Sovereign Trust settles policyholders N1.598 bn claims in H1 2022

One of the most vibrant insurance company in the country, Sovereign Trust Insurance Plc has settled claims of N1.598 billion in the first half of the year 2022.

The company, in the first half of the year paid claims totaling N1, 597,968,624.30 to various policyholders spread all over the country.

This was contained in a statement issued by the company’s spokesperson, Head of Corporate Communications and Investor Relationship, Segun Bankole

Specifically, the summary of the claims paid half year 2022 indicated that Fire Insurance took the highest figure of N605.4 million with Motor Insurance ranking second with total claims settled to the tune of N353.8 million. General Accident Insurance claims amounted to N268.3 million while Energy/Oil & Gas claims stood at N176.7 million.

The total sum of N117.6 million was paid as compensation on Engineering/CAR with Marine/Aviation closing the figures with N57.9 million, bringing the total claims paid to N1.579 billion.

The Managing Director/CEO of the company, Olaotan Soyinka, also reaffirm that the firm has put in place a friendly-claim-process with the major aim of putting smiles on the faces of our various customers across the country by ensuring that claims are settled within the shortest period possible on completion of all necessary documentation.

“Our commitment to uphold the tenets of our Vision and Mission has made the company one of the country’s most relevant and responsive insurance companies in the country. Sovereign Trust Insurance Plc is no doubt a formidable force to reckon with in the Nigerian Insurance landscape with a network of offices in all the major cities of the country buoyed by cutting-edge technology in delivering seamless and convenient insurance service to all teeming customers in the country and beyond.”

Commenting on the intent of the organization as regards claims settlement, the Executive Director, Technical Operations, Jude Modilim, said “there is no compromise to genuine claims settlement in Sovereign Trust Insurance Plc because the major focus of the company is to ensure that our teeming customers get to enjoy the benefits of taking out any form of insurance policy with us through prompt settlement of their claims when the need arises.

“That to us, is the only way to prove that we are well and alive to our responsibilities as an underwriting firm in the country. We intend to uphold this obligation and we will continually strive to make good our promises”.

Women as an agent of transformation – Mrs Janet Abrahams… As Church concludes 2022 Women Conference

By Favour Nnabugwu
Women in general and particularly in the christiandom should eadeavour to act an agent of transformation if things must change in the family, society and country at large
Wife of the Resident Pastor of Dunamis Church, Arab Road, Kubwa, Pastor Godwin Abrahams, Mrs Janet Abrahams delivered the message on Women as an agent of transformation at the last day of the 2022 Women Conference which was roundup in the 3rd Service yesterday.
Abrahams defined an agent of transformation as someone that represents another; someone that represents, is someone that acts on behalf of somebody else.
She talked about the values expected of a woman to include, consistency, modesty, reproduction, integrity and uorightness, hard work and respect and submission
Above all, Mrs Abrahams said a woman must imbibe the culture of love, kindness and generosity.
Among the Bible passages she cited include Proverb 31 verse 10: Who can find a virtuous woman, For her price is far above rubbies’.
A woman is a special child wired to be God’s mantle who should love and respect her husband at any given time
She said a woman should endeavour to make a change around them so that when she does, people will remember her for something good. Rhetorically, she asked, What change can you make in life and people will remember you for?
God expects women who will step out there, speak the right words and make a difference in the lives of their husbands, children, families, communities and wherever they found themselves.
She emphasised on women respecting their husbands, adding that a woman who respects her husband get favours from God and Man.
The four days event was backed full with Chorography dancers, drama, aerobics and Gospel musician, Oche Jonkings was on displayed and finally, it was concluded with an evening church dinner
Also speaking, the president of Sisters Fellowship of Dunamis Church, Arab Road, Kubwa, Mrs Favour Onoja who led the women through the women conference from Thursday September 22 to Sunday, September 25, 2022 with a closing dinner at the church premises.
Onoja beckoned on women married and single to join the sisters fellowship which she said that it a fellowship where women are spiritually uplifted, and grow in faith.
“Women are properly taught and mentored on how to grow their faith in God; how to be industrious and hardworking. As a women in Dunamis Church, you can’t afford to be lazy and lackadaisical. We actually learn new things anytime we come for Fellowship”
She said the Fellowship takes the responsibility to cater for the women particularly those that just gave birth, help and pray for the sick and visit and encourage sisters among others.
The president thanked the Resident Pastor, Pastor Godwin Abrahams and his wife, Mrs Janet Abrahams for the support the women got to out the package together.
She encouraged as many women who attend the Church but are not yet members of the Fellowship to be part of it.
“I urged every sister who is a member of the church, who is not part of the Fellowship to please come and join us. It is a place you will love to be. It is not only for the married women but for the singles, widows and divorcees. For as long as you are a female  in the Church, there is a place for you in the Fellowship, she noted
PenCom Guidelines will address housing deficits – MBAN

