Business News
Reasons VFD and others exited NEM Insurance Plc
VFD Group, alongside Eaton Acquisition Limited, Three Seas Investment and Premium Green Limited have exited NEM Insurance Plc. Sources familiar with the transaction disclosed this to Nairametrics.
A combined block of one billion, six hundred million (1,600,000,000) ordinary shares of the issued share capital of the company, representing about 30% of the latter’s capital, was sold to new shareholders.
Several of the firms involved were said to have built their holdings over the last few years, and thus exited at a profit. The move was also an amicable one.
Prior to this, Premium Green Limited, Starvest Limited, Three Sea Investment Limited, and Oluwaseyilola A. Ojohad petitioned the Nigerian Stock Exchange (NSE) and Securities and Exchange Commission (SEC).
They claimed that NEM Insurance had failed to notify them of the AGM in accordance with section 217 (1) of the Companies and Allied Matters Act (CAMA), SEC clause 24 and NSE rule 19.3, which prescribed at least 21 days notice to shareholders of an AGM to be held.
They also asked the Nigerian bourse to reverse the special resolution proposed and passed at the AGM to raise additional capital through a private placement
NEM Insurance was eventually fined N575,000 and removed from the NSE’s corporate governance index.
Reasons behind the move
Though NEM Insurance is yet to issue an official statement pertaining to the transaction, VFD reportedly exited the firm, in order to raise funds for new opportunities it is considering within the financial space.
Group Managing Director of the firm, Nonso Okpala had hinted at plans for a national bank located in the South Western part of Nigeria
We think that in the growth phase, it’s very safe to go for a regional banking license which goes for N10 billion as against a national banking license which requires N25 billion.
We think that the South West geo-political zone has a great deal of commercial opportunities and we can use that advantage to grow. We are definitely heading for an international bank status, but the objective is to start from a regional banking perspective.
NEM Insurance Plc closed at N1.91 in today’s session on the Nigerian Stock Exchange, down 9.91%.
Results for the half year ended September 30, 2018 show gross premium written increased from N11 billion in 2017 to N12 billion in 2018. Profit before tax dipped slightly from N2 billion in 2017 to N1.89 billion in 2018. The drop in profit before tax was however minute, moving from N1.69 billion in 2017 to N1.6 billion in 2018.
About VFD
VFD Group was incorporated with the Corporate Affairs Commission (CAC) on 7th July 2009 and commenced business operations effectively on the 1st of January 2011.
The company’s subsidiaries include VFD Microfinance Bank, Everdon Bureau De Change, Anchoria Asset Management, and Germaine Auto Centre.
Corporate Press Releases
Transcorp Hotels launches Aura, an online marketplace for accommodation and experiences
Nigeria’s largest hospitality brand launches a new platform for booking vacation homes, holiday lets, and experiences.
Africa’s leading hospitality brand Transcorp Hotels Plc. has announced the launch of Aura, a new digital platform through which people can book accommodation, restaurants, and experiences.
The new brand, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.
“It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc., Dupe Olusola said.
“For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.
The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.
Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”
“To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.
Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.”
Working with thousands of partners across Nigeria and different cities in Africa, Transcorp Hotels Plc. is building the continent’s largest platform for people-driven hospitality. While travellers enjoy the right selections at the best prices on Aura, hosts can also earn a lot of money by receiving guests in their unoccupied homes and sharing the local culture with them.
For travellers who would rather stay in hotels, Aura also has a great selection of some of the best hotels in every city.
With the launch of Aura, Transcorp Hotels Plc. has further cemented its leadership in the hospitality industry and reinforced its commitment to innovation and superior guest experience across different demographics.
Guests and hosts can sign up at aura.transcorphotels.com to start booking or hosting. The service is currently available in Nigeria only, but the company said plans are already in place to expand to major cities in Africa.
Transcorp Hotels Plc is one of Africa’s leading hospitality companies, committed to redefining service standards across the continent while remaining truly and authentically African.
Aura by Transcorp
Aura is Africa’s best platform for connecting travellers with great accommodation, good food, and memorable experiences. The platform is also an avenue for people with unoccupied homes, hotels, restaurants, or different skill sets that may interest others can earn an income by becoming hosts.
Corporate Press Releases
DISCLAIMER: Ex-Cavendish MD distances self from alleged statement on OML 110
Alhaji Ibrahim Mai Deribe, a former MD of Cavendish Petroleum Limited, has dissociated himself from an alleged statement on OML 110.
