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Old Mutual celebrates 175 years of being the ‘Certain friend in Uncertain Times’

Old Mutual Nigeria, being an affiliate of a pan-African corporate, is in the country to battle for market leadership in Nigeria’s growing insurance market.

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17 May 2020: Lagos, Nigeria – Old Mutual Limited celebrates 175 years of impacting lives across the continent. The key to Old Mutual Limited’s success, according to Vuyo Lee, Old Mutual Group Chief Marketing Officer, is that the company has always taken the long-term view and understood that change, challenge, and opportunity are the only constants.

She maintains that the company’s resilience and longevity buoyed by superior financial stability positions the Group – operating in 13 economies across Africa – to back its commitment to expansion in African markets like Nigeria, despite expected global economic headwinds arising from the COVID-19 pandemic.

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“Today, as our world faces unprecedented health and economic challenges, Old Mutual is very conscious of the anxiety and pressure all our customers, investors, business partners, financial advisers and employees are experiencing. We are proud that we have the financial strength of many decades behind us, the strength that enables us to once again reassure all our stakeholders that our business remains resilient and ready to support them. Having a strong liquidity position means we can honour all our obligations to our customers while still holding the capital levels required by regulators.

The Executive Head, Marketing and Customer Experience, Old Mutual Nigeria, Mrs. Alero Ladipo said the company, structured for inherent synergy would draw strength from the professionalism, resilience and longevity of its parent company with almost two centuries of experience in an African and global business space that has been impacted by uncertainties, strife and warfare.

Alero maintains that Old Mutual Nigeria, being an affiliate of a pan-African corporate, is in the country to battle for market leadership in Nigeria’s growing insurance market.

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“For us in Nigeria, we join our other affiliates across the world to celebrate an iconic brand born in 1845. For 175 years, Old Mutual has stayed true to its vision and business ethos by supporting individuals, businesses and communities through generations of civil wars and world wars as well as the Spanish Flu pandemic, the Great Depression, and many political crises and economic turbulence across the continent and the world. We also celebrate with anticipation, the next decade of growth and innovation in Nigeria, because we believe in the inherent resilience of the insurance sector and its capacity to help our nation survive and recover through difficult times such as the unprecedented challenge that we and the rest of the world presently face”, Alero said.

Still hinting on the strengthening of its pan-Africa footprint, Lee disclosed that the Group would be leveraging technology to solidify internal structures, operations and external benevolence to its millions of customers around the world.

“To continue meeting our customers’ needs, we have successfully accelerated our efforts to simplify and digitalise our customers’ end-to-end digital experience, making it more personalised and targeted, tech-enabled, fast and simple. In fact, our brand’s intensified focus on IT innovation has inspired a pan-African legacy project that will mark – for generations to come – our 175th anniversary,” Lee added.

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“Improving people’s lives is a vital aspect of the Old Mutual brand and this ambitious project, to be rolled out in three stages over seven years, represents a direct response to the education exclusion, low financial literacy, and poor teacher-to-learner ratios endemic across Africa. It will also help provide access to the physical and financial resources that hamper education on the continent,” says Lee.

“As a custodian of the savings and investments of millions of Africans, we recognise the important role we play in investing in education and skills development and unleashing meaningful business opportunities. At the heart of our Responsible Business ethos is our quest to use our resources effectively to drive positive impact and build a financially inclusive society across Africa,” explains Lee.

“Remaining true to our promise of being a certain friend in uncertain times in both word and deed has been the secret of our brand’s longevity and enduring relevance for 175 years,” concludes Lee.

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Indeed, Old Mutual Nigeria recently launched its e-channels portal for seamless access to insurance products and claims payment process during the COVID-19 lockdown in the country. It has also revamped its entire e-commerce channels for optimum outcomes and customer experience.

ENDS

Patricia

NM Partners represent articles published in paid partnerships with corporate organisations. They include press releases, targeted content, and other forms of corporate communications on behalf of our Paid Partners.

1 Comment

1 Comment

  1. Matthew Henman

    May 19, 2020 at 11:17 am

    Old Mutual are complicit in decimating millions in pensions and working with overseas unregulated bodies. Wouldn’t ever trust money to them again.

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Coronation Research releases report on the Nigerian Investment terrain

…Navigating the Capital Market: the Investor’s Dilemma.

