Category: Money

The Federal Government has appointed Dr Nasir Raji-Mustapha as the Director- General of the National Productivity Centre (NPC).

Minister of Labour and Employment, Dr. Chris Ngige, presented the letter of appointment to the new NPC chief  in Abuja.

Director, Press and Public Relations, Federal Ministry of Labour and Employment, Olajide Oshundun said this in a statement.

The letter, dated May 2,  and signed by Ngige, reads: “Appointment as the Director-General of the National Productivity Centre.

“In accordance with the provisions of Section 5 of the National Productivity Centre Act, Cap 70, Laws of the Federation of Nigeria (LFN), 2004; Mr President, Muhammadu Buhari has approved your appointment as the new Director-General of the NPC.’’

“You shall hold office for four years and shall be eligible for re-appointment for a period of four years. Your current appointment takes effect from May 19, 2023 when the tenure of the incumbent Director-General is expected to expire.”

Accepting the appointment, the new DG thanked the President and the minister for finding him worthy of the appointment and promised to take the organisation to greater heights in order to realise its mandate.

Until his new appointment, Raji-Mustapha was the Director of Procurement in the Centre.

He was at different times, Deputy Director and Assistant Director under various capacities, during which he handled numerous important and strategic assignments, geared towards enhancing national productivity.

Raji-Mustapha joined the Centre in 1994 as a Senior Productivity Research Officer, Agriculture and Rural Productivity Department, Abuja.

Before entering the public service, he was a Lecturer at Alemaya University (Now

 Haramaya University), from 2002 to 2004 under the Ethiopia-Nigerian Technical Aid Corp Volunteer.

His academic qualifications include a Masters Degree in Business Administration (MBA), Master of Science (M.Sc.) in Applied Entomology and Parasitology, Doctor of Veterinary Medicine (D.V.M) and West African School Certificate.

As a scholar, he published three books and no fewer than six articles in both local and international journals.

The institutions attended by Raji-Mustapha include University of Jos, Plateau State, Ahmadu Bello University Zaria, Nassarawa State University and Olalomi Comprehensive College, Offa, Kwara State, among others. He has also attended numerous local and international trainings and workshops.

Raji-Mustapha has equally won numerous prizes and awards, including the National Productivity Merit Award of the National Productivity Centre, Best M.Sc. Student in Applied Entomology and Parasitology in Unijos(1995) and Best MBA Student, Nassarawa State University Keffi (2019), among others.

Access to adequate information, data and research will enhance the performance of the collective investments and pension funds segments of the Nigerian capital market.

Founder and Chief Executive Officer, MoneyCounsellors.com, Mr. Michael Oyebola said low awareness and lack of useful data for investment decisions were among factors militating against popular participation in the Nigerian capital market.

Oyebola, former managing director of Chapel Hill Denham Management, spoke at the weekend during media presentation of MoneyCounsellors.com, a research, data and information platform.

According to him, there was a dearth of consolidated information and analysis on pension and mutual funds in Nigeria.

He said his platform aims at addressing this missing link and provide value to the pension fund and mutual fund operators and industry; empower investors with data, analysis, and expert insights on pension and mutual funds, thus allowing people to invest and save with confidence.

He said adequate information and resultant popular participation will help to substantially grow and transform the pension fund and mutual fund industry.

“Investment education and availability of data is key to boosting the low participation of people in mutual funds. This is part of the reasons we came up with MoneyCounsellors.com. We believe that knowledge can give investors enormous power. So we go beyond providing data and tools by offering educational materials and resources to enhance financial literacy and decision making. By equipping investors with valuable insights, we aim to foster a culture of informed choices and decision making that can lead to long-term financial success,” Oyebola said.

He said the platform was launched to offer RSA holders and mutual fund investors in Nigeria a one-stop platform, where it is easy to analyse and compare all pension funds and mutual funds in Nigeria.

According to him, the platform offers a comprehensive suite of tools and resources to help make informed investment choices and decisions.

