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Tag: Mutual

  • ‘Our partnership is rooted in mutual respect and shared values‘

    ‘Our partnership is rooted in mutual respect and shared values‘

    • By Bola Tinubu and Emmanuel Macron

    In the present era, international relations are often framed as if there were only two possible outcomes for States: to dominate, or to be dominated; to vassalize, or to be vassalized.

    Nations are supposed to make a choice in favour of this or that hegemon, this or that bloc. The lesson we are learning from our experience as Heads of State of two countries whose bilateral relationship has been deepening over the last twenty-five years is quite different.

    From our shared perspectives, we can very confidently say that we see our relationship as a partnership between equals. Indeed, there are moments in history when countries find themselves driven by shared interests that are well understood and recognized by all. France and Nigeria find themselves at such a pivotal moment.

    When we have mutual interests, we work together. It is in our mutual interest to encourage private sector investment between our two countries.

    It is in our mutual interest to develop thriving creative and cultural industries that will generate jobs for Nigerian and French young people.

    It is in our mutual interest to make sure that the Gulf of Guinea is safe for all economic activities.

    It is in our mutual interest to strengthen our food systems so that they are stable, secure and not over-reliant on imports.

    We are glad that Nigeria and France are trusted partners, to each other and to many countries all over the world. This trust is invaluable. This trust rules out constraint or pressure.

    It rules out systematic alignment.

     It rules out over-reliance. It leads us to respect the vision that our two countries have of their respective strategic autonomy.

    We define strategic autonomy as the ability for States to pursue their own interests without over-reliance on another State, particularly with regard to their national security and foreign policy; to choose a future for itself without foreign interference.

    Although the term is fairly recent, the principle of strategic autonomy is deeply rooted in the history of France and Nigeria.

    It is also a principle that is widely supported by the citizens of both our countries.

    Today, we want to reiterate our firm commitment to promoting this principle of strategic autonomy, not only for our two countries, but also within the framework of the strategic vision that we are putting forward, as Nigeria, for Africa, and as France, for Europe.

    Read Also: Tinubu to declare open 10th National Industrial Summit in Ilorin

    We will not meet the challenges of today’s world by building blocs.

    We will meet these challenges by reforming and renewing global governance, by adapting existing frameworks so that they enable us to work together more effectively, to reach consensus and to focus resources on solving the crucial challenges that we face.

    To achieve this, we need global governance to be more inclusive and participatory. Even though progress has been made, more needs to be done to ensure that the entire world population, and particularly the African continent, feels truly represented in all fora.

    We need this renewed and reformed global governance to protect the achievements of previous generations such as the body of international humanitarian law that exists today and should be implemented in the same way, whether in Gaza, in Sudan or in Ukraine.

    We need it to step up our efforts to establish stronger health systems, education for all, sustainable and legal migration pathways.

    We need it to strengthen our resilience to climate change and to better protect biodiversity beyond national jurisdictions.

    Nigeria and France are proud to reaffirm today their commitment to work together in order to achieve these objectives, and to help bring together all stakeholders, fully aware of our shared interests and horizons.

    •Tinubu and Macron are both Presidents of Nigeria and France

  • Mutual Benefits seeks policy change in insurance

    Mutual Benefits seeks policy change in insurance

    Mutual Benefits Assurance Plc has called for policy changes to increase insurance uptake by Nigerians as low insurance penetration in Nigeria persist the despite the country’s high population and large demographic density

    Managing Director/Chief Executive Officer of Mutual Benefits Assurance Plc, Mr. Femi Asenuga, made the call at the workshop organised by the company for the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos.

    It had as its theme, “The role of insurance in national development’’.

    Read Also: Tinubu calls for focus on youth empowerment, digital economy

    Asenuga called for media support in ensuring policy changes, shaping public understanding of insurance and deepening insurance penetration in Nigeria.

    While emphasising the importance of the media in educating the public on how insurance contributes to economic resilience, he said the ability of insurance reporters to communicate the complexities of insurance in relatable and impactful ways is vital in building public trust and confidence in the industry as well as encouraging more people to embrace insurance.

