Oando Plc Favour Ifeoluwa & Akinola Ajibade Oando Plc says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc, Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
By Akinola Ajibade
The Federal Government may klacklist insurance companies over irregular payment of death benefits to civil servants, the Head of Service of the Federation, Dr Folshade Yemi-Esan has said.
She said the firms are showing laickadaisical to the payment of civil servants' benefits, adding that the government would not continue to tolerate their actions, unless they change.
She spoke during the meeting with underwriters of the Group Life Insurance for Federal Civil Servants in Abuja.
Accorfing to her, the government is improving the welfare of the families of the deceased workers by releasing funds in order to pay their benefits, querying such insurance firms for not doing their job as at when due.
Such actions, Yemi-Esan, said are not acceptable and should be corrected in the interest of the affected families.
According to her, the meeting with underwriters was necessary in order to bridge the gap existing between the them and brokers, because it was unreasonable to continue doing the same thing repeatedly without achieving meaningful result.
She said that the payment of insurance claim is not rocket science, stressing that her Office performs similar function through seamless settlement of backlog of claims not covered by the present arrangement.
" The Key Performance Indexes (KPIs) on settlement of claims as of September, 2022 indicate that the total number of claims reported was 776; number of claims paid was 357; total sum on claims reported, N4,201,392,384.27; number of awaiting EDVs from HoS/MDAs 101; total amount paid N1,574,709,562.12; number of awaiting DVs from Lead Underwriter 150 (2,626,682,822.15), total amount expected from EDVs N785,123,928.73, number of incomplete documentations 168 and total outstanding claims is N1,841,558,893.42" Yemi-Essn added.
Continuing further, she said that there was a clear indication of a huge gap between the number of claims reported and those paid, adding that there is the need for improvement from the insurance service providers, as there is always room for other alternatives.
Speaking on behalf of the underwriters, the Lead Underwriter and CEO of Old Mutual Nigeria Limited, Mr. Segun Omosehin, expressed his gratitude to the Head of Service for her concern and show of outright displeasure over their low performance.
He expressed commitment to support the Head of Service by doing the needful to bridge the gap existing between the underwriters and the brokers, which he identified as the major issue responsible for the late payment of claims to families of deceased civil servants.
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