NEWSPAPER REVIEW – 12 November, 2018
opportunities for the country to shore up its Gross
BDC
Exch. Rate (USD) 362.5
Exch. Rate (Pounds) 474
Exch. Rate (Euro) 415
Inflation 11.28
Crude Oil Price $69.86
BUSINESS DAY
NAICOM to grant ‘State Insurance Producer’
licence
Industry regulator, the National Insurance Commission
(NAICOM), in furtherance of its policy to diversify product
distribution, has announced plans to grant states of the
Federation what is called State Insurance Producer (SIP)
licence.
The SIP will be an Agency of a state government licensed
by NAICOM to provide intermediary services, and will be
remunerated from the services they provide.
The operational guideline expected to be released today,
shall come into effect o January 1, 2019.
To read more on this article, see page A10
Insurers remain profitable as combined ratio
increases
The combined ratio for listed insurers improved in the third
quarter of 2018, signaling efficient underwriting results
amid a tough and un predictable macroeconomic
environment.
The cumulative average combined ratio of 20 firms that
have released third quarter results fell to 78.73 percent.
This compares with the 84.12 percent in 2017 and 0.99
percent in September 2016, as appropriate writing
underpinned underwriting profit.
To read more on this article, see page 26
THIS DAY
FG Urged to Harness Maritime Potential to
Boost GDP
The federal government has been urged to harness its
huge maritime potential as the sector offers huge
Domestic Product (GDP).
The National Chairman of the Nigerian Institute of Marine
Engineers and Naval Aechitects (NIMENA), Mr Henry
Unuigbe, stated this in Lagos while speaking at the 7th
annual conference/annual general meeting of the institute
in Lagos.
According to him, “With a long coastline of about 420
nautical miles and a maritime space of about 83,903 nm,
Nigeria is unarguably an important maritime nation and
well placed to explore the opportunities therein. However,
the country has not been able to fully take advantage of the
industry potentials to grow it to the benefit of Nigerians.
To read more on this article, see page 23
Bank Seals Risk Participation Agreement
The African Export-Import Bank (Afreximbank) and the
CDC Group Plc have signed a $100-million master risk
participation agreement to support Afreximbank’s trade
facilitation Programme. Under the terms of the risk
participation arrangement, CDC would provide unfunded
risk participation to Afreximbank as the Bank provides
trade finance products that include trade confirmation
services; trade confirmation guarantee; and irrevocable
reimbursement undertakings.
Speaking during the signing ceremony, Afreximbank’s
Executive Vice President for Business Development and
Corporate Banking, Amr Kamel, said the agreement would
support Afreximbank’s trade confirmation services under
which the Bank provides confirmation lines to African
financial institutions to support their trade businesses and
increase capacity to undertake trade finance transactions.
To read more on this article, see page 23
THE NATION
‘GNI has not erred against SEC, NAICOM
rules’
Great Nigeria Insurance Plc has never received any
warning, query or sanctions regarding insider trading from
the Securities and Exchange Commission (SEC) or
National Insurance Commission (NAICOM), which both
provide regulatory framework for the company, Managing
Director of the underwriting firm, Mrs. Cecilia Osipitan, has
said.
This followed allegations by the House of Representatives
Sub-Committee on Capital Market and Institutions,
following the public hearing on Wednesday, October 31,
2018.
Mrs. Osipitan in a statement in Lagos, said the allegation
by the Sub-Committee was incorrect.
She said it has come to the notice of the Board of Directors
and Management of GNI that the House of
Representatives Sub-Committee on Capital Market issued
a statement on Monday, November 5, 2018 threatening to
authorise SEC to take over the Management of GNI.
To read more on this article, see page 21
To read more on this article, see page 27
Interest rate irregularity scuttles corporate
bond market – FMDQ
The Managing Director of FMDQ, Mr. Bola Onadele
Koko, has said the volatilities and irregularities of interest
rate has been the bottleneck for the corporate bond
market.
Koko who stated this during the fifth year celebration of
the company, also added that the threat posed in
cooperate bond market has hindered long term loans.

Dangote Foundation okays N10b for 774,000 He said all hands must be on deck to address the
women menace, adding that the company was working with
market players to proffer solutions.
The Aliko Dangote Foundation has okayed N10billion for
the empowerment of 1000 vulnerable women in the 774 He said: “Before a corporate comes out to issue a bond
local government areas of the country. which is a long term paper, the corporate will look at the
outlook of the economy.
The Foundation is a multi-purpose grant-making vehicle
driving interventions in critical sectors including education, To read more on this article, see page 20
health, population and community have started a scheme
targeted at vulnerable women in select states of the
federation.

Speaking on the sidelines of the ongoing Nutritious Food

Fair(NFF) organised by HarvestPlus Nigeria in Lagos, its
Director, Health and Nutrition, Dr Francis Taiwo reiterated
the foundation‘s readiness to empower thousands of
women through its micro grant programme. He said it is
aimed at ameliorating widespread poverty in the nation and
appropriately empowering both women and youths. The
micro-grants programme is one component of the
economic empowerment pillar of the foundation. It
provides disadvantaged and vulnerable women with a one-
off, unconditional N10,000 cash transfer to boost their
household income generation.

To read more on this article, see page 20

DAILY TRUST

NDIC wins best public sector agency in IT

clearance regulation

The Nigeria Deposit Insurance Corporation (NDIC) has

been named the best performing public sector institution in
Nigeria on compliance with Information Technology
Clearance Regulation after a rigorous selection process in
Nigeria. The award was conferred on the Corporation by
the Nigeria Technology Development Agency (NITDA),
which is the promoter of IT regulation and development in
[]The post NDIC wins best public sector agency in IT
clearance regulation appeared first on Daily Trust.