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NAICOM Issues First Insurtech Licence, Reinforcing Commitment to Innovation, Market Integrity

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L-R: Mr. Suleiman Olalekan Ajani, MD/CEO, CBI Insurtech and Mr. Ekerete Ola Gam-Ikon (Deputy Commissioner, Finance and Administration, National Insurance Commission).

The National Insurance Commission (NAICOM) has formally granted an operational licence to CBI Partnering Insurtech Limited, marking a significant milestone as the first fully licensed Partnering Insurtech company in Nigeria.

This development underscores NAICOM’s regulatory leadership in fostering innovation within a structured and consumer-focused insurance ecosystem.

The licence was presented during a formal handover ceremony, where the Commission reiterated its commitment to advancing innovation, regulatory reform, and policyholder protection across the insurance sector.

In his remarks, the Deputy Commissioner for Insurance, Finance and Administration, Mr. Ekerete Ola Gam-Ikon, highlighted NAICOM’s ongoing efforts to align Nigeria’s insurance industry with global best practices. He referenced the recent enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, alongside the Commission’s pioneering insurtech guidelines, as some of the key pillars driving this transformation.

He noted that fostering innovation within a robust and well-governed regulatory framework remains a core strategic priority for the Commission.

Ekerete further emphasized that the licence is granted subject to strict compliance with regulatory and ethical standards, reinforcing NAICOM’s dual mandate of enabling innovation while safeguarding policyholders’ interests. He also pointed to the growing international recognition of Nigeria’s regulatory approach, particularly in leveraging technology to accelerate insurance sector development.

While formally presenting the licence, he stated:

“This milestone reflects the Commission’s commitment to responsibly nurturing innovation across the insurance value chain. We congratulate CBI Partnering Insurtech Limited and expect full compliance with all applicable regulations. This licence carries an obligation to uphold the highest standards of governance and ethical conduct. NAICOM remains committed to supporting the growth of insurtech while protecting the interests of Nigerians.”

In response, the Managing Director of CBI, Suleiman Olalekan Ajani expressed appreciation to NAICOM for its guidance and rigorous licensing process, stating:

“We are honoured to receive this licence from NAICOM. The Commission’s robust regulatory framework provides the foundation for us to scale strategic partnerships and deliver technology-driven insurance solutions that prioritise consumer trust, transparency, and protection.”

 

NDIC Reiterates Commitment to Strong Deposit Insurance Funding to Enhance Financial System Stability

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L – R: Executive Director, Corporate Services, Nigeria Deposit Insurance Corporation (NDIC), Emily Osuji; Managing Director/Chief Executive, Thompson Oludare Sunday; Director-General, Budget Office of the Federation (BOF), Tanimu Yakubu and NDIC’s Executive Director, Operations, Kabir S. Katata during a courtesy visit by the NDIC’s Executive Management Team to the DG, BOF in Abuja.

The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to continuously strengthening its Deposit Insurance Funds (DIFs) as part of efforts to promote the stability and resilience of the nation’s financial system.

The Managing Director/Chief Executive of the Corporation, Mr. Thompson Oludare Sunday, stated this during a courtesy visit to the Director-General of the Budget Office of the Federation, Mr. Tanimu Yakubu, in Abuja.

Sunday explained that the need to build strong Deposit Insurance Funds is critical to enhancing the Corporation’s capacity to respond effectively to potential systemic crises in the banking sector without relying on government intervention.

He noted that while financial crises may be inevitable, the NDIC has consistently prioritised robust DIFs as a key component of its contingency planning and crisis preparedness framework.

According to him, this strategic approach enabled the Corporation to commence payments to depositors of Aso Savings & Loans and Union Savings & Loans within 72 hours following the revocation of their operating licences by the Central Bank of Nigeria in December 2025.

The NDIC Boss further stated that the Corporation would continue to strengthen institutional collaboration with the Budget Office of the Federation and align its operations with the national budgetary framework. He added that the NDIC remains committed to working closely with the Budget Office to promote evidence-based planning and enhance its contributions to national economic growth and development.

Sunday also underscored the importance of the Federal Government’s vision of building a one-trillion-dollar economy by 2030, assuring that the NDIC would continue to play a significant role in supporting the realisation of that goal.

In his remarks, the Director-General of the Budget Office of the Federation, Mr. Tanimu Yakubu, commended the NDIC for its transparency in managing the Deposit Insurance Funds.

He urged the Corporation to leverage technology-driven investment strategies to further strengthen the funds for the protection of depositors in the event of bank failures and to sustain public confidence in the financial system.

He also encouraged the NDIC to benchmark its investment instruments against global best practices adopted by other deposit insurance institutions to further consolidate its funding framework.

 

CIIN Concludes Insurance Week 2026 with Awards Galore

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L-R: Mrs. Ekeoma Ezeibe, President/Chairman of Council of NCRIB presenting the Best Insurance Student in WAEC award to Akunyili Samuel Chukwukadibia while Mrs. Yetunde Ilori, President/Chairman of Council of CIIN looks on at the Grand Finale of the 2026 Insurance Week gala night in Lagos.

