Integrity in business: A special report on firms with integrity and high ethical value

The collapse of corporate organisations is linked to several factors. While we cannot disregard the force majeure phenomenon, failure to comply with best global practices tops the list of business risks. As businesses struggle for survival due to growing challenges, a number of them would rather stick to high standards of quality that their brand names are known for and not compromise on standards.

It goes without saying that these businesses have integrity ingrained in their methods of operation; in fact, they have included it into their mission statements such that individuals of high repute and honor fill their board and management positions.

Despite the fact that there are some companies that do not implement global practices in their daily operations, many more in the nation have demonstrated beyond doubt that they value their integrity by upholding ethical standards in their respective industries while continuing to be truthful in their local and international business dealings.

In this special report titled Integrity In Business—Special Report on Firms with Integrity and High Ethical Values, we will be unveiling some reputable firms in the corporate environment that have operated over the years with no blemish at local and international levels and can be relied upon business-wise.

“Our Strategic Focus Is On Leveraging Digital Technology To Enhance Customer Experience And Expand Our Reach”

Rilwan Sunmonu, MD/CEO, Noor Takaful Insurance Ltd

Mission and vision of Noor Takaful Insurance
Noor Takaful aspires to be the leading provider of ethical financial services in Africa. Our focus is on delivering innovative and exceptional financial protection solutions to our customers.

Core Values That Drives The Company Equity, fairness, and ethical conduct are the cornerstones of Noor Takaful. We are committed to treating all stakeholders—participants, staff, vendors, and regulators—with impartiality and respect. Our operations are guided by a strong ethical compass, ensuring that every decision aligns with our commitment to doing the right thing. We believe that by fostering a culture of integrity, we contribute positively to the broader Nigerian society.

Ensuring Daily Operational Activities Are Integrity-driven

To uphold our commitment to integrity, we have implemented robust measures to guide our daily operations. Our ethical framework is established by the Board of Directors, who embody the highest standards of conduct. Furthermore, we have an Advisory Council of experts who ensure strict adherence to Sharia principles.
New employees undergo comprehensive onboarding, where ethical conduct is emphasised as a core value. This reinforces our commitment to transparency, accountability, and fairness in all business dealings.

Noor Takaful Insurance recently recorded N4.97 billion contributions and declared N478.049m profit for the financial year 2022, Can you share some of the recent successes recorded so far?

Noor Takaful recently recorded 4.97 billion contributions. So, yes, 2022 was a fantastic year. Alhamdulillah! However, we’ve also had a very good year in 2023. We have submitted our financial statements to our regulator and we expect that it will be approved quite soon. Based on the accounts, our gross written contributions for 2023 surpassed N6 billion, and profitability has continued to increase. Our business has experienced a significant quarter-on-quarter growth of 53% from N3,441,368,086.98 in H1 2023 to N5,177,829,092.53 in the same period of 2024. Notably, 2022 marked a historic moment as we initiated dividend payments to our shareholders, reflecting our company’s maturity and financial stability.

However, our commitment extends beyond shareholder returns. Since our inception in 2017, we have consistently distributed surplus to our participants, embodying the core principles of Takaful. This practice of sharing profits with our participants is fundamental to our business model and demonstrates our dedication to their financial well-being. To illustrate our commitment, we distributed N12,051,000 in 2017, N15,435,000 in 2018, N36,309,000 in 2019, N109,846,000 in 2020, and N208,496,800 in 2021. These figures clearly demonstrate our growing financial strength and our ability to share the benefits of our success with our participants.

Challenges Affecting The Insurance Industry
The major challenges facing us as an industry are low public confidence, low penetration of less than 1%, economic instability and uncertainty, regulatory compliance, fraudulent claims, talent and skills gaps. The list is countless. I would commend the Regulator, NAICOM for leading the way in ensuring these challenges are reduced. However, more reinforcements must be considered in the area collaboration and partnerships among all stakeholders in the industry. NAICOM should ensure more public awareness campaigns, streamlined regulatory processes, collaboration in capacity building and to also guide operators to diversify investment portfolios to reduce exposure to both local and global economic fluctuations. And if you recall, one of the reasons why the regulator encouraged Takaful is to improve financial inclusion. You find that the segment of the economy, particularly Muslims, who feel that the conventional model doesn’t meet their values, their religious values. So, Noor Takaful in this case, has been able to improve on those gaps.

