Thursday, September 19, 2024
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Veritas Kapital Assurance Posts Astonishing 1,101% Profit Surge for 2023 Amid Economic Challenges

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Veritas Kapital Assurance, one of Nigeria’s leading insurance companies, has reported an impressive 1,101% increase in net profit for the 2023 fiscal year, marking a jump from N193.93 million in 2022 to an astounding N2.33 billion. This record-breaking performance was announced during the company’s 47th Annual General Meeting (AGM) held in Abuja, where shareholders lauded the company’s leadership for its remarkable achievement despite tough economic conditions.

Addressing the AGM, Mr. Nahim Ibraheem, Chairman of the Board of Directors, attributed the success to the company’s dedication to delivering shareholder value while enhancing its business offerings to improve the customer experience. “This performance reflects our commitment to revolutionizing our services and brands, ensuring that we remain competitive in the ever-evolving insurance landscape,” he said.

The company’s Gross Premium recorded a 67% increase, rising from N4.369 billion in 2022 to N7.298 billion in 2023, while insurance revenue also grew by 41% to N7.1 billion. Profit Before Tax (PBT) surged by an astonishing 991%, moving from N221.5 million in 2022 to N2.417 billion in 2023.

While Mr. Ibraheem acknowledged the global and domestic economic challenges, including high inflation and the sweeping market reforms introduced by the Nigerian government in 2023, he praised the resilience of the insurance sector. “Despite inflationary pressures and the removal of fuel subsidy, which saw the price of petrol rise by 220% and the depreciation of the Naira by over 50%, Veritas Kapital has shown remarkable resilience,” Ibraheem said.

The Nigerian insurance industry overall also experienced robust growth, with the National Insurance Commission (NAICOM) reporting that the sector surpassed the N1 trillion premium mark in 2023, representing a 27% increase from the previous year.

Dr. Adaobi Nwakuche, Managing Director of Veritas Kapital Assurance Plc, expressed immense satisfaction with the company’s performance, attributing the impressive results to strategic decisions on underwriting and investments. “We have continued to strengthen our commercial relationships with major players in critical sectors like oil and gas and aviation, driving profitable business growth,” Nwakuche stated.

Shareholders in attendance at the AGM commended the board and management for their strategic focus, praising their determination to lead the company to profitability amid challenging economic conditions. Veritas Kapital’s 2023 success story has reinforced the company’s position as a key player in Nigeria’s insurance landscape, setting a high bar for the industry in the years to come.

Armed Forces Remembrance Day: Kana Inaugurated National Planning Committee

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The Permanent Secretary Ministry of Defence, Dr Ibrahim Abubakar kana has inaugurated the National Planning Committee (NPC) to commence preparation towards marking the 2025 Armed Forces Remembrance Day Celebrations (AFRDC).

This was made available in a statement signed by Henshaw Ogubike Director Information and Public relations.

Dr Kana while inaugurating the committee said that the Federal Government remains grateful to this category of Nigerians who laid their lives to guarantee the corporate existence of this country.

He therefore charged members to come up with laudable initiatives that will surpass the patriotism displayed by our fallen heroes.

The Permanent Secretary who represented the Honourable minister said “they have given their lives for the peace and security of our dear nation and are therefore worthy of being celebrated as a mark of appreciation”

Armed Forces Remembrance Day Celebrations is an annual event marked on the 15th of January to commemorate the nation’s departed compatriots as well as to honour our living veterans.

In addition “the Armed Forces Remembrance Day is an opportunity for us to acknowledge not only the Armed Forces but also all security agencies who contribute to the safety and sovereignty of our nation. We must ensure that this event honours their work and inspires future generations to continue this noble service”, Dr Kana concluded.

The highlights of the events will include a ministerial briefing, the Nigerian Legion Humanitarian Day, the Emblem Appeal Launch by the President, Juma’at Prayer, an Interdenominational church service and the wreath laying ceremony which will take place on 15th January 2025.

The Committee is drawn from various Government Ministries, Departments and Agencies.

Matawalle’s Working Visit To Sokoto Yielding Positive Results

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In a major victory for security in Northwest Nigeria, the Nigerian military has successfully neutralized one of the most dangerous bandit kingpins, Halilu Buzu Sububu, marking a significant achievement in the ongoing fight against banditry in the region.
This was contained in a statement signed by a Public Affairs Analyst Malam Idris Nasir

This success comes shortly after the Honourable Minister of State for Defence, Dr. Bello Muhammed Matawalle MON, relocated the Command and Control Centre to Sokoto under the directive of President Bola Ahmed Tinubu GCFR.

