FANAF to explore oil & gas insurance
By Favour Nnabugwu
All Posts in "Month: June 2022"
Margaret Moore, new PILA president
By Favour Nnabugwu
The Professional Insurance Ladies Association (PILA) has elected new leader to take the association to greater heights in person of Mrs Margaret Moore, managing director/CEO, Mega Trust Insurance Brokers as the14th President of PILA
She is taking over from Joyce Ojemudia, Managing Director/CEO, African Alliance Insurance Plc who has served the female insurance body in the last two years.
PILA is the elite professional Association of Women in Insurance across Africa, stablished in 1973 and has become the rallying point for professional women in the industry.
The investiture ceremony scheduled to hold at Oriental Hotels in Victoria Island will have in attendance the Commissioner for Insurance, Sunday Olorunda Thomas and other top players within and outside the industry.
Mrs Margaret Nkechinyere Moore is a seasoned composite Insurance Practitioner with extensive exposure and experience in Marketing, Underwriting, Claims, Reinsurance and Insurance Broking. She is amiable and engaging with a positive personality, a focused team player, goal-getter, and a natural motivator.
She holds a BSc (First Class Hons) degree in Insurance from Joseph Ayo Babalola University, a Post Graduate Diploma in Maritime Law and Master’s Degree in Business Administration (Financial Management) from Lagos State University.
She holds professional qualifications in insurance from both Nigeria and London, as well as in Marketing and shipping.
Margaret started her career in Insurance with Nigeria Reinsurance Corporation in 1987 and participated in the coordination of the underwriting activities in the Oil and Gas Department for nearly ten years.
How 20 out of 23 underperforming power plants worsen blackout nationwide
By admin
20 out of the 23 gas power plants are currently under-performing, leading to power generation dropping below 2000MW and causing blackouts across the country.
There are 23 power generating plants with 11, 165MW capacity connected to the national grid. These plants are managed by generation companies (GenCos), independent power providers, and Niger Delta Holding Company. Out of the 23, two are hydro plants.
Punch however reported that these gas plants are currently either generating below expectations, shut down due to lack of gas, or undergoing maintenance.
The affected plants include Omotosho units 5 & 6, Olorunsogo units 3, 4 & 6, Omoku Units 3 & 6, Omotosho NIPP units 3 & 4, Delta units 15, 17, and 18, Afam VI units 11 & 12, Olorunsogo NIPP unit 3, Ihovbor NIPP unit 2, Sapele Steam unit 3, Sapele NIPP unit 1, Odukpani NIPP units 1 & 3, and Okpai units 11, 12 & 18.
Jebba Hydro and Shiroro power generating stations are either out or have limited generation capacity.
Other affected power generating plants include: Omotosho units 3&4, Olorunsogo unit 1, Delta units 10 &20, Afam VI unit 13, Ihovbor NIPP unit 4, Geregu NIPP units 22&23 and Odukpani NIPP units 2, 4 & 5. These are out either because of fault or for scheduled maintenance.
The two hydro plants, Shiroro and Jebba, are also experiencing generation shortfall due to water management.
There were fault and technical problems in the country’s largest gas plant, Egbin, which took it completely off the grid, causing 514MW shortfall. In Geregu, the situation caused 230MW shortfall, with reported fault at Alaoji NIPP. Olorunsogo, Omotosho, Sapele NIPP, Omotosho NIPP, Omoku, Okpai, Afam VI, Olorunsogo NIPP, Geregu NIPP, and Ihovbor are also experiencing different constraints currently weighing down their performances
16 gas plants were however back on the national grid last weekend, with Delta Power generating the highest at 332MW. Also on the grid are: Rivers IPP (160MW), Sapele (53MW), Sapele NIPP (94.90MW), and Shiroro Hydro (122MW).
Power generation was placed at 1,936.90 mega watts from 3,647MW last recorded.
The Ministry of Power has said last weekend that there was a partial shutdown of the Oben gas plant to address the repair of critical gas processing equipment.
Special Adviser to the Minister of Power, Isa Sanusi said in a statement;
“The incident, unfortunately, occurred at a time when other power plants on other gas sources are undergoing planned maintenance and capacity testing.”
Spokesperson for Eko Electricity Distribution Company, EKEDC, Godwin Idemudia, told the publication that the station currently got low allocation from the Transmission Company of Nigeria. He said the load allocated to it was a mere 240MW out of expected 861MW.
