State, Turkey Collaborate On Ebola, Health Insurance

Vanguard

By Sola Ogundipe

Still basking in the euphoria of its successful defeat of Ebola Virus Disease , EBV, a 10-member high level healthcare delegation from the Nigerian health public sector was in Istanbul, Turkey to discuss ways to build ties between public and private Nigerian and Turkish Healthcare institutions. Nigeria was declared Ebola free on October 20, 2014, by the World Health Organization.

While the high level bilateral meetings lasted, talks on collaboration between Nigeria and Turkey on the emerging threat of Ebola and other infectious diseases dominated high level meetings between the two countries.

Knowledge in Ebola preparedness

"Nigeria would be willing to share our knowledge in Ebola preparedness with Turkey and also share our expertise in the area of infectious diseases with Turkish medical universities," said Provost of the College of Medicine University of Lagos,CMUL, Dr Folashade Ogunshola.

Ogunshola's view was corroborated by the CEO, Ebola Alert, Federal Ministry of Health Ebola Operation Center, Dr. Lawal Kolawole Bakare, who noted that the willingness of Nigeria is to share its globally recognised technology for reporting and containment of Ebola with the Turkish Ministry of Health in boosting its Ebola preparedness.

Led by Director Iheoo Partners, Dr Adedayo Osholowu, in partnership with the Turkish Foreign Economic Relations Board DEIK and the IFC, the private arm of the World Bank., the delegation was in Ankara, the Turkish capital for a meeting hosted by HuseyinCelik, Deputy Secretary of the Minister of Health of Turkey, for talks about development of a bilateral agreement between the Ministry of Health of Turkey and Nigeria.

The Under secretary discussed the relationship between the Turkish government health institutions and private institutions and the pillars of success of the Turkish health system: universal coverage, primary healthcare reform, hospital infrastructure planning and local development of the capacity of the pharmaceutical industry.

Present in the delegation were Dr Olufemi Thomas: CEO/ Executive Secretary, National Health Insurance Scheme, NHIS; Dr Yewande Adeshina, Special Adviser, Public Health to the Lagos State Government and Dr. A.A. Ibrahim. CEO, Medical and Dental Council of Nigeria, amongst others.

Earlier, in Istanbul, at the High level Bilateral meeting hosted by the Turkish Foreign Economic Relations Board DEIK, the Chairman DEIK/Health Business Council& CEO Kent Hospital Izmir Turkey Dr.Rusen YILDIRIM and Deputy Chairman Turkish Foreign Economic Relations Board DEIK/Health Tourism Business Council and Rector AcibademUniveristy Dr HasanKus, a number of issues were discussed related to strengthening existing business and governmental relationships between the Nigerian and Turkish healthcare sector.

Duringthe meetings it was outlined that Nigeria and Turkey can boost ties in the area of Universal Health Coverage considering that Turkey has successfully introduced health system changes and provided its citizens with the right to health to achieve universal health coverage.

Health coverage

It was clearly stated also that there was an opportunity to learn from the trajectory of health system reforms in Turkey, with a particular emphasis on 2003-13, which coincides with the Turkish Health Transformation Programme (HTP) which expanded health insurance coverage and access to health-care services for all citizens, especially the poorest population groups, to achieve universal health coverage.

Insurance coverage for the poorest population groups in Turkey increased from 2.4 million people in 2003, to 10.2 million in 2011. Nigeria presidential mandate is also toincrease coverage from 10 percent where it currently stands to 30 percent in 2015 and preliminary discussion were held around collaborating with the Turkish health system, on both the demand side (increased health insurance coverage, expanded benefits, and reduced cost-sharing) and the supply side (expansion of infrastructure, health human resources, and health services).

A Nigerian and Turkey hospital collaboration had been announced in in 2013, but the venture failed to make much headway because of a lack ofbi-lateral governmental support, even though a Turkish Hospital has been opened in Abuja Nigeria in 2014.

Kibati appointed Pan Africa Insurance Group CEO

Kibati takes over from Stephen Kamanda, who has been acting CEO since September 2013 when the then chief executive Tom Gitogo quit after a six years tenure/FILE

NAIROBI, Kenya, Feb 25 – Mugo Kibati is now the new Pan Africa Insurance Holdings Group CEO.

He takes over from Tom Gitogo who quit after a six-year tenure. Gitogo has since been appointed CIC Insurance CEO.

“The Board of Directors of Pan Africa Insurance Holdings is pleased to announce the appointment of Mr Mugo Kibati as the new Group CEO,” Pan Africa Chairman John Simba said.

Kibati who was the former Vision 2030 Director General retired from the position in October 2013 to head back to the private sector.

Apart from Vision 2030, Kibati has also served as an Electrical Engineer at Bamburi Cement, Technical Marketing Manager at Lucent Technologies in the United States and CEO of East African Cables.

“This appointment has been made after rigorous recruitment exercise that sought to identify a leader to provide the necessary impetus to continue our growth and diversification,” Simba added.

