All Posts in "Day: March 9, 2021"

By Favour Nnabugwu

The British Government has announced there will be work permit for Nigerians and other international students after the completion of a UK bachelor’s degree programme or above

The UK government has announced that international students who want to work in England following the successful completion of a UK degree at bachelor’s degree-level or above, or an eligible professional qualification, can now do so.

Nigeria is one of the main countries sending students to the UK, and the numbers have increased in recent years. According to statistics, in 2020 over 13,000 Nigerian students were granted a UK study visa, an increase of 56 per cent on the year before.

The British government said the graduates could look for work after their studies for a maximum period of two years and three years for PhD students.

According to a statement on Thursday, by the British High Commission, this will allow the UK to retain the brightest and the best students to continue to contribute to the UK post-study.

It added that applications for the graduate route will open on July 1, 2021,ensuring Nigerian students would continue to choose the UK as the destination to study and build their careers.

This was contained in a statement on Thursday, titled, ‘New UK post-study graduate route to open to Nigerian students this summer,’ signed by the second Secretary Political/Head of Communications, British High Commission, Dean Hurlock.

It stated, ‘’Today, the UK government has confirmed the new Graduate route will open for applications on 1 July 2021, to international students who successfully complete a degree at undergraduate level or above in the UK. International students on the Graduate route will be able to work or look for work after their studies for a maximum period of two years (three years for PhD students). This will allow the UK to retain the brightest and the best students to continue to contribute to the UK post-study.’’

The high commission also disclosed that the coronavirus concessions for students unable to travel to the UK due to the COVID-19 pandemic have also been extended, recognising the continuing disruption many face in international travel.

It said applicants who began their studies in autumn 2020 will have to have been in the UK by June 21 (updated from 6 April 2021) to be eligible to apply to the Graduate route, adding that students who began their studies in January or February 2021 will need to be in the UK by September 27.

“’The Graduate route will be unsponsored, meaning applicants will not need a job offer to apply for the route. There will be no minimum salary requirements nor caps on numbers – Graduates on the route will be able to work flexibly, switch jobs and develop their career as required.

‘’To be eligible, international students must have completed a UK degree at bachelor’s degree-level or above, or an eligible professional qualification at a higher education provider, with a track record of compliance with the UK Government’s immigration requirements,’’ the statement noted.

It said the new graduate route would help the UK Government to achieve the ambition set out in the International Education Strategy to increase the number of international students in higher education in the UK to 600,000 by 2030.

Commenting on the development, the UK Minister for Future Borders and Immigration, Kevin Foster said, “As we rebuild from the impact of the global pandemic, we want the world’s brightest talents to see the UK as the natural home for their aspirations. The launch of this new route will ensure those who graduate from our world leading institutions will easily be able to secure the status they deserve to continue living and working as they make our United Kingdom their home.”

In her remarks, the British High Commissioner to Nigeria, Catriona Laing, stated, “In 2020, over 13,000 Nigerian students were granted a UK study visa to continue their academic journey. This is a testament to the strengthening educational relationship between the UK and Nigeria.”

“We hope the launch of this new post-study work route will provide an exciting opportunity for Nigerian students to build their careers, and discover new opportunities that the UK has to offer.”

Patoma Admin by — March 9, 2021 in Others 0

By admin

Only five state in the country have complied with the law on group life despite frantic efforts put by the National Pension Commission and Nigerian Council of Registered Insurance Brokers (NCRIB) to make the States adopt group life policy for their workers,

The four stated are Federal Capital Territory, Lagos; Osun; Edo and Ondo .

PenCom had directed employees to report any employer that fails to procure the minimum required Life Insurance Policy in their favour not less than three times their annual total emolument.

But most of the States seem not bothered by the welfare of their workers, as most of them are yet to comply.

PenCom in a notice entitled: ‘Re Compliance withguidelines for life insurance policy for employees and submission of insurance certificate for 2020’ stated that it is the right of all employees in the Public Service of the Federation, Federal Capital Territory and States that have implemented the Contributory Pension Scheme as well as private sector, under Section 4(5) of the PRA 2014 to have Life Insurance Policy taken on their behalf by their employers for an insured amount of not less than three (3) times their annual total emolument.

PenCom further advised employees to bring to its notice, where the employer fails to: “submit the evidence of compliance with Life Insurance Policy and place the certificate in a conspicuous place within the organisation.

