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NAICOM Appoints African Alliance Insurance Interim Team

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By Tony Obiechina, Abuja

In exercise of its regulatory powers, the National Insurance Commission (NAICOM) has sacked the Board and Management of African Alliance Insurance Plc, one of Nigeria’s oldest life assurance companies.

NAICOM Management said in a statement yesterday that its decision followed years of insolvency and failure of the insurance firm to meet the obligations of annuitants and policyholders.

According to the statement, “The commission, as the primary regulator of the Insurance Sector, announced that it has taken over the Board and Management of African Alliance Insurance Plc, effective today, 30th October 2024.

“This decision follows an extensive monitoring and review of the company’s financial condition, governance, and operational practices, which revealed significant concerns regarding its ability to continue operating in a safe and sound manner which has for some time now generated a lot of uncertainty over claims settlement and payment to annuitants under the company.

The commission appointed an Interim Management Board to manage the affairs of African Alliance Insurance Plc. Members of the new Board include: Dr. Haruna Mustapha – Chairman, Jacob Erhabor – MD/CEO, Wasiu Amao – Executive Director Technical, Ms. Oremeyi Longe – Executive Director Finance, Anthony Achebe – Non-Executive and Haj. Halimatu Khabeeb – Non-Executive Director.

“The Interim Management Board will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms,” the statement added.

It explained that commission will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimize disruption and ensure continuity.

“The objective of this takeover is to protect the interests of African Alliance Insurance Plc’s annuitants, policyholders, other stakeholders, and the broader insurance industry, while ensuring the company’s return to stability and compliance.

“The Commission is committed to maintaining the stability and integrity of Nigerian insurance industry. Our actions today demonstrate our resolve to address concerns and protect the annuitants, policyholders and public interest,” it noted.

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Dangote is Committed to Operational Sustainability, Says Bandir

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By David Torough, Abuja

The Pan-African Conglomerate, Dangote Group has re-emphasized its commitment to sustainable practices in its operations across the nation.

The declaration came against the background of its partnership with the Kaduna Chamber of Commerce and Industry (KADCCIMA) in the ongoing 2025 Kaduna International Trade.
Spokesperson for Dangote Industries Limited (DIL), Anthony Chiejina who is the Group Chief Branding & Communication Officer while speaking with newsmen on the participation of the Group at the Fair said the company is irrevocably committed to sustainability because the well-being of the people is at the center of its operations.
He spoke just as the speakers at a Conference organized by the KADCCIMA at the fair thumbed up the investment activities of the Company across sectors and the need for the government to deliberately put in policies aimed at encouraging local entrepreneurs.
The Guest speaker at the Conference and the former Secretary to Adamawa State Government, Dr. Umar Buba Bindir, advocated for consistency in Government policies in supporting initiatives such as the establishment of Dangote Petroleum Refinery as a brand from Nigeria to blossom.He described Aliko Dangote’s courage and commitment to the realization of the project in Nigeria as “a Global Groundbreaker”.”Like I said during the presentation of my paper, government policies must be consistent in supporting local entrepreneurs, local production, and value addition to businesses to take Nigeria to the next level.”It is incredible for Dangote to have put up such a refinery. It is a global groundbreaker and for him to sustain his effort, and for coming across to Nigerians as someone who is dogged enough to even challenge the cartel that we know in Oil and Gas is incredible”. Dr. Bindir said though Dangote refinery is in a free trade zone, it is however, a business strategy by the foremost entrepreneur who must have taken cognizance of its feasibility and realized the opportunities there.Bindir, an Agricultural Engineer said Dangote has the capability to make an impact in Steel Development in the Country. According to him, “There is no Country that has sprouted and unleashed its entrepreneurial energy in manufacturing that has not gone into Steel industry, and Dangote’s intervention in the sector would contribute to growth and development of the industry.”I think he should go into the Steel industry because this Country with 250m people that require food, water, education, jobs for young people, infrastructure, export, particularly to African countries cannot be supported without a vibrant steel industry.”And as someone who is well vast in industry, who can secure finances or investment in this area, and is internationally recognized in China, India and other countries where this industry is highly developed, with the doggedness and endurance that he has demonstrated in oil and gas, the cartel, and inconsistent government policies. I think it will be easier with the Steel industry.

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Seriake Dickson to Deliver DAILY ASSET Lecture at 8th Annual Awards

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Former Governor of Bayelsa State and Senator representing Bayelsa West Senatorial District, Henry Seriake Dickson will be guest speaker at the 8th DAILY ASSET Annual Awards and Lecture, which holds Friday at NICON Luxury Hotel, Abuja by 10.

