Acting Director General of the Standards Organisation of Nigeria (SON), Dr. Paul Angya has urged States and Local Governments to offer assistance to Micro, Small and Medium Scale Enterprises (MSMEs) to enable them stand on their feet for overall economic and industrial growth. Angya, who spoke during a courtesy visit to Governor of Enugu State noted that the MSMEs was the engine of growth for any economy hence concerted efforts should be made by government at all levels to grow the sector. ‘There is no way we can diversify the economy without the active development and involvement of the MSMEs. They…
Author: Pride Team
Pension Industry Operators (PenOp) Retreat has opened in Lagos with Operators asking for a modification of policy and regulation regarding investment of Pensions funds to bridge infrastructure deficit in the country. They appreciated National Pension Commission (PenCom) ring fencing of the fund but suggested some consideration and review of existing engagement rule to create opportunities for investment in that critical area. In her paper titled, “Investment of Pensions Funds, Processes- Challenges, Risks and Rewards” Abimbola Suleiman, Head, Investments at Pensions Alliance limited, noted that current regulations prescribed that maximum possible spend on infrastructure is N682 billion or $3.4 billion. Suleiman…
Securities and Exchange Commission (SEC) the apex regulatory body for the Nigerian capital market has extended the deadline for free e-Dividend registration in the country by 150 days. The Commission is also going to bear the cost of registration on behalf of any investor who registered within the 150 days extension period but at the expiration of the grace period, subsequent registration of an investor would attract a fee of N100. Director General of the agency, Mounir Gwarzo who announced this at the Post First Quarter Capital Market Committee Meeting in Lagos noted that the e-dividend management system which was…
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The 2016 African Movie Academy Awards (AMAA) would be taking place in the garden city of Port Harcourt, Rivers state -The Treasure Base of the Nation. AMAA is a pan-African and Africa Diaspora reward system for motion picture practitioners. The AMAA fest first held in Yenegoa, Bayelsa State in 2004 when the Government and people of Bayelsa state hosted the maiden event in the capital Yenegoa. AMAA in the Bayelsa capital where it held very successfully for nine years was always very successful and exciting with the flavor of a High Octane Celebrity Celebrations in the tick of the rain forest. The…
The National Insurance Commission (NAICOM) has okayed the ongoing plan by the Industrial and General Insurance (IGI) to convert part of its long-term assets to liquidity. With this IGI can now restructure its massive investment in real estate and subsidiaries, amounting to billions of naira, by offering them for sale and ploughing back the proceeds into its day-to-day operations. According to a statement by the company, IGI is opting for asset restructuring as part of measures to raise liquidity for the repositioning of the company in the core business of insurance. The statement said: “We launched a strategic transformation policy…
As part of the fallout of President Buhari trip to China, Dangote Group has signed a $2-billion loan deal with the Industrial Commercial Bank of China Ltd for the construction of two cement plants. Dangote told Reuters after the signing of the agreement that, “The interest rate is Okay, quite favourable with me. It’s for my two cement companies that we are establishing in Nigeria.” The deal included China Export & Credit Insurance Corporation (Sinosure). The Dangote Group is a diversified and fully integrated conglomerate with an annual group turnover in excess of N450 billion (US$3 billion). Dangote Group’s interests span…
China has agreed to offer Nigeria a loan worth $6 billion to fund her infrastructure projects. This is the outcome of the trip undertaken by the Nigerian leader Mohammadu Buhari The announcement came as both countries signed a currency swap deal to boost trade. Nigeria has been in talks with China on an infrastructure loan for months. Although Buhari wants to triple capital spending in 2016, he also needs to plug a projected deficit of $11.1 billion. “It is a credit that is on the table as soon as we identify the projects,” Nigerian Foreign Minister Geoffrey Onyeama explained. “It…
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