The Chartered Insurance Institute of Nigeria (CIIN) concluded its annual Insurance Week 2026 with a Gala Night last Friday in Lagos with several awards going to deserving persons and institutions in Nigeria.

For instance, Mr. Oduh Sunday of NEM Insurance Plc emerged as the Year 2026/2027 CIIN Ambassador while Akunyili Samuel Chukwukadibia became the Best Insurance Student at the West African Examinations Council (WAEC) Examination.

In the same vein, the Best Supporting MDA award went to the Police Service Commission (PSC).

The hackathon competition was won by InsurScenario while other competitors included CoverBot, Mediclaim AI, Team Topsborg, Team Nexus and The Risk Architects.

Some of the prizes included:

  • Winner for Ambassador: 55-inch smart TV
  • 1st runner up: 250 litre deep freezer
  • 2nd runner up: 9kg washing machine

In her speech, Mrs. Yetunde Ilori, the President/Chairman of Council of CIIN expressed delight at the success of the Insurance Week 2026.

She commended operators in the insurance sector for their participation and support, in addition to other industry operators and stakeholders outside the market.

 

Vitality Health Becomes Discovery Health – Global Health Solutions, Strengthening Next-Generation Healthcare in Nigeria

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Discovery Health has announced that Vitality Health International (Africa), its established employer health insurance business, has rebranded to ⁠⁠Discovery Health – Global Health Solutions.

This transition reflects Vitality Health International (Africa)’s established health insurance business – integrated with the Vitality wellness programme and introduces expanded healthcare offerings, delivering continuity for existing clients and enhanced capabilities that meet the evolving healthcare needs of employers and their people across Nigeria and the wider continent.

In Nigeria, Discovery Health – Global Health Solutions continues the long-standing partnership – dating back to 2022 – with Leadway Health HMO, ensuring precise market relevance and a seamless healthcare solution for local employers and their employees.

“While our name is changing, our commitment to our clients and to our core purpose – namely, to make people healthier and to enhance and protect their lives – remains the same,” explains Emma Knox, CEO of Discovery Health – Global Health Solutions (formerly CEO of Vitality Health International).

“Discovery Health Global enables the future-focused growth of the Vitality Health International (Africa) business in two ways. First, by continuing the proven operating model of partnering with in-market insurers in the rest of Africa to deliver employer-focused solutions, to meet employees’ individual healthcare needs. Second, by enabling expansion into a broader range of solutions that meet our clients’ healthcare needs more completely, such as through our Administration Services Only (ASO) offering – a fully managed healthcare administration solution.”

Driving innovation and excellence through a trusted partnership with Leadway Health HMO

Leadway Health HMO, a subsidiary of Leadway Holdings and an associate company of Leadway Assurance company limited, is Global Health Solutions’ in-country insurance partner in Nigeria. With more than 50 years of insurance experience in the Nigerian market, Leadway brings scale, trust and regional expertise to the fore.

“Our partnership with Leadway Health has supported our expansion in Nigeria and strengthened our ability to deliver meaningful health insurance solutions at scale,” says Knox. “Together, we are focused on improving health outcomes and contributing to healthier societies.”

Dr Tokunbo Alli, CEO of Leadway Health added: “We are pleased to continue our relationship through Global Health Solutions. This partnership reflects our shared commitment to improving access to healthcare and enhancing quality of life for employers and their employees across Nigeria.”

Built on the strength of Africa’s leading healthcare administrator and managed care provider

 

Through Global Health Solutions, employers across Africa will also continue to benefit from access to Discovery Health’s 34 years of experience in healthcare administration and managed care, a support structure that has been integral to Vitality Health International (Africa)’s operations to date.

As South Africa’s largest medical aid administrator and managed care service provider, Discovery Health brings to the fore world-class clinical governance, advanced risk management and one of the most sophisticated healthcare data platforms globally. “Discovery Health remains the backbone of our operations, delivering measurable value, improved health outcomes and sustainable cost management for organisations operating in Africa,” adds Knox.

 

A Platform Built for Africa’s Future

Knox concludes: “Through Discovery Health – Global Health Solutions, we are moving beyond traditional health insurance to build an integrated healthcare ecosystem for employers across Africa. By bringing together tailored health insurance, the Vitality wellness programme and advanced administration and clinical capabilities on a single platform, we can meet a far broader range of healthcare needs for employers and their people, while staying true to Discovery’s core purpose: making people healthier and enhancing and protecting their lives.”

 

About Discovery Health

Discovery Health is South Africa’s leading medical scheme administrator and managed care organisation, with more than three decades of experience in delivering high quality, sustainable healthcare solutions at scale.

The business was established in 1992 with the core purpose of making people healthier and enhancing and protecting their lives.

At present, Discovery Health provides administration and managed care services to more than 3.6 million members in Africa. Operating at exceptional scale, Discovery Health combines world-class data science, advanced digital platforms and deep clinical expertise to deliver efficient administration, sophisticated risk management and seamless service experiences for members, employers and healthcare professionals.

