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After over 10 years of embargo on licensing of new allowance underwriting firms, the National Allowance Agency (NAICOM), at the weekend said it has accustomed applications from four allowance firms gluttonous to access operational licenses to arise operation in Nigeria.
The Commission, gave the names of the four firms as Heir Allowance Limited, which is gluttonous to be accountant as Accepted allowance business underwriter; Stanbic IBTC Allowance Limited, which yet to acknowledge its breadth of interest; Heirs Activity Assurance Limited, for activity allowance underwriting; and Enterprise Activity Assurance Company Nigeria Limited, which is gluttonous for activity allowance underwriting license.
Confirming the cancellation of the applications from the aloft four companies, NAICOM in a advertisement titled: “public apprehension on registeration of new allowance companies,” stated: “NAICOM has accustomed applications from the beneath listed companies for allotment as allowance companies to transact allowance business in Nigeria. In accomplishment of the approved accoutrement of actual laws for the registration/licensing of allowance companies, the accepted accessible is hereby abreast that the commission, has commenced the action of registering the companies.
“Members of the accessible are requested to submit/report any argument or contrarily adjoin these registrations to the Agency aural 21 canicule from the date of this publication, please,” the agency stated.
In a blast babble with NAICOM’s Head of Communications, Mr. Rasaaq Salami, on why the agency aerial the embargo on beginning licensing of underwriting firms, he said it was in accordance with resolution of the regulator agency in the antecedent guidelines for recapitalisation of allowance firms which it appear to the accessible aftermost year.
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Among the applicants, Heirs Allowance Limited, congenital in February 2015 has Olaniyi Stephen as its Managing Director and Tony Elumelu as its chairman.
Stanbic IBTC Allowance Ltd, congenital in May 2012, has Akinjide Orimolade as its Managing Director and Yinka Sanni as its chairman.
Similarly, Heirs Activity Assurance Ltd, congenital in February 2019, has Abah Okoriko as its Managing Director and Abdulquadir Jell Bello as its administrator .
While Enterprise Activity Assurance Company Nigeria Ltd, Congenital in October 2019 , has Mrs. Fumilayo Omo as its Managing Director The company’s administrator is yet to be appear by the commission
For over a decade now, NAICOM, had placed an embargo on the allotment of beginning allowance underwriting firms insisting that would be operators instead of gluttonous for beginning licenses to float new firms should buy into existing, but anemic firms to inject activity into them.
During this period, both bounded and adopted investors into the area were accountable to buy into absolute firms instead of gluttonous for beginning licenses.
This saw Sanlam from South Africa with advance absorption in Nigerian allowance area affairs over haven allowance which it adapted into FBN Accepted allowance accepting ahead invested in BNInsurance, a activity allowance underwriter. Also, INSIA Allowance had bought over ADIC Insurance; Old Mutual Allowance bought over Oceanic Activity Insurance; Assur African Holding bought 67.68 in Mansard Allowance aforetime endemic by GTB , while authority Assurance accustomed basic bang to the tune of 51 percent pale from the new India Assurance.
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