Yemisi Izuora The Managing Director/CEO of Anchor Insurance Plc Mr. Mayowa Adeduro said the company has received approval from the National Insurance Commission’s (NAICOM) to commence transaction for Micro insurance business in the country. He said that the company also received approval to underwrite loss of employment income insurance and noted that with the two approvals, agents of the company now have opportunity to sell other products of the company, thereby meeting the needs of the insuring public. He noted that there are about six compulsory insurances in Nigeria which give opportunities to agents to generate more money for themselves,…
Author: orientalnewsng
Yemisi Izuora The National Insurance Commission (NAICOM) said it is fully committed to give a boost to the insurance industry through implementation of its three-year transformation agenda. The regulator acknowledged that a buoyant insurance sector would result to greater contribution to the country’s Gross Domestic Product and lead to a robust economy for Nigeria. Assistant Director, Corporate Affairs, NAICOM, Mr. Salami Rassaq who raised the hope of the industry with the promise said with the support of the Federal Government, the commission would achieve its planned goal. According to him, “There is no contractor today in this country that can…
Yemisi Izuora The Nigeria Insurers Association (NIA) said it is planning to launch the Nigerian Insurance Industry database monitoring device in Lagos in which it hopes to engage the services of law enforcement agents and other stakeholder which include the Motor Vehicle Administration Agency (MVAA), the Vehicle Inspection officers ( VIO), and Ministry of Transport, the supervisory ministry in this regard. Mr Davis Iyasere, its Corporate Affairs Manager of NIA said contrary to recent media reports that the Lagos State Government is frustrating the insurance industry database monitoring scheme, the industry is enjoying cordial relationship and full cooperation of the…
Source-Reuters Brent crude oil prices steadied around $49 a barrel on Tuesday after the International Monetary Fund cut its forecast for global economic growth in 2015 implying lower demand for fuel. Global growth is projected at 3.5 percent for 2015 and 3.7 percent for 2016, the IMF said in its latest World Economic Outlook report, reducing its forecast by 0.3 percentage points for both years. “New factors supporting growth – lower oil prices, but also depreciation of euro and yen – are more than offset by persistent negative forces,” said Olivier Blanchard, the IMF’s chief economist. Brent crude was up…
Source -Reuters “Some think, excuse me if I use the word, that in order to be good Catholics, we have to be like rabbits” Known for his straight talking, it was a typically friendly but forthright Pope Francis who spoke to journalists as he flew back to Rome from Manila at the end of his Asia tour. Amid the row over caricatures of the Prophet Mohammad, he defended freedom of expression but added: “I cannot insult and provoke a person continually because I risk making them angry and I risk getting a reaction that is not correct.” On his flight…
Yemisi Izuora Ahead of the forthcoming general elections, the Nigeria Union of Journalists has demanded that all accredited journalists for the exercise be insured by their employers to guarantee their safety and security. The National President of NUJ, Mallam Mohammed Garba, who made the demand during a courtesy call on him by a delegation of European Union Election Observation Mission, led by its Media Analyst, Mr. Marek Mracka, said, “We are concerned by the safety of journalists in Nigeria given the experiences in Osun and Ekiti states and party primaries in which journalists were assaulted. Their safety has to be…
Source-Reuters The troubled Middle East and Africa-focused oil and gas explorer revealed last month that it was in “preliminary” talks with Nigeria’s Seplat over a potential combination. News has been scant since then and Afren went tumbling tuesday after it extended the deadline for talks to the end of the month. The longer things take, the more edgy investors are getting. Rumours have swirled that Seplat could face a rival in the race for Afren. Investor bulletin boards were abuzz with speculation that T5 Oil & Gas could be about to gatecrash the bid with a £800 million offer of…
Yemisi Izuora The Weights and Measures Department of the Federal Ministry of Trade and Investment has sealed five dispensing pumps of NNPC Station Wuse II, Abuja for under dispensing petroleum products to customers. This was discovered during the inspection of filing stations carried out by the Weights and Measures Department led by its Ag. Director, Engr. Mohammed Sidi in Abuja. During the inspection at the NNPC filing station Wuse II it was discovered that the dispensing pumps at the station short-changed customers from their five dispensing pump by 3.22 litres for every 20 litres of PMS (16.78 as 20 litres) …
Yemisi Izuora Respite is on the way for cotton and textile manufacturers in Nigeria as the Federal Government has approved a new funding instrument that will give them long term access as well as low interest loans to finance their operations. This is part of the new National Cotton, Textile and Garment Policy aimed at invigorating and boosting the growth and development of the cotton, textile and garment industry. The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, who gave the indication during the launch of the Nation Cotton, Textile and Garment Policy and the inauguration of a 17-member…
Yemisi Izuora- Nigeria’s Trans Forcados oil and gas pipeline and related production as well as Shell’s Nembe Creek line, carrying Bonny Light crude, were shut at the weekend, the ministry of power and Shell said in separate statements on Tuesday. The 150,000 barrel per day (bpd) Nembe line was shut on Jan. 17 after a leak was found, which is still being investigated, a spokeswoman for Shell said adding that a section of the Trans Escravos pipeline was also closed on Jan. 14 for works and to remove crude theft connections. According to Reuters, the pipelines are operated by Shell’s…