August 2020 - Newsfield GLOBAL

Access Bank signs $93.8m loan with Dutch bank

August 20, 2020August 20, 2020 admin

Access Bank Plc has signed a subordinated syndicated loan agreement totalling $93.8 million with the Dutch development bank (FMO), the French private sector development bank (Proparco), and leading investment firm, Symbiotics. The tier-II capital facility was structured as a “10 years non-call five years” subordinated debt instrument, benefitting the bank for a period of five years. Access Bank’s Group Managing Director, Herbert Wigwe, said the facility would enable the bank continue on its strategic path to becoming Africa’s gateway to the world even after the unexpected simultaneous…

NAICOM tasks insurers to reposition for post-COVID-19

August 20, 2020August 20, 2020 admin

The Commissioner for Insurance, Mr Sunday Thomas, has charged operators in the insurance industry to deal with unethical business behaviour in the sector, with a view to repositioning the industry for post-COVID-19 era. Thomas, the Chief Executive Officer, National Insurance Commission (NAICOM), spoke at the 2020 Nigerian Council of Registered Insurance Brokers (NCRIB) CEOs’ retreat, held virtually with the theme: ‘X-raying The Finance Act 2020’. He said that as the insurance industry positions itself for Post COVID-19 era, the demands of the insuring public would require sound…

Royal Exchange Insurance posts N10bn premium

August 20, 2020August 20, 2020 admin

Royal Exchange General Insurance Company (REGIC), on Tuesday, declared a Gross Written Premium (GWP) of N10.58 billion for the financial year ended Dec. 31, 2019. The company’s Chairman, Alhaji Rabiu Gwarzo, made the declaration at the firm’s 12th Annual General Meeting held virtually in Lagos. Gwarzo explained that the financial results showed a gross premium income of N10.86 billion while total net claims paid to policyholders stood at N1.11 billion. The underwriting profit stood at N1.14 billion for the period under review. “Total assets for the…

FG: Agric to solve challenges arising from COVID-19

August 20, 2020August 20, 2020 Awele Madu

The Federal Government has disclosed that agriculture is the best way to beat the triple problem of low foreign exchange, huge unemployment and negative growth caused by COVID-19 in line with Mr. President’s mantra ‘to produce what we eat and eat what we produce.’ With this, the government is focusing on agriculture, increasing the acreage under cultivation and engaging thousands of young people in farming and agro-allied jobs. Also, the government is expecting the N2.3 trillion stimulus package under the Economic Sustainability Plan to bring between 20,000…

African Alliance earns ISO 22301:2012

August 20, 2020August 20, 2020 admin

Nigeria’s foremost life insurer, African Alliance Insurance Plc, has been awarded the ISO 22401:2012 certificate for Business Continuity Management (BCM). The certificate, which was awarded by the Professional Evaluation and Certification Board (PECB) signifies that African Alliance has met the requirements for BusinessContinuity Management (BCM). ISO 22301:2012 is a globally recognized Business Continuity management standard developed and published by the International Standards Organization (ISO). This standard provides a model that organizations of all types and sizes can use in building an effective Business Continuity System. ISO…

Recapitalisation: NAICOM tightens noose on underwriters

August 20, 2020 Dorothy Ewah

…says assets, others must be converted to cash With four months left to the end of the first phase of recapitalisation, the National Insurance Commision (NAICOM) has further tightened its noose on insurance companies with regard to meeting the minimum paid-up share capital in cash. The first phase of the recapitalistion exercise is expected to end December 31, 2020 while the whole process ends September 2021. In a circular issued yesterday, which is furtherance to earlier ones referenced /25/2019, dated May 20, 2019, July 23, 2019…

COVID-19: Expert raises security concern over virtual meetings

August 20, 2020 admin

Organisations leveraging various online platforms for virtual meeting as a result of the coronavirus pandemic face the risk of data compromise, a cybersecurity expert has warned. Process engineering analyst at Mi-C3 International, Mr. Adote Rock, who gave this warning during a webinar organised by the Nigeria Internet Registration Association (NiRA), said meetings over platforms such as Zoom could be recorded by anybody who is a participant and the information could be used against the organisation. “Zoom gives you the false impression that only you can authorise the recording of a…

$111,500 fraud: EFCC arrests undergraduates

August 20, 2020 Dorothy Ewah

Operatives of the Port Harcourt zonal office of the Economic and Financial Crimes Commission, EFCC, have arrested four students of the University of Port Harcourt for their alleged involvement in internet fraud. The quartet, who allegedly defrauded 15 victims of $111,500 are Prince Hyacinth; Rex Emadifie Oghene, Odili Ifeayi and Uduak Samuel Williams. They were picked up on Thursday, August 20, 2020 from their hideout at Chibiak Avenue, Elenpranwo, Ada George, Port Harcourt.

Allocation: FG, states, LGs share N676.407bn

August 20, 2020August 20, 2020 Dorothy Ewah

The three tiers of government comprising federal, states and local government councils shared the sum of N676.407 billion in the month of July. The amount was revenue that accrued into the federation purse in July 2020. The figure was confirmed at the end of the monthly Federation Account Allocation Committee (FAAC) meeting for August 2020 held through virtual conferencing and chaired by Dr Mahmud Isa-Dutse, Permanent Secretary, Federal Ministry of Finance. According to a statement issued by Henshaw Ogubike, Director (Information, Press and Public Relations) in…

NIPC: Oil, aviation firms file for tax holiday

August 20, 2020August 20, 2020 admin

Eight firms from power, oil and gas, ICT, and aviation sectors have filed fresh applications to the Nigerian Investment Promotion Commission (NIPC) for tax holiday. The commission disclosed this in its Q2 Pioneer Incentive Status report just released. A pioneer status incentive grants companies making investments in qualifying industries and products a tax holiday of three years from the payment of company income tax. The three-year tax holiday has the possibility of an extension for one or two additional years to enable the industry concerned to make a reasonable level…