Connect with us
nairametrics

Business News

How fake motor insurance agents are killing insurance sector 

Data obtained from the NIA has shown that the insurance sector loses about N192 billion yearly as a result of fake motor insurance agents.

Published

on

How fake motor insurance agents are killing insurance sector 

Data obtained from the Nigerian Insurers Association (NIA) has shown that the insurance sector loses about N192 billion yearly as a result of fake motor insurance agents in the country.  

Nairametrics understands that these fake motor insurance agents in the country are on the rise as they deceive about 9.5 million vehicle owners with fake motor insurance policies and then go ahead to issue fake certificates. 

[READ MORE: Continental Reinsurance, Forte Oil, NASCON lead NSE’s Gainers’ chart on Wednesday]

Through the NIA’s platform in which insurance firms upload motor insurance policies sold daily, called “Nigerian Insurance Industry Database (NIID)’’the NIA confirmed that out of the 12 million vehicles that ply the roads, only 2.5 million vehicles have genuine certificates.

These fake certificates are also sold at local government’s areas headquarters, Federal Road Safety Commission (FRSC) and Lagos State Vehicle Inspection Service offices. 

GTBank 728 x 90

The way forward: In a bid to create awareness and reduce the widespread of fake motor insurance certificates, insurers under the NIA would commence a campaign tagged Wetin You Carry? 

Speaking at a media launch in Lagos, the Director-General of NIA, Mrs. Yetunde Ilori, said that the campaign was aimed at curbing the menace of fake motor policies and to educate motorists on the need to secure their vehicles with genuine insurance policies. 

Ilori said that the association had deployed a team of 33 persons, known as Insurance Squad, Lagos State to educate the public on the benefits of possessing genuine motor insurance covers. 

She said the association desired to put the slogan, Wetin you carry? on the lips of everybody, adding that the slogan was not meant to extort something from people, but to enquire from them whether they are carrying genuine or fake policies. 

[READ ALSO: Verod Capital acquires Metropolitan Life Insurance]

Ilori’s words: “The campaign is not geared towards enforcement but to let people understand that they can have genuine policies that could give them rest of mind in times of incidence. The campaign would be driven through different platforms, such as billboard advertorials, media and digital and that the pilot scheme, would start from Lagos and later extended to other states. 

“We implore the public to maximise the benefits provided by insurance and secure their lives and properties. Insurance remains one of the best tools to safeguard properties at times like this, when is difficult to restore lost items.” 

 

GTBank 728 x 90
Fidelity ads

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Economy & Politics

BREAKING: CBN reduces MPR from 12.5% to 11.5%

The Governor of the CBN has announced the reduction of MPR from 12.5% to 11.5%.

Published

on

CBN Vs NESG: Waving the white flag for the benefit of Nigerians, Exchange Rate Unification: CBN devalues official rate to N380/$1, Nigerian banks have written off N1.9 trillion impaired loans in past 4 years, CBN sandbox operations, Stirling Trust Company Limited

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted to reduce the Monetary policy rate (MPR) from 12.5% to 11.5%. This was disclosed by Governor, CBN, Godwin Emefiele while reading the communique at the end of the MPC meeting on Tuesday.

The committee retained CRR at 27.5% stating that the recent inflationary pressures is not driven by monetary policies, rather as a result of structural policies.

Highlights of the Committee’s decision

  • Reduce the MPR by 100 basis points from 12.5% to 11.5%
  • Adjust asymmetric corridor from +200/-500 to
  • Retain CRR at 27.5%
  • retain liquidity ratio at 30%

More details shortly …

Continue Reading

Manufacturing

FG moves to clamp down on illegal fertilizer manufacturers and agro-dealers 

It is now forbidden for anyone to go into fertilizer business in Nigeria, without registering with the FISSD.

Published

on

Fertilizer Producers hail FG's total ban on NPK fertilizers

The Federal Ministry of Agriculture and Rural Development has disclosed that anyone caught producing or merchandising adulterated fertilizers, under the new lawwill be jailed. 

This disclosure was made via the Ministry’s official Twitter handle, to the general public, and seen by Nairametrics. 

The announcement notifies the general public that the National Fertilizer Quality Control (NFQC) Act 2019, is to make sure that every farmer has good and efficient fertilizer for their farms, to boost farming harvest and output. 

The ministry reiterated that it is forbidden for anyone to go into fertilizer business in Nigeria, without registering with the Farm Inputs Support Services Department (FISSD) of the Federal Ministry of Agriculture and Rural Development. However, anyone caught producing or merchandising adulterated fertilizers will be jailed. 

GTBank 728 x 90

This regulation is to address the recurring issues of the effect of substandard fertilizers on farm produceand the market proliferation of adulterated fertilizers in the country, which continues to bedevil farm outputs and harvests in the country. 

Backstory: On the 26th of August, the Permanent Secretary of Agriculture and Rural Development,  Dr. Abdulkadir Mu’azu, reaffirmed the Federal Government’s commitment towards implementing the National Fertilizer Quality Control (NFQC) Act 2019. He ensured that the fertilizer regulatory system is in place, to safeguard the interest of the farmers, as when the regulation is implemented, it will protect farmers from using adulterated fertilizers that are nutrient deficient.  

