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Old Mutual to Invest $600m in Nigeria, Others

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Old Mutual Group, a leading insurance firm in world on Thursday said it has concluded plans to invest about $600 million on expansion program in East and West Africa.

Offong Ambah, group chief executive office,  Old Mutual West Africa, disclosed this during a media briefing in Lagos, saying Nigeria is a critical part of that expansion strategy.

He said that the company was commitment to replicate in Nigeria the successes the group were known for worldwide.

He said: “The Nigerian economy is developing at a fast pace and offers significant growth opportunities. Old Mutual is seizing the opportunity to be part of this development and we are excited by its prospects.

“Old Mutual is in Nigeria as part of the group’s overall strategy to build a franchise in the West African region.

“The prospects for growth in Africa are strong due to the growing political stability and improved governance, a growing population with strong consumer demand, more workers entering the formal economy for the first time and an emerging middle class keen to protect their wealth and assets. There is also a strong domestic GDP growth in a number of countries and an underpenetrated financial services sector.”

He added that the roll out of Old Mutual Nigeria forms part of the strategic priorities of the Old Mutual group in its expansion drive in West Africa.

Ambah said the company intended to roll out a full range of products in the near future.

“We are in the final stages of acquiring a short-term insurance company (Oceanic General insurance business) which will enable us to provide a broad range of short term and life insurance products to the Nigerian market,” he said.

He noted that the objective is to work with existing insurance companies and the regulator to broaden and deepen the insurance market in Nigeria.

“This we plan to do through the introduction of innovative products, financial education and reaching out to the underserved and un-served segment of the market. A critical part of this, is tackling the scepticism of many Nigerians regarding insurance which we are addressing through the prompt settlement of claims and excellent service delivery amongst others,” said Ambah

He affirmed that Old Mutual Nigeria’s commitment to its group value, stating that it is “committed to being a customer centric company which operates responsibly, provides solutions to address the savings, protection and investment needs of its customers and is supportive of the community in which it operates by contributing positively to its development.”

With more than 168 years’ experience in Africa, Old Mutual, a leading international long-term savings, protection, banking and investment group, prides itself in its rich heritage, industry defining milestones and success in all its businesses. In line with its overall expansion strategy in East and West Africa, Old Mutual achieved another milestone with the roll out of Old Mutual Nigeria Assurance Company, following its full acquisition of majority stake in Oceanic Life from Ecobank

Old Mutual provides life assurance, asset management, banking and general insurance to more than 14 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

In the year ended 31 December 2012, the Group reported adjusted operating profit before tax of £1.6 billion (on an IFRS basis) and had £262 billion of funds under management from core operations.

Old Mutual Nigeria Assurance Company (Old Mutual Nigeria), a subsidiary of the Old Mutual group provides a range of insurance solutions tailored to meet our customers’ needs and its product offering are Group Life Assurance & Credit Life Assurance.

On distribution network, the Old Mutual boss said that the company will be establishing more branch network and would use Ecobank branches and other banks as its major channel of distribution to sell insurance.


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ALTON, Medallion, CloudFlex Back NITRA’s Innovation Forum

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More companies have indicated interest in partnering with the Nigeria Information Technology Reporters’ Association (NITRA), as the national umbrella body of ICT reporters accelerates plans towards hosting its annual Innovation Forum in Lagos.

The Association of Licensed Telecommunications Operators of Nigeria (ALTON), Medallion Communication and CloudFlex have now joined the telecoms regulatory body, the Nigerian Communications Commission (NCC) and Digital Encode as partners to the event scheduled to hold as a Webinar on October 15, 2020.

Engr. Gbenga Adebayo, chairman ALTON, while accepting to support the event reiterated how telecommunications operators are helping in the realization of financial inclusion initiative of the central bank of Nigeria (CBN).

Engr. Adebayo, at the event, will also throw more light on other ways the sector is supporting organisations outside of ICT to reposition post pandemic.

