Economy
#EndSARS: NAICOM to Ensure Payment of Claims by Insurers
By Adedapo Adesanya
The National Insurance Commission (NAICOM) has pledged to properly handle the complaints of insured policyholders following the destruction of properties that marred the #EndSARS protests.
According to NAICOM’s Head, Commissioner for Insurance Directorate, Mr Rasaaq Salami, the commission would await complaints from policyholders arising from the damages they suffered when hoodlums used the peaceful demonstrations to perpetuate the act of looting.
Mr Salami said situations like this underscore the importance of adequate and appropriate insurance, noting that the insurance industry was gradually and steadily shifting from that era of poor claims payment to adequately honouring their obligations.
He stressed the need for both government and individuals to adequately insure all their assets and liabilities.
“What has happened is very unfortunate and sad. We all know that the losses are heavy and a lot of financial resources are required to replace all that has been lost.
“Because of the sensitivity of this #EndSARS issue, NAICOM is going to take a keen interest in it and await any claims complaint that will come from it.
“The industry is now aware of the benefits to them as operators when they honour their obligation because when you do, it becomes easier for you to get the other party to come and insure.
“I deliberately stressed adequate and appropriate because there are policies that the insured go into that are limited, some do not cover anything.
“When you have your risks and you disclose it and it is appropriately priced and the appropriate premium is paid, with genuine insurance companies through NAICOM’s registered insurance brokers or directly with the insurance companies, it means that when a situation of loss occurs, claims payment is guaranteed.
“A lot of buildings have been destroyed, both public and private buildings, as well as vehicles.
“In most cases, these destructions came about from acts of riots.
“Riots do not stand alone as an insurance policy, they are sometimes tied to fire insurance which is an addition, so that is why I talked about adequate and appropriate insurance.
“Because if there is a fire insurance and there is no endorsement that covers riots, destructions, losses occasioned by riots when they happen, you are not likely to get compensation,” he explained.
He further advised prospective policyholders to employ the services of insurance brokers to educate them on the appropriate policies to undertake before insuring properties.
Also speaking, Mr Ganiyu Musa, the Chairman of the Nigerian Insurers Association (NIA), told NAN that members of the association would pay valid claims of policyholders.
“We know that the loss of life is a bigger calamity because it is not replaceable but at a time like this, all our thoughts and prayers are to the people that lost their loved ones.
“Every other thing can be replaced. Insurance is a contract, so the policy you buy may be different from mine and these policies have details of what is covered and what is not.
“Where it is discovered that one has paid his premium, then you do not have anything to fear. It is a big, huge loss,’’ he said.
Business Post had reported that Coronation Insurance had stepped in to cover whatever claims made by insured victims. Other insurance companies like AIICO Insurance Plc, Consolidated Hallmark Insurance (CHI), and the Universal Insurance Plc, had also assured policyholders of their prompt response to claims.
By Adedapo Adesanya
The Organisation of the Petroleum Exporting Countries (OPEC) has once again trimmed its 2024 and 2025 oil demand growth forecasts.
The bloc made this in its latest monthly oil market report for December 2024.
The 2024 world oil demand growth forecast is now put at 1.61 million barrels per day from the previous 1.82 million barrels per day.
For 2025, OPEC says the world oil demand growth forecast is now at 1.45 million barrels per day, which is 900,000 barrels per day lower than the 1.54 million barrels per day earlier quoted.
On the changes, the group said that the downgrade for this year owes to more bearish data received in the third quarter of 2024 while the projections for next year relate to the potential impact that will arise from US tariffs.
The oil cartel had kept the 2024 outlook unchanged until August, a view it had first taken in July 2023.
OPEC and its wider group of allies known as OPEC+ earlier this month delayed its plan to start raising output until April 2025 against a backdrop of falling prices.
Eight OPEC+ member countries – Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman – decided to extend additional crude oil production cuts adopted in April 2023 and November 2023, due to weak demand and booming production outside the group.
