All Posts in "Patoma Admin"

ECOWAS Brown Card suspends Sierra Leone over debt

By Favour Nnabugwu
Sierra Leone has been suspended from the ECOWAS brown card insurance scheme for not paying its contribution to the General Council of Togo over the last three years. The unpaid sum totals 84 000 USD.
Sierra Leonean vehicles are no longer allowed to enter any member country of the Economic Community of West African States (ECOWAS) with a brown card. Foreign vehicles are also no longer allowed to cross into Sierra Leone with a brown card.
This decision is applicable until the country settles its situation with the General Council in Togo.
The scheme is aimed to achieve the main objective of ECOWAS which is socio- political and economic integration of the sub-region.
Members State of the scheme are Nigeria, Benin, Burkina Faso, Cote D’Ivoire, Gambia, Guinea, Guinea Bissau, Liberia, Mali, Niger, Senegal and Togo
Sierra Leone had been suspended from the scheme as they can not pay there contribution’s to the council in Togo for over three years now, amounting to eighty four thousand dollars $ 85,000.00 and members of staff of the national of in Sierra Leone has been going to meetings within the reference period.
It should be noted that the ECOWAS brown card insurance system was adopted in 1982 to ensure simple and fair compensation to victims of traffic accidents caused by non-resident drivers.
Motor vehicle insurance, which became compulsory in the 1960s in all the countries of the sub-region encountered some challenges which affected free movement of persons goods and services.
The Head of state and Government, concerned about the safety of Road users in the Economic Community of West African State (ECOWAS), have set up a system of automatic coverage and settlement of trans border claim in oder to promote free movement of goods and persons as mentioned in Article 32,33 and 34 of the ECOWAS Treaty on Transport, Communication and Tourism.
The ECOWAS Brown card Insurance Scheme was established by protocol A/P1/5/82 Signed in Cotonou on 29 May 1982 by Heads of state and Government of the Economic Community of West African State (ECOWAS). This protocol has been reviewed and adopted by the 78th session of ECOWAS Council of ministers.
The main objective of the scheme is to insure victims of traffic accident with prompt and fair compensation for damages caused to them by non resident motorist visiting their territory from other ECOWAS member States.
The scheme thus provides a guarantee for motor insurance and subsequently leads to the achievement of free movement as one of the objectives of the community.
The promotion of trade and Tourism between member countries is another objective of the scheme.
In a letter sent to the commissioner of insurance in Sierra Leone written by the council of Bureaux ECOWAS BROWN CARD INSURANCE SCHEME in TOGO signed by the permanent General Secretary Mr Winfred Kwasi DOFDZIH state that Sierra Leonean vehicles are not allowed to enter any ECOWAS country and no foreign vehicles should enter Sierra Leone until Sierra Leone honour it commitment to the general council in Togo.
Patoma Admin by — February 18, 2022 in Insurance 0
WAICA Re: Application for CSR competition ends March 31

By Favour Nnabugwu
WAICA Re will hold its annual Corporate Social Responsibility (CSR) competition. The competition is aimed at individuals and corporate entities in West Africa.with the deadline of March 31, 2022.
Through this initiative, the reinsurer’s objective is to contribute to economic development in Africa and strengthen the company’s ESG initiative.

The participants are required to write an essay on the theme: “practical solutions to environmental, social and governance risks”. Candidates are invited to apply no later than 31 March 2022 by sending an email to csr@waicare.com.

Several prizes will be awarded to different categories of winners. The top-ranked applicant will be named a Waica Re Ambassador (WRA) for one year. The WRA will receive a 5 000 USD award. The 2nd and 3rd placed candidates will be awarded 2 500 USD and 1 000 USD respectively.

The winning proposal must not exceed 100 000 USD in work value and a nine-month time limit.

For more information, applicants are invited to visit the website https://www.waicare.com/annual-csr-competition/

Patoma Admin by — February 16, 2022 in Insurance 0
African insurers urged to join Nairobi Declaration on sustainable insurance

By admin

 

Insurers have been urged to sign up to the Nairobi Declaration on Sustainable Insurance as a first step towards creating a sustainable insurance industry and to build resilience for the continent as a whole.

