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Author: Rukayat Adeyemi

  • 3 foundations partner to provide medical care, empower widows in Lagos

    3 foundations partner to provide medical care, empower widows in Lagos

    Empowerment
    By Rukayat Adeyemi
    Orgaisers and beneficiaries at an empowerment and medical outreach organised for widows in Lagos
    Lagos, June 30, 2024 (NAN) DOHS Care For Vulnerable Women And Children Foundation, Ezra House and Godly Widows Initiative have partnered to empower and provide medical care for no fewer than 120 widows in Lagos.
    The News Agency of Nigeria (NAN)
    reports that the event titled: “Wholesome Widows: Ways, Means And Right”, was organised in commemoration of the 2024 International Widows Day in Lagos.
    The International Widows Day is a United Nations ratified day of action marked annually on June 23 to address the “poverty and injustice faced by millions of widows and their dependants in many countries”.
    The beneficiaries were widows residing within Alimosho area of Lagos State, and they partook in free medical check-up, cervical cancer screening, digital literacy and growth, exhortation, sensitisation on Gender-Based Violence and mental health and also got relief materials.
    Mrs Ololade Ajayi, the Founder, DOHS Care, said at the programme on Sunday that most widows are vulnerable, deprived and faced several challenges alone, hence should be cared for.
    Ajayi stated that the programme gave an holistic package to widows, which included sensitising them on their rights and enlightening them on certain things that constituted harmful practices which they should avoid.
    She added that the widows were also sensitised on how to stand up for their rights, especially when confronted with inheritance issues; how to seek legal aid and how to be financially empowered and independent.
    According to her, the three foundations offered the free medical care and cervical cancer screening to ensure that the widows are living in perfect health.
     
    Ajayi noted that study had revealed that cervical cancer was the third most dominant cancer in Nigeria and had claimed lives of over 80,000 women as at year 2020.
     
    According to her, from the conversation with the widows, issues of rent was the top-most of the challenges they faced, followed by tuition for their children’s schools. 
     
    “The widows said that most landlords do not usually like to rent their houses to widows because they assume they may not be able to sustain their annual rent.
     
    “We as foundations will use our community sensitisation programme to educate the community to stop the discrimination against widows.
     
    “We are also putting up a report together for the government, as a wake-up call to its responsibility of providing social coverage for the widows, who are part of the vulnerable group in the society,” she said. 
    According to the founder, the mission of DOHS Care to assist the vulnerable aligns with that of Godly Widows Initiative and Ezra House which are also faith-based organisations.
    She said that these foundations catered for the needs of the widows spiritually and materially. 
    Also, Mrs Funmi Eyeoyibo, Pastor, Ezra House Church, said that it was important for people, associations and organisations within a community to impact the lives of others, hence the outreach.
    Eyeoyibo explained that God had compassion for widows, orphans, strangers and the vulnerable, and that was why the foundations keyed into God’s commandment to give back to their local community.
    She disclosed that Ezra House had been involved in such initiatives for the past six years and had an existing lists of about 220 widows that it catered for on quarterly basis.
    “This particular programme viz-a-viz others that we have done before is expanded because we have been able to partner with like-minded organisations and also embarked on a medical outreach to the widows, which they may not otherwise have had access to.
    “Either because they feel they don’t have the fund or may not even know. So we have been able to create awareness about their mental health, blood pressure, blood sugar level and most importantly the cervical cancer screening,” she said.
    According to the cleric, while the initiative is envisioned to celebrate the International Widows Day, it will be sustained by the foundations because it gives room for an expanded outreach.
    In appreciation, a widow, Elder Stella Lawal, thanked the organisers for the sensitisation, empowerment, medical outreach and the relief material given to her and the other widows.
    Lawal, who lost her husband since 1998, decried the challenges faced by widows and urged all and sundry to always support and comfort them through whatever possible means. (NAN)(www.nannews.ng)
    RUKY/COF
    ===========
    Edited by Christiana Fadare

  • Financial industry drives stock market as ASI crosses 100,000 mark

    Market

    By Rukayat Adeyemi

    Lagos, June 29, 2024 (NAN) The Financial Services Industry led the activity chart of the Nigerian Exchange Ltd. (NGX), contributing 69.67 per cent and 60.94 per cent in volume and value respectively, to the total equity turnover in the just concluded week.

