All Posts in "Day: November 4, 2020"

1. L- Austin Enajomo-Isire, Chairman NSITF; Mrs. Nneka Obiamalu, Director Pension Support Services of PTAD, Mr Rassaq Salami, Deputy Director Corporate Affairs of Naicom, and Dr. Muda Yusuf, Keynote Speaker at the 5the NAIPCO Conference in Lagos

2.  L- Mr Tope Adaramola, Assistant Executive Secretary of the Nigerian Council of Registred Insurance Brokers and the Executive Secretary of NCRIB, Mr Fatai Adegbenro at the conference.

3. L- Mr Shola Adeseun, Head South West Zone of National Pension Commission; Mr Austin Enajomo-Isire, Chairman NSITF and Mrs Nneka Obiamalu, Director, Pension Support Service of PTAD at conference in Lagos

4. L- Mr Bello Tokunbo, Executive Director Technical of Cornerstone Insurance; Mr Oguche Aguda, CEO, Pension Fund Operators Association of Nigeria (PENOP); Mrs. Idu Ogboasa, MD, Access Plc; Mr Austin Enajomo-Isire, Chairman, NSITF; Dr Muda Yusuf, Keynote Speaker, Mr Shola Adeseun, Head South West Zone of PenCom and Mr Fatai Adegbenro, Executive Secretary of NCRIB at Four Points Hotel for the conference

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Patoma Admin by — November 4, 2020 in Insurance 0
Naicom expects communique from NAIPCO confab for consideration on sector …As Ogunbiyi calls for a review of PRA 2014

From L- Mr Akin Ogunbiyi, Chairman of Mutual Benefit Assurance; Mr Austin Enajomo-Isire, Chairman, Nigerian Social Insurance Trust Fund, NSTIF; Mr Chuks Okonta, Chairman, National Association of Insurance & Pension Correspondents, NAIPCO; Mr Rasaaq Salami, Deputy Director, Corporate Affairs of the National Insurance Commission, Naicom and Mr Val Ojuma, MD, FBN Insurance at the 5th conference of NAIPCO held in Lagos on Wednesday

By Favour Nnabugwu

National Insurance Commission, Naicom, said it is waiting on the communique from the discussion at the 5th National Association of Insurance Correspondents, NAIPCO, to consider as part of the measures for the safety and financial soundness of the insurance sector.

Speaking on behalf of the Commissioner for Insurance, Mr Sunday Thomas, the Deputy Director, Corporate Affairs of the Commission, Mr Rasaaq Salami in Lagos today, the issues of rearing on return on investment has been worrisome to the Commission hence the theme of the 5th Conference was apt at this time.

The CFI said, ” The issue of return on investment has been a concern to the commission that is why l believe that the subject of today’s discussion, ‘Promoting Bankable Investments Portfolio for Insurance and Pension Sectors’, is very apt”

“Naicom will await the outcome of the discussion at this conference for consideration in the commission to ensure safety and financial soundness of the sector”.

The outcome of the discussions at the 5th NAIPCO conference is very important to the Commission. It will proffer solution that we need in the Commission on how fund can be properly invested”

Also speaking, Chairman, Mutual Benefits Assurance Plc, Dr. Akin Ogunbiyi, called on government at all levels to support and patronize the Nigerian Insurance industry to achieve its objective and ensure returns on investments.

Ogunbiyi said the industry can achieve adequate return on investment and capital adequacy ratio through support and patronage of the Nigerian Insurance industry by government at all levels and also by ensuring reduction of sharp practices to its barest minimum.

While noting that the industry can accumulate retain earnings and shareholders funds on a sustainable basis through good corporate governance and adaptive leaders that recognize and respond to insurance needs and relevant adjacencies.

He said the industry also require commitment and dedication from all of us to achieve survival, growth and profitability, adding that as a result of the prevailing not too favourable investment climate, capital preservation yields are not as profitable as before.

Ogunbiyi who was the NAIPCO website Chief Launder, said the Financial assets such as debt and equity instruments as well as money market and equity funds are returning low yield.