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Coronation Merchant Bank partners with International Finance Corporation to provide funding for Nigerian businesses, Coronation Merchant Bank records 14% growth in Earnings for 2019 FY

Coronation Research today published its report on the Nigerian Investment landscape titled ‘Navigating the Capital Market: the Investor’s Dilemma’. The revolutionary report studies the Nigerian investment scene over a 10-year period and finds how Nigerians have managed to preserve their capital over the long term. Some of the conclusions are surprising. For example, it has been remarkably easy to beat inflation over the last 10-years by buying Federal Government of Nigeria Treasury Bills. However, with the crash in interest rates in the first half of 2020, this era has come to an abrupt end.

By contrast, equity market returns have not preserved capital for investors over the long term, even when adding back the generous dividends paid to investors. By looking at the internal profitability of stock exchange-listed companies, ‘Navigating the Capital Market’ identifies which stocks are the ones most likely to generate satisfactory returns for their owners, and back-tests the results.

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“Nigerian investors are faced with difficult choices,” says Guy Czartoryski, Head of Research at Coronation Asset Management, “as interest rates have crashed.  The alternatives are either to simply wait for rates to rise again in future, or to accept more risk in order to increase returns. But, to do that, they need to increase their understanding of risk.”

‘Navigating the Capital Market’ takes a new approach to setting investment return benchmarks. Instead of targeting inflation, which is the conventional benchmark, it recommends that investors should aim to beat the effects of Naira devaluation against the US dollar, and obtain the risk-free return they would have in US dollars. This suggests that they should ask for Naira risk-free fixed-income (or Treasury bill) return of 14.7% per annum over the long term. And, when it comes to equities, Coronation Research calculates that Nigerian investors should demand a return of 20.5% per annum.  These are high benchmarks, but they show what is necessary to preserve the value of investors’ hard-earned money.

Coronation Research’s investor feedback shows that Nigerian investors have two concerns. The first is inflation. The second is not to lose money in investment schemes. And with fixed-income and bank deposit rates at record lows, and far below the rate of inflation at 12.4%, investors are being tempted to take risks again. Yet the priority now is for them to understand what those risks are, and how they can be managed. ‘Navigating the Capital Market’ is their guide to these challenging times.

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Coronation Asset Management Limited, incorporated on 2 October 2015, is registered with the Securities and Exchange Commission (SEC) to provide fund and portfolio management services to institutions and individuals. Coronation Asset Management offers full-fledged investment services across various asset classes to the entire spectrum of investors: major institutions, smaller niche institutions & corporates, public sector family offices, cooperatives and high net-worth individuals.

Our Services include fund solutions (money market fund, fixed income fund and balanced fund), portfolio management (discretionary and non-discretionary), advisory services as well as fund administration and trustee services offered through its subsidiary, Coronation Trustees Limited.

Coronation was recently awarded the Fastest Growing Fund Management Company in Nigeria at the 2020 Global Banking & Finance Awards.

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You may download the report by clicking here.

Patricia
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Glo customers to enjoy 6 months’ bundled data in Smartphone Festival 

Customers who purchase devices under the programme will have access to bundled data.

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Data War: MTN gains 8.18 million subscribers in 2019, as Airtel edges Glo, 9mobile

In its bid to offer more value to customers and consolidate its leadership in Nigeria’s telecommunications market, digital transformation leader, Globacom, has announced a phone festival for the benefit of its teeming subscribers. Called the Glo Smartphone Festival, it is designed to offer subscribers who purchase mobile phones from any Gloworld outlet up to six months’ bundled data along with their preferred devices.

Globacom said in a statement released in Lagos over the weekend that customers who purchase devices under the programme will have access to bundled data from 500 MB per month to 2GB per month for six months. This will, however, depend on which model they choose from a wide range of phones from popular brands available for the offer, including iPhone, Samsung, Infinix, Itel, Tecno and Imose.

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The company explained that the Glo Smartphone Festival was designed to make the Gloworld outlets nationwide a “one-stop shop for everything devices” and the best place to get the best price deals, accessories, bundle data ranging from 500MB to 2GB monthly for 6 months and free accessories on their choice devices.

READ ALSO: Glo customer base receives boost with 2 million new subscribers

The company further said that all prepaid and post-paid customers who visit any of the over 90 Gloworld outlets across the country during the festival period can buy any device of their choice from a range of latest devices and enjoy the bundled benefits. “Glo remains committed to creating more value for its customers,” the network added.

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Globacom disclosed that data received from the smartphone festival is automatically credited to a customer’s line and added to his or her existing data plans which can be checked by dialling *127*0#, or by sending SMS ‘info’ to 127. Glo Smartphone festival will run until July 31, 2020.

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Sijibomi Ogundele (Sujimoto): Meet the Agege boy who built a $400million company

His look may be modest but his ambition belies his modesty.

