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Linkage Assurance: N1.4bn Profit, N1.4bn Claims Paid in H1, 2022

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Daniel Braie

Managing Director/CEO

Linkage Assurance Plc

Linkage Assurance Plc has beaten all odds to return strong profitability in half year 2022 despite the challenging business environment.

The company in a statement to the Nigerian Stock Exchange and shareholders on the unaudited result for the second quarter ended 30th June 2022 recorded a profit before tax (PBT) of N1.465 billion from a loss position of N2.111 billion the same period last year.

This is as profit after tax (PAT) also moved in similar direction closing at N1.392 billion at the end of June 2022, as against N2.090 billion loss same period in 2021.

In a statement signed by Chief Joshua B Fumudoh, chairman of the board, Daniel Braie, Managing Director/CEO and Emmanuel Otitolaiye, Chief Financial Officer, Linkage Assurance Plc recorded a gross premium written of N8.303 billion in the review period from N6.952 billion in the previous year.

During the review period, the company also recorded a net underwriting income of N3.515 billion from N2.703 billion in 2021, while the underwriting profit stood strong at N231.28 million from a loss position of N1.027 billion.

Growth in underwriting profit according to the company was attributed to quality risks management and prudence in risks selection, even as it continues to meet its claims obligation promptly to her esteemed customers.

The underwriter during the period paid out N1.422 billion on claims to her numerous customers that suffered one form of loss or the other during the half year period, from N3.989 billion the previous period.

Daniel Braie, Managing Director/CEO of the company told shareholders during its last Annual General Meeting in Lagos that the company was going in a positive direction as shown in its quarter by quarter performance in the current year.

He assured that management was doing all it can to turn the clock, by ensuring that its underwriting and risks management strategies were adequately deployed to ensure a healthy and stronger bottomline at year end.

Meanwhile, Linkage Assurance Plc’s total assets continues on its robust mood, standing at N44.508 billion at the end of half year, from N38.71 billion in 2021, indicating a growth of 14.98 percent.

Management of Linkage says it will continue to refine its strategy in line with the political, economic, sociological and technological changes in the industry particularly the impact of Coronavirus (COVID-19) pandemic on the business landscape.

“We will also continue to develop innovative products, alternative channels of distributions and strategic initiatives that will enable us achieve our corporate goals and objectives. With a medium-to-long term perspective, we believe that we will benefit from growth as a result of these initiatives, Braie said.

 

 

Insurance Journalist Escapes Death from Auto Accident

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The Insurance Editor of NewsPage Media, Sola Alabadan, escaped death by whiskers last the weekend while travelling from Lagos to Ekiti State, as a Toyota Sienna vehicle with Registration number GGE970GB, suddenly hit his car from the back and pushed him under the trailer in front of him.

The whole windscreen of his vehicle was shattered, while the bonnet and the bumper were damaged completely.

Immediately the accident happened, he said he thought the end has come as he could not see anything for some seconds.

Although he was not injured physically, he said the tiny broken glass splashed on his body, and he expressed fears that some of the broken glasses had not been deposited in his body.

In view of the fact that the driver of the car accepted it was his fault, he said he asked him if the vehicle has the minimum third-party insurance cover required by the law and the driver said yes.

To confirm if the insurance certificate was genuine, Sola said he had to visit the website of the Nigerian

Insurance Industry Database (NIID) and it shows the vehicle was insured by a licensed insurance company.

The insurance certificate was issued on December 17, 2021 and it will expire on December 16, 2022.

Interswitch to Headline One Africa Music Fest, Sponsor 20 Customers

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Africa’s leading integrated payments and digital commerce company, Interswitch is set to, yet again headline the Interswitch One Africa Music scheduled to hold in New York, and Dubai, this year.

This is the company’s third consecutive headline-sponsorship of the music festival that celebrates and showcases Africa’s music and creative talents to the world.

As a company that gives back, Interswitch has announced that it will be rewarding 20 lucky customers with an all-expenses-paid trip to the Dubai concert to experience the electrifying performances by some of Africa’s biggest artistes, alongside other global stars. The lucky winners from the ‘Never Stop Vibing’ campaign will be selected from a monthly raffle draw that will hold at the end of August, September and October 2022.

