By Adedapo Adesanya
The Chartered Insurance Institute of Nigeria (CIIN) is set to inaugurate Mr Edwin Igbiti as its 51st President/Chairman of Council on Friday, July 15.
He is next in line to handle the baton after the successful completion of Mr Muftau Oyegunle’s tenure at the helm of affairs since 2020.
The investiture ceremony, which is scheduled to hold tomorrow, will bring Mr Igbiti on board as the next President as well as the Chairman of Council of the premier professional body in the country.
Mr Igbiti is one of Nigeria’s most prominent business executives. With an outstanding educational background and many years of professional experience, he has written his name in the sands of history as one of the strongest and most renowned voices in the insurance industry and the corporate business environment in Nigeria.
He showed much interest in the insurance business from a very early age and little wonder that he became an Associate of the Chartered Insurance Institute of London in 1990.
In his quest for knowledge, he obtained an Advanced Diploma in Management from the Department of Business Administration, the University of Lagos in 1996 and a Master’s Degree in Business Administration (MBA) from the University of Ado Ekiti, in 2005.
Similarly, the insurer has garnered outstanding professional certifications both within and outside Nigeria such as an Executive Leadership Programme from Howard University School of Business and the Chief Executive and Directors Programme from the Management School in London.
Mr Igbiti is a Certified Insurance practitioner with the Chartered Insurance Institute of London (CII), a Fellow of the Chartered Insurance Institute of Nigeria (FIIN), a Fellow of the Risk Managers Society of Nigeria (RIMSON), Associate of the Nigerian Council of Registered Insurance Brokers (NCRIB) and a Fellow of the Risk Surveyors Association of Nigeria (RISAN).
He is a seasoned professional with depth and wealth of technical expertise having worked in various capacities, including underwriting, sales and claims management in the insurance industry.
He started his professional sojourn at Phoenix Insurance Company as an Underwriting Trainee before moving to AIICO Insurance Plc where he worked for several years and provided managerial, strategic and operational leadership in uniquely challenging situations with verifiable evidence of achieving revenue, profit and business growth objectives.
He served as the General Manager, Non-Life Underwriting at AIICO Insurance Plc between January 2010 to September 2013. During this period, he was responsible for the overall performance of the General Insurance Division. He rose to the position of the Group Managing Director/Chief Executive Officer, AIICO Insurance Plc in 2013 where he was responsible for running and supervising the affairs of the Company and its subsidiaries (AIICO Pension, AIICO Capital and AIICO Multishield).
In those years he served as the GMD of AIICO, he recorded giant strides which contributed hugely to the company’s overall growth.
Mr Igbiti also served briefly as the Managing Director of Niger Insurance Plc before moving to Quicklink Insurance Brokers Limited as a top management staff where he is active to date.
Aside from being an insurance professional, Edwin is a chartered member of the Nigerian Institute of Management, a certified Business Continuity Systems Lead Auditor from the British Institute, UK and an alumnus of the Howard University Business School, U.S.A.
He is a Member of the Institute of Directors (IoD), and was once a Council member of the Nigerian Insurers Association (NIA).
He is the immediate past Chairman of the Governing Board of the College of Insurance and Financial Management and he currently seats as the Deputy President on the Governing Council of the Chartered Insurance Institute of Nigeria (CIIN) where he has meteorically risen to the new president of the Institute.
Buhari Appoints Adepoju Sunday as New Postmaster-General
By Adedapo Adesanya
President Muhammadu Buhari has approved the appointment of Mr Adepoju Sunday as the new Postmaster-General/Chief Executive Officer (PMG) of the Nigerian Postal Service (NIPOST).
This followed the recommendations of the Minister of Communications and Digital Economy, Mr Isa Pantami.
The new Postmaster-General of NIPOST was appointed for an initial term of five years, according to a statement issued by Mrs Uwa Suleiman, spokesperson for the Ministry of Communications and Digital Economy.
Mr Sunday is a professional accountant and a former member of the House of Representatives. He was in the parliament between 2011 and 2019, representing Ibarapa East/Ido Federal Constituency.
NIPOST is an agency under the supervision of the Federal Ministry of Communications and Digital Economy. The appointment of Mr Sunday as the new PMG of NIPOST is with immediate effect.
Recall that the former occupier of the seat, Mr Ismail Adewusi, who was appointed in 2019, was suspended. Mr Bulus Yakubu was chosen in an acting capacity before the appointment of Mr Sunday as the substantive PG of the nation’s postal service.
