Access Holdings Plc trading as Access Corporation (‘the Corporation’) Tuesday announcds that its wholly owned subsidiary, Access Bank Plc has entered into a binding agreement with Montepio Holding SGPS S.A (‘Montepio’) to acquire a 51% majority shareholding in Finibanco Angola S.A.
Finibanco Angola S.A. (“Finibanco”) is a profitable, well-capitalised full-service commercial bank with over 20 branches and around US$300 million in total assets that has operated in Angola since 2008. The Transaction will be effected via the purchase of existing shares owned by Montepio-the holding company for Banco Montepio, one of Portugal’s well-established commercial banks.
The Angolan market as the 6th largest economy in Africa and the 7th largest country overall, with a vast and diversified natural resource base and a growing population represents a strong potential for the Bank’s growth aspiration. The Transaction furthers the Bank’s strategy to be Africa’s payment gateway to the world whilst working with other Africa-focused multilaterals to provide robust and efficient payment platforms and ecosystems to serve the continent. The prospective operation is expected to contribute strongly to the Bank’s overall growth path and financial results over the long-term.
Access Holdings company Secretary, Sunday Ekwochi in a statement made available to BusinessUpdate revealed that the Transaction, which is subject to regulatory approvals in Nigeria and Angola is expected to close in the first half of 2023 following fulfillment of customary conditions precedents. It will be consummated at 1.0x tangible book value less pre-agreed adjustments to be determined by a customary completion audit. Upon completion of the Transaction, the Bank is expected to increase its shareholding in Finibanco S.A and has reached certain conditional agreements in this regard.
Commenting on the transaction, Dr. Herbert Wigwe – Group Chief Executive Officer of the Corporation, said:
“At Access, our vision remains clear as and our determination to harness accretive Opportunities within and outside Nigeria is our core strategic focus. Angola represents an opportunity for our shareholders to participate in what we believe will engender stronger value upside as Africa fully emerges. We remain committed to making these disciplined and well-structured investments towards creating a strong, holistic platform that will be competitive, diversified, and compelling for years to come.”
The Corporation shall continue to update the market on the Transaction in line with its disclosure obligations.
By: SUNDAY ADEBAYO
As it’s the case all over the world, there are few women heading top executive positions in Nigeria corporate space. While this is something to worry about, it becomes even more worrisome when those few women who manage to climb to the top of the corporate ladder work efficiently as men would rather do.
Oluwatomi Somefun (born October 2) is an award winning Nigeria banker. She is the chief executive officer (CEO)/ Managing Director (MD) of Unity Bank, making her the first in the bank’s history to hold this position.
Named as one of the top 25 most distinguished Chief Executive Officers of quoted Nigerian companies for the 2015 financial year, Oluwatomi Somefun does not have any question mark about her competence.
Somefun is passionate about people, especially young adults and helping them to
achieve their God-given potential inspired by their limitations. She mentors and counsels individuals in their professional and social development. She sits on the board of a number of Financial and Educational institutions, and has served on the Advisory board of several Foundations including UBA Foundation.
As one of the female Chief Executives heading banks in Nigeria, Somefun has in her 7 years of leading Unity Bank Plc, proved her mettle, making it possible for other women to find a smoother path into top executive positions.
Too many experts within an industry give the illusion that this is normal and everyone is at the same level of brilliance, vision and breadth of ability. But in the banking and finance sector, there are crouching dragons and tigers. Crouch no more, Oluwatomi Somefun; your genius has been exposed. Unity Bank Plc used to be one of those bank’s in Nigeria that kept a semi-low profile. Such banks did not seek to compete, only to meet their predetermined goal. No more! The brilliance, methods, pursuit and accomplishments of the bank’s MD/CEO, Oluwatomi Somefun, have dragged it to stand on an equal height with the other banking giants of Nigeria.
In recent days, Somefun has consolidated her more than two and a half decades of corporate experience and thrust her high-tier level of expertise into the pool of master managers and CEOs in Nigeria. Taking advantage of trends, Somefun has resorted to tying certain blocks of the Unity Bank customer demography to certain staff teams within the bank. The result of this decision is a new wave of banking services that is tailor-made for and therefore suits everyone of their customers. Talk about customer satisfaction.
Somefun has also managed to reach equilibrium in her integration of traditional and modern banking. In a world where nearly everything is available at the click of a button, Somefun is pushing to have Unity Bank take the lead in these responsive, customer-deterministic services. So far, the digital service corner of the bank has closed in on its former objectives of awareness and utilization.
