Yemisi Izuora The National Insurance Commission (NAICOM) has relieved the Board and Management of African Alliance Insurance Plc, of its responsibilities. The firm which is one of Nigeria’s oldest life assurance companies lost its bearing following years of insolvency and failure to meet the obligations of annuitants and policyholders. The Commission, as the primary regulator of the Insurance Sector, announced that it has taken over the Board and Management of African Alliance Insurance Plc, effective today, 30th October, 2024. This decision follows an extensive monitoring and review of the company’s financial condition, governance, and operational practices, which revealed significant concerns…
Author: orientalnewsng
Uche Cecil Izuora Ghana is proposing to import refined petroleum products from Nigeria to boost the country’s energy security and sustain business cooperation with her neighbours. The Chief Executive Officer (CEO) of National Petroleum Authority of Gnana, Dr. Mustapha Abdul-Hamid, at the opening panel session at the 18th Africa Downstream Energy Week (OTL) in Lagos, with the the theme, “Alliances of Growth” said the country would take the steps to sign agreement with Dangote Refinery to start importation of products. This he said will end reliance of products import from Rotterdam by the Ghana which it considered more expensive. Abdul-Hamid,…
Yemisi Izuora Lagos State is seeking strategic partnership with key private sector players to advance and develop sustainable energy ecosystem that will align with its energy transition initiative. Governor of the State Babajide Sanwo-Olu, said stronger alliances with the private sector both local and international to unlock the potential of sustainable energy solutions across Lagos. The Governor made the call in his speech at the opening session of the 18th OTL Africa Downstream Energy Week in Lagos, themed “Alliances for Growth.” The Governor, who was represented by Mr. Biodun Ogunleye, Lagos State Commissioner for Energy and Mineral Resources, emphasized…
Yemisi Izuora The International Finance Corporation (IFC) a member of the World Bank Group, and the Central Bank of Nigeria (CBN) have agreed to increase local currency financing to enable private businesses in Nigeria to grow and thrive. Under the agreement the IFC will manage currency risks and increase its investment in Nigerian naira across priority sectors of the economy, including agriculture, housing, infrastructure, energy,small and medium enterprises and the creative and youth economy. The IFC aims to significantly scale up its financing of critical sectors in Nigeria, with a goal of providing more than $1 billion in the coming…
Yemisi Izuora Unitrust Insurance Company Limited, has reported revenue of ₦6.9 Billion, for the year 2023 showing a 30 per cent increase compared to ₦5.3 Billion recorded in 2022 The milestones across its financial metrics, reinforces its position as a leading player in the insurance industry and this also followed doption of the new IFRS 17 standards. This growth is attributed to improvement in service delivery, customer, and strategic expansion into new market segments. Unitrust successfully navigated the storming macroeconomics environment in 2023 by deploying cost optimization and initiatives to deliver Profit Before Tax of ₦2.4 Billion and Profit After…
Grooming People for Better Livelihood Centre, a leading Non-Governmental Organization (NGO) dedicated to empowering Nigeria’s economically active poor, has completed the renovation of St. Peter’s Secondary School, Awomnuzie, in Ikwuano LGA, Abia State. This renovation marks a transformative moment for the school, equipping it with cutting-edge educational facilities and setting a new standard for quality education in the region. Founded in 2006, Grooming Centre has become a catalyst for positive change, with a mission that transcends financial inclusion to foster social impact through education. This project was made possible by Grooming Centre in partnership with the Catholic Diocese of Umuahia.…
Yemisi Izuora Reputable insurance and reinsurance companies have sponsored the inaugural International Conference for Women in Insurance, organised by the Africa Insurance Women Association, (AIWA). This ground-breaking event will gather industry leaders, policymakers, and stakeholders from across the globe to discuss the theme of the Conference “The Future of Insurance: Trends, Challenges, And Opportunities”. The sponsor are: Ghana Re, Africa Re, NSIA Insurance, WAICA Re, Rex Insurance Limited, Zenith General Insurance Company Limited and African Insurance Organisation. Heirs General Insurance, Heirs Life, Heirs Insurance Brokers (Heirs Insurance Group) is the gold sponsor for this year’s conference. Other sponsors include Continental Re, Leadway…
Yemisi Izuora Reputable insurance and reinsurance companies have sponsored the inaugural International Conference for Women in Insurance, organised by the Africa Insurance Women Association, (AIWA). This ground-breaking event will gather industry leaders, policymakers, and stakeholders from across the globe to discuss the theme of the Conference “The Future of Insurance: Trends, Challenges, And Opportunities”. The sponsor are: Ghana Re, Africa Re, NSIA Insurance, WAICA Re, Rex Insurance Limited, Zenith General Insurance Company Limited and African Insurance Organisation. Heirs General Insurance, Heirs Life, Heirs Insurance Brokers (Heirs Insurance Group) is the gold sponsor for this year’s conference. Other sponsors include Continental Re, Leadway…
Yemisi Izuora The Lagos State Ministry of Commerce, Cooperatives, Trade and Investment, has endorsed and inaugurated the Innovative Media Partners (Surulere) Cooperative Multipurpose Society The inauguration on Friday, 25 October, signalled a new era of collaboration and empowerment among media professionals. The event directed by Mrs. Naseerat Oyindamola Dosunmu, leading a team from the Surulere, Lagos branch of the ministry, was a culmination of events following the 2nd Nigerian Media Leaders’ Summit held in May and convened by Mr Taiwo Obe, founder/director of The Journalism Clinic. In her remarks Mrs. Dosunmu outlined the key provisions of the cooperative’s bylaws, emphasising…
From Third Left: The Managing Director/CEO, Mr. Olasupo Sogelola today received the Businessday BAFI Award on Transformative CEO in the Financial Service Sector. Second left is his wife, Mrs Kemi Sogelola; Chief Financial Officer, Uyi Osagie; From right: Corporate Communications Officer; Inyene Brendan; Brokers Market, Solabomi Odubiyi; and Group head, Brokers Market; Confidence Yinusa. The Award Ceremony was held at Lagos Continental Hotel, Lagos.