All Posts in "Insurance"

NIA Press briefing in Lagos

CAPTION:

L- Mr Lanre Ojuola, Director, Operations Nigerian Insurers Association (NIA); Mrs Yetunde Ilori, Director-General (NIA); Mr. Olusegun Omosehin, Chairman (NIA) and Mrs. Bola Omole, Director, Project (NIA), at the media parley with members of the Nigerian Association of Insurance and Pension Editors (NAIPE), last Tuesday

Patoma Admin by — February 19, 2024 in Insurance 0
Naicom, Youth Dev. Ministry to advance youths on career, financial literacy

By Favour Nnabugwu
The National Insurance Commission, Naicom and the Ministry of Youth Development are in collaboration to advance development of youth in career and financial literacy .
This was made known when Commissioner for Insurance, Mr Thomas Olorundare Thomas made audience to the Minister of State, Federal Ministry of Youth Development, Mr. Ayodele Olawande on Friday
The purpose of the visit is to discuss potential collaboration opportunities between the Federal Ministry of Youth Development and NAICOM in advancing youth development initiatives, particularly in the areas of financial literacy, entrepreneurship, and career development.
The Commissioner for Insurance in his remark welcomed the Hon. Minister and gave a brief history and overview of the Nigerian insurance industry, the administrative structure of the Commission as well as its achievements in the area of financial inclusion, transition to risk-based supervision and IFRS 17, setting up of the West African Insurance Supervisors Association and the College of Insurance Supervisors of the West African Monetary Zone.
On his part, he Minister for State, Mr. Ayodele Olawande, thanked the NAICOM Management for the warm reception. He expressed his desires for the Ministry to collaborate with NAICOM in engaging the Nigerian youth formally and informally to develop their skills.
He noted that the Ministry had developed a digital platform (app) called Nigerian Youth Academy (NIYA) where Nigerian youth could learn vocational and digital skills.
He requested to collaborate with NAICOM in the building of insurance educational module to be uploaded on the NIYA platform as this will go a long way in training the youths and improve their level of financial literacy, help in entrepreneurship and job creation, career development and sensitise youth on the benefits of insurances.
The CFI promised to convey the Honourable Minister’s request to relevant parties (The Chartered Insurance Institute of Nigeria and the College of Insurance and Financial Management) within the Nigerian Insurance Industry.
Patoma Admin by — February 17, 2024 in Insurance 0
Wigwe was a voice in the financial sector as NIA mourns him, others

By Favour Nnabugwu

 

The Nigerian Insurers Association, NIA, has expressed deep concern for the dead  of the Group Chief Executive Officer of Access Holdings Plc, Dr. Herbert Wigwe, who died alongside his wife and son, in an helicopter crash in the United States on Friday.

The association extends its deepest condolences to the bereaved families, and the entire Access Holdings Group during this period of grief.

It said this in a statement signed by the Chairman, NIA, Olusegun Omosehin.

The NIA noted that late Wigwe was a successful banker, a great patriot, and an important voice in the financial sector, who made huge contributions to the development of Nigeria’s economy.

It said his passing away is truly a loss to the financial sector, and the country as a whole.

The NIA prayed that Almighty God will grant the entire families enough strength to bear the pain of the untimely deaths

Patoma Admin by — February 15, 2024 in Insurance 0
Sovereign Trust wows highway managers with Valentine

CAPTION:

A team of Sovereign Trust Insurance with some highway managers as the company extended the love to them today

 

 

By Favour Nnabugwu

 

 

Sovereign Trust Insurance Plc, one of Nigeria’s prolific underwriting firms in the country  has extended the valentine celebration to workers on the street of Lagos including the Lagos Waste Management Authority, LAWMA, popularly known as Highway Managers.

As part of activities to mark the day, Sovereign Trust Insurance Plc distributed items such as work gloves, water bottles and takeaway packs in celebrating the Day with members of the Lagos Waste Management Authority along the axis of Falomo Bridge, Bourdillon Road, Lekki Phase 1, Eti-Osa, Osborne Road, Ozumba Mbadiwe Road, and Adetokunbo Ademola Street in the metropolis.

According to the Chief Spokesperson of the organization, Segun Bankole, he said the gesture is in recognition of the important role the Highway Managers play in ensuring that the city of Lagos and our highways are kept clean while making it motorable for vehicle owners and other commuters in the State.

He said the underwriting firm appreciates and recognizes the essence of dignity in labour. In his words, “as unsung as they may seem, we are not oblivious of the phenomenal work they are doing in making the city debris-free especially on our highways”.

The Managing Director/CEO of Sovereign Trust Insurance Plc, Olaotan Soyinka also lend his voice to the gesture undertaken by the company. In his words, “this initiative is not just about gifts, it is about recognizing the essential role these men and women play in our community.

