Economy
Allianz Nigeria to Expand Operations to Cement, Construction
By Dipo Olowookere
Shareholders of Allianz Nigeria Insurance Plc have been assured that all efforts would be made to continue to give them value for their money.
This assurance was given by Chairman of the insurer, Mr Fola Adeola, at the company’s 20th Annual General Meeting (AGM) held at the Federal Palace Hotel, Lagos on Friday, July 19, 2019.
In his address to shareholders at the meeting, Mr Adeola said he was impressed with the company’s performance in the 2018 financial year despite the challenges experienced in the year.
According to him, “I am delighted to report that Allianz Plc has had another strong year. Our company delivered a gross written premium of N10 billion; a 31 percent growth when compared to the N7.7 billion written in 2017.”
He said further that, “Allianz Group also completed its acquisition of Ensure Insurance company, making Allianz Plc part of the world’s leading insurance and asset management firms.”
“Acknowledging the dense competitive environment we operate in, our focus for the future is simply innovation. This will encompass innovation in processes, ensuring simplicity in all areas of the company.
“Although our name has changed, our underlying values and principles, which have constantly produced excellent results, are still the same,” he said.
According to him, “By continuously watching our expenses and creating initiatives that deviate from main stream line of businesses, we will continue to create value for all our stakeholders.”
“We plan to explore other segments of the economy like cement and construction while deepening our stance in the marine and retail markets,” the former banker told the shareholders at the meeting.
He further said, “Going into 2019 with a new name and significant increase in brand visibility, we are being recognised both locally as a force to reckon with,” promising that, “We will continue to deliver strategic progress by leveraging our service delivery, financial strength, technological excellence and remarkable people. We are confident that the future is ours.”
A review of the firm’s results in 2018 by Business Post showed that Allianz Nigeria Insurance grew its gross premium income to N9.8 billion from N6.7 billion, while the net premium earned was N3.7 billion in 2018 against N2.1 billion in 2017.
In the year under review, the company posted a profit before tax of N557.9 million against the loss before tax of N60.6 million. However, the firm recorded a loss after tax of N888.6 million in contrast to a loss after tax of N834.1 million in 2017.
This was attributed to the National Insurance Commission (NAICOM)’s issuance and subsequent cancellation of the Tier-Based reclassification of insurance companies.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange fell by 0.29 per cent on Thursday, April 16, after two securities plunged at the close of business, offsetting the gains recorded by three securities.
According to data, the NASD Unlisted Security Index (NSI) went down by 11.11 points to close at 3,862.98 points compared with the previous day’s 3,874.09 points, and the market capitalisation shrank by N6.64 billion to close at N2.311 trillion compared with the previous day’s N2.317 trillion.
Yesterday, FrieslandCampina Wamco Nigeria Plc declined by N1.36 to trade at N97.64 per share versus Wednesday’s closing price of N99.00 per share, and Central Securities Clearing System (CSCS) Plc slipped by N1.16 to sell at N58.00 per unit compared with the preceding day’s N59.16 per unit.
However, NASD Plc appreciated by N1.14 to N38.50 per share from N37.36 per share, UBN Property Plc improved its share price by 20 Kobo to close at N2.18 per unit versus N1.98 per unit, and Lighthouse Financials Plc added 6 Kobo to sell at 72 Kobo per share, in contrast to the 66 Kobo per share it was traded at midweek.
Trading data showed that the value of securities surged by 124.9 per cent to N64.9 million from N28.9 million, the volume of securities increased by 18.4 per cent to 597,775 units from 505,075 units, and the number of deals rose by 2.5 per cent to 41 deals from 40 deals.
At the close of business, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 58.8 million units exchanged for N3.9 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units sold for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
The value of the Naira improved against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) by N1.44 or 0.11 per cent on Thursday, April 16, to N1,342.30/$1 from Wednesday’s N1,343.74/$1.
In the same vein, the domestic currency appreciated against the Pound Sterling in the official market during the session by N3.56 to close at N1,819.36/£1 compared with the previous rate of N1,822.92/£1, and against the Euro, it gained N3.99 to trade at N1,581.09/€1, in contrast to the N1,585.08/€1 it was traded at midweek.
