News
Families Sue Dana Airlines over Plane Crash
65 of the families both Nigerians and foreigners have instituted legal action against Dana airlines, the owners of the airlines that crashed at the Iju-Ishaga area of Lagos state killing all the passengers on board on June 3, 2012.
This is even 11 of the 125 families of the victims have received the full compensation of $100, 000 as mandated by the International Air Transport Association (IATA).
Meanwhile, eight families were yet to show up for claims.
Tony Usidamen, group communication manager, Dana Air, told steps journalists that steps are taken by the airline to pay to compensate affected families.
It is recalled that 153 passengers and crew members perished in the accident, while no fewer 10 persons also died on the ground with colossal damages to properties.
According to Usidamen, as of Friday May 24, 2013, 95 families of 125 had received the initial payment of $30, 000, adding that 21 of the families just submitted documents from the Probate Registry for full compensation.
He said that when the 21 families receive the final payment of $100,000, it would bring to 32 the total number of families fully compensated.
On the delay of payment of full compensation to the families involved, he said that it was due primarily to late submission of documents, multiple entries from families and internal wrangling among the families.
While assuring that the airline was working round the clock to ensure that all those who had submitted documents were fully paid, Usidamen declared that nine families were affected out of which seven families had been given partial settlement while other two refused to collect the initial payment.
He emphasised that Pastor Daniel Omowunmi whose properties were destroyed and he’s laying claim to the sum of N500m had also received initial payment of $30, 000, stressing that the airline with its insurance companies were still negotiating with the pastor.
“The process of compensation is handled by our insurance companies and as a responsible airline organisation, we need to get update from our insurance companies. Negotiations are ongoing with the victims. The claims are completed and sent to our insurance companies who will appoint a valuer to evaluate the properties on ground before the accident.
“Unlike in the case of the victims onboard, which is spelt out by ICAO, on ground victims have no clear cut compensation. But all the victims will be compensated to the extent of their losses. The allegation that we’ve abandoned the ground families is not true, negotiations are going on, but agreement has not been reached,” Usidamen stated.
News
FBNQuest Asset Management Wins Asset Management Award at BusinessDay Banks & Other Financial Institutions Awards
FBNQuest Asset Management, an investment management firm in Nigeria and a subsidiary of FBN Holdings Plc., is proud to announce that it has been honoured with the prestigious Excellence in Asset Management Award at the recent BusinessDay Banks and Other Financial Institutions Awards.
This recognition highlights FBNQuest Asset Management’s unwavering commitment to delivering exceptional investment solutions and fostering financial growth for its clients.
The award ceremony, celebrated the outstanding achievements of financial institutions across Nigeria, highlighting those that have demonstrated innovation, excellence, and unwavering commitment to quality service.
“We are immensely proud to receive this award, which reflects our dedication to excellence and our focus on creating value for our clients,” stated Ike Onyia, Managing Director, FBNQuest Asset Management. “This achievement is a testament to the hard work and expertise of our team, as well as the trust our clients place in us. We will continue to strive for excellence in all that we do.”
FBNQuest Asset Management offers a range of investment solutions, including mutual funds, discretionary portfolio management, and alternative investments, tailored to meet the diverse needs of its clients.
The firm remains committed to maintaining the highest standards of integrity and professionalism in the asset management industry.
The BusinessDay Banks and Other Financial Institutions Awards are recognized as one of the most prestigious accolades in the financial sector, honouring organisations that excel in performance, innovation, and customer service.
News
FG Launches Amnesty to Allow Deposits of Forex outside Banking System
Federal government has unveiled a new policy for Nigerians to deposit dollar bills held outside the formal banking system without scrutiny.
Nigerians have nine-month deadline to do this according to Wale Edun, minister of Finance and coordinating minister of the Economy.
Edun who spoke after the Thursday’s National Economic Council (NEC) meeting in Abuja, said that “there will be no penalty; there will be no taxes, and there will be no questions.”
“There is going to be a release today, details by the federal government through the Ministry of Finance, in conjunction with the Central Bank, a programme, starting today, 31st of October, and lasting nine months, that will allow people to bring in cash that is outside the banking system.
“So therefore it is unsafe, it is unsecure and it is outside of legal limits. They will allowed forbearance to bring dollars cash. Let me emphasize once again, it is to bring dollars that they are holding outside the system to be able to bring them in and credit it to their bank accounts, as long as it is not proceeds of crime, illicit money.
“They just meet the normal ‘Know Your Customer’ criteria of banks and they have an opportunity to bring in those funds, make them safe, make them secure, and make them available through normal, economic activity.”
The minister also stated that 25 million Nigerians have benefitted from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas initiatives.
News
NAICOM Sacks African Alliance Insurance Board
The National Insurance Commission, (NAICOM), on Wednesday, sacked the board of African Alliance Insurance Plc with effect from October 30, 2024.
The Commissioner for Insurance, Mr. Segun Omosehin, disclosed this during a press conference in its Lagos office, that an interim board and management have be appointed.
The new interim board are: Dr Haruna Mustafar, a former director at Central Bank of Nigeria; Anthony Achebe – Non-Executive and Haj. Halimatu M. Khabeeb – Non-Executive Director.
The management team is led by former Managing Director of International Energy Insurance and Cornerstone Insurance Plc, Jacob Erabor, as Managing Director/ CEO; Wasiu Amao – Executive Director, Technical and Ms. Oremeyi Longe – Executive Director, Finance.
He noted that the interim management has up to one year to turn around the company.
He said the decision follows an extensive monitoring and review of the company’s financial condition, governance, and operational practices, which revealed significant concerns regarding its ability to continue operating in a safe and sound manner which has for some time now generated a lot of uncertainty over claims settlement and payment to annuitants under the company.
The Interim Management Board, according to him will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms.
While noting that the Commission will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimise disruption and ensure continuity.
”The objective of this takeover is to protect the interests of African Alliance Insurance Plc’s annuitants, policyholders, other stakeholders, and the broader insurance industry while ensuring the company’s return to stability and compliance.
“The Commission is committed to maintaining the stability and integrity of the Nigerian insurance industry. Our actions today demonstrate our resolve to address concerns and protect the annuitants, policyholders and public interest.”
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