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Royal Exchange General Targets 1m Farmers in Agric Investment

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Royal Exchange General Insurance Company Ltd
L-R: Mr. Wale Banmore, Director, Royal Exchange General Insurance Company Ltd; Mr. Nnamdi Oragwu, Director; Ms. Sheila Ezeuko, Company Secretary/Group Head, Legal Services; Mr. Benjamin Agili, Managing Director; Mrs. Jane Ekomwereren, Executive Director; and Mr. Chukwuma Kalu, Head, Agric. Business, during a press briefing on the strategic investment in Royal Exchange General Insurance Company Limited in Lagos yesterday.

L-R: Mr. Wale Banmore, Director, Royal Exchange General Insurance Company Ltd; Mr. Nnamdi Oragwu, Director; Ms. Sheila Ezeuko, Company Secretary/Group Head, Legal Services; Mr. Benjamin Agili, Managing Director; Mrs. Jane Ekomwereren, Executive Director; and Mr. Chukwuma Kalu, Head, Agric. Business, during a press briefing on the strategic investment in Royal Exchange General Insurance Company Limited in Lagos yesterday.

Royal Exchange Plc, Nigeria’s foremost finance and insurance services group has announced the 39.25 percent acquisition in its general insurance subsidiary, Royal Exchange General Insurance Company (REGIC) by the InsuResilience Investment Fund (IIF), established by the German Development Bank (KfW) and managed by by Swiss based Impact Investment Manager, BlueOrchard Finance Investment Limited (“BlueOrchard”).

The acquisition, which results in a N3.6billion capital injection into the Royal Exchange General Insurance (REGIC) is in line with the National Insurance Commission’s (NAICOM) directive for insurance companies to increase their share capital in line with the new regulatory requirements recently introduced.

As one of the leading non-life insurance companies operating in the insurance market in the country and having a strong presence in the agric-insurance space through its partnerships with The Nigeria Incentive-Based Risk-Sharing System for Agricultural Lending (NIRSAL) and some State governments, this investment by the KfW is expected to have a huge impact on the company’s presence in the agric-insurance space to enable REGIC increase its presence even further.

The proceeds of the investment will help REGIC to spur growth by increasing its risk capital and supporting its underwriting capacity in agriculture, hereby extending its outreach to low income farmers.

Speaking on the importance of this strategic investment, Mr. Benjamin Agili, Managing Director, Royal Exchange General Insurance said “With this investment, REGIC will be able to achieve its key objective of reaching out to over 1million farmers within the next five (5) years, offering the best-of-bred agric-insurance services to enable them increase their productivity, make Nigeria more self-reliant in food production, which impacts the economy with growth of our GDP and the agro-allied economy”.

Agili further added: “Other strategic impacts this investment will bring to the company will be in the areas of Information Technology, Market Expansion, as well as helping the company meet its financial inclusion targets by enabling REGIC develop new products, as well as create alternative channels of distribution to reach our various clientele, especially those who are financially excluded as a result of accessibility, availability and knowledge of insurance and how insurance can improve their well-being.”

“The history, team and commitment of REGIC to agriculture insurance make it a great addition to our portfolio.  REGIC is uniquely positioned to capture the opportunity presented by 30 million under insured small scale farmers in Nigeria. We are thrilled to partner with and support REGIC with capital, technical assistance and our international network in the agriculture insurance space, with the objective to increase the resilience of small scale farmers to climate change“, says Ernesto Costa, Senior Vice-President Private Equity at BlueOrchard.

Also speaking on the investment, Mr. Kenny Ezenwani Odogwu, Chairman, Royal Exchange Plc said: “REGIC has entered into strategic alliances with various stakeholders in the agricultural space to drive insurance within that sector of the economy. Agriculture and retail insurance, we believe is the future of insurance and at Royal Exchange, we will continue to develop products and services to ensure that we remain relevant in this space.  REGIC is determined to take advantage of growth initiatives available in the industry. Our strategy has always been to ensure we attract the best technical experts globally and capital to meet regulatory requirements and the needs of our stakeholders in the 5 subsidiaries where we currently have 100% shareholding.