The latest development means Mr Yakubu will return to his role as the Secretary to NIPOST Governing Board, Director (Special Duties) and also NIPOST Liason Officer to the National Assembly.
During the tenure of the suspended PMG, the federal government declared that NIPOST was the agency authorised to produce and collect stamp duties across the country.
By this declaration, NIPOST reclaimed the right to collect stamp duties from the Federal Inland Revenue Service (FIRS).
Sanwo-Olu Increases Salaries of Civil Servants in Lagos
By Adedapo Adesanya
Governor Babajide Sanwo-Olu has announced an increase in the salaries of civil servants in Lagos State.
Speaking to a large crowd of workers at the Alausa office of the Head of Service (HoS) in Ikeja, the Governor stated that the announcement was coming at a time that the country and, more importantly, Lagos was preparing for the 2023 general election.
“Last month (September), I instructed the Head of Service, the Commissioner for Establishment, Training, and Pensions to work out modalities for a salary increase for the over 100,000 public service workforce,” Mr Sanwo-Olu said.
Although Mr Sanwo-Olu did not disclose the percentage increment for the public workers, the least civil servants in grade level 01- 06 earn N35,009 as minimum wage In Lagos.
Mr Sanwo-Olu said his administration was aware of the country’s inflation and high cost of living but assured that he was determined to cushion the effects on the workers.
He added that Lagos, touted as Nigeria’s commercial capital, can pay workers higher salaries, stressing that the state would continue to lead by example.
“In salary increments, we are leading again. We will reflect the popular Buga slogan in the payment of salaries. We will not wait for the federal government’s minimum wage increase.
“We have commenced the process. I can assure you that by early next year, it will be ready for implementation,” the Lagos governor added, noting, “We don’t want to wait for workers’ unions to hold us to ransom before we do the needful.”
Mr Sanwo-Olu also assured that his government would pay all the outstanding backlog of pensions to retirees by the end of this month.
He revealed that the state was clearing the entire backlog of pensions as they were liabilities met on the ground by his administration when it took over power.
“I want to reassure you that all the few outstanding backlogs of pensions will be sorted out this week and payment by the end of October. We are the highest and best paying in pensions in Nigeria,” Mr Sanwo-Olu added.
The federal government had said there were plans to increase the N30,000 minimum wage in light of inflation currently ravaging the country.
Critics have said the move is politically motivated as the incumbent governor will seek re-election to the Lagos seat of power for another four years.
Umar-Sadiq Becomes New NSIA MD/CEO as Orji Leaves
By Modupe Gbadeyanka
Mr Aminu Umar-Sadiq has been appointed as the new Managing Director/Chief Executive Officer of the Nigeria Sovereign Investment Authority (NSIA).
President Muhammadu Buhari has approved the appointment of Mr Umar-Sadiq, a statement from Mr Yunusa Tanko Abdullahi, the Special Adviser on Media and Communications to the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, confirmed on Tuesday, October 4, 2022.
Also appointed are two new executive directors for the agency, Mr Kolawole Owodunni and Mrs Bisi Makoju. They are all expected to help steer and transform the investment and infrastructure industry and propel the sector to a high pedestal.
Mr Umar-Sadiq was chosen to head the organisation following the expiration of the tenure of Mr Uche Orji on September 30, 2022. He was first appointed to the position on October 2, 2012. He served two terms of five years each.
Before becoming MD/CEO of NSIA, Mr Umar-Sadiq was an executive director and Head of Infrastructure. He obtained a Bachelor’s and Master’s degrees in Engineering Sciences from the University of Oxford (Saint John’s College), Oxford, United Kingdom (UK). He is Archbishop Tutu Leadership Fellow (ATLF) and Mandela Washington Fellowship (MWF).
Mr Umar-Sadiq commenced his professional career in Mergers and Acquisitions M&A) focused on Infrastructure and Energy at Morgan Stanley Investment Bank, proceeding to Infrastructure-focused private equity at Denham Capital Management, all in the UK.
He has worked on several projects, including the Presidential Fertiliser Initiative, an import substitution program for delivering one million high-quality, lower-cost to farmers at lower cost metric tons of fertilizer.
He was also a part of the Presidential Infrastructure Development Fund, an investment fund focused on actualising five strategic nationwide projects in the transportation and power sectors. He has a vast experience in the investment and infrastructure industry.
On her part, Mrs Makoju is a financial expert with vast experience in financial risk management, while Mr Owodunni is a professional of 18 years standing in the financial services sector with an emphasis in investment management, risk management and treasury.
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