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NAICOM Hands over New Licences to SanlamAllianz Life, General Insurance

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The National Insurance Commission (NAICOM) today handed over new licenses to SanlamAllianz Life and General Insurance Nigeria Limited in a brief ceremony held in Abuja.

Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, emphasised the Commission’s commitment to supporting the growth of insurance entities in the country, while ensuring strict compliance with regulatory requirements.

He urged the companies to prioritise good corporate governance, stability, and timely claims settlement processes.

The Commissioner reiterated NAICOM’s dedication to removing unnecessary bottlenecks and improving the insurance industry’s overall performance. He expressed confidence that the merger would enhance the companies’ capabilities and contribute to the industry’s growth.

Access Bank Highlights Leadership at Climate Governance Initiative Launch

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Access Bank Plc has once again demonstrated its leadership in sustainable finance with a strong showing at the launch of the Climate Governance Initiative Nigeria (CGIN) Chapter, hosted by Lagos Business School.

Dr. Greg Jobome, Executive Director, Risk Management at Access Bank, was specially invited to speak at the event in recognition of the Bank’s pioneering role in integrating sustainability into its business model and its inspiring leadership within Nigeria’s corporate landscape.

In his presentation, Jobome provided a comprehensive overview of how Access Bank has embedded climate risk considerations across its governance structure, operations, and financial decision-making processes. He noted that climate change is a standing agenda item at both Board and Executive Management levels, with dedicated policies and systems in place to monitor and manage its impact.

Access Bank operates in 24 countries and serves over 60 million customers, with more than 18.5 million digital banking users and over 800 branches. The Bank has a capital adequacy ratio of 20.46% for its banking group and maintains a broad international footprint, including branches in Paris and subsidiaries in Angola.

The Bank has implemented a range of climate-focused initiatives including the measurement and reporting of Scope 1, 2, and 3 emissions, adoption of the Partnership for Carbon Accounting Financials (PCAF) model for financed emissions, and application of global reporting frameworks such as Task Force on Climate-related Financial Disclosures (TCFD) and the recently launched International Financial Reporting Standard (IFRS) S1 and S2 standards.

To date, Access Bank has installed over 974 solar-powered ATMs, reduced paper usage by more than 72% through process automation, and achieved a 50% reduction in landfill waste at its headquarters through comprehensive recycling initiatives. Its Sustainable Finance Accelerator programme has supported numerous businesses in the climate space, providing funding, capacity building, and technical assistance. The bank has also reached over 63 million lives through social investments.

Dr. Jobome stated that climate considerations are integrated into credit approvals, capital expenditure planning, and the development of green financial products. These include offerings like Switch to Solar, Solar for Health, and mini-grid solutions targeted at supporting energy transition and low-carbon growth.

Access Bank has also issued Green and Sustainability Bonds and is the first commercial bank in Africa to be certified by the Sustainability Standards and Certification Initiative. Over the years, the Bank has received several recognitions including the World Finance Award for Most Sustainable Bank in Nigeria (twelve consecutive times), Euromoney’s Best Bank for ESG (Ghana), and the IFC’s Best Trade Partner in West Africa.

“Access Bank’s climate risk journey reflects a long-standing commitment to building a sustainable institution,” Jobome said. “We recognised early that climate risk is financial risk. We did not wait for regulation; instead, we acted proactively. That decision has made our institution more resilient and positioned us to unlock new growth opportunities.”

Dr. Jobome was invited to speak because Access Bank’s journey in building a sustainable organisation and leading the Nigerian corporate landscape has been truly inspiring. The Bank’s proactive stance, deep expertise, and results-driven implementation have made it a model for other financial institutions in Nigeria and across Africa.

The Climate Governance Initiative Nigeria Chapter was formally launched by Lagos Business School as part of the World Economic Forum’s global network to promote climate-conscious decision-making in corporate boardrooms.

The event brought together board members, C-suite executives, regulators, and sustainability experts to strengthen climate governance and drive corporate responsibility in addressing climate change.

 

Fidelity Bank Extends Relief Efforts to Eti-Osa Community with Food Bank Initiative

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Henry Asiegbu, Divisional Head, Operations, Fidelity Bank Plc (Left); Adebayo Adeyinka, Executive Technical Assistant to the Managing Director/Chief Executive Officer, Fidelity Bank Plc (5th from Left); Meksley Nwagboh, Divisional Head, Brand and Communications, Fidelity Bank Plc (Right); flanked by some of the beneficiaries at the Fidelity Food Bank outreach in Eti Osa Local Government Area, Lagos recently.

As part of its unwavering commitment to reducing food insecurity and supporting vulnerable communities, Fidelity Bank Plc, a leading financial institution, has distributed food packs to residents of Victoria Island in the Eti-Osa Local Government Area of Lagos as part of its nationwide Fidelity Food Bank initiative.

This initiative, which attracted beneficiaries from diverse backgrounds, forms a key pillar of the bank’s Corporate Social Responsibility (CSR) strategy and reinforces its dedication to driving meaningful impact across Nigerian communities.

Speaking during the distribution event, Mr. Adebayo Adeyinka, Executive Technical Assistant to the Managing Director/CEO of Fidelity Bank Plc, emphasised the long-term impact of the initiative. “The Fidelity Food Bank was established to address the pressing challenges of poverty, hunger, malnutrition, and infant and maternal mortality within our communities,” he said.

