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Court, Shareholders Approve Continental Reinsurance Scheme of Arrangement

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A Federal High Court sitting in Lagos has approved the restructuring arrangement of Continental Reinsurance Plc following the approval of the Company’s shareholders at a Court Ordered Meeting held in the last quarter of 2019. By this approval, shareholders of the Company are free to choose among the three options provided in the scheme even as the Company promised to ensure that the concerns of all the parties are duly addressed.

It would be recalled that at the Court Ordered Meeting of the Company which was held on Tuesday October 29, 2019, over 90% of the minority shareholders approved the restructuring plan proposed by the Board of Dir

ectors. The Board had informed the shareholderers that in order for the Company to favourably compete in the global reinsurance market, it became pertinent that the Company aims higher to achieve the kind of ratings that would bring more recognition and profitability.

Speaking after the Court’s approval of the arrangement, the Group Managing Director of the Company, Dr. Olufemi Oyetunji stated that the restructuring is more about repositioning and achieving the best for the Company. He affirmed that the reorganization has nothing to do with the recapitalization activities going on in Nigeria because Continental Re commenced its restructuring processes before NAICOM came up with the new capital requirement.

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“We have astutely read the signals in our operating environment. Universally, these signals say grow, capitalize, expand your services and innovate. We have responded by negotiating an individualized balance of all these signals,” Oyetunji said.

By the scheme, the shareholders could elect to take cash, have their shares transferred to Mauritius directly or keep their shares with the Company through a nominee vehicle.

“As at now, a significant number of our shareholders have made their choices. While some have chosen to collect cash, a few want their shares transferred to Mauritius and those who fall in that category are going through a KYC process. Those who want to join the nominee vehicle are being coordinated by PACE Registrar, which is the Company in charge of that process. The good thing about this is that our minority shareholders have options,” Oyetunji said.

Commenting on the reorganization, Chairman of the Company, Chief Ajibola Ogunshola explained that it will create considerable benefits and opportunities for shareholders and other stakeholders.

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According to him, the re-organization entails the creation of a new holding company that will be domiciled in Mauritius, which will be known as CRe Africa Investments Limited (CRe Mauritius) and capitalized by C-Re Holding Limited, the majority shareholders of Continental Reinsurance Plc, with all the Pan Africa business eventually being consolidated as subsidiaries of CRe Mauritius.
While thanking the shareholders for their support to the future growth of the Company, Ogunshola noted that, “in order to consolidate our gains and reposition the Company for enhanced competitiveness, it has become imperative to restructure the Company with the aim of enhancing capacity which will drive significant business growth and profitability for the group”.

He stressed that “Today, the key driver for competitiveness is financial strength underscored by ratings and capital.

Ratings and capital increasingly determine business quality and volume and confer preferred status by ceding companies, thereby creating access to profitable business.”

Upon completion of the Scheme of Arrangement, Continental Reinsurance African Investments Limited registered in Mauritius, will have CRe Nigeria, CRe Kenya, CRe Bostwana, CRe Douala and CRe Tunis as subsidiaries.

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Richard Quest Visit Management Of Fidelity Bank Plc

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CNN Anchor, Richard Quest (left) engaging with Managing Director/CEO, Fidelity Bank, Nnamdi Okonkwo on SME lending and leveraging digital channels to deepen financial inclusion in Nigeria… Monday

CNN Anchor, Richard Quest, paid a courtesy visit on the Management of Fidelity Bank Plc on Monday, February 12.

During the visit, he engaged the team on several issues including SME lending and leveraging digital channels to deepen financial inclusion in Nigeria.

www.theoctopusnews.com, presents pictures from the event.

(more…)

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3,000 Undergraduates Benefit From Fidelity Youth Empowerment Programme

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Fidelity Bank Plc, has trained over 3,000 undergraduates from various tertiary institution on skills acquisition through its youth empowerment programme. Nnamdi Okonkwo, the bank’s CEO made this disclosure Friday during the closing ceremony of the Fidelity Youth Empowerment Academy (FYEA) held at the Sokoto State University (SSU) in Sokoto.

“The students were drawn from the 5 institutions that have benefitted from the banks youth empowerment initiative that aims to teach vocational and entrepreneurship skills”, he stated.

Okonkwo who was represented by the Head, Corporate Social Responsibility (CSR) and Sustainability, Fidelity Bank, Mr. Chris Nnakwe called on Nigerian youths to embrace entrepreneurship and create wealth for themselves instead of searching endlessly for non-existing paid jobs.

