ARM Holding Company limited has transferred its stake in ARM Life to Tangerine Life Limited. This was disclosed by the Chief Executive Officer, ARM Holding, Jumoke Ogundare in a statement seen by Nairametrics.
Tangerine Life Insurance Limited supported by leading West-African private equity firm Verod Capital Management Limited (“Verod”)
Ogundare explained that divestment is part of the firm’s plans to refocus and increase product offerings across a wide range of investment opportunities to meet clients’ needs.
What it means: This acquisition, which takes effect from Monday, 2nd March 2020, places Tangerine Life, which has the support of a leading West-African private equity firm, Verod Capital Management Limited, as the 4th largest life insurance provider in Nigeria.
The acquisition is expected to provide a perfect springboard for Tangerine Life to utilize the distinct strengths that ARM Life brings to bear, thereby strengthening the insurance services provided by Tangerine Life to create and deliver better value.
It read, “The divestment is part of our plan to refocus our business and increase
our product offerings across a broad array of investment opportunities
suitable to your needs. It also allows us to collaborate more efficiently with multiple insurance companies on product development.”
Ogundare assured the company’s clients that it would maintain its business relationship with the new owners. “We assure our clients who have insurance products with the organisation, of our continued oversight of your policy where you have asked us to do so,” she added.
The plan to expand service offerings will see ARM Holding launch several products including a mobile trading platform, ARM Stocktrade, to provide access to domestic and international equity trading on the Nigerian Stock Exchange, New York Stock Exchange and Nasdaq, among other products.
“I also use this opportunity to introduce ARM Fixed Income Fund and ARM Eurobond Fund which are Naira and US Dollar denominated mutual funds respectively. The Funds broaden our investment opportunities to clients with low to medium risk appetite.
“We continue to embrace innovation through our accelerator programme, Labs by ARM, an initiative designed to collaborate with, and assist, FinTech startups to grow their companies exponentially and to create a platform for us to innovate fast and efficiently, ” it added.
Ogundare also informed the clients that necessary measures had been taken to protect staff and clients in the company premises, in view of the Coronavirus outbreak. For clients who cannot visit the premises, the investments could be managed via Stokctrade.
She thanked the clients for entrusting ARM Holding with their assets, and promised that all investments would remain secured as the company remains committed to delivering optimum service.
Edlyft raises over $1.4 million venture capital during pandemic
Edlyft raised over $1.4 million in venture funding from a number of investors.
Edlyft, an EdTech startup, has so far raised over $1.4 million in venture funding from a number of investors.
The investors include Kleiner Perkins, Y Combinator, Kapor Capital, Village Global VC, January Ventures, and Backstage Capital. Also, funding came from some respectable entrepreneurs such as Jeff Weiner (former CEO, now Executive Chairman of LinkedIn).
It is practically impossible to run a business without capital, and sometimes, it is difficult to raise funds if the business is not well managed or successful.
Therefore, a balance must be struck; just as businesses strive to raise more funds for different purposes such as expansion, they must also strive to remain profitable.
Commenting on the latest development, one of the co-founders of the group, Erika Hairston told Forbes:
“We started our post-demo-day fundraise in the final weeks of Y Combinator’s winter 2020 batch. Given that Black women receive only 0.06% of venture funding, I had a determined mindset; yet no one could’ve predicted the challenges of rising at the peak of uncertainty across the globe.
“I remained optimistic however because due to pandemic and children and young people not being able to go to schools and universities, our work only became that much more needed in the world.”
She added, “Initially, it felt impossible to build new relationships with institutional funds who didn’t already know us or who weren’t focusing only on their portfolio. As the world adjusted to fully remote, so did we and the investor community. One of the fun facts about our fundraising journey is that 10% of our investors came solely from introductions over Twitter.”
What you should know
Edlyft is a paid support platform that helps college students and adult learners through CS courses, by pairing them with inclusive mentors, online group tutoring, and tools for navigating complex subjects.
