All Posts in "Naicom"

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
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, 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
Naicom, Police set to enforce compulsory insurance nationwide

By Favour Nnabugwu 
National Insurance Commission, Naicom and the Nigerian Police are set to enforce compulsory insurance in the country.
This was made manifest by visit of the Commissioner for Insurance/ Chief Executive Officer of the Naicom, Mr. Olorundare Sunday Thomas who paid a courtesy visit on the Inspector General of Police, Kayode Egbetokun to explore ways of strengthening collaboration in the areas of enforcement of compulsory insurances.
The compulsory insurances are Motor third-party insurance; Builders liability insurance (Building under construction); Workmen’s compensation insurance; Occupier’s liability insurance (Public buildings); Healthcare professional indemnity insurance and Statutory group life insurance.
In his remark the IGP appreciated the support of the NAICOM with regards the insurances of the Nigerian Police Force and promised to work closely with the Commission
Patoma Admin by — January 16, 2024 in Insurance 0
Naicom, Katsina State inuagurate committee on Sensitisation, Implementation of compulsory insurances, takaful

By Favour Nnabugwu

 

 

National Insurance Commission, Naicom and Katsina State government inuagurate Technical Committee on sensititation, implementation and takaful insurance chaired by the Commissioner for Commerce in the State Alh. Muktar Gidado Abdulkadir and the co-chairman is the Executive Chairman, Katsina State Internal revenue service Mal. Mustapha Mohammed Sirajo.

Other members of the Committee are representatives of the NAICOM, Office of the SSG, Office of the Head of Service in the State, Ministry of Finance, Ministry of Health and other relevant agencies.

The Executive Governor while inaugurating the Technical Committee states that the initiative to introduce Takaful insurance is a welcome development that will serve as an alternative especially to attract people of the state who are left out due to religious or cultural barriers.

He assured the NAICOM of Katsina State Government’s full support in the development of insurance in the State.

 

CAPTION:

Naicom team was in Katsina for the inuaguration. Photo shows: R- The Executive Governor of Katsina State HE Aminu Bello Masari, Naicom’sHead Corporate Communication and Market Development, Mr AbdulRasaaq Salami and his Deputy Alh. Mannir Yakubu during the inauguration of the Technical Committee on the Sensitisation/Implementation of compulsory insurances and Takaful in the state in his office on Tuesday 6 September, 2022.

Patoma Admin by — September 7, 2022 in Insurance 0
Naicom, NCDMB called on stakeholders to adhere, comply with oil & gas content development

