Business

NAICOM Sets 3-year Agenda To Rejig Insurance Sector

Published

9 years ago

December 10, 2014

Gov. Abiola Ajimobi (left) of Oyo State congratulating Acting Chief Judge of Oyo State, Mr Mukhtair Abimbola, during his swearing-in in Ibadan recently.

The Commissioner, Mr Fola
Daniel,National Insurance Commission (NAICOM), on Monday in Abuja, said the corporation had set a three-year agenda to transform the sector.
Daniel said this at the National Insurance Summit 2014, tagged: Transforming the Nigerian Insurance Sector: A three-year agenda.’’
He said the insurance sector, as a critical part of a nation’s economy, had the potential of galvanising the optimal performance of other sectors and reducing pressure on public sector finance.
The commissioner, however, noted that the key challenge to the growth of the industry had been how to get sufficient number of customers to buy insurance.
“This decision is influenced by factors such as the image of the industry, financial literacy, economic constraints and attitude of the consumers, among others.
“The transformation initiatives of the insurance industry have been reduced to three themes.
“These: mass insurance encouragement, improving insurance market conduct framework and coordination for insurance regulatory enforcement.’’
Daniel said the industry had been affected by the 2008 financial crisis, as many insurance companies lost their investments in the capital market.
He added that insurance company’s loss of access to capital was significantly impaired by the economic crisis that followed.
According to him, the commission has introduced a wide range of regulatory guidelines which in addition to other market development are targeted at strengthening insurance institutions.
He said the guidelines would build confidence in the market and improve attractiveness of the insurance industry to both local and foreign investors.
“The growing interest of international investors in our industry as evidenced by the entry of major insurance companies such as Metropolitan Life, Sanlam, NSIA, Old Mutual and AXA is a testimony of our successes.’’
He held that the summit would offer all parties in the insurance value chain an opportunity to collaborate with government to determine changes required to urgently propel the industry to its desired level.
“I have faith that the giant strides can be recorded within the next three years to enable the realisation of the industry’s potential in the nearest future for the benefit of all stakeholders.’’
The Minister of State for Finance, Mr Bashir Yuguda, said the insurance industry had been well positioned for growth in the coming years.
Yuguda, delivering a paper on the Importance of Insurance, said there was much more to insurance than motor vehicle or health insurance programmes.
He said that the sector, when properly harnessed, would deliver important benefits to the nation, and urged Nigerians to be bold and ambitious in their thinking.
He also urged stakeholders to explore mobile platforms as alternative channels for delivering insurance policies.

Business

Western Marine Command Intensifies Anti-Smuggling Operations … Intercepts N8.75m Worth PMS

Published

5 days ago

May 17, 2024

The Tide

For officers and men of the Western Marine Command of the Nigeria Customs Service (NCS), the battle is not over until smuggling is over.
In the wake of Wednesday May, 8, 2024, the ever vigilant officers, acting on a tip-off, intercepted 177 sacks and 61 kegs of 25 litres containing petroleum products, valued at about N8.750,000million.
The items were intercepted along Isalu Creek, Badagry Waterway en-route Benin Republic.
While briefing newsmen, the Command’s Customs Area Controller, Comptroller Paul Bamisaiye, said: “This seizure is most economically significant to the Command at this period of scarcity of Petroleum Products, especially Premium Motor Spirit (PMS) in our cities, and shows the anticipatory posture in our response to economic saboteurs.
“At about 2:330hrs on Wednesday 8th May 2024, while on joint patrol by teams in the Command, credible intelligence was received of the movement of 2 boats laden with what was suspected to be petroleum products concealed in sacks. Upon receipt of the information, the team moved into Isalu creeks, Badagry waterway.
“On sighting the approach of the Officers, the smugglers took to their heels through the shore of the Creek. The loaded boats were then towed to the station at Badagry where preliminary examination was conducted and transferred to Western Marine Command Headquarters, Ibafon, Apapa, Lagos.
“Careful examination at the Command Headquarters revealed that the arrest was found to contain One Hundred and Seventy Seven (177) Sacks and Sixty One (61) Kegs of 25 Litres Premium Motor Spirit (PMS) containing Twelve Thousand Five Hundred (12,500) Liters with a total Duty Paid Value standing at Eight Million Seven Hundred and Fifty Thousand Naira (N8,750,000) only”.
Bamisaiye noted that the action of the smugglers is a contravention of Section 245 & 254 of the Nigeria Customs Service Act 2023 which the service, through Western Marine Command, is responsible for enforcing.
“The Command, under the leadership of Compt. PK Bamisaiye, is poised more than ever to rid the waterways of all acts of smuggling and economy sabotage for the benefit of the growth of economy of Nigeria”, he said
Bamisaiye said so far, no suspect was arrested in the Command’s anti-smuggling operations.

