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NAICOM Gives Insurers Dec.31 Deadline to Settle Outstanding Claims

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The National Insurance Commission (NAICOM) has given insurance companies Dec.31 deadline to clear all outstanding claims.

The Head, Communication and Stakeholders Management Sub-committee of the Insurers Committee, Mrs Ebelechukwu Nwachukwu, made this known while addressing a news conference after a meeting of management in Lagos.

The meeting marked the first gathering of the Insurers Committee with Mr Segun Omosehin, as the Commissioner For Insurance.

Nwachukwu, also Managing Director, Rex Insurance Ltd., said the commissioner charged insurance companies CEOs at the meeting to ensure that no outstanding claims is captured at the close of their 2024 financial accounts.

The NAICOM boss, she said, tasked the insurance company’s executives to defend the insurance industry through payment of genuine claims, which is integral.

“The regulator said it would be checking in an intensive and focused manner, the outstanding claims in the insurer’s books.

“The commission said its focus is on the soundness of the insurance industry, measured by the ability of meet their obligations when due,”she said.

According to her, the commissioner also charged the insurance companies to take steps towards recapitalisation, by evaluating their financial position, as to the need to raise fresh capital.

She said the charge came by the regulator,having exposed a draft of the Risk Based Supervision (RBS) regulations to the operators, in the event that recapitalisation takes-off.

“If there will be need to raise capital, insurance companies need to start speaking with their different boards, shareholders about the possibility of recapitalisation happening, before it becomes a regulation,”she said.

Nwachukwu revealed that the commissioner further encouraged brokers to ensure strict compliance with the “no premium, no cover” regulation, having observed some violations to the regulation.

She said the commissioner also charged CEOs of insurance firms to get involved in addressing complaints.

Nwachukwu also stated that the regulator encouraged the insurance operators to submit the financial statements of their companies early enough, to create more confidence on the industry.

She mentioned that Omosehin charged the insurers to focus their attention significantly on Nigeria’s Data Protection regulations for the insurance industry.

The sub-committee chairman said NAICOM boss also wants insurance operators to pay specific attention to the implementation of the 10- year Insurance Strategic Plan.

She said this was important, having unanimously agreed to seven thrusts of commitment that would enable the industry meets its objective by year 2027.

Nwachukwu added that the commissioner charged the insurance operators to also pay attention to the legal and regulatory framework for the industry, under the Insurance Bill 2024.

“He spoke about focusing of compliance issues, under the Prudential Guidelines released by NAICOM to the insurers and put an end to Corporate Governance abuses, recognised within the industry.

“The commissioner discussed the National Credit Guarantee Scheme signed by President Bola Tinubu.

“If insurers invest in the scheme, we have the potential of sitting on the board of the facility, where a lot of decisions would be taken,”she said.

According to her, Omosehin also informed the insurance operators on the significant progress made on the Agency’s portal, noting that all resources are in place to continue the efficiency of the portal.

Nwachukwu said the present administration of NAICOM is very clear on the insurance industry and what  it expects to see and has hinged its success on the collective Insurance Industry Reforms plans agreed upon as an industry.

She further said that the regulator insisted that insurers get the right approval from NAICOM before newly appointed Executive Director of insurance companies assumes their appointment.

The insurer stated that the committee also reconstituted its sub-committees in line with the pillars of its 10-year roadmap for the insurance industry.

Nwachukwu listed the reconstituted sub-committees of the Insurers Committee as, the Insurance Sector Stability committee,Communication and Stakeholders Management committee, Technology and Talent Management committee and Customer Service and Market Expansion committee.(NAN)

Education

How female Medicine Degree Holder Abandoned Certificate for Carpentry- Bugaje

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The Executive Secretary, National Board for Technical Education (NBTE), Prof. Idris Bugaje has expressed the need to promote inclusivity, especially for women and persons with disabilities in technical education.

Bugaje stated this in Abuja while assessing the impact of President Bola Tinubu’s administration after two years in office.

He appealed for greater gender inclusivity in vocational and technical education, stressing that deliberate policies such as scholarships and incentives could help bridge the gender gap.

In support of his position, Bugaje shared an inspiring story of a female medical doctor who abandoned her medical career to pursue carpentry.

“There is a story I want to share with you, about a girl who was interested in becoming a carpenter.

“The father was a carpenter and they were four children in the family, three boys and herself.

“Whenever she joined the boys to the workshop, the father would send her away, saying, `you are a girl, go back to the house, you are not supposed to be a carpenter’’.

“Without giving considerations to the passion of the young girl, the father sent her to a medical school.

“She graduated with the MBBS, went and did the one-year internship after graduation, and chose a role as a medical doctor.

“After that, she came back to the father, returned the MBBS certificate to him, and thanked him.

“Afterward, she told the father that her passion is in carpentry, not to practice as medical doctor,” Bugaje narrated

He added that after spending seven years on medical training, the father had no option but to send her to Turkey to learn how to make furniture.

Addressing cultural and societal barriers often faced by young women in technical fields, Bugaje appealed to parents to support their daughters’ interests in trades like plumbing, electrical installation, and carpentry.

He also called on policymakers to prioritise passion and skill development among youth, especially girls, noting that such encouragement could lead to greater innovation and self-reliance.

“If they want to become carpenters, ICT experts, or POP artists, allow them.

“In skills’ training, passion is very important. That’s what motivates children and helps them innovate.

“We need to harness these innovations if the country is to move forward and rise beyond being a third-world nation,” he said.

He emphasized the need to have deliberate policies to encourage women to come into TVET through scholarships and other incentives. (NAN)

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Education

WAEC Apologies for Conducting English Exam Late, Cites Leakage  Prevention

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The West African Examinations Council (WAEC) has apologized for delay in conducting  English Language Paper 2 in the ongoing 2025 West African Senior School Certificate Examination (WASSCE).

 The took place on Wednesday evening.

In a statement by Moyosola Adesina, Acting Head of Public Affairs Department of
WAEC, the council said that it encountered challenges.

”While maintaining the integrity and security of our examination, we faced considerable challenges primarily due to our major aim of preventing leakage of any paper.

“We recognise the importance of timely conduct of examinations and the impact of this decision on candidates, their schools and parents, and we sincerely apologise for any inconveniences caused,” WAEC stated.

It said that it successfully achieved its objective but it inadvertently impacted the timeliness and seamless conduct of the examination.

“In spite of our best efforts, we encountered logistical hurdles, security concerns and socio-cultural factors that negatively influenced our operations,” WAEC said.

The council re-affirmed its commitment to upholding the highest standard in examination conduct, and pledged to continue to promote academic excellence. (NAN)

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Foreign News

4 killed in South Korean Navy plane crash

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A South Korean Navy patrol plane with four people on board crashed on a mountain in Pohang, a city in the south-eastern part of the country.

The Yonhap news agency reported on Thursday, citing authorities.

The crash happened at 1:50 pm (0450 GMT).

According to the report, witnesses said smoke was seen rising from the mountain.

The bodies of all four people aboard the plane have since been recovered, Yonhap reported.

The navy, in a short statement to reporters, said the crash occurred after the aircraft took off for a training exercise, but crashed due to unidentified reasons.

The navy said that it is investigating further details.

Fire workers were dispatched to the scene to extinguish the blaze.(dpa/NAN)

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