Business

The National Insurance Commission (NAICOM) on Wednesday wielded the big stick, sacking the board and management of the ailing African Alliance Insurance Plc, one of Nigeria’s oldest life assurance companies. The regulator, having taken over the insolvent firm over  failure to meet obligations to annuitants and policyholders, has also appointed an interim managers to take charge of the company. The…

The Presidential Compressed Natural Gas Initiative (PCNGI) has announced plans to significantly reduce taxi fares for services at the Nnamdi Azikiwe International Airport, Abuja, by 30%. This initiative comes after the signing of an agreement with Airport Taxi Operators to convert 800 vehicles to run on compressed natural gas (CNG). Mr. Michael Oluwagbemi, the Programme Director and Chief Executive of…

The Nigerian Civil Aviation Authority (NCAA) has reassured the public of its commitment to consumer protection at airports nationwide, emphasizing the integrity of its consumer protection directorate staff. The agency encourages passengers to engage with its representatives for assistance with grievances related to their travel experience. Michael Achimugu, Director of Public Affairs and Consumer Protection at the NCAA, highlighted the…

The Nigerian Civil Aviation Authority (NCAA) has addressed concerns regarding the airworthiness of the helicopter recently involved in a crash in Lagos. The statement, signed on Wednesday by Capt. Chris Najomo, Acting Director-General of Civil Aviation, was released following an article by Sahara Reporters which questioned the aircraft’s registration and history, mistakenly identifying it as a previously deregistered aircraft. Sahara…

The Governor, Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso yesterday affirmed that the Federal Government is prepared to deploy all tools to rein in inflation. The CBN, Cardoso said, is prepared to use whatever “tools at our disposal” to manage inflation. Annual inflation in Africa’s most populous country accelerated in September for the first time in three months, reaching…

Value Added Tax (VAT) is to be shared based on derivation and consumption, according to the proposal in the Tax Bill before the National Assembly, Chairman of the Presidential Fiscal Policy and Tax Reform Committee, Mr. Taiwo Oyedele, clarified on Tueesday. He defended the proposal in the Bill, saying it will guarantee fairness and long-standing criticisms of the existing distribution…

…calls for revenue reforms In its 2024 State of States Report, civic-tech organization BudgIT has revealed a stark fiscal disparity across Nigeria’s states, identifying only Lagos and Rivers as financially self-sustaining. The report highlights that these two states boast impressive internally generated revenue (IGR) ratios—118.39% for Lagos and 121.26% for Rivers—enabling them to fully cover their operating expenses without federal…

Boeing said it has been working with several banks in Nigeria and Africa Trade Investment Development Insurance (ATIDI) to develop a Credit Enhancement product specifically for Nigeria to facilitate operating leases by providing an additional layer of security to global lessors who may have shown interest in the region. “We envisage a forum that will include the Ministry, AON representatives,…

The local equities market on Tuesday sustained negative position as investors’ investments went down by N394 billion, propelled by the loss in Aradel Holdings Plc and 31 others. The All-Share Index (ASI) lost 650.83 basis points or 0.66 per cent to close at 98,058.07 basis points. Also, market capitalisation depreciated by N394 billion to close at N59.418 trillion. The downturn…

The Federal Competition and Consumer Protection Commission (FCCPC) said it is deeply concerned about the continuing disruptions in online banking services of Guaranty Trust Holding Company Plc, (GTCO), among other banks in across the country. Executive Vice Chairman/ Chief Executive Officer, FCCPC, Mr. Tunji Bello in a statement said the disruptions, which have hindered customers from accessing their funds, making…