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.
Dr. Obiageli Amadiobi, director general and chief executive officer, National Office for Technology Acquisition and Promotion (NOTAP), has advocated Franchising as a sustainable business model for the South East entrepreneurs.
Dr. Obiageli Amadiobi, DG/CEO, NOTAP
She made this call during a one-day sensitization and unveiling of the NOTAP Franchising Guidelines for south east stakeholders and entrepreneurs for a successful franchising business.
The DG who was represented at the event by Mr. Emeka Orji, head of Department Corporate Planning (CP) Department, NOTAP, said that franchising business model had globally been proven to be successfully sustainable due to low business risks associated with it.
She defines franchising as a contractual business relationship between a licensor (the franchisor) and a licensee (the franchisee) that allows the business owner to use the licensor’s brand and methods of doing business to distribute products or provide services to consumers.
She added that in essence, the franchisee pays the franchisor for the opportunity to use his established business model and brand name in running his business.
Dr. Amadiobi said the essence of the workshop was not just organised to explore the possibility of adopting franchising as a strategic platform to transform local dreams into national and global business realities.
She described the programme as an opportunity for business owners and intending entrepreneurs from the Zone to latch into the huge and untapped potentials provided by franchising business models in becoming business and brand ambassadors.
With over 800,000 franchise establishments across the globe, generating trillions in revenue, she described Franchising as a pathway to economic empowerment.
General News
FG Launches Online Citizenship, Business Management Portal to Enhance Transparency, Service Delivery
The Federal Government has launched a new Online Citizenship and Business Management Platform, in a bid to boost transparency, operational efficiency, and service delivery. The initiative, unveiled by the Ministry of Interior, is in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.
The platform is designed to simplify and accelerate the processing of citizenship and business-related services, allowing individuals and corporate entities to carry out transactions seamlessly from anywhere in the world.
According to a statement issued by Magdalene Ajani, Permanent Secretary of the Ministry, the digital platform represents a significant milestone in the Ministry’s ongoing reform agenda.
It noted that the new system would drastically reduce bureaucratic bottlenecks, enhance user experience, and improve turnaround time for applications. “The Ministry is committed to promoting a more efficient, transparent, and secure framework for citizenship administration.
“This digital transformation is a testament to our resolve to improve public service delivery through the use of technology”, the statement reads.
Members of the public, private organisations, and other stakeholders can now access the platform through the Ministry’s official website: https://interior.gov.ng, or directly via the portal: https://candb.interior.gov.ng. For technical support or inquiries, users can contact: candb-support@interior.gov.ng.
The Ministry emphasised that the launch of this platform is just one of several digital initiatives aimed at transforming the nation’s administrative processes and aligning them with global best practices.
Observers believe the platform could become a game-changer in reducing red tape and promoting a more investor-friendly environment in Nigeria, particularly in areas involving citizenship acquisition and business operations.
Kashifu Inuwa Abdullahi, director general of National Information Technology Development Agency (NITDA) has said that the 18 community IT centre the agency has built in the past two years are meant to be a beacon of calls and catalyst of change in those communities where they are cited.
He sated this at the commissioning/handing over of IT centre at Akesan area in Lagos. He noted that the IT centres, Innovation hubs among others are part of digital literacy programme of the agency.
“This center is designed and build to help Akesan community to be part of the digital economy, because the President is big and loud when it comes to national prosperity and inclusivity.
“Our target is to build more than 1600 across the country. We want every community every Nigerian to be part of this national prosperity and inclusivity when it comes to digital economy.
“Today, we are here to commission it, to ensure and encourage you to put it in a good use, because we call it a community center means that we want everybody to be part of it. We don’t want it to be suited in a school where the school will lock it for only students and the staff.
“That’s why we located it in the community. Schools can be part of it. Our senior citizens can be part of it. Our religious centers also can be part of it to learn.
“We want it to be a beacon of call as well as a catalyst of change in this community. We want to see more information technology gurus coming from Akesan community. So, I want to encourage you to also come with a sustainability model so that the center will be on. It is on because when you invest in this kind of infrastructure, we don’t want to be called when there are small things that we should come and fix it. That’s why we are handing it over to the community so that the community can put it in a good use. The community can find a way to make it self-sustaining,” he said.
Dr. ‘Bosun Tijani, Honourable Minister of Communications, Innovation & Digital Economy, the NITDA Community Centre in Lagos, a space that is more than just a building. It is a strategic extension of our national mission – a bridge between the Federal Government’s digital economy policies and the unmatched energy, ingenuity, and innovation that Lagos represents.
The minister who was represented by Mr. Johnson Bareyei, director, e-governmance in the ministry, added that his ministry is committed to promoting inclusivity through capacity building initiatives like the 3MTT programme.
“We are also developing the National Digital Economy & e-Governance Bill, which is a robust legislative framework that will help guide our everyday engagement online.
“Our work at the Ministry also includes Project BRIDGE, our ambitious effort to improve interconnectivity by deploying 90,000km of fibre-optic cable across Nigeria. This is a critical imperative as we work towards making Nigeria a $1trillion economy powered by innovation, infrastructure, and inclusive growth,” he said.
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