All Posts in "Month: October 2020"

#ENDSARS: Air patrols, gunshots in Kubwa as hoodlums invade NYSC Camp * Kuje, Gwagwalada too * Banks, offices closed

By Favour Nnabugwu

Over 100 armed hoodlums invaded the National Youth Service Corps NYSC Orientation Camp, Kubwa Abuja, looking for palliative warehouse

Since they not able to gain fill entrance to the camp because of the security at the camp they were seen carting away mattresses, utensils, electronics and other items.

The development came as Kuje town, headquarters of the Kuje Area Council in Abuja was also thrown into pandemonium as hoodlums, armed with sticks and knives blocked roads and patrolled the streets in search of any warehouse housing the COVID-19 palliatives.

They have been going about with sticks, having blocked the roads within the town. Shops are locking up while passers-by are running to safety,  a Shoe Seller revealed

Elsewhere in Gwagwalada, hoodlums also broke into the premises of the zonal headquarters of the Federal Radio Corporation of Nigeria FRCN, beating up the security men on duty and carting away valuables including air conditioning units.

While the warehouse at the NYSC camp is said to be empty, the hoodlums attacked some residents of the camp as well as shops adjacent the camp.

They had blocked the road at about 9am, turning back motorists while the Kubwa village market was immediately shut by its managers to avoid any invasion.

While soldiers and a detachment of the Nigerian Police struggled to ward off the invaders, the Nigerian Air Force and the Airwing of the Nigeria Police embarked on air patrol with helicopters hovering around the scene.

The ensuing confusion forced some parents and guardians to go and evacuate their wards from schools in the area even as banks and some offices in Kubwa hurriedly shut down operations.

Though the hoodlums were armed with jack- knives, sticks, matchetes and other dangerous weapons, some residents of the area were said to have earlier joined in the looting.

An eyewitness who declined to give his name said the hoodlums “carted away all removables such as cooking pots, ceiling fan, plasma TV, foodstuff, desktop computer, laptop in NYSC camp”.

According to him, some of the looted items were owned by private individuals residing at the NYSC camp.

“The hoodlums equally used the opportunity to loot computers, generators, textile materials in the shops directly opposite the NYSC entrance gate”, he stated.

Banks were seen attending to immediate customers while the shut their gate to any other customer for the day. They said they were to close for day after attending to customer who were already in the banks before the pendemonium started.

Securities at the bank premises have already mounted the gates of the banks in case of eventuality.

Other offices in Kubwa also had to lock up the day

Patoma Admin by — October 27, 2020 in Metro 0
Moroccan insurance industry closes H1 2020 with 4.6 % rise …As Tunisian insurance sector records 6.1% increase in 2019

By Favour Nnabugwu

The Supervisory Authority of Insurance and Social Welfare (ACAPS), the Moroccan market recorded a 4.6 percent turnover increase in first half 2020 as the insurance market in Tunis recorded 6.1percent in 2019 compare to 2018 market year.

The premiums recorded went from 26.113 billion MAD ($2.71 billion) in first half of 2019 to 27.326 billion MAD ($2.78 billion) one year later. These figures include direct insurance premiums and reinsurance acceptances.

As of 30 June 2020, the direct market totaled a turnover of 25.064 billion MAD ($2.55 billion) against 24.687 billion MAD ($2.56 billion) in 2019, thus increasing by 1.5 percent.

With 52.3 percent market share, the non-life premiums increased by 0.4 percent to reach 14.295 billion MAD ($1.45 billion). The P&C class of business is driven by the motor activity 6.553 billion MAD ($668.2 million) of premium income.

The life and capitalization underwritings grew by 3.1 percent to reach 10.769 billion MAD ($1.09 billion) as of 30 June 2020. Both activities represent 39.4 percent of the market total written premiums.

The reinsurance acceptances increased by 58.8 percent to be set at 2.262 billion MAD ($230.65 million) : That is 8.3 percent of the total premium income, compared to 1.425 billion MAD ($148.16 million) in late June 2019.

The Tunisian insurance market closed the 2019 financial year with a turnover of 2.39 billion TND ($853.08 million), an increase of 6.1 percent in comparison with the 2.252 billion TND ($748.2 million) recorded in 2018.

