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Corporate Press Releases

Abbey Mortgage Bank signs Right Issue

The total offer is expected to raise N3,692,307,692 through the issuance of new shares made up of N0.50 kobo each at N0.82 kobo per share.

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December 14, 2020 was another historic milestone in the lifecycle of Abbey Mortgage with the signing ceremony of Rights Issue of 3,692,307,692.

The event had the Managing Director/CEO of Abbey Mortgage Bank Plc (Issuer), Mr. Madu Hamman, the Managing Director of Kairos Capital Limited (Issuing House), Mr. Sam Chidoka and other top executives from Abbey Mortgage Bank Plc and VFD Group present for the signing of the rights issue of 3,692,307,692 ordinary shares of 50 kobo each at N0.82 per share at the bank’s head office in Lagos, yesterday.

The recapitalization is being undertaken as part of the long-term strategic plan to strengthen the position of Abbey, which will put the Company in a good position to harness the opportunities in the financial services sector as economic activities continue to improve with the heightened need of banking products and services in the country.

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The total offer is expected to raise 3,692,307,692 through the issuance of new shares made up of N0.50 kobo each at N0.82 kobo per share. Specifically, the expected net proceeds of the offer shall be used to expand the Company’s core business which is lending for mortgages, construction finance and SME lending. Also, the fresh capital will help strengthen our capital base to support business growth, deepen capital resources to selectively exploit value creation opportunities in the financial markets and support enlarged operations and broaden relationship management capabilities.

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Corporate Press Releases

Global Credit Rating reaffirms Sovereign Trust Insurance Plc ‘A-‘rating

Global Credit Rating Limited has reaffirmed an A-rating for Sovereign Trust Insurance Plc.

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Sovereign Trust Insurance blames IT failure for delaying its 2019 financial statement

Global Credit Rating Limited, an international rating agency, has reaffirmed an A-rating for Sovereign Trust Insurance Plc.

According to a press release signed by the firm’s Deputy General Manager, Olusegun Bankole, and seen by Nairametrics, the insurance firm has consistently maintained its rating for over a decade now.

The key drivers that helped in the reaffirmation of the A-rating by the firm are;

  • Consistency in paying her claims obligations over the years, as captured in an earlier solvency and operational report for financial institutions in Nigeria and other allied businesses, released by the rating agency in December 2020.
  • Listing of rights issue in 2019 which helped to increase the shareholders’ funds of the company to N8.2 billion as at Q3 2020, up by 31% Year-on-Year. This played a catalyst role in maintaining the A-rating status of the firm.
  • The capital adequacy of the firm was also pivotal.

According to the information available on the website of the rating agency, the A-rating reflects high claims-paying ability, strong protection factors, modest risk which may vary over time due to economic and/or underwriting conditions.

This fact was buttressed by a section in the press release which reads:

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  • Sovereign Trust Insurance Plc has great potentials for growth in the years ahead, considering some of the strategies that have been put in place to propel its operations. Global Credit Rating noted that the company has shown a great deal of consistency in her claims obligations to her numerous customers spread all over the country.”

About Global Credit Rating Limited

  • Global Credit Rating Co (Pty) Ltd (GCR) operates as a credit rating services provider. The Company ratings for banks, financial institutions, insurance, corporate and public sector debt, and structured finance serves customers worldwide.

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Corporate Press Releases

Range Developments: Citizenship-by-Investment in Grenada

Range Developments is the largest and most successful hospitality developer in the Eastern Caribbean engaged in the Citizenship by Investment sphere. 

