Wednesday, March 10, 2021
PenCom Approves N5.33bn as More Contributors Withdraw Pension Funds
Pension Fund Administrators (PFA) are under stress as a result of continuous demands for withdrawals by contributors into the Contributory Pension Scheme. This is as a result of increased job losses due to harsh economic environment. In the last quarter of 2020, the situation compelled the National Pension Commission (PenCom) to approve N5.33 billion to enable PFAs provide succor to 11,796 account holders who found themselves out of jobs. Read more
JPMorgan to Shut Digital Wallet
JPMorgan Chase & Co will discontinue its Chase Pay digital wallet at the end of the month, according to a notice on the bank’s website. The option to pay through Chase Pay will be removed from all merchant apps and websites, the notice said, adding that customers could instead link their Chase credit cards to their preferred shopping sites or apps and to their PayPal accounts. Read more
N577.61bn manufactured goods unsold in 2020, MAN laments
Manufactured goods valued at N577.61bn were unsold last year as the COVID-19 hit patronage, the Manufacturers Association of Nigeria said on Tuesday. MAN, in its bi-annual review of the economy, said the inventory of unsold finished manufactured goods increased to N303.22bn in the second half of 2020 from N202.16bn in the same period of 2019 and N275.39bn in the first half of 2020. Read more
AXA Mansard HMO gets recognition
AXA Mansard Health Limited, one of the Health Maintenance Organisations, has emerged the winner of the Best Health Insurance Product of the Year in the Insurance Product and Process section at the 11th Annual Global Banking and Finance Awards 2021. A statement on Tuesday titled ‘Underwriter’s product emerges as best health insurance product of the year’, said the winning product, which was the AXA Platinum Plus Cover, was specially designed to provide a world-class health cover for its customers. Read more
CBN clarifies N3bn agric loan controversy in Bayelsa
The Central Bank of Nigeria says it has disbursed over N2.2bn out of the N3bn agricultural loan to farmers in Bayelsa State under its Accelerated Agricultural Development Scheme, contrary to allegations that officials of the state government diverted the funds. Officials of the CBN, Yenagoa branch, led by its Controller, Mr Francis Ene-Asuquo, came up with the clarification during a courtesy visit to Governor Douye Diri at the Government House in Yenagoa on Tuesday. Read more
Market players seek end to rising unclaimed dividends
As listed firms release 2020 full-year results, capital market investors have renewed calls on the Securities and Exchange Commission (SEC) to adopt all-inclusive approaches to curb rising unclaimed dividends. According to the SEC, the value of unclaimed dividends and shares hit N158.44 billion at the end of 2019, while unclaimed shares account for over N100 billion. Read more
Flutterwave closes $170m funding, recognises role of favourable regulatory environment in growth
Flutterwave, Africa’s leading payments technology company, has announced a USD 170 million fund secured from a leading group of international investors. This is part of a successful Series C round, led by growth-equity firms Avenir Growth Capital and Tiger Global Management LLC with participation from new and existing investors. Read more
