Insurance
NAICOM: Don’t shun insurance despite inflation, harsh business environment
File Photo As businesses and individuals adopt cost reduction measures in response to rising inflation and the harsh business environment, the National Insurance Commission, NAICOM, has charged Nigerians to avoid the tendency to shun insurance of their assets. Commissioner for Insurance, Mr. Sunday Thomas, who gave the charge noted that despite the biting inflation in the country, even as people reduce the cost of expenses, this is not the best of time to reduce insurance consumption. Thomas stated this at a webinar organised by Coronation Insurance Plc in partnership with Access Bank Plc, with the theme: “Managing Business Risks at a Time of Uncertainty.” Thomas, who was represented by Mr. Taiwo Adeoye, Technical Adviser to the Commissioner for Insurance, noted that sometimes the gain in ...
Why coronavirus will not be last pandemic – UN report
United Nations The Coronavirus (COVID-19) pandemic, the latest crisis facing the world, will not be the last until humans release their grip on nature, says a new UN report published on Tuesday. According to the report titled “The Next Frontier: Human Development and the Anthropocene,” world leaders need to take bold steps to reduce the immense pressure that is being exerted on the environment and the natural world, or humanity’s progress will stall. “Humans wield more power over the planet than ever before. Redefining issues of our time “In the wake of COVID-19, record-breaking temperatures and spiraling inequality, it is time to use that power to redefine what we mean by progress, where our carbon and consumption footprints are no longer hidden,” said Achim Steiner, the Administrator of ...
NAICOM issues operating licenses to 4 insurers, 1 reinsurance firms
File Photo The National Insurance Commission (NAICOM) has granted operating licenses to four insurance firms and one reinsurance company to operate in the nation’s insurance industry. The four insurance firms are Heirs Insurance Limited (General); Stanbic IBTC Insurance Limited; Heirs Life Assurance Limited; Enterprise Life Company Nigeria Limited; and FBS Reinsurance Limited. The Commissioner for Insurance, Sunday Thomas, while presenting the licenses to the companies in Abuja, said that they have met the statutory requirements to carry out insurance business in Nigeria. Meanwhile, Heirs Insurance Limited (general) has appointed Olaniyi Stephen Onifade as its Managing Director; Stanbic IBTC Insurance Limited appointed Akinjide Orimolade as Managing Director; Heirs Life Assurance Limited a...
#EndSARS: Lagos government directs MDAs to forward list of destroyed properties
Sequel to the recent unrest in Lagos State which resulted in wanton destruction to some government properties, items, and valuables, the state government on Friday directed all Ministries, Departments and Agencies (MDAs) to send the list of all affected properties, items and other valuables in their domain. It would be recalled that the peaceful #EndSARS protests in the state had turned violence following the shooting by military men, resulting in hoodlums vandalizing government and private properties across the state. The State Head of Service (HoS), Mr Muri Okunola, gave this directive in a circular with Ref. No: CIR/HoS/20/Vol.1/114, dated 30th October 2020, titled: ‘Processing of Indemnity for State Property Damaged in the course of the recent civil unrest,’ saying the directive was to...
NAICOM releases guidelines of minimum paid-up share capital for insurance companies
File Photo The National Insurance Commission (NAICOM) on Tuesday released guidelines for the payment of Minimum Paid-up Share Capital by insurance and re-insurance companies in compliance with the first phase recapitalistion directive deadline of Dec. 31. Mr Pius Agboola, Director, Policy and Regulations, NAICOM, for the Commissioner of Insurance, said that the guidelines were in furtherance to the commission’s earlier circulars referenced /25/2019, dated May 20, 2019, July 23, 2019 and December 30,2019 respectively on the subject matter. Agboola said that the minimum paid-up share capital shall be through any or a combination of either and existing paid-up share capital, cash payment for new shares, retained earnings – capitalisation of undistributed profits. He listed also payment in kin...
National Assembly urges President Buhari to suspend plan to recruit 774,000 Nigerians
The Senate and the House of Representatives yesterday urged President Muhammadu Buhari to suspend the implementation of the plan to recruit 774,000 Nigerians for Special Public Works across the country. The position of both chambers of the National Assembly followed a sharp disagreement between the National Assembly Joint Committee on Labour, Employee and Productivity and the Minister for State for Labour and Employment, Festus Keyamo, SAN, over the modalities for appointing the 20-member Selection Committee for the programme. Keyamo who had appeared at an interactive session organized by the joint committee opposed a resolution of the Joint Committee to resolve into a closed door session. The Minister said he rejected the lawmakers decision to quiz him behind closed doors because of the n...
Senator, CAN condemn Kajuru killings, sue for peace
The Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani, and the Kaduna State chapter of the Christian Association of Nigeria (CAN) have condemned the spate of killings in communities in Kajuru Local Government Area of the state. In separate statements issued on Thursday in Kaduna, they decried the ugly situation in the communities and sued for peace. In his statement, Sani, who represents Kaduna Central Senatorial District which include Kajuru, said he was “pained over renewed Fulani/Adara hostilities” in the area and called for restraint among the two groups. He noted that the Fulani and Adara communities have been living in peace for decades, adding that just like other communities in Nigeria and across the world, misunderstandings and cha...
