In a reflective interview with the state-owned Nigerian Television Authority (NTA), former Nigerian President Muhammadu Buhari delved into his presidency, challenges faced, and decisions made during his eight-year tenure.

This marks his first interview since stepping down from office roughly six months ago. The interview provided a rare glimpse into Buhari’s perspective on his presidency, the challenges faced, and the decisions made during his tenure, offering insight into his motivations and reflections post-leadership.

Buhari, while maintaining that he did his best during his two terms in office, expressed uncertainty about whether the expected results were achieved.

“God gave me the opportunity to serve my country, but I did my best. But whether my best was good enough, I leave for people to judge,” he stressed.

Speaking about the controversial naira redesign policy endorsed in the twilight of his administration, he asserted that it was to safeguard his integrity and demonstrate to Nigerians that success doesn’t come through shortcuts.

Addressing the complexities of governing Nigeria, Buhari characterized Nigerians as a challenging population, noting that while they often know the right actions, they frequently refuse to follow through, believing they know better than their leaders.

“Nigerians are extremely difficult. People know their rights. They think they should be there, not you. So, they monitor virtually your every step. And you have to struggle day and night to ensure that you are competent enough,“ he added.

When pressed about the integrity of individuals surrounding him during his tenure, the former president dismissed concerns, attributing it to being “their problem” and questioning the critics’ own actions in fighting corruption at their levels.

Responding to inquiries about a perceived cabal influencing his government, Buhari conceded the possibility but emphasized that he wasn’t aware of anyone breaking rules without consequences.

Regarding his leadership style, Buhari defended his approach, stating that he allowed individuals to carry out their assigned tasks, indicating that he wouldn’t change his methods if given another chance under Nigeria’s current system.

Throughout the interview, Buhari occasionally veered off-topic but reiterated his efforts to maintain accountability during his administration.

He disclosed being persistently ‘harassed’ by visitors to his residence daily, implying that he would have left Nigeria if not for the border closure with a neighboring country. However, he expressed contentment with the freedom to wake up at his leisure, emphasizing that he doesn’t miss anything after leaving office.

Reflecting on his tenure’s achievements, Buhari admitted uncertainty about meeting all his goals but highlighted progress in combatting Boko Haram in Borno state and the northeast, claiming significant degradation of the terrorist group during his tenure.

Regarding foreign matters, the former president acknowledged being primarily occupied with local issues, citing national security as his greatest challenge.

Buhari distanced himself from acquiring excessive wealth during his presidency, attributing his peaceful post-office life to this conscious decision. He claimed that attempts to lure him into compromising situations were avoided to prevent exploitation of the country and maintain his integrity.

In a poignant moment, Buhari reflected on past electoral losses, expressing gratitude for the introduction of technology in the 2015 elections, which aided his victory. He recalled the hardships faced due to lack of financial influence but emphasized his faith in divine intervention.

“Instead of people expressing sympathy, people laughed at me because I didn’t have money, because I couldn’t buy influence in any form, either from influential people or others. And I said ‘God dey’. And he sent the Permanent Voter Card (PVC). Meaning you now have only one vote,“ he stated.

Addressing the naira policy’s criticism, Buhari said Nigeria’s status as an underdeveloped nation and highlighted the need to tackle materialism and unethical wealth acquisition. He underscored that the policy aimed to emphasize the absence of shortcuts to effective leadership.

“Whether Nigerians believe it or not, we are an underdeveloped country. And in that sort of situation, there’s materialism and sometimes ruthlessly they didn’t care how they made the money.

“…I still feel that the only way I could deprive these people was just to make sure that my integrity became unquestionable…I think as a developing country we still have a long way to go.

“The motivation (for introducing the policy) was to try and make Nigerians believe that there is no shortcut to successful leadership,” he added.

On the Ethiopian/Nigerian Air debacle, Buhari admitted to providing individuals with a free hand to carry out their responsibilities, potentially acknowledging a shortcoming in his oversight.

On the invitation of the Royal Netherlands Academy of Arts and Sciences, I was to share a component of my PhD thesis at Johns Hopkins University. I got into Amsterdam and it was a red carpet, because I was going to share how humans could mimic biology and invent immortality through computational systems, by replicating the event-driven asynchronous parallelism of the central nervous system.

I met a man in the program and he was working to stop aging and possibly usher in human immortality. Aubrey De Grey. I was the baby in the game, positing a future where in 300 years you could go to Amazon, Jumia, etc and buy new retina, cochlea, etc and replace the one you have. In short, you can “redownload” your brain and it could be pay-on-delivery! The speech went great. (There was a line: if the Good Lord sends the datasheets which man was made, everything could become possible, including curing death.)

