NEWS
AIICO Insurance Records N12bn Profit in 2023
AIICO Insurance Plc, has recorded a profit after tax of N12 billion for the financial year ended Dec. 31, 2023.
The figure represents an increase of N6.8 billion or 132.6 per cent from N5.2 billion posted during the corresponding period of 2022.
Mr Kundan Sainani, Chairman of the Board of Directors, AIICO, was quoted to have said in a statement on Monday, after the company’s 54th Annual General Meeting (AGM) o company in Lagos.
Sainani stated that the insurer also recorded a Gross Written Premium of N110.
1 billion during the year under review, against N88.3 billion posted in the year 2022.He noted that the year 2023 produced other significant gains for the company due to the meticulous execution of the firm’s business strategy.
The chairman noted that the result was achieved following the company’s transition from IFRS 4 to IFRS 17 standard, and a yield of insurance revenue of N72.6 billion in the year 2023, from N54.8 billion recorded in 2022.
The chairman said the results were achieved during socio-economic challenges which contributed to the rise of domestic prices.
The economic challenges, Sainani said, were characterised by the increase in monetary policy rate, inflation, removal of fuel subsidy, forex scarcity and the 2023 fiscal bill.
He said: “Despite this unsettling landscape, 2023 was another strong year for AIICO, with the firm generating impressive record revenue and substantial growth.
“Our profits for the period increased by 132.6 per cent to N12 billion from N5.2 billion in 2022, reflecting strong underlying performance across our businesses.”
Projecting into the future, the chairman said that AIICO remained resilient and adaptable, ready to provide more favourable terms to its valued customers and strategically invest in opportunities that yield positive returns.
On his part, AIICO’s Managing Director/Chief Executive Officer, Mr Babatunde Fajemirokun, assured the shareholders of high value and better returns on investment in the years ahead.
Fajemirokun said both the board and management of the insurance company were considering devoting a bigger chunk of future profits to dividend payments.
Responding, shareholders of the underwriting firm commended the board and management of AIICO for strengthening the company’s fundamentals as well as growing its asset base.
A shareholder, Dr Alex Adio, lauded the insurer for consistently paying dividends, while urging the board to increase dividend payout next year.
Another shareholder, Dr Anthony Omojola, praised the company for its share buy-back scheme, noting that it would enhance earnings per share and increase share price.
Other highlights of the meeting included the election of Mrs Kemi Adewole to the board of AIICO as an Independent Non-Executive Director and Mr Gbenga Ilori as an Executive Director.
AIICO Insurance is a leading composite insurer in Nigeria, with a 60-year record of accomplishment in delivering quality service to its clients.
Founded in 1963, AIICO provides life and general insurance, health insurance, and investment management services to create and protect wealth for individuals, families, and corporate customers. (NAN)
NEWS
NDA Commandant Decorates Ombugadu, Others as Fellows of Solar Energy Society of Nigeria
From Abel Zwànke, Lafia
The 2023 gubernatorial candidate of the People’s Democratic Party (PDP) in Nasarawa State, His Excellency Rt. Hon. David Emmanuel Ombugadu, has been decorated as a Fellow of the Solar Energy Society of Nigeria (SESN). Ombugadu received the Fellowship Award of Excellence during the 41st National Solar Energy Forum (NASEF) 2024, held on December 10 at the Nigerian Defence Academy (NDA) Postgraduate School, Kaduna.
The award, presented by the NDA Commandant, Major General John Ochai, recognized Ombugadu’s exceptional contributions to renewable energy advocacy and sustainable development in Nigeria.
Speaking to journalist yesterday after receiving the award Ombugadu expressed gratitude for the honour.“I am deeply honourd to receive this prestigious Fellowship Award from the Solar Energy Society of Nigeria in collaboration with the Nigerian Defence Academy. This recognition highlights the importance of renewable energy in addressing our nation’s energy challenges and fostering sustainable development,” he said.
Ombugadu advocated for increased investments in renewable energy, noting that over 80 million Nigerians lack access to electricity. “This award is a call to action. Renewable energy is essential for our national development, and we must commit more resources to this transition to empower communities and combat climate change,” Ombugadu stated.
Reading Ombugadu’s citation, the organizers described him as a philanthropist, entrepreneur, and visionary leader. Known for his contributions to healthcare, education, and water supply in rural areas, Ombugadu has drilled over 1,500 boreholes and enrolled more than 12,000 people in the National Health Insurance Scheme (NHIS).
Themed “Advancing Solar Energy Solutions for Sustainable Development,” the forum brought together energy experts, policymakers, and industry stakeholders to strategize on enhancing Nigeria’s energy security through solar technology.
Major General Ochai, who was also conferred as a Fellow, highlighted the NDA’s strides in adopting renewable energy for sustainability. “Earlier this year, the NDA established the Biodiversity and Conservation Centre, targeted at conserving the environment. In a few days, we will inaugurate a 2.5-megawatt solar farm, which will take the NDA off the national grid, help decarbonize the environment, and cut energy costs,” Ochai said.
He emphasised the academy’s commitment to community support, adding, “Whatever energy we generate through solar power will also benefit the Afaka community as part of our corporate social responsibility. Solar energy is the future, and we are proud to champion this cause.”
The Minister of Housing and Urban Development, Ahmad Dangiwa, represented by Aishatu Yusha’u, emphasized the role of solar energy in urban development. “Solar energy can reduce greenhouse gas emissions, enhance energy efficiency, and promote sustainability in urban planning,” she said.
Prof. Magnus Onuoha, President of the Renewable Energy and Energy Efficiency Associations Alliance (REEEAA), praised the NDA’s bold step in constructing its solar power plant. “The NDA’s solar farm will serve as a shining example of what can be achieved when institutions prioritize sustainability and renewable energy,” Onuoha said.
