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Business News

LASACO shareholders approve additional N10 billion ordinary shares

LASACO Assurance Plc to N10 billion capital injection

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LASACO

During an Extra-Ordinary General Meeting of LASACO Assurance Plc, shareholders of the company have approved the decision of the board of directors of the company to raise an additional N10 billion ordinary shares.

In a bid to position LASACO as a major tier one company under the tier-based minimum solvency capital requirements of the National Insurance Commission, stakeholders of the company have resolved to fork up LASACO’s capital base.

The N10 billion will be of 50 kobo ordinary shares each at 50 kobo per share, wither by way of public offer, special placement or rights issue and/or up to 10 million preference shares of 1,000 each at N5000 per share.

A statement by the company also has it that its shareholders resolved that the authorised share capital of the company be and is hereby increased from 10 billion to 20 billion by the creation and addition of 10 billion ordinary shares of 50 kobo each. “Such new shares to rank pari passu in all respects with the existing ordinary shares in the capital of the company.” The statement added.

Part of the company’s resolution was that “the board of directors be and are hereby authorised to exercise all the powers of the company to modify and/or conclude the terms of the public offer, special placement or rights issue, seek approvals from the relevant regulatory authorities, appoint professional parties and advisers, and finalise and execute all agreements or documents.

The board was authorised to do all such acts and deeds which it, in its absolute discretion, might deem necessary and expedient for the purpose of the public offer, special placement or rights issue or preference shares “without being required to seek further consent or approval of members of the company or otherwise to the end and intent that they shall be deemed to have given approval thereto expressly by the authority of the resolution.”

The company is currently trading at N0.3 on the floor of the Nigerian Stock Exchange (NSE). 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.

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Spotlight Stories

Tip Jar, Twitter’s new giveaway feature that lets users send money to you

Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

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US Elections: Twitter, Facebook suspend several news accounts

Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

According to the blog post, “Tip Jar is an easy way to support the incredible voices that make up the conversation on Twitter. This is a first step in our work to create new ways for people to receive and show support on Twitter – with money.”

The new feature utilizes different payment platforms like PayPal, Venmo, Patreon, CashApp, and others.

Users can link their Twitter accounts with Tip Jar to any of these payment providers. Twitter takes no cut.

READ: Facebook is creating an audio chat product similar to Clubhouse

You’ll know an account’s Tip Jar is enabled if you see a Tip Jar icon next to the Follow button on their profile page. Tap the icon, and you’ll see a list of payment services or platforms that the account has enabled. Select whichever payment service or platform you prefer and you’ll be taken off Twitter to the selected app where you can show your support in the amount you choose.

Twitter has released series of features this year as part of its efforts to grow Twitter’s user base to 315 million daily active users by the end of 2023.

The company also launched Twitter crop where images don’t get crop again on Twitter for Android or iOS. Standard aspect ratio images (16:9 and 4:3) will now display in full without any cropping and images will look just like they did when you shot them.

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READ: Does YouTube stand a chance against TikTok?

Lauren Alexander, a Twitter spokesperson said, “Today’s launch is a direct result of the feedback people shared with us last year that the way our algorithm cropped images wasn’t equitable, The new way of presenting images decreases the platform’s reliance on automatic, machine learning-based image cropping.”

Twitter has tested several features and more will be rolled out soon.

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Business

Customs Apapa Command generates revenue of N65.4 billion in April

This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

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Border closure: Amid N5bn daily revenue, Customs officials lament allowance slash  

The Nigerian Customs Service (NCS) Apapa Area Command has announced a revenue of N65,463,398,355.85 for the month of April—an increase of N25,585,561,139.92 compared to the same period last year.

This was disclosed by Comptroller Ibrahim Yusuf, Area Controller of Apapa command, in a press briefing on Thursday.

What Ibrahim Yusuf is saying

“This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

In line with the provision of extant laws, trade guidelines, and enforcement of government fiscal policy measures, the command was able to further strengthen its anti-smuggling operations against economic saboteurs through credible intelligence-driven operations.

READ: Customs revenue rises by N200 billion to hit N1.5 trillion in 2020

This led to the seizure of 4×40 feet containers laden with unregistered pharmaceuticals (674 cartons of tramadol tablets in 225mg and 120mg, and 805 cartons of codeine syrup in 100ml) at APMT and SIFAX 3 bonded terminal respectively.

Other items seized in the period under review include: two containers of unprocessed wood and one container of scrap copper wire,” he said.

He added that the progress the Apapa Command made in the month of April was possible due to the resilience of the officers, citing that the Command had taken steps to ensure efficient revenue collection by creating an enabling environment for legitimate businesses to thrive.

What you should know

Recall Nairametrics reported that the Nigeria Customs Service (NCS) Apapa Command stated earlier that it generated a revenue of N159.58 billion in the first quarter of 2021.

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