SUNU Assurances Nig. Plc’s has announced a 30 per cent profit increase to N1.2 billion for the 2019 financial year.
The company recorded N914 million profit in the 2018 financial year.
L-R: Non-Executive Director, SUNU Assurances Nigeria Plc, Olanrewaju Ogunbanjo; Executive Director, Adeleke Hassan; Managing Director, Samuel Ogbodu; Company Secretary, John Akujieze; and Chief Finance Officer, Akeem Adamson during the AGM in Lagos.
Mr Kyari Bukar, Chairman of SUNU Assurances, made the announcement during a physical and virtual 33rd Annual General Meeting of the company on Friday in Lagos.
Bukar said that the achievement largely resulted from decrease in net claims, by 24 per cent.
According to him, the company recorded an improved production in terms of gross written premium, with 0.4 per cent increase to N3.060 billion in 2019, from N3.049 billion in 2018.
Also, the company’s investment income grew to N719.52 million in 2019 from N519.57 million in 2018, according to Bukar.
The chairman expressed satisfaction that in spite of numerous challenges facing the company, it was able to achieve a modest result in the 2019 financial year.
He listed the challenges to include
bond debt with its attendant huge finance cost and the National Insurance Commission (NAICOM) previous penalty on offshore transactions which would have a yearly payment of N86.6 million until 2021.
“During the year, we were able to increase significantly our processes through improved operating efficiency, optimising our current assets and improving operating efficiency which is part of our strategy.
“We also seek to create further value by developing the opportunities embedded in our existing operations which present the most attractive options for growth.
“We are always looking beyond our current operations for sustainable growth opportunities.
“Going forward, we shall strive to operate our business with a sharp focus on efficiency, transparency and sustainable cost improvements,” he said.
According to him, the company has effected some changes e which include implementation of new operating procedures to strengthen internal capabilities and prevent leakages.
“I have no doubt that the future will bring many new opportunities and challenges, but we have learnt that, by focusing on running safe and efficient operations, maintaining our costs and managing our strategic objectives, we will continue to succeed,” he said.
Bukar also shed light on the new minimum paid-up capital requirements of insurance companies by NAICOM.
He said: “The shareholders at its Extraordinary General Meeting (EGM) held in March 2020 unanimously approved the resolutions put forward for the recapitalisation of the company including but not limited to the cancellation of four existing ordinary shares out of every five ordinary shares held by members of the company.
“The total number of issued ordinary shares post the reconstruction exercise would be 2.8 billion ordinary shares while 11.2 billion ordinary shares were cancelled and unissued.
“The company has obtained approvals for the completion of the share reconstruction exercise and conversion of the bond debt to equity.
“Similarly, the Federal High Court, Lagos sanctioned the company’s application for the confirmation of the reduction of the issued share capital of the company as required by Section 106 of CAMA.
“The final approval of Securities and Exchange Commission and the Nigeria Stock Exchange is currently being awaited to complete the exercise and credit the CSCS accounts of shareholders.”
Bukar hoped that by Dec. 31, 2020, SUNU Assurance would have satisfied the newly required minimum paid-up capital of N5 billion.
“In addition, conscious efforts would be made to achieve the required minimum paid-up capital of N1O billion by Sept. 30, 2021, through the Rights Issue exercise as approved by the shareholders at the last Extraordinary General Meeting.”
Edited By: Tayo Ikujuni/Ijeoma Popoola (NAN)https://nnn.ng/sunu-assurances-declares-n1-2bn-profit/
Newborn safely delivered under Ajah bridge
The Lagos State Emergency Managment Agency (LASEMA) has said that its ambulance team at Eti-osa delivered Ms Blessing Emmanuel, a 35 year-old woman of a live male baby.
Dr Olufemi Damilola Oke-Osanyintolu,
LASEMA, told Newsmen on Saturday that the baby was delivered at about 4:30 p.m under the Ajah Bridge.
”The lady, who has no home nor family in Lagos, is from Cross River State.
”Mother and baby are fine and have been taken to Island Maternity where they will get expert care,” Oke-Osanyintolu said.
Edited By: Ifeyinwa Omowole
NCDC records 189 new COVID-19 cases, total now 57,145
The NCDC made this known on its official twitter handle on Saturday.
“As at Sept. 19, 2020, 189 new confirmed cases and one death was recorded in Nigeria.
“Till date, 57,145 cases have been confirmed, 48,431 cases have been discharged and 1,095 deaths have been recorded in 36 states and the Federal Capital Territory,” it said.
