Connect with us

Business

African Reinsurance Corporation Records N3bn Profit

Published

16 years ago

on

African Reinsurance Cor-poration has announced a profit after tax of N3.028 billion.

The chairman of the company Mr. Musa Al-Nas who announced this at the 31st annual general meeting of the company held in Abuja said the corporation also achieved a turn over of N58.947 billion ($401 million) with shareholders’ funds hitting N32.781 billion at the end of its financial year 2008.

He said that the developments in the corporation showed a remarkable improvement recalling that at the inception in January, 1978, the authorised capital of the corporation was N676.2 million ($46 million) while it recorded premium income of N514.5 million (N3.5 million) at the end of the financial year.

He urged the company’s shareholders to consider beefing up the corporation’s capital base with capital of up to N36.75 billion ($250 million) in 2011and N73.5 billion ($500 million) in 2015 as recommended at its last meeting held in Kigali Rwanda.

He noted that the first ended financial year 2008 was a difficult one, adding that the effects of the global economic crisis could be grievous on the insurance sector if it persists and that there was need for the African Reinsurance Corporation to come up with measures to mitigate the impact.

According to him, “indeed at time when the economic and financial crisis which many believed would spare African due to its marginalisation in the world economy, is still impacting more severely on the poorest regions of the globe and economic operators, the insurance sector, despite its sound financial base could be shaken if the recession continues.

“Indeed, after the failure of a major global merchant bank and the near collapse of a would insurance group, no player irrespective of is geographical and financial size, can feel totally safe from this economic disorder.”

The chairman charged that African Re must extend its marketing network and physical presence to more African territories by completing the projects to establish offices in Luanda (Angola), Addis Ababa (Ethiopia) before embarking on new ones.

Currently, the corporation has presence in seven counties namely Casabalanca Nairobi, Abidjan, Johnannesburg, Mauritius, Cairo and Lagos.

“The corporation shall ensure a better diversification of its portfolio by cautiously stretching into the Middle East and Asia, as well as undertaking to promote more “grassroots” products so as fulfill its “social mission” of developing the insurance and reinsurance industry on the African continent, mainly through weather insurance and micro-insurance projects, which it is already fine-tuning in collaboration with other key players, he canvassed.

Earlier, the Minister of State for Finance, Mr. Remi Babalola who was a special guest of honour expressed belief that the insurance industry could and should contribute more to the economic development of the African continent and the individuals national economies.

According to the Minister, “We can deepen insurance penetration in our countries by making insurance more attractive to our peoples.

Related Topics:
Continue Reading

Business

NIMASA Commits To Creating Enabling Environment For Maritime Business 

Published

7 days ago

on

March 5, 2025

By

The Nigerian Maritime Administration and Safety Agency (NIMASA) has affirmed that it is taking strategic steps to enhance local participation and encourage investment in the maritime sector under the supervision of the Ministry of Marine and Blue Economy.
The Director General of NIMASA, Dr. Dayo Mobereola, who disclosed this recently while receiving the Executive Members of the Nigerian Merchant Navy Officers and Water Transport Senior Staff Association, reaffirmed the Agency’s  commitment to fostering a level playing field and creating an enabling environment for businesses in Nigeria’s maritime sector.
Dr. Mobereola revealed that NIMASA is deepening its collaboration with the Nigerian Content Development and Monitoring Board (NCDMB) to explore policies that will boost indigenous involvement and strengthen Nigeria’s maritime sector.
“The Honourable Minister of Marine and Blue Economy is committed to encouraging indigenous players to invest more in Nigeria’s maritime industry. Issues such as national carriers and trade terms remain top priorities under this administration.
“Our focus is to create an enabling environment where private investors can thrive. In this regard, we have initiated discussions with the NCDMB and NNPC Limited to address these critical matters”, he stated.
He said NIMASA remains committed to fostering strategic partnerships that will enhance local investment, create jobs, and drive sustainable growth in the maritime sector.
In response, Comrade John Aleakhue Okpono, Secretary General of the Merchant Navy Officers and Water Transport Senior Staff Association, emphasized the need for closer collaboration between NIMASA and the Merchant Navy.
He also urged the Agency to review waiver clauses to ensure more opportunities for Nigerian seafarers.
Stories by Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

