All Posts in "Month: March 2021"

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

The Pension Transitional Arrangement Directorate (PTAD) says it paid gratuity and pension arrears to 414 Association of Retired War Affected Police Officers (ARWAPO) amounting to over N954 million

The Executive Secretary of PTAD, Dr Chioma Ejikeme, made this known at a stakeholders’ forum with ARWAPO in Enugu State on Thursday.

Ejikeme said that death benefits were paid to 145 Next of Kin (NoK) of the deceased pensioners amounting to over N149 million
She explained that the retired war affected police officers were set of members of the Nigerian police force that took sides with the state of Biafra during the Nigeria Civil War and were dismissed in 1971.

Ejikeme said that they were later pardoned and granted amnesty by former President Olusegun Obasanjo on May 29, 2000.

She said that in a bid to bring pension administration to the doorstep of the pensioners, PTAD periodically engages stakeholders to update them of the directorates past and ongoing activities.

Ejikeme said that also allowed the organisation the opportunity to interact with the pensioners one on one with a view to serve them better.

She said that the directorate was currently reviewing and computing all pending ARWAPO pensioners complaints in order to payroll them monthly for pension, payments of arrears and payment of NoK.

She also stated that the provision of documents by ARWAPO members required for qualification for benefits computation and payment had been a challenge.

“Meetings such as the one we are having today provide the opportunity for cross-pollination of ideas, provision of clarity regarding grey areas and information dissemination.”

The executive secretary noted that the meeting provided another opportunity for continuous discussion with ARWAPO members on the way forward, getting mandatory requirements for the remaining pensioners to ensure their benefits were paid.

“This is a very potent indication of the importance, seriousness and commitment the present administration attaches to the wellbeing of our senior citizens,” she added.

Ejikeme said that in spite of the COVID-19 challenges the directorate had been making progress in addressing pensioners issues and restoring hope, dignity and a decent living to a Defined Benefit Scheme Pension

Patoma Admin by — March 6, 2021 in Others 0

By admin

Sunu Assurances Nigeria Plc has projected a gross written premium of N2.74 billion representing 62.41 percent of the full year budget, for the Q2 2021.

The projection surpasses the premium generated in the corresponding period 2020 by 41.97 percent which stood at N1.93 billion.

The company in its notice at the Nigerian Stock Exchange also projected a profit after tax of N184.425 million for the Q2 2021.

SUNU Assurances Plc recently listed on the daily official list of the Nigerian Stock Exchange (NSE) additional 3,010,800,000 ordinary shares of 50 each at N1.00 per share.
The additional shares listed on the Exchange arose from SUNU Assurances’ private placement of 3,010,800,000 ordinary shares of 50 kobo each at N1.00 per share to SUNU
Participations Holdings SA and SUNU Assurances Vie Cote D’ivoire SA. With this listing of the additional 3,010,800,000 ordinary shares, the total issued and fully
paid up shares of SUNU Assurances Nigeria Plc has now increased from 2,800,000,000 to 5,810,800,000 ordinary shares of 50 kobo each

Patoma Admin by — March 6, 2021 in Insurance 0
20 PFAs register 3,663 for N25m in Q4 2020

No fewer that 20 Pension Fund Administrators (PFAs) registered 3,663 contributors under the Micro Pension Plan and a total sum of N25,024,528.08.

Data from the National Pension Commission (PenCom), during the fourth quarter of 2020 revealed that 20 Pension Fund Administrators (PFAs) registered 3,663 contributors under the Micro Pension Plan and a total sum of N25,024,528.08 was remitted to the Retirement Saving Accounts (RSAs) of the contributor within the same period.

The Commission stated that in terms of withdrawals from the contingent portion of the contributions, six PFAs processed and approved requests amounting to N880,521.29 from 11 MPP participants during the review period.

The Director-General of PenCom, Mrs. Aisha Dahir-Umar, said the implementation of the Contributory Pension Scheme (CPS) has greatly impacted the economy.

Dahir-Umar stated that the major visible areas of this impact are the economic and social spheres and that the pension assets, is slowly but surely changing Nigeria’s financial landscape and by extension, the course and pace of our socio-economic development.

 

Patoma Admin by — March 6, 2021 in Others 0
22 PFAs recorded transfer window of N18.89bn in Q4 2020

By admin

All of the 22 Pension Fund Administartors, PFAs, operating in the country were involved in the Retirement Savings Account (RSA) Transfer System launched on 16 November 2020, with a total sum of N18.89 billion moved by 2,799 RSA holders

The figure from National Pension Commission (PenCom) read that  during the fourth RSA Transfer Quarter of 2020 (i.e. the maiden RSA Transfer Quarter), the total value of the RSA balances transferred stood at N18,898,848,438.79. All the 22 PFAs were involved in the transfer, as transferring and/or receiving PFAs,”

The Comission revealed that the pension industry recorded a net marginal growth of 0.72 per cent (66,704) in schemes membership during the fourth quarter of 2020, rising from 9.20 million contributors as at the end of the preceding quarter to 9.27 million as at Q4 2020.

The growth in the industry membership, according to PenCom, was driven by the RSA Scheme, which had an increase of 68,749 registered contributors, adding that however, membership of the Closed Pension Fund Administrator (CPFA) Schemes declined by 2,045 to 14,926 while the Approved Existing Schemes (AESs) membership remained unchanged at 40,951 as at Q4 2020.

Patoma Admin by — March 5, 2021 in Others 0

The Federal Government approved the reopening of Osubi Airport, Warri, Delta State for daylight operations on Monday.

This was disclosed by the Minister of Aviation, Hadi Sirika, via his Twitter handle on Monday.

According to him, the facility will be opened for operations in daylight in VFR conditions, while observing COVID-19 protocols.

He tweeted, “I have just approved the reopening of Osubi Airport Warri, for daylight operations in Visual Flight rules (VFR) conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.”

VFR are a set of regulations under which a pilot operates an aircraft in weather conditions generally clear enough to allow the pilot to see where the aircraft is going.

It will be recalled that the Airport, which was commissioned on 17th April 1999 by the former Minister of Aviation, Captain Briggs, is managed by the Federal Airports Authority of Nigeria (FAAN).

In 2020, the Federal Government, in a letter to all the aviation parastatals, had allegedly terminated the contract of Shoreline Oil Services Limited, the operator of the airport, with immediate effect, citing incompetence.

The facility has been a subject of controversy since it changed hands from the original owner, Shell Petroleum Development Company (SPDC), to Shoreline in partnership with the Nigeria National Petroleum Corporation (NNPC) in 2015.

Patoma Admin by — March 4, 2021 in Aviation 0

The Nnamdi Azikiwe International Airport Abuja has been awarded the Airport Service Quality Award 2020 as judged by their customers as the Best Airport by Size and Region (five million to 15 million passengers per year in Africa).

This was disclosed by the spokesperson of the Federal Airports Authority of Nigeria, Henrietta Yakubu, in a statement on Monday.

Yakubu said: “This award represents the Federal Airports Authority of Nigeria commitment to continuously improving customer experience across all our airports
The recognition comes at a time when we are geared towards ensuring seamless airport facilitation with the opening of new terminals and upgrading of our current infrastructures across board.

Despite a turbulent year plagued by COVID-19 induced financial struggles, the authority has endeavored to prioritize customer satisfaction while ensuring that health and safety remains topmost.

“FAAN MD/CEO Captain Rabiu Yadudu accepted the award on behalf of the Authority and restated FAAN’s commitment to ensuring the safety, security and comfort of passengers at all airports across the country.”

Patoma Admin by — March 4, 2021 in Aviation 0