Business
Investors Urge NAICOM To Screen Operators’ Book
Investors in the insurance industry have urged the regulatory authority, the National Insurance Commission (NAICOM) to ensure proper regulation of the industry through objective screening of the operators books of account just as the Central Bank of Nigeria (CBN) did in the banking industry.
The investors under the aegis of Shareholders Solidarity Association of Nigeria said most problems of businesses operating in the country are caused by the regulatory authorities of various industries.
The investors speaking through Mr. Timothy Adesina, said the regulators cause the problems by certifying that all is well for the companies they regulate while in the actual sense, there are multiples of problems surrounding the companies.
They cited instance of the ailing nine banks screened by the CBN late last year and said had the apex bank not read between the lines in supervising their books investors and depositors of the banks would have been weeping by now adding that their state of health before the CBN removed their directors if allowed till date would have made them go down by now.
They, therefore, called on NAICOM to toe the line of CBN governor and save investors’ fund in the custody of insurance firms adding that this will go a long way to build the confidence of both the insuring public and investors in the industry.
But the commissioners, for insurance, Mr Fola Daniel, had earlier in an interview with newsmen said he would not repeat what the CBN governor did in the banking sector in insurance industry. He said this is because of the peculiar nature of insurance business.
Mr Daniel said rather than doing what the CBN did, he would open up windows of opportunities to be keyed in by insurance managers to expand their profit.
He also said the commission has concluded plans to introduce the Market Development and Restructuring Initiative (MDRI) which focuses on two major issues developing the market through enforcement of compulsory insurance and restructuring of the system through a review of the channels of distribution and elimination of fake insurance.
The MDRI initiative has been presented to the industry operators by the commission as a way of carrying them along. Through this initiative, NAICOM said it would ensure the enforcement of all the 13 compulsory insurance policies stipulated by the insurance act of 2003.
He said in redefining and restructuring the insurance market, the commissions should not be expected to copy the Central Bank of Nigeria in dealing with the operators.
According to him, “I know there are some people who love to celebrate the pains of others and would want NAICOM to visit the industry with the same treatment with which the CBN visited the banks recently fair or foul. They however, forget to note that the two industries are not exactly the same apart from that there are several ways of treating the same ailment and it will not be nice to mimic CBN action” the insurance commissioner stated.
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
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
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
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