All Posts in "Month: July 2021"

AXA Mansard emerges best health insurance company in Nigeria

By Favour Nnabugwu

 

AXA Mansard Health Limited, has announced that it has emerged as the Best Health Insurance Company in Nigeria, at the just concluded 2021 International Finance Awards.

AXA Mansard Health has a 24-hour call center, a team of highly trained and dedicated professionals, service portals at all AXA Mansard Welcome Centres nationwide and has deployed state-of-the-art technology to attain operational excellence while contributing to prompt service delivery and overcoming of challenges being encountered in the Nigerian health insurance industry.

The Company is today positioned as the No 1 health management organization in Nigeria providing health related services to both individuals and corporate bodies.

Speaking on the award, Chief Customer and Marketing Officer, AXA Mansard, Jumoke Odunlami said, “We are indeed elated that our continuous strive for excellence is once again being recognised globally as it has always been here in Nigeria.

At AXA, We Act for Human Progress by protecting what matters. At AXA Mansard Health, we have never been more convinced about this purpose (which we consider a higher calling) than during a period like this with the pandemic ravaging the world. Our Customers and Nations health and wellbeing will therefore always remain a major priority for us”.

AXA Mansard Health Limited has several products to ensure that our customers are truly protected by providing a world-class health cover for its customers. The products are flexible enough to suit one’s needs whilst also providing other value-added benefits such as 24 hour dedicated Telemedicine service, home vaccination service, home laboratory service, free home delivery of special medications, partnership with healthy eating restaurants, smarter budget-friendly discounts on healthy meals and many more.

AXA Mansard Health Limited is the Health Maintenance Organization (HMO) arm of the AXA Mansard group of companies. The HMO is geared to promote her members’ wellbeing.

It is able to serve all clients across the country virtually and has established functional offices in Lagos (the head office), Abuja, Port-Harcourt, Enugu, with ongoing plans to open offices in other locations.

Patoma Admin by — July 20, 2021 in Insurance 0
Metering: NERC names 23 companies as importers, 58 as installers

By Favour Nnabugwu

 

 

The Nigeria Electricity Regulatory Commission, NERC, has named 23 companies as importers and 58 as installers

A total of 99 companies as metering service providers for the power sector.

The commission in a notice posted on its website said the companies have been certified with some companies whose licences had expired, renewed.

A breakdown showed that 15 companies including Turbo Energy, MOMAS Electricity Meter Manufacturing Company Limited, Mojec Meter Company Limited, MBH Power Limited were certified as meter manufacturers.

Another of 23 companies including Afro-Chinese Infrastructure Investment Limited, Erasko Energy Nigeria Ltd, Tripple Seventh Nigeria Ltd, Beacon Energy Development Services Ltd and Ar-Rahman Technical Services Nigeria Limited were cleared to import meters into the country.

Also, NERC listed three companies, Lafred Engineering Limited, Global Utilities Management Company Limited and Hafmani Nigeria Limited as certified vendors.

The commission listed 58 other companies as corporate installers.

NERC had recently disclosed that 1,092,399 customers have been provided with prepaid meters, under the Meter Asset Provider, MAP, scheme and the National Mass Metering Programme, NMMP.

The commission disclosed that 508,439 customers have been metered under the MAP scheme, adding that 583,960 meters had been distributed under the MAP scheme.

It stated that 5,855 customers who had paid for prepaid meters were yet to get their meters.

Also the Meters Asset Providers last month petitioned the Federal Government over some problems, including, fixed meter pricing, unavailability of foreign exchange and Customs clearing bottlenecks.

In a communiqué issued at the end of their meeting, June 17, 2021, MAPs, had stated: “An upward review of the current price of prepaid meter by NERC in view of rising inflation, continued upward movement of foreign exchange rates, associated increases in customs costs, increase in container freight costs, and the disruptions in the international supply chain, leading to a global increase in the prices of raw materials and components for the manufacture of prepaid meters.

“MAPs, however, note that there will be a corresponding downward review of meter prices when there is a downward movement in foreign exchange rates and other cost factors.

‘’The CBN should guarantee access to foreign exchange to Local Meter Manufacturers and Assemblers for the procurement of parts and accessories (Completely Knocked Down (CKD) or Semi Knocked Down (SKD) parts) including equipment for meter manufacturing/production as well as expansion of factory infrastructure.”

