Tag: Guinea

  • [UPDATED] AFCON 2019: Nigeria draw Guinea, Madagascar, Burundi

    Adeyinka Akintunde

     

    The Super Eagles of Nigeria have been drawn in Group B with Guinea, Madagascar and Burundi in the 2019 Africa Cup of Nations.

    The Super Eagles will open its campaign on 22nd June against Burundi at the Alexandria Stadium, Egypt. They will next face Guinea on 26th June, before rounding off the group matches against Madagascar on 30th June.

    The draw ceremony for the Nations Cup, which took place behind the famous Giza Pyramids in Cairo Egypt, the Pharaohs of Egypt draw DR Congo, Uganda and Zimbabwe in Group A, and the Teranga Lions of Senegal take Algeria, Kenya and Tanzania in Group C.

    Read Also: AFCON 2019: Nigeria not favourites — Rohr

    Group D is widely adjudged as the group of death as Morocco, Cote d’Ivoire, South Africa and Namibia make up the numbers for the group. Group E holds Tunisia, Mali, Mauritania and Angola and defending champions Cameroon drew Ghana, Benin Republic and Guinea Bissau in Group F.

    This is the first time the Africa Cup of Nations will have twenty-four nations, as against the sixteen it used to have, and this is also the first time the competition will take place in the month of June.

    Egypt will play against Zimbabwe to open the competition on 21st June 2019.

  • Guinea: Court upholds order against regulator

    A FEDERAL high Court sitting in Abuja, has upheld an order restraining the National Insurance Commission (NAICOM) from suspending Guinea Insurance Plc from underwriting new insurance businesses.

    According to a statement by the Guinea Insurance Team Lead, Corporate Communications, Hanson Ufot said the order was given  last week in suit No: FHC/ABJ/CS/151/2019 filed by the insurance firm against NAICOM on February 6, 2019.

    The statement read: “At the resumed hearing on Monday, Ebere Okonkwo, counsel to Guinea Insurance Plc, informed the court that the commission did not appear in court despite being served the Motion on Notice and a copy of the court’s order dated February 8, 2019, restraining the Commission from taking any step whatsoever against Guinea concerning the “compliance with directives contained in the letter dated January 28, 2019”pending the hearing and determination of the Motion on Notice”

    “The Court ordered both parties to maintain status quo ante and consequently adjourned the suit to February 26, 2019 for further hearing of the Motion on Notice.

    The Court had given an order restraining NAICOM from suspending the company from writing new businesses in the suit filed on February 6.

    The court, in a ruling by Justice I. E. Ekwo, granted an order against the commission on February 6, 2019.

    The order reads: “An order of mandatory injunction restraining the defendant, whether by itself, or assigns, successor-in- title, personal representative, agents or privies or any other person or body of persons (however described) acting for it or at its instance or behest, from enforcing or taking any steps whatsoever, including, without limitation, writing letters, issuing directives and/or instructions of the plaintiff or any other person or entity; or taking out publications or any other acts; with intent, (or, in respect of such acts having) the likelihood or potential, to halt, stop, disrupt, frustrate or defeat; or in any way, other way whatsoever, undermine or negatively impact the operations and / or business of the plaintiff; for any reasons whatsoever arising from, connected to, based upon or touching  or concerning the compliance with the directives contained in the defendant ‘s letter of 28th January, 2019 pending the hearing and determination of the motion on notice.”

     

     

     

     

  • Guinea challenges NAICOM over suspension

    Guinea Insurance Plc has debunked claims that the National Insurance Commission has suspended it from doing new insurance business.

    Its Chairman, Godson Ugochukwu in a statement, said contrary to reports by NAICOM that the company has been suspended from transacting new businesses, the company is still in business.

    He said the allegations levelled against the company by NAICOM as reasons for suspension are false.

    In the statement titled:’’Guinea Debunks News Item: NAICOM Suspends Guinea Insurance”, the chairman said: ‘’Our attention has been drawn to various newspaper publications wherein, it was expressly reported that Guinea has been suspended by the NAICOM from writing new businesses on Thursday, 31 January, 2019.

    According to the newspaper reports, “NAICOM, it was gathered, suspended the company because of its failure to appoint a substantive Managing Director, failure to secure reinsurance treaty, among others.

