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NAICOM, Insurance Industry Mourn Buhari

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It is with profound sadness that we received the news of the passing of His Excellency, Muhammadu Buhari, GCFR, former President of the Federal Republic of Nigeria. On behalf of the National Insurance Commission (NAICOM) and the entire insurance industry, I extend our deepest condolences to the family, friends, and the good people of Nigeria.

During his tenure, former President Buhari GCFR demonstrated unwavering commitment to the growth and development of the insurance industry, and his leadership had a lasting impact on the nation’s economic landscape.

May his legacy continue to inspire us as we strive to build a more resilient and prosperous Nigeria. May his soul rest in peace. Amen. 

Mr. Olusegun Ayo Omosehin

Commissioner for Insurance/CEO

Polaris Bank Partners Woodhall Capital, UK, Lagos State in ₦1.5bn Creative Economy Fund

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L-R- Abimbola Ozomah, Executive Director, Polaris Bank; Mojisola Hunponu-Wusu, Founder/CEO, Woodhall Capital; Sola Carrena, MD/CEO, Helios Investment; Onyinyechi Aderigbigbe, Head, Brands & Marketing, Woodhall Capital; Jonny Baxter, British Deputy High Commissioner at the signing ceremony of the N1.5bn Creative Sector Fund & Launch of the Creative Currency Podcast at the weekend in Lagos.

Woodhall Capital in partnership with Polaris Bank, Lagos and UK governments have announced the launch of a ₦1.5 billion Creative Sector Fund aimed at expanding access to structured financing for creative entrepreneurs meant to scale their output across fashion, film, music, and digital content.

The fund was unveiled during the launch of the Creative Currency Podcast, an initiative designed to foster collaboration between creatives, financiers, policymakers, and global stakeholders.

The platform will serve as both a podcast and policy engagement forum, tackling long-standing challenges such as limited access to finance, weak Intellectual Property (IP) enforcement, and the absence of scalable business infrastructure within the creative ecosystem.

In May 2022, Polaris Bank partnered with the Lagos State Employment Trust Fund (LSETF) to establish a ₦1 billion funding initiative targeted at artisans in Lagos State.

The objective of the partnership was to deliver critical financial support to empower skilled artisans and entrepreneurs within the MSME sector who had maintained active business operations for at least one year ultimately fostering wealth creation and economic inclusion across the state.

At the launch event held on Thursday evening at the Ikoyi residence of the British Deputy High Commissioner, Polaris Bank’s Executive Director, Abimbola Ozomah, who sat on a panel at the launch, emphasized that the fund is a long-overdue response to the structural exclusion of creatives from formal financing systems.

She described the initiative as a deliberate attempt to recognise creative endeavours, intellectual property as a bankable asset and to build a framework where creatives are treated as serious entrepreneurs capable of generating significant economic value.

“This fund represents more than capital, it reflects our belief in Nigerian creativity as a global force,” said Polaris Bank’s Executive Director, Abimbola Ozomah. “We’re not just exporting talent. We’re exporting ownership, structure, and long-term value.”

Founder and CEO of Woodhall Capital, Mojisola Hunponu-Wusu, reiterated the urgent need to redefine how the financial system engages with the creative sector. She committed to providing bespoke financial products, advisory services, and investor-matching support tailored specifically for the needs of creative MSMEs.

The UK Government, through the British Deputy High Commissioner, Mr. Jonny Baxter, highlighted its longstanding commitment to Nigeria’s creative economy. The UK-Nigeria Creative Industries Partnership signed in 2024 was cited as a milestone in unlocking trade, investment, and collaborative opportunities between both countries. The Deputy High Commissioner praised the initiative as a blueprint for global creative cooperation.

The Lagos State Government, a key driver of the initiative, reaffirmed its ambition to cement Lagos as Africa’s creative capital.

According to the Governor’s representative, Representing the Governor, Mrs. Folashade Ambrose-Medebem, Honourable Commissioner for Commerce, Cooperatives, Trade and Investment, highlighted the state’s efforts in supporting the sector through progressive policy reforms, infrastructure development, and the provision of zero-interest loans of up to ₦10 million via the Lagos Creative Fund. These measures are designed to empower creatives to scale operations, access markets, and formalize their business practices.

The newly launched Creative Currency Podcast is positioned to be more than a media channel. It is a knowledge-sharing ecosystem that brings together local talents, international investors, legal experts, and cultural stakeholders to explore opportunities, identify risks, and share solutions that will elevate Nigeria’s creative industries to global standards.

Throughout the panel sessions, panelists emphasised the need for deeper structure, transparency, and professionalism in the sector. Creators were encouraged to develop clear business plans, maintain accurate financial records, formalise their operations, and assert their rights to royalties and IP protection.

As conversations deepened, financial institutions acknowledged the need for a mindset shift. Traditional risk models, they agreed, must be reimagined to reflect the unique nature of creative enterprises many of which are driven by intangible assets, flexible revenue models, and export potential.

The event concluded with a call to action: invest in the systems, not just the stories. Stakeholders were unanimous in their belief that a more structured, collaborative, and well-capitalised creative economy will deliver jobs, exports, and global relevance for Nigeria.

Polaris Bank has built a strong footprint in financing MSME by committing billions of naira in loans to support MSME operations in Nigeria, with huge lending portfolio dedicated to empower micro, small, and medium businesses meant to grow businesses, create jobs, and build wealth.

Heirs Insurance Group Reports N61bn GWP in 2024, an Increase of 70%

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Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has announced its audited financial results for the year ended December 31, 2024, showing strong year-on-year growth across all business lines and metrics.

The insurance Group reported a combined Gross Written Premium (GWP) of ₦61 billion in 2024, for its life and general insurance companies, reflecting a 70% increase from the ₦35.8 billion recorded in 2023.

