OPEC sees steeper oil demand drop as virus remains challenging

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World oil demand will fall more steeply in 2020 than previously forecast due to the coronavirus and recover more slowly than expected next year, OPEC said on Monday, potentially making it harder for the group and its allies to support the market.     World oil demand will fall more steeply in 2020 than previously forecast due to the coronavirus and recover more slowly than expected next year, OPEC said on Monday, potentially making it harder for the group and its allies to support the market.   World oil demand…

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Health workers begin nationwide strike

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  Health workers under the aegis of the Joint Health Sector Unions (JOHESU) are to begin a nationwide strike from midnight on Sunday. The strike is over Federal Government’s inability to meet their demands. The JOHESU President, Mr Josiah Biobelemoye, made this known in a letter addressed to the Minister of Labour and Productivity, Dr Chris Ngige, and made available to newsmen on Sunday in Abuja. The News Agency of Nigeria (NAN) reports that the workers had issued a notice to the government, saying that it would embark on a…

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COVID-19: Heritage Bank, FAMO provide succor for 300 teachers

Dorothy Ewah

  Heritage Bank Plc in partnership with Honourable Fatima Mohammed (FAMO) foundation has provided succor to over 300 affected private school teachers and small medium enterprises (SMEs). The gesture is part of efforts to cushion the effect of COVID-19. A statement issued at the weekend said in alleviating the challenges, Heritage Bank and its partner supported over 300 private school teachers and small businesses as palliatives in 15 local governments; including five major markets in Ojokoro Local Council Development Area of Ifako Ijaiye, in Lagos State. Speaking at the event,…

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Stocks: Banks post N92bn gain in August

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…

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

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…

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Benefit management: Evaluating regulators’ path to sanity

Stella Ofiko

To contain the unhealthy competition between pension fund managers and life insurance providers as regards management of retirees’ benefits, the National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) recently took the bold step to address issues therein that are propelling friction in that regard.   Long before now, there existed a silent motor park type struggle for passengers between the pension fund managers as represented by Pension Fund Administrators (PFAs) and life insurance providers in the way they prospect clients for pension management. The clamour was all about…

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Group: Importation dampening our morale

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…

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Access Bank signs $93.8m loan with Dutch bank

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  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…

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NAICOM tasks insurers to reposition for post-COVID-19

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  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…

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Royal Exchange Insurance posts N10bn premium

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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…

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