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Tag: laud

  • Shippers laud NPA’s initiative on gridlock

    The Shippers’Association of Lagos State has praised the Nigerian Ports Authority (NPA) for taking steps to address the Apapa gridlock.

    Its President, Mr Jonathan Nicol ,  in an interview with The Nation  hailed NPA for addressing the traffic challenge.

    “In fact, it will ground the economy for a while. The action will definitely affect cargo throughput as most vessels will be diverted to other ports, especially the Republic of Benin and Togo to discharge their Nigeria-bound cargoes.

    “Shippers, importers and other traders will have an herculean task of moving their cargoes Nigeria through Seme and associated authorised border routes.

    “At the moment, the cost of transportation of containers in Lagos municipality has gone out of reach, forcing some industries to downsize their work force. Some are closing down operations already,” Nicol said.

    The association, he said, had started dialogue with major stakeholders in the maritime sector, especially with shipping lines and terminal operators to assist in averting a “state of emergency” in the sector.

    “We propose that all Dangote vehicles on the long queue in different locations be given free access into the ports as Dangote Group has effective holding bays in their terminals.

    “Maersk Line whose containers are more in the line-up of trucks should also be given free access to their Apapa terminals to discharge their empty boxes.

    “This serves as a concession to ease the over-stressed roads and bridges across routes from Maryland through Surulere to Marine Beach through Apapa port,” he said.

    Nicol suggested that NPA and the Shippers’Council should control local cost of transportation, adding that increase in haulage fees by truckers should be to be approved by the Council, which is the port economic regulator.

    The shipper urged NPA and the  Council to bring about an effective regulatory framework agreeable to port users.

    He described the association as “a private-driven vehicle to protect and speak for importers and exporters”.

    Nicol, however, suggested that the re-construction of the Apapa-Oshodi Expressway be put on hold.

    “The bad spots on the route should be repaired. The Apapa-Marine Beach Road must be completed and put in use before embarking on the Apapa-Oshodi Road re-construction,” he said.

  • Shareholders laud Transcorp’s turnaround

    Shareholders of Transnational Corporation of Nigeria (Transcorp) Plc have commended the board and management of the conglomerate for the turnaround of the group from a loss position to profitability. Transcorp witnessed considerable growths in turnover and profitability in 2017, pulling back from a pre-tax loss of N5.93 billion in 2016 to a pre-tax profit of N12.31 billion in 2017.

    At the annual general meeting yesterday in Lagos, shareholders unanimously approved the payment of N812.96 million as cash dividend for the 2017 business year, as recommended by the board of the conglomerate. Shareholders will receive a dividend per share of 2.0 kobo.

    National President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar, said the leadership of the company has shown strong commitment to wealth creation for shareholders.

    According to him, the management of the conglomerate has kept to their words of delivering superior returns to the shareholders as promised at the previous general meeting.

    “We are very pleased with this turnaround, and we trust that the company will do all it can to uphold this,” Umar said.

    Chairman, New Dimension Shareholders Association, Mr. Patrick Ajudua also commended the management for returning the company to profitability and deciding to pay dividend to shareholders.

    He urged the directors of the conglomerate not to relent in their efforts to ensure that the conglomerate continues to surpass targets every year.

    Chairman, Transnational Corporation of Nigeria (Transcorp) Plc, Mr. Tony Elumelu, said the improvement in the performance of the conglomerate reflected the underlying improvement in the Nigerian economy.

    According to him, Transcorp is a gauge of Nigeria’s economy as it was setup to drive the nation’s economy in a positive direction by investing in catalytic sectors, capable of improving lives and Transforming Nigeria.

    “When Transcorp is doing well, you don’t have to check to see if Nigeria is also doing well. Their journeys are intertwined,” Elumelu said.

    He assured shareholders that strategic initiatives implemented in 2017 have laid firm foundation for continuous growths in the years ahead.

    He pointed out that achieving excellence in the execution of the group’s identified strategic imperatives remains critical to its success as an organisation as this continues to position it for several opportunities in the economy and adequately insulate it from any challenges within the operating environment.

    He said the group would explore its oil & gas assets to enhance performance in the years ahead while also leveraging on the oil and gas assets to maximize Transcorp’s potential in the power generation space.

    “The plan is for Transcorp Power to continue expanding its generating capacity and contribute even more to the national grid despite already emerging as Nigeria’s highest generator of Power,” Elumelu said.

