NIGERIA NEWSPAPERS: TODAY’S BUSINESSDAY NEWSPAPER HEADLINES [29 AUGUST, 2018].

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Insurers shocked by NAICOM’s new minimum capital take-off date
Wed, 29 Aug 2018
There was confusion and shock among operators in the nation’s insurance industry yesterday following a sudden change in the transition timetable for the Tier-based minimum solvency capital regime, earlier exposed by the regulator, the National Insurance Commission (NAICOM). NAICOM had on 25th July 2018 published the draft guideline for the new capital regime for insurance…
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BUY OR SELL OLD AND NEW CARS, PARTS, CAR MATERIALS AS CAR MART NG LAUNCH IN NIGERIA

Nigeria’s elite use power against our collective interest ‘ Moghalu
Wed, 29 Aug 2018

A presidential Aspirant and former deputy governor of the Central Bank of Nigeria and in next year’s general elections, Kingsley Moghalu has disclosed that our elites use power against the collective interest of the nation.

He emphasized that the elites whom he called hegemons have perpetuated political fraud against the country and have to be retired next year so that the country can successfully forge ahead.

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Moghalu, who is running on the platform of the Young Progressives Party (YPP) made this known in Calabar during a town hall meeting with the people of Cross River State as part of his enlightenment campaign ahead of next year’s elections.

According to him, “political power in Nigeria is a game that is played by tribal hegemons. They are all seeking hegemony on behalf of their tribe. This is political 419.

“These politicians that we must retire in 2019 are only out for one thing which is their stomach. They believe that they own Nigeria, they and their children. They use ethnicity and religion but when they get the power, even the members of their ethnic group and the members of their religion do not fare better. So they use us to get to power for their selfish purpose”, he said.

He emphasized that Nigeria is not yet a nation and quest for real nationhood is one of the fundamental problems facing the country which his presidency is out to address.

“Nigeria is not yet a nation and we can only become great when we become a real nation. Nation building is a process of creating a national identity using the power of the state hence the first task that faces this country is nation building and this is one of the cardinal programmes of the YPP.

“For a leader to be able to build a nation, we must rise above the things that are limiting us. When our worldview is determined by your ethnicity, then you cannot build Nigeria and become a part of the problem rather than the solution. This is why our identity is first and foremost the political identity of citizenship of the federal republic of Nigeria”, he disclosed.

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Explainer: What you need to know about the shared agent project
Wed, 29 Aug 2018
Recently, specifically in March this year, the Central Bank of Nigeria (CBN) in collaboration with the Bankers Committee established the Share Agent Network Expansion Facility (SANEF). A lot of Nigerian consumers and businesses have been asking questions about this project and how it can help improve the economy. Here are what you need to know…
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EXPLAINER: How Angola’s reform will make its oil sector attractive again
Wed, 29 Aug 2018
With oil production of 1.4mpd still below its heights of 2016, industry experts will be hoping Angola’s oil reform under President Joao Lourenco will not only make the sector attractive again but also rid it of corruption that has plagued the sector over the years. Despite being the third-largest oil supplier to China as more…
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Is 15% inflation harmful to Nigeria’s economy
Wed, 29 Aug 2018
A recent study by David O. K. Okoroafor, Sesan O. Adeniji and Timilehin Olasehinde published in CBN Journal of Applied Statistics concluded that inflation levels beyond 15 percent in Nigeria could lead to a decline in economic growth. According to the authors, ‘attainment of inflation threshold of 14% would boost the economy and bring it…
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Botched Aramco IPO typifies how some oil-rich countries struggle with reforms
Wed, 29 Aug 2018
Saudi Arabia has formally put the initial public offering (IPO) of Aramco, its giant oil company, on hold while it focuses on buying a strategic stake in local petrochemical group SABIC for as much as $70 billion. Aramco will raise funds from banks and international bondholders to buy a controlling stake in the petrochemical group….
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Non-oil export through Apapa port hits N57bn in seven months
Wed, 29 Aug 2018
The Nigeria Customs Service (NCS) Apapa area command has said that a total of 343, 471 metric tons of non-oil products with Free on Board (FOB) value of N57 billion were exported out of the country in the past seven months, January and July 2018. According to the command, the products include agricultural produce, mineral…
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Cargo throughput at ports grows by 31.24% to 96.6MMT in H1, says NIMASA
Wed, 29 Aug 2018
The throughput of cargo in the nation’s seaports has grown by 31.24 percent to a total of 96,626,737.96 metric tons in the first half of the year, January-June, the Nigerian Maritime Administration and Safety Agency (NIMASA), has said. This represents 31.24 percent increase from the throughput of same period in 2017 which stood at 73,628,546.62…
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How policy lapses, smuggling hurt Nigeria’s fish industry
Wed, 29 Aug 2018
The Federal Government’s policy lapses and high rate of smuggling is hampering the country’s target of achieving self-sufficiency in fish production. According to stakeholders in the sector, the development is making the sector less attractive to investors. This is evident in the country’s capital importation report by the National Bureau of Statistics (NBS). Data from…
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East Africans sign deal for first trans-border gas pipeline
Wed, 29 Aug 2018
Tanzania and Uganda have signed a historic deal that will give birth to the first trans-border natural gas pipeline in East Africa as the West Africa Gas Pipeline struggles to stay competitive. The multimillion dollar deal was signed, August 25, at the end of a three-day Joint Permanent Commission Summit held in Kampala, led by…
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Market shapes out on new capital regime
Wed, 29 Aug 2018
Series of activities lined up this year, both at industry level as well as individual companies to drive penetration and growth in the insurance sector are shrinking out. This is following the recent regulatory pronouncement by the National Insurance Commission (NAICOM) on new capital regime (Tier-solvency capital levels), expected to commence January 1, 2019. A…
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Renewed interest in banking sector lending seen in CBN’s RSSF
Wed, 29 Aug 2018
The banking sector is expected to have renewed interest in lending to the real sector of the economy following the recently introduced Real Sector Support Facility (RSSF) by the Central Bank of Nigeria (CBN). Over the years banks have reluctantly played their financial intermediary role of lending to key sectors of the economy such as…
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CBN gears up lending as commercial banks shy away
Wed, 29 Aug 2018
In the last one year, the Central Bank of Nigeria (CBN) has geared up its lending activities to the private sector as commercial banks scaled back their lending activities according to data from the National Bureau of Statistics (NBS). The CBN’s credit to the private sector experienced a 12.79 percent growth to N6.42 trillion in…
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