Great Nigeria Brands Report 2015

MTN Nigeria to Go Public in 2016

MTN Nigeria will become a Public Liability Com-pany (PLC) in

2016. Accordingly, MTN will list

its shares on the floor of the Nigerian Stock Exchange (NSE) by way of public of-

fer for purchase by interested members of the investing pub-lic.

A senior insider in MTN Nigeria confided in Business Journal: “Well, l can tell you that the management has concluded plans to list the shares of MTN on the Nige-

rian Stock Exchange (NSE) in 2016, mainly due to intense pressure from various quarters in the past three years. Unless there is a change of policy in the near future, the 2016 date remains sacrosanct for now.”

The insider said part of the game-plan for 2016 was the

selling off of MTN telecom masts and outsourcing of var-ious operations of the compa-ny since 2013.

In the 2014 business year, MTN recorded revenue of N824.8 billion compared to N793.6 billion in 2013.

Analysts in the industry also

believe that investors in MTN were complaining of static growth, especially in terms of income generation and un-ending demand for right-of-way payment by various state governments and government agencies.

Alluding to the static growth

$42.56 $47.56221.4302.9196

Monday Aug. 31 - Sept. 6, 2015

OandoN10.19DansugarN7.26

NestleN-89.7

UACNN-3.60

of MTN Nigeria, the MTN Group said: “MTN Nigeria experienced a difficult six months (in 2015) impacted largely by unfavourable mac-ro-economic conditions and operational execution chal-lenges resulting in declining revenue and higher costs.”

Vol. 001. 16

in Nigeria Report 2015Great Brands

Special RepoRt

100

Business Journal Aug. 31 - Sept. 6, 2015



VocusRight Ventures


Editorialwww.businessjournalng.com

5 Time to End the Confusion of JAMBThe Joint Admissions and Ma-

triculation Board (JAMB) was created with the best intention of ensuring seamless process of admission into universities in Nigeria by qualified candidates.

For many years, JAMB fulfilled this man-date with admiration and commendation, to the satisfaction of candidates and their parents.

Then, JAMB was synonymous with excel-lence in examination practice-the process was simple and forward. And those that failed to make the mark did not complain, they simply knew they did not measure up to the chal-lenge. They prepared for the following year.

Today, the situation is very critical.To gain admission into public universities

in Nigeria today is comparable to climbing Mount Everest-the highest mountain in the world.

JAMB and its management have effectively

turned the admission examination body into an image of confusion and extortion.

Every year, millions of Nigerian youths desirous of university education are milked like cow by JAMB through a criminal net-work of official and unofficial bottlenecks, whose primary objective is to extort as much money from the candidates and their parents as possible, without any guarantee of admission.

To create official cover for this endless confusion, JAMB created what it called the Unified Tertiary Matriculation Examination (UTME) and later imposed what it called ‘cut-off marks’ for post-UTME test by various universities.

And to make the situation more cumber-some, the sane JAMB again created what it also called ‘Paper-Based and Comput-er-Based’ examination modules, without making efforts to test-run these latter-day initiatives before unloading them on helpless

especially in the current era of technology. Again, nations that are desirous of moving

ahead and taking a lofty place in the comity of nations cannot toy with their education sector, especially, the universities.

In our candid opinion, JAMB has failed and should be scrapped immediately.

The nation’s quest for inclusion amongst the top 20 nations of the world by the year 2020 will continue to remain a day dream until we sort out the root of the crisis in our education sector.

Indeed, keeping JAMB alive to be milking millions of helpless candidates every year through a confused and discredited ad-mission examination process will not help Nigeria.

Those in authority should summon the needed courage and do the needful: sack JAMB and initiate a robust and transparent process to rework university admission in the country.

and innocent candidates.The result is confusion everywhere.JAMB is confused. The universities are

confused. And the candidates seeking admis-sion into universities through JAMB are even more confused.

The introduction of technology in the examination process is always a welcome development. The problem is not introducing technology. The challenge is preparing the candidates on the use of such technology before the date of the examination.

It is stating the obvious to say that major-ity of the candidates might just be seeing or working on computers and laptops for the very first time because our education system at the primary and secondary levels have not taught and equipped them with the knowl-edge and capacity to use same.

It is important to emphasise here that uni-versity education is the bedrock for sustaina-ble socio-economic growth and development,

AFC Secures $50m Credit from Islamic Development Bank for Project Financing


Bankingwww.businessjournalng.com

6

The Africa Finance Cor-poration (AFC) has announced acceptance of a $50 million 15-year line of financing, with a 13-year six month re-

payment period, from the Islamic De-velopment Bank (IDB).

The funds will be used to finance projects located across the numerous African IDB member countries. The projects will be structured in a way that is compliant with Islamic Finance, fo-cusing particularly on infrastructural and agricultural projects that promote the economic and social development of the communities concerned.

This is AFC’s first Islamic finance borrowing and is the result of sev-eral years of increasing cooperation and collaboration between the two institutions. AFC initiated discus-sions in 2009 and a Memorandum of Understanding was later signed with the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the IDB Group.

Building on this groundwork a team from the IDB visited AFC in 2014, fol-lowing the reaffirmation of AFC’s in-ternational credit rating of A3/P2 by

Moody’s and based on several more years’ track record in landmark project financing and development.

AFC’s involvement in projects such as the Bakwena Toll Road, a transport infrastructure development which has connected South Africa’s industrial heartland to the nearest deep water port in Mozambique, were instrumen-tal to the success of the corporation’s application.

Andrew Alli, President and Chief Executive Officer of AFC, comment-ed: “As AFC’s first Islamic Finance loan, this agreement represents an im-portant step for the corporation. The Islamic finance sector is responding to high demand and rapidly expanding, with a large number of Islamic finance institutions establishing operations here as a result of Africa’s significant Muslim population. There is enor-mous growth potential within this industry.

“We intend to fully utilise the loan and capital to fund and develop pro-jects within IDB member countries, several of which are also member states of AFC. It is with loans such as these that AFC can continue to improve the quality of the continent’s infrastructure and with it help to boost

Africa’s economic growth.”As well as providing important fi-

nancing for the corporation’s activities,

MobileMoneyAf-rica will host the RemitAfrica con-ference on Nov 04 – 05 in Lagos, the economic

capital of Nigeria, Africa’s largest re-mittance nation.

Remittance providers and stake-holders such as money transfer op-erators, financial services providers, financial technology providers, ven-dors, agent network operators, mobile financial services providers, regulators and stakeholders from the supply and demand side of the remittance indus-try will be meeting at the REMITAF-RICA2015.

The formal market for internation-al and cross border money transfer to Africa is still young and faces typical emerging markets challenges when compared to more established mar-kets. A competitive market space is required to foster technology innova-tion, access and drive the expansion necessary to reduce cost and reach underserved areas.

According to a recent report by the World Bank, the growth of remit-tances to Sub-Saharan Africa is pro-jected to slow to 0.9 percent in 2015,

AFC’s agreement with the IDB estab-lishes an important, intercontinental relationship, which will hopefully lead

to further collaboration between Afri-can and Middle Eastern institutions in the future.

L-R: Group Head, Financial Institutions/International Organisation, Ecobank, Mr. Babasola Aluko; Portfolio Relationship Manager, Private Sector Engagement, The Global Fund, Mr. Andrew Redpath and Local Account Manager, Financial Institution/International Organisation , Ecobank, Mr. Osahon Aibangbee during Ecobank/The Global Fund Partnership workshop for global fund sub-recipients in Abuja

Nigeria, Africa’s Top Remittance Recipient Nation to Host RemitAfrica2015

amounting to $33 billion. Globally, it is expected to reach $586

billion in 2015, though at a slower growth rate of 0.4% due to economic conditions and is expected to acceler-ate again to reach an estimated $636 billion in 2017.

Africa has made great strides in mo-bile technology adoption and penetra-tion; however, despite the pervasive coverage of such mobile networks across Africa, technological innova-tion has yet to drive down costs in re-mittance markets.

The barriers to cost-reduction, chal-lenges and opportunities in the Af-rican remittance market, improving efficiency at the last mile, the role of non- bank financial institutions and the emergence of digital remittances such as mobile money, online trans-fers and crypto-currencies in lowering remittance cost for Africans are some of the subject matter areas to be con-sidered at the conference being held in Lagos, Nigeria.

First round of speakers from leading providers such as TransferTo, Xpress-money, Sendcashglobal, Ecobank, Ericsson, Cash4africa, Moneygram, Mahindracomviva, Inpay and other industry leaders have been confirmed.

Ecobank and the Global Fund continue their inno-vative financing partner-ship program to contribute to the fight against malaria,

TB and HIV/AIDS. The programme is designed to

strengthen the financial management skills of programme implementers in Nigeria, South Sudan and Senegal. Ecobank has pledged $3 million to-wards the scheme.

During the second phase of the program, which officially kicked off in Abuja, six Non-Governmental Or-ganisations (NGOs) who battle TB and HIV/AIDS in Nigeria will receive

Ecobank, The Global Fund Collaborate to Eliminate Malaria, TB, HIV/AIDS in Nigeria

extensive onsite training over the next 12 weeks.

“This unique partnership demon-strates the commitment of African institutions like Ecobank using their own resources and knowledge to make a significant contribution to the sustainable development across Af-rica,” said Julie Essiam, Head of HR, and CEO of the Ecobank Foundation. “Aligned to our vision & mission to develop Africa, at Ecobank, we help develop the communities we serve.”

Technical training will be delivered by Ecobank Nigeria and through the placement of Accounting for Inter-national Development (AfID) con-

sultants, who are all members of the Nigerian Diaspora taking time off to volunteer on this specific project.

“The Global Fund sets up innovative partnerships with private sector part-ners in order to roll out game-chang-ing strategies to reach all those who are vulnerable to AIDS, TB and ma-laria. There are enormous benefits to working with a partner like Ecobank, who can bring valuable expertise to the programs, as well as to the Global Fund itself”, added Andrew Redpath, Private Sector Portfolio Relationship Manager at The Global Fund.

The partnership projects are expect-ed to have a long-lasting effect. Train-ing of the NGOs not only strengthens financial stewardship of Global Fund grants; it will also improve transpar-ency and accountability for the use of public funds and grants from other donors.

The impact of the programme has already been recognised as over 80 people working for 10 grant recipi-ents in Nigeria and South Sudan were trained during the first phase of the project last year.

The Global Fund country teams have already noticed first-hand that grant implementation has become more efficient.

Julie Essiam, Head of HR and CEO, Ecobank Foundation

100in Nigeria Report 2015

Great Brands

SPECIAL Report


8 Great Brands In Nigeria Report

History

Over the past 26 years, Access Bank Plc has transformed from an obscure Nigerian Bank into a world class Afri-

can financial institution. Today, Access Bank is one of the five largest banks in Nigeria in terms of assets, loans, deposits and branch network; a feat which has been achieved through strong long-term approach to client solutions – providing committed and innovative advice.

Access Bank has built its strength and success in corporate banking and is now taking that expertise and ap-plying it to the personal and business banking platform it acquired from Ni-geria’s International Commercial bank in 2012. The last two years have been spent integrating the business, invest-ing in the infrastructure and strength-ening the product offer.

As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmen-tally responsible and socially relevant.

The Beginning (1988 – 2001)•December 19, 1988: Access Bank

was issued a banking license•February 8, 1989: Access Bank was

incorporated as a privately owned commercial bank

•May 11, 1989: Access Bank com-menced operations at its Burma Road, Apapa Head Office

•March 24, 1998: Access Bank be-came a Public Limited Liability Com-pany

•November 18, 1998: Access Bank listed on the Nigeria Stock Exchange

•February 5, 2001: Access Bank ob-tained a Universal Banking License from the Central Bank of Nigeria

The ChangeIn March 2002, the Board of Di-

rectors appointed Aigboje Aig-Im-oukhuede as Managing Director/Chief Executive Officer and Herbert Wigwe as Deputy Managing Director. The mandate was clear: “Reposition the bank as one of Nigeria’s leading fi-nancial institutions within a five year period (March 2002 – March 2007).”

This task was perceived by many as impossible given the realities of the Bank at the time. Simultaneously, Mr. Gbenga Oyebode, who brought commendable and useful board expe-rience gathered from some of Nigeria’s leading companies, including MTN Nigeria, Okomu Oil Palm Plc, was also appointed to the Board.

The new management team sub-sequently created a transformational agenda for Access Bank which repre-sented a departure from all that char-acterized the Bank in the past and be-came the road map for the conversion of the bank into a world class financial institution.

The focus was to:•Assemble a credible and high calib-

er management team•Introduce a culture of excellence

founded on professionalism and in-tegrity

•Ensure Human Capital Develop-ment

•Enlarge the shareholder base•Introduce strong procedures and

processes to drive day-to-day Bank activities

•Instill a passion for customer ser-vice in all members of staff

•Establish a low cost liability gener-ation strategy

•Expand branch network to cover all clearing zones within Nigeria

•Create a world-class brandThe impact of the transformation

agenda was reflected in the first year. The bank grew its balance sheet by 100% and posted an impressive N1 bil-lion profit before tax. The profit before tax figure was more than the cumu-lative profit made by the bank in the

previous 12 years. This also marked the beginning of what would be a six year record triple-digit growth trend. Similarly, earnings per share had re-bounded to 21 kobo from a negative 2 kobo position, leading to a declaration of a 5 kobo dividend to shareholders for the first time in three years.

In recognition of the role of an en-hanced capital structure, the Bank embarked on a capital raising exer-cise in July 2007. The exercise was an astounding success recording an over subscription of over 300%. The public offer comprised of an Over-The-Counter GDR placement of US$250 million which was similarly oversubscribed by 700%. The Bank’s shareholders’ fund today stands at over N240 billion with an expanded shareholder base of over 1,000,000 do-mestic and foreign investors.

Access Bank is consistently seeking for ways to expand its service plat-form across the African continent. The bank currently operates through a network of about 366 branches across major cities and commercial centers in Nigeria, Gambia, Sierra Leone, Zam-bia, Rwanda and Democratic Republic of Congo.

Key Moments in Access

Bank’s HistoryYear 2002•Appointment of Aigboje Aig-Im-

oukhuede, Managing Director/Chief Executive Officer and Herbert Wigwe, Deputy Managing Director, with a mandate to move the bank from 65th position to top 10 by 2007

Year 2003•Determined the most actively trad-

ed stock on Nigeria Stock Exchange Market

•Recorded N1 billion PBT (exceeds cumulative profit for the last 12 years)

Year 2004•Successful public offer raised over

N14.5 billion, recording 133% over subscription

•Received the Hewlett Packard Award for the best implementation of a core banking application (Flexcube 6.2) in West Africa

•Selected as one of the seven banks to disburse the European Investment Bank’s N50 million SME facility

Year 2005•Acquired Capital Bank and Marina

bank via merger by absorption and

completed integration within 60 days•Netherlands Finance Company

(FMO) US$15million Investment in Access Bank listed on the NSE

Year 2006•Access Bank launches suite of

wealth management products for high-net-worth customers

•Access Bank launches MPower Biz Account, designed to empower SME business owners, the Bank’s flagship retail product

•Launched first Nigerian online car leasing service ’Auto online’

•First Nigerian Bank to partner the International Finance Corpora-tion(IFC), an arm of the World Bank, for the introduction of the IFC’s Gen-der Empower Programme

•Appointed Primary Dealer/Market Maker for government bonds by the Debt Management Office (DMO)

•The first Bank in Nigeria to receive US$15 million convertible investment from the IFC

•Appointed as a Settlement Bank by the Central Bank of Nigeria

Year: 2007•First Nigerian Bank to introduce

and commence the use of Visa Credit Cards in Nigeria

•First Nigerian Bank to obtain EMV certification for multicard ATM ser-vice platform

•1st Nigerian Bank to receive fund-ing from the Belgian Investment Company Fund for developing coun-tries

•Access Bank implements the Bond Index Tracker

Year: 2008•Successfully concluded 3rd pub-

lic offer raising over US$1billion (3.5 times oversubscribed).

Year: 2009•Access Bank launches its ‘Going

Green’ campaign in Lagos•Access Bank launches its ‘Going

Green’ campaign in Abuja•Access Bank signed the Conven-

tion on Business Integrity Treaty•The Access Bank UK Limited wins

Adams Smith Award for Best Practice and Innovation

•Access Bank adopts Equator prin-ciple for CSR

•Adoption of International Finan-cial Reporting Standard

•First Nigerian Bank to voluntarily establish an Ombudsman Office

•3rd Bank in Nigerian banking in-

dustry to adopt IRS Account reporting style in addition to GAAP

Year: 2010•Access Bank is awarded the ‘Most

Socially Responsible Bank in Africa’ award from the African Banker Mag-azine

•The IFC Global Trade Finance Pro-gram determines Access Bank is the ‘Most Active GTFP Issuing Bank in Africa’

•Access Bank launches its E-Learn-ing Portal

•Access Bank is declared the ‘Best Clearing Bank in Oshogbo Clearing zone 2009’ (Oshogbo Branch) at the Maiden edition of Oshogbo CBN award night

•Final of Mirror the Master Art Competition held in Lagos

•Access Bank held the third SME Work Place Policy Programme in Minna

•Access Bank held the second SME Work Place Policy Programme in Enugu

•Access Bank held the first SME Work Place Policy Programme in La-gos

Year: 2011•Access Bank judged the ‘Sustain-

able Bank of the Year for Africa and Middle East’ by Financial Times and IFC

•Access Bank receives the business in the community ‘Big Tick Award’

Year: 2012•Access Bank and Intercontinen-

tal Commercial Bank(ICB) merger judged Africa`s top M&A deal of the year

•Access Bank Plc, judged ‘Best Bank in West Africa’ by the African Banker

•Completed recapitalization of ICB•Revised corporate philosophy; new

aim to become ‘Africa’s most respected Bank’

•Partnered with Friends Africa to implement SME Workplace Policy in Sub-Saharan Africa

•Ranked fourth largest bank as a re-sult of the ICB acquisition

•Listed on London Stock Exchange (LSE)

•Successfully raised US$350million Eurobond

Year: 2013•Articulated the next 5-year rolling

plan with a clear objective of becom-ing the ‘World’s Most Respected Afri-can Bank by 2017’

•Achieved AA- credit rating from S&P (one of the best among tier 1 banks in Nigeria)

Access Bank Plc

Herbert WigweGroup MD/CEOAccess Bank Plc


9Great Brands In Nigeria Report

History

NEM INSURANCE PLC started insurance business in Nigeria in 1948 through the agency of Edward Turner & Co. It be-

came a Nigerian branch of NEM Gen-eral Insurance Association Limited of London in 1965.

Incorporated in 1970 as a Nigeri-an company in compliance with the Companies Decree of 1968, the com-pany became quoted on the Nigerian Stock Exchange in 1989 following the privatisation by the Federal Govern-ment of Nigeria.

The company, which has contrib-uted immensely towards the growth of Insurance Industry in Nigeria, was into Life and Non- Life business. Fol-lowing the recapitalisation exercise, the company merged with Vigilant Insurance Company Ltd to transact all classes of General Insurance.

The company has expanded its op-erations into the West African Sub region, with the successful registra-tion and commencement of business of its subsidiary, NEM INSURANCE (GHANA) LIMITED in May, 2009.

Share Capital As At 31St December, 2013Authorised share capital: N4.2 billionPaid Up Capital N2.6 billionShareholders’ Fund N4.6 billion

MISSION STATEMENTTo build a customer satisfying in-

surance institution that is passionate about adding value to the interests of all stakeholders.

Corporate Core Values•Humility•Intergrity•Discipline•Excellence

Nem Insurance Plc

Tope SmartGroup MD/CEONEM Insurance Plc

•Empathy•CourageClasses Of Insurance AvailableNem Insurance Plc Was Licensed To

Transact All Classes Of General Insur-ance Viz.:

•Motor Vehicle Insurance•Burglary And Housebreaking In-

surance•Fire & Special Perils Insurance•Consequential Loss•Marine Insurance•Engineering/Contractors All Risks/

Erection All Risks•Workmen’s Compensation•Group Personal Accident•Householders/Houseowners In-

The Central Bank of Nige-ria was established by the CBN Act of 1958 and com-menced operations on July 1, 1959.

Statement of CBN Core MandateThe mandate of the Central Bank

of Nigeria (CBN) is derived from the 1958 Act of Parliament, as amended in 1991,1993,1997,1998,1999 and 2007.

The CBN Act of 2007 of the Federal Republic of Nigeria charges the Bank with the overall control and adminis-tration of the monetary and financial sector policies of the Federal Govern-ment.

The objects of the CBN are as fol-lows:

1. ensure monetary and price stabil-ity;

2. issue legal tender currency in Ni-geria;

3. maintain external reserves to safeguard the interna-tional value of the legal tender currency;

4. promote a sound financial system in Nigeria; and

5. act as Banker and provide eco-nomic and finan-cial advice to the Federal Govern-ment.

Consequent-ly, the Bank is charged with the responsibility of administering the Banks and Other Financial Institu-tions (BOFI) Act (1991) as amend-ed, with the sole aim of ensuring high standards of banking practice and financial sta-bility through its surveillance activ-ities, as well as the promotion of an efficient payment system.

In addition to its core functions, CBN has over the years performed some major de-velopmental func-tions, focussed on all the key sectors of the Nigerian

surance•Computer/Electronics Insurance•Money Insurance•Goods-In-Transit Insurance•Guarantee Policies/Bonds•Oil & Gas Insurance•Travel Insurance•Professional Indemnity•Rent Assurance•Aviation InsuranceReinsurance TreatiesThe Company has Treaty Reinsur-

ance arrangements with Africa Re-insurance Corporation, Continental Reinsurance Company & WAICA Reinsurance Pool and Swiss Reinsur-ance Pool.

Central Bank Of Nigeria (CBN)

economy (financial, agricultural and industrial sectors). Overall, these mandates are carried out by the Bank through its various departments.

CBN Vision - By 2015“Be THE MODEL CENTRAL

BANK delivering PRICE and FINAN-CIAL SYSTEM STABILITY and pro-moting SUSTAINABLE ECONOM-IC DEVELOPMENT.”

Mission Statement“To be proactive in providing a

stable framework for the econom-ic development of Nigeria, through effective, efficient, and transparent implementation of monetary and ex-change rate policy, and management of the financial sector.”

Core ValuesOur core values of Meritocracy,

Leadership, Learning and Custom-er-Focus are to guide the behaviour of both management and employees of CBN towards the achievement of the Bank’s vision. It should be these shared standards that are dear to us, which guide our daily interactions, decisions, plans and implementations. No one, from Governor to Office-As-sistant should be in doubt as to what our values are and every execution of their duties should fully reflect those

values

Zenith Bank Plc was estab-lished in May 1990, and com-menced operations in July of the same year as a commercial

bank. The Bank became a public limited

company on June 17, 2004 and was listed on the Nigerian Stock Exchange (NSE) on October 21, 2004 following a highly successful Initial Public Offer-ing (IPO). Zenith Bank Plc currently has a shareholder base of about one million and is Nigeria’s biggest bank by tier-1 capital. In 2013, the Bank listed $850 million worth of its shares at $6.80 each on the London Stock Ex-change (LSE).

Headquartered in Lagos, Nigeria, Zenith Bank Plc has over 500 branch-es and business offices in prime com-mercial centres in all states of the federation and the Federal Capital Territory (FCT).

