Economy
NAICOM Wants Compulsory Insurance for Government Assets
By Adedapo Adesanya
The National Insurance Commission (NAICOM) has called on the federal government’s Ministries, Departments and Agencies (MDAs) to domesticate and help in the enforcement of compulsory insurance.
The Commissioner for Insurance, Mr Sunday Thomas, made this call at the sensitisation workshop in Abuja for insurance desk officers of MDAs on the need to insure federal government assets and liabilities.
Mr Thomas noted that it was now become imperative to put in place measures to guide MDAs on procuring adequate insurances for assets under their watch.
According to the Commissioner, this follows the provision contained in Section 7 (d) of the NAICOM Act 1997 which stipulates that the commission shall ensure adequate protection of strategic government assets and other properties.
Section 7 (f) of the Act also provides that the commission shall act as Adviser to the federal government on all insurance-related matters.
He said it was pertinent to note that the agency can better achieve its task with the full cooperation of the MDAs.
Mr Thomas said it was very worrisome to the commission that most assets and liabilities of government are never adequately and appropriately insured, which further draws attention to the need for urgent measures to be put in place by the agency to ensure that government gets value for money in the purchase of insurance by MDAs and that it is the desire of NAICOM to change this narrative for good.
In his words, “The essence of insurance of government assets and liabilities is to cushion the impact and reduce the burden that the government would have to bear in likely occurrences of catastrophic events such as natural disasters, fire, accidents, building collapse, injuries or death to third parties, thereby saving the government money which can be channelled towards augmenting the needs of the citizenry, providing infrastructure, and creating employment, among others.
“As you may be aware, NAICOM in 2009, launched the Market Development and Restructuring Initiative (MDRI) project which aimed at the creation of awareness on compulsory insurance products, education of the public on the long-term benefits of insurance to policyholders and the economy at large, among others.
“While NAICOM bore the responsibility of disseminating key messaging on the benefits of compulsory insurance, we relied on government Ministries, Departments and Agencies to help domesticate the Initiative in their respective offices and perhaps, serve as the primary vehicles for enforcement of compulsory insurances in their various MDAs,” he said.
Mr Thomas also said the sensitisation workshop was aimed at equipping insurance desk officers with the necessary tools to ensure that all MDAs have adequate insurance coverage for all government assets and liabilities to curb wastage occasioned by losses of uninsured assets.
He maintained that it was expected that insurance desk officers will have the capacity to gauge the insurance protection needs of government assets under their purview and provide their principals with technical advice on the required insurance coverage for government assets and liabilities.
“Building the capacity of insurance desk officers, enthroning transparency and accountability to ensure that government gets value for money in the purchase of insurance thus taking us all a step further in contributing effectively to the economic growth and development of Nigeria is an ongoing project of the Commission,” he added.
The commissioner further noted that the government, represented by the MDAs is a critical stakeholder in the insurance value chain.
By Adedapo Adesanya
The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, yesterday clarified that the federal government is not increasing taxes but making efforts to raise the tax net.
Mr Oyedele made this remark on Thursday while receiving a delegation from the Chartered Institute of Taxation of Nigeria (CITN) at his office in Abuja.
He hailed the institute for introducing a National Tax Awareness Day and for supporting the current tax reforms of the federal government.
The minister charged the institute to double its effort in public enlightenment, stressing that many Nigerians still view taxation as a means for the government to take money from citizens.
He reiterated that the priority of the government is not to increase tax rates but to broaden the tax base by ensuring that all eligible taxpayers meet their obligations.
“We are still not getting enough revenue from taxes.
“It is not about increasing taxes but making sure that those who are supposed to pay taxes. We want to promote fairness in tax administration,” he said.
Nigeria is challenged by the inability to generate adequate revenue from taxation despite ongoing reforms, stressing that a significant number of eligible taxpayers have yet to fulfil their civic obligations.
He said the challenge facing the country was not necessarily about raising tax rates but ensuring that individuals and businesses that ought to pay taxes do so in a fair and transparent system.
The minister also commended the institute for supporting the federal government’s tax reform agenda and promoting public understanding of taxation, but urged it to intensify its advocacy efforts, noting that many Nigerians still harbour misconceptions about taxation.
According to him, many citizens continue to view taxation merely as a tool for the government to take money from the people rather than as a critical instrument for national development.
“We are still not getting enough revenue from taxes. It is not about increasing taxes, but making sure that those who are supposed to pay taxes. We want to promote fairness in tax administration,” he added.
Mr Oyedele stressed that if Nigeria succeeds in building an efficient and equitable tax system, the impact on infrastructure, public services and economic development would be transformative, challenging the institute to introduce annual awards for the country’s most tax-compliant individuals and organisations as a means of encouraging voluntary compliance and recognising responsible taxpayers.
By Modupe Gbadeyanka
Nigeria’s First Lady, Mrs Oluremi Tinubu, has given Nigerians business advice that may not involve a lot of money to start.
Speaking with newsmen recently, the wife of President Bola Tinubu said businesses like akara (fried bean cake), kulikuli (a crunchy snack from roasted peanuts or groundnuts) and roasted corn can be set up without breaking the bank.
She disclosed that to support her husband’s Renewed Hope agenda, she has provided funding packages to traders and others to the tune of N3.5 billion.
“To start akara business doesn’t take a lot of money. To start roasting corn and kuli-kuli doesn’t take much. We didn’t give them a loan; we gave it to them as a grant,” she stated.
She further said, “We’ve encouraged Nigerians as best as we could, what is within our hands, I have given, and I keep giving. Those are the things we’ve done.”
“I remember giving for TB (tuberculosis) when I heard of many TB cases; I gave N2 billion, to breast cancer, I gave N1 billion, and to [tackle] malnutrition, I gave N500 million.
“These are the things we’ve been doing to assist the government. So, we’ve had impact in agriculture, social investment, education (as scholarship and ICT training) and others. We are still open to doing more,” she disclosed.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rallied by 1.70 per cent on Thursday, June 25, after three price gainers overpowered the two price losers recorded at the close of business.
Consequently, the market capitalisation of the trading platform increased by N43.79 billion to N2.618 trillion from N2.574 trillion, and the NASD Security Index (NSI) improved by 72.96 points to close at 4,362.32 points, in contrast to Wednesday’s 4,289.36 points.
Yesterday, the price advancers were led by Nipco Plc, which chalked up N31.79 to close at N349.76 per unit versus the preceding day’s N317.97 per unit. Okitipupa Plc gained N18.00 to end at N298.00 per share versus the previous session’s N280.00 per share, and Central Securities Clearing System (CSCS) Plc went up by N7.11 to N86.79 per unit from N79.68 per unit.
On the flip side, Nitrox Industrial Gases Plc crumbled by 32 Kobo to close at N21.09 per share compared with the N21.41 per share it closed at midweek, and Food Concepts Plc depreciated by 25 Kobo to N2.51 per unit from N2.76 per unit.
During the session, the value of securities traded by investors went down by 86.7 per cent to N10.9 million from the preceding session’s N82.9 million, and the volume of securities dropped 84.9 per cent to 10.9 million units from the previous 82.9 million, while the number of deals grew by 84.2 per cent to 35 deals from 19 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 68.4 million units exchanged for N4.7 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
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