NAN Archive

Loading

NAN Archive

All posts by Rukayat Adeyemi

Economy

COVID -19 : NAICOM grants regulatory forbearance to protect insurance policy holders 

Insurance
By Rukayat Adeyemi
April 1, 2020 (NAN) National Insurance Commission (NAICOM) has granted some regulatory forbearance, as part of business continuity measures to ensure availability of insurance services and protection of insurance policy holders during the COVID-19 movement restriction.
This is contained in a circular issued by the commission on Wednesday in Lagos.
The circular , dated April 1,  with the reference No:NAICOM/ DPR /CIR/29/2020, titled :Re: Effect Of COVID-19 On Insurance Operations, was signed by Mr Pius Agboola, Director, Policy and Regulation, for the Acting Commissioner for Insurance.
Agboola said the forbearance is in  furtherance to earlier circulars  on  the  above subject  matter, referenced : NAICOM/DPR/CIR/27/2020  and   NAICOM/DPR/CIR/28/2020, dated  March 24 and 27 respectively.
He explained that all post placement reports, Reinsurance treaties and other related special risk foreign reinsurance documentations due for submission during the pendency of the COVID-19 restrictions were to be submitted when movement restrictions were lifted.
The director said where Approval-In-Principle for the preceding insurance period had been granted, all renewals or extensions of the foreign reinsurance proportions that became due during COVID-19 movement restriction were permitted for renewal on existing basis.
” Where Approval-In-Principle   for   the   foreign   proportion of a  new insurance placement is required during the COVID-19 movement restriction, it shall be treated on the basis of “Use and File” subject to prior exhaustion of in-country capacity.
“For the avoidance of doubt, after utilising available local capacity, the lead insurer is permitted  to  reinsure  the  excess of the risk  offshore  and submit relevant documentations to the commission thereafter,” he said.
Agboola said that all insurance and reinsurance placements shall be done in accordance with other relevant extant insurance laws, regulations and guidelines.
According to him, all submissions to the commission, including hard copies sequel to the above forbearance, shall be done not later than seven days from the end of COVID-19 movement restrictions.
He urged all to be diligent, circumspect and supportive of government in its efforts to tame the COVID-19 panndemic . (NAN)
RUKY/CHOM/SOA
==============
Edited by Chioma Ugboma/Oluwole Sogunle
Economy

Lagos gov’t pays N1. 8bn accrued pension rights

 

Pension
By Rukayat Adeyemi
Lagos, March 27, 2020 (NAN) The Lagos State Government has paid the sum of N1. 8 billion accrued pension rights into the Retirement Savings Account (RSA) of 418 Retirees for the month of March.
Mrs Folashade Onanuga, Director -General, Lagos State Pension Commission ( LASPEC) confirmed this in a statement issued on Friday in Lagos .
Onanuga said that the 418 retirees are from the mainstream civil service, Local Government, State Universal Basic Education and the Teaching Service Commission.
She said that the mode of distribution of Bond Certificates for the month of March would be different from the norm.
According to her, the decision is in view of the order by Gov. Babajide Sanwo-Olu to limit large gatherings in a bid to curb the spread of the Coronavirus.
“All bond certificates  for March have been released to the Pension Fund Administrators (PFAs) .
“The PFAs will invite the beneficiaries in their tens for the exit meeting and grant access to their RSA for computation of their lumpsum and monthly pension, ” she said.
Onanuga released contact phone numbers and E-mail address to its retirees to channel their enquires through, during the period of the lockdown of the state to curb the spread of COVID -19.
She said this was to ensure that the retirees do not become victims, contracting the virus.
The Director-General urged the retirees to scan and send all their documents to the agency through the e-mail address : info@laspec.gov.ng or Oreoluwa_m@yahoo.co.uk.
“Enquires can also be sent to the retiree portal :laspecportal.com.ng or  put a call through the following numbers  :09053962112, 09053962100 and 09053989987, ” she said.
Onanuga also advised the retirees to stay safe during the period.  (NAN)
RUKY/MAM/SOA
Edited by Modupe Adeloye/Oluwole Sogunle
===============================
Economy

COVID -19 : LASPEC provides alternative medium for retirees

COVID -19 : LASPEC provides alternative medium for retirees

LASPEC

By Rukayat Adeyemi

Lagos, March 25,2020 (NAN) The Lagos State Pension Commission (LASPEC) has released  phone numbers and E-mail address for its retirees to channel their enquires during the period of lock-down of the state to curb the spread of COVID -19.

