News
NAICOM to insurers: Settle genuine claims promptly or face sanctions
National Insurance Commission (NAICOM) has given insurance companies a December 31, 2024 deadline to clear all outstanding genuine claims.
This was disclosed by Mrs. Ebelechukwu Nwachukwu, Managing Director of Rex Insurance Limited, who doubles as the Head, Communication & Stakeholders Management Sub-committee at a press conference held after the Insurers’ Committee management meeting in Lagos recently.
The meeting marked the first gathering of the Insurers Committee with Mr. Olusegun Omosehin as the Commissioner for Insurance (CFI).
She informed that Mr. Omosehin charged insurance executives at the event to ensure that no outstanding claims are captured in their 2024 financial accounts. Mrs. Nwachukwu pointed out that the CFI also tasked insurers to pay specific attention to the implementation of the 10-year roadmap for the Insurance Strategic Plan.
“The regulator said it would be checking in an intensive and focused manner the outstanding claims in the insurer’s books. The Commission said its focus is on the soundness of the insurance industry, measured by the ability to meet their obligations when due,” Mrs. Nwachukwu said.
She said the CFI also charged the insurance companies to take steps towards recapitalisation by evaluating their financial position regarding the need to raise fresh capital.
According to her, the charge came having exposed a draft of the Risk-Based Supervision (RBS) regulations to the operators, adding that the CFI further encouraged brokers to ensure strict compliance with the “no premium, no cover” regulation, having observed some violations in the past.
She disclosed that NAICOM had encouraged insurers to protect data and submit their companies’ financial statements on time to boost the confidence of stakeholders, as well as pay attention to the legal and regulatory framework for the industry under the Insurance Bill 2024.
“He spoke about focusing on compliance issues under the prudential guidelines released by NAICOM to the insurers and putting an end to corporate governance abuses recognised within the industry,” she said.
She disclosed that the regulator had insisted that insurers get proper approval from NAICOM before any newly appointed executive director assumes duties.
At the session, Insurance Sector Stability; Communication & Stakeholders Management; Technology & Talent Management, and Customer Service & Market Expansions committees were constituted to propel industry’s broad plans and objectives.
Speaking with two policyholders: one of whom pleaded anonymous while the other gave his name as Ola Abiodun, they said they were excited about the marching order given to underwriters to pay genuine claims as some of them narrates past excruciating experiences.
“Many insurance companies walk the talk, they keep their words. But some of them without mentioning their names are not real; you can even see how NAICOM took over the management of one insurance company recently, this is what we want to see: strict regulation, they should be sanctioned who fails to compensate policyholders with genuine claims, trust is a scarce commodity and when confidence is lost, business perishes” they maintained.
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Immigration raises alarm over high number of irregular migration in Nigeria
The Edo State Controller of the Nigeria Immigration Service, Martins Moye, has raised the alarm over the increasing number of irregular migrants entering Nigeria.
Moye raised the alarm at the 2024 Nigeria Immigration Service, NIS, enlightenment campaign against irregular migration in Benin, Edo State capital.
He underscored the need for public awareness to curb irregular migration.
A facilitator from NIS headquarters in Abuja, David Amanahu, highlighted Edo State’s historical role in irregular migration.
According to him, due to recent efforts by the Edo State Command, the state has improved in the national ranking on irregular migration.
“The positive news is that Edo State is no longer ranked number one in irregular migration.
“Credit goes to the dedicated team in Edo who worked tirelessly to improve the situation,” Amanahu stated.
Amanahu, while delivering a message from the Controller-General of Immigration, Kemi Nandap, noted that the NIS is now more focused than ever on border management and migration issues.
News
Boundary disputes responsible for insecurity in coastal states – Oborevwori
Delta State Governor, Sheriff Oborevwori of Delta has said that boundary disputes were also responsible for the rising spate of insecurity, deaths, violence and retarded progress in the country.
The governor stated this while addressing an audience at a one-day workshop for the creation of a platform for Nigeria’s coastal states and local government areas, held at the Government House, Asaba.
The workshop has the theme, “Towards a Secure, Peaceful and Prosperous Borders,” the News Agency of Nigeria reports.
There are many crises in the country over border issues, with Delta State having its fair share.