Idemudia said;
“This affects all our injection substations. For example, Alangbon TS (covers IKoyi, Keffi, Obalende and environs) is expected to be 135 mw but we got 64.4 mega watts. On the overall, instead of getting 861mw, we are given 240.1 mw. We cannot give what we don’t have. The only way out is to load shed so it can go round all our customers.”
The Transmission Company of Nigeria blamed the situation on a combination of issues ranging from gas constraints, fault, and technical problems within generating plants which caused persistent low generation and consequently low load allocation to distribution companies nationwide.
TCN said;
“This is based on the fact that TCN can only transmit what is being generated by Gencos and presently they are all generating below capacity.”
Understand the importance of free trade zones – NEZA to Hon Wole Oke
By Favour Nnabugwu
The Nigeria Economic Zones Association (NEZA) has advised Chairman , House Committee on Public Accounts, Hon Wole Oke , to understand the importance of the nation’s special economic zones,
The Executive Secretary, Toyin Elegbede, the association described as utter falsehood and deliberate misinformation, allegations of unregistered companies moving to the free zones to evade paying tax, urging the lawmaker to read the laws regulating the free zones model in the country.
Contrary to the lawmaker’s assertion, companies within the zones operate either as enterprises or service providers and they pay their taxes as the laws provide. Nigeria earns huge amount from indirect taxes accruable from the Free Zones. In fact, Nigeria gains more from Free Zones via Customs Duties and VAT than Corporate Income Tax. It is a fact that at national level VAT and Custom Duties are major revenue items.
In the year 2020 despite COVID19 issue, the Nigerian Customs Service, Apapa Command under which the free zones in Lagos falls, generated N13Bbnplus as Customs duties while N16 bn plus was generated in the year 2021. In fact, the Customs service rake-in over N1 bn every month in the Free Zones in Lagos axis alone. Where the lawmaker got his false data on tax returns is not clear.
The association explained that the concept of special economic zones operates under a regulatory framework duly enacted into law which provides for the regulatory bodies known as Nigerian Export Processing Zones Authority(NEPZA) and Oil and Gas Free Zones Authority (OGFZA) to licence both the free zones and enterprises operating within those free zones.
The association reminded the lawmaker that the enabling laws for both NEPZA and OGFZA provides for a stringent licencing process which at some stages involve ministerial and presidential authorisation.
Wondering why the lawmaker is unwilling to peruse the enabling laws for better understanding, the association said both NEPZA and OGZFA receive annual audited reports from all free zones operators on which they act in cases of any infraction.
We want to note that NEPZA and OGFZA as bodies set up by the National Assembly are in turn accountable to the National Assembly if there are issues the various committees are looking into in pursuance of their oversight activities.
What the laws setting up the economic zones and the global free zone model do not allow is the direct interference in the operations of the zones by lawmakers. For instance, Hon. Oke’s committee prefers to invite and insist that the Chief Executives of free zones companies must appear before it in the guise of oversight function.
This is not what obtains in other countries where free zones operate. Regulating operations in the zone belongs to the regulatory bodies. The free zones are specially built to attract investment outside the encumbrances of national establishment. This is what China, Japan, South Korea, Europe and North America deployed to fast track their industrialisation.
We urge Hon Oke to be mindful of how hurtful his campaign of misinformation is to the efforts of the Federal Government to attract foreign direct investment into the country. As at beginning of 2022, over $25 billion dollars investment with more than 100,000 direct and indirect jobs have been attracted through the free zone scheme.
Nigeria cannot afford to scare away investors from the free zones due to extortionist tendencies against investors. The lawmaker may want to note that Nigeria’s neighbours like Ghana, Togo, Benin and Niger are building new free zones to lure investors away from Nigeria.
The association wants to reassure Nigerians that our members across the economic zones are investors desirous of partnering to develop the Nigerian economy, create jobs and ensure backward integration. We abide by the laws regulating the free zones and we urge the lawmaker to refrain from utterances capable of sabotaging the economic well being of the nation.
Proudly Nigerian: First Nigerian woman to fly Boeing 787
By Favour Nnabugwu
A Nigerian-born, Adeola Ogunmola, Sowemimo is the first Nigerian woman commercial pilot to fly with Qatar Airways.
The aviation industry is a typical example of such areas where the female gender has been under-represented in the past. However, Adeola Ogunmola Sowemimo has presented herself as a true reflection of a woman who has succeeded in a profession that is dominated by the male gender.
Adeola, is the first Nigerian female Boeing 787 pilot and the first Nigerian female pilot to fly for Qatar Airways. The pilot is known for her focus and persistence which helped her rise to great heights and become a pioneer in her chosen field.
