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



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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Sanwo-Olu Appoints Prof. Ibiyemi Olatunji-Bello As LASU VC



Tunji Bello’s Wife, Prof. Ibiyemi Emerges LASU VC-Crystal News

Governor, Babajide Sanwo-Olu has appointed the wife of the Lagos State Commissioner for Environment and Water Resources, Professor Ibiyemi-Olatunji Bello as the ninth substantive Vice-Chancellor of the Lagos State University, LASU, Ojo.

The Professor of Physiology (Lagos State University College of Medicine) had served as Acting Vice-Chancellor of the institution before her elevation.

She becomes the ninth Vice-Chancellor of LASU after an exercise laced with intrigues and suspense.

Details later…

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FG To Lift Twitter Suspension Soon



FG To Lift Twitter Suspension Soon-Crystal News

The Federal Government of Nigeria has announced that the ban on Twitter will soon be lifted.

Minister of Information and Culture, Alhaji Lai Mohammed, confirmed this development when he fielded questions from State House correspondents on Wednesday in Abuja.

According to him, a lot of progress has been made in the ongoing dialogue with Twitter.

“I think even Twitter itself two days ago gave what I will call a progress report on our talks with them, and I think if I want to quote them rightly `it has been productive and quite respectful’.

“And as to the qualifying word for when or how soon, I want to assure you that the time that Twitter operation has been suspended, (I meant) between the time it has been suspended, and when it will be restored is by far, much, much shorter.

“That I can assure you that it is by far in other words, if the operation has been suspended for about 100 days now, I can tell that we’re just actually talking about a few, just a few more days now.”

The minister stressed that both parties were focused on reaching a conclusion on the matter.

“What we’re trying to do is the changes that have been going on, but we need to dot the ‘i’s’ and cross the ‘t’s’, but I can assure us that we’re not unmindful of the anxiety of Nigerians and both parties are working very hard to put a closure on the matter.

“And like Twitter itself said the changes have been very, very productive on both parties. It has not been advisory at all. And it’s quite respectful,’’ he said.

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Our Director Not On Terrorist Financier List — 9mobile



9mobile-Crystal News

The Management of 9mobile has reacted to media reports that one of its directors is on the United Arab Emirates (UAE} list of terrorist (Boko Haram) sponsors.

According to a press statement cited by Crystal News, 9mobile said that one Abdurrahman Ado Musa, who is on that list is not a director of the mobile telecommunications company.

Some Nigerians were included on the list said to have been ratified by the Emirate Federal Capital. One of the names on the list and that the media has latched on is Abdurrahaman Ado Musa.

In its clarification, 9mobile said “We, however, wish to clarify that the so-named individual is not 9mobile’s Executive Director, Regulatory & Corporate Affairs, Abdulrahman Ado. The resemblance in names is purely coincidental, and our Director does not bear ‘Musa’.

“Our Director, Abdulrahman Ado, is a respectable law-abiding Nigerian. He served the country diligently in public service for over three decades before transferring his services to the private sector.

“He served in various capacities and was Pioneer Vice-Chairman of the Nigerian Electricity Regulatory Commission and Executive Commissioner, Licensing and Consumer Affairs, Nigerian Communications Commission.

“As a law-abiding company that believes in the greatness of Nigeria, and the well-being of all its citizens, 9mobile would never accommodate any undesirable element within its management and staff.

“We urge the general public to kindly disregard the mistaken identify media reports making the rounds”

ICYM: High Profiled Nigerians Enlisted As Terrorist Sponsors- UAE Report

UAE authorities named 6 Nigerians as financiers of terrorist organizations including the Boko Haram sect and other criminal activities.

The 6 persons mentioned had been previously tried and sentenced in UAE with various prison terms after a federal appeals court upheld their convictions for funding the terrorist groups.

The decision was taken when the UAE federal cabinet met in Abu Dhabi on Monday after which they issued Resolution No. 83 of 2021, designating a total of 38 individuals and 15 corporate sponsors on its approved list of persons and organizations supporting Boko Haram and other terrorist causes.

The 6 Nigerians who are part of the list include Abdurrahaman Ado Musa, Salihu Yusuf Adamu, Bashir Ali Yusuf, Muhammed Ibrahim Isa, Ibrahim Ali Alhassan and Surajo Abubakar Muhammad.

The 38 names on the list are mostly Arabs from the Middle East.

UAE news agency reported that the resolution underscored the country’s commitment to target and dismantle networks that finance terrorism and its related activities.


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