Chi Limited sponsors Yoruba World Film Festival
June 30, 2008
Chi Limited, manufacturer of over 20 food and beverage brands, has pledged the company’s support for the arts and entertainment sector in Nigeria.
The pledge was made in Lagos recently during the just concluded maiden edition of the Yoruba World Film Festival (YOWFEST) organised by the Association of Nigerian Theatre Arts Practitioners (ANTP). The event featured Chi Limited as “official partner” in which capacity the company sponsored refreshment for participants at the international event, as well as a life-time achievement trophy for contributions to the arts, which was won by Ambassador Segun Olusola, founder of the African Refugees Foundation (AREF). Read more
Dana Donates Learning Materials to Schools in Lagos State
June 30, 2008
Dana Industries Limited has commenced a visit to public and private schools in Lagos State donating learning materials to them.
According to a statement from the company, the programme was kicked off with a visit by the Sun Yum team to Living Spring Montessori Primary School, Ilasamaja Primary School in Mushin, and schools around Maryland area before moving to schools in Aguda, Ifako, Owode, Ketu, and Okokomaiko in Lagos State. Read more
Nigerian Breweries Donates N.5m to Host Community
June 30, 2008
As a way of giving back to the needy, Nigerian Breweries Plc, the foremost brewering company in the Nigeria has donated food stuffs worth N500000 to the Umuezeani community in Enugu state where storm claimed some of their belongings recently.
Mr. Alex Lowther, Brewering Manager of Ama community said as he presented the food items, that the donation is a corporate social responsibility to the company’s host community as a result of the damage experienced after the storm.
Regency Alliance partners Ghanain government on oil exploration
June 30, 2008
Regency Alliance Insurance, Ghana is to partner with the Ghanaian government for the exploration, exportation and distribution oil.
Speaking during a strategic meeting with a delegation of the Ghanaian subsidiary, who visited him in Lagos, the Group Managing Director, Mr. Biyi Otegbeye, said that the parent company has been underwriting oil and gas insurance for many years, adding that the fledging Ghanaian oil industry would benefit from its wealth of experience.
Otegbeye added that some of the newly hired professionals in Ghana would be trained on oil and gas insurance in order to prepare them for the challenges ahead. According to him, “we intend to form strategic alliance with Ghana National Oil Corporation to manage the risk involved in the entire process of exploration and distribution.
He thanked the visiting team for working hard to expand the operations of the subsidiary in Ghana, noting that the company has the potential to lead the Ghanaian insurance market.
It will be recollected that the Ghanaian government recently organised a conference on how to utilise oil that was discovered in commercial quantity in the country.
Regency Alliance Insurance Ghana was among the insurance companies re-certified early this year following the conclusion of the re-capitalisation ordered by the country’s National Insurance Commission.
Many professionals were hired in Ghana to beef up the workforce as well as reposition the company. Regency Alliance Insurance, Nigeria had last year acquired Benefits Insurance Company of Ghana and renamed it to reflect the new ownership structure.
Otegbeye also hinted that the subsidiary would be listed on the Ghanaian Stock Exchange as soon as practicable. He therefore charged the management of the subsidiary to ensure that the visions of the parent’s company are carefully carried out.
He continued: “Our vision is to add value to the economies of the countries where we operate. You must therefore ensure that you do your business with this vision at the back of your mind.”
Insurers get ICT training at Workshop
June 30, 2008
An insurance technology workshop and mini exhibition (InTech) targeted at the underwriting companies to advocate the deployment of tools of Information Communication Technology (ICT) is scheduled to commence on September 4, this year at Golden Gate Restaurant, Ikoyi.
The workshop organised by Private Media Mart in conjunction with the Nigerian Insurers Association (NIA) is expected to showcase the technologies suitable for the insurance sector in the emergence insurance environment.
Addressing a press conference in Lagos on the event, the Chief Executive Officer of the company, Mr. Ejiofor Agada, said that the idea of InTech workshop is to continuously showcase the technologies suitable for the insurance sector, as well as explain the inherent advantages and features of these solutions and services to their target market.
According to him, “It is meant to be the only credible bridging channel between players in the insurance sector and technology service providers to review and learn all about insurance ICT solutions in today’s technology space. Though the sector is beginning to adopt it in its operations, the rate of deployment is slow and the sector is expected to look forward to better packages that are more robust.
He said that the presentation of these technologies would ultimately be aimed at securing the endorsement of such relevant bodies like the NIA, NAICOM and WAICA (West African Insurance Companies Association).
These ICT solutions and their applications for the 21st century insurance company will form the focus of the activities of that day, while issues to be discussed are; regulation issues and solutions in e-Insurance, enterprise solution issues in an insurance environment, security and fraud detection solutions, communication solutions for the insurance sector.