Overall, Oluwatomi Somefun is not a disappointment to her dazzling education or many chattered fellowships. This is what it means to be a visionary leader, a professional banker, and an excellent corporate Paragon. If Unity Bank does not surpass its contemporaries with Somefun at the head of things, it might as well become a book shop.
Somefun studied English language at the Obafemi Awolowo University, Ile-Ife and graduated with her first degree in 1981. Since she had no academic training in accounting, banking or economics, she would later take important professional courses and certifications. She became a Chartered Accountant in 1982 and is currently a fellow of the Institute of Chartered Accountants of Nigeria (ICAN).
She also did some graduate studies at the Harvard Business School and the University of Columbia, and attended an international training programme with INSEAD Fontainebleau, in France. First degree or not, Somefun has acquired sufficient training over the years. She is also a member of professional bodies like the Bank Directors Association of Nigeria (BDAN), the Chartered Institute of Bankers of Nigeria (CIBN), the Institute of Directors (IOD), and others.
The over three decades’ journey to becoming the formidable banker she is today, started with a role as Senior Audit Assistant with KPMG from 1982 to 1986. She moved on to Arthur Andersen, still in the capacity of Senior Auditor and spent another couple of years there before leaving in 1989 to join Ventures & Trusts Limited as an Associate. This would be the last step before Somefun started her three decades of banking career which would cut across core sectors like Treasury & Investment Banking, Corporate Banking, Retail and Commercial Banking Operations.
Mrs Somefun worked with Credit Bank Limited. Later, she moved to the UBA Group. She headed two of UBA Group’s major subsidiaries; serving as the MD/CEO of UBA Capital & Trustee Limited and the Founding Managing Director of UBA Pension Custodian Limited. She served as a Non-Executive Director on the boards of directors of UBA Foundations, UBA Trustees, UBA Nominees and UBA Registrars.
With Unity Bank Nigeria Plc, Somefun served as the Executive Director overseeing the Lagos and South-West Business Directorates, the Financial Institution Division and Treasury Department of the Bank. This was before August 2015 when she succeeded Mr. Henry James Semenitari in 2015 as Unity Bank’s CEO.
She is a Member of the Board Finance; General Purpose Committee, Board Risk Management Committee, Board Credit Committee, amongst others.
Within the last seven years, she has reordered Unity Bank to the path of growth and profitability; de-risking the balance sheet, introducing products like UniFi (a mobile banking product with robust digital offerings which now stands as a flagship youth banking product); Corpreneurship (a youth banking initiative that targets entrepreneurship-minded fresh graduates completing the compulsory one-year national youth service).
Under her tenure, Unity Bank also became the first Nigerian Bank to offer Multilingual USSD Banking in the three major Nigerian languages. Somefun is helping to drive the bank’s vision of being the bank of choice for all Nigerians.
She piloted the bank through the troubled waters in 2016 and 2017 when its financials were being bugged with a high volume of non-performing loans borrowed mostly by some former board members, which affected the bank’s capitalisation.
RECOGNITIONS AND OTHER POSITIONS
Oluwatomi Somefun won the 2019 Top 25 CEOs Next Bulls award in recognition of the bank’s stellar performance on the Nigerian Stock Exchange (NSE). The award came to her in recognition of the bank’s sterling performance for the year, as its stock appreciated 101.89% in the year, making it one of the best-performing stocks on the NSE.
Tomi Somefun was also listed among the top 25 most distinguished Chief Executive Officers of quoted Nigerian companies for the 2015 financial year.
She also won the top BusinessDay Top 25 CEOs award in 2019. She was conferred an Honorary Degree of Doctor of Business Administration by Redeemer’s University (RUN).
OLUWATOMI SOMEFUN QUOTES
“We underestimate the value of what each
one of us can do.”
“So don’t quit just yet… you’re closer to the
finishing line of your challenge than you
“A job is a challenge and not an
“Greatness is a process and not an event.”
“Your words weigh 1000 tons… Choose them
“The only way to get rid of your past
mistakes is to learn its lesson for the
future; God will waste nothing. Make
every experience count.”
“Every new person we meet present a new
opportunity from God, to be blessed or to
be a blessing. Don’t waste it.”
“Experience they say is the best teacher,
but the school fees are high, so save
yourself fees and copy handout from other
“Difficult roads often leads to beautiful
The Managing Director of Cadbury Nigeria Plc, Oyeyimika Adeboye is set to deliver the keynote paper at the sixth edition of the Women In Marketing and Communications Conference/Awards (WIMCA) scheduled to hold on Friday, 7th October at the prestigious Landmark Event Centre, Lagos at 9 am prompt.
