Uncategorized

Operator Tasks Insuring Public to Read their Policies

Published

14 years ago

January 25, 2010

Kindly share this post

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.”

Kindly share this post

Uncategorized

Uche Ikejimba Secures Sixth Consecutive AMVCA Nomination With Best Unscripted M-Net Original Nod

Published

17 hours ago

May 6, 2024

Ugo Onwuaso

Kindly share this post

Uche Ikejimba, Award-winning producer, has secured her sixth consecutive Africa Magic Viewers Choice Award nod. The organizers made the nomination announcements on Sunday, March 24, 2024, across all Africa Magic channels. It saw Ikejimba clinch a nom in the ‘Best Unscripted M-Net Original’ category for What Will People Say.

In 2022, Ikejimba received two nominations for ‘Best Africa Magic Original Drama Series’ for Unmarried and Dilemma. She secured two other nominations in 2023 in ‘Best Unscripted Original’ for Come Play Naija and ‘Best Original Drama Series’ category for Unmarried.

Speaking about her latest nomination, Ikejimba said, “I’m very humbled and beyond grateful to be receiving my sixth consecutive AMVCA nomination. Anyone who knows me will acknowledge that I often put my blood, sweat and tears into the shows I produce. After Truth won its nomination in 2020, I’ve been holding on patiently for a second win and I hope this is the year. So, here’s my hearty congratulations to my fellow nominees and a huge thank you to the AMVCAs organisers for honoring me.”

Ikejimba is one of Africa’s most-sought after serial producers, and has earned herself the title, ‘Reality TV Series Savant’, with work on 100% Naija, Vodafone Icons, Naija Sings, Calabar Festival Diaries, Big Brother Reunion, Shoot Your Shot, What Will People Say, Come Play Naija, and the more recently airing Husband Material and Overall Best.

She came into the world of Television production as an associate producer on Moments with Mo, the first and only syndicated daily talk show in Africa at the time. However, she has also proven that her talents go beyond producing reality shows or unscripted serials, and she can run with the best in producing original drama series.

In 2016, she landed her first commissioned project with Africa Magic titled Hustle. The series about a young man’s first time in Lagos became an instant hit and ran for three seasons, with 360 episodes. She created, wrote and produced Blink’s original 26-episode drama series titled Truth. The show won an AMVCA for ‘Best TV Series’ in 2020. That same year, she produced and wrote the hit series, Unmarried. The show ran for four seasons and ended on a high.

Off the success of these drama series, she produced Africa Magic’s Dilemma, a 260-episode telenovela. She produced Shallow and the recent Africa Magic fanfavourite original, Manfriend. The show follows the women of the King family and their dysfunctional relationship with the men in their lives. She also produced Showmax’s first original law limited series, AGU in 2023. Her first feature length film, Phantom is a co-production and is also nominated for several awards such as the Toronto International Nollywood Film Festival (TINFF).

Uche Ikejimba has beaten many odds to become a producer and remained steadfast in her commitment to producing the best shows Africa has ever seen. As the continent prepares for the milestone 10th AMVCA, the Reality TV Series Savant and producer extraordinaire is content to celebrate her sixth consecutive nomination. Find out if she clinches her second AMVCA win when the awards air live across all Africa Magic channels on May 11, 2024.

Kindly share this post

Uncategorized

Banks Close 2m Accounts over BVN, NIN, Others

Published

5 days ago

May 2, 2024

Comms Week

Kindly share this post

Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN).

This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.

A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.

However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.

Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number (BVN), and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.

According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.

Credit: Vanguard

Kindly share this post

Uncategorized

Dubai-Based Citizenship Firm Imperial Citizenship Expands to Lagos, Targets Africa’s Growing Wealth

Published

5 days ago

May 2, 2024

Ugo Onwuaso

Kindly share this post

Imperial Citizenship, a Dubai-based firm specialising in Citizenship and Residency by Investment (CRBI) solutions, has set its sights on Africa’s burgeoning wealth with the launch of a new office in Lagos, Nigeria.

This strategic move positions Imperial Citizenship to capitalise on the continent’s growing population of high net worth individuals (HNWIs) seeking international investment and mobility options.

Imperial Citizenship boasts a proven track record of success, having secured over 2,000 approvals for clients seeking alternative citizenship and residency pathways. Their partnerships with over 15 governments worldwide provide a diverse portfolio of investment opportunities that adhere to strict international regulations.

With its Lagos launch, Imperial Citizenship begins its foray into Africa. The continent boasts a burgeoning HNWI population, according to PwC, presenting a lucrative market for investment firms like Imperial Citizenship.

According to the World Bank, African economies are projected to grow by 3.4 % in 2024 as the African Development Bank Africa has reported that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Highlighting the market’s potential, Mr. Zaid Al Hindi, Founder and CEO of Imperial Citizenship, says, “our expansion into Lagos allows us to directly cater to this affluent segment, offering them strategic solutions for global asset diversification, optimised investment opportunities, and enhanced global mobility.”

“At Imperial Citizenship, we do not operate through intermediaries, as we differentiate ourselves through direct government partnerships. This ensures transparency, legality, and efficiency throughout the application process, providing peace of mind for investment-minded clients” Zaid stated during the launch event in Lagos.

Speaking on the company’s approach to CRBI, Zaid mentioned, “At Imperial Citizenship, we prioritise a client-centric approach. We go beyond simply offering programs; we provide dedicated advisors who understand the unique needs and aspirations of each client. This personalised service ensures clients receive tailored investment options that align with their financial goals and risk tolerance”.

The launch of the Lagos office underscores Imperial Citizenship’s commitment to global expansion. With physical offices in Dubai and now Nigeria as well as operational representatives in Mexico, Algeria, and Turkey, Imperial Citizenship demonstrates its ability to cater to a geographically diverse clientele.

Looking ahead, Zaid highlighted that Imperial Citizenship plans to broaden its service offerings and expand its reach into new markets. By strategically targeting Africa’s rising wealth, Imperial Citizenship is well-positioned to solidify its role as a leading player in the CRBI industry, offering investors a gateway to global opportunities.

Kindly share this post