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SEC: Why We Granted “No Objection” to First Holdco Transaction

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The Securities and Exchange Commission (SEC) Nigeria wishes to clarify its position regarding the recent First Holdco Transaction.

In line with extant laws and SEC regulations, the Commission granted a “no objection” to the transaction after due consideration and in full compliance with applicable requirements. There was no subsequent request for additional information from the Central Bank of Nigeria (CBN) following the conclusion of the transaction.

It is important to note that the Commission’s correspondence with the operators involved was not a query. Rather, it was an automated compliance mechanism designed to promote transparency and ensure proper conclusion of large transactions within the market.

The SEC remains firmly committed to its mandate of regulating a fair, orderly and efficient market; protecting investors and fostering capital formation in Nigeria.

Signed

Efe Ebelo (Mrs.)

Head, External Relations

Securities and Exchange Commission, Nigeria

 

 

Capital Market to Unlock $500bn Assets via Commodities Exchanges, Warehouses

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The Director General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama has disclosed that by formalising Commodities and Warehouse receipts, the capital market can unlock $500 billion in dormant agricultural and mineral assets.

Agama who stated this at a national workshop of the Chartered Institute of Stockbrokers in Abuja Tuesday, said the move would transform them into tradeable securities.

He noted that would help the economy diversify from the oil and gas industry, and create wealth for the country.

Agama explained that the Investments and Securities Act 2025 has empowered the SEC to take decisive actions to promote the sector.

“The Act sharpens the SEC’s regulatory focus, ensuring it operates with the precision and authority required to steward a rapidly expanding market”, he stated.

He added: “Today, I speak not just about the Investments and Securities Act (ISA) 2025 as a legislative milestone, but as a strategic blueprint to propel Nigeria into the league of top global economies.

“This Act is not merely an update—it is a revolution. It dismantles legacy constraints, embeds global best practices, and positions our market as the engine room for national prosperity. The question before us is no longer if Nigeria can achieve a $1 trillion economy, but how soon—and the capital market, under this new Act, will be the accelerant.”

The SEC DG stressed that the Commission “now has explicit powers to shut down Ponzi schemes and prosecute offenders—ending the era of “get-rich-quick” scams that erode market confidence.

“Investors are now covered for losses from revoked dealer licenses—a long-awaited safeguard that will boost participation. Trust is the currency of our capital markets. Without it, liquidity dries up.”

 

 

SEC Disowns AGM of Tourist Company of Nigeria, Reaffirms Regulatory Oversight

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The Securities and Exchange Commission (SEC) has disowned the purported Annual General Meeting (AGM) of The Tourist Company of Nigeria (TCN) Plc held on July 25, 2025, warning that any resolutions passed at the meeting are null and void.

In a public notice issued, the Commission condemned recent actions by some majority shareholders of TCN, who allegedly convened the meeting in defiance of a suspension order issued by the SEC.

The Commission said the meeting also resulted in unauthorised changes to the company’s board, including the removal of SEC-appointed interim directors and the board secretary—moves it described as illegal and disruptive.

The Commission noted that its intervention in TCN, including the appointment of two interim independent directors, was aimed at preserving the company’s status as a going concern and safeguarding the interests of all shareholders, particularly minority investors.

It added that the intervention had already yielded stability and a rebound in the company’s share value before the recent disruptions.

“The Commission, pursuant to its core mandate under the Investments and Securities Act, 2025, had taken regulatory steps including appointing two Interim Independent Directors into the Board of TCN Plc to ensure its survival as a going concern and to protect the interest of all shareholders especially those whose holdings cannot give them access to the Management and control of the company.

“The recent steps taken by the majority shareholders are poised to thwart the gains already made by the said regulatory intervention which had brought stability into the company and returned its shares to positive values.

“The Commission, by this notice, informs the general public and all stakeholders that TCN Plc remains under the Commission’s regulatory involvement. The Commission does not recognise the purported Annual General Meeting (AGM) of TCN Plc of July 25, 2025 held in clear disregard of an express directive from the Commission and in contravention of extant laws governing such meetings. The Commission shall accordingly discountenance any resolution passed in the said meeting until all legacy issues are fully resolved.

“The Board of TCN Plc remains as constituted prior to the purported AGM, and the SEC appointed independent directors would remain on the Board of TCN Plc to ensure good governance, stability, the protection of minority investors and to ultimately maintain an orderly and fair market”, the statement added.

Emphasising its statutory mandate under the Investments and Securities Act, 2025, SEC assured stakeholders that it remains committed to investor protection and market discipline. The Commission vowed to deploy all legal mechanisms available to enforce its directives and uphold the integrity of the capital market.

“All stakeholders and the investing public should be guided accordingly,” the notice concluded.

