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Investors lose N17bn as bears continue rampage

Investors in the Nigerian Stock Exchange, NSE, last week lost N17 billion as bears continue to tighten grip in the market. At the close of trading session on Friday, the market capitalisation of all listed equities, which opened at N9.910 trillion fell to N9.893 trillion, represnting 0.17 per cent decline. Also, the second performance measurement indicator, the All Share Index, ASI, fell to 28,805.45 points from the opening figure of 28,854.98 points, indicating 0.17 per cent decline.

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Economic improvement imminent by year end- Umuchinemere MFB

The Umuchinemere Pro-Credit Microfinance Bank (UPMFB) has said that there would be economic improvement by the end of the year with a view to achieving its targeted disbursement for 2016. Also, the bank in its financial statement for the half year ended June 2016, made a total funds disbursement of N600,860,143 to about 1,890 active poor people. In a statement, Acting Head of Credit, Mr. Charles Udeani, said that the amount disbursed in the period under review met the bank’s target, with the facilities performing above average. He disclosed that of the total amount disbursed, a total of 357 rural clients benefitted the sum of N77,639,069.

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NASD signs MoU with LMC to list NPFL clubs

NASD OTC Plc, the over-the-counter securities exchange that facilitates secondary market transaction in unlisted securities in Nigeria, has entered into agreement with the League Management Company, LMC, to repackage Nigeria Professional Football League, NPFL, clubs and make them commercially viable for listing on the NASD platform. Following the Memorandum of Understanding, MoU, signed in Lagos by both parties, football clubs that meet the listing requirements and corporate governance structure of the NASD will have their shares listed on the platform and traded by interested investors.

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Pix: A Protest by Nigeria Union of Pensioners, Lagos state, on non payment of Pensioners arrears and gratuities by Lagos state Government, at Lagos House, Alausa, Ikeja. Photo: Bunmi Azeez

PenOp advocates proper investment of pension funds

The Pension Fund Operators Association of Nigeria (PenOp) has reiterated the need for proper investment of pension funds, noting that careless deployments could wipe the gains already achieved in an instant. Chairman of PenoP, Mr. Eguarekhide Longe, who said this at the association’s 4th annual general meeting in Lagos, noted that the call to invest a greater portion of the pension funds in infrastructure require clear, calm, incisive and strategic thinking to achieve any notable success.

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Firm unveils 280-unit luxury apartments to boost housing

To boost Nigeria’s housing sector which currently suffers a deficit of about 18 million housing units, a renowned Lagos-based real estate development firm, Deluxe Residences Limited, has introduced “The Empire Estate” in Victoria Island, Lagos. The project comprises of a choice of two super luxury apartments known as The Empire Royale Apartments and The Empire Vogue Apartments. The apartments consist of 280 unit housing types. Located specifically on Water Corporation Drive, Off Ligali Ayorinde, both apartment complexes, are iconic structures that offer panoramic views of the Atlantic Ocean and the nearby Eko Atlantic mega project currently under development.

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Skill acquistion for unemployed graduates will create more jobs

Providing real skills for unemployed graduates in the country will halt unemployment crisis and create more jobs, Founder/CEO, Centre for Values and Leadership (CVL) Prof. Pat Utomi has said. Utomi pointed out that it is important for the country to take advantage of its demographic dividend taking cue from China and India. Utomi said this at a Graduation Ceremony for about 100 CVL Young Entrepreneurs in Lagos, saying, “If we can take our unemployed graduates, put them together and provide them with real skills, it will be much easier for them to create more jobs because their mind has been broaden by education. This will help other people and add value to the economy and improve the quality of life of the people.

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Otedola, Adenuga’s firms, 3 others lose N265.4 b in 6 months

Femi Otedola, Mike Adenga and three other entities quoted on the Nigerian Stock Exchange, NSE, lost N265.4 billion in the first half of 2016. However, other investors on the Nigerian Stock market regained over N314.74 billion in the six months trading as the Year to Date, YtD, return on market value as at 30th June, 2016 appreciated by 3.20 per cent to close at N10.165 trillion from N9.850 trillion it closed on December 31, 2015. Meanwhile, shareholders of quoted companies reacting to the dwindling performance of the stock market decried neglect of retail investors by regulators of the market.

