Naira to Dollar Exchange Rate Closes Flat at Spot Market

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 Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

One of the highlights of November every year is the Zenith Xmas lights on Ajose Adeogun Street, Victoria Island, Lagos. This artistic creation can only be synonymous with one brand and that is Zenith Bank. The lights remind residents of Lagos that the joyous season of Xmas is fast approaching and several people rush to Victoria Island just to experience this marvel. Last year, the number of people who came to see the lights was unprecedented. More so, the decorations were simply breath-taking that people could not hold their joy as they brought their families to experience the magical moment.

Arguably the largest financial service provider in Nigeria and Anglophone West Africa, Zenith Bank has introduced a new and unique way of Banking the EaZy Way with the Zenith Bank QR Service. The new innovation by the tier one bank, will enable customers and prospective customers to among other things; Open an Account, Get the Zenith Bank Mobile App, Request a Zenith Virtual Card, Get the Zenith Scan to Pay App, Get the Zenith Bank e-Token App, Chat with ZiVA and Resolve Dispense Error. It will also help to Reactivate Dormant Account, Unlock/Reset Hardware Token, Update BVN, Zenith Trade Portal,

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange further gained on Monday, June 1 as the market barometers rose by 0.33 percent spurred by the market bellwether and the only price gainer at the session, Niger Delta Exploration and Production (NDEP) Plc. The oil and gas company pushed the exchange higher as its share price increased yesterday by 8.59 percent or N26.12 kobo to close at N304.00 per unit compared with N277.88 per share it ended last Friday. The positive performance of the stock supported the N1.66 billion gained by the market capitalisation yesterday, closing at 509.58 billion in

Leicester City player, Riyad Mahrez, has signed a new contract with the English Premier League champions. The future of the Algerian footballer had been in doubts lately with speculations that he was on his way out of the club. On Wednesday, August 17, 2016, Mahrez put an end to doubts about his commitments to the Foxes and he will now stay at the King’s Power Stadium till 2020. The new deal was announced by the club through a statement on its official website. “Leicester City Football Club is delighted to announce that Riyad Mahrez has signed a new contract, committing

By Modupe Gbadeyanka Banks operating in Nigeria and trading in the foreign exchange market have been mandated they now have 48 hours to process and meet forex demands of their customer for the payment of school fees and medical bills abroad. This order was handed down to them by the Central Bank of Nigeria (CBN) in a statement issued on Sunday by the Director, Financial Markets Department at the CBN, Dr Alvan Ikoku. Mr Ikoku also said in the statement that, “Banks are mandated to process and meet the demand for Travel Allowances (PTA/BTA) by end-users within 24 hours of

By Investors Hub Asian stock markets closed mostly higher on Friday after strong trade data from China added to evidence of strength in the world’s second-largest economy. Data showed Chinese import growth in September exceeded expectations, while exports expanded at a slower than expected pace but remained robust. China’s Shanghai Composite Index rose 5.44 points or 0.2 percent to 3,391.54, while Hong Kong’s Hang Seng Index inched up 17.40 points or 0.1 percent to 28,476.43. Japanese stocks surged to a fresh 21-year high, boosted by optimism that Prime Minister Shinzo Abe’s ruling party will win the general elections later this

By Modupe Gbadeyanka The process of authenticating claims by the Small and Medium Enterprises Development Agency (SMEDAN) that Nigeria has 37 million Micro, Small and Medium Enterprises (MSMEs) has commenced. The nation’s stats office, National Bureau of Statistics (NBS), is assisting in confirming this figure. Last month, Director-General of SMEDAN, Mr Dikko Radda, disclosed at a conference in Abuja that there were about 37.1 million MSMEs operating in the country. Mr Radda made this disclosure at the India-Nigeria Cultural Conference organised by the All India Universities Alumni Association, Abuja Chapter, themed ‘Micro, Small and Medium Enterprises in combating unemployment in

By Investors Hub The major U.S. index futures are pointing to a roughly flat opening on Tuesday following the rally seen in the previous session. Uncertainty about the near-term outlook for the markets may keep some traders on the sidelines after yesterday?s advance lifted the Dow and the Nasdaq to nearly six-month closing highs. Traders may be looking for more concrete developments out of ongoing U.S.-China trade talks before making more significant moves. Additionally, a report from the Commerce Department may partly offset the positive sentiment generated by the upbeat manufacturing data released on Monday. The report showed a steep