Mrs Folashade Onanuga, Director -General, LASPEC, on Wednesday in a statement, said the measure was in strict compliance with the ‘Stay home’ order by Gov. Babajide Sanwo-Olu.

Onanuga said this was to also ensure that the retirees did not become victims contacting the Corona virus.

She advised the retirees to scan and send all their documents to the agency through the e-mail address : info@laspec.gov.ng or Oreoluwa_m@yahoo.co.uk.

“Enquires can also be sent to the retiree portal :laspecportal.com.ng or call put through the following numbers  :09053962112, 09053962100 and 09053989987, ” she said.

The Director-General advised the retirees to stay safe during the period.  (NAN)

RUKY/GOM/WOJ

==============

Edited by Gregg Mmaduakolam/Wale Ojetimi

Economy

COVID-19: Risk managers postpone seminar, induction 

RIMSON
By Rukayat Adeyemi
Lagos, March 23, 2020 (NAN) The Risk Managers Society of Nigeria (RIMSON) has postponed the 2020 Executive Risk Management Seminar and Induction of new members, Associates and Fellows, initially slated for March 24.

A statement by RIMSON’S Executive Secretary, Olufemi Odeniyi and issued in Lagos on Monday, said that no new date yet for the event.

Odeniyi said the decision was in compliance with the Lagos State’s directive banning gatherings of diverse forms with effect from Monday, March 23, as a measure aimed to stem the spread of the COVID-19 pandemic.

He said the decision was reached by the Executive Committee of the Society.

According to him, the Society regretted all inconveniences as a new date for the seminar and induction would be communicated in the future. (NAN)
RUKY/DE/AJA
============
Edited by Dorcas Jonah/Adeleye Ajayi

 

 

Economy

Allocation of Lagos Mortgage houses still on, says acting GM

Allocation of Lagos Mortgage houses still on, says acting GM
Mortgage
By Rukayat Adeyemi
Lagos, March 20, 2020 (NAN) The Lagos State Mortgage Board on Friday said that the allocation of decent and affordable mortgage houses for residents across the state was still on, through the new Rent-To-Own Scheme.
Mr Bayowa Foresythe, acting General Manager of the Board, in an interview with the News Agency of Nigeria (NAN) in Lagos, dismissed the allegation that the board was no longer allocating houses.
Foresythe said that the Rent -To-Own scheme was introduced to replace and modify the initial Home Ownership Mortgage Scheme (H.O.M.S) in which the lottery or ballot system was used for the allocation.
He said that the Rent-To-Own Scheme was introduced to improve on the initial scheme for residents to benefit  on a first come, first served application submission basis.
“So, it is basically on how early you submit your form and how quick you can do all the due diligence in terms of paying your processing fee, ” he said.
Foresythe said that another fundamental factor the board considers in the appraisal of the applicants is the Debt To Income (DTI) ratio.
He said: “Considering the DTI ratio, a beneficiary cannot use more than one third of his or her salary for the repayment of the mortgage.
“If, for example, we appraise and see somebody on 15 per cent and another on 28 per cent, though the 28 per cent will qualify as well because the law says beneficiaries must not exceed 33 per cent on their DTI, 15 per cent is better .
” This is because he or she will still have more money left from the salary after the loan deduction has been made and will not be a potential defaulter.
“So, those are part of the criteria of the new scheme, but so far , even with the lottery and the new scheme, it is a win-win situation.”
According to him, the new scheme has helped the board a lot because the rate of defaulters has been minimal.
He noted that generally, the number of defaulters recorded since the beginning of the schemes had been relatively low due to the criteria put in place and the counsel given to beneficiaries on the implication of defaulting.
The acting GM said that the Gov. Babajide Sanwo-Olu-led administration had recently completed and commissioned the Igando Gardens Scheme that subscribers had waited for so long to have.
Foresythe said Gov. Sanwo -Olu, on assumption of duty, had directed that all uncompleted housing projects should be completed and delivered.
“The Igando housing of about 492 units has been fully allocated and we are now moving to Igbogbo, and that will be commissioned before the governor’ s first year anniversary on May 29.
“It will be ready for allocation to all out prospective allotees because all the offer takers are waiting to take the offers,” he said.
Foresythe disclosed that the board had created homes for over 20,480 people since its inception, had 4,096 housing units spread across all the divisions of the state, and  was still doing more.
He said the Lagos State Mortgage Board was created to reduce the housing deficit in the state and was delivering on the mandate.
According to him, upon establishment of the board in 2014, data indicated that the state had 4 million deficit and a minimum of 100,000 houses was to be built in a year.
“The issue of housing in Lagos as a cosmopolitan city is very germane, as shelter is key to human existence .
“The aim of the state government was to provide social housing in some particular areas at an affordable rate that enables beneficiaries to pay through  mortgage over a period of time .
“Government has built houses in the five divisions of Lagos called IBILE , which is Ikeja, Badagry, Ikorodu, Lagos Island and Epe, ” he said.
According to him, residents of Lagos State have continued to benefit largely from the initiative of the government since inception of the various schemes.
Foresythe said the government was also magnanimous to give out the houses at subsidised rate for the various schemes.
“We have schemes in Ilupeju , Ogba, Mushin, Ikorodu , Badagry and Epe, Igbogbo, Ojokoro, Igando, Agbowa, Abijo, Surulere, Amuwo as little as N1.5 million where beneficiaries pay only N15,000 monthly and the equity is about N 75,000 to a maximum of N20 million, depending on the location, and repayment is calculated depending on earnings.
He assured that the board would, in line with the vision of the  current administration, continue to put smiles on the faces of Lagos residents .
Foresythe said that the board would ensure allocation of houses was done  transparently, fairly and equitably. (NAN)
RUKY/SOA
=========
Edited by Oluwole Sogunle
Economy

