All Posts in "Month: December 2022"

PenCom confirms 34 approved mortgage banks for residential mortgage …19 from Lagos, 7 from Abuja 

By Favour Nnabugwu
National Pension Commission, PenCom has released a list of 34 approved primary mortgage banks to participate in  the use of the Retirement Savings Accounts, RSAs for residential mortgage
The Director-General of PenCom, Mrs Aishat Dahir-Umar released the list of 34 mortgage lenders that have been approved RSA for their residential mortgage.
Of the 34 banks, 19 are from Lagos, 7 from Abuja and the remaining  8 are from other states.
The mortgage lenders from Lagos are Abbey Mortgage Bank Plc; Brent Mortgage Bank LTD; AG Mortgage Bank Plc; Centage Savings & Loans; City Code Savings & Loans; First Trust Mortgage Bank; Global Trust Mortgage; Haggai Mortgage; Homes-Base Mortgage; Imperial Homes; Jubilee-Life Mortgage Bank; Lagos Building & Investment; Prudential Mortgage Bank and Refuge Homes Savings & Loans.
Others from Lagos include Resort Savings & Loans; Safetrust Mortgage Bank; STB Building Society; Union Homes, Mayfresh Mortgage Bank and Resort Savings & Loans
Those from Abuja are Aso Savings & Loans; FHA Homes Ltd; First Generation Homes; Infinity Trust Mortgage Bank; MDSL Mortgage Bank LTD; Nigeria Police Mortgage Bank and Platinum Mortgage Bank
The remaining are from other states: Akwa Savings & Loans Ltd and Mutual Alliance both from Akwa Ibom; Coop Savings & Loans from Oyo State; Delta Trust Mortgage Bank; Gateway Mortgage Bank, Ogun State; Jigawa Savings & Loans, Jigawa state; Kebbi Stare Homes, Kebbi State and Living trust formally Omoluabi, Osun State
The mortgage firms are divided into two: national with minimum capital requirement of N5bn and state with N2.5bn minimum capital. In all, there are 13 categorised under national while the remaining 21 under state 
It will be recalled that PenCom released guidelines to allow contributors of the Contributory Pension Scheme to access part of their RSAs for payment of equity contribution for residential mortgage.
It stated that this was in line with Section 89 (2) of the Pension Reform Act 2014, which allows RSA holders to use a portion of their RSA balance towards payment of equity for residential mortgage.
The guidelines cover pension contributors in active employment, either as a salaried employee or as a self-employed person.
It noted that the maximum amount to be withdrawn is 25 per cent of the total mandatory RSA balance as of the date of application, irrespective of the value of equity contribution required by the mortgage lender.
PenCom said the applicant must have an offer letter for the property duly signed by the property owner and verified by the mortgage lender.
On criteria for mortgage lenders, the guidelines stated that, “To qualify as a mortgage lender for this purpose, the company must be licensed by the Central Bank of Nigeria, comply with the Contributory Pension Scheme and have valid Pension Clearance Certificate. The commission shall publish names of the eligible mortgage lenders on its website
Patoma Admin by — December 10, 2022 in Pension 0
AM Best affirms A ratings to Africa Re

By Favour Nnabugwu

 

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of African Reinsurance Corporation, Africa Re

The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Africa Re balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favourable business profile and appropriate enterprise risk management (ERM).

Africa Re balance sheet strength is underpinned by risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), and supported by low underwriting leverage and a conservative investment allocation by asset class.

An offsetting factor is Africa Re’s high exposure to elevated levels of economic, political and financial system risk that are associated with its main operating markets in Africa.

However, AM Best views these risks to be partially mitigated by the company’s good geographic diversification, with reinsurance business well-diversified across the continent and a significant portion of surplus assets held in North America and Europe.

Africa Re has a track record of robust overall performance, evident by a five-year (2017-2021) weighted average return-on-equity ratio (ROE) of 6.6 percent

However, in recent years, results have been negatively impacted by the emergence of foreign exchange losses associated with the devaluation of many African currencies against the U.S. dollar. AM Best notes that the company’s ROE should be viewed in light of its large capital buffers and its reporting currency, the U.S. dollar.

The company has generated robust underwriting performance over the long term, as demonstrated by a 10-year (2012-2021) weighted average combined ratio of 93.9 percent

While non-life underwriting performance was below expectations between 2018-2020, with combined ratios reaching 99.0% in 2020, the company achieved a solid turn-around in 2021 with a combined ratio of 93.4 percent . AM Best expects prospective underwriting performance to benefit from corrective underwriting measures implemented in recent years.

