The Managing Director/CEO, Cowry Asset Management Limited, Mr. Johnson Chukwu is the keynote speaker at the Forthcoming SUPERNEWS Nigeria Artificial Intelligence (AI) Confab 2025, holding on Thursday, June 19th 2025 at Oriental Hotel, 3 Lekki Road Victoria Island Lagos at 10am.
Chukwu will be speaking on the theme, Power of AI: Enhancing Efficiency And Customer Satisfaction For Better Financial Services Experience.
Other renowned experts lined up for the event include the Founder/CEO, ZER Consulting Africa, Mrs. Adeolu Adewumi-Zer, the former Managing Director, Hilal Takaful Insurance Limited, Mrs. Thaibat Adeniran, the National President, Bank Customers Association of Nigeria (BCAN), Dr. Uju Ogubunka and the Head, Financial Institutions Ratings, Augusto & Co, Mr Ayokunle Olubunmi.
According to the Convener of the conference, the Publisher of SUPERNEWS Nigeria, Ngozi Onyeakusi, the choice of Johnson Chukwu as the keynote speaker is a reflection of his extensive professional background, diverse expertise and profound knowledge of the financial services sector and economy.
Mr. Johnson Chukwu is the chairman and founder, Cowry Assets Management Ltd, prior to the establishment of Cowry Asset Management Limited, he has been actively involved in the Nigerian capital market and was instrumental to the establishment of one of the most vibrant capital market operator, as the pioneer General Manager/Chief Executive Officer of Guardian Express Trust Limited (now Spring Capital) – a subsidiary of Guardian Express Bank Plc (now Spring Bank Plc).
Before joining Cowry Asset Management Limited on a full-time basis in October 2007, Mr. Chukwu was between February 2006 and September 2007 a Deputy General Manager and Group Executive, Operations of Spring Bank Plc.
Mr. Chukwu is a Bachelor of Science (B.Sc.) second class upper degree holder in Accounting and a University of Lagos Scholar. He also holds an MBA from Lagos Business School (Pan African University).
His banking career also includes a 3-year stint as the Deputy Financial Controller of Diamond Bank Plc (1997 – 2000) and 5 years’ experience with Intercontinental Bank Plc (1992 – 1997) where he worked in Credit and Marketing (Trade Finance), Financial Control, Treasury Operations, and Branch Operations.
Among his professional qualifications are Fellowship of both the Institute of Chartered Accountants of Nigeria and Chartered Institute of Taxation.
He has attended several courses both locally and internationally including IESE Business School (University of Navarra) Barcelona, Spain; Wharton Business School (University of Pennsylvania) Philadelphia, USA among others.
The epoch making event, which will be bringing together regulators, key stakeholders in the financial services, ICT sector, informal sector and small business owners will be chaired by the Group Chairman of the Nigerian Exchange Group, Alhaji (Dr) Umaru Kwairanga.
The confab will focus on how AI is redefining the financial services sector, accelerating
automation, customer engagement, risk management and fraud prevention.
It is a learning opportunity designed to enhance awareness, deepen understanding of
participants on the imperative and use of AI in rendering banking, capital market, pension
and insurance services cheaper, faster and conveniently.
Johnson Chukwu as Keynote Speaker, Others for SUPERNEWS AI Confab ’25
Guinea Insurance Hosts Strategic Board Retreat to Reinforce Vision, Leadership Transition
Seated (L–R): Mrs. Chioma Okigbo (Non-Executive Director), Mrs Bernice Izilen Okosun (Non-Executive Director), Mr Temitope Borishade (Chairman, Board of Directors), Mrs. Ijeoma Pearl Okoro (Non-Executive Director) and Mr Samuel Onukwue (Non-Executive Director)
Standing (L–R): Mr. Ademola Abidogun (Managing Director/Chief Executive Officer), Mrs. Chinenye Nwankwo (Company Secretary), Mrs. Ogonna Offor-Orabueze (Executive Director, Technical) and Mr. Pius Edobor (Executive Director, Finance & Corporate Services).
Guinea Insurance Plc convened a high-impact Board of Directors retreat from 15th to 16th May 2025 at the Lagos Continental Hotel, Victoria Island, Lagos.
The retreat marked a defining moment of legacy, renewal, and strategic alignment, culminating in a formal Board meeting on 17th May, where the newly appointed and outgoing Board members engaged in collaborative dialogue, insightful knowledge exchange, and forward-looking deliberations focused on strengthening leadership synergy and reinforcing governance for the company’s future growth.
The event marked the official onboarding of the newly NAICOM-approved Directors, including Mr Temitope Borishade as Chairman, along with Mrs. Bernice Izilen Okosun, Mrs. Ijeoma Pearl Okoro, and Dr. Nkemakonam Chukwukaodinaka as Non-Executive Directors. They join the existing Non-Executive Director, Mr. Samuel Onukwue, and Independent Non-Executive Director, Mrs. Chioma Okigbo, with Executive representation from Mr. Ademola Abidogun (MD/CEO), Mr. Pius Edobor (ED, Finance & Corporate Services), and Mrs. Ogonna Offor-Orabueze (ED, Technical).
