New Naira Notes: Emefiele Told Me Rumored Removal Of Arabic Inscriptions Is Baseless – Sanusi Lamido

A former Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi has disclosed that the CBN Governor Godwin Emefiele has assured him that the rumoured removal of the Arabic inscription on the Naira notes was baseless.

According to Sanusi, the proposed redesigned naira notes, which is set to be implemented between December and January next year, will all carry Arabic inscriptions.

Naija News learnt that the former apex bank governor in a short video shared on his social media platforms was reported to have debunked rumour of the removal of the Arabic inscriptions on the new naira note, saying Emefiele had assured him that the rumoured removal of the Arabic inscriptions on the new naira were baseless.

His comment follows the agitations of some Nigerians that the new naira notes should not carry any Arabic inscription on them.

Sanusi also claimed that plan to introduce N5,000 notes, which was shelved in 2012 has not been forgotten.

The former CBN governor who recalled how his attempt to introduce the N5,000 note was resisted when he was the governor in 2012, added that “considering the quantum of cash Nigerians carry, the issue is something that can not be avoided in future.”

Sanusi was reported to have said in 2012 when he was still the CBN governor that “inflation in Nigeria is a monetary phenomenon. In some countries such as Singapore, Germany and Japan, the highest denominations are 10,000 SGD, 500Euro and Yen 10,000, respectively.

“These denominations have relatively high dollar equivalent. The levels of inflation are, however, low at 2.8, 1.1 and -0.7, respectively as in 2010.

“We believe that the introduction of a higher bill would complement the bank’s cashless policy as it would substantially reduce the volume of currency in circulation, particularly in the long term.”

Sanusi, remarked that the making of the video was “just to clarify and debunk rumours of the removal of the Arabic inscriptions,” adding that If he had issues with the bank’s policy or timing, he will discuss them with the relevant authorities of the apex bank and not publicly.

Sanusi, who is also the spiritual leader of the Tijanniyah Sufi order of Nigeria, told Islamic scholars to always “ask questions on issues of the economy from relevant authorities.”

This article was originally published on Naija News

Former CBN Deputy Governor, Others Support Policy On New Naira Notes

CBN May Hike Interest Rate Again In Coming Months - Reports

Following the announcement to redesign the N200, N500 and N1000 naira notes by the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele last Wednesday, several reactions have trailed the decision of the apex bank.

Some Nigerians have expressed different opinions and thoughts about the new policy.

Some have supported the decision of the apex bank saying it is best for the nation’s economy, while others have faulted the policy saying it is not a top priority for the CBN at this time, as other means can be adopted to revive the economy.

Naija News reports that a former CBN deputy governor, Prof. Kingsley Moghalu, has however declared his support for the apex bank’s decision on the new naira notes.

According to him, the CBN’s move to redesign the naira notes is a commendable step capable of reducing the country’s inflation.

He noted that the move had become necessary for national security, however a 90-day window for the policy’s implementation is too short.

Moghalu, in a statement, had disclosed that “I fully support the Central Bank of Nigeria in redesigning the Naira. If 80 per cent of the bank notes in circulation are outside the banks, that is troubling.

“The CBN obviously wants to force all those notes back into the banking system. Those with the notes must surrender them to get new ones or else it becomes illegal tender after January 31, 2023.

“This is also a way to withdraw currency from circulation; an unorthodox way of tightening the money supply since the country is battling high inflation.

“The flip side is that people who are holding huge amounts of cash outside the banking system for nefarious reasons will go to the parallel forex market to buy hard currency, putting further downward pressure on the value of the Naira as too much Naira will be chasing too few dollars”

 Naija News, however, gathered that Moghalu doubted that the step alone would solve the nation’s inflation, “Because there also are other major reasons for inflation such as the forex crisis, which this new move can exacerbate, as well as the impact of the security crisis on food price inflation.

“This will put a lot of operational pressure on commercial banks and the financial system in general.

“A 90-day window will have been better, but one can understand the need to avoid interfering with the elections.” the former deputy CBN governor noted.

Also in support of the policy was the Labour Party (LP) governorship aspirant in Imo State, Capt David Mbamara (rtd), who said “This is a tacit admission by the Federal Government that Nigeria’s economy has collapsed. It is equally a technical way and a very desperate attempt by the Nigerian state to redeem the Naira.