Abule Ado Explosion: NCRIB commiserates with victims, canvas insurance as succor to disaster

Abule Ado Explosion: NCRIB commiserates with victims, canvas insurance as succor to disaster

NCRIB
By Rukayat Adeyemi
Lagos, March 19, 2020 (NAN) The Nigerian Council of Registered Insurance Brokers (NCRIB) on Thursday commiserated with victims of recent explosion at Abule -Ado in Lagos, describing the incident as unfortunate.

Mrs Bola Onigbogi, President of the Council, in a statement, described the incident as a disaster and sympathised with those who lost their loved ones to the unfortunate incident.

Onigbogi said: “At a time like this, the heart of our council and the entire members go after those who lost their beloved families and valuables in the inferno.”

She said the incident provided an auspicious platform to underscore the pivotal place of insurance in risk mitigation and control.

The NCRIB president applauded Gov. Babajide Sanwo-Olu for setting up a N2 billion relief fund to address emergency needs in the area.

“This is highly commendable by the governor; however, insurance is a business setup for other businesses to thrive.

“A payment of little premium to the insurance industry could have taken off the burden from the state government,” she said.

According to her, in other climes insurance normally provide succor to people in the event of adversity occasioned by loss of lives and property such as the case at hand.

Onigbogi expressed disappointment that Nigeria was yet to embrace insurance and give it priority in the country.

She noted that government would not have had to provide succor to victims of disasters if insurance was given its pride of place.

“The council uses this opportunity to canvas that deliberate efforts should be made on the part of government to encourage the embrace of insurance by the generality of the people.

“This is for its enormous benefits to national economy and social stabilisation.

“For instance, the humongous amounts often doled out as bailouts to victims of disasters could have been preserved and utilized by government for other pressing needs in the society,’’ she said. (NAN)
RUKY/COO/WOJ
==========
Edited by Cecilia Odey/Wale Ojetimi

===============================

Economy

Explosion: Risk managers advocate stringent framework in establishing gas plants

Explosion
By Rukayat Adeyemi
Lagos, March 19, 2020 (NAN) The Risk Managers Society of Nigeria (RIMSON) on Thursday urged government at all levels and petroleum supervisory agencies to adopt more stringent regulatory framework for the establishment of gas plants nationwide.

Mr Raymond Akalonu, RIMSON’s President, made the appeal in an interview with the News Agency of Nigeria (NAN) in Lagos in reaction to the recent explosion in the state.

NAN reports that there were series of massive explosion at a gas plant in Abule-Ado, Amuwo-Odofin area of Lagos on Sunday.

No fewer than 21 persons were killed, 60 others injured in the explosion; and over 50 buildings and several vehicles were destroyed in the incident.

Akalonu said the preliminary report on the cause of the explosion showed that most gas operators did not have the expert knowledge on ways to handle gas.

He said many of them did not know the control measures to put in place to forestall and mitigate gas incidents.

“They do not have the requisite instruments to detect leaks and where they do, the instruments are poorly maintained.

“Unfortunately, state governments and supervisory agencies, like the Department of Petroleum Resources (DPR), do not adhere to the master plan of their respective states.

“That is why people construct gas plant stations within the residential areas and even along the national gas pipeline right of ways,” he said.