    He noted that the group has successfully obtained NNPC’s approval for extension of the Phase 1 Exploration Period for its OPL 281 PSC, which has given it additional time to fulfill work commitments, including drilling of the appraisal wells, under the first Phase of the PSC.

    “We are positive that further engagement with investors will lead to effective execution of OPL 281work obligations, as approved under the PSC,” Elumelu said.

    In his remarks, Chief Executive Officer, Transnational Corporation of Nigeria (Transcorp) Plc, Mr. Adim Jibunoh assured shareholders that the conglomerate will deliver better returns in the years ahead.

    He outlined that the company has been involved in a number of projects which will ensure that shareholders begin to enjoy real value for their investment in the next few years.

    “We will continue to be driven by our values of execution, enterprises and excellence and will ensure optimal maximisation of opportunities in our operating sectors, and indeed other sectors with openings for opportunistic investments,” Jibunoh said.

    Key extracts of the audited report and accounts of Transcorp for the year ended December 31, 2017 showed that turnover rose by 35 per cent from N59.42 billion in 2016 to N80.28 billion in 2017. Gross profit increased by 21 per cent to N36.42 billion in 2017 compared with N30.17 billion in 2016. Operating profit increased by 25 per cent from N20.72 billion in 2016 to N26.03 billion in 2017.

    Foreign exchange loss reduced to N4.55 billion in 2017 as against N18.7 billion in 2016 while net finance cost also improved from N26.64 billion to N13.73 billion.

    The company made provisions for N1.7 billion taxes in 2017 compared with tax credit of N4.80 billion received in 2016. With these, it reversed from a loss before tax of N5.93 billion in 2016 to profit before tax of N12.3 billion in 2017. After, taxes, net profit stood at N10.61 billion in 2017 as against net loss of N1.13 billion in 2016.

    The balance sheet position of the conglomerate also improved in 2017 as total assets rose by 23 per cent to N285.52 billion in 2017 as against N232.16 billion in 2016. Shareholders’ funds rose by 11 per cent from N86.45 billion in 2016 to N95.71 billion in 2017.

  • Ogun 2019: APC leaders laud Speaker’s ambition

    Ogun 2019: APC leaders laud Speaker’s ambition

    AHEAD of the 2019 general elections, some chieftains of the ruling All Progressives Congress (APC) in Ogun State, particularly in Ogun West senatorial district, have described the Speaker of the Ogun State House of Assembly, Hon. Suraj Adekunbi, as a gubernatorial aspirant on the platform of the ruling party with all the wherewithal to succeed incumbent Governor Ibikunle Amosun.

    The APC chieftains, including a former Minister of State for Education, Senator Iyabo Anisulowo, Bolaji  Aretola and Mrs. Funmilayo Adeniran, noted that in order for the party to have a smooth sail in the next year’s election, the APC must present a governorship candidate who had contested election for political office before now and has had experience in governance.

    The leaders said Adekunbi, who hails from the Ogun West senatorial district, fits the bill of the kind of governor the state needs after Governor Amosun’s tenure. The party leaders stated these recently in Ilaro, Yewa South Local Government area of the state, when Adekunbi met with women groups from the Ogun West Senatorial District as part of his consultations for the 2019 governorship.

    In her own speech, Anisulowo said the APC leaders in the senatorial district will work with Governor Amosun to select the best aspirant with the capacity to win the next governorship election and also continue the laudable programmes of the incumbent administration. She added that such an aspirant must be a politician, be accessible and also competent.

    On his part, Aretola, a former local government chairman, said the Speaker, considering his political experience and unflinching loyalty to the ruling party, remains the most formidable aspirant from Yewaland among those seeking to succeed Amosun. “If we have somebody that is number three citizen in the state and the governor would want us to prop up somebody from this senatorial district to become governor for the very first time, I think such a person is our best choice,” he said.

  • ARTISTES LAUD KONFAMD APP

    ARTISTES LAUD KONFAMD APP

    KONFAMD, a new mobile phone application has received the blessing of some of Nigeria’s biggest entertainers.

    Among them are Wande Coal, Comedians Ebiye, Mc Makopolo, OluwaDolarz, amongst others, who were present during a press conference held in Lagos recently to announce the launch of the mobile app.

    The entertainers described the app as a springboard that will help grow their brand by giving them more visibility and increased following.