Designed to foster a shared vision and establish strategic priorities, the two-day retreat provided an in-depth overview of Guinea Insurance’s journey, spotlighting operational progress, brand repositioning, stakeholder engagement, and the company’s redirection towards sustainable profitability. Senior Management delivered performance insights, structural reforms, and growth opportunities aimed at repositioning the company as a formidable and competitive player in Nigeria’s insurance sector.
Speaking at the event, MD/CEO, Mr. Ademola Abidogun remarked: “This retreat is a clear reflection of our resolve to entrench corporate excellence, deepen stakeholder confidence, and unlock strategic growth. The combination of continuity and fresh perspectives at the Board level uniquely positions us to navigate the future with clarity and reinforce our renewed focus on profitability and long-term market competitiveness.”
Guinea Insurance remains committed to building a resilient, innovation-led, and trusted brand — exceeding expectations at every turn.
GOCOP to Present Book on Nigeria Media Renaissance: GOCOP Perspectives on Online Publishing June 17 in Abuja
The Guild of Corporate Online Publishers (GOCOP) has announced the public presentation of its book, Nigeria Media Renaissance: GOCOP Perspectives on Online Publishing, on Tuesday, June 17th at Abuja Continental Hotel at 10.00am.
According to a press statement by GOCOP Publicity Secretary, Ogbuefi Remmy Nweke, this highly anticipated event promises to be a significant milestone in the literary and publishing landscape.
He quoted GOCOP President, Ms Maureen Chigbo, to have said that the event will feature a Fundraiser for the N2.3 billion GOCOP MEDIA CENTRE, a multi-purpose resource centre comprising a secretariat, a 21st century library and event halls, among others.
Chigbo further said that “this landmark publication chronicled the transformative journey of Nigeria’s media landscape, highlighting the pivotal role of online publishing in shaping public discourse, enhancing transparency and fostering national development.
“It is a testament to the resilience and innovation of Nigerian media practitioners in the digital age,” she said.
The event, she said, will bring together distinguished personalities from government, media, private sector, academia and civil society to reflect on the challenges and opportunities in online publishing and its critical role in nation-building.
GOCOP which currently has 120 members was established to ensure that online publishers uphold the tenets of journalism in doing their jobs.
Its membership is a constellation of editors and senior journalists, whom, having distinguished themselves in their various stations in the print and electronic media, ventured into online publishing which is both the present and future of journalism globally.
The book aside tracing the historical trajectory of online journalism in Nigeria is also a veritable contribution towards enriching the discourse on civil liberties, press freedom and the role of the media in the sustenance of democracy, the statement added.
NCC Mandates Service Providers to Inform Consumers about Major Outages on Networks
The Nigerian Communications Commission (NCC) has mandated telecom licensees in Nigeria to inform consumers of major service outages on their networks through media channels, stating the cause(s) of the service interruption, and the area(s) affected by the service interruption/outage, as well as the time that would be taken to restore service.
Consumers must also be informed one week in advance where operators have planned service outages.
This development, contained in the “Directive on Reportage of Major Network Outages by Mobile Network Operators (MNOs),” is part of the Commission’s drive to ensure timely resolution of outages, enhance quality of experience for telecom consumers, and keep consumers informed.
According to the Directive, Mobile Network Operators, Internet Service Providers and other operators that provide last mile services will also provide proportional compensation, including extension of validity, as may be applicable and in line with the provisions of the Consumer Code of Practice Regulations, where any major network outage continues for more than 24 hours.
It identifies three types of major outages to include: Any network operational condition such as fibre cut due to construction/access issues/theft & vandalism and force majeure that impacts five per cent or more of the affected operator’s subscriber base or five or more Local Government Areas (LGAs); having an occasion of unplanned outage of, or complete isolation of network resources in 100 or more sites or five per cent of the total number of sites (whichever is less) or 1 cluster that lasts for 30 minutes or more; and lastly, any form of outage that can degrade network quality in the top 10 states based on traffic volume as specified by the Commission from time to time.
In furtherance of this, the Commission has further directed that all Major Outages are to be reported by operators through the Commission’s Major Outage Reporting Portal, which is accessible to the public through the Commission’s website, www.ncc.gov.ng. The portal additionally discloses the identity of the culprit responsible for the disruption.
Commenting on the Directive and the Major Outage Reporting Portal, the Director, Technical Standards and Network Integrity, Engr. Edoyemi Ogor stated that “the Commission has trialled the reporting process and portal with operators for some months now before issuing the directive.
“By providing consumers and stakeholders in the telecommunications industry with timely and transparent information on network outages, we are entrenching a culture of accountability and transparency. This approach also ensures that culprits are held responsible for sabotage to telecommunications infrastructure.
