Kapital Insurance records N6.4 billion shareholders' fund

Ayeleso Oladele, Lagos

Fola Daniel, Commissioner
for InsuranceIn less than one year after the conclusion of the government regulated consolidation exercise in the Nigerian insurance industry that forced insurance companies to jack up their capital base, Kapital Insurance Company limited has doubled its shareholders' fund.

The management of the company disclosed that it has recorded a shareholder funds of N6.37 billion as against the N3 billion stipulated for its own type of business category while its authorised share capital has hit N7 billion, while its paid up capital is over N6 billion, and total assets N7.02 billion.

Meanwhile, the Managing Director of the company, Alhaji Mohammed Kari who disclosed that the company would engage in exceptional business in the sector, revealed that it hinged its optimism on the fact that market leadership in the insurance industry was being redefined post consolidation along the line of quality and speed of financial service delivery as against the capital base of individual operators.

Kari posited, “Every company now claims to have a minimum of N3 billion capital base but that isn’t enough to distinguish one player from another. Time would tell who is a better player and that would be determined by the service you provide and the speed with which you provide those services as well the quality of services individual companies render.”

The company’s MD, who confirmed that the company would in the next few weeks unveil its plans and strategies towards changing its image from that of a regional player to a national player and thereafter race to the top of the industry, said it has its set target for the next two years.

“In market performance, we also intend to be first among equals. We are not going to get there by undercutting other players, actually we frown at rate cutting, likewise we frown at offering inducements to get business and we also frown at delay in the payment of claims and creating unnecessary excuse to get out of valid claims in these respects,” he added.

He expressed optimism over his company’s plans to rise to the top of the industry within such a short period, maintaining that market leadership would not be determined by the amount of capital at the disposal of individual operators.

“Leaders are companies that command respect in any position, technically or otherwise, companies that would call and everybody answers, companies that will speak and everybody listens, company that will say that something would be and it happens that way.”

Our NSE listing timely - Omatek

Oluwaseun Ayantokun, Lagos

ENGINEER Florence Seriki, GMD/CEO, Omatek Ventures Plc has described that the listing of the company recently on the Nigerian Stock Market as a timely one for the company as it has graduated to producing over 12,000 computers per annum.

She said it also produces 150,000 casings and 150 speakers at 50 per cent capacity utilisation. She stated this while briefing ICT correspondents in Lagos after the listing of the company at the weekend.

According to her, “we have again blazed the trail in the ICT sector, as we became the first computer manufacturing company to be listed on the Nigerian Stock Exchange”.

As Africa’s pioneering completely knocked down (CKD) casing factory, Omatek Ventures Plc. was on the 20th May 2008 listed on the stock exchange.

Group Managing Director, Omatek Ventures Plc, Mrs. Florence Seriki, who stated this at a Press conference thanked Nigerians for their support over the years.

She said, “Today, Omatek, a wholly Nigerian company owned by Nigerians is on the threshold of victory, we have shown through the dedication to duty, service to humanity and undying knack for quality that indeed, good things can come out of Africa.

The company which already received a pioneering status by the Federal Government has for 21 years graduated from selling foreign brands to setting up factories and rolling out over 12,000 computers per annum, 150,000 casings and 150 speakers at 50 per cent capacity utilization.

The company which started 21 years ago as a training platform for professionals, has now evolved into a group of companies with interest in manufacturing of computer casings from completely knocked down stages, plasma screens, home entertainment speakers, laptops, notebooks, to power and engineering, with her brand of UPS, inverters and batteries.

Engr. Seriki thanked shareholders and insisted that the company will continue to maintain high quality global standard at all times. ”We know the enormous responsibilities that go along our new status, but with absolute faith in God and an unwavering commitment of our dynamic management and staff, we shall succeed.”

While thanking the management of Zenith bank Plc and GT bank Plc for partnering with the company before It exited the SMEIS partnership, she urged Nigerian banks to continue to assist SMEs, by providing platforms for their growth.

The Omatek team was earlier received by the Director General, Nigerian Stock Exchange, Dr. (Mrs.) Ndidi Okereke-Onyiuke.