Projections For The Years Ahead In Terms Of Business Expansions

Noor Takaful is poised for significant growth in the coming years. Our strategic focus is on leveraging digital technology to enhance customer experience and expand our reach. We are excited to announce the upcoming launch of our mobile app, designed to provide a seamless digital journey for our customers, from policy purchase to claims processing.

In addition to our digital expansion, we are also entering the health insurance market. Having recently secured approval from the National Health Insurance Scheme, we are eager to introduce our health insurance products to the market. These strategic initiatives will enable Noor Takaful to offer a wider range of financial protection solutions to our customers.

GLOBAT OIL AND GAS SKILLS : Driving Economic Growth Through Training of Ethically Conscious Professionals for the Nigerian Oil and Gas Industry

The Globat Oil and Gas Skills is an integrity-driven firm committed to addressing the skills gap and ensuring a steady supply of qualified personnel to meet industry demands. Its training course is designed to provide comprehensive education and hands-on training in various aspects of the oil and gas industry. Its courses cover multiple topics, including drilling fluids engineering, solids control and drilling waste management, HSE 1,2 and 3, HAZCOM, Mud logging, Welding, Mud logging, Well Site Geology, Primary Cementing, etc. At the same time, it has recently introduced courses such as professional skills, Leadership, and Team management.

Some of the key features and benefits of its courses are that they include theoretical and practical training. This ensures that participants gain a thorough understanding of both the fundamentals and advanced concepts in the industry. Globat’s courses are taught by experienced instructors, who are industry experts that bring a wealth of practical experience and knowledge. This helps bridge the gap between academic learning and real-world application. Its students engage in hands-on training sessions that simulate real-world scenarios, allowing them to apply their knowledge and skills in a controlled environment. This practical approach enhances their readiness for field operations.

The Boma Femi Julius-led firm has incorporated the latest industry standards and technological advancements, ensuring participants are well-versed in current best practices and innovations, making its ethically conscious graduates well-equipped with the skills and knowledge needed to advance their careers in the oil and gas industry. The training enhances their employability and positions them for higher organisational roles.

Recognised by The Guardian as one of Nigeria’s Firms with Integrity and High Ethical Values, Globat Oil and Gas Skills’ Managing Director speaks on the company’s growth strategy, relevance of its trainings, among other issues.

What are the success stories recorded by Globat Oil & Gas Skills over the years?

Over the years, Globat Oil & Gas Skills, under my Leadership, has achieved several notable successes that highlight its impact on the oil and gas industry. Some of these success stories include: Graduates from our training programs have consistently secured employment in reputable oil and gas companies, both locally and internationally. The practical and up-to-date training provided by Globat Oil & Gas Skills makes our graduates highly sought after in the industry; our students work for Baker Hughes, Scomi, OES and SLB, all in Saudi Arabia. Our students also pick jobs in Gabon, Uganda, Azerbaijan, etc. Here in Nigeria, our students gain employment in Geomud, Globat Nigeria Ltd, BLS, Forte Oil, Seplat, etc. Globatskills has earned recognition from various industry bodies and professional organisations. This recognition underscores the quality and relevance of the training programmes offered.

Globatskills has established partnerships with leading oil and gas companies and educational institutions locally and abroad, facilitating knowledge exchange, internships, and job placements for graduates, further enhancing their career prospects. Many of our alumni have shared success stories and testimonials about how the training at Globatskills has positively impacted their careers. Companies employing graduates from Globatskills have reported improved operational efficiency and reduced downtime. The well-trained professionals bring valuable skills and knowledge that enhance the overall performance of their teams.

What measures have you taken over the years to ensure daily operational activities are integrity-driven?

I have implemented several measures to ensure daily operational activities are integrity-driven, such as leading by example: I demonstrate integrity in my actions and decisions, setting a standard for all employees to follow. I established feedback mechanisms that allow my employees and clients to report any unethical behaviour or integrity breaches, ensuring prompt action and resolution. We also have open and honest communication within Globatskills.

