Naira Soars Further as Dollar Falls to N385, Euro to N410

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 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 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 Dipo Olowookere Shares of Beta Glass rose by N6.10 or 9.55 percent on Friday to close at N70 per unit against N63.90 each it ended on Thursday. This made the company lead the gainers’ chart at the last trading day of the week. Beta Glass was among the 16 equities that appreciated on a day the market breadth ended negative with 20 price losers. At the day’s session, a total of 14 stocks closed flat. Also, on the share risers’ log yesterday were Seplat, which gained N5 to close at N605 per share, Dangote Cement, which improved by N5

By Modupe Gbadeyanka Coordinator of Emergency Relief, Mr Mark Lowcock, on Friday confirmed the release of $30 million from the United Nation’s Central Emergency Response Fund (CERF) to urgently scale-up relief efforts in West Africa’s Sahel, where an acute drought, combined with exceptionally high food prices and worsening insecurity, has escalated humanitarian needs. Business Post reports that since 2017, CERF has allocated over $100 million for life-saving humanitarian response in the region. Thousands of families have exhausted their food reserves and are cutting down on daily meals and up to 1.6 million children are at risk of life-threatening malnutrition, and

By Adedapo Adesanya  The Federal Government on Saturday promised to address housing deficits in the country, which stands at 17 to 20 million. Minister of State for Works and Housing, Mr Abubakar Aliyu, said today in Abuja that government will deliver at least one million houses per year till the year 2033. Speaking during an inspection of the Federal Housing Authority (FHA) mass housing project in Zuba, Federal Capital Territory, Mr Aliyu stated that government had decided to improve on current construction of 100,000 houses per years in order to meet the basic needs of the people. “The production now

**As Allocation To States Drops By N864b By Modupe Gbadeyanka Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has disclosed that the Federation Account allocations to the 36 states in the country have fallen by an average of N2 billion per state every month. He explained that this was due to the crash in global oil prices and the consequent economic challenges. According to him, this has made the 36 states to record N864 billion shortage in federal allocations in the last one year. Mr Emefiele said Nigeria was facing “a classical case of economic stagflation” occasioned by

The significant figures are used to find the accuracy of numbers in practical estimation. It is essential to round off a long figure so we can understand the number easily. We are using certain rules to round off a number; the same rules are implemented by the significant figures calculator. Sometimes it becomes difficult to decide which number to consider and which number we need to ignore. The significant figures are used precisely to find the result correctly. The significant figures are used when we are dealing with very small and large quantities in Mathematics. There are certain rules to

By Dipo Olowookere Governor Abdulfatah Ahmed of Kwara State has approved the appointments of three new Special Assistants. The appointments were announced on Tuesday by Secretary to the State Government (SSG), Mr Isiaka Gold, via a statement. The statement said the three new aides are Hajia AbdulYekeen Sherifa Mojisola as Special Assistant on Social Mobilization, Mr Omoniyi Mukaila Ayinla as Special Assistant on Transport, and of Mr Yusuf Bukar Muhammed as Special Assistant on Non-Governmental Affairs. The SSG congratulated the new appointees and urged them to approach their assignment with the diligence and dedication that recommended their appointments.

By Dipo Olowookere The United States of America (USA) says it has welcomed recent efforts by Sudan to improve humanitarian access. Last week, Sudan amended the ‘Directives and Procedures for Humanitarian Action.’ These revised directives represent a significant step toward improving humanitarian access in Sudan. The US, in a statement, noted that it believes when implemented, “these revised regulations will facilitate humanitarian actors’ efforts to get aid to those in need. We recognize this as a positive step and we expect to see sustained gains in humanitarian access.” It said it also welcome the recent access given to a UN

By Adedapo Adesanya Insurance company, Veritas Kapital Assurance, is offering discounts on its comprehensive motor insurance policies to its customers till December 31, 2020. According to the company in a statement, the offer is to provide relief to clients that are experiencing financial pressure in the face of current economic environment as a result of the coronavirus pandemic. The discount offering comes just as the firm announced COVID-19 palliative donations to the government and people of Gombe State as part of its contribution to the sustainable development of the nation’s economy. The donation comprised hospital beds that are intended to