Its fully integrated health insurance platform spans the entire value chain, enabling fast, accurate claims processing, personalised member journeys and best-in-class servicing across digital and human channels.

 

About Discovery

Discovery Limited is a South African-founded financial services organisation that operates in the healthcare, life assurance, short-term insurance, banking, savings and investment and wellness markets.

Since inception in 1992, Discovery has been guided by a clear core purpose – to make people healthier and to enhance and protect their lives. This has manifested in its globally recognised Vitality Shared-Value insurance model, active in over 37 countries with over 50 million members.

The model is exported and scaled through the Global Vitality Network, an alliance of some of the largest insurers across key markets including AIA (Asia), Ping An (China), Sumitomo (Japan), John Hancock (US), Manulife (Canada) and Vitality Life & Health (UK, wholly owned). Discovery trades on the Johannesburg Securities Exchange as DSY.

 

The African Continent’s Richest Indian Meets CAR President, Faustin-Archange Touadéra

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Prateek Suri, Chairman of Maser Group and CEO of MDR Investments, recently met Faustin-Archange Touadéra following the group’s growing expansion in Africa’s mining sector after securing gold mining interests in the Central African Republic and Ghana.

The meeting marked another important step in MDR Investments’ long-term strategy to strengthen its presence within Africa’s natural resources industry. During the interaction, Suri expressed gratitude and took blessings from the President while reaffirming the group’s commitment to responsible investments and long-term partnerships across the continent.

Mining remained a key focus of the discussions, with both sides also exploring future opportunities in healthcare, infrastructure development, renewable energy, and broader economic cooperation aimed at supporting growth and employment generation in the region. The group has also increasingly focused on clean energy and sustainable infrastructure projects as part of its long-term Africa strategy.

Often described as one of the richest Indians based in Africa and among the youngest billionaires associated with the continent’s business landscape, Suri has built a diversified business presence through Maser Group and MDR Investments across sectors including consumer electronics, logistics, infrastructure, mining, renewable energy, and private investments. MDR Investments has increasingly positioned itself as a major Africa-focused investment platform pursuing large-scale opportunities through strategic partnerships and development-led projects.

The group’s long-term confidence in Africa is also reflected through its broader technology and infrastructure ambitions. A Maser Group subsidiary has already acquired large parcels of land across parts of Africa for future AI and data center developments, underlining the company’s belief in Africa’s digital and industrial future.

During the meeting, Ben Chia also expressed strong confidence in the group’s Africa strategy, stating, “After the success of Suri’s understanding of Africa, we are ready to invest more and more.” His remarks reflected growing investor confidence in MDR Investments’ long-term vision and expansion across the continent.

Following the group’s latest gold mining developments in the Central African Republic and Ghana, MDR Investments is now exploring additional mining rights and expansion opportunities in other emerging African markets. Sources close to the developments indicate that the company is evaluating long-term investments connected to mineral exploration, industrial infrastructure, renewable energy ecosystems, and resource-linked economic projects across the continent.

Alongside business expansion, Suri also highlighted the initiatives being carried out through the  Maser Foundation, the philanthropic arm focused on healthcare, women empowerment, and child education across Africa. He noted that beyond commercial success, creating meaningful impact for communities remains central to the group’s broader vision for Africa.

The meeting further reflects the growing confidence international investors are placing in Africa’s mining, clean energy, and development sectors, with MDR Investments continuing to position itself as a long-term strategic player in the continent’s evolving economic landscape.

Oriental News Summit: Kola Adesina to Lead Dialogue on Nigeria’s Oil Industry Decarbonisation

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 As Nigeria intensifies its drive toward net-zero emissions by 2060, Kola Adesina, Managing Director of Sahara Group and a leading Nigerian energy entrepreneur, will headline the 2026 Oriental News National Conference.

The high-level summit, organised by Oriental News Nigeria, one of the country’s foremost online publications, is scheduled for Thursday, 23rd July 2026 at the Radisson Blu Hotel, Isaac John Street, Ikeja GRA, Lagos, commencing at 9:30 a.m.

The main theme of the conference is:

“Carbon Capture: Accelerating Decarbonization Initiatives in Nigeria’s Extractive Industry Through Broad Regulatory Reforms.”

This theme is particularly timely as the National Assembly works toward passing the National Decarbonization Bill to provide a comprehensive legal framework for climate action, building on the existing Climate Change Act 2021. Complementing this, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has rolled out a Decarbonisation Blueprint and Handbook for the upstream sector.

Engr. Kola Adesina, former Chairman of Egbin Power Plc and current Board Chairman of Ikeja Electric, will lead the conversation. He is expected to share deep insights into the impact of fossil fuel emissions and spotlight Sahara Group’s ongoing decarbonisation efforts. The company is implementing a robust three-pronged net-zero strategy targeting 2060, centred on a cleaner energy mix, operational efficiency, and nature-based solutions.

