Category: Business

MTN Nigeria Announces Issuance Of $54.2m Commercial Paper

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MTN Nigeria Communications Plc has announced a proposed issuance of N23 billion ($54.2 million) in the Nigerian capital market. A disclosure by the telco, seen by newsfieldglobal, said the Series 3 commercial notes are part of MTN Nigeria N150 billion ($353.7 million) commercial issuance programme. The disclosure by MTN Nigeria did not say when exactly the notes would be issued or their tenor. But it did mention that funds realised from the proposed issuance would go towards bolstering working capital. “The issuance is part of the company’s strategy to diversify…

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Court Freezes Another Sh400.6m Belonging To Flutterwave

JUSTINA EMMANUEL OKPARA

The High Court of Kenya has allowed the freezing of a further Sh400.6 million belonging to Nigerian fintech startup Flutterwave after the Assets Recovery Agency (ARA) linked the money to card fraud and money laundering. For the good part of this year, Flutterwave has been in constant contest with Kenyan authorities over money held in different banks alleged to have been obtained illegally. This is the second time the company in less than six months that the company’s accounts have been frozen on grounds of fraud and money laundering. In…

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AIICO Insurance grows premium by 21.4% in H1’22     

JUSTINA EMMANUEL OKPARA

AIICO Insurance Plc, foremost and most resilient insurance services provider, has announced a gross written premium (GWP) of N45.5billion in the H1 2022, up by 21.4per cent compared with N37.481billion recorded within the same of in 2021. While the company posted a growth of 21.4per cent in 2022, the group grossed N45.5billion year-on-year (y-o-y) in the first half of the year from N37billion or 21.6per cent within the period under review. The company’s unaudited results represent the firm’s performances for the interim period ended 30 June 2022. Accordingly, the company’s…

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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

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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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Group Life: The Sour Side Of A Relief Package

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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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Beer Truck Falls In Front Of Hisbah Police Office in Kano!

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There was mild drama in Kano when a Hilux truck conveying alcohol fell inside ditch close to the Hisbah office in Kumbotso Local Government area of the State. It was gathered that the truck driver sustained injuries in the incident which happened on Tuesday evening. Residents, who went to rescue occupants of the truck, were the first to discover that it was carrying alcoholic drinks. Hisbah has already packed the broken bottles as well as other crates of the alcohol. Confirming the incident, Kano State Hisbah Board, through its spokesperson,…

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