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FBN’s Profit Rises by 70%, Gets N3 Billion



  • FBN’s Profit Rises by 70%, Gets N3 Billion

FBNInsurance Limited has announced a Profit Before Tax (PBT) of N3.13 billion in its 2016 operations, representing 70 per cent increase compared to N1.8 billion achieved in the previous year.

But the firm’s gross premium written (GPW) dropped by four per cent from N10.3 billion in 2015 to N9.9 billion in 2016.Meanwhile, FBN General Insurance also recorded a gross premium income of N2.2 billion in its 2016 financial year, representing 17.4 per cent increase when compared to N1.8 billion achieved in the corresponding period of 2015. Its claims expenses also rose by 24 per cent from N205 million to N270 million in the year under review.

The Managing Director/Chief Executive Officer of FBNInsurance Limited, Val Ojumah, while commenting on the results, attributed the strong performance to a combination of factors including the deployment of innovative products, deeper retail penetration, robust risk management, efficient service delivery and the commitment of its staff.

According to him, “Our overall performance indicates a strong earning capacity and robust capital base to sustain future growth. For instance, our Return on Equity (RoE) improved from 18 per cent in 2015 to 29 per cent in 2016 and Return on Assets (RoA) grew from 9 per cent in 2015 to 11 per cent in 2016. Our underwriting margin also remained positive throughout the year.”

The Managing Director/Chief Executive Officer of FBN General Insurance, Bode Opadokun, said the performance is a direct reflection of shrewd management efforts at expanding her client base, excellent underwriting capabilities as well as increased customer acceptance of the brand.

According to him, insurance thrives on trust. You will agree with me that payment of claims is perhaps the best way for an insurance company to demonstrate it is worthy of the customer’s trust.

“That we paid more claims this year than the last shows our customers trust us more, and are willing to allow us bear more of the risks they would normally bear themselves. This lends credence to the widely known fact that we are not just a responsible insurer, we are responsive and committed to our policyholders’ wellbeing at all times,” he said.

According to details of the audited accounts, the company’s total assets stood at N6.1billion, an impressive 11.9 per cent increase from the N5.3billion it had last year.“In a year where economic uncertainties badly affected many company’s asset base, we were able to increase ours by almost a billion naira. This is an indication of our strength in depth arising from a solid heritage and consistent investment in quality staff,” Opadokun reiterated.Industry watchers have praised the new leadership of FBN General Insurance for such a commendable year-end result.

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.


Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others



Transcorp hotel

Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.


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Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director




Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations




FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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