Business
Cornerstone Insurance Records 37% Growth
Cornerstone Insurance Plc in gross premium has said that increased businesses and expanded market share in 2008, helped its gross premium to grow by 37 per cent to about N4 billion.
The company’s audited report and account for the year ended December 31, 2008 showed that the insurance company’s gross premium which measures the volume of businesses by a risk firm within a period, rose from N2.78 billion in 2008.
Its board of directors decided to make a clean break and reposition the company for sustainable growth and thus made full provisions for the outstanding premiums or bad debts over the years as well as the depreciation, which has characterised investments on the stock exchange in recent years.
The decision impacted negatively on the bottom-line, leaving the company with a net loss of N419.5 million in 2008.
However, the first quarter report showed that CornerStone Insurance was off the red with group pre and post tax profits as N356.64 million and N616.1 million in first quarter 2009. group premium stood at N1.3 billion in the first three months of this year.
The company’s acting managing director, Dominic Ichaba said the write-down and provisions were parts of a comprehensive ethical revolution aimed at repositioning CornerStone Insurance as Nigeria’s leading insurance-based financial services group.
According to him, the company has retooled and restructured its businesses and management with a view to ensure it offers attractive values and remains nimble to adapt to current changes.
Business
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Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
Business
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