Business News
AIICO Insurance observes closed period, as board of directors set to meet
The board of directors of AIICO Insurance Plc is set to meet on February 20th to review and approve the company’s FY 2019 audited financial statement.
The board of directors of AIICO Insurance Plc is set to meet on Thursday, February 20th, to review and approve the company’s audited financial statement for the full-year ended December 31st, 2019.
In a public disclosure that was issued to the Nigerian Stock Exchange and signed by the Company Secretary, Donald Kanu, it was stated that any decision reached during the meeting shall be communicated to the public.
Recall that AIICO Insurance Plc earlier released its unaudited financial statement for FY 2019, which showed that gross premium income grew by 35% to N50 billion, up from N37 billion during the comparable period of 2018.
The unaudited result also showed that net premium income for the period was N43.8 billion as against N31.9 billion in 2018, thereby indicating a 37% increase.
[READ: AIICO receives N5.3 billion investment from Leap Frog]
Profit before tax was N6.1 billion as against N3.5 billion in Q4 2018, translating a 76% increase.
The company’s profit after tax for Q4 2019 stood at N5.7 billion. This is 86% more than N3.1 billion in Q4 2018.
In the meantime, AIICO Insurance said it has started observing its closed period. This is in line with the plans by the company’s board of directors to review, approve, and disclose the audited 2019 financial result.
Parts of the statement by the Company Secretary noted:
“Meanwhile, in line with the provisions of section 17.2 of the amendment of the listing rules, please be informed that the company has since commenced observation of a closed period from February 6, 2020 until 24 hours after the financial result for the year ended 31st December 2019 is released to the public.”
[READ MORE: Insurance: Recapitalization exercise sets consolidation in motion]
Note that AIICO Insurance’s stock is currently trading at N0.80 on the Nigerian Stock Exchange. Year to date, the stock has only risen by N0.08.
Coronavirus
COVID-19 Update in Nigeria
On the 5th of March 2021, 371 new confirmed cases and 3 deaths were recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 158,042 confirmed cases.
On the 5th of March 2021, 371 new confirmed cases and 3 deaths were recorded in Nigeria.
To date, 158,042 cases have been confirmed, 137,025 cases have been discharged and 1,954 deaths have been recorded in 36 states and the Federal Capital Territory.
A total of 1.54 million tests have been carried out as of March 5th, 2021 compared to 1.49 million tests a day earlier.
COVID-19 Case Updates- 5th March 2021,
- Total Number of Cases – 158,042
- Total Number Discharged – 137,025
- Total Deaths – 1,954
- Total Tests Carried out – 1,544,008
According to the NCDC, the 371 new cases are reported from 20 states- Lagos (101), Rivers (54), Anambra (31), Ebonyi (23), Imo (23), Kwara (22), Kano (20), Taraba (17), Akwa Ibom (16), FCT (15), Abia (13), Kaduna (13), Osun (5), Edo (4), Oyo (4), Kebbi (3), Ogun (3), Ekiti (2), Nasarawa (1), and Zamfara (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 56,374, followed by Abuja (19,328), Plateau (8,939), Kaduna (8,623), Oyo (6,761), Rivers (6,651), Edo (4,645), Ogun (4,419), Kano (3,830), Ondo (3,066), Kwara (2,953), Delta (2,582), Osun (2,449), Nasarawa (2,248), Enugu (2,078), Katsina (2,060), Gombe (2,010), Ebonyi (1,951), Anambra (1,811), Akwa Ibom (1,588), and Abia (1,568).
Imo State has recorded 1,551 cases, Borno (1,297), Bauchi (1,232), Benue (1,188), Adamawa (942), Niger (917), Taraba (863), Ekiti (825), Bayelsa (779), Sokoto (769), Jigawa (496), Kebbi (401), Cross River (334), Yobe (288), Zamfara (221), while Kogi state has recorded 5 cases only.
READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.
Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.
On 26th January 2021, the Federal Government announced the extension of the guidelines of phase 3 of the eased lockdown by one month following the rising cases of the coronavirus disease in the country and the expiration of phase 3 of the eased lockdown.
On 28th February 2021, the federal government confirmed that the first tranche of Covid-19 vaccines will arrive in Nigeria on Tuesday, March 2nd, 2021.
READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous
Hospitality & Travel
MMA2 imports new x-ray machines from US
MMA2, Lagos took delivery of new x-ray machines ordered by Bi-Courtney Aviation Services Limited (BASL) to upgrade its facilities.
