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Tag: IGI

  • Rotimi Fashola is IGI MD

    THE Board of Directors of Industrial and General Insurance Plc (IGI) has appointed Rotimi Fashola as its Group Managing Director (GMD).

    He replaces the founder/Executive Vice Chairman, Remi Olowude, who died last year.

    Fashola was the Deputy Managing Director (DMD) before he was later appointed acting managing director when the late Olowude went on medical leave.

    The company’s spokesman, Steve Ilo, who made this known to reporters, said Fashola’s appointment, which takes immediate effect, was part of the decisions taken at a meeting of the board in Lagos on Wednesday, last wek.

    He said the board also named the erstwhile Executive Director, Special Risks, Mr. Sina Elusakin, DMD, while Mrs. Foluso Gbadamosi was appointed Executive Director, Human Resources, Administration and Information Communication Technology.

    Ilo said: “The appointment was guided by proper corporate governance procedures and best practice, aimed at ensuring seamless business continuity, stability and growth in the interest of all stakeholders.

    “With his over 20 years’ experience and a remarkable track record in the insurance and financial services industry, Fashola has earned a reputation as a truly accomplished and highly respected professional. The Board believes that he possesses the core values upon which IGI was founded and has the capacity to take the company to greater heights. He has pledged to uphold the lofty vision of the company and drive its growth and transformation strategies to ensure its continued competitiveness in the industry.”

    A chartered insurer and a seasoned marketing expert, Fashola holds a Master of Business Administration (MBA) in Marketing from Obafemi Awolowo University, Ile-Ife.

    Before joining IGI in 1993, he was the Chief Executive Officer, Liberty Assurance Company Limited. He is a Fellow of numerous institutions, including the National Institute of Marketing of Nigeria (NIMN), Institute of Directors (IOD), Institute of Direct Marketing (IDM) and the West African Insurance Institute (WAII), The Gambia.

    He is an Associate of Chartered Insurance Institute of London (ACII) and the Chartered Institute of Arbitration (ACI Arb) (London). Fashola is an alumnus of both the West African College of Insurance and Risk Management in The Gambia and the Global Institute for Leadership Development (GILD), United States.

    He is a member of the Governing Council of WAII and the West African Insurance Companies Association (WAICA). He is on the Board of many companies both local and abroad, including WAICA Reinsurance Corporation Plc, Sierra Leone; National Insurance Corporation (NIC), Uganda; IGI Gamstar Insurance Limited, The Gambia; Global Trust Savings and Loans Limited; Investment Profiles Limited; IGI Pension Fund Managers Limited; Sonarwa Holdings, Rwanda; and Sonarwa Life Insurance Company, also in Rwanda.

    Fashola pledged to uphold the lofty vision of the company and drive its growth and transformation strategies to ensure its continued competitiveness in the industry.

  • IGI, NICON risk cancellation of licences

    IGI, NICON risk cancellation of licences

    • To pay N1.826m fine

    The operating licences of  Industrial & General Insurance Plc (IGI) and NICON Insurance Limited may be cancelled by the regulatory body, the National Insurance Commission (NAICOM), for failure to file their statutory quarterly financial returns with the Commission in 2014, The Nation has learnt.

    The Commissioner for Insurance, Fola Daniel, who stated this, said the submission of financial returns is mandatory in line with section 8 of the Insurance Act, 2003.

    He also explained that in accordance with extant laws, all insurers and reinsurers are required to, within 30 days from the end of each quarter, file financial returns as at the end of the quarter with the Commission, adding that failure by any company to meet this requirement constitutes a ground for cancellation of the insurer’s license in line with section 8 of the Insurance Act 2003.

    Daniel said that out of the 59 operating insurance companies, eight were yet to submit their financial returns for the third quarter of 2014, to the Commission.

    He listed the defaulting companies to include Anchor Insurance Company, Great Nigeria Insurance, IGI, NICON, Mutual Benefits Life Assurance Linited, Staco Insurance Plc, Universal Insurance Company Limited, and UNIC Insurance Plc, adding that there are five firms under regulatory intervention. The affected companies are Alliance & General Insurance, Alliance & General Life Assurance, Goldlink Insurance Plc, Investment & Allied Insurance Plc and Spring Life Assurance Plc.

