Economy
AXA Mansard Urges Public to Purchase Only Genuine Insurance Policy
By Modupe Gbadeyanka
Members of the public, especially vehicle owners and motorists across Nigeria, have been advised to purchase only genuine third-party motor insurance policies.
This counsel was given by AXA Mansard Insurance Plc, one of the leading underwriting companies in the country in the wake of the nationwide enforcement of third-party insurance by the Nigeria Police Force (NPF) from Saturday, February 1, 2025.
The security agency said the enforcement aligns with the provisions of Section 68 of the Insurance Act 2003.
This has been welcomed by the National Insurance Commission (NAICOM) and the Nigerian Insurers Association (NIA), which said it’s a significant step towards strengthening compliance, ensuring road safety, and protecting motorists and third parties on Nigerian roads.
Speaking on the commencement of the enforcement, the Chief Marketing Officer of AXA Mansard Insurance, Ms Adebola Surakat, said with defaulters facing fines of up to N250,000, the tendency of unscrupulous elements selling fake motor insurance policies to unsuspecting members of the public may be on the rise.
She implored the insuring public to secure all their insurance policies, including motor insurance from only registered companies and their accredited agents.
“As a brand committed to protecting our customers and the insuring public, we strongly advise motorists to be cautious and obtain their insurance policies only from licensed and trusted insurers.
“The rise in enforcement may lead to a surge in counterfeit policies, leaving motorists exposed to financial risks. As a leader in the industry, we recognise that raising awareness at this time is the right thing to do because if we allow the public to run into the wrong hands, it will be a setback for the tremendous work that we have been doing to build trust in insurance.
“When people buy the counterfeit insurance policy, they will not be able to present it to the police nor will they be able to claim with it if any risks manifest. The backlash will be on the insurance sector, not the fraudulent agents. So, we are taking it as a responsibility to create awareness,” she stated.
Ms Adebola explained that people can visit either the NAICOM or NIA website for a list of registered insurance companies in Nigeria.
“We have even made it simpler at AXA Mansard, any type of motor insurance ranging from third-party motor insurance to comprehensive motor insurance can be purchased straight from our website.
“You can get your motor insurance certificate in less than five minutes on either our website, mobile app or any of our welcome centres nationwide,” she said.
“We have continuously demonstrated reliability through prompt claims payment and seamless customer experience. So, we assure the public of an excellent customer experience throughout the life cycle of the policy.
“AXA Mansard reassures its customers that it remains steadfast in its commitment to providing affordable, accessible, and genuine motor insurance solutions to protect Nigerian motorists from unnecessary financial liabilities.
“We understand the challenges that come with compliance, so we urge all vehicle owners to prioritize authenticity when purchasing their Third-Party Motor Insurance and avoid the risks associated with fake policies,” she added.
By Adedapo Adesanya
The Naira slid against the US Dollar by N2.28 or 0.17 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, August 5, to N1,363.85/$1 from N1,362.55/$1.
The local currency also declined against the Pound Sterling in the official market during the session by N5.97 to close at N1,837.38/£1 compared with Tuesday’s closing rate of N1,831.41/£1, and against the Euro, it crashed by N6.54 to quote at N1,575.25/€1 versus the preceding session’s N1,568.71/€1.
But at the black market, the Nigerian Naira traded flat against the greenback yesterday at N1,400/$1, and also remained unchanged at the GTBank FX desk at N1,373/$1.
The Central Bank of Nigeria (CBN) says rates have narrowed to below two per cent, while the country’s external reserves have risen above $52.5 billion, reflecting the impact of its ongoing monetary and foreign exchange reforms.
CBN Governor Yemi Cardoso, represented by the Acting Director of Corporate Communications and Investor Relations, Mrs Hakama Sidi-Ali, disclosed this on Tuesday during the CBN Fair in Gombe. He noted that reforms introduced since 2023 had significantly reduced the disparity between the official FX market and the parallel market.
“The Naira continues to strengthen, with the spread between official and Bureau de Change rates now below two per cent,” he said, adding that reserves at $52.5 billion were supported by sustained inflows and renewed investor confidence in the economy.
Interbank FX transactions slid as weaker market activities dropped total Dollar volume exchanged to $75.35 million, a 51.8 per cent decline from $156.23 million in turnover quoted at the previous close.
The deals at the NFEM window also fell as data from the central bank put Wednesday’s quote at 82 from 139.
In the cryptocurrency market, major were down as global risk sentiment softened as a key world equity index slipped and chipmakers fell.
The MSCI All Country World Index snapped a five-day run to fall 0.2 per cent as chipmakers retreated on both sides of the Pacific. South Korea’s Kospi, a bellwether for the AI trade, dropped 4.4 per cent.
