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Kari replaces Fola Daniel as Commissioner for Insurance

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President Muhammadu Buhari has appointed Alhaji Mohammed Kari as the Commissioner for Insurance and Chief Executive of the National Insurance Commission.

Alhaji Mohammed Kari’s appointment which is for a term of four years in the first instance, takes effect from Friday, July 31, 2015.

The new Commissioner for Insurance started his career with Royal Exchange Assurance in  1979.  He later worked with Yankari Insurance Company until 1989, when he was appointed  Executive Director in Niger Insurance Plc.

In January 1992, he was appointed Managing Director/Chief Executive Officer of Nigeria Reinsurance Corporation, a position he held until March 1993 when he was appointed Managing Director of NICON Insurance Corporation. He served in that capacity until January 2000 when he resigned.

He returned to insurance management in 2007 as the Managing Director/Chief Executive of Unity Kapital Assurance Plc, were he served for four years.
A Chartered Insurer and Professional IT Consultant, Alhaji Mohammed Kari was until his new appointment, the Deputy Commissioner (Technical) in the National Insurance Commission.

President Buhari has also renewed the appointment of Mr. Joshua Okpo as the Rector of the Maritime Academy, Oron for a second and final term of four years.

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BUSINESS

Stock futures fall ahead of a big week of retail earnings

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Stock futures fell early on Monday after a week of steep losses that ended on a high note, and ahead of a big earnings week for retailers.

Futures tied to the Dow Jones Industrial Average slipped by 31 points, or 0.1%, while S&P 500 futures fell 0.47%. Nasdaq 100 futures were down 0.71%.

On Friday, the Dow rose 466.36 points, or 1.47%, while the S&P 500 climbed 2.39%. The Nasdaq Composite jumped 3.82% and posted its strongest one-day gain since November 2020. Still, all three averages posted losing weeks.

The gains came as investors went into relief rally mode to cap off a bad week for stocks in which the S&P 500 nearly descended into bear market territory.

It remains to be seen, however, how long the rally will last or how much further stocks have to fall before this year’s downtrend bottoms.

“Given the history of bear markets, coupled with the fact that the Fed has just begun its rate hike cycle and would like to see financial conditions continue to tighten so that demand pulls back further, this rally will most likely weaken,” said Quincy Krosby, chief equity strategist for LPL Financial.

Still, some investors and analysts say, whether or not the bottom is in, there are good buying opportunities at the market’s current lows.

“I’m not calling the bottom here, but there’s some opportunity here to dollar cost average,” said Sylvia Jablonski, CEO and chief investment officer at Defiance ETFs, told CNBC. “If you’re sitting on a bunch of cash, you’re locking in losses because of inflation. Investing in equities or asset classes that you believe in… it is the lesser evil. The selling fatigue will wane, the market will reset. It’s unlikely the Dow and the S&P are going to be in correction territory six months to a year from now.”

Retail earnings season kicks off this week with several big-box retailers set to report results for the first quarter, including Walmart, Target and Home Depot. Elsewhere, Deere is also on deck, along with a handful of technology companies.

Investors will also have their eye on retail sales data this week, which could give them insight into how retailers are managing inflation, which remains near 40-year highs.

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Nigeria issues new guidelines on cryptocurrencies 

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The Nigerian government has released new guidelines aimed at protecting investors in digital assets as trades in cryptocurrencies get boost in Africa’s most populous nation.

The rules issued by the Securities and Exchange Commission (SEC) offers more clarity on trading in cryptocurrencies, it was learnt.

The rules cover “issuance, offering platforms and custody of digital assets” for virtual technologies, according to a statement on its website.

This is coming amidst controversy over the acceptability of cryptocurrencies in Nigerian financial ecosystem.

Despite order by the Central Bank of Nigeria (CBN) to commercial banks to stop transactions in cryptocurrencies, Nigeria is said to account for the largest volume of cryptocurrency transactions outside the U.S., as data from Paxful, a Bitcoin marketplace reveals.

Experts however believe this would go a long way in boosting trading in cryptocurrencies which is gaining global traction.

The new rules cover the issuance of digital assets as securities, the registration of platforms and digital asset custodians, exchanges and virtual assets service providers.

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Apple is no longer the world’s most valuable company

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Oil giant Saudi Aramco on Wednesday surpassed Apple as the world’s most valuable firm.

Aramco’s market valuation was just under $2.43 trillion on Wednesday, according to FactSet, which converted its market cap to dollars. Apple, which fell more than 5% during trading in the U.S. on Wednesday, is now worth $2.37 trillion.

Energy stocks and prices have been rising as investors sell off equities in several industries, including technology, on fears of a deteriorating economic environment. Apple has fallen nearly 20% since its $182.94 peak on Jan. 4.

The move is mostly symbolic, but it shows how markets are shifting as the global economy grapples with rising interest rates, inflation, and supply chain problems.

Aramco stock is up over 27% so far in 2022. In March, the oil giant reported that its full-year profit last year more than doubled due to soaring oil prices.

Apple passed Saudi Aramco to become the world’s most valuable publicly traded company in 2020.

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