    He said 46 other operating insurance firms filed their first, second and third quarter returns with the Commission.

    “As all insurers and reinsurers are required to, within 30 days from the end of each quarter, file financial returns as at the end of the quarter with NAICOM, late filing of quarterly returns attracts a fine of N5000 per day for each day of default.

    “An insurer who refuses to submit to NAICOM on, or before the end of the next quarter is deemed to have failed to render quarterly returns. All contraventions upon which penalties have been imposed in any accounting year are required to be included in the audited annual accounts to be presented at the annual general meeting of the insurer;” Daniel said, adding that in case of general insurers, the quarterly returns are expected to include: statement of premium transaction by class of business, statement of commission by class of business, statement of claims by class of business, statement of management expenses, quarterly balance sheet, revenue account, profit and loss account.

  • Ahmed, Afolabi, Aigbinode join IGI

    Three professionals have been named members of the Board of Directors of the Industrial and General Insurance Plc (IGI).

    They are Yayale Ahmed, Prof. Oladapo Afolabi, both former heads of service of the federation, and Ken Aigbinode, a chartered accountant.

    Their appointments were ratified by shareholders of the insurance company at its 21st Annual General Meeting (AGM) in Lagos.

    They will fill vacancies on the board some of which arose following the death of some members, including two founding directors, Pa Ola Vincent and Dr. Abdulateef Adegbite.

    The company’s Founder and Executive Vice Chairman, Remi Olowude, also passed away on  September 26, after a brief illness.

    In a statement, the Principal Manager, Corporate Communications, Mr. Steve Ilo, said the strengthening of the company’s board was part of the strategic restructuring initiated by the late Executive Vice Chairman.

    He said: “This is part of a phased repositioning of the company as envisioned by the late EVC. It is an ongoing reform aimed at engendering a more vibrant company that will pursue vigorously the late founder’s vision of a world class organisation.

    “We are poised to set new standards for competition in product innovation, service delivery and best practice, while delivering great value to all stakeholders. IGI is equipped with all the essential material, intellectual and human resources for driving this transformation. We are, therefore, approaching the future with confidence and great expectations.”

  • IGI CEO Olowude dies at 63

    IGI CEO Olowude dies at 63

    •Fashola, Aregbesola mourn

    A chapter was closed in Insurance yesterday, with the death of Executive Vice Chairman/CEO of Industrial and General Insurance (IGI) Company, Mr. Remi Olowude.

    Olowude, who founded IGI, is believed to have died of prostate cancer. Neither family members nor officials of the company contacted last night agreed to speak on his death.

    The late Olowude was born on April 26, 1951.

    A terse sms by a spokesman of the IGI, Mr Steve Ilo, said: “All I can confirm to you at the moment is that Our Executive Vice Chairman and Chief Executive Officer, Mr Remi Olowude, has passed on. Further details will be contained in the statement to be issued shortly by the family and the management of the IGI group, which he founded. Many thanks for your condolences.”

    Oluwude had a very rich inter-disciplinary background. He studied Economics at the University of Lagos (1970-73) and the University of Santa Clara, California, United States (1976).  He was awaiting his PhD, having completed the coursework from the University of Santa Clara before his death.

    He was an Associate of the Chartered Insurance Institute of London.

    An International investor in several companies around Africa, the late Olowude was Chairman of National Insurance Corporation Limited, a publicly-quoted company in Uganda. He was a Director and co-Chairman on the Board of SONARWA Holdings, which owns life, and general insurance companies in Rwanda.

    He deployed his international business expertise, professionalism and vision to building a conglomerate with interests in various business sectors spanning financial services, telecommunications, oil and gas, mortgage banking and aviation.

    The late Olowude held the national honour of Officer of the Order of the Niger (OON) of the Federal Republic of Nigeria. He was Chairman of the Nigerian Insurers Association, an umbrella body for all insurance companies in Nigeria.