Speaking at a breakfast briefing for insurance CEOs in Nairobi, Kelvin Massingham, director – risk and resilience at FSD Africa, said there is a contribution insurers can make to the climate change and in producing better outcomes for Africa as a whole.

He stressed the importance of all businesses across Africa in engaging with the net-zero ambitions.

“The goal is net zero,” he said, “but we need to adapt to the changes that have already occurred. For insurers, that can be helping farmers with solutions to drought, making sure the finance is in place to help recovery.”

Mr Massingham also pointed out: “We are the most vulnerable continent and are home to 30 out of the world’s 40 most vulnerable countries. By 2050, Africa’s GDP will contract 30% if no action is taken on carbon emissions. Currently, a lot of African countries are already losing about 10% due to catastrophic events.”

The insurance industry exists to increase resilience, he said, so will play a vital role in building a sustainable environment for the future.

Mr Massingham encouraged insurers to identify the needs of customers and develop solutions to meet their needs and deliver greater resilience. But he added that insurers also have a key role in pointing capital to where it is needed most. “Project finance doesn’t exist without insurance,” he said. “It is important that we provide solutions to allow private investment to flow to green projects. The insurance industry manages a huge amount of assets. In Kenya, for example, there is KSH700bn that the insurance industry collectively manages and that money can be deployed a lot more effectively.”

That is what the Nairobi Declaration on Sustainable Insurance is about, he said. “It is to create an opportunity for organisations to commit to working towards these kind of things.”

However, Mr Massingham was realistic about the challenges ahead: “We realise that organisations are at different points on this journey so there are no minimum requirements for signing up. It is an initial commitment to working towards these goals as a business.

“We consider actions important. We are not interested in nice breakfasts, signing up online and nothing changes. What we are interested in is making sure the declaration has a market impact – on the way you deploy your assets, your market capital, the type of products that you develop, the strategies that you implement.”

There are a number of initiatives to support organisations on this journey, he promised. Among those are creating roadmaps for organisations. “If you are at the start of the journey, how do you create a strategy to implement this? So, there will be roadmaps, training and events to provide support.”

Added to that, FSD Africa will be working with regulators to create ESG guidelines for their regulated entities.

“It depends on the insurance industry”, he said. “You are the ones with the power to make a difference, with the balance sheets and underwriting capacity to drive change. The stated goal is 50 new signups by COP27.”

A website has been created to house information on the Nairobi Declaration on Sustainable Insurance here. It will provide case studies and examples to encourage insurance companies on the journey, as well as the opportunity for companies to sign up to the declaration.

Mr Massingham stressed that it can be hard for companies to sign up to such declarations, with short-term targets to achieve. But he is a firm believer that, looking at the bigger picture, “it is possible to not only look at the bottom line but also contribute to creating a safe and healthy resilient and sustainable society”.

He continued: “It ultimately will create more value for all the stakeholders.” He also recognised that sustainability can appear intangible and unrelated to short-term targets, however he made the case that it is highly relevant and should be a central part of how businesses operate.

There were big goals, he admitted, in creating a future for future generations and at the same time leaving nobody behind in the present.

Patoma Admin by — February 15, 2022 in Insurance 0
Insurance industry assets hit N2.13trn, GPI stands @ N630.4bn

By Favour Nnabugwu
Insurance industry’s total assets hit N2.13 trillion at the end 2021, according the National Insurance Commission, Naicom .
Head, Corporate Communications and Market Development, NAICOM, Mr Rasaaq Salami who released the figure gave the total assets of N2,139,203,39 trillion for 2021.
The industry also generated a gross premium income of N630,362.35 billion in the same period whilst the net claims settled stood at N238,050,49 billion for 2021.
 
Insurance companies in the previous to year 2020 raked in gross premium income of N238,050.49bn

The insurance industry assets has experienced a 16per cent increase from N1.8 trillion in June 2020 to N2.09 trillion as of September 2021,

As reported, the sector’s total assets rose by N228.24 billion or 16per cent from N1.8 trillion in June 2020 to N2.09 trillion as of September 2021.

