NCRIB charges brokers to examine viability of insurers before placing business

By Favour Nnabugwu
THE Nigerian Council of Registered Brokers (NCRIB) has charged insurance brokers to critically examine the viability of insurance companies before placing business with them.
The Council’s President, Dr Bola Onigbogi, announced this at the bi-monthly members’ evening hosted by Heirs Insurance Limited (HIL) and Heirs Life Assurance Limited (HLA)in Lagos on Tuesday.
Onigbogi charged the council’s members to always critically examine the viability of an underwriter before placing business with them, following the expulsion of three insurance companies by the Nigeria Insurance Association (NIA) as its members.
The President promised that her leadership would not relent in ensuring that the council becomes an indispensable entity in the insurance value chain.
Onigbogi explained that the endorsement was as a result of the two newly launched companies’ offers of progressive array of products and promise of excellent service.
“I have no iota of doubt in my mind that Heirs Insurance and Heirs Life are companies to watch out for in the market.
“A critical examination of your workforce and your enthusiasm to host this members’ evening at a time like this is a pointer to a greater business exploit you are poised to accomplish.
“I  guarantee you of your endorsement by my professional colleagues and assure you that going forward, your business will never be the same.
“The two companies have recorded their names in the minds of the brokers, who incidentally control the largest chunk of business in the industry,” she said.
She said : “We are not resting our oars and will still forge ahead by ensuring that no insurance policy will be placed without the contribution of the brokers.
“Until the public understands the role of the brokers, the allegation of non-payment of claims and other consequential image challenges will remain.”
In her address, the Acting-Chief Executive Officer (CEO), Heirs Insurance Limited, Dr Adaobi Nwakuche, acknowledged NCRIB as an important stakeholder in insurance business by liaising between customers and insurance firms.
Nwakuche told the brokers that the insurance firm was on a mission to democratise insurance and make it accessible to  everyone.
 “To achieve this, we paid careful attention to the needs of every customer across all the social circles while building our products.
“We are pleased to say that we have simple and affordable insurance plans for everyone and we are confident that with the support from NCRIB, we will deliver on our promise of excellent service delivery to the public,” she said.
In his remark, the Chief Executive Officer, Hiers Life Assurance, Mr Niyi Onifade, said the newly launched underwriter was bringing simple and affordable products to the market.
Onifade noted that collaboration with NCRIB would advance both companies’ ambition of providing customers with insurance service that was simple, quick, accessible and reliable.
“Our mandate is to provide excellent service to customers, which is our priority, and we understand that to achieve it, we need to collaborate with bodies that believe in similar vision of always putting the customers first.
“The NCRIB represents this and with them as partners, we can jointly move the business of insurance forward,” he said.
Over 300 brokers across the country were present at the event
Royal Exchange says subsidiaries approval delay cause inability to submit results to NGX

By Favour Nnabugwu



Royal Exchange Plc has explained the reason for the company inability to present its Audited Financial Statement and Unaudited Financial Statement to the Nigerian Exchange Limited during the stipulated period.

The company says the delay in the approvals of its subsidiaed was the reason for the organisation inability to meet up with the Nigeria Stock Exchange deadline

In a statement signed by the company secretary, Ngozika Onu, the management of Royal Exchange Plc sought to advise the company’s shareholders as well as the investing public that the company is unable to submit its Audited Financial Statement for the year ended December 31, 2020, and Unaudited Financial Statements for the period ended March 31, 2021, to the Nigerian Exchange Limited (NGX) within the timeframe required by the NGX.

The disclosure stated that the Year-end audit exercise for the group is yet to be concluded as the insurance and finance subsidiaries are still awaiting approvals from their regulatory bodies, that is, the National Insurance Commission (NAICOM) and the Central Bank of Nigeria (CBN).

The company further assured its shareholders and the investing company, stating that upon the approval of the respective financial statements of both subsidiaries, the consolidation of the Group’s accounts for the year ended December 31, 2020, will be concluded and released to the public.

In addition, the Unaudited Financial Statements for the period ended March 31, 2021 will be prepared and approved by the Board of Directors for submission to the NGX and Securities Exchange Commission (SEC).

The company stated that it is optimistic that the pending financial statements would be made available and submitted on or before September 30, 2021.

Federal Inland Revenue Service generates N650bn

By Favour Nnabugwu



In a renewed efforts to take in money for the government  the Federal Inland Revenue Service (FIRS) has generated N650 billion in June 2021.

Executive Chairman of FIRS, Mr Muhammad Nami, in a statement, today, as the the highest revenue realized in a single month, since the COVID-19 pandemic started.

According to him, “This feat was achieved as a result of the efficiency and effectiveness of the TaxProMax Solution, notwithstanding the challenges and resistance faced in the early stages of its adoption, and the downturn orchestrated by slow economic recovery”.

Nami recalled that as part of its efforts at modernizing tax administration in the country, the FIRS recently introduced the Tax Administration Solution (TaxProMax) for ease of tax compliance.

He stated, “The Solution “enables seamless registration, filing, payment of taxes and automatic credit of withholding tax as well as other credits to the Taxpayer’s accounts, among other features. It also provides a single-view to Taxpayers for all transactions with the Service.”

The TaxProMax platform, which took off on 7th June 2021, is a channel for filing Naira-denominated tax returns in the country.

Nami reminded taxpayers of the one-off, one-month extension granted earlier this month for the filing of Company Income Tax returns by taxpayers with December 31, 2020 accounting year-end whose statutory tax returns were due not later than 30th June 2021.
He urged them to take advantage of the extension to file up to the 31st July 2021.


Faces @ Heirs hosted NCRIB Brokers Evening in Lagos


L – Managing Director, Heirs Life Assurance Limited, Niyi Onifade; President, Nigerian Council of Registered Insurance Brokers, Dr. (Mrs.) Bola Onigbogi and Acting Managing Director, Heirs Insurance Limited, Dr. Adaobi Nwakuche at the event.


L – Vice President, Nigerian Council of Registered Insurance Brokers, Tunde Oguntade; Deputy President, Rotimi Edu; President, Dr. (Mrs.) Bola Onigbogi; Managing Director, Heirs Life Assurance Limited, Niyi Onifade; Acting Managing Director, Heirs Insurance Limited, Dr. Adaobi Nwakuche and members of staff of Heirs Insurance at the event