John Michael Ojo
The private and public sectors must work together to eradicate poverty and improve the insurance sector in Nigeria and Africa in general.
This was the position of the founder of Tony Elumelu Foundation, and the Chairman of UBA Group and Heirs Holdings, Mr. Tony O. Elumelu, during the official lunch of his Heirs Insurance and Heirs Life Assurance in Lagos State.
The entrepreneur said: “It is when our policy as regulators and public sector leaders begin to understand that for us to create employment, for us to create jobs that our people need, for us to eradicate poverty the two must work together.
He stated that the licence granted to his organisation will further create additional job opportunity in the country.
“By just approving this licence to be given to us, a licence we have looked for over 7, 8 years and not just for us but about five other investors, you have helped to create more jobs in this country and to even add to our tax revenue in this country and adding further to the overall economic activities of the country.
“What we are doing here today demonstrates our core purpose, our essence, who we are at the Heirs Holdings Group.
“We like to improve lives and transform our continent starting with our country.
“We are trying to improve lives by creating jobs, by improving the economic activities, contributing more revenue to the government coffers.
“But most importantly, we want to help the Nigeria Insurance or public.
“There’s something they’ve yearned for over the years, they want insurance companies or services that can be offered on a platform of excellence, superior service delivery, customer service, digitally-driven and above all, they want insurance that is on their side: affordable insurance products, reliable insurance products and that is what Heirs Insurance and Heirs Life Assurance would bring to our people.
“We will work with NAICOM, we will work with our fellow companies and the larger Nigeria private sector to make sure that we change the Insurance landscape in Nigeria.
Olorundare Sunday Thomas, the substantive NAICOM Commissioner who lauded Elumelu for his doggedness in adding value to the nation disclosed that Lagos State remained the most insurance-friendly state in the country.
He added that the coming of Heirs Insurance and Heirs Life Assurance would help to de-risk other sectors of the economy.
Olorundare stated that “the timing of this lunch could not have been more auspicious in view of the fact that the National Insurance Commission has been rolling out various development initiatives aimed at deepening insurance penetration in the country.
“With the level of capitalisation of these companies, Heirs Insurance and Heirs Life Assurance, I have no doubt that the Nigeria insurance market is poised to write big ticket risks.
“We want to minimise outflow and conserve foreign exchange for national development.”
The commissioner, however, cautioned the managements of the new companies to work within the regulations and guidelines of NAICOM
” Let me quickly state that the commission expects that the affairs of these companies will be conducted in consonance with extant insurance sector governance, guidelines and other directives.
” The independence of the board and its committees including adequate disclosure and transparency and strict compliance with the regulatory requirements are required of these companies.
“Let me state here for the records, that while collaborative efforts to reposition and rebrand the industry have become imperative, the commission is now more determined to ensure professionalism, and high ethical standards to protect the integrity of the Nigerian insurance industry.
In his remarks, Lagos State Governor Babajide Sanwo-Olu who described Elumelu as a true African acknowledged the presence and the impact of the private sector in the economy.
The governor stated that there was a need to encourage the private sector which is the engine room of growth.
“We need to encourage the private sector because they are the real engine room of growth. We need to acknowledge that no matter how well government do, they certainly cannot employ everybody that needs to be employed. And the private sector is the real engine room of growth. They are the ones that can create opportunities for our businesses. They are the ones that indeed can grow the GDP”, he said.
Sanwo-Olu disclosed that he was aware of the financial challenges some of the insurance companies faced towards the end of 2020.
“I am aware that the insurance industry had a bit of shakeup toward the end of last year because they asked all of their old insurance companies to increase their share capital.
I am in one, so, we had to go and look for money to keep them alive.
“So, I am aware that both Heirs Insurance and Heirs Life Assurance is one of the most liquid and well-capitalised insurance companies right now.
“But it is not just really about that sector, it’s about what they’ve shown us, that it is freshness they are bringing to the sector and they’ve said to us that it is going to be simple, they are going to use technology as a strong enabler of it.
” It’s going to be accessible and it’s going to be affordable. These are the three strong words that ur businesses of today require.
“We need to be simple, it has to be something people can get in a click of a button or right in their palm. It has to be accessible, it has to be affordable. Because everybody is now looking at the bottom line. They are looking at the cost and so affordability is critical.
“And if you also listened to Tony Elumelu this morning you will note that the GDP to insurance issue in this country is sub-optimal and with penetrations like this you begin to see changes in the indices and you begin to see that number go up.
“Like you’ve said and you are correct, some of the biggest companies in the world are insurance companies.
“If you go to America, if you go to the UK they actually own everything and so we need to change the conversation for that sector and change it very well.
I’m sure and I’m convinced and I know that Heirs Insurance and Heirs Life Assurance will certainly change the landscape”, he added.
