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Aisha Dahir-Umar: A woman with a distinctive impact

By Favour Nnabugwu

Every organization needs a leader irrespective of the gender or age. In working towards growth and development for a better Nigeria, women are though, not sufficiently involved in leadership roles but the few that are there are making impact.

It is pertinent to note that leadership is not gender-specific, it is a set of qualities inherent or cultivated in people who develop themselves into great leaders and the ability to influence and persuade people to follow a particular course of action towards the realization of a goal.

Mrs Aisha Dahir-Umar, the substantive Director-General of the National Pension Commission, PenCom, came with the agenda to make PenCom  a regulator that supervises a transparent and accountable pension industry where employees are required to maintain the highest ethical standards and attain the highest level of integrity in personal and official engagements.

She came into limelight following the removal of the former Director General (DG) of National Pension Commission (PenCom), Mrs. Chinelo Anohu-Amazu, the agency appointed Mrs. Aisha Dahir-Umar as replacement.

She acted in that capacity from 2017 until few weeks back when her appointment was made substantive by the Senate.

It is no news that all qualities required for leadership in building a more sustainable future are feminine in nature. Dahir-Umar is also good builders, good listeners, good communicators and emotionally intelligent. She encourages teamwork, lead by example and produce to reproduce the qualities for growth and development in PenCom.

The reforms she initiated would no doubt have infuriated some entrenched interests who believed they owned the agency. They have been fighting the DG since she came into office and had done everything to undermine her and her agenda for reform.

Part of her achievements

Yet, there is no denying the achievement of a woman who shies from the limelight and would rather her performance speaks for her. In less than three years, she has grown total assets under the Contributory Pension Scheme from  N6.4 trillion  by march 2017 to N11.35 trillion as at August 31, 2020.
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The regulatory agency had equally ensured that pension funds are secured and only invested in viable and secure instruments that assure the owners of the funds that they can access their monies as and when due.

Returns on investments must also be competitive as this is part of the funds used at retirement. Reports show that  a total of N7.52 trillion (66.27 per cent) of the funds has been invested by the Pension Fund Administrators in the Federal Government of Nigeria’s securities, including FGN bonds, treasury bills, agency bonds, Sukuk bonds and green bonds.

This is one of the many characteristics of Mrs. Aishat Dahir-Umar When she brings this attitude into managerial roles, Dahir-Umar may not often realize how poised she is for success but her potential and abilities are undeniable.

Dahir-Umar said that the commission’s mission is to have 20 million contributors by 2020 while she added that the vision is to be an industry that makes significant impact on the nation’s economy.

In one of the many achievement of PenCom under her leadership, she believed that the Micro Pension can be accessed in the event of emergencies to help cushion the effects of business hardship, thereby promoting the sustainability of the business of the contributor.

“With a sustainable source of income, the contributor would be able to make consistent and continuous contributions towards retirement, making it a symbiotic relationship. This in turn builds the economy and the pension industry in the long run”.

“The commission has been able to put in place a robust information and communication technology infrastructure for registration, contribution and benefit administration under the Contributory Pension Scheme.”

She is a woman who naturally empathetic and does value relationships. This distinctive feature enables her to have a strong understanding of what drives and motivates people, and how to acknowledge different people for their performance.

A multitasking personality

One of the key aspects of leadership is the ability to help her team members develop their own skills and strengths only when a leader has a distinctive and natural way of nurturing

The woman during an interview with this writer observed her consistency, demonstration of passion, enthusiasm and an immense capacity to serve and be served by others.

The writer also observed that Dahir-Umar makes bold and wise decisions as a leader while relying on others to be part of her team with an environment that is less authoritarian and more cooperative and family-like, but with solid leadership.

A woman, like Dahir-Umar with a godly compassion will make a difference in her own life, and in the lives of others. She will make a difference in her marriage, in her children, in her place of worship, at the workplace, and everywhere she goes.

