IFC, a member of the World Bank Group, has signed an agreement with Africa Reinsurance Corporation(Africa Re) to help thousands of small holder Nigerian farmers to access insurance more easily to protect their crops and livelihoods. Under the agreement, Africa Re, a pan-African reinsurance company headquartered in Nigeria, and IFC’s Global Index Insurance Facility … Read more
Nigerian Council of Registered Insurance Brokers, NCRIB, has frowned at Nigerians poor attitude towards insurance and dependence on government for compensation after a major incident or disaster. Executive Secretary of NCRIB, Mr. Fatai Adegbenro, noted that insurance is the best form of risk transfer mechanism, adding that government cannot pay compensation the way the … Read more
The Nigerian Stock Exchange(NSE) has extended the deadline for quoted insurance companies to submit their 2018 financial results, following their transition to the International Financial Reporting Standard, IFRS 9. This gives the insurance companies till July 31 to submit their results against the statutory time frame of June 30 every year. The extension came … Read more
20 planes, owned by private individuals, are among moveable assets worth N1. 26 trillion registered on the National Collateral Registry (NCR) platform. Registrar of NCR, Alhaji Mohammed Mainasara, disclosed this in Abuja, adding that 65,370 moveable assets had been registered on the NCR’s portal as at March 20. The NCR is a databank where security … Read more
StarTimes Nigeria has partnered MTN Nigeria to offer mobile internet subscribers on the network a special data bundle for StarTimes ‘ON’ mobile app. With the video streaming bundles on StarTimes ‘ON’ App, MTN subscribers can now enjoy unlimited entertainment and video on demand (VOD) service at a cheaper data price than any other network … Read more
Oando Plc has recorded a N28.8 billion Profit-After-Tax (PAT) in its audited account for the year ended December 31 , 2018, representing a 46 percent increase from the N19.8 billion recorded in 2017. A review of Oando’s results shows positive performance across most of its financial indices; reaffirming the company’s concerted efforts and commitment … Read more
FMDQ OTC Securities Exchange, yesterday, admitted Access Bank Plc’s N15 billion green bonds for trading on its platform. The five-year, 15.5 percent, Fixed Rate Senior Unsecured Green Bond due 2024, is the pioneer climate bonds standard certified corporate green bond issued in Africa. The proceeds from the issuance will be used to finance/re-finance … Read more
Against the backdrop of the bad state of Nigeria’s refineries, the country may have spent about N10 trillion in the provision of pump price subsidy on imported petroleum products from 2006 to 2018. A research report by BudgIT, a public finance focused Non-Governmental Organisation, NGO, said this amount came from the price shocks in … Read more
The Senior Business Development Manager (West) of Sigma Pensions Limited, Mr. John Igiehon, has reiterated the firm’s commitment to prompt resolution of complaints from contributors. Igiehon spoke in Akure, Ondo State, at a sensitisation forum for retirees and prospective retirees in Ondo and Ekiti states, noting that contributors should not hesitate in pointing out … Read more
IFC, a member of the World Bank Group, has signed an agreement with Africa Reinsurance Corporation(Africa Re) to help thousands of small holder Nigerian farmers to access insurance more easily to protect their crops and livelihoods. Under the agreement, Africa Re, a pan-African reinsurance company headquartered in Nigeria, and IFC’s Global Index Insurance Facility … Read more
Nigerian Council of Registered Insurance Brokers, NCRIB, has frowned at Nigerians poor attitude towards insurance and dependence on government for compensation after a major incident or disaster. Executive Secretary of NCRIB, Mr. Fatai Adegbenro, noted that insurance is the best form of risk transfer mechanism, adding that government cannot pay compensation the way … Read more
The Nigerian Stock Exchange(NSE) has extended the deadline for quoted insurance companies to submit their 2018 financial results, following their transition to the International Financial Reporting Standard, IFRS 9. This gives the insurance companies till July 31 to submit their results against the statutory time frame of June 30 every year. The … Read more
20 planes, owned by private individuals, are among moveable assets worth N1. 26 trillion registered on the National Collateral Registry (NCR) platform. Registrar of NCR, Alhaji Mohammed Mainasara, disclosed this in Abuja, adding that 65,370 moveable assets had been registered on the NCR’s portal as at March 20. The NCR is a … Read more
The Nigerian National Petroleum Corporation, NNPC, yesterday, promised to strengthen its partnership with oil marketers on the platform of Major Marketers Association of Nigeria, MOMAN, to ensure seamless supply of petroleum products. A statement in Abuja by Group Managing Director of NNPC, Mr. Maikanti Baru, said the corporation, as the supplier of … Read more
The world’s largest single train 650,000 barrels per day Dangote Petroleum Refinery is expected to produce 65.4 million litres of Petrol (PMS), Diesel (AGO), Aviation Jet fuel, and Kerosene (DPK) daily, when it becomes operational. This high volume of petroleum products from the Dangote Refinery will transform Nigeria from a petrol … Read more
The Nigerian National Petroleum Corporation, NNPC, and Chevron Nigeria Limited, CNL, have signed a gas sale and aggregation agreement GSAA, with Dangote Fertiliser Limited, DFL, with Gas Aggregation Company of Nigeria Limited as aggregator. NNPC and CNL are obligated to supply 70mmScf/d of natural gas to Dangote Fertiliser to start up the newly-built fertiliser plant. … Read more
As Nigeria joined the rest of the world to commemorate the 2019 Zero Discrimination Day against Persons Living With HIV/ AIDS, PLWHA, the Nigerian Business Coalition Against AIDS, NIBUCAA in collaboration with HACEY Initiatives, has highlighted the urgent need to take action against laws which exclude persons living with HIV/AIDS from essential services or subject … Read more
The National Bureau of Statistics (NBS) said Nigeria’s active mobile subscribers increased to 172,824,239 million in the fourth quarter, 2018 from 162,032,481 million and 162,522,772 million recorded in the third and second quarter, 2018, respectively. The NBS disclosed this in its “Telecommunication Data (Q3 and Q4 2018)” released on its website. According to the report, … Read more
The US Federal Aviation Authority (FAA) has said it will not suspend Boeing 737 Max aircraft despite mounting pressure from senators and workers’ unions. The FAA said a review showed “no systemic performance issues” and there is no basis for grounding the aircraft. An Ethiopian Airlines plane crashed on Sunday killing all 157 people on … Read more
Losses from Boeing 737 Max operated by Ethiopian Airlines which crashed shortly after take-off from Addis Ababa on Sunday has been speculated to be in the region of $50m to $60m, according to a report by reinsurancene.ws. The airline, which was heading to Nairobi, killed all 157 passengers on board including two Nigerians. The Nigerian … Read more