Economy
Stanbic IBTC Vows to Restore Public Trust in Insurance Industry
By Modupe Gbadeyanka
Steps are already being taken by Stanbic IBTC Insurance Brokers Limited, member of Stanbic IBTC Holdings Plc, to deploy trust-building measures that would plug major gaps in the insurance value chain in Nigeria.
With the ultimate aim of enhancing insurance penetration in the country, the company said given the low level of trust in the industry, strategic steps are required to restore public confidence and put the sector on a stronger footing.
Speaking during a media interactive forum in Lagos on Thursday, April 20, 2017, Chief Executive of Stanbic IBTC Insurance Brokers Ltd, Mr Anselem Igbo, identified some of the perceived gaps in the industry to include inadequate support to clients to help them effectively manage their risks and the claims management process.
Through effective risk transfer mechanisms, seamless insurance cover payment and impeccable quality of service, the customer will have peace of mind, and subsequently provide the testament required to convince the insuring public to embrace insurance and deepen participation, Mr Igbo submitted.
This will in turn empower the industry to play its catalytic role in economic development by mobilizing savings for investment, mitigating loss, ensuring financial stability and promoting trade and commerce, he added.
According to him, “Public trust and integrity are the bedrock of the insurance business. By applying global best practice and corporate governance, what will result is transparency and openness, which are instrumental in building trust.”
According to Mr Igbo, global best practice, including facilitating prompt payment of claims, will underline the operations of Stanbic IBTC Insurance Brokers Ltd as it aims to become one of the top five insurance brokerage firms in Nigeria in the next 10 years.
The company commenced full operations in February 2016 following the granting of a licence by the National Insurance Commission (NAICOM), paving the way for the firm to offer the full spectrum of insurance brokerage services in Nigeria.
Part of the company’s goal, Mr Igbo said, is to introduce micro-insurance products targeted at the informal sector in order to expand coverage of more Nigerians.
In addition, rather than focus exclusively on corporates, as currently obtains, the company will extend its services to all strata of society as practically everyone is subject to loss and uncertainty.
“We believe that the test of any insurance arrangement is in prosecuting claims to a satisfactory conclusion for our clients.
“Our role as brokers also ensures that insurers, as a matter of obligation, pay claims equitably and promptly.
“Prompt payment of claims is a key factor in any insurance contract. We continuously develop key relationships and requisite logistical processes to ensure that claims are promptly settled,” he promised.
Whilst benefiting from a strong, dynamic and vast group structure, Mr Igbo said the company will be differentiated from the competition as it will be driven by a team of reputable and financially strong underwriters; fully customized solutions, and innovative insurance products at no additional cost to the client.
“Stanbic IBTC Insurance Brokers’ professional services are at no additional cost. We will negotiate your insurance premiums and get the best quotes available.
“We will not be content to rest on our oars but will consistently seek ways of making incremental improvements to our operations and the industry,” Mr Igbo said.
He added that in an industry inundated by a persistent lack of trust and confidence from customers, the reputation of an insurer in Nigeria is critical to its success. #“We are proud that the brand strength of the Standard Bank Group, to which Stanbic IBTC Holdings belongs, echoes stability, financial strength, expertise and reliability.
“Consequently, we believe customers who truly want to protect the people they love will put their trust in the reliability we offer.
“We will work tirelessly to provide the best solutions and service to our clients. We are motivated and determined to continue to deliver innovative and optimal insurance and risk management solutions to our clients,” he noted.
Stanbic IBTC Insurance Brokers Limited is a subsidiary of Stanbic IBTC Holdings Plc, a member of Standard Bank Group, a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management.
Standard Bank Group, to which Stanbic IBTC Holdings belongs, is the largest African bank by assets and market capitalization.
It is rooted in Africa with strategic representation in 20 countries on the African continent. Standard Bank has been in operation for 154 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other, applying sector expertise, particularly in natural resources, power and infrastructure.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange fell by 0.24 per cent on Friday, April 25 after the duo of FrieslandCampina Wamco Nigeria Plc and Afriland Properties Plc landed on the losers’ table.
FrieslandCampina Wamco Nigeria Plc depreciated by N2.58 to sell at N35.37 per unit compared with the previous day’s N37.95 per unit, and Afriland Properties Plc lost 2 Kobo to close at N17.78 per share versus Thursday’s closing value of N17.80 per share.
However, Geo-Fluids Plc appreciated by 10 Kobo during the trading day to sell for N1.80 per unit, in contrast to the preceding session’s N1.70 per unit. The rise in the price of the stock could not prevent the fall of the bourse yesterday.
Consequently, the market capitalisation of the trading platform went down by N4.64 billion to N1.914 trillion from N1.918 trillion and the NASD Unlisted Security Index (NSI) declined by 7.92 points to 3,269.06 points from 3,276.98 points.
