All Posts in "Year: 2021"

Niger Insurance creates customer engagement forum to address situation

By Favour Nnabugwu

The Board and Management of Niger Insurance Plc has a customer engagement forum to address in a bid to address customer concerns, complaints and enquiries especially on the present status of the company.

The company put out a public notice addressing the publication of the Nigerian Insurers Association (NIA) regarding the expulsion of member companies who were allegedly not meeting obligations to policyholders of the companies.

The notice which was addressed to the public and the NIA stated that the company had paid out the sum of N1.16 billion to policyholders as claims from 2020 to date. It further stated that the company plans to liquidate some of its real estate assets to help meet its obligation and further alleviate the plight of policyholders.

The company has assured the public and its policyholders that it is currently in talks with the Association to resolve the issue at hand as it is in the interest of all associated parties.

Niger Plc has further guaranteed it will remain a responsible and committed corporate organization as it ensures that all obligations especially in the areas of claim payments are met according to the provisions of the insurance practice.

Patoma Admin by — July 1, 2021 in Insurance 0
World Bank finances $4 bn Covid-19 vaccine for 50 countries

By Favour Nnabugwu

The World Bank has disclosed that it has purchase  Covid-19 vaccine to the tune of  $4 billion to Nigeria and 50 other developing countries, half of which are in Africa.

Full details of World Bank vaccine operations are posted on our vaccine operations portal, with regular updates. The $4 billion is supporting COVID-19 are Afghanistan, Bangladesh, Benin, Cabo Verde, Cambodia, Comoros, the Republic of Congo, Côte d’Ivoire, Democratic Republic of Congo, Ecuador, El Salvador, Eswatini and Ethiopia.

The other are: The Gambia, Georgia, Ghana, Guinea, Guinea Bissau, Guyana, Honduras, Indonesia, Jordan, Kenya, Kosovo, the Kyrgyz Republic, Lao PDR, Lebanon, Lesotho, Madagascar, Malawi, Moldova, Mongolia, Mozambique, Nepal, Niger and Pakistan.

Others include: Papua New Guinea, Philippines, Rwanda, São Tomé e Príncipe, Senegal, Sierra Leone, South Sudan, Sri Lanka, Sudan, Tajikistan, Togo, Tunisia, Ukraine, Yemen, and Zambia.

More than half of the financing comes from the International Development Association (IDA), the Bank’s fund for the world’s poorest countries, and is on grant or highly concessional terms.

This financing is part of the Bank’s commitment to help low- and middle-income countries acquire and distribute vaccines and strengthen their health systems.

The World Bank reiterated its call to governments, pharmaceutical companies, and organizations involved in vaccine procurement and delivery to help increase transparency and build greater public information regarding vaccine contracts, options and agreements; vaccine financing and delivery agreements; and doses delivered and future delivery plans.

It asked those countries anticipating excess vaccine supplies in the coming months to release their surplus doses and options as soon as possible, in a transparent manner, to developing countries with adequate distribution plans in place.

Since the start of the COVID-19 pandemic, the World Bank Group has approved more than $150 billion to fight the health, economic, and social impacts of the pandemic. Since April 2020, the Bank has scaled up its financing by over 50 percent, helping more than 100 countries meet emergency health needs, strengthen pandemic preparedness, while also supporting countries as they protect the poor and jobs, and jump starting a climate-friendly recovery.

“The World Bank is helping developing countries in every region of the world with vaccine purchase and rollout,” said Axel van Trotsenburg, World Bank Managing Director of Operations. “Significant challenges still remain regarding vaccine deployment and hesitancy. We are taking action on all fronts to tackle these challenges, working in solidarity with international and regional partners to expedite doses to as many people as possible and to enhance disease surveillance, preparedness, and response.”

The Bank’s vaccine finance package is designed to be flexible. It can be used by countries to acquire doses through COVAX, the Africa Vaccine Acquisition Task Team (AVATT) or other sources.

