Business
Cement Manufacturers Urges To End Use of Coal – Fired Power in Productions
The Secretary General of the United Nations, António Guterres, has called on global cement and concrete manufacturers to end the use of coal-fired power in their productions if the industry is to meet its 2050 net zero carbon emission targets.
The cement sector is the third largest industrial source of pollution, emitting more than 500,000 tons per year of sulfur dioxide, nitrogen oxide, and carbon monoxide.
António Guterres, made the call during the Global Cement and Concrete Association (GCCA)’s international conference on ending carbon emissions by 2050; the two days event took place in Zurich
Guterres told the 200 cement and concrete industry leaders at the
conference that he wanted to see “concrete pledges from the concrete industry.”
Concrete is “fundamental to building a better world… and we have no time to lose, if we are to limit the global temperature rise to 1.5 degrees centigrade.
“Science tells us that requires cutting global greenhouse emissions by almost half by 2030.
That means taking a quantum leap in climate action – and slashing global emissions. Starting now,” he said.
The UN Secretary General set out three ambitions for the industry, including ending the use of coal-fired power in cement production, working more closely with governments, especially G20 countries, to speed up decarbonisation, and setting ambitious emission targets and transition plans, in line with UN guidelines.
Also, the Chief Executive of the GCCA, Thomas Guillot, noted that concrete is the second most-used material on earth after water and the backbone of modern infrastructure.
“It is used to build homes, schools, hospitals, roads, bridges, tunnels and helps to provide clean water and green energy.
” But with so much of it used around the world, it currently accounts for 7% of global CO2 emissions.
The world’s leading manufacturers – all members of the Global Cement and Concrete Association – have pledged to eliminate those emissions by 2050, in line with GCCA’s Roadmap for Net Zero Concrete – the first heavy industry to set out such a detailed plan,” he said.
Business
NAICOM Revokes Nigeria Reinsurance’s Licence, Freezes Operations Over Capital Shortfall
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement (MCR) and appointed Senior Advocate of Nigeria, Dr. Muiz Banire, SAN, as Receiver/Provisional Liquidator to wind up the company’s affairs.
The appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration by the insurance regulator.
In a public notice dated August 4, 2026, Banire said NAICOM appointed him, in exercise of its statutory powers, to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).
In the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant laws, regulations and guidelines.
Banire said his appointment authorises him to immediately trace, recover, secure and take possession of the company’s assets, collate and settle its liabilities in line with the NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the Commission.
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
Source: ThisDay
Business
NDIC begins paying depositors of 46 closed microfinance banks
NDIC Managing Director and Chief Executive Oludare Sunday confirmed the development at a retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos on Wednesday.
The Nigeria Deposit Insurance Corporation (NDIC) has started reimbursing depositors affected by the closure of 46 microfinance banks nationwide.
NDIC Managing Director and Chief Executive Oludare Sunday confirmed the development at a retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos on Wednesday.
” Payments are ongoing, and over 700,000 Heritage Bank customers have already received their insured funds through BVN-linked accounts.
“We have started paying depositors of those banks, and gradually we intend to cover all the insured depositors,” he said,” he said.
Following the revocation of the 46 MFB operating licences, the CBN subsequently appointed the NDIC as provisional liquidator of the failed financial institutions.
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