Non-life insurance premiums improved by 4.9 percent to 1.83 billion TND ($653.2 million), that is 76.5 percent of the total turnover. With a 23.5 percent market share, life insurance generated 560.8 million TND ($200.171 million) in written premiums, thus recording a 10.5 percent growth compared to 2018.

STAR maintains its leading position with a market share of 15.7 percent. It is followed by COMAR which accounts for 8.9 percent of the total premiums. Four companies are competing for the 3rd position namely GAT Assurances, Maghrebia, AMI Assurances and ASTREE with market shares ranging between 7 percent and 7.2 percent each.

The incurred losses rose by 4.8 percent to reach 1.507 billion TND ($537.91 million) in 2019. The market’s combined ratio (before reinsurance) stood at 95.9 percent thus falling below 100% against 100.2 percent in 2018. As for investments, they reached 6.1 billion TND ($2.177 billion) compared to 5.437 billion TND ($1.806 billion) in 2018.

In Tunisia, only four insurance companies out of a total of 22 operating on the market are listed on the stock exchange. In September 2020, Assurances Maghrebia obtained the agreement in principle of the Board of Directors of the Tunis Stock Exchange (BVMT) to make its IPO.

Original Ideas: Many times your customers have their own ideas for their newspapers affordable-papers.net and you want to make sure yours fit nicely into theirs.

Patoma Admin by — October 26, 2020 in Insurance 0
South African Insurance Crime Bureau estimates N164.6bn as P&C fraud

By Favour Nnabugwu

South African Insurance Crimes Bureau’s estimates, property and casualty insurance fraud to cost the South African market 7 billion ZAR (N164.6bn) in 2019.

That is 20 percent  of the total claims reported which amounted to 35 billion ZAR (N823.1 bn).

Fraudulent activities are manifested by misrepresentations of the risk when underwriting contracts or by false claims upon the occurrence of a loss. Insurance fraud can also be unintentional.
According to Christelle Colman, insurance expert at Old Mutual, the financial pressure that consumers are facing in 2020 due to the pandemic could increase fraud attempts.
South Africa has a relatively high insurance penetration rate when compared to its emerging market counterparts and in relation to the sizes of their economies.
Insurance penetration, which comprises life insurance and non-life insurance products, is calculated as a percentage of gross domestic product (GDP). It enables the comparison of different sizes of economies.
South Africa, at 12.89 percent has the highest insurance penetration of the emerging markets under review, far exceeding China at 4.2 percent which came in second on this measure.
Of the frontier markets Namibia is the standout country, with a penetration rate of 7.25 percent while Morocco’s rate is 3.88 percent, and Tunisia’s is 2.14 percent
In Africa, Morocco, Nigeria and Zimbabwe experienced positive total premium growth in 2018 overall.
South Africa experienced stagnant growth in its total premiums, but this is in line with the stagnant economic growth and high unemployment rates.
For Morocco and Nigeria, this was mostly driven by an increase in life premiums.
The boost in life insurance in Nigeria is due to an increase in savings and protection-related financial products in that country,
Kenya experienced low premium growth mostly due to the country’s low insurance penetration levels (0.63 percent); which also stems from its low levels of urbanisation.
When comparing the insurance industries of different markets around the globe, investment analysts also look at the gross insurance premiums written (GPW).  Africa’s GPW accounts for 1.56% of global GPW, according to the report.
South Africa is the leader on the continent, with its GPW accounting for 0.93 percent of global GPW.
Patoma Admin by — October 25, 2020 in Insurance 0
#ENDSARS: There must be a State before Statement, Sirika

