Insuring cyber risks will be one of the biggest challenges facing insurers next year, says Ernst & Young, in an analysis issued by its London unit.
“Cybercrime is a moving beast, making it impossible to quantify the risks neatly or to calculate them in an informed or consistent manner,” said Shaun Crawford, global head of insurance at Ernst & Young, in the analysis.
Nigeria’s beverage market is in for a refreshing difference as a hybrid energy drink called Little Bigshot Energy Drink makes a grand entry.
Little Bigshot Energy Drink is building on its distinctive characteristic of not containing neither caffeine nor taurine in breaking the already crowed energy drink segment of the market.
…Set to conclude N31bn multi currency subordinated debt
Sterling Bank Plc has said that the decision to commence the process of concluding its multi currency subordinated debt of N31 billion, about $200 million next year is to further strengthen the bank’s capital base..
Operating with a capital base of N65 billion, Sterling Bank noted that its desire is to approach 2015 business year with N100 billion in capitals, adding that the management is at the tail end of finalizing that.
Russia’s lower house of parliament has hastily approved a draft law that would give the banking sector a capital boost of up to 1 trillion rubles, about $16.5 billion.
Russia’s financial sector is reeling from the economy’s slide towards recession, a plunge in the value of the rouble, and Western sanctions over the Ukraine crisis which have restricted banks’ access to international capital markets, sharply raising their funding costs.
The International Monetary Fund (IMF) last week disclosed that global inward direct investment increased by 8.2 per cent to $27.9 trillion in 2013 from $25.8 trillion in 2012.
The Nigeria Deposit Insurance Corporation (NDIC) said the equity capital of Deposit Money Banks (DMBs) in the country grew by 20.72 per cent from N188.39 billion in 2012 to N227.42 billion in 2013.
NDIC had gone further to inform that the reserves of banks increased by 7.40 per cent from N2.216 billion in 2012 to N2.380 billion in 2013.
Abubakar Sulaiman, the Minister of National Planning Commission, has said if 50 per cent of the current kerosene users in Nigeria would switch over to the use of Liquefied Petroleum Gas (LPG), Nigeria would generate over $ 10.38 billion by 2018.
LEO ALIGWO (Asst. Bus. Editor)
Beside the lack of access to affordable finance by Small and Medium Enterprises (SMEs), poorly packaged loan request and non-bankable business projects have been identified as being among the major factors responsible for the current low level of financial support to the sector by banks.
Having successfully paid 100 per cent of the acquisition, Skye Bank on Friday took full control of Mainstreet Bank Limited after a completion meeting where Asset Management Corporate of Nigeria (AMCON), divested its interest and transferred full ownership of the Bridge Bank to Skye Bank.
The bank also affirmed that it has equally received regulatory clearance as the new owner Mianstreet Bank, one of the bridged banks.
The first set of the Dangote Cement bags, the 3x Premium, will hit the Cameroun market in January 2015, the management of the company has said.
Conducting the Cameroonian media round the 1.5 million metric tonnes per annum capacity plant in Douala, the General Manager of the Plant, Engineer Baba Abdullahi said the plant was already being test run and full production would start next month.