Connect with us

News

IGI’s Historic Comeback: Accelerating Strategic Plan

Published

on

The Industrial and General Insurance (IGI) is set to reclaim its leadership position as Coopvest Limited acquired a substantial 40.7% interest, positioning the company to accelerate its 5-year strategic plan.
A historic Annual General Meeting for the acquisition will be held on March 1.
IGI’s Managing Director, Akinlolu Akinyele, in a statement signed by the company’s Head of Brand and Corporate Communications, Olufunmilayo Afolabi, said the private placement had succeeded in injecting capital into the business, thereby opening growth opportunities to the business and its numerous customers.
According to the statement, the strong relationship with the Cooperative Federation of Nigeria and its over 20 million members would also boost IGI’s transition and ecosystem. The new management, it said, has over 20 years of experience working across Africa in energy and life insurance, and is supported by a strong board, one of whom is Tajudeen Ayeola, the CFN President.
He said, ‘’ We’re regulated by the National Insurance Commission and the Security and Exchange Commission. We were very mindful of all guidelines and processes, which we followed to the letter.
“We’re on top of the legal actions challenging the Annual General Meeting and acquisition of 40.7% shares by Coopvest Limited. Due process was carried out on this new step because IGI respects the government and regulatory guidelines. Fortunately, the court has nullified the order of interlocutory injunction restraining us from holding our AGM because the petitioners failed to satisfy all requirements.
“At the Annual General Meeting of December 8, 2022, shareholders approved the conversation for IGI and Coopvest. The management team followed through the process, registrars were appointed, and due notifications were sent to shareholders for approval and offering of pre-emptive rights.
“What is left is ratification of approval. Once that is done, the entire process is completed.”
On current claims of customers and the future of IGI, the Managing Director stated that the ongoing payment would be extended to all, stressing that internal processes and technology are being improved to measure up to contemporary standards.
“The future is very bright for IGI. For customers, it means a good time ahead. I want to assure customers that all claims will be completed. Some are due and those payments are ongoing. We have been receiving commendations from customers who received payment last month.
“Internal processes and technology are being improved to measure up to contemporary standards, making it more comfortable for customers to reach us, buy our products, and process claims faster from the comfort of their homes and offices,” Akinyele assured.
Incorporated as a Private Limited Liability Company in 1991, IGI thereafter re-registered as a Public Limited Liability Company in 2007. The company started as a composite insurer to transact the business of Life and General Insurance, including Pensions and Special Risks. It subsequently established a reputation for exceptional competence and became the preferred insurer for individual and corporate clients.

Advert

News

PenCom Alleges Non-adherence to Pension Laws

Published

on

 

 

By Yusuf Danjuma Yunusa

 

The National Pension Commission has said that only seven states and the Federal Capital Territory are fully implementing pension reform laws despite widespread adoption of contributory pension frameworks across the country.

 

The Director-General of the National Pension Commission, Mrs Omolola Oloworaran, disclosed this on Thursday in Abuja during the maiden edition of the bi-annual consultative session for heads of service of states yet to adopt or fully implement the Contributory Pension Scheme or the Contributory Defined Benefits Scheme.

 

She said, “Out of the 36 states with pension reform laws on their books, only seven states, together with the Federal Capital Territory, are fully implementing these laws.”

 

The session was organised to encourage dialogue with affected state heads of service and to explore practical ways in which PenCom could provide technical support for the successful adoption and implementation of pension reforms at the sub-national level.

Advert

 

According to Oloworaran, 30 states and the FCT had enacted laws on the contributory pension scheme or the contributory defined benefits scheme, while six states still had pension reform bills awaiting passage in their state assemblies.

 

She noted that 23 states had pension laws that were either inactive or only partially implemented, leaving many civil servants uncertain about their retirement future.

 

“That leaves 23 states whose laws are written, inactive, or only partially being implemented. Twenty-three sets of public servants or civil servants whose retirement future hangs in the balance, not because there is no law, but because the law has not been activated,” she said.

 

The PenCom boss described pension reform as a constitutional and fiscal obligation rather than a policy option, citing Section 210 of the 1999 Constitution, which guarantees pension rights for civil servants.

