Business News
LASACO Assurance joins the race for capital
LASACO Assurance Plc has joined the league of insurance companies queuing to raise capital.
LASACO Assurance Plc has joined the league of insurance companies queuing to raise capital. The company gave a hint of this in a notice it sent to the Nigerian Stock Exchange (NSE) informing it of its plans to hold an Extra Ordinary General Meeting (EGM) on the 10th of October 2018.
Resolutions to be passed at the meeting include:
That the authorised share capital of the company be increased from 10 billion to 50 billion by the creation of 40 billion ordinary shares. The shares shall rank parri passu with the existing ordinary shares.
That the board of directors, subject to regulatory approval raise additional capital through the issuance of up to 40 billion ordinary shares of 50 kobo each by way of public offer, private placement or preference shares.
The company closed at N0.31 in today’s trading session, down 3.13%. Results for the half year ended June 2018 show gross premium written increased from N4.7 billion in 2017 to N6.3 billion in 2018. Profit before tax increased from N483 million in 2017 to N527 million in 2018. Profit after tax, however, declined from N387 million in 2017 to N382 million in 2018.
Insurance companies have unveiled plans to raise capital in a bid to move from one tier to another. AIICO Insurance Plc, last month announced it will be holding an Extra Ordinary General Meeting on Friday the 5th of October 2018. Agenda of the meeting is to consider and if thought fit passes the following resolutions:
- The directors are authorised subject to the approval of relevant authorities to raise 4.4 billion ordinary shares of N0.50 each at N1.20 per share by way of a special/private placement.
- The proposed shares to be issued shall rank parri passu with the ordinary shares held by existing members of the public.
- The directors are authorised to take all actions deemed necessary and expedient without further recourse to shareholders.
Sovereign Trust Insurance, in a notice sent to the NSE on its upcoming AGM also disclosed plans to raise capital.
The National Insurance Commission (NAICOM) has released the new capitalisation requirements for insurance firms in the country. Under the risk-based capitalisation requirements, each cadre namely life, non-life, and composite insurance firms have had their capital base divided into three tiers.
Energy
FG approves new board for NLNG, BGT
The change was necessary because the current board members had been in office since 2005.
Federal Government has approved the newly reconstituted boards of Nigeria Liquified Natural Gas(NLNG) and Bonny Gas Transport Limited (BGT).
This was disclosed in a statement issued by the Minister of State for Petroleum Resources, Chief Timipre Sylva, in Abuja on Monday.
According to him, the new board, which was approved by President Muhammadu Buhari, was necessary because the current board members had been in office since 2005.
He disclosed that the new board members for the NLNG include Dr Edmund Daukoru as Chaiman, Mr Henry lkem-Obih as a Member and Dr Rabiu Sulaiman as a Member.
Other Members include the Group Managing Director of the Nigerian National Corporation (NNPC), Malam Mele Kyari and the Permanent Secretary, Ministry of Petroleum Resources, Mr Bitrus Nabasu.
He also said that Daukoru was also approved as the President of the Board of BGT while Doyin Akinyanju and Abdul Abba are members.
The minister noted that Kyari and Nabasu were also members of the board.
“I will like to use this opportunity to thank the chairman and other outgoing board members of NLNG for steering the companies to record successes, particularly the Train 7 FID.
“l wish the exiting members good health and more successes in their future endeavors.
“To the incoming members of the board, I congratulate you on this appointment; your selection is based on your experience, integrity and expertise.
“I, therefore,urge you to bring all these to bear in the discharge of your responsibilities in line with the progressive agenda of Mr President,” he said.
The News Agency of Nigeria(NAN) reports that some of the new board members had worked in the industry in the past.
Daukoru was a former Minister of State for Energy and also Secretary General of the Organisation of the Petroleum Exporting Countries in 2006.
He became the Amayanabo, or traditional ruler, of Nembe Kingdom in 2008.
Also, Ikem-Obih was a former Chief Operating Officer, Downstream of the NNPC and Rabiu a former Group Executive Director at the corporation.
Hospitality & Travel
Passengers can now arrive 90 minutes before departure for domestic flights – FG
The Federal Government has announced the reduction of arrival time for passengers from three hours to one hour and a half before departure for domestic flights.
This was disclosed in a tweet post by the Minister for Aviation, Hadi Sirika, through his Twitter handle on Monday, July 13, 2020.
The minister said that the decision was arrived at after they have reviewed passenger facilitation at the airport while noting that passengers should check-in online.
In the tweet post, Sirika said, ‘’My colleagues and I have reviewed passenger facilitation at our airports, consequently I am happy to announce that, henceforth travellers are to arrive one hour and half before their departure time for domestic flights. Travellers are advised to check-in online, please.’’
My colleagues & I have reviewed passenger facilitation at our airports, consequently I am happy to announce that, henceforth travelers are to arrive one hour and a half before their departure time for domestic flights. Travelers are advised to check in online, please 🙏🏽🇳🇬🇳🇬🇳🇬🙏🏽
— Hadi Sirika (@hadisirika) July 13, 2020
It can be recalled that the Federal Airports Authority of Nigeria (FAAN) had earlier in June issued flight resumption protocol for both international and local passengers across the country, advising passengers to arrive at the airport three hours before their time due to the new COVID-19 safety checks for domestic flight operations and five hours for international flight operations.
Economy & Politics
Seyi Makinde Proposes N3 billion investment plan for water supply
The local governments in Oyo are advised to submit a list of 10 faulty boreholes in the LG.
The Governor of Oyo State, Seyi Makinde announced the proposal of a N3 billion investment plan dedicated to water supply in rural and urban areas of the state.
Speaking through the Chairman of Rural Water Supply and Sanitation Agency (RUWASSA), Mr. Najeem Omirinde in Ibadan on Monday, he added that N500 million of the N3 billion would be used for repairing broken and faulty state-owned boreholes.
All Chairmen of each of the Local Governments in Oyo are advised to submit a list of 10 faulty boreholes in the Local governments.
The Oyo State governor also ordered that all new boreholes must be compliant with solar-powered pumps, to enable their longevity and save costs.
Urging residents to patronize the agency if they need to dig up boreholes for water, citing that it would be cheaper if done through the state agency than with private drilling companies.
Minister of Finance, Zainab Ahmed stated last year that Nigeria needs an estimated N36 trillion annually for the next 30 years to solve Nigeria’s infrastructure problem. The investment, although a tiny fraction of what Nigeria needs is a bold step by the Oyo State government.
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Seyi Makinde Proposes N3 billion investment plan for water supply
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