Its achievements:

  • Combined Gross Written Premium of ₦61 billion, representing 70% YoY growth, from ₦8 billion in the previous year.
  • Combined earned Insurance Revenue rose from ₦5 billion in the previous year to ₦31.4 billion in 2024, indicating a 53% increase.
  • Combined Profit Before Tax (PBT) rose from N4.8 billion in 2023 to ₦2 billion, more than double the previous year’s figure, and representing a 133% year-on-year growth.
  • The Group also sustained customer trust by paying a staggering combined ₦4 billion in claims during the year, compared to ₦4.18 billion in 2023, marking a 149% growth.
  • In addition, the Group’s combined total assets grew by 66%, rising from ₦8 billion in 2023 to ₦92.9 billion in 2024.

Breaking down the results, Heirs Life Assurance (HLA), its specialist life insurance company, achieved staggering results:

  • The company reported an 85% increase in Gross Written Premium from ₦87 billion in 2023 to ₦44.22 billion in 2024.
  • Insurance Revenue stood at ₦1 billion, a staggering 109% growth from ₦7.3 billion in 2023.
  • Profit Before Tax grew to ₦5 billion, up from ₦1.88 billion, indicating a remarkable 193% increase.
  • Claims paid by Heirs Life also rose significantly to ₦67 billion, a 120% increase from ₦2.5 billion paid to customers in 2023.
  • Investment income rose from ₦8 billion in 2023 to ₦4.6 billion, marking a 65% increase.
  • HLA closed the year with total assets of ₦2 billion, a staggering 75% jump from ₦37.8 billion in the previous year.

Heirs General Insurance (HGI), its general insurance company, also marked significant growth and maintained a strong growth trajectory:

  • Gross Written Premium marked a 42% rise from ₦9 billion in 2023 to ₦16.9 billion in 2024.
  • Insurance Revenue stood at ₦3 billion, a 19% increase from ₦12 billion recorded in 2023.
  • Profit Before Tax grew by 104%, rising from ₦4 billion in 2023 to ₦4.9 billion in 2024.
  • The company also demonstrated strong claims responsiveness, with claims paid amounting to ₦7 billion, up 25% from ₦3.7 billion the previous year.
  • Investment income jumped by 27% from ₦5 billion in 2023 to ₦5.7 billion in 2024.
  • Total assets marked a 48% increase from ₦1 billion in the prior year to stand at ₦26.7 billion in 2024.

In addition, Heirs Insurance Brokers (HIB), its insurance broking and risk management consulting firm, marked significant growth:

  • Revenue grew by 54% from ₦28 billion in FY2023 to ₦1.97 billion in 2024, driven by increased client acquisition and retention.
  • Profit Before Tax (PBT) marked a 53% rise from ₦59 million in the prior year to ₦805.91 million in 2024, highlighting strong cost discipline and operational efficiency.

These results were confirmed in the Group’s 2024 financial statements, audited by PricewaterhouseCoopers (PwC) and approved by the National Insurance Commission (NAICOM).

Heirs Insurance Group has maintained a consistent year-on-year growth streak, reflecting strong leadership and corporate governance, and a focus on driving digital innovation to make insurance simple and accessible.

Its digital-first channels, including USSD code *1100#, SimpleLife mobile app, Prince – its AI-powered chatbot, and Nigeria’s first digital insurance experience centre, ensure ease and convenience.

Beyond technology, the Group drives advocacy across all customer clusters, aligning with its purpose to improve lives and transform Nigeria.

Its Essay Championship drives insurance literacy among young students and the school ecosystem, and its travel festival advocates for more inclusive policies to enable cross-border travel, among many other initiatives.

Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents.

With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group serves both corporate and individual customers across Nigeria.

Stanbic IBTC Holdings Meets CBN’s N200bn Recapitalisation Policy

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In a landmark achievement that highlights the steadfast confidence of its stakeholders, Stanbic IBTC Holdings has successfully met the Central Bank of Nigeria’s ambitious N200 billion recapitalisation requirements.

This remarkable feat follows a highly successful Rights Issue, which raised an impressive N148.7 billion, garnering overwhelming support from existing shareholders.”

The standout aspect of this Rights Issue was its astonishing oversubscription rate of 21.9%, translating into an additional N181.4 billion in capital. This robust participation not only reflects shareholders’ trust in Stanbic IBTC’s strategic vision but also highlights the institution’s operational excellence and resilience in a dynamic financial landscape.

Commenting on the just concluded rights issue programme, the Acting Chief Executive of Stanbic IBTC Holdings Plc, Dr. Kunle Adedeji stated that after the completion of the verification exercise by the Central Bank of Nigeria and final clearance by the Securities and Exchange Commission, Stanbic IBTC Holdings Plc is announcing the successful close of the N148.7 billion Rights Issue subscription exercise. The turnout and participation of existing shareholders taking up their rights was impressive such that the rights issue was oversubscribed by 21.9% to the tune of N181.4 billion. Our shareholders’ interest shows the confidence they continue to have in the brand.

In March 2024, the Central Bank of Nigeria (CBN) mandated that commercial banks with international authorisation raise their capital base to N500 billion, while national banks are required to reach N200 billion. Additionally, banks with regional authorisation must achieve a minimum capital threshold of N50 billion.

The injection of N140 billion into Stanbic IBTC Bank from the parent company further enhances the bank’s capacity to meet the growing demands of its customers and increasingly competitive market dynamics.

Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, remarked that ‘the injection of the new capital into the banking subsidiary is a positive development. This will enable the Bank to seize additional opportunities within the industry and enhance our Single Obligor Limit (SOL). We deeply appreciate the dedication and hard work of our regulators, issuing houses, and all other stakeholders. We extend our sincere gratitude for your continued support.”

Successful recapitalisation is not just about numbers; it is about resilience, commitment, and a shared vision for the future. Stanbic IBTC Holdings remains committed to promoting economic growth and generating value for its stakeholders, laying the groundwork for a prosperous financial future for all.