     

    Specifically, players in the sector traded 1.847 billion shares valued at N30.455 billion in 21,899 deals.

     

    The Conglomerates industry followed with 272.398 million shares worth N3.546 billion in 2,165 deals.

     

    The third place was the Oil and Gas Industry, with a turnover of 112.800 million shares worth N2.259 billion in 2,748 deals.

     

    Meanwhile, trading in the top three equities, namely FBN Holdings Plc, Transnational Corporation Plc, and Access Holdings Plc, by volume, accounted for 1.032 billion shares worth N19.799 billion in 6,083 deals.

     

    This contributed 38.92 per cent and 39.62 per cent to the total equity turnover in volume and value respectively for the week under review.

     

    Overall, investors traded 2.651 billion shares worth N49.976 billion in 41,610 deals this week, in contrast to 3.301 billion shares valued at N53.157 billion that exchanged hands last week in 27,536 deals.

     

    Consequently, the NGX All-Share Index (ASI) appreciated by 0.32 per cent to settle at 100,057.49, compared to 99,743.05 recorded last week.

     

    The News Agency of Nigeria (NAN) reports that the All-Share Index dropped from the 100,000 mark on April 16.

     

    The market capitalisation also appreciated by 0.32 per cent to close the week at N56.602 trillion, in contrast to N56.424 trillion posted in the previous week, resulting in a week-on-week gain of N178 billion for investors.

     

    Similarly, all other indices finished higher except NGX Consumer Goods, NGX Industrial Goods, and NGX Growth, which depreciated by 0.56 per cent, 0.33 per cent, and 0.04 per cent respectively.

     

    The NGX ASeM and NGX Sovereign Bond indices closed flat.

     

    Forty-eight equities appreciated in price during the week, lower than the 53 equities in the previous week.

     

    Thirty-four equities depreciated, higher than the 25 in the previous week, while 72 equities remained unchanged, lower than the 76 recorded in the previous week.

     

    On the gainers’ chart, Computer Warehouse Group (CWG) led with a 44.55 per cent increase to close at N7.95 per share, while Jaiz Bank led the losers’ chart with an 11.36 per cent decrease to close at N1.95 per share. (NAN)(www.nannews.ng)

    RUKY/BOLA/ AWA
    ================
    Edited by Bola Akingbehin/Olawunmi Ashafa

  • Seplat, Tier-1 banks raise stock market by N6bn

     

    Market

    By Rukayat Adeyemi

     

    Lagos, June 27, 2024 (NAN) The Nigerian equity market closed positive on Thursday with a gain of N6 billion, driven by investor interest in Seplat and sustained interest in Tier-one banking stocks.

     

    Specifically, gains in United Bank for Africa (UBA), Access Corporation, FBN Holdings, Guaranty Trust Holding Company (GTCO), Nigerian Breweries, International Breweries and African Prudential, among other advanced equities, boosted the market performance.

     

    Consequently, the Nigerian Exchange Ltd. (NGX) market capitalisation gained N6 billion Naira, or 0.01 per cent, to close at N56.227 trillion, up from N56.221 trillion.

     

    The All-Share Index also rose slightly by 0.01 per cent, or 11 points, to close at 99,396.23, compared to 99,385.44 recorded on Wednesday.

     

    As a result, the Year-To-Date (YTD) return increased slightly to 32.93 per cent.

     

    Meanwhile, market breadth closed positive with 33 gainers and 16 losers on the Exchange.

     

    On the gainers’ table, Cutix and Seplat led with a 10 per cent increase each to close at N4.40 and N3,794.90 per share, respectively.

     

    LASACO Assurance followed with a 9.95 per cent gain to close at N2.32 per share.

     

    Computer Warehouse Group gained 9.85 per cent to close at N7.25, and United Capital advanced by 9.79 per cent to close at N24.10 per share.

