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NIIRA Act: Continental Re ED Technical, Akwiwu, Emphasises Strong Governance in Insurance Firms

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L-R: Chairman, Retreat Planning Committee, Oluwamuyiwa Aderibigbe and Executive Director (Technical), Continental Reinsurance Plc, Chukwuemeka Akwiwu at the annual retreat of the Risk, Audit, and Compliance Committee (RACC), a committee under NIA, held recently in Abeokuta, Ogun State.

The Executive Director (Technical), Continental Reinsurance Plc, Chukwuemeka Akwiwu, has urged insurance companies to embed strong governance practices as a core strategy for managing the fresh capital they are required to raise under the NIIRA Act 2025.

He made this call at the annual retreat of the Risk, Audit, and Compliance Committee (RACC), a technical committee under the Nigerian Insurers Association (NIA), held in Abeokuta, Ogun State recently.

Speaking on the theme of the retreat, “Insurance Industry Recapitalisation: Strengthening Governance Activities for Maximum Benefits”, Akwiwu emphasized that while new capital provides much-needed strength to insurers’ balance sheets, it is governance that ensures capital is deployed wisely, risk is underwritten responsibly, and companies are positioned for sustainable growth.

“With recapitalisation, we now have the capacity to underwrite more and take on larger risks,” he said. “But that comes with the responsibility to ensure we are taking on the right risks, with proper exposure limits and necessary protections in place. Governance and control must guide this process.”

He highlighted that capital, while necessary, is never permanent unless it is well managed.

“Capital is fleeting, it comes and goes. But it is always willing to stay where strong governance structures are in place,” Akwiwu noted. “Governance is the multiplier of capital. It doesn’t just preserve capital; it enhances its impact.”

Akwiwu welcomed the increased capital requirements which are N10bn for life, N15bn for non-life, N25bn for composite, and N35bn for reinsurance firms, but pointed out that capital alone will not transform the industry. He called for company boards and leadership to go beyond compliance and embed a culture of risk management and strategic oversight at every level of operation.

“This is not business as usual. Every individual in the value chain must take ownership of the process and ensure that decisions are not made first and then justified later. Compliance must come first, not as a reaction, but as a guiding principle,” he emphasized.

He also urged insurers to revisit the composition of their boards, perform skills gap analyses, and ensure that board members are chosen based on merit and value addition, not personal relationships.

“Gone are the days of sitting on boards because your friend owns the company. You must bring value, expertise, and accountability,” he said.

Akwiwu expressed optimism about the future of Nigeria’s insurance industry and its role in contributing to the country’s $1 trillion economy. “Stronger capital, aligned with stronger governance, will not only stabilize our companies but increase public trust in our products and services, creating a cycle of growth and deeper penetration.”

He encouraged continuous engagement with NAICOM, the industry regulator, noting that collaboration and transparency will be key to ensuring the success of the ongoing recapitalisation process.

 

 

 

AERMP Holds Mid-Year Conference, Induction 2025 in Lagos

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L-R: THE REGISTRAR, JAMES HOPE UNIVERSITY, Dr. UZOR ACHUGAMONU, DIRECTOR, NDLEA, representing the Chairman NDLEA, BRIG GEN BUBA MARWA (RETD), Mrs. ARCHIE – ABIA IBINABO. O M, DIRECTOR GENERAL / CEO, AERMP, Dr. Olayinka Odutola, Ag Director, EFCC, LAGOS ZONAL DIRECTORATE 2, AHMED M. GHALI, representing Mr. Ola Olukoyede, Chairman, EFCC, PRESIDENT, AERMP, Mrs. SYLVIA TAIWO IGE, Ag VICE CHANCELLOR, JAMES HOPE UNIVERSITY, Professor Abiola Babajide and President, Chartered Institute of Stockbrokers, Mr. Oluropo Dada at the AERMP Mid-Year Conference & Induction 2025 in Lagos.

Fidelity Bank Resumes International Transactions on Naira Debit Cards

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Tier-one Lender, Fidelity Bank Plc, has announced the resumption of international transactions on its Naira Debit Cards. This recommencement gives customers the freedom to make seamless payments abroad, online, and at ATMs outside the country.

Shedding light on the development, Ifeoma Onibuje, Divisional Head, eBanking, Fidelity Bank Plc said: “We are delighted to inform the public that Fidelity Naira Cards are now enabled for global use. This means that our travelling customers can now utilise their Naira Debit cards outside the country to shop, spend and withdraw internationally without hassles.”

“Consequently, our customers can now spend up to $1,000 quarterly for international POS and online transactions; and withdraw up to $500 quarterly on international ATMs.”

The announcement offers Fidelity Bank customers another way to complete international transactions, in addition to the Bank’s existing foreign currency debit and credit cards.

This further reinforces Fidelity Bank’s commitment to delivering solutions that fit seamlessly into customers’ lifestyles. With Fidelity Bank’s VISA and Mastercard Naira Debit Cards, Nigerians can now enjoy effortless global access.

Beyond payments, Fidelity VISA cardholders, one of the variants of the bank’s card offerings, also enjoy premium travel and lifestyle benefits ranging from airport lounge and spa access via the Visa Airport Companion App, to fast-track immigration lanes and 20% discounts on SIXT car rentals worldwide.

This move reflects the bank’s commitment to provide secure, convenient, and reliable banking services that empower customers in Nigeria and beyond.

The bank has deliberately made the process of getting a Fideity Naira card seamless. Customers can easily apply for their Fidelity VISA or Mastercard Naira Debit card via the Fidelity Mobile App or simply visit the nearest Fidelity bank branch to request for one and they can start transacting globally with ease.

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 recognized 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.

