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Leadway Assurance Holds Virtual AGM; Pays N38.5bn Claims in 2019

…Grows Total Assets by 26 to N394bn

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Leadway Assurance, Life Insurance Sales Surge for Nigerian Insurance Firm, Leadway 

May 29, 2020, Lagos Nigeria: Leadway Assurance Company Limited today held its 48th Annual General Meeting (AGM) via a virtual platform in strict compliance with social distancing recommendations by the World Health Organisation, the Federal and the State Governments, as part of efforts to curb the spread of COVID-19.

At the Virtual AGM, the company presented its 2019 Financial Year results to its shareholders and, among critical announcements made at the Annual General Meeting, was an increase in Claims paid to its policyholders, from N33.9billion in 2018 to N38.5billion in 2019. The company also posted stronger balance sheet size which enlarged by 26% from N312billion recorded in 2018 to N394billion in 2019 in support of a Gross Written Premium (GWP) of N90.6billion in 2019, itself with an increase of 4% from N87.5billion in 2018. The company attributed the growth in its GWP to a boost in its composite business, specifically via the Specialty Life portfolio.

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Speaking during the company’s AGM, the MD/CEO, Mr. Tunde Hassan-Odukale, reiterated Leadway’s continued commitment to its policyholders through prompt Claims payment, as the bedrock of the company’s business. With this, the company has now paid over N136billion in Claims in the last six years.

“We continue to demonstrate our commitment to our loyal customers through our customer services delivery channels, underpinned by a motivated team, outstanding brokers and agents, innovations and technology.

“I am proud that we have transmitted the principle of devoted customer-focus into a five-decade legacy that would continue to be the compass with which we steer the next half-century of operational excellence. With our balance sheet strength and technological innovations, we are confident of maintaining market leadership, whilst deepening insurance penetration to our youthful African population,” Mr. Tunde Hassan-Odukale said.

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In his remark, the Chairman, Board of Directors, General Martin Luther Agwai (CFR) acknowledged the outstanding strategic leadership qualities, vision, and the prudence the erstwhile Managing Director, Mr. Oye Hassan-Odukale retired from the company after 38 years of dedicated stewardship.

He welcomed Mr. Tunde Hassan-Odukale “to chart the next path and phase of growth for Leadway to become a global competitor of the next generation’s reference.”

He maintained that the company is in pole position to meet the new regulatory requirements for recapitalization of the industry. “The prudence of the company’s Management over the years has prepared us for the regulations of today where we are in a good position to comply with the minimum share capital requirement without the exigency for any call on shareholders. I am also happy to inform you that the regulator has approved the company’s recapitalization plan and extended full compliance timeline till 31st December”, the Chairman added.

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Leadway Assurance is one of Nigeria’s foremost insurance service companies with a reputation for service efficiency and customer reliability. The organization is committed to bridging the financial protection gap and increasing the rate of insurance penetration in Nigeria.


EDITOR’S NOTE: This is a sponsored content.

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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. Anonymous

    June 1, 2020 at 10:53 am

    Big congratulations to the management and staff of Leadway Assurance. I was happy to recall how humbly the company began from its Kaduna base.
    I can only wish its Board, Management and staff many more successful business years ahead

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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.

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.

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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.

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.

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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.

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.

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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;

“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.

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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.

 

 

 

Patricia
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With just N60million: 3 fundamental reasons why you should buy into the LeonardoBySujimoto

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Location:

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Dubbed as the most affluent neighbourhood in Africa, Banana Island houses the 1% of the 1% ultra-wealthy in Nigeria, making it the richest square metre in Africa.   A 1000sqm land in Banana Island costs between N600 to 750 million, the same size of land cost N200 million less immediately you step out of Banana Island gate, and in other parts of Ikoyi, the same land size cost N300 million. Banana Island is home to the wealthy few such as the Adenugas, MDs of Multinationals, Executive Directors, Billionaires and Music Entrepreneur – Davido, to mention a few.

Aside from the fact that lands are limited in Banana Island, leading to an increase in the value of the space, Banana Island has been described by Forbes Africa as the 2nd safest place in Nigeria, second only to Aso Rock. This luxury location is perfect for those who value security and those who are thinking of ROI as the value of properties in Banana Island keep rising.

