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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.

PenCom DG, Kogi Governor Reaffirm Commitment for Pension Reforms

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The Director-General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, received the Executive Governor of Kogi State, His Excellency Ahmed Usman Ododo, recently on a courtesy visit to the Commission in Abuja.

Governor Ododo congratulated Ms. Oloworaran on her recent appointment as Director-General of PenCom, describing her as a proud daughter of Kogi State while pledging his unwavering support at all times.

The Governor reaffirmed his administration’s strong commitment to pensioners’ welfare in Kogi State. He highlighted ongoing measures to ensure the regular disbursement of monthly gratuity payments and the clearance of outstanding pension liabilities. He also noted his continued advocacy for pension sector reforms, which began even before assuming office as Governor of Kogi State.

In her remarks, the Director-General commended the Governor’s dedication to the welfare of retirees and acknowledged the important role he has played in addressing pension-related challenges.

She expressed PenCom’s readiness to collaborate with the Kogi State Government to further strengthen pension administration and safeguard the welfare of workers and retirees in the state.

The visit concluded with both parties reaffirming their shared vision of building a sustainable and transparent pension system that guarantees financial security for workers during retirement.

NCC Welcomes Newly Appointed Board Members, Pledges Commitment to Advancing Nigeria’s Digital Economy 

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The Nigerian Communications Commission (NCC) congratulates Mr. Idris Olorunnimbe, Chairman-designate of the Commission’s Board, alongside other distinguished designate-Board members, as well as the designate-members of the Universal Service Provision Fund (USPF) Board, on their appointment by President Bola Ahmed Tinubu.

This leadership team, as constituted by the President, comprises highly esteemed individuals of proven competence, with vast experience and impressive track records. Their collective expertise is expected to steer the communications industry in the right direction, providing the impetus to further transform Nigeria’s digital economy.

They will bring to bear their wealth of knowledge, strategic insight, and strong governance to enhance the regulatory work of the Commission.

The NCC expresses its profound appreciation to President Bola Ahmed Tinubu for these appointments and looks forward to working closely with its supervising Ministry and the Board to deliver on the President’s Renewed Hope Agenda for Nigeria’s digital economy.

NCC Concludes Workshop on Corporate Governance for Telecom Operators

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L–R: Secretary, Nigerian Communications Commission (NCC), Gwa Mohammed; Chief Executive Officer, Ministry of Finance Incorporated, Dr. Armstrong Takang; Executive Vice Chairman/Chief Executive Officer, NCC, Dr. Aminu Maida; Coordinating Director, Financial Reporting Council of Nigeria, Mr. Titus Osawe; Executive Commissioner, Stakeholder Management, NCC, Rimini Makama; Professor of Corporate Governance, Lagos Business School, Fabian Ajogwu, SAN, during the workshop/formal launch of Guidelines on Corporate Governance For Nigerian Telecommunications Industry hosted by the Commission in Lagos recently.

Stanbic IBTC Bank Empowers Women in Business for Inclusive Growth

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Women entrepreneurs play a vital role in Nigeria’s economy. They drive innovation, create jobs, and build resilient businesses. Stanbic IBTC Bank recognises its impact and is committed to supporting its growth through tailored financial solutions. One key offering is the Blue Blossom Account.

This account is designed to help women overcome common financing challenges. It provides easier access to business finance in line with the Central Bank of Nigeria’s Sustainable Banking Principles. Women business owners enjoy zero current account maintenance (CAM) fees, concessionary loan rates, and access to business clinic sessions. These benefits make the Blue Blossom Account more than just a product—it’s a practical tool for growth.

Stanbic IBTC Bank also offers lending solutions like SME Lite and SME EZ Cash. These options help women-led businesses secure working capital, fund expansion, or invest in new opportunities. With flexible terms and accessible financing, the bank is assisting more women grow their businesses.

Support goes beyond finance.

