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Elumelu says strong insurance sector foundation for strong Nigeria

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Tony Elumelu, CON, Chairman, Heirs Holdings and United Bank for Africa Plc (UBA), giving a keynote address at the recent 60th anniversary of the Nigerian Council of Registered Insurance Brokers (NCRIB) conference, underlined the importance of a vibrant, well capitalised and deep insurance sector to Nigeria’s economy.

“Not least in these testing times, our people need financial security, secure savings and protection against uncertainty. Our industry needs to offer simple, smart products, that give value and deliver. We need an industry that is professional and can catalyse investment in key sectors such as power, infrastructure and housing”.

Elumelu congratulated the NCRIB on its anniversary and the role it has played, joining other prominent guests including Commissioner for Insurance and the President of NCRIB. But he stated there was no room for complacency, with the sector needing to regain trust, stamp down on malpractice and fundamentally evolve its customer proposition to deepen the insurance penetration.

He emphasised the commitment of Heirs Holdings to the insurance industry.

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He said: “Our two insurance companies, Heirs Life Assurance and Heirs Insurance Limited, are both leading democratisation of access to insurance – which is a tool for financial inclusion, employment creation, poverty eradication and female advancement. In a country of two hundred million, we can, should and must be more relevant than we are today. I am an optimist, not a pessimist. I know that times are tough, but together we can, and we will transform our industry, create value, and provide solutions that demonstrate the value of insurance to our people.”

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Reiterating Elumelu’s stance, Mr. Sunday Thomas, Commission for Insurance called for more collaboration and effort in enabling access to insurance, stating that the industry could do more in this prospect.

He said: “It is a fundamental truth that the insurance sector exists for other sectors to thrive. A lot has been achieved, but there is still more work to be done. Until insurance becomes the oxygen that homes and other industries breathe, and a subject that is known to everyone, we have not arrived”.

The President, NCRIB, Barrister Rotimi Edu, appreciated Elumelu for delivering the keynote speech at the event, while making a commitment on behalf of the Council to further deepen insurance penetration in Nigeria.

He said: “The Council is already creating avenues through strategic engagements with notable governmental and non-governmental institutions to deepen the industry in the country”.

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Heirs Insurance and Heirs Life are lead sponsors of the NCRIB 60th Anniversary, alongside investment group United Capital Plc and healthcare management company, Avon HMO, all investee companies of Heirs Holdings, a pan-African investment group, with a portfolio spread across 24 African countries and four continents.

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UConn MBA Student Launching Lingerie Company That Shuns Toxic Chemicals, Appeals to Health-Conscious Consumers

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Christina Phillips was horrified when she discovered that toxic and dangerous chemicals are used to manufacture women’s bras and underwear.

Who would suspect that formaldehyde, pesticides, petroleum, dyes, parabens and “forever chemicals’’ are found in the creation of most popular brands of lingerie?

Phillips, a UConn MBA candidate, is setting out to change that with her lingerie startup called “Puure.’’ She hopes to have her line of organic, non-toxic underwear available in the marketplace in 2024.

“There’s a silent threat beneath our clothing. It is a huge problem that scares me,’’ Phillips says. “I think millennial women are enlightened about healthy eating and healthy living and they’re concerned about environmental toxins. They want to make healthy decisions about their bodies. They have no tolerance for greenwashing. They seek brands that share the values that they do.’’

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Her target customer is health-conscious Black women between the ages of 25 and 45, who are trying to optimize their reproductive health.

Nearly a quarter of young Black women have uterine fibroid tumors, as compared to just 6 percent of white women. Fibroids are benign tumors in the muscle wall that can be painful and cause a host of health problems, including interfering with fertility.

Phillips Brings a Wealth of Knowledge, Experience to Her Company

Phillips recently participated in an eight-week business accelerator, called Summer Fellowship. Sponsored by the Connecticut Center for Entrepreneurship & Innovation (CCEI), the program helps UConn-affiliated entrepreneurs with everything from legal concerns to finding financing sources.

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At the conclusion of the program, Puure was one of six startups selected to compete in the Wolff New Venture Competition, the School of Business’ pinnacle entrepreneurship challenge, in October. Puure will compete for a share of $50,000 in business funding.

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In addition to her MBA degree, which she plans to complete in spring 2025, Phillips brings a strong background in textiles and retail experience to her startup. In fact, this is not her first business venture.

Phillips started her career in sales for a home textiles company that sold bedding and bath products. There she became familiar with fabrics, natural fibers, and sustainability issues. She went on to work in retail for a table linens/kitchen company, and then for a company that made sunglasses and optical frames.

She and her sister also had a special-occasion clothing line for six years and became knowledgeable about clothing and manufacturing.

“We didn’t know what we were doing initially, but we learned a lot about entrepreneurship, business development, and manufacturing practices,’’ says Phillips, a native of Westchester, N.Y. What they lacked was a solid foundation in building a business, and that’s something that Phillips gained through Summer Fellowship.

“I needed a foundation, including developing a core strategy and defining my competitive advantage,’’ she says. “The program mentors were great and welcomed us to bounce ideas off them. I learned how to organize the company financially. And I appreciated that all the other entrepreneurs were so like-minded and supportive.’’

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Company to Offer Comfort, Style—and Wellness Advocacy

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Puure lingerie will be made of organic and non-toxic material, but Phillips is also creating garments that are comfortable, well-fitting and stylish. Her company will be very committed to advocating for feminine wellness. After mulling over the business idea for a few years, Phillips began to seriously explore her interest in the $80 billion lingerie business in February. By April, she had won CCEI’s Get Seeded competition and a $5,000, first-place prize.

