Business News
Consolidated Hallmark lists additional ordinary shares
Consolidated Hallmark Plc has listed additional ordinary shares on the Daily Official List of the Nigerian Stock Exchange (NSE). The additional shares arose from the firm’s placement of 1,130,000,000 ordinary shares of 50 kobo each at 65 kobo per share.
With the new listing, the total issued and fully paid-up shares of Consolidated Hallmark has now increased from 7,000,000,000 to 8,130,000,000 ordinary shares of 50 kobo each.
Other development
Excerpts from the NSE X Compliance report for the trading week ended February 1, 2019, show that Niger Delta Exploration Plc, an upstream oil firm may have taken a stake in Consolidated Hallmark Insurance Plc.
According to the notice, 1,130,000,000 ordinary shares of N0.50 were acquired by Niger Delta Exploration & Production Plc at N0.65 per share. Planet capital served as the stockbroker and issuing house for the transaction.
The insurance firm was one of the few that opted to go on with raising capital, despite the National Insurance Commission (NAICOM) scrapping tier based capitalisation requirements. The scrapped rules were what led many insurance firms to raise additional capital in the bid to be at the top tier.
Consolidated Hallmark’s performance
Results for the nine months ended September 30, 2018, show gross premium written increased from N4.5 billion in 2017 to N5.4 billion in 2018. Profit before tax increased from N360 million in 2017 to N422 million in 2018. Profit after tax also rose from N207 million in 2017 to N355 million in 2018.
About Consolidated Hallmark
Consolidated Hallmark Insurance Plc (formerly Consolidated Risk Insurers Plc) was incorporated on 2 August 1991.
The Company changed its name from Consolidated Risk Insurers Plc to Consolidated Hallmark Insurance Plc following its merger with Hallmark Assurance Plc and The Nigerian General Insurance Company Limited in line with the consolidation reform of the National Insurance Commission (NAICOM) announced in 2005. Consolidated Hallmark Insurance Plc came into effect from 1 March 2007.
Consolidated Hallmark Insurance Plc closed at N0.38 in today’s trading session, unchanged from the prior day. Year to date, the stock is down 23.7%. The stock however traded heavy volumes yesterday, with a total of 3.7 million shares valued at N1 million traded in.
Economy & Politics
Updated: President Buhari appoints new Service Chiefs
President Buhari has appointed new Service Chiefs to replace the former with immediate effect.
President Muhammadu Buhari has appointed new Military Service Chiefs, and congratulated the outgoing Service Chiefs for efforts of “enduring peace to the country.”
The appointments was disclosed by Presidential media aide, Femi Adesina in a social media post on Tuesday.
Adesina said: “PMB appoints new Service Chiefs. Maj Gen LEO Irabor, CDS, Maj Gen I Attahiru, Army, Rear Adm AZ Gambo, Navy, AVM IO Amao, Air Force. He congratulates outgoing Service Chiefs on efforts to bring enduring peace to the country.”
President Buhari had come under heavy criticism in the last couple of years over his failure to sack the Service Chiefs for failing to tackle insecurity in the country.
“I have accepted the immediate resignation of the Service Chiefs, and their retirement from service. I thank them all for their overwhelming achievements in our efforts at bringing enduring peace to Nigeria, and wish them well in their future endeavours,” Buhari disclosed in a separate statement.
I have also appointed new Service Chiefs, to replace the retired officers:
Major-General Leo Irabor, Chief of Defence Staff
Major-General I. Attahiru, Chief of Army Staff
Rear Admiral A.Z Gambo, Chief of Naval Staff
Air-Vice Marshal I.O Amao, Chief of Air Staff.
— Muhammadu Buhari (@MBuhari) January 26, 2021
What you should know: The outgoing Service Chiefs were appointed by President Buhari in 2015 and despite clamour from several quarters for the President to replace them with fresh blood, nothing happened until today’s announcement.
Macro-Economic News
BREAKING: CBN retains MPR at 11.5%, holds other parameters constant
The CBN voted unanimously to keep the Monetary Policy Rate (MPR), at 11.5% and other parameters constant.
The Monetary Policy Committee (MPC), of the Central Bank of Nigeria (CBN), has voted unanimously to retain the Monetary Policy Rate (MPR) at 11.5%
This was disclosed by Governor, CBN, Godwin Emefiele while reading the communique at the end of the MPC meeting on Tuesday 26th January 2021.
Other parameters such as Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor remain unchanged.
Highlights of the Committee’s decision
- MPR retained at 11.50%
- The asymmetric corridor of +100/-700 basis points around the MPR
- CRR was retained at 27.5%
- While Liquidity Ratio was also kept at 30%
More details shortly…
Coronavirus
FG says N10 billion disbursed funds not only for Covid-19 vaccines
FG has clarified that the N10 billion it earlier disbursed was not only for the development of Covid-19 vaccines.
The Ministry of Finance, Budget and National Planning has said that the N10 billion it released for vaccine development is not only for the production of Covid-19 vaccines.
This was disclosed by the Director-General of the Budget Office, Mr. Ben Akabueze, representing the Finance Minister during a meeting with the National Assembly Joint Committee on Health on Monday, reported by NTA.
Following the announcement of the disbursement of the sum of N10 billion to the Ministry of Health for the development of Covid-19 vaccine, the Joint Committee scheduled a meeting with the Ministers of Finance and Health for clarifications on the funds.
READ: Covid-19: EU says it will force vaccine companies to respect supply contract
“The joint committee is invited to note that N10 billion has been released, to the Federal Ministry of Health under the budgetary vote referenced in above,” Akabueze said.
Ibrahim Oloriegbe, Chairman, Senate Committee on health, said the Committee wanted to know what the use of the funds was for and urged against the implementation of a lockdown.
“We got to see that what was released was in line with what was already there, for preparing the country for all other vaccines arrangements
“So our economy, we only need to live with covid, we cannot with due respect, contaminate Nigeria with a lockdown, it will badly affect our economy,” Oloriegbe said.
READ: Covid-19: U.S. donates field hospital worth $1.3m to Nigeria
The committee also said the total aim is to see how Nigeria can develop its capacity towards the development of vaccines,
The Joint Committee, therefore, resolved that the Minister of Health who was absent at the meeting should appear before it on Tuesday for a breakdown on the proposed use of the funds.
What you should know: Nairametrics reported last week that the Federal Government, through the Ministry of Finance, announced the sum of N10billion for the production of vaccines in Nigeria, to fight the coronavirus.
