By Modupe Gbadeyanka
In the 2018 financial year, operations of WAICA Reinsurance Corporation Plc (WAICA Re) in Nigeria and Ghana contributed 55 percent to the total gross premium income of $58 million (N20.8 billion) generated by the pan-African reinsurance company.
While $19 million (N6.8 billion or 33 percent) came from the Nigerian operations, $12.89 million or 22 percent of the premium income was generated in Ghana.
At the Annual General Meeting (AGM) of the firm, its Chairman, Mr Kofi Duffuor, stated that $7 million of the revenue came from French market; $1.24 million in Sierra Leone; $278,606 in Liberia;
$234,159 in The Gambia; $3.1 million in Tunisia; $13.5 million from the Diaspora; while in Zimbabwean market, it made $304,621; and Kenyan insurance market posted $201,275.
According to him, there was a subdued gross premium growth of four percent from $55.8 million in 2017 to $58 million in 2018.
He said growth was the result of the decision to concentrate on profitable businesses and stop business dealings with some brokers who only add negatively to the company’s debt ratio by not paying premiums.
The growth, he said, was driven mainly by its Tunisia, Nigeria and Francophone markets, which grew by 134 percent, 52 percent and 51 percent respectively.
Strong growth, he said, was also recorded in Sierra Leone 50 percent and Liberia 33 percent, pointing out that there was a negative growth in its Ghanaian and its Diaspora markets recording negative six percent and negative 39 percent respectively.
“Our gross premium remained largely driven by Fire, Engineering and Accident classes, which accounted for a combined 72 percent of premium income in 2018. However, product risk is considered well contained given that exposure to high severity business lines remained very minimal.
“There are continuous efforts to grow other business lines as evidenced by the growth recorded in Special Risk (89 percent) and Marine and Aviation (55 percent) from 2017 to 2018. This helped Special Risk to contribute 13 percent to the 2018 gross premium whilst Marine and Aviation improved to 8 percent,” he stated.
The retention ratio of the firm, he said, reduced slightly by one percentage point from 93 percent in 2017 to 92 percent in 2018 driven by the increase in its oil and gas acceptances.
NGX Group Targets Private Equity Investments, Mergers, Acquisitions
By Dipo Olowookere
In order to make shareholders enjoy the benefits of demutualisation and maximize returns, the Nigerian Exchange (NGX) Group Plc is currently undertaking some financial planning activities.
These steps are being engineered by the Group CEO of the organisation, Mr Oscar Onyema, and they include the possibility of mergers and acquisitions, private equity investments, treasury management, capital allocation and fundraising.
According to Mr Onyema, the company is well-positioned to achieve these goals, going by its financial performance in 2020, expressing optimism that these strategies would make the organisation’s shares attract investors when they are eventually listed on the NGX Limited.
“As the group progresses its plans to list on Nigerian Exchange Limited, there are exciting days ahead. The financial performance of the Group in 2020 showed strong resilience and prospects for growth.
“The group ended 2020 in a sound financial position with net asset growth of over 10 per cent to N31.28 billion and income and resulting surplus after tax valued at N6.02 billion and N1.84 billion respectively.
“In the context of COVID-19 pandemic, we maintained tight cost controls, which reduced expenses by 13 per cent despite investments in technology that allowed remote operations with zero downtime,” he had said.
On Thursday, September 9, 2021, the NGX Group held its Annual General Meeting (AGM) in Abuja. It was the first yearly shareholders’ gathering after the demutualisation of the Nigerian Stock Exchange (NSE).
At the meeting, shareholders approved all the resolutions proposed by the board, including the re-election of the non-executive directors who were retiring by rotation; the election of the members of the audit committee; the proposed remuneration for the board and non-executive members of the erstwhile national council of the NSE; and the introduction of equity-based incentives to employees’ remuneration, including an Employee Share Ownership Plan (ESOP) and a Performance-Based Long-Term Incentive Plan.
NGX Group, leading by example as a new corporate entity, is committed to the highest governance standards, recognising its role in critical capital markets infrastructure.
Much like leading exchanges in the world today (London Stock Exchange Group, Intercontinental Exchange, Singapore Exchange, Japan Exchange Group) and other African exchanges such as Johannesburg Stock Exchange and FMDQ, the demutualised NSE gave rise to a group structure with attendant benefits.