FG Inaugurates Special Committee Against Boat Accident 

Published

7 days ago

on

March 5, 2025

By

Towards enhancing safety on Nigeria’s inland waterways, the Federal Government, through the Minister of Marine and Blue Economy, Adegboyega Oyetola, has inaugurated a Special Committee on the Prevention of Boat Mishaps in Nigeria.
According to a statement on by the spokesman, National Inland Waterways Authority (NIWA), Suleiman Makama, the event, which was held at the Ministry’s Conference Room in Abuja, confirmed crucial steps taken to address the recurring challenges of boat accidents across the country.
In his address, the Honourable Minister emphasized the urgent need to stem the tide of tragic boat mishaps, which have resulted in significant loss of lives and properties.
He described the country’s waterways as vital to commerce, transportation, and livelihoods, stressing that their safety and efficiency are paramount to the development of Nigeria’s blue economy.
He noted that the establishment of this committee aligns with the 2024 International World Maritime Day theme, “Navigating the Future: Safety First”.
“The task before us is daunting, but with unwavering commitment, we can eliminate boat mishaps and ensure that our waterways remain safe, navigable, and prosperous for generations to come”, Oyetola stated.
The committee comprises key stakeholders, including state government representatives, the Association of Boat Operators in Nigeria, marine safety experts, and academics.
It will be chaired by the Managing Director of the National Inland Waterways Authority (NIWA), Mr. Bola Oyebamiji, while Mr. Adams Offie, Deputy Director of Inland Waterways at the Ministry, will serve as Secretary.
The committee is tasked with conducting an in-depth review of commercial boat operations in Nigeria, identifying the root causes of boat mishaps, and proposing sustainable solutions.
In his acceptance speech on behalf of the committee, Oyebamiji assured the Minister on the dedication of members to deliver on the assignment.
He emphasized that safety on Nigeria’s inland waterways is non-negotiable, adding that NIWA, under the leadership of the Honourable Minister, has been refocused to uphold its mandate without compromise.
Acknowledging the Honourable Minister of Marine and Blue Economy for his proactive leadership, Oyebamiji noted that the establishment of the committee represents a critical step in addressing the persistent safety challenges in inland water transport.
“This is another solution-driven initiative aimed at eliminating boat mishaps on our waterways. I assure you that the confidence reposed in this committee will not be misplaced.
“At NIWA, this is an opportunity for us to intensify our efforts in reducing marine accidents to the barest minimum. On behalf of my fellow committee members, we pledge to work diligently and with utmost focus on the assigned terms of reference.
“Safety on our inland waterways is non-negotiable. NIWA has been refocused to ensure the highest safety standards, and this committee will work diligently to address the causes of boat mishaps and find lasting solutions,” Oyebamiji said.
The committee has been tasked with evaluating the root causes of boat accidents and recommending lasting solutions to enhance safety and operational standards.
Continue Reading

Business

LASG Arrests Illegal Dredgers  … Issues Stop Work Order

Published

7 days ago

on

March 5, 2025

By

The Lagos State Government, through the Ministry of Waterfront Infrastructure Development, has launched a massive clampdown on illegal dredgers operating in the State, ordering them to stop work immediately.
This exercise, which was carried out by the officials of the Ministry of Waterfront Infrastructure Development, is aimed at curbing environmental degradation and promoting sustainable development across the waterfront schemes located across the coastal regions of the metropolis.
According to a statement, the enforcement operation, led by the Commissioner for Waterfront Infrastructure Development, Hon. Ekundayo Alebiosu, alongside members of his team, raided several illegal dredging sites which were subsequently shut down by the officials of the Ministry.
Some suspected dredging operators were arrested and a stop-work order was served on erring dredgers for non-compliance with laid-down regulations of the State Government.
Alebiosu warned the operators that failure to comply with extant laws guiding dredging activities could have dire effects and will result in severe penalties, including total closure of the sites.
Reacting to the claim that Dredgers are the major cause of environmental degradation in the state, including erosion and flooding, the Commissioner emphasised the need for dredging activities to be conducted lawfully to preserve roads, public infrastructure, and wetlands.
He explained that the State Government has vowed to streamline the activities of dredgers in the state to meet acceptable international standards.
“The Lagos State Government’s clampdown on illegal dredgers is a significant step towards protecting the environment and promoting sustainable development in the state.
“We will continue to carry out surveillance and raids across the coastal areas to ensure that the activities of a few don’t impact the lives of law-abiding citizens negatively”, Alebiosu stated.
Continue Reading

Trending