    The late Oluwude, who  hailed from Ejigbo in Osun State, was described yesterday by Governor Rauf Aregbesola as “an invaluable asset in the insurance sector.”

    In a statement by the Director, Bureau of Communication and Strategy, Office of the Governor, Mr. Semiu Okanlawon, Aregbesola described Olowude’s death as a big blow to the insurance world, the State of Osun and Nigeria.

    Aregbesola said Olowude’s death had undoubtedly robbed the nation and insurance of another great personality.

    “The death of Chief Remi Olowude is a sad one to us in Osun. Here was a man of immense qualities, which he had employed to promote everything ideal in his lifetime.

    “Olowude, unarguably, distinguished himself in the insurance and business sectors to the extent that he became a household name across the country.

    “Throughout his sojourn on the earthly surface, he distinguished himself as a man of immense wealth, a perfect gentleman and an Omoluabi per excellence, which is what Osun epitomises.

    “There is, therefore, no gainsaying the fact that Olowude’s exit would create a huge gap in the business and insurance sector in Nigeria.

    “I, on behalf of the government and people of Osun, offer our heartfelt condolences to the immediate and extended families of the deceased as well as the insurance family.

    “We pray that the Almighty God repose his gentle soul in paradise,” Aregbesola said.

    Lagos State Governor Babatunde Fashola also commiserated with the wife, family and insurance professionals on the Olowude’s passage.

    In a statement by his Special Adviser on Media, Mr. Hakeem Bello, Governor Fashola described the passage of Olowude as a great loss to the insurance industry and the entrepreneurship world.

    According to him Olowude contributed in no small measure to the development of the country’s insurance sector and the creation of economic opportunities for the teeming skilled workforce in the industry.

  • NYSC pensioners plan protest against IGI

    NYSC pensioners plan protest against IGI

    Pensioners of the National Youth Service Corps (NYSC) under the old pension scheme, the Pay As You Earn (PAYE), are planning to protest against the Industrial and General Insurance Plc (IGI) over non-payment of their monthly pensions in the past six months.

    Its National President, Jim Oduak made this known in Abuja while informing the Director-General of the Pension Transitional Arrangement Directorate (PTAD), Ms Nellie Meshack of the development.

    According to him, IGI is their underwriter and has constantly delayed their pensions.  He said the NYSC pensioners are suffering while many have died. He noted that some earn as little as N3,500 monthly pension, which is not paid promptly.

    He said the protest has not been carried out because they need to mobilise members from all over the country for it to hold at the IGI head office in Lagos.

    NYSC Board of Trustee Secretary, Benjamin Eriba said the Federal Government has paid money to IGI for their pension up to May this year, but the underwriter has only paid up to March. He said the firm was appointed for them in 1995, noting that they are considering changing the underwriter and appoint another.

    Meshack, however, warned that the Directorate would not hesitate to deal with erring underwriters, adding that she does not want to single out IGI as the Directorate has gotten complaints about others.

    She stressed that the issue around underwriters owing pensions is germane. “It is not right that underwriters hold on to pensioners’ money. It will seem as if President Goodluck Jonathan does not care about the plight of pensioners,” she said.

    She continued: “But anyone who stands in the way of the mandate, which is ensuring that pensioners get their pension benefits, we will fight such person or institution. It is a new regime with the establishment of PTAD for pensioners under the old pension system in the country.”

    She queried why the Board of Trustees would continue to employ IGI to manage their pension if they have constantly had problems with paying pensioners on time, adding that the Directorate will investigate and deal with the situation.

    IGI’s Managing Director, Rotimi Fashola, who spoke on telephone with The Nation, said IGI owes the pensioners only two months and not six.

    He attributed the delay to failure by the Federal Government to remit money regularly.

  • ASSBIFI to Fed Govt: reduce poverty level by 25%

    ASSBIFI to Fed Govt: reduce poverty level by 25%

    THE Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has called on the government to reduce poverty level by 25 per cent.

    The workers made the call at their eighth Triennial Delegates Conference in Ilorin.

    President of the union, Comrade Sunday Salako, said the appeal was his reaction to a recent World Bank report, stating that 100 million Nigerians live in destitution.

