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AIB release Max Air, Azman Air & Police aircraft crashes

By Favour Nnabugwu

Nigeria Accident Investigation Bureau, AIB, yesterday released three final accident reports involving Max Air, Azman Air and the Nigeria Police aircraft.

The reports were released by AIB Commissioner, Engineer Akin Olateru at the bureau headquarters in Abuja. According to Olateru, the bureau has proffered seven safety recommendations on the Max Air accident. He explained that the aircraft with registration marks 5N-DBK, Flight NGL2092 departed King Abdul Aziz International Airport, Jeddah; Kingdom of Saudi Arabia, (OEJN) with returning Hajj pilgrims bound for Minna Airport, Nigeria, (DNMN).

” The aircraft touched down on the right of the centreline of RWY 05 with the left main wheels first and the number one engine nacelle impacted the runway and was dragged along the runway centreline.”

“AIB identified excessive rudder and aileron inputs at short finals phase of the approach as causal factors while decision to continue the ILS approach runway 05 with erratic localizer signals and an un-stabilized approach with a no go-around decision as contributory factors.,” the bureau revealed.

On the Azman Air flight which got Seven (7) Safety recommendations, and one immediate recommendation directed to the NCAA, the AIB revealed that the ” casual factor was a result of failure of number 4 and 5 bearings of engine number 2 leading to loss of power during approach of the aircraft”.

Contributory factors according to the AIB include, ” failure to recognise the abnormal engine conditions (surge) during cruise phase and hence, not making appropriate decision. This might have been connected to the insufficient technical knowledge and loss of situational awareness.”

“Other are non implementation of the Flight Data Monitoring programme in accordance with 2.2.5.1 of Azman Air Safety Management System Manual, non rectification of the number two engine vibration anomalies recorded over a period of 8 months, inadequate regulatory oversight of the Azman Air Safety Management System”.

On the Cessna Citation 560 XLS+ aircraft with registration marks 5N-HAR operated by the Nigeria Police (NP) five (5) safety recommendations were prescribed.

“The causal factor for the crash which had six(6)passengers on board was uncoordinated flight as a result of inadequate Crew Resource Management (CRM) that led to the partial release of parking brake, which resulted in rejected take-off while the contributory factors were the inability of the aircraft to get airborne after attaining the rotation speed (Vr)during take-off roll even with aft elevator pressure.”

“The other was non-adherence to Standard Operating Procedures (SOPs) as contained in the Cessna Citation 560 XLS+ Airplane Flight Manual,” the AIB Commissioner revealed.

by Patoma Admin — May 25, 2022 in Others 0

NERC confirms electricity tariff hike across 10 DisCos

By Favour Nnabugwu

The Nigerian Electricity Regulatory Commission (NERC) yesterday confirmed adjustments to electricity tariff regime across ten electricity distribution companies with increases ranging from 5-12 percent.

The adjustment to the Multi-Year Tariff Order (MYTO) took effect from February 1, 2022, according the regulations issued by the Commission and posted on its official website on Wednesday night.

Justifying the rise in tariff, NERC stated that it was to “ensure that tariffs payable by consumers are commensurate with and aligned with the quality and availability of power supply committed to customer clusters” by the DisCos.

It also added that the adjustment would ensure that prices charged by the DisCos “are fair to customers” and are sufficient to allow the DisCos “to follow recover the efficient cost of operation including a reasonable return on the capital invested in the business”.

NERC also stated that the adjustment would also “ensure sustained improvement in reliability of supply in line with the DisCos capital expenditure (CAPEX) proposals and performance in improvement plan”.

Abuja DisCo, non-maximum demand (Non-MD) customers in Band A (minimum of 20 hours supply per day) would be billed 8 percent higher while maximum demand (MD) customers in the same band would be charged 1.04 percent lower.

