Author: Julius Alagbe

AIICO Pays N52.6bn Annuity in 5 yrs AIICO Insurance Plc has paid a total of N52.6 billion to its annuity customers in the last five years. Mr Joseph Ogedengbe, Annuity Product Manager, AIICO, revealed this at a one-day training programme on Wednesday in Lagos. He said that the amount was paid between 2019 and 2023. Ogendengbe explained that in 2019, the company paid N5.2 billion, N6 billion in 2020, N6.2 billion in 2021, N7.8 billion in 2022 and N12.6 billion in 2023. He noted that the company was committed to ensuring retirees receive their payments as and when due. According…

Australia to Ban Social Media Access for Under 16 Children Australian Prime Minister, Anthony Albanese on Thursday submitted a proposal to ban children younger than 16years from using social media. Albanese and Communications Minister Michelle Rowland pledged to legislate a minimum age limit of 16 years for social media access. The prime minister had previously announced an intention to introduce legislation to parliament for the age limit before the end of 2024 but had not committed to a specific cut-off age. He said that the legislation would take responsibility for enforcing the minimum age limit on social media platforms. “Social…

PSF Rwanda, LCCI Sign MoU to Strengthen Trade, Investment The Private Sector Federation of Rwanda (PSF) has signed a Memorandum of Understanding (MoU) with the Lagos Chamber of Commerce and Industry (LCCI) to strengthen trade and investment between the two countries. This is contained in a statement by Maureen Chukwura, the Communications Officer of the Rwandan High Commission in Nigeria. The Private Sector Federation of Rwanda which was established in 1999 promotes and represent the interests of the Rwandan business community. It was also set up to replace the former Rwanda Chamber of Commerce and Industry. The statement indicated that…

Interbank rates increased strongly in the money market due to OMO auction settlement in the absence of other inflows. 

The naira depreciated to N1681 against the US dollar in the foreign exchange (FX) market as increased demand for forex exposed persistent supply crisis.

Nigeria needs $10b Annually to Achieve SDG 2030 – UN The United Nations (UN) says for Nigeria to achieve Sustainable Development Goals (SDGs) by 2030, the country needs to invest 10 billion dollars annually. The Deputy Secretary-General of the UN, Amina Mohammed, said this at the MTN Nigeria Foundation’s (MNF) 20th anniversary celebration on Wednesday in Abuja. The programme was tagged: “Unlocking Private Capital for Sustainable Development in Nigeria”. Mohammed, who spoke virtually, said that the investments needed for the achievement of the SDGs by 2030 could not be done by the Federal Government alone. “Achieving our global goals will…

The equities market lost more than N337 billion as sell side investors returned after a one day rally. 

FG Partners with China Firm on Local HIV Diagnostic Kits The Federal Government has signed a Memorandum of Understanding (MoU) with WONDFO BIOTECH Ltd., a global leader in the manufacturing of HIV test kits, to promote the production of localised HIV diagnostic reagent in Nigeria. Dr Temitope Ilori, Director General, National Agency for the Control of AIDS (NACA), disclosed this on Wednesday in Abuja, while receiving donation of 4,000 HIV test kits from WONDFO ahead of the World AIDS Day celebration. Ilori said: “the WONDFO community recently in China signed a MoU with feedback on unlocking the value chain initiative…

Kaduna to Invest N93bn in Water Sector Rehabilitation The Kaduna State Government says it will invest N93 billion to overhaul the state’s water sector within the next four years. The Commissioner for Public Works and Infrastructure, Alhaji Ibrahim Hamza, disclosed this at a press conference on Wednesday in Kaduna. Hamza said the action was necessary in view of neglect of the sector for more than a decade. He said N17 billion would be allocated this year, N35 billion in 2025, N30 billion in 2026 and N11 billion in 2027. The commissioner further explained that the government’s investment would target the…

UBA Reiterates Tech Investment as Catalyst for Growth United Bank for Africa (UBA) Plc has once again reiterated its unwavering commitment to increase its investment in cutting edge technology and training to support the growth of small and medium-scale enterprises (SMEs) in Nigeria and across Africa. The pan African lender is doing this with the hope it will in turn help them contribute meaningfully to their economies and the continent as a whole. The bank gave this pledge during the 38th Lagos International Trade Fair, at Tafawa Balewa Square, in Lagos on Monday. UBA’s Group Head, Retail and Digital Banking,…