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Expert Tasks Operators on Slow Pace of Insurance Growth
Notwithstanding the efforts of stakeholders aimed at rising the stakes of the insurance sector, expert opinion have indicated that the industry is not growing at a corresponding rate. According to a financial analyst, Mr. Anddy Okamoso, the Nigerian environment does not follow some of the economic principles that are known in the world. He stated that it was quite unfortunate that in Nigeria, banks have so much money in their kitty and yet they do not lend this money out to the relevant sectors of the economy that need this fund to develop their sectors. He stressed that if the situation persists, the economy not growing, he advised the government to come out with directives, so that banks can give out loans at a given rate. Okamoso who is also the managing director of ABC Consulting Group stated that insurance business is at its lowest ebb in Nigeria, adding that most Nigerians don’t know what is called insurance and due to the poor take in this area, the insurance industry is not growing the way it should.
He acknowledged the efforts of the Nigerian Insurers’ Association (NIA) whose wonderful leadership role has been of immense benefit to the operators. He called for a review of some of the current laws guiding the industry which accounts for the slow pace of development over the years. He particularly tasked the Loss adjusters to review some of their operations and the aged long public belief that they are ready tools in the hands of insurers especially in furthering their nefarious activities. For instance, he faulted the scale of adjuster’s fees which he said needed a review in line with growing industry demand. If improved upon, he added, the loss adjusters will be better encouraged and such morale booster would have a multiplier effect on the industry at large. As it is now, the scale of fees are not attractive to work with when compared with what operates in the international scene. For instance in Europe and elsewhere, loss adjusters apply hourly rates and therefore receive living income from professional services rendered. Unfortunately, here in Nigeria, the last scale of fees which loss adjusters are using was the one agreed upon with Nigeria Insurers Association in 1992. Unfortunately, the Institute of Loss Adjusters itself has come out to say that their efforts have been frustrated in the past by the Nigeria Insurers Association (NIA) Governing Council. The financial consultant called on the National Insurance Commission (NAICOM) to look into the issue. He stated that one of the contending factors is that there seems to be a gap between them and underwriters whom they have accused in time past for either delaying or even forgetting to pay loss adjusters fees. He stressed that in an ideal situation, the claimant’s cheque and the loss adjuster’s bill ought to be processed at the same time and promptly. While claiming not to hold fort for adjusters, Okamoso canvassed a role for them under the Employee Compensation Bill. For now, he said, adjusters are not involved in that business, stressing that insurance firms are offering the service on workman compensation, a situation he said was not necessary. It will be counter productive, except they want to repeal all the laws that are already in place. He warned that If the bill as allowed, to go through, the employees also should be allowed to have option, adding that the current fight by the insurers for a fair representation was a fight in the right direction.
He called on government to be actively involved in shaping the industry if there would be any sustainable results in on-going economic revival policies.
Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN).
This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.
A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.
However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.
Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number (BVN), and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.
According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.
Credit: Vanguard
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Dubai-Based Citizenship Firm Imperial Citizenship Expands to Lagos, Targets Africa’s Growing Wealth
Imperial Citizenship, a Dubai-based firm specialising in Citizenship and Residency by Investment (CRBI) solutions, has set its sights on Africa’s burgeoning wealth with the launch of a new office in Lagos, Nigeria.
This strategic move positions Imperial Citizenship to capitalise on the continent’s growing population of high net worth individuals (HNWIs) seeking international investment and mobility options.
Imperial Citizenship boasts a proven track record of success, having secured over 2,000 approvals for clients seeking alternative citizenship and residency pathways. Their partnerships with over 15 governments worldwide provide a diverse portfolio of investment opportunities that adhere to strict international regulations.
With its Lagos launch, Imperial Citizenship begins its foray into Africa. The continent boasts a burgeoning HNWI population, according to PwC, presenting a lucrative market for investment firms like Imperial Citizenship.
According to the World Bank, African economies are projected to grow by 3.4 % in 2024 as the African Development Bank Africa has reported that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Highlighting the market’s potential, Mr. Zaid Al Hindi, Founder and CEO of Imperial Citizenship, says, “our expansion into Lagos allows us to directly cater to this affluent segment, offering them strategic solutions for global asset diversification, optimised investment opportunities, and enhanced global mobility.”
“At Imperial Citizenship, we do not operate through intermediaries, as we differentiate ourselves through direct government partnerships. This ensures transparency, legality, and efficiency throughout the application process, providing peace of mind for investment-minded clients” Zaid stated during the launch event in Lagos.
Speaking on the company’s approach to CRBI, Zaid mentioned, “At Imperial Citizenship, we prioritise a client-centric approach. We go beyond simply offering programs; we provide dedicated advisors who understand the unique needs and aspirations of each client. This personalised service ensures clients receive tailored investment options that align with their financial goals and risk tolerance”.
The launch of the Lagos office underscores Imperial Citizenship’s commitment to global expansion. With physical offices in Dubai and now Nigeria as well as operational representatives in Mexico, Algeria, and Turkey, Imperial Citizenship demonstrates its ability to cater to a geographically diverse clientele.
Looking ahead, Zaid highlighted that Imperial Citizenship plans to broaden its service offerings and expand its reach into new markets. By strategically targeting Africa’s rising wealth, Imperial Citizenship is well-positioned to solidify its role as a leading player in the CRBI industry, offering investors a gateway to global opportunities.
In a recent gathering, organized by 234Finance, key stakeholders and HNIs came together to discuss the theme “Fueling Progress in the South East.”
The conversation highlighted the rich heritage, entrepreneurial spirit, opportunities for growth and the potential of the South East to be economic powerhouse.
During the discussion, the Managing Partner of 234Finance, Ezinne Nwazulu unveiled plans for an upcoming event of significant impact: the 4-week intensive SME Bootcamp and Mentor Matchup Challenge South East edition designed to empower SMEs. The program aims to empower SMEs with the knowledge, tools, and capital for rapid expansion and global competitiveness.
This initiative is building on the success of previous Mentor Matchup Challenge events, which equipped SMEs with actionable strategies and one-on-one mentorship, resulting in winners of the pitching competition securing grant funding to scale their businesses by 4x-10x.
The SME Bootcamp will feature an array of activities, including physical and virtual training sessions, onsite industrial training, and a pitching competition.
Ezinne Nwazulu emphasized the rigorous selection process, where the top 100 applicants meeting the criteria will undergo intensive training at two training centres in Abia and Anambra. From there, the most promising 15 participants will have the opportunity to pitch their business for grant funding.
Dr Chima Anyaso, Chairman of Caades Group, expressed his commitment to the region’s development and encouraged entrepreneurs with innovative crafts to seize this opportunity.
Criteria for selection are uncompromising, emphasizing technical expertise in core sectors; Agribusiness, Manufacturing, Supply Chain & Logistics, Fashion & Textile, and Retail, with a particular focus on businesses operating within the South-East region for at least three years and significant growth potential of 4x-10x.
The Bootcamp is set to commence from May 14 to June 14 2024 with Southeast-based entrepreneurs encouraged to visit the 234finance bootcamp to apply.
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