“Corruption has eaten so deep into the fabric of Nigeria state that corrupt money is now under people’s homes and under their beds, and what you have now is too much Naira pursuing few dollars because the economy is no longer productive but rather consumption-oriented.

“So, our Naira is not backed by foreign earnings and the only foreign exchange earner for Nigeria, oil, has also collapsed,” the Nation newspaper reported.

On his own part, Chief Executive Officer (CEO) of BIC Consultancy Services, Dr Boniface Chizea said “The CBN has the sole authority to issue legal tender currency in Nigeria. The bank alone is able to determine the quantum of currency to release to align with other critical objectives, particularly macroeconomic stability.

“The CBN designs the face of the currency. This is one reason why the mint which prints currency is a department supervised by the Central Bank. I speak authoritatively here.

“The CBN does not report to the minister of finance even if one should have expected that she should have been taken on board. But remember that when you ventilate such policies, there will be so many reasons to convince one not to go ahead.

“The rate of exchange will fall as we are now witnessing because the race to convert illegally held Naira has now commenced with this announcement. The challenge confronting the CBN now will be how to determine measures to check the slide,” Chizea submitted.

This article was originally published on Naija News

Over 700,000 Barrels Of Crude Oil Are Stolen Daily – Minister Reveals

Over 700,000 Barrels Of Crude Oil Are Stolen Daily – Minister Reveals

Nigeria’s Minister of State for Petroleum Resources, Timipre Sylva, has expressed concern over the growing theft of the nation’s crude oil, a development he said is taken the country backwards.

According to him, over seven hundred thousand of crude oil are being stolen by thieves daily.

Naija News reports that Sylva disclosed this on Saturday while addressing a group of graduates from the Petroleum Training Institute (PTI) in Effurun, Delta State.

Represented at the event by the Ministry’s Permanent Secretary, Amb. Gabriel Aduda, Sylva said the losses are overwhelming and that the federal government is doing its best to curtail the menace.

While assuring the government’s commitment to curbing the event, which has impacted negatively on the nation’s foreign exchange inflow, the Minister said his ministry would synergise with the National Assembly to ensure that adequate attention was given to the amendment of the PTI Act.

“Oil theft has denied the country of an estimated 700,000 barrels of crude oil per day. The adverse effect of this is the drop in crude oil production and the decline in the national income,’’ Vanguard quoted Sylva as saying.

Sylva said that the institute could achieve more if the PTI Act were amended to enable the institute to have access to more funding. He said the ministry had given PTI mandates in different research areas into using local materials in crude oil production, stoppage of gas flaring, and commercialising gas, among others.

He admonished the institute to embrace contemporary ways and methods to deliver on its mandates following global rapid changes in technology. The Minister also advised the institute to liaise with relevant parastatal agencies of government and local and international oil companies for the continued upgrade of relevant training curricula.

Sylva congratulated the graduates and assured them of opportunities in the oil and gas industry. He said “The skills you acquired will be pivotal in actualising the ever-evolving goals in the oil and gas industry.

“I am saying this confidently because the world still relies largely on hydrocarbons.”

Meanwhile, the Principal and Chief Executive Officer of PTI, Dr Henry Adimula, had said earlier that 1,156 graduates would receive diplomas and certificates for the 20220/2021 academic session.

He said: “Out of this figure, 659 will be awarded National Diploma and 501 will be awarded Higher National Diploma, while six graduates will receive the PTI General Welding Certificates.

“I am delighted to inform you that out of these numbers, 112 students graduated with distinction while 380 graduated with upper credits.”

According to him, PTI’s vision and mission, anchored on competence and capacity, had distinguished it as a Centre of Excellence for human capacity development in Nigeria’s oil and gas industry and beyond.

While appealing to the National Assembly and significant stakeholders in the oil and gas sector to support the amendment of the PTI Act, Adimula said the amendment would enable the oil and gas institute to perform its duties effectively in line with the global trends.

The principal said a major challenge confronting the institute was the cost of funding the training of its personnel locally and internationally

“The institute’s infrastructure is presently overstretched and needs refurbishment, innovation and complete replacement of others,’’ Adimula noted.

Adimula congratulated the graduates and assured them that their training had prepared them for available opportunities in the oil and gas and allied industries and renewable new and cleaner energy sources.

One of the graduates, Miss Hope Oseh thanked God for completing her National Diploma programme successfully.

