About N6.5 billion worth of insurance coverage has been provided for farmers across the country courtesy of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL).
This was disclosed by the Managing Director/ Chief Executive Officer of NIRSAL, Mr Aliyu Abdulhameed at a Agribusiness Summit held in Lagos.
According to Abdulhameed, NIRSAL has developed and launched the Area Yield Index Insurance product. which protected up to N6.5 billion revenues of over 37,399 farmers, with over N121 million paid out as compensation.
The details: The Area Yield Index Insurance, according to Abdulhameed, covers the expected yield of smallholder farmers as it protects their revenues from losses due to pests, diseases, adverse weather conditions, and other disasters.
(READ MORE: 400,000 people benefit from NIRSAL scheme)
NIRSAL was said to have achieved the move of Nigerian agricultural insurance from indemnity-based to index-based insurance by involving and working together with local and international insurance operators.
Why this matters: The importance of the insurance cover for farmers cannot be overemphasized as it would help the smallholder farmers have something to fall back on when their crops or livestock get damaged.
It also has great potential to provide value to low-income farmers and their communities, both by protecting farmers when shocks occur and by encouraging greater investment in crops.
What you should know: The partnership between the Nigerian Insurers Association and NIRSAL was strengthened in 2017 planting (wet) season when five insurance companies participated in the consortium mainly under the NIRSAL facility, while more companies were expected to join in subsequent years, Punch reports.
NIRSAL had sought for the collaboration of the NAICOM in delivering its mandate under the insurance facility pillar and utilising the Anchor Borrowers’ Programme of the Central Bank of Nigeria. Its insurance facility pillar was designed to expand insurance products for agricultural lending to agricultural primary producers and help reduce credit risks and increase lending across the entire value chain.
About NIRSAL: The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc.) is a US$500 million Non-Bank Financial Institution wholly-owned by the Central Bank of Nigeria (CBN) created to redefine, measure, re-price and share agribusiness-related credit risks in Nigeria.
Nigeria to exit recession by first quarter of 2021
The Minister of Finance has said that Nigeria will exit the economic recession by the first quarter of 2021.
The Minister for Finance, Budget and National Planning, Mrs. Zainab Ahmed, on Monday, November 23, 2020, said the country will exit recession by the first quarter of 2021 as the Nigerian government is working towards reversing the declining economic trend in the country.
According to Channels Television, this disclosure was made by Mrs. Zainab Ahmed while speaking on the latest GDP figures released by the National Bureau of Statistics (NBS) about the current recession in the country at the ongoing 26th Nigerian Economic Summit, organized by the Nigerian Economic Summit Group (NESG) and the Federal Ministry of Finance, Budget, and National Planning.
The Finance Minister said the COVID-19-induced recession followed the pattern across the world, where many countries had entered an economic recession.
Ahmed said, “Nigeria is not alone in this, but I will say that Nigeria has outperformed all of these economies in terms of the record of a negative growth.”
The country’s economy posted a second consecutive negative growth, contracting by 3.62% in the third quarter. This negative growth is much better than the 6.01% that was earlier forecasted by the NBS.
Also at the Economic Summit, Vice President Yemi Osinbajo, emphasized that the government is committed to working in synergy with the private sector to foster equitable growth and underpin national development.
The 26th Nigerian Economic Summit focuses on building resilient partnerships for Nigeria’s households, businesses, and the general economy.
What you should know
It can be recalled that on Saturday, NBS announced that the country had entered its second recession in 5 years in the third quarter of this year, as the Gross Domestic Product (GDP) fell for the second consecutive quarter.
According to figures released by the Nigeria Bureau of Statistics (NBS), cumulative Gross Domestic Product (GDP) for the first nine months of 2020, therefore, stood at -2.48%, just as it recorded a -6.10% in the second quarter.
CAF President banned for 5 years for breaching FIFA Code of Ethics
CAF President has been sanctioned with a 5 years ban after being found guilty of breaching FIFA Code of Ethics.