By Favour Nnabugwu
THE Mortgage Bankers Association of Nigeria, MBAN, on Sunday said that the federal government’s approval of the guidelines for access to 25 percent pension savings will address the nation’s housing deficit.
MBAN described the approval as an elixir for the staggering housing deficit, as well as positively impact the economy generally.
It will be recalled that the federal government through PenCom on Friday, announced the approval of the guideline, which now allows eligible  Savings Account, RSA, holders to approach their Pension Fund Administrators, PFA, in order to gain access to 25 percent of their pension savings, strictly for mortgage purposes
MBAN President, Mr. Ebilate Mac-Yoroki, and the Executive Secretary, Mr. Kayode Omotoso, commended President Muhammadu Buhari and PenCom for taking a decision that will make it easier for working-Nigerians to become home owners.
It also lauded the initiative that resulted in the approval, saying it was one of the landmark steps and decisions for which the Buhari-led administration will be remembered, praising the Director-General of PenCom, Mrs. Aisha Dahir-Umar, for her role in the approval.
It, however, charged the federal government to take the next step of firming up the effectiveness of the financing initiative by setting up and operationalizing the Nigeria Mortgage Guarantee Company (NMGC), a credit enhancement platform, which it said is already being finalized by the FSS2020, a department of the Central Bank of Nigeria (CBN).
It expressed delight at the fruition of a move it claimed to have initiated as an advocacy issue with PenCom, and later further escalated by other stakeholders in the sector.
“We are indeed glad and elated that this novel idea has finally become a reality. It commenced silently as an advocacy issue with PenCom that originated from MBAN, which thereafter was escalated to full advocacy issue by stakeholders on the platform of the former Nigerian Housing Finance Program (NHFP).
“However, all the continuous efforts were in the last few months finally coordinated with PenCom by FSS2020 and MBAN, which culminated into the broad guidelines issued by PenCom on the idea.
“The Mortgage Bankers Association of Nigeria wishes to commend the federal government, under the watch of President Muhammadu Buhari, the Central bank of Nigeria (CBN) and particularly the National Pension Commission (PenCom), for this landmark approval. This is another reason for which the President’s name will be remembered positively.
“The estimated over 28 million units of housing deficit is staggering indeed and will be requiring trillions of naira to offset. This new approval, though not all that might be needed to solve the problem, will be a giant step towards bridging the housing gap for many Nigerians, whose major setback has been financing.
“With granting of the approval that allows Retirement Savings Account (RSA) holders to access 25% of their balance towards payment of equity for residential mortgage, government will be solving more than just the problem of housing, but will also be giving the economy a boost as many mortgage-related sectors, like construction and banking, will receive more vigour.
“As an association, which is directly concerned with the mortgage market, MBAN will, in its usual approach, be doing everything necessary to support government in ensuring that the primary target of giving the approval, which is eliminating the housing gap and creating an easy environment for beneficiaries to acquire their dreamed homes, is achieved to the adequately.
“This step by government will have a rippling impact on our nationhood and the achieve the sort of reform we have hoped for in the work place, either private or public. For instance, it will rejuvenate the work ethics and culture across the sectors because, as they say, a man or woman who has solved his housing question is a more productive employee.”
On how the approval will achieve its designed potential, the statement said “its breadth and depth would only be fully achieved with the setting up and take-off by the Nigeria Mortgage Guarantee Company (NMGC), a credit enhancement initiative that is currently being finalised by FSS2020, NMRC, MBAN/mortgage banks, for Nigerians to take the fullest advantage.”
Ethiopian Central bank increases insurers’ required minimum paid-up capital after 9 years

By Favour Nnabugwu

 

 

The National Bank of Ethiopia (NBE) has raised the minimum paid-up capital of insurance firms more than five times.

The revised capital requirement took effect on 15 September 2022 after nine years. The first such change since 2013.

The new minimum capital requirements are:for a general insurance licence, ETB400m ($7.52m), 567% up from ETB60m previously

for a long-term insurance licence, ETB100m, which is also 567% more than the previous minimum of ETB15m.

Furthermore, a company needs to deposit ETB500m in a closed account to obtain a licence, compared to ETB75m previously, according to The Reporter.

