Business

‘How To Curb Incidence Of Banks’ Failure In Nigeria’

‘How To Curb Incidence Of Banks’ Failure In Nigeria’

Business, Economy, Inside, News
As the nation grapples with the issue of Skye Bank takeover, the bank’s shareholders, University Dons, Professors Franklin Ngwu and Uche Uwaleke have prescribed ways to stem the prevalence cases of failed banks in Nigeria. The duo, who spoke in an interview with The Guardian, argued that urgent steps must be taken to address the anomaly to restore depositors and shareholders confidence in Nigerian banks for improved financial inclusion. Indeed, there has been increasing level of banks failure in Nigeria in recent times, which has become as source of worry and elicited reactions from various stakeholders. The occurrence has caused shareholders to lose investment worth billions of naira and subsequently subject them to untold hardship. For instance in the case of the three nationalized ba
AfDB Woos Nordic Investors For Nigeria, Others

AfDB Woos Nordic Investors For Nigeria, Others

Business, Inside, Money Market, News
The African Development Bank, in multidisciplinary team roadshows, has presented financial products and investment opportunities on the continent to Nordic investors to leverage more access to financing. A statement issued by the bank on Monday said it hosted roadshows in Norway, Sweden, Finland and Denmark to attract investors to Africa. The roadshows brought together more than 50 private sector companies, investors and government and public institutions in the Nordic countries, the bank said. It noted that the aim of the events was to bring the bank closer to customers in order to increase awareness of key private sector stakeholders to understand its financial and risk mitigation products for investment projects. The roadshows, it added, also generated significant interests of bus...
Avon HMO, Piggybank.NG Offer Affordable Health Plan To Savers

Avon HMO, Piggybank.NG Offer Affordable Health Plan To Savers

Business, Inside, News
Avon Healthcare Limited and Piggybank.NG, a digital savings platform, have formed a strategic partnership to give disenfranchised Nigerians access to affordable health care. The partnership, according to a statement by Avon HMO, will provide health insurance plans to users with flexible monthly payments. As part of the collaboration, the partners said they would create a unique health care plan called AvonFlex, which is focused on affordability and flexibility for Piggybank.NGusers. According to the statement, Nigeria is home to over 67 million youths, with limited understanding of the importance of health insurance and equally limited health care coverage. It added that while Avon HMO had used its platform to advocate for health education by pioneering the sale of health care plans
Quantity Surveyors Demand Construction Development Board

Quantity Surveyors Demand Construction Development Board

Business, Inside, News
he Nigerian Institute of Quantity Surveyors, (NIQS) says the Federal Government should, as a matter of urgency, establish a Construction Industry Development Board, (CIDB). President of the Institute, Mr. Obafemi Onashille explained that CIDB or Construction Industry Development Council, (CIDC) would be responsible for the formulation, implementation and regulation of policies. These policies, he said would galvanise and breathe life into the ailing sector which, according to him, was regarded as the barometer for measuring the economic health of a country. Onashile, who briefed newsmen at the Institute’s liaison office in Victoria Island, Lagos, said the Board could be established through collaboration of the government, built environment professionals and contractors, adding that t
Dangote Introduces New Cement Brand

Dangote Introduces New Cement Brand

Business, Inside, News
Dangote Cement Plc on Monday unveiled a new brand of its product known as the Dangote BlocMaster, a 42.5 grade cement. The Group Managing Director, Dangote Cement Plc, Mr Joseph Makoju, said the new product had been formulated to make a difference in the construction industry. “We identified an opportunity that we can have a product combining all the qualities of good cement; the cement market is relatively sophisticated with different products. This particular product is good for multi-level structures,” he said. According to him, block moulders were involved in the research leading to the formulation of the product. “We took samples to them to test before we finally concluded the product. This new product is up to 50 per cent stronger after one day and is ideal for all block and co
Group Urges CBN To Enforce Ban On Sale Of New Naira Notes