He noted that though inflation at 13.9 percent, one loses money in real terms as Fixed income may guarantee cash flows, but with negative profitability.

“I want to submit that we can achieve adequate return on investment and capital adequacy ratio through. Support and patronage of the Nigerian Insurance industry by government at all levels and Reduction of sharp practices to its barest minimum”

“We can accumulate retain earnings and shareholders funds on a sustainable basis through good corporate governance and adaptive leaders that recognize and respond to insurance needs and relevant adjacencies. We require commitment and dedication from all of us to achieve survival, growth and profitability,” he pointed out.

Patoma Admin by — November 4, 2020 in Insurance 0
NSITF Chairman calls for alternative strategies to retool Nigeria’s economy … Asks for a review of PRA 2014

From L- Mr Val Ojuma, MD, FBN Insurance, Mr Akin Ogunbiyi, Chairman of Mutual Benefit Assurance, Mrs Idu Ogbuasa, MD of Access Plc, Mr. Austin Enajomo-Isire,  Chairman, Nigeria Social Insurance Trust Fund, NSTIF and Mrs Adetokunbo EKo, Public Relation Officer of Lagos State Pension Commission at the 5th Concference of National Insurance and Pension Correspondents held in Lagos on Wednesday.

 

 

 

By Favour Nnabugwu

The Chairman, Nigeria Social Insurance Trust Fund, (NSITF), Mr Austin Enajomo-Isire, has called for an urgent need to consider alternative strategies to retool the economy for survival and growth.

Enajomo-Isire also look at the need to review of the Pension Reform Act (PRA) to enable those in Real sectors of the economy have access to Insurance and Pension fund to finance their operations.

Chairing the occasion at the 5th National Conference of the National Association of Insurance and Pension Correspondents (NAIPCO), themed “Promoting Bankable Investments Portfolio for Insurance and Pension Sectors, in Lagos today.

NSITF boss who identified the effect of the ravaging COVID-19 pandemic and wanton destruction of life and properties across the country caused by the ‘#EndSARS Mayhem, among many others on the economy.

He noted that the impact of these crisis have resulted into the Nation GDP declining from a growth of 2.2 percent in 2019 to about -4 percent by year end.

He said as a result of this, the Government, Private sector Institutions and individuals have continued to search for economic survival strategies to change the narratives and create new normal.

Enajomo-Isire advocated for a deliberate policy by the authorities, in addition to what is currently obtainable, directly or through moral suasion to invest Insurance and Pension Fund in sectors such as Manufacturing, Agriculture and Aviation, etc with an inbuilt safety net.

“In furtherance to the foregoing, the current restrictive nature of insurance and Pension Funds investment outlets calls for review of the legislations guiding investment of Insurance and Pension Fund. The yelling and plea from the Organised Private sector of Nigeria (OPSN) to create more access to investible FUNDS deserves attention.”

“It is worthy to note and be reminded that Insurance and Pension funds are subject to regulatory guidelines as provided in section 25 of the Insurance Act 2003 as amended and Sect 86 of the PRA 2014, for the purpose of safety and Returns”

“However, a consideration for review of these legislations to enable some special and Real sectors of the economy have access to Insurance and Pension fund to finance their operations, will be most beneficial to the growth and development of the Nation’s Macroeconomic activities.

A deliberate policy by the authorities. in addition to what is currently obtainable, directly or through moral suasion to invest Insurance and Pension Fund in sectors such as Manufacturing, Agriculture and Aviation, etc with an inbuilt safety net, will be a welcome development,” he suggested.

NSTIF boss who stressed the important role of insurance as a catalyst to Nation building and risk transfer mechanism, commended underwriters for rising to their responsibility, noting that “some operators, in recent times have given assurances to the insuring public that reported claims emanating from the EndSARS protest, among others, will be promptly honored, particularly policies with extension that cover Strike, Riot and Civil Commotions (SRCC). This is cheering news for the Industry and the Nation in general.”

Patoma Admin by — November 4, 2020 in Others 0