Organised as part of the bank’s CSR intervention, Nnakwe pointed out that the programme now in its 7th edition seeks to empower the Nigerian undergraduate with skills and enterprise training, which are relevant for self-reliance.

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He stated that the bank had organised the programme in various institutions of higher learning including the University of Nigeria, Nsukka; Waziri Umar Federal Polytechnic, Birnin-Kebbi; Federal Polytechnic Oko, Anambra State; Rivers State University of Science and Technology, Port Harcourt; Bayero University, Kano and Nnamdi Azikiwe University, Awka.

For the Sokoto edition, Nnakwe stated the bank has expanded the scope of the programme in a bid to accommodate new areas of vocational training. Apart from the typical training on tailoring and make-up, he noted that participants were also provided with requisite skills and first-hand knowledge in Fashion Designing, Cloth Embellishment, Cocktail and Phone Engineering among others. “We in Fidelity Bank have targeted programmes on education, environment and youth empowerment. This one you are witnessing today is part of fulfilling our promises to the society,” Nnakwe said.

According to him, the youths were trained to acquire skills to enable them to become self-reliant and also make them employers of labours even while in school. He disclosed that at the end of the training, starter packs would be given to each participant to enable him or her to commence business.

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Speaking earlier at the opening ceremony, the Governor of Sokoto State Aminu Tambuwal, thanked Fidelity Bank for choosing the school for the programme. Tambuwal, stressed that as a responsible government his administration has prioritised the welfare of the youths in the state. He enjoined the participants to stay focused and concentrate in order to benefit from the training.

In the same vein, the Vice Chancellor, Sokoto State University, Prof. Sani Dangogo, thanked Fidelity Bank for the gesture, saying the training would go a long way in alleviating the financial burden of the students.

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2020 GTBank Lagos Polo Leighton Kings are Majek champions NRT, RCF win Low, Governor’s Cups

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The 2020 GTBank Lagos International Polo Tournament ended on a flourishing note Sunday with Lagos Leighton Kings clinching the prestigious Majekodunmi Cup 10-5 at the expense of Lintex Agad.
NRT also clinched the Low Cup while RCF win the Governor’s Cup.
Speaker of the House of Representatives Hon. Femi Gbajabiamila, Lagos State Governor Babajide Sanwoolu, his Deputy, Obafemi Hamzat, Governor Dapo Abiodun of Ogun State, Kwara state governor, Abdulrahman Abdulrazaq; Alhaji Aliko Dangote and MD/CEO GTBank,  Mr Segun Agbaje led the large roll call of dignitaries for a colourful ending to a memorable tournament which featured an unprecedented 39 teams.
The Kings, which had Bowale Jolaosho, Bello Buba, Raul Laplacette and Manuel Crespo, were aiming for an unprecedented four title wins having won the Oba of Lagos Cup, Open Cup, Italian Ambassador’s Cup but were pushed all through in the opening and second chukkas by Agad which paraded Sodiq Dantata, Bashir Dantata, Chris McKenzie and Thomas Lorente.
The Kings’ superiority eventually came to fore in from the third all through the end of the six-chukka match as they coasted to victory with five clear goals.
In the  Low Cup final, which was the penultimate match of the dual-phase tournament, Timi Badiru scored a high – goal with less than two minutes to play as NRT survived a late surge by STL for a 9 ½ – 8 triumph over their fellow Lagos side.
Englishman Dorian Bulteau – playing for the first time in Arfica – was pivotal to the priceless win scoring a handful of the goals for the team who also featured Tomi Ojora and Yasin Amusan.
The Governor’s Cup went the way of Lagos RCF A+ with Argentine five-goaler Andre Crespo leading the home team’s resurgence.
Nasariya were leading 4-1 as at the tail end of the penultimate third chukka but four straight goals by RCF three of which came off the mallet of the South American and one from Mohammed Dangote completed a remarkable turnaround.
Herein below is the caption to the picture attached-
L-R Speaker,  House of Representatives, Federal Republic of Nigeria,Hon. Femi Gbajabiamila; Governor,  Lagos State, Mr. Babajide Sanwo-olu; Governor,  Ogun State,Mr. Dapo Abiodun and Executive Director,  Gtbank,  Mr. Hassan Musa during the presentation of the trophy at the Final of the Majekodunmi Polo Tournament sponsored by Gtbank in Lagos, at the weekend.
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