Oyeyimika is the first female Managing Director of Cadbury Nigeria Plc and she will be speaking on the theme “Breaking More Biases for A Sustainable Future” alongside other eminent marketing, marketing communication professionals, and leading entrepreneurs and socio-entrepreneurs at the event. Interested participants yet to register can visit www.wimca.ng. Registration is free.
Other speakers billed to speak on the theme and subthemes are Steve Babaeko, President of AAAN and CEO, X3M Ideas; Busola Tejumola, Executive Head of Content & West Africa Channels, MultiChoice Group; Solape Akinpelu, CEO, HerVest and Country Director, Women in Tech Global Nigeria Chapter; Anurika Azubike, Managing Partner at Marketplace Innovation Africa; Bidemi Zakariyau Akande, Founder/ CEO of LSF PR; Charles O’Tudor, Principal Consultant of ADSTRAT Branding Management Consortium Limited; Jumoke Odunlami, Chief Customer & Marketing Officer, AXA Mansard and Uche Ajene Ayere, Founder/Managing Director, Stephanie John & Associates among others.
Also, billed to speak at the masterclasses are Victor Afolabi, GCEO Hazon Holdings; Dolapo Otegbayi, Specialized Nutrition Director, FrieslandCampina WAMCO; Nnenna Onyewuchi, Co-Founder/Chief Growth Officer, Halo Invest; Yosola Atere, Marketing Director West Africa & Francophone Sub Saharan Africa, Mastercard; and Dr. Tola Elatuji, Marketing Director, Pladis Global.
WIMCA is now a two-day event that will take place on Friday, 7th October, and Saturday 8th, 2022. The event has been repackaged to include an exhibition, masterclass, and other initiatives that make this year’s WIMCA more robust, engaging, educating, exciting, and memorable for participants than they have ever experienced.
The conference taking place on the first day will feature presentations on Career Development, Personal Branding, Women and Personal Finance, and Wellness for Women while, the second day will focus on the masterclasses in the morning and an awards & gala night from 4 pm. The Exhibition will hold side-by-side with the conference on the first day, and the masterclass holding the next morning. The exhibition stands are expected to fold up at least two hours before the awards evening.
Oyeyimika is a chartered accountant, who joined the Board of Cadbury Nigeria in November 2008, as Finance and Strategy Director, West Africa.
Prior to joining the company, she was the Director of Finance and Chief Financial Officer of Nigerian Bottling Company Plc.
She previously worked for the erstwhile Accounting and Tax Practice of Arthur Andersen & Co as well as the United Kingdom Accounting practice of Midgley Snelling & Co., Chartered Accountants.
She is a fellow of the Institute of Chartered Accountants in England and Wales and a member of the Institute of Chartered Accountants in Nigeria.
Basically, the objectives of WIMCA include serving as a mentorship platform for young and prospective female professionals to ignite their potential towards attaining enviable heights in marketing and management. Also, it is to inspire the entrepreneurial spirit in women towards creating and sustaining enduring marketing and communications industry businesses.
Expected attendees include chief executives of marketing communications businesses and brands, marketing directors of corporate organisations, senior advertising practitioners and professionals, and senior and middle-level female executives in creative, public relations, media planning, digital, and experiential marketing agencies. Participants are also expected from the public sector.
In clear recognition of the critical role Nigeria is playing on the global telecom stage, the country was re-elected earlier today as a Council member of the International Telecommunication Union (ITU), the United Nations specialised agency that oversees global telecommunication operations. Nigeria will serve on the Council again from 2023-2026.
The election of Nigeria and other countries, on Monday, October 3, 2022, into different regional groups that constitute ITU Council, was the highpoint of the Plenipotentiary Conference 2022 (PP-22) ongoing in Bucharest, the capital city of the Republic of Romania.
The Nigerian delegation was successfully led to the global event by the Honourable Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami. Other members of the delegation include the Chairman, Board of Commissioners of the Nigerian Communications Commission (NCC), Prof. Adeolu Akande, and the Executive Vice Chairman/Chief Executive Officer of NCC, Prof. Umar Danbatta.
At the conference, which started on September 26, 2022 and scheduled to end on October 14, 2022, member states at the event voted on the composition of the next ITU Council and the 12 representatives to serve on the Radio Regulations Board (RRB) for the next four years.
The 21st Plenipotentiary Conference of the Council, also saw the election by member states, of Doreen Bogdan-Martin of the United States of America as the organisation’s next Secretary-General.
