Business
NIA Charges Buhari On Consolidated Insurance Bill
The Nigerian Insurers Association (NIA), has congratulated President Muhammadu Buhari on his re-election, tasking him on reforms in the insurance sector, especially the need to pass the Consolidated Insurance Bill.
The Chairman of NIA, Mr Tope Smart, told newsmen in Lagos, yesterday, that in spite of the fact that the President had achieved remarkable achievements in the past four years, more is needed to be done, especially in completing unfinished projects.
“I believe that the re-election of Buhari will be a government of `Next Level’ on projects that had yet to be completed and more infrastructure development, ‘’ Smart said.
Smart called for the passage of Consolidated Insurance Bill that would enhance insurance service delivery in the country.
According to him, part of the contents of the proposed bill included punitive measures against insurance evaders, in a bid to increase insurance penetration and enforcement in the country.
He said the insurance industry might continue to lose about N1.5 trillion annually to non-insurance of vehicles, tricycles and motorcycles, public buildings and rate-cutting if the bill keeps pending.
“In 2010, the industry stakeholders brainstormed and came up with Revised Insurance Bill 2010.
“The only major achievement since the revision of the Insurance 2010 bill was that it continued to occupy a space in the Finance Ministry.
“When the Buhari-led administration came into office in 2015, one of its first assignments was to set up a committee to review all insurance-related laws and consolidate them into a document now known as Consolidated Insurance Bill.
“The committee finalised its work same year.
“Almost four years after, the bill is yet to get to the National Assembly for consideration,’’ he said.
Smart appealed to President Buhari to ensure the bill is given utmost attention.
“Apart from the industry’s capacity to improve its contributions to the Gross Domestic Product (GDP) and employment creation, it could also provide short and long term funds for government for infrastructure development, instead of resorting to external borrowing,” he said.
Smart advised Nigerians to come out with good ideas that would help Buhari to deliver good governance.
Business
NAFDAC Decries Circulation Of Prohibited Food Items In markets …….Orders Vendors’ Immediate Cessation Of Dealings With Products
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.
