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FG- Imo: :Regulatory Oversight of The State Electricity Market Is Now Underr ISERC

By Favour Ifeoluwa & Akinola Ajibade  The Federal Government yesterday( Monday) announced the transfer of Regulatory Oversight of the Electricity Market in Imo State to the state electricity regulatory commission, otherwise known as (ISERC). In a statement issued by the Nigerian Electricity Regulatory Common( NERC), the development is in compliance with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity Act 2023 (Amended), reiterating that all transfers envisaged by this order shall be completed by 31 December 2024. According to the Commission,the transfer Order’s provisions include: “Direct Enugu Electricity Distribution Company (EEDC) to incorporate a subsidiary (EEDC SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Imo State from EEDC, and that EEDC shall complete the incorporation of EEDC SubCo within 60 days from 27th June 2024. The subcompany shall apply for and obtain licence for the in
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Insurance Industry Records Gross Premium 0f N1.003 Trillion


 By Favour Ifeoluwa & Akinola Ajibade 


The Insurance industry of Nigeria had at the close of fourth quarter of 2023 recorded growth in Gross Premium  of N1.003 trillion, representing about 27 per cent growth compared to the N790 billion recorded in 2022. 

The National Insurance Commission (NAICOM) disclosed this recently in a document entitled: Market Performance at a Glance -Q4, 2023.

According to the commission, Non-Life business accounted for 61.3 per cent of all premiums written during the year, while the Life segment contributed 38.7 per cent, valued at N388.1billion.

A review report showed that the market also recorded a retention of about 87.7 per cent for the Life business, just about 54 per cent for Non-Life, while the aggregate market average retention stood at 66.7 per cent during the same period.

The Commission said that the growth recorded was driven the non-life segment of the market were Oil & Gas and Fire Insurances, contributing 27.3 per cent and 24.1 per cent respectively.

In a direct reflection to the ongoing regulatory measures regarding claims settlement, the Life business recorded about 95 per cent of net claims to the total recorded claims during the year while the market average stood at about 71.4 per cent of the N536.5 billion gross claims reported at the close of fourth quarter, 2023, it said.

“In a direct reflection to the “no-premium no-cover” policy of the Commission, the outstanding premium continue to decline,
posting a 1.6 per cent as outstanding of all the premiums generated in the market during the period,” it stated.

The report further disclosed that market recorded total assets of about N2.67 trillion and capitalisation of N851 billion in 2023.

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