To qualify for the draw and win a ticket to Africa’s biggest music fest, interested participants are advised to download the Quickteller app and conduct a minimum of three (3) transactions every month, from August 1, 2022, to October 31, 2022.

Interswitch has consistently headlined the show for three consecutive years, enabling the African music industry and elevating African artistry to reach a global audience, rooted in its belief in taking African talent beyond the continent for wider recognition and consumption.

Interswitch’s sponsorship of the music fest is an expression of its desire to strive for value realization, engaging customers’ passion points, providing rewarding brand experiences and connecting music lovers with their favourite artistes.

Speaking on the sponsorship, Olawale Akanbi, Group Head, Growth Marketing – Merchant & Ecosystem, Interswitch Group, said that Interswitch’s consistent support of the music fest mirrors the company’s desire to throw its weight behind the growth of African talents across industries, from tech to music.

He added, “We make conscious efforts to tap into opportunities that showcase African talents to a global audience, sustaining the international momentum which has been gained by Afrobeats music, while fostering collaboration that leads to growth.”

Also remarking on the campaign, Priscilla Iyari, Brand Manager, Quickteller, Interswitch Group noted that Interswitch’s renewal of its sponsorship is a commitment to reaching consumers at their various touchpoints, especially their passion points & lifestyle, beyond just payments.

Iyari said, “We are excited to headline the Interswitch One Africa Music Fest again this year. It serves as another customer-engaging avenue to reward our loyal customers with an experience of a lifetime’’. She further stated that the brand continues to demonstrate its support for the African music industry by curating and sponsoring initiatives such as Quickteller Barz and Notes, DJ Kaywise’s Joor party, as well as other concerts.

The Interswitch One Africa Music Fest brings together artistes from across Africa who will share the stage with other renowned performers from other parts of the globe to thrill fans and music lovers with hit collections.

Artistes such as Wizkid, Davido, Tiwa Savage, Burna Boy, Omawumi, and Flavour, among others have graced the events held in three different cities: New York, London, and Dubai, in the past. The line-up this year promises to be just as star-studded.

Verve Rewards Cardholders with Brand New Car, Prizes Worth N50m

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L-R – Chuma Ezirim, FirstBank’s Group Executive, E-Business and Retail Products; Olakunle Animasaun, grand prize winner; Vincent Ogbunude, Managing Director Verve; and Folasade Femi-Lawal, Head of Card & Messaging Business First Bank, during the presentation of a brand-new Suzuki S-Presso car to Olakunle Animasaun at the recently concluded First Bank & Verve Transact and Win Promo.

Africa’s leading payment cards and digital tokens brand, Verve, in partnership with First Bank has rewarded the grand prize winner of the Transact and Win Promo, Mr. Olakunle Animasaun, the Chairman of Kanwal International Limited, with a brand-new Suzuki S-Presso car during the prize presentation ceremony at First bank’s head office in Lagos.

The Verve Transact and Win Promo organized in collaboration with First Bank was designed to reward loyal Verve cardholders with cash and exciting prizes during the 14-week period of the promo.

Over 2,500 cardholders were rewarded with more than N50 million worth of prizes, such as; a brand-new car, Generators, Refrigerators, Television sets, Gas cookers, loads of airtime rewards and an array of cash prizes.

Aside the grand prize winner driving away the brand-new car, 100 monthly winners emerged, winning N50,000 cash each and another 100 winning either Gas cookers, Refrigerators or Generator sets. Over 2,400 lucky cardholders were also rewarded weekly with either TV sets, N20,000 cash, N10,000 cash or N10,000 airtime each. It was indeed a season of rewards and merriment for the First Bank Verve cardholders.

Speaking at the prize presentation ceremony, Vincent Ogbunude, Managing Director of Verve International, said the firm partnered with First Bank to reward loyal customers because they both shared a similar vision of delivering world-class payment solutions to their esteemed customers.