Like Nigeria and the countries elected into the Council, Bogdan-Martin, as the first woman to lead ITU in its 157-year history, will begin her four-year term from January 2023, when Houlin Zhao would have completed his second final term of four years in office as ITU Secretary General.
The seats in ITU Council are divided into five regions, A to E. Nigeria was elected into the ITU Council, Region D for Africa, which has 13 seats. Other 12 countries elected alongside Nigeria are Algeria; Egypt; Ghana; Kenya; Mauritius; Morocco; Rwanda; Senegal; South Africa; Tanzania; Tunisia; Uganda.
Elections of member states also took place into the Region A for The Americas (nine seats); Region B for Western Europe (eight seats); Region C for Eastern Europe & Northern Asia (five seats); and Region E, for Asia and Australasia with 13 seats as Africa.
Commenting on Nigeria’s re-election as ITU Council member, the Executive Vice Chairman and Chief Executive Officer, Prof. Umar Danbatta, thanked the ITU member states for the confidence it has in Nigeria expressed by the re-elected into the ITU Council, in which the country has been playing critical role over the years.
“The re-election of Nigeria as a member of ITU Council for the next four years, again, points to the globally-recognised leadership role Nigeria is playing in Africa and at the level of ITU Council in the area of telecommunications policy formulation and technical regulations development to drive ITU’s mission and vision,” the EVC said.
ITU, originally established in 1865 as the International Telegraph Union and became a United Nations specialised agency in 1947, was set up to coordinate telecommunications operations and services throughout the world. It is headquartered in Geneva, Switzerland.
Nigeria became a member of ITU on November 4, 1961. The USA joined on July 1, 1908; United Kingdom, February 24, 1871, and UAE on June 27, 1972.
The ITU is governed by the Plenipotentiary Conference and the Administrative Council. The Plenipotentiary Conference is the supreme organ of the Union. It is the decision-making body which determines the direction of the Union and its activities.
The Council, on the other hand, acts as the Union’s governing body in the interval between Plenipotentiary Conferences. Its role is to consider broad telecommunication policy issues to ensure that the Union’s activities, policies, and strategies fully respond to today’s dynamic, rapidly changing telecommunications environment
ITU Council also prepares a report on the policy and strategic planning of the ITU, and it is responsible for ensuring the smooth day-to-day running of the Union, coordinating work programmes, approving budgets, and controlling finances and expenditure.
The Council also takes all steps to facilitate the implementation of the provisions of the ITU Constitution, the ITU Convention, the Administrative Regulations (International Telecommunications Regulations and Radio Regulations), the decisions of Plenipotentiary Conferences, and where appropriate, the decisions of other conferences and meetings of the Union.
The Honourable Minister of Transportation, Engr. Mu’azu Jaji Sambo has commended the Management of the Nigerian Maritime Administration and Safety Agency (NIMASA) for its capacity development initiative in the Nigerian maritime sector. He further applauded the Agency for remaining focused in the delivery of its mandate, noting that the Agency has a better image than what it was ten years ago.
Engineer Sambo made this known when he paid a working visit to the headquarters of the Agency in Lagos, alongside the Minister of State, Prince Ademola Adegoroye and the Permanent Secretary, Dr. Magdalene Ajani.
In his words “NIMASA of today have come a long way from the NIMASA I knew ten years ago. I commend the entire Management and Staff of the Agency for raising the bar, it is a symbol of team work. I am impressed with the customer experience center and your efforts to attract young Nigerian into the maritime sector via various capacity development projects including the essay competition for secondary school students”.
Commenting on the Cabotage Vessel Financing Fund (CVFF), the Minister reiterated the commitment of the Ministry to work with the Agency in ensuring it is disbursed to deserving beneficiaries, adding that it will further boost shipping activities in the country’s maritime sector.
“If there is a jinx about the CVFF, I am going to break it by getting it disbursed to deserving Nigerians. If these funds are disbursed, the President Muhammadu Buhari administration and the Federal Ministry of Transportation will take credit, while it remains a legacy in your administration”, the Minister said.
Engr. Sambo called for more synergistic relationship between NIMASA and other parastatals under the supervision of the Ministry, in addition to the Nigerian Navy and members of the Nigerian Armed forces towards ensuring the success of the Deep Blue Project is a success.
On his part, the Director General of NIMASA, Dr. Bashir Jamoh thanked the Minister for his dynamic leadership in steering the affairs of the Ministry, while also assuring that the Agency remains committed to actualizing its mandate as stipulated in the four enabling Acts of the National assembly for a robust and attractive maritime sector in Nigeria.
