“In spite of Organised Labour’s recognition of the real advantages that a deregulated downstream oil sector would bring to the economy, there is yet no sign that Labour’s opposition to this policy has waned! Labour, of course, recognizes that NNPC (Nigerian National Petroleum Corporation), like all monopolies (especially state run monopolies) create price and market distortions which do not generally favour the masses. Thus, even when it is clear that deregulation will not only release at least N600bn revenue annually for critical infrastructural upliftment, but also reduce the space for corrupt enrichment within the petroleum subsector and induce keen competition with improved consumer services, Labour is not convinced that deregulation would translate into cheaper or stable petrol prices, especially when global crude oil prices usually follow an upward trajectory over time.

Mrs Rachael Ogbah is the Chief Executive Officer of Reachy Travels and Tours Limited. In a chat with Vanguard in her Ilasa, Lagos office last week, she spoke on several issues including how Reachy Travels and Tours Limited came into being and the challenges facing the travel industry.

Few days after the expiration of the 30-day ultimatum of the Federal Government to cement manufacturers to bring down the price of their product, the price of the product is still high, at between N1,800 and N2,200 per 50 kilogram bag from N2,500 per bag, a point which forced government’s intervention.

The aegies of recognised ad-vertising agencies in Nigeria, the Association of Advertising Agencies of Nigeria (AAAN), said it has concluded plans to hold its 38th Annual General Meeting/Congress which holds in Ijebu-Ode, Ogun State, as it honours newly elected senators.

Practitioners in the insurance sector are not disposed to demystifying the way the industry works consequently, their attitudes have contributed in making the industry a closed entity.

The IMF Executive Board said on Friday that it has concluded meetings with the two candidates for the position of Managing Director of the Fund. A statement signed by Mr. A. Shakour Shaalan, Dean of the Executive Board of the International Monetary Fund (IMF), said: “The Executive Board met this week with Mr. Augustín Carstens and Ms. Christine Lagarde, the two candidates for the position of Managing Director.

Management of the Central Bank of Nigeria (CBN) and the Nigerian Shippers’ Council (NSC) have joined forces in a bid to curb the huge some of funds leaving the country as capital flight. This was disclosed by a Director in NSC, Dabrey Shall-Holma, in Abeokuta while speaking at a one-day workshop on Shipping and Trade Facilitation.

Operators in the insurance industry have been called upon to champion constructive campaigns for the development of the infrastructural base in the country.

The Nigerian Aviation Holding Company, NAHCO PLC, recorded a turnover of N6.3 billion, in 2010 representing a 5 per cent increase over the previous year’s figure of N6.06 billion. Disclosing this in Abuja during its 30th Annual General Meeting, AGM, the Chairman, Board of Directors of the company, Major-General Ike Nwachukwu, Rtd, said the operating profits dropped by 13% from the N1.9 billion in the previous year to N1.7 billion, while profit-after- tax also dropped by 8% to N800 million from the N869 million in the previous year.

The newly introduced non-interest banking especially Islamic banking, can lead to financing of religious fanaticism and terrorism, says economic experts.

COMRADE Sunday Olusoji Salako, is the President of the Association of Senior Staff of Banks, Insurance and Financial Institutions, ASSBIFI, umbrella body for senior workers in the nation’s financial sector. It is a body of bank senior workers who have access to facts and figures in the banking sector of the Nigerian economy. In this interview with Financial Vanguard, he examines the tenure of the Central Bank of Nigeria, CBN- appointed management of the rescued banks, Mallam Sanusi Lamido Sanusi as the Governor of CBN, among others.

Twelve insurance companies owe the Nigeria Police Force N63.9million claims on Group Personal Accident (GPA) account for 2008/2009.The 12 insurance companies led by Industrial and General Insurance (IGI), Vanguard investigations reveal, are yet to settle the Police Force on batch 10 and batch 11 claims for that year.

As part of his administar-tion’s policy to assist traders in Borno State, Governor Kashim Shettima has pledged to release the sum of N2 billion interest-free loans to over 10,000 market women and traders at the Maiduguri Monday Market (MMM)

Mirror Suites, the latest addition to the nation’s booming hospitality industry has opened for operation as it promises quality services delivery.

CR Services, the nation’s foremost credit bureau has introduced Portfolio Monitoring, a special product which would help banks to boost lending.