All Posts in "Month: February 2024"

Government patronage to insurance still low- Oguntade to Oyetola

CAPTION:
President of the Nigerian Council of Registered Insurance Brokers, NCRIB, Prince Babatunde Oguntade paid a courtesy call on the Minister of Marine and Blue Economy, Mr Gboyega Oyetola in Abuja on Tuesday
By Favour Nnabugwu 
As part of the strategic collaboration initiatives of the current leadership of the Nigerian Council of Registered Insurance Brokers, NCRIB, Prince Babatunde Oguntade, regretted that government patronage of insurance is still not up to expectation.
Prince Oguntade who left NCRIB delegation to the Hon Minister of Marine and Blue Economy, Mr Gboyega Oyetola  in Abuja, thanked the Minister for his past support to the Council and implored him to use his strategic position to further tooth the horns of insurance brokers with the government.
Prince Babatunde Oguntade stated that the knowledge of government about roles of insurance was still low and that it takes the commitment of astute members and professionals like the Minister top executive positions in government to redress the trend.
He assured that the Council would continually seek ways to add value to the Ministry of Marine and Blue Economy through required advisory services in insurance and risk management, when engaged.
Responding, the Hon. Minister appreciated the visit and affirmed that he remained a proud member of the NCRIB and by extension the insurance family, being one of the pioneer graduates of Insurance from the University of Lagos.
He assured the Council of greater support and promotion of roles of the Broker amongst his contemporaries in government.
Patoma Admin by — February 7, 2024 in Insurance 0
Nigeria, India, Phillipines, South Korea, 14 others not on US 2025 visa lottery

By Favour Nnabugwu
The United States, has left Nigeria, India, Phillipines and South Korea out of applications for the Diversity Visa (DV) Programme for the fiscal year 2025.
The 14 other countries not qualified for the 2025 US lottery programme include:
Bangladesh; Brazil; Canada; China; Colombia; Dominica; El Salvador; Haiti;
Honduras; Jamaica; Mexico; Pakistan;
Venezuela and Vietnam.
This programme, popularly known as the Green Card Lottery, offers a unique opportunity for individuals from countries with historically low rates of immigration to the United States to obtain a visa.
The exclusion criteria are based on the number of nationals from these countries who have immigrated to the United States over the past five years.
Countries that have sent more than 50,000 immigrants to the U.S. within this timeframe are automatically disqualified from the DV Programme
 US leave out a total of 18 countries for the fiscal year 2025, Nigeria,  India, Phillipines and South Korea and the 14 othe countries are not ineligible to participate in this opportunity.
Patoma Admin by — February 5, 2024 in Business 0
Naicom, PenCom amongst 63 GOEs to generate revenue for FG

