The Nigerian insurance industry is on the brink of major transformation as the Nigerian Insurance Industry Reform Act Bill, 2025, awaits presidential assent. Having cleared both chambers of the National Assembly, the bill introduces wide-ranging reforms that seek to overhaul the regulatory landscape, strengthen corporate governance, and enhance the overall integrity of the industry. As the sector stands poised for this significant shift, insurance brokers, in particular, are being urged to prepare for the forthcoming changes that will reshape how they operate and compete. One of the bill’s most notable features is the drastic revision of capital requirements for insurers…
Author: Temitope N.
The West African Insurance Companies Association (WAICA) has unveiled its lineup of distinguished speakers for the 2025 Education Conference, set to take place from October 12 to 15 at Eko Hotels and Suites in Lagos, Nigeria. The event is expected to bring together around 150 insurance professionals, regulators, and stakeholders from across West Africa and beyond, fostering dialogue and collaboration within the region’s insurance sector. Themed around innovation, education, and regional development, the conference aims to explore new frontiers in insurance education and knowledge-sharing across member countries. Delegates from Nigeria, Ghana, Gambia, Sierra Leone, Liberia, and other parts of West…
The 51st Conference and General Assembly of the African Insurance Organisation (AIO) kicked off in Addis Ababa, Ethiopia, with a bold focus on a pressing continental concern—Africa’s growing debt burden and its impact on the insurance industry. Under the theme “Balancing the Books: Africa’s Debt Problem – Why Does Country Debt Impact Insurers?”, the five-day event brings together over 1,800 delegates from across the continent and beyond. It is the largest turnout in the AIO’s history and a clear indicator of the importance of the discussions taking place. Central to the event is the concern that sovereign debt levels across…
The National Pension Commission (PenCom) has issued a directive mandating that all Licensed Pension Fund Operators (LPFOs) must conduct business only with vendors and service providers who possess a valid Pension Clearance Certificate (PCC). The move is part of PenCom’s ongoing efforts to ensure full compliance with the Contributory Pension Scheme (CPS) as outlined in the Pension Reform Act 2014. Under the new guideline, Pension Fund Administrators (PFAs), Pension Fund Custodians (PFCs), and other stakeholders operating within the pension sector are now obligated to verify that any third-party service provider they engage—whether for investment transactions, procurement, or service delivery—has obtained…
Nigeria is embarking on a major transformation of its telecommunications sector with a landmark investment of \$1 billion to overhaul network infrastructure. This ambitious initiative, announced by the Minister of Communications and Digital Economy, Dr. Bosun Tijani, represents one of the largest infrastructure upgrades in Nigeria’s telecom history and aims to significantly enhance the quality and reach of telecom services across the country. The \$1 billion investment will fund the acquisition and deployment of new network equipment, with deliveries scheduled to begin in July 2025. This upgrade is expected to improve service quality substantially by the third quarter of the…
In a significant stride towards promoting sustainable energy and youth empowerment, 500 polytechnic students from across Nigeria’s South-West region have begun a one-month Compressed Natural Gas (CNG) conversion training program. The initiative, launched on May 21, 2025, at the Yaba College of Technology (YABATECH) in Lagos, is a collaborative effort between the Lagos State Government, the Mojisola Olayinka Fatungase Edema (MOFE) Foundation, and the South-West Zone of the National Association of Polytechnic Students (NAPS). The program, themed “The Future of CNG in Nigeria: Empowering a Sustainable Tomorrow,” aims to equip students with practical knowledge and skills on CNG technology, focusing…
Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, has been named the new Chairman of the Council of Ministers of the Banjul Accord Group (BAG), a significant regional body focused on civil aviation in West Africa. The appointment was announced on May 22, 2025, during the group’s fourth ministerial meeting held in Abuja. Keyamo takes over the leadership from Sierra Leone’s Minister of Transport and Aviation, Alhaji Fandey Turay. The Banjul Accord Group is an alliance of seven West African nations: Nigeria, Cabo Verde, The Gambia, Ghana, Guinea, Liberia, and Sierra Leone. Since its establishment in 2004, BAG has…