•(Late)Roy Pentelow Fenton Served From: 7/24/1958 - 7/24/1963•(Late)Alhaji Aliyu Mai-Bornu Served From: 7/25/1963 - 6/22/1967•(Late)Dr. Clement Nyong Isong Served From: 8/15/1967 - 9/22/1975•Mallam Adamu Ciroma Served From: 9/24/1975 - 6/28/1977•(Late)Mr. O. O. Vincent Served From: 6/28/1977 - 6/28/1982•(Late)Alhaji Abdulkadir Ahmed Served From: 6/28/1982 - 9/30/1993•Dr. Paul A. Ogwuma, OFR Served From: 10/1/1993 - 5/29/1999•Chief (Dr.) J. O. Sanusi, CON Served From: 5/29/1999 - 5/29/2004•Prof. Chukwuma C. Soludo, CFR Served From: 5/29/2004 - 5/29/2009•Mallam Sanusi Lamido Sanusi (CON) Served From: 6/3/2009 - 6/2/2014

Past CBN Governors

Godwin EmefieleGovernorCentral Bank of Nigeria

Zenith Bank Plc

In March 2007, Zenith Bank was licensed by the Financial Services Au-thority (FSA) of the United Kingdom to establish Zenith Bank (UK) Limited as the United Kingdom subsidiary of Zenith Bank Plc. Zenith Bank also has subsidiaries in: Ghana, Zenith Bank (Ghana) Limited; Sierra Leone, Zenith Bank (Sierra Leone) Limited; Gambia, Zenith Bank (Gambia) Limited.

The bank also has representative of-fices in South Africa and The People’s Republic of China. The Bank plans to take the Zenith brand to other African countries as well as the European and

Asian markets.Zenith Bank Plc blazed the trail in

digital banking in Nigeria; scoring several firsts in the deployment of In-formation and Communication Tech-nology (ICT) infrastructure to create innovative products that meet the needs of its teeming customers.

The bank is verifiably a leader in the deployment of various channels of banking technology, and the Zenith brand has become synonymous with the deployment of state-of-the-art technologies in banking.

Driven by a culture of excellence and strict adherence to global best practices, the Bank has combined vi-sion, skillful banking expertise, and cutting-edge technology to create products and services that anticipate and meet customers’ expectations; enable businesses to thrive and grow wealth for customers.

Zenith Bank Plc, founded by Jim Ovia in 1990, has, since grown astro-nomically to become one of the lead-ing financial institutions in Africa. Zenith Bank Plc currently ranks as the 6th biggest bank in the continent. The Bank grew its shareholder’s fund of N20million in 1990 to N509.25billion as at year end 2013.

Today, the Bank continues to thrive on the strong values, brand equity, corporate culture of professionalism and service excellence which are the foundations upon which the bank was built.

Peter AmnagboGroup MD/CEOZenith Bank Plc



Leadway Assurance Company LimitedOur History

Leadway Assurance Com-pany Limited (‘Leadway’) is one of Nigeria’s foremost insurance service compa-nies, with a reputation for service efficiency and cus-

tomer reliability. For over 40 years, Leadway has hon-

oured its underwriting commitments and has earned its reputation of excel-lence in claims handling and playtech free slots. The evolution of Leadway since 1970 has mirrored the dramatic expansion of indigenous insurance service providers, with Leadway re-maining in the forefront as an insurer of repute.

The reputation enjoyed today by Leadway has been attained by the con-tinuing pursuit of improvements to maintain competitive advantage. All aspects of the business are approached with discipline; the recruitment of staff, the development of products, the advancement of technologies and the personal service offered to each client.

THE CAMEL LOGOThe CAMEL logo symbolises the

vision of the founders of the Com-pany at the time of incorporation in 1970. The vision had as its basis on the conceptual note of insurance as a risk transfer mechanism, enabling insurers to carry all types of financial burden.

As a BURDEN CARRIER, insur-ers are expected to have the required strength and tenacity to survive, even during difficult times, if indeed they are to protect the interests that have been transferred to them. In espous-ing this primary concept, the founders envisioned that, come what may – rain or shine, dull or bright – the Company must always meet its financial obliga-tion to all its customers by ensuring

that claims are paid when due, with-out any delay by reason of insufficient funds.

This mission to be always EFFI-CIENT in meeting financial obliga-tions of customers is expected to en-gender a bond with each individual customer such that the Company is, indeed, seen as a RELIABLE insurer. The conceptual basis of the Camel was therefore rested on the slogan of the Company being an EFFICIENT AND RELIABLE Carrier of financial

burdens/obligation.

So what makes The CAMEL, a powerful logo?

1. A Camel has stores of Flesh and Fat than can be easily absorbed when food is scarce.

2. A Camel can subsist without water for several days.

3. A Camel, by its structural qual-ities, can survive in the most arid (dromedary camel) or cold (bactri-an camel) terrain. Its nostrils may be

Who We Are

Interswitch Limited is an inte-grated payment and transaction processing company that pro-vides technology integration, ad-visory services, transaction pro-

cessing and payment infrastructure to government, banks and corporate organisations.

Interswitch, through its Super Switch provides online, real-time transaction switching that enable busi-nesses and individuals have access to their funds across the 20 banks in Ni-geria and across a variety of payment channels such as Automated Teller Machines (ATMS), Point of Sale (PoS) terminals, Mobile Phones, Kiosks, Web and Bank Branches.

Why We ExistTo operate a secure, value-driven

payment infrastructure that facilitates the electronic circulation of money on a timely and continuous basis

closed during sand storms or blizzards and its eyes are shielded by very long eyelashes.

4. Its endurance is remarkable un-der different circumstances, that some are given to calling the camel “THE GIFT OF GOD”. The endurance and strength of the Camel have made it a valuable beast of burden.

5. Camels can be organized for mutual help and protection against the hazards of travel as a caravan

The CAMEL© as a LOGO is inter-esting for all its correlation to insur-ance as follows:

CAPACITY: Insurers are expect-ed to have the financial strength to contain the risk of losses that they have agreed to bear.

SOLVENCY: Insurers are ex-pected to keep RESERVES, including mathematical reserves, against future claims.

SECURITY: Insurers are expect-ed to have the backup necessary to ensure that even claims of very high magnitude are settled by spreading the assumed financial burdens in an organized market for help and protec-tion against catastrophes.

The Camel Nigeria Logo was regis-tered as a trademark of Leadway As-surance Company Limited in 1971.

Phenomenon behind the Camel and Sunrise

This concept is about a rejuvenated company with a strong background and heritage that has repositioned it-self to meet with global changes and to be compliant with modern practice in financial services industry.

What does the symbol stand for?

CAMEL: The Camel depicts Strength, Stability, Courage, Compan-

Oye Hassan OdukaleManaging Director/CEOLeadway Assurance Company Limited

ionship, Support and FriendshipSUNRISE: The Sunrise

depicts a rejuvenated strength in ser-vice delivery

ORANGE COLOUR: The Orange colour depicts the company’s invigor-ated strength, willingness to honour its promises, generosity to all our cus-tomers and prosperity in the life of the company.

BLACK COLOUR: The Black colour depicts Reliability, Royalty, Op-timism & Prosperity

Our Core ValuesOur core values impact who we are,

what we do and how we operate. Most importantly however, it impacts how we support our customers. Nothing counts more in our thoughts than our customers. That’s why our core values are the foundation on which everything we do is built.

Vision StatementTo be a leading insurance company

and non-banking financial solutions provider in Nigeria, Leveraging on our strategic capabilities in other selected markets.

Mission StatementTo be a service provider of choice,

bringing insurance as a risk manage-ment tool to the consciousness of all; adding value to our clients and other stakeholders in an efficient and relia-ble manner.

We introduce our core values chris-tened “iSCORE” and its definition:

i - IntegrityS - ServiceC - Customer focusO - OpennessR - Respect for the individualE - Excellence

InterswitchWhat We Believe In Team Work - In individual and

team efficiency, we have created an environment of informality and trust that rewards improvement from indi-vidual ingenuity and celebrates posi-tive result from team efforts.

Integrity - In ethical conduct, our people are reasonable and intelligent professionals who do the right things at all time. We believe honesty, integ-rity and fairplay in all we do is key to delivering sustainable benefits to our stakeholders.

Innovation - In proactivity & flexi-bility, we are committed to finding bet-ter ways of doing business everyday. We embrace change for the growth opportunities it brings. We search for the best possible solutions and apply world class ideas that are suitable to local realities, no matter the source.

Customer Success - In customer success, we are committed to our cus-tomers and we ensure they are the first beneficiaries in all we do. We focus

on solutions that accelerate growth as well as reduce cost in our customers’ operations.

What Motivates UsWe are a world-class company that

challenges itself to do the right thing, on time, the first time

Mitchell ElegbeGroup MD/CEOInterswitch



Julius Berger Nigeria Plc (Julius Berger) is a leading construction company offering integrated solu-

tions and related services. Julius Berg-er specialises in executing complex works that require the highest level of technical expertise and Nigeria-specif-ic knowhow.

The company utilises state-of-the-art construction methods and technolo-gies to ensure that quality and inno-vation are prioritised for the benefit of clients. Core competencies cover all project phases, including planning, de-sign, engineering, construction, main-tenance and operation, for infrastruc-ture, industry and building projects.

Julius Berger’s business is support-ed by vertically integrated operations, which augment efficiency and timely project execution. Subsidiaries and additional facilities make it possible to realise multi-faceted construction projects at the highest level of perfor-mance.

Excellence in health, safety and en-vironmental protection, investment in the professional development of staff, as well as sustainable business prac-tices are fundamental components of Julius Berger’s corporate culture.

International Organisation for Standardisation (ISO) certification demonstrates that the company’s man-agement systems are well equipped to consistently meet clients’ needs and

Julius Berger Plcquality is continuously improved.

Furthermore, Julius Berger is capa-ble of developing green buildings that comply with Leadership in Energy and Environmental Design (LEED) requirements.

Quick Facts• Listed on the Nigerian Stock Ex-

change, with a majority Nigerian shareholding

• Portfolio includes infrastructure, industry, building and facility services

• Design and engineering capacities• Proven commitment to leading

Health, Safety and Environmental Protection standards in accordance

with international best practices• Quality Management System cer-

tified to fulfill the requisitions of ISO 9001:2008

• Operating in compliance with the Nigerian Content Act

Our HistoryIn 1965, Julius Berger was awarded

a contract to engineer, build and con-struct a major infrastructure project in Nigeria - the Eko Bridge in Lagos.

This was the foundation of Julius Berger’s commitment to Nigeria.

• Following this initial project, the company began to diversify its port-

folio and its growth started to run in parallel to the development of Nigeria. In 1970, Julius Berger’s legal structure was changed into a Limited Company (Ltd.), later to be transformed into a Public Limited Company (Plc), listed on the Nigerian Stock Exchange in 1991.

• Throughout this time, Julius Berg-er’s role in the development of Nigeria was also evolving. Proven to be a com-pany that consistently delivered relia-ble solutions, Julius Berger became a pivotal partner in the building of the country’s fledgling industrial and civil infrastructure, and also a key collabo-rator in the development of Nigeria’s new capital, Abuja.

• Today, Julius Berger maintains its role as an integral partner in Nigeria’s construction industry, laying the foun-dations for the country’s economic progress and development.

Vision StatementAt Julius Berger, our vision is to be

Nigeria’s most dynamic construction company.

• We seize opportunities for both our company and the country.

• We work with dedication to main-tain our clients’ trust.

• We operate with a holistic ap-

proach and a solutions-driven mind-set.

• We seek efficient methods to deliv-er on our clients’ requisitions.

• We integrate our multiple resourc-es, including specialised personnel or production and service facilities, to achieve the best results

Our ValuesJulius Berger’s value system is built

on the belief that the company’s duty, apart from delivering the highest quality standards in work, is to sup-port and advance the development of its staff, host communities and the country of Nigeria itself.

The company aspires to operate its business in a manner that exceeds the ethical, legal, economical and pub-lic expectations of the society. Values include a pledge to ethical conduct, integrity and respect in all aspects of the company’s operations, dedication to the ongoing training of employees, and the establishment of collaborative partnerships with clients.

Julius Berger holds itself accountable for being honest, fair and respectful in all aspects of its business, and operates in a zero tolerance atmosphere for any actions that could be perceived as con-trary to these values.

Our Vision

To operate as a viable, robust and dynamic mortgage in-stitution able to meet the challenges of developing the

nation’s mortgage industry.

Our Mission To supply the mortgage and hous-

ing markets with sustainable liquidity for the advancement of homeowner-ship among Nigerians anchored on mortgage financing.

HistoryThe Federal Mortgage Bank of Ni-

geria (FMBN) was established in 1956, known then as the Nigerian Building Society (NBS), a joint venture of the Commonwealth Development Cor-

Federal Mortgage Bank Of Nigeria (FMBN)

Gimba Ya’u KumoManaging Director/CEOFMBN

poration and the Federal and Eastern Governments of Nigeria.

Following the introduction of the Indigenisation Policy, the Federal Government, by Indigenisation Act 1973, undertook 100 percent owner-ship acquisition of the NBS and conse-quently renamed it the Federal Mort-gage Bank of Nigeria (FMBN).

The Bank operates as an effective ve-hicle for increasing the mobilisation of long-term funds, lending volume and expansion of mortgage lending ser-vices to all segments of the Nigerian population.

The FMBN started the management and administration of the contrib-utory savings scheme known as the National Housing Fund (NHF) es-tablished by Act 3 of 1992. The NHF

is a pool that mobilizes long-term funds from Nigerian workers, banks, insurance companies and the Federal Government to advance loans at soft interest rates to its contributors.

In 1994, the Federal Mortgage Bank of Nigeria, with the promulgation of the FMBN Act 82 [1993] and the Mortgage Institutions Act 53 [1989] was accorded the status of the apex mortgage institution and thus ceded its retail function to an autonomous company, Federal Mortgage Finance Limited (FMFL) which was carved out of the FMBN, itself fully owned by the Federal Government of Nigeria.

Under the reform of the housing sector based on the FGs 2002/2006 National Policy on Housing and Ur-ban Development, the FMBN was restructured into a Federal Govern-ment-Sponsored Enterprise (FGSE) with more focus on secondary mort-gage and capital market functions. It plays the critical role of developing a robust mortgage finance system for the country. To meet its mandate, the FMBN has shifted operational em-phasis to expand its functions from only social housing on-lending un-der the NHF to include commercial on lending for housing, commercial mortgages refinancing, mortgage pur-chasing and warehousing and Mort-gage-Backed Securitisation.

Under this mandate it finances mortgages created by primary mort-gage institutions (PMI) under the Na-tional Housing Fund Scheme and also

gives estate development loans (EDL) to real estate developers.

The banks overall mandate is to pro-mote the delivery of affordable and modern houses to Nigerians.

Mandate•Encouraging the emergence and

promoting the growth of viable prima-ry mortgage institutions to service the need of housing delivery in all parts of

Nigeria.•Mobilising both domestic and off-

shore funds into the housing sector.•Linking the capital market with the

housing industry, establishing and op-erating a viable secondary mortgage market to support the primary mort-gage market.

•Collecting and administering the National Housing Fund in accordance with the provisions of the NHF Act.



History

Computer Warehouse Group Plc commenced operations in Septem-ber, 1992 as Computer Warehouse Limited with only Four (4) staff

members to undertake hardware pro-jects.

Five (5) years later, DCC Networks, the communications arm of the group was established to provide VSAT, Metropolitan, Wide Area and Local area networks to corporate organisa-tions. In 1999, based on the existing demands in the area of software solu-tions, system and training, Expert-Edge Software was acquired.

In pursuit of its Pan-African Vision, Computer Warehouse Group has es-tablished its regional offices in west, East and central Africa. CWG Ghana limited (2003), CWG Uganda Limited (2010) and CWG Cameroon Limited (2012) to handle the business interest of these regions.

On the 6th of march, 2012, CWG merged with its three (3) subsidiaries; CWL Systems , ExpertEdge Software and DCC Networks, thereby leaving CWG as the only surviving entity within the group and the subsidiaries becoming divisions. Since then, the

Austin OkereGroup MD/CEOCWG

Paul OhiiDGNAFDAC

NAFDAC

NAFDAC was established by Decree 15 of 1993 as amended by Decree 19 of 1999 and now the National Agency for

Food and Drug Administration and Control Act Cap N1 Laws of the Fed-eration of Nigeria, 2004.

This Act mandates NAFDAC to reg-ulate and control the manufacture, im-portation, exportation, distribution, advertisement, sale and use of food, drugs, cosmetics, chemicals, deter-gents, medical devices and packaged water (Known as regulated products).

Who We AreThe story of Zinox is that of a

spiritual mustard seed that is destined to challenge capitalist structures of the 21st century by promoting a knowl-edge economy through Digital de-mocracy. This is why Zinox in a short

Paul OrhiiDGNAFDAC

group has evolved into an IT Power-house with a focus on enabling busi-nesses through strategic partnerships with world-class organizations.

In February, 2013, CWG ceased to be a Private Limited Company and be-

period has, in addition to being the pi-oneer manufacturer of Nigeria’s First Internationally Certified Branded Computers, institutionalized high end ICT Solutions by moving the sector to the next level. For over 10 years, we have helped people both within and outside Nigeria achieve their dreams and aspirations as well as deploy their potentials to create wealth and richer lives for themselves and their societies by using technology to proffer simple solutions to the day-to-day challenges that they face at home, school, work and even at play. Founded in 2001 by a team of ICT Technocrats led by Mr. Leo Stan Ekeh, Zinox has flourished into one of the leading ICT Ecosys-tem in Africa. With strong interests in Computer Hardware Manufacturing, Distribution,, Critical ICT Solution, Telecoms, and world-class After Sales Support. This is why we are rated the

No.1 Integrated ICT solutions Group in Africa.

What We DoThough firmly grounded in West

Africa, our aspiration is to become the preferred IT brand in Africa and beyond. As an international company with over 20 offices spread across West Africa we adhere strictly to interna-tionally accepted industry standards ensuring that every facet of our op-erations are in conformity with these standards. Our products and servic-es are certified by the International Standards Organisation (ISO), Micro-soft Corporation, Intel Corporation, the FCC, as well as the Manufacturers Association of Nigeria, Nigeria Com-puter Society and Information Tech-nology Association of Nigeria. The International Data Corporation (IDC, USA) includes Zinox as the only Ni-geria ICT company in its quarterly surveys, thus their recent rating of Zinox Notebooks as the best-selling in Nigeria. As a key contributor to nation

source of world-class Information Communication Technology prod-ucts and solutions in Africa

Core Values•PROFESSIONALISM - We recog-

nise that only a disciplined adherence to quality standards and processes can deliver world class products.

•INNOVATION - Our creativity is based on insight that assures easier and faster ways of satisfying our clien-tele.

•INTEGRITY - We demonstrate transparency and truthfulness in all our dealings.

•RESPONSIVENESS - Our reflexes are allured to every need of the Cus-tomer

building, we are in constant pursuit of new ideas to create more value and better user experiences with our prod-ucts and services. Just like our pay-off ‘...digitally ahead’ we are heads and shoulders ahead of our peers.

Mission StatementWe are a highly skilled world class

ICT Company dedicated to provid-ing innovative products and solutions through a well-trained and motivated workforce

Company VisionTo be the leading and preferred

came a Public Company. On the No-vember 15 of the same year, Computer Warehouse Group Plc listed its shares on the Nigerian Stock Exchange.

The listing boosted the market cap-italisation of the NSE by about N14 billion naira, making CWG PLC the highest capitalised security in the ICT sector. CWG PLC listing also marked the first listing on the exchange after the launch of the X-Gen trading en-

gine- the same engine that is used on the NASDAQ.

Our vision: To be Africa’s Number one IT Platform Service Provider by 2020.

Our mission: We deploy technolo-gy solutions that enable growth.

Our quality Policy Statement: Computer Warehouse Group shall deliver ICT solutions that will add val-ue to our customers’ operations, meet

and exceed our customers’ expecta-tions and we shall deliver them right first time and all the time.

AwardsComputer Warehouse Group and

its divisions are recipients of sever-al prestigious awards from business partners, the media industry critics and regulatory bodies.

Some of these are:

Computer Warehouse Group Plc



Emzor Pharmaceutical

Emzor Pharmaceutical Industries Limited is a wholly private indige-nous pharmaceutical manufacturing group founded in 1984 by Dr. Stella C. Okoli, OON.

The company is into the manufac-ture of high quality pharmaceutical products and medical consumables. Its holding company, Emzor Chemists Limited opened for retail business in January 1977 in Yaba, Lagos.

The rapid growth of the retail busi-ness encouraged Emzor Chemists Limited to venture into the importa-tion and wholesale of assorted phar-maceuticals.

The idea to manufacture locally came later and this was predicated on the need to develop local capability, create jobs and provide high quality pharmaceutical products and services to the Nigerian people at prices that are not only affordable but represent value.

Emzor Pharmaceutical Ind. Ltd. started pilot production in 1985. By 1988 it had become an established pharmaceutical manufacturing com-pany especially with the introduction of Emzor Paracetamol which is today a leading brand of analgesic not only in Nigeria but across Sub-Saharan Af-rica.

The company’s factory is located in the Isolo industrial area of Lagos with facilities to make a wide variety of high quality pharmaceutical prod-ucts that meet international standards at affordable and competitive prices. All Emzor products meet the highest international standards and are duly registered with NAFDAC.

The then Secretary of Health to the Interim National Government Dr. Christopher Okojie officially commis-sioned the company’s factory in July 1993. The company has since attracted foreign missions, scholars, and stu-dents of pharmacy, microbiology and

Stella OkoliMD/CEOEmzor

chemistry. In April 1999, Prof. Debo Adeyemi,

the Honorable Minister of Health, commissioned the factory extension.

From the modest beginning with four (4) products in 1987, we now manufacture in our factory a wide range of products in the analgesic, an-

ti-malaria, vitamin/haematinics/mul-tivitamin supplement, anti-helmintic, antibiotics and therapeutic categories. The company has in its stable more than 80 different products.

Today, Emzor has become a house-hold name in Nigeria and a leader in the pharmaceutical market that is

known for quality products at prices that offer real value. These products are widely distributed throughout Ni-geria and the West African coast. Our commitment is to produce and deliver flawless products on time and every time.

Our Vision:To be the leading healthcare compa-

ny in Africa through the provision of world-class products and services.

Our Mission:We have an unwavering commit-

ment to provide our customers with healthcare products and services of consistently high quality, made readily available at prices which create value for all stakeholders. We continuously develop and reward people of integrity who subscribe to hard work and crea-tivity as a means of achieving individ-ual and corporate excellence.

Wellocracy:We see a world where unlimited

wellness is available to all and af-fordable by all. We call this new world WELLOCRACY. A healthy nation is a wealthy nation. This is our gift to our people, our nation and our world.

Our Values:COMMITMENTWe recognise the customer as the

centre of our entire operations and we have a strong spiritual and mental re-solve to the cause of improved well be-ing for all. As a result, we do not spare any resource or investment in projects and services that have direct impact on the wellbeing of our community.

PASSIONWe are a people with our passion

rooted in the deep personal engage-ment of all staff who go the extra mile to deliver time valued quality products and services to the delight of our cus-

tomers. Every project is handled to de-liver real time and on time value.

ENERGYAt Emzor, we strengthen our verte-

brae, get up and go! Despite any ob-stacle, we strive to get the job done. Coming together, working together and getting it done. We have a colle-giate management system that actively seeks inputs for decision making. We are a great team on a relay where every component is important and valued.

EXCELLENCEWe are a people who dare all odds,

challenge the status quo and cross all obstacles in achieving our goals and thus sustain our competitiveness and leadership in the industry. We invest in capacity building and competence enhancement to empower our people to deliver the highest quality products and services.