     

    On the other hand, Daar Communications led the losers’ table with an 8.93 per cent decline to close at 51k per share.

     

    C&I Leasing Plc trailed with an 8.54 per cent drop to close at three Naira per share.

     

    Consolidated Hallmark Holdings lost 7.98 per cent to close at N1.73, MTN Nigeria dropped 6.89 per cent to close at N200, and Regency Alliance Insurance shed 6.52 per cent to close at 43k per share.

     

    An analysis of market activities showed that trade turnover settled higher compared to the previous session, with the value of transactions advancing by 154.67 per cent.

     

    A total of 529.37 million shares valued at N10.49 billion were exchanged in 7,616 deals, compared to 276.36 million shares valued at N4.12 billion in 7,597 deals posted in the previous session.

     

    GTCO led the activity table in volume and value, with 66.05 million shares worth N2.93 billion, followed by UACN with 46.35 million shares valued at N706.59 million.

     

    Access Corporation traded 39.71 million shares worth N754.17 million, Consolidated Hallmark Holdings sold 31.60 million shares worth N54.86 million, and Universal Insurance transacted 30.76 million shares worth N10.53 million. (NAN) (www.nannews.ng)

    RUKY/DE/AWA
    =============
    Edited by Dorcas Jonah/Olawunmi Ashafa

     

  • Royal Exchange rebrands to REX Insurance, as Sanwo-Olu inaugurates headquarters

    Rebranding
    By Rukayat Adeyemi
    L-R: Company Secretary/General Counsel, REX Insurance Ltd., Ms Sheila Ezeuko; Managing Director/CEO Ebelechukwu Nwachukwu, REX Insurance; Commissioner for Finance Lagos State, Mr  Abayomi Oluyomi; Chairman REX Insurance, Mr Ike Chioke and other dignitaries at the inauguration of the refurbished Headquaters of REX Insurance on Thursday in Lagos

     

    Lagos, June 27, 2024 (NAN) Royal Exchange General Insurance Company Ltd. has changed its corporate identity to REX Insurance.

    The firm also inaugurated its refurbished headquarters in Lagos on Thursday.

     

    Speaking at the inauguration of the new Head Office in Victoria Island, Lagos, Gov. Babajide Sanwo-Olu, commended REX Insurance for providing Lagosians and Nigerians with reliable and innovative insurance solutions.

     

    Sanwo-Olu, represented by Mr Abayomi Oluyomi, Commissioner for Finance, Lagos State, described the insurance firm as a forward-thinking company ready to embrace the future.

     

    The governor highlighted that the solutions provided by REX Insurance have fostered security and empowered countless individuals and businesses.

     

    He noted that the refurbished Head Office signified not just a physical space but a springboard for REX Insurance toward a brighter future, growth and success.

     

    “I congratulate the chairman and members of REX Insurance on this milestone achievement.

     

    “The unveiling of the new brand identity is equally exciting; a refreshed logo and renewed focus will position the insurance company for continued leadership in the ever-evolving insurance sector.

     

    “This spirit of innovation resonates deeply with the present Lagos State administration’s vision for the state, as we strive to become a mega city,” he said.

     

    In his welcome address, Mr Ike Chioke, the Chairman, Board of Directors, REX Insurance, stated that this milestone marked a significant chapter in the company’s journey, reflecting its commitment to growth, innovation and excellence.

     

    Chioke explained that the decision to move to the state-of-the-art Head Office was driven by the underwriter’s vision to create a workspace that meets the needs of its employees and symbolises its forward-thinking ethos.

     

    According to him, the new facility represents a new era for the company.

     

    “One where we are better equipped with advanced technologies and improved facilities to serve our customers, foster collaboration and drive innovation.

     

    “Staff well-being is paramount to us; to enhance their health and wellness, we have installed a state-of-the-art gym facility.

     

    “To foster a family-friendly work atmosphere that prioritises the needs of working parents, we have also set up a creche for our nursing mothers,” he said.

