Federal Government To Provide 30,000 Houses For Civil Servants
The Federal Government has concluded arrangements to give no fewer than 30,000 federal civil servants mortgage houses. The beneficiaries would be civil servants who have registered with the Federal Government’s Integrated Staff Housing Programme (FISH.) The Permanent Secretary in the office of the Head of Service (HoS) and Chairman of the FISH committee, Mr. Yemi Adelakun said in Abuja that so far, about 30, 000 civil servants have registered for the programme.
DSC Resuscitation Begins, As AMCON Clears Salary Arrears Of Ex-Workers
The resuscitation of the moribund Delta Steel Company, Ovwian-Aladja, now Premium Steel and Mines Limited (PSML), to production level has begun, just as the Assets Management Company of Nigeria (AMCON) has concluded the settlement of salary arrears owed former staff. The Chief Executive Officer of Premium Steel, Mr. Prasanta Mishra, disclosed this while donating a brand new ambulance to the Premium Hospital at the weekend.
FG May Lose N57bn As Clearing Agents Threaten To Shut Ports
The federal government may lose a whooping N57billion accruable to it from the Lagos seaports if the clearing agents made true their threats to shut down the seaports nationwide over allegations of corruption, arbitrary charges among others at the ports. The agents had last week issued a 21-day ultimatum to the federal government to do something about the allegations or activities at the ports will be paralyzed by the agents.
Google, Telcos Collaborate To Unlock Potential Of Sector
Efforts to increase insurance penetration of insurance in Nigeria are becoming feasible, as notable Information Technology and Communication companies are committed to driving growth in the industry. They include Google, MTN, Airtel and MainOne, which want to leverage ICT tools to promote activities in the sector.
Governors Deny Alleged Diversion Of Paris-London Club Refunds
The 36 state governors in the country under the aegis of the Nigeria Governors’ Forum (NGF) have refuted allegations that monies accruing to states from the Paris and London Club refunds have ended in private pockets. They further contended that nothing illegal had been committed in the entire process leading to the final disbursement of the first tranche of Paris-London Clubs’ repayment of the excess deductions from states’ coffers and the refund to states.
FG Settles PenCom, Naicom Face-off Over Annuity Business
In an effort to ensure harmonization of pension and insurance regulatory operations in Nigeria, the Minister of Finance, Kemi Adeosun, has intervened and brokered a resolution in the dispute between the National Pension Commission (PenCom) and the National Insurance Commission (NAICOM). Recall that trouble started when PenCom issued a circular in November 2016, directing life insurance companies to transfer their annuity asset holdings to Pension Fund Custodians (PFCs), citing Section 56 of Pension Reform Act 2014 that requires the life insurance underwriters to transfer their RLA assets to licensed PFCs.
Financial Stocks Contribute 82.9% To Total NSE’s Turnover
The financial services industry dominated in volume terms at the end of last week’s transactions on the trading floor of the Nigerian Stock Exchange. The sector led the activity chart with 853.414 million shares valued at N4.269 billion traded in 7,904 deals, contributing 82.91 per cent to the total equity turnover.
NNPC Stockpiles Petrol As CBN Sells FX To Marketers For Diesel, ATK Imports
The Nigerian National Petroleum Corporation (NNPC) on Sunday said it has increased its petrol stock in the country and now has a robust inland supply of over 1.2 billion litres which it said would be sufficient for 34 days forward consumption nationwide. It also said in a statement from its Group General Manager, Public Affairs, Ndu Ughamadu, that the Central Bank of Nigeria (CBN) has released foreign exchange (forex) to oil marketers to import diesel and Aviation Turbine Kerosene (ATK). NNPC noted that its petroleum product supply outlook for March to May 2017 was looking good and that it has taken adequate steps to ensure stability in supply of diesel and aviation fuel.
Africa Trade Meeting Has No Africans After US Visa Denials
Each year, the University of Southern California brings delegations from Africa to meet with business leaders, government officials and others in the U.S. But this year, the African summit has no Africans. All were denied visas.
Visa issues are not uncommon for people travelling from African nations. During her prior three summits, Mary Flowers saw a high percentage of her attendees at the African Global Economic and Development Summit unable to attain visas.
World Bank Announces Record $57bn For Sub-Saharan Africa
Following a meeting with G20 finance ministers and central bank governors, World Bank Group President, Jim Yong Kim, yesterday announced a record $57 billion in financing for sub-Saharan African countries over the next three fiscal years. Kim then left on a trip to Rwanda and Tanzania to emphasise the bank’s support for the entire region. The bulk of the financing – $45 billion – will come from the International Development Association (IDA), the bank’s fund for the poorest countries.