Connect with us

Markets

Universal Insurance Posts N7 Billion Shareholders Funds

Published

on

Insurance - Investors King
  • Universal Insurance Posts N7 Billion Shareholders Funds

The Universal Insurance Plc has disclosed the growth of its shareholders’ funds up to N7 billion and the company’s solvency margin increasing to N5 billion.

The Company’s Managing Director, Mr. Ben Ujoatuonu, who disclosed these, assured that with financial standing, the company is posed to meet its obligations to the clients and the insurance sector apex regulatory body, the National Insurance Commission (NAICOM).

Against the backdrop of reports suggesting financial difficulty by the company, Mr. Ujoatuonu said that the NAICOM has overseen the company’s financial report like other operating firms without raising any issue.

He recalled that last year when its financial reports for 2015 was submitted to NAICOM, the company was only directed to give all its assets titles in its name.

Further, the Managing Director explained that the company has successfully transferred all its asset titles to meet with NAICOM’s directive and is now ready for capital verification.

Apart from that the company has met with other requirements of the regulator including preparation of 2016 annual report soon be submitted. Disclosing that the company has reviewed its frame work for commencement of Risk Based Supervision model, he added that it has reviewed its operation to reflect the direction of economic developments and create a niche for itself.

Commenting on insurance practice in Nigeria, he identified as the greatest challenge the prevailing low insurance penetration in terms of patronage.

While claiming that insurance is concentrated on government and corporate businesses, he noted that little attention is given to retail market.He said following the present recession, the government lacked funds to spend resulting to non-renewal of the group life assurance of its workers for last year up till now.

He noted that government has put a lot of restrictions on spending, while corporate Nigerians reduced their assets and asked insurance companies to conceal their renewable policies.

However, he expressed optimism that micro and retail insurance remained the only way out for insurers even though there is poor disposable income among the masses.

Saying that the prevailing economic crunch constitutes a challenge to the insurance sector, but he pointed that as a way out of the problem, the company has in its strategic survival plan, penciled down micro and retail insurance.

Meanwhile, subject to NAICOM’S approval, it has concluded plans that before the end of first quarter of this year, to open four new branches in Aba, Umuahia, Warri and Kaduna.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Crude Oil

Oil Prices Slide as U.S. Crude Stockpiles Surge, Heightening Demand Concerns

Published

on

Crude oil

Oil prices declined on Thursday as concerns over demand intensified due to a larger-than-anticipated build in U.S. crude stockpiles.

Brent crude oil, against which Nigerian oil is priced, dropped by 0.5% to $83.25 a barrel while U.S. West Texas Intermediate crude oil fell by 0.3% to $78.28 a barrel.

The Energy Information Administration’s report revealed a substantial increase in U.S. crude oil stockpiles by 4.2 million barrels to 447.2 million barrels for the week ending February 23rd.

This surge surpassed analysts’ expectations and marked the fifth consecutive week of rising inventories.

While gasoline and distillate inventories witnessed a decline, concerns regarding a sluggish economy and reduced oil demand in the U.S. were amplified.

Satoru Yoshida, a commodity analyst with Rakuten Securities, highlighted that the significant stockpiles have heightened investor worries.

Moreover, the anticipation of delayed U.S. interest rate cuts further weighed on market sentiment, potentially undermining oil demand.

Traders have adjusted their expectations for rate cuts, with an easing cycle predicted to commence in June rather than March as previously anticipated.

Market participants await the U.S. personal consumption expenditures price index for insights into inflation trends, while the possibility of an extension of voluntary oil output cuts from OPEC+ looms over price dynamics, amid lingering uncertainty in the demand outlook and geopolitical tensions in the Middle East.

Continue Reading

Crude Oil

Crude Oil Shortage Threatens Dangote, Government Refineries, Minister Raises Alarm

Published

on

Dangote Refinery

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has sounded a clarion call over a looming crude oil shortage that threatens the operations of the newly inaugurated Dangote Petrochemical Refinery and government-owned refineries in Nigeria.

Addressing stakeholders at the seventh edition of the Nigeria International Energy Summit in Abuja, Minister Lokpobiri expressed concerns that unless deliberate efforts are made to increase investments and crude oil production, these refineries may struggle to obtain enough feedstock for petroleum product manufacturing.

The Dangote refinery, a colossal project spearheaded by Dangote Industries Limited, has a daily requirement of up to 650,000 barrels of crude oil, while government-owned refineries could need approximately 400,000 barrels.

However, the current pace of crude oil production and investment in Nigeria falls short of meeting these demands.

Minister Lokpobiri highlighted the need to ramp up production and attract investments in the upstream sector to ensure adequate feedstock supply for the refineries.

He emphasized the importance of efficiently utilizing Nigeria’s abundant oil and gas reserves to enhance domestic energy security and economic prosperity.

Furthermore, the minister underscored the significance of investing in energy infrastructure and transitioning towards more environmentally friendly practices to address Nigeria’s energy needs effectively.

The alarm raised by Minister Lokpobiri underscores the urgency for strategic interventions and collaborative efforts to mitigate the impending crude oil shortage and secure the future of Nigeria’s refining industry amidst evolving global energy dynamics.

Continue Reading

Energy

NNPCL Pledges End to Nigeria’s Energy Scarcity Within a Decade

Published

on

Mele Kyari - Investors King

The Nigerian National Petroleum Company Limited (NNPCL) has announced a bold initiative aimed at ending Nigeria’s persistent energy scarcity within the next decade.

Mele Kyari, the Group Chief Executive Officer of NNPCL, revealed this ambitious plan during the opening ceremony of the seventh Nigerian International Energy Summit in Abuja.

Kyari’s announcement comes as a beacon of hope for millions of Nigerians grappling with chronic power shortages and energy deficiencies.

In his statement, Kyari expressed confidence that all issues related to energy scarcity in the country would be resolved within the next 10 years.

Assuring stakeholders of NNPCL’s unwavering commitment, Kyari emphasized the company’s dedication to collaborating with partners to bridge the energy deficit gap and foster prosperity for all Nigerians.

He highlighted NNPCL’s pivotal role as a key partner to oil-producing companies in Nigeria, facilitating the divestment of international oil companies from onshore and shallow water assets in the country.

Furthermore, Kyari underscored NNPCL’s statutory mandate as the enabler of national energy security, emphasizing the importance of sustainable production from divested assets to ensure energy security for Nigerians.

In addition to addressing domestic energy challenges, NNPCL is also exploring avenues for sustainable energy investment across Africa.

Kyari revealed the company’s intention to invest in the proposed African Energy Bank, aiming to secure funding for energy projects on the continent and guarantee regional energy security.

The event, attended by prominent stakeholders including government officials and representatives from international organizations, marks a significant step towards reshaping Nigeria’s energy landscape and fostering economic development through improved energy access.

As NNPCL charts its course towards energy abundance, Nigerians remain cautiously optimistic about the prospects of a brighter energy future.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending