Under the Insurance Act 2003, there are provisions for compulsory insurances. One of the areas that fall under this is insurance of storey buildings and buildings under construction. The Act provides that apart from the general insurance cover, that provision be made for the contractors handling the project. In spite of the fact that in every construction work, contractors carry out numerous essential construction tasks and provide a service to all kinds of sectors, adherence to this compulsory provision is yet to be fully complied with in the property industry. The level of skill and organization required in building projects is evident, but as with any business, it is vital to obtain the correct builders insurance. All kinds of building companies need to ensure that they are adequately covered, from self employed tradesmen to large construction firms.
Providing insurance cover for builders can seem confusing, especially for those unfamiliar with the specific jargon used by providers. However complete policies often include plant and tools cover, product, public and employer’s liability, personal accident and income protection, legal expenses, professional indemnity and much more. How you determine building contractors insurance policy may be challenging. This situation is often worsened by the antics of insurance brokers and intermediaries who often add to the difficulty of making choices, among the many options.
Irrespective of what commercial use the building would be put to, shop insurance and business insurance are also part of the insurance requirements that companies need to look into. If you are not the freeholder of the property you will most likely be obliged to pay the building insurance cover on demand. However it would be of interest to check that the rate is competitive, whether it is shop insurance or small business insurance. Unless this is well noted, it is not unlikely for one to pay the wrong rate. Security of the property is of paramount importance as well as insurance for contents within the property. With computer becoming increasingly important in modern business, it is important to protect your data so that the business is not handicapped in anyway. Due to the poor economic performance, most Nigerian cannot afford to rent an office space. This has also brought a situation where more and more businesses are starting from home or being run from home. Thus it is advisable to have adequate cover on your home business insurance.
After a building would have been successfully completed, one of the next insurances that may come pressing is letting insurance. Often time, getting the right information for property insurance may not come handy. Even those with experience in the lettings sector sometimes have difficulty obtaining clear information regarding let property insurance and at times it can be hard to see through the jargon and terminology to gain a good understanding of a policy.
Some of the frequently mentioned product areas are various elements to a good buy or lettings insurance, including loss of rent cover, accidental damage to buildings and contents, malicious damage and property owner’s liability. The right cover needed may vary depending on the kind of property you let, and for what purpose it is used. Letting property can be stressful at times, so finding the right let property insurance for is vital for one’s peace of mind. To make a good bargain, it is important that prospective clients seek professional advice before plugging into any letting insurance. This is without exception to those new to letting and those who have ample experience.
CBN Pulls Rate Cut Trigger, King Dollar Returns
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.
NCC Arrests Man for Hacking into DSTV System
Nigeria Copyright Commission (NCC), has arrested one Mr Aliu Olalekan, for allegedly hacking into DSTV system and watching the channels free without subscription.
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.
NCC, Digital Encode Support NITRA Innovative Tech Forum On Post-COVID-19 Strategies
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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