African Alliance Insurance Plc is transforming itself for the better. The company, which was incorporated in 1960, said it is embracing new strategies of doing business in order to appeal to the youthful population.
Therefore, to reveal its new identity and strategic direction to the world, members of the press were gathered at the George Hotel in Ikoyi, Lagos, for a rebranding ceremony. The event marked a new beginning for the company, solidified with the unveiling of a new logo.
We are very excited to share our new corporate identity with you; restyled to fit your lifestyle.
— African Alliance Insurance Plc. (@AAInsurancePlc) March 8, 2019
Nairametrics was there, and spoke with the company’s Chief Executive Officer, Funmilayo Omo, about the reason to rebrand. See excerpts below:
Nairametrics: A number of companies have been rebranding of late: Taxify has become Bolt, Piggybank has become Piggyvest. What is the reason behind African Alliance’s rebranding decision?
CEO: This is the first time African Alliance is going to go through the rebranding process. It is in line with the new corporate strategy and a new direction in which we are going.
One of the steps towards this rebranding is the unveiling of our new logo. It is meant to push our brand into the market reinvigorated, refreshed, and ready to appeal to the sector that we have targeted which is the youth sector.
We want to bring the strength of the company, the age of the company, the experience we have to the youth.
Nairametrics: Insurance penetration in Nigeria is low compared to other African countries. What is African Alliance planning to do in order to expand its coverage?
CEO: Part of what we are trying to do in order to expand coverage is first to create awareness. We’ve discovered that the youth market is 60% of the population. With the way things have been, there’s been no appeal to the youth. One of the things we intend to do is project ourselves to the youth by bringing out solutions that will meet their needs and appeal to them. By so doing, we will deepen the penetration in the market.
Nairametrics: Youth unemployment is a pressing subject in Nigeria. Has African Alliance looked at the affordability levels of the insurance it plans to offer to the youth?
CEO: Sure. We have thought about that. One of the peculiarities of this generation is that we have a lot of SMEs, a lot of Startups and a lot of Youths doing their own stuff. Part of what we offer are solutions that help to provide protection, help target savings, and life cover, and providing them in such a way that they are able to meet their goals, achieve their expectations, in a manner that is well structured and affordable.
Nairametrics: The youth spend a lot of time on social media. Does African Alliance have a presence on social media to reach out to them?
CEO: Yes, we do have a presence on social media and we intend to deepen that presence and increase our traction in the digital space. What we are doing now is a lot of marketing in the digital space. We’ve deployed a lot of infrastructure and resources and we intend to sustain it.
Nairametrics: Finally, it is International Women’s day, and you are a role model to a lot of young girls who aspire to someday become a CEO like you, what is your message to them?
CEO: For young women, keep your head up, nothing is impossible. Set your heart to your goals, be consistent, be diligent, and you’ll get there.
Shoprite Nigeria is worth at least N25 billion
N25.6 billion price tag is only reflective of what Shoprite Nigeria’s operations is worth on paper.
Africa’s largest retail chain, Shoprite, announced on Monday that it is has decided to divest from its Nigerian retail entity, Retail Supermarkets Nigeria, the owners of Shoprite Supermarket Nigeria.
Going by several media reports and social media accounts, the sale is close to being consummated and a buyer is already in line to purchase the company. Getting information on the purchase consideration for this deal can be difficult especially if there are non-disclosure clauses.
For example, then Zinnox purchased Konga from Naspers (another South African firm) and AB Kinnevik two years ago, though the purchase consideration was not disclosed. However, we do not know what Shoprite Nigeria is worth on paper.
What is it worth on paper? Going by the company’s most recent annual report published in June 2019, Shoprite values its equity in its Nigerian subsidiary, Retail Supermarkets Nigeria Ltd at R 1.164 billion (1.1 billion rands). This translates to about N25.6 billion using the official exchange rate. This is also an equivalent of $67.7 million. The exchange rates are modest and will certainly be higher if the transaction was to be at this valuation.
However, the N25.6 billion price tag is only reflective of what Shoprite Nigeria’s operations is worth on paper, what accountant’s callbook value. It could be more or even less depending on how the negotiation goes.