Enugu State has launched a bold initiative aimed at transforming its economy from $4.4 billion to an ambitious $30 billion target. This step came with the inauguration of the Enugu State Ease-of-Doing-Business Council, a 25-member body tasked with creating a more investor-friendly environment and accelerating economic growth across the state. Governor Peter Mbah, who led the inauguration on May 22, 2025, at the Government House in Enugu, emphasized the council’s critical role in fostering private sector investment. He underlined the administration’s commitment to repositioning Enugu as a prime destination for business, tourism, and living. According to him, investors naturally gravitate…
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has brought to public attention the continuing issue of unpaid bridging claims by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The association has asked the Department of State Services (DSS) to step in and help resolve this financial dispute that is severely impacting petroleum marketers across the country. Bridging claims refer to reimbursements owed to petroleum marketers for the transportation costs they incur in distributing fuel across Nigeria. These claims are critical to ensuring the smooth and uniform delivery of petroleum products nationwide. However, the NMDPRA, the regulatory body overseeing…
President Bola Ahmed Tinubu officially inaugurated the new board and executive management team of the Nigerian National Petroleum Company Limited (NNPCL) on May 22, 2025, at the State House in Abuja. This marks a pivotal moment for Nigeria’s state-owned oil company as it embarks on a fresh phase under new leadership aimed at boosting efficiency, attracting investment, and supporting the nation’s broader economic objectives. The new NNPCL board comprises 11 members representing Nigeria’s six geopolitical zones, a move that ensures regional diversity in decision-making. Among the key appointments is Bayo Ojulari, named Group Chief Executive Officer (GCEO). Ojulari brings extensive…
Femi Otedola, Chairman of First Bank Holding Company (FirstHoldCo), has attributed the group’s return to profitability to the bold economic reforms initiated by President Bola Ahmed Tinubu and the monetary policies of Central Bank Governor Yemi Cardoso. Speaking at the 13th Annual General Meeting of FirstHoldCo in Lagos, Otedola praised the renewed investor confidence these reforms have inspired and revealed that his investment in the group is set to exceed ₦320 billion. Otedola began building his stake in FirstHoldCo in 2021 following his exit from Forte Oil, and his entry was seen by many as a strategic bid to stabilize…
Nigeria is taking bold steps to transform its mining and automotive sectors in a bid to drive a full-scale industrial revolution. As Africa’s most populous country and largest economy, Nigeria is aiming to diversify away from its long-standing dependence on oil by leveraging its rich mineral deposits and building a self-sustaining automotive industry. Government officials and industry stakeholders believe that strategic investments and policy reforms in these sectors can lay the foundation for long-term industrial growth, create jobs, and enhance economic resilience. The mining sector sits at the heart of this new agenda. Despite being endowed with over 40 commercially…
Germany’s development agency, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), is accelerating Nigeria’s shift toward a cleaner energy future through a wide range of strategic programs and investments. At the heart of this effort is the Nigerian Energy Support Programme (NESP), a collaborative initiative co-funded by the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Union. This comprehensive intervention seeks to unlock Nigeria’s renewable energy potential and build a more sustainable, efficient, and inclusive energy system for the country’s growing population. Nigeria, Africa’s largest economy and most populous country, faces significant energy challenges. According to recent estimates,…