    He said: “We are far from where we are supposed to be as a country. Nigeria with a population of over 200 million and as the giant of Africa should not only be in theory. As the media, you have a major role to play in changing the narrative of insurance penetration in the country.’’

  • Mutual Benefits remains stable amid challenging economy, says Chairman

    Mutual Benefits remains stable amid challenging economy, says Chairman

    Mutual Benefits Assurance Plc has remained stable, strong and prosperous, despite the economic situation of the country, Group Chairman, Mutual Benefits Assurance Plc, Dr. Akin Ogunbiyi, has said.

    Ogunbiyi spoke at the 28th  Thanksgiving Service in Lagos.

    He said despite the turbulence they faced in 2023, the organisation was able to scale the formidable obstacles.

    He stated that the company will always make efforts to move it forward.

    He said he was filled with joy in Mutual Benefits’ ability to effectively solve its problems through taking smart decisions.

    He said: “We are change makers and always ready to blast through glass ceilings to inspire, empower and connect with our customers in order to deliver highly beneficial values. Unlike most companies, we always go the extra mile for our customers.

    “We are very mindful of the high inflation in our economy and its effects on the lives and livelihood of our dear customers. It is a fact that consumers are indeed feeling the pinch but Mutual Benefits will always make sure they have value for the purchases of our highly beneficial insurance services and allied products.

    “Customers should know that we provide value options at different premium levels to enable you choose the most appealing and affordable. For instance, for vehicle insurance, we have different premium levels for the third party, the third party-plus and of course, the comprehensive insurance policy. ‘’

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    Ogunbiyi continued: “We have differentiating offerings in each category and, therefore, fix premiums that will resonate with each segment. Our customers are very important partners and so, from time to time, we even absorb some costs on packages with appreciable discounted anchor prices.

    “Mutual Benefits Assurance Plc has remained stable, strong and prosperous despite uncertain and challenging economic situation in the country. However, we have more work to do. We are irrevocably committed to further deepening insurance penetration and we will deliver beneficial wealth-creating values to doorsteps in Nigeria, Liberia, Niger Republic and beyond.

    “Our highly beneficial values to customers will forever remain unequalled. We will sustain our competitive advantage and never relent in differentiating Mutual Benefits with unique attributes. ‘’

    Ogunbiyi sought the commitment and loyalty of the company’s customers in this financial year.

    Managing Director/CEO, Mutual Benefits, Olufemi Asenuga, affirmed that the company had a good outing last year, attributing the success to hard work and the staff support.

  • Embrace mutual funds, experts tell investors

    Investors have been urged to diversify their investments and hedge against the risks of volatility in the financial markets by buying into professionally managed collective investment schemes, otherwise known as mutual funds.

    Against the background of the decline in share prices, devaluation of Naira and the rising inflation, investments experts at Cordros Group advicd investors to use professionals and assets diversification to minimise risks and enjoy competitive returns.

    Acting Managing Director, Cordros Asset Management Limited(CAML), a subsidiary of Cordros Capital Limited, Mrs. Olafisayo Ogunbiyi-Badaru, said that despite the  volatility in the market, there are still investment opportunities that investors can take advantage of by using the professional services that will ensure steady income.

    According to her, in line with CAML’s strategy   to create an array of products suitable for the underserved retail segment of the economy, the company is currently offering 10 million units of Cordros Money Market Fund (CMMF)  at N100 per unit, with  minimum subscription  of N10,000.

    “This is in line with the company’s strategy   to create array of products suitable for the underserved retail segment of the economy. The fund is targeted at the retail investors and the main objective is to provide capital preservation, regular income, liquidity and capital appreciation,” Ogunbiyi-Badaru said.

    She explained that the fund’s investment objective is to provide capital preservation and regular income to unit holders by investing in high-quality money market instruments recognised by the Securities & Exchange Commission (SEC).

    She added that the fund is attractive to all investors who desire a steady stream of income and have low risk appetite.

    “High networth individuals with available short term ash balances can also take advantage of the fund to earn higher rates of return. Institutional clients who desire liquidity and easy accessibility to their funds with competitive returns can also take advantage,” Ogunbiyi-Badaru said.

    Also, Group Managing Director, Cordros Capital Limited, Mr. Wale Agbeyangi said the CMMF offers investors professional fund managers to avoid the mistakes of the amateur investor.