Venture capital is a form of private equity and a type of financing that investors provide to startup companies and small businesses that are believed to have long-term growth potential.
WTO: Okonjo-Iweala declared candidate with the largest and broadest support among members
Okonjo-Iweala has announced her excitement about being declared candidate with the largest and broadest support among members.
In an optimistic outlook, Dr. Ngozi Okonjo-Iweala has been declared the candidate with the largest, and broadest support among members of the World Trade Organisation (WTO) and most likely to attract consensus.
This was revealed by the former coordinating minister of the Economy herself, through her verified Twitter page.
Happy for the success & continued progress of our @wto DG bid. Very humbled to be declared the candidate with the largest, broadest support among members & most likely to attract consensus. We move on to the next step on Nov 9, despite hiccups. We're keeping the positivity going!
— Ngozi Okonjo-Iweala (@NOIweala) October 29, 2020
Backstory: Recall that Nairametrics had earlier reported that Okonjo Iweala is close to being appointed as the new Director-General of the World Trade Organization.
This is after a rigorous selection process that has seen the former minister of Finance scale through a lot of hurdles, making it to the top two.
What you should know: According to a press release by the Ministry of Foreign Affairs, the third and final round of the selection process of the Director-General of the World Trade Organization (WTO) was concluded on Tuesday, 27 October 2020 and the result was announced on Wednesday, 28th October 2020.
Dr. Okonjo-Iweala secured the support of the majority of the member-countries but is yet to be declared and returned the winner.
This is because apart from winning the election, all 164 member-states of WTO were expected to adopt the winner by consensus, in accordance with the rule of procedure of the WTO.
It is important to highlight that Dr. Okonjo-Iweala has secured cross-regional backing with only the United States opposing the consensus.
A meeting of the General Council of the WTO has been scheduled for 9th November, 2020 for the final decision on the election process.
What they are saying: Expressing her optimism in winning the race, Dr. Okono-Iweala said: “Happy for the success & continued progress of our @wto DG bid. Very humbled to be declared the candidate with the largest, broadest support among members & most likely to attract consensus. We move on to the next step on Nov 9, despite hiccups. We’re keeping the positivity going.”
Explore some Advanced Financial Calculators on Nairametrics
#EndSARS: Not everyone who looted is hungry, some are greedy – Adesina
Femi Adesina has insisted that some of the people who were involved in looting were not hungry but mere criminals.
Femi Adesina, Special Adviser to the President on Media says the looting of Covid-19 palliatives was not only done out of hunger, but out of greed and criminality.
Mr. Adesina made the statement in an interview with Channels TV on Thursday afternoon. The curfew period after the protests recorded nationwide lootings of Covid-19 palliatives, shops and other businesses.
What you should know
Nairametrics reported that Lagos State Government disclosed that it will be prosecuting 229 suspects who allegedly took advantage of the #EndSARS protests to vandalize and loot public and private properties in different parts of the state.
The looters even looted the homes of influential politicians. The house of former House of Representative Speaker, Yakubu Dogara, was also looted in Jos, with eye witnesses saying “the invaders moved several items – tricycles, furniture, electronics, and other valuables – out of the house.”
Mr. Adesina disclosed that looters are not hungry because what they did is a crime and crime should not be justified.
“I wouldn’t agree completely with that (that the looters are hungry) because criminality is criminality. Would you justify armed robbery because the man was poor?” he said.
“Just as you can’t justify armed robbery because a man was poor and then he took a gun to rob another person, you can’t also justify the lootings that are going on. It is pure criminality.
“It is not everybody engaged in that looting that is hungry, that is the truth. It is pure greed and criminality,” Adesina said.
He added that if hoodlums did not attack police stations, the lootings would not have happened.
“Therefore, it was a corollary to the mere anarchic situation that came on the country because of the protests. If you didn’t have people burning police stations, killing policemen, burning private and public property, you wouldn’t have this spate of looting,” he said.