Of the 18 existing insurance companies in the country, only seven at present have a paidup capital of more than ETB500m each, according to NBE’s report.

Existing insurance companies whose paid-up capital is below the new threshold are given a five-year grace period to meet the new minimum threshold by 30 June 2027. However, these insurers are required to submit a capital increase plan to the NBE by 16 October 2022.

However, the old capital rules remain applicable to new insurance companies that are in the process of share subscriptions until 15 September 2023. This means that prospective investors in new insurance companies can obtain a licence under the existing directive for the next 12 months.

 

Leadway graduates 34 young professionals from 2022 Graduate Trainee Programme


By Favour Nnabugwu

 

Leadway Assurance, Nigeria’s foremost financial services provider, has graduated thirty-four (34) young and vibrant professionals following their successful completion of the company’s 2022 Graduate Trainee Programme

The company also ensure that the graduates have all been inducted into its diverse business portfolios.

The six-month intensive and immersive programme equips young graduates with the relevant skill set required to thrive in the dynamic and ever-evolving workforce.

The training modules dealt with problem-solving, networking, technical and soft skills, workplace culture, digital proficiency for self-development, and professional capabilities preparing the Trainees to serve in different departments across the diverse verticals of the business

Speaking at the graduation ceremony for new professionals, Managing Director/Chief Executive Officer, Leadway Assurance, Tunde Hassan-Odukale, stated that the Graduate Trainee programme aligns with the organisation’s corporate twin mandate of providing career opportunities and upskilling Nigeria’s growing young, vibrant and productive population.

The programme also strengthens its workforce with the right talent pool for its ambitious growth objectives

“Our people are the centre-point of our continued marketplace performance and at the core of the organisation’s value creation. So, it is pertinent that we house the best talents in the industry to drive our objectives within the frames of our values and in alignment with the company’s vision and leadership position in the African insurance marketplace

The Leadway Graduate Trainee Programme is designed to achieve a sustained pool of the required elite skills and talents by initiating young, promising, dynamic, future-centric minds into a comprehensive upskilling process that tunes them towards actualising the mandate of advancing our esteemed ethos.

“We are optimistic that the skills, innovation, and creativity that this programme unleashes satisfy the expectations of our cultural, strategic and operational requirements. We are confident that the training and onboarding of these young professionals further validates our profile as a youth-oriented and future-forward organisation

“I would like to congratulate and celebrate the 2022 Leadway Graduate Trainees. Their successful induction is a testament to the tenacity, hard work, and commitment deployed during the six-month rigorous tutelage”, he added

Leadway Assurance is one of Nigeria’s foremost insurance service companies with a reputation for service efficiency and customer reliability. The organisation is committed to bridging the financial protection gap and increasing the insurance penetration rate in Nigeria.

PenOp, Omo, Onifade, Abolarin live at 2022 NAIPCO Conference

By Favour Nnabugwu

All is set for the 2022 Conference of the National Association of Insurance and Pension Correspondents, NAIPCO as some of the executives among panelists on extending coverage to Small and Medium Scale, SMEs operators through micro insurance and micro pensionare coming live on November 3, 2022

Some of the Executives include Chief Executive Officer, Pension Fund Operators Association of Nigeria, (PenOp), Mr. Oguche Agudah and Managing Director, Enterprise Life, .Mrs Funmilayo Omo

Others expected to speak are Mr. Niyi Onifade, Managing Director of Heirs Life Insurance Limited and managing director/CEO of NLPC Pension Fund Administrator (NLPC PFA), Samuel Abolarin.

With the theme: “On-boarding Small and Medium Scale Enterprises into Micro Insurance and Pension Space in Nigeria.” the conference will hold at Oriental Hotel, Lekki Road, Lagos.

The event will also feature the unveiling of NAIPCO New Name and Logo to stakeholders in both sectors of the economy.

Chairperson of NAIPCO, Mrs Nkechi Naeche-Esezobor, noted that the theme of the conference is apt as the SMEs sector has been the main driver and engine of growth of the Nigerian economy, and being the sector with the highest employers of labour, needs all the support to enable it continue to contribute significantly to the economy.

“Incidentally, the larger population of operators and employees in this space are left unattended to, with a lot of them not benefiting at all from the nation’s financial inclusion project, and this therefore underscores why the microinsurance and micropensions players should see this group as a growth asset,” Nkechi added.

According to her, experts, stakeholders and the general public will converge on the conference to proffer solutions on the way forward.

