Business
CBN Bags African Regulator of The Year Award
The Central Bank of Nigeria (CBN) has received a pat on the back by the Action Newspapers management corporation for its fiscal policies and role in protecting the nation’s monetary policy.
Addressing press men after its first quarter extraordinary meeting, the managing director of the Action newspapers, Mr Francis Atuu said, but for the resilience of the CBN, the economy of the country has withstood all impediments, from COVID-19 pandemic to the shortfall of oil production and other variables.
“The decision of the board to honour the apex bank is hinged on two principles; the banks resilience and transparency in her fiscal financial policies. For the first time in the history of our nation, we have in place a management at the CBN that has weathered all storms to push the country out of recession in the shortest possible time”.
The newspaper board said, Nigerians were taken by surprise because no one expected such phenomenal growth in the face of a global scale of the COVID -19 pandemic.
The award to the CBN as the “regulator of the year is intended to be a morale booster so as to sustain the tempo of Nigeria’s economic leap in multiple ways to ensure that the mandate of the bank is actualised in line with president Buhari administrations blueprint.
This gesture is a reflection of the masses verdict on the CBN management and a clarion call for more concerted efforts to sustain the solid legacy of the apex bank.
Speaking on the sideline, the representative of the civil society organisations in Nigeria, Rev Solomon Semaka aligned with the decision of the board to honour the apex bank, noting that, the CBN is the country’s engine room and must be guided by all and sundry for the nation to survive.
“The CBN is like a pregnant wife that deserves pampering and attention of every patriotic Nigerian so that we can have the baby in good health.
“The honour is purely symbolic and complimentary and it brings a lot of burden on the CBN leadership. We are optimistic that the apex bank will accept the challenge to do more for Nigerians”.
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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