According to him, to forestall such an ugly incident, state governments and supervisory agencies must work assiduously in ensuring that gas plant stations are located according to the master plan.

Akalonu noted that gas plants must be far from residential areas and not built along national gas pipeline rights of way.

The RIMSON boss insisted that gas plants must also be routinely inspected to ensure that the appropriate risk management processes were adhered to before installation and during operations to avoid explosions.

He said permits issued to gas facilities that were built before an area became residential should be revoked and operators assisted to relocate, while those built within residential areas should be immediately cancelled.

Akalonu said this was necessary because majority of the buildings located near gas plants within the country were of conventional construction types and did not explicitly provide for resistance to blast loads.

“Petrol stations having gas plants should immediately be closed down.

“Operators applying to establish gas plants should be made to demonstrate adequate knowledge of gas management and ability to apply all risk management measures to forestall and mitigate gas incidents before being granted permit,” he said.

Akalonu advised that gas users should also be regularly enlightened on proper gas handling and usage.

He said that all those who are found culpable of any default that led to fire outbreak should be punished to serve as a deterrent to others and also save lives and property.

According to him, if some of these measures are urgently put in place, incidences and impact of gas explosion will reduce drastically in the country. (NAN)
RUKY/DE/AJA
============
Edited by Dorcas Jonah/Adeleye Ajayi

 

Education

Law graduates: We still await response from Council of Legal Education – NOUN

Law graduates: We still await response from Council of Legal Education – NOUN

 

 

By Rukayat Adeyemi

Lagos, March 18, 2020 (NAN) The National Open University of Nigeria (NOUN) says It is still awaiting response from the Council of Legal Education as regards admitting NOUN graduates into the Nigerian Law School.

The Vice Chancellor of NOUN , Prof Abdalla Adamu, made this known in an interview with the News Agency of Nigeria (NAN) in Lagos.

 

Adamu said that following the removal from NOUN enabling law, of the clauses – correspondence and part-time – which had generated the assumption that it was a part-time school and its law graduates wouldn’t be able to go to law school, NOUN notified the council of the removal.

“Correspondence and part-time are  the modes of delivery but that does not mean the university is part-time.

“The law establishing the university said that the university is to deliver via multiple means including CDs, tape, correspondence and part-time, so it is not part-time university at all.

“Because of moral mandate, the university decided to remove the correspondence and part-time from the law.

“Thankfully, the National Assembly was able to do that, and by Dec. 7, 2018, President Muhammadu Buhari  signed the law,” he said.

Adamu said that following the development, the university wrote to the Council of Legal Education to inform it and clarify the misunderstanding arising from the correspondence and part-time clauses.

He said that since then, the institution was still awaiting response from the council.

“The purpose of any university is to provide grounded theory in any discipline.

” We don’t produce accountants but we teach accounting, we don’t produce nurses but we teach nursing; so, we don’t produce lawyers but we teach law.

“If law graduates from this institution are prevented from going to the next level upon graduation, it is between them and the law school, not NOUN.

“Ours is to teach them law according to National University Commision guideline, and we have done that, ” he said

According to him, the NUC  sent officials to come and inspect NOUN law programme and the university was given full accreditation.

The vice -chancellor said that those who accredited the programme were lawyers and professors of law.

The Chairman of the Council of Legal Education, Chief Emeka Ngige (SAN), had recently  said that the council, being conscious of standard of education, resolved  that products of part-time, evening law  and open law programmes would not be admitted  into the Nigerian Law School.

He, however, said  that the Director-General of Nigerian Law School, Prof. Isa Ciroma, had suggested that NOUN graduates should be admitted into Bar Part 1 instead of Bar Part 2.

According to Ngige, NOUN graduates  will have to run the Bar Part 1 for a full academic calendar year as in place of  three months which foreign students spent.

He said that  when such students would have passed Bar  Part 1 examination, he or she would be admitted to do Bar Part 2.