     

    In her remarks, Mrs Ebelechukwu Nwachukwu, Managing Director of REX Insurance, said the new headquarters would serve as a hub of innovation and collaboration.

    Nwachukwu stated that the revamping of the company’s brand reflects the changes that occurred in its business over the last three years and the ongoing transformation.

     

    She noted that the significant milestone in the journey of a company that started in 1918 was a testament to the hard work, dedication and vision of everyone involved.

     

    She noted that the new vison statement of the insurer was  to be the preferred Nigerian insurance company that speaks to its desire to be the preferred place to work.
    According to her, the insurer has also revamped all its locations in Abuja, Port Harcourt, Ibadan, Benin, while setting up services on the Lagos Ikorodu road, to ensure the same standards across all the locations where it operates.(NAN)(www.nannews.ng)
    RUKY/AWA
    ==========
    Edited by Olawunmi Ashafa

  • Bvndle unveils data-driven loyalty platform to revolutionise customer engagement

    Platform
    By Rukayat Adeyemi
    Bvndle team at a news conference during the launch of the company’s loyalty platform on Thursday in Lagos

    Lagos, June 27, 2024(NAN) Ikechukwu Nwaguru, Head of Marketing and Corporate Communication, Bvndle, has emphasised the need for businesses to move beyond generic loyalty programmes to solutions that foster enduring customer relationships.

     

    He said this on Thursday in Lagos during a news conference on the launch of Bvndle, a cutting-edge customer engagement and loyalty platforms.

     

    “As the economic landscape becomes more competitive, businesses must look beyond generic loyalty programmes and seek solutions that provide the tools to cultivate lasting customer relationships.

     

    This is where Bvndle comes in,” Nwaguru stated.

     

    He highlighted partnerships with organizations such as UBA, Piggyvest, VFD Microfinance Bank, AXA Mansard, and Aura by Transcorp as part of Bvndle’s commitment to innovative solutions that drive business growth and foster customer loyalty.

     

    Kemi Balogun, Managing Director of Bvndle, described the platform’s mission to redefine how Nigerians experience rewards and loyalty programmes.

     

    “Bvndle addresses the frustrations often associated with traditional loyalty programmes by delivering rewards and personalised experiences that make every Naira count,” she said.

     

    Balogun explained that through Bvndle, customers earn rewards by engaging in everyday activities such as shopping, dining, or using services from Bvndle’s extensive network of partners.

     

    “These earned rewards unlock curated benefits, ranging from exclusive discounts and special offers to unforgettable experiences and products.

     

    “In simpler terms, Bvndle is like getting free money to spend on things you already buy. The more you use Bvndle, the more rewards you get. It’s that easy,” she noted.

     

    She acknowledged the common frustrations with traditional loyalty programmes and underscored Bvndle’s customer-centric approach.

     

    Balogun further said, “We understand the frustration customers feel when loyalty programmes fail to deliver on their promises.

     

    “That’s why we created Bvndle, a platform that puts the customer first, offering genuine rewards and a seamless experience that makes loyalty rewarding.”

     

    The Bvndle app, available on Google Play and Apple Stores, aims to transform the customer experience while empowering businesses with robust, intuitive solutions to understand, engage, and incentivise their customers.

     

    She explained that businesses could use Bvndle’s gamification rules engine to reward specific actions and behaviours, fostering a deeper connection with their customers and driving brand loyalty.

     

    “Bvndle leverages sophisticated data analysis and a vast partner network to offer a unique approach to customer loyalty.

     

    “By rewarding customers for their everyday spending, Bvndle provides businesses with the tools they need to build lasting relationships and thrive in a competitive market.

     

    “Bvndle is a data-driven loyalty platform that empowers businesses to thrive and customers to maximise value,” Balogun said

     

    She stressed that the platform had the potential  in reshaping the future of customer engagement and loyalty in Nigeria. (NAN)(www.nannews.ng)

    RUKY/AWA
    ==========
    Edited by Olawunmi Ashafa

  • Digitilisation of capital market ‘ll address unclaimed dividends – SEC assures

    Digitisation

     

    By Rukayat Adeyemi

    Lagos, June 27, 2024 (NAN)The Securities and Exchange Commission (SEC) says the digitisation of the Nigerian capital market will address issues related to unclaimed dividends, among other benefits.

