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Kano Targets Foreign Investment with Compulsory Insurance Policy

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By Tony Obiechina, Abuja

The Kano state government said it will use its new insurance culture to attract foreign investments.

Secretary to the State Government, Alhaji Usman Alhaji, who represented the state governor, Abudullahi Ganduje disclosed this in Abuja on Thursday at a three-day retreat for members of the Technical Committee on implementation of Third Party Liability and other Insurances in Kano State.

According to him, the compulsory insurance policy adopted by the state government “is deliberate because we know that in the long run, we stand to mutually benefit: the insurance companies; the State government and the people of Kano.

The state government he added is optimistic that an entrenched insurance culture in Kano state will assure investors of the safety of their investments.

Alhaji Usman said “government is exploring and promoting insurance culture in the state to, among others, encourage Foreign Direct Investment (FDI). In the long run, they (investors) will have to be insured as well and that will give them the safety required in case of any eventuality”.

The Secretary to the Government pointed out that the compulsory insurance policy was adopted by the state government in its quest “to make Kano a better state, develop economically and move to the next level”.

He said the policy will guarantee “the protection of the people of the state and their businesses, by ensuring they are insured and in the event of any eventuality, they can get relief”.

The policy he noted will also “ensure that we raise our internally generated revenue, so that we can continue to deploy it into other sectors of development as well as help government fulfil its number one obligation which is protecting the life and property of our people

“In the event of any unfortunate circumstance then we know that we will have taken the necessary steps to get relief for the families of people and of course, owners of businesses.”

The Commissioner for Insurance and Chief Executive Officer of National Insurance Commission (NAICOM) Mr Sunday Thomas, said that the steps taken by the Kano state government over insurance was a testament that insurance could indeed thrive anywhere in Nigeria.

He said that the objective of the retreat was to equip members of the committee with requisite information and knowledge to enable them maximize opportunities that would help grow and develop insurance culture amongst Kano state citizens.

Thomas stated that the Kano state insurance policy would help the state “generate more revenue and serve as a social protection mechanism that would assist both government and citizens in the event of any disaster”.

The mandatory insurances that would be enforced in the state he said would be “the third-party motto insurance covers in respect of all mechanically propelled vehicles that ply public roads”.

“The liability insurance cover in respect of all buildings under construction that are more than two floors. Also, all public buildings and these include schools, offices, hotels, hospitals, market shops, shopping malls, and all of that.

“Professional indemnity for all medical practitioners and hospitals in Kano state.

Group Life Insurance for all employers of labour that employ more than three persons and annuity for retirees as provided under the pension reform act as an option.

“As one of the leading commercial nerve centres in our country, with huge population and business potential, the adoption and enforcement of these compulsory insurances will no doubt boost insurance premium income in the country.

“It will create thousands of employment opportunities in the state, improve the standard of living of the people and increase the state’s internally generated revenue.”

Thomas, however, stated that beyond the compulsory classes of insurance, the committee would be educated on the need to appreciate and exploit the benefits of insurance by encouraging individuals or corporate entities within the state to embrace other non-mandatory insurances.

“These are either through Takaful insurance otherwise known as Islamic insurance or Micro insurance which caters for the low-income earners who constitute larger percentage of the population and businesses.

“This will enable an all-inclusive approach to the drive for insurance uptake that will address most of the sentiments against insurance in our society”.

Economy

Investors Gain N183bn on NGX

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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)

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Economy

Yuan Weakens to 7.1870 Against Dollar

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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)

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Economy

Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL

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Arewa Youths Initiative for Energy Reforms (AYIFER), has urged  Nigeria National Petroleum Corporation Limited (NNPCL)  to do everything possible to bring Kaduna Refinery back into operation.

National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.

Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.

He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.

“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.

“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.

“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.

Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.

According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.

He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)

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