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Allianz Nigeria Shores up Capital Base to N18.5bn
Allianz Nigeria has announced an increase in the company’s authorized share capital from N10 billion to N18.5 billion.
This is coming on the heels of the creation of 17 billion ordinary shares, allowing Allianz Nigeria to increase its Company’s authorized share capital from N10 billion to N18.5 billion.
Team Lead, Customer Experience, Allianz Nigeria, Uti Ellu, who made this known to journalists said the shares have been issued and allotted in favour of the regional legal entity that is the holding company for Allianz Nigeria (Allianz Africa Holding GmbH).
She said the National Insurance Commission (NAICOM) has been informed of the capital inflow.
She further stated that the move to strengthen the capital base of its local operations reaffirms Allianz‘s commitment to business in Africa’s most populous nation, making Allianz Nigeria one of the very few insurers to announce compliance with the new capital regime.
She said: “As part of a wider restructuring of the business, Allianz Nigeria had in December 2020 reconstituted its shareholding to make Allianz the sole investor, and further streamlined its business operations by taking the company private, now operating as Allianz Nigeria Insurance Limited.
“Other internal changes include the appointment earlier in September 2020 of a new Managing Director, Ms Adeolu Adewumi-Zer and Executive Director, Mr Jaideep Goel to succeed outgoing executives. Rounding out the new leadership team are Mr Oyetunji Oshiyoye as Chief Customer Officer, Mr Uyi Osagie as Chief Financial Officer, Ms Abimbola Alabi as Chief People Officer and Mr Enahoro Ikhidero as Chief Technology Officer.
“In line with corporate governance and regulatory provisions, the Board of Directors in December 2020 approved the appointment of Chief Dickie Ulu, incumbent Independent Director, as the new Chairman of the Board to succeed the outgoing chairman, Mr Fola Adeola who had resigned as Board chair after half a decade of distinct service.
Noting that Mr Adeola’s absence will be felt because of his insightful guidance and wealth of experience, Ms Adewumi-Zer expressed her confidence that Chief Ulu is uniquely qualified to fill the position and steer the Board of the company through the next phase of its transformation, in line with the Allianz Group‘s ambitious growth plans for Africa.
Ms Adewumi-Zer also appealed to customers who have been experiencing challenges in routine claim settlements.
She noted that, with the restructuring of the business now completed, the focus will be to expedite settlement of all outstanding claims.
“As risk bearers, claims settlement is the core of any insurance business and we are fully awake to our obligations to all stakeholders. Our focus in 2021 will be the fulfilment of such obligations as we rebuild trust in Allianz as the top insurance brand in the world”, she added.
January 27, 2021
Femi Adesina Contradicts President, Self On Buratai, Others
The Special Adviser on Media and Publicity to President Muhammadu Buhari, Mr Femi Adesina, on Tuesday evening said it was the President who decided that “it was time to rejig the system and bring in fresh blood” by sacking the former service chiefs.
Adesina stated this in an interview on Channels Television, a comment which contradicts Buhari, who had tweeted that he accepted the resignations of the former service chiefs.
“I have also appointed new Service Chiefs to replace the retired officers:
Major-General Leo Irabor, Chief of Defence Staff; Major-General I. Attahiru, Chief of Army Staff; Rear Admiral A. Z. Gambo, Chief of Naval Staff; Air-Vice Marshal I. O. Amao, Chief of Air Staff.”
Also, in a State House press release on Tuesday afternoon, Adesina announced that “President Muhammadu Buhari has accepted the immediate resignation of the Service Chiefs, and their retirement from service.
“Those involved are the Chief of Defence Staff, General Abayomi Olonisakin; Chief of Army Staff, Lt-Gen. Tukur Buratai; Chief of Naval Staff, Vice Admiral Ibok Ekwe Ibas; and Chief of Air Staff, Air Marshal Sadique Abubakar.”
But appearing hours later on Channels Television, Adesina stated that it was the President who decided that it was time to have new service chiefs and sack the current chiefs.
He said, “I don’t think it is a matter of right or wrong. It is just a matter of doing what is best for the country at the best time. It will not be right to say one side was right or one side was wrong because the President even in the statement we issued also commended the outgoing service chiefs for their contribution to engendering a safer country.
