Rivers State Commander, Vigilante Group of Nigeria, Pastor Humphrey Opuada Gally (2nd left), and the Deputy Commandaer, Comrade Chukwuka Osumah (left), decorating the Commander of Abua/Odual Local Governemnt Area, Joy Davies with her new rank, during the dcoration of officers of the outfit in Oyigbo, yesterday.

The leadership of
Shareholders Association of Nigeria has  kicked against the National Insurance Commission (NAICom) charges.
Speaking to newsmen on Monday in Lagos, the National Chairman of the Association, Mr Alex Adio described the NAICom fee charges as indiscriminate and inimical to the insurance industry prospect and growth.
Adio said the charging had actually affected the prospect of good investment in the country.
The association’s chairman said NAICom’s unwholesome charges on insurance companies operating in the country was not only killing the public quoted companies, but adversely affecting the growth of the industry.
He said the insurance industry had immensely contributed to the economic growth of the  country and the Gross Domestic Product (GDP) of Nigeria.
Adio emphasised that many insurance companies operating in the country had worked tiredlessly to increase their gross premium , but NAICom charges have become burdensome on their operations to weigh down their businesses and made such quoted companies unattractive to new investment.
He said existing equity owners in the quoted insurance companies were at a point of hopelessness and financial crunch except the federal government comes to their aid through bailout policy.
The association called on government to look into the NAICom charge on gross premium and not on profit After Tax, stressing that there should be an outright removal of one percent gross premium levy or downward review of the levy to cater for shareholders’ interest as regard dividends pay-out and other benefits to the insurance companies.
He called on the government to scrutinise NAICom activities.