Shoprite Nigeria business is also its second-largest, based on book value and next only to Angola.
How will it be funded? The potential investors will likely fund this transaction via debt or equity or a combination of both. Deals like this also take time to be completed even if an agreement is announced and will also be approved by the Securities and Exchange Commission of Nigeria and possibly South Africa.
We will keep you updated as we get more information.
Social clubs, recreational centres to reopen August 14
The closure of all spas, bars, lounges, night clubs, cinemas, and game arcades remains in place.
The Lagos State Government has announced that social clubs and recreational centres will be allowed to reopen operations starting from Friday 14 August 2020.
Earlier today, the government released a statement via its official Twitter handle, in which Governor Babajide Sanwo-Olu was quoted to have said that the reopening would be subject to clearance and possession of the Provisional Safety Compliance Certificate. This clearance certification can be gotten right here.
The Governor also added that at the moment, the safety clearance certificates are only being issued to social clubs with registered trustees.
*COVID-19* : Measures announced by the Lagos State Government to further relax the lockdown. @jidesanwoolu @drobafemihamzat #LASG #LagosAgainstCovid19 #CovidLASG #ForAGreaterLagos pic.twitter.com/3Mqz1o9dC7
— The Lagos State Govt (@followlasg) August 3, 2020
In the meantime, however, the closure of all spas, bars, lounges, night clubs, cinemas, and game arcades remains in place. Any of the listed businesses that reopen prior to the set date and without meeting the set guidelines will be shut down. A monitoring and enforcement team will be at work to ensure that the “guidelines and directives are complied with to the letter”.
As part of moves towards a complete easing up of the lockdown, the Lagos State recently announced the reopening of schools. The government also announced that the reopening of religious houses and places of worship would take effect from August 7.
However, this is subject to strict adherence to standard precautions that have been put in place. All schools are expected to provide hand-washing facilities and ensure physical distancing within their premises. The Lagos State government will make available face mask 200 schools to which this reopening exemption applies for the duration of the reopening.
Relevant agencies have been directed to carry out spot checks and random inspections of schools and defaulters will be sanctioned appropriately.
FG announces reopening of 104 unity schools tomorrow
The outcome of the meeting was disclosed in a press statement.
The Minister of State for Education, Emeka Nwajiuba, has announced that all the 104 Unity Colleges are ready to open for exit classes tomorrow, August 4, 2020.
The Minister revealed the preparedness of the Unity Colleges during a Zoom meeting with the Commissioners of Education of the 36 States of the Federation on Monday morning.
The outcome of the meeting was disclosed in a press statement by the Federal Ministry of Education. The statement was signed by the ministry’s Director of Press and Public Relations, Ben Bem Goong.
While announcing the formal opening of exit classes for the unity schools, Nwajiuba expressed his delight at the level of comprehensive preparation that has been put in place by the principals of the Unity Colleges.
During the meeting, the various state commissioners reported varying degrees of preparation and readiness for reopening between August 4 and August 10, 2020, for virtually all schools within their jurisdictions.
The press statement from the ministry says, ‘’Ahead of August 4th, 2020, Minister of State for Education, Hon. Chukwuemeka Nwajiuba has announced that all the 104 Unity Colleges are ready to open their gates to exit classes tomorrow.’’
‘’From today, the Honourable Minister of State for Education, Permanent Secretary and Directors will embark on an assessment tour of all Unity Colleges to ascertain and confirm the reports they have received from the Principals of Unity Colleges.’’
‘’Similarly, Federal Education Quality Assurance Directors deployed to the States have been directed to monitor compliance in their respective states.’’
The Commissioners of Education from the states were asked to embark on assessment tours in their areas of coverage to ascertain the level of preparations for reopening. While most of the schools will be reopening tomorrow, others will continue to fine-tune their preparations in the coming days for reopening.
Emeka Nwajiuba asked all schools to communicate their specific reopening dates to their parents and students in order to avoid chaos in the system. The statement also noted that all returning students are to undergo temperature checks among other protocols before being admitted into their schools.