9ice Shines at Zain’s Mandela 90th Birthday Concert in London
June 30, 2008
The Nelson Mandela 90th Birthday Concert sponsored by Zain Group was a great moment for Nigerian music, when Nigeria’s MUSIC latest sensation, 9ice, took the stage right after Amy Winehouse, to thrill the over 40,000 capacity audience at Hyde Park.
9ice got the largely European audience rocking with his hit tune Konga Aso. He later expressed huge appreciation to Celtel Nigeria, his sponsors to the Concert, for giving him the opportunity to play on such a big stage, with great stars and a massive audience.
The show was kicked off at 6:15 p.m. with a special appearance by Will Smith and wife, Jada Pinkett-Smith, followed by a constellation of music stars including Eddy Grant, Amy Winehouse, Sugarbabes, Suzanna Owiyo, Sipho Mabuze, Johnny Clegg, The Children of Agape Choir, Loyiso, Leona Lewis, and Emmanuel Jal, a former child soldier turned Reggae musician. The wonderful Soweto Gospel Choir provided back up for most of the artistes, including 9ice.
The highpoint of the star-studded evening was the appearance of the celebrant, Dr. Nelson Mandela, accompanied by his wife, Graca. Mandela delivered an emotional message, in which he urged the world to unite against suffering and diseases especially HIV-Aids. He expressed appreciation to the audience for turning up in support of his 46664 Foundation.
Zain Group, the leading mobile telecommunications company in the Middle East and Africa, was the proud sponsor of the international musical celebration honouring Nelson Mandela’s 90th birthday and raising funds for his charitable work.
In keeping with its drive to promote African arts and culture, Zain, through its African subsidiary Celtel, funded several of Africa’s most famous artists who performed at last night’s prestigious event.
Zain Group CEO Dr Saad Al Barrak said: “We are very proud to be part of this event honouring Mr. Mandela, a global icon whose sacrifices for the African people are well known to all.
“This international event viewed by an estimated one billion people across the world, proves Zain’s commitment to raising the profile of African artists and their music to the global stage. The sponsorship of this event falls in line with Zain’s global ambitions and corporate social responsibility philosophy. Our participation in the concert raising funds for the Mandela Foundation demonstrates our commitment to making a positive difference to people’s lives.”
Zain also funded a number of competition winners from across Africa to fly to London and witness the spectacular concert first hand. This unique opportunity has been extended to both employees and customers from across the continent, giving a number of people from 14 markets in Africa the trip of a lifetime.
Zain also offered its customers in Africa the chance to participate in this event by sending a text message wishing Nelson Mandela a happy birthday via its mobile phone networks. All the money raised from this will be given to the Nelson Mandela Foundation to be used in its charitable work.
Law Union records impressive perfomance, plans to pay good dividend
June 30, 2008
Facts emerging from the Nigerian Stock Exchange indicate that Law Union & Rock Insurance Plc would declare a record premium income and a large dividend payout to shareholders for the financial year ended December 31 2007. The directors of Law Union have agreed a handsome reward for shareholders in appreciation of their loyalty throughout the years of restructuring and repositioning of the company by the Olumide Falohun-led management team.
The company is expected to report impressive performance in all its financial indicators for the period under review. Though company officials were coy about speaking on their financial performance on the ground that the results have not been approved by the regulatory authorities, unofficial sources said the company’s gross premium income may be up by more than 100 per cent from N1.25 billion gross premium recorded in the corresponding period of 2006. They also suggested that the company has doubled its pre-tax profit of N272.85 million recorded as at December 2006.
Experts said Law Union net premium income in the period under reference is likely to grow by more than 65 per cent against the N1.02 billion recorded in the corresponding period of 2006.
Analysts said Law Union likely improvement in all its health indicators would be consistent with its performance record in the last four years. They link the growing improvement in the performance of the company in recent years to the process upgrade and overall re-engineering programme instituted in the company in 2004. The company has posted impressive numbers following the implementation of the turnaround project.
During the year also, Law Union kept to its policy of prompt payment of valid claims to policyholders. Within the period, the company’s claims settlement rose by 17 per cent to N438.9 million from N373 million paid in the 2006 financial year, suggesting that it has an effective risk management capacity. Mr. Olumide Falohun, managing director and chief executive officer, said Law Union has an excellent track record in claims management.
With a yearly growth rate of 65 per cent in total asset base in the last four years, Law Union & Rock Insurance has stepped up significantly in premium income, profit taking and profitability, market share and overall visibility in the marketplace. For instance, the company’s gross premium income is said to have grown by about 245 per cent between 2004 and the 2007 financial year.
