This appears to be part of a deliberate strategy to grow the Group’s investment management portfolio and build on the inherent synergies between this and banking. It will be recalled that FCMB Group increased its stake in Legacy Pensions (now FCMB Pensions) to 91.6 pecent in 2019 and now has full control of the business.
FCMB Pensions has since grown its assets under management (AUM) to N325 billion with 350,000 customers as at March 2020, while that of AIICO Pensions is estimated at N126 billion with over 240,000. A combined AUM of N451 billion and almost 600,000 customers will take the entire Groups customer base to 8,000,000 and its total AUM (inclusive of all investment management activities) to over N560 billion. In addition, the enlarged pension business will benefit from FCMBs extensive distribution platform, comprising of 200 branches, a strong web and mobile presence; and the recent launch of its Pensions’ online enrolment platform.
READ ALSO: FCMB profit up 9.2% surges to N20 billion
Analysts have already seized on the announcement expressing broadly positive views of its impact for both FCMB Pensions and FCMB Group. One investment banking analyst described it as “a positive move and a statement of intent from FCMBs management to leverage its non-banking businesses to drive profitability”. Another analyst described this as a “Landmark transaction giving a mid-tier player a great opportunity to bulk up”, further remarking that “We believe the combined entity will be better positioned for stronger organic AUM growth and fee income contribution to the Group’s performance”
This acquisition is one of several proactive steps, along with digitisation that the company has embarked upon to enhance its market position and competitiveness as the industry braces itself for the commencement of Retirement Savings Account (RSA) portability.
Investment funds’ performance is also receiving greater attention, especially in the low-interest rate environment. In this regard, FCMB Pensions has strengthened its investment committee with the addition of Mrs. Titi Odunfa Adeoye to its Board of Directors. Mrs. Adeoye is the Founder and Chief Investment Officer of Sankore. The new Director holds an MBA from Harvard Business School, a BBA in Accounting (summa cum laude) from Howard University and is a Certified Public Accountant (Gold Award). Mrs. Adeoye’s skills in investment strategy were honed at firms like Goldman Sachs in New York. Her area of expertise is strategies for the creation, growth and preservation of individual or family wealth with a focus on “alternative” asset classes.
Speaking about Friday’s announcement, Mr Ladi Balogun, Chairman of the Board of Directors – FCMB Pensions, remarked that “the business intends to use its scale to positive effect towards investing in the growth of the Nigerian economy while ensuring safety and the most competitive returns for its customers”.
FG partners UNICEF, holds High Level Forum on Financing Safe Schools
Government representatives in conjunction with UNICEF and Safe School Initiative held a high-level forum aimed at tackling security issues in the country
In a bid to mitigate the escalating security crisis, bedeviling the country, particularly incessant kidnappings in schools which has adversely taken a toll on education, affecting about 12 million children, leading to increased School closures; representatives of government, recently held a high Level Forum, in conjunction with UNICEF and Safe School Initiative targeted at nipping the crisis in the bud.
The Opening Session of the Forum, ‘Financing Safe Schools: Creating Safe Learning Communities was chaired by the Honourable Minister of Finance, Budget and National Planning, Dr. (Mrs) Zainab Ahmed, and the Chairman of the Nigeria Governors’ Forum, His Excellency Dr. Kayode Fayemi, who gave respective opening statements after, Goodwill Messages from, former Prime Minister of the United Kingdom, Mr. Gordon Brown Hon FRSE, and the Honourable Minister of Women Affairs, Dame Pauleen Talen.
The private sector, donors, and multilateral institutions all unanimously, pledged to collaborate so as to take a holistic approach to creating safe learning communities to redress the education emergency Nigeria is facing so children can safely return to school. Other stakeholders also acknowledged that the number of ‘out of school’ children in Nigeria must be urgently addressed through sustainable policy action to avoid a social and economic disaster.
Dr. Ayoade Olatunbosun-Alakija of the Nigeria Emergency Coordination Centre who convened and organized the high level forum opened the forum, providing context and background to the impetus for the Forum as she set the stage for discussions and called for sustainable policy action during deliberations.
Other notable speakers were His Excellency Mallam Nasir El-Rufai, the Executive Governor of Kaduna State; His Excellency Aminu W. Tambuwal, Executive Governor of Sokoto State; Ambassador Mary Beth Leonard, United States Ambassador to Nigeria; Ogbeni Rauf Aregbesola, Honourable Minister of Interior (as represented by Ahmed Abubakar Audi, Commandant-General of the Nigerian Security and Civil Defence Corps); Hon. Chukwuemeka Nwajiuba – Honourable Minister of State, Education; Rtd. , National Security Adviser Gen. Leo Irabor, Chief of Defence Staff; Mr. Asue Ighodalo, Chairman, Nigerian Economic Summit Group; Mr. Peter Hawkins, UNICEF Country Representative (Nigeria); Ag. IGP Usman Alkali Baba psc, fdc, NPM, Acting Inspector General of Police; Justin W van Fleet; Executive Director, Global Business Coalition for Education; Mr. Aliyu Ahmed, Permanent Secretary (Finance), Federal Ministry of Finance Budget & National Planning; and Mr. Shehu Aliyu Shinkafi, Permanent Secretary (Special Duties), Federal Ministry of Finance, Budget and National Planning; Mrs Maryam Uwais, Senior Special Assistant to the President of Nigeria on Social Investment; UNODC Representative Oliver Stopel, Ms Aisha Garba Mohammed, Senior Education Specialist, the World Bank Group.