The boundary crisis between the Okuama community in the Ughelli South Local Government Area and the Okoloba community in the Bomadi Local Government Area, which had claimed many lives, is being resolved by the government.
Speaking at the workshop, the governor said so many lives had been lost to boundary disputes as he called on the National Boundary Commission and other stakeholders to work assiduously in resolving such disputes in the country.
He described the theme as apt, adding that boundary dispute was an ancient and modern disease of humanity.
He said right from the colonial days, Nigeria had been plagued by boundary disputes, which had disastrous and destabilising consequences for the people.
“There is scarcely any state in Nigeria that has not been involved in a boundary dispute with its neighbours, which often results in displacement, death, and destruction.
“Reports indicate that between January 2018 and August 2022; 676 people were killed in various communal and boundary clashes in Nigeria.
“The causes of these disputes are traceable to land ownership, community pride, ancient or colonial boundaries, and socio-cultural factors.
“In Delta State, it is safe to say that at least 80 per cent of boundary disputes revolve around land use, either for farming, mining, and other purposes of economic significance.
“The resultant clashes often leave in their trail a chunk of internally displaced persons with the implication this has for their safety and wellbeing.
“As we all know, the living conditions in IDP camps are unsanitary and inevitably constitute environmental hazards,” he said.
Oborevwori charged the National Boundary Commission to work harder in resolving boundary disputes across the country.
“As the body responsible for resolving boundary disputes in Nigeria, the National Boundary Commission is critical to the peace, security, and prosperity of our communities.
“It is incumbent on it to embark on enlightenment and sensitisation programmes to educate the people on the importance of respecting boundaries.
“It must also properly investigate cases of boundary disputes. In discharging this vital responsibility, officials of the Commission must demonstrate the highest levels of objectivity, neutrality, and integrity to instil confidence and elicit the goodwill of the people.
“Conversations break down fast once there is a perception of favouritism or nepotism on the part of those who are supposed to be impartial arbiters,” he said.
He added, “It goes without saying that an effective conflict resolution mechanism is critical for maintaining national security.
“Hence, there is a need for strong political will on the part of the government to implement recommendations that will resolve disputes amicably, and prevent future border disputes.
“With enhanced peace and security at the core of our MORE agenda, we are committed to partnering with the Commission to discharge its functions effectively for a secure, peaceful, and prosperous Nigeria.”
In his welcome remarks, the Deputy Governor, Monday Onyeme, expressed delight that the African Union Border Governance Strategy would look into good border governance and the attainment of sustainable development.
Onyeme, who doubles as the Chairman of the State Boundary Commission, urged the African Union to sustain the tempo to ensure the harmonisation of all grey areas along the boundary communities.
He observed that the European colonisers arbitrarily, without due regard to the ethnic homogeneity of many African groups, forced Africans to belong to different nations, while diverse heterogeneous communities were hurriedly bundled into a single nation with distinct boundaries.
On their part, the deputy governors of Bayelsa and Rivers states, Lawrence Egwhrudjakpor and Prof Ngozi Odu, respectively, called on relevant authorities to discuss boundary issues often, to enthrone peace in the country.
Earlier, the Director-General of the National Boundaries Commission, Mr Adamu Adaji, said the workshop was primarily designed to engage Nigeria’s coastal states, local government areas and traditional rulers on effective border governance in Nigeria.
The NAN reports that stakeholders, including some traditional rulers from the South-West and South-South states, attended the event.
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Obaseki embarks on post-tenure medical vacation
The immediate-past governor of Edo State, Godwin Obaseki, has proceeded on vacation.
This is for him to rest and undergo a medical check-up, after a successful two-term as governor of the state.
This was disclosed in a statement by his media adviser, Crusoe Osagie, on Wednesday.
The former governor completed his two-term administration on November 11, 2024, and a new governor, Monday Okpebholo, was sworn in on Tuesday, November 12, 2024.
Osagie said, “Following the completion of his second term, a former Governor of Edo State, Godwin Obaseki, has proceeded on vacation to rest and undergo a medical check-up.
“Obaseki, once again, expressed his appreciation to God Almighty, the people of Edo State and Nigeria for the opportunity to serve.
“He urged all Edo people both at home and in the diaspora to continue to be hopeful and pray for the peace, progress and prosperity of our state and Nigeria.”
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