All Posts in "Month: November 2022"

Hydrogen investments in Nigeria to hit $2bn in 2040 – Allianz

By Favour Nnabugwu
 

Hydrogen investments in Nigeria are set to reach USD2bn in 2040 higher than major African economies, according to Allianz

African countries feature a promising combination of resources, coastal access and favorable location, positioning the continent as a potential central hub for the hydrogen-based global economy.

The report states, “Note that hydrogen investments in Nigeria are set to be significantly higher than in most other major African economies and will already reach USD2bn in 2040”.

Africa’s electricity-production capacities will have to increase tenfold by 2050, requiring USD110bn of investment per annum as early as 2030, which then would need to increase to USD190bn in 2050 to meet the goal of limiting the global temperature increase to 1.5°C.
A total global investment opportunity will adds up to USD7trn between 2020-2050
Global warming is the largest threat to humanity and a major driver of poverty and inequality, conflicts and violence. Nowhere is this more true than in Africa, which is at the epicenter of the climate crisis: Although the continent contributed the least to global warming, it is burdened with the highest impacts and losses
On that journey to net zero, two sub-sectors are pivotal. First,  Second, yearly investment needs in the African hydrogen market will have to reach USD3 bn per year in 2030 and USD9 bn in 2050.
The green energy transition is a once-in-a-life time opportunity for African development, a chance to reduce poverty and lift growth potential.
To reap this opportunity, there are three levers to pull: strengthening political stability and the rule of law, reducing project risks by adopting blended finance, and formulating clear green-energy strategies backed by economy-wide transition plans with sector-specific pathways.

An African energy transition would not only mitigate climate change but also reduce poverty by increasing labor productivity, agricultural yields, water availability, food security and human health.

Moreover, while mainly low-skilled jobs in “brown” sectors would be lost, higher-skilled jobs in “green” sectors would be gained, potentially leading to much higher human capital levels. In a nutshell, the energy transition provides tremendous development prospects for African countries.

Allianz operates in multiple countries in Africa through Allianz Africa, Allianz Global Corporate & Specialty, Allianz Trade, and Allianz Egypt.

Patoma Admin by — November 16, 2022 in Insurance 0
Monthly focus for November 2022 by Pastor Favour Onoja

MONTHLY FOCUS FOR NOVEMBER, 2022.

 

 

By Pastor Favour Onoja

 

 

“That your days may be multiplied, and the days of your children, in the land which the LORD sware unto your Fathers to give them, as the days of heaven upon the earth.

For if you shall diligently keep all these commandments which I command you, to do them, to love the LORD your God, to walk in all His ways, and to cleave unto Him;

Then will the LORD drive out all these nations from before you, and ye shall possess greater nations mightier than yourselves.

Every place whereon the soles of your feet shall tread shall be yours: from the wilderness and Lebanon, from the river, the river Euphrates, even unto the uttermost sea shall be your coast.

There shall no man be able to stand before you: for the LORD your God shall lay the fear of you and the dread of you upon all the land that ye shall tread upon, as He hath said unto you” (Deuteronomy 11:21-25).

Welcome to the Month of November, 2022. Our Focus for the Month is “THE DAYS OF HEAVEN UPON THE EARTH”

In this Month, you don’t have to run after the blessing, but the blessing will be running after you. Surely goodness and mercy shall follow you all the days of your life: and you will dwell in the house of the LORD, forever and ever (Psalm 23:6).

–  The days of Heaven upon the earth are days of supernatural provisions and manifestations; and of increase upon the earth.

–  It is the replication of heaven upon the earth (Matthew 6:10). These are days where the WILL OF GOD shall be enforced upon the earth. And it includes the ability to drive out enemies that are mightier than ourselves.

–  They are also days of the manifestations and demonstrations of the kingdom and acts of God upon the earth (Luke 10:9).  The kingdom of God is come nigh unto you. The kingdom of God is right here.

Luke 17:21 said “Neither shall they say, lo here! Or, lo there! For behold, the kingdom of God is within you”. It is right here now.

“Fear not, little flocks; for it is your Father’s good pleasure to give you the Kingdom” (Luke 12:32).