This article was originally published on Naija News

FG, States, LGs Share N700bn In September

The sum of N700.235bn has been shared between the three tiers of government by the Federation Account Allocation Committee as federation allocation for the month of September 2022.

The amount disbursed to the tiers of government was inclusive of Gross Statutory Revenue, Value Added Tax, and Electonic Money Transfer Levy.

From the allocation, Federal Government received N262.636bn, the states received N217.191bn, the Local Government Councils got N160.416bn, while the oil-producing states received N59.992bn as derivation, (13 per cent of mineral revenue).

The Federation Account Allocation Committee in a statement released at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax for September 2022 was N189.928bn which is a decrease distributed in the preceding month.

The distribution is as follows; Federal Government got N28.489bn, the states received N94.964bn, Local Government councils got N66.475bn.

Accordingly, the gross statutory revenue of N502.135bn distributed was higher than the sum received in the previous month, from which the Federal Government was allocated the sum of N232.921bn, States got N118.141bn, LGCs got N91.081bn, and Oil Derivation (13 per cent mineral revenue) got N59.992bn.

This article was originally published on Naija News

Cooking Gas Price Increases By 61% – NBS

Kerosene, Gas Prices Rise 88% In One Year – NBS

The National Bureau of Statistics (NBS) has said the price of 12.5kg of cooking gas rose by 61 per cent to N9,906 in September 2022 from N6,165 in September 2021.

Naija News reports that the NBS made this known in its report on Liquefied Petroleum Gas (cooking gas) Price Watch for September 2022.

In its state profile analysis, the bureau stated that Cross River recorded the highest average retail price for the refilling of a 12.5kg cylinder of the product with N10,937, followed by Kogi with N10,760 and Oyo with N10,724.

Conversely, the lowest average price was recorded in Yobe with N8,350, followed by Katsina and Taraba with N8,545 and N9,026 respectively.

Analysis by zone showed that the South-West recorded the highest average retail price for refilling a 12.5kg cylinder with N10,320, followed by the South-South with N10,202, while the North-East recorded the lowest price with N9,300.

Due to rising prices, coupled with the recent force majeure announcement by the Nigeria Liquefied Natural Gas Limited, the Nigerian Association of Liquefied Petroleum Gas Marketers cautioned Nigerians against panic buying.

This article was originally published on Naija News

Inflation: Nigeria, Others Risk Political Instability – IMF

Nigeria and other countries in the Sub-Saharan African region risk social and political instability and worsening food insecurity, due to rising inflation, according to the International Monetary Fund.

IMF noted that inflation has nearly doubled pre-pandemic levels in the region, adding that while there is a significant difference between countries, the median inflation rate in the region increased to almost nine per cent in August.

It said, “And even though the rise has been less dramatic than in other parts of the world, and the drivers are different, inflation is nearly double pre-pandemic levels, risking social and political instability and worsening food insecurity.”

It disclosed this in a report titled, ‘Africa’s Inflation Among Region’s Most Urgent Challenges.’ The fund explained that the region was besieged by a slow recovery from the pandemic, rising food and energy prices, and high levels of public debt.

It stated that despite an economic rebound in 2021, the fallout from the pandemic has kept domestic economic activity in the region relatively muted, and it expects growth to slow this year.

The Washington-based lender stated that unlike richer countries in other regions, most countries in the region lack the needed resources to support and stimulate growth.

Listing some of the causes of the region’s inflation, it said inflation in Nigeria and other sub-Saharan African countries was being driven less by economic activity and more by external developments.

It said, “They include the sharp spike in global commodity prices, swings in the exchange rate, global supply chain disruptions, and natural disasters.

“In the case of food, the prices of key staples such as maize and wheat have increased since 2019, contributing two-thirds of overall inflation in fragile states and one-half elsewhere in the region. Higher global energy prices and the strong dollar have also fed through to inflation indirectly, via transportation and tradable goods like household products.

“By contrast, there have been only modest increases for the prices of goods and services that most reflect domestic demand pressures, so-called nontradable—which typically include any locally-produced services, such as in the hospitality, health, or education sectors.”

The IMF further said it expects 12 per cent of the population in Nigeria and other countries in the sub-Saharan region to experience acute food insecurity by the end of 2022.

It added that many countries have turned to subsidies and tax cuts to alleviate the squeeze in household incomes in a bid to alleviate some of the economic concerns of the regions while central banks across the region have started raising interest rates in response to rising inflation, capital outflows, and currency depreciation.

