Blog Archives

NSE Delists Daar, Starcomms, JIB, 17 Others

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The Nigerian Stock Exchange (NSE) has decided to delist 20 companies for non-compliance with listing requirements. While 15 of the companies are being delisted for failure to file their quarterly and annual financial statements, five others are being delisted for failure to regularise their listing status after being given time to do so.

Those being delisted for failure to file their financial statements include: Investment and Allied Insurance Plc; Goldlink Insurance Plc; Pinnacle Point Group; Adswitch Plc; Afroil Plc,…. Continue Reading

Stemming the tide of Corruption in Nigeria

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stop-corruption Nigeria ranked 76th out of 82 countries surveyed in the 2014 version of the Economist’s annual business environment ranking. Nigeria has retained this rank since 2009. The Economist cites corruption, weak infrastructure, deteriorating security and the absence of effective government institutions for Nigeria’s poor performance in the rankings. In a similar vein, a recent survey by Ernst& Young has shown that 88 per cent of the respondents in Nigeria believe bribery and corruption is widespread in the country, compared to 72 percent of respondents who thought so in 2012. Continue Reading

Policy holders lament delays, non-payment of claims

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Non-prompt settlement of claims by insurers has over the years been the bane of insurance growth, penetration and acceptance in Nigeria.

This is in spite of the insurance in­dustry regulatory body, the National Insurance Commission, NAICOM, at­tempts to make prompt claim settle­ment one of its cardinal objective, and which the commission also flouts as one of its main achievements.

According to some analysts however, many operators seems to have devised newer and more “professional” means of swindling or talking their way out of paying claims, or not paying it in full by negotiating with the insured. Continue Reading

E-commerce Gets Boost as PayPal Expands Payment Services to Nigeria

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Business for online shopping websites in Nigeria such as Jumia and Konga as well as banks, is set to get a major boost with the decision by PayPal, an international e-commerce payment and money transfer platform, to enter 10 new countries this week, including Nigeria.

PayPal provides online payment alternatives for consumers via mobile phones or personal computers (PCs) in markets often blighted by poor banking penetration and financial fraud.

Rupert Keeley, the executive in charge of Europe, Middle East and Africa region (EMEA) of PayPal, the payment unit of eBay Inc, said in an interview yesterday that the expansion would bring the number of countries it serves to 203. Continue Reading

Strengthening economy through National Quality Policy

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A LOT has been said about Nigeria being used as dumping ground for fake and substandard products by other countries, especially the Asian countries. Millions of Nigerians had either lost their lives prematurely or maimed permanently as a result of exposure to fake and substandard goods. In the forefront of the fight against this menace is the Standards Organization of Nigeria (SON), an agency set up to among other mandates provide standards that form the basis for consumer protection, health, safety and environmental concern. Continue Reading

State Governments Raise N520bn Debt in Five Years

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Sixteen states of the federation have raised bonds totalling N520 billion in the last six years without clear outlines on how the funds were used, THISDAY investigation has revealed.

This is against the backdrop of massive unemployment and infrastructural deficit across the country, which the debts could have addressed.

Specifically, the 16 state governments were found to have raised the bonds without their citizens’ understanding of what the funds are meant for. Continue Reading

Banks violate CBN’s directive, charge customers 2013 COT

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Indications have emerged that most Deposit Money Banks (DMBs) still charge their customers N3 per N1,000 Commission on Turnover (COT), despite a Central Bank of Nigeria (CBN’s) directive which stipulated N2 COT for 2014.

To this effect, the apex regulator has ordered the affected DMBs to refund such illegal fees charged customers over a period of one year.

The order, contained in a circular dated June 11, but posted on June 12, and signed by the Director, Financial Policy and Regulation Department, CBN, Mr Franklin Ahonkhai.

Specifically, the central bank said some banks had been overcharging customers on the Commission on Turnover in the last few months, while some lenders had also imposed illegal maintenance fees on the CoT-free accounts. Continue Reading