PenCom noted that in accordance with the provisions of Section 4(5) of the Pension Reform Act (PRA) 2014 and Section 5.5 of the Guidelines for Life Insurance Policy for Employees, Employers of labour covered by the PRA 2014 are required to submit copies of the Insurance Certificates with the schedule of benefits to the National Pension Commission (PenCom).

Also speaking on the development, the past President, Nigerian Council of Registered Insurance Brokers (NCRIB), Mr Shola Tinubu, urged employers to take up the responsibility of insuring their workers, as this may also motivate employees to be dedicated to work.

Available data showed that about 2.5 million civil servants in the country are missing out of the benefits of Group Life Insurance cover, following the inability of 33 states to sign on to the policy, against the mandate of Pension Reforms Act (PRA) 2014.

Group life cover is a joint regulation of the National Insurance Commission (NAICOM) and PenCom, on Section 9 (3) of PRA 2014, requiring every employer, to which the Act applies, to maintain Life Insurance Policy in favour of the employee for a minimum of three times the annual total emolument of the employee. The policy provides cover to the insured against death.

Worried about the lack of group life cover for workers in these states, the Nigerian Council of Registered Insurance Brokers (NCRIB) had written state governments on the need to adequately protected their workers with insurance.

Patoma Admin by — March 9, 2021 in Others 0

President Muhammadu Buhari said on Tuesday that the $3billion Port-Harcourt-Maiduguri Eastern narrow gauge rail line $3 billion rail project that will connect about 14 Southern, Northern states boost transshipment of goods in the West African sub-region and Continental Free Trade Area, CFTA.

The rail line is The rail line is expected to move from Bonny Ports to Port Harcourt in Rivers State and when completed would connect Rivers, Abia, Imo, Enugu, Ebonyi, Anambra, Benue, Nasarawa, Plateau, Kaduna, Bauchi, Gombe, Yobe and Borno States by rail.

The President disclosed this at the groundbreaking ceremony of the reconstruction and rehabilitation of the 2,044km narrow gauge in Port-Harcourt, the Rivers state capital.

President Buhari who Presided over the event virtually from the Presidential Villa, Abuja said the corridor comes with new branch lines to Owerri and Damaturu, capitals of Imo and Yobe states respectively.

He said: “The connection of the railway to a new deep seaport in Bonny Island and Railway Industrial Park, Port Harcourt is designed to increase the viability and boost transshipment of cargo and freight locally, across the West African sub-region and in the Continental Free Trade Area.

“The second and the third projects are the Bonny deep sea port and a Railway Industrial Park, Port Harcourt that are to be constructed through direct investments by our Chinese partners and international financing agencies.

“The project is with the objective of resuscitating the once vibrant railway transportation in the Eastern railway corridor of the country.

“We are further expanding it to achieve contemporary demand for transport in the North East and Southern geopolitical zones of the country. It is also designed to link other standard gauge rail lines under construction through the provision of transshipment centers. The funding of the railway is through loan to fund 85% project cost and the Federal Government contribution of 15% as counterpart funding.

“These projects will serve transportation and supply chain network for domestic needs and export as well as support imports into the hinterland of the country through the new deep sea port in Bonny Island, Rivers state.”

According to the President, the port is designed to be “a regional and international transport hub. In line with the global trends, the Railway Industrial Park will have the capability for processing exports of raw materials with value addition and also export of locally made goods.”

He continued: “In planning this project, prudent use of resources has been given priority, as by this endeavor, Nigeria will retrieve the old narrow gauge that has been lying in neglect for years and bring it to full functional state commensurate to a National railway service at a rational price.

“The country’s inspiration for nationwide transport infrastructure and railways is significantly enhanced by these three projects that were conceived to be integrated in their operations.

“The Port Harcourt-Maiduguri railway will translate to reactivation of economic activities along the Eastern corridor, which has been greatly affected by insurgent activities and serve as a stimulus for industry and trade.

“In addition, there will be further utilization of local contents and technology transfer, increase in internally generated revenue and would serve as a fulcrum for the achievement of the Federal Government planned Integrated Development Masterplan,” he added.

On his part, Minister of Transportation, Rotimi Amaechi described the project as part of the comprehensive plan for the revitalization, rehabilitation and expansion of the Nigerian railway network to meet up with the transport infrastructure needs of the country.

