By Adedapo Adesanya
To deepen insurance inclusion in the country, Universal Insurance Plc has unveiled a personal accident cover called Keke Pass to provide insurance cover for tricycle riders who are major key players in Nigeria’s transport system.
According to the underwriter, riders of the popular tricycle known as Keke can now pay as low as N2,600 get a personal accident cover.
KEKE PASS plan was uniquely designed to provide cover for personal accident to the insured rider. This policy also will be sold as an individual policy and as a group scheme to the riders.
The plan is a compensation plan for riders in case of an accident. The premium amount to pay depends on the type of plan they opt for.
It comes in four different plans which are: Jeje Cover, which can be subscribed to with N2,600 yearly premium and enables a rider to get paid up to N50,000 for Medical Expenses; N150,000 for Permanent Disability; N150,000 for Death N50,000 for Third Party Liability and N15,000 Repair assist (Owned damage).
Another plan is the Carry-Go Cover, which comes with an annual premium of N3,700 per annum and the rider is expected to get paid up to N75,000 for Medical Expenses, N200,000 for Permanent Disability; N200,000 for Death; N75,000 for Personal Liability and N20,000 RepairAssist (Owned damage).
The third package is the No-Shaking Cover, which is sold for N4,800 per annum and riders get N100,000 for Medical Expenses; N250,000 for Permanent Disability; N250,000 for Death; N100,000 for Personal Liability and N25,000 RepairAssist (Owned damage).
The last bouquet is the Confaam Cover, which attracts a payment of N6,000 per annum. The insured gets N100,000 for Medical Expenses; N250,000 for Permanent Disability; N250,000 for Death; N100,000 for Personal Liability; N25,000 RepairAssist (Owned damage); N60,000 for Passengers Medical Expenses (Limit per passenger N20,000).
Speaking on the product, the Managing Director/CEO of the firm, Mr Benedict Ujoatuonu, stated that Keke Pass targets the numerous tricycle riders in the country.
Speaking on the uniqueness of the product, he said, “usually in motor insurance policies we have centred only on taking care of the loss of the insured motor insurance vehicle on third party liabilities.
“But our Keke Pass is an innovative product that looks at the rider himself in making sure that adequate insurance is provided for the benefit of the rider in case he sustains injuries that require medical attention while he is riding temporarily or permanent disability as a result of the accident or in the unfortunate event of the death of the rider.”
According to him, whatever happens, while he is riding, is fully taken care of by Keke Pass.
Mr Ujoatuonu urged all riders to embrace the product that is meant to help them and encourage them in ensuring that they continue to ride and generate revenue and take care of the family knowing that if anything happens, Universal Insurance is behind them to ensure they get the required support.
He also called on the various tricycle associations to embrace the new products so that they can create benefits for their members which will in turn sustain their business.
Business Post had reported that Universal insurance was the first company that launched the first-ever insurance product called okada personal Assurance & Safety Scheme (Okada Pass) For okada riders.
With an asset base of over N11 billion, authorized, share capital of 16 billion units and N8 billion paid-up respectively, Universal Insurance Plc is a duly registered organisation licenced to underwrite General Insurance business.
The MD/CEO revealed that the company is now fully computerized to drive excellence in service delivery adding that they are widely known for providing peace of mind to their clients and enriching their quality of life through their partnership in the management of the risks they face.
Oyo to Register Commercial Motorcycle Riders, Capture Fingerprints, Others
By Modupe Gbadeyanka
Very soon, commercial motorcycle riders in Oyo State will require identification numbers and registration jackets to ply their trades in the state.
This is part of efforts to curb every form of criminality and other social vices and regulate the activities of commercial motorcyclists to also prevent the breakdown of law and order.
Business Post gathered that the registration will require each commercial bike rider’s name, address, fingerprint, passport-sized photograph, and a unique ID number.
At a stakeholders’ meeting with over 100 commercial riders’ association leaders in Ibadan on Thursday, the Commissioner for Budget and Economic Planning, Mr Musibau Babatunde, said the registration is part of the Oyo State government’s drive to ensure the effectiveness of the ongoing state-wide residents’ registration programme, saying the exercise will help in planning properly for the security architecture of the state, in the long-run.
“States across the south-west have been banning operations of commercial motorcyclists, but we know that will have its own socio-economic challenges. So rather than banning them, we felt it is pertinent to know the number of bike riders in the State and use that for our security architecture,” he said.
The Commissioner added that there are multi-dimensional benefits accruable to the registration exercise, both for the motorcyclists and the state, in terms of security and economic planning.
Also, his counterpart in the Ministry of Information, Culture and Tourism, Mr Wasiu Olatubosun, explained that the registration will help regulate the influx of commercial motorcyclists into the state.
Mr Olatubosun emphasised that the registration will be free, adding that the proactive approach to regulating the activities of commercial motorcyclists by Governor Seyi Makinde-led administration will prevent the breakdown of law and order.
“We will set up a task force consisting of both the union and other relevant agencies that will make sure that unregistered riders don’t operate within the state,” he said.
