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Court Orders Interim Forfeiture Of 48 Property Linked To Ex -NSTIF Boss

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Justice Taiwo Taiwo of the Federal High Court, Abuja, on Wednesday, ordered the interim forfeiture of 48 choice property, allegedly belonging to the former Chairman of the Nigerian Social Insurance Trust Funds, Ngozi Olejeme.

The affected property is spread across the Federal Capital Territory, Abuja, Bayelsa, Enugu, Edo, and Delta States, according to a statement from the Economic and Financial Crimes Commission spokesman, Dele Oyewale.

The forfeiture order was granted after the counsel to the EFCC, Ekele Iheanacho, convinced the court that the said property was purchased with proceeds of crime.

He buttressed his position with 14 exhibits, attached to his affidavit, filed on May 29, 2020.

The statement said, “Olejeme who was also the treasurer of the Jonathan-Sambo Campaign Organisation in 2015 has been on the run since 2016 and was in September 2017, declared wanted by the EFCC for criminal conspiracy, abuse of office, diversion of public funds and money laundering.”

She was alleged to have, along with the former managing director of NSITF, Mr Umar Abubakar, mismanaged and diverted over N69billion, belonging to the Federal Government into their personal accounts through the award of spurious contracts to proxy companies.

In granting the application, Justice Taiwo ruled that the interim order should be published in a leading newspaper within seven days of receipt of the order and for any interested party to show cause within 14 days why the property should not be permanently forfeited to the FG.

He adjourned the matter till July 27, 2020.

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Law Union & Rock Delists From Stock Exchange

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Following an approval by the Nigerian Stock Exchange (NSE) to delist the shares of Law Union & Rock Insurance Plc from the Exchange, the insurance company is concluding arrangements to pay N1.23 per share for every 50 kobo ordinary share to its shareholders.

The delisting from the Exchange paves way for the new investors of the company, Verod Capital Management through the Kanuri LUR SPV, to pay off existing shareholders, which completes an aspect of the takeover.

With this development, the company says it is not only forging ahead in its recapitalization plan, it is also stronger than before based on its share capital, assets, profits among others in the 2019 financial year.

The proposed transaction as contained in the TIA is expected to involve the transfer of a total of 4,296,330,500 ordinary shares of 50 kobo each of law Union held by the shareholders in consideration for a cash payment of N1.23 per share.

The Board of Law Union and Rock secured the exit payment from its new investor in the quest to get full value for the investment of shareholders of the company.

Commenting on the company’s achievement and recapitalisation plans, the Managing Director, Law Union, Ademayowa Adeduro said: “The company has concluded the process to voluntarily delist its shares form the Exchange. We filed a Certified True Copy (CTC) of Court Sanction with SEC and applied for withdrawal of registration of Law Union’s shares and delisting of the company’s share from the NSE’s main board.
“Presently, the NSE has granted us approval and the new investors can start paying shareholders the N1.23k per share and complete that aspect of the takeover”, he said.

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NCRIB Strives To Increase Insurance Industry’s Contribution To GDP 

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The Nigerian Council of Registered Insurance Brokers (NCRIB) has promised to continue partnering with journalists so as to deepen the level of insurance penetration in the country, as well as increase the industry’s contribution to the nation’s Gross Domestic Product (GDP).
restated its commitment to increasing insurance awareness and senstitisation exercise, in a bid to deepen penetration in the country.
 
NCRIB president, Mrs. Bola Onigbogi, gave this assurance when the new executives of the National Association of Insurance and Pension Correspondents (NAIPCO) paid a courtesy visit to the council in Lagos recently.
 
She lamented that majority of Nigerians are still ignorant of the benefits they can derive by embracing insurance, while some still habour the misconception that insurance companies don’t pay  claims. Concerted efforts, she noted, must be made to reverse the trend.
 
She pointed out that the growth of insurance industry requires collective efforts, noting that the media is critical and an important stakeholder in the journey to develop the insurance segment of the nation’s economy.
 
While appreciating the efforts of NAIPCO members in their drive to educate Nigerians through their informed write-ups and news reporting, she urged them to be positive in reporting as the death of the industry will also negatively reflect on the reporters covering the sector.
 
She applauded the current executives for embarking on series of projects aimed at complementing the efforts of Insurance companies and brokers to deepen Insurance penetration and acceptance, promising that, the council will, just as it has done in the past, continue to support the association in its plans to grow and develop the sector.
 