Today, NGX Group stands as the non-operating holding company with three (3) subsidiaries – the operating Exchange, Nigerian Exchange Limited led by Mr Temi Popoola, as the Chief Executive Officer (CEO); the independent regulatory company, NGX Regulation Limited led by Ms Tinuade Awe as the CEO; and the real estate company, NGX Real Estate with Mr Gabriel Igbeka serving as Acting CEO. Each of these entities is governed by independent boards, the composition of which was not only strategic but in line with acceptable practices.
At an Extra-Ordinary General Meeting (EGM) of the then members of NSE in March 2020, a resolution was passed pertaining to the appointment of the inaugural board of NGX Group, post demutualisation.
The process relating to the selection of council (board) members was duly followed and the identified candidates were taken through a rigorous due diligence exercise before passing through the internal governance process, being submitted to the Securities and Exchange Commission for approval and thereafter, presented to previous members at the 2020 EGM.
The members agreed to the importance of maintaining continuity and preserving The Exchange’s collective knowledge and learned experience (institutional memory) as well as retaining stakeholder confidence and maintaining market stability.
It was, therefore, agreed that the composition of the Boards would comprise individuals selected from the erstwhile National Council and external candidates. This understanding was contained in the Scheme of Arrangement dated 20 January 2020 between the NSE and the dealing and ordinary members of the NSE in respect of the demutualisation of the exchange (the Scheme).
The scheme was approved at the Court Ordered meeting held on 3 March 2020. The approved Scheme of Arrangement was sanctioned by the court on May 14, 2020, and filed at the Corporate Affairs Commission (CAC) on June 1, 2020, and it became effective on the date it was filed at the CAC.
NGX Group’s board currently has 11 members and out of the 11 directors, five have direct or indirect shareholdings in the company providing strong representation for the company’s shareholders.
In addition, going above the statutorily required minimum that a public company shall have at least three independent directors (S.275 (1) CAMA 2020), NGX Group went with four independent directors.
Transition agreements expected to last for 18 months were also agreed and it was recognized that subsequent composition of the Board following this transition period will evolve in line with existing rules and regulations, market standards, competitive realities and succession planning policies.
The composition of the inaugural board – comprising some members of the erstwhile council and new members – was approved at the EGM, on the condition that their appointment would become effective post demutualisation.
The market continues to repose confidence in NGX Group evidenced by the statement from the Chairman, Association of Securities Dealing Houses of Nigeria, representing the largest shareholder group in the company, Mr Onyewenchukwu Ezeagu, who stated prior to the recent 60th AGM, “As major shareholders, we were involved in all the processes of demutualisation.
“We are comfortable with the agenda of the meeting as we have been part of the whole process. The proposed resolutions had been made public in the course of the demutualisation. The meeting will bring about a renewed relationship between the NGX Group and its stakeholders.”
Buhari Orders Kyari to Incorporate NNPC, Ararume to Chair Board
By Aduragbemi Omiyale
President Muhammadu Buhari has directed the incorporation of the Nigerian National Petroleum Company Limited, a statement from the presidency on Sunday confirm.
The Group Managing Director (GMD) of NNPC, Mr Mele Kyari, was asked to see to the success of this directive, the Special Adviser to the President on Media and Publicity, Mr Femi Adesina, disclosed in the statement issued today.
The President’s spokesman said this order was given by Mr Buhari in his capacity as the Minister of Petroleum Resources “in consonance with Section 53(1) of the Petroleum Industry Act 2021, which requires the Minister of Petroleum Resources to cause for the incorporation of the NNPC Limited within six months of commencement of the Act in consultation with the Minister of Finance on the nominal shares of the company.”
The NNPC chief was, therefore, given the mandate to “take necessary steps to ensure that the incorporation of the NNPC Limited is consistent with the provisions of the PIA 2021.”
A few weeks ago, the President signed the PIA, giving room for the state-owned oil agency to become a commercial organisation under the Companies and Allied Matters Act (CAMA) 2020.
Before now, the NNPC was operating as a government agency and was solely responsible for the importation of petrol into the country.
But as a part of efforts to make the oil industry more attractive to investors, the government made the sector more transparent by signing the PIA into law.
In the statement issued today, Mr Adesina said President Buhari, by the power also vested in him under Section 59(2) of the PIA 2021, has approved the appointment of the board and management of the NNPC Limited, with effect from the date of incorporation of the company.
