Linkage Assurance: N42bn Total Assets, N5bn Premium in Q1 2022

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07/05/2022

Underwriting firm, Linkage Assurance Plc has announced 16 percent year-on-year (YoY) growth in Gross Written Premium for the first quarter ended 31^ST March, 2022 to N4.61 billion from N3.98 billion in the same period in 2021.

The company’s audited result for the period reveals an underwriting profit of N193 million, a turnaround performance compared to N480 million loss as at Q1 2021, and this has been attributed to improvement in core business activities on the backdrop of healthy business underwriting decisions, reinsurance optimization and efficient claims management process.

Profit Before Tax was N157 million, compared to N950 million loss before tax in Q1 2021.

The Company’s total Assets rose to N42.0 billion in Q1 2022 from N38.7 billion in in full year 2021, representing 9 percent YoY growth, just as total equity stood at N25.3 billion, a 1 percent YoY growth, compared to N 25.1 billion in FY 2021.

According to the management, the business witnessed a tremendous growth in investment income through efficient and effective allocation of cash flows and investment portfolios, which served as a boost to the bottom line.

In his remark, the MD/CEO, Daniel Braie said, as a leading player in the Nigerian Insurance Industry, the Company is well positioned to provide sustainable insurance solutions to the varying needs of the market through its strong capital base, innovative products, and digital platforms.

“Our Strategy is to consistently grow our revenue and deliver strong returns and excellent customer experience, while leveraging on technology, strategic alliances, and capabilities to provide world-class insurance & risk management solutions.”

Our guiding principles are our core values and vision. They underpin our desires, ambitions and aspirations aimed at reinforcing the trust of our stakeholders.

He said, the company will also continue to develop innovative products, alternative channels of distributions and strategic initiatives that will enable us to achieve our corporate goals and objectives. With a medium-to-long term perspective, we believe that the Company will have improved growth from these initiatives.

“In line with our corporate ambition, we will continue to leverage on technology, committed workforce and strong capital base to increase market share, enhance corporate visibility, and achieve operational excellence towards a more viable and successful Company, Braie said.

Sanlam, Allianz Partners to Create African Insurance Giant

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04/05/2022

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Sanlam, the largest non-banking financial services company in Africa, and Allianz, one of the world’s leading insurers and asset managers with a century of history in Africa, have agreed to combine their current and future operations across Africa to create the largest Pan-African non-banking financial services entity on the continent.

This combination means that customers across Africa will benefit from the expertise and financial strength of two respected and well-known brands.

The joint venture will house the business units of both Sanlam and Allianz in the African countries where one or both companies have a presence. Namibia will be included at a later stage and South Africa is excluded from the agreement.

STRONG SYNERGIES

The combined operations of Sanlam and Allianz will create a premier Pan-African non-banking financial services entity, operating in 29 countries across the continent. The joint venture will be the largest Pan-African insurance player and is expected to be ranked in the top three, in the majority of the markets where the entity will operate.

The entity is expected to have a combined total group equity value (GEV) in excess of 33 billion South African rand (approximately 2 billion euros).

Sanlam and Allianz will leverage each other’s strengths to unlock synergies and provide customers with best-in-class, innovative insurance solutions and technical excellence. The joint venture will create value for all stakeholders through greater economies of scale, broader geographic presence, larger combined market share, and a more diversified product offering.

Combining Sanlam’s expertise in Africa with Allianz’s global capabilities and insurance solutions, particularly for multinational businesses, the partnership aims to increase life and general insurance penetration, accelerate product innovation and drive financial inclusion in high-growth African markets.

“In line with Sanlam’s stated ambition to be a leading Pan-African financial services group, the proposed joint venture will enable us to take a significant step towards realising that ambition. It will also strengthen our leadership position in multiple key markets that are core to our Africa strategy, building quality and scale where it matters. We are delighted to have Allianz as partners and believe their expertise and financial strength will add tremendous value to our businesses,” says Sanlam Group CEO Paul Hanratty.

“In accordance with our enterprise strategy to expand our leadership position through scale and new partnership models, Allianz is pleased to accelerate its growth in this important region through a partnership with the undisputed market leader. Sanlam’s capabilities extend our local reach and market penetration, and the joint venture allows us to establish leading positions in key growth markets for Allianz,” says Member of the Board of Management of Allianz SE Christopher Townsend.

“Further, Sanlam shares our company values, our purpose of securing the future for our clients, and our long-term, generational approach to growing in new markets.”

The chairmanship of the joint venture partnership will rotate every two years between Sanlam and Allianz. The CEO of the entity will be named in due course.

The agreement is subject to certain conditions precedent, including but not limited to the receipt of required approvals from competition authorities, financial/insurance regulatory authorities and any customary conditions that Sanlam and/or Allianz would be required to fulfil for each jurisdiction.

Good Corporate Governance Practices Make Businesses Sustainable – Sulaiman

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02/05/2022

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Adedotun Sulaiman

Chairman

Absa Nigeria

The Chairman, Absa Nigeria, Adedotun Sulaiman, speaks on his career growth, transformative contributions to the enterprises and the public sector as well as Absa operations in Nigeria in this interview.

Congratulations on your 70^thbirthday; how does it feel to be 70?

Honestly for me, it feels good because at 70 I am in good shape without any health or other challenges. However if you put it in the context of the environment and the times we live in, I don’t feel as good as I could or should. I am not happy that the country is facing diverse and numerous challenges, many of them self-inflicted and needless. As I speak, we are all currently struggling to cope with heightened and extreme forms of those challenges at every level.

The problem is that I cannot be okay or as happy I could or should be when all is not well with the community of which I am an integral part. That is how I feel about Nigeria in my 70th year.

Can you take us through your professional career up till date?

I started my professional career in 1975, 47 years ago, first in the Nigerian diplomatic service. The first two and half years of my working years were spent in the service, most of that as an attaché at the Nigerian Embassy in Washington DC. However, I discovered soon enough that a career in the diplomatic service was not my calling considering that my university degree was in business administration.

Consequently, I joined Arthur Andersen & Co., a new audit, tax and consulting firm just setting up in Nigeria in 1978 and my career in management consulting began. It has been an amazing growth journey at my career, living through and being a part of and witness to the all changes in the country, the industry and the firm. In 1993, I took over from the founding Managing Partner as the Office Managing Partner and successfully ran the firm until 1999 and upon the split of the global firm the consulting half of the business until my retirement in 2005.

What has kept you busy after retirement?

Soon after retirement, I decided I was going to continue doing what we did excellently well at Arthur Andersen/Andersen Consulting/Accenture – identifying, training and developing young talent, this time through enterprise. So far, Arthur Andersen and its succeeding firms have done a very good job at training leaders for Nigeria and I wanted to continue contributing to that, this time through enterprise, instead of the professional services setting in which I grew up. By this, I work with young entrepreneurs and help them get their businesses off the ground and grow them into thriving enterprises with some remarkable success to point to, including Interswitch, SecureID and Parthian Partners among several others.