    He outlined that the fund consists of seasoned professional advisers led by Vetiva Capital Management Limited as the Issuing House, STL Trustees Ltd as the Trustee, African Prudential Registrars Ltd as Registrars to the Fund, Babalakin & Co as Solicitor to the Trustees, UBA Plc Global Investor Services as the Custodian, Access Bank Plc as the Receiving Bank and TAC Professional Services as the Reporting Accountant.

  • Embrace mutual funds, experts tell investors

    Investors should diversify their investments and hedge against the risks of volatility in the financial markets by buying into professionally managed collective investment schemes, otherwise known as mutual funds.

    Against the background of the decline in share prices, devaluation of Naira and the rising inflation, investments experts at Cordros Group urged investors use professionals and assets diversification to minimise risks and enjoy competitive returns.

    Acting Managing Director, Cordros Asset Management Limited(CAML), a subsidiary of Cordros Capital Limited, Mrs. Olafisayo Ogunbiyi-Badaru, said that despite the  volatility in the market, there are still investment opportunities that investors can take advantage of by using the professional services that will ensure steady income.

    According to her, in line with CAML’s strategy   to create array of products suitable for the underserved retail segment of the economy, the company is currently offering 10 million units of Cordros Money Market Fund (CMMF)  at N100 per unit, with  minimum subscription  of N10,000.

    “This is in line with the company’s strategy   to create array of products suitable for the underserved retail segment of the economy. The fund is targeted at the retail investors and that the main objective is to provide capital preservation, regular income, liquidity and capital appreciation,” Ogunbiyi-Badaru said.

    She explained that the fund’s investment objective is to provide capital preservation and regular income to unit holders by investing in high-quality money market instruments recognised by the Securities & Exchange Commission (SEC).

    She added that the fund is attractive to all investors who desire a steady stream of income and have low risk appetite.

    “High networth individuals with available short term ash balances can also take advantage of the fund to earn higher rates of return. Institutional clients who desire liquidity and easy accessibility to their funds with competitive returns can also take advantage,” Ogunbiyi-Badaru said.

    Also, Group Managing Director, Cordros Capital Limited, Mr. Wale Agbeyangi said the CMMF offers investors professional fund managers to avoid the mistakes of the amateur investor.

    He outlined that the fund consists of seasoned professional advisers led by Vetiva Capital Management Limited as the Issuing House, STL Trustees Ltd as the Trustee, African Prudential Registrars Ltd as Registrars to the Fund, Babalakin & Co as Solicitor to the Trustees, UBA Plc Global Investor Services as the Custodian, Access Bank Plc as the Receiving Bank and TAC Professional Services as the Reporting Accountant.

  • Nigeria, Russia explore areas of mutual economic cooperation

    Nigeria, Russia explore areas of mutual economic cooperation

    A Russian Government delegation and the Lagos Chamber of Commerce & Industry (LCCI) are exploring areas of possible cooperation.

    The Russian Government and its Trade Mission met their Nigerian counterparts at an event organised by the LCCI tagged RuNiTrade (Russia and Nigeria Trade launch), an e-commerce platform where areas of possible cooperation were discussed.

    LCCI President Mrs. Nike Akande said Nigerian and Russian economies are similar in some ways, saying that both are oil producing countries and rich in natural gas. She, however, noted that the Russian economy is much bigger and more advanced technologically.

    Stressing the need to diversify the Nigerian economy through increased global trade, Akande regretted the low level of trade between the countries. She pointed out that with closer cooperation between the private sector of both economies, the level of trade could be improved.

    “We can benefit a lot from Russian technology in many fields. There are also tremendous opportunities for cooperation and investment relations in infrastructure development, especially power and engineering infrastructure,” she said, adding that LCCI was excited by its collaboration with the Russian business on the e-commerce platform.

    She said the launching of the platform will further boost trade and investment relations between both countries. “There is great value in deploying technology to promote trade. Already, e-comerce has gained wide acceptance in our retail trade sector,” Akande said.

    She added that as a country, Nigeria has a lot to offer in business and economic ýrelations. She said, for instance, that the Nigerian economy offers the largest market on the African continent.

