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 Dipo Olowookere
For the eighth straight session, the Nigerian Exchange (NGX) closed lower, losing 0.32 per cent at the close of business on Thursday as a result of continued sell-offs.
Yesterday, the financial and energy sectors came under selling pressure as investors’ appetite for domestic equities waned, with attention turning to the 2027 presidential campaigns, which kicked off on Wednesday.
The energy index shed 2.49 per cent, the insurance sector depreciated by 0.79 per cent, and the banking segment declined by 0.41 per cent. But the consumer goods space gained 0.10 per cent, while the industrial goods counter closed flat.
When the market closed for the day, the All-Share Index (ASI) contracted by 712.67 points to 240,037.80 points from 240,750.47 points, and the market capitalisation decreased by N439 billion to N154.978 trillion from N155.417 trillion.
International Energy Insurance slumped by 9.85 per cent to N4.30, Coronation Insurance dropped 9.84 per cent to trade at N2.20, Fortis Global slipped by 9.76 per cent to N1.85, AVA Capital crashed by 7.89 per cent to N7.00, and Zichis shrank by 7.36 per cent to N17.00.
On the other side, Haldane McCall rose by 9.38 per cent to N3.85, Trans-Nationwide Express jumped by 8.90 per cent to N3.06, McNichols appreciated by 8.33 per cent to N5.20, Cutix gained 2.56 per cent to close at N2.40, and Veritas Kapital expanded by 1.52 per cent to N1.34.
Business Post reports that Customs Street recorded 14 advancing stocks and 29 declining stocks, representing a negative market breadth index and weak investor sentiment.
A total of 2.9 billion shares worth N34.0 billion were transacted in 34,725 deals during the session versus the 1.2 billion shares valued at N37.8 billion traded in 34,546 deals at midweek. This showed that the trading value moderated by 10.05 per cent, while the trading volume and number of deals increased by 141.67 per cent and 0.59 per cent apiece.
Fortis Global Insurance was on top of the activity chart yesterday, with a turnover of 2.6 billion equities valued at N5.2 billion. Sterling Holdings exchanged 28.1 million shares worth N211.4 million, Trans-Nationwide Express transacted 21.7 million stocks for N66.2 million, UBA sold 17.9 million equities worth N803.7 million, and First Holdco traded 15.7 million shares valued at N2.0 billion.
By Adedapo Adesanya
Oil jumped more than 2 per cent on Thursday to its highest level in nearly a month, after US President Donald Trump warned of retaliation against nations supporting Iran.
Brent crude futures gained $2.16 or 2.4 per cent to trade at $93.78 a barrel, while the US West Texas Intermediate (WTI) crude futures for September rose by $2 or 2.3 per cent to $87.83 a barrel.
President Trump has threatened sweeping economic measures against Iran, warning countries that provide Iran with “any type of lifeline” that they could face severe consequences.
The American President described the planned campaign as “economic warfare and isolation on an unprecedented scale,” as the US seeks to intensify pressure on Tehran nearly six months into the conflict.
US Treasury Secretary Scott Bessent said the Trump-led administration would impose what he called the “toughest sanctions in history” on Iran and urged China and other countries to cooperate with the campaign.
Mr Bessent said he would hold a press conference on Monday to provide details of the measures, which he said would complement the US blockade of Iran.
Concerns about stricter sanctions enforcement against Iran added to anxiety about the risk to supply in the Middle East.
The economic offensive comes as the war, which began on February 28 after the US and Israel launched military strikes on Iran, has killed thousands of people and severely disrupted energy supplies.
Iran’s blockade of the Strait of Hormuz, a key route for global oil and gas shipments, and attacks on energy infrastructure across the Middle East have sharply reduced the flow of energy to international markets.
The latest US threats mark an escalation in the US’s economic pressure on Iran, with Trump also warning countries that continue to trade with or support Iran that they could face punitive measures. Iran has dismissed the campaign as “economic terrorism” and a continuation of failed US policies.
Shipping traffic through the Strait of Hormuz remains far below pre-war levels, according to the latest shipping data. Prior to the Iran war, shipments equal to about one-fifth of global consumption moved through the waterway.
This week, the United Arab Emirates suspended all financial and economic transactions with Iran until further notice, highlighting the fraught ties between the major Gulf Arab oil producer and Iran. The war has also impacted the supply of refined fuels and drawn down inventories, with less crude available to refiners.
By Adedapo Adesanya
The Nigeria Employers’ Consultative Association (NECA) has called on state and local governments to account for the N10.4 trillion they received from resources generated following the removal of the petrol subsidy.
The Director-General of NECA, Mr Adewale-Smatt Oyerinde, made the call on Channels Television’s Sunrise Daily on Thursday morning, a day after the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, disclosed details of the financial impact of the federal government’s economic reforms.
Mr Oyedele had said the removal of the petrol subsidy and reforms to the foreign exchange market mobilised N15.8 trillion for the Federation between June 2023 and December 2025.
According to the minister, the federal government received N5.4 trillion of the amount, while N10.4 trillion was distributed to state and local governments through the Federation Account.
Reacting to the disclosure, Mr Oyerinde said the states and local governments should now provide details of how the funds they received were utilised.
He particularly called on state commissioners for finance to disclose the amounts their respective governments received and how the funds were spent.
“Absolutely. I think it should trickle down. The commissioners of finance in states, you come out and also say, this is how much we’ve received; this is how much we have spent,” he said on the television programme.
Mr Oyerinde compared the expected disclosure by governments to the financial reporting obligations of private businesses, where companies present audited accounts and performance reports to shareholders.
“We believe strongly that as private businesses, at the end of the year you audit your accounts, you present your scorecard to your shareholders to gauge what we have done. The Minister of Finance has led the way now, and the states also should follow,” he said.
The NECA director-general urged state governments to provide a breakdown of the funds received, the challenges encountered and how the money was deployed.
“And so this is how much we have received. These are the constraints we face, and this is how we have expended this amount. I think we should move progressively towards transparency in government,” he said.
Mr Oyerinde commended the Federal Government for publicly disclosing details of its finances, describing the presentation by the finance minister as a step towards greater transparency in public administration.
He said the level of detail provided by Mr Oyedele would enable citizens and other stakeholders to better scrutinise government spending and assess the impact of the reforms.
The NECA boss also said greater disclosure by the sub-national governments would allow citizens to engage state and local governments more constructively on the use of public funds.
“I also put citizens, and I must say this, citizens are also in a good position now to engage constructively, engage the state governments constructively, and also engage local governments constructively, because that is where development should actually start,” Mr Oyerinde said.