Odogwu further added: “People need to understand that insurance is an enabler of the economy and is needed to bolster the agriculture industry (20% of GDP) which is a major priority for the Government. Royal Exchange has entered into strategic alliances with various stakeholders in the agricultural space. We will continue to develop products and services to strengthen our leading position in this space while leveraging technology to expand our revenue base and ultimately, our bottom-line. We will soon be expecting major investments in other subsidiaries of the group, namely, our life insurance firm, the HMO, micro-finance bank and the finance company.“

MTN Group Appoints Thato Motlanthe as New Investor Relations Executive

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MTN

MTN Group has appointed Thato Motlanthe to the position of Executive for Investor Relations, with effect from 1 September 2019. Thato replaces Nik Kershaw who left MTN Group at the end of May 2019, and will report to Ralph Mupita, MTN Group CFO.

Thato brings to the role extensive experience of South African and  global capital markets, having worked in both the sell-side and buy-side of equity capital markets.  He joins MTN from Absa Asset Management, where he held the role of Portfolio Manager, co-managing the flagship funds within the Equities franchise.

Prior to this, he has held senior positions at STANLIB Asset Management, Citigroup Global Markets and UBS Investment Bank over a career spanning 16 years.

“I am excited to join a company with an incredibly strong pan-African and Middle East footprint, great market positions and attractive assets. MTN Group is well positioned to capture growth from digital and financial inclusion”, said Thato.

Commenting on Thato’s appointment, MTN Group CFO Ralph Mupita said, “We are pleased to have secured someone of Thato’s experience and leadership profile.  Thato will play a critical role in the management and building of the investor base for MTN Group, as well as ensuring that the communication of the investment case of our “Digital Operator” strategy remains clear and compelling for stakeholders.”

Hero Lager Presents Echefula, Never Forget Your Identity

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Hero lager, a leading quality beer brand from the stable of International Breweries Plc, a proud part of the AB InBev family, has kicked off a unique campaign tagged Echefula, “Never Forget Your Identity” in Igbo dialect.

The campaign seeks to connect the brand at an even deeper level with the people that have welcomed and accepted it as part of their culture while also reminding consumers to take pride in their heritage, identity, celebrate their culture and embrace their traditions.

This campaign will explore the uniqueness and beauty of diverse ethnic groups in Nigeria, while encouraging Hero loyalists to be proud about their heritage, way of life, beliefs and tradition.

“This campaign was initiated out of a strong desire to underline our identity as a people and to reawaken the spirit of who we are, our values, our history, the great exploits of our generation past and more importantly as a call to action to Never Forget our identity as HEROes irrespective of wherever in the world we may be,” said Marketing Director, International Breweries, Tolu Adedeji.

Culture is one of the main pillars of development and sustenance of communities and no society can progress in its absence. It is regarded as the identity where common values, attitudes, preferences, knowledge are attributed to the behavior of a people. Identity expressed through culture is a necessity for all human development. It creates the fundamental building blocks in our personality and in the ties that link us to communities and nations.

As a result of western encroachment, ideas and influence, the younger generation are fast forgetting those peculiar traits that define us as Africans, Nigerians and as a people. Urbanization has also increased the possibility of people to forget our way of life, mannerism, culture, food and language. “The Echefula campaign is aimed at the preservation of our cultural heritage and will in its eventuality shed more light on some cultures, highlighting specific aspects of some traditions that make them special and worth honoring. By so doing, Hero will encourage consumers both home and abroad to take pride in their heritage and identity,” Tolu added.

On the idea behind the campaign, she said that the Hero brand is a loyalist brand and does not take the people’s choice to make Hero their preferred drink lightly.

“For several years Hero lager has thrived in the east. We have been part of celebrations, weddings, red capping ceremonies, naming ceremonies, chieftaincy title ceremonies and we have grown with the people. As they have invited us into their homes to celebrate with them all these years, we believe it is well-deserving to likewise honour, celebrate everything about them.”

“Celebrating our various traditions offer an excellent opportunity for intercultural exchange and understanding. We hope that this campaign will spark conversations around identity and pride in one’s heritage, no matter how far away from home you might be, you will be reminded of our rich heritage and roots, we must never forget our identity. This is the central message of the campaign, Echefula (Never Forget Your Identity)” She stated.

There will also be a cultural festival and the festivities will continue with in-bar activations where loads of exciting prizes will be up for grabs.

