From Left: Head, Corporate Services, SUNU Assurances Plc, Japari Yusuf; General Manager, Risk Management & Financial Control, SUNU Assurances, Elie Ogounigni; Managing Director, SUNU Health, Dr. Patrick Korie; Managing Director, SUNU Assurances, Mr. Samuel Ogbodu; Rev.Father, Catholic Chaplaincy Centre, College of Medicine and Lagos University Teaching Hospital, Idi Araba; Independent Non-Executive Director, Mrs Bakare Olajumoke; Director, SUNU Health, Chairman, Audit Committee, SUNU Assurances, Mr Samuel Adedoyin; and Company Secretary, Mrs. Taiwo Kuku during A mass to mark the anniversary of Late Founder, SUNU Group in a day-long event in Lagos.
Unity Bank Customer Wins N1m in CashToken Rewards Promo
A Unity Bank customer, Mr. Musa Dayyabu, has emerged winner of One Million Naira in the ongoing cash reward Promo by Unity Bank Plc and CashToken Rewards Africa. CashToken Rewards Africa is a Cash-Reward-as-a-Service company that rewards customers for patronage and loyalty.
Mr. Dayyabu, a customer of the Bank from Bello Road Branch, Kano, won the cash prize after he activated his Unity Bank Verve card and having carried out transactions, received CashTokens and qualified for the weekly national consumer draw. It was in this draw, he emerged as the lucky winner of One Million Naira cash.
The Unity Bank and CashToken Rewards promo launched in November 2023, is a cash reward program that offers guaranteed instant cash and a life-changing opportunity designed to reward loyal customers of the Bank who onboard and transact on any of the Bank’s electronic payment platforms, including the Unifi mobile banking application, the *7799# USSD platform.
The program, which will run until the end of February is open to all customers. Each card transaction earns customers CashTokens, which qualifies the customer to enter into the weekly national consumer draw where they stand a chance to win from N5K -N100M Naira.
Presenting the cheque to the winner in Kano on Tuesday, Unity Bank’s Head of E-Business, Eghomware Iyamu congratulated the winner and reiterated the Bank’s commitment to create a sustainable loyalty platform for customer engagement and satisfaction.
Iyamu said, “We celebrate our customers for their loyalty to the Unity Bank and for being part of the ongoing Unity Bank and CashToken Rewards promo. The cash prize being presented today is just the beginning, we, therefore, look forward to having more winners from this programme. Let more and more people get on the Unity Bank’s digital banking, transact on the different platforms and they will equally be rewarded.”
He added, “The collaboration between Unity Bank and CashToken Rewards Africa will continue to create an unmatched customer experience. By tapping into CashToken Reward’s exceptional reward platform, Unity Bank customers can continue to anticipate generous cash rewards, transforming every interaction with the bank into a truly rewarding experience.”
Also commenting on the development, the Chief Business Development officer for CashToken Rewards Africa Africa, Simi Adeoye commended the customers of Unity Bank for the impressive number of onboarding and transactions in the build-up to the weekly draw held in the campaign period, adding that “with opportunities to win life-changing cash of up to N100M, the assurances of the transparent process will constantly be upheld to spread the benefits of the reward scheme to deserving customers”.
“The prospects of having more winners in the ongoing exercise is keeping the steam in the collaboration between the Bank and CashToken Rewards Africa,” Simi quips.
Unilever Unveiled as Official Sponsor of 2023 TotalEnergies CAF Africa Cup of Nations
In a game-changing partnership, Unilever Personal Care brands Rexona, Axe and Dove have been announced as the official sponsors of the TotalEnergies CAF Africa Cup of Nations Côte d’Ivoire 2023 and TotalEnergies CAF Women’s Africa Cup of Nations Morocco 2024.
The partnership with CAF was spearheaded by Unilever International, Unilever’s Global Business Unit and Unilever’s Personal Care Business Group.
This association makes Unilever the exclusive Personal Care Consumer Goods partner for the two tournaments, with the company working closely with CAF on a range of football initiatives across a selection of African countries over the duration of the agreement.
