Category: Business

Investment migration: Wealthy Nigerians boost $3bn industry with traffic to Caribbean Island

Oladipupo Johnson

The decline in standard of living and an unimpressive return on investment prospect in Nigeria has again been accentuated by a report that wealthy Nigerians have started buying their way into the citizenship of St. Lucia, a small island in the Caribbean. According to the report by Quartz Africa, the office of Citizenship by Investment Program (CIP) of St. Lucia, which had no application from Africa in the last five years of its operation, has suddenly been invaded by Nigerians with the intention of relocating their families to the tiny…

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Access Bank signs $93.8m loan with Dutch bank

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  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…

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NAICOM tasks insurers to reposition for post-COVID-19

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  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…

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Royal Exchange Insurance posts N10bn premium

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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…

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African Alliance earns ISO 22301:2012

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  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…

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Recapitalisation: NAICOM tightens noose on underwriters

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…

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NIPC: Oil, aviation firms file for tax holiday

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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…

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Factions: Uneasy calm as pensioners maintain conflicting stance

Dorothy Ewah

  The registration of a new pension body, Federal Parastatals and Private Sector Pensioners’ Association of Nigeria (FEPPAN) in the first quarter of 2019 by Minister of Labour and Employment, Sen. Chris Ngige, is still generation friction among the retirees.   Recently, majority of the affected pensioners under the Sectoral Units and Parastatals urged the Federal Government to respect their decision to remain under the Nigeria Union of Pensioners (NUP).   This was contained in a communique signed by the Chairman of all Sectoral Unions and Parastatals, Alex Abu, after…

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NSE records midweek gain of N20bn

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  Trading activities on the floor of the Nigerian Stock Exchange today closed on the positive route to maintain uptrend as bulls sustained grip on the local bourse for the fourth trading session following gains recorded by blue chip firms.   The local bourse recorded18 gainers against 12 losers as market sentiments remained green. Consequently, the All-Share Index appreciated by 140.53 basis points or 0.16 per cent to close at 24,882.04 index points as against 24841.92 recorded the previous trading session while market capitalisation of equities grew by N20 billion from…

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Stanbic IBTC female employees reach out to less privileged

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  Stanbic IBTC Blue Women Network (BWN), a network of female employees of the Stanbic IBTC Group, has donated food items and provisions to orphanage homes in locations across Nigeria through its Blue Women, “Giving Back Initiative.” In a statement, the lender said that the BWN, inaugurated five years ago, has consistently taken steps towards helping the society at large, adding that part of the body’s mandate is to provide support to the disadvantaged, hence, the creation of its Giving Back Initiative. According to the statement, BWN members made voluntary cash donations…

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