 

BudgIT Faults Finance Min, Budget Office over Budget Implementation Reports

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BudgIT, a prominent civic-tech organisation promoting transparency and accountability in Nigeria’s public finance, has raised serious concerns over the refusal of the Federal Ministry of Finance, via the Budget Office, to publish Quarterly Budget Implementation Reports (BIR), describing its action as a violation of statute, established practice and a clear erosion of the hard-won dissemination and transparency reforms of previous administrations.

It is settled law, per the Fiscal Responsibility Act, 2007 in Part V, Budgetary Execution and Achievement of Targets, section 30 that: “The Minister of Finance shall cause the report (on the Implementation of the Annual Budget) prepared pursuant to subsection (1) of this section to be published in the mass and electronic media and on the Ministry of Finance website, not later than 30 days after the end of each quarter.” Furthermore, the previous administration, in its two terms, published a minimum of 3 BIRs per fiscal year. With nearly 4 BIRs pending from Q2, 2024, to Q2, 2025, the current administration has not published a single BIR in nearly one fiscal year.

Budget Implementation Reports are not only a requirement of the law and established practice, they are an indication of a government’s willingness to be transparent and to provide evidence of its spending.

The proof of this spending is crucial to assess the quality of implementation of its budget and, more broadly, the quality of the delivery of public goods and services. Public sector accounting principles emphasise the need to publish and disseminate financial information as a matter of professional practice and to secure the engagement of the public, a significant stakeholder in public financial management.

It is troubling that the current administration has ignored the law and refused to publish a key public document. It would have been preferred that the current administration build on the foundation of previous governments and, in addition to regular implementation reports, publish and disseminate the Federal Cash Plan Disbursement Schedule, per section 26 of the Fiscal Responsibility Act. This poor state of affairs is all the more compelling, considering the current administration has just concluded spending on the 2024 Appropriation (though it is unclear if the 2024 Supplementary.

Appropriation is still being implemented). Regrettably, the Ministry of Finance and Budget Office of the Federation have withheld crucial information that the private sector is meant to use for planning, information that Civil Society and the Academia are meant to use for their advocacy and analysis and information that will show the international community that Nigeria operates according to accepted norms and conventions of international public finance.

Perhaps more worrying is the fact that this disposition towards providing public information does not end with Quarterly BIRs but extends to the government’s own public platforms, namely OpenTreasury.gov, which used to be the go-to source of information on daily, weekly, monthly, quarterly and yearly spending of the federal government. While the platform was not perfect (several government Ministries, Departments and Agencies’ spending data was absent, links were broken, and the data was often not machine-readable), it was largely comprehensive and a demonstration of transparency and the willingness of the government to be held accountable. The government has not updated the platform with new information since January 2025.

Commenting, BudgIT’s Group Head of Research and Policy Advisory, Vahyala Kwaga, contends that the unwillingness of this administration to publish what was once a matter of routine is discouraging.

“The ability of a government to hold itself accountable to its laws is not only to be expected of a democracy such as ours but is an indication of adherence to the rule of law. The non-publishing of crucial information by the Ministry of Finance and the Budget Office of the Federation should not be augmented by ‘pronouncements’ by the Minister/Director General in the media. It should be done by publishing financial information according to existing laws. Citizens and the general public have a right to know and a right to be informed,” he said.

To this end, BudgIT calls on the Ministry of Finance and the Budget Office of the Federation, and the President of the Federal Republic of Nigeria, Bola Ahmed Tinubu, to uphold the principles of transparency, legal compliance, and accountability in the management of public funds. We also urge citizens, civil society organisations, the private sector, academia/research, and the international community to collectively seek the urgent publication of the expenditure performance underpinning the federal government’s 2024 budget. We all have a right to know.

 

 

NIA Chairman, Kunle Ahmed, Confirmed to Speak at IMT 4.0 Conference

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Insurance Meets Tech (IMT), West Africa’s leading platform for converging insurance and technology innovations, colloquium, and discourse on policy environment and operational efficiencies, proudly confirms the participation of Kunle Ahmed, the Chairman of the Nigerian Insurers Association (NIA) as a Guest of Honour for the highly anticipated IMT 4.0 Conference, scheduled for Thursday, September 18, 2025, in Lagos.

Kunle Ahmed, who is also the CEO of AXA Mansard Insurance, joins a high-powered lineup of leaders from key insurance institutions, who have now confirmed their participation in the leading conference.

They include Prince Babatunde Oguntade, the President of the Nigerian Council of Registered Insurance Brokers (NCRIB); President and Chairman of Council of Chartered Insurance Institute of Nigeria (CIIN), Mrs. Yetunde Olubunmi Ilori, (Mrs.) Abimbola Onakomaiya, the President of the Professional Insurance Ladies Association (PILA), and most importantly, the Commissioner for Insurance/Chief Executive Officer, National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin.

Odion Aleobua, Convener of the Insurance Meet Tech (IMT) and CEO of Modion Communications, warmly welcomed the Chairman of the Nigerian Insurers Association, Kunle Ahmed. “Having the Chairman of the NIA on board is a monumental buildup to this event. Kunle Ahmed is not only a respected leader in the industry, spearheading the premier umbrella body, but he is also a dedicated advocate for the digitalisation and tech-led innovations within the Nigerian insurance sector.

“There couldn’t be a better time for him to join us at the IMT, especially following the passage of the Nigerian Insurance Industry Reform Act (NIIRA) and the launch of the NIA Innovation Lab. His insights and perspectives will undoubtedly enrich the discussions at the conference.”

With key institutions such as NAICOM, CIIN, NIA, NCRIB, and PILA fully involved in this year’s edition, it affirms that IMT is the most critical convening ground for Nigeria’s insurance ecosystem —a coalition of leadership voices ready to write a new chapter for the industry.

