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.

Chain Reactions Africa (CRA), one of Africa’s leading Public Relations and Integrated Communications Consultancies, has further consolidated its market leadership position as one of Africa’s best public relations consulting firms by emerging as the ‘Outstanding PR Agency of the Year’ at this year’s edition of the prestigious Marketing Edge Awards.

The award, according to the organisers, is in recognition and celebration of the company’s “rising brand equity and sterling performance over and above its peers in the last one year.”

Israel Opayemi, the company’s Managing Director/Chief Strategist, was also adjudged as the overall best in the individual category, carting away the ‘Edge Grand Prix In PR’ award, the highest category of the Marketing Edge Awards that any personality could get.

This was in recognition and celebration of his professional and entrepreneurial odyssey, and the Olympian heights to which he has led the company across Africa over the years, the award organisers said.

This is the second time in two years that the company has won both awards. It would be recalled that Chain Reactions Africa had during the 2023 edition of the award, then known as the Marketing Edge Brands and Advertising Excellence Awards, won the ‘Outstanding PR Agency of the Year’, while its Chief Executive scooped the ‘Outstanding Leadership Award in Public Relations’ award.

This year’s the award ceremony held on Saturday, September 28, 2024, in Lagos coincides with the 21st anniversary of Marketing Edge, Nigeria’s leading brand-focused marketing and advertising publication, and which has been at the vanguard of brand journalism in the last 21 years.

Speaking on the awards, the Managing Director/ Chief Strategist of Chain Reactions Africa, Mr. Israel Jaiye Opayemi noted the significance of the recognitions to the firm as a brand, the nation, and the integrated marketing communication ecosystem whilst appreciating the awards organisers.

“This Edge Awards, from the stable of Marketing Edged is most appreciated. We thank the organisers for this recognition. The awards are another evidence of Chain Reactions Africa’s leadership, competence, hard work, commitment, and discipline imbued to distill client’s briefs and deliver superior value to them,” he said.

He extolled the exceptional professional skills of the staff of Chain Reactions Africa, thanking them for their dedication, hard work and sacrifice over the years. “I am most grateful to the Chain Reactions Africa tribe of creative rebels, as I call them. There wouldn’t be a Chain Reactions Africa without my team of dedicated and talented individuals who drive the business with exceptional passion.

“I am very proud of the brave hard work we do, our irrevocable commitment to always lead with strategy, our investment in neuroscience, our investment in data and research, and our absolute commitment to always end everything we do with creativity so as to deliver quality service to our various clients.”

“On behalf of Chain Reactions Africa, I dedicate this recognition as Nigeria’s Outstanding PR firm to all our present clients. I thank you for the liberty you have given us to breathe our unique approach to strategy into your brands. Thank you for allowing us the space to be irreverent to normal. We will continue to make strategy first the holy grail of what that we do for you,” Opayemi added.

“These awards conferred on us will be a catalyst to spur us to go the extra mile to reaffirm the essence of our core mandate, which is ‘gold service standard’ that is rooted in Chain Reactions Africa’s brand DNA”, Opayemi said.

In his comments, the Publisher/ CEO of Marketing Edge Magazine, John Ajayi, congratulated all the winners on their awards, and urged them to sustain the momentum of their endeavours, character, and all the things that stands them out in the marketing communications industry. “Congratulations to all the winners, as well as all the nominees, for the various awards and nominations, and more wins in the future. Your contributions have indeed brought out the best in the industry. You are all winners”, Ajayi said.

The latest awards are just a few out the many recognitions in the cabinet for Chain Reactions Africa.  The company had in May this year been recognised with the ‘PR Agency of the Year’ award at ‘The Industry Awards’ for the year ending 2023.

In addition to this, the company had also put up a seven-star performance during the annual African Public Relations Association (APRA) Conference on May 16, in Basam, Abidjan, Cote D’Ivoire where it was presented with seven African SABRE trophies by Provoke Media, the highest by any public relations firm in Africa in the 2024 competition.

The Sabre Awards covered campaigns for the Lagos Metropolitan Area Transport Authority (LAMATA), and its Lagos Blue Rail, 9mobile’s The Hack – Expand Your Hustle’, ‘Taming the Bull’ for the Presidency, and ‘Next Era of Happiness’ for leading biscuit company, Pladis Foods Nigeria Limited.

The Marketing Edge, Edge Awards ceremony is a major industry event that recognizes, rewards, and celebrates deserving brands, institutions, agencies and personalities with enviable milestones. This years’ Edge Awards ceremony themed, ‘Tech Acceleration: Integrating AI Without Sacrificing Human Creativity’ was held as a hybrid event, with the physical location at the Sheraton Hotel in Ikeja, Lagos. It featured both the awards and Marketing Edge National Marketing Stakeholders Summit.