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SERAP asks Akpabio, Abbas to Explain ₦1.3bn Allocation to ‘Fictitious Presidential Council’

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The Socio-Economic Rights and Accountability Project (SERAP) has urged the Senate President, Senator Godswill Akpabio, and the Speaker of the House of Representatives, Tajudeen Abbas, to “urgently disclose certified copies of all documents relating to the consideration and approval of the allocation of over ₦1.3 billion (₦1,302,978,784) to the Presidential Foreign Intervention Promotion Council (PFIPC)/Presidential Economic Advisory Council in the 2026 Appropriation Act.”

SERAP urged them “to promptly exercise the National Assembly’s constitutional powers under sections 88 and 89 of the Nigerian Constitution to investigate the circumstances surrounding the allocation to ‘a fictitious presidential council’ in the 2026 Appropriation Act and to identify anyone responsible for any irregularities.”

SERAP also urged them to “provide certified copies of records identifying the members of the National Assembly committees that considered the allocation and the names and official designations of all public officers or representatives who appeared before those committees to defend the proposed allocation.”

SERAP further urged them to “clarify whether the allocation formed part of the Executive’s original Appropriation Bill or was introduced or amended during the appropriations process and whether any lawmaker raised concerns or sought clarification regarding the legal status, establishment or operational mandate of the ‘fictitious body’; and the action taken by the National Assembly in response.”

According to reports, the Presidential Foreign Intervention Promotion Council (PFIPC)/Presidential Economic Advisory Council was allocated over ₦1.3 billion in the 2026 Appropriation Act. However, the Presidency has publicly stated that the body is fictitious and was never established by the Federal Government.

In a Freedom of Information request dated 4 July 2026 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “These conflicting accounts raise serious concerns regarding the integrity of Nigeria’s appropriations process, legislative oversight, public financial management and accountability.”

SERAP said: “Nobody has a more sacred obligation to obey the law than those who make the law. The National Assembly ought to keep an eye on what the Executive is doing and to keep the Presidency and agencies of government in check including before and during the appropriation process by thoroughly scrutinising Executive’s budget proposals before any authorisation.”

According to SERAP, “the Nigerian Constitution 1999 [as amended] places significant responsibilities on the National Assembly in relation to the appropriation process. These constitutional duties require the National Assembly not merely to approve the Executive’s budget proposals, but to scrutinise, debate and authorise public expenditure in line with the Constitution.”

The FoI request, read in part: “Nigerians have a right to know whether public funds were appropriated for an entity that was not lawfully established and, if so, how this occurred.”

“Providing the requested information would enable Nigerians to assess whether the National Assembly discharged its constitutional responsibilities under sections 80, 81, 88 and 89 of the Constitution in scrutinising and approving the allocation.”

“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you and the National Assembly to comply with our request in the public interest.”

“Disclosure of the requested information would strengthen public confidence in the credibility of the National Assembly and the integrity of the appropriations process, promote transparency in the management of public resources, and enable citizens to meaningfully scrutinise the exercise of parliamentary oversight.”

“The requested records concern matters of exceptional public importance. They relate directly to the integrity of Nigeria’s budgetary and appropriations process, the lawful establishment and funding of public institutions, the expenditure of public funds, and the effectiveness of legislative oversight.”

“The National Assembly has a clear obligation to disclose the requested information, particularly where there are credible allegations of governmental impropriety and possible misuse of public resources. The basic purpose of the Freedom of Information Act is to ensure an informed citizenry, enabling citizens to check corruption and hold public officials and institutions accountable.”

“The United Nations Human Rights Committee has affirmed that Article 19 of the International Covenant on Civil and Political Rights to which Nigeria is a state party guarantees a right of access to information held by public bodies and requires governments to proactively place information of public interest in the public domain while responding promptly to requests for information.”

“The African Commission on Human and Peoples’ Rights has consistently interpreted Article 9 of the African Charter on Human and Peoples’ Rights as requiring maximum disclosure of information held by public authorities and recognising access to information as fundamental to transparency, accountability, democratic governance and public participation.”

“The internationally recognised Tshwane Principles on National Security and the Right to Information further provide that no public authority should be categorically exempt from disclosure obligations and recognise an overriding public interest in the disclosure of information concerning corruption, abuse of public office and the use of public funds.”

“The Nigerian Constitution, the Freedom of Information Act and Nigeria’s international legal obligations rest upon the fundamental principle that public institutions are accountable to the people and that citizens are entitled to information concerning the conduct of public affairs.”

“The disclosure of the requested information and documents would advance these constitutional and statutory objectives by promoting openness, strengthening legislative accountability and enhancing public confidence in the management of public resources.”

“According to widely reported allegations, the Presidential Foreign Intervention Promotion Council (PFIPC)/Presidential Economic Advisory Council was allocated over ₦1.3 billion [₦1,302,978,784] in the 2026 Appropriation Act.”

“However, the Presidency has publicly denied that the body exists. In a statement issued on 1 July 2026, the Presidency stated that the Presidential Foreign Intervention Promotion Council (PFIPC)/Presidential Economic Advisory Council is a fictitious body that was never established by the Federal Government.”

 

 

FG to IMF: Response to Recent Misrepresentations on Public Expenditure

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The Federal Government has noted recent public commentary alleging that approximately two percent of GDP amounting to over ₦8 trillion was spent outside the approved budget based on references to the IMF Representative in Nigeria and the Fund’s 2026 Article IV Consultation Report.

These claims are incorrect and risk misleading the public regarding the government’s financial management.

For the avoidance of doubt, the Federal Government does not operate a “shadow budget” or expend public funds outside the constitutional and statutory framework established for public finance.

Under Sections 80 – 83 and 162 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), public funds may only be withdrawn and expended in accordance with the Constitution and laws enacted by the National Assembly.

Accordingly, Federal Government expenditure is incurred pursuant to duly enacted Appropriation Acts, Supplementary Appropriation Acts, and other statutory authorities enacted by the National Assembly.

In addition, multi-year capital projects which necessarily span multiple budgets are implemented in accordance with extant laws and approved provisions for capital rollovers where applicable.

