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Amazon Opens Office In Nigeria

Amazon Opens Office In Nigeria

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An Information Technology firm, Amazon Web Services, Inc. (AWS) says it has opened its first office in Lagos, Nigeria, according to a statement by Ms. Amrote Abdella, the firm’s Regional Manager, Sub-Saharan Africa. According to Abdella, the office was to reinforce its commitment to Africa. She said that the new Lagos office was part of AWS’s support for the growing number of customers and partners in Nigeria. AWS, a subsidiary of Amazon, offers website hosting, backup, digital marketing, analytics, application integration, blockchain, networking, and other related services to clients worldwide. “With a local presence, AWS will support new and existing customers looking to use AWS products and services to innovate, lower their information technology (IT) costs, and grow their orga...
Cubana Chief Priest, Pere, Larry Gaaga, Unveiled As Gulder Ambassador

Cubana Chief Priest, Pere, Larry Gaaga, Unveiled As Gulder Ambassador

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Three Nigerian personalities, creative entrepreneur Cubana Chief Priest, actor and influencer Pere Egbi and music producer and label executive Larry Gaaga, have been announced as the newest ambassadors of Gulder Lager Beer. The trio will serve as the faces of the Senior Man Campaign, an initiative designed to recognize, celebrate, and reward excellence in craftsmanship in different fields that cut across all socioeconomic strata. The Gulder Lager beer, one of the Nigerian Breweries’ beer brands, has thrived in the Nigerian beer market for over five decades through excellent craftsmanship in brewing.  Understanding the dedication and skill required to achieve greatness, has served as a guide for selecting its current ambassadors. Pere, fresh off a global reality television franchis...
Nigeria’s Insurers’ Balance Sheet Expands 12% To N2.3trn

Nigeria’s Insurers’ Balance Sheet Expands 12% To N2.3trn

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Nigeria’s insurance industry’s total assets grew to about N2.3 trillion in the second quarter of 2022, indicating an increased growth rate of 11.9 percent over the first quarter. The National Insurance Commission (NAICOM) made this known on Friday in Lagos in a bulletin on Insurance Market Performance made available by Mr. Rasaaq Salami, its spokesman. It stated that the industry’s financial position indicated a total of N1.2 trillion in assets in Non-Life Insurance while Life Insurance stood at about N1.1 trillion. It stated also that the insured made gross claims of N174.8 billion in the second quarter of the year, representing 47.3 percent of premiums collected during the period. It noted that gross claims made in the second quarter of the year indicated a 0.2 percent growth...
How Coca Cola Harnesses Youth Potential For Nigeria’s Sustainable Development

How Coca Cola Harnesses Youth Potential For Nigeria’s Sustainable Development

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With 53.7 percent of Nigeria’s population aged 15 to 65, the country has one of the largest youth populations globally, which is an opportunity for harnessing its sustainable development and growth through the empowerment of its youth. The size and youthfulness of the population offer a boundless chance to expand Nigeria’s capacity as the economic hub of Africa and globally. Unfortunately, this is not the case. The Executive Secretary, National Board for Technical Education, NBTE, Prof. Idris Muhammad Bugaje, Nigeria has about 90 million unemployed youths and graduates. With a 33.3 percent unemployment rate and 40.1 percent of the total population living in poverty, increasing the empowerment of youth and women in Nigeria is critical to economic development. Also, the United Na...
Naira Depreciates As Analysts Predict FX Rates Will Worsen

Naira Depreciates As Analysts Predict FX Rates Will Worsen

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Closed at N426.13 on Friday having persistently lost its shine, analysts are seeing a bleak future for the Nigerian local currency in 2022 despite a higher external reserve position standing at about $40 billion. With sustained pressures across the foreign exchange markets, Naira to United States dollar rate has been predicted to hit N440 in the investors and exporters FX window, and N650 in the parallel market in 2022. Foreign exchange rates are expected to worsen as a result of the dearth of foreign currency inflows amidst pre-election year uncertainties. The backlog of dollars held by the Central Bank of Nigeria (CBN), a resultant effect of capital control measures to stem the naira from falling has raised foreign investors’ risks. Recently, the MSCI Index told investors about ...
NAICOM Cancels Registration Certificates Of Two Insurance Companies

