All Posts in "Month: June 2021"

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
Qatar Airways now rehiring former cabin crew

By admin

 

Qatar Airways is advertising for cabin crew positions, with more staff likely to be needed ahead of hopefully busy rest of the year.

However, the roles are only open on a rehire basis to former cabin crew members that it had previously let go amid the coronavirus pandemic. At this time, it looks like the deadline for applications is July 24th.

As the airline industry looks to prepare for what it hopes will be a summer of recovery, Qatar Airways is making preparations of its own. The Qatari flag carrier and oneworld member now has a listing on its careers website titled ‘Rejoining Qatar Airways Cabin Crew | 2021.’ These positions have been set aside for employees that the airline previously had to let go.

Such cuts have been widespread since the onset of the ongoing coronavirus pandemic, which has decimated passenger demand and, subsequently, airline schedules. This, in turn, has forced carriers worldwide to make layoffs to save money in an unpredictable market.

However, Qatar Airways is now hopeful for a more stable future. Indeed, last month, it also began rehiring pilots ahead of planned schedule increases.

As it stands, Qatar Airways plans to allow applications to come in until July 24th. However, high-demand listings in the travel sector can sometimes close early if they prove particularly popular.

While it is impossible to know, this may prove to be the case here, with the airline’s former cabin crew surely desperately eager to return to the skies to do what they love.

In the listing for the Doha-based role, Qatar Airways takes time to acknowledge its achievements amid the health crisis and the commitment of its staff, calling itself “an airline that has never stopped flying and remained resilient throughout the pandemic.”

Patoma Admin by — June 27, 2021 in Aviation 0
NDIC commences payment to depositors of 14 closed bank

By Favour Nnabugwu

 

 

The Nigeria Deposit Insurance Corporation (NDIC) will commence payment of liquidation dividends to uninsured depositors, creditors and shareholders of 14 closed banks.

The Director, Communication and Public Affairs Department, Bashir Nuhu, the NDIC stated that while stakeholders of eight closed banks are to receive their first round of liquidation dividend payments, those of the other six are to be paid additional sums due to them as part of their liquidation dividends.

The listed banks are: City Express Bank, All States Trust Bank, Allied Bank, Commerce Bank, North South Bank, Cooperative and Commerce Bank and Nigeria Merchant Bank.

Others are Hilltop MFB, Olomoyoyo MFB, Evo MFB, Ngwegwe MFB, Bekwarra MFB, Argungu MFB and Edet MFB
.
The corporation advised eligible stakeholders of the banks to visit the Corporation’s offices nationwide for the verification of their claims or do so on the Corporation’s website.

The NDIC has also commenced verification of depositors of 22 MFBs whose operating licences were recently revoked by the Central Bank of Nigeria (CBN).

The verification exercise is geared towards payment of insured sums to eligible depositors.

Depositors of the affected MFBs have been advised to visit the closed banks’ addresses where their claims would be verified by the NDIC’s officials.

 

Patoma Admin by — June 27, 2021 in Banking & Finance 0
AIB sets up accident investigation agency for Sierra Leone

By Favour Nnabugwu

 

 

The country’s Accident Investigation Bureau, AIB-N has technically rendered support for the setting up Sierra Leone’s Aircraft Accident Incident Investigation Bureau (SL-AAIIB).

General Manager, Public Affairs, AIB, Mr Tunji Oketunbi said the assistance is marked by the conclusion of a recent two-day fact-finding mission to the Sierra Leone Aircraft Accident Incident Investigation Bureau (SL-AAIIB) by the Accident Investigation Bureau, Nigeria (AIB-N).

This is the second time AIB-N will be assisting member countries in the sub region to establish their independent
investigation agencies. It offered similar support to Gambia in establishing its accident investigation agency.

” The agency, which is now rated as a regional leader in aircraft accident investigation has also assisted Sao Tome and Principe to conduct investigation into an aircraft crash”.

” The team led by Mr Adeniji Oni examined the Establishment of SL-AAIIB, Development of Legislation, Regulations, Manuals and Guidance Materials.

“The AIB-N team also reviewed the development of training policies and programmes for investigators (Initial, Simulators and Specialized); and how the SL-AAIIB should prepare for ICAO Audits and the implementation of Corrective Action Plan, following any gap identified”, Oketunbi said.