Doing business in Nigeria always has huge challenges, can you share some of these bottlenecks and how you have surmounted them?

We had to invest in alternative power sources, such as generators and solar energy, to ensure uninterrupted operations due to an unreliable power supply. Due to brain drain, finding and retaining skilled professionals in the oil and gas sector can be challenging. We created a pipeline for training and developing local talent. This not only addresses the skills gap but also fosters loyalty among employees who we have trained. Security issues, such as kidnapping, can pose significant risks to business operations. Implementing robust security measures, such as engaging the Police Supernumerary Unit (PSU) and adopting advanced surveillance technologies, has been crucial.

What are the projections for the years ahead in business expansions?

We are presently a U.S.-registered company and are also working on expanding our services to the U.K. Expanding into these markets can capture new customer bases and help us tap into emerging opportunities. We are also developing new training programmes in areas like renewable energy. We are also open to strategic partnerships with international oil and gas companies, educational institutions, and professional bodies to enhance curriculum relevance, provide internship opportunities, and facilitate knowledge exchange, enhancing the overall quality of education.

Exceptional Integrity, Trust Ratings Fuel ATCO Homes’ Market Attractiveness

Bartholomew Egbochie, MD/CEO, ATCO Homes

ATCO Homes’ customer testimonials reveal exceptional integrity and trust ratings. From prioritising customer satisfaction to ensuring timely allocation and value for investments, feedback revealed the real estate company is head and shoulders above competition. Little wonder the business was recognised at the International Property Awards (IPA) and the Nigerian Business Leadership Awards (NBLA) in 2023. To further underline its strong industry profile, the business was recently showcased as one of the few organisations with a solid industry reputation of integrity in a publication titled Special Report on Firms with Integrity and High Ethical Values. In this interview, Mr Bartholomew Egbochie, the Chief Executive Officer of the firm, spoke about the firm’s exceptional accomplishments.

Your firm is growing fast. It is currently one of the best real estate companies in Nigeria considering recent award recognitions. Tell us a little bit about this growth.

At ATCO Homes, we are unique and passionate about the way we contribute to the lives of our clients. Our consistent growth boils down to our focus and achievements. We have successfully built a value delivery system that enhances the commercial real estate market. Testimonials of investors who do business with us have also been impressive. We have had customers tell us through various feedback loops that our way of conducting business provides them with the utmost rest of mind. They tell us that our business engagement processes are transparent and allocation is satisfactorily conducted. We have been able to come that far because of our integrated service lines of brokerage, property management, construction and investments, and how we always ensure our team of professionals delivers a complete start-to-finish result to our tenants, owners and investors. As one, we are TIGHT and we pride ourselves on providing best-in-class service and support to our customers, our communities and the people who power them. The acronym TIGHT stands for trust, integrity, growth, humility and teamwork; we pride ourselves on guiding principles that keep driving us to offer professional services that add value and peace of mind for clients. We keep exceeding the expectations of our clients. In summary, we are making the dream of owning property a reality. Our recognition, such as being featured in The Guardian Newspaper’s “Special Report on Firms with Integrity and High Ethical Values”, underscores the strength of our organisational culture and the excellence of our business practices.

Most of your estates are located in the fast-growing Ibeju Lekki area of Lagos. What is the rationale behind this concentrated location?

We currently have thirteen (13) estates in our portfolio. They are Blue Pentagon Estate, Angle Blue Estate, Milton Estate, Brampton Lake, Oakville Garden, Cloud View Estate, Dove Estate, Nation’s View Estate, Blue Beryl Estate, Blue Ocean Estate, Bliss Vale Estate Phase 1, and Bliss Vale Estate Phase 2. These estates are located across the Lekki and Ibeju-Lekki axis, which has been tagged ‘the new Lagos’. It is also Lagos State’s latest investment hub. We are still expanding our footprint in that area. Because of the attractiveness of the location, our clients often see a 60% to 65% annual return on investment. The drivers of this upscale real estate investment advantage include the Dangote refinery project that is taking off, the seaport, the Lagos state jetty, the different beaches that are scattered around the area, the proposed International Airport to be located within the hub and the planned 4th Mainland Bridge that will further widen access to the area. We prioritise our clients’ investment needs. We keep locating spaces that tie into our clients’ investment aspirations.