“It aligns with Goal No. 2 of the United Nations Sustainable Development Goals – Zero Hunger – and reflects our long-term commitment to improving lives across the country. From IDP camps to flood-affected regions like Niger State, this is a nationwide outreach that we are proud to continue,” Adeyinka added.

Also present at the event was the Divisional Head, Operations, Fidelity Bank Plc, Mr. Henry Asiegbu, who highlighted the growing support and impact of the program.

“This intervention has been positively received at all levels – from community members to government and partner organisations,” he noted. “The support has been overwhelming, and it encourages us to sustain and expand the initiative further.”

For many of the community members, the gesture offered more than just nourishment – it restored dignity and hope. Victoria Olubiyo, resident and representative of the members of the community, expressed her gratitude, saying, “Fidelity Bank has brought joy to our lives. Even during the no-cash crisis, their ATMs were always working. They’ve provided boreholes, fulfilled their promises, and shown genuine care. Today, people – men, women, children, even those living with disabilities – are supported. I urge other banks to follow their example.”

Another beneficiary, Jerome Igbe, echoed this sentiment, saying: “This means so much to struggling families. I honestly didn’t expect this kind of support. May God bless them and replenish their resources.”

Through initiatives like the Fidelity Food Bank, the bank continues to demonstrate its role as a socially responsible corporate organisation committed to impacting Nigerians positively.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

Additionally, the Bank was recognised as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

Union Bank Strengthens Sustainability Leadership with Symposium, School Recycle Bin Donations on World Environment Day 2025 

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Union Bank of Nigeria Plc, a leading advocate for environmental sustainability and ESG in Africa, marked World Environment Day 2025 by partnering with the Nigerian Conservation Foundation (NCF) to host a high-impact symposium themed “Ending Plastic Pollution” at the Lekki Conservation Centre, Lagos.

The event brought together corporate leaders, environmental experts, and stakeholders to address the urgent challenge of plastic pollution and champion innovative solutions for a cleaner future.

The symposium featured thought-provoking discussions on the environmental and economic risks posed by plastic waste.

Speaking at the event, Union Bank’s Chief Brand and Marketing Officer, Olufunmilola Aluko, said: “At Union Bank, sustainability goes beyond banking. We are dedicated to empowering communities with knowledge and resources, like recycling initiatives to tackle plastic pollution and rejuvenate our environment.”

In line with this commitment, Union Bank extended its impact through an educational outreach in Lagos secondary schools, donating recycling bins and raising awareness about environmental preservation among young Nigerians.

These efforts are part of the bank’s broader UnionCares platform, which drives impactful Corporate Social Responsibility (CSR) initiatives across Nigeria.

The bank remains steadfast in promoting ethical business practices, social responsibility, and sustainable community development.

About Union Bank Plc:

Founded in 1917, Union Bank is a pioneer in the Nigerian financial industry, renowned for its “Simpler, Smarter Banking” and unwavering commitment to empowering individuals, businesses, and communities through innovative solutions and sustainable initiatives.

The Bank is a trusted and recognisable brand with an extensive network of over 300 branches across Nigeria. The Bank offers various banking services to individual and corporate clients, including current, savings, and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing, and trade finance.

The Bank also offers customers convenient electronic banking channels and products, including Online Banking, Mobile Banking, Debit Cards, ATMs, and POS Systems.

Stanbic IBTC Bank Wins GTR Award for Best Trade Finance Bank in West Africa

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Stanbic IBTC Bank has been honoured with the Best Trade Finance Bank in West Africa award at the Global Trade Review (GTR) Awards in London on June 26, 2025.

This award recognises the bank’s exceptional performance in trade finance and its commitment to delivering innovative solutions.

The GTR (Global Trade Review) Leaders in Trade Awards recognise excellence in global trade, commodity, supply chain, export finance, and fintech sectors. The GTR hosts these annual awards to honour institutions that have demonstrated exceptional performance and innovation in their respective fields. Securing the Best Trade Finance Bank award highlights Stanbic IBTC Bank’s strong market position and reinforces the Bank’s commitment to delivering exceptional services.

Commenting on the award, Eric Fajemisin, Executive Director of Corporate and Transaction Banking, Stanbic IBTC Bank, emphasised the importance of trade finance in fostering economic development: “Trade finance is vital for the growth and sustainability of businesses, especially in emerging markets. This award is a recognition of our efforts to empower businesses and contribute to the overall economic progress of West Africa. We remain focused on enhancing our service offerings and supporting our clients in achieving their trade objectives and beyond”.

The recognition at the GTR Awards underscores Stanbic IBTC Bank’s leadership and expertise in trade financing solutions, positioning the bank as a vital partner in promoting international trade across West Africa. The bank’s ongoing commitment to innovation and customer-centric solutions continues to drive its success in the competitive trade finance landscape.

Jesuseun Fatoyinbo, Head, Transaction Banking, Stanbic IBTC Bank, shared insights on the significance of the recognition: “This Award of Best Trade Finance Bank in West Africa is not only an honour but a responsibility. It reinforces our role as a leader in the market, committed to enhancing trade capabilities for businesses in the region. We understand the challenges that our clients face in navigating global trade, and we will continue to innovate and provide the partnership they need to succeed. This recognition inspires us to stay at the top and maintain our commitment to excellence.”

Ryan Stokes, Head, Transaction Banking, International, Standard Bank Group, received the award on behalf of the Bank.

