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2019: Insurers to Seek More Relevance in National Economy

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Insurance - Investors King
  • 2019: Insurers to Seek More Relevance in National Economy

The Chartered Insurance Institute of Nigeria has said it will collaborate with other stakeholders in the sector to ensure more relevance in the national economy in 2019.

In a statement, the President, CIIN, Mr Eddie Efekoha, said this while delivering his New Year message to members.

He said, “As you will recall, the theme of my presidency is focused on ‘advancing insurance education and professionalism’. We have joined hands with all the stakeholders in the insurance industry to explore all avenues to reposition our industry for greater relevance in the nation’s economy by advocating for ethical practice and constant professional development.

“This is consistent with our mission to provide world-class manpower with the highest standard of professional and ethical training for operating effectively and efficiently in the Nigerian and international business environment.”

While stating that the institute would be 60 years in 2019, he noted that it was a year of reflection on the institute’s journey through the years and its evolution as the premier professional body in Nigeria.

“As a body, we are committed to the growth of the insurance industry and will not relent in our contribution to promoting the insurance industry agenda,” he said.

Efekoha said that 2019 would likely throw up a lot of interesting challenges as it was an election year.

Nevertheless, he added, there would still be a lot of risk elements for insurance outfits to take advantage of.

He stated, “My advice to you, our esteemed members, is to seize the initiative and explore as well as exploit all areas of business generation that the year will present in various forms. Creativity must come to the fore in offering products and services to your target audience. Most importantly, we must embrace professionalism and best practices and also uphold the institute’s ethics and values in the course of our business dealings in 2019.

“It is my hope that as stakeholders, we will continue to lift the institute higher by actively participating to make the institute’s programmes and activities in 2019 more successful than the previous year.”

The president thanked the members for their contributions and participation in the institute’s programmes during the past year with special reference to the professionals’ forum, education seminar, the graduation ceremonies of both the institute and the Centre for Insurance and Financial Management Studies, the fitness walk, the Ramadan Tafsir and the annual Christmas Carol.

“The successes recorded in all these programmes were due to the support and cooperation of members of the Institute for which we are immensely grateful,” he said.

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

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Are There Better Ways to Help Consumers Tackle Social and Environmental Problems?

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Consumers - Investors King

Techniques used by online microfinance platforms to spur user involvement could be useful in helping organisations to persuade people to behave in ways that benefit both society and environment.

Microfinance platforms have popularised the idea that ordinary people can become bankers to the poor. Communities of lenders get together every day to crowdfund microloans to disadvantaged micro-entrepreneurs by investing small sums of around only 25 dollars.

A new study digs into the universe of these microloan platforms to investigate how they manage to attract investors and perpetuate their enthusiasm for responding to social problems such as poverty.

Researchers from the Universities of Birmingham and Southern Denmark have identified two major ways through which platforms maintain and potentiate lending. Their findings are published in the Journal of Consumer Research.

Firstly, the platforms assemble resources that function as an ‘apparatus of affirmation’ – providing first-hand evidence of impact that help consumers imagine the benefits of their actions, thereby creating a sense of empowerment.

Secondly, the platforms translate complex and distant social problems, such as poverty, into personal encounters between lenders and borrowers – creating a sense of connection and familiarity via photographs, stories and loan updates. This set of techniques is theorised as the ‘apparatus of relatability’.

Co-author Dr Pilar Rojas-Gaviria, Lecturer in Marketing at the University of Birmingham, comments: “Organisations such as microlending platforms, which strive to mobilise responsible consumers, face two key challenges – overcoming the powerlessness felt when facing daunting problems, and removing a sense of disconnection from ‘faraway’ problems.

“Supplementing the power of ideas and knowledge with personal stories that inspire hope and aspiration, affinity and connection are powerful techniques that could be useful in inspiring consumers to more actively participate in efforts to tackle social and environmental problems, such as climate change.”

Through storytelling, imagery, platform design and communication, the researchers note that online microlending platforms nurture a feeling that genuine change is possible through affordable actions. They also develop a sense of affinity and empathy among potential investors with aspiring micro-entrepreneurs, particularly those from Low-and Middle-income Countries (LMIC).

For example, the platforms publish loan requests to showcase individual borrowers with first names, photographs, and short biographies. This personalised strategy effectively frames microlending as a virtual encounter with a borrower and their story of micro-entrepreneurship. Celebrities, such as actor Natalie Portman, have over the past years helped the microfinance industry to promote microloans as an act of hope that empowers resourceful poor in their efforts to escape poverty.

