By Elvis Eromosele Last week, I passed by the ever-busy Computer Village and saw shop after shop loaded floor to top with laptops. I thought to myself, what happens if there is an incident, say fire? Do they have insurance? I shuddered to think of the sheer loss. While insurance is not new in Nigeria, plenty of people disagree with its acclaimed importance. Records show that the insurance business has existed in one form or the other in the country since 1958. What is amazing is that after such a long time, the sector is still struggling to overcome the…
Author: Elvis Eromosele
The Director of the Bank Examination Department, the Nigeria Deposit Insurance Company (NDIC), Michael Oladele, has disclosed that no less than N911.45 billion has been lost to various Ponzi schemes and related frauds across the country in the last 23 years. The revelation came as the NDIC sought stronger collaboration among relevant agencies in the financial regulatory space and public support to achieve a breakthrough in the war against Ponzi schemes. At the workshop for financial correspondents and business editors, which ended Wednesday, Oladele said promoters of the schemes have become so sophisticated and creative in their tricks that broad…
The Federal Government has approved the commencement of 14-working-day paternity leave for federal civil servants. The Head of the Civil Service of the Federation Dr. Folasade Yemi-Esan, said this on Monday in a circular with ref no: HCSF/SPSO/ODD/NCE/RR/650309/3, dated 25th November, 2022. The circular titled, ‘Computation of Leave Based on Working Days and Approval of Paternity Leave in the Public Service’, said that this was in line with the provisions of the Public Service Rules, 2021 Edition. “Government has also approved Paternity Leave for serving male officers whose spouse delivers a baby. The period of the leave shall be fourteen…
The Nigerian Association of Resident Doctors (NARD) has said the number of medical doctors in the country decreases daily, adding that only about 10,000 resident doctors are left. Dr Emeka Orji, the association’s President who revealed this on Monday noted that about 100 resident doctors leave the country monthly to seek greener pastures. According to him, “I know that as of now, we have just about 24,000 doctors, including the consultants, resident doctors, house officers, and medical officers. Out of the over 80,000 doctors registered, about 64 per cent are not in service; some have emigrated out of the country,…
The Nigerian Communication Commission (NCC) has restated its commitment to concluding the process of licensing companies to operate as Mobile Virtual Network Operators (MVNOs) before the end of this year, 2022. The licensing MVNOs in the country is part of a strategic effort to ensure the provision of qualitative and efficient telecommunications services throughout the country. Professor Umar Garba Danbatta, Executive Vice-Chairman and Chief Executive Officer (EVC/CEO), NCC, made this known at the Business Remarks Telecom Sector Sustainability Forum (TSSF) which held in Lagos Tuesday. The session, which had the theme “Creating Awareness and Ensuring Sustainability of Mobile Virtual Network Operators…
Nigeria has begun the process of refining gold, gemstones and other mineral resources in the six geo-political regions of Nigeria. The Minister of Mines and Steel Development, Olamilekan Adegbite, said this when he appeared on the News Agency of Nigeria (NAN) Forum in Abuja. According to him, adding value to the country’s mineral resources will go a long way in creating jobs and wealth for Nigerians. He said six plants were being set up in the various regions to process mineral resources deposited in those regions. ‘We have set out to do six regional projects and one of them is…
The Ghanaian government on Thursday announced its plans to buy oil products with gold rather than the United States’ dollar reserves. Ghanaian Vice President, Mahamudu Bawumia, said that the move is meant to tackle dwindling foreign currency reserves coupled with demand for dollars by oil importers, which is weakening the local cedi and increasing living costs. The decision, if implemented as planned for the first quarter of 2023, “will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency,” Mr Bawumia said. He added that using gold would prevent the exchange rate from directly impacting…
The Ministry of Mines and Steel Development has urged artisanal miners to expand their frontiers by registering with cooperative societies. This according to the Minister of Mines and Steel Development, Olamilekun Adegbite, will enable them to access as much as N100 million loan at only five per cent interest rate. Mr Adegbite said this when he appeared on the News Agency of Nigeria (NAN) Forum in Abuja. He said the low-interest rate fixed by the government for artisanal miners was part of its effort to encourage diversification of the economy. Mr Adegbite, who said the loan repayment could span for…
More than 24 institutions in the country, comprising 18 universities, and six polytechnics, Micro, Small and Medium Enterprises (MSME), drawn evenly from the six geopolitical zones in the country, have benefited from a Federal Government’s broadband infrastructure projects designed to accelerate the Nigeria Digital Economy efforts. In Abuja, at the recent unveiling of the projects driven by the Nigerian Communications Commission (NCC), Minister of Communications and Digital Economy, Prof Isa Ali Ibrahim Pantami, who presided over the event, said the projects underscore the importance of broadband connectivity. In an official statement by Director, Public Affairs, Reuben Muoka, the minister stated…
The carbonated soft drinks sub-sector of the Manufacturers Association of Nigeria (MAN) may cut jobs over the proposed 20 per cent Ad-Valorem excise tax on non-alcoholic beverages for the carbonated soft drinks (CSD) segment. At its meeting in Lagos, the group said its effect could be worse as a N10 per litre tax regime is already crippling the sector. The group said a study revealed that the N10 per litre excise tax which took effect between June and August 2022 showed a – 8 per cent revenue decline as a direct result of excise tax implementation. It is projected that…