THE Nigerian Council of Registered Insurance Brokers (NCRIB) has commiserated with victims of recent fire disasters in Iron Rod Market, Agodi in Ibadan and Balogun markets in Lagos.
President of the Council Mr. Ayodapo Shoderu who lamented the continuous loses of merchandise and properties in many commodity markets in the country to fire disasters noted that such loses could be mitigated if the victims had embraced insurance.
IN recognition of their contribution towards the infrastructural upliftment of Unity schools and general development of education across the country, the Managing Director of Heritage Bank, Mr. Ifie Sekibo and a host of other distinguished Nigerians have been honoured by the Alumni Association of the Federal Government Girls College, Benin City at a special event in Lagos over the weekend.
Efforts by the Nigerian Insurance industry to retain capacity in Oil & gas underwriting, curb capital flight and grow the local market in energy and allied risks underwriting has received a major boost as some members of the Nigerian Insurers Association (NIA) have come together to pool about N720 million, about $4 million to boost energy and allied risk underwriting in the country.
According to a statement by the NIA, the figure represents about 40 percent of the total sum of the number of lines each company has subscribed to.
Bank of Industry (BoI) and a consortium of 10 Small and Medium Enterprises (SMEs) friendly banks had late last year signed a pact for the development of the SME sector. The pact was not only designed to serve as a platform for the provision of unhindered access to funds by the SMEs but also for the realization of the federal government’s economic transformation objectives. Assistant Business Editor, LEO ALIGWO spoke with the MD of BoI Mr. Rasheed Olaoluwa on the essence of the pact. Excerpts
Following the claims by former President Olusegun Obasanjo that President Goodluck Jonathan’s administration mismanaged the Excess Crude Account and the external reserves, Federal Ministry of Finance has declared that the funds were appropriately deployed in the course of normal transactions required for the development of the nation’s economy.
Obasanjo had claimed that his administration left $25 billion in the excess crude accounts in 2007 which was shored up to about $35 billion by the Yar’Adua’s administration just as he said that left $45 billion in external reserve.
The ECB is considering three main options for pumping money into the struggling euro zone economy but two of them could hurt confidence in the bloc’s most indebted states, defeating the object of the exercise.
With euro zone consumer prices falling in December, for financial markets it’s no longer a question of whether the European Central Bank will act to boost economic growth and ward off a deflationary spiral, but when.
Oil held above $51 a barrel on Thursday, supported by a surprise drop in U.S. inventories, as bulls and bears searched for a floor to the market’s second-biggest rout.
Crude halted a four-session decline on Wednesday after U.S. crude stockpiles fell and as data showed that the U.S. economy remained resilient amid slowing global growth.
Brent crude rose 12 cents to $51.27 by 0950 ET. It dropped as low as $49.66 on Wednesday, the lowest since April 29, 2009. U.S. crude was at $48.84, up 19 cents.
(Asst News Editor)
….Alleges lost of 40% oil revenue in 5 months
Rivers State Council of the Trade Union Congress of Nigeria (TUC) has urged the government at all levels to reduce wasteful spending as to avoid unnecessary depletion of the country’s foreign reserve.
It noted that the country lost more than 40 per cent of its revenue from oil in the past five months. It said this resulted in the accelerated decline in the global prices of oil from over U$120 per barrel in December 2013 to around U$60/pb last month.
Recent report from the African Development Bank (AfDB) revealed that the bank has between 1967 and 2011disbursed loans and grants of $93 billion (about N14.9 trillion) to member countries.
According to the report, agriculture and rural development projects accounted for $11.85 billion, representing 12.74 per cent, while infrastructure, which included transport, water and sanitation, communications and industry, got $44 billion or 47.3 per cent of the funds.
The Nigerian Merchant Navy Officers and Water Transport Senior Staff Association has called on the Federal Government through the Nigerian Maritime Administration and Safety Agency (NIMASA) to expedite action towards correcting the anomaly which saw Nigerian Certification bearing the Near Coastal Vessel (NCV) status.