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Increment of Capital base in insurance company crucial, Finance minister insists

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The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Monday said the recapitalisation of the insurance industry would reduce risk of insolvency and protect policyholders in the sector.

The minister said this in Abuja at the opening session of a meeting of the Association of African Insurance Supervisory Authorities.

The National Insurance Commission had in a circular announced new capital requirements for operators in the insurance industry.

In the circular to its regulated entities, life insurance companies’ capital was raised from N2bn to N8bn, general companies got a raise from N3bn to N10bn, while composite insurance companies’ capital was raised from N5bn to N18bn

Addressing delegates at the event, Zainab said the recapitalisation of the insurance industry was one of the many initiatives the Federal Government was implementing to reposition the sector to boost economic growth.

In view of the objectives of government for the sector, she said the recapitalisation was necessary to increase safety and soundness of the system as well as strengthen the financial position of the companies.

She also said the government was implementing the ‘no premium no cover’ policy to facilitate reduction in outstanding premium, improve liquidity position of insurance companies and ensure prompt payment of claims.

Ahmed said a financial inclusion initiative was also being implemented through micro insurance and Takaful insurance products.

This, according to her, wss intended to bring insurance services to the underserved segments of the society.

She said, “It is informative to state that a veritable approach towards a healthy competitive private sector economy is the enhancement of the structure of government-led supervisory framework.

“In other words, it is believed that where supervisors are ahead of the institutions they regulate in relation to operations and conducts, then achieving growth, volumes and impacts on the economy becomes easier.

-Punch

BREAKING: Medical and Health Workers Union Re-elects Ogbonnaya as Abia chairman

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Members of the Medical and Health Workers Union of Nigeria (MHWUN) Abia state Chapter have re-elected Comrade Okoro Ogbonnaya as their Chairman.

The election took place at Eastern Comfort Hotel, Umuahia Abia state capital on Tuesday, ABN TV reports.

Recall the state government had earlier canceled the 5th quadrennial state Conference of Medical and Health Workers Union of Nigeria (MHWUN) Abia state chapter election scheduled to hold on the 17th Day of October, 2019 at same venue.

Details later…..

MAN BANISHED FROM ANAMBRA COMMUNITY FOR IMPREGNATING DAUGHTER, TWICE (Photos)

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An unidentified man said to be in his late 60s has been banished from Okofia, Otolo Nnewi for impregnating his own daughter twice.

ABN TV gathered that, the community decided to send the man away after he got his daughter pregnant a second time.

A picture showed members of the community handing the man and his daughter fresh palm fronds, while some more palm fronds were tied round the man’s neck and his daughter’s legs as signs that they were engaged in abominable acts.

The unidentified man is said to hail from Okija, in Ihiala Local Government Area and while another picture showed his daughter still had a less than a year’s baby, the man has again impregnated her.

First bank corporate headquarters shutdown by Abia govt over tax default (Photos)

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The Abia State Board of Internal Revenue on Tuesday sealed up the Corporate head office of the First bank PLC located along Goods Shade off Bank Road, Umuahia over non payment of outstanding sum of N 5,916,568.00 accumulated tax.

The amount ABN TV gathered is outstanding balance of owed to the state in respect of the twenty two (22) branches of the bank in Abia for 2018 and 2019.

A High Court of Abia State sitting in Umuahia had ordered that first bank should remit or pay to the claimant (Abia State Internal Revenue Board) through Abia PLUC the outstanding sum of N 5,916,568.00 being the outstanding balance of their fees in respect of First banks twenty-two (22) branches in Abia State for 2018-2019 respectively.

All effort made to reach the regional manager of the said bank by ABN TV, proved abortive.

Abia Speaker, Ikuku Declares 2020 Budget Defence Open

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The Speaker of Abia State House of Assembly, Rt Hon Chinedum Enyinnaya Orji, on Tuesday declared the 2020 Budget Defence open.

The Speaker warned against any expenditure of government funds without appropriation.

The Speaker advised all Ministries, Departments and Agencies of Abia State Government to attend the committee sittings to defend their various Budgets.

“All Ministries, Departments and Agencies must come to the House of Assembly to defend their respective budgets. That is the requirement of the law.

“It is important that the Accountant General and his team ensure that all monies are appropriated.

“For you to avoid prosecution, you must ensure that whatever you do is in accordance with the Law,m”, he said.

The Speaker went ahead to warn that any MDA that fails to appear before the Appropriation Committee will be appropriated with Zero Fund.

“In these days of Freedom of Information, we must be careful in the expenditure of government money”, he emphasised.

Earlier in his address, Chairman of the Abia State House of Assembly Committee on Appropriation, Rt Hon Kennedy Azubuike Njoku, assured the Speaker that his committee would break the record this time to ensure that the 2020 Appropriation Bill is passed into Law before the 30th of December, 2019.

“We want to break the record and ensure that the 2020 Appropriation Bill is passed into Law before the 30th of December, 2019.

“We want to work and ensure that before 2020, the Budget would have been passed into Law” he said.

Deputy Speaker of the House, Rt Hon Ifeanyi Uchendu, Clerk of the House Sir John Pedro Irokansi, and other Principal Officers of the Abia State House of Assembly witnessed the event which had The Accountant General of the State and the Executive Secretary of the State Planning Commission, among others, in attendance.

Abia Speaker Proclaimed as Ambassador of Made in Abia Products

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The Speaker of the Abia State House of Assembly Rt.Hon. Chinedum Enyinnaya Orji was today, proclaimed as an Ambassador of Made in Abia Products.

The Director General of the Abia State Marketing and Quality Management Agency (ABMQMA) Barr. Sam Hart made the proclaimation when he led management of the Agency on a courtesy call on the Speaker at the Abia State House of Assembly.