Nkpemenyie Mcdominic, Lagos

Business

Illegal PMS Trading Booms In Lagos

Published

5 days ago

May 17, 2024

The Tide

Petroleum products being sought by motorists have disappeared from virtually all filling stations within Lagos and its environs, but are now booming in business in retail outlets.
Investigations by our correspondent revealed that while the product could not be got at some of the petrol service stations, activities are in top gear in the local retail outlets where the price has gone beyond the reach of users.
It was also gathered that in some filling stations supplied with the products, preference are often given to retail outlet operators by petrol attendants against the consuming public.
A source, directly involved in the business, said some petrol dealers are cashing on the irregular supply to divert the products to retail outlets where they could easily make their gains.
It was also gathered that some sales representatives in the service of major oil marketing firms indulged in the diversion exercise because of their personal interest.
At the retail outlets a liter goes for N950,00 against the normal N760,to N800 at some stations.

Nkpemenyie Mcdominic, Lagos

Business

Customs Board Appoints Five DCGs, Eight ACGs

Published

5 days ago

May 17, 2024

The Tide

The Nigeria Customs Service Board (NCSB) has confirmed the appointment of five Deputy Comptroller-Generals (DCGs) and eight Assistant Comptrollers-General (ACGs) of Customs during its 59th regular meeting.
The meeting, chaired by the Honorable Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, was held at the Nigeria Customs Service Headquarters in Abuja last Tuesday.
National Public Relations Officer of the Service, Chief Superintendent of Customs, Abdullahi Maiwada, who disclosed this in a statement yesterday, gave details of the confirmed appointments as: O.O. Peters (DCG /Commander, Training and Doctrine Command (rtd); B.M. Jibo (DCG Enforcement Inspection & Investigation); and B.U. Nwanfor (DCG Excise, Free Trade Zone & Industrial Incentives).
Others are: S.A. Bomia (DCG, Commander Training and Doctrine Command); and C.K. Niagwan (DCG, Tariff & Trade).
The Assistant Comptrollers General (ACGs) are: B. Imam (ACG Board); A.A.S. Oloyede (ACG, Trade & Tariff); S.K. Dangaldima (ACG/Zonal Coordinator, Zone ‘B’); A. Abdul Azeez (ACG/Zonal Coordinator, Zone ‘D’); S.A. Yusuf (ACG, Human Resource Development); N.P. Umoh (ACG, Training and Doctrine Command); C.O. Obih (ACG/Zonal Coordinator, Zone ‘C’); and S. Chiroma (ACG, Strategic Research and Policy).
The new appointments, according to the statement, were made to fill the vacancies created by some senior officers who recently retired from the Service, noting that the principles of federal character, seniority and merit guided the appointments approved by the board.
“These appointments are a testament to the officers’ exemplary services and dedication to the Nigeria Customs Service. The NCSB remains committed to providing strategic leadership to ensure effective and efficient service delivery for optimum performance”, he said.
While thanking the retired members of the management for their meritorious services, the Comptroller General of Customs, Bashir Adewale Adeniyi, congratulated the newly confirmed officers and charged them to redouble their efforts to ensure the service attains greater heights in its mandates of revenue generation, suppression of smuggling, and trade facilitation amongst others.

Nkpemenyie Mcdominic, Lagos