All Posts in "Month: August 2022"

Faces @ NCRIB Members Evening in Lagos

The Nigerian Council of Registered Insurance Brokers, NCRIB, held it monthly Members Evening with Leadway Assurance as the insurer hosted by the brokers.

CAPTIONS:

L – President, Chartered Insurance Institute of Nigeria, Mr. Edwin Igbiti; Vice President, Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs. Ekeoma Ezeibe; Deputy President, NCRIB, Mr. Tunde Oguntade; President, Mr. Rotimi Edu, mni; Police Public Relation Officer, Lagos State, SP Ben Hudeyin; Executive Secretary/CEO, Mr. Tope Adaramola and Pioneer Executive Secretary, Dr. Remi Alo at the August Members’ Evening held in Lagos recently. 

L – Vice President, Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs. Ekeoma Ezeibe; Deputy President, NCRIB, Mr. Tunde Oguntade; President, Mr. Rotimi Edu, mni; Police Public Relation Officer, Lagos State, SP Ben Hudeyin and Executive Secretary/CEO, Mr. Tope Adaramola at the August Members’ Evening held in Lagos recently. 
Patoma Admin by — August 31, 2022 in Insurance 0
Prudential Africa leads Nigeria’s insurance industry with highest number of MDRT qualifiers

By Favour Nnabugwu

Prudential Africa has emerged the highest number of Million Dollar Round Table (MDRT) members in Africa with the largest number of qualifiers coming from Nigeria.
Prudential continues to invest in its sales distribution to provide quality service and meet the evolving needs of customers.
MDRT is the global Premier Association of Financial Professionals. MDRT members lead the global financial services profession in professional knowledge, ethical conduct, and client service.
Members are recognized as setting the international standard of excellence in the financial services field, meeting unique client needs in the evolving landscape of modern personal finance while adhering to a strict code of ethics.
Distributed by APO Group on behalf of Prudential Africa.
Chief Operating Officer, Prudential Africa, Nick Holder said that the company continues to focus on investing in its distribution channels to support the health and protection needs of its customers.
“We continue to equip our agency force and financial service consultants with digital capabilities to connect and engage with customers, as well as provide personalised advice.
“Our multi-channel and integrated distribution strategy is able to adapt to evolving customer needs and local market conditions, and positions us well to capture growth opportunities” said Mr Holder.
Prudential Africa today announced that 222 of its sales representatives across seven of its markets in Africa have qualified for the Million Dollar Round Table (MDRT) in the first half of 2022
Prudential Africa has 11,000 agents and a bancassurance network of over 600 bank branches across its eight markets comprising of Nigeria, Cameroon, Cote d’Ivoire, Ghana, Kenya, Togo, Uganda and Zambia.
With over 1 million customers, Prudential Africa works with over 11,000 agents and six exclusive bank partnerships, with access to over 600 branches, to bring value-added insurance solutions to its customers
222 MDRT qualifiers in the first six months of 2022 compared to 39 from the same period last year, marking an increase of almost six times.
This is in comparison to 39 qualifiers from the same period last year, up 469 percent. Sales representatives comprises agents and financial service consultants.

These results reflect the strong performance of Prudential in Africa where Annual premium equivalent, APE sales grew 17 per cent year-on-year as announced by the Group in its 2022 half year financial results. Six of its eight markets recorded double digit growth in APE sales

Prudential plc provides life and health insurance and asset management in Asia and Africa. The business helps people get the most out of life, by making healthcare affordable and accessible and by promoting financial inclusion.
Patoma Admin by — August 31, 2022 in Insurance 0
Fidelity Bank plans to acquire 100% of Union Bank UK

By Favour Nnabugwu

 

 

Fidelity Bank Plc has announced its plan to acquire a 100 per cent equity stake in Union Bank Plc in the United Kingdom.

In a corporate filing on the Nigerian Exchange Limited on Tuesday, Fidelity Bank said the Central Bank of Nigeria had issued ‘No Objection’ to its proposed acquisition of the bank which commenced London operations in 1983.

The notice signed by Fidelity Bank’s Company Secretary, Ezinwa Unuigboje, said the transaction is still subject to the approval of the Prudential Regulatory Authority of the United Kingdom.

Fidelity Bank’s Managing Director. Nneka Onyeali-Ikpe, said, “This transaction aligns with our strategic plan of expanding our service touch points beyond the Nigerian market and providing straight-through services that meet and exceed the needs of our growing clients.”

“The diverse service bouquet and business model of Union Bank UK offered a compelling synergy, and we hope to build on the existing capacity to create a scalable and more sustaining service franchise that will support the wider ecosystem of our trade businesses and diaspora banking services.”

