All Posts in "Day: October 22, 2021"

New NCRIB president to make broking profession a thing of pride

By Favour Nnabugwu

 

The new President and Chairman of the Governing Council of the Nigerian Council of Registered Insurance Brokers (NCRIB), Barrister Oluwarotimi Edu, has promised to take the broking arm and it’s profession a thing of pride

Barr. Rotimi Edu in his acceptance speech during his investiture as the 21st President/Chairmen of the Governing Council of the Nigerian Council of Registered Insurance Brokers (NCRIB) in Lagos yesterday

According to him, As we are all aware, our Council as a critical player in the nation’s financial ecosystem has a lot of opportunities, as well as besetting challenges at the moment. This requires that the leadership team under my humble self must be purposeful, selfless, focused and decisive in accompanying the tasks ahead.

The bigger the larger pie by the industry, the bigger the portion that accrues to the insurance broking sub sector.

“Professionalism: It is no longer news that the hallmark of all professions in is the continuous acquisition of knowledge and openness to new and evolving knowledge. The Insurance Broker can definitely not be an exception. This tenure would open channels of training needs for it members within and outside the country.

“While reinforcing ties with already existing institutions in the country and without, we would also open up relationship with new ones. Being the main professional in the insurance value chain, the Broker under my tenure would be an encyclopedia of knowledge and professionalism.

“Strategic Government and Institutional Relations: It is noteworthy that the Council has recorded phenomenal feats in strategic government relations under the immediate administration. Doors in Government Houses, Palaces and renowned institutions were opened for the NCRIB.

However, since the largest room in life is the room of improvement, this tenure would open new vistas of qualitative relationship with more government institutions with a view to registering the brand of the Broker in their consciousness as valuable allies.

“Mentoring: It is the intention of my team to ensure that Insurance Broking does not go into extinction through deliberate mentoring of the younger generation of operators. This we would do by stimulating the interest of the younger scholars in insurance broking right from their school days.

“We would device strategic plans to reach out to educational institutions across the country and create awards and scholarships to those who have inclination towards Insurance Broking as a career.”

“Corporate Visibility Sustenance: As it is often said that image is everything, the current leadership team would sustain the corporate visibility initiatives of the Council.

In doing this, we shall tweak strategies for identifying and reaching out to more corporate institutions outside the remit of those we have already reached out to to generate more news items for the media. We would also deploy our vast contacts with the media to enhance the Broker’s brand in the consciousness of Nigerians.

“Secretariat Development: Realising the fact that the Secretariat is the engine room for effective discharge of the set mandate of this tenure, this tenure would improve the quality and content of the secretariat’s human resource. It is our intention to train, retrain and motivate our staff for them to be at per with their contemporaries in high flying related institutions.”

“While admitting that leadership is a continuum, requiring that every successive tenure builds on the previous ones, it behooves my tenure to evolve a well-conceived thrust of office, which ultimately would become the trajectory of office and benchmark for my accomplishments in office.

“Having engaged in wide range consultations amongst members of the Council and some seasoned and well-meaning professionals, I have come up with BROKER CENTRICISM as the focus of my tenure as President.”

“This focus connotes that the Insurance Brokers’ welfare, progress and development, irrespective of their location and sizes would be the vortex of all decisions and actions that would be taken throughout this tenure, God helping me.”

He said his administration would be driven by Financial Solvency; Professionalism; Strategic Government and Institutional Relations; Mentoring; Corporate Visibility Sustenance and Secretariat Development.

“As an embodiment of this focus, my team would also have the following thrusts;
Financial Solvency: There is a common saying that no man or institution suffers financial destitution, rather they suffer from destitution of ideas.

“It is the intention of my team to be highly creative in stimulating ideas that would lead to financial solvency of the Council aside from the traditional subscription of members which is fast dwindling. It follows that if individual insurance brokers would be solvent, the Council must make strident efforts to ensure it complements all relevant institutions, including NAICOM for the deepening of the insurance sector.

While commending the outgoing President for Dr. (Mrs) Bola Onigbogi for her strides, he solicited the support of all and sundry for the success of his administration.

