Remi Babalola BY NKECHI NAECHE—-The Insurance Industry operators in the country have been called upon to embrace digital transformation aimed at making insurance more attractive to the new generation who are majorly the youth. The former minister for Finance, Mr Remi Babalola gave this charge yesterday at the Breakfast seminar organized ...
↧
Use latest technology to harness untapped market, Babalola tells Insurers
↧
CBN Says Manufacturing PMI Grew 55.3% in September 2017 from 53.6% in August 2017
Introduction The September 2017 PMI was conducted by the Statistics Department of the Central Bank of Nigeria during the period September 11 – 15, 2017. The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in 13 locations in Nigeria (2 states in each geopolitical zone and the Federal Capital Territory, Fig. 1). ...
↧
↧
Wema Bank Announces Extra-Ordinary General Meeting, to Embark on Capital Reorganization
Wema Bank PLC (Bloomberg: Wema NL) (“Wema” or “the Bank”) Issues Notice on Extra-Ordinary General Meeting. Capital Reorganization to Position Bank for Efficiency Resolve Negative Retained Earnings Shareholders Remain Unaffected Managing Director/Chief Executive Officer’s review Wema Bank Plc on Friday, 29 September 2017 issued a notice of an Extra-Ordinary General Meeting (EGM), seeking the consent ...
↧
Darkness descends on KPMG; Auditing firm faces ruin as its reputation lies in tatters
Auditing firm KPMG SA’s reputation is in tatters and it faces ruin as another two major clients ditch it. On Tuesday financial services company Sasfin and investment company Hulisani announced plans to drop KPMG because of reputational risks. Sygnia Asset Management had fired it earlier. Six companies have terminated their ...
↧
FirstBank Increases Stake in FBNBank DRC Limited; Consolidates its International Business
First Bank of Nigeria Limited (FirstBank or the Bank), the foremost Nigerian bank, announced the acquisition of the remaining shares in FBNBank DRC Limited (FBNBank DRC), making it FirstBank’s wholly owned Subsidiary. FirstBank said this follows its initial investment in FBNBank DRC (formerly Banque Internationale de Credit) in 2011, when the Bank acquired a ...
↧
↧
Ghana: Labour unions call off intended strike over tier-2 pension
The Forum for Public Sector Registered Pension Schemes made up of the 12 public sector labor unions have called off their intended strike which was to begin today [Friday]. The Chairman of the forum, Isaac Bampoe-Addo, said “the forum has resolved to suspend temporarily the intended 29th September 2017 indefinite nationwide strike action communicated earlier ...
↧
Ghana: World Bank pledges to make Ghana a middle income country
Country Director for the World Bank, Mr. Henry Kerali, has assured Ghanaians of the institution’s support to help improve the living conditions of Ghanaians. According to Mr Kerali, the World Bank is willing to help make Ghana a fully fledged middle income country. He made this assurance during the launch of World Bank-Ghana 60th ...
↧
Fidelity Bank Launches $500 Million Eurobond to Boost Operations
Fidelity Bank, MD/CEO, Nnamdi Okonkwo Fidelity Bank Plc thursday announced plans to launch up to $500 million Senior Unsecured Medium Notes (Eurobond) as well as a tender offer to purchase the banks’ outstanding $300 million 6.875 per cent Notes due May 9, 2018. Fidelity Bank disclosed this in a notification to ...
↧
Photo News: NCRIB 2017 Fellows’ Day
L-R: Deputy President, Nigerian Council of Registered Insurance Brokers, Mr. Shola Tinubu; Guest Speaker, Mr. Hakeem Ogunniran, NCRIB President, Mr. Kayode Okunoren; Chairman, Board of Fellows, Barrister Laide Osijo, and NCRIB Vice President, Mrs. Bola Onigbogi at the 2017 Fellows’ Day of NCRIB held at Umutu Restaurant, Victoria Island, Lagos
↧
↧
Hurricane Harvey: 70% of home damage costs aren’t covered by insurance
The latest Hurricane Harvey cost estimates show about 70% of home damages caused by flooding won’t be covered by insurance. New preliminary data from CoreLogic, a property analytics firm, predicts that between $25 billion and $37 billion worth of flood loss has hit homes across southeast Texas and southwest Louisiana. Only about $6.5 ...
