NASD Honours Chapel Hill Denham for Ensure Insurance/Allianz Deal

By Dipo Olowookere

For its role in the 99.03 percent acquisition of Ensure Insurance Plc by Allianz Group last year, the management of NASD OTC Securities has announced Chapel Hill Denham Securities Limited as Dealer of the Year.

On Thursday, February 7, 2019, NASD, in a show of appreciation to all stakeholders involved in contributing to a successful 2018, as well as, setting the tone for year 2019, hosted its first annual business breakfast meeting at the MUSON Centre, Lagos.

The event was graced by a host of business leaders across various sectors, capital market participants, and government agencies.

The keynote address delivered by Dr Doyin Salami, an Associate Professor and full time member of the faculty at the Lagos Business School, included a review of year 2018 and an outlook for 2019.

The Breakfast Meeting provided an opportunity to recognize and commend the top performing securities on the NASD Over-the-Counter (OTC) Exchange for the year 2018.

Last year, Allianz Group, a German company, acquired Nigerian insurer, Ensure Insurance Plc, through the UK-based firm, Greenoaks Global Holdings.

Allianz said it was using the Nigerian organisation to penetrate the African market, where most people were still uninsured.

According to Allianz’s regional CEO Africa, Coenraad Vrolijk, “The acquisition of Ensure Insurance Plc gives us full access to this key insurance market in Africa and marks a major milestone for Allianz’s long-term growth strategy on the continent.”

The deal was brokered by Chapel Hill Denham and in recognition of its role in the mega transaction, NASD rewarded the stockbroking firm with the award.

Also honoured at the Thursday’s breakfast meeting were Apel Asset Limited, which was named the most active participating institution by number of deals traded; Niger Delta Exploration and Production Company PLC (NDEP) announced as highest price appreciation security 2018; Central Securities Clearing Systems PLC (CSCS) named as both the most compliant security and most actively traded security; and AFRINVEST Securities Limited, which emerged as the most active participating institution by value.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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