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

18/08/2025

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

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

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

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

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

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

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

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

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

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

Rabiu Ibrahim

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

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

Business Journal

18/08/2025

By Yemi Kale

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

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

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

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

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

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

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

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

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

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

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

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

Note: This is a purely technical, not political view

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

PenCom DG, Kogi Governor Reaffirm Commitment for Pension Reforms

Business Journal

18/08/2025

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

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

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

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

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

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

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

Business Journal

15/08/2025

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

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

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

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

NCC Concludes Workshop on Corporate Governance for Telecom Operators

Business Journal

15/08/2025

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

Stanbic IBTC Bank Empowers Women in Business for Inclusive Growth

Business Journal

15/08/2025

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

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

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

Support goes beyond finance.

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

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

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

NCDMB, PETAN Share Local Content Insights at Namibia Conference

Business Journal

15/08/2025

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

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

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

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

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

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

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

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

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

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

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

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

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

Business Journal

15/08/2025

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Business Journal

15/08/2025

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

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

Minimum Capital Requirement and Risk-Based Capital

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

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

Effective Date and Compliance Period

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

Guidelines and Circulars

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

The composition of the MCR;
ii) Acceptable forms of capital;

iii) Procedures for capital verification;

iv) Qualifying assets for MCR purposes and criteria such as title, ownership, and existence;
v) A standardised template for computation of MCR.

Treatment of Assets

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

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

Verification of Assets

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

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

Engagement with Stakeholders

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

Transparency and Value Addition

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

In-House Committee

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

Conclusion

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

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

Dr. Usman J. Jankara

Deputy Commissioner (Technical)

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

Business Journal

14/08/2025

The federal government has stated that in Nigeria’s march towards development and prosperity, no region will be left behind.
The Minister of Information and National Orientation, Mohammed Idris, made the assertion when he paid a visit to the Governor of Enugu State, Dr Peter Mbah, as part of activities lined up for the 2-day Citizen’s’ Engagement Series and FG Projects Tour of the South East, on Thursday.
“The Tinubu administration is committed to ensuring that no region is left behind in Nigeria’s development drive,” said the Minister, adding, “what we are seeing in Enugu – modern roads, upgraded schools, improved public facilities, is proof that President Tinubu’s policies are translating into real benefits for the people.

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

Ecobank InnovateX Challenge: Youths Earn N20m Reward

Business Journal

14/08/2025

L-R: Head, Local Corporate, Commercial and Consumer Banking, Ecobank Nigeria, Otega Odjegba; CEO, Afrimetrics/Winner, Stem category, Micah Erumaka; Executive Director, Commercial And Consumer Banking, Ecobank Nigeria, Kola Adeleke; Founder, ISIO, Winner of Creative category, Adeoye Samuel Adeboye; Founding Partner, Ven Capital/Judge, Henry Ogbuagu; and Head, Retail Commercial and Consumer Banking, Ecobank Nigeria, Eya Rose at the Grand Finale of Ecobank InnovateX Challenge held at Ecobank Pan African Center (EPAC), Lagos.

Kola Adeleke, Executive Director of Commercial and Consumer Banking at Ecobank Nigeria, has stated that the InnovateX Challenge was created to empower and equip young people to transform their passions into scalable solutions for national development.

Speaking at the grand finale of the competition, held at the Ecobank Pan African Centre (EPAC) in Lagos, Adeleke emphasized that, as a pan-African bank, InnovateX is a pivotal initiative aimed at shaping the next generation of changemakers and economic contributors.

“At Ecobank, we are committed to investing in the future of our youth and shaping a brighter future for Nigeria,” Adeleke said. “InnovateX aligns perfectly with this vision. We provide digital solutions, products, and services designed for convenience and accessibility, enabling young people to manage their finances anytime, anywhere — especially via mobile, their primary channel of engagement.”

InnovateX, a collaboration between Ecobank and Heave Ventures, was established to showcase bold and transformative ideas from Nigerians aged 16 to 25 in the Creative and STEM (Science, Technology, Engineering, and Mathematics) sectors.

Following weeks of applications, bootcamps, and a public voting phase, 18 finalists passionately pitched their ventures with clarity and purpose. A total of ₦20 million in prizes was awarded, alongside recognition and growth opportunities.

