Operators in the pension industry paid out total of N271.15 billion as lump sum to retirees in 2014 under the new Contributory Pension Scheme (CPS) and an average monthly pension of N3.84 billion. In addition, another sum of N62.20 billion was paid as premium to insurance companies to provide life annuity for 14, 784 retirees.
Diamond Bank Gasping for Breath as Key Indices Slide
These are difficult and challenging times for Diamond Bank Plc as major operational indices slide as at the end of 2014 financial year and first quarter of 2015.
The downward looking indices include Capital Adequacy Ratio (CAR), Net Interest Margin (NIM), Profitability, Gross Earnings and Net Margin, while the bank harvested hikes in Cost to Income Ratio (CIR), Cost of Funds (CoF), Operating Expenses and Impairment Charges.
What’s Behind the Xenophobic Attacks in South Africa?
South African troops deployed as part of a new government effort to stop deadly anti-immigrant violence. Their first target: the Johannesburg suburb of Jeppestown, where xenophobic violence broke out. South African Police raided a Jeppestown hostel while troops secured the perimeter.
Earlier, Defense Minister Nosiviwe Mapisa-Nqakula announced the plan to deploy an undisclosed number of troops to areas where police are spread too thin while trying to curb deadly attacks against immigrants.
The Bloody News from South Africa
When apartheid ended in 1994, the ANC promised to make black South Africans richer (Black Economic Empowerment). The lot of poorer blacks, however, has not improved much. Many are frozen out of the workplace altogether. The unemployment rate among blacks is 28.5%, compared with 5.6% for whites. If those who want work but have given up looking for it are included, the jobless rate is a whopping 41.6% for blacks compared with 7.5% for whites. The Economist, April 27, 2013.
Nigeria Airways: Murdered in Cold Blood 12 Years Ago by Government! Obasanjo Part 2
In Pages 109, 110 and 111, IFC further gave a deft analysis of the consequences of Liquidation, some of which include:
(i) Less likelihood of strong national carrier from “survival of the fittest local strategy;
(ii) Disorderly development of air transport market: increases of financial cost from collapse of several domestic carrier;
(iii) Great likelihood of worsening safety records in Nigeria;
(iv) Increased reliance on foreign carriers, among others.
(v) Nigeria would most unlikely not develop into a regional hub.
The Power of Faith to End Extreme Poverty by 2030
Over 30 leaders from major world religions and heads of global faith-based organisations launched a clarion call to action to end extreme poverty by 2030, a goal shared by the World Bank Group. Ending Extreme Poverty: A Moral and Spiritual Imperative notes that remarkable progress has been made in reducing extreme poverty.
Over 25 years, the world has gone from nearly 2 billion people to fewer than 1 billion living in extreme poverty. Now, for the first time in human history, there exists both the capacity and moral responsibility to ensure that no one has to live in extreme poverty’s grip.
The Uninsured Vs The Insurance-less Among Us
Many Nigerians entered the New Year with anxiety and prayers over their lives and properties, especially because the elections were expected to come with violence that would lead to losses and damages. This seems normal.
Some decided to take the abnormal step to take up insurance, having become more informed and aware of the positive developments in the insurance sector, and are already enjoying a less anxious life even if they would not feel secured. Such insurances are of personal nature namely: Life, Health, Pensions, Mortgage, Children Education and Motor (mostly Third Party).
Football Against Poverty
Didier Drogba , Ronaldo, Zidane in 12th Annual Match Against Poverty.
Football superstar and Chelsea striker Didier Drogba joined a star-studded array of international active and retired players for the 12th Annual Match Against Poverty which will took place on 20 April at the Geoffroy-Guichard Stadium in Saint-Etienne, France.
The Cement War
The global supremacy for cement production is growing per second across many nations. Today, nations have come to realise the key importance of attaining domestic cement sufficiency for national development and export.
In Nigeria, the Dangote Group is leading the nation’s dream for cement sufficiency and expansion in Africa. The Cement war is presented in infographics for greater appreciation.
Do You Really Need a Consultant?
The argument as to whether or not an organisation with a well-staffed and well-equipped public relations department still needs the services of an outside consultant may never cease, well, as long as organisations exist, or, should we say, as long as life itself exists.
Why bother about a consultant who may not be found when needed most, and whose cost you may not be able to contend with, especially against the background of other competing and more pressing needs?
The IMF perspective: 7 Questions on Oil Price Slump
Oil prices have plunged recently, affecting everyone: producers, exporters, governments, and consumers. Overall, we see this as a shot in the arm for the global economy. Bearing in mind that our simulations do not represent a forecast of the state of the global economy, we find a gain for world GDP between 0.3 and 0.7 percent in 2015, compared to a scenario without the drop in oil prices.
Shelter Report 2014: Step by Step: Supporting Incremental Building Through Housing Microfinance
Habitat for Humanity has just published a report on how Housing Microfinance (HMF) can be effective when used in conjunction with incremental building: ‘In our rapidly urbanising world, decent living conditions are becoming scarce, especially in developing countries. The lack of economic opportunities in rural communities is encouraging a global urban migration, but many of the world’s cities do not have the capacity to support this influx of new inhabitants.
African Economies Drive Growth via IT Adoption
Emerging African economies are increasingly embracing Information Technology (IT) service solutions in a bid to support their growth initiatives.
That’s according to the latest insights released by International Data Corporation (IDC), with the global advisory services firm also explaining that growing public and private sector IT spending, together with maturing and increasingly competitive business environments, are also driving IT services demand.
US Oil Import from Nigeria Down 67%
The United States decreased its oil import from Nigeria by 67 per cent in 2014, signaling growing economic pain and sustained
pressure on foreign reserves, already down to $29.3 billion as at April 15, 2015, its lowest point since 2010.
Figures from the US Department of Commerce suggest that U.S. total trade in 2014 (exports plus imports) with sub-Saharan Africa (SSA) also went down by 18 per cent to $52.1 billion compared to 2013.
IFC Invests $2bn on Power Generation in Africa
The International Finance Corporation (IFC), an arm of the World Bank Group, says it has mobilised and invested over $2 billion to support more than 1, 5000 megawatts of new generation capacity in Africa in the past two years.
It says Africa needs to increase its power generation capacity by 7, 000 megawatts each year to meet rising demand for electricity in a continent where most people live without electricity lamenting that such gap hinders economic growth and deters much-needed foreign investment. It says that expanding the supply of energy has become an imperative that cannot be delayed in Africa.