Connect with us
nairametrics
UBA ads

Companies

Insurers committee set to rebrand insurance in Nigeria

Published

on

NAICOM

Insurance is one of those things Nigerians don’t like to hear at all. When you talk about insurance, the average Nigerian’s position is “not for me”. It has become the general perception that insurance is only for the rich. In addition, having insurance doesn’t exactly translate to a better life. Majority can’t be bothered and most people who understand the need get to see the benefit a little too late – after their un-insured assets have been damaged.

Sadly, this notion about insurance does more harm than good to Nigerians. Getting insurance is just like putting on a seatbelt while driving; it’s more about safeguarding your life and assets rather than getting caught by the road safety officials.

UBA ADS

These are some of the reasons why the Insurers Committee has decided to educate the populace and strategically reposition the insurance industry in the minds of the public.

This rebranding programme will focus on:

  1. Changing the mindset of Nigerians on the business of insurance.
  2. Ensuring the public understands the importance, values and benefits of insurance.
  3. Showcasing the advancements made delivering efficient services within the insurance sector, to encourage more Nigerians to take up insurance.
  4. Propagating insurance as the engine that drives key sectors and keeps them in business.

The rebranding programme was first communicated to the general public in 2017 by the Chairman, Sub-Committee on Publicity and Communications of the Insurers Committee and Managing Director, Leadway Assurance Limited, Mr. Oye Hassan-Odukale. In his words, “The low insurance penetration rate in Nigeria is as a result of the wide financial protection gap; hence we must walk hand-in-hand to ensure that risk protection and insurance education is readily accessible to the average man on the streets. We need to look beyond making sales to reversing the negative perception many Nigerians have of the insurance industry.”

GTBank 728 x 90

The Insurers Committee’s rebranding communication campaign will commence in the coming weeks.

About the Insurers Committee

The Insurers Committee is an industry body comprising National Insurance Commission (NAICOM), and all CEOs of the Insurance Companies.

Mrs Ebele Nwachukwu (Vice Chairman)

Deal book 300 x 250

For the insurers’ committee


Contact:

Mr. Rasaaq Salami – Deputy Director/Head, Corporate Affairs, NAICOM

app

([email protected]) 08059214864

Patricia

NM Partners represent articles published in paid partnerships with corporate organisations. They include press releases, targeted content, and other forms of corporate communications on behalf of our Paid Partners.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business

Austin Avuru retires as CEO of Seplat petroleum, to receive huge benefits

According to the notice, Avuru will be considered a “good leaver” on his retirement.

Published

on

Austin Avuru retires as CEO of Seplat petroleum, to receive huge benefits, Seplat to acquire more oil & gas assets after Eland's acquisition

Co-founder and Chief Executive Officer of Seplat Petroleum Development Company Plc, Austin Avuru has retired as CEO of the company, but will remain on the board as a Non-Executive Director.

According to a notice sent to the Nigerian Stock Exchange and signed by the company secretary Mrs Edith Onwuchekwa, the resignation took effect on July 31, 2020.

UBA ADS

READ MORE: Seplat denies swindling FG of N600 billion despite co-conspirator’s guilty plea

What this means

According to the notice, Avuru will be considered a “good leaver” on his retirement and receive his remuneration and benefits as such.

The Remuneration Committee has confirmed that Avuru will receive “a lump sum payment in lieu of notice equal to his salary, benefits, and pension allowance until November 18, 2020” as well as other security and travel benefits.

GTBank 728 x 90

He would also receive a loss of office payment equal to 12 months’ salary, as compensation and in accordance with the Nigerian market practice.

READ ALSO: Seplat’s Austin Avuru no longer has direct shares in company 

In line with the provisions of the Directors’ Remuneration Policy approved by shareholders of the Company at its 2018 AGM, he will also receive a pro-rata bonus (in cash) to reflect his time as CEO during the financial year, and same “will be provided in the Company’s Directors Remuneration Report for 2020 and subsequent years”.

Deal book 300 x 250

Seplat will also vest awards made in form of deferred shares in 2019 and 2020 at the normal vesting dates, and subject to the achievement of the relevant performance conditions, and Avuru will be subject to the post-employment shareholding requirement for two years.

The company management and board appreciated Avuru for his ‘excellent leadership’ in growing the company to become a notable player in the Nigerian and wider African hydrocarbon industry.

READ: Okomu Oil Palm ‘s profit declines by 43.22% as at Q3 2019  

app

Backstory

On November 18 2019, Seplat Petroleum Development Company Plc announced that Mr Austin Avuru will be retiring as CEO at the end of July 2020.

This is in line with Avuru’s earlier plans to retire sometime around his 62nd birthday.

Download the Nairametrics News App

devland
Coronation ads

 

 

GTBank 728 x 90
thegreenafricaproject 300x250

Patricia
Continue Reading

Companies

UBA denies N41 billion NITEL fraud allegations

United Bank for Africa (UBA) has described the alleged N41 billion fraud levied against its Chairman, Mr Tony Elumelu, as untrue, misleading, malicious, and libellous.

Published

on

UBA Records 13% Earnings Growth and Delivers N111billion Profit

The Management of the United Bank for Africa (UBA) has described the alleged N41 billion fraud levied against its Chairman, Mr. Tony Elumelu, as untrue, misleading, malicious, and libellous, and said that it should be disregarded in its entirety.