Trane Appoints JMG as New Distributor in Nigeria

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Trane, a global provider of indoor comfort systems and services and a brand of Ingersoll Rand, has entered into a new distribution agreement with JMG Limited in Nigeria that will significantly expand and strengthen the distribution capacity of Trane in Nigeria.
The launch of Trane in Nigeria was at the MEGA CLIMA exhibition, dedicated to the refrigeration, air conditioning, ventilation and heating sector, which took place in the Landmark Exhibition Center in Lagos from the 11th to the 13th of July 2019. JMG Limited and Trane exhibited the Trane brand and conduct a seminar for the professional in the HVAC market.
Under the agreement, JMG Limited will be the Authorized Distributor of Trane residential and light commercial systems in Nigeria through a dedicated team of experienced sales and services engineers. This Distributorship allows JMG Limited to complete its strategic development in the building infrastructure segment in order to offer a One Stop solution to developers from power, electrical products, mobility equipment and now efficient air-conditioning systems.
Mr. Hazem Bouzaiane, Africa Distributor Management Leader, Trane, said “We believe in selecting a Distributor who reflects Trane’s commitment to environmental sustainability with a strong focus on understanding and delivering value to customers, and the region they operate in. We are pleased to begin this journey with JMG Limited and will be very proactive in working with them to deliver the Trane promise of energy efficiency and reliability to the region”.
Mr. Ramzi Dabaghi, Head of Power Solutions & HVAC Division Manager, JMG Limited, said, “The HVAC industry is a very large industry that covers system design, operation and maintenance. Like most industries within the construction business, the HVAC sector has been gradually growing lately, with the end user spending substantial business expansion plans and supporting new enterprises in the industry. Our interest in the HVAC business arises after we have monitored the increasing market trend and identifying the areas/businesses that will benefit from our service. Add to this our concern to reduce energy consumption and to build a healthier environment.
We are quite aware that the success of any business lies in the foundation on which the business is built on, which is why we are confident enough that the JMG Limited – Trane partnership in the HVAC sector will succeed and develop rapidly.
JMG Limited has a dedicated team of professional engineers (Mechanical and Electrical), trained by Trane and specialized in Total engineering solutions and turnkey projects to deliver reliable and immediate results.
Thanks to the vast expertise and experience of our team, our aim is to provide the optimum solution, irrespective of category and scope of supply. We are always committed to provide high reliability with low maintenance, maximum safety and great flexibility. With the expertise and experience of our team and the name Trane and not to forget the quality and innovation of Trane products, we simply offer the best solutions.
We can confidently say that our partnership will definitely be a success story within the HVAC business in Nigeria.”

TECNO Wins AITTA Phone of the Year 2019 Award

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TECNO smartphones

TECNO SPARK 3, a smartphone model by TECNO, a global premier mobile phone brand, has been awarded as the smartphone brand of the year at the 2019 edition of the Africa Information Technology & Telecoms Awards (AITTA).
AITTA recognises customer service, innovation and excellence in Africa Telecom and Information Technology industry. The reputable awards now in its third year and has been acclaimed as one of the most prestigious and biggest platform recognising excellence and innovation in the African telecoms and technology industry.
TECNO SPARK 3 was awarded as the phone of the year as a result of its cutting-edge features as well as its market outing positive reception of the TECNO brand loyalists and customers. This is the only smartphone recognized by AITTA this year.

As one of the most remarkable devices to “light up” the photos, SPARK 3 have been upgraded by AI technology to furthermore advanced the camera features to be available in Africa, middle-east and Southeast Asia market.
Starting their business from the Africa market in 2006, TECNO has been Africa’s leading smartphone brand and was the first dual-SIM handset supplier to the African continent, which boosted an astonishing 53% of all Smartphone sales in Africa in the year 2011.

Focusing on providing high performance and cutting edge smartphone that use the latest technology and at sweet price point, TECNO smartphones have become incredibly popular throughout Africa due to the exceptional value-for-money they offer.
TRANSSION, TECNO Mobile’s parent company, its brand portfolio comprises leading mobile phone brands in emerging markets.

