Naija News Feed
Business
N40m fraud: Midland Ltd has case to answer – Court
February 10, 2019/SEC A federal High court sitting in Abuja has ruled that Midland Capital Market Ltd and the Managing Director, Mr. Sam Bandi have a case to answer on allegations of falsely obtaining N40,000,000 from a client. This is a boost to the Securities and Exchange  Commission’s drive to ensure investor protection in the …
Business Today -
Ecobank Deepens Financial Inclusion, Launches EcobankPay Zone at Alaba Int. Market
Left: Carol Oyedeji, Executive Director, Commercial Banking, Ecobank Nigeria; Ben Okolie, General Secretary, Alaba International Market Association (Electronics); Patrick Akinwuntan, Managing Director, Ecobank Nigeria; Okwelogu Romanus, Managing Director, Ajuoye Dynamic Concept, (customer of Ecobank) and Jude Esedebe, Managing Director, J-Clax International (customer of Ecobank) at the launch of EcobankPay zone at Alaba International Market by …
Business Today -
CBN Intervenes With $279.13m, CNY 46.92m in Retail SMIS
8/2/2019/CBN  The Central Bank of Nigeria (CBN) has again made interventions in the Retail Secondary Market Intervention Sales (SMIS) of the Foreign Exchange market totaling $279.13 million and CNY 46.92. Figures of the sales consummated on Friday, February 8, 2019 revealed that the sum of $279,128,518.66 was injected to meet requests of customers in the …
Business Today -
High Court Issues Restraining Order Against NAICOM
    BY NKECHI NAECHE—-The Federal High Court sitting in Abuja on yesterday gave order restraining the National Insurance Commission (NAICOM) from the purported suspension of Guinea Insurance Plc from writing new businesses. The court, in a ruling by  Hon. Justice  I. E. Ekwo granted an order in a suit that was filed by by Guinea …
Business Today -
FG plans to provide free internet access to users of national libraries
  The Federal Government has announced plan to provide free internet access for library users in the country. Minister of Education, Malam Adamu Adamu, who disclosed this on Friday in Abuja at the “7th Edition of the Weekend Ministerial Press Briefing” said the National Library of Nigeria (NLN) had been fulfilling its mandate by expanding its branches …
Business Today -
FG orders missions to issue visas to foreign media ahead of 2019 elections
  As Nigerians prepare for the general elections, the  Federal Government has ordered all Nigerian Missions abroad to issue visas to foreign journalists willing to cover polls. The Minister of Foreign Affairs, Mr Geoffrey Onyeama, said this in a statement issued by the ministry’s spokesperson, Mr George Edokpa, on Friday in Abuja. The  2019 general …
Business Today -
PVCs Collection: INEC extends deadline to Monday
  As part of efforts to ensure that no Nigerian is disfranchised in the forthcoming elections,  the Independent National Electoral Commission (INEC) has extended the deadline for collection of Permanent Voters’ Cards (PVCs) to Monday. INEC Chairman, Prof. Mahmood Yakubu disclosed this at the commission’s regular meeting with the Resident Electoral Commissioners (RECs) on Friday …
Business Today -
CIIG seeks power to sanction insurance professionals
The Chartered Insurance Institute of Ghana (CIIG) is seeking for the power to impose sanctions on insurance professionals who engage in unethical behaviours. This is because the CIIG is working on submitting a bill which will regulate the activities of insurance practitioners to parliament before the end of February. Also known as the Chartered Insurance …
Business Today -
Allegations of Pension Act Violation, False,Says PenCom boss
From left on front roll: Secretary/Legal Adviser, National Pension Commission (PenCom), Mr. Sani Muhammad; Acting Director General, Mrs. Aisha Dahir-Umar; Head, Benefits & Insurance Department, Mrs. Ekanem Aikhomu; Deputy General Manager, Human Capital Management Department, Mrs. Hadiza Wali-Oniyangi; Office of the Head of the Civil Service of the Federation,Mr. Alfred Abah; President of Nigeria Labour Congress,Mr. Ayuba Wabba during the Public Hearing on …
Business Today -
Market Players Oversubscribe CBN OMO Amid Increased Demand on Short Tenor Bills
Business Today -
Fayose’s N6.9b Fraud Trial: Court compels Obanikoro appear or face consequences
  A Federal High Court in Lagos on Thursday ordered Sen. Musliu Obanikoro to appear in court on March.18. Obanikoro’s appearance would be for the continuation of his cross examination in the trial of the immediate past governor of Ekiti, Mr Ayodele Fayose who is facing charges of N6.9 billion fraud. Justice Mojisola Olatoregun made …
Business Today -
Chevron issues update to climate report for investors
  Chevron Corporation today published an update to its March 2018 report describing the company’s approach to managing climate change risks and its resilience under a low carbon scenario. The update supplements Climate Change Resilience: A Framework for Decision Making with new information on the company’s governance framework and climate change related actions and investments. …
Business Today -
 
 
Eko Disco marketers now field representative-management