Similarly, the industry’s assets rose from N1.16 trillion as of the end of December 2017 to N1.26 trillion and N1.45 trillion as of the end of December 2018 and 2019, respectively

Patoma Admin by — February 14, 2022 in Insurance 0
Vandals hit Lagos-Ibadan rail track, disrupt movement

By admin

 

 

Train movement on Lagos-Ibadan railway track corridor was temporarily disrupted on Saturday due to the removal of some components by hoodlums.

Passengers on board the train which departed the Obafemi Awolowo Train Station in Ibadan at 8:30am were said to have been forced to stop somewhere before Funmilayo Ransome-Kuti train station at Papalanto area of Ogun State as a result of the incident.

One of the passengers, Dr Feyi’ Leo, a lecturer at the confirmed the temporary disruption of the train movement.

She said that fear gripped her and other passengers, when the train was forced to stop.

Leo said the train coming from Lagos to Ibadan was also forced to stop in the opposite direction.

She added that the two trains continued their journey after the damaged section was fixed.

“The trip was smooth and we had gone past the station at Abeokuta , moving towards Papalanto, when the train stopped and reversed some few meters.

“We were agitated and started asking questions. An announcement was made by the NRC official on board that, their technicians were fixing a fault on the track, and that it would not take long.

“True to their word, we left after 20 minutes of stoppage. But I was afraid while the whole thing lasted because of the materials on my laptop.

“There is no backup, and it would have been a huge loss if anything had happened to my laptop,” she said.

Another passenger, who identified himself as Promise, said, the temporary stoppage caused panic on board the train.

He, however, added that there were armed security agents on board,and technicians, who quickly fixed the damaged track.

Patoma Admin by — February 12, 2022 in Transportation 0
UI Pharmacy student, Cynthia Okafor, graduates with 6.9 out of 7.0 CGPA

By admin

A student of the University Of Ibadan, Cynthia Okafor has emerged as the Best Graduating Student in the Faculty of Pharmacy.

Cynthia on Twitter shared pictures of herself in her convocation gown and also the awards she received from the school after graduating with a CGPA of 6.9 out of 7.0 from her faculty.

She tweeted,  “I just emerged as the Best Graduating Student of the Faculty of Pharmacy, University of Ibadan with a CGPA of 6.9 out of 7.0 & distinctions in 5 out of the 6 departments in the Faculty. Indeed I have seen God’s power yield much more for me than my human efforts could ever have!”  Credit: Twitter | cynthiaokafor_

Patoma Admin by — February 11, 2022 in Education 0
Veritas Kapital Assurance appoints Paul Oki as Independent Non-Executive Director

By admin

 

Veritas Kapital Assurance Plc has announced the appointment of Mr. Paul T. Oki as an Independent Non-Executive Director of the company.

The company notified the Nigerian Exchange Limited (NGX) and shareholders of the appointment through a disclosure signed by the company’s secretary, Saratu Umar Garba.

The disclosure further stated that the appointment of Mr. Oki has been approved by the National Insurance Commission, as required.

What you should know about Paul T. Oki
Mr. Paul T. Oki, according to the disclosure, combines over twenty-three (23) years of hands-on experience and expertise from strategic business partnerships, company law, compliance and public policy; acquired from providing advisory services to various Nigerian, U.S. and European clients on significant cross-border transactions and business partnerships in Company Law, Telecommunications, Aviation, Energy and other areas of Commercial Law.

It further states that he is a seasoned local and international bureaucrat, who remains a valued consultant to international risk management establishments providing due diligence and compliance advice on Nigerian businesses.

Earning his LLB from the prominent University of Benin in 1997 and being called to the Nigerian Bar in 1998, Paul is also a member of the Nigerian Bar Association (NBA), the Nigerian Corporate Counsel Forum (CCF), a pioneer member of the Governing Council of the Section on Business Law (SBL) a member of the International Bar Association, (IBA) and the Commonwealth Lawyers Association (CLA).