He also revealed that the initiative to assist the government of Sierra Leone in the set up and commencement of SL-AAIB was at the instance of the Commissioner of AIB-N, Engr Akin Olateru and the Honourable Minister of Aviation, Senator Hadi Sirika.

Speaking on behalf of the Sierra Leone Civil Aviation Authority (SLCAA) Director-General, the Director of Corporate Services, Alex Pratt, stated: “Let me, on behalf of the Director-General, thank you very much for the work done in this brief period. The SLCAA welcomes the recommendations made so far, and promise they would be carefully followed and implemented,” he said.

Also speaking at the occasion, The SL-AAIIB Commissioner, Mr Olubunmi
Wellington thanked the Nigeria delegation for the technical support rendered in the establishment of the SL-AAIIB. “We promise to make good use of this opportunity and we will call on you at any time to play the Big-Brother role you have already started”.

So far, the Agency has partnered with Republic of Benin, Sao Tome (who it has assisted in accident Investigation), Saudi Arabia, NTSB US, Bureau d’Enquêtes et d’Analyses pour la sécurité de l’aviation civile (BEA- France) France AIB, AAIB UK and an effective member of BAGAIA.

Patoma Admin by — June 27, 2021 in Aviation 0
Businessman, philanthropist travel solo from India to Dubai

By sdmin

A businessman and a philanthropist S.P. Singh Oberoi had travelled to India on June 12 after the ban on India flight between India and Emitares.

A UAE-based Indian expatriate has become the latest passenger to fly solo from back home to Dubai.

Dr Surinder Pal Singh Oberoi, a businessman and a philanthropist, who holds a 10-year golden visa, flew from Amritsar in the north Indian state of Punjab to Dubai via Air India flight (AI929) on Wednesday (June 23).

However, despite the ban, the UAE made exceptions for Emiratis, Diplomats, and golden visa holders. It just so happened that the gentleman in question happened to hold the aforementioned golden visa.

Wednesday was when the flight operations, which have been suspended between India and the UAE for the public since April 24 due to a spike in Covid-19 cases in the second and a lethal wave of the contagion, were supposed to resume, but have not started, despite the Dubai authorities’ announcement last Saturday (June 19).

Singh had a gala time on the flight, as he paid only Dh740 to cherish a lifetime experience.

“I was measuring the length of the plane by my steps,” Singh quipped.
He told Khaleej Times that the pilot greeted him and gave him a royal treatment amid incessant clicking of his pictures on the empty flight.

Singh vividly recalled the moment he arrived at the Dubai International Airport (DXB).

“I underwent a PCR test at the airport. The airport staff asked me about my co-passengers, and they’re surprised to know that I was the only one on the flight,” he added.

Singh praised the immigration system that has been put in place for the golden visa holders.

“Earlier, I was told by my family members and friends and that I won’t be allowed to travel. But I ticked all the boxes and had all the valid documents to enter the UAE. Surely, there are many benefits of holding a golden visa,” he said.

Singh, 66, who is a prominent social worker and hails from Patiala, an erstwhile princely state in Punjab, had played an active role in repatriation of Indian labourers and other compatriots during the Covid-19-enforced lockdown restrictions last year.

Initially, he had come to Dubai to work as a mechanic. He worked for four years and returned to his native Punjab to start his own company that supplied construction and building materials.

Later, he returned to Dubai in 1993 and started his own General Trading Company and Dubai Grand Hotel in 1998. Singh also started Oberoi Properties & Investments LLC in 2004.

The UAE authorities are allowing diplomats, golden visa holders, and Emiratis to travel from India amid the travel ban since April 24.

A memorable journey

While thanking both the Indian government and the UAE for his memorable journey, the Indian businessman said the following on his Facebook page:

“Sometimes in vital situations, we get opportunities to cherish for life. Highly appreciate the Government of UAE and India for making it a memorable journey. Thank you, Air India, for your special services. You made it absolutely a wonderful journey.”

Patoma Admin by — June 27, 2021 in Aviation 0
NIA Chairman, Ganiyu Musa reels out 9-Points agenda for insurance industry

By Favour Nnabugwu

 

 

The current Chairman of the Nigerian Insurers Association (NIA), Mr Ganiyu Musa  has revealed that he has 9-point agenda to work on during his tenure as the association leads on under his purview.

Musa hopes to get the support of people in government and other stakeholders in the country to take the industry where it deserves.