As Stanbic IBTC Bank forges ahead, the focus remains on leveraging technology and developing new strategies to meet the evolving needs of clients, ensuring that businesses in the region can thrive in the global marketplace.

 

 

Leadway Health HMO Reinforces Industry Leadership with Third Straight HMO of the Year Award

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Dr. Tokunbo Alli

Chief Executive Officer

Leadway Health HMO

Leadway Health HMO, one of Nigeria’s premier health insurers, has been honoured with the Health Maintenance Organisation (HMO) of the Year award at the Nigerian Healthcare Excellence Awards (NHEA) for an unprecedented third consecutive year.

This unparalleled three-peat achievement affirms Leadway Health HMO’s position as a consistent leader in delivering innovative, accessible, and customer-focused healthcare solutions across Nigeria. Leadway Health HMO set a new record, one that has never been achieved in the 15-year history of the NHEAwards. The award, presented at a ceremony in Lagos on Friday, June 27, 2025, celebrates the organisation’s excellence in service delivery, technology integration, unmatched service delivery, and its expanding provider network.

Speaking on this achievement on a three-year streak, Chief Executive Officer, Leadway Health HMO, Dr. Tokunbo Alli stated: “Receiving the HMO of the Year award for the third consecutive year is a deeply meaningful milestone for us at Leadway Health HMO. It is more than an accolade; it is a resounding validation of our commitment to transforming healthcare delivery in Nigeria, Africa, and the world at large.

“In a country where fewer than one in ten people have access to health insurance, we recognise the immense responsibility we carry. Through our investment in digital innovation, operational efficiency, and inclusive health plans, we are not only improving access to quality care but also setting new benchmarks for service excellence within the industry. This recognition reflects the trust our customers place in us and the unwavering dedication of our team and partners who make our vision a reality every day.”

Dr Alli added, “We will continue to scale our hospital partnerships, enhance claims transparency, and leverage technology to deliver even more accessible, affordable, and customer-centric healthcare solutions. This award strengthens our resolve to be at the forefront of Nigeria’s health transformation journey—driving meaningful change, one life at a time.”

Leadway Health HMO’s triple win comes at a time when trust and performance in the HMO sector are under scrutiny. With a growing population, rising healthcare costs, and a national goal of achieving Universal Health Coverage (UHC) by 2030, the company’s performance positions it as a crucial stakeholder in driving Nigeria’s health transformation agenda.

The Nigerian Healthcare Excellence Awards, founded in 2014 by Global Health Project and Resources in collaboration with Anadach Group USA, is the industry’s most respected recognition platform. This year’s edition was themed Collaborating for Impact: Strengthening Health Systems through the SWAP Approach”, emphasising unified efforts to drive change.

 

About Leadway Health HMO

Leadway Health HMO 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 HMO offers a range of health plans tailored to meet the diverse needs of individuals, families, and organisations.

 

 

Unity Bank Empowers Young Entrepreneurs with ₦16m Business Grant

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No fewer than 30 young entrepreneurs have been awarded a ₦16 million business grant by Unity Bank Plc during the latest edition of its flagship entrepreneurship development initiative, the Corpreneurship Challenge.

The winners, budding entrepreneurs developing innovative solutions across various business value chains including fashion design, bag making, pastry making, event management, beauty, vegetable farming, and more, emerged tops after participating in a business pitch competition held recently for Batch A Stream 2 across 10 NYSC Orientation Camps in Cross River, Niger, Abuja, Nasarawa, Taraba, Kaduna, Plateau, Jigawa, Anambra, and Lagos States.

At the NYSC Orientation Camp in Ipaja, Lagos State, corps member Adeniyi Stephen Gbemininyi, who pitched a fashion design business, emerged as the overall winner, clinching the ₦800,000 grand prize. Kolawole Opeoluwa Darasimi, a budding bag maker, won a ₦500,000 grant, while Johnson Elizabeth Ene received a ₦300,000 grant to support her cake and pastry business.

Across the remaining nine states, 27 other winners also emerged after pitching business plans in diverse sectors such as fish production, poultry farming, fashion, soap and cake making, printing, piggery, beverage production, and more.

Over the past six years, the Unity Bank Corpreneurship Challenge has become an integral part of the NYSC programme, aligning with the Federal Government’s commitment to upskilling fresh graduates amid the growing dearth of white-collar jobs. The programme attracts thousands of applications from serving NYSC corps members, whose business plans are evaluated for originality, marketability, employability potential, and overall business acumen.

Speaking during the grand finale in Lagos, Unity Bank’s Divisional Head, Retail & SME, Mrs. Adenike Abimbola, said: At Unity Bank, we believe that empowering young people to shape Nigeria’s economic future must be supported to provide longer-term sustainability. Through the Corpreneurship Challenge, we are not just providing funding, but nurturing a new generation of entrepreneurs equipped with the skills, resources, and confidence to create jobs and transform communities. The success stories we see year after year reaffirm our commitment to youth empowerment and SME development.”

She added: The overwhelming interest and high quality of business ideas we receive in every edition demonstrate the incredible potential among Nigeria’s youth. We are proud to partner with the NYSC SAED to make these dreams a reality.”

The Corpreneurship Challenge has earned Unity Bank national recognition for its contribution to youth empowerment and job creation, attracting over 2,000 applicants per edition.

In partnership with the NYSC Skill Acquisition and Entrepreneurship Development (SAED) programme, the initiative features a business pitch competition that allows participants to present their business plans and win grants of up to ₦800,000.

