The National Insurance Commission (NAICOM) has directed all insurance companies to clear outstanding claims by December 31, 2024.

According to NAN, Ebelechukwu Nwachukwu, the head of communication and stakeholders management sub-committee of the insurance committee, spoke on the outcome of a meeting held on Thursday in Lagos.

The 16th insurers committee meeting was the first under Segun Omosehin, the new NAICOM commissioner, appointed on April 19 by President Bola Tinubu.

Nwachukwu, who doubles as the CEO of Rex Insurance, said the commission would thoroughly monitor insurers’ outstanding claims.

“The commission said its focus is on the soundness of the insurance industry, measured by the ability to meet their obligations when due,” she said.

She urged companies to discuss recapitalisation with their boards to prepare for future capital requirements.

“If there will be need to raise capital, insurance companies need to start speaking with their different boards, shareholders about the possibility of recapitalisation happening, before it becomes a regulation,” Nwachukwu said.

Nwachukwu said the commission encouraged brokers to enforce strict compliance with the “no premium, no cover” regulation, emphasising the role of the CEOs of insurance firms in resolving complaints.

Regarding Nigeria’s data protection, she said Omosehin instructed insurers to focus on industry regulations and the legal framework under the Insurance Bill 2024.

She said the NAICOM commissioner wants operators to focus on implementing the 10-year strategic insurance plan to achieve industry objectives by 2027.

“He spoke about focusing on compliance issues, under the Prudential Guidelines released by NAICOM to the insurers and put an end to corporate Governance abuses, recognised within the industry,” Nwachukwu said.

“The commissioner discussed the National Credit Guarantee Scheme signed by President Bola Tinubu.

“If insurers invest in the scheme, we have the potential of sitting on the board of the facility, where a lot of decisions would be taken.”

According to her, NAICOM requires insurers to obtain approval before appointing any new executive director in insurance companies.

Nwachukwu said the insurers’ committee has restructured its sub-committees to align with the pillars of the 10-year roadmap, creating the insurance sector stability committee, communication and stakeholders management committee, technology and talent management committee, and customer service and market expansion committee.

The Nigeria Deposit Insurance Corporation (NDIC) says customers of the defunct Heritage Bank who are yet to receive payment should come forward and provide their account details.

According to NAN, Bello Hassan, managing director of NDIC, spoke on Thursday during the corporation’s ‘special day’ event, held on the sidelines of the ongoing 36th Lagos International Trade Fair.

Hassan, speaking on NDIC’s oversight and regulatory functions, said the corporation has helped in the liquidation of the failed Heritage Bank and the ongoing recovery and refund of depositors’ funds.

The managing director said depositors who are yet to receive their payment should come forward with their BVN, proof of account ownership, identification, and alternative account details.

“Claims can be submitted through various channels including our website, email, and social media platforms,” he said.

The NDIC boss said the mandate of the corporation and its commitment is to safeguard depositors from the devastating impact of bank failures by working in collaboration with the CBN.

Speaking on the stability of Nigeria’s financial system, he said all licensed banks in the country are safe.

Hassan stressed that “all banks that have their licences not withdrawn by the Central Bank of Nigeria (CBN) are safe and healthy”.

The managing director, represented by Nuhu Bashir, director of communications and public affairs, also said the NDIC was working tirelessly to ensure continuous safety and soundness in the financial system.

“The NDIC is committed to ensuring a stable financial environment that safeguards depositors and builds public confidence, enabling businesses to thrive and contribute to our nation’s economic development,” he added.

Gabriel Idahosa, the president of the Lagos Chamber of Commerce and Industry (LCCI) said the NDIC had remained effective in its regulatory oversight.

He said the corporation has been helpful in maintaining stability within the financial sector.

“The corporation’s vigilant monitoring of banks, proactive intervention in distressed institutions, and ongoing commitment to depositor protection have instilled confidence in the banking sector,” Idahosa said.

“These ensure that banks can continue to serve businesses and individuals even in uncertain economic times.

“Its unwavering commitment to depositor protection and financial stability has been vital in navigating recent economic challenges and safeguarding the integrity of Nigeria’s banks.”

Idahosa urged the NDIC to continue to evolve in response to the shifting financial landscape, addressing challenges such as digitalisation, rising non-performing loans, and public awareness.

Adebayo Adelabu, the minister of power, has asked the Transmission Company of Nigeria (TCN) and other relevant agencies to immediately implement recommendations to overhaul the grid.

Adelabu spoke on Thursday, according to a statement by Bolaji Tunji, special adviser to the minister of power on strategic communications and media.

On October 22, the minister set up a committee to address the incessant grid collapses.

Tunji said the committee recommended an audit and testing of existing equipment and improvement in the maintenance of the transmission equipment and lines.

“The committee called for significant investments from the government and the private sector,” Tunji quoted the minister as saying.

“They also recommended the development of a framework and to adopt reliability-centered maintenance.

“The committee identified critical ongoing projects for speedy completion, [and] also recommended the replacement of aged and obsolete equipment, as well as enhance SCADA and telecommunication tools.

“They also advised a developing framework to attract private investment across the value chain, deploy IoT devices on generating units and transmission lines and secure firm gas contracts.

“The committee also called for the development and implementation of measures to combat vandalism and energy theft among others.”

Tunji also said the minister’s order followed the TCN’s report that the national grid had experienced a disturbance on Thursday, caused by a sudden rise in frequency from 50.33Hz to 51.44Hz.

“All relevant agencies in the ministry must brace up for the immediate implementation of the recommendations of the committee,” he said.

“The recommendations of the committee are far-reaching and will proffer lasting solutions to the incessant power grid collapses that we have embarrassingly witnessed in the country in the immediate and long term.”

Bolaji added that the TCN has assured consumers that efforts are being intensified to ensure uninterrupted power supply.

He said the company is working to ensure the full implementation of the committee’s recommendations to save Nigeria from grid collapses.