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Ecobank Wins Best Place to Work in Africa 2022 Award

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Ecobank Group the leading pan-African bank, has won the highly coveted Best Place to Work in Africa 2022 Award from the Best Place to Work organisation.

The Award honours organisations that exhibit the highest standards of excellence in Human Resources (HR) practices and employees’ experience. Ecobank is the first Pan-African bank to have been awarded the certification.
Ade Ayeyemi, Chief Executive Officer, Ecobank Group, said: “At Ecobank, we recognise that our people are our greatest asset. As a pan-African bank, we are intentional in deploying resources to attract, develop and retain the right talent. We actively provide the tools and processes to achieve a performance-driven culture and enabling environment.  Receiving international recognition as being one of the Best Places to Work in Africa is a great honour. It is noteworthy that this Award would not have been possible without the support of my colleague Ecobankers.”
The certification programme involves rigorous assessment and rankings based on the results of robust and objective assessments carried out at various hierarchical levels and across HR operations and procedures.

It includes HR Assessment and an Employee Assessment Survey. Areas covered include HR practices, compensation, benefits, leadership, teamwork, employee engagement and Corporate Social Responsibility (CSR).
Yves Mayilamene, Group Executive, Human Resources at Ecobank, commented: “We support and empower our talent to excel in an enabling and conducive working environment while investing in their growth and wellbeing. At Ecobank, we always seek to provide our staff with opportunities to advance and achieve their full potential through our learning and development initiatives. This Best Place to Work Award is a tribute to our Ecobankers’ commitment to exhibiting and living our values, as well as creating the right corporate culture.”
The assessment process resulted in the Ecobank Group achieving a total certification score of 79% – any percentage above 75% is considered high. The certification of the Best Place to Work accreditation is for one year (November 2022-November 2023).
Best Places to Work certified organisations tend to outperform the market average in terms of driving consistent long-term business performance through high employee engagement, engaging leadership and talent focus. Becoming a certified organisation means employees are inspired, engaged and motivated to do their best, everyday and everywhere.
During the celebration event, Peter Burke, President of Best Companies Group, extended his heartful congratulations to Ecobank by emphasising on the uniqueness of this Award that strengthens the Ecobank Employer Brand. He added:” You are being recognised for creating workplaces where your employees love to come to work. You are the envy of all other employers. Keep up the good work.”
The Best Places to Work certification is a globally recognised flagship employer of choice programme and is delivered in partnership with Best Companies Group. The Best Company Group is a well-established US company focused on identifying and recognising best employers in over 60 countries around the world.
In Africa, there were 29 Best Places to Work organisations recognised in 2022.  These include Alsa, eHealth Africa, Hilti, IHS, Ooredoo and Pharma 5. Some global companies with operations in Africa – such as AstraZeneca, Dell, Nestlé and Roche – were also among the winners.
The Best Place to Work in Africa Award followed another significant recognition for Ecobank as the Best Employer Brand in Africa, from the Africa Best Employer Brand Awards 2022. It honours the top organisations in Africa who are exemplary in HR.

The judges for this Award considered business progress based on public available information and many aspects of People/HR strategies including Talent Management and Development; Diversity and Inclusion; Women Empowerment; Promoting and Managing Health in the workplace; and CSR Initiatives.

 

 

NIA: Brokers Generated 60% of Insurance Premium in 2021

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L-R; Hon Auditor, the Nigerian Council of Registered Insurance Brokers, Mrs. Funke Adenusi; Executive Secretary/CEO, Mr. Tope Adaramola; Deputy President, Mr. Tunde Oguntade;  Guest Speaker, CEO of Dapsaderk Consulting Ltd, Mrs Adekunle Aderemi; Chairman, Lagos Area Committee, Mr. Demola Olutusin and Special Guest, Director General, Nigerian Insurers Association, Mrs. Yetunde Ilori at the  Management Retreat of the Lagos Area Committee of the Nigerian Council of Registered Insurance Brokers (NCRIB) in Lagos.   

Insurance Brokers contributed 60 percent of insurance business in Nigeria in 2021, affirming the market as Brokers’ dominated.

Giving this disclosure, the Director General of the Nigerian Insurers Association (NIA), Mrs. Yetunde Ilori stated that out of the 60 per cent, 80 per cent of it was for Non-Life Insurance business while 40 per cent was contributed for Life.

Ilori who spoke at the Management Retreat of the Lagos Area Committee of the Nigerian Council of Registered Insurance Brokers (NCRIB) in Lagos, noted that Brokers in the Lagos Market contributed 60 per cent of the business volume, underscoring the strategic importance of the Brokers located in the axis.

“Though it is affirmed that these businesses come from Lagos, the NIA would soon go granular to determine whether the Brokers that brought in the businesses were domiciled in Lagos or just have their branch offices there”, Ilori stated.

