GTCO Generates N207.9bn in First Six Months of 2021

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 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 Adedapo Adesanya Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

By Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

The fashion industry is a very competitive one. There is always someone new designing clothing with a new look. Keeping a collection on the cutting edge and selling to customers is a problem. How can a fashion company track what products are selling well and which ones should be discontinued and replaced with better-selling items? Technology is the way to keep a company running smoothly and on the leading edge of fashion sales. How Is Technology Used In Fashion Manufacturing? The clothing manufacturers use technology such as a product lifecycle management system in clothing design, sourcing of materials, collaboration, and

By Kestér Kenn Klomegâh Top United States officials, including Secretary of State Antony Blinken and Defense Chief Lloyd Austin, joined several key leaders from Africa to discuss Peace, Security and Governance issues at the US-Africa Leaders’ Summit. The Biden administration’s three-day gathering brought leaders from across the African continent to discuss ways to strengthen ties and promote shared priorities with the United States. A total of 49 African heads of state and the chairperson of the African Union Commission, Moussa Faki Mahamat, were guests at this high-level meeting. The continent’s leaders often feel leading economies have given them short shrift but

By Modupe Gbadeyanka The Oyo State Government on Tuesday said that activities marking the 2017 World Tourism Day will come up on Wednesday, September 27, 2017 with mountaineering at the Ado Awaye suspended lake which is one of the two lakes on the hill in the World. The government said the climax of the one day activities is the mountaineering of the 246 steps Ado Awaye hill at Ado Awaye suspended lake, Iseyin. The State Commissioner for Information, Culture and Tourism Mr Toye Arulogun said that Stakeholders in the Tourism industries, media and general public are expected to be part

By Adedapo Adesanya  FTX will file bankruptcy proceedings in the United States while Mr Sam Bankman-Fried, the Chief Executive Officer (CEO), has resigned, the embattled crypto exchange said on Friday. The announcements, made on the company’s Twitter handle, come days after larger rival, Binance, walked away from a proposed acquisition and left it scrambling to raise about $9.4 billion from investors and rivals. Also, Mr Bankman-Fried’s trading firm, Alameda Research, is also part of the bankruptcy protection, the company said. “FTX Trading Ltd. (d.b.a. FTX.com), announced today that it, West Realm Shires Services Inc. (d.b.a. FTX US), Alameda Research Ltd.

By Sodeinde Temidayo David The National Agency for Food and Drug Administration and Control (NAFDAC) has warned Nigerians against the use of formalin for the preservation of frozen poultry products and other food items. NAFDAC’s spokesman, Mr Abubakar Jimoh, disclosed that crooked business people were in the habit of using formalin for preserving frozen foods, particularly chicken and turkey. The formalin is capable of preserving such products for weeks before they get to consumers, but the consumption of the chemical is dangerous to health. Formalin is a poisonous chemical popularly used to preserve corpses in mortuaries and according to the

By Dipo Olowookere The management of a foremost life insurer, African Alliance Insurance Plc, has said its main focus at the moment is to ensure the company attain a substantial market share. The Managing Director/Chief Executive Officer of African Alliance Insurance, Mrs Joyce Ojemudia, speaking at the company’s hybrid 52nd Annual General Meeting (AGM) held in Lagos and streamed online, said the team has plotted a strategy to achieve this goal. “Our main focus next year is to grow our market share substantially. This will be achieved by a massive beef-up of the sales team (field force and corporate marketers)

By Modupe Gbadeyanka Comrade Ifeanyi Odili has been unanimously elected as the new General Secretary of Campaign for Democracy (CD). Comrade Odili’s election followed the expulsion of the former General Secretary of the civil society organisation, Mr Goodluck Obi. The Nigeria’s foremost pro-democracy group kicked out Mr Obi for allegation bordering on lack of integrity. The election of Mr Odili took place at a special convention held recently. The group, following the recommendation of a 5-man disciplinary panel which deliberated on the imperatives, unanimously elected Comrade Ifeanyi Odili as the new general secretary, and advised members of the public to

By Adedapo Adesanya The United Nations, through the International Fund for Agricultural Development (IFAD), has disclosed that migrant workers sent home an estimated $605 billion to low- and middle-income countries last year. In a UN study released on Thursday, it was disclosed that this was boosted by an increase in payments sent via mobile phones. Global remittances flows rose 8.6 per cent compared to 2020 and are projected to grow to $630 billion in 2022. Such payments are a major source of income for many low-income households, with around 800 million family members expected to benefit in 2022. Between now