Author: JUSTINA EMMANUEL OKPARA

AMCON: Josepdam not indebted to us

JUSTINA EMMANUEL OKPARA

Following the successful liquidation of its indebtedness, the Asset Management Corporation of Nigeria (AMCON) has declared Josepdam & Sons Limited and Josepdam Sugar Company Limited free of any debt obligation to the Corporation. A letter to this effect sighted by our correspondent revealed that the concerned obligors had defrayed the total outstanding balance put at N18.783 billion. Recall that a section of the media had recently been erroneously listing Josepdam alongside other obligors that are yet to liquidate their indebtedness to the Corporation.  The said publication also alleged that Mrs.…

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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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‘I Slept With My Son To Give My Husband A Child’

Admin

It sounds abominable in every sense of the word that a woman would sleep with her own biological son just to test her fertility after failing to get pregnant for her husband in her second marriage. But that was exactly the case with Matina Agawua, a native of Yelwata, a remote settlement in Nasarawa State. She slept with the son she had from her first marriage to please her new husband who was threatening an end to their relationship if she would not conceive a baby. Matina, who lost her…

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Abba Kyari Takes FG To Court Over Illegal Detention

Admin

The embattled Deputy Commissioner of Police, DCP, Abba Kyari, has dragged the Federal Government before a Federal High Court in Abuja challenging his continued detention by the National Drug Law Enforcement Agency (NDLEA). The embattled law enforcement officer, in a suit marked FHC/ABJ/CS/182/22 is seeking an order of court to immediately release him. Similarly, in the alternative, the suspended DCP, being held by the NDLEA over his alleged involvement in hard drug trafficking wants the court to admit him to bail in liberal conditions. Justice Inyang Eden Ekwo is expected…

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*Between Et Tu and Ètùtù* All For Tinubu’s Judases

Sam Omatseye

By Sam Omatseye Jan 24, 2022 ‘To be trusted is a greater compliment than to be loved,” George MacDonald.’ Some commentaries in the past two weeks about why some Asiwaju Bola Tinubu’s associates are looking the other way have reminded me of childhood. As a little boy, my father Moses was lost in the ecstasy of My Early life, Chief Obafemi Awolowo’s autobiography. Every evening while he clutched and read that cannon of book, he belched out his praises like a soulful incantation, like a man in a rally of…

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Group Life: The Sour Side Of A Relief Package

Admin

Nigerian workers have been known to withstand the poorest working conditions in their workplaces. Based on the need to to sustain themselves and family members, some have had to go through very gruesome experience to remain in their jobs amid meagre payment. Amid these agonies, poor implementation of the group life insurance cover further puts the family in more pains in the event of death SUNDAY OJEME reports In the last 13 years of the country’s democratic government, not much has changed for Nigerian workers in terms of welfare. Except…

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