Source-Thisday Investors in Seplat Petroleum Development Company Plc and Caverton Offshore Support Group Plc (Caverton), two companies that got listed on the Nigerian Stock Exchange (NSE) are now counting losses in their investments following persist declined in the share prices of the firms. Seplat, the only oil exploration and production firm on the NSE, got listed in April both on the Nigerian bourse and London Stock Exchange (LSE) after a successful $500 million initial public offering (IPO). The stock got listed at N576 per share at a ceremony witnessed by Minister of Petroleum Resources Mrs. Diezani Alison-Madueke, and the Minister…
Author: orientalnewsng
Source-Thisday For the nation’s capital market to achieve the desired growth and play its capital formation role in the Nigerian economy, there must be a synergy among the regulators in the financial sector. Group Chief Executive Officer, UBA Capital Plc, Mrs. Oluwatoyin Sanni, stated this at the weekend at the annual workshop of the Capital Market Correspondents Association of Nigeria (CAMCAN) in Lagos. Speaking on the topic, “Sustaining Capital Market Recovery,” Sanni said there must be a regulatory synergy among the different arms of financial markets and industry regulators to avoid another crash of the nation’s capital market. According to…
By Yemisi Izuora-Abuja The federal government has challenged the insurance industry on premium generation and has therefore set a target of N5 trillion gross written premiums (GWP) for the sector in the next 10 years. Economy and finance minister, Dr Ngozi Okonjo-Iweala, who disclosed this in Abuja expressed disappointment that the sector which has enormous potential of contributing significantly to national economic growth has a ratio of premiums to the gross domestic product (GDP) of only 0.4 per cent in Nigeria. She said the country ranks the lowest compared with 1.1 per cent in Ghana; three per cent in…
By Yemisi Izuora-Lagos World Finance has named First Bank and FBN Insurance, the banking and Insurance subsidiaries of FBN Holdings Plc as the 2014 Best Private Bank in Nigeria and Best Life Insurance Company for the Nigerian market respectively. The awards are part of World Finance series of Award competition which rate companies that demonstrate innovative risk management strategies and client services. According to the organisers of World Finance Awards, First Bank was adjudged winner based on its attention to client services and it’s ‘Best in Class’ private banking hubs located in Abuja, Lagos, and Port Harcourt as well…
By Gerard Izuora-Lagos Nigerian senior oil workers under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSON) says it has finalised plans to shut down all oil and gas installations in the country to protest the delay in the passage of the Petroleum Industry Bill and anti-labour activities of some employers in the oil sector. A statement released by the union in Lagos today, listed other grievances of the union as retardation of staff promotion in the Petroleum Technology Development Fund; non-standardisation of nomenclature and collective bargaining agreement of the Nigerian Nuclear Regulatory Agency with…
By Ijeoma Agudosi-Lagos ONDO Plc, an integrated energy company operating in Nigeria has raised its commitment to the Lady Mechanic Initiative (LMI) a Non Governmental Organisation (NGO) established to empower vulnerable girls and women in the areas of mechanical and technical skills. Through the philanthropic efforts of donor agencies and multinational organisations the LMI has been able to train about 700 Lady Mechanics. The Initiative celebrated its 10th anniversary in Lagos with corporate support from OANDO which has contributed significantly toward sustenance of the program under its corporate social responsibility (CSR). Also MacArthur Foundation which is the first to…
By Yemisi Izuora-Lagos The National Association of Air Traffic Engineers NAAE has expressed concern that the spate of retirement within the body may leave a gap if nothing is done to replace the outgoing personnel. The body has therefore sought intervention of the federal government to replace retiring engineers in the Nigerian Airspace Management Agency (NAMA) in order to ensure continuity. Speaking to journalist in Lagos after arriving from NAAEs AGM /Election in Enugu, the national president of NAAE Engr. Makanjuola Ebenezer said the call became necessary as a result of number of engineers that will be disengaging…
By Yemisi Izuora-Lagos The Nigerian Civil Aviation Authority (NCAA) has issued a weather alert to all Pilots indicating hazards associated with Harmattan dust haze in flight operations at this period of the year. This warning is important as Harmattan is known to pose an obvious threat to aircraft particularly in areas of challenging terrains due to low visibility. This alert is in line with the Seasonal Rainfall Prediction issued by the Nigerian Meteorological Agency (NIMET) on the cessation of rainy season in 2014. The Harmattan is a dry and dusty wind that blows southwards from the Sahara across the…
Source Punch The immediate past Minister of State for Defence and a Peoples Democratic Party governorship aspirant in Lagos, Senator Musiliu Obanikoro has said he has not stepped down for any aspirant of the party, contrary to reports. Obanikoro, while addressing journalist at the venue of the PDP governorship primary in Oregun, condemned alleged attacks against his supporters. Asked to speak about the conduct of the primary, the ex-minister declined comments, noting that he was still making assessments. He said, “Nobody can persuade me to step down. I resigned the coveted office of a Minister to participate in this…
By Yemisi Izuora-Lagos The Nigerian Capital Market is currently facing some challenges that must be addressed in other to sustain the Market recovery and prevent another crash and adverse effect on the economy. The group Chief Executive Officer of UBA Capital Plc Oluwatoyin Sanni said this while delivering a paper titled “Sustaining Capital Market Recovery” at the ongoing CAMCAM workshop which began today In Lagos. She said that investor confidence must be restored now that the. General election is going to take place early next year. She observed that some international and local investors have withdrawn their investments in anticipation…