While we are still in the week of International Women’s Day, where the world celebrates women all over the globe and what they represent in the society, we take a look at the journey of Adeola Sowemimo as an inspiration for Nigerian and African females in “breaking the bias”.
Early academic career
Adeola Sowemimo hails from Oyo State. She was born on the 16th of October, 1990 in Kaduna State to the family of Ogunmola Ademola and Aweni Deborah Ogunmola as the last out of three children.
She attended four primary schools, starting out at Brighton International School Kaduna, after which she attended King International School Rigasa, Kaduna. From there, she attended First Baptist Church Primary School Kaduna.
She finished her primary education in the year 2000 at Temitope Nursery and Primary School in Ibadan after relocating due to the religious crisis in Kaduna at the time.
She started her secondary school education at Orita Mefa Baptist Model School, Ibadan, Oyo State before going back to Kaduna to finish at First Baptist Model High School Angwan Boro, Kaduna State in 2007.
Journey into aviation
After her secondary school education, she applied for a pre-degree course at Ladoke Akintola University of Technology, (LAUTECH), Oyo state, but couldn’t wrap up the course as she had to proceed to the Nigerian College of Aviation Technology, Zaria Kaduna to start her standard aviation course.
She did her Standard Aviation Course from 2009 to 2010. In 2011 she concluded her standard pilot course at Sunrise Aviation Inc. Florida, USA.
After her course at Sunrise Aviation, she applied for a part-time course with LAUTECH to study Transport Management, where she has received her Bachelor’s degree
Career as a pilot
After her education, she went on to start what would become an impressive career. She joined Medview Airlines, a Nigerian airline based in Lagos in 2013 as a First Officer on Boeing 737 classic, and was later upgraded to Boeing 767-300ER.
In October 2018, she joined Qatar Airways and became the first Nigerian woman to fly the Boeing 787 Dreamliner. She also flew the Boeing 767 Aircraft across the Atlantic Ocean, and in November 2020 she started flying the new Qatar airways local Lagos to Abuja route.
She joins the league of other African history-making female pilots like Chinyere Kalu who was recorded as the first Nigerian female commercial pilot in 1978, Asli Hassan Abade of Somalia who had her first solo flight in 1976, Ghanaian Millicent Melody Danquah who flew solo for the first time in a de Havilland Canada DHC-1 Chipmunk aircraft in 1964.
Adeola as a family woman
On the 22nd of April 2017, Captain Adeola got married to Seun Funmi Olamilekan Sowemimo, and she is blessed with children, making her an inspiration to women with families who also pursue their careers.
Upon being announced as a pilot for Qatar Airways she wrote on her Facebook, “It is the Lord’s doing and it’s marvelous in my sight”. She also posted a picture of her in Sunset Aviation school Florida which she captioned “Days of little beginning … God be praised #Ihavedominion”.
Her feat attracted the attention of Arunma Oteh, a former World Bank Vice-President who recognized the captain and tweeted “Congratulations Captain Adeola Ogunmola Sowemimo, making Nigeria proud”
Adeola Ogunmola Sowemimo is a trailblazer and an inspiration to all African women young and old alike. She has shown that regardless of race, if women work hard, they are capable of achieving incredible feats and would be recognized for their hard work and determination.
Iinternal Generated Revenue: FCT hits N200bn annually
By Favour Nnabugwu
Minister of the Federal Capital Territory, FCT, Abuja, Mallam Muhammed Bello said that his administration currently generates N200 billion annually through an aggressive revenue drive in the territory
The Minister stated this in Abuja on today when he featured at the 40th Session of the State House Briefing, organised by Presidential Communication Team, in the Presidential Villa, Abuja.
Mallam Bello said the sum of N1 billion (N500 million each) has been set aside to renovate the National Mosque and National Christian Center, to make them presentable tourists sites for visitors into the city of Abuja.
The Minister while fielding questions from State House correspondents on the security situation in the FCT and the menace of the Motorcycle Riders known Okada, said the people (Okada Riders) have turned to criminal menace.
Speaking on the efforts to rid the FCT of the criminal menace, the Directorate of the Road Transport Service of the Federal Capital Territory Administration, said that commercial motorcyclists would now require license to operate within the FCT and its suburbs.
The Director, DRTS, Dr Bello Abdullateef, explained that apart from the traffic violations, the riders were also being used to deliver hard drugs across the city.
According to Abdullateef, “The menace arising from many Okada riders is not just about traffic violations but also perpetration of crime. Okada is also used to deliver hard drugs across the city.