She noted that the high volume of businesses coming from Insurance Brokers behooves on them the responsibility to be more creative and ingenious in adding more value to the insurance industry and by so doing increasing the penetration and acceptance of insurance by the populace.

Ilori admonished Brokers and all other insurance operators to be dissatisfied with the status quo and always think of doing things differently in order to record the required changes and progress required in the industry, which she noted still operated below its optimum capability.

Speaking on the theme “Leading for Change”, the CEO of Dapsaderk Consulting Limited, Mrs. Adekunle Aderemi told the delegates to imbibe transformational leadership in order to change the narrative of the insurance industry in the country.

She averred that change management was a desirable skill for all managers and leaders of business in the world in order to cope with the changing dynamics of work and professions, stating that the insurance industry required more dynamism on the part of leadership to meet the changing expectations of the populace in risk management and insurance.

The Executive Secretary of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Tope Adaramola, who spoke on “Effective Relationship Management”, noted that since all professions and businesses are people-based, professionals must school themselves in the art of people- management, as a way to excel in the changing world.

Adaramola advised professionals to place priority on personal values, good ethics, effective communication and social relationships in order to break even in life and their various professions and avocations.

As Construction Risks Rise, Insurers Seek New Learning Tools to Remain in Business

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Mr. Tope Smart

Immediate Past President

African Insurance Organisation (AIO)

& Group Managing Director/CEO

NEM Insurance Plc

Prince Cookey reports!

Building collapse and its attendant pressure on insurers is fast becoming a new headache for operators in Africa’s insurance sector.

Indeed, latest figures on building collapse in Nigeria by the Building Collapse Prevention Guild (BCPG) suggests that about 61 buildings came down across the country in 2022 with Lagos State accounting for 20 of such incidents, representing 48.7 percent of cases.

In the same vein, the Lagos State Emergency Management Agency (LASEMA) also released its own data which states that 24 buildings collapsed in the State between January and July 2022.

While there is constant debate on why buildings usually come down, a recent report by the British Broadcasting Corporation (BBC) named five factors for such incidents:

  • The foundations are too weak
  • The building materials aren’t strong enough
  • Workers make mistakes
  • The load is heavier than expected
  • The strength isn’t tested

The Challenge of Compliance

The major challenge of checkmating incessant cases of building collapse in Nigeria is non-compliance with Sections 64 & 65 of the Insurance Act of 2003 which makes it compulsory to insure public buildings under construction against injuries or death to third parties in the event of any collapse.

In recent years, both the National Insurance Commission (NAICOM) and operators under the aegis of the Nigerian Insurers Association (NIA) have intensified public awareness on the issue without maximum result.

But in Lagos State, there is renewed commitment by the State Government to reverse the trend.

Mr. Lanre Omojola, Director-General, Lagos State Safety Commission (LSSC) made that clear in a recent statement:

“Our role is to ensure that there is enforcement but we are starting with engagement. We are partnering all the insurance companies in provision of digital solution platform for insurance cover. Safety is everybody’s responsibility and we shall continue to step up our responsibility at ensuring that there is safety across the state. That is why insurance comes in; that is why we are engaging and educating the public to ensure its sustainability.”

The Seminar

To stem the tide and probably develop new skills in construction risks business, insurers are turning to experts in the field to learn new tools to drive that segment of the market profitably.

In Nigeria, the Singapore-based Talent Asia Training & Consulting in collaboration with Grilas Consultancy (Pty) Limited of South Africa recently hosted a physical training session for the Nigerian insurance / reinsurance industry on a construction risk related topic: “Appreciating the C.A.R/ E.A.R Insurance Policy and How it Works – Plus Focus Session on A.L.O.P/ D.S.U Coverage.”

The training was presented by Pooba Mahalingam, Regional Risk Consultant while the other expert facilitator, Mr Reuben Chikudo delivered live via Zoom from South Africa.

With over 30 participants drawn from Reinsurers (Zep Re, African Re, Continental Re, Waica Re), Insurance Companies (NSIA, Axa Mansard) and related industry professionals and intermediaries, the focus was about risk and insurance aspects relating to project development.

The Objective

The workshop shared case studies, clauses and wordings relating to Construction Risks issues like conditional terms, endorsements and some interesting scenarios from project delay insurance coverage.

The purpose was to provide better understanding of engineering risk and insurance, application of the policy coverage and policy endorsement issues, differences between the insurance policy jacket and schedule.

Mr. Reuben Chikudo, Chairman of Grilas Consultancy (Pty) Limited commented:

“Great to be working with Pooba from Singapore who is willing to impart his technical knowledge with the participants from Nigeria. I have seen him in action in various events in Singapore and Dubai. We found that the participants were very interested and the session continued beyond the allocated time-line each day. It was a good and effective learning session….”