The agency stated that the 189 new infections were reported from 15 states of the federation.
“Lagos (70), Plateau (37), FCT (24), Kaduna (19), Rivers (12), Oyo (5), Ogun (4), Ebonyi (3), Katsina (3), Ondo (3), Osun (3), Imo (2), Yobe (2), Ekiti (1), Nasarawa (1),” it said.
The agency said that cloth masks provide protection when properly worn and cared for.
“Wear mask covering your nose and mouth, handle mask with clean hands and wash cloth face masks after each use.
“MaskOnNaija with other preventive measures. Learn how to make your own face mask: covid19.ncdc.gov.ng/media/files/DI… ,” it advised.
“TakeResponsibility and adhere to all non pharmaceutical preventive measures of COVID-19 if you must travel,“ it said.
Edited By: Tayo Ikujini/Sadiya Hamza
NIDO-Ghana plans webinar to mark Nigeria’s 60th independence anniversary
The Nigerians in Diaspora Organisation (NIDO), Ghana chapter, said on Saturday that it would organise a webinar as part of events to celebrate Nigeria’s sixtieth independence anniversary.
Mr Elija Iposu, Public Relations Officer of NIDO-Ghana, disclosed this in a telephone interview with the News Agency of Nigeria .
Iposu said the event would be organised by NIDO-Ghana in collaboration with a Ghana-based private firm, Diplomats Extra and Milestone Communications.
According to him, the webinar, which will hold on Oct. 2, is a virtual ceremony with Zoom ID: 742450910 and the title: ’60 years of Ghana-Nigeria diplomacy’.
Prof. Bola Akinterinwa, former Director-General Institute of International Affairs, and Amb. Bulus Lolo, former Permanent Secretary of Ministry of Foreign Affairs, Nigeria are among high-ranking personalities expected to participate in the event.
Some other expected guests are Mr Oluwaseyi Adeyemi, Publisher, Inside Watch Africa Magazine, Mr Emmanuel Bombande, UN Senior Mediation Advisor, Prof. Baflour Agyeman-Duah, former UN Special Governance Advisor and Affail Monney, President Ghana Journalists Association.
NAN reports that President Muhammadu Buhari on Sept. 16, unveiled the logo and theme for the 60th independence anniversary celebration.
He said that the celebration would be observed for a whole year, to end on Sept. 30, 2021 and would be muted due to the coronavirus pandemic.
Edited By: Emmanuel Yashim
Ekiti Deputy Gov eulogises late theatre icon, Jimoh Aliu
The Ekiti State Deputy Governor, Chief Bisi Egbeyemi, has paid tributes to the late theatre icon, Chief Jimoh Aliu.
He eulogised the late prominent artiste for using his talent in promoting arts and culture locally, nationally and internationally.
Egbeyemi, in a statement signed by his Special Assistant on media, Mr Odunayo Ogunmola, on Saturday, described the late Aliu as a worthy Ekiti Ambassador, who placed the name of the state on the global map of theatre, arts, culture and entertainment.
He described the death of the former National President of the Association of Nigeria Theatre Arts Practitioners (ANTP), as a great and monumental loss not only to Ekiti, his state of origin but also to entire Nigeria.
According to him, the late dramatist and producer exhibited the famed Ekiti virtues of honesty, integrity, hard work and good name, which the youths of nowadays must emulate.
Egbeyemi noted that the Aliu mentored many young artistes and promoted local content in the nation’s entertainment industry.
The Deputy Governor said the plays and films produced by the deceased taught moral lessons, bravery, valour, strong will, determination and self-belief in pursuit of dreams and vision.
He said that Aliu rose to stardom by hard work and perseverance, and never forgot his roots as he lived among his people throughout his lifetime.
Egbeyemi regretted that the late Aliu died at a time his wise counsel was still needed, noting that the deceased contributed his quota to the development of Ekiti State.
The Deputy Governor, while commiserating with the family and associates of the deceased, urged them to be consoled by the good life he lived and the legacies he left behind.
“Surely, the vacuum left behind by this great legend of the stage and movies will be difficult to fill owing to his sterling contributions over the years.
“This is a monumental loss not only to Ekiti, but to our entire country. Our prayers and thoughts are with the family of the deceased.”
He prayed God to grant the family the fortitude to bear the irreparable loss.
Edited By: Remi Koleoso/Felix Ajide