Yemisi Izuora The Nigerian Content Development and Monitoring Board, NCDMB, is stepping up efforts to raise the current $200 million Intervention fund to $1 billion in the next three year to enable it achieve its set objectives. The executive secretary of the Board Simbi Wabote said the managers of the fund, the Bank of Industry, BOI, has been directed to increase the fund to $1 billion to create more lending opportunities for Indigenous operators in the industry. Wabote who spoke at the opening of a 3 day Nigeria Oil and Gas Industry Research and Development Fair and Conference, organized by the…
Author: Orientalnews Staff
Yemisi Izuora The Senate president, Bukola Saraki says that huge capital flight in the oil and gas sector is worrisome but however assured that the present Senate focus on reforms that will address the challenges. Speaking at the opening of the 3 day Nigeria Oil and Gas Industry Research and Development Fair and Conference 2017 organized by the Nigerian Content Development and Monitoring Board, NCDMB, in Lagos, Saraki noted that the 8th National Assembly is not oblivious of some of the challenges facing the industry. The president who spoke through the chairman senate committee on upstream Senator Alaso Adera said…
Yemisi Izuora The Aviation Round Table (ART) has given its support to the recent Federal Government decision to concession airports in the country, pointing that the policy thrust designed to raise the level of services at local airports is in line with global best practices that will be of pride to all Nigerians. ART cautious optimism is premised on the following :that the government recognises the team spirit and interdependence of activities prevalent in the industry. Consequently ART enjoined that the government adopts collaborative strategies in its decision making regarding aviation matters, to this end ART advises sustained and formidable stakeholders…
…Urges Management To Maintain Standard Yemisi Izuora The Managing Director, Federal Airports Authority of Nigeria (FAAN), Saleh Dumona has officially handed over the certificate of the Murtala Muhammed Airport (MMA), Lagos certification to the International Airport Manager, Mrs Victoria Shina-Aba. The Lagos airport was certified by the Nigerian Civil Aviation Authority (NCAA) last week after 11 years, making it the first airport in the country to be certified. Dunoma however warned that the certificate can be withdrawn if management fails to maintain standard. Speaking at a very brief event to present the certificate to the Airport Manager and…
Yemisi Izuora First Bank of Nigeria Limited has begun the celebration of its Corporate Responsibility and Sustainability (CR&S) initiatives from September 25 – 29, 2017. The historical FirstBank CR&S week themed ‘Promoting Kindness; Putting You First’ would witness the culmination and consolidation of the Bank’s interventions in social responsibility, promoting random acts of kinds across communities in the six geo-political zones of Nigeria and FirstBank subsidiaries in United Kingdom and sub-Saharan Africa. The programme is a reflection of FirstBank’s brand promise to always put its customers first while it reinforces the Bank’s role in driving sustainable development in the communities where…
Yemisi Izuora Dangote group is planning fresh investments in the agriculture sector as government continues its economic divestment with agriculture as top priority. The Chief Executive Officer, Dangote Group, Alhaji Aliko Dangote, said in the new Investment consideration, the company would invest 4.6 billion dollars in Nigeria’s agricultural sector in the next five years. He listed sugar, rice, tomatoes and oil palm as some of the areas of priority. Dangote who made the disclosure at the 6th edition of the 2017 AgrikExpo and NABG Conference however urged government at all levels to rehabilitate and construct feeder roads to facilitate movement…
Yemisi Izuora The National Pension Commission, PenCom says that pension fund assets under the Contributory Pension Scheme(CPS) has grown to N6.7 trillion as at the end of May, 2017. The pensions regulator revealed in a report that 73.14 per cent of the total funds had been invested in the Federal Government of Nigeria’s securities. According to the agency, the FGN investments are N3.8tn and N1.12tn, amounting to 56.47 per cent invested in the FGN bonds, and 16.67 per cent of the funds invested in the FGN treasury bills, respectively while N539.78bn, which is 8.02 per cent of the funds, was invested…
Yemisi Izuora Mr. Abimbola Ogunbanjo has replaced Mr. Aigboje Aig-Imoukhuede as president of the National Council of the Nigerian Stock Exchange, NSE. Ogunbanjo emerged the president during the election held after the NSE, National Council meeting. Mr. Aig-Imoukhuede who has successfully completed his three year tenure will however continue to serve on the National Council as an ex-officio member pursuant to The Exchange’s Article of Association. Mr. Ogunbanjo joined the National Council of The Exchange in 2011 and has been the First Vice President since 2014. He is the Chairperson of the Demutualization Advisory Committee of the NSE. He currently serves…
Sovereign Trust Insurance (STI) Plc has grew its balance sheet by 3..26 per cent from N9.2 billion in 2015 to N9.5 billion in 2016, despite the harsh operating environment during the 2016 financial. The Chairman of the Organization Oluseun Ajayi, has said. AJayi while presenting the companies scorecard at the just concluded 22nd Annual General Meeting (AGM) of the company held in Lagos, also said there was a downward shift in the gross premium written compared to the same period ended December 31, 2015. He said the company ended the year with a gross premium written of N6.3 billion as against N7.1 billion in 2015, also stressed…
Brokers can make about $1 million yearly in Lagos State, Mr. Gboyega Olanbiwoninu, Head, Business Development, Scib Nigeria & Co. Limited, a firm of Insurance Brokers, has said. A report from the National Insurance Commission (NIACOM) said insurance premium stood at N318 billion (or $1.1 million) last year. He spoke on the sideline of a summit on insurance companies by the Lagos Chamber of Commerce & Industry (LCCI) and the Lagos State Safety Commission to keep Lagos safe and grow the insurance sector. Olanbiwoninu underscored the role of insurance in developed economies, noting that in most developed economies, every aspect…