Law Union & Rock Insurance is owned by Nigerian individual and institutional investors. The institutional investors include Skye Bank, Consolidated Discounts Limited, and Swede Control Intertek. Law Union & Rock is one of Nigeria’s oldest insurance firms. Over the years, the company has developed a unique capability in engineering insurance, including oil and gas. By its relationship with Skye Bank, Law Union & Rock has evolved a plan to explore the mass market, using the bank’s huge branch network in the country as access points. The insurance firm is also expanding its network of branches throughout the country.
Virgin Nigeria Marks 3rd Year Anniversary
June 30, 2008
On 28th June, 2008, Virgin Nigeria Airways Limited, Nigeria’s private sector flag carrier is 3 years, having commenced flight operations with its maiden flight to London Heathrow on June 28, 2005.
Since that inaugural flight in 2005, Virgin Nigeria now flies to 15 destinations spread across international, regional and domestic routes with its entire route network cutting across 7 countries.
With an initial fleet of wet leased aircraft, Virgin Nigeria is in the process of renewing its fleet with the entry into service of its Embraer jets for regional and domestic operations. Virgin Nigeria had at the last air show in Dubai announced a firm order for 10 Embraer jets with purchase rights and options for 14 others.
LASACO Insures Lagos Street Soccer
June 30, 2008
LASACO Assurance Plc has signed a memorandum of understanding (MoU) with Lagos State Government to give insurance cover on accident liabilities to all the participants and officials that would be participating in the Lagos State Street Football Competition.
Speaking at the ceremony that took place at Villa Medici Restaurant, Victoria Island, Lagos recently, the Lagos State Commissioner for Youths and Sports, Prince Ademola Adeniji-Adele, said that Lagos State Government’s choice of LASACO was because of the good pedigree of the company as an insurer.
He disclosed that LASACO as the official insurer of the Lagos State Street Soccer Competition, had agreed to pay N100,000 claim for any serious accident and the sum of N20,000 as medical claim for minor accident or medical bill that occurred during the competition.
The Executive Director, LASACO Assurance Plc, Mr. Babajide Wright, thanked Lagos State Government for making LASACO the insurer of the competition. He affirmed that LASACO strongly believed in the capacity of the Nigerian youth as the leaders of tomorrow. “It was for this reason LASACO had agreed to cover the competitions with ten million naira worth of insurance claim,” he said.
Skye Bank Partners Ekiti to Develop the State’s Economy
June 30, 2008
Skye Bank Plc has embarked on fresh initiative towards bringing real development to the doorsteps of Ekiti people as it partnered the state’s government in its just concluded economic summit.
Mr. Kayode Akinyemi, the bank’s spokesman, who addressed newsmen at the opening of the three-day summit in Ado-Ekiti on Wednesday, disclosed that the financial institution is providing financial and advisory support to the state government to ensure purposeful and meaningful discussions at the event.
He explained that it is the determination of Skye Bank to be an embedded institution in all spheres of life in different states of the federation, including Abuja; saying this is why the management will always be ready to respond to the economic yearnings of the people notwithstanding their locations.
The bank had, barely three weeks ago, announced that it had embarked on financing the transportation project in Port Harcourt, Rivers State.
The project, which involves the financing of 100 mass transit buses, took off on Monday, June 2, 2008 with the introduction of the first 20 buses into the metropolis, which hitherto had been experiencing major transportation difficulties.
The bank has also contributed enormously to the development of the health and education sectors. It financed the building of the emergency ward for the Lagos University Teaching Hospital, while it partnered the Federal Government in its determination to make the Nigerian environment mosquito-free with Insecticide Treated Nets (ITNs) given out to several hospitals in the country.
Meanwhile, Akinyemi said the bank’s presence at the Economic Summit in Ekiti was due to the determination to give financial support to the investment needs of the stakeholders present at the event; assuring that Skye Bank is ready to give the assistance necessary to any purposeful proposals that might emanate from the summit.
The bank, he said, recently beautified the Ejigbo roundabout in Ado Ekiti, the state capital in pursuant of its community development and corporate social responsibility initiative.
He assured that the bank will continue to join hands with the state government in ensuring economic and social development of the state.
Earlier speaking, Mr. Segun Oni, the governor of the state, had explained that the aim of the summit was to accelerate economic development process in the state and thereby encourage industrialisation.
According to him, the event is just an eye-opener for investors and other stakeholders present to the abundant economic/mineral resources available in the state. The governor also assured that the state is save and conducive for investments; advising participants to tap on the economic potentials in the state.
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