All Posts in "Day: December 18, 2021"

Naicom goes round states on compulsory insurance

By Favour Nnabugwu

 

The Commissioner for Insurance, National Insurance Commission, Mr Sunday Thomas, has said the commission is going round states to ensure the enforcement of compulsory insurance policies in the country.

Thomas at a sensitisation programme for top functionaries in Kano State on the implementation and enforcement of compulsory insurances in the state.

The CFI said, “Permit me to mention that the Insurance Act 2003 and other relevant laws of the Federal Republic of Nigeria did make the following insurances mandatory, among others: third party motor insurance in respect of all mechanically propelled vehicles that ply the public roads;

“All buildings under construction that are more than two floors; all public buildings including schools, offices, hotels, hospitals, shopping malls; professional indemnity for all medical practitioners and hospitals; and group life insurance cover by employers for employees where there are more than three persons; annuity for retirees as provided under the Pension Reform Act 2014.

“It is on the above premise that we knocked at the door of the Kano State government to set the pace for the northern part of the country to embrace insurance, especially with the introduction of Takaful Insurance (otherwise known as Islamic Insurance) as an alternative to the conventional insurance to cater for sentiments of religion and tradition.”

According to him, “The insurance partnership with Kano State is an opportunity to assist the people when they need it most.”

He said, “It is also for the financial services sector to also increase financial inclusion, which is one of the cardinal thrust that had been a forefront policy of the Federal Government for a sustainable economic development and lifting families out of abject poverty.

Patoma Admin by — December 18, 2021 in Insurance 0
PenOps, AVCA partner to release maiden report on pension with private equity

By Favour Nnabugwu

 

Pension Fund Operators Association of Nigeria (PenOp) in partnership with African Private Equity and Venture Capital Association (AVCA) set plan in motion to  release report on Nigerian Pension funds engagement with private equity.

The release of this flagship report aims to bridge the gap between these two complimentary industries by investigating and assessing the role of Nigerian pension funds in empowering local investors in Nigeria’s private equity industry.

The Pension Funds and Private Equity in Nigeria Report finds that Nigerian pension funds display a strong appetite for private equity investment both locally and across the continent. 75% of the pension fund managers that participated in the survey plan to accelerate or maintain their current pace of capital commitments to African PE in the next five years, citing a desire for portfolio Diversification and Performance as the most important factors driving their investment plans.

The report also catalogues some of the obstacles faced by pension funds investing in the asset class. Respondents highlighted a perceived weak exit climate and a limited number of established African GPs as significant challenges for pension funds investing in African private equity. However, 49% of survey participants did not consider any of the current pension investment regulations to be prohibitive, suggesting that respondents view the existing regulatory environment as conducive for investment in alternative asset classes.

The partnership with AVCA helps us to work with industry stakeholders to identify and address these bottlenecks for our mutual benefit

Speaking on the publication, the CEO of PenOp, Mr OgucheAgudah, said “Local pension funds have expressed a desire to increase their allocation to private equity and more impactful investments.

However, there are a number of bottlenecks that restrict them. The partnership with AVCA helps us to work with industry stakeholders to identify and address these bottlenecks for our mutual benefit, and the benefit of the local economy

The CEO of AVCA, Abi Mustapha- Maduakor, said “Increasing interest in Africa’s private equity industry from domestic and international investors alike underscores the need to analyse the perceptions and concerns of institutional investors to promote an open dialogue on the continent’s unique business environment. This joint publication exemplifies AVCA’s commitment to championing private investment in Africa: bridging the knowledge gap between industry stakeholders by providing topical, informative research on the opportunities private equity has to offer Nigerian pension funds.”

Patoma Admin by — December 18, 2021 in Pension 0
IICC to award journalists for best report yearly

By Favour Nnabugwu

 

The Insurance Industry Consultative Council (IICC) has instituted an award for journalists covering insurance sector for the best reportage in a financial year.

Chairman of IICC, Sir. Muftau Oyegunle informed members of the National Association of Insurance & Pension Correspondents, NAIPCO during the recent  IICC 2021 Media Retreat in Asese, Ogun State.

Oyegunle stated that the award will recognise one journalist that distinguishes himself or herself in the reportage of the insurance sector within a financial year.

He stated that the award will focus on well researched and detailed write-up on issues in the insurance sector, adding that, such writeup will be developmental in scope.

He therefore charged insurance reporters to ensure that they churn out stories that can clinch the award going forward.

Oyegunle applauded the media for its immeasurable support, especially, the insurance correspondents, who have continued to demonstrate expertise and in-depth knowledge about the insurance industry as has been reflected in their objective reportage over the years.

“As the world continues to evolve, the expectation from you as a key blog in the turning wheels of economic growth equally changes.

“It is upon this notion that the theme for today, the Newsman in the Changing World, has been ably conceived.

“There is a need for knowledge and creativity to lead the way as well as the adoption of artificial intelligence in amplifying the contents that you create.

“The event of the year will no doubt put some mental or psychological strain on us and there is a need for us to deescalate some of those situations before we enter another year,” he submitted.

The IICC boss noted that one of the mandates of the Council was to promote insurance awareness and urged the media professionals to use their platforms and the reach they cover to promote the gospel of insurance and its offerings

Patoma Admin by — December 18, 2021 in Insurance 0