He called for comprehensive policies to address Nigeria’s energy challenges. “Our alliance is committed to promoting the growth of renewable energy and transitioning from fossil fuels to cleaner, more sustainable sources,” he added.
The Rural Electrification Agency (REA), through its Managing Director, Abba Abubakar, represented by Timothy Shekari, reiterated its commitment to providing energy access to underserved communities, highlighting initiatives that have energized markets and impacted over 1.2 million people.
The forum concluded with renewed commitments from stakeholders to advance renewable energy initiatives across Nigeria, with solar energy taking center stage in the nation’s sustainable development goals.
Other distinguished recipients included Kaduna State Governor Senator Uba Sani, represented by the Managing Director of the Kaduna State Power Supply Company, Aminu Idris, and Mrs. Olanike Olugboji-Daramola, CEO of the Women Initiative for Sustainable Environment (WISE).
NEWS
Yuletide: Bode George Urges Tinubu to Reduce Petrol Price
Chief Bode George, a former Deputy National Chairman of the Peoples Democratic Party (PDP), has urged President Bola Tinubu to reduce the price of petrol to N300 per litre ,to make things easy for Nigerians during the festive season.
George, the Atona Oodua of Yorubaland, made this plea at an interactive session with newsmen on Wednesday in Lagos.
The price of Premium Motor Spirit, popularly known as petrol, is currently above N1,000 per litre.
According to the elder statesman,Nigerians are going through hardship, the President should give an order to reduce fuel price, specifying time frame the people will enjoy such window of relief.
He said that the federal government as well as well- meaning individuals and businesses could bear the cost of such price slash , to bring happiness to all Nigerians.
The PDP leader, who noted that December and January are special months , said that such gesture could start from the middle of December and run through January.
“I have been thinking, as a Nigerian, what can we do because the anger and the hunger are almost equal on the streets of Nigeria.
“What am I suggesting is that Mr President should sit down with his managers and give an order that from the middle of December to the end of January, the cost of petrol will be N300 per litre.
“The government can absorb the losses in the interest of the suffering people.
“If they (government) want others to contribute, let us know how much that is going to cost and ask people to donate, to bear the cost.
“We will be sending a lot of messages of happiness across the tribes and homes.
“Everybody in Nigeria will be happy because it will positively impact on this period of the year. It is a challenge and he (Tinubu) can do it.
“We need this in this December and January to put smiles on the faces of Nigerians, ” George, a PDP Board of Trustees (BOT) life member, said.
Advising the President to take further measures to bring relief to the people, he said that the gesture would crash prices of essential commodities and services for the benefit of all .
He said that government’s efforts should be concentrated on reducing high inflation rate, unemployment, poverty and youth restlessness in order to create a better future for Nigerians
Speaking on the recent presidential election in Ghana, George noted that Nigeria’s electoral system needed reforms to guard against electoral frauds and manipulations.
According to him, the nation will continue to grope for development if the system fails to encourage best candidates to emerge.
Stating that election must reflect the wishes of the people and be devoid of religious and tribal sentiments, George said that Ghana election should be a wake up call for Nigeria.
“INEC performance must improve. The commission must make sure that the voice of the people is heard in elections.
“Electoral offenders should be made to face the music and sent to jail. We must be very firm about due process, credibility and transparency in elections,” he said.
Urging the President to revisit resolutions in the 2014 Constitutional Conference, George said that the current constitution was not federal in principle and practice.
“We should not deceive ourselves, the constitution is a problem. It is a military constitution, it is not democratic,” he said.
George called on the National Assembly to ensure devolution of powers and electoral reforms that would do away with manual collation of election results and mandate electronic transmission of election results from polling units.
George disagreed with political watchers saying no vacancy in presidency in 2027.
On the dwindling strength of the former ruling party, George, who noted that all organisations had its ups and downs, said that selfish interests and disregard for party rules remained PDP’s major challenge.
He said that PDP could bounce back and win presidential election if the leadership decided to elevate national interest above selfish interests and adhere to the party’s constitution.
“We will tell ourselves some serious old truth. We messed ourselves up. ” he said.
Stating, however, that the PDP was not dead, George said that lack of justice, equity, fairness and the inability to adhere to the party’s zoning and rotational principle cost the party victory in 2023.
Calling on the party’s founding fathers alive to wake up and rescue the party, George said that Nigerians were still waiting for the former ruling party to take over power and put things right. (NAN)
NEWS
Tinubu Set for Groundbreaking of Renewed Hope City in Lagos
President Bola Tinubu, is set to perform the groundbreaking of 2,000 housing units of the Renewed Hope City in Ibeju Lekki, Lagos, in the next few weeks.
Mr Ahmed Dangiwa, Minister of Housing and Urban Development, announced this during an official assessment visit, on Wednesday in Lagos
Dangiwa said Lagos would represent the South-west, while the president would do that of the North-West in Kano, before doing that of the four other regions.
“Arrangements is already on ground, we have gotten sites, and work has commenced for 2000 houses in the Renewed Hope City that we intend to build in Ibeju-Lekki,” he said.
Towards achieving the set goal, the minister said the visiting team also paid a courtesy visit to Gov.
Babajide Sanwo-Olu to discuss area of collaboration between the federal and state governments.He disclosed that the federal and Lagos state governments had agreed to set up a Tripartite committee and ensure all the issues of concerns between the parties were resolved amicably for the benefit of all.
Earlier, the Minister embarked on an assessment visit of deplorable Federal Government buildings and assets across Lagos state in a bid to commence rehabilitation on them in a few months.
Dangiwa said the rehabilitation was necessary as the deplorable buildings posed a challenge and security concerns to the Lagos state government. (NAN)