All Posts in "Day: April 1, 2022"

Stanbic IBTC PFA CEO, Olumide Oyetan, new president of PenOp

By Favour Nnabugwu

 

The Pension Fund Operators Association of Nigeria (PenOp) has elected Olumide Oyetan as its new president for the next two years

Olumide takes over from Wale Odutola; the Chief Executive Officer of ARM Pensions

Olumide, who also the Chief Executive Officer of Stanbic IBTC PFA was elected unanimously by his colleagues to emerge as the new president of the umbrella body of all Pension Fund Administrators in the country

In an online ceremony, Olumide, while accepting the new office, thanked the outgoing President for passing on the baton and for all the work done during his tenure. He promised that the incoming Executive Council will consolidate on all the previous work done.

He also pledged to work in the interest of the industry, continue to promote the good work the industry was doing and proffer solutions to the challenges around pensions in the country.

The new president further stressed that his administration will be counting on everyone’s support to take the industry to the next level.

Other Executive Council members sworn in were: Joy Ojakovo (General Manager Progress Trust CPFA) elected as Vice President; Dapo Akisanya (CEO Tangerine Pensions PFA) elected as Head of Technical Committee; Godson Ukpevo (CEO Veritas Glanvills PFA) elected as Head of Legal Committee; Oloruntimilehin George (CEO First Pension PFC) re-elected as Treasurer and Idu Okeahialam (CEO Access PFC) elected as Head of Branding Committee.

Speaking on the change in leadership, the CEO of PenOp, Oguche Agudah said “This shows the commitment of the organisation towards continuity and sound Corporate Governance, while being committed to self-regulation.

‘The new leadership will continue to work together to towards ensuring that ultimately, the pension industry positively affects the lives of millions of Nigerians, Ogudah added

Patoma Admin by — April 1, 2022 in Pension 0
The 22 African Women who have served as Heads of State

By admin

 

The role that women should play in shaping Africa’s present and future was a key theme from speakers of the Women Heads of State Initiative, co-convened by Africa.com and Coca-Cola Africa.

The event introduced the world to the 22 women who have served as president or prime minister of an African country, five of whom spoke at the event. The virtual event comprised talks from current and former female heads of state, as well as thought leaders, who drew a picture of where African states should be focusing on if they want to move the continent forward.

Pushing for equity in women leadership in government

Liberia’s former president Ellen Johnson Sirleaf was one of the notable leaders at the event. Her take on the legacy she built in her country, at a time when women in African politics was still a novel idea, brought the audience into some of her decision making when at the helm.

On her reflections of the role that the female electorate plays in shaping discourse and policy she said, “women’s leadership and decision makers must come from the people who are affected by those policies. It should be women at the bottom who dictate those policies.”

Former Malawi President Joyce Banda praised Africa for championing women decision-makers in the highest spheres of government. In her remarks she said Africa had a good story to tell in key priority areas, such as reducing maternal mortality, bringing more girls into the schooling system and setting up initiatives that identify women leaders in the executive, judicial and legislative sectors of African countries. However, she noted that keeping women in these roles has been the challenge that the continent needs to resolve.

A platform for sharing lessons about the continent’s advancement
Namibian Prime Minister Saara Kuungonelwa-Amadilha’s session looked at how creating robust government policies to harness the continent’s natural resources would be the driver for economic change, among women and youth.

“To realise these benefits, we need to optimize the management of our natural resources through effective governance, promote skills amongst our young people, for them to drive the development and participate in harnessing the natural resources that we have and also benefit from them, as well as to promote the industrialization through value addition of our natural resources,” she said.

“We need a total rehaul of Africa’s agricultural system”

One of the threads that ran through each speaker’s session was how Africa’s growth prospects could not be achieved if women remained at the bottom of the food chain. Former President of Mauritius, Ameenah Gurib-Fakim looked at the role that the youth and particularly young women can play in agribusiness.

She said the stereotypical image of women carrying children on their backs and toiling the land could be replaced with women as drivers of agribusiness, if technology and technical transfer of skills was done properly. She said Africa has the potential to become the breadbasket of the world if the continent’s traditional food stuffs, such as teff and sorghum (all dubbed superfoods by nutritionists) were properly farmed to alleviate chronic hunger and poverty in many rural communities across the continent.

