TheNewsGuru

Tag: Elumelu

  • Tony Elumelu Joins Jared Kushner, Lagarde, World Leaders to Launch US Government Growth Strategy for Palestine and Middle East

    Tony Elumelu Joins Jared Kushner, Lagarde, World Leaders to Launch US Government Growth Strategy for Palestine and Middle East

    Heads of States and other global leaders convened at the Peace to Prosperity Workshop in Bahrain, organised by the Presidency of the United States of America in partnership with the host government, the Kingdom of Bahrain, to launch the US growth strategy for Palestine and the Middle East; a first step in the long journey towards establishing an enduring future for the region; the West Bank, Gaza, and beyond.

    Providing the African perspective upon special invitation from the US Government, Tony Elumelu, Founder, the Tony Elumelu Foundation and Chairman, the United Bank for Africa, headlined the summit, speaking on the opening plenary alongside Christine Lagarde, Managing Director, International Monetary Fund (IMF); and HE Mohammed Al-Sheikh, Minister of State & Member of the Council of Ministers, Kingdom of Saudi Arabia, to share practical recommendations to unlock future economic prosperity for the Palestinian people, using what is done at the Tony Elumelu Foundation as a replicable model for the economic empowerment of young men and women from the West Bank and Gaza.

    Elumelu stressed the urgency and importance of supporting and empowering young Palestinians to ignite the entrepreneurial ecosystem and strengthen the Palestinian economy. For stable growth, he reiterated that young Palestinians must be empowered with jobs and economic opportunity to contribute meaningfully to their nation’s development.

    “I come from Africa; and the reality is that we do have a lot of similarities with the Palestinian people; especially in the area of demographic make up. With over 60% of its nearly 5 million strong population under 30, the young people of Palestine need Jobs Jobs and more Jobs! Without jobs, there will be no economic hope. Big corporations and government alone cannot supply the jobs demanded by Palestine’s demographic pressures. We need SMEs and startups to address joblessness in the region, create jobs and opportunities in local communities for millions of our Palestinian young brothers and sisters to become employed, meaningfully engaged, and full of economic hope, which in turn leads them away from extremism.”

    The renowned investor and philanthropist who is leading by example through the Tony Elumelu Foundation which has committed US$100m to empower young African entrepreneurs, called on endowed Middle Easterners and their philanthropies to step up and become more involved in empowering the young ones of Palestine. As he explained, “In the 21st century, we cannot keep relying on western donors to help empower our own people; we must step up and create a platform where they may partner with us for scale, just as we are doing at the Tony Elumelu Foundation.”

    The Tony Elumelu Foundation annually identities and empowers entrepreneurs across all of Africa’s 54 countries with non-refundable seed capital of $5000 each, mentoring and training, and in over five years, has supported 7,520 young Africans. To resolve joblessness in the region, Mr Elumelu offered his Foundation’s unique economic empowerment model to be replicated in Palestine. “Young Palestinian people need similar opportunities like the ones we currently give young African entrepreneurs through the Tony Elumelu Foundation. We acknowledge that given Africa’s huge numbers, we are touching only a top of the iceberg, but we have seen first-hand how this model transforms individual lives, families, communities and cities.”

    Agreeing with Elumelu on his call for an increased focus on SMEs and young people, Saudi Arabia’s Minister of State Mohammed al-Sheikh, stated: “The younger population and proper planning is essential to creating economic prosperity in the West Bank and in Gaza. If you look at the demographics in the region, it is a young population. As the Kingdom of Saudi Arabia looked to diversify its economy and carry out the structural changes to be less reliant on oil revenue, this required real commitment and hard work and buy in from everybody, with small-to-medium enterprises at the front and center of the Kingdom’s Vision 2030.”

    Elumelu also called on the government to play its own role in supporting and prioritising the young people of Palestine: “Governments must play their own role: ensuring good governance is in place, prioritising infrastructure and the fight against corruption, and creating an enabling and conducive environment so that when these young Palestinians get opportunities, they can succeed.”

    He continued: “As an investor, something that speaks volumes to me when I want to chose a country to invest in is this: is the private sector in that environment doing well? Do they have small and medium scale enterprises that are flourishing? This to me is the real signal of how successful my investment will be because what it is good for local investors is good for international investors. If economic conditions for local investors are not favorable, they can’t be for foreign investors. Government must ensure that local SMEs thrive to signal to global investment community that Palestine is open for business.”