 Eko Electricity Distribution Company (EKEDC), says its marketers tasked with the role of door to door revenue collection would henceforth be known as Eko Field Representatives (EFR).  Mr Godwin Idemudia, General Manager, Corporate Communications of  EKEDC  disclosed on Thursday in Lagos that the name change was due the ongoing reorientation of staff members. According to …
Business Today -
Lagos Workers Has Help To Reduce Waste, Says Ambode
The Lagos State Civil Service has come a long way-and has led the way-in reducing waste while increasing productivity, the State Governor, Akinwunmi Ambode has said. He stated that this is partly the result of the extensive investments in knowledge and skills by his administration. Ambode, represented by the Commissioner, Lagos State Ministry of Establishments, …
Business Today -
AIICO Insurance Donates Scientific Tools To Schools In Six States
Business Today -
Lagos State pays N817.73m pension accrued rights to 138 retirees
  PRESS RELEASE—The Lagos State Government at the 59th Retirement Benefit Bond Certificate Presentation held on Thursday, 31st January, 2019 at the Lagos State Pension Commission (LASPEC) Office Complex, NECA House, Ikeja paid accrued pension rights of N817, 739 million into the Retirement Savings Accounts of138 retirees of the Public Service of which 95 per …
Business Today -
NSIA Insurance Unveils Health Insurance Policy
From Left: Front roll- Head Technical, Hollard Health, PR Du Toit; Business Development Director Africa, Cigna Global Health Benefits, Gilles Nyssens; Managing Director/CEO, NSIA Insurance, Ebelechukwu Nwachukwu; Head, Alternative Distribution, NSIA, Harish Damodaran; and General Manager Operations, Hollard Health, Lee-Ann Dobrescu. Back roll- Lead, Corporate Marketing, NSIA, Binta Eta; Executive Director, Marketing and Relationship Management, …
Business Today -
NNPC, Nigeria Police Renew Synergy on Anti-Pipeline Vandalism Campaign
The Nigerian National Petroleum Corporation (NNPC) and the Nigeria Police have pledged to work together in a renewed drive to combat the perennial menace of oil theft and pipeline vandalism across the country. Group General Manager, Group Public Affairs Division of the NNPC, Mr. Ndu Ughamadu, stated in a release Tuesday in Abuja that the …
Business Today -
Flour Mills of Nigeria Q3 2019: Stronger Volume Supports Turnover Growth
February 5, 2019/InvestmentOne Report   ·         Mixed top line:  down 4.25% q/q, up 1.42% y/y.   ·         Weak gross profit margin: up 19bps q/q; down 484bps y/y.   ·         Stable Opex to sales ratio: down 5bps q/q; up 44bps y/y. ·         Declining Profit Before Tax: down 3.63% q/q; 50.61% y/y.   Recently, Flour Mills of Nigeria (FMN) Plc published …
Business Today -
CBN Disowns Fraudulent EDIs, Warns the Public
February 6, 2019/CBN The attention of the CBN has been drawn to the exploitation of unsuspecting members of the public by some Entrepreneurship Development Institutions (EDIs), purporting to be Central Bank of Nigeria (CBN)-accredited EDIs for our AgriBusiness Small and Medium Enterprises Investment Scheme (AGSMEIS). These unaccredited bodies have continued to defraud and exploit members …
Business Today -
SEC shuts down Dantata Success and Profitable Company Ponzi Scheme in Kano
February 6, 2019/SEC The Securities and Exchange Commission, SEC, has sealed off the premises of Dantata Success and  Profitable Company, Kano for engaging in illegal capital market activities. According to a statement from the Commission, the company was shut down for carrying out investment operations that falls within fund management without registration with the apex …
Business Today -
UBA Extends Africa Footprint, commences Full Operations in Mali
L-R: President, Republic of Mali, His Excellency, Ibrahim Boubacar Keita; Chairman, United Bank for Africa (UBA) Plc, Tony O. Elumelu; and the Prime Minister, Republic of Mali, Soumeilou Boubeye Maiga at the official launch making it the 20th subsidiary of the pan African Bank in Africa on Monday February 6, 2019/UBA Plc The pan African …
Business Today -
Work towards ending ASUU strike, Saraki urges FG
  Dr Bukola Saraki, President of the Senate has urged the Federal Government to work towards ending the ongoing strike by the Academic Staff Union of Universities (ASUU). Saraki in a statement by his Special Adviser on Media and Publicity, Mr Yusuph Olaniyonu expressed concern that the strike had entered its 62nd day and ought …
Business Today -
PTAD starts verification of former staff of Savannah Sugar Company
  The Pension Transitional Arrangement Directorate (PTAD) has commenced verification of ex-workers of Savannah Sugar Company, Numan, Adamawa. The Executive Secretary of PTAD, Mrs Sharon Ikeazor, said in a statement on Wednesday in Yola that the exercise was directed by President Muhammadu Buhari as part of efforts to ensure that ex workers of privatised/defunct companies …
Business Today -
 
 
NNPC to commence oil search in Benue soon – FG
