China Woos Bauchi for $30b Investment in Nigeria

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

By Adedapo Adesanya The trio of Newrest Asl Plc, FrieslandCampina Wamco Nigeria Plc, and Acorn Petroleum Plc made the NASD Over-the-Counter (OTC) Securities Exchange appreciate by 0.14 per cent on Friday, December 1. The three gainers pressed down the 8 Kobo loss reported by UBN Property Plc, which closed the trading session at N1.52 per unit compared with the preceding day’s value of N1.60 per unit. During the trading day, Newrest Plc gained N1.46 to close at N16.10 per share compared with Thursday’s closing price of N14.64 per share, FrieslandCampina Wamco Plc moved up by 60 Kobo to end the

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Paul Boroh As an officer in the Army, I took to farming believing that is the future of the country and that on a personal level, I could better sustain my family. Our lands are so fertile that I did not need much fertilizer; the inputs were minimal and the yields were much. Our climate, by God’s grace is predictable; it rains when it should rain and the sun shines when it should; so why not take advantage of what nature has freely given us as Nigerians. When in July 2015, His Excellency, President Muhammadu Buhari appointed me Special

By Modupe Gbadeyanka The board of Resort Savings and Loans Plc has secured a fresh capital injection of up to N4.3 billion from an investor, who now controls about 43.35 percent equity stake in the company. Not too long ago, the investor, Camey and Rock Business Consulting Limited, offered to purchase all the unissued 8,670,267,596 ordinary shares of the bank and this proposal was approved. According to the CEO of Camey and Rock, Mr Peter Adejoh, the decision to invest in financial institution was to “change the face of the Resort Savings and Loans and efficiently reposition it for the

By Dipo Olowookere At least, the sum of N609 billion was paid to those who bought treasury bills, savings bonds, FGN bonds and other federal government debt securities in the first three months of 2020. This information was revealed by the Debt Management Office (DMO), the agency saddled with the responsibility of overseeing the nation’s borrowings. In a circular released this week, the DMO said the federal government paid the sum to subscribers of the debt instruments as interest from January to March 2020. An analysis of the debt servicing by the government by Business Post showed that the FBN

By Adedapo Adesanya President Muhammadu Buhari has written to the National Assembly to extend the date for the implementation of the 2022 Budget to March 31, 2023. The letter was read at the joint plenary by the Senate President, Mr Ahmad Lawan, and the Speaker of the House of Representatives, Mr Femi Gbajamiabila, on Wednesday, December 28. The National Assembly had passed a revised budget of N17.31 trillion for the fiscal year 2022 following the president’s earlier request to make adjustments to the 2022 budget. This is coming exactly a week after Mr Buhari wrote the lawmaking arm of the

By Dipo Olowookere The anticipation of an Open Market Operations (OMO) auction by the Central Bank of Nigeria (CBN) on Thursday (today) pushed the average yields of treasury bills higher at the secondary market yesterday (Wednesday). Business Post observed that during the midweek trading session, profit-takers mounted pressure on the market, selling off the debt instrument to prepare for today’s exercise by the apex bank. This was done in expectation of higher rates during the OMO sale. At the close of transactions yesterday, the secondary market for treasury bills closed bearish, with yields rising across the four maturities tracked at

By Adedapo Adesanya The Royal Swedish Academy of Sciences has awarded the Sveriges Riksbank Prize in Economic Sciences to Claudia Goldin for having advanced our understanding of women’s labour market outcomes. She provided the first comprehensive account of women’s earnings and labour market participation through the centuries. Her research revealed the causes of change, as well as the main sources of the remaining gender gap. BREAKING NEWSThe Royal Swedish Academy of Sciences has decided to award the 2023 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Claudia Goldin “for having advanced our understanding of women’s labour

By Modupe Gbadeyanka The 7-day upward trend recorded on the floor of the Nigerian Stock Exchange (NSE) was brought to an end on Friday mainly due to the poor performance recorded by Dangote Cement, Dangote Flour and 15 other equities at the market today. Business Post reports that the major market indices closed in red today at the close of business activities at the NSE. The stock market, which went down by 0.71 percent, saw the All-Share Index (ASI) depreciating by 276.61 points to close at 39,257.53 points, while the market capitalisation lost N96.3 billion to settle at N13.7 trillion.

By Dipo Olowookere Earlier this year, Minister of Power, Works and Housing, Mr Babatunde Fashola, announced the approval of N701 billion by the Federal Executive Council (FEC) as bailout to the power sector, especially for the power generation subsector. He had explained that the N701 billion was like a payment assurance fund to be given to electricity generating companies fondly called GenCos in the country for energy delivered on a monthly basis for two years, beginning from January, 2017. Mr Fashola had further explained that the money would be disbursed by the Nigerian Bulk Electricity Trader (NBET) to the GenCos.