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Operator Tasks Insuring Public to Read their Policies

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Mr. Adewunmi Adewole, managing director of Best Deal Insurance Brokers Limited, has recommended the use of insurance brokers for the insuring public whenever they are taking up any insurance policy.  This is the most logical way to avoid the pitfalls that may arise from unpaid premiums and other misunderstanding between the insurer and the insured.  The veteran insurance practitioner noted that in his three decades of practice, he has learnt that most people don’t read insurance policies.  Tracing the sad development he says “I have been on this job for the past 29 years and it’s quite painful to observe that, even among my friends, are those who don’t read their policies.”  He advised the public to always be attuned with insurance policies and liaising with their broker to ensure a fair deal.  “People should lean to take the insurance contract seriously.”
Adewole noted that, over the years, he has learnt that most agents sometimes don’t go into the nitty-gritty of dealing with the public.  Their major concern he says, “is to earn their commission and off they go, leaving the insured at the mercy of the insurance company”.
He called on government to assist the brokers noting that, “most businesses of the underwriters come from the Brokers.” Government should do something for the brokers just like they have done in the area if pension with the setting up of Pension commission (PENCOM).
Lamenting government’s lips service to the industry, the veteran broker wants government to make the insurance of public buildings compulsory in Nigeria .
According to him, “if this is done, insurance business will pick-up and all insurance companies will smile.
He also wants the Ministry of Finance to work with National Assembly in other to enact relevant laws aimed at making insurance for public building compulsory.
“The insurance companies are loosing lots of funds through many unregulated areas.  For instance, government ought to enforce the rule that any employer who has at least five people in his payroll must take a group insurance policy.  Those who are unable to do so should at least take a pension scheme.”
He frowned at the activities of the unlicensed insurance agents and brokers who are milking the industry dry.  According to him, the sector is loosing millions of naira to these unlicensed agents and brokers. “These unscrupulous elements give out fake certificates to people without caring about the implications.” He stressed that in the nation’s licensing offices, “there is no insurance company’s certificate that they cannot procure,” adding that because of the low level of awareness, “even the police cannot distinguish between the original and fake certificates.”
This problem is further compounded by both the lukewarm attitude of government and the intrigues in the industry which he said, “has encouraged the influx of fake and cheap certificates.” Adewole also identified   third party insurance, as another area that has fallen to unregulated scene.  “What operates now” he says is that motorist pay between N1, 000 to N5, 000 to obtain third party certificate.  In his word, “rather than going for these cheap and often fake certificates, people should go for a comprehensive policy”.  The advantage of this, he explains, is that “it covers your car, liability against third party and bodily injury or death to the third party”  He called for an aggressive collective action against these fake licensing operators, noting that “with comprehensive cover, one is sure that if his car is stolen, the insurance company will pay.”
He blamed government’s insensitivity as one of the problems bedeviling the industry.  “For instance, why should government wash its hands off insurance ownership?  They sold off their shares in NICON.  At the moment, it’s only in the Nigeria Agricultural Insurance Company (NAIC) and to some extent, Niger Insurance, that government still has some interests.”
The insurance boss advised the insurance public to always pay their premiums.  He likened non payment of premiums to building a house without providing the means or paying the bricklayer,” adding that, “no insurance company will use its own money to pay when the need arises.”
He emphasized that brokers are necessary as they “are trained to guide the insured; noting that “there is a clause in the business which says no premium, no cover.”  Once this is applied, he said, most insurance companies are not likely to pay unless it’s a large claim, which might even lead to litigations.  One reason why the public should go through the broker, according to him, is that they know the insurance companies in and out.
“That is why the banks are speedily taking up many traditional insurance grounds in addition to their core duties.”  What makes this issue of grave concern to all is that Nigeria belongs to the global community.  Therefore, it is expected that the rule of he game is applied as it is done elsewhere.
He explained that in the western world, nobody toys with insurance.  In South Africa , for instance, insurance practice is highly developed.  Besides, even in some West African Countries of which Nigeria is one, insurance business is highly regarded.
In the last decade, it has been established that business in Nigeria is loosing to the smooth operational environment in the sub region including insurance.
He called for an awareness campaign in order to make the public develop interest in insurance.  The public also, he says “should brace up to the challenges by insuring all insurable issues such as property, car and even life.”
 