 

 

 

SanlamAllianz Partners NCRIB on 2025 Empowerment Series

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Dr. Abosede Adegbite, Consultant, Family Physician; Tope Adaramola, Executive Secretary/CEO, NCRIB; Mrs. Ekeoma Ezeibe, Deputy President, the Nigerian Council of Registered Insurance Brokers; Prince Babatunde Oguntade, President, NCRIB; Tunde Mimiko, MD/CEO, SanlamAllianz Life Insurance; Yomi Onifade, MD/CEO, SanlamAllianz General Insurance; Mrs. Adetayo John-Fischers, MD/CEO, First Standard Insurance Brokers.

SanlamAllianz, the newly launched joint venture between Sanlam and Allianz in Nigeria, successfully hosted the first edition of the 2025 NCRIB Empowerment Series, a flagship initiative designed to empower insurance professionals and drive industry growth.

The event, which took place at the Insurance Brokers House in Lagos, brought together top brokers, industry experts, thought leaders, and professionals to share insights and experiences.

“We are proud to have hosted the 2025 NCRIB Empowerment Series, which has helped to build capacity, foster innovation, and drive industry growth,” Tunde Mimiko, MD/CEO SanlamAllianz Life Insurance Nigeria, said in his welcome address at the event.

“We are committed to supporting the growth and development of the insurance industry in Nigeria, and we look forward to continuing our partnership with Nigerian Council of Registered Insurance Brokers,” he concluded.

The event featured an empowerment session on Insurance Pitching as well as a health talk on Hepatitis. The high point of the event was the special unveiling of the SanlamAllianz brand to the elite association by the MD/CEO, SanlamAllianz General Insurance, Yomi Onifade.

“Today, we formally unveil to you a new champion of insurance and non-banking financial services, with ambitions for every player in Africa, whether individuals, public or private employees, large companies and SMEs, major projects, or large risks. But also, workers in the informal sector, he said.

In his speech, the President of NCRIB, Prince Babatunde Oguntade, expressed gratitude to SanlamAllianz for the sponsorship highlighting the significance of the event being the first of the Empowerment Series in 2025.

In alignment with the industry’s recently launched maiden edition of the Nigerian Insurance Awareness week, SanlamAllianz is currently leading a 12-city tour to introduce the brand to its retail customers and promote insurance education across the country. The tour has already covered cities like Akure, Ibadan and Abuja with major cities like Port Harcourt, Jos, Enugu, Owerri, Kano, Uyo Onitsha, Warri and Onitsha on the itinerary.

 

About SanlamAllianz

SanlamAllianz is a leading insurance company in Nigeria, offering a range of life and general insurance products and services. With a strong presence in the country, SanlamAllianz is committed to providing innovative solutions and exceptional customer service.

PTAD: The Welfare of Pensioners in Nigeria is Paramount

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The Pension Transitional Arrangement Directorate (PTAD) has reiterated its commitment to protection of pensioners’ rights and their wellbeing.

To this end, the Directorate said it has introduced various initiatives aimed at actualising its mandate which is to manage pension benefits for Federal Government retirees under the old Defined Benefit Scheme (DBS), who did not transit to the Contributory Pension Scheme (CPS).

Speaking at the 2024/2025 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE) sponsored by PTAD in Lagos, the Executive Secretary/CEO, Mrs. Tolulope Odunaiya, highlighted the mandates of the Directorate and their achievements so far.

Odunaiya, who was represented at the occasion by the Head, Corporate Communication, Mr. Olugbenga Ajayi and Head, Lagos Regional Office, Mr. Casmir Audu, said the Directorate is fully committed to protecting the pensioners’ rights to pension as well as their wellbeing.

Ajayi said the Directorate was specifically established to handle pensions of those who did not move to the Contributory Pension Scheme, noting that PTAD’s mandate is to ensure that eligible pensioners receive their due pension payments promptly and accurately.

“Since the establishment of PTAD in 2013, and up till this present moment, PTAD has never failed to pay pensions every month; that is why we have been able to take pensioners out of the streets; that is one of the credibility the present government is enjoying because nobody is diverting money meant for payment of pensions anymore,” he said.

He stated that the Directorate has continued to introduce various initiatives to enhance its efficiency and effectiveness, some of which are: Field Verification, I Am Alive Confirmation, Mobile Verification, among others.

“As we progressed, we discovered that we shouldn’t be calling our fathers and mothers, especially, those from far distance to come and do verification here in Lagos and a technology was introduced. We call that technology ‘I Am Alive’ Confirmation. Why do we call it ‘I Am Alive’? Because pension under DBS is for life.  Once you are still alive, you are entitled to your pension. I Am Alive enable pensioners to confirm their status even inside their home at every location. This is done through Internet-enabled phone and anybody can help you do it. Once you confirm your aliveness status, in the next six month, your pension will continue to run.

“We have introduced Mobile Verification for people who are sick, or those who are alive but are incapacitated to attend normal verification, we schedule mobile confirmation for those who have done Am Alive verification but later falls sick,” he added.

Ajayi disclosed that PTAD is a federal government treasury-funded agency with no commercial bank account, adding that their responsibility is to prepare schedules for pension payment.

“PTAD don’t have any account in any commercial bank so we don’t keep any money because we are a treasury-funded agency. Pensions are paid by the Central Bank of Nigeria (CBN) and are paid directly into pensioners’ account. Our duty is to prepare the schedules of payment and it will pass through various tables including Federal Auditors, Internal Auditors, Accountant General Office, so it is not something that somebody will just wake up and say PTAD has money somewhere,” he explained.

He said PTAD is ensuring that nobody tampers with pensioners’ money. PTAD offices are in 13 States of the country.

The $200 Billion Quest for Reliable Electricity in Nigeria

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By Elvis Eromosele

Nigeria is an energy starved nation. Imagine a country in the 21st century with over 200 million people and an unstable power supply. It’s a recipe for backwardness. It is also a sad commentary on the failure of successive governments over a hundred years. No wonder the hum of progress is too often drowned out by the silence of power outages.

Today, homes flicker into darkness, businesses grind to a halt, and dreams of economic growth stall in the face of an unreliable electricity grid. The numbers paint a grim picture. Nigeria generates a mere 6,000 megawatts (MW) of electricity against an estimated demand of 40,000 MW needed for a stable, nationwide supply.

