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Business News

Mutual Benefits to raise N2 billion after breaking dividend drought

Mutual Benefits Assurance Plc has been granted approval by the SEC on its plan to raise N2 billion through right issue towards its five-year strategic plan.

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Mutual Benefits Assurance Plc has been granted approval by the Securities and Exchange Commission (SEC) on its plan to raise N2 billion through right issue towards its five-year strategic plan.

What the proceeds will be used for

According to the Chairman, Akin Ogunbiyi, the funds realised from the rights issue will be used to fund the company’s recapitalisation and growth plan, provision of additional working capital and financing the expansion of IT facilities to support its enlarged operations.

The company will sell its shares to existing shareholders by way of rights issue of 4,000,000,000 ordinary shares of 50 kobo each at 50 kobo per share on the basis of one new ordinary shares.

The acceptance list for the rights issue opens on Monday, 6 August 2018 and will close on Friday, 14 September 2018.

The Rights being offered are tradable on the floor of The Nigerian Stock Exchange (NSE) for the duration of the issue.

The chairman also expresses delight that the company has bounced back to profitability to the delight of its shareholders. A dividend payment of N0.20kobo per share will be paid to its shareholders.

In his words:

“We will consolidate on the modest achievements recorded in 2017 by commencing our I.T. transformation blueprint in 2018”.

This he noted will enable the company to eliminate slack time in its processing and ultimately enable them to focus on more customer delights and satisfaction.

Breaking the dividend drought

Recall that the company recently, in a notice sent to the Nigerian Stock Exchange, announced plans to pay its shareholders dividend for the year ended 2017. The last time it paid a dividend was in 2008.

Insurance companies on the NSE, have a history of poor performance in terms of price appreciation and corporate governance. The recent shift in the minimum price floor to N0.01 left many insurance stocks hard hit.

In its 2017 full year reports for the period ended 31 December 2017, the gross premium written increased by 16% from 12.4 billion in 2016 to 14.4 billion in 2017. It also recorded a profit before tax of 1.3 billion in 2017 as against a loss of 1.06 billion in 2016. Net claims paid by the Group in 2017 stood at N5.15 billion from N3.35 billion in 2016, resulting in a 54 percent increase from the previous year.

Mutual Benefits Assurance Plc was incorporated on April 18, 1995, under the name Mutual Benefits Assurance Company Limited. The company was converted and re-registered as a public limited liability company on May 24, 2001. It became listed on the NSE on May 28, 2002.

Its shares price are currently trading at N0.34 on the floor of the Nigerian Stock Exchange. Its one year return is down by 27.61 %.

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

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Corporate Press Releases

Applications across Nigeria, South Africa and Kenya now open for the 2021 Facebook Community Accelerator Program

The selected leaders will spend five months learning from experts, coaches and a customised curriculum so they can strengthen their community.

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Facebook

Today, Facebook is inviting community leaders from Nigeria, South Africa and Kenya to apply for the 2021 Facebook Community Accelerator Program—a program that offers participants training, mentorship and up to $50,000 USD in funds to invest in an initiative that extends their community’s positive impact.

The aim of the Community Accelerator is to help leaders of Facebook communities to harness the power of their community to turn ideas into action. The selected leaders will spend five months learning from experts, coaches and a customised curriculum so they can strengthen their community.

Lessons include community identity foundations, leading action-oriented programmes and sustainability. Participants will also receive early access to new Facebook products aimed at helping communities better manage and activate their members.

Plan an initiative

Participants will identify an important initiative that will create a positive impact on the broader world and develop a plan to mobilise their community around their goal. Initiatives will be shared with potential partners, mentors and a panel of judges for the chance to be awarded funding and receive public recognition.

Participants will then spend three months executing their initiatives. They will collaborate with advocates and leaders in the community space and work with the Facebook team to bring their ideas to life.

Says Kiran Yoliswa, Partner Management Lead, Middle East and Africa Community Partnerships at Facebook: “Facebook communities and their leaders are helping to resolve social challenges, sharing knowledge and information, while connecting with others that share their interests or passion for a cause. We’ve seen so many incredible communities from across South Africa, Kenya and Nigeria using our platform to drive change and provide support and encouragement for thousands of people, we’re excited to offer their Facebook Community leaders this program to help amplify their impact even more.”

How to apply

Hotflex

This program is open to communities that have a presence in Facebook Groups with leaders who are 18 years or older. Communities must have existed for over one year and must have a minimum size of 1,000 members. Applications open today, May 4 – 31, 2021.

The Community Accelerator is part of our Facebook Community Leadership Program, a global initiative that invests in people building communities. Learn more and apply here.

You can find out more about the 2020 Community Accelerator cohort and those who received additional funding here.

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Business News

NIN registration: 54 million Nigerians have now enrolled – Buhari

12 million Nigerians were enrolled into the National Identity Database in the past 6 months.

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Buhari approves free business name registration for 250,000 SMEs, IMF, tax, rate, Buhari’s Budget of Sustaining Growth & Job Creation (Full text), Nigeria generates N1.36 trillion from corporate tax, others as oil revenue drops , Nigeria-Algeria highway gets Buhari's approval , Earnings from rich petroleum resources not enough to cater for Nigeria – Buhari , Tax: Buhari appoints Muhammad Nami as FIRS boss, Subsidy economics

President Muhammadu Buhari disclosed that the FG has enrolled 54 million Nigerians into the National Identity Database, citing that 12 million were enrolled in the past 6 months alone and that the final aim of the scheme is to secure Nigeria’s security infrastructure.

President Buhari disclosed this in a statement on Thursday evening.

What the President said about NIN enrollment

“I am pleased with the success we are recording in the enrollment of persons into the National Identification Number (NIN) database. 54 million Nigerians have now enrolled; I am told over 12 million of these within the last six months. Our goal is total coverage.

The National Identification Number (NIN) is the foundational digital ID for the country. It will cover one of the weaknesses in our security structure. We will be able to easily identify all Nigerians, including the crooks in our midst.”

The President added that both legal residents and Nigerians are expected to obtain the NIN as it would be beneficial to government agencies to utilise resources efficiently.

In case you missed it

The Federal Government announced a further extension of the ongoing National Identification Number (NIN) registration and linkage with Subscriber Identity Module (SIM) exercises to a new deadline of June 30, 2021.

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