NEWS
Leadway Assurance Pays N67bn Claims in 2023
Leadway Assurance Company Ltd. has disbursed N67.1 billion in claims for the year ended Dec. 31, 2023, indicating 16.7 per cent increase from N57.5 billion paid in 2022.Mr Gboyega Lesi, Managing Director of the insurance company, said this in a statement made available to newsmen on Monday in Lagos.
Lesi said that the record showed that the insurer maintained its position as the industry leader in claims payments for the eighth consecutive year. He explained that the remarkable journey began for the underwriter in 2016 with N23 billion in claims payments, which was the highest paid by an insurer that year. According to him, each subsequent year has seen substantial growth, from N27.40 billion in 2017 to N33.80 billion in 2018, reflecting Leadway’s unwavering commitment to its policyholders.“In 2019, claims payments rose to N38.40 billion, showcasing Leadway’s ongoing dedication to excellence.“Despite the challenges of the COVID-19 pandemic in 2020, the company supported its policyholders with N43.5 billion in claims, demonstrating resilience and reliability.“The unprecedented and sustained trend continued with N48 billion in 2021 and an impressive N57.5 billion in 2022,” he said.The managing director noted that Leadway’s substantial and consistent claims payments had earned the trust and confidence of policyholders, setting a benchmark in the industry.Lesi highlighted the company’s focus on operational efficiency, innovation, and customer experience enhancement.He said: “We remain ambitious in our quest to be the dominant insurance company in Nigeria.“Our strategic focus on customer-centricity, digital transformation, and business agility will drive us forward.Also, Retired Gen. Martin Luther Agwai, Chairman, Board of Directors of Leadway, said the underwriting firm was committed to sustainable growth by reaching new customer segments and exploring innovative distribution channels.Leadway Assurance is one of Nigeria’s foremost insurance service companies with a reputation for service efficiency and is committed to bridging the financial protection gap and increasing insurance penetration in Nigeria. (NAN)NEWS
Customs Intercept Contraband Worth N510.92m in Two Conths
The Nigeria Customs Service (NCS), Federal Operations Unit Zone C, says it intercepted contrabands with a Duty Paid Value (DPV) of N510.92 million between July 15th and September 15th, 2024.The zone covers the six states in the South-South geopolitical zone and the five states in the Southeast geopolitical zone.
This is contained in a statement signed by Jerry Attah, Public Relations Officer, NCS, Zone C, and made available to journalists on Wednesday. According to the statement, Comptroller Michael Ugbagu, NCS, Zone C, gave the statistics while showcasing the seized contraband to relevant regulatory agencies at the Government Warehouse in Edo.Ugbagu said that the zone also recovered the sum of N25.57 million from demand notices raised based on some infractions noticed, making a cumulative sum of N536.49 million recorded within the months under review.“The DPV was derived from our seized goods, which include 49,699 sachets of various brands of tramadol and 3,350 bottles of various cough syrups with codeine without an NAFDAC number.“1,015 sacks of dry donkey meat and skin, 75 jumbo bales of second-hand clothing, 463 cartons of foreign spaghetti, 269 pieces of used pneumatic tires, and 56 cartons of smuggled foreign tomato paste.“More worrisome is the interception of 49,699 sachets of various brands of tramadol and 3,350 bottles of various cough syrups with codeine without NAFDAC registration numbers.”He noted that the cough syrup with codeine and tramadol without NAFDAC registration numbers, if not intercepted, could have had adverse effects on youths.He added that the items were mostly intercepted along the Ewu-Okada/Benin expressways based on credible intelligence. (NAN)NEWS
APC Forum Decries Deplorable Condition of Federal Roads
The Forum of Stakeholders of the All Progressive Congress (APC) has decried the deplorable condition of some federal roads in Nigeria. Alhaji Saleh Zazzaga, the North-Central Chairman of the forum, said this in an interaction with newsmen on Wednesday in Jos. Zazzaga described some of the federal roads as ”death traps”, particularly those within the north-central region.
He said that some of the deplorable roads in the region include Jos-Akwanga, Makurdi-Oturkpo-Otukpa, Makurdi-Ankpa, and Jos-Saminaka. Other roads that needed urgent attention, he said, included Suleja-Minna, Ejule-Otukpa, Ganawuri-Manchok, Lokoja-Abuja, Lapai-Agaie-Bida, Birnin-Gwari-Bokani-Mokwa, Minna-Zungeru-Tegina-Kontagora. ”Currently, the north-central region has the most deplorable roads and highways in the country. ”These deplorable roads have brought severe hardship on the people and lost lives and property through preventable road traffic crashes. ”We call on President Bola Tinubu to intervene and ensure the rehabilitation of these roads because good roads are vital enablers of development,” he said. The chairman also called on governors of states within the region to reconstruct the dilapidated roads and seek refunds from the federal government. ”Though these are largely federal roads, they are located within states, and the beneficiaries are the people of these states. ”So we call on state governments to reconstruct these roads and seek refunds from the federal government,” he added. (NANNEWS
Yuan Strengthens 7. 087 Against Dollar
The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 160 pips to 7.087 against the dollar on Wednesday.This is according to the China Foreign Exchange Trade System.In China’s spot foreigners 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)