The World Bank estimates this power deficit costs the economy $29 billion annually, an economic hemorrhage that highlights the urgency of reform. This may explain why Adebayo Adelabu, Nigeria’s Minister of Power, laid out a bold vision: a $200 billion investment over 20 years to deliver a 24/7 electricity supply.

This staggering figure, $10 billion a year, has sparked both hope and skepticism. Can Nigeria transform its beleaguered power sector, and what will it take to light up the nation?

Experts argue that Nigeria’s power crisis is a hydra-headed beast. The issues span generation, transmission, and distribution. The national grid, a relic of decades-old infrastructure, is plagued by inefficiencies. Reports indicate that for every 100 MW generated, 7.79 MW is lost in transmission, a figure that reflects both technical shortcomings and systemic neglect. Vandalism compounds the problem. Indeed, between January 2022 and October 2024, the government spent ₦29.3 billion (roughly $17.7 million) repairing 266 vandalised electricity towers, an average of $66,500 per tower. These fixes however are mere Band-Aids on a system that demands a full overhaul.

The human toll is palpable. In Lagos, small businesses and homeowners alike are compelled to rely on costly petrol/diesel generators to keep their machines/households humming. Many businesses spend more than half of their earnings on fuel.

Across rural Nigeria, entire communities remain off the grid, their potential stifled by darkness; e.g. Otueke in Bayelsa state. The metering gap, less than half of customers have metres, further complicates matters, leading to estimated billing and revenue losses for distribution companies and discontent from electricity consumers. These challenges are not new, but the scale of the solution proposed is unprecedented.

The $200 billion goal is ambitious. It seeks to achieve a generation capacity of 88,000 MW, enough to ensure uninterrupted electricity nationwide by 2045. This figure encompasses upgrades across the entire value chain, generation, transmission, and distribution. It also accounts for the integration of renewable energy, grid modernisation, and policy reforms to attract private investment.

Breaking down the numbers, the plan allocates significant funds to each segment. Transmission infrastructure, for instance, requires a massive investment. The Presidential Power Initiative, launched to modernise the grid, has already committed $1.9 million and €62.9 million in its first phase, boosting capacity by 2,000 MW.

Yet, industry experts estimate that $100 billion over 20 years is needed just to maintain current service levels, let alone expand them. Distribution upgrades, including metering initiatives, also demand substantial funding. The Nigerian Electricity Transmission Access Project (NETAP), backed by a $486 million World Bank credit, is a step toward addressing these gaps, but it’s a drop in the bucket compared to the broader need.

So, while the government focuses on grid expansion, decentralised solutions like mini-grids and solar projects are gaining traction. In a country where vast rural areas remain unconnected, off-grid systems offer a lifeline.

Mini-grids, in particular, are emerging as a game-changer. In northern Nigeria, communities like Gbangba in Niger State have seen transformative change through solar-powered mini-grids. One shudders to imagine what the people used before the project.

The private sector’s role is critical. Of the $32.8 billion needed by 2030 for universal electricity access, the government plans to provide $17 billion, leaving $15.8 billion to come from private investors.

Embedded generation, small-scale power plants serving specific communities or industries, and renewable projects like solar and hydro are seen as cost-effective, but progress is slow. Revenue shortfalls and bureaucratic red tape deter investors, leaving Nigeria’s power sector in a Catch-22: it needs funds to improve, but improvement is needed to attract funds.

The $200 billion estimate is a roadmap, but its success hinges on collaboration between government, private investors, and communities.

We can agree that the $200 billion price tag is daunting. But this is not just about money. Implementation efficiency, transparency, and anti-corruption measures are equally critical. Nigeria’s history of mismanaged projects looms large, with critics pointing to past initiatives that fizzled out despite hefty budgets. The truth is that the funds are one thing, but execution is another. Without accountability, $200 billion could vanish into thin air.

Short-term goals offer a glimmer of hope. Experts estimate that $15-30 billion by 2030 could stabilise the grid, expand metering, and deploy more mini-grids. These steps wouldn’t deliver 24/7 power but could significantly reduce outages and connect millions more to electricity.

For urban centres like Lagos and Abuja, grid upgrades could mean fewer blackouts. For rural areas, off-grid solutions could bridge the gap, promoting economic growth and improving quality of life.

The stakes are high. A reliable power supply could unlock Nigeria’s potential, fueling industries, creating jobs, and reducing poverty. The World Bank’s $29 billion annual loss estimate underscores the cost of inaction.

Yet, the path to transformation is fraught with challenges, technical, financial, and political. As Nigeria grapples with its power crisis, the $200 billion question remains: Can the nation muster the resources and resolve to light up its future?

Eromosele, a corporate communication professional and public affairs analyst, wrote via [email protected]

 

 

NHIA DG: Health Insurance Now Covers 20m Nigerians

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The National Health Insurance Authority (NHIA), says it has expanded the national health insurance scheme to cover some extreme health cases including people with HIV (PLHIV) and for TB patients, with pilots under way in four states.

This was disclosed by Mrs. Aisha Abubakar Haruna, Acting Director, Lagos regional office of the NHIA who represented Dr. Kelechi Ohiri, the Director General of NHIA at the Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos.

Ohiri, who announced that the health insurance now covers no fewer than 20 million Nigerians up from 16.8 million in 2023 and achieving 99 percent of the 2027 presidential target explained that the Authority achieved an additional 800,000 beneficiaries who joined the basic health care provision fund bringing the total to 2.6 million as of May 2025.

Ohiri also stated that the NHIA embarked on addressing drug shortages and care delays via the multi-project strategy.

He said: “NHIA has focused on expanding health insurance coverage, improving quality of care and protecting the rights of enrollees while strategically and creatively deploying health insurance to save lives in a way that contributes and sustains significant benefit to the health sector.

