News
Insurers’ assets hit N3.3trn as premium income rises by 51%
By Francesca Hangeior.
Despite the harsh operating business environment in the economy, insurance companies were able to grow their total assets by 36.9 per cent year-on-year, YoY, to N3.3 trillion in Q1’24 from N2.4 trillion in the corresponding period of Q1’23.
The National Insurance Commission, NAICOM, disclosed this in its first quarter Q1’24 report of the insurance sector.
According to the report, total assets of non-life business stood at N1.9 trillion while total assets of life business stood at N1.4 trillion.
According to NAICOM, the insurance industry sustained positive performance and market deepening capacity indicating its ability to adapt and grow despite the prevailing macroeconomic challenges.
Further analysis of the report show that industry gross premium income increased by 51 per cent to N470.7 billion in Q1’24 from N311.5 billion recorded in Q1’23.
According to NAICOM, the impressive increase is attributable to the regulatory measures and market dynamics.
Further analysis of the report show that the non-life segment led the market as it generated premium income of N326.9 billion indicating 69.5 per cent contribution of the total premium pool while the life segment generated N144.9 billion representing 30.5 per cent of the total premium during the period.
On claims payment, claims paid increased by 71.8 per cent to N149.1 billion in Q1’24 from N86.8 billion recorded in Q1’23.
According to NAICOM, the growth in claims payment is a reflection of increased public enlightenment and growing confidence of stakeholders concerning claims settlement.
“This is a win-win situation for insurers, policyholders and society at large as stakeholder confidence remains a major determinant of market deepening and sustainability in the long run.”
News
EFCC declares Abdulrashhed Maina wanted
The Economic and Financial Crimes Commission (EFCC) has declared the former chairman of the defunct Pension Reform Task Force, Abdulrashid Maina, wanted.
The declaration was contained in a statement signed by the commission’s Head, Media & Publicity, Dele Oyewale, on Wednesday.
Maina, alongside, his son, Faisal, was on October 25, 2019 arraigned on 12-count charges bordering on money laundering and concealment of proceeds of unlawful act.
He was subsequently sentenced to 61 years in prison.
Justice Okon Abang of a Federal High Court in Abuja convicted Maina for allegedly stealing N2 billion meant for pensioners, expressing regrets that many pensioners died out of suffering.
The former pension reform task team boss was convicted on count 2, 6, 9, 3, 7 and 10 of the charges filed against him.
He was also found guilty of concealing his true identity as a signatory to accounts opened in UBA and Fidelity Bank.
Maina was said to have used the identity of his family members without their knowledge.
The court added that Maina could not prove that the money in the accounts were not stolen.
The latest public notice by the EFCC reads, “The public is hereby notified that ABDULRASHEED ABDULLAHI MAINA, whose photograph appears above is wanted by the Economic and Financial Crimes Commission (EFCC) in an alleged case of Receiving Stolen Properties. Maina, 61, is an indigene of Biu in Borno State.
“Anybody with useful information as to his whereabouts should please contact the Commission in its Ibadan, Uyo, Sokoto, Maiduguri, Benin, Makurdi, Kaduna, Ilorin, Enugu, Kano, Lagos, Gombe, Port Harcourt or Abuja offices or through 08093322644; its e-mail address: [email protected] or the nearest Police Station and other security agencies.”
News
‘No Respect For House Of God Again’ – Ex-Police PRO Reacts As Thieves Raid Church
DCP Olumuyiwa Adejobi, has decried the level of moral decadence in Nigeria following recent reports of an armed robbery incident in Delta state.
Recall that a 45-year-old man identified as Lawrence Onowenakpo, was arrested on September 19 and other fleeing members of his gang were intercepted while driving two Toyota Sienna vehicles conveying musical equipment allegedly stolen from a church.
Reacting via social media, Adejobi said in the past, people ran to church for refuge but incidents like k!dnapping and armed robbery have become recurring.
He wrote, “These armed robbers went to rob a church, carted away church items including musical equipment. No respect for the house of God again. When I was growing, many people used to seek refuge in the church, keep things in the vicarage.
“But now, priests are even being kidnapped, house of God robbed and attacked, and children of God are exposed to dangers. Do we blame the government for this again? Of course No.
“This could be tailored to social decadence and moral decay which must be addressed as quickly as possible. Not all the time we blame the government for issues like this, at times, we need to seek and canvass for personal or individual transformation towards improved society. Armed robbery in the church!!!. Oga oo. Ire oo”
News
Police Release Photo of Lady Found Dead in C’River Hotel, Seek Public Help to Identify her
The Cross River State Police Command has released the photograph of a woman found dead in a hotel in Calabar South, as detectives intensify efforts to identify her and locate the unidentified male guest who lodged with her.
The woman was found dead earlier this month in a hotel room along Clifford Lane, Calabar South, after reportedly checking into the facility with a man whose whereabouts remain unknown.
In a statement issued on Wednesday and signed by the Police Public Relations Officer, ASP Eitokpah Sunday Akata, the Command appealed to members of the public who may recognise the deceased or have information about her identity, family or associates to come forward.
The Police said preliminary investigations established that the woman had lodged at the hotel alongside a male guest, adding that efforts were ongoing to locate him and establish the circumstances surrounding her death.
The latest development follows the Command’s September 8 report that an unidentified female guest had been found unresponsive in Room 2 of the hotel.
According to the earlier police account, the male guest who checked into the hotel with the woman had not been properly documented at the time of their admission.
The woman was reportedly discovered by the receptionist after the door to the room was noticed to be open.
Police investigators who visited the scene reportedly observed apparent marks of violence on the woman’s face and neck.
She was subsequently taken to the General Hospital, Calabar, where she was confirmed dead before her remains were deposited at the mortuary.
Meanwhile, the receptionist on duty at the time of the incident remains in police custody and is assisting investigators.
The Command said the receptionist was being questioned over the admission of the guests and events preceding the discovery of the deceased.
However, the Police stressed that his detention should not be interpreted as a determination of guilt.
According to the Command, any further action would be based on available evidence and carried out in accordance with the law.
The Commissioner of Police, Cross River State Command, CP Ajo Geoffrey Ordue, has directed that the investigation be conducted professionally and objectively.
The investigation is expected to establish the identity of the deceased, determine the circumstances surrounding her death, locate the male guest and establish the roles, if any, of persons connected to the incident.
The Police appealed to anyone who recognises the woman or has information that could assist investigators in locating the male guest to contact the Police Control Room on 0706 797 7330 or 0905 827 3057, or visit the nearest police station.
The Command said further updates would be communicated as the investigation progresses.
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