For Non-MD in Band B (minimum of 16hrs per day), tariff rose by 8.8 percent while it remained the same for MD customers in Band B. For Non-MD customers in Band C (minimum of 12hrs per day), tariff rose by 11 percent while MD customers would pay 7 percent more.

Also, for Non-MD customers in Band D (minimum of 8hrs per day), tariff rose by 11.7 percent while those on MD would pay 6.8 percent more. For Non-MD customers in Band E (minimum of 4hrs per day), tariff rose by 12 percent while MD customers in the band would have a reduced tariff of 5.3 percent.

For the poorest consumers (Lifeline: R1) with energy consumption of not more than 50kWh per month, tariff remained frozen at N4.

With the adjustment, NERC has ordered the DisCos to pay 100 percent of invoices issued to them by the Nigerian Bulk Electricity Trading Plc (NBET) and the Market Operator (MO).

The Commission warned that DisCos shall “be liable to relevant penalties/sanctions for failure to meet the minimum remittance requirement in any payment circle under the terms of respective contracts with NBET, MO and the provisions of the Market Rules and Supplementary TEM (Transition Electricity Market) Order”.

The Yola Electricity Distribution Company which was recently sold to a new owners was not captured in the adjustment.

by Patoma Admin — May 5, 2022 in Others 0

NCRIB president, Rotimi Edu Speech at unveiling of Council mascot & logo

SPEECH DELIVERED BY MR. ROTIMI EDU, mni, LLM, FCIB, PRESIDENT, NIGERIAN COUNCIL OF REGISTERED INSURANCE BROKERS (NCRIB), AT THE UNVEILING OF THE 60TH ANNIVERSARY MASCOT AND LOGO (OKIN – Optimising Knowledge in Insurance in Nigeria) HELD AT INSURANCE BROKERS HOUSE, 58, MOLEYE STREET, ALAGOMEJI, LAGOS, ON THURSDAY, MARCH 17, 2022

I am indeed overwhelmed with joy and full of appreciation, first to the Almighty God that the Nigerian Council of Registered Insurance Brokers (NCRIB) which started out as The Nigerian Corporation of Insurance Brokers (NCIB) in 1962 is 60 years old this year. In spite of the teething challenges at inception, the Council has risen to the position of prominence amongst its peers nation-wide, producing 21 Presidents and about 500 Registered Members spread across the nooks and crannies of the country. For the benefit of our guests and friends who may not be too familiar with the history of the Council, the history of insurance broking business cannot be divorced from the inextricable historical relationship that existed between Nigeria and Britain. Since West Africa constituted one of the destination points for the
British colonial authorities whose motives were purely trading and profiteering, ab initio, insurance came as a bye-product of the British mercantile adventure. Insurance broking in Nigeria dates back to 1953, marking the first time that an independent agent in the name of Edward W. Turner & Co. came to Nigeria. After series of events and importation of foreign insurance Broking firms in Nigeria, it is worthy of note that T. A Braithwaite & Co. became the first indigenous insurance broking firm with its establishment in 1958. This later opened doors for other professionals and insurance broking firms to take advantage of the fledging insurance opportunities in the economy. Notable among those who came into existence at that time were Thomas Insurance Brokers established by Mr. J.A Thomas; J. Akin George & Co Limited by Chief John Akinwumi-George and African Underwriters Limited set up by Chief Sunny Odogwu. The growing need for professional and business collaboration amongst them led to the formation of Nigerian Corporation of Insurance Brokers in 1962, which today is known as the Nigerian Council of Registered Insurance Brokers.