Interest in the Nigerian real estate sector has peaked in the past decade, especially the periods before the pandemic. What can you say is responsible for the major growth in the real estate sector?

To be candid, Nigeria’s demography, the massive movement of people from rural to urban areas, and the subsequent redistribution of land rights and properties have aided the real estate sector’s evolution. Currently, Nigeria has an estimated population of over 200 million people, out of which, 52% have settled in urban areas. The population settling in the urban areas is expected to peak further, increasing to 85% in the year 2050. There has been an impressive expansion of cities and the development of new ones with its attendant housing, infrastructure and service needs. That should interest every curious investor. These are factors contributing to the growth of the real estate sector.

Aside from the growth in population and movement of people from rural to urban areas, the consequent rise in infrastructure, and housing demands, what other factors are responsible for the growth of the real estate sector?
The introduction of focused laws, institutions, and rejigs in the policy environment have also aided the evolution of Nigeria’s real estate sector. Take, for instance, the introduction of the Land Use Act of 1978, which harmonised the different land use policies, customary practices and rights to land for the formation of the land tenure system. The Land Use Act vested the powers to allocate and control the use of land in different tiers of the government. This gave room for the privatisation. As well, the establishment of institutions such as Ministries and Agencies of Land and Physical Planning across different tiers of government has further improved access to land and real estate investments in the country. Precisely, in recent times, the real estate market has benefitted from government policies targeted at diversifying the economy, which has resulted in significant infrastructure spending.

ATCO Homes was recognised at the prestigious International Property Award in 2023, which was held in Dubai. Can you expatiate more on this recognition?

The International Property Awards prioritise, as part of its selection criteria, the quality of design, construction and presentation of individual properties and property developments, interiors, architecture and marketing. ATCO Homes’ Angle Blue Estate emerged top in the residential unit category of the awards for the African region after scrutiny by the IPA panel of judges. The panel adjudged the estate the best in its category, taking into consideration its impressive location and superior sustainability, design architecture, marketing and security features. We are excited by the recognition. The award underlines our commitment to helping our growing investor base achieve their aspiration of owning a home in choice areas and building real estate investment portfolios that meet various architectural designs, quality and sustainability standards. The award has galvanised us to do more.

What does the future hold for the real estate sector in Nigeria?

The Nigerian real estate sector will, for the foreseeable future, continue to serve as a lucrative investment platform, offering incentives in the forms of rents, and profits, especially when an investor sells an appreciated property at a profit. The sector will also keep providing an assuring pathway to diversifying investment portfolios. This is because of Nigeria’s population growth, and continued movement of people from rural to urban areas, in addition to the demand for new infrastructure to meet the growth demands. However, a perfect understanding of the spatial and socioeconomic terrains, as well as trends in target locations, is crucial to making a rewarding portfolio decision in the real estate sector. As the sector evolves, we can expect to see continued innovation, such as the integration of smart technologies, sustainable building practices, and the emergence of specialised real estate investment vehicles. These advancements will further enhance the attractiveness and competitiveness of the Nigerian real estate market. In summary, the future of Nigeria’s real estate sector appears bright, driven by the country’s population growth, urbanisation, and infrastructure investments. By leveraging their knowledge of local market dynamics, investors can capitalise on the sector’s lucrative potential and contribute to the ongoing development of Nigeria’s built environment.

“Our Infrastructure For Identity Verification, AML Solutions, And Compliance Tools Is Built On Intelligence And Integrity”

We are on a mission to make the internet safer and more secure for digital businesses to transact globally with trust.

Our vision is to foster trust and establish a secure digital environment where businesses can engage with the right people and effortlessly acquire trustworthy individuals as customers and partners; whilst accessing the necessary data, security, and compliance infrastructure they need to ensure seamless access to safely onboard and transact anytime and from anywhere.

