Business
Strengthen Credit Control Units, Insurance Coys Told
Determined to put an end to the problem of outstanding premium in the nation’s insurance industry, the insurance companies operating in the country have been advised to strengthen their credit control units to improve premium collection process.
The Accounting Technical Committee (ATC) of the Nigerian Insurers Association (NIA), in its reports to the members of the association, stated that it has recommended best practices for treatment of outstanding premium in the insurance industry.
Mr. Oluwadare Emmanuel, chairman, ATC, pointed out that, “the Accounting Technical committee examined the impact of the write off the outstanding premium of more than 365 days on the financial result of insurance companies and suggested that the credit control units of insurance companies should be strengthened to improve outstanding premium collection process”.
The committee also proposes that the production of marketers should be based on cash collection and a common software for capturing insurance transaction should be developed for insurance companies.
The problem of outstanding premium has continued unabated in the insurance industry in spite of the fact that section 50 of the Insurance Act 2003 provides that insurance companies should desist from granting insurance covers if the required premium has not been paid.
Section 50 of the Insurance Act states that, “The receipt of an insurance premium shall be a condition precedent to a valid contract of insurance and there shall be no cover in respect of an insurance risk, unless the premium paid in advance”.
As insurance companies have always claimed that majority of these outstanding premium are being owed by the insurance brokers, who indulge in the habit of not remitting premium to the insurers, both are at loggerheads with each other.
The NIA is said to be compiling list of insurance brokers that have not been remitting premium collected on behalf of insurance companies to the insurers as required by law. The association actually sent circulars to its member companies to finish it with names of insurance brothers that have been found wanting in the area of remittance of premium.
However, the Nigerian Council of Registered Insurance Brokers (NCRIB) has condemned the practice by some insurance companies who indulged in the habit of filling the books with false premium figures as a ploy to deceive the industry’s regulator.
Dede Ijere, president of the NCRIB, who spoke in Lagos, recently, pointed out that certain underwriters deliberately pad their books with false premium figures to deceive the market regulator, the National Insurance Commission (NAICOM) that the outstanding were actually collected but not remitted by the brokers.
Ijere noted that this practice is not only a cheap blackmail but disgusting and unacceptable, adding that “We have, therefore, complained to NAICOM and the Nigerian Insurers Association (NIA) for urgent attention”.
The NCRIB boss, who was apparently trying to exonerate the brokers from accusation of withholding of premium ment, for insurance firms, stated that the NCRIB has begun moves to verify accounts with the insurance companies.
In the light of this, the NCRIB has been discussing with the NIA, the umbrella body of underwriting firm in the country, to encourage its member companies to always reconcile their premium accounts periodically with brokers and report only the reconciled and certified figures
The NCRIB also said it has given further backing to NAICOM to enforce the no premium no cover provision in the Insurance Act 2003 to prevent a situation where insurers will continue to allege that brokers are not remitting the premium due to them.
Ijere said it has also been suggested that insurance companies should be made to present Certificate of Reconciliation to authenticate outstanding premium against any given brokers.
He, therefore, called on the underwriters for urgent resuscitation of the practice of periodic joint reconciliation with brokers in monthly or bi-monthly basis.
In case any broker is found wanting, he assured that the NCRIB disciplinary committee satisfactorily handles complaints against brokers over non-payment of premium due to the insurance companies.
Business
Agency Boss Seeks Improvement In Revenue Collection, Accountability

The Managing Director of National Inland Waterways Authority (NIWA), Mr. Bola Oyebamiji, has called on the management and staff of the brown water regulatory agency to show renewed commitment to boosting revenue generation, enforcing accountability, and improving operational efficiency of the organisation.
Oyebamiji, who made the call recently while declaring open a retreat for NIWA’s top executives and stakeholders in the industry in Lokoja, Kogi State, stressed the need for improved performance across all NIWA offices, particularly in revenue generation.
He expressed concern over the under performance of some area offices, citing cases where annual revenue figures were as low as one or two million Naira.
“This situation is simply unacceptable. Despite management’s provision of resources, incentives, and training opportunities, the expected results were not achieved.
“Moving forward, stricter measures will be enforced to ensure accountability and drive performance”, Oyebamiji stated.
He further addressed the challenges in debt recovery, revealing that many Area Managers failed to cooperate with the debt recovery consultant appointed in 2024.
He said in some instances, debtors were either untraceable or provided inconsistent financial records, making recovery efforts difficult.
“This negative attitude towards financial accountability will no longer be tolerated”, he warned.
The retreat, which brought together key stakeholders including the honourable Minister of Marine and Blue Economy, the Chairman of the House Committee on Inland Waterways, the NIWA Board, Management staff, and security personnels, aims at providing a comprehensive review of the authority’s 2024 performance and establish strategic targets for 2025.
Oyebamiji emphasized that beyond reviewing past performance, the retreat would also focus on capacity building and teamwork to ensure that every officer is well-equipped to meet the set goals.