Patoma Admin by — October 27, 2020 in Others 0
Zambia insurance market records 18.75% rise in turnover 2019

By Favour Nnabugwu

The Zambian insurance market recorded an 18.75 percent turnover increase in 2019. The latter went from 3.2 billion ZMW (266.48 million USD) in 2018 to 3.8 billion ZMW (272.16 million USD) one year later. This increase is driven by an insurance penetration rate of 2.63 percent  against 2.29 percent in 2018.

The non-life premiums amounted to 2.3 billion ZMW (164.73 million USD) against 1.5 billion ZMW (107.43 million USD) in the life activity.

The Zambian market includes 30 insurers: 9 of which operate in life insurance and 21 in non-life activity. The market also involves four reinsurers.

In collaboration with the World Bank, the Pensions and Insurance Authority (PIA) has developed new rules supposed to better protect Zambian consumers.

PAmong PIA’s recommendations is the drafting of insurance contracts in a simple language the objective of which is to provide the policyholders with a better understanding of the covers underwritten. It should be noted that a control unit has been set up to ensure the enforcement of these new rules.

The market reported a turnover of 2.78 billion ZMK (310.5 million USD) in 2018, an increase of 16 percent  compared to 2017.

Patoma Admin by — October 27, 2020 in Insurance 0
Ganduje presents N148b budget before Kano Assembly

By Favour Nnabugwu

The Kano State Governor, Mallam Abdullahi Ganduje has presented N147,933,302,948 as the 2021 budget termed “Budget for economic recovery and sustainable development” before the Kano state Assembly.

Ganduje while making the presentation on  declared that a total of N74.661b was declared for Capital expenditure which is N14.9b lower than the capital expenditure in of the 2020 budget in Kano today.

He also announced N73.273 billion as the recurrent expenditure for the 2021 fiscal year.

The budget is lower than the 2020 budget by N68,372,456,709 which was N206,207,759,657.

25 percent of the total budget, equivalent to N37.8 billion was declared to the educational sector while in 2020, the sector got 30 percent with N41.8 billion.

The health sector was allocated 17 percent of the budget in 2021 with N25.5 billion which is an increase from what was allocated in 2020 where N9.8 billion was allocated.

Other sectors that include Agriculture N5.7 billion, Water Resources N9 billion and Religious Affairs N555.7 million were announced by the Governor.

Others include Judiciary N5.1 billion Information N2.5 billion and Commerce and Industry 108.2 million were declared for the 2021 fiscal year.

Governor Ganduje thanked the people of the state for eschewing engaging in the current crises across the country while he assured of transparency in the implementation of governance in the state.

“I call on the people of the state to remain law abiding and shun negative activities. I also assure you of total transparency in the implementation of government programs in the state.”

Receiving the Budget, the Speaker of the Assembly, Abdulaziz Gafasa promised to continue to support the state government in its strive for the development of the state.

Patoma Admin by — October 27, 2020 in Banking & Finance 0
#ENDSARS: Air patrols, gunshots in Kubwa as hoodlums invade NYSC Camp * Kuje, Gwagwalada too * Banks, offices closed

By Favour Nnabugwu

Over 100 armed hoodlums invaded the National Youth Service Corps NYSC Orientation Camp, Kubwa Abuja, looking for palliative warehouse

Since they not able to gain fill entrance to the camp because of the security at the camp they were seen carting away mattresses, utensils, electronics and other items.

The development came as Kuje town, headquarters of the Kuje Area Council in Abuja was also thrown into pandemonium as hoodlums, armed with sticks and knives blocked roads and patrolled the streets in search of any warehouse housing the COVID-19 palliatives.

They have been going about with sticks, having blocked the roads within the town. Shops are locking up while passers-by are running to safety,  a Shoe Seller revealed

Elsewhere in Gwagwalada, hoodlums also broke into the premises of the zonal headquarters of the Federal Radio Corporation of Nigeria FRCN, beating up the security men on duty and carting away valuables including air conditioning units.

While the warehouse at the NYSC camp is said to be empty, the hoodlums attacked some residents of the camp as well as shops adjacent the camp.

They had blocked the road at about 9am, turning back motorists while the Kubwa village market was immediately shut by its managers to avoid any invasion.

