Business
NAICOM Approves Insurance Firms’ Accounts
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
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.