Fact emerged recently that managing directors of some insurance firms have devised means of defrauding their institutions to the tune of millions of naira.

There are indications that the Central Bank of Nigeria (CBN) has extended deadline for deposit money banks to divest from non-banking operations from May 14, 2012 initially put as the deadline.Investigations showed that the apex bank has  extended the deadline by one year for some of the affected banks which have insurance subsidiaries.

Following the kick-off of cashless banking in Lagos, the Central Bank of Nigeria(CBN), has exempted microfinance banks natiowide from the policy, BusinessWorld Intelligence can now reveal.

The National Insurance Commission (Naicom) said insurance companies may be restricted to float foreign subsidiaries until they have successfully established a reasonable presence in Nigeria, their primary market.

Banks in different parts of Ogun State have closed shops for business till the new year, for fear of being attacked by armed robbers, BusinessWorld Intelligence can now reveal.

The National Insurance Commission(Naicom) will soon take enforcement of compulsory insurances to Kwara State, BusinessWorld can now reveal.

The Central Bank of Nigeria (CBN) may soon finalise its verification exercise on the 121 microfinance banks that were issued provisional licence last year.

Microfinance banks in the country will not find cashing third-party cheques, as a good number of banks are now rejecting them, BusinessWorld Intelligence can now reveal.