Business

FMBN Urges NAICOM To Enforce NHF Act

Published

10 years ago

December 21, 2015

The Federal Mortgage
Bank of Nigeria (FMBN) has appealed to the National Insurance Commission (NAICOM) to ensure that insurance companies comply with the National Housing Fund (NHF) Act.
The Managing Director, FMBN, Mr Gimba Ya’u-Kumo, made the appeal when he led a delegation on a visit to the Commissioner for Insurance, NAICOM, Mr Mohammed Kari.
Ya’u-Kumo said,“ The Act prescribes that every registered insurance company invest a minimum of 20 per cent of non-life funds and 40 per cent of life funds in real property development.’’
He said the Act also required that “not less than 50 per cent of the funds should be paid into the NHF through FMBN’’.
The managing director also called on NAICOM to expand insurance products in the country and introduce title and mortgage insurance products to provide a more conducive environment for investment for mortgages.
Ya’u-Kumo explained that when all these were implemented, it would help promote the mortgage industry and also grow the insurance market.
“If the Insurance market is widened up, it is going to be a win-win situation for both the insurance sector and the mortgage market.
“ There is a close correlation between the mortgage and insurance sub-sectors in developed economies because mortgage markets utilise the long-term funds generated from insurance premiums.
“ The funds are used for housing development and therefore offer a comparatively safer option in the investment portfolio mix for insurance funds.
Ya’u-Kumo said FMBN’s major mandate was the collection and management of the NHF which was a pool for long-term funds for providing affordable housing for low and medium income earners.
He said the collaboration of NAICOM was important to protect the assets of the people and on the long run contribute to NAICOM’s contribution to the GDP.
According to him, the bank has embarked on several innovations to help low income earners and also grow the mortgage and housing market.
He they included NHF e-Collection platform with NHF e-Card and rent-to-own.
Responding, the Commissioner for Insurance, Kari, said the commission would collaborate with the Insurance Committee to look into the request by the FMBN.
“This is something we will deliver to the committee to work the final details; so it does not look like we are enforcing something on them.
“When the insurance committee meets, we will invite you as stakeholders to come and give address to all the chief executives of the industry to explain to them your ideas and programmes.
Kari said the compliance of the NHF Act as proposed by the NMBN would engender sanity in the operations of both the mortgage market and the insurance sector.
He commended the bank for the various innovative programmes it embarked on, saying that it would be beneficial to low income earners in the country.

The insurance commissioner urged the bank and other MDAs in the country to employ the services of insurance experts in their insurance departments.

Business

PENGASSAN Tasks Multinationals On Workers’ Salary Increase

Published

1 week ago

December 8, 2025

The Tide

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has asked companies in the oil and gas sector to undertake urgent review of salaries of their workers in view of the prevailing harsh economic conditions in the country.

Also, the pensioners of Chevron Nigeria, under the aegis PenCoN, have lauded the President of PENGASSAN, Comrade Festus Osifo and his executive on their unrelenting efforts toward addressing pension abnormalities faced by retired workers in the oil and gas industry.

The association also appealed to the federal government to take necessary measures to check banditry and terrorist activities in parts of the country.

PENGASSAN President, Osifo who addressed journalists shortly after the National Executive Council meeting of the association in Abuja, at the weekend, said that though a lot of success has been recorded in negotiating salary reviews for its members, there are still organisations that have failed to lift their workers from the present harsh economic situation.

He said within this period, PENGASSAN has signed numerous Collective Bargaining Agreements (CBAs) which has brought smiles to the faces of its teeming members.

“This is because we recognise that our job, literally, is how to protect the job of our members, and how to enhance their pay,” he said.

Osifo said that operators in the oil and gas sectors always go for the best qualified professionals to carry out their operations.

“So, the same way they recruit the best, we also challenge them to provide the best condition of service and provide the best remuneration.

“Yes, today, a lot of companies will have achieved successes, but there are still few that we are still discussing at their CBAs, that we are not yet there.

“We still use this opportunity to call on these companies that are still foot dragging, that are still holding back, even with the massive devaluation that has occurred in our country, that still don’t want to fix the remuneration of our members.

