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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 Charges Insurance Operators To Build Enduring Institutions

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By Sola Alabadan

The Commissioner for Insurance and Chief Executive of National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, has charged Nigerian insurance operators to build enduring institutions that will outlive their founders.

He gave this charge at the 2024 Nigeria Council of Registered Insurance Brokers (NCRIB) CEO’s Retreat held from 13-15, June, 2024 in Uyo, Akwa Ibom State. The theme of the retreat was “Building Institutions That Survive Their Promoters.”

While delivering the goodwill message, Omosehin who was represented by the Deputy Commissioner, Mr. Ekerete Gam-Ikon, emphasised that in today’s rapidly changing world, the concept of building enduring institutions is more relevant now than ever before.

He said “Institutions that outlive their founders represent sustainability, resilience, and continuous excellence, becoming pillars of strength for our communities and guiding us through times of change and uncertainty.”

Omosehin further stated that at NAICOM, there is a deep commitment to creating lasting legacies, stressing that “This commitment is built on robust governance, innovation, and an unwavering dedication to ethical practices. These principles not only ensure the longevity of institutions, but also foster trust and confidence among stakeholders.”

The NAICOM boss highlighted the crucial role insurance brokers’ play in this endeavour, pointing out that “As intermediaries who facilitate critical financial protection, brokers are instrumental in promoting stability and security whose efforts contribute to a safer and more predictable environment for businesses and individuals alike.”

He expressed confidence that the discussions and insights shared during the retreat would illuminate strategies and best practices to ensure that the institutions built today will thrive for generations to come.

Omosehin further urged participants at the retreat to use the opportunity to collaborate, learn from each other, and reinforce the insurance industry’s collective mission to create sustainable futures.

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NAIPE Names Universal, Guinea, Norrenberger Group As AGM Sponsors

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Three insurance outfits: Universal Insurance Plc, Guinea Insurance Plc and Norrenberger Group, are set to sponsor the 2023/2024 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE).

This year’s NAIPE AGM will hold on Tuesday, July 9, 2024, at the Nigerian Insurers Association (NIA) House in Lagos.

NAIPE is the umbrella body for journalists covering insurance and pension sectors in Nigeria.

NAIPE holds its AGM in July every year and companies that sponsor the AGM have the unique opportunity to market their products and services to NAIPE members in the course of the event, who will in-turn push out the information to the general public through publication of stories and analysis in their mediums and platforms.

Universal Insurance Plc is one of the nation’s largest personal lines insurer with over N8 billion in assets.

Universal Insurance offers a broad spectrum of insurance products for all types of businesses, corporate and individuals with unique services delivery.

Some of its extensive products include Auto Insurance, Good In Transit, Property Insurance, Marine Insurance, Bond Insurance, Money Insurance, All Risk Insurance, Boilers & Pressure Vessels Insurance, Builders’ Liability Insurance, Burglary & House Breaking Insurance, Contractors All Risks Insurance, Employer’s Liability Insurance, Erection All Risks Insurance, Fidelity Guarantee Insurance, Fire & Special Peril, and Oil & Gas Insurance, etc.

According to Universal Insurance, “Our vision is to be a dominant, specialised non life insurer in Nigeria, creating and delivering value to stakeholders while our mission is to offer specialised non life insurance protection to clients inspired by innovation, efficiency and prompt claims settlement.”

The Company is known for prompt claims settlement, integrity, satisfaction through professionalism, unity of purpose, reliability, as well as excellent teamwork.

Guinea Insurance Company Limited was incorporated on December 3, 1958, as a non-life insurance underwriting firm to provide first-rate insurance solutions in the General Business category.

Guinea Insurance has always lived up to its name; consistently one step ahead of the industry in the provision of better and affordable risk management solutions.

“We are a major player in the provision of first* -rate financial risk solutions in the General and Special Risks business underwriting categories. We have established a reputation for exceptional competence in the delivery of customer-centric services and product innovation,” the company stated.

With a strong capital base, highly qualified professionals, and modern technology, Guinea Insurance became widely acknowledged for speed and efficiency and thus, remained the preferred insurer for individual and corporate clientele seeking premium insurance and related financial services to date.

The company offers First Class Products which are tailored to meet the numerous needs of its clients, both as individuals and corporate organisations, providing cover options that are rich and robust enough to accommodate virtually all eventualities.

Some of the products are Home Shield Insurance, Fire and Special Peril Insurance, Motor Insurance, Burglary/Theft Insurance, All Risk Insurance, Workmen’s Compensation Insurance, Personal Accident/Group Personal Accident Insurance, Public Liability Insurance, Bonds Insurance, Contractors All Risk Insurance, Erection All Risk Insurance, Marine Cargo Insurance, Fidelity Guaranty, and Oil & Gas Insurance, etc.

Norrenberger Group is a leading, integrated financial services group that provides bespoke financial solutions that add value to its individual and institutional clients.
The Group’s culture is built on the fundamental values that they all hold. Every Norrenberger team member embraces these values and lives by them, not just at work, but in life.

At Norrenberger, they unlock opportunities in society by providing cutting edge investment options and access to alternative financing which in turn allows people to bring their innovative ideas to life and expand their existing businesses.

The Group’s focus is to continue to create financial asset classes targeting the need of every single household in Nigeria. By 2025, they hope to have delivered at least one financial solution to every household.

The Group covers the following business areas amongst others, Asset Management, Investment Banking, Pensions, Securities Trading and Insurance.

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NAICOM Gets Police Assurance To Enforce Compulsory Insurance

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By Sola Alabadan

The Inspector General of Police, Kayode Egbetokun, has assured the National Insurance Commission (NAICOM) of the Nigerian Police Force’s full support in enforcing compulsory 3rd party motor insurance in the country.

Egbetokun gave this assurance when the Commissioner for Insurance/CEO of the NAICOM, Mr. Olusegun Omosehin, paid a courtesy visit to him at the Force Headquarters, on Tuesday in Abuja.

The police boss also announced that a team, headed by the DIG Operations, would be set up to oversee the enforcement of this compulsory insurance.

The purpose of the visit was to seek an audience with the IGP and the management of the Nigerian Police Force (NPF), who are critical stakeholders aligned with NAICOM’s vision, to achieve its mandate, particularly in the area of compulsory insurance enforcement.

During the visit, the Commissioner for Insurance requested collaboration to advance the Nigerian insurance sector roadmap.

He emphasised that it is unlawful for anyone to drive on the road without a valid motor insurance (3rd party), lamenting that less than a quarter of the vehicles in the country have valid motor insurance.

The CFI stated that the visit aimed to seek NPF’s collaboration to ensure the enforcement of compulsory third party motor insurance, as mandated by law.

The CFI also highlighted that in 2023, the ECOWAS Brown card has been captured in the upgraded premium for third party motor insurance cover by NAICOM, allowing insured vehicles to travel across the West African sub-region.

Additionally, he noted that the benefits attached to the third party insurance had been increased to N3 million.

To further this initiative, the CFI underscored the need for digitisation platforms to authenticate the validity of vehicle insurance. He mentioned that this system is already being implemented by the Lagos State government.

The CFI requested the establishment of a team to collaborate with the Commission in conducting enforcement actions, asserting that the success of this initiative would be a significant achievement for Nigeria.

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