  Following the commencement of drilling in the Kolmani River area, located within Bauchi and Gombe States,  the Federal Government has announced that the Nigerian National Petroleum Corporation (NNPC) will soon commence deeper search for oil and gas in the Benue Trough. The President’s Senior Special Assistant on Media and Publicity, Malam Garba Shehu, in a …
Business Today -
NIC developing new system to check car insurance electronically
The National Insurance Commission (NIC) has indicated that it is developing a database that will allow motorists check the authenticity of insurance stickers instantly. This, according to the Commission, is to rid the system off fake insurance stickers which the organization says has become common on the market. “It is a system that the commission …
Business Today -
Ghana: Bancassurance premiums collected by collapsed banks are safe – NIC
The National Insurance Commission (NIC) has given a firm assurance that bancassurance policyholders’ funds with collapsed banks are safe. The Bancassurance concept which allows banks to sell insurance products and services to their clients has been met with some challenges due to the recent banking sector cleanup. The situation has left some policyholders sceptical about …
Business Today -
Nigeria Begins Local Production Of Passport
The  Nigerian Security Printing and Minting Plc on Tuesday signed a Memorandum of Understanding (MoU)  with an indigenous firm, Iris Smart Technology Ltd, for the production of international passports locally. Speaking at the signing ceremony in Abuja, the minister of interior, Lt. Gen. Abdulraham Dambazau (retd), explained that by the agreement, the production of e-passport …
Business Today -
NNPC Increases Gas Supply To Power, Records Monthly Trading Surplus Of N2.06b
  A total of 735 Million Standard Cubic Feet of gas per day (mmscfd) was delivered to gas fired-power plants in November 2018 compared with October 2018 where an average of 627mmscfd was supplied, a release by the Nigerian National Petroleum Corporation Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, said in Abuja. …
Business Today -
Stanbic IBTC Reaffirms Quality Service Delivery, Celebrates 30th Anniversary
Stanbic IBTC, member of the Standard Bank Group which has been in operation for over 155 years, is celebrating 30 years of providing quality financial services to its clients. The company has grown from its early days as a merchant bank to become the leading end-to-end financial services provider in the country, with a balance …
Business Today -
Facebook partners 20 African NGOs for Safer Internet Day 2019
  Facebook is collaborating with over 20 African Non-Governmental Organisations (NGOs) to ensure safer internet for the world. Sherry Dzinoreva, Public Policy Programmes Lead at Facebook Africa made this known on Monday in Lagos. Dzinoreva said that in line with Facebook’s commitment to building safer online world for all, it was supporting Safer Internet Day …
Business Today -
2019 Cement Outlook – Potential Remains to be Tapped
February 4, 2019/InvestmentOne Report ·         Nigeria cement industry continues to show robust opportunity for growth in the long term. This will be driven by potential increase in cement demand from government as well as private sector. However, in the mean time we only expect a moderate growth in the sector. ·         Dangote cement continues to dominate …
Business Today -
Coca-Cola Company Completes Acquisition of Chi Ltd. in Nigeria
  The Coca-Cola Company today announced that it has completed its acquisition of Chi Ltd. in Nigeria. Coca-Cola first announced a minority investment in Chi three years ago and, as planned, has now acquired full ownership of the company. Chi is recognized in West Africa as an innovative, fast-growing leader in expanding beverage categories, including …
Business Today -
Senate drops case on suspension of Onnoghen from Supreme court
  Following the intervention of the National Judicial Council (NJC) the Senate said it has   dropped the case it filed at the Supreme Court against the suspension of the Chief Justice of Nigeria, Hon. Justice Walter Onnoghen. Mr Yusuph Olaniyonu, Special Adviser to the President of the Senate on Media and Publicity, disclosed this in a …
Business Today -
Anti-Corruption: Some agencies still diverting, refusing to account for revenue generated – Buhari
  President Muhammadu Buhari has expressed his administration’s determination to ensure that every agency of government account for public revenue generated or expended, with some still in the habit of diverting or refusing to fully account for revenue generated. The President stated this on Monday at the sworn-in ceremony of the Chairman and Members of the Independent …
Business Today -
NSE Announces Executive Appointments For Its Listing and Trading Businesses.
  The Nigerian Stock Exchange (“The NSE” or “The Exchange”), today, announced the appointment of Mr. Jude Chiemeka and Mr. Olumide Bolumole to its Executive Management Team. Mr. Olumide Bolumole joins NSE as Divisional Head, Listing Business while Mr. Jude Chiemeka joins as Divisional Head, Trading Business. Jude Chiemeka comes with over 24 years’ experience …
Business Today -