These are recognised features of public financial management and should not be misconstrued as expenditures outside the budget.

It is inaccurate to suggest that trillions of naira have been secretly spent outside legislative approval. Such allegations should have identified the specific projects purportedly executed without appropriation or legal authority and present credible evidence in support of the claim. To be meaningful, assertions of this magnitude must be supported by verifiable facts rather than conjecture.

For the purpose of public education, it is important to distinguish between appropriation, expenditure authorisation, financing, and fiscal reporting.

Nigeria’s public finance framework contains several statutory transfers, first-line charges and intervention mechanisms established by Acts of the National Assembly. These include, among others:

– Statutory allocations and contributions to development commissions and other agencies created by law.

– Cost of collection and cost of administration retained by designated revenue-collecting agencies as expressly provided under relevant legislation.

– Capital expenditure approved in separate budgets for some agencies and the Federal Capital Territory by the National Assembly.

– Special interventions approved by law to address national priorities such as security, infrastructure, disaster response, and other strategic national programmes or emergencies.

– Debt service obligations and other statutory transfers that are authorised under applicable legislation.

These expenditures are neither secret nor illegal. They are established by law, disclosed in various fiscal reports, and subject to applicable oversight, audit and accountability mechanisms.

Their treatment for reporting purposes may differ from their presentation in the annual Appropriation Act, particularly under international statistical and reporting standards adopted by the Federal Government. Such classification differences should not be misrepresented as evidence of unlawful expenditure.

It is equally incorrect to suggest that the reported amount represents an increase in budget deficit. A fiscal deficit is determined by the relationship between total government revenues and total government expenditures.

Whether a capital project is financed through annual appropriations, supplementary appropriations, statutory transfers, approved intervention mechanisms, or other lawful financing arrangements does not, by itself, increase the fiscal deficit.

Indeed, the IMF’s observation relates primarily to the comprehensiveness, timing and presentation of fiscal reporting rather than the legality of expenditure. Like many countries, Nigeria continues to strengthen the alignment between budget presentation and international fiscal reporting standards as part of ongoing public financial management reforms. \

As a matter of fact, His Excellency, President Bola Ahmed Tinubu, GCFR had himself formally requested the National Assembly to end the practice of running multiple and overlapping budgets, and rather harmonise into a single, cohesive framework during his presentation of the 2026 Appropriation Bill to a joint session of the National Assembly on December 19, 2025.

The Federal Government remains firmly committed to prudent fiscal management, transparency and accountability. Recent reforms have significantly strengthened public financial management with ongoing improvements in budget assumptions and credibility, transparent revenue administration, digitalisation of government financial processes, and stronger treasury management. These reforms have been acknowledged by the IMF itself and other multilateral institutions, as well as international credit rating agencies, major media organisations and investors.

Public debate is both welcome and essential in a democratic society. However, it should be based on facts and an accurate understanding of Nigeria’s constitutional and fiscal framework. Mischaracterising technical observations as evidence of unlawful expenditure neither advances informed public discourse nor strengthens democratic accountability.

The Federal Government will continue to uphold the rule of law, maintain transparency in the management of public resources, and work with the National Assembly, oversight institutions, development partners and the Nigerian people to further strengthen fiscal governance in line with international best practices.

 

𝘚𝘪𝘨𝘯𝘦𝘥:

Taiwo Oyedele

Honourable Minister of Finance and Co-ordinating Minister of the Economy

Federal Republic of Nigeria

Heirs Insurance, NAIPE Partner to Deepen Grassroots Insurance Penetration

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L-R: Iyabo Ogunjuyigbe, NAIPE member; Chris Ebong, NAIPE member; Nkechi Naeche-Esezobor, NAIPE Chairperson; Ifesinachi Okpaku, Head, Corporate Communications, Heirs Insurance; Rosemary Iwunze, NAIPE General Secretary; Chuks Okonta, Immediate past NAIPE Chairman; Nike Popoola, NAIPE PRO, during a courtesy visit of NAIPE to Heirs Insurance in Lagos.

Heirs Insurance and the Nigerian Association of Insurance and Pension Editors (NAIPE) have resolved to strengthen their strategic partnership to deepen public sensitisation and drive grassroots advocacy within the country’s insurance sector.

The commitment was renewed during a courtesy visit by the NAIPE executive committee, led by its Chairman, Mrs. Nkechi Naeche-Esezobor, to the insurance firm’s headquarters.

Speaking on behalf of the management, the Head of Communications for Heirs Insurance, Ifesinachi Okpaku, stated that the company remains deeply committed to its long-standing alliance with the media association.

“This is what we started out with—partnerships, and very strong partnerships,” Okpaku said. “I am very glad that the partnership has lasted this long and will continue to last.”

Okpaku commended NAIPE and its members for their consistent role in educating the public, noting that their reporting has significantly improved the public’s understanding of insurance. Despite historically low penetration rates, she emphasised that the sector continues to generate positive developments that the public can learn from.

To build on these gains, Okpaku proposed a collaborative, joint workshop bringing together financial journalists, industry practitioners, and corporate communications teams. According to her, the initiative would bridge perspective gaps and forge a united approach toward impactful, on-the-ground grassroots advocacy.

Responding on behalf of the Association, the Chairman of NAIPE, Mrs. Nkechi Naeche-Esezobor, pledged NAIPE’s readiness to collaborate on targeted capacity building and localised advocacy to accelerate insurance penetration nationwide.

Esezobor noted that bridging the gap between industry practitioners and the press is critical to rewriting the narrative of the insurance sector and driving financial inclusion.

She praised Heirs Insurance for its deliberate focus on strong institutional partnerships since its inception, describing the media as a vital ally in breaking down complex financial concepts for ordinary Nigerians.

The Chairman reaffirmed NAIPE’s commitment to providing a balanced, professional platform that highlights growth, regulatory compliance, and innovations among forward-thinking operators within the insurance and pension landscapes.