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Dressed in a simple Polo T-Shirt on a Friday evening, Sijibomi Ogundele, Nigeria’s youngest Billionaire and Luxury Real Estate Czar, can be seen on the Lucrezia project site, in the prestigious Banana Island neighborhood, inspecting the work done and ensuring every ‘i’ is dotted and every ‘t’ is crossed. No one would have thought that this man, who is currently worth billions, was once a Souvenir hawker in France and also did alabaru for his trader Mum in Africa’s most populous market – Oke-Arin, where he was nurtured by enterprising Igbo traders, which ignited his passion for business.

Growing up in the slum of Agege, as a little 8-year-old, Sijibomi’s first introduction to Entrepreneurship was when he started a bike business popularly called ‘Okada’ business, from his little savings. Despite the usual African Parent’s disapproval, he drew inspiration from his mother’s entrepreneurial spirit and grew his Okada business from 1 to 6 motorcycles, a testament to his strong, resolute and resilient business mind.

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A rose that grew from concrete, Mr. Ogundele who is only 39 has built his company, Sujimoto Group, in just 5 years, into a Luxury Construction behemoth, focused on building extraordinary edifices in premium neighborhoods of Ikoyi and Banana Island. With annual revenue of approximately $30 million and many other pending projects, Mr. Ogundele believes the Sujimoto group is worth over $400 Million.  His look may be modest but his ambition belies his modesty. After an encounter with the King of Dubai who pushed his ambitious project – LorenzoBySujimoto, from 15 Storey building to a 30 storey building, reminding him that; “To be second is to be last! If people in their 30’s are building 5000 units annually in Asia, 75 units shouldn’t scare you.”According to Mr. Ogundele; “I believe in Nigeria. My passion comes from my patriotism. I believe that the Nigeria that produced the MKOs, the Dantatas, and the Ojukwus, also has something great in store for me.”

The Lawyer tuned Entrepreneur who is son to a John Holt Manager and a trader mother never had the opportunity to attend King’s College or other expensive private schools but attended public schools. With a dream to revolutionize the Nigerian Luxury real estate space and an ambition taller than the Burj Khalifa, one can only wonder how he has steered his company to survive the brutal economic recessions within the last 5 years, growing stronger, bigger and better, to the consternation of the pessimists.

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Sujimoto’s Giuliano project which is 100% covered in travertine stone, fully automated, 1st project with each unit having its private elevator and an award-winning Zaha Hadid Bathroom for Porscelanosa, set the standard for a luxury terrace in Banana Island, attracting clients like MD of multinationals, billionaires and music entrepreneur – Davido.

A stone throws from the Giuliano; Sujimoto is building what has been dubbed the tallest residential building in Banana Island – the LucreziaBySujimoto. A revolutionary building, never before seen in Nigeria or Africa! The first building with Glass Reinforced Concrete (GRC) façade,  Full Home Automation, private IMAX Cinema for the residents, standard crèche, Indoor Virtual Golf with over 2,500 courses worldwide to play on, swimming pool in the sky and other exciting features.  Sitting on the 12th floor is the best penthouse in Africa. A project that sets an enviable standard for luxury residential apartments in Nigeria with a sales value worth $46 and a delivery deadline of December 2021.

Speaking on the Lucrezia, Mr. Ogundele made a startling revelation; “We are building the best condominium not only in Nigeria but also in Africa. The Lucrezia Penthouse comes with a private elevator, private cinema, private golf, private gym, and a private pool! The Lucrezia is very special to us because Sujimoto is divesting from Residential Projects with 80% of our real estate interest into Commercial Projects.

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When asked about the company’s plan to accommodate smaller units, Mr. Ogundele was very quick to add that the company has a new project that is almost sold out! According to him; “Many people have approached us about building smaller and more affordable units with the Sujimoto standard and we have responded with a revolutionary project called the LeonardoBySujimoto. With LeonardoBySujimoto, you can own a Sujimoto Apartment without breaking the Bank. We have studied the best apartments and what we are creating, beats the best.

The Affordable Luxury Project – Leonardo, comes in 2, 3, and 4 Bedroom Units and it is a great investment offer as the 3 bedrooms which are currently selling for N250million will go for N450million once the project is launched later in the year. According to Mr. Ogundele, the present pricing still beats the best apartments in Bourdillon and Eko Atlantic. He also noted that the current price offer will expire by the end of the month.

PricewaterhouseCoopers (PwC) Hotel Outlook for 2018-2022 has projected that the hospitality market in Nigeria will experience a compound annual increase in the next 5 years.