“The effort of government at rehabilitation of this rail line in year 2009 – 2012, did not achieve the desired outcome, partly due to inadequate funding and incompetence of some of the contractors employed. The rail line therefore, remaines unserviceable.

“The need for a functional rail line on this Eastern corridor persists and remain compelling as the supply chain for products and services on this corridor vanishes and articles and items such as petroleum products, iron and steel, minerals, livestock and poultry products availability were reduced giving rise to high cost and affecting the manufacturing and agro-allied industries,” stressing that as a result, the government of President Buhari elected to address the challenge.

He noted that the railway project is to be co-financed with loan from a syndicate of Chinese financiers totalling 85 per cent while the federal government will contribute 15 per cent of the project cost of $3.2bn.

This is as the seaport and railway industrial pack are expected to cost up to $700m.

The Minister added that on completion, trains on the Port Harcourt – Maiduguri rail corridor will run at 60 – 80 kilometres per hour and 80 – 100 kilometres per hour for freight and passenger respectively.

In his good will message, Plateau state governor and chairman, Northern Governors’ Forum, Simon Lalong, expressed appreciation to President Muhammadu Buhari, saying the rail line “will cover not only the North but major major parts of the country.”

Minister of Labour and Employment, Dr. Chris Ngige wondered why ‘narrow’ is being used to describe the project, saying, “Some people say it is narrow. It is not narrow because it will take me to my village.”

Managing Director, China Civil Engineering Construction Company, CCECC,Jason Zhang, pledged the readiness of the company to deliver the project on or before the completion timeline of 36 months.

Patoma Admin by — March 9, 2021 in Others 0

The opening up of China’s insurance sector to foreign insurers is designed to bridge the gap between international insurers and domestic Chinese insurance firms,

Chinese insurance industry’s gross written premium, which stood at $195.65bn in 2020, is forecast to reach $259.97bn in 2024

The figure according to data and analytics company GlobalData, it said China hopes that domestic insurers will be challenged by foreign firms to learn from global best practices.

The projection will make the country the largest global insurance market in the world. This will attract foreign insurers to invest in the country but, despite opening up its economy, domestic insurers are set to benefit from any foreign competition, said GlobalData.

“Reportedly, Allianz Group is now set to become one of the first foreign insurers to run a fully owned operation in China under Allianz (China) Insurance Holding Co. The company has been aggressively pursuing 100 percent ownership of the insurance entity since December 2019, when the Chinese banking and insurance regulator lifted a 51% cap on foreign insurers’ ownership in Chinese operating insurers,” said GlobalData.

Jazmin Chong, insurance analyst at GlobalData, said: “While the abolished rule levels the regulatory playing field for foreign entries, it is important to recognise that the lifting of capped ownership is aimed at benefiting Chinese firms rather than foreign ones. China’s strategy of opening its market to foreign players is part of the country’s wider economic efforts to bridge the gap between international competing firms and China. China is also expecting that foreign insurers will push domestic insurers to learn from global best practices, fostering better corporate governance, risk pricing and investment management.”

She added: “As China continues to foster national champions, foreign insurers that wish to follow in Allianz’s footsteps should take a holistic approach to this market space, challenging Chinese insurers on company best practices rather than diverting efforts and investment to target market shares and gross written premiums, as a benchmark for growth.”

Patoma Admin by — March 9, 2021 in Others 0

By Favour Nnabugwu

The Director-General of the Chartered Insurance Institute of Nigeria, CIIN, Mrs Abimbola Tiamiyu has celebrate the women professional in the insurance for talent, hard work and achievements.

Tiamiyu who was elevate by the courage to achieve a fest in life, dropped a note in the institute tweeter handle yesterday, greet the women for driving growth in the sector.

“Women have earned the right to be respected because of their talent, hard work and achievements”

She continued, “It is pleasing to see that there are more women taking a place at the head of the table and driving positive growth”

A few weeks ago, the 61-year old premier professional body, Chartered Insurance Institute of Nigeria (CIIN) welcomed Mrs. Abimbola Tiamiyu as its new Director General. She is the first woman to hold this position since 1993 when Mrs. Caludiana Brown served as Acting Registrar

This exciting news is coming shortly after the Nigeria Insurers Association (NIA) elected Mrs. Ebele Nwachukwu as its Vice Chairman, a position that means she will be decorated as the Chairman in 2022 after the new Chairman, Mr. Ganiyu Musa passes the baton. The NIA Secretariat, you may know, is headed by the indefatigable Director General, Mrs. Yetunde Ilori.