The TotalEnergies CAF Africa Cup of Nations Côte d’Ivoire 2023 will kick off on January 13 and is expected to be watched by over 800 million people worldwide, tuning in to catch the unique flavour of Africa’s biggest footballing celebration.
The TotalEnergies Women’s Africa Cup of Nations 2024, meanwhile, is set to take place in the summer of 2024 in Morocco, with the dates still to be announced.
By sponsoring the TotalEnergies CAF Africa Cup of Nations Côte d’Ivoire 2023, Unilever is building on its rich history as a major partner of football events and competitions in Africa and Worldwide.
Mr. Assem Puri, Executive Vice President, Unilever International said: “We are thrilled to partner with CAF and engage a large, diverse audience through our Personal Care brands. Through this partnership, we are also excited to connect with the future generation of football athletes across the African continent and help them grow.”
Dr. Patrice Motsepe, CAF President said: “This major new partnership with Unilever represents a huge step towards achieving our objective of making CAF competitions, and African football, globally competitive and appealing to fans and viewers across Africa and around the world. We are delighted to welcome Unilever as the latest Official Sponsor of the TotalEnergies CAF Africa Cup of Nations Côte d’Ivoire 2023 and the TotalEnergies CAF Women’s Africa Cup of Nations Morocco 2024, as well as with the numerous sponsors that we have been announcing over recent months. We look forward to welcoming the eyes of the world to our continent for a huge year of African football in 2024.”
Until the 11th of February, Unilever deodorant brands Rexona, Axe and Dove will also come with scratch coupons where up to 3000 consumers can win an all-expense paid trip to watch the games (T&Cs apply and participating countries are Nigeria, Ghana, Egypt, Morocco, Côte d’Ivoire, Cameroon, Senegal, Kenya, Angola, Burkina Faso and Mali).
CBN Dissolves, Appoints New CEOs, EDs for Union, Keystone, Polaris Bank
The Central Bank of Nigeria (CBN) has dissolved the Board and Management of Union Bank, Keystone Bank and Polaris Bank.
The apex bank said the action became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020. In the same vein, the CBN has equally appointed new chief executives and executive directors for the affected banks.
They are:
Yetunde Oni (CEO) and Mannir Ubali Ringim (ED) for Union Bank
Hassan Imam (CEO) and Chioma A. Mang (ED) for Keystone Bank
Lawal Mudathir Omokayode Akintola (CEO) and Chris Onyeka Ofikulu (ED) for Polaris Bank
The CBN stated further: “The Bank’s infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability, among others. The CBN assures the public of the safety and security of depositors’ funds and remains resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria. Our Banking system remains strong and resilient.”
Continental Re: 9th Pan-African (Re)Insurance Journalism Awards for April 12
Continental Reinsurance Plc is delighted to unveil the confirmed venue for the highly anticipated 9th Pan-African (Re)Insurance Journalism Awards.
The prestigious ceremony is set to take place on April 12, 2024 in Victoria Falls, Zimbabwe.
Business journalists from across the African continent are invited to showcase their exceptional work in various categories, including Online, Print, and Broadcast, in both English and French. This year’s awards also feature an Arabic Category and the Dr. Femi Future Talent Award.
Submission Period and Process: Entries are open for submission up to February 14, 2024. Works published within the year leading up to the submission deadline are eligible for consideration. Interested participants can submit their entries through the official awards portal: https://www.continental-re.com/awards-2024/.
Mr. Lawrence Nazare, Group Managing Director of Continental Reinsurance, emphasized the crucial role of the (re)insurance industry and the impact of journalists in shaping its narrative. He stated, “The (re)insurance industry is a catalyst for progress, offering economic stability and security to individuals and businesses. Reporting on insurance is not only informative but also serves as a catalyst for industry, educates the public about the importance of risk management, fostering a culture of preparedness.”
9th Pan-African (Re)Insurance Journalism Awards Highlights:
Categories: Online (English), Print (English), Broadcast (English), French (Online, Print, or Broadcast), Arabic (Online, Print, or Broadcast), and Dr. Femi Future Talent Award.