The move is part of President Tinubu’s broader strategy to restore peace and stability in the Northwest. Dr. Matawalle, alongside the service chiefs, has been working tirelessly to ensure that the president’s commitment to securing the region is fulfilled. The elimination of Halilu Sububu represents a major breakthrough in this mission.

“President Bola Ahmed Tinubu is fulfilling his promise to the people of the Northwest. The elimination of this notorious bandit kingpin is a proof that we are making significant progress,” Dr. Matawalle stated.

The Minister expressed his gratitude to the Nigerian Army and all security agencies involved in the operation, noting that their determination and dedication are key to the ongoing success. He further assured that the fight to rid the region of banditry is far from over, but the government remains resolute.

“We will not rest until every corner of the Northwest is free from the threat of banditry. The military, under the directive of President Tinubu, is now on a fight-to-finish mission, and we will continue to intensify our operations,” Dr. Matawalle said.

The success of the military operations is being widely celebrated by citizens of zone especially Zamfara, Katsina and Sokoto states. This has brought a sense of relief to communities that have long suffered under the threat of banditry. Farmers, traders, and businesspeople, who have been among the worst hit, have expressed their appreciation to President Bola Ahmed Tinubu GCFR, Dr. Matawalle, and the Nigerian military for their efforts.

“The joy and relief in these communities are palpable. This victory is a turning point, and it sends a strong message to the likes of Bello Turji and those who seek to destabilize our region – they will be brought to justice,” Dr. Matawalle added.

The Nigerian military remains committed to continuing operations in the region until all bandit leaders and their groups are neutralized, ensuring lasting peace and security for the people of the Northwest.

Matawalle Hails Provision Of Sealift To African Union Commission As Testament Of Nigeria’s Capabilities

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The Honourable Minister of State for Defence H.E. Dr. Bello Muhammed Matawalle MON, has said that Nigeria’s plan to provide strategic SEALIFT capacity generation to the African Union Commission (AUC) is a demonstration of our Military capabilities.

This was contained in a press statement signed by Henshaw Ogubike Director ( Information and Public Relations)

According to the Minister, the move has further demonstrated Nigeria’s capabilities and capacity to contribute significantly to the movement of military equipment, heavy hardware, relief materials, and troops within the continent and beyond.

During a meeting with the Inter-Ministerial Committee for the review of the Memorandum of Understanding on African Union Strategic Sealift capacity at Ship House, Abuja, the Minister emphasized Nigeria’s leadership role in commanding and controlling the asset, as well as providing escort services. “It is our asset, and it is befitting that we direct it,” he stated.

The Minister commended the committee’s efforts in achieving results that will showcase Nigeria’s capabilities to the world.

Furthermore, the Minister expressed President Bola Ahmed Tinubu GCFR commitment in projecting Nigeria’s efforts in the African Union peace and security initiatives. He reaffirmed Nigeria’s role in advancing collective security efforts across Africa.

Dr. Matawalle said the Ministry of Defence will support the committee to succeed in their task. “I think the committee is doing a good work,” he said.

Ambassador Innocent A. Iwejuo, leader of the Inter-Ministerial Committee, thanked the Minister for the audience and briefed him on the reviewed draft Memorandum of Understanding (MoU) and Standard Operating Procedure (SOP) between Nigeria and the AUC.

Furthermore, he said the purpose of the visit was to brief the Honourable Minister on the progress of work done on the MoU and the forthcoming visit of the representatives of AUC to Nigeria.

The Inter-Ministerial Committee comprises representatives from the Ministries of Defence, Foreign Affairs, Justice, Permanent Mission of Nigeria to ECOWAS, ECOWAS National Unit, and the Nigerian Navy.

Badaru Commiserates with Gov Zulum, Borno People Over Maiduguri Flood

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The Honourable Minister of Defence, His Excellency Mohammed Badaru Abubakar, has extended his heartfelt sympathy to the Executive Governor of Borno State, His Excellency Prof. Babagana Umara Zulum, and the people of Borno State, following the devastating floods that have engulfed parts of Maiduguri, the state capital. The floods which have caused significant damage to properties and displaced many residents, adding to the challenges already faced by the state.

This commiseration was contained in a statement signed by Henshaw Ogubike Mnipr
Director (Information and Public Relations) Ministry of Defence.

My heartfelt sympathy goes to the people and government of Borno State at this trying period that flood has wrecked havoc in the state caused by the overflow of the Alau Dam.

