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Investors’ bullish on financial services stocks

Despite a bearish out-look that pervaded the equities market for most part of last week, investors’ interest on financial services’ sector spiked, resulting in exchange of 903.66 million shares valued at N3.34 billion in the sector.

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FG contract is strictly between the insurers through brokers

You see, this information is just coming out and of course we are trying to identify the source, the parties concerned, and all that. If you remember, we were talking about brokers who are unlicensed to practice. It may shock you to know that we have not yet identified all of them. It is quite impossible to do so, because, we have some brokers that are not even members of NCRIB, and some of them are the ones actually doing a lot of government businesses.

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Insurance industry experienced higher claims payment in 2016 – Efekoha

The reasons are not farfetched. As at December 2015, exchange rate was N199.7 to the dollar, but by the close of 2016, we all know the result. Whilst premium, for instance, was paid on the old sums insured, most of the sums insured on property especially were not reviewed in 2016. As regards life insurance which pertains to medical expenses, whilst premium was paid based on the old absolute naira, when you go to the hospital what happens? You are charged on 2016 cost. To treat the same minor injury which would have taken maybe N5000 in 2015, in 2016 that would have cost N7000 to N10000.

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We are concerned about rising bad loans in banks – MD of NDIC

We are still anxious and desirous of either the bank reopen its door or be liquidated so that we end the suffering of depositors. We have been pushing this; the CBN has been concerned over the years since the restoration of the license. Series of meetings and efforts have been made to achieve the restoration of business of Savannah Bank but they have failed. But unfortunately as we speak, they (the owners) have gone back to court, they have sued the CBN and therefore effort to either bring them back on board or to liquidate them has been stalled.

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Front-looking banks focus on the prospect of SMEs sector – FCMB’s Ogbonnaya

SMEs are the bedrock of any country’s economic development and for a nation to attain sustained development, it must ensure that its SMEs thrive and excel. It is therefore not surprising that as a forward-looking bank, which for more than 30 years has supported the growth of Nigerians across business sectors, we are keen to support SMEs in Nigeria to achieve their full potential.

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