Previous Success: The 8th edition witnessed entries from 18 African countries, celebrating winners from Uganda, Ghana, Burkina Faso, Egypt, and Zimbabwe. The awards ceremony was graced by His Excellency Rigathi Gachagua, Deputy President of the Republic of Kenya.
Save the Date: The awards ceremony for the 9th Pan-African (Re)Insurance Journalism Awards is scheduled to coincide with the 9th CEO Summit on April 12, 2024, promising an event of recognition, celebration, and networking.
Final Farewell: ACAMB Announces Burial Arrangements for Abdul Imoyo
With the permission of Imoyo Family, The Association of Corporate & Marketing Communications Professionals in Banks in Nigeria (ACAMB) is deeply saddened to announce the burial details for its distinguished Publicity Secretary, Mr. Abdul Kolawole Imoyo, who passed away in the early hours of Sunday, December 17, 2023 at First Cardiology, Ikoyi, Lagos after a brief illness.
Mr. Imoyo, a highly regarded Corporate Media Manager and Journalist, leaves behind a legacy of excellence in the field of Corporate Communications.
The burial arrangements, as communicated by the Imoyo family, are as follows:
Service of Songs:
Date: January 17, 2024
Time: 5pm
Venue: Harbour Point Event Center, 4 Wilmot Point Road, Victoria Island, Lagos
Funeral Service:
Date: January 18, 2024
Time: 5pm
Venue: RCCG Olive Tree Parish, Banana Island Road, Ikoyi, Lagos
Interment:
The interment is strictly private and reserved for family members and few invited guests.
Rasheed Bolarinwa
President, ACAMB
‘Dangote Group Will Co-operate with EFCC as a Law-abiding Corporate Citizen’
- Following the widely reported recent visit of the officials of the EFCC to our headquarters in Lagos on 4 January 2024, we understand the concern and interest this has generated among our valued partners, stakeholders, and the public, and consider it necessary to provide a factual account of the events.
- On 6 December 2023, we received a letter requesting for details of all the foreign exchange allocated to our company by the Central Bank of Nigeria from 2014 to the present. We understand similar letters were sent to 51 other Groups of companies requesting for same information spanning same period.
- We responded to the EFCC to acknowledge receipt of the letter whilst seeking clarification on the subsidiaries or companies within the Group that they required information on. We also requested for additional time to compile and properly present the extensive documentation spanning ten years.
- However, the EFCC did not provide the clarification sought and also did not honour our request for an extension and insisted on receiving the complete set of documents within the limited timeframe. Despite this constraint, we assured the EFCC of our commitment to providing the information and pledged to share documents in batches as we complete the compilation.
- On 4 January 2024, our team delivered the first batch of documents to the EFCC. However, officers of the EFCC did not accept the documents, insisting on visiting our offices to collect the same set of documents directly.
- Whilst our representatives were still at the EFCC’s office to deliver the documents, a team of their officers proceeded to visit our offices to demand for the same documents in a manner that appeared designed to cause us unwarranted embarrassment. Worthy of note is the fact that the officials did not take any documents or files from our Head Office during their visit as these were already in their office.
- We must emphasise that, to our knowledge, no accusations of wrongdoing have been made against any company within our Group. At present, we are only responding to a request for information to assist the EFCC with their on-going investigation.
- As a law-abiding and ethical corporate citizen, we remain committed to providing the EFCC with all necessary information and co-operation. We have already delivered the first batch of documents and are actively working to compile and submit the remaining documents, in good time, to aid their investigation.
- Our Group is a key contributor to the national GDP, the largest employer in the private sector, one of the largest groups listed on the Nigerian Exchange and one of the highest taxpayers in the country. We remain steadfast in our belief in Nigeria’s commitment to the rule of law and its dedication to fostering an environment conducive for investment and value creation for both local and foreign investors.
We therefore call for the understanding and patience of our stakeholders. We will keep our stakeholders informed of any further developments.
STACO Insurance CEO, Wale Banmore, Charges Staff to Drive Corporate Growth in 2024
Dr. Wale Banmore, the Managing Director/CEO of STACO Insurance Plc has challenged the management and staff of the underwriting firm to consider 2024 as the year to drive sustainable growth of the company across key market indices.