In the creative category, ISIO, Leadforge, and Zulana emerged as the top winners, receiving ₦5 million, ₦2 million, and ₦1 million respectively. In the STEM category, Afrimetrics, Neighborly, and Feedipay claimed the top three prizes of ₦5 million, ₦2 million, and ₦1 million respectively. Additionally, Stipple Care and Semita AI each received ₦500,000, while the remaining 10 contestants were awarded ₦300,000 each.

Adeleke commended the resilience of all participants and encouraged the winners to use their prize funds intentionally to scale their ventures and deepen their impact.

Abiodun Lawal, CEO of Heave Ventures, also spoke at the event, highlighting the challenge’s role in empowering youth with resources, platforms, and belief in their potential.

“This is not simply a competition,” Lawal remarked. “It’s a celebration of vision, courage, and the vibrant potential of Nigeria’s youth. Congratulations to all finalists and winners — your passion lit up the stage and, with purposeful action, will help shape the future.”

Participants praised Ecobank and Heave Ventures, urging other corporate organizations to replicate such impactful programs. Micah Erumaka, CEO of Afrimetrics and first-place winner in the STEM category, expressed gratitude: “Ecobank has truly shown it cares about Nigerian youth. This fund will enable me to expand my business and create jobs.”

Ecobank continues to champion youth development through various initiatives. Recently, it partnered with the International Institute of Tropical Agriculture (IITA) to train and support 16,000 Nigerian youths in agricultural wealth creation. The bank has also collaborated with EStars, an educational esports platform, to advance esports education in Nigeria, as well as with the National Youth Service Corps (NYSC), Code 14 Labs, Learntor, AFC, Soto Gallery, and other organizations on multiple youth-focused programs.

About Ecobank Nigeria

Ecobank Nigeria is a member of the Ecobank Group, the leading pan-African banking group operating in 33 African countries, with international offices in London, Paris, Beijing, and Dubai. With over 250 branches, around 50,000 agency banking locations, and robust digital platforms, Ecobank provides affordable, accessible, and instant banking services. It is strategically positioned to support Pan-African trade, particularly under the African Continental Free Trade Area (AfCFTA) initiative.

NCC Rallies Stakeholder Support to Protect Telecom Infrastructure

Business Journal

14/08/2025

The Nigerian Communications Commission (NCC) has reiterated its commitment to the full operationalisation of President Bola Ahmed Tinubu’s Executive Order on Critical National Information Infrastructure (CNII), which designates telecommunications facilities as critical national assets deserving optimal protection.

This comes on the heels of a successful mediation led by the Office of the National Security Adviser (ONSA), in collaboration with the Commission, which resulted in the suspension of a planned strike by the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA).

The strike, if carried out, would have disrupted the supply of diesel to telecommunications sites nationwide, severely affecting network operators’ ability to power their diesel-driven generators and maintain uninterrupted connectivity.

In the days leading up to the resolution, the ONSA, under the leadership of the National Security Adviser (NSA), Mallam Nuhu Ribadu, held strategic engagements with NOGASA’s leadership, with the Commission providing technical and regulatory guidance to highlight the potential implications of service disruptions on national security, the economy, and everyday life.

The discussions culminated in an agreement to call off the industrial action, averting what could have been a nationwide disruption of telecom services.

“Telecommunications infrastructure is the backbone of our connectivity and digital economy. Any disruption, whether through vandalism, accidental damage during construction work, theft of equipment, denial of access to maintenance teams, or interruptions in the supply of essential operational materials, has far-reaching implications for service delivery, economic stability, and national security,” the NSA said.

The Commission expressed appreciation to the ONSA for its leadership and dedication to protecting national assets and commended the maturity and understanding demonstrated by relevant stakeholders in recognising the national importance of telecommunications services.

Commenting on the development, the Executive Vice Chairman/Chief Executive Officer of the Commission, Dr. Aminu Maida, stated: “We will continue to enforce strict compliance by our licensees with technical standards for the deployment and maintenance of telecommunications infrastructure, while working closely with relevant stakeholders to strengthen awareness and cooperation on their protection.

“We also recognise mediation as an effective tool for building consensus among stakeholders. This resolution underscores the importance of dialogue in preventing avoidable service disruptions. Ultimately, we call on all Nigerians to regard telecom infrastructure as a shared national asset, one that underpins our ability to connect with loved ones, transact businesses, access healthcare, pursue education, and participate in the global digital economy.”

