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Senate Seeks Implementation Of Local Content In Key Sectors Of Economy 

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The Senate on Monday called for a legal framework for the implementation of local content in other key sectors of the Nigerian economy.
Chairman, Senate Committee on Local Content, Sen. Teslim Folarin made the call in Abuja, during a two-day Joint Public Hearing on three bills.
The News Agency of Nigeria, (NAN) reports that the bills are: Nigerian Oil and Gas Industry Content Development Act, 2010 (Amendment) Bill, 2020 (SB.417).
Others are the Nigerian Local Content Enforcement Bill, 2020 (SB.419); and Nigerian Oil and Gas Industrialised Content Act, 2010(Repeal and Re-Enactment Bill, 2020 (SB.420).
Folarin said that the Nigerian Local Content Enforcement Bill, 2020 sought to consolidate on the gains of the implementation of local content component in the oil and gas industry.
“This is pursuant to the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010.
“The bill also seeks to provide the needed legal framework for the implementation of local content in other key sectors of the economy, including power, ICT, construction and transportation, etc.
“The enactment of this Bill, will no doubt, provide the legal basis for the enforcement of the Presidential Executive Order No. 5 of Feb. 5, 2018, which seeks to improve local content procurement with regards to science, engineering and technology components of the economy,” Folarin said.
The chairman said that the rationale for separating the bill from the NOGICD Act was hinged on the peculiarity of the oil and gas industry which remained the bedrock of the nation’s economy.
“As a result, the sector requires specialised legislation for effective and efficient management of its operations and activities.
“Another reason for introducing this bill is to ensure that the governance structure of the NOGICD Act, is not distorted.
“This will place additional responsibilities on the implementation of the NOGICD Act, which will be counterproductive to the gains already recorded through the enactment of the Act.”
While declaring the forum open, President of the Senate, Ahmad Lawan, said that local content was additionally very important as it related to being effective in harnessing other opportunities from oil and gas production.
“In adding value to our economy from the oil and gas industry, we are responding to the call to expand our gains beyond resource revenue.”
Lawan, who was represented by Deputy Minority Whip, Sen. Philip Aduda, said that the significance of value was far-reaching in any system.
“They deal with substance. They are also of high quality, because it goes beyond a primary benefit, to the documentation of multiple avenues for content development.
“Content is value-adding, and enriching, aside from its ability to promote originality.
“Uniqueness further comes from good thinking, purposefulness and consistency in policy outlines, which also depends on good laws.
“With good laws, we can shape our activities for decency and for compliance with international best practices.
“Developing our capacities and capabilities from our human and material resources, aside from resource revenue in the oil and gas industry is one goal we have long identified.”
In his submission, Mr Charles Epelle, Manager, Nigerian Content Development of Nigeria Liquefied Natural Gas, (NLNG) said that the vision of the company was to help build a better Nigeria.
“As a consequence of this, we recognise the significance of a robust local content law.”
Epelle said that local content laws helped to build capacity, makes the country competitive and provide employment for youths.
(NAN)

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NAICOM Licences Seven New Insurance Firms 

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Commissioner for insurance, Sunday Thomas and representatives of the newly licensed insurance outfits in Abuja on Friday.

By Sola Alabadan

The National Insurance Commission (NAICOM) issued operational licences to seven insurance companies in Abuja today, in line with Market Conduct & Business Practice Guidelines.

The new insurance firms are Heirs Insurance Limited (General), Heirs Life Assurance Limited, Stanbic IBTC Insurance Limited (life), Enterprise Life Assurance Company, FBS Reinsurance Limited, Salam Takaful and Cornerstone Takaful Insurance Company Limited.

The Commissioner for Insurance, Sunday Thomas, who gave the operational licences to the five firms at NAICOM Head Office, said the Commission has issued operational licences to the firms to operate insurance business.
According to him: “The National Insurance Commission (NAICOM) received applications from the under listed companies for registration as Insurance and reinsurance Companies to transact insurance and reinsurance business in Nigeria.
“In fulfillment of the statutory provisions of extant laws for the registration/licensing of insurance Companies, the general public is hereby informed that the Commission has commenced the process of registering the companies.
Consequently:” Heir Insurance Limited (General) has picked, Olaniyi Stephen Onifade as its Managing Director, Stanbic IBTC Insurance Limited, picked, Akinjide Orimolade as Managing Director; Heirs Life Assurance Limited picked Abah Okoriko and Enterprise Life Assurance Company Nigeria Limited picked Fumilayo Abimbola Omo.