“I am deeply saddened by the unfortunate flooding in Maiduguri, which has displaced families and caused untold hardship to the people of this great city. My thoughts and prayers are with the victims and their families during this difficult time,” said Mohammed Badaru.

“I want to commend His Excellency Governor Zulum for the quick response and decisive actions taken to alleviate the suffering of the affected residents. The resilience of the Borno people in the face of adversity is remarkable, and I have no doubt that under Governor Zulum’s leadership, Maiduguri will recover swiftly from this disaster,” the Minister remarked.

Nigerian Youths Can Drive National Defence Security , Development -Badaru

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The Honourable Minister of Defence, H.E. Mohammed Abubakar Badaru CON, mni, has emphasized the critical role Nigerian youths can play in national defence, security, and development.

Speaking on a lecture titled: “Leveraging Nigeria’s Digital Economy to Enhance National Security: Youth Empowerment and Job Creation,” delivered to the participants of Executive Course 46 National Institute for Policy and Strategic Studies, Kuru, the Minister explored the relationship between youth empowerment, national security, and the digital economy, offering a progressive way forward.

He stressed that empowering youths through tailored government policies and programmes can unlock their potential as agents of positive change. He said that some of the empowerment programmes like Graduate Internship Scheme (GIS), the Youth Initiative for Sustainable Agriculture in Nigeria (YISA), the Subsidy Reinvestment and Empowerment Programme (SURE-P), Youth Enterprise with Innovation in Nigeria (YouWIN), National Directorate of Employment (NDE) scheme and N-power can effectively turn the Nigerian Youths to agents national Development if they are well implemented.

He stated that with over 60% of Nigeria’s population under 25, there is the need to harness this demographic dividend. He cited examples of digital mobilization’s impact, including the Arab Spring and Nigeria’s #ENDSARS protests, and pointed out the importance of engaging youths constructively.

The Minister who was represented at the lecture by the Special Adviser (Technical) Major General A.T. Jibrin (Rtd) acknowledged past empowerment programs but noted their limitations. He urged strategists to ensure faithful implementation of government policies, emphasizing genuine youth empowerment as crucial for national defence and security.

He highlighted the vast opportunities for youth empowerment and job creation in Nigeria’s digital economy, emphasizing the need for multi-stakeholder collaboration, targeted interventions, and supportive policies to address issues like the digital divide, skills gap, and unemployment. “By investing in digital infrastructure, innovation, skill development, and entrepreneurship, Nigeria can unlock the transformative power of its youth demographic dividend and drive sustainable economic growth, ensuring a safer and more secure future for its citizens,” he said.

Former Senate Minority Whip, Sen Nwokocha emerges Labour Party Caretaker Secretary

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Versatile politician and former 10th Senate Minority Whip, Senator Darlington Nwokocha has emerged as the Secretary of a 29-member National Caretaker Committee of the Labour Party (LP).

Nwokocha’s appointment was announced by Mr Peter Obi, the Labour Party Presidential candidate in the 2023 general elections, arising from the Party’s extended stakeholders meeting held at the Banquet Hall of the Abia State Government House on Wednesday in Umuahia, the state capital.

The 29-member LP National Caretaker Committee is chaired by Distinguished Senator Nenadi Esther Usman, a former Senator, who represented Kaduna South in the Nigerian Senate and former Minister of Finance.

Distinguished Senator Darlington Nwokocha, representing Abia Central Senatorial District, was elected Senator of the Federal Republic of Nigeria on the Platform of the Labour Party in the 2023 general elections.

Nwokocha was later elected the Minority Whip/Principal Officer of the 10th Senate and Vice Chairman, Senate Committee on NDDC, but left the Senate after six months of outstanding representation following the decision of the National Assembly Election Petitions Appeal Court.

The new LP Caretaker Secretary had previously served for eight successive years in the House of Representatives, from 2015 to 2023 as the member representing Isiala Ngwa North/Isiala Ngwa South Federal Constituency, Abia State.

He served as Chairman, House Committee on Insurance and Actuarial Matters and was also the Deputy Chairman of the House Committee on Federal Character Commission (FCC).

Distinguished Senator Nwokocha also served as Chairman of the Adhoc Committee on Niger-Delta Power Holding Limited; Adhoc Committee on Pipelines Explosion/Fire Outbreak in Rivers State and Chairman, of the Adhoc Committee on Failure of the National Health Insurance Scheme (NHIS).

Before his election to the Nigerian House of Representatives, Nwokocha represented Isiala Ngwa South Constituency in the Abia State House of Assembly for 8 years from 2007 to 2015.

