All Posts in "Month: January 2024"

NiMet pacts with Tomorrow.IO on digital weather, climate intelligence

By Favour Nnabugwu

 

 

The Nigerian Meteorological Agency (NiMet) has signed a memorandum of understanding with a leading weather intelligence company, Tomorrow.io.

The MoU with Tomorrow.io, a leading weather intelligence company based in Boston, Massachusetts, USA, with footprints across Africa and the Middle East, will see NiMet and the firm collaborate on a whole range of areas including commercializing weather data, improving accuracy of weather and climate forecasts, and application of artificial intelligence (Ai) in weather and climate intelligence.

Speaking at the MoU signing at NiMet in Abuja today  headquarters in Abuja today, the Director General and Chief Executive Officer of NiMet, Professor Charles Anosike said; “We have found good partners in Tomorrow.io. We are aspiring to actualize the mandate given to NiMet by the Honourable Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, on revenue generation and improved safety of the aviation sector. This MoU will help us achieve that”.

“As an agency, NiMet is already doing a lot. We are always on the lookout for partners that will help us improve and expand on our services. Ai and technology are playing leading roles in weather and climate forecasts.

“This partnership with Tomorrow.io will help us to do more for our various stakeholders across the socio-economic sectors we serve including aviation, agriculture, marine, oil and gas, construction, academia etc”.

Speaking, Mr Yaniv Gelnik, Director of Africa Expansion at Tomorrow.io said that experience from Kenya and in the other countries they serve shows that it’s possible to downscale weather and climate information daily to users especially farmers in usable formats.

This will help them in planning. Farmers will be able to receive via their mobile handsets weather intelligence daily, wherever they are and in a language of their choice. That’s part of the value proposition that Tomorrow.io is bringing to the partnership with NiMet. Ai allows for precise, unique, efficient and faster weather and climate forecasts compared to current systems and models. This will be of immense value to NiMet’s value-chain stakeholders”.

Patoma Admin by — January 24, 2024 in Aviation 0
Federal Capital cannot move to Lagos- Presidency

By Favour Nnabugwu 

Presidency has denied the rumour making rounds that President Bola Ahmed Tinubu planned to move the federal Capital to Lagos.
The Special Adviser to tPresident Bola Tinubu on Information and Startegy, Mr Bayou Onanuga said the status as federal Capital has come to stay it is backed by law
Abuja, as the FCT is backed by law and has come to stay, adding the movement of FAAN, a department of the Aviation Ministry, to Lagos does not amount to moving the FCT to Lagos

The statement reads, “President Tinubu has no plan whatsoever to move the Federal Capital to Lagos. The rumour first surfaced during the campaign last year by opponents looking for all manners of weapons to stop him. We trashed it.

“Those peddling it anew are dishonest, ethnic and regional champions, trying to draw attention to themselves. Abuja has come to stay. It is backed by law

The movement of FAAN, an agency of Aviation Ministry, to Lagos, where it was located before former Minister of Aviation, Hadi Sirika, moved it to Abuja during the last administration, does not amount to moving the Federal Capital to Lagos.
The administrative move should have ordinarily attracted scant attention, as Lagos is the commercial capital and the hub of aviation business in Nigeria. FAAN will still maintain some presence in Abuja. It is not a wholesale movement.
Similarly, the movement of the Department of Banking Supervision of the CBN to Lagos should not trigger any discord within the polity. The department concerned deals with commercial banks, almost all of which have their headquarters in Lagos.
There are many parastatals that are not based in Abuja depending on their mandate. The headquarters of the Nigerian Maritime Administration and Safety Agency (NIMASA) and Nigerian Ports Authority (NPA), for example, are in Lagos.
In the same vein, the headquarters of National Inland Waterways Authority( NIWA) is in Lokoja, while that of the Nigerian Content Development and Monitoring Board (NCDMB), was commissioned by former President Muhammadu Buhari is in Yenagoa, Bayelsa State.
It must be pointed out that these decisions are purely administrative that should not be politicized by people of goodwill and those who wish our country well.
Patoma Admin by — January 24, 2024 in News 0
Faces at the Elders Forum in Lagos

 

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CIIN President/Chairman of Council, Mr. Edwin Igbiti and Past President Eddie Efekoha at the Year 2024 Elders’ Forum in Lagos.

L-R: Ag. Head of Administration, Mrs. Anne Dike, CIIN Registrar, Mrs. Abimbola Tiamiyu, CIIN Treasurer, Mr. Akinjide Orimolade, CIIN Council Member, Mr. Gbenga Olawoyin and the Rector, College of Insurance and Financial Management, Dr. (Mrs.) Chizoba Ehiogu at the Year 2024 Elders’ Forum in Lagos

Cross section of Elders dancing at the Year 2024 Elders’ Forum in Lagos.

