The Nation Newspaper

Tag: NIA

  • Wiggle extols Olowude’s virtues

    Wiggle extols Olowude’s virtues

    The late immediate past chairman of the Nigerian Insurers Association (NIA) and Executive Vice Chairman of Industrial and General Insurance (IGI), Mr. Remi Olowude is a colossus, who cannot be replaced in the insurance industry, Chairman of the association, Mr. Godwin Wiggle has said.

    Speaking at the Service of Songs organised by the association for the late former chairman at the Muson Centre, Wiggle regretted that Olowude could not achieve most of the things he set for himself before answering the final call.

    He said Olowude was a thoroughbred professional, who stood miles apart from his peers and contemporaries.

  • NIA to partner UNIUYO

    The Nigerian Institute of Architects (NIA), Akwa Ibom State Chapter, has expressed its readiness to partner the University of Uyo (UNIUYO) in areas, such as research and programmes on built environment and orderly physical development projects.

    The institute also promised to help the university attain full accreditation for the M.Sc programme by the Architects’ Registration Council of Nigeria (ARCON).

    The NIA Akwa Ibom State Branch Chairman, Iniobong J. Ukpong, who made this known to UNIUYO Vice-Chancellor (VC), Prof. Comfort Ekpo, when he led other members of the institute on a courtesy visit to the VC,  praised her for the provision of equipment and other essential facilities, such as Data Room and Computer Studio to meet the requirements for full accreditation of the M. Sc programme in Architecture.

    Ukpong requested the management to consider introducting Ph.D programme in Architecture to encourage those desirous of such qualification without the risks of travelling long distances outside the state for it.

    He expressed optimism that with accredited programmes in Architecture, students would no longer sit for N.I.A Finals Examination in order to pre-qualify for the Professional Practice Examination (P.P.E).

    He urged Ekpo to key into the new trend in architectural education where ARCON, in conjunction with the National Universities Commission (NUC) are converting Departments of Architecture to full-fledged Faculty or Schools of Architecture to offer opportunities for architects to specialise in Landscape Architecture, Interior and Urban Designs.

    Prof Ekpo recalled previous support and assistance of the institute to the department of Architecture, adding that it has greatly helped the department.

    She said the university appreciated NIA and expressed UNIUYO’s preparedness to partner with the institute in the growth of the department.

    Ekpo, who noted that the institute had planned introduce Ph.D programme in Architecture, acknowledged lean resources as a major impediment.

  • Skills gap, terrorism, others threaten insurance

    Skills gap, terrorism, others threaten insurance

    The skills gap in highly technical areas of insurance operations such as marine and aviation, oil and gas and the increasing environment of uncertainty and crimes including Boko Haram, kidnapping, among others, are threatening the survival of the nation’s insurance industry.

    The Director-General of the Nigeria Insurers Association (NIA), Olorundare Thomas, made this known at a media retreat by NIA, CIIN, NCRIB and ILAN in Abeokuta, Ogun State.

    Other areas of concerns identified by the operators include poor industry database, poor standard of living of Nigerians and their low disposable income; poor attitude to savings and risk management unlike what we have in other developed jurisdictions; faking of insurance certificates, industry practices that are not consistent with sustainability, cut-throat competition among the operators, poor attitude to training and human capital development and the less than optimal financial literacy.

    Besides, Thomas said emerging issues in the industry include problems of capital flight in the areas of the Local Content, Market Development and Restructuring Initiative (MDRI), No Premium No Cover and the increasing issues of compliance, both legislative and financial, giving the instance of the International Financial Reporting Standard (IFRS) and emerging regulations.

    He added that there was also the issue of financial inclusion strategy; attempts at countering fake operators, market agreement issues; offshore offices; insurance penny stocks and investor issues.

    He added: “The Insurance Industry has continued to be bedeviled by several challenges relating to image and public perception. Among these challenges is poor public perception occasioned by several factors including what many term the conservative nature of insurance and its operators.”

  • South Africa seizes $9.3m from two Nigerians, Israeli

    South Africa seizes $9.3m from two Nigerians, Israeli

    Presidency demands report from military attache in Pretoria

    The Presidency has demanded a status report from Nigeria’s military attaché at the High Commission in Pretoria, following a report that two Nigerians and an Israeli smuggled $9.3 million into South Africa.

