Economy
Banjo Emphasizes Role of Religious Leaders in Insurance Penetration
By Dipo Olowookere
The Senior Manager, Brand, Media and Communications at African Alliance Insurance, Mr Bankole Banjo, has joined other insurance experts to advocate the development of products that will deepen insurance penetration in the country.
According to him, insurance should not be tailored for the elites but also for the masses because “insurance is something that is literally part of life.”
To achieve this, insurers must look for strategies to involve the traditional and religious leaders to break the cultural biases that had discouraged Nigerians from buying insurance policies.
“We have to tackle the issue of cultural bias, make sure religious leaders buy into the idea of insurance and build trust so that people can understand the benefits of insurance,” Mr Banjo said when he spoke at a webinar hosted by BizWatch Nigeria on Wednesday, March 30, 2021.
At the event, other speakers urged insurance brokers and other stakeholders in the industry to adopt transparency and clear communication between insurance firms and customers for easy claim settlement.
They also called for a roadmap that would serve as a guide for operators and ensure the growth of the industry.
In his speech, the CEO of Finterate Projects, Mr Ekerete Ola Gam-Ikon, while addressing the theme Building Financial Resilience With Insurance Solutions Amid COVID-19, advised insurance companies to ensure there is a constant line of communication with customers, especially when there is a claim to be paid.
He stated that one of the lessons learnt at the peak of the COVID-19 pandemic was the way data was managed and how it was utilised by stakeholders.
“Customers expect you to communicate with them (on claims) but what we have now is that they are asking questions and no one is responding.
“It is tougher for us when people have to go through the whole process of insurance. I hope that as we encourage them to buy insurance, we encourage them to understand how it works,” Mr Gam-Ikon said.
On his part, the CEO of FBN Insurance Brokers, Mr Olumide Ibidapo, said the industry was ripe for a roadmap that would guide the operators on what they need to achieve.
He said insurance products suitable for Small and Medium Enterprises should be simple and provide coverage for financial loss, workers and physical assets.
“The type of insurance coverage for SME should be wide enough to cover their financial loss, workers and physical assets. In the event of a claim, it should be simplified and settled on time,” Ibidapo stated further at the event anchored by an insurance journalist, Ms Helen Ajeamo.
Speaking on the lessons from the COVID-19 and the #EndSARS saga for small business owners, the Associate Director, General Business Commercial, Leadway Assurance, Oluwatunminiu Ayodabo, stated that, “An unforeseen event like the #ENDSAR aftermath can adversely impact businesses if the company does not have an insurance policy to help protect against such an event or lack of adequate capital to restore any loss.
“However, business liability insurance can help to minimize risks so that the business continues to operate and grow. Largely, in an event where business hits severe misfortunes, it may not be able to solely afford the cost of getting back on track and running again.
“However, in the case of an insured business, the risk is shared between the company and the insurance company.”
Earlier in his welcome remarks, the Managing Editor of BizWatch Nigeria, Mr David Oputah, explained that the webinar was conceived to enlighten Nigerians on insurance matters.
He described the insurance industry as vital with huge potential but underutilised in Nigeria, highlighting the importance of being insured against uncertainties, especially in Nigeria, where insurance is perceived as a taboo due to a lack of understanding of the subject.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.65 per cent gain on Friday, December 13, boosted by three equities admitted on the trading platform.
On the last trading session of the week, Okitipupa Plc appreciated by N2.70 to settle at N29.74 per share versus Thursday’s closing price of N27.04 per share, FrieslandCampina Wamco Nigeria Plc added N2.49 to end the session at N42.85 per unit compared with the previous day’s N40.36 per unit, and Afriland Properties Plc gained 50 Kobo to close at N16.30 per share, in contrast to the preceding session’s N15.80 per share.
Consequently, the market capitalisation added N6.89 billion to settle at N1.062 trillion compared with the preceding day’s N1.055 trillion and the NASD Unlisted Security Index (NSI) gained 19.66 points to wrap the session at 3,032.16 points compared with 3,012.50 points recorded in the previous session.
Yesterday, the volume of securities traded by investors increased by 171.6 per cent to 1.2 million units from the 447,905 units recorded a day earlier, but the value of shares traded by the market participants declined by 19.3 per cent to N2.4 million from the N3.02 million achieved a day earlier, and the number of deals went down by 14.3 per cent to 18 deals from 21 deals.