NAICOM Cancels Registration Certificates Of Two Insurance Companies

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The National Insurance Commission (NAICOM), has canceled certificates of registration of Standard Alliance Insurance Plc, RIC – 091, and Niger Insurance Plc, RIC – 029 with effect from June 21. This is contained in a statement issued by Mr. Rasaaq Salami, Head, Corporate Communications and Market Development of NAICOM in Abuja on Tuesday. Salami said the Commission had appointed Sanya, Ogunkuade Esq of Plot 217, Upper Grace Plaza, Utako, Abuja as the liquidator for Niger Insurance Plc. According to him, the Commission has also appointed Kehinde Aina, Esq, of Aina Blankson LP, 5/7, Ademola Street, Ikoyi, Lagos as the liquidator for Standard Alliance Insurance Plc. He advised all stakeholders to forward their inquiries to the respective receiver/liquidator for each company for th...
Africa No Filter Launches The Tony Elumelu Storytellers Fund To Empower Emerging African Creative Talent

Africa No Filter Launches The Tony Elumelu Storytellers Fund To Empower Emerging African Creative Talent

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  The $30,000 fund is powered by Heirs Insurance and Heirs Life Assurance Open to journalists, filmmakers, content producers, visual and performing artists Projects must amplify entrepreneurs and entrepreneurship in Africa Africa No Filter, a donor collaborative working to transform stereotypical narratives of Africa, has launched the Tony Elumelu Storytellers Fund.  Named after African business leader and philanthropist Tony O. Elumelu, the Fund will award grants to emerging artists and storytellers, whose work shines a light on entrepreneurs and entrepreneurship in Africa. The $30,000 fund is sponsored by Heirs Insurance and Heirs Life Assurance, the insurance subsidiaries of the pan-African investment group, Heirs Holdings. Tony Elumelu, Chairman of Heirs Holdin...
FSDH Capital Leads Shelter Afrique’s Successful Debut ₦46 Billion Bond Issuance In Nigeria’s Capital Market

FSDH Capital Leads Shelter Afrique’s Successful Debut ₦46 Billion Bond Issuance In Nigeria’s Capital Market

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FSDH Capital Limited, the investment banking and securities trading subsidiary of FSDH Group, has demonstrated its capital raising credentials by leading the successful financial close of the ₦46 billion (US$110.7 million) Series 1 Fixed Rate Senior Unsecured Bond Issuance in Nigeria’s capital market under the ₦200 billion (US$481.3 million) bond issuance program for Shelter Afrique. Shelter Afrique, the pan-African development finance institution exclusively dedicated to providing affordable and adequate housing finance across Africa was established by African governments to address the need for a sustainable housing delivery system and related infrastructure projects in Africa. Its shareholders include 44 African countries, the African Development Bank, the African Re-Insurance Corpor...
AIICO Insurance Posts N5.2 Billion Profit In Q1 2022

AIICO Insurance Posts N5.2 Billion Profit In Q1 2022

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The company’s financial assets were valued at N171 billion as of 31st March 2022. AIICO Insurance Plc has posted an N5.2 billion profit for the first quarter of the year 2022, a whopping 441% increase from the N0.96 billion it reported in the same period last year. A cursory analysis of the data shows that the significant profit recorded is on the back of the impressive performance on investment and other income, as the company rallied from a negative record in the first quarter of last year to a positive record this year. The profit record is despite the presence of double-digit inflation as the company increased its other expenses by over 100% during the period. AIICO Insurance saw its Gross premium written valued at N25 billion in the first quarter of 2022. The amount is ...
Public Relations Consultants Adopt New Practice Standard

Public Relations Consultants Adopt New Practice Standard

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The Public Relations Consultants Association of Nigeria (PRCAN) has adopted new practice standards for its members at the 2022 Annual General Meeting(AGM) in Lagos. The AGM also witnessed the re-election of Mr. Israel Opayemi, managing director/chief strategist of Chain Reactions Africa, as the president to pilot the association’s affairs for the next two years. The PRCAN Practice Standards 2022 (PSP), which is set to be made public any moment from now, was initially drafted at the association’s Annual CEOs Retreat at EPE earlier in the year and formally presented for adoption by members at the 2022 AGM. The new PRCAN Practice Standards aim to upscale professionalism in PR Consultancy services in Nigeria to ensure that the clients get the best of services and provide a rule of eng...