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Thrive Agric drama: We only insure the farms, not funds of individual investors – Leadway Assurance

The funds of the individual investors were not covered by the Insurance company, as the investors erroneously believed.

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Thrive Agric drama: We only insure the farms, not funds of individual investors - Leadway Assurance

Leadway Assurance, the insurance company in charge of Thrive Agric’s farms, said that its services do not cover individual investor’s funds, but only the insured farms and other farm assets.

This was disclosed by Leadway in a statement on Tuesday evening after Thrive Agric’s Investors called out the company and its insurers over delayed investments.

READ: General Electric rehabilitates 3 gas turbines at NDPHC power plants

READ: Leadway Assurance champions cybersecurity awareness amidst increasing digital risk

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Backstory

Nairametrics earlier reported that a Thrive Agric investor known on Twitter as theprincelyX, took to the social media platform and called out to the company for holding on to his investment returns. He claimed the company owes him almost a million naira, and he has been told to wait till next year to see returns on his investments.

Thrive Agric is owing me almost a million naira. They are owing other investors millions. Thrive Agric is telling me to wait till 2021 to get my investment that was due in Sept 2020,” the investor tweeted.

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READ: PZ incurs N1 billion in exchange rate loss 

Thrive Agric, however, responded in a social media statement that the delay “is an unfortunate outcome of the COVID-19 pandemic and its consequent restrictions on physical access to farms and farming markets. Like many other businesses, we were not fully prepared for the impact, and despite the intent upon which this company has been run for the last 3 years, our subscribers now bear the brunt of these challenges with us.”

Leadway’s position

In today’s statement, Leadway Assurance said,

“Our contractual obligation is limited to the agric tech platform and not their individual investors.

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“Leadway only provides insurance cover for the farm assets of its insured agric platforms

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READ: Industry Cabal, NACCIMA, reveals how it’s lobbying the CBN for N500 billion

“This, therefore, means that we only provide cover using our agric based insurance solutions for the risks to insured farms and other  farms assets against perils stated in the insurance policy document issued.”

What this means

The funds of the individual investors were not covered by the Insurance company, as the investors erroneously believed. This simply means getting their returns on investment is largely at the mercy of Thrive Agric. It is left to be seen how this unfolds in the coming days, as we monitor the situation closely.

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Business

BREAKING: Lagos approves reopening of public, private schools on Monday

The Lagos State Government has directed all public and private schools to resume on Monday.

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Lagos state to employ teachers quarterly to replace retired teachers – Commissioner

The Lagos State Government has approved the re-opening of schools for all classes in public and private schools across the state with effect from Monday, November 2, 2020, while boarders in public schools are to resume on Sunday, November 1.

According to a tweet post from the Senior Special Assistant to the Governor on New Media, Gawat Jubril, on his official Twitter handle, this was disclosed by the Lagos State Commissioner for Education, Mrs. Folasade Adefisayo, on Thursday, October 29, 2020.

In her statement, Adefisayo said, “This has been an unprecedented year with the recent happenings that have regrettably led to frequent closure of schools with attendant learning disruptions faced by all children.”

“We pray and hope that there will be no more disruptions in the academic calendar. However, the State Government will always regard the safety of pupils/students, parents, and all staff as a matter of priority,” She said.

We recommend that when schools resume on Monday, teaching and learning should continue unhindered till the end of the term,” she added.

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The Commissioner, therefore, advised pupils/students to take their studies more seriously in a bid to recover the lost period and excel.

 

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House of Reps determined to resolve ASUU issues and empower youths – Gbajabiamila 

Gbajabiamila has said that lawmakers are determined and ready to resolve ASUU issues, and empower the Nigerian youth.

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#EndSars: House of Reps to draft new Police legislation in 30 days, Speaker Gbajabiamila asks NLC to suspend strike, offers palliatives

The Speaker of Nigeria’s House of Representatives, Femi Gbajabiamila, has expressed the readiness of the House of Representatives to resolve the strike issues of the Academic Staff Union of Universities (ASUU) and empower Nigerian youths. 

This statement was made by the Speaker during a meeting in his office, with a group of young lawmakers under the aegis of ”Young Parliamentarians Forum” of the National Assembly. 

The Speaker reiterated that some of the demands of the youth following the #EndSARS protests would be addressed constitutionally, as part of the decision was to reform the Police, in a quest to accommodate a better and more reformed Police.  