 

NCDMB Leads Push for Homegrown Talents at Chevron-funded HCD Graduation

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The Nigerian Content Development and Monitoring Board has reaffirmed its unwavering commitment to local capacity development and sustainable talent growth through strategic collaborations with private sector players, as it celebrated the close-out ceremony of a landmark Human Capital Development programme, in partnership with Chevron Nigeria Limited and Geoscape Nigeria Limited.

The ceremony, held on July 30, 2025, at Geoscape’s facility in Lagos, marked the formal graduation of 11 outstanding trainees, who underwent a rigorous 12-month programme covering classroom instruction and practical exposure, including international training sessions in the United Kingdom.

The one-year training, tagged ‘Chevron Nigeria Limited Purchase of Unit 20 Autothermal Reformer Cooled Tip Swirler Burner Assembly (Tag: 120-xx102-05)’, selected 11 outstanding candidates from a shortlist of 33 on the NOGIC JQS portal. It featured both classroom instruction and hands-on technical experience aimed at empowering young Nigerians to become industry leaders.

Speaking at the event, the Executive Secretary of NCDMB, Felix Omatsola Ogbe, represented by the Board’s General Manager, Human Capacity development, Barr. Esueme Dan-Kikile, described the initiative as a powerful expression of the Board’s project-based HCD framework and a key delivery under its Nigerian Content 10-Year Strategic Roadmap.

“Today marks not just the end of a programme, but the celebration of a vision realised – a testament to the transformative power of the NCDMB HCD initiative,” Ogbe said. “This programme is nation-building in action. All of you are prepared as catalysts of change – leaders who will provide local solutions and set new benchmarks for excellence in the oil and gas industry and its linkage sectors.”

Ogbe lauded the contributions of Chevron and Geoscape in the programme’s success, saying, “Together with Chevron Nigeria Limited and Geoscape Nigeria Limited, NCDMB has demonstrated the powerful impact of public-private synergy. My sincere appreciation goes to Chevron for its unwavering commitment to building local talent, and to Geoscape for setting a high standard of professionalism and dedication during this training.”

Urging the graduands to make the most of the investment in their future, he added, “Your discipline, resilience and determination have brought you thus far. This opportunity is a significant investment in your future. Remember: if you do not use it, you will lose it. I urge you to go out and excel in all your endeavours.

“Armed with new knowledge and skills, you now carry the torch of excellence. Wield your expertise with purpose, diligence, and integrity. Stand tall as ambassadors of the NCDMB, and continue to grow, adapt and lead.”

Ogbe urged the graduands to make the programme the springboard for a lifetime of achievement. “Be relentless in learning, resilient in challenge, and inspiring to others. I believe in you. Nigeria believes in you. I challenge you to step forward and create meaningful impact.”

Chevron’s HCD Adviser, Mr. Victor Inyere, who represented the company’s General Manager, Nigerian Content, Ventures and Regulatory Affairs, Ms. Edwina Kentebe-Oluwakayode, described the initiative not as a regulatory obligation but a social investment in line with the company’s long-term commitment to sustainable development.

“This close-out ceremony marks our powerful relationship with stakeholders such as NCDMB – our regulators, but also our big brothers. Chevron believes in people. The foundation of every community is the people. Investing in people is the only way to sustain development, and we are fully committed to NCDMB’s vision to develop young Nigerians and lift them off the streets,” Kentebe-Oluwakayode pledged.

The Chief Executive Officer of Geoscape Nigeria Limited, Modupe Jegede, in a formal welcome address, applauded both NCDMB and Chevron for their enduring support over the years. She noted that without NCDMB’s enabling framework, companies like Geoscape would not thrive.

She said, “We always say that without NCDMB, Geoscape would not be here today. The Nigerian Content Act gave us a platform to grow our capacity and compete. Though you are our regulators, we see you as partners. We are proud to have received your support, and we have continued to uphold international standards, even becoming ISO certified.”

Jegede also highlighted Geoscape’s plans to unveil a fully equipped training school, as part of the company’s commitment to sustainable capacity building. She noted the state-of-the-art technical training school was nearing completion and extended an invitation to stakeholders for its upcoming commissioning. She emphasised that Geoscape aims to build a company that will outlive its founders, focusing on long-term value rather than short-term gains.

She said, “We’re installing equipment and ensuring it’s a facility you’ll be proud of. We believe in doing things right – quality and excellence are our watchwords.

“We don’t just want to make money; we want to create something sustainable. As we grow, we’ll keep offering opportunities to past trainees, both on contract and full-time basis.”

