Month: April 2022

Nigerian Govt Officials, Microsoft Managers In Alleged $200m Bribe

Aleko Sydney

A 20-year-old employee with tech behemoth, Microsoft, has alleged that the firm is bribing clients in Nigeria as well as across the Middle East and other African countries on a massive scale. According to the whistleblower, Yasser Elabd, who published his testimony in March on the website, Lioness, the company spends more than $200 million annually on bribes and kickback schemes in Nigeria, Saudi Arabia, Qatar, Zimbabwe, and Ghana, among other countries. The report posted in rt.com quoted the employee as saying that more than half the managers and salespeople…

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FY’21: Leadway Assurance Pays N48bn Claims To Policyholders

JUSTINA EMMANUEL OKPARA

Following a five-year streak of outpacing the industry players in claims expense to its policyholders, Leadway Assurance Company Limited, Nigeria’s foremost insurer, maintained another year-on-year increase with N48 billion claims – the highest annual claims expense as of December 31, 2021. Leadway Assurance’s claims expenses for 2021 recorded a 10 per cent increase from N43.5billion in 2020 to N48 billion relative to the previous year.  The shareholder’s fund also recorded 18.8 per cent increase from N67.8 billion in 2020 to N80.6 billion in 2021, while posting a Total asset of…

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AXA Mansard Records 21% Drop In Profits

JUSTINA EMMANUEL OKPARA

Frontline underwriting firm, AXA Mansard Insurance Plc, has posted a 21 per cent drop in its profits before and after tax. According to the breakdown, the insurer recorded a four percent drop in profit before tax as well as 17 per cent drop in profit after tax, according to details from its 2021 financial report. Further details revealed that the company’s PBT went down from N6.04 billion recorded in 2020 to N5.78 billion posted in 2021, representing a four per cent drop. In the same vein, the profit after tax…

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Investors say Flutterwave’s governance issues demand an intervention

Admin

Flutterwave’s rise to startup stardom has been fueled by over $400 million from venture capitalists. When Flutterwave wanted to raise $100 million in Jan. 2021, it pitched a compelling set of metrics to investors. Its revenue had grown from $5 million to $55 million between 2018 and 2020. Gross profit was $26 million with a 48% margin. Its services were used in 20 countries, thanks to the hard work of over 270 employees. Based on these numbers (as recorded in an investor presentation seen by Quartz), the licenses it had…

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