All Posts in "Day: November 27, 2020"

Qatar Air has commenced its inaugural flight to Abuja, Nigeria with the first Nigerian female Boeing 787 pilot, Adeola Ogunmola Sowemimo.

This was disclosed on Friday by the Director-General, Nigerians in Diaspora Commission, Abike Dabiri, via her official Twitter handle

She tweeted, “Today, Qatar Air operated its inaugural flight to Abuja, Nigeria. And our own Adeola Ogunmola Sowemimo was on the right seat as she assisted Captain Khan Sameer Ali. Adeola is the first Nigerian female Boeing 787 Pilot and the first Nigerian female Pilot to fly for Qatar Airways.”

Sowemimo, who graduated in 2011 from the US-based Sunrise Aviation Academy and started her aviation career there, became the first Nigerian female pilot to work for Qatar Airways in the Middle East — a region which is challenging for women hoping to become pilots.

She is also the first female Nigerian to fly the Boeing 787 Dreamliner for Qatar Airways and the first Nigerian female pilot to fly the Boeing 767 Aircraft across the Atlantic Ocean, which puts her in the same league with Kenya’s Captain Irene Koki and Ethiopia’s Captain Amsale Gulau.

Patoma Admin by — November 27, 2020 in Aviation 0

Stanbic IBTC Holdings PLC, a member of Standard Bank Group has announced the establishment of its wholly-owned life insurance subsidiary, Stanbic IBTC Insurance Limited after obtaining all required regulatory approvals as well as a license from the .National Insurance Commission

Stanbic IBTC in a notification at the Nigerian Stock Exchange on Friday said the establishment of the new subsidiary essentially complements the bouquet of product offerings as it continues its goal of being the leading end-to-end financial solutions provider in Nigeria.

“In this regard, SIIL will aim to facilitate long term insurance for already financially included individuals and will seek to become the preferred Insurer in the Life Insurance Business,” the group said.

Stanbic IBTC Holdings PLC is a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management.

The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade deals between Africa, China and select emerging markets. Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 21 countries on the African continent.

Standard Bank has been in operation for over 158 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure

Patoma Admin by — November 27, 2020 in Insurance 0
FBS reinsurer, Stabic IBTC Ins.,Heir insurer, two others get Naicom’s operating license

Four insurance and on reinsurance – Heir Insurance Limited (General); Stanbic IBTC Insurance Limited; Heirs Life Assurance Limited; Enterprise Life Assurance Company Nigeria Limited and FBS Reinsurance Limited granted operational licences by the National Insurance Commission (NAICOM).

The handing over the licenses to the companies were carried in the Commission’s head office in Abuja today

Heir Insurance Limited (General), has picked, Olaniyi Stephen Onifade, as its Managing Director, Stanbic IBTC Insurance Limited, picked, Akinjide Orimolade, as Managing Director; Heirs Life Assurance Limited, picked, Abah Okoriko and Enterprise Life Assurance Company Nigeria Limited, picked, Fumilayo Abimbola Omo.

FBS Reinsurance Limited is led by the former Commissioner of Insurance, Fola Daniel.

FBS is bringing together, professionals with proven experience from the brokerage and underwriting units of the industry including Bala ZakariyaU, the former managing director of Niger Insurance who currently plays in a support unit of the Nigerian aviation industry, Ahmed Olaniyi Salawu of the Standard Insurance Consultants, and Wole Oshin Bankole of the Custodian Investment Plc that has just taken a plunge into the property sector by taking a large chunk of the United Property Development Company, a subsidiary of the UACN Plc..

Others are Ebele Ofunneamaka Okeke, from Nnewi North, Anambra who rose to the position of the Head of Nigerian Civil Service before her retirement, and also, Yusuf Hamisu Abubakar, a lawyer, and an accomplished administrator and businessman with vast experience at the senior executive level in power and communication sectors.