    Speaking during the launch, Managing Director, KonfamD Limited, Tolu Ojosipe stated that the app will combine commerce and entertainment in one platform that will enhance the lifestyle of its users.

    “KonfamD is changing the mobile digital space as we know it. The platform will not only help grow our entertainment sector by providing a platform for Nigerian musicians, comedians and other artiste to showcase their works and grow their brand, users of the app can watch entertaining, hilarious and informative skits on the app, and get paid for watching sponsored Ads skits,” he said.

    Ojosipe further stated that the KonfamD app will provide information on suitable merchants to patronize.

    “The app comes with a user category which has an M-directory that will help users locate and experience the services within their vicinity with a single click. In this section of the app, users get a list of already subscribed businesses and can read, share and write reviews of Restaurants, Clubs, Bars, Salons, Spas, Laundry, Movie Theaters and much more, all within their immediate location,” he added.

    KonfamD User app also provides amazing discounts at the outlets that are in partnership with the app. Partners that have already tapped into the app include Tastee fried chicken, Hardrock café, Shaunz bar, City walk, Mint by green and many others.

  • Osun monarchs laud Aregbesola, advise gov against distractions

    Traditional rulers in Osun State have thrown their weight behind the Osun State governor, Rauf Aregbesola, urging him not to be distracted by the activities of some “unprogressive elements.” The monarchs under the auspicies of Concerned Traditional Rulers in Osun State at a press conference shortly after their meeting at the palace of the Akinrun of Ikirun in Ifelodun Local Government Area of the state, Oba Rauf Olayiwola, the Adedeji II, commended the Aregbesola administration for its people oriented policies despite the current economic recession. At the meeting were 24 traditional rulers across Osun State, including the Aragbiji of Iragbiji, the Oloyan of Oyan, the Elerin of Erin-Osun, Onirun of Oke-Irun, Olororuwo of Ororuwo among others. The traditional rulers, who described the achievements of Aregbesola as unprecedented, noted that his administration had brought unprecedented development to Osun. The Akirun, who spoke on behalf of his other colleagues said: “It is noteworthy that despite the biting cash crunch bedevilling the state and the country in general, Ogbeni is still forging ahead executing one developmental project or the other on a daily basis. The state is now dotted with legacy projects.”

    They, however, urged the governor to remain focused, assuring him of their support always. “We want to advise that he should remain focused and refuse to be distracted by the discordant tune of a few adversaries. An oak tree does not grow with ease, the stronger the wind, the stronger the timber.”

  • Youths laud Fayemi on Ekiti NECO results

    Youths laud Fayemi on Ekiti NECO results

    A youth group, Progressive Youth League (PYL), has praised the immediate past Governor of Ekiti State, Dr Kayode Fayemi, for the excellent performance of Ekiti students in the Senior Secondary School Examination results released by the National Examination Council (NECO).

    According to NECO Senior Secondary School examination released a fortnight ago, Ekiti dwarfed other states with 96.48 per cent. It was followed by Edo State with 96.31 per cent.

    The group noted that the excellent performance by the students, who were in junior secondary school, when Fayemi introduced the various education policies of his administration, has proved that sound policy in education and a conducive atmosphere for learning were sine qua non for good performance.

    The PYL, in a statement by its Southwest Coordinator, Adeoye Aribasoye, said the performance of the students vindicated Fayemi as a visionary leader whose education policies provided incentives for teachers, students and parents, and laid a solid foundation for great performances in internal and external examinations.

    Aribasoye, a lawyer, lauded Fayemi’s policy of free and compulsory education between 2010 and 2014. He said the top ranking by NECO has also proved skeptics of free education wrong. “It is reassuring to note that the brilliant results were achieved by pioneering students of the free and compulsory education policy of the immediate past administration.”

    The group, which called on the present administration to revert to some Fayemi’s policies, stated that the success recorded by the students stemmed from careful planning and incentives that had unprecedented impact on learning culture in the state.

    It listed some of the incentives instituted by Fayemi to include distribution of solar-powered laptop computer to every secondary school pupil under the ‘one laptop per child initiative’; payment of rural allowances for teachers in the rural areas; core subject allowances to teachers who teach core sciences, Mathematics and English Language, and renovation of all primary and secondary school buildings under ‘Operation Renovate All Schools (ORASE).

    “It is on record that the computer per child programme of the Fayemi administration, which provided computers for both teachers and students, was launched six months ahead of the introduction of computer-based examination by the Joint Admission and Matriculations Board (JAMB).”