Distinguished ladies and gentlemen, it is not my intention to bore you with a long speech, because we are here today to unveil the Anniversary Mascot and Logo (OKIN) heralding the celebration of the 60th Anniversary of our great Council, with series of activities and events across the year. Permit me to hint you that part of the activities lined up to celebrate this landmark event include:
• INSURANCE WALK TO PROMOTE INSURANCE AWARENESS AND DEEPEN PENETRATION ACROSS THE COUNTRY
• INSTITUTION OF AWARDS IN SCHOOLS TO CATCH THE FUTURE PROVIDERS AND CONSUMERS OF INSURANCE
• INSURANCE OPEN DAY FOR SELECTED SECONDARY SCHOOLS
• CORPORATE SOCIAL RESPONSIBILITY
• SPORTS COMPETITION THAT WOULD FOCUS MORE ON TABLE TENNIS, LAWN TENNIS AND OTHER SPORTING ACTIVITIES. •PRESENTATION AND LAUNCHING OF HISTORICAL AND MEMBERSHIP COMPENDIUM. •ANNIVERSARY LECTURE AND EXHIBITION. •ANNIVERSARY GRAND BALL.

Kindly permit me to express my deep appreciation to all our guests here today, particularly, the Doyen of Insurance in Nigeria, Olola Olabode Ogunlana, OFR. As one of the forebears of the Insurance profession in Nigeria, Olola Ogunlana has continued to be a beacon of hope for the upcoming professionals and has been a blessing to the industry and the Nigerian nation having put in 70 years of great and unblemished service into the insurance industry and contributing immensely in the area of education.

To the Commissioner for Insurance, Mr. O. S Thomas, who is here with us today, our appreciation to you knows no bound for all your efforts in growing the insurance industry through progressive legislation and dynamic supervision. I will not fail to mention all other representatives of professional bodies, here present, we thank you immensely and wish to assure you that this has further signaled the beginning of a much more fruitful relationship between our Council and your respected institutions.

I cannot end without paying my respect to all the Past Presidents of our Council, both living and resting. You are the major reason for our celebration. Thank you for the solid foundation that you laid for our Council.

To my distinguished colleagues in the insurance broking sub-sector, thank you and may we continue to make the NCRIB and the entire insurance industry great.

To all staff of the NCRIB ably led by the Executive Secretary, I appreciate you all.
To the distinguished Members of the Press, I cannot appreciate you enough. It is our hope that you shall continue to honour our invitation and support our programmes as we continue with the epochal celebration throughout the year.

Once again I welcome you all.

Thank you.

Rotimi Edu, mni, BL, LL.M, ACII, FCIB
President & Chairman Governing Board.

by Patoma Admin — March 18, 2022 in Others 0

Five insurers hold 60% of the UAE market in 2021

By Favour Nnabugwu

The Emirati insurance market in the United Arab Emirates, UAE is closing the year 2021 with a 7 percent increase in its turnover.

The written premiums realized by the 29 listed insurers have gone from 24.4 billion

AED (6.6 billion USD) in 2020 to 26.1 billion AED (7.1 billion USD) a year later

The market is dominated by five insurance companies which account for nearly 60% of the turnover recorded by the industry in 2021. The other 24 companies share the remaining 40 percent

The five Insurers whose amount runs in billions are Orient Insurance with AED 5.008 (USD1.363) and taking up 19.20 percent of the share; ADNIC has AED 4.267 (USD1.162) representing 16.30 percent
Oman Insurance has AED 3.539 (USD0.963) equals 13.60 percent; Dubai National Insurance and Reinsurance AED1.226 (USD0.334) representing 4.70 percent and Al Ain Ahlia with AED1.206 (USD0.328) representing 4.60 percent.

Total top 5 insurers AED 15.246 (USD4.15) taking a chunk of 58.40 percent
Other insurers AED10.854 (USD 2.95 41) representing 41. 60 percent

The market is dominated by five insurance companies which account for nearly 60 percent of the turnover recorded by the industry in 2021. The other 24 companies share the remaining 40 percent

The net profit generated by all the listed companies reached 1.93 billion AED (525 million USD) by the end of 2021, representing a 2 percent increase over one year.

by Patoma Admin — February 24, 2022 in Insurance 0

African Risk Capacity pays $10.7m in compensation to Madagascar for Cyclone Batsirai

By Favour Nnabugwu

African Risk Capacity (ARC) has agreed to pay $10.7 million in compensation to help the Malagasy government and its citizens.