He further used the opportunity to intimate the Minister on some of the activities of the Agency in realizing a robust maritime sector which include; obtaining approval for physical and monetary incentives for ship owners to purchase brand new vessels at zero duty, while also assisting them get foreign exchange at the Central Bank of Nigeria rate respectively. The move according to the DG is to help phase out old and rickety vessels from the nation’s waterways and encourage more participation in the Nigerian shipping industry.
The NIMASA DG informed the Minister that under the Deep Blue Project, 600 Special Forces from the Nigerian Navy, Nigerian Army, Nigerian Air Force, Department of State Security, among others are undergoing training for special skills to ensure effective implementation of the Project. The intent is to ensure that the nation’s waterways remain safe from all forms of criminalities.
Jamoh also informed the Minister that under the Nigerian Seafarers Development Programme (NSDP) scheme over 2,000 Nigerians have undergone training, out of which about 800 are actively engaged on various ships, with a huge number of them working on the Nigerian Liquefied Natural Gas (NLNG) ships. He added that NIMASA is developing a National Ship Building and Infrastructure Development Strategy, aimed at bridging the gap of capacity building for trained seafarers.
Other achievements listed include but are not limited to; Enhanced Maritime Safety administration through effective Ports and Flag states inspection on foreign and Nigerian flagged vessels, Enforcement of safety regulations on barges and tug boats through Operation Sting Ray, Reactivation of online seafarers Certificate of Competency verification platform, and commenced activities towards ensuring GHG emission reduction in the maritime sector with an emphasis on achieving 0.5% Sulphur Oxide (SO2) in Bunker fuel oil.
The Minister also undertook a tour of the NIMASA Maritime Stakeholders experience Contact Center MSECC. The 24 hour Center serves as a platform for both internal and external stakeholders to resolve any issue within the stipulated 24 hours
The FCT Police Commissioner, Mr Babaji Sunday on Thursday September 29 sent 20 policemen to enforce the Court of Appeal judgement that reinstated members of the ‘’Incorporated Trustees of Apo XK Extension Residents Association’’ titles to over 400 plots of land.
The policemen accompanied about seven bailiffs from the FCT High Court to serve the Court of Appeal enrolment order and the high court’s Warrant for Possession or the Writ of Possession to the current occupants of the land.
The bailiffs also pasted the court documents evicting current occupants at estate’s gate and on every nooks and corners their premises.
The Court of Appeal sitting in Abuja had on May 18, 2017 had set aside decision of the FCT High Court and declared the re-allocations of over 400 plots of land that constitute the Apo XK Lay-out by the Minister of the Federal Capital Territory and Federal Capital Development Authority to ENL Consortium Limited and Federal Housing Authority as illegal, null and void.
In the unanimous judgement delivered by Justices Mohammed Mustapha, Emmanuel Akomaye Agim and Tani Yusuf Hassan on May 18, 2017, ordered the FCT Minister, FCDA and ENL Consortium Limited to immediately halt the acts of trespass and to remove all machinery or personnel from the plots of land situated within XK Layout, Apo District which belongs to the appellants.
In the lead judgement read by Justice Mustapha, he said, ‘’having resolved all the issues that call for determination in this appeal against the respondents, this appeal succeeds and it is allowed, the judgement of the trial court is hereby set aside.
The Apo (XK) Extension Annex Layout was designed by the Federal Capital Development Authority and C-of –O issued to would be residents in 1995.But by April 2009, the Minister of Federal Capital Territory and FCDA began to demolish building s which were at various stages of development without giving reason for so doing or give any compensation.
The victims formed an association and consequently filed a motion ex-parte dated May 27, 2009 before the FCT High Court seeking interlocutory injunction to restrain FCT Minister, FCDA, Abuja Municipal Council, Abuja Metropolitant Management and Development Control Department as 1st to 5th defendants, from further demolition.
On July 31, 2009, Justice O.O.Goodluck ordered the defendants from trespassing, encroaching on or interfering with plots XK Apo Extension Layout Annex, pending the determination of the substantive suit.
But on October 5, 2009, the then FCT Minister, now Senator Adamu Aliero authorize FCDA to allocate the over 200 plots covering 78 hectares that make up XK Apo Extension Layout Annex to the Federal Housing Authority (FHA)
Subsequently, FHA gave the over 400 plots to one ENL Consortium Limited, owned by former Osun state deputy Governor, Clement Adesuyi Haastrup.
However, FHA, FCDA and FCT disobeyed the court restraining order just as the ENL Consortium went ahead to be building estate houses on the plots.
