FBN General Insurance Achieves N5b Capital Base

Bode Opadokun
Bode Opadokun
FBN General Insurance has shored up its share capital by an additional N1.04bn, bringing the company’s total share capital to N5bn.

A statement from the company quotes the Managing Director, Bode Opadokun in a message, to the shareholders as having said that “By this increased share capital, FBN General Insurance is set to meeting stakeholders requirement of driving innovation in our business model, or ones www, products and services in this new year and beyond.”

FBN General has by this come to terms with the suspend we recapitalisation schedule first phase initially supervised by the National Insurance Commission, the company like others are continuing the recapitalisation build up to enhance risk retention and brand prominence.

FBN General is a subsidiary of FBN Insurance Limited and a member of the Sanlam Group.

Pension Assets Hit N11.57 trllion

The contributory pension scheme CPS, as at September 30, 2020 has pooled total pension assets of N11.57 trllion with N2.01 trillion invested in local money market, the National Pension Commission (PenCom), periodic release stated.

According to the release from PenCom, the summary of pension funds portfolio for the period up and until September 30, 2020, showed that N1.75 tr of the total sum was invested in bank placements while N262.01bn was in commercial papers.

Further information from statement on the Commission website revealed an increase in Retirement Savings Account (RSA) registration within the period to 9.15 million.

PenCom further breakdown showed that N7.55 trillion of the pension assets was invested in federal government securities, while N6.64 tr was invested in bonds; N780.57 bn was invested in treasury bills; N10.61 bn in agencies bonds; N107.58 bn in sukuk and N13.05 bn in green bonds.

The investment of pension funds also made a landing at state government securities with an uptick of N150.33 bn; the investment trail continued with N585.77 bn in domestic ordinary shares; N76.45 bn in foreign ordinary shares; N17.64 bn in foreign money market securities and N54.57 bn in infrastructure.

In another development, the Federal government has improved its accrued rights obligation by the release of N11.82tr for retirees of treasury funded ministries, departments and agencies under the contributory pension scheme.

The head of corporate communications PenCom, Peter Aghahowa, who disclosed this said, “Accrued rights represent benefits for employees of treasury funded MDA’s who worked up to June 2004, when the Pension Reform Act was introduced”.

Aghahowa commended the intervention saying, “The commission appreciates the effort of the Federal government at ensuring that the accrued rights arrears are cleared.”

NSE Inaugurates Claims Review Panel’,

In its bid to ensure the success of the demutualisation precess, the Nigerian Stock Exchange (NSE) recently inaugurated a ‘Claims Review Panel’, pursuant to the provisions of the NSE Demutualisation Act 2018.

President of the NSE, Otunba Abimbola Ogunbanjo in a statement on Friday explained that the panel inaugurated on Dec. 21, 2020, was set up in preparation for the imminent demutualisation.

He listed the members of the panel as, Mr George Etomi (Chairman), Mr Seni Adio (SAN), Mr Abatcha Bulama, Dr Paul Anababa (SAN) and Prince Aghatise Erediauwa.

Ogunbanjo while charging members of the panel to diligently carry out their functions and responsibilities under the Act, expressed the hope that each member will bring to bear, their respective experiences and expertise to enrich deliberations and decisions.

“We expect members of the panel to discharge their responsibilities without any fear or favour in an objective and dispassionate manner, being guided by principles of fair hearing, equity and natural justice,” he said.

He said that the panel served as an independent alternative dispute resolution mechanism for the review and determination of claims made by individuals or entities in respect of any assertion of rights in the shares of the demutualised Nigerian Exchange Group Plc.

“The panel will sit in an appellate capacity and review claims from claimants’ who are dissatisfied with any decision of the National Council of the Exchange on a claim pre-demutualisation, or the Board of Directors of the HoldCo , post demutualisation of the exchange,” he said.

As part of the demutualisation process, he said the exchange (which is currently a company limited by guarantee) would be converted into and re-registered as a public company limited by shares.

“Consequently, current members of the exchange will be allocated shares in the HoldCo.

“The securities exchange licence of the current exchange will be transferred to Nigerian Exchange Ltd., a wholly owned subsidiary of the HoldCo, which will carry on the securities exchange business.

“Another wholly owned subsidiary, NGX Regulation Ltd., will be licensed by the Securities and Exchange Commission to carry out regulatory services.

“To safeguard the independence of the panel, the NSE embarked on a diligent search for distinguished individuals with the required expertise and extensive track records of integrity, excellence and achievements in their respective fields of specialisationnan.” 

