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2008: Mutual Assurance Records N3.6bn Gross Premium

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Mutual Benefit Assurance Plc, one of the capitalised insurance firms in the country has recorded 64.28 per cent growth in the year ended December 31, 2008.
In a statement released by NSE at the weekend, audited result of the company showed a gross premium of N3.6 billion in the comparable period of 2007, representing an increase of 64.28 per cent.
The company’s loss after tax stood at N1.5 billion compared with profit after tax of N1.03 billion in 2007.
Mutual had recorded 48.14 per cent growth in gross premium during the first quarter ended March 31, 2009.
The unaudited result of that company showed a gross premium of N925.9 million as against N625 million in the comparable period of 2008, representing an increase of 48.14 per cent.
Profit after tax rose by 25.85 per cent from N259.3 million in 2009.
The company has also posted a 500 per cent increase in net earnings for the half-year ended December 31, 2008.
The audited report of the company for the half-year ended showed a profit after tax of N450 million as against N75 million recorded in the corresponding period of 2007, representing an increase of 500 per cent.
Gross premium also rose from N55 million in 2007 to N958 million in 2008 representing an increase of 73 per cent while shareholders fund moved from N2.05 billion to N6.1 billion which accounted for 194 per cent.
The Managing Director of the company. Mr Akin Ogunbiyi, noted that the company was looking inwards interms of its wealth of experience in human capital, information technology and other profiles of the company to actually take insurance to the peak of the nation’s economy.
Ogunbiyi, hinted that the company was also looking at collaboration and strategic alliances with other teams in other key sectors to help move it forward.
He said the company leveraged on its balance sheet to take foreign facilities to the tune of $25 million to get franchise from China to commence the assemblage of brand cars in Nigeria which according to him, is solid and tested cars.
He noted that whatever is generated from business will add to the bottom line not only in terms of profit but also in terms of direct premium for Mutual Benefit.
Ogunbiyi said that the company in the next two months will be unveiling about 100 buses to support the BRT in Lagos State. According to him, the insurance firm will be supporting the Nigeria Union of Road Transport Workers (NURTW) with about N750 million to buy the new buses even as the company plans to support the scheme with a minimum of 1000 buses by next year.

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USTR Criticises Nigeria’s Import Ban On Agriculture, Others

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The United States Trade Representative (USTR) has criticised Nigeria’s import ban on 25 categories of goods, claiming that the restrictions limit market access for American exporters.
This is the effect of President Donald Trump’s tariffs introduction on goods entering the United States, with Nigeria facing a 14 per cent duty.
The USTR highlighted the impact of Nigeria’s import ban on various sectors, particularly agriculture, pharmaceuticals, beverages, and consumer goods.
The restrictions affect items such as beef, pork, poultry, fruit juices, medicaments, and alcoholic beverages, which the United States sees as significant barriers to trade.
The agency argues that these limitations reduce export opportunities for United States businesses and lead to lost revenue.
“Nigeria’s import ban on 25 different product categories impacts United States exporters, particularly in agriculture, pharmaceuticals, beverages, and consumer goods.
“Restrictions on items like beef, pork, poultry, fruit juices, medicaments, and spirits limit United States market access and reduce export opportunities.
“These policies create significant trade barriers that lead to lost revenue for United States businesses looking to expand in the Nigerian market”, the agency said .
In 2016, Nigeria implemented the ban on these 25 items as part of efforts to control imports and stimulate local production.
Some of the banned items include poultry, pork, refined vegetable oil, sugar, cocoa products, spaghetti, beer, and certain medicines.
On March 26, 2025, the  Federal Government also announced plans to halt solar panel imports to encourage local manufacturing as part of its push for clean energy.

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Expert Seeks Cooperative-Driven Investments In Agriculture 

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A leading agribusiness strategist and digital agriculture expert, Ayo Oluwa Okediji, has sought cooperative-driven investments in sustaining growth of poultry industry in Nigeria.
He said the poultry industry was at a defining moment and requires urgent structural reforms to secure its future and ensure long-term sustainability.
Speaking on the theme, “Strengthening Poultry Farming Through Cooperative Synergy and Strategic Investments”, at the recently concluded Oyo Mega Poultry Workshop 2025 in Ibadan, Okediji called on poultry farmers, cooperative leaders, financial institutions and policy makers to rethink the existing structure of the poultry sector.
He stressed the need to transition from fragmented, individually-driven operations to well-structured, cooperative-led enterprises capable of attracting sustainable financing and securing long-term viability.
He said, “Our poultry sector cannot thrive on individual effort alone. We need to organise ourselves into cooperative clusters, build strong governance systems and position ourselves to attract the level of investment needed to sustain this industry beyond this generation.”
Drawing on lessons from successful global cooperative models such as Rabobank in the Netherlands and Landus Cooperative in the United States, Okediji introduced the FarmClusters Poultry Model, a locally adapted solution developed by Agribusiness Dynamics Technology Limited (AgDyna), a subsidiary of AgroInfoTech Africa.
According to him, the model is currently being piloted in Oyo State in partnership with PANOY Agribusiness Limited and local poultry cooperatives.

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NACCIMA Proposes Hybrid Oil Palm Seedlings For Farmers

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The Rivers State Representative of the Nigeria Chambers of Commerce, Mines, Industries and Agriculture (NACCIMA), Mr. Erasmus Chukwundah, has urged palm oil farmers to consider hybrid seedlings for planting, if they must break even in palm oil business.
Chukwundah said this recently at the Free Oil Palm Business Climate Smart Best Management Practice/Assistance Training organized by Partnership Initiative In Niger Delta (PIND) for Palm Oil Farmers in Elele, Ikwerre Local Government Area.
The Rivers representative said until palm oil farmers begin to consider such hybrid oil palm seedlings, they may not meet up with the daily increasing demand of palm oil in the market.
According to him, the seedlings produce up to 30 bunches at once that ripen same time.
He said PIND decided to partner with Oil Palm Growers Association of Nigeria (OPGAN) to ensure that the message was received by the targeted audience.
According to him, palm oil remained a popular choice of industry operators as it could be converted to many other products such as vegetable cooking oil.
He also noted that products such as motor tyers, marine ropes and others are now gotten from the palm tree.
Chukwundah, who is the immediate past Director-General of Port Harcourt Chamber of Commerce, Mines, Industries, and Agriculture (PHCCIMA), further warned against use of unrecommended fertilisers in growing oil palms.
He noted that such practices could limit its export value or chances as the foreign marketers have a way of detecting such .
He reiterated the need for organic fertilizers, including poultry droppings, to enable them have a natural palm oil.
“People must reduce physical contact with palm oil production. That is why we are campaigning for hydrolic oil mills. The foreign markets are no longer interested in crude method of palm oil production”, he said.
Meanwhile, one of the farmers, Sonny Didia, who appreciated Chukwundah’s commitment towards the concern of farmers, appealed for an urgent need for loan opportunity with low interest rate in order to enable them beat the target.

King Onunwor

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