General News
Expert Tasks Operators on Slow Pace of Insurance Growth
Notwithstanding the efforts of stakeholders aimed at rising the stakes of the insurance sector, expert opinion have indicated that the industry is not growing at a corresponding rate. According to a financial analyst, Mr. Anddy Okamoso, the Nigerian environment does not follow some of the economic principles that are known in the world. He stated that it was quite unfortunate that in Nigeria, banks have so much money in their kitty and yet they do not lend this money out to the relevant sectors of the economy that need this fund to develop their sectors. He stressed that if the situation persists, the economy not growing, he advised the government to come out with directives, so that banks can give out loans at a given rate. Okamoso who is also the managing director of ABC Consulting Group stated that insurance business is at its lowest ebb in Nigeria, adding that most Nigerians don’t know what is called insurance and due to the poor take in this area, the insurance industry is not growing the way it should.
He acknowledged the efforts of the Nigerian Insurers’ Association (NIA) whose wonderful leadership role has been of immense benefit to the operators. He called for a review of some of the current laws guiding the industry which accounts for the slow pace of development over the years. He particularly tasked the Loss adjusters to review some of their operations and the aged long public belief that they are ready tools in the hands of insurers especially in furthering their nefarious activities. For instance, he faulted the scale of adjuster’s fees which he said needed a review in line with growing industry demand. If improved upon, he added, the loss adjusters will be better encouraged and such morale booster would have a multiplier effect on the industry at large. As it is now, the scale of fees are not attractive to work with when compared with what operates in the international scene. For instance in Europe and elsewhere, loss adjusters apply hourly rates and therefore receive living income from professional services rendered. Unfortunately, here in Nigeria, the last scale of fees which loss adjusters are using was the one agreed upon with Nigeria Insurers Association in 1992. Unfortunately, the Institute of Loss Adjusters itself has come out to say that their efforts have been frustrated in the past by the Nigeria Insurers Association (NIA) Governing Council. The financial consultant called on the National Insurance Commission (NAICOM) to look into the issue. He stated that one of the contending factors is that there seems to be a gap between them and underwriters whom they have accused in time past for either delaying or even forgetting to pay loss adjusters fees. He stressed that in an ideal situation, the claimant’s cheque and the loss adjuster’s bill ought to be processed at the same time and promptly. While claiming not to hold fort for adjusters, Okamoso canvassed a role for them under the Employee Compensation Bill. For now, he said, adjusters are not involved in that business, stressing that insurance firms are offering the service on workman compensation, a situation he said was not necessary. It will be counter productive, except they want to repeal all the laws that are already in place. He warned that If the bill as allowed, to go through, the employees also should be allowed to have option, adding that the current fight by the insurers for a fair representation was a fight in the right direction.
He called on government to be actively involved in shaping the industry if there would be any sustainable results in on-going economic revival policies.
Nigeria Immigration Service (NIS) has announced an ongoing upgrade and maintenance of its passport portal for applicants within Nigeria.
In a public notice shared on Sunday via its official ‘X’ page, the NIS reassured Nigerians that other services, including passport applications for citizens abroad, remain fully operational during the maintenance period.
The service stated that its team is “working tirelessly” to complete the upgrade and restore full functionality within 72 hours.
“We sincerely apologise for any inconvenience this may cause and deeply appreciate your patience and understanding,” the notice read. It emphasized that the upgrade is part of efforts to enhance service delivery.
Reaffirming its commitment to excellence, the NIS pledged to provide efficient services to Nigerians at home and abroad.
FBNQuest Asset Management, a subsidiary of FBN Holdings Plc., has been awarded an A+ rating by Agusto & Co. Limited. This rating reflects the firm’s stable outlook, robust risk management, and strong investment capabilities, highlighting its impressive operational performance and outstanding business profile.
It emphasizes FBNQuest Asset Management’s ongoing commitment to providing exceptional investment services to its clients.
The rating was issued in a recent report by Agusto & Co., a leading rating agency in Nigeria. This recognition underscores the company’s strong operational record, excellent corporate governance, and professional management of fund assets.
The organisation’s impressive performance demonstrates its unwavering dedication to delivering exceptional value to clients through a variety of products and services tailored to meet their investment needs.
Ike Onyia, the Managing Director of FBNQuest Asset Management, expressed his satisfaction with the rating, stating, “We are truly delighted to receive the A+ rating from Agusto & Co. This recognition is a testament to our strong expertise in investment portfolio management and the achievements we have realised over the years.
“We take pride in this positive acknowledgement, which stems from our well-thought-out business strategies and the exceptional performance of our skilled workforce, cementing our position in the hearts of our stakeholders.”
FBNQuest Asset Management was also recognised as the Best Asset Manager at the 2024 EMEA African Banker Awards. The organisation continues to maintain a consistently strong position in the investment services subsector in Nigeria, leveraging its rich pedigree in intellectual capital, strong research capabilities, and cutting-edge technology to provide clients with value-adding insights, advice, and service.
“Our mutual funds offer diverse investment options that enable the creation of unique and value-enhancing investment strategies for different client segments.
Additionally, our range of mutual funds encompasses various asset classes, including equities, bonds, and money market instruments,” he added.
Agusto & Co. is a Pan-African leader in credit ratings and credit reports, having assigned over 1,500 ratings across various sectors. Their ratings are globally recognised, with a broad client base relying on them as benchmarks to gauge business success.
TikTok has resumed services to its 170 million users in the US after President-elect Donald Trump said he would issue an executive order to give the app a reprieve when he takes office today, January 20.
On Saturday evening, January 18, the Chinese-owned app stopped working for American users, after a law banning it on national security grounds came into effect.
Trump, who had previously backed a ban on the platform, promised on Sunday to delay the implementation of the law and allow more time for a deal to be made. TikTok then said that it was in the process of “restoring service”.
Soon after, the app started working again and a popup message to its millions of users thanked Trump by name.
In a statement, the company thanked the incoming president for “providing the necessary clarity and assurance” and said it would work with Trump “on a long-term solution that keeps TikTok in the United States”.
TikTok CEO Shou Chew is expected to attend Trump’s inauguration today.
Posting on Truth Social, a social media platform he owns, Trump said on Sunday: “I’m asking companies not to let TikTok stay dark! I will issue an executive order on Monday to extend the period of time before the law’s prohibitions take effect, so that we can make a deal to protect our national security.”
TikTok’s parent company, Bytedance, previously ignored a law requiring it to sell its US operations to avoid a ban. The law was upheld by Supreme Court on Friday and went into effect on Sunday.
It is unclear what legal authority Trump will have to delay the implementation of a law that is already in effect. But it expected that his government will not enforce the ban if he issues an executive order.
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