“As of June 2025, NHIA has achieved 20 million enrollees in the health insurance. This was the combined efforts by the state health insurance agencies, health maintenance organisations and the National Health Insurance Scheme. As a matter of fact, we have exceeded the mandates that have been given to us by the president. He gave us a target which we exceeded in June. We have a significant jump from 16.8 million Nigerians enrolled by 2023. By June 2025, we have hit 20 million. We have also embarked on addressing drug shortages and care delays via the multi-project strategy.”

The NHIA DG noted that from 2024 to 2025, NHIA has strategically intervened in the revision of tariffs revising the accreditation processes and mandating one hour limit on care authorisation while mitigating any previous issues for medicine shortages, denial, delay in issue codes and provider payment delays.

Stanbic IBTC Capital Advises Tolaram on Mandatory Takeover Offer of Guinness Nigeria

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Stanbic IBTC Capital, a leading investment banking and capital market solutions provider is pleased to have acted as Sole Financial Adviser to Tolaram (acting through N Seven Nigeria Limited) on its recently completed Mandatory Takeover Offer (MTO) to the minority shareholders of Guinness Nigeria Plc, undertaken to comply with regulatory requirements following its acquisition of a 58.02% stake in Guinness Nigeria last year.

The MTO was completed on 20 May 2025 and Guinness Nigeria minority shareholders successfully tendered a total of 283,099,431 shares (₦22.94 billion transaction value), thus increasing Tolaram’s shareholding in Guinness Nigeria from 58.02% to 70.85%

Stanbic IBTC provided comprehensive end-to-end support across both transactions, delivering a full suite of investment banking and capital markets solutions to facilitate the successful completion of this complex corporate action.

“We thank Tolaram for the longstanding partnership and for trusting Stanbic IBTC Capital to handle this important MTO, having also advised Tolaram on its acquisition of Guinness Nigeria last year” said Oladele Sotubo, Chief Executive of Stanbic IBTC Capital.

Dinesh Rathi, Group Finance Director, Tolaram stated: “We are grateful for the end-to-end support Stanbic IBTC Capital provided Tolaram throughout the MTO process. Their on-the-ground presence and expertise was invaluable in navigating the regulatory landscape and ensuring that interested Guinness Nigeria minorities were given the opportunity to sell their shares at the same price that Tolaram acquired the Guinness Nigeria stake from Diageo Plc.

Guinness Nigeria has sufficient free float despite the MTO and Tolaram intends to continue to maintain Guinness Nigeria’s listing on Nigerian Exchange Limited”.

As the Nigerian business landscape continues to evolve, this deal marks a significant milestone for Stanbic IBTC Capital, underscoring its expertise in advising on complex transactions and delivering comprehensive financial solutions to clients.

SEC DG: Digital Assets Fraud Threatens Market Integrity

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The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has expressed concern over the growing threat of digital assets fraud, warning that it poses a significant challenge to market integrity and undermines investor confidence.

Speaking in Abuja at an event to mark African Union Anti-Corruption Day, themed “Understanding Virtual Assets and Investment Fraud”, Agama noted that corruption continues to be a major obstacle to Africa’s economic growth, social development, and attractiveness to investors.

He stated: “Today, as digital innovation transforms financial systems, we face new challenges, particularly the rise of virtual asset fraud and sophisticated investment scams exploiting unsuspecting investors. These threats undermine market integrity, erode trust, and divert resources meant for sustainable development.”

He explained that the SEC, as a frontline regulator, remains committed to “strengthening investor education on recognising and avoiding fraudulent schemes.; Enhancing regulatory frameworks to keep pace with evolving risks in virtual assets and digital investments; and Fostering cross-border collaboration to combat corruption and illicit financial flows.”

He stated that the Investment and Securities Act (ISA) 2025 introduced key provisions to regulate virtual assets (cryptocurrencies, digital tokens, and other blockchain-based assets) in Nigeria, with Commission as the primary regulator for virtual assets classified as securities or investment products.

Agama stated that all Virtual Asset Service Providers (VASPs) (exchanges, custodians, brokers) must obtain SEC approval and meet capital, governance, and cybersecurity standards.

On risk disclosures, the SEC DG noted that all platforms must warn investors about volatility, fraud, and regulatory risks, warning that there are stiff penalties for market manipulation, insider trading, and Ponzi schemes.

“The ISA 2025 provides a comprehensive legal framework for virtual asset regulation, balancing innovation, investor protection, and financial stability. The SEC will continue to issue guidelines to ensure compliance while fostering a secure digital asset ecosystem.

“We urge all stakeholders—governments, private sector players, civil society, and citizens—to join forces in promoting transparency, accountability, and ethical practices. Together, we can build resilient markets that drive Africa’s prosperity”, he added.

In his remarks, the Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, described virtual asset fraud as a fast-evolving threat to national economic security.  “Another rising criminal engagement that has a potential to outpace, even money laundering, on the continent is virtual assets and investment scam.”

 

 

Fidelity Bank Delivers Hope to Internally Displaced Persons in Benue State

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Team Lead, CSR, Fidelity Bank Plc, Victoria Abuka (Left); CEO, The Abbasid Charity Foundation, Hauwa Abbas (Centre); and Branch Leader, Fidelity Bank Plc, Makurdi, Terwase (Right), representing the Regional Bank Head, North Central, Sadi Zawiya, with some beneficiaries during the Fidelity Food Bank distribution event in Makurdi, Benue State recently.

In a timely gesture aimed at improving the plight of internally displaced persons (IDP) in Benue State, leading financial institution, Fidelity Bank Plc, has distributed mattresses and essential food items to over 2,000 victims of the Yelwata attacks currently taking refuge at the Ultra-Modern International Market IDP Camp in Makurdi.

The donation, which was carried out in collaboration with the Abbasid Charity Foundation, is part of Fidelity Bank’s ongoing commitment to supporting vulnerable communities through its flagship Fidelity Food Bank program. Since its launch in April 2023, the Food Bank has distributed over 200,000 food packs to beneficiaries across Nigeria’s six geo-political zones.

