All Posts in "Day: January 27, 2023"

19 bag 1st class as Abia varsity graduates 3,757 students

CAPTIONM

iss Agbazuere Best Graduating Student

 

 

19 bag 1st class as Abia varsity graduates 3,757 students

 

 

. By Favour Nnabugwu

 

 

No fewer than 19 graduands bagged first class honours as the Abia State University Uturu, Friday, graduated 3,757 students.

This is as Miss Oluomachi Agbazuere, daughter of Gov. Okezie Ikpeazu’s ex- Chief of Staff, and Information Commissioner, Professor A. C. B Agbazuere, won his father’s Best Graduating Student award prize of N.5 million.

The Isila Ngwa South -born young Law graduate, made a total of 4.75 Cumulative Grade Point Aggregate, CGPA.

She was followed closely by Chukwubueze Praise Madumere, Computer Science, who graduated with 4.71 CGPA.

Chioma Miracle Peters, Linguistics and Communication Studies/Igbo, made 4.69 CGPA.

Chiazokam Emeh, Optometry; and Peace Nlemoha, Animal Science & Fisheries ; made 4.64 CGPA, and 4.59 CGPA, respectively.

Promise Nwosu, and Alex Ojunta, respectively made seven distinctions in Medicine & Surgery.

Further distribution of the graduands shows as follows: Doctor of Philosophy- 77; Masters- 138; and Post Graduate Diploma-77.

Others were Second Class Upper Division – 1,160; Second Class Lower Division-2,004; Third Class honours- 110; and Pass level- 3.

Former Vice Chancellor of the university, Professor Ogwo. E. Ogwo, was at the event, conferred with Professor Emeritus of the university.

Similarly, Gov. Nyesom Wike of Rivers State was conferred with the Doctor of Public Administration (Honoris Causa); while a legal luminary, Mike Ozokohme, was conferred with Doctor of Law ( Honoris Causa).

Three other eminent Nigerians including Chief Reginald Stanley, Mrs Folurunsho Alakija, and Chief Aigboje Aig-Imoukhuade, were respectively conferred with Doctor of Philosophy ( Honoris Causa).

In his address, Vice Chancellor, Professor Onyemachi Ogbolu, commended the graduands for their academic excellence, and charged them to be worthy ambassadors of the university.

The Vice Chancellor announced automatic employment for the Best Graduating Student, Miss Agbazuere.

He identified the restoration of industrial peace and harmony in the university as the hallmark of his administration.

The Vice Chancellor also enumerated some of the key achievements to include: 300-bed new hostel block for College of Medicine; upgrading of the Umuahia campus of the university and energization of 500KVA transformer at the campus plus award of 5.5 kilometer road project in the university by the Federal Road Maintenance Agency ( FERMA).

Others include successful accreditation of 27 programmes in the university even as he expressed optimism that very soon the de-accredited medical college of the university would be re-accredited.

The Vice Chancellor hinted that arrangements were in advance stage for the introduction of new programmes such as Aeronautical Studies as Aviation; Insurance and Risk Management; Hospitality Management and Tourism; Bio- Medical Engineering; Geology; Dentistry and Geo-physics.

In his address, Minister of Education Malam Adamu Adamu, represented by the Executive Secretary, National Universities Commission, NUC, Professor Abubakar Adamu Rasheed, identified lack of funds as the greatest challenge of education in Nigeria.

He commended the Management of ABSU for its giant strides in the education sector.

In his remarks, Gov. Okezie Ikpeazu represented by his Deputy, Sir Ude Oko Chukwu, promised the continued support of the State Government to ABSU, and the entire education sector.

He commended the university administration for its remarkable footprints in the academic world, and charged the graduands to distinguish themselves in their various fields of endeavour.

In her valedictory speech, the Best Graduating Student, Miss Agbazuere thanked God for the grace to emerge the overall Best.

She also thanked the university and her parents as well as lecturers for impacting on her while promising not to let them down.

Patoma Admin by — January 27, 2023 in Insurance 0
Nigeria to host over 300 delegates for Waica Educational Conference in May 2023

CAPTION

L  – The Commissioner for Insurance and the Chief Executive Office of the National Insurance Commission, Naicom, Mr Olorundare Sunday Thomas and the Chairman of the Nigeria. insurers Association, NIA,r Olusegun Ayo Omosehin

 

 

By Favour Nnabugwu

 

 

Over 300 delegates are expected  from West Africa countries to be in Nigeria for the 43rd Annual General Meeting (AGM) and Education Conference of the West African Insurance Companies Association (WAICA) coming up in May 2023.