Through its SME Collab customer value proposition, the bank offers training and curates events to help women manage their businesses and connect with other entrepreneurs. A key highlight is the Bloom Weekend, an empowerment event that brings together thousands of women entrepreneurs, professionals, and leaders. The event features masterclasses, financial advisory, and a vibrant trade fair where women showcase their businesses. It also provides an avenue for networking and having fun.

Digital tools also play a role. With POS terminals, the Enterprise Online internet banking platform, and the SME Mobile App, women entrepreneurs can manage payments and cash flow more efficiently. These solutions make it easier to run a business and reach more customers.

By focusing on women-led businesses, Stanbic IBTC Bank is helping to build a more inclusive and vibrant economy. Supporting women is not just the right thing to do—it’s a smart investment in Nigeria’s future.

NCDMB, PETAN Share Local Content Insights at Namibia Conference

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Officials of the Nigerian Content Development and Monitoring Board (NCDMB) and the Petroleum Technology Association of Nigeria (PETAN) shared insights on Nigeria’s local content implementation and lessons for other African nations on Wednesday, Day 2 of the Namibia Oil and Gas Conference, at Windhoek, Namibia.

The Director, Corporate Services at the NCDMB, Dr. Abdulmalik Halilu made a presentation on the Local Content Success Stories in Nigeria and Lessons learnt. Likewise, the General Manager Corporate Communications, Dr. Obinna Ezeobi, and PETAN Chairman and member of NCDMB Governing Council, Mr. Wole Ogunsanya participated in a panel session, titled “Local content development: How Namibians can benefit from the oil and gas industry.”

In his presentation, Halilu listed Nigeria’s local content implementation pillars to include regulatory framework, access to market, gap analysis, capacity building, incentives and funding, and research and development. He highlighted the key roles played by Petroleum Technology Association of Nigeria (PETAN) who have over 101 companies that provide technology in diverse areas of the industry, employ over 30,000 Nigerians and have cumulative employment impact over 100,000.

He indicated that the implementation of the Nigerian Content 10-year strategic roadmap had grown Nigeria’s local content performance to 56 percent as at 2025. He identified some other initiatives of the NCDMB, such as capacity development, which is geared to build in-country value addition, funding and incentives as well as creating access to markets for service companies and manufacturing companies.

Speaking on the panel session, Dr. Ezeobi made salient recommendations that could guide Namibia and other African nations in their formulation and implementation of effective local content policies. Specifically, he advised the adoption of NCDMB’s Project 100 initiative, whereby strategic financial and non-financial support are provided to select local service companies, to upscale their capacities, including providing them access to market.

He also recommended government’s partnerships with competent private sector players to deliver strategic energy projects that meet needs of the nation’s economy. Another suggestion was the facilitation of collaborations between local companies and original equipment manufacturers (OEMs), and government’s sponsorship of local service firms to international oil and gas conferences, to expose them to partnership opportunities and new technologies.

The General Manager equally harped on the need for oil producing nations to introduce dedicated fund schemes which their local service companies and manufacturers can access at single digit interest rate, to grow their capacities and capabilities.

Responding to a question on challenges Nigeria faced at the onset of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, and how they overcame them, Dr. Ezeobi stated that Nigeria faced pushbacks from some international companies as well as scepticism over government’s commitment to implement the law. Other problems bordered on doubts regarding the technical capacity of local service companies, as well as the misconception by some indigenous operating companies and midstream and downstream players that the NOGICD Act did not cover their operations.

He expressed delight that those challenges had been largely overcome, through extensive engagements and communication with industry stakeholders, and by Nigerian service companies upscaling their capacities significantly and delivering top quality work on schedule consistently.

Ezeobi encouraged African oil producing nations to demonstrate strong political will when implementing local content policies and to communicate the policies effectively, ensuring that relevant stakeholders have good understanding of the policy, as well as their roles in the implementation and compliance processes.

In his contribution, PETAN Chairman, Mr. Wole Ogunsanya, advised the framers of the Namibian local content policy to decouple non-complex work packages from major projects. He tasked them to borrow a leaf from the NOGICD Act in producing a detailed list of activities carried out in oil and gas industry operations. This approach would allow upcoming local companies to compete for the smaller packages, win and deliver on them successfully, providing a pathway for such firms to grow capacity sustainably.

