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Economy Archives - Page 44 of 49 - Inside Business Africa
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Economy

‘Why insurers’ shares are difficult to sell at stock market’

‘Why insurers’ shares are difficult to sell at stock market’

Economy
Underwriting companies in the country are facing the difficult task of getting ordinary shareholders to take up their rights issue, even at discounted rates. Findings from shareholders in the industry revealed that the ordinary equity holders are not taking up the rights presented by some companies at discounted rates. The stock market rates of most insurance companies are presently below 50 kobo, and companies have told their shareholders to pick up their rights at 50 kobo per share. One of the shareholders, who spoke with The Guardian, explained that it is the major shareholders that are presently injecting fresh funds in their insurers under the recapitalisation exercise. Another shareholder who also wants to remain anonymous said he is not sure of any or...
Selloff persists in equities market as index plunges further by 0.12%

Selloff persists in equities market as index plunges further by 0.12%

Economy
Despite price gains that outweighed losses, the Nigerian equities market reopened the week on a downturn, causing the All-Share index (ASI) to plummet further by 0.12 per cent. Specifically, at the close of trading yesterday, the ASI fell by 28.16 points or 0.12 per cent to 22,705.19 points. Accordingly, investors lost N15 billion in value as market capitalisation declined to N11.832 trillion. The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Lafarge Africa, Dangote Sugar Refinery, United bank for Africa (UBA), FBN Holdings (FBNH) and Skyway Aviation Handling Company. Analysts at Afrinvest Limite said: “This week, we expect a mixed performance in the domestic equities market, to be driven by a risk-off senti...
‘Vibrant commodity market will create jobs, reduce poverty, others’

‘Vibrant commodity market will create jobs, reduce poverty, others’

Economy
The Vice President, Prof. Yemi Osinbajo, yesterday said that a vibrant commodity market would create jobs, reduce poverty, and improve Nigeria’s micro-economic status. Osinbajo spoke at the beginning of a 2-day International Conference on the Nigerian Commodities Market (ICNCM 2020) holding in Abuja. The Vice-President, who was represented by the Minister of State for Industry, Trade and Investment, Amb. Maryam Katagun, also revealed that Nigeria is endowed with favourable atmospheric conditions for farming as well as abundant natural resources and teaming youthful population. He stressed that the efficient use of these resources would benefit both the public and private sectors of the economy. “Our country is endowed with favorable atmospheric conditions for farming as well as...
Federal government to register imported cattle

Federal government to register imported cattle

Economy
Sixty years after the suspension of registration of cattle, sheep and goats coming from neighboring countries the Federal Government has disclosed plans to reintroduce the policy to curb spread of livestock diseases across the country. It also unveiled plans to review government’s policies with regards to the movement of cattle, sheep and goats, between Nigeria and neighboring countries. The Agriculture Minister, Sabo Nanono, while speaking at the inauguration of the governing council of the Nigerian Veterinary Council, five years after the previous one was disbanded, said the ministry was taking steps to reintroduce the registrations to be able to track their movement across the country. In a related development, Nanono said the potential of the agriculture sector...
CBN pledges support for health sector to tackle covid-19

CBN pledges support for health sector to tackle covid-19

Economy
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said that the apex bank is committed to fully intervene in the health sector following the outbreak of Coronavirus in Nigeria. The apex bank made this known yesterday at a consultative round table with stakeholders in Abuja. Emefiele explained that the CBN had decided to support the government by helping to develop specialist hospitals across the country. He said the bank’s intervention would be in the areas of diagnosis and surgery, pointing out that this would reduce medical tourism. “Giving the impact of coronavirus, I heard that some countries are trying to ban export of some pharmaceutical products; we must look inward at this time. CBN is also working to support the pharmacy and pharmacology...
Regional body calls for prioritization of food security in Nigeria, others

Regional body calls for prioritization of food security in Nigeria, others

Economy
Senior Policy Advisors across sub-Saharan Africa have asked governments of countries in the sub-region to prioritize food and nutrition security, affirming that it is key to economic development and prosperity of any nation. According to them, it is not enough to only talk about food security but it must be complemented with nutrition security to ensure a robust growth of the economy. They said: “Making agriculture more nutrition-sensitive ought to be promoted as a sustainable solution to the triple burden of malnutrition (under-nutrition, over-nutrition and micronutrient deficiency) facing African countries. This was contained in the Abuja declaration issued at the end of a two-day meeting for African Senior Policy Makers assembled at the African Economic Research...
Dependence on alternative energy rises as power generation drops

Dependence on alternative energy rises as power generation drops

Economy
Nigerians will continue to depend on alternative sources of energy to power their households despite government’s reforms, as generated energy drops further to 3,634MW from this year’s peak output of 5,268MW. With household incomes tanking, there are concerns that many homes will remain in darkness as inflation hits consumers’ disposable income. The Transmission Company of Nigeria revealed at the weekend that some of the power generating plants could not generate any megawatt of electricity on Friday, while it expects six out of the 27 existing electricity generation companies (Gencos) in the country to cut down their power production capacities over the next 10 days as they deal with reduced gas supply for power production. The General Manager, Public Affairs, TCN, Ndidi M...
Insurance brokers implore government to tackle insecurity

Insurance brokers implore government to tackle insecurity

Economy
Worried by the spate of insecurity nationwide, the Nigerian Council of Registered Insurance Brokers (NCRIB) has called on the Federal Government to reinforce its security architecture to restore safety of lives and properties across the country.The President of NCRIB, Dr. Bola Onigbogi, stated this at NCRIB Members’ Evening in Lagos. Onigbogi said that as a critical player, the Council was duty-bound to express grave discomfort about the increasing spate of insecurity in Nigeria, despite government’s efforts to improve ease of doing business and inflate the economy. According to her, there is hardly a day that passes without reported cases of kidnapping, terrorism, and other criminal incidences that are fast making the country dreadful to live in, and this has reached a preposterous...
Uduk: SEC Working on Guidelines to Strengthen Corporate Governance

Uduk: SEC Working on Guidelines to Strengthen Corporate Governance

Economy
The Acting Director General of the Securities and Exchange Commission (SEC), Ms. Mary Uduk, has disclosed that the commission is currently, “working on a guideline to strengthen corporate governance of public companies in the country.” This is just as Uduk stated that the Finance Act 2020, recently signed into law by the president has removed a lot of obstacles associated with securities lending. The acting SEC boss stated this in Lagos, in her goodwill message at the 2020 annual symposium organised by the Issuers and Investors Alternative Dispute Resolution Initiative (IIADRI), with the theme: “Nigerian Tax Laws: Matters Arising.” Uduk, who was represented at the occasion by the Deputy Director, SEC Lagos Zonal Office, Mrs. Hafsat Rufai, said: “In order to improve corporate g...
FG inaugurates working group to drive IFRS 17

FG inaugurates working group to drive IFRS 17

Economy
The federal government, through the National Insurance Commission (NAICOM), has inaugurated the Insurance Industry Financial Reporting Working Group (IIFRWG) that would drive steadying adoption of International Financial Reporting Standards (IFRS) 17, in Nigeria, by 2022. The Acting Commissioner for Insurance, Sunday Thomas, at the inauguration in Lagos, informed the group made up of NAICOM staff, underwriters and experts from KPMG, said their assignment is to support the Commission in providing technical advice on the adoption of IFRS 17 Insurance Contract and IFRS interpretations on insurance-specific matters and their application within Nigeria. He said the Working Group will provide specialised knowledge to increase understanding of insurance specific issues and technical assessment ...