Friends, you can be delivered and healed  right now because the kingdom or the dominion of God is here. You can have your needs met and still expect supernatural increase or supplies.

Jesus manifested the kingdom of God wherever He went, that death had to bow its’ knees; devils had to run; sickness and diseases had to flee. The things of this earth, such as loaves and fishes being multiplied (Matthew 14:17-21); had to respond to His blessing.

–  The days of Heaven upon the earth are days where the works of your hands shall multiply; where the plowman shall overtake the reaper (Amos 9:13); where God shall quicken life and hasten the process of events in your  that shall cause the murmuring to cease (Numbers 17:1-10).

Our citizenship is in the kingdom of God. We are citizens of heaven, ambassadors representing the Lord Jesus Christ on this earth until Jesus returns.

Revelation 5:10 best described it  –  “And hast made us unto our God, Kings and Priests: and we shall reign on the earth”.

Our dominion, rulership, sonship are confirmed and established.

CHARACTERISTICS OF DAYS OF HEAVEN UPON THE EARTH:

1. Supernatural happenings beyond comprehension (Numbers 17:1-10; Acts 13:41).

2. These are days where you are no more hurtable, molestable, harassable and have been licensed to smite the earth with plagues at will, as often as you will (Revelation 11:3-6; Numbers 16:28-35).

3. They are days of supernatural speed (Amos 9:11-15)

4. They are days of Restoration of the lost glory (Haggai 2:1-9).

5. They are days of the confirmation, manifestation and exhibition of your royalty and sonship (1Peter 2:9-10).

6. They are days of the demonstration of His Almightiness and help (2 Chronicles 20:12-26;  26:7, 13-15;  1Samuel 7:12; Ezra 5:2; 10:15;  Esther 9:3)

7. They are days where your wilderness shall become a pool of water and the dry land springs of water (Isaiah 41:18; 2Kings 3:15-20; Joel 3:18).

8. They are days of rejoicing, combined harvest and double blessings (Joel 2:23).

9. It is the day of the termination of your warfare, forgiveness of your iniquities and receiving your double portion (Isaiah 40:1-2; Joshua 17:14-18)

10. It is the day of the termination of famine and announcement of abundance and new seasons (1Kings 18:1, 41-46)

11. It’s a season characterized with the multiplication of Wonders without Numbers (Job 9:10)

12. It is the days of the opening of the flood gates of heaven and an outpoured blessing (Genesis 7:11-12; 1Kings 18:1; Psalm 78:23; Isaiah 45:8; Ezekiel 1:1).

13.They are days characterized with the outpouring of His Spirit, where visions and revelations are numerous (Joel 2:28-29; Revelation 1:9-20).

14. They are days of the manifestations of His great wrath (Revelation 6:12-17).

15. They are days of the fulfillment of Prophesies (Matthew 2:23; 8:17; 27:35; John 19:24).

16. It is the season of the manifestations of His power and willingness in the heart of the people to do God’s bidding (Psalm 110:3).

17. It is a season where your desert can become a fruitful field (Isaiah 32:15).

18. It is a season of uncommon breakthroughs (Genesis 38:27-30)

19. It is a season of uncommon wisdom and expertise (Exodus 35:30-35; 36:1-2).

20. It is a season of publicity and advertisement of the Church (Micah 4:1-2).

21. They are days of His visitation where our nakedness shall be revealed (Isaiah 6:1-7).

22. It is a season of complete turnarounds (Psalm 126:1-6; Ezekiel 21:27).

PROPHESIES:

1.  I decree and declare that in this Month of November, you shall experience heaven on earth, in Jesus Name, Amen.

2.  Surely, His goodness and mercy shall follow you, throughout this Month, in Jesus Name, Amen.

PASTOR FAVOUR ONOJA
E-mail: onojaaf@yahoo.com
Tel: +234(0)8055842594 (WhatsApp)

Patoma Admin by — November 15, 2022 in Religion 0
250m people to access Solar electricity in Nigeria, 10 other countries – AfDB

