E-Financial
Consolidated Hallmark Insurance Bullish on Future Performance
Mr. Obinna Ekezie, the Chairman, Board of Directors of Consolidated Hallmark Insurance (CHI) Plc, has said the years ahead are indeed bright for the company and its stakeholders because the company would leverage on its continued expansion as a one -stop insurance and other financial services provider through its subsidiaries.
Okezie, who spoke at the annual general meeting (AGM) held Lagos, recently, said CHI Plc would not relent in boosting working capital while awaiting developments in the recapitalisation journey of the insurance industry.
Ekezie said that the local insurance operating environment was characterised by activities of operators geared towards meeting the recapitalisation thresholds set by the industry regulator The National Insurance Commission (NAICOM) the previous year.
According to him, He said that the first phase of the recapitalisation exercise required that operators meet a minimum of 50 per cent of the new requirement by December, 2020 and the balance to be met in September, 2021.
Although the recapitalization exercise is put on hold due to court action, Ekezie said CHI Plc proactively continued with the raising of additional capital, with a successful Rights Issue where 2,032,500,000 shares were offered and fully subscribed notwithstanding the limitations imposed by the pandemic.
“We thank you for your immense support which culminated in the success of the capital raise and shall not relent in taking further steps to boost our working capital as we await further developments on recapitalisation from the industry regulator.
“The next phase of our fund drive shall be conveyed to you, distinguished shareholders, as we take definite steps towards meeting the N10 billion threshold, subject to further developments in the industry,” he said.
Speaking on the performance of the company for the 2020 financial year ended December 30, 2020, Ekezie said that amid challenges in the global and local economy owing to the COVID-19 pandemic among others, the company recorded significant growth in key performance indices.
“With the benefit of hindsight, we are quite optimistic that future operating results would be significantly improved upon as the Macro Economic Environment and Global Outlook presents brighter pictures in the years ahead.
“With business operations now getting back fully to normal and the effects of the global pandemic gradually waning, especially in our local operating environment, we are quite hopeful of further improvement in performance,” he stated.
The chairman said that CHI Plc posted an all-time high gross premium written of N9.77 billion, showing a 12 per cent growth when compared with the N8.69 billion in 2019. Profit after tax increased to N677.98 million from N600.31 million in 2019. Total assets increased by 22 per cent, growing to N14.31 billion from N11.74 billion ached in 2019.
Based on the performance, the directors recommended a dividend of N216.8 million, which translated into two kobo per share.
On his part, Mr. Eddie Efekoha, the Group Managing Director/Chief Executive Officer, CHI Plc, said that the company had achieved 50.7 per cent of the mandated N10 billion thresholds by raising capital to N5.06 billion in November 2020.
“Our successful Rights Issue thus sent a signal of our commitment towards meeting the new requirement, as we achieved 50.7 per cent of the mandated N10 billion thresholds by raising our capital to N5.065billion in November 2020.
“Ahead of the earlier deadline of December 31, 2020 for 50 per cent as a general business insurer.
“Your Company shareholders fund stood at N8.03billion as at end of December, 2020.
“Although the industry recapitalisation programme is currently on hold, NAICOM has continued to adopt other measures and initiatives for the effective regulation of the industry.
“Some of which include the automation of the Annual Returns filing and licensing of more insurance companies to stimulate competition in the market.
“They have also allowed existing operators to establish micro-insurance business as a department: a development that is intended to drive up financial inclusion and increase insurance penetration in Nigeria,” he added.
Looking ahead, Efekoha foresaw an increasing positive contribution of the subsidiaries – Grand Treasurers Limited, Hallmark HMO, and recently CHI Micro-Insurance to the overall results of the group.
Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) with Investonaire Academy to train 100,000 young Nigerians annually in forex trading, financial planning, and risk management.
The agreement, signed in Abuja, was announced by Omolara Esan, Director of Information and Public Relations at the Federal Ministry of Youth Development. According to her, the initiative is part of the government’s broader strategy to reduce youth unemployment and enhance financial inclusion.
At the signing ceremony, Minister of Youth Development, Comrade Ayodele Olawande, described the partnership as a milestone in the ministry’s efforts to equip young Nigerians with practical financial skills. He emphasized that the programme would foster critical thinking, improve digital literacy, and expand access to global economic opportunities.
Speaking on the collaboration, Dr. Enefola Odiba, International Programme Director at Investonaire Academy, highlighted the importance of empowering youth with relevant financial and digital skills. He described young people as essential drivers of innovation and national development.
The ministry assured that the programme would be implemented with transparency and measurable outcomes, ensuring that participants gain practical expertise in forex trading and financial planning.
The Federal Government has recently intensified efforts to boost skill development across various sectors. A separate plan aims to train 100,000 artisans nationwide, following the successful upskilling of 29,000 individuals in previous phases. This initiative seeks to professionalize vocational trades, eliminate quackery, and introduce licensing systems.
Additionally, technicians from specialized institutions will receive industry-standard training to strengthen Nigeria’s labor force and increase self-reliance in skilled professions.
Through these efforts, the government hopes to position Nigerian youth for economic success both locally and globally.
Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.
Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.
Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.
In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.
This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.
To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.
Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.
The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.
Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.
These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.
By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.
Securities and Exchange Commission (SEC) has directed all public companies and Registrars to stop treating unclaimed dividends older than 12 years as “statute-barred”, especially those dating from before the enactment of the Finance Act 2020.
The directive reaffirms the provisions of Section 60 of the Finance Act, which mandates that dividends unclaimed for over six years be transferred to the Unclaimed Funds Trust Fund (UFTF), where they remain accessible to shareholders pending claims.
The Commission said that shareholders are entitled to continue to claim their dividends that are not statute-barred (that is not above 12 years) before December 31, 2020 “when the Finance Act 2020, came into effect.”
According to the SEC in a Circular, “The attention of the Securities and Exchange Commission has been drawn to the fact that paying companies and their Registrars have continued to treat unclaimed dividends of public companies that are older than 12 years as being “statute-barred” without recourse to the provisions of the Finance Act 2020.
“In response to various inquiries on the subject, the Commission hereby clarifies as follows: The import of the provisions of Section 60 of the Finance Act 2020 (December 31, 2020), is that, where dividends declared by a public company quoted on the Nigerian Exchange Limited remained unclaimed for a period of six years or more, such dividends are expected to be transferred to the Unclaimed Funds Trust Fund (UFTF) to be held in trust and managed pending when the shareholder presents a claim for such unclaimed dividends.
“Pending the setting up and operationalisation of the UFTF by the Federal Government, pursuant to its powers under Sections 3 (4) (e) and 93 of the Investments and Securities Act 2025, the Commission hereby directs public companies and their Registrars to continue to honour all requests by shareholders for the payment of unclaimed dividends as described above, with effect from December 31, 2020”.
The Commission therefore directed public companies and Registrars to effect immediate compliance with the directive and submit periodic reports on same in the manner prescribed in the Commission’s Rules and Regulations.
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