“This retreat is not just about evaluating past performance, it is about strategizing for the future. I encourage all participants to engage actively, exchange ideas, and work collectively towards making NIWA a leading agency in the marine and blue economy sector”, he concluded.
The two-day retreat featured panel discussions, training sessions, and interactive engagements aimed at strengthening NIWA’s operational framework and fostering a culture of efficiency, accountability, and innovation.
Nkpemenyie Mcdominic, Lagos
Business
NCDMB Scribe Sues For African Collaboration Strategy On Local Content …… Decries Fragmented Implementation
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has charged sub-Saharan African nations to keep pace with unfolding trends in the global oil and gas industry.
He also charged them to adopt a unified approach in strengthening local content development, advancing industrialisation and fostering sustainable continent-wide economic growth.
Ogbe stated this in a keynote address he gave at the 9th Sub-Saharan African International Petroleum Exhibition and Conference (SAIPEC), in Lagos, last Tuesday.
According to him, nations such as Nigeria, Angola, and Ghana have made notable strides in local content development by boosting indigenous participation in the oil and gas sector.
He, however, expressed regret that fragmented implementation continues to hinder collective progress.
The NCDMB scribe called for a collaborative strategy among petroleum-producing nations in sub-Saharan Africa that would foster the sharing of best practices and enhance cross-border partnerships that could drive the competitiveness of indigenous players.
In his paper entitled “Sub-Saharan Africa Local Content Collaboration Strategy”, Engr. Ogbe identified harmonisation of local content policies, human capital development, investment in infrastructure, funding for local companies and technology transfer, as key pillars to Africa’s collaboration strategy.
He noted that “there is a need to develop a robust local content framework that positions the region for long-term economic prosperity”, and that this could be fostered “through the collaborative efforts of the African Petroleum Producers Organisation (APPO), and the United Nations Economic Commission for Africa and the African Union”.
The NCDMB boss also highlighted the importance of the African Continental Free Trade Agreement (AfCFTA) as a critical legal framework that could be leveraged to achieve collaborative local content strategy in Africa, given the free trade area it has created by integrating 1.3 billion people across 54 African countries with a combined gross domestic product of over $3 trillion.
On human capital development, which he described as “pivotal to the successful implementation of local content”, he observed that approximately 60% of Africa’s population is currently under the age of 25, and that this teeming population provides a unique opportunity to fast-track development.
Ariwera Ibibo-Howells, Yenagoa
Business
ICTN Not Threat To Trade Efficiency – SEREC … Blames Unregulated Charges, Others
The Sea Empowerment and Research Centre (SEREC) has in strong terms countered claims that the proposed International Cargo Tracking Note (ICTN) is detrimental to Nigeria’s economy.
Contrarily, SEREC said rather, it’s unregulated charges, informal levies, and multiple taxation that pose a far greater threat to trade efficiency and port competitiveness.
In a recent publication, SEREC expressed concern over the misrepresentation of ICTN’s role, particularly in media reports suggesting it would “kill the economy”.
The research center emphasised that ICTN, if properly implemented, would add real value to the port system by enhancing trade transparency, streamlining import statistics, and improving regulatory oversight.
“If we are sincerely concerned about charges that are ‘killing the economy,’ then our focus should be on the various hidden and unregulated costs currently imposed on shippers”, SEREC’s Head of Research, Eugene Nweke, siad.
SEREC provided a detailed breakdown of excessive charges affecting shippers.
These charges, according to the Centre, significantly contribute to inefficiencies in Nigeria’s port system, increasing the cost of trade and making logistics unpredictable.
One of the major concerns raised in the publication is the “Seven per cent Port Development Levy”, which continues to be collected despite the port concession regime.
In addition, “various unregulated terminal handling charges, positioning fees, scanning fees, and labour costs” have further added to the financial strain on shippers.
The “ETO Trucking Fee”, set at N100,000 per truck for entry and exit at terminals, is another significant burden, the Centre noted. Meanwhile, “arbitrary trucking costs” which are unilaterally determined by service providers create further unpredictability in the logistics chain.
SEREC also highlighted the issue of “informal payments and settlements”, which it said involved “unreceipted fees” at different cargo clearance points.
These hidden costs, coupled with “security agency tolls” allegedly imposed by government security operatives along cargo routes make cargo movement more expensive. Additionally, the Centre criticised the “state-favourably on the global stage.”
Given these arguments, SEREC is calling for the “immediate implementation of ICTN” to restore order and efficiency in Nigeria’s port system.
The research Centre argues that ICTN should not be grouped with arbitrary charges but should be seen as a “structured, value-adding fee with a clear function”.
Nweke assured that “by the time the implementation fully runs through a period, the effects and contributions to the port system and its impact is felt by all, then, those who are initially in doubt of the effectiveness of the ICTN would have no option but to embrace and appreciate the enabling device (ICTN)”.
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