My latest entrepreneur venture in that regard is a video streaming service called SuperTV working with 2 brilliant co-founders one of whom got killed in very tragic circumstances last year.

I have also done a quite a bit in the public space, latest one of which was my role as the Chairman of the Financial Reporting Council of Nigeria for four years. In 2012, after the fuel subsidy removal riots, the then Petroleum Minister, Diezani Alison-Madueke set up some adhoc committees one of which was review the structure the Nigerian National Petroleum Corporation (NNPC) and parastatals in the Petroleum Ministry. Some of the ideas and recommendations from the work of that panel which I chaired have found their way into the recently enacted Petroleum Industry Bill/Act (PIB/PIA), a full ten years after the work was done.

I also headed the committee set up by the Securities and Exchange Commission of Nigeria (SEC) in 2009 to reorganize the structure and processes of the Nigerian capital market and rebuild confidence of Nigerian investors following the global capital market crash in 2008. The recent demutualization of the Nigerian Exchange (NGX) is the one of the outcomes of the work that the committee did.

Tell us about your role in Absa

I was approached by Absa to facilitate their re-entry into the Nigerian market. It was then known as Barclays Africa. The intention then, and still is, to launch a commercial bank in Nigeria. At present, we offer trade finance, securities trading and investment banking services, through our 3 licensed entities. The ultimate ambition of Absa in Nigeria is to establish a full scale commercial banking presence, this will come to fruition in due course.

How do you see corporate governance becoming a more serious part of the financial services industry?

Corporate governance is an evolving development and I believe we have made significant progress to make it work more effectively in Nigeria. Taking an overview across the various sectors, you will discover that some sectors have stricter rules of governance than others.

As Chairman of the Financial Reporting Council of Nigeria, we introduced the National Corporate Governance Code for Nigeria, which harmonised the disparate sector-focused corporate governance frameworks and codes operating in the economy. The code is initially focused on Public Interest Entities (PIEs) which we defined as entities that are regulated and operate under a license or concession. That covers sectors such as the banking, insurance, pensions, telecommunications, listed companies, pharmaceutical, aviation etc. The codes for the public sector and the civil society/not-for-profit sector remain outstanding and still need to be done.

Of course, there continues to be corporate governance failures every now and then, but I will say that as a country we have not done too badly especially in the more formally organised sectors and large corporates but we still have a long way to go. We can start with making our regulations and the work and approach of our regulators more facilitative, nurturing and development-oriented rather than being heavy-handed, punitive and IGR-focused.

Where the real progress of corporate governance practice still needs to be made is with indigenous businesses, especially with the larger, more successful family-owned businesses. That is where corporate governance is still weak. The National Corporate Governance Code was fashioned on the principles-based, ‘apply and explain’ model. Although compliance is mandatory the codes are not specific or prescriptive. It establishes and defines good corporate governance principles and including explanations as to why it makes sense to apply and follow them.

The remaining and on-going challenge is to sell the imperative and usefulness of good corporate governance practices to entrepreneurs and businesspeople so as to promote institutionalisation of their businesses. It means ‘depersonalizing’ the enterprises so businesses do not have to die with the demise of the owners/founders. That SuperTV example I mentioned earlier is a veritable test case of a business, a startup for that matter, which survived the sudden and unexpected demise of its principal founder and largest shareholder because we were sufficiently advanced in establishing the management and governance structures and processes that depersonalised the fledgling enterprise. The need to enlighten Nigerian entrepreneurs and business owners on the professionalisation of management and the importance of an effective board cannot therefore be over-emphasised.

There is so much talk now about Green Energy as an alternative power source. What specific roles is Absa playing to ensure Nigeria becomes a very strong player in this area?

First of all, we have signed up to all sustainability movements and other related matters. One of the roles we play is to finance technologies that promote green and renewable energy. This invariably means we begin to step down on the financing of what is now getting to be called dirty industries. For example, financing the building of a solar-powered electricity generating farm in Sokoto is going to be much easier and on much better terms than opening up a coal mine in Enugu.

Basically, what we do in Absa is to use financing to direct investment towards more developmental, more environmentally-friendly and sustainable projects and businesses.

The Coronavirus pandemic seems to have accelerated the adoption of digital technology across industries. How far gone is Absa in terms of transforming into a digital entity?

Transforming into a digital entity is a movement that is not going to be reversed. What the pandemic did was to open us to other possibilities and alternative ways of doing things that we have done in a certain way over the years. Fortunately, the basic technology to enable that was available and rapidly developed in response to the crisis. At Absa we rose to the challenge, leveraging technology to fill the void created by limited personal contact.

Our processes are being digitised and we will continue to invest in the technologies that enable and facilitate that possibility. We will get it right not only in technology but even our connectivity, broadband, speed, power, and others. This is the direction that the world is going. It does not just work, it is the future.

However, what we still need to do is to find cheap and affordable technological solutions that will enable people at the bottom of the pyramid to join the digital revolution and continue to work, learn and be entertained regardless of their placement on the economic totem pole. We will need therefore to find ways to democratise access to digital platforms for education, entertainment, work, communication, socialisation and to make sure that everyone has access to the use of such technologies.

Are there any significant deals that Absa has consummated in the last two years?

I will give you some of the highlights. For example, Dangote Cement issued a N50 billion bond last year, Absa acted as the lead issuing house in that transaction.

Dangote Cement also offered a N41 billion commercial paper; Absa acted as a dealer in that senior secured commercial paper. On the Access Bank US$500 billion bond, priced at 6.125% per annum, Absa acted as the joint lead manager.

IHS, the towers company, had a $378 million initial public offering (IPO) on the New York Stock Exchange (NYSE); Absa acted as the only African bank on the transaction.

IHS also issued a $1 billion bond; Absa took part in that transaction. In addition, Absa acted as a joint financial adviser and provided financing support to the IHS acquisition of MTN Towers in South Africa. That transaction entailed the sale of 5,700 MTN towers comprising 4000 greenfield and 1700 roof-tops sites.

Environmental and sustainability issues have become entrenched these days. Can you speak to this regarding what Absa is doing?

It is something that we subscribe to and take very seriously. Of course, this is facilitated by the fact that Absa Nigeria is part of a large continental banking organisation. In Absa Nigeria, we have domesticated those policies and practices for Nigeria, hence, we take environmental and sustainability issues seriously in our business operations and decisions.

It is also one of the metrics that we look at in transactions. We make sure that when we are evaluating counterparties for transactions, we evaluate them on their own compliance with and adherence to acceptable global and local ESG standards. I can confidently say that we hold ourselves and our customers to a very high ESG standards.

Can you outline two or three important lessons we can learn from your wealth of experiences, either private or public life?