Powerful Pen Media Chapel Assembles Stakeholders To Discuss Maritime Sector issues

Apapa Gridlock
Apapa Gridlock
The Powerful Pen Media Chapel, of Maritime Journalists Association of Nigeria (MAJAN), has concluded plans to hold a special Congress in Lagos.

The discuss which is part of the association’s contribution to the growth a development of the maritime sector and the economy as a whole will bring to the front burner issues militating against efficient maritime sector operations in the country.

The Congress slated for Thursday, January 14, 2021, has as theme, ‘Apapa Traffic And Skyrocketing Inflation in the Country ; Effects On Port Operations And The Maritime Industry”.

Addressing Journalists in Lagos, President of MAJAN, Comrade Ray Ugochukwu, said the Congress will present a veritable platform to discuss vital issues in the sector.

He informed that highly experienced and reputable stakeholders in the industry have been carefully selected as Special Guests to speak on very important issues that affect virtually every stakeholder in the industry.

According to him, the Congress will also serve as a heritable platform for stakeholders to air their views on effect of government policies on the sector, advise government on the way forward in order to ensure seamless maritime sector operations.

The Powerful Pen Media Chapel, an affiliate of Nigeria Union of Journalists (NUJ), Lagos State chapter was formally inaugurated in 2019.

Part of the objectives of the Powerful Pen Media Chapel includes capacity building, maritime industry and economy analyses.

Also, the Powerful Pen Newspaper is published by MAJAN.

Ecobank Nigeria Launches ‘Ecobank Business’ On Radio

Ecobank Nigeria has launched a radio programme – “Ecobank Business Hour” targeted at empowering small and medium enterprises (SMEs) in the country.  Emeka Agada, Head, SME, Ecobank Nigeria, explained that the programme which is being syndicated across 10 radio stations in Nigeria is one of the several initiatives the bank is deploying to empower its SME customers with the right resources to thrive.  He stated that the programme will also enlighten the public about the various solutions designed by the bank to help businesses. 

 He explained that the radio programme being produced by Royal Roots, one of Nigeria’s leading production companies, has already commenced and will be aired for an initial period of 13 weeks. He added that the rich content will help entrepreneurs and business managers to upskill and reskill for growth in the new digital landscape.  According to him, “This further underscore our unwavering commitment to supporting and sustaining the development of SMEs in all sectors of the economy. The radio programme promises to be an impactful series. I encourage all small business operators including their customers, friends and family members to set aside time to listen to the programme and get tips on how to grow their businesses.” 

 Also speaking, Greg Odutayo, Managing Director, Royal Roots, said the program will enable aspiring entrepreneurs understand how to set up and manage successful businesses.  He commended Ecobank for supporting a programme of this nature, capable of generating positive activities in the SME space. 

 The Business Ecobank Hour is being anchored by the duo of Greg Odutayo, a presenter, producer and director with over 28 years of professional experience and Helen Ese Emore, an international facilitator, seasoned MSME project development and business coach. The programme will run in 10 radio stations including, Inspiration 92.3FM, Lagos, RayPower 106.5FM, Kano, Odenigbo 99.1FM, Obosi, Liberty 91.7FM, Kaduna and PH Family Love 97.7FM, Port Harcourt and of others.  Some of the topics and issues lined up for the broadcast include- starting a new business, structuring your business and business planning, company registration, funding your business, creating markets for your products, taxes and taxation, digital payments and collections, how to obtain SONCAP and NAFDAC registration for all products and many other relevant topics, in addition to tips on how to access Ecobank’s bouquet of offerings for SMEs.  

 Only recently Ecobank Nigeria was named Among 2020 Customer Experience Leaders in Nigeria by Leading audit and professional services company, KPMG Nigeria. Specifically, the report stated that respondents were impressed with the interaction between Ecobank and its customers during the COVID-19 pandemic lockdown, stressing that the bank was able to provide personalized service to its respective customer segments.  KPMG’s Nigeria banking industry customer experience survey measures the performance of lenders in the country in terms of their relationship with their account holders and other users of financial services

NCS Generates N1.5 Trillion Revenue In 2020

The Nigeria Customs Service (NCS) has called on Nigerians, especially the business community to support the Service as our borders open to African Continental Free Trade Agreement,(AfCFTA) in order to benefit from the trade agreement and other cross border activities.

The call is sequel to the declaration of the sum of N1,562,115,419,216.32 total revenue  generated in the year 2020.

The amount is N1,380,765,353,462.00 over the sum of N1,342,006,918,504.55 generated in 2019 during the COVID-19 pandemic.

Commenting on this feat, the Comptroller-General of Customs, Col, Hameed Ibrahim Ali (Rtd) said the outcome is a direct result of the resolute pursuit of what is right, and the willingness to adapt to changes brought about by global health challenges occasioned by covid-19.

