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Your workplace is mandated to have employer’s liability insurance

File: insurance

The Pension Reform Act, 2014 mandates employers of three and above to have in place employer’s liability, (group life) insurance for employees. Unfortunately, a lot of employers are yet to comply with this law.

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Gov Central Bank of Nigeria, Central Bank of Nigeria

Pan-African banks will help drive financial inclusion- Oduoza

The outgoing Managing Director/ Chief Executive Officer, United Bank for Africa, UBA, Mr. Phillip Oduoza has emphasised that the existence of Pan African banks across the African continent will help drive financial inclusion and expand trade in the continent To this development, he called for increased collaboration among African central banks in order to drive intra-African trade on the continent. He also stated that UBA Plc’s Non Performing Loan, NPL has gone down to 1.7 per cent, even as it diversified its earnings through its subsidiaries across the Africa continent.

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World FM Day: Stakeholders advocate sustainable facilities management

As the world last week commemorated this year’s World Facilities Management Day, facilities management practitioners who gathered at “The Nigerian FM Round Table 2016” put together by Alpha Mead Facilities & Management Services Ltd, a leading facilities management firm, have advocated the need for sustainability of facilities management.

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A typical mass housing development

Why you need building plan approval

After ownership of land, one of the most intricate aspects of erecting a structure is processing a building plan approval. Having buildings erected on a large expanse of land without building plan approval is like running a government without laws guiding it. Building plans are the first tangible thing that depicts the picture of the buildings we have imagined. Building plans are the graphical representation of what a building will look like after construction and also helps in the process of evaluating the cost of erecting such a structure.

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NDIC calls for stiffer penalties against insider loans abuses

Nigeria Deposit Insurance Corporation (NDIC) has called for stiffer penalties against insider loans abuses in the nation’s banking industry. Managing Director/Chief Executive of the Corporation, Alhaji Umaru Ibrahim made this call while receiving the newly elected President and Chairman of Council of the Chartered Institute of Bankers of Nigeria (CIBN), Professor Segun Ajibola, at the NDIC headquarters in Abuja, at the weekend.

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Flour Mills records 71.4% profit growth, proposes N2.62bn dividends

Flour Mills of Nigeria, FMN, Plc has reported Group profit after tax of N14.4 billion for its year ended March 31, 2016, representing 71.4 per cent growth over N8.4 billion posted in the year ended 2015. The company also recorded 49 per cent increase in its pre-tax profit to N11.5 billion from N7.7 billion a year earlier, while its revenue grew by 11 per cent from N308 billion to N342 billion during the year.

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SEC identifies dominance of foreign investors as bane of stock market

The Securities and Exchange Commission (SEC) has declared that the dominance of foreign investors is the bane of Nigeria’s stock market. The Director General, SEC, Mounir Gwarzo, who stated this said “Dominance of the market by foreign investor is one of the reasons why our market is the way it is. Although it is the pattern of the market, but this dominance is a major factor because they are the ones that come in and come out. We need to upscale the participation of the retail investors in the market and that is why we are addressing some of their concerns. Anyone you meet today and tell him to come back, the issue of unclaimed dividends is always a major problem.”

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Privatisation and the entrepreneurial revolution

In the latest Ease of Doing Business ranking from the World Bank, one country made a spectacular leap—from 143rd on the list to 67th. It was Rwanda, whose population and institutions had been decimated by genocide in the 1990s. On the World Bank list, Rwanda catapulted out of the neighbourhood of Haiti, Liberia, and the West Bank and Gaza, and sailed past Italy, the Czech Republic, Turkey, and Poland. On one sub=index in the study, the ease of opening a new business, Rwanda ranked 11th worldwide.

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CBN Governor, Mr Godwin Emefiele

CBN in dilemma as MPC holds make or mar meeting

Fire works on how best to engage a recovery strategy for the economy begins tomorrow at the Central Bank of Nigeria, CBN, as its Monetary Policy Committee, MPC, appeared stretched into further review of its positions in the light of new developments in the economic and monetary sphere last week. MPC is the highest monetary policy making organ of the CBN while CBN in turn is the economic policy adviser to the federal government. Meanwhile, all financial market segments closed at the weekend on adverse numbers, meaning the markets would be opening tomorrow on gloomy sentiments as MPC members settle down to begin deliberations.

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Master plan implementation to address retail investors’ challenges- SEC

The Securities and Exchange Commission (SEC) in reaction to retail investors’ plight said that effective implementation of the capital market ten year master plan would go a long way to addressing major problems in the market. Director General of SEC Nigeria, Mounir Gwarzo said this in Abuja saying “A successful implementation of the 10 year master plan is necessary to attract retail investors to the market, address some of the challenges that Nigeria’s Capital market faced during the global capital market crash that occurred in 2008-2010 and also raise the standard of the market.

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Naira depreciates as $697m forwards mature this week

The naira depreciated in all the segments of the foreign exchange market last week due to shortage of dollars. Meanwhile the interbank foreign exchange market will experience the maturity of $697 million one-month forwards contract sold by the CBN on Monday June 27th 2016. Last week the naira depreciated in the interbank spot market by Seven percent to N283.37 per dollar from N282.02 per dollar the previous week. The depreciation, which was in sharp contrast to the stability of the previous week, was attributed to shortage of supply into the market.

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