Similarly, the vice president, NCRIB, Mr. Tunde Oguntade, said, the relationship between the council and the media, especially, insurance correspondents, has always been positive, promising to extend such gesture to the current executives of NAIPCO, so that, together, they can grow the industry.
“We have had a cordial relationship with your predecessors and the current executives at NCRIB are ever ready to support you to succeed in all your plans. We need to positively project the industry and we, the brokers, are already doing that through our several initiatives,” he pointed out.
Moreover, the executive secretary, NCRIB, Mr. Fatai Adegbenro, said both the media and the council are critical stakeholders and must together work to grow the industry.
 
Insurance, he said, drives the economy in advanced countries, stating that, this is a point Nigeria must aspire to be, through increased contribution to the nation’s GDP, saying, “we are all stakeholders in the industry and the public tends to believe anything that comes from the media, hence, the need to throw caution, so as not to feed the public with lies or hearsay. The role of journalists is to inform and we must give the right information to the people yearning for information.”
 
Earlier, the president, NAIPCO, Mr. Chuks Udo Okonta, said, his administration is embarking on developmental journalism, which involves providing critical answers to issues affecting the insurance industry.
 
The motive of this style of journalism, he stressed, is to grow the sector through increased searchlights on the operations of Insurance companies, brokers and other players to ensure that they are playing their respective roles effectively.
 
On Company Profiling, a product of the current administration, he said, the association will profile  the management, claims or/and product of an underwriting firm, write about it in the most subtle language and human angle perspective to ensure the public truly understands the operations of insurance companies in the country.
 
Similarly, he listed other programmes of the association, which includes: the NAIPCO Annual National Conference, Trumpet Journal, Advert To News Initiative(ATN), among others. Insurance Awareness

The Nigerian Council of Registered Insurance Brokers (NCRIB) has restated its commitment to increasing insurance awareness and senstitisation exercise, in a bid to deepen penetration in the country.

Speaking during a courtesy visit of the new executives of the National Association of Insurance and Pension Correspondents (NAIPCO) to the council’s headquarter in Alagomeji, Yaba, Lagos, its president, Mrs. Bola Onigbogi, promised to work with the new executives of NAIPCO to increase insurance acceptance as well as its contribution to the nation’s Gross Domestic Product(GDP).

According to her, a lot of Nigerians are still ignorant of what values insurance can bring to their respective lives, while some still habour the misconception that insurance companies don’t pay claims, hence, the need to drive awareness and education from the media perspective to change this narrative.

She believes that the growth of insurance industry requires collective efforts, saying, the media is critical and an important stakeholder in the journey to develop the insurance segment of the nation’s economy.

While appreciating the efforts of NAIPCO members in their drive to educate Nigerians through their informed write-ups and news reporting, she urged them to be positive in reporting as the death of the industry will also negatively reflect on the reporters covering the sector.

She applauded the current executives for embarking on series of projects aimed at complementing the efforts of Insurance companies and brokers to deepen Insurance penetration and acceptance, promising that, the council will, just as it has done in the past, continue to support the association in its plans to grow and develop the sector.

Similarly, the vice president, NCRIB, Mr. Tunde Oguntade, said, the relationship between the council and the media, especially, insurance correspondents, has always been positive, promising to extend such gesture to the current executives of NAIPCO, so that, together, they can grow the industry.
“We have had a cordial relationship with your predecessors and the current executives at NCRIB are ever ready to support you to succeed in all your plans. We need to positively project the industry and we, the brokers, are already doing that through our several initiatives,” he pointed out.
The executive secretary, NCRIB, Mr. Fatai Adegbenro, added that both the media and the council are critical stakeholders and must together work to grow the industry.

Insurance, he said, drives the economy in advanced countries, stating that, this is a point Nigeria must aspire to be, through increased contribution to the nation’s GDP, saying, “we are all stakeholders in the industry and the public tends to believe anything that comes from the media, hence, the need to throw caution, so as not to feed the public with lies or hearsay. The role of journalists is to inform and we must give the right information to the people yearning for information.”

Earlier, the president, NAIPCO, Mr. Chuks Okonta, said, his administration is embarking on developmental journalism, which involves providing critical answers to issues affecting the insurance industry.

The motive of this style of journalism, he stressed, is to grow the sector through increased searchlights on the operations of Insurance companies, brokers and other players to ensure that they are playing their respective roles effectively.

On Company Profiling, he said, the association will profile  the management, claims or/and product of an underwriting firm, write about it in the most subtle language and human angle perspective to ensure the public truly understands the operations of insurance companies in the country.

He further listed other programmes of the association, which includes: the NAIPCO Annual National Conference, Trumpet Journal, Advert To News Initiative(ATN), among others.

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Prompt Claims Payment Paves Way For Universal Insurance

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Ujoatuonu, MD, Universal Insurance

 

The management of Universal Insurance Plc says the company’s policy of prompt payment of all genuine claims have continued to pave the way for the insurance firm as its policyholders have been commending it, while new customers are making the organisation their choice.

