Nigeria – Page 4

NAICOM Increases the Rates for Motor Insurance in Nigeria

The National Insurance Commission (NAICOM) the insurance regulatory body in Nigeria has issued a circular on the 22nd of December 2022 for the new rates for vehicle Insurance in the country.

The motor Third Party insurance which is the basic policy every vehicle owner should have according to the NAICOM Act 1997 will no longer be N5,000 for private vehicles but N15,000 effective from 1st January 2023 according to the directive by the NAICOM. Also, the rates for all the commercial vehicle insurance policies have also increased by average of 200%. Typical commercial motors and staff buses will have to pay N20,000 for new Third Party insurance rates or premium. New premium rates for Trucks and Tricycles are N100,000 and N5,000 respectively.

Aside the new rates that have been applied to the Motor Third Party Insurance, the Third Party Property Damage Liability (TPPD) have also being increased. Due to constant increase in inflation rate and cost of living in Nigeria, its expedient to ensure TPPD indeed cover liabilities in line with the current realities. New TPPD for Private Motor Vehicle Insurance is now N3m and for commercial vehicles ranges between N3m to N5m depending on the type.

Most vehicle owners in Nigeria see motor Third Party Insurance as a ritual to evade the harassments of traffic Enforcement Agencies. However, with proper education of the populace on getting authentic Motor Insurance from good insurance companies, there will be no issues of road blockage, argument and fighting when there are collision of vehicles as 3rd party insurance polices will be able to provide enough cover for the people.

The directive from NAICOM also pegs the new rate for Comprehensive Insurance at 5% of the sum insured after all rebate and discount. Meanwhile servpay.ng offers affordable and reliable Motor Third Party Insurance for both private and commercial vehicles in 5mins from one of the flagship insurance company in Nigeria. Click here to get started.

CBN Increases Cash Withdrawal Limit to N500k Weekly

The Central Bank of Nigeria has revised the maximum weekly limit for cash withdrawals via all channels by corporate organisations and individuals to N5 million and N500,000 respectively.

This is a reaction to public outcry following the CBN new Cashless Policy which is barely 2 weeks old that restricts individuals and corporate organisations to maximum weekly cash withdrawals to N100,000 and N500,000 respectively.

The directive is contained in a letter issued by CBN on Wednesday 21st of December 2022 and signed by the director of banking supervision department, Haruna M.

“The CBN hereby makes the following reviews:

“(1) the maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations shall be N500,000.00 and N5,000,000.00 respectively.

“2. In compelling circumstances where cash withdrawal above the limits in (1) is required for legitimate purposes, such requests shall be subject to a processing fee of three per cent and five per cent for individuals and corporate organisations, respectively.

“Further to (2) above, the financial institution shall obtain the following information from the customer, at the minimum, and upload same on the CBN portal created for the purpose: valid means of identification of the payee (national ID, international passport, or driver’s license), bank verification number of the payee, tax identification number of both the payee and the payer, and an approval in writing by the MD/CEO of the financial institution authorising the withdrawal.

“Third party cheques above N100,000 shall not be eligible for payment over-the-counter, while the extant limit of N10 million on clearing cheques still subsist.”

The CBN also states: “Compliance with extant AML/CFT regulations relating to the KYC, ongoing customer due diligence and suspicious transaction reporting etc. is required in all circumstances.

“Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions.

“All banks and OFls are to note that aiding and abetting the circumvention of this policy will attract severe sanctions,

“The above directives supersede that of December 6, 2022 and take effect nationwide from January 9, 2023,” the Apex Bank said.

Qatar World Cup 2022- Round of 16 Fixtures-Nigeria Local Time GMT+1 (3)

Qatar World Cup definitely has not been disappointing. The intrigue and drama are out of this world. The Belgium and German Teams have been knocked out in what no Football Pundit see coming.

Group Stages have been concluded and the round of 16 have started. The following are the fixtures and venue of the football marches:

Saturday 3 December

Game 49: Netherlands v USA, Khalifa International Stadium, Al Rayyan (4pm)

Game 50: Argentina v Australia, Ahmed bin Ali Stadium, Al Rayyan (8pm)

Sunday 4 December

Game 51: France v Poland, Al Thumama Stadium, Doha (4pm)

Game 52: England v Senegal, Al Bayt Stadium, Al Khor (8pm)

Monday 5 December

Game 53: Japan v Croatia, Al Janoub Stadium, Al Wakrah (4pm)

Game 54: Brazil v South Korea, Stadium 974, Doha (8pm)

Tuesday 6 December

Game 55: Morocco v Spain, Education City Stadium, Al Rayyan (4pm)

Game 56: Portugal v Switzerland, Lusail Iconic Stadium, Lusail (8pm)

Don’t miss any of the World Cup actions. Renew your Cable TV here in 2mins and watch all the actions live on TV.