° Says NAICOM’s supervisors spend more time verifying data than analysing them Leave a comment and share Chuks Udo Okonta The International Monetary Fund (IMF) has said supervisors from the National Insurance Commission (NAICOM) spend more time verifying data than analysing them due to poor accounting and auditing of Insurance […]
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Pension fund assets soar to N12.29tn
Leave a comment and share Chuks Udo Okonta The pension sector fund assets has soared to N12.29 trillion by November 30, 2020, the National Pension Commission (PenCom) has said. This represented a 1.94 per cent increase when compared with N12.053 trillion recorded as at October 31, 2020, it said, noting […]
Nigeria’s insurance sector capital base three to six times higher than other countries – IMF
Leave a comment and share Chuks Udo Okonta The International Monetary Fund (IMF) has said Nigeria’s insurance industry minimum capital requirements are three to six times higher than other developing countries. The IMF said this in a report entitled: Nigeria: Publication of Financial Sector Assessment Program Documentation – Detailed Assessment […]
COVID-19: FG fails to make claims on dead medical pensonnel
Leave a comment and share Chuks Udo Okonta Nine months after the Insurance industry granted N11 billion life insurance cover to frontline health workers employed to combat COVID-19 pandemic, the Federal Government is yet to report any claim amid acclaimed deaths by the Nigerian Medical Association (NMA). Investigation by Inspenonline […]
Sovereign Trust Insurance maintains A-rating with GCR
MD/CEO Sovereign Trust Insurance, Olaotan Soyinka Leave a comment and share Chuks Udo Okonta Sovereign Trust Insurance Plc has over a decade now, consistently maintained a confident A- rating with the international rating agency, Global Credit Rating, GCR based in South Africa. A statement by the Deputy General Manager Sales […]
Stanbic IBTC supports businesses with bouquet of solutions
Leave a comment and share Chuks Udo Okonta Stanbic IBTC Holdings PLC, has highlighted its array of solutions to support businesses in the country to make the most of 2021. The solutions on offer are geared towards providing access to flexible funding for small, medium and large-scale enterprises thereby addressing […]
CIIN to withdraw insurance professionals’ certificates over unethical deeds
Oyegunle Leave a comment and share Chuks Udo Okonta The Chartered Insurance Institute of Nigeria (CIIN) has threatened to withdraw professional certificates issued to insurance practitioners who engaged in unethical practices. The President of the Institute, Sir. Muftau Oyegunle, said this at the CIIN’s 2020 graduation and fellowship awards ceremony […]
FBN General Insurance gets N1.05bn capital injection from shareholders
Opadokun Leave a comment and share Chuks Udo Okonta The Shareholders of FBN General Insurance, a general insurance company have injected additional capital to the tune of N1,048,246,604.50 thereby bringing the total share capital of the company to N5 billion. “By this increased share capital, FBN General Insurance is set […]
Pension assets soar to N11.57tn as PFAs invest N2.01tn in money market
Leave a comment and share Chuks Udo Okonta The pension fund assets stood at N11.57 trillion as at September 30, 2020, out of which N2.01 trillion was invested in local money market, the National Pension Commission (PenCom) has said. PenCom stated this in its summary of pension funds portfolio for […]
FG releases N11.82bn for MDAs retirees’ accrued pension rights
Leave a comment and share Chuks Udo Okonta The Federal Government has released N11.82 billion for payment of accrued pension rights of retirees under its Ministries Department and Agencies (MDAs). Head, Corporate Communications Department, National Pension Commission (PenCom) Peter Aghahowa, disclosed this in a statement, noting that accrued rights represent […]