Africa Re is a composite reinsurer, with a primary focus on Africa. The company enjoys privileged market access and strong brand recognition, providing Africa Re with solid long-term growth prospects as the region’s insurance markets and economies continue to develop. AM Best considers Africa Re ERM framework to be aligned with the size and complexity of its operation

Patoma Admin by — December 10, 2022 in Insurance 0
Commissioner for Insurance, Sunday Thomas now Fellow of the CIIN

By Favour Nnabugwu
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM) Mr. Olorundare Sunday Thomas, has been inducted as a Fellow of the Chartered Insurance Institute of Nigeria (CIIN).
The Naicom boss was among the 12 fellows inducted by the institute at its 2022 induction ceremony which took place at the College of Insurance and Financial Management (CIFM) in Asese, Ogun state.
Fellows hold the highest qualification awarded by the Chartered Insurance Institute of Nigeria. Insurance Practitioners are entitled to be a Fellow if they satisfy the Governing Council that for a period of ten years immediately preceding the date of application in that behalf they have been fit persons, and in addition to being an associate must have been in continuous active employment as Insurance Practitioners
Olorundare Sunday Thomas appointment as the substantive Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Nigeria became effective April 30, 2020; having been appointed in acting capacity in Aug 2019
Prior to his appointment, Thomas was the Deputy Commissioner in charge of technical matters at the Commission between April 2017 and August 2019.
An astute insurance professional with vast knowledge and experience in underwriting, regulation and hands-on management of human and material resources spanning over four decades uninterrupted.
During these years, Mr Thomas had traversed the entire insurance sector in Nigeria leaving indelible marks along the way.
It is instructive to note that Thomas was the Director-General of the Nigerian Insurers Association (NIA) between May 2010 and April 2017, brought his experience to bear on the job. It is to his credit that the Association successfully developed and deployed the Nigeria Insurance Industry Database (NIID) platform.
He holds a BSc (Hons) in Actuarial Science and an MBA in Finance both from the University of Lagos. He is also an Associate Member of the Chartered Insurance Institute, London and Nigeria, Member Society of Fellows of the CII London, Member, Nigeria Institute of Management among others.
Speaking during the induction, President of CIIN, Mr. Edwin Igbiti, said since conception, the Institute’s professional examinations have served as a solid foundation for outstanding practitioners to launch and distinguish themselves into the professionalism of the insurance industry.
Igbiti said “This triumph should keep you basking in great joy and sense of achievement because the professional qualifications are a source of pride to the Institute and all its members.
“ It is extremely important to point out that by attaining our professional qualification, you have become custodians of the ethics and codes of practice of our noble profession,”
He submitted that the objective of the Institute’s code of ethics is to set forth the values, principles and standards that will guide the conduct of all insurance practitioners in the country.
He said as lifetime ambassadors of the insurance profession, they should uphold the creed and replicate all that it represents in their endeavours.
“Who you are and the principles you endorse are some of the values that distinguishes you as a leader and an outstanding professional.
“The completion of the Institute’s examination and your induction as an Associate of the Institute is actually the beginning of your quest for knowledge.”
He maintained that as professionals, the quest to keep honing their skills and knowledge gap is highly crucial in this digitalised world, adding that to become an astute professional who will always be relevant in the industry and the economy at large, will require to learn daily and stay at the top of trends and opportunities.
Patoma Admin by — December 10, 2022 in Insurance 0
CBN Governor tasks banks to boost non-oil exports 

By Favour Nnabugwu

 

 

 

Governor, Central Bank of Nigeria, Mr. Godwin Emefiele has called on banks to come up with actionable plans to boost foreign exchange inflow from non-oil exports.

Emefiele at the 13th annual Bankers Committee retreat held in Lagos with the theme, “Increasing the Productive Base of the Nigerian Economy and Non-Oil Export Revenues,”

Emefiele  stated that the nation needs actionable  plans to boost non-oil revenue given the sharp decline in forex inflow from oil exports  triggered by various factors bedevilling the global economy.

The CBN Governor challenged  the gathering of bank executives on the need to come up with measures to  resolve  structural issues inhibiting Nigeria’s non-oil export receipts as well as   strengthen the immunity and engender the resilience of the  economy against exogenous shocks.

He said,  “We must, in an attempt to walk towards diversifying the nation’s economy, think about how we can be less reliant on crude revenues. We are in the business of servicing our customers and servicing customers also entails that they have import needs and they need foreign exchange to conduct their import activities.

“To do so means you need foreign exchange for solving them. There is a clear shortage of foreign exchange today but yet as bankers, we must meet the needs of our customers. The market is tight and I know we don’t have a choice, we will have to do something to ensure that this problem is solved.