We practice meritocracy to reward excellence and performance as a sure way for continued innovation, creativ-ity and career fulfillment.

CHARACTERIn Emzor, honesty and transparency

in all our operations are the hallmarks of our business and this forms the ba-sis of our most minimum expectations from all stakeholders because we un-derstand the value of trust and integri-ty in business as in life. We exhibit can-dor and authenticity, standing up for a cause, speaking out and speaking up.

Emzor has been recognised by nu-merous professional organisations’ certifications and by industry publi-cations. Others have applauded our commitment to quality and our stellar business performance. The company is proud of the contributions made toward breathing health into the lives of people in Africa and around the world.

Niger Delta Development Commission

ABOUT US

NDDC was established in 2000 with the mis-sion of facilitating the rapid, even and sus-tainable development of the Niger Delta into

a region that is economically prosper-ous, socially stable, ecologically regen-erative and politically peaceful.

THE NDDC MANDATE•Formulation of policies and guide-

lines for the development of the Niger Delta area.

•Conception, planning and imple-mentation, in accordance with set rules and regulations, of projects and programs for sustainable development of the Niger Delta area in the field of transportation including roads, jetties and waterways, health, employment, industrialization, agriculture and fisheries, housing and urban devel-opment, water supply, electricity and telecommunications.

•Surveying the Niger Delta in order to ascertain measures necessary to promote its physical and socio-eco-nomic development.

•Preparing master plans and schemes designed to promote the

physical development of the Niger Delta region and the estimation of the member states of the Commission.

•Implementation of all the meas-ures approved for the development of the Niger Delta region by the Fed-eral Government and the states of the Commission.

•Identify factors inhibiting the de-velopment of the Niger Delta region and assisting the member states in the formulation and implementation of policies to ensure sound and efficient management of the resources of the Niger Delta region.

•Assessing and reporting on any project being funded or carried out in the region by oil and gas companies and any other company, including non-governmental organizations, as well as ensuring that funds released for such projects are properly utilized.

•Tackling ecological and environ-mental problems that arise from the exploration of oil mineral in the Niger Delta region and advising the Federal Government and the member states on the prevention and control of oil spillages, gas flaring and environmen-tal pollution.

•Liaising with the various oil miner-al and gas prospecting and producing

Sir Bassey Dan-AbiaMD/CEONDDC

companies on all matters of pollution, prevention and control.

•Executing such other works and performing such other functions, which in the option of the Commis-sion are required for the sustainable development of the Niger Delta region and its people

PROJECTS AND PROGRAMSOur aim is to establish in the Niger

Delta Region (NDR) a strong and pro-gressive society in which no one will have any anxiety about basic means of life and work; where poverty and illit-eracy no longer exist and diseases are brought under control; and where our educational facilities provide all the children of NDR with best possible opportunities for the development of their potentials.

NDDC sees to the implementation of our mandate by executing relevant projects in the entire region. Projects are conceptualised, designed and ex-ecuted based on extensive consulta-tion with locals, input from interested parties and critical analysis by experts. Projects are awarded based on their ability to give maximum impact to the local region and beyond the con-straints of allotted budget.

NDDC is there-fore a good harvest of concrete achieve-ments as evidenced in the array of pro-jects and programs we have embarked on.

In all modesty, we can assert that NDDC has taken gi-ant strides to facilitate the all-round devel-opment of the Niger Delta and its people.

THE REGIONAL DEVELOPMENT MASTER PLAN

There have been many attempts and many plans made in the past to improve the lives of the people of the Niger Delta Re-gion of Nigeria. Sadly, each ended with very little to show for the time and resources spent.



Nigeria Deposit Insurance Corporation (NDIC)

The NDIC -Nigeria De-posit Insurance Corpo-ration is an independent agency of the Federal Government of Nigeria.

The purpose of the de-posit insurance system is to protect de-positors and guarantee the settlement of insured funds when a deposit-tak-ing financial institution can no longer repay their deposits, thereby helping to maintain financial system stability.

Core Values & BeliefsTo be effective in the discharge of its

mandate, the Corporation is guided by the following core values and beliefs:

•Professionalism•Transparency•Teamwork•Respect and FairnessThe Corporation requires its staff to

demonstrate a high level of ethics and professionalism in performing their duties.

Accordingly, NDIC staff are expect-ed to:

•Seek knowledge to improve their skill and performance;

•Seek innovative and creative solu-tions to problems;

•Abide by all codes of conduct and professional ethics/good corporate governance at all times; and

•Objective and factual in their work presentation and constructive in their criticisms

HistoryThe history of Nigeria Deposit In-

surance Corporation (NDIC) has its origin in the report of a committee set up in 1983 by the Board of Central Bank of Nigeria (CBN), to examine the operations of the banking system

Umaru IbrahimMD/CEONDIC

in Nigeria. The Committee in its Report recom-

mended the establishment of a Depos-itors Protection Fund. Consequently, the Nigeria Deposit Insurance Cor-poration was established through the promulgation of Decree No. 22 of 15 th June 1988.

This was part of the economic re-form measures taken by the then gov-ernment, to strengthen the safety net for the banking sector following its liberalisation policy and the introduc-tion of the 1986 Structural Adjustment Programme (SAP) in Nigeria.

The phenomenal increase in the number of banks from 40 in 1986 to 120 in 1992 led to:

•Increased Competition amongst banks leading to sharp practices

•People of questionable integrity becoming bank owners and managers

•Inadequate Manpower•The coming together of strange

bedfellows due to the licensing re-quirement that banks maintain ade-quate geographical spread.

All these led to serious breakdown in Corporate Governance and Board-room squabbles. The unpredictable policy environment, downturn in the economy and political upheavals at the time, also exacerbated the difficult situation the Corporation found itself in.

The banking industry was there-fore, already in distress by the time the Corporation commenced operations in March 1989. NDIC operated un-der a difficult terrain at the time and was immediately saddled with the management of distress in the bank-ing industry, to avert the impending systemic crises and its resultant con-sequences.

Some of the measures undertak-en by the Corporation at the time, to manage distress in the interest of the depositors and the System included:

•Moral suasion; continuous interac-tion with bank managers/owners

•Imposition of Holding Actions on distressed banks to restrict operations and encourage self-restructuring – about 52 distressed banks had Hold-ing Actions imposed on them at that time.

•Rendering of Financial Assistance to banks; In 1989 alone, NDIC in col-laboration with the CBN granted facil-ities to the tune of N2.3 billion to ten banks with serious liquidity problems

•Takeover of Management and Control of 24 distressed banks be-tween 1991 and 1996.

•Acquisition and restructuring of seven (7) distressed banks which were handed over to new investors in 1999 and 2000

•Implementation of Failed Banks Decree No. 18 of 1994. At the end of 1995, about one out of every two banks in Nigeria was distressed. The Decree was intended to assist dis-tressed banks recover their classified assets and punish the malpractices that contributed to the distress. As at June 1996, the Corporation had recov-ered about N3.3 billion.

Rationale for the Establishment of Deposit Insurance Scheme in Nigeria

•The deposit insurance scheme was established in Nigeria in 1989 with the promulgation of an enabling legisla-tion, Decree No. 22 of 1988.

•There were at least five major rea-sons for establishing a formal bank deposit insurance scheme in Nigeria. The first was the lesson of history con-nected with the experience of prior bank failures in Nigeria. In the 1950s, many small depositors suffered untold hardship as twenty-one (21) out of the twenty-five (25) indigenous banks op-erating in Nigeria closed doors.

•The establishment of the Corpo-ration was also informed by the ap-proach which some other countries adopted to ensure banking stability. For example, Czechoslovakia which was the first country to establish a nation-wide deposit scheme in 1924, used the scheme to revitalize the coun-try’s banking system after ravages of the First World War. In addition, the scheme served to encourage saving, by increasing the safety of deposits and ensuring the best possible devel-opment of banking practice in that country. Similarly, the United States of America (USA) established the Fed-eral Deposit Insurance Corporation (FDIC) in 1933 in response to a bank-ing collapse and panic.

•Also, the Structural Adjustment Programme (SAP) embarked upon by government in 1986 was aimed at de-regulating the economy in the direc-tion of market-determined pricing. It was envisaged that since deregulation would involve the liberalisation of the bank licensing process, there would be a substantial increase in the number of licensed banks to be supervised by the CBN. The establishment of an ex-plicit deposit insurance scheme with supervisory powers over insured insti-tutions was expected to complement the supervisory efforts of the CBN. Indeed, since the establishment of the Corporation in 1989, it has been pos-sible for both institutions (CBN and NDIC) to carry out routine and spe-cial examinations of licensed banks more frequently than before, despite the increase in the number of banks. The banks are now examined more frequently prior to the establishment of the Corporation.

MTN Nigeria is part of the MTN Group, Af-rica’s leading cellular telecommunications company. On May

16, 2001, MTN became the first GSM network to make a call following the globally lauded Nigerian GSM auction

conducted by the Nigerian Communi-cations Commission earlier in the year.

Thereafter the company launched full commercial operations beginning with Lagos, Abuja and Port Harcourt.

MTN paid $285 million for one of four GSM licenses in Nigeria in Janu-ary 2001. To date, in excess of US$1.8 billion has been invested building mo-bile telecommunications infrastruc-ture in Nigeria.

Since launch in August 2001, MTN has steadily deployed its services across Nigeria. It now provides servic-es in 223 cities and towns, more than 10,000 villages and communities and a growing number of highways across the country, spanning the 36 states of the Nigeria and the Federal Capital

Territory, Abuja. Many of these vil-lages and communities are being con-nected to the world of telecommuni-cations for the first time ever.

The company’s digital microwave transmission backbone, the 3,400 Kilometre Y’elloBahn was commis-sioned by President Olusegun Oba-sanjo in January 2003 and is reputed to be the most extensive digital micro-wave transmission infrastructure in all of Africa. The Y’elloBahn has signifi-cantly helped to enhance call quality on MTN network.

The company subsists on the core brand values of leadership, relation-ship, integrity, innovation and can-do. It prides itself on its ability to make the impossible possible, connecting people

with friends, family and opportunities.MTN Nigeria also recently expand-

ed its network capacity to include a new numbering range with the pre-fix 0806, making MTN the first GSM network in Nigeria to have adopted an additional numbering system, having exhausted its initial subscriber num-bering range - 0803.

In its resolve to enhance quality cus-tomer service, MTN Nigeria has also introduced a self-help toll-free 181 customer-care line through which subscribers can resolve their frequent-ly asked questions free of charge.

MTN’s overriding mission is to be a catalyst for Nigeria’s economic growth and development, helping to unleash Nigeria’s strong developmental poten-tial not only through the provision of world-class communications but also through innovative and sustainable corporate social responsibility initia-tives.

MTN Nigeria

Michael IkpokiCEOMTN Nigeria

Rasheed OlaoluwaMD/CEOBank of Industry



Bank Of Industry

The Bank of Industry Limited (BOI) is Ni-geria’s oldest, largest and most successful development financ-ing institution. It was

reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited, which was incorporated in 1964. The bank took off in 1964 with an author-

ised share capital of 2 million (GBP).

The International Finance Cor-poration which produced its pio-

neer Chief Executive held 75% of its equity along with a number of domestic and foreign private in-vestors. Although the bank’s au-thorized share capital was initial-ly set at N50 billion in the wake of NIDB’s reconstruction into BOI in 2001, it has been increased to 250 billion in order to put the bank in a better position to ad-dress the nation’s rising economic profile in line with its mandate.

Following a successful institu-tional, operational and financial restructuring programme em-barked upon in 2002, the bank has transformed into an efficient, focused and profitable institution that is well placed to effectively carry out its primary mandate of providing long term financing to the industrial sector of the Nige-rian economy.

VisionTo be Africa’s leading Develop-

ment Finance Institution operat-ing under global best practices.

MissionTo transform Nigeria’s indus-

trial sector by providing financial and business support services to enterprises.

MandateProviding financial assistance

for the establishment of large, me-dium and small projects as well as the expansion, diversification and modernisation of existing enter-prises; and rehabilitation of exist-ing ones.

CORE VALUES (SPPIRIT!) • Service• Professionalism• Passion• Integrity• Resourcefulness• Innovation• Team Spirit

Ownership Structure

Corporate Governance•Clear delineation of the role

and responsibility of the Share-holders, the Board and the Man-

agement•Full compliance with the re-

quirements of the Companies and Allied Matters Act (CAMA) through;

•maintenance of proper ac-counting records,

•applicable accounting stand-ards are followed,

•suitable accounting policies are adopted and consistently applied

• Institution of internal control procedures to safeguard assets and to prevent and detect fraud or other irregularities.

Development Orientation•Emphasis is on prudent project

selection and management.•Supports of quality projects

with high developmental impact such as job creation and pover-ty alleviation to enhance the so-cio-economic standard of Nige-rians.

•Strategic positioning to man-age foreign grants and aids that are given to facilitate attainment of the nation’s developmental as-pirations.

•Because the bank is commit-ted to having its impact felt in all parts of the country, it operates an office in each of Nigeria’s geo-po-litical zones and FCT Abuja.

Business Model – Products and Development Activities

Skye Bank PLC has evolved into one of the top financial institutions in Nigeria, after its very seamless consolida-tion exercise in 2006.

It operates as a group that provides facets of financial products and services powered by a purpose built technological framework that supports the service delivery process to customers.

With a cumulative wealth of expe-rience that spans over 50 years, Skye Bank is historically one of the oldest banks in Nigeria and West Africa.

We are quoted on the Nigerian Stock Exchange with over 450,000 diverse shareholders with a sharehold-ing structure that puts no more than 5% in the control of any one individual or company.

OUR VISIONTo be a leading and first-class com-

mercial bank.

OUR MISSIONTo distinguish itself in the banking

industry through excellent service quality steeped in the use of Informa-tion and Communication Technology (ICT).

OUR CORE VALUES•Service Excellence•Integrity•Continuous Learning•Partnership•Trust

Key Strategic Targets1. MARKET POSITION

AND GROWTH•Leading provider of universal

banking services in Nigeria with top-5 position on the market

•Grow the business at above the market-average rates through organic growth

•Bigger size to benefit from lower funding costs

•Sustain regional positioning in key money centers

•Focus on Strategic Business Unit segments

2. BUSINESS MIX AND DIVER-SIFICATION

•Continue focus on upper level products for leading corporate clients

•Leveraging on existing payment business capabilities to strengthen market positioning further

•Cross selling between public sector and retail

•Strong sector focus (Upstream O&G, hospitality, education, real es-tate)

3. FINANCIAL POSITION•Sustain best-in-class operating ef-

ficiency with Cost / Income ratio ap-prox. 50%

•Strengthen Net Interest Margin at above 8% through focus on high-mar-gin products

•Target profitability measured by RoAE above 25%

4. CAPITAL AND FUNDING

•Continue focus on self-funding business model

•Sustain solid capitalization through internal capital generation

5. RISK MANAGEMENT•Efficient management of bad loans

through internal capabilities•Participate in periodic Asset Man-

agement Committee programs to en-sure enhanced asset quality

•Sustain adequate reserve coverage of existing bad loans

Skye Bank Plc

Timothy OguntayoGroup MD/CEOSkye Bank Plc



History

Establishment of BUA Inter-national Limited

Establishment of BUA International Limited as a trading company to under-

take importation of iron & steel, and importation of rice.

Today, the Group is into: Manufac-turing, Port Management, Flour and Oil Milling, Oil & Gas, Iron & Steel, Shipping & Real Estate.

1988 Acquisition of BUA OilsThe company has two refinery

plants and matching fractionation plants with a combined installed ca-pacity of 700 TPD. Both plants are fully automatic PLC-operated based on the finest technology and process engineering in the world.

BUA Oil Mills is the biggest vege-table oil processing company in West Africa.

1991 Acquisition of Golden Oil

LimitedGolden Oil limited is acquired by

BUA Group and renamed BUA Oil Mills. The factory is located in Ikeja.

2000 Establishment of BUA Sugar

RefineryBUA Sugar Refinery was established.

It is the second largest sugar refinery in West Africa.

BUA Flour Mill Lagos was incor-porated and milling commenced in August of the same year. This Mill is 100% wholly owned by BUA Group.

2005 Incorporation of BUA Ports

& TerminalsBUA Ports & Terminal was incor-

porated- a subsidiary of BUA Interna-tional Limited.

2006 Establishment of BUA Flour

Mills KanoBUA Flour Mills Kano sited at Bom-

pai Industrial Estate with a capacity of 500 metric tonnes per day – 100% wholly owned by BUA Group.

2007 Laifiagi Sugar Company

Acquired. BUA Cement In-corporated. BUA Pasta Plant Commissioned.

Laifiagi Sugar Company was ac-quired by BUA Group to serve as a self-consistency in response to the Nigerian Government backward inte-gration policy. It has installed capacity of 2,000 metric tonnes per day and the plant operates with gas supply from Gaslink Nigeria Limited.

BUA Cement was incorporated and commenced operations in the same year. It owns and operates a floating cement terminal, the BUA Cement 1, which is designed specifically for bulk and bag unloading for BUA Interna-tional Limited.

Contract to build the BUA Pasta Plant was signed and work com-menced within the same year.

2008 Sokoto and Edo Cement Acquired.

International Quality Award Received. BUA Sugar Received MANCAP. WAWCMC Award Received. CICAN Award Received

Sokoto Cement and Edo Cement Companies are acquired by BUA

Group. Sokoto Cement had an initial capacity of 100,000 metric tonnes and makes use of the wet process technol-ogy.

International Quality Award 2009 by Business Initiative Directions (BID).

Mandatory Assessment Certificate Programme, (MANCAP), presented to BUA Sugar Refinery by Standard Organisation of Nigeria in 2009.

West African World Class Multi-service Conglomerate Award by the Institute of Direct Marketing 2009.

Commerce and Industry Corre-spondence Association of Nigeria (CICAN) awarded BUA Group with a CICAN Crystal Award for Excellence, 2009.

2009

MANCAP Presented to BUA Flour. Gaslink Nigeria awards BUA Group.

Gaslink Nigeria Limited awarded BUA Group with the Most Consumer Award 2010.

Mandatory Assessment Certificate Programme, (MANCAP), presented to BUA Flour by Standard Organisa-tion of Nigeria in 2010.

2010BUA Pasta Commissioned. BUA

Group/FLSmidth sign $500m con-tract for new production line.

BUA Pasta was commissioned and integrated with BUA Flour Mills. The factory produces semolina and a pas-ta production plant including a water treatment plant with the capacity to supply the entire factory with purified water.

BUA Group/FLSmidth sign con-tract of US$500 million for a 2.5 mil-lion new production line in Edo Ce-ment resulting in a 2.9 million metric tonnes total installed capacity after completion.

2011

Awards & Accolades

Awards for BUA Group since 2009

2009Standards Organization of Nigeria

Mandatory Assessment Certificate Programme (MANCAP) presented to BUA Sugar Refinery

2009West African World Class Multi-

service Conglomerate Award by the Institute of Direct Marketing

2009Crystal Award for Excellence by the

Commerce and Industry Correspond-ence Association of Nigeria (CICAN)

2010Most Consumer Award by Gaslink

Nigeria Limited2010Standard Organization of Nigeria

Mandatory Assessment Certificate Programme (MANCAP) presented to BUA Flour

2011As part of his enormous contribu-

tions to the growth of the Nigerian economy, the Nigerian government conferred on BUA Chairman/CEO the Nigerian National Honour of Commander of the Order of the Niger (CON)

2012Business Person of the Year Awards

– The Sun Newspaper2013Excellence Award - White Dove

20132013Best Corporate Steward Award by

CSR Nigeria Awards2014Top 100 companies in Nigeria by the

Federal Government of Nigeria

Abdulsamad RabiuChairman/CEOBUA Group

OUR VISION

To be a world-class enter-prise that is passionate about the quality of life of the general populace and high returns to stake-holders

OUR MISSIONTouch the lives of people by provid-

ing their basic needs

Company OverviewThe Dangote Group is one of the

most diversified business conglom-erates in Africa with a hard-earned reputation for excellent business prac-tices and products’ quality with its op-erational headquarters in the bustling metropolis of Lagos, Nigeria in West Africa.

The Group’s activities encompass: Cement - Manufacturing / Import-

ing Sugar - Manufacturing & Refining Salt - Refining Flour & Semolina - Milling Pasta - Manufacturing Noodles - Manufacturing Poly Products - Manufacturing Logistics - Port Management and

Haulage Real Estate Dangote FoundationSince inception, the Group has ex-

perienced phenomenal growth on

Dangote Group

Aliko DangotePresidentDangote Group

account of quality of its goods and ser-vices, its focus on cost leadership and efficiency of its human capital. Today, Dangote Group is a multi-billion Naira company poised to reach new heights, in every endeavour competing with it-self to better the past.

The Group’s core business focus is to provide local, value added products and services that meet the ‘basic needs’ of the populace.

Through the construction and op-eration of large scale manufacturing facilities in Nigeria and across Africa, the Group is focused on building local manufacturing capacity to generate employment and provide goods for the people.

HistoryEstablished in May 1981 as a trading

business with an initial focus on ce-ment, the Group diversified over time into a conglomerate trading cement, sugar, flour, salt and fish. By the early 1990s the Group had grown into one of the largest trading conglomerates oper-ating in the country.

In 1999, following the transition to ci-vilian rule and after an inspirational vis-it to Brazil to study the emerging man-

ufacturing sector, the Group made a strategic decision to transit from a trad-ing based business into a fully fledged manufacturing operation. In a country where imports constitute the vast ma-jority of consumed goods, a clear gap existed for a manufacturing operation that could meet the ‘basic needs’ of a vast and fast growing population.

The Group embarked on an ambi-tious construction programme, initially focused on the construction of flour mills, a sugar refinery and a pasta fac-tory. In 2000 the Group acquired the Benue Cement Company Plc from the Nigerian government and in 2003 commissioned the Obajana Cement Plant; the largest cement plant in sub-Saharan Africa.

The Group is now one of the larg-est manufacturing conglomerates in sub-Saharan Africa and is pursuing further backward integration alongside an expansion programme in existing and new sectors.

Awards & AccoladesDANGOTE SUGAR REFINERY DSR PLC was awarded the Best

African Initial Public Offer for 2007 by Africa Investors’ Index series.

In November 2007, DSR PLC won the Nigerian Stock Exchange’s Presi-dent Merit Award for best quoted com-pany in the Food and Beverage sector.

The Standards Organization of Ni-geria awarded the Company the NIS ISO 9001:2000 International Quality Management Award.

2007 Global Excellence Company of

the Year Award 2008 Nigerian Stock Exchange’s

President’s Merit Award for Best Quot-ed Company of the Year in the Food and Beverages Sector

2009 International Quality Award in the Gold Category, by renowned Business Initiative Directions- Madrid Spain



Peter JackDGNITDA



National Information Technology Development Agency (NITDA)

NITDA was cre-ated in April 2001 to im-plement the Nigerian In-formation Tech-nology Policy

and co-ordinate general IT devel-opment in the country.

“We must proactively invest in IT in order to consolidate on the gains of past investment in the sector.” - Director General

The National Information Tech-nology Development Agency (NITDA) was established to cre-ate a framework for the planning, research, development, standardi-sation, application, co-ordination, monitoring, evaluation and regu-lation of Information Technology practices, activities and systems in Nigeria.

Its role therefore is to develop In-formation technology in the coun-try through regulatory standards, guidelines and policies. Addition-ally, NITDA is the clearing house for all IT projects and infrastruc-ture development in the country. It is the prime Agency for e-gov-ernment implementation, Internet governance and general IT devel-opment in Nigeria.

