CBN to Nigerians: Handle Naira with dignity
KANO — The Central Bank of Nigeria, CBN, has urged Nigerians, particularly traders, to handle the naira with care, pride and dignity to prolong the lifespan of banknotes and reduce the cost of replacing soiled and mutilated currency. The Director, Currency Operations and Branch Management, Dr Adedeji Adetona, gave the advice on Monday during a […]
Vono laments fake products, seeks FG’s assistance
Vono Products Plc, a company quoted on the Nigerian Stock Exchange, NSE has lamented the negative impacts of fake products on the company’s business and appealed to the Federal Government to intensify efforts in combating influx of these products into Nigeria. The Managing Director, Mr Tunji Anjorin, while addressing the company’s trade partners at a Press Conference during the unveiling of the company’s new hospital furniture in Lagos explained that influx of fake products, low government patronage and high exchange rate of the Naira to other convertible currencies have moderated capacity utilization in the real sector.
STANBIC IBTC Holdings: Running on diversified earnings
In Nigeria Stanbic IBTC could be said to have originated from the Investment Banking and Trust Company Ltd (IBTC) which came into existence in 1989 as one of the early indigenous private sector merchant banks in the country. After series of transitions, mergers and acquisitions, Stanbic IBTC has emerged as one of the growing lists of formidable Nigerian South African corporate alliances.
Devalued Naira will reduce disposable income of common man – Shoderu
Immediate past President of the Nigerian Council of Registered Insurance Brokers, NCRIB, Mr. Ayodapo Shoderu, has said that at the level of the common man, the devalued naira will reduce the disposable income of Nigerians, further precluding them to care less about undertaking insurance.
‘Rising cost of goods could lead to inflated claims costs’
Amidst the rising cost of goods in the economy, the higher cost of importing spare parts places insurers at risk from inflated claims costs, particularly within their motor accounts, according to a report by A.M Best. A.M Best also noted that insurers that maintain foreign-currency denominated obligations and utilise a weak asset liability matching framework, the decline in the naira relative to the U.S. dollar will increase liquidity constraints, owing to the need to increase domestic-denominated assets to meet their foreign-currency denominated liabilities.
UBA Plc: Enjoying the fruits of African strategy
In 2014 ,United Bank for Africa continued to leverage on continental expansion as a growth and risk governance strategies to report performance figures that are competitive. Its African Strategy appears to be paying off as the revenue contribution of its 18 African subsidiaries increased to N64billion against N56.8billion in the preceding year. Truly UBA is the undisputed leader among Nigerian Banks in terms of presence outside Nigeria.
