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Heirs Insurance, Heirs Life Delivers 5 Minutes Insurance Purchase Service To Customers

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Heirs Life Assurance- Investors King

Digital insurance companies, Heirs Insurance Limited (HIL) and Heirs Life Assurance (HLA), have confirmed that customers are now able to purchase insurance policies from their

The revolutionary, interactive websites—first of their kind in Nigeria—ensure that customers have access to quick insurance, completing transactions in minutes wherever they are, without any human intervention. This development signals the kick-off of the companies’ ambition to digitalise insurance and provide a viable alternative for customers to purchase products and request claims without delay, as well as learn more about insurance.

Niyi Onifade, MD, Heirs Life Assurance, explained that the websites were designed to remove the barrier of accessibility.

He said: “For us at Heirs Insurance and Heirs Life, our business revolves largely around satisfying our customers and we understand the important role technology plays in making that happen, as well as widening the scope of our offering to underserved markets. Presently, our websites offer a web app feature that allows customers to buy and pay for policies in just five minutes and request claims within 24 hours. This, we believe, is the ease customers truly deserve and we are glad to be pioneering that”.

Adaobi Nwakuche, Ag. MD, Heirs Insurance Limited, confirmed the companies’ stance on technology offering ease and comfort to customers.

She said: “We are delighted that customers can now purchase products via our websites. This milestone speaks to the innovation we are bringing into the insurance industry and more importantly, our commitment to our customers. Our promise of simple, quick, accessible, and reliable insurance service is closer than ever”.

The duo of Nwakuche and Onifade has repeated severally in their series of media engagements that the companies will constantly be at the intersection of technology and innovation, leveraging the power of both factors to provide for customers, well-tailored, value-adding products at affordable prices.

Heirs Insurance Limited (HIL), the general insurer, with the mandate to protect people’s properties, and specialist life insurance company, Heirs Life Assurance Limited (HLA), with a vision to provide financial security and life insurance plans for people, is positioned to become the leading Nigerian insurer leveraging digital to provide simple, quick, reliable, and accessible insurance to individuals and businesses.

With paid-up share capitals of N10billion and N8billion respectively, HIL and HLA commenced full operations with a workforce of astute and experienced professionals, and a robust financial capacity to underwrite all classes of general and life insurance businesses. The companies are supported by top-notch Reinsurers to provide second-layer security for clients’ insurance portfolios. Both companies are subsidiaries of Heirs Holdings, a pan-African investment group with a presence across 23 countries worldwide.

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Lafarge Africa Board Proposes N30.60bn Dividend, Lower Than Previous Year

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Lafarge Africa - Investors King

Lafarge Africa’s Board of Directors has recommended a dividend payout of N30.60 billion for the year ended December 2023, a reduction from the previous year’s dividend.

The proposed dividend translates to N1.90 per unit of shares and awaits approval from shareholders at the upcoming Annual General Meeting (AGM) of the company.

In a corporate announcement filed with the Nigerian Exchange Limited, Lafarge Africa disclosed that the proposed dividend is payable from the Pioneer Reserve to shareholders registered as of March 28, 2024.

Despite the lower dividend proposal, Lafarge Africa recorded an increase in revenue to N405 billion, marking an 8.6% rise from the previous year’s N373 billion.

However, the company’s post-tax profit experienced a 4.7% decline, amounting to N51.14 billion, attributed mainly to the devaluation of the naira.

Lolu Alade-Akinyemi, the Chief Executive Officer of Lafarge Africa, expressed confidence in the company’s performance despite economic challenges.

He highlighted the growth in revenue and an improved operating margin, despite pressures from inflation and currency devaluation.

Looking forward, Lafarge Africa remains optimistic about the construction sector’s growth in Nigeria, despite prevailing economic challenges.

The company aims to leverage its market opportunities while maintaining a focus on sustainability and stakeholder value.

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Merger and Acquisition

EnjoyCorp Limited Secures Strategic Acquisition of Champion Breweries Plc

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Champion Breweries

EnjoyCorp Limited, a conglomerate known for its ventures in food, beverage, and hospitality, has successfully secured a strategic acquisition deal with Heineken B.V.

The agreement entails EnjoyCorp acquiring 100% of Heineken’s shareholding in The Raysun Nigeria Company Limited, which holds an 86.5% stake in Champion Breweries Plc, a prominent regional brewer listed on the Nigerian Exchange Limited (NGX).

The transaction, subject to regulatory approvals, is anticipated to conclude in the second quarter of 2024.

Heineken will extend its support to Champion Breweries for a year post-acquisition, ensuring a seamless transition of ownership.

This acquisition marks EnjoyCorp’s strategic entry into the beverage sector, aligning with its vision of catering to the diverse tastes of the African consumer market.

By integrating Champion Breweries as an anchor subsidiary, EnjoyCorp aims to strengthen its foothold in the industry.

EnjoyCorp, known for its mission to enrich life’s moments through quality brands and sustainability, sees this acquisition as a pivotal step in its journey toward transformative growth.

With a focus on innovation and community engagement, EnjoyCorp endeavors to inspire consumers to cherish life’s moments responsibly.

The acquisition underscores EnjoyCorp’s commitment to shaping the future of the beverage industry in Africa.

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Apple’s Ambitious Electric Car Effort Comes to an End, Stock Rises

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Apple Inc. has announced the termination of its decade-long effort to develop an electric car, marking the end of one of the company’s most ambitious projects.

The decision was disclosed internally on Tuesday, surprising nearly 2,000 employees involved in the project, according to sources familiar with the matter.

Chief Operating Officer Jeff Williams and Vice President Kevin Lynch, who spearheaded the effort, informed staff that the project would wind down.

Many employees from the car team, known as the Special Projects Group, will transition to Apple’s artificial intelligence division under executive John Giannandrea, focusing on generative AI projects.

The news brought a sense of relief to investors, with Apple’s stock climbing approximately 1% to $182.63 at the close of trading in New York.

Elon Musk, CEO of Tesla Inc., also celebrated the decision, signaling approval with a post on social media.

The end of the electric car project, named Project Titan, is a significant shift for Apple, which initially aimed to produce a fully autonomous electric vehicle with advanced features.

However, the endeavor faced challenges from its inception, including leadership changes and strategic shifts.

Despite investing substantial resources and talent, Apple found itself grappling with a cooling market for electric vehicles, sluggish sales growth, and manufacturing hurdles.

The company explored various designs and tested self-driving technology extensively but ultimately struggled to achieve breakthroughs in the competitive automotive industry.

Apple’s decision underscores its strategic shift towards prioritizing generative AI projects over automotive ventures.

While the end of the electric car project marks a notable chapter in Apple’s history, it signifies the company’s adaptability and focus on areas with long-term profitability potential.

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