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NAICOM Names Five New Directors

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By Tony Obiechina, Abuja

The Governing Board of the National Insurance Commission (NAICOM) has approved the promotion of five of its senior staff to the position of Directors.

In a statement by NAICOM on Monday, the approval was given at its board meeting held on 21 June, 2024, following the promotion exercise conducted on 27th March, 2024.

The new Directors include: Ajibola Bankole – Director, Inspectorate, Ahmad Ibrahim Adamu – Director, Innovation & Regulation, Talmiz Usman – Director, Legal, Enforcement & Market Development, Kamaludeen Barde – Director, Finance & Accounts and Rasaaq Salami – Director, Human Resources & Administration.

The Governing Board also approved the updated organisational structure of the Commission to enhance its efficiency, effectiveness, and adaptability. This restructuring ensures that the organisational structure aligns with the Commission’s strategic goals and objectives, aiding the executive management in achieving its mandate.

The new directorates are, Inspectorate, Supervision; Market Conduct & Complaint Bureau; Innovation and Regulation; Legal, Enforcement & Market Development; Human Resources & Administration; Finance & Accounts, as well as Technology, Strategy & Research.

Agriculture

Epe LG Empowers 200 Farmers to Boost Food Production

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Ms Surah Animashaun, the Chairperson, Epe Local Government, has empowered 200 farmers with cash and other agricultural inputs to boost food production in the area.

Animashaun distributed the agricultural inputs to the beneficiaries at the council secretariat in Epe on Thursday in Lagos.

She said the initiative was aimed at supporting farmers in order to boost food production in the various communities of the council.

Animashaun said the farmers who benefitted from the gesture are expected to be considerate in their price fixing after harvest to ensure the affordability of food for all Nigerians.

“With the economic situation now and the support being giving to you, farmers should be reasonable in fixing prices after harvest to ensure that ordinary Nigerians source food at a more convenient price nationwide.

“We are here to give you support for your farming activities today, we expect that you reciprocate tomorrow by selling at a more affordable price to the people tomorrow,’’ she said.

Animashaun explained that each of the benefiting farmers received N50,000 and essential grains such as maize and sorghum.

She said the council would continue to support the farmers for them to be strong in farming activities.

Animashaun also used the medium to highlight her administration’s ongoing efforts in the extension of palliatives to other sectors of the economy.

She urged the communities in the area to maintain harmony, love, hospitality, and compassion, particularly in the face of the present economic challenges.

Also speaking, Mr Sikiru Owolomoshe, the Vice Chairman of the council, urged the farmers to take advantage of the gesture to improve their activities in order to encourage others.

Mr Olayinka Kazeem, the Secretary of Epe Farmers and a beneficiary, expressed gratitude to the council chairperson and her management.

“This is the first time we are witnessing this kind of programme and it is coming at a critical period when many states are facing food shortage,’’ he said.

He assured that the beneficiaries would do their best to ensure the objective was achieved.

Mr Ahmed Surakat, the Public Relations Officer of Lagos State Fishermen Cooperative Association, and Mrs Kafilat Animashahun beneficiaries, extended their gratitude to the council chairman for her unwavering support to farmers.

Earlier, the President of the Epe Farmers Union, Mrs Aminat Shabi, lauded Animashaun for the comprehensive support to other agricultural value chain such as fish farmers and livestock producers.(NAN)

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Economy

SEC Approves Commencement of Access Holdings N351bn Rights Issue 

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The Securities and Exchange Commission (SEC) has approved the commencement of the N351 billion rights issue capital raising programme of Access Holdings Plc.

A statement made available by the Holdings to newsmen on Sunday in Lagos confirmed this.

The group said that the approval marked a significant milestone in its previously announced capital raising programme, which aimed to generate up to $1.

5 billion.

It also said that the rights issue was strategically structured to boost Access Holdings’ financial position and support ongoing working capital needs.

According to the holdings, the programme will also provide funding for organic growth across its banking and non-banking subsidiaries.

“The approved rights issue offers 17,772,612,811 ordinary shares of N0.50 each at a price of N19.75 per share.

“The offer will be issued on the basis of one new ordinary share for every two existing ordinary shares held as of June 7, 2024,” it said.

The lead issuing house for Access Holdings’ rights issue is Chapel Hill Denham Advisory Ltd., while Atlas Registrars Ltd. will serve as the Registrars to the offer.

The offer will open on July 8 and close on Aug. 14.

It noted that the rights circular would be distributed to shareholders by Atlas Registrars Ltd., and application forms would also be available on its various websites.

The holding company advised its shareholders to contact their stockbrokers for more details about the offer.

Access Holdings said that it remained committed to its strategic vision of expanding its footprint and delivering exceptional value to all its stakeholders.

It noted that the successful execution of the rights Issue would further solidify the group’s position as a leading financial services provider in Africa and beyond.(NAN)

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Business News

AMCON Records Over N108bn in 2023 Financial Year

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By Tony Obiechina, Abuja 

Amidst challenging macroeconomic conditions coupled with economic headwinds, Asset Management Corporation of Nigeria (AMCON) achieved a remarkable triple-digit growth of 202% from NGN34.730 billion in the previous year to NGN108.433 billion in 2023.

 

This was contained in the a statement made available by Jude Nwauzor, Head of Corporate Affairs Department in Abuja on Wednesday.

 

A breakdown of this impressive achievement showed that AMCON, which is currently led by Gbenga Alade as Managing Director/Chief Executive Officer achieved a Year-on-Year (YoY) growth in profit of 212% from N34.730 billion in the financial year, which ended on December 31, 2022, to N108.

433 billion in the period ended December 31, 2023.

The report disclosed that fair valuation gains on Eligible Bank Assets (EBAs) increased to N40.9 billion in 2023 from a loss of N187.9 billion in 2022. Equity portfolio recorded 82% growth in 2023 amounting to N43 billion as compared with N7.9 billion in 2022. The significant trading gains is as result of an improved performance in the stock market.

The Corporation achieved a favourable reduction in total liabilities, from N6.282 trillion in 2022 to N5.739 trillion in 2023, primarily due to repayments of the N500 billion Central Bank of Nigeria (CBN) loan. It also recorded 89% achievement of its revenue budget in 2023 as the total recovery in 2023 stood at N125.2 billion.

A breakdown of the recovery showed that AMCON achieved N81.65 billion in collections from various obligors, N17.8 billion from share sales, N15.5billion reinvestment income, N6 billion as proceed from sale of properties, N3.8 billion dividend income and N0.5 billion from rental income despite the country’s challenging economic environment, occasioned by the removal of subsidy and floatation of the naira.

The executive management said AMCON is strategically positioned to continue with the positive trajectory achieved in the year 2023, with special emphasis on improved recoveries and efficient realization of value from disposal of forfeited assets in furtherance of the Corporation’s mandate.

 The summary of the AMCON’s Financial highlight is presented below:

*Profit for the year Dec 31, 2022 – N34,730bn

*Profit for the year Dec 31, 2023 – N108,433bn

*Total comprehensive income for the year, net of tax – (2023) N106,385bn

N30,963bn (2022)

Total Assets

N1,076,144bn (2023)

N1,513,304bn (2022).

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