 

The Founder Effect: How Long-Term Industrial Builders Create Enduring Shareholder Value

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By DAVID OPUTAH

Capital markets have an interesting way of separating excitement from excellence. Excitement often accompanies the launch of a new company, a major expansion, or a highly anticipated market debut.

It is fueled by projections, media attention and investor optimism. Excellence, however, reveals itself only over time. It is measured not by headlines but by a company’s ability to allocate capital wisely, build productive assets, adapt to changing economic conditions and create sustainable value for shareholders over many years.

This raises an important investment question: what distinguishes businesses that merely experience periods of success from those that consistently compound shareholder wealth over decades? Increasingly, research points to one recurring characteristic: disciplined founder-led leadership.

Across global markets, many of the world’s most valuable businesses were shaped by founders whose competitive advantage was not simply entrepreneurial vision but an unusually long investment horizon. Rather than managing for quarterly expectations, they invested in productive capacity, technological capability, operational efficiency and competitive positioning long before those investments produced visible financial returns. The result was not simply business growth. It was the creation of organisations capable of generating value repeatedly over extended periods.

Few examples illustrate this better than Li Ka-shing, whose disciplined capital allocation transformed the Cheung Kong Group from a property business into one of Asia’s most diversified industrial and infrastructure enterprises. His approach was characterised by patience, financial discipline and a willingness to invest through economic cycles while maintaining a long-term perspective.

Mukesh Ambani offers another example. Under his leadership, Reliance Industries evolved far beyond its traditional manufacturing roots into one of the world’s most diversified businesses spanning energy, telecommunications, retail and digital services. Each stage of that evolution required substantial long-term investment before commercial returns became fully apparent.

Africa has produced its own examples of this philosophy. Over several decades, Alhaji Aliko Dangote has built one of the continent’s largest industrial enterprises by pursuing a strategy centred on long-term productive investment rather than short-term financial gains.

Beginning with commodity trading, his business interests progressively expanded into manufacturing, logistics and large-scale industrial infrastructure across multiple African markets. While industries, geographies and business models differ, the underlying philosophy remains remarkably consistent: build productive assets that generate value over long periods rather than optimise solely for immediate financial performance.

This approach often demands decisions that appear counterintuitive in the short term. Large industrial projects require substantial capital, long development timelines and considerable execution risk. Investments in manufacturing capacity, logistics infrastructure, supply chains, technology and human capital frequently reduce short-term profitability before strengthening long-term competitiveness.

Public markets do not always reward such decisions immediately. Yet history suggests that many of the world’s most enduring businesses were built precisely because their leaders were willing to invest when immediate returns were uncertain but long-term opportunities were compelling.

Research by McKinsey & Company has consistently found that companies delivering superior long-term Total Shareholder Return are distinguished less by extraordinary single-year performance than by sustained capital discipline, operational excellence and the consistent reinvestment of capital into productive growth opportunities.

This observation helps explain why institutional investors increasingly evaluate businesses using measures that extend beyond quarterly earnings. Revenue growth remains important, but investors also examine the quality of capital allocation, investment discipline, operational resilience, governance standards and the capacity of management to create durable competitive advantages.

The objective is not merely to identify businesses that perform well today. It is to identify businesses capable of continuing to perform well over the next decade. Perhaps this is where founder-led industrial businesses possess a distinctive advantage.

Founders who remain deeply connected to the long-term purpose of their organisations often view investment differently from managers whose incentives are tied primarily to short-term financial reporting. Their decisions are frequently shaped by legacy, institutional longevity and the desire to build enterprises capable of outliving their founders.

That perspective can encourage greater patience during difficult economic periods, greater willingness to undertake transformational investments and greater consistency in strategic execution.

Of course, founder leadership alone is never sufficient. History contains numerous examples of founder-led businesses that failed because vision was not matched by sound governance, disciplined execution or effective succession planning. Sustainable shareholder value ultimately depends upon the quality of institutions rather than the personality of individuals.

The most successful founders understand this distinction. Their greatest achievement is often not the businesses they build, but the systems, cultures and governance structures they establish to ensure those businesses continue creating value long after the founders themselves step aside.

For investors, this may be the most enduring lesson. Markets will always experience cycles of optimism and pessimism. Commodity prices will fluctuate. Exchange rates will change. Technologies will evolve and industries will be disrupted. But businesses that consistently transform investment into productive assets, productive assets into competitive advantage and competitive advantage into sustainable shareholder value tend to possess characteristics that transcend economic cycles.

They are rarely built overnight. They are built patiently, strategically and deliberately by leaders willing to think beyond the next quarter. That may well be the true founder effect—not simply the ability to start a business, but the discipline to build an institution capable of creating enduring value for generations.

 

 

Ecobank Nigeria Wins Deutsche Bank’s Client Excellence Award

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Managing Director, Global Head of TFFI and Regional Head, Trade & Lending, Middle East & Africa (MEA), Deutsche Bank, Anand Jha, presenting the award to Coverage Head, Corporate and Investment Bank, Ecobank Nigeria, Segun Anjorin, while other dignitaries look on. 

Ecobank Nigeria, a subsidiary of the leading pan-African financial services group Ecobank Group, has been awarded the Client Excellence Award by Deutsche Bank in recognition of its outstanding performance, operational excellence, and commitment to delivering superior Institutional Cash and Trade Finance services.

The award recognises Ecobank Nigeria’s consistent achievement of high standards in transaction processing, service delivery, operational efficiency, and collaboration within the global trade finance ecosystem. It further reinforces the Bank’s position as a leading financial institution providing innovative financial solutions that support corporates, financial institutions, and businesses engaged in domestic and international trade.

Receiving the award on behalf of Ecobank Nigeria, Segun Anjorin, Coverage Head, Corporate and Investment Bank, Ecobank Nigeria, expressed appreciation to Deutsche Bank for the recognition, noting that the award reflects the Bank’s unwavering commitment to excellence, innovation, and customer-centric service delivery.

“We are honoured to receive the Deutsche Bank Client Excellence Award. This recognition is a testament to our commitment to delivering seamless and innovative solutions that enable our clients to thrive in an increasingly interconnected global marketplace.”

