All Posts in "Day: June 28, 2021"

Law Union & Rock Insurance changes name to Tangerine General Insurance

By Favour Nnabugwu

 

Law Union and Rock Insurance Limited has  announce a change of name to Tangerine General Insurance Limited.

This development is in line with its earlier acquisition by Verod Capital Management Limited, through the Verod Capital Growth Fund III. With the move, Tangerine General joins other associated companies under the Tangerine Financial Africa (“Tangerine”) brand of companies.

Speaking on the rebrand, Eric Idiahi, Chairman, Board of Directors, Tangerine General Insurance Limited (formerly Law Union & Rock Insurance Limited), said: “We are excited by the continued progress in our journey towards building a sound, robust and unique financial services group. We eagerly anticipate the formal launch of the Tangerine brand in the near term and are working to realize our vision for all our stakeholders.”

Tangerine is a leading technology and financial services platform in Africa that consistently goes the extra mile to improve the financial security of its customers by merging deep insights and cutting-edge technology. Today, Tangerine comprises of General and Life Insurance companies, a Pension Fund Administrator, a Microfinance Bank; and has immediate plans of entering into other closely related verticals.

All the Tangerine companies are executing a coordinated strategy that seeks to provide African consumers and corporates with a comprehensive suite of financial products and services that are aligned with the very specific needs of their day to day lives and business operations. Tangerine provides customers with the opportunity to save, invest, protect and access credit across different channels, while maintaining a consistent standard and emphasis on customer service, digitization and product customization to ensure convenience and satisfaction.

Law Union and Rock has a long and rich operating history in Nigeria, and as a result, the brand has achieved a reverent position, particularly within the insurance sector, where it has come to stand for stability and resilience. Tangerine General is therefore proud to be the beneficiary of such a legacy and intends to continue to honor and build upon this great heritage.

The rebrand echoes the very real change occurring within Tangerine General, beginning with the increase of paid-up capital to N10billion, in line with the position of the National Insurance Commission regarding the need for improved capitalization and capacity across the Nigerian Insurance Industry.

Additionally, Tangerine General’s strategy is being redesigned to ensure alignment with the wider direction of all associated companies under Tangerine, which is focused on digitization and retail acquisition as the principal way of improving insurance (and financial services) penetration in Nigeria. The team has also been working on enhancing and expanding product offering, partnerships, delivery channels and operations in line with the new strategic direction.

Patoma Admin by — June 28, 2021 in Insurance 0
Old Mutual launches short-term saving plan

By Favour Nnabugwu

 

Old Mutual has developed a 2-year Savings product with Life Cover in ensuring client protect their family, health and livelihood.

It has become more important to focus on a goal and work towards while at the same time ensuring you are covered from unpredictable circumstances. This special product allows an individual to save as well as obtain life cover up to 1 million Naira.

Old Mutual, the Nigerian subsidiary of Old Mutual Limited launched this in the country to further support individuals, families, and small businesses in achieving and protecting their goals.

This plan allows for a minimum monthly savings contribution of 5,000 Naira which can be increased annually.

In her remark, the Executive Head, Marketing and Customer Experience, Old Mutual Nigeria, Mrs. Alero Ladipo, stated, “We are proud to introduce this well-researched product designed to enable individuals and businesses achieve their short-term financial objectives, particularly in these times of strong economic headwinds and still maintain a life cover.

The Old Mutual Short Savings Plan has a dynamic feature that allows the policyholder to withdraw up to 50 petcent of saved funds during the savings tenure as well as keep track of their balances to ensure goals are being met.

“We believe this product is timely for Nigeria today. There is a need for financial institutions to encourage customers towards the meeting of their goals. It also re-enforces our promise as Old Mutual of being a certain friend in certain times. The plan is available to our customers on our e-commerce

Patoma Admin by — June 28, 2021 in Insurance 0
Azman Air Set To Finally Start Airbus A340-600 Operations

By Favour Nnabugwu

 

Azman Air has been given the tick of approval to fly its sole Airbus A340-600 on international flights. After a series of recent demonstration flights, Nigeria’s safety regulator cleared the plane to fly. Following a turbulent year, the approval is a welcome win for Azman Air.

In early 2020, Simple Flying reported Azman Air picked up a former Virgin Atlantic A340-600. The plane had flown for Virgin Atlantic since 2006 as G-VYOU. The Airbus came to Azman Air as 2-EALJ but later in 2020 was re-registered as 5N-AAM. The big Airbus was a strategic shift for Azman Air. The remainder of the airline’s fleet comprises Boeing 737-300 and 737-500 aircraft.

Azman Air planned to use the A340-600 to operate international flights. To date, the airline has stuck to flights within Nigeria. But Azman planned to get a second Airbus and was talking about flights to Dubai, Jeddah, and China. That was easier said than done, with the airline needing approval from safety regulators to start operating international flights

According to an online post by Azman Air, Nigeria’s Civil Aviation Authority has approved Azman Air to operate international flights using its A340-600.

Azman Air has been proclaimed as the Newest International Carrier in Nigerian Aviation Industry by the representatives of Nigerian Civil Aviation Authority after successfully demonstrated its dexterity in the SAFE operation of Airbus A340-600 in accordance to Global Aviation Standard,” the post reads.

Patoma Admin by — June 28, 2021 in Aviation 0
COVID-19: FG places restrictions on travellers from South Africa

  • As Zambia, Rwanda, Uganda, Namibia onwatchlist

By Favour Nnabugwu

 

 

To guide against the third wave of the COVID-19 pandemic, the Federal Government has added South Africa to the list of countries where foreign travellers coming into Nigeria have been banned.

