The Nation Newspaper

Tag: WAICA

  • Crisis hits West African Insurance Institute

    ALL is not well at the West African Insurance Institute (WAII) based in Banjul, The Gambia.

    There are allegations of financial impropriety and harassment of teachers and students against its Nigerian-born Director-General (DG) Prof Mike Ikupolati, a development that has made him to quit.

    The DG resigned on October 28 after accusations and counter accusations of wrong doings were levelled against him.

    Sources said the institute that was supposed to resume a new academic session in September could not. It had to postpone it to the first quarter of next year to enable the council get a new head.

    However, Ikupolati told journalists in Lagos that his hands were clean. He said the allegations were mere boardroom intrigues and petty jealousies orchestrated by a few unscrupulous elements who were bent on putting tar on his 35 years’ service and wanted him out.

    Because of the the crisis, the WAII Governing Council held a meeting after the WAICA Education confab in Lagos.

    But the WAII’s Insurance Foundation Course (IFC) Coordinator in Nigeria and Deputy Managing Director, Industrial & General Insurance Plc (IGI), Mr. Rotimi Fashola, said investigations by the Council proved that there was no evidence to show that Ikupolati harassed his female staff and students, adding that no nobody came out to testify against him.

    He added that his books were clean, because, according to financial records, he did not misappropriate the institute’s funds throughout his 12-year tenure.

    He said: “Rather, it was noted that he was putting his personal funds into the running of the institute besides using his international network to better the lots of the 35-year-old institute and moved it from monolithic institution to degree and postgraduate degree awarding institution within the 12 years of his reign as WAII boss.

    “Also revealed is that the institute most times has been starved of funds and he explored alternative means of ensuring that academic programmes of the school were not disrupted”.

    “We looked into the financials and there was nothing to suggest that he misappropriated the funds. And by the way, where are the funds? This guy would work for the United Nations and donated the money to the school, consulted for Liberian Government and donated the money to the school. Where is the surplus for him to have misappropriated?’’ Fashola queried. Sometimes in six consecutive months, he will not be paid his salaries and he will be working as if nothing happened.

    “This year, for instance, he did not take his salaries from January till October before he eventually resigned due to the inability of member-governments to pay their subventions. Only the Nigerian government did not owe as at October 2013 out of the five member-countries. So, from where will the financial misappropriation come from?’’

    Formed in 1973, the insurance association committed to the development of insurance decided to get a subregional institute. This led to the government of the five West African countries to sign a Memorandum of Understanding (MoU) with the United Nations Conference on Trade and Development (UNCTAD). The UNCTAD is devoted to manpower training in developing countries.

    In August 1978, an agreement that gave birth to WAII between UNCTAD and the governments of the five Anglophone countries, Nigeria, Ghana, The Gambia, Liberia and Sierra Leone was signed.

    WAICA represents the West African insurance industry and was made a founding member of WAII.

  • WAICA confab holds

    WAICA confab holds

    THE West African Insurance Companies Association (WAICA) is set to host a three-day international educational conference with the theme, “An integrated and harmonised insurance industry in West Africa”, in Lagos.

    Its Secretary-General, William Coker, who made this known in Lagos, said the event which begin on November 24,would help the sub-regional body to further tap into the huge business opportunities in the sub-region.

    He said: “If we are promoting the concept of a global village, the insurance industry in the West African sub region needs to be seen as front runners in promoting efforts at regional integration. Charity must begin at home.

    “We expect and educative and rewarding educational conference. It is yet another opportunity to extend the hospitality of Nigerians to delegates from other parts of the world.”

    The Co-ordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala is expected to give the keynote address.

    Founding father and past president of WAICA,  Prof. Jo Irukwu (SAN), will chair the paper which will be discussed by Rev. Asante Marfo-Akenkora, President, Ghana Brokers Association and Mr  Dawda Sarge, past president, WAICA  and Managing Director/ Chief Executive, Prime insurance Company Ltd, Banjul, The Gambia.

  • WAICA brokers forum elects chairman

    WAICA brokers forum elects chairman

    The West African Insurance Companies Association (WAICA) has named a new Chairman for its Brokers Forum. He is Mr Rotimi Edu.

    The spokesman of the Nigerian Council of Registered Insurance Brokers, Mr Tope Adaramola, said Edu was elected at the yearly confab of the West African regional body in Sierra Leone.

    He said with the election, Edu, who is a Governing Board member of the NCRIB, insurance brokers would synergise their efforts across the West Africa sub-region.

    Mr Edu said one part of his mandate was to ensure that insurance brokers operating in the West Africa sub-region collaborate more effectively for business and professional advancement.

    He stressed that the forum would work with other professionals in the sub-region to accelerate their contributions to global economic development.

    NCRIB President, Laide Osijo, said the election has opened a new vista for insurance brokers in the regional body and served as a mark of confidence reposed in insurance brokers.

    She promised the council’s support for the new chair and his team to ensure a successfull tenure.

  • WAICA Re to reward shareholders

    Managing Director, WAICA Reinsurance Plc, Abiola Ekundayo has said the company’s 2012 financial accounts approved in March showed positive result.

    He said these results put the company in a position to reward its shareholders soon.

    Ekundayo, who disclosed this to reporters, stated the readiness of the company to pay its first dollar dividend in 2014. He noted that the company is discussing with EDC Limited as financial advisers to use its wide network to attract investors from across the African market to invest in WAICA Re.

    This is coming precisely two years after the establishment of the regional reinsurer.

    According to him, the company is currently operating with about $33million from her first capital raised in 2011 and is planning to shop for another $25million to shore up its operation.

    He further explained: “We want to avoid the initial mistake we made in our first offer, which concentrated only in Sierra Leone, then little in Ghana and Nigeria, so it is going to be more expansive this time.

    “The organisation has come to full operation with full support of cedents from the West African region and beyond, having also enjoyed the goodwill of WAICA Poll as offshoot. Although WAICA Pool funds are still not accessible to WAICA Re because of a few documentations on signatories, the new company has continued to meet its obligations even to the extent of claims settlement on WAICA Poll cedents.

    “Recently we paid $52,000 claims to Ghana Re from the account of WAICA Pool, which we will take back when part of its monies locked up in Union Bank of UK Limited, Commercial Bank of Ghana and some in Nigeria are accessed”.

    WAICA Reinsurance Plc, an organisation belonging to insurance companies in the West African sub-region with head office in Sierra Leone was officially commissioned in 2012 having operated skeletally in 2011.

    The firm with investors across the continent was set up to address the capacity challenge faced by the regional market in its many years of insurance practice, where foreign counterparts had controlled larger share of the market.

    Ekundayo stated that WAICA Re was established to help minimise the effects of the lack of reinsurance capacity within the West African insurance industry. He said: “With the establishment of the headquarters of WAICA Re in Sierra Leone in August 2011, the aim and objective of the corporation is to set up a world class reinsurance cooperation, which will not only capacitate staff in various companies in West Africa but also set a good example of regional socio-economic integration.”