He is also the former Legal Adviser of the Nigerian Gas Association (NGA) and a former Director and Company Secretary of the Nigerian Airspace Management Agency (NAMA). Conclusively, the company’s disclosure states that Mr. Oki has distinguished himself in various high-level advisory roles for the Federal and State government(s) of Nigeria; serving diligently as a member on several ministerial committees

Patoma Admin by — February 11, 2022 in Insurance 0
CFI speech in Kano during a 3-day retreat on mandatory insurance

ADDRESS BY THE COMMISSIONER FOR INSURANCE, MR. O. S. THOMAS AT THE RETREAT FOR MEMBERS OF THE COMMITTEE ON IMPLEMENTATION OF COMPULSORY INSURANCES IN KANO STATE HELD AT ROCKVIEW HOTEL, ABUJA FROM 9 – 11, FEBRUARY, 2022

Protocol,I will like to first appreciate his Excellency the Executive Governor of Kano State Dr. Abdullahi Umar Ganduje for giving the support to the Commission and to the sector to boost insurance penetration in Kano state. I welcome members of the Committee to Abuja for this important retreat and as well.

The speed at which the State Government has taken serious steps to implement this project has given us courage and confidence that insurance can indeed, thrive in Kano State in particular and, Nigeria in General.I have been reliably informed that his Excellency has not only considered our request for office accommodation but directed an allocation of a comfortable office accommodation to the Commission. We are indeed grateful. The objective of this retreat is to equip members of the Committee with requisite information and knowledge to enable them maximise opportunities that will help grow and develop insurance culture amongst Kano State citizens, boost internally generated revenue for the state and, as well serve as a social protection mechanism that will assist both Government and citizens in the event of any disaster.

The Committee is already armed with a robust and strong terms of reference to work; and the calibre of personalities saddled with this responsibility by his Excellency is not giving any room for doubts. It gladdens my heart that membership of the Committee cuts across various sectors of the economy and business community in the State.We have put together various topics that will enable members of the Committee understand the nitty-gritty of the task before the it and how best to approach the assignment.

The facilitators will take you through the carefully selected topics and I believe that at the end of the day, we will leave here better informed and prepared to carry out the assignment.While not pre-emptying the presentations to follow, let me quickly mention the mandatory insurances that the Committee will be enforcing in the state, among others;Third party motor insurance in respect of all mechanically propelled vehicles that ply the public roads;Liability insurance cover in respect of all Buildings under construction that are more than two (2) floors;Liability insurance Cover in respect of all Public Buildings including Schools, Offices, Hotels, Hospitals, market shops, Shopping Malls etc.;Professional indemnity for all medical practitioners and hospitals;Group life insurance cover by all employers of labour for all their employees where there are more than 3 persons;Annuity for retirees as provided under the Pension Reform Act 2014 as an option

.The above compulsory classes of insurance I believe should be adequately covered by the Committee. Beyond the compulsory classes of insurance, the Committee could also look at encouraging individuals and corporate entities within the state to embrace other non-mandatory insurances either through Takaful Insurance (otherwise known as Islamic Insurance) or Microinsurance which caters for the low income earners who constitute larger percentage of the population and businesses.

This will enable an all inclusive approach to the drive for insurance uptake and will address most of the sentiments against insurance in our society. I want to assure the members of the Committee that the Commission is ready to provide all necessary support especially in the area of publicity, knowledge gap about insurance and expertise to assist you carry out your assignment successfully. I therefore will urge you to refer any matter you may require further guidance to the Commission. Suffice to say that the success of this project surely depends on the success of this Committee.

It is my belief that once Kano State gets this right, the story is going to be same with other states in the region. As one of the leading commercial nerve centres in the country with huge population and business potentials, the adoption and enforcement of these compulsory insurances will no doubt boost insurance premium income in the country, create thousands of employment opportunities in the state, improve standard of living of the people and increase the state’s internally generated revenue. As I mention in Kano during our workshop recently, working out a fashionable mechanism will ensure Kano State an enviable status of a role model to other states in the country in the area of insurance penetration.Let me also reiterate my earlier call on the Committee to consider and make recommendations to the state government on ways of including insurance cover to secure funds disbursed either to farmers or traders in its poverty alleviation programs.

