The Nation Newspaper

Tag: policy

  • We have policy against job loss, says Anchor

    We have policy against job loss, says Anchor

    Job loss in recent time has become a major risk for employees and this has resulted to their fear of the unknown, thereby reducing their productivity.

    But employees can now heave a sigh of relief, allay frustration and still able to meet their financial responsibilities should the job, eventually go as Anchor Insurance has developed a product called Anchor Loss of Employment Income Insurance Scheme.

    This policy will pay pre-determined income for a given period to any policyholder who loses his/her job, having paid the required premium while payment of premium has been structured  monthly, quarterly, bi-annual and yearly for convenience; hence employee can choose which one is suitable according to his disposable income.

    Any employee on this scheme who suffers job loss  will be indemnified for 24 months. This will enable the employee meet his financial obligations while actively searching for another job. Being the first insurance company to bring the product to Nigeria, our objective, among others, is to help the economy reduce the social ills and criminalities in our society which result from the job losses, the firm said, noting: “An idle hand is the devil’s workshop”.

    On the part of the employee, the product will help to protect financial loss, prevent frustration and psychological breakdown and among many other things, regains employee decency after job loss.

    The company has encouraged employee to take up this policy without delay as it is the only surest safety net, shock absorber that can cushion for the harsh effect of a sudden loss of job.

    Anchor Insurance remains focused to its vision: “To be the most innovative and preferred General Business Insurance Provider in Nigeria”.

    Living this vision was consolidated with the launch of its innovative retail product “Anchor Loss of Employment Income Scheme (AnchorLoEIS’’. AnchorLoEIS is the newest and latest solution to protect employment income, a safety net, shock absorber or cushion for the harsh effect of a sudden loss of job.

    One of the products displayed during the Awareness Campaign was the Auto Easy Policy, which is the company’s brand name of the Compulsory third Party Motor Insurance Policy.

    There are lots of fake insurance certificates being generated by touts and this is to the ignorance of the policy holders who falls prey, hence the campaign was meant to sensitise the public on how they can get genuine insurance policy and authenticate their certificate of insurance.

    This authentication is provided for on the platform of the Nigeria Insurance Industry database (NIID) of the Nigeria Insurance Association (NIA). To check the genuineness of your Vehicle Insurance certificate, go to www.askniid.org.

    Other products displayed ares Anchor Fire Insurance Protection Policy, Occupiers Liability Insurance, Professional Liability Insurance, Public and Product Liability Insurance, Personal Accident Insurance and a few others.

    The company was established and licensed in October 1989 and started operations in November of the same year. It was established by the Government of Akwa Ibom State in the South of Nigeria as a state-owned Insurance Company underwriting General Business (Non-Life) and Special Risks classes of Insurance with its registered office at 7/13 Aka Road, Uyo, Akwa Ibom State.

    The company attained the status of a composite insurance company in 1992 when it added life/pension class of insurance to its business portfolio. The regulatory body for insurance business in Nigeria; National InsuranceCommission (NAICOM) re-registered Anchor Insurance Company Limited in the status of a composite insurance company under the Registration Number RIC-072 in 1998.

    In 2007, the share capital of the company increased to N3 billion in line with regulatory directives. Following the regulatory-induced recapitalisation and consolidation, the shareholders fund of the company was raised to over N3 billion, which placed the company, among the recapitalised insurance companies in Nigeria.

    As at December 2016, the shareholders fund of the company stands at over N4.7 billion from the approved 2016 annual report and financial statement. The Management is made of a crop of seasoned and professional insurance practitioners with diverse experience in reinsurance, underwriting, banking and finance, loss adjusting, accounting, marketing, legal and auditing expert; this has seen the company grows in leaps and bounds.

    A vibrant Non-Life insurance underwriting firm with the total Assets of over N5.7 billion, Anchor Insurance has been fulfilling its obligations to its numerous clients through prompt settlement of claims. Between 2014 and 2017, the company paid over N1.8 billion in settlement of claims across different insurance policies ranging from fire, motor vehicle, oil & gas, Aviation to flood damage, theft, group personal accident, defaults on performance bonds and motor accidents.

  • Policy experts, others seek action on Nigerian centennial history

    Public policy experts, academics and other professionals have urged the Federal Government to commission a Nigerian centennial history project that will document and define the most important socio-political, economic, physical and cultural development of the country in the last century with a view to using it to plan for the next century.

    They spoke at the public reading and review of a book, titled: Nigeria in the Twentieth Century: History, Governance and Society, at Ibadan School of Government and Public Policy (ISGPP).