Created in 2012 by the African Union, ARC is a specialized agency whose mission is to help member states mitigate the effects of extreme climate events

After crossing both islands of the Indian Ocean (Reunion and Mauritius), the tropical cyclone Batsirai hit Madagascar hard on 5 February 2022. The disaster caused 121 deaths, displaced 61 500 people, destroyed 19 000 homes and 4 500 classrooms.

For the record, ARC has developed a parametric insurance product against tropical cyclones in East Africa in late 2020.

ARC’s parametric triggers are designed to be quickly assessed when any qualifying catastrophe or weather event occurs and so it’s encouraging to learn that this US $10.7 million payout will be made very rapidly, to help the Government of Madagascar in delivering much-needed relief and recovery funding to affected areas of the country.

Madagascar had previously received a $2.3 million ARC payout after its parametric drought insurance policy was triggered a few years ago.

Madagascar was the first African nation to take up the sovereign parametric cyclone insurance protection, in late 2020 and the decision has proved to be a prudent one, as the countries cyclone policy was triggered by Batsirai.

ARC’s Tropical Cyclone model identified that over 6 million people were exposed to recent tropical cyclone Batsirai when it slammed into Madagascar.

According to reports from the Malagasy Disaster Management Agency (BNGRC), some 61,500 people were displaced by cyclone Batsirai, while 121 people lost their lives, and 19,000 homes and 4,500 classrooms were damaged by the severe storm.

Cyclone Batsirai caused significant impacts to Madagascar in February 2022 and was the strongest tropical cyclone to strike the country since Cyclone Enawo in 2017.

Batsirai made landfall as a Category 3 storm on February 5th 2022, with sustained winds of 165 kilometers (105 miles) per hour and gusts up to 230 kilometers (145 miles) per hour, only two weeks after cyclone Ana brought deadly flooding to the country in late January and killed 55 people.

by Patoma Admin — February 24, 2022 in Insurance 0

Nigeria’s GDP to grow above Angola, South Africa in 2022 – Allianz Report

By Favour Nnabugwu

Nigeria is expected to grow slightly above Angola and South Africa in the Gross Domestic Growth as Africa will register mild growth in 2022 after being the slowest growing regín in 2021 with +3.5 percent.

According to Allianz Economic Outlook Report, said that the growth in Angola (2.2%) and South Africa (2.0%). This is even more as vaccination rates will remain very low at 32 percent on the overall continent but only 4 percent in Sub-Saharan Africa.

GDP growth expectations in countries are as follows: Senegal (6.1%), Kenya (5.6%), Ivory Coast (5.5%), Ghana (5.4%), Egypt (4.6%), Mozambique (4.6%), Namibia (3.7%), Morocco (3.3%), Tunisia (3.2%), Gabon (3.2%) and Algeria (2.4%),

In 2022, oil exporters such as Angola and Algeria will continue to benefit from the commodity up cycle tailwind

On the other hand, amid rapidly rising inflation to double digits in most countries, monetary policy rates are expected to increase in Kenya, Nigeria, Ghana, South Africa and Egypt. In an environment of continued sanitary uncertainty, this monetary tightening is expected to put a brake on growth.

In addition to rising energy prices, food inflation has soared to hardly bearable levels in Angola, Ethiopia, Nigeria and Ghana.

The food security situation is likely to deteriorate in 2022 in southern and eastern Ethiopia, Kenya and Somalia as a result of adverse climate events. The deteriorating security situation in Ethiopia entails significant risk of spillovers to the region, including migration flows to the Kenyan border. Tunisia, Ghana, Mozambique, Kenya and South

Africa are hot spots regarding debt sustainability. Tunisia, Morocco, Egypt and Burkina Faso will see current account deficits only improve slightly in 2022 after deteriorating in 2021.

