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Despite COVID-19, Lasaco Records GPW Of N10.937billion In 2020, Says Teju Philips At Annual 41st AGM

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The Chairman of Lasaco Assurance Plc, Mrs Olateju Philips, has disclosed that in spite of the challenging situation experienced in the year 2020 has a result of the COVID-19 pandemic, the company was able to deliver an awesome performance with a record Gross Premium Written of N10.937billion.

 

Mr Philips who made this known during the company’s 41st Annual General Meeting held at Marriott Hotel, Ikeja GRA Lagos, added that Lasaco Assurance Plc was able to generate N8.05billion in net underwriting income as against N6.71billion made in 2019, signifying an increase of 20% year on year.

 

According to her,”In spite of the challenging situation experienced during the course of the year, the company was able to deliver an awesome performance in 2020 and grew stakeholders’ value. We recorded a Gross Premium Written of N10.937billion.

 

“This signifies a 17% growth in performance compared to Gross Premium Written in 2019. The company made N8.05billion in net underwriting income as against N6.71billion made in 2019 signifying an increase of 20% year on year.

 

“100% increase was recorded in profit before tax from N315.7billion in 2019 to N679.4million in 2020. Our total asset grew from N18.5billion to N20.5billion signifying 11% increase while shareholders’ fund declined by 2% from N7.98billion in 2019 to N7.80billion in 2020.

 

Speaking further, she said that with the array of economic events which the company was able to manage in the previous year and strategies put in place by the leadership of the organization, 2021 promises to be better for Lasaco Assurance Plc.

 

“We are also hopeful that the economic policy adjustments and reforms will aid the business environment positively.

 

“In the last one year, we have worked assiduously to map out strategies to improve our identity and visibility to increase sales and market share. Our strategies to improve our identity and visibility to increase sales and market share.

 

“Our strategic digital transformation plan will aid customer experience and the diversification of income streams deepening will add tremendous value to the bottom line.

 

“Plans have also been devised for the diversification of our Investment portfolio. This will spur the organization to growth through increase in investment income.

 

She lamented that the COVID-19 pandemic placed Nigeria in a critical condition in 2020 as the country locked down economic activities at the beginning of quarter 2020 in order to minimize the spread of COVID-19 virus.

 

She said the country entered the crisis with the failing per capital income, high inflation, and governance challenges which affected every aspect of business and economic lives.

 

“The Nigeria’s economy experienced a 3.6% contraction in the first three quarters of 2020 leading to the worst recessions in decades, oil prices improved and the authorities employed policies to counter the economic distress.

 

“The economy even with the various unrest experienced across the country, returned to growth albeit marginally, in the final quarter of year 2020, with GDP expanding 0.11% year -on year beating market expectations of 1.9% decline.

 

“Inflation galloped to a 34- month high 15.75% in December 2020 from 11.98% same period in 2019, fueled by increase food prices due to constraints on domestic supplies and the effect of an exchanged premium that widened to about 24%.

 

Mrs Philips lamented that citizens agitations in many parts of the country, especially End SARS protest also disrupted lots of activities leading to lost of lives and properties.

 

She stated that this affected insurance businesses in the country as claims in both high frequency,high severity and near catastrophy were recorded country wide.

 

“In 2020, Nigeria financially markets based her actions on the monetary policy. The equity market rose to 50% in 2020. It tops performance is over a decade. However, stock performance in 2021 depends on the direction of monetary policy and relative to business environment.

 

“Nigeria economy is anticipated to grow by 1.8% in 2021. Despite the current encouraging external situation with oil prices recovery and growth in advance economies, reform shortfall would hinder the renewed economic expansion and undermine progress towards Nigeria’s development goals.

 

“Hopefully, policy adjustments and reforms designed to shift the country from it dependence on oil and to diversify the economy towards private sector -led growth will set Nigeria on a more sustainable path to recovery,” she averred.

 

She assured the shareholders, board members, management, and staff of Lasaco Assurance Plc, that it is the dawn of new era adding that together with their continuous supports, the legacy of the organization will be sustained.

 

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Rema defends self-confidence after ranking himself among Afrobeats’ greats

Rema defends his self-confidence, clarifying that acknowledging his greatness doesn’t equate to arrogance, but rather hard-earned success.

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Rema Afrobeats greatness

Rema defends his self-confidence, clarifying that acknowledging his greatness doesn’t equate to arrogance, but rather hard-earned success

 

Nigerian music sensation Rema has addressed the controversy surrounding his recent statement in which he ranked himself among Afrobeats’ top four artistes.

Also read: ’Let Us Remain Calm in the Face of the Storm’’ – Tonye Cole Campaign Organisation Advises

Speaking in an interview with *Rolling Stone*, the “Calm Down” hitmaker clarified that his self-confidence should not be mistaken for arrogance, stressing that his recognition of his own success is rooted in his dedication and hard work.

The 24-year-old singer’s comment had drawn attention after he included himself in a list of top Nigerian musicians. Rema, however, believes that acknowledging one’s greatness is not an act of boasting but rather a reflection of belief in one’s own journey.

He expressed his frustration over the backlash, questioning why it’s controversial to stand by one’s success.

“So on ‘Heis’, I was talking a lot of s**t. It is not cocky. It is like, what stops you from saying you’re the best? You can say it and stand your ground. It is even humble to say four,” Rema explained.

The artist also drew comparisons to rapper Kendrick Lamar, pointing out that unlike Lamar’s diss track “It’s just big me,” which often involves tearing others down, he does not feel the need to diminish other artists to lift himself up.

