Business

Cornerstone Hails Insurance Best Practices

Published

17 years ago

July 24, 2009

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

Pipeline Explosion In Abua Odua, LGA Chair Calls For Calm

Published

3 weeks ago

July 3, 2026

The Tide

Fresh explosions have hit oil and gas pipelines in Odau Community, in Abua/Odual Local Government Area of Rivers State, triggering a major security and environmental crisis that has forced residents to abandon their homes.

The first incident occurred along the Kolo Creek – Rumuekpe crude oil pipelines, operated by Renaissance Africa Energy Company Limited.

This was followed by a gas pipeline explosion on the Ogboinbiri – Obirikom Gas Pipeline, operated by Oando Plc, in the same week.

In a statement by the Abua/Odual Council Chairman, Hon. Owolobi Michael Ofori said the blasts, suspected to be the handiwork of militants, have unleashed persistent gas leakage in the area, raising fears of fire outbreaks and toxic exposure as residents of Odau have largely deserted the community due to the dangerous situation.

According to him, some residents of the area have been hospitalised after inhaling the leaking gas, adding that the impact has spread to neighbouring communities, including Obedum, Emirikpoko, and Anyu in Abua/Odual LGA, as well as Oruma and Ibelebiri in Bayelsa State.

Hon. Ofori expressed deep concern over the plight of the affected residents and urged the operating companies to act swiftly.

The Council expressed its deepest sympathy to all affected persons and communities and remained gravely concerned about the safety, health, and welfare of residents whose lives and livelihoods have been disrupted by these incidents.

“We call on Renaissance Africa Energy Company Limited and Oando Plc to immediately deploy all necessary technical and emergency response resources to contain the fires, halt the gas leakage, secure the affected pipeline corridors, and mitigate further environmental and public health risks.” the Council Chairman Said.

The chairman also appealed to the two oil firms to provide immediate humanitarian assistance and relief materials to the displaced residents while work continues to restore normalcy.

The Council Chairman said he is working closely with security agencies and emergency responders to monitor the situation and coordinate necessary interventions.

The Council Boss advised Residents of the Local Government Area to remain calm, cooperate with authorities, and adhere strictly to safety directives.

Ofori further called on the National Emergency Management Agency (NEMA), the National Oil Spill Detection and Response Agency (NOSDRA), the Rivers State Government, and other relevant bodies to intervene urgently to prevent loss of lives and environmental damage.

Hon. Ofori assured that the council remains committed to the protection and welfare of its people and will continue to engage all stakeholders to resolve the crisis.

Enoch Epelle

Business

Fidelity Bank Collaborates YEIDEP To Empower Nigerian Students

Published

3 weeks ago

July 3, 2026

The Tide

Fidelity Bank Plc has reaffirmed its commitment to youth empowerment, financial inclusion and entrepreneurship through a strategic partnership with the Youth Economic Intervention and De-radicalization Programme (YEIDEP), a Federal Government-backed initiative aimed at equipping young Nigerians with the skills, support and opportunities needed to build sustainable livelihoods.

Under the partnership, the bank will support the enrolment of students and young people into the YEIDEP programme, which is designed to tackle youth unemployment, promote enterprise development and expand economic participation among Nigeria’s growing youth population.

The next phase of the initiative is scheduled to end today at Nnamdi Azikiwe University, Awka, where the enrolment exercise for students and youths across the South-East that started since July 1st would be concluded at the university’s Convocation Arena.

The exercise is expected to reach more than 60,000 regular undergraduate students.

Speaking on the partnership, Fidelity Bank’s Divisional Head, Product Development, Osita Ede, said youth empowerment remains central to the bank’s vision of building a more inclusive and prosperous society.

He noted that Nigeria’s youths represent the country’s greatest asset and stressed that providing them with the right skills, opportunities and financial support is critical to unlocking their potential and driving national development.

According to Ede, the bank continues to provide young Nigerians with tools for success through its digital banking platforms, financial literacy initiatives, youth-focused products and strategic partnerships.

He added that Fidelity Bank recognises that limited access to funding, mentorship and business development support remains a major challenge for many aspiring entrepreneurs, and is committed to creating pathways that will help them overcome these barriers.

The bank said its support for YEIDEP aligns with its longstanding commitment to empowering Micro, Small and Medium Enterprises (MSMEs), which it described as key drivers of economic growth and job creation in Nigeria.

Interested students and youths have been encouraged to open Fidelity Bank accounts and register for the programme through the bank’s dedicated online portal.

Nkpemenyie Mcdominic, Lagos

Business

NPA Launches Multi-Agency Taskforce To Combat Apapa Traffic Gridlock

Published

3 weeks ago

July 3, 2026

The Tide

The Nigerian Ports Authority (NPA) has launched a multi-agency task force to combat the resurgence of traffic gridlock choking the Lagos Port access roads, in a fresh push to restore seamless cargo evacuation and sustain recent gains in Port efficiency.

The intervention followed a stakeholders’ meeting convened by the Managing Director of NPA, Dr. Abubakar Dantsoho, on June 23rd, 2026, where security agencies, freight forwarders, truck operators and representatives of the Lagos State Government agreed on coordinated measures to eliminate the bottlenecks disrupting cargo movement.

At the meeting, stakeholders identified illegal extortion points, overlapping responsibilities among security agencies and other operational distortions as major factors responsible for the renewed congestion along the port corridor.

Speaking on the outcome of the meeting, the NPA’s General Manager, Corporate and Strategic Communications, Mr. Ikechukwu Onyemakara, said the Authority’s overriding priority is to guarantee the unhindered movement of cargo to and from the nation’s seaports.

According to him, the task force comprises the NPA, the Police, the National Association of Government Approved Freight Forwarders (NAGAFF), the Association of Nigerian Licensed Customs Agents (ANLCA), the Federal Road Safety Corps (FRSC), the Maritime Workers Union of Nigeria (MWUN), the Nigerian Association of Road Transport Owners (NARTO) and the Association of Maritime Truck Owners (AMATO).

“The responsibility of the task force is to monitor truck movement on the Port access roads on a regular basis, identify any disruption capable of causing gridlock and immediately resolve such challenges,” Onyemakara said.

He stressed that members of the task force would not establish checkpoints along the corridor but would maintain strategic presence at designated locations to ensure compliance without obstructing traffic.

To enhance rapid response, Onyemakara disclosed that the task force has created a dedicated WhatsApp platform through which members can instantly report infractions or emerging traffic issues for immediate intervention.

On the long-delayed renewal of the Electronic Truck Call-Up (ETO) system contract, the NPA spokesman said the Authority is reviewing the terms to ensure a more robust contractual framework before awarding a fresh agreement.

He explained that although the previous contract had expired, the ETO platform remains operational under the management of the Truck Transit Parks (TTP) pending completion of the procurement process.

He expressed confidence that the renewal would be concluded soon.

Reaffirming the Authority’s commitment to maintaining free-flowing Port access roads, Onyemakara said efficient logistics remain central to the NPA’s drive to improve Nigeria’s Port competitiveness and preserve its growing international reputation.

“We are more interested in the free flow of logistics into our ports than anyone else because it is in our own interest,” he said

Nkpemenyie Mcdominic, Lagos