At the close of business, Geo-Fluids Plc was the most active stock by volume on a year-to-date basis with a turnover of 1.7 billion units worth N3.9 billion, followed by Okitipupa Plc with the sale of 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 million.
In the same vein, Aradel Holdings Plc remained the most active stock by value on a year-to-date basis with the sale of 108.7 million units for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with a turnover of 297.3 million units worth N5.3 billion.
By Adedapo Adesanya
The Naira appreciated further against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N1.50 or 0.09 per cent to close at N1,533.00/$1 on Friday, December 13 versus the N1,534.50/$1 it was transacted on Thursday.
The local currency has continued to benefit from the Electronic Foreign Exchange Matching System (EFEMS) introduced by the Central Bank of Nigeria (CBN) this month.
The implementation of the forex system comes with diverse implications for all segments of the financial markets that deal with FX, including the rebound in the value of the Naira across markets.
The system instantly reflects data on all FX transactions conducted in the interbank market and approved by the CBN.
Market analysts say the publication of real-time prices and buy-sell orders data from this system has lent support to the Naira in the official market and tackled speculation.
In the official market yesterday, the domestic currency improved its value against the Pound Sterling by N12.58 to wrap the session at N1,942.19/£1 compared with the previous day’s N1,954.77/£1 and against the Euro, it gained N2.44 to close at N1,612.85/€1 versus Thursday’s closing price of N1,610.41/€1.
At the black market, the Nigerian Naira appreciated against the greenback on Friday by N30 to sell for N1,650/$1 compared with the preceding session’s value of N1,680/$1.
Meanwhile, the cryptocurrency market was largely positive as investors banked on recent signals, including fresh support from US President-elect, Mr Donald Trump, as well as interest rate cuts by the European Central Bank (ECB).
Ripple (XRP) added 7.3 per cent to sell at $2.49, Binance Coin (BNB) rose by 3.5 per cent to $728.28, Cardano (ADA) expanded by 2.4 per cent to trade at $1.11, Litecoin (LTC) increased by 2.3 per cent to $122.56, Bitcoin (BTC) gained 1.9 per cent to settle at $101,766.17, Dogecoin (DOGE) jumped by 1.2 per cent to $0.4064, Solana (SOL) soared by 0.7 per cent to $226.15 and Ethereum (ETH) advanced by 0.6 per cent to $3,925.35, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Dipo Olowookere
For the fourth consecutive trading session, the Nigerian Exchange (NGX) Limited closed higher on Friday by 0.63 per cent on sustained renewed buying pressure.
Apart from the energy and industrial goods sectors which closed flat, every other sector ended in the green territory, according to data obtained from the bourse.
Business Post reports that the insurance index appreciated by 1.52 per cent, the banking space improved by 0.63 per cent, and the consumer goods counter expanded by 0.46 per cent.
As a result, the All-Share Index (ASI) gained 617.47 points to settle at 99,378.06 points compared with the preceding day’s 98,760.59 points and the market capitalisation went up by 375 billion to close at N60.242 trillion, in contrast to Thursday’s closing value of N59.867 trillion.
The volume of transactions on Customs Street yesterday grew by 11.13 per cent to 544.2 million shares from the 489.7 million shares transacted a day earlier.
The value of transactions increased during the session by 49.30 per cent to N10.6 billion from N7.1 billion and the number of deals went up by 1.93 per cent to 8,464 deals from the 8,304 deals posted in the previous trading session.
The busiest equity for the trading day was Japaul with the sale of 71.7 million units valued at N158.0 million, eTranzact exchanged 70.7 million units worth N477.5 million, Tantalizers sold 57.3 million units for N101.2 million, FCMB traded 33.0 million units worth N297.3 million, and Universal Insurance transacted 27.1 million units valued at N9.6 million.
A total of 36 stocks ended on the gainers’ chart, while 15 stocks finished on the losers’ table, indicating a positive market breadth index and strong investor sentiment.
The trio of Aradel Holdings, Ikeja Hotel and Caverton gained 10.00 per cent each to trade at N550.00, N8.80, and N1.98, respectively, as Africa Prudential rose by 9.87 per cent to N17.25 and Golden Guinea Breweries soared by 9.64 per cent to N8.64.
On the flip side, Austin Laz lost 10.00 per cent to close at N1.62, ABC Transport crashed by 8.00 per cent to N1.15, Royal Exchange slumped by 7.69 per cent to 60 Kobo, Secure Electronic Technology plunged by 5.26 per cent to 54 Kobo, and The Initiates crumbled by 4.26 per cent to N2.25.
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