Business
Crypto Currency Ban: CSO backs CBN
Following raging controversy over the Central Bank of Nigeria (CBN)’s position on crypto currency, a civil society organisation Bureau for Social Justice, Equity and Transparency, has thrown its weight behind the apex bank stressing that anything that is not governed by law is a risk to society which must be checked.
Consequently, the group said has submitted an affidavit to the Senate committee on banking and finance to avail the lawmakers with facts on how crypto currency is truly dangerous for the purpose of national security and other illicit affiliations.
A statement signed by the organisation’s president, Mr Terna Atule, and made available to journalists in Abuja, argued that democracy cannot thrive if the society is not governed by laws.
“We are not a lawless nation; there must be order if we are to reap the benefits of civilization. Crypto currency is the most dangerous global platform without security and its anonymous nature is deliberate.
“It is through this platform that terrorism, money laundering, other fraud related activities are perpetrated and it is difficult to trace because of its porous nature.
“We are deeply supportive of the bold steps of the apex bank and urge other stakeholders to support the implementation of the ban on crypto currency and every further necessary action while the possibility of a regulatory framework will be developed”, the statement added.
Business
Shehu Sani Criticizes World Bank Over Nigeria’s Economic Outlook
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.
Business
HIG: Building Trust and Driving Innovation in Nigeria’s Insurance Market
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.
Business
Wike Urges Nigerians to Pay Taxes for Improved Social Services
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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