BusinessDay 13 Jul 2018

16
BUSINESS DAY
C002D5556
Friday 13 July 2018
COMPANIES & MARKETS
African Trade Insurance Agency pays first
dividend without Nigeria benefiting
Modestus Anaesoronye
ATI has earmarked
an initial $2.5 million
in payments
to its shareholders
which include 14
African member governments.
Unfortunately Nigeria
that was supposed to benefit
from this dividend will not be
getting, for the lack of presidential
readiness to conclude
documentation and signing of
Memorandum of Understanding
(MOU) between Nigeria
and the African Trade Insurance
(ATI) agency.
African Trade Insurance expects
its annual insured trade
and investment portfolio to
double to $7 billion within five
years, driven by new members
including Ghana and Nigeria,
which are expected to finalize
their registration before end
of 2018.
BusinessDay investigation
showed that ATI’s request to
have a workshop in Nigeria,
with Vice President Yemi Osinbajo,
being present to finalise
registration requirements has
not been able to sell through.
This development analyst
say is undermining Nigeria’s
participation in the continental
insurance agency that was
established to provide risk
guarantee for private investors
coming into Nigeria as well as
exporters from the country.
Minister of Finance, Kemi
Adeosun had in September
2017 announced the Federal
executive council Meeting’s approval
of Nigeria’s membership
of the African Trade Insurance
Agency.
Adeosun said the council
approved a memo she presented
which harped on the
necessity of Nigeria to be part
of African Trade Insurance
Agency to provide risk guarantee
for investment coming into
Nigeria as well as export from
the country.
The continental insurance
agency she said was set up with
the support of the World Bank,
owned by African government
and is registered under the
United Nations treaty to provide
insurance and promote
economic growth in member
countries
Adeosun said joining the
agency would provide risk
guarantees, sovereign guarantee
and risk mitigation, disclosing
that many African countries
are already members of the
agency.
In a much anticipated announcement,
the African Trade
Insurance Agency (ATI) on
Tuesday declared that its General
Assembly had approved
the first ever payments to shareholders.
The announcement
comes on the heels of ATI’s
Annual General Meeting held
in Abidjan, where the company
also announced its recordbreaking
2017 financial results
for the sixth consecutive year.
The company’s CEO, George
Otieno noted “We have been
planning for this moment for
several years and I am happy
to finally announce that we are
ready to give something back
to our shareholders. This signals
our intention to continue
showing value to our member
governments and shareholders,
while providing non-member
countries and institutional
investors an incentive to join.”
In 2017, ATI recorded gross
exposures of $2.4 billion and, in
the same period, the company
covered investment and trade
L-R: Melvin Ayogu, senior resident fellow, Centre for Public Policy Alternatives (CPPA); Oluwakemi
Adekunle, micro enterprises directorate, Bank of Industry (BoI); Kelechi Ekegbe, executive secretary,
Gadal Capacity Development Foundation, and Ije Jidenma, managing partner, Leading Edge
Consulting, during a report of Hawkers And The Urban Informal Sector: A Study of Street Hawking in
Lagos State, organised by Gadal Capacity Development Foundation in Lagos. Pic by Olawale Amoo
activities across the continent
valued at $10 billion. ATI also
posted a $10 million profit representing
a 55 percent increase
over 2016.
ATI owes its strong results
in part to growing demand
from investors and African
governments for their products
as the continent continues
to position itself as an attractive
destination for investors.
Africa’s drive to increase trade
within its borders is also fuel-
ling ATI’s success.
The African multilateral
insurer also announced the
Government of India’s $10 million
shareholding, which will be
represented by ECGC, India’s
export credit agency.
To underscore the
depth of the symbiotic
relationship existing
between them, Lafarge
Africa, leading building
solutions provider and a member
of the LafargeHolcim, has
rewarded its Nigerian customers
for a sustainable business
relationship.
The company recently rewarded
her customers and
key distributors for excellent
performance in the year so
far with different prizes like
tricycles, deep freezers, a fully
sponsored trip, with spouse
to Dubai, smart TVs, Laptops
among others.
“As our customers, you are
at the heart of our very existence.
If you do well, we do well;
if you don’t do well, we don’t
do well. Such is our symbiotic
relationship. So, we have also
Lafarge reward customers, distributors
for sustainable business relationship
CHUKA UROKO
chosen this time to appreciate
your performance so far
this year,” Michel Puchercos,
the company’s CEO, told their
customers in Lagos.
Puchercos added that the
event also was an opportunity
to get direct feedback from the
customers on how to serve
them better.
In response, BO Oshuntola,
the managing director of
Temitope Oil Nigeria Limited,
expressed gratitude to the company
for the recognition and
encouragement given to them
as distributors and customers.