But on May 27, 2011, Justice O.O. Goodluck of the FCT High Court delivered judgment in the matter. He dismissed the suit, and held that each allottee claiming occupation and allocation must establish their legal right on their plots. But the trial judge declared the title of the 5th respondent, Dr Tumala on the plot he owed as valid, awarded damages of N1 million also in his favour alone, against the ENL Consortium Limited, FHA, FCDA and FCT minister.
Dissatisfied with the judgement, both the ‘’Incorporated Trustees of Apo XK Extension Residents Association’’ filed appeal with No. CA/A/462/2011 dated June 20, 2011, and listed FCT Minister, FCDA, FHA, ENL Consortium Limited and Dr Tumala Muhammed Musa as 1st to 5th respondent respectively.
The appellants asked the Court of Appeal to declare they are the lawful allottees or occupants of the parcel of land known as ‘’Apo XK Layout situated within the FCT.
They asked the appellate court to hold that the trial judge err in law when he said that ‘’in praying for declaration of the title or lawful occupation, each allottee is a necessary party’’ thereby occasioning a miscarriage of justice.
The Appeal Court had held that the purported revocations of the titles of the plaintiffs to the land in dispute is illegal, and therefore void and ordered the Federal Housing Authority or their agents to abate the acts of trespass and remove all personnel or machinery from the land. It also awarded a N2 billion damages in favour of the appellants.
The Supreme Court had on June 6, 2018 in the Chambers ruling by Justices Olabode Rhodes-Vivour, Mary Ukaego Peter-Odili, John Inyang Okoro, Chima Centus Nweze and Sidi Dauda Bage struck out the ENL Consortium Limited appeal No. SC.9/2018. Justice Rhodes-Vivour who read the lead judgement simply said ‘’Appeal struck out’’, perhaps for wants of diligent prosecution.
Meanwhile, the Federal Housing Authority had also on June 6, 2018 applied to the Supreme Court seeking for extension of time to seek leave to appeal against the judgement of the Court of Appeal’
They asked the apex court to ‘’grant application for staying execution of the judgement of the Court of Appeal delivered on May 17, 2011 pending the determination of the application or where the application is successful, pending the determination of the appeal arising from the application’’
However, the Federal Housing Authority had with regard to their application/appeal No. SC.613/2018 on March 1, 2022 applied for withdrawal of its application, and hence was struck out.
In the lead judgement delivered by the current Chief Justice of Nigeria, Justice Olu Ariwoola, held that ‘’ upon reading the application herein and the affidavit of Onyebu Josephine Iheko sworn to and filed on the 29th June, 2018 and after hearing M.S.Agwu Esq., of counsel for the Appellant; Valentine Offia Esq.,of counsel Respondent; A.M. Umar Esq.; of counsel for the 2nd Respondent; S.I. Ameh (GodwinOgboji Esq, with him)of counsel for the 3rd Respondent; Adebayo Adedeji Esq.; of counsel for the 4th and 5th Respondents; B.J. Akomolafe Esq.; of counsel for the 7th Respondent.
‘’It is ordered; that application filed on the 29th day of June, 2018 having been withdrawn is hereby struck out’’, Justice Ariwoola held.
Meanwhile, after the policemen and the court bailiffs have left the premises, the ENL Consortium and FHA officials mobilized over 50 touts with machetes to chase original allottees out of the premises.
The Nigerian Communications Commission (NCC) and the National Lottery Regulatory Commission (NLRC) on Thursday in Abuja set up a committee to work towards the protection of the interest of telecom consumers against malpractices that may attend mobile lotteries in the country.
The Committee, which was inaugurated at the NCC Head Office in Abuja, was tasked with the responsibility of articulating measures to address mutual regulatory issues, including the review of revenue-sharing formula between Mobile Network Operators (MNOs) and lottery operators.
The NCC’s Executive Commissioner, Stakeholder Management (ECSM), Barrister Adeleke Adewolu, who presided at the meeting comprising senior staff of the two agencies, recalled fondly previous engagements between the agencies and stated that the committee was important in order to review and update an NCC-NLRC Memorandum of Understanding (MoU), which was signed on the 6th of August 2018 but has now expired.
The ECSM said the Commission is committed to regulatory collaboration and strategic partnerships and has carefully reviewed NLRC’s requests and is convinced that both organisations can conclusively address issues and other concerns that have been identified in the operation of lotteries in the telecom industry.
“We expect that the Joint Committee of senior members of staff in both organisations will work closely to develop a collaborative framework to progressively improve gaming service delivery for telecoms consumers and further accelerate holistic development in Nigeria’s digital economy,” Adewolu stated.