“That is the reason we decided at this retreat to focus on RT200 because essentially, we have to think about how to source foreign exchange for our customer’s needs without necessarily needing to resort to revenues from crude which as we all know has come to zero or almost zero compared to about $3 billion monthly that we were getting in 2014

“This retreat is convened to focus on the development of the local manufacturing industry and non-oil sectors, more broadly, and particularly to enhance the sector’s capacity to generate foreign exchange inflows. The focus is even more germane considering the enormity of the global economic turbulence, as wave after wave of negative shocks continue to ravage many countries.

“The Bankers’ Committee must recognise the critical role of the financial system in accelerating the development of the productive base of the economy. We must play our productive parts to engender the necessary infrastructure and services that are critical to boos non-oil exports.

“The 2022 Bankers’ Committee Retreat provides us with the opportunity to review the progress and impact of implementation of RT200. It is equally an occasion to re-examine our support for other government programmes to promote non-oil export and to identify specific implementable actions by the financial system to enhance foreign exchange revenues.

“At this retreat, we must come up with actionable steps to ensure that the Bankers’ Committee continues to make meaningful contributions to the growth and development of our dear country.”

Patoma Admin by — December 9, 2022 in Banking & Finance 0
Naicom directs companies to unite long-term, short-term goals

 By Favour Nnabugwu
National insurance Commission, Naicom has direct insurance companies to unite long-term goal with short- term objectives without misplacing their focus of profitable operations.
Commissioner for Insurance, Mr Sunday Thomas at the Directors conference on the theme: Transforming the Insurance
Industry Through ESG Principles: Directors’ Roles held at the College of Insurance and Financial Management, Ogun State.
Thomas said while increasing their shareholders value, companies should reconcile global expansion with local objectives and workplace with the community.
 According to him, “It is instructive that you take deliberate steps at reconciling long-term with short-term goals, global expansion with local objectives, workplace and community issues; all of which must be united, while not losing sight of the basic goals of profitable operations and increasing shareholder value”
“Consequently , in order to facilitate
economic prosperity, ensure environmental sustainability and social
development, we must join forces with identified stakeholders to drive
long term sustainable growth in the insurance sector for lasting benefits
to all stakeholders”.
“As  an industry, we should draw on external knowledge and partnerships to keep pace with wider trends affecting not just the local but also the global insurance market. We must discover strategies to adapt and overcome further changes in the near future that may arise as a result of entrenching Economic, Social and Governance principles”
The CFI said the annual programme is meant to apprise the directors with the developments in the industry and also equip them with necessary knowledge that will enhance the value of their companies
“We must take cognizance of the fact that Industrialization and economic development have given rise to a wide
spectrum of environmental externalities and social impacts bringing to the fore issues such as board structure, shareholder rights, business ethics, risk management, incentives and executive compensation.
“Consequently, for businesses to continually develop, they must take
into consideration the community in which they operate, ensure consistent value to customers, maintain the highest standards of governance and ethics, and mitigate its overall impact on the
environment”
Sustainable finance which is the creation of economic value through the
provision of financial services, now integrates Environmental, Social.
and Governance (ESG) considerations for the lasting benefit of stakeholders and the society at large.
The CFI said the major objective of balancing the spheres work well for the companies, “The objective is to achieve a balance in the pursuit of economic prosperity with environmental
protection and social development.
In the financial services industry, there is an increasing realization that
sustainable practices have a positive potential to save costs, increase
revenues, reduce risks, develop human capital and improve access to
finance thus, ignoring sustainability issues increases legal and
reputational risk”.
Thomas stated that Corporate Sustainability refers to an overall approach to managing organizations that prioritize environmental and social value creation alongside the traditional goals of profitability and growth. And ESG (Environment, Social, and Governance) are the three broad categories within which corporate sustainability is measured.
“The insurance industry globally is continuously undergoing profound
changes; we must admit that the disruption we are faced with is not just
digital but also harsh market conditions, demanding customers, innovative new market entrants and regulations which are also some of the forces transforming the insurance industry.”
He urged insurance companies to take steps that will prepare them for the future, however, wherever there is a challenge, there is an opportunity. And all the sources of disruptions can be harnessed to become a source of
growth for insurers.
“While no one can predict exactly what insurance might look like in a decade, insurers can take several steps now to
prepare for these changes”
“Each  of the four Principles for Sustainable Insurance has actions in the
areas of company strategy, risk management and underwriting, product
and service development, claims management, sales and marketing,
investment management, clients and suppliers, insurers, reinsurers and
intermediaries, government regulators, policymakers and stakeholders “
“It  is imperative that as an industry, we take precautionary measures by
raising awareness within ourselves on the potential sustainability impacts of business transactions, and integrating these considerations into pre-emptive and holistic risk management processes”.
We want to further encourage insurance companies to reduce their
environmental footprint through their internal operations and business
activities.
Speaking earlier, the Chairman, Governing Board of Naicom, Dr Abubakar Sani said the limiting of tenure for Chief Executive Office in the insurance industry is to ensure younger crops coming into the sector.
Sani said the limit of tenure will engender crops of younger professional and also help the industry to have a succession plan.
Patoma Admin by — December 9, 2022 in Insurance 0
ECOWAS Commission, Spain sign MOU on €1,49m for agriculture, energy