Guinness Nigeria marked its 75th anniversary by hosting a three-day, two-city Premier League Trophy Tour, bringing the iconic English Premier League (EPL) trophy to fans in Enugu and Lagos. The event celebrated the brand’s longstanding relationship with Nigerian football and its commitment to community engagement. Enugu: The Spiritual Home of Nigerian Football The tour commenced in Enugu, chosen for its rich football heritage and as the home of Rangers International FC. Governor Peter Mbah welcomed the trophy, highlighting the state’s commitment to sports development, including plans to host the 2026 National Sports Festival. The event featured interactive fan experiences, live…
Unilever Nigeria Plc has announced a profit after tax of ₦5.6 billion for the first quarter ended March 31, 2025, marking a 65% increase from ₦3.4 billion in the same period of 2024. Key Financial Highlights: Revenue: ₦46.9 billion, up 45% from ₦32.3 billion in Q1 2024. Gross Profit: ₦18.8 billion, a 40% increase from ₦13.5 billion. Operating Profit: ₦8.2 billion, up from ₦3.8 billion in the previous year. Profit Before Tax: ₦10.75 billion, a 147% rise from ₦4.36 billion. Earnings Per Share: ₦0.97, compared to ₦0.58 in Q1 2024. The company’s Managing Director, Tobi Adeniyi, attributed the strong performance…
Neimeth International Pharmaceuticals Plc has reported a 49% increase in profit after tax for the first quarter of 2025, reaching ₦115.76 million compared to ₦77.65 million in Q1 2024. This growth reflects the company’s ongoing strategic initiatives and operational improvements. Key Financial Highlights: Turnover: Increased by 86% to ₦1.21 billion from ₦648.26 million. Gross Profit: Rose by 27% to ₦639.72 million from ₦505.11 million. Operating Profit: More than doubled, rising by 114% to ₦449.87 million from ₦210.14 million. Earnings Per Share: Improved to 3.0 kobo from 2.0 kobo. The company’s total assets grew to ₦12.41 billion by March 31,…
The Nigerian Ports Authority (NPA) has intensified its efforts to enhance trade facilitation by aligning with the Federal Government’s economic growth agenda. Under the leadership of Managing Director Dr. Abubakar Dantsoho, the NPA is implementing several initiatives aimed at modernizing port operations, reducing costs, and improving efficiency. Key Initiatives and Achievements: National Single Window (NSW) Implementation: The NPA is actively supporting the Federal Government’s plan to implement the NSW system, which is expected to reduce the cost of doing business at Nigerian ports by at least 25%. The NSW will streamline trade processes by integrating all stakeholders into a unified…
Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, has called for the swift implementation of the Single African Air Transport Market (SAATM) to bolster regional integration and lower air travel costs across the continent. Speaking at the 18th Plenary Session of the Banjul Accord Group (BAG) in Abuja, Keyamo emphasized that despite strong political will and numerous declarations, progress on SAATM has been slow, with fragmentation remaining a barrier to regional integration. He urged member states to move beyond verbal commitments and take coordinated, deliberate steps to bring the initiative to life. The SAATM, launched in 2018, is a…
On May 20, 2025, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, officially launched a redesigned website for the Securities and Exchange Commission (SEC) during the Capital Market Committee (CMC) meeting in Lagos. Represented by the Minister of State for Finance, Dr. Doris Uzoka-Anite, Edun emphasized that the new digital platform aims to enhance transparency, bolster investor confidence, and improve efficiency in Nigeria’s financial markets. The revamped SEC website features an improved user experience, enhanced security measures, and updated tools to assist investors, market operators, and issuers in accessing regulatory information and market data. This initiative…
A Nigerian firm has recently unveiled a comprehensive strategy aimed at revitalizing the product industry. This initiative focuses on fostering innovation, enhancing local production capabilities, and strengthening the overall product development ecosystem within the country. The strategy encompasses several key components: Collaboration with Government Agencies: Partnering with entities like the Lagos State Employment Trust Fund (LSETF) to support tech innovators and entrepreneurs in transitioning from theoretical knowledge to practical applications. Investment in Local Talent: Establishing academies and training programs to equip individuals with the necessary skills for product development, thereby boosting employment and economic growth. Promotion of Made-in-Nigeria Products: Encouraging…