Connect with us

BUSINESS

NAICOM, RMAFC Collaborate on Economic Diversification

Published

on

Share

By Tony Obiechina, Abuja
The Commissioner for Insurance/CEO, Mr. Olusegun Ayo Omosehin, and his management team have met with the members of the Constitutional Committee on “Mobilisation and Diversification” of the Revenue Mobilisation Allocation and Fiscal Commission ( RMAFC) led by Engr.

Sani Mohammed Baba, to explore ways of diversifying the Nigerian economy.

During their working visit to NAICOM Headquarters, Mr.
Olusegun Ayo Omosehin, in his opening remarks, reaffirmed the critical role of the insurance sector regulator in supervising, regulating, and safeguarding the interests of insurance policyholders.
He highlighted insurance’s pivotal role in mobilising savings for long-term developmental projects and enabling businesses to thrive while managing risks effectively.

He also stressed the Commission’s commitment to ensuring insurance companies meet their obligations, thus contributing to the sustainability of the economy.
Speaking, Mohammed Baba emphasised the importance of revenue generation, institutional expansion, and employment creation for Nigerians through collaborative efforts.
The Commissioner for Insurance also acknowledged President Bola Ahmed Tinubu’s ambitious goal of growing the Nigerian economy to One Trillion United States Dollars ($1 trillion) by 2026.
He expressed the insurance sector’s intent to significantly contribute to this objective. Additionally, he mentioned ongoing efforts to embed insurance within the National Credit Scheme to ensure its sustainability.
Mr. Omosehin stressed the need for continuous advocacy and sensitization of government institutions about the vital role of insurance in national economic development.

Business News

FG Launches $100bn Economic Expansion Fund to Promote Cultural Heritage

Published

on

Share

By Tony Obiechina, Abuja

The Minister of Arts, Culture, and Creative Economy, Hannatu Musa-Musawa, has announced the establishment of a $100 billion economic expansion fund to promote and preserve Nigeria’s cultural heritage under the administration of President Tinubu.

The Minister disclosed this at the 2024 Ojude Oba Festival held in Ijebu-Ode, Ogun State.

Represented by the Director of Cultural Industry Heritage, Ben Ugo, the Minister emphasized the rich cultural diversity of Nigeria and the government’s commitment to establishing the country as a cultural hub by 2030.

She also said the annual Ojude Oba festival is being considered for inclusion in UNESCO’s World Cultural Heritage list.

Governor Dapo Abiodun of Ogun State expressed his administration’s dedication to elevating the Ojude Oba festival to a global event. He highlighted the festival’s evolution from a celebration of the Awujale among the Ijebu people to a gathering that attracts participants from across the nation and the world.

Abiodun emphasized that the festival serves as a symbol of unity and showcases the hospitality and traditions of Ijebuland to a wider audience.

The governor acknowledged the festival’s role in attracting tourists and promoting the development of Ijebuland.

He emphasized the importance of preserving traditions for future generations and pledged his administration’s support to make the Ojude Oba festival a permanent fixture in the global tourism industry.He added that the announcement of the economic expansion fund and the commitment of the government and local authorities highlight the significance of cultural heritage in Nigeria and the efforts being made to promote and preserve it for generations to come.

Continue Reading

Business News

Nigeria’s Trade Surplus with ECOWAS Rises 216% to N1.14trn

Published

on

Share

Nigeria’s trade surplus with countries in the Economic Community of West African States (ECOWAS) rose by 216 per cent, Year-on-Year, YoY to N1.14 trillion in the first quarter of 2024, Q1’24.

Analysis of foreign trade data for Q1’24 released by the National Bureau of Statistics, NBS showed that Nigeria’s export to ECOWAS countries rose YoY by 213 per cent to N1.

25 trillion in Q1’24 from N399.
19 billion in Q1’23.

On the other hand Nigeria’s import from ECOWAS countries rose by YoY by 167 per cent to N113.04 billion in Q1’24 from N42.296 billion in Q1’23.

Data from the National Bureau of Statistics, NBS showed that Nigeria’s main trading export partners within the ECOWAS region in the quarter are Ivory Coast (N744.

59 billion), Senegal (N361.29 billion), Benin (N55.67 billion), Togo (N38.01 billion) and Ghana (N33.75 billion) altogether representing 98.61 percent of total export to ECOWAS countries.

Nigeria’s major import trade partner within ECOWAS in the period under review was the Ivory Coast (N51.41 billion) followed by Togo (N40.86 billion), Ghana (N13.61 billion), Liberia (N3.96 billion) and Benin Republic (N1.04 billion) representing 98.10 percent of total imports from the ECOWAS region.

NBS stated: “Exports to ECOWAS member states totaled N1,250.71 billion, while imports amounted to N113.04 billion.  The main commodities exported to ECOWAS countries in the first quarter of 2024 are Petroleum oils and oils obtained from bituminous minerals worth N1,074.70 billion (85.93 percent of total exports to ECOWAS), Electrical energy (optional heading) (N58.65 billion or 4.69 percent), Urea, whether or not in aqueous solution (N29.45 billion or 2.35 percent), Flours and meals of soya beans (N9.20 billion or 0.74 percent)) and Other excluding White cement (N6.66 billion or 0.53percent). The top five exported products represent 94.24percent of the total exports to the ECOWAS region.”

