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INSURANCE: State Government Raises Committee To Drive Compulsory, Takaful Insurances

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INSURANCE: State Government Raises Committee To Drive Compulsory, Takaful Insurances

INSURANCE: State Government has raised committee to drive compulsory, Takaful Insurances.

News ToGo learnt that the Governor of Katsina State, Aminu Bello Masari, has inaugurated a Technical Committee on the Sensitisation/Implementation of compulsory insurances and Takaful in the state.

The inauguration took place in his office on Tuesday 6 September, 2022.

The Committee is to be chaired by the Hon. Commissioner for Commerce in the State Alh. Muktar Gidado Abdulkadir and the co-chairman is the Executive Chairman, Katsina State Internal revenue service Mal. Mustapha Mohammed Sirajo.

Other members of the Committee are representatives of the NAICOM, Office of the SSG, Office of the Head of Service in the State, Ministry of Finance, Ministry of Health and other relevant agencies.

The Governor while inaugurating the Technical Committee states that the initiative to introduce Takaful insurance is a welcome development that will serve as an alternative especially to attract people of the state who are left out due to religious or cultural barriers.

He assured the NAICOM of Katsina State Government’s full support in the development of insurance in the State.

NOTE: According to African Alliance, Takaful is a policy of mutual co-operation, solidarity, common interest, shared responsibility, joint indemnity and brotherhood against unpredicted risk, in which the participants involved are expected to contribute genuinely.

Takaful in Arabic means “Joint Guarantee”. It provides policy holders the self discipline for savings and investment and encourages the habit of sound financial planning to take care of themselves and the needs of their children and families.

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BREAKING: Naira Records Wide Gain Against Dollar

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BREAKING: Naira Records Wide Gain Against Dollar

The Nigerian naira on showed resilience against the US Dollar, experiencing a positive shift despite the country’s escalating inflation rate.

News ToGo reports that data from FMDQ revealed that the naira strengthened against the Dollar, reaching N818/$1 on Wednesday compared to the previous day’s exchange rate of N850.22/$1. This marked a notable improvement, with a gain of N31.23 in comparison to the exchange rate recorded on Tuesday.

In the parallel market, the Nigerian currency demonstrated relative stability, maintaining a trading rate of N1120 against the Dollar on Wednesday, consistent with the previous day’s rate. However, there are reports indicating a slight uptick to N1140 against the US Dollar in the parallel market.

This development occurs against the backdrop of the National Bureau of Statistics’ latest Consumer Price Index data, which revealed a surge in the inflation rate.

The October inflation rate in Nigeria reached 27.33 per cent, up from 26.72 per cent in September. This figure represents the highest inflation rate recorded in the country in the last two decades. The naira’s resilience amid these economic challenges showcases the complexities of Nigeria’s financial landscape.

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BREAKING: CBN Speaks On Plan To Redenominate Naira Amid Massive Fall

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BREAKING: CBN Speaks On Plan To Redenominate Naira Amid Massive Fall

The Central Bank of Nigeria (CBN) has spoken on reports that it plans to redenominate Naira.

News ToGo reports that the CBN refuted claims suggesting that it intends to redenominate the country’s currency, the Naira, effective from January 2023. Isa AbdulMumin, the Director of Corporate Communications at CBN, clarified the bank’s position in a statement released on Tuesday.

The CBN’s response comes in reaction to a circulating claim indicating its plans to redenominate the nation’s legal tender. The bank dismissed this notion, emphasizing that it has no intentions to restructure or redenominate the Naira.

In the statement, AbdulMumin stated, “We wish to reiterate that the contents of the message are misleading. The authors of the message, in their mischief, modified text taken from an old policy move by a previous CBN Governor in 2007 to make it appear recent.”

He further clarified that while the bank might be considering reforms, any such initiatives would follow established procedures outlined in the CBN Act, 2007. The public was advised to disregard the speculative news report, which was deemed calculated to cause unnecessary panic.

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BREAKING: CBN Gives New Order To Banks, Lists Things To Collect From Customers

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BREAKING: CBN Speaks On Plan To Redenominate Naira Amid Massive Fall

CBN has given new order to banks on the things to collect from customers.

News ToGo learned that the new CBN regulations mandate financial institutions to collect additional customer information including social media handles, email addresses, telephone numbers, and residential addresses.

This move aims to strengthen the identification process within the banking system. The apex bank outlined these requirements in its recently released document titled ‘Central Bank of Nigeria (Customer Due Diligence) Regulations, 2023.’ It stated that these regulations were established to enhance customer due diligence measures for financial institutions under its regulatory oversight.

The goal is to ensure compliance with the provisions of the Money Laundering (Prevention and Prohibition) Act (MLPPA), 2022, Terrorism (Prevention and Prohibition) Act (TPPA), 2022, Central Bank of Nigeria (Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing of Weapons of Mass Destruction in Financial Institutions) Regulations, 2022 (CBN AML, CFT, and CPF Regulations), and international best practices.

Under the customer identification section, the CBN specified that financial institutions must identify their customers, whether they are permanent or occasional, natural persons or legal entities, or legal arrangements. The required information for individuals includes legal name and any other names used, permanent address, residential address, telephone number, email address, social media handle, date and place of birth, Bank Verification Number, Tax Identification Number, nationality, occupation, public position held, and name of employer.

The CBN also stated that individuals must provide an unexpired passport, national identification card, residence permit, social security records, or driver’s license as proof of identification. Additionally, financial institutions are required to gather details regarding the type of account, nature of the banking relationship, signature, and politically exposed person status. The document also outlines separate requirements for legal entities and legal arrangements. The CBN emphasized that these regulations apply to all financial institutions under its supervision.

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