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WAPIC Insurance Records Profit of N1.5bn in Nine Months



  • WAPIC Insurance Records Profit of N1.5bn in Nine Months

Shareholders of Wapic Insurance Plc should expect improved returns in the current year, going by the performance of the company for the nine months ended September 30, 2016. The insurance firm announced gross written premiums of N6.406 billion, up by 13 per cent from N5.673 billion in the corresponding period of 2015.


Net underwriting income improved by 12 per cent to N3.676 billion, from N3.268 billion, while total underwriting expenses rose by 56 per cent to N1.953 billion to N3.050 billion.

Net investment and other income soared by 121 per cent from N1.488 billion to N3.282 billion, while profit before tax jumped by 1,293 per cent from N108 million to N1.508 billion in 2016.

Commenting on the results Managing Director of Wapic Insurance Plc, Yinka Adekoya, said: “Despite the macro-economic headwinds constraining growth in Nigeria and the policy challenges within both Nigeria and Ghana, we recorded N6.4 billion in Q3 2016 group gross premiums, a 13 per cent growth from Q3 2015. Our pre-tax profits also soared by 1293 per cent over the corresponding period of 2015.

We remain focused on deepening our retail distribution, improving operational efficiencies and projecting the Wapic brand in order to achieve our stated goal of regional leadership in the insurance sector.”

Giving more highlights of the company’s performance during the review period, he said the N2.1 billion paid out in claims, a 111 per cent increase in payout experience as against Q3 2015.

He added that the company got AM Best financial strength rating (FSR) of B- and issuer credit rating (ICR) of bb-, while it established a global depositary receipts(GDR) programme with Bank of New York Mellon as depositary bank, offering enhanced access to global capital markets and a measure of currency stability for shareholders.

Meanwhile, the equities market rebounded yesterday with the Nigerian Stock Exchange (NSE) All Share Index (ASI) gaining 0.12 per cent to close at 27,252.48. Similarly, market capitalisation added N11.1 billion to close at N9.4 trillion.

Performance in the market was mainly driven by bargain hunting in Tier-1 banks – Guaranty Trust Bank Plc (+1.3 per cent) and Zenith Bank Plc (+0.8 per cent). The performance was also bolstered by strong buy sentiment in Okomu Oil Palm Plc following investors’ reactions to its impressive nine months results.


CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.

Crude Oil

South Africa’s iGas, PetroSA and Strategic Fuel Fund Merge to Create South African National Petroleum Company



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The South African Department of Mineral Resources and Energy (DMRE) has announced the merger of Central Energy Fund (CEF) subsidiaries iGas, PetroSA and the Strategic Fuel Fund (SFF).

The merger will be effective from 1 April 2021 and the new company will be called the South African National Petroleum Company.

The merger, driven by the pursuit of implementing a new company that has a streamlined operating model via the development of a shared services system and a common information platform, comes a few months after cabinet approval and the confirmation that PetroSA had incurred losses of R20 billion since 2014.

Additional factors which prompted the move included the determination to strengthen PetroSA which had not had a permanent CEO in five years prior to the appointment of CEO Ishmael Poolo last and, had become majorly ungainful since its failure to secure gas for the gas-to-liquids refinery project in Mossel Bay.

While the merger deadline has been set, the portfolio committee expressed reservations to the department’s likelihood of meeting the deadline, considering the existing legislative regime, pending issues raised in the SFF and PetroSA forensic reports, as well as PetroSA’s current insolvency and liquidity challenges, the official press statement on the briefing revealed.

“South Africa’s energy sector is entering a new dawn,” said NJ Ayuk, Executive Chairman of the African Energy Chamber. “With gas discoveries off the coast and the announcement of the REIPPP programme bid window 5 and 6 on the horizon, now is the most opportune time for the merger of the CEF subsidiaries. Of course, it is not an easy task and delays may be anticipated but, this move signals a real change towards a meaningful strategy that will not only be beneficial to the DMRE but to potential investors and local development as well.”

The African Energy Chamber welcomes this move and acknowledges that this is yet another step supporting the country’s determination to restarting the engines of sustainable growth and the transformation of energy policy and infrastructure.

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Crude Oil

Crude Oil Hits $71.34 After Saudi Largest Oil Facilities Were Attacked




Brent Crude Oil Rises to $71.34 Following Missile Attack on Saudi Largest Oil Facilities

Brent crude, against which Nigerian oil is priced, jumped to $71.34 a barrel on Monday during the Asian trading session following a report that Saudi Arabia’s largest oil facilities were attacked by missiles and drones fired on Sunday by Houthi military in Yemen.

On Monday, the Saudi energy ministry said one of the world’s largest offshore oil loading facilities at Ras Tanura was attacked and a ballistic missile targeted Saudi Aramco facilities.

One of the petroleum tank areas at the Ras Tanura Port in the Eastern Region, one of the largest oil ports in the world, was attacked this morning by a drone, coming from the sea,” the ministry said in a statement released by the official Saudi Press Agency.

It also stated that shrapnel from a ballistic missile dropped near Aramco’s residential compound in Eastern Dhahran.

Such acts of sabotage do not only target the Kingdom of Saudi Arabia, but also the security and stability of energy supplies to the world, and therefore, the global economy,” a ministry spokesman said in a statement on state media.

Oil price surged because the market interpreted the occurrence as supply sabotage given Saudi is the largest OPEC producer. A decline in supply is positive for the oil industry.

However, Brent crude oil pulled back to $69.49 per barrel at 12:34 pm Nigerian time because of the $1.9 trillion stimulus packed passed in the U.S.

Market experts are projecting that the stimulus will boost the United States economy and support U.S crude oil producers in the near-term, this they expect to boost crude oil production from share and disrupt OPEC strategy.

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Crude Oil

A Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site



Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site

Two residents from the eastern city of Dhahran, Saudi Arabia, on Sunday said they heard a loud blast, but they are yet to know the cause, according to a Reuters report.

Saudi’s Eastern province is home to the kingdom’s largest crude oil production and export facilities of Saudi Aramco.

A blast in any of the facilities in that region could hurt global oil supplies and bolster oil prices above $70 per barrel in the first half of the year.

One of the residents said the explosion took place around 8:30 pm Saudi time while the other resident claimed the time was around 8:00 pm.

However, Saudi authorities are yet to confirm or respond to the story.


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