Stanbic IBTC to Launch Insurance Company, Stanbic IBTC Insurance LTD
Stanbic IBTC Holdings on Friday said it has commenced the process of establishing a wholly-owned Life Insurance subsidiary company.
In a statement signed by Chidi Okezie, Company Secretary, and published on the Nigerian Stock Exchange’s website, the lender said the new insurance company will be called Stanbic IBTC Insurance Limited.
However, it said the proposed subsidiary is subject to regulatory approvals and license from the National Insurance Commission.
The statement reads “Stanbic IBTC Holdings PLC (“Stanbic IBTC” or “the Company”), wishes to announce that it has commenced the process of seeking Regulatory approvals to establish a wholly-owned Life Insurance subsidiary to be known and referred to as Stanbic IBTC Insurance Limited.
“The commencement of operations for this proposed subsidiary is subject to receiving all required regulatory approvals, including licensing by the National Insurance Commission. Accordingly, Stanbic IBTC will update the market upon completion of the regulatory approval process as well as licensing of the new subsidiary.”
Forex Scarcity Weighs on Manufacturing Sector
Manufacturing Sector Suffers from Lack of Dollar Liquidity
The Director-General, Lagos Chamber of Commerce and Industry (LCCI), Muda Yusuf, has said lack of dollar availability continues to weigh on the manufacturing sector in the first half of the year as the sector recorded its third consecutive month of contraction in the month of July.
According to Yusuf, several manufacturers had to source for forex on the black market, increasing scarcity on the already stressed section of the forex even more. This, other experts have blamed for the high Dollar-Naira exchange rate on the black market.
On Monday, the Naira was exchanged at N473 to a US dollar on the parallel market popularly known as the black market. The local currency gained N2 from the N475 it was exchanged before the Sallah holiday to N473 on Monday when the market opened.
“Across, practically, all sectors, we are experiencing cost escalation, loss of credit lines enjoyed from foreign creditors, forex remittance challenges and many more. We need an urgent response from the CBN to calm the situation and restore confidence in our foreign exchange management framework,” Yusuf stated.
The Lagos Chamber of Commerce and Industry said most of its 2,000 members have been hit by the dollar shortage and wide foreign exchange rate that is presently eroding their profits.
“If the situation persists, it will lead to lay-offs. If you are not producing, there will be a shortage of goods in the market, prices will go up,” he added
AXA Mansard Partners Western Union to Provide Insurance for Migrants
AXA Mansard Insurance Partners Western Union to Tap into Huge Immigrant Niche
AXA Mansard Insurance Company entered into a partnership with WESTERN UNION to provide life and disability insurance solutions to migrant workers –who send money through the Western Union platform.
Recently, an initial pilot test was launched in France with AXA partners called ”Transfer Protect”, which offers sign up option for Life and Disability Insurance solution to western union users.
The partnership will give peace of mind to the migrant knowing their family members or loved ones will receive a payment in case of any unfortunate life or disability event happens.
According to the Chief Executive Officer of AXA, Thomas Buberl, he said: “Our customers around the world trust Western Union with their most important and complex money transfers. They also want other value-add services to sustain their financial well-being and long-term financial goals.
“Providing value to the global populations we serve is a key focus for our global strategy. This new partnership will provide a new way for us to facilitate value added products and services to the millions of immigrants and dual-belongers.
AXA Mansard is a member of the AXA Group, the worldwide leader in insurance and asset management with 166,000 employees serving 107 million clients in 64 countries.
AXA Mansard Insurance plc is rated B+ by A.M. Best (2016) for Financial Strength. The Company is also certified ISO 9001:2008 compliant by the Standard Organisation of Nigeria (SON) for quality management systems.
The Western Union Company is an American worldwide financial services (sending and receiving money) and communications company. Its headquarters is in Denver, Colorado. Until it discontinued the service in 2006, Western Union was the leading American company in the business of transmitting telegrams.
Dangote Cement Gives Distributors 82 New Trucks
Dangote Cement Empowers Distributors With 82 New Trucks
Dangote Cement Plc has upped its support for distributors working with the company by presenting them 82 brand new trucks to ease distribution challenges and improve delivery.
In a statement issued by the company on Sunday, Dangote Cement said the presentation of trucks was done in the Enugu assembly plant of Shacman Truck.
This was followed by a special training session held for the drivers of the trucks.
Mrs. Funmi Sanni, Dangote Cement Marketing Director, stated that the trucks were presented under the company’s Truck Empowerment Scheme, where distributors pay for the trucks on a 50-month installment basis.
She added that Dangote Cement also rewarded 10 consumers by making them millionaires through its ongoing spell and win promo.
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