NEWS
NAICOM, EFCC Join Forces to Sanitise Nigeria’s Insurance Sector
By Tony Obiechina, Abuja
The Management of the National Insurance Commission (NAICOM) led by the Commissioner for Insurance and Chief Executive Officer, Olusegun Ayo Omosehin engaged the Economic and Financial Crime Commission (EFCC) on the need to sanitize the insurance sector.
This came to light on Wednesday during a working visit to the headquarters of the EFCC in Abuja by the NAICOM team which was received by the Chairman of the EFCC Olu OlukoIyede on Wednesday.
In his remarks, the NAICOM highlighted the mandate and core functions of NAICO which include regulating, supervising and developing the insurance industry in Nigeria, acting as adviser to the Federal Government on all insurance related matters and more importantly ensuring the protection of policyholders, and public interest.
He further stated that the visit was aimed at strengthening collaboration and partnership between NAICOM and the EFCC as agencies of the Federal Government especially in combating money laundering, fraud and other financial crimes that are affecting the growth of the insurance sector.
He expressed confidence and optimism that the new leadership of the EFCC under Ola Olukoyede will continue to provide necessary support to NAICOM to continue to strengthen and sanitise the Nigerian Insurance Industry.
The EFCC Chairman, Olu Olukoyede in his response thanked the Commissioner for Insurance and members of his team for the visit and assured them of EFCC’s full support in the ongoing effort by NAICOM to strengthen and sanitise the sector, preventing financial crimes and ensuring protection of policyholder’s interests and rights.
He stated that the insurance sector has great potential for growth looking at other countries where insurance drives their economy.
The EFCC Chairman pledged to support financial regulators in monitoring regulated entities and investigating financial crimes. He also emphasized EFCC’s commitment to sanitizing the insurance industry through robust enforcement of financial laws and regulations.
He stated that the EFCC aims to insulate the insurance sector from rogue activities, ensuring stability and sanity. To achieve this, Olukoyede promised to bolster the department overseeing banking and insurance activities, giving special attention to the insurance sector.
The meeting agreed that strengthening the partnership between the National Insurance Commission (NAICOM) and the Economic and Financial Crimes Commission (EFCC) is a crucial step towards creating a more secure and stable insurance sector in Nigeria.
By working together and sharing information, the two agencies can effectively sanitize the industry and ensure the achievement of their mandates.
The Pension Fund Operators Association of Nigeria (PenOp) has assured the National Pension Commission (PenCom) that its members will comply with the recent directive to settle all pension benefits within three working days.
The Report says that the National Pension Commission has mandated Pension Fund Administrators (PFAs) and Fund Custodians to approve and pay pension benefits to eligible applicants within three working days of receiving complete applications. Mr Oguche Agudah, Chief Executive Officer, PenOp, speaking with newsmen in Lagos, said that the directive was positive and capable of fostering accountability. Agudah said that PenOp members were fully aligned with PenCom’s efforts to enhance the efficiency and effectiveness of the pension system in Nigeria.He said, “This is a good development for pensioners, Pension Fund Administrators (PFAs), and the entire system.“PFAs are going to comply with this new directive, which is set to begin in June. We will ensure servicelevels are maintained, and we will also ensure people get their money as and when due.“We recognise the importance of timely payment of pension benefits to retirees, and we are committed to working with PenCom to achieve this goal.” (NAN)
The Benue State Government is partnering with the Federation of Agricultural Commodity Associations of Nigeria (FACAN) on pricing of agricultural commodities in the state.
Mr Donald Akule, Managing Director and Chief Executive Officer (MD/CEO), Agricultural Development Company (ADC), who made the disclosure on Monday in Makurdi, said that the partnership would enhance food security. Akule restated the state government’s willingness to work with FACAN to mediate between the farmers and the government on the prices of commodities. The MD said that the aim was to ensure that all farmers get value for their produce and also ensure food availability. “We have declared a state of emergency on food insecurity. We want to make sure that every farmer gets value for what they produce. “In the coming days we are going to roll out a template of how this produce can be bought or mopped by the ADC and to make sure that we fill up our silos and food banks,” he said. Akule advised farmers to form cooperatives or groups for easy transactions, adding that the government would not work with individual farmers. “Agriculture business is a collective business; it is a collaborative business. We are going to liaise with FACAN to make sure that we regulate the prices of grains. “We will not recognise any person that is working in isolation. Any farmer that is not part of an organised working group would not be accepted,” he said. FACAN State Coordinator, Mr Vitalis Tarnongu, said Benue farmers were ready to partner with government in the regulation of prices enable them get value for their produce. Tarnongu said that their mandate was to ensure that the prices of commodities are set in such a way that both farmers and government make gains. The new state coordinator assured government of FACAN’s commitment with ADC to boost agricultural production.“We are ready to work closely with ADC to ensure food sufficiency.“We solicit your support and cooperation for the association to succeed in its assignment,” he added.(NAN)
A Shari’a Court sitting at Magajin Gari, Kaduna State on Monday ordered one Bilya Isah to pay the sum of N140,000 as feeding allowance for his child.
The Judge, Malam Kabir Muhammad made the ruling after one Rabi Musa, an ex wife to the defendant prayed the court to grant her custody of her one year and seven months old son. The Judge granted her custody and ordered Isah to pay N140, 000 as feeding allowance for the seven months he failed to provide and to continue paying N10, 000 monthly. Earlier the complainant said through her counsel, A. Badamasi that her ex husband had neglected their child for seven months and prayed the court to order him to pay N1 million as compensation for the months he missed.She also prayed the court to order the defendant to pay N30, 000 monthly feeding allowances.Meanwhile the defendant on his part said he can only afford N3, 000 monthly allowance.(NAN)
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