NSE records N2bn loss

Trading activities on the floor of the Nigerian Stock Exchange yesterday witnessed another drop in share prices as bears tightened further their grip on the local bourse following sell-off in stock market. Also, the local bourse sustained negative breadth, recording 17 gainers against 19 losers. Consequently, the All-Share Index dipped 47.65 basis points or 0.18 per cent to close at 25,550.31 index points as against 25.597.96 recorded the previous day while market capitalisation of equities depreciated by N2 billion from N13.352 trillion the previous day to N13.597.96 trillion as market…

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AIICO Insurance projects N62.23bn gross premium

AIICO Insurance Plc is targeting to achieve N62.23 billion gross premium income for the fourth quarter ending December 2020.     In its Q4 earning forecast obtained from the Nigerian Stock Exchange (NSE), the insurance firm also projected N11.24 billion as profit after tax and N11.33 billion as profit before tax for the period.     AIICO Insurance reported gross written premiums of N31.9 billion, representing 26 per cent rise from the same period in 2019 (Q2’19: N25.4bn).     According to the insurance firm, the growth was driven by…

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Unemployment: NUFBTE president cautions FG over technology influx

  ***says NLC’ll act appropriately on electricity, fuel price hike The National President of National Union of Food Beverage & Tobacco Employees (NUFBTE), Comrade Lateef Oyelekan, has called on the Federal Government to be wary of modern technology that has the capacity to deepen unemployment in the country. Addressing the media during the week, Oyelekan, also faulted reports of factionalisation in the union. Expressing worries over the power of Artificial Intelligence on employment, he reminded the Federal Government that Nigeria was still a developing country where more people still need…

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Wigwe: Banks should partner states to address power problem

The Group Managing Director, Access Bank Plc, Mr Herbert Wigwe, has said that banks need to partner state governments to resolve the country’s power issue to achieve sustainable growth and development.   Wigwe said this on Wednesday, at the 13th Annual Banking & Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN), at which there was a hybrid of both physical and virtual attendance.   He said that commercial banks should partner state governments to embrace solar power solution in order to resolve the country’s power issues.  …

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FirstBank’s CEO, Adetuntan, bags Forbes Best of Africa Award

Nigeria’s leading financial inclusion services provider, First Bank of Nigeria Limited, has announced that its Chief Executive Officer, Dr. Adesola Adeduntan, has been honoured with the Forbes Best of Africa Award. The award presentation was held on September 11, 2020 at a virtual event by Forbes in conjunction with the Foreign Investment Network (FIN). The online roundtable discussion themed, “Harnessing the financial resources and social capital of philanthropy to making a lasting impact,” was supported by the World Philanthropy Network and featured a keynote address by a former Nigerian President,…

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CACOVID urges halt to COVID-19 community spread

The organised private sector has said that stopping the community spread of the coronavirus pandemic is the only way to get the nation’s economy back on track and prevent resurgent in the country. The private sector led Coalition Against Covid-19 (CACOVID) said the present situation demanded that all efforts should be geared towards grassroots awareness campaign against community spread across the country if the gains of the past in combating the deadly virus is to be sustained. CACOVID Administrator and Chief Executive Officer of Aliko Dangote Foundation (ADF), Mrs. Zouera…

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UBA Business Series to support SMEs, business owners with brand positioning, marketing strategies

In its continuous bid to support the growth of Micro Small and Medium Enterprises (MSMEs) and equip them with the necessary tools to strengthen and sustain their businesses, Pan-African financial institution, United Bank for Africa (UBA) Plc, is set to organise another edition of its quarterly UBA Business Series.   The UBA Business Series is an MSME workshop and a capacity building initiative where leading business leaders share insights on best practices for running successful businesses in the face of huge economic challenges. The outbreak of the COVID-19 presented a…

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AMCON takes over Geedee Zulu Investment’s assets over N4bn debt

The Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Mr. Frank Okwudili Ezuma and Mrs. Lilian Ifeoma Okwudili Ezuma, the chief promoters of Geedee Zulu Investment Limited over a staggering indebtedness of over N4billion. The corporation’s decision followed an order by Justice Muslim Hassan of the Federal High Court, Lagos. According to AMCON, “in compliance to the enforcement order, AMCON on Monday August 31, 2020, commenced the process of effective possession of the properties through its Debt Recovery Agent – Prime Chamber Law Firm. “The takeover,…

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Stanbic IBTC advises customers to reactivate dormant, inactive accounts

Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has urged customers with dormant and inactive accounts to reactivate them to enjoy fantastic product offerings and exciting benefits. The financial institution recently launched an account reactivation campaign aimed at giving its customers with dormant accounts the opportunity to enjoy the best financial solutions. Wole Adeniyi, Chief Executive, Stanbic IBTC Bank PLC, stated: “This campaign is another demonstration of our unwavering dedication to serving our esteemed customers better. Their convenience is paramount to us, especially during this period when…

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Naira drops to N460/$1 on parallel market

The naira weakened further on the parallel market, yesterday, dropping to N460/$1 from N455 per dollar that it exchanged for on Friday, traders said. The local currency, which has been under pressure on the parallel market since the beginning of the year, due to foreign exchange scarcity occasioned by the slump in the price of oil rebounded from N477 per dollar to N440/$1 penultimate Tuesday, following an announcement by the apex bank that it would resume the sale of dollars to Bureaux De Change (BDCs) on September 7. The CBN…

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