Business
2008: Mutual Assurance Records N3.6bn Gross Premium
Mutual Benefit Assurance Plc, one of the capitalised insurance firms in the country has recorded 64.28 per cent growth in the year ended December 31, 2008.
In a statement released by NSE at the weekend, audited result of the company showed a gross premium of N3.6 billion in the comparable period of 2007, representing an increase of 64.28 per cent.
The company’s loss after tax stood at N1.5 billion compared with profit after tax of N1.03 billion in 2007.
Mutual had recorded 48.14 per cent growth in gross premium during the first quarter ended March 31, 2009.
The unaudited result of that company showed a gross premium of N925.9 million as against N625 million in the comparable period of 2008, representing an increase of 48.14 per cent.
Profit after tax rose by 25.85 per cent from N259.3 million in 2009.
The company has also posted a 500 per cent increase in net earnings for the half-year ended December 31, 2008.
The audited report of the company for the half-year ended showed a profit after tax of N450 million as against N75 million recorded in the corresponding period of 2007, representing an increase of 500 per cent.
Gross premium also rose from N55 million in 2007 to N958 million in 2008 representing an increase of 73 per cent while shareholders fund moved from N2.05 billion to N6.1 billion which accounted for 194 per cent.
The Managing Director of the company. Mr Akin Ogunbiyi, noted that the company was looking inwards interms of its wealth of experience in human capital, information technology and other profiles of the company to actually take insurance to the peak of the nation’s economy.
Ogunbiyi, hinted that the company was also looking at collaboration and strategic alliances with other teams in other key sectors to help move it forward.
He said the company leveraged on its balance sheet to take foreign facilities to the tune of $25 million to get franchise from China to commence the assemblage of brand cars in Nigeria which according to him, is solid and tested cars.
He noted that whatever is generated from business will add to the bottom line not only in terms of profit but also in terms of direct premium for Mutual Benefit.
Ogunbiyi said that the company in the next two months will be unveiling about 100 buses to support the BRT in Lagos State. According to him, the insurance firm will be supporting the Nigeria Union of Road Transport Workers (NURTW) with about N750 million to buy the new buses even as the company plans to support the scheme with a minimum of 1000 buses by next year.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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