By Yemisi Izuora-Lagos Eight insurance companies have reportedly failed to submit their 2013 financial account based on the International Financial Reporting Standards (IFRS) requirement to the industry regulator, National Insurance Commission (NAICOM). Just like the previous year when eight insurance companies failed to submit their 2012 IFRS based accounts to NAICOM after the end of 2013, seven of the affected insurance companies were equally found wanting in this regard in 2014. This development took place in spite of the fact that section 26(1) of the Insurance Act 2003 stipulates that every insurer shall not later than 30th June of each…
Author: orientalnewsng
By Yemisi Izuora-Lagos Management of NICON Insurance has insisted that appointment of NICON Insurance Limited as the sole Underwriter of the Students Welfare Insurance Scheme, followed due process at the Federal Ministry of Education, Abuja. Senior Manager, Corporate Affairs of NICON Insurance Limited, Mr. Ade Adesokan stated in Lagos that the new scheme, which is the intellectual property of NICON Insurance Limited, was presented to the Federal Ministry of Education and due process was followed before its appointment as the Underwriter. Adesokan, NICON’s senior manager corporate affairs, also affirmed that the NICON Insurance Limited was democratized and privatized in 2006…
By Yemisi Izuora-Lagos The Nigerian Bar Association (NBA) is taking positive steps to provide insurance cover for law practitioners. To achieve this the NBA is collaborating with Leadway Assurance Company to provide a workable and feasible insurance cover for lawyers. Augustine Alegeh SAN, NBA president who made this known at the signing ceremony said that the event marked the fulfillment of the mandate of the present administration of the NBA. He said that a workable insurance policy is a critical factor which every citizen in a civilised jurisdiction should possess. According to him, it is in line with this that…
From Guardian. SEQUEL to the recent announcement made by the Securities and Exchange Commission on major increases in minimum capital requirements for registered capital market operators expected to take off by January 1, 2015, the apex regulators, yesterday, approved an extension of the deadline for compliance by nine months, to 30th September 2015. This is coming on the heels of the plea by some capital market operators for an extension of the recapitalisation deadline due to the ongoing uncertainties in the country, which had hampered market growth and development. According to a statement by the SEC made available on the…
Source-Thisday The Central Bank of Nigeria (CBN) has disclosed that currency-in-circulation declined by 0.9 per cent on month-on-month basis to N1.534 trillion in October. This is in contrast to the growth of 3.1 per cent recorded at the end of the preceding month. The development, relative to the preceding month, according to the CBN economic report, reflected largely, the 4.6 per cent fall in its currency outside bank component. Also, total deposits at the CBN at the end of the review month amounted to N6.962 trillion, indicating an increase of 4.2 per cent above the level at the end of…
By Yemisi Izuora-Lagos The Acting Managing Director/Chief Executive Officer of nahco aviance, Mr. Norbert Bielderman has assured that the clearance of goods at the cargo terminal of the Murtala Muhammed International Airport, Ikeja, Lagos, was ongoing and should end by the first week of January. The Company’s spokesman, Mr. Tayo Ajakaye, quoted Bielderman as saying that everything is under control and work is progressing at full blast. “All hands have been on deck to ensure that the backlog is cleared. Currently we have cleared approximately 60 percent. We are hopeful that the situation will be back to normal…
By Ijeoma Agudosi-Lagos The Nigerian Indigenous Shipowners Association (NISA) has called on the Federal Government to change its transaction of crude oil from Free on Board (FOB) to Cost Insurance and Freight (CIF). The association’s President, Capt. Niyi Labinjo, who gave this charge explained that the CIF mode would add more value to the business. Labinjo said Nigeria was the only country among the Organisation of Petroleum Exporting Countries (OPEC), still selling crude oil based on FOB. “The time has come that Nigeria has to change our transaction mode from Free On Board to Cost Insurance and Freight. “We need…
By Yemisi Izuora-Lagos Nigerian energy group, Sahara Energy is planning to build a thermal plant in Ghana in 2015 to add to the generation capacity of the country. The company is already in discussions with the Volta River Authority (VRA) – which it still lifts crude oil for – towards the construction of the about 2000 megawatts plant in Ghana. Ghanaweb reports that Sahara Energy, which started operating in the country in 2001 when it lifted crude oil for the Tema Oil Refinery and the VRA, has already commissioned the single largest thermal plant in its home country Nigeria, which…
By Yemisi Izuora/Agency Report-Lagos There are indications that almost half of Nigeria’s cargoes due to be exported in January are still available even as oil prices reach the $50s trough, $10 below Nigeria’s benchmark price. The backlog has pushed Nigerian oil differentials versus Brent to their lowest since at least 2009, at 65 cents a barrel, down 80 percent since May. A report by Reuters indicated that the scenario is also creating a discount frenzy between African and Gulf oil producers to Asian buyers Asia has become a hotspot for a price war between African and Gulf oil producers who,…
Source-Ghanaweb Early comments about the quality of the associated gas from the Jubilee oil field operations, which currently is piped to the Atuabo Gas Processing Plant for processing and onward delivery of dry gas to the Aboadze Thermal Plant for electricity generation, is causing some stir among industry observers. Some statements attributed to the Ghana National Gas Company (Ghana Gas), according to sources at the Volta River Authority (VRA) that Graphic Business spoke to, may either be misplaced or not exact in facts. Ghana Gas reportedly claimed that gas from Jubilee, after acceptable quality assessments, is of superior quality based…