Insurers to decide business size, submit operations profile to NAICOM this week
Adesola AfolabiSeptember 10, 2018
The board of directors of insurance companies in the country would be taking critical decisions this week on business size as they submit operational profiles to industry regulator, the National Insurance Commission (NAICOM), on their solvency capital latest Friday, September 14. This is coming on the heels of the tier-based minimum solvency capital (TBMSC) policy […]
FirstBank rolls out educational loans to support schools’ growth plans
Adesola AfolabiSeptember 6, 2018
FirstBank has announced its FirstEdu educational solution specifically designed to support schools in need of improvement and growth in meeting their medium and long-term goals. The FirstEdu product includes FirstEdu portal and FirstEdu loan. FirstEdu loan is targeted at private Nursery & Primary, Secondary and A-Levels schools, offering opportunity for private schools to access flexible […]
Nigeria’s insurance regulator, NAICOM, to issue tier-1 level licences to new investors
Adesola AfolabiSeptember 5, 2018
The National Insurance Commission (NAICOM), Nigeria’s regulatory authority for the insurance sector, has announced that in line with the recently introduced Tier-Based Minimum Solvency Capital (TBMSC) policy, new licences are now available for tier 1 level in both the life and non-life business categories. The TBMSC, which is expected to kick off October 1, 2018, […]
Nigeria targets low income earners with September bond offer
Adesola AfolabiSeptember 5, 2018
Nigeria’s federal government, through its Debt Management Office (DMO), says its September public bond offer is targeted at low income earners seeking investment opportunities. The government is offering for subscription two-year savings bond at 11.36 percent and three-year savings bond at 12.36 percent, aimed at encouraging savings which is poised to earn more income (interest), […]
Investment firm increases stake in NEM insurance, eyes board position
Adesola AfolabiSeptember 4, 2018
Eaton Acquisitions Limited, an investment company has increased its stake in NEM Insurance to 9 percent, days after it announced the acquisition of 4 percent of the insurance company, business a.m has learnt. Olaleye Adeyinka, Eaton Acquisitions’ managing director while expressing confidence in the ability of current NEM’s leadership, said his company is desirous of […]
WorldRemit launches digital money transfers within Africa
Businessam StaffSeptember 3, 2018
Leading international money transfer company, WorldRemit, has launched a new digital service within Africa, making it easier to send and receive money across the continent. The new digital service will reduce the cost of sending money across borders. The prohibitive charges that individuals and businesses pay to transfer money within Africa are recognised as a […]
FG owes 81% of Nigeria’s $22bn external debt – DMO
Adesola AfolabiAugust 30, 2018
Nigeria’s Debt Management Office (DMO) says the federal government is accountable for 81 percent of the total debt owed externally by the country as at June 30, the end of the first half of the year 2018. Nigeria’s external debt is estimated at $22 billion out of which $17.8 billion is accrued to the federal […]
Foreign subsidiaries contribute 40% to UBA’s half year growth
Adesola AfolabiAugust 30, 2018
Foreing subsidiaries contributed 40 percent to the growth recorded across key performance indicators by Nigerian lender, United Bank for Africa Plc (UBA), its audited 2018 half year results have shown. Despite a declining yield environment in two core markets, Nigeria and Ghana, the pan Africa financial institution delivered double digit growth in gross earnings, as […]
Access Bank declares N39.6bn profit, 25k interim dividend for H1 ’18
Adesola AfolabiAugust 30, 2018
Access Bank Plc has declared a profit after tax of N39.625 billion and also offered an interim dividend of 25 kobo per share, amounting to N7.23 billion in its half year financial results submitted to the Nigerian Stock Exchange (NSE) Wednesday. The bank recorded gross earnings of N253.024 billion as against N246.575 billion in the […]
AIICO to underwrite agriculture risks following NAICOM approval
Adesola AfolabiAugust 28, 2018
AIICO has said it is set to protect Nigerian farmers against risk, following an approval it has received from regulator, the National Insurance Commission (NAICOM) to underwrite agricultural insurance. The approval given to AIICO for underwriting agriculture insurance is precedent on the insurance firm’s competitive edge on understanding the exact needs of farmers, Edwin Igbiti, […]