Also in attendance were Ambassador Catriona Laing, British High Commissioner to Nigeria; Ambassador Ihab Moustafa Awad, Egyptian Ambassador to Nigeria; and Ambassador Knut Eiliv Lein, the Norwegian Ambassador to Nigeria, Ambassador Nicolas Simard, the Acting Canadian High Commissioner, and H.E. Joanna Tarnawska, Ambassador Extraordinary and Plenipotentiary of the Republic of Poland to Nigeria; Sen. Hadi Sirika, Honourable Minister for Aviation and UNDP Resident Representative Mohammed Yahya
At the end of the forum, Stakeholders committed to work together to collaboratively plan and implement an ‘Abuja Financing for Safe Schools Compact’ which will include the following key elements:
- Commitment to develop a participatory roadmap for the design and implementation of the ‘Abuja Financing Safe Schools Compact’ to create safe learning environments.
- Collaborative and participatory planning at all levels of government and with community: All 774 local government authorities will be engaged in developing plans to implement strategies for safe learning environments.
- Oversight, governance and strategic direction from regional and national level, with insights and expertise from local, sub-national and national government along with multilateral stakeholder oversight.
- Commitment of finance, resource and expertise from across government as well as the private sector and multilaterals: to enable the development and implementation of a cross-sectoral ‘Financing Safe Schools’ compact strategy.
- Public-private partnership and other modalities: to deliver the objectives and needs of a financing safe schools initiative.
- Commitment to review: to adjust the strategy as necessary with key milestones and objectives to be developed to assess progress.
A mechanism is in place to develop the Compact over the next 3 months, involving partnership across government, private sector multilaterals and civil society. The Compact will be delivered in August 2021 to the Ministry of Finance, Budget and National Planning and other key stakeholders for approval and implementation. The Compact will comprise a strategy to finance safe schools and create safe learning communities, a finance plan to support the strategy and a roadmap for implementing the strategy.
Asharami Energy achieves 1.8 million LTI-free man-hours, promotes responsible engineering
According to Menkiti, continuing investment, technology, self-appraisals, and peer reviews will help the oil and gas sector promote OSH standards.
Asharami Energy, a Sahara Group Upstream Company, has achieved 1, 852,052 man-hours without Lost Time Injury (LTI) across operations driven by responsible engineering and unwavering commitment to global occupational safety and health (OSH) standards.
This feat represents LTI-free man-hours over 873 days of zero work-related incidents, enabled by the company’s robust Health, Safety, Security and Environment (HSSE) policies. In 2020, Asharami achieved 1,712,295 LTI-free man-hours, a record that surpasses the industry recording standard which is set at 1,000,000 LTI-free man-hours.
A key oil and gas sector OSH benchmark, Lost Time Injury is a measure of injury or illness resulting from a work-related event which involves lost days away from work or resulting in downtime in operations.
Henry Menkiti, Chief Operating Officer, Asharami Energy said the leading exploration and production company puts the safety and health of its workers, partners, and stakeholders above all other considerations. “We are delighted at achieving this feat of 1,852,052 LTI-free man-hours as of March 31, 2021. At Asharami Energy, we have adopted responsible HSSE policies which align our upstream operations, community relations, procurement, environmental, social and governance impact with global best practice. We are happy to be leading the charge towards promoting sustainability in Africa’s oil and gas sector,” he said.
Menkiti said Asharami’s safety and health protocols were instrumental to achieving hitch-free operations during the covid-19 pandemic which literally caused global business disruptions. “Guided by our Covid-19 Prevention and Early Detection Management Procedure as well as consistent test administration, we recorded zero cases during the period that had 2,136 employees actively involved in our operations,” he noted.
He said the company holds regular safety and health awareness campaigns and training sessions targeted at employees and stakeholders to ensure consistent levels of commitment to making safety everyone’s business. “With almost 3,000,000 work-related deaths annually and 4% of the world’s GDP attributable to lost works days globally, all businesses need to take proactive steps in mitigating workplace safety and health risks. The sustainability of work today and work as we will know it to be in the future depends on this.”
According to Menkiti, continuing investment, technology, self-appraisals, and peer reviews will help the oil and gas sector promote OSH standards which are critical to achieving sustainable growth, inclusive employment, and decent work for all. He lauded the contribution of Asharami’s employees, host communities and other partners to the company’s sterling HSSE records, adding: “Asharami Energy will continue to work towards sustaining and improving our safety machinery across all our operational touchpoints.”
Asharami Energy is one Africa’s leading independent Exploration and Production (E&P) Companies with a diverse portfolio of 9 oil and gas assets in prolific basins across Africa. Asharami Energy Limited and Sahara Energy Fields Holdings UK Limited are the entities at the forefront of Sahara’s upstream operations.
These assets are at various stages of development ranging from exploratory fields to mature producing fields with huge potential for positive returns.
Nairametrics | Company Earnings
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