Nigeria is a tough environment to do business in, however, if you are diligent and you work hard Nigeria is still an exciting place to do business and make lots of money. If you take a long term view and are willing and able to pay the price by working hard, working smart and doing this on a consistent and sustained basis you can be sure of outsized returns and rewards. That is the way to go. In everything you do, you have to have a long-term mindset.

If you are going to be successful, you must do what successful people do. There is a formula to it, long term success requires giving it your best and paying the price, short cuts won’t get you very far nor keep you at the top very long.

I remember in 1988, I had the opportunity of being part of the Nigerian delegation to the Seoul Olympic Games in South Korea and on return my boss, Dick Kramer, now of blessed memory, asked me a question: “what lessons did you learn?”

I told him I learned that there is only one standard for the Olympic Gold. There is no Nigerian standard, no different or special standard for Africa to win that gold medal, you have got to work for it, you have got to give it what it takes, you have to be the best. There is no other way. And that is a mindset we must entrench in Nigeria.

I happen to hold the very strong view that for every wrong step that we have taken and continue to take in Nigeria in our national affairs, we knew the right thing to do but chose not to do that because it was/is not convenient, was/is ‘too hard’, it was/is going to take too long or more often than not, did/does not serve the interest of some narrow group or sub-group, however you define that. That is why we are where we are today as a country, as a people. Think on it.

Telecom Sector: Post-pandemic Economy Unlocks Growth Potential, Fresh Opportunities

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01/05/2022

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Over the past decade to 2020, digitalisation was in full swing, transforming the way we live and interact. The coronavirus pandemic in 2020 seemed to speed up the digitisation process and has irreversibly changed the world the way we know it.

Today, the way we work, live, socialise and interact have changed completely. Now, people talk about the new normal.

At the height of the pandemic, technology held up admirably, allowing people to carry out many of their key activities seamlessly. The telecommunications industry provided the connectivity that helped drive human interactions and business transactions during this period.

Virtual meetings, remote financial transactions, healthcare delivery, and knowledge transfer were all made possible by the telecommunications industry, thus significantly boosting the industry’s contributions to the economy.

Data by the Nigerian Communications Commission (NCC) showed that the telecommunications industry contributed 12.45% to Nigeria’s GDP in 2020. In 2021, according to the National Bureau of Statistics, the information and communications sector contributed N11.23 trillion or 15.51% to the real GDP.

The industry’s contribution to the economy is expected to continue to grow, driven by a growing population and increasing use of smart devices, increasing urbanization, the rise of Internet of Things, the development and deployment of 5G network, increasing adoption of artificial intelligence, and the growth of the content ecosystem, among other key drivers.

“The outlook for growth in Nigeria’s telecoms industry is strong. The gaps in last-mile telecoms infrastructure are largely untapped. The current momentum of emerging technologies and financial services delivers boundless growth horizons for telcos to upgrade their infrastructure and expand their reach,” said Sadiq Abu, Chief Executive Officer of Absa Nigeria.

The capacity for growth in the industry is huge and, according to Abu, “The telecommunications industry is generating interest from local and foreign investors. This is because the capacity for growth in the industry is limitless.”

For instance, The Rise Fund, the investing platform of leading alternative investment firm, TPG, early last year announced plans to invest $200 million (about N84 billion) in Airtel Africa’s mobile money subsidiary. Google, early this year, revealed plans to buy a 1.28% stake in Airtel Africa.

Much of these investments will be utilised by the Nigerian subsidiary of the telecoms giant, considering that its Nigerian operation is the biggest on the continent. MTN’s recent public offer was oversubscribed by as much as 139.5%, according to the telecoms company.

This renewed interest, following a lull in FDI, was no doubt mainly triggered by the industry’s strong showing during the pandemic, which highlighted its resilience. A report by Agusto & Co showed that the industry attracted about $4 billion (about N1.7 trillion) in investments in the five years to 2020.

The industry is expected to “provide recovery support to key economic sectors post-pandemic,” the Agusto & Co report showed, which will help drive investments in the sector.

In 2021, Chairman of MTN Nigeria, Dr Ernest Ndukwe, revealed that the company plans to invest over N600 billion to upgrade its network infrastructure in the next three years to enable the telecoms giant to take advantage of the growing opportunities in the industry.

To help put the growth prospect and the growing interest in the sector in perspective, the Absa banking group, which operates two licensed subsidiaries in the country, Absa Capital Markets Nigeria Limited and Absa Securities Nigeria Limited, organized a media roundtable session recently in Lagos.

The session, themed The Nigeria Telecoms Sector: Exploring the Opportunities, examined the Nigerian telecommunications sector, the trends, the opportunities for new businesses, the challenges, as well as Absa’s expertise in and contributions to the sector. Absa’s executives from South Africa and the United Kingdom joined in the session virtually to help throw more light on the sector activities across the African continent, and Nigeria in particular.

Hasnen Varawalla, the co-head of Investment Banking Origination for Absa, stated that the telecommunications’ industry in Nigeria is one of the largest in Africa, and believes it can drive a healthy foreign direct investment, wider job creation, and financial inclusion. “As of 2021, the sector reportedly contributed around 17% of the GDP,” Varawalla said.

Varawalla said the industry supports fintech activities, integrates cities, and aids the ongoing explosion in e-commerce sector. He highlighted some of the attractive propositions in the industry to include telecommunications infrastructure (data centres, fibre networks, etc) and the imminent rollout of 5G technology. Also, there is a new interest in digital work tools to meet the demands for remote work arrangements.

Abu highlighted some of the issues plaguing the smooth operations of telcos in the country to include power deficit, vandalism of transmission infrastructure assets, theft, and multiple taxation, regulatory environment, among others.

In spite of these operating challenges, Abu said the sector has enormous growth potential, particularly in relation to broadband internet, last mile connectivity and telco infrastructure (data centres, fibre optic networks, etc).

And most importantly, the broadband penetration is still very weak in the country, at about 34%, and there remains a vast and growing demand for data, despite the apparent maturity of voice revenue streams.

“Meanwhile, the various challenges that are bedeviling the smooth operations of telcos provide expansive opportunities for smart entrepreneurs who possess an innovative and unerring vision of what can be done to help the players maintain cost advantage or protect critical transmission infrastructure assets through the provision of services that hedge against disruption in the supply chains,” Abu said. According to the Absa CEO, the telcos are already strategically developing useful business vehicles to take advantage of emerging opportunities in the industry.

On the expertise and role of Absa in the industry, Varawalla said the financial institution provides support to the industry on multiple levels: as a capital provider, helping to finance some of the landmark projects; providing advisory on key industry deals, especially capital raising activities by players; and playing an active role in helping to midwife the listing needs of some of the continents big players.

