The Director General of the Securities and Exchange Commission Mr. Mounir Gwarzo, has cautioned legal practitioners against unnecessary litigation at the instance of clients involved in enforcement actions of the commission. Gwarzo who was a discussant at a Break out session (Creating Secondary Market For Investors) of the Annual General Conference of the Nigerian Bar Association in Lagos urged lawyers to refrain from such actions in the interest of building confidence in the business community. He said this would ensure the support of the Legal profession to the Commission, thereby allowing the Commission to perform its statutory function and adequately…
Author: Orientalnews Staff
The Minister of State for Aviation, Senator Hadi Sirika, has approved the appointment, promotion and redeployment of top management staff of the Nigerian Airspace Management Agency, NAMA to engender efficiency in the system. According to a circular issued by the Ministry of Transportation, Engr. Farouk A Umar was confirmed as substantive Director of Safety Electronics and Engineering Service just as Mr Gabriel Akpen who was until now the General Manager, Search and Rescue/Civil Military Co-ordination was elevated to Director of Operations. The Directorates of Human Resources and Administration have equally been merged, with former General Manager, Customer Services/Servicom, Barr. Maira…
The Central Bank of Nigeria (CBN), says it is developing a framework that will adequately promote stability in Nigeria’s financial system. Governor of the bank, Mr. Godwin Emefiele, who gave the indication stated that the CBN’s monetary policy has its limitations when dealing with the challenges that confront a nation during recession. Emefiele said that one of the major lessons learnt from the global financial crises of 2008-2009 was the need to develop an adequate framework and appropriate tools for managing financial stability, particularly macro-prudential and micro-prudential policies and crisis management continuum. According to him, The Financial Services Regulation Coordinating…
Nigeria is steadily improving on its Foreign Direct Investment, FDI, inflow an indication that the investment climate is showing signs of improvement. In the second quarter of 2017, the country recorded a total value of capital importation of $1.792 billion, indicating a $884.1 million increase over the figure recorded in Q1 2017 and a growing appetite by portfolio investors in Nigerian securities. This represented a 95.02 per cent growth, even as FDI, also increased by 29.8 per cent over the previous quarter, the National Bureau of Statistics (NBS) has said. Analysing the capital importation figure in its report for the…
There is no gain saying the fact that the current constitutional amendment exercise being undertaken by the National Assembly would naturally attract the attention and keen interest of Nigerians in view of the importance of that document as the sine qua non of our social contract as a nation. One major area of such exercise that has attracted and is still attracting attention, is the Bill No. 3 on Devolution of powers, which among other things seeks to ensure that the Central Government cedes certain powers to the States. When, therefore, the Devolution of Powers Bill proposed certain amendments introducing the subject of pensions under the Concurrent Legislative List, one was compelled, as a stakeholder in the pension industry, to interrogate…
The Nigerian Ports Authority, NPA, has said that twenty six vessels with petroleum products, food items and other goods are expected to arrive at Apapa and Tin-Can Island ports in Lagos from August 21 to September 2. The agency stated this in its publication, `Shipping Position’, in which it said that the ships contained buck wheat, bulk fertiliser, crude palmolein, bulk corn, base oil, petrol and containers laden with goods. Already, ten ships have arrived the ports earlier, waiting to berth with bulk fertiliser, corn, base oil, bulk maize, palmolein and petrol while twenty four other ships are at the ports discharging…
World Bank Group, CFO, Joachim Levy has said that tapping the capital market for support from institutional investors, as done in the insurance-linked securities (ILS) and associated reinsurance sectors, helps to make the provision of risk transfer and insurance more competitive and efficient. In the global mission to enhance resilience in developing regions and nations, the use of insurance and risk transfer is widely accepted as a key piece of the puzzle, providing the incentives to become more resilient and the capital required to help recovery when disaster strikes. Insurance and reinsurance structures and capacity have a unique role to…
Oil major, Total is buying Maersk’s oil and gas business in a $7.45 billion deal which the French major said would strengthen its operations in the North Sea and raise its output to 3 million barrels per day by 2019. For Danish company A.P. Moller Maersk, the sale of Maersk Oil, with reserves equivalent to around 1 billion barrels of oil, fits with a strategy of focusing on its shipping business and other activities announced last year. The world’s top oil companies have been back on the takeover trail over the last year, helped by signs of a recovery in…
The Nigerian Medical Association (NMA) has challenged President Muhammadu Buhari to replicate the medical equipment he saw in a London hospital where spent over three months to attend to his health. The charge was contained in a communiqué issued and jointly signed by its national president and secretary general, Professor Mike Ozovehe Ogirima and Dr. Yusuf Tanko Sununu respectively after the body’s national executive council (NEC) meeting held in Kaduna. Ogirima who read the communiqué called on the president to duplicate such facilities in Nigeria before 2019 saying Nigerian medical practitioners would have been able to handle his (president’s) health challenge…
The Federal Government has begun repositioning of the Nigerian Airspace Management Agency (NAMA), with the sacking of two directors. The two were former Director of Administration Ibrahim Saleh and Human Resources Director, Uwem Akangson. In the ongoing restructuring, Alhaja. Maria Ibrahim Bashir, a lawyer replaces Saleh as Director, Human Resources Management and Administration. She was a former General Manager, SERVICOM, NAMA. She now manages Human Resources and Administration which has now been brought together. Remaining General Managers and Deputy General Managers in NAMA may likely be disengaged or redeployed today. Meanwhile, Director of Administration in Federal Airports Authority of…