It also finances vaccine deployment and health system strengthening, such as vaccine cold-chains, training health workers, data and information systems, and communications and outreach campaigns to key stakeholders which are crucial to ensure vaccination acceptance.

The Bank has aligned its eligibility criteria for COVID-19 vaccines with the revised eligibility criteria of COVAX and other multilateral partners.

The World Bank is partnering with the African Union and the World Bank-supported Africa Center for Disease Control to support AVATT initiative with resources to allow countries to purchase and deploy vaccines for up to 400 million people across Africa.

The Bank is also convening a task force with the IMF, WHO, WTO, and other partners to track, coordinate, and advance delivery of COVID-19 vaccines to developing countries.

The Bank continues to work with governments and partners (UNICEF, the Global Fund, WHO, and GAVI) to assess the readiness of over 140 developing countries to deploy vaccines. Countries have made good progress since the publication of the effort’s first report.

Latest findings show that 95 percent of countries have developed national vaccination plans, 79 percent have safety measures in place, and 82 percent have prioritizations of populations to receive the vaccine.

However, only 59 percent have developed plans to train the large number of vaccinators needed and less than half have a plan in place to generate public confidence, trust, and demand for COVID-19 vaccines.

Patoma Admin by — July 1, 2021 in Banking & Finance 0
Global Atlantic signs $8bn deal with Ameriprise

By admin

 

 

Life and annuity insurer Global Atlantic Financial Group has entered into a $8.0 billion annuity reinsurance transaction with financial services company Ameriprise Financial.

The deal is comprised primarily of fixed-rate and income annuities alongside a smaller component of fixed index annuities, and was carried out through Global Atlantic subsidiaries Commonwealth Annuity and Life Insurance Company and First Allmerica Financial Life Insurance Company.

Under the agreement, Ameriprise will cede $8 billion in annuity reserves and retain administration of the policies.

The deal is expected to close in July 2021 and will generate approximately $700 million of excess capital for Ameriprise, whose subsidiary RiverSource Life will retain account administration and servicing of the policies following completion.

In addition, Global Atlantic said that its Ivy co-investment vehicle will invest alongside Commonwealth Annuity and First Allmerica.

“We are always happy to find new ways to help existing clients continue to meet their financial objectives,” said Manu Sareen, President of Global Atlantic’s Institutional business. “Our approach has always been to build long-term relationships. By truly knowing our clients and understanding their objectives, we can customize more meaningful solutions for their needs.”

“This transaction further advances our consistent strategy of serving the needs of our clients comprehensively, while driving growth through our lower-capital, fee-based businesses and freeing-up capital to generate shareholder value,” added Jim Cracchiolo, Chairman and CEO at Ameriprise Financial.

Credit Suisse acted as financial advisors and Debevoise & Plimpton LLP served as legal counsel to Global Atlantic in connection with this transaction.

And for Ameriprise, Goldman Sachs acted as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel.

Patoma Admin by — July 1, 2021 in Insurance 0
Thomas Olunloyo appointed as Deputy CEO of L&G America

By admin

 

Thomas Olunloyo has been announced as the new Deputy Chief Executive Officer (CEO) of Legal & General America (LGA) reporting to Mark Holweger, President and CEO.

Effective July 1st, 2021, Olunloyo takes on responsibility for leading and coordinating all aspects of the company’s business associated with digital transformation and business development.

As L&G looks to capitalise on growth opportunities in the U.S. marketplace, Olunloyo will be a key member of the executive leadership team and head up the strategic direction and management of the business with a focus on IT, marketing, operations, and underwriting and actuarial.

Most recently, Olunloyo has served as CEO of L&G Re since 2017, having served as the reinsurance division’s Chief Actuary and Chief Investment Officer since 2014.

During his time with L&G Re, Olunloyo led the firm’s development into new markets and new technologies, including spearheading the group’s first pension risk transfer transaction in Canada and embracing the use of blockchain and automation for the PRT business.

Before joining L&G Re, he worked as a Pricing and Product Development Actuary at MetLife in the UK.