“FBS Reinsurance Limited is led by the former Commissioner of Insurance, Fola Daniel. FBS is bringing together professionals with proven experience from the brokerage and underwriting units of the industry including Bala Zakariyau, the former managing director of Niger Insurance who currently plays in a support unit of the Nigerian aviation industry, Ahmed Olaniyi Salawu of the Standard Insurance Consultants, and Wole Oshin Bankole of the Custodian Investment Plc that has just taken a plunge into the property sector by taking a large chunk of the United Property Development Company, a subsidiary of the UACN Plc.
“These crops of professionals represent those with firm beliefs that there is a big insurance potential in Nigeria and indeed, the African continent. Others are Ebele Ofunneamaka Okeke, from Nnewi North, Anambra who rose to the position of the Head of Nigerian Civil Service before her retirement, and also, Yusuf Hamisu Abubakar, a lawyer, and an accomplished administrator and businessman with vast experience at the senior executive level in power and communication sectors.
“The reinsurance firm is required to pay the new N20 billion capitalisation stipulated by the commission under the reform exercise for it to start a business in the industry.”

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Power: FG Ready To Support DisCos’ Initiatives – Minister

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Mr Saleh Mamman, Minister of Power, says the Federal Government is ready to support any initiative by electricity Distribution Companies (DisCos) aimed at addressing the challenges facing the power sector.
The News Agency of Nigeria (NAN) reports that Mamman spoke at the inauguration of Eko Electric Distribution Company’s (EKEDC) Supervisory Control And Data Acquisition (SCADA) System on Thursday in Lagos.
Mamman said : “I felicitate with and commend the EKEDC’s Board of Directors and management for this milestone.
“SCADA is one of the most advanced technologies in the power distribution business globally and I am optimistic that this event will translate to improved service delivery within EKEDC’s network.
“The inauguration of this SCADA system will help EKEDC monitor and respond quicker to faults and reduce the outage durations which would improve quality of service delivery to customers.”
According to him, the SCADA project will help the DisCo meet its set objectives under the recently executed Service Level Agreements with the Transmission Company of Nigeria (TCN).
He said the project would provide access to real time data that enables distribution system operators to make informed decisions that improve reliability and availability, consistent with the targets of the Service Based Tariff (SBT) regime.
Mamman said the FG was working assiduously to address the challenges of the power sector through initiatives such as the National Mass Metering Programme, the Siemens AG Power Project and upgrade of power infrastructure across the country.
Earlier, Mr Adeoye Fadeyibi, Managing Director, EKEDC, thanked the Central Bank of Nigeria (CBN) for its support to the Nigerian Electricity Supply Industry which paved way for the SCADA project.
Fadeyibi said : “SCADA is a centralised computer system which represents the evolution of our network operations from the present physical monitoring, remote coverage and relay of network information.
“By contrast, SCADA innovatively gathers real time information, identifies loopholes or breaches in the network and transfers this data back to a central site where the necessary analysis and control is carried out.
“The result of this analysis is then displayed in a logical and organised fashion. The project involves monitoring, control, fault tracking, data analysis and operations optimisation of our high-tension network.
“As part of Eko DisCo’s effort to improve operational efficiency, revenue generation and reduction of our Aggregate Technical Commercial and Collection Losses, we have implemented the SCADA project to automate our electric power distribution network across our franchise coverage area.”
He said the achievement by the DisCo showed that the FG’s Power Sector privatisation programme was a laudable decision, as it had completely transformed the sector and the Nigerian Electricity Supply Industry.

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Emirates Offers Travellers $500,000 Multi-risk Travel Cover 

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Emirates airlines has announced that it will provide travellers a multi- risk travel cover worth $ 500 , 000 on top of its current COVID-19 cover.
The airline stated that the new multi- risk travel insurance and COVID-19 cover will automatically apply to all Emirates tickets purchased from December 1 , and extend to Emirates codeshare flights operated by partner airlines , as long as the ticket number starts with 176.
Emirates Chairman and Chief Executive , Ahmed bin Al Maktoum was quoted as saying , “ Emirates was the first airline to offer complimentary global COVID -19 cover for travellers back in July , and the response from our customers has been tremendously encouraging.
“ We have not rested on our laurels and instead continued to look at how we can offer our customers an even better proposition. We are very pleased to be able to now provide this new multi- risk travel insurance and COVID – 19 cover , which is another industry first, to all our customers.”
He added, “ We aim to give our customers even more confidence in making their travel plans this winter and moving into 2021 by the launch of this feature .”
Highlights of the coverage include out -of – country emergency medical expenses and evacuation up to $ 500 ,000 , valid for COVID -19 ( contracted during the trip ) and other medical emergencies while travelling abroad.
It also involves trip cancellation up to $ 7 ,500 for non- refundable costs if the traveller or a relative ( as defined in the policy ) is unable to travel because they are diagnosed with COVID- 19 before the scheduled trip departure date , or for other named reasons – similar to other comprehensive travel cover products.

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