In 2018, TRANSSION sold 124 million mobile phones globally. IDC figures for 2018 show that TRANSSION ranks 4th in global mobile phone brands and holds the largest market share in Africa. Their global sales network covers more than 70 countries in emerging markets including Nigeria, Tanzania, Kenya, Ethiopia, Egypt, India, Pakistan, Indonesia, Vietnam and Bangladesh to name a few.

Sustained Sell-offs Drag Equities Market… ASI Down 56bps

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nse

The downward trend in the equities market continued following price depreciation in GUARANTY (-1.0%), DANGCEM (-0.3%) and UBN (-3.7%).

Consequently, ASI dipped 56bps to 28,043.32 points while YTD loss worsened to -10.8%. Similarly investors lost N77.0bn, pulling down market capitalisation to N13.67tn. Activity level improved as volume and value traded rose by 12.5% and 116.0% to 243.7m units and N3.9bn respectively.

The top traded stocks by volume were GUARANTY (77.5m units), FBNH (29.5m units) and UBA (13.6m units) while the leading stocks by value were GUARANTY (N2.3bn), DANGCEM (N317.5m) and ZENITH (N247.4m).

Bearish Sector Performance 
Sector performance remained largely bearish as 5 of 6 indices under our coverage closed negative. The Insurance index topped the decliners, reversing yesterday’s gain with a loss of 1.5% on the back of sell pressures in MANSARD (-8.3%).

The Banking index trailed closely, retreating by 1.4% following price depreciation in GUARANTY (1.0%), UBN (-3.7%) and ACCESS (-3.1%). In like manner, the Consumer and Industrial Goods indices closed in the red, dipping 0.8% and 0.7% respectively following losses in UNILEVER (-3.0%), NESTLE (-0.4%), HONEYFLOU(-7.1%), WAPCO (-2.6%) and DANGCEM (-0.3%).

The bearish performance also extended to the Oil & Gas index, which declined by 0.1% as investors exited position in FORTE (-0.8%) and TOTAL (-0.1%). Conversely, the AFRI-ICT index closed flat.

Investor Sentiment Remains Flat
Investor sentiment as measured by market breadth (advance/decline ratio) remained flat at 0.3x due to 8 advancers against 26 laggers. AGLEVENT (+10.0%), CHAMS (+8.0%) and MBENEFIT (+5.0%) led the top advancers while JBERGER (-9.8%), NAHCO (-9.6%) and UNITYBNK (-9.2%) led the laggards. We expect the bearish performance to continue until we start seeing H1:2019 earnings results.

NGE Mourns Veteran Journalist, ODAFE OTHIHIWA

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The entire members of the Nigerian Guild of Editors (NGE) received with shock news of the demise of veteran journalist and Editor, Sir Odafe Othihiwa, who was aged 77.

Sir Othihiwa was a former News Editor of the defunct Nigerian Observer from 1977 to 1981. He also served as Group General Manager of the Daily Times and African Independent Television (AIT).

He was a journalist of over five decades of professional standing, who also worked with the defunct Daily Expressnewspaper.

Sir Odafe Othihiwa was a reporter par excellence, reputed to be the first African reporter to interview former US President Jimmy Carter in 1978.

The former Daily Times and AIT General Manager, was born in OwodokpoIgbide, Isoko South Local Government Area of Delta State. He attended Protestant Teacher Training College, Yaba Lagos and taught for 10 years before his foray into the journalism profession.

In 1982, Othihiwa was honoured with the award of the Knighthood Order of St. Augustine by the Head of the World Anglican Communion.

‘Our heartfelt condolences are hereby extended to the entire members of the Othihiwa family, his professional colleagues and associates in the media, friends and the Delta State Government.

We pray the Almighty God to give the entire Othihiwa family the fortitude to bear this loss and grant his soul eternal rest. Amen.’

UNDP Report Classifies 98m Nigerians as Poor

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The traditional concept of poverty is outdated, according to a new report released yesterday by the United Nations Development Programme (UNDP) and the Oxford Poverty and Human Development Initiative (OPHI).

Findings from the 2019 global Multidimensional Poverty Index (MPI) sheds light on disparities in how people experience poverty, revealing vast inequalities among countries and among the poor themselves.