The delegates who are coming from Ghana, Liberia, Sierra Leone, The Gambia and Nigeria will gather for three day from May 7 – 9, 2023 in Lagos

The West African Insurance Companies Association (WAICA) an institution formed to promote cooperation among insurers in West Africa

The Chairman of Nigerian Insurers Association, NIA, Segun Omoshein made this know during a Media parley with Nigeria Association of Insurance and Pension Editors (NAIPE), in Lagos.

He said, ” The Nigerian insurance market will host the next WAICA Educational Conference in May and as usual with conferences of this nature, we expect participants from other West African Countries”.

At this point, Omosehin use the opportunity to seek media unwavering support for the conference,

“We need your maximum support to host a successful conference and look forward to hosting the most successful conference in recent time'”.

Nigeria last hosted the 38th Waica Education conference in 2016 during the tenure of Muhammad Kari as the Commissioner for Insurance with theme “The Practice of Insurance in a Challenged Economy”.

Patoma Admin by — January 27, 2023 in Insurance 0
Third Party hike: NIA to launch out to stakeholders for support

By Favour Nnabugwu
 
The Nigerian Insurers Association, NIA has thrown the full weight behind the increase of third party motor insurance as the body is moving to reach critical stakeholders for support and patronage.
Chairman of the NIA, Mr. Olusegun Omosehin said the association appreciate the efforts of the National Insurance Commission, Naicom to better the industry and will do all withing the body power to make sure the sector get stakeholders backing of it.
Omosehin said the gains from the increase is far more endearing than the increase
According to him, “Nigerians will support the new rates and this will not only lead to increase in premium income for underwriters but also increase in claims payment to the clients”
“The  Association is embarking on stakeholder engagement as a first layer interface with the critical stakeholders to ensure their buy in and support”
“We  do not need to restate the issues with enforcement of the old rates, but we are confident that with your usual support and the understanding of the Nigerian public”

It will recalled that Naicom increase the third party insurance premium rates with effect from January 1, 2023. A private car owner would have to purchase a third party motor policy for N15,000, with a claim of N3million as benefit, while staff bus would have to pay N20,000 to enjoy a N2million claim Premium of N5,000 for tricycles and claim of N1million and premium of N3,000 for motorcycles respectively.

According to a circular issued by the National Insurance Commission (NAICOM) to all insurance institutions which was made available to Daily Independent weekend, the new premium rate for third party private motor insurance has been raised to N15,000 from N5,000 with N3miilion third party property damage (TPPD) as benefit in an event of damage.

Under the new template, a policyholder for Own Goods, effect from the stipulated date, has to pay a N20,000 as premium with N5mllion benefits where claims occur for a third party damage; insurance premium rate for a staff bus now goes for N20,000 with N3million Third Party Property Damage (TPPD).

Similarly a policyholder with general carriage truck would have to pay a N100,000 premium to enjoy N5million TPPD, while tricycle would have to pay N5,000 premium and enjoy N2million TPPD limit, and a Motor cyclist will have to pay N3,000 as premium and will enjoy benefit up to N1million respectively.

Third Party Property Damage (TPPD) is a limit of claims an insured can enjoy on the policy.

The NIA chairman said the third party also accommodate travellers withing the west Africa countries.
“It is important at this juncture to point out that Ecowas Risk (risk arising from travelers from West African countries) other is covered under the new premium rates

The new rates extends to the Third Party insurance policies for private and commercial vehicles inclusive of Ecowas Brown Card (EBC) while comprehensive motor insurance policy premium rate shall not be less than five percent of the sum insured after all rebates and discounts.

Patoma Admin by — January 27, 2023 in Insurance 0
Speech by NIA Chairman, Olusegun Omosehin @ Press Briefing in Lagos

PRESS CONFERENCE BY THE CHAIRMAN OF NIGERIAN INSURERS ASSOCIATION, MR. OLUSEGUN OMOSEHIN ON THURSDAY, 26 JANUARY 2023 AT INSURERS HOUSE, 42, SAKA TINUBU STREET, V.I. LAGOS.

Good afternoon gentlemen of the Press and Happy New Year.

I warmly welcome you all to this Press briefing and interactive session – the first since my investiture in November last year.
Let me thank you for your continued support to the Association and the Insurance Industry through your reportage of activities, trends, and developments in your various media. Our industry is still work in progress and we will continue to partner with you until the industry takes its rightful place in the national economic space.

Permit me to highlight a few issues that have engaged the attention of the leadership of our Association in the last few months.

