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Stakeholders Converge On Lagos For Better Investment Of Insurance, Pension Funds

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Stakeholders in the financial service sector will converge in Lagos on November 4, to discuss how insurance and pension fund operators can build their investment portfolios to maximise profit.

The forum is the 2020 annual Conference of the National Association of Insurance and Pension Correspondents (NAIPCO) holding at Four Points By Sheraton Hotel, Victoria Island, Lagos.

The conference’s theme is: “Promoting Bankable Investments Portfolio for Insurance and Pension Sectors,” and stakeholders in the capital and money markets have been invited to participate.

The Chairman of Nigeria Social Insurance Trust Fund (NSITF), Austin Enajemo-Isire will chair the occasion,

while the Director General, Lagos Chamber of Commerce and Industry (LCCI), Dr. Muda Yusuf, is the Guest Speaker. The Chairman, Mutual Benefits Assurance Plc, Dr. Akin Ogunbiyi will be the Special Guest of Honour and Chief Launcher of the new NAIPCO website.

The Commissioner for Insurance/CEO, the National Insurance Commission (NAICOM), Mr. Sunday Thomas and the Acting Director General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, have promised to attend the conference.

Similarly, the Chairman, Nigerian Insurers Association (NIA), Ganiyu Musa; the CEO, Pension Fund Operators Association of Nigeria (PenOp), Mr. Agudah Oguche, among others, will also be present at the occasion to deliberate on ways  operators can invest in the businesses of the Organised Private Sector of Nigeria (OPSN) and still maximise profit.

Speaking on the preparation for the event, the President, NAIPCO, Chuks Okonta, said, as a critical stakeholder, it is the desire of NAIPCO that companies in both the insurance and pension sectors build up investment portfolios that will translate to huge returns on investments for shareholders and contributors of the contributory pension scheme.

He said the organised private sector has consistently lamented of low funding for manufacturers as the investment community have accused OPSN of lack of bankable investment projects in which pension and insurance companies can invest in, despite the two sectors having in excess of N11 trillion funds that could be invested in the economy.

For the insurance sector, he stressed that the theme of the conference is apt based on the argument that the sector is destroying value due to the consistent low returns on investment to shareholders.

For the pension sector, he stated that, the theme is also apt as PFAs have limited investment outlets with the ban on investment in treasury bills by the Central Bank of Nigeria(CBN) as well as, the current low yield on bonds, the mainstay investment instrument of the pension industry

Accordingly, he pointed out that the experts will lay bare all available bankable investment outlets for the operators to reap maximum benefits for their shareholders and customers’ benefits.

He further said that a new NAIPCO website will be unveiled at the conference, while there will be awards for individuals and organisations that have contributed immensely to the growth and development of either the insurance or pension sectors.

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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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