Business

African Alliance Insurance Pays N780m to Annuitants

Published

2 years ago

December 3, 2024

OCHEFA

403 Views

The interim management/board of African Alliance Insurance has paid about N780 million to annuitants.

The new management appeals to policyholders and other stakeholders are encouraged to remain confident in the brand as the new management and board is working tirelessly to restore the African Alliance to its rightful place of prominence and reliability in the Nigerian insurance ecosystem.

This was disclosed in a statement on Tuesday.

In October, the National Insurance Commission sacked the board and management of African Alliance Insurance Company.

The Commissioner for Insurance, Olusegun Omosehin, said that the action was taken to protect the confidence of the customers.

The new management said that the annuitants with genuine claims are being paid. Speaking on this development, the Managing Director/Chief Executive of African Alliance, Jacob Erhabor, affirmed the company’s dedication to fulfilling its contractual obligations. “We are taking deliberate steps to ensure that all genuine claims are paid promptly in the new dispensation”

This marks the beginning of a new era for the African Alliance. We understand the importance of trust in the insurance industry and we are fully committed to rebuilding confidence among our stakeholders. ”African Alliance will be great again,” Erhabor said.

The interim management/board said this initiative is part of a broader strategic plan to stabilise the company, strengthen its financial position, and enhance operational efficiency.

He added that the management was implementing robust measures to verify and authenticate reported claims to ensure that only genuine claims are settled by the company.

Business

NPA initiate trucks movement code to ease traffic at Lagos ports

The initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.

Published

3 days ago

July 30, 2026

OCHEFA

57 Views

The Nigerian Ports Authority (NPA) has introduced a movement code to streamline the movement of empty containers into seaport terminals and reduce traffic congestion caused by container trucks along the Apapa and Tin Can Island port corridors.

The Guardian reported that under the new policy, the movement code will serve as a unique identifier generated by a holding bay for every empty container uploaded to the Electronic Call-Up (ETO) platform.

The code must correspond with the details captured on the ETO system before trucks are granted access to port terminals.

In a notice issued to stakeholders, the NPA said the movement code has become a mandatory requirement for completing the truck-container matching process.

Truck drivers are required to obtain the code from designated holding bays before proceeding to the ports.

According to the authority, the initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.

Business

Okonjo-Iweala lauds Cardoso for stabilising Nigeria’s monetary environment

Okonjo-Iweala, gave the commendation on Thursday at the 7th Africa Emerging Markets Forum held in Abuja, with the theme: “Building Resilience Amidst Geo-economic Uncertainties.”

Published

3 days ago

July 30, 2026

OCHEFA

70 Views

The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has commended the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, for stabilising Nigeria’s monetary environment.

Okonjo-Iweala, gave the commendation on Thursday at the 7th Africa Emerging Markets Forum held in Abuja, with the theme: “Building Resilience Amidst Geo-economic Uncertainties.”

Speaking at the forum, Okonjo-Iweala commended Cardoso on the work that he and his team have done on currency and monetary policy stabilisation.

However, she emphasised that Nigeria must sustain broader macroeconomic reforms.

“Nigerians have to feel the dividends of reform in the real economy,” she added.

The forum brought together policymakers, business leaders and development partners to discuss strategies for strengthening Africa’s resilience amid growing global economic uncertainty.

Business

Naira Exchange Rates Thursday, July 30 : Black Market, CBN, Commercial Bank

Sterling Bank publishes both a buy rate and a sell rate for USD, GBP, EUR, and ZAR. The buy rate is what Sterling Bank will pay you when you exchange foreign currency for Naira. The sell rate is what you will pay when buying foreign currency from Sterling Bank at its branches.