Category: Business

Finance Minister Faults CBN On Planned Currency Alteration

Onyinye Obianwu

…asks Senate to probe proposal Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmad, has reportedly disowned the new Central Bank of Nigeria (CBN) policy on redesigning the Nigerian currency, the naira. The Minister made this disclaimer when she was to a question raised by Senator Opeyemi Bamidele representing Ekiti Central, during the 2023 budget defence session with the Senate Committee on Finance. Reports reaching voiceofnaija.ng have it that the Finance Minister warned the CBN of the dire consequences that may arise from its new policy. The Senator asked: “Just two…

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German Customs Seize, Destroy Snails, Rotting Meat From Nigeria

JUSTINA EMMANUEL OKPARA

German customs officials say a trail of slime led them to a stash of almost 100 giant African land snails and other items hidden inside bags at Duesseldorf Airport this month. In a statement Friday, authorities said officials stumbled over one of the snails on a baggage truck and initially thought it was a toy until it started moving. By following the trail left by the 20-centimeter (8-inch) snail, they found a bag with a hole, with another snail already peeping out of it — possibly preparing a dash for…

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Report Ranks Lagos Fourth In Africa’s Dollar Millionaires

Admin

A report by research firm, New World Wealth and Henley & Partners, has ranked Nigeria’s commercial capital, Lagos, fourth in terms of the number of dollar millionaires in Africa. The latest Henley Global Citizens Report, which tracks private wealth migration trends worldwide, shows Lagos has 6,300 High Net Worth Individuals (HNWI) with at least $1 million. The report shows South Africa’s business hub Johannesburg has 15, 200 dollar millionaires – the most in Africa – followed by Egypt’s capital Cairo, which has 7,800 HNWIs. Another South African city, Cape Town,…

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FBNInsurance Names Tunde Mimiko New MD/CEO

Gedion Myek

FBNInsurance Limited has announced the appointment of Mr. Tunde Mimiko as its new Managing Director/Chief Executive Officer, following the retirement of Mr. Val Ojumah. A statement released by the company described Mimiko as a seasoned insurance professional with over 23 years’ experience in life and general insurance, spanning sales and marketing, business development, strategy, vision & mission planning, technical operations, product development & management. The statement added that he was a transformational leader who has actively participated in the transition projects of the various companies where he served, including the…

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MTN Nigeria Announces Issuance Of $54.2m Commercial Paper

admin

MTN Nigeria Communications Plc has announced a proposed issuance of N23 billion ($54.2 million) in the Nigerian capital market. A disclosure by the telco, seen by newsfieldglobal, said the Series 3 commercial notes are part of MTN Nigeria N150 billion ($353.7 million) commercial issuance programme. The disclosure by MTN Nigeria did not say when exactly the notes would be issued or their tenor. But it did mention that funds realised from the proposed issuance would go towards bolstering working capital. “The issuance is part of the company’s strategy to diversify…

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Court Freezes Another Sh400.6m Belonging To Flutterwave

JUSTINA EMMANUEL OKPARA

The High Court of Kenya has allowed the freezing of a further Sh400.6 million belonging to Nigerian fintech startup Flutterwave after the Assets Recovery Agency (ARA) linked the money to card fraud and money laundering. For the good part of this year, Flutterwave has been in constant contest with Kenyan authorities over money held in different banks alleged to have been obtained illegally. This is the second time the company in less than six months that the company’s accounts have been frozen on grounds of fraud and money laundering. In…

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AIICO Insurance grows premium by 21.4% in H1’22     

JUSTINA EMMANUEL OKPARA

AIICO Insurance Plc, foremost and most resilient insurance services provider, has announced a gross written premium (GWP) of N45.5billion in the H1 2022, up by 21.4per cent compared with N37.481billion recorded within the same of in 2021. While the company posted a growth of 21.4per cent in 2022, the group grossed N45.5billion year-on-year (y-o-y) in the first half of the year from N37billion or 21.6per cent within the period under review. The company’s unaudited results represent the firm’s performances for the interim period ended 30 June 2022. Accordingly, the company’s…

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AMCON: Josepdam not indebted to us

JUSTINA EMMANUEL OKPARA

Following the successful liquidation of its indebtedness, the Asset Management Corporation of Nigeria (AMCON) has declared Josepdam & Sons Limited and Josepdam Sugar Company Limited free of any debt obligation to the Corporation. A letter to this effect sighted by our correspondent revealed that the concerned obligors had defrayed the total outstanding balance put at N18.783 billion. Recall that a section of the media had recently been erroneously listing Josepdam alongside other obligors that are yet to liquidate their indebtedness to the Corporation.  The said publication also alleged that Mrs.…

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Nigerian Govt Officials, Microsoft Managers In Alleged $200m Bribe

Aleko Sydney

A 20-year-old employee with tech behemoth, Microsoft, has alleged that the firm is bribing clients in Nigeria as well as across the Middle East and other African countries on a massive scale. According to the whistleblower, Yasser Elabd, who published his testimony in March on the website, Lioness, the company spends more than $200 million annually on bribes and kickback schemes in Nigeria, Saudi Arabia, Qatar, Zimbabwe, and Ghana, among other countries. The report posted in rt.com quoted the employee as saying that more than half the managers and salespeople…

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FY’21: Leadway Assurance Pays N48bn Claims To Policyholders

JUSTINA EMMANUEL OKPARA

Following a five-year streak of outpacing the industry players in claims expense to its policyholders, Leadway Assurance Company Limited, Nigeria’s foremost insurer, maintained another year-on-year increase with N48 billion claims – the highest annual claims expense as of December 31, 2021. Leadway Assurance’s claims expenses for 2021 recorded a 10 per cent increase from N43.5billion in 2020 to N48 billion relative to the previous year.  The shareholder’s fund also recorded 18.8 per cent increase from N67.8 billion in 2020 to N80.6 billion in 2021, while posting a Total asset of…

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