Matawalle Tested, Trusted Minister , Says Gov Aliyu

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***As CDS visits Theatre Of Operations

As part of the Operations visit to Sokoto State, the Honourable Minister of State for Defence, H.E Dr. Bello Muhammed Matawalle, paid a courtesy visit to the Executive Governor, His Excellency, Ahmad Aliyu Sokoto, PhD. The visit was a continuation of the Federal Government’s ongoing efforts to restore peace and security across the Northwest, with a particular focus on Sokoto State, which has faced significant challenges due to the activities of bandits and terrorists.

This was contained in a statement signed by Henshaw Ogubike Director (Information and Public Relations)
Ministry of Defence.

During the meeting at the Sokoto State Government House, Dr. Matawalle emphasized the Federal Government’s unwavering dedication to eradicating the security threats in the region. He reassured Governor Ahmad Aliyu Sokoto and the people of Sokoto State that the government, under the leadership of President Bola Ahmed Tinubu GCFR remains fully committed to supporting the military in their mission to secure the Northwest.

“The safety of the people of Sokoto, and indeed the entire Northwest, is a top priority for President Bola Ahmed Tinubu GCFR. The President has made it clear that we must leave no stone unturned in our efforts to restore peace to this region. I am here today to reaffirm the Federal Government’s commitment to this cause and to assure you that our troops are receiving the full backing of the Chief of Defence Staff and the Service Chiefs,” stated Dr. Matawalle.

Earlier in the day, Dr. Matawalle visited the 8 Division Headquarters, where he met with the gallant troops of Operation Hadarin Daji. He was accompanied by the Chief of Defence Staff, General CG Musa, OFR, and other senior military officers, the Minister reviewed the ongoing operations and conveyed a direct order from President Bola Ahmed Tinubu to intensify efforts to flush out the bandits and terrorists that have plagued the region.

“We recognize the critical importance of security in ensuring the well-being and prosperity of our citizens. The troops are doing an credible job under challenging environmental circumstances, and I want to assure them that the Federal Government will continue to provide all necessary resources and strategic guidance to ensure the success of their mission,” Dr. Matawalle added.

Governor Ahmad Aliyu Sokoto, in his remarks, expressed gratitude for the Federal Government’s continued support and emphasized the importance of unity in tackling the security challenges facing Sokoto State. He advised the people of Sokoto State to desist from sharing fake information as this will not solve the issue of insecurity in the state and the zone.

“Let me thank Mr President for ordering you and other Security Chiefs to relocate to Sokoto State until we flush out these criminals. Hon Minister, you are tested, trusted and reliable and this your visit shows that insecurity will soon be over in sokoto state and North West zone. My government is fully committed to partnering with you to secure the lives and property of every citizen in this state. Security cannot be achieved without the active cooperation and relevant information from our citizens. Together, we can overcome this challenge,” Governor Aliyu affirmed.

“The people of Sokoto State can be rest assured that their safety and security are at the heart of this administration’s agenda. We will overcome these challenges, and together, we will secure a brighter, safer future for all Nigerians,” Gov. Aliyu concluded.

Sokoto: Matawalle Charges Troops To Intensify Efforts To Dislodge Bandits

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The Honourable Minister of State for Defence, Dr. Muhammad Bello Matawalle, MON, is in sokoto and has paid a crucial visit to the 8 Division Headquarters in Sokoto State. He was accompanied by the Chief of Defence Staff, General CG Musa, OFR; Chief of Defence Intelligence, Major General Emmanuel Undiandeye; and the General Officer Commanding (GOC) 8 Division, Brigadier General IA Ajose, alongside other very senior military officers.

The purpose of this high-level visit was to review the ongoing operations of 8 Division and has issued a direct charge to the troops of Operation Hadarin Daji: to intensify their efforts in flushing out bandits and terrorists from the region, in line with the directive of President Bola Ahmed Tinubu, GCFR.

During the visit, Dr. Matawalle expressed President Bola Ahmed Tinubu GCFR’s unwavering commitment to restoring peace and security in the Northwest. He commended the troops for their dedication and resilience in the face of challenging security operations and emphasized the importance of their mission in protecting the lives and property of Nigerians.

“The security of our nation is paramount, and the President has given a clear mandate that the bandits and terrorists threatening our peace must be flushed out. I am here today to reaffirm the Federal Government’s support and to urge you to remain relentless in your efforts. Your bravery and dedication are the backbone of our national security,” Dr. Matawalle stated.

