The umbrella body for 61 licensed insurance companies in the country has revealed that none of its members has notified it of any form of insurance compensation for the 21-storey building that collapsed on Monday November 1 at Gerard Road, Ikoyi. So far, 44 bodies have been recovered from the rubble, including that of the owner of the structure, Mr. Read More
The House of Representatives has asked the National Health Insurance Scheme (NHIS), to provide details on the sum of three million naira unspent by the agency from its 2020 budgetary releases. Chairman of the House committee on Health Services, Hon. Tanko Sonunu gave the directive on Wednesday during a budget defence session with the agency. Executive Secretary of NHIS Prof. Read More
At FIntech Summit 5.0 organised by First Bank of Nigeria, experts brainstormed on how best to make the Open Banking initiative work in financial service delivery, even as the FBN speaks on reasons for its intervention and the bank’s plans to remain atop the nation’s banking industry. AMAKA IFEAKANDU reports First Bank of Nigeria Limited, Nigeria’s premier and leading financial Read More
The Commissioner, National Insurance Commission (NAICOM) Sunday Thomas has expressed worries that most public buildings and buildings under construction above 2 floors are never adequately and appropriately insured. He started this at the sensitization workshop for federal fire service and state fire service officers on insurance of public buildings and buildings under construction above two floors in Abuja. He said, Read More
The Senate Wednesday considered a bill seeking to empower poor Nigerians in rural areas with guaranteed income and jobs that would provide 100 days of paid work per year. The Rural Employment Guarantee Bill, 2021, which scaled second reading on the floor was sponsored by Senator Mohammed Sani Musa (APC, Niger East). Leading debate on the general principles of the Read More
The fifth edition of Insurance September, an annual interactive event for insurance policyholders, is scheduled for Thursday September 30, 2021. The conversations at the conference with the theme “The Emerging Pace of Insurance” will be focused on shifting the work being done in the insurance sector in Nigeria from trying to correct the wrongs to remaking insurance into an effective Read More
Nigeria President Mohamadu Buhari, opened the 47th African Insurance Organisation Monday in Lagos via virtual platform with bundles of commendation for the African insurance market with a privilege endorsement of the Nigerian insurance market for the support and solidarity vent it opened for the government to draw from during the pandemic lockdown and up and until now. It is also Read More
The National Insurance Commission (NAICOM) has engaged online operations as it jettisons manual propelled operations. The Commission from Wednesday 1st September, 2021 transits from manual to online processing. NAICOM says all operational activities or issues concerning insurance institutions that requires the Commission’s attention, comment and approval will be submitted and processed via the NAICOM licensing system. A statement by Director, Read More
A Chief Magistrate Court sitting in Osogbo, Osun State, Monday, discharged a middle aged man, Adebayo Idowu, who was alleged to have driven without driver licence. The presiding magistrate, Dr. Olusegun Ayilara, after the defendant had admitted guilty of the allegations pressed against him by the police, said “because of economic hardship, the defendant Is hereby discharged and acquitted.” The defendant Read More
The states controlled by the ruling All Progressives Congress (APC) have all agreed to henceforth allocate and release 15 percent of their annual budget for the healthcare delivery in their states. The APC states also agreed to henceforth undertake establishment of sustainable health care financing system such as health insurance and health emergency trust fund in their states. In a Read More
The Lagos state Government has urged underwriting companies in the country to consider providing special cover for micro, small, and medium enterprises (MSMEs). Gov. Babajide Sanwo-Olu, made the call at a sensitisation workshop on insurance for MSMEs organised by the National Insurance Commission (NAICOM) in the state. The governor, who was represented by the Commissioner for Finance, Dr. Rabiu Olowo, Read More
As part of effort to minimise the high rate of maternal mortality in Kogi state, a lawmaker, Senator Smart Adeyemi, has launched a Healthcare Insurance scheme for 1000 pregnant women in western senatorial district of the state. Senator Adeyemi while flagging off the scheme in Lokoja Wednesday said the scheme was to complement the effort of Governor Yahaya Bello who Read More
Trading activities on the floor of Nigerian Exchange (NGX) yesterday returned to besrish trend as the two market indicators of the Exchange declined by 0.32 per cent. Specifically, The NGX All Share Index depreciated by 126.32 basis points to 38801.51 points from 38927.83 points recorded the previous day. Market Capitalisation of listed equities also declined by N65 billion to N20.216 Read More
