Continental Reinsurance Plc has announced Profit Before Tax of N2.92billion in 2015.
This represents 83.61 percent increase from N1.59billion profit reported by the company the previous year.
During the period under review, Gross premium income of the company stood at N19.7billion, up from N16.4billion in 2014.
The company’s Shareholders’ dividend payout also grew at an annual growth rate of 12% over the last five years.
Announcing this at the 29th annual general meeting of the company held in Lagos, Continental Re chairman, Nadia Fettah-Alaoui, stated: “We are pleased with our performance over the past year. I am confident that we have the right team that will continue to provide credible services to our clients.”
According to her, Continental Reinsurance currently operates from six strategic locations across Africa through a combination of regional and subsidiary offices.
She explained that although the contribution from the Lagos office grew by 10 percent year on year, its contribution to the Group constituted 54 percent of the total Non-Life business, in 2015 down from 60 percent in 2014.
This she said, reflects ongoing success in the company’s strategy to pursue growth in new territories thereby reducing concentration in the Nigerian market.
Speaking in the same vein, the Group Managing Director of the company, Dr. Femi Oyetunji, said management of the reinsurance firm had maintained a firm commitment to grow the company sustainably through volume growth, improved operational efficiencies, and development of critical skills.
According to him, “This bolsters our confidence in our optimism that we will continue to deliver top and bottom line growth on a sustained basis for our shareholders and other stakeholders.”
Oyetunji, thanked shareholders and Board members for their support adding that the company was in another challenging year, because of the poor economic performance seen in most African countries mostly due to low commodity prices and volatility from dollars interest rate.
He said in the insurance and reinsurance space, competition is steeper and that the excess capacity of Europe, the US and Asia is now targeting markets across Africa, adding that currency risk and regulatory risk have become top of mind issues.
Furthermore, he said that the Board and Management of Continental Re are finalising a strategic plan to strengthen the company, to ensure it increases its market share and continue to provide credible reinsurance security and services to clients and sustainable value to shareholders.
Continental Reinsurance also announced the second edition of the Pan-African Re/Insurance Journalism Awards. The competition, open to both English and French-speaking journalists, recognises the outstanding work of Africans who cover the insurance and reinsurance sector across the continent. It was launched in 2015. The winners of the first edition were announced during an award ceremony held in the Seychelles in April this year.
Crude Oil Dips Slightly on Friday Amid Demand Concerns
On Friday, global crude oil prices experienced a slight dip, primarily attributed to mounting concerns surrounding demand despite signs of a tightening market.
Brent crude prices edged lower, nearing $83 per barrel, following a recent uptick of 1.6% over two consecutive sessions.
Similarly, West Texas Intermediate (WTI) crude hovered around $78 per barrel. Despite the dip, market indicators suggest a relatively robust market, with US crude inventories expanding less than anticipated in the previous week.
The oil market finds itself amidst a complex dynamic, balancing optimistic signals such as reduced OPEC+ output and heightened tensions in the Middle East against persistent worries about Chinese demand, particularly as the nation grapples with economic challenges.
This delicate equilibrium has led oil futures to mirror the oscillations of broader stock markets, underscoring the interconnectedness of global economic factors.
Analysts, including Michael Tran from RBC Capital Markets LLC, highlight the recurring theme of robust oil demand juxtaposed with concerning Chinese macroeconomic data, contributing to market volatility.
Also, recent attacks on commercial shipping in the Red Sea by Houthi militants have added a risk premium to oil futures, reflecting geopolitical uncertainties beyond immediate demand-supply dynamics.
While US crude inventories saw a slight rise, they remain below seasonal averages, indicating some resilience in the market despite prevailing uncertainties.
Nigeria’s Petrol Imports Decrease by 1 Billion Litres Following Subsidy Removal
Nigeria’s monthly petrol imports declined by approximately 1 billion litres following the fuel subsidy removal by President Bola Ahmed Tinubu, the National Bureau of Statistics (NBS) reported.
The NBS findings illuminate the tangible effects of this policy shift on the country’s petroleum importation dynamics.
Prior to the subsidy removal, the NBS report delineated a consistent pattern of petrol imports with quantities ranging between 1.91 billion and 2.29 billion litres from March to May 2023.
However, in the aftermath of Tinubu’s decision, the nation witnessed a notable downturn in petrol imports, with figures plummeting to 1.64 billion litres in June, the first post-subsidy month.
This downward trend persisted in subsequent months, with July recording a further reduction to 1.45 billion litres and August witnessing a significant decline to 1.09 billion litres.
August’s import figures represented a decrease of over 1 billion litres compared to the corresponding period in 2022.
The NBS report underscores the pivotal role of the subsidy removal in reshaping Nigeria’s petrol import landscape with the Nigerian National Petroleum Company emerging as the sole importer of fuel in the current scenario.
Despite higher petrol imports in the first half of 2023 compared to the previous year, the decline in June, July, and August underscores the profound impact of subsidy removal on import dynamics, affirming the NBS’s latest findings.
Nigeria’s Oil Rig Count Soars From 11 to 30, Says NUPRC CEO
The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has announced a surge in the country’s oil rig count.
Komolafe disclosed that Nigeria’s oil rigs have escalated from 11 to 30, a substantial increase since 2011.
Attributing this surge to concerted efforts by NUPRC and other governmental stakeholders, Komolafe highlighted the importance of instilling confidence, certainty, and predictability in the oil and gas industry.
He explained the pivotal role of the recently implemented Petroleum Industry Act (PIA), which has spurred significant capital expenditure amounting to billions of dollars over the past two and a half years.
Speaking in Lagos after receiving The Sun Award, Komolafe underscored the effective discharge of NUPRC’s statutory mandate, which has contributed to the success stories witnessed in the sector.
The surge in Nigeria’s oil rig count signifies a tangible measure of vibrant activities within the upstream oil and gas sector, reflecting increased drilling activity and heightened industry dynamism.
Also, Komolafe noted that NUPRC has issued over 17 regulations aimed at enhancing certainty and predictability in industry operations, aligning with the objectives outlined in the PIA.
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