Mr. Ahmad Ahmad, the President of Confederation of African Football (CAF), African’s football governing body, has been sanctioned with a 5 years ban from all “football-related activities (administrative, sports or any other) at both national and international level” after being found guilty of breaching FIFA Code of Ethics by the adjudicatory chamber of the independent Ethics Committee.
The 60-year-old Malagasy assumed office as the President of the Confederation of African Football (CAF) on 16th March, 2017.
His position also makes him a FIFA Vice President. Since his assumption of office, his four-year term has been clouded with allegations of financial wrongdoing and misconduct.
Mr. Ahmad was found guilty by the adjudicatory chamber of the independent Ethics Committee of having breached art. 15 (Duty of loyalty), art. 20 (Offering and accepting gifts or other benefits), and art. 25 (Abuse of position) of the 2020 edition of the FIFA Code of Ethics, as well as art. 28 (Misappropriation of funds) of the 2018 edition. In addition, a fine in the amount of CHF 200,000 (#83,754,093.14) was imposed on him.
However, Ahmad can appeal his sanction at the Court of Arbitration for Sport (CAS) once he has received the full grounds for the decision, a process that can take up to 60 days.
Fifa released the following statement on the matter today:
“The adjudicatory chamber of the independent Ethics Committee has found Ahmad Ahmad, the President of the Confederation of African Football (CAF) and a FIFA Vice-President, guilty of having breached art. 15 (Duty of loyalty), art. 20 (Offering and accepting gifts or other benefits) and art. 25 (Abuse of position) of the 2020 edition of the FIFA Code of Ethics, as well as art. 28 (Misappropriation of funds) of the 2018 edition.”
“The investigation into Mr. Ahmad’s conduct in his position as CAF President during the period from 2017 to 2019 concerned various CAF related governance issues, including the organization and financing of an Umrah pilgrimage to Mecca, his involvement in CAF’s dealings with the sports equipment company Tactical Steel and other activities.”
“In its decision, following an extensive hearing, the adjudicatory chamber ruled that, based on information gathered by the investigatory chamber, Mr. Ahmad had breached his duty of loyalty, offered gifts and other benefits, mismanaged funds and abused his position as the CAF President, pursuant to the FIFA Code of Ethics.”
“Consequently, the adjudicatory chamber found that Mr. Ahmad had breached arts 15, 20 and 25 of the current edition of the FIFA Code of Ethics, as well as art. 28 of the 2018 edition, and sanctioned him with a ban from all football-related activity (administrative, sports or any other) at both national and international level for five years. In addition, a fine in the amount of CHF 200,000 has been imposed on Mr. Ahmad.”
“The terms of the decision were notified to Mr. Ahmad today, the date on which the ban comes into force. In accordance with art. 78 par. 2 of the FIFA Code of Ethics, the full, motivated decision will be notified to Mr. Ahmad in the next 60 days, after which it will be published on legal.fifa.com.”
United Securities Limited changes name to Coronation Registrars Limited
United Securities Limited formally notifies its numerous customers and stakeholders of a change of name to Coronation Registrars Limited.
In line with section 30(3) of the Companies and Allied Matters Act 2020 (CAMA), United Securities Limited has formally notified its numerous customers and stakeholders that it has obtained regulatory approval from the Corporate Affairs Commission to change its name to Coronation Registrars Limited.
The disclosure is contained in a verified post on Linkedln, signed by the firm’s Secretary, Omotoyosi Kola-Ojo, and seen by Nairametrics.
What this means
In line with the recent corporate action and according to section 30(5) of the Companies and Allied Matters Act, the company has been issued a new Certificate of Incorporation by the Registrar General of the commission, evidencing the change of name.
What they are saying
A verified post by the Firm read thus: “The Public is hereby informed that United Securities Limited having passed the necessary Special Resolutions in line with Section 30(3) of Companies and Allied Matters Act 2020 (CAMA) and obtained the necessary regulatory approval of the Corporate Affairs Commission, has changed its name to CORONATION REGISTRARS LIMITED.
“The public is further informed that pursuant to Section 30(5) of the Companies and Allied Matters Act, the company has been issued a new certificate of incorporation by the Registrar General of the Commission evidencing the change of name. All stakeholders are requested to take note of the above information.”