“This also aligns with our broader commitment to the effective implementation of the Executive Order signed by President Bola Ahmed Tinubu, which designates telecommunications infrastructure as Critical National Information Infrastructure (CNII). It reinforces the need to safeguard these assets, given their centrality to national security, economic stability, and the everyday lives of Nigerians,” Ogor said.
Stanbic IBTC Joins Nigeria’s Top 10 Most Valuable Brands in 2025 with 206% Brand Value Growth
Stanbic IBTC Holdings PLC, a member of the Standard Bank Group, has been listed among the elite top 10 most valuable brands in Nigeria, according to the 2025 edition of the Brand Finance Nigeria 25 report. The Group’s brand value experienced a remarkable increase of 206%, marking one of the most substantial year-on-year growth in the Nigerian financial services industry.
The recognition from Brand Finance—the world’s leading independent brand valuation consultancy, regulated by the Institute of Chartered Accountants in England and Wales—reflects Stanbic IBTC’s consistent delivery of value to clients and stakeholders. Brand Finance evaluates thousands of brands annually across more than 40 countries, making this accolade a confirmation of Stanbic IBTC’s market strength.
Stanbic IBTC also improved its position in the national brand rankings, moving from 13th in 2024 to 8th in 2025. This progress highlights the organisation’s strategic investments in digital transformation, enhanced customer experience, and product innovation.
Commenting on the achievement, Adekunle Adedeji, Acting Chief Executive, Stanbic IBTC Holdings, stated: “It is a great honour to be recognised as one of Nigeria’s top 10 brands, which underscores the trust and loyalty our customers have in us. We are dedicated to maintaining this momentum by offering innovative, customer-focused solutions that cater to the changing needs of our clients.
“Our progress reflects a clear strategy aligned with Nigeria’s dynamic economy. Beyond numbers, it empowers businesses and individuals with the tools and support to thrive. This milestone energises us to accelerate initiatives that foster inclusive growth and digital advancement across the country,” Adekunle added.
The Brand Finance Nigeria 25 2025 report analyses the strength and value of Nigeria’s leading brands using globally recognised standards. It is a key benchmark for understanding how brand equity drives business performance and investor confidence.
Bridget Oyefeso-Odusami, Head of Brand and Marketing, Stanbic IBTC Holdings, added: “This ranking is a testament to the strength of our brand, our staff’s dedication, and our customers’ confidence. We remain focused on long-term value creation, grounded innovation and strong governance. As we grow, we also deepen our engagement with communities to ensure our brand resonates meaningfully across the sectors we serve.”
As Stanbic IBTC celebrates this recognition, the Group prepares to roll out impactful initiatives, including financial growth programmes for women like the Bloom Weekend, SME and business-focused activations like Market Storm, and capacity-building training for small and medium-sized enterprises. The Group is also advancing youth and tech-focused initiatives alongside sector-specific events designed to equip Nigerians with tools for financial growth and empowerment.
Stanbic IBTC remains dedicated to driving Africa’s growth, with this latest milestone reinforcing its position as a trusted and forward-looking financial partner.
Fidelity Bank Wins 2025 DBN Innovation Award for MSME Support
In recognition of its exceptional contributions to innovative financial solutions for Micro, Small, and Medium Enterprises (MSMEs), Fidelity Bank Plc has been awarded the 2025 Development Bank of Nigeria (DBN) Innovation Award in the Deposit Money Bank (DMB) category.
This prestigious accolade celebrates Fidelity Bank’s commitment to addressing the unique challenges faced by MSMEs, a vital segment in Nigeria’s economic growth.
Dr. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, commented on the award, reaffirming the bank’s dedication to empowering Nigerian entrepreneurs:
“At Fidelity Bank, innovation is at the heart of our strategy to support MSMEs. This recognition underscores our commitment to developing scalable, inclusive, and technology-driven financial solutions that create positive outcomes for our nation’s entrepreneurs. We are honored to receive the DBN award and dedicate it to our loyal customers for their continued support.”
The award was presented at the 2025 Service Ambassadors’ Awards ceremony in Lagos, themed ‘Enhancing Partnership for MSME Resilience and Growth.’ Tony Okpanachi, Managing Director of DBN, emphasized the importance of financial institutions in transforming unbankable ideas into viable businesses through advisory services.
“You, our partners, are acknowledged and celebrated for your outreach to entrepreneurs and businesses seeking to scale. We appreciate you for your role in converting unbankable ideas into bankable businesses,” Okpanachi stated.
He noted that the award aims to recognize partners who make a significant impact, focusing on storytelling and the positive changes they bring to Nigeria.
This award joins a series of landmark initiatives by Fidelity Bank aimed at supporting MSMEs. Earlier in May, the bank signed a Memorandum of Understanding (MOU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to facilitate the expansion of Nigerian MSMEs across Africa.
Additionally, Fidelity Bank launched the Fidelity SME Hub in Gbagada, Lagos—a multifunctional facility equipped with training halls, meeting rooms, networking spaces, and studios for music, photography, and content production. This hub is designed to foster innovation, collaboration, and capacity-building, essential elements for strengthening Nigeria’s SME ecosystem and driving economic growth.
