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PFAs Strategise To Invest In Impact Focused Funds

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By Sola Alabadan

Determined to make meaningful contributions to the nation’s economy,the Pension Fund Administrators (PFAs) in Nigeria, intend to invest in impact focused funds going forward.

The Chief Executive Officer of Pension Funds Operators Association of Nigeria (PenOp), Oguche Agudah, who stated this during a webinar organised by the association on Thursday, pointed out that while the pension managers are keen to contribute their quota to the nation’s growth and development, “transparency and structure are key.”

The theme of the webinar was: “The Nigerian Economic and an Investment Outlook: A focus on Pension Fund Investment Strategies”

Agudah also informed that 42 percent of the PFAs have indicated that they were actively looking for investments in infrastructure, while another 50 per cent said they would be considering investments along that line of business in the current year 2023.

He said: “Although fund managers are cautious about private equity, they will consider on a deal by deal basis. Twenty five per cent of fund managers polled are actively looking to invest in private equity, while 67 percent say they will consider it.

“Fund managers are looking to invest in impact focused funds but transparency and structure are key.”

With regards to the various dealings in equities and securities, he said there was reduction in engagement with equities in the previous year from 7.73 percent in 2021 to 6.79 percent in 2022.

The PenOp CEO added that the government securities as share of portfolio decreased by 118 basis points to 65.44 percent, while there was also reduction in interaction with money market securities which reduced by 1.92 percent.

In a similar vein, the Chief Economist at Africa Finance Corporation (AFC), Mrs. Rita Babihuga-Nsanze, advised the the incoming government to cancel the oil subsidy policy in the country, among other things, in order to put the economy on the right path.

Other issues she stated that the incoming government must address include the security in oil sector corridor, as well as to enthrone the expected reform in forex market.

Without the necessary structural reforms, the current forex liquidity pressure would persist in 2023 and potentially in 2024 on the back of increasing downward pressure on foreign reserves, she further emphasised.

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Business

NAICOM Mourns As Commissioner’s Wife Passes On

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The National Insurance Commission (NAICOM) has announced the passing of Mrs. Oyinade Folashade Thomas, the wife of the Commissioner for Insurance/Chief Executive, who passed away on April 12, after a brief illness.

The statement reads in part “Mrs. Thomas was a pillar of strength, support, and a source of inspiration to her family, friends, and colleagues. Her kind-hearted nature, compassion, and generosity touched the lives of countless individuals, making her an exceptional woman who will be dearly missed by all who had the privilege of knowing her.

“Throughout her life, Mrs. Thomas demonstrated exceptional dedication and commitment to the insurance industry as she stood side by side with her husband, the Commissioner for Insurance/Chief Executive, in his mission to ensure the development and growth of the insurance sector in Nigeria.
“She recognised the vital role of insurance in providing financial security to individuals, businesses and communities.

“The loss of Mrs Thomas will be felt by all who were fortunate enough to know her.
“The National Insurance Commission extends its deepest condolences to the Commissioner for Insurance/Chief Executive and his entire family during this difficult time. In this period of mourning, our hearts and prayers go out to them, offering comfort and support on behalf of the entire insurance community”.

The Commission also expressed gratitude to the insurance industry stakeholders, friends, and well-wishers for their outpouring of sympathy and prayers, saying “We appreciate your understanding and support as the Commissioner for Insurance/Chief Executive mourns the loss of his beloved wife”.

NAICOM added that the funeral arrangements will be communicated in due course.

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Pension Operators Organise Webinar On Managing Diabetes

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The Pension Fund Operators Association of Nigeria (PenOp) organised a medical webinar recently, to enlighten the populace that managing our health and well-being has become increasingly crucial, particularly as new ailments and diseases emerge.
The medical webinar titled “Managing Diabetes in Everyday Life,” emphasised the significance of healthy living and health management.
The webinar provided pension industry professionals with comprehensive insights into diabetes, including its types, identification, causes, and management strategies.
Adaobi Okoye, PenOp’s Head of Human Resources, opened the session by underscoring the necessity of health management for optimal functioning both at work and in daily life. Oguche Agudah, CEO of PenOp, further emphasized the importance of regular exercise and encouraged attendees to maximize the webinar’s opportunities. The online session garnered participation from over 200 pension industry professionals.
Facilitated by Dr. Akinkunmi Ilori, Group Head of Medical Operations at Bastion HMO and a renowned medical doctor and public health specialist, the webinar delved into the signs, symptoms, screening methods, treatment options, and prevention strategies for diabetes.
Dr. Akinkunmi explained that diabetes encompasses a group of diseases affecting how the body’s tissues utilize glucose, resulting in high blood sugar levels due to insufficient insulin production or ineffective insulin response. He discussed various types of diabetes, including Type 1, Type 2, Gestational, and Maturity-onset diabetes of the young (MODY), along with their causes and management approaches such as oral medications, insulin injections, and lifestyle modifications.
Addressing risk factors such as age, ethnicity, family history, and obesity, Dr. Akinkunmi stressed the importance of dietary habits and regular physical activity in diabetes management. He also highlighted optimal blood sugar levels for diabetic individuals.
The webinar concluded with attendees gaining practical knowledge on diabetes screening, treatment options, and effective management and prevention strategies, empowering them to take proactive steps towards better health and well-being.

The webinar was part of PenOp’s ongoing monthly knowledge-sharing sessions. These sessions provide a platform for professionals in the pension industry to network, exchange ideas, and listen to subject matter experts discuss relevant topics.

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NAICOM Partners Road Transport Agency To Enhance Motor Insurance

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By Sola Alabadan

As part of efforts to make more motorists embrace insurance, the Commissioner for Insurance/Chief Executive of the National Insurance Commission (NAICOM), Olorundare Thomas visited the Director, Road Transport Service, FCTA, Dr. Bello Abdul-Lateef on Wednesday in Abuja.
The visit aimed at formally exploring areas of collaboration between the two government agencies to prevent situations where some people will be paying lower than the approved premium rates, as well as to bring an end to the issuance of fake Third Party Motor Insurance in the country.

Dr. Abdul-Lateef informed that a lot of individuals renewing their vehicle particulars were not getting value for the insurance premium being paid as they did not validate the insurance policies after purchase even though they might have paid N15,000; whereas the cover they were actually given cost N4,000 considering the fact that they may have engaged unauthorised persons to help process their request.

He added that his agency is now leveraging technology to curb such issues and that 98 percent of its processes are now automated.
In addition, he stated that individuals can commence the process of their vehicle particulars renewal from the comfort of their homes.

The Commissioner for Insurance also informed the Director, DRTS on the enhanced third-party Motor Insurance which became effective 2nd January, 2023 increasing its premium from N5,000 to N15,000 and also its benefits from N1,000,000 to N3,000,000 covers respectively for the protection of road users.

Thomas stressed that effective collaboration between NAICOM and DRTS will help reduce the incidences of Third-party motor insurance irregularity by enhancing active policing to ensure adequate Insurance management system.

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