Monday, September 8, 2025
25.4 C
Lagos

NIA Raises over N500m for Building Project

Mrs Bola Omole, Controller IT,  Research & Statistics, Chairman of the Nigerian Insurers Association, Mr. Eddie Efekoha and Director- General, Mrs. Yetunde Ilori during the chairman’s interactive session with the press on Friday.

Mr. Eddie Efekoha, Chairman, Nigerian Insurers Association (NIA) says the Association has raised over N500 million as initial funding towards the construction of the 7-storey NIA Tower, a new secretariat building for the body.

Efekoha said the Association is sourcing funding for the building project through compulsory levy on member companies and soft loans to ensure immediate commencement of the project which is expected to be completed in a period of two years.

The NIA chairman also said the body has engaged the services of KPMG to develop a 10-year agenda for

rapid and sustainable development of the insurance industry in Nigeria in harmony with the various segments of the market.

On the issue of multiple taxation on the insurance industry, Efekoha said: “We are trying to intervene on behalf of our members that have one or two issues with the Federal Inland Revenue Service (FIRS) to avoid disruption of their day-to-day operations. We have equally reached some level of understanding with the leadership of FIRS to reduce the friction between them and some of our members.”

Going forward, the NIA chairman added: “Our target is to seek amendment of the necessary tax laws to avoid multiple taxation which affects what accrues to our stakeholders. We need to tackle it to enable us to make profit and remain in business. We are also working with the firm of KPMG on the taxation issue.”

Efekoha assured interested stakeholders that the insurance rebranding project will take off very soon.

“We are on course. Member companies are still contributing towards the rebranding project. The National Insurance Commission (NAICOM) has already paid its own portion. We are ready for the rebranding project. Very soon, we shall commence the process.”

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

Renewable Energy to Drive 4th Industrial Revolution

Far from being a romantic dream, renewables are central...

The Maggi Magic Nestlé Redressing Micronutrient Deficiency in Africa with New Maggi Cube

MAGGI CUBES: FORTIFIED SEASONING Nestlé sells millions of Maggi...

SIEMENS NIGERIA HOSTS INAUGURAL CUSTOMER FORUM

Emphasising long-term focus on Public-Private Partnerships in the Energy...

TotalEnergies Ubeta Field ’ll Record Nigerian Content Successes – NCDMB ES

The execution of the Ubeta Field Development Project by...

African Economic Outlook 2016 Launched in Nigeria

The 2016 African Economic Outlook (AEO) was launched by...

World Telecom & Information Day Targets ICT Entrepreneurship

The World Telecommunication and Information Society celebrated the fact...

Stanbic IBTC Named in World’s Top 100 Social Media Savvy Banks

Stanbic IBTC Bank Plc has been named amongst the...
spot_img

Related Articles

Popular Categories

spot_imgspot_img