OPERATIONSIn line with implementing it’s

mandate, the agency oversees the

development and deployment of information technology in the country through Human Capital Development, Provision of IT In-frastructures and Creation of the enabling environment for the de-velopment of IT in the country. This is to enable Nigeria to become a key player in the global knowledge based economy.

As a result of the dynamics of IT and multi-faceted effects of its ap-plications, a lot of NITDA initia-tives are still on-going while some have been completed.

NITDA hosts annual and peri-odic conferences, seminars and workshops to awaken the psyche of Nigerians to the appreciation and usage of emerging technologies. And one of the goals of NITDA is

to develop global competitive man-power in IT. Various activities have been embarked upon to fulfill this goal.

NITDA also currently runs a Cisco Certified Network Associate course at the NITDA headquarters from where over 400 youth (mostly NYSC members serving in Abuja) have graduated.

The academy’s training facility consists of 2 classrooms and a lab-oratory. All the classes are perma-nently connected to the Internet.

Twenty local academies from uni-versities and NGOs in the country have so far been commissioned by NITDA.

MISSIONTo develop and regulate IT for

sustainable national development

VISIONTo be the prime catalyst for trans-

forming Nigeria into IT driven economy

CORE VALUESDiscipline, Competence, Fairness,

Professionalism and Efficiency WHAT WE DO•Policies & Regulations

•Research Developments & Inno-vations

•Human Capacity Development•Infrastructural Development.

In 1918, our company started operations in Nigeria repre-sented by Barclays Bank DCO in 1918 and on February 28, 1921, converted to a full branch of its then parent company,

Royal Exchange Assurance, London. Royal Exchange Assurance, Lon-

don, was originally founded in 1720 and was one of the first two insurance companies in Britain to receive legal status via Royal Charter.

Originally established for marine business, it expanded within a year to include fire and life insurance as well, thereby becoming Britain’s first com-posite insurer. The establishment of the branch in Nigeria was the result of an overseas expansion drive in the early 20th century.

Some notable figures in the local insurance Industry have headed our company, which was, for over twen-ty years the only insurance company operating in Nigeria. Thus, our com-pany can be said to be the beginning of insurance in Nigeria and today, has one of the largest branch networks in its sector with 25 branches and five re-gional offices nationwide.

Pursuant to Section 396(2) of the then Companies Act of 1968, our company was, on December 29, 1969, reconstituted and incorporated as a Private Limited Liability Company, the Royal Exchange Assurance (Ni-

Chike MokwunyeGroup MD/CEORoyal Exchange Plc

geria) Limited. The company went public on July 18, 1989 and was duly listed on the Nigerian Stock Exchange on December 3, 1990.

In June 2007, our company entered into a merger with African Pruden-tial Insurance Company Limited and Phoenix of Nigeria Assurance Com-pany Plc. The merger bought about a significantly stronger company, better positioned to serve the needs of its cli-entele in the financial services sector.

In June 2008, our company was re-organised into a group structure, whereby our company assumed the role of a holding and asset manage-ment company to execute its strategic vision for financial services, namely insurance funds management, finance and banking, through its five wholly owned subsidiaries namely:

➢Royal Exchange General Insur-ance Company Limited, established in January 2008 to carry on the Non-Life Insurance Business of the Group;

➢Royal Prudential Life Insurance Plc, established in February 2007 to carry on the life assurance business of the Group;

➢Royal Exchange Finance & Invest-ment Co. Ltd, established in October 2004 and licensed in April 2005 to provide a wide range of professional

services in the areas of finance and fi-nancial advisory;

➢Royal Exchange Healthcare Lim-ited, established in May 2006 to pro-vide health management services and healthcare insurance;

➢Royal Exchange Microfinance Bank Limited established in July 2009 and licensed to carry on the business of assisting all enterprises engaged in small scale industries, micro econom-ic activities and co-operative related endeavours.

All subsidiaries are properly licensed by their respective regulators and structured to fully exploit the signifi-cant opportunities that are available in the Nigerian economy.

The Royal Exchange brand is a sig-nificant brand in Nigeria, especially in the field of insurance. The company will ensure its continued relevance in the environment in which it has cho-sen to operate by continuously rein-venting its products and services.

OUR BUSINESS AND SERVICESThe primary business of the Group

is risk management, which includes life assurance, general insurance, in-demnity and guarantees, healthcare, and other financial services (banking and financial services, trusteeship and asset management).

OUR CORPORATE ORGANISA-TION

The Group’s operations are at 30

(twenty-five) locations or Client Ser-vice Centres across Nigeria.



The Nigerian Export-Import Bank (NEXIM) has continued to out-per-form expectations. From near col-lapse in 2009 to active vibrancy in 2014, laden with harvest of national and international achievements, the Bank remains a critical plank in the economic development agenda of the nation.

The Barren YearsBefore the advent of a new manage-

ment in August 2009, NEXIM Bank was in ‘Negative rating’ and practical-ly unable to discharge its core man-date of driving growth of the non-oil sector of the economy.

The Federal Government recon-stituted the Board of Directors of the Nigerian Export-Import Bank [NEXIM Bank] on 14th August 2009, including the appointment of a new Executive Management team.

The state of affairs of the Bank at the time of the assumption of duty of the new Executive Management in Au-gust 2009 was that the financial and operational performance of the Bank had deteriorated to an alarming level, in addition to a myriad of other prob-lems, principal of which were:

•Alarming decline in the quality of risk assets as the Bank’s total loan portfolio as at 20th August 2009 was N14.6 Billion out of which 72% was non performing and within that cat-egory N10.03 Billion or 69.05 was classified as completely lost resulting in decline in the bank’s income;

•Paucity of funds with the out-standing called up/unpaid capital standing at N32.74 billion leading to decline in creation of risk assets;

•Depletion of the Bank’s sharehold-ers Funds as a result of accumulated losses;

•Significant decrease in income and tolerance of excess & escalating over-heads;

•Worsening assets quality and poor record keeping;

•Lack of strategic focus and distrac-tion from core mandate;

•Ineffective Risk Management Framework;

•Non-adherence to corporate gov-ernance tenets;

•Over bloated staff strength with significant skill gaps;

•Lack of visibility of the Bank

The Uncommon Transfor-mation

The Uncommon Transformation of NEXIM began effectively on August 20, 2009 when the Roberts Orya-led Management came into office.

In light of the precarious situation of the Bank, the Executive Team un-der Mr. Roberts Orya took up the challenge to reverse the problems and ensure NEXIM Bank was able to con-tribute significantly to the economic development of Nigeria.

And the results came quickly-NEX-IM moved to ‘B’ rating in 2012, then progressed to ‘Best Performing Afri-can DFI’ in 2013.

Nigerian Export-Import Bank (NEXIM)

(Project Spring) led to the re-defi-nition of the Bank’s Mission, Vision and Strategic Objectives, with the intention of channelling its resources into the development of four sectors [Manufacturing, Agro - Processing, Solid Minerals & Services]which have high amount of employment and foreign exchange earning poten-tials in the non-oil sector of the Nige-rian economy.

•The focus therefore of the Execu-tive Team was to reverse these prob-lems and also strive to ensure that NEXIM Bank is able to contribute significantly to the economic devel-opment of Nigeria.

•Therefore in view of the glaring operational challenges faced by the Bank particularly inadequate capi-talisation and in order to arrest the dismal performance and refocus the Bank, the Board of Directors in 2010 approved the strategic repositioning of the Bank to effectively deliver on its statutory mandate and become an effective enabler of Nigeria’ economic transformation.

•Accordingly, the Management un-dertook a Corporate Transformation exercise centered on the key perspec-tives of Strategy, Risk Management and Corporate Governance, Financial Performance, Operations, Organisa-tion and People, with assistance from KPMG Professional Services.

The Transformation Blue-print

The Corporate Transformation Project (contributor to non-oil ex-ports)

•To build a world-class institution which imbibes best-in-class corpo-rate governance and risk manage-ment practices.

•To be a relevant player in the ex-port market and significantly influ-ence government trade policies.

•To build a profitable institution with a robust balance sheet size.

•To build a highly skilled and moti-vated workforce.

•A 5-Year Strategic Plan with clear-ly defined market penetration action plans with responsibilities and time-lines.

•Robust Corporate Governance and Risk Management Architecture/frameworks in line with international best practice.

•Brand Strategy and Brand Engage-ment Strategy to improve visibility and project the Bank’s image.

•Clearly defined roles and respon-sibilities.

•Organisation-wide Key Perfor-mance Indices (KPIs) and Scorecard to ensure effective monitoring of the Bank’s operations and performance by its shareholders.

•Redesigned and Roll out of Poli-cies, Processes and Procedures with documented business functional re-quirements for the redesigned pro-cess, to ensure efficiency.

•IT Transformation projectwhich

will support the re-designed business processes with minimal approval lev-els reduce overlaps and redundancies as well as ensure adequate controls.

•The Bank also defined its Busi-ness Posture going forward as that of complementing the role of the commercial banks and other Devel-opment Financial Institutions (DFI’s) by focusing on the unserved markets especially ECOWAS, Africa, Asia and the rest of the world.

•In order to ensure that the strate-gic objectives are achieved and con-sequently impact the economy, the Bank revised and adopted an Opti-mal Operating Model with a Robust Organization Structure, with clearly defined roles and responsibilities, structured market-facing depart-ments along the key target sectors of Manufacturing, Agro - Processing, Solid Minerals and Services.

•The Bank also adopted a perfor-mance – driven organisational cul-ture along the balanced scorecard perspectives, to drive and measure the Bank’s performance.

Corporate AchievementsThe Bank has since started reaping

the gains of the Corporate Transfor-mation exercise as it has been fully repositioned to deliver on its man-date through a robust strategy, effi-cient operations and highly skilled and motivated personnel. Accord-ingly it has been able to achieve the following amongst others:

STRONG SHAREHOLDERS SUPPORT: Fresh capital injection from the shareholders as well as other institutional support through super-visory and regulatory oversight and guidance from the CBN and Feder-al Ministry of Finance. This has in-creased the Bank’s capacity to support the growth of the non-oil exports and complement the export credit sup-port of the commercial banks.

FINANCING OF NON-OIL EX-PORTS: The Bank supported Nigeri-an exporters, majorly of them, small and medium enterprises (SME’s) to

the tune of N35.46 billion and issued Guarantees valued at US$27.30 mil-lion between August 2009 and May 2014. These interventions were in our target sectors with high growth potentials of Manufacturing, Agro - Processing, Solid Minerals and Ser-vices [MASS Agenda]. The table be-low shows the sectoral distribution of such intervention.

Financial PerformanceWithin sixteen (18) months of as-

sumption of duty, the Management had turned around the fortunes of the Bank and ensured that it is a prof-it rather than a loss making organisa-tion with an impressive performance in year 2010, with an audited profit of N189.00 million as against the loss of N5.460 billion incurred in 2009.

This impressive profit making trend has continued since then. It is gratifying to note that since the in-ception of the Bank in 1991, this is the first time ever that the Bank has made profit consistently and consec-utively for four years from 2010-2013 and declared dividends for its two shareholders, the Central Bank of Ni-geria and Federal Ministry of Finance Incorporated.

Global Strategic Partner-ships & Alliances

•The Bank has reestablished and sustained partnerships with other Export Credit Agencies (ECAs) and Multilateral Financial Institutions to-wards attracting/availing concession-ary lines of credits.

•As a result, over $80 million has

been attracted as investment capital by way of commercial Lines of Credit (LOC) from the African Export-Im-port Bank (Afrexim), Exim India and ECOWAS Bank for Investment and Development (EBID).

•Also, to enhance access to credit by the SMEs, the Bank has obtained an approval for a loan of US$200 mil-lion from the African Development Bank (AfDB), backed by the sover-eign guarantee of the Federal Gov-ernment of Nigeria.

•The Bank also has strong trans-actional relationships with the Unit-ed States Export-Import Bank (US EXIM), the Guarantee Fund for Private Investments in West Africa (GARI Fund) and the Africa Biofu-els and Renewable Energy Company (ABREC), while it has signed a Mem-orandum of Understanding with the Industrial Development Corporation of South Africa (IDC).

•In addition, the Bank has Credit insurance agency collaboration with the Islamic Corporation for Insur-ance of Investment and Export Cred-its (ICIEC), a division of the Islamic Development Bank.

•Membership of OECD: Follow-ing an application by the Federal Ministry of Finance on behalf of the Federal Republic of Nigeria, and subsequent presentation by NEX-IM in November, 2013, Nigeria, and NEXIM has been admitted into the membership of OECD in observer status. OECD is a multilateral devel-opment organization based in Paris. Membership of the Organisation is expected to enhance the prominence of Nigeria in the international com-munity and further integrate Nigeria’s financial sector into the global finan-cial system.

•Membership of Borderless Al-liance: To complement our role as a member of the Trade Facilitation Task Force, whose mandate is to im-prove Nigeria’s ranking on “Trading Across Boarders”, NEXIM partners with the Borderless Alliance, a pri-vate sector-led partnership in collab-oration with USAID / West African Trade Hub and other stakeholders. The aim of the Borderless Alliance is to promote regional integration and seamless Trade in West Africa by addressing the problem of non-tariff barriers through policy advocacy and effective engagement. The Alliance operates Border Information Centre, which provides pertinent informa-tion to assist exporters and also act as collation center for trade data to support evidence-based research and policy advocacy.

Support for Federal Government Policy Initiatives:

The Bank has continued to embark on a number of initiatives in support of the Transformation Agenda of the Federal Government of Nigeria. These include:

The ECOWAS Trade Support Fa-cility (ETSF)

In order to capture the huge infor-mal intra-regional trade, the ECOW-AS Trade Support Facility (ETSF) was introduced and designed toward improving the current trade level of less than 12% and deepening the vol-ume of recorded/formal trade within the Sub-region, as well as fostering the implementation of the Govern-ment’s Trade Policy and regional in-tegration policies like the ECOWAS Trade Liberalisation Scheme (ETLS), among others.

Specifically, the ETSF aims at::•Facilitating formal/recorded trade

Roberts OryaManaging Director/CEONigerian Export-Import Bank



within ECOWAS sub-region •Deepening intra-regional pay-

ment system•Increasing Nigeria’s trade flows

within ECOWAS (as the dominant trading partner) from the current level of 8.5% of total non-oil exports

•Broadening trade and market ac-cess for Nigerian goods and services, especially manufactured goods

•Promoting the development of SMEs/ cross border traders and facili-tating their integration into the formal sector of the economy, and in the pro-cess facilitating their access to credit.

The SME AgendaIn adherence to its core mandate

of facilitating the diversification of the Nigerian economy, NEXIM pro-actively initiated a strategic blueprint (2010 to 2015) to propel rapid growth of non-oil sectors of the nation’s economy to a formidable and sus-tainable level.

So far, it has been argued that the fasted trend through which a nation can achieve a sustainable economic growth and development is neither by the level of its endowed material resources, nor that of its vast human resources, but technological innova-tion and industrial capacity.

For instance, despite its poor natu-ral resources and the hurdles it faced from 1920s chronic inflation, Germa-ny has effectively exploited the man-ufacturing sector and rise up to be-come the largest economy in Europe and the fourth largest in the world.

The MASS Project: Today, the on-going mission of the NEXIM Bank’s established Manufacturing, Agro – Processing, Solid Minerals and Services (MASS Project), is pri-marily to intensify efficiency and profitability of Small and Medium Enterprises (SME) through the fund-ing and acquisition of new technolo-gy.

The project has facilitated the ex-pansion of several manufacturing in-dustries such as RIGGS Ventures Plc which recently recorded increased production capacity from 9 million to 69 million polypropylene sacks per annum, consisting of cement, indus-trial and agro sacks.

Without doubt, this expansion has created over 300 direct jobs and thou-sands of indirect jobs. The company has its major customers in Nigeria, Republic of Benin, Cameroon and Niger Republic and other ECOWAS countries.

Again, the on-going collaboration between NEXIM Bank and the Ni-gerian Export Promotion Council (NEPC) has paved way for drastic increase in the exportation of non-oil products.

For instance, it was revealed by NEPC that in April 2012, Nigeria ex-ported 1.186 million metric tons of non-oil products valued at $2.765 bil-lion (N428.57 billion) from over 117 products being exported to different countries in 2011.

The non-oil export figure, accord-ing to the Executive Director Ni-gerian Export Promotion Council (NEPC), Mr. David Adulugba, rep-resents an increase of 19.15 percent over the $2.32 billion (N359.6 billion) recorded in 2010, and 61.97 percent over that of 2009.

In the last three years, the steady rise in non-oil export could be traced to NEXIM Bank’s intervention under its Managing Director, Mr. Roberts Orya.

In 2012, NEXIM Bank assured Small and Medium Scale Enterprises of its readiness to finance them pro-vided they meet with the bank’s pre-requisite conditions for the purpose of expanding existing businesses as well as kicking off new ones across the country.

Accordingly, a total of N23.33 bil-lion was made available to Nigeri-an non-oil exporters, particularly,

(SMEs).Similarly, to finance non-oil export,

NEXIM Bank supported Nigerian exporters mainly SMEs to the tune of N23.33 billion and issued guarantees valued at $27.3 million between 2009 and August 2012.

The interventions were provided in targeted sectors with high growth potentials, including manufacturing, which gulped about N11.3 billion or 48 percent of the total credit. Other beneficiaries include the agro-pro-cessing sector, with about N5 billion or 21 per cent of the share, while the solid minerals sector received about N2 billion, representing 8.9 per cent of the total support. The services sec-tor also got about N4.8 billion credit within the period.

Also, NEXIM Bank has operated in synergy with the Central Bank of Ni-geria. NEXIM’s strategic plan for the CBN’s trade development includes enhancing the implementation of ECOWAS trade support facility, be-coming the national guarantor for the ECOWAS interstate road transit scheme, facilitating the realisation of NEXPOTRADE goals of establishing export houses in all ECOWAS coun-tries, and improving the strategic alli-ances with multilateral agencies, DFIs and export credit agencies.

In the manufacturing sector from 2010, NEXIM Bank has maintained an increased efficiency and profitabil-ity of manufacturing establishments through the funding of acquisition of new technology, increased access of manufacturers to short and long-term credit, provision of 6% (about N42bn) of the manufacturing sector’s financing requirement by 2015, ac-count for 3.71% of the sector’s GDP by 2015 and create about 70,479 jobs through project financing activities.

Furthermore, having identified four subsectors—food and beverag-es, wood and wood products, domes-tic and industrial products, steel and processed alloy in the manufacturing initiative, NEXIM Bank had assisted to boost these sectors with financing requirement amounting to N522 bil-lion as at 2011.

The intervention has helped the sub-sectors to compete in the global markets. The peculiar features of this sub-sector are that they are domi-nated by multi-national enterprises depending on imported machinery; and the abundance of local raw ma-terials.

Best Performing DFI in AfricaThe tremendous achievements of

NEXIM under Roberts Orya were further cemented by the rating of NEXIM as Best Performing DFI in Africa by the Association of African Development Finance Institutions (AADFI).

NEXIM BANK RATED AS BEST PERFORMING AFRICAN DFI

“The current rating of NEXIM as ‘Best Performing African DFI’ from a negative rating in 2011 by AADFI is a clear testimony that the Corporate Transformation initiative we em-barked upon since August 2009 has largely succeeded. The Bank is now better repositioned to deliver on its mandate through more capital injec-tion and other institutional support from our two Shareholders - CBN and Federal Ministry of Finance in terms of supervisory, regulatory over-sight and guidance functions. This has increased our capacity to support the growth of the non-oil exports and complement the export boosting ac-tivities of commercial banks. In all, we have consistently maintained a robust strategy, efficient operations through sustenance of highly skilled and motivated personnel.”

The Association of African De-velopment Finance Institutions (AADFI) has rated the Nigerian Ex-port-Import Bank– NEXIM as ‘Best Performing African DFI.’

The decision was an outcome of the ‘2013 Annual AADFI CEOs Forum of African Development Banks and Finance Institutions on the theme: “Strengthening African DFIs with Appropriate Standards and Guidelines: 3rd Peer Review & Rating of African DFIs” held at the Serena Beach Hotel & Spa, Mombasa Republic of Kenya from 13-15 No-vember, 2013.

The Forum marked the conduct of the 3rd Peer Review of DFIs with the AADFI Prudential Standards, Guide-lines and Rating System (PSGRS).

In the letter conveying the message to NEXIM Bank, titled “CONGRAT-ULATION ON YOUR RATING AS BEST PERFORMING AFRICAN DFI”, Mr. J.A. Amihere, the Secretary General of AADFI, stated:

“In the light of your institution’s rating as ‘Best Performing DFI”, we are pleased, on behalf of the Chair-man of the Association, to extend our warm congratulations to your Board of Directors and Management Team on this record performance, and urge you not to relent in your effort at en-trenching best practices in the opera-tions of your institution as you con-tinue to sustain your development financing mandate.”

According to AADFI, the Peer

Review Exercise with the AADFI PSGRS was not a competition but an approach to evaluate DFIs in the various areas of Governance, Finance and Operation in order to identify areas of weaknesses for self-improve-ment and strengths for consolidation.

The Managing Director of NEXIM Bank, Mr. Roberts U. Orya sees the ‘A’ rating by AADFI as a well-deserved reward for all the hard work, pains-taking commitment and dedication that his executive management team and staff have put into rebuilding an otherwise moribund institution over the past four years.

According to him: “The current rating of NEXIM as ‘Best Perform-ing African DFI’ from a negative rating in 2011 by AADFI is a clear testimony that the Corporate Trans-formation initiative we embarked upon since August 2009 has largely succeeded. The Bank is now better repositioned to deliver on its man-date through more capital injection and other institutional support from our two Shareholders -CBN and Fed-eral Ministry of Finance in terms of supervisory, regulatory oversight and guidance functions. This has in-creased our capacity to support the growth of the non-oil exports and complement the export boosting ac-tivities of commercial banks. In all, we have consistently maintained a robust strategy, efficient operations through sustenance of highly skilled and motivated personnel.”

Continuing, Mr. Orya stated that “…the ultimate plan of the Bank is to invite an international rating agency, may be Standard and Poor or Agusto & Co, or any of such agencies to rate the Bank….ideally, this is the time for such a rating….”

Support for Creative & En-tertainment Industry

In furtherance of government’s policy initiatives for strengthening the Creative Arts and Entertainment Industry, the Bank supported the in-dustry through funding intervention with lending commitments of about N1 billion in the Industry’s various value chains in the last three years.

The Bank’s role in the creative arts and entertainment industry is two-fold, which are funding intervention to loan beneficiaries and develop-mental support / strategic alliances through capacity building and events sponsorships;

Funding InterventionAs at today, the total funding sup-

port to the Industry by NEXIM com-prised of N662.24 million disbursed amounts to seven beneficiary clients and N811.00 million awaiting dis-bursement to seven beneficiary pro-jects.

