Business & Finance

Expert urges NAICOM not to relax insurance regulations

Sep 4, 2013

An insurance expert has encouraged the Nigerian insurance regulator, National Insurance Commission (NAICOM), not to drop its guard on the regulation and supervision of insurance formations under its purview. The insurance broker, who pleaded anonymity, made the call in an interview with THISDAY in Lagos recently. According to him, both the regulator and regulated in…

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UBA to invest $2 billion in power sector

Sep 4, 2013

United Bank for Africa (UBA) has invested $700 million this year in financing power assets in the country and plans to put $2 billion into power projects across the continent over the next three years, its Group Managing Director/Chief Executive Officer, Mr. Phillips Oduoza said. Oduoza also said he expected the bank to grow loans…

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Brent eases, holds above $114

Sep 4, 2013

Brent futures eased on Tuesday as worries over a military strike on Syria eased, but held above $114 per barrel as investors focused on prospects of a revival in demand growth with factory output across most of the world improving. Better data from Europe and China and a steady recovery in the US pointed to…

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OPEC daily basket price stood at $110.35/b on Monday 2nd of September 2013

Sep 3, 2013

The price of OPEC basket of twelve crudes stood at 110.35 dollars a barrel on Monday, compared with $111.55 the previous Friday, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra…

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CBN sells forex worth $258.5m

Sep 3, 2013

The Central Bank of Nigeria on Monday sold $258.5m (N40.06bn) worth of foreign exchange at its bi-weekly Wholesale Dutch Auction System. The News Agency of Nigeria reported that the CBN sold $263.67m at the previous WDAS on August 28. Some dealers attributed the decrease in forex sales to the drop in oil price at the…

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Telcos, oil companies require more incentives to list on NSE

Sep 3, 2013

Boniface Okezie:  I think beyond calling on companies to be listed on the exchange, both the Nigerian Stock Exchange (NSE) and the Security and Exchange Commission (SEC) should be able to create an enabling environment for oil companies to list. It is not only about mere pronouncement for them to come and list, and not…

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Obasanjo advises RMAFC on revenue allocation formula review

Sep 3, 2013

A former President Olusegun Obasanjo on Monday in Abeokuta said the sharing of the nation’s revenue among the three tiers of government must be proportionate to the responsibilities they discharge. Obasanjo said it had become imperative that   the responsibilities of each of the tiers of government were quantified in order to ensure a fair and…

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OPEC daily basket price stood at $111.55/b on Friday 30th of August, 2013

Sep 2, 2013

The price of OPEC basket of twelve crudes stood at 111.55 dollars a barrel on Friday, compared with $112.80 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra…

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Stanbic IBTC appointed as local sovereign wealth custodian

Sep 2, 2013

The Nigeria Sovereign Investment Authority (NSIA) has appointed Stanbic IBTC as its local custodian. A statement signed by the Vice President, Infrastructure, Markets & Investments and Special Advisor to the Managing Director NSIA  Obinna Ihedioha, said Stanbic IBTC’s custody team will work alongside JP Morgan and others as the NSIA’s global custodian. The statement said…

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CBN compels banks to buy dollars to halt naira depreciation

Sep 2, 2013

The Central Bank of Nigeria (CBN) on Friday compelled banks to buy dollars at N160.5 per dollar, in a bid to halt the four day depreciation of the naira at the interbank foreign exchange market. The unusual intervention forced the interbank exchange rate to N162.05 per dollar on Friday from N163.7 per dollar on Thursday,…

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