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CFI, Sunday Thomas, loses wife, Oyinade Folashade Thomas, to death

By Favour Nnabugwu

 

 

Wife of the Commissioner for Insurance and the Chief Executive of the The National Insurance Commission, NAICOM, Mr Olurundare Sunday Thomas, Mrs Oyinade Folashade Thomas passed on to the great beyond  today, April 12, 2024 after a brief illness.

 Naicom expressed deep sadness during the release of the death 

Mrs. Oyinade Thomas was a pillar of strength, support, and a source of inspiration to her family, friends, and colleagues. Her kind-hearted nature, compassion, and generosity touched the lives of countless individuals, making her an exceptional woman who will be dearly missed by all who had the privilege of knowing her.

Throughout her life, Mrs. Thomas demonstrated exceptional dedication and commitment to the insurance industry as she stood side by side with her husband, the Commissioner for Insurance/Chief Executive, in his mission to ensure the development and growth of the insurance sector in Nigeria. She recognized the vital role of insurance in providing financial security to individuals, businesses and communities.

The loss of Mrs Thomas will be felt by all who were fortunate enough to know her. The National Insurance Commission extends its deepest condolences to the Commissioner for Insurance/Chief Executive and his entire family during this difficult time. In this period of mourning, our hearts and prayers go out to them, offering comfort and support on behalf of the entire insurance community.

The Commission would also like to express its gratitude to the insurance industry stakeholders, friends, and well-wishers for their outpouring of sympathy and prayers. We appreciate your understanding and support as the Commissioner for Insurance/Chief Executive mourns the loss of his beloved wife.

Funeral arrangements will be communicated in due course.

Patoma Admin by — April 12, 2024 in Insurance 0
Inspenonline retirement summit soars, holds April 25

By Favour Nnabugwu

 

 

More individuals, groups and organisations have continued to indicate interest to attend the maiden 2024 Inspenonline Retirement Summit, first of it’s kind, will hold on Thursday, April 25, 2024 .

According to the Promoter of the Summit, who is also Publisher of Inspenonline, Chuks Udo Okonta, prominent amongst those attending the summit are: members of Nigeria Employers Consultative Association (NECA); Nigeria Labour Congress (NLC); Trade Union Congress of Nigeria (TUC); Nigeria Union of Pensioners (NUP) and Pension Desk Officers (PDOs).

The event which will hold at Radisson Hotel include others as members of informal sector, insurance operators, pension operators, lecturers, students, workers and retirees.

Okonta submitted that the 2024 Inspenonline Retirement Summit, was designed to provide the requisite knowledge needed to aid the public to effectively plan and enter retirement life smiling and also help those in retirement rediscover themselves.

He said the theme: ‘Promoting Retirement Without Tears, Through Insurance and Pension’ will be handled by experts, who are masters in retirement affairs.

“Why would you spend thousands of naira to attend retirement seminars, while you can get the needed knowledge for free,” he enquired.

He said the event, which he christened the University of Retirement, has Faculty Leaders, such as, Chairman of event, Past President Chartered Insurance Institute of Nigeria (CIIN)/former Managing Director Sterling Assurance Limited, Fatai Lawal.

Special Guests of Honours: Commissioner for Insurance Sunday Thomas and the Director General National Pension Commission (PenCom) Mrs. Aisha Dahir-Umar

Special Guests: Past President Chartered Insurance Institute of Nigeria Sir. Muftau Oyegunle; Chairman, Nigerian Insurers Association (NIA) Olusegun Omosehin and the Chief Executive Officer, Pension Fund Operators Association of Nigeria, Agudah Oguche;

President Chartered Insurance Institute of Nigeria Edwin Igbiti; President Nigerian Council of Registered Insurance Brokers Babatunde Oguntade; Chairman, NSIA Insurance Limited, Dr. Adesegun Akin-Olugbade and the Former Managing Director Sanlam Nigeria, Val Ojumah

Keynote Speaker: Founder & Managing Director, ZER Consulting Africa, Adeolu Adewumi-Zer

Paper Discussants: Managing Director Motodols Consults/former Director General, Lagos State Pension Commission, Mrs. Folashade Onanuga; Founder, Mutual Aid Specialists, Adetola Adegbayi; Managing Director Universal Insurance Plc, Benedict Ujoatuonu; Managing Director and Chief Executive Officer of Crusadersterling Pensions Limited, Rotimi Adebiyi; Managing Director Heirs Life Assurance Limited, Niyi Onifade; Managing Director Sanlam Nigeria, Tunde Mimiko; Director General, Nigeria Employers Consultative Association, Adewale Oyerinde and the National Chairman, Forum of Pension Desk Officers, Nze Peter Nze.

