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NAICOM Clarifies Acquisition Of New Building Follows Due Process, Refutes Allegation

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By Sola Alabadan

The management of the National Insurance Commission (NAICOM) has denied allegation that the government agency deceived President Muhammadu Buhari and the Federal Executive Council into approving the purchase of a new office building in Abuja, clarifying that due process was followed before acquiring the new property.
Reacting to the report published by a national daily recently, the Commission affirmed that it actually, through the Honourable Minister of Finance, Budget and National Planning, presented to the Federal Executive Council presided over by President Muhammadu Buhari, an unfinished property for approval to be acquired as NAICOM Academy and office accommodation,following the approval by the immediate past Governing Board of the Commission.

NAICOM stressed that “All documents relating to the property clearly state that the property was in an unfinished state.”

Before the FEC approval, the Commission stated that it obtained a “No Objection” from the Bureau of Public Procurement (BPP), following the valuation of the property by the Federal Ministry of Works and Housing.

Besides, NAICOM said” Adequate due diligence was conducted on the property for acquisition and all relevant approvals were secured by the Commission.”
NAICOM added that” Provision was made in the 2022 approved annual budget of the Commission for the purpose of acquiring the building for the Commission.”

The commission emphasised that” The building is to serve the dual purpose of housing the newly established NAICOM Academy, which is an initiative of the present leadership of the Commission to address knowledge gap in the insurance sector regulation and supervision, not only in Nigeria, but across Africa and beyond and also serve as the new head office of the Commission”.

In order to address the problem of low insurance penetration, entrench the culture of insurance in every part of the country and enhance the effectiveness of its surveillance in all the geopolitical zones of the country, NAICOM pointed out that the expansion of the Commission’s infrastructural facilities is inevitable thus the Commission requires a befitting Office accommodation to curtail any future office space crises.

NAICOM further noted that “This clarification has become necessary to clear any doubt in the minds of the public with respect to the process followed by the Commission in its efforts at acquiring the property.”

The newspaper had alleged that the Commission deceived President Muhammadu Buhari and the Federal Executive Council into approving the purchase of a new office building in Abuja.

It was also stated in the publication that the Commission said it was buying a “ready to use magnificent office complex” rather than an uncompleted building.

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NAICOM Counsels Edo Government, Residents, To Embrace Insurance

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Karachi Anyanwu, National Insurance Commission (left); Rasaaq Salami, Head of Corporate Communications and Market Development, NAICOM; Bar. Osarodion Ogie, Secretary to Edo State Government; Adeyemi Abubakar, Assistant Director, NAICOM and, John Osagie, Chairman of Edo State Internal Revenue Services at the meeting between NAICOM and the Edo State Government in Benin City on Thursday.

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Elumelu Charges Insurance Brokers To Lead War Against Unethical Practices

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By Sola Alabadan

The Chairman of Heirs Holdings, Tony Elumelu, has charged the Nigerian Council Of Registered Insurance Brokers (NCRIB) to lead the war against unethical practices, such as: premium rate cutting, delayed premium remittance, unremitted premium, overloading of premium, returned premium, fake documents, that have been the bane of the nation’s insurance industry for years.

Elumelu, who gave this charge during the 60th Anniversary celebration of NCRIB in Lagos on Thursday, listed other unethical practices to include:
fraudulent claims, collusion to defraud, mis-selling, unhealthy competition, misrepresentations, manipulation of policy conditions, self-enrichment methods disguised as marketing expenses, among others.

While the National Insurance Commission (NAICOM) continues to play its role as the industry regulator, he said the NCRIB, as a body, must ensure that appropriate sanctions are imposed on any of its members found engaging in unethical practices.

He also advocated for the recapitalisation of the brokerage industry in our country, saying the minimum capital base should be increased to N50 million, noting that N5 million is not enough as capital base.

In the area of Governance, he said the industry need to enforce strict adherence to corporate governance by all NCRIB members, while weeding out non-registered and non-compliant members from its fold.

He said the non-registered brokers are the ones tarnishing the image of the broking profession and the industry at large.

Elumelu called on the insurance operators to create more awareness about insurance and showcase the value of insurance to the public, promoting participation, most especially in the retail space.

Insurance brokers, he added, need to participate fully in this drive to bridge the insurance knowledge gap if the industry is desirous to make insurance attractive to Nigerians.

As the insurance brokers have been recognised as corporate insurance specialists, he stated that “It is high time the brokers community began to shift focus to retail because this is where the future of insurance lies in Nigeria. Brokers have the capacity to lead in this area.”

While pointing out that innovation and disruptive practices cannot occur if the operators do not broaden their thinking, he said “Trying to make profits from existing lines is not going to deepen insurance penetration, rather we must look at the blue ocean opportunities.

“This is something I task the management of the insurance companies to constantly think of in product development and deployment.”

To remain relevant in the modern business arena, the insurance broker community and, by extension, the entire Nigerian insurance industry, must embrace technology fully, he further advised.

Besides, he said there is urgent need to develop the next generation of talent to serve the Nigerian insurance industry.

He emphasised that the broker community should rally and become the hub for the education and training of our youths to get qualified talent for the next phase of the industry, adding that “We need to raise the profile of our insurance professionals, make it attractive for the younger generation.”

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Leadway Graduate Trainee Programme Graduates 30 Young Professionals

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Leadway Assurance Company Limited has graduated 34 young professionals following their successful completion of the company’s 2022 Graduate Trainee Programme, and the successful trainees have been inducted into its diverse business portfolios.
The six-month programme equips young graduates with the relevant skill set required to thrive in the dynamic and ever-evolving workforce.
The training modules dealt with problem-solving, networking, technical and soft skills, workplace culture, digital proficiency for self-development, and professional capabilities preparing the trainees to serve in different departments across the diverse verticals of the business.
Speaking at the graduation ceremony recently, Managing Director of Leadway Assurance, Tunde Hassan-Odukale, stated that the Graduate Trainee programme aligns with the organisation’s corporate twin mandate of providing career opportunities and upskilling Nigeria’s growing young, vibrant and productive population. The programme also strengthens its workforce with the right talent pool for its ambitious growth objectives.
“Our people are the centre-point of our continued marketplace performance and at the core of the organisation’s value creation. So, it is pertinent that we house the best talents in the industry to drive our objectives within the frames of our values and in alignment with the company’s vision and leadership position in the African insurance marketplace.
The Leadway Graduate Trainee Programme is designed to achieve a sustained pool of the required elite skills and talents by initiating young, promising, dynamic, future-centric minds into a comprehensive upskilling process that tunes them towards actualising the mandate of advancing our esteemed ethos.
“We are optimistic that the skills, innovation, and creativity that this programme unleashes satisfy the expectations of our cultural, strategic and operational requirements. We are confident that the training and onboarding of these young professionals further validates our profile as a youth-oriented and future-forward organisation.
“I would like to congratulate and celebrate the 2022 Leadway Graduate Trainees. Their successful induction is a testament to the tenacity, hard work, and commitment deployed during the six-month rigorous tutelage”, he added.

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