Global growth should remain robust but uneven, with rising divergence between advanced and emerging market economies

Our 2022 GDP forecast remains broadly unchanged, with the Eurozone and the US expected to grow by +4.1% and +3.9%, respectively, while growth in China slows to +5.2% due to ongoing disruptions in the real estate sector and the government’s focus on financial stability.

China’s lowest contribution to global GDP growth since 2015 is likely to have negative spillover effects on emerging markets whose recovery will be shallower compared to past crises.

Global trade is expanding once again above the long-term average but will be disrupted by labor and supply chain bottlenecks, amplified by omicron. We expect global trade in volume to grow by +5.4% in 2022 and +4.0% in 2023.

by Patoma Admin — February 22, 2022 in Others 0

Nigerian man is first Igbo language lecturer at the University of Oxford

By Favour Nnabugwu

A Nigerian man, Emmanuel Ikechukwu Umenyiora, has become the first Igbo language lecturer at the University of Oxford in the UK.

As Oxford University gets her First Igbo Language Lecturer, Emmanuel took to his Twitter page to share the news, after his induction which held on Thursday, February 17.

Emmanuel shared the news on Twitter after his induction which held on Thursday, February 17. He wrote;

”It is official that I am the first official Igbo Language lecturer at the number one university in the world, the University of Oxford.

Our induction happened today by Marion Sadoux, Head of Modern Language Programmes, University of Oxford Language Centre.

This became possible in account of the James Currey Society. This is the first time Igbo language will be taught at the university. History has been made. I am so happy and grateful for this opportunity. I promise to make the Igbo language and culture known to the world.”

Nigerian man shares his excitement at becoming the first Igbo language lecturer at the University of Oxford

by Patoma Admin — February 18, 2022 in Education 0

REGIC re-organises, makes new executive appointment

By Favour Nnabugwu

The Board of Royal Exchange General Insurance Company (REGIC) in the course of re-organing it’s stable, appointed thee new executive management staff to its leak.

They are Oyetunji Oshiyoye as Executive Director Business Development; Uyi Osagie as Chief Financial Officer and Alfred Tabiti as AGM/Head Retail & E-Business effective from January 2, 2022.

Oshiyoye with his extensive experience and knowledge of the insurance industry, will seek to drive the continuous growth and profitability of REGIC, while seeking new markets for the company as the head of Business Development. Osagie is charged with driving financial efficiency within REGIC and Tabiti as the Head of Retail will ensure REGIC becomes a major player in the retail insurance space within the next few years.

Furthermore, the company stated that these three appointments were done in order to ensure that REGIC continues to exploit the opportunities that abound in the general insurance space and ensure continued growth for the company, especially as it seeks to diversify its revenue streams.

Oshiyoye has over nineteen (19) years’ work experience garnered in the FMCG space before moving into the Insurance industry in Nigeria.

His forte includes sales management, business transformation and value chain optimization. Over the years, he has successfully developed and implemented cost effective business strategies which in-turn, increased company productivity and profits.

Oshiyoye joined Allianz Nigeria Insurance Plc in 2014, holding several positions including: Group Head Retail Channel Group, Chief Retail Sales and Marketing Officer, Chief Operations Officer and finally became the Chief Customer Officer in 2021.

He holds a bachelor’s degree in Geophysics from University of Lagos and an MBA (Leadership and Sustainability) from the University of Cumbria, UK.

While Osagie has over thirteen (13) years hand-on experience in Consulting, Financial Reporting, Business Strategy Formulation, Investment Management, Treasury Operations, Risk Management, Credit Control, as well as Budgetary Control and Audit Services. His career experience cuts across the Financial Sector including Insurance, Banking, Asset Management, Pension and Real Estate.

In 2015, Uyi joined Allianz Nigeria Insurance Plc from Axa Mansard as the Chief Financial Officer with responsibility for the financial management of the company, regulatory oversight, internal control and investment operations before leaving to join Heirs Insurance in 2021 as a Chief Financial Officer.