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Citizenship by Investment is the process of obtaining a second citizenship and passport by investing in the economy of the host country. Located in the West Indies in the Caribbean Sea is Grenada – a country which offers Citizenship by Investment to willing investors. This program was restructured and relaunched by Grenada in 2013 and it offers a low cost entry for a second passport for willing Investors. Grenada as a country is enriched with exquisite cuisine, excellent healthcare and education systems. In addition, it is one of the safest nations in the Caribbean and its citizenship by investment programs is one of the most sought-after citizenship programs in the world due to many advantages Grenadian citizenship entails

Range Developments is the largest and most successful hospitality developer in the Eastern Caribbean engaged in the Citizenship by Investment sphere.  With years of expertise under its belt, Range Developments offers the most desirable process for acquisition of Citizenship by Investment in Grenada. All you need as an Investor and prospective Grenadian citizen is $220,000 (two hundred and twenty thousand US Dollars) in addition to applicable fees. Through this process, an Investor gets their Grenadian passport in 90-120 days without the need to reside in or even visit Grenada. Further, no interview, education or management experience is required for an Investor.

www.tbfoto.com.br PARK HYATT ST KITTS – ST KITTS & NEVIS – APRIL/2018 Photo: Tadeu Brunelli

By participating in the Citizenship-by-Investment project in Grenada, Investors will enjoy global benefits and a secure investment in one of the world’s most renowned hospitality brands. Some other perks of obtaining Grenadian citizenship through Citizenship-by-Investment with Range Developments include:

  • Visa-free travel and visa-on-arrival to over 140 countries worldwide including Schengen member States, the United States of America (USA), the United Kingdom, China, Russia and many more;
  • Access to the USA Investor E-2 Visa (which allows citizens of Grenada to operate a substantial business and also reside in the USA);
  • Eligibility of family members (siblings, children and parents) for Grenadian citizenship;
  • Right to hold dual citizenship;
  • Citizenship for life in Grenada with the right to live and work in the country;
  • Enjoying political and social security;
  • Tax benefits and incentives (such as no foreign income, wealth, gift, inheritance or capital gains tax, etc).

For more information, Range Developments may be contacted at +97143253447. You may also reach out on Whatsapp at +971527324097 or via email at [email protected]

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Pfizer appoints Patrick van der Loo as Regional President for Africa and the Middle East

Patrick’s Pfizer experience spans more than 20 years in leadership roles with multiple successes across geographies.

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Pfizer (www.Pfizer.com) announced today the appointment of Patrick van der Loo as Regional President for Africa and the Middle East (AfME) region. Patrick’s Pfizer experience spans more than 20 years in leadership roles with multiple successes across geographies. In his new role as Regional President for AfME, Patrick will lead commercial operations to bring scientific breakthroughs in vaccines, oncology, rare diseases, internal medicine, hospitals, and inflammation & immunology, to serve patients.

READ: Pfizer/BioNTech Covid-19 vaccine appears effective against key mutation – Study reveals

Commenting on his appointment, Patrick said: “This year has made me even more grateful and proud to be part of Pfizer. The global pandemic has accentuated our purpose as a company and reinforced our commitment to patients and communities worldwide. AfME is home to some of the world’s fastest-growing markets with increasing demand for innovative health treatments and services. Overall, the region has shown remarkable resilience due to strong leadership and sound policies.”

READ: OPEC cites vaccine as most important factor for oil in 2021 as Nigeria pushes for cuts

He added: “Pfizer has been operating for over 60 years in AfME. I look forward to continuing this journey and bringing our breakthroughs to address unmet patient needs. My top priority will remain to work with our teams to ensure greater access to our medicines across our strategic therapeutic areas. We will seek even stronger collaboration with healthcare professionals, communities, and governments to change the lives of millions of people and protect them from tomorrow’s health threats.”

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READ: Nigeria contributes about 75% of West Africa’s regional GDP – AfDB

Patrick has been passionate about the pharmaceutical and healthcare industry from the start of his career. He has managed some of Pfizer’s largest therapeutic areas in cardiovascular and neuroscience globally and led the commercial development efforts of a 500+ molecule business.

READ: 40 years old British airline grounded due to drop in travels

In his previous role, Patrick served as the Developed Asia Cluster Lead and General Manager for Pfizer’s Hospital Business Unit, responsible for leading and executing Pfizer’s commercial and cultural strategy in Japan, Korea, Australia, and New Zealand. Before this role, Patrick worked as the Emerging Asia Cluster Lead for the Pfizer Essential Health business.

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