All Posts in "Day: June 8, 2022"

Naicom, NCDMB called on stakeholders to adhere, comply with oil & gas content development

The National Insurance Commission (NAICOM) and Nigerian Content Development and Monitoring Board (NCDMB) unveiled the Guidelines on Submission of Insurance Programme By Operators, Project Promoters, Alliance Partners and Indigenous Companies In the Oil and Gas Industry.
Speaking during the launch in Yenagoa, Bayelsa State, the Commissioner For Insurance, CFI, has implored all stakeholders in the oil and gas content to adhere and complied to the rules and laws guiding it in order to development the insurance industry
Recalled that  the Guidelines for Oil & Gas Insurance Business was issued in 2010 which amongst others, stipulates the roles and responsibilities of insurance institutions in ensuring compliance with local content law.
“I therefore implore all operators, project promoters, alliance partners and Nigerian indigenous companies engaged in any form of business, operations or contract in the Nigerian oil and gas industry to note that the sighted relevant laws have demanded our adherence and continued compliance”, he beaconed.
 The purpose for which the federal government pulled the stringer together, Thomas stated that it  was done with the primary consideration of ensuring that available In-Country Insurance Capacity is fully filled before any foreign consideration.
“The overall aim of the guideline is the development of indigenous content through increased indigenous participation. The NOGICD Act 2010 was therefore applauded by the entire insurance industry as it greatly complemented the National Insurance Commission roles and responsibilities in performing its regulatory and supervisory oversight function.”.
Elated about the collaboration, the CFI said the joint Guidelines which is today issued with the objectives of enforcing and strengthening compliance with the provisions of the referenced sections of the NOGICD Act and relevant provisions of the Insurance Act with respect to companies carrying on insurance business in the Nigerian oil and gas industry is to also enable the Board monitor utilization of in-country insurance capacity.
Representing the industry at the event were Commissioner for Insurance, Sunday Thomas, the Deputy Commissioner for Insurance, Technical, Alh. Sabiu Bello Abubakar, NAICOM Director, Policy and Regulations, Mr. Leonard Akah, the Chairman, Nigeria Insurers Association, Mr. Ganiyu Musa and Mr. Tunde Oguntade, who repesented the President of Nigerian Council of Registered Insurance Brokers.
Also, txecutive Secretary of NCDMB, Engr. Simbi Wabote, stated that the Insurance Guidelines addresses loopholes that have been identified by the Board in implementing the provisions of the NOGICD Act, particularly sections 49 and 50.
The combined provisions of sections 49 and 50 require all operators engaged in any form of activity or project in the Oil and Gas industry to “insure all insurable risks related to its oil and gas business… with an insurance company, through an insurance broker registered in Nigeria.”
The Nigeria Oil & Gas Industry Content Development, NOGICD Act provides that where an operator seeks to place an insurable risk offshore, a written approval of NAICOM must first be sought and obtained and that NAICOM, prior to the issuance of the approval, must first determine that “…local capacity has been fully exhausted.”
Wabote stated that “The essence of the above provisions of the NOGICD Act was to ensure the full utilisation of available in-country capacity in the insurance sector before seeking offshore insurance services. This is expected to support retention of capital in-country and build capacity of Nigerian insurance companies in the oil and gas industry.”
“It is believed that the implementation of this Insurance Guidelines will further strengthen the Board’s local content drive and ensure that a greater portion of the spend in the insurance industry as it relates to oil and gas activities in Nigeria is retained in-country,” he added
He reiterated that the Insurance Guidelines, drawn up by the two government agencies, will lead to more value addition and usage of Nigerian insurance firms and insurance brokers registered in Nigeria.
Wabote also pointed out that the launch of the Insurance Guidelines marks the first step in the implementation of the Guidelines, adding that the representatives of both government agencies have finished drafting the framework implementation plan.
He maintained that the Insurance Guidelines is another step by the Board of NCDMB to attaining 70 percent Nigerian Content by 2027 under the Board’s 10-Year Strategic Roadmap.
Wabote added that the Board of NCDMB is delighted to collaborate further with NAICOM to ensure the successful implementation of the Insurance Guidelines and every other activity that will lead to the attainment of the objectives of the NOGICD Act, 2010.
“We will further dissipate information about the new Insurance Guidelines during the Nigerian Content Seminar session at the 2022 Nigerian Oil and Gas Event scheduled for next month, 4th to 7th July 2022 in Abuja,” he assured.
Patoma Admin by — June 8, 2022 in Insurance 0
CHI generates N10.5bn GPI in 2021

