Economy
NAGAFF Founder Tasks New President on Impactful Policies
Dr Boniface Aniebonam, Founder, National Association of Government Approved Freight Forwarders (NAGAFF) has tasked the newly inaugurated executive on policies that would move the association forward.
Aniebonam made the appeal at the inauguration of the sixth National President and new executive committee in Lagos on Monday.
He charged the new executive headed by the National President, Mr Tochukwu Ezisi, to pursue policies that would be beneficial for members.
“The progress of freight forwarding has just started with the new executive, and it is a good thing to see the Association of the Nigerian Licensed Customs Agent (ANLCA) and NAGAFF sitting side by side, coming together to decide on the way forward.
“This inauguration signifies that all the agents of destruction for the past 20 years that want to see the downfall of the associations have failed and so the need to be one,” he said.
On relationship between freight forwarders and government agencies, Aniebonam noted that members should not go to equity with dirty hands, stressing that they should lean on the part of the law.
“Don’t hide under the association to do what is contrary, as when caught, no one will come to stand for you,” he said.
Mr Chidiebere Enelamah, NAGAFF Board Chairman, assured Ezisi of the board’s continuous support to ensure the growth and development of the association.
“Ezisi’s character is well known and appreciated by overwhelming percentage of our teaming members and hence the voice vote that saw him emerging as the sixth president of our association,” Enelamah said.
He urged him to be guided by hard facts as old issues and thoughts of patterns would constantly try to reestablish control over him.
In her goodwill message, ACG Modupe Aremu, urged the new executive to keep the flag flying with integrity and abide by the extant laws of the operation.
“We cannot do without each other, there is a need for improved synergy so that operations will be done smoothly,” Aremu said.
Also sepaking, Mr Tony Nwabunike, President, Association of Nigerian Licensed Customs Agent, noted that he would work with Ezisi to put a strategy that would enhance the maritime industry.
“I am here with mixed feelings because of what you will face as you take mantle of leadership but I assure you that I will work with you to ensure we reclaim our mantle of mandate from government,” he said.
Responding, Ezisi, National President, NAGAFF said that the hallmark of his administration would centre on constructive engagement with heads of major regulatory agencies to ensure synergy with the association.
He pledged that with members support his administration would ensure NAGAFF key into a good health insurance scheme that would be beneficial to all financial members.
“Considering our numerical strength, I will negotiate a favourable deal with a health insurance policy provider for a good product that will be of benefit to members.
“We shall also institute a comprehensive health insurance scheme and establish a medical health fund to help deserving members subscribe to the scheme,” he said.
Ezisi added that his administration would work with leadership of various branches of NAGAFF and establish working relationship with good hospitals across Nigeria to agree discounts on bills for members.
He called on members to ensure oneness as it was the only way the association would stay focus and forge ahead, irrespective of age, tribe and background. (NAN)
Economy
Value Addition is new Standard in Mining Operations – Alake
The Minister of Solid Minerals Development, Dr Dele Alake has declared value addition as the new indispensable standard for mining operations in the country.
Alake made the declaration in a statement issued by his Special Assistant on Media, Mr Segun Tomori, on Tuesday in Abuja.
The minister had earlier said that the federal government had resolved to ensure compliance to value addition before permitting investors to operate.
He said that his seven-point agenda for the ministry had placed the mining sector on the global front burner since assuming office, which had generated renewed interest from the international community in Nigeria`s mineral resources.
According to the statement, the minister lauded a mining company, African Natural Resources and Mines Ltd.
(ANRML), during an inspection tour in Kaduna State, for its 600 million dollar facility dedicated to the mining and processing of magnetite iron-ore.He described the move as in line with the government`s resolve for value addition, which is especially apt given President Bola Tinubu`s quest to develop the solid minerals, to boost Nigeria`s economic profile and to meet the global upsurge in energy transition.
“The company aligns with our vision of value addition and beneficiation through its processing of iron-ore, and I urge other mining companies to take a cue from them, “ he said.