In June, Titan Trust Bank ‬Limited completed the takeover of Union Bank of Nigeria Plc which was one of Nigeria’s oldest banks.

Patoma Admin by — August 30, 2022 in Banking & Finance 0
CHI pays insurance Journalists claims from Group Personal Accident Insurance

By Favour Nnabugwu
A good number of Insurance Journalists covered under the group accident insurance policy sponsored by Consolidated Hallmark Insurance (CHI) Plc in it’s Corporate Social Responsibility, CRS, have so far been paid claims including the most recent one that ram under a trailer after being hit from behind.
As a responsible corporate citizen, CHI put in place for Insurance Journalists in the country, Group Personal Accident Insurance cover worth N24 million Sum Assured and the cover is being provided by the insurance company.
This gesture, according to the company, is part of its Corporate Social Responsibility (CSR) project, to ensure that journalists who are exposed to danger and hazard in the discharge of their duties are adequately protected.
Speaking on the development, the group managing director/CEO, CHI, Mr. Eddie Efekoha said that the gesture was to show the kind of values and respect his insurance firm has for journalism.
According to him, “Journalism is a risky profession, hence, the need to adequately provide insurance for those covering the insurance industry.
The Journalists who are members of the National Association of Insurance and Pension Correspondents (NAIPCO) have been enjoying the feat from the insurance company over the years.
The company had promptly paid accident claims of a member who had an accident in February this year, while the second one took place in July.
The recent payment was for a member who had an accident when the car he was driving was hit by another vehicle from behind and pushed him under the trailer in front of him.
The fourth person was paid few years ago after a she had an accident while traveling with executive members of Nigeria Union of Journalists
However, covered under the group personal accident cover issued to NAIPCO, CHI stepped in to pay the hospital bills of the member while the victim has been discharged from the hospital and he is now in good health.
On her part, Chairperson, National Association of Insurance and Pension Correspondents (NAIPCO), Mrs. Nkechi Naeche-Esezobor, thanked the insurance firm on the claims paid, stating that, this is a testimony that insurance works and that insurers are actually paying genuine claims.
Patoma Admin by — August 30, 2022 in Insurance 0
First Guarantee Pension to be acquired by Access Holdings, approval received

By Favour Nnabugwu

 

First Guarantee Pension Limited is in the process of being acquired by Access Holdings for which regulatory approval for a majority equity stake ihas be received.

This is contained in a disclosure signed by Sunday Ekwochi, Company Secretary, titled, “Access Corporation announces receipt of full regulatory approval in respect of its acquisition of majority equity stake in First Guarantee Pension Limited.”

The Group believes the transaction is pivotal in its plan to evolve into to a financial service holding company positioned to gain relevant scale across Africa, global monetary centres and beyond-banking verticals.

Speaking on this development, Dr Herbert Wigwe, Group Chief Executive Officer, Access Corporation said, “this transaction is in line with our vision to create a globally connected community and ecosystem; inspired by Africa for the world. We will deploy our renowned culture of strong risk management, innovative technology and the best practice corporate governance to deliver high standards of management and returns on pension assets to the benefit of our stakeholders.”

This transaction is in line with our vision to create a globally connected community and ecosystem; inspired by Africa for the world,” he said.

“We will deploy our renowned culture of strong risk management, innovative technology and best practice corporate governance to deliver high standards of management and returns on pension assets to the benefit of our stakeholders.”

Patoma Admin by — August 30, 2022 in Banking & Finance 0
Nigeria, three others accounted majority of $19bn private sector investment in Africa

Nigeria, South Africa, Kenya Ghana accounted majority of $19bn private sector invedtment in Africa

 