    The book was edited by Prof. Olutayo Adesina of the Department of Historym at the University of Ibadan (UI).

    The experts, led by Ambassador Ayo Olukanni, who chaired the review, noted that the project would help the country to learn from the pitfalls of the past while planning for a better new century.

    According to them, the knowledge of history will help the citizens think together and avoid moves and activities that can cause a repeat of past failures and troubles.

    They advised the government to employ the services of historians to undertake the project along with other relevant experts.

    The policy experts, who included Prof. Olabode Lucas, Prof. Oka Obono, ace broadcaster Edmund Obilo, Edem Ossai and Dr Nathaniel Danjibo, posited that the project would help to highlight the sterling contributions of Nigeria to the rest of the world.

    These include the valiant roles of Nigerian soldiers in enthroning peace in different parts of the world as well as the socio-economic strides in various fields of human endeavours.

    Examining issues about the reconstruction of Nigerian history, particularly those relating to contemporary socio-political developments in Nigeria, the experts dissected issues on federalism and the national question, gender and development, decentralisation and local government system, anti-corruption as well as Nigeria’s foreign policy.

    They averred that the full potential of Nigeria’s federal structure would be maximally realised if adequate and timely attention is paid to the alignment of intra-governmental relations along the principles of greater devolution of powers and fiscal independence.

    The experts said this potentially strengthens financial autonomy of states and promotes a greater sense of national identity among Nigerians.

    The Executive Vice Chairman of the school, Dr Tunji Olaopa, noted that ISGPP had been harnessing available platforms since February 2016 through the framework of its seminar series, executive education, policy dialogue and book reading events.

    The vice chairman said these are meant to stimulate sustained interrogation of policies and implementation feedbacks and deepen policy conversation with a view to contributing ideas to get government to work better for democracy, good governance and development.

    He added: “In so doing, we have also attempted, in the best way we know, to raise the bar of reflection and public discourse in order to facilitate a more proactive and meaningful participation of critical stakeholders in pushing the frontiers of advocacy for accelerated development.

    “There is no doubt that there is so much more that needs to be done. Of critical concern is the question regarding the quality and depth of evidence-based researched ideas and knowledge that drive policy making and advocacy.

    “Indeed, whether we talk of Internet policy and governance, climate change, institutional reform, trade negotiation, intellectual property rights, data privacy, artificial intelligence, among others, the evidence we confront daily through policy research is that the contributions of African researchers, professionals and players in global conversations that shape their trajectories is low and far between. It suggests that Africa might be treading another path of re-colonisation as the Fourth Technological revolution unfolds.

    “So, while other readers’ clubs all around Nigeria are addressing the basic literacy side of poor reading culture, ISGPP’s Readers’ Club events will strive to provide platforms to interrogate the information and knowledge gaps in Nigeria’s future possibilities, leveraging problem-solving documented ideas, frameworks, models, paradigms and researched insights, to deepen issues and conversations that have critical bearing on the Nigerian and African condition.”

     

  • Osun leads again in social protection policy

    Osun leads again in social protection policy

    The Osun State chapter of the All Progressives Congress (APC) has said the state is leading in initiating a comprehensive Social Protection Policy framework of global standard that will alleviate poverty and promote a dignified life for all segments of the society.

    “This policy targets the vulnerable, especially from birth to working age, in the sustainable provision of healthcare, education, training for skills acquisition and the empowerment of youths and provision of access to social amenities for the underprivileged,” the party said.

    In a statement yesterday in Osogbo, the state capital, by the Director of Publicity, Research and Strategy, Kunle Oyatomi, APC noted that “Osun Social Protection Policy” is the framework for institutionalising the efforts of the state government to alleviate and eventually eliminate poverty in all its ugly manifestations in the state.”

    It said: “When fully incorporated into the laws of the state, it will become mandatory for any government in power to continue with the policy by prioritising measures to ensure a life of dignity for all in the state.”

  • Shareholders mull legal action against CBN’s bank dividend policy

    Shareholders mull legal action against CBN’s bank dividend policy

    Minority and retail shareholders have called on the Central Bank of Nigeria (CBN) to rescind its newly amended dividend payment policy for deposit money banks (DMBs), threatening to take legal action against the apex bank if it failed to withdraw the policy.

    Minority and retail shareholders under the auspices of Pragmatic Shareholders Association (PSA) said the CBN’s dividend policy for banks runs contrary to the current efforts aimed at encouraging retail investors in the Nigerian capital market.