1. NAICOM CIRCULAR ON NEW PREMIUM RATES FOR MOTOR INSURANCE
As you are all aware, the insurance industry regulator, NAICOM, released the above circular on Thursday, 22 December 2022 pursuant to its powers under the NAICOM Act 1997 and other extant laws.
The new rates contained in the circular which takes effect from 1st January 2023 are as follows:

S/N CLASS TYPES NEW TTPD LIMIT NEW PREMIUM

1 Private Private Motor N3,000,000 N15,000
Own Goods N5,000,000 N20,000
Staff Bus N3,000,000 N20,000
2. Commercial Trucks/General Cartage N5,000,000 N100,000
Special Types N3,000,000 N20,000
Tricycle N2,000,000 N5,000
Motorcycle N1,000,000 N3,000

According to the Circular, comprehensive motor insurance policy premium rate shall not be less than 5% of the sum insured after all rebates/ discounts.

The Association is in full support of the new premium rates released by NAICOM and has indeed taken steps to ensure that members comply and join in the publicity initiatives that will follow shortly. The Association is embarking on stakeholder engagement as a first layer interface with the critical stakeholders to ensure their buy in and support.

We do not need to restate the issues with enforcement of the old rates, but we are confident that with your usual support and the understanding of the Nigerian public, Nigerians will support the new rates and this will not only lead to increase in premium income for underwriters but also increase in claims payment to the clients.

It is important at this juncture to point out that Ecowas Risk (risk arising from travelers from West African countries) other is covered under the new premium rates.
2. CONSOLIDATED INSURANCE BILL 2020
The process for reviewing the Insurance Act 2003 has been ongoing since year 2020 when the Consolidated Insurance Bill was proposed.

Since then, we have been following through with all the processes and I am indeed delighted to inform you the Bill has been passed. It is currently going through the remaining legislative procedures preparatory to the Presidential accent.
We are hopeful that it will receive speedy attention so that the industry can begin to tap into the opportunities provided by the new law.

3. TENURE LIMIT FOR CHIEF EXECUTIVE OFFICERS EXECUTIVE
AND DIRECTORS OF FINANCIAL INSTITUTIONS

Before the end of last year, we also received a circular from NAICOM prescribing tenure limit for Chief Executive Officers of insurance and reinsurance institutions.
The Council is engaging the National Insurance Commission on areas of concern.

4. HOSTING OF WAICA EDUCATIONAL CONFERENCE

The Nigerian insurance market will host the next WAICA Educational Conference in May and as usual with conferences of this nature, we expect participants from other West African Countries.

We need your maximum support to host a successful conference and look forward to hosting the most successful conference in recent time.

5. RELATIONSHIP WITH OTHER ARMS
Gentlemen of the Press, you will recall that during my investiture ceremony, I unfolded the theme of my tenure which is: Expanding the frontiers of Insurance through Partnerships and Stakeholders’ Engagement.

In furtherance of the above, the Governing Council has scaled up engagement with other arms of the industry to discuss issues of mutual concern. The Joint NIA/ NCRIB Technical Committee has been meeting on technical issues that affect brokers and underwriters and it is our hope and expectation that these engagements will further cement the already existing cordial relationship between the two bodies.
Gentlemen of the press, please recall that I had earlier promised to make this interaction very brief. I thank you for your time and wish you the best in your endeavours.

 

 

Patoma Admin by — January 27, 2023 in Insurance 0
Africa Re affirms ‘A’ rating by AM Best

By Favour Nnabugwu

 

AM Best affirms Africa Re’s financial strength rating of “A” (Excellent) and the long term issuer credit rating of “a” (Excellent), both with stable outlook.

According to the rating agency, the company enjoys a very strong balance sheet, supported by a high level of risk-adjusted capitalization. The pan-African reinsurer continues to report a good operating performance despite a difficult economic, political and financial environment.

Africa Re’s appropriate enterprise risk management and its favorable business are also key indicators of the rating.

AM Best expects the group to maintain its position as a leading regional player in Africa and to continue improving its underwriting performance

Patoma Admin by — January 27, 2023 in Insurance 0
PenCom approves increase of retirees’ monthly pension from next Month

By Favour Nnabugwu
The National Pension Commission (PenCom has approved the increase of monthly pensions for retirees under the contributory pension scheme (CPS).
PenCom in a statement said this is the third edition of pension enhancement under the CPS which will take effect from next month
However, it urged all eligible retirees to contact their pension fund administrators (PFAS) to complete all required documentation.
“PenCom is pleased to inform the general public that the third edition of pension enhancement under the contributory pension scheme (CPS) has been approved, ” the statement reads.
“The exercise is for existing retirees under programmed withdrawal who have accumulated significant growth in their retirement savings accounts (RSAs).
The effective commencement date of the enhancement is February 2023. All relevant retirees are, by this notice, advised to contact their respective pension fund administrators (PFAS) to complete the required documentation.”
PecCom, therefore, assured all stakeholders of its commitment to the effective regulation, supervision, and administration of pension matters in Nigeria.
Patoma Admin by — January 27, 2023 in Pension 0