    Some intelligence agencies were trading blames last night because they were kept in the dark on the deal.

    They queried why the National Intelligence Agency(NIA) was not asked to liaise with its counterpart in South Africa to prevent such a national embarrassment.

    A top official of the Department of State Security (DSS) said the “deal had nothing to do with our agency”.

    According to a source, who spoke in confidence, the Presidency is exploring diplomatic channels  to get the details of the $9.3m deal that may have gone awry.

    The source said: “The Presidency is aware of the arrest and ongoing investigation of the deal and it has asked for a status report from our military attaché and High Commission in South Africa.

    “It is when we get the preliminary report that the Federal Government will be able to react to the development.

    “Diplomatic interactions are ongoing to get to the root of the case being investigated by South Africa. The good dimension to the investigation is that it is South Africa that has opened the lid. It means it is beyond what anyone can hide if it is true.”

    Another source said: “For instance, the report was talking of Nigerian Intelligence Service whereas some agencies, like the DSS and NIA,  have said that they had nothing to do with the deal.

    “Such purchase of arms ought to put the NIA in the picture. It will be the duty of the NIA to liaise with its counterpart in South Africa if it would involve cash movement.

    “Even within the intelligence agencies, issues are being raised on why electronic transfer was not adopted by the team-in line with the nation’s cashless policy.

    “It is actually faster paying the suppliers of the arms through e- payment than cash movement.”

    As at press time, no government official or agency was willing to identify those involved in the deal.

    In South African, the police are investigating the two Nigerians and an Israeli citizen, who were said to be coming from Abuja. They were not identified, according to a report by Reuters.

    The plane, a Bombardier Challenger 600, had a Nigerian flight crew on board. It was piloted by Captain Tunde Ojongbede, according to City Press.

    Adrian Lackay, spokesperson for the SA Revenue Service (Sars), confirmed that customs officers became suspicious when the passengers’ luggage was unloaded and put through the scanners just after 7pm. The officers then investigated and found three suitcases full of cash.

    The passengers apparently told officials they were acting on behalf of the Nigerian intelligence service.

    They provided documentation confirming they had come to South Africa to buy weapons. It is not clear whether the Israeli passenger was an intelligence operative or an arms dealer.

    The National Conventional Arms Control Committee, which has to approve the import and export of any weapons as well as issue permits for such transactions, was not aware of any applications in this case.

    The South African Revenue Service (SARS) seized the funds at Lanseria airport, northwest of Johannesburg, on September 5. The funds are being held at the central bank as police investigate, SARS spokeswoman Marika Muller said.

    “The passengers’ luggage was searched after Customs officials detected irregularities. The money was detained as it was undisclosed/undeclared and above the prescribed legal limit,” Muller said in a statement.

    South Africa’s City Press newspaper reported that bundles of unused $100 bills packed in three suitcase were transported in a small business jet from the Nigerian capital, Abuja. The three passengers said they were using it to buy arms for the Nigerian security services, City Press said.

    South African airport security spokesman Solomon Makgale confirmed a police investigation was underway but declined to give details. The aircraft was temporarily impounded, but was allowed to return to Abuja on Monday morning.

    According to unconfirmed reports, one of the passengers was arrested. Further investigation revealed that the aircraft used to belong to the American healthcare company Kimberly-Clark. But company spokesperson Bob Brand said the firm had sold the plane years ago, and denied that it had anything to do with the incident. According to the US Federal Aviation Administration aeroplane register, the Challenger, with the registration number N808HG, was reregistered in the name of Bank of Utah Trustee last year. The address in the register was given as Salt Lake City, US.

    Aviation industry insiders claim similar “owners” have previously been involved in several controversial aircraft financing transactions for aircraft in Africa. City Press has also established that the aircraft is used by an entity called Swat Inc in Abuja, but no details of such a company could be found.

    Another plane used by Swat Inc, a Hawker Siddeley 125, also with an American registration number (N497AG), landed at Lanseria Airport last month. That plane and its passengers remained in the country for two days before returning to Abuja on August 13.

     

  • NCRIB, NIA unite to enforce ethics

    NCRIB, NIA unite to enforce ethics

    Brokers and underwriters have resolved to reverse the trend of unethical practices that has plummeted the fortunes and image of the industry.