The 2025 edition of Insurance Meets Tech will feature Per Lagerström from South Africa as the Headline Speaker. He is a global thought leader in insurtech, behavioural science, and innovation.

He was a former Partner at McKinsey & Company, with deep expertise in financial services, FMCG, and strategy consulting and Founder of BehaviorTech. This pioneering field combines behavioural science, AI, and innovation to produce transformative results for individuals, businesses, and societies.

He is also the CEO of Yellowspot, an Ireland-based venture studio focused on developing disruptive ventures in financial planning, education, longevity, and human-centred digital transformation.

A Journey of Change: The Power of Making Bold Decisions

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The book-A Journey of Change by Mr. Kayode Adeagbo, the CEO of TMS UK Property Limited was presented to the public yesterday at Laterna Books store in Lagos.

Adeagbo said the book, which was 20 years in his dream, was a compilation of his earthly journey of over 60 years and a worthy testament and tribute to his love of books and reading.

Going down memory lane, the author said: “I believe so much in books-reading transformed my life. Many people do not understand the spiritual angle of reading books.”

In his welcome address, the author stated:

“This book is more than just pages and words—it is my story, my experiences and the lessons I have gathered along the way. Like many of us, my journey has not been a straight path. I’ve faced challenges, setbacks and moments of uncertainty. But through it all, I discovered resilience, faith and the power of making bold decisions. One of the biggest parts of my story is my property journey—how I started with little, made mistakes, learned, and eventually built a path that created both freedom and opportunities.”

He added that the book is not just about property, though—it is about transformation. “It is about how change, no matter how difficult, can open doors to growth, to new beginnings and to success that once seemed out of reach. My hope is that as you read the book, you don’t just see my journey—you see reflections of your own. That you find encouragement to take steps forward, to embrace change and to build the future you truly desire.”

On the inspiration behind the book, Adeagbo said mentoring people was one of the key reasons why he wrote and published the book.

“Impacting people is more important than personal success. I am impacting people. Those doing well today should impact other people to also do well. I have a lot of people l mentor. People in Nigeria could be part of my mentoring program. Many didn’t buy into my mentoring program initially but many are now interested.”

He said the book, which was four months in the making would have a revised edition by 2026 to capture some of the missing links in his life’s journey not adequately reflected in the current edition. According to him, two more books are coming in the very near future.

The author said the coming of technology has also impacted positively on reading of books.

“Technology has helped me in reading books. I read more now on property because l have a lot of people l mentor in that line of business.”

Adeagbo added that relocating from Nigeria to the United Kingdom to focus on his real estate business was a journey that created a path of success and prosperity unlike his early upbringing.

“My journey to Lagos in my early days was to live my father’s dream of going to school to become a politician, unlike my dad who was a farmer. We also generated great value from our mum in our family setting.”

With his success story as a realtor in the bag, Adeagbo confessed that his relationship with God kept him away from the wrong path of creating wealth.

“The scriptures guided my path. My faith in God guided me on my journey. The God factor is key and if you join it with others, success is guaranteed.”

To him, the other success factors include networking, collaboration and leveraging on technology.

“The world we live in rotates. It is not static. Many years ago, hardwork was the most important factor. Then the smart work ethic came-and it came with technology. In essence, the sum total of my journey was the power of making bold decisions.”

To corroborate the story of Kayode Adeagbo, his close friend of over five years, Mr. Dotun Oloyede, CEO, Rolad Properties Limited, said the author, fondly called Papa K by close friends, believes strongly in the concept of tenacity and resilience.

“Adeagbo’s commitment is to see others grow. His methodology resolves around hardwork, educating himself and gaining additional knowledge.”

In the same vein, Mr. Olusanya Adetifa, the CEO of Shanhad Integrated Services Limited described the author as an all-rounder.

“He teaches people about foundation, vision and resilience, which started from his early days in life. He had the determination not to disappoint his parents. He wants to teach. He is very intentional to pass on knowledge to others.”

Adetifa said parents have a big role in redressing the problem and challenge of declining reading culture in Nigeria, even in the current age of social media.

Stanbic IBTC Insurance Hosts 2nd Annuitant Forum on Life in Retirement

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Retirement is often viewed as a new beginning, an opportunity to enjoy the fruits of one’s lifetime work. In line with its mission to support clients through every stage of life, Stanbic IBTC Insurance Limited, a subsidiary of Stanbic IBTC Holdings Plc, is set to host the second edition of its Annuitant Forum, themed “Making the Most of Life in Retirement.”

Held online on August 20, 2025, this year’s event opened its doors to participants across Nigeria. The virtual format ensured wider access, allowing retirees and those planning for retirement to engage in meaningful, interactive discussions on topics that matter most, ranging from health and wellness, estate planning, and expert insights on securing a fulfilling retirement.

Akinjide Orimolade, Chief Executive of Stanbic IBTC Insurance Limited, speaking on the importance of the theme highlighted that: “Retirement is a significant milestone that should be embraced with purpose, security and fulfillment. Unfortunately, many are unprepared for the realities that come with this phase. Our goal with this forum is to provide both retirees and employers with practical guidance and holistic advice, helping them navigate this new chapter confidently.”

Participants had discussions on long-term income strategies, the vital role of insurance in maintaining financial stability and how organisations can better support their staff’s retirement journeys. The event also touched on lifestyle aspects such as wellness, leisure and personal growth; reinforcing the idea that retirement is a time to thrive.

The Stanbic IBTC Insurance Annuitant Forum has become an important platform for the organisation to connect with its retirees, strengthen relationships, and reaffirm its leadership in retirement planning solutions.

By hosting the event virtually, the company was committed to making this resource accessible to retirees nationwide, ensuring that no one is left behind in planning for a rewarding retirement.