By Favour Nnabugwu
 President of the ECOWAS Commission, H.E. Dr. Omar Alieu Touray, signed a Memorandum of Understanding (MoU) of (€1,496,000) with the Spanish Agency for International Development Cooperation of the Kingdom of Spain on support to ECOWAS Specialised Agencies
The specialise agencies are the ECOWAS Centre for Gender Development (ECDG), the ECOWAS Agency for Agriculture and Food (RAAF) and the ECOWAS Centre for Renewable Energy and Energy Efficiency (ECREEE)
The Spanish Cooperation will make a voluntary contribution in 2022 directly of 1.498,000 euros to the ECOWAS Specialised Agencies through the ECOWAS Commission as broken down below:
A line of 500,000 euros will go to the RAAF’s Project for the Promotion of Integrated School Feeding Models in West Africa.
A line of 250,000 Euros for ECREEE’s Water and Energy Project for the Increase of Food Security and Socio-Economic Development, corresponding to the first annuity.
A line of 498,000 euros from ACID’s Ecological Transition Program (FONTEC) will support the project Transition to a Clean Energy Circular Economy through the Optimization of High Energy Intensity Value Chains in High Impact Sectors, with ECREEE.
A line of 250,000 euros will go to the Project of institutional support and promotion of the new strategies of the ECGD within ECOWAS on the promotion of gender equality and the fight against gender-based violence.
The Spanish Cooperation has been supporting ECOWAS with programmes across different fields, including Peace and Security
Patoma Admin by — December 9, 2022 in Foreign 0
Faces @ PenOp Seminar for NAIPE members in Lagos

 

 

Pensions Funds Operators, PenOp, held a one day seminar for the members of the Nigeria Insurance and Pension Editors, NAIPE in Lagos today

CAPTION

L – Managing Director/CEO Leadway Pensure Limited, Lanre Idris; President Pension Operators Association of Nigeria/Managing Director Stanbic IBTC Pension Limited, Olumide Oyetan and Head, Surveillance Department, National Pension Commission, Dr. Ehimeme Ohioma at the event

Mr. Oguche Agudah, Chief Executive Officer, Pension Fund Operators Association of Nigeria, (PenOp) 

Members of the Nigerian Insurance and Pension Editors, NAIPE at the seminar today at Lilygate Hotel, Lekki Phase 1, Lagos

 

Patoma Admin by — December 9, 2022 in Pension 0
Gambians, Tope Adaramola join leagues of Associates of CIIN

By Favour Nnabugwu
 
Citizens of the Gambia and the Executive Secretary of Nigerian Council of Registered Insurance Brokers, NCRIB have joins the leagues of professionals inducted by the Chartered Insurance Institute of Nigeria (CIIN) today with a total of 141 associates, 12 fellows.
President of CIIN, Mr  Edwin Igbiti at College of Insurance and Financial Management (CIFM) in Asese, Ogun State congratulated the new inductees.
Igbiti congratulated the inductees and awardees, adding, “We have an international student from The Gambia, 141 Associates and 12 Fellows.
This triumph should keep you basking in great joy and sense of achievement because the professional qualifications are a source of pride to the Institute and all its members.
“Dear Inductees, I welcome you today to the prestigious club of Insurance Professionals. It is extremely important to point out that by attaining our professional qualification, you have become custodians of the ethics and codes of practice of our noble profession,”
He said since the conception of the institute, the Institute’s professional examinations have served as a solid foundation for outstanding practitioners to launch and distinguish themselves into the professionalism of the insurance industry.
The CIIN president submitted that the objective of the Institute’s code of ethics is to set forth the values, principles and standards that will guide the conduct of all insurance practitioners in the country.
He who referred to them as lifetime ambassadors of the insurance profession, urged them to uphold the creed and replicate all that it represents in their endeavours.
“Who you are and the principles you endorse are some of the values that distinguishes you as a leader and an outstanding professional.
“The completion of the Institute’s examination and your induction as an Associate of the Institute is actually the beginning of your quest for knowledge,” he said.
He maintained that as professionals, the quest to keep honing their skills and knowledge gap is highly crucial in this digitalised world, adding that to become an astute professional who will always be relevant in the industry and the economy at large, will require to learn daily and stay at the top of trends and opportunities.
Igbiti implored the inductees to continue to upskill and upgrade themselves to remain significant in this ever- changing dynamic business space. “I equally urge us to take advantage of the Mandatory Continuous Professional Development (M.C.P.D) programmes offered by the Institute in addition to other post-qualification training courses offered by the College to keep grooming yourselves,” he said.
He told them that there are lots of competition out there but assured the inductees of opportunities in terms of career development and growth, both locally and globally,
Igbiti stressed it out to them that preoccupation should be more of how to defend and sustain the qualification in the form of the value that they are adding to both their employer and the industry.
In the same vein, Tope Adaramola who joined the industry in 1998 has rinse through the ranks to be the Executive Secretary of NCRIB.
Patoma Admin by — December 7, 2022 in Insurance 0
Faces @ the induction of professionals to the sector @ CIFM