Faces @ 2022 Women Conference in Dunamis Church, Arab Road, Kubwa

CAPTION:

L – Resident Pastor of Dunamis Church, Arab Road, Kubwa, Pastor Godwin Abrahams; the Pastor’s wife, Mrs Janet Abrahams and Deaconess Olayide Okuonghae during the 3rd Service to round up the 2022 Eomen’s Conference, September 22 -25, 2022 for this year today

Resident Pastor and Mrs Godwin and Janet Abrahams

Pastor’s wife, Mrs Janet Abrahams delivering her sermon for the 2023 Women Conference

President of the Dunamis Arab Road Sisters Fellowship, Mrs Favour Onoja given her speech at this year women’s conference.

The Chorography dancers that entertain the Chirch as part of the women conference celebration.

This a drama part which showed how the country Nigeria was stripped naked by greed, corruption and other vices. It further showed that only God and the intervention of the body of Christ that will change the country around

Some of the women in the Church sparked by the colour for the conference Service, Burnt Orange to round up the conference for this year.

 

Nigeria Air: Ethiopian Airlines owns 49%, local investors 46%,  FG 5%

By Favour Nnabugwu
Ethiopian Airlines (ET) consortium has been selected as the preferred bidder for Nigeria Air, owning 49 percent of the national carrier as 46 percent is oened by local investors and federal government own only 5 percent
Minister of aviation, Hadi Sirika when briefing yesterday in Abuja, stated  ET scored 89 percent out of 100 in the technical bidding process and 15 out of 20 as regards financial bids.
Sirika explained that the request for proposal (RFP) under the public-private partnership (PPP) Act, governed by Infrastructure Concession Regulatory Commission(ICRC), has been completed.
After a careful, detailed and ICRC governed selection process, Ethiopian Airlines (ET) Consortium has been selected as the preferred bidder, offering an owner consortium of 3 Nigerian investors.
“The Nigerian investors are MRS, SAHCO and the Nigerian Sovereign Fund (46 percent), FGN owning 5 percent and ET 49 percent. The consortium has been subject to a due diligence process.
“The contract will be negotiated between consortium and FGN, leading to a full business case (FBC) which will be expected to be approved by the federal executive council (FEC). We expect this process to take 6-8 weeks
The minister said the national carrier would launch with three Boeing 737-800 in a configuration very suitable for the Nigerian market.
According to him, “Nigeria Air will be launched with a shuttle service between Abuja and Lagos to establish a new comfortable, reliable and affordable travel between the two major airports”
The minister added that other domestic destinations would follow later. “The first aircraft is ready to arrive in Abuja for further work and NCAA inspection, demo flights and audit as part of the AOC requirements”
“In time, two others will arrive to complete the required three aircraft for a new AOC holder. The interim executive team has prepared with the support of FAAN.
“The team has arranged for Terminal C at the Abuja Airport and finalised a contract with MMA 2 terminal in Lagos for the operation of an initial shuttle between Lagos and Abuja,” he said.
He noted that the Operations Control Centre (OCC) at the Abuja Airport would act as the headquarters of the airline.
Open Heavens by Pastor Favour Onoja

By Pastor Favour Onoja

 

OPEN HEAVENS:

“Now it came to pass in the thirtieth year, in the fourth month, in the fifth day of the month, as I was among the captives by the river Chebar, that the heavens were opened, and I saw the visions of God” (Ezekiel 1:1; Genesis 7:11-12).

WHAT IS OPEN HEAVENS?

1. Open Heavens are times or seasons characterized by revival, outpoured blessings, and manifestations of Gods’ glory and power.

2. It is a season where the Windows of Heaven is opened, and those under the opening experience miracles, healings, deliverances, wealth, and other blessings.

3. Open Heaven is a season of blessing when revelation is bountiful through Gods’ Apostles and Prophets. It is when Gods’ people experience visitations from Angels; when His presence dwell among us and the church experiences growth & developments.

4. It means that we have complete access to God and every resources that He has promised us; that heaven is not on hold for you; and that you don’t have to break through a barrier to get to where God is in your pursuit for Him.

5. It is characterized by unprecedented harvest of souls through spreading of the Gospel of Jesus Christ across the nations of the Earth, unhindered (Acts 4:20-37; 12:23-25; Psalm 110:3)

WHAT HAPPENS WHEN THE HEAVENS OPENS:

1. There is an unprecedented, unlimited, and perpetual blessings released upon Gods’ people and the earth yields her increase. Also, the fountains of great deep are broken up, and the windows of heaven were opened, and the rain was upon the earth forty days and forty nights (Genesis 7:11-12; Deuteronomy 28:12; Malachi 3:10; Ezekiel 34:26-27; Psalm 67:6).

