INSPENONLINE: Terrorism: NAICOM orders insurers to stop transactions with Amigo Supermarket, 20 others

Thursday 20 June 2013

Terrorism: NAICOM orders insurers to stop transactions with Amigo Supermarket, 20 others

Chuks Udo Okonta

The National Insurance Commission (NAICOM) has urged insurance operators to stop business transactions with Amigo Supermarket, Wonderland Amusement Parks and 19 other firms/individuals that are being investigated over terrorist financing by the Department of State Services (DSS) and the Nigerian Financial Intelligence Unit (NFIU).

Deputy Commissioner for Insurance Technical, Ibrahim Hassan, in a circular entitled: Investigation of Money Laundering/Terrorism Financing, issued to all insurance operators, said in addition to suspending all business transaction with the firms and individuals, insurance companies are required to file Suspicious Transactions Reports (STR) immediately on all financial transactions conducted with them and their associates including relevant documents such as completed proposal form, policy documents, third party beneficiary both local and foreign, beneficiary owner and instrument used for premium settlement to the NFIU.

He noted that companies are also required to search their database and avail NFIU with any information with regards to them and their associates.

The affected firms and individuals are Taher Ramzi Fadlallah, Fadlallah .I, Fadlallah Hassan Ali, Fadlallah Hassan Ali, Fadlallah Rim Lakisse, Mustapha Fawaz, Tahir.T. Fadlallah aka Mohammed Tahir Fadlallah, Talal Roda, Abdullahi Tigani, Fauzi Fawaz, Gazi Fawaz, Zubair Khan, Paul Odey, Yinus Ayuba, Godwin Amodu, Ibrahim Musty, Olwanishola Adebayo, Tahir Guest House, Amigo Supermarket, Wonderland Amusement Park and Mustapha Fawaz Automobile Works Limited.

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Lawal is Inspen 2014 insurance man of the year

The former President Chartered Insurance Institute of Nigeria (CIIN) Fatai Lawal has emerged the 2014 Inspenonline Insurance Man of the year.

Fatai who is the the Managing Director Sterling Assurance Nigeria Limited was named today, at the Nigerian Insurance and Pension Award organised by Inspenonline.

Chief Executive Officer Inspenonline Media, Chuks Udo Okonta, said Lawal was picked from the votes casted by the public and other considerations made by the award's panel of assessors.

He noted that the winner raised the bar at the the Institute and the industry by opting to serve a tenure which was eventful and impactful. He added that amongst the legacies left by the winner was the printing and donation of Insurance books to secondary and tertiary institutions aimed at deepening insurance awareness.

Okonta noted that the award, which started two years ago with the recognition of two distinguished individuals and an underwriting company, has now come to stay.

"This year, we decided to raise the bar by setting high standards to judge the operations of companies and impacts made by individuals in moving insurance and pension business forward.

"To achieve this, we gave the public the opportunity to select those to be celebrated by calling for votes. Having harmonised the votes which came from different parts of the country, we benchmarked the scores with the set standard to arrive at the winners we are celebrating today," he said.

Others winners are AIICO Insurance Plc, Insurance company of the year; FUG Pensions Limited, Pension Fund Administrator of the Year; YOA Insurance Brokers Limited and Glanvill Enthoven Insurance Brokers Limited, Insurance Broker of the year.

Professional Excellence Award went to Professor Joe Irukwu; Best Professional Group went to the Chartered Insurance Institute of Nigeria and Association of Registered Insurance Agents of Nigeria; Corporate Brand went to Mansard Insurance Plc and Leadway Assurance Limited while Corporate Social Responsibility Award was won by Sovereign Trust Insurance Plc.

The organisers also recognised organisations that distinguished themselves, with Excellence Award. Organisations in this category include the National Pension Commission, Lagos State Pension Commission, Goldlink Insurance Plc and Pension Transition Administration Directorate.

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What else do you need to know about casinos and insurance? Unless you are a casino operator, there really isn’t anything else you need to think about. Essentially, when you are a player you need to concentrate on creating your own personal insurance to yourself. In other words, you need to make sure that you create a gambling budget and that you stick to it. Once you create a bankroll, your goal should never be to deplete it. This makes certain that you will always have money with which you can play. Equally, you should set yourself winning and losing limits, so you know when to call it a day.
　