Nigeria’s insurance industry interconnectivity platform goes live

May 23, 2022 Blessing Anaro 0

The National Insurance Commission, NAICOM, has automated insurance industry activities with the unveiling of a new platform to deepen the insurance market and increase the penetration. NAICOM had in July 2009, embarked on a comprehensive computerization effort tagged project e-regulation that was meant to transform its operational procedures and the conduct of its regulatory responsibilities by providing a robust, world Read More

Insurance business is not done in isolation – Agboola

May 18, 2022 David Agba 0

The Chairman of the College of Insurance Supervisors of the West African Monetary Zone (CISWAMZ), Mr Agboola Pius, Tuesday stated that insurance business is not done in isolation. Speaking during the second meeting of the college in Abuja, he said, “Insurance business evolved through the desire of entrepreneur to curtail the negative effects of the risk materializing. Hence, that is Read More

WAISA establishes College of Insurance Supervisors

April 14, 2022 David Agba 0

The West African Insurance Supervisors Association (WAISA) has established the College of Insurance Supervisors for the West African Monetary Zone (CISWAMZ). This followed the concurrence of the Committee of Governors of the West African Monetary Zone at their 43rd meeting on August 26, 2021. Head, Corporate Communications and Market Development of NAICOM, Rasaaq Salami in a statement on Thursday in Read More

NSIA Insurance introduces radio campaign to deepen awareness

April 11, 2022 Amaka Ifeakandu, Lagos 0

Determined to deepen insurance awareness in Nigeria to encourage more Nigerians to take up insurance, NSIA Insurance has launched a radio campaign. According to a statement from the firm’s Team Lead, Corporate Communications, Osarieme Igbinoba, NSIA Insurance kick off it’s operations in the second quarter of the year 2022 with the launch of its new radio campaign. “The organization launched Read More

NAICOM to unveil sandbox for innovative expansion of insurance reach out.

March 15, 2022 David Agba Abuja 0

The National Insurance Commission (NAICOM) has said it would soon unveil its sandbox to give room for innovative expansion of insurance reach out.The commission also said its web aggregators’ guideline is aimed at opening access to insurance and also a means of creating a convenient market for insurance. Commissioner for Insurance and CEO of NAICOM, Mr. Sunday Thomas made this Read More

Why Nigerian business owners avoid insurance cover

March 11, 2022 Blueprint 0

Insurance in Nigeria has always been seen as fraudulent by many; however, the lack of understanding of its working, analysts say, is at the heart of the misunderstanding; BENJAMIN UMUTEME writes. Chidi Emeka, a resident of Jikwoyi, a suburb of the federal capital territory, at 2am in late January received a phone call from one of the vigilantes who protected Read More

Nova Merchant opens N20bn CP issuance

February 21, 2022 Amaka Ifeakandu 0

NOVA Merchant Bank, a leading merchant bank in Nigeria, has said that its N20 billion Series 1 & 2 commercial paper issuance under the Nova Merchant Bank Limited N50 billion Commercial Paper Programme is open for subscription. The company said the offer, which opened on the FMDQ platform has a tenor of 182 days for series 1 while the Series Read More

Kano to attract foreign investment using compulsory insurance

February 11, 2022 David Agba 0

The Kano State Government has resolved to use its new found compulsory insurance culture to attract foreign investment. The state government is optimistic that an entrenched insurance culture would assure investors of the safety of their investments. Secretary to the Kano State Government, Alhaji Usman Alhaji, who represented the state governor, Dr. Abudullahi Umar Ganduje, made this revelation in Abuja Read More

Stanbic IBTC Insurance covers Super Eagles with N1. 73bn

January 12, 2022 Suleiman Idris 0

Stanbic IBTC Holdings plc has taken steps to ensure the Super Eagles of Nigeria wins the ongoing African football tournament, the African Cup of Nations (AFCON), in Cameroon with comprehensive insurance coverage. Late last year, the Nigerian Football Federation (NFF) announced a meaningful partnership that would see Stanbic IBTC, through its insurance subsidiary, Stanbic IBTC Insurance Limited, provide Group Life Read More

Senate slams NPA over N7.5bn contract award

December 31, 2021 Taiye Odewale 0

  The Senate through its committee on Public Accounts has beamed its searchlight on alleged irregularities perpetrated by management of Nigeria Port Authority in the award of N7.5 billion contract in 2012. The contracts as contained in the 2017 audit report were for off shore erosion control work at Akipelai, Ayakoro and Otuoke in Bayelsa state. Queries raised by the Read More

Reps tackle NHIS over unutilised budgetary releases

October 28, 2021 Joshua Joshua Egbodo 0

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

NAICOM worried at inadequate insurance of public buildings, others

October 6, 2021 David Agba 0

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

‘We are remaking insurance into effective system’

September 27, 2021 Blueprint 0

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

Buhari to African underwriters: You’re the vaccination for African economic growth

September 6, 2021 David Agba 0

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

NAICOM switches to online operations, commands, controls

September 1, 2021 David Agba 0

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

Economic hardship: Court discharges intra-city bus driver in Osun

August 30, 2021 Lateef Ibrahim 0

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

APC states to allocate, release 15% annual budget for healthcare delivery

August 29, 2021 Bode Olagoke 0

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

LASG tasks NAICOM on insurance products for MSMEs

August 13, 2021 Blueprint 0

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

1000 pregnant women to benefit from Adeyemi’s health insurance scheme

August 11, 2021 Oyibo Salihu 0

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

Bears return as NGX index decline by 0.32%

August 6, 2021 Amaka Ifeakandu 0

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

NAICOM boss laments absence of insurance to safeguard MSMEs

August 6, 2021 David Agba 0

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

Garki hospital records over 2m patients in 14yrs – MD

August 1, 2021 Tope Sunday 0

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

N69bn Debt: AMCON takes over Nicon Insurance, Nigeria Reinsurance Corporation

July 28, 2021 David Agba 0

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