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CBN Releases New Regulation On E-Payments, Collections For Private, Public Sectors

The Central Bank of Nigeria (CBN) has released a new regulatory template guiding all forms of electronic payments and collections for public and private sectors in the country. The apex bank stated that the monetary policy measure, which was taken furtherance of its powers under enabling Act 2007, was a revision of the Guidelines on […]

Banking Insurance & Pension Latest News

Reps Summon Emefiele, Idris Over Alleged N33Bn Pension Scam

The House of Representatives on Thursday summoned the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, to appear before it over alleged discrepancies in N33 billion pension deductions remittance by National Pension Commission (PenCom). The lower chamber of the Legislature also asked the Accountant-General of the Federation (AGF), Ahmed Idris, to appear with […]

Economy News Extra Insurance & Pension Latest News

FG Launches Micro Pension Plan For Informal Sector Operators

President Muhammadu Buhari on Thursday launched a Micro Pension Plan for operators in the nation’s informal sector with a promise to address the constraints undermining the efficiency of the pension system. The President said that government initiated the latest plan in order to ensure that those in the informal sector were captured in the pension […]

Agriculture & Agribusiness Banking Insurance & Pension Latest News

IFC, Africa RE Collaborate On Insurance Coverage For Nigerian Farmers

The International Finance Corporation, IFC, a member of the World Bank Group, and Africa RE, a pan-African reinsurance company, have agreed to help thousands of small holder farmers in Nigeria access insurance to protect their crops and livelihoods. Under the agreement, Africa RE and IFC’s Global Index Insurance Facility will help licensed Nigerian insurance companies […]

Insurance & Pension Latest News

NAICOM Reports N143Bn Insurance Claims In Q3, 2018

The National Insurance Commission ( NAICOM), at the weekend reported that insurance industry’s gross claims in the third quarter rose to N143 billion, representing a 30 percent increase over the N110 billion claims paid by operators in the corresponding period of 2017. The Commissioner for Insurance (CFI), Mr. Mohammed Kari, who made this disclosure during […]

Economy News Extra Insurance & Pension Latest News

Again, Brokers Threaten To Sue NAICOM Over SIP Policy

Barely one month after it released the proposed State Insurance Producer, SIP policy, the National Insurance Commission of Nigeria (NAICOM), is facing another hurdle in its planned implementation of the policy as insurance brokers have threatened to challenge the policy in court. This is coming barely three months after some industry operators also approached the […]

Insurance & Pension Latest News

PTAD Pays N1.5Bn To Late NITEL/Mtel Employees’ Beneficiaries

The Pension Transitional Arrangement Directorate (PTAD) disclosed at the weekend that it had paid the sum of N1, 565,190,623.12 billion to 500 next of kins of the deceased NITEL/Mtel pensioners under the Defined Benefit Scheme. The Directorate stated that the payments were made to the beneficiaries sequel to their completion of the process of documentation […]

Banking Insurance & Pension Latest News

NDIC Commences Verification Of MFBs’ Insured Depositors’ Claims

The Managing Director of Nigeria Deposit Insurance Corporation (NDIC), Mr. Umaru Ibrahim, on Thursday disclosed that the corporation had commenced the verification of failed banks insured depositors’ claims with a view to paying their verified claims. Ibrahim, who disclosed this while speaking at the NDIC’s Special Day at the 2018 Kano International Trade Fair, in […]

Banking Insurance & Pension Latest News National Assembly

Senate Committee To Fast-Track Amendment Of NDIC Act

The Senate Committee on Banking, Insurance and Other Financial Institutions has expressed a strong commitment to the accelerated amendment of the Nigeria Deposit Insurance Corporation (NDIC) Act, 2006, to eliminate the gaps that had hindered the full realization of the public policy objectives of the implementation of the Deposit Insurance System (DIS) in Nigeria. The […]

Insurance & Pension Latest News

NAICOM Unveils Guidelines For State Insurance Producer

The National Insurance Commission (NAICOM) has released guidelines for licensing and the operations of an insurance agency, known as State Insurance Producer (SIP). The Commissioner for Insurance (CFI), Mohammed Kari, while unveiling the guidelines in Abuja said that the new guidelines issued pursuant to the powers conferred on it by section 49(1) of NAICOM 1997 […]