“With a focus on pension funds, mutual funds, and annuity products, MoneyCounsellors.com is changing the way investors access, analyse, and utilize pension and mutual fund information. The platform resets the information and analysis landscape for pension and mutual funds in Nigeria by providing users with unparalleled access-to reliable data, in-depth analysis, and expert insights on all pension and mutual fund products.

“As a free resource, our platform empowers investors of all backgrounds to monitor their investments, stay informed about industry trends, and make sound financial choices. We are thrilled to introduce the platform to the Nigerian RSA holder, mutual fund investor and public. Our platform aims to bridge the information gap by empowering investors with the necessary tools, resources, and expertise to make confident investment choices and decisions.

“With a combination of more than 10 million Retirement Savings Account (RSA) holders and mutual fund accounts and growing, we envision a future where every investor has access to reliable data to choose, monitor, evaluate or transfer to and/or from a pension or mutual fund with ease,” Oyebola said.

He pointed out that MoneyCounsellor.com is free to all users, whether they already have a retirement savings or mutual fund account or just starting their saving and investment journey.

He added that by democratizing access to information and expertise, the new platform serves as a catalyst for financial growth and prosperity in Nigeria.

Oyebola, former managing director of FBNQuest Asset Management, said the new platform will also provide relevant industry news and trend analyses to support institutional and retail investors.

Industrial and Medical Gases (IMG) Nigeria Plc, formerly BOC Gases Nigeria Plc, grew pre-tax profit by 27.56 per cent in 2022 as the company’s balance sheet expanded to N6.78 billion.

Key extracts of the audited report and accounts for the year ended December 31, 2022 showed that IMG  grew pre-tax profit by 27. 56 per cent  to N704 million in 2022 as against N552 million recorded in 2021. After taxes, net profit rose by 20.52 per cent to N448 million from N372 million. With these, earnings per share improved from 89 kobo to 90 kobo. The company had distributed bonus shares of one for five shares for the 2021 business year.

The board of the company has proposed a dividend per share of 40 Kobo for the 2022 business year, for approval of the shareholders at the annual general meeting (AGM), scheduled for July.

IMG’s balance sheet showed that total assets increased by 21 per cent to N6. 78 billion in 2022 as against N5.60 billion posted in 2021.

 Managing Director, Industrial and Medical Gases (IMG) Nigeria Plc, Mr Ayodeji  Oseni said some of the key drivers of the impressive performance were implementation of strategic business and other initiatives.

 “We place premium on strategic business development. We are customer- focused and we operate  based on integrated marketing and selling solutions. We adopted a deliberate cost reduction policy. We operate process improvements and ensure plant capacity utilisation. We value our staff and constantly empower them in addition to continuous improvement in our internal efficiency across the business,” Oseni said.

He noted that the company had in 2021, rebranded to her new name and brand and developed a blueprint to strengthen its global competitiveness on a sustainable basis, irrespective of the nature of the operating environment.

• To resume dividend payment

The Board of Directors of Capital Hotels Plc has assured shareholders that the new core investor in the hospitality company is focused on repositioning it for optimal performance and sustainable returns to shareholders.

At the Annual General Meeting (AGM) held at Abuja Continental Hotel, the board said noticeable improvement in the fortunes of the company was an indication that the new owners were in for serious business to bring back better days for all stakeholders.

22 Hospitality Limited had acquired 66.13 per cent controlling equity stake in Capital Hotels, which owns Abuja Continental Hotel, formerly known as Abuja Sheraton Hotel. NIPCO Plc, an integrated downstream company that acquired former Mobil Oil Nigeria Plc, is the sole owner of 22 Hospitality Limited.

Chairman, Capital Hotels Plc, Ramesh Kansagra, who was represented by Mr. Paul Obi, a non-executive director,  said the dream of having the company to begin to pay dividends to investors will soon come after over five years of no return.

According to him, the new management is focused and committed to continue the acquisition of assets to consolidate and expand the company’s portfolio from oil and gas to the hospitality and estate businesses.

“A lot of resources are being deployed to revitalise the company and set it on the path of sustainable growth,” Kansagra said.

He assured shareholders that they would not regret the decision by 22 Hospitality Limited to acquire majority stake in the company and the subsequent change in top management.

