By Aduragbemi Omiyale

The digitalisation efforts, investment strategies, and commitment to sustainability have propelled Coronation Insurance Plc back to profitability after it posted a net profit of N2.2 billion in the 2023 financial year, in contrast to the net loss of N1.8 billion achieved in the same period of 2022.

At the company’s 66th Annual General Meeting (AGM) in Lagos on Monday, December 2, 2024, the chairman of the board, Mr Mutiu Sunmonu, the results reaffirmed the role of technology in helping organisations navigate difficult waters.

“Despite the economic headwinds, we delivered strong growth across key financial metrics.

“Our profit before tax of ₦2.2 billion is a clear reflection of our strategic direction, operational discipline, and commitment to creating long-term value for stakeholders,” Mr Sunmonu said as he also acknowledged the broader growth of Nigeria’s insurance sector, where gross premiums rose by 38 per cent in 2023 to N1 trillion, driven by increased activity in the Oil & Gas, Fire, and Motor insurance segments.

Business Post reports that the underwriter posted a 34 per cent growth in insurance revenue to N24 billion from N18 billion in 2022, as net investment income also surged by 228 per cent to N1.5 billion from N461 million in the prior year.

These achievements underline the group’s dedication to optimising its investment portfolio and delivering value to policyholders.

Also addressing shareholders at the gathering, the chief executive of Coronation Insurance, Mr Olamide Olajolo, emphasised the company’s strides in digitalisation, calling it a “game-changer” for its operations.

“Our digitalisation drive has already transformed how we operate and interact with customers,” Mr Olajolo said, adding, “We are leveraging cutting-edge technology to streamline operations and deliver tailored solutions. The journey thus far has been remarkable, and we are committed to sustaining this momentum in 2024 and beyond.”

A shareholder, Mrs Bisi Bakare, praised the company’s efforts, particularly in leveraging technology to enhance customer experience, saying, “The digital transformation has made it easier for customers like me to interact with Coronation Insurance. I am confident that this strategy will keep us competitive and position the company for even greater success.”

Coronation Insurance emphasized its commitment to sustainability by outlining a strategy built on three foundational pillars. The first pillar, Strategic Partnerships, focuses on forging alliances to amplify positive impact and achieve shared goals. The second, Sponsorships and Donations, supports initiatives that align with the company’s mission and values, reinforcing its dedication to societal progress.

Lastly, through Corporate Social Responsibility (CSR), the company champions projects designed to drive meaningful development within communities. Together, these efforts reflect Coronation Insurance’s unwavering dedication to fostering shared prosperity while ensuring its operations align with global sustainability objectives.

The AGM featured the re-appointment of Mr Abubakar Jimoh and Mrs Stella Ojekwe-Onyejeli as Independent Non-Executive Directors, as well as the approval of the appointment of Mr Victor Etuokwu as a Non-Executive Director on the Board.

 As the Company looks ahead, its leadership expressed optimism about leveraging emerging opportunities in Nigeria’s evolving economic landscape. Coronation Insurance plans to deepen its market penetration, strengthen its digital initiatives, and continue providing innovative insurance solutions tailored to clients’ needs.

“Our ambition is to redefine the insurance experience in Africa,” the chief executive stated, noting, “We remain committed to our mission of addressing Africa’s challenges through transformational solutions and customer-focused innovation.”

By Adedapo Adesanya

Nigeria successfully priced $2.2 billion in Eurobond maturing in 2031 and 2034 in the international capital markets to finance deficits from the 2024 budget, according to a statement from the Debt Management Office (DMO) in Abuja on Monday night.

The DMO said that the two Eurobonds, with 6.5 years and 10 years tenors, have $700 million placed in the 2031 maturity, and $1.5 billion placed in the 2034 maturity.

It said that the notes were priced at coupon and re-offer yields of 9.625 per cent and 10.375 per cent, respectively.

