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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
President Tinubu mourns CEO of Access Holdings Plc, Herbert Wigwe, former Group Chairman of Nigerian Exchange Group, Abimbola Ogunbanjo, others

By Favour Nnabugwu

 

 

After receiving an official confirmation of events, President Bola Tinubu receives with shock and deep distress the news of the passing of Mr. Herbert Wigwe, top banker and entrepreneur, and Mr. Abimbola Ogunbanjo, former Group Chairman of the Nigerian Exchange Group Plc, along with members of the Wigwe family.

Mr. Herbert Wigwe, was the Chief Executive Officer of Access Holdings Plc and founder of the How Foundation.

President Tinubu mourns these exceptional Nigerian business leaders and describes their passing as “an overwhelming tragedy that is shocking beyond comprehension.”

The President condoles with the Wigwe and Ogunbanjo families, the business community, and all those impacted by this harrowing incident.

President Tinubu prays for the peaceful repose of the departed and asks God Almighty to comfort the multitude of Nigerians who are grieving and the families of the deceased at this deeply agonizing moment.

Patoma Admin by — February 11, 2024 in Metro 0
AIICO Insurance to train NAIPE members on insurtech, IFRS, others

By Favour Nnabugwu

 

 

AIICO Insurance Plc, a prominent entity in Nigeria’s insurance industry, is set to hold its annual training for members of the Nigerian Association of Insurance and Pension Editors (NAIPE).

The annual training, which is the third in the series, serves as a forum to intimate NAIPE members on recent developments in the insurance and pension sectors as well as the financial sector.

The facilitators of the training which are drawn from the top management team of AIICO Insurance are experts with vast experience in the insurance and financial sectors of the economy.

The training will focus on InsurTech, IFRS 17, as well as Microinsurance.

The AIICO annual training for NAIPE members is a testament to the hard work and dedication of the entire AIICO team in the drive to deepen insurance penetration in the country.

Meanwhile, it will be recalled that AIICO Insurance recently bagged the “Insurance Company of the Decade” award at the 2023 Marketing Edge Brands & Advertising Excellence Awards.

Winning the title of “Insurance Company of the Decade” is a testament to the AIICO brand’s widespread recognition for excellence in the Nigerian marketplace and the company’s unwavering commitment to innovation, and customer-centricity over the past ten years.

AIICO Insurance Plc has consistently set new benchmarks in the insurance sector, demonstrating remarkable growth, resilience, and a steadfast dedication to its customers. This recognition reaffirms AIICO Insurance’s position as a leader in the industry, known for its superior products, innovative solutions, and unwavering focus on protecting and securing the future of its customers and clients.

Established in 1963, AIICO Insurance Plc has a 60-year record of providing high-quality service to its clients. As a leading composite insurer in Nigeria, AIICO offers life and general insurance, health insurance, and investment management services, helping individuals, families, and corporate customers create and protect wealth.

Patoma Admin by — September 26, 2023 in Insurance 0
Insurtech secures $1.25m pre-funding, to liaise with Leadway, Aiico, STI, Custodian, others

