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Sovereign Trust Reassures Stakeholders On Value Addition

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By Sola Alabadan

The Managing Director of Sovereign Trust Insurance Plc, Mr. Olaotan Soyinka has reassured that the customers of the company that the organisation will continue to enhance their everyday lives, while also creating exceptional value for its shareholders.

Soyinka, who was represented by Deputy General Manager, Sales & Corporate Communications, Mr. Segun Bankole, gave this assurance at the inauguration of the new executive members of the National Association of Insurance and Pension Correspondents (NAIPCO) in Lagos on Thursday. The event was sponsored by Sovereign Trust Insurance Plc.

He pointed out that Sovereign Trust is committed to innovative products and services that will improve the lives of customers even as it has created an enhanced Third Party Motor insurance policy for the insuring public.

He emphasised that: “Our mission is to enhance the everyday life of our customers through innovative insurance and financial services, while creating exceptional value for our shareholders.

“As an organisation, we have been driven by our vision and mission and that attest to the fact that some of the profitable oil and gas businesses in the country, we can beat our chest that we are one of the proud underwriters in that regard.”

On the enhanced Third Party Motor insurance, Soyinka said: “In terms of innovation, we have the product called the Enhanced Third Party Motor Insurance. We thought of the usual third party whereby when a claim occurs; it is only the third party that gets the benefit of having his or her vehicle repaired. But with our enhanced third party, which is just N7,500 per annum, you have the third party being insured in case of any damage to the tune of N1 million and the insured himself or herself has that limit of liability up to the tune of N500, 000.”

According to Soyinka, the reason for the enhanced third party motor cover is to ensure that the teeming customers of the Insurance firm are adequately protected.

“What was the reason behind the enhanced third party motor cover? You will agree with me that economic wise, the country is not smiling. So we lost people who would rather not continue with their insurance due to the economic situation of the country. So we deemed it fit that instead of losing a particular client, we should still be able to keep them in our dragnet. So customers will still have the feel that they have insurance. Although it is not comprehensive, but at least the customer is still covered.”

Soyinka stressed that Sovereign Trust will continue to support NAIPCO, adding “You will recall that one of our journalists recently had an accident. Incidentally, he has a third party policy with us, but the person that bashed his car has a third party with another company. We have been trying to see how we can help him get his claims sorted out as fast as possible. Extending that hand of fellowship is so critical to the success of our organisation. We do not in any way underestimate what you represent in the Nigerian society as journalists. So we are solidly behind you and will continue to support you as an association.”

Meanwhile, the following officers were inaugurated to pilot the affairs of the Association for the next two years: Nkechi Naeche-Esezobor, Publisher/Editor-in-Chief, Business Today (Chairman); Ngozi Onyeakusi, Publisher/Editor-in-Chief, Super News Online (Vice Chairman); Rosemary Iwunze, Insurance/Pension Editor, Vanguard Newspaper (General Secretary).

Others are Edet Udoh, Publisher/Editor-in-Chief, the Revealer Online (Assistant General Secretary); Adejoke Adeyemi, Insurance and Pension Editor, News Agency of Nigeria (NAN) (Treasurer); Matthew Otoijagha, Publisher/Editor-in-Chief, Business Wrap Online (Financial Secretary); and Amaka Obiefuna, Publisher/Editor-in-Chief, News Corner Online (Public Relations Officer).

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Business

NAICOM Reviews Strategic Plan To Align With Industry’s 10-year Plan

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By Sola Alabadan

The National Insurance Commission (NAICOM) has been reviewing its strategic plan to align it with the Nigerian Insurance Industry’s 10-year strategic plan, the Commissioner for Insurance, Mr. Segun Omosehin, said.

The NAICOM boss disclosed this when the members of the Governing Council of the Nigerian Insurers Association (NIA) led by the incoming Chairman, Mr. Kunle Ahmed, paid a courtesy visit to NAICOM on Thursday in Abuja.

During the meeting, the NIA incoming Chairman congratulated the recently appointed Executive Management and expressed gratitude to the Commission for its pivotal role in maintaining a fair and stable insurance sector. He emphasised the importance of initiating the implementation of the 10-year strategic plan and finalising the consolidated insurance bill.
He also expressed willingness to collaborate with the new Executive, expressing confidence in their ability to elevate the insurance sector to greater heights.

The NIA delegation was briefed on the Commission’s ongoing review of its strategic plan to align it with the Nigerian Insurance Industry’s 10-year strategic plan.

The Commissioner for Insurance assured continued collaboration with the NIA to safeguard consumer rights, particularly in ensuring the prompt settlement of genuine claims.
In his concluding remarks, the CFI affirmed the Executive Management’s ambition to drive growth in the Nigerian insurance market.

Overall, the meeting showcased a collaborative spirit between NAICOM and NIA, highlighting a shared commitment to advancing the insurance sector and protecting the interests of consumers.