They are often unsung heroes, working long hours in challenging conditions to ensure a clean and healthy environment for all of us. By showing our appreciation, we hope to not only brighten their day but also inspire others to acknowledge their valuable contributions.”

He further stated that the Highway Managers risk their lives and brave the elements, ensuring the cleanliness and hygiene in the city of Lagos. He said the token gifts from the company is simply to acknowledge their hard work and commitment to keeping the city of Lagos clean despite the challenges they confront in the discharge of their duties.

We encourage other businesses and individuals to join us in celebrating and supporting these men and women from time to time. Together, we can make a difference in the lives of these remarkable individuals who do so much for our city and society and at large.

Patoma Admin by — February 14, 2024 in Insurance 0
REGIC appoints four executives

By Favour Nnabugwu

 

 

Royal Exchange General Insurance Company (REGIC), one of Nigeria’s leading insurance companies announced the appointments of four executives to drive the company’s commitment to excellence and innovation in the industry.

The newly appointed executives bring a wealth of experience and expertise to their respective roles

Sunny Uwagboi

The firm appointed Sunny Uwagboi as Executive Director . With a proven track record of leadership and strategic vision, Uwagboi joins REGIC as the Executive Director

Sunny has over 25 years cognate experience in the insurance industry, growing through various business developments roles from entry level to Executive Director.

Sunny holds an MBA in Marketing from Lagos State University, an alumnus of the prestigious Lagos Business School, and an Associate Member of the Chartered Insurance Institute of Nigeria.

Udoks Eze-Marins

Udoka Eze Martins – Regional Director, Abuja and Northern Nigeria: As the newly appointed Regional Director for Abuja and Northern Nigeria, Udoka Eze Martins brings a deep understanding of the regional market dynamics.

Udoka joined the Insurance industry 22 years ago as a Marketing and Relationship management officer. Prior to joining REGIC, she was the vice president/ Head of northern region for Heirs General insurance company

Joyce Odiachi

Dr. Joyce Odiachi – Head, Technical Services: Dr. Joyce Odiachi assumes the role of Head, Technical Services, leveraging her expertise to enhance the technical capabilities of REGIC.

She is a seasoned insurance practitioner with over two decades’ experience and proven expertise in ethical corporate governance, risk management, strategic business start-up, and relationship management

She started her career as an insurance broker and has since worked with a few top-rated insurance firms where she was fully involved in driving the technical operations, ensuring highest standard of service excellence, system turnaround including development of a claims reserve policy for improved bottom-line.

A graduate of Insurance, she also holds a Doctor of Philosophy (Management) from the University of Lagos, Akoka, Yaba. She is a Fellow of the Chartered Insurance Institute of Nigeria (FIIN) and the Risk Managers Society of Nigeria (FRMN).

Adeseye Ajibulu

Adeseye Ajibulu – Head of Claims and Technical Risk Management: Adeseye Ajibulu has been appointed as the Head of Claims and Technical Risk Management. With a focus on ensuring seamless claims processing and effective risk management, Ajibulu will play a crucial role in maintaining the high standards of service for which REGIC is known.

He started his career in Year 2003 and rose to become Head of the Technical Risk Management Team by February 2014. Seye joined Tangerine General Insurance Limited in 2021 as Head of Underwriting and helped to revamp the Underwriting, the Pre and Post-Loss Survey Departments until he left to join REGIC.

He holds a Master’s Degree in Business Administration (MBA) from Obafemi Awolowo University, Ile-Ife 2009, a Bachelor of Technology in Estate Management from the Federal University of Technology, Akure (FUTA), 2001, and a member of the Chartered Insurance Institute of Nigeria 2018. He completed stage 1 of the Allianz Global P&C Underwriting Exams in 2020. He has attended several local and international trainings.

These appointments underscore Royal Exchange’s commitment to building a dynamic and skilled leadership team capable of navigating the evolving landscape of the insurance and financial services industry

“We are delighted to welcome these accomplished professionals to the REGIC family. Their collective expertise will undoubtedly contribute to the continued success and growth of our organization,” said Ebelechukwu Nwachukwu, Managing Director/CEO at Royal Exchange General Insurance Company.