The report reveals that in Nigeria, even though the proportion of people who are multi-dimensionally poor has remained constant at just over 50% over the past decade (up to 2017) the actual number of people who are multi-dimensionally poor increased from 86 million to 98 million over the same period. Also, important to note from the report is that when compared to the national poverty line which measure income/consumption, a larger proportion of Nigerians (51%) are multi-dimensionally poor than those that are income poor (46%).

This year’s MPI results show that more than two-thirds of the multi-dimensionally poor—886 million people—live in middle-income countries. A further 440 million live in low-income countries. In both groups, data show, simple national averages can hide enormous inequality in patterns of poverty within countries.

For instance, in Nigeria, even though the national average shows that around 50% of Nigeria are multi-dimensionally poor, state and local government levels will reveal a completely different scenario – higher or even lower levels.

There is even inequality under the same roof.  In South Asia, for example, almost a quarter of children under five live in households where at least one child in the household is malnourished and at least one child is not.

“We need—even amongst those living in poverty—to understand people’s different experiences of deprivation. Are they malnourished? Can they go to school? Only then will poverty reduction policies be both efficient and effective,“ says Pedro Conceição, Director of the Human Development Report Office at UNDP.

There is also inequality among the poor. Findings of the 2019 global MPI also paint a detailed picture of the many differences in how – and how deeply – people experience poverty. Deprivations among the poor vary enormously: in general, higher MPI values go hand in hand with greater variation in the intensity of poverty.

Results also show that children suffer poverty more intensely than adults and are more likely to be deprived in all 10 of the MPI indicators, lacking essentials such as clean water, sanitation, adequate nutrition or primary education.

Even more staggering, worldwide, one in three children is multi-dimensionally poor, compared to one in six adults. That means that nearly half of the people living in multidimensional poverty—663 million—are children, with the youngest children bearing the greatest burden.

But new data also shows a positive trend: those furthest behind are moving up the fastest.

 “We looked at data for a group of ten middle- and low-income countries and we found encouraging news that the bottom 40 percent were moving faster than the rest,” says Sabina Alkire, OPHI Director-“A pro-poor pattern that reduces inequalities in several Sustainable Development Goals.”

Within these ten countries, data show that 270 million people moved out of multidimensional poverty from one survey to the next. This progress was largely driven by South Asia: in India there were 271 million fewer people in poverty in 2016 than in 2006, while in Bangladesh the number dropped by 19 million between 2004 and 2014.

In other countries there was less—or no—absolute reduction, with numbers of multi-dimensionally poor rising by 28 million across the three African countries considered. In part this was because of rapid population growth, which outstripped reductions in poverty. Infact, poverty rates (as a percentage of the population) declined in most of the countries.

The 2019 global MPI paints a detailed picture of poverty for 101 countries and 1,119 sub-national regions covering 76 percent of the global population, going beyond simple income-based measures to look at how people experience poverty every day.

Nigeria to be Major Player at Africa Investment Forum 2019

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Nigeria will feature significantly in the 2019 Africa Investment Forum scheduled to take place in Johannesburg, South Africa this November, business leaders and government heard at a roadshow event held in the capital Abuja.
Following the hugely successful inaugural edition held last year, the African Development Bank’s innovative investment marketplace set up to accelerate investment into the continent, will convene for its second meeting from 11-13 November.
The Nigerian roadshow, held 9th July, was organised by the Nigeria Country Department of the Bank in collaboration with the Africa Finance Corporation. It was attended by key industry players, including, policy makers and representatives of state governments.
Speaking at the event, Ekiti State Governor, Dr. Kayode Fayemi emphasized the role of private capital to deliver the infrastructure required to grow Nigeria’s economy and provide jobs for millions of young Nigerians.
“With the support of the African Development Bank and the African Finance Corporation, and the quality of investors that attended the inaugural edition in South Africa last year, I am confident that if we put our best foot forward, we will receive significant funding commitment for investments across Nigeria and the continent,’’ Fayemi said.
Senior Bank Director for the Nigeria Country Office, Ebrima Faal, highlighted Nigeria’s prominence during the 2018 Forum. Nigeria was very visible. Out of the 63 boardroom deals presented at the Forum, Nigeria had 5 deals worth $7 Billion. This represents 14.9% of the total deals accounted for on the continent, and 43% of the deals accounted for the region.
“The African Development Bank and its partners are excited to present you with … the only platform that allows you to instantly pitch and close monumental deals on the spot. We encourage you to engage early and wholesomely to be a part of re-writing Africa’s economic history,’’ he urged.
According to Africa Finance Corporation Senior Director, Taiwo Adeniji, “building on the success recorded in 2018, it is expected that Nigeria will be a major participant at the 2019 Forum. The Africa Finance Corporation is keen to support Nigerian businesses across sectors to ensure effective project implementation to boost economic development.’’
The Nigeria road-show included highlights and key lessons from the 2018 forum, project preparation guidelines as well as presentations on selected pipelines.
“We are now seeing positive momentum in building transparent and durable institutions to anchor the political economy, promote and support development of the private sector, in order to increase the pace, depth and spread of economic growth,’’ Faal said.

