Tag: assurance

  • N18b assurance policy for fallen heroes’ families

    N18b assurance policy for fallen heroes’ families

    President Bola Tinubu has approved N18 billion for the Group Life Assurance benefits and other entitlements for families of fallen heroes of the Nigerian Armed Forces.

    He announced the approval during the Launch of the Emblem Appeal Fund for the 2024 Armed Forces Remembrance Day at the State House, Abuja yesterday.

    The President also assured of his administration’s continued support to the Armed Forces.

    He called on businesses to key into the patriotic spirit by supporting them in various ways, including giving them preferential treatment and offering them discounts and rebates on goods and services.

    “I wish to assure Nigerians that my administration will continue to reposition and strengthen all Nigerian security agencies.

    Read Also: Obaseki: Nigeria will be in deeper trouble if we don’t cut waste

    “It’s a commitment that we must take seriously. Our foremost objective is to provide a conducive environment, free from threats and criminalities, to enable all who reside within our borders to thrive and live in peace.

    “For this reason, we owe a debt of gratitude to our gallant troops, who have risen to the challenge of securing this great nation.

    “In appreciation of the sacrifices of the men and women of our armed forces, and to underscore this government’s commitment to their welfare, I have approved the sum of N18 billion for the payment of the Group Life Assurance benefits and other entitlements to the families of service members who love their lives in the line of duty.

    “I also call on businesses to key into the patriotic spirit and support our service personnel, whether in the form of preferential treatment, discounts, or rebates on goods and services,” the President said.

  • Oyetola gives assurance on rehabilitation of Iwo-Osogbo road

    The Osun State governor, Mr. Gboyega Oyetola, has assured the people of Iwo and its environs of his readiness to rehabilitate the Iwo-Osogbo road.

    The governor during his thank you visit to Iwo/Ayedire/Olaoluwa federal constituency gave the assurance, disclosing that he had just returned from Abuja to seek assistance of the federal ministry of works in repairing the road.

    The governor, who noted the strategic position of the road to Osun and Oyo States, said the road is on top priority list of his administration.

    The governor expressed gratitude to the Oluwo, Oba Adewale Abdul-Rasheed Akanbi, Telu I, and his subjects for their support for him in the last September 22 state governorship election, promising not to let them down.

    Also assuring the Oluwo of according the traditional rulers due respect at all times, the governor said he would seek their advice because of their wealth of experience and closeness to the grassroots.

    Earlier, the Oluwo has sought the attention of the state and federal governments in rehabilitating the Iwo-Osogbo road.

    The monarch, who expressed confidence in the Gboyega Oyetola administration, lamented that the poor condition of the road had affected economic activities of the people of Iwo and its environs.

    Oba Akanbi promised continued support of the people of the area for the new administration.

    Also, the All Progressives Congress candidate for the Osun West senatorial district, Engr. Adelere Oriolowo, appealed to the governor to give priority attention to Iwo-Osogbo road, saying the people of the area had always identified themselves with progressive politics.

     

  • Davido’s “Assurance” Hits Number One on Naija Top Ten – MTV Base

    Buzzing Nigerian street-hop artiste; Mr Real makes an appearance on this week’s episode of MTV Base’s Official Naija Top Ten countdown show. The singer who came up in the last quarter of 2017 off the wave of the shaku-shaku rave has been on an applaudable run.

    As always, the top ten chart sees some reshuffling; Wizkid’s “SOCO” which had been on the number one spot for four weeks took a fall to the second spot; making room for Davido’s “Assurance”. Wizkid’s fall to the second spot also caused Mayorkun’s “Bobo” to make a decline to the third spot while Patoranking’s new single “Suh Different” made a debut on the tenth spot.

    This weeks chart also accommodates Kizz Daniels “4Dayz”, Timaya’s “Ah Blem Blem”, Mr Real’s ‘Legbegbe” and an array of banging records.

    Who will top the charts this weekend?

    Catch the Official Naija Top Ten on Saturday, 26th May at 6PM on MTV Base.