 

CIIN President/Chairman of Council, Mr. Edwin Igbiti and the Rector, College of Insurance and Financial Management, Dr. (Mrs.) Chizoba Ehiogu digging it at the Year 2024 Elders’ Forum

CIIN President, Mr. Edwin Igbiti with some Elders at the Year 2024 Elders’ Forum in Lagos.

CIIN President, Mr. Edwin Igbiti with some Elders at the Year 2024 Elders’ Forum in Lagos.

Patoma Admin by — January 24, 2024 in Insurance 0
Elders experience a beacon to insurance industry – CIIN president

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President of the CIIN, Mr Edwin Igbiti with some Elders in the industry

 

By Favour Nnabugwu

The Chartered Insurance Institute of Nigeria, CIIN, have acknowledge the immeasurable contribution and experiences of the elders who have committed themselves religiously to the growth and progress of the sector.
President of the CIIN and Chairman of Council, Mr Edwin Igbiti at the institute’s Elder forum in Lagos today also lamented on the death of Professor Joe Irukwu, the doyen of insurance and the National Insurance Commission’s pioneer Commissioner for Insurance, Mr Eugene Okwor.
Igbiti deeply expressed the gratitude of the present and up coming generations to take from the wealth of experience of the elders, adding that there experience is a beacon of progress to the sector.
He said, “It is a rare privilege to be in the midst of individuals who have accumulated a wealth of knowledge, experience, and wisdom over the years. Your presence here reflects a commitment to the betterment of our society, and I am grateful for the opportunity to engage in dialogue with such a distinguished audience”
“As we gather here today, it is essential to recognize the invaluable contributions of our elders. Your experiences have shaped the fabric of Insurance Sector, and your guidance has been a beacon for the Present and up-coming insurance professional that have followed, he added
“From the date we last held this event in Year 2023, till today, they are: Professor Joseph Ogbonnaya Irukwu, FCII, FIIN, SAN, OON – Past PresidentMr. Eugene Okwor, FIIN – Pioneer Commissioner for Insurance”
 “In a world that is constantly evolving, your wisdom provides a steady anchor, reminding us of our roots and guiding us towards a brighter future.In our pursuit of progress, let us not forget the lessons of the past. The stories you carry, the struggles you’ve overcome, and the triumphs you’ve witnessed offer profound lessons for us all”.
“I extend my deepest gratitude to the Elders present for honoring our invitation to be part of this event and to offer your own quota to the betterment of the Insurance sector and success of this event. Your presence and contributions are a source of strength and inspiration for us all. Let us continue to work hand in hand, honoring the past, navigating the present, and shaping a future that we can all be proud of”
 “It is through understanding our history that we can chart a course towards a more harmonious and inclusive future.I encourage each of you to actively bond today, sharing your insights and experiences”
“Your voices are essential in shaping policies and initiatives that reflect the values and aspirations of our community. Together, we can build bridges of understanding, foster intergenerational connections, and create a society that values and cherishes the wisdom of its elders”.
The CIIN president also appreciated the institute’s college and the Registrar for immense support to the institute and the entire industry.

“t is pertinent we appreciate the Institute Secretariat under the leadership of our ever committed and dedicated Registrar, Mrs. Abimbola Tiamiyu for making this annual event take place this year by ensuring that there is a conscious social interaction with you all. Thank you and God Bless.Mr. Edwin Igbiti, FIIN”

Patoma Admin by — January 24, 2024 in Insurance 0
Blinken arrives in Nigeria, meets with President Tinubu

By Favour Nnabugwu
The Secretary of State, Anthony Blinken, is in Nigeria as part of his tour to the West African sub-region
The United States Secretary of State, Antony Blinken, has arrived at the Presidential Villa for an official visit to President Bola Tinubu.
The Secretary of State is in Nigeria as part of his tour to the West African sub-region.
He had stopped over at Cape Verde and Ivory Coast before arriving in Nigeria and is expected to leave for Angola from here.
On hand to receive him with President Tinubu were the Minister of Foreign Affairs, Ambassador Yusuf Tuggar; the Minister of Information, Mohammed Yusuf, and other top government officials.
Patoma Admin by — January 24, 2024 in News 0
NiMet parleys Stakeholders On 2024 Seasonal Climate Prediction

By Favour Nnabugwu

 

Ahead of the public presentation of 2024 seasonal climate prediction (SCP), the Nigerian Meteorological Agency, NiMet,  hosted stakeholders in Abuja, to discuss the socio-economic impact of the SCP.