The service revenue generation profile has continued to be on the rise annually as the ongoing reforms in the Service focuses on, Strategic deployment of officers in strict compliance with the standard operating procedure, Strict enforcement of extant guidelines by the tariff and trade department, Automation of the Customs process thereby eliminating vices associated with the manual process, Robust stakeholder sensitization resulting in more informed/voluntary compliance and Increased disposition of officers and men to put national interest above selves.

The NCS noted that the partial border closure which has forced cargoes that could have been smuggled through the porous borders to come through the sea ports and airports raised revenue collection from ports.

While reassurring of its total commitment to the course of protecting national security and economy, thr NCS explained that before the commencement of the border drill on 20th August 2019, revenue generation was between N4 billion to N5 billion, and now between N5 billion to N9 billion is generated daily.

It also noted that diplomatic engagements that took place during the partial land border closure yielded many positive results, including commitment to comply with the ECOWAS Protocol on Transit. Operationalization of joint border patrols at both sides of the border.

The teams are required to share intelligence and ensure prevention of transit of prohibited goods into the neighbor’s territory. Accordingly, the Service has expressed its readiness to strictly implement the outcome of the diplomatic engagements as the land borders open for movement of cargoes.

Intelligence gathering and the introduction of the e-Customs whose components include installation of scanners at all entry points is expected to furtherenhance border security and boost national trade facilitation.

Already Ministry of Finance has purchased three (3) new Scanners, while the Central Bank of Nigeria (CBN) has also expressed commitment to purchasing four (4) Scanners and establish the control center for monitoring all scanning sites in their bid to boost national economy, especially the agricultural sector. This means that within the next six (6) months, NCS will have about seven (7) functional Scanners mounted at strategic entry points even before the full deployment of e-Customs components which will entail deployment of 135 modern Scanners.

In the same vein, the Service efforts to prevent the entry of items that could compromise the Security of our citizens, Economy and the well being of our people resulted in the seizures of 4,304 assorted items with a duty paid value of N28,287,285,847.52.

FCMB Appoints Yemisi Edun Acting MD


Yemisi Edun
Yemisi Edun
The Management and Board of First City Monument Bank (FCMB) Plc has named Yemisi Edun as acting Managing Director; subject to regulatory approvals which will be subsequently announced in the coming days.

The appointment of Yemisi Edun  which is in reaction to the ongoing scandal which led to the erstwhile managing Director, Adam Nuhu stepping aside is intended to ensure there is no vacuum as well as  ensure sanctity in the bank’s investigation of charges against him.

Until her recent appointment, Yemisi Edun was the immediate past Chief Financial Officer of the Bank; a role she held after serving in various capacities in the bank since joining in 2000.

She is a veteran in the financial space with experience spanning over three decades. Yemisi joined the bank from Akintola Williams Deloitte. She is an alumna of OAU and University of Liverpool, UK where she bagged a Bachelor’s degree and Master’s degree in Chemistry and Accounting respectively.

The Bank is, however, plans to notify the Central Bank of Nigeria (CBN) of the appointment for full approval a source in the bank revealed.


NSE Announces Names Of Heads Of Emerging Units Post-Demutualization

Logo of the Nigerian Stock Exchange
Logo of the Nigerian Stock Exchange
The Council of the Nigerian Stock Exchange has announced a new set of Chief Executives that will head its operating and non-operating units after the completion of the demutualization exercise.

The announcement which was made public, Wednesday in a statement made available to BisinessUpdate gave the name of the officers and their designations as follows:-The Nigerian Exchange Group Plc will have Oscar Onyema,OON, designated Group Chief Executive Officer as its head; Nigerian Exchange ltd will have Temi Awe as its Chief Executive Officer, while the NGX Regulations Limited will be run by Tinuade Awe, who is also designated as the Chief Executive Officer.
Under the demutualisation plan, a new non-operating holding company, the Nigerian Exchange Group Plc (NGX Group) has been created. The Group will have three operating subsidiaries – Nigerian Exchange Limited (NGX), the operating exchange; NGX Regulation Limited (NGX REGCO), the independent regulatory arm; and hNGX Real Estate Limited (NGX RELCO), the real estate company – forming the group. All the entities have
been duly registered at the Corporate Affairs Commission (“CAC”).
According to the statement signed by the head Corporate Communications of NSE, Olumide Orojimi, these appointments are subject to confirmation by the
Securities and Exchange Commission, hSEC.

