Category: Business

FirstBank Inaugurates ‘Digital Xperience Centre” At Banana Island

Gideon Myek

FirstBank of Nigeria on Wednesday inaugurated its “Digital Xperience Centre” at the Banana Island Front Gate, Ikoyi, Lagos. In his speech at the event, the Managing Director and Chief Executive Officer, FirstBank of Nigeria and subsidiaries, Dr. Adesola Adeduntan, who inaugurated the Centre, said it was the fourth such state-of-the-art facility in the country and the second in the state to be inaugurated by the bank. He said that the establishment of digital experience centres aligned with the bank’s commitment to delivering exceptional customer experiences and staying at the forefront…

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CBN Liquidates validated $7bn Forex Backlog

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The Central Bank of Nigeria has cleared all inherited valid foreign exchange backlogs of $7 billion claims, putting paid to backlog obligation inherited by the current Gpvernor, Mr Olayemi Cardoso. Acting Director, Corporate Communications, Mrs. Hakama Sidi Ali, confirmed clearance of the last leg of the obligation in a statement on Wednesday in Abuja. She noted that the CBN recently concluded the payment of $1.5 billion to settle obligations to bank customers, effectively settling the residual balance of the FX backlog. She also disclosed that independent auditors from Deloitte Consulting…

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GTCO Announces 2024 Food And Drink Festival

JUSTINA EMMANUEL OKPARA

  Guaranty Trust Holding Company Plc has announced the dates for the 2024 GTCO Food and Drink Festival. So also did the company announce the venue of the event in a statement it issued on Wednesday in Lagos State. The announcement marked the beginning of the process to the seventh edition of the most anticipated culinary festival in Africa. The event has been slated for April 26 to 28, 2024 at GTCentre, Plot 1, Water Corporation Drive, Oniru, Victoria Island, Lagos State. The GTCO Food and Drink Festival is widely…

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Access Holdings Announces Bolaji Agbede As Acting Group CEO

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The Board of Directors of Access Holdings Plc (‘the Company’) has announced the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer of the Company following the unfortunate demise of its former Group Chief Executive Officer, Dr. Herbert Wigwe, on February 9, 2024. The appointment is subject to the approval of the Central Bank of Nigeria. Until her recent appointment, Ms. Agbede was the company’s most senior founding Executive Director in charge of Business Support. She has nearly three decades of professional experience cutting across banking and…

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Nigerian Insurers Miss IFRS 17 Implementation Deadline

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Nigerian Insurers Miss IFRS 17 Implementation Deadline   Several insurance companies operating in Nigeria have missed the deadline set by the National Insurance Commission (NAICOM) for the full implementation of the new IFRS 17 accounting standard. Insurers were required to adopt the new accounting framework by 31 December 2023. According to industry professionals, the non-compliant companies could ask for an extension of the deadlines. No official statement has been made by NAICOM, which according to market expectations could either grant an extension of the deadlines or impose sanctions. Atlas Magazine…

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IFRS 17: Insurers Consolidate On Battling Visible Challenges

JUSTINA EMMANUEL OKPARA

Steps towards effective accounting standard as provided through Internation Financial Reporting Standards (IFRS 17) received a boost last week as experts in the insurance sector gathered to tackle visible challenges therein. The roundtable organised by Mettlehouse Consulting was themed: “Resolving Insurance Service Expenses Allocation Challenges in Financial Reporting under IFRS 17.” Leading the discussions in his keynote address, the Commissioner for Insurance, Mr. Sunday Thomas, considered it a privilege to have been invited to the programme that is aimed at, among others, recommending best practices for harmonisation, comparability and consistency…

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Report: Insurers Suspending Exposure To Specific Risks

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…as reinsurers adopt new strategies   As catastrophes keep emerging in different dimensions globally, underwriters are also adopting measures to remain in business as well as cut cost and sustain profitability. To remain afloat in this regard, insurers across the world are taking measures as report emerges that those operating in the United States have resorted to suspending exposure to certain risks. A report by Atlas Magazine specifically said several US insurers were suspending the underwriting of certain coverages in order to reduce their exposure to specific risks. The report…

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NNPC/Aiteo Joint Venture Launches Nembe Crude Oil Grade

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The NNPC/ Aiteo Joint venture has announced the introduction of Nembe Crude Oil Grade, a new crude oil grade into the international crude oil market. The announcement of the Nembe Crude Oil Blend, produced by Aiteo, the Operator of the NNPC/Aiteo Oil Mining Lease (OML) 29 Joint Venture (JV), was made at the ongoing Argus European Crude Conference in London, on Tuesday. OML 29, an asset located onshore Nigeria, is operated by Aiteo Eastern Exploration & Production Ltd, Africa’s leading indigenous hydrocarbon producer, following a historic acquisition from Shell in…

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C&F Clinches Another Global Brand- Daikin Industries

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Leading reputation capital consultancy and strategic communications leader in West Africa, C & F Porter Novelli, has been appointed to man- age the public relations account of Daikin Industries, a global leader in the manufacture of high-quality air conditioning, heating, ventilation, and refrigeration products (HVAC-R), across major African markets. Daikin Industries is the global leader in developing and manufacturing advanced, high-quality air conditioning, heating, ventilation, and refrigeration products (HVAC-R) and solutions for residential, commercial, and industrial applications. Founded in Japan in 1924, the company strives to combine expertise and experience…

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GlaxoSmithKline loses N7bn In 6 Months, To Halt Nigerian Operations

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…records over N7bn loss in six months Plans are underway by GlaxoSmithKline (GSK) Nigeria to stop doing business after evaluating the options for moving to a third-party distribution model for its drugs and consumer healthcare goods. In statement on Thursday it said: “For the above reasons, and having, together with GSK UK, evaluated various other options, the Board of GlaxoSmithKline Consumer Nigeria Plc has concluded that there is no alternative but to cease operations.” Shares in GSK Nigeria, in which British drug maker, GSK has a 46.4 per cent stake…

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