Patoma Admin by — October 22, 2021 in Insurance 0
Speech of the 21st President of NCRIB, Rotimi Edu in Lagos

INAUGURAL SPEECH DELIVERED BY BARR. ROTIMI EDU, mni AT HIS INVESTITURE AS THE 21ST PRESIDENT OF THE NIGERIAN COUNCIL OF REGISTERED INSURANCE BROKERS HELD ON THURSDAY, OCTOBER 21ST 2021 AT MARRIOTT HOTEL, IKEJA, LAGOS

• The Vice President, Federal Republic of Nigeria, His Excellency, Prof. Yemi Osinbajo, SAN
• His Excellency, the Executive Governor of Lagos State, Mr. Babajide Olusola Sanwo-Olu
• Former President, Federal Republic of Nigeria, Chief Aremu Olusegun Obasanjo, GCFR
• Hon. Darlington Nwokocha, Chairman House Committee on Insurance & Actuarial Matters and Other Members of the Committee here present
• The Commissioner for Insurance, Mr. Sunday Olorundare Thomas
• Outgoing President, Dr. (Mrs.) Bola Onigbogi, FCIB
• Distinguished Past Presidents and respected Elders of the Council
• Our revered Royal Fathers in attendance
• My Fellow Insurance Brokers and Members of Our Council
• Our Sponsors
• Heads of Insurance Constituent Bodies here present
• Members of the Social and Organised Private Sector
• Friends, Classmates and numerous well-wishers and dignitaries here present
• My admirable wife, Mrs. Olayemi Edu and my darling children, Kenny and Taiwo Edu
• Gentlemen of the Media
• Ladies and Gentlemen

I must give all praises and adoration to the Almighty God, the maker and preserver of human lives for making me see the joy of this great day.

There is no doubt that our Council is again at another threshold of history with the successful transfer of baton of leadership. It is heartwarming that I stand here to address you as the 21st President of The Nigerian Council of Registered Insurance Brokers this 21st Day of October 2021.

The hitch free transfer of leadership baton which has been institutionalized by our forebears in the Council has remained an enviable tradition that is being emulated by other institutions of repute in the country.
Permit me to use this auspicious medium to appreciate the pivotal roles played by our Past Presidents and leaders of the Council who, in spite of occasional daunting challenges, saw to it that the Council becomes an institution to reckon with in the comity of other professions in our Country.

Personally, I see my ascension of office today as the crystallization of my diligent commitment, love and valuable contributions to our great Council in the last two decades. With all sense of modesty, I have strived to consistently make myself available to serve several Presidents and Leaders of the Council and it is an irony of faith that I am emerging today as President of the Council, as well as the nation’s number one Insurance Broker.

I cannot but particularly appreciate my predecessor, Dr. (Mrs) Bola Onigbogi, FCIB whom I closely worked with as Deputy President in the last two years. There is no doubt that she perfectly acquitted herself as a specimen of a true leader, excellent team player and pride of womanhood in the professions. I learned a lot from her strength of character and love for our noble Council.
As we are all aware, our Council as a critical player in the nation’s financial ecosystem has a lot of opportunities, as well as besetting challenges at the moment.

This requires that the leadership team under my humble self must be purposeful, selfless, focused and decisive in accompanying the tasks ahead. While admitting that leadership is a continuum, requiring that every successive tenure builds on the previous ones, it behooves my tenure to evolve a well-conceived thrust of office, which ultimately would become the trajectory of office and benchmark for my accomplishments in office.

Having engaged in wide range consultations amongst members of the Council and some seasoned and well-meaning professionals, I have come up with BROKER CENTRICISM as the focus of my tenure as President. This focus connotes that the Insurance Brokers’ welfare, progress and development, irrespectiveof their location and sizes would be the vortex of all decisions and actions that would be taken throughout this tenure, God helping me.

As a an embodiment of this focus, my team would also have the following thrusts;
Financial Solvency: There is a common saying that no man or institution suffers financial destitution, rather they suffer from destitution of ideas. It is the intention of my team to be highly creative in stimulating ideas that would lead to financial solvency of the Council aside from the traditional subscription of members which is fast dwindling. If follows that if individual insurance brokers would be solvent, the Council must make strident efforts to ensure it complements all relevant institutions, including NAICOM for the deepening of the insurance sector. The bigger the larger pie by the industry, the bigger the portion that accrues to the insurance broking sub sector.