    In a communiqué issued at the end of their emergency meeting at the weekend, the shareholders said the apex bank was chasing a wild goose by shifting the blame of non-performing loans to shareholders rather than addressing the underlying causes of non-performing loans.

    Under the amended dividend policy, banks that do not meet the minimum capital adequacy ratio (CAR) will not be allowed to pay dividend. Also, banks with non-performing loans (NPLs) above 10 per cent will not be allowed to pay dividend. Banks that meet the minimum CAR requirement, but have NPL ratio of more than 5.0 per cent, but less than 10 per cent will be allowed to pay a maximum of 30 per cent of earnings as dividend. Banks with CAR of at least 3.0 per cent above minimum requirement and NPL ratio of more than 5.0 per cent, but less than 10 per cent will be allowed to pay up to a maximum of 75 per cent of earnings as dividends while banks that meet the minimum capital adequacy ratio and non-performing loan ratio have no regulatory restrictions and can pay dividend as wish.

    Shareholders said the apex bank should take the blame for the level of non-performing loans in the Nigerian banking industry, alleging that the bad debts were as a result of the failure of the apex bank to efficiently discharge its regulatory functions.

    They alleged that the board and management of the CBN cannot be absolved from the high level complicity and sabotage that have continued to fuel recurring bad loans.

    “The apex bank owes it a duty to Nigerians and the international community to publish profiles of loan defaulters and invoke operating laws through the banks on all bad loans,” the communiqué, signed by PSA’s National Coordinator, Mrs Bisi Bakare stated.

    They called on the National Assembly to intervene and protect the domestic retail shareholders from what they described as kill-joy policies of the apex bank.

    According to the association, the use of dividend payment as bad debt management tool will not only have negative impact on the domestic capital market and national capital accumulation, but may also encourage defaulters.

    The association also chided the Securities and Exchange Commission (SEC) “for abandoning and reneging on its corporate responsibilities to shareholders”.

  • Minister to face House panel over breach of waiver policy

    Minister to face House panel over breach of waiver policy

    Minister of Industry, Trade and Investment Okechukwu Enelamah is to face an ad hoc panel of the House of Representatives over the concession policy for backward integration on sugar this week, it was learnt yesterday.

    The House said its intervention was necessitated by the discovery of infractions of the policy, whereby some key participants have been found to have shortchanged the country.

    The Abiodun Olasupo-led committee is expected to examine the records of the Industry, Trade and Investment to unearth the truth about the policy between 2013 and 2016.

    Speaking at a news briefing during the weekend, Olasupo said the panel is desirous of uncovering the companies that were granted the waiver.

    “Everyone involved with the policy have to explain why the policy has failed or why it has not been effective.”

  • Customs plan policy to mop up arms

    Customs plan policy to mop up arms

    …targets N1.5tr this year

     

    The Comptroller-General, Nigeria Customs Service (NCS), Col. Hammed Ali (rtd) on Friday said that the service would soon come up with a policy to mop up arms that were circulating in the Nigeria’s publics.

    The policy, according to him, would be not only to checkmate the influx of weapons into the country, but also to control the coming of other illicit items.

    He made the disclosure to stakeholders at the 2018 International Customs Day in Gwagwalada, Abuja. The theme of the ceremony was “A secure business environment for economic development.”

    Ali revealed that managing boarders had become the most difficult issue and to tackle the challenge, the West African region formed the “SPC plus, plus” comprising of Nigeria, Niger, Chad, and Cameroon.

    He noted that the “idea was to sit as Customs Services and “look at our boarders and look at how it is managed. The global problem for the Customs is managing boarders, especially for Nigeria, where we have 4,070kilometer of land boarders. There is nowhere in the world that anyone can extensively cover that.

    “We need the collaboration with each and everyone of us. We need to join hands with our neighbours and that is only how we can effectively police our boarders and ensure what we see in Libya and other countries that arms do not find their way into our territory.

    “Already we have enough of it, and I hope we will soon come up with a policy on how to retract these arms that are circulating within our publics. But why we are doing that we thought we should also come up with a comprehensive mechanism to be able checkmate not only weapons arms but all illicit items into our territory.”

    The Customs boss however announced that the service had unofficially banned the importation of rice.

    According to him, the Central Bank of Nigeria, responsible for the issuance of Form N for the importation of rice, had not issued it to any importers since 2017.

    He concluded that any parboiled rice that that was not locally produced in Nigeria must have been smuggled into the country.

    Urging Nigerians to ensure that their cooks and stewards buy locally produced rice, he said that whoever patronized imported rice was encouraging smuggling.

