PIGB: Stakeholders demand urgent presidential assent

Doris Anyanwu

Concerned stakeholders as well as legal professionals have again reminded the country’s leadership of the urgency in endorsing the Petroleum Industry Governance Bill (PIGB), a document, which delay has resulted in the country losing over N3 trillion annually in oil and gas sector.   Re-echoing the urgency last week during a Nigeria Bar Association Roundtable on Nigeria’s Petroleum Industry Reforms, the discussants including lawyers and oil and gas experts, said assenting to the bill would an create efficient and effective governing institutions with clear and separate roles for the petroleum…

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Minimum Wage: More headaches for governors

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Just a few weeks after the last nationwide strike, signs of more public disorder are currently hovering as federal and state governments apply tactical delay to forestall the implementation of new minimum wage anytime soon. NFG reports reports   In the last two weeks, developments around clamour for a new minimum wage appear to have finally put paid to an early implementation.   Just while organised labour was still trying to fathom Federal Government’s stance on the report it received from the Tripartite Committee on New Minimum Wage, the governors…

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NSITF: PenCom effects N43.81bn transfer into workers’ RSAs

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Following its prudent supervision of activities at the Nigeria Social Insurance Trust Fund (NSITF), the National Pension Commission (PenCom) perfected the transfer of N43.81 billion from the fund to workers’ Retirement Savings Accounts (RSAs) during the third quarter of the current year.   According to a report obtained by New Telegraph, the amount covers 635 NSITF members’ applications received during the quarter under review.   The report noted that all applications were processed and computed amounts were transferred to the RSAs of the NSITF members.   “From inception to date,…

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CPS: Retirees’ account active fund records net growth of N181.43bn

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The Net Assets Value (NAV) of the Retirement Savings Account ‘Active’ Fund under the Contributory Pension Scheme (CPS) has recorded a net growth of N181.43 billion (3.39 per cent).   Findings by New Telegraph revealed that the figures under the scheme’s portfolio performance moved from N5.35 trillion as at March 31, 2018 to N5.53 trillion as at June 30, 2018.   In the same vein, the RSA ‘Active’ fund recorded a Weighted Average Rate of Return (WARR) of 8.17 per cent (annualised) as at second quarter 2018, representing a significant…

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Research: Nigeria, others battle $160bn insurance gap

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    The horrible state of insurance penetration in the country has been further highlighted alongside other emerging market countries. According to a new research from Lloyd’s and the Centre for Economics and Business Research (CEBR), an estimated $163 billion of assets are underinsured in the world today, leaving an exposure gap that poses a significant threat to livelihoods and global prosperity.   Londonlovesbusiness quoted the research as listing Nigeria, Bangladesh, India, Vietnam, Philippines, Indonesia and Egypt as individually having an insurance penetration rate of less than per cent.  …

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Nigeria, Kenya in race to boost global insurance premium

Editor

Following foreseeable improvement in human and infrastructure development in the future, Nigeria and some other emerging economies are sure to contribute immensely to the global insurance premium, according to a study published by Swiss Re Institute’s sigma. The study, which is part of the institute’s 50th year anniversary, also revealed that global insurance premium continued to rise in 2017 with emerging markets leading the way. According to Swiss Re Group Chief Economist, Jerôme Haegeli, “for the next decade, the shift to China is likely to continue. Given the impressive number…

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Kidnap: How ‘DSS’ aided N1m ransom payment

Alade Jones

An Anglican Bishop serving in Edo state has lamented the kidnap by Fulani herdsmen of one of his clergies, who is the incumbent Vicar, Our Savior’s Anglican Church, Oyobunni, Okpe Kingdom, Rev. Can. Emmanuel C. Chikunie. He was eventually released after paying N1 million based on the advice of an ‘official’ of Directorate of Secret Service (DSS), who simply gave his name as Adamu. According to the details made available exclusively to New Telegraph, Chikunie was abducted on Saturday September 29, 2018 around 5:17pm along Okpe road as he was…

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Mysterious death of 32-year-old Nigerian in his older wife’s country

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Gabriel Segun Ajayi, a 32-year-old Nigerian married to a 50-year-old resident of the Vologda region, died of a massive heart attack at a dance club in the city of Cherepovets, about 500 km north of Moscow.   Russian investigators thereafter launched a preliminary probe into reports of Ajayi’s death, saying that the cause of death would be determined after a forensic examination.   Earlier, the official portal of the city of Cherepovets, Russia reported that Ajayi had died of a heart attack at a local nightclub. The Nigerian Embassy in…

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Terrorism: Pentagon in $44m weapon deal for Nigeria, others

Emmanuel Ojora

      As part of an agreement to assist in ending terrorism in the country, Pentagon has paid over $44 million to General Dynamics-OTS to provide Hydra rockets to Nigeria, Afghanistan, Australia, Lebanon and the Philippines, the Department of Defense said. Hydra rockets are lightweight weapons designed for use against point and area targets. They are fired from seven and 19 tube launchers that are mounted on aircraft such as the US Army’s Apache helicopter and the US Air Force F-16 combat jet.   General Dynamics-OTS provides advanced, technology-led…

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Nigerian Immigration Service splashes N36bn on debts

Alade Jones

…as private firms suck agency’s revenue Alade Jones The projection by Nigerian Immigration Service to generate N40 billion in the last financial year hit a brick wall as it could only muster about N35.73 billion locally and $27.26 million from its foreign missions. According to the financial details obtained by New Telegraph, the agency, within the period, also incurred expenses in excess of N36 billion, being payments mostly made to service providers. The breakdown also revealed a decrease of about 4.5 per cent compared with the over N50 billion in…

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