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Sovereign Trust Insurance Gets GCR A Rating

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International Credit Rating Agency, Global Credit Rating Limited (GCR) has confirmed Sovereign Trust Insurance Plc as an A rated underwriting firm.

The agency gave the confirmation at its 2021 rating exercise carried out recently.

Spokesman of Sovereign Trust, Mr Segun Bankole said Sovereign Trust Insurance was rated A- due to its high claims paying ability amongst other requisite considerations for the rating.

He said the current rating from A-to A, according to GCR is based on the company’s renewed financial position and stable outlook from a statutory solvency perspective in the last three years.

Sovereign Trust in 2019 increased its shareholders’ funds from N4.1b to N5.6b through the Rights Issue that was carried out in that year,

Bankole reported the rating agency as stating that the company’s solvency margin improved remarkably, and that it was very much in compliance with the proposed regulatory capital requirement for the industry.

He said, “despite the effects of the COVID-19 pandemic on businesses and the fallout of the nationwide protest in FY20, the impact on underwriting performance was well absorbed by an improvement in the insurer’s scale efficiencies.

He said with operating expense ratio registered at 37.0 percent in FY20 against the 53.19 recorded in FY19.” Also, investment income maintaining an upward trajectory over the review period, thereby supporting return on revenue at 10.5 per cent in FY20 as against 8.5 percent recorded in FY19. GCR expects STI’s liquidity metrics to remain sound on the back of conservative asset allocation and the planned additional capital injection.

Bankole quoted the rating agency and said that Sovereign Trust Insurance has a strong direct business generation capacity, which has over time stimulated retail segment penetration. The premium mix is considered well diversified and can still be improved upon in the years ahead.

He said the company aims at becoming one of the top five in the insurance sector within the shortest possible time.

To achieve this, Bankole said effort was being made to open new channels of distribution to afford Nigerians qualitative insurance products and services through borderless technology that would serve as an enduring game-changer in the insurance market space.

He further said Sovereign Trust Insurance Plc was committed to attracting and retaining the best hands in the insurance business in Nigeria with a rare combination of proven professionals from diverse areas of discipline.


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Chain Reactions Africa Wins ‘Edge Outstanding PR Agency of the Year’ at Marketing Edge Awards 2024

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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.

 


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Experts to Explore the Imperative of Data Protection, Cloud Security @ 2024 Edition of Nigeria ICT Forum

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As the world becomes increasingly interconnected and reliant on digital technologies, the importance of data security cannot be overstated. Protecting sensitive information is paramount for individuals, businesses, and governments alike.

In response to the growing need for robust data security measures, the 12th edition of the Nigeria ICT Impact CEO Forum (NIICF) is set to convene on Saturday, November 16, 2024, at the Oriental Hotel, Lekki, Lagos.

Themed “Strengthening Data Protection, Cloud Infrastructure & Cyber Security”, the forum would be chaired by His Excellency, Mallam Umar Namadi, Governor of Jigawa State.

In a statement, the NIICF and Africa Digital Awards (ADA) coordinator, Mr. Tayo Adewusi, explained that the forum will delve into the evolving challenges and opportunities surrounding data protection, cloud infrastructure, and cybersecurity.  He added that industry leaders will explore these areas’ impact across various sectors and present innovative solutions for navigating the digital age.

The forum boasts of the welcome address by Dr Bosun Tijani, Minister of Communications, Innovations & Digital Economy, the keynote address Dr. Aminu Maida, the EVC of Nigerian Communications Commission and the chairman of the occasion is Mallam Umar Namadi of the Governor of Jigawa State.

According to Adewusi, the following dignitaries will present papers at the forum: Prof. Adewale Obadare Founder, Digital Encode Limited, Dr. Vincent Olatunji, National Commissioner/CEO, Nigeria Data Protection Commission, Engr. Bisoye Coker-Odusote, DG, National Identity Management Commission, Engr. Ike Nnamani, CEO of Digital Realty Nigeria and other industry leaders.

The forum would provide a valuable platform for C-level executives, industry experts, and stakeholders to connect, share experiences, and foster collaboration.

Participants can connect with potential partners and build meaningful business relationships. Hear presentations from thought leaders and glean knowledge on the latest trends in data protection, cloud security, and cybersecurity.

Also, the forum would contribute to shaping the future of Nigeria’s digital landscape through meaningful discussions and collaborations.

The prestigious 12th Africa Digital Awards (ADA) will be held concurrently with the forum, recognizing over 50 distinguished individuals and organizations leveraging ICT to drive positive change.


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FG to Toll Lagos-Ibadan Expressway, Second Niger Bridge, Others

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Federal government will toll all major roads in the country upon completion of construction and renovation because Nigerians are ready to pay for good roads once their safety and convenience are guaranteed, according to Dave Umahi, minister of Works.

FG to Toll Lagos-Ibadan Expressway, Second Niger Bridge, Others

Dave Umahi, minister of Works

“We have the Lagos-Ibadan (Expressway), we are completing it and we are tolling it,” Umahi said on Thursday in Abuja at an Inter-Ministerial Press Briefing, part of activities to mark Nigeria’s 64th independence anniversary.

He listed some of the roads as Lagos-Ibadan Expressway, Second Niger Bridge, Abuja-Kano Road, and Makurdi-9th Mile, among others.

The former Ebonyi State governor said the tolling of federal roads “is going to bring a lot of money to the Federal Government”.

Umahi said private sector members have been engaged “to bring in funds, construct these roads, work with the Infrastructure Concession Regulatory Commission and the Ministry of Works to toll these roads”.

The minister said the government would start with the Keffi-Makurdi Road that has been completed, stating that his ministry has been engaging with the Ministry of Finance for a paperless mode of payment.

He said, “For example, we are completing the Lagos-Ibadan, we are working on Makurdi to 9th Mile in Enugu State, we are working from Abuja to Lagos. These roads are going to be tolled. But we are not just tolling them, we are bringing confidence in the use of these roads.

“If people can travel at night because we are bringing security, where the response time will be 10 minutes on the entire corridor, where you have solar light permanently there and then reduce travel time, and through the tolling, the roads are maintained, then, there will be confidence because Nigerians will pay if the roads are good.”

He said before now, road developments have not been handled as investments but the administration of President Bola Tinubu has been handling road developments more professionally.

He said the present administration inherited a total of 300 damaged roads and bridges, adding that more road constructions would commence from October 1, 2024, across the six geopolitical zones of the country.


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