Comments from Participants

A few interesting quotes collated from the participants at the end of the training session:

  • Thanks to Talent Asia and Grilas for arranging this interesting event in Lagos with the facilitators who have this specialized engineering insurance expertise.
  • Frances Nwogbe – Waica Re
  • Appreciate the efforts to bring two experienced trainers, Pooba and Reuben who shared relevant key points during this 2-day session.
  • Emmanuel Ajibade – Continental Re
  • We found the technique of presentation in an interactive format very effective; Thanks to Talent Asia for this.
  • Kehinde Omotayo – Africa Re
  • The technical knowledge and presentation skills of Pooba as the Facilitator deserves commendation. Well done to Singapore for arranging this session.
  • Olufunke Utomwen – Zep Re
  • Very enlightening, both with content and the approach to the knowledge sharing.
  • Nkeonyeasua Olagunju- NSIA Insurance

NB: First published in Africa Ahead!

 

Transcorp Hotels Calabar Promises Guests Peace of Mind with Heirs Life’s Term Assure Plan  

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Niyi Onifade

Managing Director/CEO

Heirs Life Assurance

Transcorp Hotels Calabar has collaborated with life insurance company, Heirs Life Assurance (HLA), on an affordable add-on life insurance package for guests.

With this plan, a variant of its popular Term Assure plan, Heirs Life assures guests of relaxation and peace of mind, confidence that the company will step in to make a payment in the case of critical incidents listed in the policy extracts.

This partnership further intensifies Heirs Life’s effort to democratise insurance, drive financial inclusion, and offer solid financial security to everyone. Available via the Transcorp Hotels Calabar guest reception, guests have the option to include the package as an added benefit to enjoying the premium hospitality services offered in the hotel.

Speaking on the partnership, the Managing Director/CEO of Heirs Life, Niyi Onifade said, “This partnership is a demonstration of our mandate to bring insurance closer to people. Through our collaboration with Transcorp Hotels Calabar, guests will access affordable, bite-sized life insurance right from the hotel’s premises. We are delighted to partner with Transcorp Hotels Calabar, a brand that aligns with our vision of impacting lives and transforming Africa.”

Commenting on the partnership, Dupe Olusola, Managing Director/ CEO stressed the commitment of Transcorp Hotels Plc to curating exceptional guest experiences.

She said: “This partnership is another way of showing our dedication to the wellbeing of our guests when they visit any of our properties. While we have put everything in place to ensure a perfect stay, we also believe in going the extra mile to provide even more for you.”

Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation (Transcorp Group) is the owner of the award-winning Transcorp Hotels Calabar and Transcorp Hilton Abuja. The hospitality brand also owns Aura by Transcorp Hotels, a hospitality platform for booking accommodation (homes or hotels) and experiences.

Since its launch into the insurance sector in June 2021, Heirs Life has continued to provide simple, quick, accessible, and reliable life insurance, retirement, and children’s education protection plans for Nigerians.

HLA offers a wide range of personalised life insurance protection and investment plans that provide financial security to individuals and businesses.

Heirs Life is a subsidiary of Heirs Holdings, a pan-African investment group with a portfolio spread across 24 African countries and four continents.

 

 

 

NCC CEO, Danbatta, Bags Vanguard’s 2022 Regulator of the Year Award

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The Executive Vice Chairman and Chief Executive of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, was at the weekend in Lagos, decorated with the 2022 Regulator of the Year Award at the prestigious 11th Edition of the Vanguard Personality of the Year Award where men and women who have distinguished themselves as achievers of excellence in their various fields of endeavours were honoured.

The award was conferred on Danbatta in recognition of the EVC’s effective regulatory achievements through cutting-edge initiatives, especially during his first five years in office during which Nigeria’s telecom sector has shown spectacular landmarks, at a glamorous ceremony in Lagos on Friday.

According to Vanguard Newspaper Limited, the organisers of the event, his initiatives strengthened the role of the telecommunications sector as a major contributor to the growth of Nigeria’s Gross Domestic Product (GDP) as well as telecoms investment inflows from $36 billion in 2015 to over $70 billion.

Danbatta also spearheaded a campaign to improve Nigeria’s broadband penetration from the paltry five percent at the time of his appointment to about 30% in 2018. The EVC is currently among those leading the charge for the realisation of the new national broadband penetration target of 70 percent by 2025 since his reappointment in office in 2020.

While presenting the award, Chief Abiola Dosunmu, the Erelu Kuti IV of Lagos, said Danbatta was eminently qualified and deserving of the distinct recognition conferred upon him.

Other eminent Nigerians who have distinguished themselves in professional excellence and service to humanity in the private and public sectors were conferred with various categories of awards at the event including the President of Dangote Group, Alhaji Aliko Dangote who won the Personality of the Year Award.

Other awardees include the Kwara State Governor, Abdulraham Abdulrazaq and Oyo State Governor, Seyi Makinde who were present and decorated and the Managing Director of Nigerian Ports Authority, Mohammed Bello Koko who won the Public Sector Icon of the Year.

