All Posts in "Day: September 8, 2022"

Naicom AbdulRasaaq Salami’s remark at sensitisation programme in Katsina

REMARK BY THE HEAD, CORPORATE COMMUNICATIONS AND MARKET DEVELOPMENT, NATIONAL INSURANCE COMMISSION, ALHAJI ABDULRASAAQ ABDULSALAMI DURING THE SENSITISATION PROGRAM FOR TOP GOVERNMENT FUNCTIONARIES, KHADIS AND ULAMAS IN KATSINA STATE.

I am pleased to be here again in Katsina State and I bring special greetings from the Governing Board, Management and staff of the National Insurance Commission (NAICOM) which is the apex insurance regulatory body in Nigeria.

I am happy for this golden opportunity granted the Commission by His Excellency, Rt. Hon. Aminu Bello Masari to drive insurance/Takaful penetration in the state as we appreciate the Governor and people of Katsina State for this huge turnout to participate in the workshop. I want to assure you that we have assembled the most suitable experts to speak to you on the subject matter.

As we may all be aware, the Insurance Act 2003 and other relevant Laws of the Federal Republic of Nigeria made provisions for certain insurances to be compulsory on us towards the protection of innocent third parties who may fall victims of unforeseen occurrences like road accidents, building collapse, fire, accidents in public buildings – offices, shops, schools, malls, etc.

The main objective of this workshop is to sensitize the top Government functionaries of Katsina State, Khadis and Ulamas on the principles, operations and benefits of the Compulsory Insurances, Takaful and Microtakaful.

It is imperative to mention that we are in Katsina today to discuss the concept of Islamic insurance and forge this partnership with the government and people of Katsina State in order to pave way for the enforcement and implementation of the under listed insurances made compulsory by extant laws to guarantee the protection of the people of Katsina State.

i. Third party motor insurance in respect of all mechanically propelled vehicles that ply the public roads;
ii. All Buildings under construction that are more than two (2) floors;
iii. All Public Buildings including Schools, Offices, Hotels, Hospitals, shopping malls etc.;
iv. Professional indemnity for all medical practitioners and hospitals; and
v. Group life insurance cover by employers for employees where there are more than 3 persons.
vi. Annuity for retirees as provided under the Pension Reform Act 2014

On behalf of the management of NAICOM, I thank His Excellency for his swift response to our request to organise this sensitisation workshop for stakeholders in the state as a window provided for better understanding of Islamic way of Insurance and discussing a way forward for Takaful to thrive in the state.

Beyond this workshop we will also seek to partner on enforcement of compulsory insurances in the state, and we expect the state executive council to assist on the following:

1. Incept the process of enacting state laws to domesticate the compulsory insurances earlier highlighted in conjunction with the state legislature,

2. Ensure adequate insurance of assets and liabilities of Katsina State government

3. Liaise with Takaful/insurance operators to determine product best suited for the government, farmers, private companies, MSMEs and individuals in the state

4. Conduct on the spot awareness and sensitisation campaigns across the state, etc

Patoma Admin by — September 8, 2022 in Insurance 0
Queen Elizabeth ll is dead, reigned for 70 years

By Favour Nnabugwu

 

 

Queen Elizabeth II, the longest-reigning British monarch whose ruled for 70 years  has died on Thursday at the age of 96, Buckingham Palace has announced.

Elizabeth ascended to the throne in 1952, on the death of her father, King George VI. She oversaw the last throes of the British empire, weathered global upheaval and domestic scandal, and dramatically modernized the monarchy.

She died at Balmoral Castle in Scotland after doctors said they had become concerned about her health on Thursday.

Elizabeth ruled over the United Kingdom and 14 other Commonwealth realms, and became one of the most recognizable women ever to have lived. Her son, Charles, immediately became King upon her death.

Patoma Admin by — September 8, 2022 in Foreign 0
Nigeria’s foreign trade falls by 1.5% in Q2’21

By Favour Nnabugwu

 

 

Nigeria’s foreign trade fell quarter-on-quarter (QoQ) by 1.5 percent to N12.8 trillion in the second quarter of the year (Q2’22) from N13 trillion in Q1’22.

The figure fell by N200 billion in the first 2022 National Bureau of Statistics, NBS, stated in it’s Foreign Trade in Goods Statistics report for Q2’22.

According to the bureau, foreign trade in Q2’22 comprised of exports valued at N7.4 trillion and imports worth N5.4 trillion.

The bureau also said that the value of crude oil exports, which accounted for 79.7 percent of total exports in Q2′ 22, rose by 5.1 per cent to ₦5.9 trillion from ₦5.6 trillion in Q1’22.

NBS said:”Nigeria’s total merchandise trade stood at ₦12.8 trillion in Q2’22, indicating a marginal decrease of 1.5 per cent over the value recorded in Q1’22 and 32 per cent higher when compared to the value recorded in Q2’21.

“The value of total export stood at ₦7.4 trillion in Q2’22, the value accounted for 57.7 per cent of total trade.

