Group Life: Brokers plead for release of outstanding premium

Insurance brokers are appealing to the federal government for the release of its outstanding premium on Group Life for the year 2012.

The brokers who spoke under the auspices of the Nigerian Council of Registered Insurance Brokers (NCRIB) said as it stand; only 41 per cent of the premium has been paid, remaining 59 per cent to be paid.

Speaking on their behalf, Barrister Laide Osijo, president, NCRIB said the situation has made many insurance companies to discountenance claims under the year in review in view of the now existent No Premium No Cover

Osijo who spoke at the Brokers’ Evening in Yaba, Lagos last week said, “This, as we are all aware, is to the displeasure of some beneficiaries especially those that died in active service. The impression many of them have is that the insurance industry is insensitive to their plight, a situation that creates serious image smear for the industry.”

She said the federal government will do well to assist the industry to avoid further accumulation of unpaid premiums and claims, a situation that negates the extant NPNC. The issue of No Premium No Cover, she said has come to stay with the unwavering commitment of the National Insurance Commission (NAICOM) and the entire insurance industry towards its implementation.

It is delightful to note that the initial apprehension about the workability of the rule is gradually being laid to rest as many of our members and underwriters could testify, she said.

While expressing appreciation to NAICOM for its ever readiness to address the various challenges faced by insurance brokers, she said there is no doubt that with the level of compliance, the industry would significantly benefit from the rule.

Speaking earlier at the event, she thanked the guest students from the University of Lagos (Unilag) and Crawford University for their presence, saying that the importance of grooming the youths of today who are the leaders of tomorrow cannot be over emphasised.

Apart from constituting the pool from which providers of insurance for the future would be drawn, she said these students are also consumers of insurance products, if properly informed about the services.

“Consequently, we have decided to invite them to this event in order to broaden their understanding of insurance as well as give them a room to interact with the leading professionals in the industry,” she said.

This, she added, is to promote progressive relationship which the NCRIB intends to have with students and youths in general.

Security award press conference

L-R:  Managing Director, Crown Media, Nwabuoku Emmanuel; the company Chairman, Dr.austin Izagbo; and Managing Director, Soundz and Meknitz, Mr Felix Ugbechie, addressing journalists at a press conference in Lagos ahead of the maiden annual Nigerian security award scheduled for July 17, 2013 on Friday

Bilateral trade dispute: NANTS lauds Ghana, Nigeria govts

The National Association of Nigerian Traders (NANTS) has commended governments of both Ghana and Nigeria for the progress taken to resolve the lingering bilateral trade dispute.

NANTS made this known in a communiqué signed by the union’s Secretariat President, Ken Ukaoha, after the recent meeting between the two governments held in Accra at the instance of both countries Ministers of Trade.

It would be recalled that many Nigerian traders operating in Ghana have had their shops under lock and keys on the order of the Ghanaian Investment Promotion Act (47) which seeks foreigners doing business in Ghana to have an operating capital of USD300,000, employ about ten Ghanaians and operate only in designated markets across the country.

The communiqué noted that the law and its enforcement has remained a subject of several bickering between the two countries especially among traders from both countries operating under the Ghana Union of Traders Association (GUTA) and the Nigerian Union of Traders Association in Ghana (NUTAG – a member of NANTS).

It said, “Although many Nigerians have advocated for retaliation on the part of Nigeria, it is quite inspiring and appreciable that President Goodluck Jonathan has continued to explore diplomatic and political solution to the lingering political tension resulting from what we see as a misguided enforcement. NANTS recalls that Mr President has sent several delegations to Ghana, and Committees have also worked on the subject matter while the President has also held personal discussions with his Ghanaian counterpart. In addition, we also recall that the ECOWAS Parliament had, following a Memo by NANTS intervened on the matter and condemned such treatment through a fact-finding mission and other processes with frank discussions at the floor of the Parliament.

“While all of these have had little or no effect on the Ghanaian Authorities, WE deem the recent meeting between the two Ministers as step in the direction of peaceful fruit and the achievement of the goal of integration in the sub-region. WE take solace in the contents of the Press conference addressed by the two Ministers to the extent that the Minister of Trade in Ghana admitted that Nigerians being referred to as foreigners especially within the context of ECOWAS regional integration is an obvious error, and therefore promised to unlock all shops of Nigerians hitherto under lock and keys.

National Association of Nigerian Traders (NANTS) therefore call on both countries to continue in their consultations and work towards finding a lasting solution to the quagmire. Noting that Ghana has frowned at the halting of her products into the Nigerian market through prohibition policy, “we specifically call on the Nigerian government to seek ways of reviewing the prohibition list particularly to tally with the provisions of the ECOWAS Trade Liberalization Scheme (ETLS) to which both countries are signatories. Nigeria cannot afford to be applying a simultaneous approbation and reprobation of policies while the economy and economic operators bear the brunt with political integrity remaining at stake”, he added.

The communiqué further said; “On the part of Ghana, we note that the law in question is an Act of Parliament. Therefore, whether rightly or wrongly conceived and enacted, the most compromising and final solution would also fall in the hands of the Ghanaian parliament whose sacrosanct power it is to amend such law towards ensuring that the provisions which make Nigeria or other ECOWAS citizens residing or doing business in Ghana are neither foreigners not deemed so in the eyes of the spirit and letter of the ECOWAS Protocols on Free Movement, the Rights of Residence and the Rights of Establishment. It would be recalled that the Free Movement Protocol is essentially a contraption aimed at the realization of the economic integration agenda of the ECOWAS region as set out in Articles 3 and 27 (Paragraph 1) of the ECOWAS Treaty. The 1979 Protocol (A/P.1/5/79), subsequently reviewed with a Supplementary Protocol in 1985 (A/SP.1/7/85) on the Code of Conduct for its implementation; and other reviews in 1986, 1989 and a final phase in 1990 are all in recognition of the need for economic integration, the free flow of persons that are citizens of ECOWAS, their goods, services and capital.”

The communiqué also recalled that Article 27 (paragraph 2) of the ECOWAS Treaty, which both countries (and other members) specifically affirmed and committed to the provisions and for the avoidance of doubt, has eventually resulted into a common passport that bears ECOWAS inscription, and has led to the abolition of visa regimes, thereafter allow citizens of other member states to work and undertake commercial and industrial activities within their territories.

NANTS therefore urged the ECOWAS Commission to awake to her responsibility of enforcing her laws and perhaps building in strong sanction mechanisms at ensuring that these laws such as the free movement protocols are not only respected in breach by member States.