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Business News

NEM Insurance reveals CardinalStone’s role in AFIG Funds deal

The Chief Executive Officer of NEM Insurance, Tope Smart has revealed CardinalStone Partners Limited played a significant role in the equity investment deal with AFIG Funds LLP some days back.

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

The Chief Executive Officer of NEM Insurance, Tope Smart has revealed CardinalStone Partners Limited played a significant role in the equity investment deal with AFIG Funds LLP some days back.

Smart said CardinalStone was instrumental in the process, commending their commitment and professionalism during the negotiation period. The deal makes AFIG Funds the largest shareholder in NEM Insurance, which became a quoted company on NSE in 1989 following its privatization by the Federal Government of Nigeria.

“CardinalStone was very instrumental in spearheading an efficient process that ultimately paired NEM with the ideal partner. Their commitment and demonstrated professionalism in negotiating and managing the transaction was highly commendable”.

CardinalStone’s statement after AFIG deal

While reacting to CardinalStone’s role in securing a suitable growth partner for NEM Insurance, the Managing Director of CardinalStone, Michael Nzewi said this partnership with AFIG Funds will accelerate the penetration of insurance in Nigeria.

“We are honoured to have assisted NEM to secure a suitable growth partner as it embarks on its next phase of growth. We believe that this strategic partnership will serve as a major catalyst in driving the ongoing penetration of insurance in Nigeria and will provide NEM with the right platform to continue delivering exceptional service and quality products to its customers”.

AFIG Funds deal

Leading African private equity fund manager, Advanced Finance and Investment Group, AFIG Funds completed an investment in NEM Insurance, acquiring 29.9 per cent of the company’s shares from some existing shareholders of the Company through AFIG Fund II.

NEM Insurance profile

NEM Insurance is a major leader in the Nigerian insurance industry having started business in Nigeria in 1948 as Edward Turner & Co. The non-life insurance company became a quoted company on the Nigerian Stock Exchange in 1989 following its privatization by the Federal Government of Nigeria.

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CardinalStone Profile

CardinalStone Capital Advisers (CCA) is a Private Equity Investment Adviser operating out of Lagos Nigeria. Established in 2016, CCA is a spin-off from CardinalStone Partners, an independent investment banking firm in Nigeria. Prior to the spin-off, the CCA team operated as the Principal Investments Division of CardinalStone Partners. CCA invest in high potential SMEs that can grow into a leader in their various sectors that are deemed strategic to the development of Nigerian and regional West African economies.

AFIG Funds LLP Profile

Advanced Finance & Investment Group LLC (AFIG Funds) is a private equity fund management company founded in 2005 in Mauritius with branches in Dakar (Senegal), Johannesburg (South Africa), and Washington D.C. (United States). AFIG Funds seeks to create a new paradigm for African private equity investing by mobilizing substantial local private capital alongside international private investors and development finance institutions in investment vehicles managed by experienced African private equity professionals with a heavy emphasis on value addition beyond financial contributions.

Deal book 300 x 250

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Hospitality & Travel

KLM demands rapid antigen tests from Lagos passengers, as Netherland bans flights to UK, others

Passengers are to obtain rapid antigen tests at Murtala Mohammed International Airport before departure via Air France KLM Royal Dutch Airlines.

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KLM, Air France to resume flight operations in Nigeria from December 7

Air France KLM Royal Dutch Airlines has asked passengers departing from Lagos to obtain a rapid antigen test at Murtala Mohammed International Airport before departure from January 26, 2021.

This was disclosed by the Commercial Team Nigeria, Air France KLM Royal Dutch Airlines in its newsletter.

The airlines explained that customers, who are traveling to France as their final destination, now need to show a negative COVID-19 test result before boarding the aircraft and that the test result cannot be older than 72 hours and only PCR or LAMP tests are accepted.

Also, to fight against COVID-19, the Dutch government imposed flight ban to the United Kingdom, South Africa and South America.

It stated, “In addition, a second COVID-19 test will be required (rapid test – antigen) for all customers traveling to The Netherlands, including transfer customers.

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“No passengers will be allowed to board the aircraft without both the negative PCR test (72 hours before departure) and antigen test results (4 hours before departure) and will be rebooked accordingly. For now, all flights to/from U.K will be suspended until 27 January 2021.”