Developmental Support On its developmental support role,

the Bank’s contributions are essential-ly towards ensuring that the industry operates in a structured manner and within global best practices / stand-ards. To this effect, the Bank had over the past months embarked on the following:

•Developed draft operating guide-lines to enhance stakeholders access to loan facilities with inputs from various stakeholders (Practitioners and Regulators)

•Commissioned a study to review the industry and develop / recom-mend the best financing programme / instruments for the Nigerian Enter-tainment Industry based on Bolly-wood financing experience;

•Sponsorship of capacity building programmes / events and film fes-tivals to showcase Nigeria’s creative talent and develop human capacity. The Bank‘s collaboration involved es-tablishing strategic partnerships with key stakeholders like the following:

➢National Film and Video Censor Board

➢Nigerian Film Corporation➢The British CouncilAlso, the Bank engaged in strategic

partnerships / sponsorship supports of some creative and entertainment industry events for marketing, ad-vocacy and capacity building pro-grammes, which were intended to create awareness, build capacities, facilitate monetization of intellectual property / proprietary assets as well as showcase Nigerian talents. These events / programmes include among others the following:

➢The Zuma Film Festival ➢10thThe Nigerian Video Music

Awards➢9th African Film & TV Pro-

gramme EXPO➢Nigerian Booth at the Cannes In-

ternational Film Festival 2012➢African International Film Festi-

val➢1st National Policy Dialogue on

the Development of the Creative / Entertainment Industries in Nigeria

➢1st Annual Nollywood Edition of the Hollywood Black Film Festival

•To facilitate strategic partnerships, exchange of ideas and information sharing towards enhancing dialogue and critical issues resolutions toward improving support to the industry, the Bank participated / facilitated training and capacity building pro-grammes, etcorganized by some As-sociations / Guilds, like the Associa-tion of Movie Producers (AMP), the Yoruba Film Producers and Video Marketers Association and Motion Picture Practitioners’ Association of Nigeria (MOPPAN)



Staco Insurance Plc

About Us:

STACO Insurance Plc is a product of well thought-out acquisition plan in respect of Alpha Insur-ance Plc in 1994 when the company under the former name of Stand-

ard Trust Assurance and now Staco Insurance Plc commenced General Insurance and Special Risks busi-nesses.

The ownership structure of the company is purely Nigerian: those who have distinguished themselves in their various business endeavours and the company is managed by sea-soned professionals who have prov-en competence and integrity in the Nigerian insurance industry.

The company listed on the Nige-rian Stock Exchange (NSE) and also had a name change from Standard Trust Assurance to Staco Insurance Plc in 2007.

The company’s strength lies in its passion for high standards and prompt claims settlement. This and the notable quality service delivery by the company every time has en-abled it to win numerous awards in the market. The company’s capital base is in excess of N10 billion.

Sakiru OyefesoManaging Director/CEOSTACO Insurance Plc

Our Vision: We are poised to be a world-class

provider of insurance and other fi-nancial services

Our Mission: To be the first choice provider of

superior financial services such that the delivery is of integral benefit to all our stakeholders

Core Values:•Professionalism•Team Work•Integrity•Empathy•Customer Satisfaction•Social ResponsibilityStrategic Objectives:Staco seeks to:•Retain and enhance our clients

base•Expand our ability to cross sell•Add real and genuine value to

our customers’ needs, particularly on claims settlement

•Extend the penetration of our ex-isting products and services

•Develop at least one industry dif-ferent product each year

Differentiating Competences:

•Flexibility•Excellent Services•Originality•Relationship Management•Good Leadership Our Range of Products:Generic Products:•Fire and Special Perils•Consequential Loss Insurance•Burglary and Theft Insurance•Motor Insurance•Marine Hull and Marine Cargo

Insurance•Goods-In-Transit Insurance•Money Insurance•Group Personal Accident / Per-

sonal Accident•Public Liability, Professional lia-

bility•Fidelity Guarantee Insurance•Contractor’s All Risks Insurance•Machinery Breakdown•Erection All Risk•Engineering Insurance•Bond (performance, advance

payment, bid, tender and customs)•Aviation•Oil and Gas

Operational ReviewWe have successfully achieved sol-

vency margin of N4.574 billion in 2014 compared to the previous year

of N1.039 bllion. Our performance in 2014 could not have been possible but for the commitment, hard work and loyalty of our staff.

They remain the most valued asset of the Company; as a result, we are poised to continuously improve the quality of our staff professionally and materially; this is borne out of the fact that satisfaction of customers can only be achieved through satisfied employees. Our staff welfare packag-es are designed to empower, motivate and inspire them to always give their best to the growth of the Company. We place significant emphasis on our people by investing in learning and human capital development aimed at improving the quality of profession-als within the Company and there is alignment of our workforce strategy with the organisational strategy by effectively filling identified talent gap in the organisation to meet our cor-porate goal.

The achievements recorded by the company since its establishment has been possible through foresighted leadership and excellent team spirit by the staff of the company who vig-orously pursue the company’s vision of becoming a world-class provider of Insurance and other financial services.

Our operations are guided by the adoption of the Enterprise Risk Management (ERM) philosophy. The philosophy enables our un-derwriters to operate on risk-based analysis to determine the intended consequences in our operations.

Our marketing strategy is focused on enhancing product offerings, excellent operations, relationship marketing and exceptional service delivery to our customers. We recog-nise that Insurance Brokers remain by far the largest distribution chan-nel in the market; we thereby place high premium on relationship with Insurance Brokers as they constitute critical stakeholders with whom any progressive underwriting firm must have a relationship.

In addition, we are favourably dis-posed towards widening insurance density through grassroots penetra-tion. To this end, we have developed strategies towards direct market penetration for possible rebalancing of underwriters’ distribution mix which could have significant effects on client acquisition.

Above all, our greatest marketing strategy lies in the company’s pas-sion for high standards and prompt claims settlement. These values have overtime engendered confidence in our clients for renewed businesses.

For instance we paid claims amounting to N1.762 billion in the reporting in 2014. As a company that is alive to its responsibilities, we ensure that all genuine claims are paid to affected policyholders as at when due.

We use this opportunity to reas-sure our policyholders that prompt settlement of claims will always be our priority and this will continue to be the business philosophy of our company in the years ahead.

SERVICE DELIVERYOur service delivery is anchored

on the philosophy of quality service first time, every time. This has been the watchword of our Company and we endeavour to deliver exceptional service at every level.

Our internal processes have been improved upon to meet up with the set standards within the industry and beyond. We hold quality ser-vice delivery in high esteem and we strive to delight all our external and internal customers at all times.

Our impressive track record of ex-cellent service delivery has played a major role in the continuous growth of the company.

Future OutlookWe shall continue to consolidate

on the gains we have made over the years to strategically position Staco as the Insurance Company of Choice.

Management has put appropriate strategies in place to strengthen its core business of insurance and we shall strive to harness all available opportunities to maximise share-holder value whilst we grow and build long-term values for all stake-holders.

Corporate Social Respon-sibility

Corporate Social Responsibility (CSR) is a critical part of our core values. Thus, we are committed to continuous improvement of the quality of lives of all our stakehold-ers. We conduct our business in such a way that is ethical, friendly and beneficial to our immediate com-munities.

Our CSR framework imbibes the principles of accountability, trans-parency and respect for stakehold-ers’ interest. We will continue to un-dertake high impact sustainability and social responsibility initiatives in the areas of education, sports, security and community develop-ment.




The Nigerian Commu-nications Commission is the independent Na-tional Regulatory Au-thority for the telecom-munications industry in

Nigeria. The Commission is responsible for

creating an enabling environment for competition among operators in the industry as well as ensuring the pro-vision of qualitative and efficient tele-communications services throughout the country.

Our MissionTo support a market driven Com-

munications industry and promote universal access

Our VisionTo be a responsive, world-class

Communications Regulatory Organ-isation

Overarching Strategic Re-sult

An Information rich environment, comparable globally in quality Com-munications service provision

Our Guiding PrinciplesThe Commission is driven by three

guiding principles (Fair, Firm and Forthright) in carrying out its duties and functions as the National Tele-communications Regulator.

These principles drive our Core Val-ues.

Our Core Values•Integrity•Excellence•Professionalism•Responsiveness•Innovation

ACHIEVEMENTSOver the years, the NCC has set the

pace in terms of regulatory perfor-mance in Nigeria, beside other indus-try achievements that sets the telecom industry in Nigeria apart from the rest of the world.

Some of these remarkable achieve-ments by the NCC include:

Telecom GrowthIt has always been said that Nige-

ria had only 400, 000 analogue lines before the advent of GSM services in August 2001.

Today, the nation recorded 88 ac-tive phone subscribers between 2001 and July 2010. And in a period of four years (July 2010-July 2014), the figure jumped to 131 million active lines. And by July 2015, the industry now boasts of 150.7 million active lines.

In terms of teledensity, it has moved steadily upwards from 63.11 percent in 2010 to 93.7 percent as at May 2014. In July 2015, the teledensity hit a re-cord 107.67 percent

These figures have kept Nigeria within the rank of the global fastest growing telecommunications indus-try as has been declared by the Inter-national Telecommunications Union (ITU).

Nigerian Communications Commission (NCC)

Internet PenetrationFollowing the great successes re-

corded in voice telephony, the NCC has equally replicated the same feat in the area of electronic data trans-mission in all aspects of life in Nigeria (office, home, mobile).

The spinoff includes the emerging e-commerce industry in the country riding firmly on the back of such sus-tainable Internet growth. For instance, hotel and airline bookings, in addition to cash transactions are now readily available in the country, thanks to the visionary leadership of the NCC.

In terms of figures, the nation boast-ed of solid 65.8 million Internet users as at April 2014, compared to N25.4 million in June 2012. This represents a growth level of 160 percent.

Contribution to Foreign Di-rect Investment (FDI)

One of the latent achievements of the telecom revolution in Nigeria un-der the exemplary leadership of the NCC is the quantum of Foreign Direct Investment (FDI) that has entered into the national economy through tele-com investment.

According to records, as at July 2010, private sector investment in the telecom sector stood at $25 billion in a short period of 10 years--a huge surge compared to FDI inflow in other sec-tors of the economy.

And by end 2014, the figure has ris-en to $32 billion, clearly underscoring the immense contribution of the sec-tor to FDI growth in Nigeria.

In clear terms, such level of FDI was made possible by the stability and pre-dictability of the investment climate in Nigeria and regulatory certainty and proficiency in industry management by the NCC.

Contribution to Gross Do-mestic Product (GDP)

Before the advent of GSM in 2001, the contribution of the telecoms sector to Gross Domestic Product (GDP) in Nigeria was quite insignificant.

As expected then, the oil and finan-

cial sectors dominated the economic landscape of the nation, including contribution to GDP.

However, the NCC-inspired revolu-tion in the telecom sector has changed the GDP metrics to the extent that the sector’s GDP contribution has moved steadily ahead to 4.5 percent, 5.67 per-cent, 6.98 percent and 8.69 percent in the years 2010, 2011, 2012 and 2013 respectively.

And after the rebasing exercise of

2014, the sector’s GDP impact moved to 9.25 percent as at sec-ond quarter of 2014. Going for-ward, the picture continues to look robust and opti-mistic.

Mobile Number Portability (MNP)

The formal launch of Mobile Num-ber Portability (MNP) on April 24, 2013 gave mobile subscribers in Nige-ria the right to choose which network to use without losing or changing their mobile phone numbers. It was in es-sence, an initiative that put subscribers right on the drivers’ seat at a time of contentious quality of service issues.

But the icing on the cake is that MNP has compelled service provid-ers to raise the bar in their quality of service to subscribers or lose such sub-scribers to rival operators.

SIM Card RegistrationSince political independence in

1960, Nigeria has not been lucky to have a credible head count or biome-tric registration of its citizens.

That record effectively tumbled with the SIM card registration undertak-en by the NCC which successfully captured the biometrics of Nigerians on the basis of phone ownership and usage.

By early 2012, available records be-tween NCC consultants and service providers indicated a level of 110 million registrations across the six geo-political zones of the country—a huge feat indeed!

The Broadband RevolutionOne enduring legacy of the NCC is

the Broadband initiative to move the nation’s telecom sector to an entirely new level of sustainable growth.

To move the initiative forward, the NCC collaborated with the Ministry of Communications Technology to promote the setting up of a National Broadband Strategy Implementation Committee which produced a strate-gy document for the development and deployment of a robust Broadband plan for the country.

The processes later produced the ‘Open Access Model’ to empower Ni-geria to achieve rapid, pervasive and more importantly, affordable Broad-band infrastructure and services.

The ‘Open Access Model’ was launched in November 2013.

Prof. Umar Garba DanbattaExecutive Vice-ChairmanNigerian Communications Commission

Prof. Umar Garba DanbattaExecutive Vice-ChairmanNigerian Communications Commission

Prof. Umar Garba Danbatta is the Executive Vice Chairman and Chief Executive Office (EVC/CEO) of the Nigerian Communications Commission.

Born in Danbatta Local Government Council of Kano State, Prof. Danbatta obtained his BEng, MSc degrees from the Technical University of Wroclaw in Poland and his PhD from the University of Manchester Institute of Science and Technology (UMIST) UK respectively.

He has served as a lecturer in the Department of Elec-trical Engineering, Faculty of Technology of Bayero University Kano for 28 years, where he taught courses in telecommunication engineering and electronics and held academic positions of Dean of the Faculty and Head of Department at different times.

His main administrative responsibilities, in the univer-sity, included Deputy and Acting Dean of Students’ Af-fairs, Administrator of the Works Department and later, Director of the Centre for Information Technology (CIT).

He was also a member of over 60 University commit-tees and task forces, including numerous stints as Chair-man. In administrative and other responsibilities outside the university, he has served on over 20 committees, prominent among which was his Chairmanship of the Implementation Committee of Kano State University of Science & Technology, after which he became its pioneer Deputy and Acting Vice-Chancellor when it took off in 2001.

Prof. Danbatta has supervised more than 60 PhD, MEng and BEng projects in diverse areas of telecommu-nications and has also served as external examiner to seven universities and polytechnics and is an asses-sor, technical reviewer and editorial member to eight research journals.

He has to his credit more than 50 articles in journals,

conference proceedings and technical reports. He is also the author of a six-chapter, 167-page book titled Elements of Static Engineering Electromagnetics.

He is a recipient of 18 distinguished awards and certificates of honour. Prof. Danbatta has served two terms of five years as a Member of Council for the Regulation of Engineering in Nigeria (COREN), and is also a COREN registered engineer and member of the Nigerian Society of Engineers (NSE).

He was the Vice President of the Digital Bridge In-stitute (DBI), International Centre for Advanced Commu-nications Studies, which was established in the year 2004 by the Nigerian Communications Commission (NCC) to build capacity for the Nigerian/African telecom industry in the di-verse areas of Information and Communication Technology (ICT).

While at DBI, he has developed expertise in the following major areas of ICT implementation, policy and regulation:

•Regulation of the Telecommunications Sector of the Ni-gerian Economy;

•Competition, Interconnection and Price Regulations in a Developing Economy;

•Issues concerning AuthoriSation of Telecommunications Services in a Developing Economy;

•Strategies for ensuring Universal Access and Service to Telecommunications Services;

•Strategies towards Effective Spectrum Management in a Developing Economy;

•Issues on Institutional and Legal Framework for Effective Regulation of Telecommunications Services; and

•New and Emerging Technologies and Impact on Reg-ulation of the Telecommunications Sector of a Developing Economy.

Until his appointment as the EVC, Prof. Danbatta, who re-cently served as a member of the Implementation Commit-tee of the Northwest University Kano, served as the Acting Vice-Chancellor of the Kano University of Science & Tech-nology, Wudil.

Executive Profile



Our Mission & Vision

The Nigerian Economic Summit Group (NESG) was incorporated in 1996, as an independent, non-partisan, not-for-profit organisation.

OUR VISION“To become Nigeria’s leading pri-

vate sector think-tank committed to the development of a modern globally competitive economy”

OUR MISSION“The NESG has a mandate to pro-

mote and champion the reform of the Nigerian economy into an open, glob-ally competitive economy”

The NESG StoryIn 1993, a group of passionate and

concerned private sector leaders representing key economic sectors conceived the Nigerian Economic Summit (NES) and sustained it as a platform for bringing together private sector leaders and senior public sector officials to discuss and dialogue on the future of the Nigerian Economy.

Three years later, in 1996, the NESG was established and incorporated as a non profit, non partisan private sector organisation with a mandate to promote and champion the reform of the Nigeri-an economy into an open, private sec-tor-led globally competitive economy.

Over the years, it has emerged as the most important platform for pub-lic-private dialogue in Nigeria. Dur-ing this period, the organisation has accomplished a great deal in terms of research outputs and implementation of programmes, seminars, conferenc-es and workshops aimed at facilitating the formulation and implementation of social and economic reform pro-grammes for the growth and transfor-mation of the Nigerian economy.

In addition, the organization has established an excellent working rela-tionship with the Government of Ni-

The Nigerian Economic Summit Group

NESG has been strategically involved in stimulating economic policy dis-course in Nigeria.

The Group has worked harmoni-ously with the Nigeria’s development program and it is in the forefront of actual implementation of the country’s development programme through its advocacy and monitoring activities.

Advocacy And Research T h e Nigerian Economic Summit (Nes) Process

The NESG’s advocacy and research emphases are increasingly focused

geria, public sector, private sector and other stakeholders.

The flagship of the group’s advocacy efforts has been the annual Nigerian Economic Summit (NES), which pro-vides Government and private sector an opportunity to review the progress made in our economic reform effort and agree practical ways to manage issues which may have constrained ef-fective policy implementation.

Our Achievements The Group has indeed tried to de-

liver its mandate. Over the years, the

Laoye JaiyeolaCEONESG

on how to implement policy reforms fashioned after consensus has been built and how to measure and track performance using agreed bench-marks and milestones. Due to its approach, the NESG has success-fully lodged the advocacy voice into mainstream of policy formulation in Nigeria. Its advocacy voice clear-ly has an imprint in the formulation of the NEEDS (National Economic Empowerment and Development Strategy) document, Vision 2010 and Vision 2020:20. The government has clearly demonstrated its acceptance of and commitment to the advo-cacy submissions of the NESG. The NES, organised by the NESG has successfully marketed the need for coherent blue print for the coun-try’s socio-economic development. As a forum for public-private sector dialogue, the NES contributes to the development and progress of Nigeria, especially in the area of national eco-nomic management. The NESG has sustained the NES process and has endeavoured to keep its focus on the direction of economic policies, by giv-ing priority to long term interest in the context of good governance, credible institutions, accountability and ethical practices, attractive climate for private investments, evidence-based research and mediating open dialogues.

As one of the most influential think-thank, the NESG employs a mix of le-vers to provide value for our members and create impact in areas of its policy intervention. Typically:

We Engage We Generate

We Network We Monitorin evidence-based advocacy on be-

half of our members and provide a fo-rum for public-private sector dialogue with top public office holders and lead-

ing business executives in Nigeria. independent, non-partisan research to support our agenda and draw from les-sons learned & experiences of numer-ous professionals from our partner net-works, into dialogue process. o u r members and partners to high-level government office and open up access to interventions and political leadership that can drive needed policy changes. the implementation progress with the public sector through the systematic functions of policy commissions and provide credible feedbacks to our stake-holders.

We dialogue, We Intervene, We Connect, and We Shape Policies...

The NESG is a convener of pub-lic-private dialogue. We engage gov-ernment, private sector, and civil so-ciety on key development issues and economic policies in Nigeria. Since its establishment, the NESG has been able to shape policies through its an-nual economic summit and other high level events. Our advocacies are evidence-based.

The NESG shapes policy by con-ducting robust research and analysis on economic and critical reform is-sues. Over the years, we have been instituting policy changes in Nigeria through independent research. We deliver value to our members through policy fora. Our convening power provides networking opportunities for our members to meet with business leaders and policy makers.

The NESG is dedicated to achieving sustainable economic development in the national interest through responsi-ble private sector initiatives.

We aim to help create an enabling environment conducive to good governance, responsible private in-vestments and sustainable economic growth in Nigeria.

Our overarching objective is to forge a mutual understanding between leaders of thought from private and public sectors so as to discover, ex-plore and support initiatives directed at improving Nigeria’s economic pol-icies, its institutions and competitive business climate.

The Company

Niger Insurance Plc was es-tablished in August, 1962 as a Specialist Life Com-pany under the name Yorkshire Insurance

Company. The public quoted Com-posite Insurance Company, presently operates with an asset base in excess of N21 billion and a fully paid-up share capital of N2, 868,307,000.

The management team of the com-pany is made up of well trained, expe-rienced and competent professionals with extensive management and tech-nical skills.

The company is fully computerised with the most robust technology. The computer network is capable of ex-pansion and upgradeable to meet with present future needs in the volume of business.

The company has put in place sound reinsurance treaties with local and for-eign first class Reinsurance Compa-

nies. These comprehensive securities ensure financial stability and exude confidence in its services to both pres-ent and prospective customers.

As a composite Insurance Com-pany, Niger Insurance Plc transacts all classes of Insurance business and offers a wide range of innovative and customer-oriented products and ser-vices to its growing clientele.

At Niger Insurance Plc, we are very flexible in our product development because we realize that no two cus-tomers are exactly the same.

Moreover, we back our products with one of the most efficient and con-stantly improving claims settlement procedures in the insurance market

The above qualities, among others, have no doubt enhanced the compa-ny’s impressive customer patronage, efficiency, financial stability and con-sistent profitability track record over the years.

Kola AdedejiManaging Director/CEONiger Insurance Plc

OUR VISIONTo become the insurance compa-

ny of first choice in Nigeria noted for Transparency, Efficiency and Capacity in providing total financial solutions through un-matched staff productiv-ity and exceptional customer service orientation...

MISSION STATEMENTTo be a customer-oriented provider

of superior insurance services, using well motivated Employees and Tech-nology in a conducive working envi-ronment, thereby creating long term value for Shareholders through sus-tained returns on investment.

CORE VALUESN -NetworkingI -IntegrityG -GlobalnessE -EmpowermentR -Reliability

Social Responsibility•Socially & Environmentally re-

sponsive•Charitable•Consistently contributing towards

the improvement of quality of life in the society.

•Operations guided by necessary business ethics

Research and Development

•Continuous research and develop-ment to improve on service delivery.

•Provides comprehensive Risk Management Services free of charge to clients

Service Delivery•Committed to excellent service de-

livery•Personalised services designed to

satisfy specific needs of clients.Market Position•Among the top three in the insur-

ance industry•Determined to lead the market.Staff and Management•Highly committed and motivated•Suitably trained to understand and

satisfy specific needs of the clients.Quality of Board:•Constituted by men of proven in-

tegrity•A blend of professionals•National outlook.



Globacom Limited

At Globacom we hold our vision with very high esteem. This keeps us moving for-ward and pushes us to be the best while pro-

pelling us into the future. This vision is about you.

We have soared high in our aspira-tion to build Africa’s biggest and best telecommunications network with millions of subscribers in Nigeria, Re-public of Benin and Ghana.

We have made history as the first single company to build a high-ca-pacity sub marine fibre-optic cable, popularly known as Glo-1, the first

Mike AdenugaChairmanGLO

Etisalat Nigeria

Etisalat is Nigeria’s most innovative tel-ecoms network. we began trading in October 2008 with the groundbreaking

“0809uchoose” campaign. For the very first time, our mobile phone customers could choose numbers special to them to create their own phone number.

This tradition of customer-fo-cused innovation continues today, with a growing customer base of more than 21 million.

Our core values are teamwork, integrity, passion for excellence and empowering and growing people; and we hold true to these while we offer a world-class telecommunica-tions service. On 26th september 2011, Etisalat launched its 3.75G HSPA+ network in Nigeria.

From then on, our customers en-joyed super-fast Broadband servic-es for both personal and business use. This has led to unprecedented growth in the Nigerian telecoms in-dustry.

Established in the United Arab

Airtel NigeriaBharti Airtel Limited is a

leading global telecommu-nications company with operations in 20 countries

across Asia and Africa. With head-quarters in New Delhi, India, the company ranks amongst the top 5 mobile service providers globally in terms of subscribers.

In India, the company’s prod-uct offerings include 2G, 3G and 4G services, fixed line, high speed Broadband through DSL, IPTV, DTH, enterprise services including national & international long dis-tance services to carriers. In the rest of the geographies, it offers 2G, 3G mobile services.

