Busola Aro

5 days ago | thecable.ng | Busola Aro

In 2022, the National Insurance Commission (NAICOM) cancelled Niger Insurance Plc’s certificate of registration, with reports indicating that the company was struggling to pay policyholders’ claims, staff salaries, and carry out other obligations. NAICOM subsequently appointed a liquidator to manage the winding-down process and assured stakeholders of the “safety and protection of their interests”.

1 week ago | thecable.ng | Busola Aro

The Central Bank of Nigeria (CBN) says it will begin mystery shopping exercises across bureau de change (BDC) outlets to strengthen compliance with anti-money laundering and counter-terrorism financing regulations. The CBN spoke in a circular to all licensed BDC operators, signed by Amonia Opusunju, director of compliance department, on Thursday. Mystery Shopping is a technique used by companies to evaluate service quality, compliance with regulations, and gather information on specific products.

1 week ago | thecable.ng | Busola Aro

Kristalina Georgieva, managing director of the International Monetary Fund (IMF), says eroding trust between nations is fuelling rising global trade tensions, threatening economic growth. Speaking on Thursday ahead of the release of the IMF’s latest World Economic Outlook (WEO), Georgieva said the world is witnessing the fallout from years of growing skepticism towards the international economic system.

1 week ago | thecable.ng | Busola Aro

Akinwumi Adesina, president of the African Development Bank (AfDB), says the continent must end the export of its raw materials. Adesina spoke in a post on his official X page on Thursday. “Africa must end the exports of its raw materials. The export of raw materials is the door to poverty. The export of value-added products is the highway to wealth. And Africa is tired of being poor,” Adesina posted.

1 week ago | thecable.ng | Busola Aro

Adebayo Adelabu, minister of power, says the federal government is set to pay nearly N2 trillion out of the N4 trillion owed to power generation companies (GenCos) before the end of the year. Adelabu spoke during a ministerial press briefing in Abuja on Thursday, where he addressed concerns about rising energy costs, unpaid subsidies, and recent tariff adjustments. On April 14, GenCos said the debt owed by the federal government and stakeholders threatens their operations.