“Absa is a significant capital provider to the entire telecoms sector in Africa. Our role is not limited to providing capital though. We are among the most active advisers to telco/telco infrastructure companies having led and/or participated in many landmark transactions across the continent,” Varawalla said.

Varawalla highlighted some of these deals to include the GBP 595m Airtel IPO on the Nigerian Exchange (NGX), the sale of 9mobile to Teleology, Vodacom’s IPO on the Tanzania Stock Exchange, the US$ 378 IHS IPO on the NYSE, the acquisition by IHS of MTN’s tower portfolio in South Africa, amongst others.

Foreign and local investments in the country’s telecoms industry at $107.46 million in 2021 was the lowest in the three years to 2021, driven by the uncertain regulatory environment and forex issues.

However, as more opportunities for investments and growth unfolds in the sector, Absa assured it would “continue to make available our deep telecoms sector expertise to help telcos take advantage of emerging opportunities that will fast track the timely achievement of their growth aspiration.”

PenCom: ‘PFAs Comply with N5bn Minimum Regulatory Capital Requirement’

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01/05/2022

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The National Pension Commission (PenCom) is pleased to inform all stakeholders and the general public that as at 27 April 2022, all Pension Fund Administrators (PFAs) have complied with the Commission’s directive for the increase of the Minimum Regulatory Capital (Shareholders’ Fund) from N1 billion to N5 billion.

Recall that the Commission had approved the recapitalisation exercise for the PFAs with a 12-month transition period from 27 April 2021 to 27 April 2022. The exercise became expedient as the value of pension fund assets under management and custody had grown exponentially by 244 percent, from N3 trillion in 2012 (when the previous recapitalisation was done) to N12.29 trillion (as at December 31, 2020).

The sustained growth in assets implies greater fiduciary responsibilities that require more operational capacity by the PFAs. The urgent need to ramp up PFAs capacity to manage the increasing number of registered contributors and value of pension fund assets under management led to the recapitalisation exercise.

It is worthwhile to state that 10 PFAs had met the new regulatory capital requirement of N5 billion as at 31 December 2021, while the others intensified 2 efforts to meet the deadline of 27 April 2022. This resulted in some mergers and acquisitions, which led to the reduction of the number of PFAs from 22 to 20.

The Commission approved the acquisition of AIICO Pension Managers Limited by FCMB Pensions Limited; and the merger between Tangerine Pensions Limited and APT Pension Funds Managers Limited and subsequent change of name of the merged entity to Tangerine APT Pensions Limited.

In addition, the Commission also approved Norrenberger’s acquisition of IEI-Anchor Pension Managers Limited, after its acquisition of the majority shareholder, IEI Plc.

With the conclusion of the recapitalisation exercise, stakeholders, particularly RSA holders, should expect increased effectiveness and efficiency as well as improved service delivery from PFAs.

P+ Measurement Wins Double Laurels at The Industry Award

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29/04/2022

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Micheal Effiong James, Editor, Ovation Magazine, Philip Odiakose Chief Insights Officer P+ Measurement Services and Goddie Ofose, the Convener, The Industry Award

P+ Measurement Services, Nigeria’s foremost Independent Public Relations measurement and evaluation agency have attained double laurels at this year’s Industry Awards where it clinched the Leader in PR Measurement & Industry Influencer Awards (Public Relations), for its quality offerings that surpass clients’ expectations and leading position in the sector.

The awards come on the heels of the company’s rebranding business strategy with a new logo, website, and office to deepen penetration and maintain its dominant position in the industry it operates, with over 47 brands and 17 Public Relations agencies in Africa’s largest economy.

Speaking on the feats and the company’s ground-breaking services, the Chief Insights Officer, Philip Odiakose, said the achievements depict the organisation’s bespoke solutions to clients across diverse business verticals which has led to optimum productivity and progression as intended, a situation that has made P+ Measurement Services the most sought after in the industry.

He affirmed that the awards are dedicated to the amazing personnel of P+ Measurement Services and the Nigeria Media Monitoring and Measurement community, pointing out that he is very much excited to see that the company’s works are getting the right recognition, after such a short time of its inception. “This is truly a call to do more,” he avowed.

According to him, the award-winning and innovative organisation, with cutting-edge solutions has dictated the pace of the Public Relations measurement and evaluation services with its distinctive approach to ensuring that clients’ objectives are achieved.

Odiakose put forward the point that P+ is strongly positioned to effectively deliver on its offerings, with state-of-the-art structure, process, and highly skilled media analysts in an exceptional and value-driven business model in line with global best practices.

With over six years of operation and as the only AMEC Member in Nigeria, P+ has an exclusive partnership with the Nigerian Institute of Public Relations (NIPR) and Reel analytics, the biggest media monitoring agency in the East African region, covering more than five countries.

Its measurement and evaluation report are in-depth, robust, and flexible to accommodate valid metrics that brands desire to see reflected in their customised reports, and also based on the AMEC Standard by the Barcelona Principle 3.0.

P+ understands the value of valid PR metrics to its clients’ media performance audit reports and has been able to provide media monitoring, measurement, evaluation, and performance audit services for brands, agencies and government bodies that operate in various industries and organisations ranging from Banking, Telecom, Insurance, Airlines, Tourism, Government, Non-Governmental Organisations (NGOs), Pensions, Health Management Organisations (HMOs), Tobacco and Lifestyle.

Also, as part of its efficient services, the measurement and evaluation company introduced “Get-Reports,” a novel product that allows the purchase of PR performance audit reports in key sectors including the 22 Commercial Nigerian Banks PR Performance Audit Report, Top Nigerian Insurance PR Performance Audit Report, Top Nigerian Digital Banks PR Performance Audit Report, and Top Online Streaming Services PR Performance Audit Report.

Stanbic IBTC Trustees to Aid Seamless Transfer of Assets

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Business Journal

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29/04/2022

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Stanbic IBTC Trustees, a subsidiary of Stanbic IBTC Holdings, has reiterated that setting up a Trust with the organisation ensures the seamless transfer of assets and reduces the challenges associated with assets transfer.

The services accessible to clients of Stanbic IBTC Trustees include Facility Agent, which ensures seamless disbursement and repayments in club lending arrangements while ensuring all other loan conditions stand.

These conditions are Security Trustee, which allows Stanbic IBTC Trustees to hold in trust the security for a loan while also monitoring the assessed value of such security against loan exposure. Stanbic IBTC Escrow Agent allows Stanbic IBTC Trustees to hold funds and documents in escrow for the transacting parties.

Others are Public Trust, which allows Stanbic IBTC Trustees act as Trustee to state government bonds and mutual funds under the oversight of the Securities and Exchange Commission; and Trust Scheme, which allows Stanbic IBTC Trustees act as Trustee in personalised Trust arrangements to meet specific needs.