    The Customs boss noted that a country cannot be said to be truly independent if it could feed itself.

    Ali said that “I am very happy to support what Mr. President said in his New Year address, that this year that we would ban the importation of rice completely.

    “As at today, unofficially, rice is banned because since the beginning of 2017, Central Bank which is supposed to issue Form N which is the only permit for importation has not issued any form N to rice importer.

    “So, any parboiled rice you see, which is not our own local rice must have been smuggled in. So, if you go to buy this, then you are encouraging the smugglers and therefore negating the growth of our economy.

    “Any country that cannot feed itself cannot claim to be independent and I think we want to be independent.”

    Speaking, the Minister of Finance, Mrs. Kemi Adeosun announced that owing to the improvement in revenue collection that the NCS recorded last year, the ministry was working to ensure an increased salary package and condition of service for the personnel.

    The Director of Finance, Mojisola Apata, who represented her noted that the service was making revenue available for the three tiers of government, noting that “we are desirous of a better performance this year. ”

    Ali corroborated that the minister and Mr. President had been working to achieve an improved salary for the service.

    Asked how much revenue, the NCS was targeting to achieve this year, he said that “it is our prayer that we should be able to overshoot what we had done last year. It is our prayer that we should be able to get to N1.5trillion this year.”

    The Comptroller-General said that the NCS had commissioned its own Customs police to police the service, and operate as an internal mechanism to resolve disputes.

    He was grateful to the Chief of Army Staff for allowing the service to use the Nigerian Military police School, Zaria to train his officers. Ali stressed that the NCS would be requesting other arms of military to train the officers for specialization.

  • FEC okays policy to boost power transmission

    FEC okays policy to boost power transmission

    The Federal Executive Council (FEC) yesterday approved a memo for a framework to boost transmission of power to Nigerians.

    The Minister of Power, Works and Housing, Babatunde Fashola, accompanied by the Minister of Information, Lai Mohammed, Minister of Water Resources  Suleiman Adamu and the Minister of State for Aviation, Hadi Sirika, said the policy will facilitate investments into the sector and make it possible for power being generated to be added to the National grid for the benefit of Nigerians.

    He said while the country is generating 7000 megawatts of electricity, he regretted that the power Distribution Companies (Discos) don’t have the capacity to take more than 5000 megawatts.

    “FEC today (yesterday) approved a Memo providing a framework of investment at the 33KVA and 11KVA line in expanding the national distribution network, to deliver an extra 2000Megawatts of electricity to consumers, which is currently not getting to the grid, will get to the grid and then to consumers,” Fashola said, adding that Nigeria today has 2000Mw of electricity that cannot reach consumers because of lack of distribution capacity

    He said the reason they are not getting to the grid, is that those networks are not sufficient to support more than 5,000Mw, so investments has to come in.

    Fashola said while the federal government has 40 per cent  shareholder and the DISCOS have 60 per cent and will be compel to make additional investments which they were suppose to have made. The process of which will involved international … for the procurement  of the equipment, lines and all of the accessories to build those networks and there will be more under international procurement standards.

    “The federal government will put is own 40% and ask the DISCOS to put their own 60% and other parties who are interested will have the opportunity to improve the investments.

    “This is just to accelerate action to ensure that the 2000MW that is available now gets to the grid and gets to the people because power is coming. We are expecting many more power plants to complete this year which will add almost 1,600MW to the grid.

     

  • Lake rice, others: ‘Policy continuity ‘ll help Nigeria attain food security’

    Lake rice, others: ‘Policy continuity ‘ll help Nigeria attain food security’

    An agricultural economist, Prof. John Aihonsu, has advised state and Federal governments to sustain the current agricultural policies and programmes targeted at boosting food supply and self-sufficiency in food productions across the country.

    Aihonsu said Nigeria would have long overcome its food shortage dilemma without resorting to huge importation, if previous agricultural policies designed and started by past governments were not jettisoned by succeeding administrations.

    The expert spoke at Olabisi Onabanjo University (OOU) at Ago-Iwoye in Ogun State while delivering the institution’s 78th inaugural lecture.

    The expert said there should be continuity of the current efforts at state and national levels to increase food production and supply.

    He noted that the country would not achieve food security or sufficiency if the condition of the farmers was not “prosperous.”

    He suggested that the fortune of farmers can be made prosperous through assisting them financially to experience a “sustained improvement in productivity and income availability.”

    Delivering his lecture, titled: Addressing Nigeria’s Food Shortage Dilemma: The Cooperative Agenda, Aihonsu advised every succeeding administration to sustain and not abandon the policies of previous governments, which were targeted at helping Nigerian farmers to increase their productivity and tackle the nation’s “food shortage dilemma”.