By Favour Nnabugwu
An African initiative to increase solar generation capacity to provide 250 million people with electricity to Nigeria, Mauritania, Mali and Senegal including seven other countries
The Solar electricity to be sccess across Africa’s Sahel region for socio-economic development continues to attract financial support from around the world will include Burkina Faso, Niger, Chad, Sudan, Ethiopia, Djibouti and Eritrea.
Launched in 2019 by the African Development Bank Group and its partners, the Desert to Power initiative is designed to make Africa a renewable power house.
Desert to Power will develop and provide 10 gigawatts of solar energy by 2030 across 11 countries where 64% of the population lives without electricity – with consequences for education, health and business.
At an event held during the 27th United Nations Climate Change Conference in Sharm El Sheikh on Friday, the Global Energy Alliance for People and Planet, represented by its executive director for Africa, Joseph Nganga, announced $35 million in support of Sustainable Energy Fund for Africa (SEFA) under the initiative.
The Sahel from fragility to resilience and prosperity —brought together government ministers, development partners and private sector in representatives to discuss how to facilitate private sector investments In the Sahel..
Minister Tvinnereim of Norway highlighted the role of renewable energy in sustainable development. “We need to make sure there is access to renewable energy and prevent old fossil emissions. To tackle the crisis in the region, we need the readiness of the governments of the region. We also need sustained access to renewable energy and the Desert to Power program developed by the African Development Bank responds to these critical issues.
President Mohamed Bazoum of Niger addressed the event via video link, reiterating his government’s support for the program. The energy ministers of Mauritania and Niger, as well as senior representatives from key Desert to Power partners—including Power Africa, the Swedish International Development Agency, the European Commission, the International Renewable Energy Agency, the Green Climate Fund, ACWA Power and MASEN—underscored their support for the initiative.
Nganga from the Global Energy Alliance said the Alliance would also support the de-risking of investment made in the Desert to Power infrastructure as well as innovative solutions that would drive the program to succeed.
Patoma Admin by — November 15, 2022 in Banking & Finance 0
COP27: Experts explore avenues to mobilize more financing for climate Action

By Favour Nnabugwu

 

 

Global experts meeting during a panel session at the 27th global climate summit (COP27) in Egypt have endorsed a new climate finance roadmap to mobilize $1 trillion in annual external finance required by emerging markets and developing countries—excluding China.

The roadmap draws on the findings of a recently released report, Finance for climate action: Scaling up investment for climate and development(link is external), produced by a panel of experts chaired by Vera Songwe and Lord Nicholas Stern.

The discussions during the panel session underscored the need to boost effectiveness of policies by tailoring them to countries’ needs. The report advocates a rapid and sustained investment push to drive a strong and sustainable economic recovery from overlapping crises and to deliver on shared development and climate targets. concessional lending arm to low-income countries, was launching a climate action window to mobilize up to $13 billion for climate adaptation for vulnerable countries.

Adesina reiterated the call for International Monetary Fund Special Drawing Rights (SDRs) to be channeled to African countries through the African Development Bank. “SDRs will play a big role in helping Africa’s climate action, and the African Development Bank is well-positioned to leverage this reallocation four times to help mobilize financing for countries that need it most,” he said.

Stephanie Pfeifer, Chief Executive of Institutional Investors Group on Climate Change(link is external)—an association representing investors—said strong policies were vital in carbon pricing to phase out fossil fuels.

“The world needs development finance at scale for different types of risks, and data must also be made available to stimulate increased private sector investment into climate finance,” Pfeifer said.” If we get the whole system working together, we can make a lot of progress,” she added.

United Nations Climate Change Champion Mahmoud Mohyedin moderated the session, titled Facilitating finance necessary for delivery of commitments.

Patoma Admin by — November 15, 2022 in Foreign 0
ECOWAS plans four objective for 2023 community budget