‘Join Africa50 to lay Foundations for a More Prosperous Africa’, Says AfDB

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African governments must explore innovative technologies to drive transformation on the continent, board members at Africa50’s General Shareholders Meeting, held in Kigali heard on Wednesday.
Prime Minister of Rwanda, Edouard Ngirente made the call at the opening of the shareholders meeting.
“Let’s explore these digital opportunities to move our continent forward,” the prime minister said.
Africa50 is an innovative fund for developing and financing African infrastructure, funded by the African Development Bank, African governments and private and institutional investors.
In his opening speech, African Development Bank President, Akinwumi Adesina, who is Board chair of Africa50, urged more African countries to join the institution, which he described as “the continent’s main investment vehicle.”
“Africa 50 is on track to launch a private sector third party fund to leverage $1 billion from private sector institutional investors. I encourage countries that have not yet joined Africa50 to do so.  Join us as we move towards a future of great promise for Africa. Join us as we lay the foundations for a more prosperous Africa,” Adesina urged.
Chief Executive Officer of Africa 50, Alain Ebobissé, noted that the organization had made significant progress over the years, and built an effective partnership with several African countries.
Africa50’s current membership now stands at 28 African countries and the firm will launch a private sector third party fund that will be used to leverage $1 billion into infrastructure from private sector institutional investors.
“A game changer in the infrastructure space in Africa will occur when enough decision makers acknowledge that the opportunity cost of delayed projects implementation is very high. Doing nothing or slowing down projects costs money and deprives citizens of services and economic opportunity,” Ebobissé said.
Adesina also made an appeal to investors to attend the Bank’s 2019 Africa Investment Forum, stressing that Africa is ready for massive investments – and offers an attractive investment destination. The Forum’s lead partners include: Development Bank of Southern Africa (DBSA), African Export Import Bank (AfreximBank), Trade and Development Bank (TDB), Islamic Development Bank (IsDB), Africa50, Africa Finance Corporation (AFC), and European Investment Bank (EIB).
“If you are an investor, do not miss Africa Investment Forum 2019. Africa is ready for massive investments – and the environment is getting more attractive for investors,” Adesina said.
“One such investment is the construction of the bridge that will connect the Democratic Republic of Congo and the Republic of Congo, a $550 million transaction being led by Africa50 in partnership with the African Development Bank.”
The recently launched African Continental Free Trade Area has opened possibilities for the world’s largest free trade area and an integrated single market for Africa, the attendees heard.
To enjoy the full benefits of the African Continental Free Trade Agreement, Adesina said the continent needed to be connected through roads, rail, ports, airports, ICT backbones and energy corridors, “This will be crucial for spurring future economic growth in Africa,” Adesina stressed.

Sovereign Trust Insurance Partners Society for Corporate Governance

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L-R: Jude Modilim, Executive Director,Technical, Sovereign Trust Insurance Plc, Olaotan Soyinka, MD/CEO, Sovereign Trust Insurance Plc, Hilda Nkor, Chief Executive Officer, Society for Corporate Governance Nigeria, Ugochi Odemelam, Executive Director, Marketing and Business Development, Sovereign Trust Insurance Plc and Kayode Adigun, General Manager, Finance and Corporate Services, Sovereign Trust Insurance Plc during the courtesy visit of the team of Society for Corporate Governance Nigeria to the Management of Sovereign Trust Insurance Plc on Tuesday, July 9, 2019.

