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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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Petroleum: DPR Promise To Sustain Uninterrupted Product Supply 

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The Bauchi office of the Department of Petroleum Resources (DPR) says it will continue to ensure the availability of petroleum products across the 500 existing filling stations in the state.Malam Abdullahi Isyaku, the Operation’s Controller of the agency made this known in an interview with the News Agency of Nigeria (NAN) in Bauchi on Monday.

Isyaku said the department would continue to closely monitor filling stations, especially on the implementation of safety measures by retail outlets.

He added that it would constantly ensure that outlets adhere to the official pump price of the commodity.

“We are determined and committed to sanctioning erring outlets found to be shortchanging consumers,’’ he said.

Isyaku said that the regulatory agency was fully committed to assisting interested marketers who want to venture into dealing with Liquefied Gas LPG in accordance with the Federal Government policy on Domestic Gas Utilisation.

According to him, the department has intensified efforts on routine surveillance of all existing retail outlets.

This is with a view to ensuring compliance with operational guidelines.

“We will not compromise standards,’’ He said.

The controller called on all registered marketers to key into the newly introduced operational monitoring tool called ‘Down Stream Remote Monitoring System’ (DRMS).

NAN reports that DRMS was recently launched by the national office of the department.

According to Isyaku, the device will assist DPR in online routine monitoring of stock positions of the products at both depots and retail outlets.

It will also help marketers to monitor activities in their filling stations.

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Leadway Assurance Charges Nigerians To Embrace Cyber Insurance

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Leadway Assurance Company Limited has charged corporate entities, institutions, religious organisations and individuals to embrace cyber insurance to protect their database and computer networks from attacks by hackers.

With increased online and internet connectivity becoming part of our day to day business, as a result of COVID-19 pandemic, there is need for protection against cyber attacks, Mr. Uzodinma Ibe of the Casualty & Liability Underwriting, General Insurance, said.

He spoke at a virtual training workshop on “Understanding Cyber Insurance” organised by Leadway Assurance for insurance journalists recently.

Ibe said a comprehensive report by a United Kingdom (UK) cybersecurity company, confirmed that there was high traffic when it comes to information, transactions and data emanating from Nigeria into digital space, adding that the survey noted that 36 percent of Nigerian organisations suffered cyber attacks in the last 12 months.

He also stated that 64 percent of cyber attacks in Nigeria exploited misconfigurations on the organisation servers, pointing out that Nigeria has the highest data leakage in the world.

On business activities, social networking and governmental activities, he said the report has also identified where Nigeria as a digital hub is and to what extent are their cyber exposures.

In order to avoid cyber attacks on our computer networks, which sometimes resulted into data and financial losses, there is a need for enterprises, individuals, corporate organisations, to see it as a serious business and take up some form of cyber mitigating efforts in this regard.

According to him, “Here in Leadway, through our research, we have been able to identify a particular area of cyber exposure where corporate entities can find themselves and see how we can do proper risk management and provide specific insurance product that can help them mitigate such exposures through Cyber Risk Management Insurance which in some quarters called Cyber Liability Insurance and in some, Cyber Risk Management Insurance.

“We have been able to highlight that technology, social media and transactions over the internet (cyber platforms) play a key role in how most organisations conduct business and reach out to prospective customers today. These vehicles have gateways – platforms, integrations that cyber attackers often use.

From Leadway point of view, our Cyber Enterprise Risk Management Insurance Policies try to help any organisation mitigate risk exposure for a certain cost expenses involve with recovery after a cyber-related security breach or similar event.

On who is being indemnified or who is being provided cover, he explained that Leadway Cyber Insurance provides first-party coverage and third-party liability risk covers against cyber-attacks for organisations.

“First party which is the policyholder, the individual or that corporate entity that buys the insurance, such policy caters for private investigation expenses where there is some form of data compromise or breach to reach out to different customers to inform them of the breach.

“Third-party liability coverage indemnify companies for losses to others caused, for example, by errors and omissions, failure to safeguard data, or defamation; and other benefits including regular security-audit, post-incident public relations and investigative expenses, and criminal reward funds.

“Risks of this nature are typically excluded from traditional commercial general liability policies or at least are not specifically defined in traditional insurance products. Most people believe that only large-scale industries, such as banks only need cyber security insurance. However, any electronic information such as your name, email, contact number, financial records, medical records, payment information, government documentation, etc., stored in your personal devices can be easily and quickly hacked by a genius hacker,” he explained.

“Cyber-insurance is a specialty lines insurance product intended to protect businesses, and individuals providing services for such businesses, from Internet-based risks, and more generally from risks relating to information technology infrastructure, information privacy, information governance liability, and activities related thereto,” he pointed out.

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PENGASSAN Suspends Strike Over Chevron’s Agbami Oilfield Dispute

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Mr Lumumba Okugbawa, General-Secretary of PENGASSAN made this known to the News Agency of Nigeria (NAN) on Friday in Yenagoa.

Okugbawa told NAN that the strike had been put on hold following a truce with company’s management on April 15. According to him, the leadership of PENGASSAN and management of CNL reached an agreement over the matter, making the proposed strike unnecessary.

Okugbawa said that the mediatory meeting by Chief Timipre Sylva, Minister of State for Petroleum with the leadership of the union scheduled for April 15 could not also hold because a truce had reached.

PENGASSAN had threatened to down tools and shutdown Agbami Offshore Oilfield over moves by Chevron to cut its workforce by 25 per cent.

The plan to lay off 600 workers was announced, in a statement, on Oct. 2, 2020 by Mr Esimaje Brikinn, CNL’s General Manager Policy, Government and Public Affairs.

Brikinn said the job cut was to reposition the oil firm for greater efficiency and competitiveness.

Agbami field, which has the capacity to produce 250,000 barrels per day (bpd), currently produces about 140,000 bpd according to industry data.

NAN

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