Commenting on his new role, Olunloyo said: “It’s an exciting time to be joining our LGA business, which has a great opportunity for tech-driven growth in the US life market. I am looking forward to the challenge of working in a new market, serving customers directly and building strong relationships with my new team.”

Holweger added: “We are thrilled to be welcoming Mr. Olunloyo to our team, bringing his leadership skills and proven track record of embracing new technologies to drive business performance.”

Patoma Admin by — July 1, 2021 in Insurance 0
FG approves payment of outstanding pension liabilities

By Favour Nnabugwu

 

 

The Federal Government has given presidential approval for payment of outstanding pension liabilities under the Contributory Pension Scheme (CPS).

Mr Peter Aghahowa, the Head of Corporate Communication at National Pension Commission (PenCom), stated this in a statement in Abuja on Wednesday.

He said that PenCom was pleased to inform all its stakeholders, particularly retirees of Treasury-funded Federal Ministries, Departments and Agencies (MDAs) that President Muhammadu Buhari has approved PenCom’s submission.

The submission was on the payment of some critical aspects of the outstanding pension liabilities of the Federal Government under the CPS specifically.

According to Aghahowa, “Payment of the outstanding accrued pension rights was for verified and enrolled retirees of treasury-funded MDAs retired but yet to be paid their benefits and backlog of death benefits due to beneficiaries of deceased employees.

Aghahowa said payment of 2.5 per cent differential in the rate of employer pension contribution for Federal Government retirees and employees resulted from an increase in the minimum pension contribution for employers from 7.5 per cent to 10 per cent in line with Section 4 of the Pension Reform Act, (PRA) 2014.

Aghahowa said the Federal Government was expected to continue with the payment of the 10 per cent rate of employer pension contribution for its employees, thus ensuring remittance of at least 18 per cent monthly (employer 10 per cent and employee 8 per cent) as provided by the PRA 2014.

He said the funds had already been made available for the settlement of the above-stated pension liabilities.

Also, he said that remittance into the various Retirement Savings Accounts (RSAs) of the affected retirees and employees were currently being processed.

Meanwhile, Aghahowa said the affected retirees and employees would be notified in due course by their respective Pension Fund Administrators (PFAs).

“The settlement of the outstanding accrued pension rights of verified and enrolled FGN retirees and compliance with the reviewed rate of pension contributions are significant developments, that have resolved the challenges in these aspects that have lingered since 2014,” he said.

Aghahowa added that the board and management of the commission reiterated their appreciation to the president for his untiring support, commitment to the implementation of the CPS and ensuring the welfare of retirees.

Patoma Admin by — July 1, 2021 in Pension 0
Enterprise Group records PAT of GHS146.7m in 2020

By Favour Nnabugwu

 

The Enterprise Group PLC recorded a profit after tax of GHS146.7 million in its 2020 financial year despite the impact of the COVID-19 pandemic.

The Group’s net income over the period reached GHS847.7 million, indicating a growth rate of 18 percent over the prior year.

This was made known at the 2020 Annual General Meeting (AGM) of the Enterprise Group PLC held in Ghana,

Speaking at the AGM, Chairman of the Enterprise Group PLC, Trevor Trefgarne, said the gains made are a result of systems carefully put in place to mitigate the impact of the pandemic on the business.

“As it became evident in 2020 that COVID-19 was likely to become a major pandemic, our management took steps to safeguard staff and customers, while continuing to operate by introducing remote working to ensure we could properly serve customers and in particular, settle claims promptly.

The Enterprise Advantage Mobile Application and other online tools and systems are examples of how we continue to serve our customers remotely. This recent experience has given us the impetus to ramp up our investments in technology”, Mr. Trefgarne said.

He further noted that “Our existing businesses managed to post decent results for 2020, despite the challenges of the pandemic. Net income reached GHS847.7 million, a growth of 18.7 percent over the prior year, with profit after tax of GHS146.7 million.

The pandemic impacted our business in different ways. Whilst the insurance side which thrives on person-to-person contact for sales, was affected in new business generation, the pensions business was impacted as employers experienced difficulties in sustaining their pension contributions. The change from office to remote working adversely affected lettings by our property business as companies reconsidered their office space requirements.”

