Wapic offers auto insurance policy holders refund on premiums during Covid-19
Wapic Insurance plc, one of Nigeria’s leading underwriters, on Wednesday became the first Nigerian motor insurer to offer customers refunds on their insurance premiums.
It is the company’s way of showing empathy with its customers at a time most drivers are stuck at home and unable to use their motor vehicles due to the coronavirus lockdown.
“We know that our customers are experiencing unprecedented circumstances and many are struggling to cope,” Aigboje Aig-Imoukhuede, Wapic’s outgoing chairman, said in a statement last night.
COVID-19 collaborative fight shows Nigeria needs more private investment
If there is a striking positive thing that has emerged from Nigeria’s fight against the coronavirus pandemic, it is the fact that Africa’s biggest economy can achieve more when there is a collaborative effort between the private and the public sector, with the latter creating an enabling environment for the former to operate.
This was the view of various stakeholders in the country’s health-care sector who spoke at a webinar session put together by BusinessDay, West Africa’s leading business paper, in collaboration with MTN, Nigeria’s biggest non-oil foreign direct investment, on Wednesday.
Standard Chartered offers clients 3 months holiday on loan payment
Standard Chartered has announced the provision of a three-month holiday for personal loans, including business mortgages, to help its Nigerian customers to better manage the financial impact of the coronavirus pandemic, it said Wednesday.
The bank also said under the new reliefs, customers can request for payment holiday for up to three months for credit card payments.
In a statement titled “Standing with You” which was sent to customers on Wednesday, Lamin Manjang, Standard Chartered Nigeria CEO, said the bank was acting in line “with the expectation of the CBN that banks should consider providing reliefs to their clients and based on our commitment to be socially responsible and client-focused at all times”.
FG threatens to cancel licence of pharmacists, chemists treating COVID-19 patients
The Federal government has threatened to cancel the licenses of pharmacists and medicine patent stores embarking on the treatment of persons with covid-19.
Osagie Ehanire, health minister handed the warning during the Presidential Task Force (PTF) daily briefing in Abuja, warned: “Patent and preventive medicines vendors, pharmacists and chemists are henceforth prohibited from attempting to treat persons diagnosed with or suspected to be COVID 19 patients, otherwise their licenses may be cancelled.”
Manufacturing sector risks recession without stimulus
The outbreak of the coronavirus has significantly impacted manufacturing activities within the country and only a huge stimulus package can prevent the fragile sector from its worst year since oil price crash of mid-2014.
The spread of the virus, which has caused several commercial states across the country to be placed under lockdown in order to curtail it, is expected to add to the woes of manufacturers as demand continues to wane.
The lockdown has also disrupted the supply chain as key distributors in the value chain have opted to stay away from business due to increasing health risk associated with production.
