The Nation Newspaper

Author: The Nation

  • Royal Exchange General records N14.20b GWP

    Royal Exchange General records N14.20b GWP

    Royal Exchange General Insurance Company (REGIC) has declared a Gross Written Premium (GWP) of N14.20billion of the financial year ended December 31, 2022, reflecting a 10 per cent growth compared to the figure of the previous year.

    The Chairman of the company, Mr. Ike Chioke, made this known at its 15th Annual General Meeting (AGM)  in Lagos.

    Chioke stated that the accounts, which have been approved by the National Insurance Commission, (NAICOM), show that the company is on the path of profitability and sustained growth, as  financial indices are positive for the company and future results will position Royal Exchange General Insurance Company as a profitable enterprise in the insurance industry in Nigeria.

    He said: “The total net claims paid to policyholders stood at N1.97 billion, representing a 43 per cent growth in paid claims, when compared to the 2021 figure. Underwriting profit increased marginally by  six per cent from N1.70billion in 2021 to N1.81billion for the period under review.

    “Total assets for the company for the year under review was N32.30 billion with Shareholders Funds standing at N14.22billion at the end of the 2022 financial year.

    “Profit before Tax (PBT) amounted to N.7 billion, and a Profit after Tax of N779 million was reported for the 2022 financial year, representing a 68 per cent growth from the figure reported for the 2021 financial year.”

    “During the year under review, the company carried on with consolidating our plans and strategies, deploying resources to ensure we remain on the right path towards growth and profitability. Going forward, we will continue to invest in our people, facilities, and ICT infrastructure to deepen market penetration in the direct and retail segments, enhance our product offerings in the market, grow our Agric portfolio and leverage business analytics for strategy and decision making”, he disclosed.

    Also speaking after the general meeting, the Managing Director/Chief Executive, Mrs. Ebelechukwu Nwachukwu said that despite the very harsh operating environment, the company was able to grow its topline figures and maintain its leadership in key corporate accounts, participating in large-ticket insurance transactions, its renewed focus on the retail markets – which continues to be a growth market – and agriculture insurance, which is beginning to gain traction in the insurance market in Nigeria.

    “Over the next one year, the insurance market will witness a great rebound of the Royal Exchange Brand. The company is ready to launch bold and strategic initiatives that will enhance our service offerings, reposition, and improve brand visibility and make the company one of the best places to work, in line with our vision statement”, she noted.

  • NAICOM, NITDA partner on cyber insurance

    NAICOM, NITDA partner on cyber insurance

    The Management of the National Information Technology Development Agency (NITDA) led by its Director-General/CEO, Kashifu Inuwa Abdullahi, have visited the National Insurance Commission, (NAICOM).

    The team was received by the Commissioner for Insurance/Chief Executive Officer, Olorundare Sunday Thomas, and his Management team.

    Read Also: Takaful, Retakaful firms to appoint NAICOM Relationship Officers

    The commissioner said the purpose of the visit was to activate the  institutionalisation of the cyber insurance to strengthen the digital ecosystem.

    He stated that the two agencies discussed the benefits to the nation and have agreed to partner to ensure it is realised.

  • Firm wins National Productivity Award

    Firm wins National Productivity Award

    P2E Technologies has won the National Productivity Order of Merit Award (NPOM) by the Federal Government through the National Productivity Centre.

    The award, which was in the corporate category, is in celebration of its contributions to the Federal Government’s vision of increasing productivity by leveraging information and communication technology as well as innovation.

    The centre’s Director-General, Dr. Nasir Mustahpa, announced the award in Abuja.

    A statement by the Communications Manager, Angel Ughanze, said the award validates the company’s efforts to deliver cutting-edge products and services, and reinforces its commitment to empowering businesses and industries  through technological advancement.

    ‘’We owe this recognition of our modest contributions and accomplishment to our talented team who strive for excellence. Their hard work, passion, and commitment to innovation have been instrumental in propelling P2E Technologies to the forefront,” she said.

