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Risks Underwriters to Deploy NIID to Detect Fake Certificates

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Nigerian Insurers Association (NIA), umbrella body for risks underwriting companies in the country, said it would deploy the Nigerian Insurance Industry Database (NIID) to check the increasing rate of fake marine insurance in the industry.

According to the association, the NIID marine insurance module would be ready by the end of the second quarter of next year while awareness programme on the database would commence immediately.
 
NIID is an electronic platform established by the NIA to serve as a vehicle for easy identification of genuine insurance documents by relevant authorised persons, monitor insurance transactions and reduce fraud in insurance transactions.

It is currently being deployed to capture all the third party motor insurance transactions in the country with a view to extending it to other types of compulsory insurances in due course.
 
Mr. Sunday Thomas, director general of the association, said the NIID marine insurance module was designed to eliminate fake marine insurance certificates in circulation across the country.
 
“Marine module should be ready before the second quarter. We have engaged a Programmer resuming January 1, 2014. If they are able to conclude work on the module, the banks would have to reach individual companies to get details of their marine insurance business.
 
“Rather, the banks would link up to the NIID marine insurance module to get such details.  When it is ready, we will increase awareness on this,” Thomas said.
 
The NIA boss applauded the NIID motor insurance module that has been in existence in the last three years, saying the success achieved this far has spurred the association to move on to the second phase of the programme, which is marine insurance module.

Thomas said the association was collaborating with security agencies such as the Vehicle Inspection Officers (VIO), Federal Road Safety Commission (FRSC) and the police to ensure the successful implementation of the motor insurance module across the country.
 
Throwing more light on the database, Thomas said “NIID is not an alternative to motor insurance certificate because the law requires that drivers must carry your certificate. What the NIID provides is a verification that actually, what you are holding is what the law requires/ because the law requires that it is only registered insurance companies in Nigeria who can issue you with a valid motor insurance certificate.”
 
The association has also assured stakeholders that the database would facilitate easy collation and dissemination of statistical date of all insurance companies and serve as a vehicle for easy identification of genuine insurance documents by relevant authorised persons.

 


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E-Financial

FG Sacked IST Members over Fraud- Ahmed

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Mrs Zainab Ahmed, minister of Finance Budget and National Planning, has said the Federal Government sacked some past members of the Investments and Securities Tribunal (IST) as they indulged in corruption.

FG Sacked IST Members over Fraud- Ahmed

Inaugurating the new members, the minister charged the new members to eschew corruption and be forthright.

Bar. Azi Amos Isaac was appointed as Chairman for a five year term and Bar. Nosa Smart Osemwengie, was re-appointed as member for a second term of four years.

“The problem with the tribunal has been infighting amongst members, lack of industrial harmony and series of complaints bordering on maladministration.

“This has been the bane of the tribunal and a source of embarrassment not only for the Ministry of Finance but for the government in general,” Ahmed said.

The new chairman, Azi, assured the finance minister that, “the teething issue of restiveness has been addressed since he assumed duty,” adding that, “The place is calm and the staff have become very supportive.”

Azi said since 2003, the tribunal has “given judgment in the value of assets worth over N844 billion and that from 2017 to date, they have given decisions in monetary value totalling over N28bn.

“It has not failed in its adjudicatory responsibility.

“It has carried out its assignment with candour and integrity and intends to improve on what has been on ground.”

 


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CBN Bans Customer-to-Customer Forex Transfer

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Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another.

CBN Bans Customer-to-Customer Forex Transfer

According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth.

An internal memo available in the media space explains that the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts.

The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established.

“They can have unfettered access by telegraphic transfers up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines.

“Transfers from one customer to another is prohibited. Transfer within related companies is allowed subject to a limit of $50,000 per month.”

It recommended that proceeds from non-oil exports should be sold to banks, used for repayment of dollar term loans, and self-utilisation for trade transactions for LC, bills and Form A.

Also oil export proceeds from E&P companies are to be used to pay contractors and service providers employed by the oil companies in addition to the recommended uses for non-oil FX proceeds.

Offshore forex inflows from other Nigerian banks and internal account to forex transfers sourced from offshore inflows are to be used for trade transactions subject to eligibility for E-Form M.

“Upon confirmation of the legitimacy of the inflows, customers can have unfettered access, subject to a maximum of $50,000,” the document read.

“Utilisation for trade transactions subject to processing of eligible trade transactions using E-Form M. Payment for services must be backed with demand note from offshore beneficiary and other regulatory documents.

“Related party transfers are allowed to the maximum of the inflow received. The transfer request should be backed by a signed instruction from the account holder.” Payment of government fees and levies are also allowed to the maritime, oil and gas, aviation. government parastatals and export processing zones.

 


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Stanbic IBTC, Standard Bank, Listed Among Top African Corporate Brands

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Stanbic IBTC Holdings PLC and its parent company, Standard Bank, have emerged amongst the top winners of the 2020 Tech Times’ Africa LinkedIn Corporate Brand Awards.

The Stanbic IBTC Group emerged the second position in the category, with total votes of 3,515, out of 24 firms nominated for the award. Standard Bank placed the fourth 2,494 votes.

Nominations for this award opened to the public on July 1, 2020 and closed on July 14.

Shortlisted nominees were announced on August 24 while voting commenced immediately and voting ended on September 8, 2020.

The Corporate Brand Awards was instituted by Tech Times’ Africa, an online platform for leading technology, innovation, and startup stories.

Expressing his delight on the awards, Dr Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, said that both Stanbic IBTC Holdings PLC and Standard Bank had been deliberate and consistent in making a remarkable impact in Africa’s financial sector.

“Our sincere appreciation goes to the organisers of the Africa Corporate Brands Awards and to every member of the public who voted. This is a reflection of the high level of trust and confidence that the public has reposed on us,” he added.

Dr Sogunle further said that Stanbic IBTC Holdings PLC would remain relentless in portraying the organisation as one of the most influential corporate brands in Africa.

He stated: “Stanbic IBTC Holdings PLC and Standard Bank have relentlessly contributed to driving the growth and development of the African financial ecosystem. These awards affirm our efforts, and we are encouraged to raise the bar continually.”

The Africa Corporate Brand Award is designed to identify and recognise outstanding companies. It also projects their achievements and impacts on African society and the world at large.


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