A special audit to determine the financial health of insurance companies is looming over the insurance industry.
Vanguard was reliably informed that the National Insurance Commission (NAICOM) is set to embark on a sanitisation exercise akin to the one recently conducted by the Central Bank of Nigeria (CBN).

Royal Exchange Plc group has announced a gross premium income of N3.3 billion in 2008 financial year.
This represents 22 per cent increase when compared with N2.7 billion gross premium recorded in the previous operating year.
Total expenditure, however, rose sharply by over 100 per cent to N1.492 billion from N740.65 million. The sharp rise was occasioned by a N1.16 billion management expenses which shareholders condemned in totality.

Equity Assurance has recorded premium income of N2.21 billion for its operations in the last financial year ended December 31, 2008.

The Central Bank of Nigeria (CBN) has ruled out the possibility of injecting bailout funds into distressed microfinance banks. The apex bank has also commenced target examination of the banks to ascertain their financial health.

The federal government has tasked contractors handling various housing and road projects across the country to speed up work so as to ensure timely completion and delivery of the projects.

Yinka Kolawole Private real estate developers and other stakeholders in the housing development sector, under the aegis of Real Estate Developers Association of Nigeria (REDAN), have denounced the recent publications by the Federal Mortgage Bank of Nigeria (FMBN) of its purported list of bad debtors. After a recent meeting of the association, National President of […]

Investors’ woes were further heightened last week, as two companies on the Nigerian Stock Exchange (NSE) declared a loss of N561.96 million in their half year financial statements released to the investing communities.

Skye Bank Plc has been appointed by the Rivers State government to collect taxes, levies and fees due to the state’s Board of Internal Revenue, ministries, departments and agencies under its new policy of “Pay Direct System”.

The Federal Capital Development Authority (FCDA) is set to embark on an aggressive mass housing programme at an estimated cost of N75 billion, that will deliver 5,000 housing units by 2011.

MANY Nigerians have come to accept the situation that Nigerian banks don’t give loans to encourage business men and women. In truth, every bank thrives on giving out loans but only do so to customers who in their estimation can repay the loans plus interest.