Sahara is actively investing in natural gas as a transition fuel, expanding renewable energy projects, and supporting large-scale reforestation across Africa, Asia, Europe, and the Middle East.

Sub-Theme: Addressing Finance Challenges, Investment Strategies, Operational Sustainability, and Climate Change Management.

The conference will bring together top government officials, regulators, oil and gas operators, manufacturers, financial institutions, and other key stakeholders to discuss Nigeria’s Energy Transition Plan (ETP). Discussions will be informed by recent regulatory and legislative developments in 2025 and 2026, with a focus on expanding renewable energy, reducing gas flaring, and advancing cleaner industrial processes.

Energy experts will also examine global trends in the oil and gas industry, particularly how operators worldwide are reducing emissions and the mounting pressure on Nigeria to cut emissions across critical sectors of the economy.

Speaking on the summit, the Convener and Publisher of Oriental News Nigeria, Mrs. Yemisi Izuora, said:

“Every year, Oriental News Nigeria creates a platform for critical stakeholders in the energy, finance, and industrial sectors to discuss regulatory issues and investment opportunities. Our goal is to support both private and public sector initiatives that drive economic growth and sustainable development.”

Now in its 5th year, the 2026 edition aims to promote environmental sustainability by addressing the practical challenges facing operators in the oil and gas, petrochemicals, and manufacturing sectors.

The summit will facilitate the exchange of ideas on viable decarbonisation solutions, showcase real-world case studies, and explore innovative tools such as digital technologies, low-carbon hydrogen, carbon capture, utilisation and storage (CCUS), and alternative fuels.

Participants will also interrogate regulatory frameworks, decarbonisation pathways adopted by operators, and the financing gaps slowing progress toward Nigeria’s net-zero targets.

The event will feature keynote addresses, panel discussions involving stakeholders from the petroleum industry, manufacturing, finance, and regulatory agencies, as well as thematic dialogues and policy exchanges.

The summit offers a unique opportunity for vendors, producers, suppliers, and users to network, align environmental commitments with business performance, and translate sustainability goals into actionable operational strategies.

Media Remains Nigeria’s Biggest Development Partner, Says BOI MD Olusi

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The Managing Director/Chief Executive Officer of Bank of Industry, Dr. Olasupo Olusi, has described the media as Nigeria’s most important development partner, noting that effective communication remains critical to national growth and institutional impact.

Speaking during an interactive session with media partners in Lagos, Olusi said journalists play a central role in shaping development outcomes by amplifying progress, accountability, and national aspirations.

“The media is the biggest agent of development anywhere,” he said. “Communicating what needs to be done and what has been done is critical in the journey of any development institution.”

Olusi used the engagement to unveil major milestones in BOI’s ongoing transformation agenda, which he said is focused on strengthening support for Nigeria’s private sector and driving inclusive economic growth.

On the BOI he met when he was appointed, Olusi said: “I inherited a very strong institution. The Bank of Industry was already one of the leading development finance institutions in Africa, and certainly a respected institution in Nigeria. I usually describe it as inheriting a Rolls-Royce.” He noted that the current leadership is innovating and repositioning the Bank to become even more effective in delivering long-term financing and developmental impact for Nigeria’s private sector.

“I came with the mindset of a development economist who truly believes in impact-making,” he said.

Olusi revealed that BOI has established an Impact Fund financed through a percentage of the Bank’s annual profits to support strategic national investments.

According to him, the Fund invested $15 million in the New Africa Medical Centre of Excellence in Abuja and N25 billion in the National Credit Guarantee Company (NCGC) to improve access to financing for MSMEs lacking collateral.

“The objective is to remove the long-standing barriers preventing small businesses from accessing finance,” he explained.

The BOI boss also announced plans to commence non-interest banking operations following final regulatory approvals from the Central Bank of Nigeria.

He said the initiative would provide inclusive financing options for Nigerians who prefer non-interest financial products.

In addition, Olusi disclosed that BOI has established more than 20 youth and skills hubs nationwide focused on ICT, agro-processing, fashion, printing, and entrepreneurship development.

“These hubs are designed to help young Nigerians learn, innovate, package products, and eventually establish sustainable businesses,” he stated.

Reaffirming BOI’s commitment to Nigeria’s economic transformation, Olusi said the Bank remains focused on creating measurable impact across communities and sectors nationwide.

“The opportunities for making a difference in Nigeria are enormous across all sectors and spheres of life,” he added.

Stakeholders at Inspenonline Retirement Summit Advise Workers on Strategic Retirement Plan

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L-R: Idu Okwuosa-Okeahialam, Group Managing Director/CEO, Royal Exchange Plc; Ibrahim Buwai, Head of Corporate Communications/representative of the Director General, National Pension Commission; Tom Ogboi, Chairman, STI Leasing Ltd/Chairman of occasion; Julius Odidi, Head, NAICOM Lagos Control Office, and Chuks Udo Okonta, Publisher, Inspenonline/Promoter Retirement Summit during the Inspenonline Retirement Summit 2026 in Lagos on Wednesday.