At the black market segment, the Naira appreciated against the greenback yesterday by N5 to sell at N1,375/$1 versus the preceding session’s N1,380/$1, and at the GTBank FX desk, it improved by N16 to settle at N1,355/$1 compared with the previous day’s N1,371/$1.
The Central Bank of Nigeria (CBN) data revealed that NFEM interbank turnover decreased to N72.255 million across 82 deals on Thursday, from N114.347 million.
The relative appreciation of the official spot rate suggests there is no significant demand for foreign payments. Meanwhile, external reserves remain at $48.70 billion, down from the 2009 peak of $50 billion amidst uncertainties in the global commodities market.
The global market is looking at forthcoming peace talks between the US and Iran with hopes that it would resolve disruptions to Middle Eastern energy supplies caused by the ongoing war.
As for the cryptocurrency market, it recorded a mixed outcome, as traders weighed possible scenarios ahead of next week’s US-Iran cease-fire deadline.
The market is heavily short, raising the risk of a sharp short squeeze that some traders say could push prices toward $125,000 in the coming months.
Solana (SOL) appreciated by 2.4 per cent to $87.41, Ripple (XRP) jumped 1.5 per cent to $1.42, Cardano (ADA) rose 0.9 per cent to $0.2525, Binance Coin (BNB) increased by 0.5 per cent to $628.32, Dogecoin (DOGE) gained 0.3 per cent to finish at $0.0969, and TRON (TRX) expanded by 0.1 per cent to $0.3257.
On the flip side, Ethereum (ETH) depreciated by 1.6 per cent to $2,320.35, and Bitcoin (BTC) went down by 0.5 per cent to $74,677.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Aduragbemi Omiyale
The 60-megawatt (MW) Independent Power Plant (IPP) in Yenagoa, Bayelsa State, commissioned about a week ago by President Bola Tinubu, will receive gas supply from Oando Plc.
The indigenous energy solutions provider secured this exclusive gas supply deal through its upstream Joint Venture (JV) with Nigerian National Petroleum Company E&P Limited (NEPL).
Under the agreement, the company will deliver 11.2 million standard cubic feet per day (11.2 MMSCFD) through the Elebele Valve Station, interconnected with a major trunkline, ensuring an uninterrupted feedstock supply to the power plant.
This supply is underpinned by a long-term gas supply arrangement, providing a stable and predictable revenue stream while supporting higher-value domestic gas monetisation and diversifying the JV’s revenue base, Oando said in a statement on Thursday.
The Bayelsa State IPP is expected to deliver stable electricity to tens of thousands of homes, alongside commercial and industrial users in Yenagoa and its environs, reducing reliance on self-generation and lowering end-user power costs.
The plant operates as a fully integrated system, combining gas supply, embedded generation, and a ring-fenced distribution network.
The reliance on Oando for gas supply to the facility underscores its commitment to strengthening Nigeria’s power sector.
This builds on a proven track record of delivering first-of-its-kind projects, including the development and operation of Nigeria’s first combined cycle power plant, the flagship Okpai IPP, Akute IPP in Ogun State, and the Alausa IPP in Lagos, one of the earliest embedded generation projects in the country.
“This project reflects our long-standing commitment to Bayelsa State and its people. By enhancing power reliability, we are helping to unlock new opportunities for businesses, improve living standards, and stimulate broader economic growth across the State.
“Our integrated approach, connecting gas to demand and delivering stable energy where it is needed most, ensures that development is both sustainable and inclusive. As one of the largest employers in Bayelsa, we are proud to deepen our contribution to the state’s progress,” the chief executive of Oando, Mr Wale Tinubu, stated.
The deal demonstrates the potential for gas-to-power developments across the JV’s infrastructure footprint, reinforcing Oando’s strategy to deepen participation in Nigeria’s domestic gas value chain.
It further highlights public-private collaboration as an effective model for infrastructure delivery, with scope for broader application across future developments in Nigeria.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn