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NIA Mulls E-Registration to Curb 75% Fake Marine Insurance Papers

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Nigerian Insurance Association (NIA) said it will introduce electronic registration system to the marine sector by the end of this month.

The plan, according to NIA, will help curb the proliferation of fake port insurance papers.

This was disclosed by Mr. Sunday Thomas, director-general of the association, as reported by Ships and Ports Daily.

Thomas said the association need e-platform because 75% of the insurance certificates obtained by importers in the maritime sector are fake.

He said, “About 75 per cent of insurance certificate in the maritime sector are fake an outcome of our group recent study showed.”

The DG said, NIA had thus resolved to work with relevant stakeholders to stop the menace.

“I am not even sure we are getting up to 25 per cent premium of what we should be getting from the marine sector if we relate it to the value of goods that are being imported; we have an estimated figure of 75 per cent leakage in that sector,” he said.

The DG, who noted that insurance was part of the requirements by importers at the seaport, lamented that touts had been spreading fake insurance certificates in the industry.

Thomas noted that electronic system, known as Nigerian Insurance Industry Database, would henceforth help the customs to verify authentic certificates.

According to him, the NIID earlier introduced to curb fake motor insurance documents now provides information about vehicles available on Nigerian roads, as well as helps in verifying fake certificates.

Presently, he added that policyholders whose vehicle insurance details had been uploaded on the NIID could check their motor insurance policy status on its website.

The NIID, which he described as a joint initiative of all insurance firms under the NIA, had been repackaged and restructured for the marine sector.

“What we are doing right now is we are test running it; by the end of this month, we want to fully deploy it for the first three months and see the performance and the value added to the system,” he said.

According to Thomas, stakeholders that will work with the association to achieve the set objectives are banks, the Nigeria Customs Service, clearing agents, and importers.

He said that the association would sensitise them and create the necessary awareness for the NIID.

The NIA boss explained that if an importer borrowed from the bank and used fake paper for the purpose of getting clearance and something happened, to repay the loan could be difficult.

With genuine insurance in place, he said the interest of the lender would be fully secured and the importer could continue with the business when claims were settled.

With the introduction of the NIID, he said, “The customs can no longer be deceived because they can verify from their desk exactly what is required of their duties. With this, all stakeholders will benefit and it will enable insurers to take accurate statistics of all imported goods.”

He said the NIID would help to stamp out the menace of fake insurance in the country, while also providing information on the details of vehicles on the road and genuine importations via the seaports, Ships & Ports Daily reported.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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