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According to Ogundele, the same passion with which we redefined luxury living in Nigeria, is the same passion we are bringing into the Nigerian Hospitality and Commercial space. We have toured some of the best hotels in the world such as the Address Hotel, Downtown Dubai, the Baccarat Hotel in New York City, and the Dorchester Hotel in London.  Sujimoto is building the S-Hotel, African hospitality with a Four Season services. We are building a hotel that is Customer addictive, where putting the customer 1st becomes our priority, from Janitor to General Managers.

Three fundamental qualities separate the S hotel from others: Design, Price, and Service. The plan is to get rid of mediocre experience in the hospitality industry, building one luxury hotel at a time. The focus, therefore, is to build one luxury hotel in the State capital city of every African country, starting from the six geopolitical zones of Nigeria. The plan is before 2030, we would have built over 100 luxury hotels with 16,000 rooms, worth $1.9 billion in the portfolio, a move which will bring the company’s overall worth to over $5 billion in 10 years.

In addition to the company’s expansion plan, Mr. Ogundele made it known that Sujimoto is building a world-class Plaza, first of its kind,  in Ikoyi and Abuja, with a 2021 and 2022 projection for completion. This 6-in-1 Plaza by Sujimoto is a contemporary one-stop-shop retail and hospitality center, featuring innovative state-of-the-art equipment,  rooftop lounge, and bar, premium restaurants, world-class gym, retail shops other premium features. Upon completion, each project should be valued at approximately N47 Billion, with a combined rental income of about N11billion annually. According to Mr. Ogundele, ‘By 2030, we hope to have completed 61 different malls and plazas in Nigeria and across major African cities, a portfolio worth about $3billion.”

Despite the huge effect of the COVID-19 on businesses and economies, where banks have put a halt to every construction project, Sujimoto just raised N3.5 Billion for the Lucrezia which is sold out with just 2 units left! According to Mr. Ogundele Sujimoto;

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“At Sujimoto, we do not see a recession, because for us crises are opportunities disguised as problems! We have developed a highly viable and profitable strategy and found an opportunity for savvy investors to invest N5 billion into Sujimoto and get N10 billion back in 3 years. This is debt and not equity, and it is guaranteed. Treasury bills and other money market instruments will give you a 5 – 10% ROI on your investment but this is 100% ROI and it is guaranteed! This investment is NOT for everyone, it is ONLY for the vital few, who can identify opportunities when they see one.

One of the reasons why Sujimoto can stand out and guarantee good price and quality is the strength of the company’s procurement capacity and global reach. Mr. Ogundele explained that “We don’t use 3rd parties when it comes to projects; we speak directly to the manufacturers because we want to guarantee two fundamental things – prudent spending and assurance of quality. With offices in Dubai, Gwanzo, and New York City and numerous ambitious projects, one wonders what Sujimoto Group will be worth in 10 years to come.

According to Mr. Ogundele; “Our biggest motivation is our critics because, without them, we couldn’t have come this far. There’s nothing we have today, that we got on a platter of gold. We worked two times harder, 3 times more, just to prove that without a rich Aunty or Uncle, you can get to your destiny”.

Speaking on some of the challenges he has had to contend with in business, Mr. Ogundele recalled the event of 2016 and 2017 where he had conceived and developed the biggest project in Nigeria, over 90 Million USD to build the tallest residential building in Sub-Saharan Africa – the LorenzoBySujimoto.

“After all the investment in time, money, and passion, the recession hit badly, and investors pulled out. The economy was so bad that I had to refund hundreds of millions to our off-takers. Amid the chaos, like the phoenix that rises from the ashes, the Giuliano project was born! A project of terrace houses in Africa’s richest neighborhood – Banana Island. And 20 months after, the record-breaking Giuliano has metamorphosed from a proof-of-concept to a proof-of-product! Fully sold-out 6-Months before completion.”

Many have opined that the young and dynamic Motomatician might be eyeing a political position, but according to Mr. Ogundele, “the business of politics is bigger than the politics of business. We are focused on business but we shall support the government. To us, the Government is like a beautiful woman, marry her only when she is an asset, not a liability.”

When asked if he was married, the single and eligible bachelor who insisted he was married without a wife, claimed that his wife is young and very jealous, she’s Sujimoto.


This is a paid content and has no affiliation with Nairametrics Editorial Team. The article was written by the content providers and is purely their opinion. The claims, assertions, and statements made in this article have not been verified by Nairametrics. Kindly send an email to [email protected] for comments or inquiries. 

 

Patricia
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