    She noted the NPOM Award is a prestigious recognition celebrating individuals and organisations, which made contributions to national development by increasing productivity and innovation.

    “P2E Technologies is a silent achiever who has helped agencies in their drive for better service delivery through adoption of information and  communications technology.

    Read Also: Corps members get awards in Bauchi

    “Renowned for its revolutionary contributions, P2E has pushed the boundaries of technology innovation through revolutionary accomplishments. Their pursuit of excellence and commitment to pushing the limits of what is possible has earned them acclaim in the ICT community…’’

    “Among P2E’s remarkable achievements is helping public sector agencies to streamline their processes by deploying their bespoke advanced technology Enterprise Business application built to accommodate the

    intricacies of Nigeria’s public service and guidelines at the same time meeting global standard management of people and resources.

    “This has helped these agencies, ministries, and departments in better service delivery and increased productivity and revenue. They have also helped numerous agencies to comply with the government’s data protection policies being one of the major licensed data protection auditors in the country,” she said.

    Ughanze further stated that the unwavering dedication to research and development of the company has yielded a multitude of cutting-edge advancements, setting new industry standards and inspiring future generations of innovators.

    ‘’The visionary leadership and ability to tackle complex challenges of our Chairman have propelled P2E to the forefront of the industry, earning us this award,” she added.

  • Sunu Assurances rewards shareholders with dividend

    Sunu Assurances rewards shareholders with dividend

    •Pays N1.47b claims

    SUNU Assurances Nigeria Plc has paid its shareholders 3Kobo dividend per share of 50kobo ordinary share of the company.

    Its  Chairman, Kyari Bukar, who announced the dividend payment at the firm’s Annual General Meeting (AGM)  in Lagos, stated that the dividend was paid in view of the impressive results recorded by the company.

    He noted that the firm’s GWP  increased to N5.77 billion last year from N4.87 billion in 2021, adding that this represents a growth of N903 million in value and 18.5 per cent while 94.5 per cent of the full year budget of N6.11 billion was achieved due to adverse impact of macroeconomic pressures in the country.

    He said the claims paid reduced from N2.07 billion the previous year to N1.47 billion in 2022 by 28.8 per cent, which represented 93.1 per cent of the paid claims budget for the year, stating that this was due to the favourable claims experienced during the year considering the non-occuring nature of the #End SARS violence.

    Read Also: SUNU Assurances’ gross premium hits N4.6b

    Bukar noted that the net claims expenses increased by 41.4 per cent to N1.21 billion last year from N859 million in 2021, which was an overshoot of N261 million above N953 million budgeted for the year.

    He submitted that environmental risks (floods), fidelity guarantee, goods in transit and motor claims affected their performance adversely.

    The underwriting profit, he said, was N1.49 billion, which represents 77.2 per cent of N1.93 billion budget for the year and that the profit increased by 0.6 per cent from N1.48 billion in 2021.

    According to him, the company’s profit after tax for the year was N330 million, which reflects an underperformance of the year’s budget of N399 million, but outperformed the N127 million profit made in 2021.

    The chairman maintained that the board would articulate, implement and review the adequacy and effectiveness of the risk management.

    The Managing Director, SUNU Assurances, Samuel Ogbodu, appreciated the company’s valued shareholders for their continuous supports. He added the company has put in place strategic plans to ensure growth while it pays  more dividends in the next financial year.

  • APC council felicitates Gbajabiamila, Sanwo-Olu

    APC council felicitates Gbajabiamila, Sanwo-Olu

    All Progressives Congress (APC) Professionals Council has felicitated Chief of Staff to the President, Femi Gbajabiamila, on his 61st birthday.

    It hailed Lagos State Governor Babajide Sanwo-Olu on turning 58.

    The council said they have distinguished themselves in service delivery to the people.

    In a message yesterday, its National Director-General, lauded Gbajabiamila for remaining a patriot, respected lawmaker and committed public officer. He noted Gbajabiamila stands as a model for inspiration.