So far, Unity Bank has invested over ₦100 million in the initiative, producing over 160 winners since its launch in 2019.

 

NGX Group Secures Funding Support from DEG Impulse to Kick Off N-Zero Programme in Nigeria

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Nigerian Exchange Group (NGX Group), a leading integrated market infrastructure provider in Africa, has signed a funding agreement with DEG Impulse gGmbH, a subsidiary of the German Development Finance Institution, DEG – Deutsche Investitions-und Entwicklungsgesellschaft mbH, part of KfW Bankengruppe, to commence the implementation of its flagship NGX Net-Zero Programme (N-Zero).

The recently signed agreement in Cologne, Germany, marks a major step forward in NGX Group’s efforts to strengthen climate resilience and promote low-carbon development across Nigeria’s private sector. The multi-billion-naira funding was secured under DEG Impulse’s develoPPP programme, which supports innovative private sector initiatives with high development impact.

N-Zero is designed to support businesses with the tools, frameworks, and technical guidance required to set, validate, and achieve science-based emission reduction targets. It aligns with Nigeria’s commitment to the Paris Agreement and the global goal of limiting temperature rise to 1.5°C.

By bringing together global climate partners, including implementing partner Africa Foresight Group (AFG), NGX Group, through N-Zero, will assist companies in developing credible transition plans and carbon projects that generate verifiable carbon credits, thereby supporting economic resilience, promoting green investments, and contributing to a decarbonized future.

Temi Popoola, Group Managing Director/Chief Executive Officer of NGX Group, said:
“The signing of this agreement with DEG Impulse marks a significant milestone in our sustainability journey. This partnership demonstrates strong confidence in our vision to drive sustainable finance, build a climate-conscious private sector in Nigeria and champion climate action across Africa. Through N-Zero, we aim to translate ambition into measurable impact by reducing emissions and positioning Nigerian corporates to benefit from emerging opportunities in the global carbon market.”

Alhaji (Dr.) Umaru Kwairanga, Group Chairman of NGX Group, added:
“This initiative represents a bold step toward positioning NGX Group at the forefront of climate leadership in Africa. As we activate the N-Zero Programme, we reaffirm our long-standing commitment to innovation, sustainable development, and creating long-term value for the Nigerian economy. It is our firm belief that capital markets must play a central role in delivering climate solutions, and this partnership is a model for what is possible when global institutions collaborate with local expertise”.

Dr. Hubertus Pleister, Managing Director of DEG Impulse, commented: “With the support of the German Federal Ministry of Economic Cooperation and Development (BMZ), the develoPPP initiative contributes to NGX’ transformation journey by addressing climate risks and advancing sustainability through strategic and innovative collaboration – reinforcing our shared commitment to building resilient capital markets and enabling long-term impact.”

The “NGX’ N-Zero Programme” will run from June 2025 to April 2027 and is expected to reduce or avoid 20,000 tons of greenhouse gas emissions. It will support at least 26 businesses in implementing environmental and social standards and provide access to carbon markets through credit registration and emissions offsetting.

This collaboration underscores NGX Group’s commitment to the United Nations Sustainable Development Goal 13 (Climate Action) and its role in advancing Nigeria’s transition to a more sustainable and inclusive economy.

 

Stanbic IBTC Bank Nigeria PMI: Output Growth Slows but Business Confidence Rises Sharply

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The Nigerian private sector remained in growth territory as the first half of 2025 drew to a close, and business confidence improved markedly in June.

That said, rates of expansion in output, new orders and purchasing eased from May. Although rates of inflation remained relatively sharp, there were further signs of cost pressures softening and companies raised their output prices at the slowest pace in just over two years.

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.

The headline PMI remained above the 50.0 no-change mark for the seventh consecutive month in June. That said, at 51.6, the reading was down from 52.7 in May and the lowest in the current growth sequence. The PMI signalled a modest improvement in business conditions in the private sector.

The rate of output growth eased particularly sharply, slowing for the second month running to a seven-month low. Sector data indicated that the slowdown in the pace of expansion reflected a fall in manufacturing production as activity continued to rise elsewhere. Where output rose, respondents linked this to higher new orders and the securing of new customers.

Indeed, new business increased solidly in June, albeit here too the pace of expansion slowed and was at a five-month low. While the pace of output growth eased in June, companies were much more optimistic about the outlook for the coming year.

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank commented: “Business conditions remain in the expansionary territory for the seventh consecutive month in June, but the pace of expansion slowed for the third consecutive month after peaking in March. Specifically, the headline PMI settled lower at 51.6 points in June from 52.7 points in May – below this year’s average PMI print of 53.1 points. Some firms noted muted demand conditions in June, while others witnessed higher activity linked to securing new customers and greater new orders. Nonetheless, Optimism in the 12-month outlook for output surged higher to 83.9 points in June from 70.9 in May – the highest level since August 2022 (85.8 points) and moving much closer to the series average (89.4 points) after a period of historically subdued expectations. Survey participants linked this confidence to hopes that sufficient funding would be available to invest in improving and expanding operations. Elsewhere, output price inflation slowed for the second month running in June and was the weakest since May 2023. However, selling prices continued to rise sharply as firms passed on higher input costs to customers.”

Manufacturing posted the fastest increase in output prices of the four broad sectors covered by the report. The employment level was broadly stable in June as companies that took on extra staff often did so to try to keep on top of workloads.

