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Insurers Move to Mobilise Funds for Africa’s Risk Management

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Reinsurance market
  • Insurers Move to Mobilise Funds for Africa’s Risk Management

Africa Reinsurance Corporation says it has established Africa Re Foundation for efficient and transparent management of corporate social responsibility in the communities of its stakeholders.

In a statement, it said the Africa RE Foundation would become operational in January 2019.

“Its mission is to mobilise funds for the development of insurance industry and risk management in Africa,” it stated.

According to the statement, the foundation has a governing council, which comprises reputable insurance professionals with decades of experience, chosen from all the regions of the continent to ensure fair representation.

As part of activities, Africa Re would provide grants for capacity development and risk management solutions to member countries; raise awareness on major risks; support innovation and research in insurance risk prevention and protection; partner with academic institutions in member countries to develop risk mapping and modelling; and support training and development of young insurance professionals in Africa.

It added that it would contribute to the research and development of risk management scheme and development; promote excellence among the African insurance industry players and stakeholders; and support any other initiative that contributes to the development of the African insurance industry.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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NAFDAC Uncovers Fake Condoms in Four States, Issues Fresh Directives to Zonal Directors, State Coordinators

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The National Agency for Food and Drug Administration and Control (NAFDAC) has issued fresh directives to its Zonal Directors and State Coordinators after uncovering the unlawful sale and distribution of an unregistered condom brand named Foula Condoms in some states in Nigeria.

The agency made this known via a report from its officials in the Post-Marketing Surveillance directorate.

The officials identified Foula condoms which is packaged in sets of three, in Abakaliki, Ebonyi State, and Zango, Katsina State.

This finding was part of a risk-based post-marketing surveillance study focused on registered condom products in Nigeria.

NAFDAC revealed that these unregistered products are not labelled in English and may have side effects.

The agency further warned Nigerians to desist from the use of unauthorized and unregistered condoms as they pose great health risk for users.

NAFDAC said, “The condom is not registered by NAFDAC for use in Nigeria, and the labelling of the product is not in the English Language.

“Condoms are a proven effective barrier method that can be used as a dual-purpose method for both prevention of unintended pregnancy and protection against HIV and other sexually transmitted infections.
To be most effective, any barrier method used for contraception or preventing infection must be used correctly.”

“The purchase and use of poor-quality condoms will adversely affect every aspect of condom promotion for the prevention of unintended pregnancy and protection against HIV and other Sexually Transmitted Infections. If condoms leak or break, they cannot offer adequate protection.

“All NAFDAC zonal directors and state coordinators have been directed to carry out surveillance and mop up the unregistered products within the zones and states. Importers, distributors, retailers, healthcare professionals, and consumers are hereby advised to exercise caution and vigilance within the supply chain to avoid importing, distributing, selling, and using illegally distributed products. All medical products/ medical devices must be obtained from authorized/licensed suppliers.

The products’ authenticity and physical condition should be carefully checked. Healthcare professionals and consumers are advised to report any suspicion of the sale of substandard and falsified medicines or medical devices to the nearest NAFDAC office, at 0800-162-3322 or via email: sf.alert@nafdac.gov.ng

“Similarly, healthcare professionals and patients are also encouraged to report adverse events or side effects related to the use of medicinal products or devices to the nearest NAFDAC office or through the use of the E-reporting platforms available on the NAFDAC website www.nafdac.gov.ng or via the Med- safety application available for download on android and IOS stores or via e-mail on pharmacovigilance@nafdac.gov.ng,” the agency stated.

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BUA Foods Revenue Surges 104%, Hits N1.07 Trillion Amidst Rising Costs

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BUA Foods Plc, one of the fastest-growing food companies in West Africa, grew revenue by 104% in the period ended September 30, 2024 to N1.070 trillion from N524.48 recorded in the same period in 2023.

The company’s cost of sales also inched higher to N736.975 billion, a 116% from N349.648 billion filed in the corresponding period of 2023 while gross profit rose by 82% to N333.820 billion.

BUA Foods spent 45% more on selling and distribution expenses at N29.319 billion in the period under review from N20.273 billion.

Also, more money was spent on administration as administrative expenses jumped 84% from N7.913 billion to N14.545 billion. During the period, the company spent N43.862 billion on operating expenses, representing a 56% increase from the N28.185 billion spent in 2023.

Still, the 104% increase in revenue bolstered operating profit by 101% to N315.126 billion from N156.883 billion in 2023.

Loss due to foreign exchange fluctuation dragged on the company’s profit before income tax in the first nine months of the year as N87.961 billion was lost due to Naira devaluation to contain profit before tax at N215.657 billion.

Profit after tax increased by 91% from N105.618 billion in 2023 to N201.389 billion.

Commenting on the results, Engr. (Dr.) Ayodele Abioye, the Managing Director, said “We are thrilled to have sustained a remarkable growth trajectory, underscoring the impact of our strategy, innovative product development, and steadfast commitment to quality, even in the face of a challenging business climate.

“Revenue grew by 104% to N1.07 Trillion compared to the same period last year, while our gross profit stands at N333.8 billion, reflecting a growth of 82%. We saw the benefits of our production capacity expansion and product innovation, as we witnessed an 11% growth in aggregate volume which has further strengthened our position within the industry.

“Looking ahead, we will remain steadfast in addressing current food supply challenges by leveraging newly commercialized supply chain assets across our business divisions. We would maintain focus on driving internal efficiencies for business growth towards delivering long-term shareholder value.

“We thank our stakeholders, particularly our customers, and consumers for their love for the brand even as we continue to nourish lives.”

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Dangote Urges NNPC, Marketers to Halt Petrol Imports and Source Locally from Lagos Refinery

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Aliko Dangote - Investors King

The founder and Chief Executive of Dangote Group, Aliko Dangote, has urged the Nigerian National Petroleum Company (NNPC) and independent oil marketers in Nigeria to halt petrol imports and source the product from his Lagos refinery.

Dangote made this appeal on Tuesday at the State House, Abuja, while addressing Nigeria’s fuel scarcity issue after a meeting with President Bola Tinubu.

According to the business mogul, the country should not rely on petrol imports when his refinery has over 500 million litres in storage.

Investors King reported that oil dealers in Nigeria resumed importing petrol from abroad, claiming Dangote’s refinery could not meet demand. The marketers said they turned to foreign refiners to avert fuel shortages.

During the press briefing at the State House, however, Dangote emphasized that he should not be blamed for the scarcity or the long queues at petrol stations, as he is only a producer, not a retailer.

Dangote revealed that the NNPC’s reluctance to buy from his refinery costs him money daily.

He explained, “We are producers. I have a refinery. I’m not in the business of retail. If I were, then you could hold me responsible. But what I’m saying is that the retailers should please come forward and pick up the supply. If they don’t, what do you expect me to do? There is nothing I can do.”

“I expect either the NNPC or marketers to stop importing and collect the supply we have here. Keeping millions of litres in storage costs me daily,” Dangote added.

Fuel scarcity has plagued Nigeria since Bola Tinubu announced the end of the fuel subsidy upon assuming office. Despite the establishment of Dangote Refinery in Lagos, Nigerians hoped that petrol scarcity would soon be a thing of the past. While the refinery promised 650,000 barrels per day, the problem persists with no end in sight.

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