Insurance is a contract between an insurance company and its client in which the insurance company agrees that on the happening of certain events the insurance company will either make payment to its client or meet certain costs. Therefore, as an insured, if you have suffered any loss on your insured asset or property, your […]
Source: Fund for Peace The chart above demonstrates the long-term trends, year-to-year, for the Social and Economic Indicators for Nigeria. Upward movements represent worsening trends, while downward movements represent improving trends.
The Chairman Governing Board of National Environmental Standards and Regu lations Enforcement Agency, NESREA, Barrister Huzi Mshelia, in this interview with OLUFEMI ADEOSUN, hinted of the Council’s plans to compel multinational companies and other business entities to pay more fines for unbridled act of environmental degradation in any part of the country. Continue Reading
AT least $400,000 (about N88million), was reportedly paid as ransom to secure the release of three seafarers kidnapped from the Greek VLCC Kalamos, off Nigeria’s coast on February 3. The seafarers, two Greeks and a Pakistani, were taken hostage three weeks ago off the coast of Nigeria in a bloody attack on the Greek oil […]
The Securities and Exchange Commission on Tuesday unveiled an Anti-Corruption and Transparency Monitoring Unit to overcome the menace of public corrupt practices. The Acting Director-General of the commission, Mr Mounir Gwarzo, said the unit would be allowed to function with the required level of autonomy liaising directly with his office to give its operations more […]
The Major Oil Marketers Association of Nigeria (MOMAN) yesterday suspended further importation of fuel, pending when the Federal Government settles the N264 billion subsidy arrears owed it. Executive Secretary of MOMAN, Mr. Obafemi Olawore,said the association was forced to take the decision as a result of the failure of banks to grant further credit facilities […]
THE pioneer Managing Director of the Ibadan Electricity Distribution Company (IBEDC), Fortunato Leynes, has resigned his appointment with the company. IBEDC is one of the survivor companies of the unbundled Power Holding Company of Nigeria (PHCN) after its privatization by the Federal Government. It handles electricity distribution in Oyo, Ogun, Osun, Ekiti, Kwara and part […]
THE Securities and Exchange Commission, SEC has approved the suspension of Rule 42 (5)(e) of the Consolidated Rules and Regulations of the Commission for 90 days, effective February 25, 2015. The announcement of the suspension was released yesterday at the commission’s website. The suspended rule provides: “Membership of an Audit Committee shall be for a […]
Following the directive by the office of the Accountant-General of the Federation (OAGF) that existing revenue accounts in Deposit Money Banks (DMBs) be closed not later than February 28, 2015, banks will officially begin the transfer of available Ministries, Departments and Agencies (MDAs) funds to the Consolidated Revenue Fund (CRF) today. Continue Reading
The Federal Government can save over N304.57 billion from the 2015 budget proposals currently undergoing consideration before the National Assembly if wasteful expenditures smuggled into the document are weeded out. This was revealed by a Civil Society Organisation (CSO), Citizens Wealth Platform (CWP), at a recent press briefing in Abuja on unclear and wasteful votes […]
Global rating agency, Fitch Ratings, has predicted that bank’s non-performing loans will rise above five per cent by the end of this year. It said the recent oil price shock and subsequent currency pressure had weakened the Nigerian operating environment and was likely to result in lower Gross Domestic Product growth in 2015. In turn, […]
Apple Inc has been ordered to pay $532.9 million after a federal jury found its iTunes software infringed three patents owned by Texas-based patent licensing company Smartflash LLC. Though Smartflash had been asking for $852 million in damages, the verdict, which came late Tuesday night, was still a costly blow for the U.S. tech giant, […]
In its 2013 report, the Africa Progress Panel led by Kofi Annan estimated that Africa loses twice as much in illicit financial flows as it receives in international aid. This is one of many snippets of fact about the huge costs of corruption on Africa and on Nigeria in particular. It is important that businesses […]
SEC has come up with a new rule that dividend would be returned to the company to start up a new business outside its original business after one year of release without claim from shareholders. In continuation from last week’s edition, shareholders disapprove of such rule. They further argued that registrars also constitute a major […]
The National Insurance Commission (NAICOM) has warned the Chief Executive Officers (CEOs) of insurance firms to desist from paying overriding commission to brokers or face the wrath of the law. Overriding commission is an extra commission paid by insurance firms to brokers against what the law prescribes to gain undue advantage over competitors. Continue Reading
Over 80 per cent of Nigeria’s crude stolen in Niger Delta region is exported to refineries in Europe , Asia and America , while the remaining 20 per cent is refined locally under the aegis of illegal refineries now destroyed by security agents , the Governor of Delta State, Dr Emmanuel Uduaghan has said. read […]
The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, who represented President Goodluck Jonathan at the forum called for a halt in illicit funds transfer from Africa. – According to a recent report of the African Union and the UN Commission for Africa, the continent is losing more than $50bn every […]
It is usually surprising when one reads through the excessive Newspaper adverts to congratulate political officers, their family members or other politically exposed persons on their birthdays. They are usually hailed for being the chairman/founder of a number of companies, many of which were hitherto unheard of or have no verifiable history even in high-profile […]
Hope on the oil sector transparency in Nigeria has heightened as the United Kingdom (UK)’s application to join a voluntary global initiative aimed at fighting corruption in the oil, gas and mining sectors has been approved. With the approval, the UK has joined the United States (US) and 40 other nations that are part of […]
There was a mild drama yesterday at the on-going trial of two oil marketers and their companies over their alleged roles in a N1.1billion Subsidy Fraud as the Economic Financial Crimes Commission (EFCC) declared one of its witnesses, Okechukwu Okpor, hostile. The drama started when Okpor, who was called by the EFCC in support of […]
