Business

Global Financial System: IAIS Supports G20 Declaration

Published

15 years ago

November 20, 2009

The International Association of Insurance Superiors (IAIS) has endorsed the lastest G20 Declaration to continue strengthening the global financial system.
The G20 welcome the new report of International Monetary Fund (IMF), Bank for International Settlements (BIS) and Financial Stability Board (FSB) on assessing the systemic importance of financial institutions standard setting body for the prudential/ supervision of the insurance industry and a member of the Financial Stability Board (FSB).
To assist the work, IAIS has released its initial analysis of the systemic risk Peter Braumiller, Chair of the IAIS Executive noted that the purpose of the analysis is to identify challenges which insurance regulators face which are distinctly different to regulators of other financial institution. In the insurance sector systemic insurance risk does not typically generate immediate shock effects, but plays out a longer time horizon.
As a result, the working definition in the IMF (FSB/BIS report on assessing the systemic importance of financial institutions could usefully be complemented with a timing-related fourth sub element (in addition to size, lack of substitutability and inter connectedness), thus capturing all forms of systemic insurance risk; and the distinct business model of insurance means that the policy solutions for systemically risky activities will likely differ between sectors. “We look forward to working with the BIS, FSB and IMF in developing the framework of appropriate policy responses that is also applicable to insurers.” IA is said the analysis is entitled “Systemic Risk and the Insurance Sector” can be found at IAIS.
The IAIS continued to reinforce global insurance regulation in support of the G20 stated aims these actions mainly address: enhancing group and cross sectoral supervision, where the IAIS is working in cooperation with the Basel Committee on Banking Supervision and the International Organisation of Securities Commission through the Joint Forum, their joint working group, on the identification of important regulator gaps and areas for enhanced supervision, incorporating lessons drawn from the crisis in IAIS standards particularly in respects of solvency and investment, risk management compensation, facilitating supervisory cooperation of the IAIS multilateral memorandum of understanding fourth exchange of information between insurance supervisors and assisting the implementation of standards by providing supervisory assessment mechanisms and implementation programmes.

Business

IPMAN Wants Marketers To Patronize PH Refinery

Published

6 days ago

February 26, 2025

The Tide

The Independent Petroleum Marketers Association of Nigeria (IPMAN), Port Harcourt Unit, is urging petroleum marketers in Rivers State and its surrounding areas to patronize the Port Harcourt Refinery.

The Chairman of IPMAN in Rivers State, Tekena Ikpaki, made this appeal during a joint stakeholders’ meeting at the IPMAN Secretariat in Alesa, Ehleme, in Eleme Local Government Area of the State.

He said the Port Harcourt depot has enough products that can serve the entire nation, adding that time has come for marketers to patronize the Port Harcourt Refinery.

“I want to encourage marketers to come and patronize the Port Harcourt Refinery depot.

“This depot has the capacity to serve the entire nation and if the depot is not patronized, then the effort of the Federal Government is wasted, and what the NNPCL is tirelessly putting in here will also be wasted.

“So my appeal to the public is that they should come and patronize the depot. We have so much products to serve the nation”, he said.

Ikpaki emphasized that supporting the refinery would improve product availability for the public and assured marketers that all concerns related to loading and pricing would be addressed.

Also speaking, the Chairman of Independent Marketers Board (IMB) in Rivers State, Udunwo Uche, stated that stakeholders have put forward recommendations to help the refinery operate at full capacity.

“We have been able to talk to ourselves and some persons concerned and we are hopeful that there will be positive response”, he said.

According to him, the board expects more marketers to come to Port Harcourt Refinery to lift products, adding that once that is done the place will be lively again.

He said the refinery has buildings that provide accomodations to thousands of people, adding that the place needs to be encouraged to come back to life.

The meeting was attended by some key stakeholders, including IPMAN, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), the Petroleum Tanker Drivers (PTD), the Independent Marketers Board (IMB), and representatives of the community.

John Bibor

Business

Customs To Facilitate Trade, Generate Revenue At Industrial Command

Published

6 days ago

February 26, 2025

The Tide

The Nigeria Customs Service (NCS) says it’s targeting to facilitate more trade and also generate more revenue at its Industrial Command in Lagos State.

Comptroller-General of the NCS, Bashir Adewale Adeniyi, disclosed this following his approval for the appointment of Compt. Sarah Wadinda as the Customs Area Controller (CAC) of the Lagos Industrial Command.

According to the Command’s Public Relations Officer, J.D Tomo, the newly appointed CAC took over from Compt. Rebecca Chokor, who retired in December 2024.

Tomo said the CAC affirmed its commitment to facilitate trade and increase the command’s revenue in line with the CGC’s policy thrust.