NSE Admits Airtel Africa to its Main Board

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 L – R (A) shows Segun Ogunsanya, Managing Director/CEO, Airtel Nigeria Plc; Oscar N. Onyema, OON, Chief Executive Officer, The Nigerian Stock Exchange, NSE and Awuneba Ajumogobia, Member, Airtel Africa Board during the listing of Airtel Africa Plc on the Daily Official List of The NSE yesterday in Lagos.

The Nigerian Stock Exchange (NSE) is pleased to announce the Cross Border Secondary Listing of 3,758,151,504 ordinary shares of Airtel Africa Plc on Tuesday, July 9, 2019. The shares were listed at an offer price of N363 per ordinary share on the Main Board of The Exchange and at 80 pence per ordinary share on the main market of the London Stock Exchange, the primary listing exchange.

The listing of the company’s shares has added N1.36Tn to the market capitalization of The Exchange, further deepening the Nigerian capital market. It will also increase the visibility of Airtel Africa to investors on the continent and across the globe.

Airtel Africa, a leading provider of telecommunications and mobile money services, is the holding company of Airtel Networks Limited (Airtel Nigeria) and thirteen (13) other subsidiaries in Africa – Airtel Congo S.A., Airtel Gabon S.A., Celtel Niger S.A., Airtel Congo RDC S.A. (DRC). Airtel Tanzania Plc, Airtel Networks Zambia Plc, Airtel Networks Kenya Limited, Airtel Tchad S.A., Airtel Madagascar S.A, Airtel Malawi Limited, Airtel Rwanda Limited, Airtel Uganda Limited and Airtel (Seychelles) Limited.

Commenting on the listing, Mr. Oscar N. Onyema, Chief Executive Officer, NSE, commended

Airtel Africa Plc for taking the bold step to list on the Exchange.

“Listing on the Exchange reaffirms Airtel Africa’s long-term commitment to expanding opportunities and providing everyday services to Africans and Nigerians in particular. It also indicates the firm’s belief that our platform, which has a total market capitalization of N25.20Tn across various asset classes, remains a veritable avenue for raising capital and enabling sustainable national growth.  This listing serves to deepen the telecoms and technology sector for investors and provides an opportunity for a wider group of Nigerians to be part of the African telecoms growth story.”

“Today’s listing is a promising development in Africa with Airtel Africa being the second company to have its ordinary shares listed on both the London Stock Exchange and The Nigerian Stock Exchange.  This gives credence to the successful partnership between the two exchanges. I encourage similar situated companies to explore the different opportunities for raising capital on the Exchange’s platform”, Onyema added.

Anchor Insurance Gets NAICOM’s Approval for 2018 Account

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The Management of Anchor Insurance Company Limited, a company specially known for its clean claims administration record, has announced the approval of the organisation’s audited financial statement for the year ended 31st December, 2018 by the National Insurance Commission (NAICOM) as submitted.

The company’s Managing Director/CEO, Mr. Ebose Augustine, quoted NAICOM’s letter which conveyed the approval details and dated 3rd July, 2019 as stating in part that “the Commission has no objection to the publication of your audited financial statements for the year ended 31st December, 2018 as submitted,” noting further that approval was “granted after a confirmation that you have substantially complied with our regulatory requirements.”

He explained that the company’s financial statement was approved without any   official query from the regulatory body, stating that “this outcome was a fallout of the company’s culture of getting things right the first time.”

Ebose disclosed that the company’s gross premium written during the year was N3.43 billion as against N2.22 billion written during the corresponding period of 2017, indicating a 54.38% growth over the previous performance.

He further highlighted that the total assets of the company during the period grew from N6.2 billion in 2017 to N6.6 billion while shareholders’ fund moved from N5.07 billion in 2017 to N5.2 billion with the company’s solvency margin standing at N4.8 billion.

He noted that the company paid a gross claim of N756.8 million to its various affected genuine policyholders during the period as against the N540.3 million in 2017, stating that “it demonstrates our strength to accommodate any volume of genuine claims reported and by direct implication, our ability and readiness to handle any quantum of general insurance business anytime.”

He explained that with the trend of results already being achieved by the company in 2019, the Management was hopeful of comfortably beating the 2018 results to the delight of the owners of the company at the end of the year.