2. Righteousness and salvation are poured forth upon the earth. (Isaiah 45:8; 61:20-11; Psalm 73:6-9; 85:11 Hosea10:12; Joel 3:18)

3. The Anointing of the Holy Spirit is released upon lives and destinies (Matthew 3:16; Mark 1:10).

4. You are announced, approved and accepted (Luke 3:21-22).

5. There is high traffic of angelic activities and visitations upon your life and destiny (Genesis 28:12-18; John 1:51, Luke 2:10; Revelation 7:2).

6. Your voice is amplified, you become a global voice and reference point to your generation (Matthew 17:5).

7. The book of your life and destiny is opened; mysteries are revealed (Revelation 5:3).

8. Your tears, shame, reproach, affliction, struggles and toiling are wiped away (Revelation 5:4-5).

9. Your eyes and ears are opened to hear the voice of God clearly (Revelation 4:1; 19:11).

10. Visions, dreams and revelations becomes spontaneous when the heavens opens (Ezekiel 1:1; Revelation 19:11)

11. Divine Intervention occurs when the heavens opens (Isaiah 64:1).

12. Your dominion and authority is established (Psalm 72:8-17).

PROPHESIES:

* The heavens over you shall be opened and the rain shall be upon your earth continually. No more dry season in Jesus Name

* You shall experience angelic visitations that shall translate into good tidings in your life in Jesus Name.

* A major door of favour and blessings shall be opened unto you this season, in Jesus Name.

* You shall hear God clearly. Divine encounters and revelation shall be your experience, in Jesus Name.

* Your dominion and authority shall be established, in Jesus Name.

God bless you.

PASTOR FAVOUR ONOJA

TEL NO: + 234(0)8055842594
+234(0)7034893375

E-mail: onojaaf@yahoo.com

University of Nairobi confers honorary degree on Prof. Patrick Verkooijen

CAPTION:
L- Prof Stephen Kiama, VC, University of Nairobi; Prof Dr. Patrick Verkooijen, CEO, GCA; and Dr. Vijoo Rattansi; the Chancellor for the University of Nairobi is Dr. Vijoo Rattansi/(Mrs) at the 67th Graduation Ceremony of the University
By Favour Nnabugwu
Global Center on Adaptation CEO, Professor Patrick Verkooijen, was conferred with an honorary doctorate degree by the University of Nairobi at the institution’s 2022 Commencement Ceremony in Nairobi, Kenya.
Professor Verkooijen was awarded a Doctor of Science, Honoris Causa, of the University of Nairobi in recognition of his long career and achievements in championing climate action globally and shaping bold action at scale in Africa.
The Vice Chancellor of the University, Professor Stephen Kiama, presented the award, describing Professor Verkooijen as a “champion of causes…that make the world a better place”.
“Today, the University of Nairobi is proud to confer the degree of Doctor of Science, Honoris Causa, to Professor Patrick Verkooijen in recognition of his distinguished academic and leadership career in climate change and adaptation”
Professor Kiama said. “His impeccable personal character and high morals embody much of what we value and aspire to at our university as captured in our philosophy; and through this friendship, we will accelerate knowledge on climate adaptation for a more resilient Africa.”
Ban Ki-moon, 8th Secretary-General of the United Nations and Chair of the Global Center on Adaptation, congratulated Professor Verkooijen on his award. “With this honorary doctorate, I believe the University of Nairobi is recognizing a very special contribution to fighting the climate crisis” he said.
 “Professor Verkooijen has been a global leader in the fight against the climate breakdown for over a decade. His work at the helm of the GCA shows his tireless dedication to the cause of building sustainable, resilient future for all of us.”
Previous recipients of honorary degrees from the University of Nairobi include Dr. Kofi Annan, 7th Secretary-General of the United Nations and Nobel Laureate Wangari Muta Maathai.
Verkooijen used the occasion to underline the climate emergency in Africa. He stated: “Africa is climate crisis ground zero. If Africa loses out to the climate crisis, the world will lose out. Adapting Africa to the climate crisis is not just about survival. It is about Africa’s growth agenda. It is about jobs, development, and prosperity.”
“The sooner we stand together as a global community, the quicker we will all see ourselves through the great storm of the climate crisis. This University – and its students – are pioneering adaptation solutions right here in Kenya and can be an inspiration for all the world.”
Recognizing his track record for transformative change, the University of Nairobi also appointed Professor Verkooijen as the Distinguished Chair of The Wangari Maathai Institute for Peace and Environmental Studies.