By Favour Nnabugwu

The African Development Bank (AfDB), said private sector investment in Africa’s infrastructure in 2020 was 19 billion dollars, the highest since 2016.
The majority of the investment came from Nigeria and three other countries. The others are South Africa, Kenya and Ghana
Chief Executive Officer of the AfDB Association, Vivek Mittal, who moderated the discussion. said that four African countries accounted for the majority of private sector investment interest over the past two years.
Mittal mentioned the countries as Nigeria, Kenya, South Africa and Ghana.
AfDB Vice President for the Private Sector, Mr Solomon Quaynor,  Infrastructure and Industrialisation said this at a webinar organised by the bank and the Japan International Cooperation Agency (JICA).
This is according to a statement issued by the Communication and External Relations Department of the bank.
The online event was held in the run-up to the eighth Tokyo International Conference on African Development (TICAD) expected to take place in Tunisia from Aug. 27 Aug. to 28.
The theme of the event was: “Private Sector Infrastructure Development Opportunities in Africa”.
The vice president said the greater private sector investment came as most African governments contended with the COVID-19 pandemic, limited fiscal space and high debt-to-Gross Domestic.
“This counter-cyclical role played by the private sector shows the importance of its growing role in infrastructure financing in Africa,” he said.
Also speaking, the Senior Vice President of JICA, Keichiro Nakazawa, said the discussion would focus on growth prospects for African countries and the role of the private sector in providing high-quality, sustainable infrastructure.
The panelists were Rami Ghandour from Metito, Tshepidi Moremong from Africa 50, Vuyo Hlompho Ntoi from African Infrastructure Investment Managers, and Yoshio Kushiya from Sumitomo Corporation. They were joined by representatives of leading development finance institutions, JICA’s Shohei Hara, Mike Salawou from the AfDB, and Sue Barrett, the Director, European Bank for Reconstruction and Development.
Patoma Admin by — August 29, 2022 in Banking & Finance 0
Ecobank launches 5th Fintech challenge in 33 African markets…With $50,00 star price

By Favour Nnabugwu

 

Ecobank Group has launched the fifth edition of the Ecobank Fintech Challenge in it’s 33 African markets with a winning proce tag of $50,000 targeting African fintech startups.

Fintech companies and developers originating from any of Africa’s 54 countries, as well as global Africa-centered Fintechs, are eligible to enter.

Interested fintechs can submit their applications here. The applications close on 16 September 2022

Ten finalists will be inducted into the Ecobank Fintech Fellowship after the finals and awards ceremony which will take place in October 2022.

“Ecobank believes that the only way to transform financial services in Africa is for Pan-African banks like Ecobank to continually support and collaborate with innovative Fintechs and start-ups. We invite and welcome Africa’s best Fintechs to work with us through the 2022 Challenge.” Ade Ayeyemi, Chief Executive Officer, Ecobank Group, said.

In addition, all Fellows will qualify to explore opportunities with the Bank and its partners including an opportunity to pursue integration with Ecobank and potentially launch products in all or part of Ecobank’s pan-African 33-country ecosystem. Ecobank may also select some Fintechs as pan-African service partners within the Bank’s ecosystem.

Fellows will be given access to Ecobank’s APIs to test and improve their products for the pan-African market as well as priority access to Ecobank’s Venture Capital partners for funding exploration.

“The uniqueness of the Challenge is that it welcomes both early stage and mature start-up Fintechs alike and seeks to align them with different kinds of partnership opportunities within Ecobank that match their differing levels of maturity.” Dr. Tomisin Fashina, Operations and Technology Executive, Ecobank Group said.

The Ecobank Fintech Challenge was designed in partnership with an international advisory firm, Konfidants and is supported by partners across Africa and globally. So far 46 Fellows have been admitted into the Ecobank Fintech Fellowship programme since it was launched in 2017.

Patoma Admin by — August 28, 2022 in Banking & Finance 0
CIIN strategises with NAIPCO for successful tenure, industry growth

By admin

 

The President/Chairman of Council, Chartered Insurance Institute of Nigeria (CIIN) Mr. Edwin Igbiti, has called on members of the National Association of Insurance and Pension Correspondents (NAIPCO) to partner with him in his administration as the 51st President of CIIN to take the Institute and insurance industry to the next level.

The CIIN President made the call yesterday when the newly elected officers of the Association paid him a courtesy visit at the Institute’s Secretariat in Lagos

CIIN President, who commended the Association for their support for the Institute and the insurance industry at large thus far, said “I will like to seek your partnership for a successful administration and also reiterate the Institute’s commitment and support to the Association.

“Permit me to equally seize this opportunity to once again congratulate the newly elected Executive Members of the Association. This is new dispensation for you all and we hope to see you record huge success through your leadership and reportage of the insurance industry. Kindly be assured of the Institute support throughout your administration.

“I, specially appreciate you all for the massive coverage you gave my investiture ceremony. This hugely attributed to the success of my Investiture as the 51st President of the Chartered Insurance Institute of Nigeria; I am deeply grateful for the huge support and partnership,” Mr. Igbiti said.

The CIIN President in seeking support and partnership of members of NAIPCO drew their attention to the theme of his administration “Building  Sustainable Legacy,” which he said focuses on three points agenda of Digital Reinforcement of Institute’s Operations; Insurance Awareness for all – Grassroot, Youths and Insuring Public and Infrastructural Development.

