Business News Round Up From August 29- Setember 2, 2022

Welcome to the AllNews roundup of the 5 Latest Business News that made the round last week.

Fidelity Bank Plc Acquires 100 Per Cent Equity Stake In Union Bank UK Plc

Fidelity Bank Plc has entered into a binding agreement for the acquisition of a 100 per cent equity stake in Union Bank UK Plc, for which the central bank has issued a letter of no objection.

In a disclosure signed by Ezinwa Unuigboje, the Company Secretary on the proposed acquisition of a 100 per cent equity stake in Union Bank UK Plc by Fidelity Bank Plc, the transaction is subject to the approval of the Prudential Regulatory Authority of the United Kingdom. Read more here

AXA Mansard Reports 21% Increase In Gross Written Premium

AXA Mansard Insurance Plc has revealed that its gross written premium rose to N44.97 billion in June 2022, from N37.18 billion in June 2021, which indicates 21% increase.

According to a statement the net premium income rose by 31 per cent to N22.75 billion, from N17.42 billion in June 2021, while investment and other income rose by 94 per cent to N2.42 billion, from N1.24 billion in June 2021. Read more here.

Farmers Say Hike In Production Costs Caused By Increase In Tariff

Farmers have said the hike in production costs can be attributed to duties payable on imported agricultural products as it has risen by up to 70 per cent in the last two years.

Femi Oke, the Lagos chapter Chairman of the All Farmers Association of Nigeria, while speaking in an interview with Punch, said that the levies payable on the importation of agricultural inputs were hurting the sector. Read more here.

GAIM Season 5 Promo: Fidelity Bank Gifts N27 Million To Winners

On Tuesday, Fidelity Bank Plc gifted 13 customers with N27 million in the final draw of its Get Alert In Millions (GAIM) Season 5 savings promo.

According to the News Agency of Nigeria (NAN), the cash prizes were in the categories of N10 million grand prize, N5 million, N2 million and N1 million, respectively. Read more here.

Insurance Committee Says New Bancassurance Guidelines Will Restructure Insurance Industry

The Insurers Committee has said that the insurance industry would be repositioned for better performance once the new guidelines on Bancassurance are released by the National Insurance Commission (NAICOM). 

The Deputy Chairman, Publicity Sub-committee of the committee, Segun Omosehin made this assertion at the end of the September meeting of the Insurer's committee in Lagos. Read more here.

These are the latest Business news that made trends during the week. Visit our website https://allnews.ng for more Business news around the world