…the governor acted on decision of Kingmakers

By Nasamu Johnson

The recent allegations against Governor Godwin Obaseki’s involvement in the Okpella monarch’s selection process are unfounded and misrepresents the facts. Contrary to claims of politicization, Governor Obaseki acted upon the decision and recommendations of the Kingmakers, who completed the established traditional customs and procedures.

The Kingmakers, representing the entire Okpella community, carried out the required traditions but were unable to select one candidate due to time constraints, and this is in line with the provision of the Edo Chieftaincy Law which provides that Kingmakers can submit a candidate or candidates to the State Executive Council for ratification and subsequent appointment. To meet the deadline, they sent three names to the governor, as agreed upon, with video and written evidence available online.

Saying the whole exercise was politicized is an insult to the notable sons of Okpella who constitute the Kingmakers. There was never a time when Okpella faulted the process of selecting these three candidates, except for a few individuals who felt entitled to the ownership of Okpella and had special candidates who must be installed.

For five years, Okpella Village Heads engaged in numerous meetings with Edo State Governor urging him to act upon the decision reached by the Okpella Council of Kingmakers, by choosing one out of the three candidates as the community needed a king. Governor Obaseki accommodated eventually acceded to this request as the State Executive Council eventually settled on one of the candidates after due diligence was done by officials of the State government.

Since the demise of the late Okuokpellagbe of Okpella, Dr. A.Y.E. Dirisu over five years ago, the community lacked a central point of leadership to address pressing communal issues, kidnapping incidents and boundary crises which requires a King to relate with the government and other key stakeholders.

Today, the state government has appointed Engr. Lukman Akemokue as the Okuokpellagbe of Okpella out of the three names submitted by the Kingmakers. His announcement as the Okuokpellagbe of Okpella received praises and jubilation across Okpella. However in a shocking move, six chiefs (the signatory from Ukhomunyio, Charles Ikhumesomi, is an imposter and not a Chief) out of over 180 village heads and chiefs claim to represent the entire Okpella Traditional Council wrote to reject the appointment perhaps because their preferred candidate out of the three was not announced, thereby inciting the public with propaganda and harassing innocent elders.

Masked individuals, whose identities have been unveiled, were seen at night with security operatives going from house to house arresting innocent village heads and chiefs and spreading fear. The new King’s house, HRH Engr. Lukman Akemokue’s, has been vandalized by these hoodlums.

The community is wise and aware of their underlying motives. The new Okuokpellagbe has forgiven those who wronged him and is ready for peaceful dialogue. His Royal Highness has many issues to solve, and we urge Okpella to join hands with him to move the community forward.

We urge the public to disregard those escalating the crisis. The propaganda aims to stir up crises. Let’s remember that our people’s silence should not be mistaken for weakness. Governor Obaseki’s decision was guided by the community’s interests and the rule of law.

Nasamu Johnson writes in from Okpella

Heirs Insurance Group (HIG), which encompasses Heirs Life Assurance, Heirs General Insurance, and Heirs Insurance Brokers, has announced the payment of N5.7 billion in compensation to its policyholders.

This significant payout reflects HIG’s exceptional growth over the past three years, primarily driven by the retail market, which accounts for over 90% of the company’s revenue. The group has focused on delivering customer-centric insurance products that resonate with individuals and businesses.

During a recent event themed ‘Three Years of Impact,’ HIG celebrated its achievements and outlined plans to expand operations across West Africa through corporate social responsibility initiatives aimed at fostering socio-economic development in the region.

Niyi Onifade, Managing Director of Heirs Life Assurance, stated that the company is committed to transforming the insurance sector and aims to streamline claims processing to settle them within five minutes of documentation.

A key factor in HIG’s success is its dynamic workforce, which includes over 200 employees, more than half of whom are under 35. This youthful team has driven innovation and scalability, allowing the group to underwrite over 40,000 risks in a single month, a record for the industry.

The group’s financial performance has been impressive, with gross written premiums (GWP) rising by 60% from N19.9 billion to N31.7 billion in 2023, and insurance revenue increasing by 80% from N11.3 billion in 2022 to N20.5 billion in 2023. HIG paid out N4.1 billion in claims in 2023, a substantial rise from N1.6 billion in 2022, reflecting a 161% increase and reinforcing the group’s reputation for reliability.

To commemorate its third anniversary, HIG launched an impact documentary highlighting its growth journey and innovative initiatives, including an enhanced digital presence and a rewards program to improve customer experience.

As the insurance arm of Heirs Holdings, a prominent Pan-African conglomerate with investments across 24 countries, Heirs Insurance Group is poised for continued expansion and aims to reshape the insurance landscape across Africa while maintaining its commitment to innovation and customer satisfaction.

Transcorp Power Plc, a subsidiary of Transcorp Group, has released its third-quarter financial results for the year ending September 30, 2024, showcasing remarkable growth.

According to the unaudited results filed with the Nigerian Exchange (NGX), the company reported a revenue of N223.6 billion, marking a significant 153% increase from N88.4 billion in Q3 2023. Profit before tax soared by 198%, reaching N81.1 billion compared to N27.3 billion the previous year.

Key highlights include:
– Revenue: N223.6 billion (up 153% year-on-year)
– Profit Before Tax: N81.1 billion (up 198%)
– Profit After Tax: N58.5 billion (up 186% from N20.4 billion)
– Total Assets: N362.5 billion (up 62% from N223.4 billion)
– Shareholders’ Funds: N105 billion (up 82%)

Net finance costs also saw a dramatic reduction of 95%, falling to N538.3 million from N10.4 billion in Q3 2023. The company reported an operating ratio of 36.3% for net profit margin, a 56% return on equity, and a 16% return on assets.

Evans Okpogoro, Chief Financial Officer of Transcorp Power, expressed pride in the company’s performance, emphasizing the importance of disciplined cost management and operational efficiency. He stated, “Our commitment has enabled us to sustain robust margins and position ourselves as leaders in Nigeria’s power sector.”

Peter Ikenga, Managing Director and CEO, attributed the company’s success to strategic vision and hard work, highlighting the ongoing challenges in distribution and transmission infrastructure. He noted that Transcorp Power contributes approximately 10% of the total power generated on the national grid.

Ikenga remains optimistic about future growth, stating, “As we transition to bilateral contracts under the Electricity Act, we are poised to capitalize on strategic investment opportunities and deliver more value to our shareholders.”