E-Financial
#EndSARS: Insurers Battle with High Claims from Riots
Nigerian insurance companies are facing a huge bill in compensation following violence that rocked the country during the #EndSARS protests.
Property worth about $5 billion has so far been declared lost to the violence that preceded protests against brutality of the Special Anti-Robbery Squad (SARS) of the Nigeria police.
The estimate came from private and public organisations and individuals who have filed claims.
The National Insurance Commission (NAICOM) asked for patience, giving the assurance that claims will be processed with speed and payment made after due diligence and verification.
Rasaaq Salami, NAICOM ‘s Commissioner for Insurance Directorate, said in Abuja that they had started receiving complaints from policyholders.
“We all know that the losses are heavy and a lot of financial resources are required to replace all that has been lost,” he said.
The protests began peacefully but turned violent after police shot at and killed several protesters.
The protesters reacted by torching facilities, looting and impeding businesses for most of the latter stages.
Lagos state reported that property worth more than $3.3 billion was lost to the violence.
Also, Gbenga Omotosho, Lagos state Commissioner for Information, said 27 new luxury buses meant for rapid transit costing $200,000 each were burnt, along with several public and private cars.
Apart from the 25 police stations burnt in Lagos, massive damage was done in other states.
Mohammed Adamu, inspector general of police, said 22 officers were killed and 205 stations destroyed throughout the country.
Ganiyu Musa, chairman of the Nigerian Insurers Association (NIA), said that members would pay valid claims of policyholders.
“We know that the loss of life is a bigger calamity because it is not replaceable. At a time like this, our thoughts and prayers are to the people who lost their loved ones,” he said.
E-Financial
Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme
“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.
MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.
Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.
The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.
The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.
E-Financial
CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering
Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.
The inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.
In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN, disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.
“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.
The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.
However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.
Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.
Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.
E-Financial
CBN Urges Banks to Expedite Action on Recapitalisation
Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.
Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.
The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.
Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.
“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”
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