“That shows that by and large, he was satisfied with their performances and he just felt it was time to rejig the system; have fresh energy, have fresh blood, have fresh ideas.”
The former service chiefs had refused to resign since 2017 when they clocked up the statutory years they are supposed to spend in service, even while the country was grappling with rising Boko Haram insurgency, banditry and kidnapping.
Although Buhari tweeted on Tuesday that he accepted the resignation letters of the former military chiefs, the Defence Headquarters, Abuja, had clarified in the past that the military chiefs could not resign and had to be laid off by the Commander-In-Chief – the President.
January 27, 2021
President Buhari Lauded For Reduction In Out-Of-School Children.
President Muhammadu Buhari yesterday in Abuja directed the Ministry of Humanitarian Affairs, Disaster Management and Social Development, to coordinate and lead the deployment of a national plan to address the issue of out-of-school children in the country.
Inaugurating an 18-member Presidential Steering Committee on Alternate School Programme (ASP) co-chaired by the Ministers of Humanitarian Affairs and Education, the President said it was unacceptable to see children abandoning formal school to engage in menial jobs and child labour in the markets, streets and workshops.
Buhari said the national plan to be deployed by the federal government, through the Humanitarian Affairs Ministry, would ensure a holistic and comprehensive inclusiveness of appropriate basic education for vulnerable children.
He said, ‘‘To commence this special education initiative, emphasis should be given to first provide a limited scope of subjects in Mathematics, English Language, Basic Science and Social Studies. Gradually, the initiative will be scaled up to ensure the acquisition of relevant technical skills in the process that can enable the beneficiaries to participate in gainful economic activities.
“Some United Nations agencies that report a disturbing level of out-of-school children estimated at 13 million’’.
The Humanitarian Affairs Ministry had identified the critical need to further address literacy inclusiveness, especially among these vulnerable children.
‘‘While we continue to sustain our efforts on providing formal and conventional education through the activities of the Universal Basic Education Commission under the Federal Ministry of Education, it is still a common sight to notice children abandoning formal school to become apprentices in shops, workshops and markets, whilst many others choose to loiter at markets, become cart pushers and hawkers. These are not acceptable.’’
The President also used the occasion to reiterate the commitment of the federal government to deal with key challenges of absolute poverty and propel Nigeria and Nigerians to a better way of life and development.
January 27, 2021
Today’s Major Nigerian Newspaper’s Cover Stories 27- January -2021
January 27, 2021
CBN opposes lockdown, retains interest rate at 11.5%
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria on Tuesday urged the Federal Government not to consider another round of lockdown.
CBN Governor Godwin Emefiele made this known in Abuja at the end of the first MPC meeting in 2021.
The CBN governor said the Bank will work with the fiscal authorities to revamp the economy by collaborating on policy implementation.
Emefiele also disclosed that the CBN has secured approval from President Muhammadu Buhari to restructure the Nigeria Commodity Exchange.
The CBN governor said the Bank can no longer sit back and watch unscrupulous commodity merchants hoard commodities and force the prices of commodities to be high.
According to Emefiele, the CBN owns 60 percent of the Nigeria Commodity Exchange and it will take charge of running the exchange to international standard
At the end of the meeting, Godwin Emefiele, announced that the committee unanimously agreed to retain the current monetary policy stance by leaving Monetary Policy Rate (MPR) at 11.5 percent and retain the Cash Reserves Ratio at 27.5 per cent.
Also retained are the Liquidity Ratio which was left at 30 per cent; and the Asymmetric corridor which was left at +100 and -700 basis points around the MPR.
January 26, 2021
Buhari directs minister, FIRS to release funds to NASENI
President Muhammadu Buhari has ordered the Federal Ministry of Finance, Budget and National Planning and Federal Inland Revenue Service (FIRS) to remit all funds due to the National Agency for Science and Engineering Infrastructure (NASENI) as statutorily provided in the constitution.
This is even as it has also directed the agency to fast-track industrial development across the country, setting a target for the manufacturing of a made in Nigeria helicopters.
directives at the opening of the meeting of the governing board of NASENI in Abuja, where he urged the governing board to work towards repositioning the agency in order to achieve its mandate.
