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By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly. Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion

By Aduragbemi Omiyale A workshop designed to educate investors, especially those in the retail end of the curve, on how they can improve corporate governance has been organised by the Nigerian Exchange Regulation (NGX RegCo) Limited. The two-day event, which took place on Thursday, November 23, and Friday, November 24, 2023, was themed Rights and Responsibilities of Shareholders in Driving Corporate Governance. According to the NGX RegCo, the seminar was designed to promote a transparent and fair market, with participants agreeing that all hands must be on deck to sanitize the market and bring the boards and management of listed

By Adedapo Adesanya A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs. The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria. The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery. According to a statement, the integration of solar into the factory’s energy mix

By Modupe Gbadeyanka The Nigerian local currency closed flat at N370 to the Dollar at the parallel market yesterday, same rate it was traded the previous day. The Naira has found it very difficult to appreciate further or trade at around N300 per Dollar at the black market since it crossed the N200 per Dollar mark at the wake of the present administration. Nigeria sank into recession last year following shortage in foreign exchange at the market as well as drop in the price of oil in the global market. Since February 2017, the country’s central bank had been injecting

By Modupe Gbadeyanka President Muhammadu Buhari has formally launched the much-awaited Economic Recovery & Growth Plan (ERGP, 2017 – 2020). During the ceremony held on Wednesday in Abuja, Mr Buhari disclosed that Nigeria aims to achieve a 7 percent growth rate by the year 2020. Speaking during the launch, the President said, “The ERGP brings together all our sectoral plans for agriculture and food security, energy and transport infrastructure, industrialization and social investments together in a single document.” He added that, “It builds on the Strategic Implementation Plan and sets out an ambitious roadmap to return the economy to growth.”

By Adedapo Adesanya Nigeria’s leading non-interest banking products and services provider, TAJ Bank Limited, has received the Payment Card Industry Data Security Standard (PCI DSS) certification in recognition of its globally recognized information security standards in all areas of its operations. The lender is among the first CBN-licensed banks since 2015 to be so recognized for its secured services to millions of its growing customers. The PCI DSS certification is an information security standard created by major card schemes operators (Visa, MasterCard, American Express, Discover, and JCB) with a set of technical and operational requirements intended to ensure the broad

By Walter Duru The implementation of the Justice For All (J4A) programme, an initiative of the United Kingdom government’s Department for International Development (DFID), has been commended by Nigeria’s Acting President, Professor Yemi Osinbajo. Mr Osinbajo thanked the UK government for sustaining its support to the country, saying the justice sector has recorded reforms as a result of the support. The Acting President, while delivering a keynote speech at a close-out and valedictory programme of the Justice For All, held in Abuja on Thursday, also described the programme as well thought-out and impactful. The Acting President, who spoke through his

By Dipo Olowookere The N50 billion commercial paper sales of Dangote Cement Plc are closing today, Thursday, February 2, 2023. The exercise commenced on Monday, January 30, 2023, under its N150 billion commercial paper issuance programme. According to details of the commercial paper sales, the cement firm is issuing the debt instruments in two maturities, with the Series 4 at a 183-day tenor and the Series 5 at a 267-day tenor. Dangote Cement is offering the 183-day paper at a discount rate of 12.21 per cent with an implied yield of 13.00 per cent, while the 267-day paper is offered

By Adedapo Adesanya The NASD Over-the-Counter (OTC) returned to the bullish zone on Tuesday by 1.29 per cent caused by the northward movement in the prices of two bellwethers; FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing Systems (CSCS) Plc. The share price of Friesland rose by N6.64 or 5.7 per cent to settle at N116.64 per unit compared with the preceding session’s N110.00 per unit, while CSCS gained N1.17 or 6.9 per cent to quote at N17.00 per unit versus Monday’s N15.83 per unit. As a result, the market capitalisation of the unlisted stock exchange increased by N11.91 billion

By Adedapo Adesanya The Senate President, Mr Ahmad Lawan; and the Speaker of House of Representatives Mr Femi Gbajabiamila, have been urged to urgently probe the alleged missing N4.4 billion budgeted for the National Assembly (NASS). It was alleged that the public fund was missing, misappropriated, diverted or stolen, according to three audited reports by the Office of the Auditor-General of the Federation. In an open letter dated January 30, 2021, the Socio-Economic Rights and Accountability Project (SERAP) challenged the parliament to “show Nigerians that the legislative body is a proper and accountable watchdog that represents and protects the public

By Dipo Olowookere A total of N186.6 billion was pulled out from the nation’s stock exchange in the first three months of this year by foreign portfolio investors (FPIs). Data from the Nigerian Stock Exchange (NSE) and analysed by Business Post revealed that this amount was higher than the N124.2 billion withdrawn from the bourse in the comparative period of 2019. A month by month check of the foreign outflow showed that in January 2020, the sum of N46.5 billion was taken out from the exchange and the next month, they ejected N52.4 billion and in March, they took out