Patoma Admin by — July 19, 2021 in News 0
Air Peace deploys brand new E195-E2 into service

By Favour Nnabugwu

 

 

Air Peace has officially deployed its brand new Embraer 195-E2 airplanes for scheduled flight operations after taking delivery if three aircrafts.

The three ultramodern 124-seat capacity jets which were delivered in the first half of 2021, commenced entry into service on Monday, July 19, 2021, amidst fanfare and excitement.

The Spokesperson of the airline, Stanley Olisa, in a news release to journalists, stated that the airline is delighted to finally commission into service the brand new Embraer aircraft, adding that the acquisition of the aircraft is a testament to Air Peace’s commitment to giving the flying public world-class flights.

Olisa said: “Air Peace cares so much about the comfort of its customers and that explains why we keep investing in brand new aircraft to give the average passenger a memorable experience to look forward to on-board. This fleet expansion is also driven by our ambition to provide numerous connections for the flying public.

The first set of passengers who flew on the E195-E2 aircraft were thrilled with multiple bags of goodies and they expressed excitement over the unparalleled comfort they experienced on-board.

Air Peace has taken delivery of 3 E195-E2 aircraft this year from the 13 on firm order and has purchase rights for 17 of the same aircraft type. The airline had announced that it was expecting 5 more of these aircraft before the year runs out.

Patoma Admin by — July 19, 2021 in Aviation 0
Oando Plc enters into settlement with SEC

By admin

 

Oando Plc has entered into a settlement with the Securities and Exchange Commission in the overriding interest of the shareholders of the Company and the capital market.

This was contained in a Circular released by the SEC in Abuja Monday and signed by the Management of the Commission.

According to the Circular, the company has reached a settlement with the Commission on the following terms amongst others: Immediate withdrawal of all legal actions filed by the Company and all affected directors; Payment of all monetary penalties stipulated in the Commission’s letter of May 31, 2019; and an undertaking by the Company to implement corporate governance improvements.

Part of the terms also requires the submission by the Company of quarterly reports on its compliance with the terms of the Settlement Agreement; the Investments and Securities Act, 2007; the SEC Rules and Regulations; the National Code of Corporate Governance and the SEC Guidelines to the Code of Corporate Governance.

According to the SEC, “Pursuant to the powers conferred on the Securities and Exchange Commission (the Commission) by the Investments and Securities Act 2007, and the Rules and Regulations made pursuant thereto, the Commission on Thursday, July 15, 2021, entered into a Settlement with Oando Plc (the Company). 

“The Commission in its letter to the Company dated May 31, 2019, gave certain directives and imposed sanctions on the Company, following investigations conducted pursuant to two petitions filed with the Commission in 2017.

“The Company and some of its affected directors had challenged the said directives in a series of suits commenced at the Federal High Court. However, the Company subsequently approached the Commission for a settlement of the matter, and both parties have now agreed to settle in consideration of the impact that a further prolonged period of litigation would have on the Company’s shareholders and the value of their investments as well as remedial measures to be put in place by the Company in enhancing its corporate governance practices and strengthening its internal control environment

The Commission further reiterates its commitment to ensuring the fairness, transparency and integrity of the capital market, while upholding its mandate to protect investors.

Patoma Admin by — July 19, 2021 in Banking & Finance 0
Zimbabwe enforces anti money laundering, combat finance of terrorism guidelines on insurers

By admin

 

 

THE Insurance and Pensions Commission is stepping up efforts to ensure that local players are compliant with anti-money laundering and combatting the financing of terrorism (AML/CFT) reporting obligations.

The insurance sector is typically vulnerable to white-collar crimes due to high levels of financial flows.

The local pensions and insurance industry is heavily invested in the Zimbabwe Stock Exchange (ZSE), on money and property markets, and is also expected to be a big player on the Victoria Falls Stock Exchange (VFEX), which can be dangerously exposed if linked to white-collar crimes

The drive comes as the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Second Round Mutual Evaluation Report for Zimbabwe identified low AML/CFT awareness among non-bank financial institutions as major deficiency for the pensions and insurance industry.

IPEC Commissioner Dr Grace Muradzikwa, said they have already set up a dedicated unit in this regard, indicating that one of its key functions is to provide industry with the relevant information on AMT/CFT issues.