    The resolution was made during a meeting between delegation of the Nigerian Council of Registered Insurance Brokers (NCRIB) and the Nigerian Insurers Association (NIA) in Lagos

    The two bodies were of the view that the jettisoning of basic insurance principles had robbed the industry of its expected place in the scheme of the nation’s economy.

    Taking a retrospective look at the industry in the 70s towards mid-80s, the operators noted that the players were united and cohesive on issues relating to market ethics and practices, making operational environment inclement for unethical players.

    NCRIB President, Ayodapo Shoderu said insurance brokers and underwriters were like Siamese twins that must always work together for the progress of the industry.

    He said that operators must eschew unethical practices that are inimical to professionalism in order for the industry to gain its lost grounds.

    NIA Chairman, Mr Godswill Wiggle said the two bodies needed to revive their technical joint committees where issues bordering on the operation of the two parties could be resolved before they smear the image of the industry before the public.

    Meanwhile, the two bodies hailed the administration of Governor BabatundeFashola for its strong belief in insurance.

    They applauded the Lagos State government for its effective risk management and patronage of insurance services, noting that the industry would soon put in place a programme to appreciate and celebrate the government.

  • Wiggle becomes NIA chairman

    Wiggle becomes NIA chairman

    • Association holds 43rd AGM

    Managing Director of Linkage Assurance Plc, Godwin Wiggle, will be sworn in as the new chairman of the Nigerian Insurers Association (NIA) at the association’s 43rd Annual General Meeting.

    The event is billed to hold on June 26, 2014 at Atlantic View Hall, Best Western, The Island Hotel, Bar Beach, Victoria Island in Lagos.

    The Director-General, NIA, Sunday Thomas, said the occasion will avail the outgoing Chairman, Dr. Remi Olowude, the opportunity to address the general assembly of insurers of his stewardship and developments in the sector.

    The representatives of member companies of the association will also be electing a new deputy chairman and other principal officers of the Governing Council.

    The General Assembly will also consider the presentation of chairman’s statement and report of the governing council, consideration and adoption of the audited accounts for year ended 31st December 2013 and the treasurer’s report thereon; Appointment of new auditors; election of officers to fill vacant positions in the governing council; and to consider and if thought fit, approve the following as a special resolution to alter the articles of association of NIA

    Thomas added that “this year’s AGM will provide the needed opportunity for the association to present a scorecard of its activities in the last one year as well as release vital statistics on the performance of the insurance industry’’.

  • Boko Haram: NIA urges Fed Govt on compulsory insurance

    Boko Haram: NIA urges Fed Govt on compulsory insurance

    Director-General, Nigeria Insurers Association (NIA), Mr. Sunday Thomas, has advised the Federal Government to implement the compulsory insurance policy owing to the recent insecurity in the country arising from the Boko Haram menace.

    He said the government must also work on law enforcement to prevent waste of resources belonging to the state and the citizens.

    He also said there could be collaboration between insurance companies and the government in which case, a fund will be provided for insurers noting that when it is catastrophic in nature, then the government takes over.

    Referring to the Iyanya Motor Park in Abuja bomb blast that killed about 100 people with vehicles burnt and damaged among others that have been carried out by the Boko Haram sect, he urged Nigerians to take advantage of insurance.

    He said though insurance companies do not provide cover for terrorism, riot or wars as standard policy because it is excluded, the industry however made provision, adding the insured had to pay extra premium on an existing policy on life and property.

    He said if the victims of acts of terrorism have an insurance policy that has an extension, their insurers could review their policy and compensate them.

    He lamented that majority of Nigerians do not have any form of insurance cover

    He said: “The insurance policy is in packages and if you pay some extra premium to cover some of the things that are excluded under the standard policy, the insurance company will oblige.

    “These are trying times and whatever we need to do as a group to secure our future, we should not consider it too much. We live as if there is no tomorrow and as such there’s no provision in case the unexpected happens. This is not good for us as a country. The government cannot meet every need.

    “Usually in most policies, civil commotion, war and riots are not covered but it is an area insurance companies are exploring. But as it is today, there is nothing like that. “There is not likely to be any insurance liability that has accrued from such.

    “Terrorism is new in this part of the world and we didn’t think we will have it in this magnitude. So, I don’t think there is any company that is offering terrorism insurance. “But I am aware that at a point in time, the platform of the association, working with some foreign reinsurance brokers tried to sell the idea to the industry but the process is not concluded.

