The Federal Government has explained that the National Insurance Commission (NAICOM) Act 1997 and the Insurance Act 2003 were being reviewed to provide an effective framework for insurance business in Nigeria, even as it urged the newly reconstituted Board of NAICOM to resolve all issues confronting the regulatory agency in discharge of its mandates.
The Minister of State for Finance, Mr. Remi Babalola, who spoke while inaugurating the NAICOM board under the chairmanship of a former Minister, Hajiya Inna Maryam Ciroma expressed hope that Board would be strictly guided by the provisions of the Acts after its enactment to ensure international best practice.
Presently, he stressed the need for the Board to be more pragmatic and innovative in resolving “Issues militating against the full realisation of the objectives of the commission such as poor underwriting practice, excessive risk appetite, lack of integrity, lack of autonomy and in appropriate pressure for short-term returns.”
According to Mr. Babalola, “these issues must be addressed by the Board. Your roles as Board members are strategic rather than operational. You must give the desired direction to the management.”
He said that the members of the board must justify the confidence reposed on the board by the government by operating within the confines of the NAICOM Act 2003.
Part II Section 9 (a-d) of the Act provides the mandate of the board including, to manage and supervise the affairs of the commission, for the overall policy and general administration, of the commission an act in the name of the commission.
Also, to recommend to the minister from time to time the rates of the contributions to be made by insurance institutions to funds of the commission, and to do such other things and enter into such transactions which in its opinion are necessary to ensure the efficient performance of its functions under the Act or any other enactment.
The Minister noted that the insurance sector which is part of the financial system is expected to play a vital role in the federal government’s efforts to move the economy forward. “The sector represents an important component in the financial intermediation chain and remains the backbone of Nigeria’s risk management systems”, he said.
In her response on behalf of the Board members, the Board chairman, Hajiya Inna Maryam Ciroma, expressed gratitude to the president, Umaru Musa Yar’Adua for considering them worthy of the board.
She assured that the member would betray the confidence reposed on them saying, “we assure you that we will serve diligently to the realisation of the Federal Government’s Financial System Strategy (FSS 2020)”.
“We will lift the insurance sector forward to play its role in the nation’s economy in line with international best practice.”
The members of the new NAICOM Board to be inaugurated include: Hajiya Inna Ciroma as chairman of the Board, Senator Collins Ndu, Mr. Oluwatayo Boye, Alhaji Aminu Ahmed Tapeco, and the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Fola Daniel.
NSE Begins Week On Negative Note, Loses N19.49bn
The Nigerian stock market began the week on a negative note as banking and consumer goods stocks, among others, triggered a N19.49bn loss.
At the end of trading on the floor of the Nigerian Exchange Limited , the NGX All-Share Index dropped by 0.09 per cent to end at 43,270.94 basis points, while the market capitalisation declined to N22.58tn.
Market activities were mixed as the total volume of shares traded decreased by 30.19 per cent while the value traded rose by 34.05 per cent.
A total of 213.13 million shares valued at N2.36bn were exchanged in 4,105 deals, compared to 305.32 million shares worth N3.58bn in 4,450 deals last Friday.
FCMB Group Plc topped the traded stocks in terms of volume, accounting for 27.43 per cent of the total volume of trades while Airtel Africa Plc emerged as the most traded stock by value, representing 28.81 per cent of the total value of trades on the exchange.
14 firms gained compared to 21 losers.
AIICO Insurance Plc was the biggest gainer for the day, topping the gainers’ chart with a price appreciation of 8.57 per cent to N0.76 per share.
It was followed by LivingTrust Mortgage Bank Plc with a rise of 7.95 per cent, ending the day at N0.95 per share.
Analysing by sectors, three of the five major indices closed lower, led by NGX Oil & Gas (-0.56 per cent), NGX Consumer Goods (-0.23 per cent) and NGX Banking (0.18 per cent).
But the insurance (0.82 per cent) and industrial goods (0.002 per cent) indices gained at the end of trading.
… Introduces TIES To Boost Business Loan
The Central Bank of Nigeria (CBN) has introduced the Tertiary Institutions Entrepreneurship Scheme (TIES), which provides undergraduates and graduates with a platform to access loans.
The TIES’ underlying aim is to provide access to capital for Nigerian undergraduates and graduates with innovative entrepreneurial and technological ideas from polytechnics and universities.
TIES intends to shift undergraduates and graduates away from white-collar job pursuits and towards a culture of entrepreneurship development for economic development and job creation.
In a national biennial entrepreneurship competition, the Developmental Component would be distributed in the form of awards to Nigerian polytechnics and universities.
The competition aims to increase undergraduates’ awareness and visibility of high-impact entrepreneurial/technological concepts, foster entrepreneurial talent hunts in Nigerian polytechnics and universities, and encourage commercially viable and transformative technologies.
Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal.
Outlining brief details of the project, potential impact and evidence of originality of project, CBN said it is an innovation for students entrepreneurs.
CITN Applauds FG, Tax Authorities On Fiscal Policy Decisions
The Chartered Institute of Taxation of Nigeria (CITN) has lauded the Federal Government and tax authorities on the giant strides made on fiscal policy decisions and tax administration measures initiated this year in the area of Finance Act 2021 and the introduction of TaxPromax solution.
President of the institute, Adesina Adedayo, who gave the commendation at the institute’s yearly award ceremony at the weekend in Lagos, assured the government and tax authorities of aligning with the measures and promised to provide professional thoughts and insights on ways through which they could achieve an efficient and effective Nigerian tax system.
Adedayo emphasised the need to address the database, adding that without knowing who the tax-payers are, there is no way they can take money from unknown tax-payers.
Database is the aspect we have been emphasising on as an institute and in doing this, there are so many of pockets of data we have. All the data must be harmonised to have a simple unique tax-payers identification number,” he said.
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