Furthermore, the organisation has an Estate Planning bouquet that encompasses asset acquisition, asset management, and asset transfer, and it is structured using tools such as Wills and Trusts. Amongst them is the Stanbic IBTC Educational Trust (SET) which assists parents and guardians in providing quality education for their children and wards. Through the service, parents have an opportunity to make contributions towards funding the education of their children–whether it is primary, secondary, tertiary or even post-graduate education.

In addition, Stanbic IBTC guides in drafting Comprehensive Wills and executing same and acts as Custodian of the Will and Executor of the Estate. Also, the organisation helps with setting up Private Trusts for Clients who require bespoke Estate Planning solutions while low-cost, simplified, ‘off-the-shelf solutions such as the Simple Will, which ensures easy access to assets by Beneficiaries after the Testator passes on.

While commenting on the benefits customers stand to gain from Stanbic IBTC Trustees, Charles Omoera, Chief Executive, Stanbic IBTC Trustees, noted that the organisation’s Trust solutions are geared at helping individuals run effective businesses with peace of mind and plan their Estates to ensure successful and seamless transfer of assets to their future generation.

“The importance of Estate Planning cannot be over-emphasised. It provides for and protects our loved ones and their interests. Through the use of Wills and Trusts, these interests are protected from obnoxious practices, and family squabbles or financial challenges that may arise after the passing of the Testator are minimised.”

“As an organisation committed to global risk management and world-class corporate governance, Stanbic IBTC Trustees ensures that Clients enjoy unparalleled risk management, based on tried and trusted practices built on its the organisation’s renowned culture of trust, confidentiality and integrity,” he said.

The Stanbic IBTC Trustees’ Chief Executive noted that with the company’s wealth of experience and expertise across developed markets globally, the firm has continued to offer stellar services across different jurisdictions with integrity and transparency. He noted that Stanbic IBTC Trustees remains committed to providing innovative and customer-focused financial solutions to Nigerians with its sound financial standing.

He urged everyone to visit the company website – www.stanbicibtctrustees.com to learn more about Estate Planning and the available tools, and thereafter sign up to a simple or comprehensive plan that would help them do business with peace of mind and seamlessly transfer their wealth and leave a legacy for their loved ones.

Emirates Opens New Lounge for Children

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Business Journal

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29/04/2022

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Young travellers flying Emirates as unaccompanied minors can now relax and wait for their flight in a newly upgraded lounge dedicated for them at Dubai International Airport, located next to Emirates’ First- Class Lounge in Concourse B.

Parents or guardians who have pre-booked Emirates’ Unaccompanied Minor service, can drop off their young flyers at Dubai Airport Terminal 3, where Emirates’ airport team will check them in for their flights in a special lounge area for unaccompanied minors. This facility is located in between the Economy and First/Business Class Check-in halls.

After check-in formalities are completed, one of Emirates’ friendly airport services team members will escort the young flyers through immigration and security, onward to their dedicated departure lounge in the airside concourse, and later, from the lounge to the boarding gate.

Young flyers enjoy priority boarding, and Emirates cabin crew will be waiting to welcome young flyers at the aircraft door, and help them to find their seats and settle in for their flight.

Onboard, young flyers can look forward to delicious meals and snacks designed for their palates, toys and activity packs, and kid-sized headsets to enjoy the selection of over 50 Disney movies and 130+ TV channels for young travellers.

Emirates’ services for unaccompanied minors must be booked in advance of travel and are available for children from 5 to 11 years of age, who are travelling without an adult. The service can also be booked for young travellers between 12 and 15 years old.

ICAN Applauds Linkage Assurance for Human Capital Development, Professionalism

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28/04/2022

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L-R: Okanlawon Adelagun, Executive Director, Technical, Linkage Assurance Plc; John Isesele, Chairman, ICAN Lagos and District Society; Comfort Olu Eyitayo, 57^th President of Institute of Chartered Accountants of Nigeria (ICAN); Daniel Braie, Managing Director/CEO, Linkage Assurance Plc; Emmanuel Otitolaiye, Chief Financial Officer, Linkage Assurance Plc and Deji Awobotun, Council Member, ICAN during the Institute’s courtesy visit to the Corporate Head Office of Linkage Assurance Plc in Lagos.

The Institute of Chartered Accountants of Nigeria (ICAN) has applauded Linkage Assurance Plc for its commitment to human capital development of staff particularly in the accounting practice, and its professional ethos in the insurance industry.

Mrs. Comfort Olu Eyitayo, 57^th President of ICAN made the commendation when she led her council members on a courtesy visit to the corporate head office of Linkage Assurance Plc as part of her working visit to Nigeria’s commercial capital Lagos State on Monday.

Eyitayo said Linkage has demonstrated strong support for ICAN by regularly sponsoring its staff to the annual conference and dinner of the Institute, MCPD programmes and other examinations of the accounting body.

While commending Linkage Assurance for her competitive edge in the Nigerian insurance industry, she said the company has displayed professionalism and creation of value to her stakeholders having stood strong over the past three decades.

Eyitayo, while outlining her programmes targeted at creating value and broaden the scope of the profession for the benefit of her members, she called on Linkage Assurance for continuous collaboration in areas that will impact the Nigerian economy.

Daniel Braie, Managing Director/CEO, Linkage Assurance Plc who led the top management to receive the ICAN team said that the Institute has gained global recognition as an outstanding professional body over the years.

Braie said the Institute has evolved and has never stopped to be the leading professional body in Nigeria and Africa, producing world-class Chartered Accountants located all over the globe.

“As a company that cherished the value creation from ICAN, Linkage Assurance Plc currently has four Fellows of Chartered Accountants, eight Associates of Chartered Accountants and nine Student Accountants.”

“I can state equivocally that these members of ICAN are adding value to the company within their various spheres of engagement.”

According to him, every year, the company sends staff members of the Institute to the Annual Accountants Conference, as well as the Annual ICAN dinner and ensures that they attend at least one Mandatory Continuing Professional Education (MPCE) as part of their professional development.

“The company also pays the annual dues for the members of staff and the examination fees for the student accountants, to encourage them in their journey to becoming professionally qualified accountants. The company is a great believer in continuous personal development”, Braie said.

BCG Embarks on Beach Clean Up to Mark World Health Day 2022

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Business Journal

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28/04/2022

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L-R: Oumar Toure, Project Leader, BCG Nigeria; Tolu Oyekan, Managing Director, Partner and Head of BCG Nigeria; Morenikeji Akinseye, Business Analyst, BCG Nigeria; and Tolu Aina, Project Leader, BCG Nigeria, at the Beach Clean Up exercise to commemorate World Health Day 2022 at Oniru Beach, Lagos recently.

