Sunday, October 19, 2025
29.8 C
Lagos

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

Nigeria’s foremost advertising leader and Chairman of Troyka Holdings,...

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

L-R:    Michael Ani, Manager, Investor Relations, Dangote Cement; Oluseyi...

Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development,...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

Nigeria’s foremost advertising leader and Chairman of Troyka Holdings,...

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

L-R:    Michael Ani, Manager, Investor Relations, Dangote Cement; Oluseyi...

Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development,...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

FOR THE RECORD

Press Briefing by NIA Chairman, Mr. GUS Wiggle on Monday, June 20, 2016 in Lagos.
Gentlemen of the Press, good morning and welcome to this very important press briefing to keep you abreast of developments in the industry

I thank you for coming and I do hope that we will leave this briefing better informed and educated on the issues that relate to the activities of the Association and the insurance industry
First, let me take this opportunity to inform you that the 45th Annual General Meeting [AGM] of the Association will take place by 12.00 noon on Thursday, June 30, 2016 at the Metropolitan Club, Kofo Abayomi Street, Victoria Island, Lagos.
It is important to state also that this year’s AGM marks the end of my two year tenure as chairman of the Association. So, I want to thank you most profoundly for your support through positive media coverage during this two year tenure.
You would recall that in my acceptance speech in June 2014, I outlined the following areas amongst others for special attention:
· To sustain and improve on the good relationship that already exists with our regulator, NAICOM.
· To reach out to other regulators in the financial services sector whose oversight functions impact on our business.
· To strengthen the cordial relationship that exists with other arms of the industry such as NCRIB, ILAN, ARIAN, CIIN etc.
· To enforce market discipline by encouraging peer review among member companies with a view to aligning the market practice with international best practices.
· To sustain the current effort at addressing the laws affecting the growth of the market. The Companies Income Tax Amendment Act (CITA) 2007 amongst others readily comes to mind.
· To increase the support for the Technical Committees of the Association with a view to realizing their potential which will be harnessed for the achievement of the overall goals of the Association
· To fast track the process of re establishing the Oil & Gas Insurance Pool so that the industry can reap the full benefit of the Nigerian Local Content Development Act.
· To Promote Micro insurance as a way of deepening insurance penetration in Nigeria.

Looking back at the agenda we set for ourselves at the beginning of our tenure, we want to say that we have made some modest achievements during the period.
On the relationship with NAICOM, we have continued to engage the Commission on issues that affect the business of our members and this will continue as issues may arise.
There is also an on-going initiative to improve market conduct and market discipline
On the relationship between the Association and other regulatory bodies, the Association has continued to engage other regulators such as SEC, FIRS, PENCOM and NSE on issues bothering on the effect of their oversight activities on member companies.
A representative of the Governing Council met with the Executive Management of the Federal Inland Revenue Service on issues relating to some of the provisions of CITA 2007 as effect on the insurance sector. It is expected that our engagement will resolve the issues observed
Gentlemen of the Press, we have also had very robust and fruitful discussions with the National Assembly in our determination to address holistically the issues that are inhibiting the growth of the insurance sector.
I am also happy to inform you that the Association is strongly represented in the Insurance Industry Consultative Council and in fact, providing the secretariat for this year’s Annual National Insurance Conference in Abuja. Membership of the IICC includes all the trade groups, the CIIN and NAICOM.
In the area of promoting market discipline, the mandate of the Governing Council Disciplinary Committee has been widened to include Conflict Resolution among members. This is to enable the Committee handle disputes between member companies. This will complement activities of the Customer Complaints Bureau.
The Governing Council has also referred many issues to the technical committees to ensure that views are adequately taken into consideration in taking decisions in core technical areas. This is a sure way of strengthening the technical committees which are usually the bedrock of our decisions on technical matters.
Let me also report that the Energy and Allied Insurance Pool (EAIPN) has taken off and 20 companies have already subscribed to the Pool. To ensure high performance and leverage on international experience, Africa Re has been appointed as the manager to the pool.
As a way of promoting Micro insurance in Nigeria, the Association organised a micro-insurance fair in 2015 at the Blue Roof Hall, Agidingbi, Ikeja.
This aim was to bring the stakeholders together and chart the way forward for micro-insurance in Nigeria. I am happy to report that it was a success and we will continue to build on the success of that event to push micro-insurance as a veritable product line for improving market penetration
Although we have made modest progress, there is still a lot to be done.
I thank most profoundly, my colleagues in the Governing Council for their support and urge them to extend even a greater level of support to the in-coming Chairman of the Association.

Thank you and God bless

G. U. S. Wiggle
Chairman, NIA

Hot this week

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Stanbic IBTC Bank, LOXEA BYD forge alliance for Electric Vehicle Financing

In a strategic move to advance Nigeria’s shift toward...

CBN, Bank of Angola Sign MoU on Technical Co-operation at IMF/World Bank Meeting

In an effort to enhance bilateral cooperation and technical...

NBS: Nigeria’s Inflation Falls to 18.02% in September, Lowest Level in Three Years

Nigeria’s headline inflation rate fell for the sixth consecutive...

NUPEMCO Marks 2025 CSW with Nationwide Pension Awareness Activities, Huawei-Supported National Essay competition

The Nigerian University Pension Management Company (NUPEMCO) celebrated the...

Topics

NAICOM Issues Guidelines for Insurtech Operations Effective Aug 1

The National Insurance Commission (NAICOM) has officially issued operational...

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

Global ICT Capacity Building Symposium for Nairobi

Nairobi is set to host ITU’s Global ICT Capacity...

Realnews Seeks Integration of Africa into Global Economy for Socio-economic Growth

The Editor and Publisher of Realnews Magazine, Maureen Chigbo,...

African Alliance Names Adekola as New CEO

Olabisi Adekola has been named new CEO of African...

Stanbic IBTC Opens New Branch at Lagos Free Trade Zone

Stanbic IBTC Bank PLC, a member of Standard Bank...

BREAKING NEWS! Skye Bank CEO, Top Management Resign Enmasse!

Mr. Timothy Oguntayo, Group Managing Director/CEO of Skye Bank...
Exit mobile version