The stakeholders who cut across different sectors of the economy ranging from aviation, agriculture, oil and gas, construction, marine, insurance and financial services, tourism, academia and so on, yesterday praised NiMet for its invaluable services towards Nigeria’s economic development, through release of the SCP over the years.

It will be recalled that in 2023, the Central Bank of Nigeria (CBN), released a statement which said; “By heeding to NiMet’s advisory in 2022 on flood prediction in the country, we saved the country more than N120bn”.

While welcoming the stakeholders, the Director General and Chief Executive Officer (CEO) of NiMet, Prof. Charles Anosike said, “President Bola Ahmed Tinubu has clearly outlined his government’s eight-point agenda aimed at moving the Nigerian economy forward through Food Security, Ending Poverty, Economic Growth, Job Creation, among others. The Nigerian Meteorological Agency (NiMet) through actualisation of its mandate is climate proofing the economy by providing timely weather and climate information”.

Continuing, he said; “Over the years the SCP has evolved in scope, including the concept of co-production which is adequately supported by the World Meteorological Organisation (WMO).

“This allows critical stakeholders to be part of the production process of weather and climate information in order to increase the depth of knowledge, improve accuracy and enhance relevance of information provided. This concept also makes the stakeholders to co-own the weather and climate information generated”.

Concluding, Prof. Anosike said; “As we collectively take a deep look at the draft 2024 SCP to enrich it, especially the socio-economic implication, relying on our years of knowledge, expertise, and experience in our various fields, I hope that by the end of the stakeholders meeting, we would have produced a document that is scientific, relevant and actionable. Together, we will be proud of being part of a climate resilient socioeconomic development of our dear nation, Nigeria”.

The Director General of Nigerian Civil Aviation Authority (NCAA), Capt. Chris Najomo said; “All economic sectors are affected by weather and climate. This poses financial risks to governments, individuals and organizations. Climate information helps to mitigate and reduce the impact. I commend the Nigerian Meteorological Authority (NiMet) for the excellent job it is doing regarding Seasonal Climate Prediction (SCP).

I further acknowledge the positive impact the Seasonal Climate Prediction (SCP) has had on Aviation safety. For example, NCAA has found the annual SCP released by NiMet to be very useful in issuing Advisory Circulars to warn Pilots and Operators of the inherent dangers associated with the onset of rainy season and the harmattan season.

These Circulars have provided appropriate guidance to assist in preventing accidents and incidents which would otherwise be caused by thunderstorms and dust haze during their respective seasons. This, invariably, has reduced incidents/accidents associated with adverse weather to zero in Nigeria over the years”.

Concluding, Capt. Najomo encouraged NiMet to provide data that shows the level of accuracy of the SCP, for instance, in terms of number of Wind Shear phenomena recorded at airports across the country due to thunderstorm activities.

“The NCAA calls for enlightenment on efforts being made by NiMet to (1) ensure Aerodrome Met Office
personnel possess a good understanding of thunderstorm events and (2) efforts to provide appropriate equipment that easily detect and accurately predict such events.

I charge NiMet to consolidate on its compliance with the provisions of Nigeria Civil Aviation Regulations Part 14.6 –
Aeronautical Meteorological Services – particularly with respect to training of personnel and modernization of observing, forecasting and data gathering techniques, dissemination and storage equipment/instruments for flight planning and aerodrome development in Nigeria”.

The representative of World Meteorological Organization (WMO) in Nigeria, Dr. Bernard Gomez commended NiMet as it has been issuing the seasonal climate prediction for 10 years.

“WMO has established a protocol that mandates users of climate and weather information to co-produce. NiMet is following this protocol so as to meet the needs of the stakeholders. The agency can not do this alone hence the need to partner and collaborate with sectoral”.

“The stakeholders forum serves as a feedback mechanism for NiMet as it produces the final SCP draft. Stakeholders must ensure that the final SCP product meets everybody’s expectations”, Mr Gomez concluded.

The Director General of Nigeria Hydrological Services Agency (NIHSA), Engineer Clement Nze, represented by the Acting Director of Hydrogeoinfomatics, Bashir Suleiman, said that the stakeholders meeting was timely. “NIMet is fulfilling its mandate by bringing the stakeholders together. NIHSA is pleased to be part of this especially in the area of flood predictions”.

