Business News
FG seeks partnership with National Council of Registered Insurance Brokers, here’s why
In order to tackle the risks associated with investments in the insurance sector, VP, Yemi Osinbajo is seeking support from the NCRIB.

Published
1 year agoon

In order to tackle the risks associated with investments in the insurance sector, Vice President, Yemi Osinbajo is seeking support from the National Council of Registered Insurance Brokers (NCRIB).
While speaking during the investiture of Mrs Bola Onigbogi as the 20th President of the NCRIB in Abuja, Osinbajo asked the council to partner with the Federal Government to face the challenges that have crippled the industry.
The challenges, according to him, include lack of adherence to insurance practice which makes it difficult for government to achieve its objectives for the0 sector.
[READ MORE: Fashola divulges FG’s plans to build affordable homes]
Osinbajo emphasized the importance of insurance as he said it is vital for the development of the economy which is why the government would do all it could, including working with the new leadership of the NCRIB to address the challenges facing the sector.
Also present was the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who said that there was a need for operators to reinvent how it sold insurance products to the public.
She called on the operators to create a new initiative so as to reposition the industry, as she stressed that innovative products were needed to help businesses succeed and in turn achieve economic growth.
Ahmed further made known that the present administration was taking steps to take the economy out of the current challenges and would require the support of the insurance industry.
What you should know: According to a report by Coronation Research, Nigeria’s insurance industry has not shared in the growth experienced by other sectors as it has hardly grown in real terms over the past 10 years.
The industry suffers from poor returns on equity. Yet, its smallness is its opportunity. If it were to grow to the level reached by countries with similar GDP per capita, it might grow by a factor of 10 times in real terms in eight-to-10 years. The technological infrastructure and data necessary for expansion are largely available.
[READ ALSO: FG to develop new economic development plan Vision 2040]
However, there is opportunity for the re-capitalised insurance industry to make enormous gains from 2020 onwards, not only in terms of expanded underwriting capacity but also by attracting millions of new accounts. As stated in the report, Nigeria’s insurance penetration, at 0.31%, is less than one-tenth of that of India (with similar GDP per capita) which suggests significant untapped potential. The business opportunity exists because of Nigeria’s very low bases in insurance penetration and insurance density.
Hence, there’s need for the government to reawaken the sector is crucial for its survival.
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]


Corporate Press Releases
Peter Obaseki retires as Chief Operating Officer of FCMB Group Plc
Mr Peter Obaseki, the Chief Operating Officer of FCMB Group has retired from the financial institution.
Published
44 mins agoon
March 5, 2021By
NM Press
The Board of Directors of FCMB Group Plc has announced the retirement of Mr. Peter Obaseki, the Chief Operating Officer of the financial institution, with effect from March 1, 2021. He was also an Executive Director of the Group.
His retirement was approved at a meeting of the Board of the Group on February 26, 2021. This has also been announced in a statement to the Nigerian Stock Exchange (NSE) by the financial institution.
The Chairman of FCMB Group Plc’s Board of Directors, Mr Oladipupo Jadesimi, thanked Mr. Obaseki for his valuable service and excellent support to the Board for many years.
FCMB Group Plc is a holding company divided along three business Groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).
The Group and its subsidiaries are leaders in their respective segments with strong fundamentals.
For more information about FCMB Group Plc, please visit www.fcmbgroup.com.
Tech News
Deezer accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.
Deezer has gained quite a reputation in Nigeria, as it slashes its subscription fee and now accepts payment in Naira.
Published
4 hours agoon
March 5, 2021
Deezer slashes subscription fee and now accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.
Deezer, the French music streaming platform that has gained quite a reputation in Nigeria has slashed its subscription fee and now accepts payment in Naira.
This is coming a few weeks after Spotify launched in Nigeria and 38 other new markets in Africa.
The competition in the Nigerian music streaming space is getting hotter by the day. More music streaming platforms are entering the Nigerian market with better payment methods and cheaper pricing, thereby forcing existing players to slash their prices so as to hold on to their customer base
Launched in 2007, Deezer currently connects over 16 million monthly active users around the world to 73 million tracks.
Before now, Deezer’s subscription was rated at $4.99 (₦1,800) for premium customers and the family plan for ₦2,700.
This number has been slashed in half. The music platform now charges ₦900 ($2.36) for Deezer Premium, ₦1,400 for Deezer HiFi and ₦1,400 ($3.67) for Deezer Family Plan.
Other streaming players in Nigeria like Apple Music, Spotify, Youtube music, Boom Play, Audiomack and Soundcloud have also slashed their prices.
For YouTube Music, the monthly individual subscription costs ₦900 while a family plan costs ₦1400 ($3.67).
Spotify Premium cost ₦900 per month in Nigeria. The Premium Family plan goes for ₦1,400 for up to 6 family members.
Apple music charges ₦450 per month for students, ₦900 per month for Individual plan while the Family plan goes for ₦1,400 for up to 6 family members.
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