Stakeholders at the 2026 Inspenonline Retirement Summit have advised workers across both the formal and informal sectors of the economy to strategically plan their retirement utilising multiple available windows.

While advocating an increased subscription to insurance and pension products, experts at the event in Lagos, urged Nigerians to initiate retirement planning early in their career paths to ensure a comfortable life after active service.

The Chairman of STI Leasing Limited Mr. Tom Ogboi, applauded the organisers of the summit, calling for heightened sensitisation on how workers can enjoy life post-retirement.

Sharing his personal experience, Ogboi disclosed that he retired as far back as 2002 and has been able to enjoy his retirement doing what he loves due to strategic planning.

He emphasised that preparing for this phase of life must be intentional for every worker.

In the same vein, the Chief Executive Officer (CEO) of the Centre for the Promotion of Private Enterprise (CPPE) Dr. Muda Yusuf, lamented the current plight of retirees in Nigeria.

He noted that many ex-workers who dedicated their active years to service are now suffering due to systemic collapse and low retirement awareness.

To mitigate this, Yusuf advocated for the creation of a specialised government agency saddled with the responsibility of: Increasing public awareness and advocacy. Driving enlightenment and education on retirement matters. Ensuring workers actively structure their retirement plans while still in active service.

Addressing the gathering, the Media, Branding, and Communications Lead at the Pension Fund Operators Association of Nigeria (PenOp), Olajumoke Akinwunmi, stated that the pension industry has evolved significantly to ensure retirees receive their benefits as and when due.

She added that pension fund assets have grown consistently, yielding strong investment returns to deliver value to contributors.

Akinwunmi highlighted the Personal Pension Plan (PPP) as a tool designed to bring flexibility to pension onboarding, particularly for players in the informal sector.

She disclosed that individuals from the age of 18 are eligible to onboard, noting that the plan offers numerous benefits aimed at supporting businesses and livelihoods both during working years and in retirement.

The Publisher of Inspenonline and Convener of the Summit, Mr. Chuks Udo Okonta, explained that the initiative was established three years ago to bridge the critical knowledge gap clouding retirement matters in Nigeria.

“When you search online for localised information on retirement matters, you hardly find comprehensive data. There is a lack of serious advocacy locally, and as a media platform, we felt this is one of the ways we can deepen retirement education. We will continue this drive until every worker is fully enlightened,” Okonta said.s

Also speaking at the event, the Commissioner for Insurance, Mr. Olusegun Omosehin, who was represented, urged workers to utilise the instrumentality of insurance products to secure a stable retirement.

Concurrently, the Director-General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran—represented by the Head of Corporate Communications at PenCom, Mr. Ibrahim Buwai, noted that the commission has enhanced and revolutionised pension administration in Nigeria through its Pension Revolution 2.0 initiative.

He disclosed that the recently rebranded Micro Pension Plan (MPP) has been strategically repositioned to offer more robust, accessible, and secure long-term financial safety nets for self-employed Nigerians and informal sector workers.

 

 

NGX Group Advances Investor Education Drive with Digital Retail Engagement Initiative

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Nigerian Exchange Group has intensified its investor education drive through a digital engagement initiative aimed at improving financial literacy and deepening retail participation in the Nigerian capital market.

The Group recently hosted an X Space session themed “Follow the Fundamentals: A Beginner’s Guide to the Stock Market,” reaching over 5,000 users, largely young Nigerians, first-time investors, and retail market participants seeking to better understand investment opportunities in the capital market.

Featuring social media investment influencer, Omiete Inko-Tariah, alongside representatives from Nigerian Exchange Limited and NGX Regulation Limited, the session demystified key concepts around market operations, investor protection, and safe participation. Beyond education, it served as an open forum where retail investors engaged directly with market stakeholders on issues of confidence, transparency, and accessibility.

Speaking on the initiative, Clifford Akpolo, Head, Group Communications and Partnerships at NGX Group, said: “Deepening retail participation is critical to building a more resilient, inclusive, and sustainable capital market. At NGX Group, we believe financial literacy is not just an educational responsibility, it is a strategic imperative for strengthening investor confidence, improving market accessibility, and expanding long-term wealth creation opportunities for Nigerians. Through digital platforms like this, we are leveraging innovation to connect with the next generation of investors and democratize access to market knowledge.”

The initiative forms part of NGX Group’s broader sustainability agenda under its Community pillar, which focuses on advancing financial literacy, inclusion, and economic empowerment through education-driven and stakeholder-focused programmes.

Following the success of this edition, NGX Group plans to sustain similar engagements as part of its ongoing commitment to strengthening investor confidence, deepening retail participation, and building a more resilient and inclusive investment ecosystem.

NLNG Train 7: A Catalyst for Nigerian Content, Industrial Growth

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Nigeria LNG Limited (NLNG) says its Train 7 project is a catalyst for Nigerian Content development and industrial growth.