By taking full advantage of the African Continental Free Trade Area policies, agribusinesses would be able to provide sustainable incomes for communities and unlock other sectors in the value-chain. An initiative that has taken shape in Malawi through Banda’s grassroots initiative of helping women tap into the economic benefits of farming chilli peppers, by getting the right price for their produce and developing sustainable agribusinesses.

“As former presidents once we have left office, we need to still be hands on with the people to transform their lives and realise their full potential, “she said.

African women heads of state
The event also paid tribute to 22 African women heads of state who held the position of president or prime minister since 1970 in a short documentary released for the first time at the Summit.

Africa.com defines Women Heads of State as women who have served as president or prime minister, including Heads of State and Heads of Government. Women must have been elected or appointed since 1970 and served for a minimum of three months. Female monarchs are not included. Africa.com’s research identified 22 women who meet this criteria and have listed them in order based on the length of time in office

1. President Ellen Johnson Sirleaf, Liberia, January 2006 – January 2018
2. Prime Minister Saara Kuugongelwa-Amadhila, Namibia, March 2015 – present
3. Prime Minister Luísa Dias Diogo, Mozambique, August 2004 – January 2010
4. President Sahle-Work Zewde, Ethiopia, October 2018- present
5. President Ameenah Gurib-Fakim, Mauritius, June 2015 – March 2018
6. President Catherine Samba-Panza, Central African Republic, January 2014 – March 2016
7. President Joyce Hilda Banda, Malawi, April 2012 – May 2014
8. Prime Minister Maria das Neves Ceita Baptista de Sousa, São Tomé and Príncipe, October 2002 – September 2004
9. Prime Minister Mame Madior Boye, Senegal, March 2001 – November 2002
10. Prime Minister Rose Christiane Ossouka Raponda, Gabon, July 2020 – present
11. Prime Minister Victoire Sidémého Dzidudu Dogbé Tomegah, Togo, September 2020 – present
12. Prime Minister Elizabeth Domitien, Central African Republic, January 1975 – April 1976
13. Prime Minister Cissé Mariam Kaïdama Sidibé, Mali, April 2011 – March 2012
14. President Samia Suluhu Hassan, Tanzania, March 2021 – present
15. Prime Minister Aminata Touré, Senegal, September 2013 – July 2014
16. Prime Minister Maria do Carmo Trovoada Pires de Carvalho Silveira, São Tomé and Príncipe, June 2005 – April 2006
17. Prime Minister and President Agathe Uwilingiyimana, Rwanda, July 1993 – April 1994
18. Prime Minister Robinah Nabbanja, Uganda, June 2021 – present
19. Prime Minister and President Sylvie Kinigi, Burundi, Prime Minister from July 1993 – October 1993 and President from October 1993 – February 1994
20. President Agnès Monique Ohsan Bellepeau, Mauritius, March 2012 – July 2012 and May 2015 – June 2015
21. Prime Minister Najla Bouden Romdhane, Tunisia, October 2021 – present
22. President Rose Francine Rogombé, Gabon, June 2009 – October 2009

 

Front African Courier

Patoma Admin by — April 1, 2022 in Metro 0
NCRIB mourns train attack on victims

By Favour Nnabugwu

 

The Nigerian Council of Registered Insurance Brokers, NCRIB, has expressed the Brokers condolence with the victims of the deadly attack on unsuspecting passengers of the Nigerian Railway Corporation Train facility from Abuja connecting a regional hub in the North.

In a condolence letter to the Honourable Minister of Transportation, Rotimi Amaechi, the President of the Council, Mr. Rotimi Edu, mni, noted that the council identified with the Federal Government and the immediate family members of the victims, at this moment of grief. President Edu described the attack on the Kaduna bound train with over 900 passengers as unwarranted and hand work of cowards and urged the Federal Government to ensure that the perpetrators of the dastardly act were fished out and made to face the wrath of law to serve as deterrent to others who may have such devilish mind.

Mr. Edu noted that the increasing cases of attack and insecurity in Nigeria constituted a huge challenge to government, foreign investors and other stakeholders and urged all the Services Chiefs to ensure a better synergy to adequately secure lives and properties of Nigerians.

