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 federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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