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Law Union & Rock Delists From Stock Exchange

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Following an approval by the Nigerian Stock Exchange (NSE) to delist the shares of Law Union & Rock Insurance Plc from the Exchange, the insurance company is concluding arrangements to pay N1.23 per share for every 50 kobo ordinary share to its shareholders.

The delisting from the Exchange paves way for the new investors of the company, Verod Capital Management through the Kanuri LUR SPV, to pay off existing shareholders, which completes an aspect of the takeover.

With this development, the company says it is not only forging ahead in its recapitalization plan, it is also stronger than before based on its share capital, assets, profits among others in the 2019 financial year.

The proposed transaction as contained in the TIA is expected to involve the transfer of a total of 4,296,330,500 ordinary shares of 50 kobo each of law Union held by the shareholders in consideration for a cash payment of N1.23 per share.

The Board of Law Union and Rock secured the exit payment from its new investor in the quest to get full value for the investment of shareholders of the company.

Commenting on the company’s achievement and recapitalisation plans, the Managing Director, Law Union, Ademayowa Adeduro said: “The company has concluded the process to voluntarily delist its shares form the Exchange. We filed a Certified True Copy (CTC) of Court Sanction with SEC and applied for withdrawal of registration of Law Union’s shares and delisting of the company’s share from the NSE’s main board.
“Presently, the NSE has granted us approval and the new investors can start paying shareholders the N1.23k per share and complete that aspect of the takeover”, he said.

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Insurance

CIIN Announces Second Edition Of Insurance Textbook 

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CIIN Announces Second Edition Of Insurance Textbook

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Falekulo Emerges New MD Of Nigeria Re

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Falekulo

 

Mr Olugbenga Falekulo has been appointed as the new Managing Director of Nigeria Reinsurance Corporation, as part of efforts  to ensure that the Reinsurance firm continue in its quest for transparent and accountable management of insurance in the country.

Falekulo, with over 25 years of experience spanning across the sector, said he brought his wealth of experience and professionalism to the fore.

The new Managing Director stated that he and his team are prepared to take Nigeria Re to the next level in the market.

Although he did not disclose the strategic plans the new new management have put together, he assured that Nigeria Re is taking a new dimension in the insurance industry, promising that a new era is here for the company.

He has BSc in Insurance, Masters in Business Administration, and he is also a.member of the Chartered Insurance Institute of London.

Prior to this appointment, he had worked with NICON Insurance, Great Nigeria and Continental Re. He left Continental as an Exexutive Director before in 2014 and went into his private business.

He is well travelled and has attended so many courses within and outside Nigeria. He is married with children.

Nigeria Reinsurance has Mr Mela Audu Nunghe as its Chairman, Falekulo as Managing Director/Chief Executive Officer, Mr Olusegun Ilori as Executive Director, Finance & Administration, Mr Alexander Ayoola Okoh, the Director-General of Bureau for Public Enterprises (BPE) as Non-Executive Director, and Mrs Yvonne Isichei as Non-Executive Director (Independent).

Nigeria Reinsurance was established under the Nigeria Reinsurance Corporation Act No. 49 of 1977. It commenced operations on January 1, 1978, as Nigeria’s flag reinsurer, wholly owned by the Government of the Federal Republic of Nigeria. In 2002, the Corporation was transformed from being a Federal Government wholly owned Corporation to a privatised company with the government retaining some shares. The Corporation, which has been in operation for over 40 years, is in the business of assuming risks, providing reinsurance services and risk management solutions to its clients.

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Pension Fund Assets Now N12. 7trillion, Contributors 9. 4million

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By Sola Alabadan

The pension fund assets accumulated under the Contributory Scheme in Nigeria was N12.66 trillion as at 30 June 2021, while the number of registered contributors has grown to 9.38 million, the Director General, National Pension Commission (PenCom), Aisha Dahir-Umar, said.

She stated this at the workshop organised PenCom for journalists in Lagos on Monday. The theme of the workshop was “Positioning the Pension Industry in a Post COVID Era”.

The PenCom boss also informed that President Muhammadu Buhari  has approved the payment of some outstanding pension liabilities of the Federal Government, under the CPS.
This covered payment of outstanding accrued pension rights for verified and enrolled retirees of treasury-funded MDAs that are yet to be paid their retirement benefits, and the backlog of death benefits claims due to beneficiaries of deceased employees of treasury funded MDAs.
Similarly, the President also approved the payment of 2.5 percent differential in the rate of employer pension contribution for FGN retirees and employees, which resulted from the increase in the minimum pension contribution for employers from 7.5 percent to 10 percent, in line with Section 4(1) of the Pension Reform Act (PRA) 2014, she added
She emphasised that these payments would boost the RSA balances of the beneficiaries towards better retirement benefits, while the settlement of these outstanding accrued pension rights of verified and enrolled FGN retirees would result in reversing a major challenge that has lingered since 2014.
She stressed that the commencement of payment of the reviewed monthly pension contribution rate by the Federal Government is another significant step in ensuring compliance with the PRA 2014.
According to her, the most recent technological innovation introduced by the Commission is the in-house designed and developed online Enrolment Application, which has capabilities to register, verify and enroll prospective retirees of Treasury-Funded Federal Ministries, Departments and Agencies (MDAs).
By the deployment of this new application, she pointed out that mass gathering of people has been avoided while enhancing convenience for the prospective retirees through a seamless enrolment process.
Another notable technological innovation by the Commission was the design and deployment of the Retirement Savings Account (RSA) Transfer System (RTS), which was launched in November 2020, she further stated.
The RTS is a Computer Application developed by the Commission, through which RSA holders transfer their RSAs from one Pension Fund Administrator (PFA) to another. Indeed, the activation of the RSA transfer provision, which deepens individual choices, is a major milestone in the implementation of the CPS.
The PenCom DG reassured stakeholders that the implementation of the CPS remains on course, saying that the maintenance of a consistent growth trajectory continues to justify the Commission’s overriding investment  philosophy of ensuring the safety of pension fund assets.
She added that public enlightenment and education is one of the five Strategic Focus Areas currently pursued by the Commission, lamenting that there still exists a knowledge gap on the CPS, 17 years after the pension reform in Nigeria.
Consequently, she maintained that the Commission is committed to reinvigorating its public enlightenment and education drive in order to address this challenge.
Other Strategic Focus Areas include the resolution of outstanding pension liabilities of the Federal Government; portfolio diversification of pension fund investments, improvement in customer service delivery across the pension industry and unrelenting pursuit of sustainable growth of the pension industry by expanding coverage of the CPS.

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