By Favour Nnabugwu
The Minister of Aviation, Mr Hadi Sirika has condemned in earnest the spirit of hooliganism which had almost destroyed the peaceful protest of the country youths. in the last week’s.
Sirika that youths have every fundamental human right to protest but when the protest is overtaken by hooligans then it is barbaric
The Minister in his tweeter handle early this morning wrote, “Peaceful protest is a fundamental right & must be guaranteed at all times. Hooliganism & lawlessness is barbaric & must be checked at all times.’
“Only then our country’s prosperity can be harnessed for the good of all. There must be a state first before there can be statesmen!”
It will recalled that the #ENDSARS which started well for more a week went wrong immediately some soldiers open fire on the Lekki Toll Gate protesters in which a lot of people lost their lives.
The youths who were protesting peaceful were take over by Gilligan’s who destroyed both public and private property and looted massively.
Some of the places destroyed are Nigeria Port Authority Lagos – set ablaze; Orile Police Post, Lagos – set ablaze; Lekki Toll Gate, Lagos – totally destroyed; BRT Terminal, Oyingbo – New Buses set on fire; Television Continental, Ketu, Lagos – set ablaze; VIO, FRSC Office, Ojodu – FRSC branded cars,   generators set ablaze; BRT Terminal, Ojodu, Lagos – buses set ablaze; BRT Bus at Berger – set ablaze.
9Others include Lagos Television, Agidingbi, Ikeja – shut down; Recreational Center, Oregun, Lagos – set on fire; Oba’s Palace, Lagos – burnt to ashes. His scepter of authority seized.; Sanwo Olu Mother’s House, Surulere, Lagos – set ablaze; Kings college on fire; Many lives lost already to the protests all in Lagos and south west; Oriental Hotel, Victoria Island Lagos burnt; GTBank Branches burnt down and AccessBank Branches burnt down
The other placed added are Channels Television shut down; Ajeromi Local Govt Secretariat; Lagos-Island Local Govt destroyed; Lagos-Island East LCDA Secretariat set on fire; Lagos Mainland Local Govt Secretariat Destroyed; Ibeju Lekki LCDA Secretariat destroyed and anwoolu’s Uncle’s house on Lagos Island to mention but a few.
Also looted were Covid-29 palliative in Cross Rivers, Akwa Ibom, Kwara, Osun, Delta among many others
Patoma Admin by — October 25, 2020 in Aviation 0

By Favour Nnabugwu

Access Bank Nigeria Plc has announced plans to offer N50 billion interest-free credit facility to individuals and businesses, following the losses people and corporate organisations suffered during the #ENDSARS# period.

This is in support of Nigerians through interest-free loans and grants to support communities, the youths, and micro, small and medium-sized businesses.

This information was disclosed by the bank through its official LinkedIn page.

The bank’s official statement read thus,

“Now more than ever, we remain committed to our purpose of impacting lives positively. In light of the recent occurrences, we will be supporting Nigerian businesses with 50 Billion Naira interest-free loans and grants. Watch this space for more information.”

The impact of the pandemic, coupled with the hijacked #EndSARS protests that led to the looting of businesses and destruction of properties has thrown so many Nigerians into debts.

This show of support from Access Bank will help alleviate and stimulate economic activities, as well as produce many positive multiplier effects on the economy.

Additionally, it is worthy of note that Access Bank dedicates a minimum of one percent of its Profit-Before-Tax to Sustainability. The Bank also co-created the first disability inclusion hub in Nigeria, initiated and led the development of the Nigerian Sustainable Banking Principles and has brought about social and economic benefits to host communities across Nigeria through its employee volunteering scheme.

Patoma Admin by — October 24, 2020 in Banking & Finance 0

By Favour Nnabugwu

Globally, the spending on Blockchain is expected to hit $4.1 billion in 2020, increasing from the $2.7 billion recorded in 2019 and an estimated growth ration of nearly 50 percent.

According to StockApp data, Blockchain is expected to maintain a 46.4 percent Compound Annual Growth Rate over the next five-year period of 2020 and 2024, even as the International Data Corporation (IDC) also states that the total spending on blockchain solutions will be nearly $18 billion by 2024.

A blockchain is a digital record of transactions. The name comes from its structure, in which individual records, called blocks, are linked together in single list, called a chain. Blockchains are used for recording transactions made with cryptocurrencies, such as Bitcoin, and have many other applications.

Meanwhile, another report from Markets and Markets indicates that the global blockchain market is estimated to be worth $3.0 billion in 2020. It is projected to grow at a 67.3 petcent CAGR between 2020 and 2025, to reach a $39.7 billion valuation by the end of the period.

