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Shareholders Back NAICOM’s Directive To Insurers

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8 years ago

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The National President, Constance Shareholders Association of Nigeria (CSAN), Mr Shehu Mikail has declared support for the National Insurance Commission’s directive to insurers to cut their huge management expenses.
Mikail said last Monday in Lagos, that the cut would end unnecessary expenditures embarked on by some insurers as well as enhance dividend payment and boost investors’ confidence in the sector.
He said the association was happy with the new directive by Alhaji Mohammed Kari, the Commissioner for Insurance (CFI).
“This means that companies would no longer spend unnecessarily to the extent that they would not be able to attend to claims settlement and give good returns on investments,” Mikail said
He noted that a data recently obtained from the Nigerian Insurers Association (NIA), revealed that a whopping N264.15 billion was spent as management expenses in five years.
“The data in 2012 financial year showed that N48. 22 billion was incurred on management expenses.
“About N48.59, N53.83, N52.12, and N61.39 billion in 2013, 2014, 2015 and 2016 respectively, bringing the total amount spent as management expenses to N264.15 billion in five years.
“At a time the industry is targeting one trillion premium income in 2020, and 15 per cent of N350 billion expected premium income annually is being expended on management expenses.
“These management expenses included underwriting expenses, salaries, rents and others excluding commissions paid to agents and dividend payments within the periods,” he said.
The CSAN president further said that it was worrisome that four insurance firms in 2016 financial year had their management expenses higher than the gross premium generated.
According to Mikail, the data showed that Old Mutual Life Assurance Company Limited, which had N1.30 billion as gross premium, spent N1.83 billion, Spring Life Assurance Plc, which had N32 million spent N105,282 million
“UNIC Insurance Plc had N38.7 million and spent N244.9 million, and Investment & Allied Insurance Plc had N4.3 million and spent N169.4 million” he said
Mikail warned operators that NAICOM may still take over more insurance companies if its directive was not heeded.

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Kenyan Runners Dominate Berlin Marathons

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2 days ago

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September 22, 2025

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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.

 

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NIS Ends Decentralised Passport Production After 62 Years

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2 days ago

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September 22, 2025

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

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2 days ago

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September 22, 2025

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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.
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