Business – Page 610 – Rise Africa

IFRS 17 boosts transparency in insurance – Fitch

11.02.2025

International rating agency Fitch Ratings has said that the implementation of IFRS 17 has been a significant step towards increasing transparency and comparability in insurers’ financial statements. In a new report on its website, Fitch stated that although IFRS 17, effective since January 1, 2023, has not achieved full comparability, the financial statements of insurers...

Nigeria’s data privacy breaches surge amid regulatory pressure

11.02.2025

SAMI TUNJI examines the surge in data privacy breaches in Nigeria, highlighting concerns over increasing cyber threats, non-compliance with the Nigeria Data Protection Act, and inadequate enforcement by regulators Nigeria has witnessed a sharp increase in cases of data privacy breaches despite heightened regulatory oversight by the Nigeria Data Protection Commission. The recently released 2024...

Customs FOB charge to impose N2.84tn burden – NECA

11.02.2025

The Nigeria Employers’ Consultative Association has warned that the newly introduced four per cent Free On-Board valuation on imports by the Nigeria Customs Service will impose an additional N2.84tn in costs on businesses, worsening economic hardship for Nigerians. In a statement on Sunday, Director-General of NECA, Adewale Oyerinde said that with the country’s annual imports...

NAICOM, NEMSA partner on electrical safety, insurance compliance

11.02.2025

The National Insurance Commission and the Nigerian Electricity Management Services Agency have entered into a historic partnership, signing a Memorandum of Understanding on electrical safety and enhancing insurance compliance. In a statement on Friday, the regulator said the MoU aims to establish a framework for mutual understanding and cooperation in achieving their regulatory obligations, prioritising...

Air Peace, Ethiopian Airlines, others get sanction letters –NCAA

10.02.2025

Five airlines sanctioned by the Nigeria Civil Aviation Authority have officially received their sanction letters for various infractions, with further penalties under consideration. The Director for Consumer Protection and Public Affairs at the NCAA, Michael Achimugu, confirmed the development to our correspondent. “Yesterday, the five airlines received their letters of sanctions. The five airlines mentioned...

NLC demands more dialogue on tax reform bills

10.02.2025

The President of the Nigeria Labour Congress, Joe Ajaero, has urged the government to engage in dialogue with the union on the Tax Reform Bill to allow its members to contribute their inputs. Ajaero made this known at the NLC secretariat, Agodi, Ibadan, during a dialogue on the Tax Reform Bill organised by the NLC...

Greenwich Registrars unveils app to tackle unclaimed dividends, others

10.02.2025

Greenwich Registrars & Data Solutions has introduced a new mobile application to tackle challenges relating to unclaimed dividends, outdated mandate forms, unreconciled holdings, and other challenges associated with shareholder management. In a statement on Sunday, the firm said that the mobile app, G-Ease, was the result of a keen dedication to proffering solutions to the...

Payment firm begins 2025 UTME ePIN sales

10.02.2025

Indigenous payment company, Remita, has commenced the sale of the 2025 Unified Tertiary Matriculation Examination and Direct Entry forms. This is as the tertiary institution examination body officially announced the commencement sale of the forms on Monday. The Joint Admissions and Matriculation Board is responsible for conducting university admission exams in Nigeria. Sales of direct...

Imported inflation poses challenge to price stability – MPC member

10.02.2025

A member of the Central Bank of Nigeria’s Monetary Policy Committee, Muhammad Abdullahi, has said that imported inflation poses a significant challenge to the price stability of domestic products. This came amid the Federal Government’s plan to import food items to achieve food sufficiency nationwide Abdullahi said imported food inflation is affecting the government’s plan...

Nigeria, World Bank eye capital market for infrastructure funding

10.02.2025

The Federal Government has opened conversations with the International Finance Corporation – a member of the World Bank Group – on policy formation to utilise the capital market and other available funding options within Nigeria to fund infrastructure development through Public Private Partnership. This was the focus of a meeting between the Infrastructure Concession Regulatory...