Insurance firms must adhere to prudential standards — NAICOM
By Emma Ujah, Abuja Bureau Chief ABUJA — The Commissioner for Insurance, Mr Olusegun Omosehin, has warned insurance companies to strictly adhere to prudential standards and ethical conduct following the conclusion of the industry’s recapitalisation exercise. Omosehin gave the warning on Thursday at the launch of the Insurance Sector Strengthening Programme (ISSP) in Abuja. He […]
FCMB Group Plc consistent with good performance
FCMB Group Plc is one of the oldest private sector indigenous operators in Nigeria’s financial system in 1977 as City Securities Ltd (CSL). It then operated as a Stockbroker, Issuing House and Registrar. CSL gave birth to First City Merchant Bank Ltd in 1982. It converted to commerical banking trading as First City Monument Bank Ltd in 2001 and became a public company listed on the Nigerian Stock Exchange in 2004. Following Central Bank of Nigeria’s directives embedded in Regulation 3 of 2010, the bank in 2011 converted to a group structure.
Banking industry environment: 2014 -2016 Challenges
lndustry analysts believe Soludo was set to build a better banking industry by share size in all respects especially capital base. By that the banks would be in better position to support economic development and less susceptible to the risks of bank failures, which had almost become the common phenomenon of Nigerian banks. Up until then banks were challenged with issues of persistent liquidity, poor asset quality and undetrcapitalisation. Banks also depended majorly on public sector deposits.
Forte Oil to raise capacity of Geregu Power Plant to 435Mw
Forte Oil Plc said it plans to grow its profit after tax for the financial year ended December 2016 to N11.09 billion. The company also targets profit before tax of N12.84 billion for the same period, while the revenue for the period is expected to settle at N22.30 billion.
SEC pushes for listing as requirement for govt contract
The Securities and Exchange Commission (SEC) has called on the Federal Government to include stock market listing as one of the conditions for companies seeking to secure government contracts to qualify for such contracts. This will force companies that wish to enjoy such contract to seek listing in the stock market, Mounir Gwarzo, Director General, SEC, said in a forum with journalists in Lagos.
DiamondXtra makes additional 15 millionaires
Diamond Bank Plc through its DiamondXtra season 8 has added fifteen Nigerians to the list of millionaires in the country. The millionaires emerged through a live draw in Lagos, which was witnessed by industry stakeholders, customers, potential customers, shareholders, journalists, the general public and the management of the Bank.
