Business

AfDB partners CSOs on complaints handling

T he Compliance Review and Mediation Unit (BCRM), the Secretariat of the African Development Bank’s (AfDB’s) Independent Review Mechanism (IRM), has organized an information webinar for civil society organizations (CSOs) on “Handling Complaints from People Affected by Projects Financed” by the Bank.     The webinar was organized in partnership with three  CSOs: Accountability Counsel […]

Business

Presco’s earnings decline on cost pressure

Rising operational challenges have impacted negatively on earnings of Presco Oil Palm Plc. Chris Ugwu writes       O ver dependent on oil and gas as major source of revenue has continued to remain a major factor contributing to Nigeria’s inability to meet up with the global rise in demand for palm oil.   […]

Business

Pension assets face plunge as jobs dry up

I n the last few months Pension Fund Administrators (PFAs) have seen a sharp decline in the number of new retirement savings accounts as employers cut back on recruitment.     Businesses, especially manufacturing firms, have largely been shut down since April after the country imposed movement restrictions to curb the spread of coronavirus infections. […]

Business

COVID-19: Actuarial expert expresses concern over insurers’ solvency

RECAPITALISATION The underwriters are currently recapitaliaing to increase their paid up capital F ollowing the impact of COVID-19 on global economy, the Chairman /CEO, Achor Actuarial Services Limited, Dr Pius Apere, has expressed concern over the solvency rate of Nigeria’s underwriting firms.     Apere, who expressed the feelings  in a paper entitled ‘Recapitalization of […]

Business

Nigeria slashes 13.67m barrels oil production quota off IOCs

BEARISH Some of Nigeria’s April and May cargoes have not been sold yet, a sign that demand is so depressed that no one wants even oil at $15 a barrel or less.     N igeria, Africa’s biggest crude exporter, has forced down production quota by 13.67 million barrels for Shell, Chevron and other oil […]

Business

AIB chief seeks new normal for aviation

NEW STRATEGY Bailout not going to last forever; there must be a strong collaboration by all     C ommissioner, Accident Investigation Bureau (AIB), Akin Olateru, stated that for businesses to compete and survive the post-Covid-19 crisis, managements needed to think out of the box. The AIB chief in a webinar conference with the theme: […]

Business

Digital outsourcing: FG targets 1m jobs in 12 months

TECHNOLOGY Government is planning to leverage technology to create more jobs for Nigerians     T he Federal Government has said it will be creating one million jobs through digital outsourcing in the next 12 months. This is part of government’s Economic Sustainability Plan aimed at mitigating the impacts of COVID-19, which was released recently. […]

Business

Coronavirus, low oil prices triggering dollar shortage in Nigeria—Experts

…as naira sells at N455/$ on parallel market     W ith the fall in the price of oil in the wake of the outbreak of coronavirus (COVID-19) pandemic, the Nigerian economy is being caught in the cross-hairs. Essentially, with oil being Nigeria’s biggest export, contributing 60 per cent of the economy and 90 per […]

Business

APGC urges settlement of debts owed GENCOs

T he Association of Power Generation Companies (APGC) has called for the settlement of debts owned power generation companies to enable it address the issue of liquidity.   The outgoing Chairman, Board of Trustees of the association, Mr. Emmanuel Nnorom, stated this at the association’s 3rd Annual General Meeting.   This is just as the […]

Business

NSE halts weekly gains with 0.99% loss

SLOW DOWN Fourteen equities appreciated in price during the week, lower than 34 equities in the previous week   T rading activities on the floor of the Nigerian Stock Exchange (NSE) finished last week negative as the NSE All-Share Index and Market Capitalisation both depreciated by 0.99 per cent to close at 24,826.75 and N12.951 […]

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