The event will discuss the need for a fortified ICT sector after the COVID-19 era. It will also test the level of preparedness of ICT stakeholders to embrace the challenge of post-pandemic economy.

This year’s theme, “Multi-stakeholder Approach To National Recovery Post-Pandemic”, is in line with the annual event’s generic theme, ‘NITRA Innovative Tech Forum’, a contribution by NITRA to the development of Information and Communication Technologies (ICTs) innovations and policies in Nigeria.

The event will also offer participating companies opportunities to publicize some of their individual efforts at contributing to reacting a soft landing or lifeline for SMEs and other ancillary companies as the pandemic threatens their survival.

Remi Adejumo, managing director, CloudFlex, will share insight into how cloud computing could assist organizations to navigate through the business challenges that have arisen due to the pandemic.

According to him, “Cloud computing offers scalability and reliability that cannot be matched by a single enterprise. Scalability with regards to expanding of the infrastructure which can be done immediately while in most organisations, this would take a 4-12 weeks endeavour.

“You can scale up or down as required. It is more reliable as the infrastructure tends to be bigger with more redundancy and it has the ability to swap out faulty parts quicker or to move away from a faulty platform smoothly with no interruption.”

CloudFlex Computing Limited, formerly Comercio Cloud Limited is Nigeria’s’ leading Enterprise local cloud service Provider. The firm is one of the top choices for Cloud Solutions and managed data services for local and global businesses with great ambitions.

The company offers Information Technology as a service (Cloud services, Co-location, Managed solutions, Backup services, Disaster Recovery etc.), and support for diverse infrastructure need by providing Industry-specific Solutions.

Medallion Communications Limited, one of Nigeria’s Interconnect exchange clearinghouses and data center operator, offering telecommunications infrastructure development and Value Added Services in Mobile Banking, Number Portability and Emergency Communications Services, will also play a big role as it gives direction to the future at the Webinar event.

A statement from the company notes that while most interconnect operators focus on only transiting of calls, Medallion’s model offers full financial settlement and reconciliation of interconnect traffic. This, it says, greatly eliminates interconnect indebtedness in the industry and leads to accurate and timely processing of interconnect charges.

The company also deploys a robust and efficient billing and settlement infrastructure that is transparent in the resolution of interconnect related billing issues, which will be one of the needs as the country expects heavy traffic both in data and call services occasioned by the need to go digital and online following the pandemic effects.


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NCC Board Chairman Alleges Threat to His life by Agents of DG

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Tonye Jaja, chairman, Governing Board of the Nigerian Copyright Commission (NCC), has raised the alarm over alleged threat to his life by agents of John Asein, director general of the agency.

NCC Board Chairman Alleges Threat to His life by Agents of DG

He disclosed that an unnamed member of the NCC Governing Board had threatened his life through phone calls and SMS messages.

The Board Chairman, who made the claim in a statement, titled: “Notification of threats to my life and reputation in the line of duty as chairman of the Governing Board of the Nigerian Copyright Commission,” ‎said the development followed statements he submitted to the Code of Conduct Bureau and the Independent Corrupt Practices and other related offences Commission as part of ongoing investigations into allegations against Asein. ‎

According to Jaja, Asein is being investigated over alleged conflict of interest and abuse of office, among other offences.

The chairman of the NCC Governing Board also alleged that Asein and his agents have vowed to destroy his reputation through publications in the media.

The statement read: “Yesterday, I received a verbal threat during a telephone call and an SMS from one member of the Governing Board of the Nigerian Copyright (NCC).‎

“In a nutshell, he threatened that he will use online newspapers and other means to disgrace me and rubbish my reputation.

“His annoyance and threats is not an isolated incident, it is part of a coordinated onslaught of threats, publications of propaganda and other acts of reprisal targetted against me in my capacity as the Chairman of the Governing Board of the Nigerian Copyright Commission (NCC).

“The persons behind this have gone to the illegal extent of forging certain documents and leaking government official documents to Online newspapers in their desperate attempts at smearing my hard earned reputation.