Bharti Airtel had over 264 million customers across its operations at the end of July 2012.

successful submarine cable from the United Kingdom to Nigeria; with the attendant high increases in Internet speeds and download rates with re-sultant significant improvements in online technologies.

We have played and continue to play massive roles in our society and com-munity development efforts which have seen the sponsoring of the na-tional football teams and the Premier Leagues in Nigeria and Ghana.

We have sponsored several cultural and national events including the Af-rican Handball tournament in Benin Republic as well as the biggest cultural festival (FITHEB) held in the Benin

Segun OgunsanyaCEOAirtel Nigeria

Our Brand PositioningWe are a leader in intent and be-

havior, inspiring and full of fresh ideas. We are always a pleasure to be with. We are young at heart, mind and spirit. We act with confidence, honesty, courage and integrity.

Brand Values:•Alive•Inclusive•Respectful

Our Vision and Promise•Our Vision: To be the most loved

brand in the daily lives of Nigerians by 2015 by providing life enriching products and services.

Our Mission:To make every life we touch better through the trans-formative power of communication

Mathew WillsherCEOEtisalat Nigeria

Emirates in 1976, with footprints in 19 countries across the Middle East, Asia and Africa, Etisalat continues to pioneer innovative technologies in emerging markets and reach mil-lions globally.

Trading as Etisalat Nigeria, Emerging Markets Telecommuni-cation Services (EMTS) is a private Nigerian company in partnership with Mubadala development com-pany and Etisalat of the United Arab Emirates.

It acquired the unified access li-cense from the federal government in January 2007, which includes a mobile licence and spectrum in the GSM 1800 and 900 MHZ bands. Etisalat acquired a 40% stake in EMTS and is now the operator of

the unified access license.At Etisalat, we invest heavily in

the Nigerian economy, as well as in our own staff. We’re passionate about having a positive impact on society and we’re committed to sus-tainable social investments. Apart from offering a solid platform of technological innovation, we be-lieve that sustainable investment is the foundation of stellar growth and economic stability.

We’ve received many awards for our dedication to quality and in-novation. Barely six months into operations in Nigeria, the Nigeri-an Communications Commission (NCC) pronounced Etisalat Nige-ria’s best network based on quality of service indices.

In November 2012, Etisalat again received another award from the NCC for excellent customer ser-vice. Other accolades include: brand of the year, fastest growing GSM Company of the Year, best marketing company, most innova-tive corporate social responsibility company, friendliest tariff mobile operator, best telecoms customer

service and most innovative mobile operator, among others.

At Etisalat, we see a future in

which technology extends people’s reach and connectivity.

Republic. Globacom has also sponsored the

annual Confederation of African Football (CAF) Awards since 2005 as well as the Glo Lagos International Half Marathon.

We further recommend and en-courage you to join Globacom, share in our vision and commitment to pro-viding telecoms solutions that make our lives easier and better.



Nigeria LNG Limited

Profile

Nigeria LNG Limited was incorporated as a limited li-ability compa-ny on May 17, 1989 to harness

Nigeria’s vast natural gas resources and produce Liquefied Natural Gas (LNG) and Natural Gas Liquids (NGLs) for export.

The company is owned by four shareholders, namely, the Federal Government of Nigeria, represent-ed by Nigerian National Petroleum Corporation (49%); Shell (25.6%); Total LNG Nigeria Ltd (15%) and Eni (10.4%). It has wholly–owned subsidiaries: Bonny Gas Transport (BGT) Limited and NLNG Ship Management Limited (NSML).

It has wholly–owned subsidiaries: Bonny Gas Transport (BGT) Limited and NLNG Ship Management Limit-ed (NSML).

With six trains currently operation-al, NLNG’s plant, on Bonny Island in Rivers State, is capable of produc-ing 22 Million Tonnes Per Annum

(MTPA) of LNG, and 5 MTPA of NGLs (LPG and Condensate) from 3.5 Billion (standard) cubic feet per day (Bcf/d) of natural gas intake. NL-NG’s near term expansion plans in-clude construction of a seventh train to complement the existing six train structure, which when in operation will up the company’s total produc-tion capacity to 30 million tonnes per annum (MTPA) of LNG.

As the arrowhead of Nigeria’s ef-forts to eliminate gas flaring, NLNG’s operations have helped reduced Ni-geria’s Flaring Profile from 65% to be-low 25%. The company also supplies about 80% of the annual domestic LPG (Cooking Gas) consumption.

In all its business and social activ-ities, NLNG’s driving force remains its vision to help in building a better Nigeria.

Our MissionTo market, produce and deliver

Liquefied Natural Gas and Natural Gas Liquids to buyers safely, reliably and profitably, growing our company and its people to their full potential, and being a trusted partner with all our stakeholders in the sustainable development of Nigeria’s gas industry and of NLNG’s host communities.

Our Vision …a global LNG company helping

to build a better Nigeria.Nigeria LNG will be a global LNG

company renowned for its operation-

Babs OmotowaMD/CEONigeria LNG

May 17, 1989 - Incorporation of Nigeria LNG LimitedNovember, 1995 -Final Investment Decision (FID) by shareholders for Trains 1 and 2February, 1996 -Commencement of plant constructionSeptember, 1998 -Completion of Gas Transmission SystemFebruary, 1999 -Final Investment Decision (FID) by shareholders for Train 3August 12, 1999 -Plant Ready For Start-Up with Train 2September 15, 1999 -Commencement of productionOctober 9, 1999 -Export of first LNG cargoFebruary 27, 2000 -Start-Up of Train 1March 31, 2000 -Completion of Initial Supply PeriodApril 4, 2000 -Export of first Condensate cargoMay 25, 2000 -Export of first LNG spot cargoAugust 5, 2000 -Export of 50th LNG CargoSeptember 21, 2000 -Plant Commissioning CeremonyFebruary 4, 2001 -Export of 100th LNG cargoSeptember 30, 2001 -End of Build Up PeriodOctober 1, 2001 -Commencement of Contract YearMarch 20, 2002 -Final Investment Decision (FID) by shareholders for Trains 4 and 5March 22, 2002 -EPC Contract Award to TSKJ for Trains 4 and 5November 7, 2002 -Train 3 ready for Start-UpNovember 28, 2002 -Commencement of LNG production from Train 3December 17, 2002 -First LNG shipment from Train 3, three months

ahead of scheduleJanuary 21, 2003 -Signing of the $1.6 billion loan for NLNG PlusFebruary, 2003 -Start-Up of LPG FacilityJune 25, 2003 -First Shipment of LPG from NLNG Plant, BonnyJuly, 2004 -Final Investment Decision (FID) by share holders for Train 6 (NLNGSix)November, 2005 -Start-Up of Train 4February, 2006 -Start-Up of Train 5December, 2006 -1000th LNG CargoJune, 2007 -Feedgas reception facilities for the 6-Train complex became fully operationalOctober, 2007 -First Butane cargo destined for domestic market loadedDecember, 2007 -Hand over of Train 6 to NLNG’s Production Division. Record rundown of LNG to storage tanks within nine days of hand-overMay, 2008 -Nigerianisation of the Managing Director positionOctober, 2009 -10 years of LNG, NGLs productionOctober, 2010 -Export of 2000th LNG cargoDecember, 2012 -Highest number of cargoes produced in a year (333)January, 2014 -Shipment of 3000th LNG cargo

NLNG: Major Milestones

al excellence, cost leadership, high HSE standards and for honesty and integrity. We will be helping to build a better Nigeria by utilising the coun-try’s gas resources and helping to put out the flares, thus diversifying the economy and cleaning up the envi-ronment.

We will set the standards in com-

munity relations and technology transfer to Nigerians and actively promote the sustainable develop-ment of Nigerian businesses. We will provide to our shareholders a good return on their investment.

We will provide for our staff an ex-citing and fulfilling place to work and

the opportunity to develop their po-tential. We will execute and operate our business in Nigeria with an inter-national outlook and mindset.

Core ValuesIntegrityTeamworkExcellenceCaring



United Bank For Africa PlcUBA’s has more than

65 years of providing uninterrupted bank-ing operations dating back to 1948 when the British and French

Bank Limited (“BFB”) commenced business in Nigeria.

BFB was a subsidiary of Banque Na-tionale de Crédit (BNCI), Paris, which transformed its London branch into a separate subsidiary called the British and French Bank, with shares held by Banque Nationale de Crédit and two British investment firms, S.G. War-burg and Company and Robert Ben-son and Company. A year later, BFB opened its offices in Nigeria to break the monopoly of the two existing Brit-ish owned banks in Nigeria then.

Following Nigeria’s independence from Britain, UBA was incorporat-ed on 23, February 1961 to take over the business of BFB. UBA eventually listed its shares on the Nigerian Stock Exchange (NSE), in 1970 and became the first Nigerian bank to subsequent-ly undertake an Initial Public Offering (IPO).

UBA became the first sub-Saharan bank to take its banking business to North America when it opened its New York Office (USA) in 1984 to

First Bank Of Nigeria Limited

First Bank of Nigeria Limit-ed (FirstBank) is Nigeria’s largest financial services in-stitution by total assets and gross earnings. With more than 10 million custom-

er accounts, FirstBank has over 750 branches providing a comprehensive range of retail and corporate financial services.

The Bank has international pres-ence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank DRC, FBNBank Ghana, FBNBank Gambia, FBNBank Guinea, FBNBank Sierra-Leone and FBNBank Senegal, as well as its Rep-resentative Offices in Johannesburg, Beijing and Abu Dhabi.

Since its establishment in 1894, FirstBank has consistently built re-lationships with customers focusing on the fundamentals of good corpo-rate governance, strong liquidity, risk management and leadership.

Over the years, the Bank has led the financing of private investment in in-frastructure development in the Nige-rian economy by playing key roles in the Federal Government’s privatisa-tion and commercialisation schemes.

With its global reach, FirstBank pro-vides prospective investors wishing to explore the vast business opportuni-ties that are available in Nigeria, an in-ternationally competitive world-class brand and a credible financial partner.

Bisi OnasanyaGroup MD/CEOFirst Bank

Phillips OduozaGroup MD/CEOUBA Plc

offer banking services to Africans in Diaspora.

Today’s UBA emerged from the merger of then dynamic and fast growing Standard Trust Bank, in-corporated in 1990 and UBA, one of the biggest and oldest banks in Nige-ria. The merger was consummated on August 1, 2005, one of the biggest mergers done on the Nigerian Stock Exchange (NSE). Following the merg-er, UBA subsequently went ahead to acquire Continental Trust Bank in the same year, further expanding the UBA brand. UBA subsequently acquired Trade Bank in 2006 which was under liquidation by the Central Bank of Ni-geria (CBN).

UBA had another successful com-bined public offering and rights issue in 2007 and made further banking acquisitions of three liquidated banks namely: City Express Bank, Metropol-

itan bank, and African Express Bank. The bank also acquired Afrinvest UK, rebranding it UBA Capital, UK.

The quest to build a strong domestic and African brand intensified in 2008 when UBA made further acquisitions of two liquidated banks, Gulf Bank and Liberty Bank while at the same time intensifying its African footprint with the establishment of UBA Cameroon, UBA Cote d Ivoire, UBA Uganda, UBA Sierra Leone, and UBA Liberia as well as the acquisition of a 51% interest in Banque Internationale du Burkina Faso, which was the largest bank in the country with 40% market share.

Currently, UBA has 18 African sub-sidiaries contributing about 20% of the Group’s balance sheet with a target of contributing 50%.

On 13 December 2012, the share-holders of UBA Plc unanimously voted for the bank to restructure into a Monoline Commercial Banking Model in order for it to fully com-ply with the new CBN guidelines for commercial banks in Nigeria, which repealed the erstwhile universal bank-ing regime.

With the restructuring, the Group’s non-commercial banking subsidiar-ies with the exception of Africa Pru-dential Registrars Plc and Afriland

Properties Plc were consolidated un-der UBA Capital Plc and spun-off to shareholders of the Bank.

The Bank’s excess real estate assets were used to capitalise Afriland Prop-erties Plc, which was then spun-off, along with Africa Prudential Reg-istrars Plc, to be held directly by the Bank’s shareholders.

Along with UBA Plc, the result of the restructuring is three stand-alone entities held directly by the Bank’s shareholders – UBA Capital Plc and Africa Prudential Registrars Plc, which are already listed on the Nigeri-an Stock Exchange, as well as Afriland Properties Plc, now controlled by in-

dependent shareholders.Under the Monoline business struc-

ture, UBA Plc remains the parent com-pany for all of the Group’s commercial banking activities in Nigeria, Africa and the rest of the world. UBA Plc is also the parent company for UBA Pen-sion Custodian Limited, UBA Capital (UK) and UBA FX Mart Limited.

Now fully positioned as a pan-Af-rican bank, the UBA Group is firmly in the forefront of driving the renais-sance of the African economy and is well positioned as a one-stop financial services institution, with growing rep-utation as the face of banking on the continent.

The Bank has been named “The Best Bank Brand in Nigeria” four times in a row – 2011, 2012, 2013, 2014 – by the globally renowned “The Banker Mag-azine” of the Financial Times Group; and “Most Innovative Bank in Africa” in the EMEA Finance African Bank-ing Awards 2014.

FirstBank’s brand purpose is to al-ways put its customers, partners and all stakeholders at the heart of its busi-ness, even as it is poised to standardise customer experience and excellence in financial solutions across Sub-Saharan Africa, in consonance with its brand vision “To be the partner of first choice in building your future.”

Our brand promise is to always de-liver the ultimate “gold standard” of value and excellence. This commit-ment is anchored on FirstBank’s in-herent values of passion, partnership and people, to position our customers first in every respect.

The FirstBank Brand – Your ideal partner

At FirstBank, we recognise the im-mutable merits of maintaining a “You first” mindset and culture, as a critical component of our business strategy. Our brand has evolved over the years, with strengthened brand muscles to match the constantly evolving expec-tations of our customers.

Since launching in 1894, First-Bank has established itself as a brand of strength and dynamism, with the vision to be the leading international banking group in Sub-Saharan Africa.

Our brand is at the heart of the ho-listic experience we seek to deliver to our stakeholders perpetually, which is essential to retaining patronage and the competitive edge that keeps us at the coveted position of the market leader.

Our brand interacts with our stake-holders and demonstrates an under-standing of their busy modern lives or businesses, to support their aspi-rations. Hence, we have evolved over 120 years by respecting and upholding the shared heritage relevant not only to today’s modern Nigerians but also today’s modern world.

We live by our beliefs and consist-ently strive to Inspire Understanding, Drive Collaboration, and Build a Bet-ter Way to unify and strengthen our brand to delight all stakeholders. Con-sequently, we work daily to implement best practices through our culture and ultimately enable our employees to understand our customers’ lives and be driven to meet their needs appro-priately.

Our brand purpose is to always put our stakeholders, customers and partners at the heart of our business, even as we are poised to standardise customer experience and excellence in financial solutions across Sub Saharan Africa, in consonance with our brand vision “To be the partner of first choice in building your future”.

With total assets of N3.3 trillion, customer deposits of N2.6 trillion and a strong capital adequacy ratio of 18.9%, well above the CBN mandat-ed minimum of 10% FirstBank is the largest bank in Nigeria, and amongst the largest corporate and retail finan-cial institutions in sub-Saharan Africa (excluding South Africa).

There is no doubt that the bank has consolidated its position in Nigeria and sits in a very strong position from which to grow, both domestically and

outside Nigeria. Not only is FirstBank the largest Nigerian bank by assets, but it has also consolidated its reputation for world class corporate governance and a conservative approach to risk management. All built on a platform of 120 years heritage of national devel-opment.

Our brand promise is thus to always deliver the ultimate “gold standard” of value and excellence. Our financial services knowledge and practices lead the market in ensuring that we under-stand our customers and surpass ex-pectations by seeking for a better way of delivering first class service – The “You First” experience.

This dedication to delivering the gold standard is anchored on our in-herent values of passion, partnership and people, to position “You First” in every respect.

In putting “You First” we promise to be:

•There for you, and committed to you, our customers and stakeholders

•A financial solutions group that lis-tens, understands and connects with you as people

•A financial solutions group that will deliver the relevant experiences that exceed your expectations

•A financial solutions group that has the products and services that meet the diverse needs of modern Sub Sa-haran Africa

•A financial solutions group that you can trust and rely upon

•A financial solutions group that is there as a constant financial partner throughout our customers’ lives.

The Bank has been named “The Best Bank Brand in Nigeria” four times in a row – 2011, 2012, 2013, 2014 – by the globally renowned “The Banker Mag-azine” of the Financial Times Group.

Winning this award four times in a row is a further affirmation of our brand promise - that we will continue to put YOU FIRST at the heart of our business.



Arik Air is West-Af-rica’s leading airline operating a domestic, regional and interna-tional flight network. We operate mainly

from two hubs at Murtala Moham-med International Airport, Lagos and Nnamdi Azikiwe International Air-port, Abuja.

Arik Air’s head office is the Arik Air Aviation Center on the grounds of Murtala Muhammed International Airport in Ikeja, Lagos State.

Our HistoryArik Air is a wholly-owned Nigerian

airline with a commitment to the peo-ple of Nigeria to deliver new standards in aviation.

We were founded in 2002 as the vi-sion of Sir Arumemi-Ikhide, a leading and well-respected Nigerian business-man who understood that if business was to succeed, there needed to be ef-ficiency and quality of service. He had spent many years travelling through-out Nigeria without the satisfaction of knowing that he could depend on the existing choice of air transport servic-es available to him. He also recognised the importance of healthy market

Aero ContractorsAero, West Africa’s 51

years old Aviation Com-pany is well respected aviation service provider in scheduled commercial

and helicopter offshore oil and gas sector operation.

Aero has played a key role in the oil and gas operation in Nigeria and well respected aviation service provider in the rotary wing (helicopter) offshore oil and gas sector plus the fixed wing scheduled and charter passenger sector. Aero is uniquely placed in the Nigerian market to offer both rotary and fixed wing services to the highest international standards of safety.

Currently the fastest growing Nige-rian carrier passenger, Aero is focused on bringing customers world class aviation services with affordable fares, quality on-board services, good cus-tomer relations with effective online services and operational competence. Aero pride itself in its punctuality and safety record.

Aero has established itself as the leading regional and innovative carri-er in West Africa.

Corporate ProfileHeadquartered in Lagos, Nigeria,

Aero operates a combined fleet of around 20 helicopters and 15 fixed wing aircraft ranging from 50 seat Dash 8 to 144 seat Boeing 737-400/500, employing about 1,300 personnel.

Aero have received many accolades for scheduled operations, consistently offering the most reliable services and best value fares whilst introducing new initiatives into the local market

Sir Arumemi-IkhideChairmanArik Air

to empower more people to fly more often.

With its excellent safety record, Aero has consistently invested in safety and security of its customers, equipments, operations and staff.

DivisionsAeroContractors Company of

Nigeria Limited (ACN) has two divisions:

Aero Nigeria – Providing sched-uled fixed wing passenger services to various Nigerian domestic airports and international destinations in the West African sub-region.

Rotary Wing – Helicopter offshore oil and gas aviation services.

Mission Statement“Provide a safe, reliable, efficient

and competitive service to our cus-tomers”

Our Vision• To be the leading busi-

ness-to-business aviation service provider.

• To provide tailor-made aviation solutions for the oil and gas industry, in particular, and other industries in general.

• To combine Rotary Wing, Fixed Wing, maintenance and logistical support in one package.

• To deliver the highest quality and safety standards, anywhere in the world.

Since then Aero has gone on to provide both rotary and fixed wing services to all the major oil and gas companies and supporting industries working in Nigerian and in the West African region.

The Nigerian National Petro-leum Corporation (NNPC) is the state oil corporation which was established on April 1, 1977. In addition to

its exploration activities, the Corpora-tion was given powers and operation-al interests in refining, petrochemicals and products transportation as well as marketing. Between 1978 and 1989, NNPC constructed refineries in Warri, Kaduna and Port Harcourt and took over the 35,000-barrel Shell Refinery established in Port Harcourt in 1965.

In 1988, the NNPC was commer-cialised into 12 strategic business units, covering the entire spectrum of oil industry operations: exploration and production, gas development, refining, distribution, petrochemicals, engineer-ing, and commercial investments.

Currently, the subsidiary companies include:

•Nigerian Petroleum Development Company (NPDC)

•The Nigerian Gas Company (NGC)•The Products and Pipelines Market-

ing Company (PPMC)•Integrated Data Services Limited

(IDSL)•National Engineering and Technical

Company Limited (NETCO)•Hydrocarbon Services Nigeria Lim-

ited (HYSON)•Warri Refinery and Petrochemical

Co. Limited (WRPC)•Kaduna Refinery and Petrochemi-

competition in achieving efficiency. A plan for change was soon set in mo-tion.

Timeline2002, with the national airline in

liquidation, Sir Arumemi-Ikhide buys a Hawker jet aircraft for his personal use, safety and convenience.

Word spreads and before long his business contacts in the oil and gas industry are using his aircraft to travel throughout Nigeria too. He buys a sec-

ond Hawker jet. Sir Arumemi-Ikhide is the owner of a corporate jet business.

2004, Arik Air is incorporated with the goal of becoming an airline that ‘Nigeria and the rest of the world would be proud to fly’ (Sir Aru-memi-Ikhide).

2005, Sir Arumemi-Ikhide brings together an experienced airline start-up team and sources the best aircraft to launch an airline that will set new standards and change the face of the

aviation industry in Nigeria.April, 2006, Arik Air takes over the

former Nigeria Airways Limited fa-cility in Lagos and major reconstruc-tion work begins to transform it into a modern office complex.

October 10, 2006, Arik Air’s new headquarters and maintenance facility are inaugurated by former President Olusegun Obasanjo, represented by the then Aviation Minister, Professor Babalola Aborishade.

October 30, 2006, following the completion of successful ‘proving’ flights, Arik Air welcomes passengers on board brand new Bombardier CRJ 900 aircraft, the first new commercial aircraft to operate in Nigeria for over 20 years.

In 2007 domestic services are ex-panded from Lagos and from the airline’s second hub of Abuja. The air-line invests circa $US 3.7 billion in an order for new medium and long haul aircraft.

January 2008, the airline commenc-es our first African regional service, to Accra (Ghana).

May 2008, wins the International Quality Summit Award in New York (USA), (Gold Award) in recognition of Excellence & Business Prestige.

August 2008, introduces a state-of-the-art Operations Control Centre (OCC) at our head office in Lagos,

making us the second airline in the world and first in Africa to have such equipment.

December 2008, commercial oper-ations begin on the airline’s first inter-national long haul route with a daily non-stop service between Lagos and London Heathrow (UK). The route is served by Arik’s flagship new A340-500 aircraft, operated by partner Hi Fly Transportes Aeros S.A. of Portu-gal.

April 2009, welcomes more than 2.5 million guests on board our domestic, regional and international services since launch.

June 2009, commences operations to its second long haul destination - Johannesburg, South Africa - as well as flights to several destinations in the West African region; linking Lagos to Freetown (Sierra Leone), Dakar (Sen-egal), Banjul (Gambia) as well as Cot-onou (Benin).

July 2009 carries its 3 millionth pas-senger.