Universal Insurance Targets N10bn Capital, Digitalisation to Drive Growth

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Business Journal

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28/04/2022

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L-R: Tope Adaramola, Executive Secretary, NCRIB; Ekeoma Ezeibe, Vice-President, NCRIB; Tunde Oguntade, Deputy President, NCRIB; Rotimi Edu, President, NCRIB; Benedict U. Ujoatuonu, Managing Director/CEO, Universal Insurance Plc and Michael Olawale-Cole, President, Lagos Chamber of Commerce and Industry during the NCRIB members’ evening sponsored by Universal Insurance Plc in Lagos.

Universal Insurance Plc is set to raise its operating capital to N10 billion via rights issue in the foreseeable future from the current level N3 billion to achieve sustainable growth in the Nigerian insurance market.

Dr. Ben Ujoatuonu, Managing Director/CEO of Universal Insurance Plc said at the Members’ Evening of The Nigerian Council of Registered Insurance Brokers (NCRIB) in Lagos that the underwriter needs just a little margin to meet the regulatory threshold of N10 billion given its capital level. He said Universal Insurance is already finalising arrangements with major shareholders to meet the new capital requirement just as he promised that the exercise would be concluded shortly.

Ujoatuonu told the brokers: “You the brokers/our partners are critical stakeholders in our relationship and therefore deserve first-hand information about our exploits and growth. Our Company having come this far as one of the oldest Insurance Companies in Nigeria has operated for over 61years following the support from you our partners despite harsh economic environment. I stand here today to acquaint you with the happenings in Universal and to strengthen the relationship between us and all of you.”

He said the company is also banking on digitalisation to drive its processes towards the corporate goal of becoming one the big guns in the industry.

“We are one of the very few digitally compliant companies in the market. We have portals that are available to our customers and brokers to access our products, lodge claims all at the comfort of their home or office. We have applications that are very compliant and friendly especially in compliance with latest Web Aggregators guideline. This enables any digitally compliant company to easily have a handshake with our software to either buy, sell Insurance or lodge claims. All our retail line products are sold and bought digitally.”

The Universal Insurance CEO told the brokers that market expansion also features prominently in the future plans of the company.

“Our key strategy to grow our business for this year is to expand our market. In pursuit of this strategy, we are opening up more branches in Uyo, Apapa, and Kano. We have also expanded our marketing units within the Head Office. Apart from the core conventional Insurance business, our retail operations have been fully developed and is anchored completely on technology.”

He described claims payment as a fundamental factor for the continued existence of any insurance company.

“This we take very seriously in Universal, ensuring we meet our claims obligations as and when due. We have consistently delighted our customers with prompt settlement of claims. This to us is the major reason why we are in business. I am quite sure that a lot of you here will attest to this.”

Going forward, Ujoatuonu promised that Universal Insurance will remain active on the fore-front of product development.

“Our focus and deliberate effort in developing the retail business led to new products like Okada pass, shop insurer, drivers pass, Keke pass, parcel guard, Uni-group cover, Uni-personal cover, local travel Insurance, School fees protection plan, kiddies personal accident Insurance among others. Following the approval to transact Micro-Insurance, many more new products that will address the insurance needs of the public will be unveiled shortly.”

And for the brokers, a final message:

“We are still standing today because of you. In these past years you have supported us by entrusting us with your risks. You are the reason why we are still here. Today I am confident to tell you that Universal is stronger and better and has built capacity to handle all your risks. I therefore ask you to continue to extend your businesses to us. For those who are yet to enjoy our services, I enjoin you to please extend your hands of fellowship to us, I assure you, you will never regret it.”

Universal Insurance to Host Brokers on April 26

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Business Journal

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24/04/2022

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Benedict Ujoatuonu

Managing Director/Chief Executive Officer

Universal Insurance Plc

Universal Insurance Plc has highlighted plans to host members of the Nigerian Council of Registered Insurance Brokers (NCRIB) on Tuesday, April 26 in Lagos.

A statement by the firm’s Secretary & Head, Corporate Communications, Chinedu Onyilimba stated that the meeting is the first in 2022 planned by the legacy insurer and will hold at the NCRIB House, Yaba, Lagos.

He added that the meeting is aimed at continually strengthening the company’s relationship with over 250 elite brokers’ body in Nigeria.

The Managing Director/Chief Executive Officer, Universal Insurance Plc, Benedict Ujoatuonu emphasized the importance of the brokers’ body in driving the sales and penetration of insurance in Nigeria.

Universal Insurance Company Limited (UNISURE), now Universal Insurance Plc was established by the then Eastern Nigeria Government, African Continental Bank Plc in 1961 through an association between Eastern Nigeria Development Corporation (ENDC) and Pearl Assurance Company Limited of London whereby ENDC acted as agents to the insurance company.

Universal Insurance Plc is now one of the nation’s largest personal lines insurers with over N8 billion in assets.

The company is noted as a major marketer of eight major lines of insurance, including auto, property and commercial etc.

Stanbic IBTC Urges SMEs to Digitise Products, Services

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Business Journal

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21/04/2022

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Stanbic IBTC Holdings Plc, a member of Standard Bank Group, has urged Small and Medium-size Enterprises (SMEs) in Nigeria to digitise their products and services to drive business efficiency.

The call was made during the 2022 Enterprise Banking webinar organised by Stanbic IBTC, Themed ‘Your Business, Our Business: Accelerating Business Growth’, the webinar featured seasoned experts such as Muyiwa Oni, Head, Research, Stanbic IBTC Bank; Remilekun Ishola, Team Lead, Enterprise Banking, Stanbic IBTC; Philip Egbetho, Solutions Manager, inq. Digital Nigeria; Ayodele Ojosipe, Head, Enterprise Business Development, Stanbic IBTC; and Steve Harris, Business Strategist.

Speaking on the need for SMEs to digitise products and services, Wole Adeniyi, Chief Executive, Stanbic IBTC Bank PLC, stated that the integration of digital technology into businesses would help SMEs achieve greater business efficiency.

He said: “The position of SMEs in the society has been identified as one of the most important catalysts in a nation’s development. In fact, it is the major propeller of development of any nation. A country that needs fast and rapid development should not neglect the crucial role of small-scale industries. However, to attain optimal business efficiency, digitisation of the products and services SMEs provide must be adopted immediately, across all enterprise business sectors.”

Highlighting the economic overview of the nation, Muyiwa Oni, Head, Research, Stanbic IBTC Bank noted that although Nigeria’s gross domestic product is gradually recovering, 2022, in its third month, comes with heightened political activities, increase in cash flow systems and some uncertainties due to the forthcoming 2023 elections, which is a pattern with electioneering in Nigeria. He advised SMEs to switch to digital platforms to conduct their businesses, and to look for innovative ways to serve their own customers.

Steve Harris, Business Strategist, stated that for small and medium sized enterprises to experience growth, there must be an emphasis on branding and packaging to effectively market their products and services. He also mentioned branding strategies for businesses to apply to accelerate their growth alongside worst strategies that businesses should avoid in 2022.