Patoma Admin by — February 14, 2024 in Insurance 0
Africa Re organises a tribute, ‘The Colossus’ for former MD, Bakary Tamara in Lagos

By Favour Nnabugwu
Africa Reinsurance Corporation, Africa Re, has organized a tribute for the late former Managing Director of the organisation, Mr Bakary Tamara, titled, ‘The Colossus’
for Kamara in Lagos yesterday.
It will be recalled that Kamara died on January 12, 2024, at the age of 75.
Kamara joined Africa Re in 1984 as secretary general, before rising to become the chief executive officer of the pan-African reinsurance group in 1993
He retired in June 2011 but remained vice chairman of Africa Re until his death.
The Group Managing Director and Chief Executive Officer of Africa Re, Mr. Corneille Karekezi, who spoke at event described Kamara as a giant who left behind strong institutions.
He said, “When giants leave this world, they leave behind giants; they leave behind strong institutions; they leave behind strong families; they leave behind good culture.
Africa Re is not a normal institution; it is a very complex institution because we are not in one country. We have all the cultures of the African continent in one institution.”
He retired in June 2011 but remained vice chairman of Africa Re until his death.
One of the deceased’s children, Hada Kamara, at the event said, “My father would tell us that being educated does not mean you are better than the one who has never been to a Western school. Being financially independent does not mean that you are better than one with little means. Being a Muslim does not mean you are better than a Christian or a Jew.”
In his tribute, Deputy MD/COO of Africa Re, Mr. Ken Aghoghovbia, spoke of the profound impact  Kamara had on the institution.
“Mr Kamara demonstrated the rare combination of tough love and genuine care. Recognising the potential within each individual, he pushed us beyond our comfort zones, challenging us to dig deeper, strive harder and never settle for less.
“Thus, the collective goal of staff under his leadership was to be nothing but the best, and as a result Africa Re became a respectable global brand,” Aghoghovbia said.
“Where insurance plays a vital role in protecting and enabling progress. Mr. Kamara’s legacy serves as a beacon, guiding us as we continue to fulfil our promise.
.
Patoma Admin by — February 13, 2024 in Insurance 0
Naicom, NOA collaborate on public awareness, insurance benefits

CAPTION:
L-The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Sunday Olorundare Thomas and Mallam Lanre Issa-Onilu, the Director General of the National Orientation Agency (NOA) during the visit of Naicom to NOA yesterday
By Favour Nnabugwu
The National Insurance Commission, Naicom has take a step further to increase public awareness, paid a courtesy visit to the National Orientation Agency (NOA).
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Sunday Olorundare Thomas received the audience of Mallam Lanre Issa-Onilu, the Director General of the National Orientation Agency (NOA) on collaborations of the two organizations to effectively disseminate information on insurance to the Nigerian populace.
During the meeting, Mr. Olorundare Sunday emphasized the importance of educating Nigerians about the significance of insurance and how it can safeguard their assets and livelihoods.
 He highlighted the need for leveraging NOA’s extensive network and outreach programs to reach diverse segments of the population and convey the message of insurance protection effectively
In response, Mallam Lanre Issa-Onilu expressed his willingness to support NAICOM’s initiatives and pledged to utilize NOA’s structure, platforms, and local understanding to facilitate the dissemination of insurance-related information. He shared a personal anecdote from 2007 when his private car was stolen, underscoring the pivotal role insurance played in swiftly settling his claim. This firsthand experience further reinforced his commitment to promoting insurance awareness among Nigerians.
As the discussion progressed, both parties outlined the terms for their collaboration, emphasizing the need for joint efforts in organizing awareness campaigns, workshops, and outreach activities aimed at educating Nigerians about the benefits of insurance coverage. They also discussed the development of tailored communication materials and leveraging digital platforms to maximize outreach and engagement.
The collaboration between NAICOM and NOA signals a significant step towards enhancing financial literacy and promoting a culture of insurance awareness in Nigeria. By combining their resources, expertise, and outreach capabilities, both organizations aim to empower Nigerians with the knowledge and understanding needed to make informed decisions regarding insurance protection, ultimately fostering greater financial resilience and security nationwide.
Patoma Admin by — February 13, 2024 in Insurance 0
Naicom dissociates self from fake recruitment website

By Favour Nnabugwu

 

The National Insurance Commission (NAICOM) has dissociated itself entire body from fraudulent recruitment website claiming to be representing the Commission

In a statement on Wednesday in Abuja, the apex insurance regulator wishes to inform the general public “that we are aware of fraudulent recruitment websites claiming to represent NAICOM and soliciting applications for employment”.

The statement noted that NAICOM does not endorse any recruitment website other than its official platform.

It further clarifies that NAICOM is not currently conducting any recruitment exercise nor is it offering any grants or financial assistance programs, adding that any information suggesting otherwise is false and should be disregarded.

“NAICOM shall not be held responsible for any loss, damage, or inconvenience incurred as a result of engaging with fraudulent recruitment websites or individuals misrepresenting the Commission” , the statement said.

The insurance regulator noted that accurate information regarding recruitment, grants or any other official communication from NAICOM, should be referred it’s official website or contact through its recognized communication channels.

Patoma Admin by — February 7, 2024 in Insurance 0
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
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