Wednesday March 4th, 2015
Wednesday March 4th, 2015
Latest

Insurers are imbibing spirit of prompt claims payment

  /   in Insurance and You 12:42 am   /   Comments

insurance-pix

The Nigerian insurance industry is entering a new phase in the form of transformation. Accordingly, insurers are imbibing the spirit of paying claims, even as the National Insurance Commission, NAICOM, is becoming more visible in its regulatory roles to ensure that claims are paid promptly.

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Honeywell group to list subsidiaries on NSE

  /   in Insurance and You   /   Comments

Nigerian-Stock-Exchange-(NS

There are indications that Honeywell group may to invest 150 billion naira ($750 m) over the next three years to fund growth across its businesses and also list one or two subsidiaries on Nigerian Stock Exchange, NSE.

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NSC moves against participation of foreigners in freight forwarding

  /   in Business   /   Comments

A fully loaded truck in one of the inland dry ports in the sub-region, will be delayed, harassed for bribes by the numerous security agents along the region’s transport corridor before it gets to its destination.

The Nigeria Shippers Council , NSC has commenced moves towards indigenisation of freight forwarding business in the country.

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NCRIB’ll continue to place premium on professionalism —Shoderu

  /   in Insurance and You   /   Comments

insurance

President of the Nigerian Council of Registered Insurance Brokers, NCRIB, Mr. Ayodapo Shoderu has said that the NCRIB will continue to place premium on professionalism in insurance broking practice and as such do all within the law to ensure that the thrust is sustained.

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The Nigerian securities industry and the 2015 national elections (3)

  /   in Business   /   Comments

Voting in session at Ophori-Olomu.during the election. Photo: Akpokona Omafuaire.

The Investments and Securities Act, ISA, 2007 is the primary law for the securities industry which law provides the framework for the regulation of the Nigerian capital market by the Securities and Exchange Commission, SEC. The Act sets out to ensure the protection of investors and the maintenance of fair, efficient and transparent market.

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Lawal is Inspen 2014 insurance man of the year

  /   in Insurance and You   /   Comments

Former President of the Chartered Insurance Institute of Nigeria (CIIN) Mr. Fatai Lawal has emerged the 2014 Inspenonline Insurance Man of the year.

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Nestle Nigeria cuts expenditure as consumers feel devaluation of naira

  /   in Business   /   Comments

Nestle Nigeria’s Chief Executive expects the firm’s capital expenditure to slow to its lowest level in five years after a currency devaluation dampened customer spending in Africa’s biggest economy.

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UBA takes banking to Facebook with U-Social

  /   in Business   /   Comments

United Bank for Africa (UBA) Plc has introduced an innovative online banking solution called U-Social, which offers flexibility and convenience to customers who desire to do banking transactions on social media using their Facebook account.

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Global insured catastrophe losses lowest for five years —Report

  /   in Insurance and You   /   Comments

DESPITE intense snowstorms in Japan, severe hail and windstorms in Europe, major flooding in parts of the UK and several aviation tragedies, global insured losses for 2014 were the lowest for five years, at roughly $33 billion, according to Guy Carpenter & Company, LLC.

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NB ventures into bitters market

  /   in Investors Forum 12:57 am   /   Comments

alcohol

Nigerian Breweries, NB Plc, NSE has said that it is venturing into the Nigeria bitters drink market with ACE Roots.

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SEC suspends rule on membership of Audit Committee

  /   in Business   /   Comments

Nigerian-Stock-Exchange-(NS

THE Securities and Exchange Commission, SEC has approved the suspension of Rule 42 (5)(e) of the Consolidated Rules and Regulations of the Commission for 90 days, effective February 25, 2015.

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Economy to double in-between elections 2015, 2019

  /   in Business   /   Comments

NGOZI OKONJO-IWEALA

Nigeria’s Gross Domestic Product (GDP) has been projected to hit N156.3 trillion by 2019 when the next general election would be in the front burner once again. This indicates that the GDP would have almost doubled from this year’s size, all things being equal. The rebased real GDP at N82 trillion for 2013 was estimated at N84.9 trillion for 2014.

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Top 10 performing stocks

  /   in Investors Forum   /   Comments

Nigerian-Stock-Exchange-(NS

On the top 10 performing stocks last week were shares of UAC of Nigeria Plc. Union Bank of Nigeria Plc, Julius Berger Nig. Plc, Access Bank of Nigeria Plc, Ikeja Hotels Plc, and Chemical and Allied Products, CAP Plc.

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Investors gain N240bn in 5 days

  /   in Business   /   Comments

investors-forum-pic

The postponed general elections may not have affected the Nigerian stock market significantly as it maintained the longest regaining streak as investors, last week, gained N240 billion in five days, just as the Naira suffered its biggest monthly fall in over five years this February, 2015 following the drop in global oil price.

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FG boosts public sector contribution to GDP with 400 infrastructure investments

  /   in Business   /   Comments

Renoroads3

In line with its plan to boost public sector contribution to gross domestic product (GDP) the federal government is pursuing an integrated approach to public sector investment in infrastructure development through the Infrastructure Concession Regulatory Commission (ICRC). FG established ICRC as an effective framework for Public Private Partnership (PPP) in Nigeria. The ICRC was subsequently inaugurated in 2008.

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Port charges: Shippers Council files for enforcement of judgment

  /   in Business   /   Comments

COURTnew

By Godfrey Bivbere The Nigerian Shippers Council, NSC, has gone back to the Federal High Court, praying the court to compel the terminal operators to comply with the earlier judgment declaring that terminal operators have no right to increase port charges. Recall that the terminal operators had ignored the judgment of the court because they

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LCCI commends Senate decision to cut NASS budget by 25%

  /   in Business   /   Comments

senate-Jonathan

The Lagos Chamber of Commerce and Industry, LCCI, has commended the Senate’s decision to cut the 2015 National Assembly (N/A) budget by 25 per cent (N37.5 billion) from N150 billion to N112.5 billion.

