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Leadway Partners NBA to Deepen Insurance Coverage for Lawyers

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Nigeria’s foremost insurer, Leadway Assurance has reiterated its commitment to providing insurance protection to practicing lawyers who are members of the Nigerian Bar Association (NBA).

Leadway asserted this in its partnership with the NBA for the recent week long 2017 Nigerian Bar Association General Conference held in Lagos.

The conference themed, “African Business: Penetrating through Institution Building” drew participants cutting across different sectors and industries around the world.

As part of this partnership, Leadway Assurance deployedits state of the art, first-of-its-kindInsurance Mobile Office to engage the thousands of lawyers who attended the conference on its tailored-for-lawyers insurance plan known as the Leadway Lawyer Affinity Cover.

The plan, which is for all active NBA members, comes at no extra cost to the lawyers as it is covered under the annual bar practice fee paid to the NBA.

The Leadway Lawyer Affinity plan provides insurance cover of up to N1,000,000 (One Million Naira only) covers accidental permanent total disability, critical illness, accidental medical and accidental death expenses for the ‘learned’ professionals.

Speaking on the partnership, Ms. Adetola Adegbayi, executive director, Leadway Assurance, said, “We believe that by providing insurance to the members of the Nigerian Bar Association, we are intrinsically providing the biggest support to the economy, governance and government of the country. Insurance helps safeguard the profession and the professionals alike.”

It would be recalled that the NBA, the largest body of lawyers in Africa with over 100,000 registered members, entered into a strategic partnership with Leadway Assurance Company Limited in 2014 to provide a feasible group life insurance policy for all lawyers who pay their Annual Bar Practice Fees when due.

The insurance policy is designed to cover all the NBA lawyers in the following areas; Death or Accidental Permanent Total Accidental Disability; Accidental death; Critical illness and Accidental Medical Expenses.

To further deepen discourse at the conference, Leadway Assurance also hosted a  ForumSession which held on Wednesday, August 23, 2017. The high profile panellists at the session include the Executive Governor of Oyo State, Senator Abiola Ajimobi; Ghanaian Minister of Finance, Mr. Ken Ofori-Atta; and Director-General, Debt Management Office (DMO), Mrs. Patience Oniha.

Leadway Assurance is one of Nigeria’s foremost insurance service companies with a reputation for service efficiency and customer reliability.

The organisation is committed to bridging the financial protection gap and increasing the rate of insurance penetration in Nigeria.

 


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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