Steps to obtain rapid test

  • Antigen testing for passengers flying to The Netherlands including transfer customers need to be done as of 4
    hours prior to flight departure. In order to undergo the test, each passenger must complete a biodata form
  • The payment for the COVID-19 antigen test needs to be made via cash or card. The venue for sample collection is at the airport close to the check-in desks.
  • Rebook policy for mandatory PCR test: Customers that are not able to provide negative test results on time can take advantage of Air France and KLM PCR-test rebook policy.

What you should know

In December 2020, Nairametrics reported that KLM Royal Dutch Airlines and Air France resumed flight operations to Abuja and Lagos.

The airlines in a statement disclosed that international passengers can now fly Air France and KLM from Nigeria (Abuja and Lagos) to Paris and Amsterdam, with the possibility of further transfers to other European and North Atlantic destinations.

In a piece of travel advice, the airline asked customers to ensure they are well prepared for their trip and check the entry and travel requirements for their destination and transit countries in line with travel restrictions and governmental authorizations before making any travel plans. This is as the entry requirements may change with short notice.

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Tech News

Twitter acquires newsletter service, Revue

Twitter has acquired Revue, an email service that lets writers publish newsletters.

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Twitter Acquires Revue, A Newsletter Company

Twitter has acquired Revue, a Dutch startup that makes it free and easy for anyone to start and publish editorial newsletters. This is coming after a failed attempt to acquire Revue’s competition Substack.

Twitter has made massive moves over the past two months to acquire start-ups as it tries to expand beyond its core timeline product.

What they are saying

  • According to a blog post by Twitter VP of Publisher Products, Mike Park and Product Lead, Kayvon Beykpour, “Many established writers and publishers have built their brand on Twitter, amassing an audience that’s hungry for the next article or perspective they Tweet. Our goal is to make it easy for them to connect with their subscribers, while also helping readers better discover writers and their content. We’re imagining a lot of ways to do this, from allowing people to sign up for newsletters from their favorite follows on Twitter, to new settings for writers to host conversations with their subscribers. It will all work seamlessly within Twitter.

They added that Twitter will continue to operate Revue as a standalone product, with its team remaining “focused on improving the ways writers create their newsletters, build their audience and get paid for their work.”

  • “Revue will accelerate our work to help people stay informed about their interests while giving all types of writers a way to monetize their audience – whether it’s through the one they built at a publication, their website, on Twitter, or elsewhere,” the Twitter executives said.

They also said that bringing Revue to Twitter will supercharge this offering, helping writers grow their paid subscribers while also incentivizing them to produce engaging and relevant content that drives conversations on Twitter.

Twitter will make Revue’s Pro features free for all accounts and lower the paid newsletter fee to 5%, a competitive rate that lets writers keep more of the revenue generated from subscriptions.

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What you should know:

  • In December, Twitter bought Squad, a multi-participant video chat app, and this month it acquired the social broadcasting service, Breaker to create audio conversations for Twitter users. And now, they have added Revue to the collection of startups.
  • Revue was originally founded in 2015 in the Netherlands.
  • Twitter’s acquisition of Revue also places it in direct competition with Substack, a rival email newsletter service that has been growing in popularity recently.

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Coronavirus

Benue State Governor, Ortom tests positive for COVID-19

Benue State Governor has commenced treatment after testing positive for COVID-19.

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Governor Samuel Ortom of Benue State has tested positive for COVID-19.

This was disclosed by his Chief Press Secretary, Terver Akase, in a statement issued on Wednesday.

He stated, “This follows the test results of most of the Governor’s close aides who also returned positive in the last few weeks.

“Though the Governor has not shown any symptoms of the disease, he has already commenced treatment as prescribed by medical personnel.”

According to him, the governor has advised those who have come in contact with him in the last couple of days to go for a test.

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“The Governor says it is equally important that those who came in contact with other persons who have tested positive for the virus should go for a test to ascertain their COVID-19 status.

“Governor Ortom urged Benue people to continue to observe the protocols for the prevention of the virus such as wearing of face masks, use of sanitisers, regular hand washing and physical distancing,” he added.

What you should know

Some of the governor’s aides which included his personal physician, aide de camp, orderly, permanent secretaries among others had recently tested positive for the virus.

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