Delta State Governor, Ifeanyi Okowa was represented by the Deputy Governor of the State, Barrister Kingsley Burutu Otuaro while Akwa Ibom State Governor, Udom Emmanuel was represented by the Secretary to the State Government, Dr. Emmanuel Ekuwem.

Distinguished guests at the event were the Ooni of Ife, Adeyeye Enitan Ogunwusi; Chairman of the Board of Commissioners of the NCC, Prof. Adeolu Akande; the Executive Commissioner, Stakeholder Management of the NCC, Adeleke Adewolu; some other members of the Board as well as Management and Staff of the Commission.

Beyond Tinubu’s Second Bombshell in Abeokuta

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By Haniel Ukpaukure

There is something about Abeokuta, the Ogun State capital, which Bola Tinubu, the presidential candidate of the All Progressives Congress (APC), finds fascinating.

It needs be mentioned here that Tinubu is not from Abeokuta; he is not from Ogun State. The story has it that the APC presidential flagbearer comes from a very remote area of Osun State that is not even easy to remember.

It is one of the controversies that have trailed the man whose life story is shrouded in mystery that he, an ‘immigrant’ has, for more than two decades, taken control of Lagos State, literally making the real landowners virtually subservient to him.

He decides who occupies what political office – from local government ward councilor to chairman; house of assembly member and speaker; National Assembly member, and state governor. Such is the power he wields that he personally denied a second term opportunity to a governor who was generally adjudged to perform well, even better than him, ignoring entreaties from President Muhammadu Buhari and Vice President Yemi Osinbajo.

Despite not having any ancestral link with Abeokuta, Tinubu seems to have considered the rocky town with historical significance the appropriate place to make heavyweight political statements that arrest the attention of the entire nation each time he makes them. And he would choose his Yoruba language to make such statements, for reasons nobody understands.

Recall that it was in Abeokuta where Tinubu, then an aspirant, made his famous Emi lo Kan statement in which he succeeded in blackmailing Buhari into keeping off the presidential primary election of the party.

At a meeting of party stakeholders, he had told Nigerians how he helped Buhari achieve, in 2015, what he could not achieve since 2003.  As if to remind the president of a deal that may have been made behind closed doors, he let it be known that it was his turn to occupy Aso Rock. He made the statement against the background of speculations and fears that the president may not be favourably disposed to handing over power to him.

The strategy worked, though not without any attempt by the president to confirm the fears. Not being a politician, Buhari’s feeble, halfhearted and last-minute attempt to push Ahmad Lawan, President of the Senate, into the presidential race using Abdullahi Adamu, the APC National Chairman as the point man, met with failure, thanks to Tinubu’s superior political power.

On Wednesday, January 25 – exactly one month to the crucial presidential election at which Nigerians would choose Buhari’s successor –Tinubu had cause, once again, to be in Abeokuta where he dropped yet another political bombshell (in Yoruba).

This time, it was a direct attack on Buhari (even if he did not mention the president’s name), with allegation of attempts to scuttle the presidential election and, by extension, deny him the victory he believes is his, already.

The APC candidate told a crowd of party supporters that the lingering fuel scarcity and the redesigning of the naira note are part of a grand plot to ensure the election, which he is poised to win, does not hold. His use of the words, “they” and “them”, almost throughout the statement, left no one in doubt about the direction he was firing his missile.

It would be surprising if Tinubu and his campaign managers expected Buhari minders to be so dumb as to believe the denials that came the following day, by way of explanations that the attack was not directed at Aso Rock, but the Peoples Democratic Party (PDP) that is not in government, and therefore has nothing to do with the two issues the APC presidential candidate complained about.

A primary school pupil in Nigeria knows who the boss of Godwin Emefiele, the Central Bank Governor, is, and who the minister of petroleum is.

Before now, political commentators had said APC was a special purpose vehicle that was coupled together with strange parts for the singular purpose of wresting power from PDP. The belief in some quarters had been that once Buhari completes his tenure, the internal wrangling promoted by the different tendencies that formed the party, which it had managed to keep under wraps, would succeed in tearing it apart and may lead to the demise of the party.

The Emi lo Kan statement and the latest outburst may be signs that Tinubu, who personally designed the special purpose vehicle and provided the bulk of the funding that saw to its construction, is bent on ensuring that does not happen without him occupying Aso Rock, even if it means publicly taking on the man he helped to power.

There have been concerns within the leadership of the APC Presidential Campaign Council that Buhari has not shown enough commitment to Tinubu’s ambition and may, in fact, not be fully in support of it, especially after he told Nigerians, quite unusually, to vote for any party and any candidate of their choice. That statement raised quite a number of eyebrows, coming from the president and national leader of the party who should naturally ask Nigerians to vote for his party’s candidate.

