All Posts in "Day: October 18, 2022"

AIICO Insurance, Indo-Eye Care Foundation operate 2,000 free eye service to Nigerians

By Favour Nnabugwu

 

 

AIICO Insurance Plc, in conjunction with the Indo-Eye Care Foundation, has successfully performed free eye surgery on 2,000 Nigerians this year.

Since 2007, the organization has made it a tradition to provide between 2,000 and 2,500 patients with free eye surgery; they accomplished a similar number in the most recent year.

The Managing Director/CEO of AIICO Insurance Plc, Babatunde Fajemirokun, recently mentioned at the 2022 Sharad Purnima Dandiya event in Lagos that his insurance company offers to help the less fortunate restore their sight through the support it offered to Indo-Eye Care Foundation.

Asserting that this action is in keeping with the company’s Corporate Social Responsibility (CSR) to the communities and humanity, Fajemirokun, who was represented by the Communication Manager of AIICO Insurance, Ademola Adenekan, promised that the company will continue to support the underprivileged and initiatives like the eyecare foundation.

The management of the underwriting company, he claimed, is pleased that its gesture has allowed more blind people to regain their sight.

He stated that fast payment of claims has been and will remain a defining feature of the insurer’s operations and that it will continue to uphold its expectations and civic duties.

Patoma Admin by — October 18, 2022 in Insurance 0
Climate finance to low, middle income countries hits $51 billion in 2021

 

By Favour Nnabugwu

 

 

 

Total financing by major multilateral development banks (MDBs)to low-income and middle income economies in 2021 of $50.666 billion,

The figure surpassed the annual expectations of $50 billion set in 2019 (link is external) at the UN Secretary General’s Climate Action Summit in New York.

Of the $50.666 billion of climate finance committed to low-income and middle-income economies, $47.24 billion was from the MDBs’ own account and $3.426 billion from external resources that were channelled through the banks. Mitigation finance committed to low- and middle-income economies totalled $33.055 billion, or 65%, while adaptation finance totalled $17.611 billion, or 35%.

He MFBs fince on climate change rose in 2021 with over $19 billion committed to climate change adaptation finance, according to the Joint Report on Multilateral Development Banks’ Climate Finance

The report tracks the progress of MDBs in relation to their climate finance targets such as those announced at COP21 and the greater ambition pledged for the post-2020 period.

 

The 2019 goals projected a collective total of $50 billion for low- and middle-income economies and at least $65 billion of climate finance globally, with an estimated doubling of adaptation finance to $18 billion and private mobilization of $40 billion.

The report also records a notable increase in adaptation finance to over $19 billion in 2021, again beating expectations. A total of $19.187 billion was committed to climate change adaptation finance, with$17.611 billion, or 92%, committed to low- and middle- income economies, thus surpassing the expected collective delivery of increasing adaptation finance to $18 billion.

Kevin Kariuki, Vice President of Power, Energy, Climate and Green Growth at the African Development Bank, commented: “As MDBs, we have steadily grown the amount, and access to climate finance over the last decade, thereby demonstrating the potential of multilateralism in tackling global threats. However, this is not near enough, and efforts to ramp-up the quantum of, and rate of access to, global climate finance, especially adaptation finance, in developing countries are necessary”. He added,

“This is why we have established flagship programmes such as the $ 25 billion African Adaptation Acceleration Program and the $20 billion Desert-to-Power, to accelerate climate action, while safeguarding the wellbeing of our people and nature”.

This edition of the report presents the multilateral development banks’ climate finance commitments data in two different chapters, with data for low- and middle-income economies and that for high-income economies presented separately.

The African Development Bank’s contribution to climate finance in 2021 stands at $2.49 billion or 41% of all Bank investment approvals. Of this amount, the proportion of climate adaptation grew to 67%, which evidences the Bank’s steadfast commitment to supporting its regional member countries build adaptive capacity and climate resilience.

The 2021 multilateral development bank report combines data from the African Development Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank Group, the Islamic Development Bank and the World Bank Group.

Patoma Admin by — October 18, 2022 in Banking & Finance 0
FG to commission Lagos-Ibadan expressway, 2nd Niger bridge, Kaduna-Kano highway before May 29

And 70,000 Abuja housing project
.

By Favour Nnabugwu

 

 

The Federal Government has listed nine priority areas for its developmental target ahead of May 29, 2023 terminal date of the President Muhammadu Buhari administration.

Consequently, as part of measures to achieve set targets, the Executive and Legislature are to de-emphasize separation of powers and focus on collaboration and cooperation in the nation’s interest.

The priority areas include the commissioning of some projects like the Lagos-Ibadan expressway, the 2nd Niger bridge, and Kaduna-Kano highway and a 70,000 housing project in Zuba, a suburb of the Federal Capital Territory FCT, Abuja.

The targets were part of the recommendations from various panel discussions at the two-day ministerial performance review which held at the presidential villa in Abuja.

“The President expects to see these ideas and commitments coming to life on the dates promised and in the submissions to FEC”, said Secretary to the Government of the Federation SGF, Mr Boss Mustapha.

Accordance to him, Priority One is about stabilizing the macroeconomy, wherein the Federal Ministry of Finance, Budget and National Planning will drive aggressive revenue mobilization to reduce current levels of fiscal risks

According to him, “fuel subsidy will eventually be phased out by next year and use every apparatus available to the government to fight oil theft”.

The second priority would see the Federal Ministry of Agriculture and Rural Development committing to embarking on an aggressive dry season farming immediately after the wet season to sustain increased food production.

The Ministry will also sustain the use of Agro-rangers to enhance security in the farmlands and ensure continuity in food production.

Also, Priority Three which is on energy sufficiency would see the Ministry of Petroleum Resources fast-tracking the full implementation of the Petroleum Industry Act for sustainable national development and the development of an Oil and Gas Policy for Nigeria.

The Ministry will also expedite action in rehabilitating the existing refineries and ensuring mechanisms are in place to cushion the effects of total removal oil subsidy.

“The Siemens Grid and Distribution Enhancement Project aims to achieve 25,000 megawatts by 2025. Early work orders and financing structure for the deployment of transmission and distribution equipment have been completed.

“Efforts are on towards the realization of 11,000 megawatts of installed transmission capacity by 2023

“The Federal Ministry of Transport will work with other key government agencies to deliver the national single trading window and aggregate trade.

Appropriate technology to modernize and automate processes of port operations will be introduced to reduce delays in port operations.

“The Ministry of Aviation will work hard to complete the various ongoing projects listed under the Ministry of Aviation Road map.

“The Federal Capital Territory Administration will likewise deliver major projects to connect suburban areas and make movement easier in Abuja”, the document showed.

Other priority areas include ensuring that 35% Affirmative Action for women in public office is implemented; ensuring the release of funds to remaining states for Nigeria Development project that empowers women.

“Sustain the change management strategy being implemented by the Head of Civil Service to ensure full acceptance of key reforms across the civil service.
Federal budgets should be realistic and implemented to deliver value to the people.

“Office of the National Security Adviser to work with the National Assembly to revise and review the National Security Agency Act for effective coordination of the national security apparatus.

“The Ministry of Interior committed to ensuring the security of the over 200 border points of the country covering the land, sea and air border points.

“To resolve security issues government must consider the social contract it has with the citizens as a critical imperative
Consider deployment of a National Police Communication Surveillance System as a strategy for optimizing effectiveness of the Police Force.

“Collaboration to deliver/fostering Executive/Legislative Relationship and Enhancing Opportunities for Legacy Legislations.

“Senate President committed to the passing of all outstanding critical bills before the end of the Administration.
Senate president committed to the passage of the National Security Act by the end of 1st quarter of 2023

“The Executive and Legislature should deemphasize separation of powers and focus on collaboration and cooperation in the nations’s interest.

“The Senate President recommended the resuscitation of the joint committee of the office of the Attorney General of the Federation and the National Assembly for consideration of Bills”.

Patoma Admin by — October 18, 2022 in News 0
Nigeria’s inflation rate in September hits 20.77% ― NBS

By Favour Nnabugwu

 

The country inflation has increase from 8 percent straight month to 20.77 per cent in September, data released by the National Bureau of Statistics (NBS) on Monday has shown.

The NBS attributed the likely cause of the rise to the disruption in the supply of food products, increase in import cost due to the persistent currency depreciation, and a general increase in the cost of production.

On a year–on–year basis, in September 2022, the headline inflation rate of 20.77 per cent was 4.14 per cent points higher compared to the rate recorded in September 2021, which was 16.63 per cent.

According to the NBS, “this indicates that in the month of September 2022 the general price level was 4.14 per cent higher relative to September 2021.

“On a month-on-month basis, the Headline inflation rate in September 2022 was 1.36 per cent, this was 0.41 per cent lower than the 1.77 per cent rate recorded in August 2022. This means that in the month of September 2022, the headline inflation rate, month-on-month basis declined by
0.41 per cent, relative to August 2022″.

The rise in September 2022 inflation rate to 20.77 per cent from 20.5 per cent recorded in August 2022, tends to defy the Central Bank of Nigeria (CBN) latest unanimous decision to increase the benchmark interest rate (monetary policy rate) to 15.5 per cent in a bid to check the rising rate of inflation in the country.

The decline in the all-items index on a month-on-month basis, that is over the two months was due to the changes in the food index relative to the reference month index which is due to the ongoing harvesting season.

The percentage change in the average CPI for all items index for the twelve months ending September 2022 over the average of the CPI for the previous twelve months period was 17.43 per cent, showing a 0.6 per cent increase compared to 16.83 per cent recorded in September 2021.

Patoma Admin by — October 18, 2022 in News 0
25th NIA Chairman, Olusegun Omosehin’s investiture holds Nov 3

By Favour Nnabugwu

 

 

 

The Nigerian Insurers Association (NIA) will hold the investiture ceremony of Mr. Olusegun Omosehin as the 25th Chairman of the association on November 3rd, 2022 at Oriental Hotel, Lekki, Lagos.

NIA which happens to be the umbrella organization for all insurers in the country will hold the investiture ceremony of its new Chairman that bring change of leadership including the principal officers of the Association.

In a statement released by Davis Iyasere, Corporate Communications Dept said that the investiture ceremony presents an opportunity for the new Chairman to share his vision and strategic direction of the association during his tenure.

It is a unique opportunity for stakeholders in the insurance industry including clients, insurers, brokers, investors, government agencies, other professional bodies and providers of ancillary services to interact and share ideas on how to continually position insurance and appreciate its role in the larger economy.

The Chairman of the Investiture Committee Mr. Kunle Ahmed, also said that “this investiture ceremony will be significantly different from others as the investiture committee has lined up programmes / activities to signpost the event including the 25th Investiture Golf kitty.

“We want to use this investiture ceremony to make a bold statement that insurance has taken its pride of place in the financial service sector and our hope is that guests will go home with a clear understanding of the agenda of the new chairman for the association during his tenure which will impact insurance practice and the economy at large. We are looking forward to the best investiture ever”, he enthused.

Patoma Admin by — October 18, 2022 in Insurance 0