    “On the basis of this, we are constrained as a company to set the record straight by informing the  public, business associates, shareholders, prospective investors and policyholders that the report posits compelling stand for a rebuttal as the Board of Guinea had on February 15, 2018 appointed Mr. Babatunde Oshadiya as Managing Director/Chief Executive Officer of the company and the proposal for his appointment was submitted to NAICOM for approval.

    “The said notification captioned “Guinea Insurance appoints Oshadiya MD/CEO” was uploaded on Nigerian Stock Exchange (NSE) portal and also published in various media namely: Punch, Business Journal, The Authority Daily, Blueprint, Supernews, Newscorner, The Revealer, Businesstodayonline, Inspenonline etc between March 2 and 7, 2018   was published in a press statement.

    “Meanwhile, on the reinsurance treaty, there is available and incontrovertible evidence showing that Guinea Insurance PLC has a treaty backup for 2019 packaged by its Lead Reinsurance Broker – Glanvill Enthoven Reinsurance Brokers Limited. On December  17, 2018, Glanvill Enthoven Reinsurance Brokers Limited sent the Guinea Insurance PLC 2019 Reinsurance Treaty Cover Notes to the company; which documents have been duly delivered alongside all contracting signed slips as evident in the acknowledgement letter stamped as “received” by NAICOM on December 18, 2018.

    “The Board and Management of Guinea Insurance PLC is currently engaging NAICOM with a view to resolving all attendant issues to the said publication within the shortest possible time”, he added.

  • Nigeria contributes $710m to ECOWAS, more than 13 countries

    Nigeria has contributed more money to the Economic Community of West African States (ECOWAS) than 13 other Members states put together in the last 12 years, statistics have shown.

    Statistics on payment of the Community Levy obtained by our correspondent showed that between 2003 and 2015, Nigeria paid $710, 497,352, equivalent to 480, 355,205 West Africa Units of Account (UA).

    The West Africa UA is the official nominal monetary unit of measure or currency used to represent the real value.

    The document was presented by the ECOWAS Commission as part of the Status of the Community report during an Extra Ordinary Session of the ECOWAS Parliament.

    In the same period, 13 other countries contributed a cumulative amount of 697. 947 million dollars.

    The countries are Benin, Burkina Faso, Cabo Verde, Cote d’Ivoire, Guinea, Guinea Bissau, Gambia, Liberia, Mali, Niger, Senegal Sierra Leone and Togo.

    Out of the 13 countries mentioned, Guinea Bissau contributed the least amount of 3. 107 million dollars followed by The Gambia with 11. 171 million dollars and Cabo Verde with 12.879 million dollars.

    Within the period, Sierra Leone contributed 19. 632 million; Liberia 29. 988 million dollars,; Guinea 31. 101 million; Niger 37. 788 million ,; Togo $48. 961 and Cote d’Ivoire $54. 173 million.

    Benin Republic contributed a total of $76. 147 million; Mali paid $93. 538 million; Burkina Faso with $105. 278 million; while Senegal paid $174. 177 million.

    Read Also:ECOWAS Mission to help secure Guinea Bissau’s polls

    The highest paying country after Nigeria is Ghana which paid $327. 976 million within the same period.

    According to the statistics, a total of $1. 736 billion was contributed within the period by all 15 member states, with Nigeria paying 40.9 per cent of the amount.

    The News Agency of Nigeria (NAN) reports that the budget for each financial year is met by the member states through their contributions to the Community Levy, a 0.5 per cent tax imposed on goods from non-ECOWAS countries.

    The national customs administrations of member states are responsible for “assessment and collection” of the levy and daily record “accounts of amounts received”.

    However, the contributions by Nigeria is not equivalent to the weight it pulls in the sub-regional body, especially in the Parliament.

    For instance, out of the 35 seats allocated to Nigeria in the Parliament, many of the representatives are usually absent during plenary.

    At the plenary in May 2018, only four members out of 35 were present on the day Nigeria presented its Country Report.

    Also, during its recent ongoing Second Ordinary Session, less than 10 were present for the aforementioned presentation.

    The absenteeism by Nigerians also got the attention the Bureau of Parliament and other members who expressed displeasure at the attitude of the Nigerians.

    Some representatives from Nigeria also admitted that the attitude had become worrisome and needed to be addressed.

    Hon. Shehu Garba who briefed newsmen after the presentation by Nigeria at the on-going session, said that it was time the leadership of the delegation intervened and deployed people who had time for parliament’s activities.

  • Guinea grows premium by 11.7%

    Guinea Insurance Plc’s  gross premium income growth is up by 11.7 per cent. It was N913.4 million in 2016, but last year, it reached N1,020.4 billion.