While soldiers and a detachment of the Nigerian Police struggled to ward off the invaders, the Nigerian Air Force and the Airwing of the Nigeria Police embarked on air patrol with helicopters hovering around the scene.

The ensuing confusion forced some parents and guardians to go and evacuate their wards from schools in the area even as banks and some offices in Kubwa hurriedly shut down operations.

Though the hoodlums were armed with jack- knives, sticks, matchetes and other dangerous weapons, some residents of the area were said to have earlier joined in the looting.

An eyewitness who declined to give his name said the hoodlums “carted away all removables such as cooking pots, ceiling fan, plasma TV, foodstuff, desktop computer, laptop in NYSC camp”.

According to him, some of the looted items were owned by private individuals residing at the NYSC camp.

“The hoodlums equally used the opportunity to loot computers, generators, textile materials in the shops directly opposite the NYSC entrance gate”, he stated.

Banks were seen attending to immediate customers while the shut their gate to any other customer for the day. They said they were to close for day after attending to customer who were already in the banks before the pendemonium started.

Securities at the bank premises have already mounted the gates of the banks in case of eventuality.

Other offices in Kubwa also had to lock up the day

Patoma Admin by — October 27, 2020 in Metro 0
Moroccan insurance industry closes H1 2020 with 4.6 % rise …As Tunisian insurance sector records 6.1% increase in 2019

By Favour Nnabugwu

The Supervisory Authority of Insurance and Social Welfare (ACAPS), the Moroccan market recorded a 4.6 percent turnover increase in first half 2020 as the insurance market in Tunis recorded 6.1percent in 2019 compare to 2018 market year.

The premiums recorded went from 26.113 billion MAD ($2.71 billion) in first half of 2019 to 27.326 billion MAD ($2.78 billion) one year later. These figures include direct insurance premiums and reinsurance acceptances.

As of 30 June 2020, the direct market totaled a turnover of 25.064 billion MAD ($2.55 billion) against 24.687 billion MAD ($2.56 billion) in 2019, thus increasing by 1.5 percent.

With 52.3 percent market share, the non-life premiums increased by 0.4 percent to reach 14.295 billion MAD ($1.45 billion). The P&C class of business is driven by the motor activity 6.553 billion MAD ($668.2 million) of premium income.

The life and capitalization underwritings grew by 3.1 percent to reach 10.769 billion MAD ($1.09 billion) as of 30 June 2020. Both activities represent 39.4 percent of the market total written premiums.

The reinsurance acceptances increased by 58.8 percent to be set at 2.262 billion MAD ($230.65 million) : That is 8.3 percent of the total premium income, compared to 1.425 billion MAD ($148.16 million) in late June 2019.

The Tunisian insurance market closed the 2019 financial year with a turnover of 2.39 billion TND ($853.08 million), an increase of 6.1 percent in comparison with the 2.252 billion TND ($748.2 million) recorded in 2018.

Non-life insurance premiums improved by 4.9 percent to 1.83 billion TND ($653.2 million), that is 76.5 percent of the total turnover. With a 23.5 percent market share, life insurance generated 560.8 million TND ($200.171 million) in written premiums, thus recording a 10.5 percent growth compared to 2018.

STAR maintains its leading position with a market share of 15.7 percent. It is followed by COMAR which accounts for 8.9 percent of the total premiums. Four companies are competing for the 3rd position namely GAT Assurances, Maghrebia, AMI Assurances and ASTREE with market shares ranging between 7 percent and 7.2 percent each.

The incurred losses rose by 4.8 percent to reach 1.507 billion TND ($537.91 million) in 2019. The market’s combined ratio (before reinsurance) stood at 95.9 percent thus falling below 100% against 100.2 percent in 2018. As for investments, they reached 6.1 billion TND ($2.177 billion) compared to 5.437 billion TND ($1.806 billion) in 2018.

In Tunisia, only four insurance companies out of a total of 22 operating on the market are listed on the stock exchange. In September 2020, Assurances Maghrebia obtained the agreement in principle of the Board of Directors of the Tunis Stock Exchange (BVMT) to make its IPO.