As part of NCDMB and PETAN collaboration at the Namibia Oil and Gas Conference, the two organisations set up a joint exhibition booth and received leaders of the government, and oil and gas stakeholders. Most of the visitors to the booth wanted to understand Nigeria’s local content law, while others sought guidance or collaboration for different technical services they hope to deploy in their fast- developing oil and gas industry.

 

PenCom DG, IGP Seek Collaboration for Better Retirement Benefits for Police Officers

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From Left: The Director General of the National Pension Commission, Ms. Omolola Oloworaran and the Inspector-General of Police, Kayode Egbetokun during a recent visit to the Nigeria Police Force Headquarters.

The National Pension Commission (PenCom) has stepped up efforts to improve the welfare of police officers under the Contributory Pension Scheme (CPS), following a high‑level visit by its Director General, Ms. Omolola Oloworaran, to the Inspector General of Police (IGP), Kayode Egbetokun, at Force Headquarters, Abuja.

Oloworaran, who was accompanied by senior members of PenCom’s management team, met with the IGP, senior police officers and the leadership of NPF Pensions Limited – the Pension Fund Administrator responsible for managing police pension assets.

Expressing gratitude to the Nigeria Police Force (NPF) for its tireless service to the nation, Oloworaran stressed the need for stronger collaboration between PenCom and the Police to address pension concerns and improve retirement benefits for officers.

She reminded officers that the CPS was introduced to correct flaws in the old Defined Benefits Scheme (DBS), which was unfunded, lacked transparency and often left many retirees in financial distress.

The DG acknowledged the challenges, but stressed that PenCom is working on solutions that can be achieved within the CPS framework.

Among the reforms, PenCom is proposing a Health Insurance Scheme for retirees, raising monthly pensions to 75% of a police officer’s final salary before retirement, expanding the Retirement Resettlement Fund, and overhauling the police pension structure.

On calls for the police to exit the CPS, Oloworaran said such a move is unnecessary and counterproductive, emphasising that the issues can be resolved within the scheme. She urged patience and continued dialogue as PenCom and the NPF implement these reforms.

She also advocated for the Federal Government to raise its pension contribution for police officers from 10% to 20%, which would substantially boost retirement savings.

In addition, PenCom is working with the Head of the Civil Service of the Federation on a new Gratuity Scheme, scheduled to start in 2026, that will give treasury‑funded federal workers one year of total emoluments as a gratuity at retirement.

This follows an earlier high‑level meeting between Oloworaran and the Head of Service, Mrs. Didi Esther Walson‑Jack, as part of efforts to ensure federal employees have a secure financial cushion at retirement.

Responding, IGP Egbetokun praised PenCom’s efforts and reaffirmed the Police Force’s readiness to work with PenCom to resolve police pension concerns.

He acknowledged the challenges police officers have raised and expressed his commitment to engaging constructively to maintain confidence.

PenCom, on its part, pledged to keep driving reforms to ensure that police officers retire with dignity and financial security.

This renewed partnership signals a joint commitment to strengthening the CPS and improving the welfare of police personnel nationwide.

 

Recapitalisation: NAICOM Adopts Risk-Based Capital Model, 12-Month Deadline

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IMPLEMENTATION OF THE NEW MINIMUM CAPITAL REQUIREMENT (MCR) PRESCRIBED BY THE NIGERIAN INSURANCE INDUSTRY REFORM ACT (NIIRA) 2025

Following the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and assent of His Excellency, President Bola Ahmed Tinubu, GCFR on the 31st of July 2025, the Commission hereby notifies all insurance and reinsurance companies of the commencement of the recapitalisation exercise as prescribed by the NIIRA 2025.  