 

NAICOM, Police Begin Crackdown Against Sale of Fake Insurance Policies

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The National Insurance Commission (NAICOM) has launched a crackdown on individuals selling fake motor third-party insurance policies in collaboration with the Nigeria Police Force.

Led by its Motor Third-Party Insurance Enforcement Committee, NAICOM conducted a raid in the Mabuchi area of Abuja, targeting perpetrators who issue counterfeit policies to the public.

This enforcement action is a follow-up on the directive by the Inspector General of Police on strict compliance with third-party motor vehicle insurance across the country. The action forms part of its strategic initiative to eradicate the proliferation of fake insurance documents.

During the exercise, Mr. Adeyemi Abubakar, Head of Market Development at the Commission, emphasised that the crackdown aimed to protect policyholders and the public from fraudulent insurance practices.

He explained that genuine third-party motor insurance policies provide critical compensation for accident victims, while fake policies deny citizens this essential benefit. Mr. Abubakar highlighted the importance of authentic insurance coverage, noting that it ensures financial protection and support in the event of accidents.

He also buttresses that selling insurance without a license is illegal and warns consumers to purchase policies only from licensed insurance companies to avoid losing money and being stranded during claims settlement.

Individuals apprehended during the operation will face prosecution in line with Nigerian law.

If convicted, they will be subject to penalties outlined in the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which may include fines and other regulatory actions.

NAICOM reiterated its commitment to sanitising the insurance market and called on Nigerians to always verify the authenticity of their insurance policies through the Commission’s approved verification platforms.

T2 Unveils Nigeria’s First Electronic KYC SIM Registration Web App

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 T2 proudly announces the launch of its revolutionary electronic Know Your Customer (eKYC) SIM Registration Web App—a first-of-its-kind solution designed to transform the SIM registration experience across the country.

This innovative web application sets a new benchmark for customer onboarding, delivering a seamless, fast, and secure registration process for all users—including existing and prospective customers, channel and retail partners, T2 shops, agents, and staff.

Engineered for accessibility, T2’s eKYC SIM Registration Web App operates efficiently on any smartphone, even in low-connectivity environments. It is tailored to serve individual, corporate, and foreign customers, ensuring no one is left behind in the digital revolution.

Importantly, the eKYC SIM Registration Web App is fully compliant with all regulatory requirements associated with SIM registration in Nigeria. This ensures that every registration is secure, accurate, and meets the highest standards set by regulatory authorities.

“We are excited to introduce this groundbreaking solution to our customers and partners,” said Ayodeji Adedeji, Chief Technical & Information Officer at T2. “Our new SIM Registration Web App, a flagship innovation following our recent brand unveiling, is designed to revolutionise customer onboarding—making it faster, easier, and more seamless, while ensuring full compliance with all regulatory requirements.”

This launch marks a significant milestone in T2’s ongoing commitment to innovation and customer satisfaction. The new web app drastically reduces registration turnaround times, strengthens compliance, and elevates the customer experience across T2’s entire retail ecosystem.

Key features of the eKYC SIM Registration Web App include, Simple Digital Onboarding-Effortless registration with real-time image capture and ID verification, Integrated NIN Validation-Instant verification with the NIMC database for swift processing, Comprehensive Registration-Smooth handling of individual, corporate, and foreign customer registrations, Smart Geo-Location-Ensures accurate registration within approved locations, & Customer-Friendly Workflow- From photo capture and ID upload to declaration and instant SIM activation.

T2’s brand is built on four core pillars: Fast Connectivity, Smart Lifestyle, Creative Energy, and Trust. These values underscore T2’s mission to be the digital heartbeat of a rising generation, empowering Nigerians to thrive in an increasingly connected world.

NAICOM, SEC Initiates Partnership to Drive Insurance Sector Reforms

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The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin paid a courtesy visit to the Director-General of the Securities and Exchange Commission (SEC), Mr. Emomotimi Agama at SEC headquarters in Abuja on Tuesday, August 19, 2025.

Welcoming the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, Mr. Agama described the visit as timely and significant.

He congratulated NAICOM on the recent enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, signed into law by President Bola Ahmed Tinubu. Mr. Agama noted that the legislation marks a new dawn for the insurance industry and expressed optimism that it would drive meaningful reforms in the financial services sector.

In his response, Mr. Omosehin expressed appreciation for the warm reception and described the visit as an important step towards strengthening collaboration between both agencies.

He emphasised that the ongoing recapitalisation of the insurance industry was aimed at transforming the sector and strengthening the institutions, which he noted was now a legislative mandate rather than an option. According to him, the exercise was focused on repositioning the sector for growth and ensuring better service delivery.

Agama assured the Commissioner for Insurance and his delegation of the SEC’s unwavering support, pledging to provide the necessary expertise and guidance to deepen the insurance industry’s growth.

He urged NAICOM to regard the SEC as a strategic partner, assuring that the Commission would always be willing to provide assistance during the recapitalisation process and beyond. He also stated that SEC’s operations are now fully digitalized, hence he encouraged insurance operators to embrace digitalisation to enhance efficiency and accelerate transformation within the sector.

Delivering a vote of thanks, Dr. Usman Jankara, NAICOM’s Deputy Commissioner for Insurance (Technical), commended the SEC leadership for its commitment to supporting the insurance sector.

He also solicited the Commission’s continued advice and guidance in the joint effort to strengthen Nigeria’s financial ecosystem.

How Power Outages Threaten Nigeria’s Digital Economy Dream

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By Elvis Eromosele

Recently, I found myself inside a multi-storied shopping complex buzzing with activity. The building was home to laptop shops, phone sales and repair centres and accessories vendors, an ecosystem of Nigeria’s thriving tech economy. Yet, beneath the hum of commerce was another, more unsettling sound: the deafening roar of generators.