He further said beyond the overarching goals of providing secure and innovative solut​​ions to its customers, Verve is committed to creating unique customer experiences and rewarding customers for their continued patronage. “We congratulate all the lucky cardholders, and we will be taking the excitement a notch higher with the presentation of the gift items and a brand-new car to lucky winners.”

Mr. Chuma Ezirim, FirstBank’s Group Executive, E-Business and Retail Products, said that the aim of the promo was to appreciate the bank’s over eight million Verve Debit Cardholders. He stated that the bank will continue to partner with Verve to reward the patronage of customers.

Mr. Olakunle Animasaun, said he never expected to win the grand prize and he was overwhelmed with the excitement of winning the car.

He said, “Initially I doubted the credibility when someone called me from ​F​irst ​B​ank, informing me I had won a car. I did not believe it, until I got here, saw the car and the key was handed over to me. I thank FirstBank and Verve for this opportunity given to me. I pray that God will continue to bless them.”

He urged other cardholders to continue to use Verve cards to enjoy seamless payment solutions.

The presentation ceremony had representatives from the Regulatory bodies; National Lottery Regulatory Commission (NLRC), Federal Competition and Consumer Protection Commission (FCCPC) and the Lagos State Lotteries Board (LSLB) among others in attendance.

Emirates Invests $2bn to Enhance On-Board Customer Experience

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Emirates is investing over US$ 2 billion to enhance its inflight customer experience, including a massive programme to retrofit over 120 aircraft with the latest interiors, plus an array of other service improvements across all cabins starting in 2022. Emirates is still flying on its brand promise of ‘Fly Better.’

Sir Tim Clark, President Emirates Airline said: “While others respond to industry pressures with cost cuts, Emirates is flying against the grain and investing to deliver ever better experiences to our customers. Through the pandemic we’ve continued to launch new services and initiatives to ensure our customers travel with the assurance and ease, including digital initiatives to improve customer experiences on the ground. Now we’re rolling out a series of intensive programmes to take Emirates’ signature inflight experiences to the next level.”

Some of Emirates’ latest initiatives include: elevated meal choices, a brand-new vegan menu, a ‘cinema in the sky’ experience, cabin interior upgrades, sustainable choices and a generous approach to the little touches that make travel memorable.

Starting from August, Emirates’ passengers can look forward to an award-winning team of chefs, a world-class catering team and a wide variety of suppliers have been assembled to design and deliver the best fine dining experience in the sky.

Emirates’ new vegan menu is also carefully curated to cater to the growing numbers of customers pursuing this thoughtful lifestyle. Vegans, or anyone interested in a delicious and healthy plant-based meal, will enjoy handcrafted gourmet dishes such as pan-roasted king oyster mushrooms, flavoursome jackfruit biryani and sliced kohlrabi garnished with burnt orange.

The Champagne and Caviar Experience is also being elevated. Emirates’ First-Class experience, always a benchmark for service excellence, has been upped a notch in 2022. Customers can now savour unlimited portions of Persian caviar as part of the ‘dine on demand’ service, with an exquisite pairing of the world-renowned Dom Perignon vintage champagne. Emirates is the only airline with an exclusive agreement to offer the luxury brand on-board.

Cinema in the Sky will soar to new heights. First Class customers can create a memorable movie moment on-board by ordering cinema snacks as they enjoy the 5,000 channels on Emirates’ ice inflight entertainment system.

All passengers can also curate their own ice experience before their flight, simply by browsing and pre-selecting movies or TV shows on the Emirates app, which can then be synced to ice the moment they board, maximising the seamless travel experience.

Emirates’ customers departing on flights from Dubai can begin crunching on fresh greens harvested from Bustanica, the world’s largest vertical farm and newly-opened US$40 million joint venture investment through Emirates Flight Catering. Emirates is continuing to invest in sustainable operations and supply chains, seeking local food suppliers and farms wherever possible to serve the freshest produce on board.

Additionally, Emirates has partnered with Ecole hôtelière de Lausanne, one of the world’s top hospitality management schools, to craft the Emirates Hospitality strategy and encourage inspiring customer experiences. Emirates Cabin Crew have already begun engaging in intensive training programmes focused on delivering the four service pillars: Excellence, Attentiveness, Innovation and Passion.