“At Ecobank Nigeria, we remain focused on leveraging our extensive pan-African network, digital capabilities, and strategic partnerships to facilitate trade, improve transaction efficiency, and support economic growth across Nigeria and the African continent. We value our longstanding relationship with Deutsche Bank and look forward to further strengthening our collaboration in the years ahead,” Anjorin said.

Commenting on the award, Anand Jha, Managing Director, Global Head of TFFI and Regional Head, Trade & Lending, Middle East and Africa (MEA), Deutsche Bank, commended Ecobank Nigeria for its exceptional service standards and operational excellence.

“The Client Excellence Award recognises institutions that consistently demonstrate outstanding quality, efficiency, and reliability in transaction banking operations. Ecobank Nigeria distinguished itself through its commitment to excellence, strong operational controls, and customer-focused service delivery that has created measurable value for clients and counterparties alike.”

“We are pleased to recognise Ecobank Nigeria’s achievements and appreciate the strong partnership we have built over the years. We look forward to continuing our collaboration in supporting trade, payments, and financial flows that drive economic development across Africa and beyond,” Jha said.

The recognition underscores Ecobank Nigeria’s continued investment in world-class banking solutions and reinforces its role as a trusted financial partner for businesses seeking efficient cash management, trade finance, and cross-border banking services.

It also highlights the Bank’s commitment to supporting economic development by facilitating seamless trade and financial transactions across Africa and the global marketplace.

 

About Ecobank Nigeria

Ecobank Nigeria is a member of the Ecobank Group, the leading pan-African banking institution with operations in 33 African countries and international offices in London, Paris, Beijing, and Dubai.

With over 220 branches, more than 36,000 agency banking locations, and robust digital platforms, Ecobank delivers accessible, affordable, and instant banking services.

The Bank is strategically positioned to support pan-African trade, particularly under the African Continental Free Trade Area (AfCFTA).

 

Harmony Group CEO, Olusegun Adebayo, Bets on Lekki Growth with Launch of New Housing Projects

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As demand for quality housing continues to rise across Lagos’ expanding coastal corridor, the Chief Executive Officer of Harmony Group, Olusegun Adebayo, has unveiled two new residential developments in Abijo GRA, Lekki, in a move aimed at strengthening the company’s presence within Nigeria’s evolving property market.

The projects were announced during a media briefing held at Harmony Stores, Shoprite Ajah, Lagos, where Adebayo highlighted the growing attractiveness of the Lekki Abijo axis as one of the state’s fastest developing residential and investment destinations.

According to him, the decision to expand within the corridor was influenced by increasing infrastructure development, population growth, and sustained investor interest in the area.

“The demand for modern housing within the Lekki corridor continues to grow. We are seeing increased interest from both homeowners and investors who recognize the long-term potential of this axis,” Adebayo said.

One of the developments comprises 12 units of two bedrooms apartments and two units of three bedrooms duplexes with boys’ quarters located within a gated estate in Abijo GRA. The company also unveiled His Grace Residences II, a separate residential project designed to cater to the growing middle and upper middle income housing market.

Both projects incorporate smart home technology, security infrastructure, and modern residential facilities, reflecting a broader trend within Lagos’ real estate sector toward technology enabled living environments.

Industry stakeholders at the event noted that developers are increasingly shifting attention toward the Lekki Abijo corridor due to ongoing infrastructure projects, improved road connectivity, and the area’s emergence as a preferred residential destination for professionals and investors.

Adebayo said Harmony Homes remains committed to contributing to housing development while creating residential communities that combine convenience, security, and long-term value.

The latest expansion comes as developers continue to position themselves within Lagos’ rapidly changing real estate landscape, where demand for planned residential communities remains strong despite broader economic challenges.

The media briefing was attended by property stakeholders, investors, and members of the press and was facilitated by Social Media Centre Marketing (SMC).

 

Mother Nature Is Speaking. Are We Listening?

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Over the past few days, Lagos has witnessed severe flooding, leaving many families, businesses, and communities affected.

The Founder of A3 Botanical World – Osunlolu Abimbola (born Adejuwon Adefunke Adetutu) gave some thoughts for us to reflect upon.

Different people will explain it from different perspectives. Climate experts may point to changing weather patterns. Engineers may speak about drainage systems and infrastructure. Urban planners may discuss poor planning and development on flood-prone land.

All of these perspectives deserve attention.

But I also believe there is another way to reflect on moments like this.

For me, this is a reminder that we cannot continue to ignore nature and expect harmony.

Too often, we buy land and see only what we can build. We clear the trees, reclaim wetlands, fill waterways, and replace living ecosystems with concrete, believing that because we own the land, we have complete control over it.

But nature has its own order.

Water has always known where it belongs. When we block its natural path, we may succeed for a while, but we should not be surprised when it seeks that path again. What we call disaster is sometimes the consequence of disrupting the balance that already existed.

This is not about fear. It is about responsibility.

It is a wake-up call for developers to build with greater respect for the environment. It is a wake-up call for governments to protect natural waterways and enforce responsible planning. It is a wake-up call for every one of us to remember that development should work with nature, not against it.

Progress should not come at the cost of destroying the very environment that sustains us.

As we rebuild and recover, may we also rethink how we relate to the earth, the water, the trees, and the spaces that have supported life long before we arrived.

When we honour nature, we honour ourselves.

May wisdom guide our choices, and may we learn to build a future where humanity and nature can thrive together.

 

Lagos Flooding Sparks Fresh Interest in Safer Property Investments as Experts Set for Three P Conference

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The widespread flooding that recently disrupted homes, businesses and transportation across several parts of Lagos has once again brought conversations around smarter property investment and urban resilience to the forefront.

As many residents continue to count their losses, real estate experts say the situation underscores the importance of looking beyond location and considering long term environmental sustainability when making investment decisions.

It is against this backdrop that leading Nigerian and UK property professionals will converge in Lagos for the Three P Conference (Pounds, Properties and Profit), themed “Diversify into UK Properties for Stability & Profitability.”

