Tag: Nigerian Newspapers

LINKAGE Assurance Plc is planning to increase its authorised share capital with the creation of 15 billion new ordinary shares of 50 kobo each as the insurance company prepares to raise new equity funds to beef up its capital base.

The Board of Directors of Linkage Assurance yesterday indicated that it has called an extraordinary general meeting of shareholders for next month during which shareholders are expected to consider and approve resolutions authorising the increase in share capital and the new capital raising.

Shareholders are expected to increase the authorised share capital of the insurance company from N7.5 billion or 15 billion ordinary shares of 50 kobo each to N15 billion of 30 billion ordinary shares of 50 kobo each through the creation of 15 billion new ordinary shares of 50 kobo each.

With the increase in authorised share capital, the company will also be amending its memorandum of association and articles of association to reflect the new authorised share capital of N15 billion divided into 30 billion ordinary shares of 50 kobo each.

Shareholders are expected to mandate the directors to “raise additional equity capital for the company up to the maximum limit of the authorised share capital, whether by way of special placement or public offer, right issue or other methods or a combination of any of them, either locally or internationally and upon such terms and conditions as the directors may deem fit in the interest of the company and subject to the approval of the regulatory authorities”.

The National Insurance Commission (NAICOM) had in May, this year released new capital requirements for insurance businesses with a 13-month compliance period for operators to shore up their minimum capital base to the required level. The minimum paid-up share capital of a life insurance company was increased from N2 billion to N8 billion, non-life insurance from N3 billion to N10 billion, composite insurance from N5 billion to N18 billion while re-insurance companies were directed to raise their capital base from N10 billion to N20 billion. Insurance companies are required to comply fully with the new minimum capital base by June 30, 2020.

Many insurance companies have already launched plans to raise new equity funds. Lasaco plans to raise about N11.1 billion in new equity funds through the issuance of 9.25 billion ordinary shares of 50 kobo each at N1.20 per share. The company will issue the shares through special or private placement, which implies that the shares may be offered to strategic investors.

Consolidated Hallmark Insurance Plc is also concluding arrangements to raise new equity funds from existing shareholders as part of efforts to meet the new minimum capital base for its non-life general insurance business.

THE Co-Founders of RED | For Africa, Chude Jideonwo and Adebola Williams, are to receive the YouWIN! Connect Award of Excellence at the first YouWIN! Connect Enterprise Education Book and Awards holding tomorrow in Abuja.

YouWIN! Connect is a multimedia programme of the Federal Government, implemented by its Ministry of Finance, Budget and National Planning, to fund young entrepreneurs to become business owners by using training materials and tools to build the skillset and amplify exposure of Micro, Small and Medium Scale Entreprises (MSME).

The young entrepreneurs are being celebrated for their outstanding work in the MSME segment, for the “establishment and operation of a successful business that has transformed the lives of many Nigerians, especially youths”.  Established in 2010, RED | For Africa is a Nigerian media firm, with youth-focused brands across public relations, communication, media production and human development.

UNITED Bank for Africa (UBA) Plc and the Lagos Chamber of Commerce and Industry (LCCI)s have assured small medium enterprises (SMEs) that this year’s Lagos International Trade Fair will bring benefits that will transform their businesses.

UBA’s Head Group Consumer Retail Business, Jude Anele, who gave this assurance yesterday at a press conference to announce the  trade fair and unveil its sponsors, said UBA has put in place various service offerings to guarantee that this year’s fair provides a veritable platform to catalyse businesses to new highs.

He explained that the 33rd  Lagos International Trade Fair scheduled to start on November 1, is expected to provide an avenue for networking, trade and investment to boost businesss in Africa’s largest economy.

Ensuring that small and medium scale enterprises (SMEs) maximise their presence at the fair, Anele explained that UBA would provide an uninterrupted banking during the two-week event, and offer advisory services to the SMEs, fundamental to achieving their business goals.

He said: “Worthy of mention is that merchants and entrepreneurs from other African countries and abroad would be able to conduct their transactions seamlessly without currency exchange hassles, using the extensive reach of UBA as a pan African bank with presence in key commercial capitals in the world,”

On the ease of payment during the event, especially with African firms from outside Nigeria, Anele disclosed that UBA has put in place solutions that would see ease of payment within Africa.

Also, the Chairman, Trade Promotion Board, Mr. Gabriel Idahosa, promised that the 33rd West Africa’s flagship fair would bring utmost value to entrepreneurs and businesses in Nigeria and beyond as he acknowledged the massive supports being provided by corporate organisations such as UBA.

THE Association of National Accountants of Nigeria (ANAN) is engaging regulators to deepen governance in financial reporting.

Its President, Prof. Muhammad Mainoma, who disclosed this, said ANAN has engaged the legislature  to improve the national budget process, adding that in the past 24 years, members of the association met to discuss national issues.

He said the association was  upgrading the Nigerian College of Accountancy, Jos, Plateau State, to ANAN University of Accountancy to contribute to the advancement of the various fields of accounting and research.

Mainoma spoke yesterday at the 24th Annual National Conference of ANAN, which opened in Abuja.

“We have undertaken strategic initiatives. We have secured a five-storey building ‘ANAN House’ as permanent Head office in Abuja to enhance closer collaboration with key stakeholders.

“ANAN has commissioned her Education and Training Committee to conduct a maturity assessment to receive feedback from members on 16 key success Areas (KSAs) across four broad characteristics: Sustainability, Relevance, Professionalism and Member Value to support ANAN strategic envisioning at 40 years.

“ANAN has improved her advocacy in public policy. The Research Committee would soon release her two technical reports on Nigerian Public Financial Management and Professional Accountancy Skills gap. Capacity is being built on contemporary issues in Accounting.

He said the easiest way to build the nation and sustain it is through Learning, Entrepreneurship, Goal Convergence, Accountability, Collaboration and Youth Development (LEGACY).

“There seems to be an agreement that development that cannot be sustained is not development at all. We must not only be bothered about the present but the future should be of concern to us. Here comes the issue of Legacy.

In welcoming you to this special conference at 40 years of existence of ANAN, we cannot shy away from the legacy we shall leave for the future generation,” he said.

“Let me remind us that as accountants, we are not new to this issue of sustainability. At ANAN, we are committed to building professionals that would make meaningful contribution to society and its sustainability. ‘’