     

    The Director-General of SEC, Dr Emomotimi Agama, stated this during a new conference and stakeholder engagement session on the NGX E-Offering Platform held on Wednesday in Lagos.

     

    The News Agency of Nigeria reports that, in preparation for the bank’s recapitalisation exercise, the Nigerian Exchange Group Plc (NGX Group) has concluded plans to launch an E-Offering Platform, pending SEC’s approval.

     

    The digital platform is set to revolutionise public offerings and the rights issue process in the Nigerian capital market by providing a more efficient, convenient and smart way to manage public offers.

     

    Agama noted that with the necessary digital payment infrastructure in place, issues associated with unclaimed dividends, such as access to accurate identity and contact details of beneficiaries, would be fundamentally addressed.

     

    He explained the complexities of the financial market infrastructure, including the payment system, depository, exchanges, repository and other supporting elements.

     

    Agama said, “Why should there be unclaimed dividends with the E-offering platform? This is going to help us address that problem.

     

    “Any issues associated with dividend payments can be managed because we are connected to the payment gateway and have the necessary payment infrastructure in place.”

     

    Describing the new system as akin to a plumbing system in a house, he emphasised the importance of the straight-through process in the capital market.

     

    “Previously, we had direct cash settlement as part of the process.

     

    “Now, we are going to complete it. With the press of a button, everyone entitled to receive a payment will get what they are entitled to without any human intervention.

     

    “This is digital innovation. That is the future. That’s what we are going to do,” he added.

     

    The director-general stated that the digital approach would ensure the issue of unclaimed dividends is resolved.

     

    He also said that the e-offering initiative was expected to significantly contribute to the current administration’s goal of achieving a one trillion dollar economy.

    According to Agama, leveraging technology can attract a younger generation of investors, enhance regulatory oversight and create a world-class market.

     

    “This digitisation will play a crucial role in setting a new standard for capital raising in Nigeria and enable the capital market to support the achievement of the one trillion dollar economy target of the current administration,” he said.

     

    Agama commended the NGX Group and other capital market stakeholders on the initiative and pledged the commission’s support in actualising this feat.

     

    He emphasised that the digital transformation initiative is a testament to the shared commitment to fostering an innovative, efficient and reliable capital market embedded in the capital market masterplan.

     

    Earlier, Mr Temi Popoola, Group Managing Director of NGX Group, remarked that the e-offering platform marks a pivotal moment in the evolution of the Nigerian capital market.

     

    He stated that the platform would distribute financial products, particularly for public offers and rights issues, using an online platform that provides a level playing field for all participants.

     

    Popoola noted that as banks aim to fulfil their revised minimum capital requirements via primary markets, SEC and NGX Group had committed to facilitating a seamless process to help them and other issuers meet their business objectives.

     

    “This partnership between the SEC and NGX Group represents a major advancement in the modernisation of Nigeria’s capital market infrastructure, aiming to improve efficiency, transparency and accessibility for all participants in the market.

     

    “This innovative platform represents a significant advancement in digitising the capital raising process for issuers.

     

    “I can assure the investing public that robust payment systems, comprehensive Know Your Customer (KYC) protocols, and strong fraud and risk management measures are fully integrated on the platform.

     

    “The e-offering platform ensures that standard capital market intermediation is upheld without compromise,” he added.

     

    According to Popoola, the e-offering platform is designed to increase retail engagement in the capital market, enhance financial inclusion and expand the available capital pool in line with the transformation goals specified in the updated capital market masterplan.(NAN)(www.nannews.ng)

    RUKY/AWA

    ============

    Edited by Olawunmi Ashafa

  • NGX stock market rebounds, gains N95bn

    Gain
    By Rukayat Adeyemi
    Lagos, June 26, 2024 (NAN) Breaking three consecutive sessions of losses, the Nigerian stock market rebounds by 0.17 per cent on Wednesday as investors improve interest in Tier-one banking stocks.

    Gains in Guaranty Trust Holding Company (GTCO), Zenith Bank, FBN Holding, amongst other advanced equities, were the primary drivers of the positive performance of the broader index.

    Consequently, investors gained N95 billion or 0.17 per cent, as the Nigerian Exchange Ltd.(NGX) market capitalisation which opened at N56.126 trillion, closed at N56.221 trillion.

    The All-Share Index also rose by 0.17 per cent or 168 points to close at 99,385.44, compared to 99,217.60 recorded on Tuesday.

    As a result, the Year-To-Date (YTD) return rose to 32.91 per cent.

    Market breadth also closed positive with 35 gainers and 23 losers on the floor of the Exchange.

    Meanwhile, FTN Cocoa Processors led 34 advanced equities on the gainers’ table by 10 per cent to close at N1.54 per share, while Secure Electronic Technology Plc also led 12 declined equities by 10 per cent to close at 54k per share.

    Analysis of the market activity showed that trade turnover settled 33.15 per cent lower than the previous session.

    A total of 276.36 million shares valued at N4.12 billion in 7,597 deals were traded, compared to 361.57 million shares worth N6.16 billion in 8,511 deals posted in the previous session.

    Also, Access Corporation led the activity chart in volume and value with 45.34 million shares worth N859.40 million. (NAN)(www.nannews.ng)
    RUKY/AJA
    =========
    Edited by Adeleye Ajayi

     

     

     

  • NGX Group to open e-offering platform for recapitalisation exercise

    E-offering
    By Rukayat Adeyemi
    SEC officials and Capital Market top officials at a news conference at the stakeholder engagement session for the unveil of the NGX E-Offering Platform held on Wednesday in Lagos.

    Lagos, June 26, 2024 (NAN) In preparation for the bank’s recapitalisation exercise, the Nigerian Exchange Group Plc (NGX Group) has concluded plans to unveil an e-offering platform, subject to the approval of the Securities and Exchange Commission (SEC).

     

    The News Agency of Nigeria (NAN) reports that the digital platform is designed to revolutionise public offerings and the rights issue process in the Nigerian capital market.

     

    It provides a smarter, more convenient and efficient way to manage public offers.

     

    Mr Temi Popoola, Group Managing Director of NGX Group, said this at a news conference and stakeholder engagement session held on Wednesday in Lagos.

     

    Popoola stated that the platform marked an important moment in the evolution of the Nigerian capital market.

     

    He added that with the support of SEC and other capital market stakeholders, the Exchange had developed an end-to-end digitised market infrastructure platform.

     

    According to him, the platform will distribute financial products, particularly for public offers and rights issues, using an online platform that provides a level playing field for all participants.

     

    Popoola noted that as banks aimed to fulfil their revised minimum capital requirements via primary markets, SEC and NGX Group had committed to facilitating a seamless process to help them and other issuers meet their business objectives.

     

    “This partnership between SEC and NGX Group represents a major advancement in the modernisation of Nigeria’s capital market infrastructure.

     

    “It aims to improve efficiency, transparency and accessibility for all participants in the market.

     

    “This innovative platform represents a significant advancement in digitising the capital raising process for issuers.

     

    “I can assure the investing public that robust payment systems, comprehensive Know Your Customer (KYC) protocols and strong fraud, and risk management measures are fully integrated into the platform.

     

    “The E-offering platform ensures that standard capital market intermediation is upheld without compromise,” he said.

     

    Popoola noted that the e-offering platform, designed to increase retail engagement in the capital market would enhance financial inclusion.

     

    According to him, it will also expand the available capital pool in line with the transformation goals specified in the updated capital market master plan.

     

    The GCEO NGX Group added that stakeholders were expected to enjoy enhanced efficiency, streamlined due diligence capabilities, accessibility, faster information dissemination, and seamless compliance.

     

    He, however, noted that it would be with regulatory requirements, among other benefits on the platform.

     

    The managing director assured stockbrokers of their integration into the digital platform.