Continue Reading

Business News

My Purported Removal as SALS President in Quest of Shippers’ N3tr funds – Ogamba

Published

on

Share


From Anthony Nwachukwu, Lagos

President of the Shippers’ Association of Lagos State (SALS), Leo Ogamba, has dared the association’s Board of Trustees (BoT) to publish his offences or any act warranting his alleged removal from office other than his push for due process.

Ogamba disclosed that the BoT, whose constitution since 2008 has been invalid, is even being misguided on the expected N3 trillion Cargo Defence Fund, which invariably is influencing their illegal actions.

Addressing the media Tuesday in Lagos over the BoT’s general meeting of June 11, 2024 at which he was purportedly removed, Ogamba said he is not an “embattled president” by any stretch, having not violated or been charged with any violation of the constitution whatsoever.

 “This BoT constituted themselves in 2008. Nobody knew that they were in existence. The record of the status report of the association was invalid, but immediately they heard that I signed the first N13 billion, being the judgement sum between APM Terminals Ltd, Nigerian Shippers’ Council and Registered Trustees of Shippers Association of Lagos State, they woke up from their slumber,” he said.

 “Their understanding has been negatively influenced. They have no idea where that judgment sum would be paid in, thinking that the money, which is about N3 trillion, belongs to them on the ground that they are entitled to 60-70 per cent, with about 15 shipping companies involved.

 “Cargo Defence Fund is limited by guarantee, meaning that even if you make N10 trillion profit, you cannot share it, and accessing the fund is by subscription. I am sure that none of these people paid that money. It is the money that shipping companies and terminal operators collected but ought not to have collected.

 “In this circumstance, for you to have locus, you have to show evidence that you paid that money as a shipper. When the publication was out asking shippers to submit their bill of laden, only two submitted.

 “The Nigerian Shippers’ Council had to go the extra mile to meet these shippers for these bills of laden, on the basis of which the money was determined. The Shippers Association of Lagos State represents the whole shippers in the country by virtue of that judgment.”

Insisting that he remains president, Ogamba said the BoT, which is only advisory, does not have the power to convene a general meeting of the association, nor does it have the required membership to sit, being only three, while the constitution requires seven out of the 10-member body as quorum for any meeting.

He stated that the said general meeting was not properly constituted or was at best illegal on the ground that he “was not in the meeting. Till today, I have not received any letter to the purported removal either through e-mail or whatsapp.”

Meanwhile, more recently, a mediation agreement with the NSC at the instance of the BoT was that there should be “no meeting of SALS at any level pending the outcome of the reconciliation,” he disclosed.

In breach of this, however, he said the BoT has met “about three times,” including for his purported removal on June 11th, 2024, two days ahead of the mediation meeting called by the NSC as agreed, and which the BoT and their supporters failed to attend.

Continue Reading

Read Our ePaper

Top Stories

NEWS19 mins ago

Rivers Reps Caucus Disowns Purported Leader, Spokesperson

Share The Rivers caucus in the House of Representatives has disowned one of its members, Rep. Dumnamene Deekor as its...

NEWS32 mins ago

DG, NA Centre Tasks Judiciary on Due Diligence in Handling Terrorism Cases

Share The Director-General, Nigerian Army Resource Centre, retired Maj..-Gen.Garba Wahab has urged the judiciary to carry out due diligence in...

NEWS51 mins ago

Police Neutralise Kidnap Suspect, Arrest 4 others in Delta

Share The Police Command in Delta has neutralised a suspected member of a kidnap gang during a shootout in Ughelli...

NEWS1 hour ago

NDLEA seized 761,000 Tonnes of Illicit Drugs in 3 Years, Says Marwa

ShareRetired Brig.-Gen. Buba Marwa, the  Chairman of the National Drug Law Enforcement Agency (NDLEA), says the agency seized 761,000 tonnes...

NEWS1 hour ago

E-border Solution’ll Help Check Transborder-related Crimes, Says Immigration Chief 

Share Kemi Nandap, the Comptroller-General of the Nigeria Immigration Service (CGIS), said the e-border solution deployed across the country’s border...

NEWS1 hour ago

Alia To Constructs 10 Rural Roads In Gboko/Tarka Federal Constituency  

ShareFrom Attah Ede, Makurdi  Benue State Governor, Rev Fr. Hyacinth Alia, on Thursday, declared that he will construct ten(10) solid...

NEWS2 hours ago

Gov Alia Promises To Renovate General Hospitals, Public Schools Across 23 LGAs

ShareFrom Attah Ede, Makurdi  Governor Hyacinth Alia of Benue State, Thursday, promised to carry out comprehensive renovation and equipping of...

Education2 hours ago

Cholera: Agege LG Suspends School Food Vendors

Share The Agege Local Government in Lagos State has suspended food vendors in schools in the area as a way...

NEWS2 hours ago

Kaduna Records 307 New Cases of HIV/ AIDS — Official

ShareThe Kaduna State Aids Control Agency(KADSACA) on Friday said it has recorded 307 new HIV cases in the state. Acting...

NEWS2 hours ago

Enugu State Govt. Approves N44m Bursaries for 294 Law Students

Share Gov. Peter Mbah of Enugu State, has approved N44.1 million as bursaries for 294 indigenes of the state currently...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc