1 To address lack of trust, among other issues plaguing the insurance industry, the National Insurance Commission (NAICOM), said it is in the process of releasing market conduct guideline to operators in the insurance industry to follow. The commission said this move has become necessary so that insurance policies that are so complicated and packed […]
THE assessed continuous growth in Internet fraud may have cost the Nigerian banking sector about N40 billion losses in 2013 alone. The Chief Information Security Officer, Central Bank of Nigeria (CBN), Taiwo Longe, disclosed this unsavoury development in a presentation during a two-day National Cyber security Forum organised by the Office of the National Security […]
THE Central Bank of Nigeria (CBN) has commenced a zero tolerance regime against bad debtors in the nation’s financial system, with fresh tightening of rules that would bring defaulters to book and stem the tide of serial defaults Indeed, banking supervision, both off and on site would be enhanced by the apex bank under the […]
Dr. Joseph Odumodu is the Director–General of Standards Organisation of Nigeria (SON) and President of the African Organisation for Standardisation (ARSO). Preparatory to the 50th council meeting and general assembly of ARSO in Kigali, Rwanda, he unveiled the body’s agenda in harmonising African Standards and Conformity Assessment Systems in order to remove technical barriers to […]
A survey by EY (Ernst & Young) has shown that 88 per cent of the respondents in Nigeria consider bribery and corruption as being widespread in the country. A comparison of the current results for Nigeria with that of EY’s 2012 edition, wherein 72 per cent perceived bribery and corruption to be widespread in Nigeria, […]
Non-prompt settlement of claims by insurers has over the years been the bane of insurance growth, penetration and acceptance in Nigeria. This is in spite of the insurance industry regulatory body, the National Insurance Commission, NAICOM, attempts to make prompt claim settlement one of its cardinal objective, and which the commission also flouts as one […]
Business for online shopping websites in Nigeria such as Jumia and Konga as well as banks, is set to get a major boost with the decision by PayPal, an international e-commerce payment and money transfer platform, to enter 10 new countries this week, including Nigeria. PayPal provides online payment alternatives for consumers via mobile phones […]
The National Conference Committee on Energy has said that the country is losing about 350,000 barrels of oil per day, estimated at about $35m, to crude oil theft and called on the Federal Government to wake up from its slumber and tackle the menace frontally. The Chairman of the committee, who is also a former […]
A LOT has been said about Nigeria being used as dumping ground for fake and substandard products by other countries, especially the Asian countries. Millions of Nigerians had either lost their lives prematurely or maimed permanently as a result of exposure to fake and substandard goods. In the forefront of the fight against this menace […]
The Nigerian Ports Authority has denied an allegation that it failed to remit N713bn into the Federation Account since 2009. A statement by the Assistant General Manager Public Affairs, NPA, Mr. Musa Iliya, dismissed the allegation by the National Conference Committee on Public Finance as untrue. For allegedly not remitting the amount into the Federation […]
Sixteen states of the federation have raised bonds totalling N520 billion in the last six years without clear outlines on how the funds were used, THISDAY investigation has revealed. This is against the backdrop of massive unemployment and infrastructural deficit across the country, which the debts could have addressed. Specifically, the 16 state governments were […]
The African Development Bank has commended the federal government for investing the proceeds from the partial removal of fuel subsidy on the development of infrastructure as well as other sectors. This is even as the World Bank lauded the Federal Government for the successful completion of the power sector privatisation and urged other African countries […]
It was with gladness that I read that the Akwa-Ibom state legislature repealed the portion of the offensive pension law that specified that ex-governors and deputy governors of the state would be provided annual medical treatment up to N100million and N50million respectively. Other provisions of the pension law include a mansion in Uyo or Abuja, […]
Indications have emerged that most Deposit Money Banks (DMBs) still charge their customers N3 per N1,000 Commission on Turnover (COT), despite a Central Bank of Nigeria (CBN’s) directive which stipulated N2 COT for 2014. To this effect, the apex regulator has ordered the affected DMBs to refund such illegal fees charged customers over a period […]
PROF. YEMI OSINBAJO TAKES OVER THE MANTLE OF LEADERSHIP FROM DR. CHRISTOPHER KOLADE CON ON THE GOVERNING BOARD OF THE INTEGRITY ORGANISATION. At the meeting of the Governing Board of Integrity Organisation (consisting of Integrity and The Convention on Business Integrity) which held on Monday, February 25th, 2014, Dr.Christopher Kolade CON who has been the […]
In our quest to consistently encourage businesses to be part of The Convention on Business Integrity vision, one of the biggest banks in Nigeria and indeed Africa has taken a step to be part of the CBI fold as it has it publicly signed the declaration document to become one of the members of the […]
The Convention on Business Integrity in partnership with The Nigeria Stock Exchange (NSE) is developing a Corporate Governance Rating System for companies listed on the NSE. The system aims to raise overall corporate governance standards in the country, by providing companies with an incentive to develop better governance practices. It is providing opportunities for companies […]
Within the framework of the UNODC/IACA implemented, Siemens Integrity Initiative funded project, Legal Incentives for Corporate Integrity and Cooperation, UNODC and IACA organised a second expert group meeting to provide a forum for the exchange of knowledge on international good practices on legal incentives and sanctions for encouraging greater corporate integrity, including the encouraging of reporting of corruption. […]