     

    Popoola emphasised that the platform was designed to accommodate them and not aimed at dismissing their role in the chain of offering trading nor denying them of their financial benefits and bonuses.

     

    In his address, Dr Emomotimi Agama, Director-General of SEC, commended the NGX Group and its partners on the initiative.

     

    Agama said that the digital transformation initiative was a testament to a shared commitment to fostering an innovative, efficient, and reliable capital market, embedded in tthe industry’s master plan.

     

    He noted that by leveraging technology, regulators and operators can attract the younger generation of investors, enhance regulatory oversight, and create a world-class market.

     

    Agama said: “This digitization platform will play a crucial role in setting a new standard for capital raising in Nigeria and enable the capital market’s support for the achievement of the one trillion dollar economy target of the current administration.”

     

    In his remarks, the NGX Group Chairman, Dr Umaru Kwairanga, appreciated SEC for its support in digitalising the capital market while urging all stakeholders to embrace the E-offering initiative.

     

    Kwairanga stated that although the initiative was coming at a period when banks were directed to recapitalise, noting that the NGX Group had been working on achieving this feat for the past six years.

     

    He said: “It is important that we all embrace this initiative and remove paper applications from our market to bring more retail investors on board.

     

    “We cannot continue to have less than 100,000 retail investors on our platform in a country with a population of more than 200 million people.” (NAN)(www.nannews.ng)

     

    RUKY/AWA
    ==========
    Edited by Olawunmi Ashafa

     

     

     

     

     

  • Consolidated Hallmark pays N542m total dividend, N5.10bn claims in 2023

    Dividend
    By Rukayat Adeyemi
    L-R: Group Executive Officer Consolidated Hallmark Holdings PLC, Mr Eddie Efekoha, Chairman, Mr Shuaibu Idris and Company Secretary, Ms Rukevwe Falana at the inaugural AGM of the Holding on Wednesday in lagos
    Lagos, June 26, 2024 (NAN)Consolidated Hallmark Holding Plc has declared a total dividend of N542 million for the financial year ended Dec. 31, 2023, which was approved by its shareholders.

    Mr Shuaib Idris, Chairman of the Board of Directors, disclosed this at the inaugural Annual General Meeting (AGM) of the company, which became a holding company in November 2022.

    Idris said that the amount translates to a dividend of five kobo per ordinary share of 50k, payable and subject to the appropriate withholding tax.

    “Upon your approval of the proposed dividend, the bank accounts of qualifying shareholders who have updated their records with the Registrars shall be credited beginning from the end of this meeting.

    “Our commitment to adequate returns on investments to our shareholders through consistent dividend payment remains firm, and we shall stay focused on that pathway,” he said.

    On the company’s financial performance for the past year, the chairman stated that the firm’s insurance revenue rose by 32 per cent to N15.7 billion in 2023, from N11.9 billion recorded in 2022.

    Idris said that the company’s total assets increased significantly to N26.2 billion, compared to N18.2 billion in 2022, indicating a 44 per cent increase.

    He stated that the holding’s pre-tax profit also grew to N4.6 billion in 2023 from N983 million in 2022.

    According to him, the total profit attributable to the company’s shareholders for the year under review stood at N3.8 billion, up from N547 million recorded in the previous year.

    The chairman said that despite the odds in the year under review, the company was able to record significant improvements in key financial indicators during the 2023 financial year.

    Idris noted that, like other years, factors impacting the company’s performance transcended the local scene, with some stemming from the international space.

    “Major factors which greatly impacted the operations of companies in the Nigerian business environment during the year under review include instability in power supply and unprecedented devaluation of the Naira.

    Other were sharp increases in prices of petroleum products, money and equities market and high inflation with its impact on the purchasing power of the populace,” he said.

    Idris further stated that the Nigerian insurance industry, which is the primary industry of the holding’s major subsidiary, saw remarkable growth during the financial year, hitting the one trillion Naira mark in premium income for the first time in 2023.

    He attributed some of the success to the increase in the premium rate for Third Party Motor Insurance from N5,000 to N15,000 by the National Insurance Commission (NAICOM), effective Jan. 1, 2023.