    “Our Gross Domestic Product (GDP) of over $500 billion is the largest in the continent. We are richly endowed in natural resources. Our macroeconomic fundamentals are still strong despite the current global issues with commodity prices.

    “We have one of the most enterprising population in the world and our democracy is stable for the past 17 years,” she said, assuring that the Chamber would extend all necessary support toý improve trade and investment relations between both countries.

    “I believe there is a great deal of benefit in the promotion of trade relations between countries. It makes it possible for countries across the world to complement one another. No country of the world has ýcompetitive advantage in everything,” Akande added.

    The President, Russia Chamber of Commerce and Industry, Mr. Vladimir Zubov, said a platform such as RuNiTrade has been a long awaited and necessary tool, which the business community needs not only in Russia but also in other developing countries.

    He added that the project gives participants the opportunity to promote new products, which serves as a bold step forward for trade development, investments and international relationships between both countries.

    “We are ready to support Business to Business (B2B)-RuNiTrade project on its way to success. I have high hopes for this project and I believe that according to the recent events and agreements reached on political and economic issues, we will work towards organizing more trade missions between our countries. This will help us continue the development of mutually beneficial partnership and cooperation in the area of trade and investment,” Zubov said.

    Head, Russian Export Centre, Mr. Pavel Borisov, in his presentation encouraged Nigerian businesses especially those in banking and insurance to key into the programme. He said Russia has engaged smaller countries such as South Africa and Sudan in various segment of the economy. He said since his country shares certain similarities with Nigeria any partnership would be mutually beneficial.

     

  • Nigeria and South Africa: Forging bonds of mutual prosperity in mining

    The recent state visit to Nigeria by President Jacob Zuma marked the beginning of a new chapter in relations between Nigeria and South Africa. Both countries have shared a sometimes turbulent history; we have also at different times revelled in the joy of aligned moral purpose – at some point towards the dismantling of apartheid, at some other point in the struggle to enthrone democracy.

    During the visit, both President Zuma and his host President Muhammadu Buhari made it a point of duty to strengthen the historical bonds of friendship between the peoples of Africa’s two largest economies. The rapprochement between both countries is one of the results of President Buhari’s economic diplomacy, which has focused on rebuilding Nigeria’s image and relationships in the comity of nations. This development can only result in positive outcomes for both economies, and also ensure alignment on the strategic future that we believe offers Africa its full potential.

    The visit also offered the opportunity for Nigeria and South Africa to renew the pledge of partnership on a number of key issues including mining. An existing 2013 MoU outlining areas of partnership in the fields of Geology, Mining, Mineral Processing and Metallurgy which had not been implemented was resuscitated. President Buhari thus mandated the Ministry of Solid Minerals Development to work with our South African counterparts to pursue the full implementation of the Agreement.

    Having identified South Africa as one of our strategic partners towards growing our mining sector, and on the back of improved diplomatic relations, I recently led a small delegation on a two-day working visit to South Africa, during which I met with my counterpart, the Minister of Mineral Resources, Hon. Mosebenzi Joseph Zwane, as well as the leadership of mining-related government entities, mining industry leaders and experts.

    Our delegation gained a lot of insights from the knowledge sharing sessions with the leadership of the Department of Mineral Resources, Council of Geosciences, MINTEK and other government entities, and the progressive discussions on opportunities of collaboration with some of South Africa’s finance institutions – especially the Industrial Development Corporation (IDC).

    Accordingly, the Ministry of Solid Minerals Development has outlined details of the implementation plan for the 2013 MoU on Mining which provides details of the priority areas Nigeria wishes to benefit from the South African mining industry’s competitive advantage. These include: Advanced Geological Surveys – detailed geo-sciences data generation; data interpretation analysis and application; assistance in the accreditation of the Geosciences Analytical Metallurgical Laboratories in Kaduna; exploration data reporting standards, e.t.c.; Mining Governance – the review of existing legal and legislative framework; improved mines inspectorate operations and technologies; upgrading and management of cadastral processes and operations e.t.c.; Mineral Processing and Development – processing of industrial Minerals; Beneficiation processes and technologies; value addition, quality assurance and standards in mineral development, e.t.c.

