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Business News

AXA Mansard to downsize business, awaits shareholders’ nod 

AXA Mansard Insurance Plc is trying to downsize its business activities as part of efforts to review its growth strategy.

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AXA Mansard to downsize business activities, awaits shareholders’ approval 

AXA Mansard Insurance Plc is trying to downsize its business activities as part of its efforts to review the growth strategy.

The insurance company is reportedly considering divesting from its existing investments to reduce the scope of its business portfolio.

AXA Mansard proposes replacement as it announces director's resignation 

The move is a part of AXA Mansard Insurance’s corporate growth strategy. The board is now awaiting approval of this plan but an extraordinary general meeting of shareholders will be held first. The meeting will afford the management the opportunity to get authorisation to implement its plans. But the proposal will first be deliberated on at the shareholders meeting.

The Extraordinary General Meeting of shareholders will hold on February 13, 2020, in Lagos. The outcome of the meeting is expected to lead “to divest from any existing investment assets in furtherance of the objectives of the company”.

Divestment of investment is a strategy employed by companies to eliminate, sell, close or spin-off some of their existing investments to reduce the scope of their business activities. The new development comes amidst the resignation of Tosin Runsewe, an Executive Director of AXA Mansard Insurance Plc. Runsewe resigned from the company’s board. His resignation will take effect from January 31, 2020.

The board also proposed the appointment of two new Executive Directors. They are Rashidat Adebisi and Tope Adeniyi who are awaiting the approval of the National Insurance Commission (NAICOM).

[READ MORE: Seplat to acquire more oil & gas assets after Eland’s acquisition)

AXA Mansard in a recapitalised market: Companies in the insurance market, including AXA Mansard, in Nigeria have been busy trying to meet up with the new recapitalisation plan of NAICOM. The recapitalisation plan compels the companies to raise new capital in order to meet up with the new share capital requirement issued by NAICOM.

The new capital structure for Life, Non-Life and Composite insurance companies, including reinsurance companies, were increased from N2 billion, N3 billion, N5 billion and N10 billion to N8 billion, N10 billion, N18 billion and N20 billion respectively.

The deadline to meet the new capital base has been extended from June 2020 to December 2020. It was extended after several criticisms of the timeframe and the impact the policy would have on the number of available underwriting firms.

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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Corporate Press Releases

Applications across Nigeria, South Africa and Kenya now open for the 2021 Facebook Community Accelerator Program

The selected leaders will spend five months learning from experts, coaches and a customised curriculum so they can strengthen their community.

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Facebook

Today, Facebook is inviting community leaders from Nigeria, South Africa and Kenya to apply for the 2021 Facebook Community Accelerator Program—a program that offers participants training, mentorship and up to $50,000 USD in funds to invest in an initiative that extends their community’s positive impact.

The aim of the Community Accelerator is to help leaders of Facebook communities to harness the power of their community to turn ideas into action. The selected leaders will spend five months learning from experts, coaches and a customised curriculum so they can strengthen their community.

Lessons include community identity foundations, leading action-oriented programmes and sustainability. Participants will also receive early access to new Facebook products aimed at helping communities better manage and activate their members.

Plan an initiative

Participants will identify an important initiative that will create a positive impact on the broader world and develop a plan to mobilise their community around their goal. Initiatives will be shared with potential partners, mentors and a panel of judges for the chance to be awarded funding and receive public recognition.

Participants will then spend three months executing their initiatives. They will collaborate with advocates and leaders in the community space and work with the Facebook team to bring their ideas to life.

Says Kiran Yoliswa, Partner Management Lead, Middle East and Africa Community Partnerships at Facebook: “Facebook communities and their leaders are helping to resolve social challenges, sharing knowledge and information, while connecting with others that share their interests or passion for a cause. We’ve seen so many incredible communities from across South Africa, Kenya and Nigeria using our platform to drive change and provide support and encouragement for thousands of people, we’re excited to offer their Facebook Community leaders this program to help amplify their impact even more.”

How to apply

Hotflex

This program is open to communities that have a presence in Facebook Groups with leaders who are 18 years or older. Communities must have existed for over one year and must have a minimum size of 1,000 members. Applications open today, May 4 – 31, 2021.

The Community Accelerator is part of our Facebook Community Leadership Program, a global initiative that invests in people building communities. Learn more and apply here.

You can find out more about the 2020 Community Accelerator cohort and those who received additional funding here.

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Business News

NIN registration: 54 million Nigerians have now enrolled – Buhari

12 million Nigerians were enrolled into the National Identity Database in the past 6 months.

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Buhari approves free business name registration for 250,000 SMEs, IMF, tax, rate, Buhari’s Budget of Sustaining Growth & Job Creation (Full text), Nigeria generates N1.36 trillion from corporate tax, others as oil revenue drops , Nigeria-Algeria highway gets Buhari's approval , Earnings from rich petroleum resources not enough to cater for Nigeria – Buhari , Tax: Buhari appoints Muhammad Nami as FIRS boss, Subsidy economics

President Muhammadu Buhari disclosed that the FG has enrolled 54 million Nigerians into the National Identity Database, citing that 12 million were enrolled in the past 6 months alone and that the final aim of the scheme is to secure Nigeria’s security infrastructure.

President Buhari disclosed this in a statement on Thursday evening.

What the President said about NIN enrollment

“I am pleased with the success we are recording in the enrollment of persons into the National Identification Number (NIN) database. 54 million Nigerians have now enrolled; I am told over 12 million of these within the last six months. Our goal is total coverage.

The National Identification Number (NIN) is the foundational digital ID for the country. It will cover one of the weaknesses in our security structure. We will be able to easily identify all Nigerians, including the crooks in our midst.”

The President added that both legal residents and Nigerians are expected to obtain the NIN as it would be beneficial to government agencies to utilise resources efficiently.

In case you missed it

The Federal Government announced a further extension of the ongoing National Identification Number (NIN) registration and linkage with Subscriber Identity Module (SIM) exercises to a new deadline of June 30, 2021.

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