FG Meets Parliament, Judiciary on Ease of Doing Business

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 President Bola Tinubu is targeting to grow Nigeria’s economy by 3.76 per cent next year and moderate the country’s inflation to 21.4 per cent. Speaking at his first budget speech to lawmakers on Wednesday, President Tinubu also projected higher oil production and tax collection, noting that this will boost government revenues and cut down on reliance on borrowing to finance budget deficits. Nigeria plans on spending N27.5 billion in the 2024 fiscal year, with priorities on security, infrastructure and easing the high cost-of-living crisis. The country will borrow around N9 trillion and N18.5 billion generated from internally

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 Adedapo Adesanya Nigeria’s consumer price index (CPI), which measures inflation, moderated to 11.08 percent in July 2019, according to the latest inflation report released by the National Bureau of Statistics (NBS) on Friday morning. From the NBS report, Business Post gathered that inflation dropped by 0.14 percent points year-on-year, lower than the 11.22 percent rate recorded in June 2019. This is the lowest inflation rate Nigeria has recorded in over three years. In the data released today, the stats office noted that on month-on-month basis, the headline index increased by 1.01 percent in July 2019, which is 0.06 percent lower than the rate recorded in

By Destiny Ugorji For allegedly accusing him falsely of having a hand in the sudden disappearance of his estranged wife, Mrs Charity Aiyedogbon, Mr David Aiyedogbon, the ex-husband of the missing woman, has instituted a defamation of character suit of N10 billion against a Lagos Lawyer, Mr Emeka Ephraim Ugwuonye. The suit, with number CV/2750/16, between Mr David Aiyedogbon (Plaintiff) and Mr Emeka Ugwuonye (Defendant) on defamation of character, before Justice Peter Kekemeke of Federal High Court 14, Apo Abuja; also prays that the defendant be ordered to pay for the cost of the suit. The plaintiff is also seeking

By Dipo Olowookere Some executives of Cars 45 on Tuesday paid a courtesy visit to the Commissioner of Police, Lagos Command, Mr Zubairu Muazu. The Cars 45 executives were led to the meeting by the Chief Executive Officer (CEO), Mr Etop Ikpe, who commended the police chief for keeping Lagos safe. Here are few pictures from the visit.

By Dipo Olowookere The Central Bank of Nigeria (CBN) resumed the sale of treasury bills via Open Market Operations (OMO) on Thursday after earlier putting the exercise on hold for days. At the market yesterday, the appetite of investors for the instrument, especially for the one-year tenor, was visible, resulting in the bills being oversubscribed. The apex bank had offered OMO bills worth N400 billion to market players, but a total subscription valued at N552.99 billion. During the exercise, the central bank offered N100 billion worth of the 182-day bill to market players, but received subscriptions worth N80.62 billion, which

By Dipo Olowookere Candidate of the Peoples Democratic Party (PDP) in the Saturday governorship election, Mr Ademola Adeleke, has been declared wanted by the Nigeria Police Force (NPF). A statement issued on Wednesday by spokesman of the police, Mr Jimoh Moshood, said Mr Adeleke, a sitting Senator, is wanted for his alleged involvement in examination malpractice. He said the governorship aspirant committed the offence during the National Examination Council Examination (NECO) in 2017. The police said Mr Sikiru Adeleke, Mr Aregbesola Mufutau (Principal of Ojo-Aro Community Grammar School, Egbedore LGA, Osun State), Mr Gbadamosi Thomas Ojo (school staff responsible for

Are you an Arsenal fan? Or do you prefer Chelsea? Either way, if you are a devoted football fan, you may be tempted to bet on your favourite team. Football has been around for a long time and is not going anywhere. Nor is it gambling, to be honest. So, let us introduce you to online sports betting. Online sports betting in UK Given that England was home to the first association football (1863), it is not surprising that football is very popular with online betting. The UKGC report shows that of the total £2.0 billion in gross game wins

By Modupe Gbadeyanka Diamond Bank has thrown its weight behind the Federal Government in a renewed drive to unlock the huge creative potential of technology Start-Ups in Nigeria and stimulate massive growth and development in the information technology sector. Business Post learnt that the project is part of the Bank’s commitment to drive and develop capacity in the IT segment of the economy, and help stimulate creative solutions amongst young IT entrepreneurs in the country. The initiative, tagged ‘Aso Villa Demo Day’ is aimed at encouraging economic diversification, celebrating creativity and innovation by young Nigerians. It climaxed with the unveiling

By Modupe Gbadeyanka Minister of Agriculture and Rural Development, Mr Audu Ogbeh, has disclosed that if the smuggling of rice continues from neighbouring countries, then the Federal Government would be left with no other option than to shut some of its land borders. Mr Ogbeh lamented that the smuggling of rice into Nigeria through the neighbouring countries has frustrated the growth of local rice production in the country. He said the Federal Government was determined to achieve its goal of self-sufficiency in rice by 2018 and that this would not be frustrated by smugglers, no matter what. While addressing newsmen