The swearing in of Nigeria’s new president Muhammadu Buhari has led to renewed optimism regarding economic progress in the country and new opportunities for the private sector, particularly in infrastructure development, consumer and financial services sectors.
The Need for Non-Oil Sector Development
The current state of oil prices in the international market is a divine blessing for Nigeria. It represents a unique opportunity for Nigeria to re-discover itself and diversify its sources of national revenue or slump into deeper financial crisis and poverty.
How FIFA Can Revive its Brand Image
Former FIFA Vice President Jack Warner, who was one of 14 people indicted in a massive bribery scandal, vowed to reveal new evidence against the world soccer’s governing body and its embattled president, Sepp Blatter. It’s just the latest blow to a brand in crisis.
OPEC Targets 30m Barrels Per Day Production
OPEC decided to keep its output target at 30 million barrels a day Friday but left it to members to restrain their overproduction, reflecting the cartel’s inability to strictly enforce its own limits in attempts to control the world supply of crude.
Lack of Capacity & Skills Stalling Growth of Insurance in Africa
Mr. Corneille Karekezi, Group MD/ CEO, Africa Re speaks on the growth, challenges and future of insurance/ reinsurance business in Africa. Excerpts:
The Achievements of Africa Re since Establishment
The mission of Africa Re is to foster insurance development by supporting, assisting and working with national insurance markets in the African continent. That is the primary mission of Africa Re. When Africa Re was created as an initiative of African Development Bank following an agreement with Member States of the Organisation of African Unity (OAU), the idea was to bring together all states on the continent, provide capacity which was very rare at that time, bring capital and start doing what was being done by foreigners only.
400m People Lack Access to Healthcare
A report by the World Health Organisation (WHO) and World Bank Group shows that 400 million people do not have access to essential health services while 6% of people in low- and middle-income countries are tipped into or pushed further into extreme poverty because of health spending.
Insurance Industry Reports N302bn Premium Income in 2014
The insurance industry in Nigeria has reported gross premium income of N302 billion in the financial year ended December 31, 2014, according to figures released by the National Insurance Commission (NAICOM).
Enron: The Fall of A Wall Street Darling
Enron is a company that reached dramatic heights, only to face a dizzying collapse. The story ends with the bankruptcy of one of America’s largest corporations.
Enron’s collapse affected the lives of thousands of employees, many pension funds and shook Wall Street to its very core. To this day, many wonder how a company so big and so powerful disappeared almost overnight. How did it manage to fool the regulators and the Wall Street community for so long, with fake off-the-books corporations?
Non-Performing Loans: Are Banks Innocent Victims?
So, by the 1st of August, any debtor that hasn’t done so (paid his debt), the name will be published by the bank. So, the banks are encouraged to speak to their customers that fall into that category that they should put in more effort to pay off.
The 322 Bankers’ Committee Meeting ended recently in Abuja with a resounding resolution to publish the names of bank debtors on August 1, 2015 under the so-called ‘Name & Shame’ initiative.
Chinese Firm Flags-Off Production of Meters in Nigeria
A Chinese firm, Golden Horse Company Limited, has commenced the manufacture of electric meters in Nigeria following the approval of its application by the National Electricity Regulatory Commission (NERC).
Bosch, P&G, Maersk Boost FDI in Nigeria with $3bn
Procter & Gamble, AP Moeller-Maersk A/S, the world’s largest shipping container line, and German company, Bosch have announced plans to increase their investments in Nigeria as they seek to expand their operations.
Deloitte Named Best Company to Work for in Nigeria 2015
Akintola Williams Deloitte has been named the Best Company to Work for in Nigeria by the prestigious Great Place to Work Institute Nigeria.
Deloitte won awards in two different categories:
• Best Company to Work for in Nigeria (2015): 1st Position in the category of “Large Population”
• Best Practice Awards in Nigeria (2015): in the category of “Delivering Excellence in Learning & Development” Over 100 companies in Nigeria including major multinationals, oil & gas companies and major financial institutions participated in the assessment.
U.S. Assures Nigerians on Transparent, Open Visa Process
U.S. consular officials have assured Nigerian visa applicants that the visa application process is open and transparent. As a result, the majority of Nigerian visa applicants are approved.
Country Consular Coordinator, William Laidlaw and Abuja Consular Chief, Stacie Hankins offered insights into the U.S. visa process to journalists from Channels Television, News Agency of Nigeria, Radio Nigeria, and Punch newspaper, who received a tour of U.S. Embassy Abuja’s consular operations. The tour gave the journalists an opportunity to observe the visa process and speak with applicants about their experiences after their visa interviews.
Akinwumi Adesina of Nigeria: Historic Election as 8th President of African Development Bank
I have been given a great responsibility,” Akinwumi A. Adesina said upon his election as the 8th President of the African Development Bank Group. The victory was the first by a Nigerian in the 50th year history of the Bank.
The President-Elect said he was “humbled by this remarkable vote of confidence in me” on the part of the Bank’s Board of Governors, who met during the Bank Group’s 50th Annual Meetings in Abidjan, Côte d’Ivoire. His name was announced by Albert Toikeusse Mabri, Minister of Planning and Development for Côte d’Ivoire, and Chairman of the Board of Governors of the African Development Bank. The election process was concluded by voting among the Bank’s Board of Governors (54 regional member countries, 26 non-regional), whose voting powers are weighted.
Access Bank Donates N10m to UNICEF on Charity Shield Polo
The Access Bank UNICEF Charity Shield International Polo tournament came to a flourishing climax recently with the presentation of N10 million donation by the sole sponsor, Access Bank Plc to UNICEF.
The donation was presented at the Fifth Chukker Polo & Country Club in Kaduna by the Executive Director, Personal Banking, Access Bank, Victor Etuokwu to support the UNICEF campaign against HIV/AIDS pandemic among Nigerian children. Etuokwu who led other top officials of Access Bank to the grand finale, expressed delight that the Access Bank UNICEF Charity Shield is achieving its main objective of reaching out to the less privileged children in the society.