The federal government has inaugurated a new Board of the National Insurance Commission (NAICOM).
In his speech presented at the inauguration, the Hon. Minister of State for Finance, Mr Aderemi Babalola expressed his pleasure with the caliber of personalities appointed into the Board.
He stated that the members have been meticulously and carefully selected based on their past performance and contributions, not only to the insurance industry but also towards the overall growth and development of the country.
“It is, therefore, my sincere hope that the Board will not only live up to the expectations of Nigerians in the performance of its statutory roles but surpass them,” he said.
According to Babalola NAICOM, the apex regulatory body for the insurance industry in Nigeria is governed by the Insurance Act 2003.
He added that the supervision and regulation of the insurance industry in Nigeria is closely monitored and streamlined by the commission to ensure a healthy environment. NAICOM’s actions, therefore are expected to be driven by corporate creativity, transparency, security, efficiency, market integrity, and enhanced stakeholder returns.
The minister, however, called for more pragmatic and innovative approaches to 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 inappropriate pressure for short-term returns.
Major tasks ahead of the new board are, to manage and supervise the affairs of the commission, to recommend to the minister, from time to time, the rates of contribution to be made by insurance institutions to the funs of the commission, 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 etc.
Members of the Baord of NAICOM are Hajiya Inna Maryam Ciroma, Chairman, Senator Collins Ndu, Mr Oluwatayo Boye, Alhaji Aminu Ahmed. Yapcco, Mr Fola Daniel, Commissioner for Insurnce, Mallam Mohammed Hussein, Deputy Commissioner for Insurance (Technical), the Deputy Commissioner for Insurance (Finance and Accounts). Mr Lexy Omoha, Director Home Finance, Representative of the Central Bank of Nigeria and Mr Adegboyega Adepegba, Director-General Chartered Institute of Insurance of Nigeria.
Senate Confirms Cardoso, 11 Others As Monetary Policy Committee Members
The Senate has confirmed the nomination of Olayemi Cardoso as the chairman of the Monetary Policy Committee of the Central Bank of Nigeria.
Also confirmed for appointment as members of the MPC yesterday, include, Muhammad Abdullahi, (CBN deputy governor), Bala Bello (CBN deputy governor), Emem Usoro (CBN deputy governor), Philip Ikeazor (CBN deputy governor), Lamido Yuguda, (DG Securities and Exchange Commission) and Jafiya Lydia Shehu, (Permanent Secretary, Ministry of Finance).
Others are Murtala Sabo Sagagi (CBN director) Aloysius Ordu, Aku Odukemelu, Mustapha Akinwunmi, and Bamidele Amoo.
President Bola Tinubu had on Wednesday named Cardoso as the chairman and 11 others as members of the MPC.
Tinubu in his letter of nomination to the Senate, said his action was in line with the provisions of Section 12 of the Central Bank of Nigeria Act 2007.
The President had about a week ago asked the Senate to confirm Cardoso, as the chairman of the Monetary Policy Committee of the apex bank.
CBN MPC will hold its first policy meeting for the year on February 26 and 27.
The Senate had , on Wednesday, screened the nominated members of the CBN Monetary Policy Committee, questioning them on the lingering foreign exchange and food crises.
‘Unemployment Rate Hit 0.8% In 2023 Q3’
The unemployment rate in Nigeria rose by 0.8percent in the third quarter of 2023.
According to the National Bureau of Statistics (NBS), this was a significant rise, adding that the unemployment rate rose from the 4.2percent recorded in Q2 2023 to 5.0 percent in Q3 2023.
The NBS, the custodian of official statistics in the country, disclosed this in a report it published last Monday titled “Nigeria Labour Force Survey Q3 2023”.
“The employment-to-population ratio was 75.6 percent in Q3 2023 with a decrease of 1.5 percent compared to a ratio of Q2 2023.
“The combined rate of unemployment and time-related underemployment as a share of the labour force population (LU2) increased to 17.3percent in Q3 2023 from 15.5percent in Q2 2023.
“About 87.3 percent of workers were self-employed in Q3 2023. The proportion of workers in Wage Employment in Q3 2023 was 12.7 percent.
“The unemployment rate increased significantly in Q3 2023 at 5.0 percent. This is an increase of 0.8 percent from Q2 2023.
“The rate of unemployment among persons with post-secondary education was 7.8 percent in Q3 2023”, the report stated in part.
It added that the unemployment rate for youth between the ages of 15 and 24 years was recorded at 8.6 per cent in Q3 2023 while the informal employment rate in Q3 2023 was 92.3 per cent.
The report added, “The unemployment rate in urban areas was 6.0 percent percentin Q3 2023, a slight increase of 0.1 percent from Q2 2023.
“Time-related underemployment in Q3 2023 was 12.3 percent, showing a slight increase of 0.5 percent from the rate recorded in Q2 2023. This shows an increase of 1.4 percent compared to the rate in Q4 2022.
“4.1percent of the working-age population was in subsistence agriculture in Q3 2023. Informal employment rate in Q3 2023 was 92.3percent, while Q2 2023 was 92.7percent.
“Percentage of youth Not in Employment, Education or Training was 13.7percent in Q3 2023”.
Recall that Nigeria’s inflation rate last Thursday climbed to 29.90 per cent in January 2024 from 28.92 per cent recorded in the previous month.
The 0.98 percent increase shows that the inflation rate in the country is yet to slow down.
The NBS revealed this in its ‘Consumer Price Index’
The development adds more pressure on the Central Bank’s monetary policy committee to sharply raise interest rates at a February 26-27 meeting its first in seven months.
Merchant Navy Lauds NIWA Over Staff Welfare
The Nigerian Merchant Navy Officers and Water Transport Senior Staff Association (NMNO/WTSSA) has expressed optimism that the Managing Director of National Inland Waterways Authority (NIWA), Mr. Bola Oyebamiji, will prioritise workers welfare for optimal performance of the agency.
Jibril Darda’u, General Manager, Corporate Affairs, NIWA, in a statement over the weekend, disclosed that the seafarers’ union’s remarks are one of the highlights of the meeting between the Trade Union Congress (TUC) affiliate group and management of the agency.
The statement quoted the Chairman of the NMNO/WTSSA, Comrade Suleiman Danjuma, as commending the Managing Director of NIWA for the good initiative of the kind of interaction that brings the staff closer to the management.
“This will definitely boost the morale of the staff and pledge their loyalty and confidence in the Managing Director’s leadership style”, Danjuma stated.
Earlier, the Managing Director of NIWA promised to build on the progress already achieved at the Lokoja River Port, Kogi State.
The MD disclosed this when he went on a familiarisation tour of NIWA’s facilities in Lokoja.
According to the MD, the importance of Lokoja River Port being in the confluence State is to boost the economic viability of the State and Nigeria at large.
“We are here for facility tour to see for ourselves what is on ground at Jamata Port, Lokoja. It is important we come here to assess the facilities to see, at least, how we can move the facilities forward”, he stated.
Recall that in continuation of his familiarisation tour, the Managing Director’s visited the NIWA Lokoja Area office to inspect the Dockyard facilities.
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