    The underwriting firm’s net premium income also grew by 15 per cent from N649.5 million to N747.1.

    Underwriting profit grew from N453.4 million to N501.1, representing a growth of 11 per cent.

    Claims paid by the firm on various classes of insurance decreased by 47 per cent from N304.9 million to N161.5 million due to operational efficiency in terms of people, processes, technology and communications, the underwriter had said.

    Investment income recorded a marginal decline of 3 per cent from N215.5 in 2016 to N208.3 in 2017.

    Also, the underwriter posted a profit before tax increase of 35 per cent from N176.3 million in 2016 to N237.8 million in 2017; better still, it recorded a profit after tax increase of 518 per cent from N40.6 million to N251.0 million.

    The underwriter’s zest to overcome the challenge of solvency margin, was further consolidated during the year under review as its Solvency Margin grew by 13 per cent from N3.0 billion in 2016 to N3.4 billion in 2017, while increase in shareholders’ fund stood at 16 per cent from N2.9 billion in 2016 to N3.4 billion in 2017.

    Addressing shareholders at the 60th Annual General Meeting of the Company in Benin City, the company’s Chairman, Godson Ugochukwu, reaffirmed the Board’s commitment to grow the company. He announced plans to celebrate the 60th Anniversary of the underwriting firm.

    Ugochukwu noted the company’s philosophy of delivering value to its shareholders without compromising service standard remains sustainable.

    He said: “We are an upwardly mobile company, peopled with skilled professionals, our strength is made manifest in our passion for high standards and the single-minded determination to emerge a world class enterprise, one with the scope and economies of scale necessary to drive home our unflinching mandate of returning Guinea Insurance on the path of sustainable profitability.

    “This avowal is evident in the underwriter’s 2017 performance metrics.’’

     

  • Guinea grows shareholders’ fund by 16%

    Guinea Insurance Plc has achieved an increase in shareholders’ fund as it recorded N3.4 billion in its 2017  financial year end. It increased  from N2.9 billion recorded in 2016, representing 16 per cent growth.

    This is following the approval of the underwriting  firm’s 2017 audited financial statements by the National Insurance Commission (NAICOM).

    According to a statement by the company’s Team Lead, Corporate Communications, Ufot Hanson, over the weekend, the approval was granted after a confirmation that Guinea Insurance had substantially complied with the Commission’s regulatory requirements as stated in its letter dated 11th April 2018 and captioned: Approval for Publication of Year 2017 Audited Financial Statements.

    The company said its Gross Premium Written grew by 7 per cent from N906.7 million in 2016 to N967.1 in 2017.

    The statement said: “Net Premium Income also grew by 15 per cent from N649.5 million in 2016 to N747.1 in 2017. Underwriting Profit grew from N453.4 million recorded in 2016 to N501.1 representing a growth rate of 11 per cent. Claims Paid by the company on various classes of insurance decreased by 47 per cent from N304.9 million in 2016 to N161.5 million in 2017, due to operational efficiency in terms of people, processes, technology and communications.”

    It continued:“However, the period under review was characterised by the whole shooting match of the Monetary Policy Committee holding interest rate at a record high of 14 per cent while the Central Bank had kept the monetary policy rate unchanged since July 2016 with the aim of balancing the need to fight inflation and also stabilising the naira in order to support an economy emerging from its worst slump in 25 years. In spite of these headwinds, the underwriter’s Investment Income recorded a marginal decline of 3 per cent from N215.5 in 2016 to N208.3 in 2017.

    “Howbeit, a remarkable performance was delivered as the underwriter posted a Profit Before Tax increase of 35 per  cent from N176.3 million in 2016 to N237.8 million in 2017; better still, it recorded a whopping Profit After Tax increase of 518 per cent from N40.6 million in 2016 to N251.0 million in 2017. The underwriter’s zest to be over and done with the challenge of solvency margin, was further consolidated during the year under review as its solvency margin grew by 13 per cent from N3.0 billion in 2016 to N3.4 billion in 2017, while increase in shareholders’ fund as recorded in  its books stood at 16 per cent from N2.9 billion in 2016 to N3.4 billion in 2017.”

  • Buhari departs for Addis Ababa to attend AU Summit

    Buhari departs for Addis Ababa to attend AU Summit

    President Muhammadu Buhari on Friday departed Abuja for Addis Ababa, Ethiopia, to participate at the 30th Ordinary Session of the Assembly of Heads of State and Government of the African Union (AU).