The total spending in the blockchain space amounted to $1.5 billion in 2018. At the time, the financial sector was most dominant, accounting for 60% of all spending. Though it still leads in 2020, its market share is now about half of that, at 29.7 percent.

Between 2020 and 2024, the IDC predicts that the blockchain industry will maintain a healthy pace of investment at 45.3 percent CAGR. Process and discrete manufacturing will together account for 22.3 percent of all blockchain spending in 2020. While process manufacturing will grow at a 50.3 percent CAGR, discrete manufacturing will grow at 46.5 percent.

With $1.6 billion, the US will top the list globally in terms of spending while Western Europe will be second with $1.0 billion. China will take the third spot with $457 million, but it will be the leading country in terms of growth, with a 51.7 percent CAGR.

China’s blockchain spending was $87 million in 2017. It could rise as high as $1.420 billion by 2022. Prior to the pandemic, it was growing at a 65.7 percent CAGR against APAC’s 50.3 percent and the global’s 60.2percent

Patoma Admin by — October 24, 2020 in Others 0

By Favour Nnabugwu

The Central Bank of Nigeria (CBN) has reviewed the appointment criteria for Chief Compliance Officers in Merchant Banks and Regional Banks (Commercial and specialized).

This is according to a circular issued by the apex bank dated October 9, 2020, and signed by its Director of Financial Policy and Regulation Department, Kevin Amugo.

According to the latest notice, Merchant banks and Regional banks are hereby granted dispensation to appoint CCOs on a grade not below an Assistant General Managers.

However, the CCOs will report directly to the ECO of the financial institutions who have sole responsibility for compliance matters in the bank.

This latest action by the CBN is the sequel to consultations and engagement with stakeholders emanating from its earlier circular referenced FPR/DIR/GEN/CIR/06/004 of September 28, 2016, in which the tentative requirements for Executive Compliance Officers and Chief Compliance Officers of deposit money banks were mooted

Patoma Admin by — October 23, 2020 in Banking & Finance 0

By Favour Nnabugwu

The Minister of Transportation, Mr. Chibuike Amaechi said government had done a lot to improve the economy of the country

Amaechi said a lot is being done to improve the economy, create jobs for Nigerians and build more infrastructure to push the overall growth of the country in different sectors.

“We have done a lot in Infrastructure development and employment. The massive infrastructural development in the Railway sector has employed so many Nigerians. Also don’t forget that in 2011/2012, the out of school children In Nigeria was 10 million which has now been reduced to about 3 million.

“In 2013, the cost of Tomato was extremely high, and the then Minister of Agriculture invited me for a meeting and he said to me, ‘can you provide railway transportation from Kano to Lagos?’ I called the MD of Railway to make the trip from Kano to Lagos more regular, and in one week the price of tomato crashed”, he said.

The Minister for Transportation further gave insight on the connection between economic development and defence, in the light of security challenges.

Amaechi stated this when he delivered a lecture to participants of National Defence College Course 29 in Abuja, Friday.

“The only way the army can rest and the police can do their job effectively is when the economy begins to grow. When people are properly engaged with different activities, they won’t think of engaging in criminal activities.

“The Army is not supposed to give internal security but the Police is overwhelmed by the level of crime rate, hence the Army has consistently been rescuing Nigerians.

“Economic growth reduces crime and when there is no crime, the Military and police can rest”, Amaechi added.

As Minister of Transportation, Amaechi said a lot is being done to improve the economy, create jobs for Nigerians and build more infrastructure to push the overall growth of the country in different sectors.

“We have done a lot in Infrastructure development and employment. The massive infrastructural development in the Railway sector has employed so many Nigerians. Also don’t forget that in 2011/2012, the out of school children In Nigeria was 10 million which has now been reduced to about 3 million.

“In 2013, the cost of Tomato was extremely high, and the then Minister of Agriculture invited me for a meeting and he said to me, ‘can you provide railway transportation from Kano to Lagos?’ I called the MD of Railway to make the trip from Kano to Lagos more regular, and in one week the price of tomato crashed”, he said.

The Minister for Transportation further gave insight on the connection between economic development and defence, in the light of security challenges.

