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NLNG Insurance Team explores opportunities With NIA

 

 

The Nigeria Liquefied Natural Gas (NLNG) insurance team on Tuesday, April 8, 2025, paid a strategic familiarization visit to the Director General of the Nigerian Insurers Association(NIA).

 

The visit, led by Dr. Adetayo A. John-Fishers, MD of First Standard Insurance Brokers Limited, was aimed at providing the NLNG team with a comprehensive understanding of Energy and Special Risk Insurance Policies.

 

In addition, the meeting offered an opportunity for direct engagement with key stakeholders in the broader insurance industry to bolster the team’s insights into the evolving market dynamics and risk management strategies integral to the energy sector.

 

The meeting underscored a continued commitment to industry collaboration and the importance of staying abreast of best practices in insurance, particularly in areas critical to the country’s energy infrastructure.

 

The parties expressed optimism that such engagements will strengthen partnerships and enhance the overall resilience of Nigeria’s insurance framework.

₦5.51 Trillion Pension Investment Boosting Nigeria’s Real Sector Growth – Says Pencom DG

The Nigerian pension industry has committed a total of ₦5.51 trillion to asset classes that support long-term financing for real sector growth. These investments span infrastructure, private equity vehicles, real estate, and subnational infrastructure initiatives, among others.
The Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, made this disclosure during a meeting with a delegation from the International Monetary Fund (IMF), which visited the Commission on 7 April 2025 as part of the Fund’s 2025 Article IV Consultations. The delegation, led by Mr. Jose De Luna, Senior Financial Sector Expert, held discussions with PenCom’s key officials on matters relating to the pension industry and broader financial sector developments.
Represented by the Head, Surveillance Department, Abdulrahaman Muhammad Saleem, the Director General told the delegation that pension fund investments in the real sector of the economy are indicative of the pension industry’s vital role in providing funding for key economic growth and development in Nigeria.
In a presentation to the delegation, PenCom said the industry Net Asset Value (NAV) increased by 22.65% from N18.36 trillion as of 31 December 2023 to N22.51 trillion as of 31 December 2024. The growth was attributable to additional contributions received and investment income.
However, the Director General decried the limited availability of investable instruments that meet the minimum requirements for pension funds’ investments in Nigeria currently. She told the delegation that only 86 investable instruments, constituting part of the pension broad index, meet the minimum quality requirement for pension fund investments that are liquid and have the required free float. This is despite the numerous provisions made in the Investment Regulation to foster increased eligible investment outlets.
Going forward, PenCom will continue to collaborate with capital market operators to broaden the spectrum of eligible financial instruments for pension fund investments. This initiative aims to further diversify portfolios and enhance real returns.
Additionally, the Commission will promote increased pension fund investment in alternative asset classes. These efforts are intended to strengthen the overall investment portfolio and reinforce the long-term growth and sustainability of the Contributory Pension Scheme (CPS).
During the meeting, PenCom presented key developments within the pension industry, focusing on investment strategies, asset quality concerns, financing for growth, and regulatory challenges. Noteworthy was PenCom’s commitment to fostering the development of diverse asset classes and securities eligible for pension fund investments. This initiative involves collaboration with entities such as the Securities and Exchange Commission (SEC), the Debt Management Office (DMO) and the Pension Fund Operators Association of Nigeria (PenOp).
The IMF delegation expressed satisfaction with PenCom’s ongoing efforts to diversify pension fund investments. Additionally, they commended PenCom’s regulation and supervision of the pension industry in Nigeria. Overall, the IMF praised PenCom for the remarkable growth achieved within Nigeria’s pension industry, recognising the Commission’s pivotal role in driving positive momentum and ensuring long-term sustainability.
 Beware: No Ongoing NIN Revalidation In Anambra  