 


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FG Mulls Renewable Energy for Improved Power Supply

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Dr. Ogbonnaya Onu, minister of Science and Technology, has said that the federal government plans to diversify the country’s energy supply sources to include renewable energy towards accelerating socio-economic development.

FG Mulls Renewable Energy for Improved Power Supply

Dr Ogbonnaya Onu, minister of Science and Technology

Onu stated this when he declared open the forum on ‘Scaling-up interconnected mini-grids development in Nigeria’, ‎organised by the United Nations Development Programme (UNDP-GEF) and the Energy Commission of Nigeria, in Abuja.

He said that renewable energy will help the nation meet its electricity needs in a functional and sustainable manner, adding that it will also improve the quality of life in the country.

‎“Nigeria is endowed with substantial energy resources such as coal, crude oil and natural gas; renewables such as hydro, wind, solar, geothermal, waves and tides, as well as biomass.

‎‎“The challenge before us, has always been on how to efficiently transform these resources into adequate and reliable energy for national development using our enormous capacity in science, technology, innovation and entrepreneurship”, he said.

The minister explained that since the inception of the present administration in 2015, electronic power generation capacity had increased at an annual rate of about 390 megawatts per year.

He, however, said that while this is commendable, it could not adequately meet the needs of the country’s population and sustain the desired level of economic development.

Onu further observed that Nigeria’s desire to industrialise cannot be realised without adequate power supply.

He stressed that every effort must be made to ensure that homes, offices, factories, schools, hospitals and laboratories in the country have adequate, reliable and affordable electricity supply.

“Renewable energy could meet Nigeria’s energy needs in the area of job creation and improved standard of living in rural areas,” he said.

He added that the development of solar photo-voltaic (Pv) in the country triggered by increase in demand for rural water supply, lighting, health services and micro-enterprise needs to be regulated to stimulate private sector participation.


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ROAM Africa Reports Over 2,400 Candidates Applying for One Role as Jobs Stiffens

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ROAM Africa (Ringier One Africa Media), the leading digital classifieds group in Sub-Saharan Africa, has released figures that highlight the current state of the jobs market in Africa, with one standard role attracting 2,417 applications.

Analysing 69,511 jobs listings from January 2019 to August 2020 across 5 African countries (Nigeria, Ghana, Kenya, Tanzania and Uganda), ROAM Africa’s data sheds more light on the challenges facing both job seekers and employers in the African jobs market.

The standard job listing that attracted 2,417 applications was for a Receptionist/Admin Assistant in Kenya while another listing for call centre agents and team leaders attracted 2,283 applicants.

Similar is observed also for other markets: In Ghana, 2,299 people applied for an Administrative Assistant role and 2,265 people in Tanzania applied for a Sales Representative role.

In Nigeria, the highest number of applications for a single role was 2,095 and it was for a Sales Representative role.

According to ROAM Africa’s data, Kenya contributed the highest amount of new job listings in 2019 with 33%. Nigeria was in second place with 31% and Uganda was in third place with 17%. However, so far in 2020, Nigeria is leading the way with 40% of new job listings, with Kenya in second place with 28% and Uganda in third place with 13%.

A closer look at ROAM Africa’s data reveals that, apart from Nigeria, there was a drop in overall job listings across all job levels during the last months.

However, there was an increase in graduate trainee and ‘no experience’ roles in Nigeria, Tanzania and Ghana from May to July 2020, which offers some hope for new entrants into the jobs market.

Interestingly, recruitment agencies contributed the most roles, with 16% of overall jobs, closely followed by IT and Telecoms with 15% and Advertising media and communications with 12%.

Some candidates have also reported applying for more than 20 jobs a day for multiple months and only getting to the interview stage on a handful of occasions. This is why ROAM Africa’s jobs platforms Jobberman (Ghana and Nigeria) and BrighterMonday (Kenya, Uganda and Tanzania) are focused on matching technology.

The company’s technology helps employers to identify and score the right candidates faster. Suitable candidates are made visible to prospective employers, and helped across the finish line by providing data driven career development tools and training programmes.

Job seekers using the platforms can expect to improve their CV, gain interview tips and sign-up for online training courses designed to bridge the gap between education and employment.