Group Urges CBN To Enforce Ban On Sale Of New Naira Notes

Business, Capital Market, Inside, News
Prof. Ishaq Akintola, the Director of Muslim Rights Concern (MURIC), an NGO, has urged the Central Bank of Nigeria (CBN) to enforce the ban on sale of new naira notes at parties. Akintola, who made the plea in Lagos on Monday, said that the hawkers were aiding and abetting “spraying” of money at parties. “MURIC calls the attention of the CBN to those who sell new naira notes. They are the ones who aid and abet spraying at parties. “The Police should be empowered to seize such money and return it to government treasury. Those who desecrate the naira deserve punishment. “Emphasis should be placed on imprisonment for spraying at parties. There should be no option of fine. “By doing this, we can save the society from materialism and moral decadence,’’ he said in a statement. Akintola als
CBN, Institute Task Risk Managers On Fintech Threats

CBN, Institute Task Risk Managers On Fintech Threats

Business, Economy, Inside, News
As fintech continues to revolutionalise financial services in Nigeria, the Central Bank of Nigeria (CBN) and the Chartered Institute of Bankers of Nigeria (CIBN) have advised risk managers to stay ahead of trends and step up their risk management mechanisms to avert imminent risks that may arise from modern technology. Speaking at the Risk Management association of Nigeria (RIMAN) mandatory seminar for certified risk managers, in Lagos at the weekend, the Deputy Governor CBN, Mrs Aishah Ahmad argued that risk functions of banks must be in line with latest information and ‘up to date’ to address new and emerging risks from technology. While delivering her paper titled ‘Regulatory perspective on the future of risk management in Nigeria’ Ahmad, who was represented by the Director, Banki
Government Affirms New Strategy For Revenue, Debt Management

Government Affirms New Strategy For Revenue, Debt Management

Business, Economy, Inside, News
The Minister of Budget and National Planning, Senator Udoma Udoma and the Director-General of Debt Management Office (DMO), Ms Patience Oniha, have told investors that there is a renewed plan and commitment to diversify the economy in efforts to raise the revenue and ensure debt sustainability. The duo, who admitted that the country’s debt-to-revenue ratio is low, said the plan to rev up the country’s earnings capacity and sources is not only the best thing to do now, but urgent, explained that the new focus is directly at the economy. Udoma, who presented Nigeria’s investment opportunities during the unveiling of the Sub-Saharan Africa’s economic outlook by the International Monetary Fund (IMF), said President Muhammadu Buhari has already advised them to pay particular attention to
Chinese Firm Targets Green Investment Opportunities In Nigeria

Chinese Firm Targets Green Investment Opportunities In Nigeria

Business, Economy, Inside, News
Elion Resources Group, a Chinese green industry company, has signed a Memorandum of Understanding (MoU) in Owerri, Imo State as part of its exploration of investment opportunities in Nigeria. The company’s planned projects, facilitated by Converge Business Limited, are in the areas of desertification control, agriculture and development of new energy resources, a statement from the firm indicated. President, Wang Wenbiao, who led the company’s delegation to Nigeria, signed the MoU with Imo State State Government in Owerri at the weekend. Both parties expressed their readiness to unlock and harness the potential of natural gas resources to increase domestic and industrial power supply, raise people’s living standard and support sustainable economic growth and diversification. Wang sai
Credit Facility: A Nostrum For Today’s Entrepreneurs

Credit Facility: A Nostrum For Today’s Entrepreneurs

Business, Capital Market, Inside, News
An economist at Bloomberg Africa, Mark Bohlund, has said the Nigerian capital market is unlikely to record any positive performance after the 2019 elections if key issues in the economy are not addressed. Bohlund, who spoke on the sidelines of the NSE-Bloomberg CEO Roundtable conference in Lagos on Tuesday, noted that the diversification from oil revenue had proceeded quite slowly under the President Muhammadu Buhari administration. He noted that changes in the oil price directly impacted on market performance, stressing that failure to diversify from oil might have serious adverse effects on the capital market and the economy as a whole.He said, “Personally, I am not optimistic that the dependence on oil will change after the elections or even in the next four years. However, on market