The noise was overwhelming, like a thousand engines competing for dominance. One out of every five shops had turned to gas-powered generators, while the rest clung to the more familiar diesel units. In that moment, it struck me: Nigeria’s quest for a digital economy still rests on shaky ground. The greatest stumbling block remains what it has always been, power supply.

A nation cannot hope to digitise its economy when its entrepreneurs and citizens spend more time and money generating power than generating innovation. Until the power supply is fixed, Nigeria’s ambition for a true digital economy will remain more rhetoric than reality.

Private individuals and businesses have done more than their fair share. Many have moved from diesel to solar energy, inverters, and even bio-gas systems. Others have embraced energy-saving systems to reduce consumption. These efforts, while admirable, represent only coping mechanisms, not sustainable solutions.

Generators, in particular, are a symbol of the broken system. Their drawbacks are well documented: unbearable noise, air pollution, escalating costs, and long-term health risks. According to some health experts, constant exposure to generator fumes increases respiratory diseases. For small businesses, the costs of fueling and maintaining generators eat deep into profits.

The reality is stark: Nigeria cannot grow a digital economy on a foundation of noise and smoke. Power is not optional. It is the backbone of everything—data centres, fintech apps, e-commerce platforms, e-health systems, and even education technology.

The government must take immediate steps to ease the burden while working on long-term fixes. Some practical recommendations for the short term include:

First, expand grid reliability in urban hubs. Quick fixes such as upgrading transformers, replacing broken distribution lines, and improving load management in major cities will directly benefit businesses. A reliable grid in commercial hubs like Lagos, Abuja, Port Harcourt, and Kano will have a ripple effect on the economy.

Second, subsidise alternative energy for SMEs. Small businesses are the heart of Nigeria’s digital economy. Providing grants or tax incentives for SMEs to adopt solar and inverter systems will drastically reduce their dependence on generators.

In addition, improve metering and transparency. Widespread installation of prepaid meters and real-time monitoring of distribution will cut down on electricity theft and ensure that consumers only pay for what they use. Transparency builds trust in the system.

Moreover, explore hybrid energy initiatives. This involves encouraging public-private partnerships to set up mini-grids powered by solar, hydro, or wind in high-density business clusters. These can be scaled quickly and help to reduce pressure on the national grid.

For the long haul, Nigeria must aim for energy transformation, not just power restoration. Some strategies include:

We must start with massive investment in renewable energy. Nigeria has abundant sunshine, wind, and water resources. A clear national roadmap to expand solar farms, small hydro dams, and wind energy will reduce reliance on fossil fuels. Countries like Kenya and South Africa already generate significant renewable energy. Nigeria must catch up.

Number two, is to reform the power sector value chain. From generation to transmission and distribution, the sector is riddled with inefficiency and corruption. In my mind, genuine deregulation, strict enforcement of contracts, and increased private sector participation will improve performance.

Three, we need to urgently improve the energy mix diversification. Relying on gas alone is risky. Nigeria must diversify its energy mix by integrating coal, nuclear, and renewable power into the system. This makes the grid more resilient.

 

Besides, regulatory oversight requires strengthen. Agencies like NERC (Nigerian Electricity Regulatory Commission) must be empowered to enforce standards, protect consumers, and punish erring operators. A weak regulator equals a weak system.

Furthermore, we need to explore the regional power pools. Nigeria can also collaborate with neighbouring countries through regional power pools, exchanging excess supply for stability. West Africa’s interconnected power systems are still largely under-utilised.

The truth is simple: Nigeria’s digital economy cannot thrive without electricity. Private individuals and businesses have carried the weight for too long. It is time for the government to shoulder its responsibility.

Fixing power is not just about lighting homes and businesses; it is about creating jobs, driving innovation, and attracting foreign investment.

The digital economy is more than fintech apps and startup showcases; it is about creating an enabling environment where innovation can flourish. Reliable power supply is the number one signal that Nigeria is serious about transformation. Until then, the noise of generators will remain the sad soundtrack of our so-called digital economy.

 

Elvis Eromosele, a corporate communications professional and sustainability advocate, wrote via [email protected].

 

 

Tinubu Commissions WAGL’s 40,000 CBM LPG Vessel in South Korea

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Dignitaries at the naming ceremony of the 40,000 cubic metres (CBM) WAGL Energy Limited’s Liquiefied Petroleum Gas (LPG) vessel in Ulsan, South Korea.

President Bola Ahmed Tinubu says Nigeria is poised to deliver clean and sustainable energy solutions not just in-country but also across Africa and beyond.

The President made the remarks at the commissioning ceremony of a 40,000 cubic meters (CBM) Liquefied Petroleum Gas (LPG) vessel, christened “MT Iyaloja (Lagos),” in Ulsan, South Korea.

The vessel owned by WAGL Energy Limited (an NNPC Ltd /Sahara Group Joint Venture) is a dual-fuel, fully refrigerated LPG carrier. This latest addition brings WAGL’s total LPG vessel capacity to 162,000 CBM. Other vessels in the fleet include MT Africa Gas, MT Sahara Gas, MT BaruMK, and MT Sapet.

Represented by the Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, the President commended WAGL Energy Limited, NNPC Limited and Sahara Group, for their strategic foresight, technical excellence and unwavering dedication to expanding Africa’s role in the global clean energy value-chain.

In his remarks, Group Chief Executive Officer (GCEO) of NNPC Limited, Engr. Bashir Bayo Ojulari, described WAGL’s LPG Vessel as a great addition to gas development efforts in Nigeria.

The GCEO, who was represented by the Executive Vice President, Gas, Power & New Energy, Mr. Olalekan Ogunleye, added that the vessel will be crucial in realising the impact of gas in Nigeria’s economic development.