In April 2023, these OPEC+ countries decided to reduce their oil production by over 1.65 million barrels per day as of May 2023 until the end of 2023. These production cuts were later extended to the end of 2024 and will now be extended until the end of December 2026.
In addition, in November 2023, these producers had agreed to voluntary output cuts totalling about 2.2 million barrels per day for the first quarter of 2024, in order to support prices and stabilise the market.
These additional production cuts were extended to the end of 2024 and will now be extended to the end of March 2025; they will then be gradually phased out on a monthly basis until the end of September 2026.
Members have made a series of deep output cuts since late 2022.
They are currently cutting output by a total of 5.86 million barrels per day, or about 5.7 per cent of global demand. Russia also announced plans to reduce its production by an extra 471,000 barrels per day in June 2024.
By Aduragbemi Omiyale
A minority equity stake in Chappal Energies Mauritius Limited has been acquired by a Nigerian energy firm, Aradel Holdings Plc.
This deal came a few days after Chappal Energies purchased a 53.85 per cent equity stake in Equinor Nigeria Energy Company Limited (ENEC).
Chappal Energies went into the deal with Equinor to take part in the oil and gas lease OML 128, including the unitised 20.21 per cent stake in the Agbami oil field, operated by Chevron.
Since production started in 2008, the Agbami field has produced more than one billion barrels of oil, creating value for Nigerian society and various stakeholders.
As part of the deal, Chappal will assume the operatorship of OML 129, which includes several significant prospects and undeveloped discoveries (Nnwa, Bilah and Sehki).
The Nnwa discovery is part of the giant Nnwa-Doro field, a major gas resource with significant potential to deliver value for Nigeria.
In a separate transaction, on July 17, 2024, Chappal and Total Energies sealed an SPA for the acquisition by Chappal of 10 per cent of the SPDC JV.
The relevant parties to this transaction are working towards closing out this transaction and Ministerial Approval and NNPC consent to accede to the Joint Operating Agreement have been obtained.
“This acquisition is in line with diversifying our asset base, deepening our gas competencies and gaining access to offshore basins using low-risk approaches.
“We recognise the strategic role of gas in Nigeria’s energy future and are happy to expand our equity holding in this critical resource.
“We are committed to the cause of developing the significant value inherent in the assets, which will be extremely beneficial to the country.
“Aradel hopes to bring its proven execution competencies to bear in supporting Chappal’s development of these opportunities,” the chief executive of Aradel Holdings, Mr Adegbite Falade, stated.
By Adedapo Adesanya
Afriland Properties Plc helped the NASD Over-the-Counter (OTC) Securities Exchange record a 0.04 per cent gain on Tuesday, December 10 as the share price of the property investment rose by 34 Kobo to N16.94 per unit from the preceding day’s N16.60 per unit.
As a result of this, the market capitalisation of the bourse went up by N380 million to remain relatively unchanged at N1.056 trillion like the previous trading day.
But the NASD Unlisted Security Index (NSI) closed higher at 3,014.36 points after it recorded an addition of 1.09 points to Monday’s closing value of 3,013.27 points.
The NASD OTC securities exchange recorded a price loser and it was Geo-Fluids Plc, which went down by 2 Kobo to close at N3.93 per share, in contrast to the preceding day’s N3.95 per share.
During the trading session, the volume of securities bought and sold by investors increased by 95.8 per cent to 2.4 million units from the 1.2 million securities traded in the preceding session.
However, the value of shares traded yesterday slumped by 3.7 per cent to N4.9 million from the N5.07 million recorded a day earlier, as the number of deals surged by 27.3 per cent to 14 deals from 11 deals.
Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units sold for N3.9 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 million.
Also, Aradel Holdings Plc remained the most active stock by value (year-to-date) with 108.7 million units worth N89.2 billion, followed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units sold for N5.3 billion.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking6 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN