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Osun Records Increased Revenue

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  • Osun Records Increased Revenue

Osun State Government has announced a 6.26 per cent increase in its combined revenue for 2017 and 2018. This, it said, was made up of both Internally Generated Revenue and allocation from the Federal Government.

The government said its revenue rose from N93,085,090,457.98 in 2017 to N99,307,720,655.30 in 2018, representing an increase of 6.26 per cent.

Making the disclosure at the annual Audit Forum, organised by the office of the Auditor- General, in collaboration with the State and Local Governance Reforms projects at Osogbo, the state capital, the Auditor General, Alhaji Folorunso Adesina, explained that the forum was meant for the presentation of audited accounts of the state government.

He added that after the presentation, participants at the forum would also discuss their observations with a view to ensuring probity and accountability in the management of public funds.

Adesina said, “The objective of this forum is to demonstrate the State Government’s commitment towards improving transparency, accountability and probity in the management of public funds in line with the requirements of global best practices.”

Presenting the audited accounts before members of the organised professional bodies, labour unions, civil society organisations, and artisans, among others, Adesina said in the years under review, the combined state’s revenue grew from N93,085,090,457.98 in 2017 to N99,307,720,655.30 in 2018.

During the period, Adesina said revenue from the Federal Allocation and Value Added Tax also rose from N36,035,591,845.68 in 2017 to N50,122,335,788.23 in 2018.

According to him, the state was able to increase its earnings by strengthening its revenue through raising the Internally Generated Revenue by 24.54 per cent, from N11,828,767,087.03 in 2017 to N15,676,049,397.68 in 2018.

“The total expenditures ( both recurrent and capital) was N89,249,123,365.13 in 2017 and N105,662,115,288.46 in 2018, thus leaving a net balance of N3,835,967,092.85 and (N6,354,394,633.16) for 2017 and 2018 respectively.

“The opening cash balance, including call account, stands at N13,725,529,812.61 and N17,561,496,905.46 for the year 2017 and 2018 respectively, while closing balance amounted to N17,561,496,905.46 in 2017 and N11,207,102,272.30 in 2018 after charging the net balance for the respective years to the corresponding opening balances,” Adesina said.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

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Access bank

Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

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Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

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The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

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