Business

NAICOM suspends recapitalisation policy

The National Insurance Commission has announced the suspension of the implementation of its Tier-based Minimum Solvency Capital policy, following a suit filed against it by some stakeholders in the industry.

NAICOM ask insurance companies to maintain status quo pending the regulatory directive [...]

Sun, 21 October 2018


354 pensioners paid N354mn pension arrear in Q3

At least 354 paratatals pensioners under the defined benefit scheme received a total payment of N138.35million as pension arrears in the third quarter of the year.

This figure is from the total pension payment of N23.45billion paid to federal pensioners by the Pension Transitional Arrangement D [...]

Sun, 21 October 2018


FG propose budget cut in 2019

The Federal Government has said it will drastically cut down on its borrowing in 2019, even as it proposes a cut in its budget size from the current N9.1trillion to N8.6trillion next year.

The Minister of Budget and Planning, Senator Udo Udoma, made this known during the unveiling of the 2019-2 [...]

Sun, 21 October 2018


Banks to begin investigating security, IT staff

In its quest to check fraudulent activities among bank staff, the Central Bank of Nigeria, CBN, has directed Deposit Money Banks, DMBs, and Payment Service Providers, PSPs, to conduct background checks on their security and IT staff

In a letter signed by the Director Banking Supervision, CBN, A [...]

Sun, 21 October 2018


Abuja easiest place to start business – World Bank

The World Bank Office in Nigeria has identified the federal capital territory Abuja, as the easiest place to start a business in the country.

Though not listed among states with the biggest strides in improving their business environments, the recent World Bank Doing Business in Nigeria report [...]

Sun, 21 October 2018


CBN charge MfBs on technical supports for SMEs

Operators of microfinance banks in the country have been charged to come up with other ingenious measures to support Small and Medium-scale Enterprises, as the provision of loans alone is not enough to make them succeed.

The Central Bank of Nigeria asked microfinance institutions that provide c [...]

Sun, 14 October 2018


Staff of defunct Nigeria Airways get N22bn severance package

Former staff of the defunct national carrier, Nigeria Airways, will from Monday next week start receiving payment of their severance benefits from federal government.

The Minister of Finance, Mrs. Zaibab Ahmed in a statement in Abuja, said the payment worth N22.6billion will last for seven days [...]

Sun, 14 October 2018


Tax: FG to levy owners of assets abroad

Owners of assets outside the shores of the country have been given a 12month grace period, starting from October 8, within which they must declare and pay taxes on their assets abroad.

This directive follows the recent signing of the new executive order number eight, tagged Voluntary Offshore A [...]

Sun, 14 October 2018


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A youth organisation under the aegis of African Youth for Peace Assembly, AYPA, has awarded the acting director and secretary of FCT [...]

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