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The
National Insurance Commission was established in 1997 with the responsibility
of regulating and supervising insurance business in Nigeria. It replaced the
previous regulatory organ – the Nigerian Insurance Supervisory Board. Prior to
1992, the Federal Ministry of Finance licensed and supervised insurance
companies.
The Central Bank of Nigeria on Friday revoked the operating licence of Skye Bank Plc. Governor of Central Bank, Godwin Emefiele, made the announcement at a press briefing in Lagos. He also said a bridge bank known as Polaris Bank had been created to assume the… Read more
The National Pension Commission said it had released N86.7 billion to sacked workers of various companies who participated in the Contributory Pension Scheme. Acting Director-General, PenCom, Mrs Aisha Dahir-Umar, who disclosed this on Monday in Lagos, said the amount was for the settlement of 275,172 disengaged… Read more
Federal Inland Revenue Service (FIRS) in its bid to extend the Integrated Tax Administration System (ITAS) initiative to all of its processes, recently indicated its intention to fully automate the withholding tax (WHT) system in Nigeria. Pursuant to this initiative, FIRS has started inviting taxpayers for reconciliation of unutilized WHT… Read more
The decision by the National Insurance Commission (NAICOM) to revise backward the recapitalisation deadline from the January 1, 2019, it had earlier fixed, to October 1, 2018, is causing ripples in the industry, some operators are threatening legal action against NAICOM.
This is just as the Nigeria Insurers Association (NIA)… Read more
After eight years of suspending the issuance of new operating licences to investors to start new life, non-life and composite insurance companies in Nigeria, the National Insurance Commission on Tuesday lifted the ban.
It however restricted the new licence issuance to investors interested in Tier 1 insurance… Read more
The Federal Government has asked MTN Nigeria to pay taxes of $2bn (N700bn), six days after the Central Bank of Nigeria ordered it to repatriate $8.13 billion ‘illegally taken out of the country’. The telecom company said in a brief statement that the Attorney General’s office gave “notice of an… Read more
The management of the Nigerian Ports Authority has supported the formation of the Nigeria Institution of Procurement Engineers – Lagos Chapter, insisting that its establishment will enhance the understanding and effective implementation of the Nigerian Public Procurement Act 2007.
While commending the initiators of the institution, the… Read more
Victims of the defunct Savannah Bank have been assured that their funds which have been hanging for years, will be duly returned. The Central Bank of Nigeria (CBN) gave this assurance at the 3rd biennial Bank Customers Summit.
Speaking at the summit, the CBN Governor, Godwin Emefiele, who was represented by T.Y Ahmed,… Read more