That said, muted demand and cost pressures discouraged other firms from hiring. Insights from the monthly PMIs and crude oil production data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) suggests an economy that grew by an estimated 3.7% y/y in H1:25 supported by higher crude oil production and growth improvement across Manufacturing and Services, while Agriculture continues to lag its long-term average growth rate of 3.6%.

Given that inflation is expected to remain softer compared to the 2024 average, interest rates are likely to be lower this year and next – we expect 150/200 bps rate cut in 2025 and 200/250 bps rate cut in 2026. These, in addition to structural reforms, removal of previous protectionist policies, and subsiding impact of the government’s flagship reforms should help to support the medium-term economic growth path. Therefore, we still maintain our expectation that the Nigerian economy is likely to grow by 3.5% y/y in real terms in 2025, but post-GDP rebasing may amplify this growth to 4.2% y/y.”

Sentiment improved to the highest since August 2022 and moved closer to the series average after a period of relatively weak optimism. Those respondents that predicted a rise in activity over the next 12 months linked this to planned investment in improving and expanding operations. Staffing levels were kept broadly stable in June following a marginal reduction in May. Meanwhile, purchasing activity continued to rise, but as was the case with output the pace of expansion slowed. This fed through to a weaker rise in inventories, which increased at the slowest pace in the current seven-month sequence of accumulation. Backlogs of work increased for the third consecutive month, and at a modest pace that was broadly in line with that seen in May.

Panellists linked higher outstanding business to shortages of materials, delayed payments from customers and power supply issues. Suppliers’ delivery times were broadly unchanged in June, ending a period of shorter lead times stretching back to March 2023.

Some firms noted that poor road conditions had caused delays. Purchase costs increased sharply in June, but the pace of inflation eased to a 25-month low. On the other hand, staff costs increased at a faster pace. With overall input price inflation slowing, companies also raised their output charges at a weaker rate, the softest since May 2023.

NIA: Insurance Week Designed to Boost Industry Awareness in Nigeria

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Mr. Kunle Ahmed

Chairman

Nigerian Insurers Association (NIA)

The Nigerian Insurers Association (NIA) on Monday, June 30, 2025 hosted the grand opening ceremony of the maiden Insurance Week with a call to action for Nigerians to embrace insurance.

The week-long event with the theme, “Insurance for All: Securing Nigeria’s Future,” is organised by the Chartered Insurance Institute of Nigeria (CIIN) under the leadership of the Institute’s President, Mrs. Yetunde Ilori, to create awareness about the various services and products offered by insurance companies.

In his address at the opening ceremony, the NIA Chairman, Mr. Kunle Ahmed, said events outlined for the week would enable Insurers to review and improve on their services to meet the needs of their customers.

Ahmed stated that the insurance week is for the insuring public and intending clients, hence Insurers have come up with new products for their customers.

He said: ” this week, all insurance practitioners are focused on activities that will further create awareness for the insurance industry, including prompt claims payment, insurance products, ease of onboarding insurance customers and general awareness.

According to him, the NIA is working on simplifying the claims payment process and enhance customer service, with a focus on prompt payment of claims and ease of onboarding insurance customers.

The NIA Chairman urged Nigerians to consider purchasing insurance products to secure their future.

He added that all arms of the industry are fully participating in the Insurance Week programme to increase insurance penetration and provide Nigerians with the protection they needed.

The NIA Chairman cited the industry’s payment of ₦622 billion in claims to customers in 2024 as an testament of its effectiveness and reliability.

Ahmed advised those with issues with insurance companies to reach out to the NIA or the CIIN for assistance.

He assured the public that the National Insurance Commission (NAICOM) is committed to protecting the rights and interests of clients.

“With a vibrant regulatory framework in place, the industry is working to ensure that insurance companies operate efficiently and effectively,”the NIA Chairman said.

Other dignitaries at the event included: Mr. Olusegun Omosehin, Commissioner for Insurance, Mr Eddie Efekoha, Chairman, Organising Planning Committee of the maiden Insurance Week, Prince Babatunde Oguntade, President, NCRIB, Mr Tope Smart, Chairman, NEM Insurance, among others.

The Insurance Week which began on Saturday, June 28, 2025 with the Insurance Awareness Walk, would continue on Tuesday with the Insurance Awareness Campaigns at Secondary Schools and MSMEs.

An Insurance Outreach would take place on Wednesday at major markets and stores, while a Hackathon competition would hold at CIFM, Asese on Thursday, where young minds, students and professionals will come together to develop bespoke insurance products that meet the needs of customers.

Friday would be the grand finale of the programme to recognise and award practitioners in the industry who have contributed significantly to promotion of insurance in Nigeria.

 

NAICOM Chief: The Future of Nigeria Depends on How We Manage Risks

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Keynote Address by Mr. Olusegun Ayo Omosehin, Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) at Insurance Week 2025.

Distinguished Guests, Industry Leaders, Colleagues, Ladies and Gentlemen

It is a great honour to welcome you to the inaugural edition of Insurance Week—a landmark event designed to raise national awareness about the vital role of insurance in Nigeria’s growth and development. 

Why Insurance Matters

In today’s fast-changing world, risks are everywhere—economic shocks, natural disasters, health crises, and more. These uncertainties can disrupt lives and derail national progress. Insurance is our shield. It helps individuals, businesses, and governments manage these risks, recover from losses, and build resilience.