The impact of the programme was reflected in the testimonies of the trainees. Elizabeth Oyeyemi, the only female among the cohort, expressed gratitude for the exposure and encouragement she received, particularly during the overseas segment of the training. She said the programme empowered her to embrace a technical career without limits.

“This programme has made me realise that there is no limit for ladies in technical fields. NCDMB, Chevron and Geoscape did not just organise this training but cared for us. They gave us care, support and exposure that made this experience memorable and empowering,” she added.

Another trainee, Ayandipo Feyintoluwa, described the training as “innovative and eye-opening,” citing modules such as online leak sealing and composite repair.

According to him, “We appreciate NCDMB, Chevron and Geoscape. This training shouldn’t end – it’s something we’d all like to go further and deeper into.”

All parties echoed a shared vision: that by investing in human capital, Nigeria’s oil and gas industry would become more competitive, inclusive and future-ready.

Linkage Assurance Reports 50% Revenue Growth in 2024

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L-R: Funkazi Koroye-Crooks, Non-Executive Director; Moses Omoregbe, Company Secretary; Joshua Fumudoh, Chairman; and Daniel Braie, Managing Director/CEO all of Linkage Assurance Plc during its 31st Annual General Meeting held in Lagos. 

Linkage Assurance Plc recorded a strong performance across key metrics in the 2024 financial year, driven by market expansion and resilient operations despite a challenging business environment.

In the company’s financial results presented to shareholders at its 31st Annual General Meeting (AGM) held Thursday in Lagos, Linkage Assurance Plc reported a 50 percent increase in revenue to N22.2 billion in 2024, compared to N14.84 billion in 2023.

Profit Before Tax (PBT) stood at N5.3 billion in 2024 from N5.5 billion in 2023, a slight decrease of 3% YOY.

Joshua Fumudoh, Chairman of the Board of Directors, speaking at the AGM, said that despite headwinds, Linkage Assurance Plc delivered an impressive financial and strategic performance in 2024.

He added that the company also recorded N9.48 billion investment income and other revenues during the year under review, compared to N9.06 billion in the previous year, reflecting a 5 percent increase. Total assets rose to N65.68 billion from N51.33 billion in 2023.

Fumudoh stated: “Such outcomes are not merely numerical milestones; they reflect sound executive management, consistent underwriting discipline, prudent investment practices, and a board-driven culture of corporate governance.”

Looking ahead, he said the board will continue to provide governance oversight that fosters resilience, innovation, and long-term shareholder value.

He acknowledged that the road ahead may present challenges but emphasized that Linkage Assurance Plc is well positioned to adapt, compete, and lead.

Meanwhile, shareholders at the meeting approved a bonus issue of one-for-five, amounting to N1, 540, 000,000.00, to be capitalised from the company’s retained earnings in order to strengthen its share capital position.

Shareholders who spoke at the meeting, including Williams Adebayo, Boniface Okezie, Nona Awoh, and Anthony Omojola commended the board and management for the impressive performance during the review period.

They praised the board’s decision to issue a bonus rather than pay dividends, saying it was in the company’s best interest given a likely recapitalization exercise expected in the insurance industry.

They expressed optimism about the company’s future, citing its demonstrated capacity to meet claims obligations, and urged the board and management to take advantage of growth opportunities within the industry.

Daniel Braie, Managing Director/CEO of Linkage Assurance Plc, said the company’s insurance revenue growth during the review year was driven by strategic expansion across motor, fire, oil and gas, marine, and general accident lines, as well as reinforced partnerships and broker-driven distribution.

He noted that the insurance service result rose to N766.9 million, a 193 percent improvement from N261.5 million in 2023, supported by enhanced underwriting, improved claims containment strategies, and continued portfolio optimisation.

During the review period, Linkage Assurance paid claims amounting to N4.58 billion, compared to N4.49 billion in 2023, underscoring its capacity to meet claims obligations and honor its insurance contracts.

 

Heirs Insurance Unveils Creators Fellowship, Partners with Influencers to Drive Insurance Literacy

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L-R: Joseph Onaolapo (Jay On Air), Oluwadamilola Bello (Dammy B)

As part of its bold plan to simplify insurance education and boost insurance literacy, Heirs Insurance Group, Nigeria’s fastest-growing insurance group, has announced the first cohort of its inaugural Creators Fellowship. The first-of-its-kind social impact initiative was created to drive insurance education and financial literacy across Nigeria.

The cohort features two outstanding digital storytellers who will serve as Heirs Insurance Fellows: Joseph Onaolapo (Jay On Air), a radio personality and content creator known for his humor-infused, community-driven content; and Oluwadamilola Bello (Dammy B), a vibrant lifestyle content creator converting everyday experiences into powerful life lessons.

