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.
NEWS
Reps Move to Delist NECO, UI, 21 MDAs From 2025 Budget
The House of Representatives has recommended the delisting of National Examinations Council (NECO), University of Ibadan, Federal Ministry of Labour and Employment from the 2025 budget.
Others affected are 21 ministries, departments and agencies (MDAs) for their alleged repeated failure to account for previous budgetary allocations and internally-generated revenue.
The resolution was reached during an extra-ordinary sitting of the House of Representatives Public Accounts Committee in Abuja.
The decision, according to the chairman of the committee, Rep. Bamidele Salam, followed the persistent non-compliance of the MDAs with the committee’s summons, aimed at scrutinising their financial operations.
Among the agencies recommended for delisting are hospitals, universities and development agencies.
Salam said that the delisting recommendation was sequel to multiple invitations sent to the agencies over the past several months.
He added that the agencies failed to attend the scheduled hearings nor provide the necessary documentation requested by the committee.
Other affected MDAs included: the Federal Medical Centre, Bida; Federal Ministry of Labour and Employment; Ahmadu Bello University Teaching Hospital, Zaria and the Nigeria Police Force.
Also involved were the Department of Information and Communication Technology, Federal College of Education (Technical), Asaba; Federal College of Education, Yola and Federal Polytechnic, Ekowe, among others.
Salam said: “The Financial Regulation empowers the National Assembly to exclude any ministry, department or agency (MDA) that fails to account for their previous appropriations.
“As such, the listed MDAs should be excluded from the 2025 budget until they appear before this constitutional committee.”
Report says that the committee unanimously recommended that the 24 MDAs should be excluded from the 2025 budget until they appear and provide the necessary clarifications.(NAN)
NEWS
Yuletide: Benue Residents Groan over Cash Scarcity
Benue residents say they were facing severe financial difficulties as banks in the state grapple with a persistent cash crunch, forcing many customers to rely on Point of Sale (POS) terminals for everyday transactions.
They bared their minds in an interview on Wednesday in Makurdi.
According to them, the scarcity adversely affected people, particularly now that preparations were ongoing for end-of-year festivities.
A customer, Mr Wilfred Anum, decried the scarcity of physical currency, which had led to widespread frustration and long queues at Automated Teller Machines (ATMs).
“This is sad. We are at the mercy of POS operators. Some are charging as high as N300 and some even N400 to withdraw N10,000.
“Customers have increasingly resorted to POS systems to make payments and withdrawals, but the cost and limitations of using these alternatives are becoming significant hurdles.
“While POS transactions offer a solution, they come with their own set of problems, such that their transaction fees have become burdensome for those making frequent payments,” Anum said.
A small-scale trader, Mr Dondo Wende, also expressed concern over the additional charges that had made their businesses less profitable.
“The fees are too high, and sometimes the machines don’t work properly, causing delays,” Wende said.
Meanwhile, a trader, Mrs Nguveren Imo, said that the ongoing cash crisis was having a negative effect on the local economy, explaining that small businesses, which form the backbone of Benue’s economy, were the worse hit, as they rely heavily on cash transactions.
“The inability to access cash is stalling economic activities, and it has long-term consequences for the economy.
“We cannot survive without cash; it is difficult to pay local suppliers who need cash because they operate in non-bankable areas.
“We also need to settle debts or even buy stock. We are stuck in this cycle, and it is affecting not just businesses but families as well,” she said. (NAN)
Foreign News
No talk of Ceasefire Deal Between Turkey, US-backed SDF in Northern Syria – Turkish Official
There is no talk of a ceasefire deal between Turkey and the U.S.-backed Syrian Democratic Forces (SDF) in northern Syria, contrary to a U.S. announcement on the issue, a Turkish defence ministry official said on Thursday.
The official was responding to comments from State Department spokesperson Matthew Miller, who said a ceasefire between Turkey and the SDF around the northern Syrian city of Manbij has been extended until the end of this week.
“As Turkey, it is out of the question for us to have talks with any terrorist organisation.
“The (U.S.) statement must be a slip of the tongue,” the defence ministry official, who was speaking on condition of anonymity, told reporters.
Washington brokered an initial ceasefire between Turkey-backed Syrian rebels and the SDF forces last week after fighting that broke out earlier this month as rebel groups advanced on Damascus and overthrew Bashar al-Assad.
The SDF is an ally in the U.S. coalition against Islamic State militants.
It is spearheaded by the YPG, a group that Ankara sees as an extension of the Kurdistan Workers Party (PKK) militants who have fought the Turkish state for 40 years.
Turkey regards the PKK, YPG and SDF as terrorist groups. The U.S. and Turkey’s Western allies list the PKK as terrorist, but not the YPG and the SDF.
When asked if Ankara was considering another ground operation into northern Syria, the official said that Turkey still sees a threat to its borders from north Syria.
“Our preparations and precautions as part of the fight against terrorism will continue until the PKK/YPG lays down its arms and its foreign fighters leave Syria,” the official said.
Since 2016, Turkey has mounted four military operations in northern Syria, citing national security threats.
Turkey believes that forces of the Syrian National Army paramilitary group which it backs will “liberate” YPG-controlled areas in northern Syria, the official said, signalling that Turkey does not plan an imminent operation into the region by its military.
The SDF have close ties with Western countries including the U.S. and France. Recently, France said the political transition in Syria needed to ensure that the SDF was represented. (Reuters/NAN)