    Read Also: Political appointments: Tinubu, Sanwo-Olu will be fair to all, say APC chieftains

    Bamigbade thanked Gbajabiamila for being a good ambassador of Surulere Federal Constituency, which he represented in House of Representatives for 20 years.

    He thanked the former Speaker for the stability he brought to the House.

    Congratulating Sanwo-Olu on his 58th birthday, Bamigbade greeted the governor for redefining governance in Lagos in the last four years, a feat that ‘earned the governor another four years’.

    According to him, ‘Sanwo-Olu is embodiment of humility and excellence, who has carved a niche for himself as a public servant’.

    Bamigbade prayed God to strengthen them as they continue to contribute in raising the country’s bar of development even higher.

  • Why IHS crisis deepens over good corporate governance

    Why IHS crisis deepens over good corporate governance

    IHS Towers, one of Africa’s leading telecommunication infrastructure providers, has come under scrutiny for its refusal to grant MTN Group and Wendel SE greater representation on the board. MTN Group and Wendel SE, two of IHS’ largest shareholders, submitted a proposal to get better representation on the board during the company’s annual general meeting held on June 7, 2023. However, the proposal was shut down and not even presented for voting.

    The investor community is paying close attention and experts say the way this matter unfolds will have significant implications for IHS, its shareholders, and the macro marketplace.

    MTN Group owns a 26% stake in IHS, while Wendel SE holds 19%, making them significant stakeholders in the company with a combined 45%. The proposal submitted by MTN and Wendel sought to allow shareholders with up to 10% stakes to nominate board members. However, IHS’ board disagreed, claiming that the proposal was not in the best interest of the company.

    Other key shareholders of the company include; Emerging Capital Partners LLC (11.85%), GIC Pte Ltd. (5.4 %), Issam Darwish (3.5 %), Goldman Sachs International (1.3%) William S. Saad (0.95%) Goldman Sachs & Co. LLC (0.9%) Mohamad Darwish (0.5%) and Bashir Ahmad El-Rufai (0.3%).

    Read Also: IHS’s shareholders bicker over board composition

    The actions of IHS are concerning and could have significant implications for the company’s governance structure and set wrong precedence for the market. Effective corporate governance is essential for a company’s success and long-term sustainability. It ensures that there is transparency and accountability, and decisions are made in the best interest of the company and its stakeholders.

    IHS is hampering good governance and making it difficult for shareholders to have a say in the company’s management. The proposal submitted by both companies was in line with international best practices, where significant shareholders with a vested interest in a company’s success are given the opportunity to nominate members of the board.

    The board’s refusal to grant MTN Group and Wendel greater representation on the board raises concerns about its commitment to transparency and accountability. It also raises questions about the company’s management practices and its stewardship of shareholders’ investments.

    Said one source: ‘They’re doing everything but listen to the request of their biggest shareholders. I wonder really what the CEO and Chairman are afraid of. There is a shareholders agreement that is clear on these matters; and a proposal has been put forward. However this is decided will have strong implications not just for IHS, but for the investor community and the market in general.’

  • Zenith Bank’s CFO wins award

    Zenith Bank’s CFO wins award

    The Chief Financial Officer of Zenith Bank Plc, Dr. Mukhtar Adam, has been named ‘Chief Financial Officer of the Year’ at the 11th All Africa Business Leaders Awards (AABLA).The award was held in partnership with CNBC Africa.

    The ceremony took place at the King’s Ballroom, Sun City, South Africa. The honour places Dr. Mukhtar alongside other celebrated professionals across Africa.

    Expressing his gratitude for the recognition, Mukhtar thanked the judges and organisers of the award, expressing his appreciation for being deemed a fitting recipient of the ‘Chief Financial Officer of the Year’.

    He dedicated the award to the Founder and Chairman of Zenith Bank Plc, Jim Ovia. Also, he expressed his gratitude to the management of Zenith Bank, his colleagues in Nigeria and the bank’s subsidiaries for fostering a positive work environment.

    Mukhtar also extended his thanks to the bank’s many customers.

    The All Africa Business Leaders Awards (AABLA), in partnership with CNBC Africa, represents Africa’s largest single-business awards, celebrating the pinnacle of African business achievement. The AABLA has consistently narrated an African story of perseverance, success, innovation, and accountability. It has become synonymous with recognising the finest in business leadership on the African continent.

    Adam is a distinguished finance professional with over two decades of cognate experience. He holds a Doctor of Philosophy degree in Finance from Leeds Beckett University, an M.Sc. in Finance – Financial Sector Management from the University of London’s School of Oriental and African Studies, an MBA in Finance from the University of Leicester, and a B.Ed. in Social Sciences, specialising in Economics and Management, from the University of Cape Coast in Ghana.

    Read Also: Zenith Bank Women B’ball League: Plateau Rocks, Customs shine in Savannah Conference

    Adam also holds a Diploma in International Financial Reporting Standards (IFRS) from the esteemed Institute of Chartered Accountants in England and Wales (ICAEW) and a Postgraduate Diploma in Islamic Banking and Insurance from the Institute of Islamic Banking and Insurance in the UK.

    Adam has participated in several executive programmes at world-leading institutions, including the General Management Program (GMP) at Wharton Business School in the USA, Harvard Business School, INSEAD Business School in Paris, the London School of Economics and Political Science, and the Massachusetts Institute of Technology. He is a member of the Institute of Chartered Accountants of Nigeria (ICAN), the Institute of Chartered Accountants of Ghana (ICAG), and the Chartered Institute of Taxation of Nigeria (CITN).

    Prior to his current role as the Chief Financial Officer (CFO) of Zenith Bank Plc,  Adam served as the bank’s Deputy CFO, leading the Financial Reporting, Tax Management and Strategic Planning Groups and supervising the Zenith Group’s entire financial reporting function. Before joining Zenith Bank in 2007, he honed his skills as a Senior Consultant in the Financial Services Group of PricewaterhouseCoopers (PwC).

    His vast expertise spans numerous financial areas, from financial sector management and policy analysis to financial reporting and analysis, tax management, audit management, strategy development and execution, enterprise risk management, credit risk management, and financial advisory. He is also accomplished in capacity building and training. Adam is a prolific researcher with several professional and academic publications.

  • Flood sweeps away new groom in Ondo

    Flood sweeps away new groom in Ondo

    A young man who got married earlier this month, Mr. Glory Jato, has been killed after flood water swept him away at Bethel Estate, Oba Ile community in Akure North local government area of Ondo State.

    Jato was said to be returning from work when he was swept away by flood occasioned by Friday’s downpour, which lasted several hours.

    Assistant Secretary of the Landlord Association of Bethel Estate, Oba Ile,Pastor Gbenga Ojuloge, who confirmed the incident called on the Ondo State government to help dredge the water canal in the area to prevent future occurrence.

    Ojuloge said flooding in the area has turned nightmare for residents in the estate.

    “We are using this opportunity to draw attention of both the Federal Government and State Government and the local government to what is actually going on here in our community.

    “This is the main access road to the community and flood is already taking what we have used our years of our lives to construct.

    “Everything you can see on the bridge is actually the effort of the landlords of the community, we discovered that the flood will just come and push everything away, so we are calling in the government to come to our aid.

    Read Also: Association urges FCTA to address flood in Abuja

    “On Friday we lost a soul here and that is why we are calling and we want everyone to know that this is the main access to all the flood coming from Ijapo, Alagbaka, oja oba, so immediately there is rain, no access to our roads again,” he said.

    Another landlord, Mr. Olusola Osupala, said the community has written letters several to intervention agencies to help save the situation, but to no avail.

    “Over the years, we have been suffering flood in this community and all what you can see in this estate is community effort up to our light, we contributed, we bought transformer, season out of season.