Through the Heirs Insurance Creators Fellows, the insurance group will work directly with content creators as trusted educators and advocates, empowering them to use storytelling, creativity, and cultural insight to simplify complex insurance ideas for everyday people. The Fellowship will drive a nationwide push to make financial education more accessible, especially to young Nigerians navigating career, family, and personal growth in a digitally driven world.

The Chief Marketing Officer, Heirs Insurance Group, Ifesinachi Okpagu, commented on the announcement:

“We are excited to work with Joseph and Oluwadamilola, both known for their astuteness and shared approach to simplifying complex concepts. Through this initiative, we are partnering with both Fellows to normalise conversations around financial preparedness and promote insurance as a tool for financial stability and growth, as well as peace of mind. We are confident that this initiative will not only educate Nigerians, but it will do so in ways that are relevant, relatable, and impactful.”

Heirs Insurance Fellow, Joseph Onaolapo (Jay On Air) commented: “I have always believed in the power of storytelling to drive real change and being part of the Heirs Insurance Creators Fellowship aligns perfectly with that. This Fellowship is an opportunity to use my voice to make finance and insurance feel real, relatable, and necessary for everyday Nigerians.”

In addition, Oluwadamilola Bello (Dammy B) added: “As a pioneer creator in the Heirs Insurance Creators’ Fellowship, I see this as a meaningful opportunity to use storytelling and creativity to break down finance and insurance in ways that truly matter, especially for business owners. Protection is a key part of growth, and I am proud to be a part of this.”

Heirs Insurance Creators Fellowship builds on the Group’s ongoing mission to make insurance simple, accessible, and relevant for all. Since inception, Heirs Insurance Group has championed innovation in the sector through bold, education-focused initiatives designed to spark awareness and reshape public perception of insurance.

In 2024, the Group launched The Underwriters, Africa’s first insurance-themed web series, and continues to engage young minds through initiatives like the Heirs Insurance Essay Championship, which connects students and their families to the fundamentals of financial literacy.

Heirs Insurance Group is the insurance subsidiary 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 serves both corporate and individual customers across Nigeria.

Two NCDMB Leaders Bag Doctorate Degrees at UNIPORT Convocation

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Two senior officials of the Nigerian Content Development and Monitoring Board (NCDMB), Dr. Abdulmalik Halilu, Director, Corporate Services, and Dr. Obinna Ezeobi, General Manager, Corporate Communications on Saturday bagged  Doctorate degrees at the 35th Combined Convocation of the University of Port Harcourt, Rivers State.

The milestone event was attended by the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, the newly appointed Director of Finance and Personnel Management (DFPM), Mr. Uchenna Ossaowa Andrew, and immediate past chairman of Oil and Gas Trainers Association of Nigeria (OGTAN) and member of NCDMB Governing Council, Mazi Sam Azoka Onyechi.

Other industry colleagues, friends, and family members were at hand to celebrate the two scholars, who later held reception events at different locations.

Dr Abdulmalik Halilu’s doctorate is in Energy, Economics, Management and Policy, and crowns his years of intellectual interventions and leadership at the industry and NCDMB where he has held several roles, including Manager Strategy, General Manager Research and Statistics, Director Planning, Research and Statistics, Director Monitoring and Evaluation and currently as Director Corporate Services.

Dr. Obinna Ezeobi bagged his degree in Energy Communications and his convocation’s reception was uniquely marked by the public presentation of his book titled “Local Content: A Journey of Strategic Communication and Economic Transformation”.

The book was released in April 2025, and coincided with the 15th Anniversary of the Nigerian Oil and Gas Industry Content Development Act. The book was endorsed by President Goodluck Ebele Jonathan, Minister of State for Petroleum Resources (Oil) Senator Heineken Lokpobiri and his Gas counterpart Hon Ekperikpe Ekpo and the current and past Executive Secretaries of NCDMB.

His doctorate reception featured goodwill messages and high profile reviews. The chairman of the occasion, Chief Nathan Egba, former Commissioner for Information, Bayelsa State, in his remark described the book as a powerful chronicle of NCDMB’s influence on Nigeria’s oil and gas sector and an essential contribution to policy discourse.

Mr. Teddy Bai, Supervisor in NCDMB’s Corporate Communications Division,  celebrated Dr. Ezeobi’s commitment and influence, describing his achievement as a milestone in strategic nation building.

Further insights came from Mr. Hector Igbikiowubo, Media Adviser to the Sole Administrator of Rivers State Government, and Engr. Bashir Ahmed, Supervisor at the NCDMB, who both emphasized the book’s detailed account of communication strategies and stakeholder engagement. Mr. Igbikiowubo encouraged regional governments to adopt the NCDMB model to boost local participation and regional development.