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.
Jonathan, Attah, Others Win Champions of Nigerian Content Awards
Champions of Nigerian Content Awards: Former President, Federal Republic of Nigeria & recipient of Nigerian Content lifetime Achievement award, His Excellency, Dr. Goodluck Ebele Jonathan; Executive Secretary, NCDMB, Engr. Felix Omatsola Ogbe; recipient of Nigerian Content Icon of the Year award and Managing Director, Renaissance Africa Energy, Engr. Tony Attah; recipient of Women in Leadership Award and Managing Director, Starzs Investments Company Limited, Iroghama Ogbeifun, Permanent Secretary, Federal Ministry of Petroleum Resources, Dr. Emeka Vitalis Obi, with other award recipients at the Nigerian the Champions of Nigerian Content held on Wednesday in Yenagoa Bayelsa State.
Former President, Dr. Goodluck Ebele Jonathan has received the Nigerian Content Lifetime Achievement Award at the maiden edition of the inaugural Champions of Nigerian Content Award ceremony organized by the Nigerian Content Development and Monitoring Board (NCDMB) in partnership with Sweetcrude Limited on Wednesday in Yenagoa, Bayelsa State.
The award recognised and rewarded individuals and corporate bodies that set the highest standards in deepening local participation in the Nigerian oil and gas industry and contributed significantly to national development.
In his welcome address at the event, the Executive Secretary, NCDMB, Engr. Felix Omatsola Ogbe noted that the Board had come a long way in implementation of the NOGICD Act and recorded landmark achievements in which outstanding industry players, individuals and corporate entities, deserved to be identified and honoured.
In his words, “the time has come to identify and celebrate pillars of Nigerian Content who shall serve as a shining example of what is expected of others in the industry.”
Speaking after receiving the lifetime achievement awards, Dr. Jonathan recalled how he promptly signed the Nigerian Content Bill in 2010 when he was acting President in 2010, stating that an encounter with Ugandan President Yoweri Museveni, who repeatedly mentioned Nigeria as a reference point for underperformance in utilisation of oil resources. He pointed that the example of China that easily domesticated and domiciled oil and gas industry activities greatly motivated him.
He mentioned that Senator Lee Maeba who represented Rivers State South East Senatorial District in the National Assembly, was among the initiators of the Nigerian Content Bill and deserves special recognition by the NCDMB and Nigerians generally. The former President appreciated the NCDMB for the success of the Nigerian Content and lauded past and present leadership of the agency that translated the dream behind the Act into reality.
Another top winner in the distinguished individuals’ category was Engr. Tony Attah, Managing Director of Renaissance Africa Energy Limited, as “Nigerian Content Icon of the Year. The award was for his time as the Managing Director of Nigeria LNG Limited, during which time he secured the Final Investment Decision (FID) for NLNG Train 7 project and led his organization to partner with NCDMB to sign the first Service Level Agreement (SLA) which Nigeria LNG in June 2017.
Other top winners include Professor Emenike Ejiogu of the University of Nigeria, Nsukka, (UNN), as “Nigerian Content Innovator of the Year,” and Ms. Iroghama Ogbeifun, Managing Director and Chief Executive Officer of Starzs Investments Company Limited received the women in leadership award.
In the corporate category, Shell Petroleum Development Company (SPDC), now known as Renaissance Africa Energy Limited, clinched the “Nigerian Content International Upstream Operator of the Year Award,” while Aradel won the “Nigerian Content Independent Upstream Operator of the Year Award.”
Other winners in the corporate category were Nigerian Liquefied Natural Gas (NLNG) Limited as “Nigerian Content Midstream Operator of the Year”; Dangote Refinery and Petrochemical Company Limited as “Nigerian Content Downstream Operator of the Year”; Dorman Long Engineering Company Limited as “Nigerian Content Indigenous Service Company of the Year,”and Technip FMC as “Nigerian Content International Service Company of the Year.”
On the winners list also were Bank of Industry (BOI) as “Nigerian Content Financial Services Provider of the Year” and Thisday Newspapers as “Nigerian Content Media Organisationof the Year.”
Speaking on the selection criteria, a member of the Award Advisory Committee, Mr. Wole Akinyosoye, former Operations Controller with the defunct Department of Petroleum Resources (DPR), said measurable metrics were used to determine the winners. According to him, “Awardees must have demonstrated operational consistency where applicable; must have contributed to enhanced utilization and monetization of gas resources as applicable, and must have improved on local refining where applicable in terms of capacity and energy security.”
Continuing, he said, they “must also have strictly complied with the Act and other statutory Nigerian Content requirements, and must have made significant footprint in job creation and local sourcing.”
On the composition of the Advisory Committee for the Award, he pointed out that the pioneer Executive Secretary of the NCDMB, Engr. Ernest Nwapa, was the Chairman, while the Secretary-General of the African Petroleum Producers Association (APPO), Dr. Omar Farouk Ibrahim, and he (Wole Akinyosoye) were members.