    The president left the Presidential Villa, Abuja, via the presidential wing of the Nnamdi Azikiwe International Airport for Addis Ababa two hours after observing the weekly Friday’s Juma’at prayer.

    The President alongside with hundreds of other Muslim faithful performed the two Raka’at Juma’at prayer at the Aso Rock Mosque.

    Mr Femi Adesina, the President’s Special Adviser on Media and Publicity, had on January 25, in a statement disclosed that the highlight of the President’s engagements during the visit would be his statements under the historic theme for the AU Summit, namely: “Winning the Fight against Corruption: A Sustainable Path to Africa’s Transformation.”

    “This is the first time in the 54-year history of the AU that anti-corruption will be made a theme of the gathering of the regional leaders,’’ the statement said.

    It would be recalled that, on July 4, 2017, during the 29th Session of the AU, African leaders unanimously endorsed President Buhari to champion the fight against corruption on the continent.

    The endorsement was in recognition of his personal commitment and widely acclaimed anti-graft drive at the domestic level.

    On July 25, 2017, the President, in a letter to President Alpha Conde of Guinea, who is also the out-going AU Chairperson, formally accepted his nomination to lead members of the AU on this crucial crusade against a veritable socio-economic vice that is anti-development.

    While thanking his colleagues for the honour, Buhari reiterated his “commitment to contribute towards our collective efforts to strengthen good governance and development on the continent.’’

    Adesina said that apart from anti-corruption, other issues lined for consideration by African leaders and their delegations would include peace and security (transnational terrorism). institutional reforms of the continental body and free movement of persons.

    Also Read: Buhari signs eight bills into law

    Others are climate change, trade; aviation, education, gender and development.

    He said President Buhari would also hold bilateral meetings with some of his colleagues on issues of common interests.

    The Minister of Foreign Affairs, Geoffrey Onyeama, the Minister of Justice and Attorney-General of the Federation, Abubakar Malami, the Minister of Interior, Abdulrahman Danbazau and the Minister of State (Aviation), Hadi Sirika, are in the President’s delegation to the summit.

    Others are the National Security Adviser, Babagana Monguno, and the  Ag. Chairman of the Economic and Financial Crimes Commission ( EFCC ), Mr Ibrahim Magu.

    NAN

  • African leaders must speak with one voice, independent of foreign influence – Buhari

    African leaders must speak with one voice, independent of foreign influence – Buhari

    President Muhammadu Buhari has said that African leaders must speak ‘with one voice’, independent of foreign influence, to achieve economic integration, development, peace, and security on the continent.

    He was reported to have said this during a bilateral meeting with President Alpha Conde of Guinea on Friday night in Istanbul, Turkey.

    Garba Shehu, the President Senior Special Assistant on media and publicity in statement said President Buhari said leaders should learn from history to effectively tackle conflicts, violent extremism, and proliferation of small arms and light weapons.

    The two Presidents, who met on the margins of the ninth D8 Summit in Istanbul, exchanged views on bilateral relations as well as regional and international issues of mutual interest.

    Read also: Photosnews: Buhari meets Conde, Abbasi in Turkey

    President Buhari assured his Guinean counterpart, who is also the current Chairman of AU that Nigeria would continue to strengthen its engagement with all AU member states to address current security challenges in restive areas such as South Sudan and Libya, and the political crisis in Togo.

    In his remarks, Conde praised Nigeria’s leadership on the continent, particularly President Buhari’s great job on anti-corruption and his strong voice on African issues at the international stage.

    The Guinean leader stressed the need for Guinea and Nigeria to accelerate economic cooperation, particularly in the natural resources sector, where Guinea boasts of 25 percent or more of the world’s known bauxite reserves.

  • China approves domestically-developed Ebola vaccine

    China approves domestically-developed Ebola vaccine

    China has approved a domestically developed Ebola vaccine, according to China Food and Drug Administration ( CFDA ) on Friday.

    CFDA said the vaccine was developed by Academy of Military Medical Sciences and CanSino Biologics INC.

    It stated that the approval made China the third country to develop vaccine against Ebola following  United States and Russia.

    The vaccine is based on 2014 mutant gene type and in the form of freeze-dried powder which can
    remain stable for at least two weeks in temperatures of up to 37 degrees Celsius and suitable for climate in West Africa.