    Joining Elumelu in advising on the role of the government in creating a conducive environment for the private sector, Christine Lagarde, MD, IMF added, “We have seen a pressing need for capacity development in the field of public finance management, central bank strength and domestic revenue mobilization. These are the background in which private sector can have a predictable environment within which they can operate.

    Advising development agencies on a more inclusive model for even greater impact, Elumelu stated: “Development agencies should also not sit in their offices abroad to design growth programmes and strategies for the Palestinian region, but must ensure that the people of Palestine are actively involved in pulling their people out of poverty. Development agencies must assist in a strategic manner, working with local partners who understand local nuances, so that the over $19 billion spent so far by the World bank and allied institutions on innovation and entrepreneurship is more impactful, transforms more lives and addresses the real issues on ground.”

    In conclusion, the founder of the Tony Elumelu Foundation commended the US Government for this timely initiative and intervention but counseled on the importance of longevity and sustainability. “For what we are gathered here to be sustainable, endure over time and lead to sustained prosperity, we must involve the Palestine people. Until we collectively agree that any economic plan we put in place for Palestine and the region must be anchored by and on the small and medium scale enterprises to be permanent and fundamentally address the issues, we will continue to rely on quick fixes. We must prioritise inclusive growth that brings all to the table – women and youth especially – which in turn will create more hope and beget more security and peace. To achieve this, there must be collaboration between the Palestinian people, friends of Palestine, neighbours of Palestine, and led by the wealthy and endowed elite in the Middle east, to work together to economically empower young Palestinians. It is not too difficult a task for us to touch significant numbers out of the 2-3 million youth in the region.”

    He continued, “The Tony Elumelu Foundation is ready to deploy our expertise in collaboration with the wealthy elite from the Middle East region, to create an affirmative plan, and send a strong message of hope for the Palestinian young people. If we prioritise them and create the right future for them, we will signal a new beginning in this part of the world. Only then will we achieve security and peace permanently because these young people will become inclusive stakeholders and the true champions of prosperity.”

  • Olamide pours encomium on Elumelu, Otedola in ‘Oil and gas’

    Olamide Adedeji, popular hip-hop star and YBNL boss has dropped the visuals for ‘Oil and Gas’, his recently released single.

    The video, which was released on Tuesday June 4th , is a fast paced groovy song tailored for the streets .

    In the song, Olamide pours encomiums on notable Nigerian business tycoons, Tony Elumelu and Femi Otedola

    “Tony Elumelu, wa bami jo s’ilu, Femi Otedola, e na mi ni dollar
    Asiwaju Jagaban, Ghana must go bag, oba elegushj, e na mi n kukushi”, he croons in the song.

    The visuals for ‘Oil and Gas’ is also coming a few weeks after he released ‘Spirit,’ produced by Pheelz, and his 2019 banger ‘Woske,’ produced by Killertunes.

     

  • Elumelu tasks government on favourable tax policies

    Elumelu tasks government on favourable tax policies

    …says The Average Business Owner in Nigeria is a local government authority

    Chairman, Heirs Holdings and Founder, Tony Elumelu Foundation, Tony O. Elumelu has called for far reaching Tax reforms and for the National Assembly to urgently pass the Executive Tax bill into law.

    Elumelu made this statement as he delivered the keynote address at the 21st Annual Tax Conference of the Chartered Institute of Taxation of Nigeria (CITN), titled, “National Development: Unlocking the Potentials of Taxation”.

    Speaking on the challenges that stifle small businesses, Elumelu quoted a young entrepreneur beneficiary of the Tony Elumelu Foundation, “The average business owner in Nigeria is a local government authority on his own because he caters for his own electricity with generators, he builds his own borehole, handles his own waste disposal, and the government can make his life easier by creating favourable tax policies that support SMEs.”

    Elumelu also lamented the plight of SMEs at the mercy of the tax system revealing, “The average number of taxes businesses pay in Nigeria is 48, compared to 33 in other Sub-Saharan countries. In Hong Kong, it’s just 3. Multiple taxation remains a significant burden for SMEs and corporates operating in the country.” Elumelu continued: “With a population of close to 200 million people in Nigeria, we have only 75,000 registered SMEs in the country. No one needs to tell us that people are avoiding tax or refusing to be a part of the system,” he said.

