Economy
AXA Mansard Extends Double Awoof Promo
By Modupe Gbadeyanka
The two promotional schemes of AXA Mansard Insurance Plc, AXA Mansard Awoof Xtra and Double-Double Promo, have been extended till June 2024 to allow more Nigerians and its customers whose policies were still active to benefit from the promo offerings.
Business Post reports that the AXA Mansard Awoof Xtra and Double-Double are designed for the third-party and comprehensive motor insurance categories, respectively.
According to the company, when customers buy or renew their comprehensive insurance policy under the Double-Double scheme, such customers will get free fire insurance for their home to the tune of the vehicle sum assured.
On the other hand, under the Awoof Xtra promo scheme, customers who buy or renew their third-party motor insurance from AXA Mansard will also get gifts ranging from vouchers to phones, airtime, and other amazing prizes.
The Chief Client Officer of, AXA Mansard, Ms Rashidat Adebisi, explained that the objective of the promotions is to get more Nigerians to protect themselves and build resilience against uncertainties.
She disclosed that extending the promo period till mid-year would give more people the opportunity to enjoy the benefits and consequently contribute to the need for increased insurance penetration in the country.
“For us at AXA Mansard, we will continue to push the boundaries to find increased ways of getting more Nigerians to embrace the insurance culture.
“We are convinced that one way to drive insurance penetration in Nigeria is for more people to see insurance in action. Our citizens can’t see insurance in action when they don’t have insurance policies.
“So, we believe extending this promo will allow more Nigerians to try out insurance and know that it is as rewarding as any other financial service they are used to.
“We are very passionate about this and a cause that we have deliberately pursued with our regulators and other industry stakeholders.
“We have invested in it over the years, so extending the promo duration is to further show our unwavering commitment. It is in line with our purpose as a company, it is consistent with our value of customer first, and it fits very well for the economic realities of this time,” Ms Adebisi further said.
On his part, the chief executive of AXA Mansard Insurance, Mr Kunle Ahmed, said that the two promotional schemes have again proven AXA Mansard’s unalloyed commitment to the growth of the insurance sector in Nigeria, explaining that the choice of motor and fire insurance as anchor products is very deliberate.
“We understand that motor insurance is one insurance product that most Nigerians can relate to in terms of understanding.
“So, we see this as an opportunity to leverage that advantage to, on the one hand, get more people to insure their vehicles and, on the other hand, get more Nigerians to try out home insurance in the process.
“We believe that this initiative alongside others will help drive the level of penetration and will get more Nigerians to try out insurance and let them experience how it works by them,” he stated.
He further said, “We have invested heavily in insurance education over the years. We will continue to do that.
“But this year, we are taking that investment a step further by giving free fire insurance to cover the home of every customer who insures their vehicle comprehensively with us.
“You will agree with me that this is a considerable investment, but one that we are convinced must be done, and as a leader in this industry, we are committed to continuing this initiative.”
By Modupe Gbadeyanka
The United Nations has expressed its readiness to assist in attracting investors to Zamfara State, especially in the mining and agricultural sectors.
The Deputy Secretary General of the global body, Mrs Amina Mohammed, during a visit on Thursday, said the northern Nigerian state is now ready for business and that the UN was willing to be a genuine partner to the state.
“Investors want an enabling environment. Peace is what you need today for people to come. The Zamfara narrative focuses on conflict related to solid minerals, and this needs to change,” she was quoted as saying in a statement issued on Friday by the spokesperson for the Zamfara Governor, Mr Sulaiman Bala Idris.
The former Nigerian Minister further said, “What you show us today is first and foremost your passion for what you want us to do, and that is what investors want. They want to know what you want.
“I am happy today to be here in Zamfara, because I really want to show the world that we should pay attention to what is happening at the local level. Because this is where people are weakest, where governance is weakest, and where there are the fewest resources.
“When we visit, we give visibility to the effort that has been made and to the impact of what is happening elsewhere in the world on people who have nothing to do with what caused it in the first place.
“Zamfara State is accessible today. And it would be even more accessible because the road we travelled on is still under construction. When it is finished, it will revive the businesses and markets around it, and hopefully, by then, we will witness more peace.
