CIIN president, Edwin Igbiti visits NAICOM to strengthen ties

The President of the Chartered Insurance Institute of Nigeria, CIIN, Edwin Igbiti led a delegation on a courtesy call to National Insurance Commission, NAICOM in Abuja.

CAPTIONS:

President of the Chartered Insurance Institute of Nigeria, CIIN, Mr Edwin Igbiti; Commissioner For Insurance, Mr Sunday Olorundare Thomas and Alhaji Bala Zakariya’u, top member of the CIIN during the visit to NAICOM

L- President of the Chartered Insurance Institute of Nigeria, CIIN, Mr Edwin Igbiti and  Commissioner For Insurance, Mr Sunday Olorundare Thomas

L- Deputy Commissioner for Insurance, Alhaji Sabiu Abubaka, President of the Chartered Insurance Institute of Nigeria, CIIN, Mr Edwin Igbiti and  Commissioner For Insurance, Mr Sunday Olorundare Thomas, Firectpr-General of Chartered Insurance and Financial Management, CIFM, Mrs Abimbola Tiamiyu; Alhaji Bala Zakariya”u and a delegate during the vist

NEPZA boss charges Ondo Chambers to develop special agro-allied district

By Favour Nnabugwu

 

 

The Managing Director of the Nigeria Export Processing Zones Authority (NEPZA),
Prof. Adesoji Adesugba, has advised the Ondo Chambers of Commerce Industry Mines and Agriculture (ONDOCIMA) to actively partner with Ondo State to establish a special agro-allied district for the production and processing of agricultural produce for export for economic growth of the state

Adesugba gave the advice while playing host to the new executive of the chambers in Abuja on Thursday.

The NEPZA boss, himself a pioneer member of that branch of the association, said that chamber movement was aimed at galvanising sound economic development, adding that ONDOCIMA was set up to make indelible and positive economic impact in the state.

“The chambers must without further delay constitute itself as an active development partner of the state by making itself an economic spring board in the state.

“This can happen speedily if a special agro-allied district for backward linkages in the production and processing of agricultural produce can be established.

“The new executive must begin to contemplate on securing large expanse of land in the state to establish this project as the enclave help to provide jobs and variety of businesses for members and residents of the state.

“Ondo State is blessed with arable land, suitable for all-year-round- farming. The association can also reserve a substantial portion of the proposed district for the production of cocoa which the state has comparative advantage on,’’ Adesugba said.

He explained that the pioneers of the state branch of the association had hatched the plans of having such a special agric site and other businesses as well, adding that a number of extraneously factors had made these dreams unrealisable.

“The chambers can only record good successes if it is less dependent on government. The leadership must activate interest and expertise of the members in order to achieve the set goals,’’ Adesugba said.

In a statement issued by Head, Communication of NEPZA, Mr Matthew Odeh, the Chief Executive noted that the association could become more potent and resulted-oriented if it regularly underwent projects’ assessment visitations to other sister associations, adding that members would use such tours for business knowledge acquisition and investment promotion exchanges.

Adesugba, therefore, said that NEPZA was prepared to partner the association in developing world class business templates that could make it become investment forerunner in the state.

The NEPZA boss explained also that the existence of the Akoko Chambers of Commerce, an adjunct of ONDOCIMA, which he assisted in establishing was a testament of years of strive to ensure that must local communities in the state were linked to the Organised Private Sector (OPS).

NEPZA MD and the ONDOCIMA executive during the visit in Lagos

 

Hon. Olugbenga Araoyinbo, President, ONDOCIMA, expressed delight on the warmth reception extended to him and his entourage by the NEPZA chief executive, adding that the visit was indeed an eye opener.

Araoyinbo said that Adesugba had continually proven that his appointment by President Muhammadu Buhari to led the movement of industrializing the country through the Free Trade Zone scheme was not a travesty.

He, however, explained that the new executive of the association had opened a new chapter in the administration of the chamber movement in state, adding that the association was prepared to join forces with the government in growing the economy.

“We are indeed grateful for the suggestion that the association establishes an agro-allied district where our members and investors can be involved in mechanized farming and processing of farm produce for local use and export.

“The association will in this light collaborate with NEPZA, our national body, the state government and investors to ensure that this plan is brought to fruition,’’ Araoyinbo said.

Mrs Modupe Olakunle, the immediate past President of the association, Dr Funmilola Williams, President, Akoko Chambers and Hon. Adeboro Onibalusi, PRO, ONDOCIMA were the video other officials on the entourage of the ONDOCIMA president.

Coronation Insurance rakes N8.6 bn premium income in 2021

CAPTION
The Managing Director of Coronation Insurance, Mr. Olamide Olajolo
By Favour Nnabugwu
Coronation Insurance has announced a gross premium income of N8.6 billion in the financial year ended December 31, 2021 compared to the N12.3 billion the company raked in the same period of 2020.
The underwriter witnessed the hike in prices of things generally and economic condition of the country which dwindled businesses even insurance was not left out
The company also posted a profit after tax at N689.6 million at the end of the year in 2021 far below N1.7billion it gained the previous year

The Chairman of underwriting firm, Mutiu Sunmonu, said this in a statement sent to the Nigerian Stock Exchange and Shareholders on the Group’s Audited Financial Results for the Year 2021.

He noted that the Net Underwriting Income was N9.66 billion, adding that N7.31 billion was paid as claims.

Sunmonu submitted that the firm also recorded a total underwriting profit of N1.25 billion, while the investment income stood at N1.51 billion.

He said the firm’s total assets stood at N39.80 billion, adding that a share capital of N11.99 billion; share premium of N4.61 billion; contingency reserves, N3.66 billion; other reserves, N1.75 billion and total equity, N21.59 billion were recorded in the year.

Though the gross written premium was valued at N14.14 billion in 2021 from  N16.2billion generated in the same period of 2020
With reinsurance expenses valued at N3.8 billion, Net premium income stood at N5.3 billion in 2021 from N9.9billion recorded in 2020 while fees and commission income at N642 million in 2021 from N3.9 billion in 2020 drove the net underwriting income to N4.7 billion during the period from N3.9billion billion the year before.
The company paid N5.5billion as claims in 2021, a little below N5 6 billion paid in 2020 while the outstanding claims was N4.4 billion and claims expenses recoverable was N2.9 million in 2021 from N3 bilion in 2020. These reflected a net claims expenses at N1.4billion in the same year compared to previous year, the value for the same purpose amounted to N3 billion.
The claims paid in the year 2021 was put at N5.5 billion, a slight decrease from N5.6 billion in the previous year. However, this was more pronounced on other operating expenses which was valued at N1.4  billion against the N1.1 billion utilized for the same purpose last year as well as on underwriting expenses which were valued at N4.7billion  against N3.9 billion the previous year.