The “Champions of Nigerian Content Awards” held on the sideline of the Nigerian Oil and Gas Opportunity Fair (NOGOF) 2025.
Wecass Braun Unveils Integrated Energy Solutions for Nigeria
Mr. André Braun, Co-CEO of Wecass-Braun Integrated Energy Limited (2nd Left); Engr. Forster Onyeka Edward, Co-CEO, Wecass-Braun Integrated Energy Limited (2nd Right) and other key management executives at the brand opening ceremony of the company in Lagos.
Wecass-Braun Integrated Energy Limited has unveiled a suite of cutting-edge energy solutions for the Nigerian market.
Mr. André Braun, the Co-CEO of Wecass-Braun Integrated Energy Limited said at the brand opening ceremony of the company in Lagos that the company wanted to create a special place to showcase the latest lighting and solar technologies for individual and corporate clients in Nigeria. He said the company is bringing the right energy products on the world market as experts in the field to add value to clients in the country.
Braun said: “We have taken this time-consuming work off the hands of our clients to present the latest technology in this unique place. For example, our street lights, which are installed in one city can be monitored and switched from another city in a control room. Nigeria needs the latest and most sustainable technologies. These must be future-proof for an emerging and growing nation like Nigeria. We want customers and infrastructure programmes across Nigeria to rely on sustainable and future-proof products. That’s why we want to help them to choose first-class and long-lasting products.”
He added further: “For example, we have here our Waterproof Solar Carport as sample and it could be extended in a modular design. This can be extended or even manufactured in double-sided orientation. Or our great historical lights with the latest LED technology. Our battery cabinets with integrated inverters are compact and long-lasting.”
He said the company decided to have an open showroom to showcase their outstanding products here in Lagos because customers are often overwhelmed by the huge range of solar and lighting technology on offer. He said the energy firm provides such solutions from a single source, including installation, precisely tailored to the project of clients in terms of energy supply or lighting or something completely different.
In terms of training, the Wecass-Braun Co-CEO said he completed his training in several electrical and electronic professions in Germany, as well as trained as a master electrician.
“We want to provide our employees and other people with similar training here. Just like in Germany, we will carry out the theoretical part of the training in our training room here in Lagos. And the special thing about our open showroom is that it also serves as a practical venue for our employees and students. The practical part is taught on the exhibits. This means that our customers can rely on us to act professionally even when problems arise.”
Braun said the main goal of the company is to train enough people to open offices in other states to offer the same service in other parts of the country while support will come from the headquarters in Lagos.
“Everything is for the satisfaction of our customers. So that the investments made are sustainable and long lasting! We want to earn your trust.”
BudgIT Uncovers N7tn Projects Inserted by NA in 2025 FG Budget
BudgIT, a civic tech organisation promoting transparency and accountability in Nigeria’s public finance, has uncovered 11,122 projects valued at N6.93 trillion inserted by the National Assembly into the 2025 Federal Government Budget.
What began as isolated irregularities has, over the years, evolved into a deeply entrenched culture of exploitation and abuse, with the budget process now a playground for self-serving political interests, led by top-ranking members of the National Assembly.
Our analysis reveals that 238 projects valued above N5 billion each, with a cumulative value of N2.29 trillion, were inserted with little to no justification. 984 projects worth N1.71 trillion and 1,119 projects within the range of N500 million to N1 billion, totaling N641.38 billion, were indiscriminately inserted, raising questions about their relevance and alignment with national priorities.
These insertions, far from promoting development, appear tailored to satisfy narrow political interests and personal gains rather than the citizens’ interests.
A closer look shows that 3,573 projects worth N653.19 billion are assigned directly to federal constituencies and 1,972 projects worth N444.04 billion to senatorial districts. Categorically, some of the most glaring anomalies include: 1,477 streetlight projects worth N393.29 billion; 538 boreholes totalling N114.53 billion; 2,122 ICT projects valued at N505.79 billion; and N6.74 billion earmarked for “empowerment of traditional rulers”
Shockingly, 39% of all insertions—4,371 projects worth N1.72 trillion—were forced into the Ministry of Agriculture’s budget, inflating its capital allocation from N242.5 billion to N1.95 trillion. The Ministries of Science and Technology and Budget and Economic Planning also saw bloated allocations of N994.98 billion and N1.1 trillion, respectively, from insertions alone.
Even more concerning is the targeted misuse of agencies like the Nigerian Building and Road Research Institute (Lagos) and the Federal Cooperative College, Oji River, as dumping grounds for politically motivated projects.
These agencies lack the technical capacity to execute such projects, leading to rampant underperformance and waste. For example, the Federal Cooperative College, Oji River—a training institution—was saddled with: N3 billion for utility vehicles to support farmers and distribution agents; N1.5 billion for rural electrification in Rivers State; and N1 billion for solar streetlights in Enugu State.
