Former President Olusegun Obasanjo’s Coalition for Nigeria Movement (CNM) has adopted African Democratic Congress (ADC) as the political platform to be deployed to unseat President Muhammadu Buhari in the 2019 general elections. Obasanjo on January 23, this year, had launched CNM with a scathing criticism of the current administration’s performance. According to THE GUARDIAN, NIGERIAN TRIBUNE, DAILY INDEPENDENT, DAILY SUN and VANGUARD, at a press conference in Abeokuta, Ogun State, yesterday, he said: “The leadership of the movement, after detailed consultations, bearing in mind the orientation, policies and direction of the movement, agreed to adopt ADC.”He said: “In line with my clear position, which I have often repeated, the first phase of my job is done. I will not be a member of the party but pledge to keep alive and active on Nigerian and African issues and interests, and offer advice to any individual for the unity and development of the country.
“The grassroots involvement, which CNM has advocated, must be maintained consistently. Inclusiveness must take care of over 25 million Nigerians living with disabilities, so that they make meaningful contributions to societal discourse and development.” On polls, he noted: “Primary elections should cease to be by delegates but by all card-carrying and financial members of the party within their constituencies.” He also advised the Senate to rid itself of corruption and make legislations relevant to the country’s economic and social reality. “It must make laws to amend the constitution to have one electoral body for all elections in the country,” he said.
NEW TELEGRAPH and THE PUNCH takes a different toll on the new party ADC revealing the words of the former president Olusegun Obasanjo who has claimed Nigerians poorer, divided under Buhari, APC. He accused the APC of gloating and reveling in unrepentant misgovernance and taking Nigerians for fools while also upbraiding the PDP for merely offering apology without disciplining those who set the country on a course of ruin. Flanked by former acting Chief of Staff to late President Umar Yar’Adua, Dr. Gbolade Osinowo, and former Secretary to the Oyo State Government, Chief Olayiwola Olakojo, the former president said ADC remained the platform to move Nigeria “up and forward.”
Moving to the agric sector, THE NATION reveals Governors seek more cash for agric to boost economy. According to the news reports by Nation, Nigeria pins its hope of diverting its economy on agriculture, but the sector remains underfunded — so goes the popular thinking. The country has not been pumping sufficient cash into agriculture, Kebbi State Governor Atiku Bagudu said. He spoke at The Nation’s First Summit on Food and Agriculture, which was organised in Abuja by Vintage Press Ltd. Also at the Summit, Prof. Adebiyi Daramola advocated ranching as the panacea to incessant herdsmen/farmers’ clashes. The former Federal University of Technology Akure(FUTA) Vice Chancellor noted that ranching is more profitable and leads to the production of healthier livestock. Bagudu said of the over N4 trillion debts the Asset Management Company of Nigeria (AMCON) took over from the banks, only less than a billion was owed by the agriculture sector.
Borno State Governor Kashim Shettima and his Plateau State counterpart Simon Lalong also spoke at the summit. Bagudu said:”We have not been putting money into agriculture. Let’s start from there. When AMCON was created in 2010, it took over from the banking system about N4 trillion worth of bad loans but less than a billion naira related to agriculture out of it.” He noted that from three months ago, the Anchor Borrower Lending for the agricultural sector lent about N54billion for the development of the industry which is less than $200million .
Finally On BUSINESS DAY, Leadway, AIICO,NEW,CRe, AXAM, FBNIns, CHI well capitalized for big tickets risks. Insurance industry regulator, the National Insurance Commission (NAICOM) has confirmed that leading insurance companies in Nigeria including Leadway Assurance Company Limited, AIICO Insurance Plc; NEM Insurance Plc; Continental Reinsurance Plc, AXA Mansard Insurance Plc; FBNInsurance and Consolidated Hallmark Insurance Plc have strong solvency margins well above the regulatory benchmark of 100 percent.
Section 24(2) of the Insurance Act 2003 stipulates that the solvency margin of an Insurer shall not be “less than 15 per cent of the gross premium income less reinsurance premiums paid out during the year under review or the minimum paid up capital whichever is greater”.
In other words, the solvency margin assessments are based on admissible assets only, as inadmissible assets are normally excluded in line with section 24 (1-4) and (13) of the insurance Act 2003.