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Wednesday, 16 October, 2019

Category: Finance


The Nigerian Insurance Industry has paid the total sum of N122 billion to retirees at the end of second quarter of 2019. According to a statement, signed by the Head, Commissioner for Insurance’ Directorate, Mr Rasaaq Salami, the cumulative total Read more…


With only 2.5 million vehicles captured by the Nigerian Insurers Association (NIA), the “wetin you carry” campaign, has began in Lagos state, to enlighten Lagosians on the need to insure their vehicles as well as to curb the issue of Read more…


Chukwuma Soludo, former governor of Central Bank of Nigeria (CBN), has disclosed how one of his friends asked him to reject the appointment into the economic advisory council. President Muhammadu Buhari unveiled an 8-man economic council on September 16. Some Read more…


Following the circular issued by the National Insurance Commission (NAICOM), directing companies to submit their recapitalisation plans by August 20, 2019, the commission said it has received plans of 47 insurers and two reinsurers. Head, Commissioner for Insurance’ Directorate, Rasaaq Read more…


Femi Fani-Kayode, former Minister of Aviation has reacted to Pastor Tunde Bakare’s declaration to run for 2023 Presidency. In a tweet,  the former Minister of Aviation gave his opinion, saying;“Rumours abound and if the truth be told @T_Bakare would be a Read more…


Hafez Ghanem, World Bank’s vice-president for Africa, says the lender is in talks with the Nigerian government for a $2.5 billion concessionary loan. Ghanem made this known in an interview on Wednesday in Abuja. The Bretton Wood institution official said Read more…


President Muhammadu Buhari has dissolved the Yemi Osinbajo-led Economic Management Team (EMT) and in its place constituted an Economic Advisory Council (EAC) that will report directly to him. The following are members of the new council, according to a statement Read more…


The National Insurance Commission (NAICOM) has granted approval in principle to Cornerstone Takaful Insurance Company Ltd and Salam Takaful Insurance Company Ltd as Composite Takaful operators to transact both family and general Takaful businesses in Nigeria. This new development brings Read more…


Mr. Tope Smart, Chairman, Nigerian Insurers Association (NIA) and also Group Managing Director/CEO, NEM Insurance Plc will chair the Business Journal 2nd Annual Lecture/Awards 2019 which will examine the impact (opportunities & challenges) of digital disruption on various sectors of Read more…


African Reinsurance Corporation (Africa Re), a leading pan-African reinsurance company and the largest reinsurer in Africa in terms of net reinsurance written premiums, has received the ‘2018 Outstanding Insurance Development Promoter Of The Year’ award of the National Association of Insurance and Read more…


  With the micro insurance and pension in place, former director general, National Pension Commission (PenCom), Mohammad Ahmed has called on operators to come up with financial products that will meet the needs of Nigerians in the informal sector. Ahmed, Read more…


  The federal government of Nigeria has drafted micro insurance and pension products to capture over 36.6 million Nigerian adults, representing 36.8 per cent of the working population that are yet to embrace financial services product. It would be recalled Read more…


As Nigeria seeks to drive financial inclusion with the target of achieving 80 per cent penetration by 2020, stakeholders in the financial service sector will converge to discuss the Micro insurance guideline and Micro Pension Plans and how it can be Read more…


Over the years, the Nigerian insurance industry has been bedeviled with a lot of challenges, that simply refuses to go away. From poor contribution to GDP to poor insurance penetration due to lack of awareness, these problems have made the Read more…


Insurance industry, last week, held a Service of Songs at the Chapel of Christ the Light in Alausa, Ikeja, last week, in honour of their three departed colleagues, Dr. Oladipo Bailey, Professor Moses Olorunfumi Adeyemi and Mrs Uju Ndubuisi Chukwu, for Read more…


With the wind of recapitalization blowing, the president of the Insurance Industry Consultative Council (IICC),  Mr. Eddie Efekoha has assured that operators in the insurance industry will support the National Insurance Commission (NAICOM) to grow the sector. The president, at the Read more…


The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, says he will bring inflation to single digit within the next five years. Emefiele made the promise in Abuja on Monday during a press briefing on his policy road map Read more…


With the launch of “you are insured” platform, Nigerians can now have adequate knowledge about insurance in Nigeria. The Chairman, Sub-Committee on Publicity and Communication, Insurers Committee, Mr Oye Hassan-Odukale who disclosed this in a statement, said the “you are insured” Read more…


While majority of Nigerians claimed that insurance is for the rich, the truth of the matter is that with only N5,000, an insurance policy can be purchased. The Chairman, Sub-Committee on Publicity and Communication, Insurers Committee, Mr Oye Hassan-Odukale who disclosed this Read more…


There are some ways you can identity all the ponzi schemes targeted at deceiving you into losing money. Inasmuch as it is important for you to make investments in order to build your finances, you must be wary of Ponzi Read more…