Without insurance, our economy would be more vulnerable, and our people less secure. That’s why this year’s theme, “Insurance for All: Securing Nigeria’s Future,” is both timely and essential. 

A Call to National Awareness

This week is not just a celebration—it’s a call to action. We must ignite a nationwide conversation about the power of insurance. From Lagos to Abuja, Port Harcourt to Kano, we are seeing growing interest and participation in insurance awareness campaigns. This momentum must continue.

We thank the Chartered Insurance Institute of Nigeria (CIIN) for leading this charge and for organizing this historic event. Special recognition goes to Mrs. Yetunde Olubunmi Ilori, the 52nd President of CIIN, whose leadership and dedication have been instrumental in bringing this vision to life. 

Insurance and National Development

The future of Nigeria depends on how well we manage risk. Every decision—whether by individuals, businesses, or government—carries uncertainty. Insurance provides the tools to navigate these uncertainties and protect our collective future.

At NAICOM, we are committed to building a strong, inclusive, and globally respected insurance industry. We are driving reforms to:

  • Strengthen consumer protection
  • Promote digital innovation
  • Ensure capital adequacy and sound governance
  • Expand access to underserved communities

But we cannot do it alone. We need every stakeholder—insurers, brokers, agents, and professionals—to uphold the highest standards of ethics, service, and professionalism. 

What We Must Do

To truly secure Nigeria’s future, we must:

  • Educate the public on the benefits of insurance
  • Develop products that meet the needs of all Nigerians—urban and rural, formal and informal
  • Ensure prompt and transparent claims processing
  • Invest in talent and technology to drive innovation and trust 

Conclusion: A Shared Responsibility

As we mark this Insurance Week, let us renew our commitment to building an industry that serves the people and supports national development. Let us use every platform—media, schools, communities, and workplaces—to spread the message: Insurance is not a luxury; it is a necessity.

Together, we can build a future where every Nigerian is protected, and our economy is stronger and more resilient.

 Thank you, and I wish you a productive and inspiring Insurance Week.

 Long live the Insurance Industry.

 Long live the Federal Republic of Nigeria.

SEC Canvasses Advanced Financial Inclusion by 2030

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The Securities and Exchange Commission (SEC) has stressed the need for Nigeria to harness its demographic dividend to advance financial inclusion through investments by 2030 for national survival or face deepening inequality.

The Director-General of the SEC, Dr. Emomotimi Agama said this at the United Capital Asset Management Investment forum in Lagos.

Agama, in his keynote address titled: “Advancing Financial Inclusion through Investments: Bridging

Nigeria’s Knowledge and Wealth Gap,” said Nigeria must harness its demographic dividend to boost investment.

“Our theme, Advancing Financial Inclusion through Investments, is not aspirational; it is foundational to national survival. We stand at a pivotal moment. By 2030, Nigeria can either harness its demographic dividend or face deepening inequality. The knowledge-wealth gap is not merely an economic challenge; it is a moral imperative,” Agama said.

He said the term inclusion should be reframed as active financial involvement, where access meets empowerment, and capital becomes a tool for transformation.

Agama said that closing the financial inclusion gender gap could lift 700,000 Nigerians from poverty.

He said: “Nigeria has a great population yet we have a tiny drop of this number of persons involved in the capital market. Thats one reason for poverty because we are running from money. We have to do something. Our market capitalisation is an opportunity to do something. We need to change the narrative and move the market forward. We must reach out to make the difference. We are committed to protecting investors and developing the market. Our goal is to do the right thing no matter whose ox is gored. We will work by the principles of fairness and equity to change the market. We will provide a fair ground for everyone to aspire.”

He noted that MTN Nigeria’s share offering drew 150,000 new investors – 75 per cent women, 85 per cent under 40.

Agama recommended a four-pillar strategy for bridging the gaps.

He listed the four-pillar strategy as democratisation of financial knowledge, catalyse MSME Investment Channels, blended Finance Vehicles: Partner with Bank of Industry (BOI) to de-risk loans for women-led SMEs.

“We need to educate people about finances. As we drive this market, we do so for a purpose, I enjoin everyone to be the disciple and the apostles. Getting this market to move is a deliberate action” He added.

NCDMB to Champion “Nigeria First” Policy in Oil and Gas Sector

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The Nigerian Content Development and Monitoring Board (NCDMB) has pledged its full commitment to implementing the recently introduced “Nigeria First” policy, a key directive of President Bola Ahmed Tinubu’s administration aimed at boosting local production and patronage of locally made goods and services, reducing dependence on imported items.

The Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe made this commitment at the opening ceremony of the ongoing NOG Energy Week in Abuja on Monday.

He described the policy as a strong reinforcement of the Board’s core mandate of promoting Nigerian Content in the oil and gas industry.

“For Nigeria, energy sufficiency goes beyond availability, it is about building resilience, ensuring sustainability, and protecting our sovereignty. That is why we say local content is not just a policy, it is a strategic imperative.” Ogbe noted.

Speaking on theme, ‘Achieving Energy Sufficiency through Local Content implementation’, Ogbe observed that achieving energy sufficiency will require deepening Nigeria’s local capabilities across the oil and gas value chain from exploration and production to processing, manufacturing, and services. He said prioritising local capacity would not only retain economic value within Nigeria but also mitigate supply disruptions, create jobs, and foster technological growth.