The most significant investment is an extensive and record-breaking refurbishment of the aircraft fleet interiors, where cabins will be retrofitted with new or reupholstered seats, new panelling, flooring and other cabin features. Benefitting all Emirates passengers, every cabin class will be refreshed and new Premium Economy cabins installed.

After the retrofit, Emirates will have a total of 120 aircraft offering Premium Economy seats – the only airline in the region to offer this cabin class, and enhanced interiors and features across all other cabins. With its first aircraft scheduled to roll into the Emirates Engineering Centre for retrofitting in November, planning work and trials have begun in earnest.

NDIC Organises Capacity Workshop for Law Enforcement Agencies

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L-R DCP. Ayoola Ajala, Co-ordinator, Financial Malpractices Investigation Unit; Mohammed B. Abubakar, Director Public Prosecution of the Federation; Hassan Bello, FCA, MD/CE, NDIC; Michael Oladele, Director Bank Examination Department, NDIC; Henry E. Fomah, Head, Legal Department, NDIC; Ahmad Muhammad Ghali, representative of Executive Chairman, Economic and Financial Crimes Commission at the 2022, Capacity Building Workshop for Law enforcement agencies with the theme: Effective Investigation and Prosecution of Banking Malpractices that led to Failure of Banks organised by NDIC.

NCC Boss, Umar Danbatta, to Keynote Business Journal Public Presentation Sept 16

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Prof. Umar Danbatta

Executive Vice-Chairman/CEO

Nigerian Communications Commission (NCC)

Professor Umar Danbatta, Executive Vice-Chairman/CEO, Nigerian Communications Commission (NCC) will deliver the keynote address as Distinguished Guest Speaker at the public presentation of Business Journal newspaper on Friday, September 16, 2022 at Sheraton Hotel, Ikeja (Lagos).

The event would be Chaired by Mr. O. S. Thomas, the Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) while renowned economist and financial expert, Dr. Biodun Adedipe will review the preview edition of Business Journal newspaper.

Danbatta will deliver a paper on: The Media in National Development: A Case Study of the Telecom Revolution in Nigeria.

Commenting on the development, Prince Cookey, Publisher/Editor-in-Chief of Business Journal said:

“The decision of Professor Umar Danbatta, Executive Vice-Chairman/CEO, Nigerian Communications Commission (NCC) to deliver the keynote address as Distinguished Guest Speaker at the Business Journal newspaper public presentation event represents a positive milestone in our journey to become the leading business/financial Media Group in Africa. The newspaper segment joins the already existing online and magazine segments on a tripod of value creation for stakeholders across key sectors of the Nigerian economy-for the benefit of decision-makers in the public sector and professionals in the Organised Private Sector (OPS).

The NCC remains a key stakeholder in media engagement in Nigeria through robust partnership and professional capacity development. And since assumption of office, Danbatta has continued to provide strategic leadership for the telecom industry as a regulator to the benefit of the government, network operators and subscribers. The trajectory of his impressive and impeccable career is anchored on humility, progress and professionalism. We are indeed grateful to him for this great honour.”

The theme of the Business Journal newspaper public presentation is: The Media in National Development: Successes, Challenges & Prospects.”

Microsoft Partners Nigeria Digital ID4D on Data Protection

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L-R: Dr. Chike Walter Duru, Internal Communications Manager, Nigeria ID4D; Nonye Ujam, Government Affairs Lead, Microsoft; Musa Odole Solomon, Project Co-ordinator, Nigeria ID4D and Mouktar Adamu, External Communications Manager, Nigeria ID4D, during the visit.

American multinational technology company, Microsoft Corporation says it is willing to partner the Nigeria Digital Identification for Development (ID4D) project in the areas of capacity development and data protection.

Microsoft’s Government Affairs Lead, Nonye Ujam disclosed this during a working visit to the Nigeria ID4D project office in Abuja.

According to a Press Release signed by the Manager, Communications of the Nigeria Digital ID4D, Dr. Walter Duru and made available to newsmen, Ujam lauded the ID4D project for its timely intervention in the areas of data protection and digital identity in Nigeria, expressing the readiness of Microsoft to collaborate with the project to succeed.