    With high cost of compliance, complex and costly business registration processes, many SMEs are choosing to remain informal, which in turn results in a low tax base and low tax contribution to GDP. “Nigeria’s tax to GDP ratio is only circa 6%, compared to far smaller populations like Rwanda at 16%. Imagine the economic transformation we can achieve as a country if we can move our Tax to GDP ratio by 10%. We will raise an additional $40billion in government revenue – identical to the sum of our foreign reserves,” Elumelu explained.

    But it won’t be easy. Elumelu advised government to educate, inform and raise tax awareness, “Government should drive mass mobilisation of citizens – let citizens know why they need to pay taxes and give them the assurance that their tax will be properly utilised.” In addition he stated that, “government should employ the use of smart tax incentives to attract and incentivise local and foreign investors.”

    Elumelu also tasked the country’s ambassadors and embassies with a two year timeline to increase the number of double tax treaties between host countries and Nigeria. “Nigeria has 14 taxation treaties while a country like South Africa has 79 double taxation treaties, and we are the largest economy in Africa. Our embassies should adopt a target in the next two years to sign Tax treaties with our top 100 trading partners in the world.”

    Speaking as the leading proponent of entrepreneurship in Africa and an advocate for entrepreneurs, Elumelu charged government to put in place tax systems to encourage SMEs-— the engine for job creation in the economy.

    “Until there is a reduction in what SMEs pay as tax, elimination of multiple taxation, abolition of minimum income tax and excess dividend tax, it will be difficult for us to expand the tax base. It will be difficult for us to attract investors into this country, and it will be difficult for us to retain the ones already in the country. It will be difficult for us to mobilise our SMEs to help create employment that we need so much in this country. It will be difficult for us to have the citizens hold leaders accountable.”

    In conclusion, he reminded the National Assembly members of their mandate in office, “We must encourage government to pass the Executive Bill immediately. Let’s get the National Assembly to fulfil their obligation to society and pass the bill immediately, so we can start making progress”.

    Speaking in response to the presentation, Former President of the Chartered Institute of Taxation in Nigeria, Chief Mark Anthony Dike emphasized the urgency for the Executive Tax bill to be passed into law.

    He said: “Every year during the military regime, there was a Finance Miscellaneous Provision Decree aimed at looking at what has happened and review the areas that need to be amended. As they say, the taste of the pudding is in the eating. We may conceptualise, but in order to know the efficacy of a theory, we have to test it. Until the provision of the Executive order is tested, we cannot know how efficacious it will be.”

    Also present at the event were Dr. Ikemefuna Nwobodo, President, Chartered Institute of Taxation in Nigeria, Permanent Secretary, Ministry of Finance, Dr. Mahmud Isa-Dutse, Babatunde Fowler, Executive Chairman, Federal Internal Revenue Service, Ayo Subair, Chairman, Lagos Internal Revenue Services, Members of the council of CITN and the Auditor General of the Federation, Mr. Anthony Ayine.

  • Tony Elumelu, Wizkid hang out in a photo

    Nigerian singer and songwriter, Ayodeji Balogun a.k.a Wizkid was spotted in a photo hanging out with Tony Elumelu, the Founder of Tony Elumelu Foundation.

    Wizkid was ranked 5th on Forbes and Channel O’s 2013 list of the Top 10 Richest/Bankable African Artists.

    In February 2014, Wizkid became the first ever Nigerian musician to have over 1 million followers on Twitter.

    He became the first Afrobeats artist to appear in the 2018 Guinness World Records for his contribution to Drake’s hit song “One Dance”.

    Also, Elumelu is a Nigerian economist, entrepreneur and a philanthropist and Chairman of Heirs Holdings.

    The duo were spotted in a photo hanging out together and it has been the most talked about photo on social media.

    In the photo, the two were seen hanging out together and all relaxed probably sharing a joke as they look at their phones.

    Wizkid took to his Instagram page @wizkidayo where he posted the photo and captioned it with a message which sounded like good news.

    “UBA X Starboy 2019!! Thank u @tonyoelumelu! #AfricasGlobalBank! ??#DoneDeal!” he wrote.

    It was not clear what this means for Wizkid’s future and that of UBA, but it looks like your favourite celebrity might have signed a deal.

  • Develop Policies to Attract Private Sector Investments – Elumelu tells African Presidents

    Chairman, Heirs Holdings and Founder, Tony Elumelu Foundation; Tony O. Elumelu, CON has called on African Heads of State to develop policies to attract Private Sector Investment.