By Favour Nnabugwu
Economic Community of West African States (ECOWAS) Commission, ECOWAS has objective plans against  terrorim, political stability in the “Our community depends of the outcomes of the outcomes of this deliberation. That is why the honorable members of AFC have to make constructive and concrete contributions. community budget
ECOWAS President, Omar Touray at the opening of 32nd Meeting of the ECOWAS Administrative and Finance Committee (AFC) in Abuja, said that the budget is designed to set the agenda for the next four years, which is aimed at putting the region back on track for regional integration
Touray said that the 2023 Community budget of “Consolidation and Reforms” is prepared to ensure the consolidation of the gains made in the institutional reform process and support the region’s recovery from the COVID-19 Pandemic and the Ukraine-Russia War.
“It is in view of the foregoing issues that we quickly identified four strategic objectives that would be our focus for the next four years which we called the 4 by 4 (4x).
“These four objectives are; Enhanced peace and security, Deeper Regional Integration, Good Governance, Inclusive and Sustained Development.
“In addition to these four strategic objectives, we have identified two enablers namely capable institutions and equitable partnerships, which would facilitate the realization of our objectives.
“Let me quickly add that our four strategic objectives are already aligned with the Community Strategic Framework (CSF), which has been developed for the realization of the ECOWAS Vision 2050.
“We intend to focus on strengthening the ECOWAS Peace and Security Architecture and achieving results related to;
“The Implementation Plan against Terrorism (on this we would like to invite you to support us with the full realization of the one billion dollars Pool Fund which our Members Pledged).
“The full operationalization of the ECOWAS Maritime security Architecture, the full operationalization of the National Early Warning and Response Centers, Building the mediation and rapid response capacity of ECOWAS,” Touray said.
Touray said that second strategic objective is to deepen Regional Integration through the promotion and enhancement of intra-community trade, free movement of people, and the monetary Union.
“Specific deliverables for the next four years under this pillar will include; Reducing tarrif and non-tariff barriers (through the effective deployment of the ETLS Task Force).
“Full operationalization of the regional payment system, introduction of ECO-Visa, implementation to concrete border projects under the ECOWAS Cross Border Programme, among others,” he added.
On the third strategic objective of Good Governance, Touray said the Community budget will focus on building stronger regimes against anti-constitutional change of government and support Member States to deepen democracy.
“Here, our specific deliverables in the next four years will include; completing the transition to democracy in Burkina Faso, Mali and Guinea. Enhancing our election support to Member states including observation mission.
“Strengthening ECOWAS Court and the ECOWAS Parliament to play their democratic roles. Instituting a broader mandate for intervention as a strong measure against anti-constitutional change of government.”
The ECOWAS Commission’s President said that the fourth strategic objective is Inclusive and Sustainable Development which covers gender and social programmes, infrastructure and environment.
“In the next four years, we intend to invest in Food security, including further increase in the stock of our Regional Food Security Reserve.
“And the implementation of the ECOWAS rice Offensive Action Plan (2022-2025) to reduce our dependence on imports, as exposed by the Ukraine-Russia war,” Touray said.
Declaring the meeting open, Chair of the AFC, Ms Silva Cristina said that the meeting is aimed at assessing the community budget to ensure that community resources and efficiently used for the betterment of ECOWAS citizens.
“The main objective of this year-end meeting is to consider and validate our budget, it is also to ensure the technical and financial monitoring of the year under review, 2022 budget.
“Our community depends of the outcomes of the outcomes of this deliberation. That is why the honorable members of AFC have to make constructive and concrete contributions.
“And our work will be to ensure that the strategic objectives of the community are being met. We are invited to look at the medium-term expenditure frame-work, 2023 to 2025.
“We are of the view that this exercise will only be easy if we look at it against the background of economic framework which ahs been strongly marred by the pandemic and also persistent non-enforcement of the protocol of the community levy on all product.
Patoma Admin by — November 15, 2022 in Foreign 0
FG targets $33, 000 per capita income come 2050

By Favour Nnabugwu

 

 

 

The federal government has set a target of $33, 000 per capita income by year 2050, from the current level of $3, 500.

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, made this known at the opening of the on-going Nigerian Economic Summit today

Ahmed said, “I am pleased to inform you that the draft Nigeria Agenda 2050 is being finalised and will be launched soon.

“The Plan seeks to increase the country’s per capita income to $33,000 by 2050 and place Nigeria amongst the rank of Upper Middle Income Countries.

“The Plan will be implemented by successive governments through Six, 5-Year Medium-Term National Development Plans and Annual Budgets.