This was disclosed in a statement issued by the bank to the Nigerian Stock Exchange and signed by the company’s secretary, Bili Odum, on Friday. Media reports in some online blogs alleged the former CEO of the bank was indicted” prompting the bank to issue a denial via a press release.

UBA ADS

In the press release stated Statement To The Nigerian Stock Exchange on False Reports in the Media, the bank stated that “it has set in motion all appropriate legal actions to ensure that the misleading reports are retracted and the perpetrators held accountable for their actions”.

READ MORE: Guinea Insurance Plc gives optimistic Q3 earnings forecast in spite of COVID-19

It also stated that it will “continue to conduct its business in line with global best corporate governance practices, extant laws, and regulations,” as it has done in over 70 years of operations.

GTBank 728 x 90

Back story: The counsel to NITEL, J.U Ayofu petitioned the Senate Committee Chairman on Ethics, Privileges and Public Petitions about the alleged fraud. The committee chairman, Senator Ayo Akinyelure, claimed the ”the N41billion alleged fraud was committed against the defunct Telecommunications company and National Carrier, NITEL”

They alleged the amount was withdrawn “systematically from NITEL for nine years” under the leadership of the bank.

READ ALSO: N1.5 billion Probe: Contractor could land in EFCC net for abandoning CCB project 

Deal book 300 x 250

Senate Committee Chairman on Ethics, Privileges and Public Petitions, Mr. Ayo Akinyelure, reportedly said, “The N41 billion alleged fraud was committed against the defunct telecommunications company and national carrier, NITEL.

According to the reports, in view of this, the senate committee has summoned the Group Managing Director/CEO of UBA, Mr. Kennedy Uzoka, to appear before it on Wednesday, August 5, 2020.

UBA denies wrongdoing

app

Despite the allegations, the Management of the Bank denied all the allegations and will use all legal means to clear its name. “We have set in motion all appropriate legal actions to ensure that the misleading reports are retracted and the perpetrators held accountable for their actions.”

READ ALSO: More banks, insurance firms declare closed periods ahead of H1 results release

UBA’s 2020 second-quarter result is expected to be released next week. The market appears to have shrugged off the allegations as thee company’s share price closed at N6.2  gaining 3.3% week on week.

devland
Coronation ads

Patricia
Continue Reading

Companies

Airtel Africa’s profit up 12.9%, customer base reaches 111.5 million

Airtel Africa had risen in customers’ base by 11.8% to 111.5 million in spite of the pandemic.

Published

on

Airtel Africa’s profit up 12.9%, customer base reaches 111.5 million in Q2

Airtel Africa on Friday posted an impressive Q1 ending June 2020 financial statement with an operating profit of $210 million up by 12.9%which showed a 111.5 rise in customers’ base of 11.8% to 111.5 million in spite of the ravaging COVID-19 pandemic. The Company also reported an operating profit of $210 million up by 12.9%.

Airtel reports its year end March 31st 2020.

UBA ADS

Key highlights of Airtel Africa Q1 2020 include;

  • Customer base grew by 11.8% to 111.5 million.
  • Revenue increased by 6.9% to $851m, with constant currency revenue growth of 13.0%
  • Constant currency revenue growth was recorded across all key business segments, with voice revenue up by 2.2%, data by 35.7%, and mobile money by 26.3%.
  • Underlying EBITDA increased by 7.9% to $375m, with constant currency growth of 14.6%
  • The reported underlying EBITDA margin was 44.1%, up by 40 bps.
  • Operating profit increased by 12.9% to $210m, an increase of 21.5% in constant currency
  • Free cash flow was $96m compared to $62m in the same period last year.
  • Earnings per share (EPS) before exceptional items was $1.0 cents and basic EPS was $1.1 cents.
  • Net debt to underlying EBITDA was 2.2x, compared to 3.0x in June 2019.

(READ MORE: Airtel Africa announces IPO result in Malawi, says its fully subscribed)

Raghunath Mandava, chief executive officer, Airtel Africa explained the company’s business was to survive the COVID-19 pandemic amid all odds. He said;

“During the last quarter, our business was impacted by the Covid-19 pandemic, as restrictions on movements of people and ways of socializing were introduced to contain the spread of infection. In these unprecedented times, we have worked with governments, regulators, partners, and suppliers to keep customers and businesses connected as well as supporting the economies and communities.

GTBank 728 x 90

“We focused on expanding and maintaining our network to ensure it could cope with increasing demand, we kept our distribution up and running by increasing the penetration of digital recharges and stock levels, and we expanded our home broadband solutions to ensure customers could work and access entertainment remotely.”

Raghunath Mandava, chief executive officer, Airtel Africa spoke about growing concerns on the resurgence of COVID-19, but he was optimistic based on Airtel Africa’s present result and investment. He continued by saying ;

“The outlook remains uncertain, particularly regarding a so-called potential second wave of infections and the actions governments will decide to take in that event. However, these results are further evidence of the growth opportunities our markets offer and the effectiveness of our strategy to focus on winning customers, investing in our network and expanding our voice, data and mobile money businesses.”

Deal book 300 x 250

The stock is presently trading at N348 with a market capitalization of N1.308 trillion, dividend yield at 3.38%, price/earnings ratio at 10.63 at the time this report was drafted.

Patricia
Continue Reading
Advertisement
Advertisement
Patricia
Advertisement
Advertisement
first bank
Advertisement
Heritage bank
Advertisement
devland
Advertisement
devland
Advertisement
GTBank 728 x 90
Advertisement
Advertisement
financial calculator
Advertisement
devland
Advertisement
app
Advertisement