Prudential Insurance Group plc, Global Insurance giant, has acquired 100 percent stake in Prudential Zenith Life Insurance Ltd (PZL). The group had since 2017 acquired 51 percent shares of the Nigerian Life underwriting firm owned by Zenith Bank plc.

Before now, PZL has been existing as bancassurance partnerships with Zenith Bank in Nigeria and Ghana. Zenith Bank is a leading bank headquartered in Nigeria, with a network of over 400 branches and approximately 29 million customers across the region.

The Prudential group said increase in ownership of the PZL business was a further step in executing Prudential’s focus in Africa on deploying capital in its existing operations that have the greatest potential.

Prudential originally purchased a 51 percent stake in Zenith Life Insurance Limited in Nigeria in 2017, which benefited from an existing bancassurance partnership with Zenith Bank.

The group said consideration for this transaction would be payable in cash and includes a performance-based element.

Commenting on the deal, the Managing Director, Strategic Business Group, Prudential Solmaz Altin, said “we are delighted to take full ownership of the business and have the opportunity to better serve the needs of our customers and create long-term value for our shareholders.

“Acquiring the remaining stake is consistent with our new strategy to build a sustainable multi-channel growth platform, through targeted investment in structural growth markets across Asia and Africa.

“We see substantial long-term opportunities in Nigeria and plan to build on our existing agents, bancassurance partnerships and direct distribution capabilities”.

According to him, PZL was a great business and one we know well, and our relationship with Zenith Bank further strengthens our distribution capabilities in the region.

Also speaking, CEO, Africa, Prudential Emmanuel Aryee Mokobi, said the transaction increases the group’s participation in an attractive market with significant growth potential.

“Insurance penetration remains low in Nigeria (less than 0.2 percent of GDP) and there is a significant growth runway. Nigeria’s life insurance market is the fifth largest African market with a gross written premium of US$770 million, and we have an established presence there”.

He said Prudential Africa’s strategy was to focus on building its presence and investing in growth and scale in the group’s chosen insurance markets in Africa.

Speaking further he said “The Nigerian business is profitable, and the acquisition of the remaining stake will allow us to realise the full potential of the platform by implementing initiatives in areas such as customer, technology-powered distribution and health.”

Nigeria is the largest economy in Africa, with a GDP of US$477 billion as at 2022 and a population of 218 million people. Its population is fast growing and is expected to increase to over 370 million by 2050 by which time Nigeria is expected to be the third most populous country in the world (currently 6th).

He however said the transaction remained subject to the satisfaction of the applicable conditions precedent for completion. He said following the transaction, Prudential will own 100 percent of Prudential Zenith Life. Prudential plc provides life and health insurance and asset management in 24 markets across Asia and Africa.

Prudential’s mission is to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions.

Obafemi Banigbe, the Chief Executive Officer of 9mobile, will deliver a keynote at the 2024 BNI National Business Conference, and will be joined by seasoned business leaders as they take the stage from October 3rd to 4th in the Ogun State capital, Abeokuta to discuss ways of harnessing emerging opportunities for growth and “building” bridges for a greater economy.

Themed “Beyond Borders: Exploring Global Opportunities,” this year’s conference encourages businesses to explore international growth prospects while building sustainable partnerships.

At the event, Banigbe will address Africa’s strategic positioning in the global economy and its untapped potential as the next global frontier after Asia.

Sharing his insights ahead of the conference, Banigbe said, “The BNI National Business Conference is an invaluable platform for networking with business leaders, sharing knowledge, and cultivating a better business environment.

“Africa is positioned for exponential growth, but we must develop the next generation of industry leaders and entrepreneurs to seize these opportunities.”

With over 2,000 participants expected, including industry leaders, entrepreneurs, and professionals, the conference will feature a distinguished lineup of speakers, such as Nigeria’s former President, Chief Olusegun Obasanjo, as the Special Guest of Honour, alongside other notable figures including Dr. Adebola Olubanjo FCA, and Chief Kola Akosike of Oduacimma.

Banigbe’s participation reflects his dedication to shaping discussions on Africa’s growing influence in the global economy and equipping Nigerian businesses to succeed on the international terrain.

Recall that Femi Banigbe was recently appointed CEO of 9mobile one of Nigeria’s most resilient telecommunications, where he has been tasked with steering the company’s business transformation agenda, providing innovative solutions and sustainable growth for the telco.

HuntaClay Studio is pleased to announce the launch of the Good News Naija Podcast today, 1 October 2024, an initiative that represents a significant step in reshaping Nigeria’s global perception through impact storytelling and celebrating cultural pride.

With the theme Where Nigerian Excellence Speaks, the dynamic platform seeks to highlight the nation’s untold stories of innovation, resilience, and triumph from key personalities and issues across sectors like education, health, business, the arts, and community development. The show offers a refreshing and positive perspective on Nigeria’s progress while inspiring listeners to believe in the country’s potential.

“We believe in the power of storytelling to reshape perceptions, challenge stereotypes, and inspire change”, said Ifedayo Adeleye, the Chief Content Officer, Good News Naija.

“Our objective is to ensure that young Nigerians know that, regardless of the challenges, they can contribute to their communities by building amazing legacies for themselves. Each episode will dive deep into conversations with innovators, trailblazers, and unsung heroes who are pushing the boundaries of what is possible”.

Launching on Nigerian Independence Day, the podcast’s debut episode promises to set the tone for a series of engaging and uplifting conversations. In a country where negative news cycles tend to dominate, Good News Naija seeks to restore optimism and inspire a sense of national pride by revealing the true potential of Nigerians.

“From the young entrepreneur reshaping the tech industry to the educator transforming the classroom, the stories on Good News Naija Podcast will motivate anyone to recognise Nigeria’s full potential”, said Ayomikun Bamgboye, the executive director of Good News Naija Podcast. “At a time when we are constantly pestered with noises and negative intellectualism, audiences need a powerful counterforce – a redirection that focuses more on individuals and communities driving positive change.

By fostering a balanced portrayal of Nigeria’s journey, the podcast hopes to inspire listeners to believe in themselves, the country, and the future. The launch on October 1st marks a significant step towards shifting the public perception and elevating the voices of Nigerians who are shaping a brighter tomorrow.

The podcasr will be available on all major streaming platforms, including Spotify, Apple Podcasts, and Google Podcasts. Listeners can follow the podcast on social media platforms to stay updated on episodes, guest appearances, and more.