Ripple (XRP) depleted by 1.7 per cent to $1.05, Binance Coin (BNB) decreased by 1.0 per cent to $594.87, Cardano (ADA) depreciated by 0.9 per cent to $0.1884, TRON (TRX) shrank by 0.2 per cent to $0.3261, Solana (SOL) crumbled by 0.1 per cent to $74.00, and Dogecoin (DOGE) went down by 0.1 per cent to $0.0697.
On the flip side, Ethereum (ETH) gained 2.3 per cent to trade at $1,911.41, and Bitcoin (BTC) rose by 0.8 per cent to $64,759.28, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Dipo Olowookere
The domestic stock exchange rebounded by 0.05 per cent on Wednesday on the back of renewed bargain-hunting by investors, though the level of activity waned.
After bleeding for a few days, the Nigerian Exchange (NGX) Limited heaved a sigh of relief yesterday, as the All-Share Index (ASI) gained 109.41 points to close at 244,912.24 points compared with the previous day’s 244,802.83 points, and the market capitalisation garnered N71 billion to settle at N158.087 trillion versus Tuesday’s N158.016 trillion.
Business Post reports that despite the rebound recorded by Customs Street at midweek, the market breadth index remained negative, as there were 20 price advancers and 29 price decliners, implying bearish investor sentiment.
Linkage Assurance appreciated by 9.94 per cent to N1.77, AVA Capital rose by 9.55 per cent to N10.90, Fortis Global Insurance advanced by 7.69 per cent to N2.80, McNichols gained 7.34 per cent to finish at N5.85, and Coronation Insurance surged by 5.51 per cent to N2.49.
Conversely, Honeywell Flour depreciated by 9.94 per cent to N16.30, PZ Cussons gave up 9.94 per cent to trade at N74.75, Zichis crashed by 9.74 per cent to N20.76, Learn Africa slipped by 9.62 per cent to N9.40, and Neimeth tumbled by 8.33 per cent to N8.25.
The busiest equity was FCMB, with a turnover of 369.2 million units valued at N4.1 billion. Chams transacted 46.7 million units worth N201.8 million, First Holdco transacted 43.5 million units for N5.7 billion, Access Holdings sold 29.8 million units worth N778.0 million, and Linkage Assurance exchanged 19.6 million units valued at N33.5 million.
At the close of transactions, market participants bought and sold 824.1 million units worth N25.5 billion in 48,114 deals, in contrast to the 1.6 billion units sold for N28.7 billion in 54,160 deals a day earlier, showing a shortfall in the trading volume, value, and number of deals by 48.49 per cent, 11.15 per cent, and 11.16 per cent, respectively.
By Adedapo Adesanya
The crude oil market was mixed on Wednesday as investors weighed revived expectations of a de-escalation in United States-Iran hostilities.
Brent crude futures gained 9 cents or 0.11 per cent to trade at $79.45 a barrel, while the US West Texas Intermediate (WTI) crude futures fell by 55 cents or 0.73 per cent to $75.22 per barrel.
US President Donald Trump previously said there was an “all-day negotiation” with Iran, characterizing the talks positively while also threatening to hit the country “really hard” if a deal was not reached.
Meanwhile, Iran denied that peace talks were under way. Its Foreign Ministry said on Wednesday that Iran and Oman have reached an understanding on how to manage the Strait of Hormuz.
It was reported that the decision was awaiting a decision from Iran’s supreme leader after Iranian and Omani negotiators completed a draft agreement that could reopen the Strait of Hormuz, the main export route for Persian Gulf oil and LNG. Also, a joint announcement is being finalized.
The proposed temporary arrangement would direct ships entering the Persian Gulf through waters controlled by Iran, while vessels leaving the Gulf would use a route administered by Oman. The agreement would revive parts of the US-Iran memorandum reached in June, which collapsed after attacks on shipping resumed.
Reuters reported that Iran is seeking payments equivalent to between 5 per cent and 7 per cent of cargo value, while Oman has proposed a 3 per cent charge.
However, the Trump administration has rejected any arrangement requiring ships to pay Iran for passage through what was an open international waterway before the war.
Crude stockpiles rose by 2.5 million barrels to 407 million barrels last week, data from the Energy Information Administration (EIA) showed on Wednesday. Previously, the American Petroleum Institute (API) estimated that crude oil inventories in the US rose by 2.69 million barrels in the week ending July 30.
Apart from disruption in the Gulf, a surge in attacks on Russian and Ukrainian ships, ports and export terminals in the Black Sea is disrupting global commodity supplies.
Disruption has spread to the Caspian Pipeline Consortium (CPC), the main export route for Kazakh crude oil, which has repeatedly suspended operations this week because of safety concerns and a lack of tankers.
