Month: February 2019

Minimum wage: Governor seeks sympathy for colleagues

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Following the unending battle between labour and the Federal Government over new minimum wage, the Governor of Kebbi State, Alhaji Atiku Bagudu, has called on Nigerians to sympathise with some state governors over their inability to pay the proposed N30,000. Bagudu, who was part of the Tripartite Committee on New Minimum Wage that recommended N30, 000 new minimum wage, said that in spite of the Committee’s commitment and recommendation, it was also important for stakeholders to sympathise with governors in that category. He gave the advice in Abuja at the…

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Local reinsurers’ mgt expenses gulp N6.63bn

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Despite the poor state of insurance in the country, Nigeria’s major reinsurers, Continental Reinsurance Plc and Nigeria Reinsurance Corporation, sank over N6 billion into management expenses within a period of three years. According to the breakdown obtained by this newspaper from the Nigerian Insurers Association (NIA), the amount, which covers from 2015 to 2017, is thrice that recorded against the firms’ investment income, which stands at N2.60 billion. Details of the breakdown revealed that in 2015, Continental Re recorded N2.18 billion as management expenses as against N902.94 million for  investment income.…

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Investors’ zeal as boost for untapped potential

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The continuous desire by foreign insurance investors to do business in Nigeria through the acquisition of stakes in local firms gives credibility to presence of huge and untapped insurance potential in the country. Sunday Ojeme reports Nigeria, as at today, remains one of the countries with some level of political instabilities within the African continent. Although with a semblance of stable governance, which is invariably desired for investment, the underlying political turbulence also has a lot to do with investors’ decision to either put their money in the economy or…

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NSIA unveils health insurance plan

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NSIA Insurance has launched an international health insurance product, NSIA Health Insurance, into the Nigerian market. A statement made available to New Telegraph said the underwriting firm was in the project in partnership with Cigna and Hollard. Cigna is a Fortune 500 company in the USA and one of the world’s leading providers of health benefits enabled through its 41,000 employees serving over 90 million customers all over the world. Hollard is South Africa’s largest independent insurance company, with an ever-growing African footprint making it known throughout the continent for…

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PenCom kicks over alleged Pension Act violation

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The management of National Pension Commission (PenCom) has deplored reports that it violated aspects of the revised Pension Reform Act 2014. The allegations were listed in House of Representatives Resolution against the commission. Reacting to the allegation during the House of Representatives Ad-Hoc Committee Public Hearing to Investigate the Activities of PenCom and Violation of the Pension Reform Act (PRA) 2014 held at the National Assembly Complex, Abuja, the Acting Directing-General, Mrs. Aisha Dahir-Umar, said it was unfounded, stressing that the members of staff and management team of the commission…

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South-West leads in drug abuse in Nigeria

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Leader of the Presidential Advisory Committee on the Elimination of Drug Abuse (PACEDA), South-West, Mrs Oluwatoyin Odeku, said 22.4 per cent of drug abuse cases in Nigeria happened in the South-west. Odeku disclosed this at a press conference in Akure, Ondo State on Friday. She said the figure was in line with the official statistics released by the UN in its fact finding mission in the region to curb drug abuse in the country. President Muhammadu Buhari had on Dec. 10, 2018 inaugurated the committee chaired by Maj.-Gen. Buba Marwa…

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Breast cancer survivor donates materials to patients

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Co-founder, Bricon Foundation, Dr Niyi Adekeye, Mrs Abigail Simon-Hart, Prof. Adetola Daramola, Deputy Chairman Medical Advisory Committee LUTH, Nicolas Iruhre, Professor of Radiology and Mr Caleb Yakubu, Coordinator LUTH Breast Clinic. An NGO, Bricon Foundation, on Friday donated 100 mastectomy brassieres to the Lagos University Teaching Hospital (LUTH), Idi-Araba, Lagos, for the use of breast cancer indigent survivors. Mrs Abigail Simon-Hart, a co-founder of the NGO and Dr Niyi Adekeye, donated the mastectomy brassieres to mark the 2019 World Cancer Day. The News Agency of Nigeria (NAN) reports that the…

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NSE moves 723.79m shares worth N12.21bn

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The Nigerian Stock Exchange (NSE) on Friday moved a total of 723.79 million shares valued at N12.21 billion in 5,752 deals. The turnover represented a growth of 65.72 per cent when compared with 436.75 million worth N5.88 billion traded in 4,047 deals on Thursday. Zenith Bank was the most active stock, exchanging 147.03 million shares worth N3.67 billion. It was trailed by United Bank for Africa with an acount of 142.37 million shares valued at N1.06 billion, while Guaranty Trust Bank traded 72.75 million shares worth N2.83 billion. Transcorp sold…

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Elections: US says world interested in Nigeria

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 The United States Ambassador to Nigeria, Mr Stuart Symington, has tasked the government and people of Nigeria to ensure a peaceful and credible general elections because “the world is interested and watching”. Symington stated this on Friday in Lafia, after meeting with Mr Labaran Maku, the Nasarawa State governorship candidate of the All Progressives Grand Alliance (APGA). Noting that the responsibility of ensuring a peaceful, free, fair and credible polls rested with the government and all citizens, he said that Nigeria gained much credibility after the success of the 2015…

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Fire disaster: NEMA confirms death of three IDPs camp

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The National Emergency Management Agency (NEMA) on Friday confirmed the death of three persons in Thursday’s fire disaster at the Internally Displaced Persons’ (IDPs) camp in Monguno, Borno. NEMA Director-General, Alhaji Mustapha Maihaja, in a statement signed on his behalf by spokesperson of the agency , Mr Sani Datti, said 7,839 persons were affected by the disaster While sympathizing with the victims, Maihaja said the agency was working in collaboration with other stakeholders to provide immediate relief assistance to the affected persons. “The fire started at noon from one of…

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