Economy
Court, Shareholders Okay Continental Reinsurance Restructuring Plan
By Dipo Olowookere
The restructuring arrangement of Continental Reinsurance Plc has been approved by a Federal High Court sitting in Lagos.
This came after shareholders of the company at a Court Ordered Meeting held on Tuesday October 29, 2019, authorised the plan. At the meeting, over 90 percent of the minority shareholders approved the board’s decision, which is aimed at making the firm better.
The board had informed the shareholders that in order for the company to favourably compete in the global reinsurance market, it became pertinent that the organisation aims higher to achieve the kind of ratings that would bring more recognition and profitability. This excited the shareholders, who wasted no time in approving the request, applauding the board for the foresight.
By the recent court approval for the restructuring arrangement, shareholders of Continental Reinsurance are free to choose among the three options provided in the scheme even as the company promised to ensure that the concerns of all the parties are duly addressed.
Under the approved scheme, shareholders could elect to take cash, have their shares transferred to Mauritius directly or keep their shares with the company through a nominee vehicle.
Speaking after the court’s decision, Group Managing Director of the firm, Mr Olufemi Oyetunji, stated that the restructuring was more about repositioning and achieving the best for the company.
He affirmed that the reorganisation has nothing to do with the recapitalisation activities going on in Nigeria because Continental Re commenced its restructuring processes before the National Insurance Commission (NAICOM), the industry’s regulator, came up with the new capital requirement.
“We have astutely read the signals in our operating environment. Universally, these signals say grow, capitalise, expand your services and innovate. We have responded by negotiating an individualised balance of all these signals,” Mr Oyetunji said.
Speaking further, the GMD said, “As at now, a significant number of our shareholders have made their choices. While some have chosen to collect cash, a few want their shares transferred to Mauritius and those who fall in that category are going through a KYC process.
“Those who want to join the nominee vehicle are being coordinated by PACE Registrar, which is the company in charge of that process. The good thing about this is that our minority shareholders have options.”
Commenting on the reorganisation, Chairman of the company, Mr Ajibola Ogunshola, explained that it will create considerable benefits and opportunities for shareholders and other stakeholders.
According to him, the re-organisation entails the creation of a new holding company that will be domiciled in Mauritius, which will be known as CRe Africa Investments Limited (CRe Mauritius) and capitalised by C-Re Holding Limited, the majority shareholders of Continental Reinsurance Plc, with all the Pan Africa business eventually being consolidated as subsidiaries of CRe Mauritius.
While thanking the shareholders for their support to the future growth of the company, Mr Ogunshola noted that, “in order to consolidate our gains and reposition the company for enhanced competitiveness, it has become imperative to restructure the company with the aim of enhancing capacity which will drive significant business growth and profitability for the group”.
He stressed that, “Today, the key driver for competitiveness is financial strength underscored by ratings and capital. Ratings and capital increasingly determine business quality and volume and confer preferred status by ceding companies, thereby creating access to profitable business.”
Upon completion of the Scheme of Arrangement, Continental Reinsurance African Investments Limited registered in Mauritius, will have CRe Nigeria, CRe Kenya, CRe Bostwana, CRe Douala and CRe Tunis as subsidiaries.
By Aduragbemi Omiyale
The deadline for filing of employers’ annual tax returns in Lagos State has been extended by one week from February 1 to 7, 2026.
This information was revealed in a statement signed by the Head of Corporate Communications of the Lagos State Internal Revenue Service (LIRS), Mrs Monsurat Amasa-Oyelude.
In the statement issued over the weekend, the chairman of the tax collecting organisation, Mr Ayodele Subair, explained that the statutory deadline for filing of employers’ annual tax returns is January 31, every year, noting that the extension is intended to provide employers with additional time to complete and submit accurate tax returns.
According to him, employers must give priority to the timely filing of their annual returns, noting that compliance should be embedded as a routine business practice.
He also reiterated that electronic filing through the LIRS eTax platform remains the only approved method for submitting annual returns, as manual filings have been completely phased out. Employers are therefore required to file their returns exclusively through the LIRS eTax portal: https://etax.lirs.net.
