Business
NAICOM Recommits To Insurance Industry Growth
The National Insurance Commission (NAICOM) last Sunday reiterated its plan to further grow the Nigerian insurance industry by 2020.
The Deputy Commissioner, Technical, NAICOM, Mr Sunday Thomas told newsmen that the commission was working to ensure the success of its major priorities for 2017 to 2020.
Thomas therefore reiterated NAICOM’s desire to collaborate with state governments to ensure the effective implementation of the second phase of the commission’s Market Development and Restructuring Initiative(MDRI).
The MDRI is aimed at addressing the issues of compulsory insurance products, insurance agency system, fake insurance institutions and risk based supervision.
It is a plan that aims to bring about necessary reforms in the areas of industry capacity, market efficiency and consumer protection in the Nigeria insurance market.
NAICOM had visited the Ogun and Lagos state governors to seek collaboration in the enforcement of compulsory insurance in the states which they obliged.
NAICOM last Friday also visited the Kaduna State governor to seek the state’s collaboration in enforcing compulsory insurance in Kaduna and expressed desire to establish a branch office in the state.
According to Thomas, arrangement is being made to speak to Governors Forum, to talk to all the governors to see where they stand in the implementation of the MDRI in their states.
“And part of the selling point is the fact that it is going to enhance their employment initiative, increase their IGR, among other advantages,” he said.
On claims payment, he said it was an important issue and the commission would not shy away from carrying out its duties regarding claims.
He noted that the commission had the backing of the law to withdraw licences from companies for non compliance but could only do that following the right procedures.
On implementation of the risk-based supervision of the commission, Thomas said that a kind of pilot inspection was about to be conducted.
He explained that NAICOM would in the pilot phase test run the selected companies to see their level of adaptation to new concepts over the years.
“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.