Commenting on the data, Clemens Weitz, CEO of ROAM Africa said, “The high ratio of applications per job listing really highlights how challenging the jobs market is for employers and job seekers.  Both employers and job seekers are struggling to connect with the right opportunities and more needs to be done to address this.

“Employers must rethink their hiring strategies and clearly define what they are looking for, based on data and insights. Job seekers must also invest in personal development that will make it easier for them to stand out in such a crowded and competitive market.”

Weitz also added that, “We believe that Africa’s greatest asset is its people and their entrepreneurial spirit. With the expected growth in the continent’s population, we must begin to put structures in place that will make it easier for African businesses to make the most of this resource.”

According to Hilda Kragha, Managing Director of ROAM Africa’s Jobs platforms, “With the current state of the jobs market, Africans cannot afford to continue with the antiquated recruitment processes that are commonplace in many organisations.

We must prioritise a digital approach to recruitment, which brings transparency to Africa’s labour market while connecting people to work opportunities that will improve their livelihood.

We must also embrace objectivity in the recruitment process by incorporating innovation that makes it easier to fairly and consistently sort for the best candidates. This will ensure that only qualified candidates are applying for roles and employers get an accurate picture of jobseekers’ capabilities. A win-win for both job seekers and employers.”

“Our data highlights both the challenge and opportunity that come with the African jobs market. We must address the challenge of rampant unemployment but also embrace the opportunity to transform how recruitment is done. By doing this, we will not only be addressing the current problems but also future-proofing our businesses and organizations for generations to come.”


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FG Offers to Support TStv to Relaunch with Pay per View Model

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National Broadcasting Commission (NBC) has pledged to give necessary support to TStv Africa as the indigenous digital satellite TV service begins full operation with pay per view model on October 1, 2020.

FG Offers to Support TStv to Relaunch with Pay per View Model

Professor Armstrong Idachaba, acting director-general of NBC, made the promise on Monday in Abuja when the management team of TStv paid him an official visit.

The visit was to inform him of the company‘s readiness to commence full operation across the country on October 1.

TStv Africa is a wholly-owned Nigerian innovative multi-channel outfit which had promised to operate a pay per view model for the benefit of Nigerians.

Idachaba said: “We promise on our side that we will continue to support you.

“At this time, I think that the major issue confronting the PayTv sector is the area of giving Nigerians option of deregulating purchasing capacity in terms of pay as you go concept.

“We believe this will give you the visibility if you remain committed to the idea.

“We welcome that option and wish that it serves as a stimulant and as a progressive index for other pay-TV operators to adopt.

“Some of them have come up with a lot of excuses why pay per view is difficult and why it is not doable.

“We want you to be the galvaniser to prove the naysayers wrong that this is doable in the interest of Nigerians.

“Once you begin and you make a success of it through increased subscription base, we are sure that others will be drawn into it as it happened in the telecommunication sector.”

Idachaba said the NBC is committed to promoting local participation in the nation’s broadcasting industry, especially in the pay-TV sector, to create jobs and provide diversity for Nigerians.

He acknowledged the challenges TStv had faced over the years and encouraged the company to remain focused.

“We are aware that it has been very challenging for you.

“All over the world dominant players will always want to remain in a dominant position.

” Those who want to survive will also have to take the courage to do so,” he said.

The Acting Director-General, however, admonished the firm to refrain from any activity that would give Nigeria a bad name.

“If you are acquiring rights, you must make sure that your rights are legitimately acquired.

“You must make sure you follow the rules of engagement strictly, study the broadcasting code strictly to have a robust future ahead of you,” he said.

Earlier, Dr Echefu Bright, managing director and CEO of TStv, said they were at the NBC to seek the commission’s support to have a peaceful roll out on October 1.

He said the outfit also visited the NBC to officially present samples of its decoders to the commission and thank the management for its support.

Bright gave an assurance that the novel pay per view concept was sacrosanct.

“The model is what we have experimented and implemented and it works and we have done everything we need to do for it Nigerians to benefit.

“Beyond that, we have enough boxes on ground that will cover the entire country,” he said.

Bright also gave an assurance that with the Oct.1 roll out, every part of the country would be covered.

“We currently have a dealership in virtually every state in Nigeria and as I speak to you now our goods are already with them for October 1 rollout. The coverage from day one will be across Nigeria,”

On sports products, he said the firm has Laliga as well as the FA Cup and  Euro Cup 2021 rights.

 


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