Describing the platform as secure, user-friendly, and accessible 24/7, Mr Subair advised employers to ensure that the Tax ID (Tax Identification Number) of all employees is correctly captured in their submissions.
By Adedapo Adesanya
The chief executive of Airtel Africa Plc, Mr Sunil Kumar Taldar, has disclosed that the company is still on track to list its mobile money business, Airtel Money, before the end of June 2026.
Recall that Business Post reported in March 2024 that the mobile network operator was considering selling the shares of Airtel Money to the public through the IPO vehicle in a transaction expected to raise about $4 billion.
The firm had been in talks with possible advisors for a planned listing of the shares from the initial public offer on a stock exchange with some options including London, the United Arab Emirates (UAE), or Europe.
However, so far no final decisions have been made regarding the timing, location, or scale of the IPO.
In September 2025, the telco reportedly picked Citigroup Incorporated as advisors for the planned IPO which will see Airtel Money become a standalone entity before it can attain the prestige of trading on a stock exchange.
Mr Taldar, noted that metrics continued to show improvements ahead of the listing with its customer base hitting 52 million, compared to around 44.6 million users it had as of June 2025.
He added that the subsidiary processed over $210 billion in a year, according to the company’s nine-month financial results released on Friday.
“Our push to enhance financial inclusion across the continent continues to gain momentum with our Mobile Money customer base expanding to 52 million, surpassing the 50 million milestone. Annualised total processed value of over $210 billion in Q3’26 underscores the depth of our merchants, agents, and partner ecosystem and remains a key player in driving improved access to financial services across Africa.
“We remain on track for the listing of Airtel Money in the first half of 2026,” Mr Taldar said.
Estimating Airtel Money at $4 billion is higher than its valuation of $2.65 billion in 2021. In 2021, Airtel Money received significant investments, including $200 million from TPG Incorporated at a valuation of $2.65 billion and $100 million from Mastercard. Later that same year, an affiliate of Qatar’s sovereign wealth fund also acquired an undisclosed stake in the unit.
The mobile money sector in Africa is expanding rapidly, driven by a young population increasingly adopting technology for financial services, making the continent a key market for fintech companies.
By Dipo Olowookere
A cryptocurrency investor and owner of Polyfarm, Mr Bamu Gift Wandji, is currently cooling off in the custody of the Economic and Financial Crimes Commission (EFCC).
He was handed over to the anti-money laundering agency by the Nigerian Security and Civil Defence Corps (NSCDC) on Friday, January 30, 2026, after his arrest on Monday, January 12, 2026.
A statement from the EFCC yesterday disclosed that the suspect was apprehended by the NSCDC in Gwagwalada, Abuja for running an investment scheme without the authorisation of the Securities and Exchange Commission (SEC), which is the apex capital market regulator in Nigeria.
It was claimed that Mr Wandji created a fraudulent crypto investment platform called Polyfarm, where he allegedly lured innocent Nigerians to invest in Polygon, a crypto token that attracts high returns.
Investigation further revealed that he also deceived the public that his project, Polyfarm, has its native token called “polyfarm coin” which he sold to the public.
In his bid to promote the scheme, the suspect posted about this on social media platforms, including WhatsApp, X (formally Twitter) and Telegram. He also conducted seminars in some major cities in Nigeria including Kaduna, Lagos, Port Harcourt and Abuja where he described the scheme as a life-changing programme.
Further investigation revealed that in October, 2025, subscribers who could not access their funds were informed by the suspect that the site was attacked by Lazarus group, a cyber attacking group linked to North Korea.
Further investigations showed that Polyfarm is not registered and not licensed with SEC to carry out crypto transactions in Nigeria. Also, no investment happened with subscribers’ funds and that the suspect used funds paid by subscribers to pay others in the name of profit.
Investigation also revealed that native coin, polyfarm coin was never listed on coin market cap and that the suspect sold worthless coins to the general public.
Contrary to the claim of the suspect that his platform was attacked, EFCC’s investigations revealed that the platform was never attacked or hacked by anyone and that the suspect withdrew investors’ funds and utilized the same for his personal gains.
The EFCC, in the statement, disclosed that Mr Wandji would be charged to court upon conclusion of investigations.
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