It disclosed, “Examples include Ghana, Malawi, Mozambique, Nigeria, Uganda, and the economic and monetary unions for both Central and West Africa.

“Monetary authorities also find themselves facing an increasingly delicate trade-off: raising rates to keep inflation in check will risk choking off credit for investment, depressing economic activity, and reducing incomes. Meanwhile, fiscal consolidation and the global slowdown weigh on domestic economic activity.”

However, the IMF warned central banks against raising interest rates in a hurry as it might jeopardize recovery.

This article was originally published on Naija News

Bank Directors Grow Income By 5.3%

The Bank Directors Association of Nigeria has announced that it’s income rose by 5.3 percent in the 2021 financial year.

The Chairman of the association, Mr Mustafa Chike-Obi, disclosed this at its 25th annual general meeting in Lagos during the presentation of the association’s 2021 financial statement which ended on December 31, 2021.

He said, “The total income performance of the association increased by 5.3 per cent in comparison with that of 2020 activities. A surplus of N13.45m was contributed to the accumulated fund.”

The association, limited by guarantee, also announced the retirement of two members of the board, Mrs Onari Duke, a non-executive director of UBA Plc who had served on the board since 2017.

Ms Hadiza Ambursa, a director representing Access Bank Plc also retired.

Chike-Obi stated that it was the desire of the association to ramp up its advocacy drive on behalf of the banks who were members of the association.

This article was originally published on Naija News

Nigeria’s Inflation Rises To 20.77 %, NBS Says It Will Remain High Through 2022 Due To Flood

The National Bureau of Statistics (NBS) has today disclosed in its monthly report that Nigeria’s inflation rate hit 20.77 % in the month of September 2022.

According to the report, titled ‘inflation rate rose to 20.77% in September 2022, on a year–on–year basis, the rate increased from 20.52 % in August 2022 to 20.77 % in September 2022, as compared to 16.63 %in September 2021.

NBS noted that the inflation rate will continue to remain high this year as a result of the flood in some states, which has destroyed crops and farmlands.

Naija News gathered that the report said the jump in the consumer price index (CPI) was triggered by an increase in food inflation due to higher prices paid by Nigerians to purchase bread and cereals, potatoes, yam, oil, and fat.

It advanced that the food inflation rate in September 2022 was 23.34 % compared with the 19.57 % recorded in September 2021 and 23.12% in August 2022.

The September report stated that the percentage change in the average CPI for the 12-month period ending September 2022 over the average of the CPI for the previous 12-month period was 17.43%, showing a 0.60% increase compared with the 16.83% recorded in September 2021.

According to the NBS urban inflation, on a year-on-year basis, remained at 21.25% last month, as compared to 17.19$ in the same period last year.

Naija News understands that the Bureau observed that the urban inflation rate on a month-on-month basis was 1.46% in September 2022, which is lower than the 1.76% reported in August 2022. The corresponding 12-month average for the urban inflation rate was 17.94%, a rate higher than the 17.41% recorded in September 2021.

It continued that rural inflation rose to 20.32 % in September 2022 compared with 16.08% in September 2021.

The report however stated that on a month-on-month basis, it stood at 1.27%, lower than 1.75% a month earlier and for the 12-month average, the rate was 16.94% in contrast to 16.26% a year earlier.

The report revealed that all items inflation rate on a year-on-year basis was highest in Kogi State, which stood at 23.82%, followed by Rivers State which recorded 23.49% and then Benue State at 22.78%, while Abuja stood at 17.87%, Borno at 18.12%, and Adamawa at 18.42% recorded the slowest rise in headline year-on-year inflation.

September 2022 recorded the highest increases in Jigawa at 2.58%, on a month-on-month basis, with Yobe recording 2.22%, and Benue at 2.05%. While Abuja recorded a negative rate of -0.72%, Sokoto at -0.19% and Adamawa at 0.25% recorded the slowest rise in the month-on-month inflation rate.

In September 2022, food inflation on a year-on-year basis was highest in Kwara at 33.09%, Kogi at 28.46%, and Ebonyi, and Kaduna recording 27.41% and 18.84% respectively. Jigawa stood at 19.20%, while Sokoto recorded the slowest rise in year-on-year food inflation at 19.44 %.