    Aribasoye recalled that Fayemi’s administration organised computer training and mathematics clinics for teachers, put together remedial programmes for pupils across the state local government areas, and distributed about 400 motorcycles to teachers serving in the rural areas of the state. Fayemi’s administration also  ensured that teachers benefited from the relativity pay for all categories of workers in the public service in addition to 27.5 per cent Teachers Pecuniary Allowance.

    The youth leader said PYL opposes the planned introduction of fees in public schools by Governor Ayo Fayose. The group said it  has finalised arrangements to begin a campaign to make education in primary and secondary schools free in Ekiti State.

  • Botched Bayelsa APC primary: Youths, aspirants laud party leadership

    Concerned youths in Bayelsa State, yesterday, commended the national leadership of the All Progressive Congress (APC) for annulling the party’s primary, held on Tuesday.

    The youths, under the auspices of Bayelsa Youth and Student Volunteers for Progressive Change (BYSVPC), also hailed Edo State Governor, Adams Oshiomhole, and the electoral committee for rising above intimidation to insist that the right thing must be done.

    The BYSVPC, in a communique issued on Thursday and signed by the National Coordinator, Ayere Egbetein, Secretary, B.J. John and Publicity Secretary, Mr. Jonathan Okwa, said that the purported primary, where former Governor Timipre Sylva emerged as candidate was a sham and fraudulent.

    The group said the cancellation was a good development for the APC.

    It condemned the intimidation and assaults on delegates and persons said to be loyal to former Managing Director of Niger Delta Development Commission (NDDC), Chief Timi Alaibe, at the venue of the bungled primary.

    It recommended to the national leadership of the APC that the rescheduled primary be moved to a neutral ground outside Bayelsa State to forestall any possible breakdown of law and order.

    “We suggest that the rescheduled primary election be moved to a neutral ground outside the state. This will ensure safety and bring about credible elections.

    “The party should work out a more credible process of accreditation of authentic delegates, and where possible, should collaborate with the Independent National Electoral Commission to deploy more of its staff on identification of cloned PVCs to avoid impersonation and pseudo delegates who are only engaged to thwart the good reputation of the party.”

    Similarly, some of the governorship aspirants in the botched primary yesterday hailed the decision of the national leadership of the party to cancel the primary election.

    The aspirants said the body language of the party on due process had boosted their confidence in the APC, while at the same time confirming that no single man’s ambition was greater than the founding principles of the party.

    They also advised the party to ensure that proper security was put in place before conducting a fresh primary to forestall breakdown of law and order.

    One of the aspirants and former Chief of Staff, Chief Diekivie Ikiogha, applauded the cancellation of the exercise, which he described as a charade.

     

  • SME’s laud capacity, funding support by BoI

    Small and Medium Enterprises (SMEs) have attributed their growth to the assistance of  the Bank of Industry (BOI) through capacity building and long-term  loan.

    Speaking while receiving an award  of integrity, Executive Chairman, Innoson Group, Chief lnnocent Chukwuma, recalled how the bank gave him a boost, which grew his tottering business from employing 25 workers to 7,200 employees.

    He confirmed enjoying the bank’s facilities for three different times for the production of household plastics ranging from plates, chairs, tables and tanks to pipes and plumbing parts. The facilities, he said, have placed the company as the biggest manufacturer of plastics in the country.

    He said: “In 2010, the company accessed a fourth facility for its diversification into automobile assembling plant with the plastic arm producing almost all plastic components of vehicles. To date, the company has enjoyed four facilities from BOI, and has been able to maintain good debt service record on all the facilities, making us to employ over 700 direct staff  and 2,000 indirect workers.”

    The lnnoson boss said though he initially asked for a facility of N100 million and was denied, he was, however, given N80 million in machinery and equipment.

    The assistance, he said, has given his business the boost needed to grow  to  being a leader in the local manufacturing of vehicles.

    To the Managing Director of Nigeria Aluminium Limited, Mr. Iyiola Ishola, the long standing relationship his firm has with BOI since 2005, paid off with the growth in earnings per share of the company ‘s customers.

    Chairman, Rumbu Sacks Nigeria Limited, Mr. Ibrahim Salisu Buhari commended the single digit interest rate given to manufacturers, noting that it is not only convenient, but easy to repay. He said the company grew from the scratch 15 years ago to become the biggest producer of woven sacks and mats.