The “Nigeria First” policy is the latest in a series of government interventions designed to strengthen domestic content. The NCDMB boss referenced landmark initiatives such as the NOGICD Act 2010, Executive Orders 001 and 005, and the Presidential Directives on Local Content issued in 2023, which were aligned with President Tinubu’s 8-Point Agenda.

According to Ogbe, the new policy is rooted in a clear principle: “All goods or services that are produced and/or available locally will not be procured from foreign sources unless there is a clear and justifiable reason.” “This aligns with Section 3(1) of the NOGICD Act, which mandates first consideration for Nigerian made goods and services provided they meet industry standards.”

The Executive Secretary pointed that to translate the policy into action, the Board announced a series of implementation steps which include the development of a dedicated “Nigeria First Procurement Policy” for the Board, integration of the policy into internal systems, and its application in the review of Nigerian Content Plans (NCPs), Compliance Certifications, and Authorisation Certificates.

He disclosed further that NCDMB will commission two major baseline studies to verify the capacities of Nigerian service providers and to identify locally manufactured consumables used in the oil and gas sector.

“The Nigeria First policy is a bold commitment to national pride, industrial competence, and long-term economic sustainability. At the NCDMB, we are prepared to lead the charge in making this vision a reality.” Ogbe committed.

Similarly, NCDMB has unveiled a restructured approach to its N50bn Community Contractors Financing Scheme — a key component of the Nigerian Content Intervention (NCI) Fund.

Originally launched in 2018 to support indigenous contractors from oil-producing host communities, the Community Contractors Fund had recorded little traction until recent efforts under the current Executive Secretary, Engr. Felix Omatsola Ogbe set the scheme on a path to revival.

Moderating a session on Deepening Community Participation Through Accessible Financing, NCDMB’s General Manager, Corporate Communications, Dr. Obinna Ezeobi, noted that while other products under the NCI Fund have performed remarkably well, the Community Contractors Fund had lagged behind. He attributed the renewed focus on the scheme to the Executive Secretary’s personal commitment to grassroots empowerment.

General Manager, Nigerian Content Development Fund, Ms. Fatima Mohammed noted that new features had been introduced to the fund. The restructured fund allows for increased borrowing limits — up to ₦100 million for community contractors in the oil and gas industry, with single digit interest rate per annum. Beneficiaries must be verified community contractors with valid projects for international or indigenous oil and gas companies.

 

The Board also introduces simplified collateral terms, and plans to carry out extensive sensitization programmes, with disbursements expected in the coming months.

She added: “We want to see host communities actively participate in the oil and gas ecosystem. After a comprehensive review, we discovered that the centralised structure of the scheme was limiting its effectiveness. We’ve now decentralised it through the involvement of Performing Financial Institutions (PFIs),” she said.

Speaking on the panel, the Bank of Industry’s Head of Oil and Gas, Mr. Gabriel Yemidale, acknowledged past challenges in implementing the scheme but expressed optimism about the renewed collaboration between BOI, NCDMB, and selected PFIs such as FCMB.

“We didn’t abandon the scheme. What was missing was alignment. With FCMB now on board and funds already allocated, we expect much better reach at the grassroots. BOI will also ensure monthly loan performance reports and quarterly visits to beneficiaries to monitor impact,” Yemidale said.

FCMB’s Head of SME Assets, Oluremi Agboola, described the bank as a “go-to partner” for SME financing and affirmed its readiness to drive the fund’s success.

“We would likely revisit our interest rates to make the product more affordable — thanks to the ES’s impact-driven push. We are also offering financial literacy, monitoring and evaluation training, and business support through the FCMB Business Zone,” Agboola noted.

Another information was that eligibility is limited to the firms with ₦500,000 annual turnover, to ensure participation and impact on small contractors.

Another member of the panel, Director of Corporate Strategy and Planning, Trexim Holdings, Mr Olumide Odewole, emphasised the importance of sustainability and long-term results.

“We must build a framework that guarantees impact — through quality delivery, governance structures, and training. That’s how we build a resilient supply chain in the sector,” he said.

The revamped scheme marks a renewed commitment by NCDMB to close funding gaps in the sector and ensure that oil-producing communities are not just stakeholders in name, but active participants in Nigeria’s energy economy.

 

NGX Group Collaborates with German Firm on Sustainable Finance, Economic Growth

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Welcome Address by the Chairman, NGX Group, Alhaji (Dr.) Umaru Kwairanga at the NGX N-Zero Launch Day and Signing Ceremony at the German Investment and Development Company headquarters at Colonge, Germany.

Good morning distinguished guests, colleagues and our valued partners at DEG.

On behalf of the Board, Management and stakeholders of Nigerian Exchange Group Plc, it gives me great pleasure to be here today to mark this important milestone in the journey of the Nigerian Exchange Group.

This collaboration with DEG represents much more than the signing of an agreement; It symbolizes our shared commitment to driving meaningful change, by creating pathways for climate action, sustainable finance, and long-term economic resilience in Nigeria and across Africa.

In recent years, the global conversation around climate action and sustainability has intensified and rightly so. The role of capital markets in facilitating this transition is becoming increasingly pivotal. At NGX Group, we have consistently sought ways to lead from the front, championing initiatives that not only deliver commercial value but also create long-term positive impact on society and the environment.