    Other areas include Metallurgy – improvement of metallurgical inspectorate operations and technologies; indigenous professional skill acquisition and technology transfer; metallurgical processes; steel making technologies e.t.c; Artisanal & Small Scale Mining Operation – production/supply of small and medium sized plants and machinery for small and mid-tier mining and processing e.g. the Igoli gold processing mill; development of industrial clusters in downstream mineral fabrication and manufacturing; Environmental Safety and Sustainability – enforcement of environmental safety and compliance regulations; review of  sustainability frameworks and regulations; remediation processes e.t.c.

    Nigeria is also looking to benefit from the wealth of Human Capital Resource in South Africa’s mining industry in areas such as – capacity building in global best practices along the value chain of the mining industry – occupational, health, safety and environment (OHSE), mines inspectorate and revenue collection, mineral production assessment, ASM management, steel and metallurgical inspectorate technology and regulation, etc.; as well as benefiting from technical assistance in the development of coal-to-power projects in Nigeria as part of our objectives to achieve a vibrant energy mix and realize our target of 10,000 mw of energy by 2019. The ministry also seeks to learn from the optimal organization of private sector players in the South African mining space.

    Conversely as South Africa’s putative oil industry gets off the ground, Nigeria should share the lessons that our experience affords us. Nigeria’s oil history, while it has a number of prominent missteps, still contains critical lessons which should be shared, together with our expertise in the Oil and Gas industry built over the years.

    For the new resource economy to benefit both local and global stakeholders, we are taking an activist posture towards issues of developing local content and ensuring a transfer of skills and technology that will be to our nation’s advantage in the medium and long term. While we are committed to maintaining a liberal business environment, we are also mindful that the new resource economy results in a win-win situation for all stakeholders.

    This is why we intend to see to it that host communities are directly and positively impacted by the activities that will be undertaken in their domains. The historic restiveness in the Niger Delta and labour related uprisings in the South African mining industry can be put permanently in the past with this new approach to governance of the extractives industries.

    Today, the continent’s fortunes appear partially stalled. Pundits wonder if our work of reform is entirely hostage to shrinking commodities demand from China and India. The decline the Naira and the Rand have suffered in the past year is partially linked to the commodities narrative. Nonetheless, the truth is that Africa’s narrative of prosperity has deeper roots, and is firmly in our control.

    Nigeria has our eyes set on a rebound in the global commodities market, hopefully sooner than later, and we are doing everything possible in the interim to ensure we position our industry for market dominance when that time comes.

    We will work towards stoking aggregate demand and restructuring entire swathes of our societies to prepare them for the next generation of jobs, and delivering a joined up locomotive of growth. Hopefully, other African countries will take a cue from the renewed commitment of our countries to partner towards building the capabilities to create jobs and broaden the economic opportunities available to young Nigerians and South Africans. The aggressive integration of our economies will also create new corridors of growth for our neighbours and partners in both the ECOWAS and SADC regions.

    We will find smart mechanisms for leveraging each other’s key strengths and easing the modalities for engagement between businesses in both countries e.g. visa liberalization for skilled mining and petroleum workers to help speed transitions as well as maintain growth momentum. We will also push our citizens to interact more intensively, whether it is in vacationing in each other’s countries or forming new personal networks. A shared experience and prosperity is the key to a new wave of African economic growth, and our Presidents are determined to deliver on that pledge.

    As we welcome South Africa’s delegates to Abuja on a follow-up technical visit this week, and as momentum gathers towards the Nigeria – South Africa Bi-National Commission holding in August this year, we will continue to explore means of creatively building bridges between our countries towards modelling the possibilities that African integration offers for shared growth and prosperity.

    • Dr. Fayemi is Minister of Solid Minerals Development.

  • Old Mutual votes $386m for African expansion

    Old Mutual Plc (OML), Africa’s biggest insurer, has 4.3 billion rand ($386 million) for acquisitions on the continent, where growth rates higher than advanced countries may help boost sales after third-quarter growth declined, according to Bloomberg report.