The conference, scheduled for July 25, 2026, at the Marriott Hotel, Ikeja GRA, aims to provide investors with practical insights into building wealth through international real estate while reducing exposure to location specific risks.

According to the organisers, the event is expected to explore how Nigerians can diversify their investment portfolios through the UK property market, earn rental income in pounds sterling, understand overseas property financing, and identify emerging investment opportunities.

The conference will feature respected industry leaders including Niyi Adesanya, CEO of FifthGear Plus Consulting; Samuel Obafemi George, CEO of BranchHill Realty Limited; Oluwadurotimi Ojamamoye, Group Managing Director of Assetrise Holdings; Niyi Babalola, CEO of Bablo Homes; Kayode Adeagbo, CEO of TMS Properties UK; and Ariola Atunise, CEO of Properties Everywhere.

Beyond showcasing investment opportunities, the forum is expected to address broader issues surrounding property resilience, wealth preservation, portfolio diversification and the importance of making informed real estate decisions in an era increasingly shaped by climate related risks.

Industry analysts say the recent floods have reminded investors that successful real estate investment is no longer determined solely by demand and location but also by environmental planning, infrastructure quality and long-term sustainability.

With attendance limited to invited participants following pre-qualification, the Three P Conference seeks to connect serious investors with experienced professionals while encouraging Nigerians to think globally about property ownership and wealth creation.

As climate challenges continue to reshape cities across the world, the conference is expected to reinforce one message: diversification is no longer just a financial strategy it is becoming an investment necessity.

As interest in international property investment continues to grow, the organisers say the Three P Conference will provide participants with practical insights into navigating the UK property market, building wealth in pounds sterling, and making informed investment decisions in an increasingly uncertain global economy.

The conference will hold on Saturday, July 25, 2026, at the Marriott Hotel, Ikeja GRA, Lagos. Attendance is strictly by invitation following a pre-qualification process.

Mr. Kayode Adeagbo is the Founder and Chief Executive Officer of TMS UK Properties, an international property investment firm.

With over 30 years of experience in real estate, he is a property investor, mentor, and wealth creation strategist who has trained and guided thousands of aspiring investors on building long term wealth through UK property investments.

According to the organisers, prospective investors, business owners, professionals, and Nigerians seeking to diversify their real estate portfolios can register their interest through TMS UK Properties or visit

[email protected] & [email protected] for further information.

Nigeria’s Nuclear Ambitions Boosted as Akkuyu NPP Unit 1 Construction is Completed

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Nigeria is steadily advancing toward the development of its own nuclear energy sector. The country has already established partnership agreements with Rosatom, with site selection and preparation currently underway, along with the assessment of technical and economic aspects of future projects.

The technological foundation consists of modern Russian Generation 3+ reactors, similar to those now being commissioned at the Akkuyu NPP in Turkey.

Rosatom State Corporation, one of the world’s most renowned nuclear facilities has confirmed the completion of this Akkuyu Nuclear Power Plant Unit 1 construction

Rosatom State Corporation management delegation headed by Director General Alexey Likhachev visited the Akkuyu NPP site (under construction by Rosatom State Corporation). During the visit, the head of Rosatom got acquainted with the progress of the start-up and adjustment works at Unit 1, and also saw the active preparations underway for the stage of cold-hot running-in of the reactor plant.

Alexey Likhachev also visited the central hall of the reactor compartment of Unit 1, where he was informed of the successful completion of dummy fuel assemblies loading into the reactor, as well as the completion of the reactor assembly. After loading the dummy reactor core, specialists installed a block of protective tubes and the upper reactor unit, completing one of the most important stages of preparing the reactor plant for cold-hot running-in.

“We have registered the completion of construction works. The cold hydraulic tests of the reactor started tonight, and this work will be completed within a few weeks. There will be just a few weeks left before the start of launch operations, and based on the results of all the work done, an overhaul will be carried out and adjustments will be made to the final stage. This inspiring moment can be compared to the final hundred-meter race on a 42-kilometer marathon course. It is the very last dash when you need to mobilise all your forces, and a very important topic of the final dash is the launch of the maintenance staff work.

The staff of Unit 1 is 1,930 people, more than 40 % of these specialists are Turkish citizens. We are proud that these are graduates of our universities who are currently undergoing practical training at Russian simulators and nuclear power plants,” noted Rosatom Director General.

To ensure the station operates reliably, two key stages of run-in lie ahead. First, during the “cold” phase, specialists will check the density and strength of the equipment, perform circulating flushing of the first and second circuits, and adjust the water-chemical regime – this will confirm that all systems are ready for loads.

Then comes the “hot” stage: at a temperature of at least 260 °C, the four main circulation pumps will be tested, along with safety and reactor control systems, to verify reliability under operating conditions. These procedures are part of the standards for Generation 3+ reactors, which are used at Akkuyu NPP – Turkey’s first nuclear power plant, comprising four such power units.

For Nigeria, the completion of Unit 1 at Akkuyu is a tangible benchmark and confirmation that set goals are achievable through reliable international cooperation.

 

 

NHIA, ‎PTAD, Universal Insurance Sponsor NAIPE 2026 AGM

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‎The National Health Insurance Authority (NHIA),‎ Pension Transitional Arrangement Directorate (PTAD), as well as Universal Insurance Plc have confirmed their sponsorship of the 2026 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE).

‎The 2026 NAIPE AGM is scheduled to hold on Tuesday, July 7, 2026 at NCRIB Building in Lagos.

‎NAIPE is the umbrella body for journalists covering Nigeria’s insurance and pension sectors. The Association holds its AGM annually in July to review the performance of its leadership and assess developments within the insurance and pension industries.

‎Universal Insurance Plc is one of Nigeria’s leading non-life insurance companies, with assets exceeding N8 billion. The company offers eight major classes of insurance, including motor, property, and commercial insurance, serving corporate organisations, businesses, and individual customers through a broad range of specialised insurance products.