According to him, NNPC Limited is deepening its commitment to ensure LPG affordability, availability and access, nationwide.

“NNPC Limited is proud to be a major shareholder in this indigenous Company which in addition to the newly commissioned MT Iyaloja (Lagos), owns four (4) other LPG vessels in its growing fleet, delivering over 6 million MT of LPG across West Africa over the last 5 years,” he added.

Also speaking, WAGL’s Chairman/Executive Director at Sahara Group, Mr. Temitope Shonubi, noted that the company’s expansion demonstrates its vision of responsibly driving efforts aimed at bridging the continent’s critical energy infrastructure gap.”

“The addition of MT Iyaloja (Lagos) embodies the spirit of progress and empowerment championed by the iconic Alhaja Abibatu Mogaji, whose legacy we honour. Sahara Group is proud of its partnership with NNPC Limited and reaffirms its commitment to partnerships that drive energy access in Africa,” he added.

WAGL’s Managing Director, Mr. Mohammed Sani Bello stressed that the company is dedicated to expanding its integrated supply network across the entire energy value chain.

“WAGL already has plans to further expand the fleet within the next two years with the addition of a Small Gas Carrier and a Very Large Gas Carrier (VLGC),” he added.

The symbolic ribbon cutting of MT Iyaloja (Lagos) named in honour of Alhaja Abibatu Mogaji, MFR, (the late mother of President Bola Ahmed Tinubu), was performed by her grand-daughter, the Iyaloja-General of Nigeria, Alhaja Folasade Mujidat Tinubu-Ojo.

 

 

 

NCC to Partner ATCON on National Digital Infrastructure Development

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KEYNOTE ADDRESS BY DR. AMINU MAIDA, EXECUTIVE VICE-CHAIRMAN OF THE NIGERIAN COMMUNICATIONS COMMISSION, AT THE 2ND EDITION OF THE STRATEGIC STAKEHOLDERS MEETING OF THE ASSOCIATION OF TELECOMMUNICATION COMPANIES OF NIGERIA (ATCON).

INTRODUCTORY REMARKS

Good day, distinguished guests, esteemed members of the Association of Telecommunication Companies of Nigeria (ATCON), industry leaders, government representatives, and valued stakeholders.

It is a privilege to stand before you at the 2nd edition of ATCON’s Strategic Stakeholders Meeting, a platform that exemplifies collaboration and innovation in Nigeria’s telecommunications sector. I extend my sincere gratitude to ATCON for this gracious invitation and for your relentless commitment to advancing our nation’s digital agenda.

Today, we gather as a diverse coalition—telecom operators and other stakeholders—united by a shared vision to address a topic that lies at the heart of our nation’s journey toward a digitally enabled and economically secure future and strengthen Nigeria’s digital infrastructure. Our discussion today is centered around the theme “Building Resilience in Nigeria’s Digital Infrastructure: The Executive Order and Beyond.”

As Nigeria accelerates its digital transformation, we stand at a crossroads of unprecedented opportunities and formidable challenges. In a world increasingly defined by data and digital systems, our infrastructure is no longer just physical—it is virtual, interconnected, and crucial to every sector of society. As we enter this new era, we must forge a path toward a secure, resilient, adaptive, and inclusive digital future.

THE CRITICAL ROLE OF TELECOMMUNICATIONS AS NATIONAL INFRASTRUCTURE

The digital transformation of Nigeria has accelerated over the past decade. From e-governance to digital financial services, telemedicine, education, and smart agriculture, the dependency on digital infrastructure continues to grow.

However, this transformation brings with it a host of vulnerabilities: cyber-attacks, physical sabotage, climate-related disasters, and infrastructural

duplication, among others.

The consequences of these vulnerabilities are far-reaching. A disruption in our telecommunications network can stall emergency services, halt financial transactions, disrupt businesses, and affect national security. Thus, resilience is not a luxury—it is a national imperative.

At the heart of our discussion is the Presidential Order of June 2024, which designates telecommunications infrastructure as Critical National Information Infrastructure (CNII). CNII encompasses the interconnected systems and networks—telecommunications, data centers, and digital platforms—that power Nigeria’s economy, security, public health, and governance. These are the foundational pillars of our digital ecosystem, enabling critical sectors like finance, healthcare, energy, and education to thrive. Telecom towers, fibre optic networks, data centres constitute the digital lifelines of our economy, and any disruption to these assets could paralyse vital services—including emergency communications, financial transactions, and government operations.

This designation is a landmark recognition of telecommunications as a cornerstone of national stability and digital sovereignty. With 171 million mobile subscribers and a teledensity of 79.22% as of June 2025, our telecommunications sector is the backbone of digital inclusion, connecting Nigerians to education, economic opportunities, and essential services. The industry contributes over 14.4% to Nigeria’s GDP (as of Q4 2024) and underpins nearly all critical sectors—from banking, energy, and health to security, education, and governance. Yet, this infrastructure faces relentless threats. The Nigeria Cybersecurity Outlook Report by Deloitte highlights a surge in cyberthreats in 2024, from ransomware to insider attacks. Physical disruptions, such as vandalism and theft, are equally alarming, with service providers reporting an average of 30 to 43 fibre cuts daily. These incidents erode service reliability, public trust, and economic stability.

The Presidential Order is a clarion call to protect this vital infrastructure. It aligns with Nigeria’s National Digital Economy Policy and Strategy (2020- 2030) and the Renewed Hope Agenda. A resilient CNII will foster citizen confidence, attract investment, and position Nigeria as a leader in Africa’s digital economy. Without it, our aspirations for a connected and prosperous nation are at risk.