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Thomas Hands Over To Omosehin As New NAICOM Boss

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Usman Jankara, Deputy Commissioner, Finance and Administration (left), Sunday Thomas, Immediate Past Commissioner for Insurance, Olusegun Omosehin, Commissioner for Insurance and Ola Gam-Ikon, Deputy Commissioner for Insurance, Technical Operations during the hand over to the new commissioner in Abuja today..

By Sola Alabadan

Mr. Olusegun Omosehin has assumed duty today as the Commissioner for Insurance and chief executive of the National Insurance Commission (NAICOM), having been appointed by President Bola Tinubu on April 20. He is succeeding Sunday Thomas, who has completed his term of office.

In a similar vein, Olawoye Gam-Ikon assumed duty as the Deputy Commissioner (Technical Operations), while Usman Jankara Jimada is now the Deputy commissioner (Finance & Administration).

During an interactive session with the entire Management and Staff of the Commission, The new NAICOM boss stated the Executive Management would set a new tone for the Nigerian Insurance Sector.

His predecessor, Thomas, who was in attendance to officially handover to the new CFI, thanked the staff for their support while in office.

As the Federal Government intends to achieve a $1 Trillion economy by 2026, he said the Insurance Sector is expected to play a critical role and contribute to its quota to make this a reality.

Omosehin holds holds a Bachelor of Science degree in Political Science; a Master’s degree in International Law and Diplomacy (MILD); and also an M.Sc in Economics from the University of Lagos.

He is equally an Alumnus of the Lagos Business School (LBS) now Pan African University, as well as Said Business School, University of Oxford, UK.

He is a Fellow of the Chartered Insurance Institute of Nigeria; a Fellow of the Institute of Directors (FIoD); a Member of the Nigerian Institute of Management; and the Nigerian Society of International Law.

Prior to his appointment, Omosehin was the Managing Director of Old Mutual Nigeria Life Assurance Co. (OMNiLAC).
He was earlier the Managing Director/Chief Executive Officer of Mutual Benefits Assurance Plc.

Before joining the Mutual Benefits Assurance team in April 2010, Mr. Omosehin was the Managing Director/CEO of AIICO General Insurance Company Limited, the general insurance arm of AIICO Insurance Plc. He was also the MD/CEO of Admiral Insurance Company Limited between 2003 and 2007 before merging the company with Crusader Insurance Plc during the insurance consolidation exercise in 2007; a company where he started his insurance career in 1993.

He was a member of the pioneer team that started and nurtured Custodian & Allied Insurance Plc in 1995, where he worked for about nine years before his appointment as the MD/CEO of Admiral Insurance Limited in 2003. He started his career with Crusader Insurance (Nigeria) Plc in 1993 (then a specialist life assurance company)

His hobbies include Networking, Swimming, and Golfing. He is a member of the Ikoyi Club 1938 –Golf Section, and Ikeja Golf Club.

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Pension Industry Starts Enlightenment Programme On Radio

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Driven by the need to educate, inform and enlighten various stakeholders, the pension industry has embarked on a radio program that seeks to shed light on various aspects of the pension industry in Nigeria.
The Nigerian pension industry operates under a Contributory Pension Scheme (CPS) which started through the enactment of an act of parliament, 20 years ago and the scheme has grown tremendously over the years, but a number of people still don’t understand some aspects of this scheme. So, the pension industry has put together a series of interviews to shed more light on these issues.
The interviews are structured as conversations between a number of the CEOs and CIOs of pension funds within the industry, and these interviews delve into so many issues and many topics.
The interviews will be covering things like, “How are your pensions invested”; “What is the history of the CPS in Nigeria”; “How do you access your benefits”; “Pension funds and SMEs”; “Pensions and technology”; “Understanding voluntary contributions”; “Micro pensions”; “The closed pension fund administrators”; “Multi-fund structure of the Nigerian pension industry”; “Safe custody of pension funds.” Amongst others
These interviews will be aired on radio every week for the next 10 weeks and it will be aired on Nigerian info Lagos and Abuja. In Lagos, it airs at 6:30am every Saturday and in Abuja it airs at 7:30am every Monday which began from 27th of April 2024.
Speaking on this development, the Chief Executive Officer of PenOp, Oguche Agudah said ‘‘we felt that these interviews and conversations were necessary in order to bridge the gap between the knowledge of various stakeholders and the pension industry. We realize that pensions can sometimes seem complex, but we hope to simplify these concepts to make them better appreciated and to enlighten various stakeholders on functions of PFAs, PFCs, how pensions are invested and some of the other things that we felt people do not have a grasp on.
These interviews are conversational, and they are also serialized on all our social media platforms and via podcasts. Essentially, we look forward to engaging the public and making these concepts more appreciated and just getting people to understand the industry better and appreciate how pensions impact them and the society at large. This will enable them engage with the industry from a more informed position”

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