“As the regulator, we are now equipped to fully assume our role of supervising reporting entities to ensure compliance with AML/CFT reporting obligations. As such, we have established an AML/CFT unit, which will be headed by a manager.

“We are currently in the process of staffing the unit. For the industry, the starting point is for you to be aware of your obligations on AML/CFT, as well as the understanding of Money Laundering and Terrorism Financing risks that you face,” she told a recent engagement with industry players.
“Therefore, understanding risk is the cornerstone for an effective AML/CFT programme.”

Zimbabwe’s AML/CFT legal framework consists mainly of the following pieces of legislation: the Money Laundering and Proceeds of Crime Act [Chapter 9:24]; Bank Use Promotion Act [Chapter 24:24]; Suppression of Foreign and International Terrorism Act [Chapter 11:21]; Statutory Instrument 76 of 2014: Suppression of Foreign and International Terrorism (Application of UNSCR 1267 of 1999 and UNSCR 1373 of 2001) Regulations, 2014; and Statutory Instrument 56 of 2019: Suppression of Foreign and International Terrorism.

Because of the role and structure of insurance and pensions business, players in the sector typically operate by moving funds from parties with excess capital to parties needing funds.

All things being equal, this financial intermediation works to create efficient markets and lower the cost of conducting business. But it also makes the sector a target for money laundering.

According to IPEC director for insurance and microinsurance, Sibongile Siwela, “from a regulatory point of view, institutions are expected to have in place an AML/CFT compliance programme that is supported by policies, procedures and controls; compliance function and AML/CFT compliance officer at appropriate level; staff training programmes; and independent audit.”

In 2020, the regulator concluded a Sectoral Risk Assessment, which has helped to inform the current risk-based approach to Anti-Money Laundering and Combatting of Financing of Terrorism supervision.
Money laundering has over the years become a potent threat to economies across the globe due to the rising volumes and sophistication of white-collar crimes.

Patoma Admin by — July 19, 2021 in Insurance 0
Nigeria’s power generation improves to 4,823.60MW

By Favour Nnabugwu

 

 

Nigeria’s power generation has improve to  4,823.60 mega watts after weeks of poor performance.

Data from the National System Operator, an independent unit in the Transmission Company of Nigeria, TCN, this weekend showed that it was a 19.32 percent higher than the 4,042.40MW generated on Friday.

NSO data as at 8pm on Sunday showed that Ikeja DisCo was the highest load taker with 694,12MW, followed by Ibadan DisCo with 535.91. Eko DisCo was next with 535.69MW. Abuja DisCo took 455.50MW while Enugu DisCo took 381.48MW.

Others were Kaduna DisCo 254.87MW, Kano DisCo 238.87MW, Port Harcourt DisCo 257.46MW, Jos DisCo 175.85MW and Yola DisCo 103.63MW. The brought the distribution companies’ load taking to 3,989.87MW.

Although, the Transmission Company of Nigeria, TCN, has commenced an intensive training program for 708 engineers in the company taken from the electrical, maintenance department, Protection, Control, and Metering department and linesmen across the 10 regions of the company, through a World Bank programme.

Ag. Managing Director/CEO of TCN, Engr. Sule Ahmed Abdulaziz said the training is to expose TCN maintenance engineers to facility improvement programs under the World Bank’s Nigeria Electricity Transmission Project (NETAP), currently being executed in TCN.

He said, “In all, engineers undergoing this training are those in the Protection, Control and Metering Department, PC&M, Electrical Maintenance Department, and Lines Maintenance Department, totaling 708 engineers from the 10 Transmission Service Provider, TSP, regions nationwide.”

The TCN head noted that the company was prioritizing the training of its staff as it gradually expands the capacity of its transmission network with the execution of several projects to ensure grid efficiency and stability.

“A more robust grid, coupled with the role we must play under the new Service Level Agreement and our part in the West African Power Pool (WAPP), among others, underscore the need for our engineers to be trained and retrained, to ensure that they are relevant and efficient,” he added.

Patoma Admin by — July 18, 2021 in News 0
Emirates suspends flights from Nigeria, South Africa, India until July 31

By Favour Nnabugwu

 

Emirates said flights to and from South Africa, Nigeria and India will remain suspended until July 31, 2021, in line with government directives that restrict the entry of travellers originating from South Africa, Nigeria  and India into the UAE.