The National Insurance Commission (NAICOM) and Nigerian Content Development and Monitoring Board (NCDMB) unveiled the Guidelines on Submission of Insurance Programme By Operators, Project Promoters, Alliance Partners and Indigenous Companies In the Oil and Gas Industry.
Speaking during the launch in Yenagoa, Bayelsa State, the Commissioner For Insurance, CFI, has implored all stakeholders in the oil and gas content to adhere and complied to the rules and laws guiding it in order to development the insurance industry
Recalled that  the Guidelines for Oil & Gas Insurance Business was issued in 2010 which amongst others, stipulates the roles and responsibilities of insurance institutions in ensuring compliance with local content law.
“I therefore implore all operators, project promoters, alliance partners and Nigerian indigenous companies engaged in any form of business, operations or contract in the Nigerian oil and gas industry to note that the sighted relevant laws have demanded our adherence and continued compliance”, he beaconed.
 The purpose for which the federal government pulled the stringer together, Thomas stated that it  was done with the primary consideration of ensuring that available In-Country Insurance Capacity is fully filled before any foreign consideration.
“The overall aim of the guideline is the development of indigenous content through increased indigenous participation. The NOGICD Act 2010 was therefore applauded by the entire insurance industry as it greatly complemented the National Insurance Commission roles and responsibilities in performing its regulatory and supervisory oversight function.”.
Elated about the collaboration, the CFI said the joint Guidelines which is today issued with the objectives of enforcing and strengthening compliance with the provisions of the referenced sections of the NOGICD Act and relevant provisions of the Insurance Act with respect to companies carrying on insurance business in the Nigerian oil and gas industry is to also enable the Board monitor utilization of in-country insurance capacity.
Representing the industry at the event were Commissioner for Insurance, Sunday Thomas, the Deputy Commissioner for Insurance, Technical, Alh. Sabiu Bello Abubakar, NAICOM Director, Policy and Regulations, Mr. Leonard Akah, the Chairman, Nigeria Insurers Association, Mr. Ganiyu Musa and Mr. Tunde Oguntade, who repesented the President of Nigerian Council of Registered Insurance Brokers.
Also, txecutive Secretary of NCDMB, Engr. Simbi Wabote, stated that the Insurance Guidelines addresses loopholes that have been identified by the Board in implementing the provisions of the NOGICD Act, particularly sections 49 and 50.
The combined provisions of sections 49 and 50 require all operators engaged in any form of activity or project in the Oil and Gas industry to “insure all insurable risks related to its oil and gas business… with an insurance company, through an insurance broker registered in Nigeria.”
The Nigeria Oil & Gas Industry Content Development, NOGICD Act provides that where an operator seeks to place an insurable risk offshore, a written approval of NAICOM must first be sought and obtained and that NAICOM, prior to the issuance of the approval, must first determine that “…local capacity has been fully exhausted.”
Wabote stated that “The essence of the above provisions of the NOGICD Act was to ensure the full utilisation of available in-country capacity in the insurance sector before seeking offshore insurance services. This is expected to support retention of capital in-country and build capacity of Nigerian insurance companies in the oil and gas industry.”
“It is believed that the implementation of this Insurance Guidelines will further strengthen the Board’s local content drive and ensure that a greater portion of the spend in the insurance industry as it relates to oil and gas activities in Nigeria is retained in-country,” he added
He reiterated that the Insurance Guidelines, drawn up by the two government agencies, will lead to more value addition and usage of Nigerian insurance firms and insurance brokers registered in Nigeria.
Wabote also pointed out that the launch of the Insurance Guidelines marks the first step in the implementation of the Guidelines, adding that the representatives of both government agencies have finished drafting the framework implementation plan.
He maintained that the Insurance Guidelines is another step by the Board of NCDMB to attaining 70 percent Nigerian Content by 2027 under the Board’s 10-Year Strategic Roadmap.
Wabote added that the Board of NCDMB is delighted to collaborate further with NAICOM to ensure the successful implementation of the Insurance Guidelines and every other activity that will lead to the attainment of the objectives of the NOGICD Act, 2010.
“We will further dissipate information about the new Insurance Guidelines during the Nigerian Content Seminar session at the 2022 Nigerian Oil and Gas Event scheduled for next month, 4th to 7th July 2022 in Abuja,” he assured.
Patoma Admin by — June 8, 2022 in Insurance 0
NAICOM, NCDMB unveil Guidelines on Submission of Insurance Programme by Operators

The National Insurance Commission (NAICOM) and the Nigerian Content Development and Monitoring Board (NCDMB) today 8th June, 2022 officially launched and unveiled Guidelines on Submission of Insurance Programme by Operators, Project Promoters, Alliance Partners and Indigenous Companies in the Nigerian Oil & Gas Industry. The ceremony took place at the Headquarters of the NCDMB in Yenagoa, Bayelsa State.

Present at the ceremony from the insurance sector were the CFI, the Deputy Commissioner for Insurance, Technical Alh. Sabiu Bello Abubakar, NAICOM Director Policy and Regulations Mr. Leonard Akah, the Chairman, Nigeria Insurers Association Mr. Ganiyu Musa and Mr. Tunde Oguntade who repsented the President of NCRIB.