These are examples of agencies operating outside their mandates, managing projects unrelated to their statutory functions, and adding zero value to national development.
Despite these findings, the Presidency has remained conspicuously silent. Recall that in the third and fourth quarters of 2024, BudgIT launched the “The Budget is a Mess” campaign to bring these issues to light.
We submitted formal letters outlining our findings to the Presidency, the Budget Office, and the National Assembly. While these letters were acknowledged, no response was received from any of the institutions, and not a single institution has taken responsibility for the anomalies. Even more concerning is the silence from the Presidency—silence which, in the face of overwhelming evidence, amounts to complicity.
Commenting on the findings, Gabriel Okeowo, BudgIT’s Country Director, stressed the urgent need to restore integrity to Nigeria’s budgeting process, highlighting how unchecked project insertions by the National Assembly have derailed the purpose of national planning, weakened public trust, and diverted resources away from critical development priorities.
“The insertion of over 11,000 projects worth N6.93 trillion into the 2025 budget by the National Assembly is not just alarming—it is an assault on fiscal responsibility. This trend, increasingly normalised, undermines the purpose of national budgeting, distorts development priorities, and redirects scarce resources into the hands of political elites. Nigeria cannot afford to run a government of projects without purpose. We urgently need transparency, constitutional clarity, and a return to evidence-based planning that puts citizens, not politics, at the centre of the budget.” Okeowo said.
In light of the foregoing, we call on President Bola Ahmed Tinubu to exercise stronger executive leadership and reform the budgeting process to ensure alignment with the Medium-Term National Development Plan (2021–2025) and other national priorities. We urge the Attorney General of the Federation and Minister of Justice to seek a constitutional interpretation from the Supreme Court regarding the extent of the National Assembly’s appropriation powers, particularly its authority to unilaterally introduce new capital projects without Executive concurrence.
We hope that the anticorruption agencies, the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC), will also take action to track these projects and ensure Nigeria gets value for money.
We also call on citizens, the media, civil society organisations, and the development community to speak out and demand reform. This is not merely about financial mismanagement—it is a matter of justice, equity, and the future of accountable governance in Nigeria. The 2025 Budget must serve the interests of the Nigerian people, not a privileged few.
Life Insurance Explained: Why Staying the Course Matters More Than Early Withdrawal
In response to recent media inquiries highlighting common misconceptions around savings elements within life insurance policies, Mr. Babajide Osopale, Head, Retail Life Technical at AIICO Insurance Plc, offers clarity on frequently misunderstood aspects – particularly around the early termination of long-term life insurance products.
In today’s dynamic world, more individuals are taking proactive steps to secure their future and that of their loved ones. One of the most effective tools for doing this is life insurance — a product designed not just to provide peace of mind, but real financial protection in times of need.
However, it is important that members of the public fully understand what life insurance is, and more importantly, what it is not. At AIICO Insurance Plc., we are committed to empowering Nigerians with the knowledge needed to make informed financial decisions, especially when it comes to insurance.
Life Insurance: It’s Not a Bank Account
A common misconception we continue to see is the idea that life insurance works like a savings account where deposits made can be withdrawn on demand, with accumulated interest. This is not the case.
Life insurance is fundamentally a risk protection product. From the moment your first premium is paid, you are covered for the full sum assured under the policy. This means that in the unfortunate event of death during the policy term, named beneficiaries will receive the agreed payout regardless of how many premiums the policyholder may have paid up to that point.
This is the core difference between life insurance and conventional savings or investment products: it offers immediate coverage against life’s uncertainties, not guaranteed withdrawals or cash returns at any time.
Why Surrender Values May Be Lower
Most life insurance policies do offer a surrender value if the policyholder chooses to terminate the policy before its maturity date. However, this surrender value is typically a fraction of the total sum assured, or total premiums paid, particularly in the early years of the policy.
This is because the insurance company assumes full liability for the sum assured from day one, and a significant portion of early premiums goes toward covering this risk, administrative costs, and regulatory reserves. The surrender value is not a refund mechanism; rather, it is a calculated benefit based on how far the policy has run and the structure of the contract.
Here are my thoughts – We encourage policyholders to keep their life insurance policies active until maturity, so they can enjoy the full benefits—such as maturity payouts, bonuses (where applicable), and lasting peace of mind. Knowing that AIICO will step in if the unexpected happens brings comfort, as your loved ones will receive the financial protection you’ve prepared for them.
In addition to our life insurance products, AIICO also offers investment-focused products for customers who may prefer options without risk protection but with the potential for competitive returns. These include flexible savings plans with lump-sum or periodic contribution options. Some of these investment plans come with features such as guaranteed payment periods, and interest accruals, offering customers a structured way to grow their funds while meeting long-term financial goals.
Facing Financial Challenges? Don’t Surrender — Talk to Us
We understand that life is unpredictable, and financial pressures can sometimes arise during the course of a policy. If you find yourself in such a situation, we urge you not to rush into terminating your policy.