  • Quality assurance in varsities: Umudike example

    The news that 28 professors at the Michael Okpara Federal University of Agriculture in Umudike were demoted came as shock and a surprise to me as a retired university professor. Things have definitely changed in the university system in Nigeria. This watering down of standards was recently underscored when JAMB lowered admission scores into universities to 120 out of a total of 400 marks. Thank God this ridiculous admission policy was roundly condemned by the universities themselves and by parents who felt standards should be higher in the interest of academic integrity of the universities. What apparently happened in Michael Okpara Federal University of Agriculture was that 28 people who were either promoted or appointed professors were deemed unqualified by a committee of joint Senate and Council and were therefore demoted to either Readers (Associate Professors) Senior lecturers or lecturers grade one! How could this have happened in a university that has been in existence for at least two decades or so? Was there no Appointments and Promotions Committee (APC) which meets to do a final approval of an assessment and interview process when presumably papers of potential professors would have been sent out to senior professors who are experts in the fields of candidates being considered for appointments or promotions? In the old days when the university system in Nigeria was small, papers were always sent to the IUC ( inter university council) which was an outfit of the Association of Commonwealth universities (ACU) for assistance in sending papers to experts located in several commonwealth universities. All universities in the commonwealth were members of the ACU. It was therefore axiomatic that a professor in one university, say Ibadan would be accepted as professor in any Commonwealth university either on sabbatical leave or for regular appointment. The hallmark of a good university was the international make up of its staff. All this has of course changed. We do not have the money to recruit international staff anymore because a British university professor for example earns £100,000 per year which is about N50 million. Recently, the British government issued a warning to British universities vice chancellors to defend their salaries of £150,000 per year and this is about N75 million. Vice chancellors in Nigerian universities earn N12 million per year while their professor colleagues earn lower than half of that. The point I am trying to make is that it appears that people are being made professors because of the salaries attached to the category or class of appointees and not as a mark of academic distinction and excellence.

    Having said this, it is still puzzling to me why somebody who is a lecturer grade one would be appointed a professor. An extremely brilliant person could be promoted from senior lecturer to professor, but even then, his papers would have to have been assessed by external assessors suggested by his head of department or Dean of his or her faculty or college to guide the vice chancellor who will make the final decision about the external assessor. In all this process, anonymity of the external assessor is the rule rather than the exception. In extremely rare and exceptional cases, the number of years as teacher may not be relevant in appointing a person a professor.

    In the case of Michael Okpara Federal University of Agriculture, the vice chancellor and the council stand condemned and indicted and should be removed immediately if they are still in office. I am sure this travesty of the system is not limited to the university alone; the practice pervades the entire university system especially the new federal universities and some of their state counterparts. It is also a reflection of the low academic calibre of some of these vice chancellors. In the rush to establish federal universities, assistant professors (lecturers) from some American universities and senior lecturers from existing Nigerian universities were appointed vice chancellors. These unqualified people’s first action as vice chancellors was to promote themselves as professors and after doing this, they had no moral right to deny promotion to their academic colleagues and friends. I personally know of a case of a former student of mine who moved from lecturer to professor the same year by tactically shopping around and moving from one university to the other until arriving at his destination of professorship. This has been made possible by the ballooning number of universities without corresponding planning for staffing them. I know of a case of a young lecturer in a hard area of computer science applying for a job of senior lecturer in another university. As soon as he got it and without even assuming the position, made a bid as in an auction or in a market for a higher post in another university and got appointed a professor. There are professors and there are professors of course! This academic title has become like chieftainship title in the usual bad tradition in Nigeria. Academic trade unionists also sometimes blackmail their vice chancellors to make them professors and many weak vice chancellors have surrendered to these people by manipulating the appointments process to bastardize the system. If we are to be honest with ourselves, there is a systemic problem in Nigerian universities. First of all the crowding of the university system by the new mushrooms of federal universities and their private counterparts has led to too many unqualified people masquerading as academics in our universities. Any professor who is neither known by colleagues here at home and abroad is not fit to parade himself as a professor unless of course he is a band leader of one our musical groups! The calibre of people being made vice chancellors should be looked into because academic leadership in a university can only be provided by a true academic who knows his onions. Respect for academic excellence can only emanate from a boss who has gone through the academic grill and not from an academic parvenu or upstart who came to his or her position through political jobbery. The council of any university is crucial to maintaining academic integrity. A situation where failed politicians or any politician at all are routinely appointed pro chancellors and chairmen of councils does not augur well for the future. These buccaneers do not belong to universities because to them public office is for material exploitation and self-aggrandizement. Governments at state and federal levels must find other ways of compensating their colleagues after elections. There are several knowledgeable retired academics who can bring their experience to bear on supervising the universities and maintaining oversight responsibility for the good of the universities. There should be a stop to further licensing of new universities by the NUC. The more universities are established, the downward spiral the universities will experience in its academic integrity.