Minimum Capital Requirement and Risk-Based Capital

The NIIRA 2025 introduces higher Minimum Capital Requirements (MCR) of N10 billion, N15 billion, N25 billion and N35 billion for life, non-life, composite and reinsurance companies respectively and a shift to a Risk-Based Capital (RBC) framework for insurance and reinsurance companies in Nigeria.

In line with the provisions of the Act, the new MCR takes effect from the date of Presidential assent, and all operators are required to comply fully within a twelve (12) month period from the effective date.  

Effective Date and Compliance Period

In line with the provisions of the Act, the new MCR takes effect from the date of Presidential assent, that is 31st July, 2025. A 12-month period has been provided for insurers and reinsurers to comply with the new MCR as well as the applicable RBC as may be determined. All insurers and reinsurers shall comply with the requirements on or before the 30th day of July 2026. 

Guidelines and Circulars

The Commission shall, in due course, issue comprehensive guidelines and circulars detailing the modalities for the recapitalisation exercise. These shall include, but not limited to:

  1. The composition of the MCR;
  2. ii) Acceptable forms of capital;
  • iii) Procedures for capital verification;
  1. iv) Qualifying assets for MCR purposes and criteria such as title, ownership, and existence;
  2. v) A standardised template for computation of MCR. 

Treatment of Assets

For the avoidance of doubt, insurers and reinsurers are hereby informed that:

  1. Encumbered assets, assets without perfected title or ownership, and assets not in the full possession of an insurer/reinsurer shall be inadmissible for the purpose of meeting the MCR.
  2. ii) Assets that exceed prudential thresholds or do not meet the prescribed criteria shall also be deemed inadmissible. 

Verification of Assets

All assets for the purpose of the new MCR shall be subject to verification by the Commission or its appointed agents. In addition, where, due to the nature or circumstances of an asset, the Commission deems it necessary to undertake further verification beyond the norm, the cost of such non-standard verification shall be borne by the concerned insurer or reinsurer.

Issuance of New Certificates and Fees Upon fulfilment of the new MCR, payment of the requisite fees and confirmation by the Commission, the successful insurance and reinsurance company shall be issued a new licence by the Commission. Any company that fails to meet the prescribed MCR within the stipulated timeframe shall be subject to liquidation, merger, or any other regulatory resolution action as may be deemed appropriate by the Commission.  

Engagement with Stakeholders

The Commission will engage with relevant regulators such as SEC, CAC, NRS, etc and stakeholders with a view to securing, where possible, appropriate incentives and concessions that may ease compliance and reduce the cost of the exercise.  

Transparency and Value Addition

The Commission wishes to assure the insurance industry and all stakeholders that the implementation of the new MCR, including the verification and confirmation processes, shall be conducted in a transparent, fair, and value-adding manner. The objective is to strengthen the financial soundness of the industry, enhance public confidence, and ensure that the benefits of the NIIRA 2025 accrue to the Nigerian people. 

In-House Committee

An in-house Committee has been established to oversee, coordinate, guide, monitor, and implement the recapitalisation exercise across the insurance industry.

Conclusion

All insurance and reinsurance companies are required to commence internal preparations, outline recapitalization plan, engage proactively and take immediate steps to comply with the new minimum capital requirements within the stipulated 12-month period.

The Commission is committed to ensuring a successful implementation of the recapitalisation exercise.  

Dr. Usman J. Jankara

Deputy Commissioner (Technical)

 

 

FG: No Region Will Be Left Behind in Nigeria’s Development Drive

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The federal government has stated that in Nigeria’s march towards development and prosperity, no region will be left behind.
The Minister of Information and National Orientation, Mohammed Idris, made the assertion when he paid a visit to the Governor of Enugu State, Dr Peter Mbah, as part of activities lined up for the 2-day Citizen’s’ Engagement Series and FG Projects Tour of the South East, on Thursday.

“The Tinubu administration is committed to ensuring that no region is left behind in Nigeria’s development drive,” said the Minister, adding, “what we are seeing in Enugu – modern roads, upgraded schools, improved public facilities, is proof that President Tinubu’s policies are translating into real benefits for the people. 

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