The Securities and Exchange Commission has given the nod to the acquisition of International Energy Insurance (IEI) Plc by Norrenberger Advisory Partners Limited (NAPL).
The insurer stated this in a disclosure filed to the Nigerian exchange on ‘the acquisition of majority equity stake in International Energy Insurance by NAPL and seen by Naijaonpoint.
According to the insurer, the deal upon conclusion will make the new acquirer, NAPL, the majority shareholder of the company.
The statement read, “Following a previous announcement of the proposed acquisition of International Energy Insurance Company Plc. (IEI or the Company) by Norrenberger Advisory Partners Limited (NAPL or The Acquirer), this is to notify the Nigerian Exchange Limited and the investing public that the Securities and Exchange Commission has granted its No Objection to the Acquisition.
“NAPL will therefore immediately commence the process of the block acquisition in accordance with the Shares Purchase Agreement with the selling shareholders. Upon conclusion of the process, NAPL becomes the majority shareholder in IEI Plc. To this end, it shall be making consultations with all its Stakeholders as appropriate.”
In case you missed it
- Naijaonpoint had earlier reported that Norrenberger Advisory Partners Limited had commenced the process for the acquisition of International Energy Insurance, IEI, following NAICOM’s nod for the acquisition of 100% equity of the insurer.
- The insurer said the development is part of efforts to meet recapitalization requirements as directed by the insurance industry regulator.
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APPZONE acquires switching license from the CBN
AppZone, Sub-Saharan Africa’s payment infrastructure company, announced that the Central Bank of Nigeria has issued the organization an approval in principle to operate under the Switching and Processing license category. This will enable AppZone further expand its transaction switching and processing services currently offered to banks and fintech’s through its blockchain-based payment network, ZONE, launched in December 2021.
ZONE is the first private blockchain payment network that enables the direct flow of payments from bank to bank while empowering previously excluded financial institutions to participate. It has been adopted by over 16 commercial banks and payment service banks in Nigeria and will further expand to other financial institutions, Fintechs and commercial banks across Africa.
Speaking about the license issuance, Co-Founder and CEO of AppZone, Obi Emetarom, said, “We are excited about the issuance of the Switching license. We look forward to the progress it will enable for the payment and finance ecosystem.
As a payment infrastructure company, we believe that this milestone will enable us to connect every financial store of value within Nigeria and link them to the rest of the world.”
With this new milestone, AppZone can now operate on the same level as other tier-one financial technology and private switching companies. The Switching license will enable the company directly to engage and collaborate with crucial payment system stakeholders such as the Nigeria Central Switch hosted by NIBSS and the various Card Payment Schemes.
Founded in 2008, Appzone Africa’s no.1 Fintech Software Engineering firm has evolved into a payment infrastructure company. Our Layer-1 Blockchain network digitizes Fiat payments and enables the transition to digital currencies while connecting previously excluded financial institutions into an all-inclusive payment ecosystem. In December of 2021, Appzone launched ZONE, Africa’s first decentralized payment network. ZONE allows participating institutions to connect directly with each other and perform payment transactions without an intermediary while completely automating settlement, reconciliation, and dispute management. We are working with the brightest minds on the continent to digitize and completely automate financial services. Our Vision is for digital payments and Decentralized Finance to replace cash and traditional Banking in Africa.
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Why cost of economy flight ticket may hit N100,000 soon
The cost of flying economy class across domestic airlines in Nigeria is expected to hit N100,000 soon.
This is due to the rising operational costs occasioned by aviation fuel price hikes, foreign exchange shortages, among others.
This was disclosed by the Airline Operators of Nigeria (AON), through the Chairman, United Airlines, Professor Obiora Okonkwo on Wednesday.
What domestic operators are saying
Okonkwo said, “Obviously, it is inevitable. I can tell you that all the airline operators, in the last three months, have been losing money, a huge amount of money. There is too much stress on the operational fronts for them to break even.
“Even if the aviation fuel is made available, there must be a review to reflect the minimal operational cost. We are offering patriotic services to the nation and understand the essential part of it. We are part of this economic development process in Nigeria but it is coming at a very huge sacrifice.
“Nothing less than N100,000, between N100,000 and N120,000 base price, even with Jet A1 fuel at N400 – N500. That is what it is. In the industry, it is expected that you will gain some here and lose some here but the biggest challenge indigenous operators are having is that the cost of everything is high. You source money from the commercial bank rates. You source money from the black market. No moratorium for your loans and the banks and AMCON are quick to jump on you.”
The Chief Operating Officer, Ibom Air, Mr. George Uriesi, also explained that the local airlines had reached a point in their operational cost to take a drastic measures.
He said, “Something has to give in. It’s either the prices of fuel that come down or the prices of airfares go up from where they are. So far, the airlines have tried very much to work within the airfares as they are. All sides of the divide are aware that the airlines have done the best that they can do.
“I don’t know what tomorrow holds but at some point, if the airline doesn’t survive, it goes down, to the detriment of everybody-the people who work for the airline, the people who fly on the airline, the country’s economy, everything goes down. So, airlines are just trying to be stable and patriotic. That’s where we are.”
What you should know
- Oil marketers under the aegis of the Major Oil Marketers Association of Nigeria (MOMAN) have identified solutions to the high price and scarcity of Jet A1 fuel popularly known as aviation fuel, across the country, according to Naijaonpoint.
- The major marketers have said that the situation can abate if marketers are able to get foreign exchange at decent rates instead of sourcing from the parallel market.
- This was made known by the Executive Secretary of MOMAN, Clement Isong, during an interview on Wednesday in Lagos.
- Isong noted that a drop in the global oil prices and the adjustment of the international supply of crude to meet demand will help the prices come down to more acceptable levels.
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