“The only way the army can rest and the police can do their job effectively is when the economy begins to grow. When people are properly engaged with different activities, they won’t think of engaging in criminal activities.

“The Army is not supposed to give internal security but the Police is overwhelmed by the level of crime rate, hence the Army has consistently been rescuing Nigerians.

Economic growth reduces crime and when there is no crime, the Military and police can rest”, Amaechi added

Responding, the Commandant, National Defence College, Abuja, Real Admiral M.M Kadiri, expressed the Defence’s appreciation for honouring their invitation and for enlightening them on the role of economic and infrastructure development in curbing crime.

Patoma Admin by — October 23, 2020 in Others 0

By Favour Nnabugwu

African insurance premiums set to rise as high as 5 percent as some of the premiums are 5 percent generated digitally, following the increase in the realization of the value of digital solutions.

In the fore-front of the digitalization, is the Nigeria’ insurance regulator, the National Insurance Commission, NAICOM.

Africa Insurance Organisation (AIO), in its ‘Insurance Purse’ digitalization will enhance the appeal and affordability of risk transfer products in

Underwriting and risk management will benefit from improved access to data and analytics, the study found.

At the same time, technology will help streamline the insurance value chain and enhance the efficiency of administrative processes.

Ultimately, states the report, digitalisation is expected to boost awareness and demand for insurance solutions, eventually translating into higher insurance penetration in Africa.

Secretary-General of AIO, Mr.Jean Baptiste Ntukamazina,  said: “During the Covid-19 crisis, digitalisation in Africa, as in other economies, has demonstrated its benefits.

While regulators and policymakers recognised the systemic nature of the insurance industry, the industry demonstrated its ability to continue to provide its services to policyholders without any disruption.

“Ultimately, this will reflect in an acceleration of the application of the new technology across Africa,” he added.

Group Managing Director of Africa Re, Dr Corneille Karekezi, said that Africa Re, “We are keen to promote, accompany and support the digitalisation of our core markets”.

“We are seeing pronounced differences in the degree of digitalisation across African insurance markets and its players.”

“The advanced technology helps insurers to access new client segments, improve their services and differentiate their products to overcome the focus on pricing that has eroded many of our markets in the past years.

Also leading the Nigerian insurance industry, Commissioner for Insurance, Mr Sunday Thomas confirmed that the framework for digitalisation of operations, such as IT Standards, Web aggregators and Regulatory Sandbox are in progress saying as the insurance industry positions itself for Post COVID-19 era, there must be a paradigm shift from the usual way of business practice.

Thomas charged operators in the insurance industry to deal with unethical business behaviour in the sector, with a view to repositioning the industry for post-COVID-19 era.

He said that as the insurance industry positions itself for Post COVID-19 era, the demands of the insuring public would require sound work ethics for optimal  performance.

The NAICOM boss said the year had, no doubt, been a very challenging one for the sector, individual households and the economy at large, as a result of the pandemic.

“ For us in the insurance sector, what this situation has thrown up is that there must be a paradigm shift from our usual way of business practice.

“It is, therefore, imperative on us to embrace and align our businesses to the new world order, if we must be seen to be relevant,” he emphasised.

According to him, “Intermediaries, business sincerity and customers’ satisfaction must be central to the industry’s core business principles”.

“Let me task you on business etiquette and ethics in all your professional dealings, as the unprofessional conduct of a few amongst you is posing great danger to our collective integrity as an industry.

“Over the years, a lot has been put into improving the fragile image and perception of insurance in this country.

“The commission has always and will at all times extend her full support to all stakeholders in the industry in their drive for business growth and development.

“NAICOM is open to new ideas and shall continue to introduce new reforms and initiatives in line with international best practices that will strengthen our institutions”.

According to him, “NAICOM has also adjusted to the challenges and/or opportunities which the pandemic has imposed on the socio-economic and business environment”

He said that the automation of the commission’s processes for prompt service delivery had been fast tracked.

Thomas said the e -portal for the regulatory submission of various applications by operators and obtaining of e -approvals was at its final stage.

Thomas said it could not have come at a better time than now when the heat of the COVID-19 pandemic was taking its toll on the financial sector.

Patoma Admin by — October 23, 2020 in Insurance 0