The Commission reaffirmed that it would continue to coordinate with security agencies, industry stakeholders, and the public to ensure that Nigeria’s telecommunications infrastructure remains protected, resilient, and reliable for all.

Jumia Partners FG to Accelerate Nigeria’s E-Commerce Growth, Digital Inclusion

Business Journal

14/08/2025

In a decisive move to advance Nigeria’s e-commerce sector and deepen digital inclusion, the Honourable Minister of Industry, Trade & Investment, Dr. Jumoke Oduwole, has met with the leadership of Jumia Nigeria to align private sector innovation with national digital economy reforms under the proposed National Digital Economy and E-Governance Bill, 2024.

The high-level meeting in Abuja brought together senior officials from the Ministry and Jumia Nigeria’s executives, including Temidayo Ojo, Chief Executive Officer; Robert Awodu, Regional Head of Public Relations & Communications; and Uche Allison, Head of Legal.

Discussions centred on strengthening Nigeria’s e-commerce ecosystem, boosting rural access to online marketplaces, and enhancing competitiveness under the African Continental Free Trade Area (AfCFTA).

Highlighting Jumia’s commitment, CEO Temidayo Ojo said:

“The Honourable Minister’s vision for a digitally inclusive Nigeria is both bold and essential. Through initiatives like our E-Commerce in Rural Areas programme, we are bridging the gap for underserved communities connecting more Nigerians to the opportunities of the digital economy.”

Ojo highlighted Jumia Nigeria’s E-Commerce in Rural Areas Initiative designed to bridge the digital divide by extending online shopping access to underserved and rural communities which has engaged thousands of Nigerians through pickup stations, a nationwide logistics network, and JForce (independent local sales consultants).

While welcoming the Jumia team, Oduwole urged e-commerce players to study and align with the E-Governance Bill, which provides a comprehensive legal framework for electronic transactions, data protection, cybersecurity, and digital infrastructure whose goal is clear; to drive economic growth, enhance public service delivery, and cement Nigeria’s position as a leading player in the global digital marketplace.

“Nigeria’s rapid strides in digital commerce, services, and innovation have placed us at the forefront of Africa’s digital trade,” Oduwole said.

“Our leadership in mobile payment solutions is reshaping cross-border trade, expanding financial inclusion, and accelerating digital transactions across the continent. Now is the time to anchor this progress on a strong legal foundation that will ensure its sustainability.” she noted.

The Honourable Minister also urged her team to study Jumia’s E-Commerce in Rural Areas report and to promote its findings on a broader scale.

Also present were senior Ministry officials and industry representatives, including Mrs. Giwa-Williams Latifat, Secretary of NACEDE (Trade Department); Aminu Dogondaji, Director of Special Duties; Zulaikha Abdullahi, Deputy Director, WTO/Intra-Africa (Trade Department); Mrs. Patience Okala, Special Adviser to the Honourable Minister; Mrs. Olajumoke Dan-Okayi, Senior Special Assistant to the Honourable Minister; and Mr. Israel Opayemi, Managing Director and Chief Strategist at Chain Reactions Africa.

NCRIB Joins Insurance Meets Tech 2025 as Institutional Partner to Drive Broker-Led Participation

Business Journal

14/08/2025

Insurance Meets Tech (IMT), West Africa’s leading platform for converging insurance and technology innovations, colloquium and discourse on policy environment and operational efficiencies, proudly announces the Nigerian Council of Registered Insurance Brokers (NCRIB) as an Institutional Partner for the highly anticipated IMT 4.0 Conference, scheduled for Thursday, September 18, 2025, in Lagos.

This collaboration marks a significant alignment between NCRIB’s long-standing legacy of professional excellence in regulating insurance brokerage and IMT’s mission to bridge traditional industry structures with emerging, technology-driven solutions. Together, both institutions aim to amplify conversations that will redefine the role of brokers in Nigeria’s fast-evolving insurance landscape.

Prince Babatunde Oguntade, President and Chairman of the Governing Board of NCRIB, who will be speaking at the conference, expressed his enthusiasm for the partnership, stating, “insurance brokers remain the trusted bridge between insurers and the public, and in a time of rapid change, our relevance depends on how well we adapt, innovate, and lead – Insurance Meets Tech provides the strategic platform for such engagement and collaborations. As an institution, we are committed to ensuring that brokers are not only part of the conversation but are central to shaping the future of insurance in Nigeria and across Africa.”

