Category: Industry

Access Holdings Announces Bolaji Agbede As Acting Group CEO

Admin

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…

Read More

Nigerian Insurers Miss IFRS 17 Implementation Deadline

Admin

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…

Read More

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…

Read More

Report: Insurers Suspending Exposure To Specific Risks

Admin

…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…

Read More

NNPC/Aiteo Joint Venture Launches Nembe Crude Oil Grade

Admin

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…

Read More

C&F Clinches Another Global Brand- Daikin Industries

Admin

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…

Read More

GlaxoSmithKline loses N7bn In 6 Months, To Halt Nigerian Operations

Admin

…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…

Read More

INTERPOL Declares Nigerian Woman Wanted Over N750m Fraud

Admin

A Nigerian businesswoman, Ese Cynthia Daniel, has been declared wanted by the International Police over an alleged N750 million fraud. In an INTERPOL bulletin numbered CR: 3000X/ICPO/ADM/LD/VCP/Vol. 4/93, the declaration followed a warrant of arrest issued by a Magistrates Court in Lagos State to the Nigeria Police Force. The bulletin noted that Ese, who hails from Delta State, conspired with accomplices to fraudulently convert the sum in Lagos, between January 24, and 26, 2023. The suspect allegedly obtained the said amount under the pretence of paying the United States of…

Read More

Nigerian Stowaways Narrate How They Survived On Ship’s Rudder For 14 Days

Admin

Four Nigerian stowaways crossing the Atlantic in a tiny space above the rudder of a cargo ship and rescued by Brazilian police have narrated how they survived the perilous journey. The stowaways narrated how they ran out of food on their tenth day at sea. They survived another four days, according to their account reported on Tuesday by Reuters, by drinking the sea water crashing just meters below them, before being rescued by Brazilian federal police in the southeastern port of Vitoria. Their remarkable, death-defying journey across some 5,600 kilometers…

Read More

Revelation Paints Wins Industry Leadership Award

Admin

The superior quality and unique standing of Nigeria’s foremost paint maker, Revelation Paints Limited, came to public glare again last week as it was adjudged the best in the country and subsequently awarded the winner in Excellence in Paints Manufacturing Leadership Company of the Year 2023. According to the organisers of the award, Excel Africa Excellence in Corporate Enterprise & Leadership Awards 2023, the award categories, which were meticulously screened by experts before arriving at the decision, saw the decorative paint manufacturer beating other premium brand competitors to clinch the…

Read More