New chair for Trustfund

The Acting Managing Director/ Chief Executive of the Nigeria Social Insurance Trust Fund (NSITF), Mr. Ismail Mohammed Agaka, has been appointed as the chairman, Board of Directors of Trustfund Pensions Limited. Until his appointment as the acting managing director/ chief executive NSITF last February, he was the pioneer general manager, social security development department from September 2015. The new chairman obtained a Bachelor of Science degree in international studies from the Ahmadu Bello University, Zaria in 1983 and a diploma in social security financing from the International Training Centre of…

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Jaiz, Kogi partner to empower women, farmers, others

Jaiz Bank Plc and Kogi State government have agreed to partner to empower women, traders and artisans in the state. The deal was reached yesterday when the management team of Jaiz Bank Plc, led by its Managing Director/ CEO, Hassan Usman, paid a courtesy call to Governor Yahaya Bello at the Government House in Lokoja. The governor who said his administration stands for what Jaiz Bank also stands for – making life better for humanity-added that said he found a perfect partner in the bank. “Kogi State is safe for…

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MSMEs: Firm cuts estimated financing gap to $1.25m

The International Finance Corporation’s (IFC) estimated $2 trillion Micro, Small and Medium Enterprises (MSMEs) funding gap in emerging markets has been partly reduced through the intervention of leading Nigeria based fintech platform, Lidya, with $1.25million seed funding round. In a statement, Lidya noted that the round was to further its mission of easing access to finance for small and medium enterprises (SMEs) across Africa. The firm said that the round was led by Accion Venture Lab, the seed-stage investment initiative of financial inclusion leader, Accion, which invests capital in, and…

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ERGP: Expert advises FG against excessive borrowing

The Federal Government has been advised to significantly scale down the high level of borrowing it intends to incur to finance its Economic Growth and Recovery Plan ( 2017-2020 EGRP). Respected economist and Executive Chairman, African Centre for Shared Development Capacity Building (ACSDCB), Professor Olu Ajakaiye, gave this advice while delivering the Centre For Financial Journalism’s 2017 “The Bullion lecture” in Lagos yesterday. Professor Ajakaiye, whose paper was entitled: “Nigeria’s economic recovery and growth plan: Options for low cost financing of the programmes”, stated that although the Federal Government had…

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Forex scarcity: Ship owners negotiate with local shipyards

Ship owners under the umbrella of Ship Owners Association of Nigeria (SOAN) have opened up discussions with Nigerdock and other ship repair service providers over foreign exchange scarcity. It was gathered that the cost of securing forex to take ships out of the country for repairs is becoming too high. Before the foreign exchange challenge, over 80 per cent of ships operating on Nigerian waters dry docked their vesels outside the country. President of the association, Engr. Greg Ogbeifun, at the inauguration of the executive council of SOAN held in…

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May date for oil blocs’ allocation in jeopardy

Prospective bidders scramble for foreign lenders   The May date picked by the Federal Government for oil blocs’ allocation in Nigeria is being put in difficulty following the $130 million ploughed into the previous bid round by Nigerian banks, New Telegraph has learnt. It was learnt that lenders have issued caveat emptor on financing of forthcoming oil block bid round slated for May following apprehension that the over $130 million loans ploughed into the marginal field operations between 2007 and 2011 might go bad. A source at one of the…

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Shareholders endorse UBA’s N19.9bn dividend

Shareholders of United Bank for Africa Plc (UBA) at their 55th Annual General Meeting (AGM) held in Lagos last weekend approved the payment of a final dividend of N19.9 billion declared by the lender for the financial year ended Dec 31, 2016. The dividend translated to a final dividend of 55 kobo per share against 40 kobo per share paid in the corresponding period of 2015. This was in addition to the 20 kobo interim dividend earlier paid by the bank, bringing the total dividend to 75 kobo against 60…

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Health insurance: Why we are partnering Lagos –AXA Mansard

As part of efforts to ease access to medical care in Lagos, frontline underwriting firm, AXA Mansard, has gone into partnership with the state government towards enhancing the latter’s health insurance scheme. The partnership, which is tailored to favour residents in the state, was mooted last week during a meeting between the management of the underwriting firm and the state government. Speaking on the parley, the Chief Executive Officer of the insurance firm, Mrs Yetunde Ilori, in a statement, said the firm took interest in the state following the governor’s…

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Nigeria set to get $3.5bn foreign loan –Moody’s

Nigeria will easily achieve its target of $3.5 billion foreign borrowing in 2017 as improved oil output helps the economy to recover from last year’s contraction, the first since 1991, Moody’s Investors Service said. “The international financial institutions are ready to support Nigeria,” Aurelien Mali, a vice president and senior analytical adviser for Africa at the ratings company, said by phone on Wednesday. “As long as it remains project-based lending, the funding will be available from lenders such as the African Development Bank, and the budget support from the World…

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