The statement from Aso Rock, in December, 2022, that Buhari would be involved in the party’s presidential campaign in 10 states was seen as way of addressing those concerns. The president has indeed been part of the presidential campaign in Jos, Damaturu and Yola, where he asked the electorate to vote for Tinubu to ensure his legacies are sustained. But that has not stopped a man like Tanko Yakassai, an elder statesman, from querying Buhari’s commitment to the party’s presidential campaign project.

Tinubu’s latest salvo in Abeokuta may be an indication that he knows what the rest of Nigerians do not know. Despite his vain attempt at dragging PDP into his controversial campaign statement, he knows in his heart that Buhari is not a fool, and knows the target of his diatribe.

It seems certain that the continued existence of APC in the post-Buhari era is totally dependent on its winning the presidential election of next month. For Tinubu, his continued relevance in Nigerian politics at the national level is hinged on his occupation of the seat of power from May 29, 2023. Having come this far, the presidency is a matter of life and death for him, perhaps more than any other candidate in the race.

If APC should lose the election, Tinubu would return to Lagos to continue his grip on the state for as long as he breaths, as he would no longer wield any influence on the party, nationally. And since there would be nobody of his or Buhari’s stature and influence to continue to rally the different interests together, for those who would be left behind, it would be, “To thy tents, Oh Israel”.

 

Ukpaukure, a media consultant, lives in Lagos

[email protected]

Great Nigeria Insurance Restates Commitment to Exceptional Client Services

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Great Nigeria Insurance Plc has reiterated its commitment to delivering top-notch services to its teeming customers in 2023.

As part of its commitment to every policyholder under the stable of Great Nigeria Insurance Plc, the Management has again given the assurance that 2023 will be a rewarding year for all category of its Policyholders home and abroad, individuals or corporate organisations.

This was made known at the staff village meeting and thanksgiving held at the company’s Head Office in Lagos recently. According to the statement released by Oyinkansola Sobande, Manager, Corporate Communications, Brand Management & Customer Service.

The convener of the session and Managing Director/CEO of the company, Mrs. Cecilia O. Osipitan urged members of staff and other Senior Management colleagues to double up their efforts at ensuring that customers are kept satisfied at every touchpoint with the GNI Plc brand in the New Year and beyond. In her words, “we owe our customers the obligation to serve them more efficiently so that they can keep coming back as we are in business because of them”.

Osipitan appreciated the customers for their unflinching loyalty throughout the year 2022 despite the crunching economic challenges. She assured the customers of the company’s renewed vigour and greater capacity to add value to them in 2023.

She went further to stress that the company will continually do all within its power to ensure that the staff are constantly exposed to the best of human capacity development training both within and abroad with a view to expanding the professional horizon of the workforce and ultimately, engender quality and better service delivery to the customers.

In a similar vein, the Executive Director, Mrs. Roselyn Ulaeto assured the total commitment of the workforce to the organisation’s teeming customers in the most professional manner in making the Great Nigeria Insurance Plc Brand a preferred choice for patronage amongst the comity of insurance companies in the country.

She further mentioned that the Underwriting Firm is devoted to paying genuine claims. According to her, “the viability of any underwriting firm is evident in its prompt settlement of claims”. We are committed to that in every ramification, Ulaeto concludes.

Great Nigeria Insurance Plc is one of Nigeria’s forward looking insurance companies with Regional and Branch operations across the country.

More information about the products and services of the company can be gotten from its official social media handles @gniplc (Twitter, Instagram, Facebook and LinkedIn) as well as the website @www.greatnigeriaplc.com

New Naira Notes: Customers Groan as Banks Shut Down ATMs!

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Godwin Emefiele

Governor

Central Bank of Nigeria

Bank customers are complaining bitterly as ATMs run dry, resulting in inability to source the new naira notes from bank ATMs as the January 31, 2023 deadline by the Central Bank of Nigeria (CBN) on old Naira notes loom.

Checks by Business Journal today around Ikotun area of Lagos revealed that virtually all the banks restricted their customers from accessing their ATMS to access the new Naira notes.

Secondly, customers that tried to withdraw from inside the banking hall were also given old Naira notes, resulting in many of them expressing shock and anger at the development.

An insider staff in one of the second-generation banks confided in Business Journal that the banks had no choice but to shut down their ATMs because they lack the new notes to load into the ATMs for customers to access as before.

To get the response of the CBN on the situation, Business Journal made several calls to Corporate Communications personnel at the CBN in Abuja without getting through.

Rising Third Party Motor Insurance Rates: Tracing the Impact & Challenges

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As the global economic downturn escalates and insurance claims rise, the insurance industry in many jurisdictions are now thinking the way out of slumping revenue as costs and claims converge to chip away at their corporate bottom-line.

Prince Cookey reports.

This has invariably given rise to upward adjustment in insurance premium rates to catch up with rising inflation, operational cost and claims.

