Traders across the Nigerian markets have been tasked on the need to obtain insurance to protect their businesses. Illustrating the importance of the insurance at Aba, one of the fastest growing markets in Nigeria, Godfrey Ngwaka, chairman, Abia state chapter of the Chartered Insurance Institute of Nigeria (CIIN), called on traders to embrace insurance as a basis of protecting their businesses
Annuity plans under the AIICO Insurance products line have been given a face lift as it launches what it calls AIICO annuity plan. The new product, according to David sobanjo, managing director of the company, is designed to provide a unique opportunity for workers, to have a guaranteed regular income while alive. It also seeks to provide an avenue to have a lump sum benefit even after death
Malik Sulaiman, an aviation/financial consultant, has called on the insuring public to read their policy document and ensure that they totally understand its contents, while buying insurance. He stated that this was the only reliable way to ensure that their claims will not be denied them when their insured peril falls due. He gave this advice as part of his contributions to taking insurance
SA Insurance Plc, one of the nation’s top five insurance companies, has taken the purchase process of its Travel Insurance policy to another level as it has created a web portal called SA Travel Portal. The Portal is designed to serve as a travel supermarket where intending international travelers can get options of different travel policies for travels to Schengen and African countries as
Foremost stock analyst and shareholder in many insurance companies, Mr. Nonah Awoh has called on banks and insurance companies to carry shareholders along and allow them to take the driver seat in the determination of who buy the stocks that arises out of banks divesting from insurance companies. He stated that having laboured hard to acquire these shares; they would not fold their hands and
Guaranty Trust Bank Plc is set to celebrate 20 years of superior service delivery with its numerous customers all over the world from October 4th – 8th, 2010, as service oriented organizations around the world prepare to mark this year’s Customer Service Week
Tayo Aderinokun, managing director, GTBank while speaking on the 2010 Customer Service Week themed, ‘SERVICE since 1990’said
In line with its policy on staff motivation, Oceanic Bank International Plc is set to celebrate and reward outstanding staff in its annual Special Thanks and Recognition Scheme (STARS) awards programme.
The bank’s management said the event which will take place from 4p.m at the Oriental Hotels, Lekki-Epe Expressway, Lagos, on October 2, 2010 underscores its commitment to empowering staff
United Bank for Africa (UBA) Plc has introduced three trade related products; Afritrade, AfriCard and AfriCash to facilitate trade transactions across the African continent.
The three products which were launched in Lagos last week will leverage on the growing continental presence of UBA, currently in nineteen African countries.
Ike Onyenokwe, group director, e-Banking and Retail
Access Bank Plc has entered into partnership with Tavia Technologies, a leading Nigerian technology solutions provider on its internet portal, www.accessbankplc.com as the premier Nigerian internet portal built on the Microsoft SharePoint platform.
The internet portal focuses on the customer experience with easy navigation and information
Afribank Nigeria Plc has been designated as Universal Basic Education (UBE) Funds Domiciliation and disbursement bank by the Federal Government through the Federal Ministry of Finance and the Universal Basic Education Commission.
At the signing ceremony for the funding held in Abuja, Mr. Achinivu Ochi Chinoyerem, the Permanent Secretary, Federal Ministry of Finance, congratulated
The 2010 edition of the prestigious PEARL Awards, a celebration of outstanding quoted companies in Nigeria is scheduled to hold on Sunday November 28, 2010 at the Grand Ball Room of the prestigious Lagos Oriental Hotel, Victoria Island, Lagos.
Mr. Tayo Orekoya, President PEARL Awards Project at a press briefing to announce the Awards said the PEARL Awards rewards Performance, Earnings
The Board of Directors of FirstBank of Nigeria Plc (FirstBank) has made five key strategic appointments to its business operations in a bid to deepen specialization and service delivery as well as strengthen its corporate governance culture.
An official statement signed by Mrs. Folake Ani-Mumuney, head, Marketing & Corporate Communications of the bank, said the new appointments,
Over time, policyholders across the nation have chosen to turn their backs on term insurance plans, preferring instead, the endowment policies. This is quite understood as Nigerians prefer to embrace policies that have savings attached to them. This is despite the fact that term insurance also offers crucial component of financial planning in all developed economies.