‎According to the company, its vision is “to be a dominant, specialised non-life insurer in Nigeria, creating and delivering value to stakeholders,” while its mission is “to offer specialised non-life insurance protection to clients inspired by innovation, efficiency and prompt claims settlement.”

‎The company has built a reputation for prompt claims settlement, integrity, professionalism, reliability, teamwork, and customer satisfaction.

‎The National Health Insurance Authority (NHIA) was established under the National Health Insurance Act, signed into law on May 19, 2022, replacing the National Health Insurance Scheme Act of 1999.

‎According to available data, about 20 million Nigerians are currently covered under the NHIA scheme.

The Authority provides financial protection against high healthcare costs, improves access to quality healthcare services, and offers a comprehensive benefits package covering a wide range of medical needs. It also seeks to promote preventive healthcare, ensure equitable healthcare financing across income groups, and improve the overall health and well-being of Nigerians.

‎Similarly, the Pension Transitional Arrangement Directorate (PTAD) was established in 2013, with its mandate derived from the Pension Reform Act of 2014.

The Directorate is responsible for administering pensions under the Defined Benefit Scheme (DBS) for pensioners who retired on or before June 30, 2007, and did not transition to the Contributory Pension Scheme.

‎Since its establishment, PTAD has recorded significant progress in transforming Nigeria’s public sector pension administration.

‎When the Directorate was created, it inherited numerous challenges from the legacy pension offices responsible for managing pensions for the Police, Customs, Immigration, Prisons, Civil Service, and the Boards of Trustees of Treasury-funded parastatals, universities, research institutions, and government agencies. These pension offices were characterised by fragmented administration, inefficiency, inadequate funding, and weak record-keeping.

‎By 2004, pension liabilities had exceeded N2 trillion, while the absence of a reliable pension database, the proliferation of ghost pensioners, and widespread allegations of fraud further undermined the system.

‎Over the years, PTAD has addressed many of these challenges by strengthening pension administration, improving record management, enhancing transparency, and restoring confidence in the management of the Defined Benefit Scheme.

Stanbic IBTC Bank Nigeria PMI: New Orders Continue to Rise Sharply in June

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Improving demand conditions helped to support further increases in output and new orders in Nigeria’s private sector at the midway point of the year.

Rising workloads and the prospect of further growth in the months ahead meant that firms took on additional staff and raised both purchasing activity and inventory holdings. Input costs and output prices increased sharply again, albeit to lesser extents than immediately following the outbreak of war in the Middle East.

The headline figure derived from the survey is the Stanbic IBTC Purchasing Managers’ Index (PMI). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank commented: “Although the rate of growth slowed in June compared to May, Nigeria’s private sector witnessed an increase in output at the end of Q2:26 as higher demand and new product development supported an increase in sales volume for companies. This rising demand led to higher workload, thereby ensuring the private sector hired new staff across three of the four sectors monitored by the survey besides agriculture. Business confidence also rose to a 12-month high with firms citing the ability to secure new stocks; business expansion plans; and advertising efforts as key factors making them expect an expansion in output over the next one year. Input prices still increased but not up to what was witnessed during the onset of the United States/Israel – Iran war.

The effect of this was a passthrough impact on output prices amid rising cost of raw materials and transportation.

“The PMI print during the quarter is consistent with a likely 3.94% y/y GDP growth rate in Q2:26, higher than the 3.89% y/y growth seen in Q1:26. We retain our 2026 growth forecasts at 4.1% as we see the oil sector growing by 3.45% y/y in 2026, from 8.50% y/y in 2025, while the non-oil sector is likely to grow by 4.11% y/y, from 3.71% y/y in 2025. The risks to our outlook include country-wide insecurity which may constrain food production, exchange rate pressures resurfacing, extreme-weather related conditions and higher fertilizer prices impacting crop yield, and a volatile global environment which may affect sentiment and constrain capital flows.”

The headline PMI posted 53.4 in June, down slightly from May’s reading of 54.1, but still above the 50.0 no-change mark and signalling a solid monthly improvement in business conditions at the end of the second quarter.

The health of the private sector has now strengthened in five successive months. Panellists often reported improving customer demand in June. This, alongside the introduction of new products, helped lead to a further marked rise in sales volumes.

With new orders up and companies expanding their operations, output also increased. In both cases, however, rates of growth were softer than seen in May. Business activity expanded across three of the four broad sectors covered by the survey, the exception being manufacturing.

Companies were also optimistic that output will rise over the coming year, and sentiment improved markedly to the strongest since June 2025. Advertising efforts, business expansion plans and stockpiling were among the factors supporting confidence, according to respondents.

Improving customer demand and confidence in the year ahead outlook encouraged companies to expand their staffing levels, purchasing activity and inventories in June. Employment increased for the thirteenth consecutive month. The rate of job creation was modest, but the most marked since February.

The latest expansion in purchasing was marked and the same as that seen in May, while stocks of inputs were up solidly.

Despite increased operating capacity, backlogs of work continued to rise amid customer payment delays and power supply issues. Supply-chain delays were also evident as vendor lead times lengthened for the first time in a year.

Longer delivery times were often attributed to poor road conditions. Higher costs for fuel, raw materials and transportation resulted in a further sharp rise in purchase prices during June, albeit the rate of inflation eased to a four-month low.

Staff costs, meanwhile, increased at a sharper pace as companies helped their workers deal with rising living costs. The pass-through of higher input costs to customers resulted in a further marked rise in selling prices, and the pace of inflation ticked up from May.

Leadway Health: HMO of the Year Award for 4th Consecutive Time at 2026 Nigerian Healthcare Excellence Awards

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Business Journal
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Leadway Health, one of Nigeria’s premier health insurers and a subsidiary of the Leadway Group, emerged Health Maintenance Organisation of the Year at the 2026 Nigerian Healthcare Excellence Awards (NHEA), marking its fourth consecutive win in the category.

The milestone reinforces Leadway Health’s position as one of the country’s leading healthcare providers. It reflects its sustained commitment to making quality healthcare more accessible through innovative health insurance solutions, customer-centred service, preventive medicine and strategic investments in healthcare delivery.