Okonta appreciated companies and individuals that have so far supported the event morally and financially, whilst imploring good spirited individuals and organisations to also support the initiative.

Patoma Admin by — April 11, 2024 in Insurance 0
Afreximbank to offer Supply Chain Finance in  partnership with Sterling Bank

By Favour Nnabugwu

 

African Export-Import Bank (Afreximbank) has partnered with Sterling Bank to introduce the innovative supply chain finance product ‘Payables Finance’, in Nigeria.

This product, branded as ‘Afreximbank Tradelink,’ is one of Afreximbank’s digital offerings under the umbrella of the Africa Trade Gateway (ATG). ATG provides African corporates and commercial banks with relevant digital tools to access market information, connect with buyers and sellers across the continent for efficient marketing and procurement, facilitate Know Your Customer (KYC) processes, and promote trade payments between African countries in local currencies.

Payables Finance enables suppliers to access financing from the banking system by obtaining early payment for invoices which have been approved for payment by their corporate buyers. The buyers continue to receive trade credit from the suppliers, and the suppliers finance their working capital through the early payment received, enabling them to grow their business.

The financing cost is linked to the credit rating of the corporate buyers, thereby making this product particularly valuable for SME suppliers who may face challenges in accessing bank finance at competitive pricing.

Payables Finance is the fastest growing trade finance product globally and there is an enormous opportunity for African businesses to benefit from it. The partnership with Sterling Bank is a unique and innovative arrangement which leverages the complementary strengths of both institutions to provide a comprehensive market-led solution to Nigerian corporates and their suppliers. Under this arrangement, Afreximbank will provide financing to corporates and banks in both US Dollars and Euros while Sterling Bank will manage financing in Naira. Suppliers of Nigerian corporates can thus benefit from financing in both local and foreign currency as per their requirements.

Haytham ElMaayergi, Executive Vice President of Afreximbank Global Trade Bank, welcomed the launch as another milestone in realising the Bank’s vision of transforming Africa’s trade. He said: “Afreximbank identified supply chain finance as a solution for improving access to trade finance in Africa and embarked on a journey to increase penetration through financial intervention and capacity building.

The Bank’s Factoring Working Group has done extremely well to provide lines of credit to support factoring and has actively promoted factoring across the continent in collaboration with other institutions.” He added that the introduction of Payables Finance is the next step on the Bank’s roadmap for supply chain finance across Africa.

“African businesses now have the opportunity to harness the potential of this product, which has been widely adopted globally, at an accelerated pace by learning from the experiences of other regions and using the latest technologies which have been developed,” he explained.

Commenting on this partnership, Gwen Mwaba, Director & Global Head Trade Finance, Afreximbank said: “The launch in Nigeria is a first step in Afreximbank’s plans to introduce Payables Finance across Africa in partnership with leading African financial institutions. The product, which will deploy world class technology and a collaborative delivery model and will contribute towards achievement of the Bank’s strategic objective of reducing the trade finance gap in Africa, particularly for the Small and Medium Enterprises (SMEs) segment.”

Chukwuka Onuaguluchi, Ecosystem Banking Head at Sterling Bank, said: “Sterling Bank is committed to meeting the trade finance needs of Nigerian corporates and their suppliers and we are proud to introduce this much-needed product in partnership with Afreximbank for the benefit of Nigerian businesses.”

Afreximbank provides both US Dollar and Euro financing to businesses in its member countries across Africa and in Caribbean Community (CARICOM) member countries. The launch in Nigeria will be followed by similar partnerships in other African countries to expand local currency financing capability across the continent in a phased manner. Adoption of the product will be supported by capacity building events to increase awareness of supply chain finance and its benefits. The product rollout in Nigeria is complemented by a workshop targeting corporate institutions and banks, in collaboration with Woodhall Capital, a leading finance company in Nigeria.

Underpinning the delivery of these new financial products is a market-leading supply chain finance platform, developed by UK-based fintech Demica, a leader in working capital solutions. Demica works with the world’s leading banks to power their supply chain finance solutions. In 2021, the company established a partnership with Afreximbank to extend this technology to banks across Africa.