“We did the same with our acquisition of a 60 per cent equity stake of ExxonMobil in Mobil Oil Nigeria Plc, and today the company and its esteemed shareholders are the better for it. The share price in the stock market has not only gone up, the infrastructure upgrade has created new business opportunities for fresh investments, such as the establishment of an LPG plant and re-entry into the aviation fuel business, among others,” Kansagra said.

He expressed optimism that a similar positive growth in the 11 Plc’s investment would be replicated in Abuja Continental Hotel, as the management and employees were focussed and committed to stellar service delivery to its customers.

He allayed fears by some minority shareholders that they would not receive meaningful benefits from their investments, assuring them of prospects for easy exit, if they would decide to divest their interests.

He urged shareholders to think properly before deciding to divest their shares as the new core investor has a solid pedigree and capacity to turn things around for its investors.

Shareholders who spoke at the meeting commended the positive performance and transformation by the new management of Abuja Continental Hotels since taking over last year.

They said the acquisition of majority stake in Capital Hotels by 22 Hospitality Limited, which led to the emergence of a new management of the former Sheraton Hotels in September 2022, has brought a new lease in the hospitality business.

Prior to the emergence of the new management, Sheraton Hotels was managed and operated by Marriott International, owners of Starwood Hotels & Resorts Inc, under an Operating, System and Centralised Services Agreements. The agreements, which subsumed the previous agreements between Capital Hotels and Sheraton Overseas Management Corporation, did not reportedly impact significantly in the fortunes of the hotel.

However, at the first general meeting since the new management took over, several shareholders described the arrival of the new management as a dream come true, as the hotel has witnessed significant turnaround in most aspects of its operations in the last one year.

A shareholders’ leader, Chief Innocent Peters, said the management of the hotel has given shareholders enough reason to hope for better days ahead.

“The massive rehabilitation of the Abuja Continental Hotel is gradually bringing more life in the hospitality firm, even as the popular events centre in the iconic hotel is coming up alife again,” Peters said.

He noted that the new owners of the company had also paid all outstanding gratuities and benefits of former employees, while new staff have been given better contracts and improved conditions of service.

He pointed out the huge losses incurred by the company under the previous management during the 2022 financial year, saying the situation has significantly improved under the new owners.

“The difficult experience during the takeover of the company by the new owners was clearly understandable, in view of the deplorable state of the hotel and the huge resources spent on the rehabilitation of the hotel to bring it back to standard, can only be described as commendable,” Peters said.

Another shareholder, Chief Augustine Ezechukwu, said 22 Hospitality Limited deserves high commendation for the rising improvement and services being rendered by the hotel in recent times.

He said the transformation in the fortunes of the hotel in the last one year was not a fluke, as the parent company of the new investor – NIPCO Investment, had made dramatic positive changes in 11Plc since it also acquired the former Mobil Oil Nigeria Plc.

He pointed out that while the turnaround in Abuja Continental Hotel is yet to attain its peak, more improvements in the hotel would soon translate into more clients and subsequently more revenues for investors.

• Investors stake N23b on Lagos’ N20b Sukuk
• Fund for new section of Eti-Osa-Lekki-Epe Expressway

Nigeria’s second subnational bond overshot its target with some 15 per cent within three days, underlining the continuing appetite for alternative investments by Nigerian investors.

Closing transaction details obtained at the weekend by The Nation indicated that the Lagos State Government (LASG)’s Series II N20 billion Forward-Ijarah Sukuk Issuance recorded subscription of N23 billion, 115 per cent subscription.

The LASG Sukuk, the second by a registered Nigerian sub-national, attracted diverse investors to the ongoing infrastructure development in Lagos State. It was issued under LASG’s N1 Trillion Debt and Hybrid Instruments Issuance (DAHI) Programme.

Multiple market sources confirmed to The Nation at the weekend that the book building for the N20 billion Sukuk, which opened for three days, closed with subscription of N23 billion with diverse portfolio of investors including pension funds, high networth individuals and investment management firms among others.

With the successful closure of the book building, the formal allotment and final approval of issuance are expected to be announced later this week.