By Favour Nnabugwu 
Nigeria’s Insurtech Startup MyCover.ai, which has secured $1.25 million in pre-seed funding.
The funding round was led by Pan-African venture capital fund Ventures Platform, with participation from founders factory and Techstars.
The company offers Over 30 personalized insurance products through an open insurance API that integrates with top insurance providers like Leadway Insurance, Hygeia, Sovereign Trust, Custodian, Tangerine Allianz, and AlICO Insurance. This open insurance API enables other companies and innovators to embed these insurance products into their platforms
Insurtech revealed that it will use the funds raised to bolster its in-house operations and tech talent, and also invest in its proprietary technology and strategically expand its operations into other African markets.
Speaking on the funds raised, CEO of MyCover.Ai Adebowale Banjo said,
“We are delighted to have the support of our new returning investors whose deep knowledge and extensive expertise in our region will help accelerate the attainment of our objectives. We are not looking to gain a significant share in the market only, we want to grow the size of the insurance pie by bringing more people into the fold through innovative products and better distribution.
“There’s a problem with access and distribution as a whole, especially with the kind of products insurance companies were churning out and what people needed and could afford. We also found out that the handshake between insurance companies is not there, the visibility and the data required to improve on products and underwriting progressively was lacking
Founded in 2021, MyCover.ai is Africa’s leading insurance infrastructure platform that leverages artificial intelligence and machine learning to scale insurance penetration across the continent.
The startup is committed to addressing the problems that the African insurance market has, such as insufficient coverage, a lack of access, the high cost of insurance, and a subpar customer experience when dealing with insurance procedures.
MyCover.Ai tackles these issues by functioning across three key touchpoints: distribution, insurance claims, and underwriting and product creation, where the claims procedures are optimized for both insurance providers and end customers.
Through its retail channel MyCoverGenius, it provides product-focused and technology-driven policies targeted at deepening insurance adoption in Africa, creating unique and relevant products in partnership with leading insurance companies.
MyCover.Ai claims to have recorded over $1 million in gross written premiums from partnerships with 30 insurance distributors nationwide since its launch. The startup is on a mission to reshape the insurance landscape in Nigeria and address several pain points in Africa’s insurance market
Patoma Admin by — July 20, 2023 in Insurance 0
Nigeria, Israel tightens partnership in entrepreneurship, others

By Favour Nnabugwu

 

 

 

Nigeria and Israel have commenced collaborative moves to deepen partnership in innovation, entrepreneurship and production with the aim of harnessing Nigeria’s huge potentials for its technological development.

The two nations agreed on these when the Israeli Ambassador to Nigeria, Mr. Michael Freeman, paid a working visit to the Executive Secretary of Tertiary Education Trust Fund,TETFund, Arc. Sonny Echono ,at the Fund’s Headquarters in Abuja.

Speaking during the visit, Ambassador Freeman expressed Israel’s desire to work with Nigeria in the area of technology and entrepreneurship development, describing Nigeria as a country of huge potentials due to its teeming youth population.

While describing Israel as a leading country in technology and innovation, Ambassador Freeman disclosed that 45% of Israel’s GDP comes from innovation and entrepreneurship start-ups, as the country’s major economic sectors are involved in high technology and industrial manufacturing.

He stated that with Nigeria’s huge potential, if same could be achieved, or even a 30% GDP addition to Nigeria coming from technology, innovation and entrepreneurship, it would hasten Nigeria’s economic development.

The Israeli Ambassador further stated that Nigeria possesses the potential to be a destination for businesses if innovative developments are harnessed, particularly through innovation incubation hubs.

This, he said, would provide young Nigerians who have entrepreneurship potentials but lacked expertise an avenue to be mentored and guided in the right direction.

Mr. Freeman also spoke about the Innovation Fellowship for Aspiring Inventors and Researchers (i-Fair) programme, an initiative borne out of the need to raise a generation of innovators, inventors and researchers in Nigeria; especially among the youths. He noted that the Embassy has worked closely with the office of the Vice President on the programme, which has spanned across two editions and also called for stronger partnership with the Fund in the upcoming Third Edition.

In his remarks, Arc. Sonny S.T Echono expressed appreciation to the Israeli Ambassador for his visit and commitment towards strengthening ties with TETFund in Nigeria’s quest for technological and economic development.

While expressing excitement at the numerous benefits derivable from the partnership, he stated that “If innovation and entrepreneurship can provide 45% of Israel GDP, one can only imagine what 10 0r 20% will do to Nigeria’s GDP with our population”.

According to Echono, there is a global consensus that Nigerians are hardworking and intelligent if provided with the right incentives, and one can envision what can be unlocked through technology, innovation and entrepreneurship.

