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EFCC Sets up Public Complaints Unit

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4 hours ago

October 16, 2024

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The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede has directed the establishment of a Public Complaints Desk at all the Zonal Directorates of the Commission and the Corporate Headquarters.

The Desk, designed to be manned by specially trained officers, will receive complaints from members of the public on all aspects of the Commission’s activities. It is also planned to bridge the interface gap between the EFCC and the larger public to enhance quick resolution of complaints by the public.

The EFCC’s boss urged members of the public with any complaint about the Commission’s operational activities to take advantage of this initiative to ventilate their grievances, assuring that all issues would be addressed.

Information on the telephone number of the Public Complaints Desk can be accessed on the Commission’s website and social media platforms.

Visit www.efcc.gov.ng for more stories

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We Can’t Afford To Eat Eggs As Crate Is Now N10,000; Tinubu Should Call A Meeting – Benue Ex-Governor Suswam

Published

1 day ago

October 15, 2024

Ekwutos Blog

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The Senator while speaking on Channels TV programme, stated that a crate of egg that was less than N1000 is now N10,000.

A former Governor of Benue State, and serving senator, Gabriel Suswam, has lamented that he cannot afford to eat eggs in his house, amid the current hardship in the country.

The Senator while speaking on Channels TV programme, stated that a crate of egg that was less N1000 is now N10,000

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Gunmen kíll newly appointed dpo and team members in delta.

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2 days ago

October 15, 2024

Ekwutos Blog

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A Divisional Police Officer (DPO) and several officers have been kílled in an early morning ambush in Delta State, while another DPO is in a crítical condition after a kídnap rescue mission went awry.

The tragic incident, which occurred near Agbarho Rail Station, was revealed by Delta Human Rights Activist, Comrade Israel Joe, in a Facebook post on Monday morning.

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GIC Re maintains strong capitalisation in FY 2024

Published

2 days ago

October 15, 2024

Ekwutos Blog

GIC Re maintains strong capitalisation in FY 2024

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In FY 2024, the company reported a consolidated ROE of 9.5%.

General Insurance Corporation of India has seen an improvement in its balance sheet fundamentals, which AM Best assessed as very strong.

The company’s risk-adjusted capitalisation, measured by Best’s Capital Adequacy Ratio (BCAR), has shown a positive trend over the past four years and remained at the strongest level for the fiscal year 2024 (FY 2024).

This is attributed to a significant rise in shareholders’ equity, driven by gains in investment fair value and increased retained earnings. AM Best expects GIC Re to maintain this strong capitalisation over the medium term.

However, the company’s high exposure to domestic equity investments remains a balancing risk.

GIC Re’s operating performance is rated as adequate, supported by a five-year average return on equity (ROE) of 6.5% from FY 2020 to 2024.

In FY 2024, the company reported a consolidated ROE of 9.5%, despite unprofitable underwriting performance and a high combined ratio.

Investment income, particularly from realised gains on equity investments, continues to play a major role in GIC Re’s overall earnings, offsetting the absence of technical profits.

AM Best considers GIC Re’s business profile to be favourable. The company is the 10th largest reinsurer globally, based on AM Best’s most recent ranking of the top 50 global reinsurers.

Domestically, GIC Re holds a dominant market share, averaging 60% to 70% in recent years, benefiting from mandatory reinsurance cessions and a right of first refusal on domestic placements. GIC Re’s underwriting portfolio is diversified by business lines and geography.