He said that failing the examination  would mean not doing Bar Part 2, adding that there would no chance of rewriting the Bar Part 1 examination. (NAN)

RUKY/NNO/IGO

==============
Edited by Nick Nicholas/Ijeoma Popoola

====

Education

NOUN explains graduates exclusion from NYSC scheme – VC

NOUN explains graduates exclusion from NYSC scheme – VC

 

Prof.Abdalla Adamu 2 Vice Chancellor, National Open University (NOUN)
NYSC
By Rukayat Adeyemi
Lagos, March 18, 2020 (NAN) National Open University of Nigeria (NOUN) has ascribed exclusion of graduates of the institution from participating in the National Youth Service Corp (NYSC) to enabling laws guiding operations of the scheme.
Prof. Abdallah Adamu, Vice -Chancellor, NOUN made the clarifications during an interview with the News Agency of Nigeria (NAN) on Wednesday in Lagos.
Adamu said that the law guiding NYSC scheme provided that graduates from a distance learning institution should only be given an excluding certificate and will not need to participate in the scheme.
He explained that NYSC gives three types offer certificates and no university in the country has such prerogative to do so.
“The participatory certificate is for those who participated in the scheme , the exemption certificate is for those in the armed forces and secret services, among others who are considered to be serving the nation already.
“While the excluding certificate is meant exclusively for those who attended a distance learning institution.
” NOUN is considered a distance learning institution,  because it is an open and distance learning institution, so all students who graduated from the university are given an excluding certificate.
“This is followed by a certificate of excluding by NYSC, which is equivalent to the participatory certificate as far as job is concerned.
“If any employer rejects a candidate because he or she has an excluding certificate , then such employer is breaking the law, ” he said .
The Vice -Chancellor noted that the law guiding NYSC provides that even if a student is less than 30 years but attended a distance learning institution, he or she is entitled to an excluding certificate.
He expressed dismay on the demand of some students of the university that they want to attend NYSC when they have already been given the excluding certificate .
“The issue is not between NOUN and the graduates , but them and NYSC.
“NYSC has said they do not need to attend the service when they have already been given the excluding certificate, ” he said.  (NAN)
RUKY / KTO/RSA
=============
Edited by Kamal Tayo Oropo/Rabiu Sani Ali
Education

Caleb British International School wins David Shepherd Award in London 

Award
By Rukayat Adeyemi
Lagos, March 16, 2020 (NAN) The Caleb British International School (CBIS) has won the David Shepherd Award at the Global Canvas Children’s Art Competition 2020 held at the Natural History Museum in London.

The School’s Spokesperson, Amb. Elvis Otobo made this known in a statement made available to the News Agency of Nigeria (NAN) in Lagos on Monday.

He noted that the competition was held in London on March 12.

NAN reports that the David Shepherd Award is a yearly competition organised by the David Shepherd Wildlife Foundation (DSWF).

The competition was created to inspire students across the world to contribute their quota to improving and advancing the course of man through art.

The 2020 edition of the competition had the children worked on endangered wildlife on display.

CBIS had won the best international entry at the 2017 edition of the award.

Otobo said that the school was given a Certificate of Adoption of Black Rhino for one year as the prize for the award.

“Following the adoption, Caleb British International School has helped to protect the future of endangered animals and a very special black rhino that lives in the Namibian desert,” he said.

According to him, there were seven award categories at the ceremony and CBIS, the only African school shortlisted as finalist, won the David Shepherd Award for their 3D Art created from recycled materials.

Otobo explained that the artwork by CBIS titled: “Endangered Species under Water and Plastic Pollution” was a collaborative project executed by its year 7, 10 and 12, Integrated, International and British students.

“The front page of the work was partly completed by Daniella Ayeyemi, Morenike Falola, Osaretin Daniel and Portia Ogbuja, while the back page was done by Betty Nnokwute, Tomiwa Amowoyagi and Chizaram Nwaobi.

”The project was supervised by the school’s Art teacher, Prince Olusegun Adeniyi with the support of Mr Anthony Onyekwena and Mr Samuel Awoyemi, while Mr Mayokun Olumeru and Mrs Philomena Igweze took the artwork to London with the students,”he said.

According to him, the 3D artwork is a project based learning to help the students develop the 21st Century skills which include: creativity, critical thinking, communication and collaboration on how to protect lives on the planet earth.

Otobo said that 100,000 marine mammals, which include whales, dolphins, porpoises, seals and sea lions die yearly, globally as a result of plastic pollution.

He said that CBIS was taking Climate action (SDG 13) toward protecting the underwater endangered species by creating a recycled 3D artwork through steam to campaign against plastic pollution and encouraging everyone to reduce the use of plastic.

Otobo noted that the artwork was to call attention to pollution crisis in the oceans and how it affected the endangered species under water.

He, however, congratulated the Proprietor of Caleb British International School, Dr Ola Adebogun, the CBIS community and the good people of Nigeria for the feat. (NAN)
RUKY/KOLE/AJA
==============
Edited by Remi Koleoso/Adeleye Ajayi