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Business News

Verod Capital to acquire Law Union & Rock Insurance

Verod Capital is set to buy a 100% stake in Law Union & Rock Insurance Plc, as the latter got its legal backing from the Transaction Implementation Agreement (TIA)

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Verod Capital to acquire Law Union & Rock Insurance

Verod Capital is set to buy a 100% stake in Law Union & Rock Insurance Plc, as the latter got its legal backing from the Transaction Implementation Agreement (TIA). The development is part of Verod’s recapitalisation plan.

Clearing the air, the Managing Director and Chief Executive Officer, Law Union, Ademayowa Adeduro, explained that his company has informed all necessary regulators on the development.

Details: “The crucial phase of our recapitalisation exercise was crossed on February 27, 2020, with the signing of Transaction Implementation Agreement between Verod Capital Management Limited and the majority shareholders of Law Union & Rock Insurance.

“We had subsequently informed the National Insurance Commission, the Securities and Exchange Commission and the Nigerian Stock Exchange about this development,” he said.

He explained that the TIA gave legal backing to Verod Capital to buy 100% stake in LUR, recapitalise the company to a minimum N10bn and also delist its share from the Nigerian Stock Exchange through Scheme of Arrangement.

About Verod Capital: The Anglophone investment company with a substantial interest in Nigeria and West Africa, has stakes in CSCS, Emzor pharmacy, metropolitan life (now tangerine life Ass), ARM Life, Greenspring College, Ikoyi and other ventures.

“The board, management and shareholders are delighted with this development. Our recapitalisation exercise will be concluded in a couple of months to this time, as we keep to our promise of regular briefing to our esteem clients and brokers,” he added.

Recall that Nairamterics reported it when South African company, Momentum Metropolitan Holdings, exited the Nigerian market by selling off its subsidiary in Nigeria as the National Insurance Commission (NAICOM) begin its shake-up process by downsizing the number of players in the Nigerian insurance market.

Momentum Metropolitan Holdings sold its 100% stake in Metropolitan Life Nigeria to Verod Capital Management, an investment firm based in Nigeria. This deal comes three years after Momentum Metropolitan acquired the 50% stake of United Bank for Africa to become majority stakeholder.

 

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Spotlight Stories

Tip Jar, Twitter’s new giveaway feature that lets users send money to you

Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

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US Elections: Twitter, Facebook suspend several news accounts

Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

According to the blog post, “Tip Jar is an easy way to support the incredible voices that make up the conversation on Twitter. This is a first step in our work to create new ways for people to receive and show support on Twitter – with money.”

The new feature utilizes different payment platforms like PayPal, Venmo, Patreon, CashApp, and others.

Users can link their Twitter accounts with Tip Jar to any of these payment providers. Twitter takes no cut.

You’ll know an account’s Tip Jar is enabled if you see a Tip Jar icon next to the Follow button on their profile page. Tap the icon, and you’ll see a list of payment services or platforms that the account has enabled. Select whichever payment service or platform you prefer and you’ll be taken off Twitter to the selected app where you can show your support in the amount you choose.

Twitter has released series of features this year as part of its efforts to grow Twitter’s user base to 315 million daily active users by the end of 2023.

The company also launched Twitter crop where images don’t get crop again on Twitter for Android or iOS. Standard aspect ratio images (16:9 and 4:3) will now display in full without any cropping and images will look just like they did when you shot them.

Lauren Alexander, a Twitter spokesperson said, “Today’s launch is a direct result of the feedback people shared with us last year that the way our algorithm cropped images wasn’t equitable, The new way of presenting images decreases the platform’s reliance on automatic, machine learning-based image cropping.”

Hotflex

Twitter has tested several features and more will be rolled out soon.

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Business

Customs Apapa Command generates revenue of N65.4 billion in April

This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

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Border closure: Amid N5bn daily revenue, Customs officials lament allowance slash  

The Nigerian Customs Service (NCS) Apapa Area Command has announced a revenue of N65,463,398,355.85 for the month of April—an increase of N25,585,561,139.92 compared to the same period last year.

This was disclosed by Comptroller Ibrahim Yusuf, Area Controller of Apapa command, in a press briefing on Thursday.

What Ibrahim Yusuf is saying

“This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

In line with the provision of extant laws, trade guidelines, and enforcement of government fiscal policy measures, the command was able to further strengthen its anti-smuggling operations against economic saboteurs through credible intelligence-driven operations.

READ: Customs revenue rises by N200 billion to hit N1.5 trillion in 2020

This led to the seizure of 4×40 feet containers laden with unregistered pharmaceuticals (674 cartons of tramadol tablets in 225mg and 120mg, and 805 cartons of codeine syrup in 100ml) at APMT and SIFAX 3 bonded terminal respectively.

Other items seized in the period under review include: two containers of unprocessed wood and one container of scrap copper wire,” he said.

He added that the progress the Apapa Command made in the month of April was possible due to the resilience of the officers, citing that the Command had taken steps to ensure efficient revenue collection by creating an enabling environment for legitimate businesses to thrive.

What you should know

Recall Nairametrics reported that the Nigeria Customs Service (NCS) Apapa Command stated earlier that it generated a revenue of N159.58 billion in the first quarter of 2021.

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