    Most universities in the country have units of Quality Assurance charged with ensuring academic offering in terms of good teaching and laboratory supervision of students as well as ensuring that lecturers go to their classes to teach. The unit also ensures the integrity of examinations and fairness in assessments. All this is good but any academic who has to be monitored to do what is necessary by my own book does not belong in the university system. What this Quality Assurance should also do is check the academic claims and certificates of those who are teaching. It will surprise us what we would find. In 1979 when I was director of the NUC office in Washington D.C, we found two members of staff in the Department of Business Administration in University of Lagos who falsely claimed they had PhD. from an American university. On investigation we found out that the so-called university was only a certificate-issuing one room office in California. When confronted with this fact, one of the people involved disappeared into the thin air and we never heard from him again and the other begged to go back to a regular university. I do not know why this latter person got away with this lenient treatment on the grounds that his Masters’ degree was genuine why the doctorate degree was fake. He later returned to the university and several years later became professor and head of department!

    The situation in Michael Okpara University has exposed the soft underbelly of the Nigerian universities. The federal government can set up independent audit committees of retired professors to look into the appointment and promotion processes of these universities and try to streamline them. The state universities should do the same. The NUC which has spread the joy of university ownership to all and sundry should be empowered to do the same for all private universities. Their reports should be submitted to the various councils of these universities for their implementation. Quality assurance should spread to every aspect of the university system from staff to students in order to remove the stain of low quality staff as well as people holding unmerited positions of academic leadership in our universities. This is the only way to avoid everybody in the universities being tarred with the brush of academic fraud which sadly pervades the entire university system in Nigeria and casting doubt on the quality of academic degrees and certificates awarded by Nigerian universities.

  • Training necessary for Quality Assurance

    The Executive Secretary of the National Commission for Mass Education, Alhaji Jibrin Paiko, has underscored the relevance of training to quality assurance in the non-formal education sub-sector.

    Addressing participants at a two-day workshop for monitoring officers in Makurdi, the Benue State capital, Paiko said that for illiteracy to be eradicated in Nigeria, stakeholders must gain the requisite knowledge.

    “Monitoring and evaluation is one of the major functions of the commission, and a technical area that requires special skills for effective accomplishment of the corporate mission of the commission,” said Paiko.

    He urged participants to take advantage of the training to enrich their skills and experiences.

    The Executive Secretary said he expected that participants would have learnt new skills that would add value to their performances and bring about improved service delivery at the end of the training.

    Paiko, who declared the workshop open, praised the organisers for a job well done and advised the trainees to take the training seriously.

  • Shareholders force board change at Prestige Assurance

    The Indian chairman of board of directors of Prestige Assurance has stepped down and a new Nigerian chairman appointed following demand by shareholders for a Nigerian chairman for the board of the insurance company.

    A reliable source said Mr. Gopalan Srinivasan, the Indian chairman of the board of directors, stepped down at a board meeting last week and Mr Hassan Musa Usman was immediately appointed as chairman of the company.

    The change, the source hinted, was due to demand by shareholders, who had raised objection that the board and management should not be headed by Indian appointees of the majority core investor. At the 45th annual general meeting of the company July 13, 2015, shareholders had called for a change in the composition of the board of directors, especially the chairmanship of the board.

    The former chairman, Srinivasan, represented the interest of the New India Assurance Company Limited, which held the 51 per cent largest equity stake in Prestige Assurance. New India Assurance is a multinational company operating in 27 countries with a network of 19 branch offices, 12 agency offices, four associate companies and three subsidiary companies. It is the largest general insurance company in Afro-Asia, besides Japan with a global premium of over $1 billion.

    Srinivasan had joined the New India Assurance Co Ltd, Mumbai, India in 1979 as a scale I officer and rose through the ranks to become Managing Director, New India Assurance Co Ltd, Trinidad and Tobago and later chairman and managing director of New India Assurance Company.

    Besides the chairmanship, the management of Prestige Assurance is dominated by Indian appointees of the majority shareholder. At the last count, the managing director, the second most senior management executive and another management executive holding strategic position were Indians.

    The new chairman, Usman, immediate past managing director of Aso Savings and Loans Plc, is a chartered accountant with career spanning two decades in finance and investment advisory as well as privatisation services.