It was disclosed that Mr Ifeanyi Ararume was selected as the chairman of the board, while Mr Kyari and Umar Ajiya are to serve as the Chief Executive Officer and Chief Financial Officer, respectively.
“Other board members are Dr Tajudeen Umar (North East), Mrs Lami O. Ahmed (North Central), Mallam Mohammed Lawal (North West), Senator Margaret Chuba Okadigbo (South East), Barrister Constance Harry Marshal (South South), and Chief Pius Akinyelure (South West),” the statement said.
Interswitch Recruits More Quickteller Paypoint Agents
By Modupe Gbadeyanka
More Quickteller Paypoint agents have been recruited in a recent market activation drive targeted at cities across Nigeria to grow the nation’s economy and deepen financial inclusion.
The new agents will be gainfully engaged and empowered to generate income, provide financial services and grow to empower others subsequently.
This is under the Interswitch Financial Inclusion Services (IFIS) and the agent will offer the company’s services in Agege, Alimosho, Ikorodu and Ajah, with some areas in Abuja expected to be reached next week.
They will be expected to easily carry out regular financial transactions such as bill payment, funds transfer, cash deposits, cash withdrawals, account opening, insurance and airtime recharge etc.
“Quickteller Paypoint is designed to empower Nigerians by creating income-generating opportunities for unemployed Nigerians and increase streams of income for employed Nigerians thereby facilitating business in both the rural and urban parts of Nigeria,” the Group Head, Growth Marketing, Merchant and Ecosystem at Interswitch, Mr Olawale Akanbi, stated.
“This activation by Quickteller Paypoint is looking to onboard new agents on the Quickteller Paypoint platform.
“By so doing, we are not only empowering Nigerians to earn income, but we are also providing them a platform with which they are able to provide meaningful services to their communities and eventually grow to employ and empower others,” he added.
The recruited agents and other potential agents are onboarded by registering on the Quickteller Paypoint platform. Required documentations include; passport photograph, recent utility bill (electricity, waste or water bill) that shows the location, a valid ID card (National ID, Voter’s card, driver’s license or international passport) and business registration documents (if the business name is CAC registered).
After registration, the agent is required to fund his/her wallet with at least N1000, this qualifies him/her for a free android POS and starter kit. The starter kit contains free visibility banner, power bank and daily journal to document transactions.
In addition, Quickteller agents enjoy competitive commissions and stimulating incentives such as travel opportunities, trainings, business support etc. helping them grow and scale their businesses faster.
Quickteller Paypoint platform is a service of Interswitch Group enabled to support the financial inclusion agenda of the federal government. Currently, Quickteller Paypoint has over 35,000 agents spread across the country.
Quickteller Paypoint is the trade name for Interswitch Financial Inclusion Services (IFIS) Agent locations. It is a one-stop-shop robust consumer service platform for convenient airtime recharge, funds transfer and bill payment.
Like Our Facebook Page
Latest News on Business Post
- China’s Trade With Africa Reaches Record Highs September 20, 2021
- Oyo Assures Residents of COVID-19 Vaccine Efficacy, Safety September 20, 2021
- NGX Group Targets Private Equity Investments, Mergers, Acquisitions September 20, 2021
- How to Validate Start-up Ideas With Design Thinking September 20, 2021
- King of Boys 2 (The Return of the King): The Gender Imperatives September 20, 2021
- Sea Piracy in Nigeria Drops 80%—NIMASA September 19, 2021
- Buhari Orders Kyari to Incorporate NNPC, Ararume to Chair Board September 19, 2021
- Nigeria Needs Cutting-Edge AI Applications—Osinbajo September 19, 2021
- LAWMA, Alliance Evacuate 75,000 Plastic Bottles from Ilashe Beach September 19, 2021
- SERAP Urges NASS to Reject Buhari’s Fresh Loan Request September 19, 2021
Economy5 years ago
Kwara Disburses N1.7b For Projects
Feature/OPED2 years ago
Davos was Different this year
Technology9 months ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN
Travel/Tourism5 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
Economy5 years ago
How To Identify Fake Naira Notes
Banking3 years ago
Sort Codes of GTBank Branches in Nigeria
Economy4 years ago
FAAC: FG, States, LGs Share N655.18b in January
Economy6 months ago
MBA Forex Blames CBN for Inability to Return Investors’ Funds