“On behalf of my colleagues,
who have received an
all expense paid trip to Dubai,
I want to say a big ‘thank
you’ to Lafarge Africa. To
whom much is given, much
is expected; so we promise
to increase our efforts as our
relationship gets stronger,”
Oshuntola assured.
A leading Sub-Saharan
Africa building materials company,
Lafarge is a subsidiary
of LafargeHolcim which is a
world leader in building materials.
The company is listed on
the Nigerian Stock Exchange
with presence in Africa’s two
largest economies, Nigeria
and South Africa. Lafarge is
actively participating in the
urbanization and economic
growth of Africa.
Combining its operations in
Nigeria - Ewekoro and Sagamu
plants in Ogun State, Ashakacem
in Gombe State, Mfamosing
in Cross Rivers State,
Atlas cement in Rivers State
and Ready-Mix Nigeria with
its varied operations in South
Africa, Lafarge Africa has a current
installed cement capacity
of 14.1Mtpa. This is in addition
to strong market leading positions
in Aggregates, Ready mix
concrete and Fly Ash.
More winners emerge in Star Lager Beer’s consumer promo
A
total of twenty
new winners have
emerged in Star Lager
United We Shine
Millionaires Promo winning
one Million Naira each at a gala
ceremony in Enugu and Ibadan
respectively.
This follows the previous
week’s presentation event in
Abuja, where eleven people
were awarded their prizes. This
week’s lucky winners include
Promise Nnabuo, a twenty
seven year old trader based in
Ibadan, Michael, a thirty eight
year old driver, and Adewale, a
fifty year old mechanic.
The twenty new winners,
who couldn’t hide their joy
and happiness were ecstatic
all through the evening,
while meeting with the Star
Lager teams in Ibadan and
Enugu during the presentation
event.
After the emotional presentation,
Promise Nnabuo spoke
of his disbelief and excitement
- “I’m still in shock to be honest
because everything still
feels like a dream to me. I just
bought my usual bottle of Star
and I only wanted to chill with
my friends, but I looked under
the crown cork and couldn’t
believe my luck. I’m grateful to
Star Lager for this promo and
the prize.”
Enugu based Itabana Effiong
echoed similar sentiments
as he described his
win as a “life changing experience
and the best news of the
year.” Michael was also full of
praise for the Star brand and
expressed gratitude and joy for
the unexpected windfall.
Speaking at the Ibadan Star
Gala prize presentation, Lekan
Olayinka, Regional Trade
Marketing Manager Ibadan,
for Nigerian Breweries Plc,
said, “We are thankful to our
customers who have been loyal
to the Star Lager brand over the
years, and we want to continue
rewarding Nigerians across the
country in the United We Shine
Millionaires Promo.
Fidelity Bank wins Banker of
Year at Brands awards
Fidelity Bank Plc has
been recognised at
the 2018 Brands & Advertising
Excellence
Awards held recently in Lagos.
Nnamdi Okonkwo, the
bank’s chief executive officer
was named ‘Banker of the
Year’, whilst the bank was
adjudged to have had the
most Outstanding Television
Commercial in 2017.
According to marketing
Edge, the organizers; Okonkwo
bagged the Banker of the
Year in recognition of his visionary
leadership and drive
which has changed the fortunes
of the Bank’s through a
customer-centric approach.
“Fidelity Bank, under Okonkwo’s
dynamic management,
has turned full circle in the
attainment of brand equity
and remarkable growth in
profitability” it stated.
Commenting on the
awards, Okonkwo thanked
the management of Marketing
Edge for the recognitions,
stating that they have given
further boost to the bank’s
aspiration of becoming the
financial brand of first choice
to all. He dedicated the awards
to all stakeholders, including
customers and staff members,
for their support and
contributions to bank’s steady
growth and financial perfor-
mance.
The ‘Our Word’ campaign
was launched in 2017 and
headlined with a television
commercial to underscore
Fidelity Bank’s commitments
to always keep its word to
customers and stakeholders.
The campaign was according
to Divisional Head, Brand
and Communications, Fidelity
Bank, Charles Aigbe, was designed
to underscore the very
essence of the bank, epitomizing
its commitment to keeping
faith with customers no matter
their class or creed.
“We wanted to remind our
customers and the public to
hold us to our words and reinforce
our resolve to continue
to providing excellent banking
services and solutions in
easy and convenient ways”
said Aigbe. Headquarter in
Lagos, Nigeria, Fidelity Bank
is a full-fledged commercial
bank, with over 4 million
customers who are serviced
across its 240 business offices
and various other digital
banking channels.
The bank has in recent
times won accolades as the
Best SME Friendly Bank, Best
in Mobile Banking and the
Most Improved Corporate/
Investment Bank among several
industry awards and recognitions.