Professionalism: It is no longer news that the hallmark of all professions in is the continuous acquisition of knowledge and openness to new and evolving knowledge. The Insurance Broker can definitely not be an exception. This tenure would open channels of training needs for it members within and outside the country. While reinforcing ties with already existing institutions in the country and without, we would also open up relationship with new ones. Being the main professional in the insurance value chain, the Broker under my tenure would be an encyclopedia of knowledge and professionalism.

Strategic Government and Institutional Relations: It is noteworthy that the Council has recorded phenomenal feats in strategic government relations under the immediate administration. Doors in Government Houses, Palaces and renowned institutions were opened for the NCRIB. However, since the largest room in life is the room of improvement, this tenure would open new vistas of qualitative relationship with more government institutions with a view to registering the brand of the Broker in their consciousness as valuable allies.

Mentoring: It is the intention of my team to ensure that Insurance Broking does not go into extinction through deliberate mentoring of the younger generation of operators. This we would do by stimulating the interest of the younger scholars in insurance broking right from their school days. We would device strategic plans to reach out to educational institutions across the country and create awards and scholarships to those who have inclination towards Insurance Broking as a career.

Corporate Visibility Sustenance: As it is often said that image is everything, the current leadership team would sustain the corporate visibility initiatives of the Council. In doing this, we shall tweak strategies for identifying and reaching out to more corporate institutions outside the remit of those we have already reached out to to generate more news items for the media. We would also deploy our vast contacts with the media to enhance the Broker’s brand in the consciousness of Nigerians.

Secretariat Development: Realising the fact that the Secretariat is the engine room for effective discharge of the set mandate of this tenure, this tenure would improve the quality and content of the secretariat’s human resource. It is our intention to train, retrain and motivate our staff for them to be at per with their contemporaries in high flying related institutions.

While realizing that the task of leading a reputable institution like ours is quite daunting, I hope to latch on the support of all our esteemed members and goodwill of these array of distinguished personalities who have made it to this event and several others who could not make it, to achieve brilliant success in office.

Once again, I promise to devote myself unselfishly to giving qualitative leadership to our Council during this tenure. So help me God. Amen.

I thank you for listening and God bless.

Barr. Rotimi Edu, mni
President & Chairman Governing Board
The Nigerian Council of Registered Insurance Brokers

Patoma Admin by — October 22, 2021 in Insurance 0
Pension operators navigate better health wellness as PenOps enlightens industry

By Favour Nnabugwu

 

 

Pension Fund operators Association of Nigeria (PenOp) hosted participants across the pension industry on a mental health awareness webinar to mark the World Mental Health Day

The workplace, where people spend most of their time also contributes to pressures that result in increased mental health challenges.l

PenOps leveraged on its monthly knowledge sharing sessions as an avenue to create awareness, initiate these conversations and seek to better inform its members on this issue.

Mental health concerns have risen in recent times in Nigeria, however, these conversations are not being had as much as it should.

The session, which was facilitated by Akanimo Ekong; a certified Mental Health Counsellor and Performance Coach was engaging and interactive with participant asking questions and getting answers on how to be empathetic in the workplace, how to spot danger signals and where to go to get help.

Participants left the session understanding new ways to navigate life for better mental wellbeing for themselves and others around them.

The CEO of Pension Fund Operators Association of Nigeria (PenOp), Mr. Oguche Agudah, said: “The workplace can sometimes seem like a war zone or a hostile and tense environment. People are already going through a lot and as managers or leaders of organizations, we need to support our employees and teams to overcome personal issues and be better individuals for the workplace and society.”

He concluded by encouraging participants to take the learnings into their workplace and homes.

PenOp has over the past months committed to enhancing capacity in the sector through its monthly knowledge sharing series which incorporates technical and soft skills training.

Patoma Admin by — October 22, 2021 in Pension 0
GoG, Nigerian waters record first piracy drop in 17yrs

By admin

 

 

 

For the first time in 17years, the Gulf of Guinea and the Nigerian waters recorded the lowest piracy drop, in the first nine months of year 2021.

This was disclosed by a report released this week by the International Maritime Bureau , IMB .

