The National Insurance Commission (NAICOM) has approved the removal of Funke Moore as Goldlink Insurance Plc’s Acting Managing Director (MD) and Chief Executive Officer (CEO).
Following Moore’s removal, Kenneth Edore Egbaran got appointed as Goldlink Insurance Plc’s new MD/CEO. Moore was appointed Acting Managing Director in June 2016, following the retirement of her predecessor.
NAICOM made the move following a board meeting of the firm held on January 18, 2019. Nahim Abe Ibraheem, Adeyinka Olutungase, and, and Farouk Lawal were also appointed as non-executive directors.
NAICOM took over management of the insurance company in 2012, following anomalies in its financial statements.
Profile of the new MD
Egbaran has worked in the insurance industry for over two decades. From 1988 to 1992 he was a senior superintendent at the Nigerian Reinsurance Corporation.
He then crossed over to the private sector, with stints at Afribank Insurance brokers, Alliance and General Insurance company limited. and Stanley Morgan insurance brokers. From 2007 to 2011, he was Controller (direct marketing) at Crusader Insurance Plc.
Egbaran holds an AC II certificate from the Chartered Insitute of Insurance, London as well as a HND in Insurance from the Lagos Polytechnic. In 2009, he obtained an MBA in marketing from the Lagos State University.
Prior to this
Goldlink Insurance Plc last year obtained shareholders approval to raise N3.3 billion through a rights issue. Moore had stated at the time, that proceeds would be used to reposition the company.
About the firm
Goldlink Insurance Plc was incorporated on April 15, 1992, as a Private Limited Liability Company and granted the license to operate as a full-fledged insurance company on September 8, 1993.
Goldlink is currently trading at N0.53 on the floor of the Nigerian Stock Exchange (NSE).
The company’s most recent results are for the 2015 financial year. Gross premium written fell from N3.1 billion in 2014 to N2.4 billion in 2015. Loss before tax dipped slightly from N414 million in 2014 to N409 million in 2015. Loss after tax also dropped from N529 million in 2014 to N350 million in 2015.
SpaceX says it’s pursuing necessary licenses to bring Starlink to Nigeria
Broadband penetration of 70% which covers 90% of the population is the FG’s target in its National Broadband Plan (NNBP), 2020-2025.
American private space exploration company founded by Elon Musk, SpaceX says it is working to pursue all necessary licenses needed to bring the Starlink Satellite internet services to Nigeria.
This was disclosed by Mr Ryan Goodnight, SpaceX’s Starlink Market Access Director for Africa in a meeting with NCC’s Executive Vice-Chairman (EVC), Prof. Umar Danbatta on Friday in Abuja.
What SpaceX is saying about Starlink in Nigeria
“SpaceX has been in discussion with NCC virtually over the past several months to begin the process of pursuing all necessary licences to bring Starlink, its satellite-based broadband services, to Nigeria.
Having made substantial progress in the discussion, the commission granted SpaceX’s request for a face-to-face discussion to gain better insights on the prospects,” they said.
The NCC stated that it has listened to SpaceX’s presentation and will review it vis-à-vis its regulatory direction of ensuring an effective and sustainable telecoms ecosystem where a licensee’s operational model does not dampen healthy competition among other licensees.
“As the regulator of a highly dynamic sector in Nigeria, the commission is conscious of the need to ensure that our regulatory actions are anchored on national interest,” they said.
NCC added that broadband penetration of 70% which covers 90% of the population is the FG’s target in its National Broadband Plan (NNBP), 2020-2025. This is also in line with its National Digital Economy Policy and Strategy (NDEPS), 2010-2030.
What you should know
Starlink is an internet service launched by SpaceX to improve internet coverage in rural and underserved areas globally. Starlink satellites are over 60 times closer to Earth than traditional satellites, resulting in lower latency and the ability to support services typically not possible with traditional satellite internet.
Nairametrics also reported this month that the Federal Government announced a deal with Microsoft through the Federal Ministry of Communications and Digital Economy for the development of high-speed internet infrastructure across the six regions in the country.
What FGN Free Meter Program means for the power sector
Without effective penalties for erring DisCos and consumers, progress may still remain very slow.
According to news reports, the Minister of Power, Mamman Saleh on Wednesday said the distribution of the four million free electricity prepaid meters pledged by the Central Bank of Nigeria would soon begin across the country.
According to him, the government is wrapping up the distribution of its initial one million meters, which he labelled phase zero, and would soon begin the distribution of the four million sponsored by CBN, which he tagged phase two. He also noted that the Federal Executive Council approved N3bn for the execution of six major electricity projects in the country to upgrade Nigeria’s electricity facilities and improve power supply across the country.
Ineffective metering remains a major drawback to the success of power sector reforms in Nigeria. While some consumers avoid paying for power consumed through meter bypass, some other consumers are made to pay for what they have not consumed through estimated billing by DisCos.
DisCos have been largely unsuccessful with metering their customers.
As far as inadequate metering is concerned, DisCos over time, have used this situation to their advantage via estimated billings. It appears that fully metering customers are currently being viewed as a disincentive, given that estimated bills can easily be manipulated.
According to a report by the Nigerian Electricity Regulatory Commission (NERC), only 4,234,759 (40.27%) of the total customer population of 10,516,090 were metered as of 30 June 2020. Clearly, this validates the widely held view that there are a wide number of customers on estimated billing which gives room for illegal connection to the networks and in turn corrupt practices. NERC further revealed that only three out of 11 Electricity Distribution Companies in the country had metered more than 50% of electricity customers under their coverage areas as of June 2020.
Effective metering in our view is one step ahead in solving the myriad of problems embattling the Nigerian power sector. Though supposed to be unpaid for, many customers in a bid to avoid the bureaucracy associated with getting meters have paid to get their own meters. We believe the provision of meters to all end-use customers will go a long way in ameliorating the liquidity squeeze in the power sector whilst also providing cashflow to the DisCos for investment in equipment needed to evacuate unused electricity to consumers nationwide.
We laud the FG’s efforts at distributing meters freely to end-users, but we note that without effective penalties for erring DisCos and consumers, progress may still remain very slow.
CSL Stockbrokers Limited, Lagos (CSLS) is a wholly owned subsidiary of FCMB Group Plc and is regulated by the Securities and Exchange Commission, Nigeria. CSLS is a member of the Nigerian Stock Exchange.
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