In a new year message to the staff, Banmore stated that he and the executive management team had already set the tone for 2024 during the company’s budget retreat.
“Towards the end of the year 2023, you may all recollect that the tone for 2024 was set by myself and the Executive Management Team at our budget retreat. And to re-emphasise same, l would say that 2023 was a year to test our capabilities and capacity industry-wise, customer-wise and regulatory-wise. To which, l can boldly say we scored 3/3. This brings us to 2024 and l will advise you make it our theme, motto and prophecy that we have been accepted by the market and the real race has just begun.”
The STACO Insurance CEO said that while the target in 2023 was to survive and be accepted in the 3-tiers stated earlier, 2024 is the time to “restore full-on competition with our peers and push for a win in 2024.”
He congratulated the management and staff of the company for making it to 2024.
“In conclusion, l would like to say it is always an honour and privilege for me to lead this great people and organisation and will not rest on my oars until we are up there together. Welcome to 2024 great people of STACO Insurance Plc. It is our year of being at the top.”
NIA Congratulates Segun Bankole on Election as CAMCONIA Chairman
The Nigerian Insurers Association (NIA) has sent a message of congratulations to Mr. Segun Bankole, Deputy General Manager (DGM) and Head of Corporate Communications at Sovereign Trust Insurance Plc over his recent election as Chairman of the Corporate Affairs Managers Committee of the Nigerian Insurers Association (CAMCONIA).
Part of the congratulatory letter read in part:
“As Chairman, your role will undoubtedly contribute significantly to the success and effectiveness of the Committee. We are confident that your passion, expertise and commitment will be instrumental in achieving the Committee’s goals and objectives.”
Stanbic IBTC Bank Nigeria PMI: Output Returns to Growth but Inflationary Pressures Remain
The Nigerian private sector returned to growth in December, with renewed increases in both output and new orders recorded amid some signs of recovery in demand. This was despite continued intense inflationary pressure, with purchase costs and selling prices each rising at sharper rates than in November. Meanwhile, business confidence dropped to the joint-lowest in the decade-long survey so far. The headline figure derived from the survey is the Stanbic IBTC Purchasing Managers’ Index (PMI).
Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank commented: “The headline PMI returned to expansion territory for the first time in three months in December 2023, posting 52.7 from 48.0 in November. The reading implies a strong improvement in the health of the private sector, and one that was the most marked since June. Demand conditions showed signs of recovery, leading to a marked increase in new orders following two months of contraction. The Nigerian economy grew by 2.54% y/y in Q3:23 relative to 2.51% y/y growth in Q2:23. The growth improvement relative to the prior quarter was primarily driven by a modest decline in the Oil GDP (-0.85% y/y vs Q2:23: -13.43% y/y), as the non-oil sector’s growth (2.75% y/y vs Q2:23: 3.58% y/y) moderated due to the impact of FX and PMS subsidy reforms witnessed in the review period. Growth is likely to settle at 2.96% y/y in Q4:23 supported by an expected return of the oil sector to growth, taking the full year growth print at 2.60% y/y. Nevertheless, feedback from respondents continue to show intense inflationary pressure, with purchase costs and selling prices each rising at sharper rates than in November. Consumer price pressures remain unrelenting in Nigeria, rising by 87bps from the previous month to 28.20% y/y in November – its highest point since August 2005 (28.21% y/y). Parsing through the breakdown, food inflation rose by 132bps to 32.84% y/y, while the non-food inflation settled at 22.55% y/y, with the most significant pressures coming from the utilities (23.37% y/y), health (23.85% y/y), and transport (27.02% y/y) sub-baskets. We expect inflationary pressures to remain elevated in the near term.”
Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration. The headline PMI moved back above the 50.0 no-change mark for the first time in three months at the end of 2023, posting 52.7 in December from 48.0 in November.
The reading signaled a solid improvement in the health of the private sector, and one that was the most marked since June. Demand conditions showed signs of recovery, leading to a marked increase in new orders following two months of contraction. Similarly, business activity also returned to growth and was up solidly over the month. Sector data showed that wholesale & retail activity continued to fall, however.
