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Royal Exchange Group Posts N2.4m Loss

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Royal Exchange Assurance Group, one of the non-banking financial services groups has posted a loss after tax of N2.4 million for the financial year ended December 31st 2008.

This is against a profit after tax of N647.1 million recorded in 2007 which represents 476.37 per cent decline in profit.

However, the group recorded N3.36 billion premium income from its operations for the period under review a 25.37 per cent improvement on the figure of the previous year which was N2.68 billion.

Shareholders stake in the company however went down by as much as 48.99 per cent, falling from an all time high of N11.92 billion in the previous year to N6.08 billion at the end of the last accounting period.

According to the company’s annual report made available at the 40th annual general meeting of the company in Lagos last week, total assets fell by 23.61 per cent while net premium income stood at N2.60 billion, as against N2.09 billion, recorded in the previous year, a 24.40 per cent improvement.

Premium earned by the firm within the year under consideration rose by 16.59 per cent, rising from N2.17 billion, in 2007 to N2.53 billion, last year.

Also last year, Royal Exchange paid claims to the tune of N880.08 million, a 45.40 per cent improvement in the level of customer’s expectations met and surpassed. In the previous year, claims settled by the group totaled N605.30.

Underwriting profits closed at N572.10 million, a 32.49 per cent shortfall from the N847.44 million, made in 2007 while interest income went up to N94.96 million, even as its investment income fell short of its 2007 figure by 9.67 per cent, having gone down from the N571.50 million, in the previous year to N516.25 million, last year. It also improved on its other incomes by a whopping 1,433.92 percent, increasing it from N7.90 million, in 2007 to N121.18 million, last year just as it improved its earnings from stock exchange operations by 143.91 percent. This was reversed from a N14.28 million, loss position in 2007 to N6.27 million, gain last year.

Loss before taxation and exceptional items was N164.64 million,  a 21.23 percent shortfall when compared to the N775.41 million, profit recorded in the previous year.

Within the period, the group wrote off N1.37 billion, as exceptional items resulting to a N1.54 billion loss before tax which translates to a 298.50 per cent fall from the N775.41 million profit that it recorded at the close of business in 2007.

The Royal Exchange Group within the year under consideration increased its paid up share capital by 10.12 percent, moving it up from N1.68 billion, in the previous year to N1.85 billion, last year.

It also raised its contingency reserve by 22.91 percent from N445.79 million in 2007 to N547.92 million last year. While its investment properties revaluation reserve rose slightly by 1.96 per cent from N2.04 billion last year.

The group’s general reserve was significantly drawn down by as much as 314.35 per cent, having been reduced from N933.71 million in the previous year to N2 billion deficit last year.

Shareholders’ interest in the company also nose-dived; it fell by 48.99 per cent, having been drawn down from N11.92 billion in the previous year to N6.08 billion last year.

The group however increased the balance in its insurance fund by 45.68 percent, raising it from N1.27 billion in 2007 to N1.85 billion in 2008.

Short term investments went down significantly by as much as 95.88 percent as well as its long term investment by 49.92 per cent.

The group’s short term investments was reduced from N2.06 billion in the previous year to N84.77 million last year.

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NPA Assures On Staff Welfare 

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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