By Favour Nnabugwu
Consolidated Hallmark Insurance Plc’s financial year ended December 31, 2021 announced a gross premium income of N10K.5billion representing a 7.4 percent increase from the N9.8billion recorded in 2020
CHI at its 27th Annual General Meeting, AGM in Lagos yesterday, posted a profit before tax grew by 26 per cent, from N772.5m as of the end of 2020 financial period to N971.6m at the end of 2021.
“The profit before tax grew by 26 per cent, from N772.5m in 2020 to N971.6m in 2021,  while profit after tax grew by 17 per cent, from N677.9m in 2020 to N790.6m in 2021.
“Similarly, the Group’s total assets rose from N14.3bn in 2020 to N15.7bn in 2021, approximately 10 per cent growth.”
Speaking at the AGM, the Group Managing Director of CHI, Mr Eddie Efekoha, who thanked all sections of the company for the collective efforts, said without them, the CHI would not be what it is today.
While reviewing the year under review, Efekoha stated, “The 2021 Financial Year was filled with a lot of hopes for us all, not just in the Insurance Industry and  by  extension  the  Financial  Services  Sector, but  the  entire  economy”.
He continued, “It  was  a  year  which marked the near full reopening of the operations space  for  businesses  to  thrive,  following  the easing of the global lockdowns and restrictions that characterised the previous year 2020”..
“For us in Consolidated Hallmark  Insurance  Plc, our story is not different from that of the nation as the year whose operations we are reviewing during this 27th Annual General Meeting marks another positive outing for us in the various key financial indices
“Overview of our optimism for 2021 was  bolstered  by  the projection  of  a  2.6 percent and  2.4 percent GDP growth  for Nigeria  by  International Financial  Institutions like the IMF and World Bank  respectively, up from the 1.94 percent contraction in 2020”.
 The MD stated that that the company was able to achieve the feat due to measures it applied to cut cost. “I am glad to inform you that some prudent cost control  measures  we  put  in  place  helped  us  to attain an all-time high Profit Before Taxation of N971.7m in 2021”
Though modest and about N29m short of a desirable N1bn mark, it represents a 26 percent  improvement  on  the  N772.6m  recorded  in 2020. Profit After  Taxation  also  grew  positively from N678.0 million in 2020 to N790.6 million in 2021, representing a growth of 17 percent Peculiar Environment
Patoma Admin by — June 8, 2022 in Insurance 0
Muftau Oyegunle retires from Prestige Assurance as Non-Executive Director

Favour Nnabugwu

 

President of the Chartered Institute of Nigeria, CIIN, Muftau Oyegunle has retired from Prestige Assurance as a non-executive director of the insurance company.

This was contained in a disclosure filed to the Nigerian Exchange Limited signed by Chidinma Ibe-Loius, the company secretary.

The statement read in part, “Assurance wishes to inform the Nigerian Exchange Limited, its shareholders and investing public that sir Muftau Oyegunle, a non-executive of the company has retired from the board. He was appointed to the board on 4th June 2023.

“He also served as member of the establishment of government committee as well as risk and audit committee until his retirement. The board and management of the company will surely miss his excellent contribution, the strategic insight, string and passionate leadership exhibited by sir Oyegunle and wish him an elaborate success in his current and future endeavours”

He served as Director of Prestige Assurance Plc and also as Non-Executive Director at Prestige Assurance Plc. He also serves as a Fellow of the Chartered Insurance Institute, London. Apart from his formal training, he has attended several courses and seminars including the Advanced Course in General Insurance organized by the Swiss Insurance Training Institute.

Muftau served as General Manager of Commercial at Leadway Assurance Company Limited and also lead as General Manager of Operations at Leadway Assurance Company, Limited. He served as General Manager of U/W for North at Leadway Assurance Company Limited. He has extensive experience. He is a graduate of the University of Ibadan with a bachelor’s degree in Sociology.

Patoma Admin by — June 8, 2022 in Insurance 0
NAICOM, NCDMB unveil Guidelines on Submission of Insurance Programme by Operators

The National Insurance Commission (NAICOM) and the Nigerian Content Development and Monitoring Board (NCDMB) today 8th June, 2022 officially launched and unveiled Guidelines on Submission of Insurance Programme by Operators, Project Promoters, Alliance Partners and Indigenous Companies in the Nigerian Oil & Gas Industry. The ceremony took place at the Headquarters of the NCDMB in Yenagoa, Bayelsa State.

Present at the ceremony from the insurance sector were the CFI, the Deputy Commissioner for Insurance, Technical Alh. Sabiu Bello Abubakar, NAICOM Director Policy and Regulations Mr. Leonard Akah, the Chairman, Nigeria Insurers Association Mr. Ganiyu Musa and Mr. Tunde Oguntade who repsented the President of NCRIB.

 

 

 

 

Patoma Admin by — June 8, 2022 in Insurance 0