By Favour Nnabugwu
National Insurance Commission, Naicom and National Pension Commission, PenCom are among the 63 list of Government-Owned Enterprises (GOEs) expected to generate reveals significant revenue projections, expenditures, and remittances to the federal government for the year 2024.
But Naicom and PenCom are government owned agencies that has been from inception to regulate the companies in the sector and not to generate revenues.
From the time Naicom came into existence and PenCom, no government has unduly and mistakenly included the agencies to generate revenue because they were not meant to do so but to supervise and regulate the sectors under their jurisdictions.
The National Assembly’s approval of the 2024 appropriation bill on December 30, 2023, resulted in an increased budget size from the initial N27.5 trillion proposed by President Bola Tinubu to N28.7 trillion. This adjustment, totaling N1.2 trillion, is attributed to the optimistic revenue forecasts from these government enterprise entities
The detailed financial projections of these GOEs in a budget proposal submitted to the federal government by the Ministry of Budget and National Planning revealed that prominent organizations such as the Administrative Staff College of Nigeria, Corporate Affairs Commission, Federal Road Safety Corps, National Health Insurance Scheme, Nigerian Customs Service, and many more.
Each GOE has outlined its specific financial plan for the year, with entities like the Administrative Staff College of Nigeria projecting to earn N903,080,000.00 in revenue, expend N1,808,190,693.00, and transfer N363,080,000.00 to the federal government.
Similarly, the Corporate Affairs Commission has projected earnings of N28,518,447,500.00, expenditure of N14,259,223,750.00, and a remittance of N11,407,379,000.00 to the Federal Government. GOEs play a crucial role in the country’s commercial landscape, with substantial financial resources at their disposal.
Among the 63 GOEs are Administrative Staff College Of Nigeria, Corporate Affairs Commission, Council For The Regulation Of Freight Forwarding In Nigeria, Federal Airport Authority Of Nigeria, Federal Competition And Consumer Protection Commission, Federal Housing Authority, Federal Inland Revenue Service, Federal Mortgage Bank Of Nigeria, Federal Road Safety Corps, Financial Reporting Council Of Nigeria, Industrial Training Fund, Joint Admission And Matriculation Board, Lagos International Trade Fair Complex Management Board, National Agency For Food & Drug Administration & Control, National Automotive Design And Development Council.
Others include: National Broadcasting Commission, National Business And Technical Examination Board, National Examination Council, National Film And Video Censors Board, National Health Insurance Scheme, National Information Technology Development Agency, National Inland Waterways Authority, , National Lottery Regulatory Commission, National Lottery Trust Fund, National Office For Technology Acquisition And Promotion, National Space Research And Development Agency and National Sugar Development Council.
Others are Nigeria Civil Aviation Authority, Nigeria Deposit Insurance Corporation, Nigeria Export Processing Zones Authority, Nigeria Immigration Service, Nigeria Integrated Water Management Commission, Nigeria Meteorological Agency, Nigeria Social Insurance Trust Fund, Nigerian Agricultural Insurance Corporation, Nigerian Airspace Management Agency,
Nigerian Bulk Electricity Trading, Nigerian Communication Commission, Nigerian Communication Satellite Limited, Nigerian Content Development & Monitoring Board.
Others are: Nigerian Copyright Commission, Nigerian Customs Service, Nigerian Electricity Management Service Agency, Nigerian Electricity Regulatory Commission, Nigerian Export Promotion Council, Nigerian Film Corporation, Nigerian Investment Promotion Commission, Nigerian Maritime Administration & Safety Agency, Nigerian Midstream And Downstream Petroleum Regulatory Authority, Nigerian Nuclear Regulatory Authority, Nigerian Port Authority, Nigerian Postal Service, Nigerian Railway Corporation, Nigerian Shippers’ Council, Nigerian Television Authority, Nigerian Upstream Petroleum Regulatory Commission, Oil And Gas Free Zone Authority, Raw Materials Research And Development Council, Securities And Exchange Commission, Standards Organization Of Nigeria and Tertiary Education Trust Fund.
Patoma Admin by — February 5, 2024 in Insurance 0
Photo News: NiMET DG at 10th Aviation Workers Week in Abuja

The Director-General and Chief Executive Officer of the Nigerian Metrological Agency, NiMET, Prof Charles Anosike attended the 10th of Aviation Workers Week held in Abuja Friday.

CAPTION:

L- The Director General and Chief Executive Officer of Nigerian Meteorological Agency (NiMet), Professor Charles Anosike joined other dignitaries including the Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, on Friday in Abuja at the 10th Edition of The Aviation Workers’ Week & Award Nite themed ‘Workers As Strategic Partners In Achieving The Aviation Roadmap’.

Patoma Admin by — February 2, 2024 in Aviation 0
Continental Re engages Thierry Ravoaja as Chief Underwriting Officer, Treat, Retro

By Favour Nnabugwu

 

 

Continental Reinsurance Plc, a Pan-African reinsurer  has announced the appointment of Thierry Ravoaja to the role of Chief Underwriting Officer – Treaty and Retrocession

Ravoaja brings with him over two decades of industry experience, having most recently served as Vice President – Treaties Africa and Indian Sub-continent at CCR Re France, a role he held from 2019 to 2023.

Prior to that he was a Regional Director of West Africa & International Business for Zep Re, Kenya from 2014 to 2019, and Head of African Office at ARIG from 2007 to 2014.

Furthermore, he contributed as a Board Member at Waica Re from 2015 to 2019.