He added: “By partnering with IMT 4.0, we are reinforcing our mission to deepen professionalism, transparency, and client-centered innovation in the brokerage sector.”

Odion Aleobua, Convener of IMT and CEO of Modion Communications, commented, “NCRIB’s decision to join forces with IMT 4.0 is a statement of intent that signals to the industry that brokers are ready to lead from the front in driving the integration of technology, creativity, and consumer trust into the very fabric of Nigerian insurance. This partnership will ensure the broker’s voice is amplified in conversations that matter.”

“NCRIB joining other critical stakeholders in the Nigerian insurance landscape, including NAICOM and CIIN, as institutional partners is pivotal step in building a truly multi-stakeholder platform for the industry, through Insurance Meets Tech”, he concluded.

The 2025 edition of IMT will convene stakeholders from the insurance, technology, financial, and creative sectors, featuring headline speaker and global insurance innovator Per Lagerström, alongside other thought leaders from across Africa and beyond.

Nigeria Showcases Local Content Success Story at 2025 Namibia Conference

Business Journal

14/08/2025

Nigeria’s local content successes in the oil and gas industry was a constant reference point in discussions at the opening day of the 2025 Namibia Oil and Gas Conference, which began on Tuesday at Windhoek, Namibia.

The event is being attended by policymakers, international oil and gas operating and service companies, Namibian indigenous players and other stakeholders. The goal is to enhance the local content ecosystem in the Southern African country’s evolving oil and gas industry.

The Nigerian Content Development and Monitoring Board (NCDMB) and the Petroleum Technology Association of Nigeria (PETAN) are participating at the Namibian event in furtherance of their collaboration in the promotion of African local content, creation of opportunities and new markets for Nigerian oil and gas companies.

The Board’s delegation is led by the Executive Secretary, Engr. Felix Omatsola Ogbe, represented by the Director, Corporate Services, Dr. Abdulmalik Halilu, while the PETAN team is led by its chairman and member of NCDMB Governing Council, Mr. Wole Ogunsanya.

Halilu delivered a presentation at the Local Content Masterclass at the opening, and outlined a number of strategies that African oil producing countries can adopt to grow their local content capabilities.

According to him, local content value proposition for Africa includes research and technology development, local employment, strategic partnerships, ownership and control of assets, value chain optimisation, sustainable operations, increase production and utilisation of locally made goods and contribution to Gross Domestic Product (GDP).

He identified government’s role in supplier development as regulatory, developmental and promotional.

Using Nigeria as a case study, Halilu listed key achievements of NCDMB to include the establishment of world class fabrication and construction yards, human capital development, manufacturing initiative, service sector growth, financial support and establishment of integration capability for floating production and storage and offloading facility (FPSO).

On the new wave of local content development in Nigeria, the Director pointed to the promotion of equipment assembly and components manufacturing, development of small and medium enterprises, enforcement of research and development and technology transfer as well as prioritization of gas-based industrialisation.

Dwelling on strategies that would support the growth of African local content, he urged oil-producing countries to specialise in different manufacturing and service areas of the oil and gas industry and develop their competencies to the right specifications. This will enable the countries to trade among themselves and contribute towards the manufacturing of complex oil and gas equipment.

He cited an example with the Boeing aircraft, which has critical components produced by different original equipment manufacturers (OEMs) and assembled at a designated factory. Such a model, he noted, will ensure that each African country develops a competitive advantage and can contribute effectively to the African oil and gas industry.

The representative of the Executive Secretary concluded by offering local content nuggets, which include that local content implementation is not a sprint but a marathon and must be executed as a business and not as corporate social responsibility. Local content must also be cost effective and local peculiarities must be given key considerations, he noted.

Other recommendations include that local content regulations must apply to all players in the industry and not only foreign companies or expatriates and the implementation takes time, consistency, and coordination. He equally suggested that capacity building initiatives should include grassroots and underserved communities, adding that local content practice would not grow if new projects are not developed.

He ended by assuring the audience that Nigeria is ready to partner with Namibia and other African nations to build an energy sector that empower the African people and drive shared prosperity.

The opening day also featured a presentation by NCDMB’s General Manager, Human Capacity Development, Esueme Dan Kikile, Esq. He further shared the Board’s success stories in human capital development.

The conference continues till Friday and is expected to feature another presentation by the NCDMB boss while one of the panel discussions would feature the Chairman of PETAN, Mr. Wole Ogunsanya.

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