 

She said the old pension structure had failed because it created uncertainty and unsustainable liabilities, adding that the contributory pension scheme was introduced to promote accountability, sustainability, and transparency in pension administration.

 

Oloworaran stressed that the main challenge facing many states was no longer the passage of pension laws but the discipline required for implementation, including regular remittance of pension contributions and adequate funding of accrued pension rights.

 

“Across our states, the challenge is no longer the enactment of laws. The challenge is the discipline of execution. It is the regular and timely remittance of contributions. It is the adequate and consistent funding of accrued pension rights,” she stated.

 

She urged heads of service to see pension reform as part of their governance legacy, noting that the success or failure of implementation in states would largely depend on their commitment.

Continue Reading

News

NECO Computer-based Exams Will Commence this Year–Education Minister

Published

on

 

 

 

By Yusuf Danjuma Yunusa

 

 

The Federal Government on Thursday unveiled a major reform in Nigeria’s examination system with the introduction of computer-based examinations, CBE, by the National Examinations Council, NECO, as the nation celebrated the examination body’s 25 years of existence amid glowing tributes to its rise from a troubled national initiative to an internationally recognised.

Advert

 

The minister of education, Dr Tunji Alausa, who announced the reform at NECO’s Silver Jubilee celebration in Abuja, declared that the transition to technology-driven examinations would significantly curb examination malpractice and reposition Nigeria’s assessment system for global competitiveness.

 

Speaking at the event held at the Bola Ahmed Tinubu Conference Centre, Garki, Abuja, Alausa described NECO as a “standard-bearer for credible external examinations”, saying the council had become a critical pillar in safeguarding integrity, fairness and accountability in Nigeria’s education sector.

 

“We are at the threshold of a very important reform, which NECO is spearheading, and that is the Computer-Based Examination, which is to commence this year,” the minister said.

 

According to him, the new system would provide real-time monitoring of candidates, track suspicious activities and drastically reduce examination fraud that has continued to undermine confidence in public examinations.

 

The minister said NECO’s 25-year journey reflected Nigeria’s determination to build a credible national examination system capable of guaranteeing equal opportunities for learners across the country.

 

He noted that the council had over the years strengthened examination security, improved reliability in scoring, widened access to examinations in underserved areas and embraced technological innovations that restored public confidence in national certification.

 

 

Alausa said the Ministry of Education would continue to provide policy direction and oversight to ensure NECO examinations aligned with national curricula, learning outcomes and broader development goals.

Continue Reading

News

2026Hajj: Nigerian Pilgrims Begin Movement from Madinah to Makkah

Published

on

 

 

By Yusuf Danjuma Yunusa

 

The National Hajj Commission of Nigeria (NAHCON) has announced that Nigerian pilgrims in Madinah have begun their movement to Makkah as of Thursday.

 

According to an update from the commission, the transfer commenced after the pilgrims had completed a four-day stay in Madinah.

Advert

 

NAHCON further disclosed that the four official airlines handling this year’s Hajj operations—Max Air, Umza Airline, Air Peace, and Flynas—have so far transported 9,756 pilgrims to Saudi Arabia.

 

The commission also advised pilgrims intending to visit the Rawdah (the sacred area containing the Prophet Muhammad’s burial chamber in Madinah) before departing for Makkah to coordinate with their respective State Pilgrims’ Welfare Boards for proper guidance and scheduling.

 

“NAHCON wishes to assure the Nigerian contingent that officials of state pilgrims’ welfare boards have already been trained and adequately guided on the procedures for booking Rawdah visits,” the statement read.

 

“However, pilgrims are kindly reminded that due to congestion and crowd management measures, access to the Rawdah is strictly subject to space availability and approved bookings. Pilgrims are therefore advised to remain patient, orderly, and to heed the guidance of their Ulama regarding the validity and acceptance of their Hajj rites.”

 

The commission emphasized that while visiting the Rawdah is a blessed opportunity, it is not a condition for the validity of Hajj.

 

“Allah grants such opportunities according to His will,” NAHCON added.

Continue Reading

Trending