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Quality:

All apartments in Ikoyi are not equal!

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Though the most expensive 3 Bedroom apartment in Ikoyi and Eko Atlantic have the basic standard features such as gymnasium, swimming pool and lift and others, but we have not only done a market research but have also conducted a customer satisfaction survey to determine what Nigerians truly want and with the Leonardo project we are giving our clients a rare opportunity to enjoy exceptional features such as Private IMAX Cinema for the Residents, Indoor Virtual Golf where you can play on over 2500 golf courses in the world,  Creche for the residents – first of its kind, Award Winning Zaha Hadid Bathroom, no hotel in the world has the quality of our bathrooms; designer Kitchen by Kohler, Interactive Lobby with waiting area, Full Home Automation where you can control your door, curtain, music, light and TV from the touch of a button, Indoor salon, Club House, Mini-Mart,  Tennis Court, State of the art Techno gym, Infinity Swimming Pool, Squash, Badminton, all of this features at N60million deposit!

 

Price:

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We have studied the best apartments in Nigeria. The most expensive 4 bedroom apartments today in Nigeria are in Bourdillon and Eko Atlantic and their prices ranges from $935,000 to $3.5millon which is about N420million to N1.5 Billion, while a 4 Bedroom at the LeonardoBySujimoto is selling for N300million.

At Sujimoto, we have studied their features and facilities, and what we are building is better than the combination of the two projects, at a steal!  For the first time you can own a Sujimoto home (LeonardoBySujimoto) in Africa’s most expensive neighbourhood with as little as N60million (30% deposit) without having to break the bank.

No doubt, the Leonardo project is very cost-effective for now but note that the 3 Bedroom you are buying for N250million naira today will sell for 450million by the time we launch in November.

Now is the best time to buy! Call Dami on 0809 852 1646, 0818 325 5555 or send an email to [email protected] to get started.

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Cititrust Holdings Plc Wins Global Finance Award

Cititrust Holdings Plc is designated winner of the ‘Decade of Excellence Investment Holding Company Africa 2020’ category.

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Cititrust Holdings Plc

Cititrust Holdings Plc, a leading African financial services group, has won the 2020 Global Banking and Finance magazine’s award for a decade of offering excellent financial and investment services across Africa.

This was announced by Global Banking and Finance magazine in the 18th edition of its annual awards for deserving financial institutions in seven regions and more than 80 countries.

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In the letter of award, Cititrust Holdings Plc is designated winner of the ‘Decade of Excellence Investment Holding Company Africa 2020’ category.

While expressing his joy at the development, the Group Chief Executive Officer of Cititrust Holdings Plc, Mr. Yemi Adefisan, said the award is an acknowledgment of the group’s consistent focus on “strategic and value-driven investments” in financial sector of the economies of the 11 countries, where it currently operates across Africa.

Adefisan said in a statement by the company that the award was particularly gratifying, coming on the heels of winning the prestigious ‘Investment Holding Company of the Year Award’ at the 2019 edition of BusinessDay’s Banks and Other Financial Institutions Awards.

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He further noted that Cititrust Holdings was proud to share the same platform with Stanbic IBTC Bank, which also won the ‘Best Custodian Bank’ category of the Global Banking and Finance magazine’s award.

According to Adefisan, over the years, all the subsidiaries of Cititrust Holdings, which include: LivingTrust Mortgage Bank Plc (formerly Omoluabi Mortgage Bank), Core Capital Ltd, First Options MFB Ltd, FGH Healthcare Ltd, CDP Insurance Brokers Ltd and Bermuda BDC Ltd and others across Africa, have established a reputation for long-term value creation across the financial sector of the economy.

He said the company has also continued to make significant investment in cutting edge technology in order to maintain and improve its excellent customer service delivery.

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Adefisan reaffirmed Cititrust Holdings’ commitment to protecting and promoting the interests of its stakeholders across the African continent and making significant contribution to the development of the Nigerian and regional economy.

Cititrust Holdings Plc was founded in 2006 and holds significant investments that cut across commercial and mortgage banking, asset management, stockbroking, and investment banking, currency trading, pension fund administration and insurance services.

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