Business
Cornerstone Hails Insurance Best Practices
Cornerstone Insurance has commended professional brokers and other stakeholders in the collective drive to enhance the ethics and compliance with best practices in the Nigerian Insurance Industry.
Cornerstone Insurance recorded the highest gross premium earning in its 18 years of existence underwriting N3.8 billion in 2008, in spite of the adoption of a wholly ethnical approach to insurance business.
Mr. Adedotun Sulaiman, chairman Cornerstone Insurance Plc, at the yearly general meeting of the company in Lagos recently, said the top line performance of the company was due to supports from professional brokers, corporate Nigerian, institutions, businesses operators in the formal and informal sectors and individual policy holders.
According to him, despite choosing the ethnical route and emphasising that it will not pay bribe to acquire business, the company had tremendous support and patronage from professional brokers which saw it recording its all-time high gross premium of N3.8 billion.
Sulaiman said 80 per cent of Nigeria’s insurance businesses are controlled by brokers, which underlined their importance as strategic business partners are influencing factors in the drive to reposition the Nigerian insurance industry.
He called for closer collaboration between brokers and underwriters in the country to enable the industry give the highest value to policy takers adding that all stakeholders stand to benefit in the growth of the industry.
“Cornerstone as a responsive and transparent company, will always meet its obligation to brokers and those on whose behalf they placed their insurance risk with Cornerstone”, Sulaiman said.
He assured shareholders that the Company’s definitive strategic medium term growth plan would translate into significant shareholders’ value in the years ahead.
He said the company has undertaken comprehensive renew of its process and resources and already implementing measures to realise the company’s vision of being the leading insurance-based financial services company in Nigeria. According to him, the company’s unwavering commitment to enshrining an ethical culture and promoting best business practices informed its resolve to put in place a robust governance structure, which importance in the creation of shareholder value cannot be overemphasised.
We are taking sure and steady steps, more than ever before, to take advantage of the opportunities and are confident that the prospects are bright.
We are strengthening the leadership of the business – Life, General and Financial Services and intensifying our brand reputation in line with our corporate mission to deliver value beyond the expectations of stakeholders”, Sulaiman said.
He pointed out that in spite of the recession in the financial markets, the company has maintained its focus on building the company for sustainable success and leadership.
He noted that the company was constantly engaging its customers to identify and create tailor-made solutions to meet their needs as part of efforts to deepen existing market share and break new ground.
He urged shareholders and other stakeholders to support the on-going efforts by the company to redefine Nigerian insurance practice along ethical line noting that it is possible to business successfully without engaging in unethical practices.
He added that the nature of insurance business as a long-term business also requires understanding and patience given the ups and downs that sometimes characterise investments.
He said the company’s determination to ensure prompt claim payment irrespective of the global and national macro-economic conditions and the recession in the stock market adversely affected the performance of the company in 2008.
He noted that many one-off costs such as rebranding and relocation of the head office of the company in 2008 would not reoccur and as such mitigate costs while significantly adding value to the business.
He said the board took a courageous decision to make almost full provisions for the potential loss in the market value of its investments, although the recovering trend at the stock market suggests that the potential loss is unlikely to crystallise.
Audited report and accounts of Cornerstone Insurance for the year ended December 31, 2008 showed significant improvements in the top line and bottom-line with group gross premium rising but 37 per cent from N2.7 billion in 2008. Profit before tax and diminution in value of investment jumped by 76 per cent to N678.9 million in 2008 as against N386.6 million in 2007.
A provision of N1.11 billon as diminutions in value of investments however impacted negatively on the bottom-line, leaving the company with a net loss of N419.5 million in 2008 compared with a net profit of N325 million in 2007.
Sulaiman however assured shareholders that the company would deliver better results in 2009 noting the interim reports for the first half of the year showed significant improvements.
Business
Nigeria’s Gold, Other Solid Minerals Being Stolen – NEC
The National Economic Council has expanded the mandate of its Ad-hoc Committee on Crude Oil Theft Prevention and Control to cover illegal mining.
This is just as the council raised the alarm that the nation’s solid minerals, including gold, are being mined and stolen.
Imo State Governor, Hope Uzodimma, who chairs the committee, disclosed this while briefing State House correspondents after the 153rd NEC meeting chaired by Vice President Kashim Shettima at the Presidential Villa, Abuja, yesterday.
Uzodimma said the expanded mandate is part of the government’s efforts to curb resource theft and increase revenue from Nigeria’s solid minerals sector.
“The National Economic Council Ad-hoc Committee on Crude Oil Theft Prevention and Control, which I chair, presented an interim report today to the Council.