Patoma Admin by — April 5, 2024 in Banking & Finance 0
Naicom visits DTRS on third party insurance

CAPTION:
L-Commissioner For Insurance and CRO of the National Insurance Commission, Naicom, Mr Olorundare Sunday Thomas and the Director, Director, Road Transport Service, FCTA, DRTS, Dr. Bello Abdul-Lateef in Abuja yesterday. 
By Favour Nnabugwu 
National Insurance Commission, Naicom has taken insurance of third party to the office of the  Director, Road Transport Service, FCTA, DRTS.
The Commissioner for Insurance/Chief Executive Officer of the Naicom, Mr. Olorundare Sunday Thomas who was ably received by the  Director, DRTS, Dr. Bello Abdul-Lateef in Abuja on Wednesday shared some ideas and way forward.
The purpose of the visit by Naicom was to formally explore areas of collaboration with regards curbing:
1. Instances were persons circumvent the system by paying lower premium than expected and 2. The issue of “FAKE” Third (3rd) Party Motor Insurance 
The Director, DRTS, noted that a lot of individuals renewing their vehicle particulars were not getting value for the insurance premium being paid as they did not validate the insurance policies after purchase even though they might have paid N15,000; whereas the cover they were actually given cost N4,000 considering the fact that they may have engaged unauthorised persons to help process their request.
The Director, DRTS further mentioned they are now leveraging technology to curb such issues and that 98% of its processes are now automated. In addition, he stated that individuals can commence the process of their vehicle particulars renewal from the comfort of their homes.
The Commissioner for Insurance also informed the Director, DRTS on the enhanced third-party Motor Insurance which became effective 2nd January, 2023 increasing its premium from N5,000 to N15,000 and also its benefits from N1,000,000 to N3,000,000 covers respectively for the protection of road users.
In his closing remark, the Commissioner mentioned that effective collaboration between NAICOM and DRTS will help reduce the incidences of Third-party motor insurance irregularity by enhancing active policing to ensure adequate Insurance management system.
Patoma Admin by — April 4, 2024 in Insurance 0
FG to support insurance brokers body, NCRIB

CAPTION:

L – Past President, The Nigerian Council of Registered Insurance Brokers, Dr. (Mrs) Bola Onigbogi; Vice President, Mrs. Funke Adenusi, mni; Executive Secretary/CEO, Mr. Tope Adaramola; Hon. Minister of Finance and Coordinating Minister of the economy, Mr Wale Edun; President,NCRIB, Prince Babatunde Oguntade and Permanent Secretary, Federal Ministry of Finance, Mrs. Lydia Jafiya during the Council’s visit to the Minister’s office in Abuja recently

 

By Favour Nnabugwu 

 

 

The Federal Government has expressed its intention to partner with strategic professional institutions towards entrenching viable economic policies that would inflate the economy and guarantee the nation’s sustainable development, promised to support the Nigerian Council of Registered Insurance Brokers (NCRIB)

The Minister of Finance and Coordinating Minister of the economy, Mr Wale Edun, made the assertion when the delegation of NCRIB paid him a courtesy visit in Abuja.

According to Edun, the current administration was giving primacy to getting the economy out of the woods through pragmatic reforms by getting hold of government revenue and monitoring effective outcomes of government policies.

The Minister disclosed that the government realised the need to collaborate with reputable professional institutions which are believed to bring value to government’s new policy direction, hence an extension of hands of fellowship to notable bodies like the Nigerian Council of Registered Insurance Brokers, especially in its economic task force team.

Speaking earlier, the President of NCRIB, Prince Babatunde Oguntade had applauded the Ministry for effectively anchoring the economic reforms of the present administration which he stated was already putting the country on the path of sustainable recovery.

He stated that government needed to place greater emphasis on insurance as one of the economic reforms strategies, bearing in mind the endemicity of risks in every endeavour of government, coupled with the need to preserve the huge human and material resources of government against unforeseen circumstances.Oguntade specifically advocated a more stringent commitment of government to the enforcement of the laws on compulsory insurances which he noted would buoy the solvency of the industry as well as guarantee the required peace of mind of the people and inflate the economy ultimately.

While advocating the involvement of Registered Insurance Brokers in all government insurance accounts, Oguntade frowned at the practice of virement in yearly budgeted expenditure for insurances by government, noting that the accounting practice had deprived the industry of its required revenue.

The NCRIB President also made a passionate case for the removal of the National Insurance Commission (NAICOM) from the revenue generating agencies of government which led to government deducting 50 per cent front its revenue or income, a situation he said could badly affect the effective legislative oversight of the regulatory body through inadequacy of funds.

Patoma Admin by — April 2, 2024 in Insurance 0
Nominations for 9th African Insurance Awards extend to April 5

By Favour Nnabugwu

 

 

Africa Reinsurance Corporation, Africa Re, has extended the submission of Nominations for the 9th edition of the African Insurance Awards (AIA) has been extended to 5 April 2024.