The final trading session of the week ended with a surge of 1,695.8 per cent in the volume of securities transacted to 3.7 billion units from the 206.2 milion units transacted in the previous trading day.
Equally, the value of transactions jumped by 2,592.6 per cent to N9.5 billion from N354.1 million on Thursday, and the number of deals decreased by 47.4 per cent to 20 deals from the 38 deals recorded a day earlier.
Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units sold for N520.9 million, followed by Geo-Fluids Plc with 259.3 million units worth N456.1 million, and Okitipupa Plc with 153.6 million units valued at N4.9 billion.
Also, Okitipupa Plc remained the most active stock by value on a year-to-date basis with 153.6 million units valued at N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 15.6 million units worth N598.5 million, and Impresit Bakolori Plc with 533.9 million units sold for N520.9 million.
By Dipo Olowookere
A 0.30 per cent fall was recorded by the Nigerian Exchange (NGX) Limited on Friday as a result of profit-taking in the industrial goods sector.
This was mainly caused by sell-offs in Dangote Cement Plc, which released its financial statements for the first quarter of 2025 yesterday.
The cement maker lost 10.00 per cent during the session to trade at N432.00, Regency Alliance lost 8.06 per cent to close at 57 Kobo, VFD Group depreciated by 7.57 per cent to N17.10, Chams declined by 7.27 per cent to N2.04, and Sovereign Trust Insurance crashed by 6.12 per cent to 92 Kobo.
Conversely, International Breweries, Legend Internet, and Ikeja Hotel gained 10.00 per cent each to sell for N7.70, N6.82, and N12.10 apiece, Vitafoam Nigeria surged by 9.93 per cent to N44.85, and Eterna rose by 9.92 per cent to N39.90.
The industrial goods index was down by 4.73 per cent on Friday, as the others finished in green territory.
The consumer goods space rose by 2.21 per cent, the banking sector appreciated by 1.55 per cent, the insurance counter expanded by 1.50 per cent, the energy sector increased by 0.07 per cent, and the commodity industry went up by 0.04 per cent.
At the close of transactions, the All-Share Index (ASI) went down by 321.21 points to 105,753.05 points from 106,074.26 points and the market capitalisation shrank by N202 billion to N66.465 trillion from N66.667 trillion.
The level of activity increased yesterday as the trading volume, value, and number of deals grew by 30.40 per cent, 94.23 per cent, and 17.64 per cent, respectively.
This was because investors transacted 428.1 million shares worth N20.2 billion in 14,284 deals compared with the 328.3 million shares valued at N10.4 billion in traded in 12,142 deals a day earlier.
GTCO led the activity chart with 60.7 million equities sold for N3.8 billion, Fidelity Bank traded 41.4 million stocks worth N829.3 million, Access Holdings exchanged 40.6 million shares valued at N968.3 million, MTN Nigeria sold 33.0 million equities for N8.2 billion, and Zenith Bank transacted 22.9 million stocks worth N1.1 billion.
By Adedapo Adesanya
The Naira extended its gains against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, April 25 by 0.22 per cent or N3.59 to sell for N1,599.42/$1 compared with the N1,603.01/$1 it was traded in the previous session.
The Nigerian currency also improved its value against the Euro in the official market by N1.36 to close at N1,818.53/€1 compared with Thursday’s closing price of N1,819.89/€1.
However, the domestic currency depreciated against the Pound Sterling in the same market segment yesterday by N1.90 to wrap the session at N2,130.44/£1 versus the preceding session’s rate of N2,128.50/£1.
At the black market segment, the Naira appreciated against the greenback on Friday by N2 to quote at N1,605/$1, in contrast to the previous day’s value of N1,607/$1.
In the cryptocurrency market, a possible regulatory progress about digital assets in the US spurred buying interest among investors during the trading session.
The chairman of the US Securities and Exchange Commission, Mr Paul Atkins, was at a crypto roundtable on Friday and he devoted his inaugural speech to assuring the industry that he will continue to remake securities policy to favor digital assets innovation.
Litecoin (LTC) rose by 3.0 per cent to $87.24, Dogecoin (DOGE) grew by 2.7 per cent to $0.1862, Bitcoin (BTC) increased by 1.3 per cent to $94,687.84, Ethereum (ETH) jumped by 1.2 per cent to $1,797.51, Cardano (ADA) improved by 0.9 per cent to $0.7235, and Ripple (XRP) gained 0.6 per cent to close at $2.20.
On the flip side, Solana (SOL) depreciated by 0.9 per cent to $151.64, and Binance Coin (BNB) lost 0.8 per cent to sell for $602.89, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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