In his detailed review of the book, Mr. Mayor Ikoroha, Special Assistant to the Governor of Delta State, called the book a masterclass in strategic communication that helped gave detailed account of Nigeria’s local content retention to 56 percent.

The celebration concluded with a book signing and photo session, marking not only the academic success of Dr. Ezeobi but also his growing impact as a strategic communicator in the energy industry, thought leader, and advocate for sustainable national development.

Sovereign Trust Insurance Reports 109% Insurance Revenue Growth in 2024

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Sovereign Trust Insurance Plc recently released its 2024 audited financial statements in line with the new reporting format of IFRS-17 to the general public having obtained the requisite approval from the industry’s Regulatory Authority, National Insurance Commission, NAICOM.

Despite the challenging operating environment that characterised operations of most businesses in the country in 2024, the underwriting firm maintained its growth trajectory remarkably in the period under review when compared with the performance of year 2023.

The Managing Director and Chief Executive Officer of the underwriting firm, Mr. Olaotan Soyinka said the performance of the Company in 2024 is quite encouraging considering the various business challenges that the insurance Industry had to deal with in the past year.

He said there is definitely room for improvement in the days ahead and that, the Underwriting Firm is poised to take advantage of the opportunities that are inherent in the insurance marketplace.

Sovereign Trust Insurance Plc, recorded a total of N40.4b insurance revenue in 2024 as against the sum of N19.3b that was written in 2023, representing a 109% growth rate for the year. Total Assets of the Underwriting Firm also grew by 28% to N29.1.b in 2024 as against N22.7b in 2023. Equally of note is the increase in the company’s Total Equity which also grew by 15% from N13.6b in 2023 to N15.6b in 2024. The Company equally recorded a Profit Before Tax of N2.b as against the N1.4b that was recorded in 2023, with a growth rate of 81%.

The Profit After Tax equally grew by 79% from N1.2b in 2023 to N2.3b in 2024. The Basic Earnings Per Share (kobo) had a growth rate of 79% from 9.13k in 2023 to 16.31k in the year under consideration.

Mr. Soyinka while briefing newsmen in Lagos said the Management of the company is committed to meeting and surpassing the expectations and aspirations of its shareholders and stakeholders alike. “These performance levels are a confirmation of the management’s determination to effectively and strategically position the company as one of the leading and vibrant insurance companies in the country while also making conscious efforts at propelling the company to a profitable height for shareholders’ delight” in the years ahead.

The MD/CEO also hinted that the underwriting firm will be paying dividends to its shareholders at the 30th Annual General Meeting of the company.

NAICOM Issues Guidelines for Insurtech Operations Effective Aug 1

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The National Insurance Commission (NAICOM) has officially issued operational guidelines for Insurtech businesses in Nigeria, following extensive stakeholder consultation and engagement.

The guidelines, effective from August 1, 2025 are designed to provide a clear and unified regulatory framework for the licensing, operations, and supervision Insurtech firms in Nigeria.

The guidelines aim to:

  • Foster innovation that can lead to the development of new and innovative insurance products and services
  • Ensure consumer protection and improve consumer experience, prioritizing consumer interests and providing better services
  • Provide clarity on regulatory requirements, reducing uncertainty and ambiguity
  • Help build trust and confidence in the Insurtech sector, driving growth and adoption
  • Advance digital transformation within the Nigerian insurance sector

Key Objectives of the Guidelines:

The key objectives of the guidelines include:

  1. Promoting the growth and development of Insurtech in Nigeria
  2. Establishing regulatory standards for Insurtech setup and operations
  3. Encouraging responsible innovation while safeguarding consumer interests
  4. Defining general product features specific to Insurtech
  5. Providing a licensing structure for both Partnering and Standalone Insurtech firms
  6. Facilitating the transition of eligible operators into fully licensed standalone Insurtech entities
  7. Supporting Nigeria’s broader digital economy and fintech ecosystem

Application Categories:

  1. Partnering Insurtech: Permitted to transact specific classes of insurance in collaboration with licensed insurers
  2. Standalone Insurtech: Permitted to transact the categories of insurance as may be specified in its license, excluding special risk products such as Oil and Gas Insurance, Marine and Aviation Insurance, Retirement Life Annuity, and insurances of government assets and liabilities for Ministries, Departments, and Agencies.

Application and Eligibility:

Prospective operators must submit applications in accordance with the procedures outlined in Schedule I of the Guidelines. NAICOM reserves the right to grant licenses with conditions deemed necessary under existing laws and this new regulatory framework.

Prudential and Market Conduct Requirements:

Insurtech firms must comply with provisions related to risk management, investment practices, actuarial standards, outsourcing, and other key operational parameters as detailed in the Commission’s Prudential Guidelines.