Only one daily passenger flight to Johannesburg will operate as EK763; however, outbound passenger services on EK764 remain suspended, said the airline

Customers who have been to or connected through South Africa or Nigeria in the last 14 days will not be permitted on any Emirates flights bound for Dubai.

However, the Airline also confirmed on Friday that inbound flights from India would remain suspended until July 31.

This is the latest extension of a travel ban on flights from India as COVID-19 cases surge around the globe due to the highly transmissible ‘Delta’ variant virus.

Etihad responded to a customer query on Friday: “Following the latest UAE Government directives, passenger travel from India to UAE and Etihad’s network has been suspended effectively until 31 July 2021”

UAE Nationals, holders of UAE Golden Visas and members of diplomatic missions who comply with updated COVID-19 protocols, are exempt and may be accepted for travel.
Flights from India to UAE to remain suspended until July 31: Etihad

Flights from India to UAE to remain suspended until July 31: Etihad
Emirates said Nigeria and South Africa flights will be suspended until July 31

Patoma Admin by — July 18, 2021 in Aviation 0
WAICA Re underwriting profit rise by 77% in 2020

CAPTION:

L – The Director-General, WAICA Secretariat and Directorate, WAICA Reinsurance Corporation Plc, Mr. William B. Coker; Director, Mr. Adeyemo Adejumo; Company; Secretary, Mrs .Patricia Fomba; Group Chairman, WAICA Reinsurance Corporation Plc, Kofi Duffuor; Group Managing Director/CEO, Abiola E. Ekundayo, and a Director, Mrs. Senor Thomas-Sowe, during the corporation’s annual general meeting in Lagos

By Favour Nnabugwu

The West African Reinsurance Corporation (WAICA Re) has announced that its underwriting profit grew from $5.0 million in 2019 to $8.8 million in 2020, a growth rate of 77 percent

The company at the 8th Annual General Meeting (AGM) held virtually at the weekend recorded a net claims of $30.5 million in its 2020 financial year, which translated to 63 per cent increase from the $18.7 million it recorded in 2019.

The claims were incurred across most of the nine countries it is operating from. The nine countries include; Nigeria, Ghana, Liberia, Kenya, Sierra Leone, Tunisia, The Gambia, Zimbabwe and Côte d’Ivoire.

The Group Chairman, Kofi Duffuor, added that, facultative claims contributed 59 per cent of the total claims paid whilst treaty claims was 41 per cent, stressing that, the net incurred loss ratio increased to 39 per cent in 2020 compared to 31 per cent in 2019.

Underpinned by increase in business volumes and increased claims reserve, net claims incurred increased by 63 per cent to $30.5 million in 2020 from $18.7 million in 2019. Facultative claims contributed 59 per cent of total claims paid whilst treaty claims was 41 per cent. Consequently, the net incurred loss ratio increased to 39 percent in 2020 compared to 31 per cent in 2019.

To him, “Net commission expense rose to $23.5 million in 2020 from $17.6 million in 2019, representing 33 percent growth largely as a direct function of growth in earnings. The commission ratio also remained flat at 30 percent in line with both company trend and industry averages.”

Operating expenses, he said, decreased year on year by 4 per cent, given management efforts to reduce cost, hence, operating expenses fell to $17.1 million in 2020 from $18.2 million in 2019 even as expense ratio equally fell to 22 per cent in 2020 from 31 percent in 2019.

Overall, combined ratio improved to 91 percent in 2020 having fallen from 93 percent in 2019, he pointed out.

Stressing that WAICA Re has continued to display a strong underwriting profitability as a result of sound underwriting and risk selection, he noted that, technical profit grew from $23.2 million in 2019 to $26.2 million in 2020, representing a 13 per cent growth.

“Underwriting profit grew from $5.0 million in 2019 to $8.8 million in 2020, a growth rate of 77 percent. Whilst Technical margin fell from 40% in 2019 to 33 per cent in 2020, underwriting margin improved from 9% in 2019 to 11 percent in 2020,” he pointed out.

Stating that the reinsurer’s investment and other income witnessed an increase of 14 per cent from $3.4 million in 2019 to $3.9 million in 2020 even though there was a general fall in interest rates especially in Anglophone West Africa, he added that, return on investment fell from 4 percent in 2019 to 3.7 per cent in 2020.

