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 […]
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 […]
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 […]
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 […]
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 […]
The Commissioner for Insurance, Mohammed Kari, has identified low capital base as one of the biggest challenges undermining the growth of the insurance sector and its contributions to the nation’s Gross Domestic Product (GDP). Kari, who spoke on the sideline of the 2018 Insurance Education of the Chartered Insurance Institute of Nigeria (CIIN) held in […]
The National Pension Commission (PenCom) has reported a 3.64 percent growth in the nation’s pension fund assets in the second quarter of this year. Specifically, the commission in its latest report on the pension assets trend on quarterly basis, stated that the total value of pension fund assets based on unaudited valuation reports grew from […]
An Abuja Federal High Court presided over by Justice Ijeoma Ojukwu on Tuesday ordered that the sum of N397.6 million suspected to be pension funds illegally kept by suspected pension thieves in two commercial banks should be forfeited, in the interim, to the Federal Government. According to the details of the lodgments, the two banks […]
The African Development Bank (AfDB) and three other international financial and risk management institutions on Wednesday entered into a Memorandum of Understanding (MoU) for a Co-Guarantee Platform (CGP). The other signatories to the MoU are the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the African Trade Insurance Agency (ATI) and GuarantCo, […]
A new report has shown that the Nigerian insurance penetration level and overall development remains one of the most under-developed when compared to its peers in the African continent. A new Swiss Re Institute report on Insurance in sub-Saharan Africa indicated that that despite growing at a faster pace than the economy, Nigeria’s insurance sector […]