BRANDS

FSDH Capital Limited, the investment banking and securities trading subsidiary of FSDH Group, has demonstrated its capital raising credentials by leading the successful financial close of the ₦46 billion (US$110.7 million) Series 1 Fixed Rate Senior Unsecured Bond Issuance in Nigeria’s capital market under the ₦200 billion (US$481.3 million) bond issuance program for Shelter Afrique. Shelter Afrique, the pan-African development finance institution exclusively dedicated to providing affordable and adequate housing finance across Africa was established by African governments to address the need for a sustainable housing delivery system and related infrastructure projects in Africa. Its shareholders include 44 African countries, the African Development Bank, the African Re-Insurance Corpor...

The company’s financial assets were valued at N171 billion as of 31st March 2022. AIICO Insurance Plc has posted an N5.2 billion profit for the first quarter of the year 2022, a whopping 441% increase from the N0.96 billion it reported in the same period last year. A cursory analysis of the data shows that the significant profit recorded is on the back of the impressive performance on investment and other income, as the company rallied from a negative record in the first quarter of last year to a positive record this year. The profit record is despite the presence of double-digit inflation as the company increased its other expenses by over 100% during the period. AIICO Insurance saw its Gross premium written valued at N25 billion in the first quarter of 2022. The amount is ...

The Public Relations Consultants Association of Nigeria (PRCAN) has adopted new practice standards for its members at the 2022 Annual General Meeting(AGM) in Lagos. The AGM also witnessed the re-election of Mr. Israel Opayemi, managing director/chief strategist of Chain Reactions Africa, as the president to pilot the association’s affairs for the next two years. The PRCAN Practice Standards 2022 (PSP), which is set to be made public any moment from now, was initially drafted at the association’s Annual CEOs Retreat at EPE earlier in the year and formally presented for adoption by members at the 2022 AGM. The new PRCAN Practice Standards aim to upscale professionalism in PR Consultancy services in Nigeria to ensure that the clients get the best of services and provide a rule of eng...

Following a five-year streak of outpacing the industry players in claims expense to its policyholders, Leadway Assurance Company Limited, Nigeria’s foremost insurer, maintained another year-on-year increase with N48bn claims – the highest annual claims expense as of December 31, 2021. Leadway Assurance’s claims expenses for 2021 recorded a 10% increase from N43.5billion in 2020 to N48 billion relative to the previous year. The shareholder’s fund also recorded an 18.8% increase from N67.8 billion in 2020 to N80.6 billion in 2021, while posting a Total asset of N500.2 billion in 2021. The company also recorded a 31% premium income growth from N53.65 billion in 2020 to N70.1 billion in 2021, leading to a 27% rise in underwriting income. The increase is hinged on the improvement in the a...

AIICO Insurance Plc said it paid N47.3bn claims to its claimants in the 2021 financial period. The firm said in a statement that it served different segments of society and was committed to timely claims settlement. It said, “In 2021, 70 percent of claims reported, about N33bn in total, were paid to individuals, with about 14 percent (N6.5bn) going to retirees who have lifetime contracts with the company. “Claims to businesses across the spectrum made up 30 percent (N14bn) of total claims paid to customers. In total, the company paid N47.3bn in claims and benefits to customers, up 19.1 percent from N39.7bn paid in 2020.” The company recalled that it paid N29.1bn and N30.6bn in 2018 and 2019 respectively. This, along with the growth in its overall financial position over the years, un...

The Nigeria Deposit Insurance Corporation (NDIC) said it has developed a Single Customer View (SCV) platform to be deployed to microfinance banks (MFBs), thereby, eliminating delays often experienced in reimbursing depositors following revocation of failed MFBs licenses by the Central Bank of Nigeria (CBN). This was revealed by the managing director/CEO of the corporation, Mr. Bello Hassan while receiving executive members of the National Association of Microfinance Banks (NAMB) on a courtesy visit to the NDIC management in Abuja. Bello explained that the corporation introduced the Single Customer View platform in order to strengthen its processes. He said the platform would not only ensure rendition of quality, timely and complete data to NDIC by MFBs but also give the complete posi...

Consolidated Hallmark Insurance(CHI) Plc has recorded N10.5 billion gross premium written(GPW) in its 2021 financial year-end, even as the National Insurance Commission (NAICOM) approved its account. The 2021 financial statement of the group, which was published by the Nigerian Exchange Group (NGX), yesterday, showed the gross premium written represented  7.4 percent growth over the N9.8 billion recorded in the corresponding period of 2020. The Profit Before Tax grew by 26%, from N772.5million in 2020 to N971.6million in 2021,  while the Profit After Tax grew by 17%, from N677.9 million in 2020 to N790.6million in 2021. Similarly, the group’s total assets rose from N14.3 billion in 2020 to N15.7 billion in 2021, approximately 10% growth. Speaking on these results, the group managing dir...

·        African entrepreneurs from all 54 African countries to apply now for the 2021 TEF Entrepreneurship Programme on tefconnect.com The Tony Elumelu Foundation (TEF), the leading philanthropy empowering young African entrepreneurs across all 54 African countries, has opened applications for the 2022 TEF Entrepreneurship Programme on www.TEFConnect.com. African entrepreneurs with business ideas or existing businesses under 5 years are encouraged to apply now for $5000 seed capital, mentorship, business management training and more on the 2022 Tony Elumelu Foundation Entrepreneurship Programme  Since 2015, the TEF Entrepreneurship Programme – the only African-funded entrepreneurship catalyst of its kind – has empowered 15,847 African entrepreneurs with a non-returnable seed capital ...

…Nearly 5,000 African entrepreneurs from across all 54 African countries will receive TEF seed capital funding of $5000 The Tony Elumelu Foundation (TEF), the leading philanthropy empowering young African entrepreneurs, will announce the beneficiaries of the 2021 TEF Entrepreneurship Programme at the official Selection Announcement event held in Lagos, and streaming live online, on November 12, 2021. The ground-breaking hybrid event will unveil 4,800 African entrepreneurs chosen from all 54 African countries who will be joining the 2021 cohort of the Foundation’s annual program. Every year on January 1st, the Tony Elumelu Foundation opens its application portal to African entrepreneurs with businesses of less than five years. This year’s beneficiaries have been chosen from a pool of ...