Ensure Daily Operational Activities Are Integrity-driven
Integrity is a cornerstone of our operations at Prembly, and from the very get-go, we’ve implemented global practices focused on maintaining integrity across all activities. Key measures include:

a. Customer Data Protection and Security:
We implement rigorous global data security protocols, ensuring digital activities are governed by information integrity, high-level security, and user consent within regulatory boundaries. Data masking techniques protect sensitive information, making it accessible only to authorised personnel, while continuous monitoring systems detect unauthorised access and anomalies to uphold data integrity.

b. Compliance and Audits:
At Prembly, we regularly conduct independent third-party audits to verify compliance and operational integrity, ensuring our services adhere to the highest standards of trust and reliability.

c. Technological Advancements:
We’ve developed robust APIs for identity verification and authentication across global markets. Our investment in AI-powered security infrastructure prevents fraud and maintains regulatory compliance, solidifying our position as a leader in data infrastructure and compliance solutions.

d. Continuous Innovation:
Our commitment to integrity is reflected in strategic hires, market expansions, and ongoing development of innovative solutions, leading to increased market momentum and recognition as a fast-growing KYC, KYB and AML solution provider.

e. Employee Training and Ethical Guidelines:
We conduct regular training programs to educate employees on data protection, privacy laws, and ethical practices, supported by a system that flags potential data integrity compromises.

f. Infrastructure and Global Reach:
Our infrastructure for identity verification, AML solutions, and compliance tools is built on intelligence and integrity, daily enabling millions of successful global verifications.

Core Values
Prembly is driven by core values of Innovation, Excellence, Sustainability, Customer Obsession, and Integrity.

Merger with Peleza International
In June 2024, we achieved a significant milestone when we merged with Peleza International, East Africa’s pioneer background checks company, to become to the foremost data infrastructure, digital security and compliance solutions provider for emerging markets, serving markets globally.

Peleza’s expertise in background checks and KYB solutions complements Prembly’s strengths, enhancing our capabilities to serve international corporations effectively.

The Journey to the Merger:
Our merger’s roots trace back to a successful partnership between Peleza and Prembly. Initially working together on a partnership level, we realised early on in our partnership the potential for a long-term collaboration.
Over time, the partnership has demonstrated significant cost savings and revenue growth, solidifying our decision to merge. Prembly’s expansion into international markets and Peleza’s extended suite of KYB and Background checks services provided a clear pathway for a seamless integration, poised to serve as a bridge for international companies expanding into Africa and vice versa.

Our combined business, now known as Prembly, with a shared commitment to excellence in data integrity and regulatory compliance, will add more value to customers, presenting more meaningful impact on the quality of data our customers are being presented with; to transact far and wide, giving access to enterprises globally, enhancing processes, accelerating speed to market, expanding our customer’s geographical footprint to become faster and more competitive; and ensuring businesses are safely onboarded and their platforms are safe and secure!

According to Lydia Makrionitis, Prembly’s Head, Expansion Growth and Operations “The merger between Prembly and Peleza is a dynamic step forward, significantly enhancing our offerings, coverage, and capabilities. It marks the beginning of an exciting new chapter.”

Nephat Gikunju, Data Partnerships Manager at Prembly, stated; “On this journey towards global compliance service delivery, Prembly and Peleza will go faster and further as one global giant.”

Challenges
Over the past few years, our reach has expanded significantly from serving Emerging Markets to encompassing multiple countries across Sub-Saharan Africa, the UK, Europe, and the USA; which has helped us to buffer the challenges of the Nigerian business environment and the unique challenges.

Also, we’ve strengthened collaborations with public institutions, building world-class digital infrastructure which we exclusively develop in-house that not only influences but also enhances internet safety.

Amongst other notable achievements is the annual verification of over 10 million unique identities and the prevention of millions of fraudulent attempts, safeguarding our customers from identity theft and unauthorised access.

What truly brings us pride is the realisation that our efforts enable individuals to access local and global products and services securely, as we ensure the verification of their true identities on behalf of our customers.
In addition to this, while we’ve been able to find stability by expanding our offerings globally, we’ve also deeply committed to contributing to the local markets we serve in our own ways, hence, we empower developers across Africa to learn, grow, collaborate and supported to launch products to the market.

Future Goals
Our ultimate goal includes a near future where everyone has a secure and dependable digital identity, especially those in the emerging markets.

Where alongside our partners, we are making it easier than ever for people to obtain and verify digital identities, fostering a more inclusive and connected society as we become the foremost provider for data, security & compliance infrastructure globally.