News
NAICOM to Reintroduce RBS Capital Increase Model
The National Insurance Commission (NAICOM) has said that its next line of action in its journey towards full adoption and implementation of the Risk Based Supervision (RBS) model of regulation is the upward review of operators’ capital through the implementation of the Risk Based Capital (RBC).
The commission said it has already started working with a supporting agency, FSD Africa on this and very soon the framework would be unveiled.
The commissioner for insurance Mr Olorundare Sunday Thomas, who disclosed this at a recent bi -monthly meeting between insurance CEOs and NAICOM said the adoption and implementation of RBS in Nigeria had achieved appreciable level admitting that support got by the commission from operators has been encouraging and commendable.
“Next level is now the Risk Based Capital, (RBC). The Commission is working with the FSD Africa on this and very soon, the framework will be unveiled, ”Thomas said.
On full digitisation of the insurance sector, the commissioner, noted that it seemed some companies did not want to go digital but that such companies were in the minority.
He said the commission would ensure that any company that was operating in the market must go digital otherwise, they should look at other sectors to play in.
News
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
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.
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.
News
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
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.
News
President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
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.”
- News2 days ago
60 Hearty Cheers to Chioma Ekeh, Africa’s Leading Unusual Female Tech
- Telecom2 days ago
ALTON, ATCON Urge FG to Address Telecoms Industry Challenges
- Telecom2 days ago
Qualcomm Shortlists Startups for Qualcomm Make in Africa 2024 and Awards 2023 Wireless Reach Social Impact Fund
- News2 days ago
9mobile Partners Microsoft to Host Impactful Training Session for Journalists
- News2 days ago
Academic Technologists Propose N350,000 Minimum Wage
- E-Financial2 days ago
Confusion as CBN Deletes, Reinstates Tweet Calling Crypto-Related Directive Fake
- E-Business2 days ago
Hydrogen Hosts Catalyst Workshop, Highlights Resilient Business Models for Fintech Startups
- Telecom1 day ago
World Earth Day: Kuda Partners with Wecyclers to Clean up Communities in Lagos