At AIICO, provisions such as policy loans are available to eligible policyholders, allowing access to funds against the value of their policies without terminating coverage. These options can serve as vital support during financial emergencies, helping customers meet urgent needs while retaining the life insurance protection their policies provide.
AIICO’s customer service teams are readily available to guide policyholders on the options available under their policies. We encourage open communication to ensure customers receive the support they need while preserving the long-term value of their insurance coverage.
Read Before You Sign: Know What You’re Buying
Insurance contracts come with clearly stated terms and conditions, including details about premium payments, benefits, surrender value, maturity value, exclusions, and more. These are all outlined in the policy documents, brochures, and benefit illustrations provided at the start of the policy.
Members of the public are encouraged to read and understand all policy documents thoroughly before signing. Where any terms or conditions appear unclear or complex, it is advisable to seek clarification from the insurance provider to ensure a full understanding of what the policy covers — and what it does not.
At AIICO., we have implemented a structured onboarding process to ensure new customers fully understand our products before signing up. During this process, we provide clear and comprehensive information on policy terms, key product features, benefits, premium frequency, and policy duration. This proactive and transparent approach is designed to support informed decision-making and build lasting customer trust.
Why Trust Matters
AIICO Insurance Plc. has been in business for over six decades, serving individuals, families, and businesses across Nigeria. Our track record of trust, integrity, and consistent claims payment is the reason why many Nigerians continue to choose us as their preferred insurer.
We pay out billions of naira monthly in claims and benefits, standing by our customers when it matters most. Our commitment is not only to provide protection but also to ensure transparency and customer support every step of the way.
Whether you’re already insured or considering taking out a life policy, we encourage you to look beyond short-term needs and focus on the long-term protection life insurance offers. It’s one of the most responsible financial decisions you can make for yourself and your loved ones.
If you need guidance on the best product for your needs or clarity on your current policy, AIICO Insurance is here for you. Let’s build your financial security – together.
NCC Pays Courtesy Visit to NCA in Ghana
L-R: Executive Vice Chairman/ Chief Executive Officer, Nigerian Communications Commission (NCC), Dr. Aminu Maida and Ag. Director General, National Communications Authority (NCA), Ghana, Edmund Fianko, during a benchmarking visit of the NCC to the NCA in Ghana recently.
SanlamAllianz Nigerian Integration Sparks Industry Interest
Two of the biggest names in global and African non-banking finance and insurance services, Sanlam and Allianz, have sparked speculation in Nigeria’s insurance industry following a wave of co-ordinated digital communication activities indicating an imminent completion of the expected merger of the operations in Africa’s largest economy.
The firms, which have already merged operations in 27 African countries, including Ghana and Rwanda, under the SanlamAllianz banner, are now widely believed to be ramping up their alliance in Nigeria as the next significant step in their partnership.
Recent posts on both companies’ digital platforms featuring their logos side-by-side and joint thematic messaging have drawn attention across financial and business circles. The coordinated activity mirrors pre-merger patterns observed in other African markets where their collaboration was subsequently formalised.
In 2022, Sanlam and Allianz announced the formation of a strategic joint venture covering 27 African markets. The move was intended to combine Sanlam’s local market depth with Allianz’s global scale and technical expertise, creating a formidable pan-African financial services entity with ambitions to lead in life and general insurance, asset management, and health insurance.
The partnership has taken concrete shape in countries like Ghana, where existing operations have been unified and rebranded under the SanlamAllianz name. The goal has been to offer more relevant, inclusive, and tech-forward financial solutions for individuals and businesses in these markets.
Nigeria is the continent’s most populous nation and its largest economy, yet despite recent progress, its insurance penetration remains under 1%. In 2023, the industry crossed the ₦1 trillion gross written premium mark for the first time, indicating untapped potential and growing consumer interest in financial protection.
Given these dynamics, analysts say Nigeria is a natural next step in the SanlamAllianz expansion journey. The presence of both logos in coordinated messaging has been read as a signal of intent. Both brands already operate in Nigeria, and a merger of local operations would represent a formidable alliance and substantial consolidation.
Market observers believe such a move could raise the bar in Nigeria’s insurance industry, fostering more robust competition, improved product design, and greater consumer trust in formal financial services. It would also align with both firms’ broader objective of promoting financial inclusion and building long-term resilience across African economies.
At a time when several global brands are reassessing their African strategies, Sanlam and Allianz’s continued commitment affirms their vote of confidence in Nigeria’s long-term prospects. This potential merger could not only reshape the insurance landscape but will also evidently become a significant catalyst and signal to the global investment community that Nigeria remains a viable and valuable market.
FG: Economic Reforms Driving Growth, Investor Confidence
The Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, says Nigeria’s economy is witnessing a significant turnaround, driven by bold reforms, improved co-ordination and a renewed focus on national priorities.
In a feature interview for an upcoming TV documentary marking President Bola Ahmed Tinubu’s second anniversary, the Minister declared that the government’s “Renewed Hope Agenda” is working and winning over investors at home and abroad.