BEWARE: NO ONGOING NIN REVALIDATION IN ANAMBRA - Anambra Times
The attention of the Anambra State Government has been drawn to the activities of some individuals and groups who collect National Identification Numbers (NIN) from individuals in various communities in Anambra State under the guise that the National Identity Management Commission (NIMC) requires them for revalidation or issuance of permanent Identity Cards.
However, a statement made  available by Law Mefor PhD, Commissioner for Information, Anambra state stated that inquiries with the NINC have confirmed that there is no such exercise going on, while further investigations have also revealed that these are criminals hired by some desperate politicians to hijack people’s Voter Cards using their names and personal details contained in their NINs.
With the NINs and the unsuspecting people’s personal details, they can override the individuals’ Voter’s Cards and issue themselves and their cohorts fresh Voter’s Cards. The further implication is that whereas they can vote on behalf of the owners during elections, having stolen their identities, the real owners cannot vote because the database no longer recognises them as the true owners.
The government therefore advises anyone asked to submit his/her NIN to call the Anambra State security number, 5111, for their apprehension and other necessary actions.
Polaris Bank Champions Financial Literacy During Global Money Week At NANA College

A cross section of members of staff of Polaris Bank with students of Nana College, Warri, Delta State during the Global Money Week recently

 

 

 

In celebration of the 2025 edition of Global Money Week (GMW), Polaris Bank took its financial literacy advocacy to NANA College, Warri, Delta State, where students received firsthand insights on money management, saving, and investing.

 

The event, held within the school premises, witnessed an impactful engagement led by Mr. Andrew Komori, the Group Head of Polaris Bank, who represented the MD/CEO at the event. Addressing a hall packed with enthusiastic students and faculty members, Mr. Komori delivered a compelling lecture on financial literacy, emphasizing its critical role in shaping a secure and prosperous future.

 

He explained that financial literacy is not just about knowing how to spend money, but understanding how to make informed decisions, avoid debt traps, and build long-term wealth.

 

According to him, “Financial literacy empowers you to take control of your future. It is a life skill that helps you plan, protect, and grow your money wisely.” One of the highlights of the session was Mr. Komori’s explanation of the fundamental difference between saving and investing.

 

Using relatable examples, he illustrated that saving involves setting money aside for short-term needs or emergencies, often in a bank account, while investing is the act of putting money into vehicles like stocks, mutual funds, or businesses with the expectation of generating returns over time. He urged the students to develop both habits early, noting that each plays a vital role in achieving financial stability.

 

He further emphasized that saving is important, but investing is what will set individuals up for long-term financial success. Mr. Komori also stated that achieving financial freedom requires a combination of earning, saving, and smart investing.

 

The event was designed to be engaging and participatory. Following the lecture, there was a highly interactive session where students eagerly asked questions and shared personal experiences. The facilitator responded with clarity and encouragement, helping the students understand real-life applications of the financial principles discussed.

 

The vibrant interaction underscored the curiosity and readiness of young Nigerians to learn about money and how it works. Both the faculty and students expressed their gratitude to Polaris Bank for the impactful session.

 

Mrs. Madamedon, the Principal of NANA College, thanked Polaris Bank for facilitating the event, saying, “On behalf of the entire school, I would like to extend our heartfelt appreciation to Polaris Bank for investing in the future of our students. This session has equipped them with vital skills that will serve them throughout their lives. Financial literacy is key to success, and we are grateful to be a part of this initiative.”

 

Mrs. Onakufe, the Vice Principal, also expressed her gratitude, adding, “We are excited that Polaris Bank chose our school for this important event. The knowledge shared today has already sparked conversations among our students, and we believe this will have a lasting impact on their financial decision-making as they grow into adulthood.”

 

In addition to NANA College, Polaris Bank also visited several other schools across Nigeria, including Excel International School, Damaturu, Baptist High School, Ede, Christ the King Excellent Academy, Lokoja, and Graceland International School, Ogotun Ekiti with a mandate to visit at least one school in each state.

 

These sessions have helped extend the Bank’s financial literacy outreach to a larger group of students. The students also shared their excitement, describing the session as “eye-opening” and “life-changing.”

 

Polaris Bank continues to demonstrate its commitment to youth empowerment through various financial literacy initiatives targeted at secondary schools and higher institutions across Nigeria. The Bank believes that a financially literate population begins with equipping the youth with the tools they need to make smart financial decisions.