Patoma Admin by — March 15, 2023 in Foreign 0
RegentAfrca Times gives humanitarian Awards to 3 persons, others

By Favour Nnabugwu
RegentAfrica Times has announced the winners of its 2023 Annual Awards #2023HumanitarianAwards, for three person present at the just concluded  2nd Lecture and Humanitarian Awards
The Awards were give to the living and posthumous.
The three person’s are Mr Jubril Ibrahim Adavise Founder of Positive Impact Humanitarian Inititive; Dr Funmi Morebise, Founder of EatRight Society and Mrs Saddatu Adamu founder of Secure D’ Future Initiative.
The Editor-in-Chief, of RegentAfrica Time, Mr Shola Akingboye said  “In accordance with our annual tradition, we are pleased to announce winners of this year’s awards after rigorous vetting that produced outstanding persons and institutions in different categories. It’s a list that inspires hope, in spite of our current challenges .
Akingboye said that journalism in Nigeria is doing a great job. He charged the awardees to continues in Humanitarian services to enhance the Nation’s economy.
The theme of this years annual lecture is on ” Enhancing professionalism Among the Security and agencies, Media & Voters for free, fair and Credible Polls.
Dr Saadatu Adamu, founder of Secure D’ Future Initiative posited that serious advocacy is needed for behaviour Modification to ensure free election violence.
Dr Funmi Morebise, Founder of EatRight Society asserted that Regent Africa times award will make her to do more, Because she has a lot of platforms program to enhance the capacity of the youths.
At the end of the event, Mr. Jubril Ibrahim Adavise Founder of Positive Impact Humanitarian Inititive, said over 150 people were given scholarship under his organization and he will continue to ensure the potential of Nigeria youths are birthed through various engagement of his scheme.
Patoma Admin by — February 16, 2023 in Metro 0
PenOps, insurers to provide health insurance, lost of job policies, others

By Favour Nnabugwu

Arrangements are in top gear on the parlety between Pension Fund Operators Association of Nigeria (PenOp) and insurers to rovide health insurance, term life assurance, loss of job policy amongst others as incentives for their micro pension contributors.

One of the incentives, which is term life assurance and also known as pure life assurance, is a type of life insurance that guarantees payment of a stated death benefit if the covered person dies during a specified term. Once the term expires, the policyholder can either renew it for another term, convert the policy to permanent coverage, or allow the term life assurance policy to terminate.

Managing Director/CEO Access Pension Fund Custodian and Head, Media Committee of PenOp, Mrs. Idu Okwuosa, told insurance & Pension Journalists in Lagos that said the association is working assiduously to embed robust incentives into the micro pension plan.

Okwuosa stated, “PenOp and the National Pension Commission (PenCom) desire a better lifestyle for micro pension contributors and are working to see that aside the benefits of retirement and contingency savings, contributors maximise other robust incentives.

Head, Micro Pension Department, National Pension Commission (PenCom) Dauda Ahmed, at the event reiterated the benefits of micro pension plan, stating that it will improve the standard of living of the elderly as it provides a regular stream of benefits at old age.

He also said it will provide access to other incentives; secures financial autonomy and independence of retirees and that contributions will be passed to the next of kin in case of contributor’s death.

Patoma Admin by — December 10, 2021 in Pension 0
JAMB uncovers 706,189 illegal admissions by varsities, others

By admin

The Registrar, Joint Admissions and Matriculation Board (JAMB), Prof. Is-haq Oloyede stated that agency has uncovered 706,189 illegal admissions by universities, Colleges of Education, polytechnics and other allies.

Oloyede at the Consultative Sensitization Meeting with Select Stakeholders in Abuja today,  said the illegal admissions have damaged the image of the country.

He said the illegality was perpetrated in all the six geopolitical zones by public and private higher institutions.
While about 114 universities accounted for 67.795 of the illegal admissions, 137 polytechnics were responsible for 489,918, 80 Colleges of Education for 142, 818 and 37 other institutions involved in 5,678 cases.