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Demutualisation of Stock Exchange will attract more companies

  /   in Investors Forum   /   Comments

File photo: The  floor of Stock exchange

Securities and Exchange Commission SEC, the apex regulatory agency of the Nigerian capital market, stepped up efforts for the demutualisation of The Nigerian Stock Exchange (NSE), when it issued “Exposure draft rules on demutualisation of exchanges in Nigeria.”

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NNPC to import over 1bn litres of petrol to checkmate hoarding, panic buying

  /   in Business 9:40 pm   /   Comments

Black market thrives as fuel scarcity hits Lagos. Photo: Bunmi Azeez

The Management of the Nigerian National Petroleum Corporation (NNPC) on Monday began fresh measures to halt what it described as artificially induced petrol scarcity noticeable in some parts of the country.

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Jonathan working tirelessly to create 1.8 million jobs – Okonjo-Iweala

  /   in Business   /   Comments

Finance Minister, Mrs. Ngozi Okonjo-Iweala

The Federal Government has created 1.4 million jobs in the past three years in a bid to address unemployment in the country, Dr Ngozi Okonjo-Iweala, the Minister of Finance and Coordinating Minister of the Economy, said on Monday.

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Why local investors shun e-commerce sector – report

  /   in Business   /   Comments

The Wired World: A graphic representation of the Internet

Nigerian operators in the e-commerce ecosystem have attributed the apathy of local investors to the lucrative and booming e-commerce sector to high failure rates of tech start-ups as well as fear and doubts about the viability and investment value of the sector.

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N200bn commercial papers to hit market in 2015 — FMDQ MD

  /   in Business   /   Comments

Interview-pix-(Bola-Onadele

In actual fact, we have sent a mail to the JP Morgan, James Marshall that only an entity in Nigeria today can tell you the liquidity of the market. Last year, we got the market, all the dealing members reporting their activities. So, JP Morgan, and I think another by Standard Chartered research said the liquidity in the market had gone very low and they were concerned and that was what led to that negative outlook.

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Foreign investors participation drops on NSE

  /   in Business   /   Comments

File photo: The  floor of Stock exchange

Data from the Nigerian Stock Exchange, NSE, showed a significant drop in foreign investors’ participation as at December 2014, while a significant increase was recorded on domestic side. During the period ended December 31, 2014, foreign investors’ participation on the NSE dropped to 48.24 percent, as against 80.92 participation rate achieved in November 2014.

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FMBN to lift embargo on estate loan

  /   in Business   /   Comments

Model of a house in Maccido Royal Estate, Abuja

Federal Mortgage Bank of Nigeria (FMBN) has disclosed readiness to lift embargo on Estate Development Loan (EDL) subject to commitment on timeliness by developers.

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… Partners firm on N300bn affordable housing

  /   in Business   /   Comments

Housing1

In the quest to bridge the nation’s huge housing deficit, the Federal Government has signed a Memorandum of Understanding with an international firm for the construction of 15,000 affordable houses across the country within 12 months, at a cost of $1.5 billion (about N300 billion).

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Dangote invests N80bn in Kenyan cement sector

  /   in Business   /   Comments

Aliko Dangote

Africa’s richest man, Alhaji Aliko Dangote has invested N80billion ($400million) to set up a cement plant in Kenya through East Africa Portland Cement Company (EAPCC). Dangote entered Kitui County’s limestone mines through the Kenya’s local cement in order to open $400 million, representing Sh34.8 billion Kenyan currency in Kitui County, Kenya.

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SMEDAN signs 5yr partnership with Globacom to empower 17m SMEs

  /   in Business   /   Comments

Lagosmarket

Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Globacom have signed a pact to empower 17 million Small and Medium Entrepreneurs (SMEs) in the country. Officials of the two organisations signed a Memorandum of Understanding (MOU) on the partnership at Globacom office in Lagos.

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FG directive on foreign airlines’ operational standards takes off

  /   in Business   /   Comments

*Airport

The Federal Government directives to the Nigerian Civil Aviation Authority ,NCAA, to remove and ground all foreign aircraft registered in the private category that are listed on the Operations Specifications (Ops Specs) Part G of some Air Operator Certificate holders takes effect this week.

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Nestle shareholders suffer 27% dividend decline

  /   in Business   /   Comments

nestle1111

Shareholders of Nestle Nigeria Plc will have their final dividend for the year ended December 31, 2014 slashed by 27 percent, if the amount being proposed by the Board of Directors is approved at the next Annual General Meeting, AGM, in three months’ time.

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Sustaining value in the Pay-TV industry

  /   in Business 12:37 am   /   Comments

LG-WebOS-Tv

If, like me, you want top class television content at a cost that has charity written all over it, this piece is for you.

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Financial market turbulence: CBN partners regional body on monetary policy mgt

  /   in Business   /   Comments

economy

In a bid to build a strong capacity on monetary policy and financial management in the economy, the Central Bank of Nigeria (CBN) is partnering with the West African Institute for Financial and Economic Management (WAIFEM) for capacity building in the financial sector.

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We have demystified the oil industry – Alison-Madueke

  /   in Business 4:22 pm   /   Comments

*Alison-Madueke

The Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, recently fielded questions from a select group of editors to clarify a number of issues in the oil and gas sector ranging from the controversial kerosene subsidy and alleged subsidy scam to the allegation of $10bn expenditure on jet private hire as well as the PwC audit

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