NAICOM Rolls Out Forbearance Measures for Insurers

By FBS As Black Friday approaches, global broker FBS delves into the relationship between the year’s biggest sales season and its impact on the financial markets. The FBS analysts particularly discover the trends of the world’s largest economy – the American. They analysed reactions across assets and macroeconomic conditions to understand the Black Friday impact better. What influences the Black Friday numbers FBS analysts highlight three critical indicators for gauging Black Friday’s impact on the US economy: the number of buyers, the average amount spent, and the total spending. Over the past 18 years, notably successful in terms of total

By Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited is planning to grow its revenue to N4.5 trillion as it plans to end the importation of premium motor spirit (PMS), otherwise known as petrol, by December 2024. The chief executive of the company, Mr Mele Kyari, while speaking on Thursday, said the nation would not need to rely on fuel from outside the country because its refineries would have been fully operational. Nigeria is currently revamping its four refineries to make the product available to residents of the country as it officially stopped the payment of subsidy on petrol

By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has admitted that the country recorded a revenue drop of $1.4 billion between 2015 and 2019 after imposing foreign exchange (FX) restrictions for import of 43 items over eight years. The apex bank governor made this known on Friday while delivering his keynote address at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. The apex bank head, during the preparation of his monetary policy thrust, cited available data saying, “Studies have shown that during the period when the

By Dipo Olowookere The positive momentum witnessed at the Nigerian Exchange (NGX) Limited continued on Monday with a 0.17 per cent leap at the close of business. Buying pressure, particularly in a few blue-chip equities, kept the bulls at Customs Street during the trading session, though the consumer goods space succumbed to profit-taking by 0.99 per cent. But hope was kept alive by the gains reported by the other key sectors of the market, with the banking counter growing by 1.71 per cent, and the industrial goods index appreciating by 0.01 per cent, while the insurance and energy sectors remained

By Bliss Okperan No fewer than two persons have died in an accident involving a Mazda bus and a Mazda car at Ayedere, along the Lagos-Abeokuta Expressway. The spokesperson for the Ogun State Traffic Compliance and Enforcement Corps, Mr Babatunde Akinbiyi, who confirmed the incident to newsmen in Abeokuta, the state capital, said one person, a motor boy, sustained injuries. According to him, the dead victims were the drivers of the two vehicles involved in the fatal road mishap, with the corpses deposited at the Ifo General Hospital morgue. “The motor boy of the white Mazda bus sustained varying degrees

By Dipo Olowookere The decision of investors to take profit on the floor of the Nigerian Stock Exchange (NSE) on Tuesday left the market bleeding at the close of the trading session. The selloffs witnessed in the one of the most active sectors of the market, banking, pushed the market down by 0.83 percent, halting the gains printed in the past sessions. This also reduced the year-to-date return to 9.76 percent. Business Post reports that the All-Share Index (ASI) closed 247.80 points lower yesterday to 29,462.76 points from 29,710.56 points. Similarly, the market capitalisation reduced by N128 billion to N15.176

By Adedapo Adesanya The sum of N1.0 billion has been paid into the Retirement Savings Accounts (RSAs) of 246 Retirees in the Lagos State Public Service. The payment was made by the Lagos State government and the beneficiaries included employees from the mainstream service, local government service, State Universal Basic Education Board (SUBEB), Teaching Service Commission (TESCOM) and other parastatals of the state government. The Director-General (DG) of the Lagos State Pension Commission (LASPEC), Mr Babalola Obilana, stated that since the inception of the present administration, Governor, Babajide Sanwo-Olu has consistently paid retirees their monthly entitlements including the payment of

By Walter Duru, Ph.D Three weeks ago, the hammer of the world’s watchdog on money laundering and terrorist financing, Egmont Group of Financial Intelligence Units fell on Nigeria for non-compliance with global best standards. The crux of the matter is the absence of autonomy for the Nigeria Financial Intelligence Unit-NFIU. The suspension which was announced at the Egmont Group meeting held in China from July 2nd to 7th, 2017, was following the refusal of Nigeria to make NFIU autonomous in its funding, operations and management of financial intelligence. The failure of Nigeria to pass a law making the NFIU independent

By Dipo Olowookere The fourth Senior Experts Dialogue on Science, Technology and the African Transformation Agenda ended in Dakar Friday with experts making concrete recommendations for consideration by policy makers, universities, regional and continental organizations on how to align higher education policy with science, technology and innovation (STI) and industrial policies to support the transformation of Africa’s economies in line with the continent’s integration and development agenda. Experts attending the meeting under the theme; ‘Higher education, science, technology and innovation and African integration and development’, agreed funding increases for universities and other higher education institutions are needed if these institutions

By Dipo Olowookere Minister of Information and Culture, Mr Lai Mohammed, has announced that the Federal Government Information App (FGIAPP) would be launched in Abuja on Thursday, December 15, 2016, as part of efforts to enhance the dissemination of government activities. The Minister made the announcement in Abuja on Thursday at a meeting with Resident Information Officers (RIOs) from Ministries, Departments and Agencies ahead of the launch. He said with the Information App, the Federal Government is leveraging the New Media to communicate government’s policies and programmes to the people anywhere in the world and on real time basis. “We

By Akeem Akinniyi Playwright: Olutayo Irantiola Publisher: Peo Davies Communications Year of Publication: 2022 Reviewer: Akeem Akinniyi Olutayo Irantiola’s The Okeho Exodus is a historical play set in 1916 but written in a modern-day language and filled with elements that will not alienate a reader in these present times. The play revisits the past of the descendants of Okeho, who resettled among the hills along with ten villages to stem the tide of invasion by the Dahomey and Fulanis. What follows are intrigues of betrayal and bastardisation of culture by colonialists, which eventually leads to the tragic end of not

By Adedapo Adesanya Nigerian prop-tech startup, Spleet, has closed a $2.6 million seed round to scale its residential rent-focused products. The funds were provided by MaC Venture Capital, Noemis Ventures, Plug and Play Ventures, Assembly Fund, Ajim Capital, Francis Fund, as well as Metaprop VC and HoaQ Fund. This fresh injection followed the $625,000 pre-seed funding round raised by the company in March. Since its inception, Spleet has processed millions in rent, housed over 1,000 tenants and onboarded over 35 individual and corporate landlords. With the funding, the startup plans to expand its product offerings to include Collect, a service