Musa made this known at his investiture as the 24th Chairman of the association in Lagos while stressing that the association would work closely with other stakeholders to maximize the benefits derivable from insurance.

The NIA Chairman used the occasion to unveil his 9-point agenda, which he hopes to leverage to take the insurance industry to lofty heights.

According to him, “His first agenda is to refocus the association to win support and respect from all stakeholders in Nigeria economy, particularly the executive and legislative arms of governments, followed by working with all stakeholders to ensure passage of the consolidated insurance bill and working with his predecessors in office to move the association to the next level.

He also seek to improve relationship between NIA and its regulatory agencies, including National Insurance Commission (NAICOM) Central Bank of Nigeria (CBN) Security and Exchange Commission (SEC) and National Pension Commission (PenCom).

He intends to collaborate with other bodies in the trade industry to deepen insurance penetration in Nigeria; promote ethical standards amongst NIA member companies and larger insurance industry to earn the respect the association deserves; work with all stakeholders to address all restrictive laws on insurance practice; work with its partners such as GIZ and the Financial Inclusion Secretariat to ensure greater insurance awareness and penetration and work with NAICOM to achieve seamless migration to IFRS 17.

The chairman says the list of what he desire to achieve is not exhaustive, adding that his administration would look inwards to take advantage of the untapped potential demand for insurance in Nigeria, stressing that this would engender relevance of insurance business to the growth of the nation.

The Commissioner for Insurance, Mr. Sunday Thomas, at the investiture implored the NIA to work hard in ensuring its members live up to their claims responsibilities.

Patoma Admin by — June 25, 2021 in Insurance 0
NEM Insurance gross premium hit N22bn in 2020

By Favour Nnabugwu

 

The NEM Insurance Plc has  recorded a good premium of N22billion  in the financial year 2020, representing 12 percent increase from the N19.8billion announced in 2019.

The company’s strength to take more risks showed in the 25 percent increase in earned premium moving up from N12.6billion to N15.8billionn.

Management of the NEM Insurance Plc has announced the performance for 2020 operations which soared above local and foreign challenges to earn.

The board chairman Dr. Fidelis Ayebae, in statement said the excellent results of gross premium of N22bn which shows an increase of 12 percent over 2019 N19.8bn and another 112 percent increase in profit after tax from previous N2.4bn to N5.08bn for the company is an affirmation action by the group that yielded 9kobo per share dividend.

The chairman further noted that the options for investing earned premium were constrained by the crash in the interest rate in commercial paper though, the “management was proactive enough to take the advantage of other investment opportunities to generate an income on investment of N1bn as against the previous income on investment in 2019 which was N878.2m. This resulted in increase of about 14.3 percent

The other indicators showed the gross claim obligation increased by 15 percent in the period under review registering N8.4bn compared to the former figure of N7.3bn. The net claims expenses of N6.05bn was incurred, 53 percent higher than that of the preceding period which recorded N3.9bn.

“The net claims ratio for 2020 was 27 percent as against 21 percent the previous year.”

Ayebae cited that the performance also recorded increases of N5.9bn, N5.5bn and N4.2bn in the group’s financial and total assets and also total equity respectively. The parent company had same figures save for total equity which recorded a slight increase of N4.3bn. The group’s earning per share was 96kobo, the previous mark was 45kobo.

While In his remark the group managing director/CEO, Mr. Tope Smart, said despite the local and global difficult terrain, NEM Insurance “showed resilience and we were able to post impressive results.”

He also noted that the National Insurance Commission showed concern with regard to the recapitalisation which had been flagged off before COVID-19 set in and rescheduled compliance dates having looked at the impact of COVID on the insurance companies and decided to break the exercise into two phases.

However, despite the cap on recapitalisation due to suspension by court injunction, Smart said the company has cleared the first compliance schedule bringing its paid capital to N5.01bn.

He also said the shareholders fund grew by 30 percent from N14bn in 2019 to N18.4bn in 2020. However, the tales of profit don’t match for the Nigeria parent company and the associate firm in Ghana. He comments: “Our profit during the period grew significantly from N2.4bn to N5.1bn, a growth of 112 percent We however recorded a loss from our associate in Ghana as profit declined from N21.4m to a loss of N22m

Patoma Admin by — June 25, 2021 in Insurance 0