Insurance and pension experts, in addition to other stakeholders in the financial services sector of the Nigerian economy are expected to explore investment strategies for their various sectors in order to maximise profit and remain in business, especially in the midst of the COVID-19 pandemic.
The deliberation, which would take place at the 2020 annual Conference of the National Association of Insurance and Pension Correspondents (NAIPCO), is billed for Wednesday, 4th of November, 2020 at Four Points By Sheraton Hotel, Victoria Island, Lagos, by 10:00am.
While the theme for the conference is: “Promoting Bankable Investments Portfolio for Insurance and Pension Sectors,” investment stakeholders in the capital and money market instruments have equally been invited to grace the occasion.
To this end, the Chairman of the occasion is the Chairman, Nigeria Social Insurance Trust Fund (NSITF), Mr. Austin Enajemo-Isire while the Director General, Lagos Chamber of Commerce and Industry (LCCI), Dr. Muda Yusuf, is the Keynote Speaker, even as the Chairman, Mutual Benefits Assurance Plc, Dr. Akin Ogunbiyi will be the Special Guest of Honour and Chief Launcher of the new NAIPCO website.
The Commissioner for Insurance/CEO, the National Insurance Commission (NAICOM), Mr. Sunday Thomas and the Acting Director General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar have confirmed attendance at the conference.
Similarly, the Chairman, Nigerian Insurers Association (NIA), Mr Ganiyu Musa; the CEO, Pension Fund Operators Association of Nigeria (PenOp), Mr. Agudah Oguche, among others, will also be present at the occasion to deliberate on ways operators can invest in the businesses of the Organised Private Sector of Nigeria(OPSN) and still maximise profit.
Speaking on the preparation for the event, the President, NAIPCO, Mr. Chuks Udo Okonta, said,
as a critical stakeholder, it is the desire of NAIPCO that companies in both the insurance and pension sectors build up investment portfolios that will translate to huge returns on investments for shareholders and contributors of the contributory pension scheme.
He said the organised private sector has consistently lamented of low funding for manufacturers as the investment community have accused OPSN of lack of bankable investment projects in which pension and insurance companies can invest in, despite the two sectors having in excess of N11 trillion funds that could be invested in the economy.
For the insurance sector, he stressed that the theme of the conference is apt based on the argument that the sector is destroying value due to the consistent low returns on investment to shareholders.
For the pension sector, he stated that, the theme is also apt as PFAs have limited investment outlets with the ban on investment in treasury bills by the Central Bank of Nigeria (CBN) as well as, the current low yield on bonds, the mainstay investment instrument of the pension industry
Accordingly, he pointed out that the experts will lay bare all available bankable investment outlets for the operators to reap maximum benefits for their shareholders and customers’ benefits.
Moreover, he said, a new NAIPCO website will be unveiled at the conference while there will be awards for individuals or organisations that have contributed immensely to the growth and development of either the insurance or pension sectors