 

Global Money Week is an annual global awareness campaign organized to inspire young people to learn about money matters, livelihoods, and entrepreneurship. With this year’s theme focusing on “Think before you follow, wise money tomorrow,” Polaris Bank’s initiative at NANA College and other schools aligns perfectly with the global mission to build financially responsible generations.

Sustainability Professionals Institute Of Nigeria (SPIN) Hosts Inaugural Scientific Committee Induction

…Advances Commitment To Mainstreaming Sustainability In Africa Through Research And Innovation

The Sustainability Professionals Institute of Nigeria (SPIN) convened its inaugural Scientific Committee Induction on Thursday, March 27, 2025. The virtual event, themed “Mainstreaming Sustainability in Africa: Professionalism, Standardization, and Capabilities,” brought together distinguished scholars, industry leaders, and sustainability professionals to chart a path for Africa-centric sustainability solutions.

Moderated by Dr. Mories Atoki (Hon.), SPIN’s Legal Director, and headlined by First Bank of Nigeria PLC, the event featured keynote addresses and panel discussions with globally recognized experts. These included Professor Kenneth Amaeshi, President of SPIN and Professor of Sustainable Finance at the European University Institute. Professor Amaeshi stressed the importance of “decolonizing sustainability frameworks” and prioritizing local contexts. He noted, Africa must redefine sustainability on its own terms, balancing environmental, social, and economic imperatives unique to our realities.”

Vice President Ini Abimbola, while administering the SPIN induction oath, charged the newly inducted scientific committee members to advance professionalism, drive standardization, and strengthen capacity building in sustainability, ultimately shaping the future of sustainability in Africa.

The newly inducted scientific committee of the Sustainability Professionals Institute of Nigeria (SPIN) comprises seven distinguished scholars and practitioners. Professor Emmanuel Adegbite, Professor of Accounting and Corporate Governance at Nottingham University Business School, emphasized the critical role of corporate governance in driving sustainable business practices. Professor Judy Muthuri, Professor of Sustainable Business and Development at the University of West Indies, stressed the importance of integrating indigenous knowledge and community-led approaches into sustainability strategies.

The committee members highlighted the complexities of sustainability in Africa. Professor Chukwumerije Okereke, Professor of Global Climate Governance and Public Policy at the University of Bristol, advocated for justice-centered policies that address historical inequities. Professor Uwafiokun Idemudia, Dean of the College of Social and Applied Human Sciences at the University of Guelph, called for multi-stakeholder collaboration to mitigate environmental degradation. Dr. Adaeze Okoye, Equality, Diversity and Inclusion (EDI) Lead at the University of Brighton, underscored the need for regulatory frameworks that promote equity and inclusion.

The committee emphasized innovative approaches to sustainability, featuring expert insights from renowned thought leaders. Dr. Natalie Beinisch, Co-founder of the Circular Economy Innovation Partnership, shared insights on leveraging circular economy principles. Professor Tazeeb Rajwani, Chaired Professor of International Business and Strategy at Surrey Business School, analyzed geopolitical shifts impacting sustainability practices and emphasized the need for African businesses to develop resilient, context-specific strategies.

Building on these insights, Ismail Omamegbe, SPIN’s Director of Advocacy and Stakeholder Engagement, outlined the committee’s roadmap. “We look forward to our new scientific committee members’ insights in shaping our research agenda, policy formulation, and capacity-building initiatives,” he stated.

In her closing remarks, Mrs. Eunice Sampson, SPIN’s Director of Learning and Development, reaffirmed the committee’s vision. “Through this distinguished committee, we will transform sustainability in Africa by localizing solutions and decolonizing approaches. Our focus remains on driving inclusive, data-driven, and measurable sustainability progress through effective thought leadership, continuous capacity building, knowledge sharing, and cross-sector collaborations.”

