Category: News

Premium on workmen compensation drops by N900m

Sunday Ojeme

Following regulatory directives, which transferred the management of Workmen Compensation and Employers Liability Insurance to the Nigerian Social Insurance Trust Fund (NSITF) under the Employers Compensation Act 2010, premium accruable to insurers has gradually declined by 88.5 per cent from N1.70 billion to N196 million in the last nine years. According to details in the current edition of Nigeria Insurance Digest, a Nigerian Insurers Association (NIA) compendium of insurance business transaction,, the industry recorded N1.70 billion in 2009 and followed with N903.24 million in 2010. The gradual decline continued in…

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Nigerian traders seek review of Ghana’s retail laws

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Nigerian traders in Ghana are calling for a review of Ghana’s trade laws, to complement already existing ECOWAS treaties that permit free trade among African economies. Ghanaweb quoted the President, Association of Nigerian Traders in Ghana, Chief Chukwuemeka Nnaji, as saying that a review of existing trade laws in Ghana could help tone down “unnecessary tensions between foreign and retail traders.” “I’m still surprised that the Ghanaian Parliament has still not amended the laws. Let that law be amended to suit the ECOWAS Trade Treaty. I think we have to…

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NNPC, Dangote parley over $12bn refinery

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The Nigerian National Petroleum Corporation (NNPC), owner of ailing refineries in Nigeria, on Wednesday agreed to a collaboration with Africa’s richest man, Alhaji Aliko Dangote over his $12 billion refinery. The Group Managing Director of NNPC, Mallam Mele Kyari, and Dangote made this know when President and Chief Executive Officer of the Dangote Group paid a courtesy visit at the NNPC Towers in Abuja. The national oil company, Kyari said according to a statement, was not in contest for market share with the forthcoming Dangote Refinery but rather providing support…

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Farmers back CBN’s policy on milk importation

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The main reason Central Bank of Nigeria’s (CBN) plans to stop issuing foreign exchange to importers of milk was premised on the need for Nigeria to revamp her local diary sector, which has remained moribund due to lack of investors. Cerainly, there is need to attain self-sufficiency in the country’s diary sector based on the country’s over 180 million population as this would reduce the whopping $1.3 billion spending on milk importation. Agric experts have suggested that the country needs to establish more diary industries to produce more milk for…

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Sterling Bank grows income by 19.1%

Chris Ugwu

Sterling Bank Plc, a full-service national bank, has reported a net interest income growth of 19.1 per cent to N30.4 billion for the half year ended June 30, 2019 as against N25.5 billion for the corresponding period of 2018. Overall, the bank recorded a 5.5 per cent improvement in operating income and a profit after tax of N5.66 billion. Commenting on the financial performance, Mr. Abubakar Suleiman, Chief Executive Officer of Sterling Bank, said: “Underlying our half year performance was a concerted effort in improving the quality of our funding…

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Tecno rewards winners in Pouvoir 3 promo

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  Africa’s most preferred smartphone, Tecno, has rewarded the winners of its recently concluded Pouvoir 3 Power Extravaganza promo.   The lucky winners, who emerged after a keen competition, had their prizes presented to them at the company’s Abuja office.   The winners include Mr Adigan Ibrahim, who won the 1st prize– a 24/7 solar energy system; Mr Joseph, who won the 2nd prize – an inverter; Alhaji Mohammad, who won the 3rd prize – a Generator set; and Mr. Paul Malik, who also won a power generator set.  …

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Nigerian fintech emerges finalist at MIT Challenge

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  Social Lender, a lending solution based on social reputation on mobile, online and social media platforms and major players in Nigerian fintech ecosystem, has been selected as a regional finalist for the Massachusetts Institute of Technology [MIT] Inclusive Innovation Challenge (IIC). The Nigerian fintech firm is the only Nigerian start-up that made the Africa regional finalist for the challenge.   Other finalists are Forasna, a Cairo-based platform for blue-collar jobs; Farmline, a Ghana based agrictech startup that distributes content to farmers and 10 other technology startups companies in Africa.…

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Telco partners Gravitas for fibre deployment

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  One of Nigeria’s mobile telecommunication outfits, 9mobile, has signed an agreement with Gravitas, a property and infrastructure development company, to provide exclusive telecommunications services on Gracefield Island.    The company, in a statement, said the deal demonstrated its commitment towards enabling the growth of Nigerian businesses. According to 9mobile, Gracefield Island will be a new integrated cosmopolitan smart city of 25,000 inhabitants initiated by Gravitas and built on purposely-reclaimed land within the fast-rising premium Lekki, Lagos shoreline. It added that exclusive Island would offer world-class utilities and services for…

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ICT experts demand FG’s investment in Wi-Fi

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    To bridge digital gap in the country, stakeholders in the ICT sector have called on the Federal Government to invest in infrastructure that will provide free public Wi-Fi across the country.   The stakeholders, who gathered at the 2019 Nigeria ICT Impact CEO Forum (NIICF), themed: ‘Connecting the Unconnected,’ said private operators had made some investments in this regard, but their efforts would not be enough to cover all cities in the country.   Specifically, the Chief Executive Officer, Bitflux Communications, Mr Lekan Balogun, said the private sector…

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JPMorgan, HSBC, others face $1bn FX-rigging suit

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JPMorgan Chase & Co. HSBC,  and UBS Group AG are among five banks being sued over allegations of foreign-exchange rigging in a class-action lawsuit seeking more than £1bn ($1.2bn or just over R17bn), Bloomberg reported yesterday. Barclays, Citigroup and Royal Bank of Scotland Group are also among the targets of the United Kingdom suit that will say pension funds, asset managers, hedge funds and corporations lost out because of market manipulation between 2007 and 2013 and should be compensated. The lawsuit centers on collusion on foreign-exchange trading strategies, for which the…

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