News
Veritas Kapital Assurance Records N2.7 Billion Net Premium Income, Focuses on Energy Sector
By Milcah Tanimu
Veritas Kapital Assurance has announced a Net Premium Income of N2.699 billion for the 2022 financial year, representing a marginal one percent increase compared to N2.675 billion in 2021.
Mr. Nahim Ibraheem, Chairman of the Board of Directors of Veritas Kapital, disclosed this during the company’s 46th Annual General Meeting (AGM) held in Abuja on Tuesday.
Ibraheem explained that the company experienced a 28 percent reduction in Gross Premium Written (GPW), which amounted to N4.37 billion, down from N6.055 billion in 2021. This reduction was attributed to operational challenges stemming from the adverse economic conditions in the year under review.
According to the company’s annual report, Profit before Tax (PBT) increased significantly to N219.77 million in 2022 from N36.31 million in 2021, marking a growth of 505 percent. However, Profit after Tax (PAT) decreased from N331.24 million in the previous year to N170.13 million in 2022.
Ibraheem also highlighted that shareholders’ equity grew organically by three percent, reaching N9.625 billion in 2022, while total assets decreased slightly from N14.551 billion in 2021 to N13.996 billion in 2022.
Despite the economic challenges faced by the country, Ibraheem assured shareholders that the company was committed to delivering dividends in the upcoming business year. He further mentioned that Veritas Kapital Assurance was strengthening its relationships with key players in the upstream and downstream sectors of the oil and gas industry to attract profitable business opportunities.
“The Board and management remain confident and committed as it continues to leverage several key fundamentals in its activities to provide reasonable returns to shareholders,” Ibraheem stated.
He added that the company had re-strategized and was actively working to enhance the perception and awareness of the Veritas Kapital Assurance brand in order to expand its market presence. Additionally, the company was focusing on retaining more premiums from the highly lucrative energy sector.
Ibraheem emphasized the importance of balancing capital exposure and risk aversion in making business decisions and noted that the company was well-positioned to take advantage of opportunities while maintaining excellence and affordable coverage for customers and the insuring public.
Shareholders commended the board and management for their resilience in managing the company’s affairs amid the challenging economic conditions in the sector. They expressed satisfaction that, despite not paying dividends during the period, the company fulfilled all client claims
Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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I am writing to felicitate with Your Excellency, Atku Abubakar, GCON, former Vice-President of Nigeria (Zege Mule u Tiv & Wazirin Adamawa)
on the occasion of your 79th birthday anniversary.
I join your teeming admirers globally in celebrating you on this special day, an adorable Statesman and my Boss.
I recall with nostalgia, how countless generations have benefited from your generosity, wealth of experience and benevolence including being my key benefactor even as a young lawyer for my professional success.
Your Excellency, may your special day be filled with grandeur befitting your illustrious career.
I wish you continued success, prosperity, and an unending stream of accolades.
It takes a remarkable kind of fortitude to remain active in public life well into one’s golden years. Your dedication and patriotism remain truly exceptional.
May you enjoy a day of reflection on your many years of fruitful service to humanity. It is my prayer that God Almighty grants you many more healthy, fruitful, and fulfilling years ahead, and continues to endow you with wisdom, strength, and the grace to keep contributing to our nation-building.
Happy Birthday, Your Excellency.
Michael Kaase Aondoakaa SAN.
Former Attorney General of the Federation and Minister of Justice
TAU reaffirms commitment to globally competitive learning
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