COMMISSIONER FOR INSURANCE/CEO, NATIONAL INSURANCE COMMISSION (NAICOM) Mr. Sunday Thomas has expressed dismay at the near absence of insurance cover that would safeguard and word off failure of Micro Small and Medium Enterprises (MSMEs). Speaking at the sensitization workshop on Insurance for MSMEs and Stakeholders in Lagos Thursday, Thomas explained that, “In Nigeria, all development interventions of the current administration Read More
The Medical Director, Garki Hospital, Abuja, Dr Adamu Onu, has disclosed that in the last 14 years, the hospital has treated over two million patients. Onu, who spoke on Friday, during the facility tour of the hospital by the Executive Secretary, National Health Insurance Scheme (NHIS), Professor Mohammed Nasir Sambo, said the hospital was concessioned to Nisa Premier Hospital in Read More
The Asset Management Corporation of Nigerian (AMCON) Tuesday announced it has taken over Nicon Insurance Limited and the Nigeria Reinsurance Corporation (Nigeria Re). The two companies belonging to the embattled businessman and politician, Jimoh Ibrahim, were ceased over an alleged N69.4 billion debt. To enhance the smooth running, efficient and effective management of the two firms, the board and management Read More
The African Risk Capacity (ARC) Limited has received the global insurance industry’s top overall environmental, social and governance (ESG) score. The ESG evaluation by Sustainalytics is a comprehensive assessment of a company’s preparedness to meet future risks and opportunities linked to ESG factors, such as climate change, regulatory risk and reputational issues. Sustainalytics’ ESG Risk Ratings also provide investors with Read More
The Federal Parastatals and Private Sector Pensioners Association of Nigeria (FEPPPAN) has urged President Muhammadu Buhari to establish a National Health Insurance Scheme for pensioners. FEPPPAN further said that establishment of National Health Insurance Scheme for pensioners is long overdue, adding that pensioners believe that Buhari whose keen interest on pensioners’ welfare, has greatly put smiles on the faces of Read More
Equity price declined marginally yesterday as market correction and profit taking continued in the second trading day of the week. the Market Capitalisation of listed equities went down slightly by N338 million or 0.002 per cent to N19.724173 trillion from N19.724511 trilion reported on Monday. The Nigerian Exchange NGX All Share Index also dipped by 0.65 basis points to 37857.24 Read More
Royal Exchange Plc risked an N18 million fine over its inability to meet the deadline for financial statements submission for the second quarter period of 2021. As a public listed company, the Nigerian Exchange Limited and the Securities and Exchange Commission (SEC) listing rules state that quarterly results must be released after 30 days of the end of each quarter. Read More
Bullish sentiment continued yesterday on the floor of Nigerian Exchange, with the market capitalisation appreciating by N44 billion. The market closed the day on higher traded volume and positive breadth that revealed increased buying interest, especially in the financial service sector and dividend paying stocks. The expectation of likely having positive corporate earnings as reported in the previous quarter scorecards Read More
The Nigeria Deposit Insurance Corporation (NDIC) has called on all depositors who lost their money in any closed banks to file their claims through the corporation zonal offices or any of the 10 agent banks appointed for the payment across the nation. The appointed agent banks are First Bank of Nigeria, United Bank of Africa, Zenith Bank, Wema Bank, Heritage Read More
United Bank for Africa (UBA) Plc has emphasized its unwavering commitment to the support of businesses and financial inclusion in Africa through its array of consumer lending products. Speaking during a virtual media parley attended by a diverse group of journalists and publishers from all over Africa, UBA’s Head, Consumer Lending, Anant Rao said credit remains a major economic stimulant Read More
The Nigeria Deposit Insurance Corporation (NDIC) has announced plans to commence payment of liquidation dividends to uninsured depositors, creditors and shareholders of additional 14 banks in-liquidation. In a statement by the Director, Communication and Public Affairs Department, Bashir Nuhu, the NDIC stated that while stakeholders of eight closed banks are to receive their first round of liquidation dividend payments, those Read More
Amidst the falling piracy incidence in the Nigerian waters and the Gulf of Guinea since February when the Nigeria Maritime Administration and Safety Agency (NIMASA) deployed the Integrated National Security and Waterways Protection Infrastructure popularly known as the Deep Blue Project, the Director General of Nigerian Maritime Administration and Safety agency (NIMASA), Dr Bashir Jamoh has expressed worry over the Read More
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