    Salisu Buhari said: “BOI improved our operations to the extent that we have been able to achieve an evolution of our production process from manual to advanced automation. Similarly, our company has been able to increase its workers from 231 in 2001 to 1,163 to date in direct and indirect employees.”

    Earlier, BOI Managing Director and Chief Executive Officer, Mr. Rasheed Olaoluwa, said the bank has established a hall of fame for 10  companies, who repaid their loans on schedule. The 10 companies, he said, demonstrated a high level of integrity in their dealings with the bank and fully repaid loans granted them by the bank as and when due.

    “These companies obtained long-term credit facilities from BOI at least twice and they fully repaid the loans as and when due. They have proven that integrity is not a function of size or of the business environment. They have shown considerable honour and character that we commend and applaud,” Olaoluwa said.

    The BOI boss added that the bank is poised to support genuine businesses to succeed through business support, capacity building and funding.

    On bad loans, he said the bank usually adopts prudent steps as soon as loans show signs of non performance.

  • Shareholders laud CCNN over improved performance

    Shareholders of Cement Company of Northern Nigeria (CCNN) Plc yesterday approved distribution of a dividend per share of 70 kobo for the immediate past year amidst commendations for the improved performance of the cement-manufacturing company.

    At the annual general meeting yesterday, shareholders commended the board and management of CCNN for improving the profitability of the company in spite of operating and environment challenges.

    Shareholders also urge the directors of the company to recapitalize the company with more equity funds, assuring that they would fully support the company’s expansion by injecting additional equity funds.

    National coordinator, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, said the dividend of 70 kobo underlined the recovery of the company.

    He noted that with the performance of the company so far, the board and management have earned the confidence of shareholders.

    He urged the directors of the company to ride on the waves of the improved investors’ confidence to raise new equity funds by floating a rights issue.

    Another shareholders; Mr. Nonah Awoh, said the company needs to raise additional equity funds to ensure that the gains of its stable business growth and expansion get to the shareholders.

    “We need to do something about recapitalisation, through a means like rights issue. The board should look at how quickly the company can come to the market in order to reduce dependence on debt,” Awoh said.

    National coordinator, Pragmatic Shareholders Association, Mrs Bisi Bakare, commended the growths in the sales and profit of the company.

    According to her, the performance of the company would be better appreciated in the light of the security challenges and risks in the Northern region, where it has its main market.

    National coordinator, Shareholders United Front (SUF), Mr. Gbenga Idowu, applauded the company’s investors’ relation and shareholders’ management.

    Speaking at the meeting, chairman, Cement Company of Northern Nigeria Plc, Alhaji Abdulsamad Rabiu, assured shareholders on the prospects of the company as the board has already started measures to enhance its competitiveness in the cement market.

    According to him, the company successfully reintroduced biomass as a supplementary kiln fuel in 2013, which has helped it to control its energy costs.

    He added that the planned project to increase the company’s production capacity and converting existing production line to solid fuels like coal has already commenced.

    He said the issue of cement upgrade from 32.5 grade to 42.5 grade will not have any pronounced negative impact on the company as it has already started producing 42.5 grade.

    Rabiu however noted that conversion to 42.5 grade will reduce production volume and profit of cement companies.

    He assured shareholders that the company would sustain its dividend payment while continuing to work to increase shareholders’ returns.

    Audited and emerging earnings reports of CCNN indicated significant improvements in actual and underlying returns of the cement-manufacturing company. Audited report and accounts of CCNN for the year ended December 31, 2013 showed that a more efficient cost management and appreciable growth in sales underpinned substantial growth in profit and returns to shareholders. Gross and pre-tax profit margins improved from 28.1 per cent and 10.9 per cent in 2012 to 31.8 per cent and 12.5 per cent respectively in 2013.

    With 19 per cent increase in profit after tax, the company has earmarked N880 million as cash dividends to shareholders for the 2013 business. While sales had grown by 4.4 per cent, declines in cost of sales and finance expenses as well as containment of the operating expenses impacted positively on the bottom-line.

    Besides, the report also showed considerable improvements in financing structure and liquidity, providing a positive balance sheet support that enabled top-line performance to trickle down into substantial earnings to shareholders. The company halved its gearing ratio and further increased equity funding just as liquidity improved to a new high.