Speaking about the donation event, the bank’s Divisional Head, Brand and Communications, Dr. Meksley Nwagboh reaffirmed Fidelity Bank’s dedication to Corporate Social Responsibility (CSR) and its mission to uplift communities.

His words: “Since its launch, the Fidelity Food Bank initiative has helped to alleviate the effect of poverty and malnutrition across the country. We are honored to be back in Benue State to continue this impactful initiative, and we hope that today’s donation brings much-needed relief and comfort to the beneficiaries during this difficult time.”

In her remarks, the Executive Officer, the Abbasid Charity Foundation, Mrs. Hawa Abbas, emphasised the importance of restoring dignity to the displaced, stating that the donation of mattresses was to ensure the IDPs no longer sleep on bare floors.

“This gesture is our way of letting the displaced persons know that they are not forgotten. We care deeply for them, and we hope this donation offers some comfort and hope, even in these difficult circumstances,” Abbas noted.

The Executive Secretary of the Benue State Emergency Management Agency (SEMA), Dr. James Iorpuu, who was represented by Camp Manager, Mr. Robert Nyom, expressed deep appreciation to Fidelity Bank and the Abbasid Charity Foundation for their timely support.

“Your intervention has brought much-needed relief to the camp and we thank you for your compassion and generosity towards improving the welfare of the displaced persons,” he said.

The bank’s outreach to the International Market IDP Camp in Makurdi represents the most recent of its ongoing critical and timely interventions. Previously, through its Food Bank Initiative, the bank provided essential food items to more than 1,500 residents impacted by the recent flood disaster in Mokwa, Niger State.

 

About Fidelity Bank Plc

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

Additionally, the Bank was recognised as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

Union Bank Responds to Court Ruling on NICON, Global Fleet, Jimoh Ibrahim Case

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Union Bank of Nigeria acknowledges the recent judgment of Justice Abike Fadipe of the Ikeja

High Court in the matter involving Senator Jimoh Ibrahim, NICON Investment Limited, Global Fleet and the Bank.

We wish to assure our customers, partners, and the public that Union Bank operates with the highest levels of professionalism, ethical conduct, and legal compliance in all our dealings.

While we respect the authority of the court, we strongly disagree with the judgment delivered and have instructed our lawyers to file an appeal against it immediately.

The court’s findings, including its position on the consolidation of indebtedness, locus standi, and third-party liability, are at variance with established legal principles and the Bank’s

understanding of the facts. We are confident in our legal position and intend to vigorously pursue all lawful avenues to ensure that justice is served.

Union Bank had previously transferred the relevant debt obligations to the Asset Management   Corporation of Nigeria (AMCON), and we maintain that all actions taken in this regard were in line with applicable laws and banking practice.

We reiterate our unwavering commitment to acting in good faith, protecting stakeholder interests, and preserving the integrity that has defined our institution for over a century. The Bank remains resilient and focused on continuing to deliver excellent service and value to its customers.

We appreciate the continued trust and support of all stakeholders as we navigate this legal process.

 

Mrs. Olufunmilola Aluko

Chief Brand and Marketing Officer

Union Bank of Nigeria

NAICOM, CIIN Laud IMT for Advancing Tech-Driven Insurance in Nigeria

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The Commissioner for Insurance (CFI) and the CEO of the National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, and the President of the Chartered Insurance Institute of Nigeria (CIIN), Mrs. Yetunde Ilori, have both commended Insurance Meets Tech (IMT) Conference for its transformative role in accelerating digital adoption and innovation in Nigeria’s insurance sector.

The insurance leaders made the commendation during the Opening Ceremony of the maiden edition of the CIIN Insurance Awareness Week in Lagos. The event, themed “Insurance for All: Securing Nigeria’s Future,” brought together key insurance stakeholders, policymakers, technology professionals, and experts to discuss the future of insurance in Nigeria.

Ilori commended the consistent and rich discussions, as well as the relevance of the collaborative showcases, through which the annual engagement event has highlighted the importance of a technology-first approach in reforming the Nigerian insurance industry.

In his remarks, Mr. Olusegun Omosehin commended the work of IMT in reshaping the industry through innovation and the Convener’s commitment over the years.

“Digital innovation is no longer optional; it is essential to the growth and relevance of insurance in today’s Nigeria. Platforms like Insurance Meets Tech are not just forums for discussion; they are engines of disruption that are modernising how we engage with the insuring public. I want to commend the Convener for this disruptive idea, calling all to embrace technology and build the trust necessary to deepen insurance penetration across all strata of society,” he said

CIIN President, Mrs Yetunde Ilori: “The work being done by Insurance Meets Tech is reshaping how our industry operates—breaking traditional boundaries and creating room for innovation, particularly among younger, tech-savvy consumers.”

“This initiative is giving the insurance sector a much-needed edge, increasing acceptance and relevance while driving sustainable impact on the economy. It is clear that the future of our profession depends on how well we integrate digital tools and think into every facet of our operations.”

Odion Aleobua, Founder/Convener, Insurance Meets Tech (IMT), thanked the distinguished insurance thought leaders for the kind words, saying, “we are deeply honoured by the endorsement of Nigeria’s insurance leadership—Commissioner for Insurance, Mr. Olusegun Omosehin and CIIN President, Mrs Yetunde Ilori. Their support for Insurance Meets Tech reflects a shared commitment to transforming the industry through tech and digital innovation. This affirmation of our value creation proves that when regulators, practitioners, and technologists unite, we can build an insurance ecosystem that serves every Nigerian, digitally and inclusively.”

 

NCDMB Unveils Nigerian Content Fund Certificate, Empowers 130 firms with $400m NCI Fund

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The Nigerian Content Development and Monitoring Board has introduced the Nigerian Content Fund Clearance Certificate (NCFCC) as a mandatory compliance document for contractors and operators in the oil and gas sector.

The certificate was launched during a Stakeholders’ Sensitisation workshop held in, Lagos, where the Board also showcased an upgraded Nigerian Content Development Fund payment portal and a revised Community Contractors Finance Scheme.

