Economy
NAICOM Plans New Reforms, Initiatives for Insurance Sector
By Adedapo Adesanya
**Mulls Price Control Mechanism for Insurance Products
The National Insurance Commission (NAICOM) has expressed its readiness to put in place better reforms and initiatives aimed at further driving financial inclusion in the country through insurance.
Acting Commissioner for Insurance at NAICOM, Mr Sunday Thomas, made this disclosure while delivering his keynote address at the seminar for insurance journalists held at the Bristol Palace Hotel, Kano State on Monday.
Mr Thomas noted that many lessons were learned in the previous year and that the commission was working to build on them for a better insurance sector in Nigeria.
“We all experienced its positive and negative consequences, leaving us with the bitter-sweet lessons that will ultimately shape our decision making in this and subsequent years,’ he said.
Moving forward, Mr Thomas noted that the commission was shifting its focus away from compliance issues that it faced in previous to its market developmental responsibility.
“As the Year 2020 continues to unfold, giant strides will be made by the commission in all aspects of its statutory responsibilities. This is the time to put the past behind us and look forward to a better and more vibrant sector.
“The task of building an insurance sector of our dreams is a collective one and thus, all hands must be on deck to ensure our dreams become realities.
“We recognise the impact of conducive work environment to effective and efficient regulatory system and this will always remain our priority,” the NAICOM chief noted.
He further disclosed that the second phase of the soon-to-be unveiled Market Development and Restructuring Initiative (MDRI) will mark out clear targets and tasks for all stakeholders in the industry.
Speaking on the plan to increase acceptance of insurance in the country, the Acting Commissioner said, “We shall vigorously pursue the continued implementation of Compulsory Insurances in every nook and crannies of the country.
“We are certainly not unaware of the challenges inhibiting the successful implementation of these classes of insurance thus far hence, our resolve to work with relevant stakeholders to ensure a seamless drive.
“Indeed, the successful implementation of compulsory classes of insurance across the nation will ensure adequate protection of our strategic national assets. We will be working with the relevant security agencies to guarantee effective and efficient monitoring of compliance.”
He further said that the insurance sector was latching onto the financial inclusion strategy of the federal government developmental plan, stating that the commission has over the years invested in the development of financial inclusion mechanisms which includes the introduction of Microinsurance and Takaful Insurance products.
According to him, “The introduction of these lines of insurance is intended to deepen the penetration of insurance in the country and bring into the fold majority of the populace that are hitherto excluded.”
“So far, some milestones have been recorded in this regard with three standalone Microinsurance and four Takaful insurance companies already granted approvals,” he added.
He added that the right pricing of insurance products and effective deployment of technology for ease of transaction are among the key areas the commission will be working on this year.
“Digitalisation of insurance business is no longer an option, but an imperative which we all have to work towards its actualisation. As we may all be aware, the industry is currently lagging behind other financial services sectors in this area.
“The commission is working vigorously to see that all its operations are digitalised. The year 2020 is a year for us to turnaround the fortunes of the industry and this cannot be accomplished without digitalising our processes and encouraging the industry to imbibe same.
“The commission shall in the course of the year continue to introduce new reforms and initiatives in line with international best practices for attaining the level of growth and development we all desire for the sector,” he said.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
By Adedapo Adesanya
The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.
Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.
At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.
Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.
This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.
Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.
Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.
As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.
The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.
Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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