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CPC Moves against Fake Insurance Policies

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Insurance - Investors King
  • CPC Moves against Fake Insurance Policies

As consumers of insurance products and services complain over sale of fake policies and delay in payment of claims, among others, the Consumer Protection Council (CPC) has taken strategic steps towards addressing their complaints.

The CPC is collaborating with key stakeholders in the insurance sector in order to proffer solutions to the various challenges confronting insurance consumers in Nigeria.

The Council, together with Pastures Consult Limited and Congress International Limited-publishers of DIVIDEND- the magazine for local government- as well as some stakeholders in the insurance sector, has concluded plans for the convocation of a consumers’ colloquium.

The colloquium, which is scheduled to hold from December 8-9, 2016 at the Airport Hotel in Lagos, has as its theme: “100 Years After: Can Insurance Work in Nigeria?”

Coordinator of the project, Mr. Johnson Adedapo, said in a statement that the objective of the consumer colloquium was to proffer solutions to issues confronting consumers in the nation’s insurance sector.

According to Adedapo, “The colloquium seeks to bring together stakeholders from the insurance industry, regulatory environment, and policy making institutions, including consumers and the media, to identify the challenges facing consumers in the industry, proffer the way forward and inspire commitment from all stakeholders.

“These issues or challenges some of which stare us glaringly in the face include the sale of fake insurance policies, delay in payments of insurance claims and ‎reputation of claims, among others.
“The colloquium promises to foster a close interaction with various insurance products and allied solutions as well as a highly informative capacity building to raise the standard of insurance practice in Nigeria.

“The colloquium will set a new agenda for the insurance industry as well as set a platform for empowerment of citizens.

“This is very relevant and timely, especially as it will enable the society at large to understand the workings of insurance and trigger fresh waves of empowerment of the citizens and raise public awareness about the industry.”

Adedapo added that the project would ensure the creation of a synergy and common inspiration in the insurance sector for actions to deal with identified challenges.

“The colloquium seeks to bring stakeholders together to identify the problems militating against the deepening of insurance practice in Nigeria close to 100 years after its advent, and put issues on the front burner to find a way forward,” he added.

He said that the two-day colloquium (December 8-9, 2016) would be the first of its kind in the country, pointing out that the CPC and its collaborators were hopeful that the event would facilitate in-depth discussions on the strategies for repositioning the industry.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Business

FG Asks Customs to Ground Private Jets over Failure to Pay Import Duties

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The Federal Government of Nigeria has instructed the Nigerian Customs Service to ensure the grounding of 91 private jets, which are owned by some particularly rich Nigerians, over the payment of import duties.

The individuals in question have allegedly refused to pay their import duties, which are running up to about N30 billion. This has prompted the Federal Government to make the call to ground their private jets.

The Comptroller-General of the Nigerian Customs, Col. Hameed Ali (retd.) has since written a letter to the Nigerian Airspace Management Agency (NAMA), the Federal Airports Authority of Nigeria (FAAN) and the Nigerian Civil Aviation Authority (NCAA) instructing the agencies to ground the concerned private jets with immediate effect.

The letter was dated November 2, 2021 and was addressed to the Director-General of the NCAA, Capt. Musa Nuhu. The same letter was also sent and addressed to the Managing Director of the FAAN, Capt. Rabiu Yadudu and the Managing Director of NAMA, Capt. Fola Akinkuotu.

In the letter, the three addressed agencies were instructed to ground the private jets by refusing them proper administrative and operational flight clearances until further notice.

The letter went ahead to state that the indefinite refusal of administrative and operational flight clearances will be lifted once the Nigerian Customs Service has issued an Aircraft Clearance Certificate, and the certificate is provided to the agencies as evidence of cooperation.

Nairaland’s findings report that some of the private jets which are victims of the grounding order are owned by senior pastors of some Pentecostal churches across the country, Chief Executive Officers of some earlier oil companies, the Chairmen of some Tier-1 banks in the country, as well as some Tier-1 banks themselves with one of said banks owning two upmarket jets themselves.

However, some of the owners of these jets have written letters of protest to the Customs Service, stating that they cannot pay import duties because the private jets in question are under lease payments.

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Merger and Acquisition

Seplat Energy to Acquire ExxonMobil’s Nigerian Shallow Water Business

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Seplat Energy Plc - Investors King

Seplat Energy Plc, Nigeria’s leading indigenous energy company, has confirmed that it is in the process of acquiring ExxonMobil’s Nigerian shallow water business.

The company disclosed in a statement signed by Mr. Emeka Onwuka, Chief Financial Officer, and accessed by Investors King.

ExxonMobil has been selling off its businesses in Europe, Africa, and Asia in recent years to focus on a few mega-projects at home and abroad.

The statement reads, “Seplat Energy Plc, a leading Nigerian energy company listed on the Nigerian Exchange and the London Stock Exchange, notes the recent press speculation and confirms that Seplat Energy, together with a partner, is in competitive discussions to acquire ExxonMobil’s Nigerian shallow water business.”

According to Seplat, there is no certainty as to the outcome of the ongoing discussions.

“Deliberations are ongoing and accordingly, there can be no certainty as to the outcome. A further announcement will be made as and when appropriate, in line with regulatory requirements,” Seplat stated.

The announcement is coming a few days after Seplat Chairman, ABC Orjiako resigned from his position as the Chairman of the company following a debt scandal with Zenith Bank Plc.

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Company News

Uber to Halt Services in Parts of Belgium

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Uber

Uber will stop its ride-hailing service in most parts of Belgium tomorrow after a court ruling on Wednesday which extends an order given in 2015, banning its p2p (Peer to Peer) UberPop service to also cover professional drivers who provide its ride-hailing service.

Uber told TechCrunch that it is currently closely examining the details of the ruling, in order to arrive at a decision on whether or not to appeal the decision with the country’s Supreme Court.

This also follows a temporary decision to discontinue Uber’s service in Brussels, a decision which was referred to as “exceptional and unprecedented” by the tech giant. The company said that it was merely taking a step to complain about the lack of reform rules which forbid drivers from using smartphones.

After the ruling by the Brussels appeal court, private hire vehicle drivers have been obstructing a major tunnel in the capital of Belgium.

In a statement made concerning Friday’s impending shutdown, the chief of Uber in the country, Laurent Slitsagain criticized the government for not providing a reform which it has been soliciting for, stating that the decision was made depending on regulations which are now outdated as they were written before smartphones.

The company stated that the government has promised a reform but has failed to deliver said reforms for the last seven years.

According to Bloomberg, the shutdown will not be applicable to a small number of drivers who are licensed in the Flemish region of Belgium, and are therefore still permitted to use the application. Uber confirmed that the Appeal Court ruling only applies to drivers with Brussels licenses.

In another statement, Slits stated that the tech giant is hugely concerned about the 2,000 possessors of LVC licenses (rental car with driver licenses) who according to the country chief will lose their ability to generate earnings.

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