NEM Insurance Grows Profit by 11% to N1.3b in Six Months

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

By Aduragbemi Omiyale President Bola Tinubu has said the 2024 budget presented to the joint session of the National Assembly on Wednesday was designed to achieve macroeconomic stability, a better investment environment, greater access to social security, poverty reduction and enhanced human capital development. According to him, if these goals are achieved, the standard of living of Nigerians will improve and the citizens will enjoy the dividends of democracy. While presenting the 2024 Appropriation Bills to the parliament yesterday, the President said this was why he christened the budget proposal as the Budget of Renewed Hope. Mr Tinubu told the

By Dipo Olowookere On Thursday, news went into town that a Supreme Court judge has directed Guaranty Trust Bank (GTBank) Plc to pay the sum of N12 billion to one of its customers, Mr Innocent Chukwuma. The report quoted spokesman of the company headed by Mr Chukwuma, Innoson Motors, Mr Cornel Osigwe, as saying the court ordered the bank to make the payment within 14 days. But reacting to this, GTBank said there was no court order directing it to make any payment to “any of its debtor customers.” In the statement obtained by Business Post, the leading financial institution

By Dipo Olowookere A man carrying out banking business without license and obtaining money by false pretence to the tune of N5.1 billion has been arrested by the Economic and Financial Crimes Commission (EFCC). The suspect, Mr Suani Neenwi, a Ponzi scheme operator, was arraigned before Justice I. M Sani of the Federal High Court sitting in Port Harcourt, Rivers State on Monday on a three-count charge by the anti-graft agency. It was said that Mr Neenwi operated two companies; Bluekey Technologies Nigeria Limited and Cityclyk Bluekey Payment to defraud unsuspecting members of the general public. The EFCC informed the

By Modupe Gbadeyanka On Saturday, December 11, 2021, at 10 am in Lagos, the Chief Executive Officer of Afriexporter Services and Trading Limited and a leading expert on non-oil imports, Mr Idris Mamukuyomi, will engage some people on ways to achieve financial security through export business. The event is organised by Christ Apostolic Church Victory Land, on 20, Joel Ogunnaike, GRA, Ikeja, Lagos for entrepreneurs, professionals, artisans, job seekers, students and young school leavers. The organisers said the programme is because of the rich potentials in the export business and it was necessary to teach participants how they can tap

By Investors Hub The major U.S. index futures are pointing to a higher opening on Thursday, with stocks poised to add to the modest gains posted in the previous session. A positive reaction to the latest batch of earnings news may contribute to early strength on Wall Street, as companies such as Facebook (FB), Twitter (TWTR) and Procter & Gamble (PG) reported better than expected quarterly results. Buying interest may also be generated in reaction to a report from the Commerce Department showing a substantial increase in durable goods orders in the month of June. Stocks finished higher on Wednesday,

By Adedapo Adesanya The Nigerian Ports Authority (NPA) has raised the alarm on increasing extortion along the access roads of the Lagos and Tin Can Island Port Complexes, reiterating that it is going to clamp down on the actors. In a statement, Mr Mohammed Bello-Koko, the Managing Director of the NPA, said this is coming on the heels of the clearance operations earlier carried out this month to rid the port corridor of shanties and illegal erections. He added that those shanties and illegal erections harboured criminal elements who perpetrated acts of extortion, and the authority undertook this destruction from

By Adedapo Adesanya  With travel restrictions and quarantines accelerating, major crude futures fell more than 13 percent on Wednesday as the bearish outcome added to fear of a looming recession. Brent crude dropped 6.54 percent or $1.99 to trade at $28.42 per barrel, while the West Texas Intermediate (WTI) crude fell by 16.25 percent equivalent to $4.44 to add more worries to the United States economy at $20.83 per barrel. The coronavirus pandemic has caused global travel to collapse affecting oil which is a major commodity that powers the economy. But as flights have been cancelled. Shipping, transportation, and manufacturing

By Adedapo Adesanya The Central Bank of Nigeria (CBN’s) eNaira website has gone live ahead of its Independence Day official launch with a promise to provide a unique form of money denominated in Naira. According to the website, www.enaira.com, the eNaira will serve as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments. It added that eNaira had an exclusive operational structure that was both remarkable and nothing like other forms of central bank money. “There are several benefits from a central bank-issued digital currency in Nigeria,

By Adedapo Adesanya The Catholic Diocese of Oyo State has obtained a licence in principle from the Central Bank of Nigeria (CBN) to operate Ave Maria Microfinance Bank and provide financial services to about 1.5 million residents in the Iwajowa Local Government and the entire Oke Ogun area of the state. The diocesan coordinator of the Justice, Development and Peace Movement (JDPM), Rev Fr. Gabriel Adeleke, said the financial institution will allow individuals and businesses to have access to affordable financial products and services that meet their needs in a responsible and sustainable way. The non-existence of commercial banks in