“The Nigeria Agenda 2050 has a moral imperative to lower the poverty and unemployment rate significantly as this is the only way we can ensure sustainable broad-based growth”

According to Mrs. Ahmed, the government would renew the social contract with Nigerians and encourage the citizens to pay their taxes to enable government fund Programmes and projects.

She said that the federal government would consciously design Programmes and projects that would attract Diaspora Nigerians to invest at home.

Mrs. Ahmed added that the administration was focused on unlocking the economic potential of the non-oil and high employment generating sectors to achieve sustainable and inclusive growth and development.

Earlier in his address, the Minister of State for Budget and National Planning, Prince Clem Agba, said that the administration was review 18 laws and 10 policies considered as o stacked to the private sector businesses.

The minister said that the National Development Plan 2017-2025 paid particular attention to the diversification of the economy, amongst others.

His words, “The NDP 2021 – 2025 has a unique objective of establishing a strong foundation for a concentric economic diversification, implying that the economy had already been diversified but the focus of the Plan is to deepen the diversification effort within the sectors such that each sector could substantially increase its contribution to GDP and create more jobs.

“The Volume III deals with the legislative imperatives identified as binding constraints to Plan implementation and has identified 18 laws and 10 policies that constrained Plan implementation over the years.

” A Technical Working Team (TWT) comprising the Office of the President on Ease of Doing Business, relevant Ministries, Departments and Agencies (MDAs) and a renowned legal firm has been set-up to review these laws and policies with a view to enriching Plan implementation.”

In his Keynote address, one of the founding fathers of the NESG, Mr. Paschal Dozie, said that “the Nigeria we need” must be “truly federal”, not just in name but in reality.

He said that there the Exclusive and the Concurrent Lists should be reviewed to enable decentralization of government, with a real federal system, as obtained in other federal governments.

He added that the federal government should de-personalise institutions to make Nigeria more attractive to domestic and international investors.

In his contribution as a panelist, economist and banker, Mr. Atedo Peterside, noted that the nation was being held hostage by what he described as “rigged-properity” by a few elite.

According to him those in that class were less than 1 million people but they have improverished the multitudes of ordinary Nigerians.

Mr. Peterside regretted that based on data released by the National Bureau of statistics (NBS), at the end of 2015, 68 million Nigerians were in full employment but that as at end of 2020 the figure of Nigerians in full employment has fallen to a mere 31 million.

He lamented that very few Nigerians had access to the exchange rate at the official rate and those with such access did not represent the generality of Nigerians.

Mr. Peterside also condemned the fuel subsidy which has continued to put pressure on the nation’s fiscal position.

According to him, those who were involved in the massive oil theft were those in government or their cronies.

He wondered how many Nigerians had.the capacity to bring in ships into the country and load crude oil and take it away from the country, without the government stopping them.

Patoma Admin by — November 14, 2022 in Others 0
Air Peace suspends flight operations to Dubai over rejection of visas to Nigerians

By Favour Nnabugwu

 

Air travellers from Nigeria to Dubai, United Arab Emirates, UAE will be forced to consider alternative means of transportation in the coming days

This came as Nigeria’s indigenous airline, Air Peace suspended flight operations to the country indefinitely over non issuance of visa to Nigerians by the UAE.

UAE immigration authorities last month announced a visa ban to Nigerians without any reason, rejected applications for visa while the fees are Non- refundable

Following the development, the management of Air Peace in a statement stated that, “We hereby inform the public, especially our Dubai passengers, that effective from Tuesday, November 22, 2022, we shall be suspending our Dubai operations till further notice.

“This is consequent upon the persisting non-issuance of visas to Nigerian travellers by the government of the United Arab Emirates and the accompanying inconveniences.

“Air Peace has been operating into UAE even with the country’s recent travel restrictions, but given the heightening hurdles Nigerian travellers are facing in accessing the country, it has become imperative that we halt our operations to that destination.

“We shall provide further updates as the situation progresses. Passengers whose flights are affected by this development can mail our Call Center to attend to their concerns.”

Patoma Admin by — November 14, 2022 in Aviation 0
My heart breaks for Nigeria I travel when to different nations, my heart breaks for Nigeria — Pastor Enenche

By admin

 

 

The Senior Pastor of Dunamis International Gospel Centre, Dr. Paul Enenche has expressed concerns of the pace of development in Nigeria, saying that his experience traveling across the world makes him sad about Nigeria situation.