OPERATIONALIZING THE PRESIDENTIAL ORDER

The Presidential Order is not merely a policy directive—it is a national imperative that demands coordinated, decisive action. The NCC has taken bold steps to operationalize this Order, ensuring its transformative impact across Nigeria’s digital ecosystem.

Our efforts include:

Comprehensive Infrastructure Mapping: We have initiated a nationwide mapping of critical telecom assets, including fibre-optic networks, data centers, and mobile towers, to prioritize protection and investment.

Critical National Information Infrastructure Protection Plan (CNIIPP): In partnership with the Office of the National Security Adviser (ONSA), which has the statutory mandate to oversee the operationalisation of the CNII framework, we are developing a robust plan to prevent unauthorized access, vandalism, and cyberattacks. This collaboration ensures alignment between regulatory enforcement and national security strategy, particularly in intelligence sharing, risk classification, and response coordination.

Stakeholder Awareness Campaigns: We are launching nationwide initiatives to educate communities and stakeholders on their shared responsibility to protect CNII. Delivered through radio jingles, social media, and other multimedia channels, these campaigns aim to educate the public on how disruptions—whether due to vandalism, construction accidents, or negligence—directly affect the quality of service, emergency communications, and everyday digital services relied upon by millions of Nigerians. Public buy-in is essential, and we are committed to ensuring that telecom infrastructure is viewed as a national asset deserving of collective protection.

Coordination with Federal Ministry of Communications Innovation & Digital Economy and Federal Ministry of Works: In collaboration with the Federal Ministry of Communications, Innovation & Digital Economy and the Federal Ministry of Works, we have established mechanisms to safeguard fibre-optic cables during road construction and rehabilitation. In addition, the Commission is working toward executing a Memorandum of Understanding with key stakeholders in the telecom infrastructure ecosystem like the Federal Ministry of Works.

The Role of Sub-National Governments: States and local governments are critical partners in this journey. They are responsible for enforcing compliance, securing right-of-way for fibre deployments, and addressing local challenges like vandalism. However, inconsistent policies, high taxation, and limited coordination between state and federal agencies pose significant hurdles. The NCC is actively engaging state governments to harmonize policies and ensure CNII protection at the sub-national level. We have also institutionalised mediation as a proactive dispute resolution mechanism. In instances where operators face administrative hurdles or community resistance during infrastructure roll-out, the NCC actively intervenes to facilitate consensus. This approach has yielded measurable outcomes— notably in Osun and Kogi States, where previously stalled infrastructure deployments have resumed following regulatory mediation. This reinforces our belief that engagement, not litigation, is often the more sustainable path to resolving industry friction points.

Stakeholder Collaboration: The NCC has also advanced stakeholder collaboration as a cornerstone of CNII protection. The Presidential Order is not self-executing. Its success depends on the awareness, participation, and cooperation of all key actors— including lawmakers, law enforcement, the judiciary, state governments, and private sector operators. In this regard, the Commission has hosted a series of high-level stakeholder engagements with the National Assembly, the Judiciary, and most recently, with State Attorneys-General. These forums have served as platforms to clarify roles and responsibilities under the CNII Order and to underscore the urgency of defending our telecommunications infrastructure from all forms of disruption.

Enforcement: Finally, while collaboration and awareness remain our primary tools, enforcement actions are not off the table. The NCC views enforcement as a measure of last resort—one to be deployed only when all engagement and mediation avenues have been exhausted. And when we do enforce, it is with the backing and cooperation of relevant security, legal, and oversight institutions. Our goal is not to penalise, but to preserve the integrity and continuity of national communications systems.

Together, these interventions reflect a layered approach to CNII protection—one that is preventive, participatory, and pragmatic. As threats to critical infrastructure evolve in scope and sophistication—from fibre cuts, theft of fuel and telecom equipment to cyberattacks and misinformation— our response must likewise be adaptive, inclusive, and anchored in shared responsibility.

ADDRESSING THE INDUSTRY LANDSCAPE

As we operationalize the Presidential Order, we acknowledge concerns within the industry about leadership and coordination in the CNII process. Questions about who leads this transformative effort have created uncertainty. Let me be clear: the NCC, as the statutory regulator of the telecommunications sector, is firmly positioned to lead this initiative under the guidance of national policy frameworks. However, leadership does not mean exclusivity—it demands collaboration.

A fragmented approach risks diluting our efforts and undermining the Order’s objectives. The NCC is committed to a coordinated strategy that leverages the expertise and resources of all stakeholders—telecom operators, government agencies, security forces, and communities. We recognize ATCON’s pivotal role as a unifying voice for the industry and value your insights in shaping this framework. The NCC will continue to engage constructively, but our leadership role in ensuring regulatory oversight and national alignment is non-negotiable.

Every stakeholder has a collective responsibility to achieve optimal implementation. Telecom operators must invest in resilient infrastructure, policymakers must streamline regulations, and communities must protect shared assets. Together, we can build a cohesive ecosystem that safeguards CNII and drives Nigeria’s digital ambitions.

THE WAY FORWARD: A COLLABORATIVE VISION

The Presidential Order lays a strong foundation, but resilience in Nigeria’s digital infrastructure requires sustained effort and partnership. The NCC is committed to leading this charge, but we cannot succeed alone. I call on ATCON, telecom operators, and all stakeholders to join us in this transformative journey. Addressing these issues requires not just regulatory tools, but inter-agency cooperation, legislative backing, private sector responsibility, and public awareness. Our path forward rests on five pillars:

Public Awareness and Community Ownership: We must scale campaigns that sensitise citizens to treat communications infrastructure as national assets. Community-based surveillance programs can complement state-led enforcement. The media play a key role in this regard.

