The Federal Government of Nigeria through the Nigerian Civil Aviation Authority (NCAA) has lifted the suspended order place on Emirates Airlines after much discussion late yesrday eveingb

The suspension placed a 72-hour suspension on outbound Emirates flights from Nigeria

A February 4, 2021, circular signed by NCAA Director-General, Musa Nuhu, accused Emirates Airlines of violating guidelines put in place by the Presidential Task Force (PTF) on COVID-19.

The authority further accused the airline of airlifting passengers from Nigeria using rapid antigen tests conducted by laboratories not approved by regulatory authorities.

“Emirates Airlines has not been in compliance with the two options given by the PTF as records obtained from Nigerian Airspace Management Agency (NAMA) indicates that Emirates Airlines operated the flights from both Murtala Mohammed International Airport, Lagos and Nnamdi Azikwe International Airport, Abuja” the circular read.

“Emirates should suspend its operations to Nigeria (Lagos and Abuja) effective 72 hours from midnight on Thursday, February 4, 2021.

“During the 72-hour leeway, Emirates Airlines is only authorised to bring passengers into Nigeria. Outbound passengers are not authorised.”

The NCAA stated that more sanctions would be imposed on Emirates Airlines for the violations of COVID-19 protocols.

It added that the airline would be informed as to when to resume operations.

FG to kick Kano- Maradi, Kano-Dutse railways Feb. 9

Breaking: FG to kick start Kano-Maradi, Kano-Duste railway, Tuesday

asphericnews-amaechi inspection

asphericnews-amaechi inspection

The Federal government has announced Tuesday, 9 February, 2021 for the ground breaking ceremony of the Kano-Maradi railway project.

This project is one of many rail projects planned by the President Buhari administration with the aim of linking the entire country by rail and boosting economic development.

Minister of Transportation, Rt. Hon Chibuike Rotimi Ameachi disclosed this on Friday via his twitter handle.

”We are pleased to announce the Ground breaking of the Kano-Maradi, Kano-Dutse Railway Project, slated for Tuesday. Our
@NGRPresident @MBuhari would do the honours. Work begins.”

Total pension assets under the Contributory Pension Scheme rose by N2.1tn to N12.3tn at the 2020 from N10.2tn at the end 2019, latest statistics from the National Pension Commission showed on Thursda.

According to the latest statistics from the National Pension Commission showed N8.13tn of the funds was invested in Federal Government of Nigeria Bonds.

According to the figures, N858.46bn and N92.91bn were invested in domestic and foreign ordinary shares respectively.

It added that N1.68tn and N161.39bn were also invested in local money market securities and mutual funds respectively.

As part of efforts to boost services in the industry, PenCom opened the transfer window to enable workers in the Contributory Pension Scheme to change their pension companies.

PenCom said RSA holders may transfer their accounts from one Pension Fund Administrator to another once in a year, in line with Section 13 of the Pension Reform Act 2014.

Prior to this launch, the commission said it had successfully developed the RSA transfer application, a robust electronic platform that would enable seamless RSA transfers.

In addition, it said the commission had conducted extensive workshops for licensed pension operators and state pension bureaus in readiness for the event.

AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” of Custodian and Allied Insurance Limited (CAI) (Nigeria).

The outlook of these Credit Ratings (ratings) is stable. CAI is the wholly owned non-life subsidiary of Custodian Investment Plc.

The ratings reflect CAI’s balance sheet strength, which AM Best categorises as very strong, as well as its strong operating performance, limited business profile and marginal enterprise risk management (ERM).

CAI’s balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Partially offsetting factors include CAI’s high-risk investment portfolio, with a significant exposure to non-investment grade bonds, and its high dependence on reinsurance.

The ratings also factor in the company’s exposure to the high levels of economic risk, and very high levels of political and financial system risk associated with operating exclusively in Nigeria.

AM Best expects the ongoing development of CAI’s ERM framework to be a positive factor in sustaining the company’s balance sheet strength. In particular, the company’s internal risk-based capital model supports strategic decision making in areas such as reinsurance placement and capital management.

CAI has a track record of strong underwriting and overall profitability, as illustrated by a five-year weighted average (2015-2019) combined ratio and return on equity of 85.0 percent and 22.1percent  (as calculated by AM Best), respectively. In recent years, the company has benefited from significant foreign exchange gains related to the devaluation of the Nigerian Naira against the U.S. dollar, as it holds approximately two-thirds of its liquid assets in foreign currencies.

CAI has a leading position within its domestic market. Nonetheless, its business profile assessment is limited, reflecting its concentration in Nigeria.

AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of AXA Mansard Insurance Plc (AXA Mansard) (Nigeria). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect AXA Mansard’s balance sheet strength, which AM Best categorises as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect rating enhancement from AXA Mansard’s ultimate parent, AXA S.A. (AXA group).

AXA Mansard’s balance sheet strength is underpinned by risk-adjusted capitalisation that is at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Capital consumption is significantly influenced by the company’s real estate holdings, which in 2019 equated to 56% of capital and surplus. The company’s BCAR scores are expected to have improved for year-end 2020, driven largely by internal capital generation and limited growth in underwriting risk. The balance sheet strength assessment also considers AXA Mansard’s exposure to the high levels of economic, political and financial system risks that are associated with operating in Nigeria.

AXA Mansard’s adequate operating performance reflects its modest overall profitability combined with volatile underwriting performance, as demonstrated by its five-year (2015-2019) weighted average combined ratio of 105%, which ranged between 98 percent  and 113 percent Historically, technical performance had been negatively impacted by the company’s high expense ratio, which exceeded 44 percent in the years 2015-2017. Overall operating profitability has been modest when factoring in local inflationary conditions, demonstrated by a five-year weighted average return-on-equity ratio of 11 percent supported by investment returns in excess of 9 perfect over the same period. AM Best expects AXA Mansard to generate a significantly improved result in 2020, with the company recording net income of NGN 5.7 billion (USD 14.7 million) for the first nine months of the year, a NGN 3.6 billion increase against the same period in 2019.

As AXA Mansard continues to execute its growth plan, AM Best expects the company’s prospective operating performance to benefit from a reduced expense ratio as a consequence of economies of scale.

AXA Mansard is a composite insurer concentrated in the Nigerian market. The company has an aggressive growth strategy within the health insurance line, which in 2018 led to it becoming a market leader in this segment. With support from the AXA group, AM Best expects the company to continue to evolve its risk management capabilities.