Business news
Amaka Obiefuna. The National Insurance Commission (NAICOM) has approved 2016 financial accounts of underwriting firm – Guinea Insurance Plc, the Executive Director, Finance and Administration, Pius Edobor has confirmed. According to him “The approval was contained in a letter signed on behalf of the Commission by its Director (Supervision) Mr. O. Oba, dated 6th […]
The Federal Executive Council on Wednesday approved a proposal presented by the Ministry of Finance to offset accumulated Federal Government’s debts totalling N2.7tn. The Minister of Finance, Mrs. Kemi Adeosun, disclosed this to State House correspondents at the end of the weekly meeting of the council presided over by Acting President Yemi Osinbajo at the […]
The late commencement of the rains, the monsoon wind that usually brings heavy rain in the West African coast, and the rising sea levels due to the melting of glacier in the polar region will further increase floods in states like Lagos, Rivers and Cross River, among others, the Federal Government has said. In the […]
Nigeria failed to benefit from the over $10bn raked in by international oil companies from recent divestment of assets in the country, industry operators said. The divestment exercise, which started in 2010, saw a number of indigenous oil companies falling over themselves to snap up assets that had been described as over-priced. In the past […]
The Nigeria Customs Service, NCS, has said that the failure of commercial banks to hook up to the e-auction platform which the Service launched on July 3, 2017 has been an issue of concern. The NCS observed that the situation is creating inconveniences that may lead to a wrong perception and doubts on the integrity […]
Fidelia Okafor The Manufacturers Association of Nigeria, MAN, said that as public grid power supply remains unreliable that its members had spend about N378 billion on private electricity generation to power their operation. The MAN President, Dr Frank Udemba Jacobs said the N378 billion was spent over the last three years. Jacobs said manufacturers of […]
Against the backdrop of the nation’s rising debt profile, the Minister of Finance, Mrs. Kemi Adeosun, has said the Federal Government must not borrow more to fund its budget. Adeosun said the government should instead raise the money needed by other means, calling into question planned foreign loans of $2bn from lenders like the World […]
The Dangote Group, controlled by Africa’s richest man, Aliko Dangote, plans to invest $3.8bn in sugar and rice, and $800m in dairy production in the next three years as the company seeks to expand and deal with a shortage of dollars needed to import raw materials. The conglomerate plans to increase its production of sugar […]
The National Insurance Commission has said that it will tackle the issue of rate-cutting on insurance premiums by operators in the industry and apply appropriate sanctions on perpetrators of the act. The Commissioner for Insurance, Mohammed Kari, who said this at the National Insurance Conference of the Insurance Industry Consultative Council in Abuja on Tuesday, […]
The Central Bank of Nigeria (CBN) has again injected 142.5 million dollars into the inter-bank foreign exchange, days after intervening in the retail segment of the market with 254.3 million dollars. The spokesperson of the apex bank, Mr Isaac Okorafor, in a statement, said the CBN would continue to carry out its regular mediation in […]