“The NCS, Lagos Industrial Area Command (LIAC), received a transformative Customs Area Controller (CAC), Comptroller Sarah Wadinda, who is the successor of Comptroller Rebecca Chokor (rtd.)

“Comptroller Wadinda assumed the Office of Customs Area Controller of the LIAC on Thursday, 6 February 2025. She affirmed her commitment to facilitating trade with an open door to both officers and stakeholders.

“She said the focus of the Nigeria Customs Service and the Comptroller General of Customs (CGC), Bashir Adewale Adeniyi, is trade facilitation and revenue collection. Therefore, the activities of LIAC shall be in line with the CGC’s policy thrust which are collaboration, consolidation and innovation.

“The CAC, on Thursday, 13 February 2025, had a maiden meeting with all Heads of the Unit of the Command and stakeholders. The meeting was held to strengthen collaboration with excise stakeholders for a better revenue drive in LIAC.

“She reiterated that she would work towards achieving an enhanced effective cooperation between the LIAC and excise traders on trade facilitation and excise regulation compliance”, Tomo stated.

Tomo, in her statement, also stated that the CAC engaged stakeholders of the command where she reiterated her desire to facilitate legitimate trade.

She stated that the CAC reminded stakeholders that LIAC’s responsibility is to supervise, collect and account for Excise duty from factories producing alcoholic and non-alcoholic beverages produced within Lagos State.

“During the maiden meeting at the LIAC conference hall, the CAC pledged her allegiance to the Comptroller General of Customs’ policy thrust, which is consolidation, collaboration and innovation.

“She enjoined all officers and men of the Command to be committed and dedicated in their various schedules towards achieving the policy thrust for an enhanced Excise duty collection.

“The CAC reminded the attendees of the meeting that LIAC’s responsibility is to supervise, collect and account for Excise duty from factories producing alcoholic and non-alcoholic beverages produced within Lagos State.

“The Lagos Industrial Area Command monitors the production processes, ensures compliance with Excise regulations, and facilitates trade by providing necessary support and guidance to Excise traders.

“She further encouraged stakeholders to acquire knowledge of the established NCS laws for a seamless excise trade and a stronger trade relationship with the command.

“The CAC reaffirmed that she will use the leadership position to build and improve on the legacy left by her predecessor as well as upholding the core values of the Nigeria Customs Service professionally”, the Command’s spokesperson stated.

Business

FG To Ban Overloaded Petrol Trucks

Published

6 days ago

February 26, 2025

The Tide

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said trucks with a capacity in excess of 60,000 litres will not be allowed to load in any depot for petroleum products beginning from March.

The Executive Director of Distribution Systems, Storage and Retailing Infrastructure at the NMDPRA, Ogbugo Ukoha, disclosed this while speaking to journalists in Abuja, midweek.

Ukoha explained that the decision was made to mitigate the high level of trucks and transit accidents in the country.

He said, “Beginning 1st March, trucks with a capacity in excess of 60,000 litres will not be allowed to load in any loading depot for petroleum products. By the fourth quarter of 2025, we will also preclude the loading or transportation of petroleum products on any truck in excess of 45,000 litres.

“And this is just one out of 10 measures that stakeholders have agreed that needs to be addressed if we want to mitigate the high level of trucks and transit accidents.”

According to him, this was the first time consensus was built amongst all stakeholders.

“We are continuing to encourage that we’ll work together cohesively to deliver a safe transportation of petroleum products across the country”, he stated.

He continued that the stakeholders that held the consensus decision at the meeting were the Nigerian Association of Road Transport Owners (NARTO), Independent Petroleum Marketers Association of Nigeria (IPMAN), Standard Organisation of Nigeria (SON), Major Oil Marketers Association of Nigeria (IPMAN), among others.

He added that investors, especially truck owners, need time to redesign the trucks and redirect their funding.

According to him, the country experienced a significant reduction in petrol demand from 66 million litres per day to around 50 million litres per day.

This decline, he said, follows the withdrawal of petrol subsidies by President Bola Tinubu in 2023.

“All of us have experienced a Yuletide free of any scarcity. And let me just reconfirm that from year to year, we saw an increase in the demand for petrol by 2021, 2022, up to 2023, just before the current administration came in. The daily petrol supply sufficiency was always more than 60 million.

“In fact, averaging about 66 million a day for petrol. And following Mr President’s withdrawal of subsidy, the announcement of 29 May 2023, we immediately saw a steep decline in consumption. And between then and as we speak, we’ve continued to do plus or minus 50 million.

“That’s a considerable reduction in volumes. Of these 50 million litres averaging for each day, less than 50 per cent of that is contributed by domestic refineries. And so the shortfall in accordance with the Petroleum Industry Act (PIA) is sourced by way of imports”, he said.