In addition, the ECSM reiterated that the Committee is expected to articulate a new MoU to address issues around revenue sharing between MNOs and lottery operators, the need to review and recommend a workable model for addressing the needs of both organisations, and present informed recommendations to deepen regulatory collaboration between the two regulatory agencies.
“Given the strong professional pedigree of the members of this Joint Committee, I have no doubt that they will meet and even exceed the expectations of the Managements of both the NCC and the NLRC, and I wish you all success in this task,” Adewolu added.
Speaking on behalf of the Director-General, NLRC, Lanre Gbajabiamila, the Director, Legal Services, NLRC, Olayemi Ajayi, expressed her organisation’s commitment to improving revenue generation from the lottery industry while appreciating NCC for being receptive to inter-organisational collaborations.
Ajayi reiterated the need for renewal of the expired MoU with amendments to accommodate new provisions that will be favourable to stakeholders and fast-track the development of Nigeria’s digital economy.
Ajayi assured that, “The NLRC is working tirelessly to ameliorate its functions and service delivery to stakeholders. Therefore, this renewed collaboration with NCC will help for better and efficient service delivery by both agencies.”
The Nigeria Deposit Insurance Corporation (NDIC) is scheduled to host a regional workshop in Abuja, Nigeria bringing together leaders of African Deposit Insurance Agencies to share knowledge and expertise to strengthen the implementation of deposit insurance systems on the African Continent. The event which is scheduled to take place between the 4th and 7th of October 2022, is a Technical Assistance Workshop (TAW) under the auspices of the African Regional Committee (ARC) of the International Association of Deposit Insurers (IADI).
The weeklong workshop with the theme “Normality in Turbulent Periods: The Stabilising Role of Deposit Insurance”, will explore issues such as the role of deposit insurance in early detection and timely intervention in resolving bank failures as well as crisis management and strengthening operational resilience of deposit insurance agencies. Deposit Insurance organisations from more than 15 African countries including Angola, Botswana, Burundi, Ghana, Kenya, Senegal, Somaliland, Sudan, Tanzania, Uganda and Zimbabwe are expected to attend. Representatives of Deposit Insurance Agencies from Chinese Taipei, Kenya, Indonesia, United States of America as well as the Financial Stability Institute (FSI) and the IADI Secretariat both in Basel, Switzerland are expected to form part of the resource persons and panellists at the Workshop.
The workshop is taking place against the backdrop of the 20th Anniversary of IADI which was established in May 2002 with a mission to share deposit insurance expertise with the world. As a deposit insurer and member of the financial safety net in Nigeria, the NDIC is a founding member of IADI, pioneer member of its executive council and founding Chairperson of the Africa Regional Committee (ARC). The NDIC joined IADI as a founding member in 2002 and was a pioneer member of the IADI Executive Council and Chairperson of the IADI-Africa Regional Committee (ARC) respectively. In addition, the NDIC had also served on various IADI Council and Technical Committees such as Audit and Risk Council Committee (ARCC), Core Principles and Research Council Committee (CPRC), the IADI Strategic Planning Working Group (SPWG), the Islamic Deposit Insurance Technical Committee (IDITC) and the Training & Technical Assistance Council Committee (TTAC), to mention but a few. The hosting of the IADI – ARC Technical Assistance Workshop by the NDIC is a recognition of the Corporation’s international standing and significant achievements and expertise in the implementation of the Deposit Insurance System in Africa.
Equipment manufacturer, Lenovo, has disclosed several vendor vulnerabilities in some of its products, which it said could lead to information disclosure, privilege escalation, and denial of service.
The vulnerabilities primarily affect Lenovo Products (Desktop, Desktop-All in One, Hyperscale, Lenovo Notebook, Smart Office, Storage, ThinkAgile, ThinkPad, ThinkServer, ThinkStation, and ThinkSystem).
The Nigerian Communications Commission’s Computer Security Incident Response Team (NCC-CSIRT), in its recent advisory, rated the probability of the vulnerability as high with an equally high damage potential. It, therefore, urged users of affected products to update their firmware.
The advisory cited the Lenovo report, first published in the second week of this month, indicating that the vulnerabilities are caused by flaws in the System Management Interrupt (SMI) Set BIOS Password SMI Handler, other systems used to configure platform settings over Windows Management Instrumentation (WMI), and a buffer overflow flaw in WMI SMI Handler.
Successful exploitation of the vulnerabilities could allow an authenticated local attacker to bypass security restrictions, gain elevated privileges and execute arbitrary code on the targeted system. The attacker could also send a specially crafted request to the targeted user to gain sensitive information, which could result in unauthorized Information disclosure, privilege escalation and denial of service on the targeted system.