Original Ideas: Many times your customers have their own ideas for their newspapers affordable-papers.net and you want to make sure yours fit nicely into theirs.

Patoma Admin by — October 26, 2020 in Insurance 0
South African Insurance Crime Bureau estimates N164.6bn as P&C fraud

By Favour Nnabugwu

South African Insurance Crimes Bureau’s estimates, property and casualty insurance fraud to cost the South African market 7 billion ZAR (N164.6bn) in 2019.

That is 20 percent  of the total claims reported which amounted to 35 billion ZAR (N823.1 bn).

Fraudulent activities are manifested by misrepresentations of the risk when underwriting contracts or by false claims upon the occurrence of a loss. Insurance fraud can also be unintentional.
According to Christelle Colman, insurance expert at Old Mutual, the financial pressure that consumers are facing in 2020 due to the pandemic could increase fraud attempts.
South Africa has a relatively high insurance penetration rate when compared to its emerging market counterparts and in relation to the sizes of their economies.
Insurance penetration, which comprises life insurance and non-life insurance products, is calculated as a percentage of gross domestic product (GDP). It enables the comparison of different sizes of economies.
South Africa, at 12.89 percent has the highest insurance penetration of the emerging markets under review, far exceeding China at 4.2 percent which came in second on this measure.
Of the frontier markets Namibia is the standout country, with a penetration rate of 7.25 percent while Morocco’s rate is 3.88 percent, and Tunisia’s is 2.14 percent
In Africa, Morocco, Nigeria and Zimbabwe experienced positive total premium growth in 2018 overall.
South Africa experienced stagnant growth in its total premiums, but this is in line with the stagnant economic growth and high unemployment rates.
For Morocco and Nigeria, this was mostly driven by an increase in life premiums.
The boost in life insurance in Nigeria is due to an increase in savings and protection-related financial products in that country,
Kenya experienced low premium growth mostly due to the country’s low insurance penetration levels (0.63 percent); which also stems from its low levels of urbanisation.
When comparing the insurance industries of different markets around the globe, investment analysts also look at the gross insurance premiums written (GPW).  Africa’s GPW accounts for 1.56% of global GPW, according to the report.
South Africa is the leader on the continent, with its GPW accounting for 0.93 percent of global GPW.
Patoma Admin by — October 25, 2020 in Insurance 0
#ENDSARS: There must be a State before Statement, Sirika

By Favour Nnabugwu
The Minister of Aviation, Mr Hadi Sirika has condemned in earnest the spirit of hooliganism which had almost destroyed the peaceful protest of the country youths. in the last week’s.
Sirika that youths have every fundamental human right to protest but when the protest is overtaken by hooligans then it is barbaric
The Minister in his tweeter handle early this morning wrote, “Peaceful protest is a fundamental right & must be guaranteed at all times. Hooliganism & lawlessness is barbaric & must be checked at all times.’
“Only then our country’s prosperity can be harnessed for the good of all. There must be a state first before there can be statesmen!”
It will recalled that the #ENDSARS which started well for more a week went wrong immediately some soldiers open fire on the Lekki Toll Gate protesters in which a lot of people lost their lives.
The youths who were protesting peaceful were take over by Gilligan’s who destroyed both public and private property and looted massively.
Some of the places destroyed are Nigeria Port Authority Lagos – set ablaze; Orile Police Post, Lagos – set ablaze; Lekki Toll Gate, Lagos – totally destroyed; BRT Terminal, Oyingbo – New Buses set on fire; Television Continental, Ketu, Lagos – set ablaze; VIO, FRSC Office, Ojodu – FRSC branded cars,   generators set ablaze; BRT Terminal, Ojodu, Lagos – buses set ablaze; BRT Bus at Berger – set ablaze.
9Others include Lagos Television, Agidingbi, Ikeja – shut down; Recreational Center, Oregun, Lagos – set on fire; Oba’s Palace, Lagos – burnt to ashes. His scepter of authority seized.; Sanwo Olu Mother’s House, Surulere, Lagos – set ablaze; Kings college on fire; Many lives lost already to the protests all in Lagos and south west; Oriental Hotel, Victoria Island Lagos burnt; GTBank Branches burnt down and AccessBank Branches burnt down
The other placed added are Channels Television shut down; Ajeromi Local Govt Secretariat; Lagos-Island Local Govt destroyed; Lagos-Island East LCDA Secretariat set on fire; Lagos Mainland Local Govt Secretariat Destroyed; Ibeju Lekki LCDA Secretariat destroyed and anwoolu’s Uncle’s house on Lagos Island to mention but a few.
Also looted were Covid-29 palliative in Cross Rivers, Akwa Ibom, Kwara, Osun, Delta among many others
Patoma Admin by — October 25, 2020 in Aviation 0