    He made this call while speaking to private sector captains, global investment leaders and key players in Africa’s development sector at a plenary discussion at the Africa Investment Forum titled: Championing Investments in Africa – Conversations with the private sector.

    The event organised by the African Development Bank featured robust and interactive conversations on the investment landscape of Africa with a view to articulate fresh strategies that strengthen the economic framework of the continent, as well as map out a bold blue print to attract and retain private global capital.

    At the plenary session with Mr Tony O. Elumelu were H.E, Edouard Ngirente – Prime Minister of Rwanda, Philemon Yang – Prime Minister of Cameroon, President Sahle-Work Zewde of Ethiopia and President Macky Sall of Senegal.

    This critical conversation comes on the heels of the recently held Tony Elumelu Foundation Entrepreneurship Forum – the largest gathering of African entrepreneurs in which Mr Elumelu, in an interactive session with H.E President Nana Akufo-Addo of Ghana and President Uhuru Kenyatta of Kenya shared his broad business insight and tackled the peculiar challenges young Africans face in doing business on the continent.

    Speaking on the importance of creating an enabling environment to attract foreign investments, Mr Elumelu said “Beyond signing deals, we need to make sure our deals work. Our leaders need to go back and reform our policies and economic framework.” He further spoke on the need to attract the global investment community by leaving a visible trail of businesses successes.

    Addressing the guests on the critical role the Forum plays in shaping a new African narrative, President of the African Develop Bank, Akinwunmi Adesina said “no country has developed by aid, but countries develop by the discipline of their investments.”

    The Africa Investment Forum is indicative of the culminating efforts and clearer vision of both private and public sector leaders across the continent – depicted through stronger bilateral relationships and a bolder resolve to tackle development impediments

  • Buhari congratulates Elumelu on 55th birthday

    President Muhammadu Buhari felicitates with the Chairman of Heirs Holdings, Tony Elumelu, on his 55th birthday, March 22, 2018.

    President Buhari joins the United Bank of Africa, the Tony Elumelu Foundation, the Elumelu family and all professional colleagues of the economist, consummate banker and successful entrepreneur, whose pacesetting antecedents continue to inspire both the young and old on the power of ideas, big dreams and hard work .

    The president commends Mr. Elumelu’s diligence, versatility and selflessness in championing the economic philosophy of “Africapitalism’’, which calls to action the need to grow businesses that cater for African interests, support governments and bottom-up development within the continent, by discouraging long term dependence on donor countries and philanthropic organisations.

    As Mr. Elumelu turns 55 years, President Buhari believes the entrepreneur’s greatest investment has been in the development of people and communities, clearly evident in the Tony Elumelu Foundation which started with scholarships and fellowships, and now trains a new generation of business leaders across the continent.

    Mr. Buhari prays that the almighty God will grant Mr. Elumelu longer life, more ideas and renewed vigour to pursue his dream of making life better for others.

  • Africa promises good investment opportunity – Elumelu

    The Group Chairman, United Bank for Africa (UBA) and one of Africa’s top businessman, Mr. Tony Elumelu, has stressed the need to change the African narrative while concentrating on the myriad of opportunities inherent in the continent, stating that its economic transformation and stimulation should be the focus of all governments and global institutions. This, he says, is paramount if the continent is to take its rightful position as a strong regional player in the international community, owing to its numerous investment opportunities.

    Elumelu, who is the Founder of the Tony Elumelu Foundation, said the time had come for governments on the continent to put things in place to ensure that the continent which has great potential, lives up to it; adding that already, there are signals of the greatness all around.

    Speaking during Richard Quest’s programme on CNN aired on the sideline of the ongoing World Economic Forum in Davos, Switzerland on Thursday, he said; “the time has come for us to prioritise our young ones, who are the future of this great continent. These are the men and women who are energetic in Africa and who can perform wonders if the enabling environment is there.

    “We need to get it right with infrastructure in Africa and with the macro-economic policies and environment. And the good thing is that things are gradually falling in place. I think Africa promises good investment opportunities, the problem has always been creating the right environment for it, and this should be our major focus.” Elumelu stressed.

