Swiss Re, the world’s leading re-insurance company, has enhanced its insurance-linked securities (ILS) offering with the launch of Swiss Re Insurance-Linked Investment Advisors Corporation (SRILIAC), a new investment advisory entity with a particular focus on catastrophe bonds. According to Swiss Re, the corporation which its wholly owned subsidiary, adopts an investment strategy that complements that […]
The National Pension Commission (PenCom) reported that it paid N326.32 billion as retirement benefits to retirees enrolled in the Contributory Pension Scheme (CPS) in 2021. The commission, in its just published 2021 Annual Report indicated that the payments comprised retirement benefits and a 25 percent payout due to temporary loss of job during the year. […]
The Nigeria Deposit Insurance Corporation (NDIC) has alerted members of the public that investments with fund managers in the country were not covered by any insurance policy, warning that investors should avoid dealing with some of them operating illegally in the country. A statement issued by the corporation’s Director, Communications and Public Affairs, Mr. Bashir […]
The Federal Government on Monday announced a total ban of the importation of Subscriber Identity Module or Subscriber Identification Module (SIM) cards into the country. A SIM card is designed to securely store the international mobile subscriber identity (IMSI) number and its related key, which are used to identify and authenticate subscribers on mobile telephony […]
MTN Nigeria (MTNN), the country’s largest mobile operator by subscriptions, has installed more than 100 5G base stations ahead of a commercial rollout of the high speed service from the end of this month. News reports indicated that the base stations were deployed in partnership with Chinese equipment vendor, Huawei. It would be recalled that […]
The World Bank has reported that Nigeria’s gross national income (GNI) per capita rose to $5,250 per capita in 2021, representing a 5% increase over the $5,000 per capita recorded in 2020. The Breton Woods multilateral finance institution disclosed in its latest Gross National Income per capita report. The Gross National Income is the total […]
Data from insurance and reinsurance broker Aon finds that globally, insured losses from natural disaster events totalled $39 billion in the first half of 2022, which is roughly 18% above the 21st century average. According to a news report by Reinsurance News, in contrast to the above average volume of catastrophe losses experienced in the […]
The Central Bank of Nigeria’s (CBN’s) Monetary Policy Committee members on Tuesday voted to increase the monetary policy rate (MPR) or benchmark interest rate to 14% from 13% in its sustained efforts to tame the rising inflation rate in the county. The Governor of the CBN, Godwin Emefiele, gave this hint while addressing journalists at […]
The Nigerian Electricity Regulatory Commission (NERC) on Tuesday reported that total electricity generated in the country by the power generation plants in the third quarter of 2021 stood at 8.693 million Megawatts-hour (MWh), down from the quantum of generated electricity in the previous quarter. The commission gave this figure in its Third Quarter Report 2021 […]
Fitch Ratings, one of the world’s leading rating agencies, has affirmed the African Development Bank’s (AfDB’s) long-term credit rating: AAA with a Stable Outlook. The latest rating represents a very strong endorsement of the development finance institution’s financial strength and profile, as well as the extraordinary support of its shareholders. Fitch in its latest affirmation […]