Joseph Bakare/Ijeoma Agudosi Acting President Yemi Osinbajo has signed into law two Acts of Parliament that had earlier been passed by the National Assembly. Osinbajo’s Senior Special Assistant on Media and Publicity, Mr. Laolu Akande, in a statement explained that the Acts signed into law will ultimately facilitate access to more affordable credit for Nigerians. The assented Acts are the Secured Transactions in Movable Assets Act, 2017 (otherwise known as the Collateral Registry Act) and the Credit Reporting Act, 2017. According to the statement, the Collateral Registry Act ensures that the Micro, Small and Medium Enterprises in Nigeria can register…
Author: Orientalnews Staff
Yemisi Izuora The Nigerian Airspace Management Agency (NAMA) is developing solar panel and batteries to boost its equipment to reduce dependence on public power supply. The equipment, which is valued at several millions of naira, would be deployed to eight locations in Lagos, Calabar, Enugu, Sokoto and four others. General Manager, Electro Mechanic, Adebisi Anjorin, an engineer, described said the move will provide alternative source of power to NAMA’s Instrument Landing Systems(ILSs) across the nation’s airports. Anjorin said the equipment were captured in 2016 budget, and that they have commenced installation of the equipment at the Lagos and Kaduna airports.…
Yemisi Izuora The Central Bank of Nigeria (CBN) has boosted the inter-bank market with $482.6 million, underlining its determination to guard the international value of the naira. A breakdown interventions indicates that the Retail SMIS was allocated the sum of $285,779,350, while the $100 million was offered in the Wholesale SMIS auction window. The Small and Medium Enterprises (SMEs) window got an allocation of $52 million, while the invisibles segment, comprising Basic Travel Allowance (BTA), Personal Travel Allowance, medicals and tuition fees, among others, was allocated the sum of $45 million. According to the Acting Director, Corporate Communications at the…
Yemisi Izuora There seems not any indication to confirm the possibility of establishing an Asset Management Corporation of Nigeria, AMCON II, which was thought to help reduce the volume of non-performing loans in the banking industry. At the moment, the Managing Director, AMCON, Ahmed Kuru, says the idea is not consideration. He however said the advocates of the proposed debt body could start a private sector intervention, adding, “AMCON II as an asset management is not possible anymore,”. Kuru, said as the non-performing loans (NPLs) of banks keep burgeoning, at over N1.5 trillion, the Nigerian Deposit Insurance Corporation (NDIC) and…
Yemisi Izuora The National Insurance Commission (NAICOM), is set to unveil a revised priority guidelines on Risk Based Supervision (RBS) for insurance operators. Commissioner for Insurance, Mohammed Kari made the disclosure said the Commission has commenced migration of the insurance sector into the RBS regime when it introduced Enterprise Risk Management (ERM) and Code of Corporate Governance guidelines, among others. According to the commissioner, The Commission is set to conduct one of the principal programmes in the RBS regime which is the mandatory training for directors of insurance firms. He said: “We have since commenced migrating the sector into a…
Yemisi Izuora with Agency Report Africa’s economic outlook looks promising as the continent in 2016 maintained its position as the world’s second-fastest growing economy behind South Asia, according to data released by the African Development Bank (AfDB). The Bank tabled this report titled, Financial Presentation, at the recently held annual meetings in Ahmedabad, India. The report said Foreign Direct Investment increased slightly reaching $56.5 billion in tune with growing urbanisation and cities growing with consumer markets increasingly targeted by foreign investors. Official development assistance, which remains the most important source of public finance, declined by 1.7 per cent. Remittances mainly by…
Source- Thisday After months of repairs, Shell Petroleum Development Company (SPDC) has restarted the Trans-Forcados crude export pipeline with the completion of the loading of the first tanker – Astro Perseus, at the Forcados terminal, THISDAY has learnt. The crude oil tanker, it was learnt, has been scheduled to depart to Takoradi in Ghana. The Trans-Forcados pipeline was first attacked by the Niger Delta Avengers in February 2016, the first attack on a subsea pipeline in the country. A spill that occurred on February 14, 2016 on the subsea crude oil export pipeline, had forced Shell to declare force majeure…
Yemisi Izuora Law Union & Rock Insurance Plc, is currently focussing on distribution of its products to the middle class during the course of 2017 financial year to drive growth and profitability. The Managing Director, Mr. Jide Orimolade,who disclosed this at the company’s 48th Annual General Meeting, AGM, in Lagos, said that the company also expects to reap huge premium income through retail products as well as launch of additional retail products. He noted that the effort to reposition the company has started yielding result as the company was able to regain its dominance in the engineering sector. He attributed…
Yemisi Izuora The United Bank for Africa Plc, UBA, has celebrated the 2017 Africa Day across its 19 countries of operations with the theme: ‘Africa, the new frontier.’ The celebration was in line with its commitment to promote the African culture and deepen its footprints on the continent. The bank said the Africa Day was dedicated to celebrating the diversity of the continent, as well as to highlight the cultural and economic potential that exists on the continent. The banks employees celebrated the day in a grand style as they dressed to work in a display of the best of…
Yemisi Izuora Staco Insurance Plc has received approval for its audited financial statement for year ended 31st December, 2016 from the National Insurance Commission (NAICOM). The insurance firm said that with such approval, it could publish the audited financial statements. The approval was granted after a confirmation that Staco Insurance had substantially complied with the commission’s regulatory requirement, the statement explained. From the approved 2016 financial statements, the shareholders fund of the company rose from N3.4bn in 2015 to N3.8bn in 2016, representing an increase of 10.33 per cent with a positive solvency margin. The company, at the end of…