The National Insurance Commission (NAICOM) has charged operators in the nation’s risk underwriting sector to prioritise improved service delivery as a strategic option of satisfying customers and by implication, grow the industry and improve its contributions to the Gross Domestic Product (GDP). The Acting Commissioner for Insurance, Mr. Sunday Thomas, gave the charge in his […]
With just about eight months to the dealine set by the National Insurance Commission (NAICOM) for all insurance companiesin the country to recapitalizeor forfeit their licences, some shareholders in the entities are seeking an extension of the June 2020 date based on their findings as to the state of the financial capacity of the risk […]
The Nigeria Deposit Insurance Corporation (NDIC) on Friday said it had paid a cumulative sum of over N11.93 billion as insured amount to depositors of closed licensed banks between 1994 to date. The payments comprised N8.25 billion paid as insured amount to 442,999 depositors of closed DMBs; N2.97 billion paid to 83,415 depositors of closed […]
The National Insurance Commission (NAICOM), has restated the importance of the ongoing recapitalization agenda to the nation’s risk underwriting industry, saying its successful completion will position operators on a stronger footing that would be beneficial to the industry and the nation’s economy. The acting Commissioner for Insurance, Mr. Sunday Thomas, who made this remark at […]
The Pension Transitional Arrangement Directorate (PTAD) has disclosed that 10,357 pensioners in federal Ministries, Departments and Agencies (MDAs) have been verified under the Defined Benefit Scheme (DBS) in the ongoing Fifth Phase of the Parastatals Pensioners’ verification exercise in the South Eastern part of the country. The exercise, which commenced on Monday August 26 across […]
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 […]
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 […]
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 […]
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 […]
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 […]