All Posts in "Day: November 10, 2020"

By admin

The Corporate Affairs Commission (CAC) has disclosed its readiness to implement a new technology that will change the face of company registration in Nigeria, in accordance with global best practice. With the new technology, customers can print their certificates with verifiable QR Code from anywhere in the world amongst others.

When fully deployed, the new technology amongst others will enable the Commission dispense certificates with the mandatory requirement that 2 Directors must sign every document and be substituted with the opportunity for companies to appoint a single Authentication Officer mandated to sign transactions on behalf of the company.

This disclosure was made by the Registrar General of CAC, Alhaji Garba Abubakar, at a dinner held in his honor by the Alumni Law Class of 1988, Ahmadu Bello University.

Abubakar revealed that the new technology will be deployed as soon as the gazetting is achieved, to enable interested Nigerians register the much-awaited one-man company, limited liability partnerships, limited partnership, and many other initiatives captured in the law.

He stated that upon migration from what he called the ‘semi-automated system’ to a fully automated one, some form of validation of records for companies will be introduced free of charge in a bid to fill some gaps in the existing database.

While thanking the organizers for honoring him, Abubakar restated his resolve to ensure selfless service to the country in order to justify the confidence reposed in him by President Muhammadu Buhari.I

In his remark, the Chairman of the organizing committee, A.K. Ajibade SAN, extolled the good virtues of Garba Abubakar and thanked the Almighty God for reuniting them 32 years after to celebrate one of their own, irrespective of their tribe or religious affiliation.

Meanwhile, on his own, the BOT Chairman, A.U. Mustapha SAN, and President of the class, Dr. Ibrahim Abdul, both noted with delight that President Muhammadu Buhari selected the right man to be the Registrar General of the Corporate Affairs Commission and prayed for his success

Patoma Admin by — November 10, 2020 in Industry, Trade & Investment 0

A consortium composed of the Canadian Intact Financial Corporation and the Danish insurer Tryg is interested in acquiring Royal & Sun Alliance (RSA for £ 7.1 billion ($9.3 billion).

RSA Insurance Group plc is a British multinational general insurance company headquartered in London, England. RSA has major operations in the United Kingdom, Ireland, Scandinavia & Canada. It provides insurance products and services in more than 140 countries through a network of local partners

If the transaction is approved, Intact will retain RSA’s Canadian and UK operations while Tryg will take over RSA’s operations in Sweden and Norway. The British insurer’s business in Denmark will be managed by both companies

It later fleshed out the details to reveal the pair are ready to pay £7.1bn, with Intact paying £3bn and Tryg paying the balance.

Following a takeover, RSA would be broken up, with Toronto-based Intact keeping RSA’s Canada and UK and International operations – which include the More Than brand – while Tryg would own RSA’s Sweden and Norway operations. Intact and Tryg would co-own RSA’s business in Denmark.

Investors have reacted ecstatically. Shares of RSA, which had fallen by 19% since the beginning of the year, shot up by 46% after news of the approach leaked into the market.

Shares of RSA are valued at 685p each under the proposal while investors would also receive the already-announced half year dividend of 8p a share. The last time shares of RSA were changing hands at that sort of level was back in December 2008.

Patoma Admin by — November 10, 2020 in Insurance 0

Covid-19 costs for France is estimated  at €86 billion ($100.57 billion) in 2020.

It is the short-time work scheme that costs the most with €34 billion  ($39.76 billion).

In second place comes the solidarity fund with €19.4 billion  ($22.68 billion). It is intended to provide assistance to small businesses and self-employed workers.

Exceptional health expenditures are estimated at nearly €12 billion ($14.03 billion).

The exemptions from social security contributions enjoyed by companies impacted by Covid-19 amount to €8.2 billion ($9.59 billion). Ultimately, social benefits represent €2 billion ($2.34 billion).

Other costs include credits and exceptional aid for the motor and aeronautics industry as well as for self-employed workers and SMEs.

Patoma Admin by — November 10, 2020 in News 0