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File: insurance

Insurance sector performance indicators still below average- LCCI

The Lagos Chamber of Commerce and Industry, LCCI, has said the role of the insurance sector in the growth and development of the economy represents the backbone of risk management systems but that performance indicators of the insurance sector in Nigeria are still below average and contributes less than 1 per cent to the Gross Domestic Product (GDP).

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•Trainees at the practical session

How LAPO MfB’s skill acquisition empowers the poor

The skill acquisition programmes put in place by LAPO Microfinance Bank (MfB) has started yielding desired results following its impact on an SS2 student, Ms. Grace Nnana, who could not read or write prior to signing in for the programme. Specifically, Nnana, who could not even spell or identify the word ‘PUT’, is now able to do so. Other beneficiaries of the programme include about 29 other youths, who were trained in different vocations such as Tailoring, Bead Making, Textile and Design, ICT, among others.

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motor insurance

Insurance operators to foot N300m market rebranding

Insurance operators in the country have agreed to foot N300million estimated cost of a nine months rebranding of the market that is underway. The Commissioner for Insurance, Alhaji Mohammed Kari stated this while briefing the staff of the National Insurance Commission (NAICOM) on the effort of the regulatory body as it concerns the insurance market low penetration and growth inefficiencies inhibiting the speedy progress of the market. Kari who told the Commission’s staff that the Publicity sub-committee of the insurance industry had briefed NAICOM about their plans to rebrand the insurance market expressed appreciation of the market operators to foot the cost.

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Goodluck Jonathan Estate in Abuja. (Credit Channels)

Make an estate plan to avoid dispute after you’re gone

Often times, upon the death of the man of the house, the dependants are thrown into disputes regarding who inherits what, especially if the dead man left substantial inheritance behind. We are all familiar with the issues that often arise upon death, with members of the family pitched against one another. This is often resolved by the courts, sometimes after a prolonged litigation that would have been a drain on the time, energy and resources of everyone involved. This can be avoided with an estate plan which lets the individual decide how his or her assets are handled or distributed after his de

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A Housing Estates in Lagos

Italian firm to partner local investors on real estate

Extra –Vega Milano S.R.L, a multinational architec-tural fabrication and design company based in Milan, Italy, said it has concluded plans to lead a team of investors from Europe that are willing to partner with local investors in real estate and infrastructure development in Nigeria. The move is aimed at providing affordable housing for Nigerians who are in the low and medium income group. The team of investors who are expected to come into the country in August will offer support in areas of finance and technical assistance to local real estate developers who have genuine projects that need assistance.

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Kennedy Okonkwo

Housing sector can’t satisfy growing demand- Developer

With the glut being experienced in property market across the country, the housing industry still has a long way to go in order to satisfy its growing demand, particularly as it affects low and medium income earning segments of the society. Disclosing this at an exclusive interview with Vanguard, Mr. Kennedy Okonkwo, Chief Executive Officer of Nedcomoaks, a Lagos-based real estate development company, revealed that the growing demand for housing across all strata of the society is so huge that the industry cannot satisfy the demand.

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$2.1bn arms deal: One of the houses sealed by the EFCC in Kaduna. Photo: Olu Ajayi

Rights of a tenant facing eviction

There was a time when the landlord was the alpha and omega and the tenant at his mercy. A landlord could wake up one day and decide he wants the tenant out of his house; perhaps out of spite, perhaps because he needs the property urgently, or because he has a better offer. Whatever the reason, it didn’t matter. Failure of the tenant to comply would often result in a forced eviction. The tenant is forcibly removed from the premises with his or her things thrown out and sometimes, the tenant’s property is removed from the premises in his or her absence. The trend has however been abated with the realisation that such actions is not backed by the law.

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Chairman, Dr. Olatunde Ayeni, and Managing Director/Chief Executive Officer, Mr. Timothy Oguntayo

Reconstitution of Skye Bank’s new board not take-over by CBN- Ahmad

The Chairman of Skye Bank Plc, Mr. M.K. Ahmad, has clarified that the reconstitution of the board of the bank by the Central Bank of Nigeria (CBN) was not a takeover of the bank but an intervention to correct observed corporate governance issues under the old board. Ahmed made the clarification on Friday, while addressing capital market community on the floor of Lagos floor of the Nigeria Stock Exchange, NSE where the new board of the bank visited the exchange to provide information on recent developments in the bank. While explaining that the ownership of the bank remains in the hands of the shareholders, he said the CBN does not own the bank and has not taken over the bank.

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