Buhari approves NAICOM interim board chairman, members

By Favour Nnabugwu

 

President Muhammadu Buhari has approved the composition of part-time Chairman board members of the board of the National Insurance Commission (NAICOM).

This appointment is based on the fact that the incumbent board of the commission was constituted for a four-year term with effect from March 8, 2018, and their tenure will expire on March 7, 2022.

Those appointed are Dr Abubakar Sani (chairman), Barrister Robert Ohuoba (member), Mrs Ijeoma Chinenye Ekeocha (member), and Alhaji Muazu Barau (member).

Based on the terms of appointment of the chairman and members of the board of the commission as stipulated in Section 3(1) of the NAICOM Act 1997, they are expected to hold office for a period of four years
Dr Sani holds a Master’s Degree in Business Administration and a Bachelor’s Degree in Actuarial Science, both from Ahmadu Bello University (ABU), as well as Honorary Doctorate Degree in Management. He has vast experience in the insurance industry.

Ohuoba is a legal practitioner with more than 20 years of experience, while Mrs Ekeocha holds a Masters’s Degree in Business Administration (Project Management) with strong private sector experience

1% contribution is insurance premium, not IGR- NSITF tells NASS. * Faults NASS on remittance of N3.8bn

By Favour Nnabugwu
1% contribution is insurance premium, not IGR- NSITF tells NASS
* Faults NASS on remittance of N3.8bn
The Nigeria Social Insurance Trust Fund (NSITF)  has made it clear to the House of Representatives Adhoc Committee  on Unclaimed Funds that the 1% contribution to the Trust Fund is insurance premium and Internally Generated Revenue, IGR.
NSITF faulted the House that Fund owes the Federal Government in respect of non-remittance of Operating Surplus Funds between 2013-2020.
The agency explained  that being  a social security agency which is  currently majorly funded from contributions of private sector employers to procure cover on behalf of their employees can not be described as revenue.
The General Manager, Corporate Affairs.Ijeoma Okoronkwo, in a statement in Abuja, said,  “The amount standing to the credit of the Employers Compensation Fund Account, does not fall under the Operating Surplus , intended by the Section 22 of the Fiscal Responsibility Act.
“NSITF is a Non Treasury Funded Parastatal and the 1% contribution can be likened to Insurance premium and not IGR.”
Okoronkwo said the balance in the Fund account  is meant to be invested in line with section 32(e) of the Employee Compensation Act 2010, in order to fulfill its obligations of payment of death claim, Medical compensation and rehabilitation expenses as they occur; and not meant to be remitted to the Consolidated Revenue  Fund of the Federation.
The fund thanked the National Assembly committee members for understanding in this regards, the statement added.
AIO set for 48th conference, 50th anniversary in Kenya – Kajwang