“I see the mining, I see the potentials, I see the market and the demand, but I also see the leadership here who is willing to look at the institution, framework and partner to get the job done.
“There is a lot of hope and potential here. Everyone must play their role; this is not something the governor will do alone. The United Nations is willing to be a genuine partner to Zamfara State.”
On his part, Governor Dauda Lawal said Zamfara is at a turning point, with a population of 5.3 million, and the state’s economy is agriculture-driven, with 82 per cent of the population depending on agriculture.
“Zamfara’s Six-Point Rescue Agenda is a deliberate strategy to stabilise, rebuild, and transition the state toward inclusive and sustainable development,” he told his guest.
By Adedapo Adesanya
The federal government has inaugurated the Governing Board of the Nigeria Commodity Exchange (NCX) to strengthen commodity trading and accelerate Nigeria’s transition to a non-oil, export-driven economy.
The Minister of Industry, Trade and Investment, Mrs Jumoke Oduwole, who inaugurated the board on Thursday in Abuja, said it was part of efforts to modernise commodity markets and boost export competitiveness.
According to her, the initiative seeks to formalise commodity trade and unlock value in agriculture and solid minerals, supporting the government’s agenda on diversification, job creation and food security.
The minister described the development as a major step toward repositioning Nigeria in regional and global markets.
She noted that Nigeria’s vast resources and access to over 1.4 billion consumers under the African Continental Free Trade Area (AfCFTA) present significant export opportunities.
She emphasised the need to address poor traceability, informal trading systems and infrastructure gaps affecting commodity markets.
Mrs Oduwole said the reactivation of the exchange would strengthen transparency, standardise trading and improve price discovery.
She added that the NCX would attract investment into market infrastructure and help Nigerian commodities meet international export standards.
On his part, the Permanent Secretary of the ministry, Mr Chris Isokpunwu, described the inauguration as a landmark step in strengthening Nigeria’s commodity export ecosystem.
Mr Isokpunwu, represented by the Director of the Commodity Exchange Department of the ministry, Mr Obasi Edozie, urged the newly inaugurated board to discharge their duties with diligence and professionalism.
He assured the board of the ministry’s support toward achieving measurable economic outcomes.
Mr Abubakar, Chairman of the governing board, pledged the board’s commitment to repositioning the exchange as a globally competitive trading platform.
He listed priorities to include strengthening governance, upgrading warehouses and digital trading systems and building capacity for farmers and market operators.
He also emphasised the need to deepen partnerships with financial institutions and international commodity markets.
“The inauguration underscores the Federal Government’s commitment to repositioning the NCX to drive export growth, rural prosperity and sustainable economic development.”
**Revokes Trading Licences of LMB, Platinum Stockbrokers
By Aduragbemi Omiyale
A stockbroking company, Premium Capital and Stockbrokers Limited, has been fined N5 million for engaging in “unauthorised sale of its clients’ securities.”
A circular issued by the Nigerian Exchange (NGX) Regulation Limited disclosed that the trading licence of the organisation has also been revoked.
In the notice signed by the Head of Market Regulation for NGX RegCo, Chinedu Akamaka, Premium Capital violated Rule 11.9 of the Rulebook of The Exchange, 2015 (Dealing Members’ Rules), which focuses on the Prohibition of Unauthorised Sale of Securities.
Business Post reports that Premium Capital was not the only stockbroker that had its trading licence withdrawn, as it also affected others.
The licence of LMB Stockbrokers Limited was revoked by NGX RegCo for prolonged inactivity, which falls contrary to Rule 6.4: Revocation of Inactive Dealing Members’ Licences, Rulebook of The Exchange, 2015 (Dealing Members’ Rules), as amended.
The same also affected Platinum Stockbrokers Limited, which has not witnessed activity on the floor of the NGX Limited for a while.
Similarly, the authorised dealing clerkship of Mr Bernard Oluwole Ilori, was taken back with immediate effect in alignment with an earlier determination by the Securities and Exchange Commission’s (SEC) Administrative Proceedings Committee (APC), which arose from his involvement in regulatory infractions connected to Mutual Alliance Investment and Securities Limited and resulted in his 10-year ban from the Nigerian capital market since March 25, 2021.
Investors have been “strongly advised not to engage in any activity with the firms” whose trading licenses have been revoked.
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