    “Infact, couple of days ago, someone died on this bridge because of flood, he was drowned, we don’t have access to the bridge, we don’t have access to our home once it rained. We can no longer continue like this, we need government to dredge this river for us.

    “This road is a major road to all the community and we appeal to the state government to come to our rescue, we do lose lives during the raining season.

    “We have a situation that we do lose people when it rains, on Friday, we lost a young married man to this flood, which is so painful so we appeal to the state government we appeal to Akeredolu to come to our rescue,” she said.

  • Nigeria’s public debt climbs to N49 trn

    Nigeria’s public debt climbs to N49 trn

    Nigeria’s total public debt as of March 31, 2023 has grown to N49.95 trillion ($108.30 billion).

    The country’s public debt added another N3 trillion between December 2022 and March 2023.

    The Debt Management Office (DMO) in its quarterly assessment of the country’s debt profile said the new figure of N49.95 trillion does not include the N22.719 trillion Ways and Means facility from the Central Bank of Nigeria (CBN).

    Total debt stock recorded additional external borrowings by the government. In December 2022, total external borrowing was N18.702 trillion but by March 2023, it had grown to N19.643 trillion. Total domestic debt stock grew from N27.548 trillion in December 2022 to N30.209 in March 2023.

    By the time the securitized N22.719 trillion is captured in the June 2023 figures, Nigeria’s total public debt is bound to hit the N70 trillion mark.

    Read Also: Nigeria’s Public debt hits N49 trillion

    The DMO has also released its Market Access Country-Debt Sustainability Analysis (MAC-DSA) for 2022. This analysis is prescribed by the World Bank and the International Monetary Fund (IMF) to promote transparency.

    The MAC-DSA is carried every year by the DMO in conjunction with key Federal Government agencies like the CBN, Federal Ministry of Finance, the Budget Office of the Federation National Bureau of Statistics (NBS) and the Office of the Accountant General of the Federation (OAGF).

    Speaking to the MAC-DSA, the Director General of the DMO Ms. Patience Oniha said the recent report “highlighted the need for more revenues to keep the public debt sustainable”.

    Oniha commended the recent policies of the Bola Ahmed Tinubu administration especially the removal of subsidy and the appointment of a Special Adviser on Revenue Mobilization which she described as “positive steps for public debt sustainability”.

  • Banky W breaks silence on alleged affair, preaches against pornography

    Banky W breaks silence on alleged affair, preaches against pornography

    Popular singer Bankole Wellington aka Banky W has broken silence on an alleged affair with an ex-signee, which has been trending on social media platforms.

    The singer and his wife, Adesua, limited comments on their social media handles over the allegations .

    Banky W, in a sermon on Sunday at Waterbrook church in Lagos which he attended for worship service with his wife, Adesua Etomi, said the rumours were orchestrated by satanic elements who don’t want his members to listen to his Sunday sermon.

    He said: “The devil really didn’t want you to hear this message. In fact, he didn’t want us to enter into this series at all. There was an attack at the beginning, but here we are. But the devil is a liar. And God is in control.”

    Read Also: I prayed not to marry an entertainer, says Banky W

    Preaching on the topic: ‘The prison of pornography,’ Banky W appreciated his wife for supporting him during his struggle with porn addiction.

    “If I don’t thank God for anything in my life, I thank God for this woman [pointing at Adesua],” he said.

    He stated:“You decide which thoughts to focus on. You decide what comes in, what goes out, what gets to stay. You can not wheel a thought out of your mind. You can’t get it out of your mind because it has been suggested to you. You can only replace it with a more powerful thought. You can only replace the thoughts that the devil suggests with a truth that God says, so you’ll renew your mind with the words of God.”

    Highlighting the impact of pornography on the human brain, Banky W compared it to computer systems, stating: “I told you earlier that porn rewires your brain. They say the brain is the most brilliant computer on earth, and they said we only use 10% of our brainpower.”