    “We’ve identified Nigeria, Kenya and Ghana as the key markets,” Ingrid Johnson, chief financial officer, said in a phone interview from London. “There are opportunities to look at Mozambique” after banking unit Nedbank Group Ltd. (NED) took a stake in Banco Unico, she said. Old Mutual is also looking for ways to work more closely with Lome, Togo-based Ecobank Transnational Inc. (ETI), where Nedbank owns 20 per cent.

    While Old Mutual, which was founded in South Africa more than 150 years ago, moved headquarters to London in 1999, its original market remains its largest. The insurer set aside 5 billion rand in March 2013 to expand across the continent and has since bought a stake in Faulu Kenya Ltd.

    “It would be fantastic if we could find more opportunities to invest,” Johnson said. “The first prize would be to find something in those key countries. The team is looking at a lot of things.”

    Old Mutual this year completed an initial public offering for its asset management unit in New York and agreed to buy U.K.-based Quilter Cheviot Ltd. for as much as 585 million pounds ($930 million) to boost its wealth management business. It also bought Intrinsic Financial Services Ltd., a U.K. firm, gaining access to 3,000 financial advisers. Earlier in the year, Old Mutual sold what it termed non-core European units.

    Old Mutual’s gross sales fell 4.6 percent in the third quarter to 6.2 billion pounds from 6.5 billion pounds a year earlier, as economic activity in South Africa slowed, the insurer said in a statement. That was in line with the 6.21 billion-pound estimate of 11 analysts surveyed by the company. Funds under management rose five per cent to 307.6 billion pounds.

    “We reiterate our hold recommendation, but highlight the continued excellent progress the group is making at the underlying level, especially as regards asset accumulation, and its positioning in the U.K.,” Eamonn Flanagan, an analyst at Shore Capital Group Ltd. in London, said in a research note.

    Old Mutual is looking at product innovations to increase gross sales, Johnson said. “The lapse rates were higher than we would have liked. You can’t always defy gravity.”

     

  • Stallion Home, Mutual Alliance in merger talks

    Stallion Home savings & Loan Limited and Mutual Alliance Savings & loans Limited have started merger talks to beat the recapitalisation deadline of the Central Bank of Nigeria (CBN).

    In a statement, the two mortgage banks said they signed a Memorandum of Understanding (MoU) on the proposed business combinations that would result into a mega national mortgage bank.

    It said that to actualise the proposal, a four-member steering committee, two each from both Primary Mortgage Banks (PMBs), have been inaugurated and saddled with the responsibility to put together necessary documentations as prescribed by the recapitalisation guidelines for submission to the CBN for approval.

    The committee is expected to conclude its assignment and submit the report by September 30, 2013.

    Managing Director/Chief Executive Officer, Stallion Home Savings and Loan Limited, Johnson Akhidenor, said the emerging entity will be a mega national mortgage bank with over N5 billion capital base.

    Director of Mutual Alliance Savings& Loans Limited, James Taylor, said the merger will strengthen both firms to enable them to address the housing needs of Nigerians.

     

  • Mutual Benefits wins award

    Mutual Benefits Assurance has won the most supportive insurance company to the transport sector award from the Lagos State Government.

    A former Commissioner for transportation, Lagos State, Prof. Bamidele Badejo, while presenting the award to the firm in Lagos, said the award was in recognition of Mutual Benefits’support and empowerment of transporters in the country.

    He encouraged the firm to continue the good works they have undertaken to empower the people outside their core business of insurance.

    The General Manager, Corporate Planning and Investment of Mutual Benefits, Bisi Olayiwola, who received the award on behalf of the company promised that it would continue to create value and empower people with diverse interest i n other sectors of the economy through investments, strategic alliances and partnerships.

    He said the firm started the Mutual Model Transport Limited (LAG Bus sub operations) in 2009 through the creation of Credit Bond Policy for Bank of Infrastructure that ensures that transporters have access to the Public Mass Transit Revolving Fund (PMTRF).

    Olayiwola said apart from the LAG Bus transportation scheme in Lagos, there are others in different parts of the country, including the Retan Bus scheme, Imo State Transport Scheme, Irewolede Scheme and transportation scheme for the Nigerian Union of Teachers (NUT) in Kano, Jigawa and Taraba states as well as Airport Car Hirer’s Association of Nigeria nationwide Scheme, among others.