Winning the award for four consecutive years is a rare achievement that underscores the consistency of Leadway Health’s performance in a rapidly evolving healthcare landscape. As demand grows for more responsive, technology-enabled and accessible healthcare, the recognition affirms the company’s ability to continually adapt while maintaining the highest standards of service for individuals, families and corporate organisations.

Commenting on the recognition, Dr. Tokunbo Alli, Managing Director of Leadway Health, said: “Winning HMO of the Year for the fourth consecutive year is a powerful affirmation that excellence is not a one-time achievement but the result of deliberate, sustained effort. Being consistently recognised by the industry validates our focus on innovation, operational excellence, and delivering meaningful value to our members, which continues to make a difference.

This recognition belongs to our customers, who have entrusted us with their health; our provider partners, who work with us every day to deliver quality care nationwide; and our employees, whose commitment continues to shape exceptional experiences. While we are proud of this milestone, it also challenges us to keep raising the standard for healthcare investments and to continue building solutions that make quality healthcare more accessible, efficient, and impactful for every Nigerian.”

Over the years, Leadway Health has continued to strengthen its healthcare ecosystem through investments in digital health solutions, including telemedicine services, streamlined care coordination, and customer-focused innovations that improve access to healthcare and enhance the overall member experience.

The fourth consecutive recognition comes at a time when healthcare financing is becoming increasingly central to improving health outcomes in Nigeria.

Leadway Health remains committed to partnering with healthcare providers, employers, and policymakers to expand access to affordable, highquality healthcare and contribute meaningfully to the advancement of Nigeria’s healthcare system.

 

About Leadway Health

Leadway Health is a leading Health Maintenance Organisation (HMO) in Nigeria, dedicated to providing comprehensive and innovative healthcare solutions.

Established with a mission to improve healthcare accessibility and outcomes, Leadway Health offers a range of health plans tailored to meet the diverse needs of individuals, families, and organisations.

CBN Revokes Licences of 46 Microfinance Banks Nationwide

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Business Journal
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The Central Bank of Nigeria (CBN) has revoked the operating licenses of forty-six (46) Microfinance Banks with effect from July 1, 2026, in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions.

According to the revocation order, the action became necessary because of one or more of the circumstances listed below:

  • Insufficient assets to meet liabilities
  • Closure of operations without CBN approval
  • Inactivity and cessation of financial intermediation
  • Failure to commence operations within 12 months of licence approval
  • Failure to maintain minimum capital funds unimpaired by losses.

The revocation of the licenses is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements. The Central Bank of Nigeria remains committed to promoting a safe, sound and resilient financial system and will continue to take appropriate supervisory and regulatory actions, where necessary, to maintain public confidence in the Nigerian financial system.

The list of the affected MFBs is as follows:

S/NO MFB CATEGORY   STATE
1 Minji-Se Churchill MFB Tier 1 Rivers
2 Merchant MFB Tier 2 Abia
3 Janmaa MFB Tier 1 Kwara
4 Busu MFB Tier 2 Niger
5 Gold MFB Tier 1 Lagos
6 Zain MFB (foremerly Dawakin Tofa MFB) Tier 2 Kano
7 Bompai MFB Tier 1 Kano
8 Ajwa MFB (Formerly Gezawa) Tier 2 Kano
9 Now Now Digital MFB Tier 2 Kano
10 Crystabel Microfinance Bank Tier 1 Bayelsa
11 Chanelle MFB State Lagos
12 Abia SME MFB Tier 1 Abia
13 Kamba MFB Tier 2 Kebbi
14 Iwade MFB Tier 2 Ogun
15 Winview MFB Tier 1 Abuja
16 Zuru MFB Tier 2 Kebbi
17 Minjibir MFB Tier 1 Kano
18 Shanono MFB Tier 2 Kano
19 Sumaila MFB Tier 2 Kano
20 Rimin Gado MFB Tier 2 Kano
21 Mwaghavul MFB State Plateau
22 Sycamore MFB Tier 2 Kano
23 TOFA MFB Tier 2 Kano
24 Safegate MFB Tier 1 Lagos
25 Creekline MFB Delta Tier 2
26 Bestar MFB Tier 1 Oyo
27 Livingspring MFB Tier 1 Cross River
28 Apple MFB Tier 2 Ogun
29 Stanford MFB State Uyo
30 Frontline MFB Tier 2 Anambra
31 Zafec MFB Tier 2 Kaduna
32 Supreme MFB Tier 1 Lagos
33 Bejin-Doko MFB Tier 2 Niger
34 Kanopoly MFB Tier 1 Kano
35 Bellbank MFB formerly Tsanyawa Tier 2 Kano
36 Yeneng MFB Tier 2 Plateau
37 Creditville MFB Tier 1 Lagos
38 MBAG MFB Tier 1 Lagos
39 STRAIGHT SAHARA MFB Tier 1 Benue
40 OURPASS MFB Tier 2 Ondo
41 VERDANT MFB Tier 1 Lagos
42 BASAWA MFB Tier 2 Kaduna
43 CASHA MFB Tier 2 Abuja
44 ESTEEM MFB Tier 2 Kano
45 ENTERPRENEUR MFB Tier 1 Lagos
46 AVANTUS MFB Tier 2 Osun

 

NDIC Appointed Official Liquidator as CBN Revokes Licenses of 46 Microfinance Firms

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Business Journal
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Following the revocation of the operating licenses of 46 Microfinance Banks (MFBs) by the Central Bank of Nigeria (CBN), on July 1, 2026, the Nigeria Deposit Insurance Corporation (NDIC), has been appointed as the official Liquidator, pursuant to Section 12 (2) of BOFIA 2020, and Section 55 (1 & 2) of the NDIC Act 2023.

It is in this capacity that the Corporation wishes to inform the depositors of the banks in particular and the general public in general that the affected institutions are no longer authorised to conduct banking business in Nigeria.

Consequently, members of the public are strongly advised against any unauthorised transaction with the closed banks, or any attempt by individuals to remove, conceal, retain, or interfere with the assets, records, or properties of the banks, as this may constitute a violation of the law that could attract appropriate legal consequences.