    He added that in Zimbabwe, for instance, there have been recent concerted efforts by the government and the people to change the narrative, adding that “I am optimistic about what is happening in Africa right now, because our leaders are getting it right and in fact what has happened in Zimbabwe is also an indicator of great things to come. The fact that they on their own decided to sort things out the way they did, is a new kind of democracy that the world needs to learn from. “There is so much private global capital looking for the right destination, they can go to Zimbabwe as in other African nations, once the right environment is put in place.”

    While pointing out that the blame game which previously obtained in the continent should be done away with, Elumelu called for increasing support from the private sector as well as key stakeholders to make Africa and African self-sufficient.

    Throwing more light on this, he said; “We can’t keep talking about missed opportunities. What I keep saying to people is to put an end to the blame game. Let’s begin to fix what needs fixing and get things right. Our government should get it right, the private sector should come forward and we need to support the young African entrepreneurs; create economic hope and opportunities for them. “We need to think of how to engage Africa in the 21st century because it is no longer about giving grants and aid to Africa, it is more about engaging them in a way that creates self-sufficiency; independence; and reduces the perpetual syndrome of dependence.

    Continuing, he said “There is promise; it is getting better because the way this year has started in Nigeria for instance, we have seen market indicators showing good promise, so we are optimistic that it will be better year. The Key is to prioritise things that are important to us to help the continent to grow.”

  • Human trafficking is evil, it strips our youth of dignity, denies them opportunity – Elumelu

    In recognition of the growing concerns around human trafficking in Africa, The Tony Elumelu Foundation (TEF), an African founded and funded 21st century philanthropic organization committed to youth empowerment and entrepreneurship development, hosted the Director General of Nigeria’s National Agency for the Prohibition of Trafficking in Persons (NAPTIP), Julie Okah-Donli.

    According to Okah-Donli, UNESCO ranks human trafficking as the third most lucrative criminal enterprise in Nigeria. Thus, agencies like NAPTIP need good laws, sustained funding and equally important, critical support from local and global stakeholders to execute the urgent war against human trafficking. “We can no longer wait for government alone to fight this war. Many victims are on standby, anxious to be fully reintegrated into society. At the agency, we are desperate for assistance to empower and rehabilitate these millions of victims in need. Thus, we are identifying and approaching organizations like the Tony Elumelu Foundation (TEF) for support.”

    She continued: “We need to refurbish and rehabilitate our existing shelters, facilitate periodic provision of food, clothing and medical consumables and shelter for victims. We also need assistance in the development of standard skills’ acquisition centres in strategic locations for the training of vulnerable persons, as well as rescued victims.”

    In response, Mr. Tony Elumelu CON, Founder, Tony Elumelu Foundation, commended Okah-Donli for her accomplishments at the agency, including the conviction of over 325 persons, and successful rehabilitation of more than 12,000 victims. He also added that she was a former staff of leading pan-African bank, United Bank for Africa (UBA). “She is an alumna of the United Bank for America (UBA), Africa’s global bank, thus we are not surprised at what she has become. We predicted that she will attain such great heights because of the passion she has always had for human trafficking,” he said

    On behalf of the Foundation, he pledged commitment to the war against human trafficking. “We support what you are doing and we stand behind you. The Tony Elumelu Foundation believes in the empowerment of our youths and as we all know, they cannot be empowered if they are not free.” “We stand with you in eradicating human trafficking in Nigeria and will engage extensively with you as you work to restore dignity to mankind, protect the dignity of our youth and ensure no one can take undue advantage of them.”

    He also made an appeal to the government to increase budgetary funding to the cash-strapped agency. “I call on the Federal Government to make more resources available to support you. As private companies, we pay taxes to the Federal Government and we want to see a more judicious use of the taxes paid.”

    Elumelu also urged other private sector players to join the agency to fight human trafficking, assuring them of the credibility and competency of NAPTIP and its DG whom he could vouch for. “If she succeeds, we will all succeed. Let us come together to make sure our youth, our future leaders, are not trafficked.”

  • Ngige applauds Elumelu’s commitment to job creation, poverty alleviation

    The Minister of Labour and Employment has lauded the relentless efforts of the chairman, Transnational Corporation of Nigeria Plc, Tony Elumelu towards job creation as a strategy for poverty alleviation in Nigeria and Africa by extension.

    Ngige made the disclosure at the 30th Anniversary celebration of Transcorp Hilton in Abuja.