To him, “management continues to review the investment portfolio to help improve the return on investment”

“The above Profit and Loss analysis shows that, the major drivers of profit in 2020 were the growth in premium income, improved underwriting performance and a reduction in management expenses.”

Improved premium collection, he stressed, enabled the group to increase cash and investment assets by 29 per cent to $114.9 million in 2020 from $$88.9 million in 2019.

The group’s cash and investment assets, he stated, accounts for 62.5 per cent of total balance sheet size. Liquid assets increased to $105.2 in 2020 from $79.3 million in 2019 giving the group a strong liquidity metrics compared to claims and technical liabilities,he said.

He announced to the shareholders that the board of directors recommended a dividend of 0.0814 per share amounting to $4,000,000 (2019; $3,000,000).

This dividend will be paid to shareholders whose names appear in the register of the Corporation as at the date of the AGM, he assured.

The board of the firm, he said, recommended the issuing of additional capital of 10 million shares in 2020 by a rights issue at a price to be determined by its financial advisors.

“There was also the intention to invite strategic investors to take up shares in the Corporation. These decisions were suspended due to the COVID-19 pandemic and the uncertainties that surrounded it.

“This year we would like to carry out the exercise as it will strategically position the corporation to underwrite larger businesses especially in the oil and gas sector among others, expansion of our ICT and to ensure a strong balance sheet that will make us more competitive in the reinsurance market,” he said.

Patoma Admin by — July 18, 2021 in Insurance 0
18 passengers survive after Antonov An-28 goes missing

By admin

All 18 passrngers aboard a Russian Antonov An-28 passenger aircraft are safe following a hard landing in Siberia.

The aircraft, holding registration RA-28728, belonging to SILA Siberian Light Aviation, was performing a flight from Kedrovy to Tomsk in Russia when it suddenly disappeared from the radar. At the time of the disappearance, the aircraft was approximately 100 nautical miles northwest of Tomsk in western Siberia.

Antonov An-28 passenger plane makes hard landing in Russia’s Tomsk Region
All passengers and crew survived the crash. Photo: Getty Images

A signal from the aircraft’s Emergency Locator Transmitter (ELT) was picked up near the village of Bachkar, and a search and rescue team were dispatched to the site. When the rescuers arrived on the scene, they discovered the plane upside down.

Despite the crash landing, all the passengers and the three crew except for the pilot, who had a broken leg, survived the landing with just cuts and bruises.

It might have been engine failure

According to Russian media sources, the crew did not report having difficulties, although people on the ground say at least one or both engines on the aircraft had failed. Russia’s Ministry of Emergencies reported that 12 people were transported to a hospital in Tomsk via a helicopter, and the rest were taken via bus. When reporting on the incident, international newswire service Reuters quotes regional governor Sergei Zvachkin as saying:

“We all believed in a miracle, and thanks to the professionalism of the pilots, it happened; everyone is alive.”

When reporting on the crash, Reuters quotes sources from TASS as saying: “The AN-28 plane turned over during its hard landing. Its nose has been damaged as well as its landing gear. The crew was forced to make an emergency landing due to what looks to have been engine failure, although that is not yet conclusive.”

The plane was 32-years-old

This latest incident involving a Soviet-era aircraft in Russia’s far east comes just ten days after an Antonov An-26 crashed into a cliff on the Kamchatka peninsula, killing all 28 people onboard. Manufactured in Ukraine during the time of the Soviet Union, Antonov planes are still widely used throughout Russia and the former Soviet states.

According to Interfax, the aircraft was built in 1989 and used by Russian national flag carrier Aeroflot in Kyrgyzstan before going into service with SiLA in 2014. Based at Magadan Airport (GDX) in Sokol in Magadan Oblast, Russia, SiLA operates a fleet of four An-28s and seven Czech-built Let L-410 Turbolet planes.

An An-28 crashed in 2012

In 2012 an An-28 operated by Petropavlovsk-Kamchatsky Air Enterprise crashed near Palana Airport (UHPL), Kamchatka peninsula, killing ten of the fourteen people onboard. Investigators later determined that the plane had initiated its descent too soon and struck trees. It was also discovered that both of the plane’s pilots were drunk at the time of the crash.

Patoma Admin by — July 17, 2021 in Aviation 0