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Cornerstone Hails Insurance Best Practices

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Cornerstone Insurance has commended professional brokers and other stakeholders in the collective drive to enhance the ethics and compliance with best practices in the Nigerian Insurance Industry.

Cornerstone Insurance recorded the highest gross premium earning in its 18 years of existence underwriting N3.8 billion in 2008, in spite of the adoption of a wholly ethnical approach to insurance business.

Mr. Adedotun Sulaiman, chairman Cornerstone Insurance Plc, at the yearly general meeting of the company in Lagos recently, said the top line performance of the company was due to supports from professional brokers, corporate Nigerian, institutions, businesses operators in the formal and informal sectors and individual policy holders.

According to him, despite choosing the ethnical route and emphasising that it will not pay bribe to acquire business, the company had tremendous support and patronage from professional brokers which saw it recording its all-time high gross premium of N3.8 billion.

Sulaiman said 80 per cent of Nigeria’s insurance businesses are controlled by brokers, which underlined their importance as strategic business partners are influencing factors in the drive to reposition the Nigerian insurance industry.

He called for closer collaboration between brokers and underwriters in the country to enable the industry give the highest value to policy takers adding that all stakeholders stand to benefit in the growth of the industry.

“Cornerstone as a responsive and transparent company, will always meet its obligation to brokers and those on whose behalf they placed their insurance risk with Cornerstone”, Sulaiman said.

He assured shareholders that the Company’s definitive strategic medium term growth plan would translate into significant shareholders’ value in the years ahead.

He said the company has undertaken comprehensive renew of its process and resources and already implementing measures to realise the company’s vision of being the leading insurance-based financial services company in Nigeria. According to him, the company’s unwavering commitment to enshrining an ethical culture and promoting best business practices informed its resolve to put in place a robust governance structure, which importance in the creation of shareholder value cannot be overemphasised.

We are taking sure and steady steps, more than ever before, to take advantage of the opportunities and are confident that the prospects are bright.

We are strengthening the leadership of the business – Life, General and Financial Services and intensifying our brand reputation in line with our corporate mission to deliver value beyond the expectations of stakeholders”, Sulaiman said.

He pointed out that in spite of the recession in the financial markets, the company has maintained its focus on building the company for sustainable success and leadership.

He noted that the company was constantly engaging its customers to identify and create tailor-made solutions to meet their needs as part of efforts to deepen existing market share and break new ground.

He urged shareholders and other stakeholders to support the on-going efforts by the company to redefine Nigerian insurance practice along ethical line noting that it is possible to business successfully without engaging in unethical practices.

He added that the nature of insurance business as a long-term business also requires understanding and patience given the ups and downs that sometimes characterise investments.

He said the company’s determination to ensure prompt claim payment irrespective of the global and national macro-economic conditions and the recession in the stock market adversely affected the performance of the company in 2008.

He noted that many one-off costs such as rebranding and relocation of the head office of the company in 2008 would not reoccur and as such mitigate costs while significantly adding value to the business.

He said the board took a courageous decision to make almost full provisions for the potential loss in the market value of its investments, although the recovering trend at the stock market suggests that the potential loss is unlikely to crystallise.

Audited report and accounts of Cornerstone Insurance for the year ended December 31, 2008 showed significant improvements in the top line and bottom-line with group gross premium rising but 37 per cent from N2.7 billion in 2008. Profit before tax and diminution in value of investment jumped by 76 per cent to N678.9 million in 2008 as against N386.6 million in 2007.

A provision of N1.11 billon as diminutions in value of investments however impacted negatively on the bottom-line, leaving the company with a net loss of N419.5 million in 2008 compared with a net profit of N325 million in 2007.

Sulaiman however assured shareholders that the company would deliver better results in 2009 noting the interim reports for the first half of the year showed significant improvements.

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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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