“This is two years well spent,” Bagudu confidently stated, reaffirming the government’s commitment to the economic reforms.
“Mr. President confronted Nigeria’s economic realities with bold and necessary choices—tough as they might be—and those measures are now yielding results.”
Bagudu noted that the reform-driven economy has seen four consecutive quarters of GDP growth, exchange rate stability, and a resurgence in private sector confidence.
“We have seen four quarters of successive economic growth, stability in foreign exchange, and appreciation by Nigerians and the international community. Rating agencies have consistently appreciated what we are doing,” he said.
He added that foreign and domestic investors have responded positively to the government’s economic agenda, particularly agriculture, energy, and infrastructure.
“We have seen investors from Brazil, Belarus, and Saudi Arabia increasingly entering our agricultural space. The world economic community and multilateral institutions are putting more faith in our economy.”
According to the Minister, this renewed interest stems from the administration’s commitment to credibility, transparency, and structural change.
“Investors want to see good policy—can I get paid back? Are the numbers credible? Is the environment transparent? That’s why they appreciate when they see quarterly GDP growth,” he said.
“For the first time in 25 years, Nigeria is refining oil. Mr President was courageous enough to allow crude sale in naira to our refiners. This is a testament to his belief in our economy.”
Bagudu described removing fuel subsidies and unifying the foreign exchange market as transformative decisions restoring fiscal sanity.
“We were losing 5% of our GDP on fuel subsidy—money going to just a few,” he said. “Mr. President took the courageous step to end it.”
“The foreign exchange reform removed uncertainty and favouritism. We now have a fair market—willing buyer, willing seller—which has generated revenue growth and boosted private sector confidence.”
Bagudu said the 2024 and 2025 budgets balance fiscal responsibility and strategic investment in priority sectors.
“We have increased spending in health, education, infrastructure, security, and technology. The 2024 budget achieved significant deficit reduction, and more importantly, it showed that we are serious—and the markets believed us.”
He emphasised President Tinubu’s respect for the rule of law, even in managing inherited debt and Central Bank financing.
“Mr. President inherited ₦22.7 trillion in Ways and Means financing, but he insisted on respecting the Central Bank’s independence. That discipline is earning us credibility globally.”
The Minister credited the Presidential Economic Co-ordination Council and the Economic Management Team—led by President Tinubu and Co-ordinating Minister for the Economy, Wale Edun—with ensuring coherent, results-driven governance.
“This is teamwork. The President is the chief coordinator. He understands the global economic context, and the private sector respects him. We’re not just doing government-to-government coordination—the private sector is part of this reform effort.”
While acknowledging that the reforms may feel challenging in the short term, Bagudu likened the process to a necessary fitness regimen.
“Our economy is like a body going to the gym. It might feel painful now, but the muscles of progress are forming.
“Mr. President is saying: ‘I’m ready to take the pain so our children and grandchildren will inherit a more prosperous Nigeria.’ This isn’t just economic reform—it’s a moral responsibility,” Bagudu added.
Linkage Assurance Earns B+ Rating from AM Best
Linkage Assurance Plc, a prominent non-life insurance company in Nigeria, has been assigned a Long-Term Issuer Credit Rating (ICR) of “B+” by AM Best, a leading global credit rating agency.
The outlook for both the credit rating and the issuer credit profile is stable.
AM Best’s rating reflects Linkage Assurance’s strong balance sheet strength, in addition to its adequate operating performance, favorable business profile and effective enterprise risk management framework.
This development places Linkage Assurance Plc among the select Nigerian insurers evaluated by AM Best, reaffirming its position as a significant player in the country’s insurance landscape.
Linkage Assurance Plc is listed on the Nigerian Exchange Group (NGX) and currently operates 14 branches across Nigeria.
Its corporate head office is located at Plot 20, Block 94, Providence Street, Off Adewunmi Adebimpe Street, Lekki Phase 1, Lagos.
The stable outlook signifies that, barring unforeseen events, Linkage Assurance Plc is expected to maintain its current credit profile over the near to medium term.
CBN Reassures Public on Banking Sector Stability
The attention of the Central Bank of Nigeria (CBN) has been drawn to certain publications and social media reports containing misleading information regarding the operations of a regulated financial institution.
The CBN wishes to categorically reassure the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound.
Like all other regulated institutions, the institution referenced in these reports is held to stringent regulatory requirements, and there is no cause for concern regarding the safety of depositors’ funds.
The Bank affirms that it continues to monitor all financial institutions under its regulatory purview and maintains robust frameworks for early warning signals and risk-based supervision.
These mechanisms ensure that any emerging issues are promptly addressed to protect the integrity of the financial system.
We urge the public to disregard sensational or unverified claims and rely solely on official channels for information about the financial system.
The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds.
It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system.
Signed:
Hakama Sidi Ali (Mrs.)
Ag. Director, Corporate Communications