Enugu Govt Takes Delivery Of 100 Tractors, 900 More Underway

Enugu Takes Delivery Of 100 Tractors, 900 More UnderwayLarryBravo Nwaiwu
The Enugu State Government has received 100 out of the 1,000 tractors ordered by the state governor, Dr. Peter Mbah, to boost agriculture in the state.
Another batch of 100 is also underway, while the remaining 800 will be assembled at the new Nortra Tractor Assembly Plant and Service Centre established by ODK Group, Danish firm.
Conducting newsmen on an inspection of the tractors in Enugu on Monday, the state’s Commissioner for Agriculture and Agro-Industrialization, Mr. Patrick Ubru, said this was in fulfilment of Governor Mbah’s earlier promise to mechanise agriculture in the state, boost food production, create jobs, and drive the state’s GDP to $30 billion by 2031.
According to Ubru: “What you’re seeing here is a fulfillment of Governor Mbha’s manifesto on mechanising agriculture and ensuring that the agriculture sector in Enugu State takes a different shape and also ensuring that we increase our productivity up to 200 folds by ensuring that Enugu becomes the food basket of Nigeria. This can only be done through mechanisation.
“We have received 100 heads of tractors imported from Denmark through the Notra Tractors Company. Apart from the 100 we just received, they have assured us that in the next 60 to 90 days, another 100 will be delivered to the state, while the balance of 800 tractors will be assembled here in Enugu. We have also seen the implements that will accompany those tractors to the farm.
“The tractors have been tested at the farm estate in Akpawfu, Nkanu East Local Government Area. This model has an engine capacity of 75 horsepower and we have assurance that if we encounter difficult terrains, the company can increase the capacity to 90 horsepower”, he stated.
The commissioner explained that the Assembly Plant would have two production lines capable of assembling 10 tractors per day, with another section dedicated to practical training of tractor operators, adding that to ensure sustainability, the plant would also have a service centre for tractor repair and maintenance.
The Commissioner said the Assembly Plant alone will create 3,600 jobs.
Ubru also observed that the tractors would be made accessible to farmers, stressing that the government’s aim was to empower farmers and make agriculture attractive and profitable.
“A lot of job opportunities for our young people and a lot of value will be created. Prior to this time, our small holder farmers as well as commercial farmers found it difficult to apply mechanization process in their farm and that also hindered productivity. Going forward, tractors will be made accessible to farmers, farming will be easier and an attractive profitable business and no longer merely to satisfy subsistence needs.
Reiterating that the government was in the process of establishing 260 farm estates across the state, the Commissioner said that the estates would provide services for the small holder farmers and serve as centres where tractors could be easily accessed.
“The farm estate is going to be a one-stop-shop that will provide a lot of services for our small holder farmers. Each farm estate will have 200 farmers where we will provide mechanised services. This translates to 52,000 direct jobs. The farm estate will have a tractor shade housing the tractors so that the farmers can get the services of a tractor when they need it. We will have improved seedlings extended to the farmers, and the extension workers in each of the farm estate will provide extension services to the farmers”, he stated.
The commissioner further said that the Ministry of Agriculture was working out the modalities to enable the farmers to access the tractors in time before the next farming season commences in the state in the next two weeks.
Also speaking, the Chairman of All-Farmers Association in the state, Chief Romanus Anayo Eze expressed delight at the new tractors, saying the state had never seen such a large number of tractors.
“I thank Governor Peter Mbah for fulfilling his campaign promises, unlike others in the past, who would tell us they would do this and that, but they won’t fulfil it.
“When the governor said he would make provision for 1,000 tractors in the state, myself in particular and others doubted it. But what we are seeing today is different. For the first time, Enugu is procuring 100 tractors. We are so excited and farmers of Enugu State are happy.
“Since this year, farmers have been calling to ask for tractors, but today, with this, everyone is smiling and happy over this big development.
“This farming season, we are going to be farming with brand new tractors. So, I am happy because these are new ones that won’t break down.
“Before now, we did not have up to four tractors in the Ministry of Agriculture. Before now, some of those tractors could not leave the Ministry to the farm without breaking down on the way. That was what was obtainable before.
“Our promise is that with these tractors, there will be food sufficiency in Enugu State. There will be employment. Most of our youths will be gainfully employed through the farm estates he establishing in the 260 wards”, he said.