“Nigeria is pleased to have attracted a wide range of investors from multiple jurisdictions including the United Kingdom, North America, Europe, Asia, Middle East and participation from Nigerian investors.

“It is an expression of continued investor confidence in the country’s sound macro-economic policy framework and prudent fiscal and monetary management.

“The transaction attracted a peak order book of more than nine billion dollars. This underscores the strong support for the transaction across geography and investor class,” the DMO said.

It said that with respect to the investor class, demand came from a combination of fund managers, insurance and pension funds, hedge funds, banks and other financial institutions.

Speaking on this, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said that the successful issuance signposted increasing confidence in the ongoing efforts of the government to stabilise the Nigerian economy.

According to Mr Edun, the broad range of investor appetite to invest in our Eurobonds is encouraging as we continue to diversify our funding sources and deepen our engagement with the international capital markets.

Also, the Governor of the Central Bank of Nigeria, Mr Yemi Cardoso, said that the outcome underscored the growing confidence of investors and the resilience of the Nigeria credit.

“It is evident of our improved liquidity position and continued access to international markets to support the financing needs of the government,” Mr Cardoso said.

The Director-General of the DMO, Ms Patience Oniha, said that with the successful pricing of the notes on an intra-day basis, Nigeria had registered a landmark achievement in the international capital market.

Ms Oniha said that the size of the order book at approximately 4.18 times of the offer amount, and the strong and diverse investor base helped to price the new 6.5-year tenor at a 9.625 per cent interest rate.

She said that it also helped to price the new 10-year notes at 10.375 per cent interest rate.

“The DMO remains committed to maintaining transparency and open communication with investors and stakeholders, and appreciates the continued confidence and support of the international and Nigerian investors who participated in the pricing,” she said.

She said that the notes would be admitted to the official list of the UK Listing Authority and available to trade on the London Stock Exchange’s regulated market, the FMDQ Securities Exchange Limited and the Nigerian Exchange Limited.

“The proceeds from this Eurobond issuance will be used to finance the 2024 fiscal deficit and support the government’s budgetary needs.

“Nigeria mandated Chapel Hill Denham, Citigroup, Goldman Sachs, J.P. Morgan and Standard Chartered Bank as Joint Bookrunners. FSDH Merchant Bank Limited acted as Financial Adviser on the issuance,” she said.

By Adedapo Adesanya

As Nigeria’s tax reform bills continue to generate buzz and seep into the consciousness of the public, the Chairman of the Presidential Tax Reform Committee, Mr Taiwo Oyedele, has called for the speedy passage of the bills, noting that the areas of concern will be addressed.

He made this disclosure while speaking at a Townhall on the Tax Reform Bills organized by Channels Television on Monday, as part of efforts to clarify controversies around the bill.

President Bola Tinubu in September transmitted four tax bills to the parliament for approval. These are the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.

The bills have generated controversies since they were forwarded to the legislative arm of the government, where it is currently at the second reading at the Senate.

Mr Oyedele, whose committee drafted the document, noted that there are over 200 transformative provisions that can fix the country in the bills.

“These bills have more than 200 transformative provisions to fix our country and set us on the right path to prosperity,” Mr Oyedele said.

“We should not allow one or two provisions that we can easily discuss and agree on to become the pain or the bottleneck.”

He reiterated that the areas where there are controversies are few which can be ironed out, and said that the bills have considerable support and will better the lives of Nigerians.

Reeling out some of the benefits of the bills, he said they will exempt low-income earners completely from paying taxes.

He also said it will also reduce the Pay-As-You-Earn (PAYE) of middle-income earners.

He also examined how states will benefit from VAT distribution to service those who need it more.

Many quarters have been divided over the submission of the bills, particularly Northern statesmen who have since advised Mr Tinubu to hold on before pushing the controversial tax reform bills, claiming it will not favour the region.

Afenifere, a pan-Yoruba socio-political organisation, on its part on Monday, declared its support for the bills, saying it will create a fiscal system that promotes revenue generation at the federal and state governments.