“The export value rose in Q2’22 by 4.3 percent against the level recorded in Q1’22 and by 47.5 per cent when compared to Q2’21.

“Exports by section revealed that Nigeria exported mainly mineral products which amounted to ₦6.7 trillion, or 91.46 percent of total export value; followed by ‘Products of the chemical and allied industries’, which were valued at ₦318.51billion (or 4.3 percent of the value of total exports) and ‘Vegetable products’ worth ₦100.12billion (1.35 percent of the value of total exports).

“The value of exports trade in Q2’22 was dominated by crude oil exports valued
at ₦5.9 trillion which accounted for 79.7 percent of total exports while non-crude oil exports value stood at ₦1.49 trillion or 20.2 percent of total exports of which non-oil products contributed ₦675.08 billion representing 9.11 percent of total exports.”
On imports it said:”During the second quarter of 2022, total imports were valued at ₦5.4 trillion accounting for 42.3 percent of total trade.

“The import value fell by 7.9 percent in Q2’22 compared to the value recorded
in Q1’22 but increased by 15.8 percent compared to the imports value in Q2’21.”

Patoma Admin by — September 8, 2022 in Foreign 0
Prime Minister Liz Truss appoints three Ministers with African origins

CAPTION

L- Kemi Badenoch, Secretary of State for International Trade and President of the Board of Trade; Kwasi Kwarteng, Chancellor of the Exchequer and James Cleverly, Secretary of State for Foreign, Commonwealth and Development Affairs 

By Favour Nnabugwu
Prime Minister Liz Truss named a 31-member cabinet that surprisingly includes three ministers of African origin.
These are Kemi Badenoch, Secretary of State for International Trade and President of the Board of Trade; Kwasi Kwarteng, Chancellor of the Exchequer (finance minister) and James Cleverly, Secretary of State for Foreign, Commonwealth and Development Affairs
The new Conservative British leader’s appointments are historic as never before have there been as many as three Black ministers in the cabinet with two of them occupying two of the so-called four “Great Offices of State”.These are senior offices in the UK government: the Prime Minister, Chancellor of the Exchequer, Foreign Secretary and Home Secretary, respectively.
Kemi Badenoch – Secretary of State for Trade
Olukemi Olufunto Badenoch (née Adegoke) was born on 2 January 1980 in London to Nigerian parents. Her father, Femi Adegboke, was a medical doctor and her mother, Feyi Adegoke, is a professor of physiology.
Badenoch’s spent part of her childhood in Lagos, Nigeria, and in the United States. She returned to the UK at the age of 16 to live with a friend of her mother’s owing to the deteriorating political and economic situation in Nigeria which had affected her family.
After graduating from the University of Sussex, she worked as a software engineer at Logica before studying law at Birkbeck, University of London. Badenoch later pursued a career in banking, working for the Royal Bank of Scotland Group and Coutts.
The British politician had previously served as Minister of State for Local Government, Faith and Communities and Minister of State for Equalities from 2021 to 2022.
Although a British citizen and born in the UK, Badenoch stated that she was “to all intents and purposes a first-generation immigrant” during her parliamentary maiden speech. She became MP for Saffron Walden in Essex in 2017, and lists her interests as including engineering and technology, social mobility and integration.
Kemi Badenoch, who is married to surprised many by reaching the last four in the leadership contest in the Conservative Party.
Kemi is married to Hamish Badenoch and they have two daughters and a son.
Patoma Media Concepts
Kwasi Kwarteng – Chancellor of the Exchequer
Akwasi Addo Alfred Kwarteng (born on 26 May 1975), the first Black person to serve as Chancellor of the Exchequer, is the man in charge of the economy.
A member of the Conservative Party, Kwarteng was born in London to Ghanaian parents who had emigrated from Ghana as students in the 1960s. He’s the only child of his parents – Alfred K. Kwarteng, an economist, and Charlotte Boaitey-Kwarteng, a barrister.
The new finance minister, who has been a Member of Parliament since 2010, previously served as Secretary of State for Business, Energy and Industrial Strategy from 2021 to 2022.
Prior to that, Kwarteng had also served as Under-Secretary of State at the Department for Exiting the European Union, Minister of State for Business, Energy and Clean Growth,
Kwarteng attended the elite Eton College and studied at Cambridge for his bachelors, Harvard University for his masters and then returned to Cambridge where he earned a PhD in economic history in 2000.
Kwarteng is married to Harriet Edwards and the couple have a daughter.
James Spencer Cleverly – Secretary of State for Foreign Affairs
Born on 4 September 1969 in London to a British father and a mother from Sierra Leone, the British politician and Army Reserve officer has been a member of Parliament since 2015.
Cleverly previously served as Secretary of State for Education from July to September 2022, Co-Chairman of the Conservative Party from 2019 to 2020 and as the member of the London Assembly (AM) from 2008 to 2016.
James Cleverly/Photo: Richard Townshend/UK Parliament/Wikipedia
Cleverly was in the army but his military career was cut short by a leg injury in 1989. He went on to gain a bachelor’s degree in Hospitality Management from the Polytechnic of West London. He is a lieutenant colonel in the Reserve Army.
After graduating, Cleverly worked variously positions for several publishing companies before co-founding the web publishing company Point and Fire in 2007.
Cleverly stood unsuccessfully in a number of elections before he was elected into the UK Parliament in 2015 general election.
Cleverly is married to Susannah Sparks and the couple have two sons.
Patoma Admin by — September 8, 2022 in Foreign 0
Nigerian-German Cultural Carnival holds in Frankfurt September 10

