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Insurance Industry Needs Government Support To Thrive – Ogunbiyi 

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It is imperative that the government at all levels support the Nigerian insurance industry so that the industry can achieve its objective, support the nation’s economy, ensure returns on investments, as well as achieve capital adequacy, Dr Akin Ogunbiyi, Chairman  Mutual Benefits Assurance, said.
He spoke at the 2020 Annual Conference of the National Association of Insurance and Pension Correspondents (NAIPCO), with the theme “Promoting Bankable Investments Portfolio for Insurance and Pension Sectors, in Lagos today.
Ogunbiyi stated the industry can achieve adequate return on investment and capital adequacy ratio through support and patronage of the Nigerian insurance industry by government at all levels and also by ensuring reduction of sharp practices to its barest minimum.
While noting that the industry can accumulate retain earnings and shareholders funds on a sustainable basis through good corporate governance and adaptive leaders that recognise and respond to insurance needs and relevant adjacencies, he said the industry also require commitment and dedication from all of us to achieve survival, growth and profitability.
Ogunbiyi, who was the NAIPCO’s website Chief Launder, said the financial assets such as debt and equity instruments, as well as money market and equity funds are returning low yield, adding that as a result of the prevailing not too favourable investment climate, capital preservation yields are not as profitable as before.
He noted that though inflation at 13.9 percent, one loses money in real terms as fixed income may guarantee cash flows, but with negative profitability.
“I want to submit that we can achieve adequate returns on investment and capital adequacy ratio through support and patronage of the Nigerian insurance industry by government at all levels and reduction of sharp practices to its barest minimum.
“We can accumulate retain earnings and shareholders funds on a sustainable basis through good corporate governance and adaptive leaders that recognise and respond to insurance needs and relevant adjacencies. We require commitment and dedication from all of us to achieve survival, growth and profitability,” he stressed.

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E-News

Brokers Charge FG To Declare State Of Emergency On Insecurity

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The Nigerian Council of Registered Insurance Brokers (NCRIB), has lamented the spate of killings, kidnapping and other forms of violent attacks in the country, saying the development is not only tarnishing the country’s image but also scaring investors away from the country.

The President of the Council, Dr. Bola Onigbogi who said this at media parley in Lagos, appealled to the federal government to, as a matter of urgency, declare a state of emergency on terrorism and killings, especially in the Northern part of Nigeria.

Onigbogi noted that if nothing is done as soon as possible to address this menace, it will deter foreign investors from investing in the Nigerian economy.

She said: “to say that the rate of killings and kidnapping in Nigeria is endemic is to state the obvious. The recent rate of attacks on people in most part of the nation is so disheartening.

“It is worrisome seeing how Nigerians are being massacred in their own fatherland unabated. It is difficult to read the mindset of these dare devil hoodlums, who have decided to unleash terror on unsuspecting and innocent Nigerians.

“Our heartfelt sympathy goes to the government and the people of affected States, especially, the immediate families of the victims. However, I like to join several other Nigerians to appeal to the Federal Government, as a matter of urgency, declare a state of emergency on terrorism and killings, especially in the Northern part of Nigeria.

“We appeal to Mr. President to instruct all the service chiefs to take responsibilities for the killings and kidnappings that has continued to tarnish the image of the country. It is important to note that with the spate of killings and kidnapping in Nigeria, if nothing is done as soon as possible, it will deter investors from investing in Nigeria economy”.

Onigbogi, who also spoke on building collapses in the country, called on the government to take decisive measures to address this issues.
“It is essential for government to facilitate meetings of all stakeholders in order to reach a compromise on methods to adopt in stemming the tide. Kindly permit me to state at this juncture that the enforcement of Section 64 and Section 65 of Insurance Act 2003 should be prioritized”, she expressed.

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Insurance

Photo News: NAICOM Partners Fire Service To Enforce Compulsory Public Building Insurance

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The National Insurance Commission and the Federal Fire Service met in Abuja and resolved to commence the enforcement of compulsory public building liability insurance in earnest across the country.

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E-News

NICON Insurance Denies Receiving Senate’s Summon Over Non-remittance Of Pension Fund

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The management of NICON Insurance Limited has denied receiving any summon from the Senate Committee on Public Accounts due to failure to remit pension fund to the Pension Transitional Arrangement Directorate.

In a statement titled, ‘NICON Insurance faults report on senate summon’, the insurance firm recalled the report, which stated that the Nigerian Senate had summoned the firm over ‘Failure to remit N17.4billion pension fund to PTAD’.
The insurance firm stated that it had not received any summon from the Senate Committee on Public Accounts and was, therefore, unaware of the existence of such summons as reported by the media.
The statement reads in part, “It is of great concern to management that NICON has been subjected to the court of public opinion on a matter in which we have discharged our duty as a responsible corporate citizen.
“To set the records straight, NICON transferred assets to PTAD under the leadership of Sharon Ikeazor in lieu of the legacy pension funds for over 50 agencies and parastatals of the Federal Government in June 2017.
“PTAD has all the title documents of the properties in its possession and has been collecting rent on them in the last four years. NICON is therefore not liable to PTAD for any pension funds.
“Management also notes that other issues reportedly raised by the Executive Secretary of PTAD, Dr Chioma Ejikeme, are before a court and are therefore sub-judice for discussion except before the court of law.”
The insurance firm said it would not join issues with anyone and would make no further comment on these issues till they were resolved by the court.

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