The Executive Director of Human and Environmental Development Agenda (HEDA), Mr Arigbabu Sulaimon, congratulated NiMet for keeping to time regarding the impending release of SCP.

“NiMet’s work is critical to the protection of livelihoods of people and also diversifying the economy of Nigeria. It’s not only the aviation sector that benefits greatly from NiMet’s services, the food and agricultural sector benefits too”.

In his goodwill message, the Director General and Chief Executive Officer of Nigerian Safety Investigation Bureau (NSIB), Captain Alex Badeh Jnr., represented by Mr Abdulsalam Abubakar, AGM Operations in the agency, appreciated NiMet for keeping to standards through the yearly and timely release of SCP. He said that NSIB has always collaborated with NiMet and assured that the partnership will continue.

The public presentation of NiMet’s Seasonal Climate Prediction holds on Tuesday, 20th February, 2024, as approved by the Minister of Aviation, Festus Keyamo, SAN.

Patoma Admin by — January 23, 2024 in Aviation 0
NCRIB visits Mandilas, pioneer CFI, Eugene Okwor

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resident, Chartered Insurance Institute of Nigeria, Mr. Edwin Igbiti; Executive Secretary/CEO, Nigerian Council of Registered Insurance Brokers, Mr. Tope Adaramola; Vice President, Mrs. Funke Adenusi, mni; Guest Speaker, Prof. Godwin Oyedokun; President, Mr. Tunde Oguntade; Deputy President, Mrs. Ekeoma Ezeibe and Immediate Past President, Mr. Rotimi Edu, mni at the 2024 Breakfast Series with the NCRIB President held in Lagos.

 

 

By Favour Nnabugwu

 

 

The Nigerian Council of Registered Insurance Brokers, NCRIB, has commiserated with victims of the Mandilas fire incident in Lagos and rued the poor attitude of the public to insurance.

Speaking when he led a delegation of the Council to the scene of the fire incident, the President of the Council, Prince Babatunde Oguntade lamented that the fire incident had further led to the hardship in the country, considering the fact that those who were victims of the fire were Nigerians.

Prince Oguntade who noted that the magnitude of the losses could have been mitigated if the victims adequately insured their assets and utilized the services of insurance brokers that are the professional intermediaries in the insurance value chain.

While calling on Nigerians to imbibe the culture of insurance for the mitigation of their exposure to risks, Oguntade opined that government at all levels needed to pay more attention to enforcement of existing laws backing some compulsory insurances, to help the government and the people protect their human and material assets, as well as grow the insurance industry.

The NCRIB President noted that “it remains inexpedient for government to continually seek to provide palliatives for victims of calamities. Instead, they could assist encourage or assist them to pay insurance premiums, to enable them make claims that would be consistent with the volume of their losses when they occur”

He seized the avenue to underscore the roles of the insurance brokers in educating insurance clients (existing and potential) about benefits of insurance, while also acting as their dependable allies in the event of claims payment.

Patoma Admin by — January 23, 2024 in Insurance 0
REGIC runs 75% company’s operation on Kissflow Low-Code Platform

By Favour Nnabugwu

 

 

Royal Exchange General Insurance Company Limited (REGIC) now run 75 percent of the company’s operation on Kissflow Low-Code Platform, an extensive digitalisation of its internal business operations using the Kissflow Low-Code Platform

As a result, 75 percent of the company’s enterprise operations now run on Kissflow’s Platform, yielding a significant degree of automation and substantial enhancement to the efficiency of operations.

Chief Digital & Information Officer at REGIC, Mr John Again stated, “Customer experience is paramount to success in the insurance industry and any delays in processing claims can result in attrition and tarnishing of the brand image.

“To elevate our level of service, we recently undertook an enterprise-wide digitalisation journey by leveraging Kissflow. To date, we have successfully digitalized eight core operations including policy booking and claims which translates to more rapid and responsive customer service, and enhanced productivity for our employees.”

Using the Analytics module of the Kissflow platform, REGIC has also implemented real-time dashboards to track the progress of claims processing. This flag claims that are approaching deadlines and creates accountability, encouraging strict adherence to SLAs.

Moreover, the automation ensures that customers are kept up-to-date via email or SMS at every stage in the claims process. As a result, the insurance provider was able to bring down claims processing time from three days down to two hours and reduce customer churn by 80 percent.

Because of the ongoing digitalisation made possible by Kissflow, REGIC has also been able to embrace hybrid work, thereby ensuring its operations continue smoothly no matter where the employees are based. The benefits of this were evident during the Nigerian elections when employees worked from home and could still ensure customers’ requirements were served.