“We are here to ensure that we support you to make things work very well. We are happy with the achievements Nigeria ID4D has recorded in such a short period.”

“Microsoft Corporation has made a lot of investments and interventions in capacity development and cyber security. Beyond supporting governments in the area of capacity development, Microsoft meets their stakeholders where they are, hand-hold and close identified gaps. As people are working hard to upgrade and update themselves, that is how hard the bad players are working to update their skills. This is why we must take data protection and cyber security very seriously.”

Responding, Project Coordinator, Nigeria Digital Identification for Development, Musa Odole Solomon expressed the readiness of the project to partner with Microsoft.

“We are open to collaborating with as many relevant stakeholders as possible to ensure that the project succeeds. We want the capacity of ecosystem implementing partners enhanced.”

Speaking on data protection in Nigeria, Solomon stressed that “the project is working very hard to ensure that a principal law is in place. We are constrained by time, considering the fact that elections are close. We are battling to ensure that we balance the urgency with quality. It will not just be done quickly, but also done very well. Stakeholders’ engagement is an ongoing activity and Microsoft is our major stakeholder. We are ready and willing to work with you.”

“We are happy with your interest in capacity development. We operate an ecosystem model and our implementing partners need to benefit from the capacity building plans. It is one of our deliverables and we are willing to partner with Microsoft to close gaps in capacity.”

Solomon used the occasion to call on Microsoft Corporation to consider extending support to the National Identity Management Commission (NIMC) and other ecosystem implementing partners.

The Co-ordinator used the occasion to invite Microsoft to the second leg of Focus Group Discussion on Nigeria’s Data Protection law, scheduled to hold at Lagos on the 1st of September, 2022.

Part of the activities lined up for the Lagos engagement is a courtesy call on the leadership of Microsoft Corporation in Nigeria. Conversations will center around data protection, capacity development and other areas of collaboration.

On the project coordinator’s team that received Ujam were the Internal and external communications Managers of the project, Dr. Walter Duru and Mouktar Adamu.

The Nigeria Digital Identification for Development (ID4D) project is a Nigerian project, jointly funded by the World Bank, European Investment Bank and French Development Agency.

BudgIT Condemns Abia, Ondo, Taraba States for Owing Civil Servants

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Governor Okezie Ikpeazu of Abia State

BudgIT, a foremost civic-tech organisation leading the advocacy for transparency and accountability in Nigeria’s public finance, expresses disapproval over certain state governments’ refusal to pay the monthly salaries accruable to its civil service workers in their states as and when due.

BudgIT expressed this disapproval after its empirical survey across the 36 states in the federation revealed that at least 12 states owe their workers at least one month’s salary as of July 28, 2022. BudgIT conducted this empirical survey to spotlight and identify state governments that have consistently failed to meet the essential requirement of governance and employee compensation, thereby subjecting their workers to unpaid labour and harsh living conditions.

While the findings from the survey favoured states that are not in arrears, states like Abia, Adamawa, Ebonyi, Ondo and Taraba owe three (3) years or less in payments.

For example, Abia state currently owes its state tertiary institution workers Six (6) months’ salary, while Ebonyi has not paid its pensioners in the last six (6) months. Secretariat workers in Taraba complained of irregular salary payments for up to six (6) months, while lecturers at state tertiary institutions and midwives in the state-owned hospital in Ondo State have not been paid a dime in the last four (4) months.

According to Mr Joseph Anthony (Pseudonym), a secondary school health institution worker in Abia, the Abia state government has not paid salaries in the last ten (10) months. The payment made to him in 2021 was his basic salary, which did not include other allowances.

While speaking about the current realities of affected workers, Iniobong Usen, BudgIT’s Head of Research and Policy Advisory, noted that civil Servants’ remuneration, whether at the state or federal level – as and when due – is a necessary part of the employer/employee relationship. This affects the smooth working of the government.

This is not only because the survival and livelihood of civil servants depend on timely salary payment but also because the government’s refusal to pay smacks of the disregard for the legal obligation to pay.