Her company is off to a quick start. Phillips is already sourcing suppliers and deciding whether to manufacture in the United States or in Europe. She has a technical designer now and is looking to grow her team.

“Everything I do is very intentional, even down to the tags,’’ she says. “I want to partner with factories that are not only producing organic good but are practicing fair labor, are committed to sustainability, and are not solving one problem while creating another.’’

Because of their unique health needs, Phillips is focusing on Black women. She initially hopes to market directly to consumers and through pop-up events in New York and Connecticut, before partnering with retailers. Black women are very brand-aware, Phillips says, and she believes that interest in her products will grow rapidly.

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The name Puure came from a friend in Summer Fellowship, after Phillips discovered that her first choice for a name was already trademarked.

“I like the name because it says what it is…pure, organic, not superficial. This isn’t a company that’s out to trick anyone,’’ she says. “Our goal is to produce something that is healthy and safe for women. Our core values are integrity, transparency and holding to what we claim.’’

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Court Orders Service Of Contempt Charge On GTBank MD Over Frozen Customer Account

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Barring any unforeseen development, the managing director of Guaranty Trust Bank, Miriam Olusanya will, from next week, be subjected to trial for contempt of court for allegedly blocking a customer’s account domiciled in the bank’s Apata, Ibadan branch with an order purportedly obtained from a magistrates’ court in Kano state.

The trial for contempt of court was ordered by Justice A. L. Akintola of the High Court of Oyo state, following an ex-parte motion brought by Musibau Adetunbi (SAN), lawyer to the bank’s aggrieved customer, Omolara Abosede Ogunkoya.

By the order issued on September 18, a copy of which was seen in Abuja on Tuesday, September 19, Justice Akintola directed that court documents relating to the contempt proceedings be served on the bank’s MD and its Apata branch’s Manager, Ms. Funmi Olutayo.

Part of the order reads: “Furthermore, by this order, the applicant herein, is hereby allowed to serve Form 48 (notice of consequences of disobedience to order of this honourable court made on the 7th day of September 2023 and Form 49 (notice to show cause why the order of attachment should not be made and other subsequence processes in these contempt proceedings on the Managing Director of Guaranty Trust Bank Pic, Miriam Olusanya by substituted means to wit; by pasting the said processes on the wall of, Guaranty Trust Bank Pic, Apata branch/business office, Ibadan Oyo state.”

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The contempt case was informed by the bank’s alleged refusal to obey the court’s orders contained in a judgment delivered on September 7 directing it to, among others immediately lift the restriction it placed on Mrs. Ogunkoya’s account.

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Mrs Ogunkoya had sued the bank following its alleged refusal to lift the restriction it placed on her account without allegedly offering any reason for its action.

In the fundamental rights enforcement suit, marked: M/696/2023 Mrs. Ogunkoya said she had operated the account without hindrance until the bank suddenly placed a lien on it earlier this year.

She added that her efforts to make the bank rethink or provide a reason for its action proved abortive, prompting her to sue.

Delivering judgment on the suit on September 7, Justice Akintola found among others that the bank’s action was unjustified, noting that the order on which the bank relied to act was doubtful.

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The judge said: “It is doubtful if the enrolled order of the Kano Chief Magistrate Court, attached as Exhibit B to the respondent’s (the bank’s) counter affidavit is a certified true copy of such an order.

“To the extent that it purports to be a public document, but which is not certified as a true copy of the original, this court cannot take cognizance of same.

“In the end result, the basis upon which the respondent (GTBank) has placed the lien or embargo on the applicant’s account maintained with the respondent is of doubtful validity, and same cannot be recognized or given any effect to by this court.

“It is on this premise that this court finds merit in the applicant’s application, and the same accordingly succeeds. It is consequently, hereby ordered as prayed.”

The judge proceeded to declare that GTBank’s placement of lien or seizure of Mrs. Ogunkoya’s account amounted to a violation of her right to own property guaranteed under Sections 43 and 44 of the Constitution.

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Justice Akintola ordered the bank to immediately lift the restriction on the account, orders the bank has failed to comply with, promoting Mrs. Ogunkoya’s resort to the contempt proceedings to compel GTBank to comply with the subsisting orders of the court.

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Nigeria: Mobilise Finance To Meet Sustainable Development, NESG Advises Govt

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The Nigerian Economic Summit Group (NESG) on Monday, said mobilising finance in high-growth sectors was critical towards achieving sustainable development in Nigeria.

Dr Olusegun Omisakin, Director of Research, NESG, gave the advice in a statement in Abuja, ahead of its 29th economic summit (NES 29), scheduled for Oct. 23 -24.

“Efforts should focus on domestic revenue mobilisation by expanding the tax net and improving collection efficiency.

Omisakin, explained that Nigeria should leverage a compelling portfolio of competitive investment-grade projects and social investment programmes to access and deploy financial resources in support of sustainable development initiatives.

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“Promoting innovative financing mechanisms, strengthening public and private financial institutions, and enhancing public-private partnerships are essential for mobilising the necessary funds.

” Hence, it is crucial to shift Nigeria from a predominantly government-led funding approach to a private sector-led investment-driven economy, while also improving transparency, efficiency, and accountability in public revenue and expenditure.”

He said the forthcoming NES 29, themed: ” Pathways for sustainable economic transformation and inclusion,” was in view of the urgency of translating economic growth into improved and sustainable living standards for all citizens.

He explained further that the summit theme hints at Nigeria’s potential for sustainable development, leveraging innovative policies, robust institutions, strategic infrastructural investments, and human capital development. (NAN)

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