    Usman graduated with a BA, in Economics from the University of Sussex, and an M.Phil. in Development Economics from Darwin College, University of Cambridge. He is an Associate of the Institute of Chartered Accountants in England and Wales. He is also a Registered US National Association of Securities Dealers Series 7 Investment Banking Representative.

    He had worked in many organisations including as executive director , investment,  Abuja Investment and Property Development Company Ltd, Bureau of Public Enterprises (BPE), Citibank, Arthur Andersen S.C London and the Central Bank of Nigeria (CBN).

    Prestige Assurance Plc had recently raised N1.5 billion in new equity funds from existing shareholders.

     

  • ASSURANCE! Benitez hints that Navas will be first choice

    ASSURANCE! Benitez hints that Navas will be first choice

    Real Madrid coach Rafa Benitez has suggested he sees Keylor Navas as his first-choice goalkeeper next season.

    Madrid, whose legendary goalkeeper Iker Casillas left earlier in the summer, have been regularly linked with a move for Manchester United’s David De Gea.

    Keeper Kiko Casilla moved to the Bernabeu, where he began his career, from Espanyol earlier this summer.

    But Benitez, speaking after his side’s 4-1 International Champions Cup win over Manchester City in Melbourne on Friday, indicated that Navas was at the forefront of his plans.

    Costa Rica international Navas moved to the Bernabeu from Levante last summer, and the coach was asked whether he saw him as a first choice.

    He told reporters: “I think so, yes. We wanted to give him the chance to play and prove himself, and he has done well.

    “I only need one goalkeeper in each match and, as long as I have one, I’m happy.”

    Asked about De Gea, he said: “I don’t know. He is not here and I don’t know.

    “I don’t speak to [Manchester United manager Louis] Van Gaal every day.”

    Benitez also said he was confident that captain Sergio Ramos — a United target — and striker Karim Benzema, who has been linked with Arsenal, would stay.

    Madrid have consistently rebuffed suggestions that star players could be leaving the Bernabeu.

    But Ramos, asked by reporters in the mixed zone following the match when he planned to speak about his future, said only: “Now there is less time.”

  • Unitykapital Assurance’s profit drops by 46%

    Unitykapital Assurance’s profit drops by 46%

    •Equities relapse with N62b loss \

    Unitykapital Assurance Plc recorded a 46 per cent drop in net profit in 2014 as the insurance company struggled with slow top-line and non-performing accounts.

    Key extracts of the audited report and accounts of Unitykapital Assurance Plc for the year ended December 31, 2014 released yesterday showed that while gross premium rose marginally by four per cent, pre and post tax profits dropped by 21 per cent and 46 per cent respectively.

    Gross premium inched up to N3.03 billion in 2014 as against N2.90 billion in 2013. Profit before tax dropped from N222.47 million to N175.02 million. Profit after tax also declined from N264.02 million to N141.48 million.

    The audited report was released more than a month after the extended deadline for companies on the Nigerian Stock Exchange (NSE) to submit their audited reports and accounts. The Exchange had said it would sanction all companies that failed to meet the extended deadline.

    Meanwhile, interim report and accounts of Unitykapital for the first quarter ended March 31, 2015 showed considerable growths in pre and post tax profits, while the top-line remained slow with a one per cent growth.

    Gross premium stood at N1.0 billion by first quarter 2015 compared with N990.35 million recorded in comparable period of 2014. Profit before tax rose from N56.88 million to N276.24 million while profit after tax rose from N56.88 million to N217.37 million. The first quarter performance was driven partly by 44 per cent reduction in management expenses and provisions for doubtful accounts.

    Unitykapital’s share price remained unchanged yesterday at the NSE as selling pressure sent the market to its second negative trading session in three days. Benchmark indices indicated average loss of 0.54 per cent, equivalent to about N62 billion. The downtrend pushed the market downward with average year-to-date return of -2.24 per cent.

    The All Share Index (ASI), the composite index that tracks prices of all quoted equities, declined from 34,051.40 points to close at 33,868.72 points. With 36 decliners to 19 advancers, aggregate market value of all quoted equities dropped from N11.571 trillion to N11.509 trillion.

    Market analysts said investors were still searching for policy direction and macroeconomic guidance from the new government.