By Favour Nnabugwu
African Insurance Organisation is now set and ready to host the 48th AIO Conference and Annual General Assembly which will take place from 25th to 30th June 2022 in Nairobi, Kenya along the celebration if the 50 anniversary of the AIO.
President of the Local Organising Committee, Dr. Ben Kajwang said the theme for this year’s conference is, ‘Insurance and Climate Change: Harnessing the Opportunities for Growth in Africa’
Kajwang stated that the theme speak to the continent, adding the this year conference will more exciting to member countries and other stakeholders.
“The 48th Annual Conference is going to be rewarding and exciting.  We invite you to come and experience warm Kenyan hospitality, indulge in our delicacies, get immersed in our rich cultural heritage and above all, experience our wildlife right next to the Conference venue”
He went further to say that the Conference papers will delve deeper into the African perspective of this global issue while focusing on Agriculture insurance, use of data for solutions and the power of consumer education. “It is our hope that delegates will find the information from the presentations relevant and valuable in their day-to-day business operations”
“We  are therefore, happy and prepared to host you both in person and virtually. We have put in place adequate measures to ensure your safety”
For the AIO anniversary, he said the first day of the Conference, Monday. 27th June 2022 has been set aside to mark the Golden Jubilee under the theme ‘AIO at 50: A call for African Insurance Renaissance.’
On the theme chosen for this year’s conference, the President of the Local Organising Committee affirmed that insurance industry has a critical role to play in helping companies and nations manage, measure and reduce the impact of climate change.
 According to him, “We therefore, cannot continue with business as usual in the face of increasing frequency and scale of risks caused by climate change, we must adjust our business models to better support Environmental, Social and Governance (ESG) issues”
“The  last two years have taught us to be agile and responsive to our environment. What was termed as the ‘new-normal’ has been assimilated into our previous way of life and this makes us more flexible”.
Kajwang who touched on the pandemic that ravaged the world said,”  Thankfully, we are witnessing lower infection rates and a weaker COVID-19 virus, increased vaccination numbers and easing of travel restrictions”
On climate change, he noticeable agreed that the world has changed, “in some cases for the better but for our environment and climate, it is taking a turn for the worse. The effects of climate change have resulted in more frequent natural disasters including floods, droughts, forest fires, melting glaciers and mountain snow caps”
Regrettably, he mentioned, “Africa  has made negligible contribution to the effects of climate change yet, according to the World Meteorological Department, four out of 10 of the worst climate disasters in 2021, occurred in Africa”
Sammy Olaniyi harps on benefits of ECOWAS Brown Card

By Favour Nnabugwu

 

Stakeholders in the ECOWAS Brown Card insurance scheme are intensifying efforts geared towards expanding the scope, penetration and benefits of the scheme as it applies across the 14 West African countries including Nigeria.

Dr. Sammy Olaniyi who is the Executive Director, Operations at Regency Alliance Insurance Plc represented the Nigerian insurance market on the visit to the Comptroller of Customs Seme Command Mr. B.M. Jibo. Regency Alliance Insurance Plc is the lead insurance company in Nigeria on the ECOWAS Brown Card insurance scheme. Regency Alliance Insurance Plc is one of the leading Insurance companies in Nigeria and the West African sub-region.

It has over 20 years experiences. The company offers a wide range of insurance products and services, including risk underwriting, risk management, asset management, medical insurance, and savings and investments.

It was in furtherance of such engagements that stakeholders’ meeting of the Joint Border Post had after its recent meeting pulled representatives of the ECOWAS Brown Card scheme in Nigeria to engage authorities of the Nigerian Customs and Immigration Services with the view to extracting their commitment towards making the scheme more impactful as outlined by the founding fathers.

Stakeholders’ meeting of the Joint Border Post had earlier held at Seme Border after which a  delegation of Nigeria’s insurance industry handling ECOWAS Brown Card insurance scheme paid courtesy visit on Comptroller of Customs Seme Border as part of strategies on creating awareness, deepen market penetration for the scheme as well as reduce instances of fake certificates.

It will be recalled that the main objective of the ECOWAS Brown Card insurance scheme is to guarantee to the victims of road accident a prompt and fair compensation of damages caused by nonresident motorist from ECOWAS member states visiting their territory. In Europe, the Green Card, a similar Scheme was established in 1953.

ECOWAS Brown Card Insurance Scheme was established by Protocol A/P1/5/82 signed by the Head of States and Governments of the Economic Community of West African States (ECOWAS) on May 29, 1982 in Cotonou, People’s Republic of Benin.

The ECOWAS Brown Card Scheme operates through a 14 National Bureaux network spread throughout the 14 Member States. Each National Bureau plays two major roles.

The first of such rules is to ensure Brown Card availability for local motorists; National Bureau operates therefore as an Issuing Bureau. The second is to conduct investigation and settle claims arising from an accident caused by motorist holders of Brown Card. It then acts as a Handling Bureau

The ECOWAS Brown Card is issued on the basis of the original civil liability guarantee. Thus, to obtain an ECOWAS Brown Card, you must return to the insurance company from which your usual insurance policy was taken out. Only such insurance company is authorized to issue the ECOWAS Brown Card.