The NGX Net Zero Programme (N-Zero) is a bold step in that direction. This initiative speaks directly to our commitment to driving responsible investing, supporting listed companies in their transition to net-zero emissions, and positioning the Nigerian capital market as a hub for green and sustainable finance solutions.

We deeply appreciate the support and confidence that DEG has shown in this vision. Your backing sends a strong signal to the broader development finance community that Nigeria is serious about climate action and sustainability.

Beyond today’s signing ceremony, we see this partnership as the beginning of a long-term relationship, one that will unlock new pathways for sustainable financing models, investor participation, and economic resilience.

It is also a powerful platform for NGX Group to demonstrate leadership, attract global ESG capital flows, and set new standards for the African market.

The NGX Group will host the platform, publicise it and work to on board many of our listed companies. We shall also provide project management and oversight to ensure effectiveness and transparency.

We are part of this Initiative because we recognise the impact that climate change could have on humanity and the need to take appropriate actions to mitigate and reverse such impact. With the assistance of partners such as DEG and the African Foresight Group, I believe we will be able to do effective and impactful work in that direction.

Let me thank all our partners once again for the tremendous work that has been put into making this day a reality.

I want to commend NGX Group and AFG management team and all the project partners who have worked tirelessly to bring this initiative to life. Your dedication is evident in the quality and ambition of the programme we are launching.

As we move forward, I am confident that the NGX Net Zero Programme will not only deliver measurable environmental impact but will also strengthen Nigeria’s competitiveness in the global investment landscape.

Thank you all for your support, partnership and commitment to this cause. Together, we can build a more sustainable future.

 

 

 

UN, Sterling One Foundation Lead Coalition Ahead of ASIS 2025

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L–R: Mohamed Malick Fall, Assistant Secretary-General and United Nations Resident and Humanitarian Coordinator in Nigeria; Olapeju Ibekwe, CEO, Sterling One Foundation; and Abubakar Sulieman, MD/CEO, Sterling Bank at the recently held Africa Social Impact Summit 2025 World Press Conference at the United Nations House, Abuja.

Ahead of the Africa Social Impact Summit (ASIS) 2025 scheduled for July 10 and 11 in Lagos, co-conveners Sterling One Foundation and the United Nations in Nigeria held a high-level press briefing at the United Nations House in Abuja.

The event brought together development partners, policymakers, and the media to outline expectations for the upcoming summit and reflect on Africa’s role in defining local responses to global challenges.

Since its launch in 2022, ASIS has grown into a key platform for regional development collaboration. From eight founding partners, the summit now brings together over 40 institutions working across climate, healthcare, education, finance, governance, and digital inclusion. This expansion points to a growing shift: African institutions are pushing to set the agenda, not wait to be handed one.

The 2025 summit, themed “Scaling Action for the SDGs: Bold Solutions for Climate Resilience and Policy Innovation,”will focus on strengthening sub-national development, rethinking finance flows, and tackling structural inequalities through long-term investment and reform.

Speaking at the press briefing, Mohamed M. Malick Fall, Assistant Secretary-General and United Nations Resident and Humanitarian Coordinator in Nigeria, reinforced the urgency of this year’s convening.

“The climate crisis is eroding decades of development across Africa, displacing communities, disrupting education and health systems, and undermining economic stability. But lasting solutions must come from those living the impact daily. As co-conveners of the summit, and with this year’s theme Scaling Action: Bold Solutions for Climate Resilience and Policy Innovation, ASIS offers a platform for African institutions to lead and for global partners to respond with investment, policy reform, and serious commitment.”

In a presentation on the summit’s evolving impact, Olapeju Ibekwe, CEO, Sterling One Foundation, reflected on the summit’s trajectory:

“ASIS has never been about convening for its own sake. Each summit marks a deliberate step to mobilize capital, shift policy, and advance African-led solutions. Already, we have seen over 100 million dollars unlocked through coalition efforts. That scale is not accidental. It is the product of systems thinking, partnership, and a commitment to putting Africa’s priorities at the center of global development conversations.”

In his remarks, Abubakar Suleiman, MD/CEO, Sterling Bank emphasised the private sector’s enduring role in the ASIS journey:

“Sterling Bank has been a strategic partner to ASIS from the very beginning. As global development funding becomes more constrained, it is increasingly clear that the private sector must help drive scalable solutions. Our engagement with ASIS reflects a belief that impact is not a side effort but core to building resilient economies and inclusive growth.”

Other partners in the room echoed the need for bold, cross-sector investment in areas such as health systems, youth employment, education access, and digital infrastructure.

ASIS boasts a coalition of over 40 institutions that includes Afreximbank, Coca-Cola, United Nations Global Compact Network Nigeria, Sterling Bank and other theme and technical partners, with Lagos State as the host city.

Interested participants are encouraged to register at theimpactsummit.org

 

About the Co-Conveners

Sterling One Foundation (SOF) is a registered non-profit focused on tackling the root causes of poverty in Nigeria, and Africa through interventions and social impact programmes across three critical sectors namely: health, education and climate action & food security. Gender Equality and women empowerment are integrated as a cross-cutting priority across all our programming areas. The Foundation’s programmes adopt a central theme of prioritizing partnerships for the achievement of the Sustainable Development Goals (SDGs).

 

The UN

The United Nations System (UNS) in Nigeria, comprising 19 resident and 4 non-resident entities, has had a long and productive engagement with the Federal Republic of Nigeria since its independence. The UN has been a catalytic supporter and trusted partner in Nigeria’s development efforts.