He holds a bachelor’s degree in Pharmacy from Obafemi Awolowo University, Ile-Ife. He is a Chartered Accountant, Associate member of the Chartered Institute of Taxation of Nigeria, Member of the Chartered Institute of Insurance of Nigeria (CIIN) and an Associate member of the Nigerian Institute of Safety Professionals.

Likewise, Tabiti has over thirteen (13) years’ work experience in Sales, Product Development, Channel Management, Recruitment, Training, and Partner Acquisition at various levels. Most of these years of cognate work experience were spent in the Insurance Industry.

He began his professional career with Equity Life Insurance Company Limited in 2006 and in 2008, he joined AXA-Mansard Insurance Plc, as a Senior Bancassurance Associate, rising to become a District Manager in 2013.

In 2015, he left AXA-Mansard to join Ensure Insurance Plc (Now Allianz Nigeria Insurance Plc) where he worked in different capacities as Head Bancassurance, Area Sales Manager, Head Retail Sales and Head Bancassurance Nigeria (Retail Distribution Channels). Later, he moved from Allianz Nigeria Insurance Plc to join Avon HMO in 2021 as a Business Manager responsible for sales, retention, and business growth of the company’s SME/Retail business portfolio.

He holds a bachelor’s degree from University of Ado-Ekiti and a host of other professional certifications.

by Patoma Admin — January 28, 2022 in Insurance 0

Over 38,518 moved RSA to another PFA

By Favour Nnabugwu

Over 38,518 workers moved from one Pension Fund Administrators, PFAs to anotherr PFAs and transferred N148.11bn in their Retirement Savings Accounts within one year.

The National Pension Commission revealed this in a report titled ‘Quarterly summary of Retirement Savings Accounts transferred by Pension Fund Administrators’.

PenCom according to the report said 12,681 workers transferred N47.78bn in the first quarter of 2021, compared to 2,799 workers who transferred N18.90bn in the same period of 2020.

The Commission stated thst 12,872 workers transferred N45.56bn in Q3 2021, up from 10,166 workers who transferred N35.89bn in Q2 2021.

According to PenCom, Section 13 of the Pension Reform Act 2014 empowers an RSA holder to transfer their RSA to any PFA of choice, not more than once a year.

“Effective transfer of RSAs from one PFA to another requires an accurate and reliable database as it is important to ensure that the pension assets transferred belong to the bona-fide RSA holders initiating the transfers,” it said.

PenCom noted that the opening of the RSA transfer window was delayed to ensure that robust IT infrastructure that would drive the process was put in place.

It said the process was finalised in June 2019 with the deployment of an enhanced contributor registration system for the pension industry.

The pension regulator said the ECRS incorporated extensive validations, controls and data requirements that would deliver high data integrity standards for the pension industry.

It said the upgrade of RSA holders’ details to meet the ECRS standards was, therefore, a prerequisite for RSA transfers.

Those who registered with various PFAs from inception of the Contributory Pension Scheme to June 2019 were required to get recaptured, it added.

by Patoma Admin — December 29, 2021 in Others 0

Lanre Idris is Leadway Pensure MD

By Favour Nnabugwu

Foremost pension fund administrator in Nigeria, Leadway Pensure PFA Limited, has announced the appointment of Lanre Idris as its new Managing Director, heralding a new era in the company’s history.

This appointment follows the recent retirement of Ronke Adedeji, the erstwhile Managing Director, who steered the ship of the organisation for over a decade.

Foremost pension fund administrator in Nigeria, Leadway Pensure PFA Limited, has announced the appointment of Lanre Idris as its new Managing Director, heralding a new era in the company’s history.

This appointment follows the recent retirement of Ronke Adedeji, the erstwhile Managing Director, who steered the ship of the organisation for over a decade.

by Patoma Admin — December 29, 2021 in Others 0