Managing Director and Chief Executive Officer, Adeleye Falade made the remark during a panel on Nigerian Content support, lessons, experiences and success stories at the Nigerian Oil & Gas Midstream & Downstream Summit (NOGMDS) 2026 in Lagos. Falade was represented on the panel by Train 7 Project Manager, Ali Uwais.

Falade described Train 7 as more than an LNG expansion; he called it “a practical model for intentional localisation of expertise,” and a compelling example of how Nigerian Content can drive industrial capability and deliver projects at global scale.

He also commended the Nigerian Content Development and Monitoring Board (NCDMB) for organising the summit and sustaining efforts to advance growth across Nigeria’s oil and gas sector.

Speaking further at the panel session, Uwais outlined the project’s achievements, saying Train 7 has recorded over 120 million man-hours and achieved roughly 92 percent Nigerian Content participation—evidence, he said, of NLNG’s deliberate strategy to strengthen local capability and broaden participation across the project value chain. He attributed the success to extensive industry engagement, structured Nigerian Content plans, and targeted investments to build local capacity.

Drawing on lessons from earlier trains, he said the Train 7 team used a strategic, data-driven approach to assess local capabilities and identify meaningful participation opportunities that meet international standards. That structured approach, Uwais said, enabled higher local involvement and ensured Nigerian companies were integrated into project execution from the outset.

“Several fabrication activities typically carried out abroad were successfully executed in-country. Nigerian firms fabricated pressure vessels, structural steel components, valves, blocks, pipes, lighting systems, cables, and painting materials for the project. NLNG deliberately identified local manufacturers with growth potential and provided targeted support to help them reach international quality-assurance standards, rather than relying solely on conventional quality-control checks” he said.

Uwais also recalled collaboration with foreign technical partners to help Nigerian firms transition from asbestos-based gaskets to safer carbon-graphite alternatives. The initiative included equipment support and international testing certification to strengthen local manufacturing capability.

“These interventions reflect NLNG’s broader philosophy of treating Nigerian Content not merely as a compliance obligation but as a long-term development opportunity capable of delivering sustainable value beyond project execution,” Uwais said. “Our focus has been on building lasting value. We have seen Nigerian companies participate in fabrication and manufacturing activities, while universities and institutions increasingly contribute through research, innovation, and technical development. These are critical foundations for sustainable industrial growth.”

Train 7 remains one of Nigeria’s largest ongoing energy investments. When completed, it is expected to raise NLNG’s production capacity from 22 million tonnes per annum to 30 million tonnes per annum—a 35 percent increase in Nigeria’s LNG export capacity.

Summit discussions reinforced broader industry conversations on sustaining capability gains from major projects and ensuring continued investment in skills development, manufacturing capacity, and infrastructure.

A recurring message at the event was that Train 7’s enduring legacy may be defined not only by production milestones but by the industrial capability, technical expertise, and national capacity it helps leave behind.

 

 

Nnamdi Azikiwe University

NAICOM Leadership Pays Condolence Visit to the Family of Late Rotimi Edu

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L-R: Mr. Ola Gam-Ikon, Deputy Commissioner, Finance and Administration, NAICOM; Mr. Olusegun Ayo Omosehin, Commissioner for Insurance, NAICOM; Mrs. Edu, the Widow; Dr. Usman Jankara, Deputy Commissioner, Technical, NAICOM and other visitors.

The National Insurance Commission (NAICOM), led by Commissioner for Insurance Mr. Olusegun Ayo Omosehin, visited the family of the late Barrister Rotimi Edu. The leadership came to commiserate with the family and honor his remarkable legacy.

Barr. Edu’s life was a true celebration of service and impact, marked by his invaluable contributions to the growth and development of the insurance sector. His dedication, leadership, and vision will continue to inspire generations within the industry.

NAICOM stands in solidarity with his loved ones during this period of grief, while cherishing the enduring memory of his achievements and the indelible mark he left on the profession.

NDIC, NILE University Host Immersion Challenge for Business School Students

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L – R: NDIC’s Executive Director (Operations), Dr. Kabiru S. Katata; Team Lead, Nile University Business School, Engr. Bamidele Kayode; NDIC’s MD/CE, Mr. Thompson Oludare Sunday; and Nile University Business School Team Member, Ogo Akabogu during the closing ceremony of the NDIC/Nile University Business School Executive Industry Immersion Challenge.  

The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to talent development and stronger industry-academia collaboration, through the platform of the Executive Industry Immersion Challenge (EIIC) programme that was conducted in partnership with the Nile Business School, Nile University of Nigeria, Abuja.

Speaking at the opening ceremony of the 4-day programme at the Corporation’s Head Office in Abuja, the Managing Director/Chief Executive of the NDIC, Mr. Thompson Oludare Sunday, described the initiative as strategic in addressing the widening gap between the academia and the business community.

According to the NDIC Chief Executive, the rapidly evolving global work environment requires professionals who possess both theoretical knowledge and practical insight into the realities of the corporate world.  In his words, “the Executive Industry Immersion Challenge has provided the NDIC with the opportunity of a practical platform to expose participants to real-world experience in policy formulation, institutional governance, and public sector management.”

