Economy
More Insurance Companies may be Liquidated – NAICOM
L-R: Director-General, Chartered Insurance Institute of Nigeria, Mrs Abimbola Tiamiyu; Managing Director/CEO, Excel Professional Service Ltd., Dr Oladimeji Alo; former President of CIIN, Mrs Isioma Chukwuma; CIIN President, Mr Edwin Igbiti; and Deputy Commissioner, Technical, National Insurance Commission, Sabiu Abubakar, at the second edition of the 2022 Business Outlook Seminar in Lagos on Thursday.
Lagos, July 28, 2022.
The National Insurance Commission (NAICOM) has said that more insurance companies may be sanctioned through liquidation as part of its moves to reposition the industry.The Deputy Commissioner, Technical, NAICOM, Mr Sabiu Abubakar, made this known at the Chartered Insurance Institute of Nigeria (CIIN), Second Edition of 2022 Business Outlook Seminar in Lagos on Thursday.
The theme of the seminar was: “Economic Policies of the Government in 2022: Challenges, Issues and Prospects’’.
“Recently two insurance companies’ licences have been withdrawn and these are: Niger Insurance and Standard Alliance Insurance.
“Though managing the death or failure of financial institution is very demanding, nevertheless more may still be liquidated in order to sanitise the insurance sector,” he said.
Abubakar noted that NAICOM had strengthened its regulatory oversight to ensure that operators discharge their obligation by settling genuine claims timely.
The deputy commissioner said that insurance regulation and supervision were always the bedrock of national economic development.
He noted that NAICOM’s reforms and regulatory initiatives would positively impact the insurance industry and the industry would witness tremendous development and growth.
Abubakar urged insurance practitioners to comply with and support the commission’s efforts.
In his address, CIIN’s President, Mr Edwin Igbiti, said that the seminar was organised for key players in the insurance industry and other finance sub-sector to review the business environment in the country.
Igbiti said that the review was for the performance of the industry in the immediate past year and way forward for the new year.
“The programme among other things, examined the national budget, reviewed the thrusts of the fiscal and monetary policies of the government and estimated how these would influence the insurance industry in particular and the economy in general,” he said.
According to him, the seminar was important considering the challenges bedeviling the country such as; insecurity, high inflation rate, debts, oil subsidy as well as the upcoming elections.
Igbiti stated that even though there was a positive projection of the global industry at the beginning of the year, the deliberation would have its effect on the insurance industry and the economy in general. (NAN)
Economy
Minister Says Upgrading MAN to Varsity will Unlock Maritime Opportunities
Mr Adegboyega Oyetola, the Minister of Marine and Blue Economy says upgrading the Maritime Academy of Nigeria (MAN), Oron to a university, will unlock opportunities in the maritime economy.
Oyetola made the expression at the 2024 MAN cadets graduation ceremony in Oron, Akwa Ibom on Saturday.
Represented by Mr Babatunde Bombata, the Director, Maritime Safety and Security, the minister said the Federal Government was working assiduously to unlock opportunities within the marine and blue economy.
He said that the ministry was already collaborating with the Ministry of Education and the Nigerian Universities Commission to ensure MAN’s seamless transition to a university.
“It is our hope that this upgrade will unlock new opportunities for advanced learning, cutting edge research and innovation within the marine and blue economy fields,” he said.
Oyetola urged the graduating cadets to be innovative, resourceful and forward looking in their future endeavours.
“The maritime and blue economy sectors are filled with opportunities, so your contributions to the sector will be instrumental in ensuring a brighter future.
“The government is committed to fostering excellence and innovation in these fields, and we eagerly anticipate the positive impact you will make in your careers,” he said.
He further said that the Federal Government was working on developing a national policy on marine and blue economy.
“This policy will serve as a strategic framework to drive economic diversification, attract investments, create jobs and youth empowerment.
In his remarks, Gov. Umo Eno of Akwa Ibom, said the state government would continue to collaborate with the academy to develop the maritime sector.
Represented by the Commissioner for Internal Security and Waterways, Gen. Koko Essien, (Rtd), Eno urged the graduating cadets to utilise their training in developing the maritime sector.
“I am hopeful that you will utilise the training you have acquired here to further your career as seafarers and in the development of our blue economy,” he said.
Eno commended the Acting Rector, Dr Kevin Okonna and his management team for their commitment towards repositioning the academy for greater results.
Earlier, Okonna said that graduates of the institution had contributed immensely to the growth of Nigeria’s maritime and blue economy.
“Today, we have an opportunity to celebrate a new set of well-trained personnel to the maritime and allied industries.
“We pride ourselves as the pioneer maritime training institution, this is because of the institution’s contributions to national development,” he said.
The acting rector urged the graduating cadets to made effective use of the knowledge gained during their training to make meaningful impact on the growth of the maritime sector.
Report says that awards were given to graduating cadets who distinguished themselves in character and learning. (NAN)
Economy
Investors Gain N183bn on NGX
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
Economy
Yuan Weakens to 7.1870 Against Dollar
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)