 Also, it would be necessary to remind us that the Nigerian Council of Registered Insurance Brokers (NCRIB) is currently led by Dr. (Mrs.) Bola Onigbogi who stepped in as President last year; and this is besides the Professional Insurance Ladies Association (PILA) which is, of course, headed by a new President, Mrs, Joyce Ojemudia who just came on board last May.

The list will not be complete without the mention of Mrs. Bukola Ifemade who chairs the influential Lagos Area Committee of the NCRIB, and Mrs. Yeside Oyetayo, the Rector of the College of Insurance and Financial Management, a full-fledged college set up by CIIN to undertake its training functions.

 These women are jointly and severally, if you may permit me to put it that way, on one mission: to transform the insurance industry in Nigeria

Patoma Admin by — March 9, 2021 in Insurance 0

 

Tanzania and four other counties are the only five countries out of 217 destinations worldwide that are fully open to foreigners, as they lifted all coronavirus-related travel restrictions.

According to World Tourism Organisation said on Monday, the other four countries are Albania, Costa Rica, Dominican Republic and North Macedonia

“All COVID-19 travel restrictions lifted … (in) 5 destinations (this amount to 2 per cent of all destinations worldwide),” the report said.

It added that 32 per cent of all destinations, or 69 in total, remain closed for international tourism due to the coronavirus, with around just over half of them, 38 destinations, being shut for at least 40 weeks.

Meanwhile, partial closure of borders is being applied by 73 countries, or 34 per cent of all destinations.

“At present, the persistent serious epidemiological situation and in particular the emergence of different SARSCoV-2 variants of concern (VOCs) have reversed the trend.

And this had resulted in the tightening of travel restrictions, mostly directed at destinations in which these VOCs have been verified,” the report added.

Last year, the number of international tourist trips decreased by 74 per cent — some 1 billion trips — over the onset of the coronavirus pandemic compared to the previous year.

The crisis has threatened between 100 million and 120 million jobs in the industry.

five countries out of 217 destinations worldwide are fully open to foreigners, as they lifted all coronavirus-related travel restrictions, the latest report by the World Tourism Organisation said on Monday.

The countries are Albania, Costa Rica, Dominican Republic, North Macedonia, and Tanzania.

“All COVID-19 travel restrictions lifted … (in) 5 destinations (this amount to 2 per cent of all destinations worldwide),” the report said.

It added that 32 per cent of all destinations, or 69 in total, remain closed for international tourism due to the coronavirus, with around just over half of them, 38 destinations, being shut for at least 40 weeks.

Meanwhile, partial closure of borders is being applied by 73 countries, or 34 per cent of all destinations.

“At present, the persistent serious epidemiological situation and in particular the emergence of different SARSCoV-2 variants of concern (VOCs) have reversed the trend.

And this had resulted in the tightening of travel restrictions, mostly directed at destinations in which these VOCs have been verified,” the report added.

Last year, the number of international tourist trips decreased by 74 per cent — some 1 billion trips — over the onset of the coronavirus pandemic compared to the previous year.

The crisis has threatened between 100 million and 120 million jobs in the industry.

Only five countries out of 217 destinations worldwide are fully open to foreigners, as they lifted all coronavirus-related travel restrictions, the latest report by the World Tourism Organisation said on Monday.

The countries are Albania, Costa Rica, Dominican Republic, North Macedonia, and Tanzania.

“All COVID-19 travel restrictions lifted … (in) 5 destinations (this amount to 2 per cent of all destinations worldwide),” the report said.

It added that 32 per cent of all destinations, or 69 in total, remain closed for international tourism due to the coronavirus, with around just over half of them, 38 destinations, being shut for at least 40 weeks.

Meanwhile, partial closure of borders is being applied by 73 countries, or 34 per cent of all destinations.

“At present, the persistent serious epidemiological situation and in particular the emergence of different SARSCoV-2 variants of concern (VOCs) have reversed the trend.

And this had resulted in the tightening of travel restrictions, mostly directed at destinations in which these VOCs have been verified,” the report added.

Last year, the number of international tourist trips decreased by 74 per cent — some 1 billion trips — over the onset of the coronavirus pandemic compared to the previous year.

The crisis has threatened between 100 million and 120 million jobs in the industry.

Patoma Admin by — March 9, 2021 in Others 0