Instead, Rema emphasized that his belief in his place within Afrobeats is part of a larger vision of unity for the genre.

“I didn’t pull down the two, I didn’t pull down the three. I just see myself as one of the greats, and it’s a problem. I’m not saying ‘oh f**k everybody.’

I really vouch for the unity of Afrobeats,” he said, reinforcing his stance of fostering collective success within the African music scene.

Rema’s comments come at a time when Afrobeats is experiencing global recognition, with Nigerian artistes like him continuing to lead the charge in the international music scene.

His openness about his confidence highlights a broader trend where many artistes are asserting their place in the global music hierarchy, which continues to spark conversation about self-promotion and humility in the industry.

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Military attacks on electricity discos spark outrage, threat of nationwide strike

Military attacks on electricity distribution companies in Nigeria have sparked outrage, with unions warning of a nationwide strike if violence continues.

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Military attacks on electricity distribution companies in Nigeria have sparked outrage, with unions warning of a nationwide strike if violence continues

 

The Federal Government is facing intense criticism for its failure to address a series of violent attacks by military personnel on electricity distribution companies in Nigeria.

The latest in a disturbing series of assaults occurred on 14 March 2025, when soldiers from the Nigerian Army attacked the Eko Disco substation in Badagry, Lagos, continuing the trend of military aggression against power companies.

The National Union of Electricity Employees (NUEE) has expressed alarm over the growing threat to the safety of workers, warning that unless these attacks cease, they will have no choice but to withdraw their services nationwide.

The union condemned the assault on the Eko Disco facility, where two employees were abducted, tortured, and detained by soldiers after being accused of poor power supply to a military barracks.

This attack comes just one week after a similar incident at Ikeja Electric, where personnel from the Nigerian Air Force raided the company’s headquarters in Alausa, Lagos, on 6 March 2025.

The military personnel stormed the facility in military trucks, brutalising employees and journalists present on site.

The Air Force had earlier issued an ultimatum to Ikeja Electric demanding reconnection of power due to an outstanding N4bn debt, and upon expiry, took matters into their own hands, resulting in violent reprisals.

The attacks have raised concerns among industry stakeholders about the lack of action from the Nigerian government.

Despite the severity of the assaults, no response from the Presidency, Ministry of Defence, or the Chief of Defence Staff has been forthcoming, leaving many questioning the government’s commitment to protecting civilian infrastructure from military overreach.

The Association of Nigerian Electricity Distributors (ANED) has highlighted the alarming trend, suggesting that if the government had taken action against the military personnel involved in the Ikeja Electric attack, the subsequent assault on the Eko Disco substation might have been prevented.

The group’s CEO, Sunday Oduntan, warned that the lack of accountability for the officers involved emboldened others to repeat the violence.

The attacks have also drawn attention to the broader issue of the military’s relationship with civilian entities in Nigeria.

According to Oduntan, the impunity displayed by the military, particularly the officers involved in the Ikeja Air Force Base invasion, has resulted in further harassment of workers, who are now faced with both physical violence and professional intimidation.

“We are calling out the President, the National Security Adviser, and the Chief of Air Staff for their silence on this matter,” Oduntan said.

“The lack of response from these authorities is paving the way for further military aggression. This impunity must stop.”

The attacks on electricity workers have also drawn condemnation from the NUEE, which stated that the abuse of workers, particularly by military personnel, cannot continue.

The union’s Acting General Secretary, Dominic Igwebike, released a statement calling the assault on the Eko Disco substation an “unprofessional and atrocious act,” demanding that those responsible be held accountable.

The NUEE warned that unless immediate steps are taken to ensure the safety of electricity workers, they would be forced to go on strike, potentially plunging the country into a nationwide power outage. “To be forewarned is to be forearmed,” the statement concluded.

The recent spate of military invasions has exposed deep concerns about the security of critical infrastructure and the safety of workers across Nigeria.

As the situation continues to escalate, many are urging the government to act decisively to prevent further violence and restore confidence in the country’s power sector.

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FG approves Modular Refinery in Abia to boost industrial growth

The Federal Government has approved the construction of a modular refinery in Abia State, set to drive economic growth and industrial development.

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 The Federal Government has approved the construction of a modular refinery in Abia State, set to drive economic growth and industrial development

 

The Federal Government has granted approval for the construction of a modular refinery in Abia State, a move expected to boost industrialisation and economic development in the region.

Abia State Governor, Dr. Alex Otti, announced the approval during the flag-off of the reconstruction of the 11.1-kilometre Obehie-Umudibia-Owaza Road.

He revealed that the refinery would be built by H.I.S. Refinery and Petrochemical Company Limited and will be located at the Abia Industrial and Innovative Park (AIIP) in Owaza, Ukwa West Local Government Area.

Governor Otti highlighted the project’s significance beyond infrastructure development, stating that it would revitalise dormant economic assets and create new opportunities for residents and businesses.

“This project is not just about creating access to the towns and villages along this corridor.

It is about reviving dormant economic assets, opening new horizons, and reigniting the dreams that once inspired our forefathers,” he said.

The governor also assured stakeholders that the state government would provide full support to ensure the successful completion of the refinery, positioning Abia as a key player in Nigeria’s industrial growth.

The approval of the modular refinery aligns with ongoing efforts to enhance local refining capacity, reduce dependency on imported petroleum products, and create jobs in the oil and gas sector.

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