“We are calling on them to do the needful, because for us in PENGASSAN we will push without holding back. We will push, using everything in our arsenal, to ensure that the needful is done,” he said.

Osifo spoke of the dispute with the Dangote Refinery group, saying there are still pending issues to be resolved.

“Gentlemen of the press, during the networking session, we also looked at the issues that are plaguing some of our branches, and you know that recently, we had some challenges in Dangote Refinery and PetroChemicals Ltd.

“And within this period, since our last National Industrial Action, we have been engaging them in a lot of conversations, but the issues are not fully resolved. There are still a lot of pending issues.

“Yes, the NEC decided that, yes, let us still consummate that process by pushing those issues, by engaging in dialogue to resolve the issues, and by also engaging all our social partners and stakeholders to get the issues resolved,” he said.

Business

SEC Unveils Digital Regulatory Hub To Boost Oversight Across Financial Markets

Published

1 week ago

December 8, 2025

The Tide

The Securities and Exchange Commission (SEC) has launched the Regulatory Hub, a new centralized digital platform designed to streamline collaboration, strengthen oversight, and improve transparency across Nigeria’s financial and capital market ecosystem.

The Commission disclosed this in a statement posted on its website.

According to the commission, the platform connects key regulatory and security institutions including the Office of the National Security Adviser (NSA), the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), Federal Inland Revenue Service (FIRS), and Corporate Affairs Commission (CAC), enabling them to exchange information securely and in real time.

The launch of this regulatory hub comes ahead of the implementation of new tax laws in January 2026, with agencies such as the FIRS spreading its tentacles across sector to monitor compliance.

According to the SEC Director-General, Emomotimi Agama, the launch marks a significant step toward modernizing Nigeria’s regulatory framework through technology.

“The Regulatory Hub is a major step in our commitment to leverage technology for stronger regulatory synergy. By connecting regulators on one platform, we are building resilience, enhancing market integrity, and promoting investor confidence,” he said.

The SEC said the platform would help reduce bottlenecks in regulatory processes and facilitate faster, more informed decision-making across agencies.

Reinforcing the DG’s comments, the Executive Commissioner, Operations, Bola Ajomale, highlighted the operational benefits of the new system.

“The platform will significantly improve the timeliness and quality of regulatory decision-making. It provides a single window for regulators to share data, respond to requests, and collaborate seamlessly in safeguarding our financial and capital markets,” he said.

The commission believes the Regulatory Hub would support its broader mandate to strengthen investor protection, enhance market stability, and harmonize regulatory activities across the financial sector.

It urged stakeholders to initiate interest by emailing the Commission, adding that once registered, participants would be able to access the Hub and take advantage of its features.

Business

NAFDAC Decries Circulation Of Prohibited Food Items In markets …….Orders Vendors’ Immediate Cessation Of Dealings With Products

Published

1 week ago

December 8, 2025

The Tide

The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing circulation of banned food products across markets in the country.

The agency, in a Press Release dated 6 December 2025, warned that these items including pasta, noodles, sugar and tomato paste are expressly listed on the Federal Government’s Customs Prohibition List and are illegal to import.

NAFDAC stated that the sale and distribution of such prohibited items violate national trade laws, compromise the integrity of Nigeria’s food control system, and pose significant public health risks, as they have not undergone the agency’s mandatory safety and quality evaluations.

Importers, market traders, and supermarket operators have therefore, been directed to immediately cease all dealings in these items and to notify their supply chain partners to halt transactions involving prohibited products.

The agency emphasized that failure to comply will attract strict enforcement measures, including seizure and destruction of goods, suspension or revocation of operational licences, and prosecution under relevant laws.

The statement said “The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing incidence of smuggling, sale, and distribution of regulated food products such as pasta, noodles, sugar, and tomato paste currently found in markets across the country.

“These products are expressly listed on the Federal Government’s Customs Prohibition List and are not permitted for importation”.

NAFDAC also called on other government bodies, including the Nigeria Customs Service, Nigeria Immigration Service(NIS) Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Shippers Council, and the Nigeria Agricultural Quarantine Service (NAQS), to collaborate in enforcing the ban on these unsafe products.

By: Lady Godknows Ogbulu