financial News

Royal Exchange Plc has posted a gross written premium of N12.5 billion from its business activities as at December 31, 2016, representing an increase of 16 per cent over the N10.8 billion it posted in 2015. The Group Managing Director, Royal Exchange Plc, Alhaji Auwalu Muktari, stated this following the release of the financial results on the floor of the Nigerian Stock Exchange (NSE), recently. A breakdown of the result released showed that the company’s net premium income for the period amounted to N8.2 billion, with a minimal growth over 2015, which stood at N8.1bn, while underwriting profit witnessed a…
The new pension scheme introduced in 2004 by the Olusegun Obasanjo administration under the Nigerian Pension Commission (PENCOM) might have been with the good intention of relieving the pensioners of the agony of waiting for ages to receive their retirement benefits which included the gratuity and monthly pension, however with what obtains in recent times, the story is quite different. Right from its inception, the scheme or policy which was amended in 2014 by the current administration of President Muhammadu Buhari, was received by many federal workers with a pinch of salt simply because they felt that time was not…
The Securities and Exchange Commission (SEC) has commended the Debt Management Office (DMO) on arrangements to issue the maiden N100.0 billion Sukuk in the Nigerian Capital Market. In a statement by SEC said the offer is, “a major milestone for Nigeria as it will catalyse the development of non-interest capital market products. The issuance of this Sukuk follows diligent advocacy efforts from the Securities and Exchange Commission (SEC) on the need to issue the instrument in order to serve as an alternative product for investors.” It said Sukuk, the non-interest equivalent of bonds, was becoming increasingly attractive as a preferred…
Fifty-seven Health Maintenance Organizations (HMOs) have mismanaged N351 billion health insurance policy funds for different enrolees, a House of Representatives panel heard yesterday. Despite collecting the amount, the 57 HMOs are owing various hospitals billions of naira as a result of which enrolees receive haphazard treatments, the panel heard. Speaking during a public hearing organized by the House committee on healthcare services, the Executive Secretary of the National Health Insurance Scheme (NHIS), Professor Usman Yusuf said the amount was mismanaged between 2005 and 2016. The panel, chaired by Chike Okafor (APC, Imo) is probing activities of HMOs with a view…
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