By Favour Nnabugwu

 

The Nigerian- German Cultural Carnival 2023 will hold in Frankfurt to celebrate the culture of Africa’s most populous country takes place on Saturday, September 10.

The event organised by the Nigerian diplomatic mission in Germany will showcase the country’s diverse cultural heritage and promote Nigeria as a place to visit and do business to Germans.

The theme of the Carnival, which will henceforth take place annually, is ‘Promoting peaceful Coexistence across multi-diverse culture’ and will feature, among other activities, a street procession through the city of Frankfurt by Nigerian cultural associations.

A procession during the Adire International Carnival in Vienna, June 2022. The Nigerian-German Cultural Carnival 2022 will feature, among other activities, a street procession through the city of Frankfurt by Nigerian cultural groups

The festival, which also features live music performances and an exhibition by Nigerian associations in Germany, will be attended by leading Nigerian traditional rulers, including the Ooni of Ife, the Oba of Benin, the Obi of Onitsha and the Emir of Kano.

Nigeria’s culture minister, Lai Mohammed, and his foreign affairs counterpart, Geoffrey Onyeama, are expected at the 1st Nigerian-German Cultural Carnival, an initiative of the Nigeria Consulate Frankfurt under the leadership of its Consul General, Ambassador Wahab A. Akande.
The street procession will start at 9am at the Frankenallee and end at the Lotte-Spetch Park.

The festival is being eagerly awaited in the Nigerian community as it’s the first of its kind in Germany.

“Great success always starts with a simple idea and selfless commitment. Having an idea and the right person at the helm, everything works like a magic. The birth of NGCC is the first step in bringing Nigerians in the Diaspora closer to their roots and heritages. Awesome!,” Abela Emuebie, a Nigerian entrepreneur said.

Patoma Admin by — September 8, 2022 in Foreign 0
NCRIB, Lagos State pact on sustainable insurance education

CAPTIONS:

L- Deputy President of The Nigerian Council of Registered Insurance Brokers (NCRIB), Mr Babatunde Oguntade presenting the 60th  Anniversary Mascot to Commissioner for Education, Lagos State, Mrs Folashade Olufisayo, during the visit of NCRIB Research and Development Committee to the Commissioner in Lagos. With them is the Executive Secretary/CEO of the NCRIB, Mr Tope Adaramola

L- Mr Ayo Akande, a Council Member of The Nigerian Council of Registered Insurance Brokers (NCRIB), Mr Tunde Oguntade, Deputy President (NCRIB); Lagos State Commissioner for Education, Mrs Folashade Adefisayo; the Executive Secretary/CEO of the NCRIB, Mr Tope Adaramola and Mr. Obinna Chilekezie, a member of NCRIB, when the delegation of the Research and Development Committee of the Council visited the Education Commissioner in her office in Lagos.
By Favour Nnabugwu
The Nigerian Council of Registered Insurance Brokers, NCRIB and the Lagos State Government have tighten ties to ensure insurance education is sustained for the promotion of insurance by secondary school students in the state.
The Council took this step when its delegation visited the State Commissioner for Education, Mrs. Folashade Adefisayo in Alausa, Ikeja, Lagos. Speaking, the Deputy President of the Council, Mr. Babatunde Oguntade regretted the slow acceptance of insurance as a subject in the curriculum of secondary school and noted that the Brokers body craved the support of the State Ministry of Education to change the narrative positively
Oguntade who is also the Chairman of the Research and Development Committee of the Council opined that against noxious beliefs about insurance, the profession was one that accommodated diverse people from varied educational backgrounds which ultimately provides basis for the richness of the professionHe applauded the Lagos State Government for its undying enthusiasm to support the move by the Council to synergise efforts with the state government in fashioning a robust curriculum for insurance education that would stimulate the interest of secondary school students
The state Commissioner for Education, Mrs. Folashade Adefisayo rued the poor acceptance of insurance generally in the society despite the huge potentials of the profession She opined that providers of insurance needed to be more proactive in stimulating the interest of the youth in insurance subject Adefisayo disclosed that the comprehensive school project of the Lagos State Government should be utilized by the Council and the insurance industry generally to provide hands-on training for students of the peculiar schools towards making them self-reliant as against obsession for certificate
She advised the industry on the need to rethink and re-engineer as a way of making insurance a favourable option for the youth
Patoma Admin by — September 8, 2022 in Insurance 0