Business – Page 627 – Rise Africa

NAICOM issues fresh annuity rules, mandates actuarial oversight

02.02.2025

The National Insurance Commission has issued fresh regulations on annuity businesses, effective February 1, in a bid to sanitise that segment of the market. According to a statement on Friday, NAICOM said it released a circular outlining additional regulatory requirements for life insurance companies carrying on annuity business in Nigeria. The circular, dated January 29...

NIMASA urged to fast-track maritime skills centre development

02.02.2025

A former Senior Special Assistant to Bayelsa State Governor on Tourism, Dr Piriye Kiyaramo has urged the Director-General of the Nigerian Maritime Administration and Safety Agency, Dr Dayo Mobereola to speed up the development of the proposed Maritime Skills Acquisition Centre in Bayelsa State. Kiyaramo in a statement said the facility has the potential to...

Prioritise local solutions for power, Coleman boss tells govt

02.02.2025

The Managing Director of Coleman Wires and Cables Industries Limited, George Onafowokan, has called on the Federal Government to prioritise local solutions in tackling the country’s persistent grid collapses. Onafowokan, in a statement reacting to the frequent grid collapses and the government’s push for investment in the power sector, stressed the need for full deregulation...

ARGPON begins regulation of local gin production – Punch Newspapers

02.02.2025

The Association of Raw Gin Producers of Nigeria says it has commenced a high-level internal regulatory process to sanitise the production of local alcoholic drinks. The association, formally known as Nigeria Distillers Associates, said its activities were in line with Decree No. 54 of 1970 and the Control of Distillation and Spirit Drink Regulation Gazette...

NIQS partners Julius Berger for infrastructure excellence

01.02.2025

The Nigerian Institute of Quantity Surveyors Foundation has partnered with Julius Berger Nigeria Plc after it recognised the firm’s role in infrastructure development and shaping the country’s built environment. According to a statement, the Chairman of the Board of Trustees, NIQS Foundation, Olusegun Ajanlekoko, recognised Julius Berger during a courtesy visit to the construction firm,...

Caverton records N50.53bn loss in 2024

01.02.2025

Caverton Offshore Support Group Plc has reported an N50.53bn loss for the financial year ended December 31, 2024, marking a decline from the N12.89bn loss recorded in 2023. In the company’s unaudited financial statement filed on the Nigerian Exchange Limited on Thursday, the downturn was primarily driven by an N43.49bn net exchange loss, reflecting the...

MAN seeks lower electricity tariff, cautions on GDP rebasing

01.02.2025

The Manufacturers Association of Nigeria has reiterated its determination to push for a reduction in electricity tariffs while cautioning the Federal Government against politicising the planned Gross Domestic Product rebasing process. MAN’s leadership, during its recent presidential media luncheon in Lagos, highlighted it will not stop advocating for a reduction in the electricity tariffs in...

Nikon unveils AI-incorporated camera

01.02.2025

Nikon has launched its latest camera, the Z50II, an AI-incorporated device for photography and videography. In a statement, Nikon said it showcased the camera’s features at an event for industry stakeholders. Speaking at the launch, the Managing Director of Nikon, Middle East, Africa, Narendra Menon, described the Z50II as an “affordable mirrorless camera with extraordinary...

LG inaugurates UNIBEN solar-powered borehole

01.02.2025

The University of Benin has received its first solar-powered borehole, courtesy of LG Electronics, to transform water supply on campus. According to a statement, the recently commissioned project aimed to provide clean and uninterrupted water to students and staff, reducing dependence on the national grid and cutting utility costs. Corporate Marketing Manager, LG Electronics Nigeria,...

Business

Contractors abandoned 129 projects despite payments – BudgIT

01.02.2025

A new report by Tracka, BudgIT’s service delivery monitoring platform, has revealed that 129 projects were abandoned despite contractors receiving payments totalling N3.9bn from the Federal Government. The report, titled “Achieving National Development through Efficient Service Delivery,” was unveiled on Thursday in Abuja and raises concerns about the lack of accountability in Nigeria’s public project...