Yemisi Izuora/Ijeoma Agudosi The Senate has raised an ad hoc committee to look into the planned concession of the Port Harcourt Refinery to Agip and Oando Plc, just as it directs the Federal Government to suspend the concession. The investigative committee is expected to probe the criteria used selecting Agip and Oando for the maintenance and operation of the refinery.
Author: Orientalnews Staff
Yemisi Izuora The Nigeria Deposit Insurance Corporation (NDIC) has restated its commitment to building capacity and bridging skills gaps in the banking industry in general and the Deposit Insurance Scheme (DIS) in particular in Africa. The NDIC’s Managing Director/Chief Executive, Alhaji Umaru Ibrahim, who gave the assurance in a forum in Lagos, said with the NDIC Academy’s new status, it was positioned to fulfil the corporation’s goal of serving as a centre of academic excellence for capacity building on the DIS for countries in the sub-Saharan Africa. The Nigeria Deposit Insurance Corporation (NDIC) has stated its resolve to lead in…
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…
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…