Economy
Continental Reinsurance Plc Replaces Two Directors
By Modupe Gbadeyanka
Continental Reinsurance Plc has announced the replacement of two of its directors with effect from November 8, 2016.
The directors replaced by the company are Mrs Nadia Alaoui Fettah and Mr Merrick Wayne Oeschger.
They are to be replaced by Mr Ajibola Olusanya Ogunshola and Mr Emmanuel Brule as Non-Executive Directors of the company representing C-Re Holding Limited.
According to a statement issued by the company, it was disclosed that Mr Ogunshola holds a B.Sc. (Honours) degree in Mathematics from the University of Ibadan (1967) and became a Fellow of the Institute of Actuaries, United Kingdom in 1973, the first black African to become a Fellow of the Institute.
He was the representative of the Institute of Actuaries of the United Kingdom in Nigeria from 1973 to 1996 and a member of the International Association of Actuaries.
Mr Ogunshola began his career as a trainee Actuary with Eaglestar Insurance Company, London in 1967. He joined the National Insurance Corporation of Nigeria in 1972 as the first head of Life Division from where he joined Niger Insurance Company Limited (now Niger Insurance Plc) as Chief Executive, later Managing Director from 1974 to 1985, the first Nigerian to hold the position. He was Chairman and Managing Consultant of Ajibola Ogunshola & Company (Actuaries & Employee Benefit Consultants) from 1986 to 2004 and Chairman of Alexander Forbes Consulting Actuaries (Nigeria) Limited from 2005 to March 2015.
Over the years, Mr Ogunshola has contributed to the development of many organizations. He was foundation President of the Nigeria Actuarial Society, 1982; Chairman of the Committee of Actuaries that gave actuarial advice to the United Nations Staff Pension Fund from 1987 to 2006; Chairman of the Board of Directors, The Punch Nigeria Ltd, 1987 – 2011; President of the Association of Pension Fund and Investment Managers (now Association of Pension Fund Managers), 2001 – 2003, a fellow of the Association in 2009 and received a lifetime achievement award in the same year; member, National Political Reform Conference, 2005; President, Newspapers Proprietors’ Association of Nigeria from 2007 to April 2011; member of the South-West delegation to the 2014 National Conference.
Mr Ogunshola also served the Government and other Institutions in several capacities. He was Chairman of the Federal Government Technical Committee on the Review of the Nigerian Civil Service Pension Scheme (1988/1989), Chairman of the Presidential Committee on the Harmonization of the Public and Private Sector Pension Schemes (Nigeria), 2000; member, relief Committee for victims of the Asian Tsunami Disaster, 2005; Director, News Agency of Nigeria, 2009 – 2011; member, Federal Government Panel on Election Violence and Civil Disturbances, 2011; member, Academic Board of the College of Medicine, University of Lagos, 2006 – 2008; member, Executive Committee of the West African Insurance Companies’ Association, 1976 – 1982; member of the Governing Council of Nigerian Insurers’ Association, 1977 – 1985 and first Chairman of its statistical Committee.
Mr Ogunshola has to his credits several honours, prices and awards which include, amongst several others, Doctor of Science in Management (Honoris Causa) from Olabisi Onabanjo University; special media award for Commendable Management of a Media Organization by the Trustees of the Nigerian Media Merit Award; award for excellence by the Central Council of Ibadan Indigenes, 2001; Ba’rohin Ibadan Chieftaincy title from the Olubadan-in-Council), 2009 and NUJ (Oyo State) award for contribution to the growth of Journalism, 1991.
On the part of Mr Emmanuel Brule, he is a graduate of Ecole Centrale de Paris. He has always operated in an international environment and held a number of senior executives’ roles with SCOR, a global Tier 1 reinsurance company (1997 – 2001) and American International Group (AIG) (2002 – 2015) in diverse functions and in various territories. He is currently Deputy Chief Executive Officer of Saham Finances and a member of Saham Group Executive Committee.
Mr Brule is an impactful C-Level Insurance Executive with significant and successful experience in growing profitable business and leading transformation of insurance operations across EMEA. He is recognized as a strategic leader and critical thinker, with a strong record of execution in multiple environments and cultures.
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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