Dispute Resolution Mechanism:

Disputes between Insurtechs and partner insurers must first follow arbitration protocols outlined in their agreements before approaching NAICOM. Consumers may refer unresolved issues from insurance transactions directly to the Commission for review and resolution.

Compliance Deadline:

All existing insurance institutions and Insurtech firms operating under any arrangement classified as Insurtech must fully comply with these Guidelines within 30 days of the effective date.

Leadway Assurance: Official Insurance Partner of Lagos International Trade Fair 2025

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L–R: Juliet Okon, Head, Alternative Channel and High Net-worth Clients (HNC), Leadway Assurance; Gabriel Idahosa, President, Lagos Chamber of Commerce and Industry (LCCI); Kike Fischer, Director, Sales, Retail and Partnership, Leadway Assurance; and Sola Oluwadare, Head, Trade Promotion, LCCI, at the official signing ceremony announcing Leadway Assurance as Insurance Partner for the upcoming Lagos International Trade Fair at Commerce House, Victoria Island, Lagos.

Leadway Assurance, Nigeria’s leading insurance provider, has been announced as the Official Insurance Partner of the Lagos International Trade Fair 2025, West Africa’s largest international trade fair, scheduled to take place from Friday, 7th to Sunday, November 16, 2025 at the iconic Tafawa Balewa Square in Lagos.

Organised by the Lagos Chamber of Commerce and Industry (LCCI), the 10-day Lagos International Trade Fair, hosted in Lagos, Nigeria’s economic hub, is one of the major attractions of West Africa’s regional commercial activities each year.

Since its inception, it has grown to become one of the largest trade shows in sub-Saharan Africa, attracting both national and international entrepreneurs from over 1600 companies worldwide.

Commenting on the milestone agreement, Kike Fischer, Director of Sales, Retail and Partnerships at Leadway Assurance, said:

“Partnering as the Official Insurer of the Lagos International Trade Fair speaks to both our leadership in the insurance industry and our deep belief in the power of enterprise. At Leadway, we understand how critical insurance is in unlocking growth and securing the future for entrepreneurs and business owners alike.

This partnership is not just about visibility—it’s about value. It reflects our ongoing commitment to creating a supportive environment where MSMEs can grow with confidence. We’re excited to be part of this year’s Trade Fair and look forward to meaningful conversations with stakeholders across sectors as we work together to strengthen Nigeria’s business landscape.”

Beyond this strategic partnership, Leadway Assurance continues to lead in reshaping public perception of insurance in Nigeria.

The company’s widely recognised #NoLooseGuard campaign, launched across major cities, has helped redefine insurance as a proactive tool for wealth building, protection, and recovery from financial losses.

Leadway also recently announced impressive financial milestones, including ₦173.2 billion in insurance revenue and ₦117 billion in claims payouts for 2024, figures that underscore its robust capacity, customer focus, and unwavering commitment to service excellence. Together, these efforts have helped solidify Leadway’s dominance in the industry, with a six-month consecutive lead in Media Share of Voice among its competitors in H1 2025.

 

About Leadway Assurance

Leadway Assurance is one of Nigeria’s foremost insurance service providers, renowned for its efficiency and customer reliability.

With over 50 years of experience, Leadway has consistently honoured its underwriting commitments and earned a reputation for excellence in claims handling.

The company remains at the forefront of the insurance industry, offering innovative solutions that meet the evolving needs of its clients.

 

NNPCL: Port Harcourt Refinery Not for Sale

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Group CEO, NNPC Limited, Engr. Bashir Bayo Ojulari addressing the company’s staff during a Townhall held at the NNPC Towers in Abuja.

The Nigerian National Petroleum Company Limited (NNPC) Limited has officially ruled out sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-graded rehabilitation and retention of the plant.

The Group Chief Executive Officer (GCEO) of NNPC Limited, Bashir Bayo Ojulari, announced this at a company-wide town hall meeting on Tuesday at the NNPC Towers, Abuja. He stated that the position isn’t a shift. Rather, it is informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna and Warri refineries.

The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery prior to full completion of its rehabilitation was ill-informed and sub-commercial, Ojulari said.

Although progress is being made on all three refineries, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery. Thus, selling is highly unlikely as it would lead to further value erosion.

The announcement comes in the wake of widespread speculation following his remarks at the 2025 OPEC Seminar in Vienna, Austria earlier this month, where he said during an interview with Bloomberg that “all options are on the table.” The comment sparked speculation and headlines about the future of the nation’s refining assets.

The declaration was received with applause from hundreds of staff attendees, who described the position as a renewed sense of business-focused direction across the organisation.

The town hall served as more than a performance update—it was an opportunity for candid and constructive engagement.