For instance, the National Insurance Commission (NAICOM) in Nigeria recently raised the Third-Party Property Damage (TPPD) rate and premium on private cars to N3 million and N15, 000 respectively effective from January 1, 2023 from the existing premium of N5, 000.

In a circular (NAICOM/DPR/CIR/46/2022) dated December 22, 2022 and signed by Mr. L. M. Akah, the Director, Policy & Regulations at NAICOM, the Commission said:

  • Pursuant to the exercise of its function of approving rates of insurance premium under Section 7 of NAICOM Act 1997 and other extant laws, the Commission hereby issue this circular on the new motor insurance premium rates effective from January 1, 2023.
  • Third Party Insurance policies inclusive of ECOWAS Brown Card (EBC).
  • Comprehensive motor insurance policy premium rate shall not be less than 5 percent of the sum insured after all rebates/discounts.
  • Failure to comply with this circular shall attract appropriate regulatory sanction.

The new insurance premium rates also include claim of N3 million and premium of N20, 000 for Staff Bus; claim of N2 million and premium of N5, 000 for tricycles and claim of N1 million and premium of N3, 000 for motor cycles.

 

The Worrisome Statistics

As expected, both operators and policyholders are reacting cautiously to the new rates given that an estimated 3.4 million vehicles in Nigeria out of over 13 million lack genuine third-party motor insurance policies as at the second quarter of 2022 due to the activities of fake insurance operators. The situation amounts to annual loss of over N160 billion to the local insurance sector.

A similar study by the Nigerian Insurance Industry Database (NIID) also implied that while 9.4 million vehicles are on Nigerian roads, only 2.74 million of them have genuine insurance policies. The NIID platform was established by the Nigerian Insurers Association (NIA) to verify the genuineness of insurance certificates.

 

The Reactions

Mr. Adewale Oyerinde, Director-General of the Nigeria Employers’ Consultative Association (NECA) told the News Agency of Nigeria (NAN) that it was right to introduce the new motor insurance rates to drive growth of the insurance sector and the larger economy in Nigeria.

Oyerinde said: “It is worthy of note that the current rate has been in existence for over five years, while the cost of motor vehicles has increased exponentially. Coupled with the general price increase of goods and services, the Commission can be justified if there are guarantees for improved service delivery and a higher response rate from insurance companies.”

But an industry operator cautioned that the timing of the increase could create financial handicap for owners of vehicles given the rising level of inflation and general economic downturn in the country.

The operator said: “Of course, the motor insurance new rate is good news for operators to generate more revenue but the downside is that many vehicle owners who cannot readily afford the new rate of N15, 000 will now justifiably patronise roadside fake insurance agents promising them the old rate of N5, 000. More importantly, in a country where enforcement is a major challenge, who will enforce the new rate?

The regulator should have raised the rate to N10, 000 instead of N15, 000 to make it easier for vehicle owners to pay.”

With the new motor insurance rates in place, the coming months will determine the fate of the new policy by NAICOM in terms of implementation, enforcement and compliance.

 

NB: First published in Africa Ahead!

‘Stanbic IBTC Pension Managers Did Not Defy Pencom’s Directive on Gifts’

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Our attention has been drawn to publications by some unguarded sections of the media wherein certain unfounded, incorrect, and defamatory assertions are being peddled about Stanbic IBTC Pension Managers.

The alleged falsehoods stated that Stanbic IBTC Pension Managers continued to offer incentives to Retirement Savings Account holders contrary to the directives issued by the National Pension Commission (PenCom) in a bid to retain their accounts and win over accounts from competition.

The publications specifically stated that gift vouchers worth hundreds of millions of naira were given out to certain public and private sector clients in December 2022, disregarding PenCom’s directive to all Pension Fund Managers with the goal to end “unhealthy competition” within the industry.

Stanbic IBTC Pension Managers would like to clarify that this news is false and does not represent our ethos and values as an institution. The publication is a fabrication of reckless journalism, and it is our responsibility to clarify any misconception or doubts in the minds of the general public.
Further to PenCom’s directive in October 2022, our clients were notified of the directive and its subsequent implications leading to the discontinuation of our Loyalty Programme on 05 November 2022 as approved by PenCom.
To further reinforce our commitment and alignment with PenCom’s directives, we partnered with PenCom’s representatives to sensitise clients on this development at our annual clients’ engagement fora held in Lagos, Abuja and Port Harcourt, late 2022.
As a major stakeholder and the largest pension fund administrator in Nigeria managing over 1.9 million retirement savings accounts and over N4.5 trillion in assets under management, our organisation has a responsibility to uphold the highest operational and ethical standards for operators in the industry.
Stanbic IBTC remains resolute in its position and would like to reiterate that it conducts its business with integrity in compliance with extant laws of the operating environment and international best practices. We will continue to do business the right way.

