22 — Vanguard, WEDNESDAY, JANUARY 22, 2014
BRIEF Company responsible for W.Va. chemical leak files for bankruptcy
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reedom Industries, responsible for the chemical leak that left portions of West Virginia without water for days, filed for Chapter 11 bankruptcy Friday. The filing indicated the company ’s assets and liabilities as “unknown,” the Charleston Gazette reported. Chemstream Holdings Inc. of Stoystown, Pa., was listed as the owner. The documents indicated Freedom owes $3.66 million to its top 20 unsecured creditors, led by $648,221 owed to Atlantabased FloMin Coal Inc. An estimated 7,500 gallons of the chemical 4methylcylohexane methane, used in the coalcleaning process, leaked from a storage tank at Freedom Industries and into the Elk River in Charleston Jan. 9. More than 300,000 residents in nine West Virginia counties were advised not to use their tap water because of concerns about possible contamination. On Monday, the West Virginia American Water customers began flushing home plumbing systems on a zone-by-zone basis so they could begin using their tap water. Eastman Chemical, maker of the chemical that spilled into the Elk, is owed $127,474, the bankruptcy documents indicated. Chapter 11 bankruptcy protection allows a company to reorganize and maintain operations. Freedom Industries owes more than $2.4 million in unpaid taxes to the Internal Revenue Service, which filed at least three liens against Freedom, demanding payment, the Gazette said. The West Virginia Bureau of Employment Programs placed at least two liens on Freedom’s property for roughly $4,000 in unpaid u n e m p l o y m e n t compensation insurance. Eastman, Freedom Industries and West Virginia American Water were named in a federal lawsuit filed this week. Freedom also was named in about 25 lawsuits filed in Kanawha County Circuit Court.
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From left: President of the Nigerian Council of Registered Insurance Brokers, NCRIB, Mr Ayodapo Shoderu; the Iyaloja General of Nigeria, Mrs Folashade Tinubu-Ojo; Deputy President of NCRIB, Mr Kayode Okunoren and Mrs Ekeoma Ezeibe, a Boad Member of the NCRIB, during the visit of NCRIB President to the Iyaloja in Lagos
NCRIB extends olive branch to aggrieved brokers Stories by ROSEMARY ONUOHA
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resident of the Nigerian Council of Registered Insurance Brokers, NCRIB, Mr. Ayodapo Shoderu has expressed dissatisfaction on the current division masterminded by some aggrieved brokers in the
insurance industry. Shoderu said they will make effort to bring the aggrieved brokers under one umbrella body which is the NCRIB. Shoderu who made this known while addressing media men in Lagos recently, therefore, called on the brokers who broke-away from the body to embrace dialogue
in order to move the broking fraternity forward. Shoderu said that NCRIB is poised to listen to the aggrieved brokers in order to address their misgivings and resolve all issues amicably. He added that the council has reached out to some key members of the faction, but they are yet to embrace the invitation extended to them.
He said NCRIB will not hinder individuals from associating as they have the fundamental right to associate, adding that NCRIB remains the only body empowered by law to register brokers in the country. Shoderu said, “I appreciated the National Insurance Commission, NAICOM, for ensuring sanity in the broking sub sector through the harmonization of provisions of the law regarding NCRIB registration and NAICOM licensing. “This collaboration should continue for the benefit of the insured and the overall growth of the industry. The day is gone when unscrupulous brokers hide under either of the two bodies and by so doing mislead the insuring public. “On the part of my team, I pledged to do all within our powers to ensure maximum cooperation with NAICOM and to ensure that no charlatan breaks the ranks of insurance broking anymore.” It will be recalled that the splinter group broke away because they felt their interest is not protected by the leadership of NCRIB, which they considered to be too loyal to NAICOM. To actualise their desire, they have gone to the Corporate Affairs Commission (CAC) to incorporate a body known as Association of Professionals and Practicing Brokers of Nigeria, which they hope would help defend the rights of brokers in the country.
Insurance operat or egise ffor or 20 14 operator orss strat strategise 201
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nsurance industry operators have said that they would embark on two major strategies that would help them drive their present quest for bumper patronage and harvest of premium in the 2014 business year. The two major strategies, according to these operators, are education of the public and awareness creation to sensitize Nigerians on the relevance of insurance to their daily living. Both the President of the Chartered Insurance Institute of Nigeria, CIIN, Mr. Fatai Lawal and the President of the Nigerian Council of Registered Insurance Brokers, NCRIB, Mr. Ayodapo Shoderu said their primary focus during the year would be on mass education and awareness creation on insurance. While Lawal said he is targeting the youths through dissemination of information on insurance in schools, Shoderu said he is targeting
market women, artisans and rural dwellers through their traditional rulers. All these efforts, according to the presidents of both bodies, are geared towards
spreading knowledge of insurance among the people which will in turn shape their thoughts about insurance. However, Commissioner for Insurance, Mr. Fola Daniel,
has said that the best thing the operators would do to sustain the interest of the public is to pay claims with little or no delay to prove to the people that insurance is real.
Okla. insurance agent arrested for exploitation of the elderly I
nvestigation by the Oklahoma Insurance Department’s Anti-Fraud Unit has led to the arrest of Tulsa insurance agent Presley Keith Dennis. He is accused of defrauding a Muskogee couple out of nearly $300,000. “A crime like this is inexcusable,” said Oklahoma Insurance Commissioner John D. Doak. “As the victims’ longtime friend and agent, they trusted Mr. Dennis. But he violated their trust and wiped out their life savings. I commend the Anti-Fraud Unit, the Muskogee Police Department and the Muskogee County District Attorney’s office for their hard work on this case.” The victims, an 80-year-old man and his
68-year-old wife, told investigators that Dennis convinced them to withdraw $300,000 from their annuities and invest it in his company, Dennis Investments, an unlicensed investment firm. They also said Dennis persuaded them to create a joint checking account with him so he could access the money to make investments. Instead of investing the money, Dennis allegedly spent it on past due child support, country club memberships and restaurants. Dennis is charged with one count of exploitation of the elderly. He surrendered to Muskogee County authorities Tuesday. His insurance license is currently expired.