Enugu recorded the highest for September 2022 food inflation with a recorded rate of 2.61%, while Ogun and Oyo had 2.50 % and 2.43 % respectively.

On a month-on-month basis, however, September 2022 food inflation was highest in Enugu at 2.61 per cent, Ogun at 2.50 per cent, and Oyo at 2.43 per cent, while Sokoto at -0.88 per cent, Ondo recorded 0.38% while Niger recorded the slowest rise on month-on-month inflation of 0.62%.

This article was originally published on Naija News

Trade Minister Proffers Solution To Boost Nigeria’s Economy To Estimated $420bn

The Minister of Trade and Investment, Otunba Niyi Adebayo, has pushed for the support of non-oil export to boost the economy with an estimated size of $420bn.

Naija News reports that Adebayo during the annual general meeting of the Manufacturers Association of Nigeria Export Group, which was held in Lagos made the request on Thursday.

According to him, it is imperative for the diversification of the Nigerian economy in the present economic realities,

He stressed the need for the nation to move beyond oil and export of raw commodities and build a vibrant manufacturing sector capable of exporting finished goods that could boost the nation’s foreign exchange earnings.

He said, “As a nation, this is the time to build a competitive manufacturing sector to see us through the next 50 years, especially in the light of the African Continental Free Trade Area – one of the most important and strategic international economic agreements ever enacted.

“As the largest economy in Africa, Nigeria’s contribution to the AfCFTA is pivotal to its success. I am pleased at how aggressively MANEG have taken the challenge of making AfCFTA work for Nigeria through the development of Nexportrade. MANEG’S creation of a secure platform that is helping to boost trade relations with African Nations and the launch of the showroom in Lome is truly an innovative step in the right direction. I commend all of those involved.”

The President of the Manufacturers Association of Nigeria, Ahmed Mansur, who was represented by the Director-General of the association, Segun Ajayi-Kadir called on the Federal government to proffer immediate policy redirection to address the numerous barriers confronting manufacturers, especially the exporters.

The Chairman of the Manufacturers Association of Nigeria Export Promotion Group, Ede Dafinone spoke about the struggle exporters are faced with since the pandemic.

Listing the struggles as reduced international demands, coupled with domestic economic challenges such as high and increasing exchange rates, high cost of energy, multiple levies and taxes, port congestion, unending Apapa gridlock, infrastructural deficiencies and smuggling, causing untold constraints on manufacturing operations.

The AGM also featured a keynote presentation by an Associate-Professor at the Pan-Atlantic University, Olalekan Aworinde.

This article was originally published on Naija News

UK Prime Minister, Truss Sacks Chancellor

British Prime Minister, Liz Truss, on Friday, fired Kwasi Kwarteng as Chancellor of the Exchequer barely five weeks into office.

According to various media reports, Truss fired the Finance Minister in person after rushing back from international talks in Washington.

The announcement comes amidst the United Kingdom‘s struggle in dealing with the fallout from Kwarteng’s mini-budget, which Truss supported and caused financial turmoil, including a sharp jump in interest rates.

Already, the country is coping with skyrocketing energy expenses as well as a cost-of-living crisis that affects both individuals and businesses.

There was no immediate announcement of his successor or who would become Britain’s fourth Finance Minister this year.

Kwarteng was due to conclude annual meetings of the International Monetary Fund and World Bank in Washington this weekend, after earning a rebuke from IMF chief Kristalina Georgieva on the need for coherent and consistent policies.

A Treasury spokesman confirmed Kwarteng had cut short the trip to continue work on his medium-term fiscal plan due on October 31, after Truss held hurried meetings with her own financial advisors on Thursday in his absence.

Speaking in Washington on Thursday, Kwarteng insisted that his job was safe.

He said: “I’m not going anywhere” 

This article was originally published on Naija News

IMF Warns CBN Over Hike In Interest Rates

Repay Your Loans Now Or Risk Visit By EFCC - CBN Warns Debtors

The International Monetary Fund has warned that the continuous rising benchmark interest rates in Nigeria and other emerging economies are risks to financial stability.

Naija News understands that this was made known in a new report titled “Interest Rate Increases Volatile Markets Signal Rising Financial Stability Risks”.

The global lender noted that central banks who are faced with persistently high inflation will have to accelerate monetary policy tightening as a means to prevent pressures from becoming entrenched.

