Business
Law Union Assures On Enhanced Shareholders’ Value
Law Union & Rock Insurance Plc has restated its commitment towards ensuring enhanced shareholders value.
Recently, the company had a change of management with Mr Akinsola Akinfemiwa becoming the company chairman and Mr Yinka Bolariwa appointed as the managing director /CEO of the company with effect from September 14, 2009.
The management board believed the new MD would be bringing on board several years of chief executive experience in the insurance market.
Its chairman, who stated this at the company’s 40th Annual General Meeting noted that the company is focused on appropriate and relevant products that delivered on superior returns to customers/clients and benefits maximisation.
Akinfemiwa stated that for the first time in the history of the company, it was subjected to a rating by Global Credit Rating (GCR) of South Africa that rated the company “A”.
He pointed out that the management had been tasked to adopt improved structures that would facilitate continuous improvements in the operations and rating status in the near future.
Mr Bolarinwa said that the company would try to improve its shareholders return on investment as it had to write off its debts for the period under review as required by the new prudential guidelines for the industry.
He added that the company had put in place strategy for company growth so that at the end of the current financial year end, it will be able to declare dividend to its shareholders. The new CEO said with the coming in of the new management, they would very shortly transform the company to a leading brand.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.