Category: Top Stories

FDI: Stakeholders bemoan investor apathy to real estate

Dayo Ayeyemi

Nigeria’s fragmented real estate industry, difficulties in obtaining construction permits and other factors have discouraged foreign investors from large-scale investments in the sector, New Telegraph has learnt. According to  experts and major players in the sector, despite improvement of Nigeria on the Global’s Ease of Doing Business  global ranking 2018, private developers  have continued  to encounter difficulties in obtaining construction permits and property titles due to lack of transparency by officials of government. They agreed at a Business Forum organised by the International Real Estate Federation (FIABCI) Nigeria in Lagos that the World Bank’s…

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OML: Drilling on two slots hits 203 in 14 years

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Shell said that it had, through Production Sharing Contracts (PSCs) with Nigerian National Petroleum Corporation and other PSCs partners, drilled 203 oil wells offshore Nigeria in the last 14 years. The company, which said this in a document obtained by New Telegraph at the weekend, noted that these wells were drilled on Bonga and Erha oil fields between 2002 and 2016. “Twelve years after first oil, Bonga is still operating at “nameplate capacity” – its capacity when it first came into production in 2005. The company had drilled 203 oil…

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Forbes’ billionaires: Dangote retains spot as Africa wealthiest

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*BUA boss, Rabiu, re-emerges with $1.6bn Four Nigerians including Alhaji Aliko Dangote, Mike Adenuga, Folunsho Alakija and Abdulsamad Rabiu have been listed among top billionaire in Africa with a combined net worth of $22.2 billion. In the latest ranking by Forbes, Dangote, Africa’s prolific investor, retained his position as the wealthiest man in the continent. His estimated $10.3 billion net worth, however, is nearly $2 billion less than a year ago, primarily due to a roughly 20 per cent drop in the stock price of Dangote Cement, his most valuable…

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Minimum wage: Governor seeks sympathy for colleagues

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Following the unending battle between labour and the Federal Government over new minimum wage, the Governor of Kebbi State, Alhaji Atiku Bagudu, has called on Nigerians to sympathise with some state governors over their inability to pay the proposed N30,000. Bagudu, who was part of the Tripartite Committee on New Minimum Wage that recommended N30, 000 new minimum wage, said that in spite of the Committee’s commitment and recommendation, it was also important for stakeholders to sympathise with governors in that category. He gave the advice in Abuja at the…

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Local reinsurers’ mgt expenses gulp N6.63bn

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Despite the poor state of insurance in the country, Nigeria’s major reinsurers, Continental Reinsurance Plc and Nigeria Reinsurance Corporation, sank over N6 billion into management expenses within a period of three years. According to the breakdown obtained by this newspaper from the Nigerian Insurers Association (NIA), the amount, which covers from 2015 to 2017, is thrice that recorded against the firms’ investment income, which stands at N2.60 billion. Details of the breakdown revealed that in 2015, Continental Re recorded N2.18 billion as management expenses as against N902.94 million for  investment income.…

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Investors’ zeal as boost for untapped potential

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The continuous desire by foreign insurance investors to do business in Nigeria through the acquisition of stakes in local firms gives credibility to presence of huge and untapped insurance potential in the country. Sunday Ojeme reports Nigeria, as at today, remains one of the countries with some level of political instabilities within the African continent. Although with a semblance of stable governance, which is invariably desired for investment, the underlying political turbulence also has a lot to do with investors’ decision to either put their money in the economy or…

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NSIA unveils health insurance plan

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NSIA Insurance has launched an international health insurance product, NSIA Health Insurance, into the Nigerian market. A statement made available to New Telegraph said the underwriting firm was in the project in partnership with Cigna and Hollard. Cigna is a Fortune 500 company in the USA and one of the world’s leading providers of health benefits enabled through its 41,000 employees serving over 90 million customers all over the world. Hollard is South Africa’s largest independent insurance company, with an ever-growing African footprint making it known throughout the continent for…

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PenCom kicks over alleged Pension Act violation

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The management of National Pension Commission (PenCom) has deplored reports that it violated aspects of the revised Pension Reform Act 2014. The allegations were listed in House of Representatives Resolution against the commission. Reacting to the allegation during the House of Representatives Ad-Hoc Committee Public Hearing to Investigate the Activities of PenCom and Violation of the Pension Reform Act (PRA) 2014 held at the National Assembly Complex, Abuja, the Acting Directing-General, Mrs. Aisha Dahir-Umar, said it was unfounded, stressing that the members of staff and management team of the commission…

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South-West leads in drug abuse in Nigeria

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Leader of the Presidential Advisory Committee on the Elimination of Drug Abuse (PACEDA), South-West, Mrs Oluwatoyin Odeku, said 22.4 per cent of drug abuse cases in Nigeria happened in the South-west. Odeku disclosed this at a press conference in Akure, Ondo State on Friday. She said the figure was in line with the official statistics released by the UN in its fact finding mission in the region to curb drug abuse in the country. President Muhammadu Buhari had on Dec. 10, 2018 inaugurated the committee chaired by Maj.-Gen. Buba Marwa…

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Breast cancer survivor donates materials to patients

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Co-founder, Bricon Foundation, Dr Niyi Adekeye, Mrs Abigail Simon-Hart, Prof. Adetola Daramola, Deputy Chairman Medical Advisory Committee LUTH, Nicolas Iruhre, Professor of Radiology and Mr Caleb Yakubu, Coordinator LUTH Breast Clinic. An NGO, Bricon Foundation, on Friday donated 100 mastectomy brassieres to the Lagos University Teaching Hospital (LUTH), Idi-Araba, Lagos, for the use of breast cancer indigent survivors. Mrs Abigail Simon-Hart, a co-founder of the NGO and Dr Niyi Adekeye, donated the mastectomy brassieres to mark the 2019 World Cancer Day. The News Agency of Nigeria (NAN) reports that the…

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