The appointment comes a few days after the listed firm issued a warning of a 25 percent drop in 2014 net profits.

The company attributed the decrease in profits compared to 2013 to lower earnings from property sales, which declined in 2014 compared to the year before.

Pan Africa which is controlled by South African insurer Sanlam, said their earnings have also been affected by “unrealised mark-to-market gains on equity investments.”

Photos: Faces at the Lagos State Pension commission (LASPEC) 16th Retirement Bond Certificate presentation

From left: Executive Director Technical Lagos State Pension commission (LASPEC), Mrs Folashade Onanuga; Director-General, Rotimi Hussain and Executiv Director Finance and Investment, Adekunle Wright at the event.

Retirees at the event

Lagos State pension fund hits N56.99bn

From left: Head of Service Lagos State, Folashade Jaji and Director-General Lagos State Pension commission (LASPEC) Rotimi Hussain at the event.

Chuks Udo Okonta

Lagos State pension contributions since 2007 has increased to N56.99 billion, the Director-General Lagos State Pension Commission (LASPEC) Rotimi Hussain, has said.

He disclosed this today Tuesday, at the 16th Retirement Bond Certificate Presentation Ceremony in Lagos, where 305 retirees were presented retirement bond certificates amounting to N1.41 billion. He noted  that the state has so far paid N31.89 billion to 6,078 retirees since 2007 that it embraced the Contributory Pension Scheme (CPS).

Husain urged the retirees to take care in the manner of utilization of their benefits. He told the retirees to consider their individual circumstances before choosing any of the two exit options of the programmed withdrawal and annuity, adding that either of the two options provides safety of benefits as provided by the Pension Reform Act.

Presentation of Retirement Bond Certificate to a retiree

The newly appointed Head of Service for the state, Mrs Folashade Jaji, also enjoined the retirees not to subject themselves to ventures that could make them lose what they have saved for the rainy day.

She commended the board, management and staff of LASPEC for continuous improvement in the strategies being deplored in carrying out the mandates of the commission.

She pledged to sustain the feat already made by her predecessors and would evolve new measures to improve the well being of workers in the state.

The HOS also commended life insurers and Pension Fund Administrators (PFAs) for being professional and ensuring the sustenance of acceptable standard towards making life in retirement stress-free and more rewarding to their clients.

From left: Board Member Lagos State Pension commission (LASPEC) and Head, Risk and Compliance, Stanbic IBTC Pension Managers Idu Okwuosa at the event.

 

Pay our 42 months pension arrears, pensioners beg FG

By Michael Oche

 

Leadership

 

The Nigeria Union of Pensioners (NUP) has appealed to the federal government to pay the 42 months arrears owed them.
The NUP in a statement signed by both its national president, Dr. Abel Afolayan and the General Secretary, Elder Actor Zal said that its members across the country are owed 42 months arrears of the 33 per cent pension increase.
They stated that the inability of the government to pay the arrears has caused untold suffering to pensioners across the country.
The union said the government was yet to pay 42 months, out of the 51 months arrears owed the pensioners.
NUP explained that the total arrears owed the pensioners were 51 months, July 2010 to September 2014; while nine months were paid, leaving the balance of 42 months.
While commending the Federal Government for the payment of the nine months, the union appealed to the government to live up to its promise and pay the remaining balance of 42 months as soon as the 2015 Budget is passed.
The statement said: “As the Nigeria Union of Pensioners continues to shower encomiums on the federal government for the payment of the 33% pension increase to pensioners, the National Headquarters of the Union wishes to draw the attention of the Federal Government and the general public to the error in the recent press statement which miscalculated the months of arrears of pensions owed the pensioners by the federal government.
“The said arrears is from July 2010 to September 2014 which is 51 months, out of which 9 months had been paid leaving a balance of 42 months instead of the 29 months erroneously quoted in our earlier press release. The error is highly regretted.
“Once again, we admonish the federal government to live by its words and honour its promise of paying the balance of the remaining arrears of the 42 months as soon as the 2015 budget is passed.”

SEC grants Sovereign Trust Insurance extension on right issue

Chuks Udo Okonta

The Securities and Exchange Commission (SEC) has extended the period granted to Sovereign Trust Insurance Plc to raise more funds through rights issue. 

The Rights Issue offer which opened on Wednesday, February 14, 2015, ought to have closed on February 20, 2015, but has now been extended to March 13, 2015.

According to the official statement made available to the Press by the Spokesperson for the organization, Segun Bankole, the extension of the Rights Issue was necessitated to allow Shareholders ample time to subscribe fully to the offer. He said such unique opportunity does not come that often which was what informed the decision of the Management to request for an extension in the closing date of the Rights Issue offer.

Consequently, the Management enjoins all Shareholders of the company to take advantage of this extension in date to fully exercise their rights as that will definitely guarantee the consolidation of their ownership in one of Nigeria’s very dynamic and forward-looking underwriting firm. The company, more than ever before, is poised to take the insurance business to a greater height as it gravitates to the next phase of its growth agenda.