↧
Lloyd’s of London insurers face claims bill of $4.5bn resulting from recent hurricanes as half-year profits slip
Lloyd’s of London confirmed it had already paid out ‘significant amounts’ to cover claims following the recent hurricanes which hit Florida, Texas and the Caribbean. The aftermath of hurricanes Irma and Harvey has left Lloyd’s potentially facing claims totaling $4.5billion. In the last six months, Lloyd’s, which is the world’s biggest insurance market, ...
↧
AfDB approves $200 million to IDC to support industrialisation projects in Africa
The Board of Directors of the African Development Bank Group (AfDB) has approved a private sector multi-currency line of credit of US$ 100 million and 1.3 billion South African Rands to Industrial Development Corporation Plc (IDC) of South Africa. The operation will support industrialization projects in both South Africa and other Regional Member Countries ...
↧
NSE CEO Receives Professional Excellence Award
The Chief Executive Officer (CEO) of The Nigerian Stock Exchange (“NSE” or “The Exchange”), Mr Oscar N. Onyema, OON was yesterday given the Professional Excellence Award – Capital Market Category at the Business Hallmark People of the Year Awards Ceremony held at the Civic Center, Lagos on Saturday, September 30, 2017. According to the Business ...
↧
↧
Osinbajo Says Nigerians will Benefit from the Fruit of the Nation
REMARKS BY THE VICE PRESIDENT OF THE FEDERAL REPUBLIC OF NIGERIA, HIS EXCELLENCY PROF. YEMI OSINBAJO, SAN, GCON, AT THE INDEPENDENCE DAY INTERDENOMINATIONAL CHURCH SERVICE AT THE NATIONAL CHRISTIAN CENTRE, ABUJA ON THE 1ST OF OCTOBER, 2017. WATCH: 57TH INDEPENDENCE ANNIVERSARY SERVICE PROTOCOLS It is a very special pleasure indeed to be here again this ...
↧
CBN stops banks from taking charges on bulk transfers
Commercial banks can no longer take Short Message Service (SMS) charges on bulk bank transfers done through the Real Time Gross Settlement (RTGS), The Nation learnt at the weekend. The RTGS is an interbank funds transfer system on “real time” basis and “gross”. Settlement in the “real time” means that the transaction takes place ...
↧
Sales of new Audi A8 begins October 5
The new Audi A8 will be on sale as from October 5, 2017 in Germany. With strikingly stylish design, first-class chassis solutions, a touch operating concept and the electrification of all drive units, the fourth generation of the A8 provides the latest reference for Vorsprung durch Technik. The basic price in Germany for the flagship ...
↧
Rx Healthcare Fund Announces Anchor Investors
Rx Healthcare Fund (“Rx” or the “Fund”) (www.RxHealthManagement.com), an Africa-focused healthcare private equity fund currently under establishment, today announced that GE Healthcare (www.GEhealthcare.com), a leading global provider of transformational medical technologies and services, is set to become an anchor limited partner in Rx. Following an earlier commitment to Rx by the African Development Bank, ...
↧
↧
IOSCO launches World Investor Week 2017
The International Organization of Securities Commissions (IOSCO) today launched its first World Investor Week (WIW). A bell-ringing ceremony at the Tokyo Stock Exchange marked the start of this week-long campaign to promote greater investor education and protection worldwide that will run from today, October 2nd, through October 8th. Throughout the week, securities regulators and other ...
↧
Ecobank launches mVisa across 33 African Countries
Ecobank has partnered with Visa to launch Ecobank Scan+Pay with mVisa solutions to their consumers. The strategic tie-up signals interoperability on a cross border level – and potentially huge gains – as it affords consumers with the ability to use their mobile phone to directly access the funds in their bank accounts to ...
↧
FG so far injects N43.9billion to Agriculture- says CBN
The Federal Government has so far released a total of N43.92 billion through the Central Bank of Nigeria (CBN) and 13 participating institutions for supporting agriculture production across the country. According to FG, 200,000 small holder farmers from 29 states of the federation have benefited from the scheme while 233,000 hectares of farmland cultivating ...
↧