00AM.Senator Dickson, who was Guest Speaker at the 5th Edition of the Annual Awards will return this year also to interrogate some of Nigeria’s challenges as a nation-state and also point the way forward.
In his acceptance message to the Publisher/ Editor-in-Chief of DAILY ASSET, Dr Cletus Akwaya,Dickson said he was honoured to be invited to speak at the ceremony once again three years after he performed the same task.
”I commend your resilience in keeping the Newspaper afloat” the former Governor of Bayelsa state said.
Apart from Dickson, Benue State Governor, Rev Fr Dr Hyacinth Iormem Àlia has confirmed his attendance at the event as Chairman of the occasion.The Vice President, Senator Kashim Shettima will lead the eminent Nigerians to receive awards at the event as Man of the Year while Africa’s richest man and President, Dangote Industries Limited, Alhaji Aliko Dangote will be honoured as Nigerian Achiever of the year 2024.Also on the list of award recipients are Governors of Kaduna State, Senator Uba Sani; Kebbi State, Dr Nasir Idris; Kogi , Alhaji Usman Ododo and Plateau, Barr Caleb Mutfwang, who were named Governors of the year in Health; Agriculture, Infrastructure and Workers Welfare; Education and Political Leadership respectively.Deputy Speaker, House of Representatives, Hon Benjamin Kalu was named Legislator of the Year; Managing Director of Jos Electricity Distribution Company( JED), Engr Abdu Mohammed was selected for Chief Executive Officer of the Year; Managing Director of Access Bank Plc, Roosevelt Ogbonna was chosen for Banker of the Year award, while Vice Chancellor of Al- Ansar University, Maiduguri, Prof Abubakar Musa Kundiri emerged as Vice Chancellor of the Year.In other categories, Former First Lady of Kebbi State and Founder of Medicaid Foundation Abuja, Dr Zainab Bagudu was selected for the award of Philanthropist of the year in recognition of her work against Cancer in Nigeria; Chartered Accountant and IT expert, Alhaji Hamisu Idris Medugu was selected for the award of Professional of the Year ( ICT) and will share the award with President of the Nigerian Institute of Public Relations ( NIPR), Dr Ike Neliaku for Public Relations.On the list also is Zenith Bank Plc, which emerged ‘ Banker of the Year, ‘ while the Comptroller General of Nigeria Customs Service (NCS), Alhaji Bashir Adewale Adeniyi and Commandant General of Nigeria Security and Civil Defence Corps( NSCDC), Dr Ibrahim Audi were named by the Editorial Board as joint winners in the ‘Public Servant of the Year’ category.DAILY ASSET had in its edition of December 18, 2024 unveiled the list of its award winners, chosen by the paper’s Editorial Board.The paper’s Publisher, Akwaya had then explained that the annual awards programme was instituted as a way of projecting role models in society for the younger generations to emulate as part of the Newspaper’s contributions to nation building.Akwaya was quoted then to have also said the awards were intended to encourage those who had distinguished themselves in their various areas of endeavour to redouble their contributions for even greater performance.The Management of the Newspaper said yesterday that all was set for the grand event to hold tomorrow and invited members of the public to grace the occasion to identify with the award recipients.

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LG Autonomy: Why 774 LGAs Yet to Receive Direct Funds from CBN

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By David Torough, Abuja

The Federal Government has explained the delay in the direct disbursement of funds to the 774 Local Government Areas despite the Supreme Court’s ruling granting them financial autonomy.

According to the government, the delay is due to the ongoing process of profiling individuals who will serve as signatories to the LGAs’ accounts.
The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), represented by the Director of Civil Litigation at the Federal Ministry of Justice, Tijjani Gazali, stated this at a state-of-the-nation discourse on strengthening local government autonomy in Nigeria, organised by the Nigerian Bar Association on Wednesday.
Fagbemi added that an implementation committee was set up following the Supreme Court’s 11 July 2024 judgment.The committee, which includes representatives from the Federal Government, the Association of Local Governments of Nigeria and the Nigerian Governors’ Forum, has been working on a framework for the full implementation of the ruling, particularly regarding the direct payment of allocations from the Federation Account to LGAs.“The committee is expected to complete its mandate any time from now and present its recommendations to Nigerians,” the AGF stated, adding that President Bola Tinubu’s administration remains committed to granting LGAs full autonomy.The AGF however, condemned the continued illegal removal of democratically elected local government councils by some state governors, despite the Supreme Court’s ruling against such actions.He described this as “worrisome,” criticising the “unconstitutional connivance by state governors and their State Houses of Assembly to dismantle democratically elected local government structures without recourse to the rule of law and replace them with their stooges.“Let me state unequivocally that this act is tantamount to treason and must be treated as such. While it is true that Section 308 of the Constitution grants governors immunity from prosecution, I wish to be clear that this flagrant disobedience to the Supreme Court judgment will have unpleasant consequences for the state as a whole, should it persist,” he warned.Providing further insight into the delayed fund disbursement, the Director of Legal Services at the Central Bank of Nigeria, Salam-Alade, said the apex bank had no direct banking relationship with the LGAs.Salam-Alade explained that the bank had begun profiling individuals who would serve as signatories to the LGAs’ accounts, a necessary step to ensure financial accountability.He stated, “This is all about standard procedure in the form of KYC (Know Your Customer). Anyone who will be a signatory to the account must be profiled. The process is ongoing, and we are collaborating with the AGF’s office. We have also written to the LGAs.”He urged ALGON to encourage its members to engage with the CBN at the local level, assuring that once proper documentation is completed, the accounts will be operational within 48 hours.“We are using this opportunity to call on the 774 local government chairmen to come forward for their documentation. No account can be operationalised without the prerequisite Customer Due Diligence (CDD),” he added.However, ALGON’s representative at the event, Sam Akala, disputed the CBN’s claim, stating that he was unaware of any official communication from the apex bank regarding the account-opening process.“I cannot confirm that such communication has been received officially,” he said, while affirming ALGON’s readiness to embrace its new role in grassroots development.In his remarks, NBA President Mazi Afam Osigwe emphasised the need for full local government autonomy, warning that failing to strengthen governance at the grassroots level could lead to greater national challenges.Osigwe warned, “There must be democracy at the local government level. All other tiers of government must allow the LGs to breathe. If we fail to get it right at the LG level, we may be setting the stage for a greater calamity.”

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