Addressing the issue of business growth, Remilekun Ishola, Team Lead, Enterprise Banking, Stanbic IBTC, said “One of our key objectives in the Business and Commercial Clients Division at Stanbic IBTC is to actively help businesses with financial solutions and funding that will accelerate their business and expand their capital base. We provide smart loans, SME advances, EZ loans and other credit facilities to augment the working capital of entrepreneurs, who need instant funding to meet up their day-to-day short-term obligations or commercial needs.”

Philip Egbetho, Solutions Manager, inq. Digital Nigeria, advocated for more businesses to digitise their products and services for better returns on investment.

According to him, “With a click on a computer or tablet, you can order food, purchase items online, buy gadgets, etc. Nowadays, drycleaners even have websites to advertise their services, and many SMEs have POS machines at their shops and stores. No need to go physically to a store to purchase items. This is because Nigeria is gradually transitioning from a traditional position to a modern viewpoint on conducting business activities, a shift to a digital economy. However, the pace at which this transition is taking place is slow, hindered by several impediments. If more SMEs were to digitise their products, more profit will be made and these businesses will be more efficient.”

Babatunde Akindele, Head Commercial Client Coverage, Stanbic IBTC Bank, while giving the closing remark, urged all SMEs to embrace digitisation, as that is the future of business.

Google Equiano Cable to Boost Nigeria’s GDP by $10bn

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Business Journal

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21/04/2022

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Left to right: H.E. Otunba Adeniyi Adebayo – Minister of Industry, Trade and Investment of the Federal Republic of Nigeria; Babajide Sanwo-Olu – The Executive Governor, Lagos State; Juliet Ehimuan – Director, West Africa, Google; Chris Wood – Chief Executive Officer, WIOCC.

Google and cable landing partner, WIOCC today announced the landing in Lagos, Nigeria, of the state-of-the-art Equiano subsea cable, which will become a critical element in meeting Nigeria’s current and future international connectivity demands.

The Equiano cable will start in Portugal in western Europe, run more than 12,000km along the West Coast of Africa and initially land in Lomé, Togo; Lagos, Nigeria; Swakopmund, Namibia; Rupert’s Bay, Saint Helena and Melkbosstrand, South Africa; establishing a valuable new high-capacity connection between the African continent and Europe.

Named after Nigerian-born writer and abolitionist, Olaudah Equiano, the Equiano cable will help support further digital transformation in Nigeria, a country which has produced five start-up unicorns (companies now valued at more than $1 billion).in the past five years.

Expected benefits to Nigeria from Equiano

A recent impact assessment study by Africa Practice and Genesis Analytics stated that once the state-of-the-art, high-capacity Equiano cable had become fully operational, anticipated later this year, it is expected to bring the following benefits to Nigeria:

Connectivity-related

Increase internet speeds by a factor of six
Reduce internet retail prices by 21%
Increase internet penetration by six percentage points

Economic

Boost GDP by USD 10.1 billion by 2025
Boost job creation by 1.6 million jobs by 2025

Sustainability

Save 2.8 million tonnes of CO2 emissions per annum

The Nigerian government has also stepped up its digital transformation programs since 2017. These initiatives have proven crucial to the success of many industries in the country, especially the startup space. But studies suggest that faster internet connections, better user experiences, and reduced internet costs will further accelerate these benefits.

Juliet Ehimuan, Director, West Africa at Google commenting on the landing of Equiano in Nigeria said: “Google is committed to supporting Africa’s digital transformation and we are excited to see the impact of the landing of Equiano in Nigeria. We’ve worked with established partners and in-country experts to guarantee that Equiano has the greatest potential effect in Nigeria and throughout Africa.”

“Equiano is set to make an enduring contribution towards the development of Nigeria’s communications infrastructure and today marks another major step in its development. We look forward to honouring our commitment to be part of Africa’s digital transformation,” Ehimuan added.

Chris Wood, Chief Executive Officer of WIOCC, stated: “We are proud to have been selected by Google as the landing partner for the Equiano cable in Nigeria, landing the cable directly into the OADC Lagos data centre. From there it will be extended to other data centres across Lagos.”

He added: “The Equiano cable will deliver improved internet quality, speeds and affordability to the people of Nigeria. However, for the benefits to be fully felt throughout Nigeria, hyperscale connectivity needs to be extended from the Lagos area to the rest of the country. To make this happen, WIOCC is also deploying a comprehensive, hyperscale national fibre network. The network will go live in phases, starting in June and continuing through to the end of the year. When combined with the Equiano cable this network will deliver transformational benefits across the country.”

Last month, the Equiano subsea cable made its first landing in Africa in Lomé, Togo, as a confirmation of the commitment made at the Google for Africa 2021 event to help increase internet access across Africa.

About Google

Google’s mission is to organize the world’s information and make it universally accessible and useful. Through products and platforms like Search, Maps, Gmail, Android, Google Play, Chrome and YouTube, Google plays a meaningful role in the daily lives of billions of people and has become one of the most widely-known companies in the world. Google is a subsidiary of Alphabet Inc.

About WIOCC

WIOCC is the leading player in the deployment of carrier-scale, future-proofed network infrastructure into Africa. We have the flexibility and scale to meet the ever-growing demand for reliable, high-speed capacity throughout Africa, driven by end consumers, enterprise users and the ecosystem that supports them.

Our policy of continual investment in our network to create Africa’s first, truly hyperscale network infrastructure means ongoing investment for growth, ensuring our readiness to meet the future data volume demands of consumers throughout Africa.

Operating exclusively as a wholesaler, we have revolutionised the delivery of high-capacity connectivity between Africa and the rest of the world. Widely recognised as Africa’s carriers’ carrier, we offer carriers, content providers, cloud operators, ISPs and mobile operators reliable, seamless, high-capacity connectivity between more than 30 African countries and key global financial and commercial centres.

Our focus on building and maintaining strong, long-term relationships with each client enables us to develop bespoke solutions that meet their current requirements and have the capability to match future demands for growth, extra resilience and geographical expansion.

The Address Homes: Pushing the Frontier of Luxury Houses in Nigeria

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Business Journal

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21/04/2022

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‘There’s no place like home,’ or ‘Home is where the heart is.’ These popular sayings affirm the truth that a home is a place that is always desirable. It exists in the mind’s eye as much as in a particular physical location. Home, in essence, is a shelter, providing an escape from the intrusions of the busy world.

Interestingly, in Nigeria, most cities are fast becoming homes to a huge number of individuals due to the rural-urban influx of people, as well as the rapid-growing population, especially, the working class; and of course, rapid urbanisation, among other factors.

However, much thought about, in seeking for homes, regardless of economic conditions of the nation and the citizens, researches have shown that many are not just complacent with living in ‘any kind of home’. This category of patrons or home-seekers, this medium observes, wants more than just four walls and a parking lot. Simply put, they desire to live in the premium or what many call luxury homes, rather than ‘normal’ homes.