In spite of the strident efforts of the Federal Government through its various dedicated agencies, especially, Ministry of Transportation to build enduring legacies of massive infrastructural development, he said the incidences of gunmen attack and other vices of insecurity remain a blemish that could plunge the nation back into stone ages of poor infrastructure While commending the Kaduna State Government’s directives to bear the cost of treatment of the victims, Mr. Edu seized the opportunity to underscore the need for insurance.

He specifically highlighted the crucial roles of Insurance Brokers who he noted were professional intermediaries in the insurance value chain and have the duty to advise clients about what to insure, how to insure and how to pursue their claims in the event of losses.

Patoma Admin by — April 1, 2022 in Insurance 0
CFI, Sunday Thomas speech @ Declaration on insurance confab in Lagos

OPENING REMARKS BY MR O. S. THOMAS, THE COMMISSIONER FOR INSURANCE (NIGERIA) AT THE DECLARATION ON INSURANCE CONFERENCE AT FOUR POINTS BY SHERATON, VICTORIA ISLAND, LAGOS, HELD ON 31ST MARCH 2022

Protocol.

I am pleased to welcome you to this conference on sustainable insurance. This conference has brought together stakeholders in the African insurance market to deliberate on modalities to facilitate attainment of a sustainable future.

We are indeed grateful to our development partners, the Financial Sector Deepening Africa (FSD Africa), UK Aid and the United Nations Environmental Program for the invaluable support.

This conference also aims to explore ways that insurance can play a significant role in helping African countries achieve the United Nation’s Sustainable Development Goals (UN SDGs) in terms of economic growth, social inclusion, and environmental protection and ensure sustainable development in the African insurance sector.

It would appear that the role of insurance has been somewhat relegated within the context of the SDGs. This is because the current indicators largely do not capture specific insurance related metrics. To be able to better assess the role of insurance and motivate the industry to contribute more to the SDGs, more consistent and disaggregated data collection is recommended.

It is, however, an acknowledged fact that the insurance industry performs a very critical role in promoting economic, social and environmental sustainability and can help countries achieve the UN SDGs. The insurance industry helps protect society through risk prevention, risk reduction and risk sharing. The industry therefore plays an important role in nine (9) of the Sustainable Development Goals (SDGs) namely: No Poverty; Reduced Inequalities; Zero Hunger
Good Health and Well-Being; Gender Equality; Decent Work and Economic Growth
Industry Innovation and Infrastructure; Climate Change, and Partnerships for Goals.
In addition, the insurance industry also plays an indirect and supporting role in five of the SDGs, namely: Quality Education; Industry; Innovation and Infrastructure; Reduced inequalities, and Partnerships for Goals and Sustainable Cities and Communities
Therefore, the insurance sector holds the potential for enhancing sustainable development with the 2030 Agenda.

Environmental, social and governance (ESG) issues constitute a shared risk to insurers, businesses, governments and society. Some ESG issues such as, climate change, pollution and eco-system degradation, have various ramifications. Some of these issues are now considered as likely to be financially material to the success of organizations. There is therefore the compelling need for innovation and collaboration.

The four (4) Principles for Sustainable Insurance formalize the commitment of the signatories to ensuring decision-making along ESG criteria; raising awareness with clients and partners on ESG criteria; collaboration with governments and regulators to promote action on ESG criteria; and accountability and transparency of progress in ESG implementation.

The corresponding list of possible actions provide a common anchor and framework for the insurance industry to manage ESG issues. This is expected to enhance the industry’s contribution to building resilient, inclusive and sustainable communities and economies.

On the regulatory side, the current environment is increasingly becoming complex. This has heightened the need to ensure effective supervision as well as resolve broader policy challenges such as inclusive economic development, sustainability, climate risk and digitalization.

Insurance regulators, therefore, have a vital role to play in sustainable economic development. Through regulatory and policy initiatives, regulators can guarantee that their insurance jurisdictions offer the essential range and variety of products and services that support the SDGs.

Supervisors can also act as conveners of key stakeholders to building partnerships to coordinate insurance solutions, especially when faced with multifaceted risks such as climate change and pandemic risk.

On behalf of the Nigerian insurance industry, I wish to thank you all, once again, for joining us. I also wish you a successful deliberation.

Patoma Admin by — April 1, 2022 in Insurance 0