Speaking during the visit, the Director General of the Agency, Barr. Sam Hart said he led the management team of the Agency on a familiarization tour to brief the Speaker on the activities of the Agency since his assumption of duty as the Director General. He highlighted the task given to him on assumption of office by the Abia State Governor, Dr. Okezie Victor Ikpeazu.

Mr Speaker i’m here to report to you that we are doing our best to meet up to that task.”
“Our Agency is also saddled with the responsibility of setting out whatever that is being produced in Abia to the global Market.”

The ABMQMA boss sought the intervention of the Speaker for the completion of the process setting up the agency .

Responding, the Speaker Rt. Hon.Chinedum Enyinnaya Orji commended the Director-General for having a youthful team in his agency.

I want to commend you for having a youthful team, on all the things you are doing, this is the most impactful.”

“Any person that you have seen remaining on the corridor of power, there must be something about such a person.”

“There are people that you may appoint to head an Agency and they make something out of it.” The Speaker said.

On the amendment of the law setting up the Agency, the Speaker urged the Director-General to liaise with the Special Adviser to the Governor on Legislative matters so that the amendment can be brought to the State House of Assembly for considerations.

The Speaker appreciated the Director-General and urged him to do more in the promotion of Made in Aba Products.

Nobody should buy anything foreign rice, gone are the days when people use it as a status symbol, in my house, we banned Foreign rice, anything that gives you foreign rice doesn’t like you”

He called for the support of the Federal Government on the closure of borders which he said will enable the consumption of more Made in Nigeria Products.

IFRS Chairman Tunde Fowler’s Tenure Ends

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The tenure of the Executive Chairman of the Federal Inland Revenue Service, Mr Babatunde Fowler, ended on Sunday with no indication that he would get a second term in office.

Fowler, who is a childhood friend and former classmate of Vice-President Yemi Osinbajo, was appointed as the FIRS chairman on August 20, 2015

He was confirmed by the Senate on December 9, 2015 which implies that his tenure ended on December 8, 2019.

The FIRS Establishment Act stipulates that “the executive chairman shall be appointed by the President subject to the confirmation of the Senate.

“The chairman and other members of the board, other than ex-officio members, shall each hold office for a term of four years, renewable once only.”

Findings revealed that as of Sunday, there was no indication that Fowler’s tenure would be renewed for another four years.

Sources at the FIRS confided in our correspondent that since Sunday was the last day of his tenure in office, it was expected that the handover would be done on Monday to the most senior director in the agency.

Findings revealed that Fowler might hand over to the Coordinating Director in charge of Domestic Tax Group, Mr Abiodun Aina.

Aina was also the special adviser to Fowler.

Gov. Ikpeazu to inaugurate committee on minimum wage Wednesday

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Abia State Governor, Dr Okezie Ikpeazu, has approved the setting up of a joint negotiating committee on the implementation of the new minimum wage in the state.

In a release signed by the Commissioner for Information, Chief John Okiyi Kalu made available to ABN TV, the Deputy Governor, Rt. Hon. Ude Oko Chukwu will on behalf of the governor inaugurate the committee at conference room, office of the Deputy Governor on Wednesday, 11th December, 2019.

The team is expected to conclude its work and submit its report to the Governor on or before the 31st of December, 2019.

The members are;
1. Head of Service (Chairman)
2. Permanent Secretary, Ministry of Finance
3. Permanent Secretary/Executive Secretary, Planning Commission
4. Permanent Secretary, Ministry of Justice
5. Permanent Secretary, Establishment/Pension (Secretary)
6. Permanent Secretary, LG Service Commision
7. Auditor General of the State
8. Accountant-General of the state
9. Joint Council Chairman (Labour spokesman)
10. TUC Chairman
11. NLC Chairman
12. N U T Chairman
13. NULGE Chairman
14. Chairman council 1
15. Chairman council 2
16. Chairman Council 3

We Won’t Stop Huge Pension For Ex-Governors, Top Public Office Holders – Lagos Assembly

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Lagos State House of Assembly says it will not repeal the state’s pension law permitting former governors and other public office holders to receive huge pensions from state coffers.

Chairman, House Committee on Information and Strategy, Mr. Tunde Braimoh, told the News Agency of Nigeria on Sunday that Lagos Assembly would not go the way of the Zamfara Assembly which recently repealed pension law for its former governors.

NAN recalls that a Federal High Court in Lagos had ordered the Federal Government to recover pensions collected by former governors now serving as ministers and members of the National Assembly.

The court also directed the Attorney General of the Federation, Mr. Abubakar Malami, to challenge the legality of states’ pension laws permitting former governors and other ex-public officials to receive huge pensions while drawing normal salaries and allowances in their new political offices.

Braimoh faulted the court ruling, noting that, as long as the law does not contravene the Constitution, state assemblies have the right to make laws for the benefit of the society in which they operate.

Igbos Need North Support To Get Presidency In 2023 – Senator Okorocha

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Rochas Okorocha, the Imo West Senator has declared that the South East alone can’t make themselves President in 2023.

Okorocha reiterated that the southeast needs the support of the North and other geopolitical regions to achieve its aim of producing Nigeria’s president in 2023. He stated that Nigeria needs a president who would continue with the efforts of uniting the country, create jobs and also guarantee security.

He said: “The Igbo alone cannot make themselves the president. The quicker they come together and start shoring up support from the North and other parts of the region the better it is to realise the dream.

“I know we shall come up to that point one day when who becomes the president would not be based on tribe or religion. For as long we keep promoting tribal and religious sentiments, we are not getting it right.”

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