Africa Re through the awards intends to rewards and celebrates excellence, innovation, good corporate management and leadership in the African insurance industry.

The Awards Ceremony will take place on 3 June 2024 in Windhoek, Namibia.

Company of the Year: This prize is open to all insurance companies registered in Africa and focuses on performance in the last two years.

CEO of the Year: This special award is given to the CEO of an insurance company, who has made an outstanding contribution over the past 12 months or more, either through the advancement of his/her company or the insurance industry in Africa.

Innovation of the Year: This prize is awarded to an insurance company for the best use of technology, for launching a breakthrough product / service or a new and innovative distribution channel or method.
InsurTech Initiative of the Year:

This prize targets non-insurers that are collaborating with insurers to improve customer service delivery, product development and overall innovation in the insurance value chain. For this category, the awards will provide a platform for the winner to meet the insurance industry

Patoma Admin by — April 1, 2024 in Insurance 0
Umar Mairami now president of PenOp

By Favour Nnabugwu

 

 

The Managing Director/Chief Executive Officer of Premium Pension Limited, Umar Mairami, has been elected as the new President of PenOp.

He takes over from Olumide Oyetan, whose tenure as President ended on March 31, 2024.

Olumide had been the president of the industry association for two years, having been elected in 2022.

In an online ceremony held recently, the new President, alongside the  newly elected executives took their oath of offices, pledging to carry on the ideals of the association and work to ensure harmonious relationship within the industry and to continue to maintain high standards of ethics and integrity within the industry.

In addition to the election of Umar Mairami as President of the Association, there were other executives that were either newly elected or re-elected to serve a two-year term as members of the executive committee of PenOp.

The Vice President was re-elected in the person of Joy Ojakovo, who is also the General Manager of Progress Trust Closed Pension Fund Administrator.

The Head of Legal and Regulatory was also re-elected in person of Godson Ukpevo, the MD/CEO of Veritas Glanvills Pensions Limited.

A New treasurer of the association was also elected in the person of Peters Eledu who is the MD/CEO of Zenith pensions Limited.

A new head of Media, branding and communication in the person of Donald Onuoha, who is also the MD/CEO of Fidelity Pensions Managers Limited was elected.

The Executive team will be in place for the next two years and they will work alongside the current CEO of PenOp to steer the affairs of the association.

Speaking on the elections and handover, The Chief Executive Officer of PenOp, Oguche Agudah, said “times of transitions and elections can be challenging within the life of an association if not handled well, but we have put in place mechanisms to ensure that it’s smooth, seamless and the strategic direction of the industry is preserved based on a shared commitment.”

Speaking on his election, Umar Mairami said he appreciated his colleagues for electing him and the other executive members, while pledging to work with all stakeholders to ensure that the industry keeps growing and keeps impacting the lives of Nigerians positively.

Patoma Admin by — April 1, 2024 in Pension 0
PenOp launches WOPEN for industry female leaders

By Favour Nnabugwu

 

 

The Pension Fund Operators Association of Nigeria, PenOp, has launched Women of Pension Network (WOPEN), a coaching and mentoring session, connecting seasoned female industry leaders with young female professionals.

The PenOp ideology initiative aims to provide guidance, support, and development opportunities to young female professionals in the industry who are seeking to enhance their skills, knowledge, and performance.

The WOPEN launch was in commemoration of the International Women’s Day (IWD), a global celebration held annually on March 8th.

It commemorates the social, economic, cultural, and political achievements of women while also advocating for gender equality and women’s rights.

In the spirit of the 2024 celebrations with the theme Inspire Inclusion, the PenOp, organized a hybrid event to commemorate the celebrations. The networking and informative session was supported by Infracredit, Providus bank and 10Alytics.

The event attracted top female professionals within the pension industry and beyond to discuss some themes that affect women in the workplace.

The event with the theme Accelerating Gender Parity in the Workplace consisted of two exciting panel sessions with the topic Women as a Solution to Nigeria’s Economic Challenges and Drivers Seat: The Role of Women in Digital Transformation. The panel had female C suite experts within the pension industry deliberate on key issues confronting women in the workplace and in the society at large.

The keynote speaker, Mrs. Anana Emanuel Esq. who is also chairperson of NLPC PFA, in her speech, stated that she has always been interested in the topic of gender parity, while she emphasized that she isn’t out to disparage men but to talk about equity and fairness.

She spoke about the goal of living in a world where every woman and girl can exercise their freedom and choice and realize their right such as to live free from violence, go to school, participate in decisions and to earn equal pay for work of equal value. Emphasizing the same right, rewards, opportunities, and resources to work.