Improved Inter-Stakeholder Collaboration on CNII Protection: Enhanced inter-stakeholder collaboration between players in the communications industry and other critical stakeholders.

Improved Information Sharing Amongst Stakeholders: Better coordination via information sharing with critical stakeholders, e.g., between construction companies and infrastructure owners during road construction and maintenance activities.

Streamlined and Uniform Acquisition and Permit Processes for New Communications Infrastructure Build: Simplifying processes to reduce delays and support infrastructure expansion.

Strengthened Enforcement and Deterrence Mechanisms: There is a pressing need to ensure adequate punitive measures are taken against culprits involved in the damage of critical infrastructure, considering the impact the damage has on the socio-economic, safety, and security of Nigerians.

To ensure inclusive implementation, we invite industry players to actively shape the CNII framework, bringing your expertise and innovation to the table. Together, we can create a Nigeria where digital infrastructure is not only secure but also a catalyst for economic empowerment and global competitiveness.

CALL TO ACTION

Distinguished stakeholders, the security and resilience of our national infrastructure is not negotiable. The Presidential Order challenges us to think beyond compliance—to envision a Nigeria where every citizen benefits from a robust, connected, and secure digital ecosystem. The NCC pledges its unwavering resolve to lead this vision, but its success hinges on our collective action.

Let us commit today to invest, collaborate, and protect. Let us participate actively in shaping a CNII framework that reflects Nigeria’s aspirations. Let us build a digital future that is resilient, inclusive, and unstoppable.

Thank you, and may we continue to forge a prosperous, connected Nigeria.

 

Tinubu Approves N16.7bn for Reconstruction of Mokwa Bridge in Niger State

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President Bola Tinubu has approved the release of N16.7 billion for the immediate reconstruction of the Mokwa Bridge in Niger State, which was destroyed by flooding in May this year.

The Minister of Information and National Orientation, Mohammed Idris, announced this in Abakaliki on Saturday after a meeting with the Minister of Works, Senator Dave Umahi.

Idris, who is leading a Federal Government delegation on a three-day tour of projects and citizen engagements in the South-East, said the approval underscores the administration’s responsiveness to urgent infrastructure needs.

“We want to thank Mr. President and we want to thank the Honourable Minister of Works. We jointly discussed this and approached Mr. President, who graciously approved it. It means a lot to the people. It’s N16.7 billion to reconstruct the bridge — a 10-span bridge,” he stated.

The Minister also commended Senator Umahi for his swift response in the wake of the disaster, including dispatching experts to assess the damage shortly after the bridge was washed away.

According to Idris, the approval for the bridge reconstruction will be “music to the ears of the government and people of Niger State.”

In his remarks, the Minister of Works, Senator Umahi, said President Tinubu is a compassionate and listening leader, who is committed to solving the challenges confronting the citizens.

“The President approved the immediate reconstruction of the bridge as requested by the Honourable Minister. He graciously approved because of him,” he said.

Senator Umahi said the latest round of approvals for provision of infrastructure cuts across all the geo-political zones of the country.

He listed some of the approvals to include: the reconstruction of the washed-away 5-span bridge in Wukari, Taraba State; the Lokoja Bridge; the permanent repair of the washed-away section of the Afikpo in Ebonyi to Abia and Imo State; the Keffi Flyover Bridge; the Jebba Bridge in Kwara State; seven bridges in Edo State; and a bridge in Kebbi State.

 

Rabiu Ibrahim 

Special Assistant (Media) to the Minister of Information and National Orientation

 

 

Tinubu/Okonjo-Iweala: What Does ‘the Economy is Stable’ Mean?

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By Yemi Kale

I try to stay away from unnecessary debates but let me offer my own view from a purely technical and economist perspective (for education purposes only) to recent debates that were really unnecessary.

When economists say “an economy is now stable”, they usually mean that the economy has reached a point where it is no longer experiencing major fluctuations/disruptions.

In practical terms, it suggests macroeconomic indicators are steady, predictability and confidence where businesses, investors, and consumers feel more confident making long-term plans and there are no immediate crises. In short, saying an economy is “stable” means it has reached a balanced state where economic activities are proceeding without major turbulence.

An economy being described as “stable” however, does not always mean that citizens are free from hardship. When economists say the economy is “stable,” they usually mean that overall indicators (like inflation, exchange rates, and GDP growth) are no longer swinging unpredictably.

For example, Inflation falling from 25% to 12% and staying steady might be seen as stability.

However, prices may still be very high compared to past years, meaning people continue to struggle. Citizens experience the economy differently through cost of food, housing, transport, healthcare, and wages.

Even in a “stable” economy, if incomes are low and basic goods remain expensive, families still face hardship. Stability might only mean conditions are not getting worse quickly, not that they’ve improved enough to ease daily struggles.

So, stability, which is good, can coexist with hardship, which is bad for several reasons:

  1. Stabilization Phase: After a crisis (e.g. currency crash or hyperinflation), stability may mean the bleeding has stopped. But citizens may still be hurting from the high cost of living established during the crisis.

2.Lag Effect: Economic stability often benefits investors and businesses first who might start posting great results. It can take months or even years before stability eases hardship and translates into job creation, higher wages, or cheaper goods for citizens, assuming the stability holds long enough (very important. But till then, the pain is real, immediate and personal and there is still risk of stability reversing, in which case, hardship won’t be eased.

So, in summary, economic stability is like stopping a boat from rocking wildly but hardships persist if the boat is still far from shore.

For citizens, stability may only mean less new hardship is being added, not that life has become easier yet. But the first step to reversing hardship is stability and stopping the bleed. It’s a necessary not sufficient condition.

Note:  This is a purely technical, not political view

-Kale, former Director-General of National Bureau of Statistics is now Group Chief Economist at Afreximbank.