The NCFCC is now a prerequisite for contract bidding, project approvals, and Board certifications in the oil and gas industry. It forms a core part of NCDMB’s regulatory drive to ensure full compliance with statutory financial contributions as stipulated by section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.

The NOGICD Act mandates all entities in the upstream sector of the Nigerian oil and gas industry to pay one percent of the value of their contracts into the Nigerian Content Development Fund (NCDF), managed by the NCDMB for developing Nigerian content in the oil and gas and linkage sectors.

In line with these regulatory developments, the Board announced that over 130 indigenous companies had accessed funding from the $400 million Nigerian Content Intervention Fund (NCI Fund). The NCI Fund is a portion of the NCDF managed in partnership with the Bank of Industry and the Nigerian Export-Import Bank, to provide low-cost finance to qualified oil service companies, to enhance their competiveness and deepen Nigerian content performance in the oil and gas industry and grow the national economy.

Speaking at the event, the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe said the certificate and digital tools were designed to enhance compliance, transparency, and access to finance for indigenous contractors.

“This programme is more than a workshop; it reaffirms our commitment to deepen Nigerian content, enhance oversight, and open up financing opportunities for indigenous and community-based contractors,” Ogbe stated.

The Executive Secretary who was represented at the workshop by the Acting Director, Finance and Personnel Management, Mr. Mubaraq Zubair explained that the revamped NCDF portal and the compliance certificate system would facilitate real-time remittance verification and streamline approval processes. He added that the restructured Community Contractors Finance Scheme, developed in collaboration with financial institutions, would boost grassroots participation.

Zubair said: “We have removed critical access barriers by collaborating with banks like FCMB to bring financing closer to host communities.”

In a presentation on the NCFCC policy, Supervisor, Planning and Policy Development, NCDMB, Dr. Ayebatonye Epemu, explained that the NCFCC had become mandatory for upstream companies, vendors, and consultants.

“It is now a precondition for bidding, certifications, and approvals. Processing takes 14 working days, and the certificate is valid for 12 months. Companies are required to submit their requests via the NOGIC-JQS portal.” Epemu said.

Speaking on the performance of the NCI Fund, Group Head, Oil and Gas at the Bank of Industry, Mr. Gabriel Yemilade, disclosed that the bank disbursed $348.296 million and ₦48.289 billion to 79 local firms active in marine logistics, upstream exploration, modular refining, gas processing and fabrication.

In his words, “the fund has evolved from an initial $200 million in 2017 to $300 million by 2020, due to high demand. We are enabling local content through direct financial support,”

Yemilade reaffirmed BOI’s administration of the Community Contractors Scheme, which offers loans of up to ₦100m at eight per cent interest yearly, secured by valid contracts or Standing Payment Orders.

In his remarks on the administration of the Community Contractor Fund, the head, Midstream and Dealers at FCMB, Akintomide James, outlined the bank’s role in disbursing the ₦50 billion facility secured from NCDMB under the revised Community Contractors Finance Scheme. He explained that the fund was targeted at supporting community-based contractors and indigenous service providers in the oil and gas value chain, particularly those executing contracts for operating and service companies.

James stated that FCMB, the first primary financial institution enlisted in the revised scheme, would leverage its pedigree, vendor financing experience to deploy tailored support for local contractors. The scheme offers competitive pricing at eight per cent yearly with a single obligor limit of ₦100m and a tenor of one year, including moratoria of up to 90 days.

He noted that applicants must be Corporate Affairs Commission-registered, possess regulatory permits, and present verified purchase orders, work orders or invoices. Acceptable collateral includes irrevocable standing payment order (ISPOs)from contract awarders.

According to James, the bank’s product offerings include LPO financing, invoice discounting and facilities for asset acquisition, all designed to ease access to finance.

Delivering a complementary perspective, Head of Specialised Business at NEXIM Bank, Mohammed Awami, revealed that the bank launched two dedicated funding windows worth $50m to support indigenous oil and gas service providers.

He said the initiative, comprising a $30 million General Facility and a $20 million Women in Oil and Gas Programme, targets equipment leasing, contract finance, and working capital, in alignment with NCDMB’s inclusion goals. “We have recorded a strong response, with a success ratio of 4.6:1. These facilities empower local service providers and promote gender diversity in the sector,” Awami added.

Addressing the challenges around fund access, General Manager of the NCDF, Fateemah Mohammed, represented by ErefaghaTurner, said although disbursements had grown significantly, many applicants still struggle with collateral and documentation.

“Between January 2024 and May 2025, we saw an 11.43 per cent increase in disbursement volume and a 21.06 per cent rise in naira value. However, only 30.47 per cent of applicants met disbursement conditions under BOI windows,” she noted.

To tackle these gaps, the Board is expanding sensitisation campaigns, simplifying requirements, and considering flexible security structures – particularly for women and community groups.

 

 

 

Local Content, NCDMB on the Spotlight at 2025 NOG Conference

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The recently held 2025 Nigeria Oil and Gas (NOG) Conference in Abuja highlighted the pivotal role of the Nigerian Content Development and Monitoring Board (NCDMB) in advancing local content policies and driving Nigeria’s energy sector transformation.

At different sessions at the conference, leaders of the of the Nigerian oil and gas industry lauded the contributions of NCDMB and highlighted the impact the Nigerian Oil and Gas Industry Content Development (NOGICD) Act has played in transforming the oil and gas landscape, emphasising the need for continued support by Government and other stakeholders.

Through strategic initiatives, partnerships, and policy advocacy, NCDMB has empowered indigenous companies, fostered economic resilience, and positioned Nigeria as a leader in regional energy collaboration.

NCDMB’s Strategic Contributions to Local Content
The NOG Conference, spanning June 30 to July 2, 2025, showcased NCDMB’s leadership in implementing local content policies that have significantly reshaped Nigeria’s oil and gas industry.