“Nigerian civil servants are unfortunately no strangers to delays and gaps in monthly salary payments. Despite belonging to the executive implementing arm of the government, they have been left without payments in many instances. With several states guilty of this non-payment, civil servants are often at wit’s end at ‘month end’,” he added.

The delay in salary payments for civil servants in Nigeria has been prominent for at least half a century. To make the situation even worse, these delays are evident at the national and sub-national levels. This state of affairs has been affirmed to constitute a breach of the basic contractual provisions that exist between an employer and employee and failed to recognise national legislation on employee rights at the continental and international levels.

Despite relatively small coverage, there is clear evidence that several states are struggling to meet up with paying the new Minimum Wage, which moved to Thirty Thousand Naira (N30,000.00k), a situation which is worse off when compared to the periodic payment of the previous Eighteen Thousand Naira (N18,000.00k) minimum wage.

Without a doubt, many state governments are currently battling with the inability to meet up with salary obligations, alongside rising debt, interest rates and inflation. BudgIT posits that this state of affairs is a combination of ‘governance failure’ bordering on mismanagement and administrative inefficiency, an unnecessarily large wage bill which itself may be due to poor planning and hiring practices, and a problem of broader macroeconomic downturns which in some sense are beyond the control of the state governments, as they have little influence over monetary and fiscal policies.

Therefore, BudgIT calls on the various state governments to urgently address this glaring inability to pay state workers’ salaries as the attitude, enthusiasm, productivity and survival of state workers and their families are directly related to the timeliness of their remuneration.

Stanbic IBTC Set to Host 2022 Africa-China Trade Expo

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Stanbic IBTC Holdings Plc, a member of Standard Bank Group, would host the 2022 Stanbic IBTC Africa China Trade Expo as part of its efforts at promoting trans-regional trade and development between Nigeria and China.

The trade expo would feature a panel discussion, masterclasses on trade, a presentation on the Stanbic IBTC Africa China Trade Solutions and a fully virtual exhibition.

The two-day hybrid conference and exhibition-themed “Synergy for Growth’ is slated for 10 and 11 August 2022, and is geared at providing insights and opportunities for participants. The event would serve as an avenue to showcase Nigerian and Chinese exhibitors, and would as well provide opportunities to build relationships within the trade community.

The physical conference is planned to feature keynote speeches and panel discussions by highly experienced subject matter experts and thought leaders in relevant industries and would be an opportunity for exporters and importers to engage and create a marketplace experience.

Speakers slated for the event include Philip Myburgh, Head, Pan-African China Banking, Standard Bank Group; and Ade Otukomaya, Head, Africa China Banking, Stanbic IBTC Bank. Others are Remy Osuagwu, Executive Director, Business and Commercial Clients, Stanbic IBTC Bank; and Wole Adeniyi, Chief Executive, Stanbic IBTC Bank Plc.

The panel discussion, with the theme ‘Promoting Export Activities through Synergy’, would have Samuel Oyeyipo, Deputy Director and Regional Coordinator, Nigerian Export Promotion Council, South West Regional Office, Lagos; Luthando Vuda, Head, Africa China Trade in Business and Commercial Clients, Standard Bank Group; Jane He, Business Manager, Pan Africa China Banking, Business and Commercial Clients, Standard Bank Group, Fola Abimbola, Analyst, Senior, Frontier Africa Equity Research Stanbic IBTC; and Victor Ayemere, Chief Executive, Zeenab Foods Limited, Operators of the Nigeria Export Trade House China/Far East Region as panelists.

Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings, spoke on the rationale for the conference. He highlighted that the Stanbic IBTC Africa-ChinaTrade Expo hybrid Conference and Exhibition would be geared at showcasing Nigeria and China trade opportunities while emphasising the role of Stanbic IBTC in facilitating inter-regional trade.

“China is Africa’s biggest trading partner by far and can foster strong trade routes and economies of scale, offering an incredible opportunity to do more than just import goods. With the emphasis on building strong synergy and relationship between China and Nigeria, the Stanbic IBTC Africa-China Trade Expo is expected to provide insights into Nigeria and China trade relations and the role of Stanbic IBTC as a facilitator of inter-regional trade, as well as provide advisory services, allowing trade partners access and unlock the opportunities in Nigeria-China trade,” Demola said.