It pointed out that the major challenges facing the financial system include inflation at multi-decade highs, continuing deterioration of the economic outlooks in many regions, and persistent geopolitical risks.

The report further disclosed that financial circumstances remain tightened as central banks continue to raise interest rates, hence the highly uncertain global environment risks financial stability.

It also pointed to the deteriorating rate and speed with which assets are currently traded at a given price due to the volatile interest rate.

The report partly read: “Financial vulnerabilities are elevated for governments, many with mounting debt, as well as nonbank financial institutions such as insurers, pension funds, hedge funds and mutual funds. Rising rates have added to stresses for entities with stretched balance sheets.

“At the same time, the ease and speed with which assets can be traded at a given price has deteriorated across some key asset classes due to volatile interest rates and asset prices. This poor market liquidity, together with pre-existing vulnerabilities, could amplify any rapid, disorderly repricing of risk, were it to occur in the coming months.”

“Last month, the Monetary Policy Committee of the Central Bank of Nigeria raised the benchmark interest rate from 14 to 15.5 per cent in order to tame the rising inflation rate.”

This article was originally published on Naija News

Sargittarius Nigeria, AIM Consultants, SoftTech IT Solutions, Other Nigerian Firms, Individuals Sanctioned By World Bank

World Bank Gives $8.5bn To Nigeria To Deal With Critical Issues

The World Bank has disclosed that it sanctioned three Nigerians and four Nigerian companies for corruption during its 2022 fiscal year.

Naija News reports that this disclosure was made in the bank’s latest Fiscal Year 2022, which covered July 1, 2021, to June 30, 2022, in the Sanctions System Annual Report.

The seven firms and individuals were found guilty of corruption of necessary investigations by the Washington-based bank.

Out of the four companies, two were sanctioned by the African Development Bank (AfDB), but recognised by other multilateral organizations, including the World Bank under the cross-debarment policy.

A particular Mr Salihu Tijani was blacklisted for three years and two months, while Mr Isah Kantigi was blacklisted for five years.

The third Nigerian, Amin Moussalli, was blacklisted for two years and 10 months, with additional conditional non-debarment (which means the individual is eligible to participate in the bank’s operations) for one year and six months.

The two companies blacklisted by the World Bank were AIM Consultants Limited for two years and two months, and SoftTech IT Solutions and Services Ltd for four years and two months.

The other two firms blacklisted by AfDB but recognised by the World Bank under the cross-debarment policy were Sargittarius Nigeria Limited and Sargittarius Henan Water Conservancy Engineering Ltd for two years and six months each.

The report further disclosed that two Nigerians and two Nigerian firms had been removed from the blacklist after complying with the bank’s conditions.

The Nigerians were Mr. Elie Abou-Ghazaleh and Mr. Fadi Abou-Ghazaleh, while the firms were Abou Ghazaleh Contracting Nigeria Ltd. and Quick Projects Limited.

The World Bank Group President, David Malpass, said that corruption could damage the bank’s efforts in financing projects.

He said, “At a moment when every available resource must be deployed for maximum impact, these ill effects of corruption can be especially damaging. For this reason, it is important to recognize the role of the Bank Group’s sanction system, which plays a significant part in our institution’s efforts to maintain oversight and accountability for the financing we provide.

“The offices that comprise the sanctions system—the Integrity Vice Presidency, the Office of Suspension and Debarment, and the Sanctions Board and its Secretariat—work together to send a clear message: corruption has no place in development.”

He said that the bank debarred or otherwise sanctioned 35 firms and individuals in total.

This article was originally published on Naija News

NNPC Gives Update On Perceived Fuel Scarcity In FCT, Other Parts Of Nigeria

NNPC Gives Update On Perceived Fuel Scarcity In FCT, Other Parts Of Nigeria

The Nigerian National Petroleum Company Limited (NNPC Ltd) has said that tanker loads of Premium Motor Spirit better known as petrol or fuel has now arrived in Abuja and other destinations as the flood that had earlier restricted the movement of alot of trucks along the Lokoja highway has resided.

There has been gridlock on the Lokoja highway following a series of flood disasters in Kogi State recently.

The development has caused hundreds of motorists on the route to spend days in reaching their destination, Naija News reports.

Also, there has been panic across the country, especially in the Federal Capital Territory (FCT) Abuja, after reports emerged that there are limited petroleum products at filling stations.

However, the Group Executive Director of NNPC Limited, Yemi Adetunji, gave clarification on the matter yesterday when he featured on Channels Television Programme.