MTN Nigeria Communications Plc has confirmed the visit of the Economic and Financial Crimes Commission (EFCC) to its Falomo office in Ikoyi, Lagos, to probe an alleged shares manipulation scandal rocking the telecoms company since the recent listing of its Read more…


The Nigerian Stock Exchange (NSE) Wednesday said it has received the approval of the Securities and Exchange Commission (SEC) to some rules and amendments of existing ones aimed at making trading on the stock exchange more efficient. In a notification Read more…


  With the National Insurance Industry (NAICOM) mandating General insurance companies to raise their capital base to N10 billion from N3 billion to continue to exist in insurance industry, insurance shareholders have called on operators in the organised setting to Read more…


  Notwithstanding Nigeria’s macroeconomic challenges, Consolidated Hallmark Insurance Plc (CHI) has recorded a Gross Premium Written of N6,864,879,525, an increase of 20.85 per cent from 2017.   The Chairman, CHI, Mr. Obinna Ekezie, who disclosed this at the 24th Annual Read more…


The Senate on Thursday confirmed the reappointment of Mr Godwin Emefiele as the Governor of the Central Bank of Nigeria (CBN). This is sequel to the presentation of the report of the Senator Adebayo Ibrahim-led Senate Committee on Banks, Insurance Read more…


The promoters of Emirate Airlines, have described the brand’s 15 years operation in Nigeria as a success story. It commenced operation in 2004 with four flights per week from Dubai to Lagos linked with Accra in Ghana, operated by the Read more…


  President Muhammadu Buhari has nominated Godwin Emefiele for a second term as governor of the Central Bank of Nigeria (CBN). Emefiele was first appointed in 2014 by former president Goodluck Jonathan and was retained when Buhari came to office Read more…


EFCC, on Wednesday, May 8, 2019, arraigned a banker, one Ogunleye Bamidele Ayodele before Justice Hussaini Baba Yusuf of Federal Capital Territory, FCT High Court, Maitama Abuja, for allegedly obtaining the sum of N74, 760,000 (Seventy-Four Million, Seven-Hundred and Sixty Thousand Naira Read more…


The Naira on Tuesday gained 40 Kobo to exchange at N359 to the dollar at the parallel market in Lagos, stronger than N359.6 traded on Monday. The Pound Sterling and the Euro closed at N470 and N402, respectively. Trading at Read more…


Governor of the Central Bank, Mr. Godwin Emefiele, has said the CBN is currently gathering data and investigating the accounts of individuals and corporates currently involved in smuggling and dumping textile materials in Nigeria. In his remarks at the official Read more…


The federal government has raised the alarm that the country’s unemployment rate would reach 33.5 per cent by 2020. Minister of Labour and Employment, Senator Chris Ngige, said this Thursday in Abuja while declaring open a two-day workshop on “Breaking Read more…


The Central Bank of Nigeria (CBN) yesterday vowed to impose stiff sanctions on commercial banks and individuals that dispense mutilated and counterfeit currencies. The central bank has also called for an increase in private companies participating in the currency management Read more…


The World Bank and the federal government have ranked Osun State as the best performing state among the participating states in the Rural Access and Mobility Project (RAMP) in Nigeria. Speaking while meeting with Governor Adegboyega Oyetola, after the team Read more…


Nine Nigerians have been arrested in the United States of America for defrauding businesses and individuals of more than $3.5 million. The United States Attorney for the Southern District of New York, Geoffrey S. Berman, and Homeland Security Investigations (HIS) Read more…


In a bid to curb fake motor insurance certificates in circulation, the Nigerian Insurers Association (NIA) has urged Nigerians to dial *565*11# to verify the genuineness of their Insurance policies. The Director-General, (NIA), Mrs Yetunde Ilori, who disclosed this at a media briefing Read more…


Oil prices hit 2019 highs on Tuesday after Washington announced that all Iran sanction waivers would end by May, pressuring importers to stop buying from Tehran. Despite the move by Washington, analysts said global oil markets would be able to Read more…


Nigerian billionaire oil mogul, Igho Sanomi, has lost his private jet and set to lose his three London apartments to Credit Suisse Group AG over a $3m debt. The Swiss bank is owed about $3 million by Sanomi, who was Read more…


With insurance penetration still very low in Nigeria, the Nigerian Council of Registered Insurance Brokers (NCRIB) has vowed to double efforts in driving insurance penetration. The president, (NCRIB), Mr Shola Tinubu, at the quarterly media briefing in Lagos state, said Read more…


  For the very first time in Nigeria’s 59-year history, the signature of a woman, Priscilla Ekwere Eleje, goes on the naira. Eleje, who has been acting director of currency and operations at the Central Bank of Nigeria (CBN), has Read more…


 Nigeria’s former World Bank Country Director, Mr. Hafiz Ghanem, now Vice President of African Region for the Bank has allayed fears raised by Breton Woods Institutions’ alarm over the continent’s possible relapse into poverty trap by 2030. The new World Read more…