    However, the chairman noted that inflationary trends and foreign exchange crises negatively impacted the disposable income of insurance buyers.

    On the holding’s future outlook, Idris said that the company, though a non-operating holding company, would strive to effectively carry out its primary functions of maintaining control over its subsidiaries.

    Idris disclosed that the company would also establish additional investments in diverse sectors where opportunities arise, protect the group’s assets, and provide strategic direction.

    In his address, Mr Eddie Efekoha, the Group’s Chief Executive Officer (GCEO), said the group’s claims settlement in 2023 was N5.10 billion, compared to N4.47 billion in 2022.

    Efekoha stated that the group remained committed to prompt claims settlement across health insurance, micro life assurance, and general business and special risk insurance.

    “One of our major strategies remains the prompt payment of fully documented claims; hence, the amount expended on claims has risen significantly over the years as we fully meet our obligations.

    “This has continued to endear us to our clients in retail, corporate, and brokerage. We have further simplified processes using technology to fast-track the claims,” he added. (NAN)(www.nannews.ng)

    RUKY/AWA
    ===========
    Edited by Olawunmi Ashafa

  • Significant improvements in Africa’s risk management- Expert

    Risk
    By Rukayat Adeyemi

    Ms Chukwunomnso Anyichie, Chief Risk Officer of Coronation Group Ltd.

     

    Lagos, June 26, 2024 (NAN) The Chief Risk Officer of Coronation Group Ltd., Ms Chukwunomnso Anyichie, on Wednesday, said risk management had significantly improved within the African continent.

     

    Anyichie stated this in an interview with the News Agency of Nigeria (NAN) in Lagos.

     

    While assessing risk management practices, she offered strategies for enhancing its implementation and compliance across financial institutions in Africa.

     

    According to her, many improvements in risk management were largely driven by regulators within the banking, insurance, pensions, and Securities and Exchange Commission (SEC) sectors.

     

    “The regulators have continued to roll out risk management frameworks in line with international best practices that operators have to abide by.

     

    “The service management frameworks, or ISO 31,000 frameworks, have been a basis for the development of risk management frameworks across all our different financial sectors.

     

    “Whether in South Africa, Nigeria, or Kenya, where we have large financial centres, we have had significant implementation around risk management due to financial crises,” she said.

     

    Anyichie noted that the SEC recently sent out a circular on the implementation of Enterprise Risk Management Framework Standards, the COSO and the ISO.

     

    The commission now has proper oversight over the risk environment and practices of all capital markets operators.

     

    She highlighted that the Coronation Group, within its ecosystem, had already implemented the Enterprise Risk Management Policy and frameworks with board-approved policies.

     

    This, she said, was in compliance with the regulator’s directive and in line with global best practices.

     

    Anyichie listed the common risks that financial institutions in Africa face, including credit, market, operational, regulatory, and political risks.

     

    She explained that the top risks in the continent were led by political instability and policy changes that impact the businesses and operations of financial institutions.

     

    “The political risk is also tied to regulatory risk because the regulators ensure implementation of best practices to improve the economic and financial systems,” she said.

     

    In managing risk, Anyichie advised institutions to ensure controls such as financial control, board oversight, and education, with a synergy of the finance and compliance functions.

     

    She also urged financial institutions to build professional relationships with their regulators, as the African culture values such relationships.

     

    Anyichie emphasised the importance of leveraging technology to protect businesses from cyber-attacks and carrying out stress testing to enhance business resilience.

     

    She said, “For example, at Coronation, we are forward-looking and have been pushing out lots of initiatives, products, and services to help our customers build wealth.

     

    “Hence, we regularly engage our regulators by having conversations, building relationships, and giving them insight into what we are up to and how to meet the requirements before we roll out.

     

    “For example, we are the first Securities and Exchange Holding Company in Nigeria and got the license last year.” (NAN)(www.nannews.ng)

    RUKY/KOO/AWA
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    Edited by Kevin Okunzuwa/Olawunmi Ashafa