The insurance industry in Nigeria has reported gross premium income of N302 billion in the financial year ended December 31, 2014, according to figures released by the National Insurance Commission (NAICOM).
Enron: The Fall of A Wall Street Darling
Enron is a company that reached dramatic heights, only to face a dizzying collapse. The story ends with the bankruptcy of one of America’s largest corporations.
Enron’s collapse affected the lives of thousands of employees, many pension funds and shook Wall Street to its very core. To this day, many wonder how a company so big and so powerful disappeared almost overnight. How did it manage to fool the regulators and the Wall Street community for so long, with fake off-the-books corporations?
Non-Performing Loans: Are Banks Innocent Victims?
So, by the 1st of August, any debtor that hasn’t done so (paid his debt), the name will be published by the bank. So, the banks are encouraged to speak to their customers that fall into that category that they should put in more effort to pay off.
The 322 Bankers’ Committee Meeting ended recently in Abuja with a resounding resolution to publish the names of bank debtors on August 1, 2015 under the so-called ‘Name & Shame’ initiative.
Chinese Firm Flags-Off Production of Meters in Nigeria
A Chinese firm, Golden Horse Company Limited, has commenced the manufacture of electric meters in Nigeria following the approval of its application by the National Electricity Regulatory Commission (NERC).
Bosch, P&G, Maersk Boost FDI in Nigeria with $3bn
Procter & Gamble, AP Moeller-Maersk A/S, the world’s largest shipping container line, and German company, Bosch have announced plans to increase their investments in Nigeria as they seek to expand their operations.
Deloitte Named Best Company to Work for in Nigeria 2015
Akintola Williams Deloitte has been named the Best Company to Work for in Nigeria by the prestigious Great Place to Work Institute Nigeria.
Deloitte won awards in two different categories:
• Best Company to Work for in Nigeria (2015): 1st Position in the category of “Large Population”
• Best Practice Awards in Nigeria (2015): in the category of “Delivering Excellence in Learning & Development” Over 100 companies in Nigeria including major multinationals, oil & gas companies and major financial institutions participated in the assessment.
U.S. Assures Nigerians on Transparent, Open Visa Process
U.S. consular officials have assured Nigerian visa applicants that the visa application process is open and transparent. As a result, the majority of Nigerian visa applicants are approved.
Country Consular Coordinator, William Laidlaw and Abuja Consular Chief, Stacie Hankins offered insights into the U.S. visa process to journalists from Channels Television, News Agency of Nigeria, Radio Nigeria, and Punch newspaper, who received a tour of U.S. Embassy Abuja’s consular operations. The tour gave the journalists an opportunity to observe the visa process and speak with applicants about their experiences after their visa interviews.
Akinwumi Adesina of Nigeria: Historic Election as 8th President of African Development Bank
I have been given a great responsibility,” Akinwumi A. Adesina said upon his election as the 8th President of the African Development Bank Group. The victory was the first by a Nigerian in the 50th year history of the Bank.
The President-Elect said he was “humbled by this remarkable vote of confidence in me” on the part of the Bank’s Board of Governors, who met during the Bank Group’s 50th Annual Meetings in Abidjan, Côte d’Ivoire. His name was announced by Albert Toikeusse Mabri, Minister of Planning and Development for Côte d’Ivoire, and Chairman of the Board of Governors of the African Development Bank. The election process was concluded by voting among the Bank’s Board of Governors (54 regional member countries, 26 non-regional), whose voting powers are weighted.
Access Bank Donates N10m to UNICEF on Charity Shield Polo
The Access Bank UNICEF Charity Shield International Polo tournament came to a flourishing climax recently with the presentation of N10 million donation by the sole sponsor, Access Bank Plc to UNICEF.
The donation was presented at the Fifth Chukker Polo & Country Club in Kaduna by the Executive Director, Personal Banking, Access Bank, Victor Etuokwu to support the UNICEF campaign against HIV/AIDS pandemic among Nigerian children. Etuokwu who led other top officials of Access Bank to the grand finale, expressed delight that the Access Bank UNICEF Charity Shield is achieving its main objective of reaching out to the less privileged children in the society.
Five Tips for Success by Africa’s Top Young Entrepreneurs
The Anzisha Prize
Being a young entrepreneur is difficult, no matter where you are from. But in Africa, the challenges are often far more emphasised. Resources, financing, mentorship and supporting services are even scarcer.
ITU Statistics Confirm ICT Revolution of Past 15 Years
7bn Mobile Subscriptions, up from 738m in 2000
3.2bn Internet Users, 2bn in Developing Countries
Broadband Now Affordable in 111 Countries
New figures released by ITU indicate that over the past 15 years, information and communication technologies (ICTs) have grown in an unprecedented way, providing huge opportunities for social and economic development.
Insurance CEOs Query 10-Year Tenure Draft
Chief executives of insurance firms in the country have sharply disagreed on the draft legislation by the National Insurance Commission (NAICOM) for CEOs to leave office after 10 years. A similar measure was executed in the banking sector under Mallam Sanusi Lamido Sanusi. Many CEOs who craved anonymity queried the rationale for the measure by NAICOM, insisting that insurance should not equated with the banking sector.
17 Insurance Firms Await June 30 NAICOM Deadline
A total of 17 insurance companies are racing to secure approval of their 2014 annual accounts by the industry regulator, National Insurance Commission (NAICOM) by the close of work on Tuesday, June 30, 2015. Already, 23 operators have received NAICOM approval on their account.
IFC: 2.5bn Adults, 200m MSMEs Lack Access to Credit
The International Finance Corporation (IFC) says an estimated 2.5 billion adults and 200 million Micro, Small and Medium Enterprises (MSMEs) worldwide lack access to credit or savings.
Accordingly, IFC says its Financial Institutions Group is committed to providing universal access to finance by 2020. It hopes to achieve the target by working through financial intermediaries to support far more micro, small, and medium enterprises than we would be able to on its own.
Akon says Singing Has Given Him a Platform to Promote Africa
622m Africans Lack Electricity
Unveils Akon Lighting Africa Initiative
Grammy-nominated hip-hop artist Akon says being a successful entertainer has given him a platform to pursue his dream of helping Africa grow and prosper.