The undisclosed admissions were perpetrated from 2017 to 2020 by the affected institutions.
He said such admissions were unknown to JAMB as prescribed by law.

While about 114 universities accounted for 67.795 of the illegal admissions, 137 polytechnics were responsible for 489,918, 80 Colleges of Education for 142, 818 and 37 other institutions involved in 5,678 cases.

The undisclosed admissions were perpetrated from 2017 to 2020 by the affected institutions.

He said such admissions were unknown to JAMB as prescribed by law.

But the Minister of Education has assented to JAMB’s plea for a last chance for the violators.

He said the institutions disregarded JAMB’s Central Admissions Processing System (CAPS which allows institutions to “only admit candidates that met the requirements.”

He said the affected institutions’ Vice Chancellors, Rectors and Provosts have admitted their mistakes by “sending a formal letter of confession and disclosure to the JAMB Registrar.”

In the list of the 114 universities given to stakeholders, some of the top indicted for illegal admissions include University of Jos(7,600); Benue State University(6,171); Olabisi Onabanjo University(5,669); Kwara State University(4, 281); Novena University(3,432); University of Nigeria, Nsukka(2,732); and Imo State University(2,330).

Others listed were University of Nigeria, Nsukka(2,732); Imo State University(2,330); University of Calabar(2,074); NTA Television College(1,934); Baze University(1,717); Oduduwa University(1,450); Kaduna State College of Education(1,417); Tai Solarin University of Education(1,101); Al-qalam University(1,062); Gombe State University(1,017).

Oloyede said: “As a measure of mopping up the backlog of improperly admitted candidates, the Honourable Minister of Education, Malam Adamu Adamu, assented to the Board’s plea for a last chance for the violators.

Patoma Admin by — November 24, 2021 in Education 0
FG increases to N8.5bn TETFund grants to varsities, others

By Favour Nnabugwu

 

The Federal Government has increased Tertiary Education Trust Fund (TETFund) research grants to universities and other tertiary institutions to N8.5 billion, up from the N7.5 billion in 2020.

The Minister of Education, Malam Adamu Adamu, who announced the increment while declaring open the first National Conference on Research, Training and Development in Zaria, noted that in 2019, the grants totaled N5 billion.

The conference, under the theme: “Research, Training and Development in Nigeria’s educational system in the 21st century: challenges and way forward” was organized by the Institute of Education, Ahmadu Bello University, (ABU) Zaria.

The minister, represented by the Executive Secretary, Tertiary Education Trust Fund (TETFund), Prof. Suleiman Bogoro, commended President Muhammadu Buhari for doing a lot in the area of education.

He added that the Federal Government had decided to raise its budgetary allocation to the education sector by 50 percent in next year’s budget, with a view to addressing the funding shortfall for the sector.

The minister stressed the global importance of research in any academic community, saying that the number of academic publications was not enough, as what mattered most was the amount of research grants one attracted to his or her university as a professor or senior academic officer.

The minister congratulated ABU for winning a total of 12 research grants in 2020 from the TETFund as against the five it won in 2019.

“I am really happy that things are gradually changing in ABU. As one of the first generation universities in Nigeria, ABU should not take the rear seat in the area of research and other academic activities,” he said.

The minister recalled with nostalgia some of vibrant intellectual activities organised by students that attracted many to ABU, citing the examples of the popular Moot Court at the Faculty of Law and the Mock Summit at the Department of Political Science and International Studies.

The minister, however, noted with dismay, that those epoch-making events by students had ceased to exist in recent years, although they were beginning to pick up under the leadership of Prof. Kabiru Bala as the institution’s Vice-Chancellor.

Earlier, Prof. Bala, had stressed the importance of research in national development, saying that this was what promoted the Institute of Education to organise the annual national conference on research, training and development.

Patoma Admin by — September 15, 2021 in Education 0