The Executive Vice Presidents presented progress reports from the Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy businesses, highlighting operational achievements, ongoing reforms, and areas requiring attention.

In a tone marked by honesty and leadership, challenges and earlier missteps were acknowledged, and a clear roadmap was outlined for the journey ahead.

The announcement reinforces NNPC’s mandate as a strategic custodian of national energy infrastructure and reflects a firm resolve to deliver on the complete rehabilitation and long-term viability of Nigeria’s refineries. It also signals continuity in the Federal Government’s broader energy security objectives and a commitment to retaining critical assets under national control.

Feedback during and after the session revealed a workforce energised and aligned with the leadership’s vision. Described as “reassuring,” “transformational,” and “sustainable,” the atmosphere reflected an optimist outlook among employees and hopefulness about the company’s evolving strategic direction.

NNPC will continue to reposition itself as a commercially driven, professionally managed national energy company, grounded in transparency, focused on performance, and unwavering in its responsibility to its number one stakeholder group, Nigerians, Ojulari concluded.

Ecobank Earns Stable Outlook Ratings from Moody’s

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Moody’s has affirmed Ecobank Transnational Incorporated’s (ETI) B3/Not Prime long- and short-term issuer ratings; B3 senior unsecured debt rating; b2 notional Baseline Credit Assessment (BCA); and b1 Adjusted BCA.

At the same time, rating analysts at Moody’s said they have changed the outlook on the group’s long-term issuer and senior unsecured debt ratings to stable from negative.

ETI’s subsidiaries operate across 38 countries—including 35 African countries- and total assets of $28.9 billion as of March 2025, details from the rating note highlighted. Moody’s said the decision to change the outlook to stable on the long-term issuer and senior unsecured ratings reflects ETI’s resilient financial performance.

The rating upgrade also takes into consideration higher dividends being upstreamed to ETI, resulting in lower double leverage and reduced refinancing risk.

The rating adjustment also reflects an expectation that the recapitalization process of Ecobank Nigeria Limited will be completed by the end of 2025, with limited impact on the group’s financial fundamentals.

“The stable outlook also captures our expectation that a series of capital-boosting initiatives and actions to cure Ecobank Nigeria’s total capital position will be completed before the end of 2025”, according to the ratings agency.

In May 2025, ETI received shareholder approval to raise $250 million in Additional Tier 1 (AT1) capital and announced the launch of the transaction effective 9 July 2025, of which a portion is expected to be downstreamed to Ecobank Nigeria as AT1 capital during Q3-2025.

Ecobank Nigeria’s plan to raise $200 million in AT1 capital was noted in the rating note. The ratings analysts said they consider

“We also note that Ecobank Nigeria’s recent successful offer to tender $150 million of its February 2026 $300 million notes and consent to remove the capital adequacy ratio covenant from this bond’s terms alleviates risks of an event of default in Nigeria that would trigger cross default at ETI level”.

“Over the past year, ETI has shown resilience in its financial performance, which supports our change in outlook to stable. Liquidity risks are being moderated by the group’s gradually improving profitability during 2024 and Q1-2025.

“This has translated into a 22% increase in dividends upstreamed to ETI during 2024, these being received from 22 dividend-paying subsidiaries compared to just 14 in 2021”.

In turn, albeit high, ETI’s double leverage ratio – which measures the liquidity risk taken on by the holding company, as a result of it borrowing in order to invest in the equity of its subsidiaries – has eased to 168% as of December 2024 from 173% in 2023.

Additionally, the stable outlook reflects reduced liquidity risk at the holding company level with the refinancing of short-term liabilities in 2024 with longer-term funding.

Moody’s said this is underpinned by demonstrated market access, notably through senior unsecured notes issuance of $400 million in October 2024 and a tap increase of $125 million in May 2025, maturing in October 2029.

ETI’s B3 long-term issuer ratings affirmation reflects the affirmation of the group’s b2 notional BCA; the affirmation of the group’s b1 adjusted BCA as captured by a one-notch uplift for affiliate support reflecting Moody’s assessment of a moderate probability that the firm’s major institutional shareholders would extend support to the group.

Moody’s said asset quality for the group has improved over recent years.

Finance Minister, Wale Edun, Charges New NDIC Management on Performance

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The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun (3rd left) and the Minister of State for Finance, Dr. Doris Uzoka-Anite pose for a group photo with the newly appointed MD/CEO Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday (1st left) and Executive Director (Operations) NDIC, Dr. Kabir Sabo Katata (1st right) during their inauguration as the new NDIC Management by the Honourable Minister in Abuja.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has inaugurated the new Managing Director/Chief Executive Officer of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday and Executive Director (Operations), Dr. Kabir Sabo Katata at the Ministry of Finance, Abuja.