Recapitalisation: Prudential Zenith Hit N5 Billion Capital

Prudential Zenith
Prudential Zenith
Prudential Zenith Life Insurance has successfully raised its authorized share capital to N5 billion following the deadline of December 31st, 2020 set for insurance companies in Nigeria to shore up their capital base

The figure is One Billion over and above the new minimum capital requirement of N4 billion set by the National Insurance Commission (NAICOM).

Commenting, the Managing Director/Chief Executive Officer, Mr. Chuks Igumbor, said: “We have met and exceeded the minimum requirement of the December 31st, 2020 deadline set by NAICOM and we are positioned to meet the additional capital requirement of N8 billion well ahead of the September 30th, 2021 deadline.”

He added: “This seamless recapitalisation effort is hinged on the enormous financial strength and support from our key shareholders. With this, the firm is poised to emerge stronger with greater capability to serve our esteemed customers and to continue to grow the business.”

Prudential Zenith Life Insurance Limited is part of Prudential Plc, one of the oldest and most strongly capitalised life insurance companies in the world. It provides a range of insurance and investment-linked savings products designed to suit corporate and individual customers’ budgets.

The company seeks to remove uncertainty from life’s big events, providing customers with the freedom to face the future with greater confidence.

It is also committed to meeting the long-term savings and protection needs of families and businesses in Nigeria. Whether someone is starting a family, saving for a child’s education, or planning for old age, Prudential Zenith Life provides customers with financial “peace of mind”.

Badagry Deep Seaport Is Strategic To Nigeria’s Maritime Sector Development – Jamoh

DG, NIMASA Dr. Bashir Jamoh (L) receiving a plaque from the Akran of Badagry, His Royal Majesty, De-Wheno Aholu Menu Toyi 1, during the NIMASA DG, visit to the paramount ruler of Badagry on New year’s Day.
DG, NIMASA Dr. Bashir Jamoh (L) receiving a plaque from the Akran of Badagry, His Royal Majesty, De-Wheno Aholu Menu Toyi 1, during the NIMASA DG, visit to the paramount ruler of Badagry on New year’s Day.
The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, has described the Badagry Deep Seaport project in Lagos State as a strategic initiative towards the development of Nigeria as a global maritime hub.
Jamoh stated this during a courtesy visit to the paramount ruler of Badagry Kingdom, His Royal Majesty, De-Wheno Aholu Menu Toyi 1, the Akran of Badagry.

The visit was symbolic, coming on the first day of the year. Jamoh said it was meant to honour the traditional ruler and his kingdom for allocating land to NIMASA to establish a presence in the community, as Nigeria’s maritime regulatory authority, before the take-off of the deep seaport project, which foundation is expected to be laid this month.

The Director-General said, “Nigeria is strategically located at a significant point in the Atlantic Ocean, with about 853 kilometres coastline, which gives us a geographic advantage to become a maritime hub for not only the West and Central African region, but also the entire maritime trading world. And with over 70 per cent of cargo bound for West and Central Africa destined for Nigeria, we also have a huge commercial advantage.

“The Badagry Deep Seaport, planned to be Africa’s biggest and most advanced seaport when it becomes operational, would help to maximise this extraordinary maritime potential. This is more so given the strategic place of Badagry in the region.”  

Jamoh thanked the Akran for his hospitality and the land allocated to NIMASA. He promised that the land would be judiciously utilised. The Director-General assured that he would work with the traditional ruler and the kingdom to see to the implementation of the deep seaport project.

Earlier, Jamoh, who was personally received at the palace by the Akran and his council of chiefs, was presented with the Badagry Pilgrimage Award. It is a special recognition accorded dignitaries for visiting the town.

Commenting on the deep seaport project, the Alipoto of Badagry Kingdom, Chief Gbenga Fayemi, said it was important for Badagry and the country, stressing that the project is suitably located since Badagry lies between the lagoon and the ocean.

In her own remarks, Princess A. F. I. Senami Akran said the visit of the NIMASA Director-General and the coming of the deep seaport to Badagry represented a blessing to the community.

The Badagry Deep Seaport project is being executed through a public-private partnership overseen by the Federal Ministry of Transportation, Federal Ministry of Trade and Investment, and Lagos State Government, as well as a private consortium of APM Terminals, Orlean Invest, Oando, Terminal Investment Limited (TIL), and Macquarie.

The deep seaport is located in the Gberefun area of Badagry, along the Lagos-Badagry Expressway, about 55 kilometres (34 miles) west of the Apapa and Tin Can Island Port complexes. The port is proposed to be about four kilometres of quay and approximately 620 hectares of dedicated port facilities. It will also include facilities for handling containers, dry bulk, liquid bulk, roll-on-roll-off, and general cargo, as well as oil and gas operations support.

The port will have about 480 hectares of Industrial and Logistic Park Zone.