    The professor identified over 15 previous agricultural programmes, including the Operation Feed the Nation and Farm Settlement Scheme, which could have placed Nigeria on the path of self-sustenance in food production and consumption, if they were not abandoned by succeeding administrations.

  • Safety policy statement coming in Lagos

    The Lagos State Safety Policy Statement will be signed next year, Governor Akinwunmi Ambode has said.

    He said the policy was part of initiatives to ‘’effectively address emerging safety challenges inhibiting the Lagos mega city vision’’.

    Represented by the Secretary to the State Government (SSG), Mr Tunji Bello,  at the unveiling of the rebranding of Lagos State Safety Commission, Ambode said the policy would help in  developing knowledge-based communities, using mechanisms that appreciate local laws, cultures and international best practices.

    The rebranding, he said, entailed the establishment of a safety training institute.

    The institute, he said, would phase out quack consultants who operate under the pretext of government backing.

    “This unique identity will help in abating the activities of impostors who have formed the habit of extorting money from the public under the guise of working for the government. It will ensure Lagosians are not defrauded.

    “I urge Lagosians to support the rebranded commission in every way possible especially by giving timely information on activities likely to jeopardise safety,” he said.

    The Commissioner for Special Duties and Inter-Governmental Relations, Mr Oluseye Oladejo said prevention and detection of potential risks of mishap were central to the state’s security measures.

    The rebranding idea, according to him, would create more awareness and deepen the commission’s cooperation with the public.

    He said: “We intend to embark on massive advocacy that will cut across all the sectors to ensure we are all on the same page as regards prevention of mishaps.

    ‘’The important thing is not to apprehend people. We need to create that awareness. The safety business is not a revenue generating venture but to ensure that we stay safe because staying safe is cheaper than imposing fine for infractions.”

    Lagos Safety Commission Director-General Hakeem Dickson said the rebranding would eliminate disaster through zero-tolerance for safety threats.

    Stakeholders, he said, would from next year sign a safety commitment pact for workers’ protection.

    “If they leave their home safe, they must be able to go home safe. We would project to people the measures they need to be safe in advance, and ensure utility safety becomes a culture for all. Being proactive simply means prevention is better than cure. The badge indicates you possess the authority to preach safety. We are also going to have consultants who will be registered practitioners,” Dickson said.

  • UNIDO urges govt on solid waste management policy

    UNIDO urges govt on solid waste management policy

    The United Nations Industrial Development Organisation (UNIDO) has advised the Federal Government to implement the National Policy on Solid Waste Management in the country.

    Its Country Representative, Mr Jean Bakole, made the appeal at the National Stakeholders’ Workshop on the Review and Validation of Draft National Policy on Solid Waste Management in Nigeria at the weekend in Lagos.

    Represented by UNIDO National Programme Officer, Dr Chuma Ezedimma, he said that Nigeria, as a leader in Africa, must demonstrate its leadership through the effective implementation of the policy.

    According to him, solid waste is a global problem which needs an effective and economical management strategy.

    He said countries were facing increasing challenges of solid waste management, adding that with an increasing global population, solid waste generation was bound to be on the increase.

    “According to a United Nations Environment Programme (UNEP) report, bulk density of residential waste in some countries was taken and compared, and Nigeria recorded 250kg, as against 330kg for Egypt.

    “The U.S. recorded 100kg, as against 150kg for UK; 400kg to 600kg for India and 400kg for Indonesia,’’ he said.

    Bakole said the review and validation of the draft policy on national solid waste management was, therefore, essential because it would help to guide relevant stakeholders on specific areas of investments in solid waste management.

    “This draft will also identify the key stakeholders and build an effective institutional structure, while facilitating incentives, job creation and linkages to global environment treaties.

    “To ensure the success of this policy, there must be political will and private sector involvement; efforts should be made to encourage research and development, aggressive awareness drive, realistic action and effective enforcement drive,’’ he said.

    The Minister of State for Environment, Alhaji Ibrahim Jibril, who declared the workshop open, urged participants to contribute meaningfully to the policy document, which was aimed at ensuring sustainable solid waste management in the country.

    Also represented by the Permanent Secretary, Federal Ministry of Environment, Alhaji Shehu Ahmed, he expressed delight at the number of the workshop participants who were drawn from different waste management organisations.

    He urged the participants to produce a critical document that would safeguard the environment and human health against unwholesome disposal and handling of solid waste.