 

 

 

 

Patoma Admin by — June 8, 2022 in Insurance 0
NAICOM, FintechNGR to develop a Fintech-Insurtech adoption Roadmap

By Favour Nnabugwu

 

The National Insurance Commission, NAICOM has approved the request for FintechNGR to work with NAICOM and the ecosystem to develop a Fintech/Insurtech Adoption Roadmap for the insurance sector in Nigeria.

Recall that the Association successfully played a similar role in developing a Fintech Adoption Roadmap Policy for the Nigerian Capital Market in 2019 which has played a revolutionary role in how SEC is outstandingly regulating the sector.

The 2019 Fintech Roadmap Policy for the Capital Market has given birth to other regulations such as crowdfunding and virtual asset rules and many others that are still in the pipeline at the Commission

Patoma Admin by — April 15, 2022 in Insurance 0
Naicom, CIIN beckon on operators to roll out strategics for growth

By Favour Nnabugwu

 

The National Insurance Commission and the Chartered Insurance Institute of Nigeria have called on the industry operators to come up with  strategies that will placed the sector in it’s rightful position in the economy

The  Commission and the training institute in Lagos on Wednesday during the 2022 business outlook forum organised by the CIIN, with the theme ‘Economic policies of the government in 2022: Challenges, issues and prospects.

The Commissioner for Insurance, Mr Sunday Thomas, who spoke on the topic ‘Strategies aimed at cushioning the effects of the COVID-19 on the operations of the Nigerian insurance industry and the way forward,’ said the commission ensured increased visibility for the insurance sector.

He said NAICOM had continued to implement effective policyholder protection schemes.

“The commission reviewed current policyholders’ protection schemes and improved use of the security fund for settlement of insolvency and distress; improved enforcement of market conduct rules; and monitored degree of customer satisfaction and enhance insurance awareness by policyholders in Nigeria,” Thomas said.

He said NAICOM ensured risk-based capital approach, enhanced investment in digital capabilities and automation, standardisation of reports and capacity development programmes, among others.

The President/Chairman of Council, CIIN, Muftau Oyegunle, described the forum as an avenue where key players in the insurance industry finance subsector of the economy converged to review the business environment in the country, for the immediate past year and strategise on the way forward for the insurance industry in the New Year

Patoma Admin by — February 24, 2022 in Insurance 0
Naicom, PenCom, NIA, LASPEC, Soyewo for NAIPCO conference Oct 14

By Favour Nnabugwu

 

The annual conference of the National Association of Insurance and Pension Correspondents, NAIPCO, which is harp on the impact of Covid-19 on financial inclusion; opportunities for insurance and pension sectors comes up Thursday, October 14, 2021 at Oriental Hotel, Lekki, Lagos.

The theme of the conference will examine the multiplier effects of Covid on the financial sector of the economy and the disruptions created in the economy and how to mitigate it for all.

The keynote speaker is the former Director General, Lagos State Pension Commission (LASPEC), Mrs. Folashade Onanuga, while the pioneer Director General, National Pension Commission (PenCom) and Chairman, Polaris Bank Limited, Mr. Ahmad Muhammed;  Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Mr. Sunday Thomas; Director General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar are special guests of honour. The chairman/chief executive officer, Prestige Insurance Brokers Limited, Prince Feyisayo Soyewo, will chair the event.

Similarly,  Chairman, Nigerian Insurers Association (NIA), Mr Ganiyu Musa; Chairman, Pension Fund Operators Association of Nigeria (PenOp), Mr. Wale Odutola, among others set for the event.

According to the NAIPCO chairman, Mr. Chuks Okonta, experts from both the insurance and pension industries and the extended financial service sector will gather to deliberate.

Chairman, 2021 NAIPCO conference planning committee, Mr. Modestus Anaesoronye, also said the awards which form part of the event would be given to individuals and companies who have distinguished themselves in the insurance and pension sectors in the last financial year.

The annual NAIPCO conference deliberates and proffers solutions to issues that affect the insurance and pension markets in Nigeria, Africa and the global stage.

Patoma Admin by — September 11, 2021 in Insurance 0