Insurance operators under the auspices of the Nigeria Insurers Association (NIA) recorded N200 billion as Gross Premium Income (GPI) for the 2010 financial year. This is against N178 billion recorded in the 2009 financial year, which represent an increase of 18 per cent.

Investors in the secondary segment of the Nigerian capital market recorded significant decline in the value of their holdings in the market, as the value of their investment in the Nigerian Stock Exchange, NSE, dropped, last week, by N183.78 billion.

Afribank Nigeria Plc grew its operating income in its First Quarter results ended March 2011 by 60 per cent. The income figure increased from N1.2 billion in 2010 to N1.9 billion in 2011 while its net fee and commission income also grew by 34 per cent from N1.8 billion to N2.4 billion within the same period. The bank’s asset in Treasury bills and bonds also went up by 140 per cent from N61billion in March 2010 to N146billion in March 2011.

Total Nigeria Plc has announced its preparedness to fully adopt the International Financial Reporting Standard, IFRS, in the presentation of its financial statements by September this year.

A Dana Air MD-83 made an emergency landing April last year after a bird strike at Lagos Airport. The aircraft en route to Abuja lost one engine and returned to Lagos Airport, where it landed safely.

Murtala Mohammed Airport processed over six million passengers in 2010 representing an increase of about 11.41 per cent above that of 2009. The Regional Manager, Murtala Mohammed Airport/South-West, Mr. Edward Olarerin, who disclosed this, said there has been an increase in both passenger and cargo movements at the airport in the last two years.

All is set to open the Asaba Airport by the Nigerian Civil Aviation Authority (NCAA) for a daylight flight operations in the next two weeks.

Disclosing this development to newsmen after a meeting with representatives from Delta State led by the Deputy Governor, Amos Agbe Utuama, Dr. Demuren noted that if the Delta State Government meets all the requirements of the agency, the Asaba Airport will be opened to only visual flight operation not instrument flight operation due to safety reasons.

The Nigerian Stock Exchange, NSE, has placed the shares of Dangote Flour Mills Plc, Transnational Corporation of Nigeria Plc, Transcorp, Forte Oil Plc, formerly African Petroleum Plc and 45 others on technical suspension, for failing to present to the authorities, their financial statements for the 2010 financial year, seven months after the end of the financial year and five months to the end of the current financial year.

Six months after the Employees’Compensation Act, ECA, was signed into law by President Goodluck Jonathan, to among others, compensate employees for injuries sustained at work, including death, the Act has finally taken off.

Shareholders of Oando Plc have given its Board of Directors approval to raise funds by way of issuing up to 25 per cent of its unissued share capital.

The shareholders at the 34th Annual General Meeting (AGM) held last week in Lagos also ratified the Oando’s financial accounts for the year ended December 31, 2010, just as they applauded the Board and management for the impressive results considering the harsh operating environment the company operated upon.