Business
African Reinsurance Corporation Records N3bn Profit
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.
The Nigerian Communications Satellite Limited (NIGCOMSAT), the country’s satellite operator, has called for immediate promolgation of policy action that will enable the country to harness the potentials of Artificial Intelligence (AI).
NIGCOMSAT, also warned that Nigeria risks missing out on Africa’s projected $1.2trillion share of the global AI economy by 2030.
Managing Director of NIGCOMSAT, Nkechi Egerton-Idehen, disclosed this in a statement issued at the weekend following her participation in the Meeting of the National Council for Communications, Innovation, and Digital Economy.
“Artificial intelligence is reshaping industries, economies, and societies worldwide, with projections that it will contribute up to $15.7trillion to the global economy by 2030. Africa stands to gain $1.2trillion of this if the right policies and innovations are in place”, Idehen said, citing a PricewaterhouseCoopers report.
The NIGCOMSAT MD underscored the transformative potential of AI in agriculture, highlighting its applicability in Benue State, widely regarded as Nigeria’s “food basket.”
According to her, machine learning tools could revolutionize agricultural practices by improving pest detection and optimizing planting schedules using satellite imagery.
“AI offers us the chance to not only flourish economically but also to achieve food security. However, we must ask ourselves if we are prepared to manage this technology responsibly”, she added.
Idehen also noted that internet access remains a significant barrier to AI adoption in Nigeria.
“For AI tools to be effective, basic digital infrastructure is essential. Addressing this gap must be a priority.
“AI is happening. We have the opportunity to manage this technology revolution responsibly, both in Africa and globally, through innovation and governance”, she said.
In August 2024, the Federal Ministry of Communications, Innovation, and Digital Economy released a draft National Artificial Intelligence Strategy, aiming to position Nigeria as a global leader in AI.
Corlins Walter
The Chairman of Emohua Local Government Council, Chief David Omereji, has said the council has so far spent over N1 billion for the electrification of communities in the area.
Omereji said this while addressing staff of the council at the council headquarters recently.
He said the move was part of his administration’s resolve to ensure peace and development of the LGA.
According to him, the Council spent about N29 million on monthly basis for the maintenance of the Emohua Local Vigilante group known as OSPAC, with each member being paid a stipend of N100, 000 monthly.
He diaclosed that 11 out of the 14 wards are currently enjoying electricity, while efforts are on to light-up the remaining ones.
“I also want to use this opportunity to inform the political class for purposes of records and for the understanding of the people that the Council under my watch have done more than enough”, he said .
The Emolga boss explained that all that have been achieved were through the personal effort of the Council, without support from anybody as rumoured in some quarters.
Omereji further reaveled that a number of other projects, including roads, fencing of schools, hospitals, courts premises, and reconstruction of some abandoned buildings at the Council Headquarters are being undertaken by his administration.
He enjoined the people of the area to support his administration’s drive to bring purposeful development to the LGA.
The Emohua Council boss, who reiterated his hatred for noise making, stated that his works would speak for him, and solicited the support of staff of the council and the entire people of the area.
He noted the fact that some people may not be happy with his achievements, saying that he would remain focused, while advising critics of his government to do so constructively with facts and figures.
King Onunwor
The Movement for the Survival of the Ogoni People (MOSOP) has raised some ethical questions over a Financial and Technical Services Agreement (FTSA) between Sahara Energy and West African Gas Limited (WAGL), an affiliate of the Nigerian National Petroleum Company (NNPC).
MOSOP said the agreement was not done in good faith, not in the interest of the Nigerian people, and did not follow due process.
Foremost Ogoni born activist and MOSOP leader, Fegalo Nsuke, who made this known in Abuja, weekend, described the Sahara-WAGL deal as fraudulent, deceptive and an insult on the intelligence and integrity of the Nigerian nation.
Nsuke called on President Bola Ahmed Tinubu to cancel that FTSA between Sahara Energy and WAGL, noting that the agreement is fraught with irregularities and deceptive.
“What Sahara and the NNPC did in the FTSA between Sahara and WAGL is shameful and depicts high level corruption in public service of our country.
“WAGL is an affiliate of Sahara and the NNPC. How then can Sahara go into an agreement with its own affiliate? It’s as good as going into an agreement with itself. This is deceptive and fraudulent”, Nsuke said.
He continued that “Sahara Energy is certainly not a company the Ogoni people want on their soil and we are calling on Mr. President, Bola Ahmed Tinubu, to terminate any deal between the NNPC and Sahara Energy over OML 11, and to allow for an inclusive arrangement that considers a fair treatment of the Ogoni people in the distribution of revenues from natural resource extraction on Ogoni soil.
“The last Ogoni Congress has been unequivocal on the Ogoni demand for justice and has given a clear path to resolve the three decade old conflict between all critical parties.
“It will be good to explore this path to peace and development for Ogoni and for our country”.
Nsuke accused Sahara Energy and the NNPC of frustrating the progress made by MOSOP to achieve a permanent solution to the Ogoni problem.
He urged a presidential intervention with deep consideration for a fair treatment of the Ogoni people in order to permanently address the problem.
He noted that Sahara Energy should give up on the Ogoni area to allow for an engagement in the interest of the country and the people.
Recall that MOSOP and Sagara Energy have recently been engaged in a row in what MOSOP describes as an unholy relationship between Sahara Energy and the NNPC over OML 11.
MOSOP expressly rejected Sahara Energy and called for a fair treatment of the Ogoni people in natural resource extraction in Ogoni.
It noted that Ogoni people, led by MOSOP, paid the sacrifice to take the oil from Shell, hence “the position of MOSOP must be taken into consideration in decisions relating to resumption of oil production in Ogoni”.