“The topics for discourse at the two-day hybrid conference and exhibition would centre on building synergy between Nigeria and China’s economies, building synergy between government agencies and driving export activities through policies and initiatives. Other topics would include building export activities in partnership with Stanbic IBTC and promoting competitive advantage for enhancing export.”

“The exhibition would also showcase vendors who export from Nigeria to China and vice versa, spanning across agriculture, manufacturing, equipment, processing and packaging firms,” Demola added.

The Chief Executive noted that through its Africa China Trade Solution (ACTS) and other networks of relations between Africa and China, the financial service provider continued to facilitate economic trade and development between Africa and the Asian country.

Stanbic IBTC’s trade solutions such as Stanbic IBTC Africa China Trade Solutions (ACTS) continued to enable settlement of international transactions and mitigation of payment risk while providing regional solutions such as issuance of payment guarantees and letters of credit to Nigerian exporters.

NAICOM Board Visits Secretary to Government of the Federation

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The Governing Board of the National Insurance Commission (NAICOM) led by the Chairman, Dr. Abubakar Sani recently paid a courtesy visit to the Secretary to Government of the Federation, Mr. Boss Mustapha.

Mustapha was represented by Dr. Maurice Mbaeri, Permanent Secretary, General Services.

AIICO Insurance Grows GWP by 21.4% to N45.5bn in H1 2022 

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AIICO Insurance Plc, foremost and most resilient insurance services provider has announced a Gross Written Premium (GWP) of N45.5billion in the H1 2022, up by 21.4per cent compared with N37.481billion recorded within the same of in 2021.

While the company posted a growth of 21.4per cent in 2022, the group grossed N45.5billion year-on-year (y-o-y) in the first half of the year from N37billion or 21.6per cent within the period under review.

The company’s unaudited results represent the firm’s performances for the interim period ended 30 June 2022. Accordingly, the company’s unaudited report published recently, shows that AIICO Insurance also earned gross premium income of N40.573billion or 17.8per cent from N34.435billion or 17.9per cent from respectively.

Conversely, Net premium income which refers to gross premium income less applicable reinsurance expense stood at N34billion for the company or 16.7per cent compared with the group’s N33.671billion and equally 16.7per cent growth. Gross written premium grew by 21.4per cent y-o-y to ₦45.5 billion in H1 2022 (H1 2021: ₦37.5 billion).

This was due to a y-o-y increase of 39.4per cent in General Insurance to ₦15.5 billion (H1 2021: ₦11.1 billion). Life Insurance premiums increased by 14.2per cent y-o-y to ₦29.6 billion (H1 2021: ₦25.9 billion) and underwriting income from our Health Maintenance Organization (HMO) increased by 31.4per cent y-o-y to ₦599.9 million (H1 2021: ₦456.4 million).

The operating income in Asset Management however declined by 9.5per cent y-o-y to ₦697.6million (H1 2021: ₦770.5 million). Profit before income tax from continuing operations increased by 146.9per cent y-o-y to ₦2.2 billion in H1 2022 from N908.6million in H1 2021. Profit before income taxes across the company and its subsidiaries increased y-o-y contributing to the reported increase for the period. The company said this was due to improved topline and investment performance for the period compared to H1 2021.

AIICO did also complete the sale of its stake in AIICO Pensions, recording a profit from discontinued operations of ₦2.9 billion. As a result, profit for the interim period rose by 51.4per cent to ₦4.9 billion in H1 2022 from the H1 2021 -₦3.3 billion.

Commenting on the results, Mr. Babatunde Fajemirokun, the Managing Director and Chief Executive Officer said, “Our half year results are a testament to the resilience of our business model, our focus on AIICO Insurance Plc.”

“Creating products that our customers need to navigate uncertain periods in their lives and the trust that our customers have that we will be there when they need us. Every insurance policy we sell is a contract with our customers and a promise that we take very seriously. For us at AIICO Insurance, all our efforts are geared towards ensuring that our customers can believe us when we say that we are here for the long haul, come rain or shine,” said Mr Fajemirokun.