The reinsurance firm is required to pay the new N20 billion capitalisation stipulated by the commission under the reform exercise for it to start a business in the industry.

Patoma Admin by — November 27, 2020 in Insurance 0

The Algerian insurance market recorded, in H1 2020, a turnover decline of 13.5 percent. The latter went from 78 billion DZD (654.59 million USD) during the first six months of 2019 to 67.4 billion DZD (520.61 million USD) twelve months later.

Such decline is mainly due to the economic crisis caused by the Covid-19 pandemic, according to data published by the Algerian Union of Insurance and Reinsurance Companies (UAR),

With the exception of the fire activity, engineering and motor insurance declined by 40 percent and 11 percent tespectively during the period under review. Personal insurance fell by 13 percent mainly due to a 55 percent drop in travel insurance. In Algeria, travel insurance is classified as a personal insurance activity.

The turnover of the Q1 2020, including all activities, amounted to 40.6 billion DZD (326.41 million USD) against 42.7 billion DZD (354.23 million USD) as at 31 March 2019. Thus degrading by 4.9 percent over one year.

As at 31 March 2020, the direct market accounted for 97.7 percent of total premiums, that is, 39.6 billion DZD (318.37 million USD), a decrease of 5.3 percent over twelve months. International reinsurance acceptances have increased by 11.3 percent to reach 951.9 million DZD (7.65 million USD) against 855.4 million DZD (7.096 million USD) in 2019.

The P&C activity accounted for 87.8% of total premiums, that is 35.6 billion DZD (286.21 million DZD), thus declining by 5.3 percent This activity is driven by motor insurance which, with 56.2 percent of the total portfolio, recorded 20 billion DZD (160.79 million USD) in premiums. A decline of 6.9 percent compared to the 21.5 billion DZD (178.36 million USD) recorded at the end of Q1 2019.

It is followed by the Fire and Miscellaneous Risks (IRD) activity which recorded 13.3 billion DZD (106.93 million USD) : up by 0.2 percent with 37.3% of market share. The transport, agriculture and credit insurance activities come next. As for personal insurances, they recorded a 5.1 percent drop in collections that were set at 3.98 billion DZD (32 million USD).

Patoma Admin by — November 27, 2020 in Insurance 0

Nigeria generated the sum of N416.01 billion from Company Income Tax (CIT) in the third quarter of 2020. This was revealed in the Company Income Tax by Sectors report, recently released by the National Bureau of Statistics (NBS).

According to the report, the total CIT generated increased by 3.48% in Q3 2020, compared to N402.03 billion recorded in the previous quarter (Q2 2020). It reduced by 20.13% compared to N520.89 billion recorded in the corresponding quarter (Q3) of 2019.

Company income tax generated year-to-date sums up to N1.11 trillion as against N1.26 trillion in the comparable period of 2019.

ProfessionalServices including Telecoms generated the highest amount of CIT with N55.52 billion generated, closely followed by Other Manufacturing with N42.03 billion.

Banks& Financial Institutions generated a sum of N24.05 billion.

Mining generated the least, closely followed by Textile and Garment Industry and Local Government Councils with N120.93 million, N167.51 million, and N321.72 million generated respectively.

Out of the total amount generated in Q3 2020, N244.70 billion was generated as CIT locally, while N70.34 billion was generated as foreign CIT payment. The balance of N100.97 billion was generated as income taxes from other payments.

In terms of sectors with the highest increase in company income tax remittances, the Automobiles and Assemblies sector grew its CIT by 994%, from N81.6 million in Q2 2020 to N892.7 million. It was closely followed by the Gas sector, which grew its CIT by 626% to stand at N4.76 billion from N655.5 million.

On the flip side, transport and haulage services recorded the highest decline in company income tax, as it reduced by 76% to stand at N7.35 billion from N31.1 billion. This is closely followed by Banks and financial institutions, which declined by 51% to stand at N24.1 billion.

Patoma Admin by — November 27, 2020 in News 0