The Nigeria National Petroleum Corporation (NNPC), local insurers and brokers are yet to conclude negotiations on the multinational’s insurance accounts for 2011 just as the corporation has given all parties involved 31 days grace to round up their bid for the account.

Since Unilever Nigeria Plc took over the manufacturing and sale of Knorr seasoning from Cadbury Nigeria Plc in December 2005, there’s been a clear battle line drawn between Nestle Nigeria Plc, producers of Maggi seasoning and Unilever.

ERSTWHILE General Manager, Branch Operations, of Sovereign Trust Insurance Plc, Mr. Sammy Ogbodu, has been named the new Chief Operating Officer, COO, of the organisation by the management.

Against the backdrop of the natural and man-made disasters lurking around the country, insurance chief executives in the country have admonished Nigerians against overlooking the importance of insurance including insuring their lives.

“This is because there are a lot of able bodied young school leavers who are responsible for taking care of their families and they deserve the right to make legitimate income. But if they see that government is always seizing our goods, they will not want to take that risk. So a lot of them are taking to crime.”

With the first official purging of the microfinance sector in 2010, four years after the introduction of the microfinance policy in Nigeria, depositors of the closed banks can now heave sighs of relief as the Nigeria Deposit Insurance Corporation (NDIC) has concluded payment of the first batch of depositors.

The Director-General, Raw Materials Research and Development Council (RMRDC), Prof. Peter Onwualu, said that the council would develop business clusters in the 774 Local Government Areas. Onwualu said in Abuja that the council had already started the process of technologically developing those clusters.

Investors have been warned not to delve into Foreign Exchange (FOREX) trading without adequate knowledge of the market to avoid losing their money as was the case in the Nigerian capital market during the global financial meltdown.

Optimism about corporate earnings, bolstered by JPMorgan, lifted U.S. stocks on Friday and set the S&P 500 on the path for seven straight weeks of gains.

Helios Investment Partners, a private equity firm dedicated to making growth investments across Africa has acquired a majority stake in Interswitch and thus has become a shareholder of the largest transaction switching and electronic payment processing service provider in Nigeria and owner of the leading card scheme, Verve.

The Central Bank of Nigeria (CBN) and the twenty-four banks have signed a memorandum of understanding for the establishment of a fund to rescue distressed banks in the future.

Activities on the Nigerian Stock Exchange (NSE) last week, continued on an impressive note, following the N1.04 trillion non- performing loans purchased from Banks by the Asset Management Company of Nigeria (AMCON).

The Lagos Chamber of Commere and Industry (LCCI), has condemned the newly introduced electricity tariff by the Federal Government.

Capital market operators and stakeholders are canvassing for policies that will improve investors ’confidence that is gradually returning to the market in 2011.

In order to improve health services in rural areas, Procter & Gamble’s Pampers Mobile Clinic has berthed in Kokona community in Garaku Local Government area of Nasarawa State.