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Churches and Mosques: Good Revenue Base for Insurance Companies

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Nigeria is one of the most religious nations in the world. While opportunities exist for insurance companies under virtually every segment of livelihood including religion, our local insurers are yet to grab the waiting premiums lying fallow in our churches and mosques. The nooks and crannies of the country are dotted with churches and mosques, yet most of these buildings are not in any way covered by insurance. There are companies offering insurance for places of worship, but the terminology of the policy document and the finer details of policies may be hard to decipher. Many religious buildings are old or of historical importance to their locality, having supported communities for generations. Today, religious buildings still provide invaluable services for their congregations, both in ordinary life and for ceremonies, such as weddings or initiations. Many also contain valuable or ancient artifacts which need to be kept safe.
Frequently changing, complex and heavily regulated, insurance can seem extremely daunting to those without inside knowledge. If you require advice regarding buildings, contents or equipment cover, or need some information regarding legal expenses and public liability, it is advisable to contact an insurance company for a better understanding. Insurance companies provide assistance with cover for other related activities and trips. There is a comprehensive church insurance that can provide the peace of mind you need which unfortunately is not being explored. An understanding of insurances is vital when organizing cover for religious buildings, whether mosque insurance, church insurance or any other. There are many valuables that are insurable in a church. Some of these are expensive musical equipments, generators, chairs, tithes and offerings, especially in churches where there are tithe boxes permanently built in the church auditorium. Other properties worth insuring are goods for sale to church members such as books and other essentials which may be entrusted to the church. Above all, the church building and the people who worship in it are areas that insurers cannot afford to miss insuring. It is a known fact that most church buildings are architectural masterpieces, therefore if insurance companies can tap into the opportunities that exist in church insurance their present premium volume would increase bountifully.
Mosque insurance is also as important as church insurance.
Insurance companies have many untapped areas to insure in a mosque. Having a mosque insurance policy will be invaluable to you as it will give you peace of mind knowing that the mosque building is covered, as well as the contents and the people who may be inside at any given moment. For instance, if you are not covered and an incident occurs that could leave the mosque in a bad state of disrepair, it will be very costly to repair without an insurance policy to cover it.
Insurance companies that offer mosque insurance tend to differ depending on the company focus, its location, orientation and the contents inside the building. Generally, most companies tend to offer options and others as compulsory.
Breakdown of equipment inside the mosque include computers and items such as boilers, heaters that may break down from time to time. Life itself is exposed to hazards, but with insurance cover, these will be covered and replaced at minimal cost to you. Insurers stand to gain immensely from other outside engagements such as fundraising activities that may take place on the mosque or church which may require insurance in the event of any accidents or ugly events happening.
There could also be increased costs should an insured event happen such as fire. For instance, this will cover any increased costs that may arise if something happens that is already insured by the policy, for example a flood.
Outside these standard options, many companies will offer optional extras such as precious metals cover. If you store valuable items in the building that are at increased risk of theft, these can be covered.
Religious building insurance policies may be available from a few insurance companies, with each offering slightly different options. But this is largely unpopular among the products that are competing for attention presently. It is important to liaise with your brokers to ascertain which of them offers a deal more tailored to suit your needs.
The role of brokers is essential in this regard because they know the insurance companies better than the public. So if you feel that you don’t have the time, or that choosing the right policy from all the options offered is going to be quite confusing and time confusing, an insurance broker will be able to help you out. They are trained experts in the field of various insurance areas, and will be able to contact a large network of insurance providers to try to get you the best deal for your mosque or church and your money. An insurance broker may charge a nominal fee, but they will be able to do all the legwork for you and give you peace of mind in a very short space of time. It is definitely worth considering using an insurance broker as you will be able to get the policy sorted very quickly and know that your insurance is up to date and you are covered in the case of any eventualities. This type of insurance is also very important, especially in places where natural disasters and man induced calamities are a common occurrence.

 

 


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CBN Pulls Rate Cut Trigger, King Dollar Returns

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By Lukman Otunuga, Senior Research Analyst at FXTM,

In a move that caught investors off-guard this week, the Central Bank of Nigeria (CBN) slashed interest rates by 100 basis points bringing the MPR to 11.5%. Given how inflation has been above target since 2015, rates were expected to remain unchanged for the rest of 2020 and possibly early 2021.

 

The question on the mind of many is whether the rate cut will achieve the desired effect by stimulating consumption and economic growth? Ongoing border closures and disruptions created by COVID-19 have pushed inflation to levels not seen since March 2018 above 13.20% while a drop in the production and price of Oil continues to rub salt into the wound. While looser monetary policy could support growth, it may come at the cost of rising inflation and weaker Naira.

 

Over the past few months, central banks across the globe have deployed unprecedented measures to defend their respective economies against the coronavirus menace. However, fiscal policy has been identified as the sharper tool with governments across the world providing a critical lifeline to keep the wheels of their respective economies rolling.