The Managing Director reiterated the commitment of the NDIC as a critical financial safety-net institution, to the promotion of financial system stability and enhancement of depositor confidence in the financial system. He urged participants, who are students of the executive NBA programme of the University, to embrace the positive values that will be learnt during the programme and adopt them as guiding principles for leadership and national development.

He stressed that institutions can only command public confidence when their actions consistently reflect honesty, sound ethical conduct, good governance and transparency.

The Project Coordinator of the programme for the NDIC and Director, Research, Policy & International Relations Department, Mr. Ibrahim Aliyu, explained that the EIIC had been consciously designed as an experiential learning initiative aimed at bridging the gap between theory and industry practice.

In his remarks, the Dean of the Nile Business School, Prof. Hauwa Lamido, represented by a senior faculty member, Dr. Festus Ekechi stated that, the choice of the Corporation for the Industry Immersion Programme was informed by its footprint of sound corporate governance, professionalism and integrity in the nation’s financial landscape.

He assured that the School would take conscious steps toward integrating all the learning points from the exercise into its curriculum with a view to ensuring practical application the knowledge by the participants in their places of work.

 

 

BUA Foods: Financial Times Recognition Highlights the Scale, Resilience, Global Relevance of Nigerian Manufacturing 

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BUA Foods Plc has been recognised in the 2026 edition of the Financial Times’ Africa’s Fastest Growing Companies ranking, reinforcing the company’s emergence as one of Africa’s leading industrial growth stories and underscoring the increasing global relevance of large-scale manufacturing businesses driving economic transformation across the continent.

Published annually since 2021 by the Financial Times in collaboration with Statista, the ranking recognises companies across Africa that recorded the highest compound annual growth rates (CAGR) in revenue between 2021 and 2024, spotlighting businesses contributing significantly to economic expansion, industrial development, market growth, and long-term value creation.

BUA Foods’ inclusion in the ranking reflects the Company’s strong growth trajectory and operational resilience within one of Africa’s most challenging business environments. Between 2021 and 2024, the company recorded a CAGR of 66.13% in revenue, driven by sustained expansion across its core food categories, rising consumer demand, and continued market penetration across Nigeria and the broader African market.

Over the same period, BUA Foods also recorded a CAGR of 118% in market valuation, with its valuation increasing from approximately N720 billion in 2021 to about N7.47 trillion by the end of 2024. This growth reflects strong investor confidence in the company’s long-term strategy, operational scale, and ability to deliver sustained value despite macro-economic volatility across Nigeria and broader African markets.

The company’s valuation has continued to strengthen beyond the review period, with BUA Foods currently valued at approximately N17.41 trillion, reinforcing its position as one of Africa’s most valuable and profitable consumer goods and manufacturing companies.

The sustained increase in market value further reflects investor confidence in the Company’s earnings capacity, long-term growth trajectory, and strategic importance within Nigeria’s industrial and food production landscape.

The company’s strong performance and sustained growth trajectory have also continued to receive continental recognition. Recently, the Chairman of BUA Foods, Alhaji Abdul Samad Rabiu, was awarded CEO of the Year at the 2026 Africa CEO Forum held on May 14, 2026, in Kigali.

The recognition was bolstered by the stellar performance of BUA Foods and the Chairman’s exceptional business achievements across industrial sectors in Nigeria and beyond, further underscoring the growing influence of Nigerian industrial and manufacturing businesses on the African economic landscape.

The Financial Times recognition comes amid a period of significant global economic headwinds. Despite these challenges, BUA Foods continued to strengthen its market position through sustained investments in production capacity, operational efficiency, supply chain optimisation, and expanded distribution across its sugar, flour, pasta, and rice businesses.

As one of Africa’s leading food businesses, BUA Foods continues to play a strategic role in advancing food security, industrialisation, and economic growth through large-scale local manufacturing and long-term investments across its operations.

The Financial Times ranking further reinforces the Company’s position as one of the continent’s most significant industrial growth stories and highlights the growing contribution of African manufacturing businesses to global economic discourse.

 

About BUA Foods Plc

BUA Foods Plc is a leading Nigerian food manufacturing and processing company listed on the Nigerian Exchange Limited. The company is engaged in the processing, manufacturing, and distribution of essential food products, including sugar, flour, pasta, rice, and edible oils.

Incorporated in 2021 following the consolidation of key businesses under BUA Group, BUA Foods operates multiple production facilities across Nigeria and serves millions of consumers across Nigeria and West Africa.

The company is committed to advancing food security, delivering high-quality and affordable food products, and creating sustainable value for stakeholders through innovation, operational excellence, and responsible business practices. 

 

 

 

Nnamdi Azikiwe University Students Clinch ₦5m Top Prize at Heirs Insurance Hackathon Competition

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Business Journal
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Winners of the 2026 Heirs Insurance Hackathon from Nnamdi Azikiwe University – John Trust, Unah Chinweotuto, John Justice; with leaders of Heirs Insurance Group: Peace O. Philips, Chief Digital Officer, Niyi Onifade, MD/CEO, Heirs Life Assurance; Callista Azogu, Independent Non-Executive Director, Heirs Life Assurance, and Wole Fayemi, MD/CEO, Heirs General Insurance.

