By Yemis Izuora-Lagos The Group Managing Director, Royal Exchange Assurance Plc, Mr. Allan Walmsley has asked insurance operators to take advantage of huge potentials presented by the industry to develop strategies to boost their businesses. Presenting a paper in Lagos he said that,with a penetration rate of less that 1 per cent, the industry boosts of a huge untapped market for the insurance industry and a massive opportunity for insurance companies of the likes of Royal Exchange and others. The huge untapped market is fortuitous especially in the context of the recent consolidation in the insurance industry, he said. Speaking…
Author: orientalnewsng
By Yemis Izuora-Lagos The Managing Director/Chief Executive Officer (CEO) of Avon Healthcare Limited, Adesimbo Ukiri has tasked stakeholders in the health insurance industry to be more customer focused, develop consumer insights and introduce health plans that speak to the different needs of Nigerians’ teeming population. Ukiri who made the call while speaking at the recent Roundtable on Healthcare Financing in Lagos acknowledged that whilst this legislation remained key to achieving Universal Health Coverage (UHC) for Nigeria still a lot need to be achieved in terms of improving penetration levels even ahead of the promulgation of the NHIS bill into law.…
By Yemisi Izuora-Lagos Management of Mansard Insurance has said its building afected by fire outbreak on Aboyade Cole Street, Victoria Island, Lagos caused no casualty or serious injuries to anyone. The company also made it clear that the building is insured by a consortium of some of the leading insurance companies in Nigeria. Broll Properties Limited is the facility manager of the building. The management said in a statement that “On Tuesday, December 9, 2014, there was a fire incident at our commercial property, Mansard Place located at Plot 927/928, Bishop Aboyade Cole Street, Victoria Island, Lagos. “Eyewitness accounts suggest…
Source Thisday Newspapers The ability of the Ecobank Transnational Incorporated (ETI), the Lome-based parent company of the Ecobank Group, to do more business and generate more revenue has been boosted as the bank received $200 million senior unsecured loan facility from Deutsche Bank AG. ETI yesterday notified the Nigerian Stock Exchange (NSE) that it had last month appointed Deutsche Bank to initial lead arranger, book runner and facility agent to arrange the facility. According to the ETI, less than one month, Deutsche Bank successfully closed primary syndication with an oversubscribed order book of $230 million. “The final size of the…
By Yemisi Izuora-Lagos Arik air has disclosed payment of N30 billion to the federal inland revenue, and other aviation agencies. Mr Chris Ndulue, the company’s managing director who made the disclosure explained that the amount covers payment for services rendered by the Federal Airports Authority of Nigeria ( FAAN), Nigerian Airspace Management Agency ( NAMA), remittances for ticket sales to the Nigerian Civil Aviation Authority (NCAA) and taxes to the Federal Inland Revenue Service. He said the airline would continue to contribute its quota to the development transport despite the operational challenges in the sector . Ndulue spoke against the…
By Yemisi Izuora-Lagos The Network on Police Reform in Nigeria (NOPRIN) has joined the global human rights community to mark ‘Human Rights Day’, today, December 10, 2014. The theme for this year’s human rights day is ‘Human Rights 365’, highlighting the notion that every day is a Human Rights Day. NOPRIN supports the fundamental proposition in the Universal Declaration that each one of us, everywhere, at all times, is entitled to a full range of human rights; that every day is a Human Rights Day and that human rights belong equally to each one of us and bind us together.…
By Yemisi Izuora-Lagos Nigeria may have lost over investment opportunities valued at$500billion to other emerging nations in Africa and other parts of the globe due to non passage of the Petroleum industry Bill (PIB) into law by the legislature. This was revealed by the Nigeria Natural Resources Charter which launched in Lagos. . The report which was…
By Yemisi Izuora-Lagos The Federal Government has inaugurated a N45 billion integrated, state-of-the-art sugar production plant in Sunti, Niger State. The project is wholly owned by Flour Mills of Nigeria Plc, (FMN) and comprises of a 16,500 hectare sugarcane estate and mill. The project is part of the Ministry of Industry and Investment’s approved Backward Integration Programme (BIP) for the production of local sugar in line with the provisions of the National Sugar Master Plan. The company has invested N16 billion in the project, while the entire project is expected to be completed and commissioned before the end of…
By Yemisi Izuora-Lagos An unexpected fire has gutted Mansard Insurance Plc on Bishop Aboyade Cole Street, Victoria Island. The incident happened when a fuel tanker which was offloading its content in a petrol station suddenly burst into flames. The fire immediately raged destroying parts of the insurance building. An eye- witness at the scene said that no one was sure of how the fire started, saying,“We don’t know how the fire started. The truck came to deliver diesel and the next thing we saw was flames.”
By Ijeoma Agudosi-Lagos Consumers of electricity in Nigeria appear more determined now to resist rising electricity tariff insisting that they would no longer pay the high estimated bills being issued by the electricity distribution companies. The consumers, under the aegis of Consumer Rights Advancement Organisation said they had adopted a position of “no prepaid meters, no more payment of estimated bills.” The President of the organisation, Mr. Adeolu Ogunbanjo said in a statement that the issue of non-supply of meters has been recurring both before and after the privatisation of the power sector. He, however, alleged that post-privatisation estimated bills…