    The report, he added, stated that 63 per cent of the population live on less than $1.25 a day.

    He said: “This is quite unacceptable in a country that is ranked among the highest producers of crude oil in the world and with vast arable land resources.

    ‘’ASSBIFI, therefore, mandates all tiers of the government to reduce the poverty level by at least 25 per cent by the year 2016.’’

    President, Trade Union Congress (TUC), Comrade Bobboi Bala Kaigama, sought cordial relation between employers and employees to improve productivity.

    He said both parties must co-operate with each other for their mutual benefit and the good of the larger society. He added that any protracted friction between employer and employee “invariably results in a lose-lose situation for both sides because it is the business of the enterprise that suffers the most”.

    Kaigama believes that disagreements do not have to degenerate into conflicts if the parties, especially the employers, are proactive in dealing with work-place issues and continual oiling of relationship.

    Meanwhile, ASSBIFI has given a marching order to some management of banks and insurance firms to obey the International Labour Organisation (ILO) Core Conventions 87 and 89 and Section 40 of the Constitution on workers’ unionisation or face industrial crisis in the next few weeks.

    Salako urged some management of banks and insurance companies to obey the ILO convention and the constitution.

    He said: “The era when employers decide whether their members of staff should be organised is gone. The ILO Core Conventions 87 and 89 and Section 40 of the Constitution are sacrosanct. ASSBIFI sympathises with our colleagues in these unionised banks and insurance companies on the attack on their rights by their managements and declare that modern day slavery and attack on workers’ right must stop.”

    On lits threat of an industrial crisis in the sector, Salako said the following organisations; Diamond Bank, Stanbic IBTC, Standard Chartered, Fidelity and Guaranty Trust banks, as well as Leadway Assurance, Standard Alliance Insurance, Capital Express Insurance, Industrial and General Insurance (IGI), Goldlink Assurance and Continental Reinsurance must allow their senior staff members to unionise, adding that that is the only solution to avert unrest.

  • Pension business’ll soar, says IGI Pension boss

    Pension business’ll soar, says IGI Pension boss

    The industry will boom when the regulatory body, the National Pension Commission (PenCom) releases the guidelines on the informal sector under the Contributory Pension Scheme (CPS), the Managing Director of IGI Pension Managers, Stanis Ezeobihas has said.

    Ezeobi said according to statistics, there are about 51 million working people in Nigeria with only 5.6 million registered in the CPS.

    He said that despite the N3.73 trillion pension funds generated through the contribution of the 5.6 million people, about 45 million people were yet to register, showing that a huge market still exists in the industry.

    He said: ”The market frontier is the informal market going by available statistics, although there are challenges and costs that go with getting the informal sector on board. It is more expensive to cover than the formal sector.

    “The informal sector consists of artisans, Okada association, Drivers Union and market women associations among others and reaching these people can be difficult,” he said.

    Ezeobi said to reach and register these groups of people, pension managers have to come together with a common goal to achieve results.

    He said for IGI Pension, the company is repositioning to key-into the prospects of the sector, adding that it has recapitalised to over N1.2 billion, more than the N1 billion recapitalisation required by the regulatory body.

    “On our own part, we are strategising at using the parent company, IGI Insurance Plc platform which has a broad agency network to penetrate the informal sector and get a significant share of the market.

    “We are the last to be licensed by PenCom since the new scheme began, but we have been able to grow and surmount all of our challenges. What we are waiting for now is for PenCom to release the guideline on the informal sector,” he said.

    The Acting Director-General of (PenCom), Mrs. ChineloAnohu-Amazu said the framework on informal sector participation is been put in place by the commission, noting that the market is huge and untapped.

    She stated the policy issues such as contribution rate, mode of collection and enforcement have been addressed by the framework. She, however, noted that the informal sector and self-employed persons lack a coherent structure and have an unwieldy composition, which renders their integration into the new scheme a difficult task.

    She added that compliance among the small sized private sector employers is challenging in the implementation of the CPS as they see CPS as additional cost to their operations.