The NDIC has commenced the process of the orderly closure of the failed banks with their immediate takeover, verification and payment of insured sums to eligible depositors.

Depositors and the general public would be duly informed on an ongoing basis on further steps to be taken regarding the liquidation exercise.

The list of the affected MFBs is as follows:

S/NO MFB CATEGORY   STATE
1 Minji-Se Churchill MFB Tier 1 Rivers
2 Merchant MFB Tier 2 Abia
3 Janmaa MFB Tier 1 Kwara
4 Busu MFB Tier 2 Niger
5 Gold MFB Tier 1 Lagos
6 Zain MFB (foremerly Dawakin Tofa MFB) Tier 2 Kano
7 Bompai MFB Tier 1 Kano
8 Ajwa MFB (Formerly Gezawa) Tier 2 Kano
9 Now Now Digital MFB Tier 2 Kano
10 Crystabel Microfinance Bank Tier 1 Bayelsa
11 Chanelle MFB State Lagos
12 Abia SME MFB Tier 1 Abia
13 Kamba MFB Tier 2 Kebbi
14 Iwade MFB Tier 2 Ogun
15 Winview MFB Tier 1 Abuja
16 Zuru MFB Tier 2 Kebbi
17 Minjibir MFB Tier 1 Kano
18 Shanono MFB Tier 2 Kano
19 Sumaila MFB Tier 2 Kano
20 Rimin Gado MFB Tier 2 Kano
21 Mwaghavul MFB State Plateau
22 Sycamore MFB Tier 2 Kano
23 TOFA MFB Tier 2 Kano
24 Safegate MFB Tier 1 Lagos
25 Creekline MFB Delta Tier 2
26 Bestar MFB Tier 1 Oyo
27 Livingspring MFB Tier 1 Cross River
28 Apple MFB Tier 2 Ogun
29 Stanford MFB State Uyo
30 Frontline MFB Tier 2 Anambra
31 Zafec MFB Tier 2 Kaduna
32 Supreme MFB Tier 1 Lagos
33 Bejin-Doko MFB Tier 2 Niger
34 Kanopoly MFB Tier 1 Kano
35 Bellbank MFB formerly Tsanyawa Tier 2 Kano
36 Yeneng MFB Tier 2 Plateau
37 Creditville MFB Tier 1 Lagos
38 MBAG MFB Tier 1 Lagos
39 STRAIGHT SAHARA MFB Tier 1 Benue
40 OURPASS MFB Tier 2 Ondo
41 VERDANT MFB Tier 1 Lagos
42 BASAWA MFB Tier 2 Kaduna
43 CASHA MFB Tier 2 Abuja
44 ESTEEM MFB Tier 2 Kano
45 ENTERPRENEUR MFB Tier 1 Lagos
46 AVANTUS MFB Tier 2 Osun

 

The In-Coming 53rd CIIN President, Jide Orimolade, Unveils Roadmap to Deepen Digital Transformation, Insurance Industry Growth

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Business Journal
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The in-coming 53rd President/Chairman of Council of Chartered Insurance Institute of Nigeria (CIIN), Mr. Akinjide Orimolade, has acknowledged the invaluable role of the media as partners in shaping public understanding, promoting professionalism and amplifying initiatives that will strengthen confidence in the insurance sector.

Speaking at a media engagement in Lagos, he stated that in line with the strategic focus of the Institute, which is the duty of determining the standards of knowledge and skills to be attained by persons seeking to become members of the Institute, among other things, strategic focus of his coming administration will be on improving the physical infrastructures of the Institute – in Lagos and across its chapters in all the six geo-political zones of the Federation and Abuja; accelerating digital transformation of procedures at the Institute which will eventually strengthen professional standards and enhancing insurance awareness which will result in increased penetration and consequent contribution of the Industry to the GDP of the nation.

He affirmed that the implementation of the initiatives as duly explained will be guided by transparency, accountability, measurable performance indicators and periodic reviews to ensure that the administration delivers meaningful and sustainable outcomes for all stakeholders and the wider insurance industry.

Orimolade expressed confidence, on behalf of the Council, that the successful execution of these initiatives will enhance professionalism, foster innovation, increase insurance awareness and contribute significantly to building a resilient, inclusive and globally competitive insurance industry in Nigeria, which will in turn result in a more robust economy for the country.

He expressed sincere appreciation to members of the media for honouring the invite from the Institute to and for their continued support in promoting the growth and development of Nigeria’s insurance industry.

Mr. Akinjide Orimolade is a distinguished Nigerian chartered insurer and accomplished business executive with over twenty-eight years’ experience in the f inancial services industry.

As the pioneer and current Chief Executive Officer of Stanbic IBTC Insurance Limited, he has demonstrated exceptional leadership in driving business growth, innovation and operational excellence within Nigeria’s insurance sector.

Over the course of his illustrious career, he held several strategic leadership positions, including Chief Executive Officer of Zenith Insurance, Law Union & Rock Insurance Plc and AIICO Insurance Plc.

He also served as Regional Director for West Africa at Liberty Life, where he played a pivotal role in advancing the company’s regional operations and market presence.

Orimolade began his professional journey with leading insurance organisations and brokerage firms, including Sovereign Trust Insurance and Bullion Insurance Brokers, where he developed a solid foundation in insurance practice and financial services. He holds a Bachelor of Science Degree in Insurance and a Master of Science degree in Marketing from the University of Lagos, as well as a Diploma in Risk Management from York University, Canada equipping him with a strong blend of technical expertise and strategic business acumen.

Beyond his executive contributions, Mr. Akinjide Orimolade is a deeply influential figure in the industry, particularly through his commitment to the insurance profession at large. As a Fellow of the Institute and the current Deputy President, he has played a pivotal role in shaping standards through his seat on the institute’s Governing Council.

His extensive expertise is further reflected in his memberships with the Nigerian Insurers Association and the Nigerian Institute of Management, solidifying his reputation as a transformative leader dedicated to the advancement of the Nigerian insurance market.

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