The College of Insurance and Financial Management Inducts new Professionals into the industry in Asese, Ogun State today

 

CAPTIONS‘

Group Managing Director of Colnsolidated Hallmark Insurance, Mr Eddie Efekoha, President of the Chartered Insurance Institute of Nigeria, CIIN, Mr Edwin Igbiti and Mr Niyi Onifade, Managing Director of Heirs Insurance. The three are part of the governing council of the institute

L- Mrs Yetunde Ilori, Secretary- General of the Nigerian Insurers Association, NIA, President of the Chartered Insurance Institute of Nigeria, CIIN, Mr Edwin Igbiti and Mr Niyi Onifade, Managing Director of Heirs Insurance at the occasion 

Director- General of the Chartered Insurance Institute of Nigeria, Mrs Abimbola Tiamiyu

L- President of the Chartered Insurance Institute of Nigeria, CIIN, Mr Edwin Igbiti and Mr Niyi Onifade, Managing Director of Heirs Insurance

L- Director- General of the Chartered Insurance Institute of Nigeria, Mrs Abimbola Tiamiyu, Mr Fatai Lawal, Group Managing Director of Sterling Assurance and two other operators at the event

L- Mr Niyi Onifade, Managing Director of Heirs Insurance and the Executive Secretary of the Nigerian Council of Registered Insurance Brokers, NCRIB who is also an inductee at the occasion

Some of the inductees

Patoma Admin by — December 7, 2022 in Insurance 0
130 graduates bag First Class out of 5,852 at OAU

By Favour Nnabugwu

 

 

 

Not less than 130 students of Obafemi Awolowo University, OAU, Ile-Ife, Osun state bagged first class degrees as the school holds it 46th convocation programmes.

Speaking at the University campus in Ile-Ife today, the Vice Chancellor, Professor Someone Bamire, statedthat the school has a total of 5,852 graduates for it 2022 convocation ceremonies.

According to the Vice Chancellor, In Bachelor Degrees, classified, we have One Hundred and Thirty (130) in First Class (Honours), while One Thousand, Three Hundred and Twenty Three made 2nd class (Honours, Upper Division).

“In the 2nd class (Honours, Lower division) we have 1,991 graduands and in the 3rd class (Honours) category, we have 636 while 34 graduands are on a pass category. In all, we have 4,114 graduands in this Bachelor degrees, classified.

“However, in the Bachelor degrees, unclassified, which comprises graduands from the Faculty of Basic Medical Sciences, Faculty of Clinical Sciences and, of course, Faculty of Dentistry. Even graduands from our centre for Distance Learning also falls within this category.

“In this group, we have 7 graduands who have Pass with Honours, while 28 falls within Pass with Distinction. 444 made it under Pass with Credit and 486 are with Pass. In these make us to have 965 under this unclassified category.

“For the postgraduate graduands, we have 17 under postgraduate Diploma, 403 under Professional Masters and 200 under Master with Research Thesis. While we have 20 under Masters of Philosophy, the total number of our Doctor of Philosophy (Ph.D) graduands is 61. In all, we have 712 graduands under this category.

“May I also inform you that non-degree Diplomas in the Faculty of Administration, Faculty of Arts and Faculty of Education, are as follow; We have 2 with Distinction, 25 with upper credit and 34 with lower credit”.

While commending the Academic Staff Union of Universities, ASUU, for suspending its industrial action, he said the University placed priority on the welfare of its students, hence, the decision to hold the convocation after the university senate had approved the results.

Patoma Admin by — December 5, 2022 in Education 0