Why this matters  

This policy is important to safeguard both the interest of the farmers and the members of the public, as the initiative is expected to increase agricultural harvest and productivity, in a bid to make national food security a reality. 

The NFQC Act will safeguard interests of fertilizer enterprises, businesses and agrodealers, as it will create part of the enabling environment for private sector investment in the fertilizer industry, and protect the environment against potential dangers, that may result from market proliferation of adulterated fertilizers and the use of harmful substances in fertilizer. 

The Executive Secretary of FEPSAN, Mr. Gideon Negedu, reiterated that the new National Fertilizer Quality Control Act 2019, is a game-changer for the nation’s agricultural sector and a powerful weapon for the farmers. 

In his view, Prof. Yemi AkinseyeGeorge (SAN), said, “that the Federal Government and relevant stakeholders of the fertilizers industryhave taken the bull by the horn in enacting a robust legal framework for quality control in the country.

Continue Reading

Corporate Press Releases

NSE highlights retail investment opportunities in today’s Nigerian Capital Market

The Exchange in collaboration with the NISL has inaugurated the Retail Investors’ Webinar.

Published

on

CEO NSE, NSE lifts suspension on Omatek Ventures’ shares, NSE launches Comic Book to boost financial literacy, NSE goes public with 2.5 billion ordinary shares in unanimous vote by the members, NSE commemorates 2020 International Women’s Day and rings the bell for gender equality, COVID-19: NSE extends time for submission of financial statements, NSE PUBLISHES GUIDANCE TO FACILITATE EFFECTIVE VIRTUAL MEETINGS FOR STAKEHOLDERS AMIDST COVID-19, NSE Hosts First-Ever Digital Closing Gong Ceremony

The Nigerian Stock Exchange (“NSE” or “The Exchange”) has expressed its commitment to redefining and improving investors’ overall experience in the Nigerian capital market, and ensuring that it remains modern, convenient and secure. This was highlighted at the inaugural edition of the Retail Investors’ Webinar hosted by The Exchange in collaboration with the Nigerian International Securities Limited (NISL) on Monday, 21 September 2020. The event, with the theme, Capital Market Investing in a Digital Age, was supported by the Chartered Institute of Stockbrokers (CIS) and the Association of Securities Dealing Houses of Nigeria (ASHON).

Speaking during the webinar, the Chief Executive Officer, NSE, Mr. Oscar N. Onyema, OON said, “Investor participation is central to the growth and sustainable development of any economy. The Exchange is, therefore, committed to facilitating conversations that will expound on the retail investment opportunities available in the capital market and the channels through which they can be accessed.  Today, our determination to develop the market and strengthen investor confidence has birthed a number of technology-driven solutions that allow investors to conveniently trade electronically in an increasing array of product offerings that includes Equities, Bonds, ETFs and other Collective Investment Schemes. We will, therefore, continue to take advantage of the vast opportunities to equip existing and potential investors with the necessary skills to effectively manage and grow the financial resources at their disposal.”

On his part, the Managing Director, Nigerian International Securities Limited (NISL), Mr. Laolu Martins said, “NSE has consistently pioneered far-reaching innovations within the Nigerian capital market, positively driving market integrity, boosting both investor confidence and market participation.” He went on to highlight the efforts of the NISL to create wealth for investors via an appropriate mix of securities using well spelt out market research to help investors meet their financial objectives. In doing so, he provided an analysis of the investment instruments available on NSE including equities, bonds, REITS, Closed-Ended Funds, ETFs, etc.

(READ MORE: Capital market operators call for the suspension of recapitalisation plans)

The event also featured a presentation on the importance of Market Data in making investment decisions by the Head, Market Services, NSE, Mr. Olufemi Balogun. It would be recalled that The Exchange recently released an upgrade to its X-DataPortal. The revamped portal has been designed to serve as a principal source for brokers, fund managers, research analysts, other professionals and non-professional participants like students and investors to get quality real-time and reference data reports for analysis, research and reporting purposes. Mr. Balogun encouraged investors at the webinar to access the information via https://dataportal.nse.com.ng.

GTBank 728 x 90

The Exchange has showed its clear determination to ensure that investors have a better understanding and appreciation of investment products offered in the Nigerian capital market in its efforts to become Africa’s preferred Exchange hub. The upswing in market activities in Q2:2020 is a testament to the resilience of the market as a result of concerted efforts of The Exchange. As at the end of August 2020, the NSE All Share Index had recorded an 18.9% increase from its position at the end of March, 2020. In addition, the market also witnessed a growth in the percentage value of equity transactions contributed by retail investors, currently at 29% from the 21.8% recorded in 2018 and 24.72% recorded in 2019.    

Continue Reading
Advertisement
Advertisement
Advertisement
ikeja electric
Advertisement
Patricia
Advertisement
FCMB ads
Advertisement
IZIKJON
Advertisement
Fidelity ads
Advertisement
first bank
Advertisement
bitad
Advertisement
deals book
Advertisement
financial calculator
Advertisement
deals book
Advertisement
app
Advertisement