    The profit outlook of the company improved appreciably during the year with both actual and underlying profitability ratios showing corresponding performance. Underlying profitability indices showed a generally positive outlook. Gross profit margin improved from 28.1 per cent in 2012 to 31.8 per cent in 2013. Average pre-tax profit per every unit of sales increased from about 10.9 per cent to 12.5 per cent. Return on total assets improved from 11.6 per cent to 13.1 per cent. Return on equity was steady at 15.7 per cent.

    The underlying performance reflected the improvements in the operations and productivity of the company as well as increase in its cost management. Total sales reached a new high at N15.8 billion in 2013 compared with N15 billion in 2012. Cost of sales meanwhile slipped marginally from N10.88 billion to N10.77 billion. Gross profit thus rose by 18 per cent from N4.24 billion to N5.02 billion. Operating expense was curtailed at N3.64 billion in 2013 as against N3.40 billion in 2012. While non-core business income dropped by 22 per cent from N958 million to N743 million, the reduction in interest expenses counterbalanced the negative effect. Finance expenses dropped to N147 million as against N152.

    With all these, profit before tax rose by 19.2 per cent to N1.97 billion in 2013 as against N1.65 billion in 2012. Profit after tax also grew by 19.1 per cent to N1.42 billion compared with N1.20 billion in the previous year. Basic earnings per share thus improved from 95 kobo to N1.13. The board of the company has recommended distribution of N880 million as cash dividends, implying a dividend per share of 70 kobo. It did not pay any dividend in the previous year. The dividend outlook remained substantially high with a dividend cover of 1.61 times.

    Also, emerging earnings reports for the current business year have shown a stronger upward growth trajectory. Interim report and accounts of CCNN for the six-month period ended June 30, 2014 showed that sales rose by seven per cent in first half 2014 to N9.39 billion as against N8.81 billion recorded in corresponding period of 2013. Profit before tax almost doubled from N1.22 billion to N2.34 billion. Profit after tax showed similar performance, rising from N832.1 million in first half 2013 to N1.59 billion in first half 2014.

  • Shareholders laud insurance firm N4.3b profit, dividend

    Shareholders of Custodian and Allied Insurance Plc have lauded the board and management of the company for growing the group’s profit before tax to N4.33 billion. They also praised the firm for announcing a dividend of 16 kobo dividend per sharein 2013 financial period.

    National Coordinator of the Independent Shareholders Association of Nigeria, Mr. Sonny Nwosu, who spoke at the 19thAnnual General Meeting (AGM) of the firm in Lagos, cautioned the firm to ensure its management expenses does not rise beyond limits.

    He also criticised the ‘No premium, no cover’ policy of the National Insurance Commission (NAICOM), noting it is a problem for firms and that it may affect the growth of their businesses.

    He advised the firm to continue to educate the Nigerian public on the need to be insured.

    Chairman, Custodian and Allied Plc, Chief Ade Ojo, affirmed that the company would pay 16 kobo dividend to its shareholders.

    He said this demonstrates the firm’s regular dividend payment to its shareholders.

    Ojo said this was the first consolidated result of the post-merger Custodian group with a top and bottom line growth.

    According to him, the growth was fuelled by 28 per cent increase in gross premium income and 38 per cent rise in fees and commission income while the anticipated cost savings that were envisaged in the merger manifested in noticeable reduction in underwriting expenses which went down by 15 per cent and management expenses which went down by eight per cent in spite of the generous redundancy benefits paid to the disengaged employees.

    He said the group’s profit before tax was N4.33 billion while the earnings per share and net asset per share increased to 60 kobo and 325kobo respectively.

    Total asset, he said, stood at N45.65bn while shareholders’ funds were N19.1 billion.

    He said that the successful integration of the Crusader operations and the resulting strong entity with enviable result had demonstrated that Custodian is ready for the future.

    He said: “Our strong balance sheet and financial capacity, expanded and diversified product portfolio, operational efficiency and highly professional team will ensure that the company maintains its leadership position and provides superior return on investment to our loyal shareholders.

    “The company’s name was changed to Custodian and Allied Insurance Plc, when it was sanctioned by the court after it completed a successful acquisition.”

    The company is an investment holding company with investment in life and non-life insurance subsidiaries, Pension Fund Administrator and a trust company and is also been classified under the other financial services subsector of the financial services sector of the Nigerian Stock Exchange official list.

    He said that Custodian shares had since been issued to the erstwhile shareholders of Crusader (Nigeria) Plc and had grown from a company with 23,812 shareholders as at December 2012 to 41,003 as at December 2013.