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Glo, NURTW Insurance Parley on Insurance Scheme

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Globacom has received applause from Chief Emeka Wogu, minister of Labour and Productivity, as it launched an insurance scheme that will provide insurance cover for members of the National Union of Road Transport Workers (NURTW) against death and disability.

Wogu who was at the launch recently in Abuja lauded the company for its uncommon and unprecedented products and services.

The insurance scheme is called Security Verified Identity Card (SVID), which will provide comfort to families and relations of any NURTW member who dies or suffers permanent disability due to road accidents.

According to Mr. Steve Stretch, head, Glo Gateway, who delivered Globacom’s address at the launch, the immediate family of any NURTW member who dies in an accident will be paid the sum of N1million to cushion the effect of the death of their breadwinner, while a sum of N850, 000 will accrue to the family of any member who suffers permanent disability occasioned by road accident in the discharge of his daily activities.

“In as much as no one prays for accidents, we know that such can happen unannounced. When people die untimely in accidents or become incapacitated through accidents, their families suffer untold hardship, especially where such victims are the breadwinners. This is what Globacom wants to forestall with this scheme”, he said.

Mr. Stretch added that the peculiar nature of the daily activities of NURTW members who are permanently on the road, transiting from one part of the country to another, calls for a good life insurance package that will give hope to their families, should any unforeseen event happen.

“We also believe that family members of the NURTW, like any other families in other industries, should enjoy the basic things of life such as education of the children, feeding, clothing, etc., if the bread winner is incapacitated, or is no more available”, he said.

In addition to this, the SVID card will serve as identity cards and Automated Teller Machine (ATM) code cards for NURTW members.

To access these benefits, Mr. Stretch disclosed that members of the union will be expected to subscribe to the Globacom network and recharge with a minimum of N1,000 airtime every month, using their bank accounts on which the SVIDs have been programmed.

He said the telecoms company decided to institute the insurance scheme in order to make members of the union discharge their responsibilities of ensuring a seamless transportation network round the country confidently with the assurance that their families will be well catered for in the event of any occupational hazard.

Stretch recognised the important roles other partners will play in the initiative and thank them for joining Globacom to improve the lives of members of the NURTW.‎

SVID is a product launched in a partnership arrangement between Globacom, Capital 3 Limited, NURTW, Skye Bank Plc and Royal Exchange Assurance among other Insurance Underwriters. 

In his remarks, Alhaji Najeem Usman Yasin, national president of NURTW said the welfare of his constituency propelled him and members of the union’s executive council to decide to partner with Globacom on the project.

He said the SVID will also help the union to have a comprehensive database of all members of the union pan Nigeria. 

He thanked Glo for this support to power the insurance scheme and promised that all the members will key into it for their welfare.

Mr. Timothy Oguntayo, group managing director of Skye Bank, who was represented by Mr Tope Adewuyi, regional director for North Operations, disclosed that the bank believes that organizational objectives could be attained through the provision of quality, timely and efficient service.

“In this pursuit, it continues to conquer new frontiers in its operating environment and raising the bar of competition.”

Mr. Richard Borokinni, managing director, Royal exchange Assurance, affirmed that claims arising from the scheme will be paid promptly once accidents involving NURTW members are properly documented and referred to the insurance company.


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E-Financial

Nigerian Manufacturing Sector Contracts for 5th Consecutive Month – CBN

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The Manufacturing Purchasing Managers’ Index (PMI) in September stood at 46.9 index points, indicating a contraction in the Nigerian manufacturing sector for the fifth month.

This was disclosed by the Central Bank of Nigeria (CBN) in its September PMI report released last week.

According to the report, four out of the 14 sub-sectors surveyed reported expansion (above the 50 per cent threshold) in September.

It listed the expansion order as electrical equipment; transportation equipment; cement and nonmetallic mineral products.

