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NEM Insurance has a new key shareholder

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NEM Insurance Plc, NEM Insurance's share capital, NAICOM

In a notice sent to the Nigerian Stock Exchange yesterday, NEM Insurance Plc stated that the AFIG funds, a private equity firm had bought a 29.9% stake in the company.

AFIG is now the largest individual shareholder in the firm, and made the investment through AFG Funds II.

Nairametrics had last week reported that VFD Group and some key stakeholders had sold their stake in NEM Insurance Plc amounting to 1.6 billion shares.

NEM Insurance closed at N2.26 in yesterday’s trading session on the Nigerian Stock Exchange, up 9.71%.

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.

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The company was in October last year  fined N575,000 and removed from the NSE’s corporate governance index. This followed a petition by some shareholders, that they had not been given adequate notification pertaining to an Annual General Meeting (AGM).

About AFIG 

Advance Finance and Investment Group (AFIG) is a private equity fund management company with two funds under management: the Atlantic Coastal Regional Fund and Afig Fund II. AFIG portfolio companies in Nigeria include FSDH, and PAL Pensions.

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Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via [email protected]

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Coronavirus

COVID-19 Update in Nigeria

On the 23rd of October 2020, 77 new confirmed cases and 2 deaths were recorded in Nigeria

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 61,882 confirmed cases.

On the 23rd of October 2020, 77 new confirmed cases and 2 deaths were recorded in Nigeria, having carried out a total daily test of 9,956 samples across the country.

To date, 61,882 cases have been confirmed, 57,190 cases have been discharged and 1,129 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 602,239 tests have been carried out as of October 23rd, 2020 compared to 595,283 tests a day earlier.

COVID-19 Case Updates- 23rd October 2020,

  • Total Number of Cases – 61,882
  • Total Number Discharged – 57,190
  • Total Deaths – 1,1129
  • Total Tests Carried out – 602,239

According to the NCDC, The 77 new cases were reported from 11 states – Lagos (41), Kaduna (20), Rivers (19), FCT (4), Osun (3), Ondo (2), Sokoto (2), Kwara (2), Benue (2), Imo (1), Ogun (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 20,789, followed by Abuja (5,948), Plateau (3,594), Oyo (3,423), Rivers (2,765), Edo (2,648), Kaduna (2,605), Ogun (1,990), Delta (1,812), Kano (1,741), Ondo (1,661), Enugu (1,314),  Kwara (1,067), Ebonyi (1,049), Katsina (948), Osun (922), Abia (898), Gombe (883).  Borno (745), and Bauchi (710).

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Imo State has recorded 614 cases, Benue (486), Nasarawa (478), Bayelsa (403),  Ekiti (329), Jigawa (325), Akwa Ibom (295), Anambra (277), Niger (274), Adamawa (257), Sokoto (164), Taraba (122), Kebbi (93), Cross River (87), Yobe (82), Zamfara (79), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

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The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

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Business

Update: Suspected hoodlums looting Palms Mall, Shoprite in Ilorin

Hoodlums have invaded Palms Mall and Shoprite in Ilorin, looting stores and carting away items.

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Some suspected hoodlums are allegedly looting the Palms Mall on Fate road, Ilorin, Kwara State capital. The mall hosts stores of Shoprite, and Lifemate Furniture among other stores including Mobile phones retailers.

This was revealed by findings conducted by a Nairametrics analyst who is presently in Ilorin.

He said, “They allegedly stole iPhone 11 mobile sets, other mobile sets brands, Refrigerators, and households items among others.”

According to the analyst, the suspected hoodlums forced their way into the Mall after they have stormed and allegedly looted Kwara Agro Hall, an agro resettlement centre, where they carted away Aluminium roofing sheets, mattresses, bags of cement and bags of flour among others.

Back story: Similarly, similar incidents had occured in Lagos when suspected hoodlums looted at Shoprite Malls across Surulere, Sangotedo.

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According to reports, suspected thugs from Orile have invaded the mall and the neighbourhoods.

The alleged looters were seen with a cartload of goods on the streets along Ajah Road.

An eyewitness account also submitted that the hoodlums were looting shops around Bode Thomas and Adeniran Ogunsanya.

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ENDSARS

#EndSARS: Coca-Cola donates N20 million to cover medical bills of victims

Coca-Cola Nigeria has made a donation of N20 million to cover the medical bills of victims of #EndSARS protests.

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Coca Cola, Eco-friendly, production, NBC, Nigerian Bottling Company limited, Wall Street, Profit, Forecast

Coca-Cola Nigeria says it has made a donation of N20 million to cover the medical costs of victims of the #EndSARS protests in hospitals.

The Company announced this in a statement on Friday evening saying, “Every human life matters and as a company, our goal is to continue to work with our communities towards the wellbeing of the people.”

The Lekki tollgate shootings has gathered international attention after videos of alleged Nigerian soldiers shooting into a crowd of unarmed protesters went viral on Tuesday.

Amnesty International reported  that the Nigerian army and police killed at least 12 peaceful protesters on Tuesday at two locations in Lagos.

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Coca-Cola Nigeria said the donation would be supplied in partnership with Whitefield Foundation, its NGO partner “providing support for the injured and those in critical condition. The events of the past few days have scarred us all. We are deeply saddened by the needless loss of lives during the #EndSARS protests . Our heart goes out to the families of the fallen and injured, as a result of the recent violence that ensued during the peaceful #ENDSARS protests. While we strive towards a greater tomorrow for this Nation.

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