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Stocks: Banks post N92bn gain in August

September 13, 2020 Funke Adeko

Investors in banks quoted on the main board of the nation’s stock market reported a cumulative gain of about N92 billion during the month of August 2020 following fair earning results released by most lenders despite COVID-19 ravaging the country. Checks revealed that the stocks recorded a gain of N92 billion or 4.67 per cent to close at N2.063 trillion in market capitalisation on the last trading day of August 31, as against the opening figure of N1.971 trillion at the beginning of trading on August 1. Market watchers believe…

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

September 12, 2020September 12, 2020 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…

Group: Importation dampening our morale

September 12, 2020 Dorothy Ewah

Nigeria Young Farmers Network (NYFN) has described the Federal Government’s decision to partially import maize and other banned crops as capable of dampening the efforts of mobilizing young people to engage in the agricultural sector in a rapidly dwindling economy. It said that youth apathy towards agriculture was a major challenge the body is working hard to reverse, adding that anything short of full support to achieve that will be counter productive for the nation. Director General/ National Coordinator of (NYFN), Promise Amahah, expressed the…

Access Bank signs $93.8m loan with Dutch bank

August 20, 2020August 20, 2020 admin

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…

NAICOM tasks insurers to reposition for post-COVID-19

August 20, 2020August 20, 2020 admin

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…

Royal Exchange Insurance posts N10bn premium

August 20, 2020August 20, 2020 admin

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…

FG: Agric to solve challenges arising from COVID-19

August 20, 2020August 20, 2020 Awele Madu

The Federal Government has disclosed that agriculture is the best way to beat the triple problem of low foreign exchange, huge unemployment and negative growth caused by COVID-19 in line with Mr. President’s mantra ‘to produce what we eat and eat what we produce.’ With this, the government is focusing on agriculture, increasing the acreage under cultivation and engaging thousands of young people in farming and agro-allied jobs. Also, the government is expecting the N2.3 trillion stimulus package under the Economic Sustainability Plan to bring between 20,000…

African Alliance earns ISO 22301:2012

August 20, 2020August 20, 2020 admin

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…

Recapitalisation: NAICOM tightens noose on underwriters

August 20, 2020 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…

COVID-19: Expert raises security concern over virtual meetings

August 20, 2020 admin

Organisations leveraging various online platforms for virtual meeting as a result of the coronavirus pandemic face the risk of data compromise, a cybersecurity expert has warned. Process engineering analyst at Mi-C3 International, Mr. Adote Rock, who gave this warning during a webinar organised by the Nigeria Internet Registration Association (NiRA), said meetings over platforms such as Zoom could be recorded by anybody who is a participant and the information could be used against the organisation. “Zoom gives you the false impression that only you can authorise the recording of a…