Connect with us

Business

NAICOM Bemoans Obsolete Insurance Laws …Seeks Amendment

Published

5 years ago

on

Acting Commissioner for Insurance, National Insurance Commission (NAICOM), Mr Sunday Thomas, has reiterated call for the amendment of some laws governing insurance practice in the country.
Thomas made the call at a retreat organised by NAICOM for members of the House of Representatives Committee on Insurance and Actuarial Matters, in Uyo, Akwa Ibom State, at the weekend.
He said that the laws needed to be amended to meet with international best practices.
Thomas said that a bill to amend the laws was being worked on and appealed to the House to give attention to the bill for quick passage.
“The Commission as a statutory regulatory agency derives its powers from the National Insurance Commission Act 1997 and the Insurance Act of 2003, to primarily oversight insurance practice in Nigeria.
“I believe this event provides me the opportunity to bring to your attention the fact that these laws in some of its provisions are fast becoming obsolete and thus requires urgent amendments.
“It is imperative to note here that a bill to amend the insurance laws has been in the works for some years now.
“We are however, optimistic that when the bill is eventually presented to the 9th Assembly, it will enjoy an accelerated attention,’’ Thomas said.
He said that the country’s insurance sector had two segments of underwriters comprising insurance and re-insurance companies, intermediaries which consisted of insurance brokers, loss adjusters and agents.
He said there were 55 insurance companies, two re-insurance, two micro-insurance operators, as well as over 500 insurance brokers and 2,000 agents operating in the country.
Chairman, House Committee on Insurance and Actuarial Matters, Mr Darlington Nwokocha, said the nation’s insurance industry when compared to the international community had a lot to catch up with.
“In spite of the fact that we are lawmakers, we have the sole responsibility to defend the laws we make.
“Today, the insurance industry when you compare it on the same platform with the international community, you will find out that Nigeria still has a lot to meet up with. We are trying our best to see what we can do.
“There are certain ingredients in the law that finds little hitches for proper implementation.
“Certain infractions are being ignored and some of the stakeholders and operators find it now more or less like a rule or norm without considering the infractions.
“There are loopholes they may rely on trying to give it a different interpretation but as a responsible House, we are trying to make sure that the content of every act is defined appropriately.

Related Topics:
Continue Reading

Business

NPA Assures On Staff Welfare 

Published

2 weeks ago

on

June 27, 2025

By

The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

ANLCA Chieftain Emerges FELCBA’s VP

Published

2 weeks ago

on

June 27, 2025

By

National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

NSC, Police Boost Partnership On Port Enforcement 

Published

2 weeks ago

on

June 27, 2025

By

In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
Continue Reading

Trending