    “But the fact is that people still don’t think they need to set something aside to protect themselves against losses arising.’’

  • FRSC, NIA partner on safer roads

    FRSC, NIA partner on safer roads

    The Federal Road Safety Commission (FRSC) and the Nigerian Insurers Association (NIA) have assured motorists of their commitment to making the roads safe and secure through effective enforcement of compulsory motor vehicle insurance.

    The two bodies said the compulsory insurance will ensure that crash victims have adequate and prompt medical attention, while owners of damaged properties resulting from insured motor crashes are also adequately compensated.

    FRSC Corps Marshal, Osita Chidoka, gave the assurance during the official presentation of some units of HP Elite Pad 900 by Nigerian Insurers Association(NIA) to assist the FRSC in its verification of genuine insurance documents of motorist on Nigerian roads.

    Chidoka said the Commission was working out collaboration with relevant agencies and stakeholders including the insurance industry through a technology platform that would promote the right attitude of motorists and ensure safety and protection of road users.

    He said: “We have one solution that has multiple facets that would assist in guaranteeing safety of road users and motorist, and one of it is the new vehicle plate number which when concluded will help several agencies key in to make the roads safer and secure for the Nigerian people.

    “Insurance industry in Nigeria has come of age because they have become more responsive to their obligations, so medical bills of crash victims should no longer be an issue, while crash vehicles also will no longer be abandoned on the roads, because insurance companies will pick the bill once the insurance is established. Also, a situation where hospitals or doctors reject crash victims or deny them treatment is over because the insurance companies will pay”

    He however warned that the commission will not condone any insurance company that refused to pay their claims when there is accident saying they will raise alarm and make such company face the law.

    NIA Director General, Sunday Thomas, who led the delegation, said the insurance industry appreciates the efforts being made by the FRSC at ensuring safety of roads users.

    He said the donation of units of HP Elite Pad 900 to the FRSC was to assist its fieldsmen ensure that vehicles on the road carry genuine insurance documents so that there would be compensation to victims who sustain injuries or die as result of crash.

    He noted that insurers see the collaboration as one that should enhance value creation for the people and also enhance insurance sector contribution to the social and economic development of the nation.

  • NCRIB seeks NAICOM’s help on unethical practices

    The problem of rate cutting between underwriters and brokers in the insurance industry is deteriorating with the Nigerian Council of Registered Insurance Brokers (NCRIB) accusing underwriters of unethical practices.

    President of the Council, Mr. Ayodapo Shoderu, called on the National Insurance Commission and Nigerian Insurance Association (NIA) to investigate the matter and sanction those found guilty.

    Shoderu, who made this known in Lagos while speaking with journalists, frowned at some insurance firms for undermining brokers on existing accounts by using a broker to poach clients, noting that such unethical act could stall the progress of the industry.

    According to him, some underwriters also poach existing businesses from broker’s client offering the clients reduced premium. He said the Council has decided to challenge the unwholesome practice which it perceived as a threat to the brokers, adding that it will affect their contributions to economy.

     

    Stressing that brokers occupy pivotal place, Shoderu noted that their wealth of experience is usually brought to bear in assisting clients to get the best possible terms, as well as assist them in claims collection when a loss arises.

    He said the exclusion of brokers from insurance accounts leaves the clients with no advantage of competitiveness in services of companies, in terms of the kind of insurance policy being offered, premium charged and fairness in claims settlement.

     

  • Archibuilt holds August 26

    Archibuilt, a yearly international forum, organised by the Nigerian Institute of Architects (NIA), will hold in Abuja from August 26 to 29.

    The event, an initiative of Archibuilt Development Services (ADSL), is the largest marketing opportunity for construction and building materials, and a single largest gathering of key players in the industry, to showcase the latest innovations, technologies and orientations in architecture and the construction sector.

    It focuses on bringing stakeholders in the building and construction industry together to address the sector’s need.

    Among the targeted audience and exhibitors are policy makers, which include: manufacturers and representatives; producers; exporters and importers; suppliers; installers of housing fittings like lifts, etc; remodelling contractors; fabricators; distributors; allied products; facility managers; home builders; building contractors; government and non-governmental organisations (NGOs).

    The event will be opened by the Minister of Housing, Land and Urban Development, Ms Ama Pepple.