On youth empowerment, the Speaker said a lot still needs to be done, he explained further that no Nigerian government has done more than what the present administration has done. 

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What they are saying 

Speaker of the House of Representatives, while speaking on the determination of the House Representatives on youth empowerment, said, 

“All of us, every segment of the government, especially the House of Representatives, before the protests took the initiative, debated motions and took far-reaching decisions on the floor. We gave ourselves 30 days, and since then, we’ve been working night and day, especially with the Nigerian Bar Association (NBA). 

“We thought the best way to go about it is to amend the Police Service Commission Act and that has been done, and the report has been concluded. Soon, it will be published and be on the floor.” 

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“We are determined to resolve the Academic Staff Union of Universities (ASUU) matter, and if we can resolve two out of three issues, I think we would have gone a long way to help the lecturers who are on strike.” 

“There’s a bill on vocational education, I think from the 8th Assembly – that was even my bill. We’ll pick it up again and pass it to you (Young Parliamentarians Group) to polish it up and add it to whatever ideas you have.” 

While speaking on the giant strides by the current administration in terms of youth empowerment, the Speaker said,

“I make bold to say that no government, in Nigerian history from inception, and I stand to be corrected, has put in as much in youth empowerment as this present government.” 

“Facts don’t lie, a government that has devoted N500bn to youth empowerment every year. There’s Trader Moni, N-Power, and several others – they are all there. This government has done a lot about youth empowerment and is ready to do more. We can never be bereft of ideas.

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Third Mainland Bridge: Lagos to close Adekunle to Adeniji section of the bridge

The Adekunle to Adeniji section of the Third Mainland Bridge will be shut down for another round of repairs on Friday night.

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Third Mainland Bridge is intact and safe for commuters - FG

The Lagos State Government on Wednesday announced the shutdown of the Adekunle to Adeniji section of the Third Mainland Bridge for the second round of repairs, with effect from midnight of Friday, October 30, 2020, to Sunday, November 1, 2020 – 3 days.

Accroding to Channels TV, the disclosure was made in a statement by the Commissioner for Transportation, Frederic Oladeinde, and signed by Bolanle Ogunlola, on behalf of the Ministry of Transportation’s Public Affairs Unit, on Wednesday, October 28, 2020.

READ: Border Closure: Presidential task force inspects Nigeria-Niger Border 

Ogunlola said the move is in “furtherance of the partial closure of the Third Mainland Bridge occasioned by the ongoing first phase rehabilitation works nearing completion.”

The statement partly reads, “The Lagos State Government has announced that there will be a total closure of the Adekunle to Adeniji section of the bridge for the second time, from midnight of Friday 30th October to Sunday 1st November 2020.’

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READ: Lagos to support owners of looted, vandalised stores

Oladeinde said, “This second phase closure of the repair works is coming two weeks behind schedule, as a result of delays occasioned by the recent mayhem around the Lagos metropolis.”

He pointed out that the decision to close the section of the bridge for repairs is to prevent vibrations on the bridge during the casting-in-place of the newly installed expansion joints, which in turn will allow the special concrete achieve its required compressive strength.

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READ: MTN Nigeria posts N975.76 billion revenue for Q3 2020

The Transport Commissioner had earlier explained that the casting of the expansion joints would be in two phases due to the number of expansion joints that will be cast and to effectively manage the attendant traffic;  hence, repair works slated for weekends to minimize inconveniences that may arise from the total closure.

While commending residents of the state for being patient since the commencement of the project, the commissioner hinted that the previous alternative routes remain the same for road users to utilize during the closure period, while LASTMA and other Traffic Management Agencies will be on the ground to direct traffic for easy vehicular movement.

READ: #EndSARS: Lagos State needs N1 trillion to rebuild losses – Gbajabiamila

He also “assured that the section of the bridge between Adekunle and Iyana–Oworo still remains open, as well as Ebute Metta outbound section into Iyana-Oworo.”

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What you should know

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Nairametrics had reported the partial closure of the Third Mainland bridge by the Federal Government for maintenance work for a period of 6 months with effect from July 24, 2020. A few weeks ago, the government announced a total shutdown of the bridge for 3 days to vehicular movement

READ: FG, Lagos to begin works on alternative routes

This is to enable the contractors to carry out special repair works and complete the first stage of casting works on the bridge.

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