Valentine Okafor The Special Control Unit Against Money Laundering SCUML, Sokoto Zonal Command of the Economic and Financial Crimes Commission, EFCC, has carried out a sensitisation exercise on the Zamfara Gold Buyers and Sellers Co-operative Union in Gusau, Zamfara State on Saturday, September 23, 2023. The sensitisation exercise, a routine industry assessment initiative, was undertaken to remind gold merchants in the state of their reporting obligations to SCUML, registration processes and punishment applicable for the flouting of rules and regulations as provided by the Money Laundering (Prohibition and Prevention) Act, 2022. Head, SCUML in the Zone, Assistant…
Author: Orientalnews Staff
Yemisi Izuora Stanbic IBTC Insurance Limited, a subsidiary of Stanbic IBTC Holdings PLC, has unveiled its latest insurance product, the Sunset Benefit Plan, to help customers celebrate a life well spent and provide comprehensive funeral expenses coverage and financial security during bereavement or loss of their loved ones. This innovative insurance solution will transform the industry and bring peace of mind to policyholders and their families. Akinjide Orimolade, Chief Executive, Stanbic IBTC Insurance Limited expressed his excitement about the Sunset Benefit Plan, emphasising its importance in financial planning. He stated, “Having a comprehensive funeral expenses cover is a crucial part…
Joseph Bakare Proparco, a French development finance institution, has marked its 15 years of operations in Nigeria with a total of $1B invested over the period. Since its inception in Nigeria in 2008, Proparco has focused its efforts on partnering with local and Pan-African financial institutions, investment funds, growth stage companies as well as startups within the renewable energy, agribusiness and tech space. The goal of these investments is to improve the lives of Nigerians by providing access to essential needs such as electricity and financial services. Proparco provides loans, equity, guarantees and technical assistance aimed at strengthening…
Yemisi Izuora The Lagos State Internal Revenue Service (LIRS) has urged owners of restaurants, hotels, and event centres operating in the state to contribute to the state’s development by prioritizing the monthly collection and remittance of a 5 per cent consumption tax on all consumables and personal services. The State on June 22, 2009, enacted the Hotel Occupancy and Restaurant Consumption Law of Lagos State otherwise called Hotel Consumption Law, which imposes consumption tax at 5 per cent on the value of goods and services consumed in hotels, restaurants and event centers within the state. The tax base…
Yemisi Izuora AIICO Insurance Plc has said that increased digital sales of insurance products and services would go a long way to close the huge current penetration gap. According to the company, Nigeria with over 200 million people only has an insurance penetration rate of 0.5 percent. Speaking on the development at the annual training for members of Nigerian Association of Insurance and Pension Editors (NAIPE) sponsored by AIICO Insurance in Lagos, AIICO stated that the major mechanism in closing this gap is digital sales of insurance products. Mr. Olusanjo Shodimu Chief Digital & Innovation Officer (CDIO), AIICO Insurance…
Francesca Odimgbe Lagosians may have to exercise more patience, as they anticipate the completion of the 37-kilometre-long Lagos Rail Mass Transit (LRMT) Red Line project. The construction of the rail infrastructure is at the finishing stage, but Governor Babajide Sanwo-Olu said the project will not open to the public until all stations are completely furnished and safety features put in place. The Governor, on Wednesday, undertook a comprehensive inspection of the Red Line infrastructure, traversing the major stations of the rail project. The Deputy Governor, Dr. Obafemi Hamzat, and members of the State cabinet joined the…
Yemisi Izuora The Nigerian Insurers Association, NIA, is encouraging its members to invest more in technology to help efforts aimed at building a robust industry. Speaking at the Insurance Meets Tech (IMT 2.0) conference with the theme: ‘Unlocking Policy and Tech Bottleneck Hindering Disruptive Insurance Penetration’. President of NIA, Olusegun Omosehin, said despite the current challenges of inflation and inadequate infrastructure in the country, insurers are embracing technology to drive growth. With this, he said the insurance gross premium in Nigeria is expected to cross N1 trillion at the end of 2023. Nigeria’s insurance companies are aiming to achieve…
Yemisi Izuora Oil prices fell Thursday after reaching their highest level in more than a year. The U.S. West Texas Intermediate futures last declined 2.09 per cent to $91.72 per barrel. Earlier in the session, they rose to $95.03 per barrel, marking the highest since August 2022. Meanwhile, global benchmark Brent was last down 1.4 per cent at $95.18. Energy prices surged after crude stocks at a key storage hub fell to their lowest since July last year. Crude inventories in Cushing, Oklahoma fell to 22 million barrels in the fourth week of September — hovering close to the operational…
Richard Ginika Izuora In a report obtained by Oriental News Nigeria, the United States of America has alleged that China is attempting to distort global information flow using manipulating tactics to achieve result. A Global Engagement Center Special Report thus shows How the People’s Republic of China Seeks to Reshape the Global Information Environment EXECUTIVE SUMMARY Every country should have the ability to tell its story to the world. However, a nation’s narrative should be based on facts and rise and fall on its own merits. The PRC employs a variety of deceptive and coercive methods as it attempts…
Ronke Adesanya A New York-based investment firm Dynasty Equity has bought a minority stake in Liverpool, the Premier League club said Thursday. Fenway Sports Group (FSG), which owns the six-time European Cup champions, had last year disclosed that it was open to selling shares leading to speculation about a potential buyout. Liverpool did not disclose financial details of the deal, or how big of a share Dynasty was acquiring, but British media reported that the firm was injecting at least $100 million into the club. “Our long-term commitment to Liverpool remains as strong as ever,” FSG president Mike Gordon…