At the gala dinner, Green Energy International Limited (GEIL) praised NCDMB for enabling the commissioning of the Otakikpo Crude Export Terminal in Rivers State, Nigeria’s first indigenous onshore crude oil export terminal in over 50 years.

With a $400 million initial investment and a projected total cost of $1.3 billion, the terminal, featuring a 750,000-barrel storage capacity (expandable to 3 million) and a 360,000-barrel-per-day pumping capacity, exemplifies NCDMB’s success in fostering indigenous infrastructure development. By reducing evacuation costs by up to 40%, the terminal enhances the economic viability of marginal fields, aligning with NCDMB’s goal of boosting Nigeria’s crude output to 2 million barrels per day.
NCDMB’s “Nigeria First” policy, emphasized by Executive Secretary Engr. Felix Omatsola Ogbe during the conference’s opening, underscores a commitment to prioritising local goods, services, and capabilities across the oil and gas value chain.

Building on the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010 and President Bola Tinubu’s Executive Orders, the policy mandates local procurement unless foreign alternatives are justified, aiming to retain economic value, create jobs, and drive technological innovation. NCDMB is operationalizing this through a “Nigeria First Procurement Policy,” integration into Nigerian Content Plans, and studies to assess local service provider capacities, ensuring transparency and accountability.
The revamped Community Contractors Financing Scheme, part of the Nigerian Content Intervention (NCI) Fund, was another focal point. Restructured to address past inefficiencies, the scheme now offers up to ₦100 million in loans to community contractors, with simplified collateral requirements and partners with financial institutions like FCMB and the Bank of Industry (BOI), to enhance accessibility and participation in the value chain for oil-producing communities. This initiative reflects NCDMB’s dedication to inclusive growth, ensuring host communities benefit directly from energy projects.
The “Back-to-the-Creek” initiative, showcased during the conference, further demonstrates NCDMB’s focus on human capital development. Targeting underserved oil-producing communities, it promotes STEM education, vocational training, and digital skills through digitization programs, heritage preservation, and educational empowerment schemes. By aligning with President Tinubu’s 8-Point Agenda, this initiative aims to create a skilled workforce, fostering inclusive development and economic opportunities in marginalized areas.

Local Content Achievements and Industry Impact

NCDMB’s local content policies have driven a significant shift in Nigeria’s energy landscape, with indigenous producers now accounting for over half of the nation’s oil and gas output, as highlighted by Abdulrazaq Isa, Chairman of the Independent Petroleum Producers Group (IPPG).

The Divestment and the transfer of onshore and shallow water assets from international oil companies (IOCs) to local operators has enabled IPPG members to target 1.3 million barrels per day of oil and 4.5 billion cubic feet of gas by 2027. The successful transfer of assets to local players were enabled by the growth of Nigerian Content in the operating and service sides of the oil industry, as Nigerian operators have shown capacity to play in the big league.

NCDMB’s support for financing, policy stability, and capacity building has been instrumental in this transition, fostering economic linkages and industrialization.
The conference also underscored NCDMB’s role in major infrastructure milestones. Engr. Bashir Bayo Ojulari, Group CEO of NNPC Ltd, highlighted NCDMB’s support for the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline’s progress, including its successful crossing of the River Niger, with completion expected by Q4 2025. NCDMB’s collaboration with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) also supported initiatives like the Project 1 Million Barrels, contributing to a production increase to 1.7 million barrels per day, with a target of 2.5 million by 2026.
Also at the NOG, industry leaders defended NCDMB’s local content framework against criticisms that it inflates costs, arguing that its economic benefits, including job creation and GDP growth, far outweigh short-term expenses.

Dr. Daere Akobo of Pana Holdings highlighted NCDMB’s role in projects like Africa’s first digital refinery, emphasizing technology’s role in enhancing efficiency. Mr. George Onafowokan of Coleman Cables and Wires praised NCDMB’s data-driven approach, noting a 56% local content achievement as a significant milestone.

Regional Influence and Challenges Ahead

NCDMB’s local content model is gaining traction across Africa, with Nigeria’s policies serving as a blueprint for regional energy collaboration.

Dr. Ernest Nwapa, NCDMB’s pioneer Executive Secretary of NCDMB, noted that over 16 African nations have adopted similar laws, inspired by Nigeria’s NOGICD Act. The conference highlighted initiatives like the West African Gas Pipeline and the Nigeria-Morocco Gas Pipeline, which position Nigeria as a key gas supplier to Europe. Ghana’s Deputy Chief Executive, Nasir Alfa Mohamed, called for standardized regulations and joint regulatory bodies to enhance cross-border collaboration, while Engr. Farouk Ahmed of NMDPRA emphasised the PIA’s Midstream and Downstream Gas Infrastructure Fund as a model for de-risking investments.
Despite these achievements, challenges remain. Panelists at NOG Energy Week stressed the need for sustained investment in human capital to support Nigeria’s refining ambitions, as infrastructure alone is insufficient without skilled professionals.

Mr. Anibor Kragha of ARDA highlighted Nigeria’s $2 billion expenditure on imported petrochemicals in 2023 as a gap that local capacity development could address. NCDMB’s focus on training and education, through initiatives like “Back-to-the-Creek,” aims to bridge this gap, but scaling these efforts requires broader stakeholder collaboration.
Criticisms of local content policies as cost-inflationary were addressed head-on, with panelists arguing that fragmented data and operational inefficiencies, not local content mandates, are the primary cost drivers. NCDMB’s emphasis on technology integration and data consolidation was seen as critical to addressing these issues, ensuring cost efficiency while maintaining local participation.
NCDMB’s participation at the 2025 NOG Conference underscored its transformative impact on Nigeria’s energy sector. By championing local content through policies like “Nigeria First,” revitalising community financing, and investing in human capital, NCDMB is driving indigenous leadership, economic resilience, and regional collaboration.

As Nigeria aims for 2 million barrels per day by mid-2025 and beyond, NCDMB’s strategic vision positions the country as a global energy hub, with local content at the heart of sustainable growth.