Kwik Takes Last-mile Delivery in Nigeria by Storm

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Launched on the 26th June 2019 on both Apple Appstore and Google Play by the French start-up Africa Delivery Technologies, the Kwik app aspires to quickly become the Number #1 of last-mile delivery services in Nigeria.
“Kwik aims to become the first platform for last-mile delivery in urban areas in Nigeria before extending its scope to neighbouring countries. We’re targeting 100,000 deliveries per day in three cities before 2021”, explains Romain POIROT-LELLIG, Founder & CEO of Africa Delivery Technologies (ADT), developer of the Kwik app.
Kwik connects independent delivery partners, either owners and/or drivers of a vehicle, with customers who need reliable, affordable and flexible delivery solutions. The Kwik app comes with an integrated geolocation system and offers an efficient transportation service for small packages (up to 25kg) or documents, following the same model as Go-Jek, Uber or Taxify.
Kwik’s value proposition is simple and straightforward: to ensure the fast, reliable and efficient delivery of a package or envelope in Lagos, Nigeria’s business capital. Currently, Kwik’s competitors offer a service that takes 12 hours and costs between 2,000 and 3,000 nairas (4-8 euros) per delivery from Lagos to Lagos.

Kwik promises to offer a service of higher added value within 2 hours and for a third of the price, with an integrated geolocation and proof of delivery system that offers the highest degree of security available on the market.
The service offered by the company is available through the Kwik app or via a web browser. The couriers are geo-located in real-time. The payment can either take place beforehand by credit card via the Nigerian fintech Paga’s system (12 million users) or in cash.
Kwik focuses particularly on B2B clients and allows them to create tour deliveries on the fly, set up recurring delivers, manage users, and so on. Additional insurance services are currently under development.

AMCON, ICPC to Collaborate on Debt Recovery Drive

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The Chairman of Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoy in Abuja disclosed plans by the commission to collaborate with Asset Management Corporation of Nigeria (AMCON) towards the recovery of N5 trillion owed AMCON by obligors.

He made the declaration when he received the Board and Management of AMCON led by the Corporation’s Board Chairman, Dr. Muiz Banire.

Prof. Owasanoye who received the AMCON delegation at ICPC headquarters while describing the huge debt profile of AMCON as sobering situation especially as the figure represents about 50 per cent of Nigeria’s 2019 budget, further said the situation has become existential challenge for the country since the few people who are holding the country to ransom are still walking free and waxing strong in the society.

Considering the positive impact, the funds would have in the economy if recovered, Prof. Owasanoye declared that the time has come for the ICPC and other relevant sister agencies to partner AMCON and support the debt recovery drive.

He however pledged that the ICPC under his leadership is ready to work with Ahmed Lawan Kuru, Managing Director/Chief Executive Officer of AMCON and the Board members to recover as much of these debts as possible before sunset.

Recalling that the Vice President, Prof. Yomi Osinbajo had also raised concerns over the huge debt in a similar forum, the ICPC Chairman said, the commission would be interested in tracing the transactional history of the different loans especially the high profile ones with a view to establishing any irregularity, which could have contributed to its hard-core nature, with obligors refusing to pay

“We have to be practical in our approach. Something needs to be done and very fast too given the approaching AMCON sunset because this is public funds we are talking about here. We need AMCON and ICPC to work closer and develop a strategy that would work. We need the public to know the opportunity cost of the huge debt to the Nigerian economy, we need to share information as sister agencies locally and internationally and treat this matter as a last lap race by setting up a joint taskforce to deal with this sobering issue,” he added.

The ICPC boss, who is of the opinion that obligors of AMCON are made to face the music, which he said would serve as deterrent to others further added, “If these matters are not properly challenged and well treated, we can predict based on history that these set of people or their clones would repeat this circle of borrowing and would tell you that in the past, some people borrowed and defaulted and nothing happened. So something has to be done.”

Earlier in their submissions, both Dr. Banire who led the delegation and Kuru, AMCON managing Director/Chief Executive Officer, highlighted some of the high-profile obligors of the Corporation including some 350 individuals that account for 80 per cent of the entire debt obligation.

They also reiterated the fact AMCON would at this time in its lifespan need collaboration of the ICPC to go after these obligors especially since AMCON on its own does not have the powers to invite, arrest or prosecute obligors as the only option open to AMCON remains the court.