The Chief Executive Officer of Enterprise Group PLC, Keli Gadzekpo, in his remarks noted that the company’s performance in 2020 demonstrates its resilience.

According to him, “Like every other company, we have faced substantial challenges, as business operations were disrupted and normal work routines and social structures were interrupted due to the global pandemic. Everyone felt the strain and stress, but we have demonstrated conclusively that Enterprise Group remains strong, stable and capable of delivering for our stakeholders, employees, shareholders, clients, and the communities in which we operate.”

Keli Gadzepko added that “By March, we knew that the pandemic would bring an entirely new set of challenges, requiring an extremely urgent and agile response. We wasted no time adjusting our mission, with our new articulated purpose in mind. We committed to protect our people, to be there for our clients, to give back to our communities and keep our Group strong”.

Keli Gadzekpo concluded by expressing optimism for the coming year: “With solid foundations based on our vision, mission and shared values, Enterprise Group has adapted quickly to the new reality brought by the COVID-19 pandemic. Despite the limitations, we managed to maintain the high performance needed to propel our growth in the coming years. The future holds much promise for the Group, and we are confident that we will continue to deliver ever more value for our shareholders.” he said.

The Enterprise Group PLC is looking to expand into the Health Insurance sector with the signing of an agreement to acquire Acacia Health Insurance. Late last year, the Company was licensed by the National Insurance Commission (NAICOM) of Nigeria to start operating its Life Insurance Business, thus making Nigeria the third country with the Enterprise footprint after Ghana and The Gambia.

Enterprise Group PLC is the holding company of Enterprise Insurance, Enterprise Life, Enterprise Trustees, Enterprise Properties, Enterprise Funeral Services (Transitions), Enterprise Life Gambia and Enterprise Life Nigeria.

Patoma Admin by — July 1, 2021 in Insurance 0
Vice-President calls on institutions, Nigerians to patronise registered brokers

By Favour Nnabugwu

The Vice President, Professor Yemi Osinbajo has called on institutions in the country to engage services of registered insurance brokers to ensure safety of their assets

Osinbajo gave advice when a delegation of The Nigerian Council of Registered Insurance Brokers (NCRIB) led by its President, Mrs. Bola Onigbogi paid him a courtesy visit in Abuja yestetday

The Vice- President noted that “it is Important that our assets are insured since insurance is the best way to save money, rather than thinking we could save money by not insuring”

He specifically highlighted the roles of insurance brokers in the insurance value chain and economy, stressing that professionals such as brokers have crucial roles to play in the ongoing revitalization of the nation’s economy.

He promised the support of the present administration to the Council, in all areas where it seeks to accelerate insurance awareness and growth of the profession in the country.

In her speech, the President of the Council, Mrs Onigbogi applauded the Federal Government for releasing the sum of N9.2 billion for group life for Federal Government employees.

She appealed to the Vice President for support in urging the Ministries, Departments and Agencies (MDAs) to maximize benefits of insurance by budgeting yearly for their assets as a prudential financial strategy.

Onigbogi stated that significant progress was already being made in the passage of the insurance Consolidated Bill at the National Assembly and expressed delight at the robust opportunity given to the Council for its input into the proposed law.

Patoma Admin by — June 30, 2021 in Insurance 0
71ear-Old, Ifeyinwa Marinze bags Ph.D as UNILAG graduates 15,753

By Favour Nnabugwu

A total of 15,753 students graduated with   various degrees at the 51st Convocation Ceremony of the University of Lagos, during which a 71-year-old woman, Marinze Ifeyinwa Felicia, is among the 148 to be awarded doctorate degree in various fields.

