Yemisi Izuora FBN Insurance has moved to make mandatory takeover of the remaining 28.8 per cent equity interest in Oasis Insurance in accordance with Rules of the Securities & Exchange Commission. The company had initially acquired 71.2 per cent equity interest in Oasis Insurance through a block divestment in February 2014, By the close of the takeover bid on July 31, 2014, FBN Insurance received a total of 1,289,493,953 ordinary shares bringing its shareholding in Oasis Insurance to approximately 91.1 per cent. Thereafter, FBN Insurance elected to exercise its rights under Section 146(2) of the Investments and Securities Act…
Author: orientalnewsng
Yemisi Izuora/Ijeoma Agudosi The Nigerian Stock Exchange(NSE) is no longer sure of attaining the $1trillion capitalization across five asset classes which it anticipated to achieve by 2016. Chief Executive Officer (CEO) of the exchange Mr. Oscar Onyema while presenting the 2014 Market Recap and Outlook for 2015 in Lagos noted that current situation in the market and the prevailing environment in the country may not allow the capitalization to come to fulfillment. Onyema observed that bearish sentiments prevailed in the capital market for most of the year as foreign investors withdrew from the market due to currency risk. According to…
Yemisi Izuora/Ijeoma Agudosi The Civil Liberties Organisation (CLO) has described the non-violence accord endorsed by President Goodluck Jonathan, his main opponent Gen. Mohammadu Buhari and nine other presidential aspirants ahead of the coming general elections. Ibuchukwu Ezike, Exective Secretary of the CLO in a telephone conversation with Oriental News Nigeria, said proper conduct of political players in the election will go a long way to douse tension and violence that have characterised Nigeria’s elections in recent time. Ezike in particular commended President Jonathan’s comments at the event which he said ought to be how leaders should look at events. He…
Joseph Bakare/Ijeoma Agudosi The All Progressives Congress (APC) Presidential Campaign Organisation (APCPCO) has insisted that the Peoples Democratic Party (PDP) has explaination to give on how N5 trillion in oil and gas revenue was used. Director of Media and Publicity, APCPCO, Mallam Garba Shehu, in a statement issued in Abuja challenged President Goodluck Jonathan to explain why over N5 trillion in oil and gas revenue vanished under his supervision, through alleged fraud and embezzlement. “This government must answer the questions posed by the different Committees and Task Forces that probed the Oil and Gas Sector between 2011 and 2012. By…
Source Busines Day Pressure arising from the need to meet the capital adequacy stipulations of the National Insurance Commission (NAICOM) is forcing insurance firms to embrace mergers and acquisitions as the best survival option, due to difficulty in raising funds from the capital market. BusinessDay investigations show that the only viable option for some of the firms, given this scenario, is to pull resources together. This is so, as most of the firms are planning to expand their businesses, a prospect that requires higher capital adequacy ratio, which is a direct function of the amount of risks being carried, otherwise…
Joseph Bakare The Federal Government has taken fresh steps to enhance capacity of the transmission sub-sector of the Nigerian electricity value chain to boost electricity transmission across the country. To achieve this, the government has signed a memorandum of understanding (MoU) with some Chinese companies at where the Minister of Power, Professor Chinedu Nebo, tasked the companies to fill in the gap, so as to boost the nation’s capacity to wheel generated power to end users. At the event the minister also identified the critical role of transmission, saying that it was needless if generated power that could not be…
Joseph Bakare The House of Representatives has stated its readiness to probe what it sees as illegal annexation of Mbo Mangrove Island by the Republic of Cameroon. The legislature is going to set up an Ad-hoc committee to establish the situation. This followed a resolution sequel to the adoption of a motion by Hon. Robinson Uwak, (PDP, Akwa Ibom). The motion which was unanimously adopted with the House resolving to probe the illegal annexation as well as urge the federal government to assume sovereignty over the Island as a matter of necessity. The Island which is in Nigeria’s territory and…
Beluchukwu Chinwuba The House of Representatives has passed for the second reading the N4.3 trillion 2015 budget estimates and asked its standing committees to commence budget defence with the various Ministries, Departments and Agencies (MDAS) of government under their supervision. The House also adjourned plenary session till February 17 after the Presidential election slated for February 14. During the plenary session, the House Leader, Honourable Mulikat Adeola-Akande led the debate on the general principles of the appropriation bill. While leading debate, the House Leader maintained that the Federal Government want House “to authorise the issue from the Consolidated Revenue Fund…
Source-Platt The slump in global oil prices is expected to hit Africa’s economies far more than the Ebola epidemic and will likely have more far reaching implications for countries facing elections and states heading for first oil. With the price of Brent crude at five an a half year lows, Africa’s top oil producers, Nigeria, Angola, Libya and Algeria face growing fiscal challenges because more than 70% of these countries’ revenue stems from oil production. Deutsche Bank and the International Monetary Fund say Libya would need $184/barrel to balance its budget,Nigeria would need $123/b to balance its spending…
Yemisi Izuora/Ijeoma Agudosi Members of Organisation of Petroleum Exporting Countries (OPEC) are battling a U.S. shale boom by resisting production cuts just as oil prices have continued to be on the downward slide. Following the scenario, analysts believe Federal Government should adopt a more pro-active survival strategy by adjusting the micro economic variables to cope with the effects of the continuous price decline on the economy. Price of OPEC basket of 12 crudes stood at $43.55 a barrel Tuesday, compared with $45.19 the previous day. Specifically, WTI crude for February delivery fell below $45 a barrel on Tuesday morning for…