Another key area enhanced by Kissflow has been budgeting, which thanks to digitisation and automation is now both highly transparent and streamlined. This visibility and control has helped reduce instances of budget overruns at the company by 85%.

Royal Exchange General Insurance is now looking to build on its successes with Kissflow and is currently looking to leverage the platform’s low-code capabilities further for building custom application development. Kissflow low code  largely aims to eliminate the technical skills barriers by enabling both IT & non-IT staff such as line-of-business managers and department heads to collaborate and rapidly develop customised applications that automate and streamline business processes.

“We are looking to build an investment app & HR app, and Kissflow’s Low-Code platform will enable us to engage all relevant stakeholders in the development process which will no doubt yield impactful outcomes,” said Agbai.

“Kissflow’s no-nonsense user interface and powerful functionality have helped us in showing value to our end-users and get management buy-in thus increasing user adoption and change management. We have gone from IT-driven transformation initiatives to the end-user-driven ones. More and more, employees and management are coming up with problems to solve using Kissflow,” Agbai added.

Commenting on the significance of Kissflow’s solutions to his organisation’s long-term IT objectives, Agbai concluded, “Kissflow has put our company on a new digital transformation journey. Their solutions have dissolved traditional barriers to innovation and redefined roles in our organisation by empowering individuals beyond the IT team alone. We now consider Kissflow, a strategic partner in

Patoma Admin by — January 22, 2024 in Insurance 0
EAISA to unify legal, regulatory frameworks by 2025

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Alhaji Kaddunabi Ibrahim Lubega
By Favour Nnabugwu 
Member countries of the East Africa Insurance Supervisor Association (EAISA) are to harmonise their legal and regulatory frameworks to provide a unified foundation by September 2025
They are to develop and adopt risk management and solvency standards by June 2025 to ensure insurers across the region maintain adequate financial reserves.
EAISA members agreed to collaborate on promoting cross-border insurance products and services, to tackle low insurance uptake and penetration in the region.
EAISA members also agreed to employ a joint approach to supervise systemically important insurance groups, monitor cross-border industry stability and coordinate the establishment of insurance supervisory colleges.
Speaking on behalf of all EAISA members, the Exco chairman Alhaj Kaddunabi Ibrahim Lubega, who is also CEO of Uganda’s Insurance Regulatory Authority, pointed out the importance of coordinated regional initiatives, relating to research and development for effective policy development and implementation.
“EAISA is committed to building capacity across the member countries, as we seek to implement industry integration initiatives,” he stated.
It also aims to develop and adopt regional frameworks for financial literacy, risk-based supervision, certifying insurance professionals and actuaries, and market conduct and insurance claims guidelines.
Patoma Admin by — January 22, 2024 in Insurance 0
Nigeria, three other countries rake $2.621bn investment inflow in 2023

By Favour Nnabugwu 
Nigeria and three other countries raked in  $2.621 billion investment inflow in 2023, as the four countries shared 68 percent of Africa total investment influx last year, according Africa Investment Report 2023
The three other countries are Kenya, Egypt, and South Africa.
Nigeria was third on the list with $575 million and South Africa closely behind at $565 million while Kenya received the highest funding in 2023 with $806 million, followed by Egypt with $675 million, all together totalling $2.621billion.
According to the report, these countries have continued to solidify their positions as the ‘Big Four’ destinations for funding in Africa
The Africa Investment Report 2023” revealed that Kenya, Egypt, Nigeria, and South Africa collectively account for a dominant 68% share of the continent’s total investment influx in 2023.
This concentrated growth reflects these nations’ attractiveness for investors and their increasing role as regional epicentres for international companies looking to expand across the continent.
The report lays out a detailed geographical analysis of the investment influx, with Kenya leading at $806 million, followed by Egypt with $675 million, Nigeria at $575 million, and South Africa closely behind at $565 million.
According to the report, these countries have continued to solidify their positions as the ‘Big Four’ destinations for funding in the African economic landscape
Further insights into the report showed that emerging markets are also displaying vigour, with countries like Tunisia, Rwanda, and Ghana quickly becoming hotspots for funding. Tunisia, for instance, garnered over $460 million in funding, while Rwanda has impressed with $350 million, reflecting a diversifying landscape that is attracting investors to new geographies and opportunities.
Another interesting insight from the report revealed that Fintech remains the biggest sector, reeling in substantial investments and accounting for 23% of total deals in 2023. The report also spotlighted other burgeoning sectors such as health, education, and agriculture, each with at least a 10% slice of the investment pie.
Patoma Admin by — January 22, 2024 in News 0