By Favour Nnabugwu

Access Bank Nigeria Plc has announced plans to offer N50 billion interest-free credit facility to individuals and businesses, following the losses people and corporate organisations suffered during the #ENDSARS# period.

This is in support of Nigerians through interest-free loans and grants to support communities, the youths, and micro, small and medium-sized businesses.

This information was disclosed by the bank through its official LinkedIn page.

The bank’s official statement read thus,

“Now more than ever, we remain committed to our purpose of impacting lives positively. In light of the recent occurrences, we will be supporting Nigerian businesses with 50 Billion Naira interest-free loans and grants. Watch this space for more information.”

The impact of the pandemic, coupled with the hijacked #EndSARS protests that led to the looting of businesses and destruction of properties has thrown so many Nigerians into debts.

This show of support from Access Bank will help alleviate and stimulate economic activities, as well as produce many positive multiplier effects on the economy.

Additionally, it is worthy of note that Access Bank dedicates a minimum of one percent of its Profit-Before-Tax to Sustainability. The Bank also co-created the first disability inclusion hub in Nigeria, initiated and led the development of the Nigerian Sustainable Banking Principles and has brought about social and economic benefits to host communities across Nigeria through its employee volunteering scheme.

Patoma Admin by — October 24, 2020 in Banking & Finance 0

By Favour Nnabugwu

Globally, the spending on Blockchain is expected to hit $4.1 billion in 2020, increasing from the $2.7 billion recorded in 2019 and an estimated growth ration of nearly 50 percent.

According to StockApp data, Blockchain is expected to maintain a 46.4 percent Compound Annual Growth Rate over the next five-year period of 2020 and 2024, even as the International Data Corporation (IDC) also states that the total spending on blockchain solutions will be nearly $18 billion by 2024.

A blockchain is a digital record of transactions. The name comes from its structure, in which individual records, called blocks, are linked together in single list, called a chain. Blockchains are used for recording transactions made with cryptocurrencies, such as Bitcoin, and have many other applications.

Meanwhile, another report from Markets and Markets indicates that the global blockchain market is estimated to be worth $3.0 billion in 2020. It is projected to grow at a 67.3 petcent CAGR between 2020 and 2025, to reach a $39.7 billion valuation by the end of the period.

The total spending in the blockchain space amounted to $1.5 billion in 2018. At the time, the financial sector was most dominant, accounting for 60% of all spending. Though it still leads in 2020, its market share is now about half of that, at 29.7 percent.

Between 2020 and 2024, the IDC predicts that the blockchain industry will maintain a healthy pace of investment at 45.3 percent CAGR. Process and discrete manufacturing will together account for 22.3 percent of all blockchain spending in 2020. While process manufacturing will grow at a 50.3 percent CAGR, discrete manufacturing will grow at 46.5 percent.

With $1.6 billion, the US will top the list globally in terms of spending while Western Europe will be second with $1.0 billion. China will take the third spot with $457 million, but it will be the leading country in terms of growth, with a 51.7 percent CAGR.

China’s blockchain spending was $87 million in 2017. It could rise as high as $1.420 billion by 2022. Prior to the pandemic, it was growing at a 65.7 percent CAGR against APAC’s 50.3 percent and the global’s 60.2percent

Patoma Admin by — October 24, 2020 in Others 0