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N12trillion Premium Projection by 2020 – How feasible?

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Can the Nigerian insurance industry achieve the projected N12trillion premium base by the year 2020?  This is the million dollar question agitating the minds of stakeholders as industry performance indicators unfold.
Industry watchers believe that the very tall dream is realizable if the building blocks envisaged by experts are well positioned.  The Nigerian Insurers Association (NIA) under the Finance Sector Strategies (FSS) Committee set an N12trillion premium target for itself by 2020.  But a school of thought opined that the projection is a mere wishful thinking.
Optimists are of the view that given the nation’s population of over 140million and the full implementation of compulsory insurance, the task is easy.  Official position of the Nigerian Insurance Association corroborated this.  This report stressed that this can be achieve if “compulsory insurances are comprehensively implemented, as well as development of the mortgage market which is projected to be capable of generating about N1trillion by 2020”.
The projection is also anchored on the benefits derivable from the fast-growing credit market, Small and Medium Enterprises (SMEs) housing sector development etc,
Proponents of this target hinged their optimism on the support of allied industries such as banking, mortgage and credit markets, telecommunication and education.
Yet, others hold a contrary view.  They believe that the projection may be a mirage going by penchant of Nigerian leaders to discard policies enunciated by successive government.
According to Alhaji Bala Zakariya, chairman, Finance Service Sector (FSS) Insurance Sector Reforms Implementation Committee, this project is realizable.  But it is subject to meeting other challenges.
He explained that the industry must continue to subject itself to further structural reforms as well as adhering to the ideas that are enunciated in the sector reforms document.
Zakariya further based his optimism on the encouraging growth rate of the industry. For instance, the industry generated N70.32billion premium income in 2005.  This placed it in the 65th position in the world insurance market and 6th out of 8 leading insurance markets in Africa.
Also, the premium base as at 2007 grew to N100.6billion, an increase of over 100 percent within three years.  The estimation is that N1trillion could be generated within the next 12 years through compulsory insurance…Also N2 trillion could come from the compulsory group life insurance and annuity, motor vehicles and professional indemnity. It is estimated that about N0.5trillion would come from local retention of oil and gas, aviation, marine, hull and solid minerals.
The committee’s projection is also built around generating N2trillion through the compulsory pension, N3trilion from the Nation Health Insurance Scheme (NHIS). Yet, another N2trilion could come from property, casualty and liability from government both in terms of corporate and domestic.
What gives credence to this projection is that the industry has been having a rising profile in recent time.As a result of the injection of fresh funds during the recapitalization exercise, the sector capitalization increased from less than N200bilion in 2007 to over N670billion at the peak of 2008 and rose further through private placement to well over N20billion for some insurers.
According to reports released by the NIA, “it is estimated that the volume of business written by insurance companies which grew from N100.6billion in 2007 to about N164.5billion in 2008 may double within a short time frame especially going by the performance indicators of 2009.
This represents an estimated increase of 63.5percent.  The reports added that there has been a steady increase in claims payment which stood at N53.3billion during the period under review.


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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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NCC Threatens Illegal Users of GSM Boosters with Arrest, Prosecution

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Nigerian Communication Commission (NCC) has warned telecom consumers to desist from using illegal GSM boosters.

NCC Threatens Illegal Users of GSM Boosters with Arrest, Prosecution

The commission also said that anyone caught using a GSM booster without obtaining approval of a duly licensed network operator will face arrest and prosecution.

GSM boosters are devices that transmit and receive telecommunications signals and can therefore interfere with other radio frequency equipment.

Ikechukwu Adinde, director, public affairs, NCC, said in a notice published on NCC website, that only licensed network operators are allowed to use GSM boosters.

The booster, also known as amplifier or repeater is made up of three main elements – exterior antenna, amplifier, and interior antenna.

They form a wireless system to boost cellular reception

“Members of the public should note that, willful interference with any wireless telegraphy is an offence under Section 16 of the Telegraphy Act, 2004,”it said

The agency said it will not condone any flagrant breach of this law.

It has also enforced measures to prosecute offenders.

Accordingly, monitoring mechanisms have been put in place and anyone caught using a GSM booster without obtaining approval of a duly licensed network operator will face arrest and prosecution.

“Any member of the public with useful information regarding the illegal use of GSM Boosters should contact the Commission on 09-4617000/7351 or send an email to [email protected],” the notice said.

“Individuals desirous of using GSM Boosters should note that they can only do so in conjunction with licensed network operators,” it added.

 

 


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