Speaking on the relevance of the relevance of the visit on the Comptroller of Customs Seme Command Dr Sammy Olaniyi explained that there is the urgent need for all the stakeholders on the scheme Customs and Immigration inclusive to be on the same page as to ensure for the effective implementation and enforcement of the scheme.

According to him, the issue of the ECOWAS Brown Card insurance scheme goes beyond the issue of statute to include the need to encourage trade and movement among the West African region.

“The essence of the courtesy visit to the Comptroller of Customs Seme Command is on how to make the Brown Card more functional and to eliminate fake. The scheme has so many benefits to Nigerians since Nigerians are always on the move. It encourages trade and commerce among the sub region. I will encourage more Nigerians to embrace the scheme”, Dr Olaniyi explained.

He had gone further to urge patrons of the ECOWAS Brown Card insurance to go steps further to expand the scope of their cover to the level of a comprehensive cover adding that the gains outweigh to sum insured.
Buhari signs Executive Order 11 on national public buildings maintenance

By Favour Nnabugwu

 

***Direct MDAs to set maintenance department

PRESIDENT Muhammadu Buhari has today  signed into law the Executive Order 11 on national public buildings maintenance.

The signing of the document preceded the weekly virtual Federal Executive Council, FEC, meeting at the Council Chambers, Presidential Villa, Abuja.

Speaking shortly before appending his signature, the President Buhari directed all Ministries, Departments and Agencies, MDA’s, to set up maintenance departments in line with the provisions of the new Executive Order.

He said the order gives legal backing to the country’s national maintenance policy, following its earlier approval by the FEC.

President Buhari added that government had already started utilising the policy to give face lift to some of its buildings like the federal secretariat Abuja and 24 others spread across the country.

He said, “Since the approval of the policy by the Federal Executive Council, the federal government has consciously started the implementation of maintenance of strategic facilities like the federal secretariat Abuja and federal secretariats in 24 states of the federation, where at least 40 people are now daily employed in each of those 24 secretariats.

“The office of the Head of Civil Service of the Federation has approved the establishment of a department of federal public assets maintenance as a vital step in support of the implementation of this national policy, which is unprecedented in our history and approach to maintenance.

“In order to ensure the fullest implementation and impact of the policy, it is my pleasure to sign this Executive Order that ties maintenance direct to our economy. By this Order, I expect Ministries, Departments and Agencies to set out and ensure the operation of their maintenance departments and make necessary procurements for their maintenance in accordance with the provisions of the public procurement act.”

UK: Nigerian student dies after eating cannabis sweet bought online

By admin

 

Damilola Olakanmi, a Nigerian law student based in East London, The United Kingdom, has died after eating the cannabis sweet she bought via a messaging app on her phone.

The UK Evening Standard reported that Olakanmi, 23, immediately fell ill after taking the sweet on March 29 and had to be rushed in a critical condition to Queen’s Hospital, London, via an air ambulance.

The University of Hertfordshire undergraduate eventually died at the hospital on April 2 from complications from the intake of the substance.

A US-based student and friend of Olakanmi, who also took from the substance while on a visit to the deceased, fell ill, but was later discharged by doctors after responding well to treatments.

According to Richard Taylor, a justice campaigner and friend of Wumi, the deceased’s mother, the late law student was an only child.

“Wumi has lost her only child – she has nothing now,” Taylor was quoted to have said. “They had to hold her up because she broke down every time a friend came to the house to give support.
“It’s a tragic warning to all young people about how they live their lives. They should resist drugs.”

“Damilola was a promising young woman who should be looking forward to her future and having children of her own. She was studying law.”

A relative, named only as Dunni, added the family were demanding answers.

She said: “Damilola was a sweet, quiet girl – a bit of an introvert. Her mother looked up to her.

“She was very kind and loved looking after children and wanted to please everyone. The family will never come to terms with this. We need to know what happened. Her mother is not young any more.

Leon Brown, 37, of South Norwood, London, has been arrested by the police in connection with the incident.

He was subsequently charged with possession with intent to supply Class B synthetic cannabinoid, a psychoactive substance.