November 2009 launches third long-haul destination - New York, op-erating non-stop flights three times a week, between New York JFK (USA) and Lagos. In addition, Arik launches non-stop services between the capital cities of London and Abuja from our new home at the renovated London Heathrow Terminal 4.

cal Co. Limited (KRPC)•Port Harcourt Refining Co. Limited

(PHRC)•NNPC Retail•Duke OilIn addition to these subsidiaries, the

industry is also regulated by the Depart-ment of Petroleum Resources (DPR), a department within the Ministry of Pe-troleum Resources. The DPR ensures compliance with industry regulations; processes applications for licenses, leas-es and permits, establishes and enforces environmental regulations. The DPR,

Emmanuel KachikwuGroup MD/CEONNPC

Nigerian National Petroleum Corporation

and NAPIMS, play a very crucial role in the day to day activities throughout the industry.

MissionNNPC is an integrated Oil and Gas

Company, engaged in adding value to the nation’s hydrocarbon resources for the benefit of all Nigerians and other stakeholders.

VisionNNPC will be a world-class oil and

gas company driven by shared com-mitment to excellence.

Core Values•Respect for the Individual•Staff development and growth•Integrity, transparency and account-

ability•Professional Excellence



GT Bank Plc

Guaranty Trust Bank Plc is a foremost Nigerian financial institution with vast business out-lays spanning An-glophone/Franco-

phone, West Africa, East Africa and the United Kingdom.

The Bank presently has an Asset Base of over 2 Trillion Naira, share-holders funds of over 200 Billion Naira and employs over 10,000 people in Ni-geria, Cote d’Ivoire, Gambia, Ghana, Kenya, Liberia, Rwanda, Sierra Leone, Uganda and the United Kingdom.

The Bank has a corporate banking bias and strong service culture that have enabled it record consistent year on year growth in clientele base and key financial indices since its incep-tion in 1990.

The BrandGuaranty Trust Bank is a friendly

brand that truly cares and this perme-ates through every sphere of our busi-ness. We have a value system that is hinged on professionalism, ethics, in-tegrity, and superior customer service.

We maintain a culture of excellence and go to great lengths to actualize the popular phrase; The Customer Is King.

Our style of operation, staff conduct and service delivery models are built on 8 core principles aptly dubbed; The Orange Rules in line with the Bank’s vibrant Orange corporate colour.

Why Orange?•It is a joyous colour•Frees and releases emotion•Evokes a feeling of warmth•Demands attention•Stimulates the mind•Orange indicates a person who is

sociable and loves to be in the compa-ny of others.

•A person who has loads of energy, exciting and fun to be with.

•Orange relates to a person who has great practical-hands on-skills.

•Orange personalities are friendly, ready smile, respond positively and fluent if not profound in speech.

They are good-natured and gregari-

Honeywell GroupHoneywell Group is a

foremost indigenous con-glomerate. The Group has built a solid track record in

the Nigerian business environment; successfully establishing thriving, world-class companies which are market leaders in their respective sectors.

The Honeywell Group was founded in 1972. The Group initially began operations as a trading concern, im-porting and marketing commodities such as: baking yeast, stock fish, glass and steel rods, among others.

Today, the Honeywell Group has evolved into a diversified enterprise with businesses across major sectors of the Nigeria economy, namely: foods & agro-allied; real estate, infrastructure, energy and services.

Segun AgbajeGroup MD/CEOGT Bank Plc

Oba OtudekoChairmanHoneywell Group

Through additional portfolio invest-ments, the Group is also a significant provider of capital to other sectors of Nigeria’s economy including financial services, telecommunications and security management.

Honeywell Group has, over the years, developed a range of skills and competencies to successfully deliver value in all its endeavours.

Specifically, the Group’s unique strengths include:

•Reputation for integrity•Network of local and international

contacts and partnerships•Proven track record of establishing

and running productive ventures•Extensive knowledge of the Nigeri-

an environment•Access to funding, financial

resources and good credit rating in

the local and international financial system

Operating from offices in Nigeria and the United Kingdom, the Group employs over five thousand local and expatriate staff.

Our VisionTo be the most admired African

company in terms of our successes, practices and people

Our MissionWe use enterprise to make our

world betterOur Core Values•Responsibility Beyond Ourselves•Integrity•Courage•Excellence•Respect for the Individual

ous and do not like to be left alone.

Orange RulesOrange Rules ... Rules We Live ByThe Orange Rules are principles for

progression, success, relationships and life.

They guide our approach to banking and everything we do.

•Simplicity•Professionalism•Service•Friendliness•Excellence•Trustworthiness•Social Responsibility•Innovation

Recognitions and AwardsThe Bank has over the years been a

recipient of several awards for superior financial performance, superior cus-tomer service delivery, excellent share performance, management efficiency etc. Some of these are:

African Banker Award•2009 African Banker of the Year -

Tayo Aderinokun•2012 African Banker of the Year -

Segun Agbaje•2013 African Bank of the Year •2014 African Bank of the YearNigerian Stock Exchange (NSE)

•President’s Merit Award - 1996; 2000; 2003; 2004; 2005; 2006; 2007; 2008

The Financial Brand•2012 Top 100 Most Powerful Social

Media Financial Brands in the World (No 1 in Africa, No 7 in the World)

Nigeria Communications Week•2012 Mobile Money Operator of

the Year (Beacon of ICT Awards)•2015 Mobile Money Operator of

the Year (Beacon of ICT Awards)Market Awards Nigeria•2012 Financial Institution (Bank)

of the Year 2012Islanders•2012 Bank of the YearKPMG Banking Industry Customer

Satisfaction Surveys•2007 1st Runner up in the Custom-

er Service Excellence Award•2008 Most Customer Focused

Bank: Retail•2008 Runner up, Most Customer

Focused Bank: Corporate•2009 Most Customer Focused

Bank: Retail•2009 Most Customer Focused

Bank: Corporate 2nd Place•2010 Most Customer Focused

Bank: Retail•2010 Most Customer Focused

Bank: Corporate

•2011 Most Customer Focused Bank: Retail

•2012 Most Customer Focused Bank: Corporate

•2013 Most Customer Focused Bank (Ghana)

•2013 Most Customer Focused Bank (Sierra Leone)

Euromoney Awards for Excellence•2009 Best Bank in Nigeria•2010 Best Bank in Nigeria•2011 Best Bank in Nigeria•2012 Best Bank of Nigeria•2014 Best Bank in Nigeria•2014 Best Bank in Africa•2015 Best Bank in NigeriaThe Banker Awards• 2007 Deal of the Year Award

for Nigeria•2008 Deal of the Year Award for

Nigeria•2010 Best Bank in Nigeria•2011 Best Bank in Nigeria•2014 Best Bank in NigeriaAfrican Investor Awards•2005 Highly Commended Bank of

the Year in Africa Award•2012 Africa Investor Most Innova-

tive A1 SR130 Company of the Year Award

International Finance Magazine Awards

•2014 Best Commercial Bank of Ni-geria

•2014 Best Corporate Bank in Ni-geria

African Banker Magazine•2013 African Bank of the YearLagos State Enterprise Awards•2007 Brand of the Year Award•2009 Bank of the Year AwardCSR Nigeria•2011 Best Bank in CSR: Health

Management in NigeriaNigeria Industry Award

•Best Corporate Stewardship Award (CSR)

ThisDay Newspaper Awards•2005 Bank of the Year Award•2006 Brand of the Year Award•2008 Transaction of the Year Award•2009 CEO of the Year - Tayo Ade-

rinokun•2010 Icon of Corporate Excellence

in Nigeria•2011 Young Global Champions

AwardPricewaterhouseCoopers & Busi-

nessDay Newspaper Survey Awards•2006 2nd Most Respected Compa-

ny in Nigeria•2007 Most Respected Company in

Nigeria•2007 Sectoral Award for the Finan-

cial Services SegmentFrost and Sullivan Awards•2014 Product Leadership AwardBusinessDay Awards •2014 Bank of the Year Award•Business Day Top 100 BrandsVanguard Newspaper Awards•2007 Best Bank for Brand Develop-

ment Award•2007 Most Customer Friendly

Bank in Nigeria Award•2008 Bank of the Year Award•2008 Most Customer Friendly

Bank Award•2008 Best Bank in Corporate Gov-

ernanceLeadership Newspaper•2011 Bank of the YearEmeafinance Awards•2008 Best Bank IPO Award •2011 Best Bank in Nigeria•2012 Best Financial Institution

Bond Award (UK)•2013 Most Innovative Bank•2013 Pan African CEO of the Year•2013 Best Financial Institution

Merger and Acquistion DealEthical Boardroom Corporate Gov-

ernance Award •2014 Best Corporate Governance -

Financial Services – AfricaFortune and Magazine Class Awards•2007 Grand Prix Award for Repu-

tation and Credibility•2007 Corporate Best Practice

Award



SLOT

SLOT Systems Limited is a household name for affordable and durable mobile phones for all levels/classes of people. We consider it neces-sary to fill up this need

in the global information technol-ogy with emphasis in Nigeria mar-ket.

As an indigenous company, we don’t just sell phones, we provide first class after sales support that is incomparable in any Western Afri-can information technology sector. Over the years, we have been the first to announce new phones, new functions, features, and upgrades in the Nigerian society. Incorporated since 1998 and started importation of computer accessories the same year. Slot Systems made a priceless contribution in providing personal computer (PCs) in virtually every house and office in the late 90s.

With the ability of our dynamic leadership in 2001 we switched over to mobile telecommunication ser-vices and since then we have kept the flag flying high.

Nnamdi EzeigboMD/CEOSLOT

Who We Are

The story of Zinox is that of a spiritual mustard seed that is destined to challenge capital-ist structures of

the 21st century by promoting a knowledge economy through Dig-ital democracy.

This is why Zinox in a short pe-riod has, in addition to being the pioneer manufacturer of Nigeria’s

Zinox Technologies

Leo Stan EkehChairmanZinox

First Internationally Certified Branded Computers, institution-alized high end ICT Solutions by moving the sector to the next level.

For over 10 years, we have helped people both within and outside Nigeria achieve their dreams and aspirations as well as deploy their potentials to create wealth and richer lives for themselves and their societies by using technology to proffer simple solutions to the

day-to-day challenges that they face at home, school, work and even at play.

Founded in 2001 by a team of ICT Technocrats led by Mr. Leo Stan Ekeh, Zinox has flourished into one of the leading ICT Eco-system in Africa. With strong interests in Computer Hardware Manufacturing, Distribution,, Critical ICT Solution, Telecoms, and world-class After Sales Sup-port. This is why we are rated the

No.1 Integrated ICT solutions Group in Africa.

What We DoThough firmly grounded in West

Africa, our aspiration is to become the preferred IT brand in Africa and beyond.

As an international company with over 20 offices spread across West Africa we adhere strictly to internationally accepted industry standards ensuring that every facet of our operations are in conformity with these standards.

Our products and services are certified by the International Standards Organisation (ISO), Microsoft Corporation, Intel Cor-poration, the FCC, as well as the Manufacturers Association of Ni-geria, Nigeria Computer Society and Information Technology As-sociation of Nigeria.

The International Data Corpora-tion (IDC, USA) includes Zinox as the only Nigeria ICT company in its quarterly surveys, thus their re-cent rating of Zinox Notebooks as the best-selling in Nigeria. As a key contributor to nation building, we are in constant pursuit of new ide-as to create more value and better user experiences with our products

and services. Just like our pay-off ‘...digitally

ahead’ we are heads and shoulders ahead of our peers.

Mission StatementWe are a highly skilled world-

class ICT Company dedicated to providing innovative products and solutions through a well-trained and motivated workforce

Company VisionTo be the leading and preferred

source of world-class Informa-tion Communication Technology products and solutions in Africa

Core Values•PROFESSIONALISM - We

recognise that only a disciplined adherence to quality standards and processes can deliver world class products.

•INNOVATION - Our creativi-ty is based on insight that assures easier and faster ways of satisfying our clientele.

•INTEGRITY - We demon-strate transparency and truthful-ness in all our dealings.

•RESPONSIVENESS - Our re-flexes are allured to every need of the Customer.

MISSIONA truly indigenous telecommu-

nication company built on sound ethical principles with the aim of providing values for customers, em-ployees and the provider of capital.

VISIONTo become number one mobile

phone retail chain company in Af-rica

LETTER FROM THE M.DThe underlying principle and

philosophy of SLOT is to add val-ue to peoples’ lives by making the all-important use of mobile phones a pleasurable experience.

This we do by offering products and services that ensure custom-er satisfaction as a result of our

focus on quality and customised service.

In a country like Nigeria inun-dated with stories of one scam or the other, where the business man is seen more as a predator and the customer as his prey, this appear to be a tall order, but with great re-solve we have made Honesty and Transparency the twin pillars of our operation and we believe that these are the vehicles required to redeem our national image.

At SLOT, we are doing our own bit in applying these principles to satisfy the swelling ranks of our es-teemed customers hoping that this culture of integrity will become the theme of businesses across the land.

One word you can take anywhere is this: if you buy a phone from SLOT, you are sure of the source.



HISTORY

Jumia, Nigeria’s no. 1 online re-tailer was established in May 2012 with the aim and vision to become the one-stop shop for retail in Nigeria with im-plementation of best practices

both online and offline.Initially starting with 3 employees,

Jumia presently has a staff strength of 1000 young and entrepreneurial Ni-gerians including our 150 man strong customer service team available 7 days a week.

Jumia is the largest online retail store in Nigeria.

Deliveries to all 36 states in Nigeria. At inception we did an average de-

livery time of a week, today we do, on average, delivery in 1-5 days.

Jumia set-up the 1st e-commerce academy in Nigeria, the Jumia Acad-emy, building young entrepreneurs pioneering various aspects of business in Nigeria

MILESTONES Exclusive launches of the Innjoo

brand and St. Genevieve fashion line by the most popular actress in Nigeria.

Jumia Nigeria grew its staff strength to 1500.

Over a fleet of 500 vehicles, deliver-ing to locations all over Nigeria.

Jumia broke the internet during its Black Friday mega sales with over 1, 500, 000 visits in a single day. Re-cord-breaking feat in the Nigerian re-tail industry.

Jumia launched the annual Cus-tomer Appreciation Day, to thank cus-tomers for another year building the e-commerce in Nigeria.

Our CSR partnership with the 1 Child 1 Book foundation was nomi-nated by the World’s Retail Awards in the ‘Best CSR initiative’ category.

Over 300,000 books delivered

Jonathan DoerrMD/CEOJumia

Sim ShagayaCEOKonga.Com

Konga.com is Nigeria’s largest online mall. We launched in July 2012 and our mission is to become the engine of commerce and trade in

Africa.We serve a retail customer base that

continues to grow exponentially, of-fering products that span various cat-egories including Phones, Computers, Clothing, Shoes, Home Appliances, Books, healthcare, Baby Products, personal care and much more.

Our range of services are designed to ensure optimum levels of convenience and customer satisfaction with the retail process; these services include our lowest price guarantee, 7-day free return policy, order delivery-tracking, dedicated customer service support and many other premium services.

As we continue to expand the mall, our scope of offerings will increase in variety, simplicity and convenience; join us and enjoy the increasing ben-

through the year with 1 Child 1 Book. 9 out of every 10 of our customers

are happy with the professionalism of our merchants and over 90% of these merchants record their first sale within an average of a day.

The Jumia Website boasts a wide assortment of over 100,000 products.

Jumia.com.ng is visited by over 700,000 guests weekly making it the 4th most viewed local content site in Nigeria.

Jumia Nigeria boasts of a subscriber base of over 1,000,000 people.

Over 1,000,000 customers with Substantial Month to Month Growth, 1,000,000 plus Facebook followers, and 35,000 twitter followers amongst its other viable social media platforms.

18 delivery hubs scattered around the major cities in Nigeria.

In June 2013, Jumia Nigeria relocat-ed to a 90,000 square feet warehouse. The largest e-commerce campus in West Africa.

In May 2013, Jumia partnered with ‘1 Child 1 Book’ for charity with the aim of improving literacy among young primary school pupils of less privileged backgrounds.

QUALITY & AUTHENTIC PROMISE

Jumia Nigeria was established with an aim to provide every customer and prospective customer alike with an all-round satisfying retail experience. We offer deliveries through over 300 dispatch fleets and 18 hubs in different cities nationwide.

150 customer service agents avail-able to guide the customer through a wonderful shopping experience and 1000 employees putting together team efforts to ensure all the customer’s needs are met.

Jumia Nigeria has authentic prod-ucts, best prices in the market, free re-

turns policy, prompt nationwide deliv-ery and best-in-class customer service.

Jumia Nigeria has established for itself strengths through its core values of unique on-time delivery, up to date technology and delivering an all-to-gether exciting shopping experience, always placing the needs and desires of the customer first.

Multiple options of payments in-cluding Paga, credit cards, Verve, First Naira Bank card, Cash on Delivery method and a Secure Socket Layer (SSL) technology for online payments to ensure incidences of fraud are pre-vented.

Over 100,000 products housed in a 90,000 square feet warehouse facili-ty and 500 offline sales agents taking convenience to Nigerians even on the streets.

OUR PRESENCE ACROSS AFRICA

Jumia Nigeria belongs to Africa Internet Group (AIG) with presence inEgypt, Morocco, Kenya, Ivory Cost, Uganda, Ghana, Cameroon andTan-zania.

NATIONAL AND INTER-NATIONAL BRANDS

Jumia Nigeria boasts of some of the fastest moving brands which include-Samsung, LG, HP, Apple, Scanfrost, Dell, Haier Thermocool, Innjoo, In-finix,Su-Kam, Vera Moda, Eve & Tribe, Jack & Jones, AX Paris, St. Ge-nevieve,Closet, David Wej, Bellfield, Blue Inc, Lasonia, Soul Star, Scuup Woman and very many others.

AWARDS

Jumia Nigeria is the first Afri-can company to win the world retail awards in 2013 with the previous winners including ASOS and Zappos.com.

Success Digest - Innovative business of the year 2013.

Leadership ICT company of the year 2013 - Jumia.

Ecommerce website of the year(Beacon of ICT Award). Orange Academy brand wall of

Fame - Jumia Nigeria. Rima Awards - Best use of Mobile

App - Jumia App. BJAN Awards - Best retail Brand.Brand Journalists Association

Awards BJAN (2013)World Retail Awards 2013e-Commerce Website of the Year

(Beacon of ICT Award)

efits.

MissionTo be the Engine of Commerce &

Trade in Africa

Vision1.To be a powerful force for the Eco-

nomic Growth of Africa2.To connect Africans with each

other and the rest of the world through Technology & Commerce

3.To be a company that employees, customers & society are proud of and depend on

Values THE CUSTOMER SITS ON

THE THRONESatisfied customers are essential

to our success. There are no kings in Konga… Only servants of the custom-er.

HARDWORKWe embrace hard work. We under-

stand that it is only through pushing ourselves beyond our limits of com-fort that we become better as individ-uals and as a company.

HONOUR & INTEGRITYWe are open, honest and trustwor-

thy in all our dealings. TEAMWORK & SACRI-

FICEWe work together disregarding per-

sonal interests to meet the needs of our customers and to build a stronger company.

PASSIONWe are passionate about our brand

and our mission. CONSTANT EVOLUTIONWe always question the norm look-

ing for opportunities to birth new ide-as. As individuals we embrace flexibil-ity and rapid change.



Mounir GwarzoDGSEC

Africa Finance Corporation (AFC)Filling a Critical Void

Even though governance and macroeconomic condi-tions have improved across Africa in recent years, the region’s share of global pri-

vate infrastructure investment has re-mained small.

There is substantial demand for infrastructure assets throughout the African continent. Relative to more developed markets, returns on invest-ment in infrastructure in Africa are actually attractive. Notwithstanding, there have been few successful infra-structure projects. One of the reasons for this has been the lack of project structuring expertise and available risk capital.

It was to fill this critical void that the founders of the Africa Finance Corpo-ration (AFC) established the organisa-tion in 2007.

The corporation brings a wealth of such project structuring experience and risk capital to the market. It is already bridging the infrastructure investment gap – even amidst tighter

Andrew AlliCEOAfrica Finance Corporation

Securities & Exchange Commission (SEC)Our History

The origin of the Securi-ties and Exchange Com-mission dates back to 1962, when an ad hoc consultative and adviso-ry body, known as the

Capital Issues Committee, was estab-lished under the aegis of the Central Bank of Nigeria (CBN).

Its mandate was to examine appli-cations from companies seeking to raise capital from the capital market and recommend the timing of such is-sues to prevent issues clustering which could overstretch the market’s capacity.

The Committee operated within the Central Bank of Nigeria unofficially as a capital market consultative and advi-sory body with no regulatory frame-work.

An increase in the level of economic activities, coupled with the promulga-tion of the Nigerian Enterprises Pro-motion Decree in 1972, necessitated the establishment of a body backed by law to regulate capital market activities hence the creation of the Capital Issues Commission to take over the activities of the Capital Issues Committee.

The Capital Issues Commission was established with the promulgation of the Capital Issues Commission Decree in March 1973.

The new body had a board of nine (9) members, including a represent-ative of the Central Bank of Nigeria who served as Chairman, while the other eight (8) members were drawn from some Federal Ministries, the industrial and financial sectors of the economy.

In order to cope with emergent challenges, the powers of the Capital Issues Commission had to be further

enhanced. A Financial System Review Committee was set up by the federal government to review capital market activities and proffer ways of develop-ing the market.

The recommendations of the Fi-nancial System Review Committee in 1976, led to the establishment of the Securities and Exchange Commission following the promulgation of the Se-curities and Exchange Commission Decree No. 71 of 1979 to supersede the Capital Issues Commission in 1979.

The Commission had more powers to regulate and develop the Nigerian capital market, in addition to deter-mining the prices of issues and setting

the basis for allotment of securities. Unlike its two predecessors, the Com-mission at this stage was excised from the CBN, although it continued to re-ceive funding from the apex bank.

It also had an enlarged 12-mem-ber board with a CBN representative as Chairman. Other members were drawn from the Ministries of Finance, Trade and Industries, the Nigerian Stock Exchange and the Nigerian Enterprises Promotion Board; other members were nominated on the basis of individual merit.

Our PhilosophyOur culture is built on a core sys-

tem of values which are pivotal to the actualization of our mission and sus-tenance of our vision. Together, our mission, vision and values constitute the cornerstone of our Corporate Phi-losophy.

Our Mission: To Develop and Reg-ulate a Capital Market that is Dynam-ic, Fair, Transparent and Efficient, to Contribute to the Nation’s Economic Development

Our Vision: To be Africa’s Leading

Capital Market Regulator Our Brand Driver: …towards a

World-Class Market Our Values•Leadership by Example•Transparency•Discipline•Honesty•Effectiveness•Commitment to Excellence•Punctuality•Fairness•Proactiveness What We Do> Market RegulationIn regulating the market, the Com-

mission undertakes the following ac-tivities in order to protect investors, market operators and also ensure market integrity. Regulation is carried out through deployment of the follow-ing tools:

•Registration of securities and mar-ket intermediaries to ensure that only fit and proper persons / institutions are allowed to operate in the market. Instruments and persons registered in the market are:

•Securities/Commodity Exchanges/Capital Trade Points

•Futures, Options and Derivatives Exchanges

•Depository, Clearing and Settle-ment agencies

•Capital Market Operators:•Issuing Houses•Securities dealers/Stock brokers/

Sub- brokers•Registrars/Transfer agents•Trustees•Reporting Accountants•Solicitors•Investment Advisers etc.•Securities:•Equities•Debentures•Debt instruments•Collective investment schemes•Inspection either done “onsite” or

“off-site”. The Commission, at regular intervals, calls for information from capital market operators. It also un-dertakes and conducts inquiries and audits of any participant in the market whenever necessary.

•Surveillance is carried out over ex-changes and trading systems to fore-stall breaches of market rules as well as deter and detect manipulations and trading practices which are capable of causing market disruption.