In conclusion, the session sought to shine the light on the disparity between the genders in the workplace, particularly in the pension industry and to fashion a way forward in accelerating gender parity in the workplace.

Patoma Admin by — March 30, 2024 in Pension 0
PenOp throws more light into diabetes

By Favour Nnabugwu

 

 

The Pension Fund Operators Association of Nigeria (PenOp) recently organized a medical webinar titled “Managing Diabetes in Everyday Life,” where experts shared knowledge of healthy living and health management.

The webinar aimed to provide pension industry professionals with comprehensive insights into diabetes, including its types, identification, causes, and management strategies.

Adaobi Okoye, PenOp’s Head of Human Resources, opened the session by underscoring the necessity of health management for optimal functioning both at work and in daily life. Oguche Agudah, CEO of PenOp, further emphasized the importance of regular exercise and encouraged attendees to maximize the webinar’s opportunities. The online session garnered participation from over 200 pension industry professionals.

Facilitated by Dr. Akinkunmi Ilori, Group Head of Medical Operations at Bastion HMO and a renowned medical doctor and public health specialist, the webinar delved into the signs, symptoms, screening methods, treatment options, and prevention strategies for diabetes.

Dr. Akinkunmi explained that diabetes encompasses a group of diseases affecting how the body’s tissues utilize glucose, resulting in high blood sugar levels due to insufficient insulin production or ineffective insulin response. He discussed various types of diabetes, including Type 1, Type 2, Gestational, and Maturity-onset diabetes of the young (MODY), along with their causes and management approaches such as oral medications, insulin injections, and lifestyle modifications.

Addressing risk factors such as age, ethnicity, family history, and obesity, Dr. Akinkunmi stressed the importance of dietary habits and regular physical activity in diabetes management. He also highlighted optimal blood sugar levels for diabetic individuals.

The webinar concluded with attendees gaining practical knowledge on diabetes screening, treatment options, and effective management and prevention strategies, empowering them to take proactive steps towards better health and well-being.

The webinar was part of PenOp’s ongoing monthly knowledge-sharing sessions. These sessions provide a platform for professionals in the pension industry to network, exchange ideas, and listen to subject matter experts discuss relevant topics.

Patoma Admin by — March 30, 2024 in Pension 0
Steel, cornerstone of infrastrural, economic development- MITI Minister

By Favour Nnabugwu

 

 

The  Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, has emphasized the Nigerian government’s commitment to industry revitalization with a keen focus on steel, the cornerstone of infrastructural development and economic renewal.

This emphasis comes in tandem with an appraisal of the $600m Iron-Ore Mining & Processing Facility by the African Natural Resources and Mines Limited (ANRML) in Kaduna state, a significant stride in Nigeria’s mining sector.

“Our Industry Revitalization Plan prioritizes steel due to its foundational role in building our nation’s infrastructure,” Dr. Uzoka-Anite stated. “One pressing issue within our industry is the spiralling cost of goods, especially burdensome for manufacturers. By scrutinizing production costs, we aim to facilitate more affordable manufacturing processes.”

The Federal Executive Council has approved an Infrastructure Development Fund, which Dr. Uzoka-Anite describes as a “project de-risking fund,” concentrating on crucial infrastructure sectors vital to Nigeria’s economy. This fund, alongside the Industry Revitalization Plan, aspires to stimulate the economy, build additional roads, railways, and essential infrastructure. Increased production is anticipated to please investors and stakeholders alike.

“We owe President Bola Ahmed Tinubu gratitude for championing this initiative,” the Minister added, signalling the administration’s progressive vision.

In aligning with the remarks of Dr. Dele Alake, Minister of Solid Minerals Development, Dr. Uzoka-Anite praised the ANRML facility for its substantial foreign investment and commitment to value addition and beneficiation in its iron-ore processing. She asserted that these efforts are in line with the federal government’s policy to require value addition plans for mining operations license approvals.

Dr. Uzoka-Anite underscored the ANRML’s alignment with the Nigeria Automotive Industry Plan, enhancing local steel production for the automotive manufacturing sector. She highlighted the significance of the Direct Reduced Iron (DRI) produced

through the facility’s advanced beneficiation and pelletisation processes, setting Nigeria on the path to becoming a leading crude steel producer.

The Minister concluded by drawing a parallel between the country’s economic restructuring efforts and ANRML’s success, “The same tenacity and strategic groundwork that propelled ANRML to success are what our administration is channelling towards Nigeria’s transformation. Like the concrete foundations necessary for ANRML’s plant, our nation is laying the groundwork for sustainable prosperity.”

Patoma Admin by — March 30, 2024 in Industry, Trade & Investment 0