The National Pension Commission (PenCom) has announced that the Bank Verification Number (BVN) will be mandatory for all Retirement Savings Account (RSA) holders starting February. This move is aimed at enhancing data integrity, improving the efficiency of pension administration, and safeguarding contributors’ funds. In a statement, PenCom emphasized that the integration of BVNs into the pension system would help eliminate issues related to multiple registrations, identity theft, and fraudulent activities. By linking RSAs to BVNs, the commission seeks to ensure that contributors’ records are accurate and up-to-date, thereby streamlining pension processes. PenCom has directed all Pension Fund Administrators (PFAs) to…
Author: Temitope N.
Renowned economist Taiwo Oyedele has identified illicit demand as the primary factor undermining Nigeria’s foreign exchange (FX) market. Speaking at a recent economic forum, Oyedele highlighted how unauthorized transactions, speculative trading, and unregulated capital flows have intensified pressure on the naira, exacerbating exchange rate volatility. According to Oyedele, the prevalence of illicit demand distorts the supply-demand dynamics in the FX market, making it difficult for genuine businesses and individuals to access foreign currencies at stable rates. He emphasized the need for stricter regulatory oversight and collaborative efforts to curb activities that undermine the integrity of the financial system. “The root…
Universal Insurance has announced the appointment of a new Chief Executive Officer as part of its strategic efforts to strengthen leadership and drive sustainable growth. The company expressed confidence in the incoming CEO’s ability to steer the organization toward greater innovation, customer satisfaction, and market expansion. The newly appointed CEO brings a wealth of experience in the insurance and financial services sectors, having held various leadership roles that emphasize operational excellence and innovative practices. With a proven track record of delivering results, their expertise is expected to enhance Universal Insurance’s competitive edge and deepen its engagement with stakeholders. In a…
The insurance sector has solidified its position as a critical player in Nigeria’s economy, with 20 firms collectively achieving a market capitalization of N519 billion. This milestone underscores the resilience and growth potential of the industry amidst challenging economic conditions. The achievement is a testament to the sector’s ability to attract investor confidence, bolstered by regulatory reforms and innovative strategies adopted by companies to enhance service delivery and risk management. Analysts highlight the pivotal role these firms play in mitigating financial uncertainties, ensuring business continuity, and safeguarding assets. In recent years, the insurance industry has undergone significant transformation, with increased…
The Federal Government has unveiled plans to modernize the operations of free trade zones across Nigeria to enhance their efficiency and global competitiveness. This initiative aims to attract more foreign and local investments, boost exports, and create jobs. Minister of Industry, Trade, and Investment, Doris Anite, disclosed this during a recent meeting with stakeholders in Abuja. She emphasized that the modernization efforts would focus on streamlining processes, leveraging technology, and improving infrastructure within the free zones. “Our free trade zones are critical drivers of economic growth and industrialization. By modernizing their operations, we aim to position Nigeria as a hub…
The Federal Government of Nigeria has announced plans to raise N1.8 trillion from the bond market in the first quarter of 2025. This initiative is part of its broader strategy to finance critical infrastructure projects, manage budget deficits, and stimulate economic growth. The Debt Management Office (DMO) disclosed the details in its quarterly issuance calendar, outlining a mix of short- and long-term instruments to be offered to investors. The bonds, ranging in tenors from five to 30 years, are designed to attract a diverse pool of institutional and retail investors. According to the DMO, the funds raised will primarily be…
The World Bank has projected that Nigeria’s economy will grow by 3.5% in 2025, driven by improvements in key sectors such as agriculture, services, and manufacturing. The positive outlook marks a slight rebound from previous years, signaling cautious optimism about the country’s economic recovery. According to the World Bank’s latest Global Economic Prospects report, Nigeria’s growth will be underpinned by reforms aimed at enhancing productivity, attracting investment, and diversifying the economy away from oil dependency. The forecast also reflects expectations of improved global economic conditions, which could benefit exports and foreign direct investments. However, the report highlighted several risks that…
Micro, Small, and Medium Enterprises (MSMEs) in Nigeria are poised for growth in 2024, buoyed by a positive economic forecast. However, stakeholders have urged caution, highlighting persistent challenges that may temper the anticipated gains. The optimism stems from recent government initiatives aimed at strengthening the MSME sector. These include access to low-interest loans, tax incentives, and capacity-building programs tailored to support small businesses. Additionally, international development partners have pledged to provide technical and financial assistance to MSMEs, further boosting confidence in the sector’s prospects. During a stakeholders’ forum in Lagos, representatives from various industries acknowledged the potential for growth but…
CREDICORP, a leading financial services provider, has announced the successful disbursement of loans to 20,000 soldiers as part of its tailored financial inclusion program. The initiative aims to support the welfare of military personnel by providing them with access to affordable credit facilities. In a statement, CREDICORP’s CEO, Bola Adeyemi, emphasized the company’s commitment to empowering Nigeria’s armed forces through financial services designed to meet their unique needs. “Our soldiers make immense sacrifices to protect the nation, and it is only right that we create opportunities to improve their financial well-being,” Adeyemi said. “This program is part of our broader…
SUNU Group, a leading insurance and financial services provider in Africa, has attributed its impressive performance in 2024 to the enduring legacy of its late founder, Pathé Dione. The group’s leadership highlighted Dione’s visionary principles as the foundation of its growth and resilience in a highly competitive industry. In its annual performance review, SUNU Group recorded significant milestones, including increased market share, improved customer retention rates, and the successful launch of new products tailored to diverse client needs. The company’s leadership emphasized that these achievements are a direct reflection of the values and business strategies established by Dione. “Our founder,…