The improvements seen in December were recorded in spite of a continuation of the severe price pressures seen in recent months. While overall input price inflation softened slightly, it remained among the sharpest on record. The slowdown in overall input price inflation reflected a softer, but still solid increase in staff costs. Meanwhile, the rate of purchase price inflation quickened for the third successive month and was the sharpest for two years.
Panelists again linked inflation to exchange rate weakness and higher fuel costs, while there were also reports of higher prices for animal feed. In turn, selling price inflation also quickened, and was the fastest since the survey record posted in August. The improvements in new orders and business activity in December encouraged companies to take on extra staff at the end of the year, thereby extending the current sequence of job creation to eight months.
Purchasing activity and inventory holdings were also expanded. Backlogs of work increased for the third time in the past four months, however, amid issues with the cost and availability of materials and customer payment delays. Competitive pressures and requests for faster deliveries led to a tenth consecutive monthly improvement in vendor performance.
Despite the return to growth of activity in December, confidence in the year-ahead outlook continued to wane, easing for the second month running to the joint-lowest since the survey began in January 2014.
N32M Won by 12 Nigerian Youths at Stanbic IBTC Pension Managers’ 2023 FUZE Festival
Stanbic IBTC Pension Managers, once again, successfully hosted the highly anticipated grand finale of the FUZE Talent Show on 23 December 2023; where 12 outstanding individuals were rewarded with a total prize money of N32 million, in an exhilarating showcase of talent and creativity.
The top three in each category – music, dance, fashion, and technology, had the unique opportunity to showcase their unique skills and perform live at the acclaimed Livespot Entertarium in Lekki, Lagos; and were presented with cash prizes of N5 million, N2 million and N1 million respectively, for the first, second and third place winners of each category. Praise Eguajoe (Dance category), Mariam Bello (Fashion category), Chioma Ukpabi-Steve (Tech category); and Atonopriya Cotterell (Music category) emerged as the first-place winners, and each walked away with N5 million cash prize.
The FUZE Talent Show, which received an overwhelming response with over 4,000 entries from applicants, provided a platform to showcase raw talent from participants across Nigeria. The journey to the finals was rigorous, with 28 contestants taken through a two-week boot camp, several levels of competition, and weekly elimination shows, after which the top 12 contestants secured their spots in the thrilling finals.
The event was not just a talent showcase but an unforgettable experience filled with excitement and fun. Over 10,000 attendees enjoyed a full-day festival featuring a marketplace and an unforgettable concert where A-List Nigerian artistes – Adekunle Gold, Pheelz, Fave and NSG, thrilled the youthful crowd with hit after hit. Attendees enjoyed all of this for free, keeping with the true spirit of the yuletide season – the season for giving!
Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers, expressed pride and passion as he remarked, “It was truly an extraordinary showcase of Nigeria’s diverse and immense talent pool. At Stanbic IBTC Pension Managers, we do not only focus on professionally managing your retirement funds but equip you with the knowledge to enable you make the right decisions that enable you to optimize your retirement benefits, no matter your age.
This is why we have put together this important platform to ensure that young Nigerians who have talents in diverse areas, get the encouragement that they need to truly achieve the extraordinary. Here, we believe that your best days are always ahead; so-we aim to help you identify and seize the opportunities to harness them.”
Nike Bajomo, Executive Director, Business Development, Stanbic IBTC Pension Managers, congratulated the winners and thanked everyone involved in putting up such a great show and for making the event a resounding success. She highlighted the significance of the FUZE Festival, stating that, “beyond the merriment and fun-filled experience, the event had a profound impact in empowering Nigerians to fulfil their dreams and end 2023 on a high note.”
The panel of judges comprising Ric Hassani, singer and song-writer; Banke Kuku, fashion curator; Bunmi Olunloyo, dance choreographer; and Stanley Jacob, Chief Executive of Zest Payment (formerly known as Stanbic IBTC Financial Services), played a crucial role in evaluating the performances across the four categories and in supporting the contestants to ending the show on a high note.
