Wednesday, December 09, 2020
Fidelity Bank to Raise N75bn through Bond Sale
Fidelity Bank Plc has started to raise N75 billion to support small and medium enterprises (SMEs), retail business as well as investments in technology and infrastructure. The financial institution is issuing N75 billion Series 1, 10 year Fixed Unsecured subordinated bonds under its N100 billion bond issuance programme. The offer opened on Monday December 7 and is expected to close on Monday December 14, 2020. Read more
Anchor Insurance Pays N957m Claims in 10 months
Anchor Insurance Company Limited said it paid a total of N957 million claims to its policy holders in the past 10 months. The company’s Managing Director, Mr. Ebose Augustine, giving a breakdown of the claims paid according to the classes of insurance, said N204.3 million was paid to affected customers under the oil and gas class of business. Read more
Examining FG’s Move on Unclaimed Dividends
Goddy Egene writes that the plan by the federal government to set up a trust fund through the Finance Bill to manage unclaimed dividends in the nation’s capital will be counterproductive and should not be allowed by lawmakers. Doing business in Nigeria is difficulty due to the poor state of infrastructural facilities. Companies operating in the country provide virtually all they the need to run smooth operations. Read more
Operators give investment conditions as pension funds hit N11.57tn
The Pension Funds Operators Association of Nigeria has said Pension Fund Custodians and Pension Fund Administrators will obey the guidelines given to them by the National Pension Commission before releasing the growing funds in their custody for investment. The association, which consists of the PFAs and the PFCs, also said they would consider their risk appetite before releasing the funds for investment to investors. Read more
Nigeria’s crude oil earnings rebound by 116%–OPEC
The Federal Government’s earnings from the export of crude oil has recorded a rebound of 116 per cent, the Organisation of Petroleum Exporting Countries disclosed on Tuesday. OPEC said the 116 per cent rebound was recorded in November this year when compared to its April 2020 levels. The 13 nations intergovernmental organisation, which has Nigeria as a member, explained that Nigeria’s oil revenues had earlier dropped drastically by 77 per cent between January and April this year. Read more
Flour Mills appoints new GMD/CEO as Gbededo retires
Flour Mills of Nigeria Plc has announced the appointment of its Group Chief Operating Officer and Executive Director, Mr Omoboyede Olusanya, as its new Group Managing Director and Chief Executive Officer. According to a statement by the firm to the Nigerian Stock Exchange, the appointment is effective January 1, 2020. Olusanya will be succeeding Mr Paul Gbededo who will retire as the GMD and CEO on December 31, 2020 after a career with the company spanning over 38 years. Read more
Farmer group backs call for reopening of land borders
Citing the inability local food demand, the Food Growers Association of Nigeria (FOGAN), the umbrella body for peasant and rural farmers, has supported the call on the federal government to reopen the land borders. FOGAN President, Joseph Owolabi, during a press conference in Abuja, stated: “Nigerian population is too large; our farmers who are majorly subsistent and are unable to meet the growing demand for food. So, the re-opening of the borders will not in any way affect local production. Read more
Customs on red alert against smugglers at Yuletide
The Customs Area Comptroller (CAC), Federal Operations Unit (FOU), Zone C, Compt. Yusuf Lawal, has expressed readiness to combat smugglers of used vehicles and foreign rice during the festive season. He expressed readiness to fight smugglers when he took over from Kayode Olusemire as the CAC of the South East/ South South region. He however advised importers and clearing agents operating in the region to embrace legitimate trade and shun smuggling of rice, vehicles and other banned products into the country. Read more
Minister seeks stakeholders’ support for national carrier, airport concession
Minister of Aviation, Hadi Sirika, has sought the support of stakeholders behind the aviation sector’s roadmap to develop the sector within the lifespan of the current administration. Sirika, in commemoration of this year’s International Civil Aviation Day (ICAD), said the roadmap was developed to serve as a catalyst for a comprehensive overhaul of the aviation industry, so as to position the country as an air transportation hub within the West and Central African sub-region. Read more