A total of 2,290,585,798, (Two Billion Two Hundred and Ninety Million, Five Hundred and Eighty-Five Thousand, Seven Hundred and Ninety-Eight units of ordinary shares at 50 kobo each have been placed on offer for existing shareholders at 50kobo per share on the basis of one (1) new ordinary share for every three (3) ordinary shares of 50 kobo held in the companyas at the close of register during the last Annual General Meeting.

The Management has also appealed to all shareholders who may be having one challenge or the other in getting their Rights Issue Circular to get in touch with Meristem Registrars electronically on info@meristemregistrars.com or seek advice and consultation from their respective stockbrokers and other professional advisers as the case may be.

The Managing Director of the Underwriting Firm, Wale Onaolapo has also reiterated the fact that the company has set a growth agenda which is aimed at positioning the insurance company as one of the top players in the industry, particularly, in the oil and gas sector where it has developed very unique expertise and professionalism.

He also called on the company’s Shareholders to lend theirsupport to the Rights Issue with the new date extension. He said the actualization of the set objectives of the growth agenda of the company remains sacrosanct. He equally noted that the company is committed to creating exceptional value to all its Shareholders. In his words, “In achieving the huge tasks that have been placed before us, we have identified that a very robust capital base is critical to the success of the set agenda; 

Regulators Trail Fraudulent Underwriting, Brokerage Firms

The Guardian By Joshua Nse

THE regulatory environment in the nation's insurance industry may be increasingly too hot for corrupt underwriting, brokerage companies to contend, as the National Insurance Commission (NAICOM) in partnership with other regulatory bodies in the financial services sector are on the offensive to reduce sharp practices in the underwriting of insurance business in the country.

Apparently determined to restore the image and trust of the public in the industry, the Commissioner for Insurance, Fola Daniel, told The Guardian "The action has become necessary as a cursory look at recent occurrences in the sector will reveal that the insurance industry is at a very critical cross road as regard its operations and regulation. Legislations and guidelines are flouted at will by operators and consumers alike, non-adherence to the provisions of the law, delayed claims settlement, rate cutting and other sharp practices in the industry."

As a result, the management of the industry regulatory body - NAICOM has sought the collaboration of regulators of other financial services bodies to stem the tide and bring sanity to the industry.

For instance, during the visit of NAICOM management team to Securities and Exchange Commission (SEC) top management in Abuja, the two bodies agreed to partner in the interest of investors in order to boost enforcement against insurance and brokerage firms who misappropriate funds raised from the capital market.

The Deputy Commissioner for Insurance (Technical), Muhammad Kari, during the visit highlighted a few cases currently being investigated by the Commission whereby funds raised from the capital market had been diverted, misappropriated and used for personal gains. According to him, the cases necessitated the involvement of SEC as apex regulator of the Nigerian capital market with the responsibility of protecting investors.

In his remarks, the Acting Director General of SEC, Mounir Gwarzo, spoke of closer cooperation between the two regulatory organ to ensure that erring persons or institutions are swiftly brought to book. "We are ready to work closely with NAICOM to resolve these cases" Presently, collaboration between the two institutions happens within the framework of the Financial Services Regulation Coordinating Committee (FSRCC), he said.

Gwarzo, however, believes collaboration could be even stronger and more result oriented if the two bodies were to set up an inter-agency committee. The FSRCC was established to facilitate collaboration across the entire financial system. But beyond that platform, we need to create an inter-agency committee involving specific contact persons between our two institutions who will strengthen the synergy between our respective areas of oversight, he said.

It will be recalled that in August last year, the commission enlisted the assistance of Independent Corrupt Practices and other related offences Commission (ICPC) to come into the insurance industry to investigate infractions in the industry.

The corrupt practices commission which has investigated the tax systems, the banking, educational systems as well as ministries, department and agencies, visa-processes and land allocation system in the FCT in the allocation system in the FCT in the past two years, has stated its resolve to wade into the insurance industry with the aim of ensuring that the sector, which biggest products is integrity, begins to live up to expectation.

NAICOM boss speaking during a courtesy visit to the anti-graft commission in Abuja last year, said "It was imperative to invite the ICPC to look into the insurance industry because NAICOM was willing to flush out fraudulent insurers and brokers and thereby make insurance a desirable product for the Nigerian public, including government agencies nationwide.

He explained that the industry which currently has about 600 insurance brokers is affected by a trend of 'bloated premiums', which is in itself, a source of huge corruption. He said that when a policy subscriber is over charged for a policy (bloated premium), if the excess is returned through a third party, it is prone to corruption, which is the reason we have insisted that when such excess is returned, it must not be through a third party."

He urged the ICPC to look into the sector and help sanitize it, an offer which the anti-graft commission readily accepted.

The Nigerian Stock Exchange officials also warned operators in the industry to follow global best practices with adherence to rules for listed companies, otherwise, companies that violate listed rules would be heavily penalized.