 

Outside of Nigeria, King Dollar made a return by appreciating against every single G10 currency. In times of uncertainty, everyone wants a juicy piece of the world’s most liquid currency. As coronavirus cases rise in Europe and other parts of the world, the flight to safety is likely to boost appetite for the Dollar. This is bad news for many emerging markets currencies, especially those with high Dollar-denominated debt.

 

On the commodity side, Oil prices remain heavily influenced by demand-side factors and the state of the global economy. Prices are likely to remain stuck around the $40 regions in the near term, especially If another round of possible lockdowns hit Oil demand. Looking at the technicals, WTI Crude is under pressure on the daily charts. If prices are unable to break away from the sticky $40 regions, the next key point of interest remains around $38. A weekly close above $41.50 could pave a path towards $43.


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NCC Arrests Man for Hacking into DSTV System

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Nigeria Copyright Commission (NCC), has arrested one Mr Aliu Olalekan, for allegedly hacking into DSTV system and watching the channels free without subscription.

NCC Arrests Man for Hacking into DSTV System

Mr Matthew Ojo, NCC Director in the Lagos Directorate Office said this while speaking with newsmen in Lagos, on Tuesday.

He said that the suspect used to watch DSTV channels free without subscription on his Android phone via an app which he downloaded on google play store.

“This suspect distributed the know-how to his telegram followers and on his blog with the aim of gaining more followers and viewership on his blog and makes more money through google ad-sense.

“The operation was based on surveillance which had earlier been carried out by the Multi-choice team and verified by a copyright inspector, ” he said.

He added that the arrest was made in collaboration with a team of copyright inspectors led by the Head of Enforcement Department, Mr Charles Amudipe.

Others included; a team from Multichoice Nigeria led by Mr Umar Ibrahim and policemen from Lagos Command Headquarters, Ikeja.

Ojo said that the joint team conducted an anti-piracy operation at the premises of the culprit in Amukoko, Lagos.

According to him, the suspect was contacted on phone by a member of the operation team on the disguise of patronising him. “The suspect came out to meet the caller and in the process of discussion, he was apprehended.

“The suspect took the team to his resident. The squad paraded his one-room apartment and recovered his laptop and phones used in perpetrating the ungodly act. “He was arrested and brought to the copyright commission office for further investigation, ” he said.

Ojo said that, on getting to the commission’s office, the statement of the suspect was taken and the inventory of items seized from him taken. He said that investigation on the matter was still ongoing and if found guilty the suspect will be charged to court.

 


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NCC, Digital Encode Support NITRA Innovative Tech Forum On Post-COVID-19 Strategies

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The Nigerian Communications Commission (NCC), Nigeria’s telecommunications regulator and Digital Encode, Cybersecurity and Compliance advisory company, have indicated interest to partner with the Nigeria Information Technology Reporters Association (NITRA), the national umbrella body of ICT reporters, as it organizes a forum that will x-ray the industry’s future plans for ICT growth post pandemic era.

 

The event, slated to hold on October 15, 2020, will seek to discuss the needs for a fortified ICT sector after the COVID-19 era, and the level of preparedness of ICT stakeholders to embrace the challenge of being pivotal to the stability and growth of all other sectors.

 

A statement from NITRA National Secretariat in Lagos indicates that due to the pandemic and need to observe the COVID-19 protocol on social distancing, the event will be held via a Webinar.

 

This year’s theme, “Multi-stakeholder Approach To National Recovery Post-Pandemic”, is in line with the annual event’s generic theme, ‘NITRA Innovative Tech Forum’, a contribution by NITRA to the development of Information and Communication Technologies (ICTs) innovations and policies in Nigeria.

 

Prof. Umar Danbatta, executive vice chairman, NCC is expected to deliver the keynote speech at the event and will throw more light on Federal Government’s plans, programmes and policies on post-pandemic strategies using ICT.

 

Dr. Adewale Obadare and Dr. Seyi Akindeinde, founders of Digital Encode, while accepting to support the event expressed their readiness to offer their expertise in Cybersecurity for organisations to prepare against cyber- attacks with the new normal.

 

They will also highlight areas that are high risks that need fortification in terms of cybersecurity.

 

Speaking on the event, Mr. Chike Onwuegbuchi, national chairman, NITRA, noted that as the COVID-19 pandemic continues to leave its negative trails across the globe, economic reboot for countries will not only depend on how well they readapt to the new normal, but also more on their recovery plans.

 

According to him: “While the federal government has consistently expressed its willingness to set all policies in place to engender growth, and accelerated implementation of these policies, private sector firms have also shown great hunger for the task ahead in post-COVID-19 era.

 

However, the question that needs to be answered is whether all stakeholders are ready for the required task ahead.”

 

The event will also offer participating companies opportunities to publicize some of their individual efforts at contributing to reacting a soft landing or lifeline for SMEs and other ancillary companies as the pandemic threatens their survival.

 

Digital Encode is a multi-award winning and leading consulting and integration firm that specializes in the design, management, and security of business-critical networks, telecommunications environments and other Information Technology (IT) infrastructures.

 


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