Access Holdings Announces Bolaji Agbede As Acting Group CEO

The Board of Directors of Access Holdings Plc (‘the Company’) has announced the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer of the Company following the unfortunate demise of its former Group Chief Executive Officer, Dr. Herbert Wigwe, on February 9, 2024. The appointment is subject to the approval of the Central Bank of Nigeria. Until her recent appointment, Ms. Agbede was the company’s most senior founding Executive Director in charge of Business Support. She has nearly three decades of professional experience cutting across banking and…

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Nigerian Insurers Miss IFRS 17 Implementation Deadline

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

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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Micro Pension: EFInA Restates Importance For Informal Sector Workers

…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

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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Breaking: Old Naira Notes, No Extension Beyond Feb. 10—CBN

After days of suspense surrounding the legality of old naira notes, the Central Bank of Nigeria (CBN) has declared that the February 10 deadline earlier given for the notes to cease from being legal tender remains. CBN Governor, Mr Godwin Emefiele, ruled out extension today in Abuja when he briefed ambassadors of foreign nations and diplomats in Nigeria about the apex bank’s monetary policy and issues thrown up by the currency redesign. Details later

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FBNInsurance Names Tunde Mimiko New MD/CEO

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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Group Life: The Sour Side Of A Relief Package

Nigerian workers have been known to withstand the poorest working conditions in their workplaces. Based on the need to to sustain themselves and family members, some have had to go through very gruesome experience to remain in their jobs amid meagre payment. Amid these agonies, poor implementation of the group life insurance cover further puts the family in more pains in the event of death SUNDAY OJEME reports In the last 13 years of the country’s democratic government, not much has changed for Nigerian workers in terms of welfare. Except…

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Premium Pension Receives Two ISO Recertification

Premium Pension Limited, one of the leading Pension Fund Administrators (PFAs) in Nigeria, received two International Standard Organisation (ISO)’s recertifications recently. The ISO recertifications are on Information Security Management System (ISMS) ISO 27001:2013 and Quality Management System (QMS) ISO 9001:2015. Going through the websites of Pension Fund Administrators in Nigeria, Premium Pension is the only operator with two ISO certifications. Premium Pension became the first among all the PFAs in the country to receive ISO 27001 Information Security Management System Certification under the auspices of British Standard Institute (BSI) in…

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Pension Assets: Investment In FG Securities Gulps N444bn In 5 Months

  As pension assets under the contributory pension scheme continue to grow, investment in Federal Government’s securities has also sustained its increase being the highest and most attractive portfolio for the fund managers Findings by New Telegraph revealed from the data released by the National Pension Commission (PenCom) in August that as of May this year, the total investment in Federal Government’s Securities peaked at N8.347 trillion from N8.107 trillion in January. A breakdown of the investments showed that within the five-month period, a total of N444 billion was added…

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