Stanbic IBTC Pension Managers has, once again, reaffirmed its commitment to empowering young Nigerians and making the extraordinary possible and also highlights the organisation’s strong support for the creative industry in Nigeria majorly powered by the youths.
Leadway Assurance Appoints Lesi, Amanwa in Strategic Leadership Transitions
Leadway Assurance Company Limited, a foremost player in the Nigerian insurance sector, has announced significant leadership transition in line with the regulatory requirements of the National Insurance Commission (NAICOM).
Following NAICOM’s guidelines on tenure limits for executives, the Board of Directors is delighted to announce the appointment of Mr. Gboyega Lesi as the Acting Managing Director of Leadway Assurance Company Limited, effective January 1, 2024. This appointment is subject to the requisite regulatory approval from NAICOM.
This strategic move is a testament to Leadway Assurance Company Limited’s commitment to sustaining the highest standards of corporate governance and adherence to regulatory directives. The Board expresses confidence in Mr. Gboyega Lesi’s leadership capabilities, underpinned by his close collaboration with Mr. Tunde Hassan-Odukale over the years.
Tunde, commenting on the appointment of his successor, stated, “I am confident in Gboyega Lesi’s leadership, and I believe his expertise and experience in the industry in almost three decades will be instrumental in steering the company towards continued success and growth across the west African insurance market.
“Mr. Lesi, a seasoned professional with a wealth of experience, is well positioned to lead the company into its next phase of growth. His strategic vision and deep understanding of the industry make him an ideal successor to guide Leadway Assurance on its trajectory of sustained success,” Mr. Hassan-Odukale added.
Reflecting on his appointment, Lesi said: “It is an honour to assume leadership of this esteemed company during such a pivotal time. Our robust growth over the years is attributed to our values, a customer-centric culture, and an engaging approach that sets us apart.
“Taking up the mantle to build upon this rich legacy is a challenge I eagerly embrace alongside our dedicated professional team. Our current standing is a testament to our stakeholders, brokers, and peerless customers’ trust in our ability
to provide convenient, tech-driven, and reliable risk management support. My determination to consistently deliver excellence remains unwavering. I am wholeheartedly committed to furthering our accomplishments by placing our clients at the center of every aspect of our operations.”
In a similar development, Leadway Assurance Company Limited announced the appointment of Mrs. Oluwafunmilayo Amanwa as the Executive Director, Technical & Operations, following the exit of the current Executive Director, Technical Services, Ms. Adetola Adegbayi, occasioned by the NAICOM circular on tenure limits for executives. Her appointment is also subject to the requisite regulatory approval from NAICOM.
Commenting on the appointment, Tunde reiterated that Amanwa’s exceptional portfolio and industry experience make her a worthy appointment to help the organization achieve its strategic objective of attaining best-in-class underwriting excellence and operational efficiency.
The company remains dedicated to providing innovative and comprehensive insurance solutions to its diverse clientele. This transition aligns with Leadway Assurance Company Limited’s commitment to fostering seamless succession planning that fosters its mission and values continuity.
About Gboyega Lesi
Gboyega Lesi is a seasoned professional with over 25 years of working experience in the Nigerian Insurance industry. As a Non-Executive Director at Leadway IARD in Cote D’voire, Lesi leveraged his experience to oversee Leadway’s strategic investments. In his previous role as Executive Director of Commercial Business at Leadway Assurance Company Ltd., Nigeria, he played a crucial role in developing and executing the organisation’s B2B sales strategy.
Prior to joining Leadway, Lesi started his insurance career as an insurance broker with SCIB Nigeria & Co. Limited, where he rose to be the head of business development. He also worked with ADIC Insurance Ltd. (now NSIA Insurance Ltd.) as Vice President and Head of Alternative Distribution Channels.
Gboyega’s educational journey includes an Advanced Management Programme (AMP) from Lagos Business School in 2022, an MBA from Aston Business School, United Kingdom, in 2008, and a bachelor’s degree in civil engineering from the University of Lagos, Nigeria, in 1992. He holds Associate memberships with the Chartered Insurance Institute Nigeria (ACIIN) and the Chartered Insurance Institute London, UK (ACII). He is also a Member of the Chartered Institute of Directors, Nigeria. (M.IoD).