As we all know, it is only with insurance that the government can guarantee business sustainability and revolving of funds for the future.I want to once again commend His Excellency for this wonderful commitment and swift action to see that insurance takes its rightful place in Kano State.

The entire cabinet have been so supportive and I must appreciate this hard work and resilience. I wish you fruitful and successful retreat.Long live Kano State

Long Live Federal Republic of Nigeria.O. S. Thomas Commissioner for Insurance/ Chief Executive Officer

Patoma Admin by — February 11, 2022 in Insurance 0
Kano govt to woo investors through compulsory insurance Policy

CAPTION:

L –  Hon. Mahmud Tofa, Special Assistant to the Kano State Governor on Intergovernmental Affairs; the CFI;  Kano State SSG and Chairman of the Implementation Committee Alhaji Usman Alhaji and Alh. Sabiu Bello, Deputy Commissioner for Insurance Technical.in Kano for a 3-day retreat.

 

 

 

 

 

By Favour Nnabugwu

 

 

The Kano State government has mapped a new way to attract foreign investors into the state through compulsory insurance.

The state government is optimistic that an entrenched insurance culture in Kano state will assure investors of the safety of their investments.

The Secretary to the Kano State Government, Alhaji Usman Alhaji, who represented the state governor Dr. Abudullahi Umar Ganduje said this in Abuja yesterday at a three-day retreat for members of the Technical Committee on implementation of Third Party Liability and other Insurances in Kano State.

Alhaji Usman Alhaji told journalists that the Kano state government is exploring and promoting insurance culture in the state to, among others, encourage Foreign Direct Investment (FDI).

He said, “In the long run, they (investors) will have to be insured as well and that will give them the safety required in case of any eventuality.
The compulsory insurance policy adopted by Kano state government is deliberate because we know that in the long run, we stand to mutually benefit: the insurance companies; the State government and the people of Kano.”

The Kano State Government Secretary added that the compulsory insurance policy was adopted by the state government in its quest “to make Kano a better state, develop economically and move to the next level”.

He said the policy will guarantee “the protection of the people of the state and their businesses, by ensuring they are insured and in the event of any eventuality, they can get relief”.

The National Insurance Commission host Kano State Committee on Implementation of Compulsory Insurances in the state to a 3 days retreat in Abuja. The Committee is headed by the Secretary to the Kano State Government Alhaji Usman Alhaji.

The Commissioner for Insurance and Chief Executive Officer of National Insurance Commission (NAICOM) Mr Sunday Thomas, said that the steps taken by the Kano state government on insurance was a testament that insurance could indeed thrive anywhere in Nigeria.

He said that the objective of the retreat was to equip members of the committee with requisite information and knowledge to enable them maximize opportunities that would help grow and develop insurance culture amongst Kano state citizens.

Thomas stated that the Kano state insurance policy would help the state “generate more revenue and serve as social protection mechanism that would assist both government and citizens in the event of any disaster.”

Patoma Admin by — February 11, 2022 in Insurance 0
Abdulquadir Dahiru now PenCom Media Chief

By Favour Nnabugwu
The National Pension Commission (PenCom) has recently announced departmental redeployment of staff.for which the former media Chief, Mr Peter Aghahowa was replace by Mr Abdulquadir Dahiru.
Also, Mrs Carol Alex-Uzomah is posted to Management Services Department respectively
Mr Abdulqadir Dahiru has been redeployed from Investment Supervision Department to Corporate Corporate Communications Department,as head of the department while Aghahowa has been moved to Research and Strategy Management Department
Mr Aghahowa in  a message to insurance and pension journalists announcing the latest development in the Commission said …”This is to inform you that Mr. Peter Aghahowa and Mrs Carol Alex-Uzomah have been redeployed from the Corporate Communications Department to Research and Strategy Management Department and Management Services Department respectively.
“The new Head of Corporate Communication Dept is Abdulqadir Dahiru. Please accord him all the necessary cooperation. I thank you all so much for the cooperation extended to me and Carol.”
Mr Abdulqadir Dahiru joined PenCom In 2007 as a Principal Manager.
Patoma Admin by — February 10, 2022 in Pension 0