The company’s managing director, Mr. Ben Ujoatuonu, said that the company is presently meeting all its obligations, especially in the area of prompt claims settlement to clients and other stakeholders, adding that the insurer is liquid enough to discharge its responsibilities as the need arises.

“We have a competitive edge in claims settlement through investment in state of the art communication and information technology thereby enhancing our operational efficiency and offer to pay off legitimate claims in a jiffy after the execution of discharge voucher. We have a tractable but reduced claims process circle,” the CEO said.

Confirming the issue, the Chairman, Manny Insurance Brokers Limited, Kayode Okunoren, said Universal Insurance has a rich heritage of professional practice in Nigeria, stressing that this heritage is being sustained.

“It is the belief of Management that the desire of Universal to forge collaborative relationship with brokers through the Nigerian Council has f Registered Insurance Brokers (NCRIB) platform will be achieved,” he stated.

He said the insurer has etched its name amongst brokers’– friendly companies operating in the country today.

Apart from Okunoren, many brokers equally endorsed the company whilst attesting to how their claims were promptly settled by Universal Insurance Plc, even as they implored other brokers to place their clients’ risks with the company, stressing that, there is no hassle in getting claims paid by the Insurance company.

In a related development, Actors Guild of Nigeria (AGN) a body also known as Nollywood industry, chose Universal Insurance to provide it with Group Personal Accident Insurance policy.

The group has about 150, 000 members spread across the country.

According to the actors, the development was a dream come true for them as they were always exposed to varying degree of occupational hazards without any form of compensation, adding that, the unveiling of the insurance cover for them symbolised unity of purpose and provided sense of belonging.

Speaking on the scheme, Don Pedro Obaseki, Former Chairman, Lagos State Chapter of the AGN expressed his delight for the scheme, saying for the first time in the history of AGN, the Actors now have insurance protection, noting that it is a wonderful experience and something the group have been looking forward to.

“It’s commendable and forward-looking and this is going to further leapfrog the industry and Actors Guild into another level in the sense that if you have the history of our members, you find out that Nollywood members always have health-related issues. So this will go a long way to trying to checkmate that and also create other health awareness amongst our members”, Obaseki, Founder/CEO, ACC Broadcast Multimedia Ltd said.

Some of the claimants that have enjoyed the firm’s prompt claims response are: NTA-Star TV Network Limited which got N135.6 million and TVC Atlantic Vacation group, which received N105 million as  claims between 2016 and 2020 under the Corporate clients, Akinwekomi Collins Dele received N5.8 million claims even as Pastor Robert Udeagha got settled to the tune of N2.6 million under the Individual Client.

Meanwhile, Universal Insurance Plc has paid N1.2 billion as claims to its affected policyholders in the last five years.

The breakdown of the claims paid shows that the company paid N147.8 billion claims to its policyholders who suffered insured risks in its 2015 financial year, paid N111.1 million in 2016, N330.3 million in 2017, N334.2 million in 2018, while it settled N338.2 million claims in 2019 financial year end, bringing the total claims to N1.2 billion on nine classes of insurance.

Within the period of five years, the company paid N182.3 million claims on Bond, as it paid N11.4 million in 2016, N13.3 million in 2017, N5.9 million in 2018 and N151.7 million in 2019.

Similarly, it settled Engineering claims worth N178.1 million; fire claims to the tune of N412.1 million; general accident claims gulping N299.8 million, while aviation claims amounted to N10 million even as Marine insurance claims was N43.9 million.

Marine Hull insurance attracted N5.6 million claims with motor insurance attracting N156.8 million claims.

The Universal Insurance boss stressed that the firm is liquid to underwrite big insurance businesses in insurance sector of the financial industry, saying, the company is eyeing the retail market and will soon unveil some retail insurance products to deepen insurance penetration.

He added that the company has also imbibed the culture of training and retraining of its workforce as it believes in the human capital development, motivation and empowerment to drive policies and create values.

Universal Insurance, according to him, has equally deployed its personnel effectively to ensure that good hands are always on deck to drive the company’s growth policy to the optimum, a policy that has repositioned the firm on an enviable pedestal among its competitors in the marketplace, adding that, his insurer is now in a vantage position to provide valuable advisory services on clients’ portfolios.

“Universal Insurance serves commercial, institutional and individual customers through an extensive general insurance network, also providing financial services and risk management services nation-wide. The company’s leadership is as a result of its underwriting skills, innovative insurance solutions, financial strength, superior service and prompt claims settlement,” he noted.

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