Connect with us

Business

NAICOM Approves Insurance Firms’ Accounts

Published

8 years ago

on

The statutory regulatory body for the insurance sector in the country, the National Insurance Commission (NAICOM) has announced the approval of 32 insurance firms financial reports out of the 59 operational insurance firms in the country.
A statement posted on its website and accessed by The Tide last Monday titled Status of 2016 Financial Statements of Insurance Companies as at June 2017” said the approved firms met the financial policy standards of NAICOM.
The statement singed by the National Commissioner, Insurance, Mohammed Kari, tasked insurance and reinsurance firms to abide by the rules and regulations of NAICOM in early  submission of their financial statements for verification and approval, adding that the commission would ensure transparency and financial accountability within the insurance sector.
The commission listed the opproved firms as FBN General Insurance, Zenith General Insurance, Wapic Life Insurance, Ensure Insurance, FBN Insurance, Continental Reinsurance, Zenith Life, Assurance, Consolidated Hall Mark Assurance and Law Union and Rock.
Others listed include Custodian and Allied, Custodian Life, Wapic General Allco General, AXA Mansard, Prestige Assurance, Nem Insurance Regency Insurance and Lasaco Assurance Plc.
The statement further explained that the commission also approved the reports of the following companies within the period under review, Unity Kapital Assurance, conerstone Insurance, Fin Insurance, Royal Exchange General, Leadway Assurance Plc, Old Mutual General Insurance Plc, Staco Assurance, Mutual Benefit Life Assurance, Sovereign Trust Insurance, NSIA Insurance, and Standard Alliance Life.
The commission also listed insurance firms whose accounts were not approved due to discrepancies and unexplained statements of account in their submitted financial statements to NAICOM.
They include Guinea Insurance, ARM Life, Niger Insurance, Nigeria Reinsurance Corporation, United Metropolitan Nigeria Life, Standard Alliance General Insurance, Linkage Assurance, Sterling Assurance and KBL Insurance.
The commission explained that the firms are required to present their accounts in accordance with the best International Finance Reporting requirements in relationship to the Insurance sector.

 

Philip Okparaji

Related Topics:
Continue Reading

Business

Kenyan Runners Dominate Berlin Marathons

Published

3 days ago

on

September 22, 2025

By

Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

Continue Reading

Business

NIS Ends Decentralised Passport Production After 62 Years

Published

3 days ago

on

September 22, 2025

By

The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
Continue Reading

Business

FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

Published

3 days ago

on

September 22, 2025

By

The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
Continue Reading

Trending