For these home buyers, specifically, the affluent, the desire for luxury homes that provide all the modern comforts cannot be overemphasized. The homes, especially in the urban areas, afford the owner to provide his/her family quality habitat with security, health, and privacy, all guaranteed.

Notably, however, affording a luxury home does not come cheap. With the poor state of the economy, galloping inflation and falling values of the naira and associated effects on the fortune of the nation, prices of luxury properties have climbed steadily over the years.

But, while it might seem to have a luxury home cannot be achieved in one’s lifetime, the good news is here.

In battling the housing deficit in the country, a top-notch real estate development firm, The Address Homes, has reiterated its resolve toward tackling Nigeria’s housing deficit by providing affordable homes that meet the benchmark of modern real estate development.

Having stamped its authority in the luxury property market within the shortest time of coming into the real estate industry through the successful completion of about 54 units of mid-luxury detached and semi-detached properties in Osapa London, 31 units of luxury homes at Ilasan, opposite Ikate, in Lekki, Lagos, the firm has added two new home schemes christened The Luxuria by The Address Homes and Dan & Dan Apartments in Ikoyi and Banana Island to its stables.

These maisonette homes, industry experts and many stakeholders affirmed, are definitely like no other, and could only have been delivered by The Address Homes, which prides itself as an “address of distinction”, where standards, innovation, newness and fresh perspectives thrive. The two luxury brands, on completion, are expected to deliver cosy homes that combine exquisite design with high-level finishes within Ikoyi, Lagos.

According to the Address Homes management, the construction of the two deluxe contemporary homes, which commenced in 2021, is expected to be completed in 2023. Upon completion, the project will comprise 18 luxury houses, ranging from five-bedroom fully detached houses to five-bedroom semi-detached houses and four-bedroom terrace houses.

Located on Alexander Road, Ikoyi, The Luxuria, which sits on a land area measuring approximately 4890sqm is a development made up of 58 units in total, out of which close to 50 are typical maisonettes. The general amenities include the followings: 24 hours power, functional gym, adult/children swimming pools, 3 carports, spa, lounge overlooking the lobby, 2 general lifts per tower, 2 service lifts per tower, spacious lift lobby, wet and dry kitchens as well as a reception area.

Dan & Dan Apartments, located on Banana Island road, comprises 27 units of fully-serviced apartments; three penthouses, 12 maisonettes and 12 terrace houses.

Designed by award-winning architect, Play in Architecture Limited and nestled in the heart of Ikoyi, Dan & Dan is surrounded by city landmarks, cultural institutions and dozens of trendy dining and shopping options with easy and secured access to roads and waterways.

Conspicuously raising the standard, Dan & Dan is introducing distinctive, crafted details that complement modern materials and reinvent Banana Island’s architectural landscape. The features include 3 nos penthouses, 12 nos maisonette, and 12 nos terrace houses.

Upon completion, the estate will have the following features: a swimming pool, 24-hour power, security personnel, CCTV, a best-in-class Kitchen, gym; and many more.

Speaking during a recent media tour of some of its completed and ongoing projects by journalists from top media houses in Nigeria, the chairman and founder of The Address Homes, Dr Bisi Onasanya revealed that “The fundamental goal of the firm was to provide smart homes which could boast of the basic amenities that were reflective of global best property development practices.

According to him, “We didn’t venture into The Address Homes to make money, even though every business is set out to make money. The real intention, for me, is to allow us to do something different from the way previous participants and players in real estate have done.

He said: “We believe there is a need to inject some integrity into the real estate business. We also believe at times that quality was a bit deficient and there is a need to do things mostly to some level of international standards, irrespective of where you are. We wanted to come into the industry and put up structures that we can call homes, not houses.

These are homes that will compete with the best that you can see outside of the country, and yet without making you break the bank in terms of being able to pay or affordability. We see people trying to relocate from abroad – Canada, the United States of America (US) and Europe. There is a minimum standard of living they have been used to. They like to enter a home and there are basic things they look to see, the environment they also like to see.

We found that these are missing to some extent. We wanted a situation in which you live in the Address Homes and you are proud because of the comfortability we offer. That is what we believe in. That’s what we have been able to do. Have we done everything? We’ve done our best, but we still believe that we’ll keep improving.”

According to the chairman, The Address Homes characteristically offers flexible payment plans to enable home buyers spread payments at their convenience.

“We are very competitive in terms of pricing, but more importantly, we are very flexible in our payment structure. We allow people to dictate to us within a particular time frame, how they want to structure their payments during construction.”

“Even at that, we’ve had instances where we completed the project, but people had difficulty making the final payment. They make a special request for us to allow them to move into the property without completing payment, and yet we still oblige them.”

“All these have endeared us to the few people who have had the opportunity to interact with us and to enjoy the services that we offer. So, when I see those things, they make me feel proud that what we set out to achieve, we are on course.”

“In doing that also, we have also succeeded in contributing to the housing deficit. Right now, we play in the medium market sector essentially, and today we have a total of, both ongoing and completed, over 250 units of houses and still counting.

I have mentioned why we are different. We don’t make noise and we don’t tell you you must break the bank to access our services. For every single estate that we have built, we make sure that we do not just hand over the keys to you, we follow you and make sure we provide facilities management to make living in those estates very convenient and comfortable for you.

We also provided some guarantees of a minimum of five to 10 years on the structure so that if anything happens to the windows and doors, we take responsibility. We provide you with 24 hours electricity, CCTV, security, water and others.”

Speaking further, Onasanya noted that all of the firm’s construction projects were subjected to periodic integrity tests by the Lagos State Government to ensure compliance to set standards and also ensure standards for home buyers.

“We do not embark on any construction with a formal building plan approval from the Lagos State Government. At every stage, the structural engineer goes to the site to certify every stage before they can do any concrete work. After the structural engineer has done that, Lagos State Government, that is LASBCA, will check what has been done and sign off on it before we go on, and we use this process on all our projects.”

Shedding more light on the Luxuria features, the Address Homes boss noted: “When I say maisonettes, there is a reason why we do things differently.

First and foremost, we found out that people live in flats. Developers built flats but we also found out that when you live in flats, some elements of privacy are denied – you come out of your bedroom, enter your sitting room. People who lived abroad are used to multi-level structures.

We chose to do things differently. I was discussing with an architect and he said what he has observed in this environment is that people would build blocks of flats and then put them on top of the flats penthouses. And I said it is those penthouses, which are very few, that are sold first. People are ready to pay any amount of money for the services.

Why can’t we do a project where every single apartment looks like a penthouse. If you go to Luxuria, you will see the massive space that we have of two levels. It comes with two kitchens, which means that madam has a reserved house while allowing the chef to use the other area; two living rooms, a bar area, a swimming pool, etc.”

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