    The vaccine was clinically approved by CFDA in February 2015 and underwent clinical trials in Sierra Leone, one of the country’s worst hit by Ebola.

    The virus was discovered in 1976 and severely affected countries including Guinea, Liberia and Sierra Leone from 2013, claiming the lives of more than 11,000 people.

    NAN

  • Trump hosts Buhari, other African leaders, lauds Ebola defeat

    Trump hosts Buhari, other African leaders, lauds Ebola defeat

    U.S. President Donald Trump on Wednesday hosted President Muhammadu Buhari and other African leaders to a working lunch on the sidelines of the 72nd UN General Assembly in New York.

    Trump, who said he was greatly honoured to host the lunch, which took place at the New York Palace Hotel, described African leaders as “partners for promoting prosperity and peace.

    “I’m greatly honoured to be joined by leaders of Nigeria, Côte d’Ivoire, Ethiopia, Ghana, Guinea, Namibia, Senegal, Uganda and South Africa. In particular, I want to thank President Condé, who is representing the African Union,” he said.

    “In this room, I see partners for promoting prosperity and peace on a range of economic, humanitarian and security issues.

    “We hope to extend our economic partnerships with countries who are committed to self-reliance and to fostering opportunities for job creation in both Africa and the United States.

    “Africa has tremendous business potential. I have so many friends going to your countries, trying to get rich. I congratulate you.

    “They’re spending a lot of money. But it does – it has tremendous business potential and representing huge amounts of different markets. And for American firms it’s really become a place that they have to go – that they want to go.

    “Six of the world’s ten fastest-growing economies are in Africa. Increasing American trade and investment across diverse industries – including agriculture, energy, transportation, healthcare, travel, and tourism – will further transform lives throughout the continent.”

    He said “Africa, I have to say, is a continent of tremendous potential. The outlook is bright. I look forward to hearing from you and your advice during the meal.”

    The U.S. leader said  he was eager to closely know more African leaders! noting tha “I really want to congratulate you – growing very fast economically and in every other way. You’ve done a terrific job, you’ve had some tremendous obstacles placed in your path, but you have done really an absolutely incredible job.”

    Trump pledged that the U.S. would partner with African countries and organisations, like the African Union, leading successful efforts to end violence to prevent the spread of terrorism, and to respond to humanitarian crises.

    “I commend your troops currently serving in the field. Very brave. Very, very brave what they’re going through. But we cannot have prosperity if we’re not healthy.

    “We will continue our partnership on critical health initiatives. Uganda has made incredible strides in the battle against HIV/AIDS. In Guinea and Nigeria, you fought a horrifying Ebola outbreak.

    “Namibia’s health system is increasingly self-sufficient. My Secretary of Health and Human Services will be traveling to Africa to promote our Global Health Security Agenda.”

    The U.S. leader, however, regretted that too many people were suffering from conflict in Africa, pointing out the Central African Republic, the Congo, Libya, Mali, Somalia and South Sudan, among others, “were going through dangerous times.”

    He noted that terrorist groups, such as ISIS, al-Shabaab, Boko Haram, and al Qaeda threaten African peace, adding that the U.S. was proud to work with African leaders toward eradicating terrorist safe havens, to cut off their finances, and to discredit their depraved ideology.

    “And a number of you have told me – actually, last night – that we’ve been doing a very good job over the last six or seven months in particular,” he said.

    Trump said the U.S. was closely monitoring and deeply disturbed by ongoing violence in South Sudan and in the Congo, adding that U.S. had continued to provide humanitarian assistance but real results in halting the conflicts would require an African-led peace process and sincere commitment of all parties involved.

    “And I know you’re working on that, and you’re working on that very hard to assist in these efforts, I’m sending Ambassador Nikki Haley to Africa to discuss avenues of conflict and resolution and most importantly, prevention”.

    Trump, at the dinner attended by Minister of Foreign Affairs Geoffrey Onyeama and the Permanent Representative to the UN, Prof. Tijjani Bande, also discussed Africa-U.S. partnership against the nuclear weapons threat from North Korea, describing it “a global challenge.

    “Today, the world faces enormous security threat from North Korea. We must all stand together and be accountable in implementing UN sanctions and resolutions in response to North Korea’s hostile and menacing actions.

    “We believe that a free, independent and democratic nation, in all cases, is the best vehicle for human happiness and success. Thank you for joining me for this critical discussion about challenges and opportunities in our nations”, Trump said.