In his remark during the occasion, the Honourable Minister submitted that the NDIC, as a component of the financial safety-net has a crucial role to play in the nation’s march to economic stability and prosperity.

He therefore charged the Management team to bring their diverse wealth of experience to bear on their new assignment while assuring them of the ministry’s full support in the task ahead.

Responding, Mr. Sunday who spoke on behalf of the Management team, expressed appreciation to His Excellency, President Bola Ahmed Tinubu for their appointment. He assured the Hon.Minister of the readiness of the Management under his leadership to live up to expectations of the President in particular and the nation in general in the discharge of their duties.

The Management was later received to the Corporation’s Head Office with a warm welcome by the workforce. Addressing the workers on behalf the Management team, Sunday promised to work in harmony with the staff to move the Corporation to its next level performance.

He stressed that the Management’s focus would be based on the public policy objectives, functions and mandate devolved on the Corporation by the enabling law that established it.

Thompson Oludare Sunday is a seasoned financial expert with over 30 years of regulatory and supervisory experience. Having cut his teeth with the Central Bank of Nigeria (CBN) in 1989, he went ahead to acquire high-end knowledge in Central Banking, spending 24 unbroken years in banking supervision.

While his vast experience is in the regulation and supervision of licensed institutions, his deep expertise spans corporate governance, risk management and compliance as veritable tool for ensuring the safety and soundness of institutions. He is a highly analytical and cross functional team worker with strong interest in building individual and institutional capacity for transformation and excellence.

Thompson’s skills and experience were horned by several key responsibilities and special assignments he handled for the apex Bank before his retirement as a Director in 2021.

The ED (Operations), Kabir Sabo Katata is a quantitative energy strategist and computational finance expert with strong power trading and risk management experience.

He has over twenty-eight years’ experience in the design and management of technically innovative systems in multiple industries including telecommunications, IT, energy (petroleum & power), finance and government.

He is a specialist in sophisticated financial optimisation, the application of modern statistical techniques and mathematics to energy, deposit insurance and banking sectors.

Dr. Katata joined the service of the Nigeria Deposit Insurance Corporation in 2012 as an Assistant Director in the Research, Policy and International Relations Department and rose to the pinnacle of his career as Director in January 2022, before his new appointment as Executive Director (Operations).

 

 

 

 

NIMC to Nigerians: Avoid Sharing Personal Data

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The National Identity Management Commission (NIMC) has noted with serious concern the recent statement on Nigerians selling their personal information, including that of the National Identification Number (NIN) attributed to the Economic and Financial Crime Commission (EFCC)

The statement by EFCC that ”this fraud scheme is largely driven by an army of young Nigerians offering a paltry payment of between N1500 and N2000 to their victims to make them surrender a copy of their personal information details to them and sell the same information to some Fintech Institutions for about N5000” is not only of serious security concern but of grave consequences on the NIN holders.

The NIMC wishes to state clearly that it will not be held responsible for any personal information shared by an individual directly or by proxy for the purpose of financial gain or inducement.

Nigerians have been informed repeatedly in the past by the NIMC not to disclose their NIN to any unauthorised individual or organisation.

Equally of note is that any NIN presented to access services must be duly verified before granting such services. Nigerians and service providers should note.

Furthermore, the general public is by this notice enjoined to download the NINAuth App on either Apple iOS or the Google Play Store to enjoy seamless benefits, including but not limited to protection and security of the NIN, the power to control personal information on the NIN and so many more!

 

 

NIMC to Nigerians: Avoid Sharing Personal Data

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The National Identity Management Commission (NIMC) has noted with serious concern the recent statement on Nigerians selling their personal information, including that of the National Identification Number (NIN) attributed to the Economic and Financial Crime Commission (EFCC)

The statement by EFCC that ”this fraud scheme is largely driven by an army of young Nigerians offering a paltry payment of between N1500 and N2000 to their victims to make them surrender a copy of their personal information details to them and sell the same information to some Fintech Institutions for about N5000” is not only of serious security concern but of grave consequences on the NIN holders.

The NIMC wishes to state clearly that it will not be held responsible for any personal information shared by an individual directly or by proxy for the purpose of financial gain or inducement.

Nigerians have been informed repeatedly in the past by the NIMC not to disclose their NIN to any unauthorised individual or organisation.

Equally of note is that any NIN presented to access services must be duly verified before granting such services. Nigerians and service providers should note.

Furthermore, the general public is by this notice enjoined to download the NINAuth App on either Apple iOS or the Google Play Store to enjoy seamless benefits, including but not limited to protection and security of the NIN, the power to control personal information on the NIN and so many more!