Term insurance is
Retired bank treasurer, Chief Donatus Mohammadu has charged Nigerian insurance operators to use innovative ideas and strategies to deepen the penetration of the industry to complement the banking sector reforms and in mobilizing resources for economic growth. Mohammadu who is now into private consultancy, stated that the insurance sector is seen as a major vehicle for domestic resource
Alhaji Mohammad Ahmad, director –general of the National Pension Commission (PENCOM), has identified the effects of the global economic meltdown as the greatest challenge that has confronted the pension industry in the last one year. He stated in a media forum that the challenges of the meltdown affected the investment climate in both the capital and money markets. Notwithstanding these
After 72 months of outstanding taxes and huge liability inherited from its former owners, NICON Insurance plc has announced the payment of a significant chunk of the N26billion liability which it bought along in 2006. The company stated that it has also cleared N400 million taxation levies which were placed on it four years ago. According to Mr. Emmanuel Jegede, managing director, the company
In sourcing for an insurance policy, some prospective buyers often get carried away by the sweet-selling efforts made to them by the insurance agents and brokers. Due to the sweeping financial implications of an action not well taken at the point of buying your policy, it is advisable that prospective buyers should be cautious when going for an insurance policy. Take your time in analyzing the
First Bank of Nigeria Plc has received the prestigious ISO/IEC 27001:2005 Information Security Management Systems (ISMS) from the British Standard Institute (BSI), a leading organization in the field of auditing management systems and processes.
The certification is the world’s highest accreditation for information protection and security from the International Organisation for
The Central Bank of Nigeria (CBN) has given all deposit money banks (DMBs) up to December 31, 2010 to replace external auditors that have been appointed for more than 10 years including years spent with constituent legacy banks.
The CBN in a statement said the directive is in line with the provisions of paragraph 8.2.3 of the CBN Code of Corporate Governance for banks, which stipulates
Afribank Nigeria Plc has attributed the improvement in its fundamental ratios and strong prospects and outlook to its adoption of efficient cost structure and optimization of its resources in its operations.
Management of the bank in a statement attributed the positive development to efficient allocation and optimal deployment of resources.
The bank posted N5.2 billion profit
Phillips Oduoza, GMD/CEO, United Bank for Africa (UBA) Plc has assured of the bank’s readiness in meeting the financial needs of the African nations by bridging finance-project gaps, through infrastructure financing, loans syndication, trade facilitation and investment promotions.
Oduoza made the declaration when His Excellency Alex Luhila, the Zambian High Commissioner to Nigeria paid
Worried by the negative image trailing the brokerage arm of the insurance industry occasioned by accusations from the underwriting arm about premium withholding and other unethical practices, the National Council of Registered Insurance Brokers (NCRIB) has threatened to withdraw the registration of some members from its register in order to maintain a register of only credible members.
United Bank for Africa has secured a EUR 234 million oil and gas financing deal with SAR (Société Africaine de Raffinage) of Senegal in a move that underscores its capacity to fund big ticket transactions across Africa.
UBA Senegal will avail SAR, the National Refinery of Sénégal a total facility of EUR 234 million in three parts, under the financing deal, secured after a rigorous bid
Intercontinental Bank has launched a National Essay Competition for Nigerian university undergraduates to commemorate the nation’s 50th Independence Anniversary in October.
Mahmoud Lai Alabi, Group Managing Director/Chief Executive, Intercontinental Bank explained that the essay competition, tagged “50 Stars @ 50”, was initiated to not only expand the scope of the bank’s commitment to
Guaranty Trust Bank Plc, sponsors of the prestigious Principals Cup tournament, went a step further to help realise the dreams of the young male and female football talents through Camp GTBank.
Camp GTBank is a one-week summer football camping exercise organised for 25 youngsters at the serene surroundings of the International Institute of Tropical Agriculture (IITA), Ibadan, under the
The Central Bank of Nigeria (CBN), in compliance with the statutory provisions of the Banks and Other Financial Institutions Act (BOFIA) regarding the conduct of banking business has concluded the review of the universal banking model in Nigeria and issued new rules and guidelines for the envisaged new licensing regime.
This is part of the blue-print for reforming the Nigerian financial
Guaranty Trust Bank has introduced a vibrant new service called the Non-Resident Nigerian (NRN) Banking Services.
The Non-Resident Nigerian (NRN) Banking Services is aimed at offering Nigerians in the Diaspora access to ubiquitous banking services as well as satisfying their banking needs in Nigeria whilst they are based abroad
The NRN services, which have become an instant hit
Credit Awareness in collaboration with the Central Bank of Nigeria (CBN), the World Bank and other stakeholders in the financial sector has embarked on a nationwide campaign.
The campaign which kick starts in Lagos State in partnership with the Lagos State Government is aimed at promoting the concept of equal financial responsibility between financial institutions and clients on one hand
The management of Oceanic Bank International Plc has expressed appreciation to their numerous customers for the support for its steady recovery and progress made in its turnaround programme.
A statement from the bank said that growing customer confidence and loyalty is a vindication of the effectiveness of the recovery strategy put in place by the management.
The bank thanked its
As the world information order grows, it is only expected that the different industrial sectors grow alongside. These days, no meaningful business can be done without the reliance on technology. Gone are the days when manual paper documentation was relied upon to do insurance transaction. These days, any insurance company that is yet to fully computerize its operation, is not fit to be in