However, at the other end of the scale, one crew member was killed, 51 kidnapped and eight taken hostage

The latest piracy report from IMB revealed that 85 vessels were boarded with nine attempted attacks. Also, two vessels were shot at and one hijacked.

A breakdown of piracy incidents showed that the Gulf of Guinea region recorded 28 incidents of and armed robbery between January and September 2021, as against 46 recorded for the same period in 2020.
Notably, Nigeria reported only four, compared to 17 in 2020 and 41 in 2018. Crew kidnappings in the region dropped with a crew member kidnapped in the period under review, as against 31 in five separate incidents during the same quarter in the preceding year.

“All 2021 quarter three incidents were against vessels at port anchorages and the average successful kidnapping location was 100 nautical miles from land.

“The overall reduction of piracy and armed robbery incidents in the region bears testament to enhanced maritime security and response coordination measures adopted by regional and national authorities,” IMB stated

The IMB statement however, made no mention of piracy incidents such as kidnappings, violence against crew or hijackings on the east coast of the continent off Somalia including the Horn of Africa.
But going further east, it noted 20 armed robbery incidents in the Singapore Straits, the highest since last year and four up ,on the 2019 number.

It described the attacks as low level and opportunistic in nature , noting that perpetrators posed a direct threat to seafarers and vessels underway.

Furthermore it stated that in four incidents, crew were threatened, assaulted or injured.
“There was also a noticeable reduction in incidents reported from Indonesian waters. The six reported in the first nine months of this year is the lowest in Indonesian water since 1993”, it stated..

Patoma Admin by — October 22, 2021 in Transportation 0
Elon Musk set to become first trillionaire on earth

By admin

 

 

 

Elon Musk, the world’s richest person is estimated to have a net worth of $242 billion, according to the Bloomberg Billionaires Index. Although he is already the world’s richest person, he could also become the first member of the four-comma club.
According to The Guardian, analysts at Morgan Stanley have predicted that Musk, 50, could become the world’s first trillionaire — largely thanks to his aerospace company SpaceX, People.com reports.

“More than one client has told us that if Elon Musk were to become the first trillionaire… it won’t be because of Tesla,” analyst Adam Jones told the newspaper, referring to the electric car company behind the majority of his wealth to date.

“Others have said SpaceX may eventually be the most highly valued company in the world — in any industry,” Jones added.

Though humans have yet to reach Mars — one of Musk’s goals for the company — via SpaceX’s Starship, the advanced launch system already has high expectations following the success of SpaceX’s Crew Dragon.

“As one client put it, ‘talking about space before Starship is like talking about the internet before Google,’ ” explains Jones.

Earlier this month, the valuation of SpaceX increased to $100.3 billion, up from $74 billion in February, according to CNBC.

The valuation made SpaceX — which Musk owns about 48% of the corporation — the world’s second-biggest privately held company, The Guardian states.

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SpaceX has celebrated a number of milestones this year, including successfully launching and landing a Starship rocket for the first time. Last month, SpaceX sent the first all-civilian crew into orbit.

Musk is currently estimated to have a $242 billion net worth, according to the Bloomberg Billionaires Index. Tesla still remains his biggest asset.

Back in January, Musk overtook Jeff Bezos to become the world’s richest person, only to briefly lose the title back to the Amazon billionaire the following month. Musk went on to reclaim his spot days later, following the completion of a SpaceX funding round, according to Fortune.

Bezos — currently the second-richest person in the world, per Bloomberg — is estimated to have a net worth of $197 billion, followed by Bernard Arnault ($163 billion), Bill Gates ($133 billion), and Mark Zuckerberg ($127 billion).

Musk’s fortunes have rapidly increased since the start of last year.

Back in January 2020, Musk was ranked 35th on their list of billionaires, but that year his net worth rose by $100.3 billion, according to Bloomberg. He became the second-richest person in the world that November.

Bloomberg reported at the time that Musk’s financial surge came as Tesla’s market share hit $500 billion, which was an all-time high for the electric automaker company.

So far this year, the billionaire has increased his fortune by $72 billion, a 42.4% increase from this time last year, per Bloomberg.

Patoma Admin by — October 22, 2021 in Metro 0