Category: Insurance

Capital Formation: Coronation Registrars Charts Path To Sustainable Wealth

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  With most Nigerians finding it difficult to save for the future due to several factors, the management of Coronation Registrars has identified the role investment in securities could play in capital formation. In a webinar themed, “The Role of Capital Formation and Dividend in Building Sustainable Wealth,” organised by the firm, the President and Chairman of Council, Institute of Capital Market Registrars, Oluseyi Owoturo, gave a direction on building sustainable wealth. Speaking on the importance of reinvesting dividends, he said dividends could be a good source of capital formation…

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Junior Pope: Obi Commiserates With Nollywood Stakeholders

JUSTINA EMMANUEL OKPARA

The Presidential candidate of Labour Party in the 2023 election, Mr. Peter Obi, has expressed shock over the reported death of Nollywood actor, Pope Obumneme Odonwodo, popularly known as Junior Pope. Obi, in a condolence message on his X handle, said he was shocked by the reports of the death of yet another vibrant Nollywood actor. According to him, “our entertainment industry, and indeed our dear nation, is once again thrown into mourning, by the death of this young talented actor. “Junior Pope was known for his energetic acting, always…

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Nigerian Insurers Miss IFRS 17 Implementation Deadline

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Nigerian Insurers Miss IFRS 17 Implementation Deadline   Several insurance companies operating in Nigeria have missed the deadline set by the National Insurance Commission (NAICOM) for the full implementation of the new IFRS 17 accounting standard. Insurers were required to adopt the new accounting framework by 31 December 2023. According to industry professionals, the non-compliant companies could ask for an extension of the deadlines. No official statement has been made by NAICOM, which according to market expectations could either grant an extension of the deadlines or impose sanctions. Atlas Magazine…

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IFRS 17: Insurers Consolidate On Battling Visible Challenges

JUSTINA EMMANUEL OKPARA

Steps towards effective accounting standard as provided through Internation Financial Reporting Standards (IFRS 17) received a boost last week as experts in the insurance sector gathered to tackle visible challenges therein. The roundtable organised by Mettlehouse Consulting was themed: “Resolving Insurance Service Expenses Allocation Challenges in Financial Reporting under IFRS 17.” Leading the discussions in his keynote address, the Commissioner for Insurance, Mr. Sunday Thomas, considered it a privilege to have been invited to the programme that is aimed at, among others, recommending best practices for harmonisation, comparability and consistency…

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Report: Insurers Suspending Exposure To Specific Risks

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…as reinsurers adopt new strategies   As catastrophes keep emerging in different dimensions globally, underwriters are also adopting measures to remain in business as well as cut cost and sustain profitability. To remain afloat in this regard, insurers across the world are taking measures as report emerges that those operating in the United States have resorted to suspending exposure to certain risks. A report by Atlas Magazine specifically said several US insurers were suspending the underwriting of certain coverages in order to reduce their exposure to specific risks. The report…

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Micro Pension: EFInA Restates Importance For Informal Sector Workers

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…As Contributions Hit N435.61m A major financial inclusion advocate, Enhancing Financial Innovation & Access (EFInA), has restated the need for informal sector practitioners to embrace opportunities in Micro Pension Plan. The advice came on the heels of most informal sector employees’ lack of interest in the scheme set up in 2019 to take care of their welfare after retirement from active work life. This is just as contributions under MPP have peaked at N435.61 million. The gradual input of the scheme to the economy shows that more Nigerians, both in…

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Premium Pension Grows Asset Under Management To N1.041trn

JUSTINA EMMANUEL OKPARA

One of the leading Pension Fund Administrators in the country, Premium Pension Limited, has grown its Asset Under Management (AUM) to N1.000.41 trillion at the end of 2022 financial year. This is despite increasing economic challenges and stiff competition in the industry. This growth represents N120.93 billion over 2021 year-end of N879.48 billion, indicating a year-on-year growth rate of 12.08 per cent. Mr. Ibrahim Alhassan Babayo, Chairman, Board of Directors of Premium Pension Limited, disclosed this at the 18th Annual General Meeting (AGM) of the company held at its corporate…

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The New Africa Magazine Names Onyeali-Ikpe, Banda, Taylor, Senator Olujimi, Others As Outstanding Women in Africa

JUSTINA EMMANUEL OKPARA

The New Africa Magazine, a strong believer in the culture of recognition for both men and women who have been shaping the vision and progress of the African continent, has released its list of 110 Outstanding Women in Africa for the year 2022. Some of those picked for the special recognition are the first female Managing Director, Fidelity Bank Plc, Ms. Nneka Onyeali-Ikpe; Hon. Joyce Hilda Banda, Fmr. President of Malawi, Hon. Jewel Howard Taylor, Vice President of Liberia; Jamila Sedqi, First Moroccan Female Judge at the UN Administrative Tribunal,…

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The New Africa Magazine Names Onyeali-Ikpe, Banda, Taylor, Senator Olujimi, Others As Outstanding Women in Africa

JUSTINA EMMANUEL OKPARA

The New Africa Magazine, a strong believer in the culture of recognition for both men and women who have been shaping the vision and progress of the African continent, has released its list of 110 Outstanding Women in Africa for the year 2022. Some of those picked for the special recognition are the first female Managing Director, Fidelity Bank Plc, Ms. Nneka Onyeali-Ikpe; Hon. Joyce Hilda Banda, Fmr. President of Malawi, Hon. Jewel Howard Taylor, Vice President of Liberia; Jamila Sedqi, First Moroccan Female Judge at the UN Administrative Tribunal,…

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FBNInsurance Names Tunde Mimiko New MD/CEO

Gedion Myek

FBNInsurance Limited has announced the appointment of Mr. Tunde Mimiko as its new Managing Director/Chief Executive Officer, following the retirement of Mr. Val Ojumah. A statement released by the company described Mimiko as a seasoned insurance professional with over 23 years’ experience in life and general insurance, spanning sales and marketing, business development, strategy, vision & mission planning, technical operations, product development & management. The statement added that he was a transformational leader who has actively participated in the transition projects of the various companies where he served, including the…

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