Insurance Industry Posts N250bn Premium Income

Published

13 years ago

June 19, 2013

The insurance industry recorded N250 billion Gross Premium Income in 2012, the Commissioner for Insurance, National Insurance Commission (NAICOM), Mr Fola Daniel, has said.

Daniel made this known at the Chartered Insurance Institute of Nigeria (CIIN) 2013 Annual Dinner in Lagos.

The event featured the Investiture of Mr Fatai Kayode Lawal as the 45th President of the institute.

Daniel said that the increase from N157 billion in 2010 to N250 billion was due to the implementation of the Market Development and Restructuring Initiative (MDRI).

Reports say that the MDRI, introduced NAICOM, is the industry’s roadmap to achieving Vision 20:2020.

“The realities of the past three years show that the number of those insured increased from 500, 000 to 1.5 million in 2012.

“This shows that the number of the insuring public tripled within three years.

“Foreign equity ratio also increased from three in 2010 to 10 in 2012, while capacity in the oil and gas sector, which was less than 10 per cent, increased to 40 per cent in 2012,” Daniel said.

According to him, in spite of these achievements, the industry has a long way to go to meet up with developed countries including South Africa.

The NAICOM commissioner urged the new CIIN president to ensure that his administration would build on the success of the initiative.

He said that the CIIN was in the best position to bring the industry players together to chart the way forward.

He urged that the institute should have a think tank to deliberate on national issues and advise accordingly.

Daniel gave the assurance that the commission would continue to take corrective steps to move the industry forward as part of its regulatory mandate.

He said that the commission’s disciplinary actions were designed to develop the insurance industry.

The Chairman of the occasion, Mr Akintola Williams, urged insurance operators to provide the best way to tackle risks in the face of threats to businesses.

Williams, a former President, Institute of Chartered Accountants of Nigeria, urged all professionals to be in the vanguard of tackling the nation’s problems.

He said that professionals were aware of the Federal Government’s good intentions through its transformation agenda.

Williams hoped that the insurance industry pool of funds would help operators to tackle emerging risks as well as provide a platform to check foreign invasion of the industry.

The immediate past CIIN President, Dr Wole Adetimehin, urged Lawal to keep the institute’s flag flying.

He urged members of the institute and the media to cooperate with Lawal to make his tenure successful.

In his acceptance speech, Lawal promised that his administration would hasten the construction of the College of Insurance and Financial Management.

Reports say that Lawal was a former Chairman of the College of Insurance and Financial Management Board.

He was also a Chief Examiner of the CIIN.

RIVERS NDC STANDARD BEARER CAUTIONS AGAINST TRIBAL POLITICS IN 2027

Published

1 day ago

June 8, 2026

The Tide

Governorship candidate of The National Democratic Congress (NDC) in Rivers State, Chief Dumo Lulu-Briggs, has called on politicians and other stakeholders in the state not to make the governorship seat of Rivers State an ethnic agenda.

Chief Lulu-Briggs, who said this in an interview with newsmen shortly after arrival from Abuja, also blamed the alleged unenviable position of Rivers State among the comity of states in the country on the political class.

He said stakeholders must avoid a situation where the state would be plunged into another round of political crisis, adding that given the ethnic and cultural diversity of the state, it was necessary to give everyone a sense of inclusion by ensuring that the governorship seat rotates among the ethnic nationalities.

The NDC governorship flag bearer condemned the alleged intimidation of the electorate, noting that the situation has underdeveloped the state.

He said, if elected, his administration would provide the democratic dividends that will improve the lives of the people.

In a similar development, the state chairman of the National Democratic Congress (NDC) Rivers State, Mr Success Jack, says his party will run an all inclusive government in the state.

Mr Jack, who spoke to newsmen in Port Harcourt, promised that an NDC controlled government will always consult with the people before taking any decisions.

According to him, based on his party’s ideology of “Solid, Strong Accommodating”, the NDC offers hope to the hopeless and the downtrodden.

“We assure you that we are fully ready. Our party is a platform that is open to everybody whether APC or PDP, we offer hope. Our ideology is Solid, Strong, Accommodating. The manifesto of our party is anchored on the ideology of providing genuine service to the people”.

Mr Jack also stressed that the policies of an NDC government would be crafted in such a way and manner that serves the primary and secondary interests of the people.

