Category: Insurance & Pension

COURT AGAIN UPHOLDS ORDER STOPPING NAICOM FROM DISENABLING NEW BUSINESS PURSUIT BY GUINEA INSURANCE

A Federal High Court sitting in Abuja had on Monday, February 18, 2019 further upheld an earlier granted order restraining the National Insurance Commission (NAICOM) from suspending Guinea Insurance Plc from underwriting new insurance businesses; in a suit that was filed by Guinea Insurance with suit No: FHC/ABJ/CS/151/2019 against NAICOM on February 6, 2019.  …

GOXI gets state micro-insurance approval

The National Insurance Commission (NAICOM) has granted approval to GOXI Microinsurance Company Limited to operate as State Composite Microinsurance Company in Lagos State. In a statement yesterday, NAICOM’s Assistant Director, Salami Rasaaq, said the new firm is licensed to transact Life and General Micro Insurance Business in the state only, saying it granted approval to…

Only 12% of workers contributing to pension scheme –PenCom

Out of the over 70 million people that represent the working population in Nigeria, only 8.41 million of them are currently making contributions into the Contributory Pension Scheme. The 8.41 million contributors, according to figures obtained from the National Pension Commission, are about 12.09 per cent of the country’s working population. When compared to the…

Court Halts NAICOM From Any Intending Action Against Guinea Insurance

In what many who have ready or watch award-winning play by Ola Rotimi, titled ‘Our Husband Has Gone Mad Again’ or ‘rouge regulatory duty’ in Insurance Industry by the National Insurance Commission from the failed policy withdrawal to another controversial with operators of Guinea Insurance Plc leading to a Federal High Court sitting in Abuja…

Guinea gets court injunction, halts NAICOM’ business suspension

A Federal High Court in Abuja has given an order restraining the National Insurance Commission from suspending Guinea Insurance Plc from underwriting new insurance businesses. An order signed by Justice Ekwo, which was obtained from the underwriting firm, stated that Guinea Insurance was the plantiff/ applicant, and the NAICOM was the defendant/ respondent. The court…