Business
Elumelu wants NAICOM to raise capital base for Non-life companies to N30b, N1b to re-capitize insurance brokers
Chairman of Heirs Holding, Tony Elumelu has called on National Insurance Commission (NAICOM) to raise the capital base of Non-life insurance companies to N30billion and N20 billion for life insurance firms. Elumelu who spoke at the National Insurance Conference 2023, with the theme: ‘Redefining Safety: Insurance solutions for public buildings…
Read More »What you need to know about CBN’s lifting of forex restriction on 43 items
The Central Bank of Nigeria (CBN), on Thursday, October 12, 2023, announced, among other policy issues, the lifting of foreign exchange restrictions hitherto placed on the importation of 43 items. 1. Why was there a restriction? On June 23, 2015, the CBN issued Circular TED/FEM/FPC/GN/01/010, which put 41 product categories…
Read More »CBN lift forex restriction on importation of 43 items
Abiodun Folarin Concisedailynews – The Central Bank of Nigeria (CBN), has lifted the restriction of foreign exchange on importation of 43 items, it previously restricted in 2015; restates commitment to boost liquidity in foreign exchange Market. The apex bank, In a statement on Thursdays, by the Director, Corporate Communications, Isa…
Read More »NDIC Boss Urges ICAN to Integrate Deposit Insurance System (DIS) Courses
The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan, has called upon the Institute of Chartered Accountants of Nigeria (ICAN) to incorporate courses on the Deposit Insurance System (DIS) into its educational programs and modules. Mr. Hassan made the call during a courtesy visit by the…
Read More »Nigeria borrowed N457.2bn through TBs sales in August
The Nigerian government borrowed a total of N457.2 billion in the month of August through the sales of Treasury Bills (TBs). This is according to the FMDQ Markets Monthly Report for August. The amount represents an increase of 12.58 per cent (N51.10 billion) Month on Month (MoM). An increase in…
Read More »NDIC Commences Payment of N16.18 Billion of bank liquidation dividends to Depositors
Following impressive recoveries from debtors and realisation of assets of banks in liquidation, the Nigeria Deposit Insurance Corporation (NDIC) has announced declaration of N16.18 billion liquidation dividends to depositors, creditors and shareholders of 20 banks in-liquidation. To this end, the Corporation has commenced verification and payment of stakeholders covered by…
Read More »Afreximbank signs land acquisition for African Trade Centre in Egypt’s New Administrative Capital
African Export-Import Bank (Afreximbank) has signed a formal agreement for the acquisition of land for the New Administrative Capital African Trade Centre (NAC-ATC), which will house the Bank’s headquarters, along with other trade-supporting facilities and entities, in Egypt’s new administrative capital in Cairo. The agreement provides for a complex that…
Read More »Seplat Energy’s gas revenue grows to $63.7 million year-on-year
Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, has within a year experienced a 10.2 per cent gas revenue, reaching $63.7 million in 6M 2023 (compared to $57.8 million in 6M 2022). This growth is attributed to…
Read More »DMO offers 2 new FGN savings bonds for subscription
The Debt Management Office (DMO) on Monday announced an offer of two fresh Federal Government of Nigeria (FGN) Savings Bonds for subscription at N1,000 per unit. According to the DMO, the first offer is a two-year FGN savings bond due on Aug. 16, 2025, at interest rate of 9.634 per…
Read More »Danbatta Advises Businesses to Adjust with Disruptive Technologies
Executive Vice Chairman of the Nigerian Communications Commission, NCC, Prof Umar Garba Danbatta, has advised businesses to adjust to the potentials of disruptive technologies which have been adopted across the globe for enhanced productivity and sustainability. He told industry leaders and Information and Communication Technology (ICT) innovators, who gathered at…
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