In May, the federal government had decreed that any person who has visited Brazil, India, or Turkey within 14 days preceding travel to Nigeria, shall be denied entry into Nigeria.

It said the regulation, however, does not apply to passengers who transited through these countries.

“In addition to these three countries, the PSC has also shifted its focus on some African countries. South Africa, Zambia, Rwanda, Namibia and Uganda fall in this category”, he stated.

Secretary to the Government of the Federation SGF and Chairman of the Presidential Steering Committee PSC on COVID-19, Mr Boss Mustapha disclosed this during Monday’s briefing of the PSC.

Mustapha recalled that few weeks ago, the PSC had announced additional measures to be met by passengers arriving from Brazil, Turkey and India.

“This action was due to the prevalence of variants of concern and the dangers associated with importation of the such virulent strain. The PSC has been reviewing these restrictions and is of the opinion that they should remain for another four weeks before it is further reviewed. South Africa, has however, been added to this category once more.

“In addition to these three countries, the PSC has also shifted its focus on some African countries. South Africa, Zambia, Rwanda, Namibia and Uganda fall in this category. South Africa for example, recorded over 100, 000 cases in the last one week while 20,000 was recorded in the last 24 hours. The four major variants of concern are now classified as Alpha (UK), Beta (SA); Gamma (Brazil) and Delta (India). The Delta variant which has wrecked devastating havoc, is not yet found in Nigeria hence the need to tighten our borders and be more vigilant”, he stated.

While airlines shall mandatorily pay a penalty of $3,500 for each defaulting passenger, the PSC had stated that non-Nigerians will be denied entry and returned to the country of embarkation at cost to the Airline.

“Nigerians and those with permanent resident permit shall undergo seven (7) days of mandatory quarantine in a government-approved facility at the point-of-entry city and at a cost to the passenger”, it had stated.

On the issue with Emirates flights, the SGF said; “At the last briefing, the PSC updated its position on the issue of emirates flights in and out of Nigeria. The relevant Ministries continued to review developments and concluded that any decision to fly the Nigerian route by an airline is a business decision. In all circumstances, however, conditions placed on such flights must conform with international civil aviation standards and must not be discriminatory and must respect our sovereignty.

“For over six months Federal Government employees on GL 12 and below have been observing work-from-home instructions. This restriction remains in place until further notice in order to avert a third wave”.

The PSC added that a out ​1, 434 persons who came from Brazil, India and Turkey are currently in quarantine.

Nigeria has escaped the worst but…


On his part, the Minister of Health, Dr Osagie Ehanire said while Nigeria seem to have escaped the worst, it is however not a licence to be complacent.

He said; “Nigeria has so far escaped the worst of COVID-19 and the dire predictions made about us. We may even seem to be doing well, but I wish to emphasize that we must still be on strict preventive alert, because of the COVID-19 third wave that is sweeping across the globe. Cases have been rising in one African country after the other and health systems are getting stressed in countries like Uganda.

Patoma Admin by — June 28, 2021 in Aviation 0
Pension Industry to Tap from Islamic Capital Market – SEC

By Favour Nnabugwu

 

 

The Director General of the Securities and Exchange Commission (SEC), Mr. Lamido Yuguda has said that the non-interest (Islamic) capital market (NICM) will soon witness substantial investment from the pension industry.

This, he said, will be a game-changer that would spur more issuances of NICM products by corporates and other categories of issuers. Yuguda, who spoke at a virtual seminar on

“Investor Protection and Transparency in Islamic Capital Markets”, organised by

Islamic Financial Services Board (IFSB) and SEC, also stated that the level of activities in non-interest (Islamic) capital market currently being witnessed in Nigeria attests to the overwhelming acceptance of products offered in the market by the investing public.

He said this further underscored the need to enhance the Commission’s investor protection mechanism in order to ensure transparency in the market.

Non-interest capital market, he said, has huge potential in Nigeria, adding that it has the prospect of attracting a large pool of untapped investor base with apathy to conventional instruments, to participate in the capital market as well as the existing investors who seek to diversify their portfolio.

Yuguda said the level of activity in non-interest (Islamic) capital market that is currently being witnessed in the country affirms to the overwhelming acceptance of such products by the investing public
He stated that recently, the market witnessed the entry of institutions offering Islamic capital market services/products as well as witnessed issuances of the Federal Government of Nigeria (FGN) into the Sukuk market with latest issuance of FGN SUKUK oversubscribed by over 400 per cent.

The SEC DG stated that investor protection is the principal plank of regulation and transparency, a building block that enhances the growth of the capital market adding that the knowledge gap that often exists between the market Players and investors demand for more transparency, and the risks faced by investors requires reasonable level of protection by the regulator in order to build confidence and trust in the market

According to him, capital markets all over the world thrive on trust, and is believed that the enhancement of investor protection and increased transparency will have a multiplier effect on investments and sustainable growth of the economy.

In ensuring that investors are well protected, Yuguda said a framework for complaint management was put in place to fast-track and streamline the dispute resolution process in the market.

This is to foster and secure investors’ confidence in the market, he said.
With respect to NICM, he said the provision of two levels of shariah review and certification is meant to further serve as added measure towards investor protection. This is coupled with the requirement for continuous review/certification of the shariah expert throughout the tenor of the transaction.

He said non-interest financial activities are developing exponentially across all sectors of the Nigerian financial System

Patoma Admin by — June 28, 2021 in Pension 0