“The Office of the Inspector-General of Police is currently investigating one of such incidences.

“All this smear campaign is because I ‎was invited by the Code of Conduct Bureau and the ICPC as part of their investigation of Mr John Asein the Director-General of the Nigerian Copyright Commission (NCC) whom they are investigating for allegations of conflict of interest and abuse of office, etc.

“‎As a responsible and law-abiding citizen,  who could not disobey the invitation of the ICPC and the Code of Conduct Bureau, I went to the High Court of the Federal Capital Territory (FCT) and deposed to an affidavit to confirm the veracity of the written and oral statements that I submitted to the Code of Conduct Bureau.

“Instead of these persons to apply the same steps of going before the High Court of the Federal Capital Territory (FCT) or any other court of Justice in Nigeria to swear an affidavit and oath on the pain of perjury, in support of any statements they are making, they have resorted to peddling fake news, falsehood and false, unsubstantiated allegations through the pages of online newspapers and other social media platforms.

“In recent times, their anger and onslaught has intensified because their attempts to “kill” and “bury” the investigations proved abortive considering that the ICPC, the EFCC and the Code of Conduct Bureau continued with the investigations which they had previously in an online newspaper described as the petition against Mr. John Asein as jokers.’”

The Governing Board Chairman added that anybody who is sincerely interested in knowing and verifying the truth of the allegations against Asein can make Freedom of Information requests to the Department of State Services, ‎Chairman of the ICPC,‎ Chairman of the Code of Conduct Bureau, Acting Chairman of the Economic and Financial Crimes Commission and Inspector-General of Police through the Assistant Inspector General of Police in Charge of the Federal Investigations Bureau.

 


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Health Plus Accuses Foreign Firm of Attempt to Fraudulently Takeover Business

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Health Plus, a pharmaceutical company, has accused Alta Semper Capital, a foreign private equity firm (PEF), of a fraudulent attempt to take over its business.

Health Plus Accuses Foreign Firm of Attempt to Fraudulently Takeover Business

In a rejoinder to a press release earlier issued by the PEF, Health Plus dismissed the appointment of Chidi Okoro as chief transformation officer and the claim that Olubukunola Adewunmi George, chief executive officer, remains a director and shareholder

Health Plus stated that it entered into a five-year partnership with Alta Semper Capital in 2018 to inject fresh capital to further grow the business.

George, the rejoinder stated, was prepared to give PEF a controlling stake in order for them to realise their investment.

However, it added, PEF started working of schemes aimed at taking over the business after seeing the vastness of the Nigerian market.

PEF, according to Health Plus, deliberately starved the company of funds, neglected its obligations to the business, appointed Okoro as CTO and was running the company in utter disregard for George’s wishes.

The Chairman of the Board of Directors was said to have resigned two days ago while another director resigned five weeks ago over the debilitating effect of the impasse on the company.

The rejoinder stated that George had, in May 2020, instituted a suit at the Federal High Court (FHC/L/CS/609/2020) seeking to stop HealthPlus Africa Holdings Limited (the investment vehicle used by Alta Semper Capital and which they control) and their nominee directors from continuing to run and manage the company with disregard to her interests as a member of the Company.

After being served the court summons, PEF appealed for a mediation of the crisis outside court, a process frustrated after three meetings in three months.

Alta Semper thereafter filed an arbitration claim in England.

“Alta Semper’s latest actions, including the arbitration claim that it has now filed, constitute a serious affront to the authority of the Court seised of the suit, a desecration of the integrity of the Nigerian judicial system and a gross violation of Nigeria’s extant legislation.

“The General Public, the Pharmacists Council of Nigeria, our Staff, loyal Customers, Vendors, Landlords, Bankers and all Stakeholders are advised to totally disregard and ignore the earlier unauthorised Press Release from those who have no real stake in the Company, its employees or Nigeria.

“Mrs. Bukky George remains the Founder & CEO of the Company and is focused on preserving and growing this national treasure,” the rejoinder read.

 

 

 


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