Book building method allows investors, especially high networth (HNI) and institutional investors to submit preliminary orders with indicative coupon based on the range. The issuer and its professional parties will then determine the closing coupon based on the order book.

LASG offered a seven-year, fixed rate, forward-ijarah Sukuk with guidance rental rate of between 14.500 per cent and 14.675 per cent. Minimum subscription was N10 million with multiples of N1 million thereafter.

The net proceeds of the Sukuk issuance would be used to finance the construction and rehabilitation of the Awoyaya section of the Eti-Osa-Lekki-Epe Expressway.

The Sukuk issuance came few days after LASG successfully raised N100 billion in a successful start to the sub-national’s N1 trillion long-term infrastructural financing plan.

Market analysts said the success of the sub-national Sukuk was a good pointer to other states and local governments on the diverse opportunities to raise funds for capital projects from the capital market.

Lagos, Nigeria’s main economic centre, had two weeks ago launched the first tranche of capital raising under its N1 trillion DAHI Programme.

Market analysts said the success of the Sukuk, barely few days after the ordinary bond issuance, underscored the credit profile of Lagos State.

The Sukuk was rated ‘Aa’ and ‘Aa-‘ by  Agusto & Co. and Global Credit Rating (GCR) respectively, with the ratings alluding to the state’s resilient financial condition, robust financial flexibility, suitable expenditure profile and very strong cash-generating capacity to meet local currency obligations in a timely manner from Internally Generated Revenues (IGR).

Lagos State’s IGR is over 70 per cent of the state’s total revenues. In 2021, the state generated total revenue of N771 billion, including IGR of N573 billion.

The Sukuk was also enhanced by an Irrevocable Standing Payment Order (ISPO) on Lagos States’s share of statutory allocation.

Offer documents noted that Lagos State is Nigeria’s economic focal point with a Gross Domestic Products (GDP) of N26.6 trillion, cumulative annual growth rate (CAGR) of 11 per cent from 2017 to 2021, representing some 15 per cent of Nigeria’s GDP.

As part of attractions to investors, the reports pointed out that Lagos State is among the 10 fastest-growing markets in Africa and was ranked the 4th largest city in Africa in 2021, accounting for the location of more than 65 per cent of Nigeria’s industrial capacity. The headquarters for most Nigerian banks are in Lagos as well as top-tier companies and transnational corporations. The state is strategically positioned as a major trade port – with 50 per cent of Nigeria’s port revenue being generated in Lagos from three lighter terminals and two seaports – and a first-choice destination for foreign investors.

Lagos State is also regarded as a leader in the progression and implementation of the National Sustainable Development Goals (SDGs). Over the last 10 years, Lagos State’s spending on infrastructure development within the state has exceeded some N3 trillion. The focus on infrastructure development is essential, fostering economic growth and boosting the State’s financial capacity, enabling it to attract further capital.

Osun State had blazed the trails with the issuance of the first Sukuk in Sub-Saharan African with its Osun State N11.4 billion 7-year Ijarah Sukuk in 2013.

Polaris Select Plus Account is offering its current and prospective customers a range of exclusive lifestyle and banking benefits, especially for those who value comfort and luxury.  

One of the product’s key benefits is the free Visa Signature Card, which provides premium travel and lifestyle and a wide range of exclusive rewards and benefits. 

With a Visa Signature Card, one can enjoy a world of luxury and comfort whether shopping, dining, or traveling. Other benefits include; complimentary travel insurance of up to $750,000, 24/7 concierge service, exclusive access to events and experiences, and free visits to over 1,300 local and international airport lounges globally.  

The account also offers business and personal loans at competitive interest rates and flexible repayment terms.    

Customers can receive free advisory services on expanding their global footprint and gaining access to new trade and investment opportunities. They also receive a dedicated relationship manager who provides expedited and personalized services, discounts on annual medical exams abroad, and access to mortgage loans.

Polaris Bank is a leading bank in digital innovation and is adjudged Nigeria’s Digital Bank of the Year in 2021 and 2022.  

FastCash, an instant loan solution platform, has been enhanced with Artificial Intelligence (AI) capabilities to ensure that more individuals and households have access to credit.