Speaking in his capacity as the Chairman of the governing board of NASENI, Buhari, on the need for prompt release of funds meant for the agency said: “In order to realise its full potential, NASENI must be empowered through the provision of adequate financial, human and material resources and be given the autonomy and independence to forge international partnerships to acquire the relevant technologies for socio-economic and industrial advancement of the country.
“In this regard, I have directed the Minister of Finance, Budget and National Planning as well as the Federal Inland Revenue Services to commence remittances of funds approved by law to the agency,” he said.
The President noted that NASENI is a mechanism for stimulating linkages between science and technology academics and the industrial sector on one hand and the country’s economic and structural transformation on the other.
He said: “Under the Act establishing the agency, NASENI is to operate as an extra-ministerial department with its mono mandate institutes across the country. It is my desire that this meeting of the governing council will reposition NASENI for the realisation of its mandate as envisioned by its founders.”
Buhari in his opening remarks before the board went into closed door meeting encouraged NASENI to develop local capacity in machine building and fabrication for industrial development in the country.
He also said the agency can help Nigeria develop homegrown technology that can lead to economic development and post-covid sustainability, as nations of the world battle to survive the COVID-19 era.
Speaking earlier, the Vice Chairman of the agency, Mohammed Haruna, thanked President Buhari for his support to NASENI.
President Buhari said the agency is poised to carry out its mandate of improving science and engineering innovations that would enhance development in the country.
January 26, 2021
Those Who Burnt My House Will Run Mad In 48 Hours – Igboho
Pupular Yoruba activist, Chief Sunday Adeyemo, more commonly called Sunday Igboho, has threatened that those who burnt his house in the Soka area of Ibadan, Oyo State, would run mad in 48 hours.
Igboho noted that the attackers thought he would be at home when they burnt his house around 3am on Tuesday, but missed him.
The arsonists, on arrival at Igboho’s residence at Soka, reportedly fired gunshots indiscriminately before setting it ablaze.
This happened just five days after Igboho made good his promise that he would ensure no Fulani herders remained in Ibarapa.
A source close to Igboho said the arsonists stormed his old house around 3am, thinking he was around.
On his Twitter handle, Igboho wrote, “This happened at about 1 am today. They thought I was still in the house. I am safe and sound, my people. You can’t kill a breeze. In 48 hours, the attacker would be revealed and would run mad. I have spoken.”
January 26, 2021
Sunday Igboho reveals those responsible for burning his house
Yoruba rights activist, Sunday Igboho has said that ‘suspected arsonists’ are responsible for the fire incident at his house in Soka, Ibadan.
Reported on Tuesday morning that a property owned by of Sunday Igboho was set ablaze early Tuesday morning.
The building was his Soka residence in Ibadan, the Oyo State capital and no one has been reported injured as at press time.
Sunday Igboho became popular after his ultimatum to the Fulani in Oyo.
He accused the Northerners of masterminding abductions and killings in the state.
After the expiration of the deadline, the house and cars of the Seriki Fulani in Igangan were torched.
Igboho denied having a hand in the attack. Today’s inferno at his residence is believed to be a reprisal.
But in a tweet confirming the fire incident, the activist only blamed those he described as suspected arsonist, saying, “My house at Soka Ibadan razed down by suspected arsonists.”
January 26, 2021
Today’s Major Nigerian Newspaper’s Cover Stories 26- January -2021
January 26, 2021
FG commiserates with Sokoto government, traders over market fire
Federal Government on Monday commiserated with Sokoto State Government and traders over fire incident that recently destroyed about 9,600 shops at Shehu Shagari Modern Market popularly called New Market in Sokoto.
The News Agency of Nigeria (NAN) reports that the incident occurred on Jan. 19, with an interim report indicating that it was caused by a power surge from a nearby electric transformer.
The Chief of Staff to President Muhammadu Buhari, Prof. Ibrahim Gambari, who led the FG delegation to the state said the president was deeply concerned about the devastating effects of the inferno.
Gambari said the president sent the delegation to commiserate with the victims and state government over the tragic incident, which he described as a huge loss to the nation at large.
He said the visit was also to show solidarity with the state government and assured that FG would assist in rebuilding the market.
January 25, 2021