“It requires a multi sectoral approach to deal with the menace. We are introducing riders certification for those using okada for dispatch activities.
“Therefore, until you are verified by the directorate of road transport service you may not be able to ride a bike across Abuja. We are remodeling the licensing and regulations as well.
“These would be carried out to dissuade the use of Okada. Total ban has been suggested but it sti being considered.”
“Some of the contiguous states are already banning. And if we don’t ban it, FCT will be a dumping ground in a few years,” he added.
The FCT Minister while answering questions on demolition of illegal structures said though it was not his priority, it has become inevitable in order to save lives..
“We will continue to save lives that is why we have to demolish illegal structures. We encourage the people to follow the rules and regulations. We will do what is beneficial to the highest number of people.”
Friends, associates celebrate SMEDAN Director, Engr David Ozigi as he retires
By Favour Nnabugwu
The retirement of highly resected director of the Small and Medium Enterprises Development Agency, (SMEDAN), Engr. David Ozigi was celebrated by friends, family and associates gathered together in Abuja
The Registrar of the Council for the Regulation of Engineering in Nigeria (COREN), Engr. Prof. Adisa A. Bello, FNSE, who spoke on the topic Character and Integrity in Professional Practice’, described professional integrity as the practice of maintaining ethical behaviour, strong adherence to moral and ethical principles and values such as honesty, honour, dependability and trustworthiness.
He further outlined the importance of integrity in the work place to be beneficial to both the individual and the organisation, stating that the individual gains respect, trust and confidence of his peers and bosses, thus integrity in the workplace ultimately guarantees overall success.
He stated that some of the characteristics of a man of character and integrity includes valuing other peoples time, giving credit to where credit is due. They are always honest and never take advantage of others. They give most people the benefit of doubt, they believe in others and trust others.
Prof. Adisa A. Bello described the celebrant as an epitome of Character and Integrity. He went down memory to 1985 when he had his first contact with Engr. Ozigi who was his lecturer at ATBU Bauchi where he taught Strength of Materials.
He further described all the former students of ATBU Bauchi that were taught by Engr, Ozigi as being very fortunate. Engr. Ozigi took his time even outside his scheduled lecture hours to ensure that everyone understood the courses he taught, stating that Engr. Ozigi was however very strict with compliance to instructions, punctuality and thoroughness.
Engr. Ozigi has impacted positively on many peoples lives and he maintains his composure in virtually everywhere he is. He further described Engr. Ozigi as a gentle man a lot of youth still look up to and need to emulate his character and integrity.
In his remarks the President of the Nigerian Society of Engineers (NSE), Engr. Tasiu Gidari Saad-Wudil, FNSE stated that the celebrant was a lecturer at ATBU Bauchi in the 80s (when he was a student) and was noted for hard work and strictness.
He added that he was therefore not surprised that his children are doing excellently well in their academics. He further stated that as the Chief Examiner for the recruitment of new members into NSE Maitama chapter, he was very delighted to find out that the celebrant is a member of the chapter.
Maitama chapter has maintained a very good record in the recruitment of members without compromising experience and performance required for membership. Engr. Ozigi as an examiner contributed immensely to the enviable record of the branch in that regard. Engr. Wudil concluded by praying that may God Almighty reward the celebrant abundantly for the positive virtues he has impacted on the lives of some of his former students.
Pastor Joseph Seyi Malomo, Chaplain of the Aso Chapel gave Charge
titled ” God does not believe in RETIREMENT but in Completion of Life Call” drawing his texts from Exodus 7:7; Deuteronomy 34:7 and 2 Timothy 1:9. He remarked as follows: We gather to celebrate Engr Ozigi who has had a successful 35 years career as a civil servant; We should however, note that God does not believe in retirement amongst others.
NUP vows to vote only pension friendly candidates
By Favour Nnabugwu
The Nigeria Union of Pensioners, NUP, has vowed to massively mobilise votes for any candidates that are pensioners friendly ahead of the 2023 elections.
The Senior Citizens explained that having such persons in power would guarantee a sense of belonging, respect and improved welfare for its members.
This is as the pensioners’ union has commended the Pensions Transition Arrangement Directorate (PTAD) for embarking on result oriented actions that are easing many challenges faced by pensioners in accessing their pensions.
President of NUP, Comrade Godwin Abumisi, who spoke to newsmen on Wednesday in Abuja, said pensioners were keenly and curiously watching the political space and the ongoing aggressive campaigns being embarked upon by the various candidates vying for different positions under different political parties.