AIICO Insurance Plc is a leading composite insurer in Nigeria with a record of accomplishment of serving its clients that dates back over 50 years. Founded in 1963, AIICO provides life and health insurance, general insurance, and investment management as a means to create and protect wealth for individuals, families and corporate customers.

The Life Insurance segment offers savings, protection products and other long-term contracts (both with and without insurance risk). It comprises a wide range of whole life, term assurance, guaranteed pensions, pure endowment pensions and mortgage endowment products. Revenue from this segment is derived primarily from insurance premium, fees and commission income and investment income.

The General Insurance segment comprises general insurance to individuals and businesses. General insurance products offered include auto, household, commercial and business interruption insurance. These products offer protection of policyholder’s assets and indemnification of other parties that have suffered damage as a result of policyholder’s accident.

The Health segment is a Health Maintenance Organisation for prepaid health plans to cater for the health needs of individuals and corporate organizations. The segment became a full subsidiary of AIICO Insurance Plc on July 1, 2012.

 

RE: Online Publication on Purported Sale of Polaris Bank  

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Our attention has been drawn to an online report on the purported sale of Polaris Bank Limited. 

This publication is speculative, deliberately intended to create panic and should be disregarded by the banking public. 

Stakeholders may recall the regulatory intervention in the erstwhile Skye Bank by the CBN and the subsequent injection of capital via the Asset Management Corporation of Nigeria (AMCON) through a bridge bank process, which birthed Polaris Bank in 2018. The bank has since stabilised its operations following the intervention; improving its balance sheet, customer base and profitability. 

Whilst the intention has always been to return the bank to private ownership, such a sale would occur following regulatory approvals with formal notification to all relevant stakeholders. The Bank is committed to ensuring timely communication to the public in such an event.
The Board and Management hereby reassure its customers, staff and the general public that Polaris Bank remains a stable, strong and credible financial institution, positioned to deliver sustainable value to all its stakeholders.

Signed
Management

Interswitch Partners Adamawa State to Digitise Payment Collections via Paydirect Platform

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Africa’s leading integrated payments and digital commerce company, Interswitch, has been engaged by the Adamawa State Government to enhance digital revenue collection, payment collections and processing with its Interswitch Collections Solution (Paydirect).

Interswitch Collections Solution is a platform that enables government agencies and corporate organisations to collect and monitor revenue across various channels such as banks, Point of Sales (PoS) terminals, Internet banking, and the Quickteller (web, mobile, ATM, and USSD) platform.

The use of this platform by the state government will ensure transparency in revenue collection, and bills payment while checking revenue leakages.

Adamawa State Government will also benefit from the ease of use the platform offers as well as centralised view of all revenue collected by its agencies and online real-time reporting and monitoring.

To support the state government’s drive to engender open governance, accountability and strategic planning, the payment platform will reduce reconciliation issues, improve efficiency, and ensure access to detailed business intelligence reports for effective decision-making.

Speaking on the partnership, the Managing Director, Interswitch Industry Ecosystems, Chinyere Don-Okhuofu, stated, “This strategic collaboration aligns with our overarching goal of facilitating safe, secure, and seamless payment options for Nigerians through our digital payment platforms. The robust payment platform was designed to help the governments to achieve strong economic growth and foster sustainable development for Nigeria.”

Also speaking about the alliance, the Regional Head of Sales, North, Interswitch Group, Thomas Ezeh, said “Interswitch is committed to empowering the Adamawa government to collect Internally Generated Revenue efficiently and effectively. Our goal, among other things, is to help governments at all levels and agencies to achieve their revenue targets.

“We encourage all government agencies to come on board as we believe that digital revenue collection and payment have the potential to attract investments and boost economic growth.”

Due to the trust in Interswitch’s robust payment solutions, Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), Joint Admissions Matriculation Board (JAMB), Kaduna and Kano States have partnered with the African payment giant for seamless filing and payment of tax, duties and examination registration.

This attests to​​ Interswitch’s commitment to delivering robust and efficient payment solutions that align with global standards.