The funds are meant to meet emergency obligations under friendly repayment terms. 

The enhanced instant loan solution, powered by First City Monument Bank (FCMB), is designed to significantly close the access to finance gap in the country, reduce poverty and promote financial inclusion.

FastCash is a collateral-free, convenient and easy-to-access personal digital loan product that provides credit up to N200,000 to existing customers of FCMB in less than five minutes to meet emergency needs, such as school fees payment for children and medical fees. Customers can conveniently access the loan through the FCMB New Mobile App or by dialing the Bank’s USSD code, *329*11#.

FastCash’s integration of Artificial Intelligence enables customers to access loans tailored to their ability to repay flexibly, providing a personalised banking experience. 

Additionally, customers with a good repayment history can increase their current loan without having to pay off the existing loan. Another advantage is the ability to top up a loan with friendly repayment terms for a specific amount. This feature benefits every customer who needs to borrow more.

Commenting on this digital milestone, the Divisional Head of Personal Banking of FCMB, Shamsideen Fashola, said:

“The enhancement of FastCash with Artificial Intelligence is a bold move and statement of our intent to leverage technology to deliver secure, convenient and accessible offerings to our teeming customers. We realise the financial challenges facing people, and as a responsive Bank, we are committed to providing solutions that are impactful and beneficial in a sustainable manner. We are proud that our FastCash is changing lives and will continue improving the product to deliver exceptional customer experience”.

FCMB is making a far-reaching impact with the FastCash instant digital loan product. Between January and March 2023, almost N10 billion was disbursed to over 290,000 Nigerians via the platform. Since FastCash was launched in 2018, nearly 3.2 million loans worth over N100 billion have been disbursed.

In addition to FastCash, FCMB offers a Salary Plus Loan, a consumer credit scheme for salary account holders. Through this scheme, qualified FCMB customers can access short or medium-term funding before salaries to meet urgent needs, such as school fees payment for their children. Existing customers on Salary Plus can also top up their loans when they require additional financial support.

Artificial Intelligence has revolutionised the banking industry by enabling banks to effectively manage customers, detect fraudulent transactions, and enhance customers’ privacy and security credit history. The market valuation of Artificial Intelligence in banking is expected to exceed $130 billion by 2027, compared to $8.3 billion in 2019, according to a recent report by EmerGen Research.

The $1.5 billion yearly spend on medical tourism has become a major concern to economic managers. The expectation is that a well-equipped health care sector will reduce the number of people seeking medical care abroad and cut dollar spendings on medical tourism. But that requires massive investments in the health care sector, which the Nigerian Sovereign Investment Authority has stepped in to undertake through the Healthcare Development and Investment Company (NHDIC). The agency’s  projects have elevated the quality of domestic healthcare services to international standards to discourage medical tourism and grow the economy, writes Assistant Business Editor COLLINS NWEZE.

Key issues that have dominated the Nigeria’s economic landscape in the last decade include how to address lingering foreign exchange shortages and halt medical tourism spendings estimated at $1.5 billion yearly. 

As these concerns raged, the Central Bank of Nigeria (CBN), International Monetary Fund (IMF), World Bank and other multilateral institutions have advised economic managers on best approaches to tackle them.

While the CBN under Godwin Emefiele’s leadership  advocates supporting the fundamentals of the economy through diversification from oil to non-oil sectors, the IMF and World Bank seek halt to capital controls to attract foreign capital investments. 

The Nigerian Sovereign Investment Authority (NSIA) sees investments in critical sectors, especially health care sector, as prerequisite to halting medical tourism spendings, conserving forex and supporting domestic economy.

Obviously, the health care infrastructure has since independence, been underdeveloped with shortage of medical personnels and dilapidated facilities.

For instance, medical professionals in many specialised medical fields such as cardiology, oncology, nephrology, neurology, and orthopedics are in short supply, with only about 35,000 doctors despite needing 237,000.

With these challenges,  Nigerians with health challenges travel to India, the Middle East, Europe, and other far-flung places to get care when they should receive treatment within the country. When this happens, patients also incur associated costs for logistics, accommodation, caregivers, and emotional support systems.