•Investigation of alleged breaches of the laws and regulations governing the capital market and enforcement of sanctions where appropriate.

credit markets, as discerning global investors weigh their options and con-sider “safer” regions.

Furthering Development Profitably

AFC’s mission is to help address Africa’s infrastructure development needs while seeking a competitive re-turn on capital for its shareholders.

Since it began operations in 2007, AFC has created the building blocks with which to achieve this objective. It has raised US$1.26 billion in fully paid-in equity capital. Its shareholding base is private sector majority owned (57.5 percent).

AFC is driven by a diverse team of experienced f professionals from in-vestment banking, engineering and

other backgrounds. .The corporation has a robust and

growing pipeline of projects and trans-actions. AFC had registered US$1 bil-lion in approved transactions across all sectors and asset classes. The corpora-tion enjoys established relationships with leading global and Africa-fo-cused investors.

International Organisation Established by Treaty

AFC is an international organisation established by treaty between sover-eign states. It was established by twin legal instruments, with all the rights, privileges and immunities conferred upon international entities.

Current member nations are Ni-geria (host country), Guinea-Bissau, Sierra Leone, The Gambia, Liberia, Guinea, Ghana, Chadand Cape Verde. In addition, various prospective new member countries are now at different stages of due diligence. .

Private Sector Majori-ty-owned and Managed

AFC is a multilateral Institution

with substantial private sector partic-ipation.

AFC shareholders include various African financial institutions (47.6 percent), the Central Bank of Nigeria (42.5 percent), and several industrial and corporate shareholders (9.8 per-cent).

The African financial institutions promote synergy between African banks, strengthening local support and partnership, and ensuring prox-imity to projects and transactions flows.

As a single institution, the Central Bank of Nigeria provided the anchor capital for the corporation’s start-up in 2007 and has helped solidify part-nership with AFC’s host government. It holds considerable shareholding in trust for other African investors. Af-rican industrials and corporations in-tegrate local corporate experience and strengthen support from leading local sponsors.

Capitalised with US$1.26 billion, AFC operates a dollar denominated balance sheet, and essentially provides financing in this currency.

CEO Mworia:‘Give Yourself Permission to Succeed in Business’

Entrepreneurwww.businessjournalng.com

Dinfin Mulupi

James Mworia is one of Kenya’s most respected business leaders. At 37, he is CEO of Centum, an East African investment compa-ny with interests in a variety of

sectors, including energy, real estate, financial services and fast-moving consumer goods.

Mworia is credited with transform-ing the company, set up in 1967, by championing investments in new sec-tors and expanding its geographical reach.

Earlier this month, Mworia spoke at an Entrepreneurship Boot Camp in Nairobi organised by talent manage-ment company, Africa Talent Bank. He shared his journey in corporate Kenya, and offered tips on business management and entrepreneurship.

He explained that many people fail because they don’t give themselves permission to succeed.

“We think success is for other peo-ple. We think we were put on this world to be strugglers,” said Mworia.

“It is very easy to make excuses and say the reason I am not succeeding is because I am poor, or I do not have this or that. In theory the most suc-cessful people should never have suc-ceeded if you look at everything they did not have. You have to say, given what I have today, what am I willing to do with it?”

Mworia urged young entrepreneurs to recognise and go after opportuni-ties around them, however small.

He recounted how he joined Cen-tum in 2001 as a 23-year-old intern whose role was to file documents. Seven years later, he was appointed CEO.

“When opportunity comes knock-ing on your door it does not come written ‘my big break’. It might come as a small job or a small introduction,” said Mworia.

Don’t Do AverageAlthough securing financing for

start-ups is often challenging, Mworia noted “there is no shortage of capital for credible, bankable ideas” that are well put together.

However, to attract customers and investors, entrepreneurs ought to de-liver excellent results, and aim to be among the best in their industry.

Citing the case of football, Mwo-ria explained there are thousands of teams but just a handful are known worldwide, and it is only the top play-ers in the elite teams that earn for-tunes.

“How many people play football for a living and they can’t make ends meet? The person at the top is not there by luck or accident. If you hear there is an opportunity in [the] design


34

James Mworia CEOCentum

[industry] it doesn’t mean everyone in design is making money. It is just the people at the top. You have to aspire to be the very best in your industry. In any business, if you are in the top crust, you will do well.”

“People ask me why is Centum do-ing well. It is succeeding because I am uncompromising when it comes to results and to excellence. I don’t ac-cept average. I would rather we repeat 30 times until we get it right because I have set certain standards for my-self.”

He observed many companies struggle collecting payments because they offer sub-standard services and eventually lose relevance to the cli-ent.

“How many of you have problems with debtors? The reason why the cli-ent is not paying you is because you are not important to them. Clients pay their most important service provid-ers first.

“If you ask how many people have paid their power or water bills [you will find] everyone has. But if your service is not valuable, as a business person I can afford not to pay you. I will put you last on my list because it doesn’t make a difference whether or not you offer that service.”

Define Your Own Reality

Even when they lack adequate fi-nances and experience, Mworia urged young entrepreneurs not to settle for ‘safe’ ideas.

“It is easy to settle for simple dreams and tell yourself, ‘let me be realistic’.

But dreaming is free. The effort you put in to dream that you will grow your firm to employ five people is the same as the person dreaming of grow-ing a pan-African company employ-ing thousands of people.

“So give yourself permission to suc-ceed,” said Mworia.

“Today, there might be a mismatch between your capabilities and your dreams… but don’t let that hold you back. A tree will always be a tree. [But] what makes us humans is the ability to transform ourselves and be something better than we were yesterday.”

“Don’t look for validation in other people. Somebody might tell you it cannot be done and you believe them, then it becomes reality. I have decided that I will not let other people’s opin-ion become my reality. I will define my reality with the gifts God has given me,” said Mworia.

“Infact, I get motivation from those who say it cannot be done.”

How I Moved From Intern to CEO in 7 Years--Mworia

When 1 joined Nairobi-based in-vestment company, Centum in 2001 as a 23-year-old intern, my ambition was to “become CEO someday.”

His job then was to file documents, but seven years later he was indeed appointed CEO, becoming one of the youngest senior executives in a Ken-yan listed firm.

Mworia has now led Centum for seven years, and is credited with trans-forming the business, which was es-

tablished in 1967. Centum has invest-ments in a variety of sectors, including energy, real estate, financial services and fast-moving consumer goods.

Speaking to a group of young pro-fessionals and entrepreneurs in Nairo-bi, Mworia (now 37), credited his rise in corporate Kenya to humility and a hunger for personal development.

“In my experience the highest re-turn on capital and time is investment in yourself,” says Mworia.

His curiosity and a “desire to be better” is what made him take up the internship position despite being overqualified. He already had a law degree, a Certified Public Accountant (CPA) title and was working towards a Chartered Institute of Management Accountants (CIMA) qualification.

“I was a qualified person, but you have to have that humility to… learn something. You must have that hunger to improve yourself,” says Mworia.

As a junior staffer, he would finish his own duties early in the day and offer to help his colleagues finish their tasks.

“It is because in doing, you learn,” Mworia explains. “I see many young people who have an opportunity but think because they are being paid Ksh.5,000 (US$48) they should give work worth Ksh.5,000. They come to work at 9am and leave at 4pm. They don’t wear a tie, they are never smart. What you are paid is immaterial. You should offer a [high level of] service not because of what you are paid – but because you stand for excellence.”

Becoming CEO

Mworia’s willingness to dream big has also served him well in his career. When the company CEO left and the position was advertised, Mworia stud-ied the job requirements and mapped out what he needed to do to qualify.

“What I was aiming for was to get ready – so that next time an oppor-tunity presented itself I’d be ready to take it.”

In the meantime, he climbed the ladder to become investment manag-er but after two years in the post, he quit because he felt Centum was “very conservative”, and joined infrastruc-ture-focused investment company, TransCentury.

“I could have stayed and earned a good salary not doing much. But as a philosophy, I am more interested in the value I add.”

About 18 months later, the Centum management asked Mworia to come back but he was not keen, again be-cause he felt the company was “not doing much.”

So the Board asked him what he would do different?

He put together a strategic plan and presented it to them two weeks later. His goal was to grow Centum several times larger than it had progressed in 40 years. They saw his vision and hired him as CEO to execute the ambitious plan that has seen Centum expand its sector-focus, geographical reach and financial value.

Mworia adds he is never afraid to dream big, after all “dreaming is free”, but warns “if you set yourself only small goals, do not be surprised if you actually achieve them”.

But success takes more than just grand dreams, and he notes many youth see the “glory” of big positions and wealth, but don’t acknowledge the amount of effort that goes into creat-ing that success.

Creating ValueAccording to Mworia, many peo-

ple fail to recognise their true worth. When negotiating his pay package, Mworia says he looked at the value he would create at Centum.

“This is where people usually tell how they have gone to school and so forth. I told [the board] what I am in-terested in is to create value – and get a share of the value. If at the end of the year I have not added value, please in-voice me what you have paid me for the year,” says Mworia.

Today, he is the fourth largest indi-vidual shareholder in Centum with 0.61% of the multi-billion shilling em-pire.

“Success is not what you have taken from others. It is a function of the val-ue that you have added and the greater that value-add, the bigger the slice you get.

Stock Marketwww.businessjournalng.com 35


Manufacturingwww.businessjournalng.com

UK Manufacturing Recovers Unexpectedly in August – CBI

China Manufacturing Growth Stalls in July

British manufacturing order books recovered unexpect-edly in August, although expectations for output fell to their lowest level since

January, an industry survey showed.The Confederation of British Indus-

try’s monthly total order book balance from its monthly industrial trends survey rose to -1 from -10 in July. Economists polled by Reuters had ex-pected an unchanged reading.

There was some sign of improve-ment in export orders, although the CBI warned that eight out of 18 of its manufacturing sectors covered in the survey were still experiencing below average levels of export orders.

Lenovo has announced that it will start the local manufacturing of smart-phones in Sriperambudur, Chennai. For the current financial year, Lenovo and

Motorola will generate a capacity of six million units.

The Moto E has already started roll-ing out from the plant and the K3 note will follow very soon.

Lenovo Begins Manufacture of Smartphones in India

“Lenovo is not new to manufac-turing in India. We recognised the potential of India and we invested in PC manufacturing several years ago. Lenovo’s investment in the new manufacturing plant represents the potential we see in the Indian market

and our long term commitment to our customers,” said Chen Xudong, President MBG Group, Lenovo and Chairman Motorola Mobility Operat-ing Board.

“In the past 10 years, our brand has grown manifold in India. We are ex-

cited to expand our presence and tap into India’s competent talent pool that will enable us to develop cutting-edge products for our customers across the world.”

The campus will house 1500 em-ployees for manufacturing lines, qual-

ity assurance, product testing, etc. Both Lenovo and Motorola will have separate manufacturing lines at the same facility.

“The Indian Government’s thrust on ‘Make in India’ has opened up a pleth-ora of opportunities for organisations looking to conduct business in India”, said Amar Babu, COO, Asia Pacific and Chairman, Lenovo India.

“Currently for smartphones, India is the third largest smartphone market in the world, according to IDC and we believe this an opportune time. Leno-vo is transforming into a global con-sumer technology brand by differen-tiating itself on innovation and design. Today’s announcement reiterates In-dia’s strategic importance in Lenovo’s global strategy and we are confident that this will propel Lenovo to its next phase of growth, diversifying beyond PCs into smart connected devices.”

The Lenovo and Motorola brands have seen huge success in India and have come back to manufacture in India in support of the ‘Make in India’ initiative. Both companies have start-ed integrating the manufacturing and supply chain operations and are work-ing towards to combining many back-end operations as well.

Manufacturing plant

A production line in China; official PMI data showed China’s factory activity slipped in July

“While the rebound in manufac-turers’ total order books is encour-aging, many firms are still struggling in overseas markets,” said Rain New-ton-Smith, Director of Economics at the CBI.

“On the one hand, the strength of sterling and cheaper energy are reduc-ing factory input costs, but the strong pound is also hitting export prices and margins hard.” Sterling is currently close to 7-1/2-year highs against a trade-weighted basket of currencies.

The CBI’s output expectations index fell to a seven-month low and manu-facturers said they expected average prices to fall in the next three months after being flat last quarter.

William Kazer

A gauge of China’s factory ac-tivity slipped in July, point-ing to further sluggishness in the key manufacturing

sector of the world’s second-largest economy.

Analysts said the relatively weak reading in the official China Manufac-turing Purchasing Managers’ Index re-flected a continuing trend of weak de-mand at home and abroad, a battered property sector and added pressure from a swooning stock market.

But economists also said that the government has vowed to press ahead with its accelerated spending on infra-structure to offset the difficulties as the economy struggles to gain traction.

“Economic momentum is still very fragile,” said Haibin Zhu, Economist at J.P. Morgan. He said that govern-ment-sponsored investment is likely to continue to be relatively strong, helping support the economy.

China’s official manufacturing purchasing managers’ index slipped to 50.0 in July from 50.2 in June, the National Bureau of Statistics said Sat-urday. A reading of 50 is right at the cutoff point between expansion and contraction compared with the previ-ous month.

Subindexes showed weakness across a broad front, including output as well as new orders and new export orders along with employment and prices for materials.

China’s economy grew at a bet-ter-than-expected 7% in the second quarter from a year earlier—in line

with the government’s target of about 7% growth for the full year. But the second-quarter figure was still the slowest pace in six years and well be-low the double-digit growth levels re-corded as recently as in all of 2010.

Key industries such as steel, cement and mining continue to struggle with overcapacity. The once buoyant export sector has also been hurt by weak de-mand overseas.

“Both domestic and external man-ufacturing remain weak,” saidZhao Qinghe, an Economist with the statis-tics bureau, in a statement accompa-nying the data on Saturday. He noted, however, that storms and flooding in key manufacturing centers in eastern and southern China also may have put a temporary dent in factory output in the period.

The official gauge was still better than a competing measure compiled by research house Markit and Chinese media firm Caixin. Their preliminary PMI estimate was below the 50 lev-el at 48.2—the lowest reading in 15 months.

The nation’s stock market saw a steep selloff that began in June and continued into July despite an ag-gressive government rescue program. Share prices in Shanghai were down 14% in July, the worst monthly perfor-mance since August 2009, triggering fears that damaged sentiment could spill over into the financial sector and the broader economy.

Many companies—as well as indi-viduals—have parked their funds in the market and a steep selloff could hit corporate profits as well as investment plans.


36


Business Journal September 7 - 13, 2015


OUR HISTORY

Great Nigeria In-surance Plc [GNI] started operations in 1960 and has been in business of Insurance, Fi-

nancial Services and Real Estate investment.

Our over 50 years of insurance underwriting has enabled us to master the business terrain and de-velop skills that give us edge over our competitors in service delivery and total customers satisfaction.

Great Nigeria Insurance Plc is backed by adequately packaged reassurance treaty cover, providing us with a wide capacity to under-write risks placed with us. GNI Plc is managed by competent profes-sionals.

We have over the years devel-oped competences in all classes of insurance and financial products. All our products are designed to meet the uniqueness of our cus-tomers. We sell tailor made and be-spoken policies to meet diversi-ties of our customers’ needs.

Our product –Shelf consists of not only insurance but financial products at right prices.

VISION“To be the insurance Company

of choice for keeping promises to stakeholders”

MISSION“Giving you peace of mind by

keeping our promises’’.

Executive ManagementMrs Cecilia Olapeju Osipitan

B.Sc, ACII, MPA, LLB –

Managing Director / Chief Exec-utive Officer

Osipitan is a seasoned under-writer, Marketer and an adminis-trator with proven management

capacities, vast academic back-ground and profound experi-ence. She is also a renowned and respected Insurance professional with over 20 years of cognate ex-perience in Insurance. Osipitan is an Associate member of the Chartered Insurance Institute of London and Nigeria; she is also a member of Professional Insur-ance Ladies Association (PILA), a member of the governing coun-cil of CIIN and Risk & Insurance Management Society of Nigeria (RIMSON), and an alumnus of Thames Valley University, London (School of Management Studies) and Lagos Business School (CEP 16).

She joined Great Nigeria Insur-ance Plc in December 2009 as the Managing Director/ CEO.

MRS. ROSELYNE ULAETO, HND, ACII, ADIIM –

Executive Director-Business De-velopment Group

Ulaeto is an astute insurance professional with over 20 years ex-perience in the Insurance industry. She is a graduate of insurance from the Institute of Management and Technology, Enugu. She is an asso-ciate member of the Chartered In-surance Institutes of London and Nigeria. She also holds an Advance Diploma in Insurance and Invest-ment Management (ADIIM) from the University of Lagos. She has also attended several technical and management courses both within and outside Nigeria.

OUR SERVICESGeneral Insurance Business A.Fire And Special Perils Insur-

anceB. Burglary And House Breaking

InsuranceC. Motor Insurance

Public Liability Insurance

Money Insurance

Workmen’s Compensation In-surance

Marine InsurancePlant All Risk InsuranceGroup Life Assurance/Group

Personal Accident Scheme

• Group Life Assurance• Group Life• Group Personal Accident As-

suranceOur Individual Life Products• Great Savers Delight (Gsd)• Keyman Assurance Policy• Term Assurance Policy• Credit Life•Anticipated Endowment•Investment-Linkd Education

PlanOur Customised ProductsA. Gni FireproofB. Gni MotorflexC. Gni Pai (Personal Accident

Insurance)D. Gni Gep Gni JoyE. Gni Comfort F. Gni Anchor

Cecilia OsipitanMD/CEOGreat Nigeria Insurance Plc

Edwin IgbitiGroup MD/CEOAIICO Insurance Plc

AIICO Insurance Plc commenced opera-tions in 1963, and be-came a public liabili-ty company in 1989.

In 1990, we got listed on the Ni-gerian Stock Exchange.

AIICO Insurance Plc is the larg-est Life Insurer in Nigeria.

While our Stability, Strength, Security and Trust over the years have placed us at a better advan-tage in all classes of Life Assurance, our global affiliations have also en-able us to provide the widest range of Non-Life insurance solutions to our clients

At AIICO Insurance Plc, we maintain a first class pool of Re-

insurers, Partners and Associate companies such as:

• Chartis Group• AIICO PFA• Healthcare International.• Multishield Limited.• Zurich Insurance.• Munich Reinsurance.• Swiss Reinsurance.• Africa Reinsurance.• Continental Reinsurance

With 50 years of existence; 33 branch offices; and 4000 agents, we are the household name in Insur-ance in Nigeria.

AIICO Insurance Plc is the 2nd largest and one of the most prof-

itable insurance companies in Ni-geria

We exist to serve you.

OUR MISSIONWe exist to create and protect

wealth for our CLIENTS.

OUR VISIONTo become the Indisputable

leader in all markets we chose to play in.

OUR CORE ValUES• Service Excellence• Trust• Team Spirit• Entrepreneurship• Professionalism


The Lonely Road to Sustainable Financial Future

Entrepreneurship is a lonely path. It is a lonely road of earthly bumps, spikes, leak-ing wallet and sweet sweat at the end of the rough road.

It is not a calling for every man or woman. It is a path set aside for a select crop of men and women set aside for that purpose.

At a time of growing unemploy-ment and dwindling oil revenue as a result of falling oil prices in the international market, it is time to raise greater awareness on the im-portance and benefits of entrepre-neurship towards sustainable finan-cial future.

In essence, it is time for people to look beyond paid employment as the only way and focus their ener-gy in creating a service or product which other citizens or corporate bodies might be in need of in ex-change for financial security.

Roaming the streets in search of elusive jobs or begging for surviv-al from family and friends is not a virtue or award-winning enterprise.

A time comes when an adult must face the reality of his/her situation and take that life-changing decision rather than day-dreaming.

Those that have good paying jobs today should count themselves lucky. And those hoping to secure similar mouth-watering employ-ment today or tomorrow through very high-networth individuals or the connected, should also thank their stars for having such great faith and confidence in their robust contacts.

But for those on the other side of the spectrum (no great job and no BIG MAN contact), taking their faith and future in their own hands via entrepreneurship is the only way to go. Any other path could lead to headaches and disappointments.

Indeed, the Spirit of Entrepre-neurship came alive recently at the 2015 Global Entrepreneurship Summit (GES) in Nairobi, Kenya with President Barack Obama of the United States leading other worthy

Entrepreneurship:

Aug. 31 - Sept. 6, 2015“My view about subsidy is that it is unfair on this economy. It does not matter who is the president. It is unfair on every citi-zen of Nigeria to keep subsidy. It is unfair to spend $5billion a year on subsidy when you are spending less than $1billion on capital expenditure.”Austin AvuruCEOSeplat Petroleum Development Company Plc

Obama addressing GES2015 in Nairobi, Kenya

warriors on the charge for another way of making a living other than the legendary 8am-5pm schedule.

Obama hit the nail on the head thus:

“We are joined today by inspiring entrepreneurs from more than 120 countries and many from across Af-rica. And all of you embody a spirit that we need to take on some of the biggest challenges that we face in the world -- the spirit of entrepreneur-ship, the idea that there are no lim-its to the human imagination; that ingenuity can overcome what is and create what needs to be. And every-where I go, across the United States and around the world, I hear from people, but especially young people, who are ready to start something of their own -- to lift up people’s lives and shape their own destinies. And that’s entrepreneurship.

Entrepreneurship creates new jobs and new businesses, new ways to de-liver basic services, new ways of see-ing the world -- it’s the spark of pros-perity. It helps citizens stand up for their rights and push back against corruption. Entrepreneurship offers a positive alternative to the ideolo-gies of violence and division that can all too often fill the void when young

people don’t see a future for them-selves.

Entrepreneurship means owner-ship and self-determination, as op-posed to simply being dependent on somebody else for your livelihood and your future.

Entrepreneurship brings down bar-riers between communities and cul-tures and builds bridges that help us take on common challenges together. Because one thing that entrepreneurs understand is that you don’t have to look a certain way, or be of a certain faith, or have a certain last name in order to have a good idea.

The challenge is -- as so many of you know -- it’s very often hard to take those first steps. It’s hard to access capital. It’s hard sometimes to get the training and the skills to run a business as professionally as it needs to be in this competitive world. It’s hard to tap into the networks and mentors that can mean the difference between a venture taking off and one that falls flat.”

In the realm of entrepreneurship, tomorrow is always a bright day. The expectation of a better tomor-row softens the hard nuts of today and elevates the spirit of innova-tion, creativity and determination

to remain there-no matter what!As sweet as it may sound or seem,

entrepreneurship demands 24/7 hardwork in physical and mental terms.

It is not a jolly ride, especially in a rather difficult entrepreneurial en-vironment like Nigeria, where the stakes against entrepreneurs rank as high as Mount Everest!

However, like l always believe and has really experienced over the years in the field, every challenge has multiple solutions. All you need to do is THINK, list the likely solu-tions and tap a particular solution that is more convenient than the others.

And just yesterday, l stumbled on a beautiful article entitled:

Top 10 Tips for Starting a Busi-

ness That Will Succeed.” The article listed the 10

magic points as:•Do What You Love•Start Your Business While You’re

Still Employed•Don’t Do It Alone•Get Clients Or Customers First•Write A Business Plan•Do The Research•Get Professional•Get The Money Lined Up•Be Professional From The Get-Go•Get The Legal And Tax Issues

Right The First TimeIt is now time to move forward.

Banish thoughts of failure or the legendary ‘Fear of the Unknown.’ In business, you either fail or succeed.

Take a risk today and challenge yourself for greater glory!

Great Nigeria Brands Report 2015

Documents