, Acting Company Secretary, FBNHoldings, Tolu Oluwole, Head, Investor Relations, FBNHoldings, Nweke (Junior), former Director General, Nigerian Economic Summit Group, Oyewale Ariyibi, Executive Director, Finance FBNHoldings, Frank Aigbogun, Publisher, BusinessDay, and Wasiu Shafe, Financial Controller, FBNHoldings.