News
NAICOM Sets Deadline for Insurers to Migrate to IFRS17 Finance Reporting Standard
The National Insurance Commission (NAICOM) has said that Insurance Managers would effect from June this year submit their annual reports and accounts based on Financial Reporting Standard (IFRS)17.
The operators have been preparing and submitting their companies’ reports and accounts based on IFRS14 and are expected to be allowed to submit their 2022 report to NAICOM using the IFRS 14 model.
NAICOM stated this at the recent meeting with Directors of various insurance firms in Lagos.
NAICOM, which at the meeting discussed other vital issues affecting insurance business in the country also harped on the need for the directors and managers of various insurance firms to build public confidence through transparency in claims settlement.
Mr Sunday Thomas, NAICOM Director General, said as a way of building public confidence and trust in insurance industry, the directors could advertise outstanding claims in their books so that the policyholders who have any claim would be aware to go for it.
NAICOM which informed the media of the outcome of its meeting with the insurance directors through a member of Publicity and Sub Communication of the Insurers Committee, Mr Ben Ujoatuonu, gave other highlights of the decisions taken at the meeting saying it was agreed that efforts should be geared up to ensure harmonisation of claims payment processes and make it very seamless and easy to understand.
On customer service and engagement, Ujoatuonu said the commission encourage the insurers to come up with initiatives that would enhance customer-operators relationship, help to endear the operators to their customers as well as boost customer retention.
He said such relationship and publicity should be deployed to the marketing of the Third Party Motor Insurance, adding that the market has been given the go ahead to publicize not only the upward review of the premium payable but also the value and benefits the policyholders stand to gain.
He said the house would meet further in a smaller committee to finalize the arrangements, stating that the campaign might commence in the month of May.
Ujoatuonu said the third batch of underwriters had received letter of visitation by NAICOM in its on going efforts to cover the market and ensure compliance with risk based supervision model.
The commission further informed the insurers that its portal was running and that the compliance level was high but not without some challenges, adding that the Commission was working assiduously to address those challenges.
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Participants at the event
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.
Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.
It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.
“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.
The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.
Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
Jim Ovia
Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.
The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.
“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”
The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.
The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.
“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.
Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
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