He further encouraged the troops to leverage on the full support of the government and military leadership in their operations. “The Chief of Defence Staff and the Service Chiefs stand with you, providing the necessary resources and strategic guidance. We expect nothing less than total success in this operation. The safety and security of the people of Sokoto and the entire Northwest region depend on your effectiveness,” the Minister added.

Dr. Matawalle also took the opportunity to review the operational strategies in place and discussed ways to enhance the effectiveness of the ongoing military efforts. He assured the troops that the government will continue to provide all necessary support to ensure the success of Operation Hadarin Daji.

“President Bola Ahmed Tinubu has no doubt in your ability to deliver on this mission. Together, we will restore peace to our land and secure a brighter future for all Nigerians,” Dr. Matawalle concluded.

Earlier the Minister visited 8 Div Medical Facilities and Hospital in Giginya Barracks, Sokoto. Dr. Matawalle gave assurances of support to the facility with equipment thereby boosting the morale of patients in the facility.

I Am Not A Bitter Person – Okocha

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The Leader/Chairman of the All Progressives Congress (APC) in Rivers State, Sir (Chief) Tony C. Okocha, DSSRS , JP, has said that he doesn’t play politics of bitterness, animosity and enmity.

He made this submission in a press briefing on Monday – 2nd September, 2024, in Port Harcourt, while addressing some recent political developments in Rivers State.

Recall that Mr Tonye Cole, the Governorship Candidate of the APC in the 2023 general election in Rivers State has earlier accused the Leader/Chairman of the Rivers APC of being a part of the political family of Chief (Barr) Nyesom Ezenwo Wike, the Honourable Minister of the Federal Capital Territory (FCT), and cannot speak for the APC in Rivers State.

In his reaction to the accusation of Mr Tonye Cole, Sir (Chief) Tony C. Okocha said, “I have the audacity and the temerity to speak on behalf of the APC in Rivers State as the Leader/Chairman of the party. I have every power to speak for the APC in the State especially now that the National Working Committee of the party has further recognised me as the Leader/Chairman of the APC in Rivers State.”

“I won’t sit down here and compare myself with Tonye Cole. It’s going to be a categorical mistake.”

“Tonye Cole is not a factor in the politics of Rivers State. He hasn’t played with us. He has never been with us, and has never been anywhere in the picture of the politics of the State. He was only drafted in by his business partner who was the Governor of Rivers State at the time.”

“I was the one that conveyed the decision to choose Emeka Beke as the Secretary of the APC in Rivers State in 2014.’

“I challenge anybody to tell me where a meeting was held to select who was going to be the Chairman and the Secretary of the party.”

“The meeting was between my boss then, the Rt. Hon. Chibuike Rotimi Amaechi, His Excellency, as the Governor, and myself.”

“Both of us decided who was going to be Chairman and Secretary.”

“Tonye Cole was no where to be seen within the political space in Rivers State.”

“So, that I see E.N. Wike, Honourable Minister, and l greet him, that makes me a member of his political family”?

“Am in APC, Wike is in PDP. Didn’t you people see him at their last State Congress? He was adorning the same uniform with his people. He spoke.’

“I wrote, before and after, advising PDP to ensure that their congresses come out seamlessly, and l also told them by reminding them that we’ll meet at the phillipi at the fullness of time.”

“Isn’t that how politics is supposed to be played”?

“I can’t play politics of bitterness. Please! I can’t play politics of animosity.”

“Politics is not about enmity. If you’re not working with me, or you’re in a different political party, you’re my opponent, and not my enemy. Some people say you’re an enemy. I don’t see it that way, and I also don’t think that it should be so. Am more decent. It is not my style. It is not my learning, and not my orientation, and will never be.”

“What is more, His Excellency, Ezenwo Nyesom Wike, CON, GSSRS, POS Africa, Life Bencher, serves in a government that the person who sits there is the Leader of my party.”

“He’s serving under President Bola Ahmed Tinubu, as a Minister, and by that very fact he’s a member of the Renewed Hope Family in Rivers State. He is the Leader.”

“I’ve told you before that the Renewed Hope Family in Rivers State is non partisan. The sea of heads you saw the other time are all not of the APC. Some of them are unaligned, and not members of any political party but people who believes in the Renewed Hope Agenda of President Bola Ahmed Tinubu, GCFR, in Rivers State.”

“I can’t be sure that anybody will imagine that because Wike is of the PDP, and am of the APC, that we shouldn’t talk, and when we see ourselves, we shouldn’t greet ourselves.”

Amb. Vincent Gbosi,
Special Assistant on Media to the Chairman,
Caretaker Committee (CTC),
All Progressives Congress (APC),
Rivers State.

September 3, 2024.