The Bank of Industry (BoI) has collaborated with insurance companies in the country to indemnify loan facilities and assets of Micro Small and Medium Enterprises (MSMEs) in the country. The Acting Managing Director/ CEO Bank of Industry, Mr Waheed Olagunju said in Abuja that the collaboration through the National Insurance Commission (NAICOM) is aimed at expanding its lending operations to assist business owners at the micro level who are unable to secure loan from the bank due to challenge of collateral.

The federal government has focused its attention on the insurance industry to reposition the sector for improved growth. The Minister of Finance, Mrs. Kemi Adeosun announced the government’s determination to lead reform in the industry for a vibrant Nigeria insurance market. The Minister in her opening remarks at the 2016 National Insurance Conference in Abuja, explained that a developed and active insurance market would bring about increase in GDP, accumulation of long-term funds for infrastructural financing, job creation, and an improved standard of living. She added that the development would also attract foreign investment into our country.

The Nigerian Mortgage Refinancing Company (NMRC) said it has refinanced hundreds of housing projects in the country with the injection of N6 billion into the mortgage market. Managing Director of NMRC, Prof. Charles Inyangete, disclosed this during the signing of a Memorandum of Understanding (MoU) between NMRC and the National Bureau of Statistics (NBS). With the deal, NBS will carry out survey that would provide data on the housing sector that will enable NMRC make informed decisions regarding the refinancing of mortgages.

Fitch International credit rating agency has affirmed the viability ratings of First bank Nigeria Limited and Guaranty Trust Bank Plc. Fitch affirmed the Viability Ratings (VR) for FirstBank of Nigeria Limited at “B” while it affirmed the GTBank’s Viability Rating (VR) at ‘b+’. The global rating agency also rated FirstBank’s outlook as stable, thus buttressing the strong outlook on the bank, particularly as its diversified distribution network across African and international geographies make it very resilient to cyclical volatilities in any of its market of operations.

The Accountant General of the Federation (AGF) has queried Guaranty Trust Bank, Stanbic IBTC and Keystone Bank for violating the Treasury Single Accounts (TSA) guidelines by concealing funds belonging to Ministries, Departments and Agencies of Fhe federal Government. Stanbic IBTC however rejected the accusation, saying it has been complying with the TSA directive, while GTBank explained why it has allowed some MDAs to continue to operate their accounts contrary to the TSA directive.

Many business entrepreneurs make mistakes knowingly or unknowingly in their business that results in sudden collapse. Be very, very careful; do not choose the wrong business. There will be many businesses to choose from. How can you decide on the right one? Choose a business as you select a marriage partner. It is not like selecting a cap or a pair of shoes, which you can change or even throw away. It must be one that fits in all ramifications. Try something you can do very well and for which there is a ready market.

Long term loans (bonds) contracted by companies from Nigerians through the capital market on fixed interest rate has risen to N536.07 billion. The rise in corporate bond issuance in recent time has been attributed to the apathy of investors toward shares which prices have shrunken considerably. However there is growing concern that corporate bond yields will soon burst as the Federal Government plans to raise funds from the bond market to finance the 2016 budget.

Investors in the Nigerian Stock Exchange, NSE, last week lost N17 billion as bears continue to tighten grip in the market. At the close of trading session on Friday, the market capitalisation of all listed equities, which opened at N9.910 trillion fell to N9.893 trillion, represnting 0.17 per cent decline. Also, the second performance measurement indicator, the All Share Index, ASI, fell to 28,805.45 points from the opening figure of 28,854.98 points, indicating 0.17 per cent decline.

The Umuchinemere Pro-Credit Microfinance Bank (UPMFB) has said that there would be economic improvement by the end of the year with a view to achieving its targeted disbursement for 2016. Also, the bank in its financial statement for the half year ended June 2016, made a total funds disbursement of N600,860,143 to about 1,890 active poor people. In a statement, Acting Head of Credit, Mr. Charles Udeani, said that the amount disbursed in the period under review met the bank’s target, with the facilities performing above average. He disclosed that of the total amount disbursed, a total of 357 rural clients benefitted the sum of N77,639,069.

NASD OTC Plc, the over-the-counter securities exchange that facilitates secondary market transaction in unlisted securities in Nigeria, has entered into agreement with the League Management Company, LMC, to repackage Nigeria Professional Football League, NPFL, clubs and make them commercially viable for listing on the NASD platform. Following the Memorandum of Understanding, MoU, signed in Lagos by both parties, football clubs that meet the listing requirements and corporate governance structure of the NASD will have their shares listed on the platform and traded by interested investors.

The Pension Fund Operators Association of Nigeria (PenOp) has reiterated the need for proper investment of pension funds, noting that careless deployments could wipe the gains already achieved in an instant. Chairman of PenoP, Mr. Eguarekhide Longe, who said this at the association’s 4th annual general meeting in Lagos, noted that the call to invest a greater portion of the pension funds in infrastructure require clear, calm, incisive and strategic thinking to achieve any notable success.

To boost Nigeria’s housing sector which currently suffers a deficit of about 18 million housing units, a renowned Lagos-based real estate development firm, Deluxe Residences Limited, has introduced “The Empire Estate” in Victoria Island, Lagos. The project comprises of a choice of two super luxury apartments known as The Empire Royale Apartments and The Empire Vogue Apartments. The apartments consist of 280 unit housing types. Located specifically on Water Corporation Drive, Off Ligali Ayorinde, both apartment complexes, are iconic structures that offer panoramic views of the Atlantic Ocean and the nearby Eko Atlantic mega project currently under development.

Providing real skills for unemployed graduates in the country will halt unemployment crisis and create more jobs, Founder/CEO, Centre for Values and Leadership (CVL) Prof. Pat Utomi has said. Utomi pointed out that it is important for the country to take advantage of its demographic dividend taking cue from China and India. Utomi said this at a Graduation Ceremony for about 100 CVL Young Entrepreneurs in Lagos, saying, “If we can take our unemployed graduates, put them together and provide them with real skills, it will be much easier for them to create more jobs because their mind has been broaden by education. This will help other people and add value to the economy and improve the quality of life of the people.

Femi Otedola, Mike Adenga and three other entities quoted on the Nigerian Stock Exchange, NSE, lost N265.4 billion in the first half of 2016. However, other investors on the Nigerian Stock market regained over N314.74 billion in the six months trading as the Year to Date, YtD, return on market value as at 30th June, 2016 appreciated by 3.20 per cent to close at N10.165 trillion from N9.850 trillion it closed on December 31, 2015. Meanwhile, shareholders of quoted companies reacting to the dwindling performance of the stock market decried neglect of retail investors by regulators of the market.

The Lagos Chamber of Commerce and Industry, LCCI, has said the role of the insurance sector in the growth and development of the economy represents the backbone of risk management systems but that performance indicators of the insurance sector in Nigeria are still below average and contributes less than 1 per cent to the Gross Domestic Product (GDP).