InterswitchSPAK 4.0 Finalists Nudge for N7.5m University Scholarships

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As the semifinals of the InterswitchSPAK National Science Competition draws to an end, nine contestants are left in the race for the crown as the best Science, Technology, Engineering, and Mathematics (STEM) student in Nigeria.

The student who emerges tops will bag the grand prize of N7.5 million in scholarship for a five-year period, a brand-new laptop, and a monthly stipend. The second-place winner will go home with N4 million scholarship spread over a period of three years, a brand-new laptop, and a monthly stipend.

The third-place winner gets N1 million scholarship spread over a period of one year, a brand-new laptop, and a monthly stipend.

It is interesting to note that these students emerged from over 20,000 students that sat for the Crux Computer Based Test (CBT) held nationally last year to compete for the bragging rights as the country’s best STEM student.

Preparations for the grand finale are in place and the excitement is high as followers of the show anticipate a stiff and rousing competition between the unusual mix of contestants left in the race.

While girls have made it through to the finale of previous seasons of the competition’s 4-year run, this season has the highest number of female finalists, they include Precious Akinyemi of Rhema Chapel International School, Oyo State, Joyce Onubogu of British Spring, Awka, Anambra; Towoju Atinuke of Seolad International College, Ogun State; and Orevaoghene Whiskey of Top Faith International School, Akwa Ibom State.

Other finalists equally competing for the grand prize include Zulqarnain Abubakar of Apt Scholars Universal College, Ogun State; Chimdubem Duruji of The Ambassadors College, Ota, Ogun State; Oraibi Okari of Jephthah Comprehensive Secondary School, Rivers State; Adesayo Elumaro of The Ambassadors College, Ota, Ogun State; and Stephen Nwaneri of Adedokun International Schools, Ogun State.

Over the years, InterswitchSPAK has remained committed to driving the interest of young African students in STEM subjects by encouraging and rewarding them in their pursuit for excellence.  InterswitchSPAK is a flagship CSR initiative of Interswitch, Africa’s leading integrated payments, and digital commerce company.

To catch the grand finale, tune in to DSTV Africa Magic Family 154 on Sunday, 29th January 2023 at 5:30 pm, with a repeat broadcast on Wednesday, 1st February 2023 at 3 pm; and on the AIT Network at 7.30 pm on Sunday, 5th February 2023.

You don’t have to miss the action while on the go, you can watch the show on platforms such as LinkedIn and YouTube.

Stay tuned for the finals. It promises to be nothing short of entertaining, educating, and thrilling. Bond with family while at it. What better way to inspire the budding generation than to give them something to aspire to, knowing that if they can dream it, they can achieve it.

CIIN Unveils Insurance Broking Book to Spur Professionalism

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Mr. Edwin Igbiti

President/Chairman of Council

Chartered Insurance Institute of Nigeria (CIIN)

To reinforce further professionalisation of Insurance Broking in the curriculum of studies for qualification to become a chartered insurer in Nigeria, the new course books on practice has been publicly presented by the Chartered Insurance Institute of Nigeria (CIIN).

The books, which cover the 3-stage exams of the CIIN, namely; foundation, intermediary and associateship were launched at the Elders’ Forum of the Institute held in Lagos recently.

In order to berth this aspiration, the CIIN forged collaboration with the Nigerian Council of Registered Insurance Brokers for significant inputs and endorsement

The President of the Institute, Mr. Edwin Igbiti, while launching the book explained that with the introduction of the Insurance Broking Course, students could now specialize on Insurance Broking added that the post qualification routes are being followed to ensure that qualified professionals specialize in their desired area.

Earlier, the Nigerian Council of Registered Insurance Brokers, through the Executive Secretary, Mr. Tope Adaramola had disclosed the delight of the Governing Board under the leadership of Mr. Rotimi Edu for the introduction of the courses across the three stage level examinations of the institute.

According to him, those who wished to specialise in Broking could now do so through qualifying examination starting from the April 2023 Examination Diet of the CIIN.

The President of the Council, Mr. Rotimi Edu who applauded the Institute for the initiative, said the content of the Insurance Broking profession would be enriched with the solid professional and intellectual content which would position them effectively to meet the changing needs of insurance clients.

Interswitch Secures CBN Payment Service Holding Company Licence

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Interswitch Group, one of Africa’s leading financial technology and integrated payments solution providers has announced receipt of a Payments Service Holding Company (PSHC) License issued by the Central Bank of Nigeria (CBN).

This follows an earlier announcement by the CBN regarding new licensing categories for participants in the Nigerian Payments System.

By virtue of this development, which was formally communicated on Friday, January 13, 2023 by the apex bank, Interswitch essentially becomes one of the inaugural licensees by the CBN in this category.  According to the regulator, the PSHC regulation requires companies with existing or prospective operations across multiple license categories to set up a payments service holding company (PSHC).

