The Federal Government has directed the Transmission Company of Nigeria, TCN, to immediately commence the design and procurement of Omotosho/Ondo/Akure 132KV feeder line.

THE recent public hearing by the House of Representative Ad-hoc Committee, investigating the alleged misappropriation of the Cabotage Vessel Finance Fund (CVFF) following a public outcry by stakeholders and members of the shipping public has thrown up several issues.

At the just concluded 2013 IMF World Bank Group Meeting in Washington the Nigerian delegation led by the Minister of Finance and Coordinating Minister of the Economy Dr. Mrs. Ngozi Okonjo-Iweala attended meetings back to back and it was difficult tracking them down for a chat. It was at the end of the meetings on Sunday at 6 PM Washington time, that the minister finally had time to brief the Nigeria corps of reporters who converge at the World Bank building in the Washington cold.

This report is the culmination of weeks of investigation into the scam that is disguised as tests for unsuspecting job seekers in the banking sub-sector of the Nigerian economy. The findings are shocking as much as they are bound to affect your sensibilities of decency and morality. Because of the sensitive nature of this matter, more so the broad scope of our on-going investigations, particularly the need not to jeopardize this work, we have deliberately decided not to reveal the identities of the job-seekers and the bank in question – mind you, some other banks are involved in this scam. However, as we gather more facts and by the time the investigation runs its full course, we may then be able to disclose the identities of all the parties concerned.

How do you assess your operations in Nigeria?

We have been operating in Nigeria for the last 20 years and our philosophy is partnership. This has worked very well. In terms of employment, we have a further philosophy of employing local management and staff to get a proper understanding of what happens in the country. It is wrong for us to stand back and assume that the entire continent is the same. This is because each country has its own peculiaritie

The Minister of Information and Supervising Minister of Defence, Mr. Labaran Maku, has disclosed that the President Goodluck Jonathan led administration has recovered the sum of N118.9 billion from ghost workers since the beginning of the year.

THE immediate past Director General of the Nigerian Maritime Administration and Safety (NIMASA) Barrister Temisan Omatseye has taken responsibility for the failure of the Cabotage Vessel Financing Fund (CVFF).

THE Nigerian Content Development and Monitoring Board (NCDMB) has concluded the categorization and audit exercise on indigenous marine firms with a view to ensuring that they are first considered in the award of contracts in the oil and gas industry.

Traders under the auspices of Traders’ Rights Protection Initiatives have said they want a round table talks with the federal government on various issues affecting trading activities in the country especially on high interest rates and import policies.

The International Maritime Bureau (IMB) report has ranked Lagos Nigeria as one of the pirate prone areas in the world, despite a fall in the attack in global piracy in seven year.

The enormous benefits provided by the policy are enough justifications for the Nigerian buying public to show more seriousness towards buying the motor Third Party Insurance cover. For example – the unlimited amount of compensation payable to the defendant of innocent third parties that might be killed following an accident involving an insured vehicle, or the relief from liability claims and damages to the insured having transferred his or her liability risks to insurers by buying the third party insurance cover. In like manner, one portrays being a law abiding citizen as one abstains from committing a criminal breach of the 1945 ACT- the enabling law by buying the Third Party cover.

Commissioner for Insurance, Mr. Fola Daniel has decried the persistence of low level financial literacy in Nigeria and some other African countries which is the cause of the low insurance penetration in such places.

The Nigerian Insurers Association, NIA, has said that the insurance sector loses over N150 billion yearly to fake vehicle policies racketeers.

Fidelity Bank Plc has appointed Mr. Nnamdi Okonkwo, Chief Executive Officer designate, to take over from Mr. Reginald Ihejiahi, who is expected to retire from the bank, February 2014.

The National Insurance Commission, NAICOM, said that 18 companies are yet to submit their 2012 audited annual accounts.