“NEC received our report with satisfaction and expanded our Terms of Reference to now also take interest in solid minerals, because our solid minerals are being mined and stolen and not adding to national revenue,” said Uzodma.
He noted that the expanded role would enable the committee to coordinate with the Ministry of Solid Minerals Development and other federal and subnational institutions to combat widespread illegal gold mining and other forms of mineral smuggling that have deprived the country of much-needed foreign exchange.
“Going forward, our committee, working with other government agencies, will look at how to ensure that the revenue of the country arising from solid minerals like gold and other forms of solid minerals are not allowed to be stolen,” the governor added.
NEC’s Ad-hoc Committee on Crude Oil Theft Prevention and Control was first established under former President Muhammadu Buhari in August 2022.
It was reconstituted under President Bola Tinubu in December 2023 with Uzodinma as chairman.
The committee was initially mandated to address the challenge of crude oil theft and pipeline vandalism.
Its creation followed rising oil theft that had crippled national production and forced international oil companies to shut down key pipelines.
At the time, oil production had crashed to around 700,000–800,000 barrels per day, far below Nigeria’s OPEC quota, costing the government billions of dollars in lost export revenue.
Uzodimma explained that through what he called a “collaborative approach” involving regulators, operators, and the security forces, the committee had helped raise daily crude oil production to over 1.7 million barrels per day in the past 22 months.
The governor stated, “Before May 29, 2023, when President Bola Tinubu was sworn in, our crude oil production was around 700,000 to 800,000 barrels a day.
“Working with stakeholders, the regulators, operators in the industry, and the Navy, we were able to involve all the governors of crude oil-producing states and raise different security organisations.
“You would agree with me that as I speak, daily production is now in excess of 1.7 million barrels a day, and cases of pipeline vandalism and vandalisation of oil assets have also been on the decline.”
The council, he said, was satisfied with the progress and decided to deploy the same model of intergovernmental coordination, private-sector partnership, and multi-agency surveillance to the mining sector, plagued by resource theft.
“We are determined to ensure that crude oil production and gas are properly preserved for the benefit of our citizens.
“Now, with this new directive, we will also protect our gold and solid mineral assets,” Uzodinma added.
Nigeria’s illegal mining economy, particularly in gold, lithium, and other high-value minerals, has grown into a multibillion-naira shadow industry.
According to data from the Nigeria Extractive Industries Transparency Initiative, the country loses an estimated $9bn annually to illegal mineral extraction and smuggling.
The Federal Government has linked several unlicensed mining operations to armed groups in the North-West and North-Central regions, where gold has become a source of illicit financing for bandits.
A 2023 NEITI audit also showed that over 80 per cent of mining activities in Nigeria were conducted informally, without licenses or environmental oversight.
In September 2024, the Ministry of Solid Minerals Development revoked over 900 dormant licences and announced plans for a national gold reserve policy. But enforcement remains difficult, with weak surveillance, limited manpower, and overlapping regulatory mandates.
According to Uzodimma, the expanded mandate aims to integrate the fight against illegal mining into the broader national resource protection framework previously used in the oil sector.
“We have done well,” he claimed, adding, “Among other things, we recommended that NNPC, working with security agencies and their consultants, should strengthen security in all the creeks and extend coverage to offshore regions. That will help in curtailing and supervising illegal entries and exits of vessels into our export terminals. This same spirit will now guide our solid minerals sector.”
The committee is expected to submit its first progress report on the expanded mandate at the next NEC meeting in November.
Business
NIMASA Marks 2025 Customer Week, Pledges Service Excellence
Business
SEME Customs Foils Smuggling Attempt Of Expired Flour, Seizes N2bn Contraband
-
Nation1 day agoNIOB President Calls For Innovation, Entrepreneurship In Housing Delivery
-
News1 day agoNLNG, NCDMB Unveil ICT Centre In P’Harcourt To Boost Tech Skills
-
Business1 day agoNigeria’s Gold, Other Solid Minerals Being Stolen – NEC
-
Niger Delta1 day agoOando Recommits To Education …Assures Continuous Partnership With RSU
-
Politics1 day agoReps Ask FG To Curb Arbitrary Rent Hike Nationwide
-
Opinion1 day ago
Fuel Subsidy Removal and the Economic Implications for Nigerians
-
Featured1 day agoFubara Pledges Cleaner Gateway To PH City …Visits New Dumpsite At Igwuruta
-
News1 day agoWAEC Conducts Trial Computer-based Essay Test Ahead Of 2026 Exams