Speaking during November Anointing Service, Enenche said that Nigeria has enough money to turn all the state capitals into a Houston Texas or a Georgia. “The crude oil of one year if it is well accounted for is enough to sort out many things.

Maybe that’s why I don’t travel too frequently because anytime I do, my heart breaks afresh. The whole of Abuja here now can just be space for one airport. We went through Lagos airport to go, disaster.

“By the mercies of God, we have been traveling for a while now, America, UK, Asia, Singapore, Philippines, just around the world. I’ve never gotten used to how I feel about the wickedness of the leaders of our nation.

“Every time I travel anywhere, I feel if afresh. When we went to Singapore, I almost felt like crying. Is it possible for something to work like this and our leaders travel and see these things?

They travel and go on holidays with their families, go for medical treatments and see these things and even invest there, put millions of dollars there and it doesn’t cross their conscience to make their home like this.

“I feel it. When driving in Houston, come and see roads, flyovers, everything working. I said, ‘what is this?’ You travel, go for meetings, conferences, United Nations meetings and you don’t see anything. I see our people plenty there, my heart is broken, it’s like people who ran away from disaster, they’re plenty.

“Many applied for asylum, refugee status. I saw a young man there the other day, his family is still here, he ran away, and moved there. This guy is about to train in the best IVF specialist in the whole of the US and get a status and start working there, away from Nigeria. Massive brain drain.

He said that the same criminals are still presenting themselves, the same demon agents. “My phone had been working there and there were some text messages that waited until I arrived home. On my way coming, inside the aircraft at Frankfurt airport, ‘please pray for my brother, today is his wedding and he has been kidnapped.’

That was what greeted me on arrival, I don’t know the person but just imagibne, he’s in the kidnapper’s den on his wedding day. Wedding fixed, cards sent, everything – what a country. The demons that invited the bandits, terrorists and killers are still making themselves available.

He prayed to God to deliver Nigeria from the plague of disastrous and retrogressive leadership, “Lord, bless us with the right leadership that will usher in our Divinely allocated glory as a Nation. I see hope, I see change, I see help, I see mercy, I see the God of wonders coming through for our nation and changing.”

Patoma Admin by — November 14, 2022 in Religion 0
Africa Re ranks 55th, Continental Re 91st, WAICA 97th among Top 100 World Reinsurance

By Favour Nnabugwu

Reinsurance in Africa are making a headway in their operations as the African reinsurance were ranked among the top 100 world reinsurance.

