News
Prudential Insurance Group Acquires 100% Stake in Prudential Zenith Life
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.
News
Substandard CNG Cylinder is Recipe for Disaster- SON
Standards Organisation of Nigeria (SON) has warned the public against the use of substandard and uncertified Compressed Natural Gas (CNG) cylinders.
The warning is coming in the wake of the unfortunate recent incident of CNG cylinder explosion at the NIPCO CNG Refueling Station in Benin City, Edo State.
In a statement, the organisation said it has put robust and effective regulatory measures in place to ensure that all CNG equipment and conversion kits conform to approved standards before being certified for public use.
“The conformity assessment schemes are designed to prevent the import, manufacturing, and use of substandard products,” it stated.
In addition, SON said it is collaborating with the Presidential Initiatives on CNG and other relevant government bodies to finalise the Nigerian Gas Vehicle Monitoring System (NGVMS) – a platform that will provide centralized monitoring and surveillance of CNG systems to ensure that only vehicles equipped with certified conversion kits can access gas at retail outlets.
“The NGVMS will also offer a database of approved CNG equipment and suppliers which will go a long way in preventing the substandard installations and further mitigating the associated risks.”
News
Access Bank Wins Best Digital, Best Website at 2024 Digital Jurist Awards
Access Bank PLC has been named the 2024 Best Digital Award Winner in the Commercial Banks Category at the Digital Jurist Awards, organized by Phillips Consulting (pcl.).
In addition to this top honour, the Bank also secured the Best Website Award, achieving an impressive score of 201 points for its engaging and user-friendly digital experience. Access Bank’s cumulative score of 380 points reflects its excellence across digital touchpoints, including its website, web portal, mobile app, and social media.
Commenting on the recognition, Amaechi Okobi, Chief Communications Officer of Access Holdings PLC, said, “We are honoured to receive the Best Digital and Best Website Awards at this year’s Digital Jurist Awards. At Access, our focus on digital innovation is driven by our commitment to deliver seamless, secure, and customer-centric solutions across all touchpoints.
This recognition validates our ongoing efforts to enhance our digital platforms, making financial services more accessible and efficient for our customers. We thank Phillips Consulting for recognising our efforts and will continue to raise the bar in digital excellence.”
Phillips Consulting has long served as a development partner to Nigerian financial institutions and other organisations with an online presence. Leveraging its proprietary Digital Jurist platform, the firm has conducted assessments of digital touchpoints in various sectors, from financial services and insurance to telecommunications and government agencies, over the past 17 years.
Originally established as Web Jurist®, the platform was reimagined as Digital Jurist to assess new and diversified digital channels in the evolving digital economy. Digital Jurist’s evaluation framework examines a range of factors, including user experience, accessibility, performance, functionality, security, customer service, support, marketing, and content engagement across digital platforms.
These awards reinforce Access Bank’s leadership in digital banking, adding to recent accolades including 2024 Best Digital Bank and Best Mobile Banking App by World Finance, Best Mobile Banking App and Best Digital Bank by The Digital Banker Awards, and Best Digital Banking Initiative at the Global Retail Banking Innovation Awards 2024.
News
Foreign Secretary Lammy Unveils Flagship UK-Nigeria Soft Power Campaign
Rt Hon David Lammy MP, has launched a flagship soft power campaign ‘Jollof and Tea’, which celebrates the UK and Nigeria’s cultural and creative ties.
He unveiled the campaign at a reception yesterday in Lagos, on his first visit to Africa as UK Foreign Secretary.
Hosted by the British Deputy High Commissioner in Lagos, Mr Jonny Baxter, the reception was attended by, the Nigerian Minister of Art, Culture, Tourism & Creative Economy, Hon. Musawa Hannatu, the British High Commissioner to Nigeria, Dr Richard Montgomery, CEO of British Film Institute (BFI), Ben Roberts, and other key figures in the creative industry.
At the launch, the UK Foreign Secretary unveiled a first of its kind phone booth, designed by Frederick ‘Dricky’ Stickman, a young, talented Nigerian graffiti and visual artist, based in Lagos.
He reiterated the UK’s commitment to encouraging talent in Nigeria and diaspora, pledging the UK’s support to strengthen partnerships in the creatives sector to benefit both our economies, including through the British Council which celebrated its 80th anniversary in Nigeria (and 90 years globally) this year.
Commenting on the campaign, the British Deputy High Commissioner in Lagos, Mr. Jonny Baxter said: “The ‘Jollof and Tea’ campaign is designed to showcase the length and breadth of the UK – Nigeria partnership including the creative and cultural sectors.
“It will help raise awareness about the existing connections between the UK and Nigeria and take forward ongoing efforts by both our countries to strengthen our people-to-people links.”
While in Lagos, the Foreign Secretary attended the closing evening of Art X West Africa’s leading art fair and took a tour of the exhibition alongside Tokini Peterside-Schwebig, founder of Art X.
He also had a mini- bilateral meeting with Hon. Minister Hannatu, to understand Nigeria’s ideas for collaboration with the UK, and how the recently launched UK-Nigeria Enhanced Trade & Investment Partnership (ETIP) can help drive growth in the creative industries.
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