This is just as the late former Vice Chancellor of the institution, Prof. Oyewusi Ibidapo-Obe, will be given the position of Emeritus Professorship (Post-Humous).
Briefing newsmen on Wednesday, the Vice Chancellor, Prof. Oluwatoyin Ogundipe, said a total of 7,754 would be awarded first degree in various disciplines, while 7,999 would bag postgraduate degrees and diploma in various fields also.
Out of the figures, 281 has first class degree, with the highest number of 70 coming from the Faculty of Engineering.

“The best graduating student with the highest CGPA is Alimi Ibrahim Adedeji 4.98 from the Department of Mechanical Engineering, Faculty of Engineering. He has emerged as the Best Graduating Student. He is closely followed by Popoola Victoria Opeyemi with the CGPA of 4.90 from the Department of Economics, Faculty of Social Sciences and also has the best result in the Humanities.

‘The best overall Ph.D thesis for this year’s graduating student was presented by Moruf Rasheed Olatunji from the Department of Marine Science, Faculty of Science. Mesagan Peter Ekundayo from the Department of Economics, Faculty of Social Sciences will be awarded the best Ph.D thesis in the Humanities.

“We have a record in the university, Marinze Ifeyinwa Felicia born on 6th March, 1950 (now 71 years old) will be the oldest to be awarded a Ph.D degree in the history of the university. She has just demonstrated to the world that age is no barrier to attaining any height, ” he said.

Mrs Felicia Marinze, a 71-year-old PhD student of the University of Lagos, has emerged as one of the best graduating students from the institution’s School of Postgraduate Studies (SPGS).

The title of Marinze’s thesis is: “Evaluation de la Competence Communicative Orale du Francais Des Apprenants Nationale Diploma Des Polytechniques Seledionness du Nigeria’’.

He added that Olatunji Moruf from the Department of Marine Science and Ekundayo Mesagan of the Department of Economics would also be awarded the best PhD thesis in Humanities, alongside Marinze.

The Vice-Chancellor of the University of Lagos, Prof. Oluwatoyin Ogundipe announced this at a news conference on activities lined up for the institution’s 51st convocation on Wednesday in Lagos.

According to Ogundipe, Marinze (PhD French) with matriculation number 849003042, from the Department of European Languages and International Studies, will be the oldest to be awarded a PhD degree in the history of the university.

He added that the 71-year-old, with the best PhD thesis, had just demonstrated to the world that age was never a barrier to attaining any height.a

The VC announced that honorary doctorate degrees would be awarded Dr Ameyo Stella-Adadevoh ( Post-Humous), Dr Biodun Olusina Shobanjo, Alhaji Mohammed Indimi, and Dr Kessington Adebutu.

The Convocation Lecture will be delivered by the Governor of Central Bank of Nigeria, CBN, Mr Godwin Emefiele on “National development and knowledge economy in the digital age: Leapfrogging SMEs into the 21st Century.”

Patoma Admin by — June 30, 2021 in Education 0
AXA boosts expansion in Nigeria, moves to Algeria, Egypt, 6 other countries

By Favour Nnabugwu

AXA has expressed interest to expand its business investment in Nigeria’s insurance industry, to Algeria, Egypt and 6 other countries.

This will now expand to include the African and Middle East markets of Nigeria and six other countries including Cameroon, Gabon, Côte d’Ivoire, Lebanon, Morocco and Senegal.

Additional Asian markets, namely India, Malaysia, Singapore and Vietnam, will also be added under the umbrella, which will be known as AXA Asia & Africa.

Previously, the AXA Asia business included the markets of Hong Kong, mainland China, Japan, South Korea, Indonesia, the Philippines and Thailand.

According to AXA, this move is part of its new strategic plan “Driving Progress 2023”, which seeks to harness the rapidly growing markets across Africa and Asia, with special focus on health, as marked by the recent opening of AXA OneHealth and its 16 clinics across Egypt.

This, the company said, reflects its commitment to an inclusive vision of health equity, with improved health outcomes for all.

The AXA Asia & Africa business will also incorporate AXA Emerging Customers, the insurer’s unit focused on closing the protection gap in the low-income to mass market segments.

Customers in these segments are often under-insured due to a lack of access and familiarity with relevant and affordable insurance products.