But somehow someone shared the news in Ovim and my grandmother complained before the bishop and he sent a note: “Ndubuisi, we did not send you to America to play God, leave that”. Today, at Tekedia Institute, we will have a lecture from a young man who built a multinational non-profit on the whole construct of Afro-Longevity. Time here.  We will focus on the strategy aspect of his achievement. (I pulled this photo because this course today reminds me of journeys taken.)

Today at Tekedia Institute, we will have a lecture from a young man who has been on a mission to deepen our understanding of singularity, anti-aging, and other esoteric components of natural philosophy and metaphysics.  Ósìnàkáchì Ákùmà Kálù built one of the most prominent non-profits in this space, and has successfully mobilized hundreds of eminent scholars and researchers from around the world.

So, we asked him: come to Tekedia Mini-MBA and explain how you were able to build Transdisciplinary Agora for Future Discussions taffds.org and share lessons for those who may be looking to build a global non-profit (NGO).

Yes, at Tekedia Institute, we do not just teach you how to build for-profit businesses, we also have in our curriculum, how you can expand your NGO.

This article instalment will be talking about the modes of operation for insurers in Nigeria as prescribed by the Insurance Act of Nigeria and will be focused on the topics of :-

– Requirements as to the principal office of an insurer in Nigeria.

– The appointment of Chief Executives for insurers in Nigeria.

– Timelines for delivering policy documents under the Insurance Act.

What are the requirements of the act regarding the principal office of an insurer?

– An insurer shall, on the day it is registered to commence business in Nigeria have a principal office to which all communications and notices may be addressed, so that a postal box address or a private mail bag address shall not by itself only be sufficient for the purposes of the foregoing requirement.

– Notice of the location of the principal office or any subsequent charge shall be given within 21 days to the Commission which shall record the same.

– The fact that the address of an insurer is included in its application or in its annual returns or any other return to the commission shall not be taken to satisfy an obligation imposed by the provisions above.

– An insurer’s registered and principal office must be the same.

What does the act say on disqualification from appointment as a director of an insurer?

– No insurer shall appoint or have in its employment a director, Chief Executive, manager or secretary if he :-

a). is or becomes of unsound mind, or as a result of ill health, is incapable of carrying out his duties.

b). is convicted of any offence involving dishonesty or fraud.

c). is not a fit & proper person for the position.

d). is guilty of serious misconduct in relation to his duties.

e). in the case of a person with professional qualifications, has been disqualified or suspended from practicing his profession in Nigeria by the order of any competent authority made in respect of him personally.

What are the provisions of the act on the appointment of Chief executive subject to the approval of NAICOM?

– No insurer shall appoint a person as a Chief Executive whether designated as the Managing Director, Executive Chairman or otherwise if the appointment contravenes the act unless :

a). The insurer has served a written notice on the Commission proposing to appoint that person to the position and containing such particulars as may from time to time be prescribed by the Commission.

b). Such an appointment is approved by NAICOM.

What does the act say on the change of a Chief Executive of an insurer?

– A person who becomes or ceases to be the chief executive of an insurer shall, before the expiration of a period of 30 days beginning with the day on which he does so, notify the insurer in writing and send an advanced copy to the Commission on such matters as may from time to time, be prescribed.

– An insurer shall give written notice to the Commission of the fact that person has become or ceased to be a Chief Executive of the insurance and/or any matter which the person is requested to notify the insurer under the Insurance Act and that notice shall be given before the expiration of the period of 30 days.

What does the act say on timelines for delivering policy documents?

– The policy document evidencing the contract of insurance shall be delivered to the insured party not later than 60 days after payment of the first premium.

What are the applicable penalties under the act in this regard?

– An insurer who contravenes the act in this regard commits an offence and is liable  on conviction to a fine of 5 Million Naira.

Section II

This second article instalment will be focused on the required modes of operations for insurers under the Insurance Act as concerns the topics of – 

– The Approval of New Products.

– Records to be kept by an insurer.

– Records to be kept by a reinsurer.

– Provisions for unexpired risks and claims.

What does the act say on the approval of new products?

– No new product shall be introduced into any class or category of insurance business without the prior approval of the National Insurance Commission (NAICOM).

– The approval or otherwise of the Commission shall be communicated within 30 days of the receipt of the application.

– An insurer who contravenes the provisions of the act in this regard commits an offence and is liable to a fine of 10 Thousand Naira.

What are the records to be kept by an insurer under the act?

