All Posts in "Month: March 2023"

Guinea Insurance injects N900m capital into business

By Favour Nnabugwu
Guinea Insurance Plc, one of the oldest insurance companies in Nigeria said it injected about N900 million as capital into its business in 2022 and is in the process of listing 1.8 billion shares.
The Managing Director/Chief Executive Officer of the insurance company, Mr. Ademola Abidogun disclosed this at the Nigerian Association of Insurance and Pension Editors’ (NAIPE) 2023 first quarter CEO’s Forum in Lagos.
Abidogun said the insurer has a lot of funds within its system and over N2billon cash under its management to do business.
He noted that the underwriting firm made the highest Gross Premium Written (GPI) of N1.4 billion in 2022, compared to the last ten years.
“We were also able to make underwriting profit. If you look at the statistics, Guinea insurance has consistently grown so much in its underwriting profit.
“When you check the financials, you will see that the core business of insurance is underwriting, which means; collect business, underwrite it and make profit,” he said.
According to Abidogun, the insurance company was working to improve its investment portfolio, as fund was essential to sustain a business.
The Managing director hinted that Guinea insurance’s claims payment method is one of the best in the market because the firm believes, one of the main reason for doing insurance business is to pay claims.
“If we pride ourself as one of the best in the industry in terms of claims payments, we must be able to pay claims after collecting people’s premium” Abidogun said.
According to him, while the underwriting firm had experienced some challenges few years ago in the market, it has been able to resuscitate its business between 2021 and 2022.
Abidogun noted that Guinea insurance also had to confront perception issues, because a lot of people think the insurer is a one man business, meanwhile it is a Plc with a very robust structure.
He said that the insurance firm had started business well in year 2023 in terms of production and as at February, it had done over 300 percent of what it did same time last year.
“We will be able to deliver in terms of our plans for the year. The most important thing is for an organisation to have capacity, which has to do with financials and people driving the business and we will continue to evolve,” he said.
Patoma Admin by — March 10, 2023 in Insurance 0
Global support contribute $50bn for agriculture

By Favour Nnabugwu

 

 

 

Africa’s drive to transform its agriculture and become a breadbasket continues to receive strong global support, with development partners agreeing to commit more than $50 billion to the plan barely two months after its launch.

At the recent Dakar 2 food summit organized by the Senegalese government and the African Development Bank, political leaders resolved to work tirelessly with international partners on compacts that would transform agriculture across the continent.

Among the donors are Germany, which plans to contribute $14.34 billion, and the United States, which intends to provide $5 billion. The African Development Bank aims to contribute $10 billion over five years, while the Islamic Development Bank intends to provide $7 billion.

Other donors are the European Union; the European Investment Bank (EIB); the International Fund for Agricultural Development (IFAD); the West African Development Bank; the Arab Bank for Economic Development in Africa; the French Development Agency, AFD; Ireland; the Netherlands; Switzerland and the United Kingdom

Other donors are the European Union; the European Investment Bank (EIB); the International Fund for Agricultural Development (IFAD); the West African Development Bank; the Arab Bank for Economic Development in Africa; the French Development Agency, AFD; Ireland; the Netherlands; Switzerland and the United Kingdom.

In Dakar, the leaders agreed to allocate at least 10% of public expenditure to increase funding for agriculture. They also resolved to deploy robust production packages to boost productivity and increase resilience to achieve food security and self-sufficiency.

At the just concluded AU summit in Addis Ababa, Ethiopia, African heads of state and government endorsed the outcomes, calling for global support for its immediate implementation.

In a resolution read at the end of the 36th African Union summit on Sunday in the Ethiopian capital Addis Ababa, they described the Dakar 2 Food Summit as important and timely to address rising food prices, disruption in the global food supply, and worsening of food insecurity in Africa.

Patoma Admin by — March 8, 2023 in Banking & Finance 0