“This is not what you find in other parties.What you find in other parties is utmost impunity, absolute impunity, where the people are not included, they are not consulted and so their opinion does not count, they don’t know what government wants to do because they didn’t contribute to what government wants to do.

“That’s not the case here. We listen to the people, even provide the way forward, (and) the details for the way forward because we provide the framework as a government but the people will provide the details because they are the ones that wear the shoes and they know where it pinches them”, he said.

By: John Bibor

Business

Navy Upgrades Infrastructure To Tackle Security Threats —— CNS

Published

2 days ago

June 8, 2026

The Tide

The Nigerian Navy says it is expanding its infrastructures and training to tackle emerging security threats

Navy also said the service is aimed at strengthening operational efficiency across formations and units nationwide.

Chief of Naval Staff, Vice Adm. Idi Abbas stated this during the inauguration of projects at the Nigerian Navy Basic Training School (NNBTS) in Onne, Rivers, as part of activities marking the Nigerian Navy’s 70th anniversary.

Represented by the Flag Officer Commanding, Naval Training Command (NAVTRAC), Rear Adm. Ebiobowei Zipele, Abbas said the projects reflected significant progress made by the Navy since its establishment in 1956 from the British Royal Navy.

“Training and infrastructure have improved significantly to meet contemporary security challenges and fulfil the Navy’s constitutional responsibilities.”

According to him, the anniversary provides the navy an opportunity to reflect on its achievements and contributions over the past seven decades.

Projects inaugurated included a remodelled female trainees’ hostel accommodating more than 500 occupants and an expanded golf course upgraded from one to nine holes.

Others facilities include the NNBTS fuel dump, Chief Boatswain’s Mate House, renovated pharmacy department and a new theatre block at the Naval Medical Centre, Onne.

Abbas described the new theatre as a major milestone for the navy’s medical services.

“Previously, injured personnel requiring surgeries were referred outside the facility.

With this theatre, surgeries can now be conducted within the base”, he said.

He added that a 30KVA inverter had also been installed to guarantee uninterrupted electricity supply at the training school.

The Naval chief assured officers, ratings and trainees that the Navy leadership remained committed to their welfare and wellbeing.

“These infrastructure upgrades show the commitment of the Chief of Naval Staff to addressing operational and welfare challenges promptly,” he said.

NAVTRAC also distributed educational materials to pupils of Community Primary Schools One and Two, Ogale, in Ebubu-Eleme area.

Items distributed included exercise books, school bags and other writing materials as part of the navy’s civil-military engagement initiative.

Zipele said the outreach was designed to strengthen relations between the navy and host communities while supporting children’s education.

“Education remains critical to national growth and youth empowerment. Some of these pupils may eventually serve in the Nigerian Navy,” he said.

He noted that the initiative demonstrated the navy’s commitment to educational development, peace, security and sustainable community relations.

Zipele urged the pupils to remain disciplined, focused and committed to their studies while embracing patriotism, integrity and hard work.

He thanked the Ebubu community for its continued support for the naval training command headquarters and the navy.

By: CHINEDU WOSU

Business

Airport Road Remains Only For Airport Activities —-Gov. Fubara

Published

2 days ago

June 8, 2026

The Tide

Rivers State Governor, Sir. Siminalayi Fubara says Airport road will soon be accessible only for Airport activities in the state.

The Governor said this recently while inspecting the level l0of construction work on the Igwuruta By-Pass Road project in Ikwerre Local Government Area.

The Governor who expressed optimism over the progress of work on the project, saying the By-pass road will reduced unrelated activities on the Airport area in the state.

Governor Fubara explained that the By-pass road was designed in collaboration with the host community to address accessibility concerns while preserving the operational integrity of the airport corridor.

“So, we liaised with the community and created this By-pass,” he stated.

The governor further clarified the objective of the road project, saying it would provide the residents with a dedicated access route separate from the airport operations.

“The purpose of the By-pass is so needful that the community can have this as their own way, their own entrance, while the airport will remain only for airport activity once these roads are completed,” he said.

Providing an update on the pace of work, Fubara disclosed that the project had already achieved a major milestone in execution.

“So far, they’ve done about 65% of the job,” the governor announced,

revealing that contractors handling the project had assured the state government of timely delivery.

He also expressed confidence that the bypass would be completed before October.

“They’re also promising that before October, the total project will be delivered,” he added.

By: Enoch Epelle