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 Adedapo Adesanya
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has said ongoing reforms and strategic policy implementation in Nigeria’s petroleum sector are driving significant investments and strengthening the country’s position as a leading energy destination in Africa.
Mr Lokpobiri stated this at the Management Retreat of the Ministry of Petroleum Resources, where he stressed the need for improved institutional performance and accountability to sustain growth in the sector.
According to the Minister, the federal government has deliberately pursued far-reaching reforms aimed at creating a stable and investor-friendly environment capable of attracting local and foreign capital into the oil and gas industry.
“From far-reaching institutional reforms to the effective implementation of strategic policies, we have remained committed to carrying all stakeholders along, fostering a conducive environment for investments to flourish,” Mr Lokpobiri said.
“As a result, our petroleum sector has witnessed significant investments that continue to strengthen Nigeria’s position as a leading energy destination.”
The Minister noted that the gains recorded in the sector were the product of collective efforts across the Ministry and its agencies, commending staff for their dedication and professionalism.
“The Management Retreat of the Ministry of Petroleum Resources provided an important platform to reiterate that these accomplishments would not have been possible without the collective dedication, professionalism and teamwork of every staff member across the Ministry and its agencies,” he stated.
Mr Lokpobiri said the retreat, themed Driving Institutional Performance and Accountability in the Petroleum Sector for Sustainable National Development, underscored the importance of continuous improvement in service delivery and operational efficiency.
Drawing lessons from the theme, he urged officials of the Ministry and regulatory agencies to intensify efforts toward enhancing institutional effectiveness and strengthening governance frameworks.
“I encouraged that we must redouble our efforts, continuously improve the quality of our services, and strengthen institutional performance,” he said.
The Minister further emphasised the continued relevance of fossil fuels in the global energy mix, stressing that Nigeria must leverage its hydrocarbon resources to drive economic growth while ensuring citizens benefit from ongoing reforms.
“With fossil fuel as the dominant source of energy, we must ensure that Nigerians experience the benefits of our progress and that Nigeria remains the preferred investment destination in Africa and a globally competitive hub for energy investments,” Mr Lokpobiri added.
By Aduragbemi Omiyale
The N3.2 billion rights issue of Universal Insurance Plc has been extended by almost two weeks after securing regulatory approval.
The exercise was earlier scheduled to close on June 10, 2026, but will now close on Monday, June 22, 2026.
The extension was granted by the Securities and Exchange Commission (SEC) after a request from the underwriting organisation.
In the rights issue, Universal Insurance is offering to shareholders 2,666,666,667 ordinary shares of 50 Kobo each at N1.20 per share on the basis of one new ordinary share for every existing six ordinary shares held as of the close of business on Monday, March 30, 2026.
Subscription for the acquisition of the company’s extra shares opened on Wednesday, May 13, 2026.
The extension gives investors more time to increase their stake in the insurance firm, which intends to use proceeds from the exercise to boost its capital base, as mandated by the National Insurance Commission (NAICOM).
Insurance companies operating in Nigeria have been given till July 31, 2026, to shore up their capital base or pack up. Operators can also explore a merger if they wish.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited opened its doors to market participants in four days last week as a result of a public holiday observed on Friday, June 12, for 2026 Democracy Day in the country.
In the week, investors bought and sold 4.964 billion shares worth N207.521 billion in 235,966 deals, as against the 3.966 billion shares valued at N175.659 billion that exchanged hands in 343,587 deals a week earlier.
Analysis showed that the financial services industry led the activity chart with 4.116 billion shares valued at N84.607 billion in 96,165 deals, contributing 82.92 per cent and 40.77 per cent to the total trading volume and value, respectively.
The services sector transacted 232.479 million shares worth N4.955 billion in 17,614 deals, while the industrial goods segment exchanged 144.988 million shares worth N39.077 billion in 24,775 deals.
Sterling Holdings, FCMB, and Access Holdings were the most traded stocks with 2.883 billion units sold for N36.188 billion in 15,533 deals, accounting for 58.09 per cent and 17.44 per cent of the total trading volume and value, respectively.
A total of 40 equities appreciated in the week versus 23 equities in the previous week, 53 equities depreciated versus 65 equities a week earlier, and 53 equities remained unchanged versus 58 equities in the preceding week.
ABC Transport was the best-performing equity for the week after it gained 25.60 per cent to trade at N7.80, Consolidated Hallmark appreciated by 23.13 per cent to N8.25, Abbey Mortgage Bank rose by 21.93 per cent to N11.40, Infinity Trust Mortgage Bank grew by 20.32 per cent to N11.25, and Austin Laz soared by 15.16 per cent to N4.33.
The worst-performing equity last week was Fidson Healthcare because of its 25.86 per cent loss, closing at N101.20. Neimeth declined by 19.14 per cent to N8.55, Union Homes REIT shed 17.36 per cent to close at N70.00, SUNU Assurances slipped by 11.38 per cent to N3.97, and Unilever Nigeria dropped 10.26 per cent to trade at N140.00.
As for the index movement, the All-Share Index (ASI) and the market capitalisation chalked up 0.88 per cent each to settle at 244,738.74 points and N156.970 trillion, respectively.
Similarly, all other indices finished higher apart from the pension, AFR Bank Value, MERI Growth, MERI Value, consumer goods, Lotus II, industrial goods, sovereign bond and commodity indices, which fell by 0.03 per cent, 1.20 per cent, 0.21 per cent, 1.61 per cent, 0.54 per cent, 0.51 per cent, 1.00 per cent, 2.04 per cent and 0.34 per cent, respectively.
-
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