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NAICOM Targets 100 Actuarial Analysts, 5 Actuaries By 2024

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By Sola Alabadan

The Actuarial Capacity Development Programme being organised by the National Insurance Commission (NAICOM) in collaboration with the College of Insurance and Financial Management (CIFM), is expected to develop 100 Certified Actuarial Analysts and possibly a minimum of five Actuaries in Nigeria by the year 2024.

The Commissioner for Insurance, NAICOM, Sunday Thomas, stated this while commissioning the 1,500 seating capacity multipurpose auditorium of the CIFM in Lagos.

He said the Actuarial Capacity Development Programme is an important component of the Commission’s strategic focus on capacity development.

Thomas also disclosed that the Commission is equally internalising the human capital development initiative through the effective plan of action for the takeoff of its academy.

He further informed that the commission would soon be requesting for assistance of erudite scholars in the industry to fill the identified knowledge gaps in the regulatory system.

Speaking on the new auditorium tagged ‘NAICOM HALL’, the NAICOM boss congratulated the nation’s insurance operators and urged them not to relent in their drive to attract further development to the College, saying “This is a commendable feat and I hope it sets the stage for more developments in the sector.”
He further appealed to the insurance operators to assist in the eventual completion of the CIIN office building in Victoria Island, the foundation of which was laid over 30 years ago, pointing out that” The same commitment that delivered the College with its infrastructure can do it.”
“The ceremony today is the outcome of a carefully thought-out need of the College by the CIIN with the financial support of the Commission.
“NAICOM is thus elated at its completion and the expected service it will deliver to the industry and the public. The auditorium will facilitate the mass quality training of insurance professionals/agents and as well
provide adequate facility for conducting the CIIN professional examinations. “Beyond this, it is imperative to say that some of the insurance gatherings may just have found a permanent and convenient venue.
“Ladies and gentlemen, the completion of this 1,500 seating capacity multipurpose auditorium will undoubtedly be a value-addition not only to the College but the entire insurance sector of the Nigerian economy. It is our firm believe that you will put this infrastructure to good use for the benefit of all stakeholders. I am almost certain that other sectors and institutions will also make use of this facility whenever occasion demands,” he said.
While acknowledging the support of the Governing Board of NAICOM in the pursuit of all its initiatives including the completion of this Auditorium, he assured that the Commission will, at all-times, extend its full support to, not only the College and the CIIN but all deserving stakeholders in the industry in their drive for insurance business growth and development.

Thomas maintained that the Commission is open to new ideas and shall continue to introduce new reforms and initiatives in line with international best practices that will strengthen our institutions.

 

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Banks’ CEOs Hold Emergency Meeting Over BDCs’ Forex Ban 

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Bank Chief Executive Officers on Thursday, held an emergency meeting on how to ensure compliance with the new forex directive of the Central Bank of Nigeria.

After the meeting, they spoke during a webinar organised to give an update on the banks’ preparedness to be the main channel of forex distribution, following the recent discontinuity of forex supply to the BDC operators by the CBN.

The executives assured the public that banks would make forex available to customers in accordance with the CBN’s directives.

After the last Monetary Policy Committee meeting, the Central Bank Governor, Godwin Emefiele, had ordered all Deposit Money Banks to set up teller points at designated branches across the country to fulfil legitimate FX request for personal travel allowance, business travel allowance, tuition fees, medical payments and SMEs transactions, among others.

Speaking at the webinar, the Group Managing Director/Chief Executive Officer, Access Bank Plc, Herbert Wigwe, said, “The banking industry as a whole was willing and ready to carry out this function. The banks have very strict compliance measures, in terms of verification and making sure that people who do apply are eligible.

“All Nigerian banks will be able to meet these requirements. If you look at all the branches nationwide, you will know that the banks have more than enough capacity to do this.”

He said if the banks saw any compliance issues, or people attempting to do things cunning, they would be reported to the CBN because the banks would ensure full compliance with the order.

The Group Chief Executive Officer, Guaranty Trust Holding Company Plc, Mr Segun Agbaje, while speaking on the capacity of the banks to meet the customers demand, said, “It is not only the CBN that has the ability to fund the market; the banks also have the resources to meet the demand, and we have agreed collectively that it will start immediately.”

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NERC: Over 1m Electricity Consumers Have Received Prepaid Meters

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Labour Warns FG Against Electricity Tariff Hike 

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The Nigeria Labour Congress faulted plans to allegedly sell the Transmission Company of Nigeria, saying it will lead to an increase in electricity tariff.

The NLC President, Mr Ayuba Wabba, said this in a statement titled, “This Kite will not Fly’’ on Friday.

Wabba explained that instead of allegedly planning to sell the transmission company, FG should focus on improving the electricity supply.

He described the attempt to hand over the TCN to a few ‘privileged’ Nigerians as self-serving, obtuse, odious, morally reprehensible and criminal.

The NLC president said, “The TCN is a strategic economic asset of immense national security implications. This is because the TCN traverses all nooks and crannies of Nigeria.

“It will be wrong that our country will be deliberately exposed to an avoidable vulnerability and thus, provide an opportunity to others to restrain the Nigerian state.

“We apprehend that the planned sale of the TCN is only an attempt to further confound the people and concurrently raise electricity tariff. Unfortunately, this time around, Nigerians have had enough.

“The government cannot promise improved power supply to consumers by the planned sale of TCN. The under-the-table scheming as transparent privatisation cannot pass muster.

“It is an unsavoury narrative for our country, that even the privatised assets, which have survived the rapacity of the new owners, have been turned into unrealisable collaterals for unpayable loans.

“This constitutes a bone stuck in the throat of financial institutions and sundry creditors.”

Wabba explained that the plan would “fundamentally weaken the security of the nation and above all, deprive the people of their age-old investments in the commanding heights of the Nigerian economy”.

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