The activities of each of the PSHC subsidiaries operating within those respective licensing regimes are clearly delineated, for clearer accountability, effective risk management and the enablement of better regulatory oversight by the CBN.

The statement from Interswitch also outlines that Interswitch’s Group Holding Company retains     ownership of the PSHC in Nigeria as well as its other subsidiaries outside of Africa.

This recent development interestingly coincides with Interswitch’s 20th anniversary commemoration, which has seen the company cement its position as a pioneering and integral enabler that has actively supported the growth and development of fintech and payments progressively across Africa over the last 20 years.

It also serves to reinforce Interswitch’s progressive outlook as a frontier-driving company which keeps pushing boundaries to facilitate the creation of new ecosystems that help businesses and individuals scale and thrive, in line with its purpose of inspiring Africa to greatness through innovation, value-creation and excellence.

Commenting on this development, Interswitch’s Founder and Group CEO, Mitchell Elegbe remarked that ‘Twenty years ago, we placed a bet on latent potential we saw in the introduction of e-payment channels at the time, particularly ATMs for the delivery of cash just-in-time, and today, we are gratified  to see how far the financial technology and payment systems in Nigeria have grown. On the back of our receipt of this additional license, we remain strongly committed to close partnership with the Central  Bank of Nigeria to facilitate the delivery of the Payments Vision (2025) and of course, the National Financial Inclusion Strategy.

Elegbe further reiterates Interswitch’s resolute focus on its over-arching mission to continue championing technology solutions that connect and empower individuals, businesses, and communities across the continent.

NDPB to Celebrate Global Data Privacy Day 2023, Host National Privacy Day

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Nigeria will on Saturday 28th of January 2023 join the international community to observe Global Data Privacy Day 2023.It is a Day that has been set aside to create awareness of fundamental rights and freedoms relating to the privacy of citizens in the data processing ecosystem.

In line with the overarching global objective of awareness on data privacy, the Nigeria Data Protection Bureau (NDPB), will be organizing a National Privacy Week, which is a week of intensive focus on awareness creation in the area of data subjects’ rights, capacity building on data governance, data breach remediation among others.

The Hon. Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami, will flag-off the National Privacy Week with a press conference on the Global Data Privacy Day. The National Privacy Week also coincides with the one-year anniversary of the establishment of the Bureau.

The NDPB under the leadership of Dr. Vincent Olatunji as its National Commission and CEO will set-up an Accelerated Data Breach Remediation unit to resolve petitions from data subjects within the National Privacy Week.

Leadway Assurance: AI, Data, Research to Drive Market Operations in 2023

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Tunde Hassan-Odukale

Managing Director/CEO

Leadway Assurance Company Limited

With the Nigerian and global business climates projected to experience significant debilitating micro and macroeconomic dynamics, ranging from inflationary cost pressures, exchange rate vagaries and disrupting talent attrition, the MD/CEO of Leadway Assurance, Tunde Hassan-Odukale, has disclosed that the company will be deploying artificial intelligence (AI), data-driven and research-oriented initiatives to drive Leadway Assurance’s operations in 2023 in its quest for dominance in Nigeria’s insurance industry.

Mr. Hassan-Odukale made this revelation in his New Year strategic welcome message to all stakeholders on January 1, 2023.

“As the business environment evolves, the speed of change being driven by technology will never be slower. This obviously has profound implications for business. Therefore, we will be deploying more data-driven and research-oriented initiatives, adopting data and artificial intelligence practices for improved processes and quick decision-making to promote immersive and exceptional customer experience. Indeed, part of our emphasis this year is to significantly enhance our operational excellence with improvements in our technology use”, he said.

“Also, in this new year and future years, we are committed to strengthening our risk management strategies and technical expertise to ensure such risks are properly identified, assessed, and proactively mitigated.”

“I am confident that the future holds immense opportunities for all our businesses, given the Government’s huge investment in public infrastructure and imminent changes in the economy. Leadway as an organisation will continue to tap into these emerging opportunities and pursue its strategic goal of being ‘the most dominant insurance company in Nigeria’, in revenue and profit market share, within the corporate and retail market segments”, he added.

Tunde reiterated that the organisation cannot achieve these towering objectives without a firm commitment to provide a world-class customer experience consistently. He therefore charged his team to be more customer-centric in improving Leadway’s customers’ experience positively at every touch point in our customer service value chain.”

According to an expert’s report via the V7 Labs (a leading Artificial Intelligence and software company) on AI’s potential impact in the insurance industry, “Some of the emerging AI use cases for auto insurance include predictive cost analytics for claims”; as well as leveraging machine learning techniques and data science to estimate the average claims cost per different customer segments to adjust premiums respectively and to manage cash flow better.”

Experts also cite McKinsey’s report that estimates that investments in artificial intelligence can unlock the realisation of up to $1.1 trillion in potential annual value for the global insurance industry.