Worried by this development, the NSIA in 2018 set up the NSIA Healthcare Development and Investment Company (NHDIC) to transform the domestic healthcare sector and elevate the quality of service to international standards. Five years after, the implications of this decision have been far-reaching. 

The NSIA’s approach was to consider the health care sector from a social impact and commercial returns standpoint.The Authority hinged its strategy on co-locating NSIA health care centres of excellence within federal tertiary medical institutions.

This approach would enable the Authority provide equipment, operatorship, working capital and technical expertise while the designated partner institutions would provide land, clinicians and expertise, and patient traffic.

Managing Director/Chief Executive Officer, NSIA Aminu Umar-Sadiq, said: “Over the past five years, we have built a strong and successful portfolio of health care service delivery centres. The transfer of the Enugu Centre for upgrade and rehabilitation is one of the steps in our journey towards making health care accessible and affordable for Nigerians. The centre is one of the 23 centres to be upgraded for oncology and diagnostic services.”

He said NSIA invested $22 million in three-flagship projects, and created the NSIA-LUTH Cancer Centre, Lagos (NLCC), NSIA-Kano Diagnostic Centre, Kano (NKDC), and NSIA-Umuahia Diagnostic Centre, Umuahia, (NUDC).

Since its inception in 2019, the NLCC has treated over 7,000 patients. It was the first to install a linear accelerator in Nigeria and remains the centre with the highest number of linear accelerators in West Africa. 

Umar-Sadiq said the centre is equipped with several modern medical equipment, including three linear accelerators, a brachytherapy system, a 1.5 Tesla MRI, a 128 slice CT scanner, a mammogram, digital X-rays, ultrasound scanners and laboratory pathology systems.

The NKDC, Kano and NUDC, Umuahia provide radio imaging and laboratory diagnostic services. The centres have recorded  huge success in terms of exponential growth in client patronage as they have rendered diagnostic services to nearly 120,000 clients within three years of their take off.

In the next five years, the NSIA  will be building 23 new modern medical diagnostic centres, three oncology centres, and six catheterisation laboratories across the country’s six geopolitical zones.

To achieve this, the NSIA took over the management of the Enugu Diagnostic Centre, thereby making Enugu State to joins Lagos, Kano and neighbouring Abia states to enjoy its services. 

The NSIA also launched two of its flagship companies, namely the NSIA Advanced Medical Service Limited (MedServe) and Equilease Systems Limited (Equilease).

MedServe was set up to serve as the vehicle to deliver NSIA’s healthcare expansion objectives. Its goal is to provide high quality and affordable health care services and ensure equitable geographic access to these services across the country. 

The company will develop, equip, and operate NSIA’s expanding portfolio of health care centres and offer first class medical services nationwide.

On the other hand, EquiLease is a specialised equipment leasing service provider. Conceived as a market disruptor, the company will provide medical equipment leasing services, leveraging its strategic advantage to catalyse investments in health care institutions and facilitating the acquisition of equipment to improve the quality of healthcare in Nigeria. 

“Equilease will partner medical equipment manufacturers to offer innovative financing and leasing programmes for advanced medical equipment. At the onset, it will offer services exclusively to MedServe as an anchor client until the concept is proven.The transfer of the Enugu State Medical Diagnostic Centre from the Enugu State Government to the Authority is part of the three-part event,” NSIA explained. 

Following the transfer, the centre will be rehabilitated and upgraded to deliver both diagnostic and oncology services covering automated laboratory services ranging from imaging to radiotherapy, chemotherapy, brachytherapy and much more. 

The centre will be managed and operated by MedServe while re-equipping will be delivered through the leasing services provided by EquiLease. 

The overhaul of the centre’s infrastructure will position the facility to meet the growing demand for quality healthcare services in the East and beyond.

The transfer is a follow up to the agreements signed last September where both parties committed to it. 

The handover of the facility signposts the commencement of NSIA’s healthcare expansion programme which will be executed in two phases.