According to NCC-CSIRT, the solution to addressing the vulnerabilities is for users to update their system firmware to the newer version(s) indicated for their product model.
The CSIRT is the telecom sector’s cyber security incidence centre set up by the NCC to focus on incidents in the telecom sector and as they may affect telecom consumers and citizens at large. The CSIRT also works collaboratively with the Nigeria Computer Emergency Response Team (ngCERT), established by the Federal Government to reduce the volume of future computer risk incidents by preparing, protecting, and securing Nigerian cyberspace to forestall attacks, and problems or related events.
The minister of Transportation, Engr. Mua’zu Jaji Sambo has averred that the quest for a Greener Shipping environment Hy Nigeria can best be attained through the collaboration of Public/Private Maritime Sector operators.
The minister made the declaration in his remark on the occasion of the celebration of the World Maritime Day in Lagos on yesterday.
According to him, ” to attain the Greener shipping we seek, it is imperative that new technologies must be embraced through aggressive technology transfer, research and development, innovation and partnership. It is my firm belief that if the stakeholders from both public and private sectors in this industry could work together, a greener shipping regime is attainable.”
Sambo while describing the theme of this year’s celebration , “New Technologies for Greener Shipping” insisted that it
” will provide opportunities to focus on specific areas related to promotion of inclusive innovation and uptake of new technologies to support the shift for a greener transition of the maritime sector as well às address specific aspects of the United Nations Sustainable Development Goals (SDGs) particularly SDGs 9, 13, 14 and 17 on industry, innovation and infrastructure, climate action, sustainable use of the oceans, seas and marine resources and the importance of partnership and implementation to achieve the goals” adding that the need for collaboration ” becomes more significant, at a time the world is transiting to a cleaner energy era, with a focus to achieve zero carbon emission.
‘ ***Statistics’ he added “shows that at the moment, shipping industry consumes approximately 300 million tons of fuel oil every year, emitting about 3 percent of the world’s carbon-dioxide emissions into the atmosphere* .’**
Engr. Sambo who also applauded the innovative leadership of International Maritime Organisation, IMO disclosed that the shipping industry has started considering several solutions, including low sulphur fuel oil (LSFO), marine gas oil (MGO), liquid natural gas (LNG) and even burning the current fuel with scrubbers on the exhaust stacks to remove sulphur. Recognizing the potential of reducing green House Gas emission in the shipping industry and its impact on climate change, the sector plays a critical role in ensuring sustainability through the efforts of the International Maritime Organization (IMO).”
The minister said ” to achieve this innovative transition, partnerships with discerning parties on sharing and distributing information on best practices and to access resources and general know-how in support of the transition of the maritime sector into a greener and sustainable future has become more highly imperative now than ever.
The shipping industry is very dynamic. Therefore by “Green shipping” it refers to strategies to increase energy efficiency and decarbonize global shipping with the application of environmentally friendly trends and technologies with various innovative measures that could take over the shipping industry today, with the goal of working towards a cleaner, greener world as highlighted. Such as
Reduction of carbon emissions and other gases caused by the burning of fuels in environment.
Engr Sambo. further declared that, “A green ship would leave the least amount of carbon emissions. “Green ship” is a name given to any seagoing vessel that contributes towards improving the present environmental condition in some way. Green ship technology adopts procedures to decrease emissions, consume less energy, and be more efficient;
Cutting sulphur oxide emissions to improve air quality by reducing the sulphur content in ships’ fuel oil (0.5%) to that effect, the shipping industry has started considering several solutions, including low sulphur fuel oil (LSFO), marine gas oil (MGO), liquid natural gas (LNG) and even burning the current fuel with scrubbers on the exhaust stacks to remove sulphur; Slow Steaming which is the practice of simply running at a lower speed, which can significantly reduce fuel consumption on a voyage;
Designing of more efficient ship hulls: The shape of a ship’s hull directly impacts the performance and efficiency of the vessel, and an optimally designed hull can significantly increase speed and cut fuel costs;
More Efficient Port Management: By optimizing port management and refining operating procedures, shipping companies have progressively shortened the amount of time ships wait in the dock, and improved turnaround time. This reduces the time ships spend idling in harbors, belching out tons of carbon dioxide, and makes the whole process of shipping goods more efficient. The optimization of harbor operating procedures is a practice now adopted by almost all major shipping companies and is of great benefit when it comes to making the shipping industry greener; Incorporate a Ballast-Free System; and
Use of wind energy with the Sail and Kite Propulsion System amongst other innovative methods.