    In his words: “ I am here because Tony Elumelu creates jobs. I take interest in those who create jobs and Tony is one of them,” the minister stated. The minister went on to share that the Labour statistics on Transnational Corporation of Nigeria show that 1500 to 2000 people are employed at the Transcorp Hilton alone.

    Elumelu’s commitment to poverty alleviation is perfectly expressed in a theory he continues to champion called Africapitalism. It is the belief that Africa’s private sector can, and must play a leading role in the continent’s development. The future we all want for ourselves will be the one of our own making.

    Africapitalism can be seen in action through the entities under Tony Elumelu’s Heirs Holdings Group, including the Transnational Corporation of Nigeria Plc. which currently has over 3,000 Nigerian’s in its employ, United Bank for Africa with over 14,000 Nigerian staff and the Tony Elumelu Foundation that has so far empowered 3000 Africans through its flagship Entrepreneurship Program.

    The Honourable Minister of Labour & Employment, Chris Ngige in his speech, also said “Social intervention is about attending to those who are vulnerable, those who can’t afford to eat three, two or even one square meal a day. Social intervention is what Tony Elumelu does.”

    The chairman Transnational Corporation of Nigeria Plc. also stated that improving lives and transforming Africa was the motivating factor when Heirs Holdings acquired its controlling stake in Transcorp Plc. Job creation is one of many ways Elumelu continues to push this agenda. The Conglomerate’s subsidiary, Transcorp Power Limited stands today as the country’s largest power generator in line with its commitment to power Nigeria’s industries, hospitals, schools and create a truly enabling environment for Nigeria’s entrepreneurs to thrive.

    The minister of Labour & Employment also praised Tony Elumelu’s continued investment in power generation through Transcorp Power Limited, as well as the steps he took at UBA to retain employees through the recession when other companies chose to retrench. At a time when other institutions were laying off, UBA promoted 3000 staff in one day.

    The minister closed by recognising the fact that Elumelu has done a lot to create jobs but more should be done, to which Tony Elumelu replied “Help us create the right enabling environment and we will.”

     

     

  • Osinbajo, Elumelu, others to attend 2017 National Insurance Conference

    Osinbajo, Elumelu, others to attend 2017 National Insurance Conference

     

    The Chairman, Planning Committee, 2017 National Insurance Conference (NIC), Mr Shola Tinubu, on Tuesday said Acting President, Prof. Yemi Osinbajo would declare open the three-day conference to begin on July 9.

    Tinubu, who made this known at a press briefing in Lagos, said that the conference would hold at the Transcorp Hotel, Abuja.

    He said the conference was aimed at removing all inhibitions against growing insurance business in Nigeria.

    “It is insurance practitioners and stakeholders’ pleasure to applaud the Federal Government for the all policy directions, especially against the backdrop of the nation’s recessive economy.

    “There was the dire need for a reversal of the economic trend, and the Federal Government through the promotion and exportation of local products and policies, is gradually leading the economy out of recession.

    “Also, worthy of commendation is the three years Economic Recovery Growth Plan (ERGP) from 2017-2020,’’ he said.

    Tinubu said the 2017 conference with the theme: “Nigeria Open for Business’’, was apt in view of the Federal Government’s Ease of Doing Business Initiatives (EDBI).

    He noted that the EDBI was spearheaded by the Presidential Enabling Business Environment Council (PEBEC).

    Tinubu said that this year’s conference would be the third since the conception of the Insurance Industry Consultative Council (IICC) in 2015.

    He said the Minister of Finance, Mrs Kevin Adeosun, would be the Chairman of the technical session of the conference while the Commissioner for Insurance, Alhaji Mohammed Kari, would be the chief host.

    ” Mr Tony Elumelu, Chairman of Tony Elumelu Foundation, will be discussing the theme paper with the aim of making delegates to draw from the speaker’s enormous exposure and experience in the nation’s financial services sector.

    “Discussants include Dr Joseph Nanna, Deputy Governor of the Central Bank of Nigeria; and Alhaji Kyari Bukar, Executive Secretary of Nigeria Economic Summit Group, among others,’’ he said.

    TheNewsGuru.com reports that IICC is the amalgamation of all the constituent arms of the insurance industry.

    It includes the Nigerian Insurers Association (NIA), Nigerian Council of Registered Insurance Brokers (NCRIB) and Institute of Loss Adjusters of Nigeria (ILAN), while the Chartered Insurance Institute of Nigeria serves as the coordinating arm.