Igbiti said the choice of the theme was borne out of the need for continuity, to sustain and build on the works of Past Presidents of the Institute, adding that this will guarantee that despite current global uncertainties, the Institute will continue to meet the needs and aspirations of its members.

While responding to the CIIN President’s speech, NAIPCO Chairperson, Mrs. Nkechi Naeche Esezobor, congratulated CIIN President on his election and inauguration as the 51 President of the Institute.

Mrs. Naeche-Esezobor who pledged NAIPCO’s continued support to CIIN especially in the coverage of the Institute’s activities called on the CIIN President to see to the welfare of NAIPCO members to inspire them to do more for the Institute and the insurance industry generally.

NAIPCO Chairperson also told the CIIN to review its media and publicity strategies to accommodate more journalists for the coverage of the Institute’s activities as this will give the Institute more mileage especially in their awareness drive to deepen insurance penetration in the country.

Patoma Admin by — August 27, 2022 in Insurance 0
PenCom confirms Police still in CPS, says Military, Judiciary exempted

By Favour Nnabugwu

 

National Pension Commission, PenCom has confirmed that the Police is still in the Contributory Pension Scheme, CPS of the federal government.

PenCom affirmed the need to state that the Police has not left the scheme despite effort to pull out

The Commission said only the Military and the Judiciary are exempted.

Head, Benefit and Insurance, Mr. Obiora Ibezeago said that the Police was so big that it would not be in the best interest of the country to let policemen out of the pension loop.

“It is only the Military and the Judiciary that have been exempted. The Police has not been expected”.

The police wanted to be excluded from the CPS just like their counterparts in other security agencies such as the military.

In Section 5 (1) (a) of the Pension Reform Act 2014 to enable the Federal Government to take full responsibility for the payment of gratuities and pensions of all police retirees and remove the burden of contributing part of their salaries for their retirement benefit from serving police officers.

Regulators and managers of the scheme warned that allowing the police to exit the scheme would not only deplete the accumulated pension assets now in excess of N14.27 trillion as of June 2022 but also destroy a system that is already working and enhancing economic and infrastructural development of the country.

Obizeago noted that the current pension administration.has been designed to ensure better quality of life in retirement and therefore urged members of the public to take advantage of it.

On the other hand, the Head of Micro Pension Department, Mr. Dauda Ahmed, said that MPP was a veritable tool against poverty at old age, which he observed has been the worst challenge of people employed in the informal sector.

In his paper, “The Micro Pension Plan: Bringing Financial Security at Old Age to the Doorsteps of the Informal Sector,”

“MPP is the solution to old age poverty. This is a pension plan in which contributions are so flexible that they are done at one’s pace so that those engaged in the informal sector can have something to fall back on when they are old.

“MPP is voluntary and will improve the standards of living of the elderly, as it provides a regular stream of income of benefits at old age.”

” Pencom recognized that the income of those employed in the informal sector was irregular and that as such the MPP has been designed in a simplified way such that its contributions also had a leeway to make contributions when they have income, he said.

MPP, he explained, has been structured into two with 60 percent of the contributions going into the retirement benefit and the 40 percent going into a contingency account.

He further said that the 40 percent contingency segment could be drawn down at will, within two days of request, once the contributor had maintained the account for at least three months.

He added that based on the extent provisions of the Pension Reform Act, it was not possible to convert an account of a formal sector contributor to an informal one but that the provision could be reviewed in favour of those who would be interested in migrating to the informal sector accounts

Patoma Admin by — August 27, 2022 in Pension 0
NAIPCO executives visit CIIN president, Edwin Igbiti in Lagos

Chartered Insurance Institute of Nigeria, CIIN, hosted members of the executive of the National Insurance & Pension Correspondents, NAIPCO in the institute head office in Lagos today

CAPTIONS

L – President of the Chartered Insurance Institute of Nigeria (CIIN), Mr. Edwin Igbiti; presenting a gift to the Chairperson of the National Association of Insurance and Pension Correspondents (NAIPCO), Mrs Nkechi Naeche-Esezobor during a courtesy visit by NAIPCO Executive Members to CIIN at its Institute in Lagos.

L – Loveth Azodo, member; Chuks Okonta, Immediate past Chairman; Joke Adeyemi, Treasurer; Ngozi Onyeakusi, Vice Chairperson; Edwin Igbiti, President, CIIN; Nkechi Naeche-Esezobor, Chairperson; Matthew Otoijagha, Financial Secretary; Rosemary Iwunze, General Secretary; Edet Udor, Assistant General Secretary, during a courtesy visit by NAIPCO Executive Members to CIIN at the Institute in Lagos.

Patoma Admin by — August 26, 2022 in Insurance 0