CRe: Harsh milieu, competition spur delisting

Following unfriendly operating environment and global competitive pressure, Continental Reinsurance Plc has exited local bourse, Chris Ugwu reports       D espite the recapitalisation of insurance firms in 2007, the sector has continued to struggle with challenges such as dearth of appropriate human capital and professional skills, poor returns on investment, existence of too many fringe players and poor asset quality. Other challenges include unethical practices, significant corporate governance issues, insurance premium flight, poor business infrastructural facilities, especially in the area of ICT and lack of innovation in product…

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Learn Africa: Piracy, FX challenges slice earnings

The book publishing industry has continued to battle with operational challenges triggered by the harsh milieu. Learn Africa Plc has not been insulated, writes Chris Ugwu   Without any doubt, the poor reading culture in the country is a big challenge to the publishing industry. Books rank very low on the preference list of an average Nigerian and this has made it difficult to achieve a turnover that is commensurate with the huge population. Some parents would rather spend money on electrical appliances, jewelry, clothes and frivolous ceremonies than buy…

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Agege LG Chairman operates from street (PHOTO)

Ganiyu Egunjobi, Chairman, Agege Local Government Area of Lagos State, says he relocates his office to the street once in a month to be nearer to the people and to provide services to them timely. Egunjobi was seen on Feb. 1, performing his official duties under a canopy by the roadside on at Ogeretedo Street, Dopemu, Agege, a development that no doubt sparked comments from residents of Agege Ward B. The action came at a time, when some political office holders, including state governors are being attacked by mobs for allegedly neglecting to pay…

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POLITRICKS: Party chair learns the hard way

This is not the best time for national chairman of a political party, following the discovery of fraud by his staff. Politricks gathered that a report of negligence of duties by one of the staff to the national chairman was the turning point that unraveled the long-time corrupt activities being perpetuated by the entire members of staff to milk the owner of the business. The politician was surprised to hear that a larger percentage of money paid by customers on several occasions for services rendered were shared among all the…

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NSA probes N15bn recovery

The National Security Adviser (NSA), Major General Mohammed Monguno (rtd), has begun an investigation into the recovery of about N15 billion by the Economic and Financial Crimes Commission (EFCC). This is as President Muhammadu Buhari has directed the Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami (SAN), to submit a report on the recovery. The EFCC had, last week Wednesday, recovered $43.4 million, £27,800 and N23.2 million totalling about N15 billion from a private apartment at the Osborne Towers in Ikoyi, Lagos. New Telegraph was informed…

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Fuel theft: Senate calls for major shake-up in NNPC

The Senate has advised the Nigerian National Petroleum Corporation (NNPC) to go beyond the sacking and redeployment of a few officials involved in fuel theft and other sharp practices in the industry. The upper legislative chamber gave the advice in a statement issued yesterday in Abuja by its spokesman and chairman, Senate Committee on Media and Public Affairs, Aliyu Sabi. The Senate tasked the NNPC to initiate a comprehensive restructuring of its operations which currently allowed officials and other firms to appropriate national resources for their personal use, thereby contributing…

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Local oil firms walking a tight rope

Indigenous firms are the worst-hit by myriads of challenges bedeviling the oil and gas industry. ADEOLA YUSUF reports on how many of them are running into bankruptcy     Aiteo, an indigenous oil firm, made the headlines penultimate week; basking in the euphoria of its new status as the biggest Nigerian- owned oil firm in terms of production, hitherto known by many as the petroleum product trading firm, it announced the production of the largest share of the 313,602 barrels per day output from indigenous companies. The firm’s management cannot…

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Ekiti guber aspirant preaches unity among APC members

APC logo

Ahead of the 2018 governorship election in Ekiti State, an aspirant, Mr. Yinka Akerele, yesterday advised members and leaders of the opposition party in the state, the All Progressives Congress (APC), to close ranks and ensure the party’s victory at the poll. According to him, the mission of taking over power from those he described as usurpers must dwarf other tendencies among the party members. He added that they needed to remain united until APC records success democratically. He spoke when he visited the party’s secretariat where he officially notified…

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Ogoni clean-up is all noise, says Niger Delta monarch

Chairman, Ogoni Council of Traditional Rulers, His Royal Highness, King Suanu Baridam, the Kasimene Bangha VII, yesterday said that the Ogoni cleanup exercise that was launched by the administration of President Muhammadu Buhari in the Niger Delta, was all noise as there was no sign to suggest that the government was serious with the exercise. Already, reports said some concerned citizens in the region would be filing legal action against the Federal Government at an Abuja high court today. Also, our visit to the devastated communities revealed so much worries…

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