Jobs/Appointments
Lagos Has Settled N2bn in Workers Insurance Premium—Commissioner
By Adedapo Adesanya
The Lagos State Government has paid over N2 billion as insurance premium for its workers in 2021, the Commissioner for Finance, Mr Rabiu Olowo, has disclosed.
Mr Olowo made this disclosure at the Lagos State Insurance Week which kicked off on Monday, August 23.
He said the state has over 73,000 employees on its database and they were covered under life insurance.
“I can affirm to you that this year alone, we have paid over N2 billion in insurance premium to cover life and non-life insurance. That speaks to the importance of insurance.
“The Lagos State Government over the years has continued to insure its staff with regular payment of premium to cater for them during service, and also payment of the death benefits by the insurance companies to deceased beneficiaries,” he said.
The Commissioner said insurance was one of the ways the state government managed risk in the state, hence, it was not an issue of optionality.
“Insurance is compulsory in Lagos State for life and non-life insurance asset because that is one of the ways we manage a lot of risks.
“We have seen the benefits of engaging in insurance activities, during the COVID-19 pandemic and the civil unrest in Lagos,” Mr Olowo said.
The Commissioner said it was for this reason that the government had identified the need for more sensitisation and education on insurance, hence, the planned maiden edition of the Lagos State Insurance Week.
According to him, the four-day insurance week, slated for August 23 to August 26, will educate participants on the ways civil servants and the entire populace can key into the abundant opportunities in insurance.
“We have seen government property assets destroyed and in some cases injuries to our staff and associates
“We have enjoyed the real essence and value proposition of insurance, and the best we can do is to further our commitment to ensuring that our insurance activities are more strengthened.
“That is why we are doing this sensitisation and advocacy and we can see that it pays to pay insurance premiums and we will continue to do so into the future,” Mr Olowo added.
He noted that there was a need to institute the culture of insurance consciousness among government officials and the citizenry as a whole.
Mr Olowo said that the public should know that insurance is the way through which an individual or organisation protect themselves against unfortunate incidents of life, including death.
He maintained that having appropriate insurance cover could not be overemphasised, being the acceptable practice across the globe.
The Commissioner said the Babajide Sanwo-Olu led administration was already setting the pace in the area of insurance, hence, it was expected that residents also embrace the initiative by taking necessary insurance cover that suits them.
He explained that doing so would help to lessen heavy responsibilities on disasters on government.
“In other words, the cases of calling on government at all times for compensation over some natural disasters or unfortunate incidences can become a thing of the past if we have necessary insurance cover for ourselves, businesses and property.
“By this, the resources at the disposal of government can be channelled towards other developmental projects, instead of paying compensations that ordinarily could have been undertaken by insurance companies,” he said.
By Adedapo Adesanya
President Bola Tinubu has appointed Mr Shamseldeen Babatunde Ogunjimi as the Acting Accountant General of the Federation (AGF).
This was contained in a statement on Tuesday by presidential spokesman, Mr Bayo Onanuga.
“His appointment is effective immediately following the pre-retirement leave of the incumbent AGF, Mrs Oluwatoyin Sakirat Madein,” a part of the statement read.
“In announcing Madein’s successor, President Tinubu ensures a seamless transition in the administration of Nigeria’s treasury and consolidates the implementation of the present administration’s treasury policy reforms,” the statement added.
Mr Onanuga said Mr Ogunjimi brings over 30 years of extensive experience in financial management across the public and private sectors.
He described the appointee as a career civil servant and the most senior director in the Office of the Accountant General of the Federation (OAGF),
“He has held significant positions, including Director of Funds at the OAGF and Director of Finance and Accounts at the Ministry of Foreign Affairs.
“A chartered accountant, certified fraud examiner, chartered stockbroker, and chartered security and investment specialist, Mr Ogunjimi’s academic qualifications include a Bachelor of Science (BSc) in Accountancy and a Master’s in Finance and Accounting,” the statement added.
According to Mr Onanuga, President Tinubu expressed his confidence in his appointment, saying, “The Office of the Accountant General of the Federation is pivotal to our nation’s treasury management operations. Mr Ogunjimi’s wealth of experience and notable competence will ensure the continued effectiveness of this vital institution as we advance our economic reform agenda.”
President Tinubu also commended the outgoing Accountant General of the Federation, Mrs Madein, for her dedication and selfless service to the nation.
After reaching the civil service’s statutory retirement age, Mrs Madein is retiring effective March 7, 2025.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has dismissed claims of forced mass retirement as part of efforts by Governor Yemi Cardoso to restructure the workforce of the organisation.
In a statement released on Wednesday, the Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, clarified that its Early Exit Package (EEP) is entirely voluntary and without any negative repercussions for eligible staff.
According to the statement, the decision to implement the exercise was the outcome of extensive consultations with the bank’s Joint Consultative Council (JCC), a body representing staff interests.
Mrs Sidi Ali explained that the EEP, a longstanding policy previously accorded to the executive cadre, has now been made available to eligible staff at all levels.
“For some time, staff representatives through the JCC had called on management to approve the early exit package for all cadres. Following these discussions, management decided to meet this popular demand,” she said in the statement.
Addressing concerns about potential repercussions for staff who decline the package, Mrs Sidi Ali reaffirmed management’s commitment to supporting employees’ professional growth and well-being, describing the concerns as unfounded.
She further emphasized that the initiative is an internal corporate matter designed to promote career development for staff.
According to wide spread reports, there have been plans to retire approximately 1,000 employees by the end of the year with a payoff estimated to cost over N50 billion.
The mass retirement, which was announced in a circular issued three weeks ago, mandates affected employees to apply for the Early Exit Package (EEP).
The statement allegedly warned employees with less than one year of service or unconfirmed appointments to refrain from applying for the program, noting that the application would remain open until December 7, with an effective exit date of December 31, 2024.
It was reported that the entire EEP was valued at N50 billion.
By Modupe Gbadeyanka
The Central Bank of Nigeria (CBN) has approved the appointment of Mr Benson Ogundeji as the chief executive of Greenwich Merchant Bank Limited.
The board of the financial institution for businesses had picked Mr Ogundeji as its substantive CEO but awaited the authorisation of the banking sector regulator.
He brings over three decades of extensive banking experience to this role as a seasoned financial services professional, who previously served as Executive Director at Greenwich Merchant Bank from July 2020, where he played a pivotal role in the bank’s successful transition from the legacy Greenwich Trust Limited to a merchant bank.
In this capacity, he provided oversight for Corporate Banking, Treasury and Global Markets.
Throughout his career, Mr Ogundeji has demonstrated exceptional expertise in business development and operational excellence.
Before joining the firm, he held various senior leadership roles at prominent financial institutions, including Ecobank Nigeria, GTBank, and other notable banks, where he consistently displayed exceptional leadership skills.
His appointment comes at a crucial time as Greenwich Merchant Bank commences the next phase of its growth plans. Having related closely with the new CEO, as an Executive Director and acting CEO in the last four years, the board has expressed confidence about his ability to lead the bank in delivering our strategic goals.
“The board is pleased to announce the appointment of Benson Ogundeji as our Managing Director/Chief Executive Officer,” the chairman of Greenwich Merchant Bank, Mr Kayode Falowo, stated.
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