Co-author Domen Bajde, from the University of Southern Denmark comments: “The advent of online microlending has expanded the pool of potential investors to anyone with internet access and $25 to spare.

“After learning that lenders were more interested in ’emotional returns’ rather than financial profit from their loans, platforms began to dramatise microlending as an act of aspirational hope and affinity toward the entrepreneurial poor.”

The research is also significant for charitable giving, noting that donors are more likely to contribute when they see their donations as a way of empowering the disadvantaged and when donations are experienced as impactful investments.

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Tunde Hassan-Odukale is FBN Holdings Largest Shareholder, Not Femi Otedola, FBN Holdings Clarifies

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Tunde Hassan Odukale - Investors King

In response to the questions asked by the Nigerian Exchange Limited (NGX), FBN Holdings has said Mr. Tunde Hassan-Odukale, a Director of First Bank of Nigeria Limited is FBN Holdings Plc’s largest shareholder and not billionaire Femi Otedola.

In a statement signed by Seye Kosoko, Company Secretary, FBN Holdings Plc and released via the Nigerian Exchange Limited on Wednesday, Mr. Tunde Hassan-Odukale directly holds 26,231,887 shares or 0.07 percent.

However, his indirect holdings stood at 1,897,280,212 shares or 5.29 percent of FBN Holdings’ total issued shares.

Breaking down Mr. Tunde Hassan-Odukale indirect holdings, the director holds 755,959,459 or 2.11 percent shares through Leadway Assurance Company Ltd.

Another 486,605,478 shares or 1.36 percent via ZPC/Leadway Assurance Prem & Inv Coll Acct. He acquired 0.04 percent or 13,229,148 shares through Haskal Holdings Ltd. Mr. Hassan-Odukale also purchased 1,004,528 shares through Leadway Capital & Trust Ltd.

He then bought 112,552 shares through LAC Investments Ltd; 112,237 through Leadway Properties & Investment Ltd; 211,290,798 or 0.59 percent via Leadway Holdings (Holdco); 53,771,413 or 0.15 percent through OHO Investment and finally acquired 375,194,599 or 1.05 percent through Leadway Pensure PFA.

Therefore, Mr. Tunde Hassan-Odukale direct and indirect holdings in FBN Holdings Plc stood at 26,231,887 or 0.07 percent and 1,897,280,212 or 5.29 percent, respectively. In totality (Direct and Indirect), he holds 1,923,512,099 or 5.36 percent shares in FBN Holdings.

This is more than the 10,000,000 or 0.03 percent shares directly owned by Mr. Olufemi Peter Otedola and another 1,808,551,625 or 5.04 percent he acquired via Calvados Global Services Limited. Mr. Otedola total stake’s in FBN Holdings now stood at 1,818,551,625 or 5.07 percent. Making him the second-largest shareholder in the company.

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Tesla’s Valuation Crosses $1 Trillion Mark After Hertz Orders 100,000 Vehicles

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Tesla Model 3 - Investors King

Price of Tesla stock rose by $115.18 or 12.66 percent on Monday after Hertz, an American car rental company based in Estero, Florida, ordered 100,000 Tesla electric vehicles in a deal worth $4.2 billion.

Four months after surviving bankruptcy, Hertz Global Holdings Inc. is strategically moving away from fuel cars to electrify its rental-car fleet.

According to Hertz, customers will be able to order Tesla Model 3 at airports and other locations in major U.S. markets and some cities in Europe starting from early November.

The announcement bolstered Tesla’s market value above $1.03 trillion before it moderated to $1.01 trillion at the close of business on Monday.

Tesla’s valuation has risen at an unusual pace since the COVID-19 outbreak. The company’s valuation jumped from $100 billion to $1 trillion in less than two years, according to data available on Dow Jones. It took Amazon, Apple and others more years to attain the same status. To put it in perspective, it took Amazon more than eight years to move from a $100 billion valuation company to $1 trillion.

Despite analysts saying Tesla is extremely overvalued and a series of price adjustments post-COVID-19 are predicted, Tesla Inc and Elon Musk, the company’s CEO and Co-founder, seem not to be slowing down.

Musk’s Tesla holdings, including vested and unvested options, were valued at around $297 billion as of Monday, October 25, 2021, according to corporate-governance data company Equilar Inc. Elon Musk’s holdings in Tesla is more than the valuation of Toyota Motor Corp., the second-largest automaker by market capitalization.

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