About Oluwafunmilayo Amanwa
Mrs. Olufunmilayo Amanwa is a seasoned professional who has produced timely and unparalleled results in her 17 years of work experience. She has been able to demonstrate an excellent blend of ethical work culture and professionalism in her handling of contractual agreements, underwriting, claims, reinsurance, specialty insurance (energy, power, and aviation), reinsurance broking, administration and risk management.
She started her insurance career at Mutual Assurances Limited in year 2002 as the Acting Company Secretary/Head, Claims Unit before moving to Leadway Assurance Company Limited where she held various roles including legal, claims, underwriting, specialty reinsurance, company secretariat/board secretary, Head special risks underwriting and claims, team lead industrial construction and property underwriting and Head, General business underwriting. Prior to her return to Leadway, she was a senior reinsurance broker at Afro-Asian Insurance Services, London, United Kingdom.
Funmi holds a Bachelor of Laws degree from Lagos State University. She is a member of the Nigerian Bar Association, an associate member of the Chartered Insurance Institute of Nigeria, and a certificate member of the Chartered Insurance Institute of London. She is also a graduate member of the Institute of Chartered Secretaries and Administrators (UK).
NGX, PenCom to Deepen PFAs’ Equity Participation with Pension Broad Index
Nigerian Exchange Limited, in collaboration with the National Pension Commission (PenCom) launched the NGX Pension Broad Index (NGXPENBRD) on 15 June 2023, which provides a broader benchmark for equities investment by the pension industry.
The NGX Pension Broad Index is designed to track the performance of equity securities that adhere strictly to the profitability and dividend payment criteria, along with other parameters specifically tailored to the pension industry. With an all-encompassing approach, the index imposes no limits or caps on the number of stocks it can include as constituents.
Currently featuring 84 equities, the NGX Pension Broad Index aligns seamlessly with the provisions of the Pension Reform Act of 2014 and the Amended Regulation on the Investment of Pension Fund Assets proposed by PenCom.
The NGX Pension Broad Index has exhibited robust performance since its launch last year. The index stands out for its well-diversified composition, encompassing high-quality stocks across key sectors, including Banking, Insurance, Oil & Gas, Consumer Goods, and Industrial Goods.
Mr. Jude Chiemeka, Acting CEO of Nigerian Exchange Limited, expressed gratitude for PenCom’s insightful partnership, stating, “the collaboration between NGX and PenCom underscores a shared commitment to fostering transparency, compliance, and growth within the Nigerian capital market. I am pleased with the approval granted by the National Pension Commission for the NGX Pension Broad Index (NGXPENBRD) to serve as the benchmark index for Nigeria’s Pension industry equity investment portfolios. This further solidifies the credibility of the index as a reliable yardstick for evaluating the equity performance of pension industry investments.”
The NGX Pension Broad Index is poised to play a pivotal role in guiding investment decisions and enhancing the overall stability of Nigeria’s pension industry.
No Increase in PMS Prices, NNPC Assures Nigerians
The Nigerian National Petroleum Company (NNPC) Limited assures the public that there is no imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol.
NNPC Limited urges Nigerians to disregard unfounded rumours and assures them that there are no plans for an upward review of the PMS price.
Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country.
Olufemi O. Soneye
Chief Corporate Communications Officer
NNPC Limited
CBN Assures Bank Depositors of Safety of Funds
The Central Bank of Nigeria (CBN) has noticed reports, in certain media outlets, about a recommendation for the Federal Government to take over some CBN-supervised financial institutions.
For the avoidance of doubt, Nigerian banks remain safe and sound.
The CBN encourages the public to continue their regular activities without being alarmed by reports that have not emanated from the CBN about the health status of Nigerian banks.
The CBN is fully equipped to carry out its statutory duty of upholding a stable financial system in Nigeria.
We assure the general public and depositors about the safety of their funds in Nigerian financial institutions. Bank customers are therefore advised to proceed with their banking transactions as usual, as there is no cause for concern.
Sidi-Ali, Hakama (Mrs.)
Ag. Director, Corporate Communications
Central Bank of Nigeria