    Forte Oil topped the losers’ list with a loss of N8.14 to close at N154.86. Total Nigeria followed with a loss of N5.95 to close at N155.05. Nigerian Breweries dropped by N1.50 to close at N148.50. Presco declined by N1.35 to close at N32 while Guaranty Trust Bank dropped by N1.05 to close at N27.55 per share.

    Nestle Nigeria led the contrarian stocks on the gainers’ list with a gain of N30 to close at N880 per share. Beta Glass placed a distant second with a gain of N1.99 to close at N41.96. Seven-Up Bottling Company gained N1.50 to close at N179.50 while Guinness Nigeria added N1 to close at N165 per share.

    Total turnover stood at 252.33 million shares worth N3.36 billion in 4,061 deals. Mansard Insurance was the most active stock with 52.35 million shares valued at N146.98 million in 16 deals.

  • NAICOM seeks govt’s intervention in Group Life Assurance

    NAICOM seeks govt’s intervention in Group Life Assurance

    The National Insurance Commission (NAICOM) has appealed to the Office of the Head of Service of the Federation (OHOSF) to look into the challenges of Group Life Insurance scheme for federal workers and the insurance of Federal Government assets and properties.

    The Chairman of the Governing Board, Hon. Chibudom Nwuche, made the call during a courtesy call on the Head of Service of the Federation (HOS) Danladi Kifasi in his office in Abuja by the management of the Commission. Nwuche led the board to see how the company can partner with the government to enhance implementation of the compulsory Group Life Insurance cover for federal workers.

    Nwuche who expressed appreciation to the HOS for the success achieved so far in the implementation of the Pension Reform Act of 2014 as it relates to the Group Life Insurance scheme for federal workers, noted that the scheme has not operated without some challenges.

    These challenges, he said, range from availability of adequate data for proper administration, timely notification of claims and submission of supporting documents and appropriate pricing of the risk.

    He hoped these issues will be looked into by the HOS to ensure continued success of the scheme for the overall benefit of the federal workers.

    He also said that the insurance of public buildings and buildings under construction be made compulsory under the insurance Act of 2003. He said it is therefore, imperative that all government buildings which fall under public buildings are adequately insured to guard against loss of property and scarce financial resources in the event of any disaster.

    Nwuche requested the HOS to look into the issue noting that the insurance of public buildings under which government buildings fall, is compulsory under the insurance Act of 2003 and NAICOM Act of 1997.

    NAICOM Commissioner for Insurance, Fola Daniel, told the HOS that the insurance industry is prepared to undertake the training of scheduled staff of the OHOSF, especially the officers involved in the management of the scheme to ensure justification and realisation of the set objectives of the scheme.

    Daniel said the industry would also provide specific preventive health training for members on the scheme based on the outcome of the information gathered from the experience analysis of the data in the Commission’s possession and, the enlightenment of scheme members.

    These are members who are close to retirement and need financial planning like choosing annuity to ensure stream of income for the rest of their retirement’s life, he added.

    The HOS, Danladi Kifasi, stated the preparedness of his office to continue the collaboration with NAICOM to ensure continuing success of the scheme.

    He pledged to support the Commission in the enlightenment and education of both scheduled staff and scheme members especially in the area of financial planning.

    He thanked the management of NAICOM for the offer to provide training for scheduled staff and members of the scheme and promised that the OHOSF will remain transparent but strict in subsequent bidding and selection processes to appoint brokers and underwriters for the Group Life Insurance Scheme for federal workers.

  • Equity Assurance pays N556m claims

    Equity Assurance pays N556m claims

    Equity Assurance Plc said it has paid over N556 million as claims for policyholders between January and August, this year.

    Giving breakdown of the payment, the firm explained that fire claim had the highest figure of N198,759,849.28 followed by motor insurance N189,581,860.86.

    General accident claim amounted to N90,565,467.92 while marine claim was N44,874,679.94. Claims from Oil & Gas was N24,372,069.87. Engineering had the least with N8,447,518.50 claims.

    Managing Director of the underwriting firm, Dr. Ekpe Ukpabio said the company has lived up to its responsibility to its customers. He added that it reflected the financial strength of the company and the ablity to stand by its policyholders in their time of need.

    According to him, the company has an uncompromising stand towards claims settlement adding that a customer-friendly claim process is in place to ensure timely settlement of claims with the interest of customers in mind.

    This he said is in line with its core values, promptness and excellent customer service.