Yemisi Izuora Former Chairman, AIICO Insurance Plc, Chief Dele Fajemirokun, has called on regulators of insurance and pension sectors to tone down on the guidelines meant to supervise the sectors. Speaking in Lagos at the 2nd National Conference on Insurance and Pension organised by the National Association of Insurance and Pension Correspondents, (NAIPCO), he said for insurance and pension industries to move forward, there was need for bureaucracy to be eliminated and reduction in rules, which favours opportunities to generate funds. According to him, “there is need to avoid complexity in regulation with a focus on judgement-led regulation instead of rules-based regulation. Regulators should seek to attract the best talents exemplified by the Bank of England and United State…
Author: Orientalnews Staff
Yemisi Izuora The Director General, Lagos State Pension Commission, Mrs Folashade Onanuga has expressed disappointment over unhealthy competition between Pension Fund Administrators (PFAs) and life insurers, saying the only way to sustain the Industry is through harmonious relationships. She admonished them as she warned that bickering and untidy struggle for market dominance would not support efforts to build a virile pension industry. Onanuga, who gave the advice at the 2nd National Conference on Insurance and Pension, organised by the National Association of Insurance and Pension Correspondents (NAIPCO), said the competition between the two operators must be healthy in order to build confidence in Pension Reform Act (PRA). She said: “The competition between…
—–Refutes N2.6Bn Misappropriation Allegations Yemisi Izuora The Senator representing Abia Central Senatorial Zone Chief Theodore Orji has donated 1000 cans of modern fertilizer to farmers in the zone. Orji who is also the Vice Chairman of the Senate committee on agriculture said the gesture was to improve crops yield in the state. Experts say 200 cans of the fertilizer would be able to fertilize 200 acres of land which according to them would translate to fertilizing 1000 acres of farm land. Media Assistant to the Senator, Don Obinna who spoke at a round table session organized by the Nigerian…
Yemisi Izuora The President of Dangote Group, Alhaji Aliko Dangote, Chairman, Zenith Bank Plc., Jim Ovia; Chairman, John Holt, Christopher Ezeh are among 41 eminent professionals and business leaders to be conferred with the fellowship of the Institute of Directors Nigeria today 5:30 p.m. at Oriental Hotel, Victoria Island, Lagos. According to the Director General/CEO of the institute, Dele Alimi, the award is for members with a minimum of 10-year directorship experience in reputable organisations and have distinguished themselves over the years. He said the Acting Director-General, Infrastructure Concession Regulatory Commission (ICRC), Chidi Izuwah, is gracing the event as guest…
Yemisi Izuora The is years United Nations’ International Day of Rural Women has brought to the fore the critical role of women in agriculture. It was indeed was a genuine celebration because it aptly recognizes the contributions of women in agriculture just as famine threatens significant global population. The celebration honors the role of rural women on October 15 each year and it is a day that recognizes “the critical role and contribution of rural women, including indigenous women, in enhancing agricultural and rural development, improving food security, and eradicating rural poverty.” Oriental News Nigeria reports that the theme for 2017 is “challenges and opportunities in climate-resilient…
Agency Report Unplanned disruptions in global oil supply dropped to 1.6 million barrels per day (bpd) in September 2017, which was the lowest level of crude offline due to unforeseen events since January 2012, the Energy Information Administration (EIA) has said. The main reasons for the lowest unplanned crude supply disruptions in more than five years were reduced outages in Libya, Nigeria, and Iraq, the EIA said. To compare, in May last year, for example, unplanned global oil supply disruptions averaged more than 3.6 million bpd, the highest monthly level recorded since EIA started tracking global disruptions in January 2011. In…
Source- Oilprice.com Oil prices appear to be stuck in the $50s per barrel, but that doesn’t mean there aren’t serious supply risks to the market. An unexpected disruption could occur at any moment, as has happened in the past, leading to a sudden and sharp jump in prices. Geopolitical tension has been largely irrelevant since the collapse of oil prices in 2014, but it’s making a return now that cracks have emerged in some key oil-producing nations. The threat of an outage will carry more weight as the oil market tightens. “The ‘Fragile Five’ petrostates—Iran, Iraq, Libya, Nigeria and Venezuela—continue to see supply…
Yemisi Izuora With Agency Report The Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu, says Investment of up to $2 billion will be required to fix three local refineries in the country. He said however that 26 firms have indicated interest in revamping the nation’s three existing refineries. Kachikwu said the government is close to finalising the process for private partners to revamp the refineries, which would push domestic production of refined products to 450,000 barrels per day. The minister also said the Dangote refinery, with capacity to process 650,000 bpd of oil being built in Nigeria is due…
…To Hit 6..6 Million Barrels Per Day Yemisi Izuora Southeast Asian demand for oil will keep growing until at least 2040 as emerging nations there rely on the fossil fuel to transport their rapidly growing populations, ship goods and make plastics, the International Energy Agency has said. Oil usage in the region will expand to around 6.6 million barrels per day by 2040 from 4.7 million bpd now, with the number of road vehicles increasing by two-thirds to around 62 million, the agency said in a report. It did not make any forecasts beyond 2040. A global push to replace combustion engines…
Yemisi Izuora With Agency Report Oil prices were largely steady on Wednesday, hovering near a four-week high hit a day earlier after top exporter Saudi Arabia said it was determined to end a supply glut. Brent crude, the global benchmark, was up 10 cents at $58.43 a barrel after settling on Tuesday up 96 cents, or 1.7 percent. U.S. West Texas Intermediate crude was trading down 4 cents at $52.43 a barrel, having risen 57 cents on Tuesday. Saudi Arabia’s energy minister said the focus remained on reducing oil stocks in industrialised countries to their five-year average and raised the prospect of prolonged output restraint once an…