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NAICOM Tasks Insurers On Professionalism

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The National Insurance Commission (NAICOM) has called on insurance practitioners to be professionals to the core.

Mr. Fola Daniel, the commissioner for insurance (CFI) who made this assertion noted that insurers’ words must be their bonds.

On the Market Development and Research Initiative (MDRI) being pursued by NAICOM, Daniel stated that if insurance operators must propel the people to insure under the compulsory insurance programme, then underwriters must not under any guise fail to meet genuine claim settlement, rather their word must be their bond.

In his words, “The relevance of ethics and integrity to insurance business cannot be over emphasised. Where they exist, it breeds trusts, confidence and creates a boost in business generation.”

“The non-existence of these virtues amongst some practioners has helped in giving the industry a negative image. We cannot continue in this path any longer. There must be a change of attitude and behavior amongst practitioners. We cannot continue to do the same thing all the time and expect a different a different result.”

He noted that in all of these, operators must key in to discipline and professionalism as the Nigerian populace are looking up to insurance industry as an important bastion of security in the face of collapse being witnessed in other financial services sector, “we must not be a harbinger of corruption and improper dealings.”

“For those who will continue to relate as if anything and everything is possible, let me warn that Naicom will deal decisively with aberration and will also collaborate actively  with other regulatory and security agencies to curb market misbehaviour,” Daniel reiterated.

Naicom has warned that under the current reforms taking place in the insurance industry, it would no longer condone a situation where the managing director of an underwriting company has on the sideline a private broking firm as well as a loss adjusting firm.

“This is unethical and it should not be encouraged. There are cases of chief executive officer of an underwriting firm having a broking firm, giving businesses to the company where he is CEO, yet there are issues of outstanding premiums. This will soon be a thing of the past”.

Mr. Sunday Thomas, Naicom director, in charge of inspection who made this notion said in most cases, the success of the managing director’s privately owned companies depend largely on at least 80 per cent of his time and energy. He said this was clearly a case of conflict of interest and divided loyalty and it is unethical.

Henceforth, he said, any managing director that must own a broking firm or loss adjusting firm would be compelled to disclose this to the board of directors of the company where is CEO so that if there are issues of outstanding premiums arising from such broking firm, the board would be able to knew the source of their problem.

He said this is a major source of unethical practice and should therefore not be encouraged.

Other observed unethical practices, he said, include inadequate rating, withholding of premium/commission, claims falsification, deliberate creation of information gap between the management and board as well as falsification of returns to the regulator.

Mr. Thomas said, by the time the commission was through with the reform in the industry, all of these would belong to history books.

He said with nine months gone in the year, not up to half of insurance companies operating in the country have submitted their 2008 financial result to the commission. “This is because they find it convenient to pay the paltry fine of N5,000 per day for as long as the result is delayed,” he said.

Under the current reform, he revealed, the fine would be made very stiff. He said it could be as high as N100,00 per day and the deadline for filing the result could be made shorter. He, therefore, advised all operators to sit up so as not to be caught on the wrong side of the law.

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NPA Assures On Staff Welfare 

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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