The Minister of Finance, Mrs Kemi Adeosun, on Friday advised the National Insurance Commission (NAICOM) to rise up to its responsibilities and explore untapped potential. Adeosun made the call at a retreat marking the five years of NAICOM’s existence in Abuja. The minister, who was represented by the Director, Home Finance in the Ministry, Alhaji Kari Zakji, said: “The insurance industry needs to be positioned to contribute positively to the Gross Domestic Product (GDP) and creation of employment.”

The bottom line is that Africa, right now, is faced with two fundamental forces. First, is the fact that we can’t over-rely on resources. If you take a look at the economy, we have lower commodity prices and that is very fundamental. The second fundamental point I have seen is that Africa is a very young population. About 625 million Africans are between the ages of 16 and 25. So, there is a huge population that is young and will be entering the labour force.

The decisions of the Monetary Policy Committee (MPC) to reduce the Monetary Policy Rate (MPR) to 11 percent and cut the Cash Reserve Requirement of banks to 20 percent will not automatically translate to economic growth, said economic analysts. Faced with the slow economic growth in the three quarters of the year, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) at the end of its meeting on Tuesday decided to relax monetary policy in a bid to boost growth. Consequently the MPC reduced the MPR from 13.0 percent to 11.0 percent; reduced the Cash Reserve Requirement (CRR) from 25.0 percent to 20.0 percent; and fixed the Asymmetric corridor of +2.0 percent and -7.0 percent around the MPR.

Flour Mills Nigeria showed an exceptional rise in profit at the end of its second quarter trading yet it is facing operating pressure that leaves it just one step away from a loss. The company’s 450% rise in after tax profit in the second quarter is an exceptional earnings record in a year of a general corporate earnings lull. With an after tax profit of N24.02 billion at half year, the company has already made about three times the full year profit figure it posted at the end of the preceding financial year.

Acorn Petroleum Plc is set to raise N5 billion through private placement following an approval of the basis of allotment of its Rights Issue by the Securities and Exchange Commission, SEC. The company has during its last AGM obtained approval from its shareholders to raise additional equity by way of Rights to existing shareholders and placement with new investors.

Last week I talked about the technological opportunity the so-called illegal refineries is offering the nation that is being thrown away. There were many Nigerians who felt the same way. But one particular reader suggested a part 2 that should focus on the danger the destruction of tons of illegally refined products is having on the coastal, as well as the entire Niger- Delta region. Federal government law enforcement agents have engaged in an endless battle with crude oil thieves.

The leadership of the All Progressive Congress (APC),weekend dismissed as unfortunate and misleading the claim by the former Deputy Governor, Hon. Peremobowei Ebebi that the former Governor and flag bearer of the party, Chief Timipre Sylva engaged in illegal financial and wasteful spending of over N50billion in two weeks during his tenure as governor of the state.

Sponsorship is the fastest growing form of marketing globally. Therefore the primary reason companies include sponsorship as part of their marketing plans is to increase brand awareness, whether it’s establishing or strengthening the brand, or to change their brand image that subsists.

There is indication that tax revenue may not significantly cushion Federal Government’s impending huge deficit projected for 2016 budget as expected tax revenue in 2016 fiscal year is about N4.5 trillion. According to the projections of the Federal Inland Revenue Services, FIRS, tax revenue growth is around 10 per cent as against expected expenditure growth of over 100 per cent in 2016 fiscal year.

Abuja — Days after the Department of State Services, DSS, warned Nigerians, particularly residents of the FCT, of plots by the Boko Haram terror group to carry out attacks and bombings in market places and religious centers, the Nigerian Army has urged citizens to be extra vigilant and security conscious in tackling insecurity in the country as the Xmas and New Year seasons approach.