 

Heirs Insurance Group, Nigeria’s fastest-growing insurance group, has announced the winners of the 2026 Heirs Insurance Hackathon; a competition empowering university students to shape the future of digital insurance.

Following a rigorous judging process by industry professionals, the top winners emerged: Team Omnivoice from Nnamdi Azikiwe University emerged as the overall winner, taking home the grand prize of ₦5 million; Team Alafia from Ahmadu Bello University Zaria secured second place with a ₦3 million prize; while Team Von Mises from Lagos State University came third and received ₦1 million. The winning team comprised Unah Chinweotuto, John Justice, and John Trust.

The grand finale, which was held at Heirs Towers, Lagos, brought together brilliant young tech talent, industry experts, and mentors to celebrate innovation in the insurance sector. The maiden edition attracted a significant number of entries from students at higher learning institutions across the country, all presenting fresh, practical ideas aimed at transforming insurance in Nigeria.

Themed “The Future of Insurance: Streamlining Insurance with AI”, the Hackathon reflects Heirs Insurance Group’s strong commitment to youth empowerment, digital skills development, and inclusive innovation. It gave students a real platform to apply emerging technologies to actual challenges in the insurance industry while receiving mentorship and industry exposure.

Speaking at the grand finale, Peace O. Philips, Chief Digital Officer of Heirs Insurance Group, said: “We are truly impressed by the outstanding creativity, technical depth, and practical solutions showcased by these young talents today. This maiden hackathon has exceeded our expectations and clearly demonstrates the immense potential of Nigerian youth to solve real insurance challenges using Artificial Intelligence and digital innovation,” he said.

The Heirs Insurance Hackathon was delivered in partnership with Redtech, the digital payment solutions arm of Heirs Holdings.

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

With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group, comprising Heirs General Insurance Limited, Heirs Life Assurance Limited, and Heirs Insurance Brokers, serves both corporate and individual customers across Nigeria.

Heirs Insurance Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.

Leadway Assurance Claims Payout of N137bn in 2025 Reinforces Market Leadership, Customer Trust

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Business Journal
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Against the backdrop of a challenging yet progressively stabilising macroeconomic environment, Leadway Assurance, Nigeria’s leading insurance services provider and a member of the Leadway Group, has once again demonstrated its position as the nation’s most dependable insurer, delivering a robust financial performance for the 2025 financial year.

Central to the company’s 2025 performance was its commitment to standing by policyholders through prompt and consistent claims settlement. Consequently, claims expenses rose by 17%, from N117 billion in 2024 to N137 billion in 2025, affirming Leadway’s formidable capacity to honour obligations across its life, annuity, and non-life portfolios, and its continued role as a dependable financial safety net for millions of customers navigating losses in these uncertain times.

The non-life portfolio accounted for N55.4 billion of total claims expenses, while annuity payouts reached N57.9 billion, and life business claims accounted for N23.7 billion. These figures validate the scale of Leadway’s operations and its sustained leadership across multiple insurance segments.

This is evident in the financial performance datasets with insurance revenue growing by 30% from N173.2 billion in 2024 to N225.3 billion in the year under review, driven by broad based growth across all business classes and resilient customer demand for insurance solutions aligned with the realities of an evolving market.

Total assets grew to N1.155 trillion from N1,024 trillion, further reinforcing the company’s strong balance sheet, liquidity position, and capacity to meet policyholder obligations while pursuing sustainable long-term growth.

Commenting on the results, Gboyega Lesi, MD/CEO of Leadway Assurance, stated: “Our 2025 performance reflects the resilience of our business model, the trust our customers continue to place in the Leadway brand, and our unwavering commitment to honouring obligations when customers need us most. Paying N137 billion in claims across our annuity, life, and non-life portfolios demonstrates the strength of our balance sheet and our customer first commitment” he said.

“As the industry evolves under the Nigerian Insurance Industry Reform Act 2025, we remain well positioned to drive innovation, deepen insurance penetration, strengthen digital capabilities, and deliver sustainable long-term value to our customers and stakeholders.”

Lesi added: “Leadway would continue to prioritise technology-driven innovation, enhanced customer experience, operational efficiency, and product development initiatives aimed at expanding access to insurance solutions across Nigeria.”

With increasing insurance awareness, growing adoption of digital distribution channels, and ongoing regulatory reforms within the Nigerian insurance sector, the company remains optimistic about the industry’s long-term growth prospects and its ability to maintain market leadership.

 

 About Leadway Assurance

Leadway Assurance is one of Nigeria’s leading insurance companies, providing a wide range of financial protection services including life insurance, general insurance, among other financial solutions.

With 55 years of experience, Leadway is dedicated to delivering innovative solutions and superior service to its customers.

 

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