On his part, the Special Assistant to the Governor on ICT and e-Governance, Mr Bayo Akande, said that the registration process was initiated by the state government to distinguish every rider operating in the state.
“Actually, registration exercises had commenced months back at every Local government and office of the Oyo State Road Transport Management Authority. All is now set to provide numbered jackets, in order to identify riders who are duly registered with the state,” the Governor’s aide said.
He said part of the dividends of the registration is the provision of health insurance and other palliatives for riders in the state.
Responding on behalf of the Okada riders, Mr Yusuf Muritala, commended Governor Makinde for not considering a ban on their activities, assuring that his colleagues are ready to cooperate with the state government to register.
He, therefore, expressed the readiness of the commercial motorcycle riders in Oyo State to abide by the rules and regulations established by the government to regulate the activities of their operations, pledging the support of all motorcyclist associations in the state to the government.
However, Mr Muritala appealed to the consultant in charge of the registration exercise to work with leaders in each zone to ensure an expansion of registration points for commercial motorcyclists.
Lagos to Crush 250 Commercial, Power Bikes
By Modupe Gbadeyanka
About 250 commercial and power bikes have been seized by the Lagos State Taskforce for various violations and would be crushed this weekend at the taskforce crushing site in Alausa, Ikeja.
This was disclosed by the chairman of the taskforce, Mr Shola Jejeloye, a Chief Superintendent of Police (CSP), during a visit to the headquarters of the agency in Bolade Oshodi.
Mr Jejeloye said despite the focus on commercial motorcycles, popularly known as ‘Okada’, the State Transport Sector reform laws prohibit motorbikes of any capacity from plying one-way.
According to him, power bikes and motorcycles with capacity above the required standard were confiscated for either driving against traffic (one-way), conveying passengers or plying BRT corridors across the State.
“Riding a power bike does not make you immune to traffic laws of the state, especially when it has to do with riding against traffic on one-way, which is highly dangerous to road users and even pedestrians.
“Any motorbike violating the State traffic laws will be met with the same level of punishment as the Okada riders,” he stated.
The Chairman further disclosed that dispatch riders who have seized the opportunity of the absence of Okada on the highways to transport commuters on their bikes would also have their motorbikes impounded.
He urged all dispatch and delivery bike owners to warn their riders to desist from lifting passengers or risk forfeiting the bikes to the state government, stressing that anyone caught contravening the traffic laws of the State will not be spared.
The police officer used the occasion to reiterate the commitment of the taskforce to enforce the ban on the activities of commercial motorcycle operators in six local governments and nine local council development areas of the state by expanding its tentacles to power bikes and dispatch riders who violate the Traffic Law.
Union Bank Rejigs Board as Titan Trust Bank Takes Full Control
By Dipo Olowookere
An old generation lender, Union Bank of Nigeria Plc, has announced a significant change to the composition of its board of directors following the transfer of 93.41 per cent of the bank’s issued share capital to Titan Trust Bank Limited.
In a statement, Union Bank said 10 board members of the company have retired to pave a way for nominees of the new owners.
The Chairman of the firm, Mrs Beatrice Hamza Bassey as well as the chief executive officer, Mr Emeka Okonkwo, will no longer be on the board with effect from Thursday, June 2, 2022.
Mr Okonkwo, who implemented the bank’s new strategy focused on regional coverage and continued the growth trajectory, has expressed his desire to support the new CEO and core investor.
Others who retire from the board include Mrs Obafunke Alade-Adeyefa, an independent non-executive director; Mr Richard Burrett, a non-executive director; Mr Ian Clyne, a non-executive director; Mr Kenroy Dowers, a non-executive director; Mr Paul Kokoricha, a non-executive director, Mr Taimoor Labib, a non-executive director; Mr Mark Patterson, a non-executive director; and Mr Emeka Ogbechie, a non-executive director.
It was gathered that the bank has appointed Mr Mudassir Amray as the CEO of Union Bank effective June 2, 2022. He is a seasoned banker with well-rounded exposure of over 25 years in senior management roles and a proven track record of adaptability in six geographies (USA, Nigeria, Malaysia, Hong Kong, Singapore and Pakistan) in the course of his career at Citibank and other foreign and local banks, according to a notice from the firm.
Prior to his latest appointment, he led the establishment of Titan Trust Bank Limited and subsequently became the bank’s pioneer CEO in October 2019.
Also, Union Bank has confirmed Mr Farouk Mohammed Gumel as its new Chairman. He is the Group Executive Director for TGI Group and also the Chairman of Wacot Rice Ltd, a subsidiary company of TGI Group, and non-executive chairman at the Nigeria Sovereign Investment Authority (NSIA).
Prior to joining TGI, Mr Gumel was a Partner at PwC and Head of the West African Advisory/Consulting business, covering Nigeria, Ghana, Liberia, Sierra Leone, and Angola.
The two will be assisted on the board by Mr Andrew Ojei, a non-executive director; Mr Abubakar Mohammed, a non-executive director; and Mr Lawrence Mackombo, a non-executive director.
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