The three reinsurers from Africa ranked Africa Re 55th position  Continental Re  91st and WAICA Re 97th among top reinsurers.
African Reinsurance, Nigéria’ turnover for 2021 in local currency 0.845, in USD 0.845 and 2020 in local currency 0.805, in USD 0.805 and 020 – 2021 evolution 4.97 percent.
Continental Reinsurance, Nigéria’s  turnover for 2021 in local currency 70.385, in USD 0.171 and 2020 in local currency 53.637, in USD 0.14 and 2020 – 2021 evolution 0.221percent.
WAICA Reinsurance, Sierra Leone’s  turnover for 2021 in local currency 0.153 in USD 0.153 and 2020 in local currency 0.103, in USD 0.103 and 2020 – 2021 evolution 0.485 percent.
The ranking was carried by evolution in USD, earned premium, net premium and sourced by Company report, Atlas Magazine and A.M. Best
The Deputy Managing Director of Africa Re, Mr. Ken Aghoghovbia, made this known at 26th AIO African Reinsurance Forum in Lomé, Togo.
The Deputy Managing Director of Africa Re, Mr. Ken Aghoghovbia at the 26th AIO African Reinsurance Forum in Lomé, Togo, outlining the journey and outlook for the reinsurance sector, he said the challenging environment remained mixed, due to a high level of uncertainty.
Aghoghovbia, in a Keynote address theme, “Sustainable Growth: The Role of African Reinsurers in Economic Growth & Development”, stated that the drop in capital with the natural catastrophes and COVID-19 losses, has, however, created favourable reinsurance pricing in the global market.
However, the extent to which inflation is factored into the reinsurance pricing would determine their sustainability over the coming renewal cycles, he said.
He noted that with most reinsurers struggling to earn their cost of capital, the financial rating and outlook of market players would be ever more important in the next renewal cycles.
Also, the Group Managing Director of WAICA Re Mr. Abiola Ekundayo, had said WAICA Reinsurance Corporation Plc has grown its gross premium from S35,000 in 2011 to S103 million in 2020.
Ekundayo maintained that the performance made WAICA Re one of the fastest-growing reinsurance companies in African.
He said: “Today, it has grown into a group. We have continued to expand throughout Africa and beyond, with four regional offices located in Nigeria, Ghana, Tunisia, and Ivory Coast.
“Also, we have four subsidiaries: WAICA Re (UK) Limited, WAICA Re Zimbabwe (Private) Ltd, WAICA Re Capital Limited (Ghana) and WAICA Re (Kenya) Limited.”
Assessing reinsurance business on the African continent, he said: “Reinsurance in Africa is on a steady growth path despite the turbulence created by the COVID-19 pandemic.
“The top 10 reinsurance players still control a significant share of the market.
There have been improvements in local content; however, significant large risk exposures in engineering, oil and gas are still ferried to non-domestic reinsurers.”
He said there had been a continued shift in building capacity as major players have conferences, academies, training and competitions were tailored to skill enhancement.
“Reinsurance companies should focus more on emerging risks such as: political risks, terrorism, cyber security, artificial intelligence, among others.
On it’s part, Continental Re has six offices in Anglophone West Africa, Eastern, Southern, CIMA, and Northern regions grew gross premium income by 12 per cent overall despite significant competitor activity. Lagos accounted for 42 per cent of our volumes, while collectively, Nairobi, Gaborone, Douala, Abidjan and Tunis now account for 58 per cent of our total gross premium income ratio (2019: 46 per cent; 54 per cent).
The company said the expansion was a deliberate strategy for greater diversification of our portfolio across Africa
Patoma Admin by — November 12, 2022 in Insurance 0
IiCC craves Nigerians to preserve desired lifestyles with insurance

By Favour Nnabugwu

The Insurance Industry Consultative Council (IICC) has beseeched Nigerians to take insurance to preserved the desired lifestyles

The Chairman of IICC, Edwin Igbiti, stated this at the 2022 Training on Compulsory Insurance, held in Benin City, Edo State to use insurance to maximise the enormous benefits offered by insurance to accumulate income and improve their lifestyles.

Igbiti said that insurance offers income, life and property protection to the insured and their needs, as well as income accumulation that can be used at retirement to help preserve the desired lifestyle of anyone.

He maintained that insurance is a global entity and its values and benefits are numerous to the existence of mankind.

Igbiti submitted that insurance stimulates business activities to operate in a cost-effective manner, by managing risks associated with business operations.

“The insurance sector safeguards the assets of its policyholders by transferring risks from an individual or business to an insurance company.

He said a major risk that is bedeviling the country among others presently is the flooding menace, adding that the current flooding has caused major havocs and death of lives.

“The IICC seize this opportunity to sympathize with all the victims across the country and believe that insurance companies will play their expected roles in ameliorating the effect of the losses and damages done promptly, as I know they are currently warming up to process huge claims from recent floods that ravaged some states.

“This again, avails us the opportunity to resonate the benefits of insurance to Nigerians. It is for times like these that we embrace insurance so as to have adequate compensation of losses incurred.”

He said the training was organised; to educate insurance practitioners on the mandatory insurance policies, the benefits therein.

He noted that the training is an annual event and the Corporate Social Responsibility of the IICC where government and other stakeholders gather to learn and share ideas for successful implementation of compulsory insurance of lives and properties in their respective States and Ministries.

The chairman said IICC was inaugurated in 2013 to act as the unifying voice of the insurance industry, representing it on national issues affecting the insurance industry, taking up and assuming other roles that would serve the best interest of the industry in Nigeria and providing lasting solutions to challenging issues within the insurance sector.

Patoma Admin by — November 12, 2022 in Insurance 0