“Thierry’s diverse expertise and extensive industry knowledge make him a valuable asset to Continental Reinsurance Plc,” a Continental Re spokesperson stated
Adding: “His appointment reflects the company’s commitment to strengthening its leadership team with seasoned professionals, ensuring continued excellence in the field of Treaty and Retrocession underwriting.”

Ravoaja earned his Bachelor of Assurance degree from Ecole Supérieure d’Assurances, Paris – France in 2001, and a Masters in Reinsurance from the Reinsurance Institute (Ecole Nationale d’Assurances), Paris – France in 2002

Patoma Admin by — February 2, 2024 in Insurance 0
FAAN staffers spend N450m on tickets to sign document in Abuja, relocation is certain – Keyamo

By Favour Nnabugwu
The Minister of Aviation and Aerospace Development, Festus Keyamo, says there is no going back on the relocation of the headquarters of the Federal Airports Authority of Nigeria (FAAN) from Abuja to Lagos
“We are going ahead. The directive has been given,” the minister said matter-of-factly on Channels Television’s Politics Today programme on Wednesday.
He said it was uncalled for the half a billion FAAN staff spent on flight ticket annually to bring document through and from Abuja for signing
“You see them flying every day to and fro Abuja to get one file signed. They fly every day back and forth. In one year, they spent close to half a billion naira on flight tickets. N450m on flight tickets alone,” he said.
Keyamo said the movement of the headquarters of the airport authority has become necessary in line with current economic and operational realities.
all aviation agencies from Lagos to Abuja in 2020, no adequate provision was made for the principal officers like the directors and the departments under them.
He clarified that the headquarters is where the decision-makers meet, not where the largest number of workers are and not where the biggest building is.
He said over 100 of the 132 workers at the head office are in Lagos while only the directors are in Abuja — without their support staffers.
Keyamo said the whole issue was compounded by the fact that FAAN is not yet digitalised and so, in one year, they spent half a billion naira on flight tickets between Lagos and Abuja alone.
Patoma Admin by — February 1, 2024 in Aviation 0
Continental Re unveils Panel Judges for Journalism Awards

By Favour Nnabugwu 

With the submission window closing on February 14, 2024, Continental Reinsurance Plc is excited to reveal the eminent judging panel for the upcoming 9th Pan-African (Re)Insurance Journalism Awards.

This group of experts, led by Chair Michael Wilson, is set to recognize outstanding journalism in the insurance industry at the awards ceremony scheduled for April 12, 2024, in Victoria Falls, Zimbabwe.

The judging panel, comprised of seasoned professionals from diverse backgrounds, is dedicated to ensuring a comprehensive evaluation of entries, highlighting excellence in reporting across various categories.

Heading the esteemed judging panel is Michael Wilson, a renowned Business & Finance Journalist and the Chair of the panel.  Michael’s extensive experience and unwavering commitment to journalistic excellence will guide the thorough evaluation of entries.

Joining Michael Wilson on the panel are: Nadia Mensah-Acogny, Journalist, Forbes Afrique; Kenneth Igbomor, Market News Editor (West Africa), CNBC Africa; Gareth Stokes, Founder, Stokes Media Group; Shiamdass Appannah, Lloyd’s General Representative in Mauritius; Chakib Abouzaid, GAIF Secretary-General; Samia Heeda, former Managing Director Willis Towers Watson Re (Egypt); Sr. Prof. Agnes Lucy Lando, Professor of Communication and Media Studies at Daystar University and Liz Booth, Managing Editor, AfricaAhead

Call for Entries:  The submission window is open but closing soon!  Submit your entries by the deadline on February 14, 2024; Judging:  The evaluation process will take place from February 22, 2024; Announcing Finalists:  The list of finalists will be revealed on March 25, 2024. and Awards Ceremony:

Don’t miss the grand finale – the awards ceremony is scheduled for April 12, 2024, in Victoria Falls, Zimbabwe.
Business reporters from across the African continent are encouraged to submit their entries showcasing excellence in insurance reporting.  Categories include Online, Print, and Broadcast, available in both English, French and Arabic,
Patoma Admin by — February 1, 2024 in Insurance 0