It said the remaining sub-sectors reported contractions in the following order: petroleum & coal products; primary metal; furniture & related products; printing & related support activities; food, beverage & tobacco products; textile, apparel, leather & footwear; chemical & pharmaceutical products; fabricated metal products and plastics & rubber products; while the paper product sub-sector was stable.

Production

At 47.3 points, the production level index for the manufacturing sector indicated contraction in September for the fifth consecutive month.

Of the 14 sub-sectors surveyed, five recorded increased production level, one reported same level of production, while eight recorded declines in production.

New Orders

At 46.4 points, the new orders index also contracted in September for the fifth consecutive month. Six sub-sectors reported expansion in new orders, while the remaining eight recorded contraction in the month.

Supplier Delivery Time

The manufacturing supplier delivery time index stood at 53.5 points in the month, indicating a faster supplier delivery time for the fifth time.

Six of the 14 sub-sectors recorded improved suppliers’ delivery time, five reported same level, while three recorded slower delivery time

Employment Level

The employment level index stood at 44.1 points, indicating contraction in employment level for the sixth consecutive month.

Of the 14 sub-sectors, two recorded growth in employment, three recorded same level of employment, while the remaining nine recorded lower employment level in the review month.

Raw material Inventories

The manufacturing sector inventories index also contracted for the sixth consecutive time in September to 43.0 points. Four of the 14 sub-sectors recorded growth in inventories, while the remaining 10 recorded lower raw material inventories.


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FG Sacked IST Members over Fraud- Ahmed

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Mrs Zainab Ahmed, minister of Finance Budget and National Planning, has said the Federal Government sacked some past members of the Investments and Securities Tribunal (IST) as they indulged in corruption.

FG Sacked IST Members over Fraud- Ahmed

Inaugurating the new members, the minister charged the new members to eschew corruption and be forthright.

Bar. Azi Amos Isaac was appointed as Chairman for a five year term and Bar. Nosa Smart Osemwengie, was re-appointed as member for a second term of four years.

“The problem with the tribunal has been infighting amongst members, lack of industrial harmony and series of complaints bordering on maladministration.

“This has been the bane of the tribunal and a source of embarrassment not only for the Ministry of Finance but for the government in general,” Ahmed said.

The new chairman, Azi, assured the finance minister that, “the teething issue of restiveness has been addressed since he assumed duty,” adding that, “The place is calm and the staff have become very supportive.”

Azi said since 2003, the tribunal has “given judgment in the value of assets worth over N844 billion and that from 2017 to date, they have given decisions in monetary value totalling over N28bn.

“It has not failed in its adjudicatory responsibility.

“It has carried out its assignment with candour and integrity and intends to improve on what has been on ground.”

 


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CBN Bans Customer-to-Customer Forex Transfer

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Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another.

CBN Bans Customer-to-Customer Forex Transfer

According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth.

An internal memo available in the media space explains that the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts.

The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established.

“They can have unfettered access by telegraphic transfers up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines.

“Transfers from one customer to another is prohibited. Transfer within related companies is allowed subject to a limit of $50,000 per month.”

It recommended that proceeds from non-oil exports should be sold to banks, used for repayment of dollar term loans, and self-utilisation for trade transactions for LC, bills and Form A.

Also oil export proceeds from E&P companies are to be used to pay contractors and service providers employed by the oil companies in addition to the recommended uses for non-oil FX proceeds.

Offshore forex inflows from other Nigerian banks and internal account to forex transfers sourced from offshore inflows are to be used for trade transactions subject to eligibility for E-Form M.

“Upon confirmation of the legitimacy of the inflows, customers can have unfettered access, subject to a maximum of $50,000,” the document read.

“Utilisation for trade transactions subject to processing of eligible trade transactions using E-Form M. Payment for services must be backed with demand note from offshore beneficiary and other regulatory documents.

“Related party transfers are allowed to the maximum of the inflow received. The transfer request should be backed by a signed instruction from the account holder.” Payment of government fees and levies are also allowed to the maritime, oil and gas, aviation. government parastatals and export processing zones.

 


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