NAICOM Cancels Controversial Insurance Industry Recapitalisation Ebere Nwoji The controversial recapitalisation exercise in insurance industry, tagged Tier Based Solvency Capital increase, initiated by the insurance industry regulator, the National Insurance Commission
(NAICOM), has been cancelled. The commission officially announced the cancellation at the weekend through a circular dated Novermber23, 2018 circulated to all insurance companies. In the circular, titled
"Withdrawal of circular on Tier Based Solvency Capital policy for Insurance Companies in Nigeria,” the commission stated, "Pursuant to the powers conferred by the enabling laws, the commission hereby withdraws and cancels the
circular dated August 27, 2018 with reference number NAICOM/DAPCIR/14/2018 and titled Tier Based Solvency Capital Policy for Insurance Companies in Nigeria. This withdrawal and cancellation takes immediate effect."
The circular was signed by the Director (Policy and Regulation) of the commission on behalf of the Commissioner for Insurance, Alhaji Mohammed Kari. The cancellation is sequel to the controversy that has trailed
the Tier Based Capital increase announced by NAICOM in August. The controversy ensued when the commission shifted backwards the deadline for compliance with the capital Continued on page 8
Nine Persons Test Positive to Yellow Fever in Edo ... Page 10 Sunday 25 November, 2018 Vol 23. No 8621
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A Rash of Judgements Blights Party Nomination Process Tobi Soniyi The Independent National Electoral Commission (INEC) appears to have contradicted itself and also jettisoned the position of the Supreme
Court that only the national chairmen of political parties can submit candidates’ names for elections. And this has fuelled legal disagreements and upset the nomination process for candidates.
Currently, the party nomination process is under threat from a rash of ex-parte orders, interlocutory injunctions, and court judgements. Across all the political parties, but particularly the ruling All
Progressives Congress (APC) and the main opposition Peoples Democratic Party (PDP), aggrieved aspirants have inundated the judiciary with all sorts of complaints. With the courts ever so willing
to entertain every political case and grant frivolous orders, judges seem to have become the greatest threat to the democratic process. On September 8, at a meeting he held with national chairmen of political parties in Abuja,
INEC chairman, Professor Mahmood Yakubu, warned the 91 political parties that the commission would not receive communication from Continued on page 8
In Borno, Boko Haram Crisis Mounts, Buhari in Shock, Assures a Weary Nation As death toll rises, many still missing in aftermath of Melete attack Analysts warn of Boko Haram, ISIS new strategy of attacking military bases Tobi Soniyi, Bayo Akinloye in Lagos , Shola Oyeyipo in Abuja and Michael Olugbode in Maiduguri There are fears that the recent spate of attacks on military barracks and formations in the North-east may be a precursor of much bigger assaults by a resurgent Boko Haram, THISDAY has learnt. The decimation of military formations in communities in the zone is been viewed as a clear pattern for an audacious takeover of the territories that these units were established to protect. The attack on Metele community in Borno State about one week ago, which led to the death of over 118 soldiers, caused
outrage and massive criticism of the federal government's handling of the war against the terror group. Islamic State West Africa (ISWA), which has claimed responsibility for the attack, had pledged allegiance to Abu Bakr Al-Baghdadi, the leader of ISIS in Syria. Members of ISWA had travelled to Syria to partake in the fight to oust President Assad of Syria. Having been defeated in Syria, most of the fighters came back to form ISWA and have been fighting alongside Boko Haram in the West African sub-region. Yesterday, there were further reports of sustained attacks by Boko Haram on troops sent to Metele to recover corpses of Continued on page 8
See THISDAY Weekly Guide to 2019… Pages 16-17
TRUCE IN THE HOUSE OF GOD... L R: Former President, Dr. Goodluck Jonathan,Vice President, Prof. Yemi Osinbajo and the Speaker, House of Representatives, Rt. Hon. Yakubu Dogara, at the dedication of Glory Dome, Dunamis International Gospel Centre in Abuja...yesterday