He said: “Certainly the pensioners shall pitch their tent with the Presidential or Gubernatorial candidates who are committed and more disposed to their cause and plight by massively casting their votes for them in order to secure their tomorrow.
“We are still watching them and for the first time in Nigeria, we are going to make sure anybody who will not be disposed favourably to Pensioners in Nigeria is going to fail in the elections. A time has come when the politicians will stop taking us for granted.”
Abumisi, who commended the PTAD for bringing succour and smiles to Nigerian pensioners through their various policies and interventions said the action has brought noticeable less agitation and outcry.
He said that PTAD could not be “held responsible for delay of monthly pensons or any related payments as misconceived by the misinformed general public.
According to him, the introduction of PTAD’s ‘”I Am Alive” application software was to routinely check the status of aliveness of pensioners and to remove death cases from the database and payroll, eliminate the rigorous physical verification exercise and most importantly, save the Federal Government billions of naira.
The NUP President however decries the “pathetic” plight and unfortunate living conditions of state pensioners, especially those in states where the governor’s are unwilling to pay their legitimate entitlements.
“With all sense of respect and responsibikity I call on the state governors as a matter of national emergency to immediately set up committee jointly with our state councils across the country to work out modalities on how state governors will liquidate all the outstanding entitlements that had accrued over the years.”
He said, “Even though I salute many state governors who are prompt in paying monthly pensions to our state pensioners, it is on record that majority of the state pensioners have not received their gratuity since retirement between five and years.
“More worrisome is that, almost all the state governors choose not to review the monthly pensions of their retirees as provided in section 173(3) and 210(3) of the 1999 Constitution as amended.
No regret focusing on retail insurance – MD, Mutual Benefits Ass.
By Favour Nnabugwu
Mutual Benefits Assurance has said the company had no regret focusing on retail segment of the nation’s insurance industry.
The Managing Director of the company, Mr. Femi Asenuga, made the revelation at a one-day training workshop with the theme “Winning With Retail Products,” organised by the company for members of the National Association of Insurance and Pension Correspondents (NAIPCO) in Lagos.
Asenuga said “Mutual Benefits right from inception has been at the forefront of championing the campaign of deepening insurance penetration in Nigeria with retail products.”
According to him, ‘When we started, we did not start as many of our peers did in the market, because at the time we started, the practice then was companies to align or establish relationship with the brokers because brokers, for so long, have been in control of the big ticket insurance account in the country.
“At the time Mutual Benefits started, we reckoned with the major challenge the insurance industry was having at that time, and that was identifying retail insurance penetration as strategy for differentiating ourselves from other players in the market,’’ he explained.
‘’This was made possible because we had to do a widespread of research, looking at what was absent in the market at that time, and our focus was mainly on served and the unserved segment of the market, and this led us into coming up with a whole lots of products – interesting, relevance and the rightful products aims at meeting the needs of the unserved segment of the market.
Mutual Benefits was the first insurance company in the market that introduced a product that was selling at a very low price of N50 and the product was called ‘Green Shield,’’’ he stated.
Speaking further, Mr Asenuga said, the company has made its mark in the market, ‘’no doubt and you can see this with the kind of marketing team Mutual Benefits pride itself with. Today we have the largest retail marketing team.’’
He said ‘’today Mutual Benefits is a preferred destination when you are looking for capable hands in retail insurance development and today our people are everywhere in the market being in charge of retail outlets of various insurance companies.’’
He said the training programme was one of ‘’our ways of trying to show our appreciation for your supports and for so much NAIPCO as an association has done for Mutual Benefits Assurance Group.
While soliciting the continued cooperation from the Association and sustenance of the programme, he said the training was meant for knowledge shading.
During the training, NAIPCO members were taken through various topics including Principles Of Insurance; Fundamentals Of Claim Administration; Personal Accident Insurance; Features, Benefits And Unique Claim Procedure Of Individual Savings And Protection Plan (ISPP), Mutual Term Assurance (MTA) & Mutual School Fees Guarantee Scheme; Motor Insurance; Fire And Special Perils Insurance.
In his vote of thank at the end of the programme, Executive Director, Operations, Biyi Ashiru-Mobolaji urged NAIPCO members to make conscious efforts in creating the needed awareness that will engender insurance growth in Nigeria.
“As journalists, we urge you to go out there and educate the people about the values and benefits of insurance for their individual lives and the development of the national economy. Tell people about us, what we do, and how they can benefit from our products and services,” Biyi said.