– An insurer shall keep and maintain at its principal office the following :-

a). The memorandum and articles of association (MEMART) of the insurer.

b). A record containing the names and addresses of the owners of the insurance business whether known as or called shareholders or otherwise.

c). The minutes of any meeting of the owners of the policy-making executive (whether known as or called the board of directors or otherwise).

d). A register of all policies in which shall be entered in respect of every policy issued, the names and address of the policyholder, the date when the policy was effected and a record of any transfer, assignment or nomination of which the insurer has notice.

e). A register of its assets.

f). A register of investments showing those which are attributable to the insurance funds and those which are not, and also any alteration in their values from time to time. 

– An insurer shall in respect of its life insurance business maintain & keep the following additional records, that is :

a). A register of assured under group policies.

b). A register of loans on policies.

c). A register of cash surrendered values.

d). A register of lapsed and expired policies.

What are the records to be kept by a reinsurer under the act?

– The memorandum and articles of association (MEMART) of the reinsurer.

– Records containing the names and address of the owners of the reinsurer (whether known as shareholders or otherwise). 

– Minutes of any meeting of the owners and the policy making executive (Board of Directors or otherwise).

– A register of all treaties , in which shall be entered in respect of every treaty issued, the name of the cedant , and the date when the treaty was effected.

– A cash book.

– A register of new and existing clients.

What are the records to be kept by a life reinsurer?

– A register of assured under group policies.

– A register of cancelled, lapsed and expired policies.

– A register of claims showing the names of the cedant and when the claim is settled.

What does the act say on the separation of accounts and reserve funds?

– Where an insurer carries on the 2 classes of insurance business, all the receipts of each of those classes of insurance business shall be entered in a separate and distinct account and shall be carried to and from a separate insurance fund with the appropriate name so that in case of life insurance there shall be –

a). The individual life insurance business fund.

b). The group life insurance business and pension fund.

c). The health insurance business.

What are the provisions of the act on unexpired risks and claims?

– An insurer shall in respect of its general business establish and maintain the following provisions applicable in respect of each class of insurance business-

a). Provisions for unexpired risks which shall be calculated on a time apportionment basis of the risks accepted in the year.

b). Provision for outstanding claims.

c). Provision for outstanding claims which shall be credited with an amount equal to the total estimated amount of all outstanding claims with a further amount representing 10% of the estimated figure for outstanding claims in respect of claims incurred but not reported at the end of the year under review.

Section III

This original article instalment will be focused on the provisions of the Insurance Act of Nigeria on the modes of operations for insurers concerning :-

– Contingencies for Insurers

– Life Insurance Business reserves

– Reserves for Reinsurers 

– Solvency margins under the act 

What are the provisions of the act on contingencies?

– An insurer shall establish and maintain contingency reserves to cover fluctuations in securities & variations in statistical estimates.

– The contingency reserves shall be credited with an amount not later than 3% of the total premium or 20% of the net profits (whichever is greater) & the amount shall accumulate until it reaches the amount of the minimum paid-up share capital or 5% of the net premiums (whichever is greater).

What are the reserve requirements of the act for life insurance businesses?

– An insurer shall in respect of its life insurance business maintain the following reserves :-

a). A general reserve fund which shall be credited with an amount equal to the net liabilities on policies in force at the time of the actuarial valuation and an additional 250% of net premium for every year between valuation dates.

b). A contingency reserve fund which shall be credited with an amount equal to 1% of the gross premiums or 100% of the profits (whichever is greater) & accumulated until it reached the amount of the minimum paid-up share capital.

What are the reserve requirements of the act for reinsurers?

– A reinsurer shall establish a general reserve fund which shall be credited with an amount :-

a). Not less than 50% of his insurer’s gross profit for the year where the fund is less than the Authorised share capital of the insurer.

b). Not less than 25% of the reinsurer’s gross profit for the year where the fund is equal to or exceeds the authorised capital of the insurer.

What are the provisions of the act on solvency margins?

– An insurer shall in respect of its business other than its life insurance business, maintain at all times a margin of solvency being the excess of the value of its admissible assets in Nigeria over its liabilities in Nigeria consisting of :-

a). Provisions for unexpired risks.

b). Provisions got outstanding claims.

c). Provisions for claims incurred but not yet reported, and 

d). Funds to meet other liabilities.

– The solvency margin referred to in this provision shall not be less than 15% of the gross premium income less reinsurance premiums paid out during the year under review or the minimum paid-up share capital (whichever is greater).

– Any amount due as liability to reinsurers which are attributable to outstanding premiums in respect of the current year excluded under the preceding paragraph shall be excluded from liabilities.