Under the programme, the NSIA will develop 23 new modern medical diagnostic centres, three oncology centres, and seven catheterisation laboratories across the country’s six geopolitical zones.

Umar-Sadiq described MedServe and Equilease as transformative, market-disrupting entities that will deliver a unique set of connected solutions to bridge the gaps in the health care industry. 

He added that the outcome of the creation of these entities is expected to strengthen the industry’s value chain and unclog the constraints created by insufficient financial investments, inadequate manpower capacity and substandard services.

He said: “NSIA also recognises that a significant number of medical facilities and indeed care providers are unable to afford new equipment, in part on account of the high upfront costs and currency mismatch constraints. These centres, therefore, settle for inadequate equipment, or indeed none at all. 

To address these challenges, NSIA has also created Equilease Systems, which will help to reduce the burden of equipment acquisition by qualified hospitals, medical facilities and care providers by providing bespoke leasing solutions to medical facilities by entering into strategic partnerships with original equipment manufacturers. 

He added that the Equilease will also launch its operations by first entering a leasing arrangement with MedServe for its required medical equipment, allowing Medserve focus on the operatorship and optimal utilisation of its equipment. In addition to leasing, Equilease will also test the possibility of expanding its services to include in sourcing of operations and maintenance as well as other value-added services.

At the end of  the deal between EquiLease and Medserve, Equilease could then commence offering external clients a leasing solution for their medical equipment needs, borrowing from the key learnings of its engagement with Medserve.

“So,  Enugu joins Lagos, Kano and neighbouring Abia State where NSIA’s impactful healthcare projects are already saving lives and bringing succour to the people. NSIA is excited at the prospect of playing a central role in improving the quality of medical services and expanding health care infrastructure across the country starting with Enugu, through Medserve and EquiLease,” he stated.

Enugu State Governor, Ifeanyi Ugwuanyi,  said the journey to achieve the strategic partnership between the federal government through the NSIA and his administration was one of the steps taken by his government to stem the tide of health care deficit in the state.

He stressed that the project would address the issues of capital flight, medical tourism and preventable deaths arising from the lack of diagnostic testing centres in that part of the country.

“With this, Enugu State will be one of the few states equipped with world-class health care infrastructure and amenities,” he said. 

NSIA Non-Executive Director, Dr. Ogechi Pascal-Ejiogu said the NSIA, in partnership with the Federal Ministry of Health, has signed a series of agreements to modernise and expand health care services through private sector participation. 

Under these agreements, she explained that the NSIA is looking to developing the capacity of specialist hospitals and diagnostic centres to provide advanced medical services across the country under phase two of its healthcare expansion programme. 

She stated that the Enugu State Diagnostic Centre will be the NSIA’s first in this phase.

According to her, “Our vision is to elevate the centre to world-class status. We intend upgrading the centre using state-of-the-art equipment so that patients and nearby hospitals are supported with accurate and timely medical results. 

“The centre will also provide oncology treatment. It will double as a cancer care centre for the south-east and south-south region. 

“When we are done with the rehabilitation and re-equipping, it will be transformed into a full-service location for diagnostics and oncology.

“Under the auspices of Governor Ugwuanyi and the good people of Enugu State, we shall assume ownership of the Enugu State Diagnostic Centre and commence the process of retrofitting it into a world-class diagnostic centre, fitting for the people of Enugu and environs to receive first class service.”

She noted that the NSIA board remains passionate and committed to addressing the gaps in Nigeria’s healthcare ecosystem and also to providing high quality medical services across the country. 

“Our goal is to reverse medical tourism and simultaneously transform Nigeria into the Africa’s medical hub. More importantly, we believe that access to quality medical services is a fundamental human right and Nigerians deserve to have it,” she concluded.

Enugu State Governor-elect, Dr. Peter Mbah, commended the partnership between the Federal Government and the administration of Ugwuanyi over the handover of the state-of-the-art Enugu Diagnostic and Oncology Centre built by the state.

Describing the event as laudable and remarkable, the governor-elect, who was represented by the Deputy Governor-elect,  Ifeanyi Ossai, said the centre would help to attend to the medical needs of not only the people of the state, but also the southeast and the country.