House of Reps demand probe into N30bn unsettled insurance claims for Nigerian Police, others
House of Reps demand probe into N30bn unsettled insurance claims for Nigerian Police, others
The House of Representatives on Wednesday charged its Committee on Insurance and Actuarial Matters to conduct a forensic investigation into over N30 billion in unsettled insurance claims tied to the Nigeria Police Force, the Head of Service, and the Ministry of Defence.
The House noted that the unsettled claims were a result of failures in actuarial valuation, gap analysis, and non-compliance with Section 57 of the Insurance Act, 2023, and Section 4, Subsection 5 of the Pension Reform Act, 2014, among others.
The resolution of the House according to PUNCH was a sequel to the adoption of a motion titled, “Breaches and Other Infractions of some Federal Government Institutions on Insurance and Actuarial Matters using Forensic Auditors” moved by the member representing Gummi/Bukkuyum Federal Constituency of Zamfara State, Mr Sulaiman Gumi.
Speaking in favour of the motion, Gumi noted that while conventional insurance is struggling with outdated insurance laws, there is a dearth of professional loss adjusters and irregular payment of loss adjusters fees, non-remittance of premiums, especially to reinsurers, lack of innovation and inconsistent government policies within the insurance industry.
He also identified the failure to collaborate effectively with the Central Bank of Nigeria and the Assets Management Company of Nigeria to secure financial stability in the Nigerian economy and the cumbersome process of failure resolution and reimbursement of depositors, as some of the challenges facing the industry.
He said, “The House is concerned that non-transparency and lack of accountability in insurance practice in Nigeria today have resulted in over N30bn unsettled claims in the group life insurances of the Nigeria Police Force, Head of Service (for Federal Civil Servants), and Ministry of Defence (for the Nigerian Armed Forces) because of no actuarial valuation, no gap analysis, and non-compliance with Section 57 of the Insurance Act, 2023, and Section 4, Subsection 5 of the Pension Reform Act, 2014, among other factors.
“We are aware that over $1bn that should have been retained in Nigeria if all insurance practitioners are given the option of the right of first refusal (insurance being more about risk bearing and sharing) is being taken abroad, which affects the nation’s economy, thereby always weakening our insurance sector and depleting our foreign reserve.
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BREAKING ; Atiku’s Son dumps PDP defects to APC, vows to work for President Tinubu’s reelection
BREAKING ; Atiku’s Son dumps PDP defects to APC, vows to work for President Tinubu’s reelection
The Son of Abubakar Atiku Abubakar, former Vice President and 2023 Peoples Democratic Party (PDP) presidential candidate, Alhaji Atiku Abubakar, dumped the PDP and pledged to work for President Bola Ahmed Tinubu’s re-election in 2027.
Abubakar, popularly known as Abba, formally announced his defection to the APC at the National Assembly, where he was received by the Deputy President of the Senate, Senator Barau Jibrin, with APC leaders from the North-East.
Party leaders described the move as a significant boost to the APC’s consolidation efforts ahead of the next general election, given Abba’s political network and grassroots organisation.
Announcing his resignation from the PDP, Abba said the decision was informed by his conviction in the leadership style of Senator Barau and the policies of the Tinubu administration.
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Eight persons killed, others injured in another fatal road accident
Eight persons killed, others injured in another fatal road accident
Eight persons died while three others were injured in a road traffic crash along the Potiskum–Dogon Kuka carriageway in Yobe.
The Yobe Sector Commander of the Federal Road Safety Corps (FRSC), Mr Andrew Longkam, confirmed the incident on Thursday.
He said the crash occurred around Gaggaba on the Potiskum–Dogon Kuka axis at about 12:40 hours.
“Preliminary reports from Dogon Kuka Unit Command show the incident was promptly reported to the corps,” Longkam said.
FRSC operatives arrived within five minutes, enabling swift rescue, evacuation of victims, traffic control, road clearance and prevention of secondary crashes.
The crash involved a white Howo trailer, registration DAL 963YY, and a white Mitsubishi Canter, registration NNR 437XA.
“Twelve adult males were involved, with eight fatalities and four rescued, including three injured and one unhurt,” he said.
The injured and deceased were taken to Government General Hospital, Dogon Kuka, where the injured received prompt medical attention.
Longkam said the FRSC tow truck cleared the obstruction, restored traffic flow and notified the Police Motor Traffic Division in Dogon Kuka.
“Preliminary findings indicate the Mitsubishi Canter, suspected to excessive speeding, committed a route violation and crashed into the trailer,” he said.
He said excessive speed and route violation were suspected causes, adding that investigations were ongoing to determine the exact circumstances.
The sector commander urged motorists to avoid speeding, route violations and unsafe practices, assuring continued enforcement, emergency response and public education across the state. (NAN)
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Atiku finally breaks silence after his Son defects to APC
Atiku finally breaks silence after his Son defects to APC
Former Vice President and Peoples Democratic Party (PDP) presidential candidate, Atiku Abubakar, has addressed his son Abba Abubakar’s decision to join the All Progressives Congress (APC), describing it as a personal choice.
In a statement posted on his X handle, Atiku said, “The decision of my son, Abba Abubakar, to join the APC is entirely personal. In a democracy, such choices are neither unusual nor alarming, even when family and politics intersect.”
He added, “As a democrat, I do not coerce my own children in matters of conscience, and I certainly will not coerce Nigerians.”
The former vice president also highlighted his concerns about the ruling party, saying, “What truly concerns me is the poor governance of the APC and the severe economic and social hardships it has imposed on our people.”
“ I remain resolute in working with like-minded patriots to restore good governance and offer Nigerians a credible alternative that brings relief, hope, and progress.”
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