According to Adetunji, in a bid to curtail the issues affecting the delay in delivery of petroleum products to various depots across the country, the Federal Ministry of Works and Housing has intervened in a repair of ten sections of the damaged Bida-Agaei road in Niger State.

“As of yesterday, October 11, 2022, 146 petroleum tanker trucks arrived Niger depot for dispatches into Abuja and its environs.

“Trucks have continued to arrive Niger deport for onward dispatches even as of today. Load delivery to other parts of the country is also continuing with the improved vehicular movement northward,” Adetunji noted.

Speaking further on the live programme, the NNPC director said the Nigerian Mainstream and Downstream Petroleum Regulatory Authority (NMDPRA) and NNPC Limited, have allowed the rerouting of trucks carrying petroleum from Warri and Ogara axis through Port Harcourt and Makurdi into Abuja and other parts of the North.

“NNPC Ltd will like to assure the general public that it has sufficient petroleum products in stock and that there is no need for panic buying. We will also continue to work to ensure an early return to normalcy,” Adetunji assured.

Over 500 Nigerians Killed By Flood Since June 

A recent report has revealed that more than 500 people have lost their lives in Nigeria’s worst floods in a decade.

Naija News reports that the Ministry of Humanitarian Affairs also reported that the torrents of water generated by the heavy rains had left 1,500 injured and 1.4 million affected.

According to the National Emergency Management Agency (NEMA), August and September have been particularly deadly and devastating since the start of the rainy season in June. This bad weather affected 31 of the 36 Nigerian states.

More than 45,000 homes and 70,000 hectares of farmland were also completely destroyed, the ministry’s deputy information director Rhoda Ishaku Iliya said in a statement.

The local meteorological agency (NiMet) revealed that this heavy toll was partly explained by the overflow of several dams inside Nigeria and in its neighbour, Cameroon on the infrastructure of Lagdo.

It also warned that significant rainfall was still expected in the weeks and months to come. The rainy season usually ends in November in the northern states and December in the south.

The scale of destruction and displacement caused by the floods raises fears of food shortages in Africa’s most populous country. In 2012, particularly deadly floods left 363 dead and 2.1 million displaced.

This article was originally published on Naija News

Insurance Industry Records 0.2% Increase, Client Claims Hit N174bn

Submit Your Financial Accounts Details On Or Before 30th of June- NAICOM Warns

The National Insurance Commission (NAICOM) has said that the gross claims paid by the insurance companies in the country rose by 0.2 percent in the first half of 2022.

The commission announced the development via a ‘Bulletin of the insurance market performance’ report for the first half of 2022 financial period.

The report stated that, “The growth of the gross claims reported was 0.2 per cent during the quarter compared to the corresponding period of 2021. The industry statistics for gross claims in Q2 of 2022 stood at N174.8bn, representing 47.3 per cent of all premiums generated during the period.

“This occasion reflects the professional underwriting capacity of the industry as driven by the intensified regulatory activities of the commission. The net claims paid on the other hand stood at about N148.2bn, signifying an 84.8 per cent of all gross claims reported during the period.”

The report also stated that the life insurance business reported a near perfect point of about 88.9 per cent claims settlement as against the reported claims, while non-life segment stood at about 76.8 per cent.

It maintained that the percentage of incurred claims as against reported mirrored the market retention view during the period.

Motor insurance retained its lead, posting a claims settlement ratio of 92 per cent. Progress was, however, more noticeable in the oil & gas sector with an above 85.7 per cent of claims settlement ratio, an increase of some 42 points compared to its position of 42.8 per cent recorded in the corresponding period of 2021.

Miscellaneous insurance also posted about 61.9 per cent, higher than 44 per cent paid claims ratio, compared to its corresponding period of 2021; while general accident (75 per cent), fire (76.2 per cent) and, aviation & marine (61.9 per cent) followed in that order.

NAICOM also disclosed that the gross premium income in the second quarter of 2022 stood at N369.2.8bn, a notable performance as mapped in Table ,1 portraying the premium contribution by each class of the business.

The sector recorded an increased rate of growth at about 11.9 per cent quarter on quarter with a total asset of about N2.3 trillion.

The industry’s financial position revealed a total of N1.2tn in assets of non-life business while the life business stood at about N1.1tn.

This article was originally published on Naija News