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BREAKING: NNPC Sacks All Top Management Staff With Less Than 15 Months To Retire
As part of further reorganization for effective operations, the Nigerian National Petroleum Company Limited (NNPC) has sacked top management staff who have less than 15 months to retire from the national oil company.
The development is coming days after the oil company announced the removal and replacement of three of the its Executive Vice Presidents (EVPs).
Those impacted by the previous shakeup included Abdulkabir Ahmed, who was hitherto in charge of gas, power and new energies; Adokiye Tombomieye, who headed the upstream segment as well as Adeyemi Adetunji, who was in charge of the downstream.
They were replaced by Olalekan Ogunleye as EVP gas, power and new energies; Oritsemeyiwa Eyesan for the company’s upstream operations, while Adedapo Segun took charge of the downstream.
In a brief statement Tuesday morning, the NNPC stated that the new reshuffling was in line with its aspiration to rejuvenate its workforce.
“In our bid to pursue effective organisational renewal to support the delivery of our strategic business objectives, it has become imperative to rejuvenate our workforce.
“Consequently, in addition to the recent exit of three executive vice presidents, other members of management staff with less than 15 months to statutory retirement will be exiting the company effective 19th September 2023,” the statement said.
The NNPC noted that the move was in line with its commitment to scale up its capabilities through targeted talent management and equal opportunity for all Nigerians.
BREAKING: Tinubu Nominates Cardoso As CBN Governor
President Bola Tinubu has nominated Dr. Olayemi Michael Cardoso as the new Governor of the Central Bank of Nigeria (CBN).
A press statement by presidential spokesman, Ajuri Ngelale, disclosed on Friday evening that Cardoso will serve for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate.
“This directive is in conformity with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which vests in the President of the Federal Republic of Nigeria, the authority to appoint the Governor and Four (4) Deputy Governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria.
“Furthermore, President Bola Tinubu has approved the nomination of four new Deputy Governors of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending their confirmation by the Nigerian Senate,” he stated.
The new Deputy Governors include Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.
“In line with President Bola Tinubu’s Renewed Hope agenda, the President expects the above listed nominees to successfully implement critical reforms at the Central Bank of Nigeria, which will enhance the confidence of Nigerians and international partners in the restructuring of the Nigerian economy toward sustainable growth and prosperity for all,” Ngelale stated.
We Help Nigerians Transform Their Dreams Of Studying Abroad Into Realities – Braimah
There is no gainsaying the fact that studying abroad opens doors to limitless opportunities. From getting a comprehensive and in-depth understanding of your desired choice of course – which positions you better than your peers – to the networking opportunities it provides, studying abroad can be the door to a better future.
On this premise, thousands of Nigerians dream of studying abroad and pursue that dream. Like every other dream for greatness, studying abroad is accompanied by several challenges including complex visa processes, financial constraints, and many more that often make some give up the dream or fail at it.
To help Nigerians, especially the youths, nurture their dreams of studying abroad, Redefined Consults Limited, a reputable educational consulting company with a team of dedicated and experienced travel professionals has helped many Nigerians process their applications seamlessly.
Having been in the global education competitive landscape for a while, Redefined Consults Limited understands the unique needs of its clients as well as the challenges that come with those needs, hence the need for a personalised approach to all applications they handle.
From choosing the right destination and university to advising on the courses that make application easy, up till the moment of obtaining a visa and settling into their new academic home, Redefined Consults makes it a core need to guide every client they have worked with through every step of the process.
The Founder and Team Lead, Redefined Consult Limited, Sheriff Braimah told our correspondent: “At Redefined Consults Limited, we recognise that education is not just about academics; it is also about personal growth and cultural enrichment. That is why we go beyond the conventional role of a consultancy firm. We are driven by a passion for excellence and a genuine desire to make a positive impact on the lives of individuals seeking quality education,”
He explained that the United Kingdom, Malta, Ireland, Canada, Australia, Malaysia, and China are some of the most sought-after travel destinations for Nigerians who desire to study abroad, and the educational consulting firm makes it a priority to research schools in these destinations, have a clear understanding of their requirements and provides the knowledge while helping them navigate the opportunities offered by each destination.
“With a core understanding of students’ recruitment, some of the services offered by our company include visa counseling and assistance to ensure a smooth and seamless process. Over the last three years, we have successfully helped more than 200 students achieve their dreams of studying abroad with the help of eight experts who are professionals and know their onions.
” If studying abroad is a dream you have had for a while but do not know how to pursue it or you have failed, Redefined Consult Limited is your hope to achieve that dream. With a proven track record of transforming study abroad dreams into reality, yours could be the next success story to tell,” Braimah added.
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