He reiterated the government`s commitment to abstain from granting mining licenses to companies that lack the necessary plans for value addition.
The minister acknowledged that resilience, courage and laying a solid foundation were critical in contributing to the company success.
He added that such factors also serve as guidelines for President Tinubu`s administration in its efforts for economic transformation.
“ We have set our minds in this administration and invariably in Nigeria to achieve success, that is why Mr President is restructuring the economy.
“When this company (ANRML) started seven years ago, we saw one of the foundations through the video documentary, the amount of concrete that went in to erect a foundation, just to carry a giant edifice.
“That is what we are going through. When we get through the gestation period, the results will manifest, and it will herald prosperity, “he said.
The minister had stated that no license would be granted to companies wishing to enter the mineral sector without presenting a plan for value addition, such as processing and refining which has multiplier effect on the economy. (NAN)
Economy
Life Insurance Records 95% Net Claims in Q4 2023-NAICOM
The National Insurance Commission (NAICOM) says Life insurance business recorded about 95 per cent net claims of the total claims in the fourth quarter of 2023.
A report by NAICOM in Abuja on Tuesday hinted that the record was due to the direct reflection of the ongoing regulatory measures by the Commission regarding claims settlements.
NAICOM said the insurance market average stood at about 71.
4 per cent of the N536. 5 billion gross claims reported at the close of the fourth quarter.The Commission said the market also recorded retention of about 87.7 per cent for the life business, 54 per cent for non-life while the aggregate market average retention stood at 66.
7 per cent for the period.It showed that the insurance industry sustained its progressive trend of positive market performance at the close of 2023 fourth quarter.
According to NAICOM, the insurance market recorded a milestone growth to close at N1.003 trillion, representing about 27 per cent growth compared to the N790 billion recorded in 2022.
”Major growth drivers in the non-life segment of the market were oil and gas and fire Insurances contributing 27.3 per cent and 24.1 per cent respectively.
”In a direct reflection to the “no-premium no-cover” policy of the Commission, the outstanding premium continues to decline.
”The premium posted 1.6 per cent as outstanding of all the premiums generated in the market during the period.
”Statistics also shows that the market recorded total assets of about N2.67trillion and capitalisation of N851billion in 2023,” NAICOM said. (NAN)
Economy
No Mining License without Mineral Value Addition Plans-Alake Warns
The Minister of Solid Minerals Development, Dr Dele Alake has warned that no mining license would be issued to prospective investors without requisite plans for value addition on minerals.
Alake gave the warning in a statement by his Special Assistant on Media, Segun Tomori on Tuesday.
He said the Federal Government had resolved to ensure compliance before permitting investors to operate.
He said that his Seven -Point Agenda for the ministry had placed the mining sector on global front burner since assuming office, which had generated renewed interest from the international community in Nigeria’s mineral resources.
He said the support of the executive and the legislature had enabled the ministry to showcase the solid minerals sector globally, resulting in his election as the Chairman of the Africa Minerals Strategy Group (AMSG) at the Future Minerals Forum in Riyadh, Saudi Arabia.
According to him, with the pact that led to the formation of the AMSG, there is now unity of purpose on the African continent regarding the issue of local value addition.
“We are no longer going to allow anybody or license any company that wants to go into the mineral sector without giving us a plan for local value addition, like processing, refining and this has a multiplier effect on the economy.
“It instantly generates employment rather than a few people carting away lithium, gold, and the likes to other countries to sell.
“These minerals must now be processed in Nigeria, creating more value and beneficiation for local communities where they are sourced, ” he said.
Reports says that the minister had earlier received members of the House Committee on Solid Minerals who were on oversight visit to his office.
The minister commended the lawmakers for their support in repositioning the mining sector, stressing that boosting the economic profile of Nigeria required joint task by both the executive and legislature.
He acknowledged the significant contribution of sub-nationals to mining development, emphasising that state chairmen of Mineral Resources and Environmental Management Committee (MIREMCO) and five committee members were nominated by state governments. (NAN)