By 2023, AXA Emerging Customers aims to protect 25 million customers as their first insurer, through partnerships with leading institutions from both public and private sectors.

“I am excited to be taking on oversight of our mature and emerging markets across Asia and Africa, as well as Lebanon,” said AXA Asia chief executive Gordon Watson.

“This will enable AXA to deliver more holistic solutions that span the spectrum of customer needs, enabling us to fulfil our role as being partners in their life journey. We will continue to develop innovative, holistic solutions that will be tailored to meet the unique needs of each market. I look forward to strengthening AXA’s footprint in these key markets and consolidating our leadership in the industry.”

Watson became the insurer’s Asia CEO in 2018, presiding over a period of strong growth in the region. Before joining AXA, he held senior leadership roles in AIA and AIG across multiple continents, including Africa. Gordon is also the founding chair of the Hong Kong branch of Shared Value Initiative, a non-profit organisation that seeks to help businesses in aligning profit and purpose to address social issues.

Patoma Admin by — June 30, 2021 in Others 0
United Airlines place order for 200 Boeing, 70 Airbus

By Favour Nnabugwu

 

 

United Airlines has placed a massive order for 270 Boeing and Airbus aircraft, 200 Boeing 737 MAX aircraft, alongside a further 70 A321neo aircraft

The order is the most significant set by a single airline in the past ten years and the largest in the history of United Airlines.

The order is reasonably weighted in Boeing’s favor, with just 70 of the orders going to Airbus.

For weeks now, we’ve heard rumors that United Airlines was to place a mammoth order. The stories have now been confirmed with the United States carrier placing an order for 200 Boeing 737 MAX aircraft, alongside a further 70 A321neo aircraft from Boeing’s rival Airbus.

Let’s look at the Boeing 737 MAX aircraft ordered by United Airlines first. Including 30 aircraft that have been delivered, United Airlines now has commitments for 380 Boeing 737 MAX aircraft. Of the 200 new orders today, 50 are for the reasonably standard MAX 8 variant. The remaining 150 are for the largest of the MAX family, the MAX 10.

On the other side of the aircraft duopoly, United Airlines has added 70 orders for the Airbus A321neo. The airline hasn’t mentioned if these are LR, or XLR aircraft, suggesting that they expect the standard A321neo variant. Outside of this new order, the airline is already expecting 50 A321XLRs, according to data from ch-aviation.com.

It doesn’t stop there as United Airlines also revealed an updated narrowbody cabin. Of course, all of the new aircraft will be delivered with the new signature interior. However, United Airlines will also be retrofitting its new cabin onto the entire remaining mainline narrowbody fleet.

According to the airline, the cabins will have a 75 percent increase in premium seats, larger overhead luggage containers, entertainment at every single seat, and the industry’s fastest inflight WiFi. These upgrades will be accompanied by LED lighting. United will retrofit the existing aircraft by 2025.

Commenting, United CEO Scott Kirby said, “By adding and upgrading this many aircraft so quickly with our new signature interiors, we’ll combine friendly, helpful service with the best experience in the sky, all across our premier global network… we expect the addition of these new aircraft will have a significant economic impact on the communities we serve in terms of job creation, traveler spending and commerce.”

United Airlines is now planning to take over 500 new aircraft in the coming years. 40 are expected next year, 138 in 2023 and 350 in 2024 and beyond. In 2023, the airline should be taking delivery of a new aircraft every three days.

The aircraft are intended to replace older United Airlines planes. Photo: Vincenzo Pace -Simple Flying

The new deliveries will, in part, replace some of the airline’s older narrowbody aircraft. United has frequently positioned itself as an environmentally conscious airline, and this new order will further its eco-friendly position. According to the airline, replacing its older jets will generate a fuel efficiency increase of 11 percent

Additionally, because United is moving to slightly bigger aircraft, carbon emissions per passenger will also fall. This drop is expected to be around 17-20% compared to the airline’s older narrowbody aircraft.

Patoma Admin by — June 30, 2021 in Aviation 0